TCREUR_Public/100525.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 25, 2010, Vol. 11, No. 101



ALMATIS BV: Applies for De Brauw as Dutch Counsel
ALMATIS BV: Proposes Schultze & Braun as German Counsel
ALMATIS BV: Wants Linklaters as U.K. and Germany Counsel
ARCANDOR AG: Berggruen & Highstreet Eye Karstadt Unit Takeover
E-M-S NEW MEDIA: Files for Insolvency Protection

FRESENIUS SE: Moody's Affirms Corporate Family Rating at 'Ba1'
GENERAL MOTORS: Has Cost-Cutting Deal With Opel Unit's Workers
HYPO REAL ESTATE: Soffin Incurs EUR4.26 Billion Loss Over Bailout

* GERMANY: Lawmakers Back US$1 Trillion Euro-Region Bailout Share


ANGLO IRISH: Expects EU Ruling on Restructuring Plan by July End
JACKIE SKELLY: High Court Approves Acquisition by Energie Group


DUCATO CONSUMER: Moody's Cuts Rating on Class C Notes to 'B2'
PARMALAT SPA: District Court OKs Settlement of Investors' Suit
PARMALAT SPA: EUR1-Bil. PCF Claim Settlement Becomes Final


LANDSBANKI LUXEMBOURG: Has Deal With BCL Over Avens Bond Sale


SAVA INVEST: In Liquidation Proceedings


CARLSON WAGONLIT: S&P Raises Corporate Credit Rating to 'B-'


* YAROSLAVL REGION: Fitch Assigns 'BB-' Rating on Domestic Bonds


CAJA DE AHORROS: S&P Puts Note Ratings on CreditWatch Negative
CAJASUR: Bank of Spain Takes Over After Unicaja Merger Fails

U N I T E D   K I N G D O M

DUNFERMLINE PRESS: Future Uncertain Following CEO's Death
EPIC PLC: Fitch Affirms Rating on Class F Notes at 'B'
EXETER THEATRE: Bought Out of Administration by University
GALLACHERS: Put Into Administration
MX2 COMPUTERS: In Liquidation; Liquidators Looking for Buyers

ODYSSEY PAVILION: In Administration; KPMG Appointed
PAGEBET BOOKMAKERS: In Administration; 125 Jobs Affected
ROYAL BANK: Nears Private Equity Fund Sale to Alpinvest
ROYAL BANK: Mulls Private Sale of Priory Group

WINDERMERE VIII: Fitch Junks Rating on Class C Notes From 'B+'
WWB RECRUITMENT: In Liquidation; Welsby May Buy Assets

* UK: 2009 Business Failures in Retail Sector Hit Record Levels


* EUROPE: Cost of Written Off Debt Rises 8% Over Past 12 Months
* S&P Takes Various Rating Actions on 13 European Tranches

* Large Companies with Insolvent Balance Sheet



ALMATIS BV: Applies for De Brauw as Dutch Counsel
Almatis B.V. and its debtor-affiliates seek permission from the
U.S. Bankruptcy Court for the Southern District of New York to
employ De Brauw Blackstone Westbroek N.V. as their special Dutch
counsel effective April 30, 2010.

As special counsel, De Brauw Blackstone will advise the Debtors
and assist their general bankruptcy counsel on matters including
Dutch corporate law and cross-border issues implicating laws of
foreign jurisdictions.  The firm will also be required to attend
meetings and participate in negotiations, or appear before the
U.S. Bankruptcy Court or any other court.

In return for its services, De Brauw Blackstone will be paid on
an hourly basis and will be reimbursed for it necessary expenses.
The firm's professionals who are expected to provide the services
and their hourly rates are:

  Professionals                Hourly Rates
  -------------                ------------
  Ruud Hermans                    EUR675
  Harm-Jan de Kluiver             EUR675
  Rene Clumpkens                  EUR675
  Klaas de Vries                  EUR450
  Gwenaelle Pennec                EUR450
  Rob van den Sigtenhorst         EUR375

Pursuant to an agreement between the Debtors and De Brauw
Blackstone, the firm's hourly fees will be discounted by 18%.  If
however the Debtors' restructuring is successful, the firm will
be entitled to full payment of its earned fees.

Rudolf Martinus Hermans, Esq., a shareholder of De Brauw
Blackstone, assures the Court that his firm does not hold or
represent interest that is adverse to that of the Debtors'

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

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.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Alamtis B.V., and its
affiliates.  ( 215/945-7000)

ALMATIS BV: Proposes Schultze & Braun as German Counsel
Almatis B.V. and its units seek the U.S. Bankruptcy Court's
authority to employ Schultze & Braun GmbH echtsanwaltsgesellschaft
as special German counsel to their management effective as of
April 30, 2010.

Schultze & Braun, as special counsel, will advise the Debtors'
management on issues involving German law particularly in respect
of the continuation prognosis depending on the development of the
Debtors' Chapter 11 cases.  The firm will also advise the
management and assist the Debtors' general bankruptcy counsel on
cross-border issues implicating laws of foreign jurisdictions.

Schultze & Braun will also be required to attend meetings,
participate in negotiations, and appear before the U.S. Bankruptcy
Court or any other court.

Schultze & Braun will be paid on an hourly basis and will be
reimbursed for it expenses.  A list of the firm's professionals
who are expected to provide the services and their hourly rates
is available at

Christopher Alexander von Wilcken, Esq., at Schultze & Braun,
assures the Court that the firm does not hold or represent
interest adverse to the Debtors and their estates.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

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.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ALMATIS BV: Wants Linklaters as U.K. and Germany Counsel
Almatis B.V. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to allow them to
employ Linklaters LLP as their special corporate counsel effective
as of April 30, 2010.

The Debtors selected Linklaters because of its extensive expertise
in corporate matters and because of its prior representation of
the Debtors, Almatis Chief Executive Remco de Jong says.

Prior to their bankruptcy filing, the Debtors were assisted by the
firm in connection with their proposed financial restructuring as
well as in the negotiation of possible out-of-court restructuring

As special corporate counsel to the Debtors, Linklaters will:

  (1) advise the Debtors and assist their general bankruptcy
      counsel in connection with their prepetition credit,
      security and intercreditor agreements, exit financing,
      security and capital structure, among other things;

  (2) advise the Debtors and assist their bankruptcy counsel in
      formulating and drafting disclosure statement for their
      restructuring plan;

  (3) advise the Debtors and assist their bankruptcy counsel
      with respect to cross-border issues implicating laws of
      foreign jurisdictions particularly the laws of the
      United Kingdom and Germany; and

  (4) attend meetings, participate in negotiations and appear
      before the U.S. Bankruptcy Court or any other courts.

The Debtors will pay Linklaters for its services on an hourly
basis and will reimburse the firm for its necessary expenses.
The Linklaters professionals expected to provide the contemplated
services to the Debtors and their hourly rates are:

  Professionals          Resident Office     Hourly Rates
  -------------          ---------------     ------------
  Robert Elliott             London             GBP625
  Bruce Bell                 London             GBP625
  Michal Hlasek          London/Frankfurt       GBP625
  Kolja von Bismarck        Frankfurt           GBP625
  Paul Kuipers              Amsterdam           GBP625
  Verena Etzel              Frankfurt           GBP460
  Jacqueline Ingram          London             GBP280
  Birgit Weckler            Frankfurt           GBP280

Mr. Elliot, Esq., a partner at Linklaters, assures the Court that
his firm does not hold or represent interest adverse to the
Debtors and their estates.

                       About Almatis Group

Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.

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.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  ( 215/945-7000)

ARCANDOR AG: Berggruen & Highstreet Eye Karstadt Unit Takeover
Alexander Huebner and Nicola Leske at Reuters report that a
spokesman for Nicolas Berggruen on Friday said that the
billionaire has made an offer to buy Arcandor AG's insolvent
department store chain Karstadt a week before an extended deadline
for bids runs out.

Until Berggruen's offer, European buyout firm Triton was the only
bidder to emerge, Reuters notes.

Dow Jones Newswires, citing Handelsblatt, reports that Berggruen
Holding Ltd., an investment vehicle owned by private investor
Mr. Berggruen, has submitted a detailed bid for all of Karstadt's
business activities.

According to Dow Jones, the Handelsblatt report, citing a
spokesman for Berggruen Holding, said the company hopes to close
the deal within the coming weeks although it is expected that
Karstadt's landlords will participate in the future restructuring
of the company and that the seven remaining municipalities will
agree to write-off the department store's commercial tax debts.


Separately, Christiaan Hetzner at Reuters, citing Bild am Sonntag,
reports that Highstreet, a finance consortium that owns most of
the property of Karstadt, will submit a bid for all 120 department
stores after reaching a deal with unions over wage concessions.

Reuters relates the German Sunday weekly disclosed Highstreet, a
vehicle led by Goldman Sachs, agreed to give the 25,000 strong
workforce a stake of roughly 15% in Karstadt, making it now the
frontrunner in the bidding war.

Following the recent offer from Mr. Berggruen, Highstreet would be
the third bidder for Karstadt, Reuters states.

                        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.

E-M-S NEW MEDIA: Files for Insolvency Protection
Scott Roxborough at THR int'l reports that e-m-s new media has
filed for insolvency protection.  Its distribution unit, e-m-s
sales, went bust last year, the report recounts.

The report relates e-m-s said in a statement that it is to
restructure and focus the group on its core business of licensing
DVD and TV rights.

The report notes that last year, e-m-s booked revenues of EUR4
million (US$5 million) and an operating loss of EUR1.5 million
(US$1.9 million).

e-m-s new media is a German DVD group.

FRESENIUS SE: Moody's Affirms Corporate Family Rating at 'Ba1'
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Fresenius SE and all instrument ratings including the
Baa3 for the acquisition financing of APP, the Ba1 for senior
notes of guaranteed financing subsidiaries of FSE and the Ba2
rating of its mandatory exchangeable bonds.  The outlook for these
ratings has been changed to stable from negative.

The outlook change follows FSE's stable performance through the
global economic recession and the fact that its financial metrics
have advanced into Moody's guidance range for the Ba1 rating.  In
2009 Fresenius has once again demonstrated its resilience to
economic cycles evidenced by consistent organic revenue growth
around 8% and EBIT margins maintained above 15%.  The positive
impact on profitability that had been expected from the
acquisition of APP has not yet fully materialized as the rate of
drug approvals in the USA is lagging expectations.  Fresenius'
leverage is still relatively high at 3.8 times debt/EBITDA for the
corporate group and an estimated 4.8 times for FSE standalone and
Fresenius Medical Care treated as a financial investment.  Cash is
maintained only for operating purposes and does not distort the
leverage metric.  Still, Moody's view these metrics as
commensurate with an Ba1 rating in the FSE case, because of the
stability of its business model with a long and consistent track

Moody's had previously indicated that the rating outlook for FSE
would be likely to revert to stable if there is evidence of
continued performance improvements of the group, reflected in a
reduction of Debt to EBITDA towards 3.5x and a turnaround of CFO
to debt above 15% (measured on a consolidated basis), while
preserving positive free cash flows and a solid liquidity cushion.
In the fiscal year 2009, Fresenius achieved a debt/EBITDA ratio of
3.8 times, a 15.6% CFO/debt metric, a free cash flow of 5% of debt
and increased cash liquidity to EUR420 million and thus just met
the criteria for rating stabilization.  Moody's do not expect
material additional improvements in metrics as future free cash
flows are largely to be applied to acquisitions.  Although
Fresenius has shown an appetite for transforming acquisitions in
the past, Moody's do not expect further larger transactions near
term, more for lack of opportunities than strategic interest.

Moody's would consider an upgrade to investment grade only upon a
significant change in financial strategy that would target
debt/EBITDA below 3.0 times, equivalent to reported net
debt/EBITDA (management's measure) well below 2.5 times.  Moody's
would also expect a simplification of the debt structure before
any upgrade.  Also, Moody's will be attentive to any possible
significant and sustained divergence of leverage between FSE
standalone (2009: 4.8x) and Fresenius Medicals care (3.2x) which
should be limited over time.  The agency sees some mitigation in
the higher diversification of FSE to still warrant the same rating
for both companies.

The ratings would be subject to downwards pressure within the next
12 to 18 months, if Fresenius is unable to substantially improve
operating performance and cash generation of its core businesses,
evidenced by Debt to EBITDA exceeding 4.0x or CFO to debt at the
low teens, further debt financed acquisitions or negative free
cash flows.

The last rating action on FSE was implemented on 12 January 2009,
when a provisional (P)Ba1 rating was assigned to the then proposed
issuance of senior unsecured notes to be issued by Fresenius US
Finance II, Inc., a wholly owned finance vehicle of Fresenius SE.
The rating action also affirmed all other ratings of Fresenius
with a negative outlook.

FSE's ratings were assigned by evaluating factors Moody's believes
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk of the company, (iii) the projected performance of
the company over the near to intermediate term, and (iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside FSE's core industry and FSE's ratings are believed to be
comparable to those of issuers of similar credit risk.

Fresenius SE is a global health care company with products and
services for dialysis (through Fresenius Medical Care); healthcare
services (Helios) and facilities management; and nutrition and
infusion therapies (Fresenius Kabi).  For the fiscal year ended on
December 31, 2009, Fresenius SE generated consolidated sales of
EUR14.2 billion.

GENERAL MOTORS: Has Cost-Cutting Deal With Opel Unit's Workers
Chris Reiter at Bloomberg News reports that General Motors Co.
reached an agreement with Adam Opel GmbH workers to cut labor
spending by EUR265 million (US$331 million) a year to help finance
a reorganization of the unprofitable unit.

Bloomberg relates Opel said in an e-mailed statement Friday that
unions agreed to waive one-time payments, postpone a planned 2.7%
salary increase, and reduce Christmas and vacation bonuses by 50%
for two years.  The concessions are contingent on GM investing in
new models, including a convertible and a subcompact smaller than
the Corsa model, Bloomberg notes.

GM, Bloomberg discloses, has committed EUR1.9 billion to Opel's
restructuring, which the Detroit-based automaker projects will
cost EUR3.7 billion.

The workers' savings will be set aside and returned to employees
if GM reneges on agreements to invest EUR11 billion in new models
and electric-powered vehicles, Bloomberg states.

                             State Aid

GM is requesting loan guarantees from Germany and other countries
where it operates for the rest of the money needed for
reorganization, Bloomberg says.

According to Bloomberg, a panel advising the German government on
distributing loans and aid to companies in distress will discuss
GM's request today, May 25.  The panel includes former Schering AG
Chief Executive Officer Hubertus Erlen and Michael Rogowski,
former head of the Federation of German Industries, Bloomberg

The final decision on state aid for Opel will be made by the
government's steering committee, which includes representatives
from the Chancellery and the ministries of Economy, Finance and
Justice, Bloomberg notes.

                       About General Motors

General Motors Company -- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New

At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was US$21.249 million.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
( 215/945-7000)

HYPO REAL ESTATE: Soffin Incurs EUR4.26 Billion Loss Over Bailout
Aaron Kirchfeld at Bloomberg News reports that Germany's bank-
rescue fund, Soffin, posted a full-year loss of EUR4.26 billion
(US$5.34 billion) from the bailout of Hypo Real Estate Holding AG,
whose potential collapse "threatened the stability" of the German

Bloomberg relates Soffin said in an e-mailed statement Friday that
it wrote down the value of its investments in Hypo Real Estate and
its Deutsche Pfandbriefbank AG unit by EUR4.75 billion, erasing an
operating profit of EUR497 million.

Bloomberg recalls Germany took over Hypo Real Estate in 2009 after
its Dublin-based Depfa Bank Plc unit couldn't raise financing when
the bankruptcy of Lehman Brothers Holdings Inc. froze credit
markets.  The German bank needed a total of EUR102 billion in
credit lines and debt guarantees from government and financial
institutions to stave off collapse, Bloomberg recounts.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) -- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

* GERMANY: Lawmakers Back US$1 Trillion Euro-Region Bailout Share
Patrick Donahue and Tony Czuczka at Bloomberg News report that
German lawmakers approved their country's share of a US$1 trillion
euro-region bailout in a May 21 vote.

Bloomberg relates the lower house of parliament voted 319 to 73 in
favor of contributing as much as EUR148 billion (US$186 billion)
to indebted European states to backstop the euro; 195 lawmakers
abstained.  The upper house, or Bundesrat, also passed the
measure, sending it on to President Horst Koehler for signature,
Bloomberg notes.

"Every other alternative is much worse and much more dangerous, so
we have to do this," Finance Minister Wolfgang Schaeuble told the
lower house, or Bundestag, in Berlin before the vote, according to
Bloomberg.  "We're not doing this for others, we're doing it for
ourselves and for future generations."


ANGLO IRISH: Expects EU Ruling on Restructuring Plan by July End
Dominic Coyle at The Irish Times reports that the European
Commission is expected to rule on Anglo Irish Bank's latest
restructuring plan by the end of July.

The report relates in an internal memo to staff circulated Friday,
chief executive Mike Aynsley said the bank was working to finalize
the revised version of its restructuring plan.  According to the
report, Mr. Aynsley said Anglo will submit the plan to the Irish
government by the end of the month.

The bank, along with the Department of Finance, then expects to
spend some time in dialogue with the commission on the details of
the plan over June and July, the report states.

"While I would like to think we will have a formal outcome by end
July, I accept the reality that the European summer holiday period
may delay progress in Brussels," the report quoted Mr. Aynsley as
saying in the memo.  "We will keep whatever pressure on that we
can to achieve an early outcome."

The report notes the memo confirmed that EUR9.32 billion in loans
had been transferred to the National Asset Management Agency
earlier this month at an average haircut of 55%, and that the bank
had received the EUR4.16 billion in bonds due as part of the

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'.  Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'.  It also affirmed the rating on the bank's Tier 1 notes
at 'C'

JACKIE SKELLY: High Court Approves Acquisition by Energie Group
The Irish High Court has approved the proposal by energie Group, a
fitness and wellness group, to acquire Jackie Skelly Fitness
following a period of Examinership.  The energie investment will
secure existing memberships and over 200 jobs at Jackie Skelly

"We are delighted that our proposed investment has been approved
by the High Court and that we can ensure the survival of Jackie
Skelly Fitness memberships and jobs," according to energie Group.

                Investment in Jackie Skelly Fitness

Jackie Skelly Fitness entered the Examinership process in
February, 2010.  The proposal by energie, approved by the Court on
May 21, includes the restructuring of the business's balance sheet
and the acquisition of nine of the ten existing Jackie Skelly
Fitness clubs to operate under the energie brand.  energie
currently plans to continue to provide all of the facilities
currently available at these clubs and will invest EUR1.8 million
in new equipment and refurbishment to provide members with a
service offering that meets the energie fitness standard.  energie
is also in negotiation with the landlord of the tenth club,
located in Greystones, to assess the possibility of keeping the
club open.

                     energie Group in Ireland

energie currently operates seven fitness clubs on the island of
Ireland located in Belfast, Galway, Limerick, Waterford (2 clubs),
Wexford and Lisburn.  Two more clubs will open shortly in
Letterkenny and Derry.  In addition to the acquisition of the
Jackie Skelly fitness clubs, energie will be the leading Irish
fitness group operating eighteen clubs under the energie brands.

