TCREUR_Public/100504.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, May 4, 2010, Vol. 11, No. 086



RENAULT SA: May Defer Sale of 21.8% Volvo Stake


ARCANDOR AG: Attracts Serious Bidders, Administrator Says


ANAPTYXI 2006-1: S&P Puts 'B'-Rated Class D Notes on Watch Neg.

* GREECE: Secures EUR110-Bil. Rescue Package From European Union
* GREECE: Moody's Downgrades BFSRs of Five Banks to 'E+


APHEX CAPITAL: S&P Withdraws 'CCC-' Ratings on Two Tranches
ICR MOTOR: Nears Takeover Deal with Thrifty Care Rental
KITCHEN WORLD: In Liquidation; 40 Jobs Affected


BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB+'
SEAT PAGINE: May Sell International Units, Milano Finanza Says


ALMATIS B.V.: Case Summary & 50 Largest Unsecured Creditors
LYONDELL CHEMICAL: Emerges from Chapter 11 Protection


COMMERCIAL BANK: S&P Gives Stable Outlook; Affirms 'B-' Rating
CREDIT BANK: Fitch Assigns 'B' Rating on Senior Unsec. Bonds

* TOMSK OBLAST: S&P Raises Issuer Credit Ratings to 'B/ruA-'


AYT DEUDA: Fitch Downgrades Rating on Class C Notes to 'BB-'

U N I T E D   K I N G D O M

ALERIS INT'L: European Unit Increases Price for Aluminum Products
AMEY LAGAN: S&P Corrects Ratings on Senior Secured Debt to 'BB+'
BRITISH AIRWAYS: Virgin's Branson Ordered Secret Fare Hike Talks
CORNERSTONE TITAN: S&P Cuts Ratings on Class G & H Notes to 'D'
EFFECTIVE COSMETICS: In Liquidation; Owes GBP3.3 Million

EMI GROUP: Has Until May 14 to Secure Support From Investors
INEOS GROUP: S&P Puts 'CCC+' Ratings on CreditWatch Positive
KERLING PLC: S&P Puts 'B-' Corp. Rating on CreditWatch Positive
KEYDATA INVESTMENT: Investors Still Awaiting Compensation
MURRAY INTERNATIONAL: Lloyds Banking Increases Stake to 24%

PRELUDE EUROPE: S&P Withdraws 'CCC-' Rating on Class B Tranche
PUNCH TAVERNS: S&P Downgrades Rating on Class D1 Notes to 'BB'
ROYAL BANK: Chairman Defends High Senior Staff Remuneration
TITAN EUROPE: Fitch Affirms Rating on Class E Notes at 'BB-'
TOWERGATE FINANCE: Moody's Assigns 'B1' Rating on Senior Debt

* UK: Ailing Firms Forced to Pay High Premium on Lack of Credit
* UK: Insolvencies in Hotel Sector Up 61% in 2009


* EUROPE: Rabobank Proposes Bonds Convertible Into Equity

* Large Companies with Insolvent Balance Sheet



RENAULT SA: May Defer Sale of 21.8% Volvo Stake
Laurence Frost and Ola Kinnander at Bloomberg News reports that
Renault SA may keep its Volvo AB stake until a rebounding heavy-
truck market boosts the price by 25%, allowing the carmaker to
raise about SEK50 billion (US$6.8 billion) and wipe out most of
its debt.

According to Bloomberg, Renault will probably wait for Volvo's
improving outlook to push the stock to SEK112.5 before unloading
its 21.8% holding.

Bloomberg recalls Renault Chief Executive Officer Carlos Ghosn
pledged last month to reduce the carmaker's net debt of
EUR5.9 billion (US$7.8 billion) through non-strategic asset sales.

Banks are preparing to bid for the stock sale and expect
invitations soon, Bloomberg says, citing people at two financial
institutions, who asked not to be identified because the
discussions are confidential.

"Renault's under no real pressure to refinance right now, so Ghosn
can wait for the U.S. recovery to be better reflected in Volvo's
share price," Bloomberg quoted Max Warburton, an analyst at
Sanford C. Bernstein in London who correctly predicted Renault's
share-swap deal with Daimler AG three weeks before it was
announced on April 7.

With credit conditions improving and a EUR3-billion French
government loan repayable next year at the earliest,
Mr. Warburton, as cited by Bloomberg, said Renault "may wait until
then and do a clean swap."

                         About Renault SA

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

                           *     *     *

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

Renault continues to carry a Ba1 long-term corporate family rating
and senior unsecured debt rating from Moody's Investors Services
with stable outlook.  The company's subordinated debt carries a
Ba2 rating from Moody's.


ARCANDOR AG: Attracts Serious Bidders, Administrator Says
Handelsblatt, citing an interview with Arcandor AG's insolvency
administrator Klaus Goerg, reported that there are "two and a
half" parties with serious interest in acquiring the company's
Karstadt warehouse chain, Richard Weiss writes for Bloomberg News.

Bloomberg News relates Mr. Goerg, as cited by the newspaper, said
that Karstadt's operating results are above plan and the warehouse
chain hasn't lost money in the past six months, making it viable
in the long term.

                          Sale Deadline

As reported by the Troubled Company Reporter-Europe on April 30,
2010, Reuters said Triton has won more time to negotiate a deal to
buy Karstadt after asking for further concessions from workers and
landlords.  Reuters disclosed Mr. Goerg said the creditor
committee of Karstadt has agreed to extend the deadline for the
sale to May 28, having initially aimed to close the deal by the
end of April.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) --
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, 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.


ANAPTYXI 2006-1: S&P Puts 'B'-Rated Class D Notes on Watch Neg.
Standard & Poor's Ratings Services place on CreditWatch negative
its credit ratings on all tranches in 11 Greek securitizations
following the downgrade of the Hellenic Republic (Greece).  At the
same time, S&P affirmed its ratings on Karta 2005-1 PLC's class B
and C notes.

The CreditWatch negative actions are a result of the lowering of
the long-term sovereign rating on Greece to 'BB+' from 'BBB+' on
April 27, 2010; the outlook is negative.  This downgrade results
from S&P's updated assessment of the political, economic, and
budgetary challenges that the Greek government faces in its
efforts to put the public debt burden onto a sustained downward

Under S&P's structured finance criteria, sovereign and country
risks are relevant rating factors.  Country risk can affect S&P's
view of the credit quality of transactions originated in a
particular jurisdiction.

As a result of the Greece downgrade, S&P is reviewing its opinion
of Greek country risk and how it might affect Greek securitization
ratings following the recent developments.

In S&P's view, the Greek economy will likely grow significantly
more slowly over the medium term than S&P previously expected.
Moreover, S&P believes that Greece's recession will likely deepen
through next year.  In S&P's opinion, these country risk factors
may result in increased pressure on the performance of the
underlying assets in Greek securitizations.  To date,
creditworthiness has been generally supported by the moderate risk
profile of the underlying asset pools, conservative structural
features, and substantial deleveraging, in S&P's view.

S&P based its decision to affirm its rating on Karta 2005-1's
class B and C notes on the very high level of
overcollateralization that supports these notes as well as their
likely short time to maturity.

After the Greece downgrade, on April 27 S&P also downgraded to
BB/Negative/B three Greek banks -- Alpha Bank A.E., EFG Eurobank
Ergasias S.A., Piraeus Bank S.A. -- and to BB+/Negative/B the
National Bank of Greece S.A.

Greek structured finance transactions typically set their
counterparty rating triggers at the 'A-2' threshold.  If the
counterparty's rating falls below that threshold, this generally
triggers remedies to mitigate commingling and set-off exposures.
The transaction documents typically require the downgraded
counterparty to take certain remedial actions within a short

Therefore, these bank downgrades, in and of themselves, do not
automatically translate into negative rating actions for Greek
structured finance transactions exposed to these banks as
counterparties.  S&P will, though, monitor developments in these
transactions and may take appropriate rating actions if the banks
fail to take the remedial actions as indicated in the transaction

                           Ratings List

              Ratings Placed On Creditwatch Negative

                       Anaptyxi 2006-1 PLC
         EUR2.25 Billion Asset-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       A/Watch Neg            A
               C       BBB-/Watch Neg         BBB-
               D       B/Watch Neg            B

                        Daneion 2007-1 PLC
         EUR2.5 Billion Asset-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA

                      Byzantium Finance PLC
       EUR252.5 Million Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       A/Watch Neg            A
               C       BBB/Watch Neg          BBB

                    Estia Mortgage Finance PLC
  EUR750 Million Residential Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       AA/Watch Neg           AA
               C       BBB+/Watch Neg         BBB+

                   Estia Mortgage Finance II PLC
        EUR1.25 Billion Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       A/Watch Neg            A
               C       BBB/Watch Neg          BBB

                    Kion Mortgage Finance PLC
        EUR600 Million Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       AA/Watch Neg           AA
               C       BBB/Watch Neg          BBB

                  Lithos Mortgage Financing PLC
   EUR1 Billion Residential Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       AA-/Watch Neg          AA-
               C       BBB/Watch Neg          BBB

                Themeleion II Mortgage Finance PLC
        EUR750 Million Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               B       A+/Watch Neg           A+
               C       BBB/Watch Neg          BBB

               Themeleion III Mortgage Finance PLC
    EUR1 Billion Mortgage-Backed Floating-Rate Notes Due 2043

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA
               M       AA/Watch Neg           AA
               B       A/Watch Neg            A
               C       BBB/Watch Neg          BBB

               Themeleion IV Mortgage Finance PLC
       EUR1.555 Billion Mortgage-Backed Floating-Rate Notes

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA

                         Pisti 2010-1 PLC
   EUR956.3 Million Asset-Backed Fixed and Floating-Rate Notes
                           Series 2010-1

               Class   To                     From
               -----   --                     ----
               A       AA/Watch Neg           AA

                         Ratings Affirmed

                         Karta 2005-1 PLC
   EUR750 Million Asset-Backed Floating-Rate Notes Series 2005-1

                          Class   Rating
                          -----   ------
                          B       A
                          C       BBB

* GREECE: Secures EUR110-Bil. Rescue Package From European Union
Gabi Thesing and Flavia Krause-Jackson at Bloomberg News report
that euro-region ministers agreed to a EUR110-billion (US$146
billion) rescue package for Greece to prevent a default and stop
the worst crisis in the currency's 11-year history from spreading
through the rest of the bloc.

Bloomberg relates Jean-Claude Juncker on Sunday said after
chairing a meeting of euro-region finance ministers in Brussels
that the first payment will be made before Greece's next bond
redemption on May 19.

According to Bloomberg, the 16-nation bloc will pay EUR80 billion
at a rate of around 5% and the International Monetary Fund
contributes the rest.  Greece agreed to budget measures worth 13%
of gross domestic product, Bloomberg discloses.

European Union leaders will meet on May 7 to discuss the pace of
parliamentary approval of the Greek loans, Bloomberg says.
Germany plans to debate the plan on the same day, according

Germany will provide 28% of the euro region's overall
contribution, Bloomberg notes.

The financial lifeline lasts three years and forces Greece to cut
its budget deficit below the European Union's limit of 3% of gross
domestic product by the end of 2014, a year later than originally
planned, Bloomberg says.

According to Bloomberg, the package will also set up a "financial
stabilization" fund to help banks with potential bad loans
stemming from the austerity measures.  EU Monetary Affairs
Commissioner Olli Rehn, as cited by Bloomberg, said ten billion of
the total rescue package will be earmarked for the fund.

* GREECE: Moody's Downgrades BFSRs of Five Banks to 'E+
Moody's Investors Service has downgraded the bank financial
strength ratings as well as the deposit and debt ratings of nine
Greek banks to reflect their weakening stand-alone financial
strength and the anticipated additional pressures stemming from
the country's challenged economic prospects.  The banks' deposit
and debt ratings remain on review for possible downgrade and will
be concluded at the same time as Moody's ongoing review of the
country's sovereign rating, which serves as a reference point with
which to impute bank rating uplift as a result of possible
systemic support.

The banks affected by the rating action are: National Bank of
Greece, EFG Eurobank Ergasias SA, Alpha Bank AE, Piraeus Bank,
Emporiki Bank of Greece, Agricultural Bank of Greece, General Bank
of Greece, Marfin Egnatia Bank and Attica Bank.  A detailed list
of the rating actions is provided at the end of this release.

Moody's says that the acute economic strain facing Greece is
materially impacting the banking sector's financial condition,
requiring it to be further supported.  "Increasingly challenging
economic prospects point to low business growth, increased loan
quality problems and continued pressure on margins.  Based on the
events of the past few weeks, Moody's expects the Greek banking
system to face heightened challenges, thus necessitating a
fundamental repositioning of the banks' ratings", said Mardig
Haladjian, Senior Vice President.

Although additional measures taken to address fiscal imbalances at
the national level are positive for the sovereign's
creditworthiness, they may come at a cost of depressing economic
growth over the short to medium term.  Negative growth will in
turn give rise to unemployment, lower consumer disposable income
and reduced profitability in the small- and medium-sized
enterprise (SME) and corporate sectors.  Mr.  Haladjian added that
"Moody's expects the upward trend in non-performing loans, which
began in 2008, to continue in 2010 and 2011.  Taken together,
these factors will place significant additional pressure on the
banking sector's already weakened asset quality and

The banks' funding franchises have also weakened over the past few
months.  The erosion of market confidence caused by the country's
fiscal problems has curtailed the banks' access to the interbank
and bond markets.  As a result, the banks have had to rely
increasingly on the ECB to manage their liquidity needs -- indeed,
ECB funding now accounts for approximately 15% of Greek commercial
banks' total liabilities.  Moody's expects that, over the
foreseeable future, Greek banks are likely to face very difficult
conditions in the wholesale markets and will therefore continue to
rely on ECB funding.  In this regard, Moody's takes comfort that
the ECB will remain a reliable source of funding for the banks
until market confidence can be restored.  However, access to ECB
funding is not unlimited and Moody's will continue to closely
monitor each bank's funding needs and the assets available to post
as collateral for ECB funding.

The banks' BFSRs carry a negative outlook to capture the
possibility of further deterioration in the country's economic
conditions, which would necessitate additional liquidity and
solvency support.

The specific rating changes implemented are:

National Bank of Greece SA, NBG Finance plc, and National Bank of
Greece Funding Limited:

  -- Bank financial strength rating downgraded to D+ from C-
     (mapping into a baseline credit assessment of Ba1); rating
     remains on negative outlook

  -- Deposit ratings downgraded to Baa2/Prime-2 from A3/Prime-2;
     ratings remain on review for downgrade

  -- Senior unsecured debt rating downgraded to Baa2 from A3;
     rating remains on review for downgrade

  -- Subordinated debt ratings downgraded to Baa3 from Baa1;
     rating remains on review for downgrade

  -- Backed (government-guaranteed) senior unsecured MTN remains
     unchanged at A3 on review for downgrade

  -- Preferred Stock (Hybrid Tier 1) downgraded to B1 from Ba1;
     rating remains on negative outlook

EFG Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman
Islands) Limited, and EFG Hellas Funding Limited:

  -- Bank financial strength rating downgraded to D from C-
     (mapping into a BCA of Ba2); rating remains on negative

  -- Deposit ratings and senior unsecured debt ratings downgraded
     to Baa3/Prime-3 from A3/Prime-2; ratings remain on review for

  -- Commercial paper downgraded to Prime-3 from Prime-2; rating
     remains on review for downgrade

  -- Subordinated debt ratings downgraded to Ba1 from Baa1; rating
     remains on review for downgrade

  -- Backed (government-guaranteed) senior unsecured MTN unchanged
     at A3 on review for downgrade

  -- Preferred Stock (Hybrid Tier 1) downgraded to B2 from Ba2;
     rating remains on negative outlook

Alpha Bank AE, Alpha Credit Group plc, Alpha Group Jersey Limited:

  -- Bank financial strength rating downgraded to D from C-
     (mapping into a BCA of Ba2); rating remains on negative

  -- Deposit and senior unsecured debt ratings downgraded to
     Baa3/Prime-3 from A3/Prime-2; ratings remain on review for

  -- Commercial Paper downgraded to Prime-3 from Prime-2; rating
     remains on review for downgrade

  -- Backed (government-guaranteed) senior unsecured unchanged at
     A3 on review for downgrade

  -- Subordinated debt ratings downgraded to Ba1 from Baa1; rating
     remains on review for downgrade

  -- Preferred Stock (Hybrid Tier 1) downgraded to B2 from Ba2;
     rating remains on negative outlook

Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group
Capital Limited:

  -- Bank financial strength rating downgraded to E+ from D+
     (mapping into a BCA of B1); rating remains on negative

  -- Deposit and senior unsecured debt ratings downgraded to
     Ba1/Not Prime from Baa1/Prime-2; long-term rating remains on
     review for downgrade

  -- Backed (government-guaranteed) senior unsecured unchanged at
     A3 on review for downgrade

  -- Subordinated debt ratings downgraded to Ba2 from Baa2; rating
     remains on review for downgrade

  -- Commercial Paper downgraded to Not-prime from Prime-2

  -- Preferred Stock (Hybrid Tier 1) downgraded to Caa1 from Ba3;
     rating remains on negative outlook

Agricultural Bank of Greece SA, ABG Finance International plc:

  -- Bank financial strength ratings downgraded to E+ from D
     (mapping into a BCA of B2); rating remains on negative

  -- Deposit and senior unsecured debt ratings downgraded to
     Baa3/Prime-3 from Baa1/Prime-2; ratings remain on review for

  -- Subordinated debt ratings downgraded to Ba1 from Baa2; rating
     remains on review for downgrade

Emporiki Bank of Greece SA, Emporiki Group Finance plc:

  -- Bank financial strength ratings downgraded to E+ from D
     (mapping into a BCA of B1); rating remains on negative

  -- Deposit and senior unsecured debt ratings downgraded to
     Baa2/Prime-2 from A3/Prime-2; ratings remain on review for

The ratings of Emporiki Bank impute support from its French parent
bank, Credit Agricole SA.

  -- Subordinated debt rating downgraded to Baa3 from Baa1; rating
     remains on review for downgrade

Marfin Egnatia Bank SA, Egnatia Finance plc:

  -- Bank financial strength ratings downgraded to E+ from D
     (mapping into a BCA of B1); ratings remain on negative

  -- Deposit and senior unsecured debt ratings downgraded to
     Baa2/Prime-2 from Baa1/Prime-2; outlook changed to developing

On the down side, the rating could be lowered if the bank's BCA
were to be downgraded due to further weakening of the Greek
franchise, while on the upside the rating could converge with that
of its higher-rated Cyprus-based parent bank, once the merger is

  -- Subordinated debt ratings downgraded to Baa2 from Baa1, with
     developing outlook

Bank of Attica SA, Attica Funds plc:

  -- Bank financial strength ratings downgraded to E+ from D
     (mapping into a BCA of B1); outlook changed to negative

  -- Deposit and senior unsecured debt ratings downgraded to Ba2
     from Ba1; rating remains on review for downgrade

  -- Subordinated debt rating downgraded to Ba3 from Ba2; rating
     remains on review for downgrade

General Bank of Greece SA:

  -- Bank financial strength ratings downgraded to E+ from D
     (mapping into a BCA of B1); rating remains on negative

  -- Deposit ratings downgraded to Baa2/Prime-2 from Baa1/ Prime-
     2; ratings remain on review for downgrade

The ratings of General Bank impute support from its French parent
bank, Societe Generale.

The previous rating actions on National Bank of Greece, EFG
Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of
Greece and Emporiki Bank of Greece, were implemented on 23 April
2010, when ratings were placed on review for possible downgrade.
The last rating action on Marfin Egnatia Bank SA was on 23
September 2009 when the BFSR was downgraded to D from D+.  The
last rating action on Bank of Attica SA was implemented on 24
April 2007 when Moody's assigned global local currency deposit
ratings.  The last rating action on General Bank of Greece SA was
implemented on 15 December 2009 when Moody's downgraded the bank's
BFSR to D.

The principal methodologies used in rating these issuers are
Moody's "Bank Financial Strength Ratings: Global Methodology",
published in February 2007, and "Incorporation of Joint-Default
Analysis into Moody's Bank Ratings: A Refined Methodology",
published in March 2007, and "Moody's Guidelines for Rating Bank
Hybrid Securities and Subordinated Debt", published in November
2009, which are available on in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in
the process of rating these issuers can also be found in the
Rating Methodologies sub-directory on Moody's website.

All of the nine rated banks affected by the rating actions are
headquartered in Athens, Greece.

National Bank of Greece SA reported total assets of
EUR113.4 billion at the end of December 2009.

