TCREUR_Public/100216.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 16, 2010, Vol. 11, No. 032

                            Headlines



B E L G I U M

DEXIA GROUP: Moody's Lifts Bank Financial Strength Rating From D+
RECTICEL NA: Aims to Confirm Full Payment Plan in April


B U L G A R I A

PROCREDIT COMPANY: Fitch Puts Note Rating on Negative Watch


F I N L A N D

UPM KYMMENE: Fitch Changes Outlook on 'BB-' Rating to Stable


F R A N C E

ALCATEL-LUCENT: Lowers Profit Margin Targets for 2010
CROWN HOLDINGS: Fitch Affirms Issuer Default Rating at 'BB-'
RENAULT SA: Posts EUR3.1 Billion Full-Year Net Loss


G E R M A N Y

HSH DELAWARE: Has $5 Million Financing from Flowers
PROMISE XXS-2006-1: Fitch Junks Rating on Class E Notes
ROYAL BANK: Faces Losses on German Property Portfolio


I R E L A N D

BLACK SHORE: Anglo Irish Bank Seizes Several Properties
EASSDA LTD: In Administration; Owes EUR32.9 Million to Banks
UNIPHAR GROUP: Loan Restructuring Not Discussed at Board Level


I T A L Y

MARIELLA BURANI: Seeks Bankruptcy Protection on Lack of Funds
SEAT PAGINE: Mulls Sale of EUR450 Million Bonds This Year


N O R W A Y

PETROLEUM GEO-SERVICES: S&P Gives Pos. Outlook; Keeps 'BB-' Rating


R U S S I A

RUSSIAN AGRICULTURAL: Fitch Assigns 'D' Individual Rating


S W E D E N

GENERAL MOTORS: Saab-Spyker Mulls Stock Listing in London


U N I T E D   K I N G D O M

ABN AMRO: S&P Republishes Feb. 11 PR, Cuts Jr. Sub. Debt to 'B'
ALBANY GROUP: UK Businesses In Administration; CBW On Board
BAR GROUP: Orange Sun Bars Buys Eight Sites in Pre-Pack Deal
BRITISH AIRWAYS: Suspends Staff Over Alleged Intimidation
CHESHIRE RECYCLING: Palm Group Buys Business; 40 Jobs Secured

CLYDE VALLEY: In Administration; Around 40 Jobs Affected
EMI GROUP: Worth GBP2 Bil. Less Than Terra Firma Paid in 2007
HIGHLAND AIRWAYS: Nears Refinancing Deal with Clydesdale, HIE
HONOURS PLC: S&P Affirms Rating on Class D Notes at 'BB'
PARAMOUNT CLUB: Avoids Administration as Creditors Back CVA Deal

PORTSMOUTH FOOTBALL: Early Parachute Payment Request Turned Down

* UK: Gov't Must Find Alternative Finance Sources for SMEs
* Replus Ltd. Announces New Address


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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


DEXIA GROUP: Moody's Lifts Bank Financial Strength Rating From D+
-----------------------------------------------------------------
Moody's Investors Service upgraded to C- from D+ the bank
financial strength ratings of Dexia Group's main banking entities,
Dexia Bank Belgium, Dexia Credit Local and Dexia Banque
Internationale a Luxembourg.  The rating agency also affirmed the
A1 long-term debt and deposit ratings of DBB, DCL and DBIL.  The
outlooks on the long-term debt and deposit ratings and on the
BFSRs were changed to stable from negative.  The short-term debt
and deposit ratings were affirmed at Prime-1.  Moody's also
affirmed, with a stable outlook, the A2 dated subordinated debt
ratings of DBB, DCL and DBIL.

This rating action follows the agreement reached by Dexia and the
European Commission on the group's restructuring plan, including,
inter alia, Dexia's upcoming exit from the State guarantee scheme,
earlier than previously anticipated, in light of the improvements
in its funding situation.  Moody's rating action also reflects
Dexia's satisfactory capital adequacy according to the rating
agency's stress-test scenario analysis.

In addition, Moody's upgraded to B3 from Caa1 the ratings of the
preferred stock securities issued by DCL and by Dexia Funding
Luxembourg (guaranteed by Dexia Group) and to B1 from Caa1 the
ratings of the preferred stock securities issued by DBIL.  The
rating of the junior subordinated debt issued by DBB was confirmed
at Ba2.  The ratings of the other junior subordinated debt
instruments were upgraded from Baa2 to Baa1, one notch higher than
the Baa2 Adjusted Baseline Credit Assessments of DBB, DCL and
DBIL.  These rating actions conclude the review for possible
downgrade initiated on November 18, 2009, in line with Moody's
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009 and pending the European Commission's
approval of Dexia's restructuring plan.  All these subordinated
debt ratings now carry a stable outlook.

    Upgrade of DBB, DCL and DBIL's BFSRs at C-, Stable Outlook

The BFSRs of DBB, DCL and DBIL were upgraded to C- (with a stable
outlook and mapping to a Baa2 BCA) from D+ (with a negative
outlook and mapping to a Ba1 BCA).  This reflects Moody's belief
that these levels adequately represent these entities'
creditworthiness, given Dexia's more stable funding profile and
de-risking achieved under the group's transformation plan in
recent quarters, its adequate capital adequacy and, above all, the
proposed restructuring plan, which includes:

-- the earlier-than-anticipated exit from the State guarantees on
    Dexia's funding, under which issuance of short-term guaranteed
    debt will cease at end-May 2010 and issuance of all guaranteed
    debt will cease at end-June 2010; in Moody's view, this
    reflects the normalization of Dexia's funding situation;

-- only limited changes to the group's overall scope, franchise
    and capital headroom, the largest change being the disposal of
    its 70% stake in Dexia Crediop in Italy by the end of 2012;

-- Dexia's commitment to continue to de-risk its balance sheet
    going forward, encompassing the reduction in the group's
    reliance on short-term funding over the coming years as well
    as the attrition of its legacy portfolios.

The C- BFSRs incorporate the potential uncertainties linked to the
disposal of the agreed sale of assets as well as Moody's
expectation that the de-leveraging and higher funding costs
implied by the lengthening of Dexia's liabilities will weigh on
the group's profitability in the coming quarters, despite the
efficiency efforts achieved so far and those expected.  However,
they also reflect the rating agency's opinion that the bank's
capital position represents an adequate buffer for it to absorb
potential losses or cover market volatility arising from its loan
or securities portfolios.

The stable outlook on the C- BFSRs captures Moody's expectation of
further improvements in the group's funding structure in line with
the agreement with the EC and as already demonstrated over recent
quarters, along with the more retail-oriented and overall lower
risk profile targeted.

The very high level of integration and mutual support prevailing
within the centrally managed Dexia Group continues to be reflected
by Moody's approach of assigning BFSRs and debt and deposit
ratings at the same level for the three main Group companies DCL,
DBB and DBIL.  This approach has been reinforced by the outcome of
the discussions with the European Commission on Dexia's
restructuring plan.

        Senior Debt Ratings Affirmed With a Stable Outlook

DBB, DCL and DBIL's A1 long-term debt and deposit ratings were
affirmed, reflecting Moody's expectation that these banks will
remain systemically important institutions via notably a
significant retail presence in two European markets, Belgium and
Luxembourg.

The ratings carry a stable outlook, in line with the stable
outlook on these banks' BFSRs.

          Hybrids and Subordinated Debt Ratings Upgraded

Moody's upgrade to B3 from Caa1 of the rating of the preferred
stock securities (qualifying as Tier 1 capital) issued by DCL is
driven by the upgrade of the BFSR to C- from D+ and the rating
agency's unchanged assessment of a very high probability of coupon
suspension on these securities with optional deferral features.
Moody's notes that the dividend pusher provision attached to these
instruments might become applicable in the event of the payment of
an internal dividend by DCL to Dexia SA.  However, Moody's has not
incorporated this factor into its current B3 rating given the
uncertainty linked to the EC decision allowing such an internal
dividend payment.  In the event coupons payments are resumed,
Moody's sees positive ratings pressure for these securities.

Similarly, the rating upgrade to B3 from Caa1 of the preferred
stock securities issued by Dexia Funding Luxembourg (DFL,
guaranteed by Dexia Group) also incorporates the upgrade of the
BFSR and Moody's assessment of a high probability of coupon
suspension on these securities.  Moody's notes that the dividend
pusher provision attached to these instruments might become
applicable in the event of the payment of a dividend by Dexia SA.
If such a decision were made by Dexia's board, there may be upward
ratings pressure for these instruments as well.

The rating upgrade to B1 from Caa1 of the preferred stock
securities issued by DBIL reflects Moody's assessment of a lower
probability of coupon suspension given the mandatory nature of
coupon payment linked to DBIL's available profits which Moody's
expects to be positive for the year 2009.

Moody's also confirmed the rating of the junior subordinated debt
issued by DBB at Ba2, incorporating the continuing risk of missed
coupons on these instruments with optional deferral mechanism.
Given the fact that coupon payments on these instruments are
cumulative, the loss severity of a coupon deferral is limited if
this were to occur.

The current ratings of the above-mentioned hybrids and junior
subordinated debt reflect Moody's opinion that, given the
restructuring of the group, there is still some risk of coupon
deferral on these securities.

The stable outlooks are in line with Moody's conservative expected
loss assumptions in terms of the likelihood and time horizon of
missed coupons.

Simultaneously, Moody's upgraded the ratings of the other junior
subordinated issues by DBIL and issuing vehicle Dexia Overseas
Limited (guaranteed by DBB) to Baa1 from Baa2, in line with the
upgrades of Dexia's main issuing entities' intrinsic financial
strength.  The rating agency views the risk of deferred payment on
these securities as more limited given the weak solvency triggers
and understands that there are no optional coupon deferral
features attached to these issues.  Moreover, the cumulative
nature of the interest on such instruments limits the expected
loss for investors.

The last rating action on Dexia Group's main banking entities was
on 19 January 2009, when Moody's downgraded the BFSRs of DCL, DBB
and DBIL to D+ (negative outlook) from C-.  In addition, the three
entities' long-term debt and deposit ratings were downgraded to A1
(negative outlook) from Aa3.

Dexia SA, headquartered in Brussels, had total assets of
EUR651 billion at year-end 2008.  Dexia SA also recorded a net
loss, group share, of EUR3.3 billion for the full year.  For the
first nine months of 2009, the group reported a net profit, group
share, of EUR808 million, up from a net loss of EUR723 million
during the equivalent period of 2008.


RECTICEL NA: Aims to Confirm Full Payment Plan in April
-------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Recticel North
America Inc. and affiliate Recticel Interiors North America LLC
filed a reorganization plan.

According to the report, the Plan provides for full payment to all
creditors.  Although unsecured creditors, owed more than US$1
million, are to be paid in full, they are entitled to vote because
interest is not being paid on their claims.

The hearing for approval of the adequacy of the information in the
Disclosure Statement is scheduled for March 10.  Voting on the
Plan will begin as soon as approval of the Disclosure Statement is
obtained.  Confirmation hearing is tentatively scheduled for
April 4.

                 About Recticel North America

Brussels-based Recticel SA (NYSE Euronext: REC) ---
http://www.recticel.com/-- makes and sells foam filling for
automobiles.

Two units of Recticel -- Recticel North America, Inc., and
Recticel Interiors North America, LLC -- filed for Chapter 11 on
Oct. 29, 2009 (Bankr. E.D. Mich. Case No. 09-73411).

RINA makes and sell interior trim for cars in the United States
and RUNA operates in the manufacture of Colo-fast light-stable
polyurethane compounds, which are used by RINA.  RINA and RUNA
have 250 employees.

Together, the Auburn Hills, Michigan-based companies reported
revenue of US$69.6 million in 2008 and US$28.3 million for the
first nine months of 2009. Combined assets are US$13.9 million,
with combined debt totaling US$105.9 million.

The case is In re Recticel North America Inc., 09-73411,
U.S. Bankruptcy Court, Eastern District Michigan (Detroit).


===============
B U L G A R I A
===============


PROCREDIT COMPANY: Fitch Puts Note Rating on Negative Watch
-----------------------------------------------------------
Fitch Ratings has placed ProCredit Company B.V.'s EUR93 million
note facility -- rated 'BBB-' -- on Rating Watch Negative.  The
rating action reflects the deteriorating trend in the
transaction's performance.  The transaction is a cash flow
securitization of euro-denominated loans granted by ProCredit Bank
(rated 'BB+'/Stable Outlook) to small- and medium-sized Bulgarian
enterprises.

Fitch notes the sharp increase in early stage delinquencies (1-30
days past due) which are currently at a historical high of 13.5%.
The delinquency rate of loans that are 31-90 days past due is
1.34%, another historical high, which led to the breach of a
delinquency trigger (set at 1.15%) in July 2009.  As a result, the
SPV stopped purchasing loans from the originator and the
transaction has amortized by about 20% since July 2009.  Excess
spread was reported at zero for several months in 2009 and on
average has fallen significantly below the levels observed in 2008
and early 2009.