The High Court approval follows the support of the creditors of
the business and examiner, Kieran Wallace, of KPMG, for energie to
acquire Jackie Skelly Fitness clubs.  The approval will secure
jobs and guarantees continuous and consistent service to club

Jan Spaticchia, energie group CEO commented: "We are delighted
that our proposed investment has been approved by the High Court
and that we can ensure the survival of Jackie Skelly Fitness
memberships and jobs."

Mr. Jan Spaticchia added "We look forward to the opportunities
this acquisition presents as we work to secure a long term
relationship with Jackie Skelly staff and members under the
energie brand.  Our existing and prospective members can look
forward to a new look and feel as we rebrand these clubs over the
coming months and introduce them to our unique empower programme,
providing results in six weeks, guaranteed."


DUCATO CONSUMER: Moody's Cuts Rating on Class C Notes to 'B2'
Moody's Investors Service has downgraded the ratings of these
classes of notes issued by Ducato Consumer S.r.l.:

  - EUR461.5 million Class A notes, downgraded to Aa1 from Aaa;
    previously on 17 February 2010 placed under review for
    possible downgrade

  - EUR28.1 million Class B notes, downgraded to Baa2 from A1;
    previously on 17 February 2010 placed under review for
    possible downgrade

  - EUR9.1 million Class C notes, downgraded to B2 from Baa2;
    previously on 17 February 2010 placed under review for
    possible downgrade

The rating actions conclude the review process initiated on 17
February 2010, which was prompted by worst-than-expected
performance.  The magnitude of the downgrade reflects the current
credit enhancement levels, which combined with revised
assumptions, lead to a higher expected loss on the rated notes.

                     Collateral Performance

In April 2010, the level of defaults equaled 5.3% of the total
securitized pool compared with 3.2% one year ago.  Despite the
high level of defaults, performance has stated to improve over the
past two periods.  Indeed, in January 2010, the level of 90+
delinquencies over the current balance was 6.33% compared with the
current level of 4.57%.  However, the transaction has recorded
under-collateralization, which equaled EUR8.3 million or 3.65% of
the notes balance as of the last reporting date in April.  As per
the transaction structure, the reserve fund cannot be used to
repay principal on the notes before the legal maturity and can
only be used as a source of liquidity in the structure before that
date.  As a result, the reserve fund has been at its target level
since closing and stands at EUR22.5 million in April.  However, it
will decrease to EUR10 million when 50% of the sum of the initial
amount of the Class A and Class B notes is repaid, which will
occur on the next payment date.  The EUR12.5 million reserve fund
amortization will be used as available fund in the waterfall to
make payment on the notes.

As of April 2010, the pool factor was 43.6%.

                        Economic Situation

In its analysis, Moody's considered various information such as
macro-economic indicators, portfolio characteristics and
performance data made available from Agos Ducato S.p.A. and the
trustee.  Moody's took into account the key macro-economic drivers
behind collateral deterioration, in particular, unemployment.
During Q1 2010, the unemployment rate in Italy stood at 8.8%
compared with 6% in 2007.  Moody's considered the geographic
concentration of the borrowers, the vintages of the year the loans
were originated, the loan purpose and the origination channels.
In particular, the securitized portfolio has a high concentration
of borrowers living in the South of Italy as well as a large
portion of personal loans which were originated with no specific
purpose for the borrower.

Moody's sector outlook for Italian consumer loan ABS is negative.

     Moody's Assumptions on Cumulative Default and Volatility

Moody's took the current amount of defaults into account and
conducted a roll rate analysis for the delinquent pool portion.
Moody's concluded on a cumulative default rate of 10% of the
outstanding portfolio amount.  This translates into a cumulative
default number of 7.5% of total securitized pool compared with the
initial assumption of 4.5%.  Moody's maintained the volatility at
30% (the volatility is defined as the standard deviation divided
by the cumulative default rate).

        Moody's Assumptions on Recovery and Prepayment Rate

The recovery rate was decreased to 25% from 35% taking into
account the decreasing trend noticed by Moody's on historical data
recoveries.  In addition, Moody's tested various sensitivity
scenarios on cumulative default, recovery rate and volatility.
Moody's also ran sensitivities on prepayment rate assumption in
its cash flow model.  Due to the actual CPR performance reported
for this transaction, the CPR remains unchanged at 15%.

                     Collateral Description

Ducato Consumer S.r.l. closed in October 2006.  The originator was
Ducato S.p.A. (not rated), which was at the time of closing owned
by Banco Popolare Societa Cooperativa.  At the end of 2009, Ducato
S.p.A. was incorporated by Agos S.p.A. which was renamed Agos
Ducato S.p.A.  This new entity is owned 61% by Credit Agricole
Consumer Finance (which is the non-rated consumer entity of Credit
Agricole SA rated Aa1/P-1) and 39% by Banco Popolare Societa
Cooperativa (rated A2/P-1).  The transaction is backed by a
portfolio of loans to individuals for the purpose of financing the
acquisition of a new car (8.64% of the current pool), used car
(10.16%), personal loan (61.18%) or other purpose loan (5.49%).
The geographical concentration has not changed significantly from
the initial portfolio and still has a major focus on South of
Italy and islands (around 54.01% of current pool).

The ratings address the expected loss posed to investors by the
legal final maturity date (August 2019).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final maturity date.

PARMALAT SPA: District Court OKs Settlement of Investors' Suit
Judge Lewis A. Kaplan of the U.S. District Court for the Southern
District of New York signed separate final judgment and orders
approving the settlements of Lead Plaintiffs Hermes Focus Asset
Management Europe Limited, Cattolica Partecipazioni, S.p.A.,
Capital & Finance Asset Management, Societe Moderne des
Terrassements Parisiens and Solotrat with Defendants Deloitte
Touche Tohmatsu, Deloitte & Touche LLP, James Copeland, Grant
Thornton International, Grant Thornton International Limited,
Grant Thornton LLP, Grant Thornton S.p.A.

The Settlements provide for payment of a total of US$15 million.
Specifically, the Deloitte Settlement provides for a settlement
amount of US$8.5 million, and the Grant Thornton Settlement
provides for a settlement amount of US$6.5 million.  The
Settlement Stipulations provide for the release of claims against,
inter alia, the Deloitte and Grant Thornton Defendants and their
member firms.

The Final Orders permanently bar, enjoin and restrain (a) any
person or entity from asserting any claim for contribution or
indemnity against any Releasee that arises out of a judgment or
settlement obtained by any Class Member against the person or
entity that relates to the Settled Actions or any Settled Claim,
and (b) the Deloitte and Grant Thornton Parties from asserting any
claim for contribution or indemnity against any other person,
whose liability is not extinguished by the Settlements, that
arises out of a judgment or settlement obtained by any Class
Member against the Deloitte and Grant Thornton Parties that
relates to the multidistrict litigation or any Settled Claim.

Pursuant to Section 78u-4(f)(7)(B) of the Commerce and Trade Code,
any final verdict or judgment that may be obtained on behalf of
the Class or a Class Member against a Non-Settling Defendant or
Non-Settling Defendants will be reduced by the greater of (i) an
amount that corresponds to the percentage of responsibility of the
Settling Defendants, or (ii) the amount paid to the Class or that
Class Member pursuant to the Settlements.

In connection with the approval of the Settlements, Judge Kaplan
directed the Clerk of Court to close the cases between the
Settling Parties.

           Plaintiffs' Position on Settlement Issues

Commencing with a March 22, 2010 teleconference, certain MDL
Plaintiffs informed the District Court that their counsel and Bank
of America Corporation have had several telephone conferences
about the possibility of renewed settlement negotiations between
BofA and some or all of the Plaintiffs.

J. Michael Hennigan, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California -- -- told the
Court that BofA's counsel has conveyed that it would be interested
in settlement negotiations so long as the negotiations focus on
actual losses, rather than rescissory damage measures.  He added
that the Plaintiffs' counsel has conveyed that even in a mediation
focusing on the Plaintiffs' actual losses, determination of a
reasonable final settlement amount would necessarily have to take
into account an assessment of the probability and nature of a
particular plaintiffs' potential recovery on its rescission

The Plaintiffs' expert reports tabulated, among other things,
principal losses from the Plaintiffs' various failed Parmalat
fixed income investments, Mr. Hennigan averred.  For reasons
specific to certain security positions of specific Plaintiffs, all
of which have been discussed with BofA, certain of those loss
calculations have since been adjusted downward, he said.
Exclusive of any adjustment for lost interest, the revised
principal loss totals for each Plaintiff group are:

     Plaintiff         Total Amount
     ---------         ------------
     Hancock        US$72.6 million
     Prudential        62.0 million
     Principal         45.1 million
     AEGON             38.6 million
     Allstate          15.6 million

With respect to litigation risk, the Plaintiffs believe that the
record amply supports their rescission and fraud claims.  But, Mr.
Hennigan noted, the Plaintiffs are also realistic, and they know
that there are a host of heavily contested liability and damage
calculation issues, litigation is an inherently uncertain means of
redressing commercial injury, and this case is no exception.

The Plaintiffs' rescission claims have inevitable impact on any
sensible settlement analysis by either side, Mr. Hennigan
asserted.  He noted that the claims arise under the laws in Iowa,
Illinois and Massachusetts.  In Illinois and Massachusetts, he
says, the value of a rescissory remedy is greatly enhanced by
statutory interest rates and attorneys' fees provisions that would
be applicable in the event one of those plaintiffs prevailed on
rescission claims.

"Rescission issues aside, an 'actual losses' negotiation must take
into account that, in all of Plaintiffs' cases, more than 6 years
has elapsed since these losses were experienced," Mr. Hennigan
contended.  "For institutional investors such as Plaintiffs, the
time value of money is relevant to an assessment of the magnitude
of actual losses from failed fixed income investments and
therefore relevant to what a reasonable settlement might be," he

With these considerations in mind, the Plaintiffs told Judge
Kaplan that they are actively engaged with their counsel in
assessing what a reasonable settlement would be and hope a
productive mediation can take place in the near future.

                    Parties' Status Report

Parties to five MDL cases involving BofA jointly filed a status
report on, among other things, settlement discussions summary
judgment motion process and their settlement positions.

The Parties engaged in a three-day mediation in July 2007, but the
process proved unsuccessful.  On March 22, 2010, the parties had a
productive discussion concerning settlement positions and
structures. They have had follow-up discussions, have agreed to
engage a different mediator, and are currently scheduled to
mediate at least three of the cases on June 2 and 3, 2010.

The Parties also proposed schedules for the summary judgment
motions.  In a stipulated order signed by Judge Kaplan, the
Parties agreed that on June 9, 2010, they will file their
opposition papers to summary judgment motions.  Reply papers are
due on June 23.

             Insurers' Motion for Summary Judgment

Pursuant to Rule 56(b) of the Federal Rules of Civil Procedure,
Plaintiffs Principal Life Insurance Company, Monumental Life
Insurance Company, Allstate Life Insurance Company and The
Prudential Insurance Company of America submitted to the District
Court a sealed motion for partial summary judgment.  Also filed
under seal are Undisputed Facts Proposed by the Plaintiffs, the
Plaintiffs' Statement of Facts Disputed by the Bank of America
Defendants, and the declarations of Allison K. Chock, Mark E.
Dunn, William J. Henricksen, Thomas J. Napholz, Tan Vu, Anthony J.
Ceravolo, and Maryann Critchley.

The request asked for an order granting partial summary judgment
on the Plaintiffs' Iowa and Illinois claims for rescission or
rescissionary damages in connection with their FHL and DHL note
purchases.  Opposition papers are due on June 9, 2010, and reply
papers are due on June 23.

In another filing, Defendants Bank of America Corporation, Bank of
America, N.A., and Banc of America Securities LLC, also submitted
a sealed motion for summary judgment in favor of them and
dismissing the Plaintiffs' actions, pursuant to Rule 56.  Also
filed with the Court are the Declaration of Linda C. Goldstein and
the Affidavit of Nigel K. Meeson.

The Affidavit of William White III, supporting memorandum of law,
Statement of Undisputed Facts and BofA's Statement of Facts and
the accompanying exhibits are filed under seal.

                 FHL Wants Documents Docketed

On behalf of Food Holdings Limited, J. Benjamin King, Esq., at
Diamond McCarthy LLP, in Dallas, Texas -- -- wrote to the District Court, asking
that certain documents submitted by parties in open court during
the MDL trial be docketed.  He noted that certain plaintiffs are
appealing certain decisions by the Court, and Defendant BofA has
filed a cross-appeal.

Mr. King said the Plaintiffs and BofA agree that these documents
should be made part of the record for appeal:

  -- Court Exhibit A -- Food Holdings Limited and Dairy Holdings
     Limited's Final Exhibit List;

  -- Court Exhibit B -- Bank of America's Exhibit List;

  -- All exhibits listed on either party's exhibit list, other
     than those exhibits marked "WITHDRAWN";

  -- DX-329 and DX-330 -- submitted in open court;

  -- PX-3l2 through PX-3l4 -- Plaintiffs' witness statements,
     subject to the agreement between the parties withdrawing
     portions of PX-312 and PX-313, set forth at Docket
     Entry 313;

  -- DX-33l through DX-337 -- Defendants' witness statements;

  -- The Parties' Joint Deposition Designations and Objections
     -- submitted in open court on September 14, 2009.

In response, Judge Kaplan said that exhibits received in evidence
or marked for identification are part of the appellate record by
virtue of Rule 10(a) of the Federal Rules of Appellate Procedure.
He added that it is not the practice of the District Court to
docket them.

               BofA Dismissed in Hartford Action

Plaintiff Hartford Life Insurance Company, and Defendants Bank of
America Corporation, Bank of America, NA., and Banc of America
Securities LLC agree in a Court-approved stipulation (i) for the
voluntary dismissal of Hartford's lawsuit against BofA, and (ii)
that all claims will be dismissed with prejudice and without costs
to either party as against the other.

                       Court Allows Fees

The Court granted the Lead Plaintiffs' request for award of
attorneys' fees and expenses in connection with the settlement of
claims against the Deloitte Defendants and the Grant Thornton

Judge Kaplan awarded Co-Lead Counsel Cohen, Milstein, Hausfeld &
Toll, P.L.L.C., attorneys' fees in the amount of 18.5% of the sum
of (i) US$15 million, and (ii) accrued interest of the Gross
Settlement Funds.  Judge Kaplan also allowed the reimbursement of
US$161,857 in expenses.

In another order, the District Court granted Grant Thornton
International and Grant Thornton LLP's request for summary
judgment dismissing the complaint filed by Dr. Enrico Bondi
against GTI, el al.  The action was dismissed on consent as
against Deloitte & Touche S.p.A., Dianthus, S.p.A., Deloitte
Touche Tohmatsu, Deloitte & Touche LLP and Deloitte & Touche USA
LLP.  A default judgment was entered against Grant Thornton
S.p.A., thus leaving for resolution only the question of damages
against Grant Thornton S.p.A.

As it would be inefficient to proceed with a damages inquest on
the default judgment before the Plaintiffs appeal from the
judgment dismissing as to Grant Thornton is resolved, the case is
stayed and transferred to the suspense docket pending further
order of the Court.  Hence, Judge Kaplan directed the Clerk to
close it for administrative purposes.

The action commenced by Gerald K. Smith, et al., against Grant
Thornton International, et al., is dismissed as to all defendants
save Grant Thornton S.p.A. as to which no proof of service ever
was filed, Judge Kaplan ruled.  The action is dismissed as to
Grant Thornton S.p.A. for failure to prosecute.  He directed the
Clerk to close the case.

                       About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. -- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.

PARMALAT SPA: EUR1-Bil. PCF Claim Settlement Becomes Final
Parmalat announced at the end of March that the settlement
agreement with Parmalat Capital Finance (presently in liquidation
in the Cayman Islands) which was previously announced on February
25, 2010, has been approved by the Cayman Court, and is now final.

By that settlement, Parmalat resolved over EUR1 billion in claims
made against it by PCF.  Pursuant to the terms of the settlement,
Parmalat will allocate 5.6 million shares of stock already issued
to PCF and currently frozen by order of the Parma court.  Parmalat
will also issue 12.4 million new shares of stock to PCF and
release claims it had asserted against PCF in the Cayman Islands.

PCF will, in turn, release all of its claims against Parmalat and
assign to Parmalat its rights in a US$45 million debt plus
interests from Parmalat de Venezuela, together with certain other

                       About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. -- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


LANDSBANKI LUXEMBOURG: Has Deal With BCL Over Avens Bond Sale
The Central Bank of Iceland, on behalf of itself and the National
Treasury of Iceland, has concluded an agreement with the Banque
centrale du Luxembourg (BCL) and the liquidator of Landsbanki
Luxembourg S.A., concerning the purchase of 98% of outstanding
Avens B.V. bonds.  The bonds were owned by Landsbanki Luxembourg
and pledged to BCL as collateral for a liquidity facility provided
in 2008.  Landsbanki Luxembourg is a subsidiary of Landsbanki
Islands hf.

According to the agreement, the Central Bank of Iceland will gain
full control over the assets of Avens, which is the largest single
owner of krona-denominated assets outside Iceland, with ISK
holdings amounting to around 120, or one-fourth of all
krona-denominated assets owned by non-residents.  About one-third
of this amount is in bank deposits, while the remaining two-thirds
are in bonds issued by the Treasury or with a Treasury guarantee.

The Central Bank of Iceland will remit a large portion of the
purchase price with a 15-year Treasury bond in the amount of
EUR402 million.  The bond in question is an amortization bond
bearing variable interest based on EURIBOR rates plus a premium
aligned with the terms offered by the Nordic countries to Iceland.

No decision has been taken on the disposal of Avens's assets. The
assets will be administered by ESI ehf. (the Asset Holding Company
of the Central Bank of Iceland), as is the case with other assets
and claims that have reverted to the Treasury and the Central Bank
in the wake of the banking collapse.

