TCREUR_Public/100921.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 21, 2010, Vol. 11, No. 186

                            Headlines



A U S T R I A

GLOUCESTER EUROPE: Swiss Winding Files Appeal Against Settlement


F R A N C E

NOVASEP HOLDING: S&P Puts 'B' Rating on CreditWatch Negative


G E R M A N Y

TELE COLUMBUS: Sept. 22 Hearing Set for Scheme of Arrangement


G R E E C E

WEATHER FINANCE: Moody's Withdraws 'C' Corporate Family Rating


H U N G A R Y

CIVIS HOTELS: Three Hotels Put Up for Sale; Debt Talks Ongoing

* HUNGARY: Construction Sector Liquidations Up 37.9% in August


I R E L A N D

ALLIED IRISH: Hires UBS to Advise Share Sale Process
ARNOTTS HOLDINGS: Anglo Irish Bank Declines Sale Talks
AURA CDO: S&P Junks Rating on Series 17 Notes from 'B+'
BANK OF SCOTLAND: Closure May Hit Short-Term Financing of SMEs
CALYX GROUP: Bought Out of Receivership by Better Capital

CARNEROS III: Fitch Cuts Ratings on Four Classes of Notes to 'Dsf'
DUNCANNON CRE: Partial Repurchase Won't Affect Fitch's Ratings
MCINERNEY HOMES: Bank of Ireland Appoints Receiver to Four Firms
QUINN INSURANCE: Gets Expressions of Interest
QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing

QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing


L U X E M B O U R G

RMF EURO: Fitch Junks Rating on Class C Notes From 'Bsf'


N E T H E R L A N D S

ELM BV: S&P Withdraws 'D (sf)' Ratings on Two Credit-Linked Notes
SCHOELLER ARCA: S&P Downgrades Corporate Credit Ratings to 'CCC'


R O M A N I A

FLANCO GROUP: Asesoft Owners Take 60% Stake; To Exit Insolvency


R U S S I A

CBED LLC: Fitch Affirms Long-Term Issuer Default Rating at 'B-'
EVRAZ GROUP: Fitch Affirms 'B+' Long-Term Issuer Default Rating
MAGNITOGORSK IRON: Fitch Changes Outlook on 'BB' IDR to Positive
NOVOROSSIYSK OJSC: S&P Puts 'BB+' Rating on CreditWatch Negative
SEVERSTAL OAO: Fitch Affirms 'B+' Long-Term Issuer Default Rating

SVYAZINVEST OJSC: S&P Retains CreditWatch Developing on Ratings

* IRKUTSK OBLAST: S&P Raises LT Issuer Credit Ratings to 'B+'
* TOMSK OBLAST: S&P Raises Long-Term Issuer Credit Rating to 'B+'


S E R B I A   &   M O N T E N E G R O

* MONTENEGRO: Corporate Bankruptcies Rise to 244 in 1H2010


S P A I N

CAJA GRANADA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch
SA NOSTRA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch


U K R A I N E

* Fitch Assigns 'B' Ratings on Ukraine's Two Eurobonds


U N I T E D   K I N G D O M

BRITANNIA LAND: Provisional Liquidator Appointed
CHESS II: S&P Downgrades Ratings on Various Notes to 'CCC-'
CONNAUGHT PLC: One Vision Housing May Rehire Around 100 Workers
CONNAUGHT PLC: Collapse Hits Subcontractors
JOHN GIBBINS: Faces Wind-Up Over GBP100,000 Debt

KEYDATA INVESTMENT: FSA Rejected Rescue Package, Founder Claims
LIVERPOOL FOOTBALL: Co-Owner to Partner With GSO in Rescue Attempt
NORTHERN ROCK: Mulls Mortgage Portfolio Sale to Repay Gov't Loan
PINETEUM: Second Takeover Could Mean Redundancies
ROYAL BANK: Treasury Select Committee Head Backs Break-Up

TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D'

* UK: Draws Up Proposals for New Special Administration Regime


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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A U S T R I A
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GLOUCESTER EUROPE: Swiss Winding Files Appeal Against Settlement
----------------------------------------------------------------
European Plastics News reports that Swiss Winding Invention AG
filed an appeal in the Austrian courts on Sept. 15 against a
settlement offer made by Gloucester Engineering Co.

European Plastic News says if approved by the court, Gloucester
Engineering's offer would secure the intellectual property assets
of its bankrupt Austrian subsidiary, Gloucester Engineering
Europe.

According to European Plastic News, Swiss Winding Invention's
appeal prevents that settlement from moving forward.  Appeals of
this type can take several months to be heard, European Plastic
News notes.

Swiss Winding has also expressed interest in buying the unit's
intellectual property, European Plastic News discloses.

On Sept. 10, 2010, the Troubled Company Reporter-Europe, citing
European Plastics News, reported that Swiss Winding, which had
previously offered EUR530,000 (US$673,700) for the business assets
of Gloucester Engineering Europe, said it was prepared to double
that figure.

As reported by the Troubled Company Reporter-Europe on Sept. 8,
2010, European Plastics News said creditors of Gloucester
Engineering Europe voted in the Austrian bankruptcy court on
Sept. 1 to accept a settlement proposal put forward by US parent
Gloucester Engineering Co that would pay out 30% of money owed to
them.

Gloucester Engineering Europe GmbH is the Vienna-based subsidiary
of Gloucester Engineering Co. Inc., a blown and cast film
machinery maker in Gloucester, Massachusetts.  GEC manufactures
its equipment from its headquarters in Gloucester, MA, USA and
through its joint-venture company in Damman, India, Kabra
Gloucester Engineering.  Gloucester Engineering's Chapter 7 case
-- filed on March 23, 2010 -- was converted to Chapter 11
bankruptcy protection on June 25, 2010 (Bankr. D. Mass. Case No.
10-12967).


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


NOVASEP HOLDING: S&P Puts 'B' Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' long-
term corporate credit rating on France-based pharmaceutical
services company Novasep Holding S.A.S. on CreditWatch with
negative implications.  S&P also placed the 'B' issue rating on
Novasep's senior secured bonds on CreditWatch negative.  The
recovery rating on these bonds remains unchanged at '4',
indicating S&P's expectation of average (30%-50%) recovery for
creditors in the event of a payment default.

The CreditWatch placement follows the decline in Novasep's
operating performance in the first half of 2010, which was more
significant than S&P had expected.  Following project
cancellations and delays, the company's reported EBITDA fell by
about 25% year on year, leading to a significant increase in debt
as of June 30, 2010.

"In S&P's view, there is limited visibility regarding the timing
of Novasep's ongoing contracts and its ability to recover from its
operating shortfalls," said Standard & Poor's credit analyst Olaf
Toelke.  "S&P therefore believes that Novasep may not achieve the
deleveraging that management initially expected."

Novasep's adjusted net-debt-to-EBITDA ratio reached about 9x,
including the pay-in-kind shareholder loan, for the 12 months to
June 30, 2010.  This is above a leverage of about 6x by mid-2011
that S&P considers would be consistent with the present ratings.

While Novasep's Process division performed well, market conditions
in the Synthesis division, its largest business segment, now
appear to be less healthy than S&P originally anticipated, as
demonstrated by the project cancellations in the first six months
of the year.  While S&P does not believe that the project
cancellations signal a structural weakening of the underlying
market, it nevertheless necessitates further restructuring at
Novasep in the short term.  S&P believes this is very likely to
erode the company's generally strong cash flow generation, at
least in 2010.

The ratings continue to reflect S&P's view of Novasep's highly
leveraged financial profile following the LBO of 2007, as well as
its assessment of its "fair" business risk profile, supported by a
unique product portfolio and comparatively high margins.

"S&P expects to resolve the CreditWatch negative on Novasep within
three months, subject to further management input regarding future
financial guidance and visibility on the phasing of contracts,
such as that with Stanislas and the recently won contract with
Cerenis," said Mr. Toelke.


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


TELE COLUMBUS: Sept. 22 Hearing Set for Scheme of Arrangement
-------------------------------------------------------------
Tele Columbus GmbH will restructure EUR1 billion (US$1.2 billion)
of loans in a U.K. court, Isabell Witt at Bloomberg News reports,
citing three people familiar with the situation.

According to Bloomberg, the people said the company, controlled by
Dusseldorf, Germany-based restructuring specialist Nikolaus & Co.,
will attend a first court hearing on Sept. 22 to reduce its debt
burden in a so-called scheme of arrangement procedure.

Bloomberg says under the court plan, lenders will get an equity
stake in exchange for reducing Tele Columbus's debt to EUR623
million from about EUR947 million.  Bloomberg relates the people
said the deal leaves Tele Columbus with EUR530 million of senior
loans.

A scheme of arrangement under the U.K. Companies Act allows
debtors to make changes with at least 75% of voting creditors,
Bloomberg discloses.

The proposal to swap Tele Columbus's debt for equity outside of
the courts failed to get unanimous consent, Bloomberg notes.

Creditors led by York Capital Management LLC, Bank of Ireland Plc
and GoldenTree Asset Management LP agreed to freeze loan payments
this year, Bloomberg recounts.

Tele Columbus -- http://www.telecolumbus.de/-- is a cable TV,
Internet, and phone service provider.  With more than 2 million
subscribers, Tele Columbus is among Germany's top cable providers
(behind Kabel Deutschland and Unitymedia).  It offers analog and
digital cable, high-speed Internet, and cable telephone service.
Both Tele Columbus and PrimaCom are owned by holding company Orion
Cable; Tele Columbus has a presence across northern and western
Germany, while PrimaCom's customers are focused in the eastern
part of the country.  Orion Cable is owned by a holding company
controlled by investment banking firm Nikolaus & Co.  Tele
Columbus was founded in 1985.


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


WEATHER FINANCE: Moody's Withdraws 'C' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Weather
Finance III as well as the senior secured bond rating at Hellas
Telecommunications V and the senior unsecured bond rating at
Hellas Telecommunications V.

The withdrawal reflects Moody's expectation that the steps taken
by Wind Hellas along with the standstill agreement reached in July
2010 with its hedging counterparties, RCF lenders and senior
secured bondholders, will lead to a restructuring of its existing
capital structure.

The withdrawal follows the rating actions taken on July 22, 2010,
when the PDR of Wind Hellas was downgraded to D from Caa3
reflecting the group's default.

These ratings are withdrawn:

* Corporate Family Rating of C

* Probability of Default Rating of D

* Rating of C on EUR1,222 million senior secured floating rate
  notes due 2012 at Hellas Telecommunications V

* Rating of C on EUR355 m senior notes due 2013 at Hellas
  Telecommunications III

Wind Hellas Telecommunications is the second-largest fully
integrated telecoms operator in Greece, with mobile, fixed-line
and internet service offerings.  The company operates primarily
under the "Wind", "Tellas" and "Q" brands.  In the 12 months to
June 2010, the company generated EUR947 million in revenues and
EUR250 million in adjusted EBITDA (as reported by the company) on
a consolidated basis.

