TCREUR_Public/100713.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 13, 2010, Vol. 11, No. 136

                            Headlines



C Z E C H   R E P U B L I C

KAREL DVORAK: Creditors Lodge More Than CZK1.2BB in Claims


F R A N C E

CARRERE GROUP: Placed in Liquidation by French Trade Court
EUROPCAR INTERNATIONAL: S&P Assigns 'B+' Corporate Credit Rating


G E R M A N Y

BOWE SYSTEC: Five Investors Eye Takeover of New Company
LEHMAN BROTHERS: Bankhaus Administrator Sells US$2.4 Bil. Claims


I R E L A N D

ANGLO IRISH: Agrees to Partly Waive Privilege Claim
CITYWEST HOTEL: Goes Into Full Receivership
DEKANIA EUROPE: S&P Cuts Ratings on Four Classes of Notes to CCC
EIRCOM GROUP: S&P Gives Negative Outlook; Affirms 'B-' Rating
KHEOPS CDO: S&P Puts BB+-Rated Class C-1E7 Notes on Watch Neg.


I T A L Y

FIAT SPA: Agrees With Two Unions to Implement Pomigliano Plan
SNAI SPA: S&P Affirms 'CCC+' Long-Term Corporate Credit Rating


R U S S I A

BTA-KAZAN: Fitch Upgrades Long-Term Foreign Currency IDR to 'B-'
CHELINDBANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B+'
PRIMSOTSBANK: Fitch Lifts Long-Term Foreign Currency IDR to 'B'
SKB-BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
SPURT BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'

* Moody's Assigns 'Ba2' Rating on City of Krasnodar's Bonds


S E R B I A   &   M O N T E N E G R O

AGROZIV: NLB May Face Up to EUR60 Million in Losses


S P A I N

HIPOCAT 10: S&P Junks Rating on Class C Notes From 'BBB'
HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'D'

* SPAIN: Political Influence Reduced Under New Savings-Bank Law


U K R A I N E

METINVEST BV: Moody's Changes Outlook on 'B2' Rating to Stable


U N I T E D   K I N G D O M

3G FOODSERVICE: Tough Market Conditions Prompt Administration
ALEXANDRA PLC: On the Verge of Administration; Shares Suspended
CARE UK: Moody's Assigns 'B1' Corporate Family Rating
CARE UK: S&P Assigns 'B+' Long-Term Corporate Credit Rating
EURODERM RESEARCH: Directors Sign Disqualification Undertakings

HWR TRANSPORT: Enters Voluntary Liquidation; 16 Jobs Affected
INTEREAD: Put Into Liquidation
KETECH GROUP: Mulls Company Voluntary Arrangement
PETER SCOTT: Sold to Gloverall by Administrators
QUAY RADIO: In Administration; Potential Buyer Being Sought

SOLAR TECHNIK: Director Disqualified After GBP1 Million Loss
TAYLOR WIMPEY: In Talks With Lenders Over Refinancing Package

* UK: Deloitte Says Administrations Down 43% in First Half 2010
* UK: R3 Says Bad Management Caused 60% of Corporate Insolvencies
* UK: Company Profit Warnings Exceptionally Low in Q2, E&Y Says


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



===========================
C Z E C H   R E P U B L I C
===========================


KAREL DVORAK: Creditors Lodge More Than CZK1.2BB in Claims
----------------------------------------------------------
Creditors of Karel Dvorak, which is in bankruptcy, have lodged
claims for more than CZK1.2 billion, CTK reports, citing
insolvency administrator Frantisek Penz.

According to the report, the claims have been lodged by 300
entities.  Most of the claims are so-called "conditional claims,"
the report notes.  The report says real claims total CZK489
million.

Karel Dvorak is a construction company based in Czech Republic.


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


CARRERE GROUP: Placed in Liquidation by French Trade Court
----------------------------------------------------------
John Hopewell and Elsa Keslassy at Variety report that a French
trade court has placed Carrere Group in liquidation Friday.

The report relates the ruling comes after a bid for Carrere by
Luxembourg-based Omega Entertainment was rejected.  According to
the report, Omega was reportedly willing to pay around EUR50
million (US$63 million) for Carrere, but wasn't able to guarantee
that sum in cash.

The liquidation runs to Sept. 30, the report says.

Carrere Group is TV producer based in France.  The company's
assets include Didier Brunner's film-TV animation production
powerhouse Les Armateurs and Ego Prods, producer of broadcaster
TF1's "Une famille formidable" and the French redo of U.K. ITV's
"Doc Martin," also for TF1, according to Variety.


EUROPCAR INTERNATIONAL: S&P Assigns 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B+' long-term corporate credit rating to Europcar
International S.A.S.U., a subsidiary of France-based car rental
firm Europcar Groupe S.A.  The outlook is negative.  The rating
and outlook on Europcar International are the same as those on
Europcar Groupe.

"The ratings on Europcar International and Europcar Groupe reflect
S&P's view of the group's highly leveraged financial risk profile
given its short-dated maturity profile and highly indebted
financial structure," said Standard & Poor's credit analyst
Abigail Klimovich.  "Furthermore, Europcar operates in an industry
that S&P considers to be price competitive, cyclical, and asset
intensive, and in S&P's view it lacks earnings diversity beyond
its main Western European markets."

Nevertheless, S&P notes that Europcar holds a leading position in
the European car rental market, has substantial operational
flexibility and efficiency, and holds a good competitive position
in relation to its major peers.  The current ratings on Europcar
assume that in the coming weeks, the group will successfully
refinance its EUR1.8 billion asset-backed loan (asset-backed
loan), which was drawn by about EUR835 million as of March 31,
2010.

S&P has assigned a preliminary 'B+' rating to Europcar
International in its capacity as a guarantor of the group's
EUR250 million senior secured notes due 2017 (senior secured
notes), issued on June 25, 2010.  The proceeds from the notes are
held in escrow, subject, among other things, to the successful
raising of a new senior asset revolving facility.  The
documentation indicates that once the combined proceeds of both
the senior secured notes and the SARF are sufficient to refinance
existing senior secured fleet debt, and once the other escrow
conditions are met, the escrow proceeds will be released.
According to the documentation, failure to complete the
refinancing of the asset-backed loan will result in the senior
secured notes being repaid at par plus accrued interest.

The ratings on the senior secured notes and on their guarantor,
Europcar International, are preliminary because the terms of the
new SARF are not yet finalized.  S&P's analysis is based on
preliminary information and documentation and incorporates certain
assumptions that S&P made based on the draft documentation and on
the proposed structure at closing.  The ratings are therefore
subject to S&P's satisfactory review of the final documentation.

In S&P's view, Europcar faces risks in relation to its significant
refinancing needs, given the sizable maturity of its asset-backed
loan at the end of May 2011.  To remain commensurate with the
current rating, S&P assumes that Europcar will be able to manage
its maturity profile.

S&P could lower the rating, potentially by more than one notch,
should Europcar fail to preserve an adequate liquidity profile,
according to S&P's classification (which includes the absence of
any significant short-term obligations not covered by available
liquidity sources) in the coming months.

Similarly, S&P believes that the ratings could come under pressure
should Europcar fail to improve its operating performance to
balance potentially higher funding costs, or should the group face
a fundamental change in its fleet-sourcing conditions, such as a
significantly lower percentage of fleet sourced under buyback
agreements.

The stability of the current 'B+' rating is dependent on Europcar
achieving funds from operations to adjusted debt consistently
above 10% throughout the year and EBITDA interest coverage of
about 2.5x.  Rating stability would also depend on Europcar
restoring an adequate liquidity position.

A positive rating change could result from the successful
completion of the planned refinancing of the asset-backed loan, so
long as S&P has more visibility on a potential recovery of demand
in the car rental industry.


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


BOWE SYSTEC: Five Investors Eye Takeover of New Company
-------------------------------------------------------
Five financial investors have submitted concrete purchase offers
for the new company of BOWE SYSTEC AG to the preliminary
insolvency administrator Werner Schneider.  The NewCo essentially
comprises the company's European and Japanese business.  "This
means we are still on course to finalize a takeover of these
activities by July 31," said Werner Schneider.  "The number of
offers shows that there is great interest in BOWE SYSTEC's
products and services, and is also clear evidence of the belief
that BOWE SYSTEC is now on its way back to successful times."

BOWE SYSTEC AG initiated insolvency proceedings on May 20, 2010,
but continued business operations without interruption under
Schneider.  At the end of June the Augsburg-based mailroom systems
manufacturer established a new company, BOWE SYSTEC GmbH, in order
to secure its long-term viability.  The new company combines all
German, European and Japanese activities as well as the company
Lasermax Roll Systems.  The shares of BOWE SYSTEC GmbH are the
object of the current sale process.

