TCREUR_Public/100413.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, April 13, 2010, Vol. 11, No. 071

                            Headlines



D E N M A R K

AMAGERBANKEN AS: Moody's Confirms 'E+' Bank Strength Rating


F R A N C E

SNP BOAT: Chapter 15 Case Summary


G E R M A N Y

ARCANDOR AG: Administrator Still In Talks Over Karstadt Sale
BRENNTAG AG: S&P Raises Corporate Credit Rating to 'BB+'


G R E E C E

AGRICULTURAL BANK: Fitch Cuts Long-term IDR to 'BB+' From 'BBB-'
ALPHA BANK: Fitch Cuts Rating on Jr. Subordinated Notes to 'BB'
EFG EUROBANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'BB'
PIRAEUS BANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'


I R E L A N D

BESTSELLER RETAIL: Seeks to Repudiate Remaining Leases
QUINN INSURANCE: Anglo's Rescue Plan Needs European Approval


I T A L Y

FASTWEB SPA: Exposure to Fraud Probe to Hit EUR81MM, Parent Says


N E T H E R L A N D S

FORTIS BANK: S&P Raises Rating on Mandatory Securities to 'BB'
LYONDELL CHEMICAL: Parent May Face U.S. Bribery Probe


P O R T U G A L

SAGRES STC: Fitch Affirms 'BB' Rating on Class T Fixed-Rate Notes


R O M A N I A

MATACHE MACELARU: Declared Insolvent After Failing to Pay Debts

* ROMANIA: Central Bank Can Dismiss Lenders' Insolvency Filings


R U S S I A

FAR EAST: Moody's Assigns Corporate Family Rating at 'Ba3'


S P A I N

ANDALUS LINEAS: Racks Up GBP7 Million in Debts
OBRASCON HUARTE: Fitch Assigns 'BB-' Rating on Unsec. Bond


U K R A I N E

NADRA BANK: IMF Wants Ukraine to Decide on Fate By May 15


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Iberia Merger Won't Affect Moody's Ratings
EMI GROUP: Faces GBP200 Mil. Pension Deficit
LEHMAN BROTHERS: European Unit to Settle Smaller Claims
LIVERPOOL FOOTBALL: U.S. Owners Tap Barclays to Find Buyer
MARDENIS LTD: In Administration; Armstrong Watson Appointed

READER'S DIGEST: Bought Out of Administration By Better Capital
TENDERLEAN MEATS: Bought Out of Administration; 100 Jobs Saved
YELL GROUP: S&P Changes Outlook to Stable; Affirms 'B' Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



=============
D E N M A R K
=============


AMAGERBANKEN AS: Moody's Confirms 'E+' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed the E+ bank financial
strength rating of Amagerbanken with a negative outlook.  The
bank's long term deposit rating is unaffected.

The rating action concludes the review for possible downgrade of
Amagerbanken's BFSR, which was initiated in October 2009 following
the announcement that Amagerbanken had not complied with its
individual solvency requirement.  At the time, Amagerbanken
disputed the Danish FSA's individual solvency requirement, but
the company appeals' board upheld the decision by the FSA.
Amagerbanken took substantial impairment charges in Q3 2009, and
subsequently strengthened its capitalization in December via the
addition of DKK 1 billion of private and DKK 1.1 billion of
government backed capital.  Therefore, by year-end 2009,
Amagerbanken had complied with the solvency requirement of 12.1%,
hence the rating confirmation and the conclusion of the review of
the bank's BFSR.

The confirmed BFSR of E+ takes into account Amagerbanken's
continued high exposure to the Danish real estate sector, where
conditions remain challenging and the asset quality in the loan
book is weak.  Moody's also has some concerns about the viability
of the bank's business model related to property finance, given
continued adverse developments in this sector.  These concerns are
reflected in the negative outlook on the BFSR.

Moody's last rating action on Amagerbanken was implemented on
October 8, 2009, when its E+ BFSR was placed on review for
possible downgrade.

Headquartered in Copenhagen, Denmark, Amagerbanken A/S reported
total assets of DKK34 billion (EUR4.5 billion) at the end of
December 2009.


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


SNP BOAT: Chapter 15 Case Summary
---------------------------------
Chapter 15 Petitioner: Adorno & Yoss, LLP

Debtor: SNP Boat Service SA
        aka Service Navigation De Plaisance Boat Service SA
        Boulevard de la Croisette
        Port Pierre Canto
        06400
        Cannes, France

Chapter 15 Case No.: 10-18891

Type of Business: The Debtor is a unit of the Rodriguez Group SA
                  which makes luxury yachts.  The Rodriguez Group
                  owns 99.7% of SNP Boat.

Chapter 15 Petition Date:  April 6, 2010

Court: Southern District of Florida (Fort Lauderdale)

Judge: John K. Olson

Debtor's Counsel: Mark S. Roher, Esq.
                  350 East Las Olas Blvd. # 1700
                  Ft Lauderdale, FL 33301
                  Tel: (954) 763-1200
                  Fax : (954) 766-7800
                  Email: mroher@adorno.com

Estimated Assets: US$100,000,001 to US$500 million

Estimated Debts:  US$100,000,001 to US$500 million

The Debtor did not file its list of largest unsecured creditors
when it filed its petition.


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


ARCANDOR AG: Administrator Still In Talks Over Karstadt Sale
------------------------------------------------------------
Matthias Inverardi at Reuters reports that Klaus-Hubert Goerg, the
insolvency administrator of Karstadt, on Monday said at a meeting
of the company's creditors that he is still in talks with
potential investors about a sale of the German department store
chain.

Reuters relates creditors are meeting for the second time to vote
on the department store chain's insolvency plan.

Mr. Goerg wants to sell the 120 Karstadt stores by the end of
April, Reuters notes.  The report says Mr. Goerg plans to sell the
company as a whole -- a prerequisite for concessions from real
estate owners and employees.

According to Reuters, asked about whether he was also in talks
with rival Metro, the insolvency administrator said he would have
to wait and see what would happen if Karstadt had to be divided up
after all.  Reuters recalls he has said before that there were six
potential investors.

                         About Arcandor AG

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

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

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


BRENNTAG AG: S&P Raises Corporate Credit Rating to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Germany-based chemical
distributor Brenntag AG to 'BB+' from 'B+'.  At the same time all
ratings on the company were removed from CreditWatch, where they
were placed with positive implications on March 1, 2010.

At the same time, the issue rating on the company's senior secured
debt was raised to 'BBB-' from 'BB-'.  The debt has a recovery
rating of '2', indicating its expectations of substantial (70-90%)
recovery in an event of payment default.  The issue rating on
Brenntag's subordinated debt was raised to 'BB-' from 'B-'.  This
debt has a recovery rating of '6', indicating S&P's expectations
of negligible (0-10%) recovery in an event of payment default.

"The rating actions follow a EUR525 million IPO, together with the
conversion into equity of a EUR714 million shareholder loan, which
S&P previously treated as debt.  The IPO proceeds have been used
for debt reduction.  Consequently S&P expects the company's net
debt to almost halve to below EUR1.3 billion, compared with
EUR2.5 billon at year-end 2009," said Standard & Poor's credit
analyst Per Karlsson.

S&P expects that as a result, Brenntag's credit ratios should
change significantly.  S&P now forecasts fully adjusted funds from
operations to debt at above 25% and debt to EBITDA below 3x for
2010, compared with 10% and 5.6x for full-year 2009.  S&P
continues to expect annual discretionary cash flow of
EUR100 million-EUR150 million in the next few years will be used
for debt repayment or to finance modest bolt-on acquisitions.

S&P now categorizes Brenntag's financial risk profile as
"significant" compared with "highly leveraged" previously.  The
primary constraint in S&P's view results from limited
predictability in terms of future ownership and, accordingly, the
company's longer-term financial policies.  Following the IPO, S&P
understand that the existing main shareholder, Brachem Acquisition
S.C.A (owned by private equity funds advised by BC Partners, Bain
Capital, and Goldman Sachs and Management), remains the company's
largest owner with an ownership share of about 70%, but S&P
expects it to decrease its interest at some point.

S&P expects the company's EBITDA to rise to above EUR500 million
in 2010 from an adjusted EUR483 million in 2009.  S&P views
Brenntag's 2009 operating results as particularly resilient with
an EBITDA margin of about 8%.

Brenntag's business risk profile remains "satisfactory", in S&P's
view, thanks to strong client and product diversity, leading
market positions, and the stable profitability of the company's
chemical distribution activities.

The stable outlook reflects S&P's view that Brenntag's
distribution activities will remain highly resilient.  In
addition, S&P has assumed that the group's debt levels will remain
at current levels or lower.  S&P considers a fully adjusted ratio
of FFO to debt of 25% and debt to EBITDA of 3x to be consistent
with the current ratings.


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


AGRICULTURAL BANK: Fitch Cuts Long-term IDR to 'BB+' From 'BBB-'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.

Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative.  The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN.  Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN.  A full rating
breakdown is provided at the end of this comment.

The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns.  This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010.  This has been absorbed without compromising their
funding profile so far.  At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.

The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting.  These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.

The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.

The agency has revised the Support Rating Floors of the five banks
to 'BB'.  While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR.  Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Alpha Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Piraeus Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN

Agricultural Bank of Greece

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Individual Rating 'C/D'; placed on RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

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


ALPHA BANK: Fitch Cuts Rating on Jr. Subordinated Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.

Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative.  The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN.  Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN.  A full rating
breakdown is provided at the end of this comment.

The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns.  This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010.  This has been absorbed without compromising their
funding profile so far.  At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.

The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting.  These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.

The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.

The agency has revised the Support Rating Floors of the five banks
to 'BB'.  While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR.  Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Alpha Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Piraeus Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN

Agricultural Bank of Greece

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Individual Rating 'C/D'; placed on RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

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


EFG EUROBANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.

Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative.  The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN.  Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN.  A full rating
breakdown is provided at the end of this comment.

The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns.  This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010.  This has been absorbed without compromising their
funding profile so far.  At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.

The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting.  These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.

The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.

The agency has revised the Support Rating Floors of the five banks
to 'BB'.  While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR.  Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Alpha Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Piraeus Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN

Agricultural Bank of Greece

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Individual Rating 'C/D'; placed on RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

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


NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.

Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative.  The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN.  Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN.  A full rating
breakdown is provided at the end of this comment.

The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns.  This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010.  This has been absorbed without compromising their
funding profile so far.  At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.

The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting.  These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.

The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.

The agency has revised the Support Rating Floors of the five banks
to 'BB'.  While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR.  Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Alpha Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Piraeus Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN

Agricultural Bank of Greece

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Individual Rating 'C/D'; placed on RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

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


PIRAEUS BANK: Fitch Lowers Rating on Subordinated Notes to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of five Greek banks following the downgrade of Greece's sovereign
rating.

Fitch has downgraded the Long-term IDRs of National Bank of
Greece, Alpha Bank (Alpha), EFG Eurobank Ergasias and Piraeus Bank
(Piraeus) to 'BBB-' from 'BBB' and placed them on Rating Watch
Negative.  The Individual ratings are downgraded to 'C/D' from 'C'
and placed on RWN.  Agricultural Bank of Greece's Long-term IDR is
downgraded to 'BB+' from 'BBB-' and placed on RWN.  A full rating
breakdown is provided at the end of this comment.

The rating actions reflect Greek banks' debilitated risk profile,
particularly regarding their liquidity and funding position as a
result of increased sovereign concerns.  This has made access to
wholesale and interbank markets more difficult, leading to a
significant use of European Central Bank funding in 2009 and Q110.
The elevated risk perception surrounding Greece has partly
contributed to an increase in the volatility of banks' deposits,
which have experienced around 2-4% decline from end-2009 to end-
March 2010.  This has been absorbed without compromising their
funding profile so far.  At the same time, banks are faced with
weaker-than expected economic prospects due to the much stricter
fiscal adjustments required by the Greek government.

The five banks have recently applied for a further allocation of
their respective quotas under the Greek bank support scheme,
notably for government guarantees on issued debt and special
purpose treasury bills to be used for ECB discounting.  These
measures, together with the banks' efforts to increase the amount
of ECB-eligible assets by making certain rated corporate loans
eligible and/or securitizing assets to be retained on-balance
sheet, will increase the banks' liquidity buffers further.
Nonetheless, in Fitch's view the banks will be challenged to
maintain their present liquidity position given current market
volatility.

The resolution of the RWN will depend on the developments of Greek
banks' funding profile in the near term as well as a reduced
reliance on ECB funding in the more medium term.

The agency has revised the Support Rating Floors of the five banks
to 'BB'.  While in Fitch's opinion the Greek government's
propensity to support banks remains, its ability to support them
has been markedly reduced, as reflected in the downgrade of
Greece's Long-term IDR.  Moreover, its ability to provide
significant levels of support is itself likely to be dependent on
the external provision of support by the euro area and IMF.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Alpha Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN
  -- Junior Subordinated notes downgraded to 'BB' from 'BB+'; RWN
  -- Hybrid capital downgraded to 'BB' from 'BB+'; RWN

Piraeus Bank S.A.

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating downgraded to 'C/D' from 'C'; RWN
  -- Support Rating affirmed at '3'
  -- Support Rating Floor revised to 'BB' from 'BBB-'
  -- Senior notes downgraded to 'BBB-' from 'BBB'; RWN
  -- Subordinated notes downgraded to 'BB+' from 'BBB-'; RWN

Agricultural Bank of Greece

  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; RWN
  -- Short-term IDR downgraded to 'B' from 'F3'
  -- Individual Rating 'C/D'; placed on RWN
  -- Support Rating changed to '3' from '2'
  -- Support Rating Floor revised to 'BB' from 'BBB-'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

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


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


BESTSELLER RETAIL: Seeks to Repudiate Remaining Leases
------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that Bestseller
Retail Ireland is seeking to have 14 leases repudiated as part of
an examinership process, arguing that it can no longer afford to
pay the rent on the properties.

According to the report, the landlords involved will object to the
move, arguing that the company, which sought protection from its
creditors in February after running into financial difficulties,
must honor its rental arrangements.