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.


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


CIVIS HOTELS: Three Hotels Put Up for Sale; Debt Talks Ongoing
--------------------------------------------------------------
MTI-Econews, citing business daily Napi Gazdasag, reports that
three hotels owned by Civis Hotel -- among them the Golden Bull, a
landmark in the center of Debrecen -- are expected to be put on
the block at the end of October or the beginning of November.

In addition to the Golden Bull, Civis Hotel's other establishment
in Debrecen, the Best Western, as well as the Delibab hotel in the
spa town of Hajduszoboszlo are being offered for sale, MTI notes.

According to MTI, liquidator Imre Buga said negotiations are
ongoing on about HUF600 million of the company's HUF4.1 billion
debt and liabilities related to vacation vouchers could add
another HUF300 million to the total.

The three hotels are all currently operating, MTI says.

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Napi Gazdasag said Civis Hotel, which has total assets of
HUF4.1 billion, posted a net loss of nearly HUF1 billion in 2009
when revenue fell to HUF889 million from HUF1 billion.  Napi
Gazdasag disclosed the hotelier filed for bankruptcy in November
and finally went into liquidation after it failed to settle with
creditors on repayment terms and was unsuccessful in seeking out
an investor.

Civis Hotels Zrt is a Hungarian hotel chain operator.


* HUNGARY: Construction Sector Liquidations Up 37.9% in August
--------------------------------------------------------------
MTI-Econews reports that data compiled by Opten shows that the
number of liquidation procedures launched against Hungarian
construction companies rose 37.9% to 189 in August from the same
month a year earlier.


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


ALLIED IRISH: Hires UBS to Advise Share Sale Process
----------------------------------------------------
Joe Brennan at The Irish Examiner reports that Allied Irish Banks
plc, which is seeking to raise as much as EUR3 billion in a share
sale in the fourth quarter, has hired UBS to help advise on the
process.

The Irish Examiner stated that its sources said the bank also
retained Morgan Stanley, JPMorgan Chase & and Goodbody
Stockbrokers as advisers.

The Irish Examiner relates AIB managing director Colm Doherty said
he expects to raise as much as EUR3 billion of equity from
investors and the Irish government after selling overseas assets.

According to The Irish Examiner, sources said the advisers may
underwrite the sale of shares to investors other than the
government.

The state already controls an 18.7% stake in the bank through the
National Pension Reserve Fund, The Irish Examiner notes.

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

                           *     *     *

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


ARNOTTS HOLDINGS: Anglo Irish Bank Declines Sale Talks
------------------------------------------------------
Shane Ross at Sunday Independent reports that Anglo Irish Bank has
declined to talk to possible bidders for retail store Arnotts.

According to Sunday Independent, insiders at Anglo suggest that
they are not yet ready to put Arnotts on the block, insisting that
if they sell Arnotts it will be a "competitive process".

Sunday Independent says a consortium of investors based overseas
is understood to have made an approach to the deeply indebted bank
in recent weeks expressing interest in buying the entire business
of Arnotts. According to Sunday Independent, a source close to the
consortium, said the approach has been rebuffed by top figures in
the new Anglo hierarchy.

Sunday Independent's sources said Anglo has received three serious
calls with an interest in buying Arnotts but senior executives are
pleading that they need time to stabilize the business.

As reported by the Troubled Company Reporter-Europe on August 11,
2010, the European Commission approved a proposal from Anglo Irish
Bank and Ulster Bank to take control jointly of Arnotts in a debt
restructuring deal.  The Irish Times disclosed Arnotts owes the
two banks more than EUR300 million.

Established in 1843, Arnotts Holdings Ltd. is the largest
department store in the country, with a selling area of more than
27,000sq m.  It employs some 950 people and has been an anchor for
other stores on Dublin's Henry Street for over 150 years,
according to The Irish Times.


AURA CDO: S&P Junks Rating on Series 17 Notes from 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating to
'CCC+ (sf)' from 'B+ (sf)' on Aura (Ireland) CDO PLC's ?50 million
floating-rate limited-recourse secured credit-linked series 17
notes.

Aura (Ireland) CDO's series 17 is a synthetic collateralized debt
obligation arranged by Bank of America Merrill Lynch that closed
in December 2005.

The noteholders have consented to a restructuring, which consists
of the following amendments:

* The structure became a standard synthetic CDO referencing a
  portfolio of 164 corporate reference entities, whereas it was
  previously a CDO squared with cross-subordination referencing
  six custom-made CDOs of about 80 reference entities each.

* The tranche now attaches at 4.55% and detaches at 5.80%.

Axa Investment Managers Paris S.A. has replaced Lyxor Asset
management as portfolio manager.

The proceeds of the notes will remain invested in the initial
underlying collateral, being ?50 million of floating-rate notes
due 2015 (rated 'AA+'), issued by General Electric Capital
European Funding.

S&P's rating action reflects these amendments and fact that the
rating on the notes is weak-linked to both Merrill Lynch & Co. and
the underlying collateral, although this does not constrain the
rating assigned upon restructuring.


BANK OF SCOTLAND: Closure May Hit Short-Term Financing of SMEs
--------------------------------------------------------------
InsolvencyJournal.ie reports that Mark Fielding, CEO of the Irish
Small and Medium Enterprise association, said the closure of Bank
of Scotland Ireland at the end of the year will leave many small
and medium Irish businesses in a "precarious situation" in
relation to short-term financing such as invoice discounting and
overdraft facilities.

Mr. Fielding mentioned hotels, in particular, as potentially
having trouble sourcing alternate working capital,
InsolvencyJournal.ie notes.

According to InsolvencyJournal.ie, Mr. Fielding said that it is
difficult to estimate exactly how much is going to be needed in
short-term financing come the end of the year, but that ISME
believes some 5,000 customers and 12,000 accounts will be affected
by the closure.  He said that there was a need for a "third force"
in Irish banking, to lend to small and medium enterprises, and
that this could be modeled on the ICC bank, InsolvencyJournal.ie
relates.

Bank of Scotland (Ireland) bank provides banking services like
commercial loans, commercial and asset finance, and investment
services. In 2006 it launched a retail banking division, Halifax,
with such offerings as mortgages, personal loans, credit cards,
and savings products.  The bank has more than 40 locations
throughout Ireland. Halifax was launched via Bank of Scotland
(Ireland)'s purchase of ESB's retail outlets in 2005.  In 2009
Bank of Scotland (Ireland) became part of Lloyds Banking Group,
which was formed by the merger of Lloyds TSB and the bank's former
parent, HBOS.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 28,
2010, Moody's Investors Service confirmed the bank deposit ratings
of Bank of Scotland (Ireland) at Baa1/Prime-2 and the bank
financial strength rating at D- (mapping to a baseline credit
assessment of Ba3).  Moody's said the outlook on the BFSR and the
long-term ratings is negative.

Moody's said the D- BFSR reflects the weak underlying performance
of the entity, which has large concentrations in commercial
property in Ireland, a capital and funding position that is
dependent on its parent and the challenges the bank faces to run-
off of the significant exposure to the domestic commercial real
estate market and to close the retail and intermediary businesses.


CALYX GROUP: Bought Out of Receivership by Better Capital
---------------------------------------------------------
John Collins at The Irish Times reports that Better Capital has
bought Calyx Group out receivership.

The Irish Times relates Tom Kavanagh, a partner in Kavanagh
Fennell, acted as receiver for the Irish operations of Calyx
Group, which was forced into receivership on Sept. 3 after Better
Capital bought its debt from Anglo Irish Bank.

The Irish Times says Calyx, a diverse group of technology
companies with operations in Ireland and Britain, had been
struggling with debts of more than EUR100 million.

According to The Irish Times, Better Capital, run by the former
boss of British buyout firm Alchemy Partners, Jon Moulton, is
believed to have bought the debt for just EUR10 million.  By
purchasing the debt, it effectively controlled the sale process,
The Irish Times notes.

Better Capital has acquired the British operations of Calyx and
its Irish software business, which sold finance software
internationally, The Irish Times discloses.

The remaining Irish services business, which has about 7,500
customers, has been acquired in a management buyout led by David
Hargaden, former Calyx chief financial officer, and Declan Hughes,
group general manager of Calyx Ireland, The Irish Times states.
It will be rebranded as Unity Technology Solutions, The Irish
Times says.

The buyout is backed by private investors and leaves Unity
debt-free and fully-funded for the next 18 months according to
Mr. Hargaden, who will act as executive chairman, The Irish Times
discloses.  Mr. Hughes has been appointed chief executive,
according to The Irish Times.  In total about 150 jobs at Calyx
have been rescued due to the buyout, The Irish Times notes.

Calyx Group employs more than 500 staff based in the UK, Northern
Ireland and Ireland.  The business has been trading under the
Calyx brand since 2002, following the management buy-out of the
voice, data and training businesses of Alphyra Plc.  Calyx floated
on AIM in 2004, but the group was taken into private ownership
again in 2007.


CARNEROS III: Fitch Cuts Ratings on Four Classes of Notes to 'Dsf'
------------------------------------------------------------------
Fitch Ratings has downgraded Carneros III plc's CDO notes to 'Dsf'
and withdrawn the ratings as a result of the notes' default.

  -- EUR91m Series A notes: downgraded to 'Dsf' from 'Csf'; rating
     withdrawn

  -- JPY300m Series A notes: downgraded to 'Dsf' from 'Csf';
     rating withdrawn

  -- EUR5.5m Series B notes: downgraded to 'Dsf' from 'Csf';
     rating withdrawn

  -- JPY2,100m Series C notes: downgraded to 'Dsf' from 'Csf';
     rating withdrawn

The downgrade follows the settlement of the CIT Group, Inc. and
Ambac Assurance Corporation credit events which led to losses
exceeding both the credit enhancement of the notes and tranche
thickness amount.  As a result, the charged assets have been
liquidated and the notes have been fully written down.

At closing, Carneros III, a special purpose vehicle incorporated
under the laws of Ireland, entered into a credit default swap with
Deutsche Bank AG (rated 'AA-' /Negative/'F1+'), under which it
provides notional protection on a reference portfolio of corporate
reference entities.


DUNCANNON CRE: Partial Repurchase Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says that the recently proposed partial repurchase
of Duncannon CRE CDO I PLC's class A notes will not in itself
impact the rating of the notes.

