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                           E U R O P E

            Tuesday, June 15, 2010, Vol. 11, No. 116

                            Headlines



B E L G I U M

DEXIA SA: Says Capital Stood at EUR8.44 Billion


F R A N C E

CASINO GUICHARD-PERRACHON: Fitch Keeps 'BB' Preferred Swap Rating
RENAULT SA: To Start Repaying EUR500 Million of State Loan


G E R M A N Y

ESCADA AG: Court Confirms U.S. Unit's Liquidation Plan
HEAT MEZZANINE: Fitch Cuts Rating on Class B Notes to 'CC'
OSTREGION INVESTMENTGESELLSCHAFT: Moody's Raises Rating From 'Ba1'
PFLEIDERER AG: Eyes Return to Profitability Next Year

* GERMANY: Seeks Changes to Insolvency Rules, WiWo Says


G R E E C E

GLITNIR BANK: To Start Paying Creditors Late in 2011, Visir Says


I R E L A N D

EGRET FUNDING: Moody's Lifts Rating on Class E Notes to 'Caa3'
QUINN INSURANCE: Lobby Group Proposes Government Bond


K A Z A K H S T A N

BMB MUNAI: Enters Agreement to Amend Note Redemption Terms
KAZKOMMERTSBANK JSC: Fitch Gives Stable Outlook; Keeps B- Rating


L U X E M B O U R G

BERNARD L. MADOFF: UBS Faces Forgery Probe on Luxembourg Funds


N E T H E R L A N D S

HERMES XV: Fitch Affirms Rating on Class E Notes at 'BB'
MAYFAIR EURO: S&P Affirms 'CC' Ratings on Three Classes of Notes


R U S S I A

INTERNATIONAL INDUSTRIAL: S&P Cuts Counterparty Ratings to 'B-/C'
PROGNOZ SILVER: Starts Bankruptcy Proceedings


S P A I N

CAJA SAN FERNANDO: S&P Cuts Rating on Class D Notes to 'B+'
CIRSA GAMING: Moody's Confirms Corporate Family Rating at 'B2'
SAGRES SOCIEDADE: S&P Cuts Ratings on Class D & E Notes to Low-B


T U R K E Y

ARCELIK AS: Fitch Upgrades Issuer Default Ratings to 'BB'


U N I T E D   K I N G D O M

AMBAC ASSURANCE: Moody's Withdraws Rating on 6.933% Notes
ARLO VII: Moody's Cuts Rating on US$75 Mil. Notes to 'Caa3'
BP PLC: US Government Wants Trust Fund Set Up to Pay Off Claims
BRITISH AIRWAYS: Turns Down GBP334,000 Annual Bonus of Shares
GREEN PARCS: In Administration; Deloitte Appointed

JERMON DEVELOPMENTS: Anglo Appoints Receiver to Three Assets
MARBLE ARCH: Fitch Affirms Rating on Class E1c Notes at 'CCC'
MCCORMICK MACNAUGHTON: Receiver Appointed to Two Companies
PORTSMOUTH FOOTBALL: Ukrainian Businessmen Pull Out of Deal
SOUTHERN PACIFIC: Fitch Cuts Rating on Class E 05-1 Notes to 'B'

ST. MARGARET'S: Parent Consortium Launches Takeover Bid


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



=============
B E L G I U M
=============


DEXIA SA: Says Capital Stood at EUR8.44 Billion
-----------------------------------------------
Alessandro Torello at Dow Jones Newswires reports that Dexia SA
said Friday that its capital was EUR8.44 billion, after it
recently increased capital and issued bonus shares.

The company's capital amounts to about EUR8.44 billion, "following
the capital increase and the issue of bonus shares decided by the
extraordinary general meeting on May 12, 2010, the realization of
which was observed on June 11, 2010," Dow Jones quoted the company
as saying in a statement.

Joanna Ossinger at Bloomberg News reports that the bank said its
share count rose by 4.76% after the distribution of bonus shares.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 16,
2010, Moody's Investors Service upgraded to C- from D+ the bank
financial strength ratings of Dexia Group's main banking entities,
Dexia Bank Belgium, Dexia Credit Local and Dexia Banque
Internationale a Luxembourg.  The rating agency also affirmed the
A1 long-term debt and deposit ratings of DBB, DCL and DBIL.  The
outlooks on the long-term debt and deposit ratings and on the
BFSRs were changed to stable from negative.  The short-term debt
and deposit ratings were affirmed at Prime-1.  Moody's also
affirmed, with a stable outlook, the A2 dated subordinated debt
ratings of DBB, DCL and DBIL.

This rating action follows the agreement reached by Dexia and the
European Commission on the group's restructuring plan, including,
inter alia, Dexia's upcoming exit from the State guarantee scheme,
earlier than previously anticipated, in light of the improvements
in its funding situation.  Moody's rating action also reflects
Dexia's satisfactory capital adequacy according to the rating
agency's stress-test scenario analysis.

In addition, Moody's upgraded to B3 from Caa1 the ratings of the
preferred stock securities issued by DCL and by Dexia Funding
Luxembourg (guaranteed by Dexia Group) and to B1 from Caa1 the
ratings of the preferred stock securities issued by DBIL.  The
rating of the junior subordinated debt issued by DBB was confirmed
at Ba2.  These subordinated debt ratings now carry a stable
outlook.


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


CASINO GUICHARD-PERRACHON: Fitch Keeps 'BB' Preferred Swap Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's Long-
term Issuer Default Rating and senior unsecured rating at 'BBB-'
and affirmed its Short-term IDR at 'F3'.  Fitch has also affirmed
Casino's EUR600 million perpetual preferred constant maturity swap
securities at 'BB'.  The Outlook for the Long-term IDR is Stable.

The affirmation of Casino's ratings reflects the retail group's
overall resilient business performance in a difficult economic
environment, due to its multi-format strategy, private label
development and a more focused international portfolio of
activities.  Although improving, the group's lease adjusted
leverage remains high due to its off-balance sheet obligations,
resulting in still low rating headroom at the current rating
level.

"The French food retail market continues to be challenging due to
an anaemic economic recovery and intense competition among main
food retailers," said Johnny Da Silva, a Director in Fitch's
European Retail Leisure Consumer Products team.  "In France, most
of Casino's retail formats have performed in line with
management's expectations, except Geant Casino Hypermarket and
Leader Price discount stores, for which management is developing
commercial initiatives and cost measures to improve performance."

Casino has refocused its international portfolio (34% of the
group's FY09 operating profit) mainly towards Brazil, Colombia and
Thailand, where the group enjoys strong market positions.  Key
challenges for the group's international portfolio include
consolidating leading positions and managing country risks.  Fitch
also notes that Casino does not fully control its overseas
operations and therefore does not benefit from 100% of its
overseas cash flow.

Casino's financial profile slightly improved at FYE09 thanks to
better free cash flow generation and asset disposals.  The group's
lease-adjusted net debt/EBITDAR improved to 3.6x at FY09 (FYE08:
3.8x).  Fitch's calculation of these ratios includes adjustments
of EUR146 million for the group's securitized assets, EUR300
million related to its deeply subordinated notes, EUR275 million
for the equity swap with Exito, and EUR428 million of annual
operating leases that Fitch capitalizes by 8x.

Fitch also computes and monitors an all-in leverage ratio
encompassing all of Casino's off-balance sheet obligations (mainly
put options) which was at 4.1x as of FY09.  This adjusted leverage
ratio is high for the current rating, although it is likely to be
reduced over the next two years due to the group's asset disposal
program and progress in the trading performance.

Casino has adequate liquidity with cash and equivalent of about
EUR2.7 billion, and undrawn bank facilities of about EUR1.9
billion as of FYE09.  Casino's parent company, Rallye, presently
has sufficient liquidity and a favorable debt maturity profile.
The agency does not expect Rallye to significantly constrain
Casino's de-leveraging financial policy in the near term.

Marc Ladreit de Lacharriere, Fitch's Chairman and member of the
board, is also a member of Casino's board.  Mr. Ladreit de
Lacharriere does not participate in any rating committees
including Casino.


RENAULT SA: To Start Repaying EUR500 Million of State Loan
----------------------------------------------------------
Joanna Ossinger at Bloomberg News reports that Renault SA Chief
Executive Officer Carlos Ghosn told Europe 1 radio in an interview
that the company, which received EUR3 billion in state loans as
part of France's aid package for the country's automaking
industry, aims to start repaying at least EUR500 million.

According to Bloomberg, the company's shares rose 0.7% to EUR30.62
on Sunday, June 13.

                         About Renault SA

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

                           *     *     *

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

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


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


ESCADA AG: Court Confirms U.S. Unit's Liquidation Plan
------------------------------------------------------
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York, on June 10, 2010, confirmed the
First Amended Joint Chapter 11 Plan of Liquidation of ESCADA
(USA), Inc., now known as EUSA Liquidation, Inc., and the Official
Committee of Unsecured Creditors, as Plan proponents.

The Amended Plan is centered on, among other things, an overall
purpose to provide for the wind down and efficient liquidation of
the Debtor in a manner designed to maximize the recovery to all
creditors.  It specifically contemplates the establishment of a
liquidating trust, to be executed through a Liquidating Trust
Agreement by the Debtor and the Creditors' Committee.  The
Liquidating Trust will be established for the sole purpose of
liquidating and distributing the Trust Assets, in accordance with
Section 301.7701-4(d) of the Treasury Regulation under the
Internal Revenue Service, with no objective to continue or engage
in the conduct of a trade or business.

            Plan Satisfies Section 1129 Requirements

In a 28-page decision, Judge Bernstein concluded that the Plan
complied with the statutory requirements of Sections 1129 of the
Bankruptcy Code, and has satisfied all conditions precedent to
its confirmation:

A. Section 1129(a)(1) requires that the Second Amended Plan
  comply with all applicable provisions of the Bankruptcy Code,
  which includes compliance with Sections 1122 and 1123,
  governing classification and contents of the Plan.

  As required by Section 1123(a)(1), the Plan provides for the
  separate classification of Claims into 19 Classes, based on
  the legal attributes of those claims and interests.  As
  required by Section 1122(a), each Class of Claims has a
  priority in the Debtors' capital structure that is
  substantially similar to the other Claims within the Class.

