TCREUR_Public/100727.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 27, 2010, Vol. 11, No. 146

                            Headlines



D E N M A R K

AMAGERBANKEN: Incurs DKK478 Million Loss; Mulls Share Issue


G E R M A N Y

ALMATIS B.V.: Has New Plan with Enhanced Recoveries
HYPO REAL ESTATE: Fails Stress Test


G R E E C E

PIRAEUS BANK: Mulls EUR1.1 Billion Capital Increase This Year


H U N G A R Y

ERSTE BANK: Moody's Reviews Deposit Ratings for Downgrade
FHB MORTGAGE: Moody's Reviews Deposit Ratings for Possible Cut
K&H BANK: Moody's Reviews Deposit Ratings for Possible Cut
MKB BANK: Moody's Reviews Deposit Ratings for Possible Cut


I R E L A N D

EMF SEMICONDUCTOR: In Receivership; Assets Put Up for Sale
NAAS DEVELOPMENTS: Grant Thornton Appointed as Receiver
SILKS PRIVATE: Faces Liquidation Following Trade Decline


I T A L Y

BANCA MONTE: Moody's Says Downgrade Won't Affect SanVitale Notes


K A Z A K H S T A N

TRISTAN OIL: Fitch Changes Watch on 'C' Rating to Negative


L U X E M B O U R G

LIFEMARK: Faces Liquidation After Carval Withdraws Rescue Offer


R U S S I A

INTERNATIONAL INDUSTRIAL: Resolves Defaults on EUR200MM Bonds


S P A I N

FONCAIXA HIPOTECARIO: Moody's Assigns 'B1' Rating on Class Notes
MEDIAPRODUCCION SL: Expected to Exit Insolvency in Three Months
REAL MALLORCA: Denied Entry Into Europa League; Mulls Appeal


T U R K E Y

CALIK HOLDING: Fitch Affirms Issuer Default Rating at 'B-'


U K R A I N E

FERREXPO PLC: S&P Puts 'B' Rating on CreditWatch Positive


U N I T E D   K I N G D O M

ARIA MANAGED CDO: Moody's Lifts Ratings on Four Notes to 'Caa1'
BRITISH AIRWAYS: Faces Lawsuit Over Price-Fixing Cartel
CONNAUGHT PLC: May Breach Banking Covenants; In Funding Talks
CRYSTAL PALACE: To Exit Administration; Consortium to Take Over
FOUR SEASONS: Extends Deadline to Approve Bond Lockup to July 30

HIGH 5: Set to Go Into Liquidation This Week
KAUPTHING SINGER: Depositors Action Group Submits GBP346,000 Claim
MALL FUNDING: S&P Downgrades Rating on Class A Notes to 'D'
SIV PORTFOLIO: Moody's Withdraws Ratings on Various Notes
SIXTY UK: High Court Judge Rejects Company Voluntary Arrangement


X X X X X X X X

* EUROPE: Seven European Union Banks Fail Stress Tests

* Large Companies with Insolvent Balance Sheet




                         *********



=============
D E N M A R K
=============


AMAGERBANKEN: Incurs DKK478 Million Loss; Mulls Share Issue
-----------------------------------------------------------
Robert Cellini at The Copenhagen Post Online reports that
Amagerbanken's half-year financial statement showed losses of
DKK478 million before taxes, DKK63 million more than the same
period last year.

According to the report, the financial statement indicated the
bank could "be forced to illiquidity if its capital-raising
efforts are unsuccessful".

Amagerbanken, the report says, needs to raise DKK750 million in
capital by September 15 to be eligible for a DKK13.5 billion
funding guarantee from the state's Financial Stability Company.
The report relates the bank released a statement Thursday that the
funding will be used for issuing stock for the full amount on
July 29.

According to the report, at an extraordinary general meeting
Thursday, Amagerbanken's shareholders agreed to the bank's
survival plan of issuing convertible certificates of debt to
obtain the DKK750 million necessary to issue the stock.

N.E. Nielsen, Amagerbanken's chairman, said a merger or sale of
the bank was also a possibility if it would save the institution
from insolvency, the report notes.

Amagerbanken is Denmark's ninth largest bank.  It is headquartered
in Copenhagen.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on April 13,
2010, Moody's Investors Service confirmed the E+ bank financial
strength rating of Amagerbanken with a negative outlook.


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


ALMATIS B.V.: Has New Plan with Enhanced Recoveries
---------------------------------------------------
Almatis B.V. is withdrawing its prepackaged plan of reorganization
that pays senior creditors somewhere in the 85% range and junior
creditors hardly anything, to file a new plan that pays senior
creditors full recoveries, together with interest, and
significantly enhanced recoveries to junior creditors.

Almatis has reached a plan support agreement with Dubai
International Capital LLC and its supporting junior prepetition
lenders as well as obtained commitments for exit financing.  DIC
is the Debtors' largest ultimate equity holder.

The Amended Plan will be funded from:

     -- the US$50 million revolving credit facility pledged by
        JPMorgan plc, Merrill Lynch International, JPMorgan Chase
        Bank, N.A., and Bank of America, N.A.;

     -- the sale of at least US$400 million in U.S. dollar
        denominated senior secured notes to GSO Capital Partners
        LP;

     -- the sale of EUR110 million of Euro denominated senior
        secured notes to Sankaty Credit Opportunities IV, L.P.,
        and GoldenTree Asset Management LP; and

     -- a US$100 million investment by DIC, which have been placed
        in escrow at JPMorgan.

Almatis is seeking Bankruptcy Court permission to enter into the
plan support agreement and execute the commitment letters as well
as pay related fees at a hearing for August 3, 2010.

Almatis is represented by Gibson Dunn & Crutcher LLP's team of
lawyers, led by co-chair of the Business Restructuring and
Reorganization Practice Group, Michael Rosenthal (based in New
York) and restructuring partner Greg Campbell (based in London),
and includes NY partners Janet Weiss and Mitch Karlan as well as
New York of counsel Matthew Kelsey.

                      About Almatis Group

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

Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

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

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


HYPO REAL ESTATE: Fails Stress Test
-----------------------------------
Oliver Suess and Aaron Kirchfeld at Bloomberg News report that
Hypo Real Estate Holding AG was the only one among 14 German banks
to fail a European Union-wide stress test.

Bloomberg relates the Bundesbank and Germany's financial
regulator, BaFin, said in a joint statement that Hypo Real
Estate's Tier 1 capital ratio, a measure of financial strength,
dropped to 4.7% in a test scenario that simulated a sovereign-debt
crisis and economic recession, below the 6% minimum required.
According to Bloomberg, they said the bank would only have to
raise capital "if the hypothetical stress scenario actually did
materialize."

"Had Hypo Real Estate not failed the test, this would have meant
the stress tests would have been a real joke," Bloomberg quoted
Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets,
as saying.  "The bank is under reconstruction anyway and will be
recapitalized by the German government, so this doesn't really
matter for the market."

Bloomberg notes Hypo Real Estate said in an e-mailed statement
following the publication of the results that the bank would have
passed the test if it had received all the capital it requested
from Germany's Soffin bank-rescue fund.

"Given full recapitalization, Hypo Real Estate would exceed the 6
percent Tier 1 ratio for all scenarios used in the current stress
test," the company said, according to Bloomberg.  The bank, as
cited by Bloomberg, said it has applied for a EUR10-billion
(US$12.8 billion) recapitalization, of which EUR7.87 billion have
been approved.

