TCREUR_Public/100907.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, September 7, 2010, Vol. 11, No. 176

                            Headlines



B U L G A R I A

ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'


G E R M A N Y

ARCANDOR AG: Nicolas Berggruen to Revitalize Karstadt Merchandise
DECO 7: Fitch Affirms Rating on Class H Notes at 'CCsf'
HEAT MEZZANINE: Moody's Cuts Rating on Class C Notes to C (sf)
PORTFOLIO GREEN: Moody's Confirms 'Caa3' Rating on Class G Notes


I R E L A N D

ALLIED IRISH: BNP Paribas Offers "Aggressive Price" for Zachodni
ANGLO IRISH: Sold Nearly EUR400 Million of Loans on US Books
ANGLO IRISH: NAMA to Decide Fate of Proposed Headquarters
EBS BUILDING: Mulls EUR750 Million Bond Offering
FERNDALE LEISURE: AIB Appoints Tom Kavanagh as Receiver

FINTRA: Lack of Profitable Opportunities Prompts Closure
SEAN O'CEALLAIGH: High Court Freezes Accounts
SHERLAND ENTERTAINMENTS: Caf‚ Bar Deli Closes Over Unpaid Rent

* IRELAND: Banks May Default on Limited Amount of State-Owned Debt


L A T V I A

* Fitch Affirms Latvia's 'BB+' Rating; Changes Outlook to Stable


N E T H E R L A N D S

QUEEN STREET: S&P Raises Rating on Class E Notes to 'B+'


P O L A N D

POLSKI KONCERN: Fitch Gives Stable Outlook; Affirms 'BB+' Rating


R U S S I A

MY BANK: Moody's Changes Outlook on 'E+' Rating to Negative


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Has 12 Potential Merger Targets
CHARTER FINANCIAL: Directors Disqualified Following Probe
FLIGHT OPTIONS: In Administration
HORIZON LTD: S&P Withdraws 'CCC-' Rating on Class A Notes
LLOYD'S SYNDICATE: Moody's Affirms 'Ba1' Subordinated Debt Rating

ROYAL BANK: Mulls 3,500 Job Cuts Following Santander Sale
TROY VILLAGE: Ely Property Group Takes Over Management
VINCE POWER: PEL Defaults on Scheduled Payments Under Buyout Deal

* UK: Automotive Sector Insolvencies Down 0.10% in July 2010


X X X X X X X X

* EUROPE: Banks May Face New Costs Under New Asset Freeze Law
* EUROPE: Companies Conduct Own Tests to Gauge Banks' Robustness

* Large Companies with Insolvent Balance Sheet




                         *********



===============
B U L G A R I A
===============


ALLIANZ BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Allianz Bank Bulgaria AD's ratings at
Long-term Issuer Default 'BBB+' with Negative Outlook, Short-term
IDR 'F2', Individual 'D' and Support '2'.

The IDRs and Support Rating of ABB are based on the high
likelihood of support if needed from Allianz SE ('AA-'/Stable), a
large European insurance group.  The Negative Outlook on ABB's
Long-term IDR reflects those on Bulgaria's Long-term foreign and
local currency IDRs of 'BBB-' and 'BBB', respectively, as the
bank's rating is capped by the Country Ceiling of 'BBB+'.  Should
Bulgaria's ratings be downgraded, ABB's Long-term IDR would also
be liable to change.

The bank's Individual Rating reflects a relatively liquid balance
sheet, limited refinancing risk, and a small franchise, which,
however, has weathered the competitive pressures for customer
deposits in a challenging operating environment in 2009.  The
rating also reflects increasing credit risks, which, together with
loan book contraction and an increase in lower-yielding liquid
assets, are dampening the bank's financial performance indicators.

Profitability weakened in H110, due to a declining loan book and
high loan impairment charges, which accounted for a high 89% of
H110 pre-impairment profit.  Fitch believes that stagnation in
lending, coupled with LICs linked to further increases in problem
loans, will continue to constrain ABB's financial performance in
2010.

Impaired loans (loans past-due by 90 days) increased to 6.2% of
gross loans at end-H110 (end-2009: 4.3%), and Fitch expects the
ratio to deteriorate further, particularly given the stagnation in
the loan book.  At end-H110, the loan book was split equally
between corporate and retail loans, 80% of which were mortgage
loans.  Headline asset quality ratios however remain better than
the banking sector average (end-H110 non-performing loans at 9.4%
of gross loans); although the performance of the bank's
restructured and renegotiated loans (2.2% and 8.5% of end-2009
gross loans, respectively) will prove key to future asset quality.
Coverage ratios have declined since end-2008 (to 58% of impaired
loans at end-2009 from 127% at end-2008), further to changes in
the loan classification and provisioning requirements by the
Bulgarian National Bank.

Customer funding accounted for 90% of ABB's total funding at end-
H110.  Refinancing risk is mitigated by the bank's small share of
long-term external borrowings.  Liquidity is expected to remain
sound, given the bank's aim to maintain a loans/customer deposits
ratio of no more than 80%.  Capitalization is adequate, but
dependent on internal capital generation, as Fitch understands
from the bank that there are currently no plans for new tier 1
capital injections.

ABB was the 12th-largest bank in Bulgaria at end-2009.  Allianz SE
controls the bank via a 66.1% stake in Allianz Bulgaria Holding, a
Bulgarian holding company, which in turn has a 79.9% stake in ABB.
Fitch's view on the propensity of Allianz SE to support ABB is
based on its majority-ownership and its strategic interest in the
east European region.


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


ARCANDOR AG: Nicolas Berggruen to Revitalize Karstadt Merchandise
-----------------------------------------------------------------
William Launder at Dow Jones Newswires reports that billionaire
investor Nicolas Berggruen, who signed a deal to acquire Karstadt,
is to revitalize the insolvent German retailer's merchandise,
which turned off younger and trend-conscious shoppers in recent
years.

According to Dow Jones, Mr. Berggruen says he's already in talks
with a number of potential retail partners interested in offering
or expanding their product lines at Karstadt.  A previously
announced partnership with U.S. fashion label BCBG Max Azria, part
of Mr. Berggruen's efforts to revitalize Karstadt's look, is also
planned, Dow Jones notes.

New additions to Karstadt's management are also in the works,
although Mr. Berggruen says he himself will steer clear of the
company's day-to-day operations, Dow Jones discloses.

Dow Jones relates Mr. Berggruen says he remains committed to
getting the company back on its feet as a long-term investment and
"doing what is best for Karstadt."  He is also confident that his
relationship with Karstadt's creditors won't stand in the way of
reviving the company, even if several months of heated
negotiations with creditors resulted in strained feelings,
according to Dow Jones.

As reported by the Troubled Company Reporter-Europe on Sept. 6,
2010, Bloomberg News said an Essen court approved the sale of
Arcandor AG's Karstadt department-store chain to billionaire Mr.
Berggruen, ending insolvency procedures which started in June
2009.  Bloomberg disclosed the court released its decision by
e-mail after Mr. Berggruen's bid for the insolvent retailer was
accepted by two groups of creditors on Thursday.  Holders of so-
called mezzanine financing, a combination of debt and equity,
backed the offer hours after the transaction was approved by
creditors of Karstadt's biggest landlord, the Highstreet
partnership, according to Bloomberg.  Bloomberg recalled Mr.
Berggruen signed a contract to acquire Karstadt on June 8 and then
held talks with the retailers' landlords about lower rents.