  Valid business, factual and legal reasons exist for separately
  classifying the various Classes of Claims and Interests
  created under the Plan; the classifications were not done for
  any improper purpose and the Classes do not unfairly
  discriminate between or among holders of Claims or Interests.
  Accordingly, the Plan satisfies Sections 1122 and 1123(a)(1)
  of the Bankruptcy Code.  Specifically, with respect to the
  Claims, the Plan:

     (i) specifies that Priority Non-Tax Claims are unimpaired,
         thereby satisfying Section 1123(a)(2) of the Bankruptcy
         Code;

    (ii) designates Class 3 Unsecured Claims and Class 4
         Interests as Impaired; specifies the treatment of
         the Class 3 Claims and Class 4 Interests under the
         Plan; treats certain Holders of Allowed Claims in Class
         2 Miscellaneous Secured Claims as may be Impaired; and
         designates that Holders of Allowed Claims in Class 2
         will either receive payment in full of their Allowed
         Claims or the indubitable equivalent of their Allowed
         Claims through the return to them of any Property
         securing their Allowed Claim and the provision of an
         Allowed General Unsecured Claim for any deficiency,
         thereby satisfying Section 1123(a)(3) of the Bankruptcy
         Code;

   (iii) provides for the same treatment by the Debtor for each
         Claim or Interest in each Class, unless the Holder of a
         Claim or Interest has agreed to a less favorable
         Treatment, resulting in satisfaction of Section
         1123(a)(4) of the Bankruptcy Code;

    (iv) provides adequate and proper means for the Plan's
         implementation, by contemplating the creation of a
         Liquidating Trust on the Effective Date, which will be
         responsible for making all distributions under the Plan
         and effecting the orderly wind-down of the Estate,
         thereby satisfying Section 1123(a)(5) of the Bankruptcy
         Code;

    (vi) prohibits the issuance of non-voting equity securities,
         thereby satisfying Section 1123(a)(6) of the Bankruptcy
         Code; and

   (vii) designates Christian D. Marques as the president,
         treasurer and sole employee of the Debtor; and
         identifying Clingman & Hanger Management Associates,
         LLC as the Liquidating Trustee which will have the
         authority to take all necessary actions to dissolve the
         Debtor and withdraw the Debtor from applicable state,
         thereby satisfying Section 1123(a)(7) of the Bankruptcy
         Code.

  The Plan's additional provisions are appropriate and
  consistent with Section 1123(b)(6) of the Bankruptcy Code.
  The Plan also reflects the date it was filed with the Court
  and identifies the entities submitting it as Plan Proponents.
  This satisfies Rule 3016(a) of the Federal Rules of Bankruptcy
  Procedure.

B. The Plan satisfies Section 1129(a)(2) of the Bankruptcy Code,
  because, among other things:

  * the Debtor is a proper debtor under Section 109(d) of the
    Bankruptcy Code;

  * the Debtor has complied with applicable provisions of the
    Bankruptcy Code, except as otherwise provided or permitted
    by order of the Court; and

  * the Debtor has complied with the applicable provisions of
    the Bankruptcy Code, the Federal Rules of Bankruptcy
    Procedure and the Order Approving Disclosure Statement in
    (i) transmitting the Disclosure Statement, the Plan and
    related documents and notices, and (ii) soliciting and
    tabulating votes on the Plan.

C. The Debtor and the Creditors' Committee have proposed the Plan
  in good faith and not by any means forbidden by law, thereby
  satisfying Section 1129(a)(3) of the Bankruptcy Code.
  Moreover, the Plan was the product of arm's-length
  negotiations between the Debtor and the Committee, and
  supported by the Debtor's creditors.  The Plan was proposed
  with the legitimate and honest purpose of maximizing the value
  of the Debtor's estate and to effectuate an effective
  liquidation of the Debtor.

D. Any payment made or to be made by the Debtor for services or
  for costs and expenses in or in connection with the Chapter 11
  Case, or in connection with the Plan and incident to the
  Chapter 11 case, has been approved by, or is subject to the
  approval of, the Court as reasonable.  Accordingly, the Plan
  satisfies Section 1129(a)(4) of the Bankruptcy Code.

E. The Plan complies with the requirements of Section 1129(a)(5)
  of the Bankruptcy Code, because the Debtor identifies
  Christian D. Marques as the sole employee of the Debtor.
  Clingman & Hanger will be the Liquidating Trustee.  The nature
  of the process for any compensation to be received by any
  insider in winding down the Debtor has been disclosed.

F. Section 1129(a)(6) of the Bankruptcy Code requires that any
  regulatory commission having jurisdiction over the rates
  charged by a reorganized debtor in the operation of its
  business approve any rate change provided for in a plan of
  reorganization.  The Debtor's business is not subject to any
  regulated rates.

G. The Plan satisfies Section 1129(a)(7) of the Bankruptcy Code.
  Each Holder of an Impaired Claim or Interest either has
  accepted the Plan or will receive or retain under the Plan, on
  account of that Claim or Interest, property of a value, as of
  the Effective Date, that is not less than the amount that the
  holder would receive or retain if the Debtor was liquidated
  under Chapter 7 of the Bankruptcy Code on that date.

H. Class 3 voted to accept the Plan in accordance with section
  1126(c) of the Bankruptcy Code.  No classes voted against the
  Plan.  Class 2 consists of Miscellaneous Secured Claims.
  Certain Holders of Allowed Claims in Class 2 may be Impaired
  under the Plan, did not vote in favor of the Plan, and thus
  are deemed to have rejected the Plan.  Class 4 is not entitled
  to receive or retain any property under the Plan and,
  therefore, is deemed to have rejected the Plan pursuant to
  Section 1126(g) of the Bankruptcy Code.  Holders of Allowed
  Claims in Class 2 will either receive payment in full of their
  Allowed Claims or the indubitable equivalent of their Allowed
  Claims.  Accordingly, the Plan satisfies Section 1129(b) of
  the Bankruptcy Code with respect to those Classes.

I. The treatment of Administrative Expense Claims pursuant to the
  Plan satisfies the requirements of Section 1129(a)(9)(A) of
  the Bankruptcy Code.  The treatment of Priority Tax Claims
  pursuant to the Plan satisfies the requirements of Section
  1129(a)(9)(C) of the Bankruptcy Code.  The treatment of
  Priority Non-Tax Claims pursuant to the Plan satisfied the
  requirements of Section 1129(a)(9) of the Bankruptcy Code.
  Accordingly, the Plan satisfies the requirements of Section
  1129(a)(9) of the Bankruptcy Code.

J. Class 3 is an Impaired Class and has voted to accept the Plan,
  without including any acceptance of the Plan by any insider.
  Accordingly, there is at least one Class of Claims against the
  Debtor that is Impaired under the Plan and has accepted the
  Plan, determined without including any acceptance of the Plan
  by any insider.  Accordingly, the Plan satisfies the
  requirements of Section 1129(a)(10) of the Bankruptcy Code.

K. The Plan satisfies Section 1129(a)(11) of the Bankruptcy Code
  because it provides for the liquidation of the Debtor.  The
  Debtor has sold or abandoned substantially all of its assets
  and will distribute cash to creditors.

L. As provided in the Plan, all fees payable pursuant to section
  1930(a) of title 28 of the United States Code, and any
  interest accruing thereon, as determined by the Court, will be
  paid on or before the Effective Date.  All fees and interest
  accruing payable after the Effective Date will be paid by the
  Liquidating Trustee until the entry of a final decree closing
  the Chapter 11 Case.  Accordingly, the Plan satisfies the
  requirements of Section 1129(a)(12) of the Bankruptcy Code.

M. Section 1129(a)(13) of the Bankruptcy Code does not apply in
  the Debtor's Chapter 11 case because the Debtor is not  '
  obligated to pay any retiree benefits.

N. Section 1129(a)(14) of the Bankruptcy Code does not apply in
  the Debtor's Chapter 11 case because the Debtor is not
  required to pay any domestic support obligations.

O. Section 1129(a)(15) of the Bankruptcy Code does not apply in
  the Debtor's Chapter 11 case because the Debtor is not an
  individual.

P. Section 1129(a)(16) of the Bankruptcy Code does not apply in
  the Debtor's Chapter 11 case because the Debtor is a moneyed,
  business or commercial corporation.

Based on the evidence proffered or adduced at the Confirmation
Hearing, the Disclosure Statement and all other evidence, Judge
Bernstein ruled that the Plan does not discriminate unfairly and
is fair and equitable with respect to Classes 2 and 4, as required
by Sections 1129(b)(1) and (2) of the Bankruptcy Code.  Thus, the
Plan may be confirmed notwithstanding the Debtor's failure to
satisfy Section 11 1129(a)(8) of the Bankruptcy Code, he said.

In addition, the Plan is fair and equitable in that no holder that
is junior to the Class 4 Interests will receive or retain under
the Plan on account of that junior interest any property.
Therefore, the Plan satisfies Section 1129(b)(2)(C)(ii) of the
Bankruptcy Code.

The Plan is fair and equitable in that Holders of Class 2 Claims
will either receive payment in full of their Allowed Secured
Claims, or the indubitable equivalent of their Allowed Claims --
through the return to them of any Property securing their Allowed
Claim -- and the provision of an Allowed General Unsecured Claim
for any deficiency.  Therefore, the Plan satisfies Section
1129(b)(2)(A).

Upon confirmation and the occurrence of the effective date of the
Plan, the Plan will be binding upon the members of all Classes
including those of Classes 2 and 4, the Court ruled.

The Plan is the only plan filed in the Debtor's Chapter 11 case.
Accordingly, Section 1129(c) of the Bankruptcy Code is
inapplicable.  Moreover, the principal purpose of the Plan, as
evidenced by its terms, is not the avoidance of taxes or the
avoidance of the application of Section 5 of the Securities Act,
Mr. Bernstein held.

Based on the record before the Court in the Chapter 11 Case, the
Exculpated Persons, as that term is defined in the Plan, have
acted in 'good faith' within the meaning of Section 1125(e) of the
Bankruptcy Code in connection with all of their activities
relating to the solicitation of acceptances to the Plan and their
participation in the activities described in Section 1125 of the
Bankruptcy Code.  The Exculpated Persons under the Plan are
entitled to the protections afforded by Section 1125(e) of the
Bankruptcy Code, according to Judge Bernstein.

A full-text copy of the Confirmation Order is available for free
at http://bankrupt.com/misc/Escada_PlanConfORD.pdf

           Court Enters Post-Confirmation Order

Subsequent to confirming the Amended Liquidation Plan, Judge
Bernstein directed EUSA Liquidation and the Liquidating Trustee,
or any other responsible party as the Court may direct, to comply
with these requirements before the Plan Effective Date:

  (a) Subject to the requirements set forth in Section
      1106(a)(7) of the Bankruptcy Code, the Responsible Party
      will file, on or before August 24, 2010, a status report
      detailing the actions taken by the Responsible Party and
      the progress made toward the consummation of the Plan.
      Reports will be filed thereafter, on or before every
      January 15th, April 15th, July 15th, and October 15th
      until a final decree has been entered.

  (b) The Responsible Party will mail a copy of the Confirmation
      Order and Post-Confirmation Order to the Debtor, the
      attorneys for the Debtor, the Official Committee of
      Unsecured Creditors, the attorneys for the Creditors'
      Committee, and all parties who filed a notice of
      appearance.

  (c) Within 14 days following the payment of the first
      distribution required by the Plan, the Responsible Party
      will file a closing report in accordance with Local
      Rule 3022-1 of the Federal Rules of Bankruptcy Procedure,
      and an application for a final decree.

  (d) The Responsible Party will submit the Closing Report and
      Final Decree Application including a final decree closing
      the case, within six calendar months from the date of the
      Confirmation Order.  If the Responsible Party fails to
      comply with the Order, the Clerk will so advise the Judge
      and an order to show cause may be issued.