EFG Eurobank Ergasias reported total assets of EUR84.3 billion at
the end of December 2009.

Alpha Bank SA reported total assets of EUR69.6 billion at the end
of December 2009.

Piraeus Bank SA reported total assets of EUR54.3 billion at the
end of December 2009.

Agricultural Bank of Greece SA reported total assets of
EUR32.8 billion at the end of December 2009.

Emporiki Bank of Greece SA reported total assets of
EUR28.4 billion at the end of December 2009.

Marfin Egnatia Bank SA reported total assets of EUR23.2 billion at
the end of December 2009.

Bank of Attica SA reported total assets of EUR5.6 billion at the
end of December 2009.

General Bank of Greece SA reported total assets of EUR4.8 billion
at the end of December 2009.


APHEX CAPITAL: S&P Withdraws 'CCC-' Ratings on Two Tranches
Standard & Poor's Ratings Services withdrew its credit ratings on
seven European collateralized debt obligation tranches in four
transactions: Aphex Capital PLC, Brooklands ABS Euro Referenced
Linked Notes 2002-2 Ltd., Prelude Europe CDO Ltd., and SGA Societe
Generale Acceptance N.V.

The withdrawals follow the arrangers' recent notification to us
that issuers have fully repurchased these notes.

Additionally, before these withdrawals S&P affirmed and removed
from CreditWatch positive its ratings on four of the seven
tranches.  S&P placed these four tranches on CreditWatch positive
on April 15, 2010, as part of S&P's regular monthly synthetic CDO
surveillance process.  S&P subsequently received the repurchase
notifications, and for this reason S&P has first affirmed and
removed these four tranches from CreditWatch positive.

                           Ratings List

                        Ratings Withdrawn

                        Aphex Capital PLC
JPY500 Million Secured Portfolio Credit-Linked Floating-Rate Note

          Series               To                  From
          ------               --                  ----
          2007-42              NR                   CCC-

  JPY500 Million Secured Portfolio Credit-Linked Fixed-Rate Notes

          Series               To                  From
          ------               --                  ----
          2007-43              NR                   CCC-

     Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
          EUR225 Million Floating- and Fixed-Rate Notes

          Series               To                  From
          ------               --                  ----
          Class SA2            NR                   BBB-

Ratings Affirmed, Removed From Creditwatch Positive, and Withdrawn

                     Prelude Europe CDO Ltd.
EUR10 Million Secured Floating- and Fixed-Rate Credit-Linked Notes

     Series               To                   From
     ------               --                   ----
     2005-1 class B       CCC-                 CCC-/Watch Pos
                          NR                   CCC-

     EUR20 Million Secured Floating-Rate Credit-Linked Notes

     Series               To                   From
     ------               --                   ----
     2005-3 class A1      BBB-                 BBB-/Watch Pos
                          NR                   BBB-

               SGA Societe Generale Acceptance N.V.
     EUR10 Million Floating-Rate US Corporate Portfolio Notes

     Series               To                   From
     ------               --                   ----
     2794                 A                    A/Watch Pos
                          NR                   A

    EUR3.5 Million US Corporate Portfolio Credit-Linked Notes

     Series               To                   From
     ------               --                   ----
     2901                 BBB+                 BBB+/Watch Pos
                          NR                   BBB+

                          NR - Not Rated

ICR MOTOR: Nears Takeover Deal with Thrifty Care Rental
Ian Kehoe at The Sunday Business Post Online reports that Colm
Menton and Eugene O'Reilly, the owners of the Irish franchise for
Thrifty Car Rental, have been selected as the preferred bidders to
buy the ICR Motor Group out of examinership.

According to the report, the businessmen are in final negotiations
with the firm's examiner, and a deal is expected to be finalized
over the coming eight days.  The proposed investors had said they
wanted a clear out of the board, the report relates.

The report says if a deal is completed, the takeover by Thrifty
will save around 160 jobs at ICR.

Financial details of Thrifty's takeover are not known, but the
company is believed to have earmarked a multimillion euro sum to
acquire and expand the business, the report notes.

The report recalls ICR has struggled with a significant downturn
in business, forcing the examinership process.  During the
examinership process, financial inaccuracies totaling more than
EUR6.6 million emerged in the accounts of ICR, the report
recounts.  The High Court voiced concerns about the issue, which
relates to assets and liabilities, the report discloses.

ICR Motor Group has a fleet of 2,500 vehicles.  It holds the
franchise for the Europcar, Alamo and National Car Rental brands.

KITCHEN WORLD: In Liquidation; 40 Jobs Affected
Ian Kehoe at The Sunday Business Post Online reports that Kitchen
World has gone into liquidation, resulting in the loss of 40 jobs.

According to the report, Kitchen World's owners decided to shut
down the company's 10 shops in Ireland after a fall-off in

The report relates that Paul McCann of Grant Thornton has been
appointed liquidator of the company, which has debts of almost
EUR11 million.  Anglo Irish Bank, which backed a buyout of the
firm, has been left with losses of EUR7.5 million, the report

Creditors of Kitchen World were told that profit margins had been
squeezed, and the company was finding it difficult to compete with
rivals in the black market, the report states.

The liquidator has put the company's leasehold retail premises and
manufacturing facility in Dublin up for sale, the report

The report recounts the liquidation of Kitchen World comes 16
months after the company went into examinership, having run up
debts of EUR14 million.

Kitchen World is a kitchen manufacturer based in Dublin, Ireland.


BANCA UBAE: Fitch Affirms Issuer Default Rating at 'BB+'
Fitch Ratings has affirmed Banca UBAE's ratings at Long-term
Issuer Default 'BB+' with a Stable Outlook, Short-term IDR ' B',
and Individual 'C/D'.  The Support rating has been upgraded to '3'
from '5'.  At the same time, the Support Rating Floor of 'No
Floor' has been withdrawn.

UBAE's ratings reflect its core activities in a niche market,
credit exposure to more volatile countries, and capitalization
that needs strengthening if the bank wants to pursue further
growth.  They also take into account of UBAE's somewhat volatile
profitability in the past two years, low market risk and some
volatility in deposits it attracts from bank counterparties.

The upgrade of the Support rating reflects Fitch's view of the
potential support available to UBAE from Libya (rated BBB+/Stable)
through the Libyan Foreign Bank.  The LFB is UBAE's main
shareholder with a 49.9% stake and is in turn fully owned by the
Central Bank of Libya.  The LFB has been a shareholder of UBAE
since inception and has over time participated in providing
resources to UBAE.

UBAE's operating profitability has shown some volatility in the
past two years due to decreasing margins on the oil business and
higher impairment charges.  However, trade finance-related fees
and commissions, which increased in 2009, are expected to grow
further as the bank expands its documentary business.  Cost
efficiency is good.

UBAE's credit risk in its trade finance business is moderate.  The
bank's exposure to emerging markets with significant political
risk is partly mitigated by its short-term nature and the bank's
sound knowledge of the countries and counterparties.  Its exposure
to banks worldwide arising from its trade finance activity is
significant.  Exposure to banks also arises from the deposits it
receives from correspondent banking counterparties which it
typically reinvests in the interbank market.  It also has a small
book of loans extended to trade finance-related corporate
customers.  Single-name concentrations on its books are material.

UBAE's balance sheet is mainly liability-driven, and some of the
deposits it attracts from correspondent banks can be volatile,
particularly when new relationships are being established.  The
LFB provides a material proportion of UBAE's bank deposits.

UBAE's capitalization was acceptable at end-2009 (tier 1 ratio of
14.07%).  Capital ratios are, however, exposed to some volatility
given rapid changes in risk-weighted assets driven by deposits
from correspondent banking counterparties.

UBAE is a niche provider of specialized short-term trade finance
to Mediterranean Arab markets, with a leading market share in
payment services related to oil trading between Libya and Italy.

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.

SEAT PAGINE: May Sell International Units, Milano Finanza Says
Tommaso Ebhardt at Bloomberg News, citing Milano Finanza, reports
that Seat Pagine Gialle SpA may sell international units Telegate
AG and Thomson Directories Ltd. to focus on its Italian business.

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

                           *     *     *

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


ALMATIS B.V.: Case Summary & 50 Largest Unsecured Creditors
Debtor: Alamtis B.V.
        dba Alcoa Chemie Nederland B.V.
        Theemsweg 30
        3197 KM Botlek Rotterdam

Case No.: 10-12308

Chapter 11 Petition Date: April 30, 2010

Court:  U.S. Bankruptcy Court
        Southern District of New York (Manhattan)

Estimated Assets: US$500 million to US$1 billion

Estimated Debts:  More than US$1 billion

Type of Business:  Almatis, operationally headquartered in
                   Frankfurt, Germany, is a global leader
                   in the development, manufacture and supply
                   of premium specialty alumina products.
                   With nearly 900 employees worldwide, the
                   company's products are used in a wide variety
                   of industries, including steel production,
                   cement production, non-ferrous metal
                   production, plastics, paper, ceramics, carpet
                   manufacturing and electronic industries.
                   Almatis operates nine production facilities
                   worldwide and serves customers around the
                   world.  Until 2004, the business was known as
                   the chemical business of Alcoa.  Almatis is now
                   owned by Dubai International Capital LLC, the
                   international investment arm of Dubai Holding.

Debtor's Counsel: Michael A. Rosenthal, Esq.
                  Gibson, Dunn & Crutcher LLP
                  200 Park Avenue
                  New York, NY 10166-0193
                  Tel. No. (212) 351-3889

Special English
& German Counsel: Linklaters LLP

Dutch Counsel:    De Brauw Blackstone Westbroek N.V.

Debtors' Counsel
to advise
management with
issues arising
under German law: Schultze & Braun GmbH Rechtsanwaltsgesellshaft

Investment Banker
Fin'l advisor:    Close Brothers Corporate Finance
                    Limited and
                  Moelis & Company

Claims' Agent:    Epiq Bankruptcy Solutions, LLC

Auditors:         PricewaterhouseCoopers

Tax Advisor:      Ernst & Young

Advisor:          Talbot Hughes McKillop LLP

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                   Case No.
       ------                                   --------
DIC Almatis Holdco B.V.                         10-12309
DIC Almatis Midco B.V.                          10-12310
DIC Almatis Bidco B.V.                          10-12311
Almatis Holdings 3 B.V.                         10-12312
Almatis Holdings 9 B.V.                         10-12313
Blitz F07-neunhundert-sechzig-drei GmbH         10-12314
Almatis Holdings GmbH                           10-12315
Almatis GmbH                                    10-12316
Almatis Holdings 7 B.V.                         10-12317
Almatis US Holding, Inc.                        10-12318
Almatis, Inc.                                   10-12319
Almatis Asset Holdings, LLC                     10-12320

Almatis' List of 50 Largest Unsecured Creditors:

       Entity                  Nature of Claim       Claim Amount
       ------                  ---------------       ------------
Wilmington Trust (London)      Almatis B.V. and
Limited                        Almatis Holdings    US$203,600,000
6 Broad Street Place           9 B.V. Mezzanine
Fifth Floor                    indebtedness
London EC2M 7JH                under Mezzanine
United Kingdom                 Credit Facility

Wilmington Trust (London)      DIC Almatis Bidco
Limited                        B.V. junior          US$81,200,000
6 Broad Street Place           mezzanine
Fifth Floor                    indebtedness under
London EC2M 7JH                Mezzanine Credit
United Kingdom                 Facility

UBS Limited                    Almatis B.V., Almatis
1 Finsbury Avenue              US Holdings, Inc.,
London, EC2M 2PP               Almatis Holding      US$79,700,000
United Kingdom                 GmbH Second Lien
                               Indebtedness under
                               Senior Credit

MVV Energiedienstleistungen    Trade                 US$1,253,777

RWE Gas Verkoopmaatschappij    Trade                 US$1,097,512

Delta N.V.                     Trade                   US$729,387

BASF Construction Polymers     Trade                   US$712,014

BIS Maintenance Sdwest GmbH   Trade                   US$623,691

Helmut Kreutz GmbH             Trade                   US$616,575

SD Lehnkering Logistics BV     Trade                   US$458,432

SD UPS Supply Chain Solutions  Trade                   US$421,308

SD Bauxite & Northern Railway  Trade                   US$421,257

SD Wincanton GmbH              Trade                   US$418,616

Coral Energy Resources, L.P.   Trade                   US$400,000

EstronB.V.                     Trade                   US$374,336

UPS Supply Chain Solutions     Trade                   US$365,143

SD Wedig Int Spedition         Trade                   US$327,396

Entergy Corp.                  Trade                   US$325,000

Aloysius Krenzer KG            Trade                   US$301,663

Carrieres Fours Chaux Dumont   Trade                   US$296,357
- Wautie

H.J. Schmidt MineraItechnik    Trade                   US$266,453

Geidel Kraftverkehr GmbH       Trade                   US$248,346

Mondi Packaging Trebsen        Trade                   US$239,038

Trimet Schweiz AG              Trade                   US$220,593

Exim Hande1sonderneming        Trade                   US$204,162
Rotterdam B

Blok -Feedstock                Trade                   US$201,844

P. van der Wegen Gears BV      Trade                   US$169,835

RHIAG                          Trade                   US$162,627

Freudenberg IT-Information     Trade                   US$153,472
Information Service KG

Exim Handelsonderneming        Trade                   US$143,650
Rotterdam B

PKF B.V.                       Trade                   US$142,240

Mondi Packaging                Trade                   US$140,331

American Express TMS           Trade                   US$140,000

Rhenus Logistics               Trade                   US$139,457

European Bulk Services BV      Trade                   US$121,559

SD Wedig Int Spedition         Trade                   US$119,844

Dadco Alumina & Chemicals Ltd  Trade                   US$116,609

NV Gouda Vuurvast              Trade                   US$100,358

CCC Construction Co. Inc.      Trade                    US$99,158

Reikon Aandrijftechniek BV     Trade                    US$98,742

SDSAE                          Trade                    US$90,500

Duquesne Light Co.             Trade                    US$90,000

Foison Packaging, Inc.         Trade                    US$88,340

Fercam S. p. A.                Trade                    US$85,306

Little Rock Sheet Metal Co.    Trade                    US$85,168

SD Ewals Cargo Care B.V.       Trade                    US$83,609

Ludwig  Gmbh                   Trade                    US$80,493

Applied Industrial             Trade                    US$80,444

Surface Chemists of Florida,   Trade                    US$77,963

Gericke                        Trade                    US$77,233

LYONDELL CHEMICAL: Emerges from Chapter 11 Protection
LyondellBasell has emerged from Chapter 11 bankruptcy protection.
The company's Plan of Reorganization was confirmed last week by
the United States Bankruptcy Court for the Southern District of
New York with the approval of an overwhelming majority of the
voting creditor classes.

"This marks a new beginning for LyondellBasell. We emerge from
bankruptcy as a stronger, leaner, more competitive company, with
an improved balance sheet and liquidity, intent on making
LyondellBasell the industry leader," said Jim Gallogly, chief
executive officer.  "Our employees have worked diligently for more
than one year to bring us to this point and I extend my
appreciation to each of them for their perseverance. Likewise, I
am grateful to our customers, suppliers and investors for their
unwavering confidence in our company.

"We can now devote our full attention to making LyondellBasell the
best company in our industry, committed to operational excellence,
further improving our competitiveness, and most of all, serving
our customers.  We will continue to develop and deliver the
innovative products and technologies our customer's value,"
Gallogly said.

LyondellBasell has a significantly improved financial position at
emergence, with approximately US$5.2 billion of net consolidated
debt and approximately US$3 billion of opening liquidity.  As part
of its exit financing, LyondellBasell raised US$3.25 billion of
first priority debt as well as US$2.8 billion through a rights
offering.  The proceeds from the sale of notes, borrowings under a
term loan, an asset-based lending facility, a new European
securitization facility and the rights offering proceeds were used
to pay and replace certain existing debt and other obligations
including debtor-in-possession credit facilities, an existing
European securitization facility, to make certain other payments,
and to assure adequate liquidity for the company going forward.

LyondellBasell issued approximately 564 million shares of common
stock under its Plan of Reorganization.  This included stock
issued in exchange for allowed claims as well as through a rights
offering.  The company is arranging for the stock to be publicly
traded on the New York Stock Exchange with the goal of being
listed by the third quarter 2010.

A new parent company, LyondellBasell Industries N.V., incorporated
in the Netherlands, is the successor of the former parent company,
LyondellBasell Industries AF S.C.A., a Luxembourg company that is
no longer part of LyondellBasell.  LyondellBasell Industries N.V.
owns and operates substantially the same businesses as the
previous parent company, including subsidiaries that were not
involved in the bankruptcy cases.  LyondellBasell's corporate seat
is Rotterdam, Netherlands, with administrative offices in Houston
and Rotterdam.

                      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 -- is privately owned by Access

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

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.
( 215/945-7000)


COMMERCIAL BANK: S&P Gives Stable Outlook; Affirms 'B-' Rating
Standard & Poor's Ratings Services said it revised its outlook on
Russia-based Commercial Bank Renaissance Capital to stable from
negative.  At the same time, the 'B-' long-term and 'C' short-term
counterparty credit ratings were affirmed.  The Russia national-
scale rating was raised to 'ruBBB' from 'ruBBB-'.

"The outlook revision reflects S&P's opinion that CBRC's financial
profile is stabilizing, particularly refinancing risk, which has
reduced thanks to CBRC's successful placement of a US$225 million
Eurobond in March 2010 and increasing deposit inflows," said
Standard & Poor's credit analyst Mikhail Nikitin.  "These funding
inflows should offset the repayment of a US$180 million bond that
matures in June 2010.  Other debt repayments due in the two
subsequent quarters should be manageable, in S&P's opinion."

As a result of the credit crisis and economic slowdown in Russia,
CBRC accumulated funds from sources such as loans from the Central
Bank of Russia and bilateral interbank loans in 2009.  However,
the bank also took measures to substantially reduce leverage.
Consequently, CBRC's central bank borrowing decreased to about 21%
of its total liabilities as of March 31, 2010, from about 45% on
Dec. 31, 2009.  S&P understand that the bank plans to obtain about
25% of total funding from retail deposits over the next two years,
in contrast to its precrisis funding model, which relied
substantially on wholesale sources.

However, CBRC's financial performance remains weak, in S&P's view,
owing to increased provisioning costs.  Loans more than 90 days
overdue reached 20% of total loans at year-end 2009, compared with
13% at year-end 2008.  With the ratio of provisions to loans more
than 90 days overdue at 75% as of Dec. 31, 2009, CBRC is still
exposed to continuing growth of nonperforming assets and
respective downward pressure on its profitability and
capitalization.  The leading indicators of the bank's asset
quality have signified an improvement since August 2009, thanks to
higher collection efficiency and tighter underwriting criteria.
Still, high provisioning costs continued to weigh on CBRC's
profitability, resulting in a net loss of RUB4.2 billion for 2009.

S&P doesn't expect loan loss provisions to burden CBRC's profits
in 2010 as heavily as they did in 2009.  Consequently, S&P's
baseline assumption is that the bank's profitability will improve
in 2010, although the recovery is still fragile.

The ratings reflect S&P's assessment of CBRC's stand-alone
creditworthiness and do not benefit from additional notches of
uplift stemming from external support either from the shareholders
or the government, given S&P's view of the bank's low systemic

"The outlook is stable because S&P believes that CBRC has now
passed the most difficult phase in the economic cycle," said Mr.
Nikitin.  "S&P believes that CBRC's asset quality and
profitability will likely stabilize at the levels reached by year-
end 2009 and improve moderately as the Russian economy gradually
improves and the bank resumes lending."

The ratings could be lowered if S&P see that asset quality has
deteriorated more than S&P currently anticipate, materially
constraining profitability and capitalization, or if there is a
significant liquidity shortage triggered by repayment of the
wholesale debt.  Conversely, S&P could consider a positive rating
action if CBRC were to demonstrate a more resilient funding
profile, without relying on central bank refinancing facilities.

CREDIT BANK: Fitch Assigns 'B' Rating on Senior Unsec. Bonds
Fitch Ratings has assigned Credit Bank of Moscow's Series 8
RUB3 billion 9.7% issue of senior unsecured bonds, due April 2015,
a final Long-term local currency rating of 'B' and a National
Long-term rating of 'BBB-(rus)'.

Both ratings have simultaneously been placed on Rating Watch
Evolving (RWE) and a Recovery Rating of 'RR4' has been assigned to
the Long-term local currency rating.