                       About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


DECO 7: Fitch Affirms Rating on Class H Notes at 'CCsf'
-------------------------------------------------------
Fitch Ratings has affirmed DECO 7 - Pan Europe 2 plc, a commercial
mortgage-backed securitization.  The Outlook on the class A2 notes
has been revised to Stable from Negative.  The rating actions are;

  -- EUR387.0m class A2 (XS0246470214) affirmed at 'AAsf'; Outlook
     Stable

  -- EUR108.5m class B (XS0244895073) affirmed at 'Asf'; Outlook
     Negative

  -- EUR54m class C (XS0244895586) affirmed at 'BBBsf'; Outlook
     Negative

  -- EUR17.6m class D (XS0244896048) affirmed at 'BBB-sf'; Outlook
     Negative

  -- EUR35.8m class E (XS0244896394) affirmed at 'Bsf'; Outlook
     Negative

  -- EUR19.4m class F (XS0246471881) affirmed at 'CCCsf'; assigned
     Recovery Rating 'RR4'

  -- EUR16.4m class G (XS0246474042) affirmed at 'CCCsf'; assigned
     Recovery Rating 'RR6'

  -- EUR35.6m class H (XS0246475445) affirmed at 'CCsf'; assigned
     Recovery Rating 'RR6'

The rating affirmation reflects the relatively stable collateral
performance since the last review in July 2009.  Moreover, the
fully sequential principal pay-down waterfall provides benefit to
the transaction, especially to the class A2 notes which further
supports this tranche's Stable Outlook.

The Karstadt Kompakt loan is the second largest in the portfolio
at 27.6% by loan balance.  The loan is still being worked out by
the primary servicer following the insolvency of the major tenant,
Hertie GmbH, in July 2008.  The loan balance outstanding at the
April 2010 interest payment date was EUR188.7 million compared to
EUR305.6 million at closing.

In its ordinary rating analysis, Fitch typically assumes that
recovery proceeds fall short of property release prices.  In this
case, however, the out-of-court sales program underway since
September 2008 has had a measure of success in that the loan has
de-leveraged due to capture of principal in excess of the
allocated loan amounts.  This suggests that investor interest in
the underlying properties held up, at least through 2009.  There
has been a marked slowdown in sales this year, with release
premiums reduced, and in the case of the last three disposals,
eliminated.  This casts some doubt about the quality of the
remaining properties, as well as the tone of investor sentiment.
Fitch assumes only a gradual and partial re-letting of currently
vacant space to reflect the risk of structural vacancy given the
difficulty letting higher storeys in some of the properties.

The Procom loan (9% of the portfolio) is scheduled to mature in
October 2010.  The portfolio comprises eight predominantly multi-
tenanted neighborhood retail properties located throughout Germany
and includes well-known retailers such as Allkauf/Real (a
subsidiary of METRO AG, rated 'BBB'/Outlook Stable/'F3'), Coop and
Edeka.  Collateral performance is unchanged from a year ago, with
the ICR stable at around 2.5x.  However, the whole loan Fitch LTV
of 100% indicates a successful re-financing could be complicated.

The WFC loan (16.4% of the portfolio) matures in April 2011.  It
is secured over an exhibition centre in Amsterdam flexibly let
under short leases to fashion merchants, which generates
operational risk for this transaction.  While difficult to measure
on the basis of information provided, and in spite of a reported
LTV of 72.9% (based on a valuation as at closing), Fitch believes
the LTV is in excess of 100%, and that the borrower may face
problems in redeeming the loan by its scheduled maturity date.
The level of market value risk on the WFC and Karstadt Kompakt
loans account for the Recovery Ratings on the class F, G and H
notes.


HEAT MEZZANINE: Moody's Cuts Rating on Class C Notes to C (sf)
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of notes of
three collateralized debt obligation transactions backed by non-
granular portfolios of German Small and Medium Enterprise loans.

The rating actions are:

Issuer: H.E.A.T Mezzanine I-2005 S.A.

  -- EUR157.4M A1 Notes, Downgraded to Baa3 (sf); previously on
     Mar 2, 2010 Downgraded to A3 (sf)

  -- EUR25.6M B1 Notes, Downgraded to Caa3 (sf); previously on Mar
     2, 2010 Downgraded to B3 (sf)

  -- EUR8.5M B2 Notes, Downgraded to Caa3 (sf); previously on Mar
     2, 2010 Downgraded to B3 (sf)

Issuer: H.E.A.T Mezzanine S.A. (Compartment 2)

  -- EUR218.4M A Notes, Downgraded to Ba3 (sf); previously on Mar
     2, 2010 Confirmed at Baa2 (sf)

  -- EUR10M Combo Notes, Downgraded to Caa3 (sf); previously on
     Mar 2, 2010 Confirmed at Caa2 (sf)

Issuer: H.E.A.T Mezzanine S.A. - Compartment 3 Notes

  -- EUR233M A Notes, Downgraded to B3 (sf); previously on May 26,
     2010 Downgraded to Ba3 (sf)

  -- EUR31M B Notes, Downgraded to Ca (sf); previously on May 26,
     2010 Downgraded to Caa3 (sf)

  -- EUR25.5M C, Downgraded to C (sf); previously on May 26, 2010
     Downgraded to Ca (sf)

                        Ratings Rationale

Moody's said the rating actions are driven by defaults and credit
deterioration in the underlying pools, as well as greater default
probability stresses applied by Moody's in assessing the credit
quality of the pools in response to higher than expected default
rates.

H.E.A.T Mezzanine I-2005 S.A. has experienced a default of EUR5
million and a prepayment of EUR5 million since last review (
March 2, 2010).  As a result EUR7.3 million of proceeds were
available to pay down the Principal Deficiency Ledger to EUR36.9
million.  There remain 23 performing assets in the pool with an
aggregate notional size of EUR155 million.  These figures are
taken from the latest Investor Report dated July 5, 2010.

Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity (August 10,
2012) of 8.2%, which is consistent with the default probability
level of a B1 rating.  Moody's also looked at a stressed scenario
assuming a higher average default probability for the pool,
consistent with a B2 rating level, returning model results down by
two notches for the Class A notes.

H.E.A.T Mezzanine S.A. (Compartment 2) has experienced one
insolvency with a notional of EUR12.5 million since last review
(March 2, 2010).  At the last payment date EUR1.8 million was
available to pay the PDL down to EUR55.3 million.  There remain 35
performing assets in the pool with an aggregate notional size of
EUR198 million.  These figures are taken from the latest Investor
Report dated July 12, 2010.

Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity (April 13, 2013)
of 12.1%, which is consistent with the default probability level
of a B2 rating.  Moody's also looked at a stressed scenario
assuming a higher default probability for the pool, consistent
with a B3 rating level, which had a one notch negative impact on
model results for the Class A notes.

H.E.A.T Mezzanine S.A. - Compartment 3 has experienced one default
with an aggregate notional of EUR12 million since last review (26
May 2010).  At the last payment date EUR2.9 million was available
to pay the PDL down to EUR78.3 million.  There remain 46
performing assets in the pool with an aggregate notional size of
EUR223 million.  These figures are taken from the latest Investor
Report dated July 16, 2010.

Moody's analyzed the underlying collateral pool to have a weighted
average default probability to scheduled maturity (February 22,
2014) of 17.0%, which is consistent with the default probability
level of a B2 rating.  Moody's also looked at a stressed scenario
assuming a higher default probability for the pool, consistent
with a B3 rating level, which had a one notch impact on model
results for the Class A notes.

