TCREUR_Public/100323.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, March 23, 2010, Vol. 11, No. 057

                            Headlines



F R A N C E

RENAULT SA: Nears Deal with Mahindra to Revamp Logan Sedan


G E R M A N Y

ARCANDOR AG: Financial Investors Eye Kaufhof-Karstadt Merger
KABEL DEUTSCHLAND: Raises Almost EUR760 Million in IPO
WADAN YARDS: STX Europe to Take Hit on Bankruptcy, Sale of Yards

* GERMANY: To Unveil Details of Bank-Overhaul Plan By Mid-Year


H U N G A R Y

MAGYAR TAKAREKSZOVETKEZETI: S&P Affirms 'BB' Long-Term Ratings
OTP BANK: S&P Changes Outlook to Stable; Affirms 'BB+/B' Rating


I R E L A N D

BEDMINSTER INTERNATIONAL LIMITED: Chapter 15 Case Summary
EIRLES TWO: S&P Withdraws 'CCC+' Rating on US$14.5 Mil. Notes
FLEMING GROUP: AIB, KBC Appoint Receiver Over 300 Apartments
MACREDDIN GOLF: Durgman Lost Legal Action Over Guarantees
MELEPARD CLO: Fitch Affirms Ratings on Class A Notes

* IRELAND: More Than 2,000 Companies to Fail This Year, FGS Says


I T A L Y

BERICA 6: Fitch Affirms Rating on Class C Notes at 'BB+'


N E T H E R L A N D S

KHAMSIN CREDIT: S&P Withdraws 'CCC' Rating on EUR15 Mil. Notes
LYONDELL CHEMICAL: Parent Updates Investors on January Results
SENSATA TECHNOLOGIES: Tender Offer for Notes Extended to March 25


R O M A N I A

BLUE AIR: Carpatair Files Bankruptcy Petition Over Unpaid Debt


R U S S I A

BANK ZENIT: Fitch Corrects Ratings; Puts on Evolving Watch
CB RENAISSANCE: Fitch Changes Watch on 'CCC' Rating to Positive
RENAISSANCE FINANCIAL: Fitch Assigns 'B' Issuer Default Rating


S P A I N

BBVA CONSUMO: Moody's Confirms Rating on Class C Notes at 'Ba2'


S W I T Z E R L A N D

OERLIKON CORP: Outline Restructuring Settlement Drawn Up


U K R A I N E

* UKRAINE: Construction Company Liquidations Reach 1,222 in 2009


U N I T E D   K I N G D O M

ARC CAPITAL: Ex-Chief Balks at High Court Ruling
BUCHAN BRAES: Financial Woes Prompt Voluntary Liquidation
BRITISH SEAFOOD: Wins Appeal v. Seafish Over Import Taxes
E-CLEAR: May Have Traded Insolvently Before Collapse
EMI GROUP: Offers Five-Year Distribution Contract to Rivals

KERLING PLC: Ineos' Developing Outlook Won't Move S&P's B- Rating
LANGTONS IFA: Misselling Cases Spur Liquidation
PRESBYTERIAN MUTUAL: Administration Extension Cut to 12 Months
SPECIALITY RETAIL: Company Voluntary Arrangement Approved
TITAN EUROPE: S&P Downgrades Rating on Class D Notes to 'D'

* UK: Investment Bank Rescue Plans Need Revamp, BoE Gov. Says
* UK: End-Of-Quarter Rent Deadline for Retailers to Spur CVAs
* UK: Gov't Issues Misleading Figures on Pre-Packs, R3 Claims
* UK: To Consult New Measures to Boost Confidence in Pre-Packs


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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


RENAULT SA: Nears Deal with Mahindra to Revamp Logan Sedan
----------------------------------------------------------
Laurence Frost at Bloomberg News report that Renault SA said it's
close to an agreement with Mahindra & Mahindra Ltd. to revamp the
no-frills Logan sedan for the Indian market and stem losses.

"We've reached agreement on almost every critical element of the
negotiation," Bloomberg quoted Ashish Sinharoy, a Mumbai-based
spokesman for Renault, as saying Friday by phone.  Mr. Sinharoy,
as cited by Bloomberg, said the conclusion of the talks will be
announced by mid-April.

Bloomberg recalls the carmakers said last month that they're
reviewing the joint venture that builds and distributes Renault's
Logan in India, after failing to halt a slump in sales.

According to Bloomberg, Mr. Sinharoy said the partners also have
yet to agree on how to finance the revamp and how it will affect
their ownership of the business.

Mumbai-based Mahindra owns 51% of the venture and Renault holds
the remaining 49%, Bloomberg discloses.

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
=============


ARCANDOR AG: Financial Investors Eye Kaufhof-Karstadt Merger
------------------------------------------------------------
Financial investors are interested in acquiring Metro's department
store chain Kaufhof and Arcandor's Karstadt chain, aiming to merge
them into one, Alexander Huebner, Eva Kuehnen and Matthias
Inverardi at Reuters report, citing two people familiar with the
matter.

"Metro is already in talks with private equity firms, who are also
interested in Karstadt," Reuters quoted one of the people as
saying.

According to Reuters, German Sunday paper Bild am Sonntag reported
without citing sources that U.S. investors were among those
interested in buying the two rival department store chains.

Reuters relates Metro Chief Executive Eckhard Cordes said in the
company's annual report that Kaufhof's potential could be better
exploited in a partnership but he also said that Metro would only
sell Kaufhof "when the time is right and the price is right".

Reuters says Karstadt's insolvency administrator wants to sell the
department store chain as a whole.  He needs to find a buyer by
the end of April for an insolvency plan to become effective,
Reuters states.  Otherwise, the business will be broken up,
Reuters notes.

                         About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

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


KABEL DEUTSCHLAND: Raises Almost EUR760 Million in IPO
------------------------------------------------------
Ragnhild Kjetland and Claudia Rach at Bloomberg News report that
Kabel Deutschland Holding AG raised almost EUR760 million (US$1
billion) selling shares near the low end of its price range in an
initial public offering.

Bloomberg relates Kabel Deutschland said in a statement Saturday
the company sold 30 million shares as well the 4.5 million
reserved for extra demand.  The owners of the company priced the
shares at 22 euros, within the range of 21.5 euros to 25.5 set
earlier this month, Bloomberg notes.

According to Bloomberg, Kabel Deutschland said in the statement
the IPO reduces Providence, Rhode Island-based Providence Equity
Partners' stake to at least 66.7% from 88% or at least 61.7% if
the overallotment option is fully exercised.

The shares are set to start trading on the Frankfurt stock
exchange on March 22, Bloomberg says.

Kabel Deutschland, or KDG, -- http://www.kabeldeutschland.com/--
provides digital TV and radio, Internet, and telephone connections
via cable to more than a dozen of Germany's 16 states serving
about 15 million homes.  The company also offers mobile phone
service in conjunction with partner 02 (Germany).  It carries
about 33 networks in various cable, Internet, or phone only and
bundled packages, as well as pay-per-view offerings (under the
TV/Radio banner).  Cable access accounts for about three-quarters
of KDG's revenue.  Subsidiary TKS provides cable, Internet, and
phone access to NATO troops stationed in Germany. Investment firm
Providence Equity Partners owns KDG.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 19,
2010, Fitch Ratings said Kabel Deutschland's proposal to amend its
existing senior credit facilities is broadly credit neutral.  The
extension of a significant portion of its debt maturities would
reduce medium-term refinancing risk, but the positive impact of
such a move would be somewhat offset by other changes which
increase the probability of further acquisitions.

Fitch presently rates Kabel Deutschland Vertrieb und Service GmbH
& Co AG's Long-term Issuer Default Rating at 'BB-' with a Stable
Outlook.  The company's senior secured bank facilities are rated
'BB+', while the holding company Kabel Deutschland GmbH's senior
notes are rated 'BB-'.

KDG is proposing to extend the maturity of up to EUR1.3 billion of
its senior secured credit facility to March 2014.  This facility
accounts for EUR1.685 billion of KDG's bank borrowing in two
tranches of EUR1.15 billion and EUR535 million which mature in
March 2012 and March 2013 respectively.  If accepted by lenders,
the extension of a significant portion of KDG's debt maturity
would reduce the company's medium-term refinancing risk.  Together
with the company's improving operational and financial
performance, this would point to upward rating momentum.

However, according to Fitch, there is acquisition risk to
consider.  According to Fitch, other credit facility amendments
KDG is proposing point to a more tangible appetite for
acquisitions, in line with the company's publicly stated interest
in being an active consolidator of the German cable market.  The
amendments to the existing credit facilities would allow
acquisitions of up to EUR800 million in value.  Amongst other
changes, the ongoing covenant leverage test, following any major
acquisition of over EUR400 million in value, would widen by 0.50x
on the closing of such a transaction.  This is mitigated by the
fact that KDG is only permitted to close such a transaction if on
a 12-month look-forward basis at closing KDG's leverage remains
within 0.25x of the current covenant limit.


WADAN YARDS: STX Europe to Take Hit on Bankruptcy, Sale of Yards
----------------------------------------------------------------
Baird Maritime reports that Wadan Yards, part of the STX Europe
group, has advised in its fourth quarter 2009 report that STX
Europe may have to record additional losses in relation to the
bankruptcy of the yards in August 2009 and other factors related
to the sale of the yards in Germany and Ukraine to FLC West in
2008.

Citing The Associated Press, the Troubled Company Reporter-Europe
reported on Aug. 19, 2009, that state authorities and creditors of
Wadan Yards approved a EUR40-billion (US$56 billion) takeover deal
with former Russian energy minister Igor Yusufov.  The AP
disclosed Wadan shipyard's insolvency administrator, Marc
Odebrecht, said that all parties involved agreed in principle on
the terms of a deal.

On Aug. 7, 2009, the Troubled Company Reporter-Europe, citing
Lloyd's List, reported that a local court in the city of Schwerin
opened the main insolvency proceedings for bankrupt Wadan Yards in
Rostock-Warnemuende and Wismar.  According to Lloyd's List, Wadan
racked up debts of about EUR90 million (US$128.9 million).

Wadan Yards owns shipyards at Wismar and Warnemuende in north-east
Germany.


* GERMANY: To Unveil Details of Bank-Overhaul Plan By Mid-Year
--------------------------------------------------------------
Karin Matussek at Bloomberg News reports that German Justice
Minister Sabine Leutheusser-Schnarrenberger on Thursday said the
country is overhauling its bank restructuring rules and will
revamp its insolvency code to help companies better cope with the
financial crisis.

According to Bloomberg, the minister said at a conference in
Berlin Thursday owners and creditors of lenders crucial for the
financial system should take primary responsibility for rescues,
with government intervention only considered as a second step.

The minister, as cited by Bloomberg, said details will be
presented by mid-year.

The minister plans to revamp bankruptcy rules for clearing
agencies to strengthen Germany's role as a securities marketplace,
Bloomberg says.  Germany may also introduce a separate
restructuring procedure that companies may use before they reach
the level of bankruptcy, copying models in the U.K. and France,
Bloomberg notes.


=============
H U N G A R Y
=============


MAGYAR TAKAREKSZOVETKEZETI: S&P Affirms 'BB' Long-Term Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised to stable from
negative the outlook on Hungary-based Magyar Takarekszovetkezeti
Bank Rt. (Bank of Hungarian Savings Cooperatives Co. Ltd.).  The
'BB' long-term and 'B' short-term counterparty credit ratings were
affirmed.

"The outlook revision primarily reflects S&P's view that
Takarekbank and the Hungarian savings cooperatives have a
relatively robust financial profile, which has proved to be more
resilient against the lasting Hungarian recession than S&P
previously anticipated," said Standard & Poor's credit analyst
Harm Semder.

In contrast to its previous opinion, S&P now believes it more
likely that Takarekbank and the SCs will have considerably
improved their pre-provisioning earnings throughout 2009.  In
S&P's view, this was attributable to the banks' swift upward
credit risk re-pricing on retail and small and midsize enterprise
exposures.  This was facilitated by the typical variable interest
rate nature of loans, alongside cost containment, and gradually
improved penetration in customer businesses.

In addition, steadily declining base interest rates in Hungary
contributed to volatile, less sustainable gains on Takarekbank's
holdings in predominantly domestic government-related securities.
A combination of these factors more than offset Takarekbank's
substantially elevated loan-loss levels, representing about 2% of
customer loans in 2009.  S&P anticipates that Takarekbank's pretax
profit according to International Financial Reporting Standards to
have reached between Hungarian forint (HUF) 2.1 billion and
HUF2.4 billion in 2009, after HUF1.9 billion in 2008.

The long-term rating on Takarekbank continues to benefit from a
one-notch uplift, reflecting S&P's view of its strategic
importance for and, if necessary, ownership support from the
aggregate SCs.

The stable outlook reflects S&P's view that Takarekbank's
financial profile will remain relatively robust against depressed
economic and industry risk in Hungary.

"In particular, higher pre-provisioning earnings than S&P
previously anticipated should allow for a higher loss absorption
capacity, mitigating some of S&P's concerns regarding
Takarekbank's relatively low capitalization," said Mr. Semder.


OTP BANK: S&P Changes Outlook to Stable; Affirms 'BB+/B' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlooks on Hungary-based OTP Bank PLC and OTP Mortgage Bank to
stable from negative.  At the same time, the 'BB+/B' counterparty
credit ratings on both entities were affirmed.

"The outlook revision primarily reflects the relatively robust
financial profiles of OTP Bank PLC and its core subsidiary, OTP
Mortgage Bank, which have proved to be more resilient against the
protracted Hungarian recession than S&P previously anticipated,"
said Standard & Poor's credit analyst Magar Kouyoumdjian.

In 2009, OTP Bank PLC managed to largely sustain its
profitability, despite accelerating economic contraction and
industry risk in Hungary and in other parts of Central and Eastern
Europe (CEE), where OTP Bank PLC has significant exposures.  This
was achieved through higher-than-anticipated preprovisioning
earnings, aided by credit risk repricing and more unsustainable
securities gains.  These helped OTP Bank PLC absorb the sharp hike
in credit costs resulting from the deterioration in the economic
and market environment in Hungary during 2009.

S&P has equalized the ratings on OTP Mortgage Bank with those on
OTP Bank PLC because of its core strategic status and very close
organizational and operational integration with the parent.

"The stable outlook reflects that S&P expects the bank to continue
to be resilient to the depressed environment through its strong
loss-absorption capacity," added Mr. Kouyoumdjian.  The current
ratings already incorporate the anticipated ongoing pressure on
asset quality and earnings from the impact of the economic
slowdown in Hungary and the countries in Eastern Europe where it
has material investments.

The banks could be upgraded if continued resilience or improvement
in earnings and capital are observed over the next six to 12
months and the environmental risks of its operating environment
have decreased materially.  A significant deviation from the
anticipated continued asset quality pressure over the next couple
of years could lead to a downgrade; for example, if problem loans
materially increase from current levels exerting undue pressure on
earnings and capitalization, or if its good liquidity position
deteriorates.  However, this is not considered likely in S&P's
base case.


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I R E L A N D
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BEDMINSTER INTERNATIONAL LIMITED: Chapter 15 Case Summary
---------------------------------------------------------
Chapter 15 Petitioner: Tobias Hoefer
                       Schreiber & Keilwerth Musikinstrumente
                       Industriestrasse 17
                       Nauheim 64569
                       Germany

Chapter 15 Debtor: Bedminster International Limited
                   (in Provisional Liquidation)
                   Oyster Point, Temple Road, Blackrock, Co
                   Dublin, Ireland

Chapter 15 Case No.: 10-31134

Chapter 15 Petition Date: March 19, 2010

Court: Northern District of Indiana (South Bend Division)

Judge: Harry C. Dees, Jr.

Chapter 15 Petitioner's Counsel: Jeffery A. Johnson, Esq.
                                 4100 Edison Lakes Parkway
                                 Mishawaka, IN 46545
                                 Tel: (574) 243-4100
                                 Email: jjohnson@maylorber.com

                                 Jennifer ElBenni, Esq.
                                 May Oberfell Lorber
                                 4100 Edison Lakes Parkway,
                                 Suite 100
                                 Mishawaka, IN 46545
                                 Tel: (574) 243-4100
                                 Email: jelbenni@maylorber.com

                                 Patricia E. Primmer, Esq.
                                 4100 Edison Lakes Parkway
                                 Mishawaka, IN 46545
                                 Tel: (574) 243-4100
                                 Email: pprimmer@maylorber.com

Estimated Assets: US$1,000,001 to US$10,000,000

Estimated Debts: US$10,000,001 to US$50,000,000,000


EIRLES TWO: S&P Withdraws 'CCC+' Rating on US$14.5 Mil. Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC+' credit
rating on Eirles Two Ltd.'s US$14.5 million portfolio credit-
linked floating-rate secured notes series 262 (Moorgate CLO 1) and
its 'CCC-' rating on Eirles Two's US$17.5 million portfolio
credit-linked floating-rate secured notes series 263 (Moorgate CLO
1).

The withdrawals follow Deutsche Bank AG's (the arranger) recent
notification to us that the issuer had fully repurchased the notes
in October 2008.

Eirles Two series 262 and 263 (Moorgate CLO 1) are synthetic
corporate investment-grade collateralized debt obligation
transactions.


FLEMING GROUP: AIB, KBC Appoint Receiver Over 300 Apartments
------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that AIB and
KBC Bank have seized control of more than 300 apartments in
Sandyford in south Dublin from the Fleming Group.

According to the Post.ie, the two banks have jointly appointed a
receiver over apartments in the Grand Central and South Central
developments, in an effort to secure more than EUR200 million that
they loaned to Fleming for the work.  Pearse Farrell, a partner
with accountancy firm FGS, has been installed as receiver over the
assets belonging to two Fleming Group companies, JJ Fleming
Construction (Sandyford) and Sipter, the the Post.ie relates.  The
banks have also appointed Mr. Farrell as receiver over 224
apartments in the nearby South Central development, the Post.ie
notes.

Citing The Irish Times, the Troubled Company Reporter-Europe
reported on March 8, 2010, that on the application of ACC Bank,
the High Court's Mr. Justice Brian McGovern on March 5 appointed
Tom Kavanagh, of Kavanagh Fennell, liquidator to John J Fleming
Construction, JJ Fleming Holdings and Tivway Ltd.  The Irish Times
disclosed the Supreme Court unanimously refused court protection
to the three firms on March 4 after finding proposed survival
schemes did not provide a plan with reasonable prospects for their
survival as "going concerns".

As reported by the Troubled Company Reporter-Europe on March 9,
2010, The Sunday Business Post Online said the Fleming
construction group has total liabilities of EUR1.81 billion, more
than EUR800 million higher than previously stated.  According to
the Post.ie, while the High Court was previously told the group
had liabilities of EUR1 billion, new documents state that the
figure is actually EUR1.81 billion when contingent liabilities are
included.  With the company now in liquidation, those contingent
liabilities are set to be realized, the Post.ie said.


MACREDDIN GOLF: Durgman Lost Legal Action Over Guarantees
---------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Durgman
Entertainments, the company behind the Brooklodge Hotel in Co
Wicklow, lost a EUR1.2 million legal battle over their links with
the adjacent Macreddin Golf Club.

