TCREUR_Public/100817.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, August 17, 2010, Vol. 11, No. 161

                            Headlines



A R M E N I A

VTB BANK: Fitch Affirms 'BB' Issuer Default Ratings


A U S T R I A

HYPO GROUP ALPE: Former Chief Executive Arrested


F I N L A N D

* FINLAND: Jan-June Corporate Bankruptcies Down 15%


F R A N C E

BELVEDERE SA: Revenue Down to EUR292.7 Million
EUROPROP SA: Moody's Reviews Ratings on Three Classes of Notes
PARIS PRIME: Fitch Affirms Ratings on Two Classes of Notes at C


G E R M A N Y

ADAM OPEL: GM's Planned IPO May Hinge on Restructuring
HYPO REAL ESTATE: First-Half Net Loss Narrows to EUR1.1 Billion


I R E L A N D


ANGLO IRISH: Transfer of Second Tranche of Loans Almost Complete
DRYDEN XIV: S&P Affirms Rating on Class E Notes at 'CCC+'
LIAM CARROLL: Halts Trading; 100 Jobs Affected
MCINERNEY HOLDINGS: Wants Irish Lenders to Write Down Debts
SILKS PRIVATE: Creditors Appoint Peter Lowry as Liquidator

SMURFIT KAPPA: Posts EUR9 Mil. Pre-Tax Loss in First Half 2010
WARNER CHILCOTT: US$740 Mil. Senior Notes Sold at Price of 100%


I T A L Y

COMPAGNIA ITALPETROLI: Clessidra Mulls Takeover Bid for AS Roma


R U S S I A

INTERROS: Refinances VTB Debt; Secures US$2BB Credit Line


S P A I N

IM GRUPO: Fitch Downgrades Rating on Class C Notes to 'BB'


U K R A I N E

BANK KHRESCHATYK: Fitch Affirms 'B-' Issuer Default Rating
INDUSTRIALBANK: Fitch Raises LT Issuer Default Rating to 'B-'
PIVDENNYI BANK: Fitch Affirms B- Long-Term Issuer Default Rating


U N I T E D   K I N G D O M

BAYTREE HOMES: In Liquidation; Owes GBP2 Million to Barclays
BEIG MIDCO: Fitch Assigns 'B' Long-Term Issuer Default Rating
BIRDS EYE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
DECO 11: Fitch Downgrades Rating on Class C Notes to 'CCC'
LIVERPOOL FOOTBALL: Administration Likely Option as Sale Uncertain

PRIMROSE ASSOCIATES: SJP Offers GBP2MM Compensation to Investors
SOUTH YORKSHIRE: Owner Faces New High Court Writ Over Debts
TURBO BETA: Moody's Junks Corporate Family Rating From 'B3'


X X X X X X X X

* UK: EFG Loan Demands Rise in July; Firms Face Cash Flow Woes

* Large Companies with Insolvent Balance Sheet




                         *********



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A R M E N I A
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VTB BANK: Fitch Affirms 'BB' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings of VTB Bank
(Armenia), including its Long-term Issuer Default ratings at 'BB'.

The IDRs of VTBA reflect Fitch's view of the moderate probability
of support being forthcoming, if required, from its owner,
Russia's JSC VTB Bank ('BBB'/Stable/'F3').  This is based on VTB's
100% ownership, the strategic importance of CIS markets for VTB
and the small size of VTBA relative to its parent.  However, the
extent to which this support can be factored into the ratings is
limited by Armenian transfer and convertibility risks, as captured
in the 'BB' Country Ceiling.

The Individual Rating of 'D/E' reflects the high proportion of
foreign currency loans, operational risks associated with its
branch network, the still significant dependence on the parent for
funding and liquidity support and a difficult, albeit improving,
operating environment.  However, it also takes into account the
bank's solid capitalization, the recent stabilization of asset
quality metrics and the significant domestic franchise.

VTBA held 10% of sector loans and 7% of retail deposits at end-
Q110.

Fitch will no longer provide ratings or analytical coverage of
VTBA.
The rating actions are:

Bank VTB Bank (Armenia) CJSC

  -- Long-term foreign and local currency IDRs: affirmed at 'BB'
     with Stable Outlook; withdrawn

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

  -- Individual Rating: affirmed at 'D/E'; withdrawn

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


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


HYPO GROUP ALPE: Former Chief Executive Arrested
------------------------------------------------
Chris Bryant at The Financial Times reports that Austrian
authorities have arrested Wolfgang Kulterer, the former chief
executive of Hypo Group Alpe Adria, the troubled bank nationalized
last year after making big losses in the Balkans.

The FT relates Mr. Kulterer was detained by police in Klagenfurt,
southern Austria, on Friday morning, following a long probe into
the bank's business activities.

The state prosecutor's office told the FT the former bank chief is
being investigated for breach of trust and giving false evidence
to an inquiry in Carinthia.

According to the FT, prosecutors said Mr. Kulterer allegedly posed
a "danger of flight, danger of collusion and danger of repeat
offenses".

In December 2009, the Austrian state nationalized HGAA after it
ran into trouble following rapid expansion in the Balkans, the FT
discloses.  Since HGAA's nationalization, Austrian prosecutors
have begun an intensive investigation into what went wrong at the
bank after huge political pressure to explain how taxpayers were
left to bail it out, the FT relates.  Having injected capital into
HGAA, the bank's owners -- German Landesbank BayernLB, Austrian
insurer Grawe, and the state of Carinthia -- declined to put up
further funds, the FT notes.

Mr. Kulterer stepped down as chief executive in 2006 following
allegations that HGAA had covered up large losses from derivative
trading in its books, according to the FT.  He later pleaded
guilty to false accounting and was ordered to pay a fine, the FT
recounts.

As reported by the Troubled Company Reporter-Europe on Dec. 15,
2009 Bloomberg News, citing Sueddeutsche Zeitung, reported that
the Bavarian government expected Bayerische Landesbank to lose at
least EUR3 billion (US$4.4 billion) on Hypo Alpe-Adria Bank.
Bloomberg disclosed the newspaper said in the worst case BayernLB
would lose EUR6 billion.  Bayerische Landesbank currently holds a
67% stake in the bank, according to Bloomberg.

                   About Hypo Group Alpe Adria

Hypo Group Alpe Adria -- http://www.hypo-alpe-adria.com/-- is an
international financing group with more than 370 banking and
leasing locations in 12 countries (Austria, Italy, Slovenia,
Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Germany, Hungary,
Bulgaria, Macedonia and the Ukraine), which can look back on a
history of more than 110 years.  The principal company of Hypo
Group Alpe Adria is Hypo Alpe-Adria-Bank International AG, which
has its head office in Klagenfurt (Austria).  The Hypo Group Alpe
Adria network currently has over 7,400 employees serving
approximately 1.2 million customers.


=============
F I N L A N D
=============


* FINLAND: Jan-June Corporate Bankruptcies Down 15%
---------------------------------------------------
STT, citing figures published by Statistics Finland on Monday,
reports that the number of companies filing for insolvency fell by
15% compared to last year, to just fewer than 1,500 companies, in
the January-to-June period.

According to the report, bankruptcies reduced in industry,
construction, retail, transport and storage as well as other
services.


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


BELVEDERE SA: Revenue Down to EUR292.7 Million
----------------------------------------------
Anne-Sylvaine Chassany at Bloomberg News reports that Belvedere SA
said the company's revenue fell to EUR292.7 million from EUR302.6
million a year earlier.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Belvedere was granted protection from creditors in July
2008 after violating the terms of its notes by repurchasing more
of its stock than allowed.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.


EUROPROP SA: Moody's Reviews Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Classes A, B and C Notes of EMEA CMBS issued by
EuroProp (EMC VI) S.A. (amounts reflect initial outstanding):

  -- EUR380.25M Class A Mortgage Backed Floating Rate Notes due
     2017, Aa3 (sf) Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2009 Downgraded to Aa3 (sf)

  -- EUR30M Class B Mortgage Backed Floating Rate Notes due 2017,
     Baa3 (sf) Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2009 Downgraded to Baa3 (sf)

  -- EUR35M Class C Mortgage Backed Floating Rate Notes due 2017,
     B2 (sf) Placed Under Review for Possible Downgrade;
     previously on Nov 6, 2009 Downgraded to B2 (sf)

Moody's does not rate the Classes D, E, F, and R Notes issued by
EuroProp (EMC VI) S.A.

1) Transaction Overview and Performance Update

EuroProp (EMC VI) S.A. closed in June 2007 and represents the
securitization of 18 commercial mortgage loans.  Seventeen loans
were originated by Citibank International PLC and Citibank N.A.,
London and one loan was jointly originated by Citibank
International PLC and Deutsche Bank AG.  The loans are secured by
first-ranking mortgages over 125 commercial properties located in
Germany and France.  Since closing the portfolio composition has
not changed and based on the underwriter's market value as of July
2010, 89% of the properties are located in Germany and 11% are
located in France (the Signac Loan is the only loan backed by a
property located in France).  The property types by U/W market
values are retail (43.5%), office (26.4%), logistics (16.5%) and
residential (13.6%).

Since closing none of the loans have fully repaid or prepaid.  The
current loan Herfindahl index is 9.4 and remains almost unchanged
since closing as a result of no prepayments and only limited
amortization within the loan pool.

As of the July 2010 interest payment date, two loans (EPIC Rhino
Loan and EPIC Horse Loan representing 7% and 6% of the current
pool balance) have defaulted as a result of only making partial
payments due on the loans for that period.

2) Rating Rationale

The review action has been prompted by the reported payment
defaults on the EPIC Rhino and EPIC Horse loans as per the July
2010 IPD, and more generally the uncertainties surrounding the
recent and future performance of these two loans.  While the
payment defaults are a source of immediate concern, the very
strong debt service coverage reported to date for these two loans,
and comparatively moderate leverage, might suggest a transitory,
rather than structural cash flow issue.

Moody's will investigate the reasons of the partial payment
shortfall that the two loans have experienced, and assuming the
issue is of a structural nature, will focus its review on (i) a
reassessment of the default risk of the loans, especially the EPIC
Rhino and EPIC Horse loans; and (ii) a reassessment of the
expected loss of the whole securitized portfolio.


PARIS PRIME: Fitch Affirms Ratings on Two Classes of Notes at C
---------------------------------------------------------------
Fitch Ratings has upgraded Paris Prime Commercial Real Estate
FCC's class C notes, while revising the Recovery Rating on the
Class D and Class E notes as detailed below.

   -- EUR29 million class C (FR0010382325) upgraded to 'AA' from
      'BB'; Outlook Stable

   -- EUR31.5 million class D (FR0010382333) affirmed at 'C';
      Recovery Rating revised to 'RR1' from 'RR3'

   -- EUR8.8 million class E (FR0010382341) affirmed at 'C';
      Recovery Rating revised to 'RR1' from 'RR6'

The upgrade of the Class C notes reflects the de-leveraging of the
loan following a EUR26.5 million prepayment in February 2010 and
the sale of one of two underlying assets, the Colisee property, in
July 2010, which also resulted in the full repayment of the class
A and B notes.  The revised Recovery Ratings on the Class D and E
notes are driven by Fitch's expectations of improved principal
recoveries as a result, despite interest shortfalls since October
2008.

The loan is now secured by a single property.  The Messine
property is a grade-A office located in the 8th district of the
Paris CBD and is 75%-occupied by a single tenant, AXA
('A'/Negative/'F1') until April 2018 (with a break option in April
2013).  The remainder of the space is vacant following the lease
surrender of KBL France in October 2009.  Approximately EUR400,000
per quarter of the surrender payment will be available to cover
debt service payments until loan maturity in April 2011.

The property was re-valued at EUR95.2 million in December 2009,
18% down from a year earlier.  This has increased the reported LTV
to 72.8%, compared to the LTV covenant of 78.5%.

Following the bankruptcy in September 2008 of the Lehman Brothers
subsidiary that was acting as swap counterparty, the issuer-level
fixed-to-floating interest rate swap was terminated.  In October
2008, the issuer entered into new hedging arrangements with Morgan
Stanley on less favorable terms that have since resulted in
partial interest shortfalls on the class D notes and full interest
shortfalls on the class E notes.  Fitch expects these interest
shortfalls to persist, although these are small compared to
estimated principal recoveries.


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


ADAM OPEL: GM's Planned IPO May Hinge on Restructuring
------------------------------------------------------
Cornelius Rahn and Keith Naughton at Bloomberg News report that
General Motors Co. incoming Chief Executive Officer Dan Akerson's
biggest challenge in selling investors on the company's initial
public offering may be convincing them he can revive the
unprofitable European unit.

According to Bloomberg, in Europe, GM's only unprofitable region,
losses totaled US$637 million before interest and taxes in the
first half.  Its updated Astra compact failed to reverse a drop in
market share and unions still are stinging over plans to close
Adam Opel GmbH's factory in Antwerp, Belgium, Bloomberg notes.

Bloomberg relates investors said possible buyers want to know
whether Mr. Akerson has a plan to stem the losses in Europe.  GM
may seek to raise as much as US$16 billion in the offering,
Bloomberg says, citing a person familiar with the situation.

"One of the aspects to consider before deciding upon the IPO is to
see a more specific roadmap for how, and by when, they are going
to turn Opel around," Bloomberg quoted Raimund Saxinger, a fund
manager at Frankfurt Trust Investment GmbH, which oversees about
US$21 billion including automaker shares, as saying.

One challenge in restoring profitability will be boosting
deliveries with lower sales incentives, Bloomberg states.  In
Germany, Europe's biggest auto market, Opel dealers offered
average discounts of 12.7% in June, trailing only the 12.8% of
French carmakers Renault SA and PSA Peugeot Citroen, Bloomberg
discloses, citing trade publication Autohaus PulsSchlag.

Opel sells about 90% of its cars in Europe, Bloomberg notes.
Opel's first-half market share fell to 7.2% from 7.5%, Bloomberg
relates.

According to Bloomberg, Chief Financial Officer Chris Liddell said
in an interview last week that GM is confident it can break even
in Europe by next year.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said GM decided in June this year to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring itself, after failing to
secure aid from European countries.  As reported by the Troubled
Company Reporter-Europe on June 11, 2010, Bloomberg News said
Germany turned down GM's request for EUR1.1 billion (US$1.3
billion) in aid for its money-losing Opel division, forcing the
automaker to seek new ways to reorganize the unit.  Bloomberg
disclosed Opel sought EUR333 million in guarantees from the U.K.,
EUR437 million from Austria and Spain combined and EUR50 million
in project financing from Poland.  Bloomberg said the Opel-
Vauxhall reorganization program includes eliminating 8,300 jobs
from a European workforce of 48,000 employees.


HYPO REAL ESTATE: First-Half Net Loss Narrows to EUR1.1 Billion
---------------------------------------------------------------
James Wilson at The Financial Times reports that Hypo Real
Estate's the net loss for the first six months narrowed from
EUR1.1 billion to EUR700 million.

The bank's second-quarter pre-tax loss narrowed from EUR664
million to EUR395 million, the FT notes.

HRE, as cited by the FT, said property markets were still
"strained", said.  It added EUR194 million of loan loss provisions
in the second quarter, mostly for property loans, and now has
EUR4.2 billion of provisions on its balance sheet, the FT
discloses.

The lender, the only German bank to fail recent European Union
bank stress tests, is set to transfer up to EUR210 billion (US$268
billion) of assets into a "bad bank" unit by the end of this year,
the FT says.

HRE almost collapsed because of a liquidity crisis in 2008 and
required more than EUR100 billion of government guarantees to bail
it out, according to the FT.  The bank, which was nationalized in
2009, is paying about EUR120 million each quarter to the
government as the price of the guarantees needed to support the
bank's borrowing, the FT states.

                      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.


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


ANGLO IRISH: Transfer of Second Tranche of Loans Almost Complete
----------------------------------------------------------------
John Mulligan at Irish Independent reports that Anglo Irish Bank
continued the transfer of its second tranche of EUR8 billion in
loans to the National Asset Management Agency at the weekend.

Anglo had been due to transfer loans to NAMA last month, the
report notes.  The report says it is believed the delay in
transferring the Anglo loans was due to the amount of due
diligence being undertaken on them and the scale of the loan book.

Last month it emerged that just one-quarter of the EUR15.3 billion
first tranche of loans transferred to NAMA was being repaid,
despite the banks' assurances that 40% were performing.

The report relates the weekend before last, about EUR1.4 billion
worth of Anglo's second tranche of loans were transferred to NAMA.
It is believed the complete second tranche of loans will be
transferred to the toxic bank by either next weekend or the
weekend after at the latest, the report notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval.  Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.

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


DRYDEN XIV: S&P Affirms Rating on Class E Notes at 'CCC+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
DRYDEN XIV - EURO CLO 2006 PLC's class B, C, and D notes.  At the
same time, S&P affirmed its rating on classes A and E.

The rating actions follow S&P's assessment that the credit
enhancement for all classes of notes has increased in recent
months.  According to S&P's analysis, gains in available credit
enhancement are mainly due to credit migration in the portfolio.
In particular, S&P has observed an increase in the proportion of
portfolio assets rated 'BB-' or higher, which has risen to 14.86%
from 9.91% when S&P reviewed the transaction in February 2010.

S&P has also observed an increase in the portfolio's weighted-
average spread to 3.06% from 2.85%.  However, for reasons of
rating stability, S&P's analysis also assessed scenarios where the
WAS returned to the covenanted level of 2.61%.

In S&P's opinion, while the improvements in credit enhancement are
now consistent with higher ratings on classes B, C, and D, the
available credit enhancement is not yet sufficient to justify
raising the rating on class A.  S&P has therefore affirmed its
rating on this class.  S&P has also affirmed its rating on class
E, where in its view the gains in credit enhancement are not
sufficient to sustain a higher rating under scenarios where the
WAS falls back to the covenanted level.

                           Ratings List

                   DRYDEN XIV - EURO CLO 2006 PLC
EUR479 Million Senior and Mezzanine Deferrable Floating-Rate Notes

                          Ratings Raised

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  B           A             BBB+
                  C           BBB-          BB+
                  D           BB+           BB-

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           A+
                        E           CCC+


LIAM CARROLL: Halts Trading; 100 Jobs Affected
----------------------------------------------
RTE News reports that Liam Carroll Transport and Refrigeration has
ceased trading with the loss of 100 jobs.  According to the
report, the company blamed the failure of the business on the
economic downturn and bad debts.

The report relates the firm's owner, Liam Carroll, said he hoped
that around 70 of his workers might be used by another company
which would be taking on some of its contracts.

Liam Carroll Transport and Refrigeration is a transport firm based
in Thurles, Co Tipperary.


MCINERNEY HOLDINGS: Wants Irish Lenders to Write Down Debts
-----------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times, reports that
McInerney Holdings is preparing to apply for court protection to
force its Irish lenders to write down its debts.

According to InsolvencyJournal.ie, the firm owes Bank of Ireland
and Anglo Irish Bank more than EUR100 million and wants a
writedown of its debts to facilitate a private equity deal.

Irish banks, however, are barred by National Asset Management
Agency legislation from writing down loans going into the agency
and McInerney's examinership application would effectively be the
first court challenge to the ban, InsolvencyJournal.ie says.
InsolvencyJournal.ie relates the firm has also told Nama it will
take legal action if the agency continues to block a possible
equity deal by refusing to allow writedowns.