The company originally operated 36 stores nationwide, but now has
14 outlets after a series of closures, the report notes.

The company's examiner, PricewaterhouseCoopers accountant Declan
McDonald, will tell the High court this week that the repudiation
of the remaining leases is essential to save the group from
liquidation.

Bestseller Retail Ireland is the fashion group behind Vero Moda
and Jack & Jones.


QUINN INSURANCE: Anglo's Rescue Plan Needs European Approval
------------------------------------------------------------
Tom Lyons and Brian Carey at The Sunday Times report that the
European Commission would have to approve Anglo Irish Bank's
rescue plan for insurance firm.

According to The Sunday Times, sources say the bank's plan to keep
Quinn Insurance out of administration will have to be approved by
the regulator, as it would form a material change to the bank's
own yet-to-be-approved business plan.

Anglo plans to buy out Quinn Group bondholders, believed to number
about 20 investors, by issuing them with EUR550 million of
government-backed bonds, The Sunday Times says.  It will also
inject up to EUR150 million into the Quinn Group which will be
used to boost Quinn Insurance cash reserves, The Sunday Times
states.  The bank will be issued with shares in the insurer in
return, The Sunday Times notes.

The Sunday Times relates Anglo held talks with the regulator on
the plan last Friday.  Quinn Group and family interests will owe
the state-owned bank EUR3.5 billion if the restructuring deal goes
ahead, The Sunday Times says.

As reported by the Troubled Company Reporter-Europe on April 1,
2010, The Times said Irelands' Financial Regulator on March 30 put
Quinn Insurance into provisional administration.  The Times
disclosed joint administrators were appointed to Quinn Insurance
by the High Court in Dublin after the regulator expressed concerns
about the company's finances and how it was being run.  The Times
related the regulator said the business would remain open for
business and would continue to be run as a going concern under
different management.  The Times noted the regulator did not
disclose the matters being investigated but its counsel told the
court that, in recent months, the company had "significantly
breached" its solvency ratios.  According to The Times, the
counsel said the company had gone from a position of having assets
over liabilities of some EUR200 million to now having an excess of
liabilities of more than EUR200 million.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 20% of the motor and
health insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.


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


FASTWEB SPA: Exposure to Fraud Probe to Hit EUR81MM, Parent Says
----------------------------------------------------------------
Vincent Boland at The Financial Times reports that Swisscom Chief
Executive Carsten Schloter said that the Swiss company expects the
total exposure of its Italian subsidiary Fastweb to a complex
fraud and tax evasion investigation in Italy to be no more than
EUR81 million (US$110 million).

In an interview with the FT, Mr. Schloter said the "real risk" to
Swisscom's EUR4 billion investment in Fastweb had been the threat
that the Italian company might have been placed in administration
because of the allegations, which surfaced at the end of February.

The FT relates Fastweb and Sparkle, the wholesale broadband unit
of Telecom Italia, were accused by prosecutors in Rome of offering
services to offshore companies that were used to launder money and
evade tax.  The FT recalls earlier this month, prosecutors
withdrew their request for administration for both Fastweb and
Sparkle.

"The real risk of this whole thing that hung over us has now been
removed," the FT quoted Mr. Schloter as saying.  "The
investigation will continue but our focus will now be on the
business."

The company has already announced a net loss of EUR34 million for
2009 following the provisions for the fraud probe, the FT notes.

Fastweb SpA -- http://company.fastweb.it/-- is an Italy-based
company engaged in the broadband telecommunications industry.  The
Company's core activity is focused on the provision of
telecommunication networks and services in the main metropolitan
areas of Italy and in several smaller cities.  Its activates are
divided into four business areas: Consumer, intended to retail
residential and micro business; Small Medium Enterprise (SME) for
small and mid-size companies; Executive, intended to large
companies, the public administration and wholesale activities
designed for other telecommunications operators, and Network and
Systems.  Fastweb SpA provides a range of services, including
telephony, broadband Internet connectivity, advanced video-
communication, virtual private networks, audio and video
streaming, digital and interactive television and
telesurveillance, among others.  In addition, the Company provides
mobile telephony services.  The Company's subsidiaries include QXN
Scpa and e.BisMedia SpA.


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


FORTIS BANK: S&P Raises Rating on Mandatory Securities to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on a mandatory convertible security issued by a number of
joint issuers, including Fortis Bank (Nederland) N.V.
(A/Positive/A-1), to 'BB' from 'B+'.

The upgrade reflects S&P's understanding that the upcoming two
semi-annual coupons on this MCS became mandatory following the
declaration of a dividend by Fortis SA/NV (BBB-/Stable/A-3).  The
MCS matures on Dec. 7, 2010 through their mandatory conversion.
FBN was formerly part of the Fortis group, prior to the
nationalization and break-up of the group in late 2008.

The MCS convert into Fortis stock, and S&P anticipates that
delivery of the shares to MCS noteholders will occur in December
2010, as outlined in the MCS issue documentation.  There is
currently a dispute between the Dutch State, FBN's owner following
the break-up of the Fortis group, and Fortis.  Fortis indicates
that this dispute relates to a secondary agreement between FBN and
Fortis.  S&P understands that this will not inhibit the conversion
of the MCS in December 2010.

Prior to Fortis' dividend announcement, S&P's rating on the MCS
was driven by its view of the likelihood of coupon suspension,
which S&P viewed as significant as S&P anticipated that the
European Commission would require coupon suspension if the
payments were not mandatory.  As S&P no longer considers this a
significant risk, the rating on the MCS reflects its criteria on
convertible instruments, under which the rating is capped by the
rating on the junior subordinated instrument of the issuer.  In
this case, S&P caps the rating on the MCS to the junior
subordinated debt of Fortis, as MCS will convert into Fortis
stock.

                           Ratings List

                             Upgraded

       EUR2 bil mandatory convertible securities perp hybrid


                    To                   From
                    --                   ----
                    BB                   B+


LYONDELL CHEMICAL: Parent May Face U.S. Bribery Probe
-----------------------------------------------------
LyondellBasell may face a U.S. bribery probe after telling
prosecutors about a potentially improper payment linked to a
project in Kazakhstan, according to four people with knowledge of
the matter, Bloomberg News's David Voreacos and Jonathan Keehner
reported.

According to the Bloomberg report, LyondellBasell told the Justice
Department it uncovered conduct that raised "compliance issues"
under the U.S. Foreign Corrupt Practices Act.  The FCPA makes it a
crime for companies with U.S. operations to bribe foreign
officials.

Bloomberg relates that LyondellBasell disclosed in a bankruptcy
court filing in December that it had "identified certain past
activities related to a proposed joint venture that may raise
compliance issues under U.S. law."  The Company said it hired
outside counsel to investigate, overseen by a special board
committee.

                     About Lyondell Chemical

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

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

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

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

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

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


===============
P O R T U G A L
===============


SAGRES STC: Fitch Affirms 'BB' Rating on Class T Fixed-Rate Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Sagres STC - Explorer 2004's remaining
EUR53 million class T fixed-rate notes at 'BB' and revised the
Outlook to Stable from Positive.  Sagres Explorer 2004 is the
first securitisation launched by the Portuguese government and is
backed by unpaid tax and social security claims originated in
Portugal.

As of March 2010, all issued notes have been paid in full with the
exception of the class T notes which carry a fixed interest rate
of 7% p.a. accrued on the note principal outstanding from the
closing date.  Accrued and unpaid interests bear a fixed rate of
7% p.a.  As of March, remaining cash amounting to approximately
EUR23.8 million, after full repayment of the senior notes, was
used to settle unpaid interest on the class T notes.

To date, the total collections on a cumulative basis have
continued to perform broadly in line with Fitch's revised base
case expectations.  However, Fitch notes that periodic collections
for the last two reporting periods have been lower than the
expectation for these periods.  Although collections are expected
to tail off during the terms of the transaction, the last two
reporting periods have shown the largest deviation from the
agency's expectation.  As a result, the Outlook is revised to
Stable from Positive.

Fitch recognizes the continued downward pressure on future
collections, as average monthly collections are expected to tail
off as the claims age.  Nevertheless, the scale of the tail-off
can be mitigated by a large balance of claims which were
originated in 2000.  The agency estimates that a significant
portion of the accrued and unpaid interest on the class T notes
was repaid in the last reporting period.  The total outstanding
amount on the class T notes, including accrued interest due for
payment on the next interest payment date, is approximately
EUR58.3 million.  It is likely that the class T notes will be
repaid before the final maturity date should the collections
follow Fitch's base case expectation.


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


MATACHE MACELARU: Declared Insolvent After Failing to Pay Debts
---------------------------------------------------------------
Diana Tudor at Ziarul Financiar reports that the Buzau court of
law has declared Principal Company insolvent after it failed to
pay debts owed to five creditors.

Principal has filed an appeal against the ruling, the report says,
citing representatives of the firm.

RTZ & Partners in Cluj Napoca has been temporarily appointed by
the court as judicial administrator of the company until the
appeal is settled, the report relates.

According to the report, representatives of Principal say they
will appoint a special administrator for the company at the next
meeting, as is required by the insolvency law.

"The ruling in favor of insolvency proceedings in the case of
Principal Company is enforceable, so it is applicable even if an
appeal has been filed," the report quoted representatives of RTZ &
Partners as saying.

Based in Romania, Principal Company is the producer of Salonta and
Matache Macelaru charcuterie brands.


* ROMANIA: Central Bank Can Dismiss Lenders' Insolvency Filings
---------------------------------------------------------------
Romania's central bank will be able to dismiss insolvency requests
of credit institutions if it finds no merits to the claims,
Mediafax reports, citing a government bill aimed to improve
insolvency legislation in the country.

According to the report, under the bill, Romanian lenders will
need prior approval from the central bank to open insolvency
proceedings in court.

The report says the central bank will also be able to send
opinions and data on the credit institution to the bankruptcy
judge and the designated liquidator during the insolvency process.

The bill will also amend the priority list for repaying
receivables in case of insolvency, the report notes.


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


FAR EAST: Moody's Assigns Corporate Family Rating at 'Ba3'
----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to OAO Far East Telecom, the leading incumbent fixed-line
telecommunications operator in the Far East Federal District of
Russia and the Republic of Yakutia.  Concurrently, Moody's
Interfax Rating Agency has assigned an Aa3.ru national scale
rating to the company.  Moscow-based Moody's Interfax is majority-
owned by Moody's, a leading global rating agency.  The outlook on
the ratings is stable.  This is the first time that Moody's rates
the company.

Under Moody's rating methodology for government-related issuers,
FET's Ba3 corporate family rating is based on these inputs: (i) a
Baseline Credit Assessment of 14 (on a scale of 1 to 21, where 1
represents the lowest level of credit risk), which reflects
Moody's standalone credit assessment of FET, i.e.  independent of
any credit benefit the overall family derives from its GRI status;
(ii) the Baa1 local currency rating of the Russian government,
with a stable outlook; (iii) medium support; and (iv) medium
dependence.

The BCA of 14 (equivalent to a B1 rating) reflects the company's
position as an incumbent fixed-line operator in the Far East
district and Yakutia.  As the regional incumbent operator, FET is
mandated by the government to provide basic telecoms services to
the local population in accordance with the terms and tariffs
specified by the state.

The BCA is supported by: (i) the company's dominant position in
its key traditional voice telephony market in the region,
underpinned by its ownership of the backbone infrastructure; (ii)
the relatively benign legislative environment and the absence of
any immediate threat of local loop unbundling; (iii) the company's
strong positions in the developing broadband market; (iv) FET's
robust financial performance and relatively low leverage; and (v)
its strong management team and conservative approach to financial
policies.

However, the BCA is constrained by: (i) the company's relatively
modest revenue base; (ii) the growing competition from altnets and
mobile operators, (iii) the risk of fixed-to-mobile substitution;
(iv) the potential pressure on the traditional fixed line segment
should future state-approved tariff increases lag behind
inflation, (v) the company's concentration on the residential
market with a low presence in the more lucrative corporate
segment; (vi) limited growth potential due to the regional
specifics, such as low population and negative population growth
due to outward migration, significant unemployment rates, and
significant geographical dispersion of urban agglomerations.

The medium level of dependence reflects Moody's assessment of the
financial and operational linkages between the government and FET,
the extent to which both the government and the company rely on
the same revenue, and their linked exposure to credit risks.

The medium level of support reflects Moody's view of FET as a
strategic asset ultimately controlled by the government via
Svyazinvest, a holding company 75%-owned by the state and created
for the sole purpose of developing Russia's telecommunications
business.  Given the Russian government's announced plan to
create a national integrated telecommunications operator via
consolidation of the regional assets owned by Svyazinvest by 2012,
Moody's expects the support function to further strengthen as the
regional operators' treasury and planning functions are delegated
to the corporate centre controlled by the state.  The medium
support assessment also incorporates the history of Russian
government bailouts and economic intervention, including in
particular in the telecommunications industry.

Moody's views favorably FET's limited competition in the
relatively stable residential voice service segment, where it has
a market share of 87% and benefits from its ownership of the
extensive backbone infrastructure with a digitalization level of
above 80%.  In addition, FET enjoys leading positions in the
intrazonal communications segment (89% and 100% market shares in
the Far East and Yakutia, respectively), although it is
experiencing an annual decline in traffic of around 6-8% in this
segment.  The area in which FET is most under pressure from
competition is the operators' interconnection market, where
traffic has been seen migrating from the incumbent players to the
alternative networks and mobile operators due to more attractive
pricing.

FET's strategy envisages further development of the non-regulated
value-added services primarily focusing on the increase in average
revenue per line.  The company is number one in the Far East and
Yakutia in terms of the broadband market share (73% and 83.4%,
accordingly), and is actively developing its pay-TV business.