The report recalls businessman Eamonn Galavan sued Durgman
Entertainments claiming that it had provided guarantees for EUR1.2
million that he advanced to finance part of the golf course
through the purchase of share memberships.  Mr. Galavan sued
Durgman and two related companies, Brooklodge Estates and Firefly
Properties, in relation to the deal, under which he acquired 40
membership preference shares of the golf course, the report
recounts.

In return, Mr. Galavan claimed he had been given guarantees by the
three companies, the report says.  He sought to call in those
guarantees when Macreddin Golf Club was put into receivership last
May, following a move by the course's banker, Bank of Scotland
(Ireland), the report states.  In his judgment, handed down in
recent days, Mr. Justice Peter Kelly ruled in favor of Mr.
Galavan, the report relates.

The receiver, FGS accountant Declan Taite, has kept the Macreddin
Golf Club open, and it continues to trade, the report notes.

The Macreddin Golf Club is located on land leased from the Doyle
family, who own the Brooklodge Hotel.  The hotel is not affected
by, or involved with, the receivership, according to the Sunday
Business Post Online.


MELEPARD CLO: Fitch Affirms Ratings on Class A Notes
----------------------------------------------------
Fitch Ratings has affirmed Melepard CLO 1 Limited's class A at
'AAA' with Stable Outlook and assigned a Loss Severity Rating of
'LS-2'.

The affirmation reflects the consistent credit quality of the
portfolio, as well as the available credit enhancement in the
structure.  The transaction is in compliance with portfolio
guidelines and satisfies all coverage tests.  The credit quality
is stable with a current weighted average rating factor of 33.3
compared to 35.05 at closing in January 2009, both WARFs being
equivalent to a 'B'/'B-' rating.  Approximately 2.2% of the
collateral is loans to 'CCC'-rated corporate entities.  There have
been no reported defaults by the servicer since closing.

The transaction is characterized by significant reliance on Bank
of Ireland (rated 'A-'/Outlook Stable/'F1') as a key transaction
counterparty that currently benefits from guarantees from the
Irish government which are due to expire in September 2010.  As
reported in the 23 February 2010 comment entitled 'Fitch: Expiry
of Irish Bank Guarantees May Negatively Impact Some SF/Covered
Bond Rtgs' Fitch expects the issuer to take mitigating actions
well before the expiry of the Irish government guarantees to BoI.

Fitch expects the transaction to continue to perform well.  Whilst
the transaction could be exposed to portfolio level defaults,
Fitch expects the 'AAA' rating to be stable.  Current credit
enhancement level (approximately 39%) is expected to comfortably
absorb moderate losses without resulting in a downgrade of the
'AAA' notes.

The agency has assigned Issuer Report Grades of "basic" (two
stars) to Melepard.  Reporting characteristics that prevent the
transactions from earning IRGs higher than "basic" include low
reporting frequency of semi-annually and portfolio asset by asset
information not being provided.


* IRELAND: More Than 2,000 Companies to Fail This Year, FGS Says
----------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that more
than 2,000 Irish companies will fail this year.

According to the Post.ie, the report on insolvency trends, by
accountancy firm FGS, predicts that the number of companies that
will be put into liquidation, receivership or examinership this
year will rise by more than 500 on last year's figure, which was
itself a record.  The Post.ie relates FGS said that the rate of
insolvencies was rising by 8% each quarter, and there was no sign
of this slowing down.

The report is based on an analysis of Irish insolvency and
economic data between 2007 and 2009, and also draws on
international data, the Post.ie notes.

FGS, as cited by the Post.ie, said there was a clear indication
that Ireland's economic difficulties were likely to continue in
the medium-term, as the "vicious circle" of rising insolvencies,
rising unemployment and low consumer and investor confidence
continued.

According to the Post.ie, the report noted that the construction
and engineering sector had suffered worst in recent years, but
added that the economic downturn had spread to other areas of the
economy.


=========
I T A L Y
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BERICA 6: Fitch Affirms Rating on Class C Notes at 'BB+'
--------------------------------------------------------
Fitch Ratings has affirmed all tranches of the Italian Berica RMBS
transactions, reflecting current adequate credit enhancement
levels, stabilizing collateral performance across all transactions
(except Berica 6 Residential MBS Srl) and the availability of
excess spread to cover defaults being realized by these
transactions.

Berica transactions feature amortizing reserve funds which limit
credit enhancement growth on the most junior notes.  Given that
the floor value of the reserve fund is about to be reached on the
older transactions, such as Berica 2 MBS Srl and Berica 3 MBS Srl,
Fitch expects credit enhancements to increase, especially, on the
most junior class C notes.  However, for the other Berica
transactions, Fitch remains cautious on the levels of credit
support junior tranches receive from subordination.  Until reserve
funds reach their respective floors for Berica Residential 1 MBS
Srl and Berica 5 Residential MBS Srl, junior notes will be further
stressed by future expected defaults.  This is reflected in the
Negative Outlook.

On the October 2009 interest payment date, Berica 6 Residential
MBS Srl's reserve fund had been drawn down to EUR261,704 with
cumulative defaults amounting to EUR13 million.  However,
following a buy-back of defaulted loans in December 2009, the
reserve fund has been replenished to its target level of
EUR18.56 million in January 2010 IPD, which significantly improved
credit enhancement levels.  Although defaulted loans have been
purchased out of the pool, Fitch remains cautious when assessing
the potential performance of this transaction and notes the
importance of the future trend of arrears as well as future timing
and volume of defaults.  Along with the performance of the
underlying collateral portfolio, Fitch expects the reserve fund
and pro-rata amortization triggers to be hit in the next year,
which would notably limit the credit enhancement growth on the
rated notes.  Due to this, Fitch has maintained its Negative
Outlook on junior tranches.

The rating actions are:

Berica 2 MBS Srl:
  -- Class A2 (ISIN IT0003247506): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN IT0003247530): affirmed at 'A+'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C (ISIN IT0003247563): affirmed at 'BBB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

Berica 3 MBS Srl:

  -- Class A (ISIN IT0003422109): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN IT0003422117): affirmed at 'A'; Outlook
     Positive; assigned a Loss Severity rating of 'LS-2'

  -- Class C (ISIN IT0003422141): affirmed at 'BBB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-4'

Berica Residential 1 MBS Srl:

  -- Class A (ISIN IT0003641005): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN IT0003641039): affirmed at 'A'; Outlook Stable;
     assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN IT0003641047): affirmed at 'BBB'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

Berica 5 Residential MBS Srl:

  -- Class A (ISIN IT0003765176): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN IT0003765184): affirmed at 'A'; Outlook Stable;
     assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN IT0003765200): affirmed at 'BBB'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-4'

Berica 6 Residential MBS Srl:

  -- Class A2 (ISIN IT0004013790): affirmed at 'AAA'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     rating of 'LS-1'

  -- Class B (ISIN IT0004013808): affirmed at 'A'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN IT0004013816): affirmed at 'BB+'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-4'


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


KHAMSIN CREDIT: S&P Withdraws 'CCC' Rating on EUR15 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and withdrew its 'CCC' credit rating on Khamsin Credit
Products (Netherlands) II B.V.'s EUR15 million floating-rate
managed credit-linked notes (Orient IC-Xpress) series 19.

S&P placed the notes on CreditWatch negative on Sept. 17, 2009
under its new criteria.  However, West LB (the manager) recently
notified us it had fully redeemed the notes on Sept. 4, 2009.  S&P
has thus resolved the CreditWatch negative placement before
withdrawing the rating on the notes.

Khamsin Credit Products (Netherlands) II is a CDO of corporate
investment-grade assets transaction.


LYONDELL CHEMICAL: Parent Updates Investors on January Results
--------------------------------------------------------------
LyondellBasell Vice President for Investor Relations Douglas Pike
shared with investors the company's results for the month of
January 2010.

Mr. Pike disclosed that January 2010 results are behind the plan.
Under the refining and oxyfuel segment, he said, depressed
refining conditions continued to adversely affect results while
slight improvement in industry spreads.  He said that Houston
Refining LP's volumes have neared capacity.  As to the olefins and
polyolefins segment, U.S. olefins are stronger on ethylene price
increase.  Moreover, there was a turnaround at Corpus Christi,
Texas plant and ethane remained favored, he pointed out.
According to Mr. Pike, U.S. PE is under pressure from increasing
ethylene prices.  He added that results under intermediates and
derivatives segment were relatively unchanged versus December
2009.

For early 2010, Mr. Pike said, LyondellBasell expects weak
refining conditions to continue.  LyondellBasell also anticipates
seasonally oxyfuel margin to recover.  U.S. olefins supply/demand
remain tight and will be impacted by industry maintenance
activities.  Olefins and polyolefins price will also increase.
There will be an EU polypropylene asset rationalization at Terni,
Italy plant, he added.

A full-text copy of the Investor Update is available for free at:

              http://ResearchArchives.com/t/s?581e

                     About Lyondell Chemical

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

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

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

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

LyondellBasell Industries AF S.C.A. and another affiliate were
voluntarily added to Lyondell Chemical's reorganization filing
under Chapter 11 on April 24, 2009, in order to seek protection
against claims by certain financial and U.S. trade creditors.  On
May 8, 2009, LyondellBasell Industries added 13 non-operating
entities to Lyondell Chemical Company's reorganization filing
under Chapter 11 of the U.S. Bankruptcy Code.  All of the entities
are U.S. companies and were added to the original Chapter 11
filing for administrative purposes.

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


SENSATA TECHNOLOGIES: Tender Offer for Notes Extended to March 25
-----------------------------------------------------------------
Sensata Technologies B.V. has further extended the Early
Participation Date to 11:59 p.m., New York City time, on March 25,
2010, with respect to its previously announced cash tender offer
to purchase the maximum aggregate principal amount of its Notes
that it can purchase for $350,000,000.  The Early Participation
Date was previously scheduled for 5:00 p.m., New York City time,
on March 18, 2010.  As of that time, Sensata had received tenders
of approximately $98,700,000 (or the equivalent amount in euros)
aggregate principal amount of its outstanding 8% Senior Notes due
2014 (the "Dollar Notes"), its 9% Senior Subordinated Notes due
2016 (the "9% Notes") and its 11.25% Senior Subordinated Notes due
2014 (the "11.25% Notes" and, together with the 9% Notes, the
"Euro Notes"). The Dollar Notes and the Euro Notes are
collectively referred to herein as the "Notes."

The Tender Offer is scheduled to expire at 11:59 p.m., New York
City time, on March 25, 2010, unless such time and date is
extended or earlier terminated by Sensata.  As a result of the
extension of the Early Participation Date, each Holder who validly
tenders (and does not withdraw) his or her Notes prior to the
Expiration Date, and whose Notes are accepted for purchase in the
Tender Offer, will receive an early participation payment of
$30.00 per $1,000 principal amount of Dollar Notes or EUR30.00 per
EUR1,000 principal amount of Euro Notes tendered in the Tender
Offer (the "Early Participation Payment").  Sensata has also
determined to extend the Withdrawal Date relating to the Tender
Offer to the Expiration Date.

Sensata is extending the Early Participation Date to permit
Holders of the Notes more time to consider and tender their Notes
into the Tender Offer and still receive the Early Participation
Payment.  Sensata does not intend to further amend the terms of
the Tender Offer.

Sensata is continuing to evaluate its alternatives with respect to
the Notes in light of the principal amount of the Notes that have
been tendered into the Tender Offer as of the Early Participation
Date.  In the event that additional Notes are not tendered into
the Tender Offer prior to the Expiration Date, Sensata expects to
issue a redemption notice with respect to its outstanding 11.25%
Notes at a redemption price equal to 105.625% of the principal
amount thereof pursuant to the indenture governing the 11.25%
Notes following the completion of the Tender Offer.  In addition,
Sensata may in that event also elect to redeem a portion of the
Dollar Notes pursuant to the indenture governing such Dollar
Notes, or purchase the Dollar Notes or the 9% Notes, or a
combination of both, through open market purchases or in privately
negotiated transactions, or commence one or more additional tender
offers for the Dollar Notes or 9% Notes, or a combination of both,
in each case at prices which may be more or less than the prices
it offered in the Tender Offer, or any combination of the
foregoing.  At this time, Sensata has not determined which, if
any, of these alternatives (or combinations thereof) it will
pursue after the completion of the Tender Offer.  In making this
determination, Sensata will consider a number of factors,
including the relative interest rates, maturity dates and
redemption premiums or repurchase prices of each series of the
Notes as well as the cost and time required to effect such
repurchase or redemption of such series of Notes.

The Tender Offer continues to be conditioned upon the satisfaction
or waiver of certain conditions as described in the Offer to
Purchase.  The Financing Condition, which related to Sensata's
ultimate parent company having received sufficient net proceeds to
make the payments contemplated by the Tender Offer, has been
satisfied.  The Tender Offer is not conditioned on any minimum
amount of Notes being tendered in the Tender Offer.  Subject to
applicable law, Sensata may also terminate the Tender Offer at any
time prior to the applicable Expiration Date in its reasonable
discretion in the event that one or more of the conditions to the
Tender Offer are not satisfied or waived by Sensata.

Except as set forth herein, the terms of the Tender Offer remain
the same as those set forth in the Offer to Purchase and related
documents.  Capitalized terms used herein and not otherwise
defined shall have the meaning assigned to them in the Offer to
Purchase.

                         Additional Information

Sensata has retained Goldman, Sachs & Co. and Goldman Sachs
International to act as the dealer managers for the Tender Offer.
With respect to the Dollar Notes, Global Bondholder Services
Corporation is the Information Agent and Depositary for the Tender
Offer.  With respect to the Euro Notes, Lucid Issuer Services
Limited is the Information Agent and Tender Agent for the Tender
Offer.  Questions regarding the Tender Offer should be directed to
Goldman, Sachs & Co. at (800) 828-3182 (toll-free) or (212) 902-
5183 (collect).  Requests for documentation relating to the Tender
Offer with respect to the Dollar Notes should be directed to
Global Bondholder Services Corporation at (866) 387-1500 (toll-
free) or (212) 430-3774 (banks and brokers only).  Requests for
documentation relating to the Tender Offer with respect to the
Euro Notes should be directed to Lucid Issuer Services Limited at
+44 (20) 7704-0880.

                      About Sensata Technologies

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- supplies sensing, electrical
protection, control and power management solutions.  Owned by
affiliates of Bain Capital Partners, LLC, a global private
investment firm, and its co-investors, Sensata employs
approximately 9,500 people in nine countries.  Sensata's products
improve safety, efficiency and comfort for millions of people
every day in automotive, appliance, aircraft, industrial,
military, heavy vehicle, heating, air-conditioning, data,
telecommunications, recreational vehicle and marine applications.

                           *     *     *

As reported by the Troubled Company Reporter on December 7, 2009,
Moody's Investors Service has upgraded Sensata Technologies B.V.'s
Corporate Family and Probability of Default ratings to Caa1 from
Caa2, as well as the company's senior secured credit facility to
B2, senior unsecured notes to Caa2, and senior subordinated notes
to Caa3.  In a related rating action, Moody's affirmed the
company's Speculative Grade Liquidity rating at SGL-3.  The
outlook is positive.


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


BLUE AIR: Carpatair Files Bankruptcy Petition Over Unpaid Debt
--------------------------------------------------------------
MEDIAFAX reports that Romanian airline company Carpatair filed on
March 17 a bankruptcy petition against low-cost operator Blue Air
in the Bucharest Court.

According to MEDIAFAX, the trial date for the petition is set for
June 30.

"This involves an unpaid sum of EUR30,000, owed following the
rental of a SAAB 2000 plane by Blue Air, in September 2009,"
Carpatair vice-president Paula Ardelean told MEDIAFAX.

MEDIAFAX relates Blue Air's PR manager Florentina Ivan said the
company she represents did not receive any summons from Carpatair.

Blue Air, controlled by businessman Nelu Iordache, registered a
turnover of some EUR140 million last year, below expectations, but
up 12% compared to 2008, due to the launch of new flights, the
increase in the number of planes and the conclusion of several
partnerships, MEDIAFAX says.


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


BANK ZENIT: Fitch Corrects Ratings; Puts on Evolving Watch
----------------------------------------------------------
Fitch Ratings has amended a version published earlier to include
that the expected ratings are placed on Watch Evolving.

Fitch has assigned Russian Bank Zenit a Long-term local currency
Default Rating of 'B+' and placed it on Rating Watch Evolving.  BZ
is rated Long-term foreign currency IDR 'B+' RWE, Short-term
foreign currency IDR 'B', Individual 'D', Support '5' and National
Long-term 'A-(rus)' RWE.

Fitch has also assigned BZ's three upcoming issues of senior
unsecured bonds, series BO-1 and BO-2, each with a nominal value
of RUB5 billion, and BO-3, with a nominal value RUB3 billion,
expected ratings of Long-term 'B+' and National Long-term 'A-
(rus)'.  The ratings are placed on Watch Evolving.

The bonds' final ratings will be assigned by Fitch at a later
date, contingent on the receipt of final documents conforming to
information already received.

The bonds are expected to have a maturity of three years.  BZ'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 21% of
BZ's total liabilities at end-H109, according to consolidated IFRS
statements.

Bank Zenit is the parent of a banking group which at present
includes four other Russian regional banks, in total accounting
for around 20% of the group's assets at end-H109.  BZ's stand-
alone statutory balance sheet of RUB150bn made it the 22nd-largest
bank in Russia at end-2009.  The Tatneft group (rated 'BB'/Stable
Outlook) directly owns 24.6% of the bank and has a 35.7% stake in
the IPCG Fund, which in turn owns 41.9% of Bank Zenit; this allows
Tatneft some influence over the bank.

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.


CB RENAISSANCE: Fitch Changes Watch on 'CCC' Rating to Positive
---------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Russia-based CB
Renaissance Capital (OOO)'s 'CCC' Long-term Issuer Default Rating
to Positive from Evolving.  A full list of rating actions is
provided at the end of this commentary.

The RWP reflects the near-term potential for CBRC's Long-term IDR
to be upgraded by one notch, to 'B-', if the bank is successful in
refinancing its eurobond due in June 2010.  Such refinancing,
should it be successful, could significantly improve the bank's
funding maturity profile and thereby reduce the liquidity pressure
which is currently the major constraint on the bank's ratings.  At
the same time, the agency notes that if the bank does not raise
new funding, or any new borrowings are small and do not
significantly alter the bank's funding profile, the bank's Long-
term IDR may remain at 'CCC', reflecting still heightened
liquidity pressures.

During 2009, CBRC repaid a significant portion of its obligations
(equal to 35% of end-2008 liabilities), mainly through cash
generation from the loan book and utilization of unsecured and
collateralized funding facilities from the Central Bank of Russia.
On 8 March 2010, CBR funds (which comprised unsecured facilities
only) represented a high 29% of the bank's liabilities (local GAAP
accounts), although this was down from 43% at end-2009 (when they
also included collateralized borrowings).  On the same date,
CBRC's highly liquid assets (cash and equivalents, and unpledged
repo-able securities) represented 11% of total assets or 40% of
wholesale liabilities (excluding CBR funding) maturing to end-June
2010.  CBRC's major borrowing due for repayment before end-Q210 is
a US$300 million eurobond, maturing in June 2010, of which
US$180 million currently remains outstanding following earlier
repurchases.

