TCREUR_Public/100330.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 30, 2010, Vol. 11, No. 062

                            Headlines



G E R M A N Y

BRENNTAG HOLDING: Raises EUR747.5MM in Initial Public Offering
IKB DEUTSCHE: CDS Fall to Two-Year Low on Lone Star Sale Rumors
SILVER TOWER: Moody's Confirms Rating on Tranche 3 Loan at 'Ba2'


I R E L A N D

AER LINGUS: Cabin Crew Backs EUR97 Mil. Cost-Saving Plan
ANGLO IRISH: Explores Options to Reduce Exposure to Quinn Group
CELTIC RESIDENTIAL: S&P Lowers Rating on Class C Notes to 'B'
DOCKLANDS DEVELOPMENT: Must Be Declared Insolvent, Hogan Says
FUTURE PRINT: Enters Examinership After Cashflow Difficulties

TWEEDY GROUP: Faces Liquidation After Examinership Bid Fails


I T A L Y

BANCA MONTE: Posts EUR181.3-Mil. Net Loss in Fourth Qtr. 2009
FIAT SPA: To Boost Chrysler Stake to 35% in 24 Months, CEO Says


R U S S I A

* REPUBLIC OF SAKHA: Fitch Assigns 'BB' Rating on RUB2BB Bonds


S L O V E N I A

GRADIS CELJE: Files for Receivership Following Insolvency
VEGRAD DD: Puts Up Housing Complex for Sale to Secure Liquidity


S P A I N

AYT UNICAJA: Fitch Affirms Rating on Class D Notes at 'BB-'
FTPYME TDA: Fitch Affirms Rating on Series 3SA Notes at 'BB-'


S W E D E N

FORD MOTOR: Reaches Deal to Sell Volvo Cars and Assets to Geely


U K R A I N E

* CITY OF KHARKOV: Fitch Gives Stable Outlook; Keeps 'B-' Rating
* CITY OF ODESSA: Fitch Affirms Low-B Ratings; Outlook Negative


U N I T E D   K I N G D O M

123 FINANCE: High Court to Hear Winding-Up Petition on June 1
AMBAC ASSURANCE: Moody's Places 'Caa2' IFSR on Review
ARDENT PRODUCTIONS: Liquidation Left Investors with GBP40
BUSINESS MORTGAGE: Fitch Affirms Junk Ratings on Class C Notes
CABLE & WIRELESS: S&P Raises Corporate Credit Ratings to 'BB'

JAMESON BUILDING: In Administration; 40 Jobs Affected
LEHMAN BROTHERS: PwC In Dispute with Songbird Over Rent Payments
LUPUS CAPITAL: Falls Into the Red In 2009 After Covenant Breach
MEZZVEST INVESTMENTS: Moody's Junks Rating on Class C Notes
MICHELIN TYRE: Dundee Factory Seeks Aid to Safeguard Future

MONDI FINANCE: S&P Assigns 'BB+' Rating on EUR500 Mil. Bonds
SPIRIT ISSUER: Fitch Downgrades Ratings on Notes to 'BB'
WEYMOUTH FC: Creditors Back Company Voluntary Arrangement

* UK: Lawmakers Call for Tougher Rules for Large Banks


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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G E R M A N Y
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BRENNTAG HOLDING: Raises EUR747.5MM in Initial Public Offering
--------------------------------------------------------------
Dick Schumacher and Julie Cruz at Bloomberg News report that
Brenntag Holding GmbH raised EUR747.5 million (US$1 billion) in
Germany's second-biggest initial public offering since 2007.

Bloomberg relates Brenntag said in a regulatory statement Saturday
the company sold 14.95 million shares at 50 euros each in an IPO
that was "multiple times" oversubscribed.  The shares were due to
start trading yesterday, March 29, Bloomberg notes.

According to Bloomberg, Brenntag sold 10.5 million new shares and
4.45 million from existing shareholders including an overallotment
option.  The company plans to use the money raised to expand in
emerging markets and finance acquisitions, Bloomberg says.

Deutsche Bank AG in Frankfurt and Goldman Sachs Group Inc. of New
York managed Brenntag's IPO, along with Charlotte, North Carolina-
based Bank of America Corp.'s Merrill Lynch unit and JPMorgan
Chase & Co. in New York, Bloomberg states.

Brenntag Holding GmbH & Co. KG -- http://www.brenntag.com/-- is
Europe's largest chemical distributor (ahead of Univar) and among
the top three in the US (along with the likes of Ashland); it also
ranks as the top distributor in Latin America.  From its 400
locations in 60 countries, Brenntag offers lab services (blending,
compounding, preparation), storage, and logistics activities.
Among the companies whose products Brenntag supplies are global
giants like Arkema, BASF, and Yara.  Its industrial and specialty
chemicals serve the oil and gas, cosmetics, coatings, plastics,
mining, and pulp and paper industries.  European private equity
group BC Partners owns Brenntag.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 3,
2010, Standard & Poor's Ratings Services said that it had placed
all of its ratings, including its 'B+' long-term corporate credit
rating, on Germany-based chemical distributor Brenntag Holding
GmbH on CreditWatch with positive implications.  S&P's '2'
recovery ratings on Brenntag's senior secured debt and '6'
recovery ratings on its second-lien notes remain unchanged,
indicating S&P's expectation for substantial recovery (70%-90%)
and neglible recovery (0-10%), respectively, for lenders in an
event of payment default.  The current rating is constrained by
Brenntag's highly leveraged debt structure, which is a result of
its private equity ownership and strong growth focus in recent
years.


IKB DEUTSCHE: CDS Fall to Two-Year Low on Lone Star Sale Rumors
---------------------------------------------------------------
Karen Eeuwens at Bloomberg News reports that credit-default swaps
linked to IKB Deutsche Industriebank AG fell to the lowest in
almost two years after it was reported that private equity owner
Lone Star Funds is trying to sell the bank.

According to Bloomberg, CMA DataVision prices show swaps on the
Dusseldorf-based bank dropped 60 basis points to 260.5, the lowest
since June 2008.

IKB, which had to be bailed out in 2007 after investments in
asset-backed securities soured, has more than US$21 billion of
debt, according to data compiled by Bloomberg.

Bloomberg relates Financial Times Deutschland reported Friday Lone
Star is in talks with HSBC Trinkhaus & Burkhardt AG about a
possible sale of IKB.

                  About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized domestic as well as
international companies and project partners.  The Company's
focuses on the two segments Corporate Customers, including
domestic corporate financing, especially lending, but also product
leasing and private equity; and Real Estate Customers, which
provides customized financing solutions as well as related
services for industrial real estate.  As of March 31, 2009, it
operated through direct and indirect subsidiaries, including the
wholly owned IKB Capital Corporation and IKB Equity Finance GmbH,
among others; its two majority owned subsidiaries; as well as two
affiliated companies.  The Company's subsidiaries are located in
Germany, the United States, the Netherlands, Luxembourg, Austria,
the Czech Republic, France, Hungary, Poland, Russia, Slovakia and
Romania.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service confirmed the Baa3 long-term debt
and deposit ratings, Ba2 subordinated debt ratings and Prime-3
short-term rating of IKB Deutsche Industriebank, reflecting
Moody's assessment of a very high probability of ongoing external
support.  The outlook on the senior and junior debt ratings
remains negative.  IKB's E bank financial strength rating, mapping
to a stand-alone baseline credit assessment of Caa1, was affirmed,
with a stable outlook.  Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3.  Moody's said the
outlook on the instruments is stable.


SILVER TOWER: Moody's Confirms Rating on Tranche 3 Loan at 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of three
subordinated loans granted to Silver Tower 125 Inc.

The rating actions conclude the review for possible downgrade,
which was initiated on 23 March 2009 as a result of Moody's
revision of its methodology for SME granular portfolios in EMEA
(published on 17 March 2009).

As a result of its revised methodology, Moody's has reviewed its
assumptions for the collateral portfolio of German SME loans
backing the loans granted to Silver Tower 125 Inc., taking into
account anticipated performance deterioration of the pool in the
current down cycle for German small and medium-sized entities.
The deterioration of the economy is reflected in Moody's negative
sector outlook for German SME securitization transactions.
Moody's also considered borrower characteristics such as size and
industry in the portfolio as well as the performance of the
transaction.  As of February 22, 2010, cumulative defaults were
below expectations at closing and had reached 0.1% of the original
pool balance plus replenishments.

Moody's now considers that the default probability of the pool of
SME debtors backing the loans to Silver Tower 125 Inc. is
equivalent to a Ba3 rating over 1.4 years of the portfolio's
remaining weighted-average life.  The transaction's revolving
period ended in December 2009 and the option to extend the
revolving period by one year was not exercised by the originator.
The revised assumptions have translated into a cumulative mean
default assumption of 3.5% over the remaining 1.4 year weighted-
average life of the portfolio, reflecting Moody's negative outlook
for this sector.  Expressed as a percentage of the original
portfolio balance plus replenishments, Moody's revised cumulative
mean default rate is 0.4%.  This number is diluted by the total
replenished portfolio amount of approximately EUR23 billion in the
past four years and takes into account the low cumulative defaults
in the transaction so far.  This compares to a mean default
assumption at closing of 2.38% over 1.75 years, which corresponded
to a Ba1/Ba2 rating.  Moody's revised the coefficient of variation
(defined as the ratio between the standard deviation and the mean)
to 60% whereas it was assumed at 58% at closing.  The average
recovery rate assumption remains unchanged at 25%.  Given the
granularity of the portfolio (effective number at group level of
536), Moody's used a normal inverse default distribution and
distributed recoveries, whereas initially it applied a lognormal
default distribution and fixed recoveries.

The higher default assumptions in Moody's cash flow analysis are
offset by increased relative credit enhancement during the
amortization period.  Due to the rapid amortization since December
2009 to approximately 61% of the maximum portfolio balance, credit
enhancement has increased for the outstanding rated loans from
trapped excess spread, trapped bonification amounts and over-
collateralization.

As of December 2009, the number of borrowers in the portfolio had
increased to 3,998 from 2,407 at closing.  Due to maximum industry
concentrations based on NACE codes with a maximum of 13% or less
for different high level industry categories during the
replenishment period, the portfolio is diversified in terms of
industries.  As of December 2009, the top industry concentrations
in terms of new Moody's industry codes were: Capital Equipment
with 14.3%, Construction & Building with 11.4% and Beverage, Food
& Tobacco with 10.7% of the outstanding portfolio balance.  Larger
borrowers with an annual turnover above EUR50 million accounted
for approximately 29% of the portfolio in December 2009.

In this transaction, Dresdner Bank AG and later Commerzbank AG (as
legal successor of Dresdner Bank AG) sold a portfolio of
receivables arising under loans originated by the bank to German
small and medium sized companies with a nominal amount of up to
EUR3.0 billion to RCL Securitization GmbH.  In order to refinance
the purchase price of the portfolio, RCLS issued Senior Notes and
Junior Notes in an aggregate amount equal to EUR2.94 billion.  The
difference in the nominal amount of the portfolio and the notes
issuance amount is equal to an over-collateralization of 2%.
During the amortization phase bonification amounts related to
over-collateralization and guaranteed excess spread of 0.75% p.a.
are trapped in the structure as additional credit enhancement, if
not needed to cover defaults in the actual period.  The
EUR1.0 billion senior notes were paid back in full at the last
payment date in March 2010.

The junior notes were purchased by Silver Tower 125 Inc., which in
turn refinanced the purchase price of the junior notes through,
among others, three subordinated loans: the Tranche 1 Loan, the
Tranche 2 Loan and the Tranche 3 Loan.  At the last payment date
in Mach 2010, EUR1.8 billion of junior notes were outstanding.

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

Detailed rating actions for Silver Tower 125 Inc.:

-- EUR60,000,000 Tranche 1 Loan, confirmed at A1; previously on
    March 23, 2009 placed under review for possible downgrade;

-- EUR60,000,000 Tranche 2 Loan, confirmed at Baa1; previously on
    March 23, 2009 placed under review for possible downgrade; and

-- EUR60,000,000 Tranche 3 Loan, confirmed at Ba2; previously on
    March 23, 2009 placed under review for possible downgrade.


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I R E L A N D
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AER LINGUS: Cabin Crew Backs EUR97 Mil. Cost-Saving Plan
--------------------------------------------------------
Ciaran Hancock at The Irish Times reports that the cabin crew at
Aer Lingus voted Friday to accept the terms of a EUR97 million
cost-saving plan.

The report notes the crew's approval is a reversal of a previous
vote by the crew, and means all five union groups at the airline
have now accepted the plan, which is aimed at cutting 7.5% off Aer
Lingus' cost base.

The acceptance by Impact cabin crew averts the threat of 230
compulsory redundancies, the report says.  It also removes any
possibility of industrial action by staff, the report notes.

According to the report, Impact said 828 staff voted on the
ballot, with 92% accepting and 8% rejecting the proposal.

The report relates Aer Lingus said it would now proceed with the
implementation of the so-called Greenfield plan, which will result
in about 670 redundancies, pay cuts across the board, and changes
in work practices.

The report recalls that Aer Lingus on March 10 said it made an
EUR81 million operating loss in 2009.

As reported by the Troubled Company Reporter-Europe on March 8,
2010, the Financial Times said Aer Lingus cabin crew on March 5
rejected the carrier's rescue plan, casting renewed doubt over the
company's financial survival.  The FT disclosed management said
the plan is vital to secure the company's short term survival.

                    About Aer Lingus Group Plc

Aer Lingus Group Plc and its subsidiaries --
http://www.aerlingus.com/-- operates as a low fares Irish airline
primarily providing passenger and cargo transportation services
from Ireland to the United Kingdom and Europe (short haul) and
also to the United states (long haul).  The Company is primarily
organized into two segments: passenger, which includes revenues
and costs relating to the carriage of passengers, and cargo, which
relates to the revenues and costs from the transportation of
cargo.  During the year ended December 31, 2008, three group
companies (Seres Limited, Duneast Limited and Crodley Limited)
were put into liquidation and dissolved.


ANGLO IRISH: Explores Options to Reduce Exposure to Quinn Group
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that Anglo Irish Bank is
assessing measures to reduce the bank's exposure to the Quinn
Group, the conglomerate controlled by businessman Sean Quinn and
his family, as the bank plans its long-term restructuring.

According to the report, among the options thought to be under
consideration by the bank are asset disposals and debt-for-equity
swaps where the state-owned lender would take a stake in the
group, which has interests in insurance, cement, hotels, glass-
making and property.  The report notes a spokesman for the group
said that it was "well able to pay its debts and has no plans for
any asset disposals".

The bank is also believed to be assessing the possible refinancing
of part of the group's loans to other financial institutions, the
report relates.

The report says the group has loans of more than EUR2.5 billion
with Anglo, making it the bank's largest borrower, in addition to
its loans with a syndicate of banks and bondholders led by UK bank
Barclays.  Some EUR1.3 billion was owing to this group at the end
of 2008, the report discloses.  This debt is due to mature in
October and the group has already begun talks to refinance the
loans, the report says.

Anglo plans to restructure itself after the transfer of EUR35.6
billion in loans -- half its loan book -- to the National Asset
Management Agency, splitting itself into a good bank and a bad
bank, the report states.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch affirmed Anglo Irish Bank Corporation Ltd.'s
individual rating at 'E'.


CELTIC RESIDENTIAL: S&P Lowers Rating on Class C Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Celtic Residential Irish Mortgage Securitisation No. 12 Ltd. and
Celtic Residential Irish Mortgage Securitisation No. 13 Ltd.'s
class A3, B, and C notes.  At the same time, in each transaction
S&P removed from CreditWatch negative its rating on the class A3
notes and affirmed its ratings on all other notes.

Irish house prices have continued to decline and are currently
31.5% lower than their peak in February 2007, according to the
Permanent TSB House Price Index.  Since S&P's last rating action
on these transactions in November 2009, Irish House prices have
fallen by 6.6%.

In addition, severe delinquencies have increased in recent
quarters.  In Celtic 12, the percentage of loans more than 90 days
in arrears increased to 5.02% in November 2009 from 4.66% in
September.  In Celtic 13, the percentage increased to 1.93% in
January 2010 from 1.71% in October 2009.

These two factors have led to an increase in S&P's weighted-
average foreclosure frequency and weighted-average loss severity
assumptions.  The WAFF represents the total mortgage balance S&P
assumes will default and the WALS represents the total amount of
the defaulted balance that S&P assume will not be recovered.  S&P
applies these values in its cash flow analysis.

S&P's analysis shows that the class A3, B, and C notes are no
longer able to pass the current rating stresses S&P apply and thus
S&P has lowered its ratings accordingly in both transactions.  The
downgrades in Celtic 13 are by fewer notches (compared with
closing ratings) than those in Celtic 12 due to Celtic
13's lower arrears and higher credit enhancement at closing.

While high repossessions are yet to materialize in these
transactions (and generally in Irish RMBS) S&P looks to 90+ and
180+ day arrears as indicators of possible future repossessions in
the market.

These indicators continue to increase and, along with various
programs assisting borrowers, S&P feels that the average length of
the foreclosure process in Ireland will likely extend.  As such,
S&P has increased the foreclosure period in its model, which S&P
believes will place further stress on future cash flows.  Rapidly
decreasing house prices in Ireland also signals an increased
likelihood of higher realized loss severities for loans that
ultimately default.

Celtic 12 and 13 are Irish residential mortgage-backed securities
transactions.  First Active PLC originated the loans backing
Celtic 12 and Ulster Bank Ireland Ltd. originated the loans
backing Celtic 13.  Celtic 12 closed in June 2007 and Celtic 13
closed in December 2007.

                           Ratings List

   Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
  EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes

       Rating Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
            Class      To                From
            -----      --                ----
            A3         AA-               AAA/Watch Neg

                          Ratings Lowered

                                    Rating
                                    ------
                 Class      To                From
                 -----      --                ----
                 B          BBB               BBB+
                 C          B                 B+

                          Rating Affirmed

                         Class      Rating
                         -----      ------
                         A2         AAA

Celtic Residential Irish Mortgage Securitisation No. 13 Ltd.
EUR1,996.2 Million Residential Mortgage-Backed Floating-Rate Notes

           Rating Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
            Class      To                From
            -----      --                ----
            A3         AA                AAA/Watch Neg

                         Ratings Lowered

                                    Rating
                                    ------
                 Class      To                From
                 -----      --                ----
                 B          BBB               A
                 C          BB                BB+

                         Ratings Affirmed

                         Class      Rating
                         -----      ------
                         A1         AAA
                         A2         AAA


DOCKLANDS DEVELOPMENT: Must Be Declared Insolvent, Hogan Says
-------------------------------------------------------------
RTE News reports that Taoiseach Brian Cowen has dismissed claims
by Fine Gael that he ignored legal and official advice in relation
to the Dublin Docklands Development Authority while he was
Minister for Finance.

RTE recalls that Fine Gael TD Phil Hogan accused the Taoiseach of
"rushing" a decision to sign off on approval for the Authority to
increase its borrowing levels to take part in a deal to buy the
Irish Glass Bottle site.

According to RTE, Mr. Hogan said the Authority should now be wound
up and declared insolvent.

RTE notes Mr. Cowen on Friday afternoon said he had acted in
accordance with the legal advice received.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2009, The Irish Examiner, citing Mr. Hogan, said that the Dublin
Docklands Development Authority was facing bankruptcy after making
losses of EUR27 million in 2008.  The Irish Examiner disclosed
Mr. Hogan said there were serious concerns that the taxpayer would
be forced to bail out the organization and those responsible for
the massive losses would get away scot-free.