The preliminary insolvency administrator Werner Schneider expects
the purchase contract to be concluded by the end of July. All the
offers submitted so far envisage the existing production plants
remaining at the headquarters in Augsburg, which means that a
considerable number of jobs will be secured.

                        About BOWE SYSTEC

BOWE SYSTEC claims to be the European market leader in mailroom
systems.  While the public corporation (AG) affected by the
insolvency employs around 600 people, the group has around 3,300
employees worldwide.  In 2009 the Group generated consolidated
revenues of EUR367.1 million, which was 13.5% down on the previous
year as a result of the recession. Although the new top management
of BOWE SYSTEC AG has introduced dramatic restructuring measures
since early 2009, the company had to file for insolvency by mid-
May because it lacked a sound financing concept.


LEHMAN BROTHERS: Bankhaus Administrator Sells US$2.4 Bil. Claims
----------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that the
administrator of Lehman Brothers' German business has sold US$2.4
billion of claims against the bank to a group of distressed debt
funds, in a move that may help expedite the unwinding of the
bank's assets.

According to the FT, the claims sold by the administrator of
Lehman Brothers Bankhaus, a deposit-taking institution based in
Frankfurt, were against two Lehman units including its US business
Lehman Brothers Holding Inc.  The other unit, Lehman Commercial
Paper Inc., is backed mainly by real estate assets the FT notes.

The claims, which were sold to a group of distressed debt funds,
are estimated to have generated just under US$500,000 for the
administrator, the FT says, citing people familiar with the
transaction.

The trade of claims from Bankhaus, which is set to close this
week, is the biggest since the bank collapsed in 2008 and the
first trade of a claim between the different Lehman companies, the
FT discloses.

                      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)


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


ANGLO IRISH: Agrees to Partly Waive Privilege Claim
---------------------------------------------------
The Irish Times reports that an arrangement between Anglo Irish
Bank and the Director of Corporate Enforcement means certain
materials seized for the director's investigation into the bank,
including e-mails related to directors' loans, may be used by the
Director of Public Prosecutions when preparing any prosecutions
arising from the investigation.

The Irish Times relates Mr. Justice Peter Kelly on Friday made the
arrangement as part of a High Court order, which also provides
that public disclosure of the material by any person to whom it is
shown in the context of actual or contemplated prosecutions will
be contempt of court.

According to The Irish Times, the agreement by Anglo to partly
waive its privilege claim over a certain amount of electronic
material seized, including internal e-mails related to directors'
loans, is likely to result in a speedier investigation as it will
make available considerably more material to the ODCE and
consequently the DPP.  The material may now be provided to the
ODCE, his officials, expert witnesses, the DPP and any relevant
persons in the context of actual or contemplated prosecutions
arising from the investigation, The Irish Times says.

The court has been told it could take up to two years to complete
any criminal prosecution arising out of the ODCE investigation,
one of several into the bank, The Irish Times notes.

As reported by the Troubled Company Reporter-Europe on May 31,
2010, the Irish Times disclosed the Anglo inquiry is the most
complex conducted to date by the Director of Corporate
Enforcement, and involves a number of matters including:

    * the provision by Anglo in 2008 of financial assistance for
      the purchase of its shares;

    * matters associated with the loans made by Anglo to its
      directors over a number of years, and

    * matters relating to the declared level of customer deposits
      at Anglo in 2008.

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

                           *     *     *

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


CITYWEST HOTEL: Goes Into Full Receivership
-------------------------------------------
Dearbhail McDonald at Irish Independent reports that Jim
Mansfield's Citywest Hotel and golf complex went into full
receivership Friday.

Mr. Mansfield is now powerless to prevent a receiver selling off
his assets in the next few weeks in order to repay some of the
EUR180 million loans owed to Bank of Scotland (Ireland), Irish
Independent says.

According to Irish Independent, despite early indication, a
private investor has not come forward to throw Mr. Mansfield a
lifeline.  Mr. Mansfield will now try to make sure the remaining
parts of his empire remain intact, even though Irish Nationwide
has now taken a large number of charges over these assets, Irish
Independent discloses.

Under Ireland's company law, Citywest had three days from the
appointment of a receiver to petition the courts for the
appointment of an examiner which, if granted, would afford
protection from creditors for up to 100 days, Irish Independent
notes.  But the deadline passed Friday night and the hotel and
leisure complex is now being run by Dalata Ltd., a hotel-operating
company headed by former Jurys Doyle chief executive Pat McCann,
Irish Independent relates.

As reported by the Troubled Company Reporter-Europe on July 8,
2010, Irish Examiner.com said that Martin Ferris of Ferris &
Associates was appointed as receiver to the company
HSS, trading as Citywest hotel, golf and leisure, by Bank of
Scotland (Ireland).  Irish Examiner.com disclosed the appointment
also includes the assets of Jeffel, a land holding company.

HSS consists of a Citywest hotel, a conference center and a
leisure and golf resort.  About 400 people are employed by HSS,
according to Irish Examiner.com.


DEKANIA EUROPE: S&P Cuts Ratings on Four Classes of Notes to CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Dekania Europe CDO II PLC's class C, D-1, and D-2 notes.  S&P also
lowered its credit ratings on the class Q and R combination notes.
At the same time, S&P affirmed its ratings on all other classes of
notes.

The rating actions on the class C and D notes follow the failure
of these classes of notes to satisfy the "largest obligor default
test", a supplemental stress test S&P introduced in its corporate
CDO criteria.  The results of the "largest obligor default test"
highlight that the ratings on the class D notes have been further
constrained by the test since S&P's last review of the transaction
in November 2009.  Both classes of notes have been affected
largely due to a default in the underlying portfolio.

The 'AAA' rating on the class A1 notes reflects S&P's assessment
of Assured Guaranty (UK) Ltd.'s (AAA/Negative/--) financial
guarantee for the class A1 notes.  The affirmations of the ratings
on the class A2 and B notes reflect S&P's view that these tranches
have adequate credit support to maintain their current ratings.

The class Q and R combination notes include components of the
class D1 and D2 notes respectively, and as a result, have been
affected following the downgrades of the class D notes.  Both
combination notes also include components of the unrated class F
note.

                           Ratings List

                     Dekania Europe CDO II PLC
           EUR315 Million Fixed-And Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
                 Class        To              From
                 -----        --              ----
                 C            B+              BB-
                 D-1          CCC             CCC+
                 D-2          CCC             CCC+
                 Q combo      CCC             CCC+
                 R combo      CCC             CCC+

                         Ratings Affirmed

                       Class        Rating
                       -----        ------
                       A1           AAA
                       A-2A         BBB+
                       A-2B         BBB+
                       B            BBB-
                       E            CCC-
                       P combo      CCC-


EIRCOM GROUP: S&P Gives Negative Outlook; Affirms 'B-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised to
negative from stable its outlook on ERC Ireland Preferred Equity
Ltd., ERC Ireland Finance Ltd., and ERC Ireland Holdings Ltd.,
together the ERCIPE group.  These entities are the parent
companies of leading Ireland-based telecommunications provider
eircom Group Ltd. (not rated).  At the same time, S&P has affirmed
the 'B-' long-term corporate credit ratings on these companies.

"The rating action reflects the absence, to S&P's knowledge, of
any specific measures taken to date to remove likely future
covenant pressure," said Standard & Poor's credit analyst Xavier
Buffon.

S&P believes that headroom under one specific covenant will
considerably shrink in June 2011 and entail the risk of a breach
in September 2011 or December 2011.

"In S&P's opinion, the ratings may be negatively affected by the
costs or other credit implications ultimately involved in avoiding
or repairing a covenant breach," said Mr. Buffon.

For the quarter ended March 31, 2010, revenue was down 6.8% year
on year, amidst a tough domestic macroeconomic environment.  S&P
thinks revenues will continue to fall in the coming quarters, as
difficult economic conditions are likely to continue and this will
compound structural declines in fixed telephony revenues.

S&P thinks that eircom will continue its cost optimization, which
should help to cushion weaker revenues, as was the case in the
third quarter ended March 31, 2010, when reported EBITDA margin
strengthened by more than one point year on year to 38%.  S&P
expects absolute EBITDA to continue to decline in the next few
quarters though, although to a much smaller extent than revenues.

The negative outlook reflects risks of a downgrade should measures
needed to remove covenant pressure, which S&P thinks will become
inevitable, have negative credit implications.