                    Objections Withdrawn

The County of Hays and Dallas County and San Marcos CISD withdrew
their objections to the confirmation of the Plan.  The basis for
the Objection Withdrawals is the inclusion of language in the Plan
Confirmation Order that is "satisfactory" to the Claimants.

                Plan Has Creditors' Support

Majority of the creditors entitled to vote on the First Amended
Joint Chapter 11 Plan of Liquidation of EUSA Liquidation, Inc.,
formerly known as ESCADA (USA), Inc., voted to accept the Plan,
according to a tabulation filed with the U.S. Bankruptcy Court for
the Southern District of New York on June 2, 2010, by Kurtzman
Carson Consultants LLC, the Debtor's voting and claims agent.

Judge Bernstein approved on April 29, 2010, the Disclosure
Statement accompanying the Amended Plan as containing "adequate
information" within the meaning of Section 1125 of the Bankruptcy
Code.  The Court also entered an order confirming the Amended Plan
on June 10, 2010.

David M. Sharp, director at KCC, notes that pursuant to the
Disclosure Statement Order and in accordance with the Solicitation
and Voting Procedures, on May 3, 2010, KCC caused to be served
Solicitation Packages and other solicitation materials.  The
Disclosure Statement Order established June 1, 2010, at 5:00 p.m.,
prevailing Eastern Time, as the deadline for receiving Ballots to
accept or reject the Plan, Mr. Sharp notes.

Pursuant to the Disclosure Statement Order, Holders of Claims in
Class 3 Allowed Unsecured Claims were entitled to vote to accept
or reject the Plan.  No other classes were entitled to vote on the
Plan.

KCC's Summary Ballot Report indicates that 283 Holders of Class 3
Allowed Unsecured Claims, including Note Guarantee Claims voted on
the Plan.  The voting results indicate that (i) 267 Holders or
94.35% voted to accept the Plan; and (ii) 16 Holders or 5.65%
voted to reject, the Plan, with these voting amounts:

                       US$        US$         % US$      % US$
Total $ Voted      Accepted     Rejected    Accepted   Rejected
-------------      --------     --------    --------   --------
US$95,922,576   US$95,243,961  US$678,614     99.29%      0.71%

KCC's Tabulation Report also details Ballots that were not
included in the tabulation because they did not satisfy the
requirements for a valid Ballot as set forth in the Disclosure
Statement Order.  Specifically, the Non-Tabulated Ballots were:

  (i) Abstained Ballots, which do not indicate an acceptance or
      rejection of the Plan;

(ii) Electronic Ballots for Note Guarantee Claims in Class 3,
      which were submitted via electronic mail or facsimile and
      no original is received within one day of the Voting
      Deadline;

(iii) Improperly Submitted Ballots for Note Guarantee Claims in
      Class 3, which were submitted by parties other than the
      identified and confirmed record holder;

(iv) Late Filed Ballots, which were not received on or before
      the Voting Deadline; and

  (v) Unimpaired Claim Ballots, which were submitted on account
      of a claim in an Unimpaired Class.

A full-text copy of the Tabulation Report is available for free at
http://bankrupt.com/misc/Escada_VotingResults.pdf

In a separate filing, Monika Parel at KCC informed the Court that
the notice of deadline for casting votes to accept or reject the
Plan, and the schedule of Plan confirmation hearing, were sent via
First Class Mail on Aurelia Lavernhe, Dreier LLP, Jessica Hair,
Lilliam Yim, Northeast Automatic Sprinkler, NYS Promptax Sales
Tax, Pitney Bowes Global, the Association of Management Consulting
Firms, and White Lilac, Inc.

Votes on the Plan were solicited after disclosure of "adequate
information" as defined in Section 1125 of the Bankruptcy Code.
As evidenced by the Vote Tabulation, votes to accept the Plan have
been solicited and tabulated fairly, in good faith and in a manner
consistent with the Disclosure Statement Approval Order, the
Bankruptcy Code and the Bankruptcy Rules, Judge Bernstein noted in
the Plan Confirmation Order.

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of EUR338.9 million
as of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


HEAT MEZZANINE: Fitch Cuts Rating on Class B Notes to 'CC'
----------------------------------------------------------
Fitch Ratings has downgraded H.E.A.T Mezzanine S.A. Compartment
2's class B notes, due April 2014, as detailed below following
increased defaults since February 2009 and an overall portfolio
deterioration.

* EUR30.8 million class B notes (ISIN: XS02512933261): downgraded
to 'CC' from 'CCC'

Fitch believes a default on the notes is probable given the high
cumulative notional amount of default events since closing, which
significantly exceeds the available subordination of the class B
notes.  The transaction is a cash securitization of subordinated
loans to German medium-sized enterprises.  The portfolio companies
were selected by HSBC Trinkaus & Burkhardt AG ('AA'/Outlook
Stable/'F1+'), the transaction advisor.

The agency believes it is unlikely that the high balance of the
principal deficiency ledger -- reflecting defaulted amounts that
have not been reduced through excess spread or recoveries -- would
be reduced sufficiently by the maturity of the transaction.  Given
the bullet maturities of the loans, Fitch expects weaker borrowers
to have difficulties re-financing loans at maturity, which could
lead to additional defaults.  Due to the subordinated nature of
the securitized loan instruments, Fitch expects no recoveries.

The balance of the PDL is expected to rise to at least EUR55.3
million by the next payment date in October 2010 from EUR42.8
million reported in April 2010, due to a recent insolvency of one
of the largest borrowers (EUR12.5 million).  This exceeds the
subordination of the class B notes of EUR30.8 million.  Fitch
believes it is unlikely that the future excess spread and possible
recoveries can reduce the PDL sufficiently for class B notes not
to suffer a loss.

Fitch has constructed an unlikely scenario in which the class B
notes do not suffer a loss at maturity.  In this scenario, no
further defaults occur during the remaining three years until
scheduled maturity and the excess spread remains at the level
stated in April 2010 investor report (EUR1.8 million).
Additionally, recoveries would need to equal approximately 20% of
the defaulted notional in order to reduce the PDL balance below
the subordination of class B notes.  However, the agency believes
this scenario is unrealistic and improbable.

Since the transaction closed in April 2006, there have been five
insolvencies and four default events, altogether amounting to
EUR68 million or 24.3% of the initial portfolio notional, three of
which have occurred since the last review of the transaction by
Fitch in February 2009.  The portfolio has further decreased since
closing by three early terminations with full repayment amounting
to EUR14 million or 5% of the initial pool notional.  The
portfolio currently contains 35 performing obligors compared with
47 obligors initially.  The largest exposure accounts for 6.3% of
the non-defaulted portfolio and the top five obligors for 27.5%.

Fitch has assigned an Issuer Report Grade of two stars ("basic")
to the publicly available reports on the transaction.  The
reporting is accurate and timely.  It contains the priority of
payments, cumulative default figures, and detailed information on
the companies closely watched by the recovery manager.  However,
the reports lack stratifications of the pool, information on the
key counterparties of H.E.A.T Mezzanine S.A. Compartment 2 and the
corresponding rating triggers mitigating the counterparty risk.


OSTREGION INVESTMENTGESELLSCHAFT: Moody's Raises Rating From 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
ratings of Ostregion Investmentgesellschaft Nr. 1 S.A.  The
outlook remains positive.  The upgrade was driven by the
resolution of the Issuer's potential short-term funding problems.
Moody's has maintained a positive outlook as the project's
construction phase is complete and the project is expected to
transition to a higher steady-state rating.

In 2007, Bonaventura Strassenerrichtungs-GmbH (ProjectCo), entered
into a concession agreement with the Autobahnen- und
Schnellstrassen-Finanzierungs AG to plan, develop, construct and
operate a concession route comprising four motorway sections with
a total length of 51.5km in northern Vienna, Austria (the
Project).  The four motorway sections include the A5 and the S1 &
S2 roads.  The A5 is an inter-urban highway with limited
competition, which will partly replace an existing main road (B7).
The S1 & S2 roads are newly built bypass and distributor roads,
with the A22, which passes through Vienna, as major competitor.

The Issuer is a financing conduit which raised approximately
EUR775 million of senior secured debt (EUR425 million of bonds and
EUR350 million EIB Loan) to finance the construction phase of the
project.  Total construction costs, including interest & fees
during construction, are close to EUR1 billion.

Scheduled principal and interest payments of the bonds and the EIB
Loan are unconditionally and irrevocably guaranteed by Ambac,
pursuant to financial guarantee insurance policies.  The insured
or "wrapped" rating of the senior debt is the higher of (i)
Ambac's insurance financial strength rating; and (ii) the
underlying rating.  Prior to 13 April 2009, Ambac's rating was
higher than the underlying rating.  However, following Ambac's
downgrade to Ba3 from Baa1 on 13 April 2009, the underlying rating
was higher than Ambac's rating, hence the insured ratings became
equal to the underlying rating.

As discussed in Moody's rating action publication of December 21,
2009, the rating was constrained to Ba1 given some funding
concerns with respect to the senior forward purchase agreement.
The Issuer successfully completed its last May drawdown under the
SFPA and therefore no longer has any funding needs.  This resolves
the Issuer's potential short-term funding issues and Moody's has
therefore upgraded the transaction to Baa3.

Final inspection and official handover of S1 East and S2 took
place on October 31, 2009.  With respect to the S1 West/A5
section, final inspection and completion were scheduled for early
January 2010.  Although there is no updated technical advisor
report yet available, Moody's understands that these last sections
have also been successfully completed.  Moody's has assigned a
positive outlook now that the Project's construction phase is
complete and is expected to transition to a higher steady-state
rating.

The rating is currently constrained by the absence of an updated
technical advisor report, traffic report and financial model.
Moody's expects all this information to be available by
September/October 2010.  The agency will then assess actual
traffic volume compared to projections, the impact of any
remaining construction defects and works, availability deductions
and the extent to which the higher EIB margin (following the Ambac
downgrade) impacts projected debt service coverage ratios.  This
review could potentially lead to a further upgrade later this
year.  The rating agency expects to further upgrade the Project
gradually as it builds a traffic and O&M track record.  This
process will be spread over the Project's ramp-up period.

The previous rating action was on 21 December 2009 when the issuer
was upgraded to Ba1 from Ba2.

The Project's revenues includes three elements: (i) availability
based payments; (ii) shadow toll payments (ST); (ii) a "minimum
traffic guarantee" by Autobahnen- und Schnellstrassen-
Finanzierungs AG.  The availability based payments are paid by
Asfinag.  The minimum traffic guarantee is also provided by
Asfinag, the government company hereby effectively provides a
backstop for a minimum level of traffic revenues.  The structure
is therefore a hybrid of (i) a PPP with availability based
payments only (given the availability based payments and minimum
traffic guarantee); and (ii) a PPP with Market Revenue Risk (given
the shadow toll payments).


PFLEIDERER AG: Eyes Return to Profitability Next Year
-----------------------------------------------------
Wirtschaftswoche, citing Pfleiderer AG Chief Executive Officer
Hans Overdiek, reported that the company expects to return to
profit next year as the company increases prices, and markets
recover, Joanna Ossinger writes for Bloomberg News reports.

According to Bloomberg, the company's shares fell 0.4% to EUR3.68
on Sunday, June 13.