                      About Hypo Real Estate

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


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


PIRAEUS BANK: Mulls EUR1.1 Billion Capital Increase This Year
-------------------------------------------------------------
Kerin Hope at The Financial Times reports that one of Piraeus
Bank's senior executives said on Sunday that the Greek lender is
planning to raise fresh capital later this year.

According to the FT, a capital increase of at least EUR1.1 billion
would be linked to an offer by Piraeus to acquire two loss-making
state-controlled Greek lenders -- Agricultural Bank of Greece
(ATEbank) and Hellenic Postbank.

The FT says Piraeus's planned capital increase would raise its
tier one ratio to 9.7%.  It would also fully cover its EUR701
million offer for the Greek state's stakes of 77% stake in ATEBank
and 33% in Postbank, the FT states.  The remaining amount would
fund repayment of a EUR370 million capital injection in 2008 by
the Greek state through a support package for the banking sector,
the FT states.

Piraeus Bank S.A. -- http://www.piraeusbank.gr-- is an Athens,
Greece-based financial and banking services group.  The Bank
offers its services through three divisions: Individuals, which
includes deposit and investment solutions, loans, cards, insurance
products, wealth management and electronic banking services;
Companies and Professionals, which includes business deposit
solutions, business financing solutions and funds transfer, and
Large Enterprises, which includes financing products, asset
management, risk management and investment banking.  During the
year ended December 31, 2008, the Bank had 358 branches in Greece
and 537 branches internationally, of which 38 were in Greece and
113 were in South-Eastern European countries, Egypt and Cyprus.
Its group companies are active in retail, corporate, international
and investment banking, as well as in asset management and real
estate.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on July 20,
2010, Standard & Poor's Ratings Services said that it placed its
'BB' long-term and 'B' short-term counterparty credit ratings on
Piraeus Bank S.A. on CreditWatch with negative implications.

At the same time, Fitch Ratings downgraded the Individual rating
of Piraeus Bank to 'D' from 'C/D'.  It placed the rating on Watch
Negative.


=============
H U N G A R Y
=============


ERSTE BANK: Moody's Reviews Deposit Ratings for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary.  The banks' respective financial strength ratings are
not affected by the review initiated.

These ratings have been placed on review for possible downgrade:

* Erste Bank Hungary -- local and foreign currency long- and
  short-term deposit ratings at Baa2/Prime-2

* FHB Mortgage Bank -- local and foreign currency long- and short-
  term deposit ratings at Baa3/Prime-3

* K&H Bank -- local currency deposit rating of A3

* MKB Bank - local and foreign currency long- and short-term
  deposit and debt ratings of Baa2/Prime-2; Foreign currency
  subordinated debt rating of Baa3

* OTP Bank -- local and foreign currency long- and short-term
  deposit and debt ratings of Baa1/Prime-2; and foreign currency
  subordinated debt rating of Baa2

* OTP Mortgage Bank - local and foreign currency long- and short-
  term deposit and debt deposit ratings of Baa1/Prime-2

* MFB Development Bank - foreign currency long- and short-term
  deposit and debt deposit ratings of Baa1/Prime-2

Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.

                         Rating Rationale

The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.

According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.

As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system.  Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.

Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.

                     Previous Rating Actions

Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.

Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.

Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1.  The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.

Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1.  The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.

Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009.  OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.

Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1.  The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.

Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2.  The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.

Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.

Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.


FHB MORTGAGE: Moody's Reviews Deposit Ratings for Possible Cut
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary.  The banks' respective financial strength ratings are
not affected by the review initiated.

These ratings have been placed on review for possible downgrade:

* Erste Bank Hungary -- local and foreign currency long- and
  short-term deposit ratings at Baa2/Prime-2

* FHB Mortgage Bank -- local and foreign currency long- and short-
  term deposit ratings at Baa3/Prime-3

* K&H Bank -- local currency deposit rating of A3

* MKB Bank - local and foreign currency long- and short-term
  deposit and debt ratings of Baa2/Prime-2; Foreign currency
  subordinated debt rating of Baa3

* OTP Bank -- local and foreign currency long- and short-term
  deposit and debt ratings of Baa1/Prime-2; and foreign currency
  subordinated debt rating of Baa2

* OTP Mortgage Bank - local and foreign currency long- and short-
  term deposit and debt deposit ratings of Baa1/Prime-2

* MFB Development Bank - foreign currency long- and short-term
  deposit and debt deposit ratings of Baa1/Prime-2

Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.

                         Rating Rationale

The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.

According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.

As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system.  Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.

Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.

                     Previous Rating Actions

Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.

Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.

Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1.  The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.

Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1.  The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.

Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009.  OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.

Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1.  The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.

Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2.  The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.

Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.

Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.


K&H BANK: Moody's Reviews Deposit Ratings for Possible Cut
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary.  The banks' respective financial strength ratings are
not affected by the review initiated.

These ratings have been placed on review for possible downgrade:

* Erste Bank Hungary -- local and foreign currency long- and
  short-term deposit ratings at Baa2/Prime-2

* FHB Mortgage Bank -- local and foreign currency long- and short-
  term deposit ratings at Baa3/Prime-3

* K&H Bank -- local currency deposit rating of A3

* MKB Bank - local and foreign currency long- and short-term
  deposit and debt ratings of Baa2/Prime-2; Foreign currency
  subordinated debt rating of Baa3

* OTP Bank -- local and foreign currency long- and short-term
  deposit and debt ratings of Baa1/Prime-2; and foreign currency
  subordinated debt rating of Baa2

* OTP Mortgage Bank - local and foreign currency long- and short-
  term deposit and debt deposit ratings of Baa1/Prime-2

* MFB Development Bank - foreign currency long- and short-term
  deposit and debt deposit ratings of Baa1/Prime-2

Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.

                         Rating Rationale

The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.

According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.

As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system.  Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.

Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.

                     Previous Rating Actions

Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.

Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.

Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1.  The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.

Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1.  The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.

Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009.  OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.

Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1.  The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.

Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2.  The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.

Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.

Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.


MKB BANK: Moody's Reviews Deposit Ratings for Possible Cut
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the debt and deposit ratings of seven Hungarian banks,
following the announcement that the rating agency has also placed
on review for possible downgrade the Baa1 government bond rating
of Hungary.  The banks' respective financial strength ratings are
not affected by the review initiated.

These ratings have been placed on review for possible downgrade:

* Erste Bank Hungary -- local and foreign currency long- and
  short-term deposit ratings at Baa2/Prime-2

* FHB Mortgage Bank -- local and foreign currency long- and short-
  term deposit ratings at Baa3/Prime-3

* K&H Bank -- local currency deposit rating of A3

* MKB Bank - local and foreign currency long- and short-term
  deposit and debt ratings of Baa2/Prime-2; Foreign currency
  subordinated debt rating of Baa3

* OTP Bank -- local and foreign currency long- and short-term
  deposit and debt ratings of Baa1/Prime-2; and foreign currency
  subordinated debt rating of Baa2

* OTP Mortgage Bank - local and foreign currency long- and short-
  term deposit and debt deposit ratings of Baa1/Prime-2

* MFB Development Bank - foreign currency long- and short-term
  deposit and debt deposit ratings of Baa1/Prime-2

Budapest bank's long-term deposit rating at Baa2 was not affected
since it does not benefit from uplift due to systemic support.

                         Rating Rationale

The review for possible downgrade of the seven banks' ratings
reflects the similar rating action on the Hungarian sovereign
ratings, details of which are provided in a separate Press Release
issued on July 22, 2010.

According to Moody's the reviews for downgrade reflects the fact
that these banks' deposit and debt ratings benefit from systemic
support, and the amount of uplift resulting from this would be
reduced in the event that the sovereign is downgraded.