As reported by the Troubled Company Reporter-Europe on Aug. 12,
2010, the Financial Times said US private equity group Oaktree
Capital is in talks to take control of McInerney Holdings.  The FT
disclosed Oaktree, which specializes in investing in distressed
companies, has been in talks about a possible equity injection of
up to EUR40 million of new capital into the housebuilder.  The FT
said as part of such a debt restructuring McInerney's lenders,
which include Lloyds, RBS and BBVA, are expected to write off some
of their debt before injecting the capital.  The company confirmed
that it had been in breach of some of its banking covenants since
the end of last year, the FT noted.

On Aug. 11, 2010, the Troubled Company Reporter-Europe, citing The
Irish Examiner, reported that McInerney on Monday said that it is
at an advanced stage of securing a major capital injection for the
troubled group to prevent it going into receivership.  The Irish
Examiner disclosed sources close to the deal said it is understood
that a recapitalization deal is close to completion and looks to
be 90% certain at this stage.  In a statement on Monday McInerney,
as cited by The Irish Examiner, said the overall restructuring was
at an advanced stage and involves "a leading international equity
partner regarding a substantial injection of new capital".

McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England.  It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain.  It operates in Ireland, the
United Kingdom and Spain.  The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties.  The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area.  Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes.  As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.


SILKS PRIVATE: Creditors Appoint Peter Lowry as Liquidator
----------------------------------------------------------
The Irish Times reports that creditors of Silks Private Members
Club Ltd. appointed accountant Peter Lowry of Dublin firm Lowry
and Associates as liquidator of casino operator.

According to The Irish Times, the company, which operated a high-
end casino club on Dublin's Earlsfort Terrace, is winding up the
business following a sharp fall in demand that resulted from the
recession.

On July 27, 2010, the The Troubled Company Reporter-Europe, citing
The Irish Times, reported that director and shareholder Leonard
Kinsella said that trade had dwindled to the point where the
business was no longer sustainable.  Mr. Kinsella, as cited by The
Irish Times, 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.


SMURFIT KAPPA: Posts EUR9 Mil. Pre-Tax Loss in First Half 2010
--------------------------------------------------------------
Geoff Percival at The Irish Examiner reports that Smurfit Kappa
Group is expecting to generate earnings growth of around 20% this
year, despite just posting a pre-tax loss of EUR9 million for the
first half.

According to the report, the company on August 11 reported an 11%
year-on-year increase in EBITDA (earnings before interest, tax,
depreciation and amortization) to EUR404 million for the first six
months of the year and a 22% rise in operating profit to EUR206
million.  However, after an exceptional cost of EUR56 million
(largely relating to an asset swap deal) operating profit for the
six months to the end of June amounted to EUR150 million, the
report notes.

Meanwhile, the group's pre-tax loss of EUR9 million -- technically
down from a pre-tax profit of EUR39 million at the corresponding
stage last year -- was impacted by an exceptional cost of EUR42
million, the report discloses.  This, again, largely related to
SKG's asset swap deal, which saw it acquire the corrugated
operations of British paper maker, Mondi and sell it its European
sack converting operations, the report states.

Without that exceptional cost, SKG made a pre-tax profit of EUR47
million, the report says.  Group revenue was up by 7% year-on-
year, at EUR3.23 billion, the report relates.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc --
http://www.smurfitkappa.com/-- is paper-based packaging company.
The Company operates in 22 countries in Europe and is in to
containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 24,
2010, Fitch Ratings affirmed the ratings on Smurfit Kappa Group
plc and related entities.

The rating actions are:

  -- Smurfit Kappa Group's Long-term IDR affirmed at 'BB'; Outlook
     Stable

  -- Smurfit Kappa Acquisitions' senior secured facilities
     affirmed at 'BB+'

  -- Smurfit Kappa Acquisitions' guaranteed senior secured notes
     affirmed at 'BB+'

  -- Smurfit Kappa Funding's senior subordinated notes due 2015
     affirmed at 'BB-'

  -- Smurfit Kappa Treasury Funding's debenture notes due 2025
     affirmed at 'BB+'


WARNER CHILCOTT: US$740 Mil. Senior Notes Sold at Price of 100%
---------------------------------------------------------------
Warner Chilcott plc on August 12 announced that its subsidiaries,
Warner Chilcott Company, LLC and Warner Chilcott Finance LLC, sold
US$750 million aggregate principal amount of 7-3/4% Senior Notes
due 2018 in a private placement at a price of 100%.  The Notes
offering is expected to close on or about August 20, 2010.

The Issuers' obligations under the Notes will be guaranteed by
Warner Chilcott plc and by its other subsidiaries that guarantee
obligations under Warner Chilcott's senior secured credit
facilities, subject to certain exceptions.

Warner Chilcott intends to use the net proceeds from the offering,
together with US$1.5 billion aggregate principal amount of
additional term loans to be incurred pursuant to an amendment to
its existing senior secured credit facilities, in order to fund a
special cash dividend to its shareholders of US$8.50 per share, or
approximately US$2.14 billion in the aggregate, and to pay related
fees and expenses.  The closing of the Notes offering is
conditioned upon the concurrent closing of the amendment to, and
borrowings under, the senior secured credit facilities.

                      About Warner Chilcott

Warner Chilcott is a specialty pharmaceutical company currently
focused on the gastroenterology, women's healthcare, dermatology
and urology segments of the U.S. and Western European
pharmaceuticals markets.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 9,
2010, Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit rating on Ireland-based specialty pharmaceutical
company Warner Chilcott plc.  At the same time, S&P lowered the
issue-level rating on the existing senior secured credit facility
issued by subsidiaries Warner Chilcott Co. LLC and Warner Chilcott
Corp. to 'BB' from 'BB+' and revised the recovery rating to '3'
from '2'.  S&P also assigned a 'BB' issue-level rating and '3'
recovery rating to WC Luxco S.a.r.l. and Warner Chilcott Co. LLC's
proposed US$500 million term loan A due in 2014 and US$1 billion
term loan B due in 2015.  In addition, S&P assigned a 'B+' issue-
level rating and a '6' recovery rating to Warner Chilcott Co.
LLC's proposed US$750 million of senior unsecured notes due in
2018.

"The speculative-grade rating on Warner Chilcott reflects S&P's
expectation that the threat of generic competition to the
company's product portfolio and its limited R&D capabilities will
result in additional product or company acquisitions over the next
one to two years," said Standard & Poor's credit analyst Michael
G. Berrian.  S&P also believe that, absent any acquisition
opportunities, the company could instead increase leverage to pay
another substantial dividend.

"In S&P's view," added Mr. Berrian, "despite the demonstrated use
of free operating cash flow to reduce leverage to less than 2x,
demands to bolster its product portfolio or increase shareholder
returns will likely not sustain that level of leverage over the
next 18 to 24 months."  Instead, pursuit of one of those
strategies will likely keep leverage higher, at more than 3x, over
that period.


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


COMPAGNIA ITALPETROLI: Clessidra Mulls Takeover Bid for AS Roma
---------------------------------------------------------------
Nikolaj Gammeltoft at Bloomberg News reports that Il Messaggero,
citing Alessandro Grimaldi, a founder of Clessidra Sgr SpA, said
that the private equity firm will bid for AS Roma SpA, the soccer
club put on sale by Italpetroli SpA.

As reported by the Troubled Company Reporter-Europe on July 12,
2010, The Financial Times said that UniCredit was looking for a
new owner to acquire AS Roma following an agreement reached on
July 8 with Rosella Sensi to settle debts owed to the bank by
Italpetroli, her near-bankrupt family holding company.  The FT
disclosed UniCredit was expected to appoint Rothschild as adviser
to look for a buyer for the capital's biggest club.  Ms. Sensi,
whose family has held a majority stake in Roma since 1993 until
July 8  amounting to 67%, was struggling to repay Italpetroli's
debts, with some EUR320 million owed to UniCredit and EUR80
million to Monte dei Paschi di Siena, according to the FT.  In the
meantime, Ms. Sensi would remain part of the management team to
ensure continuity for the club in the build-up to the new season,
the FT noted.

Headquartered in Rome, Italy, Compagnia Italpetroli SpA operates
as an oil storage company.  The company also offers petroleum
refining services.


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


INTERROS: Refinances VTB Debt; Secures US$2BB Credit Line
---------------------------------------------------------
Catherine Belton at The Financial Times reports that Vladimir
Potanin's Interros said on Thursday it had been able to refinance
part of its debt to VTB, the Russian state-owned bank, after
winning a new US$2 billion credit line from another state bank,
Sberbank, and financing from a pool of international banks.

According to the FT, the move lifts the pressure on Mr. Potanin on
payment of the debt, which had been mounting amid a new
shareholder battle for Norilsk Nickel, the world's biggest nickel
producer in which the tycoon owns a 25%t stake.

Mr. Potanin's Interros investment group had been due this month to
pay off US$1 billion of a total US$3.2 billion in loans owed to
VTB, which had been backed by a significant stake in Norilsk, the
FT discloses.  But payment of the loan had been thrown into
jeopardy when several banks pulled out of talks to provide US$1
billion in financing to Interros following the outbreak of a new
fight over Norilsk between its two main shareholders, Mr. Potanin
and Oleg Deripaska, another Russian tycoon, the FT says, citing
people familiar with the matter.  The FT notes the people said
more than half of the consortium in the talks withdrew at the end
of June amid increasing acrimony after a shareholder vote resulted
in Mr. Deripaska's presence on the Norilsk board being reduced.
This in turn caused him to accuse Norilsk management of
manipulating the vote, the FT discloses.

The FT relates one person close to VTB said on Thursday that the
US$1 billion payment due in August had been partly paid and partly
restructured, but declined to give further details.

Interros is a Russian conglomerate with large stakes in mining,
metals, energy, finance, retail, real estate and other sectors.


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


IM GRUPO: Fitch Downgrades Rating on Class C Notes to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded IM Grupo Banco Popular Empresas 2,
FTA CDO notes and maintains them on Rating Watch Negative.  The
downgrade reflects the implementation of Fitch's revised SME CDO
rating criteria as well as the notification from the originator
Banco Popular Espanol ('A'/Stable/'F1') that it will increase the
fully disbursed reserve fund of this transaction to EUR375.25m
from EUR163.75m.

The rating actions are:

  -- Class A notes (EUR2,225 million, ISIN ES0349047003)
     downgraded to 'A' from 'AAA'; remains on RWN; assigned a Loss
     Severity rating of 'LS-2'

  -- Class B notes (EUR100 million, ISIN ES0349047011) downgraded
     to 'BBB' from 'A'; remains on RWN; assigned a Loss Severity
     rating of 'LS-5'

  -- Class C notes (EUR175 million, ISIN ES0349047029) downgraded
     to 'BB' from 'BBB-'; remains on RWN; assigned a Loss Severity
     rating of 'LS-4'

The current ratings are reflective of the credit enhancement (CE)
that will result after the EUR211.5 million increase to the RF.
Had there been no proposed RF increase, the notes are likely to
have been downgraded to the below categories, based on the new
criteria.

  -- Class A notes (EUR2,225 million, ISIN ES0349047003): 'BBB'
     Category

  -- Class B notes (EUR100 million, ISIN ES0349047011): 'BB'
     Category

  -- Class C notes (EUR175 million, ISIN ES0349047029): 'B'
     category

Fitch will resolve the RWN once the increase of the RF has been
implemented.  The increase of the RF is subject to regulatory
approval by Comision del Mercado de Valores' approval and expected
to be implemented by the first week of September.  The resulting
credit enhancement after the RF increase is 26.01% for Class A,
22.01% for Class B, and 15.01% for Class C, compared to the
previous levels of 17.55%, 13.55% and 6.55% for Classes A, B and C
respectively.

Fitch has placed a rating cap on the notes, due to excessive
counterparty exposure to BP as GIC account bank and collection
account bank.  The cash holdings through the account can
accumulate as much as 60% of the notes value in the months prior
to the next two payment dates.  Fitch expects that in a jump-to-
default scenario the cash is likely to be commingled in the
insolvency state of BP.  Additional counterparty exposure to BP
exists through an interest rate swap agreement.  As a result, the
ratings of the notes cannot exceed the rating of BP with the
current transaction structure, irrespective of available CE.

Nevertheless, Fitch acknowledges that a downgrade of BP below
'A'/'F1' would trigger a remedial action as per the fund's
documentation.  The rating cap may be removed if any future
remedial action taken by BP eliminates or reduces the excessive
counterparty exposure.  For more detail on Fitch's assessment of
excessive counterparty exposure please see the criteria report
'Counterparty Criteria for Structured Finance Transactions', dated
22 October 2009.

In the analysis of the securitized portfolio Fitch has assigned a
'B' benchmark to the fund's collateral.  The ratings capture the
expected potential credit quality migration of the assets after
the next and last replenishment date in November 2010.  The
ratings incorporate a forward-looking view on the performance of
the underlying portfolio.  Future performance is uncertain as past
performance has been volatile, as 45% of collateral value will be
replenished in next November, and the economic environment remains
challenging in Spain.

The notes remain at their original subordination levels because
the transaction has not benefited from any deleveraging as it is
still in its revolving period.  Furthermore, the assets are all
unsecured, the portfolio has high obligor concentration, and the
largest obligor was recently delinquent.

IM Grupo Banco Popular EMPRESAS 2 is a cash flow securitization of
a EUR2.5 billion revolving pool of traditional corporate and SME
loans originally granted by six entities of the former Grupo Banco
Popular-Banco Popular Espanol SA, Banco de Andalucia, Banco de
Castilla, Banco de Credito Balear, Banco de Galicia and Banco de
Vasconia.  These entities have been merged into BP.


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


BANK KHRESCHATYK: Fitch Affirms 'B-' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based Industrialbank's Long-
term Issuer Default Rating to 'B-' from 'CCC'.  The Outlook is
Stable.  At the same time, the agency has changed the Outlooks on
Bank Khreschatyk and Pivdennyi Bank to Stable from Negative and
affirmed their Long-term IDRs at 'B-'.

The rating actions reflect the stabilization of the economic
environment in Ukraine, reflected in positive growth (Fitch
forecasts real GDP growth of 4.5% in 2010 and 4.7% in 2011), lower
UAH volatility and a less vulnerable fiscal position following the
government's agreement on a new loan program with the IMF.  These
developments have contributed to a somewhat less difficult
operating backdrop for the country's banks.  In addition, the
rating actions reflect inflows of customer deposits in H209-H110,
both for the sector as a whole and the reviewed banks, which have
supported liquidity positions; limited near-term refinancing risks
for the three banks reviewed; and some signs of stabilization of
the banks' asset quality as loan books season.

At the same time, in common with other banks in the sector,
each of the reviewed banks reported significant levels of NPLs
(loans overdue by more than 90 days) and large volumes of
prolonged/restructured loans.  This has increased pressure on
the banks' capital and financial performance, while existing loss
absorption capacity may prove insufficient should further loan
impairment be recognized and higher reserves be required,
potentially necessitating additional capital support.

The ratings of INB take into account the bank's apparently large
related-party balances and significant deterioration in asset
quality.  INB's reported NPLs comprised 12% of the loan book at
end-H110, and approximately two thirds of the portfolio was
restructured or rolled over, although about one fifth of these
were secured by deposits which mitigated credit risks.  Related-
party exposures (including investments in promissory notes) are
substantial, in Fitch's view, although the opaque shareholder
structure makes it difficult to assess the true level of
transactions with affiliated entities.  Foreign currency lending
was substantial at 45% of the loan portfolio.  At the same time,
Fitch estimates that at end-H110 INB was able to reserve more than
30% of non-cash collateralized loans before its capital adequacy
ratio would breach regulatory limits, and liquidity is adequate,
with the cash cushion covering unencumbered deposits by 26% at
end-H110, although the latter are concentrated.  The improved
prospects in 2010 for Ukraine's metallurgy sector, which is the
dominant industry in INB's home city of Zaporizhia, should also
help to limit ultimate credit losses for the bank.

Khreschatyk's ratings continue to reflect its concentrated loan
book, continuing uncertainty associated with a high share of
renegotiated/rolled over loans, poor operating profitability and
only modest loss absorption capacity afforded by its capital
position.  However, the ratings also reflect Khreschatyk's limited
exposure to unsecured, foreign currency and retail lending, its
participation in lower-risk municipal programs and comfortable
liquidity.  NPLs and restructured loans accounted for 4.5% and 60%
of gross loans, respectively, at end-H110.  Fitch, however, notes
that 30% of restructured loans related to state-owned and
municipal organizations.  Customer deposits increased 21% in H110,
and highly liquid assets (net of interbank liabilities up to 30
days) covered 19% of customer deposits at end-H110.  Khreschatyk
reported a regulatory capital adequacy ratio of 15.4% at end-H110,
and Fitch estimated that Khreschatyk could increase its loan
impairment reserves to a maximum of only around 11% of gross loans
from the current level of 4.3% without breaching regulatory
capital requirements.  A planned equity injection of UAH200m in
H210 would boost regulatory capital by 29%; however, further
capital increases may be required should restructured loans
perform worse than current management expectations.

The ratings of PB reflect heightened credit risks in its loan book
as a result of significant borrower concentrations, the large
proportion of foreign currency loans (at 59% of the total
portfolio) and the still difficult operating environment, although
those risks have not translated into significant credit losses to
date.  PB reported NPLs at 4.5% of the total loan book at end-
H110, while the amount of rolled-over exposures comprised 35%.  At
the same time, the ratings are underpinned by PB's quite stable
niche franchise in its home region, its currently adequate
liquidity and the redemption of its US$100 million eurobond at the
beginning of August 2010, which was seen as a positive sign by
Fitch.  Following the redemption, PB's liquidity cushion was still
adequate, covering the deposit base by 21%.  The regulatory
capital adequacy was 18% at end-H110; however, Fitch estimates
that PB was at that date able to reserve only 14% of the portfolio
before the capital adequacy ratio would have breached regulatory
limits, representing only moderate loss absorption capacity, in
the agency's view.

Rating actions:

Industrialbank

  -- Long-term IDR: upgraded to 'B-' from 'CCC'; Outlook Stable
  -- Short-term IDR: upgraded to 'B' from 'C'
  -- Individual rating: upgraded to 'D/E' from 'E'
  -- Support rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'

Bank Khreschatyk

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BBB-(ukr)'; Outlook
     revised to Stable from Negative

Pivdennyi Bank

  -- Long-term IDR: affirmed at 'B-'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

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


INDUSTRIALBANK: Fitch Raises LT Issuer Default Rating to 'B-'
-------------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based Industrialbank's Long-
term Issuer Default Rating to 'B-' from 'CCC'.  The Outlook is
Stable.  At the same time, the agency has changed the Outlooks on
Bank Khreschatyk and Pivdennyi Bank to Stable from Negative and
affirmed their Long-term IDRs at 'B-'.

The rating actions reflect the stabilization of the economic
environment in Ukraine, reflected in positive growth (Fitch
forecasts real GDP growth of 4.5% in 2010 and 4.7% in 2011), lower
UAH volatility and a less vulnerable fiscal position following the
government's agreement on a new loan program with the IMF.  These
developments have contributed to a somewhat less difficult
operating backdrop for the country's banks.  In addition, the
rating actions reflect inflows of customer deposits in H209-H110,
both for the sector as a whole and the reviewed banks, which have
supported liquidity positions; limited near-term refinancing risks
for the three banks reviewed; and some signs of stabilization of
the banks' asset quality as loan books season.

At the same time, in common with other banks in the sector,
each of the reviewed banks reported significant levels of NPLs
(loans overdue by more than 90 days) and large volumes of
prolonged/restructured loans.  This has increased pressure on
the banks' capital and financial performance, while existing loss
absorption capacity may prove insufficient should further loan
impairment be recognized and higher reserves be required,
potentially necessitating additional capital support.