FUTURE PRINT: Enters Examinership After Cashflow Difficulties
-------------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Future Print entered
examinership Friday.  The report relates David Carson of Deloitte
was appointed examiner to the company by Justice Frank Clarke.

According to the report, the court heard that a shortfall in bank
funding and bad debt contributed to "cashflow difficulties" at the
company.  The company, the report says, blamed the decision by
State bodies to award contracts to companies abroad as one of the
main reasons behind its difficulties.

The report notes managing director Brian Reilly said he was
confident the company would survive, and it was currently in talks
with an investor.

The examinership case is due in court again on April 13, the
report states.

Future Print is a commercial printing firm.  The company employs
some 100 people.


TWEEDY GROUP: Faces Liquidation After Examinership Bid Fails
------------------------------------------------------------
Laura Noonan at Irish Independent reports that the Tweedy Group of
pubs and clubs is to be formally liquidated in early April
following the collapse of an examinership attempt a fortnight ago.

Banks have already sent receivers into most of the key Tweedy
companies and it is understood that all 10 venues will continue to
trade despite the impending liquidations, Irish Independent
discloses.

According to Irish Independent, creditors of the four main Tweedy
companies -- Eylewood, Woodman, Cherryfox Taverns and Ulysses
Taverns -- have been invited to wind-up meetings on April 7.
Frank Wallace will be appointed liquidator, Irish Independent
says.

Irish Independent relates well-placed sources said unsecured
creditors were "very unlikely" to recoup any of their debts since
the banks have first call on majority of the assets.  The
company's debts are estimated at EUR6.6 million, Irish Independent
notes.

As reported by the Troubled Company Reporter-Europe on March 8,
2010, The Irish Times said the High Court's Ms. Justice Mary
Finlay Geoghegan ruled March 5 that survival schemes for Tweedy
companies proposed by examiner Kevin Hughes did not demonstrate a
reasonable prospect of survival.  According to The Irish Times,
the judge found the schemes did not include a binding commitment
to invest in the companies due to issues over guarantees on loans
given by the group's directors Robert Tweedy and his sister Anne.

Tweedy Group is based in Waterford, Ireland.


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BANCA MONTE: Posts EUR181.3-Mil. Net Loss in Fourth Qtr. 2009
-------------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that Banca Monte dei
Paschi di Siena SpA posted a fourth-quarter loss on higher
provisions for bad loans.

Bloomberg relates the bank said Friday in a statement the net loss
was EUR181.3 million (US$243 million), compared with profit of
EUR282 million a year earlier.

Bloomberg says Monte Paschi, which received EUR1.9 billion in
state aid in 2009, is selling assets and cutting costs to
strengthen its finances after the credit crunch and its
acquisition of Banca Antonveneta SpA.  According to Bloomberg,
provisions for bad debt rose to EUR440 million in the quarter,
from EUR427 million a year ago, while net interest income fell 9%.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is an
Italy-based company engaged in the banking sector.  It provides
traditional banking services, asset management and private
banking, including life insurance, pension funds and investment
trusts.  In addition, it offers investment banking, including
project finance, merchant banking and financial advisory services.
The Company comprises more than 3,000 branches, and a structure of
channels of distribution.  Banca Monte dei Paschi di Siena Group
has subsidiaries located throughout Italy, Europe, America, Asia
and North Africa.  It has numerous subsidiaries, including Mps Sim
SpA, MPS Capital Services Banca per le Imprese SpA, MPS Banca
Personale SpA, Banca Toscana SpA, Monte Paschi Ireland Ltd and
Banca MP Belgio SpA.


FIAT SPA: To Boost Chrysler Stake to 35% in 24 Months, CEO Says
---------------------------------------------------------------
Sara Gay Forden and Marco Bertacche at Bloomberg News report that
Fiat SpA Chief Executive Officer Sergio Marchionne said that the
Italian carmaker will boost its stake in Chrysler Group LLC to 35%
within 24 months.

Bloomberg relates Mr. Marchionne said Friday Fiat, which obtained
a 20% stake in Chrysler in June as the U.S. company emerged from
bankruptcy, will probably add another 5% by the end of this year
when it meets a target to introduce its 500 subcompact model in
the U.S.

Bloomberg says Fiat must meet specific goals to increase its
control of Chrysler, including selling a car in the U.S. that gets
more than 40 miles per gallon, producing a fuel-efficient engine
in a U.S. factory and boosting Chrysler's international sales.
According to Bloomberg, Fiat can gain control of the company after
repaying government loans.

                         About Fiat SpA

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

                           *     *     *

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


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* REPUBLIC OF SAKHA: Fitch Assigns 'BB' Rating on RUB2BB Bonds
--------------------------------------------------------------
Fitch Ratings has assigned the Republic of Sakha (Yakutia)'s
RUB2 billion domestic bond (ISIN RU000A0JQTH6), due September 19,
2013, a final Long-term local currency rating of 'BB' and a final
National Long-term rating of 'AA-(rus)'.  The region is rated
Long-term foreign and local currency 'BB' with Stable Outlooks,
respectively, Short-term foreign currency 'B', and National Long-
term 'AA-(rus)' with a Stable Outlook.

The bond issue has a fixed-rate quarterly coupon at 9.75% (per
annum).  The initial placement price of the bond was set at the
auction on 25 March 2010 at 104% of the bond's face value.  The
principal will be amortized by 20% of the initial bond issue value
on March 22, 2012, by another 20% of the initial value on
September 20, 2012, and by 30% of the initial value on March 21,
2013.  The remaining 30% of the initial value will be redeemed on
September 19, 2013.  The proceeds from the new bond will be used
to finance the region's budget deficit.

Sakha is Russia's largest region, rich in natural resources.  It
accounts for 18% of the country's land and 0.7% of the national
population; its 2007 gross regional product totalled 0.9% of the
national GDP.


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


GRADIS CELJE: Files for Receivership Following Insolvency
---------------------------------------------------------
Slovenska Tiskovna Agencija reports that Gradis Celje d.d. has
filed for receivership after months of insolvency.

Gradis Celje d.d. is a Slovenian construction company.


VEGRAD DD: Puts Up Housing Complex for Sale to Secure Liquidity
---------------------------------------------------------------
Slovenska Tiskovna Agencija reports that Vegra d.d. put up its
Celovski dvori housing complex in the north of Ljubljana up for
sale in a bid to generate much needed liquidity and avoid
bankruptcy.

In a Feb. 17 report, STA said Vegrad asked the state to provide it
with aid to help the company overcome its current liquidity
problems.  STA disclosed the company has found itself in trouble
due to the recession, which has taken a toll on the real estate
market.  While prices have not dipped significantly, the number of
transactions all but ground to a halt, STA noted.

Vegra d.d. is a Slovenian construction company.


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


AYT UNICAJA: Fitch Affirms Rating on Class D Notes at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed AyT Unicaja Financiacion I, FTA's
floating-rate notes following its recent review of the
transaction's performance.  The transaction was originated by
Montes de Piedad y Caja de Ahorros de Ronda, Cadiz, Almeria,
Malaga y Antequera (rated 'A+'/Stable/'F1') in October 2008
involving a collateral pool of mixed auto and consumer loans.

The rating actions are:

  -- EUR452.8m class A: affirmed at 'AAA'; Outlook Stable;
     assigned Loss Severity rating 'LS-1'

  -- EUR63.7m class B: affirmed at 'A'; Outlook Stable; assigned
     'LS-3'

  -- EUR40.9m class C: affirmed at 'BBB-'; Outlook Stable;
     assigned 'LS-3'

  -- EUR20.1m class D: affirmed at 'BB-'; Outlook revised to
     Negative from Stable; assigned 'LS-4'

The transaction switched into amortization after the 90+ day
delinquency rate breached the 0.31% trigger on the first payment
date in April 2009.  Fitch considers the breaching of the tight
performance trigger as positive in that it allows the structure to
build up its credit enhancement level to withstand future losses
through de-leveraging.  As of end-January 2010, the transaction
has amortized by approximately 37% of its initial size.

Fitch noticed that during the last quarter ended in January 2010
the amount of defaulted loans, defined as being delinquent for
more than 12 months, has significantly increased.  Fitch net
default rate (calculated as an annualized percentage of the
current period defaults divided by the outstanding pool) reached
2.5% in January 2010, up from 0.6% in October 2009.  As a result
Fitch excess spread (after deduction of the defaults) dropped
sharply to 0.3% from the 1.4% level in October 2009.  Fitch
expects the current default trend will likely continue in the
coming quarters, which will result in the drawdown of the
transaction's reserve (EUR45.5 million as of January 2010) to
absorb losses not covered by the available excess spread.  The
revision of the Outlook on the class D reflects Fitch's concern
over the potential weakening in the credit protection received by
the junior tranche as a result of the reserve draw.


FTPYME TDA: Fitch Affirms Rating on Series 3SA Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed FTPYME TDA CAM 2 Fondo de Titulizacion
de Activos' notes due July 2042:

  -- EUR4,067,845 Series 1SA (ES0339758007) affirmed at 'AAA';
     Outlook Stable; Loss Severity 'LS-1'

  -- EUR143,500,000 Series 1CA(G) (ES0339758015) affirmed at
     'AAA'; Outlook Stable

  -- EUR27,473,384 Series 2SA (ES0339758023) affirmed at 'A';
     Outlook Negative; Loss Severity 'LS-1'

  -- EUR7,726,889 Series 3SA (ES0339758031) affirmed at 'BB-';
     Outlook Negative; Loss Severity 'LS-2'

Fitch reviewed the transaction due to a decrease of the reserve
fund.  The reserve fund was reduced to EUR5.8 million in February
2010 from EUR8.1 million in October 2009 due to a lack of income
proceeds caused by the provisioning for defaulted loans.  This
reduced the credit enhancement to 3.2% from 4%.  While the
decrease of the reserve fund exposes the transaction to single
obligor default and recovery risk, the agency found that the
transaction performs in line with the expectations as of the last
review in October 2009 and maintains the current ratings.

The transaction has continued to structurally de-leverage to 24.7%
as of its initial balance from 27% since October 2009.  Loans in
arrears of more than 90 days have decreased to 2.3% from 3.9%
since October 2009.  Currently, 18 loans with an aggregate
outstanding balance of EUR3 million are in arrears between 181
days to 365 days.  Fitch expects these amounts to default,
resulting in a further decrease of the reserve fund.

The Negative Outlook on the class 3SA notes reflects single
obligor concentration risk as a result of the decreasing reserve
fund.  However, most of the top obligors are performing and are
secured by real estate.  Currently, 93% of the assets are secured
by mortgage collateral with an average current LTV of 31%.
Nevertheless, in case of a top obligor default the performance of
the transaction may depend on the successful realization of
recovery proceeds.  The Negative Outlook on the class 2SA notes
reflects the decreasing credit enhancement resulting from the
declining reserve fund.

Over the next 12 to 18 months, Fitch expects the notes to continue
amortizing gradually and that ultimately all notes will be paid
off.  However, Fitch expects the reserve fund to decrease again
significantly at the next payment date, given the expected
additional default provisions.  Over the long run, Fitch expects
recovery proceeds to reinstate reserve fund amounts, which led the
agency to affirm the outstanding ratings.

The Class 2CA is guaranteed by the Kingdom of Spain
('AAA'/'F1+'/Outlook Stable).  As a result, the notes are credit-
linked to Spain's rating, which is why these notes have not been
assigned a Loss Severity rating.

Fitch has assigned an Issuer Report Grade of two stars ("basic")
to the publicly available reports on the transaction.  The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities.  The assignment of
IRG two star reflects the lack of information in the investor
report on structural triggers for the reserve fund amortization
and interest deferral mechanism and the rating triggers for the
transaction's counterparties.  The report consists of a variety of
files in different formats with different information, making it
difficult to extract key performance information.


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


FORD MOTOR: Reaches Deal to Sell Volvo Cars and Assets to Geely
---------------------------------------------------------------
Ford Motor Company has entered into a definitive agreement to sell
Volvo Car Corporation and related assets to Zhejiang Geely Holding
Group Company Limited.

The sale is expected to close in the third quarter of 2010, and is
subject to customary closing conditions, including receipt of
applicable regulatory approvals.

The purchase price for Volvo Cars and related assets (primarily
intellectual property) is $1.8 billion (U.S.), which will be paid
in the form of a note in the amount of $200 million (U.S.), and
the remainder in cash.  The cash portion of the purchase price
will be adjusted at close for customary purchase price adjustments
relating to pension deficits, debt, cash and working capital, the
net effect of which could be a significant decrease in the cash
proceeds to Ford.

"Volvo is a great brand with an excellent product lineup.  This
agreement provides a solid foundation for Volvo to continue to
build its business under Geely's ownership," said Alan Mulally,
Ford's president and CEO.  "At the same time, the sale of Volvo
will allow us to further sharpen our focus on building the Ford
brand around the world and continue to deliver on our One Ford
plan serving our customers with the very best cars and trucks in
the world."

Ford will continue to cooperate with Volvo Cars in several areas
after the sale has been completed in order to ensure a smooth
transition, but will not retain any ownership in the Volvo Cars
business.

Following completion of the sale, Ford will continue to supply
Volvo Cars with, for differing periods, powertrains, stampings and
other vehicle components.

As part of the sale, Ford also has committed to provide
engineering support, information technology, access to tooling for
common components, and other selected services for a transition
period to ensure a smooth separation process.

Ford and Geely have established agreements to govern the use of
intellectual property; these agreements will allow both Volvo and
Ford to deliver their business plans and provide appropriate
safeguards against misuse.  These agreements also will allow Volvo
Cars to grant sublicenses to certain portions of Ford's
intellectual property used by Volvo Cars to third parties,
including Geely.

"The Volvo team has done an exceptional job of restructuring its
business and remaining focused on delivering its plan during the
sale process," said Lewis Booth, Ford's chief financial officer.
"With Ford's continued investment in Volvo, it has launched its
best-ever product range and remained true to its core values --
safety, quality, environmental responsibility and modern
Scandinavian design.

"We look forward to continuing to work with Volvo Cars, and wish
the management team, employees and new owners every success for
the future."

"Zhejiang Geely would like to pay tribute to Ford's stewardship of
the Volvo brand, and we look forward to continued cooperation as
Volvo embarks on the next stage of its evolution with Geely," said
Li Shufu, chairman of Zhejiang Geely Holding Group Company
Limited.

Stephen Odell, CEO of Volvo Cars, added, "The Volvo management
team fully endorses Ford's sale of Volvo Cars to Geely.  We
believe this is the right outcome for the business, and will
provide Volvo Cars with the necessary resources, including the
capital investment, to strengthen the business and to continue to
move it forward in the future.

"Geely has been very supportive of Volvo Cars' business plans and
management team.  We look forward to building a strong
relationship between Volvo Cars and Geely, and to maintaining a
strong relationship with Ford in those areas where we will
continue to work together to ensure a smooth transition."

                    About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At Sept. 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

As reported by the Troubled Company Reporter on March 18, 2010,
Moody's Investors Service raised Ford's Corporate Family Rating
(CFR) and Probability of Default Rating (PDR) to B2 from B3,
secured credit facility to Ba2 from Ba3, senior unsecured debt to
B3 from Caa1, trust preferred to Caa1 from Caa2, and Speculative
Grade Liquidity rating to SGL-2 from SGL-3. Also raised is Ford
Credit's senior debt rating to B1 from B2.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


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


* CITY OF KHARKOV: Fitch Gives Stable Outlook; Keeps 'B-' Rating
----------------------------------------------------------------
Fitch Ratings has revised Ukraine's City of Kharkov's Outlooks to
Stable from Negative and affirmed the city's Long-term foreign and
local currency ratings at 'B-', its Short-term rating at 'B' and
its National Long-term rating at 'AA-(ukr)'.

The rating action follows the revision of Ukraine's Outlook to
Stable and affirmation of its Long-term foreign and local currency
Issuer Default Ratings at 'B-'.

The City of Kharkov's ratings factor in its good financial
management, adequate budgetary performance in 2009 and expected
satisfactory performance in 2010, sufficient liquidity as well as
the maintenance of its debt-free status in 2009 and in Q110.


* CITY OF ODESSA: Fitch Affirms Low-B Ratings; Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed the Ukrainian City of Odessa's
International Long-term foreign and local currency ratings at 'B-'
with Negative Outlooks and Short-term foreign currency rating at
'B'.  The agency has also downgraded the National Long-term rating
to 'A-(ukr)' from 'AA-(ukr)'.  The Outlook is Negative.

The ratings reflect the deterioration in the city's budget
performance, its foreign currency risk exposure, declining
liquidity and the short horizon of Odessa's budget-planning.  They
also reflect its strong and diversified local economy and its
moderate debt burden.  The Negative Outlooks reflect the lack of
visibility on the city's budgetary prospects and weak liquidity
along with refinancing needs in late 2010.

The city's diversified and strong local economy provides a broad
tax base.  Odessa hosts the largest Ukrainian port, on the Black
Sea, making transport services the most important segment of the
city's economy.  Nevertheless, the economic downturn in 2008-2009
led to the tax base deterioration, affecting operating revenue.
The operating balance fell to 2.7% of operating revenue in 2009
from 18.6% in 2007.  However, the decline of tax proceeds in 2009
was partially mitigated by current transfers from the central
government.  The administration's cut in capex for 2009 by 50%
helped to narrow the deficit before debt variation to
UAH70.6 million from UAH121.4 million in 2008 and avoid direct
debt increase.  Fitch expects the city to maintain a low operating
margin at 1%-3% in 2010.

The city's debt burden was moderate at UAH387 million at end-2009,
or 20% of current revenue.  Direct debt largely consists of a
long-term bank loan of CHF50 million, exposing the city to
exchange-rate volatility.  According to the payment schedule the
city is required to repay CHF10 million in December 2010 and the
remaining CHF40 million in 2012 resulting in short-term
refinancing pressure for the city.  Given the shrinking liquidity
position of the city, future debt amortization causes some
refinancing pressure on the city's budget in 2010 and,
particularly, in 2012.  The city does not have guarantee issues,
but some contingent risk is stemming from public sector entities.

Fitch notes that the short overall horizon for the city's
budgetary projections -- which does not exceed one financial year
-- has been further affected by the late adoption of the national
budget, causing a delay in the passing of the city's budget.  That
causes lack of visibility on the city's budgetary prospects and
hinders budget management.

The City of Odessa is the capital of the Odessa region, which is
located in south-western Ukraine, on the Black Sea.  The City of
Odessa is the fifth-largest city in Ukraine with a population of
just over 1 million, and has the largest sea port in the country.


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


123 FINANCE: High Court to Hear Winding-Up Petition on June 1
-------------------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up 123 Finance Ltd.
in the public interest.

The company, which traded from premises in Bolton, signed up
members of the public, who were experiencing severe financial
difficulties, to a debt management plan under which it attempted
to negotiate a settlement with their creditors in return for a
fee.

The petition to wind up the company was presented following an
investigation carried out by Company Investigations Directorate of
the Insolvency Service under section 447 of the Companies Act 1985
(as amended).

The Official Receiver has been appointed provisional liquidator of
123 Finance.  The role of the provisional liquidator is to protect
assets in the possession or under the control of the company
pending the determination of the petition.  The provisional
liquidator also has the power to investigate the affairs of the
company insofar as it is necessary to protect the assets including
any third party or trust monies or assets in the possession of or
under the control of the company.

