TCREUR_Public/100202.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, February 2, 2010, Vol. 11, No. 022

                            Headlines



D E N M A R K

BARK GROUP: Files Amendment No. 1 to Q3 2009 Report


F R A N C E

PEUGEOT CITROEN: Recalls More Than 90,000 Cars Over Gas-Pedal Flaw
VIVENDI SA: Misled Investors 57 Times in New York Suit, Jury Rules


G E R M A N Y

GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale


G R E E C E

ARIES MARITIME: Changes Name to Newlead; Has US$111.3MM Q3 Loss


H U N G A R Y

OTP BANK: Moody's Cuts Upper Tier 2 Sub. Bond Issue to 'Ba1'


I R E L A N D

COGNOTEC LTD: Has Accumulated Losses of US$50 Million
MCGRORY CONTRACTORS: Files Petition to Appoint Examiner
PRIME SHOP: Creditors Meeting Set for February 9
RACEFIELD CATERING: Creditors Meeting Set for February 9
VIRGIN ISLAND: Creditors Meeting Set for February 12


I T A L Y

ALITALIA SPA: Workers to Strike on Friday Over Wage Agreements
FIAT SPA: Italy Evaluates Proposals for Termini Imerese Plant


K A Z A K H S T A N

ATF BANK: Moody's Cuts Junior Subordinated Debt Rating to 'B1'
BANK CENTERCREDIT: Moody's Corrects Press Release on Jr. Sub. Debt
KAZKOMMERTSBANK: Moody's Cuts Jr. Subordinated Debt Rating to 'B1'


L U X E M B O U R G

CIRSA FUNDING: S&P Withdraws 'B+' Rating on EUR600 Mil. Bonds


N E T H E R L A N D S

ENDEMOL BV: Lenders Want to Halt Further Debt Buy-Backs
STAHL HOLDINGS: Carlyle Draws Up Debt Restructuring Proposal


R O M A N I A

ROMANIAN DISTRIBUTION: Enters Insolvency Proceedings; Owes EUR6MM


R U S S I A

UC RUSAL: May Start Trading Shares in Russia Within a Year


S L O V E N I A

PROBANKA DD: Fitch Affirms Individual Rating at 'D'


S P A I N

DOGI INT'L: Expects to Conclude Insolvency Proceedings by March
IM GRUPO: Fitch May Cut Ratings on Class B & C Notes to Low-B
IM PASTOR 3: Moody's Junks Rating on Class D Notes From 'B3'
IM PASTOR 4: Moody's Downgrades Rating on Class D Notes to 'Ca'


S W I T Z E R L A N D

OERLIKON CORP: Vekselberg Fine May Strain Swiss-Russian Relations


U N I T E D   K I N G D O M

BENFIELD CONSTRUCTION: Appoints Mazars as Liquidator
BORDERS UK: Unsecured Creditors to Receive 1.5p in the Pound
COCKBURNS OF LEITH: In Administration; Ernst & Young on Board
FLIGHTTECH DISTRIBUTION: Assets and Goodwill Sold; 5 Jobs Saved
MANCHESTER UNITED: "Wealthy" Supporters Mull Takeover Bid

MIDAS PRESS: Bought by Former Management; 85 Jobs Safeguarded
MIDWAY COLOUR: Bought by Trowbridge in Pre-Pack Deal
SAGE PRINT: Administrator Seeks to Sell Assets as Going Concern
THPA FINANCE: Fitch Publishes Performance Report on Notes
UK COAL: Expects Losses to Widen by GBP100 Mln in 2009

WEST ONE: Sold Out of Administration; 63 Jobs Secured
WHITEINCH ASBESTOS: In Liquidation; 20 Jobs Affected

* UK: PwC Urges Pension Trustee Prudence Despite Insolvency Drop


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




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D E N M A R K
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BARK GROUP: Files Amendment No. 1 to Q3 2009 Report
---------------------------------------------------
As reported in the Troubled Company Reporter on December 15, 2009,
Bark Group Inc. and subsidiaries reported a net loss of US$699,000
for the three months ended September 30, 2009, compared with a net
loss of US$532,000 for the same period of 2008.

For the nine months ended September 30, 2009, the Company reported
a net loss of US$2,073,000, compared with a net loss of
US$2,340,000
for the same period last year.

On January 29, 2010, the Company filed Amendment No. 1 to its
quarterly report for the period ended September 30, 2009, in order
to provide clarification regarding statements that the Company has
made regarding growth in the Company's customer base experienced
by the Company in the first nine months of 2009 and anticipated to
be experienced in future years.  The disclosure also includes risk
factors associated with the experienced and prospective growth in
the Company's customer base.

Revenues declined to US$2,841,000 during the nine months ended
September 30, 2009, as compared to US$7,150,000 during the nine
months ended September 30, 2008, representing a decrease of
US$4,309,000 or 60%.  This decrease was caused by the loss of the
Company's biggest customer S. Trading (Totempo) in the fourth
quarter of 2008 and the general decline in business activities due
to the global economic downturn.  S. Trading represented 37% of
the Company's revenues in the nine months ended September 30,
2008.

The Company is continuously working with the objectives of
expanding its business with existing customers and securing new
customers.  For the nine months ended September 30, 2009, the
Company gained five additional new customers.  The Company gained
a further two customers in the fourth quarter of 2009.  These
additional customers represent an increase in the number of the
Company's customers from the beginning of fiscal 2009 and
accordingly represent growth in the Company's business from the
beginning of fiscal 2009.  The new customers had resulted in
revenues of approximately US$670,000 during the nine months ended
September 30, 2009.  Additional revenue is anticipated from these
customers based on marketing budgets discussed with these clients,
which revenues will be realized in future fiscal periods,
including during the fourth quarter of 2009 and in fiscal 2010.
The revenues from these new customers for the nine months ended
September 30, 2009, were not sufficient to offset the loss of
revenues for the nine months ended September 30, 2008, from the
Company's former largest customer S. Trading (Totempo) in the
fourth quarter of 2008.  The Company anticipates further revenues
from these new customers from recurring projects based on
discussions with these new clients and proposed marketing budgets,
however the Company does not have long term contracts with these
new customers and there is no assurance that client indications of
future projects will materialize into revenues.  Accordingly,
there is no assurance that this growth in the Company's customer
base will continue or, if it continues, that it will offset the
loss of revenues attributable to the loss of S. Trading (Totempo)
in the fourth quarter of 2008.   The Company also anticipates that
this growth in its client base will continue in the next few years
based on the increase in its client base since January 1, 2009.

A full-text copy of Amendment No. 1 to the September 30, 2009
quarterly report on Form 10-Q/A is available at no charge at:

                  http://researcharchives.com/t/s?4f30

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed US$9,741,000 in total assets, US$11,671,000 in total
liabilities, and US$1,505,000 in non-controlling interests,
resulting in a US$3,435,000 shareholders' deficit.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$1,187,000 in total current
assets available to pay US$7,259,000 in total current liabilities.

                     Liquidity/Going Concern

As of September 30, 2009, the Company had cash of US$11,000, a
decrease of US$75,000 from cash of US$86,000 as of December 31,
2008.  The Company's working capital deficit increased from
US$4,135,000 at December 31, 2008, to US$6,072,000 at September
30, 2009, an increase of US$1,937,000.  The increase in working
capital deficit is mainly due to loss in the nine months ended
September 30, 2009, and delayed payments to suppliers.

The Company currently has limited financial resources available to
pay ongoing financial obligations as they became due.  Further, at
September 30, 2009, the Company had a shareholder's deficit of
US$3,435,000 which resulted primarily from operating losses
incurred in 2007, 2008 and 2009.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

The Company expects to use cash of approximately US$319,000 per
quarter in operations and accordingly, the Company estimates that
it will use approximately US$7,347,000 over the next twelve months
in order to sustain its current obligations and to continue to pay
outstanding obligations as they become due.  This amount does not
include any funds necessary for the Company to expand its business
or to pay costs that have been incurred in relation to the
listing of its common shares in the United States.  The Company
will require further additional financing in order to pursue the
expansion of its business, either through growth or acquisitions.
The Company's current source of funding, in addition to cash from
operations and its operating line of credits, is the loan
commitment of DKK4,000,000 (US$786,798) from Bark Holding, a
related party.

                         About Bark Group

Based in Copenhagen K, Denmark, Bark Group Inc. (OTC BB: BKPG) --
http://bark-group.com/-- formerly Exwal Inc. is a commercial
communication services Company that provides integrated
traditional and new media advertising and marketing consulting
services to its clients.  Clients are comprised primarily of
European businesses that range in size from small local businesses
to larger trans-national and multi-national corporations.  These
clients include a range of businesses including financial
institutions and banks, consumer products companies and luxury
goods companies.


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F R A N C E
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PEUGEOT CITROEN: Recalls More Than 90,000 Cars Over Gas-Pedal Flaw
------------------------------------------------------------------
Rudy Ruitenberg and Cornelius Rahn at Bloomberg News report that
PSA Peugeot Citroen will recall more than 90,000 cars because they
may share a gas-pedal flaw that prompted Toyota Motor Corp. to
recall millions of vehicles.

According to Bloomberg, Jean-Marc Sarret, a spokesman for the
Paris-based carmaker, said in a telephone interview the action
affects about 10% of Peugeot 107 and Citroen C1 models sold
throughout Europe, or fewer than 100,000 vehicles.

The accelerator-pedal defect may cause crashes, Bloomberg says.

According to Bloomberg, the vehicles were made at a plant in the
Czech Republic where Toyota and Peugeot Citroen jointly
manufacture small cars.  The factory is managed by Toyota and
produces about 330,000 cars a year, split between the 107, C1 and
Toyota Aygo models, Bloomberg says citing the venture's Web site.

"We'll have the same recall campaign as Toyota for the affected
cars," Bloomberg quoted Mr. Sarret as saying Saturday.  "The
faulty component isn't used in all the vehicles.  It represents
about 10 percent of C1s and 107s in circulation."

As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, Bloomberg News said Peugeot and Mitsubishi Motors Corp.'s
managers met in Tokyo to negotiate a deal that may give the French
carmaker a controlling stake in the Japanese company.  According
to Bloomberg, two people familiar with the matter said a
transaction would involve a share swap.  Bloomberg said acquiring
a Mitsubishi stake may stretch finances at Peugeot, which had EUR2
billion (US$2.9 billion) in net industrial debt as of June 30 and
bonds rated below investment grade by Standard & Poor's.  PSA
Peugeot is rated BB+ by Standard & Poor's.

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.


VIVENDI SA: Misled Investors 57 Times in New York Suit, Jury Rules
------------------------------------------------------------------
David Glovin and Don Jeffrey at Bloomberg News report that the
Manhattan federal court jury ruled that Vivendi SA misled
investors 57 times from 2000 to 2002.

According to Bloomberg, the jury fund that the company misled
investors with upbeat statements that hid a liquidity crisis.

Bloomberg relates after the verdict in the class-action suit in
New York, the winning law firm Abbey Spanier Rodd & Abrams LLP
said investors may recover US$9.3 billion.

"This is the largest securities class action going to verdict
ever," Bloomberg quoted Arthur Abbey, an investors' lawyer, as
saying Friday in an interview.  "We had 57 statements that we
claimed were false, and the jury found that 57 statements were
false."

Bloomberg discloses lawyers for investors said more than 1 million
shareholders are covered by the case, which went to trial in
October.  About two-thirds of the investors in the New York case
are in France, Bloomberg says citing Vivendi.

Mr. Abbey, as cited by Bloomberg, said immediately after the
verdict that the liability might reach US$4 billion if every
shareholder submitted a valid claim.

Vivendi says it is impossible to determine at this point how many
shareholders are covered, Bloomberg notes.

"We are gratified that the damage amount will be about half the
damage amount originally claimed by the plaintiffs," Bloomberg
quoted Paul Saunders, a lawyer for Vivendi, as saying in an
interview.  "This is a partial victory for us.  We're just really
beginning to fight."

                              Appeal

Vivendi said it disagrees with the decision returned on
January 29, 2010 by a jury in the U.S. securities class action
trial before the U.S. District Court for the Southern District of
New York.  The jury found that several public statements made by
Vivendi between October 30, 2000 and August 14, 2002 violated the
U.S. securities laws.

Vivendi said it strongly disagrees with the findings against the
company, which the company believes are contrary to the facts and
the law, in particular with respect to an alleged hidden liquidity
risk.

According to Vivendi, the amount of damages that Vivendi may be
required to pay as a result of this verdict remains uncertain and
will be known at a later and as yet undetermined stage.  The
verdict calculates the damages on a per-share and per-day basis
and it is impossible to know at this time the total number of
shares traded by class members, the dates of the relevant sales
and the number of class members who will submit a valid claim
after receiving notice of the decision, Vivendi said.

Vivendi said the company intends to pursue all available paths of
action to overturn the verdict.

Vivendi said it believes that there are many grounds for appeal,
including, but not limited to the Court's decision to include
French shareholders in the class, its rulings on jurisdiction and
the plaintiffs' erroneous method of proving and calculating
damages, as well as the numerous incorrect rulings made during the
course of the trial.  Furthermore, the company believed, and
continues to believe strongly, that it did nothing wrong and that
this case raises significant legal issues for foreign corporations
doing business in the United States that need to be definitively
resolved.

Vivendi said it remains confident concerning the ultimate
confirmation of the legal integrity of its actions and its public
statements.

                          About Vivendi

Vivendi SA -- http://www.vivendi.com/-- is a France-based company
principally engaged in telecommunications services and media
entertainment.  The Company operates five core subsidiaries:
Activision Blizzard, a 54% subsidiary, is a worldwide pure-play
online and console game publisher; Universal Music Group, a 100%
subsidiary, is a recorded music company; SFR, a telecommunications
operator in France is a 56% subsidiary of Vivendi (the new SFR,
created via a merger with Neuf Cegetel, is a mobile and fixed-line
operator in Europe); Maroc Telecom, a 53% subsidiary, is a mobile
and fixed-line and internet access operator in Morocco; Groupe
Canal+, a 100% subsidiary, offers premium and theme channel
distribution and programming in France.  Vivendi holds 20% of NBC
Universal.  Vivendi Mobile Entertainment was founded as a 100%
subsidiary of Vivendi in 2007, its innovative subscription
service, branded zaOza, was launched in France in 2008.


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G E R M A N Y
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GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale
-----------------------------------------------------------------
According to Dow Jones Newswires' Patricia Jiayi Ho, a spokeswoman
for machinery manufacturer Sichuan Tengzhong Heavy Industrial
Machinery Co., said Monday the deadline for the Chinese company to
buy General Motors Co.'s truck brand Hummer has been pushed back
from the end of January to the end of February.

According to Dow Jones, Zhao Tong, a spokeswoman for a public
relations firm hired by Tengzhong, GM and Tengzhong agreed to
extend the deadline.

Dow Jones recalls GM completed an agreement in October to sell
Hummer to Tengzhong.

As reported by the Troubled Company Reporter on October 13, 2009,
GM and Sichuan Tengzhong entered into a definitive agreement that
will allow Tengzhong to acquire GM's premium all-terrain HUMMER
brand.  Under the terms of the definitive agreement, the buyer
will acquire the ownership of the HUMMER brand, trademark and
tradenames, as well as specific IP license rights necessary for
the manufacture of HUMMER vehicles.  The buyer will also assume
the existing dealer agreements relating to HUMMER's dealership
network.

Tengzhong will purchase HUMMER through an investment entity, in
which it will hold an 80 percent stake.  Mr. Suolang Duoji, a
private entrepreneur with holdings that include the Hong Kong-
listed thenardite producer Lumena, will hold the remaining 20%
stake.  Financial terms of the agreement were not disclosed.

The deal is awaiting approval from the Chinese government, Ms.
Zhao said, according to Dow Jones.  She declined to elaborate, the
report adds.

                      About Sichuan Tengzhong

The investment entity buying Hummer will be jointly owned by
Tengzhong and private entrepreneur Suolang Duoji. Tengzhong will
hold 80 percent of the entity and Mr. Suolang 20 percent.

Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. is one of
China's major privately owned engineering companies. Tengzhong is
a manufacturer of heavy machinery equipment with a presence in
special-use vehicles, road and bridge construction equipment and
construction and energy industry equipment.

Since its establishment, Tengzhong has quickly become a major
manufacturer of machinery and construction components through a
series of successful acquisitions. Tengzhong prides itself on its
automated manufacturing equipment, its processing systems,
significant research and development initiatives and commitment to
innovation.

Mr. Suolang Duoji, a private entrepreneur from Sichuan Province
has holdings that include thenardite producer Lumena which was
recently listed on the Hong Kong Stock Exchange.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had USUS$107.45 billion in total assets
against USUS$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


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G R E E C E
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ARIES MARITIME: Changes Name to Newlead; Has US$111.3MM Q3 Loss
---------------------------------------------------------------
Aries Maritime Transport Limited, now known as Newlead Holdings
Ltd., reported a net loss of US$111,300,000 for the three months
ended September 30, 2009, from a net loss of US$4,275,000 for the
same period in 2008.  The Company posted a net loss of
US$123,762,000 for the nine months ended September 30, 2009, from
net income of US$2,014,000 for the same period in 2008.

Effective December 21, 2009, the Company changed its name from
"Aries Maritime Transport Limited" to "NewLead Holdings Ltd."

Operating revenues were US$12,167,000 for the three months ended
September 30, 2009, from US$21,509,000 for the same period in
2008.  Operating revenues were US$42,898,000 for the nine months
ended September 30, 2009, from US$58,085,000 for the same period
in 2008.

As of September 30, 2009, the Company had US$197,992,000 in total
assets against US$255,867,000 in total liabilities, all current,
resulting in US$57,875,000 in stockholders' deficit.

In January 2010, the Company sold the MSC Seine and the Saronikos
Bridge for an aggregate purchase price resulting in gross proceeds
to the Company of US$13.0 million, payable in cash.  The Saronikos
Bridge was delivered to her new owners on January 7, 2010 and the
MSC Seine was delivered on January 20, 2010.  Each of the MSC
Seine and the Saronikos Bridge is a 2,917 TEU container vessel
built in 1990.  As a result of the sale and delivery of these
vessels, the Company has exited the container market.

As of September 30, 2009, the Company had a working capital
deficit of US$244.4 million, which include its total outstanding
borrowing of US$221.4 million.

In connection with the Company's recapitalization, it was provided
a waiver of all financial covenants (excluding working capital and
minimum liquidity covenants) for a period ranging from 30 to 36
months to allow a sufficient period of time for new management to
implement its business strategy.

During the nine months ended September 30, 2009, the Company was
in breach of certain financial covenants of its credit facility.
As part of the waiver received with a Fifth Supplemental
Agreement, the Company was required, among other covenants, to
reduce the outstanding borrowings under the original facility
agreement from US$223.7 million to US$200.0 million.  In June
2009, the Company sold one vessel, the Ocean Hope, for net
proceeds of US$2.3 million and reduced outstanding borrowings to
US$221.4 million.

From the months following the sale of the Ocean Hope until the
recapitalization, the Company was in negotiations with its lenders
to enter into a new US$221.4 million facility agreement to
refinance the Company's existing revolving credit facility.  The
execution of this agreement also coincided with the Company's
assumption of a US$37.4 million credit facility in relation to the
three vessels transferred to the Company as part of the US$400.0
million recapitalization.

On October 13, 2009, these actions occurred in connection with the
US$400.0 million recapitalization:

     -- The Company's existing syndicate of lenders entered into a
        new US$221.4 million Facility Agreement to refinance the
        Company's existing revolving credit facility.  Upon its
        refinancing, the financial covenants in the Facility
        Agreement were waived (excluding working capital and
        minimum liquidity covenants) for a period ranging from 30
        to 36 months.  The amount outstanding under the Facility
        Agreement is currently US$191.4 million.

     -- The issuance of US$145.0 million of the 7% Notes, that are
        convertible into common shares at a conversion price of
        US$0.75 per common share. There are currently US$125.0
        million of 7% Notes outstanding.

     -- The Company assumed a US$37.4 million credit facility in
        relation to the three vessels transferred to the Company
        as part of the recapitalization. Pursuant to a Share
        Purchase Agreement entered into on September 16, 2009,
        Grandunion, a company controlled by Michail S. Zolotas and
        Nicholas G. Fistes, acquired 18,977,778 newly issued
        common shares of the Company in exchange for three drybulk
        carriers.  Of such shares, 2,666,667 were transferred to
        Rocket Marine, a company controlled by two former
        directors and principal shareholders in the Company, in
        exchange for Rocket Marine and its affiliates entering
        into a voting agreement with Grandunion.  Subsequent to
        its assumption, this facility has been, and continues to
        be, periodically paid down and drawn upon to minimize the
        Company's cost of capital.  As of January 26, 2010, there
        was no outstanding balance under this facility.

A full-text copy of the Company's financial report is available at
no charge at http://ResearchArchives.com/t/s?4f27

Based in Athens, Greece, NewLead Holdings Ltd. (NASDAQ: NEWL) is
an international shipping company that owns and operates product
tanker and dry bulk vessels.  The Company's products tanker fleet
consists of five MR tankers and four Panamax tankers, all of which
are double-hulled.  The Company also owns three dry bulk vessels
secured on period charters.


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H U N G A R Y
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OTP BANK: Moody's Cuts Upper Tier 2 Sub. Bond Issue to 'Ba1'
------------------------------------------------------------
Moody's Investors Service downgraded its rating on OTP Bank's
hybrid securities, in line with its revised Guidelines for Rating
Bank Hybrids and Subordinated Debt published in November 2009.
OTP Bank's Upper Tier 2 perpetual subordinated bond issue was thus
downgraded to Ba1 with negative outlook from Baa2.  This concludes
the review for possible downgrade initiated on November 18, 2009.
All other ratings of OTP Bank remain unchanged, together with
their negative outlook, in place since 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors.  The systemic support for these instruments
has not been forthcoming in many cases.  The revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action.  In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's standalone credit
strength, including parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA for OTP Bank is Baa3 and is the same as the
bank's BCA as neither parental nor cooperative support apply.

The Upper Tier 2 perpetual subordinated debt of OTP Bank (ISIN:
XS0274147296) was downgraded to Ba1, which is one notch below the
bank's Adjusted BCA reflecting its subordinated claim in
liquidation and cumulative coupon deferral features.

Moody's last rating action on OTP Bank was on November 18, 2009
when the bank's Baa2 (negative outlook) Upper Tier 2 perpetual
subordinated debt rating was placed on review for a possible
downgrade.

Headquartered in Budapest, Hungary, OTP Bank reported consolidated
IFRS net income of HUF130 billion (EUR481 million) after the first
nine months of 2009 and total assets of HUF9.7 trillion
(EUR35.9 billion) as of 30 September 2009.


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I R E L A N D
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COGNOTEC LTD: Has Accumulated Losses of US$50 Million
-----------------------------------------------------
IrishDev.com, citing the Independent Newspaper, reports that
Cognotec has accumulated losses of almost US$50 million, even
though it has slashed its annual losses from US$7 million in 2007
to US$1.25 million in 2008.

As reported by the Troubled Company Reporter-Europe on Jan. 29,
2010, Kieran Wallace of KPMG was appointed receiver and manager of
Cognotec Limited, Cognotec Ireland Limited and Cognotec Holdings
Limited by Barclays Banks Ireland PLC on Jan. 22.

The company, IrishDev.com says, has been trying to restructure its
debt and finances over several months, however Barclays has now
appointed KPMG to try and sell the business as a going concern.

The IrishDev.com relates the company's order book dried up as the
global banking crisis bit during 2008 and 2009.

The appointment of a receiver is bound to threaten the value of
the company and the viability as the remaining 40 Dublin
personnel, IrishDev.com notes.

Cognotec is a Dublin-based software company.  It produces
financial automated FX trading solutions.


MCGRORY CONTRACTORS: Files Petition to Appoint Examiner
-------------------------------------------------------
McGrory Contractors Limited has filed a petition to appoint an
examiner.  The company's solicitor is Houlihan O'Donnell Flaherty.

The petition will be heard on February 2, 2010.

The registered address of the company is at:

         25 River Valley
         Callaghs
         Ballyconnel
         Co. Cavan
         Ireland


PRIME SHOP: Creditors Meeting Set for February 9
------------------------------------------------
A meeting of creditors of Prime Shop Interiors Limited will take
place at 8:00 a.m. on February 9, 2010, at:

         Harcourt Hotel
         60 Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         Enterprise Centre
         Melitta Road
         Kildare
         Co. Kildare
         Ireland


RACEFIELD CATERING: Creditors Meeting Set for February 9
--------------------------------------------------------
A meeting of creditors of Racefield Catering Limited will take
place at 10:00 a.m. on February 9, 2010, at:

         Conference Centre
         Pearse Road
         Raheen Industrial Estate
         Limerick
         Ireland

The registered address of the company is at:

         Hi-Way Bar & Restaurant
         Dooradoyle
         Limerick
         Ireland


VIRGIN ISLAND: Creditors Meeting Set for February 12
----------------------------------------------------
A meeting of creditors of Virgin Island Limited will take place at
4:00 p.m. on February 12, 2010, at:

         Johnstown House Hotel
         Enfield
         Co Meath
         Ireland

The registered address of the company is at:

         Main Street
         Tullamore
         Co Offaly
         Ireland


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


ALITALIA SPA: Workers to Strike on Friday Over Wage Agreements
--------------------------------------------------------------
Giulia Segreti and Guy Dinmore at The Financial Times report that
Alitalia faces disruption by striking workers this week for the
first time since it emerged from bankruptcy just over a year ago.