The analysis of the underlying pools' credit quality for all three
transactions was based on updated individual credit assessments by
RisckCalc using annual financial statement data for each obligor
in the respective pools.  The latest available financial data of
nearly all of the obligors dates from the financial year 2009.
RiskCalc is an econometric model developed by Moody's KMV.  The
results obtained from the RiskCalc model were initially 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 reports to account for more recent information
on the performance of the underlying obligors.  Various additional
scenarios have been considered for the analysis and include the
application of stresses applicable to concentrated pools with non
publicly rated issuers, as outlined in Moody's Methodology,
"Updated approach to the usage of credit estimates in rated
transactions" (October 2009).  Furthermore, whilst incorporating
information provided by the transaction advisor, Moody's augmented
its assessment of the credit risk of the portfolio by using the
ABS SME Approach referred to below.

The key assumptions Moody's used were these:

1.  Default rates for these pools will likely remain at elevated
    levels, despite improvements in the German economy.

2.  Recoveries on the subordinated loans may be close to zero in
    the majority of cases, particularly when the issuer files for
    insolvency.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  In particular, Moody's looked at the quality of
information provided by the Transaction Advisor, 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.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the ability of the
underlying obligors to refinance the subordinated bullet loans
that make up the securitized pools.

Sources of additional performance uncertainties include:

1) Low portfolio granularity: The performance of the portfolio
   depends to a large extent on the credit conditions of a few
   large obligors that are rated non investment grade, especially
   when they experience jump to default.  Due to all three pools'
   lack of granularity, Moody's supplements its base case scenario
   with individual scenario analysis

2) The deals have pay-fixed receive-floating interest rate swaps,
   based on the current outstanding size of the floating rate
   notes, that are currently out of the money.  If fixed rate
   assets prepay or default at a faster rate than the notes can be
   paid down, there would be less cushion between the swap
   notional and the amount of fixed assets, resulting in larger
   cash payments to the hedge counterparty as a proportion of the
   interest collected by the Issuer.  In such cases, payments to
   hedge counterparties may consume a larger or all portion of the
   interest proceeds, leaving the transaction, especially with
   respect to the junior fixed notes, with poor interest coverage.

Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.7TM, to generate default and
recovery scenarios for each asset in the portfolio, and computes
the associated loss to each tranche in the structure via Moody's
EMEA Cash-Flow model.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model/CDOROMTM.

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 parties
involved in the ratings, parties not involved in the ratings,
public information, and 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 Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


PORTFOLIO GREEN: Moody's Confirms 'Caa3' Rating on Class G Notes
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the Classes B, C and D Notes issued by Portfolio GREEN
German CMBS GmbH.  At the same time, Moody's confirmed the ratings
of the Classes E, F and G Notes (amounts reflecting initial
outstandings):

  -- EUR40M Class B Secured Floating Rate Notes due 2050, Aa1 (sf)
     Placed Under Review for Possible Downgrade; previously on Apr
     9, 2009 Downgraded to Aa1 (sf)

  -- EUR40M Class C Secured Floating Rate Notes due 2050, A2 (sf)
     Placed Under Review for Possible Downgrade; previously on Dec
     21, 2009 A2 (sf) Remained On Review for Possible Upgrade

  -- EUR35M Class D Secured Floating Rate Notes due 2050, Baa3
     (sf) Placed Under Review for Possible Downgrade; previously
     on Dec 21, 2009 Baa3 (sf) Remained On Review for Possible
     Upgrade

  -- EUR20M Class E Secured Floating Rate Notes due 2050,
     Confirmed at Caa1 (sf); previously on Dec 21, 2009 Caa1 (sf)
     Remained On Review for Possible Upgrade

  -- EUR12M Class F Secured Floating Rate Notes due 2050,
     Confirmed at Caa2 (sf); previously on Dec 21, 2009 Caa2 (sf)
     Remained On Review for Possible Upgrade

  -- EUR4M Class G Secured Floating Rate Notes due 2050, Confirmed
     at Caa3 (sf); previously on Dec 21, 2009 Caa3 (sf) Remained
     On Review for Possible Upgrade

Moody's did not assign ratings to the Class H Notes.

1) Transaction Overview and Current Performance

In this transaction, Lehman Brothers Bankhaus AG sold its economic
interest in claims for interest and principal under a portfolio of
mortgage loans granted to individual and corporate borrowers in
Germany to the Issuer.  The legal title in the underlying loans
and respective collateral was ultimately transferred to the
Collateral Agent (Florian (No.3) GmbH).  The initial 416 mortgage
loans with a principal balance of EUR585.4 million were combined
into 98 borrower groups.  The loans are secured by commercial
properties, including office (40% of the current pool), retail
(15%), residential (13%), mixed-use (13%) and other types
including hotel and nursing homes (19%) located in Germany.

Since closing of the transaction in November 2007, the number of
loans decreased to 256, the number of borrower groups decreased to
61 and the outstanding balance decreased to EUR300.5 million (51%
of the total balance at closing) as per last interest payment date
in July 2010.  Approximately 31% of the current loan pool is
represented by the largest borrower group (G13) with a total loan
balance of currently EUR97.3 million.  The average size of a
borrower group of the remaining 69% of the pool is approximately
EUR3.4 million.

As of July 2010, two borrower groups (2.3% of the current pool)
reported amounts in arrears of approximately EUR45,023 and one
borrower group (0.7% of the pool) was transferred into special
servicing.

On the IPD in July 2010, an amount of EUR4.1 million was drawn
from the liquidity facility.  The drawing mainly resulted from (i)
lesser collections for the collection period preceding the July
2010 IPD.  An amount of collections in excess of EUR1.0 million
was not transferred to the Transaction Account in time for
distribution.  Such collections however will be available and be
taken into account on the October 2010 IPD.  And, (ii) fees and
expenses incurred on the Portfolio over the course of the
transaction from the cut off date up to the July 2010 IPD but only
accurately reflected in the reports for the July 2010 IPD,
together with legal fees and Portfolio Prime Servicing expenses,
incurred during the collection period immediately preceding the
July 2010 IPD.

On August 3, 2010, Moody's received a notice from the issuer which
provided an update on court proceedings initiated by a borrower.
The borrower had protested against the transfer of the loan
receivable to the Collateral Agent shortly after being informed of
such transfer.  The principal amount of the loan is approximately
EUR1.1 million (0.4% of the current pool).  The proceedings at
both the District Court and the Higher Regional Court ended with
rulings against the borrower.  The borrower has now filed a
further appeal to the Federal Court of Justice.  The outcome of
this appeal is pending.

2) Rating Rationale

The review for downgrade action of the Classes B, C and D Notes is
driven by the deterioration and increased volatility of the cash
flows generated by the properties securing the two largest
borrower groups (39% of current pool) and the resulting decline of
the respective property values.  This action amends the previous
review for upgrade status of the Classes B, C and D Notes.
Moody's believes that the overall weaker than initially expected
credit aspects of the pool outweighs the positive aspect of the
replacement of the swap counterparty for which classes C to G had
been placed on review for upgrade on 21 October 2009.  Based on
Moody's current assessment, the rating agency believes that the
current rating levels of the Classes E, F and G Notes are
commensurate with the weakened credit profile of the pool.

In Moody's view, the overall default risk of the pool has
increased compared to closing.  For its preliminary assessment,
Moody's selected the two largest borrower groups due to the
relative size in relation to the total portfolio, the decline of
the value of the property security and the recent updates provided
by the Portfolio Sub-Servicer.