The case is now subject to High Court action and no further
information will be made available until the petition is heard in
the High Court on June 1, 2010.

123 Finance was incorporated on June 17, 2009.  Its registered
office is at Oceanic House, Navigation Business Park, Waters
Meeting Road, Bolton BL1 8SW, as of 13 November 2009.  Previously,
the registered office was at 20 Springvale, Edgeworth, Bolton, BL7
0FS.

The petition was presented on March 16, 2010 under s124A of the
Insolvency Act 1986.  The Official Receiver was appointed as
provisional liquidator of 123 Finance on March 23, 2010.

All public inquiries concerning the affairs of the company should
be made to: The Official Receiver, Public Interest Unit, 3
Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234
8531. E-mail: piu.north@insolvency.gsi.gov.uk


AMBAC ASSURANCE: Moody's Places 'Caa2' IFSR on Review
-----------------------------------------------------
Moody's Investors Service has lowered the rating of the senior
unsecured debt of Ambac Financial Group Inc. to C from Ca, and
placed the Caa2 insurance financial strength ratings of Ambac
Assurance Corporation on review for possible upgrade.  Moody's
also placed the Caa2 IFSR for Ambac Assurance UK Limited (AUK) on
review with direction uncertain.

The rating actions may have implications for certain transactions
wrapped by AAC and AUK as discussed later in this press release.

                      Transaction Overview

The rating action was prompted by Ambac's announced restructuring.
AAC established a segregated account, containing AAC's most risky
exposures such as RMBS and Las Vegas Monorail.  The Office of the
Commissioner of Insurance of the State of Wisconsin (OCI), Ambac's
regulator, has placed the segregated account under rehabilitation.
AAC also entered into a non-binding agreement to commute all of
its remaining ABS CDOs.  These actions are expected to improve the
credit standing of AAC's senior unsecured policyholders by
settling the insurer's most risky exposures, and effectively
subordinating (via the segregated account) policyholders with
outstanding claims.  Moody's IFSR addresses senior policy
obligations residing within AAC's general account, but not the
now-subordinated segregated account claims.

The segregated account is capitalized by a US$2 billion secured
note due 2050 issued by AAC, and an aggregate excess of loss
reinsurance agreement provided by AAC.  The secured note is
collateralized by installment premiums, reinsurance premiums and
certain recoveries related to the policies in the segregated
account.  All claims payments related to the segregated account
will be suspended, until the Segregated Account Rehabilitation
Plan is approved by the court.  The OCI indicated that the process
may take about six months.  The rehabilitation plan calls for the
future payment of claims out of the segregated account to be made
with a combination of cash and surplus notes.

Ambac also reached a non-binding agreement to settle ABS CDOs with
counterparties.  In exchange for the termination of the ABS CDO
obligations, AAC would pay the counterparties US$2.6 billion in
cash, and US$2 billion surplus notes issued by AAC.  The surplus
notes would have the same terms as the ones issued as part of the
rehabilitation plan.  Given the non-cash component of the payments
and the size of the payments compared to likely losses that would
have been sustained from these contracts, Moody's considers this
transaction to represent a distressed exchange.

            Rationale For Ambac Assurance Corporation

The review for upgrade of AAC's financial strength rating reflects
the enhanced credit profile of general account policyholders
following the group's restructuring.  Policies allocated to the
segregated account have been effectively subordinated to the
policies remaining in the general account, said Moody's.  The
general account's insured book contains mainly less risky public
finance securities, largely free of legacy risks, and appears to
be well supported by the corresponding claims paying resources
(such as loss reserves and unearned premiums) and surplus notes to
fund future reinsurance claims.  The surplus notes are
subordinated to general account's insurance claims.

Moody's said that the potential for upward rating movement is
tempered, however, by charges related to potential lawsuits and
AAC's inability to write new business before the full repayment of
the surplus notes.  During its review, Moody's will evaluate the
full impact of the restructuring on AAC's financial strength,
including the extent to which senior unsecured policyholders of
the general account are truly insulated from segregated account
losses.

Moody's believes that policies allocated to the segregated account
are no longer appropriately considered to be senior policyholder
obligations of AAC and that, consequently, Moody's insurance
financial strength rating for AAC would not apply to such
exposures.

             Rationale for Ambac Assurance Uk Limited

AUK has sent AAC notices of termination with respect to AUK's
reinsurance agreement (from AAC), but per Ambac's Form 8-K filing,
AAC does not believe that AUK has a right to terminate the
agreement.  AUK has demanded payment of unearned premium reserves,
loss reserves, contingency reserves and loss adjustment expense
reserves related to the reinsured policies, less ceding
commissions and certain adjustments.  Currently, the liabilities
of AAC under the AUK reinsurance agreement have been allocated to
the segregated account, and they are subject to the same payment
terms as the other obligations under the segregated account.

The review direction uncertain of AUK's Caa2 insurance financial
strength rating reflects the potential for AUK's financial profile
to either improve, if successful in its efforts to terminate the
reinsurance agreement and obtain cash in lieu of previously ceded
reserves.  The rating may be lowered if such efforts are
unsuccessful and its reinsurance protection becomes further
subordinated to AAC's general account policyholder claims.

             Rationale for Ambac Financial Group, Inc

The downgrade of Ambac Financial's senior debt rating to C, in
Moody's opinion, reflects the heightened risk of default and very
low ultimate recovery on the debt, whether through distressed
exchange or potential bankruptcy proceedings, due to the holding
company's modest cash position and limited financial flexibility.
In Moody's view, it is unlikely that the holding company will be
able to access operating company resources over a reasonable
timeframe to satisfy its obligations.

                Treatment of Wrapped Transactions

Moody's ratings on securities that are guaranteed or "wrapped" by
a financial guarantor are generally maintained at a level equal to
the higher of these: a) the rating of the guarantor (if rated at
the investment grade level); or b) the published underlying rating
(and for structured securities, the published or unpublished
underlying rating).  Moody's approach to rating wrapped
transactions is outlined in Moody's special comment entitled
"Assignment of Wrapped Ratings When Financial Guarantor Falls
Below Investment Grade" (May, 2008); and Moody's November 10, 2008
announcement entitled "Moody's Modifies Approach to Rating
Structured Finance Securities Wrapped by Financial Guarantors".

In light of the rating actions, Moody's will position the ratings
of wrapped transactions remaining in AAC's general account, and
the ratings of transactions wrapped by AUK, according to these
criteria.  If the rating of AAC or AUK should subsequently move
back into the investment grade range, or if the agency should
subsequently publish the underlying rating, Moody's would
reinstate the rating to the wrapped instruments.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations and the rating agency believes
that policies allocated to the segregated account are no longer
senior obligations of Ambac Assurance Corporation.  As a result,
wrapped transactions allocated to the segregated account will be
rated at the published underlying rating (and for structured
securities, the published or unpublished underlying rating).

                      List of Rating Actions

These ratings actions have taken place:

* Ambac Assurance Corporation -- insurance financial strength to
  Caa2 on review for upgrade, from Caa2;

* Ambac Assurance UK Limited -- insurance financial strength to
  Caa2 on review with direction uncertain, from Caa2;

* Ambac Financial Group, Inc. -- senior unsecured debt to C, from
  Ca.

The last rating action related to Ambac was on July 29, 2009, when
Moody's downgraded Ambac's financial strength ratings to Caa2 and
Ambac Financial's ratings (senior debt to Ca).

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provide financial guarantees and
financial services to clients in both the public and private
sectors around the world.


ARDENT PRODUCTIONS: Liquidation Left Investors with GBP40
---------------------------------------------------------
Robin Henry at The Sunday Times reports that the collapse of
Ardent Productions has left its multi-million-pound investors with
just GBP40.

Ardent posted losses for all years of its existence except one and
eventually went into voluntary liquidation last June, the report
notes.  A statement of assets reveals that Ardent had just
GBP1,336.27 left in its bank account, with a debt of GBP104 owed
to it at the time, the report says citing The Mail on Sunday.
After GBP1,400 in liquidation costs, just GBP40.27 was left for
investors, including the DFS founder Lord Kirkham, who ploughed
GBP724,660 into the venture, the report states.

Ardent Productions is a television production company owned by the
Earl of Wessex.  Prince Edward launched the company in 1993.


BUSINESS MORTGAGE: Fitch Affirms Junk Ratings on Class C Notes
--------------------------------------------------------------
Fitch Ratings has upgraded two tranches and affirmed 45 tranches
of the Business Mortgage Finance PLC series and revised the
Outlooks on five tranches.  The BMF transactions are
securitizations of mortgages to small and medium-sized enterprises
and the owner managed business community.

The rating actions follow a satisfactory review of all of the
transactions.  The upgrades to BMF 1 and 2 are primarily due to
sequential pay-down continuing to increase credit enhancement,
while their reserve funds remain at 100% of their target levels.
The class A notes for both BMF 1 and 2 were repaid in full on
January 20, 2010, and August 10, 2009, respectively.

Fitch's revision of the outlooks on BMF 3, 4 and 5 are in
recognition of the stabilization of the reserve funds for the last
three collection periods (between June 2009 and February 2010) and
the upward trend in collection ratios supported by the
historically low interest rates currently payable by borrowers.

BMF1 (due 2036):

  -- GBP13.5m class M (XS0186220769): affirmed at 'AAA'; Outlook
     Stable

  -- GBP5.3m class B (XS0186221577): upgraded to 'AA' from 'AA-';
     Outlook Stable

BMF2 (due 2037):

  -- GBP23.8m class M notes (XS0203851380): affirmed at 'AA';
     Outlook Positive

  -- GBP10.1m class B notes (XS0203851463): upgraded to 'A' from
     'BBB+'; Outlook Stable

BMF3 (due 2038):

  -- GBP19m class A1 notes (XS0223481325): affirmed at 'AAA';
     Outlook Stable

  -- Detachable A1 coupon (XS0223483610): affirmed at 'AAA';
     Outlook Stable

  -- EUR19.7m class A2 notes (XS0223481598): affirmed at 'AAA';
     Outlook Stable

  -- Detachable A2 coupon (XS0223483883): affirmed at 'AAA';
     Outlook Stable

  -- GBP42.5m class M notes (XS0223481838): affirmed at 'A';
     Outlook Stable

  -- GBP9.5m class B1 notes (XS0223482307): affirmed at 'BBB';
     Outlook Stable

  -- EUR8m class B2 notes (XS0223482729): affirmed at 'BBB';
     Outlook Stable

  -- GBP2.5m class C notes (XS0223483024): affirmed at 'BB';
     Outlook revised to Stable from Negative

  -- MERCs (XS0224878099): affirmed at 'AAA'; Outlook Stable

BMF4 (due 2045):

  -- GBP83.5m class A (XS0249507947): affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A coupon (XS0250410114): affirmed at 'AAA';
     Outlook Stable

  -- GBP41.3m class M (XS0249508242): affirmed at 'A'; Outlook
     Stable

  -- GBP15m class B (XS0249508754): affirmed at 'BB'; Outlook
     revised to Stable from Negative

  -- GBP7.3m class C (XS0249509133): affirmed at 'B'; Outlook
     revised to Stable from Negative

  -- MERCs (XS0250413563): affirmed at 'AAA'; Outlook Stable

BMF5 (due 2039):

  -- GBP61.9m class A1 notes (XS0271320060): affirmed at 'AAA':
     Outlook revised to Stable from Negative

  -- Detachable A1 coupon (XS0271321035): affirmed at 'AAA':
     Outlook Stable

  -- EUR111.5m class A2 notes (XS0271323163): affirmed at 'AAA':
     Outlook revised to Stable from Negative

  -- Detachable A2 coupon (XS0271323676): affirmed at 'AAA':
     Outlook Stable

  -- GBP27m class M1 notes (XS0271324724): affirmed at 'BBB+';
     Outlook Negative

  -- EUR36.5m class M2 notes (XS0271324997): affirmed at 'BBB+';
     Outlook Negative

  -- GBP12m class B1 notes (XS0271325291): affirmed at 'B+';
     Outlook Negative

  -- EUR11.5m class B2 notes (XS0271325614): affirmed at 'B+';
     Outlook Negative

  -- GBP8.7m class C notes (XS0271326000): affirmed at 'CC';
     Recovery Rating of 'RR5'

  -- MERCs (XS0271326778): affirmed at 'AAA': Outlook Stable

BMF6 (due 2040):

  -- GBP78.8m class A1 notes (XS0299445808): affirmed at 'AAA',
     Outlook Negative

  -- Detachable A1 coupon (XS0299535384): affirmed at 'AAA':
     Outlook Stable

  -- EUR297.9m class A2 notes (XS0299446103): affirmed at 'AAA':
     Outlook Negative

  -- Detachable A2 coupon (XS0299536515): affirmed at 'AAA':
     Outlook Stable

  -- GBP38m class M1 notes (XS0299446442): affirmed at 'BBB';
     Outlook Negative

  -- EUR55.6m class M2 notes (XS0299446798): affirmed at 'BBB';
     Outlook Negative

  -- EUR39.1m class B2 notes (XS0299447507): affirmed at 'B';
     Outlook Negative

  -- GBP17.3m class C notes (XS0299447846): affirmed at 'CC';
     Recovery Rating of 'RR5'

  -- MERCs (XS0300896775): affirmed at 'AAA': Outlook Stable

BMF7 (due 2041):

  -- GBP158.9m class A1 notes (XS0330211359): affirmed at 'AAA':
     Outlook Negative

  -- Detachable A1 coupon (XS0330212597): affirmed at 'AAA':
     Outlook Stable

  -- GBP38.7m class M1 notes (XS0330220855): affirmed at 'BBB';
     Outlook Negative

  -- EUR5m class M2 notes (XS0330222638): affirmed at 'BBB';
     Outlook Negative

  -- GBP12.4m class B1 notes (XS0330228320): affirmed at 'BB-';
     Outlook Negative

  -- GBP7.9m class C notes (XS0330229138): affirmed at 'CCC';
     Recovery Rating of 'RR5'

  -- MERCs (XS0330232439): affirmed at 'AAA': Outlook Stable


CABLE & WIRELESS: S&P Raises Corporate Credit Ratings to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit ratings on U.K.-based telecommunications
service provider Cable & Wireless Ltd. (formerly Cable & Wireless
PLC) to 'BB' from 'BB-'.  This rating has been removed from
CreditWatch, where it was placed with positive implications on
Nov. 17, 2009.  The 'B' short-term corporate credit rating was
affirmed.  The outlook is stable.

At the same time, S&P raised its rating on the $500 million senior
secured bonds issued by C&W's subsidiary, Sable International
Finance Ltd. to 'BB' from 'BB-'.  This rating has been removed
from CreditWatch, where it was placed with positive implications
on Feb. 2, 2010.

In addition, S&P assigned a long-term corporate credit rating of
'BB' and a short-term corporate credit rating of 'B' to the newly
created listed entity, Cable & Wireless Communications PLC.

Furthermore, S&P affirmed the 'B+' issue ratings on the
GBP200 million unsecured bond issued by C&W, due 2012, and the
GBP200 million bond issued by Cable & Wireless International
Finance B.V. and guaranteed by C&W, due 2019.  These ratings have
been removed from CreditWatch, where they were placed with
negative implications on Nov. 17, 2009.

These rating actions follow the successful demerger of Cable &
Wireless Worldwide from the Cable & Wireless Communications group
(C&W Communications group).  The 'BB' corporate credit rating on
Cable & Wireless Communications PLC, the parent company of C&W
Communications group reflects S&P's assessment of C&W
Communications group.  S&P does not rate Cable & Wireless
Worldwide.

"Following the spin-off of the Worldwide operations, S&P has
raised its assessment of C&W Communications group's business risk
profile to fair from weak, according to its criteria," said
Standard & Poor's credit analyst Helen O'Toole.  "The group's
business risk profile benefits from established market positions
in either fixed-line or mobile services (or both) in a variety of
relatively small markets across the world."

In addition, S&P believes that the group should generate steady,
high operating margins approaching 40% (on a consolidated,
reported basis, before exceptional items), despite current
underperformance in the Caribbean.  These factors are offset,
however, by country risks, including risks associated with co-
ownership with governments or other corporate entities, such as in
Panama or Macau, and the group's materially less-than-100%
ownership of its largest and most cash-generative assets, which
include Panama and Macau.

In S&P's view, C&W Communications group will maintain its market
positions and profitability metrics.  S&P also anticipate that
cash generation will at least be maintained at current levels.

The ratings could come under downward pressure if cash generation
were to deteriorate, or if a more aggressive attitude were taken
towards shareholder returns or mergers and acquisitions.
Furthermore, if adjusted debt to EBITDA were to exceed 3.0x, this
would likely result in a downward revision to the ratings.

Rating upside is limited, in S&P's opinion, by business risk
considerations, notably significant country risk and the lack of
full ownership of key assets.


JAMESON BUILDING: In Administration; 40 Jobs Affected
-----------------------------------------------------
Portadown Times reports that Jameson Building has gone into
administration, resulting in the loss of 40 jobs.  The report
relates that the company was taken over by Belfast administrators
Moore Stephens last Thursday and all contracts ceased.

According to the report, a spokesman for the company said that the
slump in the construction industry -- allied to the difficulties
in banks giving loans -- were the main reasons for the building
firm going into administration.

Jameson Building had been founded in 1974.  Bobby Jameson is the
company's managing director, according to Portadown Times.


LEHMAN BROTHERS: PwC In Dispute with Songbird Over Rent Payments
----------------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Songbird
Estates, the majority owner of Canary Wharf, is in dispute with
the administrator of Lehman Brothers in Europe over rental
payments at the failed bank's London headquarters.

According to the report, PricewaterhouseCoopers has told Songbird
Estates and Canary Wharf Group that it will move out of 25-30 Bank
Street on March 31, and will only pay rent for the first quarter
of 2010 on the 290,146-sq. ft it presently occupies.

The report relates Songbird said in its annual results on Friday
that it believes PwC is liable for the entire building and faces a
GBP2.6 million loss of rental income if PwC does not increase its
payment.  The report notes Songbird added that Canary Wharf Group,
of which it owns 69.3%, "continues to demand full performance of
the Lehman obligations under the lease, and payment of rent on the
whole of 25 Bank Street is being pursued in line with a recent
High Court ruling on administrator liability".

PwC is relocating its Lehman operations to offices in Citigroup's
tower at Canary Wharf, the report states.

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LUPUS CAPITAL: Falls Into the Red In 2009 After Covenant Breach
---------------------------------------------------------------
David Blackwell at The Financial Times reports that Lupus Capital
fell GBP649,000 (US$966,094) into the red last year as financing
costs rose after a breach of its banking covenants.

According to the FT, the company, which made a pre-tax profit of
GBP10.8 million in 2008, said the first extraordinary meeting
called by ousted executive chairman Greg Hutchings, who has an 11%
stake, cost about GBP500,000.  The cost of the second in February,
when Mr. Hutchings again failed to procure his reappointment, will
be taken in this year's accounts, the FT notes.

Total revenues for the year to December 31, 2009, fell 9% to
GBP241.6 million, the FT discloses.

The restructuring of the debt constrained the resumption of a
dividend, but the City expects one to be reinstated next year, the
FT states.