Mar Guomundsson, Governor of the Central Bank of Iceland, and Yves
Mersch, Governor of the BCL, signed the agreement in Luxembourg on
May 18.  On this occasion, Governor Guomundsson said, "This
agreement is an important milestone in the settlement following
the collapse of the Icelandic banks.  It will reduce the Icelandic
economy's external debt by more than 3.5% og GDP and will reduce
non-resident ISK holdings by nearly one-fourth, or about 8% of
GDP.  This agreement is an important premise for capital account
liberalization in Iceland.  I would like to thank Governor Yves
Mersch and his colleagues, and the liquidator of Landsbanki
Luxembourg, Mrs. Yvette Hamilius, for their considerable efforts
in leading this issue to a successful conclusion.  The friendship
and constructive spirit expressed by Governor Mersch throughout
this process helps to overcome some of the problems created by the
collapse of Icelandic banks during the financial crisis and lays a
sound foundation for the continued good co-operation between
Banque centrale du Luxembourg and the Central Bank of Iceland."


SAVA INVEST: In Liquidation Proceedings
Sava Reinsurance Company d.d. disclosed that on May 13, 2010, the
General Meeting of Shareholders of the fund management company
Sava Invest a.d., with registered office at Partizanski odredi br.
43b/1-03, Skopje, Macedonia, passed a resolution to initiate
voluntary liquidation.  By this resolution, Sava Invest a.d. is in
liquidation as of May 14, 2010.


CARLSON WAGONLIT: S&P Raises Corporate Credit Rating to 'B-'
Standard & Poor's Ratings Services said that it raised the long-
term corporate credit rating on Netherlands-incorporated business
travel operator Carlson Wagonlit B.V. to 'B-' from 'CCC+'.  The
outlook is stable.

At the same time, S&P raised the issue rating on CWT's
$850 million senior secured facilities to 'B-' from 'CCC+'.
The recovery rating on these facilities is unchanged at '3',
indicating S&P's expectation of meaningful (50%-70%) recovery
in event of a payment default.

In addition, S&P raised the issue rating on CWT's EUR285 million
floating-rate notes to 'CCC' from 'CCC-'.  The recovery rating on
this instrument is unchanged at '6', indicating S&P's expectation
of negligible (0%-10%) recovery in the event of a payment default.

"The rating upgrade follows CWT's announcement of its results for
the first quarter of 2010, which S&P believes show a gradual
stabilization in the company's operating and trading environment
that started in the fourth quarter of 2009," said Standard &
Poor's credit analyst Silvia Ortolan.  "This improvement came
despite continuing macroeconomic uncertainty."

According to CWT's interim report for the quarter, traffic
increased 8.2% year on year, with improvements in all CWT's main
regions, and transactions were up about 9.0%.  In addition, CWT's
management considers that the travel disruptions in April due to
the volcanic ash cloud should not significantly hamper earnings.
(Management's preliminary estimate is for a loss of about
US$2 million.) CWT's management expects moderate top-line growth
in 2010, in light of the increases in traffic and transactions
that began in the fourth quarter of 2009 and have continued into
the first quarter of 2010.

"The stable outlook reflects S&P's view that CWT's cost-cutting
efforts should bring tangible business benefits in 2010, thereby
helping to stabilize the company's free cash flow generation by
year-end," said Ms. Ortolan.

S&P currently views upside potential as limited, given the
continuing macroeconomic volatility that could hamper the
company's free cash flow generation.

S&P could consider a downgrade if the company's headroom under its
covenants were to tighten again and if its FOCF were to fail to
turn positive on a sustainable basis.


* YAROSLAVL REGION: Fitch Assigns 'BB-' Rating on Domestic Bonds
Fitch Ratings has assigned Yaroslavl Region's RUB2 billion
domestic bond (ISIN RU000A0JQVS9), due May 16, 2013, a final Long-
term local currency rating of 'BB-' and a final National Long-term
rating of 'A+(rus)'.  The region is rated Long-term foreign and
local currency 'BB-' with Stable Outlooks, respectively, Short-
term foreign currency 'B', and National Long-term 'A+(rus)' with a
Stable Outlook.

The bond issue has a step-down quarterly coupon of between 8.5%
and 8% (per annum).  The initial placement price of the bond was
set at an auction on May 20, 2010, at 99.8% of the bond's face
value.  The principal will be amortized by 35% of the initial bond
issue value on August 16, 2012, and the remaining 65% of the
initial value will be redeemed on May 16, 2013.  The proceeds from
the new bond will be used to finance the region's budget deficit.

Yaroslavl Region is part of the Central Federal District and lies
in the northern part of Russia.  The region accounted for 0.9% of
the national population (1.32 million residents) and 0.9% of
national GDP in 2007.


CAJA DE AHORROS: S&P Puts Note Ratings on CreditWatch Negative
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on eight classes of notes in three Caja de
Ahorros del Mediterraneo securitizations of loans to small and
midsize enterprises.  All other classes of notes remain

The rating actions are the result of an initial analysis of each
transaction's current performance compared with its actual capital
structure and the credit enhancement available to each class of

A portfolio of loans CAM has granted to SMEs across Spain back the
notes in these three transactions.

S&P's analysis of Empresas Hipotecario TDA CAM 3, Fondo de
Titulizacion de Activos shows an increasing concentration risk as
the top 10 borrowers represent 23.8% of the current pool, compared
with 14.5% at closing.  This increased concentration, in
conjunction with the reduced cash reserve, has led us to place the
notes on CreditWatch negative.

The pool backing FTPYME TDA CAM 4, Fondo de Titulizacion de
Activos is more granular and does not present the same level of
concentration risk.  However, due to draws on the cash reserve, a
lower level of credit enhancement than S&P observed in its last
surveillance review is available to support the junior class C
notes.  Given the current performance of the transaction, the
rating on the class C notes may no longer be commensurate with the
credit risk of the portfolio.  Therefore, S&P has placed the class
C notes on CreditWatch negative.

According to the last investor report, EMPRESAS HIPOTECARIO TDA
CAM 5, Fondo de Titulizacion de Activos' cash reserve is equal to
only 0.63% of the current note balance.  As a consequence, S&P
believes that all classes in the transaction are exposed to a risk
that current arrears will become defaulted loans in the near
future, without having enough credit support from the reserve
fund.  This being the case, S&P has placed all classes of notes on
CreditWatch negative.

These table reports the summary information for each transaction
as per the last investor reports available.

                     90-360        Cumulative
                     days          defaults
           Pool      delinquency   net of           Cash
           factor(%) rate (%)(1)   recoveries(%)(2) reserve(%)(3)
           --------- -----------   ---------------- -------------
EHCAM 3    50.3     1.83          1.24             2.33
FCAM 4     40.5     1.40          1.99             3.07
EHCAM 5    60.5     1.57          3.83             0.63

               (1)Over current balance of the pool.
               (2)Over original balance of the pool.
               (3)Over current balance of the notes.

S&P will complete its credit and cash flow analyses to assess
whether current credit enhancement levels are sufficient to
maintain the notes' respective ratings as per its latest default
and recovery rate assumptions.  S&P will maintain contact with the
originator to monitor delinquent loans and obtain updated loan-
level data.

                           Ratings List

              Ratings Placed on Creditwatch Negative

Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos
        EUR750 Million Mortgage-Backed Floating-Rate Notes

               Class        To                  From
               -----        --                  ----
               A2           AAA/Watch Neg       AAA
               B            BBB/Watch Neg       BBB
               C            BB/Watch Neg        BB

        FTPYME TDA CAM 4, Fondo de Titulizacion de Activos
                EUR1.5 Billion Floating-Rate Notes

               Class        To                  From
               -----        --                  ----
               C            BB-/Watch Neg       BB-

EMPRESAS HIPOTECARIO TDA CAM 5, Fondo de Titulizacion de Activos
              EUR1,430.8 Million Floating-Rate Notes

               Class        To                  From
               -----        --                  ----
               A2           AAA/Watch Neg       AAA
               A3           AAA/Watch Neg       AAA
               B            BBB/Watch Neg       BBB
               C            BB-/Watch Neg       BB-

CAJASUR: Bank of Spain Takes Over After Unicaja Merger Fails
Victor Mallet at The Financial Times reports that the Bank of
Spain at the weekend seized control of CajaSur.

According to the FT, CajaSur will be recapitalized with more than
EUR500 million (US$628 million) from the new Frob, the Fund for
Orderly Bank Restructuring, after failing to reach agreement on a
merger with Unicaja, another savings bank, despite an ultimatum
from the central bank.

The FT relates that after intervening in the early hours of
Saturday, the Bank of Spain said CajaSur was seized because it had
"viability problems" and because of the failure to agree the deal
with Unicaja.

"CajaSur represents barely 0.6 per cent of the assets of the
Spanish banking system, whose solidity will therefore not be
affected in any way by this situation," the FT quoted the central
bank as saying in a statement, adding that CajaSur would continue
operating normally for the time being.

CajaSur is a savings bank controlled by the Roman Catholic church
in Cordoba.

U N I T E D   K I N G D O M

DUNFERMLINE PRESS: Future Uncertain Following CEO's Death
Erikka Askeland at Scotland On Sunday newspaper reports that
uncertainty surrounds the future of Dunfermline Press following
the death of its chief executive and majority shareholder Deirdre

According to the report, speculation mounts that the heavily-
indebted firm will be sold.  The firm's most recent accounts, the
year to the end of March 2009, show the firm had bank debt of
GBP29.7 million, although most of this is repayable after five
years, the report discloses.  The firm's lender is thought to be
Bank of Scotland, the report states.

The report relates Chris Oakley, a former European media
consultant to private equity firm Candover, said the firm's debt
will give pause to potential buyers.

"If they were able to service their debt their prospects would
have been fair," the report quoted Mr. Oakley as saying. "But this
triggers something rather more drastic.  With the principle
shareholder having died, I would have thought the banks will be
looking closely at who is going to take it over, how they are
going to run it and how they are going to service the debt."

"A change of ownership could mean the banks say thank you very
much, we will have our money back, or negotiate new terms.  The
prospects are pretty uncertain."

No successor as chief executive has been named, the report notes.

Dunfermline Press publishes more than 30 local papers in the UK
and Ireland.

EPIC PLC: Fitch Affirms Rating on Class F Notes at 'B'
Fitch Ratings has affirmed Epic (Culzean) Plc's commercial
mortgage-backed floating rate notes, due 2019:

  -- GBP312.7m class A (XS0286451710): affirmed at 'AAA'; Outlook

  -- GBP48.2m class B (XS0286456198): affirmed at 'AA-'; Outlook

  -- GBP45.6m class C (XS0286456867): affirmed at 'A-'; Outlook

  -- GBP38.6m class D (XS0286457758): affirmed at 'BB+'; Outlook

  -- GBP16.5m class E (XS0286458723): affirmed at 'BB-'; Outlook

  -- GBP20.2m class F (XS0286459374): affirmed at 'B'; Outlook

The affirmation reflects the broadly stable performance of the
loans since the review in May 2009 and the overall strength of the
underlying assets in terms of quality, location, tenant covenant
strength and weighted average lease length.  The Negative Outlook
reflects the continued balloon risk within the pool, as the Metro
and Friends First loans (81.6% of the pool balance) approach their
scheduled maturities in 2011.

Given the high quality and generally prime nature of the assets in
this pool, the portfolio has been well-placed to benefit from the
recent reported tightening of yields in prime markets such as
London's West End.  However, the weighted-average Fitch loan-to-
value ratio (LTV) of 99% remains well in excess of the WA reported
LTV of 71%.  This reflects the low yield assumptions that were
utilized to derive market values for the majority of the London
retail and shopping centre assets securing the loans.

The largest of the four securitized loans -- Metro (73.4% of the
pool) -- is secured by a portfolio of four remaining good quality
shopping centers/retail destinations in London comprising leisure,
cinema, restaurant and retail facilities.  For the last 12 months,
the loan's interest coverage ratio has been just in line with its
1.15x covenant; however, at the last payment date in January 2010
the covenant was met without the aid of a cash injection.  The
loan sponsors, Land Securities plc and Delancey plc, have recently
appointed an agent to sell two of the assets (Notting Hill Estate
and the N1 Shopping Centre in Islington) which together account
for 51% of the loan's collateral value.  Fitch views the potential
sale of these assets as positive to the transaction as a whole; in
addition, a prepayment of this size would improve the likelihood
of an orderly payoff at the scheduled loan maturity in October

The Friends First loan (8.2% of the pool) is secured by an office
building located in Birmingham city centre let to nine tenants,
three of which are government entities (46% of passing rent).
This loan has been in breach of its ICR covenant (1.25x) since
April 2009.  As of the January 2010 IPD the historic ICR figures
for this loan were restated.  The current reported ICR is at 1.07x
up from 0.86x 12 months earlier.  The loan is the first to mature,
in April 2011, and is secured by a less marketable asset, compared
to the remainder of the collateral.

EXETER THEATRE: Bought Out of Administration by University
BBC News reports that Exeter Theatre has been bought out of
administration by the University of Exeter.

According to the report, the theatre, which was placed into
administration in February, will remain open at current funding
levels until next March, when the university and local council
will consider the venue's long-term future.

Exeter University -- which already owns the main theatre building,
constructed in 1967 -- will take on all of the venue's current
staff to form a new university company, the report notes.

"The move to a university-owned company gives the Northcott the
best chance of achieving a sustainable future," the report quoted
Jeremy Lindley, the university's director of corporate services,
as saying.

GALLACHERS: Put Into Administration
News & Star reports that Gallachers has been placed into

The report relates Gallachers went into administration on May 11.
Its financial affairs are now being handled by administrator Jason
Elliott, of Manchester business recovery firm Cowgill Holloway,
the report discloses.

The report says the club will remain open.

Gallachers is a nightclub located at Tangier Street, Whitehaven.
The club includes the GL3 nightclub and Brown's Bar.

MX2 COMPUTERS: In Liquidation; Liquidators Looking for Buyers
BBC News reports that MX2 Computers has gone into liquidation.

The report relates David Rubin and Partners have been appointed
liquidators for the company and are looking for buyers for the
firm's assets.

Guernsey-based MX2 Computers sold computers and digital cameras
over the internet.  The company employed six people.

ODYSSEY PAVILION: In Administration; KPMG Appointed
Belfast Telegraph reports that Odyssey Pavilion LLP has been put
into administration.

The report relates John Hansen of accountants KPMG was appointed
administrator for Odyssey Pavilion, which owns the 150-year lease
to the Odyssey entertainment complex.

According to the report, the business owes around GBP70 million to
Anglo Irish Bank and the bank has triggered the administration.

Odyssey Pavilion LLP is based in Belfast, Northern Ireland.

PAGEBET BOOKMAKERS: In Administration; 125 Jobs Affected
Owen McAteer at The Northern Echo reports that Pagebet Bookmakers
Ltd. has gone into administration.

According to the report, administrators PricewaterhouseCoopers
said the company, which operated 53 licensed betting offices,
generated significant losses during a rapid period of expansion.

The report relates that upon the appointment of the
administrators, 27 licensed betting offices were sold to Stanjames
preserving the employment of 131 staff and three licensed betting
offices were sold to Platinum Leisure (North East) Limited
preserving the employment of 13 staff.  The administrators have
closed the remaining 23 licensed betting offices and made 125
staff redundant, the report notes.

Pagebet Bookmakers Ltd. -- is an
independent bookmaker based in the United Kingdom.  It operates
betting shops along with a large telephone betting business.  It
also provides an odds/data supply service to many other
independent bookmakers.

Dominic Perry at reports that Pemberton
Transport is putting together a second proposal for a Company
Voluntary Arrangement after the first proposal was rejected.

According to the report, the CVA had proposed a five-year payment
plan that would have seen creditors receive around 51p for every
pound they are owed.  The report says two-thirds of those
attending a creditors' meeting needed to approve the CVA in order
for it to proceed.

HM Revenue & Customs and Dawsonrental represent nearly 57% of the
votes with a combined debt of GBP151,309, the report discloses.

The report notes that while the alternative to a CVA could be
administration, Pemberton director Lynne Walker said she has not
thought that far ahead yet.

Pemberton Transport is a Cheshire-based haulier.

ROYAL BANK: Nears Private Equity Fund Sale to Alpinvest
Martin Arnold and Sharlene Goff at The Financial Times report that
Royal Bank of Scotland is close to agreeing the sale of its
European private equity fund portfolio to Dutch pension Alpinvest
in a deal worth about EUR400 million (GBP348 million).

The FT relates that the deal, which is expected to be announced in
the next few weeks, comes with RBS in talks to sell its US private
equity fund portfolio for about US$200 million (GBP138 million).

RBS, 70% owned by the government, aims to dispose of non-core
businesses as it looks to strengthen its capital reserves and
streamline its bloated balance sheet, the FT notes.

                            About RBS

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 of 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.

ROYAL BANK: Mulls Private Sale of Priory Group
Daniel Thomas and Martin Arnold at The Financial Times report
that the Royal Bank of Scotland is examining a private sale of the
Priory Group, owner of the celebrity rehab clinic, after shelving
plans to launch an initial public offering to raise more than GBP1
billion owing to turbulence in the capital markets.

The FT says RBS has held discussions with a number of private
equity groups about a potential sale.  The bank had planned to
exit the business by offering it to the market but has put this
strategy on the back burner while it examines alternative means of
disposing of its interest, including a process to bring it to
market, the FT relates.  The Priory is majority owned by RBS,
which is running the discussions, although there are also other
equity and debt holders, the FT discloses.

The FT recounts talks began after the bank was approached by a
number of investors in the past few months.  No formal sale
process has yet started, although the bank could appoint an
adviser if talks progress, the FT notes.  According to the FT, the
groups involved have looked at the business closely, although they
have not run full due diligence.

"IPO is not the right direction for this kind of business so a
private sale is now much more likely," the FT quoted one person
close to the process saying.

                             About RBS

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 of 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.

WINDERMERE VIII: Fitch Junks Rating on Class C Notes From 'B+'
Fitch Ratings has downgraded Windermere VIII CMBS plc's class A2
to D notes and affirmed the class E notes:

  -- GBP408.4m class A2: downgraded to 'BBB' from 'A+'; Outlook

  -- GBP46.5m class A3: downgraded to 'BB' from 'A-'; Outlook

  -- GBP49.8m class B: downgraded to 'B' from 'BB+'; Outlook

  -- GBP50.2m class C: downgraded to 'CCC' from 'B+'; assigned a
     Recovery Rating of 'RR6'

  -- GBP43.7m class D: downgraded to 'CC' from 'CCC'; Recovery
     Rating revised to 'RR6' from 'RR5'

  -- GBP19.7m class E: affirmed at 'CC'; Recovery Rating of 'RR6'

The downgrades reflect the deterioration in the creditworthiness
of the transaction, due to declining UK commercial property values
and reduced rental income resulting from tenant departures in the
past 12 months.  In addition, three of the remaining six loans are
currently in default and have been transferred to special
servicing.  The AMG loan (24.7% of the portfolio) matured in April
2010 while the Amadeus loan (4.9%) and the Monument loan (2.5%)
matured in 2009, all three loans failed to repay at maturity.