The notes are rated:

  -- EUR5,000,000 class X: 'Bsf'; Outlook Negative

  -- EUR194,520,649 class A: 'B-sf'; Outlook Negative; Loss
     Severity (LS) Rating 'LS-3'

  -- EUR95,647,094 class RCF: 'B-sf'; Outlook Negative; 'LS-4'

  -- EUR40m class B: 'CCCsf'

  -- EUR40,520,026 class C-1: 'CCsf'

  -- EUR20,298,282 class C-2: 'CCsf'

  -- EUR20,669,163 class D-1: 'Csf'

  -- EUR20,708,378 class D-2: 'Csf'

  -- EUR20,773,867 class D-3: 'Csf'

  -- EUR20,170,290 class E-1: 'Csf'

  -- EUR21,236,945 class E-2: 'Csf'

As per Condition 7 (h) of the Duncannon CRE CDO I PLC prospectus,
the issuer may at any time, at the direction of the portfolio
manager, purchase senior or mezzanine notes in the open market or
in privately negotiated transactions, at a price not exceeding the
notes' par value.  Under the proposed buyback, the repurchase of
EUR6m of the class A notes will be undertaken at a discounted
purchase price.  The repurchased notes will subsequently be
cancelled, thereby marginally increasing the available credit
enhancement to all rated notes.  The proposed buyback follows
earlier buybacks of class A notes in 2009 and 2010.

The repurchase will be funded using cash available in the
principal collection account.  As of September 2010, approximately
EUR4.5m is available in the principal collection account.
Generally, proceeds in the principal collection account can be
used by the portfolio manager to invest in new portfolio assets,
limited by the eligibility criteria, or they may be distributed to
noteholders, if no such investment opportunity exists.  Due to the
funding of the proposed repurchase of the class A notes, the
amount of principal proceeds available for immediate distribution
to the remaining noteholders will be substantially lower.  At the
same time, noteholders will benefit from an increase in credit
enhancement due to the relative increase of assets compared with
liabilities in the structure.

Currently the senior, second senior and mezzanine par value tests
are breaching their limits.  Fitch notes that all par value ratios
will improve as a result of the repurchase.  Consequently, the
amount of interest required to be diverted on future payment dates
to the senior notes to cure the par value tests may be reduced.


MCINERNEY HOMES: Bank of Ireland Appoints Receiver to Four Firms
----------------------------------------------------------------
InsolvencyJournal.ie, citing the Sunday Times, reports that Bank
of Ireland has put a receiver into four companies owned by
McInerney Homes.

InsolvencyJournal.ie relates Bank of Ireland has appointed Kieran
Wallace of KPMG to the companies, Burberry Developments, Cone Pine
Properties and M50 Developments.

According to InsolvencyJournal.ie, the Sunday Times said that two
other banks in a syndicate owned approximately EUR113 million by
McInerney, Anglo Irish and KBC, are also understood to be about to
appoint receivers to McInerney-owned companies.

Meanwhile, InsolvencyJournal.ie says an interim report by the
examiner of several Irish companies in the McInerney Group may
have enormous implications for the rights of creditors and the
examinership process.

InsolvencyJournal.ie relates Julie Murphy-O'Connor, a partner in
the Corporate Restructuring and Insolvency Law Group at Matheson
Ormsby Prentice solicitors, said the report by the examiner will
be of major interest to Irish lenders and companies.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, The Irish Times said that the High Court confirmed the
appointment of an examiner to McInerney Homes and a number of
related companies.  The Irish Times disclosed Mr. Justice Frank
Clarke ruled that examiner William O'Riordan of
PricewaterhouseCoopers must address a number of issues of concern
to the court by early October or the process, opposed by a
syndicate of three banks.   Mr. O'Riordan was confirmed as
examiner to McInerney Homes Ltd, Cleaboy Business Park, Waterford,
McInerney Holdings Public Limited Company, McInerney Construction
Holdings Ltd., McInerney Contracting Ltd., according to The Irish
Times.

McInerney Homes is an Irish housebuilder.


QUINN INSURANCE: Gets Expressions of Interest
--------------------------------------------
Simon Carswell at The Irish Times reports that the deadline for
expressions of interest in Quinn Insurance closed on Friday,
Sept. 17.

The Irish Times relates investment bank Macquarie, which is
running the sale process, sought expressions of interest from
potential buyers and proof by Friday's deadline of their ability
to complete the purchase.

According to The Irish Times, insurers Aviva, RSA and FBD are
thought to be among the parties to have logged interest in buying
the insurer, which was put into administration last March over
"grave" regulatory concerns about the company's solvency.

The Irish Times notes state-owned Anglo is believed to have lodged
an expression of interest in taking control of the insurance
company on its own, with the option of bringing in a trade partner
to run the business and eventually share ownership.  Anglo is
seeking to guarantee repayment of as much as possible of the Quinn
family's EUR2.8 billion in loans by taking control of the insurer,
The Irish Times discloses.  The Irish Times says Anglo held
exploratory talks with Liberty Mutual about making a joint
approach for the insurer to secure repayment of the loans.
Anglo's attempts to take control of Quinn Insurance are likely to
face significant hurdles with the Financial Regulator and the
European Commission, according to The Irish Times.

The sale process is still in its early stages, The Irish Times
states.

Quinn Insurance has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.


QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing
-----------------------------------------------------------
Geoff Percival at The Irish Examiner reports that a pro-Quinn
Insurance lobby group has called on the Irish government to
endorse a bailout proposal for the business, which would see Anglo
Irish Bank take over the business and re-finance the debt which it
is owed.

The Irish Examiner relates the nationalized bank is owed around
EUR2.8 billion by the Quinn family and the 'Concerned Irish
Businesses' lobby group on Thursday said that the Anglo proposal
-- which is due to be presented to the Quinn administrators -- is
the best way to recover all outstanding debt to the Irish taxpayer
and for QIL to come out of administration.

Quinn Insurance has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.


QUINN INSURANCE: Lobby Group Calls for Anglo Rescue Backing
-----------------------------------------------------------
Geoff Percival at The Irish Examiner reports that a pro-Quinn
Insurance lobby group has called on the Irish government to
endorse a bailout proposal for the business, which would see Anglo
Irish Bank take over the business and re-finance the debt which it
is owed.

The Irish Examiner relates the nationalized bank is owed around
EUR2.8 billion by the Quinn family and the 'Concerned Irish
Businesses' lobby group on Thursday said that the Anglo proposal
-- which is due to be presented to the Quinn administrators -- is
the best way to recover all outstanding debt to the Irish taxpayer
and for QIL to come out of administration.

Quinn Insurance has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.


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


RMF EURO: Fitch Junks Rating on Class C Notes From 'Bsf'
--------------------------------------------------------
Fitch Ratings has downgraded two tranches of RMF Euro CDO S.A's
notes and affirmed three others.

Since the last review in September 2009, there have been further
defaults in the transaction.  In the agency's view, the structural
features of the transaction have not sufficiently mitigated the
portfolio defaults.

  -- EUR201.6m class A (ISIN XS0156515982): downgraded to 'AAsf'
     from 'AAAsf'; Outlook Negative; Loss Severity (LS) Rating of
     'LS-2'

  -- EUR31m class B-1 (ISIN XS015651911): affirmed at 'BBsf';
     Outlook Negative; 'LS-3'

  -- EUR5m class B-2 (ISIN XS0156520719): affirmed at 'BBsf';
     Outlook Negative; 'LS-3'

  -- EUR20.8m class C (ISIN XS0156524034): downgraded to 'CCCsf'
     from 'Bsf'; Outlook Negative; assigned a Recovery Rating
     'RR5'

  -- EUR11.9m combination notes (ISIN XS0156575374): affirmed at
     'Bsf'; Outlook Negative

The transaction has had three further defaults since the last
review, totaling 6.4% of the transaction's target par amount.  The
cumulative default rate is 13.6% of the target par amount.  'CCC'
or lower Fitch-rated obligors have decreased to 11% of the
portfolio from 13% one year ago.

Class A has been paid down to 95% of its original balance but its
de-leveraging has not been sufficient to mitigate portfolio
deterioration and expected default levels.  The agency no longer
deems the credit enhancement of class A to be consistent with a
'AAAsf' rating and has downgraded class A to 'AAsf'.  Fitch
believes excess spread diversion to be of only limited benefit to
the class A note.  As an older vintage transaction that closed in
2002, the coverage tests are not as strict as more recent deals.
For instance, Fitch notes that there are no haircuts for assets
rated 'CCC' or below for the classes B and C over-
collateralization tests, and no haircut for assets purchased below
par for any OC tests.  The OC trigger levels are also set below
the average levels of comparable European CLOs that Fitch rates.

CE levels of the class B and C notes have decreased since the last
review.  In Fitch's view, class B currently still has sufficient
protection to support a 'BBsf' rating.  However, Fitch has
downgraded class C to 'CCCsf' because class C is almost under-
collateralized and the agency believes it is especially vulnerable
to any further defaults.  Class C is currently benefiting from the
structural protection of the class C redemption test where
breaches of this test divert excess spread for the redemption of
class C notes.  Class C's current balance is 96% of its original
balance.  However, if further defaults occur and the class C OC
test is breached, then class C will no longer benefit from early
partial redemption.

The ratings assigned to the combination notes address the ultimate
repayment of principal.  The combination notes rated balance is
EUR1.5m, having been reduced by payments of interest and principal
on the component class C notes, and payments on the component
subordinated notes.  Since closing, the subordinated notes have
received payment distributions on every payment date.  The agency
deems the combination notes credit support to be commensurate with
a 'Bsf' rating and has hence affirmed the combination notes.

The performance of the tranches is highly dependent on portfolio
recovery prospects.  Recoveries have been volatile, with defaults
at end-2008 attaining recoveries of around 30% while more recent
defaults have attained recoveries of more than 60%.  Although the
notes remain current on interest payments and some credit
protection still remains, the Outlook remains Negative across the
transaction's capital structure.

In Fitch's analysis, the recovery rate tiering has an additional
step to that described in the agency's global corporate CDO
criteria.  This is to avoid double-stressing the transaction's
recovery rate assumptions as the agency has already lowered the
recovery rate expectations of the portfolio.  First, Fitch applied
the recovery rate tiering in line with the agency's criteria.
Next, the relative decrease in the portfolio weighted average
recovery rate since 2008, when the corporate CDO criteria was
previously published, was calculated.  The Portfolio Credit Model
Rating Recovery Rate results for the 'AAA', 'AA' and 'A' rating
stresses were then increased by this relative percentage.  This
results in an improvement for the senior notes breakeven default
rates but no difference in terms of model implied ratings.

Fitch has assigned an Issuer Report Grade of 'Three Stars' to the
issuer to reflect its satisfactory investor reporting.  Fitch
notes that the investor reports provide consistent reporting with
line-by-line priority of payments and coverage tests calculation
steps.  However, the reports lack other information such as
combination notes rated balance, under-collateralization event of
default triggers and interest rate cap information.


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


ELM BV: S&P Withdraws 'D (sf)' Ratings on Two Credit-Linked Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
Series 99 and 112 credit-linked notes issued by Elm B.V. following
an unwind of the notes.

The rating action on the affected transaction is:

                              Elm B.V.

     Name                  Rating To             Rating From
     ----                  ---------             -----------
     Series 99             N.R.                   D (sf)
     Series 112            N.R.                   D (sf)


SCHOELLER ARCA: S&P Downgrades Corporate Credit Ratings to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered all
its ratings on Netherlands-based plastic packaging manufacturer
Schoeller Arca Systems Holding B.V.  This includes the long-term
corporate credit ratings, which S&P lowered to 'CCC' from 'CCC+'.
At the same time, S&P placed all ratings on the company on
CreditWatch with negative implications.

