TCREUR_Public/100622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, June 22, 2010, Vol. 11, No. 121

                            Headlines



B U L G A R I A

* BULGARIA: Corporate Bankruptcies Up 141% in First 9 Months 2009


C Y P R U S

REMEDIAL CYPRUS: Says Yantai Raffles Slowing Sale of Vessels


F R A N C E

LE MONDE: France Telecom May Invest Up to EUR60 Million
REMY COINTREAU: Moody's Assigns 'Ba2' Rating on EUR200 Mil. Notes
REMY COINTREAU: S&P Assigns 'BB-' Rating on EUR200 Mil. Bonds
SPCM SA: S&P Assigns 'BB-' Rating on EUR190 Mil. Senior Notes


G E R M A N Y

ARCANDOR: Highstreet to Get 10% RoE From Karstadt Takeover Bid
GERMAN RESIDENTIAL: Fitch Affirms 'BB' Rating on Class E Notes
VAC HOLDING: S&P Raises Corporate Credit Rating to 'B-'
WESTLB AG: Aareal Bank Most Likely Bidder to Buy WestImmo Unit


G R E E C E

DANAOS CORP: Financial Covenant Violations Cue Going Concern Doubt
TOP SHIPS: Deloitte Hadjipavlou Raises Going Concern Doubt
TOP SHIPS: Reports US$884,000 Net Income in Q1 Ended March 31


I R E L A N D

FUTURE PRINT: Directors Gave Personal Guarantees for EUR8MM Debt


P O R T U G A L

LUSITANO MORTGAGES: Fitch Affirms 'B' Rating on Class E Notes
PELICAN MORTGAGES: Fitch Affirms 'B' Rating on Class C Notes


R O M A N I A

ROMANIA PROPERTY: In Talks About Reverse Takeover


R U S S I A

INTERNATIONAL INDUSTRIAL: S&P Junks Counterparty Credit Rating
RUSHYDRO JSC: Moody's Withdraws 'Ba1' Issuer Rating
RUSIA PETROLEUM: Russia May Get Kovykta Gas Field License

* Fitch Keeps Lenigrad Region's Long-Term Currency Ratings at BB


S L O V E N I A

* SLOVENIA: MPs Pass Reform Bill for Insolvency Act


S P A I N

AYT GENOVA: Fitch Affirms Low-B Ratings on Class D Notes
INDO INTERNACIONAL: Plans to Seek Creditor Protection


U N I T E D   K I N G D O M

ART FOUNDERS: MCR Still Looking for Buyers for Business
CONNAUGHT SQUARE: Goes Into Administration
EMI GROUP: Shakes Up Management Following Terra Firma Bailout
INSPIRED EDUCATION: S&P Downgrades Long-Term Debt Rating to 'BB+'
LUMINAR GROUP: May Tap Deloitte to Help Restructure Debts

ROYAL BANK: Santander Submits Offer for 300 Branches
SHAMROCK PLC: Moody's Lifts Rating on Class F Notes to 'Caa2'
VERGO RETAIL: MCR In Talks With Potential Buyers for 10 Stores
VINTAGE GLASGOW: In Administration; 168 Jobs Affected
WOODWORKS FURNITURE: Goes Into Administration

* UK: Company Insolvencies Down in May, Experian Says


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



===============
B U L G A R I A
===============


* BULGARIA: Corporate Bankruptcies Up 141% in First 9 Months 2009
-----------------------------------------------------------------
Standart, citing KOFAS-Bulgaria credit risk management company,
reports that the number of companies that declared bankruptcies in
Bulgaria increased by 141% over the first nine months of 2009.
The trend is expected to continue this year, the report says.

According to the report, the lack of free capital is one of the
most common reasons for declaring insolvency in Bulgaria as it
prevents companies from servicing their bank loans.


===========
C Y P R U S
===========


REMEDIAL CYPRUS: Says Yantai Raffles Slowing Sale of Vessels
------------------------------------------------------------
To recall, Remedial (Cyprus) Public Co. Ltd. received permission
from the Bankruptcy Court in late May to sell its two elevated
support vessels for the offshore oil and gas industry.  Remedial
is now asking the Bankruptcy Court extend its exclusive right to
propose a Chapter 11 plan, as the sales have not been completed.
The hearing on the exclusivity motion will be held June 30.

According to Bill Rochelle at Bloomberg News, Remedial said in a
court filing that completion of the sale is being held up by a
dispute with a builder of one of the vessels.

The Bloomberg report relates that secured bondholders owed
US$230 million were authorized to purchase the vessels in exchange
for US$120 million in debt plus whatever is outstanding on the
US$5 million post-bankruptcy loan.  The bondholders must also pay
costs to cure contract defaults.  Yantai Raffles Shipyard Ltd.,
the builder of one vessel, claimed that the contract was
terminated for breach.  The contract was to be one of the assets
transferred in the sale.

Remedial said in a court filing that the buyers may take advantage
of a provision in the contract to complete one purchase before the
other.

                      Increase in DIP Financing

According to Bloomberg News, at the June 30 hearing Remedial will
also ask the judge to approve an increase in financing from
US$5 million to US$6.5 million.  Financing for the Chapter 11 case
comes from the bondholders who are owed a net of US$177 million.

                       About Remedial (Cyprus)

Based in Limassol, Cyprus, Remedial (Cyprus) Public Company owns
and operates self-propelled jack up rigs called Elevating Support
Vessels. The vessels facilitate offshore well intervention
activities and work-over services.

Remedial (Cyprus) Public Company Ltd. -- dba Brufani
Shipmanagement Limited and Remedial Cyprus Limited -- filed for
Chapter 11 bankruptcy protection on February 17, 2010 (Bankr.
S.D.N.Y. Case No. 10-10782).  Kenneth A. Rosen, Esq., at
Lowenstein Sandler, P.C., assists the Company in its restructuring
effort.  The Company estimated its assets and debts at
US$100,000,001 to US$500,000,000.


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


LE MONDE: France Telecom May Invest Up to EUR60 Million
-------------------------------------------------------
Gregory Viscusi at Bloomberg News, citing Web site Wansquare,
reports that France Telecom SA may invest as much as EUR60 million
(US$85 million) to prop up Le Monde SA.

According to Bloomberg, Wansquare said France Telecom may inject
EUR18 million directly into Le Monde and spend EUR42 million to
buy a stake held by Lagardere SCA.

Max Colchester at The Wall Street Journal reports that France
Telecom has formed a consortium with two other companies to try to
buy a majority stake in Le Monde.  According to WSJ, the other two
are Groupe SFA PAR, which controls titles including left-wing
weekly Le Nouvel Observateur, and Spanish media group Promotora
deInformaciones SA or Prisa.  Dow Jones relates Claude Perdriel,
the founder of SFA, earlier said the consortium's total bid for a
65% stake would be between EUR80 million and EUR100 million.
Mr. Perdriel, as cited by WSJ, said that of the total, France
Telecom would offer to pay between EUR20 million and EUR25
million.

As reported by the Troubled Company Reporter-Europe on June 4,
2010, Bloomberg News said Le Monde extended a deadline for
investors to June 21 after French President Nicolas Sarkozy
weighed in on the bids.  Bloomberg disclosed Le Monde spokeswoman
Anne Hartenstein on Monday said Mr. Sarkozy met with the afternoon
daily's chief executive officer, Eric Fottorino, to discuss the
newspaper's future.  According to Bloomberg, Adrien de Tricornot,
vice president of the Society of Editors labor group, said
Mr. Fottorino told colleagues that Mr. Sarkozy expressed
opposition to the bid from a group that includes Lazard.

On June 7, 2010, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that Le Monde is in a race against time
to find new investors and faces insolvency by the end of July if
it fails to recapitalize.

Le Monde SA is a French newspaper.


REMY COINTREAU: Moody's Assigns 'Ba2' Rating on EUR200 Mil. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Remy
Cointreau S.A.'s new EUR200 million senior unsecured bond due
2016.  The proceeds will be used to refinance EUR192.4 million in
outstanding bonds due to mature on 15 January 2012.  The company's
Ba2 corporate family rating and the rating outlook remain
unchanged at Ba2 stable.

The Ba2 rating reflects Remy's resilient performance in
FY2009/2010 despite a challenging economic environment.  Although
its operating margin dropped by 80 basis points organically to
17.3% (partially reflecting an increase in advertising and
promotion expenses), the company delivered well against its public
guidance of a slight increase in its current operating profit (up
7% organically).  Management's continued focus on brand value and
its efforts to restore the profitability of its Champagne
division, loss-making in FY2009/2010, should help Remy to enhance
its margins in the current year.  Moreover, Moody's acknowledges
the greater contribution of Remy's new distribution network which
benefited its operations in FY2009/2010, particularly in Asia.

"Moody's believes that Remy is well positioned to enhance its
operational performance when economic conditions stabilize in its
main markets in the coming quarters.  This, alongside the
company's commitment to de-leveraging its balance sheet through
improved performances and the proposed payment of part of its
dividend in shares for the third consecutive year, will secure the
company's position in its rating category in the coming 12 months"
says Yasmina Serghini-Douvin, an Assistant Vice President and lead
analyst in Moody's Corporate Finance Company.