The new banking facilities for GBP200 million run until mid-2012,
the FT says.  The FT recalls last year the company paid down GBP23
million of debt, leaving the net amount owing at GBP111 million.

Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company.  The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings.  Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company.  On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.


MEZZVEST INVESTMENTS: Moody's Junks Rating on Class C Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Mezzvest Investments I Limited.

  -- EUR290M Class A1 Secured Floating Rate Facilities, due 2023,
     Downgraded to Baa2; previously on July 10, 2009 Downgraded to
     A2

  -- EUR75M Class A2 Secured Floating Rate Variable Funding
     Facilities, due 2023, Downgraded to Baa2; previously on
     July 10, 2009 Downgraded to A2

  -- EUR50M Class B Secured Floating Rate Facilities, due 2023,
     Downgraded to B1; previously on July 10, 2009 Downgraded to
     Ba1

  -- EUR55M Class C Secured Deferrable Floating Rate Facilities,
     due 2023, Downgraded to Caa2; previously on July 10, 2009
     Downgraded to Ba3

  -- EUR75M Class D Secured Deferrable Floating Rate Variable
     Funding Facilities, due 2023, Downgraded to Caa3; previously
     on July 10, 2009 Downgraded to Caa1

The transaction is a managed high yield CLO referencing a
portfolio of European mezzanine as well as second lien loans, a
number of which pay some, or all, of their interest in kind.  Due
to the constraints placed upon the manager due to the failure of
its OC tests, Moody's modeled the deal as static using a
simulation approach.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per trustee report dated
February 28, 2010, a decline in the average credit rating as
measured through the weighted average rating factor to 3377 now
from 3196 at the last monitoring, an increase in the amount of
defaulted securities, and a failure of all par value tests.
Moody's also performed some sensitivity analyses, including
amongst others, a decrease in the expected recovery rates.

The pool is a concentrated portfolio with the largest three loans
constituting 36.6% of the performing portfolio, with over 50% of
the performing portfolio from a single industry sector,
healthcare, though this is mitigated by the sector's performance
and positive outlook.

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

Furthermore, Moody's notes that a Termination Event has occurred,
giving the lenders the right to request the liquidation of the
portfolio.  The Termination Event occurred because the Class D OC
test is below the 103% trigger level.  The Class D OC breached
this level in the second half of 2009.  However, Moody's notes
this is not a driver of the current ratings actions.


MICHELIN TYRE: Dundee Factory Seeks Aid to Safeguard Future
-----------------------------------------------------------
Erikka Askeland at Scotland On Sunday reports that the Michelin
tire factory in Dundee wants the Scottish Government to provide
substantial grant support for investment in new technology to
safeguard its future.  According to the report, John Reid, the
factory's new manager, is putting proposals to Michelin executives
and government ministers to ensure the company remains viable over
the next three to five years.

"Dundee is a good plant, but in the future there will only be
excellent plants.  There won't be good plants," the report quoted
Mr. Reid as saying.  "We have to drive harder to become an
excellent factory.  That is the next challenge over the next three
to five years."

"We will be looking for government support and grants," Mr. Reid
said, according to the report.  "If we can get support from local
government to bear a percentage of the costs, then it is a little
easier to fish in the investment."

The Michelin Group -- http://www.michelin.co.uk/-- operates in
more than 170 countries, from China to Brazil and from The United
States of America to Germany and Russia.  The group manufactures
and sells tires for all kinds of vehicles, publish maps and guides
and operate a number of digital services.


MONDI FINANCE: S&P Assigns 'BB+' Rating on EUR500 Mil. Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term issue rating to the proposed EUR500 million
unsecured bonds due 2017 to be issued by Mondi Finance PLC, a
fully owned finance subsidiary of South Africa-based Mondi Group
(BB+/Stable/--), and guaranteed by Mondi PLC.  At the same time,
Standard & Poor's has assigned a recovery rating of '4' to the
bonds, reflecting its expectations of average (30%-50%) recovery
for creditors in the event of a payment default.  The issue rating
is the same as the corporate credit rating on Mondi.

The recovery and issue ratings are supported by S&P's valuation of
Mondi as a going concern, which reflects its view of Mondi's well-
invested asset base and leading position in emerging markets.  S&P
estimate Mondi's stressed enterprise value at its simulated point
of default in 2012 to be about EUR2.4 billion, based on debt
maturities that year; however, S&P expects to push back the
simulated year of default as the company's refinancing plans
evolve in the coming years.

The recovery and issue ratings are constrained by the unsecured
nature of the proposed bonds and by S&P's view that the bond
documentation is weak, providing only limited protection for
bondholders.  In addition, although S&P considers South Africa to
be a relatively favorable jurisdiction for creditors, S&P believes
that Mondi's widespread operations and potential exposure to
various insolvency regimes post-default could delay and/or lower
ultimate recovery prospects.

S&P has assumed in its analysis that Mondi's capital structure at
default will be similar to its current one.  In particular, S&P
has assumed that the EUR1.55 billion unsecured revolving credit
facility due 2012 (not rated) taken on by Mondi Finance PLC, Mondi
Ltd., and Mondi PLC will continue to rank pari passu with the
proposed unsecured bonds.

However, if there were any significant change to Mondi's capital
structure -- such as, in particular, the RCF lenders obtaining
priority over the holders of the proposed unsecured bonds ahead of
default -- recovery prospects for bondholders would, in S&P's
opinion, be materially lower.

                         Recovery Analysis

To calculate potential recoveries, S&P has simulated a default
scenario.  S&P views Mondi's business risk profile as "fair" and
believe that a default would most likely be triggered by a
combination of distressed operations -- stemming from reduced
demand, pressure on selling prices, higher input costs, or adverse
exchange rates -- and Mondi's incapacity to refinance its debt in
2012.  S&P has assumed that the RCF will be fully drawn at
default.

S&P has valued the business using a market multiple approach.  S&P
has estimated that EBITDA at default would be equal to Mondi'
stressed fixed charges (that is, its stressed interest expense,
maintenance capital expenditures, and yearly pension
contributions), which S&P has assumed would total about
EUR440 million.  Assuming a stressed EBITDA multiple of 5.5x, S&P
arrives at a stressed enterprise value at default of about
EUR2.4 billion.

S&P then deducts from the stressed enterprise value about
EUR1.1 billion of priority claims, consisting principally of
priority debt, enforcement costs, and 50% of the pension deficit.
S&P has assumed that only 85% of the resulting net enterprise
value would be available to the bondholders and pari passu
unsecured lenders, reflecting Mondi's lack of 100% ownership of
some of its subsidiaries that it fully consolidates in its
accounts.

Assuming the pari passu ranking of the proposed unsecured bonds
with the unsecured RCF and unsecured bank lines taken on by the
obligors of the bond and RCF, S&P arrives at recovery prospects in
the 30%-50% range, hence its recovery rating of '4' on the
proposed bonds.

However, if Mondi had to grant prior ranking or security to the
lenders as a condition for a maturity extension or covenant waiver
prior to the simulated default in 2012, S&P believes that recovery
prospects for the unsecured bondholders would be materially
weaker.

A recovery report with further details of S&P's recovery analysis
will be available shortly on RatingsDirect.


SPIRIT ISSUER: Fitch Downgrades Ratings on Notes to 'BB'
--------------------------------------------------------
Fitch Ratings has downgraded all Spirit Issuer plc's notes to 'BB'
from 'BB+'.  The Outlook is Negative.  Spirit is a whole business
securitization of 683 managed pubs and 578 leased and tenanted
pubs across the UK owned and operated (for the managed part) by
Punch Taverns Group.

Since Fitch's last rating action in March 2009, Spirit's
performance has continued to decline with Fitch's estimated
trailing 12 month EBITDA per pub falling 12.2% year-on-year for
the managed estate and 13.7% for the tenanted one.  Overall, Fitch
is concerned that an estimated three quarters of the decline
observed in the combined EBITDA can be attributed to operating
factors (other than the decrease in the number of pubs and weeks
reported).  More specifically, Fitch calculated that half of this
operating decline is due to the decrease in sales per pub on the
tenanted estate.  The rest is attributed to managed pubs' gross
margin compression (due to the increase share of less profitable
food sales vs. drinks sales) and increase in operating costs
(mainly due to increasing utilities, rent and labor costs).

However, Fitch also notes that Spirit's management is actively de-
leveraging the transaction, as between March and August 2009,
Spirit bought back and cancelled 20.3% (i.e. GBP253.8 million)
worth of debt using the proceeds of pubs disposals.  As a result,
debt service has reduced on average by around GBP20 million
annually (i.e. by 22%).  Nevertheless, and despite this de-
leveraging exercise, the debt profile still contains various peaks
representing points of stress for the transaction, notably in 2014
(corresponding to the beginning of the amortization), 2020 and
2026.

As part of its review, Fitch also made some forecasts on the
transaction's future cash flow, which indicate that the annual
actual free-cash-flow debt service cover ratio could potentially
fall below 1x in 2014 if performance does not improve, hovering
around 1.2x thereafter.  However, these point-in-time stresses are
partly mitigated by the credit enhancements included in this
transaction, notably the large liquidity facility (sized to cover
18 months of peak debt service) and the significant potential
amount of trapped cash which could accumulate until then.

The Negative Outlook reflects uncertainty over the level at which
performance will stabilize, due to industry-related issues (e.g.
disputed tied tenanted model under close review by regulators,
alcohol duty with +20.1% increase in two years, plus a further
increase from 29 March 2010 of 2% above inflation for beer, wine
and spirit and a steeper 10% for cider), changing consumer
behavior, further potential hikes in VAT post-election and the
weak economic recovery.

Fitch used its UK whole business securitization criteria to review
the transaction structure, financial data and cash flow
projections and to stress-test each of the rated instruments.

The notes' ratings are:

  -- GBP150.0m Class A1 notes due 2028: downgraded to 'BB' from
     'BB+'; Outlook Negative

  -- GBP191.0m Class A2 notes due 2031: downgraded to 'BB' from
     'BB+'; Outlook Negative GBP126.1m Class A3 notes due 2021:
     downgraded to 'BB' from 'BB+'; Outlook Negative

  -- GBP303.3m Class A4 notes due 2027: downgraded to 'BB' from
     'BB+'; Outlook Negative GBP225.8m Class A5 notes due 2034:
     downgraded to 'BB' from 'BB+'; Outlook Negative


WEYMOUTH FC: Creditors Back Company Voluntary Arrangement
---------------------------------------------------------
Derek Bish at Dorset Echo reports that Weymouth FC Ltd. is to go
into a Company Voluntary Arrangement after 80.9% of creditors
agreed to accepting 9% of funds owed over the next five years.

According to Dorset Echo, the CVA will reduce the Terras' debt
from around GBP900,000 to in the region of GBP80,000.

No amendments have been made to the CVA, Dorset Echo notes.

As reported by the Troubled Company Reporter-Europe on March 26,
2010, Dorset Echo said Steve Beasant, one of Weymouth FC's
creditors, called for amendments to the CVA.  Dorset Echo
disclosed that in a letter to insolvency practitioner Alistair
Whipps, Beasant and eight others have requested that these six
amendments be made to the CVA proposal:

   -- inclusion in the document of the notification of breaches in
      the Insolvency Act and the intention to pursue legal action;

   -- full validation and reconciliation of all creditors.

   -- full management accounts be provided for the last three
      months;

   -- minimum of two independent valuations of the Wessex Stadium;

   -- a meeting to vote on the amended CVA to be held in Weymouth,
      at a time convenient to the majority of shareholders and
      creditors; and

   -- proposal to collect all outstanding debts to Weymouth FC
      Ltd.

Weymouth F.C., nicknamed "The Terras", is an English football club
based in the town of Weymouth, who currently play in the
Conference South.


* UK: Lawmakers Call for Tougher Rules for Large Banks
------------------------------------------------------
Gonzalo Vina at Bloomberg News reports that British lawmakers
called on Chancellor of the Exchequer Alistair Darling to impose
tougher rules to curb excessively risky practices at large banks,
saying existing policy changes don't go far enough.

Bloomberg relates the Parliament's Treasury Committee said in a
report Monday that plans for "evolutionary reform" of banking
rules fall short of protecting society from institutions deemed
"too big to fail."  It demanded Darling looks again at splitting
retail deposit operations from riskier investment banking,
Bloomberg notes.

"We can never guarantee failures will not occur again," Bloomberg
quoted John McFall, a ruling Labour Party lawmaker and chairman of
the cross-party committee, as saying. "It is crucial therefore
that in addition to improving risk management, regulation and
raising capital and liquidity requirements, wider structural
reform remains on the agenda."

Bloomberg recalls Mr. Darling has introduced laws for more
intrusive supervision of the largest banks, forcing them to hold
more capital and prepare for their possible failure.  The
Financial Services Authority and Bank of England were given more
powers to probe executive pay and the question of who shoulders
the risk when a bank fails, Bloomberg states.


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


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

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

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

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

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

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

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

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

FRANCE
------
CARRERE GROUP         CAR FP        -9829592.638     279906700
CARRERE GROUP         CAR2 EO       -9829592.638     279906700
CARRERE GROUP         CAR2 EU       -9829592.638     279906700
CARRERE GROUP         CARF PZ       -9829592.638     279906700
CARRERE GROUP         CARG FP       -9829592.638     279906700
CARRERE GROUP         CRGP IX       -9829592.638     279906700
CARRERE GROUP         CRRHF US      -9829592.638     279906700
CARRERE GROUP         XRR GR        -9829592.638     279906700
CHAINE ET TRAME       CHTR FP       -58947458.16   116889783.9
CHAINE ET TRAME       CTRM FP       -58947458.16   116889783.9
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       -170171676.3   212556594.4
IMMOB HOTELIERE       IMBHF US      -170171676.3   212556594.4
IMMOB HOTELIERE       IMH GR        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EO       -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EU       -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO FP       -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO PZ       -170171676.3   212556594.4
IMMOB HOTELIERE       IMMH IX       -170171676.3   212556594.4
IMMOB HOTELIERE       SIH FP        -170171676.3   212556594.4
LAB DOLISOS           DOLI FP       -27752176.19   110485462.4
LAB DOLISOS           LADL FP       -27752176.19   110485462.4
MATUSSIERE & FOR      1007765Q FP   -77896683.67   293868350.8
MATUSSIERE & FOR      MTUSF US      -77896683.67   293868350.8
MB RETAIL EUROPE      CTRF IX       -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EO       -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU       -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP       -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ       -58947458.16   116889783.9
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 EO        -7291.55004   131233317.6
OROSDI-BACK           OROS EU        -7291.55004   131233317.6
OROSDI-BACK           OROS PZ        -7291.55004   131233317.6
PAGESJAUNES           PGJUF US       -3171655188    1168738032
PAGESJAUNES GRP       PAJ BQ         -3171655188    1168738032
PAGESJAUNES GRP       PAJ EB         -3171655188    1168738032
PAGESJAUNES GRP       PAJ EO         -3171655188    1168738032
PAGESJAUNES GRP       PAJ EU         -3171655188    1168738032
PAGESJAUNES GRP       PAJ FP         -3171655188    1168738032
PAGESJAUNES GRP       PAJ IX         -3171655188    1168738032
PAGESJAUNES GRP       PAJ LI         -3171655188    1168738032
PAGESJAUNES GRP       PAJ NQ         -3171655188    1168738032
PAGESJAUNES GRP       PAJ PZ         -3171655188    1168738032
PAGESJAUNES GRP       PAJ QM         -3171655188    1168738032
PAGESJAUNES GRP       PAJ TQ         -3171655188    1168738032
PAGESJAUNES GRP       PAJ VX         -3171655188    1168738032
PAGESJAUNES GRP       PAJGBP EO      -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EO      -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EU      -3171655188    1168738032
PAGESJAUNES GRP       PAJP IX        -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EO      -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EU      -3171655188    1168738032
PAGESJAUNES GRP       QS3 GR         -3171655188    1168738032
RHODIA SA             2324011Q EU   -913748142.2    6150227880
RHODIA SA             2324015Q EO   -913748142.2    6150227880
RHODIA SA             3218857Q IX   -913748142.2    6150227880
RHODIA SA             RHA BQ        -913748142.2    6150227880
RHODIA SA             RHA EB        -913748142.2    6150227880
RHODIA SA             RHA EO        -913748142.2    6150227880
RHODIA SA             RHA EU        -913748142.2    6150227880
RHODIA SA             RHA FP        -913748142.2    6150227880
RHODIA SA             RHA IX        -913748142.2    6150227880
RHODIA SA             RHA NQ        -913748142.2    6150227880
RHODIA SA             RHA PZ        -913748142.2    6150227880
RHODIA SA             RHA QM        -913748142.2    6150227880
RHODIA SA             RHA TQ        -913748142.2    6150227880
RHODIA SA             RHA VX        -913748142.2    6150227880
RHODIA SA             RHADF US      -913748142.2    6150227880
RHODIA SA             RHAGBP EO     -913748142.2    6150227880
RHODIA SA             RHAGBX EO     -913748142.2    6150227880
RHODIA SA             RHAGBX EU     -913748142.2    6150227880
RHODIA SA             RHANR FP      -913748142.2    6150227880
RHODIA SA             RHANR PZ      -913748142.2    6150227880
RHODIA SA             RHAUSD EO     -913748142.2    6150227880
RHODIA SA             RHAUSD EU     -913748142.2    6150227880
RHODIA SA             RHAY IX       -913748142.2    6150227880
RHODIA SA             RHD GR        -913748142.2    6150227880
RHODIA SA             RHDAF US      -913748142.2    6150227880
RHODIA SA             RHDI GR       -913748142.2    6150227880
RHODIA SA - NEW       2335921Q FP   -913748142.2    6150227880
RHODIA SA - NEW       3156011Q FP   -913748142.2    6150227880
RHODIA SA - NEW       3506266Q FP   -913748142.2    6150227880
RHODIA SA - NEW       RHANV 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 EU       -21481214.33   175720770.8
SELCODIS              SLCO FP       -21481214.33   175720770.8
SELCODIS              SLCO PZ       -21481214.33   175720770.8
Selcodis              SPVX FP       -21481214.33   175720770.8
SELCODIS              SPVX IX       -21481214.33   175720770.8
TECHNICOLOR           TCH FP        -587281616.7    6690514315
TECHNICOLOR           TCH NQ        -587281616.7    6690514315
TECHNICOLOR           TCH QM        -587281616.7    6690514315
TECHNICOLOR           TCH TQ        -587281616.7    6690514315
TECHNICOLOR           TMM IX        -587281616.7    6690514315
TECHNICOLOR           TMMLF US      -587281616.7    6690514315
TECHNICOLOR           TMS BQ        -587281616.7    6690514315
TECHNICOLOR           TMS EB        -587281616.7    6690514315
TECHNICOLOR           TMS EO        -587281616.7    6690514315
TECHNICOLOR           TMS EU        -587281616.7    6690514315
TECHNICOLOR           TMS GK        -587281616.7    6690514315
TECHNICOLOR           TMS NQ        -587281616.7    6690514315
TECHNICOLOR           TMS PZ        -587281616.7    6690514315
TECHNICOLOR           TMSGBP EO     -587281616.7    6690514315
TECHNICOLOR           TMSGBX EO     -587281616.7    6690514315
TECHNICOLOR           TMSGBX EU     -587281616.7    6690514315
TECHNICOLOR           TMSUSD EO     -587281616.7    6690514315
TECHNICOLOR           TMSUSD EU     -587281616.7    6690514315
TECHNICOLOR           TNM GR        -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)      TMM LN        -587281616.7    6690514315
THOMSON (EX-TMM)      TMM VX        -587281616.7    6690514315
THOMSON (EX-TMM)      TMMN FP       -587281616.7    6690514315
THOMSON (EX-TMM)      TMS FP        -587281616.7    6690514315
THOMSON (EX-TMM)      TMS QM        -587281616.7    6690514315
THOMSON (EX-TMM)      TMS TQ        -587281616.7    6690514315
THOMSON (EX-TMM)      TMS US        -587281616.7    6690514315
THOMSON (EX-TMM)      TMS VX        -587281616.7    6690514315
THOMSON (EX-TMM)      TNMA GR       -587281616.7    6690514315
THOMSON MULT-ADR      TMS-P US      -587281616.7    6690514315
THOMSON MULTIMED      TMM FP        -587281616.7    6690514315
THOMSON MULTI-NE      ZTM FP        -587281616.7    6690514315
TROUVAY CAUVIN        ETEC FP       -396977.9956   133986439.7
TROUVAY CAUVIN        TVYCF US      -396977.9956   133986439.7
4LESS GROUP           BHL PO        -3088436.068   106650689.4
4LESS GROUP           BYH PO        -3088436.068   106650689.4
4LESS GROUP           FL/ LN        -3088436.068   106650689.4
4LESS GROUP           FL/ PO        -3088436.068   106650689.4
4LESS GROUP           FLG OF        -3088436.068   106650689.4
4LESS GROUP           LI4 GR        -3088436.068   106650689.4