According to the FT, transport union FiltCgil is calling a
four-hour strike on Friday, declaring that the state of industrial
relations at the company is "insufficient" and that employment and
wage agreements have not been respected.

Unions say they had tried to call strikes earlier, but the
transport ministry was able to use its authority to defer them,
the FT notes.

"Alitalia is following a road of unilateral relations, with
decisions and rules decided in splendid isolation," the FT quoted
Mauro Rossi, secretary-general of Filt, as saying.

                             Recovery

The FT relates in the third quarter of 2009, Alitalia posted a
trading profit of EUR15 million (US$20.8 million), its first in
almost four years.  It says it expects to have closed the year
with a loss of about EUR300 million, the FT relates.  Debt at the
end of the third quarter was EUR831 million, the FT discloses.

Unions and analysts suspect that in the absence of published
final-year results the losses were higher than forecast, the FT
states.

The company says it is on track with its "phoenix" recovery plan
to break even by the end of 2011, the FT notes.

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia S.p.A. filed for Chapter 15 protection with the
U.S. Bankruptcy Court in the Southern District of New York.
Italy's national airline experienced financial difficulties for a
number of years caused, in large measure, by a combination of
competition from low-cost air carriers, poor management and
onerous union obligations, according to papers filed with the
court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On August 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


FIAT SPA: Italy Evaluates Proposals for Termini Imerese Plant
-------------------------------------------------------------
Steve Scherer at Bloomberg News reports that Italy's Industry
Minister Claudio Scajola said the government is studying as many
as seven proposals to convert Fiat SpA's Termini Imerese plant for
other uses after the company suspends car production at the site
in Sicily.

"There are six or seven proposals that will have to be evaluated
with great care," Bloomberg quoted Mr. Scajola as saying after
meeting Fiat executives and unions in Rome.

Bloomberg relates Fiat has said that it plans to suspend
production at Termini Imerese at the end of next year because
costs are too high at the Sicilian site.  Mr. Scajola, as cited by
Bloomberg, said the next meeting on the future of Termini would be
held Feb. 5.

According to Bloomberg, Raffaelle Lombardo, head of the regional
government in Siciliy who attended the talks, said some of the
proposals to convert the plant involve maintaining car production
there.

                              Offers

As reported by the Troubled Company Reporter-Europe on Jan. 29,
2010, MF-Dow Jones and Dow Jones Newswires said the government has
received another four offers to acquire the plant.  Dow Jones
disclosed people with knowledge of the situation, said Thursday
among the possible interested companies is the German car maker
Audi AG.  The sources told Dow Jones an adviser could be appointed
in the future to evaluate all the potential offers.

                        Two-Week Shutdown

Citing the Financial Times, the Troubled Company Reporter-Europe
reported on Jan. 28, 2010, that Fiat is to close all its
production facilities in Italy for two weeks from next month
because of poor sales figures in January.  The FT disclosed the
company will close its six production facilities for the last week
of February and the first week of March, a move that will affect
some 30,000 workers.  The FT said Fiat posted a net loss of EUR848
million and a trading profit of EUR1.1 billion in 2009 and said
2010 would be "a year of transition and stabilization".

                          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.

                           *     *     *

Fiat S.p.A. continues to carry a Ba1 long-term rating from Moody's
Investors Service with negative outlook.


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


ATF BANK: Moody's Cuts Junior Subordinated Debt Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of three Kazakh banks, namely Kazkommertsbank,
ATF Bank and Bank CenterCredit.  This rating action is in line
with the rating agency's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009.

This concludes Moody's review for possible downgrade that began on
November 18, 2009, which was the last rating action date for each
issuer.  The rating outlook for Kazkommertsbank, ATF Bank and Bank
CenterCredit remains negative, and all other ratings on these
banks remain unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  Moody's revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action.  In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA is B2 for Kazkommertsbank and is the same as the
BCA given that parental and/or cooperative support does not apply.

The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of
uplift from its BCA of B2 for parental support from UniCredit SpA.

The Adjusted BCA is B1 for Bank CenterCredit and is the same as
the BCA given that parental and/or cooperative support does not
apply.

The hybrid instruments issued by the above mentioned Kazakh banks
are perpetual and rank deeply subordinated in liquidation.  Coupon
payments must be suspended upon breach of minimum capital adequacy
ratios or liquidity ratios, or if such payments would result in a
breach of those ratios.  Any unpaid coupons are non-cumulative.
Moody's generally rates such instruments two notches below an
issuer's Adjusted BCA.

The affected securities of the banks are:

* Kazkommertsbank's junior subordinated debt (ISIN US486668AA44)
  rating was downgraded from B3 to Caa1, which is two notches
  below the bank's Adjusted BCA of B2.

* ATF Bank's junior subordinated debt (ISIN XS0274618247) rating
  was downgraded from Ba3 to B1, which is two notches below the
  Adjusted BCA of Ba2.

* Bank CenterCredit's junior subordinated debt (ISIN XS0245586903)
  rating was downgraded from B2 to B3, which is two notches below
  the Adjusted BCA of B1.


BANK CENTERCREDIT: Moody's Corrects Press Release on Jr. Sub. Debt
------------------------------------------------------------------
Moody's Investors Service has corrected the ISIN number of Bank
CenterCredit's junior subordinated debt.

Moody's downgraded the ratings on certain hybrid securities of
three Kazakh banks, namely Kazkommertsbank, ATF Bank and Bank
CenterCredit.  This rating action is in line with the rating
agency's revised Guidelines for Rating Bank Hybrids and
Subordinated Debt, published in November 2009.

This concludes Moody's review for possible downgrade that began on
November 18, 2009, which was the last rating action date for each
issuer.  The rating outlook for Kazkommertsbank, ATF Bank and Bank
CenterCredit remains negative, and all other ratings on these
banks remain unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  Moody's revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action.  In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA is B2 for Kazkommertsbank and is the same as the
BCA given that parental and/or cooperative support does not apply.

The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of
uplift from its BCA of B2 for parental support from UniCredit SpA.

The Adjusted BCA is B1 for Bank CenterCredit and is the same as
the BCA given that parental and/or cooperative support does not
apply.

The hybrid instruments issued by the above mentioned Kazakh banks
are perpetual and rank deeply subordinated in liquidation.  Coupon
payments must be suspended upon breach of minimum capital adequacy
ratios or liquidity ratios, or if such payments would result in a
breach of those ratios.  Any unpaid coupons are non-cumulative.
Moody's generally rates such instruments two notches below an
issuer's Adjusted BCA.

The affected securities of the banks are:

* Kazkommertsbank's junior subordinated debt (ISIN US486668AA44)
  rating was downgraded from B3 to Caa1, which is two notches
  below the bank's Adjusted BCA of B2.

* ATF Bank's junior subordinated debt (ISIN XS0274618247) rating
  was downgraded from Ba3 to B1, which is two notches below the
  Adjusted BCA of Ba2.

* Bank CenterCredit's junior subordinated debt (ISIN XS0245586903)
  rating was downgraded from B2 to B3, which is two notches below
  the Adjusted BCA of B1.


KAZKOMMERTSBANK: Moody's Cuts Jr. Subordinated Debt Rating to 'B1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of three Kazakh banks, namely Kazkommertsbank,
ATF Bank and Bank CenterCredit.  This rating action is in line
with the rating agency's revised Guidelines for Rating Bank
Hybrids and Subordinated Debt, published in November 2009.

This concludes Moody's review for possible downgrade that began on
November 18, 2009, which was the last rating action date for each
issuer.  The rating outlook for Kazkommertsbank, ATF Bank and Bank
CenterCredit remains negative, and all other ratings on these
banks remain unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  Moody's revised methodology
largely removes previous assumptions of systemic support,
resulting in the rating action.  In addition, the revised
methodology generally widens the notching on a hybrid's rating
that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA is B2 for Kazkommertsbank and is the same as the
BCA given that parental and/or cooperative support does not apply.

The Adjusted BCA is Ba2 for ATF Bank and includes 3-notches of
uplift from its BCA of B2 for parental support from UniCredit SpA.

The Adjusted BCA is B1 for Bank CenterCredit and is the same as
the BCA given that parental and/or cooperative support does not
apply.

The hybrid instruments issued by the above mentioned Kazakh banks
are perpetual and rank deeply subordinated in liquidation.  Coupon
payments must be suspended upon breach of minimum capital adequacy
ratios or liquidity ratios, or if such payments would result in a
breach of those ratios.  Any unpaid coupons are non-cumulative.
Moody's generally rates such instruments two notches below an
issuer's Adjusted BCA.

The affected securities of the banks are:

* Kazkommertsbank's junior subordinated debt (ISIN US486668AA44)
  rating was downgraded from B3 to Caa1, which is two notches
  below the bank's Adjusted BCA of B2.

* ATF Bank's junior subordinated debt (ISIN XS0274618247) rating
  was downgraded from Ba3 to B1, which is two notches below the
  Adjusted BCA of Ba2.

* Bank CenterCredit's junior subordinated debt (ISIN XS0245586903)
  rating was downgraded from B2 to B3, which is two notches below
  the Adjusted BCA of B1.


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


CIRSA FUNDING: S&P Withdraws 'B+' Rating on EUR600 Mil. Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+' issue rating and '4' recovery rating on the proposed
EUR600 million senior secured bond issue of Cirsa Funding
Luxembourg S.A., a fully owned finance subsidiary of Spain-based
Cirsa Gaming Corp. S.A. (B+/Stable/--).

The rating withdrawal follows Cirsa's announcement on Jan. 28,
2010, that it has decided to withdraw and terminate its offer
proposing to exchange EUR600 million of bonds maturing in 2020
issued by Cirsa Funding Luxembourg S.A. for the existing 2012-
maturity bonds issued by Cirsa Capital Luxembourg S.A. and the
existing 2014-maturity bonds issued by Cirsa Finance Luxembourg
S.A.

All other group entity ratings, including the corporate credit
rating on Cirsa (B+/Stable/--), remain unchanged.


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


ENDEMOL BV: Lenders Want to Halt Further Debt Buy-Backs
-------------------------------------------------------
Anousha Sakoui and Ben Fenton at The Financial Times report that
three hedge funds are pushing for Endemol to agree to halt any
further debt buy-backs, which could help it avoid breaching its
debt covenants.

The funds, Centerbridge, GoldenTree and Sankaty Advisers, hold
about 20% of the company's senior debt, the FT discloses.

According to the FT, if its debt covenants are breached, the
company could be forced into restructuring talks with its
creditors.  Some lenders have objected to the use of buy-backs
because they consider the resulting gains do not meet the
definition of key terms in the covenants, the FT notes.  Citing
two people familiar with the situation, the FT says Endemol is
understood to have made about EUR80 million (US$110.9 million) in
gains from debt buy-backs.

The FT relates Endemol lenders have asked Barclays, the agent
bank, to gauge support from other debtholders to formally request
the company to commit to no further buy-backs.  If the company
does not agree to do so within five days of such a request, the
lenders plan to seek a so-called declaratory judgment from the
English courts to obtain a judge's verdict on whether the company
should be allowed to use the gains in this way, the FT states.

Citing debt information provider CapitalStructure, the FT says as
of September 30, Endemol's net debt was EUR2.22 billion.

Endemol B.V. -- http://www.endemol.com/-- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition.  The production
company also creates scripted dramas and soap operas, and develops
digital content for online distribution.  It has more than 2,000
programming formats in its library and exports shows to more than
25 countries around the world.  Formed in 1994, Endemol is owned
by a consortium led by private equity firm Goldman Sachs and
Italian television company Mediaset.


STAHL HOLDINGS: Carlyle Draws Up Debt Restructuring Proposal
------------------------------------------------------------
David Whitehouse at Bloomberg News, citing French daily La
Tribune, reports that Carlyle Group LP last week made a proposal
to holders of Stahl Holdings BV debt.

According to Bloomberg, La Tribune said the offer includes the
injection of EUR20 million of senior debt.

Bloomberg notes the French daily said the move is unlikely to
succeed as banks find it less favorable than the offer already
made by Wendel.

As reported by the Troubled Company Reporter-Europe on Oct. 7,
2009, the Financial Times said the proposal from Wendel involves a
EUR60 million equity injection by the French group to pay down
debt at Stahl.  The FT said the equity injected by Wendel will be
used to buy back senior debt.  Stahl's EUR70 million of mezzanine
loans and EUR45 million of second lien loans would be swapped for
small equity stake, the FT stated.  Stahl's debt would fall from
about EUR375 million to EUR190 million, the FT noted.  According
to the FT, if successful, the offer would end up with Wendel
holding a 90% stake in Stahl, which has been hit hard by falling
demand for its products used in the auto, furniture, flooring and
shoe industries.

The FT recalled Wendel and Carlyle jointly acquired Stahl EUR520
million (US$762 million) three years ago.

Stahl is 48%-owned by Wendel SA -- http://www.wendelgroup.com/--
a France-based investment company.  It primarily invests in the
industrial and service sector, in France and abroad.  As of
December 31, 2008, Wendel held 100% stakes in Oranje-Nassau, a
Dutch group focused on energy production as well as on private
equity.  Oranje-Nassau's energy sector is active in the
exploration, development and production of oil and gas, with the
main regions of interest in Europe, Africa and the Middle East,
while the private equity sector primarily invests in
internationally oriented companies.  Wendel also held stakes in
Bureau Veritas (52%), Materis (76%), Stallergenes (47%), Deutsch
(89%), Saint-Gobain (18%) and Legrand (31%), as well as various
non-strategic listed holdings.


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


ROMANIAN DISTRIBUTION: Enters Insolvency Proceedings; Owes EUR6MM
-----------------------------------------------------------------
Cristina Stoian at Ziarul Financiar reports that Romanian
Distribution Group entered insolvency proceedings late last year
after being saddled with debt.

ZF says the company, which has a turnover worth around EUR8.5
million and 20 stores under Cavaliere men's apparel brand, owes
approximately EUR6 million.

The report relates Mihaela Murariu, manager associate with Elva
Cont SPRL, the legal administrator in charge with the internal
reorganization of Cavaliere network, told ZF "For the time being,
the preliminary list of debts has been presented and the final
list of creditors will be finalized in March.  There are debts of
around RON25 million (EUR6 million), to banks (50% of the total)
and to suppliers."

Murariu, as cited by ZF, said, "The crisis fallout pushed sales
down by around 50%, while contractual obligations from rents,
denominated in euros, rose as a result of the RON depreciation."

The company is controlled by Monica and Nicolae Toader Caluda
(with a 65% stake) and Italian Deli Priscoli Pirolamo (35%), the
report discloses.  The report recalls the shareholder tried to
restructure the business as early as mid-2009, cutting the number
of employees by 25% and closing six stores in cities such as
Galati, Ploiesti or Brasov.  However, as cost cuts had no major
impact, the shareholder decided to being on internal
reorganization, the report recounts.

Insolvency allows the company to sell the stocks it has left
without having to pay maturing debt, ZF notes.


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


UC RUSAL: May Start Trading Shares in Russia Within a Year
----------------------------------------------------------
Maria Kolesnikova at Bloomberg News reports that United Co. Rusal
Chief Executive Officer Oleg Deripaska said the company's shares
may start trading in Russia within 12 months.

"We think that within 12 months Russian investors who bought Rusal
shares will secure us a Russian depositary program," Bloomberg
quoted Mr. Deripaska as saying in an interview with Rossiya 24
state television that was broadcast late Friday.

According to Bloomberg, Mr. Deripaska said Rusal has no immediate
acquisition plans and expects to resume investment in technical
upgrades in the next two years.

Bloomberg recalls Rusal shares began trading in Hong Kong and
Paris last week after the company raised HK$16.7 billion (US$2.2
billion) in an initial public offering this month to help to pay
down US$14.9 billion of debt.

RUSAL -- http://www.rusal.com/-- is among the world's top
aluminum producers, along with Rio Tinto Alcan and Alcoa.  Formed
in 2000 from various parts of the old Soviet state apparatus,
RUSAL produces about 4 million tons of aluminum, 11 million tons
of alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


===============
S L O V E N I A
===============


PROBANKA DD: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed Probanka d.d.'s Long-term Issuer
Default Rating at 'BB' with a Stable Outlook.  Fitch has
simultaneously upgraded the Slovenia-based bank's Support Rating
to '4' from '5' and revised the Support Rating Floor to 'B+' from
'No Floor'.  The agency has affirmed Probanka's Short-term IDR at
'B' and its Individual Rating at 'D.'

Probanka's ratings reflect its regional corporate franchise in its
home town of Maribor, one of Slovenia's wealthier regions, where
about 40% of its customers are based.  The upgrade of the Support
Rating and the revision of the Support Rating Floor reflect
Fitch's view that because Probanka is of regional importance,
there is a limited probability of support from the public
authorities in case of need.

However, the ratings also consider Probanka's deteriorating asset
quality, which has put pressure on profitability, as well as the
bank's equity size.  Nevertheless, the Stable Outlook on the Long-
term IDR reflects, among other factors, Fitch's view that the
capital base still provides a comfortable buffer to absorb a
moderate increase in NPLs.  Operating ROAA and operating ROAE were
a weak 0.51% and 6.08%, respectively, in 9M09, albeit higher than
in FY08.

Non-performing loans (defined as loan categories 'D' and 'E' and
those in category 'C' past due by 90 days) rose to 7.1% of gross
loans at end-Q309 from 4.9% at end-2008, resulting in a loan
impairment charges to pre-impairment operating profit ratio of a
high 60% in 9M09.  This increase in NPLs was largely driven by a
single exposure to an insolvent financial holding, albeit with
good quality collateral, Fitch understands.

The agency believes that Probanka's NPLs could rise further,
particularly given ongoing difficulties in the operating
environment.  Slovenia's GDP contracted by almost 8% in 2009 due
to a sharp domestic economic slowdown, and particularly due to the
slowdown in the Germany economy to which Slovenia has close
trading links.  Fitch expects only a gradual renewal of growth in
Slovenia in 2010.

Loan impairment charges are likely to remain a key performance
driver, particularly given the level of concentration in
Probanka's loan book.  Fitch notes that a sharp deterioration in
asset quality, resulting in pressure on capitalization, could
result in a downgrade of the bank's ratings.  The bank plans to
raise new equity (EUR5 million) and subordinated debt (EUR5
million) in 2010.

Probanka's Tier 1 capital ratio remained broadly flat at end-Q309
at 7.53%.  However, capitalization should also be considered in
light of the bank's weakened profitability and heightened credit
risk in the current operating environment, rising NPLs, related-
party lending (which was equal to 38% of equity), as well as the
risks associated with its equities' holdings and concentration
risks.  Market risk remains significant, despite having fallen,
with the bank's equities exposure (net of forward contracts with
customers) equal to 49.5% of its end-Q309 capital.

Probanka is a medium-sized regional universal bank.  It is part of
a financial group, including a real estate company, a fund
manager, and two leasing companies (one of which is in Croatia).
At end-Q309, Probanka had a 2.5% share of banking sector assets,
ranking it 12th in Slovenia.  Probanka's largest shareholder with
a 19.9% stake is Medaljon d.d., an investment company owned by
Probanka's management board and 12 members of the bank's senior
management.  Medaljon is among Probanka's largest borrowers.


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


DOGI INT'L: Expects to Conclude Insolvency Proceedings by March
---------------------------------------------------------------
Intelex reports that Dogi International Fabric expects to conclude
by March 2010 the insolvency proceedings it has been negotiating
since last June.

"The company is currently reaching an agreement with the majority
of its creditors," the report quoted Dogi's marketing director
Sergi Domenech as saying at the French-based fabrics show
Interfiliere.  "Despite far slower demand, the Spanish unit of
Dogi Internationale reported a positive period during the last
quarter of 2009."

As reported by the Troubled Company Reporter-Europe, just-style
said bankrupt Spanish stretch fibers firm Dogi International
Fabric posted a EUR25.6 million (US$37.7 million) loss in the
first half of 2009, up from EUR6.6 million in the same 2008
period.  According to just-style, the company's first-half results
were hurt by restructuring costs and plunging sales.


IM GRUPO: Fitch May Cut Ratings on Class B & C Notes to Low-B
--------------------------------------------------------------
Fitch Ratings is maintaining IM Grupo Banco Popular EMPRESAS 2's
Class A, B and C notes on Rating Watch Negative, as Banco Popular
Espanol ('AA-'/Outlook Negative/'F1+') has notified the agency of
its intention to restructure the transaction.

The RWN was originally assigned in August 2009 pending full
analysis after the implementation of Fitch revised SME CDO rating
criteria for European granular corporate balance-sheet
securitizations.

Therefore, the current ratings of the Class A, B and C notes
remain:

* EUR2,225,000,000 class A notes (ISIN ES0349047003): 'AAA' on RWN
* EUR100,000,000 class B notes (ISIN ES0349047011): 'A' on RWN
* EUR175,000,000 class C notes (ISIN ES0349047029): 'BBB-' on RWN

Fitch expects to receive shortly the full restructuring proposal
from Banco Popular Espanol, after which the agency will undertake
a full analysis of the proposal and resolve the RWN.  However, if
a restructuring is not completed within the next 90 days, the
agency will thereafter take rating action based on the existing
structure and the latest available information.  This provides
category level guidance as to the likely ratings if the
restructuring is not implemented by Banco Popular Espanol:

* EUR2,225,000,000 class A notes (ISIN ES0349047003): 'BBB'
  category

* EUR100,000,000 class B notes (ISIN ES0349047011): 'BB' category

* EUR175,000,000 class C notes (ISIN ES0349047029): 'B' category

This rating action above is principally linked to the application
of the new SME CDO criteria published on July 23, 2009.  However,
the transaction has not benefited from any de-leveraging, the
assets are all unsecured, the portfolio has high obligor
concentration and the largest obligor was recently delinquent.

More specifically, as the transaction is still within its
replenishment phase, the notes have not benefited from any
principal amortization and therefore remain at their original
subordination levels.  The portfolio also suffers from high
obligor concentration with the top five obligors representing 7.9%
of the portfolio.  Also, according to the most recent portfolio
information, the top obligor representing 3.9% of the portfolio
was delinquent, but according to Banco Popular Espanol this
obligor is now current on its payments.  Finally, all of the
assets in the portfolio are unsecured, which significantly lowers
potential for recoveries in the event of a default.

On the positive side, the transaction has experienced relatively
good performance when compared to its peers, with 90+ day
delinquency rate of 2.0% versus an average of 2.9% for the Fitch-
rated Spanish SME universe.

IM Grupo Banco Popular EMPRESAS 2 is a cash flow securitization of
a EUR2.5 billion revolving pool of traditional corporate and SME
loans granted by six entities of Grupo Banco Popular -- Banco
Popular Espanol SA, Banco de Andalucia, Banco de Castilla, Banco
de Credito Balear, Banco de Galicia and Banco de Vasconia.


IM PASTOR 3: Moody's Junks Rating on Class D Notes From 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:

-- the senior and junior notes issued by IM Pastor 3 ( IM 3)
-- all the notes issued by IM Pastor 4 ( IM 4)

Last rating action date for IM 3 and IM 4 was June 29, 2009.

All the notes were placed on review for possible downgrade as a
consequence of the downgrade to A3/P-2 of the long-term and short-
term rating of Banco Pastor.  The action concludes the review and
it is mainly due to the deterioration of the collateral
performance.  The downgrades also reflect Moody's negative sector
outlook for Spanish RMBS and the weakening of the macro-economic
environment in Spain, including the expected increase in
unemployment rates projected for 2010.

                      Portfolio Performance

IM 3 and IM 4 closed in June 2005 and June 2006 respectively.
Both transactions are backed by a portfolio of first-ranking
mortgage loans secured on residential properties located in Spain,
for an overall balance at closing of EUR 1 billion (IM 3) and EUR
920 million (IM 4).  The securitized mortgage portfolios benefit
from a relatively low weighted average LTV (currently 56% and 57%
respectively), with no loan exceeding 80% LTV at closing.  The two
pools are fairly exposed to the Mediterranean coast.  A
significant portion of the pools has been originated via brokers
or other external channels, representing 39% (IM 3) and 32% (IM 4)
of current pool balance at the end of December 2009.

The collateral performance in IM 3 and IM 4 has deteriorated
further since the last rating review in May 2009, when Moody's
took action on the subordinated notes in IM 3 and the mezzanine
and subordinated notes in IM 4.  Credit trends in IM 3 and IM 4
continue to under-perform arrears and defaults experienced by
similarly seasoned low LTV Spanish RMBS and both transactions are
performing worse than anticipated as of the last rating review.
Moody's notes that the share of loans being written-offs has
nearly doubled since the last rating review.  Cumulative write-
offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM
4 respectively at the end of December 2009, compared to
approximately 1.5% of original balance at the end of March 2009.
Moody's observes that the balance of loans more than 90 days in
arrears has recently improved and it is currently equal to 3.1%
and 2.0% of current pool balance in IM 3 and IM 4 -- compared to
respectively 3.9% and 3.2% of current pool balance as at the last
rating review.  Moody's believe that the stabilization in arrears
may be attributed to the low interest rate environment.  Despite
the seemingly improving arrears trends in the deals recently,
Moody's remain concerned about the prolonged weakening in macro-
economic conditions in Spain.