The rating agency also takes comfort from the group's decision to
refinance part of its current outstanding debt.  The company's
debt maturity profile will be lengthened by (i) the new
EUR140 million private placement (maturing in June 2015) signed on
7 June 2010 and meant to reduce the company's reliance on its
EUR466 million syndicated revolving credit facility ("RCF"); and
(ii) the proposed issuance of a EUR200 million bond due 2016 to
refinance its outstanding EUR192.4 million bond.

Moody's considers Remy's liquidity profile as satisfactory,
underpinned by its new term-loan and its continued access to its
RCF, although it remains constrained by still limited Net Debt-to-
EBITDA covenant headroom after the group's exit from Maxxium which
resulted in an increase in the company's indebtedness at the
outset of FY2009/2010.  However, management has publicly stated
its confidence in the company's ability to meet its covenant
requirements in future testing periods.

The stable outlook reflects Moody's expectation that management
will pursue its initiatives to enhance the company's operating
performance, de-leverage its balance sheet such that Remy's debt-
to-EBITDA ratio trends below 4.0x, and build up more of a cushion
under its existing financial covenant.

Moody's previous rating action on Remy Cointreau was implemented
on 25 January 2010, when the rating agency changed the outlook to
stable from negative.

Headquartered in Paris, France, Remy Cointreau is a major producer
of cognac, champagne, liqueurs and spirits.  It had revenues of
EUR808 million in FY 2009/2010.


REMY COINTREAU: S&P Assigns 'BB-' Rating on EUR200 Mil. Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB-' long-term issue rating to the proposed EUR200 million
unsecured bond maturing in 2016 to be issued by Remy Cointreau
S.A. (BB-/Stable/--).  The issue rating is the same as the
corporate credit rating on Remy.  At the same time, Standard &
Poor's has assigned a recovery rating of '3' to this debt,
reflecting its expectations of meaningful (50%-70%) recovery for
creditors in the event of a payment default.  S&P foresee recovery
prospects in the high end of the 50%-70% range.

The recovery and issue ratings on the proposed 2016 bond reflect,
in particular, S&P's opinion that the waterfall of payment
priorities is likely to be different by the time of the simulated
default.  S&P has assumed that the currently unsecured revolving
credit facility due 2012 will be refinanced on a secured basis,
but at a lower level than currently, and therefore will rank in
priority to the unsecured bond.

At the same time, the recovery and issue ratings reflect S&P's
valuation of the group as a going concern, underpinned by its view
of the strong quality of Remy's brands.  S&P's going concern
valuation is further supported by the significant value of the
company's assets, in particular its cognac and champagne
inventories.

The issue rating on the existing EUR200 million senior unsecured
bond due 2012 issued by Remy is unchanged at 'BB-', in line with
the corporate credit rating on Remy.  The recovery rating on this
issue remains at '3' -- the same as that on the proposed bond --
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

S&P understands that, like the 2012 bond, the proposed 2016 bond
will be unsecured and will not benefit from any guarantees.

S&P notes that Remy recently borrowed EUR140 million of unsecured
private placement debt due 2015, which was used to pay down some
of the drawn amount of the EUR500 million RCF (of which
EUR466 million is due June 2012).  S&P think that because of these
private placements, the company won't need to refinance the full
EUR500 million of its RCF in the medium term.  The private
placement carries the same covenant as the RCF, that is: a semi-
annual covenant of average net debt to EBITDA below 3.5x.

S&P also believes that the company will keep about EUR60 million
of committed lines ("lignes confirmees"), out of the EUR80 million
outstanding at the end of March 2010 (including EUR20 million that
matured in April 2010).

Finally, issuance of the proposed 2016 bond and subsequent
refinancing of the 2012 bond would, in S&P's opinion, improve the
company's debt maturity profile and materially reduce its
refinancing risk.

                         Recovery Analysis

The recovery and issue ratings on the proposed 2016 bond reflect
the unsecured nature of the bond and S&P's opinion that the
waterfall of payment priorities is likely to be different by the
time of the simulated default -- in particular S&P has assumed
that the currently unsecured RCF due 2012 will be refinanced on a
secured basis and therefore will rank in priority to the pari
passu unsecured bond, private placements, and committed lines.
The ratings are further constrained by the company's exposure to
the French insolvency regime post default, which S&P views as
rather unfavorable for creditors.

At the same time, ratings are supported by S&P's valuation of the
group as a going concern, underpinned by the company's portfolio
of well-known brands and by its strong market positions,
especially in the high-margin cognac business.  This valuation
results in S&P's calculation of a stressed enterprise value of
about EUR750 million at its simulated point of default in 2015,
which is further supported by the significant value of the
company's assets, in particular its aging wine and eaux de vie
inventories.

In order to determine recoveries S&P simulates a hypothetical
default scenario.  S&P has simulated a default in 2015, triggered
by Remy's simulated decrease in sales and profitability --
resulting primarily from competition in Europe and the U.S., a
continuous decline in champagne and lower-than-expected growth in
Asia -- and by the company's subsequent incapacity to repay its
debt when it falls due in 2015.

S&P has assumed that the EUR500 million RCF -- of which
EUR34 million is due in June 2010 and EUR466 million is due in
June 2012 -- will be refinanced on a secured basis and fully
drawn by the time of the simulated default.  S&P has further
assumed that the RCF will be refinanced to a lower level (about
EUR350 million), reflecting the EUR140 million private placement
borrowing maturing in 2015 that the company has recently put in
place in order to anticipate a lower refinancing of the RCF.

S&P has valued the business as a going concern -- supported by
Remy's leading brands, in particular in the high-margin business
of cognac with Remy Martin, and in the liquor market with
Cointreau -- using a combination of discounted cash flow and
market multiple approaches.  S&P estimate Remy's enterprise value
at the simulated point of default to be about EUR750 million,
which corresponds to a blended stressed enterprise-value-to-EBITDA
multiple of about 7x.  The rather high stressed multiple reflects
S&P's view of the strong quality of Remy's brands and the
significant value of its assets, in particular its cognac and
champagne inventories.  It compares with a 7.5x stressed multiple
that S&P uses for peer Pernod Ricard S.A. (BB+/Stable/B), which
S&P view as stronger and better diversified than Remy Cointreau.

After deducting about EUR65 million of enforcement costs, S&P has
calculated a net enterprise value of about EUR685 million.  S&P
has then deducted priority liabilities of about EUR50 million
(consisting of factoring, borrowing at subsidiaries, 50% of the
pension deficit, and an overdraft), leaving about EUR635 million
of residual value.  S&P has then assumed that the unsecured
EUR500 million RCF will have been refinanced to about
EUR350 million on a secured basis and would therefore rank first
in the waterfall.

After deducting about EUR360 million of RCF and pre-petition
interest, S&P has calculated that there will be about
EUR275 million of residual value available.  This compares with
claims and pre-petition interest totaling about EUR410 million,
made up of the EUR200 million unsecured bondholders and pari passu
EUR140 million unsecured private placements and EUR60 million
unsecured committed lines lenders.  Hence S&P's recovery rating of
'3' on the proposed bond at the high end of the 50%-70% range.

S&P notes that there is a risk that, by the time of the simulated
default, Remy could have to grant security to the private
placement lenders too (in return, for example, for covenant
waivers), which could further impair recovery prospects for
bondholders.

                           Ratings List

                            New Rating

                        Remy Cointreau S.A.

                         Senior Unsecured

         Proposed bnds (up to EUR200 mil.) due 2016   BB-
          Recovery Rating                             3


SPCM SA: S&P Assigns 'BB-' Rating on EUR190 Mil. Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned an issue
rating of 'BB-' to the proposed EUR190 million senior notes
(proposed notes) to be issued by French chemicals company SPCM
S.A. (BB-/Stable/--).  At the same time, S&P assigned a recovery
rating of '4' to the proposed notes, indicating its expectation of
average (30%-50%) recovery in the event of a payment default.
S&P's recovery expectation is at the low end of the range.

S&P understands that SPCM will use the proceeds of the proposed
notes in conjunction with new senior bank facilities to fully
refinance the existing debt facilities, including the existing
rated notes.

Recovery prospects are supported by S&P's valuation of the company
on a going-concern basis.  S&P's valuation is underpinned by
SPCM's market leadership in specialty and intermediate water
treatment polymers and favorable demand prospects.  Nevertheless,
S&P believes that the proposed notes could become subordinated to
substantial levels of prior-ranking debt in the event that SPCM
draws heavily under its senior secured capital expenditure (capex)
and revolving credit facilities.

                         Recovery Analysis

S&P understands that the proposed notes will be unsecured and
unguaranteed obligations of SPCM and subordinated to SPCM's bank
facilities, which benefit from intercompany loan pledges and share
pledge security over certain operating companies.

In order to determine recovery prospects, S&P simulates a default
scenario.  S&P's default scenario assumes a double-dip recession
leading to a decline in demand in the latter part of 2010 and in
2011.  S&P also assumes that SPCM continues its investment program
to materially increase capacity, but that a combination of cost
overruns and delays occur.  In parallel, S&P assumes that intense
competition and pricing pressure from customers lead to material
reductions in EBITDA and cash flows.