The RWN also reflects Fitch's view that tight credit conditions
and a slowdown in the Bulgarian economy will continue to fuel
performance deterioration in the short-term.

The resolution of the RWN will largely depend on a restructuring
proposal that the arranger is preparing.


=============
F I N L A N D
=============


UPM KYMMENE: Fitch Changes Outlook on 'BB-' Rating to Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Finland-based UPM Kymmene
Oyj's Long-term Issuer Default Rating to Stable from Negative.
Fitch has simultaneously affirmed UPM's Long-term IDR and senior
unsecured ratings at 'BB-', respectively, and affirmed its Short-
term IDR at 'B'.

The Outlook change reflects Fitch's view that headroom under UPM's
credit metrics increased in H209 and that this places the
company's credit profile more comfortably within the 'BB-' rating
range in the near to medium term.

UPM's performance improved in H209 at a faster face than
anticipated by the agency on the back of cost saving and
restructuring measures implemented during the year, lower raw
material costs and improved market dynamics in some segments.
UPM's reported EBITDA margin climbed to 13.8% in Q409, from 5.8%
in Q109.  The company's Q409 results also benefited from the
consolidation of the newly-acquired Uruguayan pulp operations in
December 2009.  The EUR300 million y-o-y reduction in fixed costs
achieved in FY09 and the benefits from the full consolidation of
the Fray Bento pulp mill will likely cushion the company against
the pricing and input cost pressure which is expected to build in
UPM's core paper divisions in FY10.  Fitch's outlook for the
European paper and forest product sector (EPFP) remains negative,
with expected weakening in graphic paper prices in FY10 as
structural overcapacity continues to plague the industry.  Demand
is expected to grow moderately y-o-y in mature markets, in line
with Fitch's economic forecasts.

The agency also takes comfort in the deleveraging achieved by UPM
in FY09 with interest-bearing liabilities down by EUR0.6bn to
EUR4.5 billion.  Improved operating cash flow generation from the
stronger performance was boosted by working capital relief of
EUR0.5 billion and further supported by a EUR178 million reduction
in capex.  Although the positive working capital effect of 2009
will not be repeated in 2010, Fitch is forecasting positive free
cash flow in the next twelve months as UPM continues to curb capex
below historical levels.  The agency notes that UPM has been less
aggressive than its peers with regards to cash preservation
measures, with EUR208 million of dividends distributed in FY09.
Interest-bearing liabilities/EBITDA, which Fitch had expected to
exceed 5.0x at FYE09, was 4.6x compared with 4.8x six months
earlier.  The agency forecasts further deleveraging during the
year.

UPM's ratings continue to be supported by its leading market
position in the magazine segment, its cost position and its
integration into pulp and energy.  Fitch also takes a positive
view on the transfer of Metsaliitto and Oy Metsa-Botnia Ab's
Uruguayan interests to UPM.  The company's liquidity remains sound
with cash positions of EUR438 million at FYE09, against maturities
below EUR200 million in FY10.  UPM also counts on EUR1.7 billion
available under committed credit facilities.  This includes two
revolving credit facilities of EUR825 million and EUR1.0 billion,
both maturing in March 2012.  Cash requirements for 2010 include
capex of around EUR300 million and dividends of at least one third
of net cash flow from operating activities less operational
capital expenditure, calculated as an average over a three year
period.


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


ALCATEL-LUCENT: Lowers Profit Margin Targets for 2010
-----------------------------------------------------
Matthew Campbell at Bloomberg News reports that Alcatel-Lucent is
lowering its profit-margin targets for 2010.

According to Bloomberg, Alcatel said it's aiming for an adjusted
operating margin of between 1% and 5% "in what remains a highly
competitive environment."  Its previous margin goal was in the
"mid-single-digit" range, Bloomberg notes.

Like other European telecommunications equipment makers, Alcatel
is struggling to cope with falling demand as the economic slump
forces carriers to slash spending, and as rivals such as China's
Huawei Technologies Co. push down prices, Bloomberg notes.

Bloomberg relates in the fourth quarter, Alcatel posted net income
of EUR46 million (US$63.4 million) compared with a loss of EUR3.9
billion in the year-earlier period.  Sales fell to EUR3.97 billion
from EUR4.95 billion, Bloomberg discloses.

                       About Alcatel-Lucent

France-based Alcatel-Lucent (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 11,
2009, Standard & Poor's Ratings Services said that it has lowered
to 'B' from 'B+' its long-term corporate credit rating on
France-based telecom equipment supplier Alcatel Lucent.  S&P
affirmed the 'B' short-term corporate credit rating.  The outlook
is negative.  The recovery rating of '4' on Alcatel Lucent's
senior unsecured debt is unchanged.  "The downgrade primarily
reflects S&P's expectation that the turnaround in Alcatel Lucent's
operating performance, and notably a return to sustainable
positive cash generation, could take several quarters," said
Standard & Poor's credit analyst Patrice Cochelin.

S&P expected demand for telecom equipment to remain soft in the
coming quarters, while competition among vendors, particularly
from Europe and China, remains very intense.  Combined with
Alcatel Lucent's significant debt maturities in the next two
years, these threats led the rating agency to believe that Alcatel
Lucent's large cash balances, which include the benefits of recent
refinancing, could be rapidly depleted.  At Sept. 30, 2009,
Alcatel Lucent reported gross consolidated debt of EUR5.4 billion,
including EUR0.6 billion for the equity component of convertible
bonds.


CROWN HOLDINGS: Fitch Affirms Issuer Default Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Crown Holdings, Inc.,
and its subsidiaries Crown Cork & Seal Company, Inc., Crown
Americas, LLC, and Crown European Holdings, SA:

Crown

  -- Issuer Default Rating at 'BB-'.

CCS

  -- IDR at 'BB-';
  -- Senior unsecured notes at 'B+'.

CA

  -- IDR at 'BB-';
  -- Senior secured dollar term facility at 'BBB-';
  -- Senior secured dollar revolving facility at 'BBB-';
  -- Senior unsecured notes at 'BB-'.

CEH

  -- IDR at 'BB-';
  -- Senior secured euro term facility at 'BBB-';
  -- Senior secured euro revolving facility at 'BBB-';
  -- Senior secured euro 1st priority notes at 'BBB-' .

The Rating Outlook has been revised to Positive from Stable.

The ratings affirmation of Crown reflects the stability in the
company's cash flows despite a challenging economic environment
that pressured volumes in certain segments although cost
containment measures, including restructuring and price increases,
have led to continued profitability improvements.  Fitch also
believes the geographical diversification across both mature and
emerging markets with a diverse customer mix results in a more
balanced revenue stream that lends greater stability through
economic cycles.  In addition, Crown's credit profile has
strengthened through debt repayment, an improved maturity profile
and increased liquidity that has resulted in leverage and interest
coverage improvements.  Fitch further expects Crown's operational
prospects and credit profile to strengthen during 2010.  As a
result, the Outlook has been revised to Positive.  Adjusted
leverage (including accounts receivable securitization and lease
expense) at the end of 2009 was 3.3 times compared with 3.7x at
the end of 2008.

Based upon its strengths, Fitch believes Crown is well-positioned
to sustain operating free cash flow levels.  Free cash flow for
2009 was US$489 million (including minority interest
distributions) and incorporated a material positive component from
working capital.  Other cash obligations included pension
contributions of US$74 million and asbestos payments of US$26
million that should continue at similar levels for 2010.  Crown
also paid US$87 million in minority interests distributions
associated with the company's joint venture beverage can
operations that likely should be of comparable nature in 2010.
Fitch believes that it's reasonable that underlying volume demand
should continue to recover in 2010 and result in growth compared
to 2009 as the company additionally benefits from new capacity
coming on line thus driving revenue growth.  Consequently, with
expectations for stable profitability, Fitch anticipates at least
modest growth in EBITDA for 2010.

Expectations are for the company to use a significant portion of
its free cash flow in 2010 for further debt reduction with the
company likely focusing on its near-term maturities (2011 and
2013) or potentially reducing outstandings under its accounts
receivable securitization program.  With the company nearing its
net leverage goal of 2.0x or less, Fitch expects the company will
consider using some excess cash for shareholder based initiatives
like share repurchases.  Crown has a US$500 million share
repurchase program that expires at the end of 2010 with US$467
million of availability.  With the improvement in its credit
profile and considerable free cash generation, Crown certainly has
capacity to consider acquisitions, but Fitch believes any
acquisition would likely be of smaller size as opportunities for a
larger acquisition appear limited at this time.  By the end of
2010, Fitch expects adjusted leverage in the range of 2.7-2.9x.

Crown's liquidity is good, in excess of US$1 billion, with
US$459 million of cash and US$758 million under its revolving
credit facility less US$84 million of outstanding letters of
credit and US$113 million drawn on the revolver.  In addition, the
company has capacity under its securitization program, which
totaled US$232 million at the end of 2009.  Crown has a committed
US$225 million North American and Euro120 million European
securitization facilities, which mature in March 2010 and June
2010, respectively.  Crown's secured revolving credit facilities
mature in May 2011.  Fitch expects Crown to address the maturities
with its accounts receivable program and the credit facility in
the next couple of quarters.  As a result of past deleveraging and
cash flow growth, Crown currently has a considerable cushion under
its covenants, and Fitch believes the company should be able to
maintain ample cushion even though the covenants tightened at the
end of 2009.

Current maturities are relatively modest during the next two
years.  During 2009, Crown improved its maturity profile by
reducing its 2011 maturity in excess of US$400 million, its 2013
maturity by US$300 million and by extending US$400 million of debt
maturities through 2017.  As a result, Crown now has US$229
million outstanding on its first lien secured notes due in
September 2011.  Crown also has US$354 million U.S. secured term
loan and
US$388 million European secured term loan due November 2012.  The
term loans are prepayable without penalty although the company has
chosen not to reduce the amount outstanding in the past due to its
attractive interest rate and has paid down other higher cost debt.
Crown could also consider a Eurobond issuance to extend maturities
further and increase its mix of foreign debt given the majority of
the company's revenues is outside of the U.S.


RENAULT SA: Posts EUR3.1 Billion Full-Year Net Loss
---------------------------------------------------
Laurence Frost at Bloomberg News reports that Renault SA said in a
statement Wednesday the company posted a full-year net loss of
EUR3.1 billion (US$4.3 billion) compared with a EUR571 million
profit a year earlier.

According to Bloomberg, the carmaker, based in the Paris suburb of
Boulogne- Billancourt, posted a EUR396-million operating loss,
excluding one-time gains or costs, compared with a profit of
EUR326 million a year earlier.  The operating loss at the auto
division widened to EUR915 million from 174 million, Bloomberg
notes.

Bloomberg relates Renault said pricing pressure and consumers
switching to smaller vehicles wiped EUR282 million off earnings
and accounted for one-quarter of the 11% slump in full-year auto
division revenue, which fell to EUR32 billion.

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                           *     *     *

Renault SA continues to carry long- and short-term corporate
credit and debt ratings of 'BB/B' from Standards & Poor's Ratigns
Services with stable outlook.  The ratings were lowered to their
current level from 'BBB-/ A-3' in June 2009.

As reported by the Troubled Company Reporter-Europe on June 23,
2009, S&P said Renault's financial profile was already hit by the
large increase in debt in 2008, and credit measures were weak
compared with what S&P generally considers to be commensurate with
a 'BBB-' rating.  Now, however, in light of S&P's views on the
future path of European auto demand, S&P believes that the
company's financial metrics are likely to deteriorate further and
will probably not return in the medium term to levels S&P
considers consistent with the previous rating.

"Our downgrade of Renault reflects our view that auto demand is
likely to remain very low in Europe in 2010, due to the weak
economic environment and the payback effect of the incentive
schemes that several European countries have adopted to date in
2009," said Standard & Poor's credit analyst Barbara Castellano.
"We believe these factors will continue to penalize Renault's
profitability."


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


HSH DELAWARE: Has $5 Million Financing from Flowers
---------------------------------------------------
Bill Rochelle at Bloomberg News reports that HSH Delaware GP LLC
and affiliates scheduled a Feb. 24 hearing for preliminary
approval of $5 million in secured financing to pay bills during
the reorganization.  The loan would have a lien prior to the
existing lenders' security interests.  The EUR1.25 billion
(US$1.76 billion) purchase price was financed in part with a
EUR375 million loan from ABN Amro Bank NV, London Branch.

                        About HSH Delaware

HSH Delaware GP LLC, and six affiliates filed for Chapter 11 on
January 21, 2010 (Bankr. D. Del. Case No. 10-10187).

Nine HSH partnerships were created in 2006 to buy a 26% stake in
HSH Nordbank AG, the world's largest shipping financier, from
WestLB AG for about EUR1.25 billion (US$1.76 billion).  The
partnerships received unsecured term and revolving loans of EUR375
million from ABN AMRO bank to fund the purchase of HSH Nordbank
shares.

