TCREUR_Public/100824.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 24, 2010, Vol. 11, No. 166

                            Headlines



G E R M A N Y

ALMATIS BV: Lease Decision Period Extended Until November 26
ALMATIS BV: Exclusive Solicitation Period Extended Until Jan. 25
ALMATIS BV: Reports US$2,850,190 Net Loss for July
HSH NORDBANK: Posts EUR60 Million Operating Profit in 2nd Qtr.
PHOENIX PHARMAHANDEL: S&P Raises Corporate Credit Rating to 'B+'


I R E L A N D

ALLIED IRISH: Mulls Sale of Bulgarian American Credit Bank Stake
ALLIED IRISH: Santander Eager to Acquire 70% Bank Zachodni Stake
ANGLO IRISH: Gets 61% Discount on NAMA Loan Transfers
BANK OF IRELAND: Mulls Up to EUR1 Billion Bond Issue
EIRCOM GROUP: S&P Doesn't Rule Out Default From Excessive Leverage

GROODY STUDENT: Bank of Scotland (Ireland) Appoints Receiver
MCINERNEY HOLDINGS: Tables Fresh Restructuring Proposal to NAMA
MCINERNEY HOLDINGS: Former Anglo Executive's Shares Take Hit
PULS CDO: Moody's Cuts Ratings on Five Classes of Notes to 'C'
PULS CDO: Moody's Cuts Ratings on Two Classes of Notes to 'C'


K A Z A K H S T A N

SUBSIDIARY BANK: Fitch Assigns BB+ Rating on Subordinated Bonds


L U X E M B O U R G

STANTON CDO: S&P Downgrades Rating on Class C Notes to 'D'


R U S S I A

BANK VTB: Moody's Affirms 'D-' Bank Financial Strength Ratings

* ALTAI REGION: Fitch Affirms Long-Term Currency Ratings at 'BB'


U N I T E D   K I N G D O M

CARPETS OF KIDDERMINSTER: In Administration; 50 Jobs at Risk
CDC LEISURE: Owes AIB GBP7.7 Million, Report Shows
FLIGHT OPTIONS: Faces Liquidation; Meeting Set for September
FOUR SEASONS: Nears Debt Deal With Majority of Lenders
LIVERPOOL FOOBALL: Kenny Huang Drops Out of Bidding Race

LUMIERE LEEDS: To Seek Liquidation


X X X X X X X X

* EUROPE: Panel Proposes Bond Investors Bear Future Bank Bailouts

* Large Companies with Insolvent Balance Sheet




                         *********



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G E R M A N Y
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ALMATIS BV: Lease Decision Period Extended Until November 26
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave the Debtors until November 26, 2010, to either assume or
reject their unexpired non-residential real property leases.

As of April 30, 2010, the Debtors are parties to seven unexpired
non-residential real property leases, including leases for
production facilities and office space in three different
countries.  The Leases are:

Lessor                      Lessee          Description
------                      ------          -----------
The Buncher Co.             Almatis Inc.    Building No. 4
Pittsburgh, Pennsylvania

Chapman Properties          Almatis Inc.    Office Lease
Leetsdale, Pennsylvania

Chapman Properties          Almatis Inc.    Production Plant
Leetsdale, Pennsylvania                     Lease

Port of Rotterdam           Almatis B.V.    Land Lease
Rotterdam, Netherlands

Nachbarschulte Gmbh         Almatis Gmbh    Building F12
Dorsten, Germany

Vernal Asset                Almatis Gmbh    Office Headquarters
Amsterdam, Netherlands                      Frankfurt

BK Giulini                  Almatis Gmbh    Land Lease
Ludwigshafen, Germany

The Debtors are planning to assume all of their Unexpired Leases
in connection with the revised restructuring proposal arranged by
Dubai International Capital LLC.  The Debtors' current deadline
to assume or reject those Leases, however, is set to expire
before the hearing on the confirmation of the revised proposal,
which is expected to take place by mid-August.  The Debtors thus
sought an extension of the Lease Decision Period.

                       About Almatis Group

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

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

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

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


ALMATIS BV: Exclusive Solicitation Period Extended Until Jan. 25
----------------------------------------------------------------
U.S. Bankruptcy Judge Martin Glenn issued an order extending the
period during which only Almatis B.V. and its units can file a
Chapter 11 plan and solicit votes from creditors on the plan.

Judge Glenn moved the deadline for the Debtors' exclusive plan
filing period through November 26, 2010, and the deadline for the
Debtors' exclusive right for solicitation of votes on that plan
through January 25, 2011.

                        The Chapter 11 Plan

Almatis filed a revised restructuring plan that would fully repay
its senior lenders and enhance recoveries for junior lenders on
August 6, 2010.  The disclosure statement on the revised plan was
filed with the Court on the same day.

Dubai International Capital LLC, the company's owner, arranged
the revised restructuring proposal after obtaining debt financing
from a consortium composed by JP Morgan, Bank of America Merrill,
GSO Capital Partners LP, GoldenTree Asset Management LP and
Sankaty Credit Opportunities IV LP.  Funding will also come from
a $100 million equity contribution that DIC has already escrowed
with JP Morgan.

Almatis earlier withdrew the prepackaged restructuring plan
proposed by Oaktree Capital Management L.P., the company's
largest senior lender.  It was previously rejected by mezzanine
and second-lien lenders and was opposed by DIC as it threatened
to wipe out the objectors' debt claims against and equity stake
in Almatis.

Parties-in-interest were given until August 16 to file any
objections to the Disclosure Statement.  Only Mr. Riches and his
group submitted a letter objection to the Court to date.

The adequacy hearing of the Almatis Disclosure Statement is
slated for August 23.

lmatis B.V. and its affiliated debtors filed with the U.S.
Bankruptcy Court for the Southern District of New York on
August 6, 2010, a revised restructuring plan that would fully
repay their senior lenders and enhance recoveries for junior
lenders.

Almatis' owner, Dubai International Capital LLC, arranged the
revised restructuring proposal after obtaining debt financing
from a consortium composed by JP Morgan, Bank of America Merrill,
GSO Capital Partners LP, GoldenTree Asset Management LP and
Sankaty Credit Opportunities IV LP.

Funding for the Revised Plan will also come from a US$100 million
equity contribution that DIC has already escrowed with JP Morgan.

Almatis earlier withdrew the prepackaged restructuring plan
proposed by Oaktree Capital Management L.P., the company's
largest senior lender.  The prepackaged plan was previously
rejected by mezzanine and second-lien lenders and was opposed by
DIC as it threatened to wipe out the objectors' debt claims
against and equity stake in Almatis.

Oaktree Capital, which owns 46% of Almatis' senior debt, has
already agreed to support the Revised Plan and has proposed a
settlement to the company.

"All stakeholders now support a smooth refinancing process, which
benefits all parties and the focus of attention will once more be
Almatis' customers, employees and suppliers," DIC Chief Executive
Anand Krishnan related in a statement.