"The rating action primarily reflects a deterioration in SAS's
cash flow generation and liquidity position, which could make it
difficult for the company to meet its near-term debt repayments,"
said Standard & Poor's credit analyst Alexander Gusterman.

It also reflects S&P's belief that headroom under existing
financial covenants is likely to prove extremely tight, and that a
breach in June 2011 is a material risk.  The CreditWatch placement
reflects S&P's uncertainties about SAS's ability to improve its
liquidity situation by securing additional liquidity sources on a
timely basis and improving its cash flow generation.

The current weak liquidity situation follows poor operating cash
flow generation during the first seven months of 2010 and delays
in securing supportive factoring facilities.

On July 31, 2010, SAS had ?6.7 million in available cash: its only
source of liquidity.  Under the company's credit facility
agreements, it is permitted to hold baskets of additional debt
including up to ?20 million in factoring facilities.  Efforts to
secure a factoring facility have, however, been delayed, leaving
the company with a weak liquidity profile that weighs heavily on
the ratings.

SAS's weaker-than-expected operating cash flow is primarily a
result of decreases in pallet sales, particularly to its main
customer, iGPS (not rated), which during 2009 accounted for 46% of
total sales.  S&P think it is possible that these poor operating
dynamics will continue during the remainder of 2010 and into 2011,
limiting any improvement in cash flow generation.

Given the uncertainty about SAS's operating performance and
medium-term cash flow generation, there is a risk that any
temporary improvement in liquidity (if a factoring facility is
secured and working capital decreases), could be absorbed in
working capital during in the first half of 2011.  Accordingly,
S&P see a risk that the company's weak liquidity profile will
remain an issue in 2011.

S&P aims to resolve the CreditWatch placement within the next two-
three months.  S&P will closely monitor SAS's efforts to secure
additional liquidity facilities, as well as progress on cash flow
generation.  If SAS succeeds in securing a factoring facility in
the near term, as well as generating positive cash flow from
operations, S&P could affirm the ratings.  However, if the company
is unable to secure additional credit facilities S&P is likely to
lower the ratings further.


=============
R O M A N I A
=============


FLANCO GROUP: Asesoft Owners Take 60% Stake; To Exit Insolvency
---------------------------------------------------------------
Mihaela Popescu at Ziarul Financiar reports that owners of the
Asesoft group, Iulian Stanciu and Sebastian Ghita, took over a 60%
stake in Flanco.

Ziarul Financiar relates Flanco was put up for sale by creditor
banks ING, UniCredit Tiriac Bank and BRD after it went insolvent.

Banks are left with 40% of the business, but also with the status
of lenders of the new shareholders, Ziarul Financiar notes.

Ziarul Financiar says the Asesoft owners will pay the chain's
EUR10 million-debt to the three shareholder banks and will bring
EUR4 million into the company to boost its working capital.

The transaction is set to pull Flanco out of insolvency in a few
months' or even a few weeks' time, Ziarul Financiar states.

Flanco Group is a Romanian retail store chain selling consumer
electronics with over 100 stores in Romania.  It is owned by
Romanian company Flamingo International SA.


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


CBED LLC: Fitch Affirms Long-Term Issuer Default Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Russia-based LLC CBED
Bank of Kazan, including its Long-term foreign currency Issuer
Default Rating at 'B-', Short-term foreign-currency IDR at 'B' and
National Long-term Rating at BB(rus).  Fitch has simultaneously
removed all three ratings from Rating Watch Negative and assigned
Stable Outlooks to the Long-term ratings.  BoK's Individual rating
is affirmed at 'E'.  A full rating breakdown is provided at the
end of this announcement.

The rating actions resolve the rating watches that Fitch placed on
the bank's ratings on 4 December 2009.  The previously expected
dilution of the City of Kazan's ('B+'/Negative) stake in the bank
to a minority participation from the current 81.2% has not yet
materialized, and the bank continues to benefit from its close
relationships with the City.  BoK's IDRs and National rating
reflect Fitch's opinion that the City's administration will seek
to provide assistance to the bank in case of need, taking into
account the City's majority stake in the bank and BoK's
substantial involvement in servicing of municipally-controlled
companies.  While Fitch understands that the City's ability to
provide direct support is limited by its stand-alone credit
profile (reflected in its Long-term rating of 'B+') and the fact
that the City is not allowed to deposit its cash reserves in bank
accounts, the agency believes that some assistance may be granted
indirectly through entities controlled by the City.  The City may
also benefit from its status as the administrative centre of the
Republic of Tatarstan (RT, Long-term rating 'BBB-'/Stable), and
there is potential for BoK to receive some support from entities
controlled by RT; in addition, the RT authorities' generally quite
supportive stance toward the region's banks is a positive factor.

At the same time, Fitch notes that the close links between the
City and the bank may be weakened in the future, for example as a
result of eventual dilution of the City's stake in the bank to
below a majority stake, although Fitch understands that this is
not expected to occur in the near term.  Relations between the
City and the bank may also change after the mayoral elections in
November 2010 if the current mayor is replaced.  If such
developments lead to a marked change in the relationship between
the City and the bank, Fitch could take negative rating action,
although the generally supportive stance of the RT authorities
toward the local banking sector would likely remain a supporting
rating factor for BoK.

BoK's Individual rating reflects its narrow franchise,
concentrated balance sheet and low level of loss absorption
capacity.  However, the bank's liquidity position seems
manageable, as customer funding has been rather stable to date and
largely relates to corporate entities connected to the City or the
RT authorities.  The top 20 borrowers made up about 47% of total
loans or 2.5x equity at end-H110, with the largest sector
exposures to municipal entities (23% of the loan book) and
construction/real estate industry (20%).  The latter may represent
potentially higher risk given the weak operating environment,
particularly where real estate projects were not connected to
budgetary spending.  While the reported level of non-performing
loans at end-H110 was a relatively low 3.7% of the total
portfolio, a significant part of the loans (14%) was rolled over
and a large portion of loans remained unseasoned.  At the same
time, Fitch estimated that BoK's maximum loan loss absorption
capacity (the maximum reserves/loans ratio before the regulatory
capital ratio would fall to the regulatory minimum) was only 10.3%
of the loan portfolio.  The liquidity position was reasonable at
end-H110 (with the liquidity cushion covering customer accounts by
more than 30%), although this position may be compromised by
significant depositor concentrations (the top 20 customers made up
40% of BoK's non-equity funding).

BoK is a small bank (ranked 333rd by assets in Russia and 10th in
RT at end-H110), which was established in 1990 in Kazan.  Since
2002, the City has held a majority stake in BoK (81.2% at end-
H110), and the bank has been mainly focused on servicing
municipally-owned companies and local businesses.  BoK's minority
shareholders are planning to provide RUB150m of subordinated debt
in the short term with a view to converting it into Tier 1
capital, ultimately diluting the City's share to around 52%.

The rating actions are:

Bank of Kazan:

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

  -- Short-term foreign currency IDR: affirmed at 'B'; removed
     from Rating Watch Negative

  -- Individual rating: affirmed at 'E'

  -- Support rating: affirmed at '5'

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


EVRAZ GROUP: Fitch Affirms 'B+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has changed the rating outlooks on three Russian
steel companies following an expected improvement in their
operational and financial profiles over the next two to three
years.  Their ratings are:

OJSC Magnitogorsk Iron and Steel Works:

  -- Long-term (LT) Issuer Default Rating affirmed at 'BB';
     Outlook revised to Positive from Stable

  -- Short-term (ST) IDR of 'B' (new rating)

  -- Local Currency LT IDR of 'BB' (new rating); Positive Outlook

  -- National LT Rating of 'AA- (rus)' (new rating); Positive
     Outlook

Evraz Group SA:

  -- LT IDR affirmed at 'B+'; removed from Rating Watch Negative;
     Positive Outlook assigned

  -- ST IDR affirmed at 'B'

  -- Senior Unsecured rating affirmed at 'B+ (RR4)'; removed from
     Rating Watch Negative

OAO Severstal:

  -- LT IDR affirmed at 'B+'; Outlook revised to Stable from
     Negative

  -- ST IDR affirmed at 'B'

  -- Senior Unsecured (SU) rating affirmed at 'B+' (RR4)

  -- Local Currency LT IDR affirmed at 'B+'; Outlook revised to
     Stable from Negative

  -- Local Currency SU rating affirmed at 'B+ (RR4)'

  -- National LT Rating affirmed at 'A(rus)'; Outlook revised to
     Stable from Negative.

"The rating actions reflect a stronger than previously expected
recovery in the financial profiles of the major Russian steel
companies", said Eldar Aghayev, London-based Associate Director in
Fitch's Industrials Team.  While global capacity utilization rates
have generally reached 75-80%, most Russian steel plants are
currently operating close to maximum capacity.  This reflects both
a gradual improvement in the macroeconomic environment as well as
the more specific benefit of the weakening of the Russian rouble.
Recent interim results have typically shown a strong turnaround
compared to the same period in 2009 assisted by restructuring,
cost savings and cash conservation measures.

The revision of MMK's Outlook to Positive from Stable in part
reflects both past-and expected improvements in its raw material
self-sufficiency levels.  MMK's current self-sufficiency levels in
iron ore, coal and scrap are approximately 30%, 50% and 100%,
respectively.  In 2009, MMK increased its interest in Belon Coal
Company, a Russian coking coal producer, to 82.6%.  The Outlook
change also reflects Fitch's favorable view of MMK's business
strategy of gradual organic growth and a focus on higher value-
added product segments; examples include the development of a new
plate mill to supply the oil and gas industry, and a new Turkish
steel mill joint venture.  Together, these measures will improve
the company's geographic and product diversification.

The removal of Evraz's ratings from RWN and the assignment of a
Positive Outlook primarily reflect the action taken by the
company's management to improve its liquidity position and debt
maturity profile.  Fitch also considers that the operational
profile of its international operations (mainly exposed to
infrastructure, construction and pipeline manufacturing) should
enable it to show a comparatively faster recovery than its CIS
peers.  On a consolidated basis, Fitch expects Evraz to record an
EBITDAR margin of around 20-21% in 2010, rising to 26-27% in 2011-
12.

The change of Severstal's Outlook to Stable reflects signs of a
turnaround in the performance at its international operations.
However, Fitch remains cautious regarding the pace of recovery in
North American steel demand and does not expect Severstal's North
American operations to be a significant contributor to group
profitability over the next 12-24 months.  In assessing the
potential for further positive rating action, Fitch will focus
upon management plans to restructure and/or reduce costs in its
North American operations.  Fitch expects Severstal to record an
EBITDAR margin of around 13% in 2010, rising to 20-21% in 2011-12.

Fitch expects to publish a special report outlining some key
financial and operational outcomes from the sector review over the
next two months.