Although S&P forecasts a trough in earnings in 2011, with EBITDA
of about EUR73 million, S&P projects a default by 2014, with
EBITDA having recovered modestly to about EUR83 million, but with
the company having exhausted all sources of liquidity.

From S&P's going-concern, gross-enterprise valuation of about
EUR500 million, S&P deducts enforcement costs and 50% of the
company's pension deficit to reach a net enterprise value of about
EUR460 million.  S&P then deducts prior-ranking debt obligations
totaling about EUR80 million and comprising a combination of
factoring, finance leases, and local facilities.  This leaves
about EUR370 million of value for bank lenders.  S&P assumes about
EUR310 million outstanding under the senior secured facilities,
including full drawings on the revolver and the capex facility
(net of amortization payments due).  This leaves sufficient value
for average (30%-50%) recovery prospects for the proposed notes,
assuming almost EUR200 million outstanding at default, including
six months of pre-petition interest.

                           Ratings List

                            New Rating

                            SPCM S.A.

         EUR190 mil. senior notes (proposed)         BB-
           Recovery Rating                           4


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


ARCANDOR: Highstreet to Get 10% RoE From Karstadt Takeover Bid
--------------------------------------------------------------
Nicolas Berggruen's takeover plan for Arcandor AG's insolvent
German retailer Karstadt includes a 10% share of Karstadt's return
on equity in the form of warrants for its Highstreet real estate
property owners in exchange for agreeing to lower rents, William
Launder at Dow Jones Newswires reports, citing people familiar
with the matter.

According to Dow Jones, Mr. Berggruen additionally wants to amend
Karstadt's master lease agreement, which would give him the
freedom to separate some segments, such as sporting goods, into
individual units.

Dow Jones notes the people said Mr. Berggruen's plan has received
some support from Karstadt's creditors but the investor remains in
tense negotiations with Goldman Sachs Group, Inc.  Goldman Sachs
leads the Highstreet real estate consortium which is a major
investor in Karstadt properties, Dow Jones discloses.

As reported by the Troubled Company Reporter-Europe on June 10,
2010, Reuters said Highstreet warned Mr. Berggruen that the
Karstadt could still be liquidated if the German billionaire did
not accept its deal on rents.  Reuters disclosed Highstreet said
it had an offer to cut rents.  "Highstreet is ready to reduce
rents by another EUR230 million (US$309 million) in the next five
years in addition to the contribution of EUR160 million over three
years pledged in the restructuring plan," Reuters quoted a
spokesman for the Highstreet consortium as saying.  Should this
offer -- available to all potential Karstadt buyers -- not be
taken up, "the probability of a Karstadt liquidation rises
significantly," the spokesman said, according to Reuters.  "An
agreement with Highstreet is a core component of rescuing
Karstadt."  In an e-mail to Mr. Berggruen dated June 7 and seen by
Reuters, Alexander Dibelius, who heads Goldman's German
operations, suggested lowering the minimum fixed rent to EUR210
million from EUR250 million for the rest of this year after the
closing of the deal.  Reuters noted the e-mail said the rent would
go up to EUR211 million for 2011 and 2012, and would then return
to EUR250 million by 2018.

                         About Arcandor AG

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

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

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


GERMAN RESIDENTIAL: Fitch Affirms 'BB' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed all CMBS note classes of German
Residential Funding plc.  The notes have Negative Outlook, with
the exception of the cash-collateralized class X notes that have a
Stable Outlook.  The rating action is:

  -- EUR1,516.7m class A1 (XS0263580945) affirmed at 'AAA';
     Outlook Negative

  -- EUR293.5m class A2 (XS0263190216) affirmed at 'AA'; Outlook
     Negative

  -- EUR0.1m class X (XS0263193400) affirmed at 'AAA'; Outlook
     Stable

  -- EUR207.4m class B (XS0263194713) affirmed at 'A+'; Outlook
     Negative

  -- EUR207.4m class C (XS0263195447) affirmed at 'BBB'; Outlook
     Negative

  -- EUR102.7m class D (XS0263195959) affirmed at 'BB+'; Outlook
     Negative

  -- EUR51.4m class E (XS0263196338) affirmed at 'BB'; Outlook
     Negative

The affirmation is driven by the continued stability of the
collateral portfolio's performance.  The Negative Outlook reflects
ongoing balloon risk, based on the large outstanding loan balance
(EUR2.4 billion at March 2010) rather than the quality of the
collateral.

The stable transaction performance is visible in both its rental
income and its net operating income.  Net of asset sales, net cold
rent (ie net of recoverable expenses) is roughly flat since the
past one year: a 1.4% increase in average rents has offset an
increase in the vacancy rate to 4.7% from 3.8%.  The improvements
in NOI are reflected in the debt service coverage ratio, which has
grown over the past four quarters to 2.54x from 2.32x.  Given the
strong performance to date Fitch expects the DSCR to remain well
in excess of both its 1.4x trigger and its 1.15x covenant, despite
the interest step-up in December 2012.

The loan is scheduled to mature in August 2013; Fitch has been
informed by the borrower that it is already in discussions with
banks to allow it sufficient time for a refinancing without the
pressure of the maturity date.  The agency expects the large loan
balance as well as its relatively high loan-to-value ratio --
measured by Fitch at 88% -- to complicate such a refinancing,
although the five-year tail period beyond loan maturity provides
additional flexibility.  In addition, the application of disposal
proceeds to prepay the loan have reduced the loan balance by
EUR281 million to date; the continuation of this trend could
further improve the loan's exit position.


VAC HOLDING: S&P Raises Corporate Credit Rating to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Germany-based VAC Holding GmbH to
'B-' from 'CC'.  At the same time, the short-term rating was
raised to 'B' from 'C'.  The outlook is stable.  S&P also raised
to 'B+' from 'CCC' the issue rating on the EUR173 million (about
EUR110 million currently outstanding) senior bank facilities
issued by VAC KG and guaranteed by VAC.  In addition, S&P raised
the issue ratings on the EUR55 million (EUR135 million originally
issued) subordinated notes issued by VAC Finanzierung GmbH and
guaranteed by VAC to 'B-' from 'CC'.

"The upgrade reflects S&P's view of VAC's significantly improved
liquidity profile following the exchange of about EUR80 million of
its notes into hybrid capital by its shareholder," said Standard &
Poor's credit analyst Anna Stegert.  "The upgrade also reflects
amendments to the company's senior credit facilities, including
the introduction of new financial covenants and a waiver of a
covenant breach in 2009."

S&P expects VAC's credit metrics to improve markedly from the very
weak levels witnessed in 2009, mainly because of improved trading
conditions, the effects of cost-saving measures implemented in
2009, and S&P's expectation of lower interest payments following
the conversion of notes.

In 2009, VAC's shareholder One Equity Partner bought back
EUR80 million of the company's EUR135 million notes at a price
significantly below par.  S&P treated this as a debt exchange
offer and therefore tantamount to a default.  Recently, OEP
converted these notes into hybrid capital and consequently reduced
the outstanding amount under the notes to EUR55 million.  S&P
treat the hybrid capital as debt for its ratio calculations, but
note the benefits to VAC's financial flexibility.

VAC's trading significantly improved in the first quarter of 2010,
compared with the first quarter of 2009, on the back of higher
demand from all of its customer end markets.  As a result, net
sales increased by about 27% year on year and the company's
reported normalized EBITDA margin expanded to 15.3% from 8.1%.
S&P expects this positive trend to continue in 2010, which should
allow the company to reduce its currently very high leverage.
Furthermore, S&P think that improved earnings and reduced interest
payments could allow VAC to generate free operating cash flow to
fully cover its scheduled debt amortizations of EUR7 million in
2010 -- absent any large and unexpected cash drain from working
capital outflows.

"The outlook is stable because it reflects S&P's expectation of a
significant improvement in VAC's earnings generation," said Ms.
Stegert.  "It also reflects continued adequate headroom under the
company's financial covenants and positive free operating cash
flow over the near to medium term."


WESTLB AG: Aareal Bank Most Likely Bidder to Buy WestImmo Unit
--------------------------------------------------------------
Aareal Bank AG has emerged as the most likely candidate to acquire
WestLB AG's WestImmo unit as private equity funds struggle to
secure long-term refinancing to support their bids, William
Launder, Eyk Henning and Marietta Cauchi at Dow Jones Newswires
report, citing several people familiar with the matter.

According to Dow Jones, the people said Aareal Bank already has
established wholesale funding relationships in place that would
allow it to refinance WestImmo relatively easily following the
expiration of government refinancing guarantees.  The guarantees
are needed to assure WestImmo's daily refinancing needs in the
absence of its current state-controlled owner, Dow Jones states.

Dow Jones notes the people said financial investors, including
Apollo Management L.P. and Terra Firma Capital Partners Ltd., are
still conducting due diligence on WestImmo as they look for ways
to secure long-term refinancing.

The deadline for submitting binding offers has been extended to
late July from July 2, as bidders continue to conduct due
diligence on WestImmo's books, Dow Jones, citing two people
familiar with the matter.

As reported by the Troubled Company Reporter-Europe on June 4,
2010, Dow Jones said WestLB is mandated by the European Union to
sell WestImmo as part of a broader restructuring tied to its use
of government bailouts.