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

GERMANY
-------
AGOR AG               DOO EO        -482446.6262   144432986.2
AGOR AG               DOO EU        -482446.6262   144432986.2
AGOR AG               DOO GR        -482446.6262   144432986.2
AGOR AG               DOOD PZ       -482446.6262   144432986.2
AGOR AG               DOOG IX       -482446.6262   144432986.2
AGOR AG               NDAGF US      -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR   -482446.6262   144432986.2
ALNO AG               ALNO IX       -68516656.94   290459933.8
ALNO AG               ANO EO        -68516656.94   290459933.8
ALNO AG               ANO EU        -68516656.94   290459933.8
ALNO AG               ANO GR        -68516656.94   290459933.8
ALNO AG               ANO PZ        -68516656.94   290459933.8
ALNO AG-NEW           ANO1 GR       -68516656.94   290459933.8
ALNO AG-RTS           2259765Z GR   -68516656.94   290459933.8
BROKAT AG             BKISF US      -27139391.98   143536859.7
BROKAT AG             BRKAF US      -27139391.98   143536859.7
BROKAT AG             BROAF US      -27139391.98   143536859.7
BROKAT AG             BROFQ 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        BRJ GR        -27139391.98   143536859.7
BROKAT TECH AG        BRJ NM        -27139391.98   143536859.7
BROKAT TECH AG        BSA LN        -27139391.98   143536859.7
BROKAT TECH-ADR       BRJA GR       -27139391.98   143536859.7
CBB HOLDING AG        COB GR        -42994732.85   904723627.8
CBB HOLDING AG        COB2 EO       -42994732.85   904723627.8
CBB HOLDING AG        COB2 EU       -42994732.85   904723627.8
CBB HOLDING AG        COBG IX       -42994732.85   904723627.8
CBB HOLDING AG        COBG PZ       -42994732.85   904723627.8
CBB HOLDING AG        CUBDF US      -42994732.85   904723627.8
CBB HOLDING-NEW       COB1 GR       -42994732.85   904723627.8
CBB HOLDING-NEW       COB3 GR       -42994732.85   904723627.8
CBB HOLD-NEW 97       COB2 GR       -42994732.85   904723627.8
CINEMAXX AG           CNEMF US      -42008900.33   144431938.3
CINEMAXX AG           MXC EO        -42008900.33   144431938.3
CINEMAXX AG           MXC EU        -42008900.33   144431938.3
CINEMAXX AG           MXC GR        -42008900.33   144431938.3
CINEMAXX AG           MXC PZ        -42008900.33   144431938.3
CINEMAXX AG           MXCG IX       -42008900.33   144431938.3
CINEMAXX AG           MXCUSD EO     -42008900.33   144431938.3
CINEMAXX AG           MXCUSD EU     -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 EO        -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU        -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC GR        -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      985403Q GR    -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US      -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      ETV VX        -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US      -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR       -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM       -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 GR       -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 NM       -22067409.41   849175624.7
ESCADA AG             ESCG IX       -22323463.23   425598807.8
ESCADA AG -PFD        ESC3 GR       -22323463.23   425598807.8
ESCADA AG-NEW         3069367Q GR   -22323463.23   425598807.8
ESCADA AG-NEW         835345Q GR    -22323463.23   425598807.8
ESCADA AG-NEW         ESCC GR       -22323463.23   425598807.8
ESCADA AG-NEW         ESCD GR       -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO       -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU       -22323463.23   425598807.8
ESCADA AG-NEW         ESCN GR       -22323463.23   425598807.8
ESCADA AG-RTS         ESCE GR       -22323463.23   425598807.8
ESCADA AG-SP ADR      ESCDY US      -22323463.23   425598807.8
KABEL DEUTSCHLAN      KD8 GR         -1408286725    3144138917
KAUFRING AG           KAUG IX       -19296489.56   150995473.8
KAUFRING AG           KFR EO        -19296489.56   150995473.8
KAUFRING AG           KFR EU        -19296489.56   150995473.8
KAUFRING AG           KFR GR        -19296489.56   150995473.8
KAUFRING AG           KFR PZ        -19296489.56   150995473.8
MANIA TECHNOLOGI      2260970Z GR    -35060806.5   107465713.6
MANIA TECHNOLOGI      MIAVF US       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI GR         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI PZ         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EO        -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EU        -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX        -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR       -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EO        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EU        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK GR        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK PZ        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAKG IX       -17804909.71   189933668.6
MATERNUS-KLINIKE      MNUKF US      -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           PCAGF US      -18656728.68   610380925.7
PRIMACOM AG           PRC EO        -18656728.68   610380925.7
PRIMACOM AG           PRC EU        -18656728.68   610380925.7
PRIMACOM AG           PRC GR        -18656728.68   610380925.7
PRIMACOM AG           PRC NM        -18656728.68   610380925.7
PRIMACOM AG           PRC2 GR       -18656728.68   610380925.7
PRIMACOM AG           PRCG IX       -18656728.68   610380925.7
PRIMACOM AG           PRCG PZ       -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAG US       -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAGY US      -18656728.68   610380925.7
PRIMACOM AG-ADR+      PCAG ES       -18656728.68   610380925.7
RAG ABWICKL-REG       ROS GR        -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EO       -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EU       -1744121.914   217776125.8
RAG ABWICKL-REG       ROSG PZ       -1744121.914   217776125.8
RAG ABWICKL-REG       RSTHF US      -1744121.914   217776125.8
RINOL AG              RIL GR             -2.7111   168095049.1
RINOL AG              RILB EO            -2.7111   168095049.1
RINOL AG              RILB EU            -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              RNLAF US           -2.7111   168095049.1
ROSENTHAL AG          2644179Q GR   -1744121.914   217776125.8
ROSENTHAL AG-ACC      ROS4 GR       -1744121.914   217776125.8
ROSENTHAL AG-ADR      RSTHY US      -1744121.914   217776125.8
ROSENTHAL AG-REG      ROSG IX       -1744121.914   217776125.8
SANDER (JIL) AG       JLSDF US      -6153256.917   127548039.7
SANDER (JIL) AG       SAD GR        -6153256.917   127548039.7
SANDER (JIL)-PRF      2916157Q EU   -6153256.917   127548039.7
SANDER (JIL)-PRF      2916161Q EO   -6153256.917   127548039.7
SANDER (JIL)-PRF      SAD3 GR       -6153256.917   127548039.7
SANDER (JIL)-PRF      SAD3 PZ       -6153256.917   127548039.7
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 EU       -120075877.7     410015192
TA TRIUMPH-ACQ        TWNA GR       -120075877.7     410015192
TA TRIUMPH-ADLER      TTZAF US      -120075877.7     410015192
TA TRIUMPH-ADLER      TWN EO        -120075877.7     410015192
TA TRIUMPH-ADLER      TWN EU        -120075877.7     410015192
TA TRIUMPH-ADLER      TWN GR        -120075877.7     410015192
TA TRIUMPH-ADLER      TWN PZ        -120075877.7     410015192
TA TRIUMPH-ADLER      TWNG IX       -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        VVA GR        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 EO       -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 EU       -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 GR       -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 PZ       -22198683.12   111990951.4
VIVANCO GRUPPE        VVAG IX       -22198683.12   111990951.4

GREECE
------
AG PETZETAKIS SA      PETZK EO      -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 PZ      -36788613.11   258762040.3
AG PETZETAKIS SA      PTZ GR        -36788613.11   258762040.3
AG PETZETAKIS SA      PTZ1 GR       -36788613.11   258762040.3
AG PETZETAKIS SA      PZETF US      -36788613.11   258762040.3
ALMA-ATERM-AUCT       ATERME GA     -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM EO      -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM EU      -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM PZ      -5087117.061   107164792.1
ALTEC SA -AUCT        ALTECE GA       -118834340   160209968.7
ALTEC SA INFO         ALTEC EO        -118834340   160209968.7
ALTEC SA INFO         ALTEC EU        -118834340   160209968.7
ALTEC SA INFO         ALTEC GA        -118834340   160209968.7
ALTEC SA INFO         ALTEC PZ        -118834340   160209968.7
ALTEC SA INFO         ATCQF US        -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
ASPIS PRONIA GE       AISQF US      -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EO      -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EU      -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK GA      -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK PZ      -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      -5087117.061   107164792.1
EMPEDOS SA            EMPED GA      -33637669.62   174742646.9
EMPEDOS SA-RTS        EMPEDR GA     -33637669.62   174742646.9
HELLAS ONLINE SA      BRAIN EO      -12404409.26   507189870.3
HELLAS ONLINE SA      BRAIN EU      -12404409.26   507189870.3
HELLAS ONLINE SA      BRAIN GA      -12404409.26   507189870.3
HELLAS ONLINE SA      BRAIN PZ      -12404409.26   507189870.3
HELLAS ONLINE SA      HOL GA        -12404409.26   507189870.3
HELLAS ONLINE SA      HOLR GA       -12404409.26   507189870.3
HELLAS ONLINE SA      UN5 GR        -12404409.26   507189870.3
KOUMBAS INSUR-RT      KOUMD GA      -38449174.63   221302771.2
KOUMBAS RTS           KOUMR GA      -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM EO       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM EU       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM GA       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM PZ       -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      NML GR          -130380438   326934399.4
NAOUSSA SPINNING      NML1 GR         -130380438   326934399.4
NAOUSSA SPIN-RTS      NAOYKR GA       -130380438   326934399.4
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      KORA GA       -100972173.9   180679253.6
RADIO KORASSIDIS      RAKOF US      -100972173.9   180679253.6
RADIO KORASSIDIS      RKC GR        -100972173.9   180679253.6
RADIO KORASSI-RT      KORAD GA      -100972173.9   180679253.6
RADIO KORASS-RTS      KORAR GA      -100972173.9   180679253.6
THEMELIODOMI          THEME GA      -55751178.85   232036822.6
THEMELIODOMI-AUC      THEMEE GA     -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMED GA     -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMER GA     -55751178.85   232036822.6
UNITED TEXTILES       NAOSF US        -130380438   326934399.4
UNITED TEXTILES       NAOYK GA        -130380438   326934399.4
UNITED TEXTILES       UTEX EO         -130380438   326934399.4
UNITED TEXTILES       UTEX EU         -130380438   326934399.4
UNITED TEXTILES       UTEX GA         -130380438   326934399.4
UNITED TEXTILES       UTEX PZ         -130380438   326934399.4

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

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

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

ITALY
-----
AEDES AXA+W           AEAXAW IM     -24405906.61    1350851664
AEDES SPA             AE EO         -24405906.61    1350851664
AEDES SPA             AE EU         -24405906.61    1350851664
AEDES SPA             AE IM         -24405906.61    1350851664
AEDES SPA             AE PZ         -24405906.61    1350851664
AEDES SPA             AE TQ         -24405906.61    1350851664
AEDES SPA             AEDI IX       -24405906.61    1350851664
AEDES SPA             AEDSF US      -24405906.61    1350851664
AEDES SPA             LLB GR        -24405906.61    1350851664
AEDES SPA RNC         AEDE IM       -24405906.61    1350851664
AEDES SPA-OPA         AEDROP IM     -24405906.61    1350851664
AEDES SPA-OPA         AEOPA IM      -24405906.61    1350851664
AEDES SPA-RTS         AEAA IM       -24405906.61    1350851664
AEDES SPA-RTS         AESA IM       -24405906.61    1350851664
AEDES SPA-SVGS R      AEDRAA IM     -24405906.61    1350851664
BINDA SPA             BND IM        -11146475.29   128859802.9
BINDA SPA             BNDAF US      -11146475.29   128859802.9
BROGGI IZAR FABB      BIF IM        -178432.4639   134255668.5
CART SOTTRI-BIND      DEM IM        -11146475.29   128859802.9
CIRIO FINANZIARI      CRO IM        -422095869.5    1583083044
CIRIO FINANZIARI      FIY GR        -422095869.5    1583083044
COIN SPA              965089Q GR    -154057608.3   800526929.5
COIN SPA              GC IX         -154057608.3   800526929.5
COIN SPA              GUCIF US      -154057608.3   800526929.5
COIN SPA/OLD          GC IM         -154057608.3   800526929.5
COIN SPA-RTS          GCAA IM       -154057608.3   800526929.5
COMPAGNIA ITALIA      CGLUF US      -137726596.3   527372691.4
COMPAGNIA ITALIA      CITU IX       -137726596.3   527372691.4
COMPAGNIA ITALIA      ICT IM        -137726596.3   527372691.4
CORNELL BHN           BY EO         -178432.4639   134255668.5
CORNELL BHN           BY EU         -178432.4639   134255668.5
CORNELL BHN           CBX IM        -178432.4639   134255668.5
CORNELL BHN           INN IM        -178432.4639   134255668.5
CORNELL BHN           INO1 IX       -178432.4639   134255668.5
CREDITO FONDIARI      CRF IM        -200209050.3    4213063202
CREDITO FOND-RTS      CRFSA IM      -200209050.3    4213063202
ELIOS HOLDING         EH IM         -178432.4639   134255668.5
ELIOS HOLDING-NE      EH00 IM       -178432.4639   134255668.5
ELIOS HOLDING-RT      EHAA IM       -178432.4639   134255668.5
ELIOS SPA             EHM IM        -178432.4639   134255668.5
I VIAGGI DEL VEN      IV7 GR        -194331003.9     255327730
I VIAGGI DEL VEN      IVGIF US      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO        -194331003.9     255327730
I VIAGGI DEL VEN      VVE EU        -194331003.9     255327730
I VIAGGI DEL VEN      VVE IM        -194331003.9     255327730
I VIAGGI DEL VEN      VVE IX        -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ        -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ        -194331003.9     255327730
I VIAGGI-RTS          VVEAA IM      -194331003.9     255327730
INNOTECH SPA          ELIOF US      -178432.4639   134255668.5
OLCESE SPA            O IM          -12846689.89   179691572.8
OLCESE SPA-RTS        OAA IM        -12846689.89   179691572.8
OLCESE VENEZIANO      OLVE IM       -12846689.89   179691572.8
OMNIA NETWORK SP      ONT EO         -47468652.4   322390901.7
OMNIA NETWORK SP      ONT EU         -47468652.4   322390901.7
OMNIA NETWORK SP      ONT IM         -47468652.4   322390901.7
OMNIA NETWORK SP      ONT PZ         -47468652.4   322390901.7
OMNIA NETWORK SP      ONT TQ         -47468652.4   322390901.7
OMNIA NETWORK SP      ONTI IX        -47468652.4   322390901.7
PARMALAT FINANZI      FICN AV       -18419390029    4120687886
PARMALAT FINANZI      PAF GR        -18419390029    4120687886
PARMALAT FINANZI      PARAF US      -18419390029    4120687886
PARMALAT FINANZI      PMLFF US      -18419390029    4120687886
PARMALAT FINANZI      PMT LI        -18419390029    4120687886
PARMALAT FINANZI      PRF IM        -18419390029    4120687886
PARMALAT FINANZI      PRFI VX       -18419390029    4120687886
PARMALAT FINA-RT      PRFR AV       -18419390029    4120687886
RISANAMEN-RNC OP      RNROPA IM     -165887753.7    4800733024
RISANAMENTO NAPO      RN5 GR        -165887753.7    4800733024
RISANAMENTO -OPA      RNOPA IM      -165887753.7    4800733024
RISANAMENTO -RNC      RNR IM        -165887753.7    4800733024
RISANAMENTO SPA       RN EO         -165887753.7    4800733024
RISANAMENTO SPA       RN EU         -165887753.7    4800733024
RISANAMENTO SPA       RN IM         -165887753.7    4800733024
RISANAMENTO SPA       RN IX         -165887753.7    4800733024
RISANAMENTO SPA       RN PZ         -165887753.7    4800733024
RISANAMENTO SPA       RN TQ         -165887753.7    4800733024
RISANAMENTO SPA       RNGBP EO      -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EO      -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EU      -165887753.7    4800733024
RISANAMENTO SPA       RSMNF US      -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              SBPDF US      -141933883.9   150445252.4
SNIA SPA              SIAI IX       -141933883.9   150445252.4
SNIA SPA              SIAI PZ       -141933883.9   150445252.4
SNIA SPA              SN EO         -141933883.9   150445252.4
SNIA SPA              SN EU         -141933883.9   150445252.4
SNIA SPA              SN IM         -141933883.9   150445252.4
SNIA SPA              SN TQ         -141933883.9   150445252.4
SNIA SPA              SNIA GR       -141933883.9   150445252.4
SNIA SPA              SNIB GR       -141933883.9   150445252.4
SNIA SPA              SNIXF US      -141933883.9   150445252.4
SNIA SPA              SSMLF US      -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          SNIWF US      -141933883.9   150445252.4
SNIA SPA-RNC          SNRNC IM      -141933883.9   150445252.4
SNIA SPA-RTS          SNAA IM       -141933883.9   150445252.4
SNIA SPA-RTS          SNSO IM       -141933883.9   150445252.4
SOCOTHERM SPA         SCT EO        -161739278.5   398222827.1
SOCOTHERM SPA         SCT EU        -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM        -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ        -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ       -161739278.5   398222827.1
SOCOTHERM SPA         SCTM IX       -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US      -161739278.5   398222827.1
TAS TECNOLOGIA        TAQ GR        -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EO        -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EU        -405622.1721   172796509.7
TAS TECNOLOGIA        TAS IM        -405622.1721   172796509.7
TAS TECNOLOGIA        TAS NM        -405622.1721   172796509.7
TAS TECNOLOGIA        TAS PZ        -405622.1721   172796509.7
TAS TECNOLOGIA        TAS TQ        -405622.1721   172796509.7
TECNODIFF ITALIA      TDI IM        -89894162.82   152045757.5
TECNODIFF ITALIA      TDI NM        -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US      -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR        -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM     -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM     -89894162.82   152045757.5
TISCALI - RTS         TIQA GR       -421259823.5   632152613.6
TISCALI - RTS         TISAAW IM     -421259823.5   632152613.6
TISCALI SPA           TIQ GR        -421259823.5   632152613.6
TISCALI SPA           TIQ1 GR       -421259823.5   632152613.6
TISCALI SPA           TIQG IX       -421259823.5   632152613.6
TISCALI SPA           TIS EO        -421259823.5   632152613.6
TISCALI SPA           TIS EU        -421259823.5   632152613.6
TISCALI SPA           TIS FP        -421259823.5   632152613.6
TISCALI SPA           TIS IM        -421259823.5   632152613.6
TISCALI SPA           TIS IX        -421259823.5   632152613.6
TISCALI SPA           TIS NA        -421259823.5   632152613.6
TISCALI SPA           TIS NR        -421259823.5   632152613.6
TISCALI SPA           TIS PZ        -421259823.5   632152613.6
TISCALI SPA           TIS TQ        -421259823.5   632152613.6
TISCALI SPA           TIS VX        -421259823.5   632152613.6
TISCALI SPA           TISGBP EO     -421259823.5   632152613.6
TISCALI SPA           TISGBX EO     -421259823.5   632152613.6
TISCALI SPA           TISGBX EU     -421259823.5   632152613.6
TISCALI SPA           TISN FP       -421259823.5   632152613.6
TISCALI SPA           TISN IM       -421259823.5   632152613.6
TISCALI SPA           TISN IX       -421259823.5   632152613.6
TISCALI SPA           TISN NA       -421259823.5   632152613.6
TISCALI SPA           TISN VX       -421259823.5   632152613.6
TISCALI SPA           TSCXF US      -421259823.5   632152613.6
TISCALI SPA- RTS      3391621Q GR   -421259823.5   632152613.6
TISCALI SPA- RTS      TISAXA IM     -421259823.5   632152613.6
YORKVILLE BHN         BY IM         -178432.4639   134255668.5
YORKVILLE BHN         BY TQ         -178432.4639   134255668.5
YORKVILLE BHN         CBXI PZ       -178432.4639   134255668.5