In September 2009, creditors with claims aggregating US$27.8
million filed a petition to send affiliate HSH Delaware LP to
Chapter 7 liquidation (Bankr. D. Del. Case No. 09-13145).
Commerzbank AG, Lloyds TSB Bank Plc, ABN Amro Bank NV, Calyon,
Royal Bank of Scotland Plc and Landsbanki Islands HF filed the
involuntary Chapter 7 petition.

John Henry Knight, Esq., and Lee E. Kaufman, Esq., at Richards,
Layton & Finger, P.A., represent HSH Delaware GP and its
affiliates.  McCarthy Tetrault LLP is the Canadian counsel.  H
Ronald Weissman is the chief restructuring officer.

HSH, based in Wilmington, Delaware, listed as much as US$500
million in both assets and debt in Chapter 11 documents filed in
Bankruptcy Court.  According to Reuters, people familiar with the
bankruptcy said the partnerships had total assets of US$680
million.


PROMISE XXS-2006-1: Fitch Junks Rating on Class E Notes
-------------------------------------------------------
Fitch Ratings has downgraded Promise XXS-2006-1 GmbH's floating-
rate notes, due May 2024, removed them from Rating Watch Negative.
Stable Outlooks have been assigned to all tranches.  The notes
were placed on RWN in August 2009 pending full analysis following
the implementation of Fitch's revised rating criteria for European
granular corporate balance-sheet securitizations.

The downgrades reflect revised loss expectations as a result of
the updated SME CLO criteria, and an increase in the number of
non-performing loans within the underlying portfolio.

The transaction is a synthetic securitization with exposures to
small- and medium-sized enterprises, predominantly in Germany and
Austria.  At closing, UniCredit Bank AG (formerly Bayerische Hypo-
und Vereinsbank AG, rated 'A+'/'F1+'/Outlook Stable) and UniCredit
Bank Austria AG (formerly Bank Austria Creditanstalt AG rated
'A'/'F1'/Outlook Stable) bought protection under a swap in respect
of the reference portfolios from the issuer.

The rating actions are:

  -- EUR152,389 Class A+ (ISIN XS0277600663): downgraded to 'AA'
     from 'AAA'; removed from RWN; Outlook Stable; assigned Loss
     Severity Rating of 'LS-1'

  -- EUR109,415,230 Class A (ISIN XS0277602016): downgraded to 'A'
     from 'AAA'; removed from RWN; Outlook Stable; assigned 'LS-4'

  -- EUR65,832,005 Class B (ISIN XS0277606272): downgraded to
     'BBB' from 'AA'; removed from RWN; Outlook Stable; assigned
     'LS-4'

  -- EUR47,850,115 Class C (ISIN XS0277606512): downgraded to 'BB'
     from 'A'; removed from RWN; Outlook Stable; assigned 'LS-5'

  -- EUR34,439,891 Class D (ISIN XS0277606942): downgraded to 'B'
     from 'BBB'; removed from RWN; Outlook Stable; assigned 'LS-5'

  -- EUR65,163,023 Class E (ISIN XS0277607320): downgraded to
     'CCC' from 'BB'; removed from RWN

As of the February 2010 report, the current impaired reference
obligation bucket of Promise XXS-2006-1 is 2.4% of the current
outstanding portfolio balance, up from 0.7% in February 2009.
When the lowest rating categories of the performing portfolio are
added, which Fitch believes are highly likely to be credit
impaired, the total is 5%.

Fitch used the originators' internal rating scale to rank the
obligors and then applied a stress to the originators probability
of default assumptions.  This resulted in a portfolio weighted
average PD commensurate with Fitch's Portfolio Credit Model
'BB-'/'B+' one-year default probability.

Based on information provided by the originators, 50% of the
portfolio is secured while the remainder is unsecured which
resulted in Fitch's recovery assumptions being 68% for a 'CCC'
rating stress and 19% for a 'AAA' rating stress.

Fitch took synthetic excess spread into account in its analysis.
In the agency's view the current credit enhancement levels of all
classes of notes are insufficient to cover loss expectations
commensurate with the ratings assigned at closing.


ROYAL BANK: Faces Losses on German Property Portfolio
-----------------------------------------------------
Daniel Thomas at The Financial Times reports that Royal Bank of
Scotland is sitting on a loss of several hundred million pounds
after being forced to take back the keys on GBP1.8 billion
(EUR2.1 billion) in German properties bought at the peak of the
market by a fund run by Morgan Stanley.

In one of the largest paper real estate losses so far for a UK
bank, RBS has taken control of a portfolio of 28 properties,
mostly located in the Rhine-Main and Berlin areas, the FT notes.

The FT recalls the bank lent about EUR1.9 billion to acquire the
portfolio in the summer of 2007.  The value of the portfolio is
thought to have dropped significantly since the acquisition, the
FT says.

The Morgan Stanley-managed real estate fund has given back the
keys to the portfolio, leaving RBS with a large amount of German
property, the FT discloses.

According to the FT, the bank's global restructuring team is
overseeing the process and is expected to hold on to the
properties until they have regained some of the value lost.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


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


BLACK SHORE: Anglo Irish Bank Seizes Several Properties
-------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Anglo
Irish Bank has taken possession of several properties and
businesses from businessman John Sweeney, after he failed in his
bid to put Black Shore Holdings into examinership.

According to the Post, the bank, which is owed about EUR50 million
by the Galway businessman, has seized control of a 30-acre site in
Galway and a petrol station.  It has also effectively taken
possession of Mr. Sweeney's 33% stake in the Shelbourne Hotel in
Dublin, the Post discloses.

Black Shore is an investment vehicle and does not trade, but it is
the owner of Mr. Sweeney's stake in the Shelbourne Hotel, the Post
says.

Citing an independent accountant's report submitted in support of
the examinership application, the Post says Black Shore's assets
have a book value of EUR42.8 million, but would be worth just
EUR810,000 if the firm was wound up.

The Post relates the report, which was prepared by Baker Tilly
Ryan Glennon accountants, said the company had liabilities of more
than EUR150 million.

The Post notes the report said that Black Shore had invested EUR24
million in the Shelbourne Hotel.

"To date, there has been no return on this development.  There is
no expectation at present that there will be any return of
investment in this property, nor indeed a repayment of capital in
the short term," the report said, according to the Post.

Blackshore Holdings comprises Mr. Sweeney's oil, property and
hotel interests.


EASSDA LTD: In Administration; Owes EUR32.9 Million to Banks
------------------------------------------------------------
David Clerkin and Ian Kehoe at The Sunday Business Post Online
report that Eassda Ltd. has been placed in administration.

Eassda owes a total of GBP28.6 million (EUR32.9 million) to Ulster
Bank, Northern Bank and Bank of Ireland, the Post says citing
company documents.

Ulster Bank appointed the administrator to Eassda in recent weeks,
after the company suffered from the collapse in the property
market in the North, the Post recalls.

According to the Post, accountancy firm BDO, which serves as
administrator to Eassda, said in a report that "in recent years,
the company has invested heavily in development projects
throughout Northern Ireland.  As property sales decreased in both
value and volume, the company encountered increased cashflow
problems."

BDO has held meetings with interested parties in relation to the
company's eight sites, the Post relates.  It is valuing the sites
at GBP11.5 million, the Post discloses.  If it can sell them at
that price, it would leave the firm with a deficit of GBP17.1
million, the Post notes.

Eassda Ltd. is a property development firm owned by Alastair
Jackson.  The company is part of the Antrim-based Eassda group of
companies.


UNIPHAR GROUP: Loan Restructuring Not Discussed at Board Level
--------------------------------------------------------------
Nick Webb and Shane Ross at Sunday Independent reports that
Bank of Scotland (Ireland) chairman Maurice Pratt and board member
Michael Quinn are both directors and shareholders in pharmacy
group Uniphar, which has been kept afloat by the bank.

According to the Sunday Independent, the chemist company's latest
annual report reveals that it was in breach of its banking
covenants at the end of 2008.  Bank of Scotland (Ireland) and
Ulster Bank were the firm's main lenders, the Sunday Independent
notes.  The Sunday Independent says under the terms of the
covenants, the banks were entitled to seek immediate repayment of
these loans if these covenants were breached.  This did not happen
and the loans were restructured, the Sunday Independent recounts.
At the end of 2008, Uniphar had bank loans of EUR103 million, the
Sunday Independent discloses.  The repayment date for some of its
bank lending was extended to the end of 2010, the Sunday
Independent states.  Uniphar had hired Goodbody Corporate Finance
to advise it on its financial situation, the Sunday Independent
recalls.

"We can't discuss matters in relation to Uniphar because of client
confidentiality.  However, in a general sense, we can confirm that
there have been no instances of conflict of interest on the board
of Bank of Scotland (Ireland).  If any such instances were to
occur, the relevant director would absent themselves from the
board discussion in line with the bank's conflict of interest
policy," the Sunday Independent quoted a bank spokesman as saying.

Bank of Scotland's sources told the Sunday Independent that its
chairman, Maurice Pratt, had no involvement within the bank with
the restructuring of the Uniphar loans.  The Sunday Independent's
sources said Uniphar loans were not discussed at board level.

Documents seen by the Sunday Independent show that Mr. Pratt held
almost 41,000 Uniphar shares, with Mr. Quinn owning 40,000 shares
at the end of 2008.

Headquartered in Dublin, Ireland, UniPhar Group --
http://www.uniphar.ie/-- consists of eight operating divisions
with over 600 employees.  Its business focuses on Healthcare and
the Pharmacy sector.


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


MARIELLA BURANI: Seeks Bankruptcy Protection on Lack of Funds
-------------------------------------------------------------
Armorel Kenna and Elisa Martinuzzi at Bloomberg News report that
Mariella Burani Fashion Group SpA has decided to seek bankruptcy
protection after it didn't receive funds to cover EUR70 million
(US$95 million) in losses.

"The solution would best protect both creditors and workers" and
"guarantee activities under a restructuring plan," Bloomberg
quoted Mariella Burani as saying in a statement Friday.

A court in the northern city of Reggio Emilia notified the group
on Feb. 12 that it met requirements for bankruptcy protection and
set a March 16 hearing with the Industry Ministry, Bloomberg says
citing the statement.

According to Bloomberg, labor unions for the fashion group, which
employs more than 2,000 workers, favor bankruptcy protection under
the so-called Marzano Law and are due to meet with Industry
Minister Claudio Scajola on Feb. 18.

Gregorio Villirillo, who heads the textile division of CGIL,
Italy's largest union, as cited by Bloomberg, said Friday the
legislation, written by former Industry Minister Antonio Marzano
in 2003, allows companies to stay in business while they
reorganize and would help protect Burani's workforce.

Under the law, the industry minister would appoint an
administrator to replace the existing management, Bloomberg notes.

Reuters reports Mariella Burani, whose shares have been suspended
since September, has nearly EUR500 million (US$683.6 million) in
debt and has been in talks with banks for months to seal a
restructuring deal.

Reuters recalls the group's banks had said they did not want to
agree on a debt deal until the Burani family showed it had
EUR50 million available for a capital increase to cover losses.  A
self-imposed deadline ran out on Friday, Reuters relates.

"The MBFG board, after having noted that the company has not
received evidence of a binding commitment from partners or third
parties . . . to cover losses (of nearly 71 million euros) . . .
has deliberated . . . to go ahead and ask bankruptcy protection,"
the group said, according to Reuters.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


SEAT PAGINE: Mulls Sale of EUR450 Million Bonds This Year
---------------------------------------------------------
Armorel Kenna at Bloomberg News, citing Il Sole 24 Ore, reports
that Seat Pagine Gialle SpA may sell EUR450 million (US$614
million) in bonds this year "if the conditions are right".

Bloomberg relates Pagine Gialle Chief Executive Officer Alberto
Cappellini told the newspaper Friday the sale would come after the
EUR550-million issue the company just completed.

Bloomberg notes the executive said in the interview Pagine Gialle
should see a recovery in 2011 and confirmed estimates of a decline
of as much as 10% in 2009 revenue.

According to Bloomberg, Mr. Cappellini told Il Sole Pagine Gialle
is selecting buyers for two Telegate AG call centers in Turin and
Livorno.  Bloomberg relates Mr. Cappellini, as cited by newspaper,
said the company may consider the sale of foreign units Telegate
and Thomson in the future.

                     About Seat Pagine Gialle

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is divided
into four divisions: Directories Italia, operating through, Seat
Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its
subsidiary Thomson Directories Ltd.; Directory Assistance, through
Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion
Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and
Prontoseat Srl, and Other Activitites division, through Consodata
SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog
Yayin ve Tanitim Hizmetleri AS.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.  The negative outlook
reflects Moody's increased concerns, in light of the limited
visibility, regarding the company's ability to comfortably remain
in compliance with its senior credit facility covenants,
particularly to December 2010.


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: S&P Gives Pos. Outlook; Keeps 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Norway-based seismic services provider Petroleum Geo-
Services ASA to positive from stable.  At the same time, the 'BB-'
long-term corporate credit rating on the group was affirmed.