                           About WestLB

Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 6,
2010, Moody's Investors said the E+ bank financial strength rating
(BFSR, which maps directly to a B2 baseline credit assessment,
BCA), was affirmed and the outlook on this rating changed to
stable from developing.  Moody's affirmation of the E+ BFSR and
the change of its outlook to stable reflects that, despite
positive developments, the BFSR remains constrained by the bank's
weak franchise, which includes several core segments that do not
(or only insufficiently) contribute to group profits, thus
resulting in the bank's continued dependence on volatile,
wholesale-focused sources of income.  Moody's does not rule out
that the bank could be split up and unwound if efforts to divest
the bank were to prove unsuccessful.


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


DANAOS CORP: Financial Covenant Violations Cue Going Concern Doubt
------------------------------------------------------------------
Danaos Corporation filed on June 18, 2010, its annual report on
Form 20-F for the year ended December 31, 2009.

PricewaterhouseCoopers S.A., in Athens, Greece, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The Company noted of the
Company's inability to comply with financial covenants under its
current debt agreements as of December 31, 2009, and its negative
working capital deficit.

As of December 31, 2009, the Company was newly in breach of the
corporate leverage ratio in its US$60 million credit facility with
HSH Nordbank and the market value adjusted net worth covenant
under its US$180 million credit facility with Deutsche Bank, in
each case for which the Company has not obtained a waiver.  In
addition, although the Company was in compliance with the
covenants in its credit facility with the Export-Import Bank of
Korea under the cross default provisions of this credit facility,
and the cross default provisions of the Company's other credit
facilities for which waivers have been obtained during 2009, the
respective lenders could require immediate repayment of the debt
outstanding thereunder.

The Company classified its long-term debt of US$2.3 billion as of
December 31, 2009, as current debt.  The Company continues to pay
loan installments and accumulated or accrued interest as they fall
due under the existing credit facilities.

The Company reported net income of US$36.1 million on US$319.5
million of revenue for 2009, compared with net income of US$115.2
million on US$298.9 million of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$3.143 billion in assets, US$2.737 billion of liabilities, and
US$405.6 million of stockholders' equity.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?6519

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- http://danaos.com/-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The Company operates through a number of
subsidiaries incorporated in Liberia and Cyprus.  As of May 31,
2010, the Company had a fleet of 45 containerships aggregating
193,629 TEUs, making the Company among the largest containership
charter owners in the world, based on total TEU capacity.


TOP SHIPS: Deloitte Hadjipavlou Raises Going Concern Doubt
----------------------------------------------------------
Top Ships Inc. filed June 18, 2010, its annual report on Form 20-F
for the year ended December 31, 2009.

Deloitte, Hadjipavlou, Sofianos, & Cambanis S.A., in Athens,
Greece, expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009.  The independent
auditors noted that of the Company's inability to comply with
financial covenants under its current loan agreements as of
December 31, 2009, and its negative working capital position.

The Company reported a net loss of US$50.2 million on US$108.0
million of revenue for 2009, compared with net income of US$25.6
million on US$257.4 million of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$675.1 million in assets, US$427.9 million of liabilities, and
US$247.2 million of stockholders' equity.

A full-text copy of the annual report is available for free at:

               http://researcharchives.com/t/s?6516

Headquartered in Maroussi, Greece, Top Ships Inc. (Nasdaq GS:TOPS)
-- http://www.topships.org/-- is a a provider of international
seaborne transportation services, carrying petroleum products,
crude oil for the oil industry and drybulk commodities for the
steel, electric utility, construction and agriculture-food
industries.  As of June 18, 2010, the Company's fleet consists of
thirteen owned vessels (eight tankers and five drybulk vessels).


TOP SHIPS: Reports US$884,000 Net Income in Q1 Ended March 31
-----------------------------------------------------------
Top Ships Inc. reported net income of US$884,000 on US$23.1
million of revenue for the three months ended March 31, 2010,
compared with net income of US$1.4 million on US$29.8 million of
revenue for the same period of 2009.

The Company's balance sheet at March 31, 2010, showed US$664.0
million in assets, US$415.5 million in liabilities, and
US$248.5 million of stockholders' equity.

Deloitte, Hadjipavlou, Sofianos, & Cambanis S.A., in Athens,
Greece, expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009.  The independent
auditors noted that of the Company's inability to comply with
financial covenants under its current loan agreements as of
December 31, 2009, and its negative working capital position.

As of March 31, 2010, the Company had total indebtedness under
senior secured and unsecured credit facilities with its lenders of
US$392.7 million (excluding unamortized deferred financing fees of
US$4.8 million) with maturity dates from 2010 through 2019.

As of March 31, 2010, the Company had no non-restricted cash.

As of March 31, 2010, the Company was in breach of loan covenants
relating to Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA), overall cash position (minimum liquidity
covenants and minimum operating accounts balance), adjusted net
worth, net asset value and asset cover of product tankers with
certain banks not previously waived.  As a result of these
covenant breaches with all of its banks, the Company classified
all of its debt and financial instruments as current.  The amount
of long-term debt and financial instruments that have been
reclassified and presented together with current liabilities
amounts to US$339.8 million and US$9.8 million, respectively.

A full-text copy of the Form 6-K filing is available for free at:

               http://researcharchives.com/t/s?6517

Headquartered in Maroussi, Greece, Top Ships Inc. (Nasdaq GS:TOPS)
-- http://www.topships.org/-- is a a provider of international
seaborne transportation services, carrying petroleum products,
crude oil for the oil industry and drybulk commodities for the
steel, electric utility, construction and agriculture-food
industries.  As of June 18, 2010, the Company's fleet consists of
thirteen owned vessels (eight tankers and five drybulk vessels).


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


FUTURE PRINT: Directors Gave Personal Guarantees for EUR8MM Debt
----------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that Future
Print's directors have given personal guarantees for almost EUR8
million of the company's debts.

The Post.ie says the company has total debts of almost EUR19
million, including EUR5.4 million owed to AIB, which is a secured
creditor.  Unsecured trade creditors of Future Print are owed
almost EUR2.3 million, with some individual creditors owed more
than EUR200,000 each, the Post.ie states.  The Post.ie notes the
company owes almost EUR738,000 to the Revenue Commissioners, which
moved to appoint David Carson of Deloitte as liquidator after the
examinership failed.  The Revenue Commissioners is a preferential
creditor of the business, alongside Fingal County Council, which
is owed more than EUR29,000 in rates, the Post.ie discloses.

According to the Post.ie, Chris Jameson, founder and chairman of
Future Print, gave a personal guarantee for EUR2 million owed to
AIB for a loan for the firm's premises in Baldoyle in north
Dublin.  Mr. Jameson and the company's managing director, Brian
Reilly, also gave guarantees for EUR5.1million owed to secured
leasing creditors, the Post.ie notes.  Mr. Jameson and Mr. Reilly
also guaranteed more than EUR800,000 in finance lease liabilities
for Business 2 Print, which merged with Future Print earlier this
year, the Post.ie discloses.

                           Liquidation

The Post.ie relates accountancy firm Grant Thornton said that
continuing in business would be more advantageous for creditors
and warned that "the amount available to unsecured creditors would
be significantly reduced on a liquidation."

According to the Post.ie, Grant Thornton's figures showed a
surplus of more than EUR811,000 on the company's balance sheet as
of January 31.  The Post.ie notes the accountancy firm said in the
event of a liquidation, that would become a deficit of EUR11.1
million.  The accountants estimate that the fixed assets, which
have a book value of almost EUR15 million, will realize just over
EUR5 million in a liquidation, The Post.ie states.  Future Print's
land and buildings, with a book value of EUR7.5million, have a
liquidation value of EUR3 million, while its plant and machinery,
valued at EUR7.1 million, will be worth EUR2 million in a
liquidation, The Post.ie says.

As reported by the Troubled Company Reporter-Europe on June 18,
2010, The Irish Times said that Future Print, which was
placed in examinership in March, is to close with the loss of 110
jobs after efforts to find new investors failed.  The Irish Times
said notes for the company's accounts, which are dated June 2009,
state that conditions had deteriorated acutely, margins had been
much reduced, and competition had increased.

Future Print is a printing company based in Baldoyle, Dublin 13.


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


LUSITANO MORTGAGES: Fitch Affirms 'B' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed 25 and downgraded two tranches of six
Portuguese RMBS transactions from the Lusitano Mortgages series.
The downgrades to the junior tranches of Lusitano Mortgages 4 and
5 follow a further deterioration in the asset performance of the
two transactions, as well as the effect of Fitch's revised
criteria assumptions for Portugal.

The affirmation of the majority of the notes in the six
transactions reflects the fact that improved borrower
affordability has become more noticeable, as mortgage loans in
arrears up to three months continue to decline across all six
transactions.

However, Fitch's current asset performance Outlook for Portugal is
"Declining", as the agency expects the performance of underlying
loans to be affected by a rise in interest rates forecasted for
2011, as well as the lagging effect of higher unemployment.