Borrower Group G13 (31% of the current pool): The borrower group
is comprised of two loans with a total current loan balance of
EUR97.3 million.  The average remaining loan term to the reset
date and maturity date are, respectively, 3.8 years and 35.1
years.  The current weighted average U/W LTV is 82%.  The
collateral is a single office property located in Munich and since
closing the U/W market value of EUR142.4 million has not been
updated.  The asset is fully occupied and provides a total of
74,833 sqm of office space.  Approximately 99% of the annual
rental income is contributed by Deutsche Bahn AG (Aa1).  An equal
ranking loan, not securitized in the transaction, in relation to
the first ranking mortgage currently amounts to EUR20.1 million.

According to the Portfolio Sub-Servicer, the fixed-term lease
contract of Deutsche Bahn AG (accounting for approximately 70% of
the lettable area) expired in Q1 2010.  However, the tenant is
still in occupancy due to the subsequent lease rollover subject to
a nine months notice period.  The borrower is currently in
negotiations with the tenant to extend the lease.  For the purpose
of its analysis, Moody's assumes the renewal of a long-term lease
and lower rental cash flows.  Moody's expects a further update on
the final economic terms of the new lease and the level of net
operating income.

In its preliminary assessment Moody's adjusted the property value
down to reflect a potential decline in rental cash flow resulting
from the new lease terms.  Moody's anticipates a significant
increase in the expected default rate for this borrower group at
its reset date in July 2014.  The higher refinancing default risk
mainly results from the high leverage of the borrower group in
2014 particularly taking into account the equal ranking claim.

Borrower Group G11 (8% of the current pool): The borrower group is
comprised of two loans with a total loan balance of currently
EUR28.0 million.  The average remaining loan term to the reset
date and maturity date are, respectively, 3.1 years and 19.8
years.  The current weighted average U/W LTV is 56%.  The
collateral is a single mixed use property located in Seeshaupt, at
the Lake Starnberg, and since closing the U/W market value of
EUR50.3 million has not been updated.  The property comprises
three buildings.  One of the buildings provides 120 units for
senior living, another functions as a hotel with 31 bedrooms and
the third building is used for administration office.

According to the Portfolio Sub-Servicer, the current net operating
income of the property for 2010 has fallen by about 67% to EUR1.0
million from the EUR3.0 million that had been initially
anticipated.  The reasons for the reduced rent are: (i) commencing
January 2010, the borrower and the tenant agreed to re-negotiate
the rent on an annual basis and (ii) extension and maintenance
works at the property resulted in additional vacancies and a
general rent reduction for the tenants.  Currently the shortfall
of the loans' debt service is borne by the sponsor.  As yet, no
public information is available as to whether the rental income
will increase in the future.

In its preliminary assessment Moody's took into account the lower
rental cash flow, the current uncertainties regarding future
rental income and the impact on the property's market value.
Based on its reassessment, Moody's anticipates an increased
default risk for the borrower group during the term and at the
reset date in September 2013.

In its review process, Moody's will take into account (i) a
further in depth review of the remaining borrower groups, (ii)
potential implications of the drawings under the liquidity
facility of the Issuer to date and in particular on the July 2010
IPD and (ii) the pending court proceedings concerning the validity
of the transfer of a loan receivable initiated by a borrower.


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


ALLIED IRISH: BNP Paribas Offers "Aggressive Price" for Zachodni
----------------------------------------------------------------
Piotr Skolimowski at Bloomberg News, citing Rp.pl, the
Rzeczpospolita newspaper's Web site, reports that BNP Paribas SA,
France's biggest bank, is offering to pay "the most aggressive"
price for a controlling stake in Bank Zachodni, Allied Irish Banks
Plc's Polish unit.

According to Bloomberg, a person close to the deal, as cited by
Rp.pl, said Allied Irish is seeking from PLN210 to PLN215 per
Zachodni share.

As reported by the Troubled Company Reporter-Europe, Bloomberg
said Allied Irish is selling its stake in Zachodni as it seeks to
raise EUR7.4 billion (US$9.4 billion) to reach new capital
standards.

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: Sold Nearly EUR400 Million of Loans on US Books
------------------------------------------------------------
The Sunday Tribune reports that Mike Aynsley, Anglo Irish Bank's
chief executive, said the lender has sold nearly EUR400 million of
loans on its US books in recent weeks at levels above impairment,
meaning it can take "something back out of the provisions".

Mr. Aynsley would not be drawn on the nature of the loans but the
bank put EUR350 million of loans on New York hotels on the market
in June, the report notes.

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

                           *     *     *

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

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


ANGLO IRISH: NAMA to Decide Fate of Proposed Headquarters
---------------------------------------------------------
Shane Phelan and Treacy Hogan at Irish Independent report that the
National Asset Management Agency is expected to have the final say
on whether the proposed "ghost" headquarters of Anglo Irish Bank
is finished or sold off.

The eight-storey shell building, part of a package of developments
now controlled by NAMA, was used as security on loans that NAMA
acquired from developer Liam Carroll, the report discloses.

According to the report, the agency must now decide whether it can
get a better deal for taxpayers by finishing the building in the
Dublin docklands and selling it, or offering it for sale in its
current state.

The value is likely to increase significantly as a result of
Thursday's planning approval by An Bord Pleanala for the project
to be completed, the report notes.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 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'.


EBS BUILDING: Mulls EUR750 Million Bond Offering
------------------------------------------------
Joe Brennan at Bloomberg News, citing The Sunday Times, reports
that EBS Building Society is slotted to launch a EUR750 million
bond offering following Bank of Ireland, subject to market
conditions.

Gerry O'Sullivan, a spokesman for EBS, declined to comment,
Bloomberg notes.

EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service downgraded the non-cumulative Tier
1 instruments of EBS Building Society to Ca from Caa1 (issued
through EBS Capital No1 S.A.), and the dated subordinated debt one
notch to Baa1 from A3.  These rating actions follow the issuance
of a "Special Investment Share" to the Irish government that is
similar in scope to a nationalization, and the forthcoming
issuance of a Promissory Note to the government that will provide
capital to the society.  The other ratings of the society
including the D BFSR, the A2 long-term bank deposit and senior
debt rating and the Aa1-rated government guaranteed debt were all
unaffected.


FERNDALE LEISURE: AIB Appoints Tom Kavanagh as Receiver
-------------------------------------------------------
InsolvencyJournal.ie reports that Tom Kavanagh, founding partner
of insolvency specialists kavanaghfennell, has been appointed as
receiver over Ferndale Leisure, the folding company behind
Knochanally Golf Club, by AIB.

According to the report, the golf club continues to trade and the
receiver is currently working with the club's committee to make
arrangements for its future.

Knockanally Gold Club in Co. is located in Co. Kildare.


FINTRA: Lack of Profitable Opportunities Prompts Closure
--------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times, reports that Fintra
is to close because its manager believes there is a lack of
profitable opportunities on the Irish stock market.

According to the report, the fund raised EUR50 million in 2007 and
substantially outperformed the Dublin market over its three years
in existence, but still delivered a 5.6% loss to investors.

Fintra is an Irish hedge fund.


SEAN O'CEALLAIGH: High Court Freezes Accounts
---------------------------------------------
InsolvencyJournal.ie reports that the High Court froze the
accounts of the Sean O'Ceallaigh & Co after hearing one of the
partners, Ruairi O'Ceallaigh, had used almost EUR2.5 million of
clients' money to gamble on stocks and shares.