Although technically Moody's considers FET an integrated operator,
it recognizes that its cellular network is relatively small with a
low market share, makes a limited contribution to the company's
revenue base and faces severe competitive pressures.  FET's
cellular network has a capacity of 525,000 and covers four
districts: Magadan, Primorie, Kamchatka, and Chukotka and
Sakhalin.  It has relatively stable subscriber numbers (estimated
at 347,000 as at end-2009) but demonstrates declining ARPU and
revenue.  The company does not envisage significant capex outlays
aimed at expanding or promoting this business segment, but is
rather focusing on potential synergies from fixed-to-mobile
convergence solutions and bundling of services.

The stable outlook reflects Moody's expectation that the company
will maintain its prudent debt management strategy and
satisfactory liquidity profile and maintain its business
positions.

Going forward, positive business profile developments could, if
accompanied by a strong financial performance, have positive
rating implications.  Moody's will assess structural changes in
the company's organization following the restructuring of
Svyazinvest for their impact on the company's standalone credit
profile and support/dependence considerations.  The company's
ratings could also be impacted by any changes in the ratings of
the Russian government.


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


ANDALUS LINEAS: Racks Up GBP7 Million in Debts
----------------------------------------------
Merco Press reports that Spanish airline Andalus Lineas Aereas has
debts of some GBP7 million.  According to the report, the airline
owes the Gibraltar Government more than GBP100,000 in landing fees
and passenger taxes.

The report relates AESA, the Spanish air safety authority, said
last week it is monitoring the airline's activities very closely.
The report notes employees claim they are owed money from some
months back.

Citing the Gibraltar Chronicle, the report says the carrier's
Madrid-Gibraltar air link had been indefinitely suspended.


OBRASCON HUARTE: Fitch Assigns 'BB-' Rating on Unsec. Bond
----------------------------------------------------------
Fitch Ratings has assigned Obrascon Huarte Lain's prospective
unsecured bond an expected 'BB-' rating.  The expected rating is
in line with OHL's senior unsecured 'BB-' rating.  OHL's Issuer
Default Rating is 'BB-' and the Outlook is Negative.  The final
amount and the maturity of the bond are not yet in the public
domain.  The final rating is contingent upon the receipt of final
documentation conforming to information already received by the
agency.

The bond will be used to refinance up to EUR300 million of the
existing 2012 bonds.  This new bond is mildly positive for OHL's
ratings, extending existing bond debt maturities by three years.
The bond documentation includes negative pledge and change of
control clauses, with recourse subsidiaries of the group unable to
procure additional indebtedness where the recourse net interest
coverage ratio falls below 2.5x.

OHL's ratings were affirmed in November 2009 further to the
EUR199.5 million share issue used to repay recourse debt at the
parent company level.  This improved recourse leverage at a de-
consolidated level at OHL to a net debt/EBITDAR 2.4x (adjusted for
non-recourse debt and ring-fenced concession cash flows) on a pro-
forma basis from 3.2x at end-H109.

The FY09 results confirmed both the growth of the international
construction business (revenues increased 28%) in FY09 and the
difficult Spanish construction market (revenues down 10.2%).  As a
result recourse EBITDA only rose slightly to EUR291 million
(versus EUR267.7 million at FYE08).  The group's recourse
liquidity position improved to EUR1.28 billion, including undrawn
committed facilities (EUR747 million) and cash available
(EUR540 million).  OHL, on a deconsolidated basis, however remains
over-leveraged.  Leverage (recourse-adjusted net debt/EBITDAR) at
2.5x at FYE09 is still considered high risk for construction
industry players, as tolerance to debt is low due to significant
operational risks such as cyclical demand, thin profit margins and
the possibility of project delays and cost overruns.  There also
remains a risk that the bond issue proceeds will ultimately be
required to support the financing of concessions in the non-
recourse business, although the agency acknowledges that this is
not management's current plan.

The Negative Outlook indicates that a downgrade could occur if the
company underperforms Fitch's current expectations, including a
material increase in leverage, worsening liquidity, reduced
covenant headroom and further material equity injections into the
concessions business.

Credit risk at the OHL parent company is heightened by the
substantial investment in equity stakes in ring-fenced concessions
funded by recourse debt raised by the parent and any profits from
the construction business.  As the concessions are ring-fenced
entities, OHL as the parent has limited access to cash flows
(primarily dividends paid).  Moreover, the nature of OHL's
concessions means they are less than mature operations and thus
dividends in initial years are low, leaving a drain on cash from
the parent for the foreseeable future.  This may apply to OHL's
five Brazilian federal toll-road concessions, which were awarded
in 2008.  They are financed by bridge loans maturing in December
2010 and will need to be refinanced by FYE10.

OHL's ability to de-leverage also appears to remain constrained by
still weak non-concession construction markets (which may unwind
OHL's negative working capital position resulting from reduced
cash inflows as order books shrink and operating margins decline).

Fitch has made major improvements to its credit research on EMEA
and AsiaPac corporates.


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


NADRA BANK: IMF Wants Ukraine to Decide on Fate By May 15
---------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Delo, reports that
the International Monetary Fund wants Ukraine to decide on the
future of VAT Nadra Bank by May 15.

According to Bloomberg, the newspaper said the government may take
over part of the bank, which is under temporary administration,
and sell another part to an investor.

Nadra KB VAT (Commercial Bank Nadra OJSC) --
http://www.nadra.com.ua/-- is a Ukraine-based nation-wide
universal commercial bank.  It provides financial services to
three client segments: individuals, small and medium-sized
enterprises and corporate clients.  Its customer services platform
comprises a network of branches located in all Ukrainian major
cities, numerous Automated Teller Machines (ATM) and Point of Sale
terminals, as well as an electronic contact center.  Nadra KB VAT
has in its offer micro-loans, credit lines, overdrafts, personal
and corporate credit and debit cards, current accounts, time
deposits, cash management services, deposit taking, cash
management and account services, corporate cards and securities
transactions.


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


BRITISH AIRWAYS: Iberia Merger Won't Affect Moody's Ratings
-----------------------------------------------------------
On April 8, 2010, British Airways (rated B1, stable outlook) and
Iberia (NR) took a step further in their plans to merge their
operations by signing a merger agreement, with terms consistent
with the binding memorandum of understanding signed in November
2009.  As before, the agreement remains subject to a number of
conditions, notably shareholder approval by both BA and Iberia
shareholders, regulatory approval, and a satisfactory recovery
plan being agreed with the pension trustees for BA's pension
deficit.  The holding company for both airlines will be named
International Consolidated Airlines Group SA and be listed on the
London Stock Exchange and traded also on the Spanish Stock
Exchange.

Significantly, the two airlines will maintain their domestic
operations and brand names, while management from both companies
will be represented at the operating level.  Moody's views the
proposed merger as a positive development for both airlines, which
will significantly enhance their network in terms of aircraft and
destinations, notably on routes between Europe and the Americas.
Moody's note also the expectation to achieve annual synergies of
c.EUR400 million after five years, with implementation costs of
EUR350 million during that period.

This transaction does not affect the ratings of either British
Airways or the rating of the Class A Enhanced Secured Notes issued
by Iberbond 2004 Public Limited Company (rated A2) with Iberia as
obligor.  Moody's believes that the benefits of the merger will be
longer-term, and that the eventual turnaround in industry demand
and yields will continue to be the main driver of both airlines'
earnings and credit profiles in the medium term.  The successful
implementation of the merger should, however, enhance earnings in
coming years.  This positive impact remains largely offset at this
point in time by the current weak credit metrics of the airlines
as a consequence of the industry downturn.  It is furthermore
Moody's understanding that the merger will not trigger any change
of control clauses that would require repayment or a coupon
increase on any debt instruments at either of the airlines.

British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier with over 33 million
passengers in FY2009 (to March 31).  In FY2009 (to March) the
company reported revenues and an operating loss (before
restructuring) of GBP9 billion and GBP142 million, respectively.
Iberia, headquartered in Madrid, is Spain's leading airline with
25.5 million passengers carried in 2009.  It reported revenues and
recurring EBIT of EUR4.4 billion and minus EUR464 million in
fiscal year 2009, respectively.


EMI GROUP: Faces GBP200 Mil. Pension Deficit
--------------------------------------------
James Ashton at The Sunday Times reports that Terra Firma, Guy
Hands' investment firm, will be ordered to plug the gap in EMI's
pension deficit when the Pensions Regulator finally rules in June
on a long-running row with the trustees of the scheme.

According to The Sunday Times, Maltby Capital, EMI's parent,
estimated in its last accounts that the pension deficit stood
anywhere between GBP10 million and GBP200 million.

An analysis carried out for The Sunday Times by Lane Clark &
Peacock, the actuary, suggests the deficit has since ballooned to
GBP250 million.  Because trustees have doubts over the strength of
EMI's finances, LC&P believes they could demand far more, The
Sunday Times says.

The issue has been unresolved since Terra Firma acquired EMI for
GBP4 billion in 2007, The Sunday Times notes.

EMI believes that at worst it will be asked for GBP200 million,
potentially over the next 10 years, the Sunday Times states.

                       Going Concern Doubt

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

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


LEHMAN BROTHERS: European Unit to Settle Smaller Claims
-------------------------------------------------------
Bankruptcy Law360 reports that the joint administrators of Lehman
Brothers International Europe on Friday proposed settling small
claims against the company of up to a maximum of $10,000 each in
an effort to reduce administrative costs.

PricewaterhouseCoopers LLP said settling in full with certain
eligible pre-administration clients would reduce the number of
claimants seeking money from the company, with claimants currently
numbering at around 1,500, Bankruptcy Law360 relates.

                       About Lehman Brothers

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)


LIVERPOOL FOOTBALL: U.S. Owners Tap Barclays to Find Buyer
----------------------------------------------------------
Steve Slater and Matt Scuffham at Reuters report that Tom Hicks
and George Gillett, the U.S. owners of Premier British League
Football team Liverpool, are looking to sell the club and have
appointed Barclays Capital to find a buyer.

According to Reuters, Liverpool's owners are facing a demand to
repay GBP100 million (US$153 million) of the club's GBP237 million
debt to its lenders, Royal Bank of Scotland and U.S. bank
Wachovia, in July.

Citing a report by The Sunday Times, Reuters says Barclays would
back a GBP300 million (US$458.8 million) refinancing at Liverpool
that would lead to the sale of the Premier League club.

Reuters relates the newspaper said the bank is this weekend
finalizing a deal that will see it replace the club's current
lenders, provide more money for manager Rafa Benitez to spend on
players and install British Airways chairman Martin Broughton as
chairman.

Reuters notes a source familiar with the matter said it would be
up to the new owner to make a decision over whether to refinance
the club's debt.

Liverpool Football Club and Athletic Grounds --
http://www.liverpoolfc.tv/-- owns and operates one of the more
popular and most successful franchises in the UK Premier League.
Known as the The Reds, Liverpool has won 18 first division titles
and seven FA Cups since it was founded by John Houlding in 1892.
In addition to the football club, the company owns and operates
Anfield Stadium, Liverpool's home ground.  The company generates
revenue primarily through sponsorships, broadcasting fees, and
ticket sales.  The company was acquired by US businessmen George
Gillett and Tom Hicks in 2007.


MARDENIS LTD: In Administration; Armstrong Watson Appointed
-----------------------------------------------------------
Yorkshire Evening Post reports that Mardenis Ltd. has been placed
into administration.  According to the report, Denis Lefrancq,
director of Mardenis, which ran SurplusWine.co.uk, signed a notice
of intention on March 26, to appoint the Leeds office of Armstrong
Watson as administrators.  This was officially agreed at Leeds
County Court on April 9, the report relates.

The report says it is believed Mr. Lefrancq ran into financial
difficulty.  Mardenis is not currently trading, the report states.

Administrators at Armstong Watson will now examine the accounts of
the firm, the report discloses.

The report notes a public document held at Companies House shows
Mardenis's balance sheet closed with a GBP1.7 million profit in
2009, up from GBP7,000 in 2008.


READER'S DIGEST: Bought Out of Administration By Better Capital
---------------------------------------------------------------
Martin Arnold at The Financial Times report that the UK subsidiary
of the Reader's Digest magazine has been bought out of
administration by Better Capital, Jon Moulton's new turnaround
private equity group.

According to the FT, the GBP13 million (US$20 million) deal will
leave the company's pension with the Pension Protection Fund, the
industry financed safety net for underfunded retirement schemes of
insolvent employers, and may free it from an expensive lease on
offices in Canary Wharf.

Mr. Moulton told the FT that he had negotiated two deals, one to
acquire the company's UK assets and another securing a license
agreement with the US parent to keep using the Reader's Digest
brand.

Reader's Digest UK will emerge from administration with 100 staff
and no debt or pension liability, the FT says.  Its managers, led
by Chris Spratling, will take a 35% stake, the FT states.

As reported by the Troubled Company Reporter-Europe on Feb. 18,
2010, Reader's Digest Association, Ltd., commenced an
administration proceeding in the UK.  The decision by the RDA UK
board to place the UK company into an orderly insolvency process
follows a decision by the UK Pensions Regulator that it
would not support an agreement already reached between RDA UK, the
trustees of its pension plan and the UK Pension Protection Fund to
settle a longstanding pension plan liability.  The agreement,
which contemplated a lump sum payment by parent company RDA plus
an equity stake in RDA UK, was authorized by the U.S. Bankruptcy
Judge overseeing RDA's U.S. Chapter 11 proceedings, and would have
relieved RDA UK of significant financial obligations associated
with its underfunded UK pension plan.  Absent an agreement, RDA UK
is financially unable to meet those obligations and sustain its
operations.

              About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24, 2010 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP served as general restructuring counsel.
Mallet-Prevost, Colt & Mosle LLP was tapped as conflicts counsel.
Ernst & Young LLP served as auditor.  Miller Buckfire & Co, LLC,
served as financial advisor.  AlixPartners, LLC, served as
restructuring consultant.  Kurtzman Carson Consultants served as
notice and claims agent.

The Official Committee of Unsecured Creditors tapped BDO Seidman,
LLP, as financial advisor, Trenwith Securities, LLP, as investment
banker and Otterbourg, Steindler, Houston & Rosen, P.C., as
counsel.