As an input for assessing systemic support Moody's uses Hungarian
state's local currency debt rating adjusted upwards by one notch
to reflect the array of measures available to the authorities to
support the banking system.  Thus, the anchor used for measuring
systemic support on banks' ratings is currently Hungary's
government bond rating of Baa1 (under review for possible
downgrade) plus one notch of uplift, resulting in an A3 input.

Moody's points out that these rating actions are not driven by a
change in the rating agency's view of Hungarian banks' intrinsic
financial strength nor of the probability of systemic support.

                     Previous Rating Actions

Moody's last rating action on Erste Bank Hungary was on May 19,
2009, when its BFSR was downgraded to D (Ba2) from D+ (Ba1) and
bank's deposit ratings were downgraded to Baa2 (negative)/Prime-2
from A3/Prime-2 for local currency and Baa1/Prime-2 for foreign
currency.

Moody's last rating action on FHB Mortgage Bank was on May 19,
2009, when the D+ BFSR (Ba1) was affirmed and the Baa3/Prime-3
deposit ratings confirmed.

Moody's last rating action on K&H Bank was on May 19, 2009, when
its BFSR was downgraded to D+ (Baa3) from C- (Baa2) and the bank's
local currency deposit ratings were downgraded to A3
(negative)/Prime-2 from Aa3/Prime-1.  The foreign currency deposit
ratings were affirmed at Baa1 (negative)/Prime-2 as the long-term
rating was already capped by the Baa1 ceiling for foreign currency
deposits in Hungary.

Moody's last rating action on MKB Bank was on May 19, 2009, when
its BFSR was downgraded to D (Ba2) from C- (Baa2) and local
currency deposit and foreign currency debt ratings were downgraded
to Baa2 (negative)/Prime-2 from A1/Prime-1.  The subordinated debt
rating was downgraded to Baa3 (negative) from A2 and the foreign
currency deposit ratings to Baa2 (negative) from Baa1.

Moody's last rating action on OTP Bank was on January 29, 2010,
when its hybrid securities rating was downgraded, in line with its
revised Guidelines for Rating Bank Hybrids and Subordinated Debt
published in November 2009.  OTP Bank's Upper Tier 2 perpetual
subordinated bond issue was downgraded to Ba1 with negative
outlook from Baa2.

Moody's last rating action on OTP Mortgage Bank was on May 19,
2009, when its BFSR was downgraded to D+ (Baa3) from C+ (A2) and
the local currency deposit ratings to Baa1 (negative)/Prime-2 from
Aa3/Prime-1.  The foreign currency deposit ratings were affirmed
at Baa1 (negative)/Prime-2 as the long-term rating was already
capped by the Baa1 ceiling for foreign currency deposits in
Hungary.

Moody's last rating action on MFB Development Bank was on May 19,
2009, when its long-term foreign currency debt rating was
downgraded to Baa1 (negative) from Aa2.  The Baa1
(negative)/Prime-2 foreign currency deposit ratings, which were
already capped by the ceiling for foreign currency deposits in
Hungary, were affirmed.

Moody's last rating action on Budapest Bank was on May 19, 2009
when its BFSR was downgraded to D (Ba2) from D+ (Baa3) and bank's
deposit ratings were downgraded to Baa2 (negative)/Prime-2 from
A1/Prime-1 for the local currency and Baa1/Prime-2 for the foreign
currency deposit ratings.

Headquartered in Budapest, Hungary, Erste Bank Hungary reported
consolidated total assets of HUF2 903 billion (EUR10.7 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, FHB Mortgage Bank reported
consolidated total assets of HUF802 billion (EUR2.9 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, K&H Bank reported consolidated
total assets of HUF3 064 billion (EUR11.3 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, MKB Bank reported consolidated
total assets of HUF3 107 billion (EUR11.5 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Bank reported consolidated
total assets of HUF9 755 billion (EUR36.2 billion) as of
December 31, 2009.

Headquartered in Budapest, Hungary, OTP Mortgage Bank reported
consolidated total assets of HUF1 981 billion (EUR7.3 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, MFB Development Bank reported
consolidated total assets of HUF1148 billion (EUR4.2 billion) as
of December 31, 2009.

Headquartered in Budapest, Hungary, Budapest Bank reported
consolidated total assets of HUF909 billion (EUR3.4 billion) as of
December 31, 2009.


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


EMF SEMICONDUCTOR: In Receivership; Assets Put Up for Sale
----------------------------------------------------------
Semiconductor Today reports that the business and assets of EMF
Semiconductor Systems Ltd. are being offered for sale after the
firm entered receivership.

According to the report, assets put up for sale include:

   -- a leasehold facility covering about 23,000 square feet
      (including a 2000 square-foot cleanroom), with excellent
      links to Cork, Dublin and Limerick;

   -- an extensive IP portfolio of metal-organic chemical vapor
      deposition tool design, including patented Vectored-Flow
      Epitaxy technology, ammonia pre-cracker, metallorganic vapor
      rate monitor and ammonia catalytic waste-treatment system;

   -- a production tool under development; and

   -- gas cabinets, vacuum pumps, wet stations and various
      industry standard spares available.

The report says expressions of interest are requested by August 13
to receiver and manager Barry Forrest of UHY Farrelly Dawe White
Corporate Recovery Specialists.

Mr. Forrest can be reached at:

          3C Dunshaughlin Business Park
          Dunshaughlin
          County Meath
          Ireland
          Tel: +353 1 8024217
          Fax: +353 1 8024216
          E-mail barry@forrestco.ie

EMF Semiconductor Systems Ltd. is a metal-organic chemical vapor
deposition equipment maker based in Mitchelstown, County Cork,
Ireland.


NAAS DEVELOPMENTS: Grant Thornton Appointed as Receiver
-------------------------------------------------------
Laura Coates at Leinster Leader reports that Grant Thornton has
been appointed receiver to Naas Developments, the parent company
of the Osprey Hotel in Naas, by Allied Irish Bank.

According to the report, Grant Thornton has appointed Dublin-based
Hotel Asset Management Services, a company which specializes in
advising hotels experiencing trading difficulties, to run the
business.

It is believed that the Osprey Hotel's conference business has
been hard hit by the recession, the report notes.  The report
relates a spokesperson for the hotel said that it is open and
trading as normal.  About 150 people are employed in the hotel
complex, 70 of them full-time, but no jobs are currently under
threat, the report says.


SILKS PRIVATE: Faces Liquidation Following Trade Decline
--------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Silks Private
Members Club Ltd. is facing liquidation after being hit by the
recession.

According to the report, the operator of the casino club will hold
a creditors' meeting next month to appoint a liquidator to the
company.

The report relates director and shareholder Leonard Kinsella said
Friday that trade had dwindled to the point where the business was
no longer sustainable.  The report notes Mr. Kinsella said its
liabilities are "minuscule".

Silks Private Members Club Ltd. is located in Earlsfort Terrace.
The company employed about 12 people, according to The Irish
Times.


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


BANCA MONTE: Moody's Says Downgrade Won't Affect SanVitale Notes
----------------------------------------------------------------
Moody's Investors Service concluded that the unanticipated
interest rate renegotiations as well as recent downgrade of the
servicer have no negative rating impact on the notes issued by
SanVitale 1 S.r.l.

Between the February 1, 2009, and the closing date (August 11,
2009) unexpected interest rate renegotiations occurred and the
impact of those was not reflected in the pool provided as of the
July 30, 2009, to Moody's.  As per the pool provided, 18.72% of
the loans were fixed-rate mortgage loans.  To mitigate the fixed-
floating-rate mismatch on fixed-rate loans, the issuer entered
into a swap agreement effective on the closing date.  Under this
agreement, on each payment date the notional of the swap has to be
within upper and lower bands.  If the notional is below the lower
band, the SPV may have to pay a termination cost due senior in the
waterfall.