* TOMSK OBLAST: S&P Raises Issuer Credit Ratings to 'B/ruA-'
Standard & Poor's Ratings Services said that it had raised its
long-term issuer credit and Russia national scale ratings on
Russian Tomsk Oblast to 'B/ruA-' from 'B-/ruBBB'.  The outlook is

"The upgrade reflects S&P's view that Tomsk Oblast's cost-
containing measures and the availability of soft loans from the
federal government will enable the oblast to maintain moderate
budgetary performance and gradually reduce its debt burden in
2010-2012," said Standard & Poor's credit analyst Felix Ejgel.

The ratings reflect S&P's view that the oblast's liquidity is
still lower than adequate, and of its limited financial
flexibility and predictability and dependence on volatile
commodity markets.

However, the oblast has demonstrated a commitment to timely debt
repayment and it maintains a moderate debt level.  Moreover, the
oblast received significant support from the federal government in
the form of soft budget loans in 2009 and 2010.

"The positive outlook reflects S&P's expectations that Tomsk
Oblast's currently good access to bank lending and capital markets
could allow it to extend its debt maturity and contract committed
facilities, thereby further limiting its refinancing risks," said
Mr. Ejgel.

In addition, currently high commodity prices and support from the
federal government might help the oblast achieve higher-than-
expected revenues in 2010.

Further mitigation of refinancing risks -- either through debt
reduction and build up of a cash cushion or better budgetary
performance -- will be positive for the ratings.

S&P could revise the outlook to stable if the oblast fails to keep
its fiscal policy tight and its operating balance deteriorates
significantly, or if its internal and external liquidity positions
further deteriorate, for example, as a result of tighter domestic
market conditions.


AYT DEUDA: Fitch Downgrades Rating on Class C Notes to 'BB-'
Fitch Ratings has downgraded AyT Deuda Subordinada I, FTA's
classes A, B and C notes as detailed below.

  -- EUR214.5m Class A (ISIN: ES0312284005): downgraded to 'A'
     from 'A+'; Outlook Negative; Loss Severity Rating is 'LS1'

  -- EUR60.7m Class B (ISIN: ES0312284013): downgraded to 'BBB-'
     from 'BBB'; Outlook Negative; Loss Severity Rating revised to
     'LS3' from 'LS2'

  -- EUR22.8m Class C (ISIN: ES0312284021): downgraded to 'BB-'
     from 'BB'; Outlook Negative; Loss Severity Rating revised to
     'LS5' from 'LS3'

AyT Deuda Subordinada I, FTA, is a cash flow securitization of
subordinated bonds to provide funding for nine Spanish financial
institutions.  The transaction has an expected maturity date of
November 2016.

The downgrade of the notes reflects the continued deterioration in
the credit profile of the participating financial institutions
including Caja de Ahorros y Monte de Piedad de Cordoba which
currently is rated at its Support Ratings Floors of 'BB+'.  The
subordinated debt from CajaSur accounts for 13.4% of the overall
portfolio.  The current portfolio weighted average rating is
'BBB/BBB-' compared to 'BBB' as of the review May 2009 and an
initial WAR of 'A-/BBB+' at closing in November 2006.

Other key drivers of the transaction's credit risk include the
high industry and obligor concentration present in the portfolio.

The Spanish financial system is in a restructuring process,
particularly in the savings bank sector.  Rising non-performing
loan ratios driven largely by construction and real estate
developer exposures, tight capital positions, limited access to
wholesale funding markets and higher funding costs have caused
several savings banks to consider mergers and solicit capital from
the Fund for Orderly Bank Restructuring created in June 2009.

Fitch expects that this process will lead to material
consolidation in the Spanish savings bank industry in 2010 and
could also weigh on asset growth as entities focus on the
integration process.  Any negative bank rating actions as a result
of this could have an effect on Spanish structured credit
transactions to the extent such banks represent significant
concentrations in existing deals.

Although Fitch's analysis acknowledges the support available to
financial institutions, it remains unclear if that support will be
available for subordinated debt.

The Negative Outlook on the notes reflects the high percentage
(26.9%) of underlying obligations that are either on Rating Watch
Negative or have a Negative Outlook.

An investor report grade of three stars is assigned to the
investor reports of the transaction, reflecting that satisfactory
information is provided by the report.  This includes line-by-line
priority of payment information, current and original portfolio
composition and reserve fund information.  The lack of summary
performance commentary is holding the reports back from a higher

U N I T E D   K I N G D O M

ALERIS INT'L: European Unit Increases Price for Aluminum Products
Aleris Europe announced a price increase of up to 100 EUR per ton
on the total conversion price of aluminum coil and sheet products
delivered to European distributors and industrial end users.

The price increase is effective for all new monthly and quarterly
orders and contracts booked on or after April 23, 2010, that are
not covered by existing contractual agreements.

Aleris Europe is a business segment of Aleris International Inc. a
global leader in aluminum rolled products and extrusions, aluminum
recycling and specification alloy production.

                    About Aleris International

Aleris International, Inc., produces and sells aluminum rolled and
extruded products.  Aleris operates primarily through two
reportable business segments: (i) global rolled and extruded
products and (ii) global recycling.  Headquartered in Beachwood,
Ohio, a suburb of Cleveland, the Company operates over 40
production facilities in North America, Europe, South America and
Asia, and employs approximately 8,400 employees.  Aleris operates
27 production facilities in the United States with eight
production facilities that provided rolled and extruded aluminum
products and 19 recycling production plants.

Aleris International, Inc., aka IMCO Recycling Inc., and various
affiliates filed for bankruptcy on February 12, 2009 (Bankr. D.
Del. Case No. 09-10478).  The Hon. Brendan Linehan Shannon
presides over the cases.  Stephen Karotkin, Esq., and Debra A.
Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve
as lead counsel for the Debtors.  L. Katherine Good, Esq., and
Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A.  In
Wilmington, Delaware, serves as local counsel.  Moelis & Company
LLC, acts as financial advisors; Alvarez & Marsal LLC as
restructuring advisors, and Kurtzman Carson Consultants LLC as
claims and noticing agent for the Debtors.  As of December 31,
2008, the Debtors had total assets of US$4,168,700,000; and total
debts of US$3,978,699,000.

Bankruptcy Creditors' Service, Inc., publishes Aleris
International Bankruptcy News.  The newsletter tracks the chapter
11 proceeding undertaken by Aleris International, Inc. and its
various affiliates.  ( 215/945-

AMEY LAGAN: S&P Corrects Ratings on Senior Secured Debt to 'BB+'
Standard & Poor's Ratings Services corrected to 'BB+' from 'BBB-'
its long-term senior secured monoline-insured debt ratings on two
debt tranches issued by U.K.-based special-purpose vehicle Amey
Lagan Roads Financial PLC.  S&P also revised the outlook to stable
from negative.  The 'BB+' ratings and stable outlook reflect the
Standard & Poor's underlying ratings and outlook on the project.

The affected ratings are:

* The GBP121.06 million European Investment Bank index-linked
  senior secured bank loan due Sept. 30, 2035, guaranteed by Ambac
  Assurance U.K. Ltd. (CC/Developing/--).

* The GBP146.42 million 2.267% senior secured bonds (including
  GBP24 million variation bonds) due Dec. 13, 2037, also
  guaranteed by Ambac Assurance U.K. Ltd.

Under S&P's criteria, the rating on a monoline-insured debt issue
reflects the higher of the rating on the monoline or the SPUR.
Ambac Assurance U.K. Ltd. has been rated lower than the SPUR on
these two tranches of monoline-insured debt since July 28, 2009.
S&P lowered the SPUR on Amey Lagan Roads Financial on Dec. 10,
2009, to 'BB+' from 'BBB-' and, due to an administrative error S&P
did not change the ratings on these debts at that time to reflect
the SPUR.

S&P has rectified this error.

                           Ratings List

                  Amey Lagan Roads Financial PLC


                  Amey Lagan Roads Financial PLC

                          Senior secured*

                                   To                From
                                   --                ----
GBP121.06 mil EIB index linked     BB+/Stable        BBB-/Negative
gtd sr secd bank ln due 09/30/2035
  Recovery rating                  2                  2

                                   To                From
                                   --                ----
GBP146.42 mil 2.267% gtd sr secd  BB+/Stable        BBB-/Negative
(incl GBP24 mil variation bnds)
bnds due 12/13/2037
  Recovery rating                  2                  2

              * Insured by Ambac Assurance U.K. Ltd.

BRITISH AIRWAYS: Virgin's Branson Ordered Secret Fare Hike Talks
Michael Herman at The Times reports that a court on April 28 heard
that Sir Richard Branson, the founder and president of Virgin
Atlantic, ordered secret talks with rival British Airways about
coordinating fare increases on long distance flights.

According to The Times, it was alleged that Mr. Branson instructed
Willy Boulter, Virgin's commercial director, to "sound out" a
contact at BA about whether the carrier would follow suit if
Virgin introduced a particular kind of fare increase in 2005.

The Times relates Richard Latham, QC, for the prosecution, told a
jury at Southwark Crown Court that although Mr. Branson was not
involved in the day-to-day running of the airline, he intervened
on issues that interested him.  Mr. Latham, as cited by The Times,
said one of these was fuel surcharges.

No one at Virgin is being prosecuted and Mr. Branson has not been
accused of any wrongdoing, The Times states.

Three senior Virgin executives accused of running the cartel were
granted immunity from prosecution in return for cooperating with
the OFT, The Times discloses.  They will be called as witnesses
this week, The Times says.

As reported by the Troubled Company Reporter-Europe on April 28,
2010, the Financial Times said the Southwark Crown Court was told
on April 26 that four British Airways executives "colludes" with
Virgin Atlantic Airways as part of a price-fixing conspiracy that
led to millions of air passengers being overcharged for
transatlantic flights.  The FT disclosed the court was told that
the four executives agreed with each other and with three Virgin
executives to make and implement agreements between July 2004 and
April 2006 that led to price fixing.  The BA executives on trial
include Martin George, BA's former commercial director; Iain
Burns, BA's former head of communications; and Alan Burnett, the
airline's former head of UK and Ireland sales, the FT said.  The
fourth man -- Andrew Crawley, BA's sales and marketing director --
still works for the carrier and was promoted to the company's
management board in 2008, according the FT.  All men have pleaded
not guilty, the FT noted.

                      About British Airways

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.  Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009.  This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs.  Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.

CORNERSTONE TITAN: S&P Cuts Ratings on Class G & H Notes to 'D'
Standard & Poor's Ratings Services lowered its credit ratings on
Cornerstone Titan 2006-1 PLC's class G and H notes and affirmed
its rating on the class J notes at 'D'.  At the same time, S&P
withdrew its rating on the class X notes and affirmed its ratings
on all remaining classes of notes.

In January 2010, the servicer sold property that secured the
Peacock Place loan for GBP5.15 million, and made available to the
issuer the net sale proceeds of GBP3.76 million to repay the
notes.  The outstanding loan balance was GBP13.13 million.

On the April 2010 note interest payment date, the issuer used the
net sale proceeds of GBP3.76 million to partially repay the class
A notes.  It also allocated the Peacock Place loan losses to the
class G, H, and J notes.  As a consequence of the loss allocation,
the issuer reduced the principal balance of the class H and J
notes to zero, and reduced the principal balance of the class G
notes by approximately 10% to GBP11.16 million.

S&P has lowered its ratings on the class G and H notes to 'D' to
reflect these losses.  S&P's rating on the class J notes remains
unchanged at 'D'.

S&P has also withdrawn its rating on the class X note to reflect
S&P's application of its updated criteria for rating interest-only
securities, which S&P published on April 15, 2010.

                          Ratings List

                   Cornerstone Titan 2006-1 PLC
GBP564.27 Million Commercial Mortgage-Backed Floating-Rate Notes

       Ratings Lowered and Removed From Creditwatch Negative

          Class           To              From
          -----           --              ----
          G               D               CCC-/Watch Neg
          H               D               CCC-/Watch Neg

                         Rating Withdrawn

                     Class           Rating
                     -----           ------
                     X               A+

                        Ratings Affirmed

                     Class           Rating
                     -----           ------
                     A               A+
                     B               BBB
                     C               BB+
                     D               BB
                     E               BB-
                     F               B
                     J               D

EFFECTIVE COSMETICS: In Liquidation; Owes GBP3.3 Million
The administrator's final report for Effective Cosmetics Retail,
remnants of Virgin's retail cosmetics business, reveals that the
owed GBP3.3 million when it was placed into liquidation, David
Robertson writes for The Times.

The Times, citing the administrator's report, says that among the
largest creditors are landlords such as the Trafford Centre, which
is owed GBP80,000.  British Gas is owed GBP16,000, while various
VIE at Home companies are owed money for stock and services, the
report notes.

The report recalls Effective Cosmetics was put into administration
last year.

EMI GROUP: Has Until May 14 to Secure Support From Investors
James Ashton at The Sunday Times reports that Guy Hands has 10
days to persuade investors to inject fresh funds for EMI or risk
losing control of the troubled music group.

According to the report, a handful of the largest backers of Terra
Firma, Mr. Hands's investment vehicle, have given verbal
commitments to contribute GBP105 million -- enough to plug the
latest breach of its borrowing agreement with Citigroup.
But Mr. Hands still needs to secure the support of 75% of his
fund's 200 investors by May 14 for the money to be drawn down, the
report notes.  That is the date Terra Firma must submit a
"compliance certificate" to Citi showing EMI can meet the terms of
its GBP3.2 billion loan, the report discloses.

The report says if Terra Firma fails to win enough backing, it
will tap outside investors for fresh investment.  However, it is
unlikely to have enough time to do so by a week on Friday, giving
Citi a chance to seize control, the report states.  The cash needs
to reach Citi by June 11, according to the report.

EMI Group Ltd. -- 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.

INEOS GROUP: S&P Puts 'CCC+' Ratings on CreditWatch Positive
Standard & Poor's Ratings Services said that it has placed on
CreditWatch with positive implications its 'CCC+' ratings on U.K.-
based chemical group Ineos, which includes Ineos Group Holdings
PLC and Ineos Holdings Ltd.

S&P also placed on CreditWatch with positive implications the
'CCC-' issue ratings on the existing EUR650 million second-lien
bank loan (term loan D), and on the existing EUR1.63 billion and
$700 million fixed rate subordinated notes.  The recovery rating
on these debt facilities is '6' and is not expected to change.

S&P placed on CreditWatch with negative implications the 'B-'
issue ratings on the existing senior secured credit facilities
(excluding the term loan D), which are expected to be
substantially repaid on completion of the transaction.

S&P has also assigned preliminary issue and recovery ratings to
the debt to be issued by Ineos as part of its proposed
restructuring.  These ratings are subject to completion of the
proposed bond issuance and tender process, as well as satisfactory
review of final documentation.  In the event of any material
differences compared with S&P's expectations based on draft
documentation, all the ratings above would be subject to further
review.  S&P has assigned:

Preliminary recovery ratings of '2' and preliminary issue ratings
of 'B' to the EUR700 million proposed senior secured notes to be
issued by Ineos Finance PLC and the replacement first lien senior
secured credit facilities (a replacement term loan A, term loan B,
term loan C, term loan E, and revolving credit facility) to be
issued by Ineos Holdings Ltd. and Ineos US Finance LLC.  A '2'
recovery rating indicates S&P's expectation of 70%-90% recovery in
the event of a payment default.

A '6' preliminary recovery rating (indicating S&P's expectation of
0%-10% recovery in the event of a payment default) and a
preliminary issue rating of 'CCC' to the replacement term loan D

"The CreditWatch placement reflects the potential for a one-notch
upgrade if the recently announced refinancing is successful and in
line with S&P's assumptions, since it will result in a clearly
enhanced amortization profile, with no major debt due before end
2012, and slightly more leeway under financial covenants," said
Standard & Poor's credit analyst Karl Nietvelt.

The potential one-notch upgrade also takes into account S&P's
revised upward expectations for 2010 EBITDA, on the back of first-
quarter 2010 EBITDA that was stronger than S&P anticipated and its
opinion that visibility is good for the second quarter.  That
said, S&P remain cautious for the second half and next year, as
industry conditions may weaken.

S&P expects to resolve the CreditWatch status when the outcome of
the refinancing is clear.  Were the refinancing to be successful
and in line with its assumptions, S&P anticipate raising the
rating to 'B-' with a stable outlook.

KERLING PLC: S&P Puts 'B-' Corp. Rating on CreditWatch Positive
Standard & Poor's Ratings Services said that it has placed its
'B-' long-term corporate credit rating on U.K.-based PVC producer
Kerling PLC on CreditWatch with positive implications.

S&P has also placed all Kerling's issue ratings on CreditWatch
with positive implications.

The CreditWatch placement reflects these two factors:

* S&P's placement on CreditWatch positive of Kerling's sister
  company Ineos, which S&P may upgrade to 'B-' from 'CCC+' if
  Ineos' refinancing is successful and in line with S&P's
  assumptions; and

* S&P's view that although a default at Ineos could still
  adversely affect Kerling, the risks of such a default will
  subside if the refinancing is successful.

"If S&P upgrade Ineos, S&P could raise its rating on Kerling to
'B' or 'B+', placing more emphasis on Kerling's intrinsic credit
profile," said Standard & Poor's credit analyst Lucas Sevenin.

"S&P's CreditWatch resolution will factor in S&P's CreditWatch
resolution for Ineos and a review of Kerling's 2009 annual and
first-quarter 2010 results," said Mr. Sevenin.

KEYDATA INVESTMENT: Investors Still Awaiting Compensation
Alexandra Goss at The Sunday Times reports that thousands of
people affected by the collapse of Keydata, the investment firm,
may have to wait nearly a month to find out if they will get their
money back.

According to the report, PriceWaterhouseCoopers, Keydata's
administrator, is not expected to issue a proposal to investors
for up to three weeks.

The report notes 23,000 people who invested GBP350 million in
Keydata products backed by Lifemark have not received any income
since March, when the firm admitted it was in default.

The report recalls Keydata was forced into administration last
summer after the Revenue said high income and growth bonds it was
marketing as risk-free could not be held in Isas.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
Financial Services Authority on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.

MURRAY INTERNATIONAL: Lloyds Banking Increases Stake to 24%
Andrew Bolger at The Financial Times reports that Lloyds Banking
Group has increased its stake Murray International Holdings from
11% to 24% after the downturn caused the group to break its
banking covenants.

According to the FT, the GBP150 million debt for equity swap will
reduce the group's debt -- which stood at GBP759 million -- by a
similar amount.

The FT relates delayed accounts show that Murray International
Holdings made a pre-tax loss of GBP174.8 million for the 17 months
to June 30 last year, compared with a profit of GBP5.1 million the
prior year.  Most of this loss was attributable to a writedown of
GBP154.5 million in the group's development and investment
portfolio, GBP151 million of which was taken through the profit
and loss account, the FT notes.

Based in Edinburgh, Scotland, Murray International Holdings is a
metals and property group owned by Sir David Murray.

PRELUDE EUROPE: S&P Withdraws 'CCC-' Rating on Class B Tranche
Standard & Poor's Ratings Services withdrew its credit ratings on
seven European collateralized debt obligation tranches in four
transactions: Aphex Capital PLC, Brooklands ABS Euro Referenced
Linked Notes 2002-2 Ltd., Prelude Europe CDO Ltd., and SGA Societe
Generale Acceptance N.V.

The withdrawals follow the arrangers' recent notification to us
that issuers have fully repurchased these notes.

Additionally, before these withdrawals S&P affirmed and removed
from CreditWatch positive its ratings on four of the seven
tranches.  S&P placed these four tranches on CreditWatch positive
on April 15, 2010, as part of S&P's regular monthly synthetic CDO
surveillance process.  S&P subsequently received the repurchase
notifications, and for this reason S&P has first affirmed and
removed these four tranches from CreditWatch positive.

