TCREUR_Public/100706.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, July 6, 2010, Vol. 11, No. 131

                            Headlines



A U S T R I A

DEXIA-KOMMUNALKREDIT BANK: Moody's Ups Rating on Notes From Ba1


B E L G I U M

KBC GROEP: Daiwa to Buy Convertible Bond, Equity Derivatives Biz


F R A N C E

NATIXIS SA: Sells French Private Equity Assets to Axa
SPARC EUROPE: Fitch Assigns 'BB-' Rating on Series D Notes


G E R M A N Y

ROHWEDDER AG: Sold In Pieces to Three Different Investors
TALISMAN-3 FINANCE: S&P Junks Ratings on Two Classes of Notes


G R E E C E

WIND HELLAS: Standstill Agreement Won't Affect Fitch's Ratings

* GREECE: EU Spokesman Rules Out Debt Restructuring Option


I R E L A N D

* IRELAND: Corporate Insolvencies Up 25% in First Half 2010


I T A L Y

ALITALIA SPA: To Join Air France & Delta Joint Venture
COMPAGNIA ITALPETROLI: Unicredit May Take Control of AS Roma


K A Z A K H S T A N

ALLIANCE BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B3'
TEMIRBANK AO: Fitch to Review 'RD' Long-Term Issuer Default Rating


R U S S I A

MECHEL OAO: Mulls Sale of RUR35 Billion Domestic Bonds
MOBILE TELESYSTEMS: In Talks to Buy More Programs for Omlet.ru
PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating


S P A I N

CAIXA D'ESTALVIS: Fitch Cuts Subordinated Debt Rating to 'BB+'
CAIXA DE TERRASSA: Fitch Cuts Subordinated Debt Rating to 'BB+'
CODERE SA: S&P Changes Outlook to Stable; Affirms 'B' Rating
FTA SANTANDER: Moody's Assigns 'Ca' Rating on EUR88.5M D Notes
PANRICO: Fails to Fetch Bids; Debt-for-Equity Swap Likely

TDA CAM: Fitch Affirms Ratings on Class D Notes at 'CC'


S W I T Z E R L A N D

BANQUE HERITAGE: Fitch Affirms Issuer Default Rating at 'BB+'


U N I T E D   K I N G D O M

BEMROSEBOOTH: Nears Going Concern Sale; Has Three Main Offers
BRITISH SEAFOOD: Ex-Chief to Lodge Counter Claim v. Fraud Suits
EMC-III PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
EQUINOX PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
GALA CORAL: Bingham Represents Junior Lenders in Restructuring

LEHMAN BROTHERS: PWC to Expedite LBIE Claims Determination
NORTEL NETWORKS: Ontario Court Rejects UK Regulator's Appeal
ROYAL BANK: Completes Sale of Commodities Arm to JPMorgan
TPT CONSTRUCTION: Put Into Compulsory Liquidation


X X X X X X X X

* EUROPE: Rehn Doesn't Rule Out Orderly Insolvency of Euro States
* EUROPE: Sovereign Default Scenario in Stress Tests Opposed
* EUROPE: Stress Tests May Spur Cash Calls for Up to 20 Banks
* S&P Withdraws Ratings on Spread-Based Leveraged Senior Notes

* Large Companies with Insolvent Balance Sheet




                         *********



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


DEXIA-KOMMUNALKREDIT BANK: Moody's Ups Rating on Notes From Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded Dexia-Kommunalkredit Bank
AG's long-term rating on the RON 100 million 7.05% medium-term
note due 2011 to Baa2 from Ba1.  In addition, the rating agency
has also revised its outlook for the bond from review for
downgrade to stable.  Moody's notes that this rating action aligns
the rating on this bond with the standalone rating of its parent,
Dexia Credit Local rated A1/Prime-1 for debt and deposits and C-
/Baa2 with a stable outlook for its bank financial strength
without taking into account systemic support.

The rating action concludes the review for possible downgrade of
Dexia Kom's long-term debt and deposit ratings, initiated in
December 2009.

At the same time, Moody's has withdrawn all other remaining
ratings of Dexia-Kom for business reasons including the standalone
Financial Strength Rating of E with a stable outlook, the Ba1
deposit and senior unsecured (domestic currency) program rating,
the Ba2 subordinate (domestic currency) program rating as well as
all short-term ratings at Not Prime.  All long-term debt and
deposit ratings were previously on review for possible downgrade.
Please also refer to Moody's withdrawal policy on www.moodys.com.

In light of the high degree of integration between Dexia-Kom and
its parent, which includes funding support from the parent, the
rating agency decided to no longer apply a standalone long-term
rating to the bank, which will henceforth be aligned with that of
DCL, reflecting Moody's approach to rating selected "highly
integrated and harmonized subsidiaries".  The remaining
subsidiary's long-term foreign currency debt rating which was
upgraded is expected to move in tandem with the parent's stand-
alone rating going forward.  The rating action also reflects
Moody's understanding of DCL's commitment to maintain adequate
funding and minimum capital levels as well as completion of the
operational integration of Dexia-Kom.  All other debt exposures
had moved previously to the parent entity.

Moody's also recognises that the parent's strategy to wind down
Dexia-Kom's businesses in central and eastern Europe is in line
with the agreement reached by Dexia Group and the European
Commission in early 2010.  Dexia-Kom's Slovak entity, Dexia Banka
Slovensko (not rated), is expected to be sold in the medium-term.

Rating Action In Detail:

  -- Standalone BFSR: Rating withdrawal of E, stable outlook;

  -- Long-term Senior Unsecured (domestic currency) MTN: Rating
     withdrawal of Ba1, on review for downgrade;

  -- Long-term Subordinate (domestic currency) MTN: Rating
     withdrawal of Ba2, on review for downgrade;

  -- Short-term Bank Deposits: Rating withdrawal of Not-Prime;

  -- Other short-term (domestic currency): Rating withdrawal of
     Not-Prime;

  -- ISIN XS0272417865, RON 100 million 7.05% medium term note,
     Ser 2, due 11/07/2011: Upgrade to Baa2 stable from Ba1, on
     review for downgrade.

The last rating action on Dexia-Kom was on December 18, 2009, when
Moody's downgraded its BFSR to E (stable) from C- and its long-
term debt and deposit ratings to Ba1 (on review for possible
downgrade) from Baa2.

Headquartered in Vienna, Dexia-Kom reported total assets of
EUR10 billion as of December 31, 2009, and a consolidated net loss
of EUR4 million during the same time period.


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


KBC GROEP: Daiwa to Buy Convertible Bond, Equity Derivatives Biz
----------------------------------------------------------------
Jones Hayden and Finbarr Flynn at Bloomberg News report that
Daiwa Securities Group Inc., Japan's second-largest brokerage,
agreed to buy KBC Groep NV's convertible bond unit and its Asia
equity derivatives business for about US$1 billion.

Bloomberg relates Daiwa and KBC said in a joint statement Monday
that under the agreement, Daiwa is paying about US$200 million for
assets and about US$800 million for the trading position.
According to Bloomberg, the release said the transaction is
subject to regulatory approval and is expected to be completed
early in the fourth quarter.

KBC, Belgium's biggest bank by market value, as cited by
Bloomberg, said the transaction will result in an increase in its
Tier 1 capital ratio of 10 basis points.

                     Restructuring Agreement

As reported by the Troubled Company Reporter-Europe on Nov. 20,
2009, The Financial Times said the KBC Groep reached an agreement
with the European Commission on its restructuring.  The FT
disclosed, KBC would slim its balance sheet by nearly a fifth and
reimburse EUR7 billion (US$10.5 billion) of state aid by 2013
through the winding down of its businesses and through asset
disposals.  The FT noted that while KBC would sell its merchant
banking and private banking arms, float part of its Czech banking
operation and forgo any acquisitions in the medium term, the group
would retain banking and insurance operations in its core markets.
The KBC restructuring would cut the bank's risk-weighted assets by
25% and entail no capital increase, the FT said.  The group would
pay back the EUR7 billion of state aid it received from the
Belgian and Flemish governments through retained earnings, and by
paying no dividend until 2011 at the earliest, the FT noted.

                        About KBC Groep NV

Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


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


NATIXIS SA: Sells French Private Equity Assets to Axa
-----------------------------------------------------
Vidya Root at Bloomberg News reports that Natixis SA said it is
selling its French own-account private equity assets to Axa SA.
According to Bloomberg, the bank said in an e-mailed statement
that the sale values the assets at EUR534 million and that the
value may increase depending on the performance of the assets.

                         About Natixis SA

Natixis SA -- http://www.natixis.com/-- is a France-based bank
offering various services and engaged in different activities.
Its main activities comprise corporate and investment banking,
asset management, receivables management, private equity and
private banking, retail banking and other services.  The Bank is
active in a number of countries in Europe, the Americas, Africa,
Asia and Oceania.  As of December 31, 2008, Natixis SA had a
number of subsidiaries, including Ixis Corporate & Investment
Bank, Ixis Asset Management Group, Coface and Natixis Asset
Management, among others.

                           *     *     *

Natixis SA continues to carry a 'D' bank financial strength rating
from Moody's Investors Service with a stable outlook.


SPARC EUROPE: Fitch Assigns 'BB-' Rating on Series D Notes
----------------------------------------------------------
Fitch Ratings has assigned SPARC EUROPE (JUNIOR) COMPARTMENT
2010's Series D notes totaling EUR97.9 million, due in July 2013,
a final rating of 'BB-' with a Stable Outlook.

SPARC EUROPE (JUNIOR) is a compartmentalised Fonds Commun de
Creances set up by the custodian, Natixis rated 'A+'/Outlook
Stable/'F1+', and the management company, Eurotitrisation, in
2007.  Its program has resulted in the SPARC EUROPE (JUNIOR)
COMPARTMENT 2007, SPARC EUROPE (JUNIOR) COMPARTMENT 2008, SPARC
EUROPE (JUNIOR) COMPARTMENT 2009 issuances.  SPARC EUROPE (JUNIOR)
COMPARTMENT 2010 is the fourth and last compartment, dedicated to
the cover period of the year 2010.  The underlying risk stems from
portfolios of motor insurance policies marketed to individuals by
AXA subsidiaries in Belgium, Germany, Italy and Spain.

The rating reflects the timely payment of interest and ultimate
payment of principal.  It is based on the financial structure of
the transaction, credit quality of the underlying motor insurance
contract portfolios, and the premium and loss appraisal procedures
of each AXA subsidiary.

Nexgen Re, as the reinsurer, and the AXA subsidiaries have entered
into four reinsurance contracts, pursuant to which the
subsidiaries transfer to the reinsurer quota shares of premiums
and receive the same monetary amount of quota shares to be paid
under claims arising from the eligible motor insurance pools.

To secure its respective payment obligations, the reinsurer makes
a junior cash deposit of an aggregate amount of EUR225.0 million
for the benefit of the AXA subsidiaries.  The subsidiaries pledge
financial instruments, in an amount of EUR225.0 million, which are
credited to specific accounts for the benefit of the FCC.  The
deposit being set at an adequate level is a condition for the
confirmation of the ratings of the notes issued by a senior FCC
set up in parallel to SPARC EUROPE (JUNIOR) COMPARTMENT 2010 (the
junior FCC).

On the closing date, the reinsurer transferred to the FCC the
receivable, which corresponds to the financial obligation of the
AXA subsidiaries to repay the junior deposit, as well as ancillary
rights such as the benefit of the above-mentioned pledge.

The risk covered by the reinsurance contracts and transferred to
noteholders reflects the evolution of the premium and claims of
the portfolios of insurance contracts, which is measured by the
global ratio of claims to premiums (the global loss ratio).
Portfolios losses will be passed to noteholders once the global
loss ratio exceeds each note's attachment point (the loss
threshold at which noteholders are affected).  Attachment points
for the class D notes are based on the global loss ratio at 5.9%
above the budgeted global loss ratio.


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


ROHWEDDER AG: Sold In Pieces to Three Different Investors
---------------------------------------------------------
Anke Schroeter at evertiq reports that after the drop out of
potential buyer ATS, Rohwedder has now been sold in pieces to
three different investors.

According to the report, Elwema, based in Ellwangen, is the new
investor for the German manufacturing locations Bermatingen and
Bruchsal.  The Guenther Holding -- shareholder at Elewa -- and a
bank are to facilitate the financial hedging and funding of the
new company, the report discloses.

The manufacturing location Radolfezll, formerly Rohwedder
Permatech, has been acquired by a Swiss engineering company ASIC
Robotics, the report says, citing the insolvency administrator.

The report notes the insolvency administrator also said that
promising talks were conducted for the Rohwedder subgroups in
Finland (JOT Automation Oy) and Canada.

As reported by the Troubled Company Reporter-Europe on June 4,
2010, evertiq said that the Konstanz District Court opened
insolvency proceedings in respect of the assets of Rohwedder.
evertiq disclosed Volker Grub was appointed as the insolvency
administrator.

                         About Rohwedder

Rohwedder AG -- http://www.rohwedder.de/-- is a Germany-based
company that supplies automation system solutions for the
assembly, production and testing technology within two segments.
Within the Mechatronics Production Solutions segment the Company
concentrates on Assembly Technologies in Europe and North America,
offering automation solutions for the automotive industry; and
Micro Technologies, which specializes in assembly solutions for
the production of micro products.  The Electronics Production
Solutions segment includes MIMOT Surface Mount Technologies, which
provides surface mount device placement technology products;
Mobile Device Solutions, focusing on automation solutions for the
mobile communication industry; Standard Products, which offers
products through the brand JOT Automation; and Customer Specific
Solutions, providing fully automatic and semiautomatic as well as
manual solutions.  The Company operates through numerous direct
and indirect subsidiaries as well as affiliated companies.


TALISMAN-3 FINANCE: S&P Junks Ratings on Two Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-3 Finance
PLC's class D, E, and F notes.  At the same time, S&P affirmed its
ratings on all other classes of notes.

S&P placed the class D, E, and F notes on CreditWatch negative in
2009 in view of the imminent scheduled maturity of the combined
Berlin and Dresden loan (Berlin/Dresden), which accounts for 52%
of the total pool balance, and because S&P expected downward
pressure on property values.  Since then, the Berlin/Dresden loan
failed to repay at maturity in January 2010.

The loan is secured on two office properties in Berlin and Dresden
and let to Verwaltungs-Berufsgenossenschaft on a long-term lease.
The servicer received a valuation report in November 2009 that
contained a combined market value of the properties of
EUR47.2 million.  The current loan balance and updated valuation
reflect a loan-to-value ratio of 143%.  S&P understand that the
special servicer, Hatfield Philips, is currently marketing the
properties for a net sale price of EUR60 million.  As the
properties have not been sold at this price, S&P understand that
the special servicer is considering extending the loan.  In the
meantime, the special servicer indicated in a recent investor
meeting that it is trapping excess cash, which S&P would expect it
to apply against the loan balance to reduce principal losses.  S&P
believes, nonetheless, that there are scenarios in which the
special servicer would consider selling the properties before any
extended loan maturity date.

Considering the revised valuation, coupled with the absence of a
sale in the recent marketing period at the marketed price, S&P
believes there is a reasonable likelihood of principal losses
occurring if the properties are sold in the near term.  In S&P's
opinion, the extent of principal losses will depend on the timing
of the sale.  In view of the scale of potential losses, S&P has
lowered its ratings on the class D, E, and F notes.

S&P notes that the Trier loan, comprising 7% of the current loan
balance, is secured on a retail building in Trier, Germany and
matures in October 2010.  The property has not been valued since
closing and S&P believes the original valuation does not reflect
the property's current market value.  Therefore, S&P believes that
principal losses may occur if the loan fails to repay at maturity.

In April 2010, there was an interest shortfall on the class F
notes of EUR25,000 (representing 0.5% of the class F note balance)
triggered by special servicing fees on the Berlin/Dresden loan.
Unless default interest is charged to the borrower, S&P believes
that interest shortfalls on the class F notes may continue to
accrue in the near term, while the Berlin/Dresden loan remains in
special servicing.

Talisman-3 Finance closed in 2006 with notes totaling
EUR689.9 million.  The notes have a legal final maturity of
January 2015.  Of the 13 loans that originally backed the
transaction, eight have prepaid.  The note balance has reduced to
EUR130.5 million as a result of the prepayment of eight loans.

                           Ratings List

                      Talisman-3 Finance PLC
  EUR689.9 Million Commercial Mortgage-Backed Floating Rate Notes

      Ratings Lowered and Removed From Creditwatch Negative

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

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AAA
                        C           A
                        X           AAA


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G R E E C E
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WIND HELLAS: Standstill Agreement Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says that Greek mobile operator WIND Hellas
Telecommunications S.A.'s ratings remain unaffected following its
July 1, 2010 announcement that it has reached a standstill
agreement with revolving facility lenders and hedging banks, which
supports Fitch's definition of the 'C' rating level.

Wind Hellas has announced a four-month standstill agreement to
defer payment of several payments of at least EUR40 million due
between June 30 and July 15, 2010, including the scheduled
amortization of its revolving credit facility and the interest due
to the senior secured floating rate noteholders.  The company also
stated that in addition to the restructuring of its debt,
strategic alternatives under review include offers to acquire the
business or fresh funding from strategic or financial investors.

"Wind Hellas' ratings could benefit from an improvement to its
capital structure and liquidity profile through the raising of
equity and a re-profiling debt.  However, a rating downgrade based
on a coercive debt exchange still remains a possibility," says
Richard Petit, Associate Director in Fitch's European telecoms,
media and technology team.

Fitch notes that approximately 88% of RCF lenders and 100% of
hedging banks have given consent to the standstill agreement,
which the company indicates is sufficient for it to be effective.
However, only approximately 48% of the senior secured floating
rate noteholders have supported the agreement so far, and more
than 75% of the noteholders would need to support the agreement by
July 20, 2010, for it to succeed.  Fitch understands that a
failure to reach the required level of consent with noteholders
would invalidate the standstill agreement.  This in turn would
result in a rating downgrade to 'RD'.

Fitch expects to review Wind Hellas' ratings further depending on
which of these scenarios first occurs: the expiry or invalidation
of the standstill agreement, other non-payment events not covered
by the standstill agreement (e.g. under the senior unsecured
notes), or a restructuring or sale of the business.

In Q110, WIND Hellas continued to report weak performance with
revenues and EBITDA respectively down 18.5% and 31.4% year-on-
year.  Furthermore, the preview on trading performance for April
and May saw a material deterioration in revenues and profitability
due to the ongoing aggressive competitive climate but, also --
more importantly -- due to a visible reduction in consumer
spending on Wind Hellas' telecoms services and a visible increase
in late payments from subscribers.  Given this volatile and
unpredictable environment, management declined to provide further
earnings guidance.  The acceleration of cash consumption in April
and May left the company with virtually no financial flexibility
to meet its short-term debt obligations and to invest in the
business for the long-term.

Fitch currently rates WIND Hellas:

  -- Long-term Issuer Default Rating: 'C'

  -- Short-term IDR: 'C'

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility: 'CC'; Recovery Rating 'RR3'

  -- Hellas Telecommunications (Luxembourg) V senior secured
     floating-rate notes due 2012: 'C'; Recovery Rating 'RR4'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: 'C'; Recovery Rating 'RR6'


* GREECE: EU Spokesman Rules Out Debt Restructuring Option
----------------------------------------------------------
Meera Louis at Bloomberg News reports that Amadeu Altafaj, a
European Commission spokesman, on Friday said at a press briefing
in Brussels that there will be "no restructuring of debt for
Greece or any other member state".

As reported by the Troubled Company Reporter-Europe on June 30,
2010, Bloomberg News said that New York University professor
Nouriel Roubini wrote in the Financial Times that Greece is facing
an insolvency crisis and an orderly restructuring of its public
debt is required in order to avoid an "inevitable default".
Bloomberg disclosed that Mr. Roubini wrote that austerity measures
agreed as a condition of the country's bailout by the European
Union and International Monetary Fund will prolong Greece's
recession and still leave it with a debt-to-gross-domestic-product
ratio of 148% by 2016.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 16,
2010, Moody's Investors Service downgraded Greece's government
bond ratings by four notches to Ba1 from A3, reflecting its view
of the country's medium-term credit fundamentals.  The rating
action concludes the review for possible downgrade, which Moody's
initiated on April 22, 2010.  Moody's also downgraded Greece's
short-term issuer rating to Not-Prime from Prime-1.  Greece's
country ceilings for bonds and bank deposits are unaffected by the
review and remain at Aaa (in line with the Eurozone's rating).
The outlook on all ratings is stable.

"The Ba1 rating reflects Moody's analysis of the balance of the
strengths and risks associated with the Eurozone/IMF support
package.  The package effectively eliminates any near-term risk of
a liquidity-driven default and encourages the implementation of a
credible, feasible, and incentive-compatible set of structural
reforms, which have a high likelihood of stabilizing debt service
requirements at manageable levels," said Sarah Carlson, Vice
President-Senior Analyst in Moody's Sovereign Risk Group and lead
analyst for Greece.  "Nevertheless, the macroeconomic and
implementation risks associated with the program are substantial
and more consistent with a Ba1 rating."

Moody's believes that the Eurozone/IMF support package has
sheltered the Greek government from the markets while it enacts
the very ambitious fiscal austerity measures and structural
economic reforms stipulated by the package.  These have the
potential to restore market confidence, depending on the
effectiveness of the government's execution, and place the country
on a more stable debt trajectory.  The rating agency's base-case
scenario envisions Greece implementing the policy changes it needs
to stabilize its debt-to-GDP ratio at around 150% by 2013, and
reduce its debt burden, defined as the interest payment/revenues
ratio, gradually thereafter (expected at 20% in 2014).  Should the
economy respond positively to the competitiveness-enhancing
structural reforms, debt stabilization could be achieved earlier.

"There is considerable uncertainty surrounding the timing and
impact of these measures on the country's economic growth,
particularly in a less supportive global economic environment,"
said Ms. Carlson.  "This uncertainty represents a risk that leads
Moody's to believe that Greece's creditworthiness is now
consistent with a Ba1 rating, a rating which incorporates a
greater, albeit, low risk of default."

Moody's outlook on Greece's ratings is stable, reflecting the
substantial probability that the rating will not change over the
next 12 to 18 months.  The key factors that will influence the
rating agency's view will be the performance of the Greek economy,
especially that of GDP and tax revenues.  Information on these
developments will take some time to accumulate and may prove to be
either credit positive or negative.

Moody's previous rating action on Greece was implemented on
April 22, 2010, when the rating agency downgraded Greece's rating
to A3 and placed it under review for further downgrade.


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I R E L A N D
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* IRELAND: Corporate Insolvencies Up 25% in First Half 2010
-----------------------------------------------------------
The Irish Times reports that over 900 companies were officially
insolvent in the first six months of the year, a 25% jump on the
same period in 2009.

The Irish Times relates figures released at the weekend by
corporate restructuring specialists Farrell Grant Sparks (FGS)
show 922 companies went into liquidation, receivership or
examinership in the first six months of 2010.

According to The Irish Times, FGS partner, Declan Taite, said the
number of insolvencies in the Republic could hit between 1,850 and
1,900 for the year as a whole, compared with 1,570 failures in
2009.

Construction and engineering businesses were the worst hit, The
Irish Times notes.

                              Retail

Ian Kehoe at The Sunday Business Post reports that new figures
show a 133% spike in the number of retail businesses going bust so
far this year.  According to Post.ie, FGS said that 119 retail
companies went into receivership, liquidation or examinership in
the first six months of this year, up from 51 for the same period
last year.  The comparable figure for 2008 was just 26, Post.ie
says, citing FGS.

Post.ie relates Mr. Taite said the massive increase in retail
casualties was "due primarily to high rents that were originally
struck at the height of the economic boom".  He also cited the
continued reduction in discretionary spending by consumers as
another reason for the surge in failures, Post.ie notes.

                           Construction

According to Post.ie, the construction sector also regressed, with
360 building and construction outfits going out of business.  This
was up from 253 for 2009, Post.ie notes.  Overall, FGS said there
was a 30% increase in the number of companies going out of
business -- from 733 for the first half of 2009 to 949 for this
year, Post.ie discloses.

                          Receivership

Post.ie says the figures also show that the number of firms going
into receivership has reached a record high, with financial
institutions adopting amore hardline approach to businesses.