After the closing date, the servicer realized that EUR7,757,476
mortgage loans were subject to an unexpected interest rate
renegotiation, and have switched from fixed to floating rate
loans.  This corresponds to 54 loans, out of which: 2 have been
fully repaid, 50 were actually loans indexed on one-month EURIBOR,
two on three-month EURIBOR and two on ECB rate.  Swap
documentation was based on the information provided as of the
July 30, 2009, and hence did not consider those renegotiations for
the determination of the notional of the swap.

As result of principal payments (scheduled and unscheduled)
and those interest rate renegotiations, the notional amount
applicable under the fixed-floating loans is reduced to
EUR55,833,253.  The lower band for the corresponding calculation
period is EUR54,604,585 and the higher band is EUR65,122,88.  The
current swap notional is within those two limits and consequently
there is no termination cost due under the terms of the relevant
swap confirmation.

The issuer decided to keep the swap documentations entered into at
closing unchanged and the EUR7,757,476 of fixed-rate loans that
have converted to floating-rate loans will not be hedged against
interest rate risk.  Therefore, the transaction is exposed to an
additional basis risk arising from a mismatch between the 3-months
EURIBOR payable on the Notes and the interest rate received from
the collateral.

To mitigate the impact of this increased interest rate risk,
EUR409,134 will be added to the reserve fund leading to a 5.11%
reserve fund (versus the original 5% as of closing).  This
increase has been sized using historical data on interest rates
and expected future loan amounts assuming no prepayment and no
default.  Moody's has factored this change into its analysis and
concluded that it has no impact on the ratings of the notes.

               Downgrade of Banca Monte Parma S.P.A

As of June 22, 2010, the servicer Banca Monte Parma S.P.A has been
downgraded from Baa2/P-2 to Baa3/P-3.  In Moody's view, this does
not impact the ratings of the notes because of the existence of
structural features reducing the exposure to the servicer (trigger
to appoint a back-up servicer at loss of Baa3, notification
trigger at loss of Ba2 as well as cash commingling risk
mitigants.)

In June 2010, Moody's also downgraded Banca Monte's bank financial
strength rating to D from D+.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


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


TRISTAN OIL: Fitch Changes Watch on 'C' Rating to Negative
----------------------------------------------------------
Fitch Ratings has revised the rating watch on Tristan Oil Ltd.'s
Long-term foreign currency Issuer Default Rating of 'C' to
Negative from Evolving.  Tristan's senior unsecured rating is 'C'
with a Recovery Rating of 'RR6'.

The RWN reflects the substantial deterioration of the company's
business profile and the potential negative impact on bondholders
from the cancellation of the subsoil use contracts of two
operating companies -- Kazpolmunay and Tolkynneftegaz -- by the
Kazakh Ministry of Oil and Gas.  The revocation of the subsoil use
contracts may trigger a put option under a change of control
provision in the bond documentation.  If a put option is
triggered, Fitch believes that Tristan is unlikely to be able to
meet its obligations to repurchase the bonds due to its weak
financial position.

In addition, Fitch notes that the halt on cash flow from
operations will put further pressure on the credit metrics and the
company's ability to make an interest payment on the eurobonds,
which was due on July 1, 2010, and was extended for a 30-day grace
period.

Tristan announced that on July 21, 2010, the Kazakh Ministry
of Oil and Gas had notified KPM and TNG that it had cancelled
their subsoil use contracts and transferred the oil and gas
fields into the trust management of KazMunaiGaz National Company
('BBB-'/Stable) until a new operator is appointed.  The potential
sale of two operating companies was also cancelled as Tristan was
unable to receive the necessary consent and approvals from the
Kazakh authorities.

Fitch will continue to monitor developments and take further
rating action if appropriate.


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


LIFEMARK: Faces Liquidation After Carval Withdraws Rescue Offer
---------------------------------------------------------------
Katrina Baugh at IFAonline, citing Life Settlements Wire, reports
that Lifemark, one of the life settlement groups behind Keydata,
could be facing liquidation after US hedge fund CarVal pulled a
US$60 million rescue offer.

According to the report, Carval had already stumped up GBP3.5
million in short-term loans to Lifemark, which ran bonds backing
Keydata plans owned by 23,000 customers who invested GBP350
million.  The report says around US$2.5 million of this loan has
been already been repaid by Lifemark but the offer of US$60
million for a longer-term funding proposal is now believed to be
off the table.

If no other white knight can be found, investors' main hope may be
the Financial Services Compensation Scheme which said it should
know by September whether they can receive compensation, the
report notes.

Lifemark's settlement portfolio has a face value of about GBP1.3
billion, the report discloses.

Lifemark has been under the management of KPMG since November as
it works on a restructuring proposal, the report relates.  Its
bonds ceased trading on the Luxembourg Stock Exchange in February,
and Lifemark stopped paying income to investors, the report
recalls.

Lifemark is based in Luxembourg.


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


INTERNATIONAL INDUSTRIAL: Resolves Defaults on EUR200MM Bonds
-------------------------------------------------------------
Bloomberg News reports that International Industrial Bank,
controlled by Senator Sergei Pugachyov, said Sunday that it
resolved defaults on EUR200 million (US$258 million) of bonds
after agreeing to extend payments in a meeting with holders.

"All acceptance conditions set forth in the notice of the meeting
have been satisfied," Bloomberg quoted the lender as saying in a
statement dated Friday.  "All defaults that had been continuing
have been fully resolved as of [Friday]."

Headquartered in Moscow, International Industrial Bank lends to
commercial and industrial projects run by United Industrial
Corporation, which is affiliated with Sergey Pugachyov, a
businessman and member of the Federation Council of Russia, the
upper chamber of the parliament of the Russian Federation.  Mr.
Pugachyov and his family own 81% of IIB.  The bank's senior
managers own the rest.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 9,
2010, Standard & Poor's Ratings Services said it lowered its long-
and short-term counterparty credit ratings on Russia-based
International Industrial Bank to 'D/D' (default) from 'CC/C'.  S&P
downgraded IIB to 'D' because it was unable to pay its
EUR200 million 9.0% senior unsecured loan participation notes that
matured on July 6, 2010.  IIB also issued a default notice on its
US$200 million 11.0% loan participation notes due 2013.

At the same time, Fitch Ratings downgraded Russia-based
International Industrial Bank's Long-term foreign and local
currency Issuer Default Ratings to 'RD' (Restricted Default) from
'C'

As reported by the Troubled Company Reporter-Europe on July 2,
2010, Moody's Investors Service downgraded these ratings of
International Industrial Bank: long-term debt and deposit ratings
to Caa2 from B3, and bank financial strength rating to E from E+.
The Caa2 long-term ratings were placed on review with
direction uncertain, while the E BFSR and Not-Prime short-term
debt and deposit ratings carry stable outlook.


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


FONCAIXA HIPOTECARIO: Moody's Assigns 'B1' Rating on Class Notes
----------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these class of Notes issued by Foncaixa Hipotecario 11, Fondo de
Titulizacion de Activos:

  * Aaa to the EUR6,110,000,000 Class A due 2053
  * A1 to the EUR97,500,000 Class B due 2053
  * B1 to the EUR292,500,000 Class C due 2053

The transaction represents the securitisation of Spanish mortgage
loans originated by "la Caixa".  The weighted-average current LTV
(based on valuation at origination) is 51.61%, and its seasoning
is 4.87 years for the provisional portfolio as of 27 June 2010.
Delinquencies reported on prior transactions of this issuer are
better than the average delinquency reported in the Spain index.
The portfolio will be serviced by "la Caixa".