Even if current liquidity pressure is eased and the bank is
upgraded, the ratings will remain constrained by the high
dependence on wholesale funding sources, implying significant
refinancing risks, which, nevertheless, were managed well through
the crisis.  The ratings will also continue to reflect the bank's
weak financial performance affected by the recent business run-off
and high risk costs, with NPLs (loans overdue by more 60 days)
standing at 22% at end-2009 (IFRS reporting).  However, the
ratings are supported by the significant equity cushion available
to absorb some further rise in loan losses and also to support
lending growth: at end-2009, the Basel I tier I ratio was a solid
21.2%, while impairment reserves were equal to 14.5% of the loan
book and provided 66% coverage of NPLs.

At end-2009, CBRC was the 79th-largest bank in Russia by total
assets, focused on the consumer finance market.  CBRC is part of
the broader Renaissance Group, which also includes Renaissance
Capital investment banking group (holding company Renaissance
Financial Holdings Limited rated 'B'/Stable), the merchant banking
entity Renaissance Partners and asset manager Renaissance
Investment Management.

The rating actions with respect to CBRC are:

  -- Long-term IDR: 'CCC'; Rating Watch revised to Positive from
     Evolving

  -- Senior unsecured debt: 'CCC', Rating Watch revised to
     Positive from Evolving; Recovery Rating at 'RR4'

  -- Short-term IDR: 'C', placed on Rating Watch Positive

  -- Individual Rating: 'E', placed on Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating; 'B-(rus)'; Rating Watch revised to
     Positive from Evolving


RENAISSANCE FINANCIAL: Fitch Assigns 'B' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned Renaissance Financial Holdings Limited
a 'B' Long-term Issuer Default Rating with a Stable Outlook.  RFHL
is the holding company of the Russia-headquartered investment
banking group, known as Renaissance Capital, and ultimately owns
substantively all of the group's subsidiaries.  The agency has
simultaneously revised the Outlooks to Stable from Negative on
RFHL's UK subsidiary Renaissance UK Holdings Limited and
Renaissance Capital Holdings Limited, which owns 50% plus half of
one share in RFHL.

The revision of the Outlooks to Stable reflects Fitch's view that
near-term pressure on operating performance should be manageable,
the group's markedly lower leverage levels, stronger
capitalization compared to pre-crisis metrics and an improving
market environment.  At the same time, the ratings remain
constrained by Rencap's high exposure to market risk, sizeable
related-party business, still weak operating profitability and the
complex group structure.

Fitch notes that RCHL's Long-term 'B-' IDR is one notch lower than
the ratings of RFHL, RUKHL and Rencap's outstanding eurobond,
reflecting the fact that RCHL now controls only 50% plus half of
one share in RFHL.  The residual stake in RFHL has been held by
ONEXIM Group, controlled by prominent Russian businessman Mikhail
Prokhorov, since June 2009.  RCHL's consolidated financial results
do not in most respects differ materially from RFHL's accounts.
However, RCHL has recently raised debt to help meet repayments in
other parts of wider Renaissance Group, and in Fitch's view RCHL
may not always have access to cash flows from RenCap to service
this debt.

RFHL reported weak operating results over the past two years.
Despite the significant reductions in operating expenses,
performance has suffered from lower trading volumes and leverage
as well as a weaker business environment, resulting in markedly
lower investment-banking fees.  However, such results in a
generally challenging operating environment remain consistent with
the current ratings.  Although some pressure on operating
performance is likely to persist in months to come, Fitch expects
RFHL's profits to grow as a result of an improving market
environment.

RFHL continues to rely largely on short-term money markets
instruments to fund its market-making/proprietary trading
activities, while its equity and long-term debt funding is largely
tied up in illiquid assets.  At the same time, positively for
creditors, balance sheet leverage levels remain far lower than
during the pre-crisis period.  RFHL has significantly reduced
volumes of its repo business and succeeded in securing a EUR100
million three-and-half-year facility from EBRD in Q110 to support
its market-making business.  Also, favorably, RFHL's capital
position is considerably improved from the pre-crisis level due to
the US$500 million injection by Onexim.

Fitch is concerned that over US$800 million of Rencap's assets
(equal to about 75% of equity) at end-2009 represented related-
party exposures to other Renaissance Group companies, in
particular Renaissance Partners.  Rencap is restricted by
covenants in agreements with Onexim from making further loans to
the wider Renaissance Group of companies, but may still pay
dividends to help support group companies' funding needs.

Rencap was founded in 1995 and is now a leading Russia-
headquartered investment bank, with operations also in other CIS
countries and sub-Saharan Africa.  In addition to the controlling
stake in Rencap held by RCHL, the broader Renaissance group also
includes a Russian consumer finance bank, CB Renaissance Capital,
certain merchant banking assets under the umbrella of Renaissance
Partners and Renaissance Investment Management.

The rating actions are:

Renaissance Financial Holdings Limited:

  -- Long-term IDR assigned at 'B'; Outlook Stable
  -- Short-term IDR: assigned at 'B'
  -- Support Rating: assigned at '5
  -- Support Rating Floor: assigned at 'No floor'

Renaissance Capital Holdings Limited:

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

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '5

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

Renaissance UK Holdings Limited

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

  -- Short-term IDR: affirmed at 'B'

US$225 million senior unsecured debt due April 2011 issued by
Renaissance Securities Trading Limited and guaranteed by RCHL and
RFHL: affirmed at Long-term 'B', Recovery Rating assigned at
'RR4'.


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


BBVA CONSUMO: Moody's Confirms Rating on Class C Notes at 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of these notes
issued by BBVA Consumo 1, FTA:

  -- Class A notes, Confirmed at Aaa, previously on 22 December
     2009 placed under review for possible downgrade

  -- Class B notes, Confirmed at A2, previously on 22 December
     2009 placed under review for possible downgrade

  -- Class C notes, Confirmed at Ba2, previously on 22 December
     2009 placed under review for possible downgrade

The rating review was prompted by the worse-than-expected
collateral performance during H2 2009.  Higher than initially
expected defaults resulted in a reduction of the available reserve
fund to 51% of its target level as of January 2010, and a
consequent reduction of BBVA Consumo 1, FTA's available credit
enhancement.  In particular, Moody's analysed the potential of
higher default and lower recovery levels due to the uncertainty
currently surrounding the Spanish economy, and their resulting
impact on the outstanding capital structure.

                      Collateral performance

In contrast to its previous reviews in April and December 2009,
Moody's found that BBVA Consumo 1 FTA's performance trend has
stabilised over the past months.  This is best illustrated by the
decrease in the 90+ days arrears level, the slowdown in marginal
defaults and the sound reported recovery rates.  At the end of
February 2010, the 90+ days arrear level stood at 2.63% compared
to 3.24% in July 2009.  During the same time, marginal default
rates started dropping from a yearly average of 1% to a level in
the 0.6% to 0.8% range.  The marginal default rate measures the
periodic default rate as a percentage of the current balance.
Moody's considered loans more than six months in arrears as
defaulted.  As of January 2010, the cumulative amount of loans
more than six months in arrears stood at 3.34% of total assets
securitized.  Recovery rates on loans which are six or 12 months
in arrears (artificially written-off loans) have been stable for
more than a year in a range of 35% and 20%, respectively,
following recoveries on defaulted vintage curves.

                        Economic Situation

In its analysis, Moody's considered various information such as
macro-economic indicators, portfolio characteristics and
performance data made available from the management company
Europea de Titulizacion, S.G.F.T, SA.  Firstly, Moody's took into
account key macro-economic drivers behind a collateral
deterioration, in particular, unemployment and GDP contraction.
At the time of the last rating action in April 2009, the
unemployment rate was 17.4% and ended 2009 at 18.8%.  Forecasts
for 2010 are that it will reach 19.9%.  In addition, Moody's tried
to compare and benchmark the current performance of the
transactions to similar Spanish auto and consumer loan
transactions.  Moody's took into consideration the geographic
concentration of the borrowers, the vintages of the year the loans
were originated, the loan purpose and the origination channels.

        Cumulative Default and Volatility Rate Adjustments

Moody's also took the current amount of cumulative 180 days plus
delinquencies into account and conducted a roll rate analysis for
the non-delinquent pool portion.  Moody's concluded on a
cumulative default rate of 6.7% of the outstanding portfolio.
This translates into a cumulative default number of 5% of total
securitized assets, which equals the assumption Moody's reached
during the transaction's last review in April 2009.  The
stabilizing trend observed in the recently reported delinquency
and default numbers is the main influence of Moody's decision to
not adjust its cumulative default expectation on total assets
securitized.  However, Moody's negative outlook for the Spanish
consumer loan sector, combined with the general weaker financial
situation of Spanish households resulted in a revised volatility
rate of 27.5% compared to 25% as of the last review date in April
2009.  Moody's believes that the overall weaker economic
conditions of Spanish borrowers could potentially lead to a higher
deviation from Moody's mean cumulative default scenario compared
to the April 2009 portfolio.  Moody's defines volatility as the
standard deviation divided by the cumulative default rate.

             Recovery and Prepayment Rate Adjustments

Moody's maintained the recovery rate at 30%.  The past performance
of the recovery rate on loans more than six months in arrears of
older default vintages was stable at around 30%-40%.  The youngest
vintage curves also showed a similarly stable performance, already
trending to 20%.  Over time, Moody's assumes that these vintages
will also reach a 30% recovery rate level.  In addition, Moody's
tested various sensitivity scenarios on cumulative default,
recovery and volatility rates.  Moody's also ran sensitivities on
the prepayment rate assumption in its cash flow model ranging from
10% to 20%.  Subject to the actual performance reported for this
transaction of the CPR, Moody's confirmed the prepayment rate at
15%.

                      Collateral Description

BBVA Consumo 1, FTA is a Spanish consumer ABS transaction issued
by Banco Bilbao Vizcaya Argentaria and closed in May 2006.  The
assets included in the initial portfolio were originated between
1999 and 2005.  After a two-year revolving period, the current
pool contained mainly loans originated in the 2006 and 2007
vintages.  The assets securitized are loans granted by BBVA to
individuals resident in Spain for the purpose of financing
consumer goods and services.  The geographical concentration has
not changed significantly from the initial portfolio and still has
a major focus on Andalusia, Catalonia, Madrid and the Region of
Valencia.  The pool factor of the total securitized portfolio as
of end January 2010 was 25%.

The ratings address the expected loss posed to investors by the
legal final maturity date (January 2020).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final maturity date.

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


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


OERLIKON CORP: Outline Restructuring Settlement Drawn Up
--------------------------------------------------------
Haig Simonian at The Financial Times reports that banks and
company representatives have reached an outline restructuring
settlement for Oerlikon, the troubled Swiss engineering group
controlled by Russian oligarch Viktor Vekselberg.

According to the FT, the deal, approved by major lenders, hedge
funds and Mr. Vekselberg's Renova holding company, is set to allow
the cancellation of some debt, the transformation of other
borrowing into equity, and a big cash injection by Renova.

The FT says the recapitalization is expected to be higher than the
CHF800 million (US$754 million) indicated when talks started last
year.

Details of the plan, struck late last week, are still to be
approved by smaller lenders, some of which have sold on their
positions to hedge funds, the FT notes.

The FT relates people close to the situation said there was a good
chance the deal would be approved, with details likely to be
disclosed with Oerlikon's 2009 results on April 1.  Renova,
Oerlikon and bank representatives, led by Citibank, declined to
comment, according to the FT.

As reported by the Troubled Company Reporter-Europe on Feb. 2,
2010, the FT said an initial CHF600 million debt repayment is due
before the end of the first quarter.

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


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


* UKRAINE: Construction Company Liquidations Reach 1,222 in 2009
----------------------------------------------------------------
Interfax-Ukraine, citing the Regional Development and Construction
Ministry, reports that a total of 1,222 construction companies
were liquidated in Ukraine in 2009.

According to the report, the ministry said that as of January 1,
2010, around 58,000 companies engaged in the conduction sphere
were registered in Ukraine, including 544 state-run companies.


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


ARC CAPITAL: Ex-Chief Balks at High Court Ruling
------------------------------------------------
Nick Rice at FTAdviser reports that John Gracey, the former chief
executive of Arc Fund Management has hit out at the High Court's
decision to allow Arc Capital & Income's administrators to pay
themselves with Arc clients' money.

According to FTAdviser, advisers fear the ruling may have
implications for all clients and trustee accounts which are no
longer safe if a company goes into administration.

FTAdviser relates Mr. Gracey, who is now director of structured
products at Arc's new owners Merchant Capital, said Arc Capital &
Income had not originally intended the payment to come out of
client money, which is typically ringfenced from corporate
activity.

FTAdviser recalls on January 5, Arc issued a statement to its
clients reassuring them their money was safe from the
administrative proceedings at their funds' parent company.

But according to a March 15 statement from Carter Backer Winter,
Arc's administrators, the court found it was entitled to deduct
its GBP115,000 costs from a maturing Arc structured product,
leaving investors with a final payout of 98.37p in the pound,
FTAdviser states.  No other Arc structured products would be
affected, according to Mr. Gracey, as their maturities fell
outside the administration period, FTAdviser notes.

Citing The Financial Times, the Troubled Company Reporter-Europe
reported on Oct. 28, 2009, that Arc Capital & Income went into
administration following a Financial Services Authority
investigation into the marketing of plans backed by Lehman
Brothers.  The FT disclosed on October 26, 2009, Melvyn Carter,
John Alexander and Robin Davis of Carter Backer Winter LLP were
appointed as joint administrators of ACI at the request of the
directors.

Arc Capital & Income plc -- http://www.arccapital.co.uk/--
provides "capital guaranteed" structured products.


BUCHAN BRAES: Financial Woes Prompt Voluntary Liquidation
---------------------------------------------------------
Claire Smith at The Scotsman reports that Buchan Braes Ltd. has
gone into voluntary liquidation, citing financial difficulties.

The report relates Gordon MacLure, of Inverness-based Johnston
Carmichael, has been appointed as liquidator.

Buchan Braes Ltd. owns the RAF Buchan base at Boddam, near
Peterhead, Scotland, according to The Scotsman.


BRITISH SEAFOOD: Wins Appeal v. Seafish Over Import Taxes
---------------------------------------------------------
British Seafood has won its appeal against a previous UK High
Court ruling in favor of Seafish over its refusal to pay GBP2
million in seafood import taxes, fishnews.eu.com reports.

The report says the High Court appeal ruling in front of Lord
Justice Mummery, Lord Justice Richards and Lord Justice Rimer will
come as a severe blow to Seafish, an organization largely funded
by a levy on fish sales, which until now has included fish
imports.

The report recalls a July 2009 High Court ruling had confirmed
Seafish's legal duty to charge levy on all types of seafood
regardless of origin.  Judge Hamblen also ruled that the British
Seafood group had to pay a sum of GBP300,000 immediately in
respect of costs and ordered British Seafood to pay 90% of levy
owed to Seafish, the report recounts.

As reported by the Troubled Company Reporter-Europe on Feb. 26,
2010, British Seafood went into administration after banks
withdrew trade credit.  The FT disclosed the collapse of the
company wiped out private equity group 3i's stake, which it
valued at GBP81 million at the end of September.  British Seafood
relied on trade credit to pay its suppliers, according to the FT.
At the end of 2008 it had drawn GBP181.3 million of trade
facilities from banks that were secured against trade debtors, the
FT said.

Knightsbridge-based British Seafood is an importer of fish from
Asia.  The company employed 163 people in 2008.


E-CLEAR: May Have Traded Insolvently Before Collapse
----------------------------------------------------
Dominic O'Connell at The Sunday Times reports that Canadian tour
operator Sunwing won a High Court judgment for GBP46 million
against E-Clear eight months before it collapsed into
administration.

The Sunday Times recalls Sunwing, which is based in Toronto, sued
E-Clear for non-payment of GBP46 million in May last year.  It won
and could have had E-Clear wound up, but found that the card-
payments company had little cash, the Sunday Times recounts.
Sunwing decided instead to hope that E-Clear's trading would
improve and it would be able to return the money later, the Sunday
Times discloses.

According to the Sunday Times, the case raises fresh questions
about whether E-Clear, run by Elias Elia, the chief executive, was
trading insolvently for months before it went under.

Insolvent trading -- not having enough money to hand to meet your
debts -- is not illegal but can give rise to civil suits for
wrongful trading, the Sunday Times states.

The Sunday Times notes sources close to BDO, the accountant acting
as administrator, said that E-Clear could finally be liquidated
within weeks unless creditors decided they wanted to fund further
investigations into how the business came to collapse.

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010, Mr. Justice Vos at the High Court on Jan. 19 approved the
order for the administration of E-Clear, following the failure of
the company to submit evidence of funds on Jan. 15.  BDO was been
appointed administrator.  According to the Times, papers shown to
the High Court in London on Jan. 19 said that E-Clear had less
than GBP10 million in two bank accounts, while the personal
account of Mr. Elia was empty.  The Times disclosed investigators
for BDO, the accountancy firm appointed by the court to administer
E-Clear, were now looking for GBP90 million and trying to
establish whether Globespan was the victim of fraud or
incompetence.  Simon Mortimer, QC, for PwC, said that E-Clear had
not complied with an order made by the court to prove that it had
the GBP35 million owed to Scottish airline Globespan, the Times
said.  E-Clear's role was to process credit card payments made
mainly by holidaymakers and eventually to pass the money collected
to travel companies such as Globespan, according to the Times.
However, at some point last year the payments to travel firms
dried up, causing many to collapse, the Times noted.


EMI GROUP: Offers Five-Year Distribution Contract to Rivals
-----------------------------------------------------------
Elizabeth Rigby and Andrew Edgecliffe-Johnson at The Financial
Times report that EMI Music is trying to mortgage its North
American distribution business to avoid breaching banking
covenants.

The FT relates EMI, which is owned by Guy Hands' Terra Firma
private equity firm, is offering rival labels a distribution
contract on its catalogue, which includes hits by The Beatles, for
a five-year period.

According to the FT, a person close to Citigroup said the GBP3.2
billion of its loans to the group were secured in part on the US
assets and as such the bank would have to approve any proposed
distribution deal.

Terra Firma is asking for about GBP400 million for the
distribution rights, the FT says.  The company has until June to
inject an extra GBP120 million into the company and prevent a
breach of covenants that could see Citi seize EMI, the FT states.

A distribution contract covering everything from old catalogue
hits to current chart releases by Robbie Williams carries some
risks for EMI Music, the FT states.

The Times' Helen Power reports if Mr. Hands could raise GBP400
million from leasing the rights, he could dip into the pot every
time EMI was in danger of breaking a banking covenant.  The FT
notes it would, however, load an already heavily indebted company
with even more debt, which EMI's directors and bankers may not
consider to be in their best interests.

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2010, The FT said KPMG, EMI Group's accountants, raised
"significant doubt" about the company's ability to continue as a
going concern.  According to the FT, accounts for the year to
March 2009, released on Feb. 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.
The FT said unless it can persuade Citi to restructure its
GBP3.2 billion in loans by then, investors face further cash
calls.

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.


KERLING PLC: Ineos' Developing Outlook Won't Move S&P's B- Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on U.K. chemical producer Kerling PLC (B-/Stable/--) are
currently unchanged despite S&P's revision of the outlook to
developing from negative on Ineos Group Holdings PLC.