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

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA      -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EO       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EU       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN GR       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN PZ       -7854741.409   609871188.9
BAAN COMPANY NV       BAAVF US      -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      600241Q GR      -131100008    2130899840
JAMES HARDIE IND      726824Z NA      -131100008    2130899840
JAMES HARDIE IND      HAH AU          -131100008    2130899840
JAMES HARDIE IND      HAH NZ          -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      JHA GR          -131100008    2130899840
JAMES HARDIE-CDI      JHIUF US        -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 LI         -5505478850    5112616630
UNITED PAN-EUR-A      UPC LN         -5505478850    5112616630
UNITED PAN-EUROP      UPC VX         -5505478850    5112616630
UNITED PAN-EUROP      UPCEF US       -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US       -5505478850    5112616630
UNITED PAN-EUROP      UPE GR         -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR        -5505478850    5112616630

NORWAY
------
INTEROIL EXPLORA      INOX NO           -9700000     249326000
INTEROIL EXPLORA      IOX BY            -9700000     249326000
INTEROIL EXPLORA      IOX EO            -9700000     249326000
INTEROIL EXPLORA      IOX EU            -9700000     249326000
INTEROIL EXPLORA      IOX IX            -9700000     249326000
INTEROIL EXPLORA      IOX NO            -9700000     249326000
INTEROIL EXPLORA      IOX PZ            -9700000     249326000
INTEROIL EXPLORA      IOXEUR EO         -9700000     249326000
INTEROIL EXPLORA      IOXEUR EU         -9700000     249326000
INTEROIL EXPLORA      IOXUSD EO         -9700000     249326000
INTEROIL EXPLORA      IOXUSD EU         -9700000     249326000
INTEROIL EXPLORA      IROIF US          -9700000     249326000
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
PETROJACK AS          JACK BY          -54932000     191586000
PETROJACK AS          JACK EO          -54932000     191586000
PETROJACK AS          JACK EU          -54932000     191586000
PETROJACK AS          JACK NO          -54932000     191586000
PETROJACK AS          JACK PZ          -54932000     191586000
PETROJACK AS          JACKEUR EO       -54932000     191586000
PETROJACK AS          JACKEUR EU       -54932000     191586000
PETROJACK AS          JACO IX          -54932000     191586000
PETROJACK AS          P3J GR           -54932000     191586000
PETROJACK AS          POJKF US         -54932000     191586000

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

PORTUGAL
--------
LISGRAFICA IMPRE      LIAG EO       -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG EU       -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG PL       -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EO        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EU        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG PL        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG PZ        -11584933.86   107940470.6
LISGRAFICA-RTS        LIGDS PL      -11584933.86   107940470.6
PORCELANA VISTA       PVAL PL       -75871846.95   148731546.6
REFER-REDE FERRO      1250Z PL       -1611845937    2225160725
SPORTING-SOC DES      SCDF EO       -22452984.49   177676573.7
SPORTING-SOC DES      SCDF EU       -22452984.49   177676573.7
SPORTING-SOC DES      SCDF PL       -22452984.49   177676573.7
SPORTING-SOC DES      SCG GR        -22452984.49   177676573.7
SPORTING-SOC DES      SCP PL        -22452984.49   177676573.7
SPORTING-SOC DES      SCP1 PZ       -22452984.49   177676573.7
SPORTING-SOC DES      SCPL IX       -22452984.49   177676573.7
SPORTING-SOC DES      SCPX PX       -22452984.49   177676573.7
VAA VISTA ALEGRE      VAF EO        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF EU        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PL        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PZ        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAFX PX       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EO       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EU       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PL       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PZ       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFKX PX      -75871846.95   148731546.6

ROMANIA
-------
DUVANSKA              DIVR SG       -7729350.776   109207260.5
OLTCHIM RM VALCE      OLT EO        -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EU        -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT PZ        -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT RO        -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTCF US      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EO     -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EU     -89344235.29   511515508.8
RAFO SA               RAF RO        -457922636.3   356796459.3

SERBIA
------
IMK 14 OKTOBAR A      IMKO SG       -5175836.416   110102264.2
PINKI AD              PNKI SG       -36537862.34     120707518
UZINELE SODICE G      UZIM RO       -62313938.86   107275526.8
ZASTAVA AUTOMOBI      ZAKG SG       -396504649.1   174692011.1

RUSSIA
------
AMUR SHIP-BRD         AMZS RU        -99051792.6    1089408985
AMUR SHIP-BRD         AMZS* RU       -99051792.6    1089408985
RBC INFO-ADR          RINFY US      -125838573.3   180731395.2
RBS INFORMATION       RBCI$ RU      -125838573.3   180731395.2
ROSBUSINESSC-CLS      RBCI RU       -125838573.3   180731395.2
ROSBUSINESSC-CLS      RBCI* RU      -125838573.3   180731395.2
ROSBUSINESSCON-3      RBCI3 RM      -125838573.3   180731395.2
ROSBUSINESSCONS       RBCI004D RM   -125838573.3   180731395.2
ROSBUSINESSCONSU      RBCI RM       -125838573.3   180731395.2
ROSBUSINESSC-T+0      RBCIG RU      -125838573.3   180731395.2

SPAIN
-----
ACTUACIONES ACTI      AGR SM        -195705447.2   561851834.6
AGRUPACIO - RT        AGR/D SM      -195705447.2   561851834.6
FERGO AISA SA         AISA EO       -195705447.2   561851834.6
FERGO AISA SA         AISA EU       -195705447.2   561851834.6
FERGO AISA SA         AISA PZ       -195705447.2   561851834.6
FERGO AISA SA         AISA SM       -195705447.2   561851834.6
MARTINSA FADESA       4PU GR         -2021642096    8362308561
MARTINSA FADESA       MFAD PZ        -2021642096    8362308561
MARTINSA FADESA       MTF EO         -2021642096    8362308561
MARTINSA FADESA       MTF EU         -2021642096    8362308561
MARTINSA FADESA       MTF SM         -2021642096    8362308561
MARTINSA FADESA       MTF1 LI        -2021642096    8362308561
MARTINSA-FADESA       MTF NR         -2021642096    8362308561
NYESA VALORES CO      BES EO         -68174952.1   813033334.5
NYESA VALORES CO      BES EU         -68174952.1   813033334.5
NYESA VALORES CO      BES SM         -68174952.1   813033334.5
NYESA VALORES CO      BES TQ         -68174952.1   813033334.5
NYESA VALORES CO      BESS PZ        -68174952.1   813033334.5
NYESA VALORES CO      NYE EO         -68174952.1   813033334.5
NYESA VALORES CO      NYE EU         -68174952.1   813033334.5
NYESA VALORES CO      NYE SM         -68174952.1   813033334.5
NYESA VALORES CO      NYE TQ         -68174952.1   813033334.5

SWEDEN
------
ALLOKTON AB           ALOKB SS      -81031119.44   273830723.9
NOBINA                1099Z SS      -44206989.56   501246031.8