The U.S. Bankruptcy Court confirmed RDA's Chapter 11 plan on
January 15, 2010.  On February 1, RDA elected to temporarily delay
emergence from Chapter 11 to allow additional time for the UK
pension issue to be addressed.  RDA ultimately emerged from
Chapter 11 on February 22.

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


TENDERLEAN MEATS: Bought Out of Administration; 100 Jobs Saved
--------------------------------------------------------------
BBC News reports that Tenderlean Meats has been bought out of
administration by a new company, securing more than 100 jobs.  The
company will now trade as Tenderlean Limited, the report says.

The Fermanagh-based firm provided beef, lamb and chicken products
to leading food retailers and had also diversified into pizzas,
according to BBC News.


YELL GROUP: S&P Changes Outlook to Stable; Affirms 'B' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based classified directories publisher Yell Group
PLC to stable from negative.  At the same time, the 'B' long-term
corporate credit rating on Yell was affirmed.

"The outlook revision reflects S&P's view that Yell's liquidity
has improved significantly and is now adequate following a debt
refinancing, covenant reset, and sizeable rights issue late in
2009," said Standard & Poor's credit analyst Carlo Castelli.  "In
particular, S&P believes that headroom under the group's financial
covenants should remain adequate over the next 12-18 months.
The stable outlook also incorporates S&P's view that the double-
digit declines in top-line revenues and earnings projected for
financial 2010 (ended March 31, 2010) could soften in financial
2011."

The recent refinancing and GBP559 million in net proceeds from the
rights issue have allowed Yell to reduce its overall leverage,
extend its debt maturities to 2014, renegotiate more moderate
mandatory repayments to maturity, and set up a new covenant
package to provide appropriate headroom.  Under its scenario of
reduced top-line decline in financial 2011, S&P anticipates that
Yell will generate sufficient levels of free operating cash flow
to cover mandatory repayments adequately under both the new and
old credit facilities.

In S&P's view, Yell's liquidity should remain adequate over the
next 18 months.  During this time, S&P believes that the headroom
under Yell's financial covenants will remain adequate under S&P's
scenario of more moderate pressure on the top line from financial
2011.  The stable outlook also incorporates S&P's view that
adjusted gross debt to EBITDA will remain lower than 6.0x over the
next few quarters, in line with the ratings.

However, downside ratings pressure could arise if liquidity were
to come under renewed strain over the next few quarters, for
example, from continued weak operating performance leading to a
significant tightening of covenant headroom.  In particular, S&P
could revise the group's outlook to negative or downgrade the
ratings if Yell's EBITDA were to fall by over 15% in financial
2011.  Conversely, S&P could consider revising the outlook to
positive or raising the ratings if liquidity were to remain
adequate over the next few quarters and if S&P's operating
assumptions were to prove too conservative.


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


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

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

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

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

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

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

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

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

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

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

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

GREECE
------
AG PETZETAKIS SA    PTZ GR         -36788613.11  258762040.3
AG PETZETAKIS SA    PZETF US       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK PZ       -36788613.11  258762040.3
AG PETZETAKIS SA    PTZ1 GR        -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK EU       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK GA       -36788613.11  258762040.3
AG PETZETAKIS SA    PETZK EO       -36788613.11  258762040.3
ALMA-ATERM-AUCT     ATERME GA      -4110971.317  105276552.2
ALMA-ATERMON SA     ATERM PZ       -4110971.317  105276552.2
ALMA-ATERMON SA     ATERM EO       -4110971.317  105276552.2
ALMA-ATERMON SA     ATERM EU       -4110971.317  105276552.2
ALTEC SA -AUCT      ALTECE GA        -118834340  160209968.7
ALTEC SA INFO       ALTEC PZ         -118834340  160209968.7
ALTEC SA INFO       ALTEC EU         -118834340  160209968.7
ALTEC SA INFO       ALTEC GA         -118834340  160209968.7
ALTEC SA INFO       ATCQF US         -118834340  160209968.7
ALTEC SA INFO       ALTEC EO         -118834340  160209968.7
ALTEC SA INFO       AXY GR           -118834340  160209968.7
ALTEC SA INFO-RT    ALTECR GA        -118834340  160209968.7
ALTEC SA INFO-RT    ALTED GA         -118834340  160209968.7
ARIES MARITIME T    RAMS US           -57875000    197992000
ASPIS PRONIA GE     ASASK EO       -189908329.1  896537349.7
ASPIS PRONIA GE     AISQF US       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK EU       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK PZ       -189908329.1  896537349.7
ASPIS PRONIA GE     ASASK GA       -189908329.1  896537349.7
ASPIS PRONIA -PF    ASAPR GA       -189908329.1  896537349.7
ASPIS PRONIA-PF     APGV GR        -189908329.1  896537349.7
ASPIS PRONIA-PF     ASASP GA       -189908329.1  896537349.7
ASPIS PRONIA-RT     ASASKR GA      -189908329.1  896537349.7
ASPIS PRONOIA GE    APG GR         -189908329.1  896537349.7
ASPIS PRONOIA GE    APGG IX        -189908329.1  896537349.7
ASPIS PRON-PF RT    ASASPR GA      -189908329.1  896537349.7
ATERMON DYNAMIC     ATERM GA       -4110971.317  105276552.2
EMPEDOS SA          EMPED GA       -33637669.62  174742646.9
EMPEDOS SA-RTS      EMPEDR GA      -33637669.62  174742646.9
KOUMBAS INSUR-RT    KOUMD GA       -38449174.63  221302771.2
KOUMBAS RTS         KOUMR GA       -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM PZ        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM GA        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM EO        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUM EU        -38449174.63  221302771.2
KOUMBAS SYNERGY     KOUMF US       -38449174.63  221302771.2
NAOUSSA SPIN -RT    NAOYD GA         -130380438  326934399.4
NAOUSSA SPIN-AUC    NAOYKE GA        -130380438  326934399.4
NAOUSSA SPINNING    NML1 GR          -130380438  326934399.4
NAOUSSA SPINNING    NML GR           -130380438  326934399.4
NAOUSSA SPIN-RTS    NAOYKR GA        -130380438  326934399.4
NEWLEAD HOLDINGS    A1M GR            -57875000    197992000
NEWLEAD HOLDINGS    NEWL US           -57875000    197992000
PETZET - PFD-RTS    PETZPD GA      -36788613.11  258762040.3
PETZETAKIS - RTS    PETZKD GA      -36788613.11  258762040.3
PETZETAKIS-AUC      PETZKE GA      -36788613.11  258762040.3
PETZETAKIS-PFD      PETZP GA       -36788613.11  258762040.3
PETZETAKIS-PFD      PTZ3 GR        -36788613.11  258762040.3
RADIO KORASSIDIS    RKC GR         -100972173.9  180679253.6
RADIO KORASSIDIS    RAKOF US       -100972173.9  180679253.6
RADIO KORASSIDIS    KORA GA        -100972173.9  180679253.6
RADIO KORASSI-RT    KORAD GA       -100972173.9  180679253.6
RADIO KORASS-RTS    KORAR GA       -100972173.9  180679253.6
THEMELIODOMI        THEME GA       -55751178.85  232036822.6
THEMELIODOMI-AUC    THEMEE GA      -55751178.85  232036822.6
THEMELIODOMI-RTS    THEMED GA      -55751178.85  232036822.6
THEMELIODOMI-RTS    THEMER GA      -55751178.85  232036822.6
UNITED TEXTILES     NAOYK GA         -130380438  326934399.4
UNITED TEXTILES     UTEX PZ          -130380438  326934399.4
UNITED TEXTILES     UTEX GA          -130380438  326934399.4
UNITED TEXTILES     NAOSF US         -130380438  326934399.4
UNITED TEXTILES     UTEX EO          -130380438  326934399.4
UNITED TEXTILES     UTEX EU          -130380438  326934399.4

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

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

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

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

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

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

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

PORTUGAL
--------
BENFICA             SLBENX PX      -16614056.44  234366255.6
BENFICA             SLBE IX        -16614056.44  234366255.6
BENFICA             SLBEN EU       -16614056.44  234366255.6
BENFICA             SLBEN PL       -16614056.44  234366255.6
BENFICA             SLBEN PZ       -16614056.44  234366255.6
BENFICA             SLBEN EO       -16614056.44  234366255.6
LISGRAFICA IMPRE    LIAG EO        -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG PZ         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG EO         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG PL         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIAG PL        -11584933.86  107940470.6
LISGRAFICA IMPRE    LIG EU         -11584933.86  107940470.6
LISGRAFICA IMPRE    LIAG EU        -11584933.86  107940470.6
LISGRAFICA-RTS      LIGDS PL       -11584933.86  107940470.6
PORCELANA VISTA     PVAL PL        -75871846.95  148731546.6
SPORT LISBOA E B    1249Z PL       -16614056.44  234366255.6
SPORTING-SOC DES    SCPL IX         -4083492.14  225687305.9
SPORTING-SOC DES    SCG GR          -4083492.14  225687305.9
SPORTING-SOC DES    SCDF PL         -4083492.14  225687305.9
SPORTING-SOC DES    SCP1 PZ         -4083492.14  225687305.9
SPORTING-SOC DES    SCDF EU         -4083492.14  225687305.9
SPORTING-SOC DES    SCDF EO         -4083492.14  225687305.9
SPORTING-SOC DES    SCP PL          -4083492.14  225687305.9
SPORTING-SOC DES    SCPX PX         -4083492.14  225687305.9
VAA VISTA ALEGRE    VAF PZ         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAFX PX        -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF PL         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF EO         -75871846.95  148731546.6
VAA VISTA ALEGRE    VAF EU         -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK EO        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK PL        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFKX PX       -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK PZ        -75871846.95  148731546.6
VAA VISTA ALTAN     VAFK EU        -75871846.95  148731546.6
OLTCHIM RM VALCE    OLT EU         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT PZ         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTCF US       -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT RO         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTEUR EU      -89344235.29  511515508.8
OLTCHIM RM VALCE    OLT EO         -89344235.29  511515508.8
OLTCHIM RM VALCE    OLTEUR EO      -89344235.29  511515508.8

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

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

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

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

UKRAINE
-------
AZOVZAGALMASH MA    AZGM UZ        -16212049.02  277693905.5
BANK FORUM -GDR     FRMB038 RU     -5331676.798   2243068982
BANK FORUM -GDR     639540Z LX     -5331676.798   2243068982
BANK FORUM -GDR     BFJG IX        -5331676.798   2243068982
BANK FORUM -GDR     B5F GR         -5331676.798   2243068982
BANK FORUM JSC      FORM UZ        -5331676.798   2243068982
DNEPROPETROVSK      DMZP UZ        -15926384.43  424303604.8
DNIPROOBLENERGO     DNON UZ        -3607242.033  284973578.6
DONETSKOBLENERGO    DOON UZ        -209532649.1    360933615
LUGANSKGAS          LYGZ UZ        -16963558.31  110262633.1
LUGANSKOBLENERGO    LOEN UZ        -27621096.54  197769532.3
NAFTOKHIMIK PRIC    NAFP UZ        -19746288.63  299014707.5
NAFTOKHIMIK-GDR     N3ZA GR        -19746288.63  299014707.5
ODESSA OIL REFIN    ONPZ UZ        -70727947.39  325964086.9