According to the report, there is also a liability of EUR1.5
million caused by double-mortgaging properties.

The report relates the court heard that his brother Cormac
O'Ceallaigh is willing to be attached to his brother's debts in
relation to the double-mortgaging.

The firm speculated that it may be left owing EUR750,000 in
relation to the client fund shortfall, the report discloses.

The solicitors firm is also the subject of proceedings by National
Irish Bank and businessmen Dermot Kidd and Mathew Reilly, the
report notes.

Sean O'Ceallaigh & Co is an Irish law firm.


SHERLAND ENTERTAINMENTS: Caf‚ Bar Deli Closes Over Unpaid Rent
--------------------------------------------------------------
Colm Keena at The Irish Times reports that Jay Bourke's Cafe Bar
Deli restaurant in Ranelagh, Dublin, has closed.

According to the report, the landlords of the premises are
understood to have been in the process of repossessing the
building for the non-payment of rent when the outlet closed.

The report relates landlords, Peter O'Gorman and Elizabeth
O'Gorman, of Blackrock, Co Dublin, secured a judgment for
EUR141,250 against Mr. Bourke's company, Sherland Entertainments,
in July.  They also secured a judgment for EUR17,000 against
Mr. Bourke personally, the report notes.


* IRELAND: Banks May Default on Limited Amount of State-Owned Debt
------------------------------------------------------------------
The Sunday Tribune reports that Societe Generale, a market-maker
for Irish sovereign bonds on behalf of the National Treasury
Management Agency, has suggested Irish banks could default on a
limited amount of "state-owned" debt after the government blanket
guarantee expires on September 29.

The report relates in a research note last Friday, Ciaran O'Hagan,
head of rates research at the bank in Paris, said default on
"some" banking debt could "make sense".

According to the report, Mr. O'Hagan said that under no
circumstance was he advocating a bank such as Anglo Irish to
default on any bank bond debt issued under the government's
Eligible Liabilities Guarantee, which the EU has allowed to be
extended to the end of the year.

"An Irish default on some of its state-owned bank debt after 29
September actually could benefit the sovereign if properly
managed," the report quoted Societe Generale, as saying, adding "a
massive transfer of costs and risks" had been moved from "defunct
banks to the taxpayer".  It said reversing that process could now
benefit taxpayers, the report notes.


===========
L A T V I A
===========


* Fitch Affirms Latvia's 'BB+' Rating; Changes Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Republic of Latvia's Outlooks to
Stable from Negative.  Fitch has simultaneously affirmed Latvia's
Long-term foreign currency Issuer Default Rating at 'BB+', Long-
term local currency IDR at 'BBB-', and Short-term foreign currency
IDR at 'B'.  The agency has also affirmed the Country Ceiling at
'BBB'.

"Financial and economic stabilization in Latvia, and an
improvement in the country's external liquidity, supports the
revision of the rating Outlook to Stable," said Douglas Renwick,
Associate Director in Fitch's Sovereign group.  "Although Latvia's
fiscal deficit remains high, consolidation measures enacted to
date have been substantial.  Fitch expects further budget
tightening over the coming year, even if a change of government
follows October's elections."

Fitch notes that the country's macroeconomic imbalances are being
unwound convincingly.  The current account swung into a surplus of
9.8% of GDP in 2009, compared with a deficit of 22.3% of GDP in
2007.  Meanwhile, wages are falling in nominal terms and unit
labor costs were down 23% y-o-y in Q110.  The agency expects this
process of "internal devaluation" to continue over the medium term
and considers it a painful, but necessary adjustment in the
absence of nominal exchange-rate flexibility.

Public finances are the key rating driver with respect to Latvia's
rating.  The overall fiscal deficit reached 9% of GDP in 2009 and
would have been much higher without government measures to contain
it.  Fitch expects the deficit to narrow to 8.5% this year,
despite a continued negative cyclical effect.

Further budget tightening measures will be required by the next
government if public debt sustainability is to be restored.
Although there is a possibility of a change in government
following the October 2010 parliamentary elections, there is a
high degree of consensus across the Latvian establishment
regarding the need for consolidation to fulfill the long-standing
aim of adopting the euro.

The sustained implementation of austerity measures will be
challenging and the size of the deficit amplifies policy risk.
Fitch forecasts that continued fiscal retrenchment will contain
the government debt/GDP ratio at a peak of 51% at end-2012.
However, the possibility of fiscal slippage is a downside risk to
the rating as it would threaten debt sustainability and market
confidence.

The degree of economic stabilization in Latvia is encouraging.
Quarterly GDP growth was mildly positive in the first half of the
year, with exports and industrial production both returning to
growth.  Fitch is forecasting an export-led recovery over the
medium-term, but with overall GDP growth remaining below-trend
until 2012.

Financial markets have also stabilized to a significant degree.
The 3m interbank rate declined to 0.9% at end-August, from an
average of 11% in 2009.  The improvement in market conditions has
allowed the government to extend maturities on its domestic debt.
Short-dated T-bills have been retired and partly replaced with
one-, two- and three-year bonds.  The liquidity position of the
banking system is strong.

Bank asset quality is nonetheless poor (19% of loans were non-
performing in June) and the system required capital injections of
8.8% of GDP during 2009-H110, mostly from Nordic parent banks.  A
total 60% of the system is foreign-owned, which lends support to
the ratings as it limits the contingent liability to the
sovereign.

Latvia's external finances have improved with the disbursement
EUR4bn (21% of GDP) of official financing to date.  Significant
net private sector capital outflows started in Q408 and continued
through to April 2010, mainly reflecting the deleveraging of the
banking system.  While this at first was largely due a loss of
confidence, it is also a result of the private sector's shift into
surplus.  Reserves have fully recovered after falling
significantly in early 2009.  However, given the large stock of
private external debt outstanding, Latvia's liquid asset cover of
maturing debt remains lower than rating peers.

Latvia's ratings are supported by underlying political and
institutional strengths, highlighted by its EU membership, and a
per capita income level much higher than most rating peers.


=====================
N E T H E R L A N D S
=====================


QUEEN STREET: S&P Raises Rating on Class E Notes to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Queen Street CLO II B.V.'s class A, B, C, D, and E notes.

The rating actions follow S&P's assessment of trends that S&P has
observed in the transaction over several months, including an
increase in the aggregate collateral balance, a reduction in the
level of defaulted assets in the underlying portfolio, and an
increase in the proportion of assets rated 'BB-' or higher.

S&P has also observed an increase in the portfolio's weighted-
average spread (WAS) to 2.86% from 2.70%.  However, for rating
stability, S&P assessed scenarios in its analysis where the WAS
stayed at 2.86% and where it returned to 2.70%.  S&P's analysis
indicated that the class B and C notes were sensitive to the
changing WAS and S&P took this into account in its rating action.

In S&P's view, the developments mentioned above have helped
increase the credit enhancement for all classes of notes since S&P
last took rating action on the transaction in February 2010.

In S&P's opinion, the credit enhancement available to the class A,
B, C, D, and E notes is now at a level consistent with a higher
rating than previously assigned.  S&P has therefore raised its
ratings on these classes.

Queen Street CLO II is a cash flow collateralized loan obligation
collateralized by a pool of primarily European leveraged loans.
The transaction closed in June 2007 and is managed by Indicus
Advisors LLP (London).