The ratings of INB take into account the bank's apparently large
related-party balances and significant deterioration in asset
quality.  INB's reported NPLs comprised 12% of the loan book at
end-H110, and approximately two thirds of the portfolio was
restructured or rolled over, although about one fifth of these
were secured by deposits which mitigated credit risks.  Related-
party exposures (including investments in promissory notes) are
substantial, in Fitch's view, although the opaque shareholder
structure makes it difficult to assess the true level of
transactions with affiliated entities.  Foreign currency lending
was substantial at 45% of the loan portfolio.  At the same time,
Fitch estimates that at end-H110 INB was able to reserve more than
30% of non-cash collateralized loans before its capital adequacy
ratio would breach regulatory limits, and liquidity is adequate,
with the cash cushion covering unencumbered deposits by 26% at
end-H110, although the latter are concentrated.  The improved
prospects in 2010 for Ukraine's metallurgy sector, which is the
dominant industry in INB's home city of Zaporizhia, should also
help to limit ultimate credit losses for the bank.

Khreschatyk's ratings continue to reflect its concentrated loan
book, continuing uncertainty associated with a high share of
renegotiated/rolled over loans, poor operating profitability and
only modest loss absorption capacity afforded by its capital
position.  However, the ratings also reflect Khreschatyk's limited
exposure to unsecured, foreign currency and retail lending, its
participation in lower-risk municipal programs and comfortable
liquidity.  NPLs and restructured loans accounted for 4.5% and 60%
of gross loans, respectively, at end-H110.  Fitch, however, notes
that 30% of restructured loans related to state-owned and
municipal organizations.  Customer deposits increased 21% in H110,
and highly liquid assets (net of interbank liabilities up to 30
days) covered 19% of customer deposits at end-H110.  Khreschatyk
reported a regulatory capital adequacy ratio of 15.4% at end-H110,
and Fitch estimated that Khreschatyk could increase its loan
impairment reserves to a maximum of only around 11% of gross loans
from the current level of 4.3% without breaching regulatory
capital requirements.  A planned equity injection of UAH200m in
H210 would boost regulatory capital by 29%; however, further
capital increases may be required should restructured loans
perform worse than current management expectations.

The ratings of PB reflect heightened credit risks in its loan book
as a result of significant borrower concentrations, the large
proportion of foreign currency loans (at 59% of the total
portfolio) and the still difficult operating environment, although
those risks have not translated into significant credit losses to
date.  PB reported NPLs at 4.5% of the total loan book at end-
H110, while the amount of rolled-over exposures comprised 35%.  At
the same time, the ratings are underpinned by PB's quite stable
niche franchise in its home region, its currently adequate
liquidity and the redemption of its US$100 million eurobond at the
beginning of August 2010, which was seen as a positive sign by
Fitch.  Following the redemption, PB's liquidity cushion was still
adequate, covering the deposit base by 21%.  The regulatory
capital adequacy was 18% at end-H110; however, Fitch estimates
that PB was at that date able to reserve only 14% of the portfolio
before the capital adequacy ratio would have breached regulatory
limits, representing only moderate loss absorption capacity, in
the agency's view.

Rating actions:

Industrialbank

  -- Long-term IDR: upgraded to 'B-' from 'CCC'; Outlook Stable
  -- Short-term IDR: upgraded to 'B' from 'C'
  -- Individual rating: upgraded to 'D/E' from 'E'
  -- Support rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'

Bank Khreschatyk

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BBB-(ukr)'; Outlook
     revised to Stable from Negative

Pivdennyi Bank

  -- Long-term IDR: affirmed at 'B-'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

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


PIVDENNYI BANK: Fitch Affirms B- Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based Industrialbank's Long-
term Issuer Default Rating to 'B-' from 'CCC'.  The Outlook is
Stable.  At the same time, the agency has changed the Outlooks on
Bank Khreschatyk and Pivdennyi Bank to Stable from Negative and
affirmed their Long-term IDRs at 'B-'.

The rating actions reflect the stabilization of the economic
environment in Ukraine, reflected in positive growth (Fitch
forecasts real GDP growth of 4.5% in 2010 and 4.7% in 2011), lower
UAH volatility and a less vulnerable fiscal position following the
government's agreement on a new loan program with the IMF.  These
developments have contributed to a somewhat less difficult
operating backdrop for the country's banks.  In addition, the
rating actions reflect inflows of customer deposits in H209-H110,
both for the sector as a whole and the reviewed banks, which have
supported liquidity positions; limited near-term refinancing risks
for the three banks reviewed; and some signs of stabilization of
the banks' asset quality as loan books season.

At the same time, in common with other banks in the sector,
each of the reviewed banks reported significant levels of NPLs
(loans overdue by more than 90 days) and large volumes of
prolonged/restructured loans.  This has increased pressure on
the banks' capital and financial performance, while existing loss
absorption capacity may prove insufficient should further loan
impairment be recognized and higher reserves be required,
potentially necessitating additional capital support.

The ratings of INB take into account the bank's apparently large
related-party balances and significant deterioration in asset
quality.  INB's reported NPLs comprised 12% of the loan book at
end-H110, and approximately two thirds of the portfolio was
restructured or rolled over, although about one fifth of these
were secured by deposits which mitigated credit risks.  Related-
party exposures (including investments in promissory notes) are
substantial, in Fitch's view, although the opaque shareholder
structure makes it difficult to assess the true level of
transactions with affiliated entities.  Foreign currency lending
was substantial at 45% of the loan portfolio.  At the same time,
Fitch estimates that at end-H110 INB was able to reserve more than
30% of non-cash collateralized loans before its capital adequacy
ratio would breach regulatory limits, and liquidity is adequate,
with the cash cushion covering unencumbered deposits by 26% at
end-H110, although the latter are concentrated.  The improved
prospects in 2010 for Ukraine's metallurgy sector, which is the
dominant industry in INB's home city of Zaporizhia, should also
help to limit ultimate credit losses for the bank.

Khreschatyk's ratings continue to reflect its concentrated loan
book, continuing uncertainty associated with a high share of
renegotiated/rolled over loans, poor operating profitability and
only modest loss absorption capacity afforded by its capital
position.  However, the ratings also reflect Khreschatyk's limited
exposure to unsecured, foreign currency and retail lending, its
participation in lower-risk municipal programs and comfortable
liquidity.  NPLs and restructured loans accounted for 4.5% and 60%
of gross loans, respectively, at end-H110.  Fitch, however, notes
that 30% of restructured loans related to state-owned and
municipal organizations.  Customer deposits increased 21% in H110,
and highly liquid assets (net of interbank liabilities up to 30
days) covered 19% of customer deposits at end-H110.  Khreschatyk
reported a regulatory capital adequacy ratio of 15.4% at end-H110,
and Fitch estimated that Khreschatyk could increase its loan
impairment reserves to a maximum of only around 11% of gross loans
from the current level of 4.3% without breaching regulatory
capital requirements.  A planned equity injection of UAH200m in
H210 would boost regulatory capital by 29%; however, further
capital increases may be required should restructured loans
perform worse than current management expectations.

The ratings of PB reflect heightened credit risks in its loan book
as a result of significant borrower concentrations, the large
proportion of foreign currency loans (at 59% of the total
portfolio) and the still difficult operating environment, although
those risks have not translated into significant credit losses to
date.  PB reported NPLs at 4.5% of the total loan book at end-
H110, while the amount of rolled-over exposures comprised 35%.  At
the same time, the ratings are underpinned by PB's quite stable
niche franchise in its home region, its currently adequate
liquidity and the redemption of its US$100 million eurobond at the
beginning of August 2010, which was seen as a positive sign by
Fitch.  Following the redemption, PB's liquidity cushion was still
adequate, covering the deposit base by 21%.  The regulatory
capital adequacy was 18% at end-H110; however, Fitch estimates
that PB was at that date able to reserve only 14% of the portfolio
before the capital adequacy ratio would have breached regulatory
limits, representing only moderate loss absorption capacity, in
the agency's view.

Rating actions:

Industrialbank

  -- Long-term IDR: upgraded to 'B-' from 'CCC'; Outlook Stable
  -- Short-term IDR: upgraded to 'B' from 'C'
  -- Individual rating: upgraded to 'D/E' from 'E'
  -- Support rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No Floor'

Bank Khreschatyk

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

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

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

  -- National Long-term rating: affirmed at 'BBB-(ukr)'; Outlook
     revised to Stable from Negative

Pivdennyi Bank

  -- Long-term IDR: affirmed at 'B-'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '5'

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


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


BAYTREE HOMES: In Liquidation; Owes GBP2 Million to Barclays
------------------------------------------------------------
Baytree Homes has gone into liquidation owing Barclays more than
GBP2 million, thisissouthwales.co.uk reports.  The report relates
the business ceased trading on July 1.

According to the report, Baytree Homes sole director Jonathan
Hale-Quant said in his statement to liquidators that uncertainty
in the housing market meant buyers were either unable to secure a
mortgage or unsure if now was the right time to buy.

"As a consequence, house prices across the country have dropped
considerably," the report quoted Mr. Hale-Quant as saying.

These meant an overrun on the development time of some 19 months
to date.  Costs and overheads have mounted.  All of these issues
resulted in the company being starved of cash."

The company was wound up voluntarily, and insolvency practitioner
Gary Stones was appointed as liquidator on July 30, the report
discloses.

Documents presented to liquidators suggest there is no likelihood
of any return to unsecured creditors, the report notes.

Baytree Homes is a Swansea-based construction firm.


BEIG MIDCO: Fitch Assigns 'B' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch has assigned BEIG Midco Limited a Long-term Issuer Default
Rating of 'B' with a Positive Outlook.  The borrowing entity is
part of the Birds Eye Iglo Group, a UK-based frozen-food
manufacturing company.

Following the amendment to the debt structure related to BEIG's
impending acquisition of Findus Italy, Fitch has also assigned
BEIG MidCo's senior secured facilities, maturing between October
2013 and April 2016, a rating of 'BB-' with a Recovery Rating of
'RR2', reflecting superior recovery expectations.

Fitch expects BEIG to benefit from scale improvement and potential
cost synergies, greater geographic diversification within
continental Europe and a wider array of recognized frozen food
brands after the integration of Findus Italy.  Fitch views the
related execution risk as moderate to low, given management's
track record of cost saving following the leveraged buy-out of
BEIG by Permira in late 2006.  Fitch does not expect near-term
rating pressure as BEIG's financial metrics such as revenue size,
operating margins and liquidity ratios compare favorably to
higher-rated sector peers.  However, the high initial pro forma
total FFO adjusted leverage of approximately 6x based on FY2009
figures adjusted for the acquisition and relatively weak pro forma
EBITDAR to fixed charge cover of around 3x currently constrain
BEIG MidCo's credit rating at 'B'.

The Positive Outlook reflects Fitch's expectation that BEIG will
demonstrate continued strong and improving free cash flow
generation and reduce debt over FY10 to FY12, as the company seeks
to benefit from substantial merger-related procurement and
efficiency cost savings.  Successful integration and execution of
the projected cost savings and subsequent improvement in financial
metrics such as FFO adjusted leverage, FFO Fixed Charge Cover, and
EBITDAR to fixed charge cover could therefore lead to a rating
upgrade.  Conversely, a less successful integration, a decline in
operating profits combined with a sharp contraction of annual free
cash flow or an increase in financial leverage could lead to
negative rating pressure.

The 'RR2' Recovery Ratings assigned to the senior bank debt
indicate expected recoveries in the range of 71-90%.  This
reflects relatively moderate pro forma 2009 senior leverage of
approximately 4.5x.  Driving these recovery expectations is an
estimated BEIG post-restructuring EBITDA at approximately 30%
below the group's pro forma 2009 EBITDA to reflect a hypothetical
adverse scenario of depressed sales volumes and compressed
margins.  This, in combination with an estimated going concern
multiple in the range of 6 to 7x Enterprise Value / EBITDA,
results in a more favorable valuation than the agency's
alternative estimation of a liquidation scenario.

BEIG is a leading UK-based branded frozen food manufacturer whose
brands include Birds Eye, Iglo and the Findus Italy brands.  BEIG
and its ultimate majority shareholder the Permira Funds entered
into an agreement to acquire Unilever's remaining frozen food
division Findus Italy for EUR805 million (excluding transaction
costs).  At the time, the debt financing in support of the
acquisition was provided on a standalone ring-fenced basis to
comply with the auction time table.

Under the current transaction, BEIG has received lender consent to
amend certain conditions of the original 2006 facilities and to
incorporate a new EUR500 million term loan D ranking pari passu
with all other BEIG MidCo's senior secured facilities to fund the
acquisition of Findus Italy and bring the acquisition into the
BEIG MidCo borrowing group.

Finalization of the acquisition remains subject to completion of
the transaction and relevant European regulatory antitrust
approvals expected by October 2010 and all final terms conforming
to information received so far.


BIRDS EYE: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Birds Eye Iglo Group TopCo Ltd.  The
outlook is stable.

At the same time, S&P assigned Birds Eye Iglo Group MidCo Ltd.'s
EUR1.13 billion and GBP320.6 million senior secured facilities
(including the proposed EUR500 million term loan D) S&P's issue-
level rating of 'BB-' (one notch higher than the 'B+' corporate
credit rating on the parent company).  S&P also assigned a
recovery rating of '2' to these senior secured facilities,
indicating its expectation of substantial (70%-90%) recovery for
lenders in the event of a payment default.

"The rating reflects S&P's view of BEIG's financial risk profile
as highly leveraged, following a buyout by private equity group
Permira in 2006, in addition to the proposed debt-financed
acquisition of Findus Italy from Unilever, which is expected to
close in October 2010," said Standard & Poor's credit analyst
Marketa Horkova.  After the Findus Italy acquisition, BEIG will
have consolidated gross financial debt of ?2.6 billion, including
?133 million of paid-in-kind notes and ?941 million of
subordinated shareholder loans (as of September 2010).

This is in the context of what S&P considers to be a
"satisfactory" business risk profile.  This reflects S&P's view of
BEIG's position as a leading frozen food company, which a well-
invested and recognized brand supports.  Further support stems
from BEIG's management-established track record of delivering
sound profitability despite difficult market conditions,
leveraging of its significant scale, and leading market position
in its main markets -- the U.K. and Germany.  S&P also views
integration risk associated with the Findus Italy acquisition as
minimal, given management's successful takeover of the Birds Eye
Iglo business from Unilever in 2006.

BEIG's presence in a market that S&P views as mature, low-single-
digit growing, price-competitive, and to a certain extent
commoditized, partially offsets these positive factors.  Moreover,
S&P considers that the subdued economic conditions and consumer
environment could pose an execution risk to the planned debt-
reduction strategy.

In S&P's view, BEIG will sustain its operating performance
momentum, despite the gloomy consumption environment in both the
U.K. and Europe.  Moreover, S&P believes that the company will
retain a financial profile commensurate with the ratings, which
positive free operating cash flow of at least ?100 million and
adequate liquidity will support.

Potential rating pressures could occur if smooth refinancing of
the hefty maturities looming in 2013-2015 were not prepared well
in advance or appeared increasingly uncertain, or if any
refinancing of shareholder loans were to affect BEIG's financial
profile.  "A weakening of the company's financial profile due to
poor trading could also lead us to lower the ratings, specifically
if EBITDA to cash interest coverage decreased below 3x," added Ms.
Horkova.  Rating upside is possible in the medium term, if BEIG
maintains steady debt deleveraging.


DECO 11: Fitch Downgrades Rating on Class C Notes to 'CCC'
----------------------------------------------------------
Fitch Ratings has downgraded DECO 11 - UK Conduit 3 plc's (DECO
11) commercial mortgage-backed notes due January 2020:

  -- GBP194.7 million class A1-A (XS0279810468) affirmed at 'AAA';
     Outlook Negative

  -- GBP72.3 million class A1-B (XS0279812597) downgraded to 'A'
     from 'AA+'; Outlook Negative

  -- GBP44.1 million class A2 (XS0279814452) downgraded to 'BBB'
     from 'A+'; Outlook Negative

  -- GBP26.4 million class B (XS0279815426) downgraded to 'BB'
     from 'BBB+'; Outlook Negative

  -- GBP36.3 million class C (XS0279816580) downgraded to 'CCC'
     from 'B'; Recovery Rating 'RR2' assigned

  -- GBP28.4 million class D (XS0279817398) affirmed at 'CC';
     Recovery Rating 'RR6' assigned

The downgrade is primarily driven by the deterioration in the
quality of the largest loan in the portfolio, the Mapeley loan
(55% of portfolio).  The loan is secured by 24 office properties
located across the UK, typically in secondary locations.  The
weighted-average lease length is 5.2 years.  Vacancy has increased
to 13.6% from 4% over the past year.  Three of the properties,
accounting for about 10% of space, are completely vacant.  This
has led to the interest coverage ratio falling to 1.33x currently,
from 1.84x in January 2009.  If all remaining lease break and
expiry options in 2010 are exercised, the ICR will fall to 1.27x,
just above the covenant of 1.25x.  Fitch expects a covenant breach
in coming quarters, since the weak income stream and secondary
quality of the assets is likely to hinder re-letting efforts.

The remaining portfolio is made up of 13 smaller loans, four of
which contribute between 6% and 10% of the current balance each,
while the remaining nine contribute no more than 2% of the current
balance.  While property values have seen some stabilization and
recovery in recent months, many of the assets securing these loans
are in secondary locations and are not likely to have experienced
improvements in value since the time of the last review.

The second-largest loan (Wildmoor Northpoint, 10% of portfolio)
was transferred to Capita Asset Services as special servicer in
April 2010 following a breach of the 90% LTV covenant, with a
whole loan LTV of 178%.  Hatfield Philips subsequently replaced
Capita as special servicer, and is currently looking into
alternative work-out options.  The loan matured in July 2010 and
failed to repay.  The loan is secured over the Northpoint Shopping
Centre, a secondary shopping centre located in Bransholme, a
suburb of Kingston upon Hull in the north of England.  The centre
is currently 92%-occupied, with a WA lease term of 5.9 years.
Fitch believes it highly unlikely that the loan balance will be
fully recovered.  This is primarily driven by the secondary
location and quality of the asset.

The income performance of the eight of the smaller loans (28% of
the portfolio) is unchanged from last year.  However, Fitch
believes that the industrial collateral (Starcharm, Regent
Capital, The Mill, LML Overseas and Investco, totalling 12.3%) has
continued to be affected by outward yield movements, as evidenced
in increased Fitch LTVs.


LIVERPOOL FOOTBALL: Administration Likely Option as Sale Uncertain
------------------------------------------------------------------
Harry Harris at ESPN Soccernet reports that there is speculation
whether the Liverpool Football Club can avoid going into
administration.

According to ESPN Soccernet sources, there can be no guarantee
that a sale can be concluded before the current financing
arrangements run out in six weeks time.

ESPN Soccernet says the club deep in the red -- so badly so that
their accountants have qualified their accounts for two years
running -- and it is understood that the latest accounts, for the
year to the end of July 2010 will show a further deterioration of
the situation, even before taking into account a GBP2.5 million a
week in fees -- which hits GBP60 million extra debt by October 6
-- the owners are running up towards their latest bank extension.

According to ESPN Soccernet, administration can no longer be
entirely ruled out, given the depth to which the club's finances
have plummeted, and the interpretation being put on the board's
short statement on Friday that a takeover remains "uncertain".