                       About Almatis Group

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

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

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

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


ALMATIS BV: Reports US$2,850,190 Net Loss for July
--------------------------------------------------

                          Almatis B.V.
                         Balance Sheet
                      As of July 31, 2010

ASSETS
Current Assets
Unrestricted cash & cash equivalents            US$20,329,835
Restricted cash & cash equivalents                    609,862
Accounts receivable (net)                         120,591,309
Notes receivable                                            0
Inventories                                        10,027,479
Prepaid expenses                                    1,986,208
Professional retainers                                788,000
Other current assets                                3,048,044
                                              --------------
Total current assets                             157,380,740

Real property & improvements                       24,617,923
Machinery & equipment                              21,097,459
Furniture, fixtures & office equipment                660,530
Leasehold improvements                                      0
Vehicles                                                    0
Less: Accumulated depreciation                    (18,373,007)
                                              --------------
Total property & equipment                        28,002,906

Other Assets
Amounts due from insiders                                   0
Other assets                                      895,158,674
                                              --------------
Total other assets                               923,161,581
                                              --------------
Total assets                                 US$1,080,542,322
                                              ==============

LIABILITIES & OWNER EQUITY
Liabilities
Accounts payable                                   US$3,881,221
Taxes payable                                           6,812
Wages payable                                               0
Notes payable                                               0
Secured debt/adequate protection payments         593,537,961
Professional fees                                   5,312,000
Amounts due to insiders                                     0
Other liabilities                                 132,634,993
                                              --------------
Total liabilities                                735,372,989

Liabilities subject to compromise (prepetition)
Secured debt                                      585,619,264
Priority debt                                               -
Unsecured debt                                    129,878,425
                                              --------------
Total prepetition liabilities                    715,497,689

OWNERS' EQUITY
Capital stock                                          23,471
Additional paid-in capital                        335,345,569
Profit/loss carried forward prior years            38,335,259
Retained earnings -- prepetition                   (8,038,474)
Retained earnings -- postpetition                  (6,628,972)
Foreign currency translation reserve              (13,867,519)
Postpetition contributions                                  -
                                              --------------
Net Owners' Equity                                345,169,333
                                              --------------
Total liabilities and owners' equity         US$1,080,542,322
                                              ==============

                          Almatis B.V.
                    Statement of Operations
               For the period July 1 to 31, 2010

Gross revenues                                    US$15,039,168
Less: Returns & allowances                                  -
                                              --------------
Net revenue                                        15,039,168

Cost of goods sold
Beginning inventory                                 9,033,865
Add: Purchase + changes in inventory                7,939,715
Add: Cost of labor                                    721,247
Add: Other costs                                    4,587,437
Less: Ending inventory                             10,027,479
Cost of goods sold                                 12,254,786
                                              --------------
Gross profit                                        2,784,382

Operating expenses
Advertising                                                 -
Auto & truck expense                                    5,205
Bad debts                                                   -
Contributions                                           4,639
Employee benefits programs                             50,204
Officer/insider payments                               82,275
Insurance                                               6,017
Management fees/bonuses                                     -
Office expense                                         16,605
Pension & profit-sharing plans                         28,265
Repairs & maintenance                                   8,353
Rent & lease expense                                      403
Salary/commission/fees (excl. insider payment)        109,084
Supplies                                                  984
Taxes -- payroll                                        1,795
Taxes -- real estate                                        -
Taxes -- other                                            657
Travel & entertainment                                 44,451
Utilities                                               4,385
Other                                               2,409,411
                                              --------------
Total operating expenses including depreciation     2,772,741
Depreciation/depletion/amortization                   299,514
                                              --------------
Net profit (loss) before other income, expenses      (287,873)

Other Income & Expenses
Other income                                         (353,930)
Interest expense                                    2,865,664
Other expense                                         134,796
                                              --------------
Net profit (loss) before taxes                     (2,934,404)
Income taxes                                          (84,213)
                                              --------------
Net profit (loss)                               (US$2,850,190)
                                               ==============


                          Almatis B.V.
           Schedule of Cash Receipts and Disbursements
               For the period July 1 to 31, 2010

Cash, beginning of month                          US$18,770,000

Receipts:
Accounts Receivable - Prepetition                          0
Accounts Receivable - Postpetition                         0
Others                                               286,000
                                                 -----------
Total Receipts                                       286,000

Disbursements:
Accounts Payable                                  (2,611,000)
Feedstock                                         (9,341,000)
Net Payroll                                         (412,000)
Payroll Taxes                                       (355,000)
Sales, Use & Other Taxes                                   0
Others                                              (102,000)
                                                 -----------
Total Disbursements                              (12,822,000)

Total Balance Internal Payments                   14,703,000
Balance FX Transactions                                    0

Net Cash Flow                                      2,166,000
                                                 -----------
Cash, End of Month                               US$20,936,000
                                                   ===========

                       About Almatis Group

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700


HSH NORDBANK: Posts EUR60 Million Operating Profit in 2nd Qtr.
--------------------------------------------------------------
James Wilson at The Financial Times reports that HSH Nordbank on
Friday said earnings before restructuring costs were EUR60 million
in the second quarter -- the first operating profit in seven
quarters and up from a loss of EUR267 million in the same period
in 2009.

However, the FT relates, fees paid by HSH for the government
guarantees provided as part of the rescue cost EUR303 million in
the first half, contributing to a net interim loss of EUR380
million compared with a EUR619 million loss in the first six
months of last year.

The bank, one of the regionally controlled German lenders known as
Landesbanken, needed to be bailed out with a EUR10 billion
(US$12.7 billion) risk shield and a EUR3 billion recapitalization
and is the subject of a European Commission investigation,
launched last year, into whether the aid it received was fair and
capable of restoring the bank's long-term viability, the FT
discloses.  One of the issues of the inquiry is whether the terms
of the aid were too generous to some of the minority shareholders,
which include US private equity investor JC Flowers, the FT notes.

HSH is midway through a restructuring plan that entails closing
down some businesses and moving unwanted assets into an internal
wind-down unit, the FT states.  Its balance sheet will be cut by
about half to some EUR110 billion, the FT says.

HSH Nordbank -- http://www.hsh-nordbank.com/-- is a commercial
bank in northern Europe with headquarters in Hamburg as well as
Kiel, Germany.  It is active in corporate and private banking.
HSH's main focus is on shipping, transportation, real estate and
renewable energy.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 15,
2010, Fitch Ratings affirmed HSH Nordbank's Individual Rating
affirmed at 'D/E'.

Fitch said the Individual Rating reflects the fact that HSH is one
of the German Landesbanken which has suffered the most severe
damage from the financial and economic crisis, exposing
substantial shortcomings in its approach to risk management.  HSH
is likely to break even in 2011 at the earliest and the
remuneration of the state-owners' guarantee will burden its
profitability in the foreseeable future.  In the long term, Fitch
expects HSH's profitability to be lower than in the pre-crisis
environment due to lower asset yields, relatively higher risk
provisioning levels in asset-based finance and significantly
increased funding costs compared to the pre-crisis environment.
The bank's ability to establish an adequate risk/return profile
while increasingly focusing on the difficult German wholesale
market remains challenged despite its established leading
positions in ship financing (globally) and corporate lending
(regionally).

Fitch said the upside to 'D/E' Individual Rating is currently low
in light of the challenges that HSH's management is facing to
sustainably restore the bank's partially damaged reputation.
Moreover, the results of the far-reaching restructuring process
initiated in 2009, which includes a 50% reduction of the bank's
assets mostly via its internal restructuring unit, have yet to be
realized.  In addition to a material reduction of credit risk from
its cyclical asset base, Fitch would need to gain comfort that the
bank is making progress in sustainably attracting sufficient
unsecured wholesale funding on competitive terms on its own merit
before it considers an upgrade of the Individual Rating.

HSH's continues to carry an E+ bank financial strength rating,
which carries a developing outlook and currently maps directly to
a B1 stand-alone baseline credit assessment, from Moody's
Investors Service.  The bank also carries a Caa1/negative rating
from Moody's for its hybrid securities.  The ratings were affirmed
by Moody's in December 2009.