                          Ratings List

                     Queen Street CLO II B.V.
?464 Million Senior Secured Floating-Rate and Subordinated Notes

                          Ratings Raised

                                    Rating
                                    ------
              Class           To              From
              -----           --              ----
              A-1             AAA (sf)        AA+ (sf)
              A-2             AA+ (sf)        AA- (sf)
              B               A+ (sf)         BBB+ (sf)
              C               BBB (sf)        BB+ (sf)
              D               BB+ (sf)        B+ (sf)
              E               B+ (sf)         CCC+ (sf)


===========
P O L A N D
===========


POLSKI KONCERN: Fitch Gives Stable Outlook; Affirms 'BB+' Rating
----------------------------------------------------------------
Fitch Ratings has changed Polish oil refining and marketing
company Polski Koncern Naftowy ORLEN S.A.'s Outlook to Stable from
Negative.  Fitch has also affirmed the company's Long-term foreign
and local currency Issuer Default Ratings at 'BB+', its foreign
and local currency senior unsecured ratings at 'BB+' and Short-
term foreign and local currency IDRs at 'B'.

The Outlook change reflects moderate improvement in market
conditions for the European refining and petrochemical sector from
the lows of 2009.  It also takes into account PKN's improved cash
flow generation and credit ratios in H110.  Fitch takes a positive
view of the company's efforts to increase financial flexibility by
optimizing working capital and monetizing part of its compulsory
stock of crude oil.  This is important given Fitch's belief that
the outlook for oil refining remains challenging over the short-
to-medium term on the back of difficult conditions in July and
August 2010.  In addition, PKN's capex plan for 2010 is
significant at PLN3 billion-PLN3.5 billion (in addition to the
PLN0.6bn deferred payment from 2009) in relation to funds from
operations.  Lower annual capex is planned for 2011-2012, which
Fitch anticipates will improve PKN's free cash flow generation.

Fitch's anticipates that the company will continue to reduce debt,
which is one of management's strategic targets, and supports the
Stable Outlook.  PKN's leverage ratio, excluding the inventory
holding result (defined as net debt to Fitch-adjusted LTM EBITDA
excluding inventory holding results, but including the Polkomtel
dividend), improved to 2.7x at end-H110 from 3.8x at end-H209.
This ratio remains relatively high compared with that of PKN's
immediate peer group.  The leverage ratio including the inventory
holding result, calculated by the company as per its bank loan
covenant definition, improved to 1.9x at end-H110 from 2.5x at
end-H209.  The company now has good headroom within the main
financial covenant of 3.5x in case market conditions worsen.
Fitch believes the Q410 planned sale of a second tranche of
compulsory inventory will further improve financial flexibility.

PKN's solid liquidity is supportive of the rating affirmation.  At
end-June 2010 short-term debt of PLN2.7 billion was covered by
unrestricted cash of PLN2.1 billion, and unused committed bank
facilities of more than EUR1 billion (PLN4.15 billion) due in
2012.  Refinancing risk is expected to increase in 2012, however,
when PLN7.5 billion or about 63% of outstanding debt becomes due.
Fitch anticipates PKN will actively address the 2012 refinancing
risk well ahead of debt maturities.

Further positive rating action would depend on positive cash flow
generation and progress in the implementation of the group's
deleveraging plans.  Fitch understands such plans include non-core
asset disposals and a structural change in the funding of
compulsory inventory of crude oil and products in Poland via an
increased role of the state in maintaining compulsory stock.  The
latter would reduce PKN's substantial financial burden by gradual
sale of mandatory inventory to the state over the medium term.

Negative rating action could result from a failure to further
improve leverage ratios (excluding inventory holding
gains/losses), for example, due to a slower recovery in refining
profits than currently envisaged by Fitch.


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


MY BANK: Moody's Changes Outlook on 'E+' Rating to Negative
-----------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on these global scale ratings of My Bank: E+ Bank
Financial Strength Rating, B3 long-term local and foreign currency
deposit ratings and B3 long-term senior unsecured debt ratings.
At the same time, the bank's Not Prime short-term local and
foreign currency ratings were affirmed.  Concurrently, Moody's
Interfax Rating Agency has affirmed the bank's Baa3.ru long-term
national scale rating.  National scale ratings carry no specific
outlook.  Moscow-based Moody's Interfax is majority owned by
Moody's, a leading global rating agency.

                        Ratings Rationale

Moody's notes that the change of My Bank's rating outlook to
negative reflects the rating agency's concerns that: (i) the
bank's risk profile has been deteriorating in 2010, which is
mainly due to a considerable increase in the assumed market risk
(investments in financial instruments more than doubled as at
August 2010 compared with year-end 2009, and over the same period
investments in equity instruments also almost doubled), (ii) the
bank's capital adequacy has also weakened since 2009 (equity-to-
assets ratio has been steadily decreasing from 16.2% as of June
2009, to 9.3% as of August 2010) and (iii) the bank's recurring
profitability remained negative in H1 2010.

Moody's believes that these negative developments in My Bank's
credit quality are unlikely to undergo a rapid reversal and,
therefore could pose a challenge to the sustainability of the
bank's franchise in the medium term in the absence of external
support.

In that regard, Moody's notes that My Bank's main shareholder has
continued to provide extensive support to the bank in the past
several years -- additional capital amounting to around 10% of the
bank's present assets was injected into the bank via direct
subsidies and subordinated loans, and the shareholder has
expressed his commitment to further support the bank.

Moody's notes that further negative pressure could be exerted on
My Bank's ratings if the bank fails to (i) improve its risk
profile, (ii) replenish its capital to a more sustainable level
and (iii) improve its recurring income generation capacity.

Moody's previous rating action on My Bank was on November 23,
2007, when B3 long-term and Not Prime short-term senior unsecured
debt ratings were assigned to the bank's local currency-
denominated bond.

Based in Moscow, Russia, My Bank reported total assets of RUB18
billion (US$576 million) as at June 30, 2010, and net income of
RUB59 million (US$1.9 million) for H1 2010 according to Russian
Accounting Standards (unaudited).


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


BRITISH AIRWAYS: Has 12 Potential Merger Targets
------------------------------------------------
Michelle E. Frazer at Bloomberg News reports that British Airways
Plc said it has identified about 12 airlines that would be
attractive to International Airlines Group, the company being
formed by the U.K. carrier's merger with Iberia Lineas Aereas de
Espana SA.

Bloomberg relates BA said in an e-mailed statement on Sunday the
airline and Iberia narrowed the list of potential targets from an
initial pool of about 40.  A spokeswoman for British Airways
declined to identify the companies on the list when contacted by
phone, Bloomberg notes.

Meanwhile, Bloomberg discloses BA Chief Executive Officer Willie
Walsh was in Mumbai this weekend to announce a code-share
agreement with Kingfisher Airlines Ltd., India's second-biggest
carrier.

Pilita Clark at The Financial Times reports that while Mr. Walsh
refused to name airlines on his list and cautioned that no talks
had begun with possible partners, Kingfisher will be seen as a
likely target.

                      About British Airways

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

                           *     *     *

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


CHARTER FINANCIAL: Directors Disqualified Following Probe
---------------------------------------------------------
Christopher Lake and Stephen Knight, the directors of a group of
companies which claimed to sell financial and other business
opportunities to people with poor credit histories, have been
disqualified from acting as company directors for a total of 16
years following an Insolvency Service investigation.