The class A2 to B notes remain on Outlook Negative to reflect the
uncertainty surrounding the loans in special servicing and on the
servicer's watch list.

The AMG loan, the most recent to default, is secured by a
portfolio of office properties located in the City of London.  The
assets are all of good quality and currently 96% occupied with an
unexpired lease term of under three years.  A recent revaluation
of the portfolio resulted in a market value decline (MVD) of 42%.
The Amadeus loan has been in special servicing since Q408 due to a
shortfall in the debt service payment, which was the result of a
fall in income reflecting a rising vacancy rate across the
portfolio.  A revaluation of the collateral following the transfer
to special servicing resulted in a MVD of 58%.  The Monument loan
defaulted upon failing to repay at maturity and subsequently lost
its anchor tenant.  The asset remains 95% vacant with a reported
loan-to-value ratio (LTV) of 518%.  The significant value declines
across the pool resulting from revaluations in the specially
serviced loans have lead to a reported weighted (WA) LTV of 81.9%
up from 74.9 at closing, however, Fitch, meanwhile, estimates a
significantly higher WA Fitch LTV of 116%.

The transaction has significant concentration in two loans, the
Mid City Place loan (35% of the loan pool) and the Government
Income portfolio loan (32%), which together account for 67% of the
loan pool.  The Mid City Place loan is secured by a single
office/retail building located in central London's Midtown
submarket.  Whilst the asset is of a very high quality, it is
likely to have suffered a decline in market value since closing.
The property is near full occupancy and is currently let to 14
tenants with a weighted average unexpired lease term of 7.4 years
(compared to a remaining loan term of three years).  The
Government Income Portfolio loan is secured by 38 office
properties located across the UK.  The loan benefits from strong
collateral income, as 91% of passing rent is derived from
government institutions, although this will also have declined
sharply in value.

WWB RECRUITMENT: In Liquidation; Welsby May Buy Assets
Samrana Hussain at Crain's Manchester Business reports that
WWB Recruitment has gone into liquidation following a pre-pack
administration 15 months ago.

"We suffered quite a bit of debt which financially crippled us.
We struggled on.  But unfortunately at the end of the day, we had
to call it a day.  The company is no longer trading," the report
quoted WWB Recruitment director Mark Welsby as saying.

The report recalls WWB Recruitment was set up by Mr. Welsby and
fellow directors after Welsby Wooding Bourne Ltd. completed a
pre-pack in February 2009.  Administrators sold the business and
assets of Welsby Wooding Bourne Ltd to Ringway Recruitment Ltd
after the company struggled to control costs as business slipped
away, the report recounts.  According to the report, Mr. Welsby
said he and the other directors are in negotiations with the
liquidators RSM Tenon to purchase the assets of Ringway

WWB Recruitment's gross revenue halved to GBP1.4 million in 2009
(2008: GBP2.8 million) and staff numbers dropped from 24 in 2008
to 13, the report notes.

WWB Recruitment is a recruitment company based in Altrincham.  The
company is registered under the name Ringway Recruitment Ltd. at
Companies House.

* UK: 2009 Business Failures in Retail Sector Hit Record Levels
Cash register stopped ringing for 3,600 retail businesses in 2009.
Business failures in the retail sector last year hit record levels
not seen since the early-90s recession, according to the latest
Industry Watch report by accountants and business advisors, BDO
LLP and the Centre for Economics and Business Research (CEBR).

Rising unemployment and low consumer confidence that is further
suppressed high street spending meant around 3,600 retail
businesses went to the wall in 2009.

Don Williams, Head of Retail at BDO LLP explained: "Failures were
depressingly high in 2009 but they have hit their peak and the
good news is that we will finally see a fall in 2010."

The BDO figures indicate that retail business failures will
decrease by 8% year on year in 2010.  This is significantly slower
than the 14% decline in business failures expected for the economy
as a whole as retailers face headwinds from rising inflation,
increasing mortgage costs and low earnings growth.

Consumers have shown remarkable resilience in the face of the
recession in 2009.  Retail spending has held up unexpectedly well
throughout the downturn; the Office of National Statistics data
shows that during 2009 retail sales volumes were up 1.0 % year-on-

Although worryingly high, retail business failures in 2009 rose
less than widely expected as consumer spending held up well.
However, many retailers have paid the price by heavy discounting
which has left profit margins painfully thin.

In future, stabilizing unemployment will likely support consumer
spending in 2010, driving down insolvencies with 3,335 business
failures expected in 2010, reducing to 3,269 in 2011.  However,
wage growth is likely to remain historically low and tight
consumer credit will also contribute to a sluggish decrease in
business failures.

Mr. Williams concluded: "Headwinds in the form of high inflation
and rising mortgage costs will mean that retailers will continue
to struggle.  While we expect insolvencies to decline from the
record peak seen in 2009 they will stay elevated for some time."

According to BDO's latest Industry Watch covering all business
sectors a number of factors have worked in tandem to mitigate the
worst impact on business during this downturn:

    * 1,600 to 2,000 corporate business failures were avoided
thanks to the 'time to pay' scheme that offers struggling
businesses the chance to defer tax payments and was refined in the
March Budget.

    * Between 3,600 to 4,900 business failures were prevented due
to falling mortgage and interest costs which boosted disposable
income and corporate profitability.

    * Between 800 and 1,050 business failures were avoided due to
the impact that the reduction in VAT had on consumer spending.


* EUROPE: Cost of Written Off Debt Rises 8% Over Past 12 Months
The 2010 European Payment Index reveals cost of written off debt
has risen 8% over past 12 months.

                     Key European statistics

The following statistics are taken from Intrum Justitia's 2010
European Payment Index, an annual survey of more than 6,000
businesses across Europe.

   -- Written off debt across Europe has risen by EUR30 billion
over the past 12 months.  Today, 2.6% of all transactions across
Europe are written off compared to 2.4% in 2009

   -- If all European businesses, public authorities and consumers
paid their bills and invoices in full, the money saved from
written off bad debt would equate to a EUR300 billion cash
injection for businesses throughout the European Union

   -- Europe's SMEs suffer the highest proportion of write offs
(3% in 2010 vs. the average of 2.6%)

   -- Business confidence is low across Europe with just 10% of
businesses forecasting improved conditions over coming 12 months

   -- 52% of businesses in Europe say that they are not confident
they will get the support they need from the banks post recession

Research released in Brussels by leading credit management
services company Intrum Justitia shows that European written off
debt -- monies owed to a business in the region but never paid --
has reached the record level of EUR300 billion -- a figure equal
to Greece's national debt.  This is an 8% rise on the levels
recorded in 2009.

Intrum Justitia's annual European Payment Index survey of over
6000 European businesses has shown that European SMEs, responsible
for contributing 56%* of the EU's GDP, are the hardest hit by the
rise in non-payment, with 3% of all transactions across public
authorities, businesses and consumers having to be written off as
bad debt.

Now in its sixth year, the survey also reveals that despite much
talk of the "green shoots" of recovery, European business
confidence is low with just 10% of businesses forecasting an
improvement in trading conditions over the coming 12 months and
52% of organizations feel less confident that they will get the
support that they need from their bank post-recession.

"With many European governments continuing to prop up their
economies with cash injections, this EUR300 billion wastage figure
is truly worrying," commented Lars Wollung, CEO, Intrum Justitia.
"In particular it is extremely troubling to see how hard hit the
SME market has been by non-payment and the lack of confidence that
conditions will improve over the coming months.  With banks
continuing to lend cautiously, good cashflow management -- which
includes taking decisive action when faced with late or non-
payment -- is vital to help ensure the very survival of many
European small and medium-sized businesses."

The European Payment Index also revealed that more than half of
all businesses (60%) would have liked to see the recently revised
European Late Payment Directive extended to cover consumer
payments with 58% saying that such an extension would
significantly improve their business conditions.

"While we support businesses' call to extend the Directive, we
also believe that the revised Directive covering businesses and
public authorities should have been made stronger," said Mr.
Wollung.  "The legislation says that businesses are entitled to
impose compensation for late payments -- we believe that
businesses should be obligated to impose this compensation.  By
leaving the creditor with no other choice but to lawfully impose
late payment fees; the fear of losing a valuable trading partner
-- a significant concern for many small businesses in particular
-- would be eliminated."

*Source: According to EU estimates is 56.2%

* S&P Takes Various Rating Actions on 13 European Tranches
Standard & Poor's Ratings Services took various rating actions on
13 tranches in European synthetic collateralized debt obligations.

Specifically, S&P:

* Lowered and removed from CreditWatch negative its rating on one

* Placed on CreditWatch negative its rating on one tranche;

* Removed from CreditWatch negative its rating on one tranche;

* Placed on CreditWatch positive its ratings on seven tranches;

* Raised and removed from CreditWatch positive its ratings on two
  tranches; and

* Withdrew its rating on one tranche.

The rating actions follow S&P's recent rating action on the
underlying collateral to which these transactions are weak-linked.

The withdrawal of the rating on Magnolia Finance II PLC series
2005-5 follows Credit Suisse's--the arranger--notification to us
that the issuer has fully repurchased the notes.

                           Ratings List

       Rating Lowered and Removed From Creditwatch Negative

                    Willow No.2 (Ireland) PLC
   EUR6.823 Million Secured Limited-Recourse Variable-Rate Notes
                            Series 23

                To                  From
                --                  ----
                AA                  AAA/Watch Neg

              Rating Placed on Creditwatch Negative

                          Coriolanus Ltd.
EUR6 Million Pass-Through Floating-Rate Secured Notes Series 28

                    To                  From
                    --                  ----
                    B+/Watch Neg        B+

            Rating Removed From Creditwatch Negative

                    Willow No.2 (Ireland) PLC
   EUR6.34 Million Secured Limited-Recourse Floating-Rate Notes
                            Series 28

                 To                  From
                 --                  ----
                 AAA                 AAA/Watch Neg

              Ratings Placed on Creditwatch Positive

                            Aria CDO I
        CHF58.4 Million, EUR31.5 Million, GBP0.4 Million,
          And $17.4 Million Floating-Rate Secured Notes
      (Issued By Aria CDO I (Cayman Islands) Ltd.) Series 6

                     To                  From
                     --                  ----
                     BBB-/Watch Pos      BBB-

                            Aria CDO I
        CHF58.4 Million, EUR31.5 Million, GBP0.4 Million,
          and US$17.4 Million Floating-Rate Secured Notes
      (Issued By Aria CDO I (Cayman Islands) Ltd.) Series 7

                     To                  From
                     --                  ----
                     BBB-/Watch Pos      BBB-

                          Eirles Two Ltd.
      US$50 Million Floating-Rate Secured Notes Series 120

                     To                  From
                     --                  ----
                     BB+/Watch Pos       BB+

                       Edam Funding One Ltd.
EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                           Series 2006-1

                     To                  From
                     --                  ----
                     B-/Watch Pos        B-

                       Edam Funding One Ltd.
EUR25 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                          Series 2006-02

                     To                  From
                     --                  ----
                     B-/Watch Pos        B-

                      Edam Funding One Ltd.
EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                          Series 2006-03

                     To                  From
                     --                  ----
                     B-/Watch Pos        B-

                      Prelude Europe CDO Ltd.
   A$40 Million Credit-Linked Notes Series 2005-4 (Credit Sail)

                     To                  From
                     --                  ----
                     CCC+p/Watch Pos     CCC+p

       Ratings Raised and Removed From Creditwatch Positive

                            Aria CDO I
        CHF58.4 Million, EUR31.5 Million, GBP0.4 Million,
          and US$17.4 Million Floating-Rate Secured Notes
      (Issued By Aria CDO I (Cayman Islands) Ltd.) Series 1

                 To                  From
                 --                  ----
                 AA-                 A+/Watch Pos

                            Aria CDO I
        CHF58.4 Million, EUR31.5 Million, GBP0.4 Million,
          and US$17.4 Million Floating-Rate Secured Notes
      (Issued By Aria CDO I (Cayman Islands) Ltd.) Series 3

                 To                  From
                 --                  ----
                 AA-                 A+/Watch Pos

                         Rating Withdrawn

                     Magnolia Finance II PLC
US$5.5 Million Credit Index-Linked Variable Interest Principal
                    Protected CDO Series 2005-5

                     To                  From
                     --                  ----
                     NR                 AA-

                         NR -- Not rated.

* Large Companies with Insolvent Balance Sheet

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

LIBRO AG              LIB AV           -109013328   171684389.1
LIBRO AG              LB6 GR           -109013328   171684389.1
LIBRO AG              LBROF US         -109013328   171684389.1
LIBRO AG              LIBR AV          -109013328   171684389.1
SKYEUROPE             SKY PW         -89480486.93   159076577.5
SKYEUROPE             SKYP PW        -89480486.93   159076577.5
SKYEUROPE HLDG        S8E GR         -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EU         -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EU      -89480486.93   159076577.5
SKYEUROPE HLDG        SKURF US       -89480486.93   159076577.5
SKYEUROPE HLDG        SKY LI         -89480486.93   159076577.5
SKYEUROPE HLDG        SKYA PZ        -89480486.93   159076577.5
SKYEUROPE HLDG        SKY AV         -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EO         -89480486.93   159076577.5
SKYEUROPE HLDG        SKYV IX        -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EO      -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        LHGR CY         -27821889.5     240947718
LIBRA HOLIDAYS        LHGCYP EU       -27821889.5     240947718
LIBRA HOLIDAYS        LHGCYP EO       -27821889.5     240947718
LIBRA HOLIDAYS G      LHG EO          -27821889.5     240947718
LIBRA HOLIDAYS G      LHG CY          -27821889.5     240947718
LIBRA HOLIDAYS G      LHG PZ          -27821889.5     240947718
LIBRA HOLIDAYS G      LHG EU          -27821889.5     240947718
LIBRA HOLIDAYS-P      LBHG PZ         -27821889.5     240947718
LIBRA HOLIDAYS-P      LBHG CY         -27821889.5     240947718

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

ELITE SHIPPING        ELSP DC        -27715991.74   100892900.3
OBTEC                 OBT DC         -18360748.78   147485890.1
OBTEC                 OBTEC DC       -18360748.78   147485890.1
OBTEC-NEW SHARES      OBTECN DC      -18360748.78   147485890.1
OBTEC-OLD             OBTN DC        -18360748.78   147485890.1
ROSKILDE BANK         ROSBF US       -532868894.9    7876687324
ROSKILDE BANK         RKI GR         -532868894.9    7876687324
ROSKILDE BANK         ROSK EO        -532868894.9    7876687324
ROSKILDE BANK         ROSKF US       -532868894.9    7876687324
ROSKILDE BANK         ROSK PZ        -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-RT      916603Q DC     -532868894.9    7876687324
ROSKILDE BAN-NEW      ROSKN DC       -532868894.9    7876687324
ROSKILDE BAN-RTS      ROSKT DC       -532868894.9    7876687324
SCANDINAVIAN BRA      SBS DC         -18360748.78   147485890.1
SCANDINAVIAN BRA      SBSC IX        -18360748.78   147485890.1
SCANDINAVIAN BRA      SBS1 EU        -18360748.78   147485890.1
SCANDINAVIAN BRA      SBS1 EO        -18360748.78   147485890.1
SCANDINAVIAN BRA      SBS1 BY        -18360748.78   147485890.1
SCANDINAVIAN BRA      SBSD PZ        -18360748.78   147485890.1
SCANDINAVIAN BRA      SBS1EUR EO     -18360748.78   147485890.1
SCANDINAVIAN BRA      SBS1EUR EU     -18360748.78   147485890.1