Receivers were appointed to 162 businesses in the first half of
the year -- up from 79 for the previous year, Post.ie states.


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I T A L Y
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ALITALIA SPA: To Join Air France & Delta Joint Venture
------------------------------------------------------
Steve Scherer and Sara Forden at Bloomberg News report that
Alitalia SpA, already a member of the SkyTeam alliance run by Air
France KLM Group and Delta, will join a broader venture with those
airlines that lets it share costs and revenue across the Atlantic.

Bloomberg relates the companies confirmed Alitalia's new role in a
slide presentation before a press conference in Rome Monday.

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

On August 29, 2008, Alitalia declared insolvency and commenced
extraordinary administration procedure at the Tribunal of Rome.
Italian Prime Minister Silvio Berlusconi appointed Mr. Fantozzi as
extraordinary commissioner.  Under the Bankruptcy Bill, the
Administrator has supplanted the directors and other management of
Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia filed for Chapter 15 protection with the U.S.
Bankruptcy Court in the Southern District of New York.  Italy's
national airline experienced financial difficulties for a number
of years caused, in large measure, by a combination of competition
from low-cost air carriers, poor management and onerous union
obligations, according to papers filed with the court.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties had been and exacerbated by spiraling fuel prices.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003, EUR813
million in 2004, EUR168 million in 2005, EUR625.6 million in 2006,
and EUR494.64 million in 2007.


COMPAGNIA ITALPETROLI: Unicredit May Take Control of AS Roma
------------------------------------------------------------
Francesca Cinelli at Bloomberg News, citing Il Sole 24, reports
that the Sensi family may agree to hand over the ownership of
Compagnia Italpetroli SpA, which controls Italian soccer club AS
Roma SpA, to UniCredit SpA.

According to Bloomberg, Il Sole said an arbitration hearing was
scheduled yesterday.  Bloomberg relates Il Sole reported that the
two companies are involved in a dispute over a EUR325-million debt
(US$407.4 million).

Guy Dinmore at the Financial Times reports that the team's holding
company faces bankruptcy.


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


ALLIANCE BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local and
foreign currency deposit ratings of Alliance Bank to B3 from Caa3.
The bank's E bank financial strength rating, which now maps to a
Baseline Credit Assessment of Caa2, and Not Prime short-term
ratings have been affirmed.  Concurrently, the bank's senior
unsecured and subordinated notes issued in the course of the
restructuring have been assigned long-term debt ratings of B3 and
Caa1, respectively.  The bank's BFSR carries a stable outlook.
The outlook on the bank's long-term debt and deposit ratings is
developing.

This rating action concludes the review of Alliance Bank's long-
term deposit ratings initiated by Moody's on 6 April 2010.

"The upgrade of the bank's debt ratings was triggered by the
completion of the debt restructuring that facilitated
recapitalization of the bank by approximately a US$3.7 billion,
thus enabling it to (i) report shareholder's equity of
KZT31 billion (in accordance with local accounting standards) as
at end-March 2010, and (ii) meet the minimal capital adequacy
requirements of Kazakhstan's Financial Market Supervision
Authority," said Mr. Semyon Isakov, a Moody's Assistant Vice-
President and lead analyst for the bank.  "At the same time,
Alliance Bank continues to operate with an IFRS capital deficit of
KZT128 billion as at end-March 2010, while its income from the
core banking operations currently does not fully cover operating
expenses, thereby constraining the bank's BFSR at E," added
Mr. Isakov.

Moody's notes that Alliance Bank is currently controlled by the
Kazakhstan government through the National Welfare Fund -- Samruk-
Kazyna, and the latter has supported the bank (in terms of capital
and liquidity) amid the global financial crisis.  Therefore
Moody's assessment incorporates a moderate probability that
systemic support would be extended to the bank in order to honor
its liabilities in a timely manner.  Moody's assessment also
reflects the government's plans to relinquish control of the bank
in the medium-to-long term.  Therefore the bank's long-term B3
ratings currently benefit from a two-notch uplift from the bank's
BCA of Caa2.  The Caa1 local currency long-term debt rating
assigned to the bank's subordinated debt is one notch below the B3
senior unsecured ratings assigned to the bank, and reflects
subordination of claims.

According to Moody's, Alliance Bank's ratings may be upgraded if
the bank restores its capital base and substantially improves
operating efficiency.  Conversely, if the bank fails to improve
its operating efficiency and capital position within the next 12
months and reports recurring loss for a prolonged period of time,
the ratings could be downgraded, as reflected in the developing
outlook assigned to the bank's long-term ratings.

Moody's has assigned these debt ratings to Alliance Bank's notes
issued in the course of the restructuring:

  -- B3 senior unsecured foreign currency debt rating:
     US$615,138,144 Discount Dollar Notes due 2017

  -- B3 senior unsecured foreign currency debt rating:
     US$219,343,079 Par Dollar Notes due 2020

  -- B3 senior unsecured local currency debt rating:
     KZT1,248,534,571 Par Tenge Notes due 2020

  -- B3 senior unsecured local currency debt rating:
     KZT966,814,140 Discount Tenge Notes due 2017

  -- Caa1 subordinated local currency debt rating:
     KZT21,307,394,519 Subordinated Tenge B Notes due 2030

Moody's previous rating action on Alliance Bank was on April 6,
2010, when the rating agency placed the bank's Caa3 long-term
deposit ratings on review for possible upgrade and withdrew the
debt ratings assigned to the debt instruments that were cancelled
in the course of restructuring.

Headquartered in Almaty, Kazakhstan, Alliance Bank reported total
assets of KZT413 billion (US4.5 billion) and total capital deficit
of KZT128 billion (US$2.5 billion), in accordance with unaudited
IFRS financials as at March 31, 2010.


TEMIRBANK AO: Fitch to Review 'RD' Long-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings says that it plans to review the ratings of
Kazakhstan's Temirbank (currently rated Long-term foreign currency
IDR 'RD') following the bank's June 30 announcement that it has
completed a restructuring of its debts.

The agency anticipates completing this review in the next two
months during which it plans to review information to be provided
by the bank concerning its current financial position and future
plans.

Temirbank's current ratings are:

  -- Long-term foreign currency IDR: 'RD' (Restricted Default)
  -- Short-term foreign currency IDR: 'RD'
  -- Individual Rating: 'F'
  -- Support Rating: '5'
  -- Support Rating Floor: 'No Floor'

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


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


MECHEL OAO: Mulls Sale of RUR35 Billion Domestic Bonds
------------------------------------------------------
OAO Mechel plans to sell as much as RUR35 billion (US$1.1 billion)
of domestic bonds, Ilya Khrennikov at Bloomberg News reports,
citing Alexander Tolkach, the company's head of investor
relations.

According to Bloomberg, Mechel is seeking funding to develop
Siberia's Elga deposit, Russia's largest untapped reserve of coal
used in making steel.

Mechel OAO (Mechel Steel Group OAO) (NYSE:MTL) --
http://www.mechel.com/-- is a Russia-based vertically integrated
mining and metals company.  The Company's business comprises two
segments, mining and steel.  The mining segment includes the
production and sale of coal, iron ore and nickel, while the steel
business covers the production and sale of semi-finished steel
products, carbon and stainless flat products as well as value
added downstream metal products, such as hardware, stampings and
forgings.  In addition, Mechel OAO owns and operates two trade
ports, a railway and an energy company.  It has production
facilities located in Russia, Romania and Lithuania.  The Company
has 22 subsidiaries, of which 12 are wholly owned.  Numerous
representative offices located worldwide, allow the Company to
offer its products on both domestic and international markets.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 26,
2010, Moody's Investors Service assigned a B1 corporate family
rating to Mechel and a B1 Probability of Default Rating.  The
outlook on the ratings is stable.  This is the first
time that Moody's rates the company.

Moody's said the CFR of Mechel reflects: 1) aggressive
capital structure with high leverage and modest CF metrics which
will take some time before it improves; 2) the company's exposure
to the cyclicality of the steel and mining industry which was
recently evidenced by the worst downturn in decades; 3) on-going
refinancing risk with sizable repayments in 2010 and 2011 and a
liquidity profile depending on renewing or extending funding to
the extent that the expansion capex plans are carried out; 4) the
fact that future green field developments of Elga deposit would
require significant resources and provide technical and operating
challenges; 5) expectations of substantial capital expenditures
related to the current activity of steel assets which would
further negatively affect FCF generation; 6) possible negative
administrative/regulatory consequences for the Russian mining
sector following the recent incidents at the mining sector; 7) the
company's ownership concentration adding uncertainty and less
predictability to its financial strategy and dividend policy.


MOBILE TELESYSTEMS: In Talks to Buy More Programs for Omlet.ru
--------------------------------------------------------------
Mobile TeleSystems is in talks with media companies including News
Corp.'s Fox and Sony to acquire more films and television programs
for its online entertainment service, Kenneth Li and Andrew
Edgecliffe-Johnson at The Financial Times report, citing
executives familiar with the matter.

Mikhail Shamolin, chief executive of MTS, told the FT last week
that Omlet.ru is expected to have access to up to 5,000 films by
next year.  "We have negotiated with all the major US and Russian
studios," the FT quoted Mr. Shamolin as saying.  He did not
specify which discussions were active, the FT notes.

MTS has already secured deals with Walt Disney and NBC Universal,
the FT discloses.

According to the FT, Omlet.ru, the Moscow-based operator's portal
that is available on broadband-connected computers and mobile
phones, has become Russia's largest legal online source for
entertainment content.

Headquartered in Moscow, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is a provider of mobile cellular
communications services in Russia, Uzbekistan, Turkmenistan and
Armenia and Ukraine.  During the year ended December 31, 2008, the
Company had a subscriber base of 91.33 million (64.63 million in
Russia, 18.12 million in Ukraine, 5.65 million in Uzbekistan, 0.93
million in Turkmenistan and 2.02 million in Armenia).  In addition
to standard voice services, the Company offers its subscribers
value added services, including voice mail, short message service
(SMS), general packet radio service (GPRS), augmented by enhanced
data rates for GSM evolution (EDGE), high-speed downlink packet
access (HSDPA), and various SMS- and GPRS/EDGE/HSDPA-based
information and entertainment services (including multi media
message service (MMS)).  It also offers its subscribers the
ability to roam automatically throughout Europe and in much of the
rest of the world.

                           *      *      *

As reported by the Troubled Company Reporter-Europe on June 18,
2010, Moody's Investors Service assigned a (P) Ba2, LGD4/58%
rating to Mobile TeleSystems OSJC's issuance of US$750 million
8.625% Loan Participation Notes due 2020.  MTS's other ratings
remain unchanged (Ba2 corporate family and Ba2 senior unsecured
ratings).  Moody's said the outlook for all ratings is stable.


PROFMEDIA LTD: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B+' long-term corporate credit rating to Russia-based
diversified media holding ProfMedia Ltd.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B+' rating to the
proposed Russian ruble (RUB) 3 billion (about $95 million) bond to
be issued by ProfMedia-Finance LLC, which will be fully guaranteed
by ProfMedia Ltd.  S&P assigned a preliminary recovery rating of
'4' to the bond, indicating its expectation of average (30%-50%)
recovery in the event of a payment default.

S&P will assign final ratings once the issuance of loans and the
bond has been completed.

"The preliminary corporate credit rating reflects S&P's view of
ProfMedia's high financial leverage, volatile cash flow
generation, high growth appetite, and negative free cash flow
projected for the near term," said Standard & Poor's credit
analyst Alexander GriazNov.  "ProfMedia's exposure to the cyclical
media industry in one market and Russia's complex regulatory
environment also constrain the rating.  These risks are moderated
by the company's diversification in terms of revenues and EBITDA,
the strong market position of its core content business, and
relatively low exposure to cyclical advertising markets."

A diversified holding, ProfMedia runs several media businesses in
Russia, including content production and distribution, TV and
radio broadcasting, film exhibition, publishing, and new-media
businesses.  ProfMedia owns 75% of the leading filmed-content
production and distribution company in Russia, Central
Partnership, which produces both medium-length TV series and full-
length films for TV and movie theatres.  It also acquires the
rights to quality content from major studios and distributes it in
Russia.  Central Partnership accounted for 42% of ProfMedia's
adjusted EBITDA in 2009 and provides significant diversification
away from the more cyclical advertising-led businesses.

ProfMedia's second largest business is TV broadcasting, which
accounted for 36% of EBITDA for 2009 and includes ownership of
three niche free-to-air TV channels that have a joint audience
share of 4.4% in Russia's highly fragmented market.  S&P expects
the broadcasting business to expand, supported by the growth of
the TV advertising market in Russia and management's efforts to
strengthen the audience shares of its channels.  S&P note,
however, that the profitability of this segment is lower than that
of some of ProfMedia's peers.

Although ProfMedia's other businesses, including new media and
film exhibition, are smaller than the two largest segments, S&P
believes they should expand meaningfully over time.  Internet-
related advertising is a rapidly expanding segment worldwide, and
S&P understands that ProfMedia is seeking various synergy
opportunities between its new-media division and other businesses.
ProfMedia also places a strategic emphasis on the growth of its
chain of cinema multiplexes, which should support future
diversification.

High leverage is a key rating constraint, in S&P's view.  As of
Dec. 31, 2009, ProfMedia's adjusted debt-to-EBITDA ratio was 3.1x,
which S&P believes could reach 4x in 2010 if ProfMedia increases
investments in 2010 as planned.  This will likely lead to negative
funds from operations in 2010 and significantly weaker cash flow
protection ratios.  Still, S&P assume that the company's
investments will gradually decline and that it should be able to
generate positive free operating cash flow from 2012.  The rating
incorporates the assumption that there will be no significant
acquisitions or dividend payments over the next two years.

"The outlook is stable because S&P expects ProfMedia's resilient
performance to continue, in line with the growth of the
advertising market in Russia," said Mr. GriazNov. "S&P also
believe ProfMedia's liquidity will likely remain adequate, despite
significant negative free cash flow generation in 2010."

At this rating level, S&P would expect to see ProfMedia report an
average debt-to-EBITDA ratio of about 3x for three consecutive
years, although S&P believes that in 2010 the company's debt
metrics could be weaker.  The preliminary rating incorporates
S&P's assumption that liquidity will remain adequate at all times.
In particular, S&P expects the ruble bond to be issued for a
minimum of three years.


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


CAIXA D'ESTALVIS: Fitch Cuts Subordinated Debt Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded Caixa d'Estalvis de Sabadell's and
Caixa d'Estalvis de Terrassa's ratings, removed the ratings from
Rating Watch Negative, and withdrawn the ratings.  Fitch has
simultaneously assigned ratings to the newly-formed Caixa
d'Estalvis Unio de Caixes Manlleu, Sabadell i Terrassa (Unnim).

The rating actions follow the formalization of the merger of Caixa
Sabadell, Caixa Terrassa and Caixa d'Estalvis Comarcal de Manlleu
to form Unnim, which will receive EUR380m of temporary financial
assistance from Spain's Fund for Orderly Bank Restructuring in the
form of convertible preference shares.  The three institutions
have been dissolved and their assets and liabilities have been
transferred into Unnim.  The merger was approved by the General
Assemblies of each individual caja, the Bank of Spain, the FROB
and the Autonomous Community of Catalonia (rated 'A+'/Outlook
Negative/'F1').  Issue ratings for the former Caixa Sabadell and
the former Caixa Terrassa are now based on Unnim's Long-term IDR,
and are also provided at the end of this comment.

While forming a larger entity, the assigned ratings reflect
Fitch's opinion that the merged entity will operate in a difficult
operating environment, characterized by a weak Spanish economy for
which recovery prospects are uncertain, a high unemployment rate
and a sharp downturn of the property sector to which Unnim has
high risk concentration (around 26% of total loans, which is
slightly above the sector average).  Unnim faces the significant
challenge of undertaking a restructuring process, while managing
asset quality and profitability, in this environment.  Stiff
deposit competition and ongoing challenging market funding
conditions for Spanish banks could also weigh on Unnim's
profitability and liquidity.

The new entity's ratings also consider its sound retail franchise
in Catalonia and its good liquidity position, which is backed by
an enhanced level of deposits (around 65% of total loans),
sizeable liquid assets and balanced wholesale funding access.
Furthermore, cost and revenue synergies are expected to support
profits following the restructuring process, but these are likely
to be largely achieved in the medium-term.

Each of the former entities had experienced a rapid deterioration
in asset quality and Unnim has an above-sector-average level of
impaired loans and foreclosed assets.  At end-Q110, the aggregate
impaired/total loans ratio was 6.8% and, if foreclosed assets (net
of reserves) were taken into account, this ratio would be 12.4%.
On a positive note, risk concentration in single exposures is low
given little overlap, and Unnim's larger equity base.  However,
geographical diversification outside Catalonia is not achieved.

FROB funds and revaluation reserves arising from the merger
support capital and facilitate the bringing forward of asset
impairments for 2010-2012 and potential contingencies from the
rationalization of the insurance business, which are charged
against equity.  However, Unnim's core capital ratio of around 6%
remains modest by international standards.  Nonetheless,
restructuring costs will progressively be absorbed through future
profit and loss statements and should eventually enhance cost
efficiency.  Strict oversight by the FROB and the Bank of Spain
and the high cost of funds provide a stimulus to manage the merger
well, and return financial assistance within the five-year
regulatory timeframe.

Unnim is Spain's 13th-largest caja by total assets at end-2009
(considering other mergers underway).  It is retail-focused in the
region of Catalonia, with 3,413 staff and 763 branches.

The rating actions on the cajas and their debt issues are (Fitch
will no longer provide rating or analytical coverage of Caixa
Sabadell and Caixa Terrassa).

Caixa Sabadell:

  -- Long-term Issuer Default Rating: downgraded to 'BBB-' from
     'BBB+', removed from RWN, assigned Stable Outlook; rating
     withdrawn

  -- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
     RWN; rating withdrawn

  -- Individual Rating: downgraded to 'C/D' from 'C'; removed from
     RWN; rating withdrawn

  -- Support Rating: affirmed at '3'; rating withdrawn

  -- Support Rating Floor: affirmed at 'BB+'; rating withdrawn

  -- EUR150m of subordinated debt: downgraded to 'BB+' from 'BBB',
     removed from RWN

  -- EUR165m of preference shares: downgraded to 'B+' from 'BB',
     removed from RWN

  -- EUR670m of state-guaranteed debt: affirmed at 'AA+'

Caixa Terrassa:

  -- Long-term Issuer Default Rating: downgraded to 'BBB-' from
     'BBB+', removed from RWN, assigned Stable Outlook; rating
     withdrawn

  -- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
     RWN; rating withdrawn

  -- Individual Rating: downgraded to 'C/D' from 'C'; removed from
     RWN; rating withdrawn

  -- Support Rating: affirmed at '3'; rating withdrawn

  -- Support Rating Floor: affirmed at 'BB+'; rating withdrawn

  -- EUR125m of subordinated debt: downgraded to 'BB+' from 'BBB',
     removed from RWN

  -- EUR75m of Upper tier 2 subordinated debt: downgraded to 'BB'
     from 'BBB-', removed from RWN

  -- EUR125m of preference shares: downgraded to 'B+' from 'BB',
     removed from RWN

  -- EUR600m of state-guaranteed debt: affirmed at 'AA+'

Unnim:

  -- Long-term IDR: assigned at 'BBB-'; Outlook Stable
  -- Short-term IDR: assigned at 'F3'
  -- Individual Rating: assigned at 'C/D'
  -- Support Rating: assigned at '3'
  -- Support Rating Floor: assigned at 'BB+'

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


CAIXA DE TERRASSA: Fitch Cuts Subordinated Debt Rating to 'BB+'
---------------------------------------------------------------
Fitch Ratings has downgraded Caixa d'Estalvis de Sabadell's and
Caixa d'Estalvis de Terrassa's ratings, removed the ratings from
Rating Watch Negative, and withdrawn the ratings.  Fitch has
simultaneously assigned ratings to the newly-formed Caixa
d'Estalvis Unio de Caixes Manlleu, Sabadell i Terrassa (Unnim).

The rating actions follow the formalization of the merger of Caixa
Sabadell, Caixa Terrassa and Caixa d'Estalvis Comarcal de Manlleu
to form Unnim, which will receive EUR380m of temporary financial
assistance from Spain's Fund for Orderly Bank Restructuring in the
form of convertible preference shares.  The three institutions
have been dissolved and their assets and liabilities have been
transferred into Unnim.  The merger was approved by the General
Assemblies of each individual caja, the Bank of Spain, the FROB
and the Autonomous Community of Catalonia (rated 'A+'/Outlook
Negative/'F1').  Issue ratings for the former Caixa Sabadell and
the former Caixa Terrassa are now based on Unnim's Long-term IDR,
and are also provided at the end of this comment.

While forming a larger entity, the assigned ratings reflect
Fitch's opinion that the merged entity will operate in a difficult
operating environment, characterized by a weak Spanish economy for
which recovery prospects are uncertain, a high unemployment rate
and a sharp downturn of the property sector to which Unnim has
high risk concentration (around 26% of total loans, which is
slightly above the sector average).  Unnim faces the significant
challenge of undertaking a restructuring process, while managing
asset quality and profitability, in this environment.  Stiff
deposit competition and ongoing challenging market funding
conditions for Spanish banks could also weigh on Unnim's
profitability and liquidity.

The new entity's ratings also consider its sound retail franchise
in Catalonia and its good liquidity position, which is backed by
an enhanced level of deposits (around 65% of total loans),
sizeable liquid assets and balanced wholesale funding access.
Furthermore, cost and revenue synergies are expected to support
profits following the restructuring process, but these are likely
to be largely achieved in the medium-term.

Each of the former entities had experienced a rapid deterioration
in asset quality and Unnim has an above-sector-average level of
impaired loans and foreclosed assets.  At end-Q110, the aggregate
impaired/total loans ratio was 6.8% and, if foreclosed assets (net
of reserves) were taken into account, this ratio would be 12.4%.
On a positive note, risk concentration in single exposures is low
given little overlap, and Unnim's larger equity base.  However,
geographical diversification outside Catalonia is not achieved.

FROB funds and revaluation reserves arising from the merger
support capital and facilitate the bringing forward of asset
impairments for 2010-2012 and potential contingencies from the
rationalization of the insurance business, which are charged
against equity.  However, Unnim's core capital ratio of around 6%
remains modest by international standards.  Nonetheless,
restructuring costs will progressively be absorbed through future
profit and loss statements and should eventually enhance cost
efficiency.  Strict oversight by the FROB and the Bank of Spain
and the high cost of funds provide a stimulus to manage the merger
well, and return financial assistance within the five-year
regulatory timeframe.

Unnim is Spain's 13th-largest caja by total assets at end-2009
(considering other mergers underway).  It is retail-focused in the
region of Catalonia, with 3,413 staff and 763 branches.

The rating actions on the cajas and their debt issues are (Fitch
will no longer provide rating or analytical coverage of Caixa
Sabadell and Caixa Terrassa).

Caixa Sabadell:

  -- Long-term Issuer Default Rating: downgraded to 'BBB-' from
     'BBB+', removed from RWN, assigned Stable Outlook; rating
     withdrawn

  -- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
     RWN; rating withdrawn

  -- Individual Rating: downgraded to 'C/D' from 'C'; removed from
     RWN; rating withdrawn

  -- Support Rating: affirmed at '3'; rating withdrawn

  -- Support Rating Floor: affirmed at 'BB+'; rating withdrawn

  -- EUR150m of subordinated debt: downgraded to 'BB+' from 'BBB',
     removed from RWN

  -- EUR165m of preference shares: downgraded to 'B+' from 'BB',
     removed from RWN

  -- EUR670m of state-guaranteed debt: affirmed at 'AA+'

Caixa Terrassa:

  -- Long-term Issuer Default Rating: downgraded to 'BBB-' from
     'BBB+', removed from RWN, assigned Stable Outlook; rating
     withdrawn

  -- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
     RWN; rating withdrawn

  -- Individual Rating: downgraded to 'C/D' from 'C'; removed from
     RWN; rating withdrawn

  -- Support Rating: affirmed at '3'; rating withdrawn

  -- Support Rating Floor: affirmed at 'BB+'; rating withdrawn

  -- EUR125m of subordinated debt: downgraded to 'BB+' from 'BBB',
     removed from RWN

  -- EUR75m of Upper tier 2 subordinated debt: downgraded to 'BB'
     from 'BBB-', removed from RWN

  -- EUR125m of preference shares: downgraded to 'B+' from 'BB',
     removed from RWN

  -- EUR600m of state-guaranteed debt: affirmed at 'AA+'

Unnim:

  -- Long-term IDR: assigned at 'BBB-'; Outlook Stable
  -- Short-term IDR: assigned at 'F3'
  -- Individual Rating: assigned at 'C/D'
  -- Support Rating: assigned at '3'
  -- Support Rating Floor: assigned at 'BB+'

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


CODERE SA: S&P Changes Outlook to Stable; Affirms 'B' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook on the ratings on Spanish and Latin American gaming
company Codere S.A. to stable from negative.  At the same time,
S&P affirmed the 'B' long-term corporate credit and senior
unsecured debt ratings on Codere.