Alternatively, a lack of action leading to a covenant breach --
even if temporarily waived by the banks -- could lead to a
downgrade to the 'CCC' category.

Conversely, success in removing covenant pressure in a credit
neutral manner could help to stabilize the rating.

At this stage, however, S&P deems the chances of a higher rating
in the future to be remote, as this would likely require the
removing of covenant pressure on a sustained basis as well as a
return to revenue and EBITDA growth.


KHEOPS CDO: S&P Puts BB+-Rated Class C-1E7 Notes on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to CreditWatch negative
from CreditWatch positive its credit ratings on Kheops CDO I
(Ireland) PLC's series 4 and 5 CDO notes.  At the same time, S&P
placed its rating on the series 6 notes on CreditWatch negative.

Due to an error in the portfolio inputs, where S&P used a maturity
date of June 20, 2010, instead of June 20, 2012, S&P incorrectly
placed the ratings on series 4 and 5 on CreditWatch positive on
June 9).  Additionally, there has been a delay in the CreditWatch
negative placement on the series 6 notes.  The CreditWatch
negative actions follow the discovery of the error.

S&P has placed the notes on CreditWatch negative because the
synthetic rated overcollateralizationfell below 100% during the
June month-end run.

These three transactions are synthetic corporate investment-grade
collateralized debt obligations.

                           Ratings List

          Creditwatch Revised To Negative From Positive

                    Kheops CDO I (Ireland) PLC
EUR15 Million Floating-Rate Secured Portfolio Credit-Linked Notes
                       Series 4 Class A-1E7

                          Rating
                          ------
               To                       From
               --                       ----
               A+/Watch Neg             A+/Watch Pos

                    Kheops CDO I (Ireland) PLC
EUR2 Million Floating-Rate Secured Portfolio Credit-Linked Notes
                       Series 5 Class B-1E7

                          Rating
                          ------
               To                       From
               --                       ----
               BBB+/Watch Neg           BBB+/Watch Pos

           Rating Placed On Creditwatch Negative

                    Kheops CDO I (Ireland) PLC
    EUR5 Million Floating-Rate Secured Portfolio Credit-Linked
                      Series 6 Class C-1E7

                             Rating
                             ------
                  To                       From
                  --                       ----
                  BB+/Watch Neg            BB+


=========
I T A L Y
=========


FIAT SPA: Agrees With Two Unions to Implement Pomigliano Plan
-------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports that Fiat SpA said in an
e-mailed statement that the company agreed Friday in Turin with
CISL and UIL unions to implement the accord regarding the
"production continuity" at Pomigliano plant.

Separately, Bloomberg News' Flavia Krause-Jackson reports that
Fiat SpA will proceed with a EUR700-million (US$875 million)
investment to produce its Panda model at its Pomigliano factory
near Naples, even though it drew opposition from a large union.

Bloomberg relates Chief Executive Office Sergio Marchionne
clarified Fiat's plan for the factory, taking the unusual step of
writing a four-page letter to all of the Turin-based company's
employees.

"I write to you as a man who has and still believes firmly in the
possibility of building together, in Italy, something great,
something better and long-lasting," Bloomberg quoted Mr.
Marchionne in his letter distributed by Fiat via e-mail following
a meeting with labor unions Friday.

Bloomberg recalls in a referendum last month about 60% of workers
at Pomigliano, Fiat's least productive factory, supported the
company's proposals to add shifts, shorten sick leave and reduce
strikes as part of a plan to transfer Panda production from
Poland.  Four out of five unions representing the 5,000 workers at
the site backed Fiat's plan, Bloomberg discloses.  Mr. Marchionne
wanted support from all five of the labor groups, Bloomberg notes.

On June 25, 2010, the Troubled Company Reporter-Europe, citing the
FT, reported that Fiat said it would be impossible to find an
agreement with Fiom, the main leftwing metal workers' union
opposed to the proposals.  The FT disclosed Fiat said it would
hold talks with the other unions that had accepted management's
demands as a condition for transferring production from Poland of
the Panda model.  Fiom made clear ahead of the vote that
regardless of the result it would not accept the accord reached by
Fiat and the other unions, the FT said.  On June 18, 2010, the
Troubled Company Reporter-Europe, citing the FT, reported that
Fiom leaders said Fiat's demands, including possible sanctions
against absenteeism and strikers, broke existing labor contracts
and were unconstitutional.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 27,
2010, Standard & Poor's Ratings Services said that it placed its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA on CreditWatch with negative implications.  At the
same time, the 'B' short-term credit rating on Fiat was affirmed.
In addition, S&P placed the 'BB+' long-term rating on Fiat's
subsidiary CNH Global N.V. on CreditWatch with developing
implications.  "The CreditWatch placement reflects S&P's view that
Fiat's credit quality could weaken due to increased business risk
as a consequence of the proposed demerger of CNH, Iveco SpA (not
rated), and the industrial and marine divisions of Fiat Powertrain
Technologies into the newly created entity Fiat Industrial SpA,"
said Standard & Poor's credit analyst Barbara Castellano.


SNAI SPA: S&P Affirms 'CCC+' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC+' long-term corporate credit rating, on Italian gaming
operator SNAI SpA.  S&P then withdrew the rating at the company's
request.

At the time of the withdrawal, the outlook was negative.  The
company has no rated outstanding debt.


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


BTA-KAZAN: Fitch Upgrades Long-Term Foreign Currency IDR to 'B-'
----------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan.  At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.

The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs.  A full rating
breakdown is provided at the end of this comment.

The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity.  The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits.  However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.

The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above.  However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.

The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010.  However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total).  Balance sheet concentrations are moderate and
liquidity is currently comfortable.

SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%.  Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested.  At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios.  Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011.  Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.

PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure.  NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110.  Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets.  The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.

Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships).  The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio).  At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010.  The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.

BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits).  The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership.  Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.

UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers.  At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins.  These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit.  The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.

PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks.  Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings.  At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).

BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010.  Loan impairment reserves stood at 8.2% of the gross loans
at the same date.  Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors.  Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.

The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010.  Fitch expects to complete the
broader review in the next week.

The rating actions are:

Uraltransbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BB-(rus)'; removed
     from Rating Watch Evolving; assigned Stable Outlook

Petersburg Social Commercial Bank

  -- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
     Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
     (rus)'; removed from Rating Watch Positive; assigned Stable
     Outlook

Bank Snezhinskiy PJSC

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

JSC Spurt Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
     (rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

JSC BTA-Kazan (OJSC)

  -- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
     Watch Positive

  -- Individual Rating: upgraded to 'D/E' from 'E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BB-(rus)' from
     'B(rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

Primsotsbank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB(rus)' from
     'BB(rus)'; removed from Rating Watch Evolving; assigned
     Stable Outlook

SKB-Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

Chelindbank

  -- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
     removed from Rating Watch Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'A-(rus)' from
     'BB(rus)'; removed from Rating Watch Positive; assigned
     Stable Outlook


CHELINDBANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B+'
------------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan.  At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.

The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs.  A full rating
breakdown is provided at the end of this comment.

The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity.  The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits.  However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.

The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above.  However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.

The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010.  However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total).  Balance sheet concentrations are moderate and
liquidity is currently comfortable.

SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%.  Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested.  At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios.  Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011.  Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.

PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure.  NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110.  Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets.  The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.

Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships).  The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio).  At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010.  The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.

BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits).  The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership.  Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.

UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers.  At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins.  These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit.  The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.

PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks.  Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings.  At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).

BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010.  Loan impairment reserves stood at 8.2% of the gross loans
at the same date.  Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors.  Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.

The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010.  Fitch expects to complete the
broader review in the next week.

The rating actions are:

Uraltransbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BB-(rus)'; removed
     from Rating Watch Evolving; assigned Stable Outlook

Petersburg Social Commercial Bank

  -- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
     Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
     (rus)'; removed from Rating Watch Positive; assigned Stable
     Outlook

Bank Snezhinskiy PJSC

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

JSC Spurt Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
     (rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

JSC BTA-Kazan (OJSC)

  -- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
     Watch Positive

  -- Individual Rating: upgraded to 'D/E' from 'E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BB-(rus)' from
     'B(rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

Primsotsbank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB(rus)' from
     'BB(rus)'; removed from Rating Watch Evolving; assigned
     Stable Outlook

SKB-Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

Chelindbank

  -- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
     removed from Rating Watch Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'A-(rus)' from
     'BB(rus)'; removed from Rating Watch Positive; assigned
     Stable Outlook


PRIMSOTSBANK: Fitch Lifts Long-Term Foreign Currency IDR to 'B'
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan.  At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.