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- is a producer and supplier of
engineered wood products.  It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide.  The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings.  The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 26,
2010, Fitch Ratings downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'B-' from 'B'.  The rating remains on Rating
Watch Negative.  At the same time, the agency has downgraded the
company's EUR275 million undated subordinated fixed- to floating-
rate capital securities to 'C' from 'CC' and removed them from
RWN.  In addition, the Short-term IDR of 'B' has been placed on
RWN.  The Recovery Rating on the capital securities is 'RR6'.

Fitch said the downgrade reflects increased leverage and an
overall stretched financial profile for the rating level, as a
result of materially weaker-than-expected 2009 operating
profitability and cash generation.


* GERMANY: Seeks Changes to Insolvency Rules, WiWo Says
-------------------------------------------------------
Andreas Cremer at Bloomberg News reports that Germany's Justice
Minister Sabine Leutheusser-Schnarrenberger, as cited by
WirtschaftsWoche magazine, said that the government wants to
propose changes to insolvency rules for large companies soon to
better coordinate legal proceedings under a single liquidator at a
single court.

According to Bloomberg, the magazine said changes should also help
weed out red tape and better engage creditors in legal dealings.


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


GLITNIR BANK: To Start Paying Creditors Late in 2011, Visir Says
----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Reykjavik-
based newspaper Visir, citing Arni Tomasson, head of Glitnir Bank
hf's resolution committee, said that the resolution committee will
begin paying the bank's creditors late in 2011 and already has
ISK200 billion in available funds.

According to Bloomberg, the newspaper said on its Web site that
the bank hopes to sell its domestic offspring, Islandsbanki hf,
within three to five years and has hired UBS AG to assist the
resolution committee on the sale.

                        About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loan provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long- term notes for about US$7 billion in the country.

Judge Stuart M. Bernstein presides over the case.  Gary S. Lee,
Esq., at Morrison & Foerster LLP in New York, serves as counsel to
the foreign representative.  The Chapter 15 petition estimated
both assets and debts to be more than US$1 billion.

On January 6, 2009, Judge Bernstein issued an order recognizing
the bank's restructuring proceedings in Iceland.


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


EGRET FUNDING: Moody's Lifts Rating on Class E Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Egret Funding CLO I Plc:

Issuer: Egret Funding CLO I Plc

  -- EUR24.6M Class C Deferrable Floating Rate Notes due 2022,
     Upgraded to Ba3; previously on Oct 29, 2009 Downgraded to B1

  -- EUR23.1M Class D Deferrable Floating Rate Notes due 2022,
     Upgraded to Caa1; previously on Oct 29, 2009 Downgraded to
     Caa2

  -- EUR12.25M Class E Deferrable Floating Rate Notes due 2022,
     Upgraded to Caa3; previously on Oct 29, 2009 Downgraded to Ca

  -- EUR7M Class P Combination Notes due 2022, Upgraded to Ba3;
     previously on Oct 29, 2009 Downgraded to B1

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 20% Second Lien and/or
Mezzanine Loans obligations.

According to Moody's, the upgrade rating actions taken on the
Class C, Class D, Class E and Combo P notes result primarily from
improvement in the overcollateralization of the notes and a
significant reduction in the exposure to defaulted assets.
Moody's also notes that the credit quality of the collateral has
been generally stable and that the Class C, D and E notes have not
been deferring interest since the last rating action in October
2009.

In particular, as of the trustee report dated April 30, 2010, the
Class A/B, Class C, Class D and Class E overcollateralization
ratios are reported at 124.48%, 115.51%, 108.20% and 105.07%,
respectively, versus September 2009 levels of 122.86%, 114.06%,
106.88% and 103.81%, respectively, and are currently in
compliance.  Additionally, defaulted assets have decreased
substantially from EUR 24.9 million in September 2009 to EUR5.9
million currently.  Many of these defaulted assets which were
carried at market values previously have been restructured with
limited par losses.  Moreover, the portfolio weighted average
rating factor 'WARF' has been relatively stable since the last
rating action in October 2009.

The actions as to the Class C and D notes also reflect a
correction to the last rating action on 29 October 2009, which
used an inaccurately low defaults recovery amount.  The correct
defaults recovery amount has been applied, and is reflected in the
ratings announced.

Moreover, Moody's revised assumptions with respect to default
probability and the calculation of the diversity score as
described in the press release dated February 4, 2009, titled
"Moody's updates key assumptions for rating CLOs." These revised
assumptions have been applied to all corporate credits in the
underlying portfolio, the revised assumptions for the treatment of
ratings on "Review for Possible Downgrade", "Review for Possible
Upgrade", or with a "Negative Outlook" being applied to those
corporate credits that are publicly rated.

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

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


QUINN INSURANCE: Lobby Group Proposes Government Bond
-----------------------------------------------------
Geoff Percival at Irish Examiner.com reports that Pro-Quinn
Insurance lobbyists have proposed the issuing of a government bond
as a way of raising the funding to facilitate its "return to
normal trading".

According to the report, a spokesperson for Concerned Irish
Business -- the lobby group made up of a number of border-
community firms -- said the best solution is for "an institution
to issue the required funding and the only way this can be
achieved in the present financial climate is through the issue of
a bond or surety from the Government".

The report notes the spokesperson added that this would facilitate
QIL to return to normal trading and -- over the next seven years
-- "generate the profits and potential company value to repay the
Quinn family debt with Anglo Irish Bank, including interest".

                               Sale

The report says regarding the possible sale of QIL, the company's
administrators have completed the drawing up of the information
memorandum that is likely to be sent to the 48, or so, interested
parties -- but is currently being advised by investment bank
Macquarie over the sales process.

On May 26, 2010, the Troubled Company Reporter-Europe, citing The
Irish Times, reported that Liberty Mutual, one of the largest US
insurance companies, has said it is interested in buying Quinn
Insurance as a means of significantly expanding its operations in
Europe.  The Irish Times disclosed if a takeover proceeds, the
sale could leave the Cavan-based insurer intact and minimize
further job losses beyond the 902 sought from the 2,450-strong
workforce.

As reported by the Troubled Company Reporter-Europe on April 19,
2010, The Financial Times said Quinn Insurance was put into
administration on April 15 after Sean Quinn abandoned attempts to
keep control of the family-owned company.

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


===================
K A Z A K H S T A N
===================


BMB MUNAI: Enters Agreement to Amend Note Redemption Terms
----------------------------------------------------------
BMB Munai, Inc., disclosed that in connection with its efforts to
restructure its US$60,000,000 aggregate principal amount of 5.0%
Convertible Senior Notes due 2012 issued in 2007, it has entered
into Supplemental Indenture No. 1 with The Bank of New York Mellon
as trustee for the holders of the Notes.

Pursuant to the terms of the original Indenture, the Noteholders
had the right to redeem the Notes on July 13, 2010, by delivering
notice on or prior to June 13, 2010.  The parties entered into the
Supplemental Indenture that will allow additional time to
negotiate a restructuring of the Notes.  The Supplemental
Indenture grants the Noteholders an additional right to require
redemption of the Notes upon two days notice any time after
June 13, 2010, but on or before September 13, 2010.

In exchange for the additional redemption right, the Noteholders
separately agreed they will not exercise any redemption right
prior to September 1, 2010, except in certain circumstances.  The
Noteholders also separately agreed to waive existing defaults
under the Indenture until the earlier of September 1, 2010 or the
date they may exercise the new redemption right.

                        About BMB Munai

BMB Munai, Inc., focuses on oil and natural gas company
exploration and production in the Republic of Kazakhstan.  The
Company holds an exploration contract that allows it to conduct
exploration drilling and oil production in the Mangistau Province
in the southwestern region of Kazakhstan.  BMB's contract area
consists of the ADE Block, which includes Aksaz, Dolinnoe and Emir
oil and gas fields.  Its drilling activities consist of drilling a
range of exploratory wells to delineate reservoir structures and
developmental wells, which provides revenue to the Company.  As of
March 31, 2009, the Company had drilled 24 wells.


KAZKOMMERTSBANK JSC: Fitch Gives Stable Outlook; Keeps B- Rating
----------------------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Kazkommertsbank's
Outlook to Stable from Negative, while affirming the bank's Long-
term foreign currency Issuer Default Rating at 'B-'.

The Outlook revision reflects KKB's somewhat eased liquidity
pressures following fresh deposit inflows after large foreign debt
repayments in 2009, and more evidence of regulatory forbearance in
respect of the bank's loan impairment recognition.  It also
reflects the more positive outlook for the Kazakh economy, which
makes a further substantial deterioration in the bank's asset
quality less likely.

Fitch had previously cited capital pressure as one of the drivers
of the Negative Outlook.  The agency continues to believe that
eventual loan impairment recognition may exceed the bank's current
loss absorption capacity, meaning there will likely be a potential
need for future recapitalization.  KKB's reported asset quality
metrics have continued to deteriorate in recent months, with NPLs
rising to 23.0% at end-Q110 from 21.1% at end end-2009.
Furthermore, Fitch understands that underlying asset quality is
considerably weaker than the NPL number suggests, with the
majority of large corporate exposures having clear signs of
impairment and accrued interest comprising a large 34% of gross
interest income under IFRS in 2009.  Fitch understands that little
has been done to date to accelerate work-outs of impaired loans,
and write-offs have been close to zero since the beginning of the
crisis in H207.

Nevertheless, it is becoming increasingly clear that the regulator
will continue to allow KKB to recognize impairment only to the
extent that it enables the bank to show reasonable performance and
to comply with prudential regulations.  This provides KKB with the
necessary time to generate some profit from the performing parts
of its business in order to cover NPL losses.  The agency also
expects that Kazakhstan's anticipated economic recovery will
likely help boost collateral values and improve the condition of
some borrowers, thereby ultimately enhancing bad loan recoveries.
In addition, sovereign-owned entities continue to keep large
deposits with the bank, supporting its funding profile.  Fitch
views these funds as unlikely to be withdrawn in any substantial
amount in the medium-term, or at least until KKB's liquidity
profile permits.  Coupled with only moderate foreign debt
repayments in the coming two years and continuous deposit inflows,
this currently provides the bank with some financial flexibility,
contributing to the Stable Outlook.

That said, Fitch notes that KKB's poor asset quality, resultant
capital adequacy concerns, poor profitability and weaknesses in
its funding profile continue to be major constraints for its
ratings.  Despite the Outlook revision, until there is more
certainty with respect to the value of its assets and/or
recapitalization takes place, there will be very limited upside
potential for the bank's ratings.

The rating actions are:

  -- Long-term foreign and local currency IDRs: affirmed at 'B-';
     Outlooks revised to Stable from Negative

  -- Short-term foreign and local currency IDRs: affirmed at 'B'

  -- Support Rating: affirmed at '5'

  -- Individual Rating: affirmed at 'E'

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

  -- Senior unsecured debt: affirmed at 'B-'; Recovery Rating
     'RR4'

  -- Subordinated debt: affirmed at 'CC'; Recovery Rating 'RR6'

  -- Tier 1 perpetual subordinated notes: affirmed at 'CC';
     Recovery Rating 'RR6'

KKB is the largest bank in Kazakhstan.  Significant stakes are
held by the chairman of the board, Samruk-Kazyna National Fund and
a private fund Alnair Capital Holding.