                           Ratings List

                        Ratings Withdrawn

                        Aphex Capital PLC
JPY500 Million Secured Portfolio Credit-Linked Floating-Rate Note

          Series               To                  From
          ------               --                  ----
          2007-42              NR                   CCC-

  JPY500 Million Secured Portfolio Credit-Linked Fixed-Rate Notes

          Series               To                  From
          ------               --                  ----
          2007-43              NR                   CCC-

     Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.
          EUR225 Million Floating- and Fixed-Rate Notes

          Series               To                  From
          ------               --                  ----
          Class SA2            NR                   BBB-

Ratings Affirmed, Removed From Creditwatch Positive, and Withdrawn

                     Prelude Europe CDO Ltd.
EUR10 Million Secured Floating- And Fixed-Rate Credit-Linked Notes

     Series               To                   From
     ------               --                   ----
     2005-1 class B       CCC-                 CCC-/Watch Pos
                          NR                   CCC-

     EUR20 Million Secured Floating-Rate Credit-Linked Notes

     Series               To                   From
     ------               --                   ----
     2005-3 class A1      BBB-                 BBB-/Watch Pos
                          NR                   BBB-

               SGA Societe Generale Acceptance N.V.
     EUR10 Million Floating-Rate US Corporate Portfolio Notes

     Series               To                   From
     ------               --                   ----
     2794                 A                    A/Watch Pos
                          NR                   A

    EUR3.5 Million US Corporate Portfolio Credit-Linked Notes

     Series               To                   From
     ------               --                   ----
     2901                 BBB+                 BBB+/Watch Pos
                          NR                   BBB+

                          NR - Not Rated

PUNCH TAVERNS: S&P Downgrades Rating on Class D1 Notes to 'BB'
Standard & Poor's Ratings Services took various rating actions on
the Punch Taverns Finance PLC and Punch Taverns Finance B Ltd. pub

Specifically, S&P:

* Lowered its ratings on the class M, B, C, and D notes in Punch A
  and the class B and C notes in Punch B;

* Removed from CreditWatch negative its ratings on classes B, C,
  and D in Punch A, and classes A, B, and C in Punch B; and

* Assigned a negative outlook to all classes in these

The negative outlook on all the notes reflects S&P's view that the
business risk profile of Punch A and Punch B could decline further
if the transaction does not show improving performance trends
during the second half of 2010.

These rating actions are due to several factors.  The continued
difficult trading conditions in the U.K. tenanted pub sector, has
led to the performance of the transactions, and the sector as a
whole, being below S&P's expectations to date, in its view.

The like-for-like pub contribution for the 28 weeks to March 2010
was down about 11% for the Punch Taverns PLC leased pubs.  S&P
observed this decline in increased support to tenants and
declining beer sales.  For this period, like-for-like drink
revenues were down 4.8% and rent was down 10.5%.  S&P believes
similar declines are likely to persist for the rest of 2010.  S&P
considers the above figures for the Punch Taverns group to be
representative of both Punch A and Punch B with respect to
operating performance.

In the 12 months to March 2010, Punch A's EBITDA had fallen 16.8%
and 18.7% on an adjusted basis.  For Punch B, the EBITDA decline
was 14.2% and 17.2% on an adjusted basis.  S&P adjusted the EBITDA
figures to remove the impact of support provided by the Punch
Taverns group.  S&P understand that operating margins in Punch A
benefited by GBP4.6 million and that the support for Punch B was
GBP4.5 million.  Also affecting the EBITDA performance, in S&P's
view, was a marked reduction in the number of pubs within the
respective estates, the sale proceeds of which Punch A and Punch B
have used to prepay debt.  However, despite the deleveraging,
given the strain on the operating performance, S&P considers the
adjusted debt/EBITDA leverage on Punch A and Punch B to have

At the time of its CreditWatch placement in February 2010, S&P had
anticipated that Punch A would produce a less-marked EBITDA
decline in 2009, compared with the rest of the market.  However,
Punch A reported an EBITDA decline for the financial year 2009 of
about 14.8%, which was a slightly higher decline than the market
average for rated tenanted pub operators.  At the same time, S&P
noted that S&P expected Punch B to also perform in line with the
market in 2009, which it did overall, as EBITDA declined 11.6%.
The declines for both estates were worse than S&P previously
expected up to Q2 2010.

Over the next 12 months, S&P estimates that Punch A is likely to
report a per-pub EBITDA decline of about 10%.  If the speed of
decline does not moderate in the second half of the fiscal year
and there are not clear signs that 2011 should be significantly
better than 2010, it is possible that S&P would reassess its view
of the business risk score.  In S&P's view, a further year of
significant EBITDA decline would be inconsistent with its
assessment of a "satisfactory" business risk assessment.  S&P will
also continue to monitor EBITDA margins and the speed of weakening
of the profit margin.  S&P's view of these factors has led to the
negative outlook S&P has assigned to the notes.

Over the longer term, S&P believes risks are associated with the
shift away from on-trade sales and the continued decline in beer
consumption, even though this decline is offset by sales of
higher-margin products.  S&P would expect both higher-margin beer
and wine sales, as well as food sales, to be more cyclical than
traditional beer sales.  As a result, S&P believes that the pubs'
business risk scores could decline over time if they do not
address these risks.  However, S&P would expect the good-quality
pubs included in Punch's securitization to gain from the current
high level of pub closures, which should reduce competition.

Additional details will be available in the transaction update,
which S&P will publish in due course.

                           Ratings List

                    Punch Taverns Finance PLC
    GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes

               Ratings Assigned a Negative Outlook

        Class      To                            From
        -----      --                            ----
        A1(R)      AAA/Negative                  AAA
        A2(R)      AAA/Negative,                 AAA,
                   AAA/Negative(SPUR)            AAA(SPUR)

         Ratings Lowered and Assigned A Negative Outlook

        Class      To                            From
        -----      --                            ----
        M1         A-/Negative                   A
        M2(N)      A-/Negative,                  A,
                   A-/Negative(SPUR)             A(SPUR)

     Ratings Lowered, Removed From Creditwatch Negative, and
                    Assigned a Negative Outlook

    Class      To                            From
    -----      --                            ----
    B1         BBB-/Negative                 BBB+/Watch Neg
    B2         BBB-/Negative                 BBB+/Watch Neg
    B3         BBB-/Negative,                BBB+/Watch Neg,
               BBB-/Negative(SPUR)           BBB+/Watch Neg(SPUR)
    C(R)       BB+/Negative                  BBB+/Watch Neg
    D1         BB/Negative                   BBB/Watch Neg

                   Punch Taverns Finance B Ltd.
   GBP1.574 Billion Fixed- and Floating-Rate Asset-Backed Notes

            Ratings Removed From Creditwatch Negative
                  and Assigned a Negative Outlook

    Class      To                            From
    -----      --                            ----
    A3         A/Negative                    A/Watch Neg
    A6         A/Negative                    A/Watch Neg
    A7         A/Negative,                   A/Watch Neg,
               A/Negative(SPUR)              A/Watch Neg(SPUR)
    A8         A/Negative,                   A/Watch Neg,
               A/Negative(SPUR)              A/Watch Neg(SPUR)

       Ratings Lowered, Removed From Creditwatch Negative,
                  and Assigned a Negative Outlook

    Class      To                            From
    -----      --                            ----
    B1         BBB-/Negative                 BBB+/Watch Neg
    B2         BBB-/Negative                 BBB+/Watch Neg
    C1         BB+/Negative                  BBB/Watch Neg

           SPUR -- Standard & Poor's underlying rating.

ROYAL BANK: Chairman Defends High Senior Staff Remuneration
Helen Power at Times Online reports that Sir Philip Hampton, the
chairman of Royal Bank of Scotland, bank has defended
multimillion-pound salaries for senior staff, despite widespread

The report relates Mr. Hampton told the BBC Today program that
although banking sector remuneration was "astonishingly high,"
staff at Royal Bank of Scotland would leave unless they were paid
the market rate.

Politicians in each of the main parties have called for caps on
bankers' bonuses, the report discloses.

According to the report, Mr. Hampton conceded that it was
difficult to defend the pay gap between most people and some bank
staff, but he told the BBC: "If we don't pay our top people, they
leave very quickly.  Our top people are very much in demand and we
have seen a significant loss of our top people."

The report recalls Mr. Hampton told shareholders at the bank's
annual general meeting last week that he would listen to investor
concerns over its new bonus scheme for senior executives.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.

TITAN EUROPE: Fitch Affirms Rating on Class E Notes at 'BB-'
Fitch Ratings has affirmed Titan Europe 2007-1 Limited's notes and
removed them from Rating Watch Negative as detailed below:

  -- GBP42.15 million class B secured floating-rate notes due
     2017: affirmed at 'A+'; off RWN; Outlook Negative

  -- GBP42 million class C secured floating-rate notes due 2017:
     affirmed 'BBB+; off RWN; Outlook Negative

  -- GBP58 million class D secured floating-rate notes due 2017:
     affirmed 'BBB'; off RWN; Outlook Negative

  -- GBP60 million class E secured floating-rate notes due 2017:
     affirmed 'BB-'; off RWN; Outlook Negative

Titan Europe 2007-1 is the issuer behind the securitization of a
GBP638 million senior loan (Libra loan) granted to nursing homes
owned by NHP which are majority-operated by Southern Cross.

The affirmation reflects the stabilization of valuations for the
294 nursing homes and three residential properties securing the
GBP1,172 million Libra Whole Loan -- of which the Libra loan is
the senior securitized tranche.

The updated valuation of the properties as of December 2009 is
GBP886.2 million, slightly above a valuation of GBP863.3 million a
year ago but still 34% down compared to the valuation at closing.

The Libra Whole Loan has been in default since November 2008 and
there are still ongoing restructuring discussions between the
lenders and Capita Asset Services acting as special servicer.
Fitch understands that no solution has been agreed so far.  The
standstill agreement continues to be extended and currently
expires on May 15, 2010.

Although the special servicer is having ongoing discussions to
reach a consensual restructuring, Fitch understands that the
special servicer continues to consider all options available,
including a potential sale of the mortgaged properties.  This is
because it may not prove possible for all involved parties to
agree on a consensual restructuring.  The special servicer has
notably engaged GVA Grimley to work on an exit strategy to
maximize recoveries from the disposal of the mortgaged properties.
On the other hand, the agency notes that an extension of the Libra
Whole Loan which was due in January 2009 is only possible with the
consent of the noteholders of each class by way of an
extraordinary resolution (including the senior ranking class A and
class X notes not rated by Fitch).

However, if the discussions become protracted, this could lead to
uncertainty over the outcome and length of the restructuring
process.  This risk is reflected in the Negative Outlook.

Fitch continues to view the notes as still being protected by the
currently seven-year tail period provided by the 2017 legal final
maturity date, the senior ranking of the securitized Libra loan
within the inter-creditor agreement, and the presence of an
advance provider if shortfalls arise in the rental payments to
service the interest payments.

TOWERGATE FINANCE: Moody's Assigns 'B1' Rating on Senior Debt
Moody's Investors Service has assigned a debt rating of B1 to the
senior secured debt and B3 to the senior unsecured debt to be
issued by Towergate Finance plc.  At the same time Moody's
affirmed the B2 Corporate Family Rating of Towergate Partnership
Limited and the negative outlook.  The rating action is in
relation to the refinancing of substantially all of TPL's debt and
the acquisition of Countrywide and PowerPlace.  Moody's said that
the ratings are based on the expectation that the final
documentation of the instruments and company structure will not
differ materially from the current documentation.

The transaction involves the refinancing of substantially all of
TPL's debt, to be replaced by an acquisition facility, term loan,
senior secured and unsecured notes, all to be issued by Towergate
Finance plc with a guarantee from Towergate Holdings II Limited
and all material and certain other subsidiaries of Towergate
Finance plc, and unrated PIK notes which are to be issued from
Towergate Holdings I plc.  As part of the transaction, Countrywide
and PowerPlace, previously owned separately by Towergate's
shareholders, will also be acquired by Towergate.  In conjunction
with the closing of the refinancing process, the Towergate group
will undergo a corporate reorganization.  On closure, the CFR on
TPL will therefore be withdrawn and the CFR will be assigned to
Towergate Holdings II Limited, which will become the rated entity.

The debt ratings are assigned on the basis of the instruments'
position within the Towergate Group, with the secured notes
ranking parri passu with the acquisition facility and term loan
and the unsecured notes subordinated to these.

The current B2 rating incorporates Moody's expectation of the
EBITDA margin remaining consistently above 20% together with some
improvement in financial leverage and coverage metrics from the
2008 level (2008 debt-to-EBITDA of 7.3x and interest coverage of
0.7x, on a Moody's basis).

Whilst not considered likely in the short-term due to the current
negative outlook, factors that could lead to an upgrade include
adjusted free cash flow exceeding 10% of debt, a debt-to-EBITDA
ratio of less than 4.5 times and interest coverage exceeding 3.0
times (all on a Moody's basis).  Conversely, further negative
rating action could result from a failure to improve
leverage/coverage metrics over the near-to medium term from the
current (end 2008) levels.  Further negative rating pressure could
also arise in the event of a meaningful and unprofitable
acquisition strategy, although Moody's anticipate that Towergate's
future acquisition strategy is likely to focus on small scale

This rating was affirmed with a negative outlook:

* Towergate Partnership Limited - Corporate Family Rating: B2

These ratings were assigned with a negative outlook:

* Towergate Finance plc (guaranteed by Towergate Holdings II
  Limited and all material and certain other subsidiaries of
  Towergate Finance plc) - GBP365 million senior secured notes
  due 2017: B1

* Towergate Finance plc (guaranteed by Towergate Holdings II
  Limited and all material and certain other subsidiaries of
  Towergate Finance plc) - GBP300 million senior unsecured notes
  due 2018: B3

The last rating action was on March 31, 2010, when the CFR was
affirmed at B2 and the outlook revised to negative from stable.

* UK: Ailing Firms Forced to Pay High Premium on Lack of Credit
Jonathan Moules at The Financial Times reports that struggling
companies are turning to specialist private equity backers and are
handing over a large slug of equity and paying interest rates of
as much as 12% in a bid to survive.

According to the FT, the trend is a sign of the lengths that
business owners are being forced to go to because of the lack of
credit being offered by the high street banks.

Insolvency funds are only one way that struggling companies can
turn their operations around, the FT says, citing Stephen Law,
president of R3, the insolvency industry trade body.

"The earlier a business can come to us, the more opportunities
there are to rescue them," the FT quoted Mr. Law as saying.
"Unfortunately, I see a lot of companies who cannot pay the wages
on Friday and the options then are limited."

* UK: Insolvencies in Hotel Sector Up 61% in 2009
The Press Association, citing figures from accountancy firm
Wilkins Kennedy, reports that the number of hotel companies that
failed last year in the United Kingdom soared 61% compared with

Wilkins Kennedy said there could be "more casualties" to come, the
report notes.

According the report, the accountancy firm said that while
staycationers did increase domestic demand at hotels,
establishments were hit by a slump in business travel.


* EUROPE: Rabobank Proposes Bonds Convertible Into Equity
Michael Steen at The Financial Times reports that Rabobank is
pushing for the adoption of a bond that converts into equity if
the lender runs into trouble as a way of staving off a global bank

The FT relates that, as an experiment, Rabo issued a EUR1.2
billion (US$1.7 billion) contingent convertible note in March that
acts like a normal bond but, should the bank's equity ratio breach
7%, 75% of the note's face value would be written down and
converted into core capital, with the remaining quarter returned
to investors.  The FT says that allows the bonds to absorb losses
in a crisis and also ensures that bondholders pay closer heed to a
group's financial health.

The FT notes banks are looking to convince regulators of
alternative ways to strengthen the industry as they become
concerned about how any new taxes might be implemented.

The FT relates industry bodies have spoken out against proposals
from the International Monetary Fund that suggest tax revenue
could be used as an insurance against future bank failures,
arguing that this could in fact encourage more reckless behavior.

* Large Companies with Insolvent Balance Sheet

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

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

SABENA SA             SABA BB        -84766501.61    2196477161

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

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

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

ELITE SHIPPING        ELSP DC        -27715991.74   100892900.3
ROSKILDE BANK         ROSBF US       -532868894.9    7876687324
ROSKILDE BANK         ROSK PZ        -532868894.9    7876687324
ROSKILDE BANK         ROSK EO        -532868894.9    7876687324
ROSKILDE BANK         RKI GR         -532868894.9    7876687324
ROSKILDE BANK         RSKC IX        -532868894.9    7876687324
ROSKILDE BANK         ROSK DC        -532868894.9    7876687324
ROSKILDE BANK         ROSK EU        -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

CARRERE GROUP         XRR GR         -9829592.638     279906700
CARRERE GROUP         CRGP IX        -9829592.638     279906700
CARRERE GROUP         CARG FP        -9829592.638     279906700
CARRERE GROUP         CARF PZ        -9829592.638     279906700
CARRERE GROUP         CRRHF US       -9829592.638     279906700
CARRERE GROUP         CAR2 EO        -9829592.638     279906700
CARRERE GROUP         CAR2 EU        -9829592.638     279906700
CARRERE GROUP         CAR FP         -9829592.638     279906700
FERGO AISA SA         AISA PZ        -195705447.2   561851834.6
FERGO AISA SA         AISA SM        -195705447.2   561851834.6
FERGO AISA SA         AISA EO        -195705447.2   561851834.6
FERGO AISA SA         AISA EU        -195705447.2   561851834.6
CHAINE ET TRAME       CTRM FP        -58947458.16   116889783.9
CHAINE ET TRAME       CHTR FP        -58947458.16   116889783.9
GRANDE PAROISSE       GDPXF US       -927267926.9     629287290
GRANDE PAROISSE       GDPA FP        -927267926.9     629287290
GRANDE PAROISSE       GAPA FP        -927267926.9     629287290
IMMOB HOTEL BALN      IMHB FP        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO PZ        -170171676.3   212556594.4
IMMOB HOTELIERE       IMMH IX        -170171676.3   212556594.4
IMMOB HOTELIERE       SIH FP         -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EU        -170171676.3   212556594.4
IMMOB HOTELIERE       IMBHF US       -170171676.3   212556594.4
IMMOB HOTELIERE       IMH GR         -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO FP        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EO        -170171676.3   212556594.4
LAB DOLISOS           LADL FP        -27752176.19   110485462.4
LAB DOLISOS           DOLI FP        -27752176.19   110485462.4
MATUSSIERE & FOR      1007765Q FP    -77896683.67   293868350.8
MATUSSIERE & FOR      MTUSF US       -77896683.67   293868350.8
MB RETAIL EUROPE      MBRE EO        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU        -58947458.16   116889783.9
MB RETAIL EUROPE      CTRF IX        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP        -58947458.16   116889783.9
OROSDI                OROS FP         -7291.55004   131233317.6
OROSDI-BACK           BACK IX         -7291.55004   131233317.6
OROSDI-BACK           OROS EO         -7291.55004   131233317.6
OROSDI-BACK           ORBA FP         -7291.55004   131233317.6
OROSDI-BACK           OROS EU         -7291.55004   131233317.6
OROSDI-BACK           OROS PZ         -7291.55004   131233317.6
PAGESJAUNES           PGJUF US        -3171655188    1168738032
PAGESJAUNES GRP       PAJ EU          -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EU       -3171655188    1168738032
PAGESJAUNES GRP       PAJ TQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EU       -3171655188    1168738032
PAGESJAUNES GRP       PAJGBP EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJ FP          -3171655188    1168738032
PAGESJAUNES GRP       PAJ BQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJ EO          -3171655188    1168738032
PAGESJAUNES GRP       PAJ PZ          -3171655188    1168738032
PAGESJAUNES GRP       PAJ VX          -3171655188    1168738032
PAGESJAUNES GRP       PAJ IX          -3171655188    1168738032
PAGESJAUNES GRP       PAJ NQ          -3171655188    1168738032
PAGESJAUNES GRP       QS3 GR          -3171655188    1168738032
PAGESJAUNES GRP       PAJ LI          -3171655188    1168738032
PAGESJAUNES GRP       PAJ EB          -3171655188    1168738032
PAGESJAUNES GRP       PAJ QM          -3171655188    1168738032
PAGESJAUNES GRP       PAJP IX         -3171655188    1168738032
RHODIA SA             RHA VX         -913748142.2    6150227880
RHODIA SA             2324011Q EU    -913748142.2    6150227880
RHODIA SA             RHAGBX EO      -913748142.2    6150227880
RHODIA SA             RHAGBX EU      -913748142.2    6150227880
RHODIA SA             RHAY IX        -913748142.2    6150227880
RHODIA SA             RHA EU         -913748142.2    6150227880
RHODIA SA             RHA EO         -913748142.2    6150227880
RHODIA SA             RHAGBP EO      -913748142.2    6150227880
RHODIA SA             RHADF US       -913748142.2    6150227880
RHODIA SA             2324015Q EO    -913748142.2    6150227880
RHODIA SA             RHA NQ         -913748142.2    6150227880
RHODIA SA             3218857Q IX    -913748142.2    6150227880
RHODIA SA             RHD GR         -913748142.2    6150227880
RHODIA SA             RHA QM         -913748142.2    6150227880
RHODIA SA             RHDAF US       -913748142.2    6150227880
RHODIA SA             RHA EB         -913748142.2    6150227880
RHODIA SA             RHANR PZ       -913748142.2    6150227880
RHODIA SA             RHANR FP       -913748142.2    6150227880
RHODIA SA             RHA FP         -913748142.2    6150227880
RHODIA SA             RHA IX         -913748142.2    6150227880
RHODIA SA             RHA TQ         -913748142.2    6150227880
RHODIA SA             RHDI GR        -913748142.2    6150227880
RHODIA SA             RHAUSD EU      -913748142.2    6150227880
RHODIA SA             RHAUSD EO      -913748142.2    6150227880
RHODIA SA             RHA PZ         -913748142.2    6150227880
RHODIA SA             RHA BQ         -913748142.2    6150227880
RHODIA SA - NEW       2335921Q FP    -913748142.2    6150227880
RHODIA SA - NEW       3506266Q FP    -913748142.2    6150227880
RHODIA SA - NEW       RHANV FP       -913748142.2    6150227880
RHODIA SA - NEW       3156011Q FP    -913748142.2    6150227880
RHODIA SA-ADR         RHAYY US       -913748142.2    6150227880
RHODIA SA-RIGHTS      653447Q FP     -913748142.2    6150227880
RHODIA SA-RIGHTS      RHADS FP       -913748142.2    6150227880
SDR CENTREST          117241Q FP     -132420119.6   252176017.2
SELCODIS              SLCO EO        -21481214.33   175720770.8
SELCODIS              SLCO FP        -21481214.33   175720770.8
SELCODIS              SLCO PZ        -21481214.33   175720770.8
Selcodis              SPVX FP        -21481214.33   175720770.8
SELCODIS              SLCO EU        -21481214.33   175720770.8
SELCODIS              SPVX IX        -21481214.33   175720770.8
TECHNICOLOR           TMM IX         -649203365.6    6191078453
TECHNICOLOR           TCH NQ         -649203365.6    6191078453
TECHNICOLOR           TCH FP         -649203365.6    6191078453
TECHNICOLOR           TMSUSD EO      -649203365.6    6191078453
TECHNICOLOR           TNM GR         -649203365.6    6191078453
TECHNICOLOR           TMS NQ         -649203365.6    6191078453
TECHNICOLOR           TMS BQ         -649203365.6    6191078453
TECHNICOLOR           TMSGBP EO      -649203365.6    6191078453
TECHNICOLOR           TMSGBX EO      -649203365.6    6191078453
TECHNICOLOR           TMS EO         -649203365.6    6191078453
TECHNICOLOR           TMS EB         -649203365.6    6191078453
TECHNICOLOR           TMSGBX EU      -649203365.6    6191078453
TECHNICOLOR           TMSUSD EU      -649203365.6    6191078453
TECHNICOLOR           TMS GK         -649203365.6    6191078453
TECHNICOLOR           TCH TQ         -649203365.6    6191078453
TECHNICOLOR           TMS PZ         -649203365.6    6191078453
TECHNICOLOR           TMMLF US       -649203365.6    6191078453
TECHNICOLOR           TCH QM         -649203365.6    6191078453
TECHNICOLOR           TMS EU         -649203365.6    6191078453
TECHNICOLOR-ADR       TCH US         -649203365.6    6191078453
THOMSON - NEW         2336061Q FP    -649203365.6    6191078453
THOMSON - NEW         TMSNV FP       -649203365.6    6191078453
THOMSON (EX-TMM)      TMM LN         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS QM         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS TQ         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS US         -649203365.6    6191078453
THOMSON (EX-TMM)      TMMN FP        -649203365.6    6191078453
THOMSON (EX-TMM)      TMS VX         -649203365.6    6191078453
THOMSON (EX-TMM)      TMM VX         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS FP         -649203365.6    6191078453
THOMSON (EX-TMM)      TNMA GR        -649203365.6    6191078453
THOMSON (EX-TMM)      TMM ES         -649203365.6    6191078453
THOMSON MULT-ADR      TMS-P US       -649203365.6    6191078453
THOMSON MULTIMED      TMM FP         -649203365.6    6191078453
THOMSON MULTI-NE      ZTM FP         -649203365.6    6191078453
TROUVAY CAUVIN        TVYCF US       -396977.9956   133986439.7
TROUVAY CAUVIN        ETEC FP        -396977.9956   133986439.7