The disqualifications come after an investigation into the
activities of Lake and Knight who ran Charter Financial Solutions
Limited; Charter Financial Solutions (UK) Limited; Finance Select
(UK) Limited; Bounce World Limited and Trash Express Limited.  All
the companies were all based in Macclesfield, Cheshire.  Each
company was ordered into liquidation, on the grounds of public
interest on May 22, 2009.

Insolvency Service investigators found the directors had
deliberately given false information to a high street bank in
connection with an application for a bank account for Finance
Select (UK) Limited.  The directors wrongly stated they had never
been associated with a business that had a court order of a debt
registered against it.

Commenting on the case Stephen Speed, Chief Executive of The
Insolvency Service, said; "Companies providing deliberately
misleading information to lenders and potential investors is
serious misconduct and it undermines the confidence the public
have in business.  I hope the disqualification periods secured in
this case sends a clear and simple message to other company
directors.  The Insolvency Service has strong enforcement powers
and we will not hesitate to use them to remove dishonest or
reckless people from the business environment."

In signing their Company Director Disqualification Undertakings
Messrs. Lake and Knight accepted they had:

     * caused or allowed Charter Financial Solutions Limited,
Finance Select (UK) Limited and Bounce World Limited to be
marketed to the public as involving a well-established and
successful business model when, as they knew or ought to have
known, the business model was in fact unsuccessful and flawed and
had not been long-established;

    * knowingly or recklessly caused or allowed the foregoing
three companies (and Mr. Lake additionally in Trash Express UK
Limited) to make misleading statements to franchisees and
prospective franchisees, including misleading statements as to the
success and prospective income which franchisees could expect to
achieve;

    * knowingly caused or allowed Charter Financial Solutions
Limited and Finance Select (UK) Limited to publish false and
misleading testimonials for the services offered; and

    * knowingly or recklessly provided false information to the
Office of Fair Trading in an application by Finance Select (UK)
Limited for a consumer credit license.

Members of the public who think they know of a person who is
acting in breach of a Director Disqualification Order or
Undertaking can report them to The Insolvency Service Enforcement
Hotline on 0845 601 3546.

Messrs. Lake and Knight both signed eight year Director
Disqualification Undertakings on July 26, 2010.


FLIGHT OPTIONS: In Administration
---------------------------------
Andrew Poxon and John Titley were appointed as Joint
Administrators on September 2, 2010, of Flight Options Limited,
which was trading principally as Kiss Flights under ATOL 4233.
The company ceased trading on August 17, 2010, and is not in a
position to fulfill any customer bookings.

Details of how customers can make a claim are available on the
Civil Aviation Authority's Web site http://www.caa.co.uk/

Flight Options is a budget travel firm based in London.


HORIZON LTD: S&P Withdraws 'CCC-' Rating on Class A Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC- (sf)' credit
rating on the class A notes in Horizon Ltd.'s $72.5 million
secured floating-rate credit-linked transaction.  At the same
time, S&P lowered to 'D (sf)' from 'CCC- (sf)' its credit ratings
on the class B, C, and D notes (see list below).

The rating actions follow the arranger's notification to us that
the transaction has redeemed early.  The withdrawal of the rating
on the class A notes reflect that, following redemption, the class
A noteholders received their full principal amount.  The
downgrades to 'D (sf)' of the class B, C, and D notes reflect that
these noteholders did not receive their full principal amount.

Horizon Ltd. is a European collateralized debt obligation of
asset-backed securities arranged by AIG Financial Products Corp.
It closed on May 27, 2004, and had a legal final maturity of
May 27, 2079.

                           Ratings List

                           Horizon Ltd.
   US$72.5 Million Secured Floating-Rate Credit-Linked Notes

                         Rating Withdrawn

                                  Rating
                                  ------
                 Class       To            From
                 -----       --            ----
                 A           NR            CCC- (sf)

                         Ratings Lowered

                                  Rating
                                  ------
                 Class       To            From
                 -----       --            ----
                 B           D (sf)        CCC- (sf)
                 C           D (sf)        CCC- (sf)
                 D           D (sf)        CCC- (sf)

                         NR -- Not rated.


LLOYD'S SYNDICATE: Moody's Affirms 'Ba1' Subordinated Debt Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed the A2 Insurance Financial
Strength Rating of Lloyd's Syndicate 2007 - Novae Syndicates
Limited and the Ba1 Novae Group Plc subordinated debt rating, both
with a stable outlook.  The affirmation reflects both the ongoing
stability of Novae's underlying business and the aggregate
financial position of the Central Resources of the Lloyd's of
London insurance market.

Novae Syndicate 2007 operates in the Lloyd's of London insurance
market and is (from 2010 onwards) entirely backed by Novae Group
plc.  Moody's stated that the A2 IFSR on Syndicate 2007 reflects
its franchise as a leading syndicate within its core business
areas in the Lloyd's market and its very good business
diversification.  This is offset by Novae's (including run-off
entities) significant gross underwriting leverage (gross premiums
written and gross loss reserves relative to shareholders' equity
adjusted for high risk assets) and the impact of historical
reserving adjustments on its ongoing business' profitability,
albeit that these factors are mitigated by the decreasing level of
adverse reserve adjustments and reinsurance recoverables in more
recent years and the overall quality of the reinsurance
recoverables.

Novae Group plc, whose main operating subsidiary is its Lloyd's
operation has recently reported interim 2010 results of a post-tax
profit of GBP10.8 million (H1 2009: loss of GBP10.5 million,
although the improvement in 2010 was largely driven by a notional
foreign exchange swing on non-monetary items of nearly GBP18
million), and net assets of GBP319 million (YE 2009: GBP314
million).  Novae also announced in late 2009 that Novae Insurance
Company Limited's business has been renewed into Syndicate 2007,
effective January 1, 2010.

Novae also recently announced the creation of Novae Re, a
reinsurance business to underwrite in both London and Zurich, a
move which Moody's considers will further diversify the Group's
underwriting risk as the business becomes more established.

As a business operating within Lloyd's, Novae Syndicate 2007
benefits from the Lloyd's franchise and the Central Resources
underpinning the limited mutuality of the market.  Moody's
elaborated that its rating policy for individual syndicate ratings
was to evaluate syndicates on a stand-alone basis and then
consider the extent of Central Resources, including the Lloyd's
Central Fund, to provide enhancement to individual syndicate
ratings, with potential access to Central Resources being
considered as a positive factor in the ratings.

Moody's stated that Lloyd's overall aggregate financial position
had been steadily improving since 2001, with Central Resources
also steadily improving.  Lloyd's on an aggregate, proforma basis
delivered an excellent return on average equity of 24% for 2009,
on an annually accounted basis, with its 5 year average return on
average equity being almost 20%, despite the inclusion of the 2005
hurricane season.  Unencumbered Central Resources, net of losses
from run-off members, are estimated at 13% of GPW at 31 December
2009 compared to circa 5% of GPW at 31 December 2003, a
significant improvement in Moody's opinion.

In the same rating action, Moody's affirmed the Ba1 rating on
Novae Group plc's GBP100 million subordinated notes due 2017,
although as at year end 2009 and following debt buybacks, the
outstanding balance was GBP69.1 million.  Moody's said that the
Ba1 subordinated debt rating had a stable outlook, reflecting
Moody's view of the Group's stand-alone credit quality.  Whilst
the Lloyd's Central Fund potentially provides support to Lloyd's
policyholders, it does not afford the same protection to
bondholders and thus the Ba1 debt rating reflects Moody's standard
practice for notching European insurance companies.