The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs.  A full rating
breakdown is provided at the end of this comment.

The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity.  The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits.  However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.

The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above.  However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.

The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010.  However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total).  Balance sheet concentrations are moderate and
liquidity is currently comfortable.

SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%.  Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested.  At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios.  Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011.  Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.

PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure.  NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110.  Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets.  The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.

Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships).  The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio).  At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010.  The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.

BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits).  The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership.  Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.

UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers.  At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins.  These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit.  The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.

PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks.  Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings.  At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).

BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010.  Loan impairment reserves stood at 8.2% of the gross loans
at the same date.  Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors.  Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.

The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010.  Fitch expects to complete the
broader review in the next week.

The rating actions are:

Uraltransbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BB-(rus)'; removed
     from Rating Watch Evolving; assigned Stable Outlook

Petersburg Social Commercial Bank

  -- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
     Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
     (rus)'; removed from Rating Watch Positive; assigned Stable
     Outlook

Bank Snezhinskiy PJSC

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

JSC Spurt Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
     (rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

JSC BTA-Kazan (OJSC)

  -- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
     Watch Positive

  -- Individual Rating: upgraded to 'D/E' from 'E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BB-(rus)' from
     'B(rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

Primsotsbank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB(rus)' from
     'BB(rus)'; removed from Rating Watch Evolving; assigned
     Stable Outlook

SKB-Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

Chelindbank

  -- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
     removed from Rating Watch Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'A-(rus)' from
     'BB(rus)'; removed from Rating Watch Positive; assigned
     Stable Outlook


SKB-BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan.  At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.

The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs.  A full rating
breakdown is provided at the end of this comment.

The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity.  The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits.  However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.

The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above.  However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.

The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010.  However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total).  Balance sheet concentrations are moderate and
liquidity is currently comfortable.

SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%.  Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested.  At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios.  Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011.  Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.

PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure.  NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110.  Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets.  The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.

Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships).  The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio).  At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010.  The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.

BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits).  The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership.  Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.

UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers.  At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins.  These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit.  The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.

PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks.  Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings.  At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).

BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010.  Loan impairment reserves stood at 8.2% of the gross loans
at the same date.  Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors.  Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.

The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010.  Fitch expects to complete the
broader review in the next week.

The rating actions are:

Uraltransbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BB-(rus)'; removed
     from Rating Watch Evolving; assigned Stable Outlook

Petersburg Social Commercial Bank

  -- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
     Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
     (rus)'; removed from Rating Watch Positive; assigned Stable
     Outlook

Bank Snezhinskiy PJSC

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

JSC Spurt Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
     (rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

JSC BTA-Kazan (OJSC)

  -- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
     Watch Positive

  -- Individual Rating: upgraded to 'D/E' from 'E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BB-(rus)' from
     'B(rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

Primsotsbank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB(rus)' from
     'BB(rus)'; removed from Rating Watch Evolving; assigned
     Stable Outlook

SKB-Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

Chelindbank

  -- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
     removed from Rating Watch Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'A-(rus)' from
     'BB(rus)'; removed from Rating Watch Positive; assigned
     Stable Outlook


SPURT BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan.  At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.

The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs.  A full rating
breakdown is provided at the end of this comment.

The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity.  The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits.  However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.

The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above.  However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.

The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010.  However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total).  Balance sheet concentrations are moderate and
liquidity is currently comfortable.

SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%.  Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested.  At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios.  Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011.  Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.

PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure.  NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110.  Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets.  The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.

Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships).  The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio).  At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010.  The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.

BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits).  The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership.  Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.

UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers.  At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins.  These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit.  The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.

PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks.  Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings.  At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).

BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010.  Loan impairment reserves stood at 8.2% of the gross loans
at the same date.  Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors.  Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.

The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010.  Fitch expects to complete the
broader review in the next week.

The rating actions are:

Uraltransbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BB-(rus)'; removed
     from Rating Watch Evolving; assigned Stable Outlook

Petersburg Social Commercial Bank

  -- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
     Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
     (rus)'; removed from Rating Watch Positive; assigned Stable
     Outlook

Bank Snezhinskiy PJSC

  -- Long-term foreign currency IDR: affirmed at 'B-'; removed
     from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

JSC Spurt Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
     (rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

JSC BTA-Kazan (OJSC)

  -- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
     Watch Positive

  -- Individual Rating: upgraded to 'D/E' from 'E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BB-(rus)' from
     'B(rus)'; removed from Rating Watch Evolving; assigned Stable
     Outlook

Primsotsbank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'BBB(rus)' from
     'BB(rus)'; removed from Rating Watch Evolving; assigned
     Stable Outlook

SKB-Bank

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     removed from Rating Watch Evolving; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Evolving

  -- Support Rating: affirmed at '5'

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

Chelindbank

  -- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
     removed from Rating Watch Positive; assigned Stable Outlook

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: upgraded to 'D' from 'D/E'; removed from
     Rating Watch Positive

  -- Support Rating: affirmed at '5'

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

  -- National Long-term rating: upgraded to 'A-(rus)' from
     'BB(rus)'; removed from Rating Watch Positive; assigned
     Stable Outlook


* Moody's Assigns 'Ba2' Rating on City of Krasnodar's Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 global scale local
currency rating to the city of Krasnodar's first-time rouble-
denominated bond issue (RU34001KRA1) totaling RUB1.1 billion.
This amortized senior unsecured bond has fixed coupon rates and is
due in 2013.  The proceeds of the bond issue will be used to fund
Krasnodar's budget deficit and strengthen its liquidity position.
At the same time, Moody's Interfax Rating Agency has assigned
Aa2.ru national scale rating to the bond.  Moscow-based Moody's
Interfax is majority owned by Moody's Investors Service, a leading
global rating agency.

Krasnodar's ratings are supported by the city's moderate direct
debt exposure, as well as its service-oriented and diversified
economic base.  Another positive factor is still high, albeit
decreasing, level of support from federal and regional governments
in some large infrastructure projects within the city's
jurisdiction.  At the same time, the ratings are constrained by a
significant deterioration in the city's operating performance in
2009, coupled with its relatively weak liquidity profile and
substantial capital requirements.

The last rating action was implemented on March 24, 2010, when
Moody's assigned Ba2 global scale foreign and local currency
issuer ratings and a Aa2.ru national scale issuer rating to
Krasnodar.

Krasnodar is situated in southern Russia and has a population of
around 800,000 people or around 0.6% of Russia's total population.
The city is the capital and the largest city of Krasnodar Krai,
and its share of the gross regional product is around 43-45%.  The
local economy is well diversified with a high proportion of trade,
transport and construction that exceeds three-quarters of the
city's economy.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


AGROZIV: NLB May Face Up to EUR60 Million in Losses
---------------------------------------------------
Slovenska Tiskovna Agencija, citing unofficial sources, reports
that NLB, Slovenia's largest bank, could lose between EUR55
million and EUR60 million as a result of the bankruptcy faced by
Serbian food company Agroziv.

According to the report, NLB is hoping for a capital increase of
up to EUR600 million.


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


HIPOCAT 10: S&P Junks Rating on Class C Notes From 'BBB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C notes in two Caixa d'Estalvis de Catalunya-originated
Spanish residential mortgage-backed securities transactions:
Hipocat 10, Fondo de Titulizacion de Activos and Hipocat 11, Fondo
de Titulizacion de Activos.

Specifically, S&P has:

* Downgraded to 'CCC' from 'BBB' class C notes in Hipocat 10 and
  removed them from CreditWatch negative; and

* Downgraded to 'D' from 'CCC' the class C notes in Hipocat 11.

The two transactions include a deferral of interest trigger based
on cumulative defaults as a percentage of the initial collateral
balance.  The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:Hipocat 10's current cumulative default level:
6.30% in April 2010.  Hipocat 10's trigger levels: Class B
(11.00%) and class C (7.00%).

Hipocat 11's current cumulative default level: 10.15% in April
2010 Hipocat 11's trigger levels: Class B (13.20%) and class C
(8.90%).

The trustee uses these levels to calculate the triggers and are
different from the ones reported in the reports.  S&P expects the
trustee to give us further feedback on this information and to
correct the information previously presented in the coming weeks.
With this corrected information, S&P will review the transaction
to investigate its impact on the other notes in both transactions.


HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C notes in two Caixa d'Estalvis de Catalunya-originated
Spanish residential mortgage-backed securities transactions:
Hipocat 10, Fondo de Titulizacion de Activos and Hipocat 11, Fondo
de Titulizacion de Activos.