At present, administration is not thought the most likely scenario
for Liverpool, ESPN Soccernet.  If there is no sale by October,
Royal Bank of Scotland could, of course, merely roll over the
loan, extend it, but that would not break the log-jam which exists
at the moment, ESPN Soccernet states.

Current owners Tom Hicks and George Gillett have valued the club
at up to GBP800 million, but there are no signs that any potential
bidder is prepared to match that, ESPN Soccernet relates.  And it
may be that as the October deadline for RBS to make a decisive
move on the future of Liverpool looms, the value will slip further
below the GBP350 million previously mentioned, ESPN Soccernet
notes.

The key issue for those trying to sell the club is whether they
can find a credible buyer who will pay down the debt, build a new
stadium and invest in players, ESPN Soccernet says.

ESPN Soccernet relates Liverpool managing director Christian
Purslow confessed on Sunday that his club needs to find new owners
"as soon as possible".  He made it clear the timescale to identify
the new owners is relatively short, with stability required and a
new season already under way, ESPN Soccernet notes.

As reported by the Troubled Company Reporter-Europe on Aug. 12,
2010, The Financial said Sahara India Pariwar, an Indian
conglomerate that sponsors the national cricket team, pulled out
from the race to acquire the Liverpool due to debt concerns.  The
FT disclosed a person involved in the deal said that the Indian
group controlled by billionaire industrialist Subrata Roy had been
trying to negotiate an agreement with the English club for several
months, but Liverpool FC's high debt exposure stalled the
negotiation.  In the latest full-year results released in May,
Liverpool FC reported that its losses had swollen to GBP54.9
million, up from GBP40.9 million, and its total debt had risen to
GBP351 million, the FT noted.

Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League.  Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892.  In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground.  The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales.  The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.


PRIMROSE ASSOCIATES: SJP Offers GBP2MM Compensation to Investors
----------------------------------------------------------------
Daniel Grote at Citywire.co.uk, citing The Mail on Sunday, reports
that St. James's Place has offered GBP2 million compensation to
around 15 investors who lost money through adviser Peter Carron,
an SJP partner and owner of liquidated IFA firm Primrose
Associates.

According to the report, The Mail said that Mr. Carron had taken
money from SJP clients and used it to back personal ventures that
collapsed.

The report relates Primrose Associates was placed into liquidation
on June 21 and John Kelmanson, joint liquidator of the company,
has said that GBP4 million of client money was passed from
Primrose Associates to another business, Evaluate Technologies,
which has also gone into liquidation.  Both Primrose and Evaluate
are owned by Mr. Carron, the report discloses.

The report notes around half of the investors are thought to have
received offers that would fully compensate them for their losses,
while the rest are understood to have been offered payments that
would cover half their losses.  Some other investors will not be
offered anything, the report says, citing The Mail.

Primrose Associates is a mortgage broker based in London.


SOUTH YORKSHIRE: Owner Faces New High Court Writ Over Debts
-----------------------------------------------------------
Bob Westerdale at The Star reports that lawyers seeking money for
creditors of South Yorkshire Ice Hockey Franchise have issued a
new High Court writ against the company's owner Bob Phillips.

According to the report, Mr. Phillips was forced to pay GBP55,000
recently after the liquidator took court proceedings over the 2005
collapse of South Yorkshire Ice Hockey Franchise.  But around
GBP150,000 remains unpaid the report notes.

The report relates creditor David Sutton at Chartered Accountants
Sutton McGrath Ltd., said, "Phillips had still not fully satisfied
the judgment obtained against him personally.  The Courts held he
was personally liable for these debts as a result of his actions
running the company.

"The liquidator is considering how to recover the money.  If
payment is not forthcoming in the very near future possible
courses of action includes asset seizure.  If the liquidator is
still unable to recover the debt it is likely they will petition
for his bankruptcy."

As reported by the Troubled Company Reporter-Europe, resolutions
to wind up the company were passed at an EGM held on Oct. 19 at
The Premier Travel Inn, Angel Street, Sheffield S3 8LN.  P. R.
Dewey of Dewey & Co, 17 St Andrews Crescent, Cardiff CF10 3DB was
appointed liquidator.


TURBO BETA: Moody's Junks Corporate Family Rating From 'B3'
-----------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating and to Caa2 from Caa1 the probability of
default rating of Turbo Beta Plc, the indirect parent company of
KCA Deutag Drilling Group Limited.  At the same time, Moody's
downgraded to B3 from B2 the rating on the US$1.625 billion Senior
Facilities of Turbo Alpha Ltd, the holding company of KCA Deutag.
LGD assessment remains unchanged at LGD2 (24%).  In addition,
Moody's has withdrawn the (P)Caa2 rating on the proposed
US$500 million notes of Turbo Beta Plc.  The ratings have been
placed on review for further possible downgrade.

The rating withdrawal follows the announcement by Turbo Beta Plc
earlier this week that its proposed high-yield offering was put on
hold due to adverse market conditions.  Whilst Moody's understands
that Turbo Beta Plc expects to obtain a three-month waiver of the
June 2010 financial covenant test breach under its senior facility
agreement, the rating downgrades reflect the increased likelihood
that the capital structure of the group may have to be
restructured given (i) the required covenant reset at both senior
and mezzanine facility levels as financial covenant tests continue
to tighten; and (ii) the group's high leverage, which Moody's
estimates will be in excess of 6x in 2010 in the absence of any
equity injection from the sponsor.  Moody's notes that a capital
restructuring involving a debt buyback below par may be assessed
as a distressed exchange (and hence a default) under the agency's
rating methodology.

The review for possible downgrade reflects the possibility that
ratings could see further downward pressure in the coming months
if negotiations with senior and mezzanine lenders regarding a
covenant restructuring are unsuccessful or if those result in a
distressed exchange.  The review will focus on the potential
support that could be offered by shareholders and the outcome of
the negotiations.  Moody's expects to conclude the review within
the next three months.  There could be upward pressure on ratings
provided that the group's capital structure is stabilized through
shareholder support that would improve significantly its financial
position, thereby also allowing it to maintain adequate and
sustainable headroom under its covenants.

Moody's last rating action on Abbot was on 28 July 2010, when the
rating agency assigned a provisional (P)Caa2 rating to the
proposed US$500 million senior notes of Turbo Beta Plc.

Registered in England/Wales, UK, Turbo Beta Plc is a holding
company for KCA Deutag, a provider of onshore and offshore
drilling services to both IOCs and NOCs in the Eastern Hemisphere.
Its ultimate owner is a consortium led by First Reserve
Corporation, a US private equity firm specialized in the energy
industry.  In 2009, Turbo Beta Plc reported consolidated revenues
of around US$1.6 billion.


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


* UK: EFG Loan Demands Rise in July; Firms Face Cash Flow Woes
--------------------------------------------------------------
Richard Tyler at The Daily Telegraph reports that business demand
for loans under the government's GBP700 million Enterprise Finance
Guarantee scheme jumped dramatically in July, suggesting weakening
corporate cash flows.

According to the report, official figures show companies drew down
GBP44 million across 466 loans in July -- a significant increase
on the GBP71.5 million accessed in the three months from April 1
to the end of June.

The report notes Aldermore, a small business bank, warned that a
decline in lending under the guarantee scheme in the second
quarter suggested there were problems with it.

Banks offered 1,464 loans to businesses worth GBP142.5 million in
the second quarter, compared with GBP186 million offered in the
first quarter and GBP254 million in the first quarter of 2009 at
the height of the credit crunch, the report discloses.


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

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

AUSTRIA
-------
CHRIST WATER TEC        CWT AV        -5754287.761   165995618.1
CHRIST WATER TEC        C7W GR        -5754287.761   165995618.1
CHRIST WATER TEC        CWT PZ        -5754287.761   165995618.1
CHRIST WATER TEC        CWT EU        -5754287.761   165995618.1
CHRIST WATER TEC        CRSWF US      -5754287.761   165995618.1
CHRIST WATER TEC        CWT EO        -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                LBROF US        -109013328   171684389.1
LIBRO AG                LB6 GR          -109013328   171684389.1
LIBRO AG                LIB AV          -109013328   171684389.1
LIBRO AG                LIBR AV         -109013328   171684389.1
SKYEUROPE               SKYP PW       -89480486.93   159076577.5
SKYEUROPE               SKY PW        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY LI        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY EO        -89480486.93   159076577.5
SKYEUROPE HLDG          SKYA PZ       -89480486.93   159076577.5
SKYEUROPE HLDG          SKY EU        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY AV        -89480486.93   159076577.5
SKYEUROPE HLDG          S8E GR        -89480486.93   159076577.5
SKYEUROPE HLDG          SKURF US      -89480486.93   159076577.5
SKYEUROPE HLDG          SKYPLN EO     -89480486.93   159076577.5
SKYEUROPE HLDG          SKYV IX       -89480486.93   159076577.5
SKYEUROPE HLDG          SKYPLN EU     -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

CROATIA
-------
BRODOGRADE INDUS        3MAJRA CZ     -464934142.4   272013070.7
IPK OSIJEK DD OS        IPKORA CZ     -32978857.72   151587609.9
MAGMA DD                MGMARA CZ     -764475.9867   141322122.7
OT OPTIMA TELEKO        2299892Z CZ   -69895909.13   116266542.5
OT-OPTIMA TELEKO        OPTERA CZ     -69895909.13   116266542.5
VUPIK DD                VPIKRA CZ     -8861479.441   112509976.8

CYPRUS
------
LIBRA HOLIDA-RTS        LGWR CY        -27821889.5     240947718
LIBRA HOLIDA-RTS        LBR CY         -27821889.5     240947718
LIBRA HOLIDAY-RT        3167808Z CY    -27821889.5     240947718
LIBRA HOLIDAYS          LHGCYP EU      -27821889.5     240947718
LIBRA HOLIDAYS          LHGR CY        -27821889.5     240947718
LIBRA HOLIDAYS          LHGCYP EO      -27821889.5     240947718
LIBRA HOLIDAYS G        LHG EO         -27821889.5     240947718
LIBRA HOLIDAYS G        LHG PZ         -27821889.5     240947718
LIBRA HOLIDAYS G        LHG 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
URALS ENERGY PUB        UREYF US        -107167000     889168000
URALS ENERGY PUB        UEN EO          -107167000     889168000
URALS ENERGY PUB        UEN IX          -107167000     889168000
URALS ENERGY PUB        U5S TH          -107167000     889168000
URALS ENERGY PUB        UENEUR EO       -107167000     889168000
URALS ENERGY PUB        UEN PZ          -107167000     889168000
URALS ENERGY PUB        UEN EU          -107167000     889168000
URALS ENERGY PUB        UEN PG          -107167000     889168000
URALS ENERGY PUB        U5S GR          -107167000     889168000
URALS ENERGY PUB        UEN LN          -107167000     889168000
URALS ENERGY PUB        UENGBP EO       -107167000     889168000

CZECH REPUBLIC
--------------
CKD PRAHA HLDG          CKDPF US      -89435858.16     192305153
CKD PRAHA HLDG          CKDH US       -89435858.16     192305153
CKD PRAHA HLDG          297687Q GR    -89435858.16     192305153
CKD PRAHA HLDG          CKDH CP       -89435858.16     192305153
CKD PRAHA HLDG          CDP EX        -89435858.16     192305153
SETUZA AS               2994767Q EO   -61453764.17   138582273.6
SETUZA AS               SETU IX       -61453764.17   138582273.6
SETUZA AS               SZA EX        -61453764.17   138582273.6
SETUZA AS               2994763Q EU   -61453764.17   138582273.6
SETUZA AS               SETUZA PZ     -61453764.17   138582273.6
SETUZA AS               2994759Q EO   -61453764.17   138582273.6
SETUZA AS               2994755Q EU   -61453764.17   138582273.6
SETUZA AS               SETUZA CP     -61453764.17   138582273.6
SETUZA AS               SZA GR        -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           ROSKF US      -532868894.9    7876687324
ROSKILDE BANK           ROSK EU       -532868894.9    7876687324
ROSKILDE BANK           ROSK PZ       -532868894.9    7876687324
ROSKILDE BANK           RKI GR        -532868894.9    7876687324
ROSKILDE BANK           ROSBF US      -532868894.9    7876687324
ROSKILDE BANK           RSKC IX       -532868894.9    7876687324
ROSKILDE BANK           ROSK EO       -532868894.9    7876687324
ROSKILDE BANK           ROSK DC       -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           SNISF US      -1029838.038   546820905.2
SANISTAL AS-B           SANIB EU      -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           SANI/B PZ     -1029838.038   546820905.2
SANISTAL AS-B           SANIB EO      -1029838.038   546820905.2
SANISTAL AS-B           SNSC IX       -1029838.038   546820905.2
SANISTAL AS-B           SANIB BY      -1029838.038   546820905.2
SANISTAL AS-B           SANIBEUR EO   -1029838.038   546820905.2
SANISTAL AS-B           SANIB DC      -1029838.038   546820905.2
SANISTAL-B NEW          SANLN DC      -1029838.038   546820905.2
SCANDINAVIAN BRA        SBS1EUR EO    -18360748.78   147485890.1
SCANDINAVIAN BRA        SBSD PZ       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 BY       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 EU       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBSC IX       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS DC        -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1EUR EU    -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 EO       -18360748.78   147485890.1

FRANCE
------
BELVEDERE - RTS         702036Q FP    -240506200.5    1000204586
BELVEDERE - RTS         554451Q FP    -240506200.5    1000204586
BELVEDERE SA            BELV NM       -240506200.5    1000204586
BELVEDERE SA            BED GR        -240506200.5    1000204586
BELVEDERE SA            BELV FP       -240506200.5    1000204586
BELVEDERE SA            BVD EU        -240506200.5    1000204586
BELVEDERE SA            BEVD IX       -240506200.5    1000204586
BELVEDERE SA            BVD EO        -240506200.5    1000204586
BELVEDERE SA            BVD PZ        -240506200.5    1000204586
BELVEDERE SA            BED TH        -240506200.5    1000204586
BELVEDERE SA            BVDRF US      -240506200.5    1000204586
BELVEDERE SA            BVD FP        -240506200.5    1000204586
BELVEDERE SA-NEW        BVDNV FP      -240506200.5    1000204586
BELVEDERE SA-NEW        946529Q FP    -240506200.5    1000204586
BELVEDERE SA-RTS        BVDDS FP      -240506200.5    1000204586
CADES                   211430Z FP       -1.32E+11    9983888303
CARRERE GROUP           CAR FP        -9829592.638     279906700
CARRERE GROUP           CRGP IX       -9829592.638     279906700
CARRERE GROUP           CARF PZ       -9829592.638     279906700
CARRERE GROUP           XRR GR        -9829592.638     279906700
CARRERE GROUP           CAR2 EO       -9829592.638     279906700
CARRERE GROUP           CAR2 EU       -9829592.638     279906700
CARRERE GROUP           CARG FP       -9829592.638     279906700
CARRERE GROUP           CRRHF US      -9829592.638     279906700
CHAINE ET TRAME         CTRM FP       -58947458.16   116889783.9
CHAINE ET TRAME         CHTR FP       -58947458.16   116889783.9
GRANDE PAROISSE         GDPXF US      -927267926.9     629287290
GRANDE PAROISSE         GAPA FP       -927267926.9     629287290
GRANDE PAROISSE         GDPA FP       -927267926.9     629287290
LAB DOLISOS             DOLI FP       -27752176.19   110485462.4
LAB DOLISOS             LADL FP       -27752176.19   110485462.4
MATUSSIERE & FOR        MTUSF US      -77896683.67   293868350.8
MATUSSIERE & FOR        1007765Q FP   -77896683.67   293868350.8
MB RETAIL EUROPE        MBRE FP       -58947458.16   116889783.9
MB RETAIL EUROPE        CTRF IX       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE EO       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE EU       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE PZ       -58947458.16   116889783.9
OROSDI                  OROS FP       -35006822.54   151870593.9
OROSDI-BACK             ORBA FP       -35006822.54   151870593.9
OROSDI-BACK             OROS PZ       -35006822.54   151870593.9
OROSDI-BACK             OROS EU       -35006822.54   151870593.9
OROSDI-BACK             OROS EO       -35006822.54   151870593.9
OROSDI-BACK             BACK IX       -35006822.54   151870593.9
PAGESJAUNES GRP         PAJ PZ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EB         -3171655188    1168738032
PAGESJAUNES GRP         PAJ BQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ TQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJUSD EU      -3171655188    1168738032
PAGESJAUNES GRP         PAJ NQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ QM         -3171655188    1168738032
PAGESJAUNES GRP         PGJUF US       -3171655188    1168738032
PAGESJAUNES GRP         QS3 GR         -3171655188    1168738032
PAGESJAUNES GRP         PAJ FP         -3171655188    1168738032
PAGESJAUNES GRP         PAJ VX         -3171655188    1168738032
PAGESJAUNES GRP         PAJUSD EO      -3171655188    1168738032
PAGESJAUNES GRP         PAJ IX         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EU         -3171655188    1168738032
PAGESJAUNES GRP         PAJ LI         -3171655188    1168738032
PAGESJAUNES GRP         PAJ GK         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EO         -3171655188    1168738032
PAGESJAUNES GRP         PAJGBX EU      -3171655188    1168738032
PAGESJAUNES GRP         PAJGBP EO      -3171655188    1168738032
PAGESJAUNES GRP         PAJGBX EO      -3171655188    1168738032
PAGESJAUNES GRP         QS3 TH         -3171655188    1168738032
PAGESJAUNES GRP         PAJP IX        -3171655188    1168738032
RESEAU FERRE FRA        224063Z FP     -2138499667   66039422175
RHODIA SA               RHA QM        -883734308.8    6075165782
RHODIA SA               RHDAF US      -883734308.8    6075165782
RHODIA SA               2324011Q EU   -883734308.8    6075165782
RHODIA SA               RHA NQ        -883734308.8    6075165782
RHODIA SA               RHAGBX EO     -883734308.8    6075165782
RHODIA SA               RHANR PZ      -883734308.8    6075165782
RHODIA SA               RHAUSD EU     -883734308.8    6075165782
RHODIA SA               RHA EB        -883734308.8    6075165782
RHODIA SA               RHA TQ        -883734308.8    6075165782
RHODIA SA               RHD GR        -883734308.8    6075165782
RHODIA SA               RHADF US      -883734308.8    6075165782
RHODIA SA               RHAGBP EO     -883734308.8    6075165782
RHODIA SA               3218857Q IX   -883734308.8    6075165782
RHODIA SA               2324015Q EO   -883734308.8    6075165782
RHODIA SA               RHA VX        -883734308.8    6075165782
RHODIA SA               RHAGBX EU     -883734308.8    6075165782
RHODIA SA               RHA EU        -883734308.8    6075165782
RHODIA SA               RHA GK        -883734308.8    6075165782
RHODIA SA               RHDI TH       -883734308.8    6075165782
RHODIA SA               RHAY IX       -883734308.8    6075165782
RHODIA SA               RHA BQ        -883734308.8    6075165782
RHODIA SA               RHAUSD EO     -883734308.8    6075165782
RHODIA SA               RHA FP        -883734308.8    6075165782
RHODIA SA               RHA EO        -883734308.8    6075165782
RHODIA SA               RHDI GR       -883734308.8    6075165782
RHODIA SA               RHA IX        -883734308.8    6075165782
RHODIA SA               RHA PZ        -883734308.8    6075165782
RHODIA SA - NEW         RHANV FP      -883734308.8    6075165782
RHODIA SA - NEW         2335921Q FP   -883734308.8    6075165782
RHODIA SA - NEW         3156011Q FP   -883734308.8    6075165782
RHODIA SA - NEW         3506266Q FP   -883734308.8    6075165782
RHODIA SA-ADR           RHAYY US      -883734308.8    6075165782
RHODIA SA-NON RE        RHANR FP      -883734308.8    6075165782
RHODIA SA-RIGHTS        653447Q FP    -883734308.8    6075165782
RHODIA SA-RIGHTS        RHADS FP      -883734308.8    6075165782
RODIGUEZ GROUP          RGX GR        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD EU        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD BQ        -71997955.94   457127473.1
RODRIGUEZ GROUP         RRGZF US      -71997955.94   457127473.1
RODRIGUEZ GROUP         RDGP IX       -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD TQ        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD EO        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD FP        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD PZ        -71997955.94   457127473.1
SDR CENTREST            117241Q FP    -132420119.6   252176017.2
SOBIESKI                BVD PW        -240506200.5    1000204586
TROUVAY CAUVIN          ETEC FP       -396977.9956   133986439.7
TROUVAY CAUVIN          TVYCF US      -396977.9956   133986439.7