===================
L U X E M B O U R G
===================


BERNARD L. MADOFF: UBS Faces Forgery Probe on Luxembourg Funds
--------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that UBS AG's
Luxembourg unit is being probed by prosecutors over allegations of
forgery when it oversaw two funds linked to Bernard Madoff.

"A preliminary investigation by the prosecutor's office is under
way," Bloomberg quoted Henri Eippers, a spokesman for the
Luxembourg Court of Justice, as saying on Thursday.  "The police
already submitted a first report."

Bloomberg recalls Access International Advisors LLC's LuxAlpha
Sicav-American Selection Fund and Luxembourg Investment Fund were
among Luxembourg funds forced to suspend customer redemptions
after Mr. Madoff's December 2008 arrest.

Bloomberg relates UBS and its local units have been sued for
damages and compensation in more than 100 Luxembourg cases by
investors who lost millions of dollars through the funds.
LuxAlpha, which lost 95% of its approximately US$1.4 billion in
assets, was dissolved four months after Mr. Madoff's arrest in
December 2008, Bloomberg recounts.

According to Bloomberg, Mr. Eippers said the prosecutors are in
the process of gathering more information and will, based on the
evidence, decide whether to file a lawsuit against UBS.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.).


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


HERMES XV: Fitch Affirms Rating on Class E Notes at 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Hermes XV B.V.'s EUR150,000,000 class A
mortgage-backed floating-rate notes, due 2042, an expected rating
of 'AAA' with a Stable Outlook.  The agency has assigned the notes
a Loss Severity rating of 'LS-1'.  Hermes XV's outstanding notes
have been affirmed as detailed at the end of this comment.

The final rating of the class A notes is contingent on the receipt
of final documents conforming to information already received.

Hermes XV is a securitization of residential mortgage loans which
is being restructured.  The loans were originated in the
Netherlands by SNS Bank N.V., a wholly-owned subsidiary (SNS Bank,
rated 'A-'/Outlook/ 'F2') and its wholly owned subsidiaries BLG
Hypotheekbank N.V. and SNS Regio Bank N.V.

On the closing date, the proceeds of the class A notes, and part
of the portfolio, will be used to fully redeem the outstanding
class A notes ("AAA" outlook stable, LS-1), and to partially
redeem the class B and C notes on a pro-rata basis.  At closing,
the credit enhancement will increase: class A to 7.3% from 5.1%;
class B to 6.7% from 4.3%, class C to 4.0% from 1.6% and class E
to 1.6% from 0.9%.

The ratings are based on the quality of the underlying assets, the
origination, servicing and underwriting practices and the
transaction's structure, as well as available credit enhancement.
The ratings address the likelihood of investors receiving full and
timely interest payments in accordance with the terms of the
underlying documents by legal final maturity in 2042.

Under the restructuring, the structure will no longer feature a
revolving period and the call and step up date will be changed to
April 2015 from April 2013.  In addition, the legal maturity date
will be shortened to April 2042 from April 2045 to reflect the
updated portfolio and removal of the revolving period, and the
swap counterparty will be novated from SNS bank to Deutsche Bank
AG London branch ('AA-'/ Outlook Stable/ 'F1+').  All other
existing structural features in Hermes XV will be retained in the
restructured transaction.

Fitch has taken these rating actions with respect to the
outstanding notes issued by Hermes XV B.V.:

  -- Class B (ISIN XS0367264230): affirmed at 'AA+'; Outlook
     Stable; Loss Severity rating revised to 'LS-4' from 'LS-2'

  -- Class C (ISIN XS0367267092): affirmed at 'A'; Outlook revised
     to Stable from Negative; Loss Severity rating revised to 'LS-
     3' from 'LS-1'

  -- Class D (ISIN XS0367268736): affirmed at 'BBB+'; Outlook
     Negative; Loss Severity rating 'LS-3'

  -- Class E (ISIN XS0367269031): affirmed at 'BB'; Outlook
     Negative; Loss Severity rating revised to 'LS-3' from 'LS-2'.


MAYFAIR EURO: S&P Affirms 'CC' Ratings on Three Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all rated classes in Mayfair Euro CDO I B.V.

Mayfair is a cash flow collateralized bond obligation transaction
that securitizes bonds to investment- and speculative-grade
corporate firms.

The affirmations reflect S&P's view that the tranches have
adequate credit support to maintain their current ratings under
its updated criteria.

                           Ratings List

                     Mayfair Euro CDO I B.V.
     EUR317.7 Million Senior and Subordinated Deferrable Fixed-
                     And Floating-Rate Notes

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           CC
                        C-1         CC
                        C-2         CC


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


INTERNATIONAL INDUSTRIAL: S&P Cuts Counterparty Ratings to 'B-/C'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long- and short-term counterparty credit ratings on Russia-based
International Industrial Bank to 'B-/C' from 'BB-/B'.  At the same
time, S&P placed the long- and short-term counterparty credit
ratings on IIB on CreditWatch with negative implications.

"The downgrade reflects IIB's very weak liquidity position and
increased refinancing risk, in S&P's opinion, as well as its
concerns regarding IIB's ability to accumulate sufficient
liquidity to repay its wholesale debt maturing, including a
EUR200 million Eurobond due on July 6, 2010," said Standard &
Poor's credit analyst Mikhail Nikitin.

In S&P's opinion, IIB is experiencing significant strain on its
liquidity and now relies extensively on funding from the Central
Bank of Russia.  Based on IIB's unconsolidated financial
statements as of June 1, 2010 (prepared in accordance with Russian
generally accepted accounting principles), S&P is of the view that
IIB's liquid assets may be insufficient to allow it to repay
obligations maturing in the next few months, including the
EUR200 million Eurobond reportedly due on July 6, 2010.  S&P
estimates that IIB's total liquid assets (cash and net short-term
interbank position) amounted to only about 4% of its total assets
as of June 1, 2010.

S&P understands that in order to compensate for some deposit
outflow in 2009, and to finance the growth of its loan portfolio,
IIB has repeatedly availed itself of unsecured funding from the
CBR (a facility introduced in late 2008 to support the Russian
banking sector).  S&P understands that unlike many of its peers,
which have partly or fully repaid these unsecured loans, IIB
continues to rely extensively on this source of funds.

IIB is involved in financing commercial and industrial projects
run by United Industrial Corporation (not rated), which is
affiliated with Sergey Pugachyov, a businessman and member of the
Federation Council of Russia (upper chamber of parliament or
senate).  Mr. Pugachyov and his family (with an 81% stake) and the
bank's senior managers (19% stake) are the ultimate shareholders
of IIB.

IIB reportedly expects to boost its liquidity through the sale of
some of Mr. Pugachyov's nonbanking assets.  Press reports have
stated that Mr. Pugachyov has been negotiating the sale of some
nonbanking assets that could generate a significant amount of
liquidity.

While an infusion of funds could significantly improve IIB's
liquidity position, S&P nevertheless believe that the conclusion
of this transaction is not certain or could prove to be more time
consuming than anticipated.  To resolve the negative CreditWatch
placement, S&P will continue to review IIB's liquidity position
and assess the various steps taken by IIB and Mr. Pugachyov to
address IIB's liquidity position.

"S&P could downgrade IIB if its liquidity situation is not
addressed, particularly in light of its forthcoming debt
maturities," said Mr. Nikitin.

By contrast, S&P would likely remove the ratings from CreditWatch
if IIB addresses its liquidity issues by accumulating sufficient
cash, reduces its reliance on CBR funding, while S&P's concerns on
the bank's asset quality recede.


PROGNOZ SILVER: Starts Bankruptcy Proceedings
---------------------------------------------
High River Gold Mines Ltd. was informed that the Arbitration Court
of the City of Moscow has approved the application of OJSC
Buryatzoloto for official bankruptcy procedures for Prognoz Silver
LLC, which operates the Prognoz silver project in the Republic of
Sakha (Yakutia), Russia, which the Company has an interest in.
The commencement of the procedures will result in the preservation
of Prognoz Silver LLC's assets, an analysis of its financial
condition, the preparation of the list of creditors and the
holding of the first creditors' meeting.  It is anticipated that
the bankruptcy procedures may last at least seven months and may
permit Buryatzoloto to collect or restructure the indebtedness of
Prognoz.

Buryatzoloto is 85% owned by High River. High River holds a 50%
indirect interest in Prognoz Silver LLC.  In October 2009,
Buryatzoloto filed a claim to the Arbitration Court of the City of
Moscow against Prognoz Silver LLC to recover an outstanding debt
due under the contract for exploration work on the Prognoz silver
project.  The amount of claim including interest and other
expenses was approximately US$18 million.  The outstanding debt of
Prognoz Silver LLC originated from the inability of the
shareholders other than High River to finance their share of
expenditures at Prognoz Silver LLC.  In December 2009, the court
ruled in favour of Buryatzoloto. Later, in March 2010, the ruling
was confirmed by the appellate court.  The court awarded
Buryatzoloto the claimed amount; however Buryatzoloto did not
succeed in collecting it.

                        About High River

High River is unhedged gold company with interests in producing
mines and advanced exploration projects in Russia and Burkina
Faso.  Two underground mines, Zun-Holba and Irokinda, are situated
in the Lake Baikal region of Russia.  Two open pit gold mines,
Berezitovy in Russia and Taparko-Bouroum in Burkina Faso, are also
in production.  Finally, High River has two advanced exploration
projects with NI 43-101 compliant resource estimates, the Bissa
gold project in Burkina Faso and 50% interest in the Prognoz
silver project in Russia.


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


CAJA SAN FERNANDO: S&P Cuts Rating on Class D Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on all five classes of
notes in Caja San Fernando CDO I Fondo de Titulizacion de Activos
series EUR.

S&P placed these notes on CreditWatch negative on Sept. 17, 2009,
as a result of S&P's revised corporate collateralized debt
obligation criteria.

The rating actions follow a review of this transaction under S&P's
updated CDO criteria, which apply to corporate CDOs and
transactions that are backed by pools of corporate CDO securities,
as well as its assessment of the credit deterioration in the
transaction portfolio.

According to S&P's analysis, the portfolio comprises about 98%
collateralized loan obligations and about 2% CDOs of asset-backed
securities.  S&P's analysis shows that S&P currently rate 43% of
these assets below investment-grade (below 'BBB-').  Out of those,
about 2.4% are rated 'CCC-'.

In S&P's view, the portfolio is highly concentrated.  There are 14
obligors remaining in the portfolio with the largest single
obligor representing about 12% of the portfolio, while the five
largest obligors account for about 47%.  The largest country
exposures, according to S&P's analysis, are to the U.K. (about
50%) and to Germany (about 29%).  In a concentrated portfolio, the
default of a small number of obligors can rapidly reduce credit
enhancement levels for the rated notes.

As a result of these developments, the existing ratings on the
class A1 to D notes are, in S&P's opinion, no longer commensurate
with the available credit enhancement, and S&P has therefore
lowered the ratings on these notes.