The ratings on Kerling factor in the potential negative influences
that could stem from sister company Ineos.  Consequently, if S&P
were to revise Ineos Group's outlook to positive or raise the
rating -- in the event of a successful bond issuance by the latter
-- S&P could consider similar positive rating actions for Kerling.


LANGTONS IFA: Misselling Cases Spur Liquidation
-----------------------------------------------
Gareth Shaw at FTAdviser reports that Langtons IFA has gone into
liquidation.  The report relates the company filed for insolvency
on March 15, 2010.

According to the report, Alan Bradstock, partner at Accura and the
administrator for Langtons, said that the company was forced to go
into liquidation after a number of misselling cases were brought
against it and the excesses from its professional indemnity
insurance became too heavy for it to meet.

The report notes Mr. Bradstock at Accura said that Langtons has
debts of about GBP60,000, owed to five separate creditors.

The firm lost its FSA authorization on March 8, 2010, the report
recalls.

Langtons IFA is an advisory firm with offices in Dorset, Devon,
Cornwall and Surrey.


PRESBYTERIAN MUTUAL: Administration Extension Cut to 12 Months
--------------------------------------------------------------
Belfast Telegraph reports that a proposed five-year extension to
running the collapsed Presbyterian Mutual Society in
administration has been cut to 12 months.

The report relates lawyers for the administrator Arthur Boyd
amended his plans amid concerns that some elderly savers may not
live long enough to enjoy their investments if such a long-term
extension was granted.

According to the report, a judge who agreed to the new proposals
was told the administrator still reserved the right to seek a
further extension in future if it was believed to be in creditors
interests.

Nearly 10,000 Presbyterians across Northern Ireland lost access to
their savings when the society went into administration more than
a year ago following a run on its funds, the report recalls.

Presbyterian Mutual Society is a Belfast-based mutual society.


SPECIALITY RETAIL: Company Voluntary Arrangement Approved
---------------------------------------------------------
Rachael Singh at Accountancy Age reports that administrators from
KPMG have been given the go-ahead for a company voluntary
arrangement at Speciality Retail Group.

According to the report, before the CVA could be approved, the
proposal had to have remained unchallenged for a period of 28 days
which has now passed.

"To ensure the collaborative approach of previous CVAs is
sustained, we worked with the landlords of SRG's loss-making
stores to ensure the terms of the CVA met their needs, while
protecting the profitable part of the business from certain
administration," the report quoted Richard Fleming, supervisor of
the CVA and UK head of restructuring at KPMG, as saying.  "Make no
mistake that administration leaves casualties on both sides, with
landlords appearing well down the food chain in the creditor
group.  Working together with tenants offers a much more
constructive path for all concerned, not least the employees.
Indeed a successful CVA, usually part of a wider turnaround
program, has been proven to change the fortunes of a company in a
short time frame.  Returning companies to health is in the best
interests of all stakeholders."

The report notes more than 40 of SRG's stores, deemed non-
profitable, will close after 18 months of trading.  The landlords
of those stores are to receive 60% of the full rent, the report
states.

Speciality Retail Group is a clothing retailer.  The company owns
brands such as Suits You and Racing Green.  It employs
approximately 300 people and has a portfolio of 71 stores across
the United Kingdom.


TITAN EUROPE: S&P Downgrades Rating on Class D Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2007-3 Ltd.'s class A1, X, A2, B, C, and D notes.  At
the same time, S&P placed its ratings on the class A1, X, and A2
notes on CreditWatch negative.

S&P understands that the transaction has been deferring interest
on certain classes of notes since October 2008 because:

* Liquidity -- in the form of servicing advances--is not available
  to cover special servicing fees, additional expenses, and
  interest accrued on servicing advances;

* The transaction's excess spread is paid to the class X notes
  (which rank pari passu with the class A1 notes) and is not
  available to absorb special servicing fees, additional expenses,
  and interest accrued on servicing advances;

* Reductions in the appraised value of the properties limit
  servicing advances; and

* Bank of America N.A. -- the advance provider -- has determined
  that certain servicing advances are nonrecoverable and therefore
  they are not obliged to make the advances.

                        Servicer Advancing

This transaction is structured with liquidity provided not through
a more usual liquidity facility, but instead through the use of
servicer advancing.  The structure uses an advance provider to
advance delinquent principal and interest and certain other
expenses.  Such advances are subject to the advance provider's
recoverability determination.   This is referred to traditionally
as "servicer advancing" although in this transaction the servicer
and the advance provider are two separate parties.

Last year Bank of America -- the then back-up advance provider --
assumed the role of advance provider following Capmark Bank Europe
PLC's withdrawal from the transaction.  As mentioned,
recoverability tests govern the injection of liquidity into the
transaction through servicing advances.  Although advice is
received by the advance provider from the servicer and/or special
servicer, recoverability is in the sole judgment of the advance
provider.

S&P understands that servicing advances would be recovered in a
senior position in the transaction waterfall.  However, the
advance provider has determined the recoverability of the
servicing advances (by reference to net recoveries likely to be
available to the issuer) on a loan-level basis as opposed to on a
pool basis.  In S&P's opinion, this has reduced significantly the
pooling benefit which might otherwise have been afforded.

It is S&P's understanding that reduced property values and
estimated swap termination costs in relation to certain loans have
limited the servicing advances potentially available.  The advance
provider made no servicing advances to cover shortfalls on either
the Metro loan (on the basis that the servicing advance requested
by the special servicer was not recoverable) or the Bacchus loan
(due to an appraisal reduction).

                       Interest Shortfalls

Interest shortfalls continue to occur on certain notes.  The class
A2 notes, on the prior note interest payment date, experienced an
interest shortfall for the second consecutive quarter.  Capita
Asset Services (UK) Ltd. -- the servicer -- recently transferred
the A&A Express and Lovat Lane loans into special servicing and
S&P believes that the further continued deterioration in the
performance of the underlying loans will bring the transaction
cash flows under additional pressure.

S&P expects that interest shortfalls will continue to accrue in
the near term and may be significant despite the potential for
recovery of deferred amounts for higher rated notes.

While S&P has adjusted its ratings to reflect its view of the
creditworthiness of the notes, S&P has also placed certain of the
more highly rated notes on CreditWatch negative owing to
uncertainty over available advancing and the potential for
continued interest shortfalls, which S&P believes could eventually
lead to a note event of default.

Titan Europe 2007-3 is a true-sale commercial mortgage-backed
securities transaction secured against 18 U.K. loans.  The
transaction's expected maturity date is in October 2013.

                           Ratings List

                      Titan Europe 2007-3 Ltd.
GBP778.822 Million Commercial Mortgage-Backed Floating-Rate Notes

        Ratings Lowered and Placed On CreditWatch Negative

                                   Rating
                                   ------
                Class       To                From
                -----       --                ----
                A1          A/Watch Neg       AA
                X           A/Watch Neg       AA
                A2          BB/Watch Neg      BBB

                          Ratings Lowered

                                   Rating
                                   ------
                Class       To                From
                -----       --                ----
                B           B-                BBB-
                C           CCC-              B
                D           D                 CCC-


* UK: Investment Bank Rescue Plans Need Revamp, BoE Gov. Says
-------------------------------------------------------------
Svenja O'Donnell and Jennifer Ryan at Bloomberg News report that
Bank of England Deputy Governor Paul Tucker said national bank
rescue regimes can't cope with investment banks, and plans to
manage complex portfolios of failing institutions should place the
rescue burden on creditors.

Investment bank rescue plans should allow "the authorities, on a
rapid timetable, to haircut uninsured creditors in a going
concern," Bloomberg quoted Mr. Tucker as saying in a speech in
Brussels Friday.  Such a plan would "go quite a long way towards
reintroducing market discipline -- by putting uninsured
creditors at risk even in systemic situations."

According to Bloomberg, Mr. Tucker said authorities needed to find
a way to reintroduce market discipline while guarding against
risks to the financial system posed by complex instruments traded
by banks.

Bloomberg notes Mr. Tucker said imposing haircuts on creditors,
where they receive less money than they are owed, would help
recapitalize failing financial institutions without the need for
authorities to inject public money.

Bloomberg relates Mr. Tucker also said distressed international
banks, both commercial and investment, can present special
problems that fall outside the scope of national rescue plans.
Bloomberg says officials must decide whether they want to apply
local principles to international insolvencies or develop rules
that may be applied globally.


* UK: End-Of-Quarter Rent Deadline for Retailers to Spur CVAs
-------------------------------------------------------------
Philip Stafford at The Financial Times reports that KPMG says the
upcoming end-of-quarter rent deadline for retailers could spark a
rash of company voluntary arrangements.

The FT relates Richard Fleming, UK head of restructuring at the
professional services firm, said many companies faced calls from
creditors following the first quarter when turnover is
traditionally at its quietest.

"The March rent quarter date may be . . . the nail in the coffin
for retailers who have not traded well over the past few months,"
the FT quoted Mr. Fleming as saying.  "Creditors effectively have
to decide now whether to support businesses now through to the end
of the year."

According to the FT, CVAs allow companies under threat of
administration to renegotiate debts with unsecured creditors but
some landlords regard them as a tool to escape individual lease
liabilities.


* UK: Gov't Issues Misleading Figures on Pre-Packs, R3 Claims
-------------------------------------------------------------
Insolvency trade body R3 challenges the Insolvency Services
reporting on pre-pack compliance rates, claiming it is issuing
misleading figures.  The Insolvency Service claims that more than
a third of cases in the last six months were deemed to be non-
compliant when in fact just 7% were referred to the Regulatory
Bodies (RPBs) for possible sanction.

R3, the insolvency trade bodys President Peter Sargent commented:
"It is irresponsible reporting by the Insolvency Service to claim
that over a third of cases were judged to be non-compliant when as
few as 7% were considered suitable for potential disciplinary
action.  Why didn't they refer a third of the cases to the
regulators?  The insolvency profession is unlikely to build
confidence in pre-packs when a key part of the insolvency industry
is engaging in scaremongering.

"We appreciate that there is no room for complacency.  We call on
the Insolvency Service to assist insolvency practitioners by
providing greater clarity on what they expect from a SIP 16 report
and to work with IPs to report honestly on pre-packs.

"Despite numerous requests from practitioners there are still no
pro-forma examples of SIP 16 reports for insolvency practitioners
to follow.  Moving forward, the Insolvency Service should report
with greater transparency on compliance rates and avoid misleading
language that reinforces negative preconceptions," concluded Peter
Sargent.

The Insolvency Services own report states there have been
significant improvements in the quality and timeliness of
information which is not reflected in their press release.  SIP 16
has only being running for a year, with clear guidance only coming
from the Insolvency Service at the end of October 2009.

"Two months is not long enough, so let's give this system a proper
chance," added Mr. Sargent.  "We welcome a consultation on pre-
packs in order to engage with the Insolvency Service and work
together to address concerns."

R3s research shows the clear benefits of pre-packs in saving jobs
and delivering greater returns to secured and unsecured creditors
in an insolvency situation.  R3 is concerned these benefits will
get lost in the noise over pre-packs during a time when the
economy is still fragile.

Mr. Sargent concluded: "During this recession, when a business is
on the brink of collapse, options are limited and a pre-pack can
be the only solution to keep at least part of the business alive
and avoid liquidation.  If the Government agency continues to
discredit pre-packs, jobs and businesses will suffer by not having
this rescue option available."

R3s recommendations to the Insolvency Service:

   -- The Insolvency Service should use appropriate terminology
when reporting on SIP 16 to avoid encouraging misconceptions over
compliance levels.

   -- The Insolvency Service should provide more detail on the
level of competence and training of officials checking SIP 16
reports, in order to ensure they are sufficiently qualified to do
the job.

   -- The Insolvency Service should actively support the
profession by making available information that would help
practitioners comply better with SIP 16 - for example, the number
of reports that are found non compliant under each of the
categories identified the SIP.

   -- Breaches of SIP 16 should be treated with appropriate
severity.

   -- Confidence should be encouraged through increased Insolvency
Service enforcement activity in other areas, such as
disqualification of blameworthy or incompetent directors.


* UK: To Consult New Measures to Boost Confidence in Pre-Packs
--------------------------------------------------------------
Business Minister Ian Lucas on Friday announced that the
Government will shortly consult on tough new measures to boost
confidence in the pre-packaged administration process, including
possible changes to the law.

The announcement came after a report from the Insolvency Service
revealed that the rules designed to build confidence in the
system, Statement of Insolvency Practice 16 (SIP16), were not
being adequately complied with by insolvency practitioners in more
than a third of cases.

Mr. Lucas said: "Pre-packs are a good option for some companies
when they get into difficulty as they can preserve value and jobs.

"But I'm very concerned that the appropriate information to
justify the pre-pack is not always being provided.  It is crucial
that business and the public have confidence in the insolvency
regime and that pre-packs are being used responsibly and
appropriately.  We will be consulting as soon as possible on a
range of new measures.

Some of the options that will now be considered may include:

* putting SIP16 on a statutory footing with penalties for non-
compliance; following a pre-pack administration, provision for
automatic scrutiny of the directors and administrators actions by
the Official Receiver (a trusted and independent public official);
making it impossible for the person advising on a pre-pack to
become the administrator; and requiring court or creditor sanction
for pre-pack deals involving connected parties

The Minister also called on interested parties including
insolvency professionals to respond to the ongoing consultation
from the Joint Insolvency Committee (JIC) on whether SIP 16 is
providing creditors with a detailed justification and explanation
of pre-packs.

A pre-packaged (pre-pack) sale is a deal for the sale of an
insolvent company's business, or assets, which is put in place
before the company goes into a formal insolvency procedure,
usually administration.  The sale is then executed immediately
following the appointment of the administrator.

Pre-packs are used in about a quarter of administrations (expected
numbers in 2009/10, about 1,250 out of some 5,000
administrations).

The Office of Fair Trading is also carrying out an ongoing
examination of features of the corporate insolvency market and has
been sent a copy of the Insolvency Service report.


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

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

CROATIA
-------
OT-OPTIMA TELEKO    OPTERA CZ         -48565065  119632635.5
OT OPTIMA TELEKO    2299892Z 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 EU       -27821889.5    240947718
LIBRA HOLIDAYS      LHGR CY         -27821889.5    240947718
LIBRA HOLIDAYS      LHGCYP EO       -27821889.5    240947718
LIBRA HOLIDAYS G    LHG EO          -27821889.5    240947718
LIBRA HOLIDAYS G    LHG PZ          -27821889.5    240947718
LIBRA HOLIDAYS G    LHG CY          -27821889.5    240947718
LIBRA HOLIDAYS G    LHG EU          -27821889.5    240947718
LIBRA HOLIDAYS-P    LBHG CY         -27821889.5    240947718
LIBRA HOLIDAYS-P    LBHG PZ         -27821889.5    240947718

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

DENMARK
-------
ELITE SHIPPING      ELSP DC        -27715991.74  100892900.3
ROSKILDE BANK       ROSK DC        -532868894.9   7876687324
ROSKILDE BANK       ROSK EU        -532868894.9   7876687324
ROSKILDE BANK       ROSBF US       -532868894.9   7876687324
ROSKILDE BANK       RKI GR         -532868894.9   7876687324
ROSKILDE BANK       RSKC IX        -532868894.9   7876687324
ROSKILDE BANK       ROSK EO        -532868894.9   7876687324
ROSKILDE BANK       ROSK PZ        -532868894.9   7876687324
ROSKILDE BANK       ROSKF US       -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       CRRHF US       -9829592.638    279906700
CARRERE GROUP       XRR GR         -9829592.638    279906700
CARRERE GROUP       CAR2 EO        -9829592.638    279906700
CARRERE GROUP       CARF PZ        -9829592.638    279906700
CARRERE GROUP       CAR2 EU        -9829592.638    279906700
CARRERE GROUP       CAR FP         -9829592.638    279906700
CARRERE GROUP       CARG FP        -9829592.638    279906700
CARRERE GROUP       CRGP IX        -9829592.638    279906700
CHAINE ET TRAME     CTRM FP         -46169771.5  134467847.6
CHAINE ET TRAME     CHTR FP         -46169771.5  134467847.6
GRANDE PAROISSE     GAPA FP        -927267926.9    629287290
GRANDE PAROISSE     GDPA FP        -927267926.9    629287290
GRANDE PAROISSE     GDPXF US       -927267926.9    629287290
IMMOB HOTEL BALN    IMHB FP        -66874823.95  301323804.9
IMMOB HOTELIERE     IMBHF US       -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO EO        -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO PZ        -66874823.95  301323804.9
IMMOB HOTELIERE     IMMH IX        -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO FP        -66874823.95  301323804.9
IMMOB HOTELIERE     IMHO EU        -66874823.95  301323804.9
IMMOB HOTELIERE     IMH GR         -66874823.95  301323804.9
IMMOB HOTELIERE     SIH FP         -66874823.95  301323804.9
LAB DOLISOS         LADL FP        -27752176.19  110485462.4
LAB DOLISOS         DOLI FP        -27752176.19  110485462.4
MATUSSIERE & FOR    MTUSF US       -77896683.67  293868350.8
MATUSSIERE & FOR    1007765Q FP    -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             NRTP IX        -35623999.56  117566786.9
NORTENE             NORT FP        -35623999.56  117566786.9
NORTENE             NRTN FP        -35623999.56  117566786.9
OROSDI              OROS FP         -7291.55004  131233317.6
OROSDI-BACK         BACK IX         -7291.55004  131233317.6
OROSDI-BACK         ORBA FP         -7291.55004  131233317.6
OROSDI-BACK         OROS EU         -7291.55004  131233317.6
OROSDI-BACK         OROS EO         -7291.55004  131233317.6
OROSDI-BACK         OROS PZ         -7291.55004  131233317.6
OUTSIDE LIVING I    OLIN FP        -35623999.56  117566786.9
OUTSIDE LIVING I    NORT EU        -35623999.56  117566786.9
OUTSIDE LIVING I    NORT EO        -35623999.56  117566786.9
OUTSIDE LIVING I    OLIN PZ        -35623999.56  117566786.9
OUTSIDE LIVING I    NORT PZ        -35623999.56  117566786.9
PAGESJAUNES         PGJUF US        -3303869370  970555919.3
PAGESJAUNES GRP     PAJ QM          -3303869370  970555919.3
PAGESJAUNES GRP     QS3 GR          -3303869370  970555919.3
PAGESJAUNES GRP     PAJGBP EO       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ PZ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ IX          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ FP          -3303869370  970555919.3
PAGESJAUNES GRP     PAJUSD EU       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ VX          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ EU          -3303869370  970555919.3
PAGESJAUNES GRP     PAJGBX EO       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ BQ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ EO          -3303869370  970555919.3
PAGESJAUNES GRP     PAJGBX EU       -3303869370  970555919.3
PAGESJAUNES GRP     PAJP IX         -3303869370  970555919.3
PAGESJAUNES GRP     PAJUSD EO       -3303869370  970555919.3
PAGESJAUNES GRP     PAJ EB          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ TQ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ NQ          -3303869370  970555919.3
PAGESJAUNES GRP     PAJ LI          -3303869370  970555919.3
RHODIA SA           RHANR FP       -913748142.2   6150227880
RHODIA SA           RHA NQ         -913748142.2   6150227880
RHODIA SA           RHA EU         -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           RHANR PZ       -913748142.2   6150227880
RHODIA SA           RHA FP         -913748142.2   6150227880
RHODIA SA           RHA EB         -913748142.2   6150227880
RHODIA SA           RHD GR         -913748142.2   6150227880
RHODIA SA           RHAUSD EO      -913748142.2   6150227880
RHODIA SA           RHA QM         -913748142.2   6150227880
RHODIA SA           RHA VX         -913748142.2   6150227880
RHODIA SA           RHA TQ         -913748142.2   6150227880
RHODIA SA           RHADF US       -913748142.2   6150227880
RHODIA SA           RHA EO         -913748142.2   6150227880
RHODIA SA           RHAGBP EO      -913748142.2   6150227880
RHODIA SA           RHAY IX        -913748142.2   6150227880
RHODIA SA           RHA IX         -913748142.2   6150227880
RHODIA SA           RHAUSD EU      -913748142.2   6150227880
RHODIA SA           RHDAF US       -913748142.2   6150227880
RHODIA SA           RHDI GR        -913748142.2   6150227880
RHODIA SA           2324015Q EO    -913748142.2   6150227880
RHODIA SA           RHA PZ         -913748142.2   6150227880
RHODIA SA           RHA BQ         -913748142.2   6150227880
RHODIA SA           3218857Q IX    -913748142.2   6150227880
RHODIA SA - NEW     RHANV FP       -913748142.2   6150227880
RHODIA SA - NEW     3506266Q FP    -913748142.2   6150227880
RHODIA SA - NEW     3156011Q FP    -913748142.2   6150227880
RHODIA SA - NEW     2335921Q 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 EO        -21481214.33  175720770.8
SELCODIS            SLCO FP        -21481214.33  175720770.8
Selcodis            SPVX FP        -21481214.33  175720770.8
SELCODIS            SPVX IX        -21481214.33  175720770.8
SELCODIS            SLCO EU        -21481214.33  175720770.8
SELCODIS            SLCO PZ        -21481214.33  175720770.8
TECHNICOLOR         TMMLF US       -587281616.7   6690514315
TECHNICOLOR         TMSGBX EU      -587281616.7   6690514315
TECHNICOLOR         TMSUSD EU      -587281616.7   6690514315
TECHNICOLOR         TMM IX         -587281616.7   6690514315
TECHNICOLOR         TMS GK         -587281616.7   6690514315
TECHNICOLOR         TMS EB         -587281616.7   6690514315
TECHNICOLOR         TCH TQ         -587281616.7   6690514315
TECHNICOLOR         TMS NQ         -587281616.7   6690514315
TECHNICOLOR         TMS BQ         -587281616.7   6690514315
TECHNICOLOR         TCH FP         -587281616.7   6690514315
TECHNICOLOR         TMS PZ         -587281616.7   6690514315
TECHNICOLOR         TMS EU         -587281616.7   6690514315
TECHNICOLOR         TNM GR         -587281616.7   6690514315
TECHNICOLOR         TCH QM         -587281616.7   6690514315
TECHNICOLOR         TMSGBP EO      -587281616.7   6690514315
TECHNICOLOR         TMSUSD EO      -587281616.7   6690514315
TECHNICOLOR         TCH NQ         -587281616.7   6690514315
TECHNICOLOR         TMSGBX EO      -587281616.7   6690514315
TECHNICOLOR         TMS 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 ES         -587281616.7   6690514315
THOMSON (EX-TMM)    TMS VX         -587281616.7   6690514315
THOMSON (EX-TMM)    TMMN FP        -587281616.7   6690514315
THOMSON (EX-TMM)    TMS QM         -587281616.7   6690514315
THOMSON (EX-TMM)    TNMA GR        -587281616.7   6690514315
THOMSON (EX-TMM)    TMS FP         -587281616.7   6690514315
THOMSON (EX-TMM)    TMM LN         -587281616.7   6690514315
THOMSON (EX-TMM)    TMS TQ         -587281616.7   6690514315
THOMSON (EX-TMM)    TMS US         -587281616.7   6690514315
THOMSON (EX-TMM)    TMM 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      TVYCF US       -396977.9956  133986439.7
TROUVAY CAUVIN      ETEC FP        -396977.9956  133986439.7