The recovery rating on the EUR660 million senior notes issued by
Codere Finance (Luxembourg) S.A. remains '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.

"The outlook revision reflects reduced refinancing risk as a
result of the extension of Codere's senior credit facilities and
S&P's view that improved trading prospects in several markets and
continuing discipline over overheads and capital expenditure
should permit a gradual improvement in the company's still highly
leveraged credit metrics, despite its proposed Panamanian
acquisition," said Standard & Poor's credit analyst Philip Temme.

The ratings on Codere, which operates gaming machines in
Argentinian and Mexican bingo halls and Spanish bars, reflect
S&P's view of its "highly leveraged" financial risk profile,
significant exposure to volatile Latin American economies and
currency translation risks, and the heavy indebtedness of its
controlling shareholders.  These weaknesses are somewhat mitigated
by the company's cash-generative characteristics, leading market
positions, and limited maintenance capex requirements.

Adjusted total EBITDA fell 5.5% in 2009 versus 2008, to
EUR226.1 million, on sales down 7.8% over the same period,
affected by the Spanish recession, temporary swine-flu-related
closures, and the depreciation of Latin American currencies versus
the euro.  These factors were partly offset by the positive
effects of more coinless technology in Codere's Argentinian
premises.  This result was, however, ahead of the company's full-
year guidance and adjusted EBITDA margins rose to 23.4% from
22.8%, on the back of reduced capex and lower overheads.

First-quarter unadjusted EBITDA of EUR54.5 million was ahead of
expectations and, despite limited evidence of any recovery in
Spanish trading in the first four months of the year, solid
trading in Argentina, more favorable currency trends, and the
nonrecurrence of last year's one-off items, suggest improved
trading prospects in 2010.  Codere has given guidance that
unadjusted 2010 EBITDA will be EUR230 million-EUR240 million.

S&P could lower the ratings if the adjusted debt-to-EBITDA ratio
(including payment-in-kind notes) were to exceed 6.0x or if
covenant headroom under the senior credit facilities were to
tighten.  Any ratings upgrade is unlikely until the company brings
the ratio of adjusted debt to EBITDA (including the PIK notes)
below 5.0x.


FTA SANTANDER: Moody's Assigns 'Ca' Rating on EUR88.5M D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
notes issued by FTA SANTANDER CONSUMER SPAIN AUTO 2010-1:

  -- EUR493.5M A Notes, Assigned Aaa
  -- EUR57.0M B Notes, Assigned Aa2
  -- EUR49.5M C Notes, Assigned Baa2
  -- EUR88.5M D Notes, Assigned Ca

FTA SANTANDER CONSUMER SPAIN AUTO 2010-1 is a cash securitization
of auto loans granted to borrowers resident in Spain and
originated by Santander Consumer, E.F.C., S.A. (Not Rated).  The
pool will also be serviced by the same originator.

The provisional pool of underlying assets was, as of May 2010,
composed of a portfolio of 60,556 auto loans, extended to
individuals (96.3%) and small companies (3.7%), to finance the
acquisition of new (90.5%) and used cars (9.5%).  The loans were
originated between 2004 and 2010 and have a weighted average
seasoning of less than a year and a weighted average remaining
life of 4.84 years.  The pool has been mainly originated through
the broker channel (auto dealers) in accordance with the
originator's business model.  The portfolio securitized includes
only fixed- rate loans with standard amortizing loans (French
amortization) and have monthly installments.  Geographically, the
pool is concentrated in Andalusia (27.0%), Catalonia (10.9%) and
Madrid (10.6%).  At closing, there will be no loans in arrears.

According to Moody's, this deal benefits from several credit
strengths, such as a very granular portfolio, a static structure
and a swap agreement guaranteeing an excess spread of 2.5% which
Moody's took into consideration in its analysis.  However, Moody's
notes that the transaction features a number of credit weaknesses,
including a relatively short weighted average seasoning, the
performance deterioration above market average of previous deals
originated Santander Consumer EFC and the originator/servicer not
being rated by Moody's.  However, this last feature is partially
mitigated due to Santander Consumer Finance (A2/P-1) acting as
backup servicer.

Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) the strict eligibility
criteria with which any receivable to be included in the
securitized pool must comply; (iii) historical performance
information; (iv) the swap agreement; (v) the credit enhancement
provided through the GIC account, the excess spread, the reserve
fund and the subordination of the notes; and (vi) the legal and
structural integrity of the transaction.

In Moody's quantiative assessment of the transaction, a mean
default rate of 12% and a fixed recovery rate of 30% were tested
in the model as the main input parameters for Moody's cash-flow
model ABSROM.

The V Score for this transaction is Medium, which is in line with
the score assigned for the Spanish Consumer loan ABS sector.
Nonetheless, Moody's note that some additional elements of
volatility were assessed for category "Disclosure of
Securitization Collateral Pool Characteristics" (M), due to the
lack of details on internal scoring data and for category
"Disclosure of Securitization Performance" (M/H), due to poor
performance disclosure on previous Santander Consumer EFC deals.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (May 2023).  In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the Series A, B and C
notes, and for ultimate payment of interest and principal at par
with respect to the Series D notes, on or before the rated final
legal maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

The previous rating action relates to the assignment of the
provisional rating on June 28, 2010.


PANRICO: Fails to Fetch Bids; Debt-for-Equity Swap Likely
---------------------------------------------------------
Panrico is set to be taken over by its creditor banks after
failing to fetch any binding bids by a June deadline, Marietta
Cauchi and Christopher Bjork at Dow Jones Newswires report, citing
people familiar with the matter.

According to Dow Jones, the people said the sales process has been
frozen while owner Apax Partners pursues talks with the company's
banks on a transfer of ownership.

Dow Jones relates the people said final bids were due at the end
of June but none of the remaining bidders, which include Permira
and Doughty Hanson & Co. Ltd., has submitted one.

Dow Jones says there is no equity left in Panrico and Apax, which
bought Panrico in 2005 in a leveraged deal reportedly worth EUR900
million, is unlikely to inject any more capital into the business.
Dow Jones notes the people familiar with the matter added the most
likely outcome now is a debt for equity swap whereby creditors
take control.

As reported by the Troubled Company Reporter-Europe on May 27,
2010, Dow Jones said the company has been severely hit by the
Spanish downturn, which has seen consumers shifting to cheaper
generic brands sold in supermarkets.

Based in Spain, Panrico makes branded pastries and sliced bread
and is best known for its Donuts brand.


TDA CAM: Fitch Affirms Ratings on Class D Notes at 'CC'
-------------------------------------------------------
Fitch Ratings has downgraded three TDA CAM transactions and
affirmed six others.  The rating actions follow Fitch's assessment
of the current credit enhancement levels against the agency's
revised criteria assumptions for Spanish RMBS transactions.  The
rating actions also take into account the performance of the deals
to-date, as well as Fitch's expectations on their future
performance.

With the level of gross cumulative defaults in the less seasoned
transactions (TDA CAM 5 to 9) exceeding the levels seen in the
earlier deals, Fitch has concerns over the performance of the
underlying assets.  Due to the high volume of defaults in TDA CAM
7 and TDA CAM 9, the trigger for the pro-rata amortization of the
class A notes has been breached, and as it is linked to the gross
cumulative defaults, it will not be cured.  As a result the
amortization of the notes will continue to be in order of
seniority.  Fitch views the exposure of the less seasoned pools to
non-Spanish debtors or broker-originated loans, which have been
more severely hit by the current economic downturn, to be among
the drivers for the performance deterioration observed in these
more recent TDA CAM deals.

All nine transactions include a provisioning mechanism, whereby
loans in arrears by more than 12 months are provisioned for the
full outstanding amount.  Due to the high volume of defaults being
recognized each period and limited recoveries received, the later
transactions in the series (TDA CAM 5 to 9) have all seen
significant reserve fund draws.  As a result, the credit support
currently available to the junior tranches of these deals has
declined, despite the sequential amortization of the notes.

TDA CAM 6, 7, 8 and 9 have seen a significant portion of
recoveries come through in the past few months, which has led to
marginal replenishments of the reserve fund draws to date.
However, these transactions remain exposed to the lagging effect
of unemployment in Spain, as well as the inevitable increase in
interest rates.  Both factors are expected to put additional
stress on the transactions' ability to generate sufficient revenue
necessary to cover future defaults.

The more seasoned transactions issued 2006, TDA CAM 1 to 4, have
to date generated sufficient revenue necessary to provision for
defaults.  The underlying assets in these transactions have also
benefited from significant deleveraging, and report weighted
average loan-to-value ratios in the range of 46.1% to 50.9%.  With
Fitch's expectations of house price declines 30% peak-to-trough,
the agency believes that the level of losses from the sale of
properties in the underlying pools will remain manageable.  In
addition, the transactions have a fully sequential amortization
structure in place, which has led to a significant increase in the
credit enhancement levels of the rated tranches.

Similar to TDA CAM 5 to 9, the level of excess spread that TDA CAM
1 to 4 will generate, is highly dependent on the level of
recoveries the issuer is able to generate from defaulted loans.
However, the agency believes that excess spread generation in
these deals, with the exception of TDA CAM 4, will be more than
sufficient to cover the provisions on newly recognized defaults.
The Negative Outlook on class B of TDA CAM 4 is a reflection of
Fitch's expectation of reserve fund draws.

The latest investor reports for the TDA CAM series show
stabilization in the volume of loans in arrears by more than three
months.  The portion of such loans makes up between 0.3% (TDA CAM
1) and 2.6% (TDA CAM 9) of the outstanding portfolios, compared to
0.5% (TDA CAM 1) to 5.4% (TDA CAM 9) 12 months ago.  Fitch
believes that the stabilization in arrears in the higher buckets
has predominantly been driven by loans rolling into default,
although recoveries could also be benefiting from the originator's
recently strengthened servicing and recovery procedures.
Nevertheless, the agency has concerns over the sustainability of
the improved performance, which is reflected in the downgrades
taken on TDA CAM 5, 6 and 7.

The rating actions are:

TDA CAM 1, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0338448006) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1';

  -- Class B (ISIN ES0338448014) affirmed at 'AA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

TDA CAM 2, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0338449004) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1';

  -- Class B (ISIN ES0338449012) affirmed at 'AA-'; Outlook
     Stable; Loss Severity Rating 'LS-1';

TDA CAM 3, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377990009) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1';

  -- Class B (ISIN ES0377990017) affirmed at 'A+'; Outlook Stable;
     Loss Severity Rating 'LS-1';

TDA CAM 4, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377991007) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1';

  -- Class B (ISIN ES0377991015) affirmed at 'A'; Outlook
     Negative; Loss Severity Rating 'LS-1';

TDA CAM 5, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377992005) affirmed at 'AAA'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377992013) downgraded to 'BBB' from 'A-';
     Outlook Negative; assigned Loss Severity Rating 'LS-2'

TDA CAM 6, Fondo de Titulizacion de Activos:

  -- Class A1 (ISIN ES0377993003) downgraded to 'AA+' from 'AAA';
     Outlook Negative; assigned Loss Severity Rating 'LS-1'

  -- Class A2 (ISIN ES0377993011) downgraded to 'AA+' from 'AAA';
     Outlook Negative; assigned Loss Severity Rating 'LS-1'

  -- Class A3 (ISIN ES0377993029) downgraded to 'AA+' from 'AAA';
     Outlook Negative; assigned Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377993037) downgraded to 'B' from 'BBB';
     Outlook Negative; assigned Loss Severity Rating 'LS-3'

TDA CAM 7, Fondo de Titulizacion de Activos:

  -- Class A2 (ISIN ES0377994019) affirmed at 'AA+'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class A3 (ISIN ES0377994027) affirmed at 'AA+'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377994035) downgraded to 'BB' from 'BB+';
     Outlook Negative; assigned Loss Severity Rating 'LS-3'

TDA CAM 8, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377966009) affirmed at 'AA'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377966017) affirmed at 'BBB'; Outlook
     Negative; assigned Loss Severity Rating 'LS-3'

  -- Class C (ISIN ES0377966025) affirmed at 'B'; Outlook
     Negative; assigned Loss Severity Rating 'LS-4'

  -- Class D (ISIN ES0377966033) affirmed at 'CC'; Recovery Rating
     'RR5'

TDA CAM 9, Fondo de Titulizacion de Activos:

  -- Class A1 (ISIN ES0377955002) affirmed at 'AA'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class A2 (ISIN ES0377955010) affirmed at 'AA'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class A3 (ISIN ES0377955028) affirmed at 'AA'; Outlook
     Negative; assigned Loss Severity Rating 'LS-1'

  -- Class B (ISIN ES0377955036) affirmed at 'BBB'; Outlook
     Negative; assigned Loss Severity Rating 'LS-3'

  -- Class C (ISIN ES0377955044) affirmed at 'B'; Outlook
     Negative; assigned Loss Severity Rating 'LS-4'

  -- Class D (ISIN ES0377955051) affirmed at 'CC'; Recovery Rating
     'RR5'


=====================
S W I T Z E R L A N D
=====================


BANQUE HERITAGE: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed Switzerland-based Banque Heritage's
Long-term Issuer Default Rating at 'BB+' with a Stable Outlook,
Short-term IDR at 'B', Individual Rating at 'C/D', Support Rating
at '5' and Support Rating Floor at 'NF'.  Fitch has simultaneously
withdrawn all of BH's ratings.

Fitch will no longer provide ratings or analytical coverage of
Banque Heritage.


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


BEMROSEBOOTH: Nears Going Concern Sale; Has Three Main Offers
-------------------------------------------------------------
Simon Nias at PrintWeek reports that administrators for
BemroseBooth have said they are confident of selling the business
as a going concern, following the receipt of a number of
"substantial offers" for the company.

PrintWeek relates David Stephenson, senior manager with insolvency
practitioners David Rubin & Partners, said the number of potential
bids for the business has been narrowed to three main offers.

"Our agents have been conducting discussions with the top three
contenders, analyzing and refining detailed points on the offers,"
PrintWeek quoted Mr. Stephenson as saying.  "Our confidence that a
going concern sale can be concluded continues to grow.  Our
conversations with major customers have been friendly and
supportive and everybody wants this to work."

PrintWeek notes Mr. Stephenson added that he could not disclose
names of the three parties vying for the business, but said the
agency marketing the business, Edward Symmons, would "shortly be
in a position to recommend acceptance of the [best] offer".

As reported by the Troubled Company Reporter-Europe on July 1,
2010, Bemrosebooth appointed David Rubin and Henry Lan,
of David Rubin & Partners, as joint administrators on June 28.
PrintWeek disclosed Mr. Rubin said BemroseBooth suffered from
"over-capacity prevailing in the printing market," as well as
declining profitability in the telecom scratch cards market.

on June 24, the Troubled Company Reporter-Europe, citing
PrintWeek, reported that some 120 employees were made redundant
from Bemrosebooth's Derby plant on June 21, 40 from its Derby-
based head office and 26 from its Hull site on June 22.

BemroseBooth is a print firm based in Derby.


BRITISH SEAFOOD: Ex-Chief to Lodge Counter Claim v. Fraud Suits
---------------------------------------------------------------
Martin Arnold and Jane Croft at The Financial Times report that
Mark Holyoake, former chief executive of British Seafood, has
promised to bring a "counter claim" against those suing him over
an alleged fraud behind the collapse last February of the company
he founded.

The FT relates private equity group 3i and Deloitte, the
administrators of British Seafood, have both brought lawsuits
against Mr. Holyoake.  He and 18 others are subject to a worldwide
asset-freezing order obtained by Deloitte on behalf of four
British Seafood companies in administration following allegations
of a fraud to invent sales and inflate the size of the company,
the FT discloses.

The Serious Fraud Office has confirmed it is investigating the
collapse of the company, the FT notes.

According to the FT, a spokesman for Mr. Holyoake said his parents
had no involvement in British Seafood and were equity holders in
name only.  "They have already applied to the Court to be struck
out, as clearly they should not have been included in any claim,"
the FT quoted the spokesman as saying.

Deloitte, the FT discloses, has also launched a lawsuit on behalf
of creditors against Mr. Holyoake, who founded the company in 1995
as Bloomsbury International, and finance director David Wells.  In
an e-mail to the FT, a spokesman for Mr. Holyoake and Mr. Wells
said the two cases were being defended in full: "All allegations
are totally denied and indeed viewed as spurious."  According to
the FT, the spokesman promised to produce "defenses and indeed
substantial counter claim" which are expected to be lodged in
court next week.  The spokesman, as cited by the FT said, the
counterclaim has the support of British Seafood's advisers,
executives and shareholders.

The FT notes in its lawsuit, 3i claims that it invested GBP71.8
million in late 2007 to acquire a minority interest in two groups
of companies known collectively as the British Seafood Group and
invested a further GBP2.85 million in a rights issue in August
last year.  The company alleges that it was "induced to make these
investments by fraudulent misrepresentations" made by Mr. Holyoake
and Mr. Wells, the FT discloses.  It claims that Mr. Holyoake and
his parents "have received substantial sums of money representing
the proceeds of money paid by the claimants", the report states.

Knightsbridge-based British Seafood, which was reputed to be the
UK's biggest importer of fish from Asia, distributed frozen
seafood to the retail trade in the UK.  The company employed 163
people in 2008.


EMC-III PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded EMC-III (Victoria Funding) plc's
junior commercial mortgage-backed floating-rate notes, due 2014,
and affirmed others:

  -- GBP2.3m class B (XS0231020727) affirmed at 'AAA'; Outlook
     Stable

  -- GBP9.3m class C (XS0231022004) affirmed at 'AAA'; Outlook
     Stable

  -- GBP9.8m class D (XS0231023077) affirmed at 'AA'; Outlook
     Stable

  -- GBP1.9m class E (XS0231024802) downgraded to 'CC' from 'B';
     assigned a Recovery Rating of 'RR2'

The rating actions reflect the contrasting credit quality of the
remaining two loans within the transaction.  The affirmation
reflects the stable performance of the Zeloof Partnership loan as
well as the improved credit enhancement resulting from prepayments
and scheduled amortization on the notes.  However, this is partly
mitigated by the increased risk of the Brisk loan, due to a
deteriorating lease profile and the current downturn in the UK
secondary commercial real estate market, which has resulted in the
downgrade of the most junior note.

The transaction is a securitization of a portfolio of seven
commercial mortgage loans.  Since closing in October 2005, five of
the loans (91.2% of the pool) have been fully prepaid.  Combined
with scheduled amortization, this has reduced the outstanding
balance to GBP22.1 million from GBP262.8 million at closing.  The
remaining two loans are secured entirely by office properties
located in Coventry and London, with an aggregate market value of
GBP49.0m based on closing valuations.

The transaction has significant exposure to the Zeloof Partnership
loan, which accounts for 90% of the outstanding loan pool.  This
loan is secured by the 2.7-acre Old Truman Brewery located in
Brick Lane, in east London.  Despite a significant portion of the
property being vacant at closing, the property is now fully
occupied and currently reports a weighted average unexpired lease
term of four years.  This has improved the interest coverage ratio
to 4.45x as at the April 2010 payment date from 2.49x at closing.
However, the interest coverage ratio is subject to unexpected
fluctuations as 23% of the space is leased on tenancies at will,
whereby tenants can choose to vacate their rented space at any
time.  In addition, the property has significant exposure to
Interxion, a global provider of data centers and managed services,
which accounts for 53% of passing rent.  Nevertheless, the strong
exit debt yield of 16.9% on estimated rental value and low Fitch
loan-to-value ratio of 48.1% identify the loan as a low-risk loan
relative to the Brisk loan.

The Brisk loan is secured by a single secondary retail property
located in Coventry.  The asset, previously fully let to six
tenants, has experienced two tenant departures in the past year
leaving the property 24% vacant.  The remaining leases have a WA
unexpired lease term of 8.9 years.  The current loan ICR of 3.61x
is misleading in that the floating-rate loan is currently
benefitting from low interest rates.  The net effect of lower
interest rates has had a positive impact on the debt service
coverage ratio which is now above 1x, after having been below this
level for six consecutive payment dates.  During this period, the
sponsor topped up amortization shortfalls, so that the exit LTV
remains unaffected.  However, with an EDY of 6.1% on current
passing rent the loan's refinancing prospects at maturity in
September 2011 appear limited.  Fitch currently estimates the LTV
at 128% compared to a reported LTV of 71.1% due to the secondary
nature of the asset.


EQUINOX PLC: Fitch Downgrades Rating on Class E Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded five tranches of Equinox (Eclipse
2006-1) plc and affirmed one tranche.  The rating actions are:

  -- GBP262.4m class A (XS0259279585) downgraded to 'A' from 'AA';
     Outlook Negative

  -- GBP17.2m class B (XS0259280088) downgraded to 'BBB; from 'A';
     Outlook Negative

  -- GBP18.1m class C (XS0259280161 downgraded to 'BB; from 'BBB';
     Outlook Negative

  -- GBP20.9m class D (XS0259280591) downgraded to 'CCC' from
     'BB'; assigned a Recovery Rating of 'RR2'

  -- GBP8m class E (XS0259280674) downgraded to 'CC' from 'CCC';
     Recovery Rating revised to 'RR6' from 'RR5'

  -- GBP3.8m class F (XS0259280914) affirmed at 'CC'; Recovery
     Rating revised to 'RR6' from 'RR5'

The rating actions primarily reflect the deterioration in the
performance of the Macallan and Redleaf commercial property loans
over the past year.  They also reflect the continuing balloon risk
associated with certain other loans.  Fitch estimates a weighted
average (WA) loan-to-value ratio of 95.2%, well in excess of the
reported WA LTV of 78%.

The GBP43.7m Macallan Portfolio whole loan (12% of the pool),
secured by 10 properties which are predominantly offices located
across the UK, has been in special servicing since November 2009
due to continuing income difficulties resulting from a combination
of lease roll-offs, tenant administrations and rental arrears.  As
of the April 2010 interest payment date, the projected interest
coverage ratio on the whole loan was 0.78x.  The special servicer
is no longer in discussions with the borrower.  In April 2010, an
administrator and a Law of Property Act receiver were appointed
over the Scottish and English properties, respectively, with the
intention of liquidating the portfolio.  Given the high A-note and
whole loan LTVs of 115% and 127%, respectively, Fitch expects the
sale of the assets to result in a loss allocation to the junior
notes.

The GBP 63.2m Redleaf Portfolio whole loan (17% of the pool) is
secured by five secondary/tertiary shopping centers across England
and is scheduled to mature on July 17, 2010.  The loan breached
its 1.2x cash trap trigger in January 2009 and has recently
breached its increased default trigger of 1.5x, resulting in a
loan event of default.  A September 2009 re-valuation showed a 48%
fall in value, leading to a whole loan LTV of 153%.  Despite the
reasonable lease profile, the poor quality of the collateral and
the high LTV makes a successful repayment at loan maturity
extremely unlikely.  Fitch understands that the servicer is
currently exploring potential strategies for the loan and that the
loan will be transferred to special servicing at loan maturity.

The other nine loans securitized in the transaction have shown
relatively stable performance over the past year, with most loans
having comparable lease profiles.  The market value declines
estimated by Fitch are also roughly unchanged since the last
review in May 2009.


GALA CORAL: Bingham Represents Junior Lenders in Restructuring
--------------------------------------------------------------
Bingham McCutchen represented the ad hoc committee of mezzanine
lenders in driving through a successful restructuring of Gala
Coral, Britain's largest betting and gaming group.  The mezzanine
committee proposed a debt for equity swap designed to recapitalize
the Group and transfer ownership to Mezzanine Lenders.