"The outlook revision reflects a significant strengthening of the
group's balance sheet in 2009, S&P's view that PGS' margins will
resist the current sharp downturn better than those of the group's
peers, and S&P's expectation that PGS will continue to generate
positive free operating cash flow," said Standard & Poor's credit
analyst Per Karlsson.

During the first nine months of 2009, PGS was able to reduce
adjusted debt by around US$300 million following sales of aging
vessels, a US$120 equity injection, and a 25% reduction in capital
spending, enabling it to generate positive FOCF.  Furthermore, the
company's on-shore division was sold for approximately
US$210 million, of which approximately US$184 million will be paid
in cash, further strengthening the balance sheet.  Accordingly,
PGS is entering 2010 with a stronger financial position than S&P
previously expected.

Recent debt reduction initiatives have clearly demonstrated
management's willingness to bolster the financial strength of the
group, and as a direct consequence S&P has revised its assessment
of PGS' financial risk profile to significant from aggressive.

"The positive outlook reflects the possibility of a one-notch
upgrade, potentially in the next six to 12 months, if S&P sees
evidence that the group's credit metrics remain consistent with a
higher rating, notwithstanding the sharp dip in market conditions
that S&P anticipates in 2010, and which S&P expects to result in
lower year-on-year operating profits for PGS," said Mr. Karlsson.

S&P anticipates, however, that PGS will continue to generate FOCF
in 2010-2011.  On-going fully adjusted ratios of debt to EBITDA
and FFO to debt of about 2.5x and 30% respectively would be
consistent with a 'BB' rating.

Conversely, S&P could revise the outlook to stable if the market
weakens more than S&P currently expects, FOCF turns negative, or
if the group takes any unexpected action that results in weaker
credit quality, such as large dividend payments or share buybacks
(as was the case in 2007).


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


RUSSIAN AGRICULTURAL: Fitch Assigns 'D' Individual Rating
---------------------------------------------------------
Fitch Ratings has assigned Russian Agricultural Bank's Series 10
and Series 11 senior unsecured bonds Long-term local currency
ratings of 'BBB' and National Long-term ratings of 'AAA(rus)'.
Each bond amounts to RUB5 billion and has a 9% coupon and a 10-
year maturity.  RusAg is rated Long-term foreign and local
currency Issuer Default 'BBB' with Stable Outlooks, Short-term IDR
'F3', Individual 'D', Support '2', Support Rating Floor 'BBB' and
National Long-term 'AAA(rus)' with a Stable Outlook.

According to the terms of the notes, bondholders will have a put
option, exercisable in February 2013.  RusAg's obligations under
the notes will rank equally with the claims of other senior
unsecured creditors, save the claims of retail depositors, which
under Russian law rank above those of other senior unsecured
creditors.  Retail deposits accounted for 10% of RusAg's total
liabilities at end-2009, according to statutory accounts.

RusAg is the fourth-largest Russian bank by assets and second-
largest by regional outlets.  It is 100%-owned by the state.
RusAg has a 60% market share in agribusiness lending in Russia.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


===========
S W E D E N
===========


GENERAL MOTORS: Saab-Spyker Mulls Stock Listing in London
---------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Spyker Cars
N.V. is exploring a UK listing.

According to the report, the move, which is at an exploratory
stage, is part of the company's enlargement strategy after it
agreed to acquire Saab Swedish car maker Saab Automobile AB from
General Motors Co. for US$74 million (GBP47 million) last month.

The new company, Saab Spyker Automobile, would seek to be
dual-listed in London and Stockholm, with Spyker's listing in its
home capital, Amsterdam, sacrificed in favor of Sweden, the report
says.

The report relates Victor Muller, chief executive of Spyker, said
on Friday on a conference call that listing in London would offer
"high liquidity" and "better access to investors".

At Spyker's present trading price in the Netherlands, the company
is valued at roughly EUR73 million (GBP63 million), although once
the deal with Saab is completed, which could be as early as this
week, the enlarged group will have assets of EUR1 billion, the
report notes.

On Feb. 11, 2010, the Troubled Company Reporter-Europe reported
that The New York Times, citing Dagens Industri, said Swedish Saab
dealers made an unsolicited offer of US$24 million to help Spyker
raise the funds it needs to buy Saab from GM.  Citing the Swedish
news agency TT, The New York Times said the pledge from the
executive committee of Saab dealers is intended to shore up
further negotiations between Spyker and GM.

As reported by the Troubled Company Reporter-Europe on Feb. 10,
2010, the European Commission has authorized, under EU state aid
rules, plans notified by Sweden to provide a guarantee that would
enable Saab to access a loan from the European Investment Bank.
The Commission found that 82.8% of the guarantee to be provided by
Sweden was in line with its Temporary Framework for state aid
measures, which gives Member States additional scope to
facilitate access to financing in the present economic and
financial crisis.  In particular, Saab will pay an adequate
remuneration for the guarantee and provide sufficient securities
in case the guarantee would be drawn.  It is therefore compatible
with Article 107(3)(b) of the Treaty on the Functioning of the
European Union (TFEU), which permits aid to remedy a serious
disturbance in the economy of a Member State.  The remaining 17.2%
will be provided on market conditions and therefore does not
constitute state aid.

Competition Commissioner Neelie Kroes said, "The state guarantee
will contribute to the implementation of Saab's business plan
without giving rise to any undue distortions of competition."

The loan to be granted by the EIB would co-finance Saab's business
plan in the light of its sale Motors to Spyker.  According to the
business plan, Saab intends to use a EUR400 million loan from EIB
for an investment project worth EUR1 billion related to inter alia
fuel efficiency and car safety.

Saab would pay a premium for the guarantee and provide the Swedish
Government with high-quality collateral covering the full
guaranteed amount.  This collateral could be called upon by the
Swedish state if it had to pay out any money under the guarantee.
The level of the premiums paid during the lifetime of the loan
would be in line with the provisions of the Commission's Temporary
Framework.  For a part of the guarantee, the Commission found
that, in the current market situation and taking into account the
other conditions of the transaction, a premium of 12.48 % per
annum constitutes the market price for the risk involved in
issuing such a guarantee.  The Commission therefore concluded that
this part of the guarantee did not involve state aid.

                       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 US$107.45 billion in total assets
against US$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)


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


ABN AMRO: S&P Republishes Feb. 11 PR, Cuts Jr. Sub. Debt to 'B'
---------------------------------------------------------------
Standard & Poor's has republished a release, issued February 11,
2010, to clarify in the last paragraph the optional coupon for the
GBP750 million Upper Tier 2 and GBP 1 billion Tier 1 instruments.

Standard & Poor's Ratings Services said that it has lowered its
junior subordinated debt ratings on GBP750 million in Upper Tier 2
and GBP 1 billion in Tier 1 securities that ABN AMRO Bank N.V.
issued to 'B' from 'BB'.  At the same time, S&P removed the issues
from CreditWatch, where they were placed with negative
implications on Jan. 7, 2010.  This rating action does not affect
the counterparty credit ratings on ABN AMRO Bank N.V.

The downgrade on the hybrid instruments follows the EC's
announcement on Feb. 8, 2010, that it temporarily approved, as
urgent rescue aid, The Netherlands' additional recapitalization
package for ABN AMRO Bank N.V. and Fortis Bank (Nederland).  The
EC also stated that it has broadened its investigation into
possible state aid, which it opened in April 2009 against FBN, to
include the additional recapitalization measures for ABN AMRO and
FBN.

"The 'B' ratings reflect S&P's view of elevated risk of deferral
of coupon payment on ABN AMRO's hybrid instruments in the coming
two years, now that the EC has widened its investigation into
state aid to include ABN AMRO as well, in combination with S&P's
expectation of poor earnings generation for the bank during this
period," said Standard & Poor's credit analyst Elisabeth Grandin.

S&P bases its rating action on its understanding of the EC's
announcement on Oct. 8, 2009, that banks under investigation
should refrain from making payments that could reduce their
capitalization, which includes coupons on hybrid instruments.

The rating action takes into account the probability, but not the
certainty, that the EC investigation could conclude that the
recapitalization package represents competitive distortion and
require "burden-sharing" (or help to offset the cost of government
bailouts) from hybrid debt holders.  In addition, S&P considers
that the bank's weak profitability and the terms and conditions of
both instruments make them vulnerable to regulatory pressure for
suspension in the two coming years.

S&P takes note that the EC announcement stressed that the opening
of the investigation "does not in any way prejudge the outcome of
the procedure," and that its preliminary assessment found that the
recapitalization measures "seem necessary" to allow the separation
of the Dutch assets of ABN AMRO and subsequent merger with FBN.
Neither the EC nor the bank made any specific comment about hybrid
debt.  In addition, ABN AMRO Holding N.V. paid a dividend on
Feb. 5, 2010.  As a result, S&P's 'B' rating on the Upper Tier 2
instrument factors in its expectation that the next coupon due on
Feb. 17, 2010, will be paid on time.

For the GBP750 million Upper Tier 2 and GBP 1 billion Tier 1
instruments, S&P understands that the coupon is optional if the
issuer's holding company (currently ABN AMRO Holding N.V.) does
not distribute a dividend in the 12 months preceding coupon
payment.  S&P also understands that the Tier 1 instrument has an
alternative coupon mechanism.  S&P notes that ABN AMRO Holding's
board resolved to make another dividend payment immediately before
legal separation.  Nevertheless, S&P's current view is that ABN
AMRO will have little chance to be profit-making in 2010 and that
its holding may not be able to distribute dividends in 2011 and
possibly in 2012 because of substantial integration costs and
still-difficult economic conditions that are weighing on
underlying profitability.


ALBANY GROUP: UK Businesses In Administration; CBW On Board
-----------------------------------------------------------
Contractor UK reports that the UK businesses of Albany Group went
into administration on Wednesday, February 10, raising hopes that
creditors, such as IT contractors, may get some of the money they
are owed.

According to the report, administrators Carter Backer Winter said
the group's UK operations appear to have faced cash-flow
difficulties after clients apparently failed to pay their bills,
leading to a "knock-on effect" on contractors.

The report relates partners at the firm confirmed their
appointment as joint administrators for Albany Holdings, Albany
EMEA and liquidators of Albany Management and Albany Employment
Services.

"We have only just been appointed so it is too early to be
definitive," the report quoted joint administrator and partner at
CBW, John Alexander, as saying.  "However, we are hopeful that
there will be at least some dividend to creditors, including
former employees who may also be entitled to additional amounts
from the government's redundancy fund where they have unpaid
salaries."

Albany Group -- http://amuk.com/-- provides Umbrella solutions to
professional contractors working in the UK.


BAR GROUP: Orange Sun Bars Buys Eight Sites in Pre-Pack Deal
------------------------------------------------------------
Paul Charity at Morning Advertiser reports that The Bar Group, the
17-strong company headed by Paul Wigham, has gone through a
pre-pack administration.

According to the report, Orange Sun Bars, a 17-strong chain also
headed by Mr. Wigham, has acquired eight sites from The Bar Group
with nine sites left behind in administration.  The eight sites
acquired by Orange Sun Bars are located in London and the South
East -- and six of them belong to Enterprise Inns, the report
says.

"These are unfortunate times when pubs are struggling but the
sites that we have taken over are quality operations with great
management, the report quoted Orange Sun Bars Chief executive Paul
Wigham as saying.  "We look forward to moving forwards positively
out of the recession with quality assets of this nature."

The report recalls Mr. Wigham founded The Bar Group in 2003 and
put in place a company voluntary arrangement in 2008.


BRITISH AIRWAYS: Suspends Staff Over Alleged Intimidation
---------------------------------------------------------
David Robertson at Times Online reports that British Airways plc
said that it had suspended a number of staff pending investigation
into alleged intimidation.

The airline has warned cabin crew that they face disciplinary
action if they intimidate co-workers, Times Online says.

According to Times Online, Sky News said that 15 crew members had
been suspended.  BA declined to comment on the number, Times
Online states.

Times Online notes Unite, the union, said that this was not the
case and that "the suspension of 15 cabin crew are in relation to
alleged comments made on Facebook."  The union said that it would
vigorously defend its members against the allegations, Times
Online relates.

As reported by the Troubled Company Reporter-Europe, The Times
said the union, which represents about 13,000 BA cabin crew, is
balloting members on possible industrial action in a dispute over
changes to working practice and pay cuts.  According to The Times,
if staff members vote in favor, BA could face strikes next month
and over Easter.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.

Moody's said the rating action reflects the continued weakening in
profitability in the first half of FY2010 (to September 2009),
with an operating loss of GBP111 million reported versus a profit
of GBP140 million a year earlier (post restructuring charges), and
Moody's view that losses in FY2010 will likely be higher than in
FY2009.  This comes in spite of lower operating costs, notably for
fuel, as demand in the industry remains very depressed, while the
company has successfully reduced its employee and selling costs.
Reported net debt remained constant during the period, partly
benefiting from a positive exchange rate impact, although Moody's
debt metrics also incorporate the full value of the convertible
notes issued in August 2009.