UNITED KINGDOM
--------------
4LESS GROUP         LI4 GR         -3088436.068  106650689.4
4LESS GROUP         BHL PO         -3088436.068  106650689.4
4LESS GROUP         FL/ LN         -3088436.068  106650689.4
4LESS GROUP         BYH PO         -3088436.068  106650689.4
4LESS GROUP         FL/ PO         -3088436.068  106650689.4
4LESS GROUP         FLG OF         -3088436.068  106650689.4
ADVANCE DISPLAY     ADTP PZ         -3015578835   2590007904
AEA TECHNOLO-FPR    AATF LN        -215101594.9    121405070
AEA TECHNOLO-FPR    AATF PZ        -215101594.9    121405070
AEA TECHNOLOGY      AAT IX         -215101594.9    121405070
AEA TECHNOLOGY      AAT LN         -215101594.9    121405070
AEA TECHNOLOGY      EAETF US       -215101594.9    121405070
AEA TECHNOLOGY      AAT VX         -215101594.9    121405070
AEA TECHNOLOGY      AAT PZ         -215101594.9    121405070
AEA TECHNOLOGY      AAT EU         -215101594.9    121405070
AEA TECHNOLOGY      AEY GR         -215101594.9    121405070
AEA TECHNOLOGY      AAT EO         -215101594.9    121405070
AEA TECHNOLOGY      AATGBP EO      -215101594.9    121405070
AEA TECHNOLOGY      AAT PO         -215101594.9    121405070
AEA TECHNOLO-NPR    AATN PZ        -215101594.9    121405070
AEA TECHNOLO-NPR    AATN LN        -215101594.9    121405070
AIRTOURS PLC        ATORF US       -379721841.6   1817512774
AIRTOURS PLC        AIR LN         -379721841.6   1817512774
AIRTOURS PLC        AIR VX         -379721841.6   1817512774
ALLDAYS PLC         ALDYF US         -120493900  252232072.9
ALLDAYS PLC         317056Q LN       -120493900  252232072.9
AMER BUS SYS        ARB LN           -497127008    121439000
AMEY PLC            AMY LN         -48862569.33  931527720.5
AMEY PLC            AMEYF US       -48862569.33  931527720.5
AMEY PLC            AMY VX         -48862569.33  931527720.5
AMEY PLC-ASSENT     AMYA LN        -48862569.33  931527720.5
AMEY PLC-NEW        AMYN LN        -48862569.33  931527720.5
ANKER PLC           DW14 GR        -21861359.81    115463159
ANKER PLC           ANK PO         -21861359.81    115463159
ANKER PLC           ANK LN         -21861359.81    115463159
ANKER PLC - ASSD    ANKC LN        -21861359.81    115463159
ANKER PLC - ASSD    ANKB LN        -21861359.81    115463159
ANKER PLC-ASSD      ANKA LN        -21861359.81    115463159
ATKINS (WS) PLC     ATK EO           -207093345   1339139513
ATKINS (WS) PLC     ATKGBP EO        -207093345   1339139513
ATKINS (WS) PLC     ATK LN           -207093345   1339139513
ATKINS (WS) PLC     ATK BQ           -207093345   1339139513
ATKINS (WS) PLC     ATK PO           -207093345   1339139513
ATKINS (WS) PLC     ATK PZ           -207093345   1339139513
ATKINS (WS) PLC     ATK EU           -207093345   1339139513
ATKINS (WS) PLC     ATKEUR EO        -207093345   1339139513
ATKINS (WS) PLC     6W2 GR           -207093345   1339139513
ATKINS (WS) PLC     ATK QM           -207093345   1339139513
ATKINS (WS) PLC     ATK NR           -207093345   1339139513
ATKINS (WS) PLC     ATK NQ           -207093345   1339139513
ATKINS (WS) PLC     ATK VX           -207093345   1339139513
ATKINS (WS) PLC     ATKEUR EU        -207093345   1339139513
ATKINS (WS) PLC     ATK IX           -207093345   1339139513
ATKINS (WS) PLC     ATK EB           -207093345   1339139513
ATKINS (WS) PLC     WATKF US         -207093345   1339139513
ATKINS (WS) PLC     ATK TQ           -207093345   1339139513
BAYDONHILL PLC      BHL PZ         -3088436.068  106650689.4
BAYDONHILL PLC      BYH LN         -3088436.068  106650689.4
BAYDONHILL PLC      BHL LN         -3088436.068  106650689.4
BAYDONHILL PLC      BHL IX         -3088436.068  106650689.4
BAYDONHILL PLC      BHL EU         -3088436.068  106650689.4
BAYDONHILL PLC      BHL PG         -3088436.068  106650689.4
BAYDONHILL PLC      BHL EO         -3088436.068  106650689.4
BLACK & EDGINGTO    BLE LN         -134177517.4  149159301.6
BNB RECRUITMENT     BNBRF US       -10242627.53    103637705
BNB RECRUITMENT     BNB PO         -10242627.53    103637705
BNB RECRUITMENT     BNB LN         -10242627.53    103637705
BNB RECRUITMENT     BNB IX         -10242627.53    103637705
BNB RECRUITMENT     BQX GR         -10242627.53    103637705
BOOKER PLC          1330Q GR        -59832880.4   1298182549
BOOKER PLC          987188Q LN      -59832880.4   1298182549
BOOKER PLC          BKERF US        -59832880.4   1298182549
BOOKER PLC-ADR      BOK$ LN         -59832880.4   1298182549
BOOKER PLC-ADR      BKRUY US        -59832880.4   1298182549
BRADSTOCK GROUP     BSKGF US       -1855444.443  268563822.5
BRADSTOCK GROUP     BDK LN         -1855444.443  268563822.5
BRIT ENERGY LTD     523362Q LN      -5822867501   4921095750
BRIT ENERGY PLC     BGYEF US        -5822867501   4921095750
BRIT ENERGY PLC     BHEGF US        -5822867501   4921095750
BRIT ENERGY PLC     BEN1 GR         -5822867501   4921095750
BRIT ENERGY PLC     555140Q VX      -5822867501   4921095750
BRIT ENERGY-A       BENA GR         -5822867501   4921095750
BRIT ENERGY-ADR     BHEFF US        -5822867501   4921095750
BRIT NUCLEAR        1046Z LN        -4247644150  40325778907
BRIT TELECOM        9484 JP         -5803590908  44998015107
BRIT TELECOM        BTE GR          -5803590908  44998015107
BRIT TELECOM PLC    BTPLF US        -5803590908  44998015107
BRIT TELECOM PLC    BT/A VX         -5803590908  44998015107
BRIT TELECOM PLC    BTPWF US        -5803590908  44998015107
BRIT TELECOM-ADR    BTEA GR         -5803590908  44998015107
BRIT TELECOM-ADR    1481Q CN        -5803590908  44998015107
BRIT TELECOM-RTS    BTY-R US        -5803590908  44998015107
BRITISH ENER-$US    BGYNYD AR       -5822867501   4921095750
BRITISH ENER-$US    BGYD AR         -5822867501   4921095750
BRITISH ENER-ADR    BGYNY US        -5822867501   4921095750
BRITISH ENER-BLK    BGYNYB AR       -5822867501   4921095750
BRITISH ENER-BLK    BGYB AR         -5822867501   4921095750
BRITISH ENER-C/E    BGYC AR         -5822867501   4921095750
BRITISH ENER-C/E    BGYNYC AR       -5822867501   4921095750
BRITISH ENER-CED    BGY AR          -5822867501   4921095750
BRITISH ENER-CED    BGYNY AR        -5822867501   4921095750
BRITISH ENERGY-A    BHEAF US        -5822867501   4921095750
BRITISH ENERGY-A    BGYA PO         -5822867501   4921095750
BRITISH ENERGY-A    BGYA VX         -5822867501   4921095750
BRITISH ENERGY-A    3012442Q LN     -5822867501   4921095750
BRITISH ENERGY-A    BGYGF US        -5822867501   4921095750
BRITISH TELE-FP     BT/F LN         -5803590908  44998015107
BRITISH TELE-NP     BT/N LN         -5803590908  44998015107
BRITISH TELE-NP     BTPXF US        -5803590908  44998015107
BRITVIC             B6S GR         -3988699.913   1361742201
BRITVIC PLC         BVIC LN        -3988699.913   1361742201
BRITVIC PLC         BVIC EU        -3988699.913   1361742201
BRITVIC PLC         BVIC QM        -3988699.913   1361742201
BRITVIC PLC         BVIC TQ        -3988699.913   1361742201
BRITVIC PLC         BVICEUR EO     -3988699.913   1361742201
BRITVIC PLC         BVIC PZ        -3988699.913   1361742201
BRITVIC PLC         BVIC IX        -3988699.913   1361742201
BRITVIC PLC         BVIC EB        -3988699.913   1361742201
BRITVIC PLC         BVICGBP EO     -3988699.913   1361742201
BRITVIC PLC         BVICUSD EU     -3988699.913   1361742201
BRITVIC PLC         BVIC NR        -3988699.913   1361742201
BRITVIC PLC         BTVCF US       -3988699.913   1361742201
BRITVIC PLC         BVICEUR EU     -3988699.913   1361742201
BRITVIC PLC         BVIC BQ        -3988699.913   1361742201
BRITVIC PLC         BVIC NQ        -3988699.913   1361742201
BRITVIC PLC         BVIC EO        -3988699.913   1361742201
BRITVIC PLC         BVIC VX        -3988699.913   1361742201
BRITVIC PLC         BVICUSD EO     -3988699.913   1361742201
BT GROUP PLC        BT/AGBP EO      -5803590908  44998015107
BT GROUP PLC        BT/A TQ         -5803590908  44998015107
BT GROUP PLC        BT/AEUR EU      -5803590908  44998015107
BT GROUP PLC        BT/AUSD EU      -5803590908  44998015107
BT GROUP PLC        BT/ VX          -5803590908  44998015107
BT GROUP PLC        BTGOF US        -5803590908  44998015107
BT GROUP PLC        BT/APEN EO      -5803590908  44998015107
BT GROUP PLC        BT/A PO         -5803590908  44998015107
BT GROUP PLC        BT/A EO         -5803590908  44998015107
BT GROUP PLC        BTQ GR          -5803590908  44998015107
BT GROUP PLC        BT/A EB         -5803590908  44998015107
BT GROUP PLC        BT/APEN EU      -5803590908  44998015107
BT GROUP PLC        BT/A NQ         -5803590908  44998015107
BT GROUP PLC        BT/A NR         -5803590908  44998015107
BT GROUP PLC        BTEG IX         -5803590908  44998015107
BT GROUP PLC        BT/AUSD EO      -5803590908  44998015107
BT GROUP PLC        BT IX           -5803590908  44998015107
BT GROUP PLC        BT/A LN         -5803590908  44998015107
BT GROUP PLC        BT/AEUR EO      -5803590908  44998015107
BT GROUP PLC        BT/A QM         -5803590908  44998015107
BT GROUP PLC        BT PZ           -5803590908  44998015107
BT GROUP PLC        BT/A BQ         -5803590908  44998015107
BT GROUP PLC        BT/A EU         -5803590908  44998015107
BT GROUP PLC-ADR    BT/$ LN         -5803590908  44998015107
BT GROUP PLC-W/I    BTWI LN         -5803590908  44998015107
BT GROUP-ADR        BTQA GR         -5803590908  44998015107
BT GROUP-ADR WI     BTY-W US        -5803590908  44998015107
BT GROUP-CED $US    BTYD AR         -5803590908  44998015107
BT GROUP-CED $US    BTD AR          -5803590908  44998015107
BT GROUP-CED BLK    BTB AR          -5803590908  44998015107
BT GROUP-CED BLK    BTYB AR         -5803590908  44998015107
BT GROUP-CED C/E    BTYC AR         -5803590908  44998015107
BT GROUP-CED C/E    BTC AR          -5803590908  44998015107
BT GROUP-CEDEAR     BT AR           -5803590908  44998015107
BT GROUP-CEDEAR     BTY AR          -5803590908  44998015107
BT GROUP-SPON AD    BT US           -5803590908  44998015107
BT GROUP-SPON AD    BTY US          -5803590908  44998015107
BT GROUP-SPON AD    BT MM           -5803590908  44998015107
BT GROUP-SPON AD    BTYN MM         -5803590908  44998015107
CARLISLE GROUP      506819Q LN     -11904426.45    203548565
CHRYSALIS GROUP     5CY GR         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSEUR EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS VX         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSUSD EU      -7422046.098  110320050.3
CHRYSALIS GROUP     CYGUF US       -7422046.098  110320050.3
CHRYSALIS GROUP     CHS EO         -7422046.098  110320050.3
CHRYSALIS GROUP     HR4 GR         -7422046.098  110320050.3
CHRYSALIS GROUP     CHS PO         -7422046.098  110320050.3
CHRYSALIS GROUP     CLYSF US       -7422046.098  110320050.3
CHRYSALIS GROUP     CHS PZ         -7422046.098  110320050.3
CHRYSALIS GROUP     CHS LN         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSGBP EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHSEUR EU      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS IX         -7422046.098  110320050.3
CHRYSALIS GROUP     CHSUSD EO      -7422046.098  110320050.3
CHRYSALIS GROUP     CHS EU         -7422046.098  110320050.3
CLIPPER WINDPOWE    CWP IX           -218336000    776211968
CLIPPER WINDPOWE    CWP LN           -218336000    776211968
CLIPPER WINDPOWE    CWPA LN          -218336000    776211968
CLIPPER WINDPOWE    CWP PZ           -218336000    776211968
CLIPPER WINDPOWE    CWP EU           -218336000    776211968
CLIPPER WINDPOWE    3470635Q LN      -218336000    776211968
CLIPPER WINDPOWE    CRPWF US         -218336000    776211968
CLIPPER WINDPOWE    CWP PG           -218336000    776211968
CLIPPER WINDPOWE    C2W GR           -218336000    776211968
CLIPPER WINDPOWE    CWP EO           -218336000    776211968
COMPASS GROU-OLD    1259Q LN       -668101173.9   2972459078
COMPASS GROUP       QOP GR         -668101173.9   2972459078
COMPASS GRP-ADR     CMSJY US       -668101173.9   2972459078
COMPASS GRP-ADR     CMSGY US       -668101173.9   2972459078
COSTAIN GROUP       COST IX        -19097658.92  649978943.3
COSTAIN GROUP       COSTGBP EO     -19097658.92  649978943.3
COSTAIN GROUP       COSTUSD EO     -19097658.92  649978943.3
COSTAIN GROUP       COST VX        -19097658.92  649978943.3
COSTAIN GROUP       COSTEUR EO     -19097658.92  649978943.3
COSTAIN GROUP       COSTEUR EU     -19097658.92  649978943.3
COSTAIN GROUP       COSTUSD EU     -19097658.92  649978943.3
COSTAIN GROUP       COST EU        -19097658.92  649978943.3
COSTAIN GROUP       COST PZ        -19097658.92  649978943.3
COSTAIN GROUP       COST PO        -19097658.92  649978943.3
COSTAIN GROUP       CSGFF US       -19097658.92  649978943.3
COSTAIN GROUP       COST LN        -19097658.92  649978943.3
COSTAIN GROUP       COST EO        -19097658.92  649978943.3
COSTAIN GROU-RTS    COSF LN        -19097658.92  649978943.3