The weak performance of IM 3 and IM 4 has been mainly driven by
the exposure to loans originated via external channels,
particularly in the region of Valencia and Catalonia.
Additionally, non-Spanish borrowers (representing about 12% and 8%
of current pool balance respectively) have been affected by
difficult economic conditions such as increasing unemployment and
declining house prices.  Loans to non-Spanish nationals are
experiencing significantly higher defaults than loans granted to
Spanish borrowers.

                Reserve Funds / PDLs /Amortization

The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve funds in both transactions and
build-up in unpaid principal deficiencies ledgers in IM 3
(EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last
payment date.  The unpaid PDLs currently represent 0.9% and 1.3%
of current pool balance of IM 3 and IM 4 respectively.  Available
funds in both transactions will ultimately increase as recoveries
from written-off loans are collected and properties being acquired
are sold.  However, Moody's remain concerned about the
uncertainties relating to the timing and the amount of recoveries.
So far, recoveries only amount to 15% and 10% of cumulative
defaults in IM 3 and IM 4 respectively.  The slow pace of the
recoveries suggests that the unpaid PDL may not be cured rapidly.
The amortization of the mezzanine and junior notes is likely to
remain sequential as a consequence of the breach of pro-rata
amortization triggers.

                 Remedial Actions Taken Following
                  Banco Pastor Downgrade to A3/P2

Banco Pastor acts as swap counterparty in both transactions.  In
IM 4, Banco Pastor's payment obligations under the swap are
guaranteed by Banco Popular (Aa3/P1) since February 2009.
Following its downgrade to A3/P2 in June 2009, Banco Pastor has
been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3,
which is in line with the requirements described in Moody's report
titled "the Framework for De-linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions."

The treasury account that was held at Banco Pastor was transferred
to Banco Sabadell (A2/P-1) after the loss of P-1 as required by
the transaction documents.  Banco Sabadell also replaces Banco
Pastor as Paying Agent following the downgrade of Banco Pastor.

In the review Moody's has also assessed the commingling risk
exposure taking into account the daily (IM 4) and weekly (IM 3)
sweeps from the collection account to the reinvestment account in
the name of the Fondo.  Moody's notes that the frequency of
collection sweeps have increased from monthly to daily (IM 4) /
weekly (IM3) following the loss of P-1 rating of Banco Pastor.

               Insufficient Liquidity in the Deals

As described in the press release of 29 of June, the main exposure
to Banco Pastor in IM 3 and IM 4 is linked to the servicing role
that Banco Pastor plays in the transactions.  Moody's notes that
the reserve fund of both transactions is fully depleted and that
no other sources of liquidity are available in the two
transactions.  Moody's believes that the absence of liquidity in
the transactions could impair the ability of the Issuer to make
timely payment of interest on the Notes, particularly in case of a
servicing transfer.  Moody's considers that the risk of a missed
payment of interest on the Class A of IM 3 is not commensurate
with a Aaa-rating and therefore has downgraded the rating for this
class of notes.

              Revised Lifetime Loss and Milan Aaa CE

Moody's has reassessed its lifetime loss expectation for IM 3 and
IM 4 to account for the collateral performance to date as well as
Moody's expectations for these transactions in the context of a
current macroeconomic environment in Spain.  On the basis of the
rapid increase in defaulted loans and the low recovery rate to
date in IM 3 and IM 4, Moody's have updated the portfolio expected
loss assumption from 1.4% to 1.8% of original balance in IM 3 and
from 1.6% to 2.4% of original balance in IM 4.

As part of its analysis, Moody's has also assessed loan-by-loan
information for the outstanding portfolios to determine the credit
support consistent with target rating levels and the volatility of
the distribution of future losses.  As a result, Moody's has
revised its MILAN Aaa credit enhancement (MILAN Aaa CE)
assumptions to 7.5% for both IM 3 and IM4, up from respectively
5.8% and 5.2% as at the last rating review.  The loss expectation
and the Milan Aaa CE are the two key parameters used by Moody's to
calibrate its loss distribution curve, which is one of the core
inputs in the cash-flow model it uses to rate RMBS transactions.
Current credit enhancement under the Class A notes (including
subordination and reserve fund and taking into consideration the
amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4
respectively as at the last payment date in December.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
risks have not been addressed, but may have a significant effect
on yield to investors.

                 List of Detailed Rating Actions

Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria

  -- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Caa2; previously on June 29, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos

  -- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to Ba1; previously on June 29, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2
     Placed Under Review for Possible Downgrade


IM PASTOR 4: Moody's Downgrades Rating on Class D Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:

-- the senior and junior notes issued by IM Pastor 3 ( IM 3)
-- all the notes issued by IM Pastor 4 ( IM 4)

Last rating action date for IM 3 and IM 4 was June 29, 2009.

All the notes were placed on review for possible downgrade as a
consequence of the downgrade to A3/P-2 of the long-term and short-
term rating of Banco Pastor.  The action concludes the review and
it is mainly due to the deterioration of the collateral
performance.  The downgrades also reflect Moody's negative sector
outlook for Spanish RMBS and the weakening of the macro-economic
environment in Spain, including the expected increase in
unemployment rates projected for 2010.

                      Portfolio Performance

IM 3 and IM 4 closed in June 2005 and June 2006 respectively.
Both transactions are backed by a portfolio of first-ranking
mortgage loans secured on residential properties located in Spain,
for an overall balance at closing of EUR 1 billion (IM 3) and EUR
920 million (IM 4).  The securitized mortgage portfolios benefit
from a relatively low weighted average LTV (currently 56% and 57%
respectively), with no loan exceeding 80% LTV at closing.  The two
pools are fairly exposed to the Mediterranean coast.  A
significant portion of the pools has been originated via brokers
or other external channels, representing 39% (IM 3) and 32% (IM 4)
of current pool balance at the end of December 2009.

The collateral performance in IM 3 and IM 4 has deteriorated
further since the last rating review in May 2009, when Moody's
took action on the subordinated notes in IM 3 and the mezzanine
and subordinated notes in IM 4.  Credit trends in IM 3 and IM 4
continue to under-perform arrears and defaults experienced by
similarly seasoned low LTV Spanish RMBS and both transactions are
performing worse than anticipated as of the last rating review.
Moody's notes that the share of loans being written-offs has
nearly doubled since the last rating review.  Cumulative write-
offs rose to 2.8% and 3.2% of original pool balance in IM 3 and IM
4 respectively at the end of December 2009, compared to
approximately 1.5% of original balance at the end of March 2009.
Moody's observes that the balance of loans more than 90 days in
arrears has recently improved and it is currently equal to 3.1%
and 2.0% of current pool balance in IM 3 and IM 4 -- compared to
respectively 3.9% and 3.2% of current pool balance as at the last
rating review.  Moody's believe that the stabilization in arrears
may be attributed to the low interest rate environment.  Despite
the seemingly improving arrears trends in the deals recently,
Moody's remain concerned about the prolonged weakening in macro-
economic conditions in Spain.

The weak performance of IM 3 and IM 4 has been mainly driven by
the exposure to loans originated via external channels,
particularly in the region of Valencia and Catalonia.
Additionally, non-Spanish borrowers (representing about 12% and 8%
of current pool balance respectively) have been affected by
difficult economic conditions such as increasing unemployment and
declining house prices.  Loans to non-Spanish nationals are
experiencing significantly higher defaults than loans granted to
Spanish borrowers.

                Reserve Funds / PDLs /Amortization

The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve funds in both transactions and
build-up in unpaid principal deficiencies ledgers in IM 3
(EUR3.9 million) and IM 4 (EUR 6.75 million) as at the last
payment date.  The unpaid PDLs currently represent 0.9% and 1.3%
of current pool balance of IM 3 and IM 4 respectively.  Available
funds in both transactions will ultimately increase as recoveries
from written-off loans are collected and properties being acquired
are sold.  However, Moody's remain concerned about the
uncertainties relating to the timing and the amount of recoveries.
So far, recoveries only amount to 15% and 10% of cumulative
defaults in IM 3 and IM 4 respectively.  The slow pace of the
recoveries suggests that the unpaid PDL may not be cured rapidly.
The amortization of the mezzanine and junior notes is likely to
remain sequential as a consequence of the breach of pro-rata
amortization triggers.

                 Remedial Actions Taken Following
                  Banco Pastor Downgrade to A3/P2

Banco Pastor acts as swap counterparty in both transactions.  In
IM 4, Banco Pastor's payment obligations under the swap are
guaranteed by Banco Popular (Aa3/P1) since February 2009.
Following its downgrade to A3/P2 in June 2009, Banco Pastor has
been replaced as swap counterparty by CECA (Aa3/P-1) in IM 3,
which is in line with the requirements described in Moody's report
titled "the Framework for De-linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions."

The treasury account that was held at Banco Pastor was transferred
to Banco Sabadell (A2/P-1) after the loss of P-1 as required by
the transaction documents.  Banco Sabadell also replaces Banco
Pastor as Paying Agent following the downgrade of Banco Pastor.

In the review Moody's has also assessed the commingling risk
exposure taking into account the daily (IM 4) and weekly (IM 3)
sweeps from the collection account to the reinvestment account in
the name of the Fondo.  Moody's notes that the frequency of
collection sweeps have increased from monthly to daily (IM 4) /
weekly (IM3) following the loss of P-1 rating of Banco Pastor.

               Insufficient Liquidity in the Deals

As described in the press release of 29 of June, the main exposure
to Banco Pastor in IM 3 and IM 4 is linked to the servicing role
that Banco Pastor plays in the transactions.  Moody's notes that
the reserve fund of both transactions is fully depleted and that
no other sources of liquidity are available in the two
transactions.  Moody's believes that the absence of liquidity in
the transactions could impair the ability of the Issuer to make
timely payment of interest on the Notes, particularly in case of a
servicing transfer.  Moody's considers that the risk of a missed
payment of interest on the Class A of IM 3 is not commensurate
with a Aaa-rating and therefore has downgraded the rating for this
class of notes.

              Revised Lifetime Loss and Milan Aaa CE

Moody's has reassessed its lifetime loss expectation for IM 3 and
IM 4 to account for the collateral performance to date as well as
Moody's expectations for these transactions in the context of a
current macroeconomic environment in Spain.  On the basis of the
rapid increase in defaulted loans and the low recovery rate to
date in IM 3 and IM 4, Moody's have updated the portfolio expected
loss assumption from 1.4% to 1.8% of original balance in IM 3 and
from 1.6% to 2.4% of original balance in IM 4.

As part of its analysis, Moody's has also assessed loan-by-loan
information for the outstanding portfolios to determine the credit
support consistent with target rating levels and the volatility of
the distribution of future losses.  As a result, Moody's has
revised its MILAN Aaa credit enhancement (MILAN Aaa CE)
assumptions to 7.5% for both IM 3 and IM4, up from respectively
5.8% and 5.2% as at the last rating review.  The loss expectation
and the Milan Aaa CE are the two key parameters used by Moody's to
calibrate its loss distribution curve, which is one of the core
inputs in the cash-flow model it uses to rate RMBS transactions.
Current credit enhancement under the Class A notes (including
subordination and reserve fund and taking into consideration the
amount of unpaid PDLs) is 7.9% and 4.9% for IM 3 and IM 4
respectively as at the last payment date in December.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
risks have not been addressed, but may have a significant effect
on yield to investors.

                 List of Detailed Rating Actions

Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria

  -- Class A, Downgraded to Aa1; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Confirmed Aa3; previously on June 29, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba1; previously on June 29, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Caa2; previously on June 29, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos

  -- Class A, Downgraded to Aa2; previously on June 29, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to Ba1; previously on June 29, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Caa2; previously on June 29, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Class D, Downgraded to Ca; previously on June 29, 2009 Caa2
     Placed Under Review for Possible Downgrade


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


OERLIKON CORP: Vekselberg Fine May Strain Swiss-Russian Relations
-----------------------------------------------------------------
Haig Simonian at The Financial Times reports that Moscow on Friday
warned the Swiss government that a proposed CHF40 million (US$37.7
million) fine on Russian tycoon Viktor Vekselberg could strain
bilateral relations between the two countries.

The FT relates Alexei Kudrin, Russia's finance minister, told
Hans-Rudolf Merz, his Swiss opposite number, that Moscow was
"concerned" about the regulatory penalty.

Mr. Kudrin told Mr. Merz at the World Economic Forum in Davos, "I
do not believe this will improve Swiss-Russian relationships."

Mr. Kudrin, as cited by the FT, said Russia had no plans to
retaliate, but hoped the Swiss government would reconsider the
fine which was imposed for alleged breaches of market disclosure
rules.

Mr. Vekselberg, the FT discloses, warned that the penalty could
affect foreign investment in Switzerland.

As reported by yesterday by the Troubled Company Reporter-Europe,
the FT said the Swiss authorities are seeking to impose a record
CHF120 million (US$114 million) fine on Mr. Vekselberg and two
Austrian investors for allegedly breaching reporting rules in
building stakes in the troubled Oerlikon industrial group.  The FT
disclosed Renova, Mr. Vekselberg's holding company, denied it had
broken any rules in buying two stakes in Oerlikon in 2006, and
said it would challenge the decision in court.  The FT said the
fine represents about 20% of the value of Renova's full stake in
Oerlikon, whose shares have plunged in recent months on falling
orders, stretched finances and restructuring needs.  According to
the FT, Oerlikon is locked in restructuring talks with its banks,
with an initial CHF600 million debt repayment due before the end
of the first quarter.

The FT relates some Swiss commentators have warned that the fine
could affect Renova's willingness to take part in a restructuring
in which it would play a big part.  Mr. Vekselberg declined to
comment on refinancing talks between Oerlikon and its creditor
banks, the FT notes.

Oerlikon, the FT says, has suffered heavy losses and requires
recapitalization.

OC Oerlikon Corporation AG Pfaeffikon -- http://www.oerlikon.com/
-- is a Swiss company engaged in the industrial sector.  The
Company divides its activities into six segments: Oerlikon
Textile, providing equipment for the textile production; Oerlikon
Coating, offering protective coatings for precision tools and
components; Oerlikon Solar, which provides solutions for the
manufacturing of thin film silicon solar modules; Oerlikon Vacuum,
providing systems for producing vacuums and conveying process
gases; Oerlikon Drive Systems, which offers propulsion technology,
and Oerlikon Advanced Technologies, providing aerospace and
production systems for nanotechnology applications.  The Company's
solutions are used in a range of industries, including the solar
energy, clean technologies, automotive, information technology
(IT), textile, machinery and tool manufacturing industry, as well
as in the process, space and advanced nanotechnology applications.
The Company operates worldwide through 180 sites in 37 countries.


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


BENFIELD CONSTRUCTION: Appoints Mazars as Liquidator
----------------------------------------------------
Coventry Telegraph.net reports that Mazars has been appointed as
liquidator to wind up Benfield Construction, a unit of Benfield
Group.

The report relates the company went bust on Jan. 25 with the loss
of more than 20 jobs, including two executive directors.

According to the report, Birmingham-based Mazars have instructed
Naismiths LLP to take an immediate look at the company's order
books and assets.

The report notes Benfied Group chairman Clive Benfield said the
company had no choice but to fold with the construction industry
so badly hit by the recession.

Benfield Construction is based in Coventry.


BORDERS UK: Unsecured Creditors to Receive 1.5p in the Pound
------------------------------------------------------------
Catherine Neilan at The Bookseller reports that Borders UK's
unsecured creditors could receive as little as 1.5p in the
GBP1, with just GBP600,000 ring-fenced to pay what is estimated to
be in excess of GBP40 million-worth of debt.

According to the Bookseller, publishers, who were confident of
having their GBP10.8 million debts largely repaid in full last
year, have so far received GBP2.2 million due to successful
retention of title (ROT) claims.

Bookseller relates Borders' administrator MCR said "a commercial
settlement" had been reached with most suppliers, though the
situation with Hachette UK, which took the administrator to court
last year in order to have its ROT enforced, was ongoing.

Among those with the biggest exposure were HarperCollins (GBP1.1
million), Macmillan Distribution (GBP885,000) and Gardners
(GBP885,000 across all divisions), the Bookseller says.

The debt figure contained in the creditor's report for the
business does not take into account any reduction should new
tenants take up surrendered leaseholds, or ROT claims, the
Bookseller notes.

MCR, the Bookseller discloses, realized a surplus of GBP1.3
million from GBP12.2 million of sales during Borders'
administration period.  A further GBP14 million income is expected
to come through, but it is not known how much will be left after
further outgoings, which could include more ROT payments,
Bookseller says.

The Bookseller relates Geoffrey Bouchier, joint administrator,
said it was unlikely the final surplus would reach the GBP14.5
million owed to Valco, which takes priority in being repaid as the
ranking secured creditor.   A second secured creditor, Bookshop
Acquisitions Ltd., owed GBP12.4 million, is unlikely to receive
anything, the Bookseller states.

Mr. Bouchier, as cited by the Bookseller, said the report also
makes plain that Borders' stock control systems were inadequate to
deal with ROT claims.

The Bookseller recounts the report revealed that Borders UK went
into administration following a winding-up petition served on the
business by 2 Entertain Video in November.  In the period from
February to November 26, the retailer made a loss of GBP32 million
on sales of GBP115 million and a loss of close to GBP5 million on
sales of GBP190 million in the year to end-January 2009, though
this performance was actually an improvement on its previous three
years trading, the Bookseller recalls.


COCKBURNS OF LEITH: In Administration; Ernst & Young on Board
-------------------------------------------------------------
Hamish Rutherford at Scotland On Sunday reports that Cockburns of
Leith has gone into administration after more than 200 years of
trading.

The report relates the company called in administrators Ernst &
Young on Friday after its directors concluded that the business
"could no longer continue to trade".

According to the report, the company, which was founded in 1796,
has fallen victim to effects of the global economic downturn and
increased competition from the supermarkets.


FLIGHTTECH DISTRIBUTION: Assets and Goodwill Sold; 5 Jobs Saved
---------------------------------------------------------------
FlightTech Distribution Limited, a supplier of batteries and model
accessories for the Radio Controlled (RC) hobby industry, entered
into liquidation on December 11, 2009.

Jeremy French and Glyn Mummery, Client Partners at Vantis Business
Recovery Services, a division of Vantis, the UK accounting, tax
and business advisory group, were appointed Joint Liquidators.
They have subsequently sold FlightTech's assets and goodwill to
some of the company's former directors, saving 5 jobs and the
future of the business.

FlightTech's product range will continue to be marketed under the
FlightTech brand by the company's new owners and their business,
Energon Solutions Ltd.

Commenting on the case, Jeremy French said: "FlightTech
Distribution Ltd had a successful product range, with recognized
brands.  Even though it is sad that, in this case, liquidation was
the only solution to an escalated shareholder conflict, we are
glad that we could find a place for the business and release it
from a situation of uncertainty."

Speaking on the buy out of FlightTech, Andrew Kirby, Director of
Energon Solutions Ltd., said: "FlightTech products are ubiquitous
in the hobby sector and we are delighted to have them in our
portfolio of leading brands.  Together with the passionate
FlightTech talent that has now joined us, we are looking forward
to providing an even broader range of new and innovative products
to the hobby world."


MANCHESTER UNITED: "Wealthy" Supporters Mull Takeover Bid
---------------------------------------------------------
Bob Bensch at Bloomberg News reports that several "wealthy"
Manchester United supporters are considering a takeover bid for
the team.

"We've been approached by several different groups of wealthy
Manchester United supporters," Bloomberg quoted Duncan Drasdo of
the Manchester United Supporters Trust, which has campaigned
against the club's ownership by the U.S.-based Glazer family, as
saying in a telephone interview Saturday.  "We're clearly
interested in seeing if there is an opportunity to change the
ownership at Manchester United because we feel the current owners
are very damaging for the club and for the supporters."

According to Bloomberg, Mr. Drasdo and the potential bidders, whom
he declined to identify, have spoken with Keith Harris, the
chairman of the London-based investment bank Seymour Pierce, about
a takeover of the club.

Bloomberg relates Mr. Harris said Saturday in an interview with
the British Broadcasting Corp. that he had been approached about a
potential takeover by fans who have become disgruntled with the
debt the club has incurred under Malcolm Glazer and his family.

Manchester United, which was bought by the Glazers in 2005 in a
leveraged buyout, has debt of GBP716.6 million (US$1.15 billion),
Bloomberg discloses.  Bloomberg recalls the club issued more than
GBP500 million of seven- year bonds in pounds and dollars this
month to refinance a similar amount of bank borrowing.

Manchester United Limited -- http://www.manutd.com/-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles.  Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.


MIDAS PRESS: Bought by Former Management; 85 Jobs Safeguarded
-------------------------------------------------------------
Helen Morris at Print Week reports that the Midas Press has been
bought by it former management, securing 85 jobs.

Print Week recalls the company on Jan. 29 appointed Peter Yeldon
of Middleton Partners as administrator.

"The existing management team has successfully secured the
on-going business of the Midas Press PLC with an agreed MBO," the
report quoted Clive Merritt, commercial director at the company,
as saying.  "This will enable the continuation of a 40-year
tradition with the Midas brand offering top-level high quality
printing backed by a wealth of experience."

Midas Press was established more than 40 years ago and produces
business stationery, point of sale items, annual reports and long-
run catalogues.


MIDWAY COLOUR: Bought by Trowbridge in Pre-Pack Deal
----------------------------------------------------
Tim Sheahan at Print Week reports Brian Stanfield, from the
Reading office of administrator Harrisons, confirmed that Midway
Colour Print has been sold to Trowbridge in a pre-pack deal a day
after the company went into administration.

Print Week recalls Midway Colour Print went into administration on
January 28.

Citing the administrator's report, Print Week discloses the
40-staff business had a peak turnover of GBP3.3 million, with a
gross profit of GBP1.1 million.

Based in Holt, near the town of Trowbridge, Midway Colour Print
operated an all-Heidelberg pressroom, with two five-color B1
presses, along with a two-color B1 and finishing kit.  The company
listed clients including Future Magazines Group and The
Independent newspaper.


SAGE PRINT: Administrator Seeks to Sell Assets as Going Concern
---------------------------------------------------------------
Adam Hooker at Print Week reports that Sage Print, which trades as
CTD Printers, has gone into administration, with a buyer being
sought for the business as a going concern.

The report relates Andrew Andronikou and Peter Kubik, of
insolvency firm UHY Hacker Young, had been appointed as
administrators for the company on January 25.

At this stage, it is unclear whether the company has already been
sold or if there are any interested parties, the report notes.

Based in Sunbury-on-Thames, Middlesex, Sage Print is owned by
former Wace director Mike Sage, who bought the assets of CTD
Printers out of administration in November 2005.  The company
employs around 50 staff.


THPA FINANCE: Fitch Publishes Performance Report on Notes
---------------------------------------------------------
Fitch Ratings has published a performance report on THPA Finance
Limited's notes.

Fitch downgraded THPA's class A2 notes to 'A-' from 'A', removed
the notes from Rating Watch Negative and assigned a Stable Outlook
on 17 December, 2009.  The class B notes were downgraded to 'BB+'
from 'BBB', removed from RWN and assigned a Stable Outlook.  The
class C notes were downgraded to 'BB-' from 'BB', removed from RWN
and assigned a Stable Outlook.

The report published provides further details on Fitch's credit
analysis, which underpins its rating actions.  Fitch used its UK
whole business securitization criteria to review the transaction
structure, and the drivers and risks affecting its operational and
financial performance.

THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group which owns the port of Tees &
Hartlepool on the northeast coast of England.


UK COAL: Expects Losses to Widen by GBP100 Mln in 2009
------------------------------------------------------
William MacNamara at The Financial Times reports that UK Coal on
Friday warned that its losses would widen by GBP100 million in
2009.

The FT relates ahead of preliminary results to be released in
April, UK Coal, the country's largest coalminer, said it expects
to report an annual pre-tax loss of GBP115 million, compared with
a 2008 pre-tax loss of GBP15.7 million.

The FT says the troubled mining and property company continues to
be squeezed on several fronts even after completing a GBP100
million rights issue last year.  It invested heavily in its plan
of opening new coal faces using new technology, but production
gains from this plan will not come through until February or
March, the FT notes.

Analysts expect the company to remain loss-making in 2010, then
record a 2011 profit -- a figure that roughly doubles in 2012 as
new production comes through and more favorable contracts are
potentially settled with coal-burning power providers, the FT
discloses.