At the end of June, Mezzanine Lenders unanimously approved the
conversion of their GBP558 million debt into equity. They also
injected GBP200 million in cash in partial pay down of the senior
debt.  Through these steps, Mezzanine Lenders have taken over the
Gala Coral group from a private equity consortium made up of
Permira, Cinven and Candover.  The group's net debt has also been
reduced by more than GBP700 million to around GBP1.9 billion.

"In a series of restructurings and enforcement actions over the
past 18 months, junior creditors of highly leveraged companies
have been left with no recoveries," noted James Roome, co-Chair of
Bingham's global Financial Restructuring Group, who led the
representation of the mezzanine committee.  "The Gala Coral
restructuring provides a clear demonstration that junior
creditors, working with responsible management, can achieve good
outcomes even in today's hostile environment."

Bingham provided advice to the committee of lead mezzanine lenders
throughout the restructuring, which took nearly 12 months to
complete.  That committee was originally comprised of Park Square
and ICG, but in January changed to Park Square, Apollo Management
and Cerberus after ICG sold their mezzanine debt stake.

The Bingham team was led by London partners Roome and Vance
Chapman.  They were joined by partners Elisabeth Baltay and Stuart
Sinclair, counsel Emma Simmonds, and associate Christopher
Blessley.  Rothschild, led by Glen Cronin and Andrew Merrett,
joined Bingham in representing the committee of mezzanine lenders.
Kirkland & Ellis, led by partners Jim Learner and Matthew Dean,
also advised Apollo Management after it joined the committee in
January.  Ashurst (led by Giles Boothman), Lazard and Ernst &
Young provided advice to Gala Coral.

In the past 12 months, Bingham's financial restructuring team in
London has advised creditors on numerous major European
restructurings including, among others, Corral Petroleum Holdings
AB, European Directories, the Icelandic Banks (Landsbanki, Glitnir
and Kaupthing), Head, Independent News and Media, Monier,
Northgate, Pendragon, Petromena, Phoenix Pharmahandel, Thomson, TI
Automotive, Skeie Drilling and Wind Hellas.

Bingham offers a broad range of market-leading practices focused
on global financial services firms and Fortune 100 companies.  The
firm has 1,100 lawyers in 13 locations in the United States,
Europe and Asia.


LEHMAN BROTHERS: PWC to Expedite LBIE Claims Determination
----------------------------------------------------------
The Joint Administrators of Lehman Brothers International (Europe)
are issuing a notice of their current plans to unsecured creditors
which, if implemented, could see the time in which unsecured
claims are determined and distributions made materially shortened.

The proposal, referred to as the "Consensual Approach", will
involve LBIE determining the claim value of each financial trading
creditor using a standard comprehensive set of processes, data
sources and valuation methods, all subject to comprehensive review
and universally applied to all relevant unsecured creditors.

The Consensual Approach could enable the Joint Administrators to
agree the majority of the value of unsecured creditor claims by
the year end and pave the way for the first cash distribution in
2011.  The Joint Administrators currently hold net cash of
approximately GBP7.3 billion.

Steven Pearson, joint administrator and partner at
PricewaterhouseCoopers LLP said:

"We are very pleased to be able to announce our proposed solution
for the determination of unsecured creditor claims.  The
Consensual Approach is an innovative mechanism which will enable
the claims to be determined in an expeditious manner, resulting in
significant time and cost savings to both unsecured creditors and
LBIE.  Further, the timing at which cash distributions can be made
will be accelerated materially."

The Consensual Approach is entirely dependant upon the willingness
of the overwhelming majority of financial trading counterparties
to support the process.  In the short term, the Joint
Administrators will be opening a dialogue with a number of
financial trading counterparties with regard to their claims and
seeking their support in order to establish the feasibility of the
proposal.

Mr. Pearson continued:

"We have taken soundings from the market and been in active
dialogue with a working group including members of the Creditors
Committee in order to develop this proposal in a collaborative
manner.  Last year we successfully launched the Claim Resolution
Agreement for progressing the return of Trust Assets to clients.
That was an innovative solution to a difficult problem and we are
committed to finding an equivalent solution for the rapid
determination of creditor claims that is fair, market acceptable
and pragmatic.  We believe the Consensual Approach, with the
support of creditors, will prove to be that solution."

If the initial feedback to this announcement is positive and the
Joint Administrators and creditor working group conclude that
the Consensual Approach is feasible and will attract the necessary
support, then it is likely that meetings will be hosted in London
and New York in due course to further outline the proposal such
that the Consensual Approach could potentially be launched in the
autumn.

Mr. Pearson concluded:

"Clearly our timetable needs to be flexible but whilst the
Consensual Approach will be an innovative way to determine
creditor claims, we are optimistic that we can gain significant
support to enable this proposal to become a reality.  The
conventional alternative process to determining claims using our
powers under the Insolvency Act is likely to mean the exercise
will be expensive and take many years and that cannot be in
anybody's interest."

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


NORTEL NETWORKS: Ontario Court Rejects UK Regulator's Appeal
------------------------------------------------------------
The Ontario Court of Appeals has dismissed an appeal of a U.K.
pensions regulator to overturn a decision of a judge who oversees
the cases of Nortel Networks Corp. and its affiliates.

The U.K. regulator earlier appealed the February 26, 2010 ruling
of Ontario Superior Court Judge Geoffrey Morawetz, which granted
in part the request of Ernst & Young Inc., as the Court-appointed
monitor for the CCAA Applicants, for a declaration that the
commencement of a proceeding by the U.K. regulator against the
CCAA Applicants is a violation of the Canadian Court's initial
order issued on January 14, 2009.

In a three-page order, the Ontario Court of Appeals said that it
agrees with Judge Morawetz's findings that the service of a
warning notice by the U.K. regulator breached the stay provisions
of the Initial CCAA Order.

"The service of the notice is, therefore a nullity for purposes
of the Companies' Creditors Arrangement Act proceedings," the
Ontario Court of Appeals held.

The U.K. regulator sent the warning notice early this year to NNC
and Nortel Networks Ltd., informing that it is considering the
issuance of a financial support direction against the CCAA
Applicants in connection with Nortel Networks UK Ltd.  The
pensions regulator made the move after it found out that the
pension scheme sponsored by NNUK had a funding deficit of more
than GBP2 billion.

An FSD is a direction issued to an employer or an entity
connected with that employer to secure financial support for a
pension plan.  Securing a FSD would allow the U.K. regulator to
make a claim on the far-flung assets of the Nortel entities;
without it, the regulator could only assert a claim on NNUK's
assets.

                      About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986.  The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England.  Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


ROYAL BANK: Completes Sale of Commodities Arm to JPMorgan
---------------------------------------------------------
BreakingNews.ie reports that Royal Bank of Scotland has completed
the billion-pound sale of its commodities arm to US giant
JPMorgan.

According to BreakingNews.ie, the deal includes the metals, oil
and European energy business lines of RBS Sempra Commodities.

As reported by the Troubled Company Reporter-Europe on June 21,
2010, Reuters said that the European Commission cleared
JPMorgan's US$1.7 billion purchase of the non-U.S. assets of
commodities joint venture RBS Sempra from Royal Bank of Scotland
and Sempra Energy.  Reuters disclosed part-nationalized RBS is
selling off assets in return for EU regulatory approval for state
aid received during the financial crisis.

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.


TPT CONSTRUCTION: Put Into Compulsory Liquidation
-------------------------------------------------
Grant Prior at Construction Enquirer reports that TPT Construction
has been placed into compulsory liquidation.

The report relates creditors and staff have been left unpaid for
months.

The report recalls TPT was acquired by Gareth Darbyshire, who was
hailed as construction's youngest tycoon, in March 2009 for GBP7
million.  Mr. Darbyshire lived the lifestyle of an entrepreneur
while the business was losing money, according to the report.

All inquiries are being dealt with by the Official Receiver, the
report says, citing records at Companies House.

TPT was founded in 1973 and had built-up a solid reputation before
the owners sold-out to Mr. Darbyshire, the report notes.  It is
believed they have not been paid all the money promised following
the deal, the reports states.

TPT Construction is a contractor based in Pembrokeshire.


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


* EUROPE: Rehn Doesn't Rule Out Orderly Insolvency of Euro States
-----------------------------------------------------------------
Angela Cullen at Bloomberg News, reports that European Union
Economic and Monetary Affairs Commissioner Olli Rehn said in an
interview with Handelsblatt that he doesn't rule out the
possibility of introducing changes that would allow for an orderly
insolvency of a euro-zone member.

According to Bloomberg, Mr. Rehn, as cited by Handeslblatt, said
for now he is concentrating on reforms that don't require
amendments to the EU's Lisbon Treaty.  Bloomberg notes
Handelsblatt said the commissioner isn't against calls by Germany
for tougher action on countries who break the budget rules of
monetary union.


* EUROPE: Sovereign Default Scenario in Stress Tests Opposed
------------------------------------------------------------
Brian Rohan at Reuters, citing German magazine Der Spiegel,
reports that European regulators oppose including a sovereign
default scenario in stress tests they are conducting on banks.

According to Reuters, the news weekly said regulators opposed such
a scenario because they felt it would raise doubts over the
effectiveness of Europe's bailout mechanism, which was set up to
aid states if they are shut out of credit markets.
Instead, the magazine said regulators were looking into how banks
would react to rising prices in credit default insurance on
sovereign debt, Reuters notes.


* EUROPE: Stress Tests May Spur Cash Calls for Up to 20 Banks
-------------------------------------------------------------
Patrick Jenkins and Daniel Schafer at The Financial Times report
that bankers and analysts expect up to 20 of Europe's banks to be
forced into cash calls as a result of this month's stress tests,
raising up to EUR30 billion (US$37.3 billion) of fresh equity.

According to the FT, one senior European banker said that even in
the event of mild stress the capital shortfall would approach that
level.  The views reflect a persistent nervousness about the
outlook for European banks amid continuing jitters over eurozone
sovereign debt, the FT says.


* S&P Withdraws Ratings on Spread-Based Leveraged Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and withdrew its credit ratings on three spread-based
trigger leveraged super senior notes.

The rating actions follow recent notification to S&P that the
issuer has repurchased and subsequently cancelled the total
outstanding amount of each of the notes.

                          Ratings List

     Ratings Removed From CreditWatch Negative And Withdrawn

                    Helix Capital (Jersey) Ltd.
EUR50 Million Variable Redemption Limited-Recourse Leveraged CDO
                        Notes Series 2006-1

                        Rating
                        ------
                   To            From
                   --            ----
                   CCC           CCC/Watch Neg
                   NR            CCC

                        Motif Capital B.V.
   EUR45 Million Long-Short Variable Redemption Limited-Recourse
                Leveraged CDO Notes Series 2005-07

                        Rating
                        ------
                   To            From
                   --            ----
                   CCC           CCC/Watch Neg
                   NR            CCC

                       Sceptre Capital B.V.
     EUR20 Million Variable Redemption-Linked Recourse-Limited
                Leveraged CDO Notes Series 2005-8

                        Rating
                        ------
                   To            From
                   --            ----
                   CCC           CCC/Watch Neg
                   NR            CCC

                         NR -- Not rated.


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

                                      Total
                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------
                                      (US$)
AUSTRIA
-------
CHRIST WATER TEC      CWT PZ        -5754287.761    165995618.1
CHRIST WATER TEC      CWT EU        -5754287.761    165995618.1
CHRIST WATER TEC      C7W GR        -5754287.761    165995618.1
CHRIST WATER TEC      CWT EO        -5754287.761    165995618.1
CHRIST WATER TEC      CWT AV        -5754287.761    165995618.1
CHRIST WATER TEC      CRSWF US      -5754287.761    165995618.1
CHRIST WATER TEC      CWTE IX       -5754287.761    165995618.1
CHRIST WATER-ADR      CRSWY US      -5754287.761    165995618.1
KA FINANZ AG          3730Z AV        -359597327    30679270533
LIBRO AG              LIBR AV         -109013328    171684389.1
LIBRO AG              LB6 GR          -109013328    171684389.1
LIBRO AG              LIB AV          -109013328    171684389.1
LIBRO AG              LBROF US        -109013328    171684389.1
SKYEUROPE             SKY PW        -89480486.93    159076577.5
SKYEUROPE             SKYP PW       -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EO     -89480486.93    159076577.5
SKYEUROPE HLDG        SKY LI        -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EU     -89480486.93    159076577.5
SKYEUROPE HLDG        SKYA PZ       -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EO        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY AV        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EU        -89480486.93    159076577.5
SKYEUROPE HLDG        SKURF US      -89480486.93    159076577.5
SKYEUROPE HLDG        SKYV IX       -89480486.93    159076577.5
SKYEUROPE HLDG        S8E GR        -89480486.93    159076577.5
SKYEUROPE HOL-RT      SK1 AV        -89480486.93    159076577.5
STYROL HOLDING 1      3321155Z AV   -69327699.53     1925984640

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

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 PZ         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG EO         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG EU         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG CY         -27821889.5      240947718
LIBRA HOLIDAYS-P      LBHG CY        -27821889.5      240947718
LIBRA HOLIDAYS-P      LBHG PZ        -27821889.5      240947718

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

DENMARK
-------
ELITE SHIPPING        ELSP DC       -27715991.74    100892900.3
ISS GLOBAL A/S        241863Z DC    -2811647.728     7972333363
OBTEC                 OBT DC        -18360748.78    147485890.1
OBTEC                 OBTEC DC      -18360748.78    147485890.1
OBTEC-NEW SHARES      OBTECN DC     -18360748.78    147485890.1
OBTEC-OLD             OBTN DC       -18360748.78    147485890.1
ROSKILDE BANK         ROSK EO       -532868894.9     7876687324
ROSKILDE BANK         ROSK PZ       -532868894.9     7876687324
ROSKILDE BANK         ROSK EU       -532868894.9     7876687324
ROSKILDE BANK         RKI GR        -532868894.9     7876687324
ROSKILDE BANK         ROSK DC       -532868894.9     7876687324
ROSKILDE BANK         RSKC IX       -532868894.9     7876687324
ROSKILDE BANK         ROSBF US      -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
SANISTAL AS-B         SANIBEUR EO   -1029838.038    546820905.2
SANISTAL AS-B         SANI/B PZ     -1029838.038    546820905.2
SANISTAL AS-B         SANIB EU      -1029838.038    546820905.2
SANISTAL AS-B         SANIB EO      -1029838.038    546820905.2
SANISTAL AS-B         SANIB DC      -1029838.038    546820905.2
SANISTAL AS-B         SNSC IX       -1029838.038    546820905.2
SANISTAL AS-B         SANL DC       -1029838.038    546820905.2
SANISTAL AS-B         SANIBEUR EU   -1029838.038    546820905.2
SANISTAL AS-B         SANIB BY      -1029838.038    546820905.2
SANISTAL AS-B         SNISF US      -1029838.038    546820905.2
SANISTAL-B NEW        SANLN DC      -1029838.038    546820905.2
SCANDINAVIAN BRA      SBSC IX       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1EUR EU    -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS DC        -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 EU       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 BY       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBSD PZ       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 EO       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1EUR EO    -18360748.78    147485890.1

FRANCE
------
BELVEDERE - RTS       554451Q FP    -23014977.87     1147851710
BELVEDERE - RTS       702036Q FP    -23014977.87     1147851710
BELVEDERE SA          BELV FP       -23014977.87     1147851710
BELVEDERE SA          BVDRF US      -23014977.87     1147851710
BELVEDERE SA          BVD PZ        -23014977.87     1147851710
BELVEDERE SA          BEVD IX       -23014977.87     1147851710
BELVEDERE SA          BELV NM       -23014977.87     1147851710
BELVEDERE SA          BED GR        -23014977.87     1147851710
BELVEDERE SA          BED TH        -23014977.87     1147851710
BELVEDERE SA          BVD FP        -23014977.87     1147851710
BELVEDERE SA          BVD EO        -23014977.87     1147851710
BELVEDERE SA          BVD EU        -23014977.87     1147851710
BELVEDERE SA-NEW      946529Q FP    -23014977.87     1147851710
BELVEDERE SA-NEW      BVDNV FP      -23014977.87     1147851710
BELVEDERE SA-RTS      BVDDS FP      -23014977.87     1147851710
CARRERE GROUP         CAR2 EO       -9829592.638      279906700
CARRERE GROUP         CAR2 EU       -9829592.638      279906700
CARRERE GROUP         CARF PZ       -9829592.638      279906700
CARRERE GROUP         CRRHF US      -9829592.638      279906700
CARRERE GROUP         XRR GR        -9829592.638      279906700
CARRERE GROUP         CARG FP       -9829592.638      279906700
CARRERE GROUP         CAR FP        -9829592.638      279906700
CARRERE GROUP         CRGP IX       -9829592.638      279906700
CHAINE ET TRAME       CTRM FP       -58947458.16    116889783.9
CHAINE ET TRAME       CHTR FP       -58947458.16    116889783.9
GRANDE PAROISSE       GAPA FP       -927267926.9      629287290
GRANDE PAROISSE       GDPA FP       -927267926.9      629287290
GRANDE PAROISSE       GDPXF US      -927267926.9      629287290
IMMOB HOTEL BALN      IMHB FP       -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO FP       -170171676.3    212556594.4
IMMOB HOTELIERE       IMMH IX       -170171676.3    212556594.4
IMMOB HOTELIERE       IMBHF US      -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO PZ       -170171676.3    212556594.4
IMMOB HOTELIERE       IMH GR        -170171676.3    212556594.4
IMMOB HOTELIERE       SIH FP        -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO EO       -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO EU       -170171676.3    212556594.4
LAB DOLISOS           LADL FP       -27752176.19    110485462.4
LAB DOLISOS           DOLI FP       -27752176.19    110485462.4
MATUSSIERE & FOR      1007765Q FP   -77896683.67    293868350.8
MATUSSIERE & FOR      MTUSF US      -77896683.67    293868350.8
MB RETAIL EUROPE      MBRE FP       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE PZ       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE EO       -58947458.16    116889783.9
MB RETAIL EUROPE      CTRF IX       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE EU       -58947458.16    116889783.9
OROSDI                OROS FP        -7291.55004    131233317.6
OROSDI-BACK           OROS EU        -7291.55004    131233317.6
OROSDI-BACK           BACK IX        -7291.55004    131233317.6
OROSDI-BACK           OROS PZ        -7291.55004    131233317.6
OROSDI-BACK           ORBA FP        -7291.55004    131233317.6
OROSDI-BACK           OROS EO        -7291.55004    131233317.6
PAGESJAUNES           PGJUF US       -3171655188     1168738032
PAGESJAUNES GRP       PAJ VX         -3171655188     1168738032
PAGESJAUNES GRP       PAJUSD EU      -3171655188     1168738032
PAGESJAUNES GRP       PAJGBX EO      -3171655188     1168738032
PAGESJAUNES GRP       PAJ IX         -3171655188     1168738032
PAGESJAUNES GRP       PAJ FP         -3171655188     1168738032
PAGESJAUNES GRP       PAJ QM         -3171655188     1168738032
PAGESJAUNES GRP       PAJ TQ         -3171655188     1168738032
PAGESJAUNES GRP       PAJUSD EO      -3171655188     1168738032
PAGESJAUNES GRP       PAJGBP EO      -3171655188     1168738032
PAGESJAUNES GRP       QS3 GR         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EO         -3171655188     1168738032
PAGESJAUNES GRP       PAJGBX EU      -3171655188     1168738032
PAGESJAUNES GRP       PAJ NQ         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EU         -3171655188     1168738032
PAGESJAUNES GRP       PAJP IX        -3171655188     1168738032
PAGESJAUNES GRP       QS3 TH         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EB         -3171655188     1168738032
PAGESJAUNES GRP       PAJ PZ         -3171655188     1168738032
PAGESJAUNES GRP       PAJ LI         -3171655188     1168738032
PAGESJAUNES GRP       PAJ GK         -3171655188     1168738032
PAGESJAUNES GRP       PAJ BQ         -3171655188     1168738032
RESEAU FERRE FRA      224063Z FP     -2138499667    66039422175
RHODIA SA             RHAUSD EU     -883734308.8     6075165782
RHODIA SA             RHDAF US      -883734308.8     6075165782
RHODIA SA             RHA GK        -883734308.8     6075165782
RHODIA SA             RHA TQ        -883734308.8     6075165782
RHODIA SA             RHADF US      -883734308.8     6075165782
RHODIA SA             RHA VX        -883734308.8     6075165782
RHODIA SA             RHA EO        -883734308.8     6075165782
RHODIA SA             RHAUSD EO     -883734308.8     6075165782
RHODIA SA             RHAY IX       -883734308.8     6075165782
RHODIA SA             RHDI TH       -883734308.8     6075165782
RHODIA SA             RHA FP        -883734308.8     6075165782
RHODIA SA             RHA BQ        -883734308.8     6075165782
RHODIA SA             RHAGBP EO     -883734308.8     6075165782
RHODIA SA             RHD GR        -883734308.8     6075165782
RHODIA SA             RHA PZ        -883734308.8     6075165782
RHODIA SA             RHA IX        -883734308.8     6075165782
RHODIA SA             RHDI GR       -883734308.8     6075165782
RHODIA SA             RHA NQ        -883734308.8     6075165782
RHODIA SA             3218857Q IX   -883734308.8     6075165782
RHODIA SA             2324015Q EO   -883734308.8     6075165782
RHODIA SA             RHA EB        -883734308.8     6075165782
RHODIA SA             RHA EU        -883734308.8     6075165782
RHODIA SA             RHAGBX EU     -883734308.8     6075165782
RHODIA SA             2324011Q EU   -883734308.8     6075165782
RHODIA SA             RHAGBX EO     -883734308.8     6075165782
RHODIA SA             RHANR PZ      -883734308.8     6075165782
RHODIA SA             RHA QM        -883734308.8     6075165782
RHODIA SA - NEW       3156011Q FP   -883734308.8     6075165782
RHODIA SA - NEW       2335921Q FP   -883734308.8     6075165782
RHODIA SA - NEW       3506266Q FP   -883734308.8     6075165782
RHODIA SA - NEW       RHANV FP      -883734308.8     6075165782
RHODIA SA-ADR         RHAYY US      -883734308.8     6075165782
RHODIA SA-NON RE      RHANR FP      -883734308.8     6075165782
RHODIA SA-RIGHTS      RHADS FP      -883734308.8     6075165782
RHODIA SA-RIGHTS      653447Q FP    -883734308.8     6075165782
RODIGUEZ GROUP        RGX GR        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD FP        -71997955.94    457127473.1
RODRIGUEZ GROUP       RDGP IX       -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD EU        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD PZ        -71997955.94    457127473.1
RODRIGUEZ GROUP       RRGZF US      -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD TQ        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD BQ        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD EO        -71997955.94    457127473.1
SDR CENTREST          117241Q FP    -132420119.6    252176017.2
SELCODIS              SLCO EU       -21481214.33    175720770.8
SELCODIS              SLCO PZ       -21481214.33    175720770.8
SELCODIS              SPVX IX       -21481214.33    175720770.8
Selcodis              SPVX FP       -21481214.33    175720770.8
SELCODIS              SLCO EO       -21481214.33    175720770.8
SELCODIS              SLCO FP       -21481214.33    175720770.8
SOBIESKI              BVD PW        -23014977.87     1147851710
TECHNICOLOR           TMSGBX EO     -649203365.6     6191078453
TECHNICOLOR           TMS EU        -649203365.6     6191078453
TECHNICOLOR           TMSGBP EO     -649203365.6     6191078453
TECHNICOLOR           TMS BQ        -649203365.6     6191078453
TECHNICOLOR           TCH FP        -649203365.6     6191078453
TECHNICOLOR           TMS NQ        -649203365.6     6191078453
TECHNICOLOR           TMS EO        -649203365.6     6191078453
TECHNICOLOR           TMMLF US      -649203365.6     6191078453
TECHNICOLOR           TMS EB        -649203365.6     6191078453
TECHNICOLOR           TMS PZ        -649203365.6     6191078453
TECHNICOLOR           TMSUSD EO     -649203365.6     6191078453
TECHNICOLOR           TCH IX        -649203365.6     6191078453
TECHNICOLOR           TMM IX        -649203365.6     6191078453
TECHNICOLOR           TCH TQ        -649203365.6     6191078453
TECHNICOLOR           TCH NQ        -649203365.6     6191078453
TECHNICOLOR           TNM TH        -649203365.6     6191078453
TECHNICOLOR           TCH QM        -649203365.6     6191078453
TECHNICOLOR           TMSUSD EU     -649203365.6     6191078453
TECHNICOLOR           TNM GR        -649203365.6     6191078453
TECHNICOLOR           TMS GK        -649203365.6     6191078453
TECHNICOLOR           TMSGBX EU     -649203365.6     6191078453
TECHNICOLOR -RTS      TCHDS FP      -649203365.6     6191078453
TECHNICOLOR-ADR       TCH US        -649203365.6     6191078453
THOMSON - NEW         2336061Q FP   -649203365.6     6191078453
THOMSON - NEW         TMSNV FP      -649203365.6     6191078453
THOMSON (EX-TMM)      TNMA GR       -649203365.6     6191078453
THOMSON (EX-TMM)      TMS FP        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM VX        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM ES        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS TQ        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM LN        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS QM        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS VX        -649203365.6     6191078453
THOMSON (EX-TMM)      TMMN FP       -649203365.6     6191078453
THOMSON MULT-ADR      TMS-P US      -649203365.6     6191078453
THOMSON MULTIMED      TMM FP        -649203365.6     6191078453
THOMSON MULTI-NE      ZTM FP        -649203365.6     6191078453
TROUVAY CAUVIN        TVYCF US      -396977.9956    133986439.7
TROUVAY CAUVIN        ETEC FP       -396977.9956    133986439.7