The decline in the volume of loans in arrears by more than three
months is explained by the roll-through of loans to default, which
remains particularly high in the older transactions, Lusitano 4
and 5.  Consequently, the pipeline of loans that are in arrears
between 12 and 24 months indicates that provisions will remain at
current levels for the upcoming interest payment dates.  With the
current levels of excess spread generated by these transactions,
Fitch expects further reserve fund draws to occur.  In the long
term, the decline in the volume of loans in the lower arrears
buckets, may lead to a decline in the rate of default, potentially
allowing the transactions to recover.

Meanwhile, the two more seasoned transactions in the series,
Lusitano Mortgages 1 and 2 continue to perform in line with
Fitch's expectations.  The fully sequential amortization of the
notes in these two deals has led to a build up in credit
enhancement for all rated notes.  Despite the revision of Fitch's
criteria assumptions on 23 February 2010, the level of credit
support available to these notes is sufficient to maintain the
current ratings on these deals.

As of the last IPD, the reserve fund of Lusitano Mortgages 3 had
been replenished.  Fitch believes that this transaction remains
exposed to further reserve fund draws in the future.  These are
expected to remain within the levels seen to date, which is why
the Outlook on the junior, class D, notes remains Negative.

The rating actions are:

Lusitano Mortgages No. 1 Plc:

  -- Class A (ISIN XS0159068807): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0159070456): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-2'

  -- Class C (ISIN XS0159070886): affirmed at 'AA-'; Outlook
     Positive; Loss Severity Rating 'LS-2'

  -- Class D (ISIN XS0159071009): affirmed at 'BBB+'; Outlook
     Stable; Loss Severity Rating 'LS-2'

  -- Class E (ISIN XS0159285062): affirmed at 'BB+'; Outlook
     Stable; Loss Severity Rating 'LS-3'

Lusitano Mortgages No. 2 Plc:

  -- Class A (ISIN XS0178545421): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0178546742): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class C (ISIN XS0178547047): affirmed at 'A+'; Outlook
     Positive; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class D (ISIN XS0178547393): affirmed at 'BBB+'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class E (ISIN XS0178547633): affirmed at 'BBB-'; Outlook
     Stable; Loss Severity Rating 'LS-3'

Lusitano Mortgages No. 3 Plc:

  -- Class A (ISIN XS0206050147): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0206051384): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class C (ISIN XS0206051541): affirmed at 'A'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class D (ISIN XS0206052432): affirmed at 'BBB-'; Outlook
     Negative; Loss Severity Rating 'LS-3'

Lusitano Mortgages No. 4 Plc:

  -- Class A (ISIN XS0230694233): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0230694589): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating 'LS-3'

  -- Class C (ISIN XS0230695552): affirmed at 'A'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class D (ISIN XS0230696360): downgraded to 'BB' from 'BB+';
     Outlook Negative; Loss Severity Rating 'LS-3'

Lusitano Mortgages No. 5 Plc:

  -- Class A (ISIN XS0268642161): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0268642831): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating 'LS-3'

  -- Class C (ISIN XS0268643649): affirmed at 'A'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class D (ISIN XS0268644886): downgraded to 'BB' from 'BB+';
     Outlook Negative; Loss Severity Rating 'LS-3'

Lusitano Mortgages No. 6 Limited:

  -- Class A (ISIN XS0312981649): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0312982290): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating 'LS-3'

  -- Class C (ISIN XS0312982530): affirmed at 'A'; Outlook
     Negative; Loss Severity Rating 'LS-3'

  -- Class D (ISIN XS0312982704): affirmed at 'BBB-'; Outlook
     Negative; Loss Severity Rating 'LS-4'

  -- Class E (ISIN XS0312983009): affirmed at 'B'; Outlook
     Negative; Loss Severity Rating 'LS-3'


PELICAN MORTGAGES: Fitch Affirms 'B' Rating on Class C Notes
------------------------------------------------------------
Fitch Ratings has affirmed 18 tranches of five Portuguese RMBS
transactions from the Pelican Mortgages series.  The affirmations
follow Fitch's assessment of the current ratings against the
revised criteria assumptions for Portuguese RMBS transactions.
The rating actions also take into account the agency's
expectations of the future performance of the underlying assets in
these deals.

All five transactions have reported a significant decline in the
volume of loans in arrears by more than three months, which now
range from 0.1% (Pelican 5) to 2.1% (Pelican 1), compared to 0.5%
(Pelican 4) and 5.5% (Pelican 1) nine months ago.  Fitch has been
informed that the servicer, Caixa Economica Montepio Geral
('A-'/'F2'/Stable), has deployed additional servicing strategies,
including arrangement of settlement plans.  Although this may seem
as a positive, Fitch believes that a number of borrowers with
settlement plans in place, which are now classified as performing,
still pose a risk for the transactions.  For this reason the
agency has taken a more conservative view when assessing the
ratings on these deals.

Overall, the impact of the reduction in arrears levels will not
affect the performance triggers set by the transactions'
documents, as arrears were well within the prescribed limits.  The
amortization of the notes in the first two deals of the series is
purely sequential and the reserve funds in these deals are non-
amortizing.  The triggers in these two deals, which would have
resulted in an increase in the reserve fund, i.e. capturing excess
spread, are set at 4.5% of the initial pool balance.

The pro-rata amortization of the notes in Pelican 3 was triggered
in September 2008 by the fast de-leveraging of the pool.  The pool
currently stands at 55% of its original amount, and this is due to
the repurchasing of mortgage loans during 2008.  The amortization
of the reserve fund which began in the last IPD, in June 2010, was
expected as arrears in this pool were historically below the 3%
trigger set by the transaction documentation.  As reserve fund
draws, which would halt any amortization of the reserve fund, are
not expected, the credit enhancement of the class D notes will
remain at 0.86% until the reserve fund floor amount of EUR3.2m is
reached.

Following the early reserve fund draws, Pelican 4 and 5 have
generated sufficient excess spread, which led to the replenishment
of the two reserve funds.  However, Fitch still has concerns over
the future performance of the underlying assets in these
transactions, which include loans with increasing installment
features.  With current low level of arrears in both deals,
particularly in the higher arrears buckets, Fitch believes that
these transactions should have sufficient excess spread available
to provision for the upcoming defaults.  The agency is of the
opinion that the performance of the underlying assets remains
exposed to the inevitable increase in interest rates, as well as
the impact of rising unemployment in Portugal.

The full list of rating actions is:

Pelican Mortgages No. 1 plc:

  -- Class A (ISIN XS0159861078) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0159861409) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class C (ISIN XS0159862472) affirmed at 'BBB+'; Outlook
     Stable; Loss Severity Rating 'LS-1'

Pelican Mortgages No. 2 plc:

  -- Class A (ISIN XS0177081634) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0177083259) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class C (ISIN XS0177083689) affirmed at 'A-'; Outlook Stable;
     Loss Severity Rating 'LS-1'

Pelican Mortgages No. 3 plc:

  -- Class A (ISIN XS0293657416) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0293657689) affirmed at 'AA-'; Outlook
     Stable; Loss Severity Rating revised to 'LS-1' from 'LS-2'

  -- Class C (ISIN XS0293657846) affirmed at 'A'; Outlook Stable;
     Loss Severity Rating 'LS-2'

  -- Class D (ISIN XS0293657929) affirmed at 'BBB'; Outlook
     Negative; Loss Severity Rating 'LS-2'

Pelican Mortgages No. 4 plc:

  -- Class A (ISIN XS0365137990) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0365138295) affirmed at 'AA'; Outlook Stable;
     Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class C (ISIN XS0365138964) affirmed at 'A-'; Outlook Stable;
     Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class D (ISIN XS0365139004) affirmed at 'BBB'; Outlook
     Stable; Loss Severity Rating revised to 'LS-4' from 'LS-3'

  -- Class E (ISIN XS0365139699) affirmed at 'BB'; Outlook
     Negative; Loss Severity Rating revised to 'LS-4' from 'LS-3'

Pelican Mortgage No. 5:

  -- Class A (ISIN XS0419743033) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN XS0419743389) affirmed at 'BBB-'; Outlook
     Stable; Loss Severity Rating 'LS-2'

  -- Class C (ISIN XS0419743462) affirmed at 'B'; Outlook Stable;
     Loss Severity Rating 'LS-4'


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


ROMANIA PROPERTY: In Talks About Reverse Takeover
-------------------------------------------------
PropertyWeek.com reports that Romania Property Fund is in talks
about a reverse takeover to avert administration.

According to the report, the company, which in February warned it
only had GBP518,210 of cash left at the start of the year, said it
would collapse if discussions for a restructuring and simultaneous
fundraising, which would constitute a reverse takeover, did not
take place.

The report notes the company is required to publish its audited
accounts for 2009 by June 30, but warned it would not include
confirmation that it would continue as a going concern.


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


INTERNATIONAL INDUSTRIAL: S&P Junks Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit rating on Russia-based International
Industrial Bank to 'CC' from 'B-'.  At the same time, S&P affirmed
the 'C' short-term counterparty credit rating on the bank.  S&P
removed the ratings from CreditWatch with negative implications,
where they had been placed on June 11, 2010.  The outlook is
negative.