                           Ratings List

      Ratings Lowered and Removed From CreditWatch Negative

    Caja San Fernando CDO I Fondo de Titulizacion de Activos
   EUR119.7 Million Fixed- and Floating-Rate Notes Series EUR

                              Rating
                              ------
             Class      To              From
             -----      --              ----
             A1         AA+             AAA/Watch Neg
             A2         A+              AAA/Watch Neg
             B          BBB+            AA/Watch Neg
             C          BB+             A-/Watch Neg
             D          B+              BBB/Watch Neg


CIRSA GAMING: Moody's Confirms Corporate Family Rating at 'B2'
--------------------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating and probability of default rating of Cirsa Gaming
Corporation S.A.  The rating agency has also confirmed the B3
rating on the EUR230 million 7.875% senior notes due 2012 issued
by Cirsa Capital Luxembourg S.A. Concurrently, Moody's has removed
the provisional status on the B3 rating of the new EUR400 million
8.75% senior notes due 2018 issued by Cirsa Funding Luxembourg
S.A., following the successful completion of the bond issue.  The
outlook on all ratings is stable.

This confirmation concludes the rating review initiated by Moody's
on 1 February 2010, following Cirsa's decision to withdraw and
terminate the exchange offer for its EUR230 million notes due 2012
and EUR270 million notes due 2014, which had put pressure on the
company's liquidity profile and refinancing requirements.

"The rating confirmation reflects the strengthening in the
company's liquidity profile and reduced refinancing risk following
the successful completion of the EUR400 million bond due 2018,"
said Ivan Palacios, a Moody's Vice President -- Senior Analyst,
and lead analyst for the company.

Cirsa has used the proceeds from this bond issuance to repay
short-to medium-term debt maturities, including the EUR270 million
notes due 2014, as well as to strengthen its cash balance.  In
addition to the new bond issue, Cirsa is putting in place a new
EUR30 million senior secured revolving facility.

"Cirsa has therefore alleviated the pressures on its liquidity
profile, at a time when the company's operating performance is
showing signs of improvement despite the adverse macroeconomic
environment," added Mr. Palacios.

In Q1 2010, Cirsa reported EUR57.6 million EBITDA, representing
12% growth on a sequential basis, driven by improved performance
in the Slots division in Spain as well the recovery in the Bingo
division.  Based on this performance, Moody's believes that the
company is on track to meet the business plan for the year ended
December 2010.

The B2 rating factors in Moody's expectation that Cirsa will
continue to improve its operating performance, particularly in the
Slots and B2B divisions, while successfully rolling-out bingo hall
plans in Mexico, smoothly implementing its agreement with Casino
Club in Argentina and managing execution risk from its new venture
in Italy.

Moody's notes that as a result of the weak economic environment in
Spain, Cirsa is showing greater reliance on Latin America as a
driver of group profitability, a trend which is unlikely to change
in the short term.  While Moody's remains cautious as regards
further impact of the economic downturn on Cirsa's business in
Spain, Moody's note that the company is also likely to benefit
from the growth prospects of projects that are expected to start
generating revenue and EBITDA from 2010, including Casino de
Rosario in Argentina, Mexican electronic bingo, Casino Valencia in
Spain, or the Video Lottery Terminals -- VLT -- project in Italy.

The B2 rating assumes Cirsa will be able to successfully withstand
(i) the current European recessionary environment as well as
(ii) currency volatility and economic and regulatory instability
in Latin America.

The rating also factors in Moody's expectation that Cirsa will
continue to operate within the framework of its leverage and
coverage targets (as reported by the company and not adjusted by
Moody's) of Net debt/EBITDA below 4x, and EBITDA/Net interest
expense above 4x.

Downward pressure could be exerted on Cirsa's rating if the
company's leverage were to increase over 5.25x on an adjusted
basis, whether as a result of a change in the financial policy or
as a result of a deterioration in operating performance.  The
rating could also come under pressure if liquidity is deemed to
have become inadequate to support operating performance or debt
servicing, particularly in light of the bond maturity in 2012.

Conversely, upward rating pressure will depend on Cirsa's ability
to operate under a financial profile consistent with credit
metrics such as Debt/EBITDA (as adjusted by Moody's) below 4.25x
on a sustainable basis.

The ratings confirmed are:

  -- B2 CFR and PDR of Cirsa Gaming Corporation S.A.

  -- B3 rating (equivalent to a Loss Given Default assessment of
     LGD 4) on the EUR230 million 7.875% senior notes due 2012
     issued by Cirsa Capital Luxembourg S.A.

  -- B3 rating (LGD 4) on the recently issued EUR400 million 8.75%
     senior notes due 2018 issued by Cirsa Funding Luxembourg S.A.

The last rating action was implemented on April 27, 2010, when
Moody's assigned a (P)B3 to Cirsa's new senior notes due 2018.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company with substantial operations in Italy and Latin
America.  In FY2009, Cirsa reported net operating revenues of ca.
EUR1.1 billion and EBITDA of EUR209 million.


SAGRES SOCIEDADE: S&P Cuts Ratings on Class D & E Notes to Low-B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on the class D and E notes
in SAGRES Sociedade de Titularizacao de Creditos, S.A.'s series
CHAVES SME CLO No. 1.  At the same time, S&P placed its ratings on
the class A, B, and C notes on CreditWatch negative.

The rating actions follow S&P's review of the performance of the
underlying portfolio.  The transaction has seen an increase in the
number of defaults since the beginning of 2009.  Although defaults
peaked in Q3 2009, the last three payment dates have also seen
significant levels of defaults.

The transaction has allocated these defaults to the relevant
principal deficiency ledgers.  As of May 2010, the class E PDL was
fully loaded, while that of class D was at 95%.  As the structure
provides interest-deferral triggers based on PDL amounts, interest
payments to class E have been deferred since August 2009.
Interest payments to class D, which were partially deferred in
November 2009, were fully paid by the fund at the February and May
2010 payment dates.

The transaction benefits from excess spread, which is available to
reduce the PDL balances.  In particular, the excess spread reduced
the PDL balances from their high point in November 2009.  However,
the net effect of defaults being debited and excess spread being
credited has led to a slight increase in the class D PDL balance
at the May payment date.  As the transaction amortizes, the level
of excess spread available for this purpose reduces in absolute
terms.

S&P's analysis indicates that the levels of credit enhancement
available to the class D and E notes are no longer commensurate
with an investment-grade rating; S&P has lowered the ratings on
these classes as a result.  S&P will resolve the CreditWatch
negative placements following an in-depth cash flow analysis of
the transaction, which S&P will undertake in due course.

                           Ratings List

        SAGRES Sociedade de Titularizacao de Creditos, S.A.
EUR616.57 Million Asset-Backed Floating-Rate Securitisation Notes
        (Chaves SME CLO No. 1) Series CHAVES SME CLO No. 1

        Ratings Lowered and Placed on CreditWatch Negative

                                   Rating
                                   ------
               Class       To                   From
               -----       --                   ----
               D           BB+/Watch Neg        BBB
               E           BB-/Watch Neg        BBB

              Ratings Placed On CreditWatch Negative

                                   Rating
                                   ------
               Class       To                   From
               -----       --                   ----
               A           AAA/Watch Neg        AAA
               B           AA/Watch Neg         AA
               C           A-/Watch Neg         A-


===========
T U R K E Y
===========


ARCELIK AS: Fitch Upgrades Issuer Default Ratings to 'BB'
---------------------------------------------------------
Fitch Ratings has upgraded Arcelik A.S.'s Long-term foreign and
local currency Issuer Default Ratings to 'BB' from 'BB-'.  The
Outlook is Stable.  Fitch has also affirmed Arcelik's National
Long-term rating at 'AA-(tur)'.  The Outlook on the National
rating is also Stable.

The upgrade reflects the further improvement in the company's
operating and financial profile in 2009 & Q110 and the rapid pace
of develeraging that is ahead of Fitch expectations.  The ratings
also reflect Arcelik's leading position in the domestic market as
well as increased market share in Western Europe and other export
markets in a tough economic environment in 2009.  Arcelik's 2009
results marked a turnaround, with the company generating positive
free cash flow due to a major reversal in working capital, no
dividend distribution and large reductions in capex in some of its
business lines.  Arcelik has deleveraged significantly from peak
leverage (5.1x at FY08) to a moderate 1.5x at 2009 (1.1x at Q110
annualized) in a challenging market environment.  Fitch Ratings
sees it as positive that the leverage metrics are back to the more
conservative levels of 2005.

Arcelik's EBITDA margin increased to 13.47% at end-2009 and 13.2%
at Q110, well above management's sustainable long-term target of
10-11%.  Restructuring efforts, higher value product mix,
efficient inventory management, and higher capacity utilization
supported the operating margins.  However, Fitch notes that the
rapid depreciation of the Euro starting in May 2010, the main
export market for Arcelik, may take its toll on operating margins
going forward.  Accordingly, Fitch expects a return to normalized
levels by 2011.

Fitch expects net leverage (net debt/EBITDA) to remain at 2.0x
during 2010 and 2011, as a result of working capital outflows.
This compares with Arcelik management's expectation of lower
leverage metrics.  Fitch notes that FCF generation in 2010 will be
based on Arcelik's working capital needs.  Therefore, further
deleveraging may prove challenging in 2010 and beyond, but more
evidence on the long-term sustainability of lower working capital
needs and improved credit metrics would be positive for Arcelik's
ratings.

Arcelik's gross debt decreased to TRY1,781 million at Q110 from
2,112 million at 2009 and TRY3,492 million at end-2008.  Of the
TRY1,781 million gross debt, TRY1,587 million (89% of the total)
was due within one year.  However, the company refinanced TRY1bn
of its upcoming maturities on May 2010 and extended the maturity
profile.  The company's cash position also improved markedly from
TRY338 million at 9M08 to TRY709m at Q110 easing most of the
short-term liquidity concerns.

Arcelik is Turkey's largest household appliances manufacturer.  It
produced 9.7 million units of white goods and 1.5 million LCD TVs
and reported TRY6.6bn in consolidated sales in FY09.  The company
is 57%-owned by Koc Group of Turkey, while 23% of its shares are
quoted on the Istanbul Stock Exchange.


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


AMBAC ASSURANCE: Moody's Withdraws Rating on 6.933% Notes
---------------------------------------------------------
Moody's Investors Service has announced that it has withdrawn the
rating on the 6.933% notes issued by Communaute Urbaine de Lille
and guaranteed by AMBAC Assurance UK Limited due February 15,
2027.  Moody's has withdrawn this rating for business reasons.

The rating withdrawal reflects Moody's current policy to withdraw
ratings on AMBAC Assurance UK Limited wrapped securities for which
there is no published underlying rating.  Should AMBAC Assurance
UK Limited's rating subsequently move back into the investment-
grade range or should Communaute Urbaine de Lille subsequently
request publication of the underlying rating, Moody's would
reinstate the rating to the wrapped instruments.

This rating has been withdrawn:

  -- Communaute Urbaine de Lille's 6.933% notes due 15 February
     2027, which have the benefit of a guarantee from AMBAC
     Assurance UK Limited.