CARRERE GROUP         CAR2 EO        -9829592.638     279906700
CARRERE GROUP         XRR GR         -9829592.638     279906700
CARRERE GROUP         CAR2 EU        -9829592.638     279906700
CARRERE GROUP         CAR FP         -9829592.638     279906700
CARRERE GROUP         CRRHF US       -9829592.638     279906700
CARRERE GROUP         CARG FP        -9829592.638     279906700
CARRERE GROUP         CARF PZ        -9829592.638     279906700
CARRERE GROUP         CRGP IX        -9829592.638     279906700
CHAINE ET TRAME       CTRM FP        -58947458.16   116889783.9
CHAINE ET TRAME       CHTR FP        -58947458.16   116889783.9
GRANDE PAROISSE       GDPA FP        -927267926.9     629287290
GRANDE PAROISSE       GAPA FP        -927267926.9     629287290
GRANDE PAROISSE       GDPXF US       -927267926.9     629287290
IMMOB HOTEL BALN      IMHB FP        -170171676.3   212556594.4
IMMOB HOTELIERE       IMBHF US       -170171676.3   212556594.4
IMMOB HOTELIERE       IMMH IX        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO PZ        -170171676.3   212556594.4
IMMOB HOTELIERE       IMH GR         -170171676.3   212556594.4
IMMOB HOTELIERE       SIH FP         -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EO        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO FP        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EU        -170171676.3   212556594.4
LAB DOLISOS           DOLI FP        -27752176.19   110485462.4
LAB DOLISOS           LADL FP        -27752176.19   110485462.4
MATUSSIERE & FOR      1007765Q FP    -77896683.67   293868350.8
MATUSSIERE & FOR      MTUSF US       -77896683.67   293868350.8
MB RETAIL EUROPE      CTRF IX        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EO        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ        -58947458.16   116889783.9
OROSDI                OROS FP         -7291.55004   131233317.6
OROSDI-BACK           OROS EO         -7291.55004   131233317.6
OROSDI-BACK           OROS EU         -7291.55004   131233317.6
OROSDI-BACK           BACK IX         -7291.55004   131233317.6
OROSDI-BACK           ORBA FP         -7291.55004   131233317.6
OROSDI-BACK           OROS PZ         -7291.55004   131233317.6
PAGESJAUNES           PGJUF US        -3171655188    1168738032
PAGESJAUNES GRP       PAJ TQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJ BQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJ VX          -3171655188    1168738032
PAGESJAUNES GRP       PAJ FP          -3171655188    1168738032
PAGESJAUNES GRP       PAJ EU          -3171655188    1168738032
PAGESJAUNES GRP       QS3 GR          -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EU       -3171655188    1168738032
PAGESJAUNES GRP       PAJ QM          -3171655188    1168738032
PAGESJAUNES GRP       PAJP IX         -3171655188    1168738032
PAGESJAUNES GRP       PAJ IX          -3171655188    1168738032
PAGESJAUNES GRP       PAJ EO          -3171655188    1168738032
PAGESJAUNES GRP       PAJGBP EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJ PZ          -3171655188    1168738032
PAGESJAUNES GRP       PAJ NQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EU       -3171655188    1168738032
PAGESJAUNES GRP       PAJ LI          -3171655188    1168738032
PAGESJAUNES GRP       PAJ EB          -3171655188    1168738032
RHODIA SA             2324015Q EO    -883734308.8    6075165782
RHODIA SA             RHA BQ         -883734308.8    6075165782
RHODIA SA             RHANR FP       -883734308.8    6075165782
RHODIA SA             RHANR PZ       -883734308.8    6075165782
RHODIA SA             2324011Q EU    -883734308.8    6075165782
RHODIA SA             RHA NQ         -883734308.8    6075165782
RHODIA SA             RHAY IX        -883734308.8    6075165782
RHODIA SA             RHAUSD EO      -883734308.8    6075165782
RHODIA SA             RHA EB         -883734308.8    6075165782
RHODIA SA             RHA VX         -883734308.8    6075165782
RHODIA SA             RHAUSD EU      -883734308.8    6075165782
RHODIA SA             RHAGBP EO      -883734308.8    6075165782
RHODIA SA             RHA TQ         -883734308.8    6075165782
RHODIA SA             RHD GR         -883734308.8    6075165782
RHODIA SA             RHDAF US       -883734308.8    6075165782
RHODIA SA             RHA QM         -883734308.8    6075165782
RHODIA SA             RHDI GR        -883734308.8    6075165782
RHODIA SA             3218857Q IX    -883734308.8    6075165782
RHODIA SA             RHA FP         -883734308.8    6075165782
RHODIA SA             RHADF US       -883734308.8    6075165782
RHODIA SA             RHAGBX EO      -883734308.8    6075165782
RHODIA SA             RHAGBX EU      -883734308.8    6075165782
RHODIA SA             RHA PZ         -883734308.8    6075165782
RHODIA SA             RHA IX         -883734308.8    6075165782
RHODIA SA             RHA EU         -883734308.8    6075165782
RHODIA SA             RHA EO         -883734308.8    6075165782
RHODIA SA - NEW       2335921Q FP    -883734308.8    6075165782
RHODIA SA - NEW       3156011Q FP    -883734308.8    6075165782
RHODIA SA - NEW       RHANV FP       -883734308.8    6075165782
RHODIA SA - NEW       3506266Q FP    -883734308.8    6075165782
RHODIA SA-ADR         RHAYY US       -883734308.8    6075165782
RHODIA SA-RIGHTS      653447Q FP     -883734308.8    6075165782
RHODIA SA-RIGHTS      RHADS FP       -883734308.8    6075165782
SDR CENTREST          117241Q FP     -132420119.6   252176017.2
SELCODIS              SLCO PZ        -21481214.33   175720770.8
SELCODIS              SLCO EU        -21481214.33   175720770.8
Selcodis              SPVX FP        -21481214.33   175720770.8
SELCODIS              SLCO FP        -21481214.33   175720770.8
SELCODIS              SPVX IX        -21481214.33   175720770.8
SELCODIS              SLCO EO        -21481214.33   175720770.8
TECHNICOLOR           TCH FP         -649203365.6    6191078453
TECHNICOLOR           TMSGBP EO      -649203365.6    6191078453
TECHNICOLOR           TCH TQ         -649203365.6    6191078453
TECHNICOLOR           TMS EU         -649203365.6    6191078453
TECHNICOLOR           TMS PZ         -649203365.6    6191078453
TECHNICOLOR           TMSUSD EO      -649203365.6    6191078453
TECHNICOLOR           TMSGBX EU      -649203365.6    6191078453
TECHNICOLOR           TMMLF US       -649203365.6    6191078453
TECHNICOLOR           TCH NQ         -649203365.6    6191078453
TECHNICOLOR           TMS NQ         -649203365.6    6191078453
TECHNICOLOR           TMS EB         -649203365.6    6191078453
TECHNICOLOR           TMM IX         -649203365.6    6191078453
TECHNICOLOR           TMS BQ         -649203365.6    6191078453
TECHNICOLOR           TMSGBX EO      -649203365.6    6191078453
TECHNICOLOR           TMS GK         -649203365.6    6191078453
TECHNICOLOR           TMS EO         -649203365.6    6191078453
TECHNICOLOR           TCH QM         -649203365.6    6191078453
TECHNICOLOR           TMSUSD EU      -649203365.6    6191078453
TECHNICOLOR           TNM GR         -649203365.6    6191078453
TECHNICOLOR -RTS      TCHDS FP       -649203365.6    6191078453
TECHNICOLOR-ADR       TCH US         -649203365.6    6191078453
THOMSON - NEW         TMSNV FP       -649203365.6    6191078453
THOMSON - NEW         2336061Q FP    -649203365.6    6191078453
THOMSON (EX-TMM)      TMS FP         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS TQ         -649203365.6    6191078453
THOMSON (EX-TMM)      TMM VX         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS QM         -649203365.6    6191078453
THOMSON (EX-TMM)      TNMA GR        -649203365.6    6191078453
THOMSON (EX-TMM)      TMMN FP        -649203365.6    6191078453
THOMSON (EX-TMM)      TMM ES         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS VX         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS US         -649203365.6    6191078453
THOMSON (EX-TMM)      TMM LN         -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

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

AGOR AG               DOOD PZ        -482446.6262   144432986.2
AGOR AG               DOOG IX        -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               NDAGF US       -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR    -482446.6262   144432986.2
ALNO AG               ANO EO         -101940692.7   236502063.1
ALNO AG               ANO GR         -101940692.7   236502063.1
ALNO AG               ALNO IX        -101940692.7   236502063.1
ALNO AG               ANO PZ         -101940692.7   236502063.1
ALNO AG               ANO EU         -101940692.7   236502063.1
ALNO AG-NEW           ANO1 GR        -101940692.7   236502063.1
ALNO AG-RTS           2259765Z GR    -101940692.7   236502063.1
BROKAT AG             BROFQ US       -27139391.98   143536859.7
BROKAT AG             BROAF US       -27139391.98   143536859.7
BROKAT AG             BRKAF US       -27139391.98   143536859.7
BROKAT AG             BKISF US       -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 NM        -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 GR        -27139391.98   143536859.7
BROKAT AG-ADR         BROA US        -27139391.98   143536859.7
BROKAT TECH -ADR      BROAQ US       -27139391.98   143536859.7
BROKAT TECH AG        BRJ GR         -27139391.98   143536859.7
BROKAT TECH AG        BRJ NM         -27139391.98   143536859.7
BROKAT TECH AG        BSA LN         -27139391.98   143536859.7
BROKAT TECH-ADR       BRJA GR        -27139391.98   143536859.7
CBB HOLDING AG        COBG PZ        -42994732.85   904723627.8
CBB HOLDING AG        COBG IX        -42994732.85   904723627.8
CBB HOLDING AG        COB GR         -42994732.85   904723627.8
CBB HOLDING AG        COB2 EO        -42994732.85   904723627.8
CBB HOLDING AG        CUBDF US       -42994732.85   904723627.8
CBB HOLDING AG        COB2 EU        -42994732.85   904723627.8
CBB HOLDING-NEW       COB1 GR        -42994732.85   904723627.8
CBB HOLDING-NEW       COB3 GR        -42994732.85   904723627.8
CBB HOLD-NEW 97       COB2 GR        -42994732.85   904723627.8
CINEMAXX AG           MXC EO         -14445849.72   194465786.9
CINEMAXX AG           MXC PZ         -14445849.72   194465786.9
CINEMAXX AG           MXCUSD EU      -14445849.72   194465786.9
CINEMAXX AG           MXC GR         -14445849.72   194465786.9
CINEMAXX AG           CNEMF US       -14445849.72   194465786.9
CINEMAXX AG           MXCG IX        -14445849.72   194465786.9
CINEMAXX AG           MXC EU         -14445849.72   194465786.9
CINEMAXX AG           MXCUSD EO      -14445849.72   194465786.9
CINEMAXX AG-RTS       MXC8 GR        -14445849.72   194465786.9
DORT ACTIEN-BRAU      944167Q GR     -12689156.29   117537053.7
DORT ACTIEN-RTS       DAB8 GR        -12689156.29   117537053.7
EDOB ABWICKLUNGS      ESC EO         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC GR         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TQ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESCDF US       -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC BQ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC PZ         -22323463.23   425598807.8
EM.TV & MERCHAND      ETV NM         -22067409.41   849175624.7
EM.TV & MERCHAND      ETV LN         -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US       -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US       -22067409.41   849175624.7
EM.TV & MERCHAND      ETV VX         -22067409.41   849175624.7
EM.TV & MERCHAND      985403Q GR     -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM        -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR        -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 GR        -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 NM        -22067409.41   849175624.7
ESCADA AG             ESCG IX        -22323463.23   425598807.8
ESCADA AG -PFD        ESC3 GR        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO        -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 GR        -22323463.23   425598807.8
ESCADA AG-NEW         835345Q GR     -22323463.23   425598807.8
ESCADA AG-RTS         ESCE GR        -22323463.23   425598807.8
ESCADA AG-SP ADR      ESCDY US       -22323463.23   425598807.8
KABEL DEUTSCHLAN      KD8USD EO       -1408286725    3144138917
KABEL DEUTSCHLAN      KD8USD EU       -1408286725    3144138917
KABEL DEUTSCHLAN      KD8 EU          -1408286725    3144138917
KABEL DEUTSCHLAN      KD8 EO          -1408286725    3144138917
KABEL DEUTSCHLAN      KD8 GR          -1408286725    3144138917
KAUFRING AG           KFR EO         -19296489.56   150995473.8
KAUFRING AG           KFR EU         -19296489.56   150995473.8
KAUFRING AG           KFR GR         -19296489.56   150995473.8
KAUFRING AG           KFR PZ         -19296489.56   150995473.8
KAUFRING AG           KAUG IX        -19296489.56   150995473.8
MANIA TECHNOLOGI      MNI1 EO         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EU         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM          -35060806.5   107465713.6
MANIA TECHNOLOGI      2260970Z GR     -35060806.5   107465713.6
MANIA TECHNOLOGI      MIAVF US        -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI PZ          -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI GR          -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAKG IX        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK GR         -17804909.71   189933668.6
MATERNUS-KLINIKE      MNUKF US       -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EO         -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EU         -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 GR         -18656728.68   610380925.7
PRIMACOM AG           PRC EO         -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 NM         -18656728.68   610380925.7
PRIMACOM AG           PRC EU         -18656728.68   610380925.7
PRIMACOM AG           PRCG IX        -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAGY US       -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAG US        -18656728.68   610380925.7
PRIMACOM AG-ADR+      PCAG ES        -18656728.68   610380925.7
RAG ABWICKL-REG       ROSG PZ        -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EO        -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       RSTHF US       -1744121.914   217776125.8
RINOL AG              RNLAF US            -2.7111   168095049.1
RINOL AG              RILB EO             -2.7111   168095049.1
RINOL AG              RILB IX             -2.7111   168095049.1
RINOL AG              RILB EU             -2.7111   168095049.1
RINOL AG              RIL GR              -2.7111   168095049.1
RINOL AG              RILB PZ             -2.7111   168095049.1
RINOL AG              RILB 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      2916161Q EO    -6153256.917   127548039.7
SANDER (JIL)-PRF      SAD3 PZ        -6153256.917   127548039.7
SANDER (JIL)-PRF      2916157Q EU    -6153256.917   127548039.7
SINNLEFFERS AG        WHG GR         -4491629.961   453887060.1
SPAR HANDELS-AG       773844Q GR     -442426199.5    1433020961
SPAR HANDELS-AG       SPHFF US       -442426199.5    1433020961
SPAR HAND-PFD NV      SPA3 GR        -442426199.5    1433020961
TA TRIUMPH-ACQ        TWNA EU        -124667889.5   375247226.8
TA TRIUMPH-ACQ        TWNA GR        -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN EU         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN GR         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN PZ         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TTZAF US       -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN EO         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWNG IX        -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 PZ        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 EU        -22198683.12   111990951.4
VIVANCO GRUPPE        VIVGF US       -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 EO        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA GR         -22198683.12   111990951.4
VIVANCO GRUPPE        VVAG IX        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 GR        -22198683.12   111990951.4

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

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

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

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

AEDES AXA+W           AEAXAW IM      -24405906.61    1350851664
AEDES SPA             AE EU          -24405906.61    1350851664
AEDES SPA             AEDSF US       -24405906.61    1350851664
AEDES SPA             LLB GR         -24405906.61    1350851664
AEDES SPA             AE PZ          -24405906.61    1350851664
AEDES SPA             AE TQ          -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 RNC         AEDE IM        -24405906.61    1350851664
AEDES SPA-OPA         AEOPA IM       -24405906.61    1350851664
AEDES SPA-OPA         AEDROP IM      -24405906.61    1350851664
AEDES SPA-RTS         AEAA IM        -24405906.61    1350851664
AEDES SPA-RTS         AESA IM        -24405906.61    1350851664
AEDES SPA-SVGS R      AEDRAA IM      -24405906.61    1350851664
BINDA SPA             BND IM         -11146475.29   128859802.9
BINDA SPA             BNDAF US       -11146475.29   128859802.9
BROGGI IZAR FABB      BIF IM         -178432.4639   134255668.5
CART SOTTRI-BIND      DEM IM         -11146475.29   128859802.9
CIRIO FINANZIARI      CRO IM         -422095869.5    1583083044
CIRIO FINANZIARI      FIY GR         -422095869.5    1583083044
COIN SPA              965089Q GR     -154057608.3   800526929.5
COIN SPA              GUCIF US       -154057608.3   800526929.5
COIN SPA              GC IX          -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           BY EU          -178432.4639   134255668.5
CORNELL BHN           INO1 IX        -178432.4639   134255668.5
CORNELL BHN           BY EO          -178432.4639   134255668.5
CORNELL BHN           CBX IM         -178432.4639   134255668.5
CORNELL BHN           INN IM         -178432.4639   134255668.5
CREDITO FONDIARI      CRF IM         -200209050.3    4213063202
CREDITO FOND-RTS      CRFSA IM       -200209050.3    4213063202
ELIOS HOLDING         EH IM          -178432.4639   134255668.5
ELIOS HOLDING-NE      EH00 IM        -178432.4639   134255668.5
ELIOS HOLDING-RT      EHAA IM        -178432.4639   134255668.5
ELIOS SPA             EHM IM         -178432.4639   134255668.5
I VIAGGI DEL VEN      VVE IX         -194331003.9     255327730
I VIAGGI DEL VEN      IVGIF US       -194331003.9     255327730
I VIAGGI DEL VEN      VVE IM         -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ         -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO         -194331003.9     255327730
I VIAGGI DEL VEN      IV7 GR         -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ         -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      ONT EO          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT IM          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT TQ          -47468652.4   322390901.7
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
PARMALAT FINANZI      PMT LI         -18419390029    4120687886
PARMALAT FINANZI      PAF GR         -18419390029    4120687886
PARMALAT FINANZI      PMLFF US       -18419390029    4120687886
PARMALAT FINANZI      PRFI VX        -18419390029    4120687886
PARMALAT FINANZI      PRF IM         -18419390029    4120687886
PARMALAT FINANZI      FICN AV        -18419390029    4120687886
PARMALAT FINANZI      PARAF US       -18419390029    4120687886
PARMALAT FINA-RT      PRFR AV        -18419390029    4120687886
RISANAMEN-RNC OP      RNROPA IM      -165887753.7    4800733024
RISANAMENTO NAPO      RN5 GR         -165887753.7    4800733024
RISANAMENTO -OPA      RNOPA IM       -165887753.7    4800733024
RISANAMENTO -RNC      RNR IM         -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EO       -165887753.7    4800733024
RISANAMENTO SPA       RN IX          -165887753.7    4800733024
RISANAMENTO SPA       RSMNF US       -165887753.7    4800733024
RISANAMENTO SPA       RNGBP EO       -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EU       -165887753.7    4800733024
RISANAMENTO SPA       RN IM          -165887753.7    4800733024
RISANAMENTO SPA       RN EU          -165887753.7    4800733024
RISANAMENTO SPA       RN TQ          -165887753.7    4800733024
RISANAMENTO SPA       RN EO          -165887753.7    4800733024
RISANAMENTO SPA       RN PZ          -165887753.7    4800733024
RISANAMENTO-RTS       RNAA IM        -165887753.7    4800733024
SNIA BPD              SN GR          -141933883.9   150445252.4
SNIA BPD-ADR          SBPDY US       -141933883.9   150445252.4
SNIA SPA              SBPDF US       -141933883.9   150445252.4
SNIA SPA              SIAI PZ        -141933883.9   150445252.4
SNIA SPA              SN EU          -141933883.9   150445252.4
SNIA SPA              SSMLF US       -141933883.9   150445252.4
SNIA SPA              SNIXF US       -141933883.9   150445252.4
SNIA SPA              SN TQ          -141933883.9   150445252.4
SNIA SPA              SN IM          -141933883.9   150445252.4
SNIA SPA              SNIA GR        -141933883.9   150445252.4
SNIA SPA              SNIB GR        -141933883.9   150445252.4
SNIA SPA              SN EO          -141933883.9   150445252.4
SNIA SPA              SIAI IX        -141933883.9   150445252.4
SNIA SPA - RTS        SNAAW IM       -141933883.9   150445252.4
SNIA SPA- RTS         SNAXW IM       -141933883.9   150445252.4
SNIA SPA-2003 SH      SN03 IM        -141933883.9   150445252.4
SNIA SPA-CONV SA      SPBDF US       -141933883.9   150445252.4
SNIA SPA-DRC          SNR00 IM       -141933883.9   150445252.4
SNIA SPA-NEW          SN00 IM        -141933883.9   150445252.4
SNIA SPA-NON CON      SPBNF US       -141933883.9   150445252.4
SNIA SPA-RCV          SNIVF US       -141933883.9   150445252.4
SNIA SPA-RCV          SNR IM         -141933883.9   150445252.4
SNIA SPA-RIGHTS       SNAW IM        -141933883.9   150445252.4
SNIA SPA-RNC          SNRNC IM       -141933883.9   150445252.4
SNIA SPA-RNC          SNIWF US       -141933883.9   150445252.4
SNIA SPA-RTS          SNAA IM        -141933883.9   150445252.4
SNIA SPA-RTS          SNSO IM        -141933883.9   150445252.4
SOCOTHERM SPA         SCT EU         -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US       -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM         -161739278.5   398222827.1
SOCOTHERM SPA         SCTM IX        -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ         -161739278.5   398222827.1
SOCOTHERM SPA         SCT EO         -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ        -161739278.5   398222827.1
TAS TECNOLOGIA        TAS IM         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EO         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS TQ         -405622.1721   172796509.7
TAS TECNOLOGIA        TAQ GR         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EU         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS PZ         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS NM         -405622.1721   172796509.7
TECNODIFF ITALIA      TDI IM         -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR         -89894162.82   152045757.5
TECNODIFF ITALIA      TDI NM         -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US       -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM      -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM      -89894162.82   152045757.5
TISCALI - RTS         TISAAW IM      -421259823.5   632152613.6
TISCALI - RTS         TIQA GR        -421259823.5   632152613.6
TISCALI SPA           TIS IM         -421259823.5   632152613.6
TISCALI SPA           TIS PZ         -421259823.5   632152613.6
TISCALI SPA           TIS NR         -421259823.5   632152613.6
TISCALI SPA           TIQ GR         -421259823.5   632152613.6
TISCALI SPA           TIQG IX        -421259823.5   632152613.6
TISCALI SPA           TSCXF US       -421259823.5   632152613.6
TISCALI SPA           TISN IM        -421259823.5   632152613.6
TISCALI SPA           TIS FP         -421259823.5   632152613.6
TISCALI SPA           TIS EB         -421259823.5   632152613.6
TISCALI SPA           TIS VX         -421259823.5   632152613.6
TISCALI SPA           TIS EO         -421259823.5   632152613.6
TISCALI SPA           TISN VX        -421259823.5   632152613.6
TISCALI SPA           TISN NA        -421259823.5   632152613.6
TISCALI SPA           TISN IX        -421259823.5   632152613.6
TISCALI SPA           TIS TQ         -421259823.5   632152613.6
TISCALI SPA           TISGBX EO      -421259823.5   632152613.6
TISCALI SPA           TIS NQ         -421259823.5   632152613.6
TISCALI SPA           TISGBP EO      -421259823.5   632152613.6
TISCALI SPA           TISN FP        -421259823.5   632152613.6
TISCALI SPA           TIQ1 GR        -421259823.5   632152613.6
TISCALI SPA           TISGBX EU      -421259823.5   632152613.6
TISCALI SPA           TIS NA         -421259823.5   632152613.6
TISCALI SPA           TIS EU         -421259823.5   632152613.6
TISCALI SPA           TIS IX         -421259823.5   632152613.6
TISCALI SPA- RTS      3391621Q GR    -421259823.5   632152613.6
TISCALI SPA- RTS      TISAXA IM      -421259823.5   632152613.6
YORKVILLE BHN         BY IM          -178432.4639   134255668.5
YORKVILLE BHN         BY TQ          -178432.4639   134255668.5
YORKVILLE BHN         CBXI PZ        -178432.4639   134255668.5