Commenting on what could lead to a future positive rating action,
Moody's noted that this would likely be driven by some combination
of improvements in Lloyd's overall financial aggregate position
and improvements in Novae's underlying business.  Specifically,
positive rating action could occur if Novae consistently delivered
cross-cycle returns on average capital of at least 7%, if
reinsurance recoverables remained consistently below 125% of
equity and if financial leverage was consistently below 25%.

Conversely, Moody's noted that negative rating action would be
triggered by a meaningful deterioration in Lloyd's financial
position and/or if Novae produced annual returns on capital below
5%, if Novae's leverage exceeded 35% or if gross underwriting
leverage exceeded 6x.

These ratings were affirmed with a stable outlook:

* Lloyd's Syndicate 2007: A2 Insurance financial strength rating
* Novae Group Plc: Ba1 subordinated debt rating

Moody's most recent rating action on Lloyd's Syndicate 2007, Novae
Group plc's principal insurance operation, was on September 17,
2007, when the rating agency upgraded the syndicate's insurance
financial strength rating to A2, stable outlook and affirmed the
Ba1 subordinated debt rating.

Novae Syndicate 2007 is a leading Non-Marine orientated syndicate
backed 100% by Novae Group plc for the 2010 Year of Account, which
operates in the Lloyd's of London insurance market.


ROYAL BANK: Mulls 3,500 Job Cuts Following Santander Sale
---------------------------------------------------------
BBC News reports that Royal Bank of Scotland is planning to cut
3,500 jobs from its technical and back office division in the UK.

According to the report, about a third of the job losses are a
result of RBS selling 318 of its branches to Santander, reducing
its number of customers and transactions.

The jobs being cut include some 1,000 in IT support and 2,500 in
support services to its other businesses, the report discloses.
The report relates bank has told staff that up to 12 offices could
close in England, with some jobs added in Greenock and Edinburgh.

The centers set for closure or downsizing in 2011 are Leeds,
Bolton, Enfield and Harrogate, the report states.

The bank has been told by the European Commission to reduce its
number of branches in order to safeguard competition concerns
after it was bailed out by the UK government during the financial
crisis, the report notes.

The government still holds an 84% stake in the bank, the report
says.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, were unaffected.


TROY VILLAGE: Ely Property Group Takes Over Management
------------------------------------------------------
The Directors of Ely Property Group, the Dublin-based student
accommodation group, has taken over the management of the 180-bed
Troy Student Village serving the University of Limerick.  The move
follows the complex being placed into receivership in mid August
after the collapse of Clare developer, Bellisle Properties.

Under the agreement reached with the Receiver, Brian McEnery of
Horwarth Bastow Charleton Accountants in Limerick, Ely Property
Group will now be responsible for stabilizing the income from the
complex and for the ongoing management of the student village.

Philip Marley, Ely Property CEO, commented: "We are delighted to
be taking over this unit and first off want to assure any students
that were renting the accommodation last term that they will be
able to reclaim any deposits still owed to them by the former
landlord.  We also want to assure students that the Troy Village
Complex will be open for the coming academic year and bookings can
now be made."

Ely Property is Ireland's largest student property management
company, operating over 1350 beds in Ireland and the UK.

Mr. Marley added: "Where exceptional value opportunities present
themselves in the Irish student property market, we will be
delighted to take them on.  However, these are more likely to be
where there is a single owner of a scheme, rather than
multi-landlord situations.  We nevertheless remain focused on
continuing to expand our presence in the UK."

Ely recently announced that it had successfully completed EUR17.9
million of refinancing on three of its major developments in the
UK and Ireland.


VINCE POWER: PEL Defaults on Scheduled Payments Under Buyout Deal
-----------------------------------------------------------------
InsolvencyJournal.ie reports that Irish entertainment entrepreneur
Vince Power has failed to make a series of scheduled payments to
buy Vince Power Music Group out of administration.

VPMG went into administration in January 2009, the report relates.
Mr. Power then struck a deal with the administrator in February
2009 to buy back his business through a new firm called Power
Entertainment Limited (PEL), the report recounts.

According the report, the administrator said British accountancy
firm Shilpeys, Power has failed to meet monthly installments for
May, June and July.

Under the terms of the sale agreement, Mr. Power agreed to pay the
administrator GBP600,001 (EUR715,106) for the assets of the
business of VPMG, the report discloses.  PEL agreed to pay
GBP10,000 on signing the deal followed by a further GBP50,000 in
late February, the report states.  The remaining balance was to be
paid in monthly installments, the report notes.

Vince Power Music Group is a London-based music promotions and pub
group.


* UK: Automotive Sector Insolvencies Down 0.10% in July 2010
------------------------------------------------------------
The rate of business insolvencies for the automotive industry in
the United Kingdom fell from 0.14% in July 2009 to 0.10% in July
2010, Chris Johnson at Click Liverpool reports, citing the latest
Insolvency and Late Payment indices from Experian, the global
information services company.

The report says financial strength of the automotive industry also
saw a slight improvement year-on-year, going up to a rating index
of 79.90, up from 79.75 in July 2009.

According to the report, Joe Myers, Commercial Director for
Experian Credit Services, said: "The decline in insolvencies and
improvement in payment performance in July has meant that the
financial strength score of the industry has remained buoyant this
month.  It seems the other sectors are catching up with Automotive
dealers in understanding that paying bills late can be detrimental
to their business credit scores, business relationships, lines of
credit and subsequently the business as a whole."


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


* EUROPE: Banks May Face New Costs Under New Asset Freeze Law
-------------------------------------------------------------
Erik Larson at Bloomberg News reports that lawyers say European
Union banks may face new costs and liabilities next year under a
law allowing claimants to freeze debtors' assets in the bloc with
court orders from any EU jurisdiction.

According to Bloomberg, the European Commission wants the proposal
in place as soon as March, allowing judges to grant cross-border
account freezes in secret and apply them to banks in other EU
nations before a debtor is aware of the claim.

The legislative arm of the 27-nation EU says 63% of cross-border
debt can't be recovered, and it blames a network of diverging
national laws and the high cost of winning separate freezes in
each country where assets are located, Bloomberg discloses.

Bloomberg says the commission wants a common procedure for seeking
the orders and serving them on banks.  The details aren't
finalized and the bloc is still conducting an impact-assessment
study to determine if bank costs will increase under the new
system, Bloomberg states.

The law was proposed in 2006 and revived in March in response to
the financial crisis, Bloomberg notes.


* EUROPE: Companies Conduct Own Tests to Gauge Banks' Robustness
----------------------------------------------------------------
Richard Milne at The Financial Times reports that leading UK and
continental European companies are increasingly shunning banks
from Spain, Italy and even Germany because they do not believe the
Europe-wide stress testing of banks gave a true picture of their
financial health.

Corporate treasurers from groups with revenues of more than US$240
billion told the FT they were conducting their own tests to gauge
for themselves banks' robustness.

According to the FT, Stuart Siddall, chief executive of the
Association of Corporate Treasurers, said companies were taking a
more proactive approach to assessing how financially strong banks
are: "Everybody is spending a lot more time today on counterparty
risk than they did before."

Counterparty risk -- the risk that a bank will default and be
unable to meet its obligations -- shot up the list of concerns of
companies after the Lehman Brothers collapse, the FT discloses.

The FT relates companies said that they were taking measures such
as talking to banks' own proprietary trading desks to determine
the health of other banks.

Treasurers are now also paying close attention to credit default
swaps -- the price of protection against a bank defaulting on its
debt -- as well as to share prices, the FT notes.


* 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 * * *