MAGNITOGORSK IRON: Fitch Changes Outlook on 'BB' IDR to Positive
----------------------------------------------------------------
Fitch Ratings has changed the rating outlooks on three Russian
steel companies following an expected improvement in their
operational and financial profiles over the next two to three
years.  Their ratings are:

OJSC Magnitogorsk Iron and Steel Works:

  -- Long-term (LT) Issuer Default Rating affirmed at 'BB';
     Outlook revised to Positive from Stable

  -- Short-term (ST) IDR of 'B' (new rating)

  -- Local Currency LT IDR of 'BB' (new rating); Positive Outlook

  -- National LT Rating of 'AA- (rus)' (new rating); Positive
     Outlook

Evraz Group SA:

  -- LT IDR affirmed at 'B+'; removed from Rating Watch Negative;
     Positive Outlook assigned

  -- ST IDR affirmed at 'B'

  -- Senior Unsecured rating affirmed at 'B+ (RR4)'; removed from
     Rating Watch Negative

OAO Severstal:

  -- LT IDR affirmed at 'B+'; Outlook revised to Stable from
     Negative

  -- ST IDR affirmed at 'B'

  -- Senior Unsecured (SU) rating affirmed at 'B+' (RR4)

  -- Local Currency LT IDR affirmed at 'B+'; Outlook revised to
     Stable from Negative

  -- Local Currency SU rating affirmed at 'B+ (RR4)'

  -- National LT Rating affirmed at 'A(rus)'; Outlook revised to
     Stable from Negative.

"The rating actions reflect a stronger than previously expected
recovery in the financial profiles of the major Russian steel
companies", said Eldar Aghayev, London-based Associate Director in
Fitch's Industrials Team.  While global capacity utilization rates
have generally reached 75-80%, most Russian steel plants are
currently operating close to maximum capacity.  This reflects both
a gradual improvement in the macroeconomic environment as well as
the more specific benefit of the weakening of the Russian rouble.
Recent interim results have typically shown a strong turnaround
compared to the same period in 2009 assisted by restructuring,
cost savings and cash conservation measures.

The revision of MMK's Outlook to Positive from Stable in part
reflects both past-and expected improvements in its raw material
self-sufficiency levels.  MMK's current self-sufficiency levels in
iron ore, coal and scrap are approximately 30%, 50% and 100%,
respectively.  In 2009, MMK increased its interest in Belon Coal
Company, a Russian coking coal producer, to 82.6%.  The Outlook
change also reflects Fitch's favorable view of MMK's business
strategy of gradual organic growth and a focus on higher value-
added product segments; examples include the development of a new
plate mill to supply the oil and gas industry, and a new Turkish
steel mill joint venture.  Together, these measures will improve
the company's geographic and product diversification.

The removal of Evraz's ratings from RWN and the assignment of a
Positive Outlook primarily reflect the action taken by the
company's management to improve its liquidity position and debt
maturity profile.  Fitch also considers that the operational
profile of its international operations (mainly exposed to
infrastructure, construction and pipeline manufacturing) should
enable it to show a comparatively faster recovery than its CIS
peers.  On a consolidated basis, Fitch expects Evraz to record an
EBITDAR margin of around 20-21% in 2010, rising to 26-27% in 2011-
12.

The change of Severstal's Outlook to Stable reflects signs of a
turnaround in the performance at its international operations.
However, Fitch remains cautious regarding the pace of recovery in
North American steel demand and does not expect Severstal's North
American operations to be a significant contributor to group
profitability over the next 12-24 months.  In assessing the
potential for further positive rating action, Fitch will focus
upon management plans to restructure and/or reduce costs in its
North American operations.  Fitch expects Severstal to record an
EBITDAR margin of around 13% in 2010, rising to 20-21% in 2011-12.

Fitch expects to publish a special report outlining some key
financial and operational outcomes from the sector review over the
next two months.


NOVOROSSIYSK OJSC: S&P Puts 'BB+' Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB+'
long-term corporate credit rating on OJSC Novorossiysk Commercial
Sea Port on CreditWatch with negative implications.  The 'ruAA+'
Russia national scale rating on NCSP was also placed on
CreditWatch negative.

At the same time, the 'BB+' senior unsecured debt rating on the
US$300 million loan participation notes due 2012, issued by
Novorossiysk Port Capital S.A., was placed on CreditWatch with
negative implications.  The recovery rating of '3' on this debt is
unchanged, indicating S&P's expectation of meaningful (50%-70%)
recovery for creditors in the event of a payment default.

"The CreditWatch placement follows the announcement by NCSP on
Sept. 15, 2010, that it is preparing the transaction to acquire
100% ownership of Primorsk commercial Port LLC," said Standard &
Poor's credit analyst Nicolas Baudouin.  "S&P does not yet know
the amount of the transaction, nor how it will be financed;
however, S&P believes the acquisition could have a very
substantial impact on NCSP's financial profile if it is debt-
financed."

The transaction is still subject to the approval of the Federal
Antimonopoly Service of Russia and the Government Commission for
Control of Foreign Investments in the Russian Federation, chaired
by the Prime Minister of the Russian Federation.

The ratings on OJSC Novorossiysk Commercial Sea Port continue to
reflect S&P's view of the group's satisfactory business risk
profile as the largest Russian port on the Black Sea, its strong
competitive position, and solid track record of profitability and
volume growth thanks to the moderate volatility of seaborne
commodities traffic through the economic cycle and the continued
growth of Russian external seaborne trade.  These strengths are
moderated by the volatility of the volumes some of the non-oil
related products generate, particularly containers in 2009, and
iron ore and grain in 2010.  The acquisition of Primorsk would
strengthen the group's business risk profile as it would provide
an interesting diversification on the Baltic Sea while reinforcing
its already robust position in oil-related products.

S&P's ratings on NCSP are constrained by its significant financial
risk profile.  NCSP currently has low debt, but its aggressive
financial policy could result in debt to EBITDA of 3.0x.  S&P
believes the acquisition of Primorsk could cause NCSP's leverage
to come close to its maximum guideline, and substantially weaken
its financial measures.

S&P aims to resolve the CreditWatch placement in the coming weeks
after reviewing the details of the transaction, notably the
amounts involved, financing, quality of the assets acquired, how
they fit with those of NCSP, and the integration risks inherent to
a large acquisition.  If leverage rises considerably as a result
of the transaction, the pace of the debt paydown would also become
a very important rating factor.  If S&P assess that NCSP's
financial risk profile is moving from significant to aggressive,
S&P could lower its ratings by more than one notch.


SEVERSTAL OAO: Fitch Affirms 'B+' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has changed the rating outlooks on three Russian
steel companies following an expected improvement in their
operational and financial profiles over the next two to three
years.  Their ratings are:

OJSC Magnitogorsk Iron and Steel Works:

  -- Long-term (LT) Issuer Default Rating affirmed at 'BB';
     Outlook revised to Positive from Stable

  -- Short-term (ST) IDR of 'B' (new rating)

  -- Local Currency LT IDR of 'BB' (new rating); Positive Outlook

  -- National LT Rating of 'AA- (rus)' (new rating); Positive
     Outlook

Evraz Group SA:

  -- LT IDR affirmed at 'B+'; removed from Rating Watch Negative;
     Positive Outlook assigned

  -- ST IDR affirmed at 'B'

  -- Senior Unsecured rating affirmed at 'B+ (RR4)'; removed from
     Rating Watch Negative

OAO Severstal:

  -- LT IDR affirmed at 'B+'; Outlook revised to Stable from
     Negative

  -- ST IDR affirmed at 'B'

  -- Senior Unsecured (SU) rating affirmed at 'B+' (RR4)

  -- Local Currency LT IDR affirmed at 'B+'; Outlook revised to
     Stable from Negative

  -- Local Currency SU rating affirmed at 'B+ (RR4)'

  -- National LT Rating affirmed at 'A(rus)'; Outlook revised to
     Stable from Negative.

"The rating actions reflect a stronger than previously expected
recovery in the financial profiles of the major Russian steel
companies", said Eldar Aghayev, London-based Associate Director in
Fitch's Industrials Team.  While global capacity utilization rates
have generally reached 75-80%, most Russian steel plants are
currently operating close to maximum capacity.  This reflects both
a gradual improvement in the macroeconomic environment as well as
the more specific benefit of the weakening of the Russian rouble.
Recent interim results have typically shown a strong turnaround
compared to the same period in 2009 assisted by restructuring,
cost savings and cash conservation measures.

The revision of MMK's Outlook to Positive from Stable in part
reflects both past-and expected improvements in its raw material
self-sufficiency levels.  MMK's current self-sufficiency levels in
iron ore, coal and scrap are approximately 30%, 50% and 100%,
respectively.  In 2009, MMK increased its interest in Belon Coal
Company, a Russian coking coal producer, to 82.6%.  The Outlook
change also reflects Fitch's favorable view of MMK's business
strategy of gradual organic growth and a focus on higher value-
added product segments; examples include the development of a new
plate mill to supply the oil and gas industry, and a new Turkish
steel mill joint venture.  Together, these measures will improve
the company's geographic and product diversification.

The removal of Evraz's ratings from RWN and the assignment of a
Positive Outlook primarily reflect the action taken by the
company's management to improve its liquidity position and debt
maturity profile.  Fitch also considers that the operational
profile of its international operations (mainly exposed to
infrastructure, construction and pipeline manufacturing) should
enable it to show a comparatively faster recovery than its CIS
peers.  On a consolidated basis, Fitch expects Evraz to record an
EBITDAR margin of around 20-21% in 2010, rising to 26-27% in 2011-
12.

The change of Severstal's Outlook to Stable reflects signs of a
turnaround in the performance at its international operations.
However, Fitch remains cautious regarding the pace of recovery in
North American steel demand and does not expect Severstal's North
American operations to be a significant contributor to group
profitability over the next 12-24 months.  In assessing the
potential for further positive rating action, Fitch will focus
upon management plans to restructure and/or reduce costs in its
North American operations.  Fitch expects Severstal to record an
EBITDAR margin of around 13% in 2010, rising to 20-21% in 2011-12.

Fitch expects to publish a special report outlining some key
financial and operational outcomes from the sector review over the
next two months.


SVYAZINVEST OJSC: S&P Retains CreditWatch Developing on Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on five
regional subsidiaries of Russian telecommunications holding
Svyazinvest remain on CreditWatch, where they were placed with
developing implications in June 2010.

The CreditWatch refers to the 'BB-' long-term corporate credit
ratings on North-West Telecom (JSC), VolgaTelecom (OJSC), and
Central Telecommunications Co. (OJSC); the 'B+' long-term
corporate credit rating on Uralsvyazinform (OJSC); and the 'B'
long-term corporate credit rating on Southern Telecommunications
Co. (OJSC), as well as the national scale and debt ratings on all
five companies.