CHESHIRE RECYCLING: Palm Group Buys Business; 40 Jobs Secured
-------------------------------------------------------------
Helen Morris at Print Week reports that Palm Group has acquired
the business and assets of Bridgewater Paper Company subsidiary
Cheshire Recycling from administrators Ernst & Young.

According to the report, the company, which formerly traded as
AbitibiBowater Recycling Europe, has been purchased as a going
concern for an undisclosed sum, safeguarding all 40 jobs.

The report recalls joint administrators Tom Jack, Roy Bailey and
Alan Bloom were appointed to Cheshire Recycling on February 11,
following their appointment to BPCL on February 2.

Cheshire Recycling provides waste management services to local
authorities throughout the UK and operates from Ellesmere Port,
Cheshire.


CLYDE VALLEY: In Administration; Around 40 Jobs Affected
--------------------------------------------------------
Chris Musson at DailyRecord.co.uk reports that Clyde Valley
Drilling has gone into administration, resulting in the loss of
around 40 jobs.

"The sharp downturn in demand has led to a large reduction in
turnover and has had a detrimental effect on Clyde Valley
Drilling," the report quoted Owen Barrett, the company's owner and
managing director.  "Unfortunately, we were left with no other
option but to enter administration."

Clyde Valley Drilling claimed to have an annual turnover of
GBP5 million and were founded in the late 1990s, according to the
report.


EMI GROUP: Worth GBP2 Bil. Less Than Terra Firma Paid in 2007
-------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that Guy
Hands, the founder and chairman of private equity group Terra
Firma, has admitted EMI Group is worth GBP2 billion (US$3.1
billion) less than he paid for it in 2007.

The FT recalls Mr. Hands wrote last November to Citigroup, the
bank that financed the GBP4.2 billion takeover by Terra Firma,
proposing a "complete restructuring of EMI" based on a new
enterprise value of just GBP2.2 billion.  The letter, filed by
Citigroup with a New York court on Friday, is the first official
acknowledgement that Terra Firma's equity is all but worthless,
the FT notes.

According to the FT, Mr. Hands offered to raise GBP1 billion of
new equity if Citigroup would write off GBP1 billion of debt,
before suing the bank after it turned his offer down.

Mr. Hands' proposal valued EMI Music Publishing at GBP1.46 billion
and EMI Music, its record company, at less than GBP800 million,
the FT discloses.  Terra Firma has written down its original
equity by 90%, the FT recalls.

The FT recounts Mr. Hands argued the offer "would enable Citi to
realize a certain and quick recovery" at a significant premium to
the valuation of Warner Music, EMI's closest rival.  Citi refused
to write off debt without getting something in return, saying it
did not see "sufficient value".

The FT relates the letter discloses that Mr. Hands offered to
split EMI in two, a move that could have ringfenced its more
stable music publishing arm, protecting that part of Terra Firma's
investment should EMI Music breach covenants on Citigroup's loans,
as it now risks doing.

Separating recorded music from music publishing could also have
paved the way for a sale of one or both divisions, the FT says
citing a person close to the company.

According to the FT, Mr. Hands' statement that he believed Terra
Firma and Citi were "in agreement in relation to a number of key
components of an acceptable solution, including the need to
separate the two businesses", is likely to encourage would
be-bidders.

                         "Forum Shopping"

Separately, the FT's Mr. Edgecliffe-Johnson reports Citi, which
denies Terra Firma's claim that it fraudulently misrepresented the
position of a rival bidder in the 2007 auction, has accused
Mr. Hands of "forum shopping" in attempting to keep the lawsuit
against the bank over his GBP4.2 billion acquisition of EMI in New
York.  Citi, as cited by the FT, said a London trial would not
jeopardize the Terra Firma chairman's status as a tax exile in
Guernsey, as Mr. Hands claims.

"Terra Firma cites no case, and Defendants can find no case,
holding that tax avoidance is a valid consideration," the bank's
lawyers wrote in response to Mr. Hands' argument a week earlier
that his non-resident tax status and those of other Terra Firma
general partners could be at risk if the case were heard in
London, according to the FT.

The FT relates Citi argued Mr. Hands' tax concerns appeared
"overblown" and "irrelevant", saying that Mr. Hands could visit
the UK up to 91 days in a tax year without losing his status, and
that "modern communications" such as video links made it possible
for to him to take part in the case "without setting foot in
England".

"Forum shopping to avoid tax is not a legitimate basis on which to
disregard either the parties' contractual choice of forum or this
lawsuit's overwhelming center of gravity in England," Citi argued,
the FT notes.

                        Going Concern Doubt

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The Financial Times said KPMG, EMI's accountants,
raised "significant doubt" about the company's ability to continue
as a going concern.  The FT disclosed Mr. Hands has written to
investors in two of its private equity funds asking them to inject
another GBP120 million, subject to EMI Music producing a new
strategic plan.  He must come up with the money by June 14 or risk
losing the company to Citigroup, his bankers, the FT said.
According to the FT, accounts for the year to March 2009, released
on February 9, however, make clear that even if Terra Firma
secures this equity, it will face another "significant shortfall"
against a test on covenants in its loans by March 2011.  Unless it
can persuade Citi to restructure its GBP3.2 billion in loans by
then, investors face further cash calls, the FT stated.  The FT
disclosed EMI's pre-tax losses for the year to March 2009 widened
to GBP1.7 billion, against a GBP414 million loss for the previous
period, which covered the first eight months and 21 days of Terra
Firma's ownership.

EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group).  It houses
recorded music segment EMI Music and EMI Music Publishing.  EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland).  Private equity firm
Terra Firma owns EMI.


HIGHLAND AIRWAYS: Nears Refinancing Deal with Clydesdale, HIE
-------------------------------------------------------------
Nathalie Thomas at The Scotsman, citing Scotland On Sunday,
reports that Scottish airline Highland Airways is close to a
refinancing deal with Clydesdale Bank and Highlands and Islands
Enterprise.

According to the report, the airline, which was forced briefly to
suspend bookings in January before reactivating its online
reservation system earlier this month, is expected to announce a
rescue package over the next fortnight.  It is locked in talks
with its lender, Clydesdale, HIE and a new investor as it seeks to
secure its long-term future, the report says.

The freezing weather at the turn of the year heightened the
airline's difficulties as it prevented a number of services from
taking off, the report notes.

The report relates Basil O'Fee, commercial director at Highland
Airways, said refinancing talks were "going well".

The report notes Mr. O'Fee confirmed that both Clydesdale and HIE
were involved in a new financial package, but he added: "It'll
probably be another couple of weeks before anything is signed
off."

Highland Airways, which operates as a lifeline service to many of
the Scottish isles, was founded in 1991 as Alba Air.


HONOURS PLC: S&P Affirms Rating on Class D Notes at 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all the notes in Honours PLC series 2.

Honours series 2 is backed by student loans originated pre-1999 in
the U.K. by the Student Loans Co. Series 2 closed in 2006.

Losses have increased from their historical averages, and as such
S&P has increased its base case for series 2 to 11% from 9% to
reflect this arrears increase.

Despite the increase in losses, all notes are still able to
withstand S&P's stresses at their current rating levels, and so
S&P affirmed the ratings on the outstanding notes.  This is due to
an increase in credit enhancement for all rated notes since
closing, following the amortization of the most senior notes.  The
current pool factor is 65%.

In addition, the transaction benefits from significant excess
spread (excess spread is the excess income available to clear the
principal deficiency ledger).  Average excess spread over the life
of the transaction has been 2.91%.  The U.K. government provides a
subsidy for all performing loans in the pool of one-month LIBOR,
plus 2.69% (minus the applicable retail price index) which helps
to create the excess spread.

Borrowers who earn below the threshold amount (currently around
GBP25,000) are able to defer repayment of their loans.  The number
of deferred loans has increased since closing.  This is a risk to
the transaction and S&P sized this risk in its cash flow analysis.

                            Ratings List

                            Honours PLC
    GBP418.2 Million Asset-Backed Floating-Rate Notes Series 2

                         Ratings Affirmed

                       Class         Rating
                       -----         ------
                       A1            AAA
                       A2            AAA
                       B             A
                       C             BBB
                       D             BB
                       E             NR

                          NR -- Not rated.


PARAMOUNT CLUB: Avoids Administration as Creditors Back CVA Deal
----------------------------------------------------------------
Kate Walsh at The Sunday Times reports that Paramount has narrowly
avoided administration after the company's creditors agreed to a
company voluntary arrangement, wiping out 70% of its GBP1.4
million debt.

According to the report, creditors have accepted payment of 30p
for every pound they are owed.

"We lost about GBP1 million of investment after Lehman collapsed.
Doing the CVA was a difficult decision but better than the
alternative," the report quoted Paramount founder Pierre Condu as
saying.

Paramount is a London members' club backed by a host of
celebrities.  The club is located at the top of Centre Point, a
32-storey West End tower.  Paramount's celebrity backers,
including Sir David Hare, the playwright, and Roger Lloyd Pack,
Trigger in Only Fools and Horses, put up GBP4 million, according
to the report.


PORTSMOUTH FOOTBALL: Early Parachute Payment Request Turned Down
----------------------------------------------------------------
Oliver Kay and Nick Szczepanik at The Times report that the
Premier League told Portsmouth on Friday night that there is no
way it can sanction an emergency payment of next season's
broadcast revenue to save the club from administration.

According to the report, the club has until 4:00 p.m. on tomorrow,
Feb. 17, to present a statement of affairs, containing a breakdown
of its assets and liabilities, after which its winding-up petition
will be heard at the High Court on a provisional date of March 1.

The report says it was suggested that the Premier League might
offer Portsmouth their minimum guaranteed broadcast revenue for
next season -- the GBP11 million "parachute payment" they would
receive if relegated -- in advance, but a spokesman for the League
said, "The Premier League has very specific rules regarding what
happens if a club suffers an insolvency event.  We will not act
outside those rules or in a way that undermines the competition."

Balram Chainrai, Portsmouth's latest owner, has made it clear that
he is determined to sell the club at the earliest opportunity, the
report notes.  The report relates a statement on the club's
website on Friday night said "the club is working towards bringing
new finance into the business and is in advanced talks with
prospective buyers."

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Feb. 12, 2010, that the U.K. revenue service was
threatening to close the team because of about GBP7.4 million
(US$11.7 million) in unpaid sales taxes, and also said Portsmouth
owed a further GBP4.7 million in employment tax.  Bloomberg
disclosed Portsmouth's lawyer Nigel Hood said the club received
"two serious offers from what appear to be serious purchasers".
Mr. Hood, as cited by Bloomberg, said both claimed they would pay
off the team's debts.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


* UK: Gov't Must Find Alternative Finance Sources for SMEs
----------------------------------------------------------
Alternative sources of finance may be the answer to the credit
crisis engulfing small firms, according to a small business
support group.

With traditional forms of lending to SMEs in short supply, the
Forum or Private Business believes that a move away from bank
lending could help many firms to stay afloat.

As a result, it is urging the Government to look into creating
more alternative options for small businesses which have been
denied finance by traditional sources of lending.

The call comes in the wake of last week's Public Accounts
Committee report, which found that the banks have broken their
promises to lend to small businesses, placing many in danger of
insolvency.

The FPB is continuing to lobby for banks to increase the supply of
credit to small firms.  However, the lobby group is arguing that
counter-cyclical alternatives need to be put in place which will
be less affected by recession and will increase choice and
diversity in the marketplace.

The options which the FPB believes policymakers should look into
include corporate bonds, leasing, invoice financing, supply chain
credit and, following the recommendations made by the Rowland's
Review, venture capital.

The FPB is also arguing that the Government should consider steps
to reduce small firms dependency on external finance altogether.

The FPB has set out its views on the issue in a discussion paper,
which will be submitted to the Treasury.

Additionally, FPB chief executive Phil Orford was Thursday
attending a meeting on non-bank lending with City minister Lord
Myners at 11 Downing Street.

FPB policy representative Matt Goodman said: "Our research
indicates that smaller businesses are too dependant on the banks
for finance.

"At the same time, the recent crisis in the banking industry has
made it clear that access to credit should be less dependent on
the economic cycle.  Any way of reducing the feast or famine view
of credit needs to be resolved before the next economic downturn.

"Of course, we will continue to lobby for the banks to increase
lending to small firms and decide credit applications through a
fairer and less centralized process.  But at the same time, we
believe the Government needs to put credible alternative sources
of finance in place which will reduce the monopoly on lending the
banking industry has."

Recent FPB research found that the main obstacles for businesses
in accessing finance are bank-related.

The availability of credit from banks emerged as the number one
problem for 19% of members, followed by the cost of finance (11%)
and the perception that banks will only lend to businesses if the
have assets (10%).