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

GERMANY
-------
AGOR AG                 DOO GR        -482446.6262   144432986.2
AGOR AG                 NDAGF US      -482446.6262   144432986.2
AGOR AG                 DOOG IX       -482446.6262   144432986.2
AGOR AG                 DOOD PZ       -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 GR        -101940692.7   236502063.1
ALNO AG                 ALNO IX       -101940692.7   236502063.1
ALNO AG                 ANO PZ        -101940692.7   236502063.1
ALNO AG                 ANO EU        -101940692.7   236502063.1
ALNO AG                 ANO EO        -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               BRKAF US      -27139391.98   143536859.7
BROKAT AG               BROAF US      -27139391.98   143536859.7
BROKAT AG               BKISF US      -27139391.98   143536859.7
BROKAT AG -NEW          BRJ1 NM       -27139391.98   143536859.7
BROKAT AG -NEW          BRJ1 GR       -27139391.98   143536859.7
BROKAT AG-ADR           BROA US       -27139391.98   143536859.7
BROKAT TECH -ADR        BROAQ US      -27139391.98   143536859.7
BROKAT TECH AG          BRJ NM        -27139391.98   143536859.7
BROKAT TECH AG          BRJ GR        -27139391.98   143536859.7
BROKAT TECH AG          BSA LN        -27139391.98   143536859.7
BROKAT TECH-ADR         BRJA GR       -27139391.98   143536859.7
CBB HOLDING AG          COBG PZ       -42994732.85   904723627.8
CBB HOLDING AG          COB GR        -42994732.85   904723627.8
CBB HOLDING AG          COBG IX       -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          COB2 EO       -42994732.85   904723627.8
CBB HOLDING-NEW         COB1 GR       -42994732.85   904723627.8
CBB HOLDING-NEW         COB3 GR       -42994732.85   904723627.8
CBB HOLD-NEW 97         COB2 GR       -42994732.85   904723627.8
CINEMAXX AG             MXCUSD EU     -14445849.72   194465786.9
CINEMAXX AG             MXC PZ        -14445849.72   194465786.9
CINEMAXX AG             MXC GR        -14445849.72   194465786.9
CINEMAXX AG             CNEMF US      -14445849.72   194465786.9
CINEMAXX AG             MXC EO        -14445849.72   194465786.9
CINEMAXX AG             MXC TH        -14445849.72   194465786.9
CINEMAXX AG             MXCG IX       -14445849.72   194465786.9
CINEMAXX AG             MXCUSD EO     -14445849.72   194465786.9
CINEMAXX AG             MXC EU        -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 GR        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC TH        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC EU        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC PZ        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC TQ        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESCDF US      -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC EO        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC BQ        -22323463.23   425598807.8
EM.TV & MERCHAND        ETVMF US      -22067409.41   849175624.7
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        EMTVF US      -22067409.41   849175624.7
EM.TV & MERCHAND        ETV NM        -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 EO       -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           ESCN GR       -22323463.23   425598807.8
ESCADA AG-NEW           ESCC GR       -22323463.23   425598807.8
ESCADA AG-NEW           3069367Q GR   -22323463.23   425598807.8
ESCADA AG-RTS           ESCE GR       -22323463.23   425598807.8
ESCADA AG-SP ADR        ESCDY US      -22323463.23   425598807.8
KABEL DEUTSCHLAN        KD8 TH         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8GBP EO      -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EB         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EU         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 GR         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 NR         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 BQ         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8USD EU      -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EO         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 IX         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8USD EO      -2169306511    3201326467
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             KFR GR        -19296489.56   150995473.8
KAUFRING AG             KAUG IX       -19296489.56   150995473.8
LLOYD FONDS AG          L1O TH         -1314098.03   141766952.6
LLOYD FONDS AG          L1O GR         -1314098.03   141766952.6
LLOYD FONDS AG          L1O PZ         -1314098.03   141766952.6
LLOYD FONDS AG          LLOG IX        -1314098.03   141766952.6
LLOYD FONDS AG          L1O EO         -1314098.03   141766952.6
LLOYD FONDS AG          L1O EU         -1314098.03   141766952.6
LLOYD FONDS AG          L10 BQ         -1314098.03   141766952.6
LLOYD FONDS AG          L1O TQ         -1314098.03   141766952.6
MANIA TECHNOLOGI        MNI GR         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI PZ         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI1 EU        -35060806.5   107465713.6
MANIA TECHNOLOGI        MIAVF US       -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI NM         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNIG IX        -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI1 EO        -35060806.5   107465713.6
MANIA TECHNOLOGI        2260970Z GR    -35060806.5   107465713.6
MATERNUS KLINI-N        MAK1 GR       -16232020.37     171958727
MATERNUS-KLINIKE        MNUKF US      -16232020.37     171958727
MATERNUS-KLINIKE        MAK EO        -16232020.37     171958727
MATERNUS-KLINIKE        MAK GR        -16232020.37     171958727
MATERNUS-KLINIKE        MAK PZ        -16232020.37     171958727
MATERNUS-KLINIKE        MAKG IX       -16232020.37     171958727
MATERNUS-KLINIKE        MAK EU        -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 EU        -18656728.68   610380925.7
PRIMACOM AG             PRCG PZ       -18656728.68   610380925.7
PRIMACOM AG             PRC TH        -18656728.68   610380925.7
PRIMACOM AG             PRC2 GR       -18656728.68   610380925.7
PRIMACOM AG             PRC GR        -18656728.68   610380925.7
PRIMACOM AG             PCAGF US      -18656728.68   610380925.7
PRIMACOM AG             PRCG IX       -18656728.68   610380925.7
PRIMACOM AG             PRC EO        -18656728.68   610380925.7
PRIMACOM AG             PRC NM        -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         ROS1 EO       -1744121.914   217776125.8
RAG ABWICKL-REG         ROS GR        -1744121.914   217776125.8
RAG ABWICKL-REG         ROSG PZ       -1744121.914   217776125.8
RAG ABWICKL-REG         RSTHF US      -1744121.914   217776125.8
RAG ABWICKL-REG         ROS1 EU       -1744121.914   217776125.8
RINOL AG                RILB PZ            -2.7111   168095049.1
RINOL AG                RILB IX            -2.7111   168095049.1
RINOL AG                RIL GR             -2.7111   168095049.1
RINOL AG                RNLAF US           -2.7111   168095049.1
RINOL AG                RILB EU            -2.7111   168095049.1
RINOL AG                RILB GR            -2.7111   168095049.1
RINOL AG                RILB EO            -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        2916157Q EU   -6153256.917   127546738.8
SANDER (JIL)-PRF        2916161Q EO   -6153256.917   127546738.8
SANDER (JIL)-PRF        SAD3 GR       -6153256.917   127546738.8
SANDER (JIL)-PRF        SAD3 PZ       -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
STROER OUT-OF-HO        SAX EO        -62153916.21    1072778885
STROER OUT-OF-HO        SAX GR        -62153916.21    1072778885
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        TWN PZ        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWNG IX       -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN EU        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN GR        -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 TH        -97711555.56     358434780
TOM TAILOR HOLD         TTI EU        -97711555.56     358434780
TOM TAILOR HOLD         TTI EO        -97711555.56     358434780
VIVANCO GRUPPE          VVA1 GR       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 EO       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA GR        -22198683.12   111990951.4
VIVANCO GRUPPE          VVAG IX       -22198683.12   111990951.4
VIVANCO GRUPPE          VIVGF US      -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 PZ       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 EU       -22198683.12   111990951.4

GREECE
------
AG PETZETAKIS SA        PETZK PZ      -53415175.25     227965558
AG PETZETAKIS SA        PETZK GA      -53415175.25     227965558
AG PETZETAKIS SA        PZETF US      -53415175.25     227965558
AG PETZETAKIS SA        PETZK EU      -53415175.25     227965558
AG PETZETAKIS SA        PTZ1 GR       -53415175.25     227965558
AG PETZETAKIS SA        PTZ GR        -53415175.25     227965558
AG PETZETAKIS SA        PETZK EO      -53415175.25     227965558
ALTEC SA -AUCT          ALTECE GA     -48733007.42   131910486.6
ALTEC SA INFO           ALTEC PZ      -48733007.42   131910486.6
ALTEC SA INFO           ATCQF US      -48733007.42   131910486.6
ALTEC SA INFO           AXY GR        -48733007.42   131910486.6
ALTEC SA INFO           ALTEC GA      -48733007.42   131910486.6
ALTEC SA INFO           ALTEC EO      -48733007.42   131910486.6
ALTEC SA INFO           ALTEC EU      -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 PZ      -189908329.1   896537349.7
ASPIS PRONIA GE         ASASK EO      -189908329.1   896537349.7
ASPIS PRONIA GE         ASASK GA      -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         KOUM EO        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM PZ        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM GA        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUMF US       -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM EU        -62534014.1   194685439.4
NAOUSSA SPIN -RT        NAOYD GA      -163114853.6   286539436.9
NAOUSSA SPIN-AUC        NAOYKE GA     -163114853.6   286539436.9
NAOUSSA SPINNING        NML1 GR       -163114853.6   286539436.9
NAOUSSA SPINNING        NML GR        -163114853.6   286539436.9
NAOUSSA SPIN-RTS        NAOYKR GA     -163114853.6   286539436.9
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        RAKOF US      -100972173.9   244951680.3
RADIO KORASSIDIS        KORA GA       -100972173.9   244951680.3
RADIO KORASSIDIS        RKC GR        -100972173.9   244951680.3
RADIO KORASSI-RT        KORAD GA      -100972173.9   244951680.3
RADIO KORASS-RTS        KORAR GA      -100972173.9   244951680.3
THEMELIODOMI            THEME GA      -55751178.85   232036822.6
THEMELIODOMI-AUC        THEMEE GA     -55751178.85   232036822.6
THEMELIODOMI-RTS        THEMED GA     -55751178.85   232036822.6
THEMELIODOMI-RTS        THEMER GA     -55751178.85   232036822.6
UNITED TEXTILES         UTEX EU       -163114853.6   286539436.9
UNITED TEXTILES         UTEX GA       -163114853.6   286539436.9
UNITED TEXTILES         NAOSF US      -163114853.6   286539436.9
UNITED TEXTILES         NAOYK GA      -163114853.6   286539436.9
UNITED TEXTILES         UTEX EO       -163114853.6   286539436.9
UNITED TEXTILES         UTEX PZ       -163114853.6   286539436.9

HUNGARY
-------
HUNGARIAN TELEPH        HUGC IX          -73724000     827192000
HUNGARIAN TELEPH        HUC GR           -73724000     827192000
HUNGARIAN TELEPH        HUC EX           -73724000     827192000
INVITEL HOLD-ADR        IHO US           -73724000     827192000
INVITEL HOLD-ADR        INVHY US         -73724000     827192000
INVITEL HOLD-ADR        0IN GR           -73724000     827192000
INVITEL HOLDINGS        3212873Z HB      -73724000     827192000
MALEV LTD               MALEV HB       -75737819.4   251668964.4

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

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

ITALY
-----
AEDES AXA+W             AEAXAW IM     -24405906.61    1350851664
AEDES SPA               LLB GR        -24405906.61    1350851664
AEDES SPA               AE PZ         -24405906.61    1350851664
AEDES SPA               AE IM         -24405906.61    1350851664
AEDES SPA               AEDSF US      -24405906.61    1350851664
AEDES SPA               AEDI IX       -24405906.61    1350851664
AEDES SPA               AE EO         -24405906.61    1350851664
AEDES SPA               AE EU         -24405906.61    1350851664
AEDES SPA               AE TQ         -24405906.61    1350851664
AEDES SPA RNC           AEDE IM       -24405906.61    1350851664
AEDES SPA-OPA           AEOPA IM      -24405906.61    1350851664
AEDES SPA-OPA           AEDROP IM     -24405906.61    1350851664
AEDES SPA-RTS           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                  BIE1 PZ       -6731364.698   131141946.1
BIOERA                  BIE EU        -6731364.698   131141946.1
BIOERA                  BIE1 IX       -6731364.698   131141946.1
BIOERA                  B2A GR        -6731364.698   131141946.1
BIOERA                  BIE IM        -6731364.698   131141946.1
BIOERA                  BIE EO        -6731364.698   131141946.1
CART SOTTRI-BIND        DEM IM        -11146475.29   128859802.9
CIRIO FINANZIARI        CRO IM        -422095869.5    1583083044
CIRIO FINANZIARI        FIY GR        -422095869.5    1583083044
COIN SPA                GC IX         -154057608.3   800526929.5
COIN SPA                GUCIF US      -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        CITU IX       -137726596.3   527372691.4
COMPAGNIA ITALIA        CGLUF US      -137726596.3   527372691.4
COMPAGNIA ITALIA        ICT IM        -137726596.3   527372691.4
CREDITO FONDIARI        CRF IM        -200209050.3    4213063202
CREDITO FOND-RTS        CRFSA IM      -200209050.3    4213063202
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 PZ        -194331003.9     255327730
I VIAGGI DEL VEN        VVE IX        -194331003.9     255327730
I VIAGGI DEL VEN        VVE IM        -194331003.9     255327730
I VIAGGI DEL VEN        VVE EO        -194331003.9     255327730
I VIAGGI DEL VEN        IVGIF US      -194331003.9     255327730
I VIAGGI DEL VEN        IV7 GR        -194331003.9     255327730
I VIAGGI DEL VEN        VVE EU        -194331003.9     255327730
I VIAGGI DEL VEN        VVE TQ        -194331003.9     255327730
I VIAGGI-RTS            VVEAA IM      -194331003.9     255327730
MERIDIANA FLY           E7N GR        -4509742.055     181807336
MERIDIANA FLY           EEZ TQ        -4509742.055     181807336
MERIDIANA FLY           EEZ PZ        -4509742.055     181807336
MERIDIANA FLY           EFLYF US      -4509742.055     181807336
MERIDIANA FLY           EEZ IM        -4509742.055     181807336
MERIDIANA FLY           MEF IM        -4509742.055     181807336
MERIDIANA FLY           EEZ EO        -4509742.055     181807336
MERIDIANA FLY           EEZ EU        -4509742.055     181807336
MERIDIANA FLY SP        MEFAXA IM     -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        ONTI IX       -3191558.267   123347206.3
OMNIA NETWORK SP        ONT EU        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT IM        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT PZ        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT EO        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT TQ        -3191558.267   123347206.3
PARMALAT FINANZI        PMT LI        -18419390029    4120687886
PARMALAT FINANZI        PRF IM        -18419390029    4120687886
PARMALAT FINANZI        PARAF US      -18419390029    4120687886
PARMALAT FINANZI        PMLFF US      -18419390029    4120687886
PARMALAT FINANZI        PAF GR        -18419390029    4120687886
PARMALAT FINANZI        FICN AV       -18419390029    4120687886
PARMALAT FINANZI        PRFI VX       -18419390029    4120687886
PARMALAT FINA-RT        PRFR AV       -18419390029    4120687886
RISANAMEN-RNC OP        RNROPA IM      -51818228.1    3959683341
RISANAMENTO NAPO        RN5 GR         -51818228.1    3959683341
RISANAMENTO -OPA        RNOPA IM       -51818228.1    3959683341
RISANAMENTO -RNC        RNR IM         -51818228.1    3959683341
RISANAMENTO SPA         RN IX          -51818228.1    3959683341
RISANAMENTO SPA         RNGBP EO       -51818228.1    3959683341
RISANAMENTO SPA         RN IM          -51818228.1    3959683341
RISANAMENTO SPA         RN TQ          -51818228.1    3959683341
RISANAMENTO SPA         RN EU          -51818228.1    3959683341
RISANAMENTO SPA         RSMNF US       -51818228.1    3959683341
RISANAMENTO SPA         RN PZ          -51818228.1    3959683341
RISANAMENTO SPA         RN EO          -51818228.1    3959683341
RISANAMENTO SPA         RNGBX EO       -51818228.1    3959683341
RISANAMENTO SPA         RNGBX EU       -51818228.1    3959683341
RISANAMENTO-RTS         RNAA IM        -51818228.1    3959683341
SNIA BPD                SN GR         -141933883.9   150445252.4
SNIA BPD-ADR            SBPDY US      -141933883.9   150445252.4
SNIA SPA                SNIA GR       -141933883.9   150445252.4
SNIA SPA                SN EU         -141933883.9   150445252.4
SNIA SPA                SNIB GR       -141933883.9   150445252.4
SNIA SPA                SIAI PZ       -141933883.9   150445252.4
SNIA SPA                SBPDF US      -141933883.9   150445252.4
SNIA SPA                SIAI IX       -141933883.9   150445252.4
SNIA SPA                SN TQ         -141933883.9   150445252.4
SNIA SPA                SSMLF US      -141933883.9   150445252.4
SNIA SPA                SN IM         -141933883.9   150445252.4
SNIA SPA                SNIXF US      -141933883.9   150445252.4
SNIA SPA                SN EO         -141933883.9   150445252.4
SNIA SPA - RTS          SNAAW IM      -141933883.9   150445252.4
SNIA SPA- RTS           SNAXW IM      -141933883.9   150445252.4
SNIA SPA-2003 SH        SN03 IM       -141933883.9   150445252.4
SNIA SPA-CONV SA        SPBDF US      -141933883.9   150445252.4
SNIA SPA-DRC            SNR00 IM      -141933883.9   150445252.4
SNIA SPA-NEW            SN00 IM       -141933883.9   150445252.4
SNIA SPA-NON CON        SPBNF US      -141933883.9   150445252.4
SNIA SPA-RCV            SNIVF US      -141933883.9   150445252.4
SNIA SPA-RCV            SNR IM        -141933883.9   150445252.4
SNIA SPA-RIGHTS         SNAW IM       -141933883.9   150445252.4
SNIA SPA-RNC            SNRNC IM      -141933883.9   150445252.4
SNIA SPA-RNC            SNIWF US      -141933883.9   150445252.4
SNIA SPA-RTS            SNSO IM       -141933883.9   150445252.4
SNIA SPA-RTS            SNAA IM       -141933883.9   150445252.4
SOCOTHERM SPA           SCTI PZ       -161739278.5   398222827.1
SOCOTHERM SPA           SOCEF US      -161739278.5   398222827.1
SOCOTHERM SPA           SCT EU        -161739278.5   398222827.1
SOCOTHERM SPA           SCTM IX       -161739278.5   398222827.1
SOCOTHERM SPA           SCT TQ        -161739278.5   398222827.1
SOCOTHERM SPA           SCT IM        -161739278.5   398222827.1
SOCOTHERM SPA           SCT EO        -161739278.5   398222827.1
TAS TECNOLOGIA          TAS IM        -4091557.635     172374242
TAS TECNOLOGIA          TAS PZ        -4091557.635     172374242
TAS TECNOLOGIA          TAQ GR        -4091557.635     172374242
TAS TECNOLOGIA          TAS EU        -4091557.635     172374242
TAS TECNOLOGIA          TAS TQ        -4091557.635     172374242
TAS TECNOLOGIA          TAS EO        -4091557.635     172374242
TAS TECNOLOGIA          TAS NM        -4091557.635     172374242
TECNODIFF ITALIA        TDI NM        -89894162.82   152045757.5
TECNODIFF ITALIA        TDIFF US      -89894162.82   152045757.5
TECNODIFF ITALIA        TEF GR        -89894162.82   152045757.5
TECNODIFF ITALIA        TDI IM        -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             TISGBX EO     -91679652.81   569172229.5
TISCALI SPA             TIS IM        -91679652.81   569172229.5
TISCALI SPA             TIS NQ        -91679652.81   569172229.5
TISCALI SPA             TISN VX       -91679652.81   569172229.5
TISCALI SPA             TISN IM       -91679652.81   569172229.5
TISCALI SPA             TIS TQ        -91679652.81   569172229.5
TISCALI SPA             TSCXF US      -91679652.81   569172229.5
TISCALI SPA             TISN NA       -91679652.81   569172229.5
TISCALI SPA             TIQ1 GR       -91679652.81   569172229.5
TISCALI SPA             TISGBX EU     -91679652.81   569172229.5
TISCALI SPA             TIS NR        -91679652.81   569172229.5
TISCALI SPA             TIS EO        -91679652.81   569172229.5
TISCALI SPA             TIS EB        -91679652.81   569172229.5
TISCALI SPA             TIS NA        -91679652.81   569172229.5
TISCALI SPA             TIS FP        -91679652.81   569172229.5
TISCALI SPA             TISN IX       -91679652.81   569172229.5
TISCALI SPA             TIS EU        -91679652.81   569172229.5
TISCALI SPA             TISGBP EO     -91679652.81   569172229.5
TISCALI SPA             TIS PZ        -91679652.81   569172229.5
TISCALI SPA             TIS VX        -91679652.81   569172229.5
TISCALI SPA             TIQG IX       -91679652.81   569172229.5
TISCALI SPA             TISN FP       -91679652.81   569172229.5
TISCALI SPA             TIS IX        -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