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

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

GREECE
------
AG PETZETAKIS SA    PTZ GR         -36788613.11  258762040.3
AG PETZETAKIS SA    PZETF US       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK PZ       -36788613.11  258762040.3
AG PETZETAKIS SA    PTZ1 GR        -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK EU       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK GA       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK EO       -36788613.11  258762040.3
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        -118834340  160209968.7
ALTEC SA INFO       ALTEC PZ         -118834340  160209968.7
ALTEC SA INFO       ALTEC EU         -118834340  160209968.7
ALTEC SA INFO       ALTEC GA         -118834340  160209968.7
ALTEC SA INFO       ATCQF US         -118834340  160209968.7
ALTEC SA INFO       ALTEC EO         -118834340  160209968.7
ALTEC SA INFO       AXY GR           -118834340  160209968.7
ALTEC SA INFO-RT    ALTECR GA        -118834340  160209968.7
ALTEC SA INFO-RT    ALTED GA         -118834340  160209968.7
ARIES MARITIME T    RAMS US           -57875000    197992000
ASPIS PRONIA GE     ASASK EO       -189908329.1  896537349.7
ASPIS PRONIA GE     AISQF US       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK EU       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK PZ       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK 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    APG GR         -189908329.1  896537349.7
ASPIS PRONOIA GE    APGG IX        -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       -38449174.63  221302771.2
KOUMBAS RTS         KOUMR GA       -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM PZ        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM GA        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM EO        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM EU        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUMF US       -38449174.63  221302771.2
NAOUSSA SPIN -RT    NAOYD GA         -130380438  326934399.4
NAOUSSA SPIN-AUC    NAOYKE GA        -130380438  326934399.4
NAOUSSA SPINNING    NML1 GR          -130380438  326934399.4
NAOUSSA SPINNING    NML GR           -130380438  326934399.4
NAOUSSA SPIN-RTS    NAOYKR GA        -130380438  326934399.4
NEWLEAD HOLDINGS    A1M GR            -57875000    197992000
NEWLEAD HOLDINGS    NEWL US           -57875000    197992000
PETZET - PFD-RTS    PETZPD GA      -36788613.11  258762040.3
PETZETAKIS - RTS    PETZKD GA      -36788613.11  258762040.3
PETZETAKIS-AUC      PETZKE GA      -36788613.11  258762040.3
PETZETAKIS-PFD      PETZP GA       -36788613.11  258762040.3
PETZETAKIS-PFD      PTZ3 GR        -36788613.11  258762040.3
RADIO KORASSIDIS    RKC GR         -100972173.9  180679253.6
RADIO KORASSIDIS    RAKOF US       -100972173.9  180679253.6
RADIO KORASSIDIS    KORA GA        -100972173.9  180679253.6
RADIO KORASSI-RT    KORAD GA       -100972173.9  180679253.6
RADIO KORASS-RTS    KORAR GA       -100972173.9  180679253.6
THEMELIODOMI        THEME GA       -55751178.85  232036822.6
THEMELIODOMI-AUC    THEMEE GA      -55751178.85  232036822.6
THEMELIODOMI-RTS    THEMED GA      -55751178.85  232036822.6
THEMELIODOMI-RTS    THEMER GA      -55751178.85  232036822.6
UNITED TEXTILES     NAOYK GA         -130380438  326934399.4
UNITED TEXTILES     UTEX PZ          -130380438  326934399.4
UNITED TEXTILES     UTEX GA          -130380438  326934399.4
UNITED TEXTILES     NAOSF US         -130380438  326934399.4
UNITED TEXTILES     UTEX EO          -130380438  326934399.4
UNITED TEXTILES     UTEX EU          -130380438  326934399.4

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

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

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

ITALY
-----
AEDES AXA+W         AEAXAW IM      -24405906.61   1350851664
AEDES SPA           AE TQ          -24405906.61   1350851664
AEDES SPA           AE EO          -24405906.61   1350851664
AEDES SPA           LLB GR         -24405906.61   1350851664
AEDES SPA           AE EU          -24405906.61   1350851664
AEDES SPA           AE IM          -24405906.61   1350851664
AEDES SPA           AEDSF US       -24405906.61   1350851664
AEDES SPA           AE PZ          -24405906.61   1350851664
AEDES SPA           AEDI IX        -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           BNDAF US       -11146475.29  128859802.9
BINDA SPA           BND IM         -11146475.29  128859802.9
BROGGI IZAR FABB    BIF IM         -178432.4639  134255668.5
CART SOTTRI-BIND    DEM IM         -11146475.29  128859802.9
CIRIO FINANZIARI    FIY GR         -422095869.5   1583083044
CIRIO FINANZIARI    CRO IM         -422095869.5   1583083044
COIN SPA            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    CITU IX        -137726596.3  527372691.4
COMPAGNIA ITALIA    CGLUF US       -137726596.3  527372691.4
COMPAGNIA ITALIA    ICT IM         -137726596.3  527372691.4
CORNELL BHN         INN IM         -178432.4639  134255668.5
CORNELL BHN         BY EU          -178432.4639  134255668.5
CORNELL BHN         BY EO          -178432.4639  134255668.5
CORNELL BHN         INO1 IX        -178432.4639  134255668.5
CORNELL BHN         CBX IM         -178432.4639  134255668.5
CREDITO FONDIARI    CRF IM         -200209050.3   4213063202
CREDITO FOND-RTS    CRFSA IM       -200209050.3   4213063202
ELIOS HOLDING       EH IM          -178432.4639  134255668.5
ELIOS HOLDING-NE    EH00 IM        -178432.4639  134255668.5
ELIOS HOLDING-RT    EHAA IM        -178432.4639  134255668.5
ELIOS SPA           EHM IM         -178432.4639  134255668.5
I VIAGGI DEL VEN    VVE EO         -92020221.43  318192568.6
I VIAGGI DEL VEN    IVGIF US       -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE PZ         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE IX         -92020221.43  318192568.6
I VIAGGI DEL VEN    IV7 GR         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE IM         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE EU         -92020221.43  318192568.6
I VIAGGI DEL VEN    VVE TQ         -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 TQ          -47468652.4  322390901.7
OMNIA NETWORK SP    ONTI IX         -47468652.4  322390901.7
OMNIA NETWORK SP    ONT EO          -47468652.4  322390901.7
OMNIA NETWORK SP    ONT PZ          -47468652.4  322390901.7
OMNIA NETWORK SP    ONT EU          -47468652.4  322390901.7
OMNIA NETWORK SP    ONT IM          -47468652.4  322390901.7
PARMALAT FINANZI    PMLFF US       -18419390029   4120687886
PARMALAT FINANZI    FICN AV        -18419390029   4120687886
PARMALAT FINANZI    PRFI VX        -18419390029   4120687886
PARMALAT FINANZI    PRF IM         -18419390029   4120687886
PARMALAT FINANZI    PAF GR         -18419390029   4120687886
PARMALAT FINANZI    PMT LI         -18419390029   4120687886
PARMALAT FINANZI    PARAF US       -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     RNGBP EO       -165887753.7   4800733024
RISANAMENTO SPA     RN TQ          -165887753.7   4800733024
RISANAMENTO SPA     RSMNF US       -165887753.7   4800733024
RISANAMENTO SPA     RN IM          -165887753.7   4800733024
RISANAMENTO SPA     RN EO          -165887753.7   4800733024
RISANAMENTO SPA     RNGBX EO       -165887753.7   4800733024
RISANAMENTO SPA     RN PZ          -165887753.7   4800733024
RISANAMENTO SPA     RN IX          -165887753.7   4800733024
RISANAMENTO SPA     RNGBX EU       -165887753.7   4800733024
RISANAMENTO SPA     RN EU          -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            SNIB GR        -141933883.9  150445252.4
SNIA SPA            SN IM          -141933883.9  150445252.4
SNIA SPA            SIAI IX        -141933883.9  150445252.4
SNIA SPA            SNIA GR        -141933883.9  150445252.4
SNIA SPA            SSMLF US       -141933883.9  150445252.4
SNIA SPA            SN TQ          -141933883.9  150445252.4
SNIA SPA            SN EO          -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            SIAI PZ        -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        SNSO IM        -141933883.9  150445252.4
SNIA SPA-RTS        SNAA IM        -141933883.9  150445252.4
SOCOTHERM SPA       SCT EO         -161739278.5  398222827.1
SOCOTHERM SPA       SCTM IX        -161739278.5  398222827.1
SOCOTHERM SPA       SCT IM         -161739278.5  398222827.1
SOCOTHERM SPA       SOCEF US       -161739278.5  398222827.1
SOCOTHERM SPA       SCTI PZ        -161739278.5  398222827.1
SOCOTHERM SPA       SCT EU         -161739278.5  398222827.1
SOCOTHERM SPA       SCT TQ         -161739278.5  398222827.1
TAS TECNOLOGIA      TAS NM         -405622.1721  172796509.7
TAS TECNOLOGIA      TAQ GR         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS EU         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS IM         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS EO         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS PZ         -405622.1721  172796509.7
TAS TECNOLOGIA      TAS TQ         -405622.1721  172796509.7
TECNODIFF ITALIA    TDI NM         -89894162.82  152045757.5
TECNODIFF ITALIA    TEF GR         -89894162.82  152045757.5
TECNODIFF ITALIA    TDI IM         -89894162.82  152045757.5
TECNODIFF ITALIA    TDIFF US       -89894162.82  152045757.5
TECNODIFF-RTS       TDIAOW NM      -89894162.82  152045757.5
TECNODIFFUSIONE     TDIAAW IM      -89894162.82  152045757.5
TISCALI - RTS       TISAAW IM      -421259823.5  632152613.6
TISCALI - RTS       TIQA GR        -421259823.5  632152613.6
TISCALI SPA         TISGBX EO      -421259823.5  632152613.6
TISCALI SPA         TIQG IX        -421259823.5  632152613.6
TISCALI SPA         TIS TQ         -421259823.5  632152613.6
TISCALI SPA         TIS PZ         -421259823.5  632152613.6
TISCALI SPA         TISGBP EO      -421259823.5  632152613.6
TISCALI SPA         TISN IM        -421259823.5  632152613.6
TISCALI SPA         TISGBX EU      -421259823.5  632152613.6
TISCALI SPA         TSCXF US       -421259823.5  632152613.6
TISCALI SPA         TIQ1 GR        -421259823.5  632152613.6
TISCALI SPA         TIS IX         -421259823.5  632152613.6
TISCALI SPA         TIS EO         -421259823.5  632152613.6
TISCALI SPA         TIS VX         -421259823.5  632152613.6
TISCALI SPA         TIS EU         -421259823.5  632152613.6
TISCALI SPA         TIS NR         -421259823.5  632152613.6
TISCALI SPA         TISN IX        -421259823.5  632152613.6
TISCALI SPA         TIS FP         -421259823.5  632152613.6
TISCALI SPA         TIQ GR         -421259823.5  632152613.6
TISCALI SPA         TIS NA         -421259823.5  632152613.6
TISCALI SPA         TISN VX        -421259823.5  632152613.6
TISCALI SPA         TIS IM         -421259823.5  632152613.6
TISCALI SPA         TISN FP        -421259823.5  632152613.6
TISCALI SPA         TISN NA        -421259823.5  632152613.6
TISCALI SPA- RTS    3391621Q GR    -421259823.5  632152613.6
TISCALI SPA- RTS    TISAXA IM      -421259823.5  632152613.6
YORKVILLE BHN       CBXI PZ        -178432.4639  134255668.5
YORKVILLE BHN       BY TQ          -178432.4639  134255668.5
YORKVILLE BHN       BY IM          -178432.4639  134255668.5

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

NETHERLANDS
-----------
BAAN CO NV-ASSEN    BAANA NA       -7854741.409  609871188.9
BAAN COMPANY NV     BAAN EU        -7854741.409  609871188.9
BAAN COMPANY NV     BAAVF US       -7854741.409  609871188.9
BAAN COMPANY NV     BAAN GR        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN NA        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN EO        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN PZ        -7854741.409  609871188.9
BAAN COMPANY NV     BAAN IX        -7854741.409  609871188.9
BAAN COMPANY NV     BNCG IX        -7854741.409  609871188.9
BAAN COMPANY-NY     BAANF US       -7854741.409  609871188.9
JAMES HARDIE IND    HAH AU           -131100008   2130899840
JAMES HARDIE IND    HAH NZ           -131100008   2130899840
JAMES HARDIE IND    600241Q GR       -131100008   2130899840
JAMES HARDIE IND    726824Z NA       -131100008   2130899840
JAMES HARDIE NV     JHXCC AU         -131100008   2130899840
JAMES HARDIE-ADR    JHINY US         -131100008   2130899840
JAMES HARDIE-ADR    JHX US           -131100008   2130899840
JAMES HARDIE-CDI    JHIUF US         -131100008   2130899840
JAMES HARDIE-CDI    JHA GR           -131100008   2130899840
JAMES HARDIE-CDI    JHX AU           -131100008   2130899840
LIBERTY GL EU-A     UPC NA          -5505478850   5112616630
UNITED PAN -ADR     UPEA GR         -5505478850   5112616630
UNITED PAN-A ADR    UPCOY US        -5505478850   5112616630
UNITED PAN-EUR-A    UPC LN          -5505478850   5112616630
UNITED PAN-EUR-A    UPC LI          -5505478850   5112616630
UNITED PAN-EUROP    UPE GR          -5505478850   5112616630
UNITED PAN-EUROP    UPE1 GR         -5505478850   5112616630
UNITED PAN-EUROP    UPCEF US        -5505478850   5112616630
UNITED PAN-EUROP    UPC VX          -5505478850   5112616630
UNITED PAN-EUROP    UPCOF US        -5505478850   5112616630
NEXUS FLOATING P    NEXUSGBX EU      -158054000    353053024
NEXUS FLOATING P    NEXUSEUR EO      -158054000    353053024
NEXUS FLOATING P    NEXU NO          -158054000    353053024
NEXUS FLOATING P    NEXUSEUR EU      -158054000    353053024
NEXUS FLOATING P    NEXUS EO         -158054000    353053024
NEXUS FLOATING P    NEXUS PZ         -158054000    353053024
NEXUS FLOATING P    NEXUS NO         -158054000    353053024
NEXUS FLOATING P    NEXUS BY         -158054000    353053024
NEXUS FLOATING P    NEXUS EU         -158054000    353053024
PETRO GEO-SERV      265143Q NO     -18066142.21  399710323.6
PETRO GEO-SERV      PGS GR         -18066142.21  399710323.6
PETRO GEO-SERV      PGS VX         -18066142.21  399710323.6
PETRO GEO-SERV-N    PGSN NO        -18066142.21  399710323.6
PETRO GEO-SV-ADR    PGOGY US       -18066142.21  399710323.6
PETRO GEO-SV-ADR    PGSA GR        -18066142.21  399710323.6
PETROLIA DRILLIN    PDREUR EO         -25943000    499350016
PETROLIA DRILLIN    PDR NO            -25943000    499350016
PETROLIA DRILLIN    PDR EO            -25943000    499350016
PETROLIA DRILLIN    PDR BY            -25943000    499350016
PETROLIA DRILLIN    PDR TQ            -25943000    499350016
PETROLIA DRILLIN    PDR EU            -25943000    499350016
PETROLIA DRILLIN    PDR1 IX           -25943000    499350016
PETROLIA DRILLIN    PDR PZ            -25943000    499350016
PETROLIA DRILLIN    PDREUR EU         -25943000    499350016
PETROLIA DRILLIN    P8D GR            -25943000    499350016
PETROLIA DRI-NEW    PDRN NO           -25943000    499350016
PETROLIA DRI-RTS    PDRT NO           -25943000    499350016