The strengths of the transaction are (i) a reserve fund fully
funded upfront equal to 2% of the notes to cover potential
shortfall in interest and principal, and (ii) a strong interest
rate swap in place to provide a guaranteed excess spread (0.50%)
above Euribor to the transaction.  The key weaknesses Moody's
committees particularly focused on were the risky characteristics
of the portfolio being securitized, including flexible mortgages
with the possibility of further additional draw downs and payment
holidays.  This was taken into consideration in Moody's collateral
loss assumptions, whereby the expected portfolio loss of 1.5% and
the MILAN Aaa required credit enhancement of 6.0% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in
September 2000.

The V Score for this transaction is Medium, which is in line with
the V score assigned for the Spanish RMBS sector.  Only one sub
component underlying the V Score have been assessed lower than the
average for the Spanish RMBS sector.  Issuer/Sponsor/Originator's
Historical Performance Variability is Low/Medium, which is lower
than the Medium V score assigned for the Spanish RMBS sector for
this sub component because the Foncaixa Hipotecario securitization
program have historically lower defaults and arrears than
traditional mortgages pools in Spain.  V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.

The definitive rating addresses the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest on Classes A, B and C Notes and
ultimate payment of principal at par on or before the legal final
maturity date for all the Notes.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed but may have a significant effect on
the yield to investors.


MEDIAPRODUCCION SL: Expected to Exit Insolvency in Three Months
---------------------------------------------------------------
Matt Cutler at SportBusiness reports that Spanish rights agency
Mediapro said that it expected its Mediaproduccion subsidiary to
come out of insolvency proceedings in the next three months.

Speaking to TV Sports Markets, Mediapro partner Gerard Romy said
that the company had told Mediaproduccion's creditors that it
would pay all its debts in full, plus interest, within three
years.

SportBusiness recalls Mediapro's problems mounted two weeks ago
when a deal with the MP & Silva agency for the Spanish rights for
Italian football's Serie A was terminated after Mediapro failed to
pay the first installment.  According to SportBusiness, Mr. Romy
said the collapse of the Serie A deal was the result of
"unfortunate timing" as opposed to a sign of wider financial
problems at the company.  It was the only deal to have been
affected by the insolvency, SportBusiness notes.

As reported by the Troubled Company Reporter-Europe on June 29,
2010, Bloomberg News said a court in Madrid ordered
Mediaproduccion, owner of broadcasting rights for the Spanish
soccer league, to pay Sogecable SA around EUR136 million (US$167.7
million) in damages and give it the soccer rights.  Bloomberg,
citing a regulatory filing by Promotora, known as Prisa, disclosed
Mediapro must pay Sogecable, the television unit of Promotora de
Informaciones SA, EUR105 million in damages and an additional
EUR31 million to cover costs incurred until the rights
are handed over.  According to Bloomberg, Mediapro said in an e-
mailed statement that the fact that the company sought bankruptcy
protection would entail the suspension of the court ruling
mentioned in Prisa's filing.  Bloomberg noted that in a separate
statement, Mediapro said its administrators had written to
Sogecable demanding it pay for the soccer rights.

On June 18, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Mediaproduccion said it was seeking
protection from creditors after Sogecable failed to make a payment
to broadcast games next season.  Bloomberg disclosed Madrid-based
pay-television company Sogecable and Mediaproduccion were locked
in a dispute over control of soccer broadcast rights in recent
years.  Bloomberg recalled the battle led to legal challenges and
in March a court ruled that Mediaproduccion had to pay EUR97
million (US$119.3 million) in damages to Audiovisual Sport, a unit
of Sogecable.  Sogecable, as cited by Bloomberg, said in a
statement on June 16 that it had demanded the execution of the
March ruling on June 9.

Mediaproduccion SL is based in Barcelona.


REAL MALLORCA: Denied Entry Into Europa League; Mulls Appeal
------------------------------------------------------------
Europa League News reports that Real Mallorca is considering its
options after being told that it has been denied entry into the
Europa League after falling foul of the Union of European Football
Association's financial regulations.

The report relates a statement on UEFA's Web site read: "On the
basis of all expert reviews which have been undertaken, the
control and disciplinary body ruled that the club does not fulfill
the necessary admission criteria."

The report recalls Mallorca in May applied to go into voluntary
administration after amassing debts thought to be in the region of
EUR70 million.

According to the report, Mallorca may yet appeal the ruling and
has three days to decide on its next step.

Real Club Deportivo Mallorca, S.A.D. is a Spanish football team
from Palma (Majorca).  Founded on March 5, 1916, it currently
plays in the Spanish first division.


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


CALIK HOLDING: Fitch Affirms Issuer Default Rating at 'B-'
----------------------------------------------------------
Fitch Ratings has affirmed Calik Holding A.S.'s Long-term foreign
and local currency Issuer Default Ratings at 'B-' respectively,
and affirmed its National Long-term rating at 'BB-(tur)'.  The
Outlooks on each Long-term rating are Negative.  Fitch has also
affirmed Globus Capital Finance S.A.'s US$200 million 8.5% 2012
notes, which are guaranteed by Calik, at senior unsecured 'B-'
with a Recovery Rating of ''RR4'.

Fitch has additionally downgraded GAP Guneydogu Tekstil A.S.'s, a
Calik subsidiary, National Long-term rating to 'BB-(tur)' from
'BBB+(tur)'.  The Outlook on the rating is Negative.  Whilst GAP's
performance remains stable, the downgrade reflects Fitch's applied
parent and subsidiary linkage rating methodology and highlights
the strong linkage between Calik and GAP, which justifies equating
the National Long-term rating of both entities.

In 2009, Calik experienced a 12.9% top line revenue decline and a
significant increase in lease-adjusted EBITDAR leverage close to
7x from about 5x due to a difficult trading environment in key
markets -- notably Turkey and the Balkan States.  Calik's ratings
continue to be constrained by the financial impact of its 2008
acquisition of Sabah-ATV's media assets on the overall group
financial profile.  The sale of two operating energy assets in
October 2008 reduced diversification within the overall financial
and business profile of the group.  However, Fitch continues to
take Calik's planned expansion into the electricity generation and
oil and gas sectors into consideration.  The funding structures
and eventual monetary impact of such capex on group results will
be assessed at a later date as no details are currently available.

Fitch also notes the liquidity needs of the potential new energy
generation projects, which are expected to be financed on a ring-
fenced basis, although Calik will contribute equity towards the
projects.  Calik is unlikely to benefit from any cash inflow in
the medium-term given the nature of such projects.  Fitch
understands that Calik is still actively looking for a strategic
partner for its power generation projects.  As a holding company,
Calik depends on dividend flows, service income and capital gains.
It has low dividend income from its operating subsidiaries, and
cash generation at the holding level remains partly dependent on
asset sales.

The Negative Outlook continues to reflect downside risks to
Calik's operating performance in 2010 and its overall weak
liquidity position, particularly in the media division, which is
highly leveraged and generated an operating loss in 2009.  Fitch
believes that de-leveraging will be hard to achieve in a
challenging ad-spend environment in 2010, although higher than
2009, despite the improvement in the Turkish economy.  In
addition, the US$200 million Globus bond, which is part of the
construction subsidiary and of which Calik has to date bought back
a significant amount, will mature in 2012.  In view of the group's
weak liquidity position, Fitch is concerned about the refinancing
of the upcoming maturities and expects Calik will need to
accelerate its refinancing efforts.