Specifically, S&P has:

* Downgraded to 'CCC' from 'BBB' class C notes in Hipocat 10 and
  removed them from CreditWatch negative; and

* Downgraded to 'D' from 'CCC' the class C notes in Hipocat 11.

The two transactions include a deferral of interest trigger based
on cumulative defaults as a percentage of the initial collateral
balance.  The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:Hipocat 10's current cumulative default level:
6.30% in April 2010.  Hipocat 10's trigger levels: Class B
(11.00%) and class C (7.00%).

Hipocat 11's current cumulative default level: 10.15% in April
2010 Hipocat 11's trigger levels: Class B (13.20%) and class C
(8.90%).

The trustee uses these levels to calculate the triggers and are
different from the ones reported in the reports.  S&P expects the
trustee to give us further feedback on this information and to
correct the information previously presented in the coming weeks.
With this corrected information, S&P will review the transaction
to investigate its impact on the other notes in both transactions.


* SPAIN: Political Influence Reduced Under New Savings-Bank Law
---------------------------------------------------------------
Emma Ross-Thomas and Charles Penty at Bloomberg News report that
Spain's Cabinet approved changes to rules governing savings banks
in a bid to reduce the influence of regional politicians on their
management.

Bloomberg relates the Finance Ministry said Friday in a statement
that the new decree law limits the voting rights that regional
administrations and public entities can exercise in the lenders'
management bodies to 40% from a previous 50%.

According to Bloomberg, Finance Minister Elena Salgado told a news
conference after a weekly Cabinet meeting that elected politicians
won't be able to serve in the lenders' management, even as
regional parliaments will choose officials to represent them in
the savings banks.

Spain's government has encouraged almost 40 savings banks to
merge after a surge in loan defaults at the institutions that
are linked to regional administrations and account for about
half the country's lending, Bloomberg discloses.  As Spain
prepares to publish stress tests on lenders, the new legislation
aims to make cajas more professional while allowing them to raise
capital by selling shares, Bloomberg notes.

As part of the overhaul, the cajas will be able to sell shares
known as "cuotas participativas" with voting rights that give
an investor as much as 50% control, Bloomberg states.


=============
U K R A I N E
=============


METINVEST BV: Moody's Changes Outlook on 'B2' Rating to Stable
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2
corporate family rating of Ukrainian steel producer Metinvest B.V.
to stable from positive.  At the same time the national scale
rating was downgraded to A2.ua from A1.ua.

The rating action was prompted by a recent announcement made by
Metinvest that it was in negotiations to acquire the majority of
Ilyich Steel Works (Ukrainian steel producer), a transaction which
indicates a more opportunistic approach to development initiatives
that current built into the positive outlook.  At the same time
the stable outlook continues to reflect the resilience of the
operations of Metinvest and its good cost position as well as its
moderate leverage.

Moody's commented that there are still a number of uncertainties
related to expected cash outflows to complete the transaction,
including the payments at the deal's signing and any future
contingent payments.  At present Moody's expect that the cash
outflow for this acquisition over the next two years might lead to
a material increase in total debt.  This elevated debt level in
turn might lead to credit metrics, particularly the (CFO-
Dividends)/ Debt ratio, to move outside Moody's guidance of 35%
per year-end 2010 though the debt to ebitdta measure would remain
commensurate with the current rating.  However, the liquidity
profile of Metinvest remains modest with debt maturities of around
US$930 million by the end of 2011.

Recently Metinvest announced the possible acquisition of a
significant stake (at least 75%) in the assets of Ilyich Iron and
Steel Works.  As purchase consideration Moody's expect Metinvest
to exchange assets, to make possible cash payments and to give a
commitment in the range of US$2.0 billion to modernize the Ilyich
assets over the next 5 to 10 years.  Even though Moody's believe
that the transaction makes sense for Metinvest in the long-term,
given that it already supplies Ilyich to a large extent, the
immediate effect is taking away any significant upward pressure on
the rating particularly in the light of the modest short-term
liquidity of Metinvest.

Since Metinvest is a fully integrated steel manufacturer with
significant coal and iron ore resources its operating performance
within the next two years should improve considerably compared to
2009 driven particularly by an increase in steel, iron ore and
cooking coal prices in the first half 2010 which nonetheless have
come to a halt recently due to increasing uncertainty about the
pace of the economic recovery which might be slowed by the
sovereign debt crisis.

Despite the strong expected cash flow generation and high cash
balance helped by a bond issue of US$500 million in April 2010
Metinvest's liquidity profile remains just sufficient for the next
4 quarters.  If the company were not to continue to refinance
progressively its short-term debt maturities, cash sources
particularly consisting of cash and funds from operations might
not be sufficient to fully cover cash outflows for working
capital, capex, debt repayments, dividends, possible purchase
consideration for Ilyich and cash for day-to-day needs.  Moody's
notes that a significant part of the company's debt is based on
secured but short term trade credit lines, which in the past have
constantly been rolled over.

Moody's will monitor the final terms and conditions of the IIyich
transaction and the extent to which it reflects a material change
in the financial policy.  Separately the rating could be
downgraded if Metinvest short term liquidity profile was to
tighten.

Downward pressure could also be exerted on the rating as a result
of significantly higher leverage caused by an increase in the
absolute level of debt, combined with lower cash flow generation
not moving towards a CFO-dividends/debt ratio closer to 35% in
2010 and debt/EBITDA sustainably above 2.5x, stemming either from
material negative free cash flows or debt-financed acquisitions or
shareholder friendly actions, such as significant dividend
payments to the parent.  Failure to manage more headroom under
covenants -- contrary to Moody's current expectations -- would
also result in pressure on the rating.

The rating of the Metinvest bond at B3, a one notch down
difference with the CFR, reflects a significant amount of secured
debt which is ranking ahead of the unsecured bond.  However, the
bond benefits from upstream guarantees from some of the major
profit generation operating entities, such as the company's iron
ore mines and with the possibility of additional upstream
guarantees to be implemented from the Metinvest's major steel
producing entity, Azovstal, as soon as the outstanding Azovstal
bond has been repaid in 2011.  These upstream guarantees provide
the bondholders direct access to the company's cash generating
entities and therefore avoid structural subordination compared to
existing bank agreements.  As a result of the envisaged
transaction with Ilyich, the coverage provided by guarantees for
the Metinvest bond might be eroded if substantial assets of the
guarantors belonging to Metinvest were to be merged with the
Ilyich assets into a new entity, though this would likely not
result in additional notching.  Given the relatively high amount
for secured debt, Moody's has assumed in its waterfall analysis
that trade debtors would be treated similar to the treatment of
secured debt holders and therefore trade debtors also rank ahead
of the proposed bond issuance.

Moody's last rating action on Metinvest was when the outlook on
the B2 corporate family rating was changed to positive from stable
on 23 April 2010.

Metinvest B.V., a company set up under Dutch law, but with major
operations in the Ukraine is the largest steel and iron ore
producer in the Ukraine.  In 2009 the company generated revenues
of US$6 billion and operating profit of US$604 million.  Metinvest
is owned 75% by System Capital Management, an investment holding
company in the Ukraine.  25% of Metinvest's shares are owned by
Smart group, also based in the Ukraine.


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


3G FOODSERVICE: Tough Market Conditions Prompt Administration
-------------------------------------------------------------
3G Food Service Ltd. has been placed into administration, eatout
reports.

The report relates Adrian Allen and Russell Cash of Baker Tilly
Restructuring and Recovery LLP have been appointed joint
administrators as of Thursday.

"Our appointment as administrators is due to the business falling
victim of the current tough market conditions, narrow profit
margins and a decline in overall consumer demand in the leisure
and hospitality arena," the report quoted Mr. Allen as saying.
"We have been appointed to wind down the company's affairs and the
company has effectively ceased trading.  As a result, the majority
of the workforce has been made redundant with immediate effect."

3G Food Service Ltd. is a frozen food distributor, supplying a
number of restaurant and hotel chains in the United Kingdom.  The
company employs 125 staff mainly in its Hull operations, according
to eatout.


ALEXANDRA PLC: On the Verge of Administration; Shares Suspended
---------------------------------------------------------------
Evening Post reports that Alexandra plc is on the verge of going
into administration after attempts to find a buyer failed.

According to the report, in a statement to the Stock Exchange, the
company said: "The board of Alexandra announces that trading in
shares of the company has been suspended with immediate effect.