AGOR AG               DOOD PZ        -482446.6262   144432986.2
AGOR AG               NDAGF US       -482446.6262   144432986.2
AGOR AG               DOO EU         -482446.6262   144432986.2
AGOR AG               DOO EO         -482446.6262   144432986.2
AGOR AG               DOO GR         -482446.6262   144432986.2
AGOR AG               DOOG IX        -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR    -482446.6262   144432986.2
ALNO AG               ANO PZ         -68516656.94   290459933.8
ALNO AG               ANO GR         -68516656.94   290459933.8
ALNO AG               ALNO IX        -68516656.94   290459933.8
ALNO AG               ANO EU         -68516656.94   290459933.8
ALNO AG               ANO EO         -68516656.94   290459933.8
ALNO AG-NEW           ANO1 GR        -68516656.94   290459933.8
ALNO AG-RTS           2259765Z GR    -68516656.94   290459933.8
BROKAT AG             BROFQ US       -27139391.98   143536859.7
BROKAT AG             BKISF US       -27139391.98   143536859.7
BROKAT AG             BRKAF US       -27139391.98   143536859.7
BROKAT AG             BROAF US       -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 GR        -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 NM        -27139391.98   143536859.7
BROKAT AG-ADR         BROA US        -27139391.98   143536859.7
BROKAT TECH -ADR      BROAQ US       -27139391.98   143536859.7
BROKAT TECH AG        BRJ GR         -27139391.98   143536859.7
BROKAT TECH AG        BSA LN         -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        COB2 EU        -42994732.85   904723627.8
CBB HOLDING AG        COBG PZ        -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        CUBDF US       -42994732.85   904723627.8
CBB HOLDING AG        COB GR         -42994732.85   904723627.8
CBB HOLDING-NEW       COB3 GR        -42994732.85   904723627.8
CBB HOLDING-NEW       COB1 GR        -42994732.85   904723627.8
CBB HOLD-NEW 97       COB2 GR        -42994732.85   904723627.8
CINEMAXX AG           MXC EU         -42008900.33   144431938.3
CINEMAXX AG           CNEMF US       -42008900.33   144431938.3
CINEMAXX AG           MXC EO         -42008900.33   144431938.3
CINEMAXX AG           MXC PZ         -42008900.33   144431938.3
CINEMAXX AG           MXCUSD EU      -42008900.33   144431938.3
CINEMAXX AG           MXCUSD EO      -42008900.33   144431938.3
CINEMAXX AG           MXCG IX        -42008900.33   144431938.3
CINEMAXX AG           MXC GR         -42008900.33   144431938.3
CINEMAXX AG-RTS       MXC8 GR        -42008900.33   144431938.3
DORT ACTIEN-BRAU      944167Q GR     -12689156.29   117537053.7
DORT ACTIEN-RTS       DAB8 GR        -12689156.29   117537053.7
EDOB ABWICKLUNGS      ESC GR         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TQ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC BQ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EO         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC PZ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESCDF US       -22323463.23   425598807.8
EM.TV & MERCHAND      ETV LN         -22067409.41   849175624.7
EM.TV & MERCHAND      ETV NM         -22067409.41   849175624.7
EM.TV & MERCHAND      985403Q GR     -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US       -22067409.41   849175624.7
EM.TV & MERCHAND      ETV VX         -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US       -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR        -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM        -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 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         ESCN GR        -22323463.23   425598807.8
ESCADA AG-NEW         835345Q GR     -22323463.23   425598807.8
ESCADA AG-NEW         ESCC GR        -22323463.23   425598807.8
ESCADA AG-NEW         3069367Q GR    -22323463.23   425598807.8
ESCADA AG-NEW         ESCD GR        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU        -22323463.23   425598807.8
ESCADA AG-RTS         ESCE GR        -22323463.23   425598807.8
ESCADA AG-SP ADR      ESCDY US       -22323463.23   425598807.8
KABEL DEUTSCHLAN      KD8 GR          -1408286725    3144138917
KAUFRING AG           KFR EO         -19296489.56   150995473.8
KAUFRING AG           KAUG IX        -19296489.56   150995473.8
KAUFRING AG           KFR PZ         -19296489.56   150995473.8
KAUFRING AG           KFR EU         -19296489.56   150995473.8
KAUFRING AG           KFR GR         -19296489.56   150995473.8
MANIA TECHNOLOGI      MNI1 EO         -35060806.5   107465713.6
MANIA TECHNOLOGI      2260970Z GR     -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI PZ          -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EU         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI GR          -35060806.5   107465713.6
MANIA TECHNOLOGI      MIAVF US        -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM          -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EO         -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EU         -17804909.71   189933668.6
MATERNUS-KLINIKE      MNUKF US       -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK GR         -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 EO         -18656728.68   610380925.7
PRIMACOM AG           PRCG IX        -18656728.68   610380925.7
PRIMACOM AG           PRC EU         -18656728.68   610380925.7
PRIMACOM AG           PRC NM         -18656728.68   610380925.7
PRIMACOM AG           PRCG PZ        -18656728.68   610380925.7
PRIMACOM AG           PRC2 GR        -18656728.68   610380925.7
PRIMACOM AG           PCAGF US       -18656728.68   610380925.7
PRIMACOM AG           PRC GR         -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAG US        -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAGY US       -18656728.68   610380925.7
PRIMACOM AG-ADR+      PCAG ES        -18656728.68   610380925.7
RAG ABWICKL-REG       ROSG PZ        -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EU        -1744121.914   217776125.8
RAG ABWICKL-REG       ROS GR         -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EO        -1744121.914   217776125.8
RAG ABWICKL-REG       RSTHF US       -1744121.914   217776125.8
RINOL AG              RILB EO             -2.7111   168095049.1
RINOL AG              RILB GR             -2.7111   168095049.1
RINOL AG              RILB EU             -2.7111   168095049.1
RINOL AG              RNLAF US            -2.7111   168095049.1
RINOL AG              RILB PZ             -2.7111   168095049.1
RINOL AG              RILB IX             -2.7111   168095049.1
RINOL AG              RIL GR              -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      SAD3 GR        -6153256.917   127548039.7
SANDER (JIL)-PRF      SAD3 PZ        -6153256.917   127548039.7
SANDER (JIL)-PRF      2916161Q EO    -6153256.917   127548039.7
SANDER (JIL)-PRF      2916157Q EU    -6153256.917   127548039.7
SINNLEFFERS AG        WHG GR         -4491629.961   453887060.1
SPAR HANDELS-AG       SPHFF US       -442426199.5    1433020961
SPAR HANDELS-AG       773844Q GR     -442426199.5    1433020961
SPAR HAND-PFD NV      SPA3 GR        -442426199.5    1433020961
TA TRIUMPH-ACQ        TWNA GR        -124667889.5   375247226.8
TA TRIUMPH-ACQ        TWNA EU        -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN EU         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWNG IX        -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN PZ         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN EO         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TTZAF US       -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN GR         -124667889.5   375247226.8
TA TRIUMPH-A-RTS      1018916Z GR    -124667889.5   375247226.8
TA TRIUMPH-NEW        TWN1 GR        -124667889.5   375247226.8
TA TRIUMPH-RT         TWN8 GR        -124667889.5   375247226.8
TA TRIUMPH-RTS        3158577Q GR    -124667889.5   375247226.8
VIVANCO GRUPPE        VVA1 EO        -22198683.12   111990951.4
VIVANCO GRUPPE        VVAG IX        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 PZ        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 EU        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 GR        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA GR         -22198683.12   111990951.4
VIVANCO GRUPPE        VIVGF US       -22198683.12   111990951.4

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

AG PETZETAKIS SA      PZETF US       -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK GA       -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK EU       -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK PZ       -49833882.19   235624993.7
AG PETZETAKIS SA      PTZ1 GR        -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK EO       -49833882.19   235624993.7
AG PETZETAKIS SA      PTZ GR         -49833882.19   235624993.7
ALMA-ATERM-AUCT       ATERME GA      -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM EU       -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM EO       -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM PZ       -5087117.061   107164792.1
ALTEC SA -AUCT        ALTECE GA        -118834340   160209968.7
ALTEC SA INFO         ALTEC GA         -118834340   160209968.7
ALTEC SA INFO         ALTEC PZ         -118834340   160209968.7
ALTEC SA INFO         ALTEC EU         -118834340   160209968.7
ALTEC SA INFO         ATCQF US         -118834340   160209968.7
ALTEC SA INFO         AXY GR           -118834340   160209968.7
ALTEC SA INFO         ALTEC EO         -118834340   160209968.7
ALTEC SA INFO-RT      ALTED GA         -118834340   160209968.7
ALTEC SA INFO-RT      ALTECR GA        -118834340   160209968.7
ASPIS PRONIA GE       AISQF US       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EO       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EU       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK 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       ASASP GA       -189908329.1   896537349.7
ASPIS PRONIA-PF       APGV GR        -189908329.1   896537349.7
ASPIS PRONIA-RT       ASASKR GA      -189908329.1   896537349.7
ASPIS PRONOIA GE      APG GR         -189908329.1   896537349.7
ASPIS PRONOIA GE      APGG IX        -189908329.1   896537349.7
ASPIS PRON-PF RT      ASASPR GA      -189908329.1   896537349.7
ATERMON DYNAMIC       ATERM GA       -5087117.061   107164792.1
EMPEDOS SA            EMPED GA       -33637669.62   174742646.9
EMPEDOS SA-RTS        EMPEDR GA      -33637669.62   174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -38449174.63   221302771.2
KOUMBAS RTS           KOUMR GA       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM GA        -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUMF US       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM EO        -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM PZ        -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM EU        -38449174.63   221302771.2
NAOUSSA SPIN -RT      NAOYD GA         -130380438   326934399.4
NAOUSSA SPIN-AUC      NAOYKE GA        -130380438   326934399.4
NAOUSSA SPINNING      NML GR           -130380438   326934399.4
NAOUSSA SPINNING      NML1 GR          -130380438   326934399.4
NAOUSSA SPIN-RTS      NAOYKR GA        -130380438   326934399.4
PETZET - PFD-RTS      PETZPD GA      -49833882.19   235624993.7
PETZETAKIS - RTS      PETZKD GA      -49833882.19   235624993.7
PETZETAKIS-AUC        PETZKE GA      -49833882.19   235624993.7
PETZETAKIS-PFD        PETZP GA       -49833882.19   235624993.7
PETZETAKIS-PFD        PTZ3 GR        -49833882.19   235624993.7
RADIO KORASSIDIS      KORA GA        -100972173.9   244951680.3
RADIO KORASSIDIS      RAKOF US       -100972173.9   244951680.3
RADIO KORASSIDIS      RKC GR         -100972173.9   244951680.3
RADIO KORASSI-RT      KORAD GA       -100972173.9   244951680.3
RADIO KORASS-RTS      KORAR GA       -100972173.9   244951680.3
THEMELIODOMI          THEME GA       -55751178.85   232036822.6
THEMELIODOMI-AUC      THEMEE GA      -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMED GA      -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMER GA      -55751178.85   232036822.6
UNITED TEXTILES       UTEX EU          -130380438   326934399.4
UNITED TEXTILES       NAOSF US         -130380438   326934399.4
UNITED TEXTILES       UTEX GA          -130380438   326934399.4
UNITED TEXTILES       UTEX PZ          -130380438   326934399.4
UNITED TEXTILES       UTEX EO          -130380438   326934399.4
UNITED TEXTILES       NAOYK GA         -130380438   326934399.4

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

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

BOUNDARY CAPITAL      BCP1 PZ        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP1 PG        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCPI IX        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP ID         -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      BCM GR         -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP IX         -10192301.85   119787800.5
MCINERNEY HLDGS       MK9 GR         -132691148.8   374303706.5
MCINERNEY HLDGS       MK9 PO         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EO         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI IX         -132691148.8   374303706.5
MCINERNEY HLDGS       MK9C PZ        -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EU      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI LN         -132691148.8   374303706.5
MCINERNEY HLDGS       MNEYF US       -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EU         -132691148.8   374303706.5
MCINERNEY HLDGS       MCII IX        -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBP EO      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI ID         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI VX         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI PO         -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EO      -132691148.8   374303706.5
MCINERNEY PROP-A      MYP ID         -132691148.8   374303706.5
MCINERNEY PROP-A      MCIYF US       -132691148.8   374303706.5
MCINERNEY PROP-A      MYP LN         -132691148.8   374303706.5
MCINERNEY -RT FP      MCIF LN        -132691148.8   374303706.5
MCINERNEY -RT FP      MCIF ID        -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN LN        -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN ID        -132691148.8   374303706.5
MCINERNEY-ADR         MNEYY US       -132691148.8   374303706.5
PAYZONE PLC           PAYZ PG        -138030903.2   510010035.3
PAYZONE PLC           PAYZ PZ        -138030903.2   510010035.3
PAYZONE PLC           PAYZ EO        -138030903.2   510010035.3
PAYZONE PLC           PAYZ EU        -138030903.2   510010035.3
PAYZONE PLC           4P6 GR         -138030903.2   510010035.3
PAYZONE PLC           PAYZ IX        -138030903.2   510010035.3
PAYZONE PLC           PAYZ LN        -138030903.2   510010035.3
WATERFORD - RTS       508519Q LN     -505729895.2     820803256
WATERFORD - RTS       WWWA GR        -505729895.2     820803256
WATERFORD - RTS       WWWB ID        -505729895.2     820803256
WATERFORD - RTS       508523Q LN     -505729895.2     820803256
WATERFORD - RTS       WWWA ID        -505729895.2     820803256
WATERFORD - RTS       WWWB GR        -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      WWWC ID        -505729895.2     820803256
WATERFORD WED-RT      586556Q LN     -505729895.2     820803256
WATERFORD WED-RT      WWWD ID        -505729895.2     820803256
WATERFORD WED-RT      WWWC GR        -505729895.2     820803256
WATERFORD WED-RT      WWWD GR        -505729895.2     820803256
WATERFORD WED-RT      586552Q LN     -505729895.2     820803256
WATERFORD WED-RT      WTFR LN        -505729895.2     820803256
WATERFORD WED-UT      WTFU VX        -505729895.2     820803256
WATERFORD WED-UT      WWW PO         -505729895.2     820803256
WATERFORD WED-UT      WTFU EO        -505729895.2     820803256
WATERFORD WED-UT      WTFU ID        -505729895.2     820803256
WATERFORD WED-UT      WTFU LN        -505729895.2     820803256
WATERFORD WED-UT      WWW GR         -505729895.2     820803256
WATERFORD WED-UT      WTFU IX        -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EU     -505729895.2     820803256
WATERFORD WED-UT      WTFU EU        -505729895.2     820803256
WATERFORD WED-UT      WWWD PZ        -505729895.2     820803256
WATERFORD WED-UT      WTFU PO        -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EO     -505729895.2     820803256
WATERFORD WE-RTS      WTFF ID        -505729895.2     820803256
WATERFORD WE-RTS      WTFF LN        -505729895.2     820803256
WATERFORD WE-RTS      WTFN ID        -505729895.2     820803256
WATERFORD WE-RTS      WTFN VX        -505729895.2     820803256
WATERFORD WE-RTS      WTFN LN        -505729895.2     820803256
WATERFORD-ADR UT      WATFZ US       -505729895.2     820803256
WATERFORD-ADR UT      WFWA GR        -505729895.2     820803256
WATERFORD-SUB         3001875Z ID    -505729895.2     820803256