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

GERMANY
-------
AGOR AG               DOO GR        -482446.6262    144432986.2
AGOR AG               DOOD PZ       -482446.6262    144432986.2
AGOR AG               NDAGF US      -482446.6262    144432986.2
AGOR AG               DOOG IX       -482446.6262    144432986.2
AGOR AG               DOO EU        -482446.6262    144432986.2
AGOR AG               DOO EO        -482446.6262    144432986.2
AGOR AG-RTS           2301918Z GR   -482446.6262    144432986.2
ALNO AG               ANO EO        -101940692.7    236502063.1
ALNO AG               ANO EU        -101940692.7    236502063.1
ALNO AG               ANO GR        -101940692.7    236502063.1
ALNO AG               ANO PZ        -101940692.7    236502063.1
ALNO AG               ALNO IX       -101940692.7    236502063.1
ALNO AG-NEW           ANO1 GR       -101940692.7    236502063.1
ALNO AG-RTS           2259765Z GR   -101940692.7    236502063.1
BROKAT AG             BROFQ US      -27139391.98    143536859.7
BROKAT AG             BROAF US      -27139391.98    143536859.7
BROKAT AG             BKISF US      -27139391.98    143536859.7
BROKAT AG             BRKAF US      -27139391.98    143536859.7
BROKAT AG -NEW        BRJ1 NM       -27139391.98    143536859.7
BROKAT AG -NEW        BRJ1 GR       -27139391.98    143536859.7
BROKAT AG-ADR         BROA US       -27139391.98    143536859.7
BROKAT TECH -ADR      BROAQ US      -27139391.98    143536859.7
BROKAT TECH AG        BRJ NM        -27139391.98    143536859.7
BROKAT TECH AG        BSA LN        -27139391.98    143536859.7
BROKAT TECH AG        BRJ GR        -27139391.98    143536859.7
BROKAT TECH-ADR       BRJA GR       -27139391.98    143536859.7
CBB HOLDING AG        COB2 EO       -42994732.85    904723627.8
CBB HOLDING AG        CUBDF US      -42994732.85    904723627.8
CBB HOLDING AG        COB2 EU       -42994732.85    904723627.8
CBB HOLDING AG        COBG IX       -42994732.85    904723627.8
CBB HOLDING AG        COB GR        -42994732.85    904723627.8
CBB HOLDING AG        COBG PZ       -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     -14445849.72    194465786.9
CINEMAXX AG           MXCG IX       -14445849.72    194465786.9
CINEMAXX AG           MXC EU        -14445849.72    194465786.9
CINEMAXX AG           MXC EO        -14445849.72    194465786.9
CINEMAXX AG           MXC PZ        -14445849.72    194465786.9
CINEMAXX AG           MXC TH        -14445849.72    194465786.9
CINEMAXX AG           MXCUSD EO     -14445849.72    194465786.9
CINEMAXX AG           CNEMF US      -14445849.72    194465786.9
CINEMAXX AG           MXC GR        -14445849.72    194465786.9
CINEMAXX AG-RTS       MXC8 GR       -14445849.72    194465786.9
COGNIS GMBH           575202Z GR     -1092037449     3081208210
COGNIS HOLDING G      635952Z GR     -1587896974     2850475613
DORT ACTIEN-BRAU      944167Q GR    -12689156.29    117537053.7
DORT ACTIEN-RTS       DAB8 GR       -12689156.29    117537053.7
EDOB ABWICKLUNGS      ESC EU        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC BQ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC TQ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESCDF US      -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC GR        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC PZ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC TH        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC EO        -22323463.23    425598807.8
EM.TV & MERCHAND      ETV LN        -22067409.41    849175624.7
EM.TV & MERCHAND      985403Q GR    -22067409.41    849175624.7
EM.TV & MERCHAND      ETV VX        -22067409.41    849175624.7
EM.TV & MERCHAND      ETV NM        -22067409.41    849175624.7
EM.TV & MERCHAND      ETVMF US      -22067409.41    849175624.7
EM.TV & MERCHAND      EMTVF US      -22067409.41    849175624.7
EM.TV & MERC-NEW      ETV1 GR       -22067409.41    849175624.7
EM.TV & MERC-NEW      ETV1 NM       -22067409.41    849175624.7
EM.TV & MERC-RTS      ETV8 NM       -22067409.41    849175624.7
EM.TV & MERC-RTS      ETV8 GR       -22067409.41    849175624.7
ESCADA AG             ESCG IX       -22323463.23    425598807.8
ESCADA AG -PFD        ESC3 GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCN GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCC GR       -22323463.23    425598807.8
ESCADA AG-NEW         835345Q GR    -22323463.23    425598807.8
ESCADA AG-NEW         ESCD GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCN EU       -22323463.23    425598807.8
ESCADA AG-NEW         3069367Q 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
KABEL DEUTSCHLAN      KD8 GR         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8USD EO      -1408286725     3144138917
KABEL DEUTSCHLAN      KD8USD EU      -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EU         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 IX         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 TH         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EB         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EO         -1408286725     3144138917
KAUFRING AG           KFR PZ        -19296489.56    150995473.8
KAUFRING AG           KFR EU        -19296489.56    150995473.8
KAUFRING AG           KFR EO        -19296489.56    150995473.8
KAUFRING AG           KAUG IX       -19296489.56    150995473.8
KAUFRING AG           KFR GR        -19296489.56    150995473.8
LLOYD FONDS AG        LLOG IX        -1314098.03    141766952.6
LLOYD FONDS AG        L1O GR         -1314098.03    141766952.6
LLOYD FONDS AG        L1O EO         -1314098.03    141766952.6
LLOYD FONDS AG        L1O PZ         -1314098.03    141766952.6
LLOYD FONDS AG        L10 BQ         -1314098.03    141766952.6
LLOYD FONDS AG        L1O EU         -1314098.03    141766952.6
LLOYD FONDS AG        L1O TQ         -1314098.03    141766952.6
LLOYD FONDS AG        L1O TH         -1314098.03    141766952.6
MANIA TECHNOLOGI      MNI GR         -35060806.5    107465713.6
MANIA TECHNOLOGI      MIAVF US       -35060806.5    107465713.6
MANIA TECHNOLOGI      2260970Z GR    -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI1 EU        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI1 EO        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNIG IX        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI PZ         -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI NM         -35060806.5    107465713.6
MATERNUS KLINI-N      MAK1 GR       -16232020.37      171958727
MATERNUS-KLINIKE      MAK EU        -16232020.37      171958727
MATERNUS-KLINIKE      MAK GR        -16232020.37      171958727
MATERNUS-KLINIKE      MAK EO        -16232020.37      171958727
MATERNUS-KLINIKE      MAK PZ        -16232020.37      171958727
MATERNUS-KLINIKE      MAKG IX       -16232020.37      171958727
MATERNUS-KLINIKE      MNUKF US      -16232020.37      171958727
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 NM        -18656728.68    610380925.7
PRIMACOM AG           PRC2 GR       -18656728.68    610380925.7
PRIMACOM AG           PRCG PZ       -18656728.68    610380925.7
PRIMACOM AG           PRC GR        -18656728.68    610380925.7
PRIMACOM AG           PRC TH        -18656728.68    610380925.7
PRIMACOM AG           PRC EO        -18656728.68    610380925.7
PRIMACOM AG           PCAGF US      -18656728.68    610380925.7
PRIMACOM AG           PRC EU        -18656728.68    610380925.7
PRIMACOM AG           PRCG IX       -18656728.68    610380925.7
PRIMACOM AG-ADR       PCAG US       -18656728.68    610380925.7
PRIMACOM AG-ADR       PCAGY US      -18656728.68    610380925.7
PRIMACOM AG-ADR+      PCAG ES       -18656728.68    610380925.7
RAG ABWICKL-REG       RSTHF US      -1744121.914    217776125.8
RAG ABWICKL-REG       ROS GR        -1744121.914    217776125.8
RAG ABWICKL-REG       ROS1 EO       -1744121.914    217776125.8
RAG ABWICKL-REG       ROS1 EU       -1744121.914    217776125.8
RAG ABWICKL-REG       ROSG PZ       -1744121.914    217776125.8
RINOL AG              RILB EO            -2.7111    168095049.1
RINOL AG              RIL GR             -2.7111    168095049.1
RINOL AG              RILB EU            -2.7111    168095049.1
RINOL AG              RNLAF US           -2.7111    168095049.1
RINOL AG              RILB PZ            -2.7111    168095049.1
RINOL AG              RILB GR            -2.7111    168095049.1
RINOL AG              RILB IX            -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       SAD GR        -6153256.917    127546738.8
SANDER (JIL) AG       JLSDF US      -6153256.917    127546738.8
SANDER (JIL)-PRF      SAD3 PZ       -6153256.917    127546738.8
SANDER (JIL)-PRF      SAD3 GR       -6153256.917    127546738.8
SANDER (JIL)-PRF      2916157Q EU   -6153256.917    127546738.8
SANDER (JIL)-PRF      2916161Q EO   -6153256.917    127546738.8
SINNLEFFERS AG        WHG GR        -4491629.961    453887060.1
SPAR HANDELS-AG       SPHFF US      -442426199.5     1433020961
SPAR HANDELS-AG       773844Q GR    -442426199.5     1433020961
SPAR HAND-PFD NV      SPA3 GR       -442426199.5     1433020961
SPRINGER SCIENCE      648808Z GR    -610692611.7     3462165070
TA TRIUMPH-ACQ        TWNA GR       -124667889.5    375247226.8
TA TRIUMPH-ACQ        TWNA EU       -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN EO        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TTZAF US      -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWNG IX       -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN GR        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN EU        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN PZ        -124667889.5    375247226.8
TA TRIUMPH-A-RTS      1018916Z GR   -124667889.5    375247226.8
TA TRIUMPH-NEW        TWN1 GR       -124667889.5    375247226.8
TA TRIUMPH-RT         TWN8 GR       -124667889.5    375247226.8
TA TRIUMPH-RTS        3158577Q GR   -124667889.5    375247226.8
TOM TAILOR HOLD       TTI GR        -97711555.56      358434780
TOM TAILOR HOLD       TTI EU        -97711555.56      358434780
TOM TAILOR HOLD       TTI EO        -97711555.56      358434780
TOM TAILOR HOLD       TTI TH        -97711555.56      358434780
VIVANCO GRUPPE        VVA GR        -22198683.12    111990951.4
VIVANCO GRUPPE        VIVGF US      -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 PZ       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 EU       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 GR       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 EO       -22198683.12    111990951.4
VIVANCO GRUPPE        VVAG IX       -22198683.12    111990951.4

GREECE
------
AG PETZETAKIS SA      PTZ1 GR       -53415175.25      227965558
AG PETZETAKIS SA      PETZK GA      -53415175.25      227965558
AG PETZETAKIS SA      PETZK EO      -53415175.25      227965558
AG PETZETAKIS SA      PTZ GR        -53415175.25      227965558
AG PETZETAKIS SA      PETZK EU      -53415175.25      227965558
AG PETZETAKIS SA      PETZK PZ      -53415175.25      227965558
AG PETZETAKIS SA      PZETF US      -53415175.25      227965558
ALTEC SA -AUCT        ALTECE GA     -48733007.42    131910486.6
ALTEC SA INFO         ALTEC EO      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC GA      -48733007.42    131910486.6
ALTEC SA INFO         ATCQF US      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC PZ      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC EU      -48733007.42    131910486.6
ALTEC SA INFO         AXY GR        -48733007.42    131910486.6
ALTEC SA INFO-RT      ALTECR GA     -48733007.42    131910486.6
ALTEC SA INFO-RT      ALTED GA      -48733007.42    131910486.6
ASPIS PRONIA GE       ASASK GA      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK EO      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK PZ      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK EU      -189908329.1    896537349.7
ASPIS PRONIA GE       AISQF US      -189908329.1    896537349.7
ASPIS PRONIA -PF      ASAPR GA      -189908329.1    896537349.7
ASPIS PRONIA-PF       ASASP GA      -189908329.1    896537349.7
ASPIS PRONIA-PF       APGV GR       -189908329.1    896537349.7
ASPIS PRONIA-RT       ASASKR GA     -189908329.1    896537349.7
ASPIS PRONOIA GE      APG GR        -189908329.1    896537349.7
ASPIS PRONOIA GE      APGG IX       -189908329.1    896537349.7
ASPIS PRON-PF RT      ASASPR GA     -189908329.1    896537349.7
EMPEDOS SA            EMPED GA      -33637669.62    174742646.9
EMPEDOS SA-RTS        EMPEDR GA     -33637669.62    174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -62534014.1    194685439.4
KOUMBAS RTS           KOUMR GA       -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUMF US       -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM PZ        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM GA        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM EO        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM EU        -62534014.1    194685439.4
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
OASA ATHENS URBA      3485398Z GA    -1170161374     2292452052
PETZET - PFD-RTS      PETZPD GA     -53415175.25      227965558
PETZETAKIS - RTS      PETZKD GA     -53415175.25      227965558
PETZETAKIS-AUC        PETZKE GA     -53415175.25      227965558
PETZETAKIS-PFD        PETZP GA      -53415175.25      227965558
PETZETAKIS-PFD        PTZ3 GR       -53415175.25      227965558
RADIO KORASSIDIS      RKC GR        -100972173.9    244951680.3
RADIO KORASSIDIS      RAKOF US      -100972173.9    244951680.3
RADIO KORASSIDIS      KORA GA       -100972173.9    244951680.3
RADIO KORASSI-RT      KORAD GA      -100972173.9    244951680.3
RADIO KORASS-RTS      KORAR GA      -100972173.9    244951680.3
THEMELIODOMI          THEME GA      -55751178.85    232036822.6
THEMELIODOMI-AUC      THEMEE GA     -55751178.85    232036822.6
THEMELIODOMI-RTS      THEMED GA     -55751178.85    232036822.6
THEMELIODOMI-RTS      THEMER GA     -55751178.85    232036822.6
UNITED TEXTILES       NAOSF US        -130380438    326934399.4
UNITED TEXTILES       NAOYK GA        -130380438    326934399.4
UNITED TEXTILES       UTEX GA         -130380438    326934399.4
UNITED TEXTILES       UTEX EO         -130380438    326934399.4
UNITED TEXTILES       UTEX EU         -130380438    326934399.4
UNITED TEXTILES       UTEX PZ         -130380438    326934399.4

HUNGARY
-------
HUNGARIAN TELEPH      HUGC IX          -73724000      827192000
HUNGARIAN TELEPH      HUC EX           -73724000      827192000
HUNGARIAN TELEPH      HUC GR           -73724000      827192000
INVITEL HOLD-ADR      0IN GR           -73724000      827192000
INVITEL HOLD-ADR      INVHY US         -73724000      827192000
INVITEL HOLD-ADR      IHO US           -73724000      827192000
INVITEL HOLDINGS      3212873Z HB      -73724000      827192000
IPK OSIJEK DD OS      IPKORA CZ     -32978857.72    151587609.9
MAGMA DD              MGMARA CZ     -764475.9867    141322122.7
MALEV LTD             MALEV HB       -75737819.4    251668964.4
OT OPTIMA TELEKO      2299892Z CZ      -48565065    119632635.5
OT-OPTIMA TELEKO      OPTERA CZ        -48565065    119632635.5
VUPIK DD              VPIKRA CZ     -8496797.693      124051827

ICELAND
-------
AVION GROUP           B1Q GR          -223780352     2277882368
EIMSKIPAFELAG HF      HFEIMEUR EO     -223780352     2277882368
EIMSKIPAFELAG HF      HFEIMEUR EU     -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM EO        -223780352     2277882368
EIMSKIPAFELAG HF      AVION IR        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM EU        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM IR        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM PZ        -223780352     2277882368

IRELAND
-------
BOUNDARY CAPITAL      BCP LN        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP IX        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP ID        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 EU       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 PG       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 EO       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCPI IX       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCM GR        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 PZ       -10192301.85    119787800.5
IBERBOND 2004 PL      3485334Z ID   -774220.0848    539890478.9
JAMES HARDIE IND      HAH NZ          -117900000     2178800128
JAMES HARDIE IND      HAH AU          -117900000     2178800128
JAMES HARDIE IND      600241Q GR      -117900000     2178800128
JAMES HARDIE IND      726824Z NA      -117900000     2178800128
JAMES HARDIE NV       JHXCC AU        -117900000     2178800128
JAMES HARDIE-ADR      JHINY US        -117900000     2178800128
JAMES HARDIE-ADR      JHX US          -117900000     2178800128
JAMES HARDIE-CDI      JHX AU          -117900000     2178800128
JAMES HARDIE-CDI      JHIUF US        -117900000     2178800128
JAMES HARDIE-CDI      JHA GR          -117900000     2178800128
JAMES HARDIE-CDI      JHA TH          -117900000     2178800128
MCINERNEY HLDGS       MCI VX        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI ID        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI LN        -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBX EO     -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBP EO     -132691148.8    374303706.5
MCINERNEY HLDGS       MCI PO        -132691148.8    374303706.5
MCINERNEY HLDGS       MCII IX       -132691148.8    374303706.5
MCINERNEY HLDGS       MK9 GR        -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBX EU     -132691148.8    374303706.5
MCINERNEY HLDGS       MK9C PZ       -132691148.8    374303706.5
MCINERNEY HLDGS       MCI EO        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI IX        -132691148.8    374303706.5
MCINERNEY HLDGS       MK9 PO        -132691148.8    374303706.5
MCINERNEY HLDGS       MNEYF US      -132691148.8    374303706.5
MCINERNEY HLDGS       MCI EU        -132691148.8    374303706.5
MCINERNEY PROP-A      MYP LN        -132691148.8    374303706.5
MCINERNEY PROP-A      MYP ID        -132691148.8    374303706.5
MCINERNEY PROP-A      MCIYF US      -132691148.8    374303706.5
MCINERNEY -RT FP      MCIF ID       -132691148.8    374303706.5
MCINERNEY -RT FP      MCIF LN       -132691148.8    374303706.5
MCINERNEY -RT NP      MCIN ID       -132691148.8    374303706.5
MCINERNEY -RT NP      MCIN LN       -132691148.8    374303706.5
MCINERNEY-ADR         MNEYY US      -132691148.8    374303706.5
PAYZONE PLC           PAYZ PG       -138030903.2    510010035.3
PAYZONE PLC           PAYZ EU       -138030903.2    510010035.3
PAYZONE PLC           4P6 GR        -138030903.2    510010035.3
PAYZONE PLC           PAYZ IX       -138030903.2    510010035.3
PAYZONE PLC           PAYZ LN       -138030903.2    510010035.3
PAYZONE PLC           PAYZ PZ       -138030903.2    510010035.3
PAYZONE PLC           PAYZ EO       -138030903.2    510010035.3
WATERFORD - RTS       WWWA GR       -505729895.2      820803256
WATERFORD - RTS       508523Q LN    -505729895.2      820803256
WATERFORD - RTS       WWWB ID       -505729895.2      820803256
WATERFORD - RTS       508519Q LN    -505729895.2      820803256
WATERFORD - RTS       WWWB GR       -505729895.2      820803256
WATERFORD - RTS       WWWA ID       -505729895.2      820803256
WATERFORD W-ADR       WATWY US      -505729895.2      820803256
WATERFORD WDGEWD      WATWF US      -505729895.2      820803256
WATERFORD WDGEWD      WATFF US      -505729895.2      820803256
WATERFORD WED-RT      WWWC GR       -505729895.2      820803256
WATERFORD WED-RT      WTFR LN       -505729895.2      820803256
WATERFORD WED-RT      WWWD GR       -505729895.2      820803256
WATERFORD WED-RT      WWWC ID       -505729895.2      820803256
WATERFORD WED-RT      586556Q LN    -505729895.2      820803256
WATERFORD WED-RT      WWWD ID       -505729895.2      820803256
WATERFORD WED-RT      586552Q LN    -505729895.2      820803256
WATERFORD WED-UT      WTFU EO       -505729895.2      820803256
WATERFORD WED-UT      WTFU VX       -505729895.2      820803256
WATERFORD WED-UT      WTFU LN       -505729895.2      820803256
WATERFORD WED-UT      WWW GR        -505729895.2      820803256
WATERFORD WED-UT      WTFUGBX EO    -505729895.2      820803256
WATERFORD WED-UT      WWWD PZ       -505729895.2      820803256
WATERFORD WED-UT      WTFU EU       -505729895.2      820803256
WATERFORD WED-UT      WTFU PO       -505729895.2      820803256
WATERFORD WED-UT      WWW PO        -505729895.2      820803256
WATERFORD WED-UT      WTFU ID       -505729895.2      820803256
WATERFORD WED-UT      WTFU IX       -505729895.2      820803256
WATERFORD WED-UT      WTFUGBX EU    -505729895.2      820803256
WATERFORD WE-RTS      WTFN ID       -505729895.2      820803256
WATERFORD WE-RTS      WTFF LN       -505729895.2      820803256
WATERFORD WE-RTS      WTFN VX       -505729895.2      820803256
WATERFORD WE-RTS      WTFN LN       -505729895.2      820803256
WATERFORD WE-RTS      WTFF ID       -505729895.2      820803256
WATERFORD-ADR UT      WATFZ US      -505729895.2      820803256
WATERFORD-ADR UT      WFWA GR       -505729895.2      820803256
WATERFORD-SUB         3001875Z ID   -505729895.2      820803256