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

PORTUGAL
--------
BENFICA             SLBENX PX      -16614056.44  234366255.6
BENFICA             SLBE IX        -16614056.44  234366255.6
BENFICA             SLBEN EU       -16614056.44  234366255.6
BENFICA             SLBEN PL       -16614056.44  234366255.6
BENFICA             SLBEN PZ       -16614056.44  234366255.6
BENFICA             SLBEN EO       -16614056.44  234366255.6
LISGRAFICA IMPRE    LIAG EO        -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG PZ         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG EO         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG PL         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIAG PL        -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG EU         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIAG EU        -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    SCPL IX         -4083492.14  225687305.9
SPORTING-SOC DES    SCG GR          -4083492.14  225687305.9
SPORTING-SOC DES    SCDF PL         -4083492.14  225687305.9
SPORTING-SOC DES    SCP1 PZ         -4083492.14  225687305.9
SPORTING-SOC DES    SCDF EU         -4083492.14  225687305.9
SPORTING-SOC DES    SCDF EO         -4083492.14  225687305.9
SPORTING-SOC DES    SCP PL          -4083492.14  225687305.9
SPORTING-SOC DES    SCPX PX         -4083492.14  225687305.9
VAA VISTA ALEGRE    VAF PZ         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAFX PX        -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF PL         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF EO         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF EU         -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK EO        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK PL        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFKX PX       -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK PZ        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK EU        -75871846.95  148731546.6
OLTCHIM RM VALCE    OLT 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    OLT RO         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTEUR EU      -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT EO         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTEUR EO      -89344235.29  511515508.8

ROMANIA
-------
RAFO SA             RAF RO         -457922636.3  356796459.3
UZINELE SODICE G    UZIM RO        -62313938.86  107275526.8

RUSSIA
------
AMUR SHIP-BRD       AMZS* RU        -99051792.6   1089408985
AMUR SHIP-BRD       AMZS RU         -99051792.6   1089408985
BESIKTAS FUTBOL     BJKASM TI      -10396040.97  175760356.3
BESIKTAS FUTBOL     BWX GR         -10396040.97  175760356.3
BESIKTAS FUTBOL     BKTFF US       -10396040.97  175760356.3
BESIKTAS FUTBOL     BJKAS TI       -10396040.97  175760356.3
BESIKTAS FUTBOL     BJKASY TI      -10396040.97  175760356.3
EGS EGE GIYIM VE    EGDIS TI       -7732138.551  147075066.7
EGS EGE GIYIM-RT    EGDISR TI      -7732138.551  147075066.7
IKTISAT FINAN-RT    IKTFNR TI      -46900661.12  108228233.6
IKTISAT FINANSAL    IKTFN TI       -46900661.12  108228233.6
MUDURNU TAVUKC-N    MDRNUN TI      -64930189.62  160408172.1
MUDURNU TAVUKCUL    MDRNU TI       -64930189.62  160408172.1
SIFAS               SIFAS TI        -15439198.6    130608104
TUTUNBANK           TUT TI          -4024959602   2643810457
YASARBANK           YABNK TI        -4024959602   2643810457

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 EU        -148097530.9  674738808.3
FERGO AISA SA       AISA PZ        -148097530.9  674738808.3
FERGO AISA SA       AISA EO        -148097530.9  674738808.3
MARTINSA FADESA     MTF EU          -1847997044   8832898708
MARTINSA FADESA     MTF1 LI         -1847997044   8832898708
MARTINSA FADESA     4PU GR          -1847997044   8832898708
MARTINSA FADESA     MTF SM          -1847997044   8832898708
MARTINSA FADESA     MTF EO          -1847997044   8832898708
MARTINSA FADESA     MFAD PZ         -1847997044   8832898708
MARTINSA-FADESA     MTF NR          -1847997044   8832898708