UK Coal plc -- http://www.ukcoal.com/-- is a United Kingdom-based
company engaged in surface and underground coal mining, property
regeneration and management, and power generation.  The Company
operates four deep mines, located in Central and Northern England.
Its deep mines business consists of Daw Mill (Warwickshire),
Kellingley (Yorkshire) and Thoresby and Welbeck (Nottinghamshire).
The Company had five active surface mines. Total surface mining
reserves and resources are estimated at approximately 55 million
tons.  The Company owns approximately 45,000 acres (18,200
hectares) of predominantly agricultural land.  During the year
ended December 31, 2008, it acquired 50% of UK Strategic
Partnership Limited as a joint venture company with Strategic
Sites Limited for the development of certain investment
properties.  In January 2009, it sold 50% share in Coal4Energy
Limited to Hargreaves Services PLC.


WEST ONE: Sold Out of Administration; 63 Jobs Secured
-----------------------------------------------------
All 63 jobs at West One Express have been saved after the Cardiff
distribution company was sold out of administration.

West One Express, based in Rumney, went into administration
earlier this month.  The business and its assets have been
acquired by West One Overnight.

The deal was arranged by administrators David Hill and Peter Dewey
from the Cardiff office of business recovery specialists Begbies
Traynor.

David Hill said, "West One Express was trading profitably until
March last year, when it began to accumulate losses.  Thankfully,
we were able to secure a swift sale, with all employees
transferring across to the new business."

West One Express, established in 1997, mainly served the
automotive sector, specializing in haulage and warehousing,
overnight pallets and same-day delivery.


WHITEINCH ASBESTOS: In Liquidation; 20 Jobs Affected
----------------------------------------------------
BBC News reports that Whiteinch Asbestos Ltd. has gone into
liquidation, resulting in the loss of 20 jobs.

According to the report, the company ceased trading on January 11.

The report relates liquidators PKF said the company had seen a
dramatic fall in turnover in the last few years due to the
recession.   It said the firm had also been the victim of
considerable undercutting at the tender stage by rival businesses
keen to capture the few contracts, the report notes.

"The directors felt that they could not compete with contractors
who, they believe, are operating at a loss simply to gain work so
they decided to close the business," the report quoted PKF
corporate recovery partner Bryan Jackson as saying.

Bishopbriggs-based Whiteinch Asbestos Ltd. specialized in asbestos
removal.  The company was founded in 1989.


* UK: PwC Urges Pension Trustee Prudence Despite Insolvency Drop
---------------------------------------------------------------
While PricewaterhouseCoopers LLP figures show that the number of
corporate insolvencies continued to tail off in the final quarter
of last year, pension scheme trustees must remain prudent as there
is often a spike in the number of firms failing during economic
upturns.

Jonathon Land, partner and pension credit advisory leader,
PricewaterhouseCoopers LLP, explained: "The number of companies
going insolvent dropped off in the second half of last year but
evidence suggests that, as companies confidence returns and they
start to grow, working capital can absorb cash and this combined
with a reduced focus on expenditure leads to insolvencies.
Trustees have a responsibility to ensure they continue to monitor
their sponsors strength and are open to different ways to optimize
their schemes positions."

As organizations begin to increase their capital expenditure,
trustees should ensure they challenge their scheme sponsors
discretionary spend when forecasting future pension scheme funding
payments.  In particular, trustees that agreed to lower or no
increase to contributions while cash was scarce need to ensure
they challenge this if the employers position changes."

PwCs analysis found there were 19,431 corporate insolvencies in
2009.  The quarterly breakdown is as follows:

          Q4 09 - 4,380
          Q3 09 - 4,672
          Q2 09 - 4,931
          Q1 09 - 5,448


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


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

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

AUSTRIA
-------
LIBRO AG              LBROF US         -109013328  171684389.1
LIBRO AG              LIB AV           -109013328  171684389.1
LIBRO AG              LIBR AV          -109013328  171684389.1
LIBRO AG              LB6 GR           -109013328  171684389.1
SKYEUROPE             SKYP PW        -89480486.93  159076577.5
SKYEUROPE             SKY PW         -89480486.93  159076577.5
SKYEUROPE HLDG        SKYV IX        -89480486.93  159076577.5
SKYEUROPE HLDG        S8E GR         -89480486.93  159076577.5
SKYEUROPE HLDG        SKY AV         -89480486.93  159076577.5
SKYEUROPE HLDG        SKY LI         -89480486.93  159076577.5
SKYEUROPE HLDG        SKYA PZ        -89480486.93  159076577.5
SKYEUROPE HLDG        SKYPLN EO      -89480486.93  159076577.5
SKYEUROPE HLDG        SKURF US       -89480486.93  159076577.5
SKYEUROPE HLDG        SKY EU         -89480486.93  159076577.5
SKYEUROPE HLDG        SKYPLN EU      -89480486.93  159076577.5
SKYEUROPE HLDG        SKY EO         -89480486.93  159076577.5
SKYEUROPE HOL-RT      SK1 AV         -89480486.93  159076577.5

BELGIUM
-------
SABENA SA             SABA BB        -84766501.61   2196477161

CROATIA
-------
OT OPTIMA TELEKO      2299892Z CZ       -48565065  119632635.5
OT-OPTIMA TELEKO      OPTERA CZ         -48565065  119632635.5

CYPRUS
------
LIBRA HOLIDA-RTS      LGWR CY         -27821889.5    240947718
LIBRA HOLIDA-RTS      LBR CY          -27821889.5    240947718
LIBRA HOLIDAY-RT      3167808Z CY     -27821889.5    240947718
LIBRA HOLIDAYS        LHGR CY         -27821889.5    240947718
LIBRA HOLIDAYS        LHGCYP EO       -27821889.5    240947718
LIBRA HOLIDAYS        LHGCYP EU       -27821889.5    240947718
LIBRA HOLIDAYS G      LHG CY          -27821889.5    240947718
LIBRA HOLIDAYS G      LHG EU          -27821889.5    240947718
LIBRA HOLIDAYS G      LHG PZ          -27821889.5    240947718
LIBRA HOLIDAYS G      LHG EO          -27821889.5    240947718
LIBRA HOLIDAYS-P      LBHG CY         -27821889.5    240947718
LIBRA HOLIDAYS-P      LBHG PZ         -27821889.5    240947718

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

DENMARK
-------
ELITE SHIPPING        ELSP DC        -27715991.74  100892900.3
ROSKILDE BANK         ROSK DC        -532868894.9   7876687324
ROSKILDE BANK         ROSK PZ        -532868894.9   7876687324
ROSKILDE BANK         ROSKF US       -532868894.9   7876687324
ROSKILDE BANK         ROSBF US       -532868894.9   7876687324
ROSKILDE BANK         ROSK EU        -532868894.9   7876687324
ROSKILDE BANK         RKI GR         -532868894.9   7876687324
ROSKILDE BANK         RSKC IX        -532868894.9   7876687324
ROSKILDE BANK         ROSK EO        -532868894.9   7876687324
ROSKILDE BANK-RT      916603Q DC     -532868894.9   7876687324
ROSKILDE BAN-NEW      ROSKN DC       -532868894.9   7876687324
ROSKILDE BAN-RTS      ROSKT DC       -532868894.9   7876687324

FRANCE
------
CARRERE GROUP         CAR FP         -9829592.638    279906700
CARRERE GROUP         CRGP IX        -9829592.638    279906700
CARRERE GROUP         CARG FP        -9829592.638    279906700
CARRERE GROUP         CARF PZ        -9829592.638    279906700
CARRERE GROUP         CRRHF US       -9829592.638    279906700
CARRERE GROUP         CAR2 EU        -9829592.638    279906700
CARRERE GROUP         XRR GR         -9829592.638    279906700
CARRERE GROUP         CAR2 EO        -9829592.638    279906700
CHAINE ET TRAME       CTRM FP         -46169771.5  134467847.6
CHAINE ET TRAME       CHTR FP         -46169771.5  134467847.6
GRANDE PAROISSE       GDPA FP        -927267926.9    629287290
GRANDE PAROISSE       GDPXF US       -927267926.9    629287290
GRANDE PAROISSE       GAPA FP        -927267926.9    629287290
IMMOB HOTEL BALN      IMHB FP        -66874823.95  301323804.9
IMMOB HOTELIERE       SIH FP         -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO PZ        -66874823.95  301323804.9
IMMOB HOTELIERE       IMBHF US       -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO EU        -66874823.95  301323804.9
IMMOB HOTELIERE       IMMH IX        -66874823.95  301323804.9
IMMOB HOTELIERE       IMH GR         -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO FP        -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO EO        -66874823.95  301323804.9
LAB DOLISOS           DOLI FP        -27752176.19  110485462.4
LAB DOLISOS           LADL FP        -27752176.19  110485462.4
MATUSSIERE & FOR      1007765Q FP    -77896683.67  293868350.8
MATUSSIERE & FOR      MTUSF US       -77896683.67  293868350.8
MB RETAIL EUROPE      MBRE EO         -46169771.5  134467847.6
MB RETAIL EUROPE      CTRF IX         -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE PZ         -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE FP         -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE EU         -46169771.5  134467847.6
NORTENE               NRTN FP        -35623999.56  117566786.9
NORTENE               NORT FP        -35623999.56  117566786.9
NORTENE               NRTP IX        -35623999.56  117566786.9
OROSDI                OROS FP         -7291.55004  131233317.6
OROSDI-BACK           OROS PZ         -7291.55004  131233317.6
OROSDI-BACK           ORBA FP         -7291.55004  131233317.6
OROSDI-BACK           OROS EO         -7291.55004  131233317.6
OROSDI-BACK           OROS EU         -7291.55004  131233317.6
OROSDI-BACK           BACK IX         -7291.55004  131233317.6
OUTSIDE LIVING I      NORT EU        -35623999.56  117566786.9
OUTSIDE LIVING I      OLIN FP        -35623999.56  117566786.9
OUTSIDE LIVING I      NORT PZ        -35623999.56  117566786.9
OUTSIDE LIVING I      OLIN PZ        -35623999.56  117566786.9
OUTSIDE LIVING I      NORT EO        -35623999.56  117566786.9
PAGESJAUNES           PGJUF US        -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EB          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ BQ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ TQ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJUSD EO       -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBX EU       -3303869370  970555919.3
PAGESJAUNES GRP       PAJ NQ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJUSD EU       -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EO          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ QM          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ LI          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ PZ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EU          -3303869370  970555919.3
PAGESJAUNES GRP       QS3 GR          -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBX EO       -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBP EO       -3303869370  970555919.3
PAGESJAUNES GRP       PAJ VX          -3303869370  970555919.3
PAGESJAUNES GRP       PAJP IX         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ FP          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ IX          -3303869370  970555919.3
RHODIA SA             2324015Q EO    -913748142.2   6150227880
RHODIA SA             RHA NQ         -913748142.2   6150227880
RHODIA SA             RHANR PZ       -913748142.2   6150227880
RHODIA SA             RHD GR         -913748142.2   6150227880
RHODIA SA             RHDAF US       -913748142.2   6150227880
RHODIA SA             RHDI GR        -913748142.2   6150227880
RHODIA SA             RHAGBX EO      -913748142.2   6150227880
RHODIA SA             RHA VX         -913748142.2   6150227880
RHODIA SA             2324011Q EU    -913748142.2   6150227880
RHODIA SA             RHAGBX EU      -913748142.2   6150227880
RHODIA SA             RHANR FP       -913748142.2   6150227880
RHODIA SA             RHA PZ         -913748142.2   6150227880
RHODIA SA             RHA QM         -913748142.2   6150227880
RHODIA SA             RHA EB         -913748142.2   6150227880
RHODIA SA             RHA BQ         -913748142.2   6150227880
RHODIA SA             RHAUSD EO      -913748142.2   6150227880
RHODIA SA             RHA TQ         -913748142.2   6150227880
RHODIA SA             RHADF US       -913748142.2   6150227880
RHODIA SA             RHA FP         -913748142.2   6150227880
RHODIA SA             RHAY IX        -913748142.2   6150227880
RHODIA SA             RHA EO         -913748142.2   6150227880
RHODIA SA             RHAUSD EU      -913748142.2   6150227880
RHODIA SA             RHAGBP EO      -913748142.2   6150227880
RHODIA SA             RHA EU         -913748142.2   6150227880
RHODIA SA             RHA IX         -913748142.2   6150227880
RHODIA SA             3218857Q IX    -913748142.2   6150227880
RHODIA SA - NEW       RHANV FP       -913748142.2   6150227880
RHODIA SA - NEW       3506266Q FP    -913748142.2   6150227880
RHODIA SA - NEW       2335921Q FP    -913748142.2   6150227880
RHODIA SA - NEW       3156011Q FP    -913748142.2   6150227880
RHODIA SA-ADR         RHAYY US       -913748142.2   6150227880
RHODIA SA-RIGHTS      653447Q FP     -913748142.2   6150227880
RHODIA SA-RIGHTS      RHADS FP       -913748142.2   6150227880
SDR CENTREST          117241Q FP     -132420119.6  252176017.2
SELCODIS              SPVX IX        -21481214.33  175720770.8
Selcodis              SPVX FP        -21481214.33  175720770.8
SELCODIS              SLCO EU        -21481214.33  175720770.8
SELCODIS              SLCO PZ        -21481214.33  175720770.8
SELCODIS              SLCO EO        -21481214.33  175720770.8
SELCODIS              SLCO FP        -21481214.33  175720770.8
THOMSON - NEW         2336061Q FP    -587281616.7   6690514315
THOMSON - NEW         TMSNV FP       -587281616.7   6690514315
THOMSON (EX-TMM)      TMS EO         -587281616.7   6690514315
THOMSON (EX-TMM)      TNMA GR        -587281616.7   6690514315
THOMSON (EX-TMM)      TMMN FP        -587281616.7   6690514315
THOMSON (EX-TMM)      TMS EB         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS BQ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSUSD EU      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS FP         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSUSD EO      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS US         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSGBP EO      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS QM         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSGBX EU      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS GK         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS NQ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSGBX EO      -587281616.7   6690514315
THOMSON (EX-TMM)      TNM GR         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS TQ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS EU         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS PZ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMM LN         -587281616.7   6690514315
THOMSON (EX-TMM)      TMM ES         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS VX         -587281616.7   6690514315
THOMSON (EX-TMM)      TMMLF US       -587281616.7   6690514315
THOMSON (EX-TMM)      TMM VX         -587281616.7   6690514315
THOMSON (EX-TMM)      TMM IX         -587281616.7   6690514315
THOMSON MULT-ADR      TMS-P US       -587281616.7   6690514315
THOMSON MULTIMED      TMM FP         -587281616.7   6690514315
THOMSON MULTI-NE      ZTM FP         -587281616.7   6690514315
TROUVAY CAUVIN        TVYCF US       -396977.9956  133986439.7
TROUVAY CAUVIN        ETEC FP        -396977.9956  133986439.7

GEORGIA
-------
DEVELICA DEUTSCH      DDE PZ         -107879893.8   1235370057
DEVELICA DEUTSCH      D4B GR         -107879893.8   1235370057
DEVELICA DEUTSCH      DDE IX         -107879893.8   1235370057
DEVELICA DEUTSCH      DDE PG         -107879893.8   1235370057
DEVELICA DEUTSCH      DDE LN         -107879893.8   1235370057
O TWELVE ESTATES      O2T GR         -7152968.898  297722697.4
O TWELVE ESTATES      OTE PZ         -7152968.898  297722697.4
O TWELVE ESTATES      OTEEUR EO      -7152968.898  297722697.4
O TWELVE ESTATES      OTE EO         -7152968.898  297722697.4
O TWELVE ESTATES      OTE IX         -7152968.898  297722697.4
O TWELVE ESTATES      OTE PG         -7152968.898  297722697.4
O TWELVE ESTATES      OTE EU         -7152968.898  297722697.4
O TWELVE ESTATES      OTE LN         -7152968.898  297722697.4

GERMANY
-------
AGOR AG               DOOD PZ        -482446.6262  144432986.2
AGOR AG               DOO EU         -482446.6262  144432986.2
AGOR AG               NDAGF US       -482446.6262  144432986.2
AGOR AG               DOO EO         -482446.6262  144432986.2
AGOR AG               DOOG IX        -482446.6262  144432986.2
AGOR AG               DOO GR         -482446.6262  144432986.2
AGOR AG-RTS           2301918Z GR    -482446.6262  144432986.2
ALNO AG               ANO PZ         -68516656.94  290459933.8
ALNO AG               ANO GR         -68516656.94  290459933.8
ALNO AG               ALNO IX        -68516656.94  290459933.8
ALNO AG               ANO EU         -68516656.94  290459933.8
ALNO AG               ANO EO         -68516656.94  290459933.8
ALNO AG-NEW           ANO1 GR        -68516656.94  290459933.8
ALNO AG-RTS           2259765Z GR    -68516656.94  290459933.8
BROKAT AG             BRKAF US       -27139391.98  143536859.7
BROKAT AG             BROFQ US       -27139391.98  143536859.7
BROKAT AG             BROAF US       -27139391.98  143536859.7
BROKAT AG             BKISF US       -27139391.98  143536859.7
BROKAT AG -NEW        BRJ1 NM        -27139391.98  143536859.7
BROKAT AG -NEW        BRJ1 GR        -27139391.98  143536859.7
BROKAT AG-ADR         BROA US        -27139391.98  143536859.7
BROKAT TECH -ADR      BROAQ US       -27139391.98  143536859.7
BROKAT TECH AG        BRJ NM         -27139391.98  143536859.7
BROKAT TECH AG        BRJ GR         -27139391.98  143536859.7
BROKAT TECH AG        BSA LN         -27139391.98  143536859.7
BROKAT TECH-ADR       BRJA GR        -27139391.98  143536859.7
CBB HOLDING AG        CUBDF US       -42994732.85  904723627.8
CBB HOLDING AG        COBG PZ        -42994732.85  904723627.8
CBB HOLDING AG        COB GR         -42994732.85  904723627.8
CBB HOLDING AG        COB2 EO        -42994732.85  904723627.8
CBB HOLDING AG        COB2 EU        -42994732.85  904723627.8
CBB HOLDING AG        COBG IX        -42994732.85  904723627.8
CBB HOLDING-NEW       COB3 GR        -42994732.85  904723627.8
CBB HOLDING-NEW       COB1 GR        -42994732.85  904723627.8
CBB HOLD-NEW 97       COB2 GR        -42994732.85  904723627.8
CINEMAXX AG           MXC EO         -42008900.33  144431938.3
CINEMAXX AG           MXC EU         -42008900.33  144431938.3
CINEMAXX AG           MXC PZ         -42008900.33  144431938.3
CINEMAXX AG           MXCG IX        -42008900.33  144431938.3
CINEMAXX AG           CNEMF US       -42008900.33  144431938.3
CINEMAXX AG           MXC GR         -42008900.33  144431938.3
CINEMAXX AG           MXCUSD EU      -42008900.33  144431938.3
CINEMAXX AG           MXCUSD EO      -42008900.33  144431938.3
CINEMAXX AG-RTS       MXC8 GR        -42008900.33  144431938.3
DORT ACTIEN-BRAU      944167Q GR     -12689156.29  117537053.7
DORT ACTIEN-RTS       DAB8 GR        -12689156.29  117537053.7
EDOB ABWICKLUNGS      ESC EU         -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC EO         -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC TQ         -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESCDF US       -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC PZ         -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC BQ         -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC GR         -22323463.23  425598807.8
EM.TV & MERCHAND      ETV VX         -22067409.41  849175624.7
EM.TV & MERCHAND      ETV NM         -22067409.41  849175624.7
EM.TV & MERCHAND      985403Q GR     -22067409.41  849175624.7
EM.TV & MERCHAND      ETV LN         -22067409.41  849175624.7
EM.TV & MERCHAND      EMTVF US       -22067409.41  849175624.7
EM.TV & MERCHAND      ETVMF US       -22067409.41  849175624.7
EM.TV & MERC-NEW      ETV1 GR        -22067409.41  849175624.7
EM.TV & MERC-NEW      ETV1 NM        -22067409.41  849175624.7
EM.TV & MERC-RTS      ETV8 GR        -22067409.41  849175624.7
EM.TV & MERC-RTS      ETV8 NM        -22067409.41  849175624.7
ESCADA AG             ESCG IX        -22323463.23  425598807.8
ESCADA AG -PFD        ESC3 GR        -22323463.23  425598807.8
ESCADA AG-NEW         ESCN EO        -22323463.23  425598807.8
ESCADA AG-NEW         ESCD GR        -22323463.23  425598807.8
ESCADA AG-NEW         835345Q GR     -22323463.23  425598807.8
ESCADA AG-NEW         ESCC GR        -22323463.23  425598807.8
ESCADA AG-NEW         3069367Q GR    -22323463.23  425598807.8
ESCADA AG-NEW         ESCN EU        -22323463.23  425598807.8
ESCADA AG-NEW         ESCN GR        -22323463.23  425598807.8
ESCADA AG-RTS         ESCE GR        -22323463.23  425598807.8
ESCADA AG-SP ADR      ESCDY US       -22323463.23  425598807.8
KAUFRING AG           KAUG IX        -19296489.56  150995473.8
KAUFRING AG           KFR GR         -19296489.56  150995473.8
KAUFRING AG           KFR EU         -19296489.56  150995473.8
KAUFRING AG           KFR PZ         -19296489.56  150995473.8
KAUFRING AG           KFR EO         -19296489.56  150995473.8
MANIA TECHNOLOGI      MNI1 EO         -35060806.5  107465713.6
MANIA TECHNOLOGI      MNIG IX         -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI GR          -35060806.5  107465713.6
MANIA TECHNOLOGI      2260970Z GR     -35060806.5  107465713.6
MANIA TECHNOLOGI      MIAVF US        -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI1 EU         -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI NM          -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI PZ          -35060806.5  107465713.6
MATERNUS KLINI-N      MAK1 GR        -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK GR         -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK EO         -17804909.71  189933668.6
MATERNUS-KLINIKE      MNUKF US       -17804909.71  189933668.6
MATERNUS-KLINIKE      MAKG IX        -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK PZ         -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK EU         -17804909.71  189933668.6
NORDAG AG             DOO1 GR        -482446.6262  144432986.2
NORDAG AG-PFD         DOO3 GR        -482446.6262  144432986.2
NORDAG AG-RTS         DOO8 GR        -482446.6262  144432986.2
NORDSEE AG            533061Q GR     -8200552.046  194616922.6
PRIMACOM AG           PRC EO         -18656728.68  610380925.7
PRIMACOM AG           PCAGF US       -18656728.68  610380925.7
PRIMACOM AG           PRC GR         -18656728.68  610380925.7
PRIMACOM AG           PRC EU         -18656728.68  610380925.7
PRIMACOM AG           PRCG PZ        -18656728.68  610380925.7
PRIMACOM AG           PRC NM         -18656728.68  610380925.7
PRIMACOM AG           PRC2 GR        -18656728.68  610380925.7
PRIMACOM AG           PRCG IX        -18656728.68  610380925.7
PRIMACOM AG-ADR       PCAGY US       -18656728.68  610380925.7
PRIMACOM AG-ADR       PCAG US        -18656728.68  610380925.7
PRIMACOM AG-ADR+      PCAG ES        -18656728.68  610380925.7
RAG ABWICKL-REG       ROS1 EO        -1744121.914  217776125.8
RAG ABWICKL-REG       ROS1 EU        -1744121.914  217776125.8
RAG ABWICKL-REG       RSTHF US       -1744121.914  217776125.8
RAG ABWICKL-REG       ROS GR         -1744121.914  217776125.8
RAG ABWICKL-REG       ROSG PZ        -1744121.914  217776125.8
RINOL AG              RILB GR             -2.7111  168095049.1
RINOL AG              RIL GR              -2.7111  168095049.1
RINOL AG              RILB EO             -2.7111  168095049.1
RINOL AG              RILB IX             -2.7111  168095049.1
RINOL AG              RILB EU             -2.7111  168095049.1
RINOL AG              RILB PZ             -2.7111  168095049.1
RINOL AG              RNLAF US            -2.7111  168095049.1
ROSENTHAL AG          2644179Q GR    -1744121.914  217776125.8
ROSENTHAL AG-ACC      ROS4 GR        -1744121.914  217776125.8
ROSENTHAL AG-ADR      RSTHY US       -1744121.914  217776125.8
ROSENTHAL AG-REG      ROSG IX        -1744121.914  217776125.8
SANDER (JIL) AG       SAD GR         -6153256.917  127548039.7
SANDER (JIL) AG       JLSDF US       -6153256.917  127548039.7
SANDER (JIL)-PRF      SAD3 PZ        -6153256.917  127548039.7
SANDER (JIL)-PRF      2916157Q EU    -6153256.917  127548039.7
SANDER (JIL)-PRF      2916161Q EO    -6153256.917  127548039.7
SANDER (JIL)-PRF      SAD3 GR        -6153256.917  127548039.7
SINNLEFFERS AG        WHG GR         -4491629.961  453887060.1
SPAR HANDELS-AG       SPHFF US       -442426199.5   1433020961
SPAR HANDELS-AG       773844Q GR     -442426199.5   1433020961
SPAR HAND-PFD NV      SPA3 GR        -442426199.5   1433020961
TA TRIUMPH-ACQ        TWNA EU        -120075877.7    410015192
TA TRIUMPH-ACQ        TWNA GR        -120075877.7    410015192
TA TRIUMPH-ADLER      TWNG IX        -120075877.7    410015192
TA TRIUMPH-ADLER      TWN EU         -120075877.7    410015192
TA TRIUMPH-ADLER      TWN EO         -120075877.7    410015192
TA TRIUMPH-ADLER      TTZAF US       -120075877.7    410015192
TA TRIUMPH-ADLER      TWN GR         -120075877.7    410015192
TA TRIUMPH-ADLER      TWN PZ         -120075877.7    410015192
TA TRIUMPH-A-RTS      1018916Z GR    -120075877.7    410015192
TA TRIUMPH-NEW        TWN1 GR        -120075877.7    410015192
TA TRIUMPH-RT         TWN8 GR        -120075877.7    410015192
TA TRIUMPH-RTS        3158577Q GR    -120075877.7    410015192
VIVANCO GRUPPE        VVAG IX        -22198683.12  111990951.4
VIVANCO GRUPPE        VIVGF US       -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 EO        -22198683.12  111990951.4
VIVANCO GRUPPE        VVA GR         -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 GR        -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 PZ        -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 EU        -22198683.12  111990951.4