ITALY
-----
AEDES AXA+W           AEAXAW IM     -24405906.61     1350851664
AEDES SPA             AEDSF US      -24405906.61     1350851664
AEDES SPA             AE IM         -24405906.61     1350851664
AEDES SPA             AE PZ         -24405906.61     1350851664
AEDES SPA             AE EU         -24405906.61     1350851664
AEDES SPA             LLB GR        -24405906.61     1350851664
AEDES SPA             AE EO         -24405906.61     1350851664
AEDES SPA             AE TQ         -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         AESA IM       -24405906.61     1350851664
AEDES SPA-RTS         AEAA 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
BIOERA                B2A GR        -6731364.698    131141946.1
BIOERA                BIE EU        -6731364.698    131141946.1
BIOERA                BIE IM        -6731364.698    131141946.1
BIOERA                BIE1 IX       -6731364.698    131141946.1
BIOERA                BIE EO        -6731364.698    131141946.1
BIOERA                BIE1 PZ       -6731364.698    131141946.1
BROGGI IZAR FABB      BIF IM        -178432.4639    134255668.5
CART SOTTRI-BIND      DEM IM        -11146475.29    128859802.9
CIRIO FINANZIARI      FIY GR        -422095869.5     1583083044
CIRIO FINANZIARI      CRO IM        -422095869.5     1583083044
COIN SPA              GUCIF US      -154057608.3    800526929.5
COIN SPA              GC IX         -154057608.3    800526929.5
COIN SPA              965089Q GR    -154057608.3    800526929.5
COIN SPA/OLD          GC IM         -154057608.3    800526929.5
COIN SPA-RTS          GCAA IM       -154057608.3    800526929.5
COMPAGNIA ITALIA      ICT IM        -137726596.3    527372691.4
COMPAGNIA ITALIA      CGLUF US      -137726596.3    527372691.4
COMPAGNIA ITALIA      CITU IX       -137726596.3    527372691.4
CORNELL BHN           BY EU         -178432.4639    134255668.5
CORNELL BHN           INN IM        -178432.4639    134255668.5
CORNELL BHN           BY EO         -178432.4639    134255668.5
CORNELL BHN           CBX IM        -178432.4639    134255668.5
CORNELL BHN           INO1 IX       -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
EUROFLY SPA           EEZ IX        -4509742.055      181807336
EUROFLY SPA -RTS      EEZAXA IM     -4509742.055      181807336
EUROFLY SPA-RTS       EURAXA IM     -4509742.055      181807336
I VIAGGI DEL VEN      VVE IM        -194331003.9      255327730
I VIAGGI DEL VEN      VVE EU        -194331003.9      255327730
I VIAGGI DEL VEN      VVE TQ        -194331003.9      255327730
I VIAGGI DEL VEN      VVE PZ        -194331003.9      255327730
I VIAGGI DEL VEN      VVE IX        -194331003.9      255327730
I VIAGGI DEL VEN      VVE EO        -194331003.9      255327730
I VIAGGI DEL VEN      IV7 GR        -194331003.9      255327730
I VIAGGI DEL VEN      IVGIF US      -194331003.9      255327730
I VIAGGI-RTS          VVEAA IM      -194331003.9      255327730
INNOTECH SPA          ELIOF US      -178432.4639    134255668.5
MERIDIANA FLY         E7N GR        -4509742.055      181807336
MERIDIANA FLY         MEF IM        -4509742.055      181807336
MERIDIANA FLY         EEZ TQ        -4509742.055      181807336
MERIDIANA FLY         EEZ PZ        -4509742.055      181807336
MERIDIANA FLY         EEZ EO        -4509742.055      181807336
MERIDIANA FLY         EFLYF US      -4509742.055      181807336
MERIDIANA FLY         EEZ EU        -4509742.055      181807336
OLCESE SPA            O IM          -12846689.89    179691572.8
OLCESE SPA-RTS        OAA IM        -12846689.89    179691572.8
OLCESE VENEZIANO      OLVE IM       -12846689.89    179691572.8
OMNIA NETWORK SP      ONT EO         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT EU         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT PZ         -47468652.4    322390901.7
OMNIA NETWORK SP      ONTI IX        -47468652.4    322390901.7
OMNIA NETWORK SP      ONT TQ         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT IM         -47468652.4    322390901.7
PARMALAT FINANZI      FICN AV       -18419390029     4120687886
PARMALAT FINANZI      PRFI VX       -18419390029     4120687886
PARMALAT FINANZI      PAF GR        -18419390029     4120687886
PARMALAT FINANZI      PRF IM        -18419390029     4120687886
PARMALAT FINANZI      PARAF US      -18419390029     4120687886
PARMALAT FINANZI      PMT LI        -18419390029     4120687886
PARMALAT FINANZI      PMLFF 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       RN TQ         -165887753.7     4800733024
RISANAMENTO SPA       RNGBX EO      -165887753.7     4800733024
RISANAMENTO SPA       RNGBP EO      -165887753.7     4800733024
RISANAMENTO SPA       RNGBX EU      -165887753.7     4800733024
RISANAMENTO SPA       RN EO         -165887753.7     4800733024
RISANAMENTO SPA       RN IX         -165887753.7     4800733024
RISANAMENTO SPA       RN IM         -165887753.7     4800733024
RISANAMENTO SPA       RSMNF US      -165887753.7     4800733024
RISANAMENTO SPA       RN PZ         -165887753.7     4800733024
RISANAMENTO SPA       RN EU         -165887753.7     4800733024
RISANAMENTO-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              SNIXF US      -141933883.9    150445252.4
SNIA SPA              SN EU         -141933883.9    150445252.4
SNIA SPA              SNIA GR       -141933883.9    150445252.4
SNIA SPA              SN TQ         -141933883.9    150445252.4
SNIA SPA              SSMLF US      -141933883.9    150445252.4
SNIA SPA              SIAI PZ       -141933883.9    150445252.4
SNIA SPA              SBPDF US      -141933883.9    150445252.4
SNIA SPA              SN IM         -141933883.9    150445252.4
SNIA SPA              SN EO         -141933883.9    150445252.4
SNIA SPA              SIAI IX       -141933883.9    150445252.4
SNIA SPA              SNIB GR       -141933883.9    150445252.4
SNIA SPA - RTS        SNAAW IM      -141933883.9    150445252.4
SNIA SPA- RTS         SNAXW IM      -141933883.9    150445252.4
SNIA SPA-2003 SH      SN03 IM       -141933883.9    150445252.4
SNIA SPA-CONV SA      SPBDF US      -141933883.9    150445252.4
SNIA SPA-DRC          SNR00 IM      -141933883.9    150445252.4
SNIA SPA-NEW          SN00 IM       -141933883.9    150445252.4
SNIA SPA-NON CON      SPBNF US      -141933883.9    150445252.4
SNIA SPA-RCV          SNR IM        -141933883.9    150445252.4
SNIA SPA-RCV          SNIVF US      -141933883.9    150445252.4
SNIA SPA-RIGHTS       SNAW IM       -141933883.9    150445252.4
SNIA SPA-RNC          SNIWF US      -141933883.9    150445252.4
SNIA SPA-RNC          SNRNC IM      -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 IM        -161739278.5    398222827.1
SOCOTHERM SPA         SCTI PZ       -161739278.5    398222827.1
SOCOTHERM SPA         SCT EO        -161739278.5    398222827.1
SOCOTHERM SPA         SCT EU        -161739278.5    398222827.1
SOCOTHERM SPA         SCTM IX       -161739278.5    398222827.1
SOCOTHERM SPA         SOCEF US      -161739278.5    398222827.1
SOCOTHERM SPA         SCT TQ        -161739278.5    398222827.1
TAS TECNOLOGIA        TAS EO        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS IM        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS NM        -405622.1721    172796509.7
TAS TECNOLOGIA        TAQ GR        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS EU        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS TQ        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS PZ        -405622.1721    172796509.7
TECNODIFF ITALIA      TEF GR        -89894162.82    152045757.5
TECNODIFF ITALIA      TDIFF US      -89894162.82    152045757.5
TECNODIFF ITALIA      TDI IM        -89894162.82    152045757.5
TECNODIFF ITALIA      TDI NM        -89894162.82    152045757.5
TECNODIFF-RTS         TDIAOW NM     -89894162.82    152045757.5
TECNODIFFUSIONE       TDIAAW IM     -89894162.82    152045757.5
TISCALI - RTS         TIQA GR       -91679652.81    569172229.5
TISCALI - RTS         TISAAW IM     -91679652.81    569172229.5
TISCALI SPA           TIQG IX       -91679652.81    569172229.5
TISCALI SPA           TISN VX       -91679652.81    569172229.5
TISCALI SPA           TISGBX EU     -91679652.81    569172229.5
TISCALI SPA           TIS EU        -91679652.81    569172229.5
TISCALI SPA           TSCXF US      -91679652.81    569172229.5
TISCALI SPA           TIS IX        -91679652.81    569172229.5
TISCALI SPA           TISN IM       -91679652.81    569172229.5
TISCALI SPA           TIS FP        -91679652.81    569172229.5
TISCALI SPA           TIS EB        -91679652.81    569172229.5
TISCALI SPA           TIS TQ        -91679652.81    569172229.5
TISCALI SPA           TIS NQ        -91679652.81    569172229.5
TISCALI SPA           TIS VX        -91679652.81    569172229.5
TISCALI SPA           TISN NA       -91679652.81    569172229.5
TISCALI SPA           TIS EO        -91679652.81    569172229.5
TISCALI SPA           TIS NA        -91679652.81    569172229.5
TISCALI SPA           TIQ1 GR       -91679652.81    569172229.5
TISCALI SPA           TISN IX       -91679652.81    569172229.5
TISCALI SPA           TISGBX EO     -91679652.81    569172229.5
TISCALI SPA           TISGBP EO     -91679652.81    569172229.5
TISCALI SPA           TISN FP       -91679652.81    569172229.5
TISCALI SPA           TIS IM        -91679652.81    569172229.5
TISCALI SPA           TIS PZ        -91679652.81    569172229.5
TISCALI SPA           TIS NR        -91679652.81    569172229.5
TISCALI SPA           TIQ GR        -91679652.81    569172229.5
TISCALI SPA- RTS      TISAXA IM     -91679652.81    569172229.5
TISCALI SPA- RTS      3391621Q GR   -91679652.81    569172229.5
YORKVILLE BHN         BY TQ         -178432.4639    134255668.5
YORKVILLE BHN         CBXI PZ       -178432.4639    134255668.5
YORKVILLE BHN         BY IM         -178432.4639    134255668.5
REAL ESTATE OP-O      REO VX        -145048365.8     2933767507
REAL ESTATE OP-O      REO EO        -145048365.8     2933767507
REAL ESTATE OP-O      REO PZ        -145048365.8     2933767507
REAL ESTATE OP-O      REO ID        -145048365.8     2933767507
REAL ESTATE OP-O      REO EU        -145048365.8     2933767507
REAL ESTATE OP-O      REO IX        -145048365.8     2933767507
REAL ESTATE OP-O      REOGBP EO     -145048365.8     2933767507
REAL ESTATE OP-O      REA GR        -145048365.8     2933767507
REAL ESTATE OP-O      REO LN        -145048365.8     2933767507
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         CJN GR           -94729000      472360992
CARRIER1 INTL         CJNA GR          -94729000      472360992
CARRIER1 INTL SA      CONEF US         -94729000      472360992
CARRIER1 INTL SA      1253Z SW         -94729000      472360992
INTELSAT              ILMA GR         -325921984    17266143232
INTELSAT SA           2237Z US        -325921984    17266143232
BAAN CO NV-ASSEN      BAANA NA      -7854741.409    609871188.9
BAAN COMPANY NV       BAAN PZ       -7854741.409    609871188.9
BAAN COMPANY NV       BNCG IX       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN NA       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN EO       -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 IX       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN EU       -7854741.409    609871188.9
BAAN COMPANY-NY       BAANF US      -7854741.409    609871188.9
CEVA GROUP PLC        976811Z NA    -310987042.7     5613530996
LIBERTY GL EU-A       UPC NA         -5505478850     5112616630
UNITED PAN -ADR       UPEA GR        -5505478850     5112616630
UNITED PAN-A ADR      UPCOY US       -5505478850     5112616630
UNITED PAN-EUR-A      UPC LI         -5505478850     5112616630
UNITED PAN-EUR-A      UPC LN         -5505478850     5112616630
UNITED PAN-EUROP      UPE1 GR        -5505478850     5112616630
UNITED PAN-EUROP      UPE GR         -5505478850     5112616630
UNITED PAN-EUROP      UPCEF US       -5505478850     5112616630
UNITED PAN-EUROP      UPC VX         -5505478850     5112616630
UNITED PAN-EUROP      UPCOF US       -5505478850     5112616630
INTEROIL EXPLORA      IROIF US         -48022000      186064000
INTEROIL EXPLORA      INOX NO          -48022000      186064000
INTEROIL EXPLORA      IOX PZ           -48022000      186064000
INTEROIL EXPLORA      IOXUSD EU        -48022000      186064000
INTEROIL EXPLORA      IOXEUR EO        -48022000      186064000
INTEROIL EXPLORA      IOXUSD EO        -48022000      186064000
INTEROIL EXPLORA      IOX NO           -48022000      186064000
INTEROIL EXPLORA      IOX EO           -48022000      186064000
INTEROIL EXPLORA      IOX BY           -48022000      186064000
INTEROIL EXPLORA      IOX IX           -48022000      186064000
INTEROIL EXPLORA      IOXEUR EU        -48022000      186064000
INTEROIL EXPLORA      IOX EU           -48022000      186064000
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      PGSA GR       -18066142.21    399710323.6
PETRO GEO-SV-ADR      PGOGY US      -18066142.21    399710323.6
PETROJACK AS          JACK EO          -54932000      191586000
PETROJACK AS          POJKF US         -54932000      191586000
PETROJACK AS          P3J GR           -54932000      191586000
PETROJACK AS          JACK PZ          -54932000      191586000
PETROJACK AS          JACKEUR EU       -54932000      191586000
PETROJACK AS          JACK EU          -54932000      191586000
PETROJACK AS          JACK BY          -54932000      191586000
PETROJACK AS          JACKEUR EO       -54932000      191586000
PETROJACK AS          JACK NO          -54932000      191586000
PETROJACK AS          JACO IX          -54932000      191586000
KROSNO                KRS1EUR EU    -2241614.766    111838141.2
KROSNO                KRS1EUR EO    -2241614.766    111838141.2
KROSNO                KRS PW        -2241614.766    111838141.2
KROSNO                KRS LI        -2241614.766    111838141.2
KROSNO                KROS IX       -2241614.766    111838141.2
KROSNO SA             KRS1 EO       -2241614.766    111838141.2
KROSNO SA             KRS1 EU       -2241614.766    111838141.2
KROSNO SA             KRS PZ        -2241614.766    111838141.2
KROSNO SA             KRNFF US      -2241614.766    111838141.2
KROSNO SA             KROSNO PW     -2241614.766    111838141.2
KROSNO SA-RTS         KRSP PW       -2241614.766    111838141.2
KROSNO-PDA-ALLT       KRSA PW       -2241614.766    111838141.2
TOORA                 TOR PZ        -288818.3897    147004954.2
TOORA                 2916665Q EU   -288818.3897    147004954.2
TOORA                 2916661Q EO   -288818.3897    147004954.2
TOORA                 TOR PW        -288818.3897    147004954.2
TOORA-ALLOT CERT      TORA PW       -288818.3897    147004954.2
CARRIS FERRO DE       3482366Z PL   -854280773.4    252500907.6
COFINA                COFI PL       -4067307.986    329785890.1
COFINA                COFSI IX      -4067307.986    329785890.1
COFINA                CFASF US      -4067307.986    329785890.1
COFINA SGPS SA        CFNX PX       -4067307.986    329785890.1
COFINA SGPS SA        COFI TQ       -4067307.986    329785890.1
COFINA SGPS SA        COFI EU       -4067307.986    329785890.1
COFINA SGPS SA        CFN1 PZ       -4067307.986    329785890.1
COFINA SGPS SA        CFN PL        -4067307.986    329785890.1
COFINA SGPS SA        COFI EO       -4067307.986    329785890.1
CP - COMBOIOS DE      1005Z PL       -2809601115     1890209624
PORCELANA VISTA       PVAL PL       -64841467.39    140647736.3
REFER-REDE FERRO      1250Z PL       -1611845937     2225160725
SOCIEDADE DE TRA      1253Z PL      -382109074.2    119848180.8
SPORTING-SOC DES      SCP1 PZ       -22452984.49    177676573.7
SPORTING-SOC DES      SCP PL        -22452984.49    177676573.7
SPORTING-SOC DES      SCG GR        -22452984.49    177676573.7
SPORTING-SOC DES      SCDF EO       -22452984.49    177676573.7
SPORTING-SOC DES      SCPX PX       -22452984.49    177676573.7
SPORTING-SOC DES      SCPL IX       -22452984.49    177676573.7
SPORTING-SOC DES      SCDF PL       -22452984.49    177676573.7
SPORTING-SOC DES      SCDF EU       -22452984.49    177676573.7
TAP SGPS              TAP PL        -239565845.5     3126533533
VAA VISTA ALEGRE      VAF PZ        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF PL        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF EO        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF EU        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAFX PX       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK PL       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK EU       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK EO       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFKX PX      -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK PZ       -64841467.39    140647736.3

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

RUSSIA
------
AMUR SHIP-BRD         AMZS* RU      -137530791.8    945775662.6
AMUR SHIP-BRD         AMZS RU       -137530791.8    945775662.6
DAGESTAN ENERGY       DASB RM       -23504511.21      181781762
DAGESTAN ENERGY       DASB RU       -23504511.21      181781762
DAGESTAN ENERGY       DASB* RU      -23504511.21      181781762
FINANCIAL LEASIN      137282Z RU    -45555537.68    466377160.5
FINANCIAL LEASIN      FLKO RM       -45555537.68    466377160.5
FINANCIAL LE-BRD      FLKO RU       -45555537.68    466377160.5
FINANCIAL LE-BRD      FLKO* RU      -45555537.68    466377160.5
GAZ-FINANS            GAZF RU       -56134.51262    232319905.4
GLOBEX-FINANS         OSOLC RU       -2727106.54    130285030.8
KOMPANIYA GL-BRD      GMST* RU       -24995189.6     1208685689
KOMPANIYA GL-BRD      GMST RU        -24995189.6     1208685689
MIAN-DEVELOPMENT      MAEQY RU      -695445.1747      424399991
MIG-FINANS            MIGF RU       -3698157.596    135166236.6
PARNAS-M              PRSM RU       -138592.4742    127637318.8
RK-GAZSETSERVIS       RKGS RU       -54665229.61    153223493.4
SEVKABEL-FINANS       SVKF RU       -83036.46173    102680373.6
TERNEYLES-BRD         TERL RU       -11828435.57    197558375.8
TERNEYLES-BRD         TERL* RU      -11828435.57    197558375.8
TRANSAERO AIRLIN      TRNS RU       -21542426.88     1094294837
TRANSAERO AIRLIN      TRNS* RU      -21542426.88     1094294837
VOLGOGRAD KHIM        VHIM* RU      -22920234.24    142367839.8
VOLGOGRAD KHIM        VHIM RU       -22920234.24    142367839.8
ZAPSIBGASP-Q PFD      ZSGPP$ RU      -1248066.61    125676622.6
ZAPSIBGASPRO-BRD      ZSGP RU        -1248066.61    125676622.6
ZAPSIBGASPRO-BRD      ZSGP* RU       -1248066.61    125676622.6
ZAPSIBGASPROM-B       ZSGP$ RU       -1248066.61    125676622.6
ZAPSIBGASPRO-PFD      ZSGPP* RU      -1248066.61    125676622.6
ZAPSIBGASPRO-PFD      ZSGPP RU       -1248066.61    125676622.6

SERBIA
------
DUVANSKA              DIVR SG       -32792314.86    122255596.4
IMK 14 OKTOBAR A      IMKO SG       -5175836.416    110102264.2
PINKI AD              PNKI SG       -36537862.34      120707518
ZASTAVA AUTOMOBI      ZAKG SG       -396504649.1    174692011.1

SPAIN
-----
ACTUACIONES ACTI      AGR SM        -231062375.2    529525187.2
AGRUPACIO - RT        AGR/D SM      -231062375.2    529525187.2
AMADEUS IT HOLDI      AMS3 EB       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS SM        -397888596.9     7970850431
AMADEUS IT HOLDI      AI3A GR       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS3 EO       -397888596.9     7970850431
AMADEUS IT HOLDI      AI3A TH       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS IX        -397888596.9     7970850431
AMCI HABITAT SA       AMC1 EU       -24580874.45    194758143.4
AMCI HABITAT SA       AMC SM        -24580874.45    194758143.4
AMCI HABITAT SA       AMC3 EO       -24580874.45    194758143.4
CAJA DE AHORROS       929362Z SM    -361326816.2    37311046644
FERGO AISA -RTS       AISA/D SM     -231062375.2    529525187.2
FERGO AISA SA         AISA EO       -231062375.2    529525187.2
FERGO AISA SA         AISA SM       -231062375.2    529525187.2
FERGO AISA SA         AISA PZ       -231062375.2    529525187.2
FERGO AISA SA         AISA EU       -231062375.2    529525187.2
INBESOS SA            NYE TQ         -68174952.1    813033334.5
INBESOS SA            BESS PZ        -68174952.1    813033334.5
INBESOS SA            NYE SM         -68174952.1    813033334.5
INBESOS SA            NYE EU         -68174952.1    813033334.5
INBESOS SA            NYE EO         -68174952.1    813033334.5
MARTINSA FADESA       4PU GR         -1929870022     7764140388
MARTINSA FADESA       MTF EU         -1929870022     7764140388
MARTINSA FADESA       MTF SM         -1929870022     7764140388
MARTINSA FADESA       MFAD PZ        -1929870022     7764140388
MARTINSA FADESA       MTF EO         -1929870022     7764140388
MARTINSA FADESA       MTF1 LI        -1929870022     7764140388
MARTINSA-FADESA       MTF NR         -1929870022     7764140388
NYESA VALORES CO      BES EU         -68174952.1    813033334.5
NYESA VALORES CO      BES TQ         -68174952.1    813033334.5
NYESA VALORES CO      BES SM         -68174952.1    813033334.5
NYESA VALORES CO      BES EO         -68174952.1    813033334.5

SWEDEN
------
ALLOKTON AB           ALOKB SS      -81949466.05    495641682.4
NOBINA                1099Z SS      -13023225.28    483974246.5
PHADIA AB             842347Z SS    -140406774.4     2127579095

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

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ       -16212049.02    277693905.5
BANK FORUM -GDR       639540Z LX    -5331676.798     2243068982
BANK FORUM -GDR       B5F GR        -5331676.798     2243068982
BANK FORUM -GDR       FRMB038 RU    -5331676.798     2243068982
BANK FORUM -GDR       BFJG IX       -5331676.798     2243068982
BANK FORUM JSC        FORM UZ       -5331676.798     2243068982
DNEPROPETROVSK        DMZP UZ       -15926384.43    424303604.8
DONETSKOBLENERGO      DOON UZ       -215090745.2    394460346.2
LUGANSKGAS            LYGZ UZ       -16910611.07    109918477.6
LUGANSKOBLENERGO      LOEN UZ       -27621096.54    197769532.3
NAFTOKHIMIK PRIC      NAFP UZ       -19746288.63    299014707.5
NAFTOKHIMIK-GDR       N3ZA GR       -19746288.63    299014707.5
ODESSA OIL REFIN      ONPZ UZ       -111365037.3    482408362.5
ZALK - PFTS           ZALK UZ       -43917601.26    146530718.8