AEDES AXA+W           AEAXAW IM      -24405906.61    1350851664
AEDES SPA             LLB GR         -24405906.61    1350851664
AEDES SPA             AE TQ          -24405906.61    1350851664
AEDES SPA             AE EU          -24405906.61    1350851664
AEDES SPA             AE EO          -24405906.61    1350851664
AEDES SPA             AEDI IX        -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 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         AESA IM        -24405906.61    1350851664
AEDES SPA-RTS         AEAA IM        -24405906.61    1350851664
AEDES SPA-SVGS R      AEDRAA IM      -24405906.61    1350851664
BINDA SPA             BND IM         -11146475.29   128859802.9
BINDA SPA             BNDAF US       -11146475.29   128859802.9
BROGGI IZAR FABB      BIF IM         -178432.4639   134255668.5
CART SOTTRI-BIND      DEM IM         -11146475.29   128859802.9
CIRIO FINANZIARI      FIY GR         -422095869.5    1583083044
CIRIO FINANZIARI      CRO IM         -422095869.5    1583083044
COIN SPA              GUCIF US       -154057608.3   800526929.5
COIN SPA              GC IX          -154057608.3   800526929.5
COIN SPA              965089Q GR     -154057608.3   800526929.5
COIN SPA/OLD          GC IM          -154057608.3   800526929.5
COIN SPA-RTS          GCAA IM        -154057608.3   800526929.5
COMPAGNIA ITALIA      CITU IX        -137726596.3   527372691.4
COMPAGNIA ITALIA      ICT IM         -137726596.3   527372691.4
COMPAGNIA ITALIA      CGLUF US       -137726596.3   527372691.4
CORNELL BHN           CBX IM         -178432.4639   134255668.5
CORNELL BHN           INN IM         -178432.4639   134255668.5
CORNELL BHN           BY EO          -178432.4639   134255668.5
CORNELL BHN           INO1 IX        -178432.4639   134255668.5
CORNELL BHN           BY EU          -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      IVGIF US       -194331003.9     255327730
I VIAGGI DEL VEN      VVE IX         -194331003.9     255327730
I VIAGGI DEL VEN      VVE IM         -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO         -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ         -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ         -194331003.9     255327730
I VIAGGI DEL VEN      IV7 GR         -194331003.9     255327730
I VIAGGI DEL VEN      VVE EU         -194331003.9     255327730
I VIAGGI-RTS          VVEAA IM       -194331003.9     255327730
INNOTECH SPA          ELIOF US       -178432.4639   134255668.5
OLCESE SPA            O IM           -12846689.89   179691572.8
OLCESE SPA-RTS        OAA IM         -12846689.89   179691572.8
OLCESE VENEZIANO      OLVE IM        -12846689.89   179691572.8
OMNIA NETWORK SP      ONTI IX         -47468652.4   322390901.7
OMNIA NETWORK SP      ONT EU          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT PZ          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT TQ          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT IM          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT EO          -47468652.4   322390901.7
PARMALAT FINANZI      PAF GR         -18419390029    4120687886
PARMALAT FINANZI      PMT LI         -18419390029    4120687886
PARMALAT FINANZI      FICN AV        -18419390029    4120687886
PARMALAT FINANZI      PARAF US       -18419390029    4120687886
PARMALAT FINANZI      PRFI VX        -18419390029    4120687886
PARMALAT FINANZI      PMLFF US       -18419390029    4120687886
PARMALAT FINANZI      PRF IM         -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       RNGBX EO       -165887753.7    4800733024
RISANAMENTO SPA       RSMNF US       -165887753.7    4800733024
RISANAMENTO SPA       RN PZ          -165887753.7    4800733024
RISANAMENTO SPA       RN EU          -165887753.7    4800733024
RISANAMENTO SPA       RN TQ          -165887753.7    4800733024
RISANAMENTO SPA       RN IX          -165887753.7    4800733024
RISANAMENTO SPA       RNGBP EO       -165887753.7    4800733024
RISANAMENTO SPA       RN EO          -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EU       -165887753.7    4800733024
RISANAMENTO SPA       RN IM          -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              SSMLF US       -141933883.9   150445252.4
SNIA SPA              SN IM          -141933883.9   150445252.4
SNIA SPA              SN TQ          -141933883.9   150445252.4
SNIA SPA              SIAI IX        -141933883.9   150445252.4
SNIA SPA              SIAI PZ        -141933883.9   150445252.4
SNIA SPA              SBPDF US       -141933883.9   150445252.4
SNIA SPA              SNIXF US       -141933883.9   150445252.4
SNIA SPA              SN EO          -141933883.9   150445252.4
SNIA SPA              SNIB GR        -141933883.9   150445252.4
SNIA SPA              SN EU          -141933883.9   150445252.4
SNIA SPA              SNIA GR        -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          SNR IM         -141933883.9   150445252.4
SNIA SPA-RCV          SNIVF US       -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         SCTM IX        -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ        -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US       -161739278.5   398222827.1
SOCOTHERM SPA         SCT EU         -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ         -161739278.5   398222827.1
SOCOTHERM SPA         SCT EO         -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM         -161739278.5   398222827.1
TAS TECNOLOGIA        TAS TQ         -405622.1721   172796509.7
TAS TECNOLOGIA        TAQ GR         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EO         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS IM         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS NM         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EU         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS PZ         -405622.1721   172796509.7
TECNODIFF ITALIA      TDI NM         -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US       -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR         -89894162.82   152045757.5
TECNODIFF ITALIA      TDI IM         -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM      -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM      -89894162.82   152045757.5
TISCALI - RTS         TIQA GR        -421259823.5   632152613.6
TISCALI - RTS         TISAAW IM      -421259823.5   632152613.6
TISCALI SPA           TIS NA         -421259823.5   632152613.6
TISCALI SPA           TISN FP        -421259823.5   632152613.6
TISCALI SPA           TISGBX EU      -421259823.5   632152613.6
TISCALI SPA           TIS NR         -421259823.5   632152613.6
TISCALI SPA           TIS IM         -421259823.5   632152613.6
TISCALI SPA           TIS VX         -421259823.5   632152613.6
TISCALI SPA           TSCXF US       -421259823.5   632152613.6
TISCALI SPA           TISGBX EO      -421259823.5   632152613.6
TISCALI SPA           TIS EU         -421259823.5   632152613.6
TISCALI SPA           TIS EB         -421259823.5   632152613.6
TISCALI SPA           TISN IX        -421259823.5   632152613.6
TISCALI SPA           TISGBP EO      -421259823.5   632152613.6
TISCALI SPA           TIQG IX        -421259823.5   632152613.6
TISCALI SPA           TIS PZ         -421259823.5   632152613.6
TISCALI SPA           TIQ1 GR        -421259823.5   632152613.6
TISCALI SPA           TIS FP         -421259823.5   632152613.6
TISCALI SPA           TISN NA        -421259823.5   632152613.6
TISCALI SPA           TISN IM        -421259823.5   632152613.6
TISCALI SPA           TIQ GR         -421259823.5   632152613.6
TISCALI SPA           TISN VX        -421259823.5   632152613.6
TISCALI SPA           TIS NQ         -421259823.5   632152613.6
TISCALI SPA           TIS TQ         -421259823.5   632152613.6
TISCALI SPA           TIS IX         -421259823.5   632152613.6
TISCALI SPA           TIS EO         -421259823.5   632152613.6
TISCALI SPA- RTS      TISAXA IM      -421259823.5   632152613.6
TISCALI SPA- RTS      3391621Q GR    -421259823.5   632152613.6
YORKVILLE BHN         BY IM          -178432.4639   134255668.5
YORKVILLE BHN         CBXI PZ        -178432.4639   134255668.5
YORKVILLE BHN         BY TQ          -178432.4639   134255668.5
REAL ESTATE OP-O      REO ID         -145048365.8    2933767507
REAL ESTATE OP-O      REOGBP EO      -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 EO         -145048365.8    2933767507
REAL ESTATE OP-O      REO VX         -145048365.8    2933767507
REAL ESTATE OP-O      REO LN         -145048365.8    2933767507
REAL ESTATE OP-O      REO IX         -145048365.8    2933767507
REAL ESTATE OP-O      REA GR         -145048365.8    2933767507

CARRIER1 INT-AD+      CONE ES           -94729000     472360992
CARRIER1 INT-ADR      CONEE US          -94729000     472360992
CARRIER1 INT-ADR      CONEQ 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

BAAN CO NV-ASSEN      BAANA NA       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EO        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN GR        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN PZ        -7854741.409   609871188.9
BAAN COMPANY NV       BAAVF US       -7854741.409   609871188.9
BAAN COMPANY NV       BNCG IX        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EU        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA        -7854741.409   609871188.9
BAAN COMPANY-NY       BAANF US       -7854741.409   609871188.9
JAMES HARDIE IND      HAH AU           -131100008    2130899840
JAMES HARDIE IND      726824Z NA       -131100008    2130899840
JAMES HARDIE IND      HAH NZ           -131100008    2130899840
JAMES HARDIE IND      600241Q GR       -131100008    2130899840
JAMES HARDIE NV       JHXCC AU         -131100008    2130899840
JAMES HARDIE-ADR      JHX US           -131100008    2130899840
JAMES HARDIE-ADR      JHINY US         -131100008    2130899840
JAMES HARDIE-CDI      JHA GR           -131100008    2130899840
JAMES HARDIE-CDI      JHX AU           -131100008    2130899840
JAMES HARDIE-CDI      JHIUF US         -131100008    2130899840
LIBERTY GL EU-A       UPC NA          -5505478850    5112616630
UNITED PAN -ADR       UPEA GR         -5505478850    5112616630
UNITED PAN-A ADR      UPCOY US        -5505478850    5112616630
UNITED PAN-EUR-A      UPC LI          -5505478850    5112616630
UNITED PAN-EUR-A      UPC LN          -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US        -5505478850    5112616630
UNITED PAN-EUROP      UPCEF US        -5505478850    5112616630
UNITED PAN-EUROP      UPE GR          -5505478850    5112616630
UNITED PAN-EUROP      UPC VX          -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR         -5505478850    5112616630

INTEROIL EXPLORA      IOXEUR EU          -9700000     249326000
INTEROIL EXPLORA      IOX IX             -9700000     249326000
INTEROIL EXPLORA      IOXUSD EO          -9700000     249326000
INTEROIL EXPLORA      IOX EU             -9700000     249326000
INTEROIL EXPLORA      IOX PZ             -9700000     249326000
INTEROIL EXPLORA      IROIF US           -9700000     249326000
INTEROIL EXPLORA      IOXEUR EO          -9700000     249326000
INTEROIL EXPLORA      INOX NO            -9700000     249326000
INTEROIL EXPLORA      IOX EO             -9700000     249326000
INTEROIL EXPLORA      IOX NO             -9700000     249326000
INTEROIL EXPLORA      IOXUSD EU          -9700000     249326000
INTEROIL EXPLORA      IOX BY             -9700000     249326000
PETRO GEO-SERV        PGS GR         -18066142.21   399710323.6
PETRO GEO-SERV        PGS VX         -18066142.21   399710323.6
PETRO GEO-SERV        265143Q NO     -18066142.21   399710323.6
PETRO GEO-SERV-N      PGSN NO        -18066142.21   399710323.6
PETRO GEO-SV-ADR      PGSA GR        -18066142.21   399710323.6
PETRO GEO-SV-ADR      PGOGY US       -18066142.21   399710323.6
PETROJACK AS          JACK NO           -54932000     191586000
PETROJACK AS          JACKEUR EU        -54932000     191586000
PETROJACK AS          POJKF US          -54932000     191586000
PETROJACK AS          JACO IX           -54932000     191586000
PETROJACK AS          JACK EO           -54932000     191586000
PETROJACK AS          JACK EU           -54932000     191586000
PETROJACK AS          JACKEUR EO        -54932000     191586000
PETROJACK AS          JACK PZ           -54932000     191586000
PETROJACK AS          P3J GR            -54932000     191586000
PETROJACK AS          JACK BY           -54932000     191586000

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

CP - COMBOIOS DE      1005Z PL        -2809601115    1890209624
LISGRAFICA IMPRE      LIG PL         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG PZ         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG PL        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EU         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG EO        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EO         -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
REFER-REDE FERRO      1250Z PL        -1611845937    2225160725
SOCIEDADE DE TRA      1253Z PL       -382109074.2   119848180.8
SPORTING-SOC DES      SCP1 PZ        -22452984.49   177676573.7
SPORTING-SOC DES      SCP PL         -22452984.49   177676573.7
SPORTING-SOC DES      SCPX PX        -22452984.49   177676573.7
SPORTING-SOC DES      SCDF PL        -22452984.49   177676573.7
SPORTING-SOC DES      SCPL IX        -22452984.49   177676573.7
SPORTING-SOC DES      SCG GR         -22452984.49   177676573.7
SPORTING-SOC DES      SCDF EU        -22452984.49   177676573.7
SPORTING-SOC DES      SCDF EO        -22452984.49   177676573.7
VAA VISTA ALEGRE      VAF EU         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF EO         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PZ         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAFX PX        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PL         -75871846.95   148731546.6
VAA VISTA ALTAN       VAFKX PX       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EO        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PZ        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EU        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PL        -75871846.95   148731546.6

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

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

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

ACTUACIONES ACTI      AGR SM         -195705447.2   561851834.6
AGRUPACIO - RT        AGR/D SM       -195705447.2   561851834.6
AMCI HABITAT SA       AMC SM         -24580874.45   194758143.4
AMCI HABITAT SA       AMC3 EO        -24580874.45   194758143.4
AMCI HABITAT SA       AMC1 EU        -24580874.45   194758143.4
MARTINSA FADESA       MFAD PZ         -2021642096    8362308561
MARTINSA FADESA       MTF SM          -2021642096    8362308561
MARTINSA FADESA       4PU GR          -2021642096    8362308561
MARTINSA FADESA       MTF EU          -2021642096    8362308561
MARTINSA FADESA       MTF1 LI         -2021642096    8362308561
MARTINSA FADESA       MTF EO          -2021642096    8362308561
MARTINSA-FADESA       MTF NR          -2021642096    8362308561
NYESA VALORES CO      NYE EU          -68174952.1   813033334.5
NYESA VALORES CO      BES EO          -68174952.1   813033334.5
NYESA VALORES CO      NYE EO          -68174952.1   813033334.5
NYESA VALORES CO      BESS PZ         -68174952.1   813033334.5
NYESA VALORES CO      NYE SM          -68174952.1   813033334.5
NYESA VALORES CO      NYE TQ          -68174952.1   813033334.5
NYESA VALORES CO      BES EU          -68174952.1   813033334.5
NYESA VALORES CO      BES TQ          -68174952.1   813033334.5
NYESA VALORES CO      BES SM          -68174952.1   813033334.5

ALLOKTON AB           ALOKB SS       -81031119.44   501246031.8

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

AZOVZAGALMASH MA      AZGM UZ        -16212049.02   277693905.5
BANK FORUM -GDR       BFJG IX        -5331676.798    2243068982
BANK FORUM -GDR       639540Z LX     -5331676.798    2243068982
BANK FORUM -GDR       FRMB038 RU     -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
DONETSKOBLENERGO      DOON UZ        -212690496.5   382989631.8
LUGANSKGAS            LYGZ UZ        -16910611.07   109918477.6
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