"The downgrade and negative outlook reflect S&P's view of the high
likelihood of IIB's inability to carry out actions to address its
limited liquidity, as well as additional pressure on its liquidity
position," said Standard & Poor's credit analyst Mikhail Nikitin.
"The ratings reflect S&P's opinion that IIB's liquidity position
is under immediate and severe stress."

S&P is of the view that IIB's liquid assets will likely be
insufficient to allow it to repay large debt maturing in the next
few weeks, including a EUR200 million Eurobond reportedly due on
July 6, 2010.  In S&P's opinion, IIB now relies extensively on
continued funding from the Central Bank of Russia (CBR).
Unsecured CBR loans represented more than one-third of IIB's total
liabilities as of June 1, 2010.

Excluding extraordinary support, S&P believes IIB's access to
additional liquidity will remain insignificant.

Sergey Pugachyov, a businessman and member of the Federation
Council of Russia (upper chamber of parliament or senate) and his
family (with an 81% stake) and the bank's senior managers (19%
stake) are the ultimate shareholders of IIB.  Mr. Pugachyov
reportedly expects to boost IIB's liquidity through the sale of
some of his nonbanking assets.  While an infusion of funds could
improve IIB's liquidity position, S&P nevertheless believe that
the likelihood of a conclusion of this transaction in the very
near term is low.

The negative outlook reflects S&P's opinion of IIB's very weak
liquidity position because the bank faces challenges to meet large
debt repayments coming due in the very near term.  It also
reflects the high degree of uncertainty S&P perceive regarding the
ability of the bank or its shareholders to achieve needed
corrective measures in the very near term to reduce liquidity
risk.

"Failure to meet any of the upcoming payments would result in
S&P's lowering the debt issue ratings to 'D'," said Mr. Nikitin.
"In addition, S&P may consider it a distressed restructuring
should IIB reschedule or restructure some of its debt, including
unrated debt or the Eurobond.  This would result in S&P's lowering
the ratings to 'SD' (selective default), assuming IIB continues to
honor its other obligations.  If the bank stops payments on the
majority of its debt coming due, then S&P would lower the ratings
on the bank to 'D'."

S&P would likely raise the ratings if IIB is successful in finding
alternative sources of liquidity to alleviate the current very
difficult liquidity situation.  S&P believe, however, that longer-
term funding sources would likely be necessary to alleviate S&P's
concerns regarding liquidity pressure, because IIB's debt
structure is short term and its operating cash flow is minimal.


RUSHYDRO JSC: Moody's Withdraws 'Ba1' Issuer Rating
---------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 issuer rating of
JSC RusHydro, which has been replaced by the Ba1 corporate family
rating assigned to the company on 15 June 2010.

The conversion of the issuer rating into the CFR was initiated on
such date when the agency downgraded RusHydro's issuer rating to
Ba1 from Baa3 and simultaneously assigned a CFR at the same level
of Ba1 to the company; in conjunction with that, Moody's Interfax,
which is majority owned by Moody's, downgraded RusHydro's issuer
rating on the national scale to Aa1.ru from Aaa.ru.

To complete the conversion, Moody's has withdrawn RusHydro's
issuer rating on the global scale.  Concurrently, Moody's Interfax
has withdrawn the company's Aa1.ru issuer rating on the national
scale and assigned a CFR at the same level of Aa1.ru.  With the
conversion completed, RusHydro has now the Ba1 CFR, with stable
outlook, on the global scale and the Aa1.ru CFR on the national
scale.

The last rating action on RusHydro was implemented on 15 June 2010
as mentioned above.

Headquartered in Moscow, RusHydro is Russia's largest generator of
hydro electricity.  RusHydro is controlled by the Russian
government, whose stake in the company is approximately 60%.  In
2009, the company's contribution to Russia's total installed
capacity and electricity output was around 12%, if the SS HPP
capacity was counted, and 9%, respectively.  In 2009, RusHydro's
IFRS revenues were RUB115.6 billion (approximately
US$3.7 billion).


RUSIA PETROLEUM: Russia May Get Kovykta Gas Field License
---------------------------------------------------------
Torrey Clark at Bloomberg News reports that Interfax, citing
Natural Resources Minister Yuri Trutnev, said that the Russian
government will probably gain the license to the eastern Siberian
Kovykta gas field after the license holder, TNK-BP's Rusia
Petroleum unit, filed for bankruptcy.

On June 4, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that TNK-BP said its Rusia Petroleum unit
filed for bankruptcy amid a dispute with OAO Gazprom over a field
with enough natural gas to supply Asia for four years.
Bloomberg disclosed TNK-BP on June 3 said in an e-mailed statement
that Rusia Petroleum filed for bankruptcy in the Irkutsk region of
Siberia after TNK-BP on May 14 demanded repayment for the loans it
made to the unit to fund the development of the Kovykta deposit.
"As the major shareholder and creditor of Rusia Petroleum, TNK-BP
is determined to recover its investments and minimize its
financial losses," Bloomberg quoted TNK-BP as saying in the
statement.  "For this purpose, the company is determined to resort
to the procedures prescribed by the current legislation."


* Fitch Keeps Lenigrad Region's Long-Term Currency Ratings at BB
----------------------------------------------------------------
Fitch Ratings has affirmed the Leningrad Region's Long-term
foreign and local currency ratings at 'BB' respectively, while
affirming the Russian region's Short-term foreign currency rating
at 'B'.  The agency has also affirmed the region's National Long-
term rating at 'AA-(rus)'.  All the Long-term rating Outlooks are
Stable.  The rating action affects RUB2.1 billion of the region's
outstanding bonds.

The affirmation of the region's ratings reflects its sound and
well-diversified economy, satisfactory budgetary performance, and
low direct risk.  However, the ratings also take into account a
minor deterioration of operating performance, a lowered liquidity
position and high rigidity of operating expenditure.  The Stable
Outlook reflects Fitch's expectation that the Leningrad Region
will be able to improve its budgetary performance in 2010,
underpinned by the recovery of the local economy, and to control
its debt burden including contingent liabilities in the form of
guarantees.  An improvement and stabilization of the operating
balance at around 20% of operating revenue, and evidence of
flexibility in capital expenditure would be positive for the
region's rating.  On the other hand, a continued depletion of
liquidity to the level below the forthcoming debt amortization
amount, and an increase in overall risk including guarantees,
would be viewed as negative pressure.

The region's sound and highly-diversified economy demonstrated
better performance than the national average in 2009, and
according to preliminary estimates deteriorated by a modest 1%-2%
y-o-y compared with the 8% contraction in national GDP.  The
slowdown of the economy caused the region's tax base to contract
by 5% in 2009, which negatively affected operating revenue.  The
administration expects the economy to recover gradually from 2010
onwards.

Leningrad's budgetary performance was stable in 2006-2008 with the
operating balance averaging 15.6% of operating revenue.  The
contraction of operating revenue by 3% y-o-y in 2009 was
compensated by a curbing of operating expenditure.  Despite the
significant rigidity of operating expenditure stemming from
current transfers to municipalities (46% of opex), the region
managed to cut its non-core spending.  The operating balance,
therefore, remained satisfactory in 2009, and declined moderately
to 13.4% of operating revenue.  Fitch expects the region's
budgetary performance to improve in 2010, and that the operating
margin will return to a level of about 15%.

Capital expenditure increased 16% y-o-y in 2009 and pushed the
region's deficit before debt variation to 7.2% of total revenue.
The region used part of its accumulated cash reserves to finance
its deficit, which resulted in the contraction of outstanding
liquidity to RUB2.9 billion in 2009 from RUB5.1 billion in 2008.
A further depletion of liquidity to a level below the forthcoming
debt amortization amount would lead to pressure on the ratings.

The region's indebtedness remains modest, while its debt profile
is smooth.  Issued debt accounts for 66% of the region's direct
risk.  In 2009, Leningrad contracted two loans from the federal
government and the region's direct risk increased to RUB3.2bn in
2009, accounting for 7.6% of current revenue (2008: 5.1%).
However, the debt payback ratio remained less than a year.  The
region does not plan to increase materially its indebtedness in
the medium-term perspective.

The Leningrad Region is located in northwest Russia.  It accounted
for 1.1% of the country's GDP in 2008 and 1.2% of its population.


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


* SLOVENIA: MPs Pass Reform Bill for Insolvency Act
---------------------------------------------------
The Slovenian Press Agency reports that MPs in Slovenia passed in
a 46-22 vote on Friday the reform bill for the financial
operations, insolvency proceedings and compulsory dissolution act.

The bill is designed to enable quicker restructuring of insolvent
firms, the report says.


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


AYT GENOVA: Fitch Affirms Low-B Ratings on Class D Notes
--------------------------------------------------------
Fitch Ratings has upgraded four and affirmed 25 tranches of AyT
Genova Hipotecario, Fondo de Titulizacion Hipotecario series and
AyT Goya Hipotecario II, Fondo de Titulizacion de Activos, Spanish
RMBS transactions originated by Barclays Bank SA.  The agency has
revised its Outlook on Genova XII's class B notes to Negative from
Stable due to limited credit enhancement growth, and an expected
further deterioration in the performance of the underlying
collateral.  A full rating breakdown is provided at the end of
this comment.