GREECE
------
AG PETZETAKIS SA      PTZ GR         -30790135.48  234437763.5
AG PETZETAKIS SA      PZETF US       -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK EU       -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK PZ       -30790135.48  234437763.5
AG PETZETAKIS SA      PTZ1 GR        -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK GA       -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK EO       -30790135.48  234437763.5
ALMA-ATERM-AUCT       ATERME GA      -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM EO       -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM EU       -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM PZ       -4110971.317  105276552.2
ALTEC SA -AUCT        ALTECE GA      -103590250.3  177563163.7
ALTEC SA INFO         ALTEC EU       -103590250.3  177563163.7
ALTEC SA INFO         ALTEC EO       -103590250.3  177563163.7
ALTEC SA INFO         ALTEC PZ       -103590250.3  177563163.7
ALTEC SA INFO         ALTEC GA       -103590250.3  177563163.7
ALTEC SA INFO         AXY GR         -103590250.3  177563163.7
ALTEC SA INFO         ATCQF US       -103590250.3  177563163.7
ALTEC SA INFO-RT      ALTECR GA      -103590250.3  177563163.7
ALTEC SA INFO-RT      ALTED GA       -103590250.3  177563163.7
ARIES MARITIME T      RAMS US           -57875000    197992000
ASPIS PRONIA GE       ASASK PZ       -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK GA       -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK EO       -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK EU       -189908329.1  896537349.7
ASPIS PRONIA GE       AISQF US       -189908329.1  896537349.7
ASPIS PRONIA -PF      ASAPR GA       -189908329.1  896537349.7
ASPIS PRONIA-PF       ASASP GA       -189908329.1  896537349.7
ASPIS PRONIA-PF       APGV GR        -189908329.1  896537349.7
ASPIS PRONIA-RT       ASASKR GA      -189908329.1  896537349.7
ASPIS PRONOIA GE      APGG IX        -189908329.1  896537349.7
ASPIS PRONOIA GE      APG GR         -189908329.1  896537349.7
ASPIS PRON-PF RT      ASASPR GA      -189908329.1  896537349.7
ATERMON DYNAMIC       ATERM GA       -4110971.317  105276552.2
EMPEDOS SA            EMPED GA       -33637669.62  174742646.9
EMPEDOS SA-RTS        EMPEDR GA      -33637669.62  174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -39842421.26  236519943.7
KOUMBAS RTS           KOUMR GA       -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM GA        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM EO        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM EU        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM PZ        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUMF US       -39842421.26  236519943.7
NAOUSSA SPIN -RT      NAOYD GA       -44175513.67  341686153.1
NAOUSSA SPIN-AUC      NAOYKE GA      -44175513.67  341686153.1
NAOUSSA SPINNING      NML1 GR        -44175513.67  341686153.1
NAOUSSA SPINNING      NML GR         -44175513.67  341686153.1
NAOUSSA SPIN-RTS      NAOYKR GA      -44175513.67  341686153.1
NEWLEAD HOLDINGS      A1M GR            -57875000    197992000
NEWLEAD HOLDINGS      NEWL US           -57875000    197992000
PETZET - PFD-RTS      PETZPD GA      -30790135.48  234437763.5
PETZETAKIS - RTS      PETZKD GA      -30790135.48  234437763.5
PETZETAKIS-AUC        PETZKE GA      -30790135.48  234437763.5
PETZETAKIS-PFD        PTZ3 GR        -30790135.48  234437763.5
PETZETAKIS-PFD        PETZP GA       -30790135.48  234437763.5
RADIO KORASSIDIS      KORA GA        -100972173.9  180679253.6
RADIO KORASSIDIS      RKC GR         -100972173.9  180679253.6
RADIO KORASSIDIS      RAKOF US       -100972173.9  180679253.6
RADIO KORASSI-RT      KORAD GA       -100972173.9  180679253.6
RADIO KORASS-RTS      KORAR GA       -100972173.9  180679253.6
THEMELIODOMI          THEME GA       -55751178.85  232036822.6
THEMELIODOMI-AUC      THEMEE GA      -55751178.85  232036822.6
THEMELIODOMI-RTS      THEMED GA      -55751178.85  232036822.6
THEMELIODOMI-RTS      THEMER GA      -55751178.85  232036822.6
UNITED TEXTILES       UTEX EU        -44175513.67  341686153.1
UNITED TEXTILES       NAOSF US       -44175513.67  341686153.1
UNITED TEXTILES       NAOYK GA       -44175513.67  341686153.1
UNITED TEXTILES       UTEX GA        -44175513.67  341686153.1
UNITED TEXTILES       UTEX EO        -44175513.67  341686153.1
UNITED TEXTILES       UTEX PZ        -44175513.67  341686153.1

HUNGARY
-------
HUNGARIAN TELEPH      HUC EX            -75973000    835658048
HUNGARIAN TELEPH      HUGC IX           -75973000    835658048
HUNGARIAN TELEPH      HUC GR            -75973000    835658048
INVITEL HOLD-ADR      IHO US            -75973000    835658048
INVITEL HOLD-ADR      0IN GR            -75973000    835658048
INVITEL HOLDINGS      3212873Z HB       -75973000    835658048

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

IRELAND
-------
BOUNDARY CAPITAL      BCP1 PG        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP ID         -10192301.85  119787800.5
BOUNDARY CAPITAL      BCPI IX        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP1 PZ        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP LN         -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP1 EU        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCM GR         -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP1 EO        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP IX         -10192301.85  119787800.5
ELAN CORP PLC         ELN ID           -370500000   1669500032
ELAN CORP PLC         ELN NR           -370500000   1669500032
ELAN CORP PLC         ELNUSD EO        -370500000   1669500032
ELAN CORP PLC         ELN TQ           -370500000   1669500032
ELAN CORP PLC         ELA PO           -370500000   1669500032
ELAN CORP PLC         ELN EB           -370500000   1669500032
ELAN CORP PLC         ELN EO           -370500000   1669500032
ELAN CORP PLC         DRXG IX          -370500000   1669500032
ELAN CORP PLC         ELNUSD EU        -370500000   1669500032
ELAN CORP PLC         ELA LN           -370500000   1669500032
ELAN CORP PLC         ECN VX           -370500000   1669500032
ELAN CORP PLC         ELN NQ           -370500000   1669500032
ELAN CORP PLC         DRX GR           -370500000   1669500032
ELAN CORP PLC         ELN EU           -370500000   1669500032
ELAN CORP PLC         ELN IX           -370500000   1669500032
ELAN CORP PLC         ELA IX           -370500000   1669500032
ELAN CORP PLC         ELNGBX EO        -370500000   1669500032
ELAN CORP PLC         DRX1 PZ          -370500000   1669500032
ELAN CORP PLC         ELNGBP EO        -370500000   1669500032
ELAN CORP PLC         ELNCF US         -370500000   1669500032
ELAN CORP PLC         ELN LN           -370500000   1669500032
ELAN CORP-ADR         EANG IX          -370500000   1669500032
ELAN CORP-ADR         ELAD LN          -370500000   1669500032
ELAN CORP-ADR         EAN GR           -370500000   1669500032
ELAN CORP-ADR         ELN US           -370500000   1669500032
ELAN CORP-ADR         QUNELN AU        -370500000   1669500032
ELAN CORP-ADR UT      ELN/E US         -370500000   1669500032
ELAN CORP-CVR         ELNZV US         -370500000   1669500032
ELAN CORP-CVR         LCVRZ US         -370500000   1669500032
MCINERNEY HLDGS       MCI EO         -113397336.3  441922391.7
MCINERNEY HLDGS       MCI ID         -113397336.3  441922391.7
MCINERNEY HLDGS       MCI LN         -113397336.3  441922391.7
MCINERNEY HLDGS       MCIGBP EO      -113397336.3  441922391.7
MCINERNEY HLDGS       MCI EU         -113397336.3  441922391.7
MCINERNEY HLDGS       MK9 PO         -113397336.3  441922391.7
MCINERNEY HLDGS       MCIGBX EU      -113397336.3  441922391.7
MCINERNEY HLDGS       MK9C PZ        -113397336.3  441922391.7
MCINERNEY HLDGS       MCIGBX EO      -113397336.3  441922391.7
MCINERNEY HLDGS       MNEYF US       -113397336.3  441922391.7
MCINERNEY HLDGS       MCII IX        -113397336.3  441922391.7
MCINERNEY HLDGS       MK9 GR         -113397336.3  441922391.7
MCINERNEY HLDGS       MCI IX         -113397336.3  441922391.7
MCINERNEY HLDGS       MCI PO         -113397336.3  441922391.7
MCINERNEY HLDGS       MCI VX         -113397336.3  441922391.7
MCINERNEY PROP-A      MYP LN         -113397336.3  441922391.7
MCINERNEY PROP-A      MYP ID         -113397336.3  441922391.7
MCINERNEY PROP-A      MCIYF US       -113397336.3  441922391.7
MCINERNEY -RT FP      MCIF ID        -113397336.3  441922391.7
MCINERNEY -RT FP      MCIF LN        -113397336.3  441922391.7
MCINERNEY -RT NP      MCIN LN        -113397336.3  441922391.7
MCINERNEY -RT NP      MCIN ID        -113397336.3  441922391.7
MCINERNEY-ADR         MNEYY US       -113397336.3  441922391.7
PAYZONE PLC           4P6 GR         -138030903.2  510010035.3
PAYZONE PLC           PAYZ EO        -138030903.2  510010035.3
PAYZONE PLC           PAYZ PZ        -138030903.2  510010035.3
PAYZONE PLC           PAYZ IX        -138030903.2  510010035.3
PAYZONE PLC           PAYZ LN        -138030903.2  510010035.3
PAYZONE PLC           PAYZ PG        -138030903.2  510010035.3
PAYZONE PLC           PAYZ EU        -138030903.2  510010035.3
WATERFORD - RTS       WWWB GR        -505729895.2    820803256
WATERFORD - RTS       WWWB ID        -505729895.2    820803256
WATERFORD - RTS       WWWA GR        -505729895.2    820803256
WATERFORD - RTS       508519Q LN     -505729895.2    820803256
WATERFORD - RTS       WWWA ID        -505729895.2    820803256
WATERFORD - RTS       508523Q LN     -505729895.2    820803256
WATERFORD W-ADR       WATWY US       -505729895.2    820803256
WATERFORD WDGEWD      WATFF US       -505729895.2    820803256
WATERFORD WDGEWD      WATWF US       -505729895.2    820803256
WATERFORD WED-RT      WWWD ID        -505729895.2    820803256
WATERFORD WED-RT      WWWD GR        -505729895.2    820803256
WATERFORD WED-RT      WWWC ID        -505729895.2    820803256
WATERFORD WED-RT      586556Q LN     -505729895.2    820803256
WATERFORD WED-RT      WTFR LN        -505729895.2    820803256
WATERFORD WED-RT      WWWC GR        -505729895.2    820803256
WATERFORD WED-RT      586552Q LN     -505729895.2    820803256
WATERFORD WED-UT      WTFU EO        -505729895.2    820803256
WATERFORD WED-UT      WTFU VX        -505729895.2    820803256
WATERFORD WED-UT      WWW PO         -505729895.2    820803256
WATERFORD WED-UT      WWWD PZ        -505729895.2    820803256
WATERFORD WED-UT      WTFU LN        -505729895.2    820803256
WATERFORD WED-UT      WTFU ID        -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EO     -505729895.2    820803256
WATERFORD WED-UT      WTFU IX        -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EU     -505729895.2    820803256
WATERFORD WED-UT      WTFU EU        -505729895.2    820803256
WATERFORD WED-UT      WTFU PO        -505729895.2    820803256
WATERFORD WED-UT      WWW GR         -505729895.2    820803256
WATERFORD WE-RTS      WTFF LN        -505729895.2    820803256
WATERFORD WE-RTS      WTFN LN        -505729895.2    820803256
WATERFORD WE-RTS      WTFF ID        -505729895.2    820803256
WATERFORD WE-RTS      WTFN VX        -505729895.2    820803256
WATERFORD WE-RTS      WTFN ID        -505729895.2    820803256
WATERFORD-ADR UT      WFWA GR        -505729895.2    820803256
WATERFORD-ADR UT      WATFZ US       -505729895.2    820803256
WATERFORD-SUB         3001875Z ID    -505729895.2    820803256

ITALY
-----
AEDES AXA+W           AEAXAW IM      -24405906.61   1350851664
AEDES SPA             AE PZ          -24405906.61   1350851664
AEDES SPA             LLB GR         -24405906.61   1350851664
AEDES SPA             AE EO          -24405906.61   1350851664
AEDES SPA             AEDSF US       -24405906.61   1350851664
AEDES SPA             AE IM          -24405906.61   1350851664
AEDES SPA             AEDI IX        -24405906.61   1350851664
AEDES SPA             AE EU          -24405906.61   1350851664
AEDES SPA             AE TQ          -24405906.61   1350851664
AEDES SPA RNC         AEDE IM        -24405906.61   1350851664
AEDES SPA-OPA         AEOPA IM       -24405906.61   1350851664
AEDES SPA-OPA         AEDROP IM      -24405906.61   1350851664
AEDES SPA-RTS         AEAA IM        -24405906.61   1350851664
AEDES SPA-RTS         AESA IM        -24405906.61   1350851664
AEDES SPA-SVGS R      AEDRAA IM      -24405906.61   1350851664
BINDA SPA             BNDAF US       -11146475.29  128859802.9
BINDA SPA             BND IM         -11146475.29  128859802.9
BROGGI IZAR FABB      BIF IM         -178432.4639  134255668.5
CART SOTTRI-BIND      DEM IM         -11146475.29  128859802.9
CIRIO FINANZIARI      FIY GR         -422095869.5   1583083044
CIRIO FINANZIARI      CRO IM         -422095869.5   1583083044
COIN SPA              965089Q GR     -151690764.8  791310848.7
COIN SPA              GUCIF US       -151690764.8  791310848.7
COIN SPA              GC IX          -151690764.8  791310848.7
COIN SPA/OLD          GC IM          -151690764.8  791310848.7
COIN SPA-RTS          GCAA IM        -151690764.8  791310848.7
COMPAGNIA ITALIA      ICT IM         -137726596.3  527372691.4
COMPAGNIA ITALIA      CITU IX        -137726596.3  527372691.4
COMPAGNIA ITALIA      CGLUF US       -137726596.3  527372691.4
CORNELL BHN           INN IM         -178432.4639  134255668.5
CORNELL BHN           BY EU          -178432.4639  134255668.5
CORNELL BHN           BY EO          -178432.4639  134255668.5
CORNELL BHN           INO1 IX        -178432.4639  134255668.5
CORNELL BHN           CBX IM         -178432.4639  134255668.5
CREDITO FONDIARI      CRF IM         -200209050.3   4213063202
CREDITO FOND-RTS      CRFSA IM       -200209050.3   4213063202
ELIOS HOLDING         EH IM          -178432.4639  134255668.5
ELIOS HOLDING-NE      EH00 IM        -178432.4639  134255668.5
ELIOS HOLDING-RT      EHAA IM        -178432.4639  134255668.5
ELIOS SPA             EHM IM         -178432.4639  134255668.5
I VIAGGI DEL VEN      VVE TQ         -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE PZ         -92020221.43  318192568.6
I VIAGGI DEL VEN      IV7 GR         -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE IM         -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE EU         -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE IX         -92020221.43  318192568.6
I VIAGGI DEL VEN      IVGIF US       -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE EO         -92020221.43  318192568.6
I VIAGGI-RTS          VVEAA IM       -92020221.43  318192568.6
INNOTECH SPA          ELIOF US       -178432.4639  134255668.5
OLCESE SPA            O IM           -12846689.89  179691572.8
OLCESE SPA-RTS        OAA IM         -12846689.89  179691572.8
OLCESE VENEZIANO      OLVE IM        -12846689.89  179691572.8
OMNIA NETWORK SP      ONT EO          -47468652.4  322390901.7
OMNIA NETWORK SP      ONTI IX         -47468652.4  322390901.7
OMNIA NETWORK SP      ONT IM          -47468652.4  322390901.7
OMNIA NETWORK SP      ONT EU          -47468652.4  322390901.7
OMNIA NETWORK SP      ONT TQ          -47468652.4  322390901.7
OMNIA NETWORK SP      ONT PZ          -47468652.4  322390901.7
PARMALAT FINANZI      FICN AV        -18419390029   4120687886
PARMALAT FINANZI      PRF IM         -18419390029   4120687886
PARMALAT FINANZI      PARAF US       -18419390029   4120687886
PARMALAT FINANZI      PAF GR         -18419390029   4120687886
PARMALAT FINANZI      PRFI VX        -18419390029   4120687886
PARMALAT FINANZI      PMLFF US       -18419390029   4120687886
PARMALAT FINANZI      PMT LI         -18419390029   4120687886
PARMALAT FINA-RT      PRFR AV        -18419390029   4120687886
RISANAMEN-RNC OP      RNROPA IM      -165887753.7   4800733024
RISANAMENTO NAPO      RN5 GR         -165887753.7   4800733024
RISANAMENTO -OPA      RNOPA IM       -165887753.7   4800733024
RISANAMENTO -RNC      RNR IM         -165887753.7   4800733024
RISANAMENTO SPA       RN PZ          -165887753.7   4800733024
RISANAMENTO SPA       RNGBP EO       -165887753.7   4800733024
RISANAMENTO SPA       RN IM          -165887753.7   4800733024
RISANAMENTO SPA       RN TQ          -165887753.7   4800733024
RISANAMENTO SPA       RNGBX EO       -165887753.7   4800733024
RISANAMENTO SPA       RNGBX EU       -165887753.7   4800733024
RISANAMENTO SPA       RN EU          -165887753.7   4800733024
RISANAMENTO SPA       RN IX          -165887753.7   4800733024
RISANAMENTO SPA       RSMNF US       -165887753.7   4800733024
RISANAMENTO SPA       RN EO          -165887753.7   4800733024
RISANAMENTO-RTS       RNAA IM        -165887753.7   4800733024
SNIA BPD              SN GR          -141933883.9  150445252.4
SNIA BPD-ADR          SBPDY US       -141933883.9  150445252.4
SNIA SPA              SN IM          -141933883.9  150445252.4
SNIA SPA              SIAI IX        -141933883.9  150445252.4
SNIA SPA              SN EO          -141933883.9  150445252.4
SNIA SPA              SIAI PZ        -141933883.9  150445252.4
SNIA SPA              SN TQ          -141933883.9  150445252.4
SNIA SPA              SSMLF US       -141933883.9  150445252.4
SNIA SPA              SBPDF US       -141933883.9  150445252.4
SNIA SPA              SNIXF US       -141933883.9  150445252.4
SNIA SPA              SNIB GR        -141933883.9  150445252.4
SNIA SPA              SNIA GR        -141933883.9  150445252.4
SNIA SPA              SN EU          -141933883.9  150445252.4
SNIA SPA - RTS        SNAAW IM       -141933883.9  150445252.4
SNIA SPA- RTS         SNAXW IM       -141933883.9  150445252.4
SNIA SPA-2003 SH      SN03 IM        -141933883.9  150445252.4
SNIA SPA-CONV SA      SPBDF US       -141933883.9  150445252.4
SNIA SPA-DRC          SNR00 IM       -141933883.9  150445252.4
SNIA SPA-NEW          SN00 IM        -141933883.9  150445252.4
SNIA SPA-NON CON      SPBNF US       -141933883.9  150445252.4
SNIA SPA-RCV          SNIVF US       -141933883.9  150445252.4
SNIA SPA-RCV          SNR IM         -141933883.9  150445252.4
SNIA SPA-RIGHTS       SNAW IM        -141933883.9  150445252.4
SNIA SPA-RNC          SNRNC IM       -141933883.9  150445252.4
SNIA SPA-RNC          SNIWF US       -141933883.9  150445252.4
SNIA SPA-RTS          SNAA IM        -141933883.9  150445252.4
SNIA SPA-RTS          SNSO IM        -141933883.9  150445252.4
SOCOTHERM SPA         SCTI PZ        -161739278.5  398222827.1
SOCOTHERM SPA         SOCEF US       -161739278.5  398222827.1
SOCOTHERM SPA         SCT TQ         -161739278.5  398222827.1
SOCOTHERM SPA         SCT IM         -161739278.5  398222827.1
SOCOTHERM SPA         SCT EO         -161739278.5  398222827.1
SOCOTHERM SPA         SCTM IX        -161739278.5  398222827.1
SOCOTHERM SPA         SCT EU         -161739278.5  398222827.1
TAS TECNOLOGIA        TAS EU         -405622.1721  172796509.7
TAS TECNOLOGIA        TAS NM         -405622.1721  172796509.7
TAS TECNOLOGIA        TAS PZ         -405622.1721  172796509.7
TAS TECNOLOGIA        TAS EO         -405622.1721  172796509.7
TAS TECNOLOGIA        TAQ GR         -405622.1721  172796509.7
TAS TECNOLOGIA        TAS TQ         -405622.1721  172796509.7
TAS TECNOLOGIA        TAS IM         -405622.1721  172796509.7
TECNODIFF ITALIA      TDI NM         -89894162.82  152045757.5
TECNODIFF ITALIA      TDI IM         -89894162.82  152045757.5
TECNODIFF ITALIA      TEF GR         -89894162.82  152045757.5
TECNODIFF ITALIA      TDIFF US       -89894162.82  152045757.5
TECNODIFF-RTS         TDIAOW NM      -89894162.82  152045757.5
TECNODIFFUSIONE       TDIAAW IM      -89894162.82  152045757.5
TISCALI - RTS         TIQA GR        -421259823.5  632152613.6
TISCALI - RTS         TISAAW IM      -421259823.5  632152613.6
TISCALI SPA           TISN NA        -421259823.5  632152613.6
TISCALI SPA           TIS FP         -421259823.5  632152613.6
TISCALI SPA           TIS VX         -421259823.5  632152613.6
TISCALI SPA           TIS IM         -421259823.5  632152613.6
TISCALI SPA           TISGBX EU      -421259823.5  632152613.6
TISCALI SPA           TISN FP        -421259823.5  632152613.6
TISCALI SPA           TIS IX         -421259823.5  632152613.6
TISCALI SPA           TSCXF US       -421259823.5  632152613.6
TISCALI SPA           TISN IM        -421259823.5  632152613.6
TISCALI SPA           TIQ GR         -421259823.5  632152613.6
TISCALI SPA           TISGBP EO      -421259823.5  632152613.6
TISCALI SPA           TIS NR         -421259823.5  632152613.6
TISCALI SPA           TIS PZ         -421259823.5  632152613.6
TISCALI SPA           TIQ1 GR        -421259823.5  632152613.6
TISCALI SPA           TISN VX        -421259823.5  632152613.6
TISCALI SPA           TIS EU         -421259823.5  632152613.6
TISCALI SPA           TIS EO         -421259823.5  632152613.6
TISCALI SPA           TISGBX EO      -421259823.5  632152613.6
TISCALI SPA           TIS TQ         -421259823.5  632152613.6
TISCALI SPA           TIS NA         -421259823.5  632152613.6
TISCALI SPA           TISN IX        -421259823.5  632152613.6
TISCALI SPA           TIQG IX        -421259823.5  632152613.6
TISCALI SPA- RTS      TISAXA IM      -421259823.5  632152613.6
TISCALI SPA- RTS      3391621Q GR    -421259823.5  632152613.6
YORKVILLE BHN         CBXI PZ        -178432.4639  134255668.5
YORKVILLE BHN         BY TQ          -178432.4639  134255668.5
YORKVILLE BHN         BY IM          -178432.4639  134255668.5