4LESS GROUP           BYH PO         -3088436.068   106650689.4
4LESS GROUP           BHL PO         -3088436.068   106650689.4
4LESS GROUP           LI4 GR         -3088436.068   106650689.4
4LESS GROUP           FLG OF         -3088436.068   106650689.4
4LESS GROUP           FL/ PO         -3088436.068   106650689.4
4LESS GROUP           FL/ LN         -3088436.068   106650689.4
ADVANCE DISPLAY       ADTP PZ         -3015578835    2590007904
AEA TECHNOLO-FPR      AATF PZ        -215101594.9     121405070
AEA TECHNOLO-FPR      AATF LN        -215101594.9     121405070
AEA TECHNOLOGY        AAT IX         -215101594.9     121405070
AEA TECHNOLOGY        EAETF US       -215101594.9     121405070
AEA TECHNOLOGY        AAT LN         -215101594.9     121405070
AEA TECHNOLOGY        AEY GR         -215101594.9     121405070
AEA TECHNOLOGY        AAT VX         -215101594.9     121405070
AEA TECHNOLOGY        AAT EU         -215101594.9     121405070
AEA TECHNOLOGY        AAT PZ         -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 LN        -215101594.9     121405070
AEA TECHNOLO-NPR      AATN PZ        -215101594.9     121405070
AIRTOURS PLC          AIR VX         -379721841.6    1817512774
AIRTOURS PLC          ATORF US       -379721841.6    1817512774
AIRTOURS PLC          AIR LN         -379721841.6    1817512774
ALLDAYS PLC           317056Q LN       -120493900   252232072.9
ALLDAYS PLC           ALDYF US         -120493900   252232072.9
AMER BUS SYS          ARB LN           -497127008     121439000
AMEY PLC              AMEYF US       -48862569.33   931527720.5
AMEY PLC              AMY VX         -48862569.33   931527720.5
AMEY PLC              AMY LN         -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 LN         -21861359.81     115463159
ANKER PLC             ANK PO         -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN        -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN        -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN        -21861359.81     115463159
ATKINS (WS) PLC       ATK EB           -207093345    1339139513
ATKINS (WS) PLC       ATKGBP EO        -207093345    1339139513
ATKINS (WS) PLC       ATK NR           -207093345    1339139513
ATKINS (WS) PLC       ATK VX           -207093345    1339139513
ATKINS (WS) PLC       ATK EU           -207093345    1339139513
ATKINS (WS) PLC       ATK BQ           -207093345    1339139513
ATKINS (WS) PLC       ATK TQ           -207093345    1339139513
ATKINS (WS) PLC       ATK NQ           -207093345    1339139513
ATKINS (WS) PLC       ATK EO           -207093345    1339139513
ATKINS (WS) PLC       WATKF US         -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 PO           -207093345    1339139513
ATKINS (WS) PLC       ATK PZ           -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EU        -207093345    1339139513
ATKINS (WS) PLC       ATK LN           -207093345    1339139513
ATKINS (WS) PLC       ATK IX           -207093345    1339139513
BAYDONHILL PLC        BYH LN         -3088436.068   106650689.4
BAYDONHILL PLC        BHL PZ         -3088436.068   106650689.4
BAYDONHILL PLC        BHL LN         -3088436.068   106650689.4
BAYDONHILL PLC        BHL PG         -3088436.068   106650689.4
BAYDONHILL PLC        BHL EU         -3088436.068   106650689.4
BAYDONHILL PLC        BHL EO         -3088436.068   106650689.4
BAYDONHILL PLC        BHL IX         -3088436.068   106650689.4
BLACK & EDGINGTO      BLE LN         -128538078.1     135158758
BNB RECRUITMENT       BNB LN         -10242627.53     103637705
BNB RECRUITMENT       BNB IX         -10242627.53     103637705
BNB RECRUITMENT       BNB PO         -10242627.53     103637705
BNB RECRUITMENT       BQX GR         -10242627.53     103637705
BNB RECRUITMENT       BNBRF US       -10242627.53     103637705
BOOKER PLC            987188Q LN      -59832880.4    1298182549
BOOKER PLC            1330Q GR        -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       BDK LN         -1855444.443   268563822.5
BRADSTOCK GROUP       BSKGF US       -1855444.443   268563822.5
BRIT ENERGY LTD       523362Q LN      -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR         -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US        -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US        -5822867501    4921095750
BRIT ENERGY PLC       555140Q VX      -5822867501    4921095750
BRIT ENERGY-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      BTPWF US        -5803590908   44998015107
BRIT TELECOM PLC      BTPLF US        -5803590908   44998015107
BRIT TELECOM PLC      BT/A VX         -5803590908   44998015107
BRIT TELECOM-ADR      1481Q CN        -5803590908   44998015107
BRIT TELECOM-ADR      BTEA GR         -5803590908   44998015107
BRIT TELECOM-RTS      BTY-R US        -5803590908   44998015107
BRITISH ENER-$US      BGYNYD AR       -5822867501    4921095750
BRITISH ENER-$US      BGYD AR         -5822867501    4921095750
BRITISH ENER-ADR      BGYNY US        -5822867501    4921095750
BRITISH ENER-BLK      BGYB AR         -5822867501    4921095750
BRITISH ENER-BLK      BGYNYB AR       -5822867501    4921095750
BRITISH ENER-C/E      BGYNYC AR       -5822867501    4921095750
BRITISH ENER-C/E      BGYC AR         -5822867501    4921095750
BRITISH ENER-CED      BGY AR          -5822867501    4921095750
BRITISH ENER-CED      BGYNY AR        -5822867501    4921095750
BRITISH ENERGY-A      3012442Q LN     -5822867501    4921095750
BRITISH ENERGY-A      BGYA VX         -5822867501    4921095750
BRITISH ENERGY-A      BHEAF US        -5822867501    4921095750
BRITISH ENERGY-A      BGYGF US        -5822867501    4921095750
BRITISH ENERGY-A      BGYA PO         -5822867501    4921095750
BRITISH TELE-FP       BT/F LN         -5803590908   44998015107
BRITISH TELE-NP       BTPXF US        -5803590908   44998015107
BRITISH TELE-NP       BT/N LN         -5803590908   44998015107
BRITVIC               B6S GR         -3988699.913    1361742201
BRITVIC PLC           BVICUSD EO     -3988699.913    1361742201
BRITVIC PLC           BVIC NR        -3988699.913    1361742201
BRITVIC PLC           BVIC PZ        -3988699.913    1361742201
BRITVIC PLC           BVICEUR EU     -3988699.913    1361742201
BRITVIC PLC           BVIC BQ        -3988699.913    1361742201
BRITVIC PLC           BVICUSD EU     -3988699.913    1361742201
BRITVIC PLC           BVIC TQ        -3988699.913    1361742201
BRITVIC PLC           BVIC QM        -3988699.913    1361742201
BRITVIC PLC           BVIC IX        -3988699.913    1361742201
BRITVIC PLC           BVIC EO        -3988699.913    1361742201
BRITVIC PLC           BVIC NQ        -3988699.913    1361742201
BRITVIC PLC           BVIC EU        -3988699.913    1361742201
BRITVIC PLC           BVIC EB        -3988699.913    1361742201
BRITVIC PLC           BVICGBP EO     -3988699.913    1361742201
BRITVIC PLC           BVIC VX        -3988699.913    1361742201
BRITVIC PLC           BTVCF US       -3988699.913    1361742201
BRITVIC PLC           BVIC LN        -3988699.913    1361742201
BRITVIC PLC           BVICEUR EO     -3988699.913    1361742201
BRITVIC PLC-ADR       BTVCY US       -3988699.913    1361742201
BT GROUP PLC          BT/AUSD EU      -5803590908   44998015107
BT GROUP PLC          BT/A PO         -5803590908   44998015107
BT GROUP PLC          BT/APEN EO      -5803590908   44998015107
BT GROUP PLC          BTEG IX         -5803590908   44998015107
BT GROUP PLC          BT/A LN         -5803590908   44998015107
BT GROUP PLC          BT/A TQ         -5803590908   44998015107
BT GROUP PLC          BT/AEUR EU      -5803590908   44998015107
BT GROUP PLC          BT/AUSD EO      -5803590908   44998015107
BT GROUP PLC          BT/AGBP EO      -5803590908   44998015107
BT GROUP PLC          BTQ GR          -5803590908   44998015107
BT GROUP PLC          BT/A NR         -5803590908   44998015107
BT GROUP PLC          BT/A BQ         -5803590908   44998015107
BT GROUP PLC          BT/AEUR EO      -5803590908   44998015107
BT GROUP PLC          BT/A NQ         -5803590908   44998015107
BT GROUP PLC          BT/A EO         -5803590908   44998015107
BT GROUP PLC          BT PZ           -5803590908   44998015107
BT GROUP PLC          BT/A EB         -5803590908   44998015107
BT GROUP PLC          BT/A EU         -5803590908   44998015107
BT GROUP PLC          BT IX           -5803590908   44998015107
BT GROUP PLC          BT/APEN EU      -5803590908   44998015107
BT GROUP PLC          BT/A QM         -5803590908   44998015107
BT GROUP PLC          BT/ VX          -5803590908   44998015107
BT GROUP PLC          BTGOF US        -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      BTYB AR         -5803590908   44998015107
BT GROUP-CED BLK      BTB 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      BTY US          -5803590908   44998015107
BT GROUP-SPON AD      BT 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       HR4 GR         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS VX         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS LN         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EO         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EU      -7422046.098   110320050.3
CHRYSALIS GROUP       5CY GR         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSGBP EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EU         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS IX         -7422046.098   110320050.3
CHRYSALIS GROUP       CLYSF US       -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PO         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CYGUF US       -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EU      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PZ         -7422046.098   110320050.3
CLIPPER WINDPOWE      CWP EU           -337139008     354437024
CLIPPER WINDPOWE      CWP LN           -337139008     354437024
CLIPPER WINDPOWE      CWP IX           -337139008     354437024
CLIPPER WINDPOWE      CWP PG           -337139008     354437024
CLIPPER WINDPOWE      3470635Q LN      -337139008     354437024
CLIPPER WINDPOWE      CRPWF US         -337139008     354437024
CLIPPER WINDPOWE      CWP PZ           -337139008     354437024
CLIPPER WINDPOWE      CWP EO           -337139008     354437024
CLIPPER WINDPOWE      CWPA LN          -337139008     354437024
CLIPPER WINDPOWE      C2W GR           -337139008     354437024
COMPASS GROU-OLD      1259Q LN       -668101173.9    2972459078
COMPASS GROUP         QOP GR         -668101173.9    2972459078
COMPASS GRP-ADR       CMSGY US       -668101173.9    2972459078
COMPASS GRP-ADR       CMSJY US       -668101173.9    2972459078
COSTAIN GROUP         COST PO         -6136239.91   692749189.9
COSTAIN GROUP         COST VX         -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EO      -6136239.91   692749189.9
COSTAIN GROUP         COST IX         -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EO      -6136239.91   692749189.9
COSTAIN GROUP         CSGFF US        -6136239.91   692749189.9
COSTAIN GROUP         COSTGBP EO      -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EU      -6136239.91   692749189.9
COSTAIN GROUP         COST EO         -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EU      -6136239.91   692749189.9
COSTAIN GROUP         COST EU         -6136239.91   692749189.9
COSTAIN GROUP         COST PZ         -6136239.91   692749189.9
COSTAIN GROUP         COST LN         -6136239.91   692749189.9
COSTAIN GROU-RTS      COSN LN         -6136239.91   692749189.9
COSTAIN GROU-RTS      COSF LN         -6136239.91   692749189.9
CPP GROUP PLC         CPP PZ         -69442858.18   225437367.4
CPP GROUP PLC         4CV GR         -69442858.18   225437367.4
CPP GROUP PLC         CPP LN         -69442858.18   225437367.4
DAILY MAIL TST        DGW GR         -139060248.4    3723159411
DAILY MAIL TST        DMGO PO        -139060248.4    3723159411
DAILY MAIL TST        DMTOF US       -139060248.4    3723159411
DAILY MAIL TST        DMGO EU        -139060248.4    3723159411
DAILY MAIL TST        DMGO IX        -139060248.4    3723159411
DAILY MAIL TST        DMGO VX        -139060248.4    3723159411
DAILY MAIL TST        DMGO EO        -139060248.4    3723159411
DAILY MAIL TST        DMGO PZ        -139060248.4    3723159411
DAILY MAIL TST        DMGOGBP EO     -139060248.4    3723159411
DAILY MAIL TST        DMGO LN        -139060248.4    3723159411
DAILY MAIL TST A      DMGT NR        -139060248.4    3723159411
DAILY MAIL TST A      DMGTGBP EO     -139060248.4    3723159411
DAILY MAIL TST A      DMGT EU        -139060248.4    3723159411
DAILY MAIL TST A      DMGT VX        -139060248.4    3723159411
DAILY MAIL TST A      DMGT PO        -139060248.4    3723159411
DAILY MAIL TST A      DMGT EB        -139060248.4    3723159411
DAILY MAIL TST A      DMGT QM        -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD 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      DMGT NQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGT IX        -139060248.4    3723159411
DAILY MAIL TST A      DMGT TQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGT EO        -139060248.4    3723159411
DAILY MAIL TST A      DMGT BQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGTEUR EO     -139060248.4    3723159411
DAILY MAIL TST A      DMTGF US       -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD EO     -139060248.4    3723159411
DAILY MAIL TST A      DMGTEUR EU     -139060248.4    3723159411
DAILY MAIL TST A      DGW1 GR        -139060248.4    3723159411
DANKA BUS SYSTEM      3205283Q EO      -497127008     121439000
DANKA BUS SYSTEM      DNK LN           -497127008     121439000
DANKA BUS SYSTEM      DNK IX           -497127008     121439000
DANKA BUS SYSTEM      DNK PO           -497127008     121439000
DANKA BUS SYSTEM      DNK PZ           -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU      -497127008     121439000
DANKA BUS SYSTEM      DANKF US         -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO      -497127008     121439000
DANKA BUS SYSTEM      DNK VX           -497127008     121439000
DANKA BUS-$US CE      DANKD AR         -497127008     121439000
DANKA BUS-ADR         DB6 GR           -497127008     121439000
DANKA BUS-ADR         DANKY US         -497127008     121439000
DANKA BUS-ADR         AP39 LI          -497127008     121439000
DANKA BUS-ADR         DANKE US         -497127008     121439000
DANKA BUS-BLK CE      DANKB AR         -497127008     121439000
DANKA BUS-C/E CE      DANKC AR         -497127008     121439000
DANKA BUS-CEDEAR      DANK AR          -497127008     121439000
DE LA RUE PLC         DLAR PZ        -49140782.93   785933430.9
DE LA RUE PLC         DLAR BQ        -49140782.93   785933430.9
DE LA RUE PLC         DLAR EU        -49140782.93   785933430.9
DE LA RUE PLC         DLARCHF EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAR NR        -49140782.93   785933430.9
DE LA RUE PLC         DL1A GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1B GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1C GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1 GR         -49140782.93   785933430.9
DE LA RUE PLC         DLAR PO        -49140782.93   785933430.9
DE LA RUE PLC         DLAR EO        -49140782.93   785933430.9
DE LA RUE PLC         DLAR QM        -49140782.93   785933430.9
DE LA RUE PLC         DLAR NQ        -49140782.93   785933430.9
DE LA RUE PLC         DLARF US       -49140782.93   785933430.9
DE LA RUE PLC         DLAR LN        -49140782.93   785933430.9
DE LA RUE PLC         DLAR VX        -49140782.93   785933430.9
DE LA RUE PLC         DELRF US       -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAR TQ        -49140782.93   785933430.9
DE LA RUE PLC         DLARCHF EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EO     -49140782.93   785933430.9
DE LA RUE PLC         DLARGBP EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAR EB        -49140782.93   785933430.9
DE LA RUE PLC         DLRUF US       -49140782.93   785933430.9
DE LA RUE PLC         DLAR IX        -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EO     -49140782.93   785933430.9
DE LA RUE-ADR         DLUEY US       -49140782.93   785933430.9
DE LA RUE-ADR         DERUY US       -49140782.93   785933430.9
DE LA RUE-PREF        DLAP PZ        -49140782.93   785933430.9
DE LA RUE-PREF        DLAP LN        -49140782.93   785933430.9
DE LA RUE-PREF        3115438Q EU    -49140782.93   785933430.9
EASYNET GROUP         EAY GR         -60380609.34   334049332.2
EASYNET GROUP         ESY PO         -60380609.34   334049332.2
EASYNET GROUP         EZNGF US       -60380609.34   334049332.2
EASYNET GROUP         ESY LN         -60380609.34   334049332.2
EASYNET GROUP         ESY VX         -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         3020138Q GR     -2265916257    2950021937
EMI GROUP PLC         EMI PO          -2265916257    2950021937
EMI GROUP PLC         EMI IX          -2265916257    2950021937
EMI GROUP PLC         EMIPF US        -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN     -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN         -2265916257    2950021937
EMI GROUP-ADR         EMIPY US        -2265916257    2950021937
EMI GROUP-ADR         38IS LN         -2265916257    2950021937
EUROPEAN HOME         EHR LN         -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO      -14328735.16   110864081.4
EUROPEAN HOME         EHR EO         -14328735.16   110864081.4
EUROPEAN HOME         EHR EU         -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ         -14328735.16   110864081.4
EUROPEAN HOME         FPAKF US       -14328735.16   110864081.4
EUROPEAN HOME         EHR PO         -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU      -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX         -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO      -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO         -14328735.16   110864081.4
EUROPEAN HOME         EHR VX         -14328735.16   110864081.4
EUROPEAN MINERAL      EUM PO           -123563000     104843000
EUROPEAN MINERAL      EPM CN           -123563000     104843000
EUROPEAN MINERAL      EPM/U CN         -123563000     104843000
EUROPEAN MINERAL      EPMLF US         -123563000     104843000
EUROPEAN MINERAL      EUM LN           -123563000     104843000
FAREPAK PLC           FPK LN         -14328735.16   110864081.4
FARNELL ELEC-ADR      FRNZ LN        -13610199.87     727265033
FARNELL ELEC-ADR      FRN$ LN        -13610199.87     727265033
FARNELL ELEC-RFD      FRNR LN        -13610199.87     727265033
FARNELL ELECTRON      FRNL LN        -13610199.87     727265033
GALIFORM PLC          GFRM EO        -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EO     -117673114.1   573836054.4
GALIFORM PLC          GLFMF US       -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EU     -117673114.1   573836054.4
GALIFORM PLC          GFRM IX        -117673114.1   573836054.4
GALIFORM PLC          MFI PO         -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EO     -117673114.1   573836054.4
GALIFORM PLC          GFRM TQ        -117673114.1   573836054.4
GALIFORM PLC          GFRM LN        -117673114.1   573836054.4
GALIFORM PLC          GFRM EB        -117673114.1   573836054.4
GALIFORM PLC          GFRM NQ        -117673114.1   573836054.4
GALIFORM PLC          GFRM PO        -117673114.1   573836054.4
GALIFORM PLC          GFRM BQ        -117673114.1   573836054.4
GALIFORM PLC          MFI IX         -117673114.1   573836054.4
GALIFORM PLC          GFRM VX        -117673114.1   573836054.4
GALIFORM PLC          MFI VX         -117673114.1   573836054.4
GALIFORM PLC          MFIFF US       -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EU     -117673114.1   573836054.4
GALIFORM PLC          GFRM QM        -117673114.1   573836054.4
GALIFORM PLC          GFRM PZ        -117673114.1   573836054.4
GALIFORM PLC          GFRMGBP EO     -117673114.1   573836054.4
GALIFORM PLC          GFRM EU        -117673114.1   573836054.4
GALIFORM PLC          GFRM NR        -117673114.1   573836054.4
GARTLAND WHALLEY      GWB LN         -10986769.42   145352034.5
GO-AHEAD GRO-ADR      GHGUY US       -44415250.72    1780324810
GO-AHEAD GROUP        GOG IX         -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EU      -44415250.72    1780324810
GO-AHEAD GROUP        GOG PO         -44415250.72    1780324810
GO-AHEAD GROUP        GOG TQ         -44415250.72    1780324810
GO-AHEAD GROUP        GHGUF US       -44415250.72    1780324810
GO-AHEAD GROUP        GOG QM         -44415250.72    1780324810
GO-AHEAD GROUP        GOG NQ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG LN         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EU         -44415250.72    1780324810
GO-AHEAD GROUP        GOG NR         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EO         -44415250.72    1780324810
GO-AHEAD GROUP        GOG VX         -44415250.72    1780324810
GO-AHEAD GROUP        GOGGBP EO      -44415250.72    1780324810
GO-AHEAD GROUP        GOG PZ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EB         -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EO      -44415250.72    1780324810
GO-AHEAD GROUP        G9X GR         -44415250.72    1780324810
GO-AHEAD GROUP        GOG BQ         -44415250.72    1780324810
GREEN (E) & PART      GEP LN         -35008863.49   305242409.9
HAWTIN PLC            HTI IX         -3873861.331   110875080.8
HAWTIN PLC            HTI LN         -3873861.331   110875080.8
HAWTIN PLC            HTI VX         -3873861.331   110875080.8
HAWTIN PLC            HTI EO         -3873861.331   110875080.8
HAWTIN PLC            HTI PG         -3873861.331   110875080.8
HAWTIN PLC            HWN GR         -3873861.331   110875080.8
HAWTIN PLC            HTI PO         -3873861.331   110875080.8
HAWTIN PLC            HTI EU         -3873861.331   110875080.8
HAWTIN PLC            HTI PZ         -3873861.331   110875080.8
HILTON G-CRT OLD      HIGT BB        -97533918.57    1748505414
HILTON GROUP PLC      HLTGF US       -97533918.57    1748505414
HILTON GROUP PLC      HG PO          -97533918.57    1748505414
HILTON GROUP PLC      HG/ LN         -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      HRG EO            -11371715   739481804.8
HOGG ROBINSON GR      HRG PZ            -11371715   739481804.8
HOGG ROBINSON GR      HRGGBP EO         -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EO         -11371715   739481804.8
HOGG ROBINSON GR      DQX GR            -11371715   739481804.8
HOGG ROBINSON GR      HRG IX            -11371715   739481804.8
HOGG ROBINSON GR      HRG EU            -11371715   739481804.8
HOGG ROBINSON GR      HRG LN            -11371715   739481804.8
HOGG ROBINSON GR      HRG VX            -11371715   739481804.8
HOGG ROBINSON GR      HOGGF US          -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EU         -11371715   739481804.8
JARVIS PLC            JRVS IX        -64739862.73     130951086
JARVIS PLC            JRVS EU        -64739862.73     130951086
JARVIS PLC            JRVS PO        -64739862.73     130951086
JARVIS PLC            JRVSGBP EO     -64739862.73     130951086
JARVIS PLC            JRVS EO        -64739862.73     130951086
JARVIS PLC            JRVS VX        -64739862.73     130951086
JARVIS PLC            JRVSEUR EO     -64739862.73     130951086
JARVIS PLC            JVR GR         -64739862.73     130951086
JARVIS PLC            JVSPF US       -64739862.73     130951086
JARVIS PLC            JRVS PZ        -64739862.73     130951086
JARVIS PLC            JRVS LN        -64739862.73     130951086
JARVIS PLC            JRVSEUR EU     -64739862.73     130951086
JESSOPS PLC           JSPEUR EO       -42702021.2   112964060.4
JESSOPS PLC           JS4 GR          -42702021.2   112964060.4
JESSOPS PLC           JSP VX          -42702021.2   112964060.4
JESSOPS PLC           JSP LN          -42702021.2   112964060.4
JESSOPS PLC           JSP EO          -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO       -42702021.2   112964060.4
JESSOPS PLC           JSP PZ          -42702021.2   112964060.4
JESSOPS PLC           JSP PO          -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU       -42702021.2   112964060.4