PHOENIX PHARMAHANDEL: S&P Raises Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the long-
term corporate credit rating on Germany-based pharmaceutical
wholesaler Phoenix Pharmahandel GmbH & Co. KG to 'B+' from 'CCC'
and removed it from CreditWatch, where it was placed with
developing implications on July 5, 2010.  The outlook is positive.

At the same time, S&P raised the issue rating on Phoenix's ?1.85
billion combined syndicated loan facilities (syndicated
facilities) to 'B+' from 'CCC', the same level as the corporate
credit rating.  The recovery rating on the syndicated facilities
is unchanged at '4'.  S&P also raised the issue rating on the ?506
million senior unsecured notes due 2014 to 'B-' from 'CC'.  The
recovery rating on these notes is unchanged at '6'.

The upgrade reflects the recent implementation of these financial
restructuring measures:

* Phoenix has received a ?505 million equity injection.

* Phoenix has raised ?506 million on the bond markets.

* Phoenix has refinanced its bank debt and resolved the standstill
  agreement with its banks.

"S&P believes that these financial restructuring measures provide
Phoenix with adequate liquidity for its business needs," said
Standard & Poor's credit analyst Silvia Ortolan.  S&P estimate
that based on net reported debt of about ?2 billion as of the
refinancing date of Aug. 11, 2010, Phoenix's fully adjusted debt
leverage is likely to be about 5.5x at its financial year-end of
January 2011.  S&P believes that this level of debt leverage,
which is partly mitigated by Phoenix's ability to generate about
?200 million of discretionary cash flows a year, is in keeping
with S&P's classification of an aggressive financial risk profile.
Contributing to this view is S&P's assumption that Phoenix's
access to new equity funding is likely to be limited in the future
due to its private ownership.

"The positive outlook reflects S&P's opinion of Phoenix's ability,
as well as management's willingness, to maintain a steady pace of
financial deleveraging," added Ms. Ortolan.  The rating reflects
S&P's view that Phoenix is likely to show a fully adjusted debt-
to-EBITDA ratio of about 5.0x by the end of the year and through
to January 2012, while continuing to maintain positive free cash
flow generation.  A potential upgrade would likely be consistent
with sustainable debt leverage of 4.5x or less.

S&P considers that the pricing environment for ethical
pharmaceuticals, with its implications for Phoenix's margins and
working capital volatility, is the principal risk to Phoenix's
credit standing.  Material deviation by Phoenix from its
deleveraging path over the next 12 months could, in S&P's view,
result in negative rating actions.


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


ALLIED IRISH: Mulls Sale of Bulgarian American Credit Bank Stake
----------------------------------------------------------------
Ben Martin and Peter Evans at Bloomberg News, citing the Sunday
Business Post, report that Allied Irish Banks Plc said in a
statement that it plans to sell its 49.9% stake in the Bulgarian
American Credit Bank.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ALLIED IRISH: Santander Eager to Acquire 70% Bank Zachodni Stake
----------------------------------------------------------------
Sharlene Goff and Victor Mallet at The Financial Times report that
Santander is planning to step up its pursuit of Allied Irish
Banks' 70% stake in Bank Zachodni WBK.  The Spanish group hopes to
edge closer to a package deal that could see it acquire three
overseas businesses from Allied Irish Banks, the FT says, citing
people familiar with the bank's plans.

AIB has to sell its Bank Zachodni stake as well as a minority
stake in M&T, a regional US bank, and a portfolio of branches in
the UK as a condition of the state aid it received throughout the
financial crisis.

According to the FT, people familiar with Santander's strategy say
it is particularly eager to buy the Bank Zachodni stake because it
fits the pattern of owning a bank in a large and energetic
emerging market.

Santander, the FT says, is also eager to expand in the north-east
of the U.S.  It has resumed merger talks with M&T, a bank based in
Buffalo, New York that is 22.5% owned by AIB, the FT relates.
AIB's minority stake is a tempting target for Santander provided
that it can reach some kind of agreement that would give it the
chance of ultimate control of a merged entity, the FT notes.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ANGLO IRISH: Gets 61% Discount on NAMA Loan Transfers
-----------------------------------------------------
Emmet Oliver at Irish Independent reports that the second tranche
of Anglo Irish Bank loans finally transferred to the National
Asset Management Agency at the weekend, attracting about a 61%
discount, or "haircut", prompting fresh fears the lender could
need extra capital.

According to the report, poor security on the loans was a key
factor in the discount.

The report notes Finance Minister Brian Lenihan rejected the idea
of shutting down Anglo, saying it would be a catastrophe.

The NAMA team dealing with Anglo has discovered defective
securities on a large number of the EUR7 billion of loans going
over, the report relates.  According to the report, sources said
some loans were moved over and Anglo received no payment for them.
Non-recourse loans and loans backed up by multiple securities have
been the chief problems pushing up the Anglo discount, the report
states.

The first tranche attracted a 55% discount and the concern for the
government and Anglo is that the discounts are continuing to
worsen, the report says.

The book value of the loans transferring was EUR7 billion and
applying a 61% discount would mean NAMA paying EUR2.73 billion for
the loans, the report discloses.  The prevalence of development
land in the loan portfolios was a key factor, but the issue of
defective or inadequate securities on the loans pushed up the
discount considerably, the report notes.

The report relates NAMA chief executive Brendan McDonagh said the
third tranche of loans, for banks generally, is due to happen in
September, with the fourth tranche going in October, the fifth in
November and the sixth in December.

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'.


BANK OF IRELAND: Mulls Up to EUR1 Billion Bond Issue
----------------------------------------------------
Fiona Reddan at The Irish Times reports that Bank of Ireland is
understood to be readying a EUR500 million-EUR1 billion bond issue
on the back of last week's successful government bond auction.

Buoyed by the strong demand for Ireland's latest sovereign debt
issue, which was oversubscribed 3.4 times, Bank of Ireland is
likely to issue the debt "as soon as markets oblige", the report
says, citing Ciaran Callaghan, a banking analyst with NCB
Stockbrokers.  According to the report, Mr. Callaghan said the
deal could happen in early September.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed Bank of Ireland's long-
term bank deposit and senior debt ratings.  These were A1 for
long-term bank deposits and senior debt, A2 for dated subordinated
debt, Ba3 for undated subordinated debt, B1 for cumulative tier 1
securities and Caa1 for non-cumulative tier 1 securities.  Moody's
said the outlook on these ratings is stable.  BoI's bank financial
strength rating is D, on review for possible upgrade and this was
also unaffected by the rating action.


EIRCOM GROUP: S&P Doesn't Rule Out Default From Excessive Leverage
------------------------------------------------------------------
Some debt holders in Eircom Group plc could receive as little as
10% on the euro if the telecoms company defaults on its EUR3.6
billion of debts, Emmet Oliver Deputy at Irish Independent
reports, citing an analysis by ratings agency Standard & Poor's.

Irish Independent relates S&P has done a "recovery analysis" on
the debt held by the parent companies that own Eircom.

According to Irish Independent, while senior secured debt is
likely to have recovery rates of between 90% and 100% in the event
of a default, debt holders further down the credit list could be
facing big haircuts.

The second-lien loan, known as loan D, is only likely to leave
holders with a recovery of between 10% and 30% of their principal,
Irish Independent discloses.  The holders of a EUR425 million
payment in kind (PIK) loan would be facing the most severe
haircut, Irish Independent notes.

According to Irish Independent, S&P says that while Eircom has
leading market positions and a "satisfactory business risk
profile", a default from excessive leverage cannot be ruled out
entirely.