The performance of the Genova series transactions has remained
strong and continues to outperform most other Spanish RMBS
transactions.  Fitch believes the low weighted average loan to
value ratios, in the range of 40%-50%, have contributed to the low
level of arrears and defaults seen in the transactions.  The low
and steady flow of defaults has also meant that the transactions
have been able to efficiently utilize excess spread to provision
for defaults (loans in arrears for more than 18 months).  Although
some transactions within the series have utilized their reserve
funds, in particular the most recent deals Genova X and Genova
XII, due to increased period defaults, Fitch expects these
transactions will be able to top up their reserve funds in the
future, or at worst see minimal further draws.

With the exception of Genova III, all Genova transactions are
currently amortizing sequentially.  The sequential amortization
has resulted in credit enhancement growth within the transactions,
which further supports the rating actions taken by Fitch.  In the
near future, the agency expects performance criteria for pro-rata
amortization on older vintage transactions to be met.  This will
limit the potential for further positive rating action, and has
been reflected in the revision of some Outlooks to Stable from
Positive.

Genova XII, a 2008 vintage transaction, has experienced slow
credit enhancement growth and unlike earlier transactions, the
excess spread generated by the transaction has been limited.  With
the current volume of loans in higher arrears buckets, Fitch
expects defaults to continue to be realized, placing continued
stress on excess spread and possibly resulting in a further
utilization of the reserve fund.  Fitch notes that although the
reserve fund is being utilized to provision defaulted loans,
future recoveries will help the transaction to top up its reserve
fund back to its target amount.

In Genova III and IV, 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, the agency would not upgrade junior
notes beyond the rating of the counterparty where the majority of
subordination is provided by a reserve fund held with one entity.

The AyT Goya transaction, although also containing loans
originated by Barclays, has a riskier profile in Fitch's opinion.
The transaction has a weighted average LTV of 51.58%, but notably
includes 16.31% of loans with an original loan to value over 80%.
The transaction also contained 10% of broker originated-loans at
closing.  Fitch increased the default probability of these loans
as part of its original analysis of the transaction and has
maintained this in its review as evidence from the Spanish market
as a whole supports this view.

The sequential amortization of the notes in AyT Goya has allowed a
build up in credit enhancement since closing.  During the last two
quarters (February 2010 and May 2010), the gross excess spread
generated by the underlying assets was not enough to cover newly
defaulted loans and therefore the transaction had to draw on its
reserve fund to provision for these loans.  Despite this, the
sequential amortization has meant that credit enhancement, as a
percentage of each note, has still increased.  Fitch expects that
further reserve fund draws are likely due to the volume of loans
in higher arrears buckets that will likely roll-through to
default.  Fitch calculates that to date nearly all loans more than
12 months in arrears have eventually rolled through to 18 months
in arrears and been defined as defaulted.

The rating actions are:

AyT Genova Hipotecario III, Fondo de Titulizacion Hipotecario:

  -- Class A (ISIN ES0370143002): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0370143010): affirmed at 'AA-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-1'

AyT Genova Hipotecario IV, Fondo de Titulizacion Hipotecario:

  -- Class A (ISIN ES0370150007): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0370150015): affirmed at 'AA-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-1'

AyT Genova Hipotecario VI, Fondo de Titulizacion Hipotecario:

  -- Class A2 (ISIN ES0312349014): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312349022): affirmed at 'AA+'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-2'

  -- Class C (ISIN ES0312349030): upgraded to 'A' from 'A-';
     Outlook Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class D (ISIN ES0312349048): upgraded to 'BBB' from 'BB+';
     Outlook Stable; assigned a Loss Severity rating of 'LS-2'

AyT Genova Hipotecario VII, Fondo de Titulizacion Hipotecario:

  -- Class A2 (ISIN ES0312343017): affirmed at 'AAA'; Outlooks
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312343025): upgraded to 'AA-' from 'A+';
     Outlook Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C (ISIN ES0312343033): affirmed at 'A-'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-2'

AyT Genova Hipotecario VIII, Fondo de Titulizacion Hipotecario:

  -- Class A2 (ISIN ES0312344007): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312344023): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class C (ISIN ES0312344031): upgraded to 'A' from 'BBB+';
     Outlook Stable; assigned a Loss Severity rating of 'LS-2'

  -- Class D (ISIN ES0312344049): affirmed at 'BB+'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-2'

AyT Genova Hipotecario IX, Fondo de Titulizacion Hipotecario:

  -- Class A2 (ISIN ES0312300017): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312300025): affirmed at 'AA-'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN ES0312300033): affirmed at 'BBB+'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class D (ISIN ES0312300041): affirmed at 'BB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

AyT Genova Hipotecario X, Fondo de Titulizacion Hipotecario:

  -- Class A2 (ISIN ES0312301015): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312301023): affirmed at 'AA-'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN ES0312301031): affirmed at 'BBB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class D (ISIN ES0312301049): affirmed at 'BB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

AyT Genova Hipotecario XII, Fondo de Titulizacion Hipotecario:

  -- Class A (ISIN ES0312285002): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312285010): affirmed at 'A'; Outlook revised
     to Negative from Stable; assigned a Loss Severity rating of
     'LS-2'

AyT Goya Hipotecario II, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0312303003) affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312303011) affirmed at 'A'; Outlook Stable;
     assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN ES0312303029) affirmed at 'BBB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class D (ISIN ES0312303037) affirmed at 'BB'; Outlook Stable;
     assigned a Loss Severity rating of 'LS-5'


INDO INTERNACIONAL: Plans to Seek Creditor Protection
-----------------------------------------------------
Sharon Smyth at Bloomberg News reports that Indo Internacional SA
said in a filing to regulators that it will request protection
from creditors after it failed to divest non-strategic assets and
obtain extra financing.

Indo Internacional SA is an optical products maker headquartered
in Spain.


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


ART FOUNDERS: MCR Still Looking for Buyers for Business
-------------------------------------------------------
Matt Bond and Jason Godefroy of MCR, appointed joint
administrators of Art Founders Limited t/a Morris Singer Art
Foundry on May 14, 2010, have confirmed that, notwithstanding
significant marketing efforts, no sale of the business or its
assets have been completed, despite reports that Nasser Azam had
rescued the business.

Matt Bond, a Partner at MCR stated: "Neither Nasser Azam nor Zahra
Modern Art Foundries has acquired any part of Art Founders Limited
t/a Morris Singer.  Mr. Azam did make an offer for the Company's
business and assets but this was deemed unsuitable and not
accepted.  He has subsequently started his own business while we
are still looking to dispose of the Company's assets including the
trade name Morris Singer, for which offers are invited."

The business is 150 years old and renowned for casting some the
UK's most iconic artworks including the lions in Trafalgar Square.
Any interested parties are advised to contact MCR as soon as
possible on 0207 487 7240.


CONNAUGHT SQUARE: Goes Into Administration
------------------------------------------
The Construction Index News reports that Connaught Square Ltd.,
the developer behind a GBP150-million mixed-used scheme in
Birmingham's Irish Quarter, has gone into administration after
Allied Irish Bank decided to withdraw funding.

The report relates Neil Mather and John Kelly from Begbies Traynor
have been appointed joint administrators.

Connaught Square Ltd. is a property developer.  It is a subsidiary
of Naus Group.


EMI GROUP: Shakes Up Management Following Terra Firma Bailout
-------------------------------------------------------------
Esther Bintliff and Martin Arnold at The Financial Times report
that EMI has announced a surprise shake-up in its senior
management a week after receiving a GBP105 million (US$155
million) bail-out from Terra Firma, its private equity owner, to
avoid falling into the hands of its lender, Citigroup.

The FT relates in a statement Friday morning, EMI said Charles
Allen, executive chairman of EMI's recorded music division, would
become an "adviser" to EMI and Terra Firma, while Roger Faxon,
head of EMI's publishing division, would step up to become chief
executive of the entire group.

The management shake-up at EMI came as a surprise to investors in
Terra Firma, the FT says, citing a person familiar with the
company.  According to the FT, the private equity group's
investors were not told about the leadership changes before they
injected GBP105 million into the music group this month to avoid a
default on its debt.

The FT notes EMI, which counts Robbie Williams, Coldplay and Kylie
Minogue among its artists, said it would reposition itself
following the successful fundraising, to become a "comprehensive
rights management company serving artists and songwriters
worldwide."

Separately, the FT reports that analysts say the decision to hitch
the recorded division into closer union with the far more
resilient music publishing business could make sense, but will
require all the diplomacy skills of Mr. Faxon.  The FT relates
Mr. Faxon said that his strategy would be similar to "the basic
building blocks" of the plan Charles Allen drew up to persuade
Mr. Hands' investors to inject new funds.  Mr. Faxon, as cited by
the FT, said he would look for "co-operation, co-ordination,
understanding and the building of excellence" between the recorded
music and publishing divisions.

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


INSPIRED EDUCATION: S&P Downgrades Long-Term Debt Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term debt rating on the GBP352.25 million senior secured bonds
issued by U.K.-based special-purpose vehicle InspirED Education
(South Lanarkshire) PLC (ProjectCo) to 'BB+' from 'BBB-'.