"As announced on June 30, following an unsolicited preliminary
approach, the board suspended attempts to raise new equity to
examine a possible sale of the company or its assets, in
conjunction with its bankers.

"However, the company continues to experience significant working
capital constraints and the board believes that the company no
longer has sufficient funding to enable it to continue to trade on
a going concern basis and so the company is taking steps to
appoint an administrator."

The company, the report says, has been struggling to keep up with
its repayments on its loans to its bank for more than a year.  The
report recalls the firm's troubles first emerged in the summer of
2009 when it reported losses of GBP11 million for the first six
months of the year.

Alexandra plc is a UK uniforms supplier based in Thornbury.
The company has 500 staff the UK, including 290 at its Thornbury
HQ, according to Evening Post.


CARE UK: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating and B1 probability of default rating to Care UK Health &
Social Care Newco Limited, the indirect holding company of Care UK
Limited, and the direct holding company of Care UK Health & Social
Care plc.  At the same time, Moody's has assigned a provisional
(P)B2 rating to the proposed GBP250 million senior secured notes
due in 2017, which will be issued by the subsidiary Care UK Health
& Social Care plc.  The rating outlook is stable.

The ratings reflect (i) Care UK's solid market position as a
leading provider of various outsourced private healthcare and
social care services in the United Kingdom, (ii) stable and
recurring revenue and cash generation base of the healthcare and
social services provided by Care UK, (iii) strong profitability
levels considering EBITDA Margins in the high teens in percentage
terms, and growth potential due to favorable demographics and
further outsourcing potential in the UK healthcare market, (iv)
revenue protection as a significant proportion of revenues are
backed by multi-year contracts, reduced earnings volatility as
most contracts have cost indexation clauses and a minimum exposure
to bad debt expenses given the prevalence of government-related
institutions as primary contractor, (v) solid liquidity cushion,
with headroom under a GBP80 million revolving credit facility,
strong asset-to-debt coverage and an extended debt maturity
profile following the issuance of the notes.

The ratings are constrained by (i) high financial leverage
following the leveraged buyout of Care UK by Bridgepoint, which is
expected to moderately increase in 2011 due to contract
maturities, but anticipated to be gradually improved in 2012 and
beyond in line with the requirements for the B1 rating category,
(ii) challenge to renew maturing outsourcing contracts with
competitive tariffs in light of rising budgetary pressures of
government-related contractors, which could weigh in somewhat on
future profitability, (iii) pressure to realize constant
efficiency improvements and generate rising treatment numbers at
constant quality levels to mitigate changing specifications and
pressure on tariffs of new contracts but also to recover cost
inflation for existing non-inflation indexed contracts, (iv) high
capital intensity and funding needs of the healthcare business, as
upcoming outsourcing opportunities from governments require
advance investments which could constrain free cash flow
generation.

The stable outlook anticipates that the company will broadly
operate within the credit metrics and profitability requirements
for the B1 rating category going forward.  Moody's expect that
Care UK will realize a sufficient contract renewal rate to support
its current revenue base and overhead cost structure.  The stable
outlook is based both on the expectation that the company
preserves a sufficient liquidity cushion (supported by positive
free cash flow generation), including protection of a sufficient
headroom under financial covenants of the revolving credit
facility and on the absence of transforming acquisitions and
shareholder distributions.

An upgrade would require a sustained period of improved
profitability and cash flow generation allowing the company to
operate within leverage parameters commensurate with a higher
rating, as measured by Debt to EBITDA remaining below 5x, EBITA to
Interest Coverage improving above 2.0x, and RCF to Net debt moving
towards 15% while preserving solid profitability levels.

Negative pressure would be exerted on the rating if credit metrics
erode, such as Debt to EBITDA above 5.5x, EBITA to Interest
Coverage below 1.3x, RCF to net Debt falling below 10%, or as a
result of rising margin pressure from changes in the UK regulatory
healthcare framework.

The (P)B2 rating (LGD 4, 61%) assigned to the senior secured notes
is one notch below the B1 CFR.  The rating of the notes reflects
its junior ranking behind the sizeable GBP80 million super senior
revolving credit facility which ranks ahead.  The revolving credit
facility which will also be issued at the level of Care UK Health
& Social Care plc, is guaranteed on a senior secured basis by a
majority of operating companies, benefits from a downstream
guarantee provided by Care UK Health & Social Care Newco Limited,
and is secured by a first-lien pledge on a majority of the
company's assets.  The senior secured notes are secured by the
same asset base on a second-lien basis as reflected in the
notching, and benefit from the same guarantees on a junior basis.

This provisional (P)B2 rating is based on draft documentation
received so far and subject to Moody's satisfactory review of
final documentation.

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

Assignments:

Issuer: Care UK Health & Social Care plc

  -- Senior Secured Regular Bond/Debenture, Assigned (P)B2, LGD
     Assessment LGD 4, 61%

  -- Outlook: Stable

Issuer: Care UK Health & Social Care Newco Limited

  -- Corporate Family Rating, Assigned B1
  -- Probability of Default Rating; Assigned B1
  -- Outlook: Stable

Care UK, headquartered in London (United Kingdom), is the largest
independent provider of various outsourced health care services to
the National Health Service, the publicly-funded healthcare system
in the UK.  Care UK is also a leading provider of social care
services, providing residential care, community care and
specialist care.  In 2009, Care UK generated revenues of
GBP410 million.


CARE UK: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Care UK Health & Social Care
Newco Ltd., the parent company of Care UK Ltd. The outlook is
stable.

At the same time, S&P assigned a 'B+' issue rating to Care UK
Health & Social Care PLC's proposed GBP250 million senior secured
notes due 2017 (proposed notes).  S&P assigned a recovery rating
of '3' to the proposed notes, indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

"The rating reflects S&P's view of Care UK's relatively high
leverage under the proposed capital structure following a
leveraged buyout by private equity group Bridgepoint in April
2010," said Standard & Poor's credit analyst Marketa Horkova.
"S&P estimate that leverage will peak at about 4.5x Standard &
Poor's-adjusted debt to EBITDA in 2011.  As such, S&P considers
Care UK's financial risk profile to be aggressive under S&P's
criteria."

S&P considers Care UK's business risk profile to be weak under its
criteria.  This view is based on the company's relatively small
size, albeit in a highly fragmented market, and its revenue
exposure to changes in public funding polices, although this
exposure is partially mitigated by good revenue visibility due to
a high proportion of forward contracts.

In S&P's view, Care UK should be able to balance potential fee
pressure and upcoming contract expiries with cost savings and new
contract wins, thereby preserving its profitability.  The outlook
also factors in S&P's opinion of Care UK's ability to generate
sufficient cash flow, including contracted buyback proceeds, to
service its debt obligations and capital investments without
increasing its debt burden, and to maintain adjusted debt to
EBITDA of less than 5x.

S&P would consider taking a positive rating action should Care
UK's debt protection metrics -- specifically adjusted debt to
EBITDA -- drop to less than 4x after 2011.

A weakening of the company's financial profile due to poor
operating performance, higher-than-projected capital investments,
or capital returns, could lead us to take a negative rating
action.


EURODERM RESEARCH: Directors Sign Disqualification Undertakings
---------------------------------------------------------------
Essex-based company directors Anthony Drewitt-Barlow and Barry
Drewitt-Barlow have signed undertakings disqualifying them from
being company directors for eight years each, with effect from
July 8, following an investigation by The Insolvency Service.

Anthony and Barry Drewitt-Barlow signed the undertakings for their
roles in Euroderm Research Ltd, which was wound-up in March 2008,
with debts of GBP542,540.

Euroderm Research was incorporated on March 18, 2003.  The
company's original business was the clinical trial of cosmetic
products.  Latterly, in the course of trading, Euroderm Research's
business expanded to include trial and testing of pharmaceutical
products.  The license to undertake trail and testing of
pharmaceutical products was issued by the Medicine and Healthcare
Products Regulatory Agency.

In signing their disqualification undertakings the Drewitt-Barlows
accepted that they had allowed Euroderm Research Ltd, which they
managed, to make payments totaling GBP243,704 to an associated
company, H2O Haircare Ltd, which had done no work for Euroderm,
leading to Euroderm Research's creditors losing out.  No loan
agreement existed between the two companies and the money was
never repaid.

Furthermore, despite the presentation of a winding up petition on
November 15, 2007, Euroderm Research continued to make payments on
behalf of H2O Haircare Ltd totaling GBP32,613, which included cash
transfers totalling GBP20,000.