LUXEMBOURG
----------
CARRIER1 INT-AD+        CONE ES          -94729000     472360992
CARRIER1 INT-ADR        CONEQ US         -94729000     472360992
CARRIER1 INT-ADR        CONE US          -94729000     472360992
CARRIER1 INT-ADR        CONEE US         -94729000     472360992
CARRIER1 INTL           CJN GR           -94729000     472360992
CARRIER1 INTL           CJN NM           -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

NETHERLANDS
-----------
BAAN CO NV-ASSEN        BAANA NA      -7854741.409   609871188.9
BAAN COMPANY NV         BAAN IX       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN EO       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN PZ       -7854741.409   609871188.9
BAAN COMPANY NV         BAAVF US      -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 EU       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN GR       -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        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
UNITED PAN-EUROP        UPE1 GR        -5505478850    5112616630

NORWAY
------
INTEROIL EXPLORA        IOXEUR EO        -48022000     186064000
INTEROIL EXPLORA        INOX NO          -48022000     186064000
INTEROIL EXPLORA        IOXUSD EO        -48022000     186064000
INTEROIL EXPLORA        IROIF US         -48022000     186064000
INTEROIL EXPLORA        IOX NO           -48022000     186064000
INTEROIL EXPLORA        IOX PZ           -48022000     186064000
INTEROIL EXPLORA        IOXUSD EU        -48022000     186064000
INTEROIL EXPLORA        IOX BY           -48022000     186064000
INTEROIL EXPLORA        IOX IX           -48022000     186064000
INTEROIL EXPLORA        IOX EU           -48022000     186064000
INTEROIL EXPLORA        IOX EO           -48022000     186064000
INTEROIL EXPLORA        IOXEUR EU        -48022000     186064000
PETRO GEO-SERV          PGS VX        -18066142.21   399710323.6
PETRO GEO-SERV          PGS GR        -18066142.21   399710323.6
PETRO GEO-SERV          265143Q NO    -18066142.21   399710323.6
PETRO GEO-SERV-N        PGSN NO       -18066142.21   399710323.6
PETRO GEO-SV-ADR        PGSA GR       -18066142.21   399710323.6
PETRO GEO-SV-ADR        PGOGY US      -18066142.21   399710323.6
PETROJACK AS            JACKEUR EU       -54932000     191586000
PETROJACK AS            JACKEUR EO       -54932000     191586000
PETROJACK AS            POJKF US         -54932000     191586000
PETROJACK AS            JACK EU          -54932000     191586000
PETROJACK AS            JACK EO          -54932000     191586000
PETROJACK AS            P3J GR           -54932000     191586000
PETROJACK AS            JACO IX          -54932000     191586000
PETROJACK AS            JACK NO          -54932000     191586000
PETROJACK AS            JACK PZ          -54932000     191586000
PETROJACK AS            JACK BY          -54932000     191586000
RESERVOIR EXPL          RXTEUR EU        -34076000     185510000
RESERVOIR EXPL          RXT EU           -34076000     185510000
RESERVOIR EXPL          RXTB NO          -34076000     185510000
RESERVOIR EXPL          RXAEF US         -34076000     185510000
RESERVOIR EXPL          RXTEUR EO        -34076000     185510000
RESERVOIR EXPL          5RS GR           -34076000     185510000
RESERVOIR EXPL          RXT BY           -34076000     185510000
RESERVOIR EXPL          RXT NO           -34076000     185510000
RESERVOIR EXPL          RXT PZ           -34076000     185510000
RESERVOIR EXPL          RXT IX           -34076000     185510000
RESERVOIR EXPL          RXT EO           -34076000     185510000
RESERVOIR EXPL-A        RXTA NO          -34076000     185510000
RESERVOIR-RTS           RXTUR NO         -34076000     185510000
RESERVOIR-RTS           RXTS NO          -34076000     185510000

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

PORTUGAL
--------
CARRIS FERRO DE         3482366Z PL   -854280773.4   252500907.6
COFINA                  COFI PL       -4067307.986   329785890.1
COFINA                  CFASF US      -4067307.986   329785890.1
COFINA                  COFSI IX      -4067307.986   329785890.1
COFINA SGPS SA          CFN1 PZ       -4067307.986   329785890.1
COFINA SGPS SA          CFNX PX       -4067307.986   329785890.1
COFINA SGPS SA          COFI EO       -4067307.986   329785890.1
COFINA SGPS SA          COFI TQ       -4067307.986   329785890.1
COFINA SGPS SA          CFN PL        -4067307.986   329785890.1
COFINA SGPS SA          COFI EU       -4067307.986   329785890.1
CP - COMBOIOS DE        1005Z PL       -2809601115    1890209624
PARQUE EXPO 98 S        3482350Z PL   -135582031.5   432824747.2
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        SCDF EO       -22452984.49   177676573.7
SPORTING-SOC DES        SCPL IX       -22452984.49   177676573.7
SPORTING-SOC DES        SCG GR        -22452984.49   177676573.7
SPORTING-SOC DES        SCDF EU       -22452984.49   177676573.7
SPORTING-SOC DES        SCDF PL       -22452984.49   177676573.7
SPORTING-SOC DES        SCP PL        -22452984.49   177676573.7
SPORTING-SOC DES        SCP1 PZ       -22452984.49   177676573.7
SPORTING-SOC DES        SCPX PX       -22452984.49   177676573.7
TAP SGPS                TAP PL        -239565845.5    3126533533
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 ALEGRE        VAF PZ        -64841467.39   140647736.3
VAA VISTA AL-RTS        VAAS PL       -64841467.39   140647736.3
VAA VISTA AL-RTS        VAA9S PL      -64841467.39   140647736.3
VAA VISTA ALTAN         VAFKX PX      -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK EU       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK PL       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK PZ       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK EO       -64841467.39   140647736.3

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

RUSSIA
------
ALLIANCE RUSSIAN        ALRT RU       -13189413.03   138268688.3
AMO ZIL                 ZILL RM       -94581153.47   400666384.3
AMO ZIL-CLS             ZILL RU       -94581153.47   400666384.3
AMO ZIL-CLS             ZILL* RU      -94581153.47   400666384.3
AMUR SHIP-BRD           AMZS* RU      -137530791.8   945775662.6
AMUR SHIP-BRD           AMZS RU       -137530791.8   945775662.6
DAGESTAN ENERGY         DASB* RU      -23504511.21     181781762
DAGESTAN ENERGY         DASB RU       -23504511.21     181781762
DAGESTAN ENERGY         DASB RM       -23504511.21     181781762
EAST-SIBERIA-BRD        VSNK RU       -12441674.89   197590852.8
EAST-SIBERIA-BRD        VSNK* RU      -12441674.89   197590852.8
EAST-SIBERIAN-BD        VSNK$ RU      -12441674.89   197590852.8
FINANCIAL LEASIN        FLKO RM       -45555537.68   466377160.5
FINANCIAL LEASIN        137282Z RU    -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
KORPORACIJA -BRD        FZTR RU       -43512907.03     252572142
KORPORACIJA FAZO        FZTR$ RU      -43512907.03     252572142
KORPORACIJA-BRD         FZTR* RU      -43512907.03     252572142
MIAN-DEVELOPMENT        MAEQY RU      -695445.1747     424399991
MZ ARSENAL-$BRD         ARSE RU       -10888450.88   200936505.4
MZ ARSENAL-BRD          ARSE$ RU      -10888450.88   200936505.4
MZ ARSENAL-BRD          ARSE* RU      -10888450.88   200936505.4
PARNAS-M                PRSM RU       -138592.4742   127637318.8
RK-GAZSETSERVIS         RKGS RU       -54665229.61   153223493.4
RUSSIAN TEXT-CLS        ALRTG RU      -13189413.03   138268688.3
RUSSIAN TEXT-CLS        ALRT* RU      -13189413.03   138268688.3
SEVKABEL-FINANS         SVKF RU       -83036.46173   102680373.6
SISTEMA HALS            HALS RM         -343701984    1217284096
SISTEMA HALS-BRD        HALS RU         -343701984    1217284096
SISTEMA HALS-BRD        HALS* RU        -343701984    1217284096
SISTEMA HALS-GDR        HALS TQ         -343701984    1217284096
SISTEMA HALS-GDR        HALS IX         -343701984    1217284096
SISTEMA HALS-GDR        SYR GR          -343701984    1217284096
SISTEMA HALS-GDR        HALS LI         -343701984    1217284096
SISTEMA HALS-MSE        HALSM RU        -343701984    1217284096
SISTEMA HALS-T+0        HALSG RU        -343701984    1217284096
SISTEMA-GDR 144A        SEMAL US        -343701984    1217284096
SISTEMA-GDR 144A        86PN LI         -343701984    1217284096
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
URGALUGOL-BRD           YRGL* RU      -20412374.13   110116321.9
URGALUGOL-BRD           YRGL RU       -20412374.13   110116321.9
URGALUGOL-BRD-PF        YRGLP RU      -20412374.13   110116321.9
VOLGOGRAD KHIM          VHIM* RU      -22920234.24   142367839.8
VOLGOGRAD KHIM          VHIM RU       -22920234.24   142367839.8
WILD ORCHID ZAO         DOAAN RU      -12242338.85   164182102.7
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
ZIL AUTO PLANT          ZILL$ RU      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP RM      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP RU      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP* RU     -94581153.47   400666384.3

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        AI3A GR       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS SM        -397888596.9    7970850431
AMADEUS IT HOLDI        AI3A TH       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS3 EO       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS IX        -397888596.9    7970850431
AMADEUS IT HOLDI        AMS3 EB       -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 EU       -231062375.2   529525187.2
FERGO AISA SA           AISA PZ       -231062375.2   529525187.2
FERGO AISA SA           AISA SM       -231062375.2   529525187.2
MARTINSA FADESA         MTF1 LI        -1929870022    7764140388
MARTINSA FADESA         MTF EU         -1929870022    7764140388
MARTINSA FADESA         4PU GR         -1929870022    7764140388
MARTINSA FADESA         MFAD PZ        -1929870022    7764140388
MARTINSA FADESA         MTF EO         -1929870022    7764140388
MARTINSA FADESA         MTF SM         -1929870022    7764140388
MARTINSA-FADESA         MTF NR         -1929870022    7764140388

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         BKTFF US      -12825040.91   182756610.7
BESIKTAS FUTBOL         BWX GR        -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKAS TI      -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKASY TI     -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKASM TI     -12825040.91   182756610.7
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         BFJG IX       -5331676.798    2243068982
BANK FORUM -GDR         FRMB038 RU    -5331676.798    2243068982
BANK FORUM -GDR         B5F GR        -5331676.798    2243068982
BANK FORUM -GDR         639540Z LX    -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       -28172021.03   200011380.2
NAFTOKHIMIK PRIC        NAFP UZ       -23616113.15   520766522.6
NAFTOKHIMIK-GDR         N3ZA GR       -23616113.15   520766522.6
ODESSA OIL REFIN        ONPZ UZ       -111365037.3   482408362.5
ZALK - PFTS             ZALK UZ       -43917601.26   146530718.8