The extension of the CreditWatch status follows the change of the
timeframe for receipt of early repayment claims from the creditors
of the companies, which arose as a result of their reorganization
and merger into OJSC Rostelecom (BB/Stable/--).  S&P originally
expected the claim period to expire in September, but it has been
extended to November 2010 because of technical and legal
constraints.

"S&P believes that sizable claims from creditors, if they
materialize, could significantly weaken the companies' liquidity
position and require them to rapidly access the capital markets,"
said Standard & Poor's credit analyst Alexander Griaznov.  "S&P
view this as a key near-term risk for the credit profile of all
five companies."

S&P still believe, however, that not many debtholders will use
this option because Rostelecom will take over responsibility for
the debt, and S&P considers Rostelecom a stronger entity from a
credit standpoint.  Nevertheless, the amount of any such claims is
still uncertain and remains dependent on capital market conditions
in Russia, which are still volatile.

At the same time, the developing implications of the CreditWatch
indicate the possibility of an upgrade, owing to the integration
of the companies into a single state-owned nationwide telecom
holding.  S&P may also raise or affirm the ratings if S&P sees
that the companies' stand-alone financial profiles are
strengthening as a result of ongoing reduction of leverage in line
with the reorganization.

"S&P expects to resolve the CreditWatch within the next three
months, after analyzing the impact of the reorganization on the
liquidity position of each company," said Mr. Griaznov.  "S&P will
compare the total amount of financial claims from debtholders with
the available liquidity resources.  Based on this information, S&P
could affirm, lower, or raise the ratings on the five
subsidiaries."


* IRKUTSK OBLAST: S&P Raises LT Issuer Credit Ratings to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term issuer credit ratings on Irkutsk Oblast to 'B+' from
'B'.  The outlook is positive.  The recovery rating on the
oblast's unsecured debt remains unchanged at '3'.

"The rating action reflects S&P's view that the oblast's
commitment to cost-containment measures in combination with rising
corporate profit tax has led to a consistently strong budgetary
performance," said Standard & Poor's credit analyst Felix Ejgel.

Moreover, improving self-funding capacity accompanied by
accumulation of cash reserves and gradual debt amortization is
reducing the oblast's refinancing risk.

The ratings on the oblast are based on S&P's view that its debt
profile is still relatively short-term, though improving, as well
as the oblast's limited financial flexibility and predictability
and moderately high contingent liabilities.

However, the oblast has demonstrated a commitment to cost-
containment measures over the past 24 months, it maintains a
moderate debt level, and benefits from the diversity of its
economy with long-term economic growth potential.

Irkutsk Oblast benefits from its strategic location between
Western Siberia and the Far East.  In the longer run, an abundance
of natural resources and planned state investments in new economic
sectors could accelerate currently sluggish economic growth.

The positive outlook reflects S&P's view that improving access to
the capital markets and support from the federal government in the
form of budget loans and transfers may help the oblast to reduce
its contingent liabilities and increase necessary investments in
infrastructure without excessively burdening its budget.


* TOMSK OBLAST: S&P Raises Long-Term Issuer Credit Rating to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term issuer credit rating on Tomsk Oblast to 'B+' from 'B'.  At
the same time S&P raised the Russia national scale ratings on the
oblast to 'ruA' from 'ruA-'.

"The rating action reflects S&P's view that Tomsk Oblast has
significantly improved its liquidity position," said Standard &
Poor's credit analyst Felix Ejgel.  "This is a result of committed
bank facilities and budget loans from the federal government, as
well as higher-than-expected revenues and adherence to cost-
containment measures."

The ratings incorporate S&P's view of the oblast's fairly short-
term debt profile, with large payments due in 2011-2012, its
limited financial flexibility and predictability, and the
dependence of its revenues on volatile commodity markets--the oil
and gas sectors represent at least 25% of its gross regional
product.  Offsetting these factors, however, are the oblast's
demonstrated commitment to timely debt repayment, its moderate
debt level, and significant support from the federal government in
the form of budget loans.

"The outlook is positive because it reflects S&P's expectations
that the oblast could extend its debt maturity profile and further
improve its liquidity position to offset increasing debt service
in 2011-2012," said Mr. Ejgel.  "In addition, higher revenues and
still modest expenditure growth may result in a sustainable
improvement of the oblast's operating balance."


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


* MONTENEGRO: Corporate Bankruptcies Rise to 244 in 1H2010
----------------------------------------------------------
Radio Free Europe reports that the number of bankruptcies in
Montenegro has risen by half in 2010 compared to the year before.

According to RFE, records from the Podgorica Commercial Court
showed that in the first nine months of this year, 244 companies
filed for bankruptcy, up from 166 in the same period last year.

RFE relates analysts said some bigger companies are also among
those which are having difficulties repaying loans, which could
trigger a domino effect and undermine the economy.

"This is the result of the very easy conditions under which the
loans were approved for businesses," said Bozo Mihailovic, an
economics professor at Podgorica University, according to RFE.

RFE notes Mr. Mihailovic said the state needed to amend the
legislation regulating bankruptcy, which sometimes take years to
complete.

"We've had a very complicated law on bankruptcies and no
company finished the process within an acceptable timeframe.
For some, it took five years," RFE quoted Mr. Mihailovic as
saying.


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


CAJA GRANADA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch
------------------------------------------------------------------
Fitch Ratings has placed Caja de Ahorros de Murcia's Long- and
Short-term Issuer Default Ratings and Individual Rating on Rating
Watch Negative.  At the same time, Fitch has placed on Rating
Watch Positive Caja General de Ahorros de Granada's and Caja de
Ahorros y Monte de Piedad de Baleares' Long-term IDRs and
Individual Ratings.  The Rating Watches on Caixa d'Estalvis del
Penedes' Long-term IDR and Individual Rating have been changed to
Positive from Negative.  A full rating breakdown is detailed at
the end of this commentary.

The Watches are based on the approval of an integration contract
by the General Assemblies of the four cajas to form a banking
group with cross-guarantee mechanisms through an Institutional
Protection Scheme.  The rating actions do not impact Cajamurcia's,
Caixa Penedes', Caja Granada's and Sa Nostra's 'AA+'-rated
government-guaranteed debt.

The SIP contract is expected to include a legally-binding cross-
guarantee mechanism encompassing solvency and liquidity.  Fitch
will resolve the Watches once the SIP is set up and further
information on the SIP contract and integration details become
available, which are anticipated by end-2010.  The agency expects
to align the IDRs and Individual Ratings of Cajamurcia, Caixa
Penedes, Caja Granada and Sa Nostra upon completion of the
process.  Should the integration not go ahead, the agency will
review each caja as a separate legal entity.

The RWN on Cajamurcia's IDRs, unguaranteed debt and Individual
rating reflect the challenges arising from the integration
process, including integration risks, difficult economic prospects
for the Spanish economy and that the caja will be integrating with
weaker savings banks.

The RWP on Caixa Penedes', Caja Granada's and Sa Nostra's Long-
term IDRs, unguaranteed debt and Individual ratings and on Sa
Nostra's 'F3' Short-term IDR reflect their integration with a
higher-rated entity.  The Short-term IDRs of Caixa Penedes and
Caja Granada have been affirmed at 'F2', as Fitch currently
believes they are less likely to be upgraded.

The SIP will seek EUR915.5m temporary financial assistance from
Spain's Fund for Orderly Bank Restructuring, which qualify as
regulatory tier 1 capital.  In addition, revaluation reserves on
investments and fixed assets will also feed into the merged
entity's core capital.

Although there will be revenue pressure from low interest rates
and subdued business volumes, cost synergies will be achieved
through headquarter and branch rationalization plans as well as
through early staff retirements, which should help the institution
return FROB funds within a five-year timeframe.

While restructuring costs will be gradually absorbed through the
profit and loss statement, FROB funds will enable the new entity
to anticipate potential impairments on loans and foreclosed assets
and support capital.  The new entity will thus operate from a more
favorable competitive position.

The new banking group will continue to have risk concentration to
the Spanish property sector (28% of total loans, on an aggregate
basis), which could lead to further asset quality issues.  Risk
diversification will be achieved by 49% of aggregate loans being
to individuals and low borrower concentration given limited risk
overlap among the member cajas.  The new entity will remain
somewhat reliant on capital market funding, which could remain
difficult for Spanish banks and, consequently, impact the group's
funding and liquidity.  Positively, the group has large liquid
assets and good diversification in debt maturities.  Tier 1
capital ratio is estimated to be around 10% once the SIP is in
place.

The group will create Spain's sixth-largest banking group within
the cajas' sector, with total assets of EUR73bn.  The group will
focus on retail banking in the Spanish Mediterranean area, where
it has a strong presence due to the member cajas' widespread
branch network.  Caixa Penedes, Cajamurcia, Sa Nostra and Caja
Granada are Spain's 14th, 15th, 21st and 23rd-largest cajas by
end-2009 total assets, respectively.

The rating actions on the group and individual entities are:

Cajamurcia:

  -- Long-term IDR: 'A+'; placed on RWN
  -- Short-term IDR: 'F1'; placed on RWN
  -- Individual Rating: 'B'; placed on RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Senior unsecured debt: 'A+'; placed on RWN
  -- Subordinated debt: 'A'; placed on RWN
  -- Preferred stock: 'BBB+'; placed on RWN
  -- State-guaranteed debt: affirmed at 'AA+'

Caixa Penedes:

  -- Long-term IDR: 'BBB+'; Rating Watch changed to Positive from
     Negative

  -- Short-term IDR: affirmed at 'F2'; removed from RWN

  -- Individual Rating: 'C'; Rating Watch changed to Positive from
     Negative

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'

  -- Preferred Stock: 'BB', Rating Watch changed to Positive from
     Negative

  -- State-guaranteed notes: affirmed at 'AA+'

Caja Granada:

  -- Long-term IDR: 'BBB+'; placed on RWP
  -- Short-term IDR: affirmed at 'F2'
  -- Individual Rating: 'C'; placed on RWP
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Preferred Stock: 'BB', placed on RWP
  -- State-guaranteed notes: affirmed at 'AA+'

Sa Nostra:

  -- Long-term IDR: 'BBB'; placed on RWP
  -- Short-term IDR: 'F3'; placed on RWP
  -- Individual Rating: 'C/D'; placed on RWP
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Subordinated debt: 'BBB-'; placed on RWP
  -- Preferred stock: 'BB-'; placed on RWP
  -- State-guaranteed notes: affirmed at 'AA+'

The impact, if any, from the rating action, on Cajamurcia's
covered bonds will be detailed in a separate comment.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


SA NOSTRA: Fitch Puts 'BB' Preferred Stock Rating on Pos. Watch
---------------------------------------------------------------
Fitch Ratings has placed Caja de Ahorros de Murcia's Long- and
Short-term Issuer Default Ratings and Individual Rating on Rating
Watch Negative.  At the same time, Fitch has placed on Rating
Watch Positive Caja General de Ahorros de Granada's and Caja de
Ahorros y Monte de Piedad de Baleares' Long-term IDRs and
Individual Ratings.  The Rating Watches on Caixa d'Estalvis del
Penedes' Long-term IDR and Individual Rating have been changed to
Positive from Negative.  A full rating breakdown is detailed at
the end of this commentary.