Turkuvaz Media, Calik's 75%-owned subsidiary, currently has
US$750m in non-recourse debt, which was used to acquire Sabah-
ATV's media assets and is secured by Turkuvaz's assets only.  The
10-year loan has three-year interest-only and seven-year
amortization terms.  Fitch cautions that interest coverage ratios
will be tight in the next two years when gross debt/EBITDA is
expected to be approximately 10x in FY10 at Turkuvaz's level.
Furthermore, Fitch notes that Turkuvaz is exposed to a potential
currency mismatch through its largely US$-denominated debt stock
and minimal foreign exchange-denominated revenues.  In assessing
Calik's financial structure, Fitch stripped out the group's
banking business as Calik does not have direct access on the cash
of these entities due to the regulated nature of this business.
Consequently, FYE09 Fitch adjusted consolidated net debt to EBITDA
is 6.9x.

Positive rating action could occur if underlying market conditions
improve, especially in Turkey, along with a demonstration that
Calik's various business divisions, particularly the media
business, can generate sizable, sustainable positive free cash
flow and reduce existing high debt levels.  Conversely, negative
rating action may occur if market conditions continue to be
challenging and negatively impact profitability, free cash flow
and already weak credit metrics.


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


FERREXPO PLC: S&P Puts 'B' Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with positive implications its 'B' long-term foreign
currency rating on Ukraine-based iron ore producer Ferrexpo PLC,
reflecting the recent CreditWatch action on Ukraine.  At the same
time, the 'B+' long-term local currency and 'B' short-term
corporate credit ratings on Ferrexpo were affirmed.

"The CreditWatch placement follows a similar action on Ukraine on
July 22, 2010," said Standard & Poor's credit analyst Alex
Herbert.  "It reflects S&P's view that should its 'B' long-term
foreign currency rating and transfer and convertibility assessment
on Ukraine be raised to 'B+', S&P would also expect to raise the
long-term foreign currency rating on Ferrexpo by one notch to
'B+'."

The sovereign credit rating on Ukraine (foreign currency B/Watch
Pos/B, local currency B+/Watch Pos/B) was placed on CreditWatch
positive on July 22, 2010, reflecting S&P's view of the increasing
fiscal consolidation efforts by the Ukrainian government, and
implementation of measures upon which International Monetary Fund
support is preconditioned, amid improved prospects for economic
growth.

The ratings on Ferrexpo reflect S&P's opinion of the group's weak
business risk profile and aggressive financial risk profile.
Supporting factors include the mid-cost position of the group's
mining operations, long reserve life, proximity to European steel
markets, and attractive industry characteristics.  Furthermore,
the group is focused on exports, and profitability is healthy.  In
addition, in S&P's view, Ferrexpo has a moderate financial policy
and limited leverage, which provides it with the financial
flexibility to execute its growth strategy.

S&P aims to resolve the CreditWatch placement on Ferrexpo within
the next few months following the resolution of the CreditWatch on
Ukraine.  S&P anticipates upward rating potential of one notch in
respect of the foreign currency rating on Ferrexpo in the event
that S&P raises the 'B' foreign currency rating and transfer and
convertibility assessment on Ukraine.

Further rating upside for Ferrexpo is constrained by S&P's view of
the risks of its limited diversification -- in particular, country
risks in the Ukraine where the group's operations are located,
volatile iron ore prices, and capital intensity.


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


ARIA MANAGED CDO: Moody's Lifts Ratings on Four Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by the Aria Managed CDO I vehicles, a collateralized debt
obligation transaction referencing two managed portfolios of
corporate entities.

Issuer: ARIA MANAGED CDO I

  -- US$3M M-4U7 Notes, Upgraded to Caa1; previously on March 25,
     2009 Downgraded to Caa3

  -- GBP200M P-2G7a Notes, Upgraded to A3; previously on March 25,
     2009 Downgraded to Baa1

  -- SwFr8.1M A-1C7 Notes, Upgraded to Baa1; previously on
     March 25, 2009 Downgraded to Baa3

  -- EUR12.9M A-1E7K Notes, Upgraded to Baa1; previously on
     March 25, 2009 Downgraded to Baa3

  -- US$2M A-1U7 Notes, Upgraded to Baa1; previously on March 25,
     2009 Downgraded to Baa3

  -- US$15.4M B-1U7 Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- SwFr42.9M B-1C7 Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- EUR18.6M B-1E7K Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- GBP0.4M B-1G7 Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- SwFr7.4M C-1C7 Notes, Upgraded to B3; previously on June 30,
     2009 Downgraded to Caa3

  -- US$17M A-1U7 Notes, Upgraded to Baa1; previously on March 25,
     2009 Downgraded to Baa3

  -- US$85.4M B-1U7 Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- US$22.5M C-2U7 Notes, Upgraded to Caa1; previously on
     March 25, 2009 Downgraded to Caa3

Issuer: ARIA MANAGED CDO I (Ireland)

  -- EUR12.9M A-1E7K Notes, Upgraded to Baa1; previously on
     March 25, 2009 Downgraded to Baa3

  -- SwFr8.1M A-1C7 Notes, Upgraded to Baa1; previously on
     March 25, 2009 Downgraded to Baa3

  -- GBP206.19M P-2G7 Notes, Upgraded to A3; previously on
     March 25, 2009 Downgraded to Baa1

  -- SwFr42.9M B-1C7 Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- EUR18.6M B-1E7K Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- GBP0.4M B-1G7 Notes, Upgraded to B1; previously on June 30,
     2009 Downgraded to Caa1

  -- SwFr7.4M C-1C7 Notes, Upgraded to B3; previously on June 30,
     2009 Downgraded to Caa3

  -- US$2.5M B-2U7 Notes, Upgraded to B1; previously on June 30,
     2009 Assigned Caa1

  -- US$2.5M C-2U7N Notes, Upgraded to Caa1; previously on
     June 30, 2009 Assigned Caa3

  -- US$10.5M C-1E7 Notes, Upgraded to Caa1; previously on
     June 30, 2009 Assigned Caa3

Moody's explained that the rating actions taken are the result of
the improvement of the credit quality of the reference portfolio
and the short time to maturity (October 2011) that reduces the
credit risk exposure of the tranches.  The rated tranches are
referencing two portfolios: tranches B-2U7, C-1E7, C-2U7, C-2U7N
and M-4U7 reference the first portfolio, all the other tranches
reference the second portfolio.  In the first portfolio the
Banking, Automotive and Telecommunications industry sectors are
the most represented, weighting 14.7%, 9.6% and 6.8% of the
portfolio notional.  In the second portfolio the Banking,
Automotive and Insurance industry sectors are the most
represented, weighting 13.6%, 9.7% and 7.3% of the portfolio
notional.

Moody's noted that various sensitivity analyses were performed to
test the robustness of the upgrade.  The sensitivity analyses
include extending the maturity of the transaction by one year and
using the Market Implied Ratings of the underlying reference
entities in the CDOROM model.  Additionally Moody's performed a
forward looking analysis of the portfolio and concluded that for
both portfolios, in case of default of all the reference entities
currently rated Caa1 or below, the rated tranches would be able to
withstand the losses and maintain a positive subordination.


BRITISH AIRWAYS: Faces Lawsuit Over Price-Fixing Cartel
-------------------------------------------------------
Jane Croft at The Financial Times reports that British Airways has
applied to the High Court to bring 32 airlines, including Air
France-KLM, and Qantas, into legal proceedings it faces in the
High Court relating to a price-fixing cartel for air-freight
services.