LUXEMBOURG
----------
CARRIER1 INT-AD+      CONE ES           -94729000    472360992
CARRIER1 INT-ADR      CONE US           -94729000    472360992
CARRIER1 INT-ADR      CONEE US          -94729000    472360992
CARRIER1 INT-ADR      CONEQ 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       -7854741.409  609871188.9
BAAN COMPANY NV       BAAN PZ        -7854741.409  609871188.9
BAAN COMPANY NV       BNCG IX        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN NA        -7854741.409  609871188.9
BAAN COMPANY NV       BAAVF US       -7854741.409  609871188.9
BAAN COMPANY NV       BAAN IX        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN GR        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN EO        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN EU        -7854741.409  609871188.9
BAAN COMPANY-NY       BAANF US       -7854741.409  609871188.9
JAMES HARDIE IND      600241Q GR       -153000000   2120699904
JAMES HARDIE IND      726824Z NA       -153000000   2120699904
JAMES HARDIE IND      HAH NZ           -153000000   2120699904
JAMES HARDIE IND      HAH AU           -153000000   2120699904
JAMES HARDIE NV       JHXCC AU         -153000000   2120699904
JAMES HARDIE-ADR      JHX US           -153000000   2120699904
JAMES HARDIE-ADR      JHINY US         -153000000   2120699904
JAMES HARDIE-CDI      JHIUF US         -153000000   2120699904
JAMES HARDIE-CDI      JHX AU           -153000000   2120699904
JAMES HARDIE-CDI      JHA GR           -153000000   2120699904
LIBERTY GL EU-A       UPC NA          -5505478850   5112616630
UNITED PAN -ADR       UPEA GR         -5505478850   5112616630
UNITED PAN-A ADR      UPCOY US        -5505478850   5112616630
UNITED PAN-EUR-A      UPC LN          -5505478850   5112616630
UNITED PAN-EUR-A      UPC LI          -5505478850   5112616630
UNITED PAN-EUROP      UPE GR          -5505478850   5112616630
UNITED PAN-EUROP      UPE1 GR         -5505478850   5112616630
UNITED PAN-EUROP      UPCEF US        -5505478850   5112616630
UNITED PAN-EUROP      UPC VX          -5505478850   5112616630
UNITED PAN-EUROP      UPCOF US        -5505478850   5112616630

NORWAY
------
NEXUS FLOATING P      NEXU NO          -158054000    353053024
NEXUS FLOATING P      NEXUSEUR EU      -158054000    353053024
NEXUS FLOATING P      NEXUS EO         -158054000    353053024
NEXUS FLOATING P      NEXUS NO         -158054000    353053024
NEXUS FLOATING P      NEXUS BY         -158054000    353053024
NEXUS FLOATING P      NEXUSGBX EU      -158054000    353053024
NEXUS FLOATING P      NEXUS PZ         -158054000    353053024
NEXUS FLOATING P      NEXUSEUR EO      -158054000    353053024
NEXUS FLOATING P      NEXUS EU         -158054000    353053024
PETRO GEO-SERV        265143Q NO     -18066142.21  399710323.6
PETRO GEO-SERV        PGS GR         -18066142.21  399710323.6
PETRO GEO-SERV        PGS VX         -18066142.21  399710323.6
PETRO GEO-SERV-N      PGSN NO        -18066142.21  399710323.6
PETRO GEO-SV-ADR      PGOGY US       -18066142.21  399710323.6
PETRO GEO-SV-ADR      PGSA GR        -18066142.21  399710323.6
PETROLIA DRILLIN      PDREUR EU         -25943000    499350016
PETROLIA DRILLIN      PDR1 IX           -25943000    499350016
PETROLIA DRILLIN      PDR PZ            -25943000    499350016
PETROLIA DRILLIN      PDREUR EO         -25943000    499350016
PETROLIA DRILLIN      PDR EO            -25943000    499350016
PETROLIA DRILLIN      PDR NO            -25943000    499350016
PETROLIA DRILLIN      PDR TQ            -25943000    499350016
PETROLIA DRILLIN      P8D GR            -25943000    499350016
PETROLIA DRILLIN      PDR EU            -25943000    499350016
PETROLIA DRILLIN      PDR BY            -25943000    499350016
PETROLIA DRI-NEW      PDRN NO           -25943000    499350016
PETROLIA DRI-RTS      PDRT NO           -25943000    499350016

PORTUGAL
--------
KROSNO                KRS PW         -2241614.766  111838141.2
KROSNO                KROS IX        -2241614.766  111838141.2
KROSNO                KRS LI         -2241614.766  111838141.2
KROSNO                KRS1EUR EO     -2241614.766  111838141.2
KROSNO                KRS1EUR EU     -2241614.766  111838141.2
KROSNO SA             KRNFF US       -2241614.766  111838141.2
KROSNO SA             KRS1 EU        -2241614.766  111838141.2
KROSNO SA             KROSNO PW      -2241614.766  111838141.2
KROSNO SA             KRS1 EO        -2241614.766  111838141.2
KROSNO SA             KRS PZ         -2241614.766  111838141.2
KROSNO SA-RTS         KRSP PW        -2241614.766  111838141.2
KROSNO-PDA-ALLT       KRSA PW        -2241614.766  111838141.2
TOORA                 2916665Q EU    -288818.3897  147004954.2
TOORA                 TOR PW         -288818.3897  147004954.2
TOORA                 TOR PZ         -288818.3897  147004954.2
TOORA                 2916661Q EO    -288818.3897  147004954.2
TOORA-ALLOT CERT      TORA PW        -288818.3897  147004954.2
BENFICA               SLBENX PX      -16614056.44  234366255.6
BENFICA               SLBEN PZ       -16614056.44  234366255.6
BENFICA               SLBEN EU       -16614056.44  234366255.6
BENFICA               SLBEN EO       -16614056.44  234366255.6
BENFICA               SLBEN PL       -16614056.44  234366255.6
BENFICA               SLBE IX        -16614056.44  234366255.6
LISGRAFICA IMPRE      LIAG PL        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG EU         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG PL         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG EU        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG EO         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG PZ         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG EO        -11584933.86  107940470.6
LISGRAFICA-RTS        LIGDS PL       -11584933.86  107940470.6
PORCELANA VISTA       PVAL PL        -75871846.95  148731546.6
SPORT LISBOA E B      1249Z PL       -16614056.44  234366255.6
SPORTING-SOC DES      SCPX PX         -4083492.14  225687305.9
SPORTING-SOC DES      SCDF EU         -4083492.14  225687305.9
SPORTING-SOC DES      SCG GR          -4083492.14  225687305.9
SPORTING-SOC DES      SCDF EO         -4083492.14  225687305.9
SPORTING-SOC DES      SCP PL          -4083492.14  225687305.9
SPORTING-SOC DES      SCPL IX         -4083492.14  225687305.9
SPORTING-SOC DES      SCDF PL         -4083492.14  225687305.9
SPORTING-SOC DES      SCP1 PZ         -4083492.14  225687305.9
VAA VISTA ALEGRE      VAF PL         -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF PZ         -75871846.95  148731546.6
VAA VISTA ALEGRE      VAFX PX        -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF EU         -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF EO         -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK EU        -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK EO        -75871846.95  148731546.6
VAA VISTA ALTAN       VAFKX PX       -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK PZ        -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK PL        -75871846.95  148731546.6

ROMANIA
-------
OLTCHIM RM VALCE      OLT PZ         -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTEUR EO      -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT EO         -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTCF US       -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT EU         -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTEUR EU      -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT RO         -89344235.29  511515508.8
RAFO SA               RAF RO         -457922636.3  356796459.3
UZINELE SODICE G      UZIM RO        -62313938.86  107275526.8

RUSSIA
------
AMO ZIL               ZILL RM        -186141084.1  448501182.5
AMO ZIL-CLS           ZILL* RU       -186141084.1  448501182.5
AMO ZIL-CLS           ZILL RU        -186141084.1  448501182.5
AMUR SHIP-BRD         AMZS RU         -99051792.6   1089408985
AMUR SHIP-BRD         AMZS* RU        -99051792.6   1089408985
DAGESTAN ENERGY       DASB* RU       -33465586.31  128437866.5
DAGESTAN ENERGY       DASB RM        -33465586.31  128437866.5
DAGESTAN ENERGY       DASB RU        -33465586.31  128437866.5
EAST-SIBERIA-BRD      VSNK* RU       -125269473.1  155047305.2
EAST-SIBERIA-BRD      VSNK RU        -125269473.1  155047305.2
EAST-SIBERIAN-BD      VSNK$ RU       -125269473.1  155047305.2
FINANCIAL LEASIN      137282Z RU     -28157479.23  503349976.1
FINANCIAL LEASIN      FLKO RM        -28157479.23  503349976.1
FINANCIAL LE-BRD      FLKO* RU       -28157479.23  503349976.1
FINANCIAL LE-BRD      FLKO RU        -28157479.23  503349976.1
GUKOVUGOL             GUUG RU        -57835245.31  143665227.2
GUKOVUGOL             GUUG* RU       -57835245.31  143665227.2
GUKOVUGOL-PFD         GUUGP* RU      -57835245.31  143665227.2
GUKOVUGOL-PFD         GUUGP RU       -57835245.31  143665227.2
KOLENERGOSBY-CLS      KOSB RU        -8070130.628  103789430.5
KOLENERGOSBY-CLS      KOSB* RU       -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBP RU       -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBPG RU      -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBP* RU      -8070130.628  103789430.5
KOLENERGOSBYT         KOSB RM        -8070130.628  103789430.5
KOLENERGOSBY-T+0      KOSBG RU       -8070130.628  103789430.5
KOMPANIYA GL-BRD      GMST* RU       -69058321.52   1307372498
KOMPANIYA GL-BRD      GMST RU        -69058321.52   1307372498
MZ ARSENAL-$BRD       ARSE RU        -4671159.212  193672793.3
MZ ARSENAL-BRD        ARSE$ RU       -4671159.212  193672793.3
MZ ARSENAL-BRD        ARSE* RU       -4671159.212  193672793.3
SAMARANEFTEGA-P$      SMNGP RU       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG* RU       -331600428.5  891998590.7
SAMARANEFTEGAS        SVYOF US       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG$ RU       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG RM        -331600428.5  891998590.7
SAMARANEFTEGAS-$      SMNG RU        -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP$ RU      -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP RM       -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP* RU      -331600428.5  891998590.7
TERNEYLES-BRD         TERL RU         -15178937.2  182115156.8
TERNEYLES-BRD         TERL* RU        -15178937.2  182115156.8
TRANSAERO AIRLIN      TRNS RU        -24618275.96  740576227.5
TRANSAERO AIRLIN      TRNS* RU       -24618275.96  740576227.5
URGALUGOL-BRD         YRGL* RU       -15706613.04  105440541.1
URGALUGOL-BRD         YRGL RU        -15706613.04  105440541.1
URGALUGOL-BRD-PF      YRGLP RU       -15706613.04  105440541.1
VOLGOGRAD KHIM        VHIM* RU       -9340386.757  133590956.9
VOLGOGRAD KHIM        VHIM RU        -9340386.757  133590956.9
ZIL AUTO PLANT        ZILL$ RU       -186141084.1  448501182.5
ZIL AUTO PLANT-P      ZILLP* RU      -186141084.1  448501182.5
ZIL AUTO PLANT-P      ZILLP RM       -186141084.1  448501182.5
ZIL AUTO PLANT-P      ZILLP RU       -186141084.1  448501182.5

SERBIA
------
DUVANSKA              DIVR SG        -7729350.776  109207260.5
IMK 14 OKTOBAR A      IMKO SG        -5175836.416  110102264.2
PINKI AD              PNKI SG        -36537862.34    120707518
ZASTAVA AUTOMOBI      ZAKG SG        -396504649.1  174692011.1

SPAIN
-----
ACTUACIONES ACTI      AGR SM         -148097530.9  674738808.3
AGRUPACIO - RT        AGR/D SM       -148097530.9  674738808.3
FERGO AISA SA         AISA EU        -148097530.9  674738808.3
FERGO AISA SA         AISA EO        -148097530.9  674738808.3
FERGO AISA SA         AISA SM        -148097530.9  674738808.3
FERGO AISA SA         AISA PZ        -148097530.9  674738808.3
MARTINSA FADESA       MTF EU          -1847997044   8832898708
MARTINSA FADESA       4PU GR          -1847997044   8832898708
MARTINSA FADESA       MFAD PZ         -1847997044   8832898708
MARTINSA FADESA       MTF1 LI         -1847997044   8832898708
MARTINSA FADESA       MTF SM          -1847997044   8832898708
MARTINSA FADESA       MTF EO          -1847997044   8832898708
MARTINSA-FADESA       MTF NR          -1847997044   8832898708

TURKEY
------
BESIKTAS FUTBOL       BJKASY TI      -10396040.97  175760356.3
BESIKTAS FUTBOL       BKTFF US       -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKASM TI      -10396040.97  175760356.3
BESIKTAS FUTBOL       BWX GR         -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKAS TI       -10396040.97  175760356.3
EGS EGE GIYIM VE      EGDIS TI       -7732138.551  147075066.7
EGS EGE GIYIM-RT      EGDISR TI      -7732138.551  147075066.7
IKTISAT FINAN-RT      IKTFNR TI      -46900661.12  108228233.6
IKTISAT FINANSAL      IKTFN TI       -46900661.12  108228233.6
MUDURNU TAVUKC-N      MDRNUN TI      -64930189.62  160408172.1
MUDURNU TAVUKCUL      MDRNU TI       -64930189.62  160408172.1
SIFAS                 SIFAS TI        -15439198.6    130608104
TUTUNBANK             TUT TI          -4024959602   2643810457
YASARBANK             YABNK TI        -4024959602   2643810457
ODESSA OIL REFIN      ONPZ UZ        -70727947.39  325964086.9

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ        -16212049.02  277693905.5
BANK FORUM -GDR       639540Z LX     -5331676.798   2243068982
BANK FORUM -GDR       FRMB038 RU     -5331676.798   2243068982
BANK FORUM -GDR       BFJG IX        -5331676.798   2243068982
BANK FORUM -GDR       B5F GR         -5331676.798   2243068982
BANK FORUM JSC        FORM UZ        -5331676.798   2243068982
DNEPROPETROVSK        DMZP UZ        -15926384.43  424303604.8
DNIPROOBLENERGO       DNON UZ        -3607242.033  284973578.6
DONETSKOBLENERGO      DOON UZ        -209532649.1    360933615
LUGANSKOBLENERGO      LOEN UZ        -26290526.22  191765121.2
NAFTOKHIMIK PRIC      NAFP UZ        -19746288.63  299014707.5
NAFTOKHIMIK-GDR       N3ZA GR        -19746288.63  299014707.5