COSTAIN GROU-RTS    COSN LN        -19097658.92  649978943.3
DAILY MAIL TST      DMGOGBP EO     -139060248.4   3723159411
DAILY MAIL TST      DMGO PO        -139060248.4   3723159411
DAILY MAIL TST      DMGO EO        -139060248.4   3723159411
DAILY MAIL TST      DMGO VX        -139060248.4   3723159411
DAILY MAIL TST      DGW GR         -139060248.4   3723159411
DAILY MAIL TST      DMGO IX        -139060248.4   3723159411
DAILY MAIL TST      DMGO EU        -139060248.4   3723159411
DAILY MAIL TST      DMGO PZ        -139060248.4   3723159411
DAILY MAIL TST      DMTOF US       -139060248.4   3723159411
DAILY MAIL TST      DMGO LN        -139060248.4   3723159411
DAILY MAIL TST A    DMGTEUR EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT EB        -139060248.4   3723159411
DAILY MAIL TST A    DMGT QM        -139060248.4   3723159411
DAILY MAIL TST A    DMGTGBP EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT PO        -139060248.4   3723159411
DAILY MAIL TST A    DMGT NR        -139060248.4   3723159411
DAILY MAIL TST A    DMGT VX        -139060248.4   3723159411
DAILY MAIL TST A    DMGT EU        -139060248.4   3723159411
DAILY MAIL TST A    DGW1 GR        -139060248.4   3723159411
DAILY MAIL TST A    DMGT BQ        -139060248.4   3723159411
DAILY MAIL TST A    DMGTEUR EU     -139060248.4   3723159411
DAILY MAIL TST A    DMGT PZ        -139060248.4   3723159411
DAILY MAIL TST A    DMGT LN        -139060248.4   3723159411
DAILY MAIL TST A    DMGTUSD EO     -139060248.4   3723159411
DAILY MAIL TST A    DMGT NQ        -139060248.4   3723159411
DAILY MAIL TST A    DMGT IX        -139060248.4   3723159411
DAILY MAIL TST A    DMGT EO        -139060248.4   3723159411
DAILY MAIL TST A    DMGT TQ        -139060248.4   3723159411
DAILY MAIL TST A    DMTGF US       -139060248.4   3723159411
DAILY MAIL TST A    DMGTUSD EU     -139060248.4   3723159411
DANKA BUS SYSTEM    DNK LN           -497127008    121439000
DANKA BUS SYSTEM    DNK VX           -497127008    121439000
DANKA BUS SYSTEM    DANKF US         -497127008    121439000
DANKA BUS SYSTEM    DNK PO           -497127008    121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008    121439000
DANKA BUS SYSTEM    DNK IX           -497127008    121439000
DANKA BUS SYSTEM    3205287Q EU      -497127008    121439000
DANKA BUS SYSTEM    DNK PZ           -497127008    121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008    121439000
DANKA BUS-$US CE    DANKD AR         -497127008    121439000
DANKA BUS-ADR       AP39 LI          -497127008    121439000
DANKA BUS-ADR       DANKY US         -497127008    121439000
DANKA BUS-ADR       DANKE US         -497127008    121439000
DANKA BUS-ADR       DB6 GR           -497127008    121439000
DANKA BUS-BLK CE    DANKB AR         -497127008    121439000
DANKA BUS-C/E CE    DANKC AR         -497127008    121439000
DANKA BUS-CEDEAR    DANK AR          -497127008    121439000
DE LA RUE PLC       DLAR PO        -49140782.93  785933430.9
DE LA RUE PLC       DL1C GR        -49140782.93  785933430.9
DE LA RUE PLC       DLAR PZ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR NQ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR EB        -49140782.93  785933430.9
DE LA RUE PLC       DLAR QM        -49140782.93  785933430.9
DE LA RUE PLC       DLAR LN        -49140782.93  785933430.9
DE LA RUE PLC       DLAREUR EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR TQ        -49140782.93  785933430.9
DE LA RUE PLC       DLAR VX        -49140782.93  785933430.9
DE LA RUE PLC       DLARCHF EO     -49140782.93  785933430.9
DE LA RUE PLC       DLARUSD EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR BQ        -49140782.93  785933430.9
DE LA RUE PLC       DL1 GR         -49140782.93  785933430.9
DE LA RUE PLC       DELRF US       -49140782.93  785933430.9
DE LA RUE PLC       DLRUF US       -49140782.93  785933430.9
DE LA RUE PLC       DLAR NR        -49140782.93  785933430.9
DE LA RUE PLC       DL1B GR        -49140782.93  785933430.9
DE LA RUE PLC       DLARGBP EO     -49140782.93  785933430.9
DE LA RUE PLC       DLAR EO        -49140782.93  785933430.9
DE LA RUE PLC       DLARUSD EO     -49140782.93  785933430.9
DE LA RUE PLC       DLAR EU        -49140782.93  785933430.9
DE LA RUE PLC       DLAREUR EO     -49140782.93  785933430.9
DE LA RUE PLC       DLARCHF EU     -49140782.93  785933430.9
DE LA RUE PLC       DLAR IX        -49140782.93  785933430.9
DE LA RUE PLC       DL1A GR        -49140782.93  785933430.9
DE LA RUE PLC       DLARF US       -49140782.93  785933430.9
DE LA RUE-ADR       DLUEY US       -49140782.93  785933430.9
DE LA RUE-ADR       DERUY US       -49140782.93  785933430.9
DE LA RUE-PREF      3115438Q EU    -49140782.93  785933430.9
DE LA RUE-PREF      DLAP PZ        -49140782.93  785933430.9
DE LA RUE-PREF      DLAP LN        -49140782.93  785933430.9
EASYNET GROUP       EAY GR         -60380609.34  334049332.2
EASYNET GROUP       ESY LN         -60380609.34  334049332.2
EASYNET GROUP       EZNGF US       -60380609.34  334049332.2
EASYNET GROUP       ESY VX         -60380609.34  334049332.2
EASYNET GROUP       ESY PO         -60380609.34  334049332.2
EASYNET GROUP-CV    91009Z LN      -60380609.34  334049332.2
EMI GROUP -ASSD     EMIA LN         -2265916257   2950021937
EMI GROUP LTD       EMI LN          -2265916257   2950021937
EMI GROUP PLC       EMI VX          -2265916257   2950021937
EMI GROUP PLC       EMI PO          -2265916257   2950021937
EMI GROUP PLC       EMI IX          -2265916257   2950021937
EMI GROUP PLC       3020138Q GR     -2265916257   2950021937
EMI GROUP PLC       EMIPF US        -2265916257   2950021937
EMI GROUP PLC-B     1019425Q LN     -2265916257   2950021937
EMI GROUP-ADR       38IS LN         -2265916257   2950021937
EMI GROUP-ADR       EMIPY US        -2265916257   2950021937
EMI GROUP-ADR       EMI$ LN         -2265916257   2950021937
EUROPEAN HOME       KLZ VX         -14328735.16  110864081.4
EUROPEAN HOME       EHRGBP EO      -14328735.16  110864081.4
EUROPEAN HOME       EHREUR EU      -14328735.16  110864081.4
EUROPEAN HOME       EHREUR EO      -14328735.16  110864081.4
EUROPEAN HOME       EHR LN         -14328735.16  110864081.4
EUROPEAN HOME       FPAKF US       -14328735.16  110864081.4
EUROPEAN HOME       EHR PO         -14328735.16  110864081.4
EUROPEAN HOME       EHR VX         -14328735.16  110864081.4
EUROPEAN HOME       EHR EO         -14328735.16  110864081.4
EUROPEAN HOME       EHR PZ         -14328735.16  110864081.4
EUROPEAN HOME       EHR EU         -14328735.16  110864081.4
EUROPEAN HOME       KLZ PO         -14328735.16  110864081.4
EUROPEAN MINERAL    EPM CN           -123563000    104843000
EUROPEAN MINERAL    EPMLF US         -123563000    104843000
EUROPEAN MINERAL    EPM/U CN         -123563000    104843000
EUROPEAN MINERAL    EUM LN           -123563000    104843000
EUROPEAN MINERAL    EUM PO           -123563000    104843000
FAREPAK PLC         FPK LN         -14328735.16  110864081.4
FARNELL ELEC-ADR    FRN$ LN        -53758146.86  722693619.5
FARNELL ELEC-ADR    FRNZ LN        -53758146.86  722693619.5
FARNELL ELEC-RFD    FRNR LN        -53758146.86  722693619.5
FARNELL ELECTRON    FRNL LN        -53758146.86  722693619.5
GALIFORM PLC        MFI IX         -116415877.1  612420067.1
GALIFORM PLC        GFRM EB        -116415877.1  612420067.1
GALIFORM PLC        GFRM QM        -116415877.1  612420067.1
GALIFORM PLC        GFRM LN        -116415877.1  612420067.1
GALIFORM PLC        GFRM BQ        -116415877.1  612420067.1
GALIFORM PLC        MFI PO         -116415877.1  612420067.1
GALIFORM PLC        GFRMNOK EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM IX        -116415877.1  612420067.1
GALIFORM PLC        GLFMF US       -116415877.1  612420067.1
GALIFORM PLC        GFRMNOK EU     -116415877.1  612420067.1
GALIFORM PLC        GFRMEUR EU     -116415877.1  612420067.1
GALIFORM PLC        GFRMGBP EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM EU        -116415877.1  612420067.1
GALIFORM PLC        MFI VX         -116415877.1  612420067.1
GALIFORM PLC        GFRM PZ        -116415877.1  612420067.1
GALIFORM PLC        GFRM NQ        -116415877.1  612420067.1
GALIFORM PLC        GFRM PO        -116415877.1  612420067.1
GALIFORM PLC        MFIFF US       -116415877.1  612420067.1
GALIFORM PLC        GFRM NR        -116415877.1  612420067.1
GALIFORM PLC        GFRMEUR EO     -116415877.1  612420067.1
GALIFORM PLC        GFRM EO        -116415877.1  612420067.1
GALIFORM PLC        GFRM TQ        -116415877.1  612420067.1
GALIFORM PLC        GFRM VX        -116415877.1  612420067.1
GARTLAND WHALLEY    GWB LN         -10986769.42  145352034.5
GARTMORE GROUP      GRT3 EU        -197233258.3  975283243.9
GARTMORE GROUP      GRT3USD EU     -197233258.3  975283243.9
GARTMORE GROUP      GRT3 EO        -197233258.3  975283243.9
GARTMORE GROUP      GRT3USD EO     -197233258.3  975283243.9
GARTMORE GROUP      GRT3GBP EO     -197233258.3  975283243.9
GARTMORE GROUP      GRT LN         -197233258.3  975283243.9
GARTMORE GROUP      G8T GR         -197233258.3  975283243.9
GO-AHEAD GROUP      GOG LN         -15712050.26   1619995130
GO-AHEAD GROUP      GOG NQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG IX         -15712050.26   1619995130
GO-AHEAD GROUP      GOG QM         -15712050.26   1619995130
GO-AHEAD GROUP      GOGEUR EU      -15712050.26   1619995130
GO-AHEAD GROUP      G9X GR         -15712050.26   1619995130
GO-AHEAD GROUP      GOGGBP EO      -15712050.26   1619995130
GO-AHEAD GROUP      GOG TQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG PO         -15712050.26   1619995130
GO-AHEAD GROUP      GOG NR         -15712050.26   1619995130
GO-AHEAD GROUP      GOGEUR EO      -15712050.26   1619995130
GO-AHEAD GROUP      GHGUF US       -15712050.26   1619995130
GO-AHEAD GROUP      GOG EU         -15712050.26   1619995130
GO-AHEAD GROUP      GOG VX         -15712050.26   1619995130
GO-AHEAD GROUP      GOG BQ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG EO         -15712050.26   1619995130
GO-AHEAD GROUP      GOG PZ         -15712050.26   1619995130
GO-AHEAD GROUP      GOG EB         -15712050.26   1619995130
GREEN (E) & PART    GEP LN         -27530263.14    313453511
HAWTIN PLC          HTI VX         -3873861.331  110875080.8
HAWTIN PLC          HTI IX         -3873861.331  110875080.8
HAWTIN PLC          HTI PO         -3873861.331  110875080.8
HAWTIN PLC          HTI EU         -3873861.331  110875080.8
HAWTIN PLC          HTI EO         -3873861.331  110875080.8
HAWTIN PLC          HTI PZ         -3873861.331  110875080.8
HAWTIN PLC          HWN GR         -3873861.331  110875080.8
HAWTIN PLC          HTI PG         -3873861.331  110875080.8
HAWTIN PLC          HTI LN         -3873861.331  110875080.8
HILTON G-CRT OLD    HIGT BB        -97533918.57   1748505414
HILTON GROUP PLC    HG PO          -97533918.57   1748505414
HILTON GROUP PLC    HG/ LN         -97533918.57   1748505414
HILTON GROUP PLC    HLTGF US       -97533918.57   1748505414
HILTON GROUP-ADR    HLTGY US       -97533918.57   1748505414
HILTON GROUP-CER    HG BB          -97533918.57   1748505414
HILTON GROUP-CRT    HIG BB         -97533918.57   1748505414
HOGG ROBINSON GR    HRGGBP EO         -11371715  739481804.8
HOGG ROBINSON GR    HRG VX            -11371715  739481804.8
HOGG ROBINSON GR    HRGEUR EU         -11371715  739481804.8
HOGG ROBINSON GR    HRG EU            -11371715  739481804.8
HOGG ROBINSON GR    HOGGF US          -11371715  739481804.8
HOGG ROBINSON GR    HRGEUR EO         -11371715  739481804.8
HOGG ROBINSON GR    DQX GR            -11371715  739481804.8
HOGG ROBINSON GR    HRG PZ            -11371715  739481804.8
HOGG ROBINSON GR    HRG IX            -11371715  739481804.8
HOGG ROBINSON GR    HRG EO            -11371715  739481804.8
HOGG ROBINSON GR    HRG LN            -11371715  739481804.8
JARVIS PLC          JRVS IX        -64739862.73    130951086
JARVIS PLC          JRVS VX        -64739862.73    130951086
JARVIS PLC          JRVS PO        -64739862.73    130951086
JARVIS PLC          JRVSGBP EO     -64739862.73    130951086
JARVIS PLC          JRVS EU        -64739862.73    130951086
JARVIS PLC          JVR GR         -64739862.73    130951086
JARVIS PLC          JRVS PZ        -64739862.73    130951086
JARVIS PLC          JRVS LN        -64739862.73    130951086
JARVIS PLC          JRVS EO        -64739862.73    130951086
JARVIS PLC          JRVSEUR EU     -64739862.73    130951086
JARVIS PLC          JVSPF US       -64739862.73    130951086
JARVIS PLC          JRVSEUR EO     -64739862.73    130951086
JESSOPS PLC         JSPEUR EO       -42702021.2  112964060.4
JESSOPS PLC         JSPGBP EO       -42702021.2  112964060.4
JESSOPS PLC         JSP LN          -42702021.2  112964060.4
JESSOPS PLC         JS4 GR          -42702021.2  112964060.4
JESSOPS PLC         JSP EU          -42702021.2  112964060.4