As a result, the FPB believes that the Government should
prioritize promoting choice in accessing finance to ensure that
future downturns in the UK economy are not made worse by issues
over access to affordable credit.


* Replus Ltd. Announces New Address
-----------------------------------
Replus Ltd. has announced that it has changed its address.

The new address is:

        45 Beech Street
        London, EC2Y 8AD
        Telephone: +44 (0)20 7752 0330

Based in London, Replus Ltd. -- http://www.replus.co.uk/-- was
established in 2005, to assist under-performing businesses and
their stakeholders.  It operates in the UK, mainland, Europe and
European emerging markets.


===============
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              LB6 GR          -109013328  171684389.1
LIBRO AG              LIBR AV         -109013328  171684389.1
LIBRO AG              LBROF US        -109013328  171684389.1
LIBRO AG              LIB AV          -109013328  171684389.1
SABENA SA             SABA BB       -84766501.61   2196477161
SKYEUROPE             SKYP PW       -89480486.93  159076577.5
SKYEUROPE             SKY PW        -89480486.93  159076577.5
SKYEUROPE HLDG        SKY EO        -89480486.93  159076577.5
SKYEUROPE HLDG        SKURF US      -89480486.93  159076577.5
SKYEUROPE HLDG        SKYPLN EO     -89480486.93  159076577.5
SKYEUROPE HLDG        SKYPLN EU     -89480486.93  159076577.5
SKYEUROPE HLDG        SKY LI        -89480486.93  159076577.5
SKYEUROPE HLDG        SKYV IX       -89480486.93  159076577.5
SKYEUROPE HLDG        SKY EU        -89480486.93  159076577.5
SKYEUROPE HLDG        S8E GR        -89480486.93  159076577.5
SKYEUROPE HLDG        SKY AV        -89480486.93  159076577.5
SKYEUROPE HLDG        SKYA PZ       -89480486.93  159076577.5

BELGIUM
-------
SKYEUROPE HOL-RT      SK1 AV        -89480486.93  159076577.5

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

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

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

DENMARK
-------
ELITE SHIPPING        ELSP DC       -27715991.74  100892900.3
ROSKILDE BANK         ROSK PZ       -532868894.9   7876687324
ROSKILDE BANK         ROSK EO       -532868894.9   7876687324
ROSKILDE BANK         ROSBF US      -532868894.9   7876687324
ROSKILDE BANK         RKI GR        -532868894.9   7876687324
ROSKILDE BANK         ROSKF US      -532868894.9   7876687324
ROSKILDE BANK         ROSK DC       -532868894.9   7876687324
ROSKILDE BANK         RSKC IX       -532868894.9   7876687324
ROSKILDE BANK         ROSK EU       -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         CARG FP       -9829592.638    279906700
CARRERE GROUP         CAR2 EU       -9829592.638    279906700
CARRERE GROUP         CRRHF US      -9829592.638    279906700
CARRERE GROUP         CRGP IX       -9829592.638    279906700
CARRERE GROUP         CARF PZ       -9829592.638    279906700
CARRERE GROUP         CAR FP        -9829592.638    279906700
CARRERE GROUP         CAR2 EO       -9829592.638    279906700
CARRERE GROUP         XRR GR        -9829592.638    279906700
CHAINE ET TRAME       CHTR FP        -46169771.5  134467847.6
CHAINE ET TRAME       CTRM FP        -46169771.5  134467847.6
GRANDE PAROISSE       GDPXF US      -927267926.9    629287290
GRANDE PAROISSE       GDPA FP       -927267926.9    629287290
GRANDE PAROISSE       GAPA FP       -927267926.9    629287290
IMMOB HOTEL BALN      IMHB FP       -66874823.95  301323804.9
IMMOB HOTELIERE       IMBHF US      -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO PZ       -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO EU       -66874823.95  301323804.9
IMMOB HOTELIERE       SIH FP        -66874823.95  301323804.9
IMMOB HOTELIERE       IMH GR        -66874823.95  301323804.9
IMMOB HOTELIERE       IMMH IX       -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO EO       -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO FP       -66874823.95  301323804.9
LAB DOLISOS           LADL FP       -27752176.19  110485462.4
LAB DOLISOS           DOLI 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 EU        -46169771.5  134467847.6
MB RETAIL EUROPE      CTRF IX        -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE FP        -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE PZ        -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE EO        -46169771.5  134467847.6
NORTENE               NORT FP       -35623999.56  117566786.9
NORTENE               NRTP IX       -35623999.56  117566786.9
NORTENE               NRTN FP       -35623999.56  117566786.9
OROSDI                OROS FP        -7291.55004  131233317.6
OROSDI-BACK           OROS EO        -7291.55004  131233317.6
OROSDI-BACK           ORBA FP        -7291.55004  131233317.6
OROSDI-BACK           OROS PZ        -7291.55004  131233317.6
OROSDI-BACK           OROS EU        -7291.55004  131233317.6
OROSDI-BACK           BACK IX        -7291.55004  131233317.6
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
OUTSIDE LIVING I      NORT EU       -35623999.56  117566786.9
OUTSIDE LIVING I      OLIN FP       -35623999.56  117566786.9
PAGESJAUNES           PGJUF US       -3303869370  970555919.3
PAGESJAUNES GRP       PAJP IX        -3303869370  970555919.3
PAGESJAUNES GRP       PAJ PZ         -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBX EU      -3303869370  970555919.3
PAGESJAUNES GRP       PAJUSD EU      -3303869370  970555919.3
PAGESJAUNES GRP       PAJ IX         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ TQ         -3303869370  970555919.3
PAGESJAUNES GRP       PAJUSD EO      -3303869370  970555919.3
PAGESJAUNES GRP       PAJ FP         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EB         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EO         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ VX         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ QM         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ LI         -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBP EO      -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EU         -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBX EO      -3303869370  970555919.3
PAGESJAUNES GRP       PAJ NQ         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ BQ         -3303869370  970555919.3
PAGESJAUNES GRP       QS3 GR         -3303869370  970555919.3
RHODIA SA             RHANR PZ      -913748142.2   6150227880
RHODIA SA             RHAGBX EU     -913748142.2   6150227880
RHODIA SA             RHAGBX EO     -913748142.2   6150227880
RHODIA SA             2324011Q EU   -913748142.2   6150227880
RHODIA SA             RHD GR        -913748142.2   6150227880
RHODIA SA             2324015Q EO   -913748142.2   6150227880
RHODIA SA             RHA EO        -913748142.2   6150227880
RHODIA SA             RHANR FP      -913748142.2   6150227880
RHODIA SA             RHA PZ        -913748142.2   6150227880
RHODIA SA             3218857Q IX   -913748142.2   6150227880
RHODIA SA             RHADF US      -913748142.2   6150227880
RHODIA SA             RHAUSD EU     -913748142.2   6150227880
RHODIA SA             RHA VX        -913748142.2   6150227880
RHODIA SA             RHA EB        -913748142.2   6150227880
RHODIA SA             RHA NQ        -913748142.2   6150227880
RHODIA SA             RHA EU        -913748142.2   6150227880
RHODIA SA             RHAGBP EO     -913748142.2   6150227880
RHODIA SA             RHA QM        -913748142.2   6150227880
RHODIA SA             RHAY IX       -913748142.2   6150227880
RHODIA SA             RHA BQ        -913748142.2   6150227880
RHODIA SA             RHA IX        -913748142.2   6150227880
RHODIA SA             RHDI GR       -913748142.2   6150227880
RHODIA SA             RHA TQ        -913748142.2   6150227880
RHODIA SA             RHA FP        -913748142.2   6150227880
RHODIA SA             RHDAF US      -913748142.2   6150227880
RHODIA SA             RHAUSD EO     -913748142.2   6150227880
RHODIA SA - NEW       RHANV FP      -913748142.2   6150227880
RHODIA SA - NEW       2335921Q FP   -913748142.2   6150227880
RHODIA SA - NEW       3506266Q 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              SLCO PZ       -21481214.33  175720770.8
SELCODIS              SPVX IX       -21481214.33  175720770.8
Selcodis              SPVX FP       -21481214.33  175720770.8
SELCODIS              SLCO EU       -21481214.33  175720770.8
SELCODIS              SLCO EO       -21481214.33  175720770.8
SELCODIS              SLCO FP       -21481214.33  175720770.8
TECHNICOLOR           TMS GK        -587281616.7   6690514315
TECHNICOLOR           TMS EU        -587281616.7   6690514315
TECHNICOLOR           TCH FP        -587281616.7   6690514315
TECHNICOLOR           TCH QM        -587281616.7   6690514315
TECHNICOLOR           TCH NQ        -587281616.7   6690514315
TECHNICOLOR           TMMLF US      -587281616.7   6690514315
TECHNICOLOR           TNM GR        -587281616.7   6690514315
TECHNICOLOR           TMS PZ        -587281616.7   6690514315
TECHNICOLOR           TMS EO        -587281616.7   6690514315
TECHNICOLOR           TMS EB        -587281616.7   6690514315
TECHNICOLOR           TMSUSD EU     -587281616.7   6690514315
TECHNICOLOR           TMSGBP EO     -587281616.7   6690514315
TECHNICOLOR           TMM IX        -587281616.7   6690514315
TECHNICOLOR           TMS NQ        -587281616.7   6690514315
TECHNICOLOR           TMSGBX EO     -587281616.7   6690514315
TECHNICOLOR           TMSGBX EU     -587281616.7   6690514315
TECHNICOLOR           TMS BQ        -587281616.7   6690514315
TECHNICOLOR           TCH TQ        -587281616.7   6690514315
TECHNICOLOR           TMSUSD EO     -587281616.7   6690514315
TECHNICOLOR-ADR       TCH US        -587281616.7   6690514315
THOMSON - NEW         2336061Q FP   -587281616.7   6690514315
THOMSON - NEW         TMSNV FP      -587281616.7   6690514315
THOMSON (EX-TMM)      TMM VX        -587281616.7   6690514315
THOMSON (EX-TMM)      TMS FP        -587281616.7   6690514315
THOMSON (EX-TMM)      TNMA GR       -587281616.7   6690514315
THOMSON (EX-TMM)      TMS US        -587281616.7   6690514315
THOMSON (EX-TMM)      TMM LN        -587281616.7   6690514315
THOMSON (EX-TMM)      TMMN FP       -587281616.7   6690514315
THOMSON (EX-TMM)      TMS QM        -587281616.7   6690514315
THOMSON (EX-TMM)      TMS TQ        -587281616.7   6690514315
THOMSON (EX-TMM)      TMM ES        -587281616.7   6690514315
THOMSON (EX-TMM)      TMS VX        -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        ETEC FP       -396977.9956  133986439.7
TROUVAY CAUVIN        TVYCF US      -396977.9956  133986439.7