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         CJNA GR           -94729000     472360992
CARRIER1 INTL         CJN NM            -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 EU        -7854741.409   609871188.9
BAAN COMPANY NV       BNCG IX        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN PZ        -7854741.409   609871188.9
BAAN COMPANY NV       BAAVF US       -7854741.409   609871188.9
BAAN COMPANY-NY       BAANF US       -7854741.409   609871188.9
JAMES HARDIE IND      HAH NZ           -131100008    2130899840
JAMES HARDIE IND      726824Z NA       -131100008    2130899840
JAMES HARDIE IND      HAH AU           -131100008    2130899840
JAMES HARDIE IND      600241Q GR       -131100008    2130899840
JAMES HARDIE NV       JHXCC AU         -131100008    2130899840
JAMES HARDIE-ADR      JHINY US         -131100008    2130899840
JAMES HARDIE-ADR      JHX US           -131100008    2130899840
JAMES HARDIE-CDI      JHIUF US         -131100008    2130899840
JAMES HARDIE-CDI      JHA GR           -131100008    2130899840
JAMES HARDIE-CDI      JHX AU           -131100008    2130899840
LIBERTY GL EU-A       UPC NA          -5505478850    5112616630
UNITED PAN -ADR       UPEA GR         -5505478850    5112616630
UNITED PAN-A ADR      UPCOY US        -5505478850    5112616630
UNITED PAN-EUR-A      UPC LI          -5505478850    5112616630
UNITED PAN-EUR-A      UPC LN          -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US        -5505478850    5112616630
UNITED PAN-EUROP      UPC VX          -5505478850    5112616630
UNITED PAN-EUROP      UPCEF US        -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR         -5505478850    5112616630
UNITED PAN-EUROP      UPE GR          -5505478850    5112616630

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

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

CP - COMBOIOS DE      1005Z PL        -2809601115    1890209624
LISGRAFICA IMPRE      LIG EO         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EU         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG EU        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG PL         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG PZ         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG EO        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG PL        -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      SCDF EU        -22452984.49   177676573.7
SPORTING-SOC DES      SCDF EO        -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      SCPX PX        -22452984.49   177676573.7
SPORTING-SOC DES      SCP1 PZ        -22452984.49   177676573.7
SPORTING-SOC DES      SCG GR         -22452984.49   177676573.7
SPORTING-SOC DES      SCP PL         -22452984.49   177676573.7
VAA VISTA ALEGRE      VAF EU         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PZ         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF EO         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAFX PX        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PL         -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EU        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PZ        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFKX PX       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PL        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EO        -75871846.95   148731546.6

OLTCHIM RM VALCE      OLT RO         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EU      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT PZ         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EO      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EO         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTCF US       -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EU         -89344235.29   511515508.8

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
TRANSAERO AIRLIN      TRNS* RU       -24618275.96   740576227.5
TRANSAERO AIRLIN      TRNS RU        -24618275.96   740576227.5

RAFO SA               RAF RO         -457922636.3   356796459.3
UZINELE SODICE G      UZIM RO        -62313938.86   107275526.8
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         -231062375.2   529525187.2
AGRUPACIO - RT        AGR/D SM       -231062375.2   529525187.2
AMADEUS IT HOLDI      AMS SM         -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A GR        -397888596.9    7970850431
AMADEUS IT HOLDI      AMS IX         -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EO        -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EB        -397888596.9    7970850431
AMCI HABITAT SA       AMC1 EU        -24580874.45   194758143.4
AMCI HABITAT SA       AMC3 EO        -24580874.45   194758143.4
AMCI HABITAT SA       AMC SM         -24580874.45   194758143.4
FERGO AISA SA         AISA PZ        -231062375.2   529525187.2
FERGO AISA SA         AISA EO        -231062375.2   529525187.2
FERGO AISA SA         AISA SM        -231062375.2   529525187.2
FERGO AISA SA         AISA EU        -231062375.2   529525187.2
MARTINSA FADESA       MFAD PZ         -2021642096    8362308561
MARTINSA FADESA       MTF1 LI         -2021642096    8362308561
MARTINSA FADESA       MTF EO          -2021642096    8362308561
MARTINSA FADESA       4PU GR          -2021642096    8362308561
MARTINSA FADESA       MTF SM          -2021642096    8362308561
MARTINSA FADESA       MTF EU          -2021642096    8362308561
MARTINSA-FADESA       MTF NR          -2021642096    8362308561
NYESA VALORES CO      NYE SM          -68174952.1   813033334.5
NYESA VALORES CO      NYE EU          -68174952.1   813033334.5
NYESA VALORES CO      BES TQ          -68174952.1   813033334.5
NYESA VALORES CO      BESS PZ         -68174952.1   813033334.5
NYESA VALORES CO      BES SM          -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      BES EU          -68174952.1   813033334.5
NYESA VALORES CO      NYE TQ          -68174952.1   813033334.5

ALLOKTON AB           ALOKB SS       -81031119.44   501246031.8

BESIKTAS FUTBOL       BJKASY TI      -10396040.97   175760356.3
BESIKTAS FUTBOL       BWX GR         -10396040.97   175760356.3
BESIKTAS FUTBOL       BJKAS TI       -10396040.97   175760356.3
BESIKTAS FUTBOL       BJKASM TI      -10396040.97   175760356.3
BESIKTAS FUTBOL       BKTFF US       -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       639540Z LX     -5331676.798    2243068982
BANK FORUM -GDR       FRMB038 RU     -5331676.798    2243068982
BANK FORUM -GDR       BFJG IX        -5331676.798    2243068982
BANK FORUM -GDR       B5F GR         -5331676.798    2243068982
BANK FORUM JSC        FORM UZ        -5331676.798    2243068982
DNEPROPETROVSK        DMZP UZ        -15926384.43   424303604.8
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        -111365037.3   482408362.5