The bonds maintain an unconditional and irrevocable payment
guarantee of scheduled interest and principal provided by Syncora
Guarantee U.K. Ltd. (Syncora, formerly XL Capital Assurance (U.K.)
Ltd.; CC/Negative/--).  Under S&P's criteria, a rating on a
monoline-insured debt issue reflects the higher of the rating on
the monoline and Standard & Poor's underlying rating (SPUR).
Therefore, the long-term debt rating on the senior secured bonds
reflects the SPUR, which is higher than the rating on Syncora.

The recovery rating on the bonds is unchanged at '2', indicating
S&P's expectation of substantial (70%-90%) recovery of principal
on the underlying debt (that is, in the absence of a payment
guarantee) in the event of a payment default.

"The rating action reflects S&P's view of the project's weakened
financial profile and the uncertain financial projections as a
result of ProjectCo's relatively weak custody of the financial
model," said Standard & Poor's credit analyst James Hoskins.

In 2010, the debt service coverage ratio is supported by cash
retained by ProjectCo from the construction contractor as a result
of the delayed completion of some schools during 2009.  In 2011,
S&P anticipates that the DSCR will fall to about 1.15x, or 1.09x
excluding interest income.  This reflects the significant interest
income that ProjectCo expected to earn on its land sale receipts
account, which is drawn to meet bullet senior debt maturities in
2012.  Beyond 2012, the DSCR (calculated in accordance with S&P's
criteria and the current modeling assumptions) is relatively
robust and remains above 1.20x.

ProjectCo is using the bonds' proceeds to design, build, finance,
and operate a range of facilities to support the South Lanarkshire
Secondary Schools project under a U.K. government private finance
initiative ending Aug. 31, 2039.

In S&P's view, the long-term rating reflects the relatively strong
operating performance of the schools now that construction is
complete.  S&P could revise the outlook to negative or lower the
rating if operating performance were to weaken or if the DSCR were
to weaken further as a result of, for example, revised lifecycle
or operating cost assumptions.

S&P is unlikely to revise the outlook to positive or raise the
rating while the DSCR remains materially lower than the project's
distribution covenant toward the end of the concession and while
there remain some questions as to the accuracy of the new
financial model outputs.


LUMINAR GROUP: May Tap Deloitte to Help Restructure Debts
---------------------------------------------------------
Luminar Group Holdings Plc is close to appointing Deloitte to
consider strategic options for a restructuring of its debts,
including a potential resetting of covenants, Anousha Sakoui and
Pan Kwan Yuk at The Financial Times report, citing people close to
the situation.

According to the FT, one of the people said the company, which has
net debt of GBP100.6 million, has a good relationship with its
bank lenders and has not breached covenants to date.

The FT recalls that in May, Luminar warned that it could breach
covenants linked to its debt should trading deteriorate further as
it reported a 78% drop in underlying profits to GBP4.4 million for
the year to February.

The FT relates Goldman Sachs on June 15 ceased coverage of the
company, saying Luminar would be in danger of breaching covenants
when it was tested in August.  The company has two key financial
covenants including net debt to earnings before interest tax
depreciation and amortization (Ebitda), which has to remain below
three times, the FT discloses.  It also has a fixed charge cover
covenant that has to be above 1.5 times earnings, the FT notes.

PwC, Luminar's auditors, has also been helping the company with
its finances, the FT states.

Based in Milton Keynes, United Kingdom, Luminar Group Holdings plc
-- http://www.luminar.co.uk/-- is engaged in the ownership,
development and operation of nightclubs and themed bars.  Its main
branded venues are Oceana, Liquid, and Lava & Ignite.  The
Company's product brands include Big Night Out, Vibe, Red Carpet
Moments and UK Club Culture (UKCC).  Oceana has five bars, two
clubs, and one amazing night.  The Liquid brand has a main room
with lighting, sound and laser technology.  Liquids also have a
secondary room called envy.  Envys provide clubbers with music
varying from disco to rhythm and blues (RnB) and the like.  Lava &
Ignite has a classic twin-scene format.  The main room includes
sound and lighting technology, and can be transformed to a venue
for corporate events, live music and televised sporting events.
Life caters to local pub, local club and local people.  Life is a
bar and club concept.  It is designed to fit into smaller towns.
The Company's subsidiaries include Luminar Holdings Limited,
Luminar Oceana Limited, and Luminar Lava Ignite Limited.


ROYAL BANK: Santander Submits Offer for 300 Branches
----------------------------------------------------
Banco Santander on June 18 said that its affiliate Santander UK
has submitted an offer in the tender process of approximately 300
branches of Royal Bank of Scotland that is taking place in the
United Kingdom.  Currently, it is not possible to say when the
tender process will conclude.

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

                           *     *     *

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


SHAMROCK PLC: Moody's Lifts Rating on Class F Notes to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Shamrock PLC, a collateralized debt obligation
transaction referencing a static portfolio of emerging markets
corporate and sovereign entities.

Issuer: Shamrock Capital P.L.C. (ORB Emerging Market CDO)

  -- SKK253.125M Series 2007-09 Floating Rate Portfolio Credit
     Linked Notes due 2012 ("Class D Notes") Notes, Upgraded to
     Baa3; previously on Jun 5, 2009 Downgraded to Ba2

  -- EUR19.5M Series 2007-05 Floating Rate Portfolio Credit Linked
     Notes due 2012 ("Class E Notes") Notes, Upgraded to Ba3;
     previously on Jun 5, 2009 Downgraded to B3

  -- EUR13.5M Series 2007-06 Floating Rate Portfolio Credit Linked
     Notes due 2012 ("Class F Notes") Notes, Upgraded to Caa2;
     previously on Mar 31, 2009 Downgraded to Caa3

Moody's explained that the rating actions taken are the result of
the shortened time to maturity combined with the relatively
unchanged credit quality of the reference portfolio.  The
transaction has 2 years to maturity.  The 10 year weighted average
rating factor of the portfolio is 1157.16, equivalent to an
average rating of Ba2.  About 21% of the reference pool was
downgraded by at least one notch since the previous rating action
compared to 11% that was upgraded.  The rating upgrades are
largely driven by the positive impact of the passage of time.


VERGO RETAIL: MCR In Talks With Potential Buyers for 10 Stores
--------------------------------------------------------------
Negotiations with prospective purchasers will continue for Vergo
Retail Ltd.'s remaining 10 stores still operating.

Sarah Bell, partner at MCR says the closure of the stores was
inevitable following a lack of any suitable offers: "Since the
administration began we have worked hard to secure a purchase of
the Vergo business.  However, given the tough economic climate and
the financial challenges hitting the UK's retail industry, certain
Vergo stores can no longer be sustained.  I must reiterate that
negotiations are still in progress on a number of stores still
operating and can not rule out a sale of the stores until all
avenues have been exhausted.  We encourage any interested parties
to come forward urgently."

The Company went into administration on Friday, May 7, 2010.  A
total of 482 employees have been made redundant while nine stores
have been closed.  One store, Robbs Department Store in Hexham,
Northumberland was successfully sold by the joint administrators
to J E Beale PLC on June 3, 2010.

In the event that no purchaser comes forward for the remaining 10
stores the final day of trading will be Saturday, June 26, 2010.


VINTAGE GLASGOW: In Administration; 168 Jobs Affected
-----------------------------------------------------
Helen McArdle and Alison Campsie at Herald Scotland report that
Vintage Glasgow has gone into administration with the loss of 168
jobs.

According to the report, as of Thursday, June 17, Hunter Clark's
affairs were being managed by recovery specialists Zolfo Cooper.

The report relates a statement from Elizabeth Mackay and Fraser
Gray, appointed as joint administrators, said the company was no
longer financially viable, adding that: "The company has ceased
trading with immediate effect.  Regrettably as a result, staff
have been informed that their roles have been made redundant."

"Unfortunately, the business has experienced severe cash-flow
difficulties within a tough trading environment which has led to
[Satur]day's decision.  There remain a number of contracts for
work outstanding and we will now enter a period of assessment with
a view to offering these contracts to potential bidders," the
report quoted Ms. Mackay, a partner at Zolfo Cooper, as saying.

Vintage Glasgow is a building, public works and masonry contractor
based in Scotland.


WOODWORKS FURNITURE: Goes Into Administration
---------------------------------------------
Liam Sloan at The Oxford Times reports that Woodworks Furniture
has gone into administration.

According to the report, more than 300 customers have been told
they are unlikely to get their deposits back.

The firm ceased trading in mid-May, the report relates.
The report says administrators Nortons Recovery, from Reading, are
examining its accounts and six staff at its three stores have been
made redundant.

Woodworks Furniture is a furniture shop based in Broadway.


* UK: Company Insolvencies Down in May, Experian Says
-----------------------------------------------------
Colm Heatley at Bloomberg News, citing Experian Plc, reports that
U.K. company insolvencies fell to the lowest in four months in May
as the economy shook off the recession.

According to Bloomberg, Experian said in a report published
June 21 that the rate of insolvencies dropped to 0.08% from 0.10%
a year earlier.  Bloomberg says of the U.K.'s major industries,
construction and building posted the biggest monthly decline, with
insolvency rates dropping to 0.14% in May from 0.18% in April.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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