Irish Independent notes that while Eircom is not in default on any
loans, the pressure is building because the company's revenues and
earnings are falling, potentially triggering a breach of its loan
covenants.

Headquartered in Dublin, Ireland, Eircom Group plc --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


GROODY STUDENT: Bank of Scotland (Ireland) Appoints Receiver
------------------------------------------------------------
InsolvencyJournal.ie, citing the Sunday Business Post, reports
Bank of Scotland (Ireland) has appointed a receiver over Groody
Student Village.

According to the report, the British lender made the move in an
effort to recover between EUR10 million and EUR15 million that it
had advanced to the project.

The receiver, Brian McEnery of Horwarth Bastow Charleton, intends
to continue to trade the complex, the report notes.

Groody Student Village is a large student accommodation complex in
Limerick.  The development can cater for 160 students in a range
of apartments and was originally intended to appeal to tax break
investors who could claim relief under the Section 105 tax scheme,
according to InsolvencyJournal.ie.


MCINERNEY HOLDINGS: Tables Fresh Restructuring Proposal to NAMA
---------------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times and the Sunday
Business Post, reports that McInerney Holdings has tabled a fresh
proposal to the National Asset Management Agency after the agency
previously rejected the company's plan to writedown its bank
borrowings.

According to the report, Nama is expected to make a decision on
the revised proposal in the next few days and if the agency
rejects the deal, McInerney is considering applying for
examinership.

The company's Irish banks have also warned McInerney that it could
be forced to foreclose on its Irish assets and install a receiver,
the report notes.

The report relates sources said high level talks have been taking
place for the past two weeks and it is now reaching "end game
stage".

As reported by the Troubled Company Reporter-Europe on Aug. 12,
2010, the Financial Times said US private equity group Oaktree
Capital was in talks to take control of McInerney.  The FT
disclosed Oaktree, which specializes in investing in distressed
companies, was 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.

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.


MCINERNEY HOLDINGS: Former Anglo Executive's Shares Take Hit
-----------------------------------------------------------
Nick Webb at Sunday Independent reports that Willie McAteer, Anglo
Irish Bank's former finance director, has lost a fortune on his
stake in McInerney Holdings.

According to Sunday Independent, Mr. McAteer holds 170,000 shares
in the company, with his family holding another 10,400.

McInerney, which owes banks about EUR236 million, has seen its
share price collapse from a high of EUR3.25 down to just four
cents, Sunday Independent discloses.  Shares in McInerney hit new
lows after reports that it was considering going into
examinership, valuing the company at just EUR8 million -- down
from nearly EUR700 million three years ago, Sunday Independent
notes.

As reported by the Troubled Company Reporter-Europe on Aug. 12,
2010, the Financial Times said US private equity group Oaktree
Capital was in talks to take control of McInerney.  The FT
disclosed Oaktree, which specializes in investing in distressed
companies, was 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.

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.


PULS CDO: Moody's Cuts Ratings on Five Classes of Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of these classes
of notes issued by PULS CDO 2006-1 plc:

-- EUR39.1M A1 Notes, Downgraded to Baa3 (sf); previously on Apr
    29, 2010 A1 (sf) Placed Under Review for Possible Downgrade

-- EUR96M A2A Notes, Downgraded to A1 (sf); previously on Jun 17,
    2009 Downgraded to Aa1 (sf)

-- EUR24M A2B Notes, Downgraded to Ba3 (sf); previously on Apr
    29, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

-- EUR26.5M B Notes, Downgraded to Caa3 (sf); previously on Apr
    29, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

-- EUR21.1M C1 Notes, Downgraded to Ca (sf); previously on Apr
    29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

-- EUR5.7M C2 Notes, Downgraded to C (sf); previously on Apr 29,
    2010 Caa3 (sf) Placed Under Review for Possible Downgrade

-- EUR14.6M D Notes, Downgraded to C (sf); previously on Apr 29,
    2010 Ca (sf) Placed Under Review for Possible Downgrade

-- EUR8.35M E1 Notes, Downgraded to C (sf); previously on Apr 29,
    2010 Ca (sf) Placed Under Review for Possible Downgrade

-- EUR2.85M E2 Notes, Downgraded to C (sf); previously on Apr 29,
    2010 Ca (sf) Placed Under Review for Possible Downgrade

-- EUR6M ComboP Notes, Downgraded to C (sf); previously on Apr
    29, 2010 Ca (sf) Placed Under Review for Possible Downgrade

                         Ratings Rationale

PULS 2006-1 plc, issued in July 2006, is a cash-flow
collateralized debt obligation backed by a static portfolio of
subordinated and senior unsecured debt issued by primarily German
small and medium-sized enterprises.  The rating actions conclude
the review of the ratings, following placement of the transaction
under review for possible downgrade on April 29, 2010.  The
downgrade of the notes reflects the continuing and worse than
expected credit deterioration of the underlying portfolio.  The
deterioration is reflected in an increase in the number of
insolvencies, the fall of the average rating of the performing
portfolio and the increase in the number of obligors on the
watchlist maintained by the portfolio manager.  The
overcollateralization of the classes has therefore diminished.

In addition, the rating actions take into account the correction
of certain data input at the time of the last rating action on
June 10, 2009.  Due to an administrative error, the swap rate used
in the modeling of the interest rate swap was lower than the
contractual swap rate.  This led to an overstatement of the excess
funds available to cure principal deficiency events at the time of
the last rating action.  Had this not occurred, it is likely that
the rating of the Class A to C notes may have been between one to
three notches lower and the other classes of notes may have been
up to one notch lower.

The transaction has experienced a further increase in defaults and
impairments from 6 obligors, totaling EUR36.5 million
(approximately 14% of the initial portfolio), at the time of last
rating action to 11 obligors, totaling EUR58 million
(approximately 22% of the initial portfolio).  None of the
defaulted obligations have returned any recovery to date due to
the length of the German workout process.  However, this is in
line with Moody's expectations.  Only one default has occurred on
senior debt.  The portfolio contains approximately EUR30 million
Caa assets.  Deterioration in the portfolio is also indicated by
the watchlist maintained and reported by the portfolio manager who
monitors the individual issuers in the portfolio.  EUR50 million
of the portfolio are currently on this watchlist, EUR20 million of
these watchlisted obligations are assumed to be Caa in Moody's
analysis.

The trustee reports an increase in the Principal Deficiency Ledger
(PDL) from approximately EUR26 million at time of last rating
action to approximately EUR35 million, excluding PDL events of the
current reporting period.  The PDL is a measure representing the
cumulative nominal amount of defaults in a transaction.  It is
cured by the sequential redemption of the notes from excess
available funds until the PDL has been reduced to zero.  Moody's
anticipates ordinary excess available funds to be less than EUR1
million per semiannual payment date going forward.  For this
reason the excess spread in the transaction is limited and it is
unlikely that substantial portions of the PDL will be paid down.
The transaction has approximately 3 years to the scheduled
maturity.

The current portfolio has this distribution by ratings in Moody's
assessment Baa3 2.6%, Ba2 15.5%, Ba3 8.1%, B1 28.8%, B2 12.7%, B3
13.7%, Caa1 11.2%, Caa3 7.3%.  The two largest sector
concentrations are in the Buildings and Real Estate with approx.
24% and Chemicals Plastics and Rubber with 12.4%.  Approximately
two thirds of the portfolio is subordinated debt.  The portfolio's
diversity has reduced due to defaults and full and partial early
amortizations at par.  After excluding amortized, insolvent,
credit impaired and potentially credit impaired obligors, the
number of portfolio obligors is 30.

Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity of approximately
16% corresponding to a B3 weighted average rating.  Moody's
focused on a weighted average recovery rate upon default on senior
debt of 30% and a recovery rate of 0% on subordinated debt.  The
diversity score, derived from the individual, sectorial and
regional concentrations in the portfolio, is 17.

Moody's also performed a number of sensitivity analyses with
respect to each of these two rating setups, including
consideration of the scenario that the weakest obligors in the
portfolio (Caa bucket) jointly default or jointly migrate to B3
immediately.  Moody's also considered the effect of an upside
recovery scenario with 40% recovery on the senior debt as well as
a downside recovery scenario with 15% senior recovery rate.
Increasing the recovery improves the model results on the classes
C1 and above by less than half a notch.  Decreasing the recovery
worsens the model results for classes C1 and above by less than
one notch.  The effect of migration to B3 on the senior classes is
one to two notches.  Default of all of the Caas has more than 2
notches impact on the classes C2 and above.  Classes C2 and below
are not affected by these sensitivity runs.  Furthermore, various
stress scenarios were run, including heavily notching the largest
asset in the portfolio, and stressing by two notches up to 30% of
the largest assets in the portfolio.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among other
elements, an assessment of the collateral manager track record and
practices.  In particular, Moody's looked at the quality of
information provided by the manager, its interpretation of the
documentation and level of diligence in the implementation of the
transaction criteria.  Moody's considers as well the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2009.  This
financial data was used in the RiskCalc model, an econometric
model developed by Moody's KMV in order to assess the credit
quality of obligors in the pool.  The results obtained from the
RiskCalc model have been translated to Moody's rating scale and
adjusted by one notch where necessary in order to compensate for
the absence of credit indicators such as rating reviews, outlooks
and adjustments factoring in cyclical developments in the economy.
Moody's also incorporated information provided by the manager in
the latest investor report to account for more recent information
on the performance of the underlying obligors.  Moody's has
considered the impact of potential further deterioration arising
from updates to credit estimates based on less recent (2008)
financial data, which make up one third of the portfolio.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as primarily evidenced by uncertainties
regarding credit conditions and refinancing opportunities in the
general economic environment.  The CDO notes' performance may also
be impacted by the portfolio managers' divestment and termination
strategies.

Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.6TM, to generate default and
recovery scenarios for each asset in the portfolio, and computes
the associated loss to each class of notes in the structure via
Moody's EMEA Cash-Flow model.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.

                      Regulatory Disclosures

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

Information sources used to prepare the credit rating are these:
parties involved in the ratings; parties not involved in the
ratings; public information; confidential and proprietary Moody's
Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the purpose
of maintaining a credit rating.

Moody's Investors Service may have provided Ancillary or Other
Permissible Services to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.


PULS CDO: Moody's Cuts Ratings on Two Classes of Notes to 'C'
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of these classes
of notes issued by PULS CDO 2007-1 Limited:

-- EUR40M A1 Notes, Downgraded to Baa2 (sf); previously on Jun
    17, 2009 Downgraded to Aa3 (sf)

-- EUR123.5M A2A Notes, Downgraded to Aa2 (sf); previously on Jun
    17, 2009 Downgraded to Aa1 (sf)

-- EUR30.9M A2B Notes, Downgraded to Ba2 (sf); previously on Jun
    17, 2009 Downgraded to A2 (sf)

-- EUR22.2M B Notes, Downgraded to Caa1 (sf); previously on Jun
    17, 2009 Downgraded to Baa3 (sf)

-- EUR28.5M C Notes, Downgraded to Ca (sf); previously on Jun 17,
    2009 Downgraded to B1 (sf)

-- EUR16.8M D Notes, Downgraded to C (sf); previously on Jun 17,
    2009 Downgraded to Caa1 (sf)

-- EUR7.2M E Notes, Downgraded to C (sf); previously on Jun 17,
    2009 Downgraded to Caa3 (sf)

                         Ratings Rationale

PULS 2007-1 Limited, issued in April 2007, is a cash-flow
collateralized debt obligation backed by a static portfolio of
subordinated and senior unsecured debt issued by primarily German
small and medium-sized enterprises.  The downgrade of the notes
reflects the continuing and worse than expected credit
deterioration of the underlying portfolio.  The deterioration is
reflected in an increase in the number of insolvencies, the fall
of the average rating of the performing portfolio and the increase
in the number of obligors on the watchlist maintained by the
portfolio manager.  The overcollateralization of the classes has
therefore diminished

In addition, the rating actions take into account the correction
of certain data input at the time of the last rating action on 10
June 2009.  Due to an administrative error, the swap rate used in
the modeling of the interest rate swap was lower than the
contractual swap rate.  This led to an overstatement of the excess
funds available to cure the failing coverage tests at the time of
the last rating action.  Had this not occurred, it is likely that
the rating of the Class A to C notes may have been between one to
three notches lower and the other classes of notes may have been
up to one notch lower.

The transaction has experienced a further increase in defaults and
impairments from 8 obligors, totaling EUR37 million (approximately
12% of the initial portfolio), at the time of last rating action,
to 15 obligors, totaling EUR70 million (approximately 23% of the
initial portfolio).  None of the defaulted obligations have
returned any recovery to date due to the lengthy workout process
of the German SME bonds.  However, this is in line with Moody's
expectations.  Five defaults were occurred on subordinated debt;
the remaining ten defaults on senior debt.  Deterioration in the
portfolio is also indicated by the watchlist maintained and
reported by the portfolio manager who monitors the individual
borrowers in the portfolio.  EUR78.3 million of the portfolio are
currently on this watchlist.  EUR42.3 million of these watchlisted
obligations are assumed to be Caa in Moody's analysis.

The trustee reports the Class D and Class E OC test ratios both
failing and decreasing.  The current reported Class D and Class E
OC ratios are 102.3% and 98.8%, compared to 104.9% and 101.9% in
the last rating action, respectively.  Such OC test failure may be
cured by the redemption of the senior notes from excess spread.
Moody's anticipates ordinary excess spread to be less than EUR1
million per quarterly payment date going forward.  Due to the
limited availability of excess spread in the transaction, Moody's
views that it is unlikely that the current OC test failure will be
cured.  The transaction has approximately 4 years to the scheduled
maturity.

The current portfolio has this rating distribution in Moody's
assessment (excluding amortizations and defaults in the pool): 24%
Ba2, 2.4% Ba3, 25.2% B1,19.2% B2, 8.9% B3,9.7% Caa1, 4.8% Caa2 and
5.8% Caa3.  The two largest sector concentrations are in the
Automobile and Buildings and Real Estate sectors, representing 18%
and 16% of the current pool, respectively.  Approximately half of
the portfolio is subordinated debt.  The portfolio's diversity has
reduced due to defaults and full and partial early amortizations
at par.  After excluding amortized or insolvent obligors, the
number of portfolio obligors is 40.

Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity of approximately
19.8%, corresponding to a B3 weighted average rating.  Moody's
focused on a weighted average recovery rate upon default on senior
debt of 30% and 0% on subordinated debt.  The diversity score,
derived from the individual, sectorial and regional concentrations
in the portfolio, is 22.