The Watches are based on the approval of an integration contract
by the General Assemblies of the four cajas to form a banking
group with cross-guarantee mechanisms through an Institutional
Protection Scheme.  The rating actions do not impact Cajamurcia's,
Caixa Penedes', Caja Granada's and Sa Nostra's 'AA+'-rated
government-guaranteed debt.

The SIP contract is expected to include a legally-binding cross-
guarantee mechanism encompassing solvency and liquidity.  Fitch
will resolve the Watches once the SIP is set up and further
information on the SIP contract and integration details become
available, which are anticipated by end-2010.  The agency expects
to align the IDRs and Individual Ratings of Cajamurcia, Caixa
Penedes, Caja Granada and Sa Nostra upon completion of the
process.  Should the integration not go ahead, the agency will
review each caja as a separate legal entity.

The RWN on Cajamurcia's IDRs, unguaranteed debt and Individual
rating reflect the challenges arising from the integration
process, including integration risks, difficult economic prospects
for the Spanish economy and that the caja will be integrating with
weaker savings banks.

The RWP on Caixa Penedes', Caja Granada's and Sa Nostra's Long-
term IDRs, unguaranteed debt and Individual ratings and on Sa
Nostra's 'F3' Short-term IDR reflect their integration with a
higher-rated entity.  The Short-term IDRs of Caixa Penedes and
Caja Granada have been affirmed at 'F2', as Fitch currently
believes they are less likely to be upgraded.

The SIP will seek EUR915.5m temporary financial assistance from
Spain's Fund for Orderly Bank Restructuring, which qualify as
regulatory tier 1 capital.  In addition, revaluation reserves on
investments and fixed assets will also feed into the merged
entity's core capital.

Although there will be revenue pressure from low interest rates
and subdued business volumes, cost synergies will be achieved
through headquarter and branch rationalization plans as well as
through early staff retirements, which should help the institution
return FROB funds within a five-year timeframe.

While restructuring costs will be gradually absorbed through the
profit and loss statement, FROB funds will enable the new entity
to anticipate potential impairments on loans and foreclosed assets
and support capital.  The new entity will thus operate from a more
favorable competitive position.

The new banking group will continue to have risk concentration to
the Spanish property sector (28% of total loans, on an aggregate
basis), which could lead to further asset quality issues.  Risk
diversification will be achieved by 49% of aggregate loans being
to individuals and low borrower concentration given limited risk
overlap among the member cajas.  The new entity will remain
somewhat reliant on capital market funding, which could remain
difficult for Spanish banks and, consequently, impact the group's
funding and liquidity.  Positively, the group has large liquid
assets and good diversification in debt maturities.  Tier 1
capital ratio is estimated to be around 10% once the SIP is in
place.

The group will create Spain's sixth-largest banking group within
the cajas' sector, with total assets of EUR73bn.  The group will
focus on retail banking in the Spanish Mediterranean area, where
it has a strong presence due to the member cajas' widespread
branch network.  Caixa Penedes, Cajamurcia, Sa Nostra and Caja
Granada are Spain's 14th, 15th, 21st and 23rd-largest cajas by
end-2009 total assets, respectively.

The rating actions on the group and individual entities are:

Cajamurcia:

  -- Long-term IDR: 'A+'; placed on RWN
  -- Short-term IDR: 'F1'; placed on RWN
  -- Individual Rating: 'B'; placed on RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Senior unsecured debt: 'A+'; placed on RWN
  -- Subordinated debt: 'A'; placed on RWN
  -- Preferred stock: 'BBB+'; placed on RWN
  -- State-guaranteed debt: affirmed at 'AA+'

Caixa Penedes:

  -- Long-term IDR: 'BBB+'; Rating Watch changed to Positive from
     Negative

  -- Short-term IDR: affirmed at 'F2'; removed from RWN

  -- Individual Rating: 'C'; Rating Watch changed to Positive from
     Negative

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'

  -- Preferred Stock: 'BB', Rating Watch changed to Positive from
     Negative

  -- State-guaranteed notes: affirmed at 'AA+'

Caja Granada:

  -- Long-term IDR: 'BBB+'; placed on RWP
  -- Short-term IDR: affirmed at 'F2'
  -- Individual Rating: 'C'; placed on RWP
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Preferred Stock: 'BB', placed on RWP
  -- State-guaranteed notes: affirmed at 'AA+'

Sa Nostra:

  -- Long-term IDR: 'BBB'; placed on RWP
  -- Short-term IDR: 'F3'; placed on RWP
  -- Individual Rating: 'C/D'; placed on RWP
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'
  -- Subordinated debt: 'BBB-'; placed on RWP
  -- Preferred stock: 'BB-'; placed on RWP
  -- State-guaranteed notes: affirmed at 'AA+'

The impact, if any, from the rating action, on Cajamurcia's
covered bonds will be detailed in a separate comment.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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


* Fitch Assigns 'B' Ratings on Ukraine's Two Eurobonds
------------------------------------------------------
Fitch Ratings has assigned Ukraine's US$500m five-year eurobond
and US$1.5bn 10-year eurobond ratings of 'B'.  The ratings are in
line with Ukraine's Long-term foreign currency Issuer Default
Rating of 'B', which has a Stable Outlook

The two eurobond issues represent Ukraine's first return to
international capital markets since 2007 and signals ongoing
stabilization of the economic and financial environment and an
improvement of sovereign financing flexibility after a severe and
prolonged period of stress.  However, Fitch judges that
significant risks remain over the short term associated with the
still stressed banking system, high gross external debt stock and
debt rollover requirements, and large budget deficit and
government financing needs.  A longer track record of consistent
policy implementation under Ukraine's IMF program would provide
greater confidence in the country's medium-term outlook.


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


BRITANNIA LAND: Provisional Liquidator Appointed
------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up Britannia Land
Management Ltd in the public interest.

The company was managed from Spain but also used addresses in
London and Manchester when selling plots of land to people who
were contacted by the company via a telesales force.

The petition to wind up the company was presented following an
investigation carried out by Companies Investigations of the
Insolvency Service under section 447 of the Companies Act 1985 (as
amended).

The Official Receiver has been appointed provisional liquidator of
Britannia Land Management Ltd.  The role of the provisional
liquidator is to protect assets in the possession or under the
control of the company pending the determination of the petition.
The provisional liquidator also has the power to investigate the
affairs of the company insofar as it is necessary to protect the
assets including any third party or trust monies or assets in the
possession of or under the control of the company.

The case is now subject to High Court action and no further
information will be made available until the petition is heard in
the High Court on October 18, 2010.

All public enquiries concerning the affairs of the company should
be made to:

          The Official Receiver
          Public Interest Unit
          2nd Floor, 3 Piccadilly Place
          London Road, Manchester
          M1 3BN

Britannia Land Management Ltd was incorporated on October 26,
2009.


CHESS II: S&P Downgrades Ratings on Various Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'CCC (sf)' and removed from CreditWatch negative its credit
ratings on Chess II Ltd.'s series 35 and series 36 notes.  Both
are European loss-trigger leveraged super senior collateralized
debt obligations.  At the same time, S&P withdrew the ratings on
the notes.

The downgrades follow S&P's review of all loss-trigger LSS
transactions using its updated methodology and assumption.  They
also reflect any rating migration of the obligors in the
underlying reference portfolio.

The withdrawal of the ratings follows the early termination of the
notes.

S&P's ratings on loss-based transactions factor in the credit risk
associated with the reference portfolio.  Losses on the underlying
reference portfolio may lead to a breach of the loss trigger,
which may cause the transaction to unwind.  When assigning a
rating to a loss-based transaction, S&P assess the likelihood of
the transaction breaching the attachment point, as well as the
probability of breaching a loss trigger.

Both transactions closed in March 2007 and reference primarily
corporate obligors.

                           Ratings List

Ratings Lowered, Removed From CreditWatch Negative, And Withdrawn

                           Chess II Ltd.
  ?10 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 35

                       Rating
                       ------
                  To            From
                  --            ----
                 CCC- (sf)     CCC (sf)/Watch Neg
                  NR            CCC- (sf)

                           Chess II Ltd.
  ?15 Million Secured Leveraged Super Senior Credit-Linked Notes
                             Series 36

                       Rating
                       ------
                  To            From
                  --            ----
                  CCC- (sf)     CCC (sf)/Watch Neg
                  NR            CCC- (sf)

                         NR -- Not rated.


CONNAUGHT PLC: One Vision Housing May Rehire Around 100 Workers
---------------------------------------------------------------
Liverpool Echo reports that around 100 workers formerly employed
by Connaught could be re-hired after the contract was taken over.

Liverpool Echo relates social housing provider One Vision Housing
has now taken over the contract from Connaught, which went into
administration earlier this month.

As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern.  Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.

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


CONNAUGHT PLC: Collapse Hits Subcontractors
-------------------------------------------
Greg Pitcher at H&V News reports subcontractors have been left
with GBP40 million in unpaid invoices followed by Connaught plc
collapse -- and fear they are unlikely to see more than 1% of it.

The company went into administration on September 14, 2010, after
failing to secure additional funds from lenders.

According to H&V News, administrator KPMG said it was too early to
say by how much the subcontractors, many of which will be from the
HVAC sector, would be reimbursed.  The report relates that an
unnamed spokeswoman said more details would emerge when KPMG
publishes its creditors' report in the next six to eight weeks.
"We are extremely concerned by the likely knock-on effect of the
company's demise," Mr. Pitcher quoted HVCA Deputy Chief Executive
Roderick Pettigrew as saying.  "Many HVCA members and other
specialist sub-contractors were involved in the local authority
contracts managed by Connaught.  We are advising them how to go
about recovering any money owed to them.  However, there is a
potential positive in all of this because much of Connaught's work
was service and maintenance of essential public sector buildings
and this work will simply have to continue.  HVCA members are
ideally placed and possess the technical background to fill the
gap," he added.

Mr. Pettigrew, the report relates, said that it would be hard to
assess the scale of the losses until the administrators made that
information available.

The report says that another unnamed source warned: "Connaught
owes GBP40 million.  Subcontractors might get a tiny amount,
[perhaps] a penny in a pound.  The ramifications will be felt
throughout the industry."

As reported in the Troubled Company Reporter-Europe on
September 15, 2010, BBC News said that administrators KPMG
announced 700 redundancies, as well as further contract sales, at
Connaught's insolvent social housing unit.  It brings the total
number of job losses to 1,400, BBC related.  KPMG added 300 to the
400 redundancies after urgent talks with Norwich City Council
failed to save the posts, BBC disclosed.  All 300 people will lose
their jobs with immediate effect, BBC stated.  BBC added another
200 Connaught employees working in Norwich have been told their
jobs are safe.