UNITED KINGDOM
--------------
4LESS GROUP           FLG OF         -3088436.068  106650689.4
4LESS GROUP           FL/ LN         -3088436.068  106650689.4
4LESS GROUP           LI4 GR         -3088436.068  106650689.4
4LESS GROUP           FL/ PO         -3088436.068  106650689.4
4LESS GROUP           BYH PO         -3088436.068  106650689.4
4LESS GROUP           BHL PO         -3088436.068  106650689.4
ABBOTT MEAD VICK      648824Q LN     -1685852.904  168258996.3
ADVANCE DISPLAY       ADTP PZ         -3015578835   2590007904
AEA TECHNOLO-FPR      AATF PZ        -215101594.9    121405070
AEA TECHNOLO-FPR      AATF LN        -215101594.9    121405070
AEA TECHNOLOGY        AAT EO         -215101594.9    121405070
AEA TECHNOLOGY        AAT IX         -215101594.9    121405070
AEA TECHNOLOGY        AEY GR         -215101594.9    121405070
AEA TECHNOLOGY        EAETF US       -215101594.9    121405070
AEA TECHNOLOGY        AAT EU         -215101594.9    121405070
AEA TECHNOLOGY        AAT PO         -215101594.9    121405070
AEA TECHNOLOGY        AAT LN         -215101594.9    121405070
AEA TECHNOLOGY        AATGBP EO      -215101594.9    121405070
AEA TECHNOLOGY        AAT VX         -215101594.9    121405070
AEA TECHNOLOGY        AAT PZ         -215101594.9    121405070
AEA TECHNOLO-NPR      AATN PZ        -215101594.9    121405070
AEA TECHNOLO-NPR      AATN LN        -215101594.9    121405070
AIRTOURS PLC          AIR VX         -379721841.6   1817512774
AIRTOURS PLC          ATORF US       -379721841.6   1817512774
AIRTOURS PLC          AIR LN         -379721841.6   1817512774
ALLDAYS PLC           ALDYF US         -120493900  252232072.9
ALLDAYS PLC           317056Q LN       -120493900  252232072.9
AMER BUS SYS          ARB LN           -497127008    121439000
AMEY PLC              AMEYF US       -48862569.33  931527720.5
AMEY PLC              AMY LN         -48862569.33  931527720.5
AMEY PLC              AMY VX         -48862569.33  931527720.5
AMEY PLC-ASSENT       AMYA LN        -48862569.33  931527720.5
AMEY PLC-NEW          AMYN LN        -48862569.33  931527720.5
ANKER PLC             ANK PO         -21861359.81    115463159
ANKER PLC             DW14 GR        -21861359.81    115463159
ANKER PLC             ANK LN         -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 PZ           -207093345   1339139513
ATKINS (WS) PLC       ATKGBP EO        -207093345   1339139513
ATKINS (WS) PLC       ATKEUR EU        -207093345   1339139513
ATKINS (WS) PLC       ATK BQ           -207093345   1339139513
ATKINS (WS) PLC       ATK LN           -207093345   1339139513
ATKINS (WS) PLC       ATK EB           -207093345   1339139513
ATKINS (WS) PLC       ATKEUR EO        -207093345   1339139513
ATKINS (WS) PLC       ATK QM           -207093345   1339139513
ATKINS (WS) PLC       ATK EO           -207093345   1339139513
ATKINS (WS) PLC       ATK EU           -207093345   1339139513
ATKINS (WS) PLC       6W2 GR           -207093345   1339139513
ATKINS (WS) PLC       ATK PO           -207093345   1339139513
ATKINS (WS) PLC       ATK NR           -207093345   1339139513
ATKINS (WS) PLC       ATK VX           -207093345   1339139513
ATKINS (WS) PLC       ATK IX           -207093345   1339139513
ATKINS (WS) PLC       WATKF US         -207093345   1339139513
ATKINS (WS) PLC       ATK NQ           -207093345   1339139513
ATKINS (WS) PLC       ATK TQ           -207093345   1339139513
BAYDONHILL PLC        BHL EU         -3088436.068  106650689.4
BAYDONHILL PLC        BHL PG         -3088436.068  106650689.4
BAYDONHILL PLC        BHL EO         -3088436.068  106650689.4
BAYDONHILL PLC        BHL PZ         -3088436.068  106650689.4
BAYDONHILL PLC        BHL IX         -3088436.068  106650689.4
BAYDONHILL PLC        BHL LN         -3088436.068  106650689.4
BAYDONHILL PLC        BYH LN         -3088436.068  106650689.4
BCH GROUP PLC         BCH LN         -5728274.385  187993198.2
BLACK & EDGINGTO      BLE LN         -134177517.4  149159301.6
BNB RECRUITMENT       BNBRF US       -10242627.53    103637705
BNB RECRUITMENT       BNB IX         -10242627.53    103637705
BNB RECRUITMENT       BQX GR         -10242627.53    103637705
BNB RECRUITMENT       BNB LN         -10242627.53    103637705
BNB RECRUITMENT       BNB PO         -10242627.53    103637705
BOOKER PLC            1330Q GR        -59832880.4   1298182549
BOOKER PLC            987188Q LN      -59832880.4   1298182549
BOOKER PLC            BKERF US        -59832880.4   1298182549
BOOKER PLC-ADR        BOK$ LN         -59832880.4   1298182549
BOOKER PLC-ADR        BKRUY US        -59832880.4   1298182549
BRADSTOCK GROUP       BSKGF US       -1855444.443  268563822.5
BRADSTOCK GROUP       BDK LN         -1855444.443  268563822.5
BRIT ENERGY LTD       523362Q LN      -5822867501   4921095750
BRIT ENERGY PLC       BHEGF US        -5822867501   4921095750
BRIT ENERGY PLC       BGYEF US        -5822867501   4921095750
BRIT ENERGY PLC       555140Q VX      -5822867501   4921095750
BRIT ENERGY PLC       BEN1 GR         -5822867501   4921095750
BRIT ENERGY-A         BENA GR         -5822867501   4921095750
BRIT ENERGY-ADR       BHEFF US        -5822867501   4921095750
BRIT NUCLEAR          1046Z LN        -4247644150  40325778907
BRIT TELECOM          BTE GR          -5730703494  46660870566
BRIT TELECOM          9484 JP         -5730703494  46660870566
BRIT TELECOM PLC      BTPWF US        -5730703494  46660870566
BRIT TELECOM PLC      BT/A VX         -5730703494  46660870566
BRIT TELECOM PLC      BTPLF US        -5730703494  46660870566
BRIT TELECOM-ADR      1481Q CN        -5730703494  46660870566
BRIT TELECOM-ADR      BTEA GR         -5730703494  46660870566
BRIT TELECOM-RTS      BTY-R US        -5730703494  46660870566
BRITISH ENER-$US      BGYD AR         -5822867501   4921095750
BRITISH ENER-$US      BGYNYD AR       -5822867501   4921095750
BRITISH ENER-ADR      BGYNY US        -5822867501   4921095750
BRITISH ENER-BLK      BGYB AR         -5822867501   4921095750
BRITISH ENER-BLK      BGYNYB AR       -5822867501   4921095750
BRITISH ENER-C/E      BGYC AR         -5822867501   4921095750
BRITISH ENER-C/E      BGYNYC AR       -5822867501   4921095750
BRITISH ENER-CED      BGYNY AR        -5822867501   4921095750
BRITISH ENER-CED      BGY AR          -5822867501   4921095750
BRITISH ENERGY-A      3012442Q LN     -5822867501   4921095750
BRITISH ENERGY-A      BGYA PO         -5822867501   4921095750
BRITISH ENERGY-A      BHEAF US        -5822867501   4921095750
BRITISH ENERGY-A      BGYGF US        -5822867501   4921095750
BRITISH ENERGY-A      BGYA VX         -5822867501   4921095750
BRITISH TELE-FP       BT/F LN         -5730703494  46660870566
BRITISH TELE-NP       BT/N LN         -5730703494  46660870566
BRITISH TELE-NP       BTPXF US        -5730703494  46660870566
BRITVIC               B6S GR         -3988699.913   1361742201
BRITVIC PLC           BVICEUR EU     -3988699.913   1361742201
BRITVIC PLC           BVICUSD EU     -3988699.913   1361742201
BRITVIC PLC           BVIC QM        -3988699.913   1361742201
BRITVIC PLC           BVIC VX        -3988699.913   1361742201
BRITVIC PLC           BVIC NR        -3988699.913   1361742201
BRITVIC PLC           BVIC NQ        -3988699.913   1361742201
BRITVIC PLC           BVIC PZ        -3988699.913   1361742201
BRITVIC PLC           BVIC TQ        -3988699.913   1361742201
BRITVIC PLC           BVICUSD EO     -3988699.913   1361742201
BRITVIC PLC           BVIC EB        -3988699.913   1361742201
BRITVIC PLC           BVIC LN        -3988699.913   1361742201
BRITVIC PLC           BVICGBP EO     -3988699.913   1361742201
BRITVIC PLC           BTVCF US       -3988699.913   1361742201
BRITVIC PLC           BVIC EU        -3988699.913   1361742201
BRITVIC PLC           BVICEUR EO     -3988699.913   1361742201
BRITVIC PLC           BVIC EO        -3988699.913   1361742201
BRITVIC PLC           BVIC BQ        -3988699.913   1361742201
BRITVIC PLC           BVIC IX        -3988699.913   1361742201
BT GROUP PLC          BT/A QM         -5730703494  46660870566
BT GROUP PLC          BT/AEUR EU      -5730703494  46660870566
BT GROUP PLC          BT/APEN EO      -5730703494  46660870566
BT GROUP PLC          BT/A NQ         -5730703494  46660870566
BT GROUP PLC          BTQ GR          -5730703494  46660870566
BT GROUP PLC          BT/A BQ         -5730703494  46660870566
BT GROUP PLC          BT/APEN EU      -5730703494  46660870566
BT GROUP PLC          BT/A LN         -5730703494  46660870566
BT GROUP PLC          BT/ VX          -5730703494  46660870566
BT GROUP PLC          BT/AUSD EO      -5730703494  46660870566
BT GROUP PLC          BT/A PO         -5730703494  46660870566
BT GROUP PLC          BT/AUSD EU      -5730703494  46660870566
BT GROUP PLC          BT/A TQ         -5730703494  46660870566
BT GROUP PLC          BT/A NR         -5730703494  46660870566
BT GROUP PLC          BT/AEUR EO      -5730703494  46660870566
BT GROUP PLC          BTGOF US        -5730703494  46660870566
BT GROUP PLC          BT/A EB         -5730703494  46660870566
BT GROUP PLC          BT PZ           -5730703494  46660870566
BT GROUP PLC          BTEG IX         -5730703494  46660870566
BT GROUP PLC          BT/A EO         -5730703494  46660870566
BT GROUP PLC          BT/AGBP EO      -5730703494  46660870566
BT GROUP PLC          BT/A EU         -5730703494  46660870566
BT GROUP PLC          BT IX           -5730703494  46660870566
BT GROUP PLC-ADR      BT/$ LN         -5730703494  46660870566
BT GROUP PLC-W/I      BTWI LN         -5730703494  46660870566
BT GROUP-ADR          BTQA GR         -5730703494  46660870566
BT GROUP-ADR WI       BTY-W US        -5730703494  46660870566
BT GROUP-CED $US      BTYD AR         -5730703494  46660870566
BT GROUP-CED $US      BTD AR          -5730703494  46660870566
BT GROUP-CED BLK      BTYB AR         -5730703494  46660870566
BT GROUP-CED BLK      BTB AR          -5730703494  46660870566
BT GROUP-CED C/E      BTC AR          -5730703494  46660870566
BT GROUP-CED C/E      BTYC AR         -5730703494  46660870566
BT GROUP-CEDEAR       BTY AR          -5730703494  46660870566
BT GROUP-CEDEAR       BT AR           -5730703494  46660870566
BT GROUP-SPON AD      BT US           -5730703494  46660870566
BT GROUP-SPON AD      BTY US          -5730703494  46660870566
BT GROUP-SPON AD      BT MM           -5730703494  46660870566
BT GROUP-SPON AD      BTYN MM         -5730703494  46660870566
CARLISLE GROUP        506819Q LN     -11904426.45    203548565
CHRYSALIS GROUP       CHSEUR EU      -7422046.098  110320050.3
CHRYSALIS GROUP       CLYSF US       -7422046.098  110320050.3
CHRYSALIS GROUP       CHS PO         -7422046.098  110320050.3
CHRYSALIS GROUP       5CY GR         -7422046.098  110320050.3
CHRYSALIS GROUP       CHSEUR EO      -7422046.098  110320050.3
CHRYSALIS GROUP       CHS EO         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS PZ         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS EU         -7422046.098  110320050.3
CHRYSALIS GROUP       CHSUSD EU      -7422046.098  110320050.3
CHRYSALIS GROUP       CYGUF US       -7422046.098  110320050.3
CHRYSALIS GROUP       CHS LN         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS IX         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS VX         -7422046.098  110320050.3
CHRYSALIS GROUP       HR4 GR         -7422046.098  110320050.3
CHRYSALIS GROUP       CHSUSD EO      -7422046.098  110320050.3
CHRYSALIS GROUP       CHSGBP EO      -7422046.098  110320050.3
CLIPPER WINDPOWE      CWP PG           -218336000    776211968
CLIPPER WINDPOWE      CWP EO           -218336000    776211968
CLIPPER WINDPOWE      CWPA LN          -218336000    776211968
CLIPPER WINDPOWE      CWP LN           -218336000    776211968
CLIPPER WINDPOWE      CWP EU           -218336000    776211968
CLIPPER WINDPOWE      CWP IX           -218336000    776211968
CLIPPER WINDPOWE      3470635Q LN      -218336000    776211968
CLIPPER WINDPOWE      C2W GR           -218336000    776211968
CLIPPER WINDPOWE      CRPWF US         -218336000    776211968
CLIPPER WINDPOWE      CWP PZ           -218336000    776211968
COMPASS GROU-OLD      1259Q LN       -668101173.9   2972459078
COMPASS GROUP         QOP GR         -668101173.9   2972459078
COMPASS GRP-ADR       CMSJY US       -668101173.9   2972459078
COMPASS GRP-ADR       CMSGY US       -668101173.9   2972459078
COSTAIN GROUP         COSTUSD EO     -19097658.92  649978943.3
COSTAIN GROUP         COST LN        -19097658.92  649978943.3
COSTAIN GROUP         CSGFF US       -19097658.92  649978943.3
COSTAIN GROUP         COST PO        -19097658.92  649978943.3
COSTAIN GROUP         COST EO        -19097658.92  649978943.3
COSTAIN GROUP         COST IX        -19097658.92  649978943.3
COSTAIN GROUP         COSTEUR EO     -19097658.92  649978943.3
COSTAIN GROUP         COST EU        -19097658.92  649978943.3
COSTAIN GROUP         COSTGBP EO     -19097658.92  649978943.3
COSTAIN GROUP         COST PZ        -19097658.92  649978943.3
COSTAIN GROUP         COSTUSD EU     -19097658.92  649978943.3
COSTAIN GROUP         COST VX        -19097658.92  649978943.3
COSTAIN GROUP         COSTEUR EU     -19097658.92  649978943.3
COSTAIN GROU-RTS      COSF LN        -19097658.92  649978943.3
COSTAIN GROU-RTS      COSN LN        -19097658.92  649978943.3
DAILY MAIL TST        DMGOGBP EO     -139060248.4   3723159411
DAILY MAIL TST        DMGO LN        -139060248.4   3723159411
DAILY MAIL TST        DMGO EU        -139060248.4   3723159411
DAILY MAIL TST        DMGO PO        -139060248.4   3723159411
DAILY MAIL TST        DMGO PZ        -139060248.4   3723159411
DAILY MAIL TST        DMGO EO        -139060248.4   3723159411
DAILY MAIL TST        DGW GR         -139060248.4   3723159411
DAILY MAIL TST        DMTOF US       -139060248.4   3723159411
DAILY MAIL TST        DMGO VX        -139060248.4   3723159411
DAILY MAIL TST        DMGO IX        -139060248.4   3723159411
DAILY MAIL TST A      DMGTUSD EU     -139060248.4   3723159411
DAILY MAIL TST A      DMTGF US       -139060248.4   3723159411
DAILY MAIL TST A      DMGT VX        -139060248.4   3723159411
DAILY MAIL TST A      DMGT EB        -139060248.4   3723159411
DAILY MAIL TST A      DMGT NR        -139060248.4   3723159411
DAILY MAIL TST A      DMGT LN        -139060248.4   3723159411
DAILY MAIL TST A      DMGT EU        -139060248.4   3723159411
DAILY MAIL TST A      DMGTGBP EO     -139060248.4   3723159411
DAILY MAIL TST A      DMGT QM        -139060248.4   3723159411
DAILY MAIL TST A      DMGT NQ        -139060248.4   3723159411
DAILY MAIL TST A      DMGT PO        -139060248.4   3723159411
DAILY MAIL TST A      DMGTEUR EU     -139060248.4   3723159411
DAILY MAIL TST A      DMGTEUR EO     -139060248.4   3723159411
DAILY MAIL TST A      DMGT TQ        -139060248.4   3723159411
DAILY MAIL TST A      DMGT IX        -139060248.4   3723159411
DAILY MAIL TST A      DMGTUSD EO     -139060248.4   3723159411
DAILY MAIL TST A      DMGT BQ        -139060248.4   3723159411
DAILY MAIL TST A      DGW1 GR        -139060248.4   3723159411
DAILY MAIL TST A      DMGT EO        -139060248.4   3723159411
DAILY MAIL TST A      DMGT PZ        -139060248.4   3723159411
DANKA BUS SYSTEM      DNK LN           -497127008    121439000
DANKA BUS SYSTEM      DNK PZ           -497127008    121439000
DANKA BUS SYSTEM      3205287Q EU      -497127008    121439000
DANKA BUS SYSTEM      DNK IX           -497127008    121439000
DANKA BUS SYSTEM      3205283Q EO      -497127008    121439000
DANKA BUS SYSTEM      3205291Q EO      -497127008    121439000
DANKA BUS SYSTEM      DANKF US         -497127008    121439000
DANKA BUS SYSTEM      DNK VX           -497127008    121439000
DANKA BUS SYSTEM      DNK PO           -497127008    121439000
DANKA BUS-$US CE      DANKD AR         -497127008    121439000
DANKA BUS-ADR         DANKE US         -497127008    121439000
DANKA BUS-ADR         AP39 LI          -497127008    121439000
DANKA BUS-ADR         DB6 GR           -497127008    121439000
DANKA BUS-ADR         DANKY US         -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
DE LA RUE PLC         DLAREUR EO     -49140782.93  785933430.9
DE LA RUE PLC         DLARCHF EU     -49140782.93  785933430.9
DE LA RUE PLC         DLAR LN        -49140782.93  785933430.9
DE LA RUE PLC         DELRF US       -49140782.93  785933430.9
DE LA RUE PLC         DLAR QM        -49140782.93  785933430.9
DE LA RUE PLC         DLAR EO        -49140782.93  785933430.9
DE LA RUE PLC         DLAR NQ        -49140782.93  785933430.9
DE LA RUE PLC         DL1A GR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR EB        -49140782.93  785933430.9
DE LA RUE PLC         DLAR PZ        -49140782.93  785933430.9
DE LA RUE PLC         DLAR IX        -49140782.93  785933430.9
DE LA RUE PLC         DLRUF US       -49140782.93  785933430.9
DE LA RUE PLC         DLAR BQ        -49140782.93  785933430.9
DE LA RUE PLC         DLARCHF EO     -49140782.93  785933430.9
DE LA RUE PLC         DLAREUR EU     -49140782.93  785933430.9
DE LA RUE PLC         DLARUSD EU     -49140782.93  785933430.9
DE LA RUE PLC         DL1B GR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR NR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR VX        -49140782.93  785933430.9
DE LA RUE PLC         DLAR TQ        -49140782.93  785933430.9
DE LA RUE PLC         DLAR EU        -49140782.93  785933430.9
DE LA RUE PLC         DLARGBP EO     -49140782.93  785933430.9
DE LA RUE PLC         DL1 GR         -49140782.93  785933430.9
DE LA RUE PLC         DLARUSD EO     -49140782.93  785933430.9
DE LA RUE PLC         DL1C GR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR PO        -49140782.93  785933430.9
DE LA RUE PLC         DLARF US       -49140782.93  785933430.9
DE LA RUE-ADR         DERUY US       -49140782.93  785933430.9
DE LA RUE-ADR         DLUEY US       -49140782.93  785933430.9
DE LA RUE-PREF        3115438Q EU    -49140782.93  785933430.9
DE LA RUE-PREF        DLAP PZ        -49140782.93  785933430.9
DE LA RUE-PREF        DLAP LN        -49140782.93  785933430.9
EASYNET GROUP         EZNGF US       -60380609.34  334049332.2
EASYNET GROUP         ESY LN         -60380609.34  334049332.2
EASYNET GROUP         EAY GR         -60380609.34  334049332.2
EASYNET GROUP         ESY VX         -60380609.34  334049332.2
EASYNET GROUP         ESY PO         -60380609.34  334049332.2
EASYNET GROUP-CV      91009Z LN      -60380609.34  334049332.2
EMI GROUP -ASSD       EMIA LN         -2265916257   2950021937
EMI GROUP LTD         EMI LN          -2265916257   2950021937
EMI GROUP PLC         EMI IX          -2265916257   2950021937
EMI GROUP PLC         EMI PO          -2265916257   2950021937
EMI GROUP PLC         3020138Q GR     -2265916257   2950021937
EMI GROUP PLC         EMI VX          -2265916257   2950021937
EMI GROUP PLC         EMIPF US        -2265916257   2950021937
EMI GROUP PLC-B       1019425Q LN     -2265916257   2950021937
EMI GROUP-ADR         EMIPY US        -2265916257   2950021937
EMI GROUP-ADR         38IS LN         -2265916257   2950021937
EMI GROUP-ADR         EMI$ LN         -2265916257   2950021937
EUROPEAN HOME         EHREUR EO      -14328735.16  110864081.4
EUROPEAN HOME         EHREUR EU      -14328735.16  110864081.4
EUROPEAN HOME         EHRGBP EO      -14328735.16  110864081.4
EUROPEAN HOME         FPAKF US       -14328735.16  110864081.4
EUROPEAN HOME         EHR EU         -14328735.16  110864081.4
EUROPEAN HOME         KLZ VX         -14328735.16  110864081.4
EUROPEAN HOME         KLZ PO         -14328735.16  110864081.4
EUROPEAN HOME         EHR PO         -14328735.16  110864081.4
EUROPEAN HOME         EHR LN         -14328735.16  110864081.4
EUROPEAN HOME         EHR PZ         -14328735.16  110864081.4
EUROPEAN HOME         EHR VX         -14328735.16  110864081.4
EUROPEAN HOME         EHR EO         -14328735.16  110864081.4
EUROPEAN MINERAL      EPM CN           -123563000    104843000
EUROPEAN MINERAL      EUM LN           -123563000    104843000
EUROPEAN MINERAL      EPMLF US         -123563000    104843000
EUROPEAN MINERAL      EPM/U CN         -123563000    104843000
EUROPEAN MINERAL      EUM PO           -123563000    104843000
FAREPAK PLC           FPK LN         -14328735.16  110864081.4
FARNELL ELEC-ADR      FRN$ LN        -53758146.86  722693619.5
FARNELL ELEC-ADR      FRNZ LN        -53758146.86  722693619.5
FARNELL ELEC-RFD      FRNR LN        -53758146.86  722693619.5
FARNELL ELECTRON      FRNL LN        -53758146.86  722693619.5
GALIFORM PLC          GFRM NQ        -116415877.1  612420067.1
GALIFORM PLC          GFRM NR        -116415877.1  612420067.1
GALIFORM PLC          MFI PO         -116415877.1  612420067.1
GALIFORM PLC          GFRM TQ        -116415877.1  612420067.1
GALIFORM PLC          MFI IX         -116415877.1  612420067.1
GALIFORM PLC          GFRM LN        -116415877.1  612420067.1
GALIFORM PLC          GFRM QM        -116415877.1  612420067.1
GALIFORM PLC          GFRMGBP EO     -116415877.1  612420067.1
GALIFORM PLC          GLFMF US       -116415877.1  612420067.1
GALIFORM PLC          GFRM IX        -116415877.1  612420067.1
GALIFORM PLC          GFRM PO        -116415877.1  612420067.1
GALIFORM PLC          GFRM VX        -116415877.1  612420067.1
GALIFORM PLC          GFRM EB        -116415877.1  612420067.1
GALIFORM PLC          GFRM BQ        -116415877.1  612420067.1
GALIFORM PLC          GFRM EU        -116415877.1  612420067.1
GALIFORM PLC          MFI VX         -116415877.1  612420067.1
GALIFORM PLC          GFRMEUR EO     -116415877.1  612420067.1
GALIFORM PLC          GFRMNOK EO     -116415877.1  612420067.1
GALIFORM PLC          GFRMEUR EU     -116415877.1  612420067.1
GALIFORM PLC          GFRM PZ        -116415877.1  612420067.1
GALIFORM PLC          GFRMNOK EU     -116415877.1  612420067.1
GALIFORM PLC          MFIFF US       -116415877.1  612420067.1
GALIFORM PLC          GFRM EO        -116415877.1  612420067.1
GARTLAND WHALLEY      GWB LN         -10986769.42  145352034.5
GARTMORE GROUP        GRT3USD EU     -197233258.3  975283243.9
GARTMORE GROUP        GRT LN         -197233258.3  975283243.9
GARTMORE GROUP        GRT3USD EO     -197233258.3  975283243.9
GARTMORE GROUP        G8T GR         -197233258.3  975283243.9
GARTMORE GROUP        GRT3GBP EO     -197233258.3  975283243.9
GARTMORE GROUP        GRT3 EU        -197233258.3  975283243.9
GARTMORE GROUP        GRT3 EO        -197233258.3  975283243.9
GO-AHEAD GROUP        GHGUF US       -15712050.26   1619995130
GO-AHEAD GROUP        GOG EO         -15712050.26   1619995130
GO-AHEAD GROUP        G9X GR         -15712050.26   1619995130
GO-AHEAD GROUP        GOGEUR EU      -15712050.26   1619995130
GO-AHEAD GROUP        GOG QM         -15712050.26   1619995130
GO-AHEAD GROUP        GOG TQ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG IX         -15712050.26   1619995130
GO-AHEAD GROUP        GOG EB         -15712050.26   1619995130
GO-AHEAD GROUP        GOG NQ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG PZ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG PO         -15712050.26   1619995130
GO-AHEAD GROUP        GOGGBP EO      -15712050.26   1619995130
GO-AHEAD GROUP        GOG BQ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG VX         -15712050.26   1619995130
GO-AHEAD GROUP        GOG LN         -15712050.26   1619995130
GO-AHEAD GROUP        GOG EU         -15712050.26   1619995130
GO-AHEAD GROUP        GOG NR         -15712050.26   1619995130
GO-AHEAD GROUP        GOGEUR EO      -15712050.26   1619995130
GREEN (E) & PART      GEP LN         -27530263.14    313453511
HAWTIN PLC            HTI LN         -3873861.331  110875080.8
HAWTIN PLC            HTI PO         -3873861.331  110875080.8
HAWTIN PLC            HTI EU         -3873861.331  110875080.8
HAWTIN PLC            HTI PG         -3873861.331  110875080.8
HAWTIN PLC            HWN GR         -3873861.331  110875080.8
HAWTIN PLC            HTI VX         -3873861.331  110875080.8
HAWTIN PLC            HTI IX         -3873861.331  110875080.8
HAWTIN PLC            HTI EO         -3873861.331  110875080.8
HAWTIN PLC            HTI PZ         -3873861.331  110875080.8
HILTON G-CRT OLD      HIGT BB          -547740614   1922113569
HILTON GROUP PLC      HG/ LN           -547740614   1922113569
HILTON GROUP PLC      HLTGF US         -547740614   1922113569
HILTON GROUP PLC      HG PO            -547740614   1922113569
HILTON GROUP-ADR      HLTGY US         -547740614   1922113569
HILTON GROUP-CER      HG BB            -547740614   1922113569
HILTON GROUP-CRT      HIG BB           -547740614   1922113569
HOGG ROBINSON GR      HOGGF US          -11371715  739481804.8
HOGG ROBINSON GR      HRG EO            -11371715  739481804.8
HOGG ROBINSON GR      HRG EU            -11371715  739481804.8
HOGG ROBINSON GR      HRGEUR EO         -11371715  739481804.8
HOGG ROBINSON GR      HRG PZ            -11371715  739481804.8
HOGG ROBINSON GR      HRG VX            -11371715  739481804.8
HOGG ROBINSON GR      HRG LN            -11371715  739481804.8
HOGG ROBINSON GR      HRG IX            -11371715  739481804.8
HOGG ROBINSON GR      HRGGBP EO         -11371715  739481804.8
HOGG ROBINSON GR      HRGEUR EU         -11371715  739481804.8
HOGG ROBINSON GR      DQX GR            -11371715  739481804.8
INTERCONTIN-ADR       IHG US            -39000000   2911000064
INTERCONTIN-ADR       IHG-W US          -39000000   2911000064
INTERCONTIN-ADR       IHGA LN           -39000000   2911000064
INTERCONTINENTAL      IC1B GR           -39000000   2911000064
INTERCONTINENTAL      IHG LN            -39000000   2911000064
INTERCONTINENTAL      IHGUSD EO         -39000000   2911000064
INTERCONTINENTAL      IHGGBP EO         -39000000   2911000064
INTERCONTINENTAL      IHGEUR EO         -39000000   2911000064
INTERCONTINENTAL      IHG EO            -39000000   2911000064
INTERCONTINENTAL      IHGOF US          -39000000   2911000064
INTERCONTINENTAL      IHG PO            -39000000   2911000064
INTERCONTINENTAL      ICHGF US          -39000000   2911000064
INTERCONTINENTAL      IHG NQ            -39000000   2911000064
INTERCONTINENTAL      IC1C GR           -39000000   2911000064
INTERCONTINENTAL      IHG QM            -39000000   2911000064
INTERCONTINENTAL      IHG VX            -39000000   2911000064
INTERCONTINENTAL      988082Q GR        -39000000   2911000064
INTERCONTINENTAL      IHG TQ            -39000000   2911000064
INTERCONTINENTAL      IHG EB            -39000000   2911000064
INTERCONTINENTAL      IHG IX            -39000000   2911000064
INTERCONTINENTAL      IHGUSD EU         -39000000   2911000064
INTERCONTINENTAL      IC1 GR            -39000000   2911000064
INTERCONTINENTAL      IHGCHF EU         -39000000   2911000064
INTERCONTINENTAL      IHG EU            -39000000   2911000064
INTERCONTINENTAL      IHGCHF EO         -39000000   2911000064
INTERCONTINENTAL      IC1A GR           -39000000   2911000064
INTERCONTINENTAL      IHG BQ            -39000000   2911000064
INTERCONTINENTAL      IHGEUR EU         -39000000   2911000064
INTERCONTINENTAL      IHG PZ            -39000000   2911000064
INTERCONTINENTAL      IHG NR            -39000000   2911000064