Moody's also performed a number of sensitivity analyses including
consideration of the scenario that the weakest obligors in the
portfolio (Caa bucket) jointly default (credit deterioration) or
jointly migrate to B3 (credit improvement) immediately.  Moody's
also considered the effect of an upside recovery scenario of 40%
recovery on the senior debt as well as a downside recovery
scenario of 15% senior recovery rate.  Increasing the assumed
recovery improves the model results on the classes B and above by
half a notch to less than 2 notches.  Decreasing the recovery
worsens the model results for classes B and above by one to two
notches.  The effect of migration to B3 on the senior classes is
one to two notches.  Default of the whole Caa bucket in the
portfolio has more than 2 notches impact on the classes B and
above.  Classes C and below are not meaningfully affected by these
sensitivity runs.  Furthermore, various stress scenarios were run,
including heavily notching the largest asset in the portfolio, and
stressing by two notches up to 30% of the largest assets in the
portfolio.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among other
elements, an assessment of the collateral manager track record and
practices.  In particular, Moody's looked at the quality of
information provided by the manager, its interpretation of the
documentation and level of diligence in the implementation of the
transaction criteria.  Moody's considers as well the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

The action relies on financial data received annually for a
majority of obligors in the pool from the end of 2009.  This
financial data was used in the RiskCalc model, an econometric
model developed by Moody's KMV in order to assess the credit
quality of obligors in the pool.  The results obtained from the
RiskCalc model have been translated to Moody's rating scale and
adjusted by one notch where necessary in order to compensate for
the absence of credit indicators such as rating reviews, outlooks
and adjustments factoring in cyclical developments in the economy.
Moody's also incorporated information provided by the manager in
the latest investor report to account for more recent information
on the performance of the underlying obligors.  Moody's has
considered the impact of potential further deterioration arising
from updates to credit estimates based on less recent (2008)
financial data, which make up one third of the portfolio.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as primarily evidenced by uncertainties
regarding credit conditions and refinancing opportunities in the
general economic environment.  The CDO notes' performance may also
be impacted by the portfolio managers' divestment and termination
strategies.

Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.6TM, to generate default and
recovery scenarios for each asset in the portfolio, and computes
the associated loss to each class of notes in the structure via
Moody's EMEA Cash-Flow model.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.

                      Regulatory Disclosures

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

Information sources used to prepare the credit rating are these:
parties involved in the ratings; parties not involved in the
ratings; public information; confidential and proprietary Moody's
Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

Moody's Investors Service may have provided Ancillary or Other
Permissible Services to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

Moody's Investors Service adopts all necessary measures so that
the information it uses in assigning a credit rating is of
sufficient quality and from reliable sources; however, Moody's
Investors Service does not and cannot in every instance
independently verify, audit or validate information received in
the rating process.


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


SUBSIDIARY BANK: Fitch Assigns BB+ Rating on Subordinated Bonds
---------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Subsidiary Bank
Sberbank of Russia 's two KZT5bn subordinated bonds each Long-term
local currency ratings of 'BB+' and National Long-term ratings of
'AA-(kaz)'.  The bank is rated Long-term local currency Issuer
Default 'BBB-' and National Long-term 'AA(kaz)', both with Stable
Outlook.

The Series 1 issue carries a fixed interest rate of 9% and matures
in 2017.  The interest rate for the Series 2 bond is 10% in the
first year and thereafter set semi-annually based on the annual
inflation rate plus one percentage point premium with a 10% cap
and 4% floor.  The Series 2 issue matures in August 2019.

The Long-term ratings of the subordinated bonds are notched one
level below SBK's senior debt, reflecting the former's lower
recovery prospects for investors.

SBK, formerly Texakabank, was established in 1993 in Kazakhstan
and acquired by Russia-based Sberbank ('BBB'/Stable) in 2007.  At
end-H110, SBK had a 2.1% market share of banking system assets.
Sberbank owns more than 99% of SBK.


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


STANTON CDO: S&P Downgrades Rating on Class C Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' its
credit rating on Stanton CDO I S.A.'s class C notes.

The rating action follows the liquidation of Stanton CDO I's
assets, the distribution of the proceeds, and publication of the
transaction's final distribution report.

The assets were liquidated in accordance with the class A-1
noteholders' election in March 2010 to enforce security over the
portfolio.  The vote followed an event of default, under the terms
and conditions of the notes, which occurred in May 2009.

According to the final noteholder valuation report, classes A-1A,
A-1B, and A-1U received full payment of principal outstanding, but
all other classes experienced principal losses.

S&P's rating on the class C deferrable notes addresses ultimate
payment of interest and principal.  As the class experienced
principal losses in the final distribution of collateral assets,
S&P is lowering its rating to 'D'.

S&P's ratings on classes A-1, A-2, and B address timely payment of
interest and ultimate payment of principal.  S&P lowered its
ratings on these classes to 'D' in May 2010 following earlier
interest payment defaults.

Stanton CDO I is a cash flow collateralized debt obligation of
CDOs transaction that closed in October 2003.  Stanton CDO I's
portfolio comprised primarily mezzanine tranches of U.S. CDOs of
corporate loans, and to a lesser extent emerging market CDOs and
CDOs of asset-backed securities.


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


BANK VTB: Moody's Affirms 'D-' Bank Financial Strength Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed the D- stand-alone bank
financial strength ratings of Bank VTB and its two subsidiaries:
VTB24 and Bank VTB North-West, and changed the outlook on those
ratings to stable from negative.  At the same time, Moody's has
affirmed the banks' Baa1 supported long-term local and foreign
currency deposit, and Baa1/Baa2 senior/subordinated debt ratings,
with stable outlooks.  The banks' P-2 short-term local and foreign
currency deposit ratings were also affirmed.  Concurrently,
Moody's Interfax Rating Agency affirmed VTB24 and VTB NW's Aaa.ru
national scale rating; national scale ratings carry no specific
outlook.

Moody's assessment is primarily based on VTB, VTB24 and VTB NW's
audited financial statements for 2009 prepared under IFRS, signed
on March 25, 2010, March 25, 2010 and March 22, 2010,
respectively.  At the same time, Moody's caution that Moody's
assessment, in part, incorporates information from non-audited
interim consolidated statements under IFRS, signed by VTB on
May 31, 2010 (Q1 2010 statements), and by VTB NW on August 9, 2010
(H1 2010).

"According to Moody's, the rating actions on VTB and its Russian
subsidiaries VTB24 and Bank VTB North-West reflect the stable
trends in the banks' financial fundamentals," says Eugene
Tarzimanov, a Moody's Vice-President -- Senior Analyst and lead
analyst for the banks.  "The operating environment in Russia is
showing signs of improvement after a turbulent 2009, with the
economy growing 2.9% in Q1 2010.  The asset quality of the banks,
which has been a particular concern since late 2008 when the
crisis hit Russia, is stabilizing; in addition, provisions and
capital buffers appear adequate to offset expected credit losses
under Moody's base case stress-tests."

                                VTB

Although problem loans are likely to grow somewhat at VTB before
peaking in H2 2010, Moody's believes that VTB has already
identified most large problem exposures.  Loans overdue by more
than 90 days increased to 10.2% of gross loans at Q1 2010
(unaudited data), from 9.8% at YE2009 (2008: 1.9%).  This level
appears to be in line with Russian peers.  NPLs were 96% covered
by provisions, with a provisions/gross loans ratio of 9.8% at Q1
2010.  In addition, the bank's total CAR of 22.2% at Q1 2010
(unaudited) indicates that VTB has an adequate buffer against
further potential credit losses.