UNITED KINGDOM
--------------
4LESS GROUP             FL/ LN        -3088436.068   106650689.4
4LESS GROUP             LI4 GR        -3088436.068   106650689.4
4LESS GROUP             BHL PO        -3088436.068   106650689.4
4LESS GROUP             BYH PO        -3088436.068   106650689.4
4LESS GROUP             FL/ PO        -3088436.068   106650689.4
4LESS GROUP             LI4 TH        -3088436.068   106650689.4
ADVANCE DISPLAY         ADTP PZ        -3015578835    2590007904
AEA TECHNOLO-FPR        AATF LN       -197788769.2   123048312.7
AEA TECHNOLO-FPR        AATF PZ       -197788769.2   123048312.7
AEA TECHNOLOGY          AEY GR        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT PO        -197788769.2   123048312.7
AEA TECHNOLOGY          EAETF US      -197788769.2   123048312.7
AEA TECHNOLOGY          AAT EO        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT EU        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT IX        -197788769.2   123048312.7
AEA TECHNOLOGY          AATGBP EO     -197788769.2   123048312.7
AEA TECHNOLOGY          AAT PZ        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT LN        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT VX        -197788769.2   123048312.7
AEA TECHNOLO-NPR        AATN LN       -197788769.2   123048312.7
AEA TECHNOLO-NPR        AATN PZ       -197788769.2   123048312.7
AIRTOURS PLC            AIR VX        -379721841.6    1817512774
AIRTOURS PLC            ATORF US      -379721841.6    1817512774
AIRTOURS PLC            AIR LN        -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 VX        -48862569.33   931527720.5
AMEY PLC                AMEYF US      -48862569.33   931527720.5
AMEY PLC                AMY LN        -48862569.33   931527720.5
AMEY PLC-ASSENT         AMYA LN       -48862569.33   931527720.5
AMEY PLC-NEW            AMYN LN       -48862569.33   931527720.5
ANKER PLC               DW14 GR       -21861359.81     115463159
ANKER PLC               ANK PO        -21861359.81     115463159
ANKER PLC               ANK LN        -21861359.81     115463159
ANKER PLC - ASSD        ANKB LN       -21861359.81     115463159
ANKER PLC - ASSD        ANKC LN       -21861359.81     115463159
ANKER PLC-ASSD          ANKA LN       -21861359.81     115463159
ATKINS (WS) PLC         ATK BQ        -128972861.1    1328162171
ATKINS (WS) PLC         ATKEUR EO     -128972861.1    1328162171
ATKINS (WS) PLC         ATK VX        -128972861.1    1328162171
ATKINS (WS) PLC         ATK NQ        -128972861.1    1328162171
ATKINS (WS) PLC         ATK QM        -128972861.1    1328162171
ATKINS (WS) PLC         ATK IX        -128972861.1    1328162171
ATKINS (WS) PLC         ATK LN        -128972861.1    1328162171
ATKINS (WS) PLC         ATK PO        -128972861.1    1328162171
ATKINS (WS) PLC         ATK EO        -128972861.1    1328162171
ATKINS (WS) PLC         ATKEUR EU     -128972861.1    1328162171
ATKINS (WS) PLC         ATKGBP EO     -128972861.1    1328162171
ATKINS (WS) PLC         ATK NR        -128972861.1    1328162171
ATKINS (WS) PLC         WATKF US      -128972861.1    1328162171
ATKINS (WS) PLC         ATK EB        -128972861.1    1328162171
ATKINS (WS) PLC         ATK PZ        -128972861.1    1328162171
ATKINS (WS) PLC         6W2 GR        -128972861.1    1328162171
ATKINS (WS) PLC         ATK EU        -128972861.1    1328162171
ATKINS (WS) PLC         WATKY US      -128972861.1    1328162171
ATKINS (WS) PLC         ATK TQ        -128972861.1    1328162171
BAYDONHILL PLC          BHL PZ        -3088436.068   106650689.4
BAYDONHILL PLC          FLG OF        -3088436.068   106650689.4
BAYDONHILL PLC          BHL LN        -3088436.068   106650689.4
BAYDONHILL PLC          BYH LN        -3088436.068   106650689.4
BAYDONHILL PLC          BHL PG        -3088436.068   106650689.4
BAYDONHILL PLC          BHL EU        -3088436.068   106650689.4
BAYDONHILL PLC          BHL IX        -3088436.068   106650689.4
BAYDONHILL PLC          BHL EO        -3088436.068   106650689.4
BLACK & EDGINGTO        BLE LN        -128538078.1     135158758
BNB RECRUITMENT         BNBRF US      -10242627.53     103637705
BNB RECRUITMENT         BNB IX        -10242627.53     103637705
BNB RECRUITMENT         BQX GR        -10242627.53     103637705
BNB RECRUITMENT         BNB LN        -10242627.53     103637705
BNB RECRUITMENT         BNB PO        -10242627.53     103637705
BOOKER PLC              BKERF US       -59832880.4    1298182549
BOOKER PLC              987188Q LN     -59832880.4    1298182549
BOOKER PLC              1330Q GR       -59832880.4    1298182549
BOOKER PLC-ADR          BKRUY US       -59832880.4    1298182549
BOOKER PLC-ADR          BOK$ LN        -59832880.4    1298182549
BRADSTOCK GROUP         BSKGF US      -1855444.443   268563822.5
BRADSTOCK GROUP         BDK LN        -1855444.443   268563822.5
BRIT ENERGY LTD         523362Q LN     -5822867501    4921095750
BRIT ENERGY PLC         BGYEF US       -5822867501    4921095750
BRIT ENERGY PLC         BHEGF US       -5822867501    4921095750
BRIT ENERGY PLC         555140Q VX     -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        BT/A VX        -3989195720   43568216595
BRIT TELECOM PLC        BTPWF US       -3989195720   43568216595
BRIT TELECOM PLC        BTPLF US       -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        BGYB AR        -5822867501    4921095750
BRITISH ENER-BLK        BGYNYB AR      -5822867501    4921095750
BRITISH ENER-C/E        BGYNYC AR      -5822867501    4921095750
BRITISH ENER-C/E        BGYC AR        -5822867501    4921095750
BRITISH ENER-CED        BGYNY AR       -5822867501    4921095750
BRITISH ENER-CED        BGY AR         -5822867501    4921095750
BRITISH ENERGY-A        BGYA PO        -5822867501    4921095750
BRITISH ENERGY-A        BGYGF US       -5822867501    4921095750
BRITISH ENERGY-A        BGYA VX        -5822867501    4921095750
BRITISH ENERGY-A        3012442Q LN    -5822867501    4921095750
BRITISH ENERGY-A        BHEAF 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 VX       -34575750.23    1311266070
BRITVIC PLC             BVIC TQ       -34575750.23    1311266070
BRITVIC PLC             BVICGBP EO    -34575750.23    1311266070
BRITVIC PLC             BVIC EB       -34575750.23    1311266070
BRITVIC PLC             BVICUSD EO    -34575750.23    1311266070
BRITVIC PLC             BVIC IX       -34575750.23    1311266070
BRITVIC PLC             BVIC LN       -34575750.23    1311266070
BRITVIC PLC             BVIC BQ       -34575750.23    1311266070
BRITVIC PLC             BVIC EU       -34575750.23    1311266070
BRITVIC PLC             BVICEUR EU    -34575750.23    1311266070
BRITVIC PLC             BVIC EO       -34575750.23    1311266070
BRITVIC PLC             BVICUSD EU    -34575750.23    1311266070
BRITVIC PLC             BTVCF US      -34575750.23    1311266070
BRITVIC PLC             BVIC NR       -34575750.23    1311266070
BRITVIC PLC             BVIC QM       -34575750.23    1311266070
BRITVIC PLC             BVIC PZ       -34575750.23    1311266070
BRITVIC PLC             BVICEUR EO    -34575750.23    1311266070
BRITVIC PLC             BVIC NQ       -34575750.23    1311266070
BRITVIC PLC-ADR         BTVCY US      -34575750.23    1311266070
BT GROUP PLC            BT/A BQ        -3989195720   43568216595
BT GROUP PLC            BT/A EO        -3989195720   43568216595
BT GROUP PLC            BT/AGBP EO     -3989195720   43568216595
BT GROUP PLC            BT/A EU        -3989195720   43568216595
BT GROUP PLC            BT/A LN        -3989195720   43568216595
BT GROUP PLC            BTGOF US       -3989195720   43568216595
BT GROUP PLC            BT/A EB        -3989195720   43568216595
BT GROUP PLC            BT/A NQ        -3989195720   43568216595
BT GROUP PLC            BT/APEN EU     -3989195720   43568216595
BT GROUP PLC            BTQ TH         -3989195720   43568216595
BT GROUP PLC            BT/APEN EO     -3989195720   43568216595
BT GROUP PLC            BT/A TQ        -3989195720   43568216595
BT GROUP PLC            BT/ VX         -3989195720   43568216595
BT GROUP PLC            BT/AUSD EU     -3989195720   43568216595
BT GROUP PLC            BT/A PO        -3989195720   43568216595
BT GROUP PLC            BT/A QM        -3989195720   43568216595
BT GROUP PLC            BT/AUSD EO     -3989195720   43568216595
BT GROUP PLC            BT/AEUR EU     -3989195720   43568216595
BT GROUP PLC            BT PZ          -3989195720   43568216595
BT GROUP PLC            BT/AEUR EO     -3989195720   43568216595
BT GROUP PLC            BT/A NR        -3989195720   43568216595
BT GROUP PLC            BTEG IX        -3989195720   43568216595
BT GROUP PLC            BT IX          -3989195720   43568216595
BT GROUP PLC            BTQ GR         -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         BTY AR         -3989195720   43568216595
BT GROUP-CEDEAR         BT AR          -3989195720   43568216595
BT GROUP-SPON AD        BTYN MM        -3989195720   43568216595
BT GROUP-SPON AD        BTY US         -3989195720   43568216595
BT GROUP-SPON AD        BT MM          -3989195720   43568216595
BT GROUP-SPON AD        BT US          -3989195720   43568216595
CARLISLE GROUP          506819Q LN    -11904426.45     203548565
CATTLES PLC             CTT EB        -599615492.2    3880885246
CATTLES PLC             CTT NQ        -599615492.2    3880885246
CATTLES PLC             CHOXF US      -599615492.2    3880885246
CATTLES PLC             CZS GR        -599615492.2    3880885246
CATTLES PLC             CTT IX        -599615492.2    3880885246
CATTLES PLC             CTTEUR EO     -599615492.2    3880885246
CATTLES PLC             CTT EO        -599615492.2    3880885246
CATTLES PLC             CTTSEK EU     -599615492.2    3880885246
CATTLES PLC             CTTGBP EO     -599615492.2    3880885246
CATTLES PLC             CTT PZ        -599615492.2    3880885246
CATTLES PLC             CTTUSD EO     -599615492.2    3880885246
CATTLES PLC             CTT LN        -599615492.2    3880885246
CATTLES PLC             CTT EU        -599615492.2    3880885246
CATTLES PLC             CTTEUR EU     -599615492.2    3880885246
CATTLES PLC             CTT BQ        -599615492.2    3880885246
CATTLES PLC             CTTSEK EO     -599615492.2    3880885246
CATTLES PLC             CTT NR        -599615492.2    3880885246
CATTLES PLC             CTT QM        -599615492.2    3880885246
CATTLES PLC             CTT TQ        -599615492.2    3880885246
CATTLES PLC             CTT VX        -599615492.2    3880885246
CATTLES PLC             CTT PO        -599615492.2    3880885246
CATTLES PLC             CTTUSD EU     -599615492.2    3880885246
CATTLES PLC-ADR         CHOXY US      -599615492.2    3880885246
CATTLES PLC-FPR         CTTF PZ       -599615492.2    3880885246
CATTLES PLC-FPR         CTTF LN       -599615492.2    3880885246
CATTLES PLC-NPR         2843730Q EU   -599615492.2    3880885246
CATTLES PLC-NPR         CTTN PZ       -599615492.2    3880885246
CATTLES PLC-NPR         CTTN LN       -599615492.2    3880885246
CATTLES PLC-NPR         CTTN IX       -599615492.2    3880885246
CATTLES PLC-NPR         2843734Q EO   -599615492.2    3880885246
CATTLES PLC-NPR         CCTN PZ       -599615492.2    3880885246
CATTLES PLC-NPR         2843726Q EO   -599615492.2    3880885246
CATTLES PLC-RFD         CTTR PZ       -599615492.2    3880885246
CATTLES PLC-RFD         CTTR IX       -599615492.2    3880885246
CATTLES PLC-RFD         CTTR LN       -599615492.2    3880885246
CHRYSALIS GROUP         CHS PZ        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS EO        -7404166.369   111800785.4
CHRYSALIS GROUP         CLYSF US      -7404166.369   111800785.4
CHRYSALIS GROUP         CHS VX        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSGBP EO     -7404166.369   111800785.4
CHRYSALIS GROUP         5CY GR        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS IX        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSUSD EU     -7404166.369   111800785.4
CHRYSALIS GROUP         CHSUSD EO     -7404166.369   111800785.4
CHRYSALIS GROUP         CHSEUR EU     -7404166.369   111800785.4
CHRYSALIS GROUP         HR4 GR        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS PO        -7404166.369   111800785.4
CHRYSALIS GROUP         CYGUF US      -7404166.369   111800785.4
CHRYSALIS GROUP         CHS LN        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSEUR EO     -7404166.369   111800785.4
CHRYSALIS GROUP         CHS EU        -7404166.369   111800785.4
CLIPPER WINDPOWE        C2W GR          -337139008     354437024
CLIPPER WINDPOWE        CWP EO          -337139008     354437024
CLIPPER WINDPOWE        CWP PG          -337139008     354437024
CLIPPER WINDPOWE        CWP EU          -337139008     354437024
CLIPPER WINDPOWE        CWP IX          -337139008     354437024
CLIPPER WINDPOWE        CWP LN          -337139008     354437024
CLIPPER WINDPOWE        CWPA LN         -337139008     354437024
CLIPPER WINDPOWE        CRPWF US        -337139008     354437024
CLIPPER WINDPOWE        3470635Q LN     -337139008     354437024
CLIPPER WINDPOWE        CWP PZ          -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           COST LN        -6136239.91   692749189.9
COSTAIN GROUP           COSTUSD EU     -6136239.91   692749189.9
COSTAIN GROUP           COST EO        -6136239.91   692749189.9
COSTAIN GROUP           COST EU        -6136239.91   692749189.9
COSTAIN GROUP           COSTEUR EU     -6136239.91   692749189.9
COSTAIN GROUP           CSGFF US       -6136239.91   692749189.9
COSTAIN GROUP           COSTUSD EO     -6136239.91   692749189.9
COSTAIN GROUP           COST PZ        -6136239.91   692749189.9
COSTAIN GROUP           COSTEUR EO     -6136239.91   692749189.9
COSTAIN GROUP           COST IX        -6136239.91   692749189.9
COSTAIN GROUP           COST VX        -6136239.91   692749189.9
COSTAIN GROUP           COSTGBP EO     -6136239.91   692749189.9
COSTAIN GROUP           COST PO        -6136239.91   692749189.9
COSTAIN GROU-RTS        COSF LN        -6136239.91   692749189.9
COSTAIN GROU-RTS        COSN LN        -6136239.91   692749189.9
CPP GROUP PLC           4CV GR        -69442858.18   225437367.4
CPP GROUP PLC           CPP BQ        -69442858.18   225437367.4
CPP GROUP PLC           CPP IX        -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 EB        -69442858.18   225437367.4
CPP GROUP PLC           CPP LN        -69442858.18   225437367.4
CPP GROUP PLC           CPP TQ        -69442858.18   225437367.4
DANKA BUS SYSTEM        DNK IX          -497127008     121439000
DANKA BUS SYSTEM        DNK PZ          -497127008     121439000
DANKA BUS SYSTEM        DNK PO          -497127008     121439000
DANKA BUS SYSTEM        DANKF US        -497127008     121439000
DANKA BUS SYSTEM        3205283Q EO     -497127008     121439000
DANKA BUS SYSTEM        DNK LN          -497127008     121439000
DANKA BUS SYSTEM        3205287Q EU     -497127008     121439000
DANKA BUS SYSTEM        DNK VX          -497127008     121439000
DANKA BUS SYSTEM        3205291Q EO     -497127008     121439000
DANKA BUS-$US CE        DANKD AR        -497127008     121439000
DANKA BUS-ADR           AP39 LI         -497127008     121439000
DANKA BUS-ADR           DB6 GR          -497127008     121439000
DANKA BUS-ADR           DANKY US        -497127008     121439000
DANKA BUS-ADR           DANKE 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
DONCASTERS PLC          2248Z LN      -317308195.4    1941958348
DONCASTERS-ADR          295664Q US    -317308195.4    1941958348
EASYNET GROUP           ESY LN        -60380609.34   334049332.2
EASYNET GROUP           EAY GR        -60380609.34   334049332.2
EASYNET GROUP           ESY PO        -60380609.34   334049332.2
EASYNET GROUP           EZNGF US      -60380609.34   334049332.2
EASYNET GROUP           ESY VX        -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 VX         -2265916257    2950021937
EMI GROUP PLC           EMI PO         -2265916257    2950021937
EMI GROUP PLC           3020138Q GR    -2265916257    2950021937
EMI GROUP PLC           EMI IX         -2265916257    2950021937
EMI GROUP PLC-B         1019425Q LN    -2265916257    2950021937
EMI GROUP-ADR           38IS LN        -2265916257    2950021937
EMI GROUP-ADR           EMIPY US       -2265916257    2950021937
EMI GROUP-ADR           EMI$ LN        -2265916257    2950021937
EUROPEAN HOME           EHR PO        -14328735.16   110864081.4
EUROPEAN HOME           EHR VX        -14328735.16   110864081.4
EUROPEAN HOME           EHR EO        -14328735.16   110864081.4
EUROPEAN HOME           EHR LN        -14328735.16   110864081.4
EUROPEAN HOME           EHREUR EU     -14328735.16   110864081.4
EUROPEAN HOME           EHRGBP EO     -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 PZ        -14328735.16   110864081.4
EUROPEAN HOME           FPAKF US      -14328735.16   110864081.4
EUROPEAN HOME           EHR EU        -14328735.16   110864081.4
FAREPAK PLC             FPK LN        -14328735.16   110864081.4
GALA CORAL GROUP        19374Z LN      -1328160550    7259667191
GALIFORM PLC            GLFMF US      -75193921.28   522873560.7
GALIFORM PLC            GFRM TQ       -75193921.28   522873560.7
GALIFORM PLC            MFI PO        -75193921.28   522873560.7
GALIFORM PLC            MFI IX        -75193921.28   522873560.7
GALIFORM PLC            GFRM EO       -75193921.28   522873560.7
GALIFORM PLC            GFRMEUR EO    -75193921.28   522873560.7
GALIFORM PLC            GFRMGBP EO    -75193921.28   522873560.7
GALIFORM PLC            GFRM EU       -75193921.28   522873560.7
GALIFORM PLC            GFRM PZ       -75193921.28   522873560.7
GALIFORM PLC            GFRM EB       -75193921.28   522873560.7
GALIFORM PLC            GFRMEUR EU    -75193921.28   522873560.7
GALIFORM PLC            GFRMNOK EO    -75193921.28   522873560.7
GALIFORM PLC            GFRM BQ       -75193921.28   522873560.7
GALIFORM PLC            GFRM NR       -75193921.28   522873560.7
GALIFORM PLC            GFRM NQ       -75193921.28   522873560.7
GALIFORM PLC            GFRMNOK EU    -75193921.28   522873560.7
GALIFORM PLC            GFRM QM       -75193921.28   522873560.7
GALIFORM PLC            GFRM LN       -75193921.28   522873560.7
GALIFORM PLC            GFRM PO       -75193921.28   522873560.7
GALIFORM PLC            GFRM VX       -75193921.28   522873560.7
GALIFORM PLC            MFIFF US      -75193921.28   522873560.7
GALIFORM PLC            GFRM IX       -75193921.28   522873560.7
GALIFORM PLC            MFI VX        -75193921.28   522873560.7
GARTLAND WHALLEY        GWB LN        -10986769.42   145352034.5
GO-AHEAD GRO-ADR        GHGUY US      -44415250.72    1780324810
GO-AHEAD GROUP          GOG PO        -44415250.72    1780324810
GO-AHEAD GROUP          GOG BQ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG IX        -44415250.72    1780324810
GO-AHEAD GROUP          GOG PZ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG NQ        -44415250.72    1780324810
GO-AHEAD GROUP          G9X GR        -44415250.72    1780324810
GO-AHEAD GROUP          GOG QM        -44415250.72    1780324810
GO-AHEAD GROUP          GOG TQ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG LN        -44415250.72    1780324810
GO-AHEAD GROUP          GOGEUR EU     -44415250.72    1780324810
GO-AHEAD GROUP          GOG EU        -44415250.72    1780324810
GO-AHEAD GROUP          GHGUF US      -44415250.72    1780324810
GO-AHEAD GROUP          GOGEUR EO     -44415250.72    1780324810
GO-AHEAD GROUP          GOGGBP EO     -44415250.72    1780324810
GO-AHEAD GROUP          GOG EB        -44415250.72    1780324810
GO-AHEAD GROUP          GOG NR        -44415250.72    1780324810
GO-AHEAD GROUP          GOG VX        -44415250.72    1780324810
GO-AHEAD GROUP          GOG EO        -44415250.72    1780324810
GREEN (E) & PART        GEP LN        -35008863.49   305242409.9
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              JRVSEUR EU    -64739862.73     130951086
JARVIS PLC              JVSPF US      -64739862.73     130951086
JARVIS PLC              JVR GR        -64739862.73     130951086
JARVIS PLC              JRVSGBP EO    -64739862.73     130951086
JARVIS PLC              JRVS PZ       -64739862.73     130951086
JARVIS PLC              JRVS IX       -64739862.73     130951086
JARVIS PLC              JRVS VX       -64739862.73     130951086
JARVIS PLC              JRVS EU       -64739862.73     130951086
JARVIS PLC              JRVS LN       -64739862.73     130951086
JARVIS PLC              JRVSEUR EO    -64739862.73     130951086
JARVIS PLC              JRVS EO       -64739862.73     130951086
JARVIS PLC              JRVS PO       -64739862.73     130951086
JESSOPS PLC             JSPGBP EO      -42702021.2   112964060.4
JESSOPS PLC             JSPEUR EU      -42702021.2   112964060.4
JESSOPS PLC             JS4 GR         -42702021.2   112964060.4
JESSOPS PLC             JSP IX         -42702021.2   112964060.4
JESSOPS PLC             JSP EO         -42702021.2   112964060.4
JESSOPS PLC             JSP PO         -42702021.2   112964060.4
JESSOPS PLC             JSP EU         -42702021.2   112964060.4
JESSOPS PLC             JSPEUR EO      -42702021.2   112964060.4
JESSOPS PLC             JSP PZ         -42702021.2   112964060.4
JESSOPS PLC             JSP LN         -42702021.2   112964060.4
JESSOPS PLC             JSP VX         -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           LADNZD EO     -97533918.57    1748505414
LADBROKES PLC           LAD NR        -97533918.57    1748505414