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

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ       -16212049.02   277693905.5
BANK FORUM -GDR       639540Z LX    -5331676.798    2243068982
BANK FORUM -GDR       B5F GR        -5331676.798    2243068982
BANK FORUM -GDR       BFJG IX       -5331676.798    2243068982
BANK FORUM -GDR       FRMB038 RU    -5331676.798    2243068982
BANK FORUM JSC        FORM UZ       -5331676.798    2243068982
DNEPROPETROVSK        DMZP UZ       -15926384.43   424303604.8
DONETSKOBLENERGO      DOON UZ       -212690496.5   382989631.8
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
--------------
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 EO        -215101594.9     121405070
AEA TECHNOLOGY        AAT EU        -215101594.9     121405070
AEA TECHNOLOGY        AAT IX        -215101594.9     121405070
AEA TECHNOLOGY        AAT LN        -215101594.9     121405070
AEA TECHNOLOGY        AAT PO        -215101594.9     121405070
AEA TECHNOLOGY        AAT PZ        -215101594.9     121405070
AEA TECHNOLOGY        AAT VX        -215101594.9     121405070
AEA TECHNOLOGY        AATGBP EO     -215101594.9     121405070
AEA TECHNOLOGY        AEY GR        -215101594.9     121405070
AEA TECHNOLOGY        EAETF US      -215101594.9     121405070
AEA TECHNOLO-NPR      AATN LN       -215101594.9     121405070
AEA TECHNOLO-NPR      AATN PZ       -215101594.9     121405070
AIRTOURS PLC          AIR LN        -379721841.6    1817512774
AIRTOURS PLC          AIR VX        -379721841.6    1817512774
AIRTOURS PLC          ATORF US      -379721841.6    1817512774
ALLDAYS PLC           317056Q LN      -120493900   252232072.9
ALLDAYS PLC           ALDYF US        -120493900   252232072.9
AMER BUS SYS          ARB LN          -497127008     121439000
AMEY PLC              AMEYF US      -48862569.33   931527720.5
AMEY PLC              AMY LN        -48862569.33   931527720.5
AMEY PLC              AMY VX        -48862569.33   931527720.5
AMEY PLC-ASSENT       AMYA LN       -48862569.33   931527720.5
AMEY PLC-NEW          AMYN LN       -48862569.33   931527720.5
ANKER PLC             ANK LN        -21861359.81     115463159
ANKER PLC             ANK PO        -21861359.81     115463159
ANKER PLC             DW14 GR       -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN       -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN       -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN       -21861359.81     115463159
ATKINS (WS) PLC       6W2 GR          -207093345    1339139513
ATKINS (WS) PLC       ATK BQ          -207093345    1339139513
ATKINS (WS) PLC       ATK EB          -207093345    1339139513
ATKINS (WS) PLC       ATK EO          -207093345    1339139513
ATKINS (WS) PLC       ATK EU          -207093345    1339139513
ATKINS (WS) PLC       ATK IX          -207093345    1339139513
ATKINS (WS) PLC       ATK LN          -207093345    1339139513
ATKINS (WS) PLC       ATK NQ          -207093345    1339139513
ATKINS (WS) PLC       ATK NR          -207093345    1339139513
ATKINS (WS) PLC       ATK PO          -207093345    1339139513
ATKINS (WS) PLC       ATK PZ          -207093345    1339139513
ATKINS (WS) PLC       ATK QM          -207093345    1339139513
ATKINS (WS) PLC       ATK TQ          -207093345    1339139513
ATKINS (WS) PLC       ATK VX          -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EO       -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EU       -207093345    1339139513
ATKINS (WS) PLC       ATKGBP EO       -207093345    1339139513
ATKINS (WS) PLC       WATKF US        -207093345    1339139513
BAYDONHILL PLC        BHL EO        -3088436.068   106650689.4
BAYDONHILL PLC        BHL EU        -3088436.068   106650689.4
BAYDONHILL PLC        BHL IX        -3088436.068   106650689.4
BAYDONHILL PLC        BHL LN        -3088436.068   106650689.4
BAYDONHILL PLC        BHL PG        -3088436.068   106650689.4
BAYDONHILL PLC        BHL PZ        -3088436.068   106650689.4
BAYDONHILL PLC        BYH LN        -3088436.068   106650689.4
BLACK & EDGINGTO      BLE LN        -134177517.4   149159301.6
BNB RECRUITMENT       BNB IX        -10242627.53     103637705
BNB RECRUITMENT       BNB LN        -10242627.53     103637705
BNB RECRUITMENT       BNB PO        -10242627.53     103637705
BNB RECRUITMENT       BNBRF US      -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        BKRUY US       -59832880.4    1298182549
BOOKER PLC-ADR        BOK$ LN        -59832880.4    1298182549
BRADSTOCK GROUP       BDK LN        -1855444.443   268563822.5
BRADSTOCK GROUP       BSKGF US      -1855444.443   268563822.5
BRIT ENERGY LTD       523362Q LN     -5822867501    4921095750
BRIT ENERGY PLC       555140Q VX     -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR        -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US       -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US       -5822867501    4921095750
BRIT ENERGY-A         BENA GR        -5822867501    4921095750
BRIT ENERGY-ADR       BHEFF US       -5822867501    4921095750
BRIT NUCLEAR          1046Z LN       -4247644150   40325778907
BRIT TELECOM          9484 JP        -5803590908   44998015107
BRIT TELECOM          BTE GR         -5803590908   44998015107
BRIT TELECOM PLC      BT/A VX        -5803590908   44998015107
BRIT TELECOM PLC      BTPLF US       -5803590908   44998015107
BRIT TELECOM PLC      BTPWF US       -5803590908   44998015107
BRIT TELECOM-ADR      1481Q CN       -5803590908   44998015107
BRIT TELECOM-ADR      BTEA GR        -5803590908   44998015107
BRIT TELECOM-RTS      BTY-R US       -5803590908   44998015107
BRITISH ENER-$US      BGYD AR        -5822867501    4921095750
BRITISH ENER-$US      BGYNYD AR      -5822867501    4921095750
BRITISH ENER-ADR      BGYNY US       -5822867501    4921095750
BRITISH ENER-BLK      BGYB AR        -5822867501    4921095750
BRITISH ENER-BLK      BGYNYB AR      -5822867501    4921095750
BRITISH ENER-C/E      BGYC AR        -5822867501    4921095750
BRITISH ENER-C/E      BGYNYC AR      -5822867501    4921095750
BRITISH ENER-CED      BGY AR         -5822867501    4921095750
BRITISH ENER-CED      BGYNY AR       -5822867501    4921095750
BRITISH ENERGY-A      3012442Q LN    -5822867501    4921095750
BRITISH ENERGY-A      BGYA PO        -5822867501    4921095750
BRITISH ENERGY-A      BGYA VX        -5822867501    4921095750
BRITISH ENERGY-A      BGYGF US       -5822867501    4921095750
BRITISH ENERGY-A      BHEAF 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           BTVCF US      -3988699.913    1361742201
BRITVIC PLC           BVIC BQ       -3988699.913    1361742201
BRITVIC PLC           BVIC EB       -3988699.913    1361742201
BRITVIC PLC           BVIC EO       -3988699.913    1361742201
BRITVIC PLC           BVIC EU       -3988699.913    1361742201
BRITVIC PLC           BVIC IX       -3988699.913    1361742201
BRITVIC PLC           BVIC LN       -3988699.913    1361742201
BRITVIC PLC           BVIC NQ       -3988699.913    1361742201
BRITVIC PLC           BVIC NR       -3988699.913    1361742201
BRITVIC PLC           BVIC PZ       -3988699.913    1361742201
BRITVIC PLC           BVIC QM       -3988699.913    1361742201
BRITVIC PLC           BVIC TQ       -3988699.913    1361742201
BRITVIC PLC           BVIC VX       -3988699.913    1361742201
BRITVIC PLC           BVICEUR EO    -3988699.913    1361742201
BRITVIC PLC           BVICEUR EU    -3988699.913    1361742201
BRITVIC PLC           BVICGBP EO    -3988699.913    1361742201
BRITVIC PLC           BVICUSD EO    -3988699.913    1361742201
BRITVIC PLC           BVICUSD EU    -3988699.913    1361742201
BRITVIC PLC-ADR       BTVCY US      -3988699.913    1361742201
BT GROUP PLC          BT IX          -5803590908   44998015107
BT GROUP PLC          BT PZ          -5803590908   44998015107
BT GROUP PLC          BT/ VX         -5803590908   44998015107
BT GROUP PLC          BT/A BQ        -5803590908   44998015107
BT GROUP PLC          BT/A EB        -5803590908   44998015107
BT GROUP PLC          BT/A EO        -5803590908   44998015107
BT GROUP PLC          BT/A EU        -5803590908   44998015107
BT GROUP PLC          BT/A LN        -5803590908   44998015107
BT GROUP PLC          BT/A NQ        -5803590908   44998015107
BT GROUP PLC          BT/A NR        -5803590908   44998015107
BT GROUP PLC          BT/A PO        -5803590908   44998015107
BT GROUP PLC          BT/A QM        -5803590908   44998015107
BT GROUP PLC          BT/A TQ        -5803590908   44998015107
BT GROUP PLC          BT/AEUR EO     -5803590908   44998015107
BT GROUP PLC          BT/AEUR EU     -5803590908   44998015107
BT GROUP PLC          BT/AGBP EO     -5803590908   44998015107
BT GROUP PLC          BT/APEN EO     -5803590908   44998015107
BT GROUP PLC          BT/APEN EU     -5803590908   44998015107
BT GROUP PLC          BT/AUSD EO     -5803590908   44998015107
BT GROUP PLC          BT/AUSD EU     -5803590908   44998015107
BT GROUP PLC          BTEG IX        -5803590908   44998015107
BT GROUP PLC          BTGOF US       -5803590908   44998015107
BT GROUP PLC          BTQ GR         -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      BTD AR         -5803590908   44998015107
BT GROUP-CED $US      BTYD AR        -5803590908   44998015107
BT GROUP-CED BLK      BTB AR         -5803590908   44998015107
BT GROUP-CED BLK      BTYB AR        -5803590908   44998015107
BT GROUP-CED C/E      BTC AR         -5803590908   44998015107
BT GROUP-CED C/E      BTYC AR        -5803590908   44998015107
BT GROUP-CEDEAR       BT AR          -5803590908   44998015107
BT GROUP-CEDEAR       BTY AR         -5803590908   44998015107
BT GROUP-SPON AD      BT MM          -5803590908   44998015107
BT GROUP-SPON AD      BT US          -5803590908   44998015107
BT GROUP-SPON AD      BTY US         -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       CHS EO        -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EU        -7422046.098   110320050.3
CHRYSALIS GROUP       CHS IX        -7422046.098   110320050.3
CHRYSALIS GROUP       CHS LN        -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PO        -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PZ        -7422046.098   110320050.3
CHRYSALIS GROUP       CHS VX        -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EO     -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EU     -7422046.098   110320050.3
CHRYSALIS GROUP       CHSGBP EO     -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EO     -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EU     -7422046.098   110320050.3
CHRYSALIS GROUP       CLYSF US      -7422046.098   110320050.3
CHRYSALIS GROUP       CYGUF US      -7422046.098   110320050.3
CHRYSALIS GROUP       HR4 GR        -7422046.098   110320050.3
CLIPPER WINDPOWE      3470635Q LN     -218336000     776211968
CLIPPER WINDPOWE      C2W GR          -218336000     776211968
CLIPPER WINDPOWE      CRPWF US        -218336000     776211968
CLIPPER WINDPOWE      CWP EO          -218336000     776211968
CLIPPER WINDPOWE      CWP EU          -218336000     776211968
CLIPPER WINDPOWE      CWP IX          -218336000     776211968
CLIPPER WINDPOWE      CWP LN          -218336000     776211968
CLIPPER WINDPOWE      CWP PG          -218336000     776211968
CLIPPER WINDPOWE      CWP PZ          -218336000     776211968
CLIPPER WINDPOWE      CWPA LN         -218336000     776211968
COMPASS GROU-OLD      1259Q LN      -668101173.9    2972459078
COMPASS GROUP         QOP GR        -668101173.9    2972459078
COMPASS GRP-ADR       CMSGY US      -668101173.9    2972459078
COMPASS GRP-ADR       CMSJY US      -668101173.9    2972459078
COSTAIN GROUP         COST EO        -6136239.91   692749189.9
COSTAIN GROUP         COST EU        -6136239.91   692749189.9
COSTAIN GROUP         COST IX        -6136239.91   692749189.9
COSTAIN GROUP         COST LN        -6136239.91   692749189.9
COSTAIN GROUP         COST PO        -6136239.91   692749189.9
COSTAIN GROUP         COST PZ        -6136239.91   692749189.9
COSTAIN GROUP         COST VX        -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EO     -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EU     -6136239.91   692749189.9
COSTAIN GROUP         COSTGBP EO     -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EO     -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EU     -6136239.91   692749189.9
COSTAIN GROUP         CSGFF US       -6136239.91   692749189.9
COSTAIN GROU-RTS      COSF LN        -6136239.91   692749189.9
COSTAIN GROU-RTS      COSN LN        -6136239.91   692749189.9
CPP GROUP PLC         CPP LN        -69442858.18   225437367.4
CPP GROUP PLC         CPP PZ        -69442858.18   225437367.4
DAILY MAIL TST        DGW GR        -139060248.4    3723159411
DAILY MAIL TST        DMGO EO       -139060248.4    3723159411
DAILY MAIL TST        DMGO EU       -139060248.4    3723159411
DAILY MAIL TST        DMGO IX       -139060248.4    3723159411
DAILY MAIL TST        DMGO LN       -139060248.4    3723159411
DAILY MAIL TST        DMGO PO       -139060248.4    3723159411
DAILY MAIL TST        DMGO PZ       -139060248.4    3723159411
DAILY MAIL TST        DMGO VX       -139060248.4    3723159411
DAILY MAIL TST        DMGOGBP EO    -139060248.4    3723159411
DAILY MAIL TST        DMTOF US      -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      DMGT EB       -139060248.4    3723159411
DAILY MAIL TST A      DMGT EO       -139060248.4    3723159411
DAILY MAIL TST A      DMGT EU       -139060248.4    3723159411
DAILY MAIL TST A      DMGT IX       -139060248.4    3723159411
DAILY MAIL TST A      DMGT LN       -139060248.4    3723159411
DAILY MAIL TST A      DMGT NQ       -139060248.4    3723159411
DAILY MAIL TST A      DMGT NR       -139060248.4    3723159411
DAILY MAIL TST A      DMGT PO       -139060248.4    3723159411
DAILY MAIL TST A      DMGT PZ       -139060248.4    3723159411
DAILY MAIL TST A      DMGT QM       -139060248.4    3723159411
DAILY MAIL TST A      DMGT TQ       -139060248.4    3723159411
DAILY MAIL TST A      DMGT VX       -139060248.4    3723159411
DAILY MAIL TST A      DMGTEUR EO    -139060248.4    3723159411
DAILY MAIL TST A      DMGTEUR EU    -139060248.4    3723159411
DAILY MAIL TST A      DMGTGBP EO    -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD EO    -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD EU    -139060248.4    3723159411
DAILY MAIL TST A      DMTGF US      -139060248.4    3723159411
DANKA BUS SYSTEM      3205283Q EO     -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU     -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO     -497127008     121439000
DANKA BUS SYSTEM      DANKF US        -497127008     121439000
DANKA BUS SYSTEM      DNK IX          -497127008     121439000
DANKA BUS SYSTEM      DNK LN          -497127008     121439000
DANKA BUS SYSTEM      DNK PO          -497127008     121439000
DANKA BUS SYSTEM      DNK PZ          -497127008     121439000
DANKA BUS SYSTEM      DNK VX          -497127008     121439000
DANKA BUS-$US CE      DANKD AR        -497127008     121439000
DANKA BUS-ADR         AP39 LI         -497127008     121439000
DANKA BUS-ADR         DANKE US        -497127008     121439000
DANKA BUS-ADR         DANKY US        -497127008     121439000
DANKA BUS-ADR         DB6 GR          -497127008     121439000
DANKA BUS-BLK CE      DANKB AR        -497127008     121439000
DANKA BUS-C/E CE      DANKC AR        -497127008     121439000
DANKA BUS-CEDEAR      DANK AR         -497127008     121439000
DE LA RUE PLC         DELRF US      -49140782.93   785933430.9
DE LA RUE PLC         DL1 GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1A GR       -49140782.93   785933430.9
DE LA RUE PLC         DL1B GR       -49140782.93   785933430.9
DE LA RUE PLC         DL1C GR       -49140782.93   785933430.9
DE LA RUE PLC         DLAR BQ       -49140782.93   785933430.9
DE LA RUE PLC         DLAR EB       -49140782.93   785933430.9
DE LA RUE PLC         DLAR EO       -49140782.93   785933430.9
DE LA RUE PLC         DLAR EU       -49140782.93   785933430.9
DE LA RUE PLC         DLAR IX       -49140782.93   785933430.9
DE LA RUE PLC         DLAR LN       -49140782.93   785933430.9
DE LA RUE PLC         DLAR NQ       -49140782.93   785933430.9
DE LA RUE PLC         DLAR NR       -49140782.93   785933430.9
DE LA RUE PLC         DLAR PO       -49140782.93   785933430.9
DE LA RUE PLC         DLAR PZ       -49140782.93   785933430.9
DE LA RUE PLC         DLAR QM       -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         DLARCHF EU    -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EO    -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EU    -49140782.93   785933430.9
DE LA RUE PLC         DLARF US      -49140782.93   785933430.9
DE LA RUE PLC         DLARGBP EO    -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EO    -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EU    -49140782.93   785933430.9
DE LA RUE PLC         DLRUF US      -49140782.93   785933430.9
DE LA RUE-ADR         DERUY US      -49140782.93   785933430.9
DE LA RUE-ADR         DLUEY US      -49140782.93   785933430.9
DE LA RUE-PREF        3115438Q EU   -49140782.93   785933430.9
DE LA RUE-PREF        DLAP LN       -49140782.93   785933430.9
DE LA RUE-PREF        DLAP PZ       -49140782.93   785933430.9
EASYNET GROUP         EAY GR        -60380609.34   334049332.2
EASYNET GROUP         ESY LN        -60380609.34   334049332.2
EASYNET GROUP         ESY PO        -60380609.34   334049332.2
EASYNET GROUP         ESY VX        -60380609.34   334049332.2
EASYNET GROUP         EZNGF US      -60380609.34   334049332.2
EASYNET GROUP-CV      91009Z LN     -60380609.34   334049332.2
EMI GROUP -ASSD       EMIA LN        -2265916257    2950021937
EMI GROUP LTD         EMI LN         -2265916257    2950021937
EMI GROUP PLC         3020138Q GR    -2265916257    2950021937
EMI GROUP PLC         EMI IX         -2265916257    2950021937
EMI GROUP PLC         EMI PO         -2265916257    2950021937
EMI GROUP PLC         EMI VX         -2265916257    2950021937
EMI GROUP PLC         EMIPF US       -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN    -2265916257    2950021937
EMI GROUP-ADR         38IS LN        -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN        -2265916257    2950021937
EMI GROUP-ADR         EMIPY US       -2265916257    2950021937
EUROPEAN HOME         EHR EO        -14328735.16   110864081.4
EUROPEAN HOME         EHR EU        -14328735.16   110864081.4
EUROPEAN HOME         EHR LN        -14328735.16   110864081.4
EUROPEAN HOME         EHR PO        -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ        -14328735.16   110864081.4
EUROPEAN HOME         EHR VX        -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO     -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU     -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO     -14328735.16   110864081.4
EUROPEAN HOME         FPAKF US      -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO        -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX        -14328735.16   110864081.4
EUROPEAN MINERAL      EPM CN          -123563000     104843000
EUROPEAN MINERAL      EPM/U CN        -123563000     104843000
EUROPEAN MINERAL      EPMLF US        -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       -13610199.87     727265033
FARNELL ELEC-ADR      FRNZ LN       -13610199.87     727265033
FARNELL ELEC-RFD      FRNR LN       -13610199.87     727265033
FARNELL ELECTRON      FRNL LN       -13610199.87     727265033
GALIFORM PLC          GFRM BQ       -117673114.1   573836054.4
GALIFORM PLC          GFRM EB       -117673114.1   573836054.4
GALIFORM PLC          GFRM EO       -117673114.1   573836054.4
GALIFORM PLC          GFRM EU       -117673114.1   573836054.4
GALIFORM PLC          GFRM IX       -117673114.1   573836054.4
GALIFORM PLC          GFRM LN       -117673114.1   573836054.4
GALIFORM PLC          GFRM NQ       -117673114.1   573836054.4
GALIFORM PLC          GFRM NR       -117673114.1   573836054.4
GALIFORM PLC          GFRM PO       -117673114.1   573836054.4
GALIFORM PLC          GFRM PZ       -117673114.1   573836054.4
GALIFORM PLC          GFRM QM       -117673114.1   573836054.4
GALIFORM PLC          GFRM TQ       -117673114.1   573836054.4
GALIFORM PLC          GFRM VX       -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EO    -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EU    -117673114.1   573836054.4
GALIFORM PLC          GFRMGBP EO    -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EO    -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EU    -117673114.1   573836054.4
GALIFORM PLC          GLFMF US      -117673114.1   573836054.4
GALIFORM PLC          MFI IX        -117673114.1   573836054.4
GALIFORM PLC          MFI PO        -117673114.1   573836054.4
GALIFORM PLC          MFI VX        -117673114.1   573836054.4
GALIFORM PLC          MFIFF US      -117673114.1   573836054.4
GARTLAND WHALLEY      GWB LN        -10986769.42   145352034.5
GO-AHEAD GROUP        G9X GR        -44415250.72    1780324810
GO-AHEAD GROUP        GHGUF US      -44415250.72    1780324810
GO-AHEAD GROUP        GOG BQ        -44415250.72    1780324810
GO-AHEAD GROUP        GOG EB        -44415250.72    1780324810
GO-AHEAD GROUP        GOG EO        -44415250.72    1780324810
GO-AHEAD GROUP        GOG EU        -44415250.72    1780324810
GO-AHEAD GROUP        GOG IX        -44415250.72    1780324810
GO-AHEAD GROUP        GOG LN        -44415250.72    1780324810
GO-AHEAD GROUP        GOG NQ        -44415250.72    1780324810
GO-AHEAD GROUP        GOG NR        -44415250.72    1780324810
GO-AHEAD GROUP        GOG PO        -44415250.72    1780324810
GO-AHEAD GROUP        GOG PZ        -44415250.72    1780324810
GO-AHEAD GROUP        GOG QM        -44415250.72    1780324810
GO-AHEAD GROUP        GOG TQ        -44415250.72    1780324810
GO-AHEAD GROUP        GOG VX        -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EO     -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EU     -44415250.72    1780324810
GO-AHEAD GROUP        GOGGBP EO     -44415250.72    1780324810
GREEN (E) & PART      GEP LN        -35008863.49   305242409.9
HAWTIN PLC            HTI EO        -3873861.331   110875080.8
HAWTIN PLC            HTI EU        -3873861.331   110875080.8
HAWTIN PLC            HTI IX        -3873861.331   110875080.8
HAWTIN PLC            HTI LN        -3873861.331   110875080.8
HAWTIN PLC            HTI PG        -3873861.331   110875080.8
HAWTIN PLC            HTI PO        -3873861.331   110875080.8
HAWTIN PLC            HTI PZ        -3873861.331   110875080.8
HAWTIN PLC            HTI VX        -3873861.331   110875080.8
HAWTIN PLC            HWN GR        -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      DQX GR           -11371715   739481804.8
HOGG ROBINSON GR      HOGGF US         -11371715   739481804.8
HOGG ROBINSON GR      HRG EO           -11371715   739481804.8
HOGG ROBINSON GR      HRG EU           -11371715   739481804.8
HOGG ROBINSON GR      HRG IX           -11371715   739481804.8
HOGG ROBINSON GR      HRG LN           -11371715   739481804.8
HOGG ROBINSON GR      HRG PZ           -11371715   739481804.8
HOGG ROBINSON GR      HRG VX           -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EO        -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EU        -11371715   739481804.8
HOGG ROBINSON GR      HRGGBP EO        -11371715   739481804.8
JARVIS PLC            JRVS EO       -64739862.73     130951086
JARVIS PLC            JRVS EU       -64739862.73     130951086
JARVIS PLC            JRVS IX       -64739862.73     130951086
JARVIS PLC            JRVS LN       -64739862.73     130951086
JARVIS PLC            JRVS PO       -64739862.73     130951086
JARVIS PLC            JRVS PZ       -64739862.73     130951086
JARVIS PLC            JRVS VX       -64739862.73     130951086
JARVIS PLC            JRVSEUR EO    -64739862.73     130951086
JARVIS PLC            JRVSEUR EU    -64739862.73     130951086
JARVIS PLC            JRVSGBP EO    -64739862.73     130951086