Customer deposits -- VTB's core funding base accounting for 54% of
liabilities -- have grown by 43% in 2009, a high level considering
the stress in the banking system seen last year (all data under
IFRS).  VTB's liquidity appears to be adequate, with cash, cash
equivalents and relatively liquid securities accounting for around
22% of total assets at Q1 2010 (unaudited data).  Although Moody's
sees some near-term refinancing risks for VTB due to a large share
of wholesale and bilateral borrowings in liabilities, the group
has been successful so far in attracting new funds from the
market.  In 2010 to date, VTB has raised around US$2.6 billion
through six wholesale deals.  In addition, in case of need VTB has
access to uncollateralized facilities from the Russian Central
Bank of around US$31 billion.

Negative BFSR drivers for VTB include the possibility of
government interference in the bank's business, weak asset
quality, high single-party and industry concentrations in loans,
and significant reliance on market funding.

                              VTB 24

VTB 24, the retail/SME arm of the group, reported adequate
financial results for 2009, despite the rapid increase in
provisions.  Loans overdue by more than 90 days accounted for 8.3%
of gross loans at YE2009, and were almost fully provisioned.  In
Moody's view, VTB24's Tier 1 capital ratio, at 18.8% at YE2009,
provides a good buffer against credit losses.

VTB24's liquidity appears to be adequate, supported by an inflow
of retail and SME deposits that grew by 44% in 2009, and by a
further 13% in H1 2010.  Given its limited market borrowings,
Moody's estimates that VTB24's refinancing risk is relatively low.

Negative BFSR drivers for VTB24 include pressured asset quality,
large maturity mismatches between assets and liabilities,
corporate governance concerns reflecting the parent's shortcomings
in this area, and moderate core profitability.

                             VTB NW

VTB NW, a predominantly corporate bank active in St.  Petersburg
and the Russian North West district, reported strong financial
results for H1 2010 (unaudited).  The bank appeared to have posted
a net profit for H1 2010 of RUB3.7 billion (same period of 2009:
RUB2.3 billion), indicating a ROA of 3.3% (annualized) for that
period.  In terms of asset quality, VTB NW reported that its
impaired loans amounted to 10.1% of gross loans at 30 June 2010
(unaudited).  The level of loan loss provisions (amounting to 9.6%
of gross loans at that date) and the bank's total CAR (16.9%)
appeared to provide an adequate buffer against potential credit
losses anticipated by Moody's.

In June 2010, VTB's shareholders approved the merger of VTB NW
into VTB.  This process is targeted for completion in Q1 2011.  As
a result, VTB NW will become a regional branch of VTB, and will
cease to hold a separate banking license.  This merger has been in
the works for a number of years already, and Moody's does not
expect material operational risks to materialize.  In addition,
VTB NW's management does not foresee that wholesale debt will be
accelerated because of the merger.

VTB NW's BFSR remains pressured by the bank's significant
concentrations on both sides of the balance sheet, relatively weak
quality of the loan book, and developing corporate governance
practices.

                     Debt and Deposit Ratings

VTB's debt/deposit ratings continue to enjoy unconditional support
from the Russian government.  In Moody's opinion, this is due to
VTB's systemic importance in Russia.  In turn, the debt/deposit
ratings of VTB24 and VTB NW are fully supported by VTB.  In
Moody's view, those subsidiaries are fully integrated into the
group, and are strategically important for VTB.  VTB24 is the
retail/SME arm of VTB, while VTB NW is active in a region of high
importance for VTB.

Moody's previous rating actions on VTB, VTB24 and VTB NW were on
February 24, 2009, when Moody's changed the outlooks on the D-
BFSRs of those banks to negative from stable, on expectations that
the global economic crisis would have an increasingly negative
impact on the Russian economy and those banks' intrinsic strength.

Headquartered in Moscow, the Russian Federation, VTB reported --
as at March 31, 2010 -- total assets of RUB3.4 trillion, total
equity of RUB520 billion and net IFRS profit of RUB15.3 billion.
Moody's cautions that this data, although under IFRS, is not
audited.

Headquartered in Moscow, the Russian Federation, VTB24 reported --
as at December 31, 2009 -- total assets of RUB712 billion, total
equity of RUB81 billion and net IFRS profit of RUB4.9 billion.
This data is audited under IFRS.

Headquartered in St. Petersburg, the Russian Federation, VTB NW
reported -- as at June 30, 2010 -- total assets of RUB215 billion,
total equity of RUB30 billion and net IFRS profit of RUB3.7
billion.  Moody's cautions that this data, although under IFRS, is
not audited.


* ALTAI REGION: Fitch Affirms Long-Term Currency Ratings at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed the Altai Region's Long-term foreign
and local currency ratings at 'BB' respectively, while affirming
the Russian region's Short-term foreign currency rating at 'B'.
The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)'.  All the Long-term rating Outlooks are
Stable.

The affirmation of the region's ratings reflects its satisfactory
budget performance, low debt, and sound management practices.
However, the ratings also consider the relatively small scale of
the region's economy and its modest fiscal capacity.  The Stable
Outlooks reflect Fitch's expectation for the continuation of the
region's sustainable public finance and debt management policies,
leading to maintenance of sound margins and low debt in 2010 and
in the medium term.

The Altai region's budgetary performance was satisfactory,
although the operating balance decreased to 12.6% of operating
revenue in 2009 from 17.6% in 2008.  The margins were negatively
affected by the financial turmoil and deceleration of the national
economy.  However, the region's budgetary performance was
stabilized by federal current transfers, which increased by 19.5%
y-o-y in 2009 and allowed Altai to post a surplus before debt
variation at 3.1% of total revenue (2008: negative 0.03%).  Fitch
expects Altai's full-year margin to be about 12%-14%.

The region had a positive net debt position in 2009 whilst its
direct risk was below one month of the current balance and less
than one percent of current revenue.  The contingent liabilities,
stemming from the region's broad public sector and issued
guarantees are moderate and well monitored, and thus pose minor
indirect risk.  Altai's public finance and debt management
practices are very prudent by national and international
standards, and Fitch expects the region's direct risk and direct
risk coverage ratios to remain at a safe level in 2010 and going
further forward.

The region's economy is modest in size, and also reflects its
below national median wealth metrics.  However, Altai's per capita
gross regional product (GRP) increased to 82% of the median Russia
region's in 2008, from 68% in 2007.  The region's economy is
diversified with agriculture representing 15% of GRP and its
limited profitability affects the size of the region's tax base
and potential expansion.  However, the counter-cyclical nature of
agriculture and the food processing industry mitigated the
region's vulnerability to negative macro-economic shocks in 2009.
Altai's fiscal capacity is below that of the average level for
Russian regions and it therefore receives financial aid from the
federal government, equalizing its budget capacity.  The region's
limited revenue flexibility is countered by federal transfers,
which have been particularly important during the turbulent macro-
economic environment.

The Altai region is located in southwest Siberia, on the border
with Kazakhstan.  Its gross regional product accounted for 0.8% of
Russia's national gross domestic product in 2008, whilst its
population represented 1.8% of the national total.


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


CARPETS OF KIDDERMINSTER: In Administration; 50 Jobs at Risk
------------------------------------------------------------
Manufacturing News reports that Carpets of Kidderminster has gone
into administration, putting 50 jobs at risk.

According to the report, in a statement on its Web site, the firm
said: "Andrew Fender was appointed administrator on August 16.
The administrator now manages the affairs, business and property
of the company.  The administrator acts as agent only and without
personal liability."

Carpets of Kidderminster is a Worcestershire-based carpet
manufacturer.  It specializes in Axminster, woven carpets and
supplies both the commercial and residential markets, according to
Manufacturing News.