JESSOPS PLC           JSP IX          -42702021.2   112964060.4
JESSOPS PLC           JSP EU          -42702021.2   112964060.4
KAZAKHSTAN MNRLS      KMCOF US         -123563000     104843000
KAZAKHSTAN MNRLS      KMC/U CN         -123563000     104843000
KAZAKHSTAN MNRLS      KMCO CN          -123563000     104843000
KAZAKHSTAN MNRLS      KMCO/U CN        -123563000     104843000
KLEENEZE PLC          KLZ LN         -14328735.16   110864081.4
LADBROKE GROUP        LADB LN        -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         LAD VX         -97533918.57    1748505414
LADBROKES PLC         LAD TQ         -97533918.57    1748505414
LADBROKES PLC         LAD EO         -97533918.57    1748505414
LADBROKES PLC         LADEUR EO      -97533918.57    1748505414
LADBROKES PLC         LAD PZ         -97533918.57    1748505414
LADBROKES PLC         LAD NR         -97533918.57    1748505414
LADBROKES PLC         LAD NQ         -97533918.57    1748505414
LADBROKES PLC         LAD IX         -97533918.57    1748505414
LADBROKES PLC         LADEUR EU      -97533918.57    1748505414
LADBROKES PLC         LDBKF US       -97533918.57    1748505414
LADBROKES PLC         LAD EB         -97533918.57    1748505414
LADBROKES PLC         HG/ VX         -97533918.57    1748505414
LADBROKES PLC         LAD GR         -97533918.57    1748505414
LADBROKES PLC         LADNZD EU      -97533918.57    1748505414
LADBROKES PLC         LAD PO         -97533918.57    1748505414
LADBROKES PLC         LAD LN         -97533918.57    1748505414
LADBROKES PLC         LAD QM         -97533918.57    1748505414
LADBROKES PLC         LAD BQ         -97533918.57    1748505414
LADBROKES PLC         LADNZD EO      -97533918.57    1748505414
LADBROKES PLC         LADGBP EO      -97533918.57    1748505414
LADBROKES PLC         LADUSD EO      -97533918.57    1748505414
LADBROKES PLC         LAD 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 PZ        -97533918.57    1748505414
LADBROKES PLC-NP      LADN LN        -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      889687Q GR      -73166148.8   143762193.7
LEEDS UNITED PLC      LUFC LN         -73166148.8   143762193.7
LONDON TOWN PLC       LTW PZ         -21897636.36   175672299.2
LONDON TOWN PLC       LTW IX         -21897636.36   175672299.2
LONDON TOWN PLC       LTW EO         -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG         -21897636.36   175672299.2
LONDON TOWN PLC       LTW PO         -21897636.36   175672299.2
LONDON TOWN PLC       LTW EU         -21897636.36   175672299.2
LONDON TOWN PLC       LTWX LN        -21897636.36   175672299.2
LONDON TOWN PLC       LTW LN         -21897636.36   175672299.2
LONDON TOWN PLC       LOU GR         -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN        -21897636.36   175672299.2
M 2003 PLC            MTWOF US        -2203513803    7204891602
M 2003 PLC            203055Q LN      -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US        -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US        -2203513803    7204891602
MARCONI PLC           203083Q VX      -2203513803    7204891602
MARCONI PLC           MONI BB         -2203513803    7204891602
MARCONI PLC           MNI LN          -2203513803    7204891602
MARCONI PLC           MY2 GR          -2203513803    7204891602
MARCONI PLC           MRCQF US        -2203513803    7204891602
MARCONI PLC           MNI BB          -2203513803    7204891602
MARCONI PLC-ADR       MONIE US        -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU       -2203513803    7204891602
MARCONI PLC-ADR       MONI US         -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR         -2203513803    7204891602
MARCONI PLC-ADR       MONIY US        -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR         -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US        -2203513803    7204891602
MARCONI PLC-ADR       MCONY US        -2203513803    7204891602
MFI FURNITURE GR      MFI LN         -117673114.1   573836054.4
MYTRAVEL GROUP        MYTPF US       -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO        -379721841.6    1817512774
MYTRAVEL GROUP        MT/S VX        -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR        -379721841.6    1817512774
MYTRAVEL GROUP        3544280Q IX    -379721841.6    1817512774
MYTRAVEL GROUP        MT/S LN        -379721841.6    1817512774
MYTRAVEL GROUP P      MYTGF US       -379721841.6    1817512774
MYTRAVEL GROUP P      MT/ VX         -379721841.6    1817512774
MYTRAVEL GROUP P      1018144Q GR    -379721841.6    1817512774
MYTRAVEL GROUP-A      MYTVF US       -379721841.6    1817512774
MYTRAVEL GROUP-A      2281919Q GR    -379721841.6    1817512774
NEW STAR ASSET        3226439Q EU      -397718038   292972732.1
NEW STAR ASSET        3226443Q EO      -397718038   292972732.1
NEW STAR ASSET        NSAA LN          -397718038   292972732.1
NEW STAR ASSET        NSAM PO          -397718038   292972732.1
NEW STAR ASSET        NSAM LN          -397718038   292972732.1
NEW STAR ASSET        N6S GR           -397718038   292972732.1
NEW STAR ASSET        3226447Q EO      -397718038   292972732.1
NEW STAR ASSET        3226435Q EO      -397718038   292972732.1
NEW STAR ASSET        NSAM TQ          -397718038   292972732.1
NEW STAR ASSET        NSAM PZ          -397718038   292972732.1
NEW STAR ASSET        NWSAF US         -397718038   292972732.1
NEW STAR ASSET        3226431Q EU      -397718038   292972732.1
NEW STAR ASSET        NSAM IX          -397718038   292972732.1
ORANGE PLC            951641Q LN       -593935051    2902299502
ORANGE PLC            1460Q GR         -593935051    2902299502
ORANGE PLC            ORNGF US         -593935051    2902299502
ORANGE PLC-ADR        ORNGY US         -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN          -593935051    2902299502
ORANGE PLC-ADR        ONG GR           -593935051    2902299502
ORBIS PLC             OBS PZ         -4168498.479   127701679.5
ORBIS PLC             RLP GR         -4168498.479   127701679.5
ORBIS PLC             OBS PO         -4168498.479   127701679.5
ORBIS PLC             OBS LN         -4168498.479   127701679.5
ORBIS PLC             ORBSF US       -4168498.479   127701679.5
ORBIS PLC             OBG PO         -4168498.479   127701679.5
ORBIS PLC             OBS IX         -4168498.479   127701679.5
ORSU METALS CORP      E4M1 GR          -123563000     104843000
ORSU METALS CORP      OSU PZ           -123563000     104843000
ORSU METALS CORP      OSU CN           -123563000     104843000
ORSU METALS CORP      E4M GR           -123563000     104843000
ORSU METALS CORP      ORSUF US         -123563000     104843000
ORSU METALS CORP      ORSM007* RU      -123563000     104843000
ORSU METALS CORP      OSUMF US         -123563000     104843000
ORSU METALS CORP      OSU LN           -123563000     104843000
ORSU METALS CORP      OSUGBX EO        -123563000     104843000
ORSU METALS CORP      EPMCF US         -123563000     104843000
ORSU METALS CORP      OSU PG           -123563000     104843000
ORSU METALS CORP      EUM IX           -123563000     104843000
ORSU METALS CORP      ORSM007 RU       -123563000     104843000
PARK FOOD GROUP       PKFD LN        -52867263.19   185089877.3
PARK GROUP PLC        PKG PO         -52867263.19   185089877.3
PARK GROUP PLC        PKG EU         -52867263.19   185089877.3
PARK GROUP PLC        PKG LN         -52867263.19   185089877.3
PARK GROUP PLC        PRKGF US       -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        PKG PZ         -52867263.19   185089877.3
PARK GROUP PLC        PRKG IX        -52867263.19   185089877.3
PARK GROUP PLC        PKG VX         -52867263.19   185089877.3
PATIENTLINE PLC       PTL PZ         -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO    -54677284.64   124948245.8
PATIENTLINE PLC       PTL IX         -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU    -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO         -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX         -54677284.64   124948245.8
PATIENTLINE PLC       2928899Q EO    -54677284.64   124948245.8
PATIENTLINE PLC       PTL LN         -54677284.64   124948245.8
PREMIER FARN-ADR      PIFLY US       -13610199.87     727265033
PREMIER FARN-ADR      2246804Q US    -13610199.87     727265033
PREMIER FARN-ADR      PFLZ LN        -13610199.87     727265033
PREMIER FARNELL       PFL EO         -13610199.87     727265033
PREMIER FARNELL       PFLSEK EU      -13610199.87     727265033
PREMIER FARNELL       PFLEUR EU      -13610199.87     727265033
PREMIER FARNELL       PFL NQ         -13610199.87     727265033
PREMIER FARNELL       PFLEUR EO      -13610199.87     727265033
PREMIER FARNELL       PFL BQ         -13610199.87     727265033
PREMIER FARNELL       PFL TQ         -13610199.87     727265033
PREMIER FARNELL       PFL EB         -13610199.87     727265033
PREMIER FARNELL       PFLGBP EO      -13610199.87     727265033
PREMIER FARNELL       PFL LN         -13610199.87     727265033
PREMIER FARNELL       PML GR         -13610199.87     727265033
PREMIER FARNELL       PFLSEK EO      -13610199.87     727265033
PREMIER FARNELL       PIFLF US       -13610199.87     727265033
PREMIER FARNELL       PFLUSD EU      -13610199.87     727265033
PREMIER FARNELL       PFL NR         -13610199.87     727265033
PREMIER FARNELL       PFL PZ         -13610199.87     727265033
PREMIER FARNELL       PFLUSD EO      -13610199.87     727265033
PREMIER FARNELL       PFL PO         -13610199.87     727265033
PREMIER FARNELL       PFL IX         -13610199.87     727265033
PREMIER FARNELL       PFL VX         -13610199.87     727265033
PREMIER FARNELL       PFL QM         -13610199.87     727265033
PREMIER FARNELL       PFL EU         -13610199.87     727265033
PROSTRAKAN GROUP      PSKEUR EO       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK LN          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PZ          -8881399.87   126115878.2
PROSTRAKAN GROUP      PKNGF US        -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK VX          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EO          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKEUR EU       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PO          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKGBP EO       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK IX          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EU          -8881399.87   126115878.2
REGUS LTD             273187Q LN     -46111835.37     367181111
REGUS PLC             RGU GR         -46111835.37     367181111
REGUS PLC             273195Q VX     -46111835.37     367181111
REGUS PLC             REGSF US       -46111835.37     367181111
REGUS PLC             2296Z LN       -46111835.37     367181111
REGUS PLC-ADS         RGUA GR        -46111835.37     367181111
REGUS PLC-ADS         REGSV US       -46111835.37     367181111
REGUS PLC-ADS         REGSY US       -46111835.37     367181111
REGUS PLC-ADS         REGS US        -46111835.37     367181111
RENTOKIL INITIAL      RTOG IX        -242381476.4    3231214649
RENTOKIL INITIAL      RKLIF US       -242381476.4    3231214649
RENTOKIL INITIAL      RTO IX         -242381476.4    3231214649
RENTOKIL INITIAL      RTO LN         -242381476.4    3231214649
RENTOKIL INITIAL      RTO EO         -242381476.4    3231214649
RENTOKIL INITIAL      RTO TQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTO BQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTO1 GR        -242381476.4    3231214649
RENTOKIL INITIAL      RTO EU         -242381476.4    3231214649
RENTOKIL INITIAL      RTO PZ         -242381476.4    3231214649
RENTOKIL INITIAL      RTOGBP EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTO GR         -242381476.4    3231214649
RENTOKIL INITIAL      RTO NQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EU      -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EU      -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTO PO         -242381476.4    3231214649
RENTOKIL INITIAL      RTOKF US       -242381476.4    3231214649
RENTOKIL INITIAL      RTO QM         -242381476.4    3231214649
RENTOKIL INITIAL      RTO NR         -242381476.4    3231214649
RENTOKIL INITIAL      RTO EB         -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      SSA US         -119260804.2   705060824.5
SAATCHI & SA-ADR      SSI$ LN        -119260804.2   705060824.5
SAATCHI & SAATCH      SSATF US       -119260804.2   705060824.5
SAATCHI & SAATCH      SSI LN         -119260804.2   705060824.5
SAATCHI & SAATCH      188190Q GR     -119260804.2   705060824.5
SCOTTISH MEDIA        SSMR LN        -51512119.25     207340304
SCOTTISH MEDIA        1442Q GR       -51512119.25     207340304
SCOTTISH MEDIA        SSM LN         -51512119.25     207340304
SCOTTISH TELEV        SCTVF US       -51512119.25     207340304
SFI GROUP PLC         SUF LN         -108067115.8   177647536.1
SFI GROUP PLC         SUYFF US       -108067115.8   177647536.1
SKYEPHARMA PLC        SKP PZ         -128538078.1     135158758
SKYEPHARMA PLC        SKPGBP EO      -128538078.1     135158758
SKYEPHARMA PLC        SKP VX         -128538078.1     135158758
SKYEPHARMA PLC        SKP PO         -128538078.1     135158758
SKYEPHARMA PLC        SK8C GR        -128538078.1     135158758
SKYEPHARMA PLC        SKP EU         -128538078.1     135158758
SKYEPHARMA PLC        SKP EO         -128538078.1     135158758
SKYEPHARMA PLC        SKP LN         -128538078.1     135158758
SKYEPHARMA PLC        SKP1 VX        -128538078.1     135158758
SKYEPHARMA PLC        SK8A GR        -128538078.1     135158758
SKYEPHARMA PLC        SKPEUR EU      -128538078.1     135158758
SKYEPHARMA PLC        SKYEF US       -128538078.1     135158758
SKYEPHARMA PLC        SKP TQ         -128538078.1     135158758
SKYEPHARMA PLC        SKPEUR EO      -128538078.1     135158758
SKYEPHARMA PLC        SKP IX         -128538078.1     135158758
SKYEPHARMA -SUB       2976665Z LN    -128538078.1     135158758
SKYEPHARMA-ADR        SKYPY US       -128538078.1     135158758
SKYEPHARMA-ADR        SKYEY US       -128538078.1     135158758
SKYEPHARMA-ADR        SK8 GR         -128538078.1     135158758
SKYEPHARMA-ADR        SKYE US        -128538078.1     135158758
SKYEPHARMA-ADR        AP80 LI        -128538078.1     135158758
SKYEPHARMA-ADR        SK8N GR        -128538078.1     135158758
SKYEPHAR-RTS F/P      SKPF VX        -128538078.1     135158758
SKYEPHAR-RTS F/P      SKPF LN        -128538078.1     135158758
SKYEPHAR-RTS N/P      SKPN VX        -128538078.1     135158758
SKYEPHAR-RTS N/P      SKPN LN        -128538078.1     135158758
SMG PLC               SMG LN         -51512119.25     207340304
SMG PLC               SMG PO         -51512119.25     207340304
SMG PLC-FUL PAID      SMGF LN        -51512119.25     207340304
SMG PLC-NIL PAID      SMGN LN        -51512119.25     207340304
SMITHS NEWS PLC       NWS1 EO         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 BQ         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS VX          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS PZ          -99944882.2   279114366.1
SMITHS NEWS PLC       SMWPY US        -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2EUR EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2EUR EU      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 EU         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 EO         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 EU         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS LN          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1GBP EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS PO          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS IX          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2GBP EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 TQ         -99944882.2   279114366.1
SMITHS NEWS PLC       SMWPF US        -99944882.2   279114366.1
STAGECOACH GROUP      SGC1 TQ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EU        -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EU     -113434621.8    2507562892
STAGECOACH GROUP      SAGKF US       -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC LN         -113434621.8    2507562892
STAGECOACH GROUP      SGC IX         -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EB        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 BQ        -113434621.8    2507562892
STAGECOACH GROUP      SHP GR         -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EO        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NQ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 QM        -113434621.8    2507562892
STAGECOACH GROUP      SGC PO         -113434621.8    2507562892
STAGECOACH GROUP      SGC1GBP EO     -113434621.8    2507562892
STAGECOACH GROUP      SHP4 GR        -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NR        -113434621.8    2507562892
STAGECOACH GROUP      SGC2 VX        -113434621.8    2507562892
STAGECOACH GROUP      SGCG PZ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EO     -113434621.8    2507562892
STAGECOACH GRP-B      SGCB LN        -113434621.8    2507562892
STAGECOACH-NEW        SGCN LN        -113434621.8    2507562892
STV GROUP PLC         STVGEUR EO     -51512119.25     207340304
STV GROUP PLC         STVG VX        -51512119.25     207340304
STV GROUP PLC         SMG VX         -51512119.25     207340304
STV GROUP PLC         STVG EU        -51512119.25     207340304
STV GROUP PLC         SMG PZ         -51512119.25     207340304
STV GROUP PLC         SMGPF US       -51512119.25     207340304
STV GROUP PLC         STVGGBP EO     -51512119.25     207340304
STV GROUP PLC         STVGEUR EU     -51512119.25     207340304
STV GROUP PLC         STVG EO        -51512119.25     207340304
STV GROUP PLC         STVG LN        -51512119.25     207340304
STV GROUP PLC         SMG IX         -51512119.25     207340304
TELEWEST COM-ADR      TWSTD US        -3702234581    7581020925
TELEWEST COM-ADR      940767Q GR      -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN         -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US        -3702234581    7581020925
TELEWEST COMM         604296Q GR      -3702234581    7581020925
TELEWEST COMM         TWSTF US        -3702234581    7581020925
TELEWEST COMM         TWT VX          -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 BQ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT VX         -85010363.51   146193829.2
TOPPS TILES PLC       TPT IX         -85010363.51   146193829.2
TOPPS TILES PLC       TPTJF 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 EU         -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EO      -85010363.51   146193829.2
TOPPS TILES PLC       TPT TQ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT PO         -85010363.51   146193829.2
TOPPS TILES PLC       TPT PZ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT EO         -85010363.51   146193829.2
TOPPS TILES PLC       TPTJY US       -85010363.51   146193829.2
TOPPS TILES PLC       TPTGBP EO      -85010363.51   146193829.2
TOPPS TILES-NEW       TPTN LN        -85010363.51   146193829.2
UNIGATE PLC           UNGAF US       -24544959.64   626057950.8
UNIGATE PLC           UNIG LN        -24544959.64   626057950.8
UNIGATE PLC           1577Q GR       -24544959.64   626057950.8
UNIGATE PLC           UNGPF US       -24544959.64   626057950.8
UNIGATE PLC-ADR       UNGAY US       -24544959.64   626057950.8
UNIQ PLC              UNQPF US       -24544959.64   626057950.8
UNIQ PLC              UNIQF US       -24544959.64   626057950.8
UNIQ PLC              UNIQ PZ        -24544959.64   626057950.8
UNIQ PLC              UNIQ EU        -24544959.64   626057950.8
UNIQ PLC              UNIQ PO        -24544959.64   626057950.8
UNIQ PLC              UNIQEUR EO     -24544959.64   626057950.8
UNIQ PLC              UNIQEUR EU     -24544959.64   626057950.8
UNIQ PLC              UNIQ IX        -24544959.64   626057950.8
UNIQ PLC              UNIQ EO        -24544959.64   626057950.8
UNIQ PLC              UNIQ VX        -24544959.64   626057950.8
UNIQ PLC              UNIQ LN        -24544959.64   626057950.8
UNIQ PLC              UNIQGBP EO     -24544959.64   626057950.8
UNIQ PLC              UGE GR         -24544959.64   626057950.8
UTC GROUP             UGR LN         -11904426.45     203548565
VIRGIN MOB-ASSD       VMOA LN        -392165437.6   166070003.7
VIRGIN MOB-ASSD       VMOC LN        -392165437.6   166070003.7
VIRGIN MOBILE         VMOB VX        -392165437.6   166070003.7
VIRGIN MOBILE         VMOB PO        -392165437.6   166070003.7
VIRGIN MOBILE         UEM GR         -392165437.6   166070003.7
VIRGIN MOBILE         VMOB LN        -392165437.6   166070003.7
VIRGIN MOBILE         VGMHF US       -392165437.6   166070003.7
WARNER ESTATE         WNER VX        -37798939.99   432125169.9
WARNER ESTATE         WNER EU        -37798939.99   432125169.9
WARNER ESTATE         WRL GR         -37798939.99   432125169.9
WARNER ESTATE         WNER IX        -37798939.99   432125169.9
WARNER ESTATE         WNER LN        -37798939.99   432125169.9
WARNER ESTATE         WNERGBP EO     -37798939.99   432125169.9
WARNER ESTATE         WNEHF US       -37798939.99   432125169.9
WARNER ESTATE         WNER PO        -37798939.99   432125169.9
WARNER ESTATE         WNER PZ        -37798939.99   432125169.9
WARNER ESTATE         WNER EO        -37798939.99   432125169.9
WATSON & PHILIP       WTSN LN          -120493900   252232072.9
WHITE YOUNG GREE      WHY VX         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EU      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EU         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EO      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY LN         -35008863.49   305242409.9
WHITE YOUNG GREE      WHY PZ         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYGBP EO      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EO         -35008863.49   305242409.9
WHITE YOUNG GREE      WHY PO         -35008863.49   305242409.9
WHITE YOUNG-NEW       WHYN LN        -35008863.49   305242409.9
WINCANTON PL-ADR      WNCNY US       -63105009.98    1416979806
WINCANTON PLC         WIN LN         -63105009.98    1416979806
WINCANTON PLC         WIN PZ         -63105009.98    1416979806
WINCANTON PLC         WIN VX         -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EO     -63105009.98    1416979806
WINCANTON PLC         WIN1USD EO     -63105009.98    1416979806
WINCANTON PLC         WIN1 BQ        -63105009.98    1416979806
WINCANTON PLC         WIN PO         -63105009.98    1416979806
WINCANTON PLC         WIN1 EU        -63105009.98    1416979806
WINCANTON PLC         WIN1 EO        -63105009.98    1416979806
WINCANTON PLC         WIN1 QM        -63105009.98    1416979806
WINCANTON PLC         WIN1 EB        -63105009.98    1416979806
WINCANTON PLC         WIN1USD EU     -63105009.98    1416979806
WINCANTON PLC         WNCNF US       -63105009.98    1416979806
WINCANTON PLC         WIN IX         -63105009.98    1416979806
WINCANTON PLC         WIN1 NQ        -63105009.98    1416979806
WINCANTON PLC         WIN1GBP EO     -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EU     -63105009.98    1416979806
WINCANTON PLC         WIN1 TQ        -63105009.98    1416979806
WYG PLC               WYGGBP EO      -35008863.49   305242409.9
WYG PLC               WYG EO         -35008863.49   305242409.9
WYG PLC               WYGEUR EU      -35008863.49   305242409.9
WYG PLC               WHY IX         -35008863.49   305242409.9
WYG PLC               WYG LN         -35008863.49   305242409.9
WYG PLC               WYG EU         -35008863.49   305242409.9
WYG PLC               WYGEUR EO      -35008863.49   305242409.9
WYG PLC               WYG PZ         -35008863.49   305242409.9
XXPERT RENTAL         XPRT CN          -123563000     104843000


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

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

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

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  Go to 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 U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.

                 * * * End of Transmission * * *