Euroderm Research's company records of January 2007 show a co-
director as a creditor of the company for GBP64,622.  Between
January 2007 and the presentation of the petition in November
2007, payments and purchases of GBP103,358 were made on behalf of
that director.

The disqualifications mean that Anthony Drewitt-Barlow and Barry
Drewitt-Barlow are banned from acting as company directors, or in
any way controlling a company for a period of eight years from
Thursday, July 8, 2010.


HWR TRANSPORT: Enters Voluntary Liquidation; 16 Jobs Affected
-------------------------------------------------------------
Joanna Bourke at RoadTransport.com reports that HWR Transport, the
pre-pack successor to Pendragon Haulage, has entered voluntary
liquidation with a total deficiency of GBP250,673.

The report relates HWR Transport appointed David Bottomley of
Bottomley & Co as its liquidator on June 28.

According to the report, the company had ceased trading on June 7
and all 16 employees were made redundant.  The company owed
GBP71,234 in PAYE and NI contributions to HM Revenue & Customs, as
well as outstanding VAT payments of GBP59,841, the report
discloses.

"The company was still making a loss and could not afford or make
the deadline to pay the HMRC bills for which it was being pursued.
HWR Transport could see no other way out," the report quoted
Mr. Bottomley as saying.

"The company's accountants prepared a financial forecast which
showed the business would survive if time was given to pay the
arrears to the government departments, which were approached, but
payment in full was required within six months."

"On June 4, 2010, the company was unable to pay its fuel bill.  On
June 7 the funds were still not available, and it was decided the
company had to close down."

The report recalls HWR Transport director Hefin Rees registered
the business in April 2009 to take over the business of Pendragon
Haulage, where he was also a director.  Pendragon ceased trading
and went into voluntary liquidation in August 2009, the report
recounts.

Shropshire-based HWR Transport had been running about 20 trucks,
according to RoadTransport.com.


INTEREAD: Put Into Liquidation
------------------------------
Philip Jones at The Bookseller.com reports that Interead has been
put into liquidation.

The report relates a petition was made to Liverpool District Court
by PR Beam Agency in late March, with the motion granted by a
judge on June 8.

The company never filed accounts with Companies House and it is
not clear what plans, if any, the liquidator has for the company
or its remaining assets, the report notes.

Interead is the company behind the Cool-er e-reader.  The company
was founded in 2009 by former banker Neil Jones.


KETECH GROUP: Mulls Company Voluntary Arrangement
-------------------------------------------------
Richard Tyler at The Daily Telegraph reports that KeTech Group, a
private company that received GBP2.75 million from a government-
funded scheme set up by Lord Mandelson less than a year ago, is to
file for protection from its creditors.

According to the report, KeTech is finalizing plans for a company
voluntary arrangement that will see creditors receive only a
percentage of what they are owed.  It may also secure another
GBP500,000 from Lord Mandelson's GBP75 million Capital for
Enterprise Fund as part of its recovery plan, the report says.

"We are in the process of proposing to go into a CVA," the report
quoted Steve Berg, KeTech's chief executive, as saying.

The report relates Octopus Capital, one of the CfE fund's two
managers, said KeTech would continue to trade but hoped to receive
protection from its creditors.

Up to 20pc of KeTech's 80 staff face redundancy, the report notes.

KeTech Group Ltd. -- http://www.ketech.com/-- provides
communication systems consultancy, design, engineering, software
development and maintenance services to the transport sector.
KeTech has offices in London, Bedford, Nottingham, Preston,
Bristol and Aldermaston.


PETER SCOTT: Sold to Gloverall by Administrators
-------------------------------------------------
BBC News reports that Peter Scott & Company has been sold to
duffel-coat maker Gloverall Plc.

"This is a fantastic result for the company, staff, creditors and
the town of Hawick," BBC quoted Blair Nimmo, head of restructuring
for KPMG in Scotland, as saying.  "Peter Scott & Company is
synonymous with quality clothing and the Borders region, so it is
particularly pleasing to finalize this sale."

As reported by the Troubled Company Reporter-Europe, Mr. Nimmo and
Gary Fraser of KPMG were appointed joint administrators of Peter
Scott on May 27, 2010, at the request of the company directors.
At the time of appointment, 119 of the company's 140 employees
were made redundant.

Based in Hawick, Peter Scott & Company manufactures high-quality
clothing including cashmere, lambswool and blended knitwear
garments for both high street retail and the golf industry.


QUAY RADIO: In Administration; Potential Buyer Being Sought
-----------------------------------------------------------
Radio Today reports that Quay Radio has been placed into
administration by its owner, Portsmouth Football Club.

According to the report, the radio station, which is a separate
limited company, is continuing to trade while the administrators,
Andrew Andronikou and Michael Kiely, seek a buyer.

Quay Radio is a United Kingdom radio station, broadcasting to an
area in and around the city of Portsmouth.  The station is the
official radio station for Portsmouth Football Club and has
exclusive commercial radio commentary rights to all their games
home and away.


SOLAR TECHNIK: Director Disqualified After GBP1 Million Loss
------------------------------------------------------------
Starting from Monday, July 12, 2010, Floyd Lewis, the director of
Solar Technik Ltd., a company offering home solar energy systems,
agreed to abide by a company directors disqualification
undertaking for a period of nine years following an investigation
by The Insolvency Service.

Floyd Lewis of Bournemouth has signed a disqualification
undertaking banning him from managing, controlling or being a
director of a company until 2019.

Solar Technik, which traded from Hinton Road in Bournemouth,
Dorset, went into voluntary liquidation on March 26, 2007 with an
estimated deficiency to creditors of GBP1,381,456.  Mr. Lewis was
also a director of Ultimate Energy Plc which went into
administration on December 2, 2008.  On June 2, 2009, Ms. June
Lewis, Mr. Lewis' mother and co-director of Solar Technik,
accepted a disqualification undertaking for nine years.

The investigation by The Insolvency Service found that Mr. Lewis
caused Solar Technik to trade in a manner which was detrimental to
both its customers and creditors.

Disqualification undertakings were introduced in April 2001, they
are an administrative equivalent of a disqualification order but
do not involve court proceedings.  Without specific permission of
a court a person with a Company Directors Disqualification,
including Undertakings, cannot:

    * act as a director of a company;

    * take part, directly or indirectly, in the promotion,
      formation or management of a company;

    * be a liquidator or administrator of a company; or

    * be a receiver or manager of a company's property.


TAYLOR WIMPEY: In Talks With Lenders Over Refinancing Package
-------------------------------------------------------------
Ed Hammond, Neil Hume and Anousha Sakoui at The Financial Times
report that Taylor Wimpey is negotiating with lenders over a
refinancing package that would increase the ability of the company
to buy land.

According to the FT, the company is seeking to refinance its bonds
and bank loans after last year completing a GBP1.55 billion debt
restructuring that extended the repayments due on its debts to
July 2012.

The FT relates a person close to Taylor Wimpey said there was no
danger of the group breaching its borrowing covenants, but the
restrictions on spending would "limit its ability to meet
returning buyer demand."

The company is in early stage discussions to extend the duration
of its debts over four years and secure less constrictive cash
flow covenants, the FT says citing people close to the process.
The talks were initiated early to give the group the option of
turning down a refinancing package that would not give it the
operational headroom it sought to expand the business, the FT
notes.  The alternative is to reduce dependence on bank finance in
favor of bonds, the FT states.

                       About Taylor Wimpey

Taylor Wimpey plc -- http://www.taylorwimpey.com-- is a
homebuilding company with operations in the United Kingdom, North
America, Spain and Gibraltar.  The Company has 34 regional
businesses and five smaller satellite operations.  It operates two
core brands: Bryant Homes and George Wimpey.  The George Wimpey
brand incorporates modern design and contemporary living into each
home and offers customers a range of options to personalize their
home.  Its Gibraltar business operates in the luxury apartment
market.  The Company operates in five divisions: Housing United
Kingdom, Housing North America, Housing Spain and Gibraltar,
Construction and Corporate. On July 3, 2007, George Wimpey PLC
merged with Taylor Woodrow plc to create Taylor Wimpey plc.  In
September 2008, the Company announced the sale of the United
Kingdom business of Taylor Woodrow Construction to VINCI PLC.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 12,
2010, Fitch Ratings affirmed UK house-builder Taylor Wimpey Plc's
Long-term Issuer Default Rating at 'B' with a Stable Outlook.
Fitch has also affirmed TW's Short-term IDR at 'B' and senior
unsecured rating at 'B-'.