UNITED KINGDOM
--------------
4LESS GROUP           LI4 TH        -3088436.068    106650689.4
4LESS GROUP           FLG OF        -3088436.068    106650689.4
4LESS GROUP           BYH PO        -3088436.068    106650689.4
4LESS GROUP           FL/ PO        -3088436.068    106650689.4
4LESS GROUP           BHL PO        -3088436.068    106650689.4
4LESS GROUP           LI4 GR        -3088436.068    106650689.4
4LESS GROUP           FL/ LN        -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 LN        -215101594.9      121405070
AEA TECHNOLOGY        AAT EO        -215101594.9      121405070
AEA TECHNOLOGY        AAT IX        -215101594.9      121405070
AEA TECHNOLOGY        AAT PO        -215101594.9      121405070
AEA TECHNOLOGY        AAT VX        -215101594.9      121405070
AEA TECHNOLOGY        AAT EU        -215101594.9      121405070
AEA TECHNOLOGY        AAT PZ        -215101594.9      121405070
AEA TECHNOLOGY        AATGBP EO     -215101594.9      121405070
AEA TECHNOLOGY        AEY GR        -215101594.9      121405070
AEA TECHNOLOGY        EAETF US      -215101594.9      121405070
AEA TECHNOLO-NPR      AATN PZ       -215101594.9      121405070
AEA TECHNOLO-NPR      AATN LN       -215101594.9      121405070
AIRTOURS PLC          AIR LN        -379721841.6     1817512774
AIRTOURS PLC          ATORF US      -379721841.6     1817512774
AIRTOURS PLC          AIR VX        -379721841.6     1817512774
ALLDAYS PLC           317056Q LN      -120493900    252232072.9
ALLDAYS PLC           ALDYF US        -120493900    252232072.9
AMER BUS SYS          ARB LN          -497127008      121439000
AMEY PLC              AMY LN        -48862569.33    931527720.5
AMEY PLC              AMY VX        -48862569.33    931527720.5
AMEY PLC              AMEYF US      -48862569.33    931527720.5
AMEY PLC-ASSENT       AMYA LN       -48862569.33    931527720.5
AMEY PLC-NEW          AMYN LN       -48862569.33    931527720.5
ANKER PLC             ANK LN        -21861359.81      115463159
ANKER PLC             ANK PO        -21861359.81      115463159
ANKER PLC             DW14 GR       -21861359.81      115463159
ANKER PLC - ASSD      ANKC LN       -21861359.81      115463159
ANKER PLC - ASSD      ANKB LN       -21861359.81      115463159
ANKER PLC-ASSD        ANKA LN       -21861359.81      115463159
ATKINS (WS) PLC       ATK PO        -128972861.1     1328162171
ATKINS (WS) PLC       ATKEUR EO     -128972861.1     1328162171
ATKINS (WS) PLC       ATKEUR EU     -128972861.1     1328162171
ATKINS (WS) PLC       WATKY US      -128972861.1     1328162171
ATKINS (WS) PLC       ATK BQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK EO        -128972861.1     1328162171
ATKINS (WS) PLC       ATK PZ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK NQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK NR        -128972861.1     1328162171
ATKINS (WS) PLC       6W2 GR        -128972861.1     1328162171
ATKINS (WS) PLC       ATK VX        -128972861.1     1328162171
ATKINS (WS) PLC       ATK IX        -128972861.1     1328162171
ATKINS (WS) PLC       ATK TQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK QM        -128972861.1     1328162171
ATKINS (WS) PLC       ATKGBP EO     -128972861.1     1328162171
ATKINS (WS) PLC       ATK LN        -128972861.1     1328162171
ATKINS (WS) PLC       WATKF US      -128972861.1     1328162171
ATKINS (WS) PLC       ATK EU        -128972861.1     1328162171
ATKINS (WS) PLC       ATK EB        -128972861.1     1328162171
BAYDONHILL PLC        BHL LN        -3088436.068    106650689.4
BAYDONHILL PLC        BHL EO        -3088436.068    106650689.4
BAYDONHILL PLC        BHL EU        -3088436.068    106650689.4
BAYDONHILL PLC        BHL PZ        -3088436.068    106650689.4
BAYDONHILL PLC        BHL PG        -3088436.068    106650689.4
BAYDONHILL PLC        BHL IX        -3088436.068    106650689.4
BAYDONHILL PLC        BYH LN        -3088436.068    106650689.4
BLACK & EDGINGTO      BLE LN        -128538078.1      135158758
BNB RECRUITMENT       BNB LN        -10242627.53      103637705
BNB RECRUITMENT       BNB IX        -10242627.53      103637705
BNB RECRUITMENT       BNB PO        -10242627.53      103637705
BNB RECRUITMENT       BQX GR        -10242627.53      103637705
BNB RECRUITMENT       BNBRF US      -10242627.53      103637705
BOOKER PLC            987188Q LN     -59832880.4     1298182549
BOOKER PLC            BKERF US       -59832880.4     1298182549
BOOKER PLC            1330Q GR       -59832880.4     1298182549
BOOKER PLC-ADR        BOK$ LN        -59832880.4     1298182549
BOOKER PLC-ADR        BKRUY US       -59832880.4     1298182549
BRADSTOCK GROUP       BDK LN        -1855444.443    268563822.5
BRADSTOCK GROUP       BSKGF US      -1855444.443    268563822.5
BRIT ENERGY LTD       523362Q LN     -5822867501     4921095750
BRIT ENERGY PLC       555140Q VX     -5822867501     4921095750
BRIT ENERGY PLC       BHEGF US       -5822867501     4921095750
BRIT ENERGY PLC       BGYEF US       -5822867501     4921095750
BRIT ENERGY PLC       BEN1 GR        -5822867501     4921095750
BRIT ENERGY-A         BENA GR        -5822867501     4921095750
BRIT ENERGY-ADR       BHEFF US       -5822867501     4921095750
BRIT NUCLEAR          1046Z LN       -4247644150    40325778907
BRIT TELECOM          BTE GR         -3989195720    43568216595
BRIT TELECOM          9484 JP        -3989195720    43568216595
BRIT TELECOM PLC      BTPWF US       -3989195720    43568216595
BRIT TELECOM PLC      BTPLF US       -3989195720    43568216595
BRIT TELECOM PLC      BT/A VX        -3989195720    43568216595
BRIT TELECOM-ADR      BTEA GR        -3989195720    43568216595
BRIT TELECOM-ADR      1481Q CN       -3989195720    43568216595
BRIT TELECOM-RTS      BTY-R US       -3989195720    43568216595
BRITISH ENER-$US      BGYD AR        -5822867501     4921095750
BRITISH ENER-$US      BGYNYD 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      BGYNYC AR      -5822867501     4921095750
BRITISH ENER-C/E      BGYC AR        -5822867501     4921095750
BRITISH ENER-CED      BGY AR         -5822867501     4921095750
BRITISH ENER-CED      BGYNY AR       -5822867501     4921095750
BRITISH ENERGY-A      BGYA PO        -5822867501     4921095750
BRITISH ENERGY-A      BHEAF US       -5822867501     4921095750
BRITISH ENERGY-A      3012442Q LN    -5822867501     4921095750
BRITISH ENERGY-A      BGYA VX        -5822867501     4921095750
BRITISH ENERGY-A      BGYGF US       -5822867501     4921095750
BRITISH TELE-FP       BT/F LN        -3989195720    43568216595
BRITISH TELE-NP       BT/N LN        -3989195720    43568216595
BRITISH TELE-NP       BTPXF US       -3989195720    43568216595
BRITVIC               B6S GR        -34575750.23     1311266070
BRITVIC PLC           BVIC EU       -34575750.23     1311266070
BRITVIC PLC           BVICUSD EU    -34575750.23     1311266070
BRITVIC PLC           BVIC PZ       -34575750.23     1311266070
BRITVIC PLC           BVIC NR       -34575750.23     1311266070
BRITVIC PLC           BVICEUR EU    -34575750.23     1311266070
BRITVIC PLC           BVIC EO       -34575750.23     1311266070
BRITVIC PLC           BTVCF US      -34575750.23     1311266070
BRITVIC PLC           BVIC NQ       -34575750.23     1311266070
BRITVIC PLC           BVIC QM       -34575750.23     1311266070
BRITVIC PLC           BVIC BQ       -34575750.23     1311266070
BRITVIC PLC           BVIC IX       -34575750.23     1311266070
BRITVIC PLC           BVIC EB       -34575750.23     1311266070
BRITVIC PLC           BVIC TQ       -34575750.23     1311266070
BRITVIC PLC           BVIC LN       -34575750.23     1311266070
BRITVIC PLC           BVIC VX       -34575750.23     1311266070
BRITVIC PLC           BVICUSD EO    -34575750.23     1311266070
BRITVIC PLC           BVICGBP EO    -34575750.23     1311266070
BRITVIC PLC           BVICEUR EO    -34575750.23     1311266070
BRITVIC PLC-ADR       BTVCY US      -34575750.23     1311266070
BT GROUP PLC          BT/AUSD EO     -3989195720    43568216595
BT GROUP PLC          BTQ TH         -3989195720    43568216595
BT GROUP PLC          BT PZ          -3989195720    43568216595
BT GROUP PLC          BT/A PO        -3989195720    43568216595
BT GROUP PLC          BT/ VX         -3989195720    43568216595
BT GROUP PLC          BT/A EU        -3989195720    43568216595
BT GROUP PLC          BT/AUSD EU     -3989195720    43568216595
BT GROUP PLC          BT/A LN        -3989195720    43568216595
BT GROUP PLC          BT/APEN EO     -3989195720    43568216595
BT GROUP PLC          BTEG IX        -3989195720    43568216595
BT GROUP PLC          BT/A EO        -3989195720    43568216595
BT GROUP PLC          BT IX          -3989195720    43568216595
BT GROUP PLC          BT/A QM        -3989195720    43568216595
BT GROUP PLC          BT/AEUR EU     -3989195720    43568216595
BT GROUP PLC          BT/AGBP EO     -3989195720    43568216595
BT GROUP PLC          BT/APEN EU     -3989195720    43568216595
BT GROUP PLC          BT/A NR        -3989195720    43568216595
BT GROUP PLC          BT/A TQ        -3989195720    43568216595
BT GROUP PLC          BTGOF US       -3989195720    43568216595
BT GROUP PLC          BTQ GR         -3989195720    43568216595
BT GROUP PLC          BT/A BQ        -3989195720    43568216595
BT GROUP PLC          BT/A EB        -3989195720    43568216595
BT GROUP PLC          BT/AEUR EO     -3989195720    43568216595
BT GROUP PLC          BT/A NQ        -3989195720    43568216595
BT GROUP PLC-ADR      BT/$ LN        -3989195720    43568216595
BT GROUP PLC-W/I      BTWI LN        -3989195720    43568216595
BT GROUP-ADR          BTQA GR        -3989195720    43568216595
BT GROUP-ADR WI       BTY-W US       -3989195720    43568216595
BT GROUP-CED $US      BTD AR         -3989195720    43568216595
BT GROUP-CED $US      BTYD AR        -3989195720    43568216595
BT GROUP-CED BLK      BTYB AR        -3989195720    43568216595
BT GROUP-CED BLK      BTB AR         -3989195720    43568216595
BT GROUP-CED C/E      BTYC AR        -3989195720    43568216595
BT GROUP-CED C/E      BTC AR         -3989195720    43568216595
BT GROUP-CEDEAR       BT AR          -3989195720    43568216595
BT GROUP-CEDEAR       BTY AR         -3989195720    43568216595
BT GROUP-SPON AD      BT US          -3989195720    43568216595
BT GROUP-SPON AD      BTYN MM        -3989195720    43568216595
BT GROUP-SPON AD      BT MM          -3989195720    43568216595
BT GROUP-SPON AD      BTY US         -3989195720    43568216595
CARLISLE GROUP        506819Q LN    -11904426.45      203548565
CATTLES PLC           CTT IX        -599615492.2     3880885246
CATTLES PLC           CTT BQ        -599615492.2     3880885246
CATTLES PLC           CTTUSD EU     -599615492.2     3880885246
CATTLES PLC           CTT EO        -599615492.2     3880885246
CATTLES PLC           CTT EU        -599615492.2     3880885246
CATTLES PLC           CTT EB        -599615492.2     3880885246
CATTLES PLC           CHOXF US      -599615492.2     3880885246
CATTLES PLC           CTT LN        -599615492.2     3880885246
CATTLES PLC           CTTSEK EU     -599615492.2     3880885246
CATTLES PLC           CTTEUR EO     -599615492.2     3880885246
CATTLES PLC           CTTGBP EO     -599615492.2     3880885246
CATTLES PLC           CTTSEK EO     -599615492.2     3880885246
CATTLES PLC           CZS GR        -599615492.2     3880885246
CATTLES PLC           CTT NR        -599615492.2     3880885246
CATTLES PLC           CTT TQ        -599615492.2     3880885246
CATTLES PLC           CTT PO        -599615492.2     3880885246
CATTLES PLC           CTT VX        -599615492.2     3880885246
CATTLES PLC           CTT QM        -599615492.2     3880885246
CATTLES PLC           CTTUSD EO     -599615492.2     3880885246
CATTLES PLC           CTT NQ        -599615492.2     3880885246
CATTLES PLC           CTTEUR EU     -599615492.2     3880885246
CATTLES PLC           CTT PZ        -599615492.2     3880885246
CATTLES PLC-ADR       CHOXY US      -599615492.2     3880885246
CATTLES PLC-FPR       CTTF LN       -599615492.2     3880885246
CATTLES PLC-FPR       CTTF PZ       -599615492.2     3880885246
CATTLES PLC-NPR       CTTN IX       -599615492.2     3880885246
CATTLES PLC-NPR       CTTN LN       -599615492.2     3880885246
CATTLES PLC-NPR       CCTN PZ       -599615492.2     3880885246
CATTLES PLC-NPR       2843726Q EO   -599615492.2     3880885246
CATTLES PLC-NPR       2843730Q EU   -599615492.2     3880885246
CATTLES PLC-NPR       2843734Q EO   -599615492.2     3880885246
CATTLES PLC-NPR       CTTN PZ       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR LN       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR IX       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR PZ       -599615492.2     3880885246
CHRYSALIS GROUP       CHS PZ        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSUSD EU     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS EO        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSEUR EO     -7404166.369    111800785.4
CHRYSALIS GROUP       5CY GR        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS PO        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSUSD EO     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS LN        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS IX        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS EU        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSEUR EU     -7404166.369    111800785.4
CHRYSALIS GROUP       CLYSF US      -7404166.369    111800785.4
CHRYSALIS GROUP       CYGUF US      -7404166.369    111800785.4
CHRYSALIS GROUP       CHSGBP EO     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS VX        -7404166.369    111800785.4
CHRYSALIS GROUP       HR4 GR        -7404166.369    111800785.4
CLIPPER WINDPOWE      CWP LN          -337139008      354437024
CLIPPER WINDPOWE      CWP PG          -337139008      354437024
CLIPPER WINDPOWE      CWPA LN         -337139008      354437024
CLIPPER WINDPOWE      CWP PZ          -337139008      354437024
CLIPPER WINDPOWE      3470635Q LN     -337139008      354437024
CLIPPER WINDPOWE      CWP IX          -337139008      354437024
CLIPPER WINDPOWE      CWP EO          -337139008      354437024
CLIPPER WINDPOWE      C2W GR          -337139008      354437024
CLIPPER WINDPOWE      CWP EU          -337139008      354437024
CLIPPER WINDPOWE      CRPWF US        -337139008      354437024
COMPASS GROU-OLD      1259Q LN      -668101173.9     2972459078
COMPASS GROUP         QOP GR        -668101173.9     2972459078
COMPASS GRP-ADR       CMSJY US      -668101173.9     2972459078
COMPASS GRP-ADR       CMSGY US      -668101173.9     2972459078
COSTAIN GROUP         CSGFF US       -6136239.91    692749189.9
COSTAIN GROUP         COSTUSD EO     -6136239.91    692749189.9
COSTAIN GROUP         COST PO        -6136239.91    692749189.9
COSTAIN GROUP         COST VX        -6136239.91    692749189.9
COSTAIN GROUP         COSTEUR EO     -6136239.91    692749189.9
COSTAIN GROUP         COSTEUR EU     -6136239.91    692749189.9
COSTAIN GROUP         COST EU        -6136239.91    692749189.9
COSTAIN GROUP         COSTUSD EU     -6136239.91    692749189.9
COSTAIN GROUP         COST EO        -6136239.91    692749189.9
COSTAIN GROUP         COST LN        -6136239.91    692749189.9
COSTAIN GROUP         COSTGBP EO     -6136239.91    692749189.9
COSTAIN GROUP         COST IX        -6136239.91    692749189.9
COSTAIN GROUP         COST PZ        -6136239.91    692749189.9
COSTAIN GROU-RTS      COSN LN        -6136239.91    692749189.9
COSTAIN GROU-RTS      COSF LN        -6136239.91    692749189.9
CPP GROUP PLC         4CV GR        -69442858.18    225437367.4
CPP GROUP PLC         CPP PZ        -69442858.18    225437367.4
CPP GROUP PLC         CPP EU        -69442858.18    225437367.4
CPP GROUP PLC         CPP LN        -69442858.18    225437367.4
CPP GROUP PLC         CPP EB        -69442858.18    225437367.4
CPP GROUP PLC         CPP IX        -69442858.18    225437367.4
DANKA BUS SYSTEM      DNK PO          -497127008      121439000
DANKA BUS SYSTEM      DNK PZ          -497127008      121439000
DANKA BUS SYSTEM      DANKF US        -497127008      121439000
DANKA BUS SYSTEM      3205287Q EU     -497127008      121439000
DANKA BUS SYSTEM      3205283Q EO     -497127008      121439000
DANKA BUS SYSTEM      DNK IX          -497127008      121439000
DANKA BUS SYSTEM      3205291Q EO     -497127008      121439000
DANKA BUS SYSTEM      DNK VX          -497127008      121439000
DANKA BUS SYSTEM      DNK LN          -497127008      121439000
DANKA BUS-$US CE      DANKD AR        -497127008      121439000
DANKA BUS-ADR         DB6 GR          -497127008      121439000
DANKA BUS-ADR         AP39 LI         -497127008      121439000
DANKA BUS-ADR         DANKE US        -497127008      121439000
DANKA BUS-ADR         DANKY US        -497127008      121439000
DANKA BUS-BLK CE      DANKB AR        -497127008      121439000
DANKA BUS-C/E CE      DANKC AR        -497127008      121439000
DANKA BUS-CEDEAR      DANK AR         -497127008      121439000
EASYNET GROUP         EZNGF US      -60380609.34    334049332.2
EASYNET GROUP         ESY PO        -60380609.34    334049332.2
EASYNET GROUP         ESY VX        -60380609.34    334049332.2
EASYNET GROUP         ESY LN        -60380609.34    334049332.2
EASYNET GROUP         EAY GR        -60380609.34    334049332.2
EASYNET GROUP-CV      91009Z LN     -60380609.34    334049332.2
EMI GROUP -ASSD       EMIA LN        -2265916257     2950021937
EMI GROUP LTD         EMI LN         -2265916257     2950021937
EMI GROUP PLC         EMIPF US       -2265916257     2950021937
EMI GROUP PLC         EMI IX         -2265916257     2950021937
EMI GROUP PLC         EMI VX         -2265916257     2950021937
EMI GROUP PLC         3020138Q GR    -2265916257     2950021937
EMI GROUP PLC         EMI PO         -2265916257     2950021937
EMI GROUP PLC-B       1019425Q LN    -2265916257     2950021937
EMI GROUP-ADR         38IS LN        -2265916257     2950021937
EMI GROUP-ADR         EMI$ LN        -2265916257     2950021937
EMI GROUP-ADR         EMIPY US       -2265916257     2950021937
EUROPEAN HOME         EHR PZ        -14328735.16    110864081.4
EUROPEAN HOME         FPAKF US      -14328735.16    110864081.4
EUROPEAN HOME         EHRGBP EO     -14328735.16    110864081.4
EUROPEAN HOME         EHREUR EU     -14328735.16    110864081.4
EUROPEAN HOME         KLZ PO        -14328735.16    110864081.4
EUROPEAN HOME         KLZ VX        -14328735.16    110864081.4
EUROPEAN HOME         EHREUR EO     -14328735.16    110864081.4
EUROPEAN HOME         EHR EU        -14328735.16    110864081.4
EUROPEAN HOME         EHR VX        -14328735.16    110864081.4
EUROPEAN HOME         EHR PO        -14328735.16    110864081.4
EUROPEAN HOME         EHR EO        -14328735.16    110864081.4
EUROPEAN HOME         EHR LN        -14328735.16    110864081.4
FAREPAK PLC           FPK LN        -14328735.16    110864081.4
GALA CORAL GROUP      19374Z LN      -1328160550     7259667191
GALIFORM PLC          GFRMEUR EU    -117673114.1    573836054.4
GALIFORM PLC          GFRMNOK EO    -117673114.1    573836054.4
GALIFORM PLC          GFRM EO       -117673114.1    573836054.4
GALIFORM PLC          GFRMGBP EO    -117673114.1    573836054.4
GALIFORM PLC          GFRM BQ       -117673114.1    573836054.4
GALIFORM PLC          GFRM PZ       -117673114.1    573836054.4
GALIFORM PLC          GFRM NR       -117673114.1    573836054.4
GALIFORM PLC          GFRM EU       -117673114.1    573836054.4
GALIFORM PLC          GFRM IX       -117673114.1    573836054.4
GALIFORM PLC          MFIFF US      -117673114.1    573836054.4
GALIFORM PLC          GFRM PO       -117673114.1    573836054.4
GALIFORM PLC          MFI VX        -117673114.1    573836054.4
GALIFORM PLC          GFRM QM       -117673114.1    573836054.4
GALIFORM PLC          GFRM VX       -117673114.1    573836054.4
GALIFORM PLC          GFRMEUR EO    -117673114.1    573836054.4
GALIFORM PLC          GLFMF US      -117673114.1    573836054.4
GALIFORM PLC          GFRMNOK EU    -117673114.1    573836054.4
GALIFORM PLC          GFRM LN       -117673114.1    573836054.4
GALIFORM PLC          GFRM NQ       -117673114.1    573836054.4
GALIFORM PLC          MFI PO        -117673114.1    573836054.4
GALIFORM PLC          GFRM EB       -117673114.1    573836054.4
GALIFORM PLC          GFRM TQ       -117673114.1    573836054.4
GALIFORM PLC          MFI IX        -117673114.1    573836054.4
GARTLAND WHALLEY      GWB LN        -10986769.42    145352034.5
GO-AHEAD GRO-ADR      GHGUY US      -44415250.72     1780324810
GO-AHEAD GROUP        GHGUF US      -44415250.72     1780324810
GO-AHEAD GROUP        GOG EB        -44415250.72     1780324810
GO-AHEAD GROUP        GOG NQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG LN        -44415250.72     1780324810
GO-AHEAD GROUP        GOGGBP EO     -44415250.72     1780324810
GO-AHEAD GROUP        GOG IX        -44415250.72     1780324810
GO-AHEAD GROUP        GOG VX        -44415250.72     1780324810
GO-AHEAD GROUP        GOG PO        -44415250.72     1780324810
GO-AHEAD GROUP        GOG EO        -44415250.72     1780324810
GO-AHEAD GROUP        GOGEUR EU     -44415250.72     1780324810
GO-AHEAD GROUP        GOG EU        -44415250.72     1780324810
GO-AHEAD GROUP        GOG TQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG NR        -44415250.72     1780324810
GO-AHEAD GROUP        GOG BQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOGEUR EO     -44415250.72     1780324810
GO-AHEAD GROUP        GOG PZ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG QM        -44415250.72     1780324810
GO-AHEAD GROUP        G9X GR        -44415250.72     1780324810
GREEN (E) & PART      GEP LN        -35008863.49    305242409.9
HAWTIN PLC            HTI EO        -3873861.331    110875080.8
HAWTIN PLC            HWN GR        -3873861.331    110875080.8
HAWTIN PLC            HWN TH        -3873861.331    110875080.8
HAWTIN PLC            HTI PG        -3873861.331    110875080.8
HAWTIN PLC            HTI VX        -3873861.331    110875080.8
HAWTIN PLC            HTI PZ        -3873861.331    110875080.8
HAWTIN PLC            HTI LN        -3873861.331    110875080.8
HAWTIN PLC            HTI IX        -3873861.331    110875080.8
HAWTIN PLC            HTI EU        -3873861.331    110875080.8
HAWTIN PLC            HTI PO        -3873861.331    110875080.8
HILTON G-CRT OLD      HIGT BB       -97533918.57     1748505414
HILTON GROUP PLC      HLTGF US      -97533918.57     1748505414
HILTON GROUP PLC      HG/ LN        -97533918.57     1748505414
HILTON GROUP PLC      HG PO         -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
IGLO BIRDS EYE        2332487Z LN   -340594497.5     3096975127
INEOS GROUP HLDG      6623Z LN      -798534470.8    15936006904
JARVIS PLC            JRVS EO       -64739862.73      130951086
JARVIS PLC            JVR GR        -64739862.73      130951086
JARVIS PLC            JRVSEUR EO    -64739862.73      130951086
JARVIS PLC            JRVS IX       -64739862.73      130951086
JARVIS PLC            JRVS LN       -64739862.73      130951086
JARVIS PLC            JRVS PZ       -64739862.73      130951086
JARVIS PLC            JRVS EU       -64739862.73      130951086
JARVIS PLC            JRVS VX       -64739862.73      130951086
JARVIS PLC            JVSPF US      -64739862.73      130951086