JESSOPS PLC         JSP EO          -42702021.2  112964060.4
JESSOPS PLC         JSP PZ          -42702021.2  112964060.4
JESSOPS PLC         JSP VX          -42702021.2  112964060.4
JESSOPS PLC         JSP PO          -42702021.2  112964060.4
JESSOPS PLC         JSP IX          -42702021.2  112964060.4
JESSOPS PLC         JSPEUR EU       -42702021.2  112964060.4
KAZAKHSTAN MNRLS    KMCOF US         -123563000    104843000
KAZAKHSTAN MNRLS    KMCO/U CN        -123563000    104843000
KAZAKHSTAN MNRLS    KMC/U CN         -123563000    104843000
KAZAKHSTAN MNRLS    KMCO CN          -123563000    104843000
KLEENEZE PLC        KLZ LN         -14328735.16  110864081.4
LADBROKE GROUP      LADB LN        -97533918.57   1748505414
LADBROKE GRP-IDR    695767Q BB     -97533918.57   1748505414
LADBROKE GRP-OLD    LADB BB        -97533918.57   1748505414
LADBROKES - FPR     LADF PZ        -97533918.57   1748505414
LADBROKES - FPR     LADF LN        -97533918.57   1748505414
LADBROKES PLC       LADGBP EO      -97533918.57   1748505414
LADBROKES PLC       LAD NQ         -97533918.57   1748505414
LADBROKES PLC       LAD BQ         -97533918.57   1748505414
LADBROKES PLC       LAD PZ         -97533918.57   1748505414
LADBROKES PLC       LAD EB         -97533918.57   1748505414
LADBROKES PLC       LAD EU         -97533918.57   1748505414
LADBROKES PLC       HG/ VX         -97533918.57   1748505414
LADBROKES PLC       LAD PO         -97533918.57   1748505414
LADBROKES PLC       LDBKF US       -97533918.57   1748505414
LADBROKES PLC       LAD NR         -97533918.57   1748505414
LADBROKES PLC       LAD QM         -97533918.57   1748505414
LADBROKES PLC       LAD LN         -97533918.57   1748505414
LADBROKES PLC       LADEUR EU      -97533918.57   1748505414
LADBROKES PLC       LADNZD EO      -97533918.57   1748505414
LADBROKES PLC       LAD VX         -97533918.57   1748505414
LADBROKES PLC       LADUSD EO      -97533918.57   1748505414
LADBROKES PLC       LAD GR         -97533918.57   1748505414
LADBROKES PLC       LAD TQ         -97533918.57   1748505414
LADBROKES PLC       LAD IX         -97533918.57   1748505414
LADBROKES PLC       LADEUR EO      -97533918.57   1748505414
LADBROKES PLC       LAD EO         -97533918.57   1748505414
LADBROKES PLC       LADNZD EU      -97533918.57   1748505414
LADBROKES PLC-AD    LDBKY US       -97533918.57   1748505414
LADBROKES PLC-AD    LDBKY LN       -97533918.57   1748505414
LADBROKES PLC-CE    LAD BB         -97533918.57   1748505414
LADBROKES PLC-NP    LADN LN        -97533918.57   1748505414
LADBROKES PLC-NP    LADN PZ        -97533918.57   1748505414
LAMBERT FENCHURC    LMF LN         -1453050.041   1826806853
LEEDS SPORTING      LEDPF US        -73166148.8  143762193.7
LEEDS SPORTING      LES LN          -73166148.8  143762193.7
LEEDS UNITED PLC    LDSUF US        -73166148.8  143762193.7
LEEDS UNITED PLC    LUFC LN         -73166148.8  143762193.7
LEEDS UNITED PLC    889687Q GR      -73166148.8  143762193.7
LONDON TOWN PLC     LOU GR         -21897636.36  175672299.2
LONDON TOWN PLC     LTW LN         -21897636.36  175672299.2
LONDON TOWN PLC     LTW EO         -21897636.36  175672299.2
LONDON TOWN PLC     LTW EU         -21897636.36  175672299.2
LONDON TOWN PLC     LTW IX         -21897636.36  175672299.2
LONDON TOWN PLC     LTW PO         -21897636.36  175672299.2
LONDON TOWN PLC     LTWX LN        -21897636.36  175672299.2
LONDON TOWN PLC     LTW PZ         -21897636.36  175672299.2
LONDON TOWN PLC     LTW PG         -21897636.36  175672299.2
LONDON TOWN PLC     LTWR LN        -21897636.36  175672299.2
M 2003 PLC          203055Q LN      -2203513803   7204891602
M 2003 PLC          MTWOF US        -2203513803   7204891602
M 2003 PLC-ADR      MTWOY US        -2203513803   7204891602
M 2003 PLC-ADR      MTWOE US        -2203513803   7204891602
MARCONI PLC         MNI LN          -2203513803   7204891602
MARCONI PLC         MRCQF US        -2203513803   7204891602
MARCONI PLC         MNI BB          -2203513803   7204891602
MARCONI PLC         MY2 GR          -2203513803   7204891602
MARCONI PLC         MONI BB         -2203513803   7204891602
MARCONI PLC         203083Q VX      -2203513803   7204891602
MARCONI PLC-ADR     MONI US         -2203513803   7204891602
MARCONI PLC-ADR     MCBA GR         -2203513803   7204891602
MARCONI PLC-ADR     QUQMON AU       -2203513803   7204891602
MARCONI PLC-ADR     MY2A GR         -2203513803   7204891602
MARCONI PLC-ADR     MRCQY US        -2203513803   7204891602
MARCONI PLC-ADR     MCONY US        -2203513803   7204891602
MARCONI PLC-ADR     MONIY US        -2203513803   7204891602
MARCONI PLC-ADR     MONIE US        -2203513803   7204891602
MFI FURNITURE GR    MFI LN         -116415877.1  612420067.1
MINERVA PLC         MNR VX         -76016914.25   1319730523
MINERVA PLC         MNR EO         -76016914.25   1319730523
MINERVA PLC         MNR IX         -76016914.25   1319730523
MINERVA PLC         MNR TQ         -76016914.25   1319730523
MINERVA PLC         MNR EU         -76016914.25   1319730523
MINERVA PLC         MNR PO         -76016914.25   1319730523
MINERVA PLC         MNRGBP EO      -76016914.25   1319730523
MINERVA PLC         MNREUR EU      -76016914.25   1319730523
MINERVA PLC         M7E GR         -76016914.25   1319730523
MINERVA PLC         MNVAF US       -76016914.25   1319730523
MINERVA PLC         MNR PZ         -76016914.25   1319730523
MINERVA PLC         MNR NR         -76016914.25   1319730523
MINERVA PLC         MNREUR EO      -76016914.25   1319730523
MINERVA PLC         MNR LN         -76016914.25   1319730523
MINERVA PLC         MNRA LN        -76016914.25   1319730523
MINERVA PLC-NP      MNRN LN        -76016914.25   1319730523
MYTRAVEL GROUP      MT/S VX        -379721841.6   1817512774
MYTRAVEL GROUP      MT IX          -379721841.6   1817512774
MYTRAVEL GROUP      MT/S PO        -379721841.6   1817512774
MYTRAVEL GROUP      MT/S LN        -379721841.6   1817512774
MYTRAVEL GROUP      ARO2 GR        -379721841.6   1817512774
MYTRAVEL GROUP      MYTPF US       -379721841.6   1817512774
MYTRAVEL GROUP P    1018144Q GR    -379721841.6   1817512774
MYTRAVEL GROUP P    MT/ VX         -379721841.6   1817512774
MYTRAVEL GROUP P    MYTGF US       -379721841.6   1817512774
MYTRAVEL GROUP-A    2281919Q GR    -379721841.6   1817512774
MYTRAVEL GROUP-A    MYTVF US       -379721841.6   1817512774
NEW STAR ASSET      NSAM IX          -397718038  292972732.1
NEW STAR ASSET      NWSAF US         -397718038  292972732.1
NEW STAR ASSET      3226435Q EO      -397718038  292972732.1
NEW STAR ASSET      NSAA LN          -397718038  292972732.1
NEW STAR ASSET      3226447Q EO      -397718038  292972732.1
NEW STAR ASSET      3226443Q EO      -397718038  292972732.1
NEW STAR ASSET      N6S GR           -397718038  292972732.1
NEW STAR ASSET      3226431Q EU      -397718038  292972732.1
NEW STAR ASSET      NSAM PZ          -397718038  292972732.1
NEW STAR ASSET      NSAM PO          -397718038  292972732.1
NEW STAR ASSET      NSAM TQ          -397718038  292972732.1
NEW STAR ASSET      3226439Q EU      -397718038  292972732.1
NEW STAR ASSET      NSAM LN          -397718038  292972732.1
ORANGE PLC          1460Q GR         -593935051   2902299502
ORANGE PLC          951641Q LN       -593935051   2902299502
ORANGE PLC          ORNGF US         -593935051   2902299502
ORANGE PLC-ADR      ORNGY US         -593935051   2902299502
ORANGE PLC-ADR      ONG GR           -593935051   2902299502
ORANGE PLC-ADR      ORA$ LN          -593935051   2902299502
ORBIS PLC           OBS PZ         -4168498.479  127701679.5
ORBIS PLC           OBS LN         -4168498.479  127701679.5
ORBIS PLC           OBG PO         -4168498.479  127701679.5
ORBIS PLC           OBS IX         -4168498.479  127701679.5
ORBIS PLC           RLP GR         -4168498.479  127701679.5
ORBIS PLC           ORBSF US       -4168498.479  127701679.5
ORBIS PLC           OBS PO         -4168498.479  127701679.5
ORSU METALS CORP    E4M GR           -123563000    104843000
ORSU METALS CORP    OSUGBX EO        -123563000    104843000
ORSU METALS CORP    OSU LN           -123563000    104843000
ORSU METALS CORP    ORSUF US         -123563000    104843000
ORSU METALS CORP    E4M1 GR          -123563000    104843000
ORSU METALS CORP    EUM IX           -123563000    104843000
ORSU METALS CORP    ORSM007* RU      -123563000    104843000
ORSU METALS CORP    OSU CN           -123563000    104843000
ORSU METALS CORP    EPMCF US         -123563000    104843000
ORSU METALS CORP    OSU PZ           -123563000    104843000
ORSU METALS CORP    OSU PG           -123563000    104843000
ORSU METALS CORP    OSUMF US         -123563000    104843000
ORSU METALS CORP    ORSM007 RU       -123563000    104843000
PARK FOOD GROUP     PKFD LN        -52867263.19  185089877.3
PARK GROUP PLC      PKG VX         -52867263.19  185089877.3
PARK GROUP PLC      PKG PZ         -52867263.19  185089877.3
PARK GROUP PLC      PKG EU         -52867263.19  185089877.3
PARK GROUP PLC      PRKG IX        -52867263.19  185089877.3
PARK GROUP PLC      PKG EO         -52867263.19  185089877.3
PARK GROUP PLC      PKGGBP EO      -52867263.19  185089877.3
PARK GROUP PLC      PRKGF US       -52867263.19  185089877.3
PARK GROUP PLC      PKG PO         -52867263.19  185089877.3
PARK GROUP PLC      PKG LN         -52867263.19  185089877.3
PATIENTLINE PLC     PTL PO         -54677284.64  124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64  124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64  124948245.8
PATIENTLINE PLC     2928903Q EU    -54677284.64  124948245.8
PATIENTLINE PLC     2928899Q EO    -54677284.64  124948245.8
PATIENTLINE PLC     PTL PZ         -54677284.64  124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64  124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64  124948245.8
PREMIER FARN-ADR    2246804Q US    -53758146.86  722693619.5
PREMIER FARN-ADR    PIFLY US       -53758146.86  722693619.5
PREMIER FARN-ADR    PFLZ LN        -53758146.86  722693619.5
PREMIER FARNELL     PFL EU         -53758146.86  722693619.5
PREMIER FARNELL     PFL IX         -53758146.86  722693619.5
PREMIER FARNELL     PFLUSD EO      -53758146.86  722693619.5
PREMIER FARNELL     PFLGBP EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL PO         -53758146.86  722693619.5
PREMIER FARNELL     PFL EO         -53758146.86  722693619.5
PREMIER FARNELL     PFL PZ         -53758146.86  722693619.5
PREMIER FARNELL     PIFLF US       -53758146.86  722693619.5
PREMIER FARNELL     PFLUSD EU      -53758146.86  722693619.5
PREMIER FARNELL     PML GR         -53758146.86  722693619.5
PREMIER FARNELL     PFLEUR EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL LN         -53758146.86  722693619.5
PREMIER FARNELL     PFL BQ         -53758146.86  722693619.5
PREMIER FARNELL     PFLSEK EO      -53758146.86  722693619.5
PREMIER FARNELL     PFL QM         -53758146.86  722693619.5
PREMIER FARNELL     PFL NR         -53758146.86  722693619.5
PREMIER FARNELL     PFL NQ         -53758146.86  722693619.5
PREMIER FARNELL     PFLEUR EU      -53758146.86  722693619.5
PREMIER FARNELL     PFL TQ         -53758146.86  722693619.5
PREMIER FARNELL     PFL VX         -53758146.86  722693619.5
PREMIER FARNELL     PFL EB         -53758146.86  722693619.5
PREMIER FARNELL     PFLSEK EU      -53758146.86  722693619.5
PROSTRAKAN GROUP    PSK PZ         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK EO         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK VX         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK EU         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKGBP EO      -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK IX         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKEUR EU      -1646349.907  143067806.9
PROSTRAKAN GROUP    PKNGF US       -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK PO         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSK LN         -1646349.907  143067806.9
PROSTRAKAN GROUP    PSKEUR EO      -1646349.907  143067806.9
REAL ESTATE OP-O    REO LN         -145048365.8   2933767507
REAL ESTATE OP-O    REOGBP EO      -145048365.8   2933767507
REAL ESTATE OP-O    REO IX         -145048365.8   2933767507
REAL ESTATE OP-O    REO PZ         -145048365.8   2933767507
REAL ESTATE OP-O    REO EU         -145048365.8   2933767507
REAL ESTATE OP-O    REO VX         -145048365.8   2933767507
REAL ESTATE OP-O    REO EO         -145048365.8   2933767507
REAL ESTATE OP-O    REA GR         -145048365.8   2933767507
REAL ESTATE OP-O    REO ID         -145048365.8   2933767507
REGUS LTD           273187Q LN     -46111835.37    367181111
REGUS PLC           REGSF US       -46111835.37    367181111
REGUS PLC           273195Q VX     -46111835.37    367181111
REGUS PLC           2296Z LN       -46111835.37    367181111