4LESS GROUP           FLG OF         -3088436.068   106650689.4
4LESS GROUP           BYH PO         -3088436.068   106650689.4
4LESS GROUP           FL/ LN         -3088436.068   106650689.4
4LESS GROUP           FL/ PO         -3088436.068   106650689.4
4LESS GROUP           BHL PO         -3088436.068   106650689.4
4LESS GROUP           LI4 GR         -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 LN         -215101594.9     121405070
AEA TECHNOLOGY        EAETF US       -215101594.9     121405070
AEA TECHNOLOGY        AAT EO         -215101594.9     121405070
AEA TECHNOLOGY        AAT VX         -215101594.9     121405070
AEA TECHNOLOGY        AAT PZ         -215101594.9     121405070
AEA TECHNOLOGY        AAT IX         -215101594.9     121405070
AEA TECHNOLOGY        AEY GR         -215101594.9     121405070
AEA TECHNOLOGY        AAT PO         -215101594.9     121405070
AEA TECHNOLOGY        AATGBP EO      -215101594.9     121405070
AEA TECHNOLOGY        AAT EU         -215101594.9     121405070
AEA TECHNOLO-NPR      AATN PZ        -215101594.9     121405070
AEA TECHNOLO-NPR      AATN LN        -215101594.9     121405070
AIRTOURS PLC          AIR LN         -379721841.6    1817512774
AIRTOURS PLC          ATORF US       -379721841.6    1817512774
AIRTOURS PLC          AIR VX         -379721841.6    1817512774
ALLDAYS PLC           ALDYF US         -120493900   252232072.9
ALLDAYS PLC           317056Q LN       -120493900   252232072.9
AMER BUS SYS          ARB LN           -497127008     121439000
AMEY PLC              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             ANK LN         -21861359.81     115463159
ANKER PLC             ANK PO         -21861359.81     115463159
ANKER PLC             DW14 GR        -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN        -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN        -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN        -21861359.81     115463159
ATKINS (WS) PLC       ATK QM           -207093345    1339139513
ATKINS (WS) PLC       ATK EO           -207093345    1339139513
ATKINS (WS) PLC       ATK EU           -207093345    1339139513
ATKINS (WS) PLC       ATK NR           -207093345    1339139513
ATKINS (WS) PLC       ATKGBP EO        -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EU        -207093345    1339139513
ATKINS (WS) PLC       ATK BQ           -207093345    1339139513
ATKINS (WS) PLC       ATK VX           -207093345    1339139513
ATKINS (WS) PLC       ATK TQ           -207093345    1339139513
ATKINS (WS) PLC       6W2 GR           -207093345    1339139513
ATKINS (WS) PLC       WATKF US         -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EO        -207093345    1339139513
ATKINS (WS) PLC       ATK PO           -207093345    1339139513
ATKINS (WS) PLC       ATK LN           -207093345    1339139513
ATKINS (WS) PLC       ATK IX           -207093345    1339139513
ATKINS (WS) PLC       ATK EB           -207093345    1339139513
ATKINS (WS) PLC       ATK NQ           -207093345    1339139513
ATKINS (WS) PLC       ATK PZ           -207093345    1339139513
BAYDONHILL PLC        BHL EO         -3088436.068   106650689.4
BAYDONHILL PLC        BHL PG         -3088436.068   106650689.4
BAYDONHILL PLC        BHL PZ         -3088436.068   106650689.4
BAYDONHILL PLC        BHL IX         -3088436.068   106650689.4
BAYDONHILL PLC        BHL LN         -3088436.068   106650689.4
BAYDONHILL PLC        BHL EU         -3088436.068   106650689.4
BAYDONHILL PLC        BYH LN         -3088436.068   106650689.4
BLACK & EDGINGTO      BLE LN         -128538078.1     135158758
BNB RECRUITMENT       BQX GR         -10242627.53     103637705
BNB RECRUITMENT       BNB IX         -10242627.53     103637705
BNB RECRUITMENT       BNB PO         -10242627.53     103637705
BNB RECRUITMENT       BNB LN         -10242627.53     103637705
BNB RECRUITMENT       BNBRF US       -10242627.53     103637705
BOOKER PLC            1330Q GR        -59832880.4    1298182549
BOOKER PLC            987188Q LN      -59832880.4    1298182549
BOOKER PLC            BKERF US        -59832880.4    1298182549
BOOKER PLC-ADR        BKRUY US        -59832880.4    1298182549
BOOKER PLC-ADR        BOK$ LN         -59832880.4    1298182549
BRADSTOCK GROUP       BDK LN         -1855444.443   268563822.5
BRADSTOCK GROUP       BSKGF US       -1855444.443   268563822.5
BRIT ENERGY LTD       523362Q LN      -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR         -5822867501    4921095750
BRIT ENERGY PLC       555140Q VX      -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US        -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US        -5822867501    4921095750
BRIT ENERGY-A         BENA GR         -5822867501    4921095750
BRIT ENERGY-ADR       BHEFF US        -5822867501    4921095750
BRIT NUCLEAR          1046Z LN        -4247644150   40325778907
BRIT TELECOM          BTE GR          -5803590908   44998015107
BRIT TELECOM          9484 JP         -5803590908   44998015107
BRIT TELECOM PLC      BTPWF US        -5803590908   44998015107
BRIT TELECOM PLC      BT/A VX         -5803590908   44998015107
BRIT TELECOM PLC      BTPLF US        -5803590908   44998015107
BRIT TELECOM-ADR      BTEA GR         -5803590908   44998015107
BRIT TELECOM-ADR      1481Q CN        -5803590908   44998015107
BRIT TELECOM-RTS      BTY-R US        -5803590908   44998015107
BRITISH ENER-$US      BGYD AR         -5822867501    4921095750
BRITISH ENER-$US      BGYNYD AR       -5822867501    4921095750
BRITISH ENER-ADR      BGYNY US        -5822867501    4921095750
BRITISH ENER-BLK      BGYB AR         -5822867501    4921095750
BRITISH ENER-BLK      BGYNYB AR       -5822867501    4921095750
BRITISH ENER-C/E      BGYC AR         -5822867501    4921095750
BRITISH ENER-C/E      BGYNYC AR       -5822867501    4921095750
BRITISH ENER-CED      BGY AR          -5822867501    4921095750
BRITISH ENER-CED      BGYNY AR        -5822867501    4921095750
BRITISH ENERGY-A      BGYA PO         -5822867501    4921095750
BRITISH ENERGY-A      3012442Q LN     -5822867501    4921095750
BRITISH ENERGY-A      BGYA VX         -5822867501    4921095750
BRITISH ENERGY-A      BGYGF US        -5822867501    4921095750
BRITISH ENERGY-A      BHEAF US        -5822867501    4921095750
BRITISH TELE-FP       BT/F LN         -5803590908   44998015107
BRITISH TELE-NP       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           BTVCF US       -3988699.913    1361742201
BRITVIC PLC           BVIC PZ        -3988699.913    1361742201
BRITVIC PLC           BVIC BQ        -3988699.913    1361742201
BRITVIC PLC           BVICGBP EO     -3988699.913    1361742201
BRITVIC PLC           BVIC LN        -3988699.913    1361742201
BRITVIC PLC           BVIC EB        -3988699.913    1361742201
BRITVIC PLC           BVIC TQ        -3988699.913    1361742201
BRITVIC PLC           BVICEUR EO     -3988699.913    1361742201
BRITVIC PLC           BVIC IX        -3988699.913    1361742201
BRITVIC PLC           BVIC EU        -3988699.913    1361742201
BRITVIC PLC           BVICUSD EU     -3988699.913    1361742201
BRITVIC PLC           BVIC VX        -3988699.913    1361742201
BRITVIC PLC           BVIC EO        -3988699.913    1361742201
BRITVIC PLC           BVIC QM        -3988699.913    1361742201
BRITVIC PLC           BVIC NQ        -3988699.913    1361742201
BRITVIC PLC           BVICEUR EU     -3988699.913    1361742201
BRITVIC PLC-ADR       BTVCY US       -3988699.913    1361742201
BT GROUP PLC          BT/A EB         -5803590908   44998015107
BT GROUP PLC          BT/A QM         -5803590908   44998015107
BT GROUP PLC          BT/AEUR EO      -5803590908   44998015107
BT GROUP PLC          BTEG IX         -5803590908   44998015107
BT GROUP PLC          BT/A NR         -5803590908   44998015107
BT GROUP PLC          BT/A EO         -5803590908   44998015107
BT GROUP PLC          BT/A LN         -5803590908   44998015107
BT GROUP PLC          BTGOF US        -5803590908   44998015107
BT GROUP PLC          BT PZ           -5803590908   44998015107
BT GROUP PLC          BT/A PO         -5803590908   44998015107
BT GROUP PLC          BTQ GR          -5803590908   44998015107
BT GROUP PLC          BT/AEUR EU      -5803590908   44998015107
BT GROUP PLC          BT/A NQ         -5803590908   44998015107
BT GROUP PLC          BT/APEN EO      -5803590908   44998015107
BT GROUP PLC          BT/AUSD EU      -5803590908   44998015107
BT GROUP PLC          BT/APEN EU      -5803590908   44998015107
BT GROUP PLC          BT/A EU         -5803590908   44998015107
BT GROUP PLC          BT/A BQ         -5803590908   44998015107
BT GROUP PLC          BT/ VX          -5803590908   44998015107
BT GROUP PLC          BT/AGBP EO      -5803590908   44998015107
BT GROUP PLC          BT/AUSD EO      -5803590908   44998015107
BT GROUP PLC          BT/A TQ         -5803590908   44998015107
BT GROUP PLC          BT IX           -5803590908   44998015107
BT GROUP PLC-ADR      BT/$ LN         -5803590908   44998015107
BT GROUP PLC-W/I      BTWI LN         -5803590908   44998015107
BT GROUP-ADR          BTQA GR         -5803590908   44998015107
BT GROUP-ADR WI       BTY-W US        -5803590908   44998015107
BT GROUP-CED $US      BTD AR          -5803590908   44998015107
BT GROUP-CED $US      BTYD AR         -5803590908   44998015107
BT GROUP-CED BLK      BTYB AR         -5803590908   44998015107
BT GROUP-CED BLK      BTB AR          -5803590908   44998015107
BT GROUP-CED C/E      BTC AR          -5803590908   44998015107
BT GROUP-CED C/E      BTYC AR         -5803590908   44998015107
BT GROUP-CEDEAR       BTY AR          -5803590908   44998015107
BT GROUP-CEDEAR       BT AR           -5803590908   44998015107
BT GROUP-SPON AD      BTY US          -5803590908   44998015107
BT GROUP-SPON AD      BT MM           -5803590908   44998015107
BT GROUP-SPON AD      BT US           -5803590908   44998015107
BT GROUP-SPON AD      BTYN MM         -5803590908   44998015107
CARLISLE GROUP        506819Q LN     -11904426.45     203548565
CHRYSALIS GROUP       CHSEUR EU      -7422046.098   110320050.3
CHRYSALIS GROUP       CLYSF US       -7422046.098   110320050.3
CHRYSALIS GROUP       CHS IX         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EU         -7422046.098   110320050.3
CHRYSALIS GROUP       CYGUF US       -7422046.098   110320050.3
CHRYSALIS GROUP       5CY GR         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS LN         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PZ         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHSGBP EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EU      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EO         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PO         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS VX         -7422046.098   110320050.3
CHRYSALIS GROUP       HR4 GR         -7422046.098   110320050.3
CLIPPER WINDPOWE      C2W GR           -337139008     354437024
CLIPPER WINDPOWE      CWPA LN          -337139008     354437024
CLIPPER WINDPOWE      CWP EU           -337139008     354437024
CLIPPER WINDPOWE      CWP PZ           -337139008     354437024
CLIPPER WINDPOWE      CWP LN           -337139008     354437024
CLIPPER WINDPOWE      CWP PG           -337139008     354437024
CLIPPER WINDPOWE      CWP IX           -337139008     354437024
CLIPPER WINDPOWE      CWP EO           -337139008     354437024
CLIPPER WINDPOWE      CRPWF US         -337139008     354437024
CLIPPER WINDPOWE      3470635Q LN      -337139008     354437024
COMPASS GROU-OLD      1259Q LN       -668101173.9    2972459078
COMPASS GROUP         QOP GR         -668101173.9    2972459078
COMPASS GRP-ADR       CMSJY US       -668101173.9    2972459078
COMPASS GRP-ADR       CMSGY US       -668101173.9    2972459078
COSTAIN GROUP         CSGFF US        -6136239.91   692749189.9
COSTAIN GROUP         COST VX         -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EO      -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EU      -6136239.91   692749189.9
COSTAIN GROUP         COST EO         -6136239.91   692749189.9
COSTAIN GROUP         COST EU         -6136239.91   692749189.9
COSTAIN GROUP         COSTGBP EO      -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EO      -6136239.91   692749189.9
COSTAIN GROUP         COST PZ         -6136239.91   692749189.9
COSTAIN GROUP         COST IX         -6136239.91   692749189.9
COSTAIN GROUP         COST PO         -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EU      -6136239.91   692749189.9
COSTAIN GROUP         COST LN         -6136239.91   692749189.9
COSTAIN GROU-RTS      COSF LN         -6136239.91   692749189.9
COSTAIN GROU-RTS      COSN LN         -6136239.91   692749189.9
CPP GROUP PLC         CPP PZ         -69442858.18   225437367.4
CPP GROUP PLC         CPP LN         -69442858.18   225437367.4
CPP GROUP PLC         4CV GR         -69442858.18   225437367.4
DAILY MAIL TST        DMGO VX        -139060248.4    3723159411
DAILY MAIL TST        DMGOGBP EO     -139060248.4    3723159411
DAILY MAIL TST        DMTOF US       -139060248.4    3723159411
DAILY MAIL TST        DMGO EO        -139060248.4    3723159411
DAILY MAIL TST        DMGO EU        -139060248.4    3723159411
DAILY MAIL TST        DMGO PZ        -139060248.4    3723159411
DAILY MAIL TST        DMGO PO        -139060248.4    3723159411
DAILY MAIL TST        DGW GR         -139060248.4    3723159411
DAILY MAIL TST        DMGO IX        -139060248.4    3723159411
DAILY MAIL TST        DMGO LN        -139060248.4    3723159411
DAILY MAIL TST A      DMGT EO        -139060248.4    3723159411
DAILY MAIL TST A      DMGT PO        -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD EU     -139060248.4    3723159411
DAILY MAIL TST A      DMGT NQ        -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      DMGT 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 IX        -139060248.4    3723159411
DAILY MAIL TST A      DMGT EB        -139060248.4    3723159411
DAILY MAIL TST A      DMGT NR        -139060248.4    3723159411
DAILY MAIL TST A      DMGT TQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGT QM        -139060248.4    3723159411
DAILY MAIL TST A      DMGT VX        -139060248.4    3723159411
DAILY MAIL TST A      DMGTGBP EO     -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      DMGT BQ        -139060248.4    3723159411
DAILY MAIL TST A      DGW1 GR        -139060248.4    3723159411
DANKA BUS SYSTEM      DNK IX           -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO      -497127008     121439000
DANKA BUS SYSTEM      DNK VX           -497127008     121439000
DANKA BUS SYSTEM      DNK PO           -497127008     121439000
DANKA BUS SYSTEM      DNK LN           -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU      -497127008     121439000
DANKA BUS SYSTEM      DANKF US         -497127008     121439000
DANKA BUS SYSTEM      DNK PZ           -497127008     121439000
DANKA BUS SYSTEM      3205283Q EO      -497127008     121439000
DANKA BUS-$US CE      DANKD AR         -497127008     121439000
DANKA BUS-ADR         AP39 LI          -497127008     121439000
DANKA BUS-ADR         DANKE US         -497127008     121439000
DANKA BUS-ADR         DB6 GR           -497127008     121439000
DANKA BUS-ADR         DANKY 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         DELRF US       -49140782.93   785933430.9
DE LA RUE PLC         DLARCHF EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAR NQ        -49140782.93   785933430.9
DE LA RUE PLC         DLAR QM        -49140782.93   785933430.9
DE LA RUE PLC         DLAR LN        -49140782.93   785933430.9
DE LA RUE PLC         DLAR EO        -49140782.93   785933430.9
DE LA RUE PLC         DL1C GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1A GR        -49140782.93   785933430.9
DE LA RUE PLC         DLAR BQ        -49140782.93   785933430.9
DE LA RUE PLC         DL1B GR        -49140782.93   785933430.9
DE LA RUE PLC         DLRUF US       -49140782.93   785933430.9
DE LA RUE PLC         DLAR PZ        -49140782.93   785933430.9
DE LA RUE PLC         DLAR VX        -49140782.93   785933430.9
DE LA RUE PLC         DLAR IX        -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EU     -49140782.93   785933430.9
DE LA RUE PLC         DL1 GR         -49140782.93   785933430.9
DE LA RUE PLC         DLAR NR        -49140782.93   785933430.9
DE LA RUE PLC         DLAR EB        -49140782.93   785933430.9
DE LA RUE PLC         DLARF US       -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAR PO        -49140782.93   785933430.9
DE LA RUE PLC         DLARCHF EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAR EU        -49140782.93   785933430.9
DE LA RUE PLC         DLARGBP EO     -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAR TQ        -49140782.93   785933430.9
DE LA RUE-ADR         DERUY US       -49140782.93   785933430.9
DE LA RUE-ADR         DLUEY US       -49140782.93   785933430.9
DE LA RUE-PREF        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 VX         -60380609.34   334049332.2
EASYNET GROUP         ESY LN         -60380609.34   334049332.2
EASYNET GROUP         ESY PO         -60380609.34   334049332.2
EASYNET GROUP         EZNGF US       -60380609.34   334049332.2
EASYNET GROUP-CV      91009Z LN      -60380609.34   334049332.2
EMI GROUP -ASSD       EMIA LN         -2265916257    2950021937
EMI GROUP LTD         EMI LN          -2265916257    2950021937
EMI GROUP PLC         EMIPF US        -2265916257    2950021937
EMI GROUP PLC         EMI PO          -2265916257    2950021937
EMI GROUP PLC         EMI IX          -2265916257    2950021937
EMI GROUP PLC         EMI VX          -2265916257    2950021937
EMI GROUP PLC         3020138Q GR     -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN     -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN         -2265916257    2950021937
EMI GROUP-ADR         38IS LN         -2265916257    2950021937
EMI GROUP-ADR         EMIPY US        -2265916257    2950021937
EUROPEAN HOME         EHR EO         -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO         -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO      -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ         -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX         -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU      -14328735.16   110864081.4
EUROPEAN HOME         FPAKF US       -14328735.16   110864081.4
EUROPEAN HOME         EHR PO         -14328735.16   110864081.4
EUROPEAN HOME         EHR EU         -14328735.16   110864081.4
EUROPEAN HOME         EHR LN         -14328735.16   110864081.4
EUROPEAN HOME         EHR VX         -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO      -14328735.16   110864081.4
EUROPEAN MINERAL      EUM PO           -123563000     104843000
EUROPEAN MINERAL      EPM CN           -123563000     104843000
EUROPEAN MINERAL      EPMLF US         -123563000     104843000
EUROPEAN MINERAL      EUM LN           -123563000     104843000
EUROPEAN MINERAL      EPM/U CN         -123563000     104843000
FAREPAK PLC           FPK LN         -14328735.16   110864081.4
FARNELL ELEC-ADR      FRN$ LN        -13610199.87     727265033
FARNELL ELEC-ADR      FRNZ LN        -13610199.87     727265033
FARNELL ELEC-RFD      FRNR LN        -13610199.87     727265033
FARNELL ELECTRON      FRNL LN        -13610199.87     727265033
GALIFORM PLC          MFI PO         -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EO     -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EU     -117673114.1   573836054.4
GALIFORM PLC          MFIFF US       -117673114.1   573836054.4
GALIFORM PLC          GFRM QM        -117673114.1   573836054.4
GALIFORM PLC          GFRM TQ        -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EU     -117673114.1   573836054.4
GALIFORM PLC          GFRM IX        -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EO     -117673114.1   573836054.4
GALIFORM PLC          GFRM EO        -117673114.1   573836054.4
GALIFORM PLC          MFI VX         -117673114.1   573836054.4
GALIFORM PLC          GFRM LN        -117673114.1   573836054.4
GALIFORM PLC          GFRM EU        -117673114.1   573836054.4
GALIFORM PLC          GFRMGBP EO     -117673114.1   573836054.4
GALIFORM PLC          GFRM EB        -117673114.1   573836054.4
GALIFORM PLC          GFRM PO        -117673114.1   573836054.4
GALIFORM PLC          GFRM NQ        -117673114.1   573836054.4
GALIFORM PLC          GFRM BQ        -117673114.1   573836054.4
GALIFORM PLC          GFRM VX        -117673114.1   573836054.4
GALIFORM PLC          GFRM PZ        -117673114.1   573836054.4
GALIFORM PLC          GFRM NR        -117673114.1   573836054.4
GALIFORM PLC          GLFMF US       -117673114.1   573836054.4
GALIFORM PLC          MFI IX         -117673114.1   573836054.4
GARTLAND WHALLEY      GWB LN         -10986769.42   145352034.5
GO-AHEAD GRO-ADR      GHGUY US       -44415250.72    1780324810
GO-AHEAD GROUP        GHGUF US       -44415250.72    1780324810
GO-AHEAD GROUP        GOG NR         -44415250.72    1780324810
GO-AHEAD GROUP        GOG BQ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG QM         -44415250.72    1780324810
GO-AHEAD GROUP        GOG TQ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG LN         -44415250.72    1780324810
GO-AHEAD GROUP        GOG PO         -44415250.72    1780324810
GO-AHEAD GROUP        GOG IX         -44415250.72    1780324810
GO-AHEAD GROUP        GOG PZ         -44415250.72    1780324810
GO-AHEAD GROUP        G9X GR         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EO         -44415250.72    1780324810
GO-AHEAD GROUP        GOG NQ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EU         -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EO      -44415250.72    1780324810
GO-AHEAD GROUP        GOG VX         -44415250.72    1780324810
GO-AHEAD GROUP        GOGGBP EO      -44415250.72    1780324810
GO-AHEAD GROUP        GOG EB         -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EU      -44415250.72    1780324810
GREEN (E) & PART      GEP LN         -35008863.49   305242409.9
HAWTIN PLC            HWN GR         -3873861.331   110875080.8
HAWTIN PLC            HTI VX         -3873861.331   110875080.8
HAWTIN PLC            HTI PO         -3873861.331   110875080.8
HAWTIN PLC            HTI EU         -3873861.331   110875080.8
HAWTIN PLC            HTI IX         -3873861.331   110875080.8
HAWTIN PLC            HTI PZ         -3873861.331   110875080.8
HAWTIN PLC            HTI PG         -3873861.331   110875080.8
HAWTIN PLC            HTI EO         -3873861.331   110875080.8
HAWTIN PLC            HTI LN         -3873861.331   110875080.8
HILTON G-CRT OLD      HIGT BB        -97533918.57    1748505414
HILTON GROUP PLC      HG/ LN         -97533918.57    1748505414
HILTON GROUP PLC      HG PO          -97533918.57    1748505414
HILTON GROUP PLC      HLTGF US       -97533918.57    1748505414
HILTON GROUP-ADR      HLTGY US       -97533918.57    1748505414
HILTON GROUP-CER      HG BB          -97533918.57    1748505414
HILTON GROUP-CRT      HIG BB         -97533918.57    1748505414
HOGG ROBINSON GR      HRG PZ            -11371715   739481804.8
HOGG ROBINSON GR      HRG LN            -11371715   739481804.8
HOGG ROBINSON GR      HOGGF US          -11371715   739481804.8
HOGG ROBINSON GR      HRG EU            -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EO         -11371715   739481804.8
HOGG ROBINSON GR      HRG IX            -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EU         -11371715   739481804.8
HOGG ROBINSON GR      DQX GR            -11371715   739481804.8
HOGG ROBINSON GR      HRGGBP EO         -11371715   739481804.8
HOGG ROBINSON GR      HRG EO            -11371715   739481804.8
HOGG ROBINSON GR      HRG VX            -11371715   739481804.8
JARVIS PLC            JRVSGBP EO     -64739862.73     130951086
JARVIS PLC            JRVS IX        -64739862.73     130951086
JARVIS PLC            JVR GR         -64739862.73     130951086
JARVIS PLC            JRVS PO        -64739862.73     130951086
JARVIS PLC            JRVS VX        -64739862.73     130951086
JARVIS PLC            JRVS PZ        -64739862.73     130951086
JARVIS PLC            JRVS LN        -64739862.73     130951086
JARVIS PLC            JRVS EO        -64739862.73     130951086
JARVIS PLC            JRVSEUR EU     -64739862.73     130951086
JARVIS PLC            JRVSEUR EO     -64739862.73     130951086
JARVIS PLC            JVSPF US       -64739862.73     130951086