CDC LEISURE: Owes AIB GBP7.7 Million, Report Shows
--------------------------------------------------
CDC Leisure collapsed after factors, including a large tax bill,
meant it could no longer meet its bank loan repayments, BBC News
says, citing the administrator's report filed at Companies House
last week.

According to BBC, the report shows CDC, which was placed into
administration in June, owed GBP350,000 to the HM Revenue and
Customs.

BBC says the firm also suffered severe losses on several events it
promoted in 2009.  The bulk of its debts are to AIB, which is owed
more than GBP7,772,569, BBC discloses.  According to BBC, other
factors contributing the company's demise included "a reduction in
turnover in bars in general" and "a decrease in the profit level
provided by outside music events".

The administrator, John Hansen of KPMG, said that he is attempting
to sell the business as a going concern and that a number of
parties have already expressed an interest in buying it, BBC
notes.

CDC Leisure owned Belfast's Limelight music venue.


FLIGHT OPTIONS: Faces Liquidation; Meeting Set for September
------------------------------------------------------------
Kevin Reed at Accountancy Age reports that liquidators from BDO
are to be appointed to tour operator Kiss Flights, the trading
name for Flight Options.

According to Accountancy Age, Malcolm Cohen and David Gilbert of
BDO will be appointed liquidators of Flight Options and Travel
Plus, which trades under several names -- most prominently Kiss
Flights.

"The business suffered as a result of the challenging economic
conditions in the UK travel market, compounded by issues such as
the volcanic ash crisis, localized industrial action, and economic
factors in Greece together with the collapse of Goldtrail Travel,"
Accountancy Age quoted Mr. Cohen as saying.  "Formal notices will
be issued to all shareholders and creditors in due course,
formally convening the meetings to place the companies into
liquidation in early September."

Separately, Accountancy Age's Rachel Singh reports that PwC
partner Ian Oakley-Smith said no one expected Kiss Flights to fall
into administration at the height of the holiday season.

Flight Options on Aug. 17 had ceased trading affecting about
70,000 people.

Mr. Oakley-Smith, as cited by Accountancy Age, said to see a
flight business run out of money during the height of the holiday
season was unexpected.  He added budget holiday operators such as
Goldtrail, Sun4U and Kiss Flights work off low margins and
emergency reserves which have been eroded by the downturn,
Accountancy Age notes.

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, Daily Express disclosed the company ceased trading at 5:00
p.m. on Aug. 17.

Flight Options is a budget travel firm based in London.


FOUR SEASONS: Nears Debt Deal With Majority of Lenders
------------------------------------------------------
Anousha Sakoui and Dan Thomas at The Financial Times report that
Four Seasons Health Care is close to sealing a second-round
renegotiation of its GBP600 million debt as a majority of lenders
have agreed to back its latest restructuring plan.

The FT says the approval counters the threat of an imminent sale
of the company to repay its debts and could set a precedent for
future restructurings on complex property backed financing.

According to the FT, people with knowledge of the transaction said
Four Seasons' plan includes a novel twist, an arrangement to find
buyers for the bonds of dissenting investors if they agreed to
vote for the deal.

The company, which last September reached a deal with lenders to
restructure part of its debt after more than a year of talks, had
been forced back into talks with holders of the GBP600 million of
bonds that were left outstanding, the FT notes.  Four Seasons,
advised by Gleacher Shacklock, has been seeking to extend for a
year loans on which the bonds are secured and are due for
September repayment, the FT states.

The FT relates in a Friday statement, the special purpose vehicle
that issued the bonds as part of a securitization of the company's
property portfolio said 75% of each class of bonds had signed up
to vote in favor of a debt deal.

To get votes, the company arranged with Deutsche Bank to buy, or
find third-party buyers for bondholders, including those that
opposed the deal and did not wish to be noteholders in the
securitization, the FT discloses.

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


LIVERPOOL FOOBALL: Kenny Huang Drops Out of Bidding Race
--------------------------------------------------------
Roger Blitz and Sharlene Goff at The Financial Times report that
Chinese sports entrepreneur Kenny Huang said he was withdrawing
from the Liverpool football club sale process.

The FT relates Mr. Huang and his QSL Sports company, which has an
office in Beijing, issued a statement saying it had been working
on a strategy to capitalize the club and fund a new stadium.  "We
regret that we will not have the opportunity to implement this
strategy," the statement said, according to the FT.

The FT says Mr. Huang was frustrated with the board's progress,
while the decision by some of the bidders to go public with their
intentions is thought to have irritated board chairman Martin
Broughton.  The focus of media attention has not only complicated
the sale, but is thought to have put off some potential buyers,
the FT states.

The board earlier said the sale process was uncertain, the FT
notes.

As reported by the Troubled Company Reporter-Europe on Aug. 17,
2010, ESPN Soccernet said 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 said 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.  ESPN Soccernet
said administration can no longer be entirely ruled out, given the
depth to which the club's finances have plummeted.  At present,
administration is not thought the most likely scenario for
Liverpool, ESPN Soccernet noted.  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 stated.  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, according to ESPN Soccernet.  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 noted.  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 said.

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.


LUMIERE LEEDS: To Seek Liquidation
----------------------------------
BBC News reports that Lumiere Leeds LP, the firm behind the
Lumiere skyscraper project in Leeds, confirmed plans to seek
liquidation.

BBC relates the GBP225 million Lumiere scheme was put on hold in
2008.  At the time, millions of pounds worth of deposits were
frozen, BBC notes.

In May, investors started the process of taking legal action
against the developers in an attempt to get their deposits back,
BBC discloses.

"The development is no longer commercially viable and regretfully,
despite the strenuous efforts of Lumiere LP's directors and
partners, the decision has been taken to hold a creditors' meeting
on September 1, 2010, to begin the process of liquidating the
assets," BBC quoted Lumiere Leeds as saying in a statement.
"Lumiere LP believes this is the best course of action for buyers
who have reserved apartments off-plan at the development."

According to BBC, the firm said investors would be able to lodge a
claim for their deposits against an insurance policy which was
taken out to protect their interests.


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


* EUROPE: Panel Proposes Bond Investors Bear Future Bank Bailouts
-----------------------------------------------------------------
John Glover and Gavin Finch at Bloomberg News report that the
Basel Committee on Banking Supervision is proposing that debt
counted as bank capital should be converted to stock or written
off in a crisis, forcing bond investors to bear some of the cost
of future bailouts.

Bloomberg relates the committee on Thursday said in a consultative
paper that all regulatory capital instruments sold by banks should
be capable of absorbing losses if the company can't fund itself.

Bloomberg says the committee, which sets international banking
rules, wants to avoid a repeat of the financial crisis when
government assistance to failing banks helped holders of some
subordinated bonds dodge losses.  Banks' cost of capital may rise
as investors demand compensation for the increased risk they won't
be repaid, Bloomberg notes.

According to Bloomberg, the committee said proposals will reduce
moral hazard and excessive risk-taking by discouraging investors
from buying securities with the assumption they will avoid losses
if a bank fails.  It would also make private investors the first
source of new equity to rescue a bank when it nears collapse,
cutting down on the need for government bailouts, Bloomberg
discloses.

The committee, as cited by Bloomberg, said it will welcome
comments on the proposals until Oct. 1.

The Basel committee, which represents central banks and regulators
in 27 nations and sets capital standards for banks worldwide, was
asked by Group of 20 leaders to draft rules after the worst
financial crisis since the 1930s, Bloomberg recounts.  The
committee is planning to present a final package of reforms to the
G-20 leaders meeting in Seoul in November, Bloomberg states.


* 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 * * *