JARVIS PLC            JVR GR        -64739862.73     130951086
JARVIS PLC            JVSPF US      -64739862.73     130951086
JESSOPS PLC           JS4 GR         -42702021.2   112964060.4
JESSOPS PLC           JSP EO         -42702021.2   112964060.4
JESSOPS PLC           JSP EU         -42702021.2   112964060.4
JESSOPS PLC           JSP IX         -42702021.2   112964060.4
JESSOPS PLC           JSP LN         -42702021.2   112964060.4
JESSOPS PLC           JSP PO         -42702021.2   112964060.4
JESSOPS PLC           JSP PZ         -42702021.2   112964060.4
JESSOPS PLC           JSP VX         -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EO      -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU      -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO      -42702021.2   112964060.4
KAZAKHSTAN MNRLS      KMC/U CN        -123563000     104843000
KAZAKHSTAN MNRLS      KMCO CN         -123563000     104843000
KAZAKHSTAN MNRLS      KMCO/U CN       -123563000     104843000
KAZAKHSTAN MNRLS      KMCOF US        -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 LN       -97533918.57    1748505414
LADBROKES - FPR       LADF PZ       -97533918.57    1748505414
LADBROKES PLC         HG/ VX        -97533918.57    1748505414
LADBROKES PLC         LAD BQ        -97533918.57    1748505414
LADBROKES PLC         LAD EB        -97533918.57    1748505414
LADBROKES PLC         LAD EO        -97533918.57    1748505414
LADBROKES PLC         LAD EU        -97533918.57    1748505414
LADBROKES PLC         LAD GR        -97533918.57    1748505414
LADBROKES PLC         LAD IX        -97533918.57    1748505414
LADBROKES PLC         LAD LN        -97533918.57    1748505414
LADBROKES PLC         LAD NQ        -97533918.57    1748505414
LADBROKES PLC         LAD NR        -97533918.57    1748505414
LADBROKES PLC         LAD PO        -97533918.57    1748505414
LADBROKES PLC         LAD PZ        -97533918.57    1748505414
LADBROKES PLC         LAD QM        -97533918.57    1748505414
LADBROKES PLC         LAD TQ        -97533918.57    1748505414
LADBROKES PLC         LAD VX        -97533918.57    1748505414
LADBROKES PLC         LADEUR EO     -97533918.57    1748505414
LADBROKES PLC         LADEUR EU     -97533918.57    1748505414
LADBROKES PLC         LADGBP EO     -97533918.57    1748505414
LADBROKES PLC         LADNZD EO     -97533918.57    1748505414
LADBROKES PLC         LADNZD EU     -97533918.57    1748505414
LADBROKES PLC         LADUSD EO     -97533918.57    1748505414
LADBROKES PLC         LDBKF US      -97533918.57    1748505414
LADBROKES PLC-AD      LDBKY LN      -97533918.57    1748505414
LADBROKES PLC-AD      LDBKY US      -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      889687Q GR     -73166148.8   143762193.7
LEEDS UNITED PLC      LDSUF US       -73166148.8   143762193.7
LEEDS UNITED PLC      LUFC LN        -73166148.8   143762193.7
LONDON TOWN PLC       LOU GR        -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 LN        -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG        -21897636.36   175672299.2
LONDON TOWN PLC       LTW PO        -21897636.36   175672299.2
LONDON TOWN PLC       LTW PZ        -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN       -21897636.36   175672299.2
LONDON TOWN PLC       LTWX LN       -21897636.36   175672299.2
M 2003 PLC            203055Q LN     -2203513803    7204891602
M 2003 PLC            MTWOF US       -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US       -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US       -2203513803    7204891602
MARCONI PLC           203083Q VX     -2203513803    7204891602
MARCONI PLC           MNI BB         -2203513803    7204891602
MARCONI PLC           MNI LN         -2203513803    7204891602
MARCONI PLC           MONI BB        -2203513803    7204891602
MARCONI PLC           MRCQF US       -2203513803    7204891602
MARCONI PLC           MY2 GR         -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR        -2203513803    7204891602
MARCONI PLC-ADR       MCONY US       -2203513803    7204891602
MARCONI PLC-ADR       MONI US        -2203513803    7204891602
MARCONI PLC-ADR       MONIE US       -2203513803    7204891602
MARCONI PLC-ADR       MONIY US       -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US       -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR        -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU      -2203513803    7204891602
MFI FURNITURE GR      MFI LN        -117673114.1   573836054.4
MYTRAVEL GROUP        3544280Q IX   -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR       -379721841.6    1817512774
MYTRAVEL GROUP        MT/S LN       -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO       -379721841.6    1817512774
MYTRAVEL GROUP        MT/S VX       -379721841.6    1817512774
MYTRAVEL GROUP        MYTPF US      -379721841.6    1817512774
MYTRAVEL GROUP 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        3226431Q EU     -397718038   292972732.1
NEW STAR ASSET        3226435Q EO     -397718038   292972732.1
NEW STAR ASSET        3226439Q EU     -397718038   292972732.1
NEW STAR ASSET        3226443Q EO     -397718038   292972732.1
NEW STAR ASSET        3226447Q EO     -397718038   292972732.1
NEW STAR ASSET        N6S GR          -397718038   292972732.1
NEW STAR ASSET        NSAA LN         -397718038   292972732.1
NEW STAR ASSET        NSAM IX         -397718038   292972732.1
NEW STAR ASSET        NSAM LN         -397718038   292972732.1
NEW STAR ASSET        NSAM PO         -397718038   292972732.1
NEW STAR ASSET        NSAM PZ         -397718038   292972732.1
NEW STAR ASSET        NSAM TQ         -397718038   292972732.1
NEW STAR ASSET        NWSAF US        -397718038   292972732.1
ORANGE PLC            1460Q GR        -593935051    2902299502
ORANGE PLC            951641Q LN      -593935051    2902299502
ORANGE PLC            ORNGF US        -593935051    2902299502
ORANGE PLC-ADR        ONG GR          -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN         -593935051    2902299502
ORANGE PLC-ADR        ORNGY US        -593935051    2902299502
ORBIS PLC             OBG PO        -4168498.479   127701679.5
ORBIS PLC             OBS IX        -4168498.479   127701679.5
ORBIS PLC             OBS LN        -4168498.479   127701679.5
ORBIS PLC             OBS PO        -4168498.479   127701679.5
ORBIS PLC             OBS PZ        -4168498.479   127701679.5
ORBIS PLC             ORBSF US      -4168498.479   127701679.5
ORBIS PLC             RLP GR        -4168498.479   127701679.5
ORSU METALS CORP      E4M GR          -123563000     104843000
ORSU METALS CORP      E4M1 GR         -123563000     104843000
ORSU METALS CORP      EPMCF US        -123563000     104843000
ORSU METALS CORP      EUM IX          -123563000     104843000
ORSU METALS CORP      ORSM007 RU      -123563000     104843000
ORSU METALS CORP      ORSM007* RU     -123563000     104843000
ORSU METALS CORP      ORSUF US        -123563000     104843000
ORSU METALS CORP      OSU CN          -123563000     104843000
ORSU METALS CORP      OSU LN          -123563000     104843000
ORSU METALS CORP      OSU PG          -123563000     104843000
ORSU METALS CORP      OSU PZ          -123563000     104843000
ORSU METALS CORP      OSUGBX EO       -123563000     104843000
ORSU METALS CORP      OSUMF US        -123563000     104843000
PARK FOOD GROUP       PKFD LN       -52867263.19   185089877.3
PARK GROUP PLC        PKG EO        -52867263.19   185089877.3
PARK GROUP PLC        PKG EU        -52867263.19   185089877.3
PARK GROUP PLC        PKG LN        -52867263.19   185089877.3
PARK GROUP PLC        PKG PO        -52867263.19   185089877.3
PARK GROUP PLC        PKG PZ        -52867263.19   185089877.3
PARK GROUP PLC        PKG VX        -52867263.19   185089877.3
PARK GROUP PLC        PKGGBP EO     -52867263.19   185089877.3
PARK GROUP PLC        PRKG IX       -52867263.19   185089877.3
PARK GROUP PLC        PRKGF US      -52867263.19   185089877.3
PATIENTLINE PLC       2928899Q EO   -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU   -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO   -54677284.64   124948245.8
PATIENTLINE PLC       PTL IX        -54677284.64   124948245.8
PATIENTLINE PLC       PTL LN        -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO        -54677284.64   124948245.8
PATIENTLINE PLC       PTL PZ        -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX        -54677284.64   124948245.8
PREMIER FARN-ADR      2246804Q US   -13610199.87     727265033
PREMIER FARN-ADR      PFLZ LN       -13610199.87     727265033
PREMIER FARN-ADR      PIFLY US      -13610199.87     727265033
PREMIER FARNELL       PFL BQ        -13610199.87     727265033
PREMIER FARNELL       PFL EB        -13610199.87     727265033
PREMIER FARNELL       PFL EO        -13610199.87     727265033
PREMIER FARNELL       PFL EU        -13610199.87     727265033
PREMIER FARNELL       PFL IX        -13610199.87     727265033
PREMIER FARNELL       PFL LN        -13610199.87     727265033
PREMIER FARNELL       PFL NQ        -13610199.87     727265033
PREMIER FARNELL       PFL NR        -13610199.87     727265033
PREMIER FARNELL       PFL PO        -13610199.87     727265033
PREMIER FARNELL       PFL PZ        -13610199.87     727265033
PREMIER FARNELL       PFL QM        -13610199.87     727265033
PREMIER FARNELL       PFL TQ        -13610199.87     727265033
PREMIER FARNELL       PFL VX        -13610199.87     727265033
PREMIER FARNELL       PFLEUR EO     -13610199.87     727265033
PREMIER FARNELL       PFLEUR EU     -13610199.87     727265033
PREMIER FARNELL       PFLGBP EO     -13610199.87     727265033
PREMIER FARNELL       PFLSEK EO     -13610199.87     727265033
PREMIER FARNELL       PFLSEK EU     -13610199.87     727265033
PREMIER FARNELL       PFLUSD EO     -13610199.87     727265033
PREMIER FARNELL       PFLUSD EU     -13610199.87     727265033
PREMIER FARNELL       PIFLF US      -13610199.87     727265033
PREMIER FARNELL       PML GR        -13610199.87     727265033
PROSTRAKAN GROUP      PKNGF US       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EO         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EU         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK IX         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK LN         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PO         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PZ         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK VX         -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKEUR EO      -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKEUR EU      -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKGBP EO      -8881399.87   126115878.2
REAL ESTATE OP-O      REA GR        -145048365.8    2933767507
REAL ESTATE OP-O      REO EO        -145048365.8    2933767507
REAL ESTATE OP-O      REO EU        -145048365.8    2933767507
REAL ESTATE OP-O      REO ID        -145048365.8    2933767507
REAL ESTATE OP-O      REO IX        -145048365.8    2933767507
REAL ESTATE OP-O      REO LN        -145048365.8    2933767507
REAL ESTATE OP-O      REO PZ        -145048365.8    2933767507
REAL ESTATE OP-O      REO VX        -145048365.8    2933767507
REAL ESTATE OP-O      REOGBP EO     -145048365.8    2933767507
REGUS LTD             273187Q LN    -46111835.37     367181111
REGUS PLC             2296Z LN      -46111835.37     367181111
REGUS PLC             273195Q VX    -46111835.37     367181111
REGUS PLC             REGSF US      -46111835.37     367181111
REGUS PLC             RGU GR        -46111835.37     367181111
REGUS PLC-ADS         REGS US       -46111835.37     367181111
REGUS PLC-ADS         REGSV US      -46111835.37     367181111
REGUS PLC-ADS         REGSY US      -46111835.37     367181111
REGUS PLC-ADS         RGUA GR       -46111835.37     367181111
RENTOKIL INITIAL      RKLIF US      -242381476.4    3231214649
RENTOKIL INITIAL      RTO BQ        -242381476.4    3231214649
RENTOKIL INITIAL      RTO EB        -242381476.4    3231214649
RENTOKIL INITIAL      RTO EO        -242381476.4    3231214649
RENTOKIL INITIAL      RTO EU        -242381476.4    3231214649
RENTOKIL INITIAL      RTO GR        -242381476.4    3231214649
RENTOKIL INITIAL      RTO IX        -242381476.4    3231214649
RENTOKIL INITIAL      RTO LN        -242381476.4    3231214649
RENTOKIL INITIAL      RTO NQ        -242381476.4    3231214649
RENTOKIL INITIAL      RTO NR        -242381476.4    3231214649
RENTOKIL INITIAL      RTO PO        -242381476.4    3231214649
RENTOKIL INITIAL      RTO PZ        -242381476.4    3231214649
RENTOKIL INITIAL      RTO QM        -242381476.4    3231214649
RENTOKIL INITIAL      RTO TQ        -242381476.4    3231214649
RENTOKIL INITIAL      RTO VX        -242381476.4    3231214649
RENTOKIL INITIAL      RTO1 GR       -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EO     -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EU     -242381476.4    3231214649
RENTOKIL INITIAL      RTOG IX       -242381476.4    3231214649
RENTOKIL INITIAL      RTOGBP EO     -242381476.4    3231214649
RENTOKIL INITIAL      RTOKF US      -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EO     -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EU     -242381476.4    3231214649
RENTOKIL-SP ADR       AP76 LI       -242381476.4    3231214649
RENTOKIL-SP ADR       RTOKY US      -242381476.4    3231214649
SAATCHI & SA-ADR      SSA US        -119260804.2   705060824.5
SAATCHI & SA-ADR      SSI$ LN       -119260804.2   705060824.5
SAATCHI & SAATCH      188190Q GR    -119260804.2   705060824.5
SAATCHI & SAATCH      SSATF US      -119260804.2   705060824.5
SAATCHI & SAATCH      SSI LN        -119260804.2   705060824.5
SCOTTISH MEDIA        1442Q GR      -51512119.25     207340304
SCOTTISH MEDIA        SSM LN        -51512119.25     207340304
SCOTTISH MEDIA        SSMR LN       -51512119.25     207340304
SCOTTISH TELEV        SCTVF US      -51512119.25     207340304
SFI GROUP PLC         SUF LN        -108067115.8   177647536.1
SFI GROUP PLC         SUYFF US      -108067115.8   177647536.1
SKYEPHARMA PLC        SK8A GR       -134177517.4   149159301.6
SKYEPHARMA PLC        SK8C GR       -134177517.4   149159301.6
SKYEPHARMA PLC        SKP EO        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP EU        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP IX        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP LN        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP PO        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP PZ        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP TQ        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP VX        -134177517.4   149159301.6
SKYEPHARMA PLC        SKP1 VX       -134177517.4   149159301.6
SKYEPHARMA PLC        SKPEUR EO     -134177517.4   149159301.6
SKYEPHARMA PLC        SKPEUR EU     -134177517.4   149159301.6
SKYEPHARMA PLC        SKPGBP EO     -134177517.4   149159301.6
SKYEPHARMA PLC        SKYEF US      -134177517.4   149159301.6
SKYEPHARMA -SUB       2976665Z LN   -134177517.4   149159301.6
SKYEPHARMA-ADR        AP80 LI       -134177517.4   149159301.6
SKYEPHARMA-ADR        SK8 GR        -134177517.4   149159301.6
SKYEPHARMA-ADR        SK8N GR       -134177517.4   149159301.6
SKYEPHARMA-ADR        SKYE US       -134177517.4   149159301.6
SKYEPHARMA-ADR        SKYEY US      -134177517.4   149159301.6
SKYEPHARMA-ADR        SKYPY US      -134177517.4   149159301.6
SKYEPHAR-RTS F/P      SKPF LN       -134177517.4   149159301.6
SKYEPHAR-RTS F/P      SKPF VX       -134177517.4   149159301.6
SKYEPHAR-RTS N/P      SKPN LN       -134177517.4   149159301.6
SKYEPHAR-RTS N/P      SKPN VX       -134177517.4   149159301.6
SMG PLC               SMG LN        -51512119.25     207340304
SMG PLC               SMG PO        -51512119.25     207340304
SMG PLC-FUL PAID      SMGF LN       -51512119.25     207340304
SMG PLC-NIL PAID      SMGN LN       -51512119.25     207340304
SMITHS NEWS PLC       NWS IX        -111380853.7   310693960.2
SMITHS NEWS PLC       NWS LN        -111380853.7   310693960.2
SMITHS NEWS PLC       NWS PO        -111380853.7   310693960.2
SMITHS NEWS PLC       NWS PZ        -111380853.7   310693960.2
SMITHS NEWS PLC       NWS VX        -111380853.7   310693960.2
SMITHS NEWS PLC       NWS1 BQ       -111380853.7   310693960.2
SMITHS NEWS PLC       NWS1 EO       -111380853.7   310693960.2
SMITHS NEWS PLC       NWS1 EU       -111380853.7   310693960.2
SMITHS NEWS PLC       NWS1GBP EO    -111380853.7   310693960.2
SMITHS NEWS PLC       NWS2 EO       -111380853.7   310693960.2
SMITHS NEWS PLC       NWS2 EU       -111380853.7   310693960.2
SMITHS NEWS PLC       NWS2 TQ       -111380853.7   310693960.2
SMITHS NEWS PLC       NWS2EUR EO    -111380853.7   310693960.2
SMITHS NEWS PLC       NWS2EUR EU    -111380853.7   310693960.2
SMITHS NEWS PLC       NWS2GBP EO    -111380853.7   310693960.2
SMITHS NEWS PLC       SMWPF US      -111380853.7   310693960.2
SMITHS NEWS PLC       SMWPY US      -111380853.7   310693960.2
STAGECOACH GROUP      SAGKF US      -113434621.8    2507562892
STAGECOACH GROUP      SGC IX        -113434621.8    2507562892
STAGECOACH GROUP      SGC LN        -113434621.8    2507562892
STAGECOACH GROUP      SGC PO        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 BQ       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EB       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EO       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EU       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NQ       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NR       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 QM       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 TQ       -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EO    -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EU    -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EO    -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EU    -113434621.8    2507562892
STAGECOACH GROUP      SGC1GBP EO    -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EO    -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EU    -113434621.8    2507562892
STAGECOACH GROUP      SGC2 VX       -113434621.8    2507562892
STAGECOACH GROUP      SGCG PZ       -113434621.8    2507562892
STAGECOACH GROUP      SHP GR        -113434621.8    2507562892
STAGECOACH GROUP      SHP4 GR       -113434621.8    2507562892
STAGECOACH GRP-B      SGCB LN       -113434621.8    2507562892
STAGECOACH-NEW        SGCN LN       -113434621.8    2507562892
STV GROUP PLC         SMG IX        -51512119.25     207340304
STV GROUP PLC         SMG PZ        -51512119.25     207340304
STV GROUP PLC         SMG VX        -51512119.25     207340304
STV GROUP PLC         SMGPF US      -51512119.25     207340304
STV GROUP PLC         STVG EO       -51512119.25     207340304
STV GROUP PLC         STVG EU       -51512119.25     207340304
STV GROUP PLC         STVG LN       -51512119.25     207340304
STV GROUP PLC         STVG VX       -51512119.25     207340304
STV GROUP PLC         STVGEUR EO    -51512119.25     207340304
STV GROUP PLC         STVGEUR EU    -51512119.25     207340304
STV GROUP PLC         STVGGBP EO    -51512119.25     207340304
TELEWEST COM-ADR      940767Q GR     -3702234581    7581020925
TELEWEST COM-ADR      TWSTD US       -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US       -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN        -3702234581    7581020925
TELEWEST COMM         604296Q GR     -3702234581    7581020925
TELEWEST COMM         715382Q LN     -3702234581    7581020925
TELEWEST COMM         TWSTF US       -3702234581    7581020925
TELEWEST COMM         TWT VX         -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 BQ        -85010363.51   146193829.2
TOPPS TILES PLC       TPT EO        -85010363.51   146193829.2
TOPPS TILES PLC       TPT EU        -85010363.51   146193829.2
TOPPS TILES PLC       TPT IX        -85010363.51   146193829.2
TOPPS TILES PLC       TPT LN        -85010363.51   146193829.2
TOPPS TILES PLC       TPT PO        -85010363.51   146193829.2
TOPPS TILES PLC       TPT PZ        -85010363.51   146193829.2
TOPPS TILES PLC       TPT TQ        -85010363.51   146193829.2
TOPPS TILES PLC       TPT VX        -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EO     -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EU     -85010363.51   146193829.2
TOPPS TILES PLC       TPTGBP EO     -85010363.51   146193829.2
TOPPS TILES PLC       TPTJF US      -85010363.51   146193829.2
TOPPS TILES PLC       TPTJY US      -85010363.51   146193829.2
TOPPS TILES-NEW       TPTN LN       -85010363.51   146193829.2
UTC GROUP             UGR LN        -11904426.45     203548565
VIRGIN MOB-ASSD       VMOA LN       -392165437.6   166070003.7
VIRGIN MOB-ASSD       VMOC LN       -392165437.6   166070003.7
VIRGIN MOBILE         UEM GR        -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         VMOB VX       -392165437.6   166070003.7
WARNER ESTATE         WNEHF US      -37798939.99   432125169.9
WARNER ESTATE         WNER EO       -37798939.99   432125169.9
WARNER ESTATE         WNER EU       -37798939.99   432125169.9
WARNER ESTATE         WNER IX       -37798939.99   432125169.9
WARNER ESTATE         WNER LN       -37798939.99   432125169.9
WARNER ESTATE         WNER PO       -37798939.99   432125169.9
WARNER ESTATE         WNER PZ       -37798939.99   432125169.9
WARNER ESTATE         WNER VX       -37798939.99   432125169.9
WARNER ESTATE         WNERGBP EO    -37798939.99   432125169.9
WARNER ESTATE         WRL GR        -37798939.99   432125169.9
WATSON & PHILIP       WTSN LN         -120493900   252232072.9
WHITE YOUNG GREE      WHY EO        -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EU        -35008863.49   305242409.9
WHITE YOUNG GREE      WHY LN        -35008863.49   305242409.9
WHITE YOUNG GREE      WHY PO        -35008863.49   305242409.9
WHITE YOUNG GREE      WHY PZ        -35008863.49   305242409.9
WHITE YOUNG GREE      WHY VX        -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EO     -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EU     -35008863.49   305242409.9
WHITE YOUNG GREE      WHYGBP EO     -35008863.49   305242409.9
WHITE YOUNG-NEW       WHYN LN       -35008863.49   305242409.9
WINCANTON PL-ADR      WNCNY US      -63105009.98    1416979806
WINCANTON PLC         WIN IX        -63105009.98    1416979806
WINCANTON PLC         WIN LN        -63105009.98    1416979806
WINCANTON PLC         WIN PO        -63105009.98    1416979806
WINCANTON PLC         WIN PZ        -63105009.98    1416979806
WINCANTON PLC         WIN VX        -63105009.98    1416979806
WINCANTON PLC         WIN1 BQ       -63105009.98    1416979806
WINCANTON PLC         WIN1 EB       -63105009.98    1416979806
WINCANTON PLC         WIN1 EO       -63105009.98    1416979806
WINCANTON PLC         WIN1 EU       -63105009.98    1416979806
WINCANTON PLC         WIN1 NQ       -63105009.98    1416979806
WINCANTON PLC         WIN1 QM       -63105009.98    1416979806
WINCANTON PLC         WIN1 TQ       -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EO    -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EU    -63105009.98    1416979806
WINCANTON PLC         WIN1GBP EO    -63105009.98    1416979806
WINCANTON PLC         WIN1USD EO    -63105009.98    1416979806
WINCANTON PLC         WIN1USD EU    -63105009.98    1416979806
WINCANTON PLC         WNCNF US      -63105009.98    1416979806
WYG PLC               WHY IX        -35008863.49   305242409.9
WYG PLC               WYG EO        -35008863.49   305242409.9
WYG PLC               WYG EU        -35008863.49   305242409.9
WYG PLC               WYG LN        -35008863.49   305242409.9
WYG PLC               WYG PZ        -35008863.49   305242409.9
WYG PLC               WYGEUR EO     -35008863.49   305242409.9
WYG PLC               WYGEUR EU     -35008863.49   305242409.9
WYG PLC               WYGGBP EO     -35008863.49   305242409.9
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 * * *