Fitch said TW currently has over GBP1.9bn of debenture loans and
revolving credit facilities that need to be refinanced before
maturity in July 2012.  According to the FT, the company expects
net debt to be less than GBP650 million at H1 2010, but TW's
ratings remain constrained by concerns that it may not be
sufficiently cash generative over the coming two years to
refinance what Fitch estimates to be a funding requirement of
between GBP1 billion and GBP1.3 billion.


* UK: Deloitte Says Administrations Down 43% in First Half 2010
---------------------------------------------------------------
Despite fears of a double dip recession, corporate administrations
have dropped to a pre-credit crunch low according to analysis by
Deloitte, the business advisory firm.  Research shows that the
first six months of 2010 saw 1,065 administrations, down 43% on
the same period last year and even 25% less than H1 2006, the last
full year before the financial downturn began, which saw 1,419
administrations.  In addition, administrations dropped 18% in the
second quarter of 2010 compared with the first three months of the
year.

Lee Manning, reorganization services partner at Deloitte,
commented: "While Deloitte's latest CFO Survey revealed increasing
fears of a double dip recession, these figures paint a more
positive picture and may provide a corporate confidence boost.
The proactive approach adopted by companies and lenders alike has
had, and continues to have a positive effect in most distressed
situations.  By acting sooner, companies have, been able to remedy
problems more effectively.  Equally, lenders have been supportive,
preferring to make debt for equity swaps or even advance suitably
priced risk capital, rather than crystallize their debt through an
insolvency process."

The pronounced decrease in administrations is being seen across a
broad spectrum of industries; retail administrations fell a
staggering 57% in the first six months of this year, compared with
the same period in 2009; similarly, property and construction
failures are down 43% year on year, and manufacturing
administrations are down 46%.  Quarter on quarter this trend has
continued, with retail administrations down 20%, property and
construction down 25% and manufacturing down 27% compared to the
first three months of the year.

Mr. Manning: "We are seeing a steady decline in administrations
and this is certainly a positive sign that the climate is
stabilizing.  I would be very surprised if administration levels
increased dramatically this year; rather I would expect the second
half to mirror the levels of activity we've seen in H1.

"The summer months traditionally see lower levels of
administration activity, particularly given the periodic absence
of key decision makers taking summers holidays.  We expect this
decline to continue into Q3.  Confidence has been on the rise,
with consumer spending holding up better than expected, and
corporate confidence being felt more widely.  For example
manufacturing, one sub-sector impacted, has experienced improved
output.

"Retailers have also experienced a more buoyant six months,
following the high number of retail administrations we saw in 2008
and 2009, with many retailers now picking up the market share left
by those businesses that failed.  Clearly the economic situation
will remain challenging and while increased VAT in the New Year
won't have a material impact on the prices of most products, this
won't help consumer confidence either.  To date retailers have
been positive, responding well to the changing environment,
managing their cash flows and stock levels appropriately, as well
as having successful discussions with landlords over spreading the
burden of rent and service charges.  I expect this level of
engagement to continue, with CVAs and informal arrangements with
creditors being used as a constructive alternative to
administration."

    * Total administrations:

          * H110 down 43% from 1856 in H109 to 1065;
          * H108 saw 1440 administrations;
          * H107 saw 1205 administrations;
          * H106 saw 1419 administrations.
    * Retail administrations:

          * H110 - 81 administrations;
          * H109 - 187 retail administrations;
          * H108 - 126 retail administrations.

    * Property and construction administrations:

          * H110 - 229 administrations;
          * H109 - 399 administrations;
          * H108 - 295 administrations.

    * Manufacturing administrations:

          * H110 - 167 administrations;
          * H109 - 311 administrations;
          * H108 - 210 administrations

                          About Deloitte

Deloitte LLP is a professional services firms.  It is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein,
whose member firms are legally separate and independent entities.


* UK: R3 Says Bad Management Caused 60% of Corporate Insolvencies
-----------------------------------------------------------------
Incompetence or bad management of company directors causes 56% of
corporate failures, while nearly 40% of businesses could have been
saved if professional advice had been sought earlier, according to
a poll of insolvency experts carried out by insolvency trade body
R3.

R3's President Steven Law commented: "Regardless of the economic
circumstance, no business will survive with poor management in
place.  I have seen a good workforce let down and sometimes laid
off due to management which do not admit and correct their
mistakes."

R3's research also reveals that a further 60% of insolvency
practitioners think the UK's insolvency regime is overly forgiving
towards directors who fail and over half think all directors
should receive mandatory financial education before they even open
a business.

However, R3 members believe there are some lessons that can be
learnt from the experience as 74% of insolvency practitioners
believe corporate failure can drive directors to be more
successful.  A staggering 84% of IPs also believe it can heighten
business acumen.

Mr. Law concluded: "For some directors, the experience of failure
can clearly drive them onto greater successes, but I would share
concerns that the current regime is, if anything, too forgiving to
directors who have failed.  Clearly it would not be practical to
educate every director before they are appointed, but there must
be enough checks and balances to ensure that directors of failed
companies should not put creditors and jobs at risk if they are
allowed to repeat their mistakes."


* UK: Company Profit Warnings Exceptionally Low in Q2, E&Y Says
---------------------------------------------------------------
UK quoted companies issued 45 profit warnings in Q2 2010, compared
to 54 in the first quarter of the year, according to Ernst &
Young.  The sectors with the highest number of warnings were:
Travel & Leisure (6), Support Services (6), Construction &
Materials (4), General Retailers (4) and Software & Computer
Services (4).

Because the UK economy is still in recovery mode, far fewer
companies are blaming macro-economic conditions for their profit
warning.  Just 22% of companies warning this quarter cited
difficult trading conditions, compared with 46% in the same period
of 2009.  Instead, contract amendments or cancellations were the
main reason for warning, with nearly a third of companies blaming
contract issues, up from 17% in the same period in 2009.  This
figure includes six profit warnings from companies whose contracts
were subject to cancellation or hiatus in the early stages of
government spending cuts; a theme that looks set to figure
prominently in the year ahead.

Keith McGregor, restructuring partner at Ernst & Young, said: "UK
plc could be in for another rough ride.  Profit warnings reached a
near seven-year low in the second quarter, falling below 50 for
the first time since 2003.  However, this will be the last period
in which an expansionary fiscal policy helps to keep profit
warnings low, and a number of companies have already cautioned
that they expect much tougher times ahead, when further fiscal
tightening reins in public sector and consumer spending."

The emergency Budget in June signaled how severe this retrenchment
will be.  By common assent, widespread fiscal adjustment is
necessary to ensure the UK's credit reputation, avoid disorderly
market conditions and help create the right environment for strong
private sector growth.  But, while potential rewards for such
accelerated austerity are high, the risks are too.

Alan Hudson, restructuring partner at Ernst & Young commented: "It
looks like 2011 will be a crunch year.  It is then that the first
significant wave of fiscal tightening, including the rise in VAT,
will likely coincide with interest rate rises and the upslope of a
refinancing peak.  A firmly entrenched private sector recovery
would soften these blows, but with growth still fragile and the
economy still battling headwinds from the eurozone and stuttering
credit markets, this support is by no means certain."

Mr. McGregor said: "A question mark still hangs over the ability
of both investment and exports to build momentum in the year
ahead.  Access to credit is also a vital prerequisite for a strong
private sector recovery, but the lingering fallout from the credit
crunch, combined with fears over the viability of the eurozone and
the solvency of some members, is limiting bank credit and
periodically slamming the bond market door shut.

Mr. McGregor continued: "This will be immediately concerning to
those companies looking to refinance, because the bond markets had
been ready to provide funding when no one else would."

                     Profit warning outlook

High levels of public sector spending and fiscal stimulus have
provided a buffer for many companies against the worst of the
credit crunch and recession.  Although, there is an element of
weaning the patient off the life support by delaying the main wave
of fiscal tightening until 2011; from that date, the level of
public sector support drops dramatically.

Mr. Hudson concluded: "Cutting back the public sector to allow
space for the private sector to grow should, in the long term,
help promote higher levels of growth that will benefit UK plc.
But, given the size of the adjustment required, the transition
will inevitably be painful.

"This leaves UK plc with a very difficult hand to play.  Many
companies are now enjoying a trading uplift, which explains the
exceptionally low levels of warnings in some sectors.  However,
given the potential challenges to growth in the year ahead,
companies will need to manage costs and expectations carefully to
mitigate a potential stall or stutter in 2011, when government
spending really starts to retrench. Uncertainty and demand
volatility is usually associated with a rise in profit warnings
and we continue to expect the number of warnings to increase in
the year ahead.'


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


* 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 * * *