REGUS PLC           RGU GR         -46111835.37    367181111
REGUS PLC-ADS       REGSV US       -46111835.37    367181111
REGUS PLC-ADS       REGS US        -46111835.37    367181111
REGUS PLC-ADS       REGSY US       -46111835.37    367181111
REGUS PLC-ADS       RGUA GR        -46111835.37    367181111
RENTOKIL INITIAL    RTO TQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO LN         -242381476.4   3231214649
RENTOKIL INITIAL    RTO IX         -242381476.4   3231214649
RENTOKIL INITIAL    RTOKF US       -242381476.4   3231214649
RENTOKIL INITIAL    RTO EU         -242381476.4   3231214649
RENTOKIL INITIAL    RTO EO         -242381476.4   3231214649
RENTOKIL INITIAL    RTOGBP EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTO PO         -242381476.4   3231214649
RENTOKIL INITIAL    RTO GR         -242381476.4   3231214649
RENTOKIL INITIAL    RTO NR         -242381476.4   3231214649
RENTOKIL INITIAL    RTO PZ         -242381476.4   3231214649
RENTOKIL INITIAL    RTOEUR EU      -242381476.4   3231214649
RENTOKIL INITIAL    RTO EB         -242381476.4   3231214649
RENTOKIL INITIAL    RTO1 GR        -242381476.4   3231214649
RENTOKIL INITIAL    RTOUSD EU      -242381476.4   3231214649
RENTOKIL INITIAL    RKLIF US       -242381476.4   3231214649
RENTOKIL INITIAL    RTOUSD EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTOEUR EO      -242381476.4   3231214649
RENTOKIL INITIAL    RTOG IX        -242381476.4   3231214649
RENTOKIL INITIAL    RTO NQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO QM         -242381476.4   3231214649
RENTOKIL INITIAL    RTO BQ         -242381476.4   3231214649
RENTOKIL INITIAL    RTO VX         -242381476.4   3231214649
RENTOKIL-SP ADR     RTOKY US       -242381476.4   3231214649
RENTOKIL-SP ADR     AP76 LI        -242381476.4   3231214649
SAATCHI & SA-ADR    SSI$ LN        -119260804.2  705060824.5
SAATCHI & SA-ADR    SSA US         -119260804.2  705060824.5
SAATCHI & SAATCH    SSI LN         -119260804.2  705060824.5
SAATCHI & SAATCH    188190Q GR     -119260804.2  705060824.5
SAATCHI & SAATCH    SSATF US       -119260804.2  705060824.5
SCOTTISH MEDIA      SSM LN         -49061227.23    212049868
SCOTTISH MEDIA      1442Q GR       -49061227.23    212049868
SCOTTISH MEDIA      SSMR LN        -49061227.23    212049868
SCOTTISH TELEV      SCTVF US       -49061227.23    212049868
SETON HEALTHCARE    2290Z LN       -10585179.82  156822902.8
SFI GROUP PLC       SUF LN         -108067115.8  177647536.1
SFI GROUP PLC       SUYFF US       -108067115.8  177647536.1
SKYEPHARMA PLC      SK8C GR        -134177517.4  149159301.6
SKYEPHARMA PLC      SKYEF US       -134177517.4  149159301.6
SKYEPHARMA PLC      SKPEUR EU      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP VX         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP PO         -134177517.4  149159301.6
SKYEPHARMA PLC      SKPGBP EO      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP LN         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP PZ         -134177517.4  149159301.6
SKYEPHARMA PLC      SKPEUR EO      -134177517.4  149159301.6
SKYEPHARMA PLC      SKP TQ         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP IX         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP EO         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP EU         -134177517.4  149159301.6
SKYEPHARMA PLC      SKP1 VX        -134177517.4  149159301.6
SKYEPHARMA PLC      SK8A GR        -134177517.4  149159301.6
SKYEPHARMA -SUB     2976665Z LN    -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYEY US       -134177517.4  149159301.6
SKYEPHARMA-ADR      SK8N GR        -134177517.4  149159301.6
SKYEPHARMA-ADR      AP80 LI        -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYE US        -134177517.4  149159301.6
SKYEPHARMA-ADR      SK8 GR         -134177517.4  149159301.6
SKYEPHARMA-ADR      SKYPY US       -134177517.4  149159301.6
SKYEPHAR-RTS F/P    SKPF VX        -134177517.4  149159301.6
SKYEPHAR-RTS F/P    SKPF LN        -134177517.4  149159301.6
SKYEPHAR-RTS N/P    SKPN LN        -134177517.4  149159301.6
SKYEPHAR-RTS N/P    SKPN VX        -134177517.4  149159301.6
SMG PLC             SMG PO         -49061227.23    212049868
SMG PLC             SMG LN         -49061227.23    212049868
SMG PLC-FUL PAID    SMGF LN        -49061227.23    212049868
SMG PLC-NIL PAID    SMGN LN        -49061227.23    212049868
SMITHS NEWS PLC     NWS1 EU        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS VX         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1 EO        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS PZ         -111380853.7  310693960.2
SMITHS NEWS PLC     SMWPF US       -111380853.7  310693960.2
SMITHS NEWS PLC     NWS IX         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 EU        -111380853.7  310693960.2
SMITHS NEWS PLC     SMWPY US       -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2EUR EU     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 EO        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS LN         -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2EUR EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2 TQ        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS1 BQ        -111380853.7  310693960.2
SMITHS NEWS PLC     NWS2GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC     NWS PO         -111380853.7  310693960.2
STAGECOACH GROUP    SGC1EUR EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC1USD EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC1 QM        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 NR        -113434621.8   2507562892
STAGECOACH GROUP    SHP GR         -113434621.8   2507562892
STAGECOACH GROUP    SGCG PZ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1AUD EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC PO         -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EB        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 TQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1AUD EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC1EUR EO     -113434621.8   2507562892
STAGECOACH GROUP    SHP4 GR        -113434621.8   2507562892
STAGECOACH GROUP    SGC1USD EU     -113434621.8   2507562892
STAGECOACH GROUP    SGC LN         -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EO        -113434621.8   2507562892
STAGECOACH GROUP    SGC1GBP EO     -113434621.8   2507562892
STAGECOACH GROUP    SGC2 VX        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 EU        -113434621.8   2507562892
STAGECOACH GROUP    SAGKF US       -113434621.8   2507562892
STAGECOACH GROUP    SGC1 NQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC1 BQ        -113434621.8   2507562892
STAGECOACH GROUP    SGC IX         -113434621.8   2507562892
STAGECOACH GRP-B    SGCB LN        -113434621.8   2507562892
STAGECOACH-NEW      SGCN LN        -113434621.8   2507562892
STV GROUP PLC       STVGGBP EO     -49061227.23    212049868
STV GROUP PLC       STVGEUR EU     -49061227.23    212049868
STV GROUP PLC       STVG VX        -49061227.23    212049868
STV GROUP PLC       STVG EO        -49061227.23    212049868
STV GROUP PLC       SMG IX         -49061227.23    212049868
STV GROUP PLC       STVG EU        -49061227.23    212049868
STV GROUP PLC       SMGPF US       -49061227.23    212049868
STV GROUP PLC       SMG PZ         -49061227.23    212049868
STV GROUP PLC       SMG VX         -49061227.23    212049868
STV GROUP PLC       STVG LN        -49061227.23    212049868
STV GROUP PLC       STVGEUR EO     -49061227.23    212049868
TELEWEST COM-ADR    TWSTY US        -3702234581   7581020925
TELEWEST COM-ADR    TWSTD US        -3702234581   7581020925
TELEWEST COM-ADR    TWT$ LN         -3702234581   7581020925
TELEWEST COM-ADR    940767Q GR      -3702234581   7581020925
TELEWEST COMM       604296Q GR      -3702234581   7581020925
TELEWEST COMM       TWT VX          -3702234581   7581020925
TELEWEST COMM       TWSTF US        -3702234581   7581020925
TELEWEST COMM       715382Q LN      -3702234581   7581020925
THORN EMI PLC       THNE FP         -2265916257   2950021937
THORN EMI-ADR       THN$ LN         -2265916257   2950021937
THORN EMI-ADR       TORNY US        -2265916257   2950021937
THORN EMI-CDR       THN NA          -2265916257   2950021937
THORN EMI-REGD      1772Q GR        -2265916257   2950021937
TOPPS TILES PLC     TPT TQ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT EU         -85010363.51  146193829.2
TOPPS TILES PLC     TPTJF US       -85010363.51  146193829.2
TOPPS TILES PLC     TPT EO         -85010363.51  146193829.2
TOPPS TILES PLC     TPT PO         -85010363.51  146193829.2
TOPPS TILES PLC     TPT BQ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT IX         -85010363.51  146193829.2
TOPPS TILES PLC     TPTGBP EO      -85010363.51  146193829.2
TOPPS TILES PLC     TPTEUR EO      -85010363.51  146193829.2
TOPPS TILES PLC     TPTJY US       -85010363.51  146193829.2
TOPPS TILES PLC     TPTEUR EU      -85010363.51  146193829.2
TOPPS TILES PLC     TPT LN         -85010363.51  146193829.2
TOPPS TILES PLC     TPT PZ         -85010363.51  146193829.2
TOPPS TILES PLC     TPT VX         -85010363.51  146193829.2
TOPPS TILES-NEW     TPTN LN        -85010363.51  146193829.2
UTC GROUP           UGR LN         -11904426.45    203548565
VIRGIN MOB-ASSD     VMOC LN        -392165437.6  166070003.7
VIRGIN MOB-ASSD     VMOA LN        -392165437.6  166070003.7
VIRGIN MOBILE       VGMHF US       -392165437.6  166070003.7
VIRGIN MOBILE       VMOB LN        -392165437.6  166070003.7
VIRGIN MOBILE       VMOB PO        -392165437.6  166070003.7
VIRGIN MOBILE       UEM GR         -392165437.6  166070003.7
VIRGIN MOBILE       VMOB VX        -392165437.6  166070003.7
WARNER ESTATE       WNEHF US       -37798939.99  432125169.9
WARNER ESTATE       WNER LN        -37798939.99  432125169.9
WARNER ESTATE       WNER PZ        -37798939.99  432125169.9
WARNER ESTATE       WNER EU        -37798939.99  432125169.9
WARNER ESTATE       WNER VX        -37798939.99  432125169.9
WARNER ESTATE       WNERGBP EO     -37798939.99  432125169.9
WARNER ESTATE       WNER EO        -37798939.99  432125169.9
WARNER ESTATE       WNER PO        -37798939.99  432125169.9
WARNER ESTATE       WRL GR         -37798939.99  432125169.9
WARNER ESTATE       WNER IX        -37798939.99  432125169.9
WATSON & PHILIP     WTSN LN          -120493900  252232072.9
WHITE YOUNG GREE    WHY PZ         -27530263.14    313453511
WHITE YOUNG GREE    WHY VX         -27530263.14    313453511
WHITE YOUNG GREE    WHYEUR EU      -27530263.14    313453511
WHITE YOUNG GREE    WHYGBP EO      -27530263.14    313453511
WHITE YOUNG GREE    WHYEUR EO      -27530263.14    313453511
WHITE YOUNG GREE    WHY EO         -27530263.14    313453511
WHITE YOUNG GREE    WHY EU         -27530263.14    313453511
WHITE YOUNG GREE    WHY LN         -27530263.14    313453511
WHITE YOUNG GREE    WHY PO         -27530263.14    313453511
WHITE YOUNG-NEW     WHYN LN        -27530263.14    313453511
WINCANTON PL-ADR    WNCNY US       -63105009.98   1416979806
WINCANTON PLC       WIN1 QM        -63105009.98   1416979806
WINCANTON PLC       WIN1 BQ        -63105009.98   1416979806
WINCANTON PLC       WNCNF US       -63105009.98   1416979806
WINCANTON PLC       WIN PO         -63105009.98   1416979806
WINCANTON PLC       WIN VX         -63105009.98   1416979806
WINCANTON PLC       WIN1USD EO     -63105009.98   1416979806
WINCANTON PLC       WIN1 TQ        -63105009.98   1416979806
WINCANTON PLC       WIN1GBP EO     -63105009.98   1416979806
WINCANTON PLC       WIN1 EU        -63105009.98   1416979806
WINCANTON PLC       WIN1 EO        -63105009.98   1416979806
WINCANTON PLC       WIN IX         -63105009.98   1416979806
WINCANTON PLC       WIN1EUR EO     -63105009.98   1416979806
WINCANTON PLC       WIN1USD EU     -63105009.98   1416979806
WINCANTON PLC       WIN LN         -63105009.98   1416979806
WINCANTON PLC       WIN1 NQ        -63105009.98   1416979806
WINCANTON PLC       WIN1 EB        -63105009.98   1416979806
WINCANTON PLC       WIN PZ         -63105009.98   1416979806
WINCANTON PLC       WIN1EUR EU     -63105009.98   1416979806
WYG PLC             WYGGBP EO      -27530263.14    313453511
WYG PLC             WYG LN         -27530263.14    313453511
WYG PLC             WYG PZ         -27530263.14    313453511
WYG PLC             WHY IX         -27530263.14    313453511
WYG PLC             WYGEUR EO      -27530263.14    313453511
WYG PLC             WYGEUR EU      -27530263.14    313453511
WYG PLC             WYG EO         -27530263.14    313453511
WYG PLC             WYG EU         -27530263.14    313453511
XXPERT RENTAL       XPRT CN          -123563000    104843000


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda-Fernandez, Joy A. Agravante, Frauline S. Abangan 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 * * *