INTERCONTINENTAL      INCNF US          -39000000   2911000064
JARVIS PLC            JRVS LN        -64739862.73    130951086
JARVIS PLC            JRVS EU        -64739862.73    130951086
JARVIS PLC            JRVS IX        -64739862.73    130951086
JARVIS PLC            JVSPF US       -64739862.73    130951086
JARVIS PLC            JRVS PO        -64739862.73    130951086
JARVIS PLC            JRVSEUR EU     -64739862.73    130951086
JARVIS PLC            JRVS PZ        -64739862.73    130951086
JARVIS PLC            JVR GR         -64739862.73    130951086
JARVIS PLC            JRVS VX        -64739862.73    130951086
JARVIS PLC            JRVS EO        -64739862.73    130951086
JARVIS PLC            JRVSGBP EO     -64739862.73    130951086
JARVIS PLC            JRVSEUR EO     -64739862.73    130951086
JESSOPS PLC           JSPEUR EO       -42702021.2  112964060.4
JESSOPS PLC           JSPGBP EO       -42702021.2  112964060.4
JESSOPS PLC           JS4 GR          -42702021.2  112964060.4
JESSOPS PLC           JSP EU          -42702021.2  112964060.4
JESSOPS PLC           JSP EO          -42702021.2  112964060.4
JESSOPS PLC           JSP LN          -42702021.2  112964060.4
JESSOPS PLC           JSP VX          -42702021.2  112964060.4
JESSOPS PLC           JSP PZ          -42702021.2  112964060.4
JESSOPS PLC           JSP PO          -42702021.2  112964060.4
JESSOPS PLC           JSPEUR EU       -42702021.2  112964060.4
JESSOPS PLC           JSP IX          -42702021.2  112964060.4
KAZAKHSTAN MNRLS      KMC/U CN         -123563000    104843000
KAZAKHSTAN MNRLS      KMCO CN          -123563000    104843000
KAZAKHSTAN MNRLS      KMCOF US         -123563000    104843000
KAZAKHSTAN MNRLS      KMCO/U CN        -123563000    104843000
KLEENEZE PLC          KLZ LN         -14328735.16  110864081.4
LADBROKE GROUP        LADB LN          -547740614   1922113569
LADBROKE GRP-IDR      695767Q BB       -547740614   1922113569
LADBROKE GRP-OLD      LADB BB          -547740614   1922113569
LADBROKES - FPR       LADF PZ          -547740614   1922113569
LADBROKES - FPR       LADF LN          -547740614   1922113569
LADBROKES PLC         LAD QM           -547740614   1922113569
LADBROKES PLC         LAD EO           -547740614   1922113569
LADBROKES PLC         LADEUR EO        -547740614   1922113569
LADBROKES PLC         LAD LN           -547740614   1922113569
LADBROKES PLC         LADEUR EU        -547740614   1922113569
LADBROKES PLC         LAD BQ           -547740614   1922113569
LADBROKES PLC         LAD NR           -547740614   1922113569
LADBROKES PLC         HG/ VX           -547740614   1922113569
LADBROKES PLC         LADGBP EO        -547740614   1922113569
LADBROKES PLC         LADNZD EO        -547740614   1922113569
LADBROKES PLC         LADUSD EO        -547740614   1922113569
LADBROKES PLC         LAD PZ           -547740614   1922113569
LADBROKES PLC         LAD PO           -547740614   1922113569
LADBROKES PLC         LDBKF US         -547740614   1922113569
LADBROKES PLC         LAD EB           -547740614   1922113569
LADBROKES PLC         LAD TQ           -547740614   1922113569
LADBROKES PLC         LAD IX           -547740614   1922113569
LADBROKES PLC         LADNZD EU        -547740614   1922113569
LADBROKES PLC         LAD GR           -547740614   1922113569
LADBROKES PLC         LAD VX           -547740614   1922113569
LADBROKES PLC         LAD NQ           -547740614   1922113569
LADBROKES PLC         LAD EU           -547740614   1922113569
LADBROKES PLC-AD      LDBKY US         -547740614   1922113569
LADBROKES PLC-AD      LDBKY LN         -547740614   1922113569
LADBROKES PLC-CE      LAD BB           -547740614   1922113569
LADBROKES PLC-NP      LADN LN          -547740614   1922113569
LADBROKES PLC-NP      LADN PZ          -547740614   1922113569
LAMBERT FENCHURC      LMF LN         -1453050.041   1826806853
LEEDS SPORTING        LES LN          -73166148.8  143762193.7
LEEDS SPORTING        LEDPF US        -73166148.8  143762193.7
LEEDS UNITED PLC      889687Q GR      -73166148.8  143762193.7
LEEDS UNITED PLC      LDSUF US        -73166148.8  143762193.7
LEEDS UNITED PLC      LUFC LN         -73166148.8  143762193.7
LONDON TOWN PLC       LTWR LN        -21897636.36  175672299.2
LONDON TOWN PLC       LTW PG         -21897636.36  175672299.2
LONDON TOWN PLC       LTW EO         -21897636.36  175672299.2
LONDON TOWN PLC       LTWX LN        -21897636.36  175672299.2
LONDON TOWN PLC       LTW LN         -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       LTW PO         -21897636.36  175672299.2
LONDON TOWN PLC       LOU GR         -21897636.36  175672299.2
LONDON TOWN PLC       LTW EU         -21897636.36  175672299.2
M 2003 PLC            203055Q LN      -2203513803   7204891602
M 2003 PLC            MTWOF US        -2203513803   7204891602
M 2003 PLC-ADR        MTWOE US        -2203513803   7204891602
M 2003 PLC-ADR        MTWOY US        -2203513803   7204891602
MARCONI PLC           MNI BB          -2203513803   7204891602
MARCONI PLC           MONI BB         -2203513803   7204891602
MARCONI PLC           MY2 GR          -2203513803   7204891602
MARCONI PLC           203083Q VX      -2203513803   7204891602
MARCONI PLC           MNI LN          -2203513803   7204891602
MARCONI PLC           MRCQF US        -2203513803   7204891602
MARCONI PLC-ADR       MCBA GR         -2203513803   7204891602
MARCONI PLC-ADR       MONIE US        -2203513803   7204891602
MARCONI PLC-ADR       MONI US         -2203513803   7204891602
MARCONI PLC-ADR       MY2A GR         -2203513803   7204891602
MARCONI PLC-ADR       QUQMON AU       -2203513803   7204891602
MARCONI PLC-ADR       MCONY US        -2203513803   7204891602
MARCONI PLC-ADR       MONIY US        -2203513803   7204891602
MARCONI PLC-ADR       MRCQY US        -2203513803   7204891602
MFI FURNITURE GR      MFI LN         -116415877.1  612420067.1
MINERVA PLC           MNR EO         -76016914.25   1319730523
MINERVA PLC           MNR LN         -76016914.25   1319730523
MINERVA PLC           MNR PO         -76016914.25   1319730523
MINERVA PLC           MNVAF US       -76016914.25   1319730523
MINERVA PLC           MNR EU         -76016914.25   1319730523
MINERVA PLC           MNR IX         -76016914.25   1319730523
MINERVA PLC           MNR PZ         -76016914.25   1319730523
MINERVA PLC           MNRA LN        -76016914.25   1319730523
MINERVA PLC           MNRGBP EO      -76016914.25   1319730523
MINERVA PLC           MNR NR         -76016914.25   1319730523
MINERVA PLC           MNREUR EO      -76016914.25   1319730523
MINERVA PLC           M7E GR         -76016914.25   1319730523
MINERVA PLC           MNREUR EU      -76016914.25   1319730523
MINERVA PLC           MNR TQ         -76016914.25   1319730523
MINERVA PLC           MNR VX         -76016914.25   1319730523
MINERVA PLC-NP        MNRN LN        -76016914.25   1319730523
MYTRAVEL GROUP        MYTPF US       -379721841.6   1817512774
MYTRAVEL GROUP        MT/S LN        -379721841.6   1817512774
MYTRAVEL GROUP        MT IX          -379721841.6   1817512774
MYTRAVEL GROUP        ARO2 GR        -379721841.6   1817512774
MYTRAVEL GROUP        MT/S PO        -379721841.6   1817512774
MYTRAVEL GROUP        MT/S VX        -379721841.6   1817512774
MYTRAVEL GROUP P      MT/ VX         -379721841.6   1817512774
MYTRAVEL GROUP P      1018144Q GR    -379721841.6   1817512774
MYTRAVEL GROUP P      MYTGF US       -379721841.6   1817512774
MYTRAVEL GROUP-A      2281919Q GR    -379721841.6   1817512774
MYTRAVEL GROUP-A      MYTVF US       -379721841.6   1817512774
NEW STAR ASSET        NSAM IX          -397718038  292972732.1
NEW STAR ASSET        NSAM PZ          -397718038  292972732.1
NEW STAR ASSET        N6S GR           -397718038  292972732.1
NEW STAR ASSET        3226447Q EO      -397718038  292972732.1
NEW STAR ASSET        3226431Q EU      -397718038  292972732.1
NEW STAR ASSET        3226439Q EU      -397718038  292972732.1
NEW STAR ASSET        NSAM PO          -397718038  292972732.1
NEW STAR ASSET        3226443Q EO      -397718038  292972732.1
NEW STAR ASSET        NSAM LN          -397718038  292972732.1
NEW STAR ASSET        3226435Q EO      -397718038  292972732.1
NEW STAR ASSET        NWSAF US         -397718038  292972732.1
NEW STAR ASSET        NSAM TQ          -397718038  292972732.1
NEW STAR ASSET        NSAA LN          -397718038  292972732.1
ORANGE PLC            ORNGF US         -593935051   2902299502
ORANGE PLC            951641Q LN       -593935051   2902299502
ORANGE PLC            1460Q GR         -593935051   2902299502
ORANGE PLC-ADR        ORNGY US         -593935051   2902299502
ORANGE PLC-ADR        ONG GR           -593935051   2902299502
ORANGE PLC-ADR        ORA$ LN          -593935051   2902299502
ORBIS PLC             OBG PO         -4168498.479  127701679.5
ORBIS PLC             RLP GR         -4168498.479  127701679.5
ORBIS PLC             ORBSF US       -4168498.479  127701679.5
ORBIS PLC             OBS LN         -4168498.479  127701679.5
ORBIS PLC             OBS PO         -4168498.479  127701679.5
ORBIS PLC             OBS PZ         -4168498.479  127701679.5
ORBIS PLC             OBS IX         -4168498.479  127701679.5
ORSU METALS CORP      OSU PG           -123563000    104843000
ORSU METALS CORP      ORSM007* RU      -123563000    104843000
ORSU METALS CORP      EUM IX           -123563000    104843000
ORSU METALS CORP      OSUGBX EO        -123563000    104843000
ORSU METALS CORP      OSUMF US         -123563000    104843000
ORSU METALS CORP      OSU LN           -123563000    104843000
ORSU METALS CORP      OSU PZ           -123563000    104843000
ORSU METALS CORP      ORSUF US         -123563000    104843000
ORSU METALS CORP      E4M GR           -123563000    104843000
ORSU METALS CORP      ORSM007 RU       -123563000    104843000
ORSU METALS CORP      OSU CN           -123563000    104843000
ORSU METALS CORP      EPMCF US         -123563000    104843000
ORSU METALS CORP      E4M1 GR          -123563000    104843000
PARK FOOD GROUP       PKFD LN        -52867263.19  185089877.3
PARK GROUP PLC        PKG VX         -52867263.19  185089877.3
PARK GROUP PLC        PKGGBP EO      -52867263.19  185089877.3
PARK GROUP PLC        PKG PO         -52867263.19  185089877.3
PARK GROUP PLC        PRKG IX        -52867263.19  185089877.3
PARK GROUP PLC        PKG LN         -52867263.19  185089877.3
PARK GROUP PLC        PKG PZ         -52867263.19  185089877.3
PARK GROUP PLC        PKG EO         -52867263.19  185089877.3
PARK GROUP PLC        PRKGF US       -52867263.19  185089877.3
PARK GROUP PLC        PKG EU         -52867263.19  185089877.3
PATIENTLINE PLC       PTL PO         -54677284.64  124948245.8
PATIENTLINE PLC       2928903Q EU    -54677284.64  124948245.8
PATIENTLINE PLC       PTL LN         -54677284.64  124948245.8
PATIENTLINE PLC       PTL VX         -54677284.64  124948245.8
PATIENTLINE PLC       2928899Q EO    -54677284.64  124948245.8
PATIENTLINE PLC       2928907Q EO    -54677284.64  124948245.8
PATIENTLINE PLC       PTL IX         -54677284.64  124948245.8
PATIENTLINE PLC       PTL PZ         -54677284.64  124948245.8
PREMIER FARN-ADR      2246804Q US    -53758146.86  722693619.5
PREMIER FARN-ADR      PFLZ LN        -53758146.86  722693619.5
PREMIER FARN-ADR      PIFLY US       -53758146.86  722693619.5
PREMIER FARNELL       PFL BQ         -53758146.86  722693619.5
PREMIER FARNELL       PFL EU         -53758146.86  722693619.5
PREMIER FARNELL       PFL NR         -53758146.86  722693619.5
PREMIER FARNELL       PFL VX         -53758146.86  722693619.5
PREMIER FARNELL       PFL NQ         -53758146.86  722693619.5
PREMIER FARNELL       PFL QM         -53758146.86  722693619.5
PREMIER FARNELL       PFLGBP EO      -53758146.86  722693619.5
PREMIER FARNELL       PML GR         -53758146.86  722693619.5
PREMIER FARNELL       PFLEUR EU      -53758146.86  722693619.5
PREMIER FARNELL       PFL PZ         -53758146.86  722693619.5
PREMIER FARNELL       PFL IX         -53758146.86  722693619.5
PREMIER FARNELL       PFL EO         -53758146.86  722693619.5
PREMIER FARNELL       PFL LN         -53758146.86  722693619.5
PREMIER FARNELL       PFLEUR EO      -53758146.86  722693619.5
PREMIER FARNELL       PFL EB         -53758146.86  722693619.5
PREMIER FARNELL       PFLUSD EO      -53758146.86  722693619.5
PREMIER FARNELL       PFLSEK EU      -53758146.86  722693619.5
PREMIER FARNELL       PIFLF US       -53758146.86  722693619.5
PREMIER FARNELL       PFL PO         -53758146.86  722693619.5
PREMIER FARNELL       PFL TQ         -53758146.86  722693619.5
PREMIER FARNELL       PFLSEK EO      -53758146.86  722693619.5
PREMIER FARNELL       PFLUSD EU      -53758146.86  722693619.5
PROSTRAKAN GROUP      PSK LN         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK IX         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSKEUR EO      -1646349.907  143067806.9
PROSTRAKAN GROUP      PKNGF US       -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK EO         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK VX         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK PO         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK PZ         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK EU         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSKGBP EO      -1646349.907  143067806.9
PROSTRAKAN GROUP      PSKEUR EU      -1646349.907  143067806.9
REAL ESTATE OP-O      REO EU         -145048365.8   2933767507
REAL ESTATE OP-O      REO IX         -145048365.8   2933767507
REAL ESTATE OP-O      REOGBP EO      -145048365.8   2933767507
REAL ESTATE OP-O      REO EO         -145048365.8   2933767507
REAL ESTATE OP-O      REO ID         -145048365.8   2933767507
REAL ESTATE OP-O      REA GR         -145048365.8   2933767507
REAL ESTATE OP-O      REO LN         -145048365.8   2933767507
REAL ESTATE OP-O      REO PZ         -145048365.8   2933767507
REAL ESTATE OP-O      REO VX         -145048365.8   2933767507
REGUS LTD             273187Q LN     -46111835.37    367181111
REGUS PLC             2296Z LN       -46111835.37    367181111
REGUS PLC             REGSF US       -46111835.37    367181111
REGUS PLC             273195Q VX     -46111835.37    367181111
REGUS PLC             RGU GR         -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 QM         -351331070.1   3368925867
RENTOKIL INITIAL      RTO PO         -351331070.1   3368925867
RENTOKIL INITIAL      RTO1 GR        -351331070.1   3368925867
RENTOKIL INITIAL      RTOUSD EU      -351331070.1   3368925867
RENTOKIL INITIAL      RTO VX         -351331070.1   3368925867
RENTOKIL INITIAL      RTO EU         -351331070.1   3368925867
RENTOKIL INITIAL      RTOG IX        -351331070.1   3368925867
RENTOKIL INITIAL      RTOKF US       -351331070.1   3368925867
RENTOKIL INITIAL      RTO BQ         -351331070.1   3368925867
RENTOKIL INITIAL      RTO GR         -351331070.1   3368925867
RENTOKIL INITIAL      RTOUSD EO      -351331070.1   3368925867
RENTOKIL INITIAL      RTO IX         -351331070.1   3368925867
RENTOKIL INITIAL      RTO TQ         -351331070.1   3368925867
RENTOKIL INITIAL      RTO NR         -351331070.1   3368925867
RENTOKIL INITIAL      RKLIF US       -351331070.1   3368925867
RENTOKIL INITIAL      RTO EO         -351331070.1   3368925867
RENTOKIL INITIAL      RTOEUR EU      -351331070.1   3368925867
RENTOKIL INITIAL      RTO PZ         -351331070.1   3368925867
RENTOKIL INITIAL      RTO EB         -351331070.1   3368925867
RENTOKIL INITIAL      RTOEUR EO      -351331070.1   3368925867
RENTOKIL INITIAL      RTO LN         -351331070.1   3368925867
RENTOKIL INITIAL      RTOGBP EO      -351331070.1   3368925867
RENTOKIL INITIAL      RTO NQ         -351331070.1   3368925867
RENTOKIL-SP ADR       AP76 LI        -351331070.1   3368925867
RENTOKIL-SP ADR       RTOKY US       -351331070.1   3368925867
SAATCHI & SA-ADR      SSI$ LN        -119260804.2  705060824.5
SAATCHI & SA-ADR      SSA US         -119260804.2  705060824.5
SAATCHI & SAATCH      SSI LN         -119260804.2  705060824.5
SAATCHI & SAATCH      188190Q GR     -119260804.2  705060824.5
SAATCHI & SAATCH      SSATF US       -119260804.2  705060824.5
SCOTTISH MEDIA        SSMR LN        -49061227.23    212049868
SCOTTISH MEDIA        SSM LN         -49061227.23    212049868
SCOTTISH MEDIA        1442Q GR       -49061227.23    212049868
SCOTTISH TELEV        SCTVF US       -49061227.23    212049868
SETON HEALTHCARE      2290Z LN       -10585179.82  156822902.8
SFI GROUP PLC         SUF LN         -108067115.8  177647536.1
SFI GROUP PLC         SUYFF US       -108067115.8  177647536.1
SKYEPHARMA PLC        SKP TQ         -134177517.4  149159301.6
SKYEPHARMA PLC        SKYEF US       -134177517.4  149159301.6
SKYEPHARMA PLC        SKP EO         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP PZ         -134177517.4  149159301.6
SKYEPHARMA PLC        SKPEUR EO      -134177517.4  149159301.6
SKYEPHARMA PLC        SKPGBP EO      -134177517.4  149159301.6
SKYEPHARMA PLC        SKPEUR EU      -134177517.4  149159301.6
SKYEPHARMA PLC        SKP LN         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP VX         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP IX         -134177517.4  149159301.6
SKYEPHARMA PLC        SK8C GR        -134177517.4  149159301.6
SKYEPHARMA PLC        SKP EU         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP PO         -134177517.4  149159301.6
SKYEPHARMA PLC        SK8A GR        -134177517.4  149159301.6
SKYEPHARMA PLC        SKP1 VX        -134177517.4  149159301.6
SKYEPHARMA -SUB       2976665Z LN    -134177517.4  149159301.6
SKYEPHARMA-ADR        SKYE US        -134177517.4  149159301.6
SKYEPHARMA-ADR        SK8 GR         -134177517.4  149159301.6
SKYEPHARMA-ADR        AP80 LI        -134177517.4  149159301.6
SKYEPHARMA-ADR        SKYPY US       -134177517.4  149159301.6
SKYEPHARMA-ADR        SKYEY US       -134177517.4  149159301.6
SKYEPHARMA-ADR        SK8N GR        -134177517.4  149159301.6
SKYEPHAR-RTS F/P      SKPF LN        -134177517.4  149159301.6
SKYEPHAR-RTS F/P      SKPF VX        -134177517.4  149159301.6
SKYEPHAR-RTS N/P      SKPN VX        -134177517.4  149159301.6
SKYEPHAR-RTS N/P      SKPN LN        -134177517.4  149159301.6
SMG PLC               SMG PO         -49061227.23    212049868
SMG PLC               SMG LN         -49061227.23    212049868
SMG PLC-FUL PAID      SMGF LN        -49061227.23    212049868
SMG PLC-NIL PAID      SMGN LN        -49061227.23    212049868
SMITHS NEWS PLC       NWS IX         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2 TQ        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1 EO        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC       SMWPY US       -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1 EU        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1 BQ        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS LN         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2EUR EU     -111380853.7  310693960.2
SMITHS NEWS PLC       NWS VX         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS PZ         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS PO         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2EUR EO     -111380853.7  310693960.2
SMITHS NEWS PLC       SMWPF US       -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2 EU        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2 EO        -111380853.7  310693960.2
STAGECOACH GROUP      SGC1 EU        -113434621.8   2507562892
STAGECOACH GROUP      SGC1 NR        -113434621.8   2507562892
STAGECOACH GROUP      SGCG PZ        -113434621.8   2507562892
STAGECOACH GROUP      SGC1AUD EO     -113434621.8   2507562892
STAGECOACH GROUP      SGC1 TQ        -113434621.8   2507562892
STAGECOACH GROUP      SGC PO         -113434621.8   2507562892
STAGECOACH GROUP      SGC1 EO        -113434621.8   2507562892
STAGECOACH GROUP      SGC1 QM        -113434621.8   2507562892
STAGECOACH GROUP      SGC1EUR EU     -113434621.8   2507562892
STAGECOACH GROUP      SGC1 BQ        -113434621.8   2507562892
STAGECOACH GROUP      SGC1EUR EO     -113434621.8   2507562892
STAGECOACH GROUP      SGC1AUD EU     -113434621.8   2507562892
STAGECOACH GROUP      SGC1USD EO     -113434621.8   2507562892
STAGECOACH GROUP      SHP4 GR        -113434621.8   2507562892
STAGECOACH GROUP      SGC IX         -113434621.8   2507562892
STAGECOACH GROUP      SGC1 EB        -113434621.8   2507562892
STAGECOACH GROUP      SGC LN         -113434621.8   2507562892
STAGECOACH GROUP      SGC1 NQ        -113434621.8   2507562892
STAGECOACH GROUP      SGC2 VX        -113434621.8   2507562892
STAGECOACH GROUP      SGC1GBP EO     -113434621.8   2507562892
STAGECOACH GROUP      SGC1USD EU     -113434621.8   2507562892
STAGECOACH GROUP      SHP GR         -113434621.8   2507562892
STAGECOACH GROUP      SAGKF US       -113434621.8   2507562892
STAGECOACH GRP-B      SGCB LN        -113434621.8   2507562892
STAGECOACH-NEW        SGCN LN        -113434621.8   2507562892
STV GROUP PLC         SMG PZ         -49061227.23    212049868
STV GROUP PLC         STVGGBP EO     -49061227.23    212049868
STV GROUP PLC         STVGEUR EU     -49061227.23    212049868
STV GROUP PLC         SMG IX         -49061227.23    212049868
STV GROUP PLC         STVG LN        -49061227.23    212049868
STV GROUP PLC         STVG VX        -49061227.23    212049868
STV GROUP PLC         SMGPF US       -49061227.23    212049868
STV GROUP PLC         SMG VX         -49061227.23    212049868
STV GROUP PLC         STVG EU        -49061227.23    212049868
STV GROUP PLC         STVG EO        -49061227.23    212049868
STV GROUP PLC         STVGEUR EO     -49061227.23    212049868
TELEWEST COM-ADR      TWT$ LN         -3702234581   7581020925
TELEWEST COM-ADR      940767Q GR      -3702234581   7581020925
TELEWEST COM-ADR      TWSTD US        -3702234581   7581020925
TELEWEST COM-ADR      TWSTY US        -3702234581   7581020925
TELEWEST COMM         715382Q LN      -3702234581   7581020925
TELEWEST COMM         604296Q GR      -3702234581   7581020925
TELEWEST COMM         TWT VX          -3702234581   7581020925
TELEWEST COMM         TWSTF US        -3702234581   7581020925
THORN EMI PLC         THNE FP         -2265916257   2950021937
THORN EMI-ADR         TORNY US        -2265916257   2950021937
THORN EMI-ADR         THN$ LN         -2265916257   2950021937
THORN EMI-CDR         THN NA          -2265916257   2950021937
THORN EMI-REGD        1772Q GR        -2265916257   2950021937
TOPPS TILES PLC       TPT EU         -85010363.51  146193829.2
TOPPS TILES PLC       TPT BQ         -85010363.51  146193829.2
TOPPS TILES PLC       TPT LN         -85010363.51  146193829.2
TOPPS TILES PLC       TPTEUR EO      -85010363.51  146193829.2
TOPPS TILES PLC       TPTEUR EU      -85010363.51  146193829.2
TOPPS TILES PLC       TPT PZ         -85010363.51  146193829.2
TOPPS TILES PLC       TPT EO         -85010363.51  146193829.2
TOPPS TILES PLC       TPT PO         -85010363.51  146193829.2
TOPPS TILES PLC       TPT TQ         -85010363.51  146193829.2
TOPPS TILES PLC       TPTJF US       -85010363.51  146193829.2
TOPPS TILES PLC       TPT VX         -85010363.51  146193829.2
TOPPS TILES PLC       TPTGBP EO      -85010363.51  146193829.2
TOPPS TILES PLC       TPTJY US       -85010363.51  146193829.2
TOPPS TILES PLC       TPT IX         -85010363.51  146193829.2
TOPPS TILES-NEW       TPTN LN        -85010363.51  146193829.2
UTC GROUP             UGR LN         -11904426.45    203548565
VIRGIN MOB-ASSD       VMOC LN        -392165437.6  166070003.7
VIRGIN MOB-ASSD       VMOA LN        -392165437.6  166070003.7
VIRGIN MOBILE         VMOB LN        -392165437.6  166070003.7
VIRGIN MOBILE         VGMHF US       -392165437.6  166070003.7
VIRGIN MOBILE         UEM GR         -392165437.6  166070003.7
VIRGIN MOBILE         VMOB VX        -392165437.6  166070003.7
VIRGIN MOBILE         VMOB PO        -392165437.6  166070003.7
WARNER ESTATE         WNER PO        -37798939.99  432125169.9
WARNER ESTATE         WNER VX        -37798939.99  432125169.9
WARNER ESTATE         WNER PZ        -37798939.99  432125169.9
WARNER ESTATE         WNER EO        -37798939.99  432125169.9
WARNER ESTATE         WNER LN        -37798939.99  432125169.9
WARNER ESTATE         WRL GR         -37798939.99  432125169.9
WARNER ESTATE         WNER EU        -37798939.99  432125169.9
WARNER ESTATE         WNER IX        -37798939.99  432125169.9
WARNER ESTATE         WNEHF US       -37798939.99  432125169.9
WARNER ESTATE         WNERGBP EO     -37798939.99  432125169.9
WATSON & PHILIP       WTSN LN          -120493900  252232072.9
WHITE YOUNG GREE      WHY EO         -27530263.14    313453511
WHITE YOUNG GREE      WHY EU         -27530263.14    313453511
WHITE YOUNG GREE      WHY PZ         -27530263.14    313453511
WHITE YOUNG GREE      WHYEUR EO      -27530263.14    313453511
WHITE YOUNG GREE      WHYEUR EU      -27530263.14    313453511
WHITE YOUNG GREE      WHY VX         -27530263.14    313453511
WHITE YOUNG GREE      WHYGBP EO      -27530263.14    313453511
WHITE YOUNG GREE      WHY LN         -27530263.14    313453511
WHITE YOUNG GREE      WHY PO         -27530263.14    313453511
WHITE YOUNG-NEW       WHYN LN        -27530263.14    313453511
WINCANTON PL-ADR      WNCNY US       -63105009.98   1416979806
WINCANTON PLC         WIN PZ         -63105009.98   1416979806
WINCANTON PLC         WIN1GBP EO     -63105009.98   1416979806
WINCANTON PLC         WNCNF US       -63105009.98   1416979806
WINCANTON PLC         WIN1 TQ        -63105009.98   1416979806
WINCANTON PLC         WIN1USD EO     -63105009.98   1416979806
WINCANTON PLC         WIN LN         -63105009.98   1416979806
WINCANTON PLC         WIN VX         -63105009.98   1416979806
WINCANTON PLC         WIN PO         -63105009.98   1416979806
WINCANTON PLC         WIN1 NQ        -63105009.98   1416979806
WINCANTON PLC         WIN1 QM        -63105009.98   1416979806
WINCANTON PLC         WIN1USD EU     -63105009.98   1416979806
WINCANTON PLC         WIN1 BQ        -63105009.98   1416979806
WINCANTON PLC         WIN1 EU        -63105009.98   1416979806
WINCANTON PLC         WIN IX         -63105009.98   1416979806
WINCANTON PLC         WIN1EUR EU     -63105009.98   1416979806
WINCANTON PLC         WIN1 EB        -63105009.98   1416979806
WINCANTON PLC         WIN1 EO        -63105009.98   1416979806
WINCANTON PLC         WIN1EUR EO     -63105009.98   1416979806
WYG PLC               WYGEUR EO      -27530263.14    313453511
WYG PLC               WYG PZ         -27530263.14    313453511
WYG PLC               WYG EU         -27530263.14    313453511
WYG PLC               WYG EO         -27530263.14    313453511
WYG PLC               WYGEUR EU      -27530263.14    313453511
WYG PLC               WHY IX         -27530263.14    313453511
WYG PLC               WYG LN         -27530263.14    313453511
WYG PLC               WYGGBP EO      -27530263.14    313453511
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 2010.  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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