The last rating action on these notes was implemented on April 13,
2009, when Moody's placed the Baa1 rating on review with direction
uncertain due to the downgrade of AMBAC Assurance UK Limited to
Ba3 with developing outlook.  AMBAC Assurance UK Limited is
currently rated at Caa2 on review with direction uncertain.


ARLO VII: Moody's Cuts Rating on US$75 Mil. Notes to 'Caa3'
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by ARLO VII Limited, a collateralized debt obligation
transaction referencing a managed portfolio of corporate entities.

Issuer: ARLO VII - Charleston CDO (Long/Short)

  -- Series 2007-CSTON-7A-2 US$75,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2014, Downgraded to Caa3; previously
     on Mar 10, 2009 Downgraded to Caa2

  -- Series 2007-CSTON-10A-2 US$31,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2017, Downgraded to Caa2;
     previously on Mar 10, 2009 Downgraded to Caa1

Moody's explained that the rating actions taken are the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, adjusted with forward looking measures, has
deteriorated from 1006, equivalent to an average rating of the
current portfolio of Ba2, from the last rating action, to 1477,
equivalent to an average rating of Ba3.  The reference portfolio
includes an exposure to iStar Financial Inc. and Residential
Capital LLC which have experienced substantial credit migration in
the past few months and are now rated respectively Ca and C.
Since the last rating action in March 2009, the subordination of
the rated tranches has been reduced due to credit events on Aiful
Corporation, Cemex, Ambac Assurance Corporation, Chemtura
Corporation.  These credit events lead to a decrease of
approximately 1.5% of the subordination for both of the series.
The Insurance, Banking, Finance, and Real Estate industry sectors
are the most represented, weighting 15%, 11%, 10% and 8%,
respectively, of the portfolio initial notional.


BP PLC: US Government Wants Trust Fund Set Up to Pay Off Claims
---------------------------------------------------------------
The Wall Street Journal's Amy Schatz and Guy Chazan report that
White House officials on Sunday said they wanted BP Plc to put
"substantial" funds into an escrow account to cover claims by Gulf
Coast businesses and residents affected by the oil spill.  The
report says the Obama administration plans to ask BP to establish
an independently administered fund for reimbursing victims -- in
effect, taking some of the compensation decisions out of BP's
hands.

BP said in a statement on Monday the cost of the response to date
amounts to approximately US$1.6 billion, including the cost of the
spill response, containment, relief well drilling, grants to the
Gulf states, claims paid, and federal costs.  This includes new
grants of US$25 million each to the states of Florida, Alabama and
Mississippi and the first US$60 million in funds for the Louisiana
barrier islands construction project.  BP said it is too early to
quantify other potential costs and liabilities associated with the
incident.

According Dow Jones Newswires' Selina Williams, one analyst
estimated Friday that the ultimate figure would be between
US$3 billion and US$6 billion.

According to BP, more than 51,000 claims have been submitted to
date, and more than 26,500 payments have been made, totaling over
US$62 million.

The WSJ report drew comparisons of the BP fund with those of trust
funds set up with court approval by Johns Manville Corp. and later
other companies with asbestos liabilities.  The report says those
asbestos trusts now oversee about US$20 billion in assets, a sum
that has nearly tripled since 2005, consultants say.

The Journal says the calls for a fund came as BP said over the
weekend it was now collecting about 15,000 barrels of oil a day at
the site, due to a special cap installed over the leaking pipe.
U.S. officials upped their leak estimate last week to as much as
40,000 barrels a day, although on Sunday, Coast Guard Admiral Thad
Allen said they believe the leak was closer to 35,000 barrels a
day.

The report says President Barack Obama plans to bring up the idea
at a White House meeting Wednesday with top BP executives,
including Chairman Carl-Henric Svanberg.  The call was echoed by
congressional leaders and state officials, the report adds.

                  Chapter 11 or Receivership Seen

As reported by the Troubled Company Reporter on June 10, 2010,
Tennille Tracy at Dow Jones Newswires said energy specialist Matt
Simmons, founder and chairman emeritus of Simmons & Co., has told
Fortune magazine that BP Plc has "about a month before they
declare Chapter 11."

According to the TCR, Jeff Plungis and Christopher Condon at
Bloomberg's Businessweek reported that Representative Steve Cohen,
a Tennessee Democrat, said because BP is likely to end up in
bankruptcy, the Obama administration should consider placing the
company in receivership to preserve company assets.  "The
president could put it in receivership to protect the people," Mr.
Cohen said.

The TCR also cited Businessweek, which said more than 40 U.S.
lawmakers on June 9 called for BP to suspend its dividend, stop
its advertising and spend the money instead cleaning up its oil
spill in the Gulf of Mexico.  Businessweek said a dividend
moratorium would hit BP shareholders led by BlackRock Inc. and
Legal & General Group Plc.  According to Bloomberg data drawn from
regulatory filings, New York-based BlackRock was the biggest
holder of BP shares, with 5.92% as of December 31, 2009.
Bloomberg said Legal & General Group, the U.K. insurer and money
manager, holds 4% of the shares as of May 4.

BP has committed to fund the entire US$360 million cost of six
berms in the Louisiana barrier islands project.  On June 7, BP
said it would make an immediate payment of US$60 million to the
State of Louisiana.  The initial US$60 million payment is intended
to permit the State to begin work on the project immediately.  BP
would then make five additional US$60 million payments when the
Coastal Protection and Restoration Authority of Louisiana, which
is chaired by Garret Graves, certifies that the project has
satisfied 20%, 40%, 60%, 80% and then 100% completion milestones.
The entire US$360 million will be funded by the completion of the
project.  BP plans to make payments directly to the State of
Louisiana rather than establishing an escrow fund for this
project.

BP already has provided US$170 million to Louisiana, Alabama,
Mississippi, and Florida to help with those state's response costs
and to help promote their tourism industries.  The company also
has paid approximately US$51 million in compensation to people and
companies affected by the spill.

                           About BP Plc

BP Plc -- http://www.bp.com/-- is one of the world's largest
energy companies, providing its customers with fuel for
transportation, energy for heat and light, retail services and
petrochemicals products for everyday items.

Bloomberg's Businessweek notes BP represents 5.6% of the FTSE 100
Index, the second biggest weighting of the top U.K.-listed
companies behind London-based bank HSBC Holdings Plc.  BP also
represents the biggest portion of the FTSE 350 Oil & Gas Producers
Index at 31%, and the MSCI EAFE/Energy Index at 16%.


BRITISH AIRWAYS: Turns Down GBP334,000 Annual Bonus of Shares
-------------------------------------------------------------
BBC News reports that British Airways said Willie Walsh, the
airline's chief executive of British Airways, has turned down an
annual bonus of shares worth GBP334,000, the second year in a row.

According to BBC, Mr. Walsh's salary remains at GBP735,000,
although he earned GBP674,000 last year after voluntarily giving
up July's pay as part of cost-cutting measures.

BBC says the pay committee at the airline has set him and other
directors the challenge of "improving industrial relations", as a
specific target for assessing their eligibility for a bonus in
2010/2011.  If Mr. Walsh hits all the targets he will double his
annual pay of GBP674,000, BBC notes.

                              Ballot

On June 11, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that BA's cabin-crew union said it will
ballot members on further strike action, with the timing of the
vote the only issue to be resolved.  Bloomberg disclosed Brian
Boyd, the Unite union's national officer for aviation, said that
in addition to contract terms, the vote will concern the removal
of travel perks for striking workers and disciplinary action taken
during the dispute.  The union, Bloomberg said, estimates the
strike has cost the carrier GBP7 million (US$10.2 million) a day.

                      About British Airways

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees


GREEN PARCS: In Administration; Deloitte Appointed
--------------------------------------------------
Donna MacAllister at The Press and Journal reports that Green
Parcs has gone into administration.  According to the report, the
company is now being run by business advisory specialist Deloitte,
which hopes to sell its sites at Lossiemouth, Forres and Dornoch
as going concerns.

The report says the holiday complexes will continue to trade and
have been put on the market.

It could be several weeks before the extent of the financial
problems, which forced Green Parcs into administration become
clear, the report notes.

Leicester-based Green Parcs is owner of a Moray caravan park which
was at the center of a major fraud investigation, according to The
Press and Journal.


JERMON DEVELOPMENTS: Anglo Appoints Receiver to Three Assets
------------------------------------------------------------
BBC News reports that Anglo-Irish Bank has placed a number of
Jermon Developments properties in receivership.

According to the report, Anglo is understood to have appointed a
receiver to three of the company's assets including an office
development in Belfast.

The bank appointed a receiver on May 28, the report says, citing
documents filed at Companies House detail.

The receivership applies to a small part of Jermon's portfolio and
it retains control of most of it properties, the report notes.

Based in Dungannon, Jermon Developments specializes in property
development, retail leisure development, industrial development,
and commercial development.  The company has interests in offices
and shopping centers in Northern Ireland, Scotland, England and
Poland, according to BBC.


MARBLE ARCH: Fitch Affirms Rating on Class E1c Notes at 'CCC'
-------------------------------------------------------------
Fitch Ratings has affirmed 18 tranches of Marble Arch Residential
Securitization Limited Series of UK non-conforming RMBS
transactions.

The affirmations of the older two vintages, MARS 2 and MARS 3,
reflect improved overall collateral performance and significant
increases in credit enhancement.  The performance of MARS 4 has
also improved over the last year; however, a depleted reserve fund
and an outstanding balance on a principal deficiency ledger
resulted in the Outlooks on junior notes remaining Negative.

Low interest rates have continued to benefit the performance of
the transactions by improving borrower affordability and arrears
levels have begun to fall over the last six months.  Although the
loss severities observed in the pools have increased over the last
year, the transactions generated sufficient excess spread to cover
these losses.  In addition, all three transactions have much lower
levels of current repossessions than at any point in the last two
years.

The reserve fund in MARS 2 has experienced a slight draw, caused
by a combination of realized losses and reduced excess spread
available to the transaction as a result of increased note margins
following step-up date.  Although the reserve fund is partially
drawn, current strong credit enhancement levels provide sufficient
support for the current ratings of the notes.  Fitch expects that
the transaction may see further reserve fund draws as the
remaining balance of the pool (currently 8% of the original)
continues to decline.  MARS 3 is expected to face similar stresses
once the step-up date is reached in March 2012.  Fitch recognizes
that the current pro rata payment of principal accelerates pay-
down on junior notes and is a limiting factor for future credit
enhancement growth, however, current credit enhancement levels are
sufficient to support the ratings.  In addition, any draw on the
reserve fund will switch the transaction back to sequential note
redemption.

The performance of the underlying assets of MARS 4 has also
improved over the last year.  The expiration of the class A3c DAC
notes has allowed additional excess spread to flow through the
transaction waterfall.  This was a contributing factor that
allowed the transaction to reduce its class E PDL to GBP1.4m from
GBP2.7m at the last IPD.  Although Fitch believes that the PDL
balance is likely to be further reduced there remains a real
possibility of default on the note and therefore a 'CCC' rating
has been maintained.