According to the FT, BA faces a lawsuit brought by two UK flower
importers.  They claim they suffered loss as a result of BA's
involvement in a global cartel that fixed the price of air cargo,
the FT discloses.

The FT says BA now seeks to bring other airlines into the legal
proceedings in a move lawyers said will help the airline to
protect itself against any compensation payments it might have to
make as a result of the court action in London.

The FT relates Hausfeld, the law firm, has brought the civil
action by UK flower importers Emerald Supplies and Southern Glass
House Produce.

The Court of Appeal is to consider whether the case will go ahead
on a representative basis so other parties can seek damages if the
two importers were to be successful, the FT states.

The FT notes BA said on Friday it would continue to contest class
actions brought by cargo customers.

                      About British Airways

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

                          *     *     *

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


CONNAUGHT PLC: May Breach Banking Covenants; In Funding Talks
-------------------------------------------------------------
Philip Stafford at The Financial Times reports that Connaught plc
warned it would breach its banking covenants following a review
revealing its year-end net debt would be far higher than
previously forecast.

According to the FT, Connaught is in talks with its bankers to
secure additional funds after forecasting that net debt would be
significantly in excess of GBP120 million by its year-end of
August 31.  The FT relates it said there had been additional
pressure from its suppliers and sub-contractors, who have grown
increasingly worried about the health of the FTSE 250 group.  It
also said it was undertaking a review of its current trading
performance, the FT discloses.

The FT notes analysts at Altium Securities, the group's broker,
estimated that net debt had exceeded GBP200 million.  The group
did not state which banking covenant would be broken, the FT
states.

Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.


CRYSTAL PALACE: To Exit Administration; Consortium to Take Over
---------------------------------------------------------------
BBC News reports that Crystal Palace is expected to come out of
administration after a deadline on Friday to appeal against the
club's Company Voluntary Agreement passed with none of its
creditors making an objection.  According to the report, that
means Steve Parish's CPFC 2010 consortium can apply for a transfer
of Palace's Football League share and take full control of the
club.

As reported by the Troubled Company Reporter-Europe on Jan. 28,
2010, The Times said Crystal Palace went into administration after
running into financial problems.  The Times disclosed the club's
debt stood at around GBP30 million.

London-based Crystal Palace Football Club --
http://www.cpfc.premiumtv.co.uk/-- plays in the English League.
The team, also known as the "Eagles" represents a borough of
London called Croydon.  It was founded in 1905 by workers at the
Crystal Palace, a wrought iron and glass building originally
erected in the Hyde Park area of London to house the Great
Exhibition of 1851 (the first in a series of World's Fair
exhibitions).  The Crystal Palace Football Club moved to its
current stadium Selhurt Park in 1924.  Chairman Simon Jordan took
over the club in 2000, ending Crystal Palace's stint with
bankruptcy.


FOUR SEASONS: Extends Deadline to Approve Bond Lockup to July 30
----------------------------------------------------------------
Mark Brown at Dow Jones Newswires reports that Four Seasons Health
Care has extended the deadline for holders of GBP600 million of
bonds, backed by a loan to the U.K. nursing-homes operator, to
approve a lockup agreement from July 23 to July 30.

The agreement would prevent the noteholders from selling their
debt in return for a consent fee of 60 basis points, Dow Jones
says, citing a regulatory notice released Friday.

According to Dow Jones, the regulatory notice said reasons for the
new extension included delays in sending documents to some
noteholders, and some noteholders needing extra time to get credit
committee approval due to the summer holidays.

Dow Jones recalls Four Seasons made its original proposal in June
to avoid defaulting on the loan, which matures Sept. 3.  The bonds
were issued by Titan Europe 2006-4 PLC, Dow Jones discloses.

Four Seasons Health Care -- http://www.fshc.co.uk/-- is one of
the largest care home (nursing home) operators in the UK.  The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man.  Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.


HIGH 5: Set to Go Into Liquidation This Week
--------------------------------------------
Ryan Crighton at The Press and Journal reports that High 5
Entertainment, the company behind the Snafu nightclub on Union
Street, will be placed in liquidation this week.

The report recalls despite running up more than GBP400,000 worth
of debts, Snafu was saved from closure last month when High 5
Entertainment took voluntary administration.  The report says the
company's 27 creditors have little chance of getting the
GBP401,854 they are owed, the report discloses.

The report relates Steve Morris, the club's director, previously
said when the firm took on the Athenaeum, a pub upstairs from the
club, the business as a whole suffered as a result.

"We volunteered to go into administration in order to restructure
the business we already had," the report quoted Mr. Morris as
saying.  "We wanted to have a fresh start on things."  The report
notes Mr. Morris said on order to continue with the business, he
said the company had to split into three firms.  "We have now
split the business up as Snafu club, the Athenaeum bar and a
management company that runs it all," Mr. Morris said, according
to the report.  "It has streamlined the whole thing.  Snafu is
still open and won't be closing."

High 5 Entertainment is a nightclub operator based in Aberdeen.


KAUPTHING SINGER: Depositors Action Group Submits GBP346,000 Claim
------------------------------------------------------------------
Adrian Darbyshire at iomtoday.co.im reports that a claim for
GBP346,000 has been submitted by the Kaupthing Depositors' Action
Group for the legal costs of challenging a Manx Government rescue
plan.

The report relates DAG has sought costs from Manx taxpayers after
a so-called scheme of arrangement was rejected in a ballot of
creditors.  According to the report, more than GBP1.7 million of
taxpayers' cash was spent on the ill-fated scheme which had been
proposed by government as an alternative to Kaupthing Singer and
Friedlander (Isle of Man) Ltd.'s liquidation.  But while Deemster
Corlett agreed DAG should be awarded costs, he ruled they should
come not for Treasury -- and therefore the taxpayer -- but from
the proceeds of the liquidation.

DAG's legal invoice for GBP346,000 will be referred to the court
assessor to determine the amount a court order will be made for,
the report says.

The report recalls more than 11,000 customers faced losing their
life savings when the bank went under in October 2008 after the UK
authorities placed the sister bank in London into administration.
Some GBP550 million of the Island bank's assets were frozen in the
UK when the London bank went into administration, the report
discloses.

Claims submitted to the liquidator total GBP903 million --
although GBP21 million of these have not yet been agreed, the
report notes.

The liquidator and individual depositors have submitted claims to
the court in Reykjavik under the guarantee offered by Kaupthing's
parent bank in Iceland, the report states.

Kaupthing Singer and Freidlander (Isle of Man) Ltd. is Kaupthing
Singer & Friedlander UK's Manx subsidiary.


MALL FUNDING: S&P Downgrades Rating on Class A Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'BBB-' its
credit rating on The Mall Funding PLC's class A notes, given that
the obligation originally rated will not be met.  S&P then raised
the rating to 'BBB-' to reflect S&P's opinion of the issuer's
ability to meet its principal obligations by the new final
maturity date, 2017, and its interest obligations on a timely
basis until maturity.

The Mall Funding has continued to see a decline in the reported
market values of the underlying retail portfolio over the past
year.  Total portfolio values are now reported at GBP1.13 billion,
down 13.7% from the April 2009 value of GBP1.31 billion (on a
"same-store" basis).  The portfolio had already experienced a
market value decline of 42.1% between April 2008 and April 2009.
In S&P's view, the cash flow performance of the assets has
remained reasonably consistent, with reported forward-looking
interest coverage ratios above 1.50x for the previous quarters.

The June 2010 quarterly investor report indicates that the loan-
to-value ratio, as of the April 22, 2010 interest payment date,
was 75.74%.  The investor report LTV ratio calculation includes
assets of the borrower outside the securitization and is used for
covenant-testing purposes.  Using the values cited in the investor
report, S&P calculated the LTV ratio for the securitized assets
alone as 90%.