JARVIS PLC            JRVSGBP EO    -64739862.73      130951086
JARVIS PLC            JRVS PO       -64739862.73      130951086
JARVIS PLC            JRVSEUR EU    -64739862.73      130951086
JESSOPS PLC           JS4 GR         -42702021.2    112964060.4
JESSOPS PLC           JSP LN         -42702021.2    112964060.4
JESSOPS PLC           JSPEUR EU      -42702021.2    112964060.4
JESSOPS PLC           JSPEUR EO      -42702021.2    112964060.4
JESSOPS PLC           JSP IX         -42702021.2    112964060.4
JESSOPS PLC           JSP VX         -42702021.2    112964060.4
JESSOPS PLC           JSPGBP EO      -42702021.2    112964060.4
JESSOPS PLC           JSP EO         -42702021.2    112964060.4
JESSOPS PLC           JSP EU         -42702021.2    112964060.4
JESSOPS PLC           JSP PO         -42702021.2    112964060.4
JESSOPS PLC           JSP PZ         -42702021.2    112964060.4
KLEENEZE PLC          KLZ LN        -14328735.16    110864081.4
KOP FOOTBALL HOL      3315203Z LN   -214487094.9    590218957.6
KOP FOOTBALL LTD      901297Z LN    -105207451.9    474568063.7
LADBROKE GROUP        LADB LN       -97533918.57     1748505414
LADBROKE GRP-IDR      695767Q BB    -97533918.57     1748505414
LADBROKE GRP-OLD      LADB BB       -97533918.57     1748505414
LADBROKES - FPR       LADF LN       -97533918.57     1748505414
LADBROKES - FPR       LADF PZ       -97533918.57     1748505414
LADBROKES PLC         LAD IX        -97533918.57     1748505414
LADBROKES PLC         LADEUR EO     -97533918.57     1748505414
LADBROKES PLC         LAD PO        -97533918.57     1748505414
LADBROKES PLC         LADUSD EO     -97533918.57     1748505414
LADBROKES PLC         HG/ VX        -97533918.57     1748505414
LADBROKES PLC         LAD NR        -97533918.57     1748505414
LADBROKES PLC         LAD EO        -97533918.57     1748505414
LADBROKES PLC         LAD QM        -97533918.57     1748505414
LADBROKES PLC         LAD VX        -97533918.57     1748505414
LADBROKES PLC         LAD TQ        -97533918.57     1748505414
LADBROKES PLC         LAD NQ        -97533918.57     1748505414
LADBROKES PLC         LAD EU        -97533918.57     1748505414
LADBROKES PLC         LADEUR EU     -97533918.57     1748505414
LADBROKES PLC         LADNZD EU     -97533918.57     1748505414
LADBROKES PLC         LDBKF US      -97533918.57     1748505414
LADBROKES PLC         LADNZD EO     -97533918.57     1748505414
LADBROKES PLC         LAD EB        -97533918.57     1748505414
LADBROKES PLC         LADGBP EO     -97533918.57     1748505414
LADBROKES PLC         LAD GR        -97533918.57     1748505414
LADBROKES PLC         LAD LN        -97533918.57     1748505414
LADBROKES PLC         LAD BQ        -97533918.57     1748505414
LADBROKES PLC         LAD PZ        -97533918.57     1748505414
LADBROKES PLC-AD      LDBKY LN      -97533918.57     1748505414
LADBROKES PLC-AD      LDBKY US      -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      889687Q GR     -73166148.8    143762193.7
LEEDS UNITED PLC      LDSUF US       -73166148.8    143762193.7
LEEDS UNITED PLC      LUFC LN        -73166148.8    143762193.7
LONDON TOWN PLC       LTW EO        -21897636.36    175672299.2
LONDON TOWN PLC       LTW PG        -21897636.36    175672299.2
LONDON TOWN PLC       LTW EU        -21897636.36    175672299.2
LONDON TOWN PLC       LTWX LN       -21897636.36    175672299.2
LONDON TOWN PLC       LTW IX        -21897636.36    175672299.2
LONDON TOWN PLC       LTW LN        -21897636.36    175672299.2
LONDON TOWN PLC       LOU GR        -21897636.36    175672299.2
LONDON TOWN PLC       LTW PO        -21897636.36    175672299.2
LONDON TOWN PLC       LTWR LN       -21897636.36    175672299.2
LONDON TOWN PLC       LTW PZ        -21897636.36    175672299.2
M 2003 PLC            203055Q LN     -2203513803     7204891602
M 2003 PLC            MTWOF US       -2203513803     7204891602
M 2003 PLC-ADR        MTWOE US       -2203513803     7204891602
M 2003 PLC-ADR        MTWOY US       -2203513803     7204891602
MARCONI PLC           203083Q VX     -2203513803     7204891602
MARCONI PLC           MNI LN         -2203513803     7204891602
MARCONI PLC           MONI BB        -2203513803     7204891602
MARCONI PLC           MNI BB         -2203513803     7204891602
MARCONI PLC           MY2 GR         -2203513803     7204891602
MARCONI PLC           MRCQF US       -2203513803     7204891602
MARCONI PLC-ADR       QUQMON AU      -2203513803     7204891602
MARCONI PLC-ADR       MRCQY US       -2203513803     7204891602
MARCONI PLC-ADR       MONIY US       -2203513803     7204891602
MARCONI PLC-ADR       MONI US        -2203513803     7204891602
MARCONI PLC-ADR       MONIE US       -2203513803     7204891602
MARCONI PLC-ADR       MCONY US       -2203513803     7204891602
MARCONI PLC-ADR       MCBA GR        -2203513803     7204891602
MARCONI PLC-ADR       MY2A GR        -2203513803     7204891602
MFI FURNITURE GR      MFI LN        -117673114.1    573836054.4
MYTRAVEL GROUP        MT/S PO       -379721841.6     1817512774
MYTRAVEL GROUP        MYTPF US      -379721841.6     1817512774
MYTRAVEL GROUP        ARO2 GR       -379721841.6     1817512774
MYTRAVEL GROUP        MT/S VX       -379721841.6     1817512774
MYTRAVEL GROUP        MT/S LN       -379721841.6     1817512774
MYTRAVEL GROUP        3544280Q IX   -379721841.6     1817512774
MYTRAVEL GROUP P      MYTGF US      -379721841.6     1817512774
MYTRAVEL GROUP P      1018144Q GR   -379721841.6     1817512774
MYTRAVEL GROUP P      MT/ VX        -379721841.6     1817512774
MYTRAVEL GROUP-A      2281919Q GR   -379721841.6     1817512774
MYTRAVEL GROUP-A      MYTVF US      -379721841.6     1817512774
NEW STAR ASSET        NSAA LN         -397718038    292972732.1
NEW STAR ASSET        3226431Q EU     -397718038    292972732.1
NEW STAR ASSET        NSAM PO         -397718038    292972732.1
NEW STAR ASSET        NSAM PZ         -397718038    292972732.1
NEW STAR ASSET        NSAM TQ         -397718038    292972732.1
NEW STAR ASSET        NSAM IX         -397718038    292972732.1
NEW STAR ASSET        3226439Q EU     -397718038    292972732.1
NEW STAR ASSET        3226443Q EO     -397718038    292972732.1
NEW STAR ASSET        NSAM LN         -397718038    292972732.1
NEW STAR ASSET        3226435Q EO     -397718038    292972732.1
NEW STAR ASSET        N6S GR          -397718038    292972732.1
NEW STAR ASSET        3226447Q EO     -397718038    292972732.1
NEW STAR ASSET        NWSAF US        -397718038    292972732.1
NORTHERN FOODS        NFDS PZ       -30711069.58    891077074.3
NORTHERN FOODS        NFDS LN       -30711069.58    891077074.3
NORTHERN FOODS        NTFOF US      -30711069.58    891077074.3
NORTHERN FOODS        NFDS QM       -30711069.58    891077074.3
NORTHERN FOODS        NFDS EO       -30711069.58    891077074.3
NORTHERN FOODS        NFDS NR       -30711069.58    891077074.3
NORTHERN FOODS        NFDS EU       -30711069.58    891077074.3
NORTHERN FOODS        NFDSEUR EU    -30711069.58    891077074.3
NORTHERN FOODS        NFDSEUR EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDS NQ       -30711069.58    891077074.3
NORTHERN FOODS        NFO GR        -30711069.58    891077074.3
NORTHERN FOODS        NFDS EB       -30711069.58    891077074.3
NORTHERN FOODS        NFDS BQ       -30711069.58    891077074.3
NORTHERN FOODS        NFDSUSD EU    -30711069.58    891077074.3
NORTHERN FOODS        NFDS TQ       -30711069.58    891077074.3
NORTHERN FOODS        NFDS VX       -30711069.58    891077074.3
NORTHERN FOODS        NFDS PO       -30711069.58    891077074.3
NORTHERN FOODS        NFDSGBP EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDSUSD EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDS IX       -30711069.58    891077074.3
NORTHERN FOODS P      NFDR LN       -30711069.58    891077074.3
NORTHERN FOO-NEW      NFDN LN       -30711069.58    891077074.3
NORTHERN FOO-RFD      650060Q LN    -30711069.58    891077074.3
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 PO        -4168498.479    127701679.5
ORBIS PLC             OBS LN        -4168498.479    127701679.5
ORBIS PLC             OBS IX        -4168498.479    127701679.5
ORBIS PLC             OBG PO        -4168498.479    127701679.5
ORBIS PLC             ORBSF US      -4168498.479    127701679.5
ORBIS PLC             OBS PZ        -4168498.479    127701679.5
ORBIS PLC             RLP GR        -4168498.479    127701679.5
PARK FOOD GROUP       PKFD LN       -52867263.19    185089877.3
PARK GROUP PLC        PKG VX        -52867263.19    185089877.3
PARK GROUP PLC        PKGGBP EO     -52867263.19    185089877.3
PARK GROUP PLC        PKG EO        -52867263.19    185089877.3
PARK GROUP PLC        PKG EU        -52867263.19    185089877.3
PARK GROUP PLC        PKG LN        -52867263.19    185089877.3
PARK GROUP PLC        PKG PO        -52867263.19    185089877.3
PARK GROUP PLC        PKG PZ        -52867263.19    185089877.3
PARK GROUP PLC        PRKGF US      -52867263.19    185089877.3
PARK GROUP PLC        PRKG IX       -52867263.19    185089877.3
PATIENTLINE PLC       2928903Q EU   -54677284.64    124948245.8
PATIENTLINE PLC       2928907Q EO   -54677284.64    124948245.8
PATIENTLINE PLC       PTL VX        -54677284.64    124948245.8
PATIENTLINE PLC       PTL LN        -54677284.64    124948245.8
PATIENTLINE PLC       PTL PZ        -54677284.64    124948245.8
PATIENTLINE PLC       2928899Q EO   -54677284.64    124948245.8
PATIENTLINE PLC       PTL PO        -54677284.64    124948245.8
PATIENTLINE PLC       PTL IX        -54677284.64    124948245.8
PROSTRAKAN GROUP      PSK VX         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK PO         -8881399.87    126115878.2
PROSTRAKAN GROUP      PKNGF US       -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK PZ         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKGBP EO      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKEUR EO      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK EU         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK LN         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK EO         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKEUR EU      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK IX         -8881399.87    126115878.2
REGUS LTD             273187Q LN    -46111835.37      367181111
REGUS PLC             2296Z LN      -46111835.37      367181111
REGUS PLC             273195Q VX    -46111835.37      367181111
REGUS PLC             REGSF US      -46111835.37      367181111
REGUS PLC             RGU GR        -46111835.37      367181111
REGUS PLC-ADS         REGSY US      -46111835.37      367181111
REGUS PLC-ADS         RGUA GR       -46111835.37      367181111
REGUS PLC-ADS         REGS US       -46111835.37      367181111
REGUS PLC-ADS         REGSV US      -46111835.37      367181111
RENTOKIL INITIAL      RKLIF US      -242381476.4     3231214649
RENTOKIL INITIAL      RTO VX        -242381476.4     3231214649
RENTOKIL INITIAL      RTOGBP EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO IX        -242381476.4     3231214649
RENTOKIL INITIAL      RTO NQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTO QM        -242381476.4     3231214649
RENTOKIL INITIAL      RTO PO        -242381476.4     3231214649
RENTOKIL INITIAL      RTOG IX       -242381476.4     3231214649
RENTOKIL INITIAL      RTO TQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTOUSD EU     -242381476.4     3231214649
RENTOKIL INITIAL      RTO LN        -242381476.4     3231214649
RENTOKIL INITIAL      RTO EB        -242381476.4     3231214649
RENTOKIL INITIAL      RTOKF US      -242381476.4     3231214649
RENTOKIL INITIAL      RTOUSD EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO EO        -242381476.4     3231214649
RENTOKIL INITIAL      RTO PZ        -242381476.4     3231214649
RENTOKIL INITIAL      RTOEUR EU     -242381476.4     3231214649
RENTOKIL INITIAL      RTO EU        -242381476.4     3231214649
RENTOKIL INITIAL      RTO GR        -242381476.4     3231214649
RENTOKIL INITIAL      RTOEUR EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO BQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTO1 GR       -242381476.4     3231214649
RENTOKIL INITIAL      RTO NR        -242381476.4     3231214649
RENTOKIL-SP ADR       AP76 LI       -242381476.4     3231214649
RENTOKIL-SP ADR       RTOKY US      -242381476.4     3231214649
SAATCHI & SA-ADR      SSI$ LN       -119260804.2    705060824.5
SAATCHI & SA-ADR      SSA US        -119260804.2    705060824.5
SAATCHI & SAATCH      188190Q GR    -119260804.2    705060824.5
SAATCHI & SAATCH      SSATF US      -119260804.2    705060824.5
SAATCHI & SAATCH      SSI LN        -119260804.2    705060824.5
SCOTTISH MEDIA        SSM LN        -51512119.25      207340304
SCOTTISH MEDIA        SSMR LN       -51512119.25      207340304
SCOTTISH MEDIA        1442Q GR      -51512119.25      207340304
SCOTTISH TELEV        SCTVF US      -51512119.25      207340304
SFI GROUP PLC         SUF LN        -108067115.8    177647536.1
SFI GROUP PLC         SUYFF US      -108067115.8    177647536.1
SKYEPHARMA PLC        SKP LN        -128538078.1      135158758
SKYEPHARMA PLC        SKPGBP EO     -128538078.1      135158758
SKYEPHARMA PLC        SKP1 VX       -128538078.1      135158758
SKYEPHARMA PLC        SKP PO        -128538078.1      135158758
SKYEPHARMA PLC        SKP VX        -128538078.1      135158758
SKYEPHARMA PLC        SKPEUR EU     -128538078.1      135158758
SKYEPHARMA PLC        SKP PZ        -128538078.1      135158758
SKYEPHARMA PLC        SKPEUR EO     -128538078.1      135158758
SKYEPHARMA PLC        SKP EU        -128538078.1      135158758
SKYEPHARMA PLC        SK8C GR       -128538078.1      135158758
SKYEPHARMA PLC        SKP IX        -128538078.1      135158758
SKYEPHARMA PLC        SK8A GR       -128538078.1      135158758
SKYEPHARMA PLC        SKP EO        -128538078.1      135158758
SKYEPHARMA PLC        SKYEF US      -128538078.1      135158758
SKYEPHARMA PLC        SKP TQ        -128538078.1      135158758
SKYEPHARMA -SUB       2976665Z LN   -128538078.1      135158758
SKYEPHARMA-ADR        SKYEY US      -128538078.1      135158758
SKYEPHARMA-ADR        SKYE US       -128538078.1      135158758
SKYEPHARMA-ADR        SKYPY US      -128538078.1      135158758
SKYEPHARMA-ADR        AP80 LI       -128538078.1      135158758
SKYEPHARMA-ADR        SK8N GR       -128538078.1      135158758
SKYEPHARMA-ADR        SK8 GR        -128538078.1      135158758
SKYEPHAR-RTS F/P      SKPF LN       -128538078.1      135158758
SKYEPHAR-RTS F/P      SKPF VX       -128538078.1      135158758
SKYEPHAR-RTS N/P      SKPN VX       -128538078.1      135158758
SKYEPHAR-RTS N/P      SKPN LN       -128538078.1      135158758
SMG PLC               SMG PO        -51512119.25      207340304
SMG PLC               SMG LN        -51512119.25      207340304
SMG PLC-FUL PAID      SMGF LN       -51512119.25      207340304
SMG PLC-NIL PAID      SMGN LN       -51512119.25      207340304
SMITHS NEWS PLC       NWS IX         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 EO        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 EO        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS VX         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS PO         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 BQ        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2EUR EU     -99944882.2    279114366.1
SMITHS NEWS PLC       SMWPF US       -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1GBP EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2GBP EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2EUR EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 TQ        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS LN         -99944882.2    279114366.1
SMITHS NEWS PLC       SMWPY US       -99944882.2    279114366.1
SMITHS NEWS PLC       NWS PZ         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 EU        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 EU        -99944882.2    279114366.1
STV GROUP PLC         SMGPF US      -51512119.25      207340304
STV GROUP PLC         STVG EU       -51512119.25      207340304
STV GROUP PLC         STVG EO       -51512119.25      207340304
STV GROUP PLC         SMG IX        -51512119.25      207340304
STV GROUP PLC         STVGEUR EO    -51512119.25      207340304
STV GROUP PLC         SMG VX        -51512119.25      207340304
STV GROUP PLC         STVG LN       -51512119.25      207340304
STV GROUP PLC         SMG PZ        -51512119.25      207340304
STV GROUP PLC         STVG VX       -51512119.25      207340304
STV GROUP PLC         STVGGBP EO    -51512119.25      207340304
STV GROUP PLC         STVGEUR EU    -51512119.25      207340304
TELEWEST COM-ADR      940767Q GR     -3702234581     7581020925
TELEWEST COM-ADR      TWSTD US       -3702234581     7581020925
TELEWEST COM-ADR      TWT$ LN        -3702234581     7581020925
TELEWEST COM-ADR      TWSTY US       -3702234581     7581020925
TELEWEST COMM         604296Q GR     -3702234581     7581020925
TELEWEST COMM         TWT VX         -3702234581     7581020925
TELEWEST COMM         715382Q LN     -3702234581     7581020925
TELEWEST COMM         TWSTF US       -3702234581     7581020925
THORN EMI PLC         THNE FP        -2265916257     2950021937
THORN EMI-ADR         TORNY US       -2265916257     2950021937
THORN EMI-ADR         THN$ LN        -2265916257     2950021937
THORN EMI-CDR         THN NA         -2265916257     2950021937
THORN EMI-REGD        1772Q GR       -2265916257     2950021937
TI AUTOMOTIVE-A       6525Z LN      -298787496.1     1730489867
TOPPS TILES PLC       TPT EU        -49423537.13    155303750.4
TOPPS TILES PLC       TPTGBP EO     -49423537.13    155303750.4
TOPPS TILES PLC       TPTJF US      -49423537.13    155303750.4
TOPPS TILES PLC       TPT TQ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTJY US      -49423537.13    155303750.4
TOPPS TILES PLC       TPT BQ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTEUR EO     -49423537.13    155303750.4
TOPPS TILES PLC       TPT LN        -49423537.13    155303750.4
TOPPS TILES PLC       TPT PO        -49423537.13    155303750.4
TOPPS TILES PLC       TPT PZ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTEUR EU     -49423537.13    155303750.4
TOPPS TILES PLC       TPT IX        -49423537.13    155303750.4
TOPPS TILES PLC       TPT VX        -49423537.13    155303750.4
TOPPS TILES PLC       TPT EO        -49423537.13    155303750.4
TOPPS TILES-NEW       TPTN LN       -49423537.13    155303750.4
UNIGATE PLC           UNIG LN       -24544959.64    626057950.8
UNIGATE PLC           UNGAF US      -24544959.64    626057950.8
UNIGATE PLC           1577Q GR      -24544959.64    626057950.8
UNIGATE PLC           UNGPF US      -24544959.64    626057950.8
UNIGATE PLC-ADR       UNGAY US      -24544959.64    626057950.8
UNIQ PLC              UNIQ VX       -24544959.64    626057950.8
UNIQ PLC              UNIQEUR EO    -24544959.64    626057950.8
UNIQ PLC              UNIQ LN       -24544959.64    626057950.8
UNIQ PLC              UGE GR        -24544959.64    626057950.8
UNIQ PLC              UNIQ PZ       -24544959.64    626057950.8
UNIQ PLC              UNIQ IX       -24544959.64    626057950.8
UNIQ PLC              UNQPF US      -24544959.64    626057950.8
UNIQ PLC              UNIQGBP EO    -24544959.64    626057950.8
UNIQ PLC              UNIQF US      -24544959.64    626057950.8
UNIQ PLC              UNIQ EU       -24544959.64    626057950.8
UNIQ PLC              UNIQ PO       -24544959.64    626057950.8
UNIQ PLC              UNIQ EO       -24544959.64    626057950.8
UNIQ PLC              UNIQEUR EU    -24544959.64    626057950.8
UTC GROUP             UGR LN        -11904426.45      203548565
VIRGIN MOB-ASSD       VMOC LN       -392165437.6    166070003.7
VIRGIN MOB-ASSD       VMOA LN       -392165437.6    166070003.7
VIRGIN MOBILE         VMOB LN       -392165437.6    166070003.7
VIRGIN MOBILE         VMOB VX       -392165437.6    166070003.7
VIRGIN MOBILE         UEM GR        -392165437.6    166070003.7
VIRGIN MOBILE         VMOB PO       -392165437.6    166070003.7
VIRGIN MOBILE         VGMHF US      -392165437.6    166070003.7
WARNER ESTATE         WNERGBP EO    -37798939.99    432125169.9
WARNER ESTATE         WNEHF US      -37798939.99    432125169.9
WARNER ESTATE         WNER EU       -37798939.99    432125169.9
WARNER ESTATE         WRL GR        -37798939.99    432125169.9
WARNER ESTATE         WNER EO       -37798939.99    432125169.9
WARNER ESTATE         WNER IX       -37798939.99    432125169.9
WARNER ESTATE         WNER LN       -37798939.99    432125169.9
WARNER ESTATE         WNER PO       -37798939.99    432125169.9
WARNER ESTATE         WNER VX       -37798939.99    432125169.9
WARNER ESTATE         WNER PZ       -37798939.99    432125169.9
WATSON & PHILIP       WTSN LN         -120493900    252232072.9
WHITE YOUNG GREE      WHY EU        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY VX        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYEUR EO     -35008863.49    305242409.9
WHITE YOUNG GREE      WHY LN        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY PO        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYGBP EO     -35008863.49    305242409.9
WHITE YOUNG GREE      WHY EO        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY PZ        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYEUR EU     -35008863.49    305242409.9
WHITE YOUNG-NEW       WHYN LN       -35008863.49    305242409.9
WINCANTON PL-ADR      WNCNY US      -151911497.1     1420828184
WINCANTON PLC         WIN PZ        -151911497.1     1420828184
WINCANTON PLC         WIN1USD EU    -151911497.1     1420828184
WINCANTON PLC         WIN1GBP EO    -151911497.1     1420828184
WINCANTON PLC         WIN1EUR EO    -151911497.1     1420828184
WINCANTON PLC         WIN1 NQ       -151911497.1     1420828184
WINCANTON PLC         WIN PO        -151911497.1     1420828184
WINCANTON PLC         WIN1 QM       -151911497.1     1420828184
WINCANTON PLC         WNCNF US      -151911497.1     1420828184
WINCANTON PLC         WIN1 TQ       -151911497.1     1420828184
WINCANTON PLC         WIN VX        -151911497.1     1420828184
WINCANTON PLC         WIN1EUR EU    -151911497.1     1420828184
WINCANTON PLC         WIN1 BQ       -151911497.1     1420828184
WINCANTON PLC         WIN IX        -151911497.1     1420828184
WINCANTON PLC         WIN LN        -151911497.1     1420828184
WINCANTON PLC         WIN1 EO       -151911497.1     1420828184
WINCANTON PLC         WIN1 EB       -151911497.1     1420828184
WINCANTON PLC         WIN1USD EO    -151911497.1     1420828184
WINCANTON PLC         WIN1 EU       -151911497.1     1420828184
WYG PLC               WYG LN        -35008863.49    305242409.9
WYG PLC               WYGEUR EO     -35008863.49    305242409.9
WYG PLC               WYG EU        -35008863.49    305242409.9
WYG PLC               WYGGBP EO     -35008863.49    305242409.9
WYG PLC               WYGEUR EU     -35008863.49    305242409.9
WYG PLC               WHY IX        -35008863.49    305242409.9
WYG PLC               WYG PZ        -35008863.49    305242409.9
WYG PLC               WYG EO        -35008863.49    305242409.9



                            *********

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 * * *