GERMANY
-------
AGOR AG               DOO EU        -482446.6262  144432986.2
AGOR AG               DOOG IX       -482446.6262  144432986.2
AGOR AG               DOO GR        -482446.6262  144432986.2
AGOR AG               DOOD PZ       -482446.6262  144432986.2
AGOR AG               DOO EO        -482446.6262  144432986.2
AGOR AG               NDAGF US      -482446.6262  144432986.2
AGOR AG-RTS           2301918Z GR   -482446.6262  144432986.2
ALNO AG               ANO PZ        -68516656.94  290459933.8
ALNO AG               ANO EO        -68516656.94  290459933.8
ALNO AG               ALNO IX       -68516656.94  290459933.8
ALNO AG               ANO EU        -68516656.94  290459933.8
ALNO AG               ANO GR        -68516656.94  290459933.8
ALNO AG-NEW           ANO1 GR       -68516656.94  290459933.8
ALNO AG-RTS           2259765Z GR   -68516656.94  290459933.8
BROKAT AG             BROAF US      -27139391.98  143536859.7
BROKAT AG             BRKAF US      -27139391.98  143536859.7
BROKAT AG             BKISF US      -27139391.98  143536859.7
BROKAT AG             BROFQ 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 GR        -27139391.98  143536859.7
BROKAT TECH AG        BRJ NM        -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        COB2 EO       -42994732.85  904723627.8
CBB HOLDING AG        COB GR        -42994732.85  904723627.8
CBB HOLDING AG        COB2 EU       -42994732.85  904723627.8
CBB HOLDING AG        COBG PZ       -42994732.85  904723627.8
CBB HOLDING AG        CUBDF US      -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 PZ        -42008900.33  144431938.3
CINEMAXX AG           MXC EU        -42008900.33  144431938.3
CINEMAXX AG           MXCUSD EU     -42008900.33  144431938.3
CINEMAXX AG           MXCG IX       -42008900.33  144431938.3
CINEMAXX AG           MXCUSD EO     -42008900.33  144431938.3
CINEMAXX AG           CNEMF US      -42008900.33  144431938.3
CINEMAXX AG           MXC GR        -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 GR        -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC EU        -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC TQ        -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESCDF US      -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC EO        -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC PZ        -22323463.23  425598807.8
EDOB ABWICKLUNGS      ESC BQ        -22323463.23  425598807.8
EM.TV & MERCHAND      985403Q GR    -22067409.41  849175624.7
EM.TV & MERCHAND      ETV NM        -22067409.41  849175624.7
EM.TV & MERCHAND      ETV LN        -22067409.41  849175624.7
EM.TV & MERCHAND      ETV VX        -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 NM       -22067409.41  849175624.7
EM.TV & MERC-NEW      ETV1 GR       -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 EU       -22323463.23  425598807.8
ESCADA AG-NEW         3069367Q GR   -22323463.23  425598807.8
ESCADA AG-NEW         ESCD GR       -22323463.23  425598807.8
ESCADA AG-NEW         ESCN GR       -22323463.23  425598807.8
ESCADA AG-NEW         ESCN EO       -22323463.23  425598807.8
ESCADA AG-NEW         835345Q GR    -22323463.23  425598807.8
ESCADA AG-NEW         ESCC 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           KFR EU        -19296489.56  150995473.8
KAUFRING AG           KAUG IX       -19296489.56  150995473.8
KAUFRING AG           KFR GR        -19296489.56  150995473.8
KAUFRING AG           KFR EO        -19296489.56  150995473.8
KAUFRING AG           KFR PZ        -19296489.56  150995473.8
MANIA TECHNOLOGI      MNI1 EO        -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI NM         -35060806.5  107465713.6
MANIA TECHNOLOGI      MNIG IX        -35060806.5  107465713.6
MANIA TECHNOLOGI      MIAVF US       -35060806.5  107465713.6
MANIA TECHNOLOGI      2260970Z GR    -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI GR         -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI1 EU        -35060806.5  107465713.6
MANIA TECHNOLOGI      MNI PZ         -35060806.5  107465713.6
MATERNUS KLINI-N      MAK1 GR       -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK EO        -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK EU        -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK GR        -17804909.71  189933668.6
MATERNUS-KLINIKE      MNUKF US      -17804909.71  189933668.6
MATERNUS-KLINIKE      MAK PZ        -17804909.71  189933668.6
MATERNUS-KLINIKE      MAKG IX       -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           PRCG IX       -18656728.68  610380925.7
PRIMACOM AG           PRCG PZ       -18656728.68  610380925.7
PRIMACOM AG           PRC EU        -18656728.68  610380925.7
PRIMACOM AG           PRC2 GR       -18656728.68  610380925.7
PRIMACOM AG           PRC GR        -18656728.68  610380925.7
PRIMACOM AG           PRC NM        -18656728.68  610380925.7
PRIMACOM AG           PRC EO        -18656728.68  610380925.7
PRIMACOM AG           PCAGF US      -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       ROSG PZ       -1744121.914  217776125.8
RAG ABWICKL-REG       ROS GR        -1744121.914  217776125.8
RAG ABWICKL-REG       RSTHF US      -1744121.914  217776125.8
RAG ABWICKL-REG       ROS1 EU       -1744121.914  217776125.8
RAG ABWICKL-REG       ROS1 EO       -1744121.914  217776125.8
RINOL AG              RILB IX            -2.7111  168095049.1
RINOL AG              RILB PZ            -2.7111  168095049.1
RINOL AG              RILB EO            -2.7111  168095049.1
RINOL AG              RIL GR             -2.7111  168095049.1
RINOL AG              RILB EU            -2.7111  168095049.1
RINOL AG              RILB GR            -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       JLSDF US      -6153256.917  127548039.7
SANDER (JIL) AG       SAD GR        -6153256.917  127548039.7
SANDER (JIL)-PRF      2916161Q EO   -6153256.917  127548039.7
SANDER (JIL)-PRF      SAD3 GR       -6153256.917  127548039.7
SANDER (JIL)-PRF      SAD3 PZ       -6153256.917  127548039.7
SANDER (JIL)-PRF      2916157Q EU   -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 GR       -120075877.7    410015192
TA TRIUMPH-ACQ        TWNA EU       -120075877.7    410015192
TA TRIUMPH-ADLER      TWN PZ        -120075877.7    410015192
TA TRIUMPH-ADLER      TWNG IX       -120075877.7    410015192
TA TRIUMPH-ADLER      TWN GR        -120075877.7    410015192
TA TRIUMPH-ADLER      TWN EU        -120075877.7    410015192
TA TRIUMPH-ADLER      TTZAF US      -120075877.7    410015192
TA TRIUMPH-ADLER      TWN EO        -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        VVA1 GR       -22198683.12  111990951.4
VIVANCO GRUPPE        VIVGF US      -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 EO       -22198683.12  111990951.4
VIVANCO GRUPPE        VVAG IX       -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 EU       -22198683.12  111990951.4
VIVANCO GRUPPE        VVA GR        -22198683.12  111990951.4
VIVANCO GRUPPE        VVA1 PZ       -22198683.12  111990951.4

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

GREECE
------
AG PETZETAKIS SA      PETZK EU      -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      PTZ GR        -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK EO      -30790135.48  234437763.5
AG PETZETAKIS SA      PZETF US      -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK PZ      -30790135.48  234437763.5
ALMA-ATERM-AUCT       ATERME GA     -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM PZ      -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM EO      -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM EU      -4110971.317  105276552.2
ALTEC SA -AUCT        ALTECE GA     -103590250.3  177563163.7
ALTEC SA INFO         ALTEC PZ      -103590250.3  177563163.7
ALTEC SA INFO         ALTEC EO      -103590250.3  177563163.7
ALTEC SA INFO         ALTEC GA      -103590250.3  177563163.7
ALTEC SA INFO         ALTEC EU      -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      ALTED GA      -103590250.3  177563163.7
ALTEC SA INFO-RT      ALTECR GA     -103590250.3  177563163.7
ARIES MARITIME T      RAMS US          -57875000    197992000
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 GE       ASASK PZ      -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK GA      -189908329.1  896537349.7
ASPIS PRONIA -PF      ASAPR GA      -189908329.1  896537349.7
ASPIS PRONIA-PF       APGV GR       -189908329.1  896537349.7
ASPIS PRONIA-PF       ASASP GA      -189908329.1  896537349.7
ASPIS PRONIA-RT       ASASKR GA     -189908329.1  896537349.7
ASPIS PRONOIA GE      APGG IX       -189908329.1  896537349.7
ASPIS PRONOIA GE      APG GR        -189908329.1  896537349.7
ASPIS PRON-PF RT      ASASPR GA     -189908329.1  896537349.7
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 EU       -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM EO       -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUMF US      -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM PZ       -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM GA       -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        PETZP GA      -30790135.48  234437763.5
PETZETAKIS-PFD        PTZ3 GR       -30790135.48  234437763.5
RADIO KORASSIDIS      RAKOF US      -100972173.9  180679253.6
RADIO KORASSIDIS      KORA GA       -100972173.9  180679253.6
RADIO KORASSIDIS      RKC GR        -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      THEMER GA     -55751178.85  232036822.6
THEMELIODOMI-RTS      THEMED GA     -55751178.85  232036822.6
UNITED TEXTILES       NAOYK GA      -44175513.67  341686153.1
UNITED TEXTILES       UTEX EU       -44175513.67  341686153.1
UNITED TEXTILES       UTEX GA       -44175513.67  341686153.1
UNITED TEXTILES       UTEX PZ       -44175513.67  341686153.1
UNITED TEXTILES       NAOSF US      -44175513.67  341686153.1
UNITED TEXTILES       UTEX EO       -44175513.67  341686153.1

HUNGARY
-------
HUNGARIAN TELEPH      HUGC IX          -75973000    835658048
HUNGARIAN TELEPH      HUC EX           -75973000    835658048
HUNGARIAN TELEPH      HUC GR           -75973000    835658048