In June 2010, the issuer approached the noteholders with a
restructuring proposal with a view, S&P understands, to secure
financing for the next five years.  The noteholders agreed to the
proposal on July 15, 2010.

The restructuring arrangements include these changes:

* The loan term has been extended for three years from April 2012
  to April 2015.

* From April 2011, the margin payable on the loan will be
  increased to 68 basis points (bps) from 18 bps.

* The legal maturity of the notes has also been extended for three
  years until April 2017.  The tail period remains unchanged at
  two years.

* From April 2011, in line with the loan margin, the margin
  payable on the notes will increase to 68 bps from 18 bps.

* An initial voluntary prepayment (totaling GBP50 million) and an
  ongoing cash sweep mechanism will amortize the loan.

* An LTV ratio covenant has been added to the financial covenants
  and will be tested annually, from December 2011, against these
  thresholds: 83% in December 2011, 77% in December 2012, 71% in
  December 2013, and 65% in December 2014.

* Amortization targets will be introduced from 2012 so that debt
  will be less than or equal to GBP800 million in December 2012
  and less than or equal to GBP600 million in December 2014.

The hedging arrangements have been extended until the new loan
maturity date in April 2015, while the liquidity facility has been
extended with the existing provider until the updated legal
maturity date of the notes in April 2017.

This restructuring has occurred at a time when the retail sector
continues, in S&P's view, to be exposed to potential volatility.
Even with a relatively robust reported forward-looking interest
coverage ratio of 1.58x, S&P still believes that retail tenants
will continue to face a challenging environment that could lead to
continued deterioration in rental income.  Therefore, although the
dramatic value decline in the past two years has resulted mostly
from yield shift, S&P expects that market rent pressures and cash
flow decline could become apparent in the near term.

Nonetheless, S&P believes that possible additional market value
declines are mitigated by the amortization payments made to the
loan and the improved credit characteristics that will result from
the new structure.  Even under stressed scenarios, S&P believes
that the borrower can reasonably expect to repay the loan by the
loan maturity date (in 2015) by way of a refinance or a sale of
the properties.

Accordingly, S&P has lowered its rating on the notes to 'D' from
'BBB-', given that the obligation S&P originally rated will not be
met.  S&P has subsequently raised the rating to 'BBB-' to reflect
its opinion of the issuer's ability to meet its principal and
interest obligations under the new terms.

S&P's rating on this transaction addresses timely payments of
interest under the notes, until the legal final maturity in 2017,
and ultimate payment of principal no later than the notes' legal
final maturity.

The transaction originally closed in April 2005.  The loan backing
this transaction financed a portfolio of 20 shopping centers in
the U.K.  In October 2006, following a tap issuance, three
additional assets were added to the portfolio.  On the April 2010
IPD, the loan was secured on 17 assets following the sale of six
assets since closing.

The Mall Funding is one of the largest in-town shopping center
investment vehicles in the U.K., and is sponsored by Aviva
Investors and Capital & Regional PLC.


SIV PORTFOLIO: Moody's Withdraws Ratings on Various Notes
---------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of notes
issued by SIV Portfolio PLC and Cheyne Finance LLC and Cheyne
Finance Capital Notes LLC.  The credit ratings have been withdrawn
because Moody's believes it has inadequate information to maintain
the credit ratings.

Issuer: Cheyne Finance PLC and Cheyne Finance LLC and Cheyne
Finance Capital Notes LLC

  -- US$10,000M US CP Programme of Cheyne Finance LLC, Withdrawn;
     previously on Oct. 4, 2007 Downgraded to NP

  -- US$10,000M US MTN Programme of Cheyne LLC, Withdrawn;
     previously on July 15, 2008 Downgraded to Ca/NP

  -- US$10,000 Euro CP Programme of Cheyne PLC, Withdrawn;
     previously on Oct. 4, 2007 Downgraded to NP

  -- US$10,000 Euro MTN Programme of Cheyne PLC, Withdrawn;
     previously on July 15, 2008 Downgraded to Ca/NP

  -- US$3,000M Mezzanine Euro Capital Note Programme, Withdrawn;
     previously on Nov. 30, 2007 Downgraded to C

  -- US$3,000M Mezzanine US Capital Note Programme, Withdrawn;
     previously on Nov. 30, 2007 Downgraded to C

  -- US$3,000M Combination Notes US Capital Programme-1 MTN
     Program, Withdrawn; previously on Nov. 30, 2007 Downgraded to
     C

  -- US$3,000M Combination Notes Euro Capital Programme MTN
     Program, Withdrawn; previously on Nov. 30, 2007 Downgraded to
     C


SIXTY UK: High Court Judge Rejects Company Voluntary Arrangement
----------------------------------------------------------------
John O'Doherty at The Financial Times reports that the High
Court's Mr. Justice Henderson has rejected a company voluntary
arrangement entered into by the owners of the Miss Sixty fashion
chain.

The FT relates on Friday in the High Court, Mr. Justice Henderson
said the CVA was prejudicial to the Metquarter landlords.

"[The] administrators . . . seem to have lost a proper sense of
objectivity and they allowed themselves to side with Sixty against
the interests of the guaranteed landlords of the closed stores,"
the FT quoted the judge as saying.

The FT recalls Sixty UK, the owners of the Miss Sixty and Energie
chains, went into administration in 2008, and had been seeking a
CVA.  That would have allowed the company to avoid liquidation and
to continue trading by restructuring its debts and making
arrangements with creditors, the FT notes.

According to the FT, by the terms of the CVA proposal, Sixty Spa,
Sixty UK's Italian parent, would have been able to relinquish the
rent guarantees it had provided for two stores occupied by Energie
and Miss Sixty in Liverpool's Metquarter shopping center.  In
return, the landlords of the Metquarter stores would have received
a one-off payment of GBP300,000, the FT notes.

Sixty UK's CVA proposal was supported by more than 75%t of Sixty
UK's creditors, but the Metquarter landlords opposed it, arguing
leases had five years to run, the FT recounts.  They claimed they
would have foregone rental income of about GBP4 million, the FT
states.

Sixty UK is a fashion chain.


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


* EUROPE: Seven European Union Banks Fail Stress Tests
------------------------------------------------------
Jann Bettinga and Charles Penty at Bloomberg News report that
seven of the 91 European Union banks subject to stress tests
failed with a combined capital shortfall of EUR3.5 billion (US$4.5
billion), stirring concern the evaluations were too lenient.

Bloomberg relates lenders and regulators said Friday Hypo Real
Estate Holding AG, Agricultural Bank of Greece SA and five Spanish
savings banks have insufficient reserves to maintain a Tier 1
capital ratio of at least 6% in the event of a recession and
sovereign-debt crisis.

According to Bloomberg, the Committee of European Banking
Supervisors, which coordinated the tests, said the banks are in
"close contact" with national authorities over the results and the
need for more capital.

"The amount of capital needed is much lower than the market
expected," Bloomberg quoted Mike Lenhoff, London-based chief
strategist at Brewin Dolphin Securities Ltd., whose parent company
oversees US$33 billion, as saying.  "The amount does seem quite
trivial considering the concerns about losses from the sovereign
crisis."

Bloomberg says part of the reason the amount of capital needed was
lower than analysts predicted may be because the evaluations took
into account potential losses only on government bonds the banks
trade, rather than those they are holding to maturity.  That means
the tests ignored the majority of banks' holdings of sovereign
debt, Bloomberg notes.


* 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 * * *