LADBROKES PLC           LAD PO        -97533918.57    1748505414
LADBROKES PLC           LADEUR EO     -97533918.57    1748505414
LADBROKES PLC           LAD EU        -97533918.57    1748505414
LADBROKES PLC           LADGBP EO     -97533918.57    1748505414
LADBROKES PLC           LAD IX        -97533918.57    1748505414
LADBROKES PLC           LAD LN        -97533918.57    1748505414
LADBROKES PLC           LDBKF US      -97533918.57    1748505414
LADBROKES PLC           LAD EB        -97533918.57    1748505414
LADBROKES PLC           LAD NQ        -97533918.57    1748505414
LADBROKES PLC           LAD QM        -97533918.57    1748505414
LADBROKES PLC           LAD EO        -97533918.57    1748505414
LADBROKES PLC           LAD GR        -97533918.57    1748505414
LADBROKES PLC           LADUSD EO     -97533918.57    1748505414
LADBROKES PLC           LAD BQ        -97533918.57    1748505414
LADBROKES PLC           LADNZD EU     -97533918.57    1748505414
LADBROKES PLC           LAD TQ        -97533918.57    1748505414
LADBROKES PLC           LAD VX        -97533918.57    1748505414
LADBROKES PLC           LADEUR EU     -97533918.57    1748505414
LADBROKES PLC           HG/ VX        -97533918.57    1748505414
LADBROKES PLC           LAD PZ        -97533918.57    1748505414
LADBROKES PLC-AD        LDBKY US      -97533918.57    1748505414
LADBROKES PLC-AD        LDBKY LN      -97533918.57    1748505414
LADBROKES PLC-CE        LAD BB        -97533918.57    1748505414
LADBROKES PLC-NP        LADN LN       -97533918.57    1748505414
LADBROKES PLC-NP        LADN PZ       -97533918.57    1748505414
LAMBERT FENCHURC        LMF LN        -1453050.041    1826806853
LEEDS SPORTING          LEDPF US       -73166148.8   143762193.7
LEEDS SPORTING          LES LN         -73166148.8   143762193.7
LEEDS UNITED PLC        889687Q GR     -73166148.8   143762193.7
LEEDS UNITED PLC        LUFC LN        -73166148.8   143762193.7
LEEDS UNITED PLC        LDSUF US       -73166148.8   143762193.7
LONDON TOWN PLC         LTW PZ        -21897636.36   175672299.2
LONDON TOWN PLC         LTWR LN       -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         LTW LN        -21897636.36   175672299.2
LONDON TOWN PLC         LTWX LN       -21897636.36   175672299.2
LONDON TOWN PLC         LTW PO        -21897636.36   175672299.2
LONDON TOWN PLC         LTW IX        -21897636.36   175672299.2
LONDON TOWN PLC         LOU GR        -21897636.36   175672299.2
LONDON TOWN PLC         LTW EO        -21897636.36   175672299.2
M 2003 PLC              MTWOF US       -2203513803    7204891602
M 2003 PLC              203055Q LN     -2203513803    7204891602
M 2003 PLC-ADR          MTWOE US       -2203513803    7204891602
M 2003 PLC-ADR          MTWOY US       -2203513803    7204891602
MARCONI PLC             MRCQF US       -2203513803    7204891602
MARCONI PLC             MNI BB         -2203513803    7204891602
MARCONI PLC             MONI BB        -2203513803    7204891602
MARCONI PLC             MY2 GR         -2203513803    7204891602
MARCONI PLC             MNI LN         -2203513803    7204891602
MARCONI PLC             203083Q VX     -2203513803    7204891602
MARCONI PLC-ADR         MONIY US       -2203513803    7204891602
MARCONI PLC-ADR         MY2A GR        -2203513803    7204891602
MARCONI PLC-ADR         MRCQY US       -2203513803    7204891602
MARCONI PLC-ADR         MONIE US       -2203513803    7204891602
MARCONI PLC-ADR         MCBA GR        -2203513803    7204891602
MARCONI PLC-ADR         MONI US        -2203513803    7204891602
MARCONI PLC-ADR         QUQMON AU      -2203513803    7204891602
MARCONI PLC-ADR         MCONY US       -2203513803    7204891602
MFI FURNITURE GR        MFI LN        -75193921.28   522873560.7
MYTRAVEL GROUP          MT/S VX       -379721841.6    1817512774
MYTRAVEL GROUP          ARO2 GR       -379721841.6    1817512774
MYTRAVEL GROUP          MYTPF US      -379721841.6    1817512774
MYTRAVEL GROUP          MT/S PO       -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        MT/ VX        -379721841.6    1817512774
MYTRAVEL GROUP P        1018144Q GR   -379721841.6    1817512774
MYTRAVEL GROUP-A        2281919Q GR   -379721841.6    1817512774
MYTRAVEL GROUP-A        MYTVF US      -379721841.6    1817512774
NEW STAR ASSET          3226435Q EO     -397718038   292972732.1
NEW STAR ASSET          NWSAF US        -397718038   292972732.1
NEW STAR ASSET          3226447Q EO     -397718038   292972732.1
NEW STAR ASSET          NSAM TQ         -397718038   292972732.1
NEW STAR ASSET          3226443Q EO     -397718038   292972732.1
NEW STAR ASSET          N6S GR          -397718038   292972732.1
NEW STAR ASSET          NSAM PZ         -397718038   292972732.1
NEW STAR ASSET          NSAM PO         -397718038   292972732.1
NEW STAR ASSET          NSAA LN         -397718038   292972732.1
NEW STAR ASSET          3226439Q EU     -397718038   292972732.1
NEW STAR ASSET          NSAM LN         -397718038   292972732.1
NEW STAR ASSET          3226431Q EU     -397718038   292972732.1
NEW STAR ASSET          NSAM IX         -397718038   292972732.1
NORTHERN FOODS          NFDSUSD EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDSGBP EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDS TQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS PO       -30711069.58   891077074.3
NORTHERN FOODS          NFDS EB       -30711069.58   891077074.3
NORTHERN FOODS          NFO GR        -30711069.58   891077074.3
NORTHERN FOODS          NFDSEUR EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDSUSD EU    -30711069.58   891077074.3
NORTHERN FOODS          NFDS PZ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS LN       -30711069.58   891077074.3
NORTHERN FOODS          NFDS BQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS NQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS NR       -30711069.58   891077074.3
NORTHERN FOODS          NFDS QM       -30711069.58   891077074.3
NORTHERN FOODS          NFDS VX       -30711069.58   891077074.3
NORTHERN FOODS          NFDSEUR EU    -30711069.58   891077074.3
NORTHERN FOODS          NFDS EO       -30711069.58   891077074.3
NORTHERN FOODS          NFDS EU       -30711069.58   891077074.3
NORTHERN FOODS          NFDS IX       -30711069.58   891077074.3
NORTHERN FOODS          NTFOF US      -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
OCADO GROUP PLC         OCDO EB       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO EO       -53016960.71   225261865.5
OCADO GROUP PLC         0OC GR        -53016960.71   225261865.5
OCADO GROUP PLC         OCDO IX       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO PZ       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO LN       -53016960.71   225261865.5
ORANGE PLC              1460Q GR        -593935051    2902299502
ORANGE PLC              ORNGF US        -593935051    2902299502
ORANGE PLC              951641Q LN      -593935051    2902299502
ORANGE PLC-ADR          ONG GR          -593935051    2902299502
ORANGE PLC-ADR          ORNGY US        -593935051    2902299502
ORANGE PLC-ADR          ORA$ LN         -593935051    2902299502
ORBIS PLC               OBS IX        -4168498.479   127701679.5
ORBIS PLC               OBS LN        -4168498.479   127701679.5
ORBIS PLC               OBG PO        -4168498.479   127701679.5
ORBIS PLC               OBS PO        -4168498.479   127701679.5
ORBIS PLC               ORBSF US      -4168498.479   127701679.5
ORBIS PLC               RLP GR        -4168498.479   127701679.5
ORBIS PLC               OBS PZ        -4168498.479   127701679.5
PATIENTLINE PLC         PTL PZ        -54677284.64   124948245.8
PATIENTLINE PLC         2928907Q EO   -54677284.64   124948245.8
PATIENTLINE PLC         PTL IX        -54677284.64   124948245.8
PATIENTLINE PLC         PTL PO        -54677284.64   124948245.8
PATIENTLINE PLC         2928899Q EO   -54677284.64   124948245.8
PATIENTLINE PLC         PTL VX        -54677284.64   124948245.8
PATIENTLINE PLC         PTL LN        -54677284.64   124948245.8
PATIENTLINE PLC         2928903Q EU   -54677284.64   124948245.8
PROSTRAKAN GROUP        PSKEUR EO      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK IX         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK LN         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSKEUR EU      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK EU         -8881399.87   126115878.2
PROSTRAKAN GROUP        PKNGF US       -8881399.87   126115878.2
PROSTRAKAN GROUP        PSKGBP EO      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK PZ         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK EO         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK PO         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK VX         -8881399.87   126115878.2
REAL ESTATE OP-O        REA GR        -145048365.8    2933767507
REAL ESTATE OP-O        REO VX        -145048365.8    2933767507
REAL ESTATE OP-O        REOGBP EO     -145048365.8    2933767507
REAL ESTATE OP-O        REO EU        -145048365.8    2933767507
REAL ESTATE OP-O        REO LN        -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 IX        -145048365.8    2933767507
REAL ESTATE OP-O        REO EO        -145048365.8    2933767507
REGUS LTD               273187Q LN    -46111835.37     367181111
REGUS PLC               REGSF US      -46111835.37     367181111
REGUS PLC               273195Q VX    -46111835.37     367181111
REGUS PLC               RGU GR        -46111835.37     367181111
REGUS PLC               2296Z LN      -46111835.37     367181111
REGUS PLC-ADS           REGSY US      -46111835.37     367181111
REGUS PLC-ADS           REGS US       -46111835.37     367181111
REGUS PLC-ADS           RGUA GR       -46111835.37     367181111
REGUS PLC-ADS           REGSV US      -46111835.37     367181111
RENTOKIL INITIAL        RTO PO        -242381476.4    3231214649
RENTOKIL INITIAL        RTOEUR EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTO NR        -242381476.4    3231214649
RENTOKIL INITIAL        RTO EB        -242381476.4    3231214649
RENTOKIL INITIAL        RTO1 GR       -242381476.4    3231214649
RENTOKIL INITIAL        RTO QM        -242381476.4    3231214649
RENTOKIL INITIAL        RTO VX        -242381476.4    3231214649
RENTOKIL INITIAL        RTO TQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTO PZ        -242381476.4    3231214649
RENTOKIL INITIAL        RTO GR        -242381476.4    3231214649
RENTOKIL INITIAL        RTO IX        -242381476.4    3231214649
RENTOKIL INITIAL        RTO LN        -242381476.4    3231214649
RENTOKIL INITIAL        RTO NQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTOKF US      -242381476.4    3231214649
RENTOKIL INITIAL        RTOGBP EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTOEUR EU     -242381476.4    3231214649
RENTOKIL INITIAL        RTOG IX       -242381476.4    3231214649
RENTOKIL INITIAL        RKLIF US      -242381476.4    3231214649
RENTOKIL INITIAL        RTO EO        -242381476.4    3231214649
RENTOKIL INITIAL        RTOUSD EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTO EU        -242381476.4    3231214649
RENTOKIL INITIAL        RTO BQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTOUSD EU     -242381476.4    3231214649
RENTOKIL-SP ADR         AP76 LI       -242381476.4    3231214649
RENTOKIL-SP ADR         RTOKY US      -242381476.4    3231214649
SAATCHI & SA-ADR        SSI$ LN       -119260804.2   705060824.5
SAATCHI & SA-ADR        SSA US        -119260804.2   705060824.5
SAATCHI & SAATCH        SSATF US      -119260804.2   705060824.5
SAATCHI & SAATCH        SSI LN        -119260804.2   705060824.5
SAATCHI & SAATCH        188190Q GR    -119260804.2   705060824.5
SCOTTISH MEDIA          SSMR LN       -51512119.25     207340304
SCOTTISH MEDIA          1442Q GR      -51512119.25     207340304
SCOTTISH MEDIA          SSM LN        -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          SKPEUR EO     -128538078.1     135158758
SKYEPHARMA PLC          SK8A GR       -128538078.1     135158758
SKYEPHARMA PLC          SKP EU        -128538078.1     135158758
SKYEPHARMA PLC          SKP VX        -128538078.1     135158758
SKYEPHARMA PLC          SKP LN        -128538078.1     135158758
SKYEPHARMA PLC          SKP TQ        -128538078.1     135158758
SKYEPHARMA PLC          SKP EO        -128538078.1     135158758
SKYEPHARMA PLC          SKP PO        -128538078.1     135158758
SKYEPHARMA PLC          SKPGBP EO     -128538078.1     135158758
SKYEPHARMA PLC          SKP BQ        -128538078.1     135158758
SKYEPHARMA PLC          SKP IX        -128538078.1     135158758
SKYEPHARMA PLC          SK8C GR       -128538078.1     135158758
SKYEPHARMA PLC          SKP1 VX       -128538078.1     135158758
SKYEPHARMA PLC          SKPEUR EU     -128538078.1     135158758
SKYEPHARMA PLC          SKYEF US      -128538078.1     135158758
SKYEPHARMA PLC          SKP PZ        -128538078.1     135158758
SKYEPHARMA -SUB         2976665Z LN   -128538078.1     135158758
SKYEPHARMA-ADR          SKYEY US      -128538078.1     135158758
SKYEPHARMA-ADR          SKYPY US      -128538078.1     135158758
SKYEPHARMA-ADR          SK8 GR        -128538078.1     135158758
SKYEPHARMA-ADR          SK8N GR       -128538078.1     135158758
SKYEPHARMA-ADR          AP80 LI       -128538078.1     135158758
SKYEPHARMA-ADR          SKYE US       -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 LN       -128538078.1     135158758
SKYEPHAR-RTS N/P        SKPN VX       -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         NWS2GBP EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS VX         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS PZ         -99944882.2   279114366.1
SMITHS NEWS PLC         SMWPF US       -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 TQ        -99944882.2   279114366.1
SMITHS NEWS PLC         SMWPY US       -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 BQ        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 EO        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS LN         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS PO         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2EUR EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1GBP EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2EUR EU     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 EO        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 EU        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 EU        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS IX         -99944882.2   279114366.1
STV GROUP PLC           STVG VX       -51512119.25     207340304
STV GROUP PLC           SMG PZ        -51512119.25     207340304
STV GROUP PLC           STVG EU       -51512119.25     207340304
STV GROUP PLC           SMG VX        -51512119.25     207340304
STV GROUP PLC           STVG LN       -51512119.25     207340304
STV GROUP PLC           SMG IX        -51512119.25     207340304
STV GROUP PLC           SMGPF US      -51512119.25     207340304
STV GROUP PLC           STVG EO       -51512119.25     207340304
STV GROUP PLC           STVGEUR EU    -51512119.25     207340304
STV GROUP PLC           STVGGBP EO    -51512119.25     207340304
STV GROUP PLC           STVGEUR EO    -51512119.25     207340304
TELEWEST COM-ADR        TWSTD US       -3702234581    7581020925
TELEWEST COM-ADR        940767Q GR     -3702234581    7581020925
TELEWEST COM-ADR        TWT$ LN        -3702234581    7581020925
TELEWEST COM-ADR        TWSTY US       -3702234581    7581020925
TELEWEST COMM           TWSTF US       -3702234581    7581020925
TELEWEST COMM           604296Q GR     -3702234581    7581020925
TELEWEST COMM           TWT VX         -3702234581    7581020925
TELEWEST COMM           715382Q LN     -3702234581    7581020925
THORN EMI PLC           THNE FP        -2265916257    2950021937
THORN EMI-ADR           THN$ LN        -2265916257    2950021937
THORN EMI-ADR           TORNY US       -2265916257    2950021937
THORN EMI-CDR           THN NA         -2265916257    2950021937
THORN EMI-REGD          1772Q GR       -2265916257    2950021937
TI AUTOMOTIVE-A         6525Z LN      -298787496.1    1730489867
TOPPS TILES PLC         TPT TQ        -49423537.13   155303750.4
TOPPS TILES PLC         TPT IX        -49423537.13   155303750.4
TOPPS TILES PLC         TPT PZ        -49423537.13   155303750.4
TOPPS TILES PLC         TPTJF US      -49423537.13   155303750.4
TOPPS TILES PLC         TPTEUR EO     -49423537.13   155303750.4
TOPPS TILES PLC         TPTJY US      -49423537.13   155303750.4
TOPPS TILES PLC         TPT VX        -49423537.13   155303750.4
TOPPS TILES PLC         TPT PO        -49423537.13   155303750.4
TOPPS TILES PLC         TPT EO        -49423537.13   155303750.4
TOPPS TILES PLC         TPTGBP EO     -49423537.13   155303750.4
TOPPS TILES PLC         TPT BQ        -49423537.13   155303750.4
TOPPS TILES PLC         TPT EU        -49423537.13   155303750.4
TOPPS TILES PLC         TPT LN        -49423537.13   155303750.4
TOPPS TILES PLC         TPTEUR EU     -49423537.13   155303750.4
TOPPS TILES-NEW         TPTN LN       -49423537.13   155303750.4
UNIGATE PLC             UNGAF US      -24544959.64   626057950.8
UNIGATE PLC             UNGPF US      -24544959.64   626057950.8
UNIGATE PLC             1577Q GR      -24544959.64   626057950.8
UNIGATE PLC             UNIG LN       -24544959.64   626057950.8
UNIGATE PLC-ADR         UNGAY US      -24544959.64   626057950.8
UNIQ PLC                UNIQ EU       -24544959.64   626057950.8
UNIQ PLC                UNIQGBP EO    -24544959.64   626057950.8
UNIQ PLC                UNQPF US      -24544959.64   626057950.8
UNIQ PLC                UNIQ EO       -24544959.64   626057950.8
UNIQ PLC                UNIQ IX       -24544959.64   626057950.8
UNIQ PLC                UNIQ VX       -24544959.64   626057950.8
UNIQ PLC                UNIQEUR EO    -24544959.64   626057950.8
UNIQ PLC                UNIQ PO       -24544959.64   626057950.8
UNIQ PLC                UNIQ LN       -24544959.64   626057950.8
UNIQ PLC                UNIQF US      -24544959.64   626057950.8
UNIQ PLC                UNIQEUR EU    -24544959.64   626057950.8
UNIQ PLC                UGE GR        -24544959.64   626057950.8
UNIQ PLC                UNIQ PZ       -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           VGMHF US      -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
WARNER ESTATE           WNER PZ       -6076459.885   426871306.9
WARNER ESTATE           WNEHF US      -6076459.885   426871306.9
WARNER ESTATE           WNER EU       -6076459.885   426871306.9
WARNER ESTATE           WNER LN       -6076459.885   426871306.9
WARNER ESTATE           WNER PO       -6076459.885   426871306.9
WARNER ESTATE           WNER EO       -6076459.885   426871306.9
WARNER ESTATE           WNER IX       -6076459.885   426871306.9
WARNER ESTATE           WRL GR        -6076459.885   426871306.9
WARNER ESTATE           WNER VX       -6076459.885   426871306.9
WARNER ESTATE           WNERGBP EO    -6076459.885   426871306.9
WATSON & PHILIP         WTSN LN         -120493900   252232072.9
WHITE YOUNG GREE        WHYEUR EU     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY EU        -35008863.49   305242409.9
WHITE YOUNG GREE        WHYGBP EO     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY PZ        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY PO        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY VX        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY EO        -35008863.49   305242409.9
WHITE YOUNG GREE        WHYEUR EO     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY LN        -35008863.49   305242409.9
WHITE YOUNG-NEW         WHYN LN       -35008863.49   305242409.9
WINCANTON PL-ADR        WNCNY US      -151911497.1    1420828184
WINCANTON PLC           WIN1 NQ       -151911497.1    1420828184
WINCANTON PLC           WIN1 QM       -151911497.1    1420828184
WINCANTON PLC           WIN PZ        -151911497.1    1420828184
WINCANTON PLC           WIN1EUR EO    -151911497.1    1420828184
WINCANTON PLC           WIN1 EB       -151911497.1    1420828184
WINCANTON PLC           WIN IX        -151911497.1    1420828184
WINCANTON PLC           WIN1 BQ       -151911497.1    1420828184
WINCANTON PLC           WIN LN        -151911497.1    1420828184
WINCANTON PLC           WIN PO        -151911497.1    1420828184
WINCANTON PLC           WIN1USD EU    -151911497.1    1420828184
WINCANTON PLC           WIN1 TQ       -151911497.1    1420828184
WINCANTON PLC           WIN1 EU       -151911497.1    1420828184
WINCANTON PLC           WIN1EUR EU    -151911497.1    1420828184
WINCANTON PLC           WIN1USD EO    -151911497.1    1420828184
WINCANTON PLC           WNCNF US      -151911497.1    1420828184
WINCANTON PLC           WIN1GBP EO    -151911497.1    1420828184
WINCANTON PLC           WIN1 EO       -151911497.1    1420828184
WINCANTON PLC           WIN VX        -151911497.1    1420828184
WYG PLC                 WYGGBP EO     -35008863.49   305242409.9
WYG PLC                 WYG EO        -35008863.49   305242409.9
WYG PLC                 WYG LN        -35008863.49   305242409.9
WYG PLC                 WHY IX        -35008863.49   305242409.9
WYG PLC                 WYG PZ        -35008863.49   305242409.9
WYG PLC                 WYGEUR EU     -35008863.49   305242409.9
WYG PLC                 WYGEUR EO     -35008863.49   305242409.9
WYG PLC                 WYG EU        -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 * * *