JARVIS PLC            JRVS EU        -64739862.73     130951086
JESSOPS PLC           JSP VX          -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU       -42702021.2   112964060.4
JESSOPS PLC           JSP PO          -42702021.2   112964060.4
JESSOPS PLC           JSP PZ          -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO       -42702021.2   112964060.4
JESSOPS PLC           JSP LN          -42702021.2   112964060.4
JESSOPS PLC           JSP IX          -42702021.2   112964060.4
JESSOPS PLC           JSP EO          -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EO       -42702021.2   112964060.4
JESSOPS PLC           JS4 GR          -42702021.2   112964060.4
JESSOPS PLC           JSP EU          -42702021.2   112964060.4
KAZAKHSTAN MNRLS      KMC/U CN         -123563000     104843000
KAZAKHSTAN MNRLS      KMCO CN          -123563000     104843000
KAZAKHSTAN MNRLS      KMCO/U CN        -123563000     104843000
KAZAKHSTAN MNRLS      KMCOF US         -123563000     104843000
KLEENEZE PLC          KLZ LN         -14328735.16   110864081.4
LADBROKE GROUP        LADB LN        -97533918.57    1748505414
LADBROKE GRP-IDR      695767Q BB     -97533918.57    1748505414
LADBROKE GRP-OLD      LADB BB        -97533918.57    1748505414
LADBROKES - FPR       LADF LN        -97533918.57    1748505414
LADBROKES - FPR       LADF PZ        -97533918.57    1748505414
LADBROKES PLC         LADGBP EO      -97533918.57    1748505414
LADBROKES PLC         LDBKF US       -97533918.57    1748505414
LADBROKES PLC         LAD IX         -97533918.57    1748505414
LADBROKES PLC         LAD PZ         -97533918.57    1748505414
LADBROKES PLC         LADUSD EO      -97533918.57    1748505414
LADBROKES PLC         LAD BQ         -97533918.57    1748505414
LADBROKES PLC         LAD LN         -97533918.57    1748505414
LADBROKES PLC         LAD EU         -97533918.57    1748505414
LADBROKES PLC         LADNZD EO      -97533918.57    1748505414
LADBROKES PLC         LAD QM         -97533918.57    1748505414
LADBROKES PLC         LAD EB         -97533918.57    1748505414
LADBROKES PLC         LAD NR         -97533918.57    1748505414
LADBROKES PLC         HG/ VX         -97533918.57    1748505414
LADBROKES PLC         LAD TQ         -97533918.57    1748505414
LADBROKES PLC         LAD VX         -97533918.57    1748505414
LADBROKES PLC         LADEUR EU      -97533918.57    1748505414
LADBROKES PLC         LAD NQ         -97533918.57    1748505414
LADBROKES PLC         LAD GR         -97533918.57    1748505414
LADBROKES PLC         LADEUR EO      -97533918.57    1748505414
LADBROKES PLC         LAD EO         -97533918.57    1748505414
LADBROKES PLC         LAD PO         -97533918.57    1748505414
LADBROKES PLC         LADNZD EU      -97533918.57    1748505414
LADBROKES PLC-AD      LDBKY US       -97533918.57    1748505414
LADBROKES PLC-AD      LDBKY LN       -97533918.57    1748505414
LADBROKES PLC-CE      LAD BB         -97533918.57    1748505414
LADBROKES PLC-NP      LADN 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      LUFC LN         -73166148.8   143762193.7
LEEDS UNITED PLC      LDSUF US        -73166148.8   143762193.7
LEEDS UNITED PLC      889687Q GR      -73166148.8   143762193.7
LONDON TOWN PLC       LTW PO         -21897636.36   175672299.2
LONDON TOWN PLC       LTW LN         -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG         -21897636.36   175672299.2
LONDON TOWN PLC       LTW IX         -21897636.36   175672299.2
LONDON TOWN PLC       LOU GR         -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN        -21897636.36   175672299.2
LONDON TOWN PLC       LTW EU         -21897636.36   175672299.2
LONDON TOWN PLC       LTW EO         -21897636.36   175672299.2
LONDON TOWN PLC       LTWX LN        -21897636.36   175672299.2
LONDON TOWN PLC       LTW PZ         -21897636.36   175672299.2
M 2003 PLC            MTWOF US        -2203513803    7204891602
M 2003 PLC            203055Q LN      -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US        -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US        -2203513803    7204891602
MARCONI PLC           MNI LN          -2203513803    7204891602
MARCONI PLC           MRCQF US        -2203513803    7204891602
MARCONI PLC           203083Q VX      -2203513803    7204891602
MARCONI PLC           MNI BB          -2203513803    7204891602
MARCONI PLC           MY2 GR          -2203513803    7204891602
MARCONI PLC           MONI BB         -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US        -2203513803    7204891602
MARCONI PLC-ADR       MONIY US        -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR         -2203513803    7204891602
MARCONI PLC-ADR       MONI US         -2203513803    7204891602
MARCONI PLC-ADR       MCONY US        -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR         -2203513803    7204891602
MARCONI PLC-ADR       MONIE US        -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU       -2203513803    7204891602
MFI FURNITURE GR      MFI LN         -117673114.1   573836054.4
MYTRAVEL GROUP        MT/S VX        -379721841.6    1817512774
MYTRAVEL GROUP        MT/S LN        -379721841.6    1817512774
MYTRAVEL GROUP        3544280Q IX    -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO        -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR        -379721841.6    1817512774
MYTRAVEL GROUP        MYTPF US       -379721841.6    1817512774
MYTRAVEL GROUP P      1018144Q GR    -379721841.6    1817512774
MYTRAVEL GROUP P      MT/ VX         -379721841.6    1817512774
MYTRAVEL GROUP P      MYTGF US       -379721841.6    1817512774
MYTRAVEL GROUP-A      2281919Q GR    -379721841.6    1817512774
MYTRAVEL GROUP-A      MYTVF US       -379721841.6    1817512774
NEW STAR ASSET        NSAM TQ          -397718038   292972732.1
NEW STAR ASSET        NSAM LN          -397718038   292972732.1
NEW STAR ASSET        3226435Q EO      -397718038   292972732.1
NEW STAR ASSET        3226431Q EU      -397718038   292972732.1
NEW STAR ASSET        NSAM IX          -397718038   292972732.1
NEW STAR ASSET        3226447Q EO      -397718038   292972732.1
NEW STAR ASSET        NSAM PZ          -397718038   292972732.1
NEW STAR ASSET        N6S GR           -397718038   292972732.1
NEW STAR ASSET        NSAA LN          -397718038   292972732.1
NEW STAR ASSET        3226443Q EO      -397718038   292972732.1
NEW STAR ASSET        3226439Q EU      -397718038   292972732.1
NEW STAR ASSET        NSAM PO          -397718038   292972732.1
NEW STAR ASSET        NWSAF US         -397718038   292972732.1
ORANGE PLC            951641Q LN       -593935051    2902299502
ORANGE PLC            1460Q GR         -593935051    2902299502
ORANGE PLC            ORNGF US         -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN          -593935051    2902299502
ORANGE PLC-ADR        ORNGY US         -593935051    2902299502
ORANGE PLC-ADR        ONG GR           -593935051    2902299502
ORBIS PLC             RLP GR         -4168498.479   127701679.5
ORBIS PLC             OBS LN         -4168498.479   127701679.5
ORBIS PLC             OBS PO         -4168498.479   127701679.5
ORBIS PLC             ORBSF US       -4168498.479   127701679.5
ORBIS PLC             OBS PZ         -4168498.479   127701679.5
ORBIS PLC             OBG PO         -4168498.479   127701679.5
ORBIS PLC             OBS IX         -4168498.479   127701679.5
ORSU METALS CORP      OSU PZ           -123563000     104843000
ORSU METALS CORP      OSUMF US         -123563000     104843000
ORSU METALS CORP      OSUGBX EO        -123563000     104843000
ORSU METALS CORP      E4M GR           -123563000     104843000
ORSU METALS CORP      OSU LN           -123563000     104843000
ORSU METALS CORP      ORSM007 RU       -123563000     104843000
ORSU METALS CORP      OSU CN           -123563000     104843000
ORSU METALS CORP      ORSUF US         -123563000     104843000
ORSU METALS CORP      E4M1 GR          -123563000     104843000
ORSU METALS CORP      EUM IX           -123563000     104843000
ORSU METALS CORP      EPMCF US         -123563000     104843000
ORSU METALS CORP      ORSM007* RU      -123563000     104843000
ORSU METALS CORP      OSU PG           -123563000     104843000
PARK FOOD GROUP       PKFD LN        -52867263.19   185089877.3
PARK GROUP PLC        PRKGF US       -52867263.19   185089877.3
PARK GROUP PLC        PKG VX         -52867263.19   185089877.3
PARK GROUP PLC        PKG LN         -52867263.19   185089877.3
PARK GROUP PLC        PKGGBP EO      -52867263.19   185089877.3
PARK GROUP PLC        PKG EU         -52867263.19   185089877.3
PARK GROUP PLC        PKG PZ         -52867263.19   185089877.3
PARK GROUP PLC        PKG EO         -52867263.19   185089877.3
PARK GROUP PLC        PKG PO         -52867263.19   185089877.3
PARK GROUP PLC        PRKG IX        -52867263.19   185089877.3
PATIENTLINE PLC       PTL LN         -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO         -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO    -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU    -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX         -54677284.64   124948245.8
PATIENTLINE PLC       PTL IX         -54677284.64   124948245.8
PATIENTLINE PLC       PTL PZ         -54677284.64   124948245.8
PATIENTLINE PLC       2928899Q EO    -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       PFLGBP EO      -13610199.87     727265033
PREMIER FARNELL       PFLEUR EU      -13610199.87     727265033
PREMIER FARNELL       PFL NQ         -13610199.87     727265033
PREMIER FARNELL       PFL EU         -13610199.87     727265033
PREMIER FARNELL       PFL PZ         -13610199.87     727265033
PREMIER FARNELL       PFL EO         -13610199.87     727265033
PREMIER FARNELL       PIFLF US       -13610199.87     727265033
PREMIER FARNELL       PFL PO         -13610199.87     727265033
PREMIER FARNELL       PFL LN         -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 EB         -13610199.87     727265033
PREMIER FARNELL       PFLUSD EO      -13610199.87     727265033
PREMIER FARNELL       PFLSEK EO      -13610199.87     727265033
PREMIER FARNELL       PFLSEK EU      -13610199.87     727265033
PREMIER FARNELL       PML GR         -13610199.87     727265033
PREMIER FARNELL       PFL TQ         -13610199.87     727265033
PREMIER FARNELL       PFLUSD EU      -13610199.87     727265033
PREMIER FARNELL       PFL NR         -13610199.87     727265033
PREMIER FARNELL       PFL BQ         -13610199.87     727265033
PREMIER FARNELL       PFLEUR EO      -13610199.87     727265033
PROSTRAKAN GROUP      PSKEUR EU       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EO          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK VX          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EU          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK IX          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKGBP EO       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PZ          -8881399.87   126115878.2
PROSTRAKAN GROUP      PKNGF US        -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK LN          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PO          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKEUR EO       -8881399.87   126115878.2
REAL ESTATE OP-O      REO EO         -145048365.8    2933767507
REAL ESTATE OP-O      REO VX         -145048365.8    2933767507
REAL ESTATE OP-O      REA GR         -145048365.8    2933767507
REAL ESTATE OP-O      REO EU         -145048365.8    2933767507
REAL ESTATE OP-O      REO ID         -145048365.8    2933767507
REAL ESTATE OP-O      REO IX         -145048365.8    2933767507
REAL ESTATE OP-O      REOGBP EO      -145048365.8    2933767507
REAL ESTATE OP-O      REO PZ         -145048365.8    2933767507
REAL ESTATE OP-O      REO LN         -145048365.8    2933767507
REGUS LTD             273187Q LN     -46111835.37     367181111
REGUS PLC             2296Z LN       -46111835.37     367181111
REGUS PLC             273195Q VX     -46111835.37     367181111
REGUS PLC             RGU GR         -46111835.37     367181111
REGUS PLC             REGSF US       -46111835.37     367181111
REGUS PLC-ADS         REGS US        -46111835.37     367181111
REGUS PLC-ADS         REGSY US       -46111835.37     367181111
REGUS PLC-ADS         RGUA GR        -46111835.37     367181111
REGUS PLC-ADS         REGSV US       -46111835.37     367181111
RENTOKIL INITIAL      RTO1 GR        -242381476.4    3231214649
RENTOKIL INITIAL      RKLIF US       -242381476.4    3231214649
RENTOKIL INITIAL      RTOGBP EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTO EO         -242381476.4    3231214649
RENTOKIL INITIAL      RTO PZ         -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EU      -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTOKF US       -242381476.4    3231214649
RENTOKIL INITIAL      RTO TQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTO PO         -242381476.4    3231214649
RENTOKIL INITIAL      RTO IX         -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTO NR         -242381476.4    3231214649
RENTOKIL INITIAL      RTO VX         -242381476.4    3231214649
RENTOKIL INITIAL      RTO EU         -242381476.4    3231214649
RENTOKIL INITIAL      RTO GR         -242381476.4    3231214649
RENTOKIL INITIAL      RTO QM         -242381476.4    3231214649
RENTOKIL INITIAL      RTO LN         -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EU      -242381476.4    3231214649
RENTOKIL INITIAL      RTO EB         -242381476.4    3231214649
RENTOKIL INITIAL      RTO BQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTO NQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTOG IX        -242381476.4    3231214649
RENTOKIL-SP ADR       AP76 LI        -242381476.4    3231214649
RENTOKIL-SP ADR       RTOKY US       -242381476.4    3231214649
SAATCHI & SA-ADR      SSI$ LN        -119260804.2   705060824.5
SAATCHI & SA-ADR      SSA US         -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        SSM LN         -51512119.25     207340304
SCOTTISH MEDIA        1442Q GR       -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        SKPGBP EO      -128538078.1     135158758
SKYEPHARMA PLC        SKYEF US       -128538078.1     135158758
SKYEPHARMA PLC        SKP1 VX        -128538078.1     135158758
SKYEPHARMA PLC        SKP EU         -128538078.1     135158758
SKYEPHARMA PLC        SKP VX         -128538078.1     135158758
SKYEPHARMA PLC        SKPEUR EO      -128538078.1     135158758
SKYEPHARMA PLC        SK8C GR        -128538078.1     135158758
SKYEPHARMA PLC        SK8A GR        -128538078.1     135158758
SKYEPHARMA PLC        SKP LN         -128538078.1     135158758
SKYEPHARMA PLC        SKP PO         -128538078.1     135158758
SKYEPHARMA PLC        SKP TQ         -128538078.1     135158758
SKYEPHARMA PLC        SKPEUR EU      -128538078.1     135158758
SKYEPHARMA PLC        SKP PZ         -128538078.1     135158758
SKYEPHARMA PLC        SKP EO         -128538078.1     135158758
SKYEPHARMA PLC        SKP IX         -128538078.1     135158758
SKYEPHARMA -SUB       2976665Z LN    -128538078.1     135158758
SKYEPHARMA-ADR        SK8N GR        -128538078.1     135158758
SKYEPHARMA-ADR        SKYPY US       -128538078.1     135158758
SKYEPHARMA-ADR        SKYEY US       -128538078.1     135158758
SKYEPHARMA-ADR        SKYE US        -128538078.1     135158758
SKYEPHARMA-ADR        AP80 LI        -128538078.1     135158758
SKYEPHARMA-ADR        SK8 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 PO         -51512119.25     207340304
SMG PLC               SMG LN         -51512119.25     207340304
SMG PLC-FUL PAID      SMGF LN        -51512119.25     207340304
SMG PLC-NIL PAID      SMGN LN        -51512119.25     207340304
SMITHS NEWS PLC       NWS2 EO         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 TQ         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 EU         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 BQ         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 EU         -99944882.2   279114366.1
SMITHS NEWS PLC       SMWPF US        -99944882.2   279114366.1
SMITHS NEWS PLC       NWS PZ          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2GBP EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS IX          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1GBP EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS VX          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2EUR EO      -99944882.2   279114366.1
SMITHS NEWS PLC       SMWPY US        -99944882.2   279114366.1
SMITHS NEWS PLC       NWS LN          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 EO         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2EUR EU      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS PO          -99944882.2   279114366.1
STAGECOACH GROUP      SGC PO         -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC2 VX        -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EO     -113434621.8    2507562892
STAGECOACH GROUP      SHP4 GR        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 TQ        -113434621.8    2507562892
STAGECOACH GROUP      SGC LN         -113434621.8    2507562892
STAGECOACH GROUP      SGCG PZ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 BQ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NR        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EB        -113434621.8    2507562892
STAGECOACH GROUP      SHP GR         -113434621.8    2507562892
STAGECOACH GROUP      SGC1GBP EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1 QM        -113434621.8    2507562892
STAGECOACH GROUP      SGC IX         -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EO        -113434621.8    2507562892
STAGECOACH GROUP      SAGKF US       -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EU        -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NQ        -113434621.8    2507562892
STAGECOACH GRP-B      SGCB LN        -113434621.8    2507562892
STAGECOACH-NEW        SGCN LN        -113434621.8    2507562892
STV GROUP PLC         STVG LN        -51512119.25     207340304
STV GROUP PLC         SMG IX         -51512119.25     207340304
STV GROUP PLC         SMG VX         -51512119.25     207340304
STV GROUP PLC         STVGGBP EO     -51512119.25     207340304
STV GROUP PLC         STVGEUR EU     -51512119.25     207340304
STV GROUP PLC         STVG EU        -51512119.25     207340304
STV GROUP PLC         SMGPF US       -51512119.25     207340304
STV GROUP PLC         SMG PZ         -51512119.25     207340304
STV GROUP PLC         STVGEUR EO     -51512119.25     207340304
STV GROUP PLC         STVG EO        -51512119.25     207340304
STV GROUP PLC         STVG VX        -51512119.25     207340304
TELEWEST COM-ADR      TWSTD US        -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US        -3702234581    7581020925
TELEWEST COM-ADR      940767Q GR      -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN         -3702234581    7581020925
TELEWEST COMM         715382Q LN      -3702234581    7581020925
TELEWEST COMM         TWSTF US        -3702234581    7581020925
TELEWEST COMM         TWT VX          -3702234581    7581020925
TELEWEST COMM         604296Q GR      -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 IX         -85010363.51   146193829.2
TOPPS TILES PLC       TPT BQ         -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EU      -85010363.51   146193829.2
TOPPS TILES PLC       TPT PO         -85010363.51   146193829.2
TOPPS TILES PLC       TPTJF US       -85010363.51   146193829.2
TOPPS TILES PLC       TPTGBP EO      -85010363.51   146193829.2
TOPPS TILES PLC       TPT EO         -85010363.51   146193829.2
TOPPS TILES PLC       TPT LN         -85010363.51   146193829.2
TOPPS TILES PLC       TPT PZ         -85010363.51   146193829.2
TOPPS TILES PLC       TPTJY US       -85010363.51   146193829.2
TOPPS TILES PLC       TPT TQ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT VX         -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EO      -85010363.51   146193829.2
TOPPS TILES PLC       TPT EU         -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           UNGPF US       -24544959.64   626057950.8
UNIGATE PLC           1577Q GR       -24544959.64   626057950.8
UNIGATE PLC-ADR       UNGAY US       -24544959.64   626057950.8
UNIQ PLC              UNIQF US       -24544959.64   626057950.8
UNIQ PLC              UGE GR         -24544959.64   626057950.8
UNIQ PLC              UNIQ PZ        -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 LN        -24544959.64   626057950.8
UNIQ PLC              UNIQ EU        -24544959.64   626057950.8
UNIQ PLC              UNIQ VX        -24544959.64   626057950.8
UNIQ PLC              UNIQGBP EO     -24544959.64   626057950.8
UNIQ PLC              UNIQ PO        -24544959.64   626057950.8
UNIQ PLC              UNQPF US       -24544959.64   626057950.8
UNIQ PLC              UNIQ EO        -24544959.64   626057950.8
UTC GROUP             UGR LN         -11904426.45     203548565
VIRGIN MOB-ASSD       VMOC LN        -392165437.6   166070003.7
VIRGIN MOB-ASSD       VMOA LN        -392165437.6   166070003.7
VIRGIN MOBILE         VMOB PO        -392165437.6   166070003.7
VIRGIN MOBILE         UEM GR         -392165437.6   166070003.7
VIRGIN MOBILE         VMOB LN        -392165437.6   166070003.7
VIRGIN MOBILE         VMOB VX        -392165437.6   166070003.7
VIRGIN MOBILE         VGMHF US       -392165437.6   166070003.7
WARNER ESTATE         WRL GR         -37798939.99   432125169.9
WARNER ESTATE         WNER PZ        -37798939.99   432125169.9
WARNER ESTATE         WNER EU        -37798939.99   432125169.9
WARNER ESTATE         WNER PO        -37798939.99   432125169.9
WARNER ESTATE         WNER EO        -37798939.99   432125169.9
WARNER ESTATE         WNER LN        -37798939.99   432125169.9
WARNER ESTATE         WNER VX        -37798939.99   432125169.9
WARNER ESTATE         WNERGBP EO     -37798939.99   432125169.9
WARNER ESTATE         WNER IX        -37798939.99   432125169.9
WARNER ESTATE         WNEHF US       -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 PZ         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EO      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EO         -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EU         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYGBP EO      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY LN         -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         WNCNF US       -63105009.98    1416979806
WINCANTON PLC         WIN1GBP EO     -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EO     -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EU     -63105009.98    1416979806
WINCANTON PLC         WIN1 EO        -63105009.98    1416979806
WINCANTON PLC         WIN1USD EO     -63105009.98    1416979806
WINCANTON PLC         WIN IX         -63105009.98    1416979806
WINCANTON PLC         WIN VX         -63105009.98    1416979806
WINCANTON PLC         WIN1 TQ        -63105009.98    1416979806
WINCANTON PLC         WIN PO         -63105009.98    1416979806
WINCANTON PLC         WIN1 QM        -63105009.98    1416979806
WINCANTON PLC         WIN PZ         -63105009.98    1416979806
WINCANTON PLC         WIN1 EU        -63105009.98    1416979806
WINCANTON PLC         WIN1 EB        -63105009.98    1416979806
WINCANTON PLC         WIN LN         -63105009.98    1416979806
WINCANTON PLC         WIN1 BQ        -63105009.98    1416979806
WINCANTON PLC         WIN1 NQ        -63105009.98    1416979806
WINCANTON PLC         WIN1USD EU     -63105009.98    1416979806
WYG PLC               WYGGBP EO      -35008863.49   305242409.9
WYG PLC               WHY IX         -35008863.49   305242409.9
WYG PLC               WYGEUR EU      -35008863.49   305242409.9
WYG PLC               WYG EU         -35008863.49   305242409.9
WYG PLC               WYG EO         -35008863.49   305242409.9
WYG PLC               WYGEUR EO      -35008863.49   305242409.9
WYG PLC               WYG PZ         -35008863.49   305242409.9
WYG PLC               WYG LN         -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.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

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

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

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

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

                 * * * End of Transmission * * *