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

IRELAND
-------
BOUNDARY CAPITAL      BCP1 PZ       -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP1 EO       -10192301.85  119787800.5
BOUNDARY CAPITAL      BCM GR        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP ID        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP1 PG       -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP1 EU       -10192301.85  119787800.5
BOUNDARY CAPITAL      BCPI IX       -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP LN        -10192301.85  119787800.5
BOUNDARY CAPITAL      BCP IX        -10192301.85  119787800.5
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         ELA PO          -370500000   1669500032
ELAN CORP PLC         ELNCF US        -370500000   1669500032
ELAN CORP PLC         ELNUSD EO       -370500000   1669500032
ELAN CORP PLC         ELA LN          -370500000   1669500032
ELAN CORP PLC         DRXG IX         -370500000   1669500032
ELAN CORP PLC         ELN EB          -370500000   1669500032
ELAN CORP PLC         ELNUSD EU       -370500000   1669500032
ELAN CORP PLC         ELN NQ          -370500000   1669500032
ELAN CORP PLC         ELN LN          -370500000   1669500032
ELAN CORP PLC         DRX GR          -370500000   1669500032
ELAN CORP PLC         ECN VX          -370500000   1669500032
ELAN CORP PLC         ELN EO          -370500000   1669500032
ELAN CORP PLC         ELN TQ          -370500000   1669500032
ELAN CORP PLC         ELNGBP EO       -370500000   1669500032
ELAN CORP PLC         ELN ID          -370500000   1669500032
ELAN CORP PLC         ELN EU          -370500000   1669500032
ELAN CORP PLC         ELN NR          -370500000   1669500032
ELAN CORP-ADR         EAN GR          -370500000   1669500032
ELAN CORP-ADR         QUNELN AU       -370500000   1669500032
ELAN CORP-ADR         EANG IX         -370500000   1669500032
ELAN CORP-ADR         ELAD LN         -370500000   1669500032
ELAN CORP-ADR         ELN US          -370500000   1669500032
ELAN CORP-ADR UT      ELN/E US        -370500000   1669500032
ELAN CORP-CVR         LCVRZ US        -370500000   1669500032
ELAN CORP-CVR         ELNZV US        -370500000   1669500032
MCINERNEY HLDGS       MK9 PO        -113397336.3  441922391.7
MCINERNEY HLDGS       MCII IX       -113397336.3  441922391.7
MCINERNEY HLDGS       MNEYF US      -113397336.3  441922391.7
MCINERNEY HLDGS       MCI IX        -113397336.3  441922391.7
MCINERNEY HLDGS       MCIGBX EU     -113397336.3  441922391.7
MCINERNEY HLDGS       MK9C PZ       -113397336.3  441922391.7
MCINERNEY HLDGS       MCIGBP EO     -113397336.3  441922391.7
MCINERNEY HLDGS       MK9 GR        -113397336.3  441922391.7
MCINERNEY HLDGS       MCI EU        -113397336.3  441922391.7
MCINERNEY HLDGS       MCI PO        -113397336.3  441922391.7
MCINERNEY HLDGS       MCI LN        -113397336.3  441922391.7
MCINERNEY HLDGS       MCI VX        -113397336.3  441922391.7
MCINERNEY HLDGS       MCI ID        -113397336.3  441922391.7
MCINERNEY HLDGS       MCI EO        -113397336.3  441922391.7
MCINERNEY HLDGS       MCIGBX EO     -113397336.3  441922391.7
MCINERNEY PROP-A      MYP LN        -113397336.3  441922391.7
MCINERNEY PROP-A      MCIYF US      -113397336.3  441922391.7
MCINERNEY PROP-A      MYP ID        -113397336.3  441922391.7
MCINERNEY -RT FP      MCIF LN       -113397336.3  441922391.7
MCINERNEY -RT FP      MCIF ID       -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           PAYZ PZ       -138030903.2  510010035.3
PAYZONE PLC           PAYZ IX       -138030903.2  510010035.3
PAYZONE PLC           PAYZ PG       -138030903.2  510010035.3
PAYZONE PLC           PAYZ EU       -138030903.2  510010035.3
PAYZONE PLC           4P6 GR        -138030903.2  510010035.3
PAYZONE PLC           PAYZ LN       -138030903.2  510010035.3
PAYZONE PLC           PAYZ EO       -138030903.2  510010035.3
WATERFORD - RTS       508519Q LN    -505729895.2    820803256
WATERFORD - RTS       WWWB ID       -505729895.2    820803256
WATERFORD - RTS       508523Q LN    -505729895.2    820803256
WATERFORD - RTS       WWWB GR       -505729895.2    820803256
WATERFORD - RTS       WWWA GR       -505729895.2    820803256
WATERFORD - RTS       WWWA ID       -505729895.2    820803256
WATERFORD W-ADR       WATWY US      -505729895.2    820803256
WATERFORD WDGEWD      WATWF US      -505729895.2    820803256
WATERFORD WDGEWD      WATFF US      -505729895.2    820803256
WATERFORD WED-RT      586556Q LN    -505729895.2    820803256
WATERFORD WED-RT      WTFR LN       -505729895.2    820803256
WATERFORD WED-RT      WWWD ID       -505729895.2    820803256
WATERFORD WED-RT      WWWC GR       -505729895.2    820803256
WATERFORD WED-RT      586552Q LN    -505729895.2    820803256
WATERFORD WED-RT      WWWD GR       -505729895.2    820803256
WATERFORD WED-RT      WWWC ID       -505729895.2    820803256
WATERFORD WED-UT      WTFU IX       -505729895.2    820803256
WATERFORD WED-UT      WTFU LN       -505729895.2    820803256
WATERFORD WED-UT      WWW PO        -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EO    -505729895.2    820803256
WATERFORD WED-UT      WTFU ID       -505729895.2    820803256
WATERFORD WED-UT      WTFU VX       -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EU    -505729895.2    820803256
WATERFORD WED-UT      WTFU EU       -505729895.2    820803256
WATERFORD WED-UT      WTFU EO       -505729895.2    820803256
WATERFORD WED-UT      WTFU PO       -505729895.2    820803256
WATERFORD WED-UT      WWW GR        -505729895.2    820803256
WATERFORD WED-UT      WWWD PZ       -505729895.2    820803256
WATERFORD WE-RTS      WTFN VX       -505729895.2    820803256
WATERFORD WE-RTS      WTFF ID       -505729895.2    820803256
WATERFORD WE-RTS      WTFF LN       -505729895.2    820803256
WATERFORD WE-RTS      WTFN LN       -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             LLB GR        -24405906.61   1350851664
AEDES SPA             AE EU         -24405906.61   1350851664
AEDES SPA             AEDI IX       -24405906.61   1350851664
AEDES SPA             AE PZ         -24405906.61   1350851664
AEDES SPA             AE EO         -24405906.61   1350851664
AEDES SPA             AE TQ         -24405906.61   1350851664
AEDES SPA             AE IM         -24405906.61   1350851664
AEDES SPA             AEDSF US      -24405906.61   1350851664
AEDES SPA RNC         AEDE IM       -24405906.61   1350851664
AEDES SPA-OPA         AEDROP IM     -24405906.61   1350851664
AEDES SPA-OPA         AEOPA 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             BND IM        -11146475.29  128859802.9
BINDA SPA             BNDAF US      -11146475.29  128859802.9
BROGGI IZAR FABB      BIF IM        -178432.4639  134255668.5
CART SOTTRI-BIND      DEM IM        -11146475.29  128859802.9
CIRIO FINANZIARI      CRO IM        -422095869.5   1583083044
CIRIO FINANZIARI      FIY GR        -422095869.5   1583083044
COIN SPA              GUCIF US      -151690764.8  791310848.7
COIN SPA              GC IX         -151690764.8  791310848.7
COIN SPA              965089Q GR    -151690764.8  791310848.7
COIN SPA/OLD          GC IM         -151690764.8  791310848.7
COIN SPA-RTS          GCAA IM       -151690764.8  791310848.7
COMPAGNIA ITALIA      CGLUF US      -137726596.3  527372691.4
COMPAGNIA ITALIA      CITU IX       -137726596.3  527372691.4
COMPAGNIA ITALIA      ICT IM        -137726596.3  527372691.4
CORNELL BHN           BY EU         -178432.4639  134255668.5
CORNELL BHN           INN IM        -178432.4639  134255668.5
CORNELL BHN           CBX IM        -178432.4639  134255668.5
CORNELL BHN           BY EO         -178432.4639  134255668.5
CORNELL BHN           INO1 IX       -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      IV7 GR        -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE IX        -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE IM        -92020221.43  318192568.6
I VIAGGI DEL VEN      IVGIF US      -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE TQ        -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE PZ        -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE EO        -92020221.43  318192568.6
I VIAGGI DEL VEN      VVE EU        -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 EU         -47468652.4  322390901.7
OMNIA NETWORK SP      ONT PZ         -47468652.4  322390901.7
OMNIA NETWORK SP      ONT EO         -47468652.4  322390901.7
OMNIA NETWORK SP      ONTI IX        -47468652.4  322390901.7
OMNIA NETWORK SP      ONT TQ         -47468652.4  322390901.7
OMNIA NETWORK SP      ONT IM         -47468652.4  322390901.7
PARMALAT FINANZI      PRF IM        -18419390029   4120687886
PARMALAT FINANZI      PMLFF US      -18419390029   4120687886
PARMALAT FINANZI      FICN AV       -18419390029   4120687886
PARMALAT FINANZI      PMT LI        -18419390029   4120687886
PARMALAT FINANZI      PARAF US      -18419390029   4120687886
PARMALAT FINANZI      PAF GR        -18419390029   4120687886
PARMALAT FINANZI      PRFI VX       -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       RSMNF US      -165887753.7   4800733024
RISANAMENTO SPA       RN PZ         -165887753.7   4800733024
RISANAMENTO SPA       RNGBX EU      -165887753.7   4800733024
RISANAMENTO SPA       RN EO         -165887753.7   4800733024
RISANAMENTO SPA       RNGBP EO      -165887753.7   4800733024
RISANAMENTO SPA       RN EU         -165887753.7   4800733024
RISANAMENTO SPA       RN IX         -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-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              SIAI IX       -141933883.9  150445252.4
SNIA SPA              SIAI PZ       -141933883.9  150445252.4
SNIA SPA              SNIB GR       -141933883.9  150445252.4
SNIA SPA              SNIA GR       -141933883.9  150445252.4
SNIA SPA              SN IM         -141933883.9  150445252.4
SNIA SPA              SN TQ         -141933883.9  150445252.4
SNIA SPA              SN EU         -141933883.9  150445252.4
SNIA SPA              SNIXF US      -141933883.9  150445252.4
SNIA SPA              SBPDF US      -141933883.9  150445252.4
SNIA SPA              SSMLF US      -141933883.9  150445252.4
SNIA SPA              SN EO         -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         SCT EO        -161739278.5  398222827.1
SOCOTHERM SPA         SCT IM        -161739278.5  398222827.1
SOCOTHERM SPA         SOCEF US      -161739278.5  398222827.1
SOCOTHERM SPA         SCT EU        -161739278.5  398222827.1
SOCOTHERM SPA         SCTM IX       -161739278.5  398222827.1
SOCOTHERM SPA         SCTI PZ       -161739278.5  398222827.1
SOCOTHERM SPA         SCT TQ        -161739278.5  398222827.1
TAS TECNOLOGIA        TAQ GR        -405622.1721  172796509.7
TAS TECNOLOGIA        TAS PZ        -405622.1721  172796509.7
TAS TECNOLOGIA        TAS EU        -405622.1721  172796509.7
TAS TECNOLOGIA        TAS EO        -405622.1721  172796509.7
TAS TECNOLOGIA        TAS TQ        -405622.1721  172796509.7
TAS TECNOLOGIA        TAS NM        -405622.1721  172796509.7
TAS TECNOLOGIA        TAS IM        -405622.1721  172796509.7
TECNODIFF ITALIA      TEF GR        -89894162.82  152045757.5
TECNODIFF ITALIA      TDIFF US      -89894162.82  152045757.5
TECNODIFF ITALIA      TDI IM        -89894162.82  152045757.5
TECNODIFF ITALIA      TDI NM        -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           TIQ1 GR       -421259823.5  632152613.6
TISCALI SPA           TIS FP        -421259823.5  632152613.6
TISCALI SPA           TSCXF US      -421259823.5  632152613.6
TISCALI SPA           TISN IM       -421259823.5  632152613.6
TISCALI SPA           TIS EU        -421259823.5  632152613.6
TISCALI SPA           TISGBX EO     -421259823.5  632152613.6
TISCALI SPA           TISN IX       -421259823.5  632152613.6
TISCALI SPA           TISGBP EO     -421259823.5  632152613.6
TISCALI SPA           TIS VX        -421259823.5  632152613.6
TISCALI SPA           TIS IX        -421259823.5  632152613.6
TISCALI SPA           TIS EO        -421259823.5  632152613.6
TISCALI SPA           TIS TQ        -421259823.5  632152613.6
TISCALI SPA           TISGBX EU     -421259823.5  632152613.6
TISCALI SPA           TIQG IX       -421259823.5  632152613.6
TISCALI SPA           TIS IM        -421259823.5  632152613.6
TISCALI SPA           TISN VX       -421259823.5  632152613.6
TISCALI SPA           TISN NA       -421259823.5  632152613.6
TISCALI SPA           TIS NR        -421259823.5  632152613.6
TISCALI SPA           TIS PZ        -421259823.5  632152613.6
TISCALI SPA           TIS NA        -421259823.5  632152613.6
TISCALI SPA           TISN FP       -421259823.5  632152613.6
TISCALI SPA           TIQ GR        -421259823.5  632152613.6
TISCALI SPA- RTS      TISAXA IM     -421259823.5  632152613.6
TISCALI SPA- RTS      3391621Q GR   -421259823.5  632152613.6
YORKVILLE BHN         BY IM         -178432.4639  134255668.5
YORKVILLE BHN         BY TQ         -178432.4639  134255668.5
YORKVILLE BHN         CBXI PZ       -178432.4639  134255668.5

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

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

POLAND
------
KROSNO                KRS1EUR EU    -2241614.766  111838141.2
KROSNO                KRS1EUR EO    -2241614.766  111838141.2
KROSNO                KRS PW        -2241614.766  111838141.2
KROSNO                KRS LI        -2241614.766  111838141.2
KROSNO                KROS IX       -2241614.766  111838141.2
KROSNO SA             KRS1 EO       -2241614.766  111838141.2
KROSNO SA             KRS PZ        -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-RTS         KRSP PW       -2241614.766  111838141.2
KROSNO-PDA-ALLT       KRSA PW       -2241614.766  111838141.2
TOORA                 TOR PW        -288818.3897  147004954.2
TOORA                 TOR PZ        -288818.3897  147004954.2
TOORA                 2916661Q EO   -288818.3897  147004954.2
TOORA                 2916665Q EU   -288818.3897  147004954.2
TOORA-ALLOT CERT      TORA PW       -288818.3897  147004954.2

PORTUGAL
--------
BENFICA               SLBENX PX     -16614056.44  234366255.6
BENFICA               SLBEN EO      -16614056.44  234366255.6
BENFICA               SLBEN EU      -16614056.44  234366255.6
BENFICA               SLBEN PL      -16614056.44  234366255.6
BENFICA               SLBE IX       -16614056.44  234366255.6
BENFICA               SLBEN PZ      -16614056.44  234366255.6
LISGRAFICA IMPRE      LIG PL        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG EO        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG EU        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG EO       -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG EU       -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG PL       -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG PZ        -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      SCG GR         -4083492.14  225687305.9
SPORTING-SOC DES      SCPL IX        -4083492.14  225687305.9
SPORTING-SOC DES      SCDF EO        -4083492.14  225687305.9
SPORTING-SOC DES      SCDF EU        -4083492.14  225687305.9
SPORTING-SOC DES      SCPX PX        -4083492.14  225687305.9
SPORTING-SOC DES      SCP PL         -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 EU        -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF PZ        -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF EO        -75871846.95  148731546.6
VAA VISTA ALEGRE      VAFX PX       -75871846.95  148731546.6
VAA VISTA ALTAN       VAFKX PX      -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK EO       -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK EU       -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK PL       -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK PZ       -75871846.95  148731546.6

ROMANIA
-------
OLTCHIM RM VALCE      OLT EU        -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTEUR EU     -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT PZ        -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTCF US      -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      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 RM       -33465586.31  128437866.5
DAGESTAN ENERGY       DASB* RU      -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      KOSBP* RU     -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBPG 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 RM       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG* RU      -331600428.5  891998590.7
SAMARANEFTEGAS-$      SMNG RU       -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP RM      -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP* RU     -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 SM       -148097530.9  674738808.3
FERGO AISA SA         AISA PZ       -148097530.9  674738808.3
FERGO AISA SA         AISA EO       -148097530.9  674738808.3
FERGO AISA SA         AISA EU       -148097530.9  674738808.3
MARTINSA FADESA       MTF EU         -1847997044   8832898708
MARTINSA FADESA       MTF SM         -1847997044   8832898708
MARTINSA FADESA       4PU GR         -1847997044   8832898708
MARTINSA FADESA       MTF EO         -1847997044   8832898708
MARTINSA FADESA       MFAD PZ        -1847997044   8832898708
MARTINSA FADESA       MTF1 LI        -1847997044   8832898708
MARTINSA-FADESA       MTF NR         -1847997044   8832898708

TURKEY
------
BESIKTAS FUTBOL       BKTFF US      -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKASY TI     -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKASM TI     -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKAS TI      -10396040.97  175760356.3
BESIKTAS FUTBOL       BWX GR        -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


UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ       -16212049.02  277693905.5
BANK FORUM -GDR       FRMB038 RU    -5331676.798   2243068982
BANK FORUM -GDR       B5F GR        -5331676.798   2243068982
BANK FORUM -GDR       639540Z LX    -5331676.798   2243068982
BANK FORUM -GDR       BFJG IX       -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
ODESSA OIL REFIN      ONPZ UZ       -70727947.39  325964086.9

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


                 * * * End of Transmission * * *