UKRAINE
-------
AZOVZAGALMASH MA    AZGM UZ        -16212049.02  277693905.5
BANK FORUM -GDR     FRMB038 RU     -5331676.798   2243068982
BANK FORUM -GDR     639540Z LX     -5331676.798   2243068982
BANK FORUM -GDR     BFJG IX        -5331676.798   2243068982
BANK FORUM -GDR     B5F GR         -5331676.798   2243068982
BANK FORUM JSC      FORM UZ        -5331676.798   2243068982
DNEPROPETROVSK      DMZP UZ        -15926384.43  424303604.8
DNIPROOBLENERGO     DNON UZ        -3607242.033  284973578.6
DONETSKOBLENERGO    DOON UZ        -209532649.1    360933615
LUGANSKGAS          LYGZ UZ        -16963558.31  110262633.1
LUGANSKOBLENERGO    LOEN UZ        -27621096.54  197769532.3
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         LI4 GR         -3088436.068  106650689.4
4LESS GROUP         BHL PO         -3088436.068  106650689.4
4LESS GROUP         FL/ LN         -3088436.068  106650689.4
4LESS GROUP         BYH PO         -3088436.068  106650689.4
4LESS GROUP         FL/ PO         -3088436.068  106650689.4
4LESS GROUP         FLG OF         -3088436.068  106650689.4
ADVANCE DISPLAY     ADTP PZ         -3015578835   2590007904
AEA TECHNOLO-FPR    AATF LN        -215101594.9    121405070
AEA TECHNOLO-FPR    AATF PZ        -215101594.9    121405070
AEA TECHNOLOGY      AAT IX         -215101594.9    121405070
AEA TECHNOLOGY      AAT LN         -215101594.9    121405070
AEA TECHNOLOGY      EAETF US       -215101594.9    121405070
AEA TECHNOLOGY      AAT VX         -215101594.9    121405070
AEA TECHNOLOGY      AAT PZ         -215101594.9    121405070
AEA TECHNOLOGY      AAT EU         -215101594.9    121405070
AEA TECHNOLOGY      AEY GR         -215101594.9    121405070
AEA TECHNOLOGY      AAT EO         -215101594.9    121405070
AEA TECHNOLOGY      AATGBP EO      -215101594.9    121405070
AEA TECHNOLOGY      AAT PO         -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         ALDYF US         -120493900  252232072.9
ALLDAYS PLC         317056Q LN       -120493900  252232072.9
AMER BUS SYS        ARB LN           -497127008    121439000
AMEY PLC            AMY LN         -48862569.33  931527720.5
AMEY PLC            AMEYF US       -48862569.33  931527720.5
AMEY PLC            AMY VX         -48862569.33  931527720.5
AMEY PLC-ASSENT     AMYA LN        -48862569.33  931527720.5
AMEY PLC-NEW        AMYN LN        -48862569.33  931527720.5
ANKER PLC           DW14 GR        -21861359.81    115463159
ANKER PLC           ANK PO         -21861359.81    115463159
ANKER PLC           ANK LN         -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 EO           -207093345   1339139513
ATKINS (WS) PLC     ATKGBP EO        -207093345   1339139513
ATKINS (WS) PLC     ATK LN           -207093345   1339139513
ATKINS (WS) PLC     ATK BQ           -207093345   1339139513
ATKINS (WS) PLC     ATK PO           -207093345   1339139513
ATKINS (WS) PLC     ATK PZ           -207093345   1339139513
ATKINS (WS) PLC     ATK EU           -207093345   1339139513
ATKINS (WS) PLC     ATKEUR EO        -207093345   1339139513
ATKINS (WS) PLC     6W2 GR           -207093345   1339139513
ATKINS (WS) PLC     ATK QM           -207093345   1339139513
ATKINS (WS) PLC     ATK NR           -207093345   1339139513
ATKINS (WS) PLC     ATK NQ           -207093345   1339139513
ATKINS (WS) PLC     ATK VX           -207093345   1339139513
ATKINS (WS) PLC     ATKEUR EU        -207093345   1339139513
ATKINS (WS) PLC     ATK IX           -207093345   1339139513
ATKINS (WS) PLC     ATK EB           -207093345   1339139513
ATKINS (WS) PLC     WATKF US         -207093345   1339139513
ATKINS (WS) PLC     ATK TQ           -207093345   1339139513
BAYDONHILL PLC      BHL PZ         -3088436.068  106650689.4
BAYDONHILL PLC      BYH LN         -3088436.068  106650689.4
BAYDONHILL PLC      BHL LN         -3088436.068  106650689.4
BAYDONHILL PLC      BHL IX         -3088436.068  106650689.4
BAYDONHILL PLC      BHL EU         -3088436.068  106650689.4
BAYDONHILL PLC      BHL PG         -3088436.068  106650689.4
BAYDONHILL PLC      BHL EO         -3088436.068  106650689.4
BLACK & EDGINGTO    BLE LN         -134177517.4  149159301.6
BNB RECRUITMENT     BNBRF US       -10242627.53    103637705
BNB RECRUITMENT     BNB PO         -10242627.53    103637705
BNB RECRUITMENT     BNB LN         -10242627.53    103637705
BNB RECRUITMENT     BNB IX         -10242627.53    103637705
BNB RECRUITMENT     BQX GR         -10242627.53    103637705
BOOKER PLC          1330Q GR        -59832880.4   1298182549
BOOKER PLC          987188Q LN      -59832880.4   1298182549
BOOKER PLC          BKERF US        -59832880.4   1298182549
BOOKER PLC-ADR      BOK$ LN         -59832880.4   1298182549
BOOKER PLC-ADR      BKRUY US        -59832880.4   1298182549
BRADSTOCK GROUP     BSKGF US       -1855444.443  268563822.5
BRADSTOCK GROUP     BDK LN         -1855444.443  268563822.5
BRIT ENERGY LTD     523362Q LN      -5822867501   4921095750
BRIT ENERGY PLC     BGYEF US        -5822867501   4921095750
BRIT ENERGY PLC     BHEGF US        -5822867501   4921095750
BRIT ENERGY PLC     BEN1 GR         -5822867501   4921095750
BRIT ENERGY PLC     555140Q VX      -5822867501   4921095750
BRIT ENERGY-A       BENA GR         -5822867501   4921095750
BRIT ENERGY-ADR     BHEFF US        -5822867501   4921095750
BRIT NUCLEAR        1046Z LN        -4247644150  40325778907
BRIT TELECOM        9484 JP         -5803590908  44998015107
BRIT TELECOM        BTE GR          -5803590908  44998015107
BRIT TELECOM PLC    BTPLF US        -5803590908  44998015107
BRIT TELECOM PLC    BT/A VX         -5803590908  44998015107
BRIT TELECOM PLC    BTPWF US        -5803590908  44998015107
BRIT TELECOM-ADR    BTEA GR         -5803590908  44998015107
BRIT TELECOM-ADR    1481Q CN        -5803590908  44998015107
BRIT TELECOM-RTS    BTY-R US        -5803590908  44998015107
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    BGYC AR         -5822867501   4921095750
BRITISH ENER-C/E    BGYNYC AR       -5822867501   4921095750
BRITISH ENER-CED    BGY AR          -5822867501   4921095750
BRITISH ENER-CED    BGYNY AR        -5822867501   4921095750
BRITISH ENERGY-A    BHEAF US        -5822867501   4921095750
BRITISH ENERGY-A    BGYA PO         -5822867501   4921095750
BRITISH ENERGY-A    BGYA VX         -5822867501   4921095750
BRITISH ENERGY-A    3012442Q LN     -5822867501   4921095750
BRITISH ENERGY-A    BGYGF US        -5822867501   4921095750
BRITISH TELE-FP     BT/F LN         -5803590908  44998015107
BRITISH TELE-NP     BT/N LN         -5803590908  44998015107
BRITISH TELE-NP     BTPXF US        -5803590908  44998015107
BRITVIC             B6S GR         -3988699.913   1361742201
BRITVIC PLC         BVIC LN        -3988699.913   1361742201
BRITVIC PLC         BVIC EU        -3988699.913   1361742201
BRITVIC PLC         BVIC QM        -3988699.913   1361742201
BRITVIC PLC         BVIC TQ        -3988699.913   1361742201
BRITVIC PLC         BVICEUR EO     -3988699.913   1361742201
BRITVIC PLC         BVIC PZ        -3988699.913   1361742201
BRITVIC PLC         BVIC IX        -3988699.913   1361742201
BRITVIC PLC         BVIC EB        -3988699.913   1361742201
BRITVIC PLC         BVICGBP EO     -3988699.913   1361742201
BRITVIC PLC         BVICUSD EU     -3988699.913   1361742201
BRITVIC PLC         BVIC NR        -3988699.913   1361742201
BRITVIC PLC         BTVCF US       -3988699.913   1361742201
BRITVIC PLC         BVICEUR EU     -3988699.913   1361742201
BRITVIC PLC         BVIC BQ        -3988699.913   1361742201
BRITVIC PLC         BVIC NQ        -3988699.913   1361742201
BRITVIC PLC         BVIC EO        -3988699.913   1361742201
BRITVIC PLC         BVIC VX        -3988699.913   1361742201
BRITVIC PLC         BVICUSD EO     -3988699.913   1361742201
BT GROUP PLC        BT/AGBP EO      -5803590908  44998015107
BT GROUP PLC        BT/A TQ         -5803590908  44998015107
BT GROUP PLC        BT/AEUR EU      -5803590908  44998015107
BT GROUP PLC        BT/AUSD EU      -5803590908  44998015107
BT GROUP PLC        BT/ VX          -5803590908  44998015107
BT GROUP PLC        BTGOF US        -5803590908  44998015107
BT GROUP PLC        BT/APEN EO      -5803590908  44998015107
BT GROUP PLC        BT/A PO         -5803590908  44998015107
BT GROUP PLC        BT/A EO         -5803590908  44998015107
BT GROUP PLC        BTQ GR          -5803590908  44998015107
BT GROUP PLC        BT/A EB         -5803590908  44998015107
BT GROUP PLC        BT/APEN EU      -5803590908  44998015107
BT GROUP PLC        BT/A NQ         -5803590908  44998015107
BT GROUP PLC        BT/A NR         -5803590908  44998015107
BT GROUP PLC        BTEG IX         -5803590908  44998015107
BT GROUP PLC        BT/AUSD EO      -5803590908  44998015107
BT GROUP PLC        BT IX           -5803590908  44998015107
BT GROUP PLC        BT/A LN         -5803590908  44998015107
BT GROUP PLC        BT/AEUR EO      -5803590908  44998015107
BT GROUP PLC        BT/A QM         -5803590908  44998015107
BT GROUP PLC        BT PZ           -5803590908  44998015107
BT GROUP PLC        BT/A BQ         -5803590908  44998015107
BT GROUP PLC        BT/A EU         -5803590908  44998015107
BT GROUP PLC-ADR    BT/$ LN         -5803590908  44998015107
BT GROUP PLC-W/I    BTWI LN         -5803590908  44998015107
BT GROUP-ADR        BTQA GR         -5803590908  44998015107
BT GROUP-ADR WI     BTY-W US        -5803590908  44998015107
BT GROUP-CED $US    BTYD AR         -5803590908  44998015107
BT GROUP-CED $US    BTD AR          -5803590908  44998015107
BT GROUP-CED BLK    BTB AR          -5803590908  44998015107
BT GROUP-CED BLK    BTYB AR         -5803590908  44998015107
BT GROUP-CED C/E    BTYC AR         -5803590908  44998015107
BT GROUP-CED C/E    BTC AR          -5803590908  44998015107
BT GROUP-CEDEAR     BT AR           -5803590908  44998015107
BT GROUP-CEDEAR     BTY AR          -5803590908  44998015107
BT GROUP-SPON AD    BT US           -5803590908  44998015107
BT GROUP-SPON AD    BTY US          -5803590908  44998015107
BT GROUP-SPON AD    BT MM           -5803590908  44998015107
BT GROUP-SPON AD    BTYN MM         -5803590908  44998015107
CARLISLE GROUP      506819Q LN     -11904426.45    203548565
CHRYSALIS GROUP     5CY GR         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSEUR EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS VX         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSUSD EU      -7422046.098  110320050.3
CHRYSALIS GROUP     CYGUF US       -7422046.098  110320050.3
CHRYSALIS GROUP     CHS EO         -7422046.098  110320050.3
CHRYSALIS GROUP     HR4 GR         -7422046.098  110320050.3
CHRYSALIS GROUP     CHS PO         -7422046.098  110320050.3
CHRYSALIS GROUP     CLYSF US       -7422046.098  110320050.3
CHRYSALIS GROUP     CHS PZ         -7422046.098  110320050.3
CHRYSALIS GROUP     CHS LN         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSGBP EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHSEUR EU      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS IX         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSUSD EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS EU         -7422046.098  110320050.3
CLIPPER WINDPOWE    CWP IX           -218336000    776211968
CLIPPER WINDPOWE    CWP LN           -218336000    776211968
CLIPPER WINDPOWE    CWPA LN          -218336000    776211968
CLIPPER WINDPOWE    CWP PZ           -218336000    776211968
CLIPPER WINDPOWE    CWP EU           -218336000    776211968
CLIPPER WINDPOWE    3470635Q LN      -218336000    776211968
CLIPPER WINDPOWE    CRPWF US         -218336000    776211968
CLIPPER WINDPOWE    CWP PG           -218336000    776211968
CLIPPER WINDPOWE    C2W GR           -218336000    776211968
CLIPPER WINDPOWE    CWP EO           -218336000    776211968
COMPASS GROU-OLD    1259Q LN       -668101173.9   2972459078
COMPASS GROUP       QOP GR         -668101173.9   2972459078
COMPASS GRP-ADR     CMSJY US       -668101173.9   2972459078
COMPASS GRP-ADR     CMSGY US       -668101173.9   2972459078
COSTAIN GROUP       COST IX        -19097658.92  649978943.3
COSTAIN GROUP       COSTGBP EO     -19097658.92  649978943.3
COSTAIN GROUP       COSTUSD EO     -19097658.92  649978943.3
COSTAIN GROUP       COST VX        -19097658.92  649978943.3
COSTAIN GROUP       COSTEUR EO     -19097658.92  649978943.3
COSTAIN GROUP       COSTEUR EU     -19097658.92  649978943.3
COSTAIN GROUP       COSTUSD EU     -19097658.92  649978943.3
COSTAIN GROUP       COST EU        -19097658.92  649978943.3
COSTAIN GROUP       COST PZ        -19097658.92  649978943.3
COSTAIN GROUP       COST PO        -19097658.92  649978943.3
COSTAIN GROUP       CSGFF US       -19097658.92  649978943.3
COSTAIN GROUP       COST LN        -19097658.92  649978943.3
COSTAIN GROUP       COST EO        -19097658.92  649978943.3
COSTAIN GROU-RTS    COSF LN        -19097658.92  649978943.3
COSTAIN GROU-RTS    COSN LN        -19097658.92  649978943.3
DAILY MAIL TST      DMGOGBP EO     -139060248.4   3723159411
DAILY MAIL TST      DMGO PO        -139060248.4   3723159411
DAILY MAIL TST      DMGO EO        -139060248.4   3723159411
DAILY MAIL TST      DMGO VX        -139060248.4   3723159411
DAILY MAIL TST      DGW GR         -139060248.4   3723159411
DAILY MAIL TST      DMGO IX        -139060248.4   3723159411
DAILY MAIL TST      DMGO EU        -139060248.4   3723159411
DAILY MAIL TST      DMGO PZ        -139060248.4   3723159411
DAILY MAIL TST      DMTOF US       -139060248.4   3723159411
DAILY MAIL TST      DMGO LN        -139060248.4   3723159411
DAILY MAIL TST A    DMGTEUR EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT EB        -139060248.4   3723159411
DAILY MAIL TST A    DMGT QM        -139060248.4   3723159411
DAILY MAIL TST A    DMGTGBP EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT PO        -139060248.4   3723159411
DAILY MAIL TST A    DMGT NR        -139060248.4   3723159411
DAILY MAIL TST A    DMGT VX        -139060248.4   3723159411
DAILY MAIL TST A    DMGT EU        -139060248.4   3723159411
DAILY MAIL TST A    DGW1 GR        -139060248.4   3723159411
DAILY MAIL TST A    DMGT BQ        -139060248.4   3723159411
DAILY MAIL TST A    DMGTEUR EU     -139060248.4   3723159411
DAILY MAIL TST A    DMGT PZ        -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 NQ        -139060248.4   3723159411
DAILY MAIL TST A    DMGT IX        -139060248.4   3723159411
DAILY MAIL TST A    DMGT EO        -139060248.4   3723159411
DAILY MAIL TST A    DMGT TQ        -139060248.4   3723159411
DAILY MAIL TST A    DMTGF US       -139060248.4   3723159411
DAILY MAIL TST A    DMGTUSD EU     -139060248.4   3723159411
DANKA BUS SYSTEM    DNK LN           -497127008    121439000
DANKA BUS SYSTEM    DNK VX           -497127008    121439000
DANKA BUS SYSTEM    DANKF US         -497127008    121439000
DANKA BUS SYSTEM    DNK PO           -497127008    121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008    121439000
DANKA BUS SYSTEM    DNK IX           -497127008    121439000
DANKA BUS SYSTEM    3205287Q EU      -497127008    121439000
DANKA BUS SYSTEM    DNK PZ           -497127008    121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008    121439000
DANKA BUS-$US CE    DANKD AR         -497127008    121439000
DANKA BUS-ADR       AP39 LI          -497127008    121439000
DANKA BUS-ADR       DANKY US         -497127008    121439000
DANKA BUS-ADR       DANKE US         -497127008    121439000
DANKA BUS-ADR       DB6 GR           -497127008    121439000
DANKA BUS-BLK CE    DANKB AR         -497127008    121439000
DANKA BUS-C/E CE    DANKC AR         -497127008    121439000
DANKA BUS-CEDEAR    DANK AR          -497127008    121439000
DE LA RUE PLC       DLAR PO        -49140782.93  785933430.9
DE LA RUE PLC       DL1C GR        -49140782.93  785933430.9
DE LA RUE PLC       DLAR PZ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR NQ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR EB        -49140782.93  785933430.9
DE LA RUE PLC       DLAR QM        -49140782.93  785933430.9
DE LA RUE PLC       DLAR LN        -49140782.93  785933430.9
DE LA RUE PLC       DLAREUR EU     -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 EO     -49140782.93  785933430.9
DE LA RUE PLC       DLARUSD EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR BQ        -49140782.93  785933430.9
DE LA RUE PLC       DL1 GR         -49140782.93  785933430.9
DE LA RUE PLC       DELRF US       -49140782.93  785933430.9
DE LA RUE PLC       DLRUF US       -49140782.93  785933430.9
DE LA RUE PLC       DLAR NR        -49140782.93  785933430.9
DE LA RUE PLC       DL1B GR        -49140782.93  785933430.9
DE LA RUE PLC       DLARGBP EO     -49140782.93  785933430.9
DE LA RUE PLC       DLAR EO        -49140782.93  785933430.9
DE LA RUE PLC       DLARUSD EO     -49140782.93  785933430.9
DE LA RUE PLC       DLAR EU        -49140782.93  785933430.9
DE LA RUE PLC       DLAREUR EO     -49140782.93  785933430.9
DE LA RUE PLC       DLARCHF EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR IX        -49140782.93  785933430.9
DE LA RUE PLC       DL1A GR        -49140782.93  785933430.9
DE LA RUE PLC       DLARF US       -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      3115438Q EU    -49140782.93  785933430.9
DE LA RUE-PREF      DLAP PZ        -49140782.93  785933430.9
DE LA RUE-PREF      DLAP LN        -49140782.93  785933430.9
EASYNET GROUP       EAY GR         -60380609.34  334049332.2
EASYNET GROUP       ESY LN         -60380609.34  334049332.2
EASYNET GROUP       EZNGF US       -60380609.34  334049332.2
EASYNET GROUP       ESY VX         -60380609.34  334049332.2
EASYNET GROUP       ESY PO         -60380609.34  334049332.2
EASYNET GROUP-CV    91009Z LN      -60380609.34  334049332.2
EMI GROUP -ASSD     EMIA LN         -2265916257   2950021937
EMI GROUP LTD       EMI LN          -2265916257   2950021937
EMI GROUP PLC       EMI VX          -2265916257   2950021937
EMI GROUP PLC       EMI PO          -2265916257   2950021937
EMI GROUP PLC       EMI IX          -2265916257   2950021937
EMI GROUP PLC       3020138Q GR     -2265916257   2950021937
EMI GROUP PLC       EMIPF US        -2265916257   2950021937
EMI GROUP PLC-B     1019425Q LN     -2265916257   2950021937
EMI GROUP-ADR       38IS LN         -2265916257   2950021937
EMI GROUP-ADR       EMIPY US        -2265916257   2950021937
EMI GROUP-ADR       EMI$ LN         -2265916257   2950021937
EUROPEAN HOME       KLZ VX         -14328735.16  110864081.4
EUROPEAN HOME       EHRGBP EO      -14328735.16  110864081.4
EUROPEAN HOME       EHREUR EU      -14328735.16  110864081.4
EUROPEAN HOME       EHREUR EO      -14328735.16  110864081.4
EUROPEAN HOME       EHR LN         -14328735.16  110864081.4
EUROPEAN HOME       FPAKF US       -14328735.16  110864081.4
EUROPEAN HOME       EHR PO         -14328735.16  110864081.4
EUROPEAN HOME       EHR VX         -14328735.16  110864081.4
EUROPEAN HOME       EHR EO         -14328735.16  110864081.4
EUROPEAN HOME       EHR PZ         -14328735.16  110864081.4
EUROPEAN HOME       EHR EU         -14328735.16  110864081.4
EUROPEAN HOME       KLZ PO         -14328735.16  110864081.4
EUROPEAN MINERAL    EPM CN           -123563000    104843000
EUROPEAN MINERAL    EPMLF US         -123563000    104843000
EUROPEAN MINERAL    EPM/U CN         -123563000    104843000
EUROPEAN MINERAL    EUM LN           -123563000    104843000
EUROPEAN MINERAL    EUM PO           -123563000    104843000
FAREPAK PLC         FPK LN         -14328735.16  110864081.4
FARNELL ELEC-ADR    FRN$ LN        -53758146.86  722693619.5
FARNELL ELEC-ADR    FRNZ LN        -53758146.86  722693619.5
FARNELL ELEC-RFD    FRNR LN        -53758146.86  722693619.5
FARNELL ELECTRON    FRNL LN        -53758146.86  722693619.5
GALIFORM PLC        MFI IX         -116415877.1  612420067.1
GALIFORM PLC        GFRM EB        -116415877.1  612420067.1
GALIFORM PLC        GFRM QM        -116415877.1  612420067.1
GALIFORM PLC        GFRM LN        -116415877.1  612420067.1
GALIFORM PLC        GFRM BQ        -116415877.1  612420067.1
GALIFORM PLC        MFI PO         -116415877.1  612420067.1
GALIFORM PLC        GFRMNOK EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM IX        -116415877.1  612420067.1
GALIFORM PLC        GLFMF US       -116415877.1  612420067.1
GALIFORM PLC        GFRMNOK EU     -116415877.1  612420067.1
GALIFORM PLC        GFRMEUR EU     -116415877.1  612420067.1
GALIFORM PLC        GFRMGBP EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM EU        -116415877.1  612420067.1
GALIFORM PLC        MFI VX         -116415877.1  612420067.1
GALIFORM PLC        GFRM PZ        -116415877.1  612420067.1
GALIFORM PLC        GFRM NQ        -116415877.1  612420067.1
GALIFORM PLC        GFRM PO        -116415877.1  612420067.1
GALIFORM PLC        MFIFF US       -116415877.1  612420067.1
GALIFORM PLC        GFRM NR        -116415877.1  612420067.1
GALIFORM PLC        GFRMEUR EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM EO        -116415877.1  612420067.1
GALIFORM PLC        GFRM TQ        -116415877.1  612420067.1
GALIFORM PLC        GFRM VX        -116415877.1  612420067.1
GARTLAND WHALLEY    GWB LN         -10986769.42  145352034.5
GARTMORE GROUP      GRT3 EU        -197233258.3  975283243.9
GARTMORE GROUP      GRT3USD EU     -197233258.3  975283243.9
GARTMORE GROUP      GRT3 EO        -197233258.3  975283243.9
GARTMORE GROUP      GRT3USD EO     -197233258.3  975283243.9
GARTMORE GROUP      GRT3GBP EO     -197233258.3  975283243.9
GARTMORE GROUP      GRT LN         -197233258.3  975283243.9
GARTMORE GROUP      G8T GR         -197233258.3  975283243.9
GO-AHEAD GROUP      GOG LN         -15712050.26   1619995130
GO-AHEAD GROUP      GOG NQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG IX         -15712050.26   1619995130
GO-AHEAD GROUP      GOG QM         -15712050.26   1619995130
GO-AHEAD GROUP      GOGEUR EU      -15712050.26   1619995130
GO-AHEAD GROUP      G9X GR         -15712050.26   1619995130
GO-AHEAD GROUP      GOGGBP EO      -15712050.26   1619995130
GO-AHEAD GROUP      GOG TQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG PO         -15712050.26   1619995130
GO-AHEAD GROUP      GOG NR         -15712050.26   1619995130
GO-AHEAD GROUP      GOGEUR EO      -15712050.26   1619995130
GO-AHEAD GROUP      GHGUF US       -15712050.26   1619995130
GO-AHEAD GROUP      GOG EU         -15712050.26   1619995130
GO-AHEAD GROUP      GOG VX         -15712050.26   1619995130
GO-AHEAD GROUP      GOG BQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG EO         -15712050.26   1619995130
GO-AHEAD GROUP      GOG PZ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG EB         -15712050.26   1619995130
GREEN (E) & PART    GEP LN         -27530263.14    313453511
HAWTIN PLC          HTI VX         -3873861.331  110875080.8
HAWTIN PLC          HTI IX         -3873861.331  110875080.8
HAWTIN PLC          HTI PO         -3873861.331  110875080.8
HAWTIN PLC          HTI EU         -3873861.331  110875080.8
HAWTIN PLC          HTI EO         -3873861.331  110875080.8
HAWTIN PLC          HTI PZ         -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
HILTON G-CRT OLD    HIGT BB        -97533918.57   1748505414
HILTON GROUP PLC    HG PO          -97533918.57   1748505414
HILTON GROUP PLC    HG/ LN         -97533918.57   1748505414
HILTON GROUP PLC    HLTGF US       -97533918.57   1748505414
HILTON GROUP-ADR    HLTGY US       -97533918.57   1748505414
HILTON GROUP-CER    HG BB          -97533918.57   1748505414
HILTON GROUP-CRT    HIG BB         -97533918.57   1748505414
HOGG ROBINSON GR    HRGGBP EO         -11371715  739481804.8
HOGG ROBINSON GR    HRG VX            -11371715  739481804.8
HOGG ROBINSON GR    HRGEUR EU         -11371715  739481804.8
HOGG ROBINSON GR    HRG EU            -11371715  739481804.8
HOGG ROBINSON GR    HOGGF US          -11371715  739481804.8
HOGG ROBINSON GR    HRGEUR EO         -11371715  739481804.8
HOGG ROBINSON GR    DQX GR            -11371715  739481804.8
HOGG ROBINSON GR    HRG PZ            -11371715  739481804.8
HOGG ROBINSON GR    HRG IX            -11371715  739481804.8
HOGG ROBINSON GR    HRG EO            -11371715  739481804.8
HOGG ROBINSON GR    HRG LN            -11371715  739481804.8
JARVIS PLC          JRVS IX        -64739862.73    130951086
JARVIS PLC          JRVS VX        -64739862.73    130951086
JARVIS PLC          JRVS PO        -64739862.73    130951086
JARVIS PLC          JRVSGBP EO     -64739862.73    130951086
JARVIS PLC          JRVS EU        -64739862.73    130951086
JARVIS PLC          JVR GR         -64739862.73    130951086
JARVIS PLC          JRVS PZ        -64739862.73    130951086
JARVIS PLC          JRVS LN        -64739862.73    130951086