MARS 4 continues to remain unhedged in respect of loans linked to
Bank of England base rate (BBR) and the notes linked to three
month LIBOR following the 2008 bankruptcy of Lehman Brothers which
previously provided a basis rate swap.  Fitch expects this
situation to continue and has therefore considered a stress on the
divergence between the BBR and 3 month LIBOR as part of its
analysis.

The rating actions are:

Marble Arch Residential Securitisation Ltd No 2:

  -- Class A1a (ISIN XS0186951462) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A1b (ISIN XS0186951629) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class M (ISIN XS0186951975) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN XS0186952353) affirmed at 'AA+'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-2'

Marble Arch Residential Securitisation Ltd No 3:

  -- Class A1a (ISIN XS0214916081) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class A1b (ISIN XS0214916917) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class M1 (ISIN XS0214917303) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class M2 (ISIN XS0214917642) affirmed at 'AA-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

  -- Class B1 (ISIN XS0214918533) affirmed at 'BBB+'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

Marble Arch Residential Securitisation Ltd No 4

  -- Class A3c (ISIN XS0270513590) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B1a (ISIN XS0270496994) affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class B1b (ISIN XS0270510224) affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class B1c (ISIN XS0270513756) affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C1a (ISIN XS0270497612) affirmed at 'A'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class C1c (ISIN XS0270513830) affirmed at 'A'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class D1a (ISIN XS0270498180) affirmed at 'BB'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class D1c (ISIN XS0270513913) affirmed at 'BB'; Outlook
     Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class E1c (ISIN XS0270514309) affirmed at 'CCC'; assigned a
     Recovery rating of 'RR5'


MCCORMICK MACNAUGHTON: Receiver Appointed to Two Companies
----------------------------------------------------------
Simon Carswell at The Irish Times reports that Billy O'Riordan was
appointed to McCormick Macnaughton and McCormick Macnaughton Power
Services, two companies in the McCormick Macnaughton Group, by
Caterpillar Financial Services after they ran into financial
difficulties.

The report relates Caterpillar Financial Services has committed to
paying the wages of the company's employees for six weeks.

According to the report, company filings show that the debts of
McCormick Macnaughton are guaranteed by the group's overall
company, Ballymana Holdings, which made a loss of EUR13 million in
2008 compared to a profit of EUR7 million the previous year, as
turnover plummeted 35% to EUR123 million.

The report notes the company said in its 2008 accounts that it
renegotiated debt facilities, which enabled the group to extend
the repayment terms of certain debts due within a year.

"Economic developments, in particular the downturn in the property
market, have created uncertainty about the appropriateness of the
carrying value of land and properties," the report quoted the firm
as saying.  "Because of this uncertainty, no adjustments have been
made that would alter the value of this land and properties."

McCormick Macnaughton Group is the sole distributor of Caterpillar
building equipment and power generators in Ireland.  The company
operates branches in Dublin, Lisburn and Cork, with dealers in
Donegal, Kerry and Limerick.  It is owned by businessman Malcolm
Macnaughton, according to The Irish Times.


PORTSMOUTH FOOTBALL: Ukrainian Businessmen Pull Out of Deal
-----------------------------------------------------------
Michael Powell at The News reports that a group of Ukrainian
businessmen pulled out of a deal to buy Portsmouth Football Club
on June 9.

Andrew Andronikou, Portsmouth's administrator said, told The News
the potential new owners relinquished their interest after rival
insolvency firm Griffins said the club can afford to fork out
around GBP65 million to pay back the club's creditors, rather than
the GBP20 million deal Mr. Andronikou has offered.

According to The News, the administrator said he is now trying to
talk them back round.

                         Griffin's Offer

As reported by the Troubled Company Reporter-Europe on June 9,
2010, BBC News said Portsmouth's creditors have been offered by
Griffin of potentially 99 pence in the pound, a figure far in
excess of the one on the table from the administrator.  BBC
disclosed Griffins says creditors could receive a minimum 65 pence
in the pound, but if former owner Sacha Gaydamak drops his GBP32
million claim against Pompey that rises to 99 pence.  Griffins'
proposal refers to the possibility that Mr. Gaydamak could be
liable for a claim of over GBP50 million if there was evidence he
had breached his duties -- for example if he was found to have
allowed Portsmouth to trade while insolvent before entering
administration, according to BBC.  Griffins' proposal is based on
the principle that Pompey's creditors, who have funded the
struggling club over the last few years, should have the first
claim to the future income generated by the club, BBC noted.  BBC
said the creditors are due to meet on June 17 to vote on the CVA
with Portsmouth needing the support of 75% of creditors to have it
approved.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Portsmouth on Feb. 26 became the first team in England's
Premier League to go into administration after U.K. authorities
tried to force its closure over unpaid tax of GBP12.1 million.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


SOUTHERN PACIFIC: Fitch Cuts Rating on Class E 05-1 Notes to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 12 tranches from
three transactions issued from the Southern Pacific Securities
series of UK non-conforming RMBS.

The downgrades in SPS 05-1 reflect Fitch's concern that the high
level of current arrears could result in higher default levels
especially if interest rates rise.  Fitch therefore believes that
the risk associated with the junior tranches of SPS 05-1 is no
longer compatible with 'BBB' and 'BB' ratings, and the notes have
been downgraded accordingly.

Although the performance of the collateral portfolio within SPS
05-1 has exhibited similar trends to SPS04-1 and SPS04-2 over the
last year, credit enhancement growth to provide protection against
potential future losses has been much slower due to lower
prepayment rates.  In addition, current arrears levels have
remained high, although they have stabilized over the last year.
Fitch believes this represents an increased risk for the
transaction, as borrowers who are unable to reduce arrears during
a period of low interest rates will likely struggle to do so once
interest rates increase.

The two older transactions, SPS 04-1 and SPS04-2, have experienced
significant deleveraging.  Arrears levels, although high, have
stabilized over the last year.  Current credit enhancement levels
provide substantial support to the rated notes even with high
current arrears levels.  Due to the high levels of arrears, the
performance trigger set on arrears (less than 22.5%) has been
breached and resulted in a continued sequential pay-down of the
notes.  Fitch expects this pay-down structure to continue to apply
and, although this has prevented an accelerated pay-down of the
junior notes, it has resulted in further growth in credit
enhancement.

In SPS04-1, the revision of the class B notes' Outlook to Stable
from Positive is due to the fact that the credit enhancement is
provided solely by the reserve fund deposited in the account bank,
Barclays ('AA-'/'F1+'/Stable Outlook).  As per Fitch's
counterparty criteria, Fitch would not upgrade junior notes beyond
the rating of the counterparty where the majority of credit
enhancement is provided by a reserve fund held in the account of
one entity.

The ratings actions are:

Southern Pacific Securities 04-1 plc

  -- Class A2 (ISIN XS0186713797) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class M (ISIN XS0186714506) affirmed at 'AAA' ; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN XS0186715222) affirmed at 'AA-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

Southern Pacific Securities 04-2 plc

  -- Class B1b (ISIN XS0196613425) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class B1c (ISIN XS0196614829) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C1a (ISIN XS0196615396) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C1c (ISIN XS0196616360) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class D1a (ISIN XS0196616527) affirmed at 'A'; Outlook
     Positive; assigned a Loss Severity rating of 'LS-2'

  -- Class D1c (ISIN XS0196618069) affirmed at 'A'; Outlook
     Positive; assigned a Loss Severity rating of 'LS-2'

  -- Class E (ISIN XS0196618499) affirmed at 'BBB-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-5'

Southern Pacific Securities 05-1 plc

  -- Class B1c (ISIN XS0212691660) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C1c (ISIN XS0212691744) affirmed at 'AA-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

  -- Class D1c (ISIN XS0212692122) downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class E (ISIN XS0212692478) downgraded to 'B' from 'BB';
     Outlook Negative; assigned a Loss Severity rating of 'LS-5'


ST. MARGARET'S: Parent Consortium Launches Takeover Bid
-------------------------------------------------------
Edinburgh Evening News reports that parents have launched a bid to
take over St. Margaret's.  According to the report, a consortium
of 10 families hopes to rescue the school.

The report says the group, which includes experts in banking,
property and marketing, have put together a business plan which
involves finding GBP2 million to pay off creditors.

As reported by the Troubled Company Reporter-Europe on June 14,
2010, Blair Nimmo, of KPMG was appointed Provisional Liquidator of
St Margaret's School (Edinburgh) Limited and of its 100%
subsidiary St Hilary's House Limited on June 10, 2010.

The Edinburgh-based School, which has charitable status and was
incorporated in 1960, provides private education for girls at
nursery, primary and secondary level (from 18 months to 18-years-
old) and for boys at nursery and primary level (from 18 months to
10-years-old).

St Hilary's provides boarding facilities during term and operates
as a hotel and youth hostel during the School holidays.

The School has been affected by a sustained decline in pupil
numbers over recent years and despite actions taken by the Board
of Governors, the School could not continue to operate viably.

At the time of the Provisional Liquidator's appointment the School
and nursery comprised 397 pupils and 143 staff (69 teaching and 74
non-teaching).

The School and nursery will continue to operate and provide its
services under the Provisional Liquidator's supervision through to
the end of term (June 29, 2010).  The School and nursery will
close on June 29, 2010.


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


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

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

AUSTRIA
-------
LIBRO AG              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

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

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

CYPRUS
------
LIBRA HOLIDA-RTS      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

CZECH REPUBLIC
--------------
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

DENMARK
-------
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

FRANCE
------
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

GEORGIA
-------
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

GERMANY
-------
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

GREECE
------
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

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

ICELAND
-------
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

IRELAND
-------
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

ITALY
-----
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

LUXEMBOURG
----------
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

NETHERLANDS
-----------
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

NORWAY
------
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

POLAND
------
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

PORTUGAL
--------
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

ROMANIA
-------
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

RUSSIA
------
AMUR SHIP-BRD         AMZS RU         -99051792.6    1089408985
AMUR SHIP-BRD         AMZS* RU        -99051792.6    1089408985
RBC INFO-ADR          RINFY US       -125838573.3   180731395.2
RBS INFORMATION       RBCI$ RU       -125838573.3   180731395.2
ROSBUSINESSC-CLS      RBCI* RU       -125838573.3   180731395.2
ROSBUSINESSC-CLS      RBCI RU        -125838573.3   180731395.2
ROSBUSINESSCON-3      RBCI3 RM       -125838573.3   180731395.2
ROSBUSINESSCONS       RBCI004D RM    -125838573.3   180731395.2
ROSBUSINESSCONSU      RBCI RM        -125838573.3   180731395.2
ROSBUSINESSC-T+0      RBCIG RU       -125838573.3   180731395.2
TRANSAERO AIRLIN      TRNS* RU       -24618275.96   740576227.5
TRANSAERO AIRLIN      TRNS RU        -24618275.96   740576227.5

SERBIA
------
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

SPAIN
-----
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

SWEDEN
------
ALLOKTON AB           ALOKB SS       -81031119.44   501246031.8

TURKEY
------
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

UKRAINE
-------
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

UNITED KINGDOM
--------------
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
conferences@bankrupt.com

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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 * * *