JARVIS PLC          JRVS EO        -64739862.73    130951086
JARVIS PLC          JRVSEUR EU     -64739862.73    130951086
JARVIS PLC          JVSPF US       -64739862.73    130951086
JARVIS PLC          JRVSEUR EO     -64739862.73    130951086
JESSOPS PLC         JSPEUR EO       -42702021.2  112964060.4
JESSOPS PLC         JSPGBP EO       -42702021.2  112964060.4
JESSOPS PLC         JSP LN          -42702021.2  112964060.4
JESSOPS PLC         JS4 GR          -42702021.2  112964060.4
JESSOPS PLC         JSP EU          -42702021.2  112964060.4
JESSOPS PLC         JSP EO          -42702021.2  112964060.4
JESSOPS PLC         JSP PZ          -42702021.2  112964060.4
JESSOPS PLC         JSP VX          -42702021.2  112964060.4
JESSOPS PLC         JSP PO          -42702021.2  112964060.4
JESSOPS PLC         JSP IX          -42702021.2  112964060.4
JESSOPS PLC         JSPEUR EU       -42702021.2  112964060.4
KAZAKHSTAN MNRLS    KMCOF US         -123563000    104843000
KAZAKHSTAN MNRLS    KMCO/U CN        -123563000    104843000
KAZAKHSTAN MNRLS    KMC/U CN         -123563000    104843000
KAZAKHSTAN MNRLS    KMCO CN          -123563000    104843000
KLEENEZE PLC        KLZ LN         -14328735.16  110864081.4
LADBROKE GROUP      LADB LN        -97533918.57   1748505414
LADBROKE GRP-IDR    695767Q BB     -97533918.57   1748505414
LADBROKE GRP-OLD    LADB BB        -97533918.57   1748505414
LADBROKES - FPR     LADF PZ        -97533918.57   1748505414
LADBROKES - FPR     LADF LN        -97533918.57   1748505414
LADBROKES PLC       LADGBP EO      -97533918.57   1748505414
LADBROKES PLC       LAD NQ         -97533918.57   1748505414
LADBROKES PLC       LAD BQ         -97533918.57   1748505414
LADBROKES PLC       LAD PZ         -97533918.57   1748505414
LADBROKES PLC       LAD EB         -97533918.57   1748505414
LADBROKES PLC       LAD EU         -97533918.57   1748505414
LADBROKES PLC       HG/ VX         -97533918.57   1748505414
LADBROKES PLC       LAD PO         -97533918.57   1748505414
LADBROKES PLC       LDBKF US       -97533918.57   1748505414
LADBROKES PLC       LAD NR         -97533918.57   1748505414
LADBROKES PLC       LAD QM         -97533918.57   1748505414
LADBROKES PLC       LAD LN         -97533918.57   1748505414
LADBROKES PLC       LADEUR EU      -97533918.57   1748505414
LADBROKES PLC       LADNZD EO      -97533918.57   1748505414
LADBROKES PLC       LAD VX         -97533918.57   1748505414
LADBROKES PLC       LADUSD EO      -97533918.57   1748505414
LADBROKES PLC       LAD GR         -97533918.57   1748505414
LADBROKES PLC       LAD TQ         -97533918.57   1748505414
LADBROKES PLC       LAD IX         -97533918.57   1748505414
LADBROKES PLC       LADEUR EO      -97533918.57   1748505414
LADBROKES PLC       LAD EO         -97533918.57   1748505414
LADBROKES PLC       LADNZD EU      -97533918.57   1748505414
LADBROKES PLC-AD    LDBKY US       -97533918.57   1748505414
LADBROKES PLC-AD    LDBKY LN       -97533918.57   1748505414
LADBROKES PLC-CE    LAD BB         -97533918.57   1748505414
LADBROKES PLC-NP    LADN LN        -97533918.57   1748505414
LADBROKES PLC-NP    LADN PZ        -97533918.57   1748505414
LAMBERT FENCHURC    LMF LN         -1453050.041   1826806853
LEEDS SPORTING      LEDPF US        -73166148.8  143762193.7
LEEDS SPORTING      LES LN          -73166148.8  143762193.7
LEEDS UNITED PLC    LDSUF US        -73166148.8  143762193.7
LEEDS UNITED PLC    LUFC LN         -73166148.8  143762193.7
LEEDS UNITED PLC    889687Q GR      -73166148.8  143762193.7
LONDON TOWN PLC     LOU GR         -21897636.36  175672299.2
LONDON TOWN PLC     LTW LN         -21897636.36  175672299.2
LONDON TOWN PLC     LTW EO         -21897636.36  175672299.2
LONDON TOWN PLC     LTW EU         -21897636.36  175672299.2
LONDON TOWN PLC     LTW IX         -21897636.36  175672299.2
LONDON TOWN PLC     LTW PO         -21897636.36  175672299.2
LONDON TOWN PLC     LTWX LN        -21897636.36  175672299.2
LONDON TOWN PLC     LTW PZ         -21897636.36  175672299.2
LONDON TOWN PLC     LTW PG         -21897636.36  175672299.2
LONDON TOWN PLC     LTWR LN        -21897636.36  175672299.2
M 2003 PLC          203055Q LN      -2203513803   7204891602
M 2003 PLC          MTWOF US        -2203513803   7204891602
M 2003 PLC-ADR      MTWOY US        -2203513803   7204891602
M 2003 PLC-ADR      MTWOE US        -2203513803   7204891602
MARCONI PLC         MNI LN          -2203513803   7204891602
MARCONI PLC         MRCQF US        -2203513803   7204891602
MARCONI PLC         MNI BB          -2203513803   7204891602
MARCONI PLC         MY2 GR          -2203513803   7204891602
MARCONI PLC         MONI BB         -2203513803   7204891602
MARCONI PLC         203083Q VX      -2203513803   7204891602
MARCONI PLC-ADR     MONI US         -2203513803   7204891602
MARCONI PLC-ADR     MCBA GR         -2203513803   7204891602
MARCONI PLC-ADR     QUQMON AU       -2203513803   7204891602
MARCONI PLC-ADR     MY2A GR         -2203513803   7204891602
MARCONI PLC-ADR     MRCQY US        -2203513803   7204891602
MARCONI PLC-ADR     MCONY US        -2203513803   7204891602
MARCONI PLC-ADR     MONIY US        -2203513803   7204891602
MARCONI PLC-ADR     MONIE US        -2203513803   7204891602
MFI FURNITURE GR    MFI LN         -116415877.1  612420067.1
MINERVA PLC         MNR VX         -76016914.25   1319730523
MINERVA PLC         MNR EO         -76016914.25   1319730523
MINERVA PLC         MNR IX         -76016914.25   1319730523
MINERVA PLC         MNR TQ         -76016914.25   1319730523
MINERVA PLC         MNR EU         -76016914.25   1319730523
MINERVA PLC         MNR PO         -76016914.25   1319730523
MINERVA PLC         MNRGBP EO      -76016914.25   1319730523
MINERVA PLC         MNREUR EU      -76016914.25   1319730523
MINERVA PLC         M7E GR         -76016914.25   1319730523
MINERVA PLC         MNVAF US       -76016914.25   1319730523
MINERVA PLC         MNR PZ         -76016914.25   1319730523
MINERVA PLC         MNR NR         -76016914.25   1319730523
MINERVA PLC         MNREUR EO      -76016914.25   1319730523
MINERVA PLC         MNR LN         -76016914.25   1319730523
MINERVA PLC         MNRA LN        -76016914.25   1319730523
MINERVA PLC-NP      MNRN LN        -76016914.25   1319730523
MYTRAVEL GROUP      MT/S VX        -379721841.6   1817512774
MYTRAVEL GROUP      MT IX          -379721841.6   1817512774
MYTRAVEL GROUP      MT/S PO        -379721841.6   1817512774
MYTRAVEL GROUP      MT/S LN        -379721841.6   1817512774
MYTRAVEL GROUP      ARO2 GR        -379721841.6   1817512774
MYTRAVEL GROUP      MYTPF US       -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    2281919Q GR    -379721841.6   1817512774
MYTRAVEL GROUP-A    MYTVF US       -379721841.6   1817512774
NEW STAR ASSET      NSAM IX          -397718038  292972732.1
NEW STAR ASSET      NWSAF US         -397718038  292972732.1
NEW STAR ASSET      3226435Q EO      -397718038  292972732.1
NEW STAR ASSET      NSAA LN          -397718038  292972732.1
NEW STAR ASSET      3226447Q EO      -397718038  292972732.1
NEW STAR ASSET      3226443Q EO      -397718038  292972732.1
NEW STAR ASSET      N6S GR           -397718038  292972732.1
NEW STAR ASSET      3226431Q EU      -397718038  292972732.1
NEW STAR ASSET      NSAM PZ          -397718038  292972732.1
NEW STAR ASSET      NSAM PO          -397718038  292972732.1
NEW STAR ASSET      NSAM TQ          -397718038  292972732.1
NEW STAR ASSET      3226439Q EU      -397718038  292972732.1
NEW STAR ASSET      NSAM LN          -397718038  292972732.1
ORANGE PLC          1460Q GR         -593935051   2902299502
ORANGE PLC          951641Q LN       -593935051   2902299502
ORANGE PLC          ORNGF US         -593935051   2902299502
ORANGE PLC-ADR      ORNGY US         -593935051   2902299502
ORANGE PLC-ADR      ONG GR           -593935051   2902299502
ORANGE PLC-ADR      ORA$ LN          -593935051   2902299502
ORBIS PLC           OBS PZ         -4168498.479  127701679.5
ORBIS PLC           OBS LN         -4168498.479  127701679.5
ORBIS PLC           OBG PO         -4168498.479  127701679.5
ORBIS PLC           OBS IX         -4168498.479  127701679.5
ORBIS PLC           RLP GR         -4168498.479  127701679.5
ORBIS PLC           ORBSF US       -4168498.479  127701679.5
ORBIS PLC           OBS PO         -4168498.479  127701679.5
ORSU METALS CORP    E4M GR           -123563000    104843000
ORSU METALS CORP    OSUGBX EO        -123563000    104843000
ORSU METALS CORP    OSU LN           -123563000    104843000
ORSU METALS CORP    ORSUF US         -123563000    104843000
ORSU METALS CORP    E4M1 GR          -123563000    104843000
ORSU METALS CORP    EUM IX           -123563000    104843000
ORSU METALS CORP    ORSM007* RU      -123563000    104843000
ORSU METALS CORP    OSU CN           -123563000    104843000
ORSU METALS CORP    EPMCF US         -123563000    104843000
ORSU METALS CORP    OSU PZ           -123563000    104843000
ORSU METALS CORP    OSU PG           -123563000    104843000
ORSU METALS CORP    OSUMF US         -123563000    104843000
ORSU METALS CORP    ORSM007 RU       -123563000    104843000
PARK FOOD GROUP     PKFD LN        -52867263.19  185089877.3
PARK GROUP PLC      PKG VX         -52867263.19  185089877.3
PARK GROUP PLC      PKG PZ         -52867263.19  185089877.3
PARK GROUP PLC      PKG EU         -52867263.19  185089877.3
PARK GROUP PLC      PRKG IX        -52867263.19  185089877.3
PARK GROUP PLC      PKG EO         -52867263.19  185089877.3
PARK GROUP PLC      PKGGBP EO      -52867263.19  185089877.3
PARK GROUP PLC      PRKGF US       -52867263.19  185089877.3
PARK GROUP PLC      PKG PO         -52867263.19  185089877.3
PARK GROUP PLC      PKG LN         -52867263.19  185089877.3
PATIENTLINE PLC     PTL PO         -54677284.64  124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64  124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64  124948245.8
PATIENTLINE PLC     2928903Q EU    -54677284.64  124948245.8
PATIENTLINE PLC     2928899Q EO    -54677284.64  124948245.8
PATIENTLINE PLC     PTL PZ         -54677284.64  124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64  124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64  124948245.8
PREMIER FARN-ADR    2246804Q US    -53758146.86  722693619.5
PREMIER FARN-ADR    PIFLY US       -53758146.86  722693619.5
PREMIER FARN-ADR    PFLZ LN        -53758146.86  722693619.5
PREMIER FARNELL     PFL EU         -53758146.86  722693619.5
PREMIER FARNELL     PFL IX         -53758146.86  722693619.5
PREMIER FARNELL     PFLUSD EO      -53758146.86  722693619.5
PREMIER FARNELL     PFLGBP EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL PO         -53758146.86  722693619.5
PREMIER FARNELL     PFL EO         -53758146.86  722693619.5
PREMIER FARNELL     PFL PZ         -53758146.86  722693619.5
PREMIER FARNELL     PIFLF US       -53758146.86  722693619.5
PREMIER FARNELL     PFLUSD EU      -53758146.86  722693619.5
PREMIER FARNELL     PML GR         -53758146.86  722693619.5
PREMIER FARNELL     PFLEUR EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL LN         -53758146.86  722693619.5
PREMIER FARNELL     PFL BQ         -53758146.86  722693619.5
PREMIER FARNELL     PFLSEK EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL QM         -53758146.86  722693619.5
PREMIER FARNELL     PFL NR         -53758146.86  722693619.5
PREMIER FARNELL     PFL NQ         -53758146.86  722693619.5
PREMIER FARNELL     PFLEUR EU      -53758146.86  722693619.5
PREMIER FARNELL     PFL TQ         -53758146.86  722693619.5
PREMIER FARNELL     PFL VX         -53758146.86  722693619.5
PREMIER FARNELL     PFL EB         -53758146.86  722693619.5
PREMIER FARNELL     PFLSEK EU      -53758146.86  722693619.5
PROSTRAKAN GROUP    PSK PZ         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK EO         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK VX         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK EU         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKGBP EO      -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK IX         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKEUR EU      -1646349.907  143067806.9
PROSTRAKAN GROUP    PKNGF US       -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK PO         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK LN         -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    REOGBP EO      -145048365.8   2933767507
REAL ESTATE OP-O    REO IX         -145048365.8   2933767507
REAL ESTATE OP-O    REO PZ         -145048365.8   2933767507
REAL ESTATE OP-O    REO EU         -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    REA GR         -145048365.8   2933767507
REAL ESTATE OP-O    REO ID         -145048365.8   2933767507
REGUS LTD           273187Q LN     -46111835.37    367181111
REGUS PLC           REGSF US       -46111835.37    367181111
REGUS PLC           273195Q VX     -46111835.37    367181111
REGUS PLC           2296Z LN       -46111835.37    367181111
REGUS PLC           RGU GR         -46111835.37    367181111
REGUS PLC-ADS       REGSV US       -46111835.37    367181111
REGUS PLC-ADS       REGS US        -46111835.37    367181111
REGUS PLC-ADS       REGSY US       -46111835.37    367181111
REGUS PLC-ADS       RGUA GR        -46111835.37    367181111
RENTOKIL INITIAL    RTO TQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO LN         -242381476.4   3231214649
RENTOKIL INITIAL    RTO IX         -242381476.4   3231214649
RENTOKIL INITIAL    RTOKF US       -242381476.4   3231214649
RENTOKIL INITIAL    RTO EU         -242381476.4   3231214649
RENTOKIL INITIAL    RTO EO         -242381476.4   3231214649
RENTOKIL INITIAL    RTOGBP EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTO PO         -242381476.4   3231214649
RENTOKIL INITIAL    RTO GR         -242381476.4   3231214649
RENTOKIL INITIAL    RTO NR         -242381476.4   3231214649
RENTOKIL INITIAL    RTO PZ         -242381476.4   3231214649
RENTOKIL INITIAL    RTOEUR EU      -242381476.4   3231214649
RENTOKIL INITIAL    RTO EB         -242381476.4   3231214649
RENTOKIL INITIAL    RTO1 GR        -242381476.4   3231214649
RENTOKIL INITIAL    RTOUSD EU      -242381476.4   3231214649
RENTOKIL INITIAL    RKLIF US       -242381476.4   3231214649
RENTOKIL INITIAL    RTOUSD EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTOEUR EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTOG IX        -242381476.4   3231214649
RENTOKIL INITIAL    RTO NQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO QM         -242381476.4   3231214649
RENTOKIL INITIAL    RTO BQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO VX         -242381476.4   3231214649
RENTOKIL-SP ADR     RTOKY US       -242381476.4   3231214649
RENTOKIL-SP ADR     AP76 LI        -242381476.4   3231214649
SAATCHI & SA-ADR    SSI$ LN        -119260804.2  705060824.5
SAATCHI & SA-ADR    SSA US         -119260804.2  705060824.5
SAATCHI & SAATCH    SSI LN         -119260804.2  705060824.5
SAATCHI & SAATCH    188190Q GR     -119260804.2  705060824.5
SAATCHI & SAATCH    SSATF US       -119260804.2  705060824.5
SCOTTISH MEDIA      SSM LN         -49061227.23    212049868
SCOTTISH MEDIA      1442Q GR       -49061227.23    212049868
SCOTTISH MEDIA      SSMR LN        -49061227.23    212049868
SCOTTISH TELEV      SCTVF US       -49061227.23    212049868
SETON HEALTHCARE    2290Z LN       -10585179.82  156822902.8
SFI GROUP PLC       SUF LN         -108067115.8  177647536.1
SFI GROUP PLC       SUYFF US       -108067115.8  177647536.1
SKYEPHARMA PLC      SK8C GR        -134177517.4  149159301.6
SKYEPHARMA PLC      SKYEF US       -134177517.4  149159301.6
SKYEPHARMA PLC      SKPEUR EU      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP VX         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP PO         -134177517.4  149159301.6
SKYEPHARMA PLC      SKPGBP EO      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP LN         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP PZ         -134177517.4  149159301.6
SKYEPHARMA PLC      SKPEUR EO      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP TQ         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP IX         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP EO         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP EU         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP1 VX        -134177517.4  149159301.6
SKYEPHARMA PLC      SK8A GR        -134177517.4  149159301.6
SKYEPHARMA -SUB     2976665Z LN    -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYEY US       -134177517.4  149159301.6
SKYEPHARMA-ADR      SK8N GR        -134177517.4  149159301.6
SKYEPHARMA-ADR      AP80 LI        -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYE US        -134177517.4  149159301.6
SKYEPHARMA-ADR      SK8 GR         -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYPY US       -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 LN        -134177517.4  149159301.6
SKYEPHAR-RTS N/P    SKPN VX        -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     NWS1 EU        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS VX         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1 EO        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS PZ         -111380853.7  310693960.2
SMITHS NEWS PLC     SMWPF US       -111380853.7  310693960.2
SMITHS NEWS PLC     NWS IX         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 EU        -111380853.7  310693960.2
SMITHS NEWS PLC     SMWPY US       -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2EUR EU     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 EO        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS LN         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2EUR EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 TQ        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1 BQ        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS PO         -111380853.7  310693960.2
STAGECOACH GROUP    SGC1EUR EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC1USD EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC1 QM        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 NR        -113434621.8   2507562892
STAGECOACH GROUP    SHP GR         -113434621.8   2507562892
STAGECOACH GROUP    SGCG PZ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1AUD EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC PO         -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EB        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 TQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1AUD EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC1EUR EO     -113434621.8   2507562892
STAGECOACH GROUP    SHP4 GR        -113434621.8   2507562892
STAGECOACH GROUP    SGC1USD EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC LN         -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EO        -113434621.8   2507562892
STAGECOACH GROUP    SGC1GBP EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC2 VX        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EU        -113434621.8   2507562892
STAGECOACH GROUP    SAGKF US       -113434621.8   2507562892
STAGECOACH GROUP    SGC1 NQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 BQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC IX         -113434621.8   2507562892
STAGECOACH GRP-B    SGCB LN        -113434621.8   2507562892
STAGECOACH-NEW      SGCN LN        -113434621.8   2507562892
STV GROUP PLC       STVGGBP EO     -49061227.23    212049868
STV GROUP PLC       STVGEUR EU     -49061227.23    212049868
STV GROUP PLC       STVG VX        -49061227.23    212049868
STV GROUP PLC       STVG EO        -49061227.23    212049868
STV GROUP PLC       SMG IX         -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       SMG VX         -49061227.23    212049868
STV GROUP PLC       STVG LN        -49061227.23    212049868
STV GROUP PLC       STVGEUR EO     -49061227.23    212049868
TELEWEST COM-ADR    TWSTY US        -3702234581   7581020925
TELEWEST COM-ADR    TWSTD US        -3702234581   7581020925
TELEWEST COM-ADR    TWT$ LN         -3702234581   7581020925
TELEWEST COM-ADR    940767Q GR      -3702234581   7581020925
TELEWEST COMM       604296Q GR      -3702234581   7581020925
TELEWEST COMM       TWT VX          -3702234581   7581020925
TELEWEST COMM       TWSTF US        -3702234581   7581020925
TELEWEST COMM       715382Q LN      -3702234581   7581020925
THORN EMI PLC       THNE FP         -2265916257   2950021937
THORN EMI-ADR       THN$ LN         -2265916257   2950021937
THORN EMI-ADR       TORNY US        -2265916257   2950021937
THORN EMI-CDR       THN NA          -2265916257   2950021937
THORN EMI-REGD      1772Q GR        -2265916257   2950021937
TOPPS TILES PLC     TPT TQ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT EU         -85010363.51  146193829.2
TOPPS TILES PLC     TPTJF US       -85010363.51  146193829.2
TOPPS TILES PLC     TPT EO         -85010363.51  146193829.2
TOPPS TILES PLC     TPT PO         -85010363.51  146193829.2
TOPPS TILES PLC     TPT BQ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT IX         -85010363.51  146193829.2
TOPPS TILES PLC     TPTGBP EO      -85010363.51  146193829.2
TOPPS TILES PLC     TPTEUR EO      -85010363.51  146193829.2
TOPPS TILES PLC     TPTJY US       -85010363.51  146193829.2
TOPPS TILES PLC     TPTEUR EU      -85010363.51  146193829.2
TOPPS TILES PLC     TPT LN         -85010363.51  146193829.2
TOPPS TILES PLC     TPT PZ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT VX         -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       VGMHF US       -392165437.6  166070003.7
VIRGIN MOBILE       VMOB LN        -392165437.6  166070003.7
VIRGIN MOBILE       VMOB PO        -392165437.6  166070003.7
VIRGIN MOBILE       UEM GR         -392165437.6  166070003.7
VIRGIN MOBILE       VMOB VX        -392165437.6  166070003.7
WARNER ESTATE       WNEHF US       -37798939.99  432125169.9
WARNER ESTATE       WNER LN        -37798939.99  432125169.9
WARNER ESTATE       WNER PZ        -37798939.99  432125169.9
WARNER ESTATE       WNER EU        -37798939.99  432125169.9
WARNER ESTATE       WNER VX        -37798939.99  432125169.9
WARNER ESTATE       WNERGBP EO     -37798939.99  432125169.9
WARNER ESTATE       WNER EO        -37798939.99  432125169.9
WARNER ESTATE       WNER PO        -37798939.99  432125169.9
WARNER ESTATE       WRL GR         -37798939.99  432125169.9
WARNER ESTATE       WNER IX        -37798939.99  432125169.9
WATSON & PHILIP     WTSN LN          -120493900  252232072.9
WHITE YOUNG GREE    WHY PZ         -27530263.14    313453511
WHITE YOUNG GREE    WHY VX         -27530263.14    313453511
WHITE YOUNG GREE    WHYEUR EU      -27530263.14    313453511
WHITE YOUNG GREE    WHYGBP EO      -27530263.14    313453511
WHITE YOUNG GREE    WHYEUR EO      -27530263.14    313453511
WHITE YOUNG GREE    WHY EO         -27530263.14    313453511
WHITE YOUNG GREE    WHY EU         -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       WIN1 QM        -63105009.98   1416979806
WINCANTON PLC       WIN1 BQ        -63105009.98   1416979806
WINCANTON PLC       WNCNF US       -63105009.98   1416979806
WINCANTON PLC       WIN PO         -63105009.98   1416979806
WINCANTON PLC       WIN VX         -63105009.98   1416979806
WINCANTON PLC       WIN1USD EO     -63105009.98   1416979806
WINCANTON PLC       WIN1 TQ        -63105009.98   1416979806
WINCANTON PLC       WIN1GBP EO     -63105009.98   1416979806
WINCANTON PLC       WIN1 EU        -63105009.98   1416979806
WINCANTON PLC       WIN1 EO        -63105009.98   1416979806
WINCANTON PLC       WIN IX         -63105009.98   1416979806
WINCANTON PLC       WIN1EUR EO     -63105009.98   1416979806
WINCANTON PLC       WIN1USD EU     -63105009.98   1416979806
WINCANTON PLC       WIN LN         -63105009.98   1416979806
WINCANTON PLC       WIN1 NQ        -63105009.98   1416979806
WINCANTON PLC       WIN1 EB        -63105009.98   1416979806
WINCANTON PLC       WIN PZ         -63105009.98   1416979806
WINCANTON PLC       WIN1EUR EU     -63105009.98   1416979806
WYG PLC             WYGGBP EO      -27530263.14    313453511
WYG PLC             WYG LN         -27530263.14    313453511
WYG PLC             WYG PZ         -27530263.14    313453511
WYG PLC             WHY IX         -27530263.14    313453511
WYG PLC             WYGEUR EO      -27530263.14    313453511
WYG PLC             WYGEUR EU      -27530263.14    313453511
WYG PLC             WYG EO         -27530263.14    313453511
WYG PLC             WYG EU         -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-Fernandez, 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 * * *