H&V News notes that Morgan Sindall's affordable housing division
Lovell bought about 80% of Connaught PLC's social housing
maintenance contracts for GBP28m in cash, helping to save about
2,800 jobs.  The report relates that Mears followed suit, picking
up a further eight contracts for a nominal sum.

The report says that the remaining five contracts -- with Norwich
City Council, Arun District Council, Raglan Housing Association,
Southern Housing, and Town and Country Housing -- are unlikely to
be sold.

Brian Green, a restructuring partner at KPMG and joint
administrator of Connaught Partnerships, said he hoped workers
made redundant might find jobs elsewhere, the report adds.

                      About Connaught plc

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


JOHN GIBBINS: Faces Wind-Up Over GBP100,000 Debt
------------------------------------------------
Jamie Buchan at The Press and Journal reports that John Gibbins
Contractors is facing liquidation over GBP100,000 debt to an oil
company.

The report relates that Shell took legal action against the firm,
which is run by a former councilor John Gibbins, ordering it to
pay debts of just over GBP111,036.  Mr. Gibbins was elected an
independent councilor for Aberdeenshire Council's former Lonmay
and St. Fergus ward in 2002.

At the end of May, the report says, the firm was served with a
demand through Peterhead Sheriff Court, giving the company 14 days
to pay the money.  The court has called for the business to be
wound up after failing to meet the deadline.

Donald McKinnon, an insolvency partner with Glasgow firm Wylie and
Bisset, is due to be appointed as interim liquidator.

Based in Crimond, John Gibbins Contractors is plant-hire firm.


KEYDATA INVESTMENT: FSA Rejected Rescue Package, Founder Claims
---------------------------------------------------------------
BBC News reports that Stewart Ford, founder of Keydata investment
firm has accused the Financial Services Authority of blocking a
GBP30 million rescue package.

According to BBC, Mr. Ford says he offered to inject new assets
into Keydata to rescue some of the 5,500 investors to whom it had
sold bonds from a Luxembourg firm, SLS.  After Keydata went bust
in June 2009, it emerged that the GBP103 million of SLS funds had
been stolen by that firm's owner, BBC discloses.

BBC notes the FSA said Mr. Ford's offer had not appeared to be in
investors' interests.

BBC relates Mr. Ford said that in fact, the FSA and Keydata
administrators PwC had not put his firm's clients first.

"To this day, the FSA and PwC have not offered any explanation as
to why they rejected the SLS capital rescue proposal; however,
their reasons are clear enough to me -- it simply didn't fit their
respective agendas," BBC quoted Mr. Ford as saying.  "From the
FSA's perspective, it is critical to vilify me to justify the ill-
considered and extreme action they took in placing Keydata into
administration over an alleged ISA regulation compliance problem,
which we maintain could easily have been resolved with HMRC were
it not for the interference of the FSA."

BBC says Mr. Ford, whose stewardship of Keydata is still being
scrutinized by the Serious Fraud Office and the FSA, is widely
regarded by the stricken investors as the villain of the piece,
especially since it emerged that he had taken GBP39 million in up-
front commission for selling the bonds in the first place.  He has
vigorously denied any wrongdoing and has repeatedly accused the
FSA of acting too hastily in closing down Keydata, which he says
was unnecessary, BBC discloses.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
FSA on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


LIVERPOOL FOOTBALL: Co-Owner to Partner With GSO in Rescue Attempt
------------------------------------------------------------------
Roger Blitz and Anousha Sakoui at The Financial Times report that
GSO Capital Partners, the credit arm of US private equity company
Blackstone, is being lined up by Liverpool FC co-owner Tom Hicks
as a key partner in his attempt to hold on to the Premier League
club.

According to the FT, people close to the situation said GSO is
among a number of parties approached by intermediaries to form a
consortium that would support a refinancing deal being put
together by Mr. Hicks.

The FT notes two people said GSO is mooted as the lead capital
provider in a proposed consortium, although no agreement has been
reached.

The FT relates Mr. Hicks was in London last week and outlined his
second refinancing proposal to the board for the company's GBP280
million of debt.  The FT says it is believed that any proposal
that allows the Mr. Hicks and co-owner George Gillett to retain
all or part of their Liverpool stakes would not be acceptable to
the independent members of the board.  According to the FT, one
person said the outcome of the proposed refinancing deal would be
to clear the GBP180 million of debt owed to the Royal Bank of
Scotland.  The GBP100 million of debt would remain, the FT notes.
The FT says RBS faces the undesirable position of taking control
of the club if it calls in its loan to the Americans.

The FT notes one person said GSO and the other parties had done
some level of due diligence but that the size of the refinancing
deal was steep and that any new lenders may be looking for a stake
in the club to make returns viable.

As reported by the Troubled Company Reporter-Europe on Sept. 13,
2010, SportBusiness said that RBS, Liverpool's main creditor,
signaled it would not extend its GBP237 million loan to the
English Premier League club after the Oct. 6 expiry date.  Citing
UK newspaper The Guardian, SportBusiness disclosed the bank placed
the club's loans into its toxic assets division.  Under the terms
of American owners' latest refinancing agreement with RBS, the
bank could force the insolvency of Liverpool in the event of
default, putting the club in administration, according to
SportBusiness.

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


NORTHERN ROCK: Mulls Mortgage Portfolio Sale to Repay Gov't Loan
----------------------------------------------------------------
Sharlene Goff at The Financial Times reports that Northern Rock,
the nationalized bank, is hoping to repay about two-thirds of its
GBP22.5 billion government loan within the next five or six years
as it looks to sell portfolios of mortgages rather than simply
rely on borrowers repaying their debt.

The FT notes the bank had previously indicated that the loan it
received as part of its government rescue package in 2008 would
gradually reduce over time, driven mainly by mortgage book
redemptions.

The FT says Northern Rock plans to accelerate this process by
selling off tranches of loans to investors such as private equity
groups and funds that have been set up to target distressed assets
in the wake of the financial crisis.

According to the FT, a number of potential investors have already
expressed an interest in buying loans held by Northern Rock Asset
Management, the old mortgage book that has been hived off from the
core bank.

Northern Rock has been exploring other ways to speed up the
repayment, such as buying back existing debt from investors, the
FT states.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

Northern Rock's dated subordinated lower Tier 2 debt continues to
carry a 'BB' rating from Standard & Poor's Ratings Services with a
stable outlook.  The rating was raised to its current level from
'CCC' in December 2009.


PINETEUM: Second Takeover Could Mean Redundancies
-------------------------------------------------
James Williams at Wiltshire Times reports that the second takeover
in a year at Pineteum could mean redundancies.  However, the
report relates, the staff are also hoping it will mean their
missing wages and pension contributions will now be paid.

The report relates that Pineteum went into administration last
October and was bought out by brothers Dean and Richard Robbins.

According to the report, the company looked to be entering
administration again this month, but Portsmouth firm Hamptons
Furniture Plc was due to complete a takeover deal on September 19,
2010.  The report relates Shaun Bright, a spokesman for Hamptons
Furniture, said if the deal goes ahead some of Pinetum's 92
employees will lose their jobs.

The report notes that an unnamed employee revealed that wages
haven't been paid recently and that staff have also discovered
their pension contributions haven't been made since last October.

In response, Mr. Bright said employees will be paid in full for
any unpaid wages but confirmed that unpaid pension contributions
are being investigated by administrators Tenon Recovery, the
report says.

Pineteum is family-run furniture business firm in Crusader Park,
Warminster, England.


ROYAL BANK: Treasury Select Committee Head Backs Break-Up
---------------------------------------------------------
Teresa Hunter at Scotland On Sunday reports that Andrew Tyrie,
chairman of the Treasury Select Committee, has called for the
break-up of the Royal Bank of Scotland when the government sells
the taxpayers' holding.

In an exclusive interview with Scotland on Sunday he said: "We
need to divest ourselves of the banks in public ownership in a way
that benefits the consumer in the long term, not just the
Exchequer in the short term."

Scotland on Sunday notes Mr. Tyrie signaled his support for a
split by saying: "Government should think very carefully about
selling off the banks in a way that allows them to maintain the
potential for oligarchical profits.  We on the committee are not
alone in this concern. The Office of Fair Trading is also worried
about the increased concentration of the banks."

The Treasury Committee, which has risen to a pre-eminent position
when it comes to keeping Government and the financial industries
in check, is currently conducting two inquiries, Scotland on
Sunday discloses.

The first, into retail banking, will focus on the competition
issue while the second, into financial regulation, will
concentrate on preventing future banking crises, Scotland on
Sunday states.

                            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.


TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-4 FS PLC's class A1 and A2 notes to 'D (sf)'
given that the issuer will not meet the rated obligations under
their original terms.  S&P then raised the rating on the class A1
notes to 'A- (sf)' and on the class A2 notes to 'B- (sf)' to
reflect S&P's opinion of the issuer's ability to meet its
principal and interest obligations under the revised terms.

In S&P's credit analysis of this transaction S&P assessed the
assets' ability to generate income to meet timely payment of
interest over the life of the rated notes.  The ratings also
consider the value of the assets and the recovery that can be
expected through a refinance at debt maturity or through
enforcement in an assumed default scenario.

The key changes effected under the restructuring include:

* The extension of the loan maturity from September 2010 to
  September 2012;

* The extension of the notes' legal maturity date to 2014 from
  2013;

* The reduction of the notes' "tail" (the period between scheduled
  and legal maturity) to two from three years;

* A material increase in the margin on the notes;

* A further step up in the margin in January 2012 if the borrower
  doesn't meet the amortization target of ?100 million; and

* A reduction in the liquidity available (from 9.85% of
  outstanding note balance to 7.85% of the class A1 note balance),
  with the result that liquidity will no longer be available to
  the class A2 notes.

This restructuring has occurred against a backdrop of continued
contraction in credit in the U.K. property market and a time when
S&P's expectation is that growth in the near term in the health
care property sector is likely to be limited.  Additionally, the
borrower failed to refinance on two previous occasions (at the
loan's original maturity date in September 2008 and recently on
Sept. 3, 2010).  These factors lead us to expect that the borrower
may struggle to meet the amortization target and, accordingly, S&P
assume that the margin on the loan, and in turn on the notes, will
increase in January 2012.

S&P also assume the loan will struggle to refinance when the loan
matures in September 2012.  In a default scenario the loan would
enter special servicing when the special servicer would likely
commence a forced sale of the properties or the business.  At that
point the servicer would have only two years to sell the
properties or the business prior to the notes' maturity.

S&P has based its rating decisions on the reduced tail period, the
potential reduction in recovery proceeds under its stressed
scenarios, and the lack of liquidity for the class A2 class, which
increases the risk of shortfalls in interest payments due on that
class, particularly following a step-up in interest in 2012 if the
targeted amortization is not met.

S&P's ratings on this transaction address timely payment of
interest under the notes (including after the margin steps up) and
ultimate payment of principal no later than the notes' legal final
maturity.

                           Ratings List

                    Titan Europe 2006-4 FS PLC
   ?600 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                    Rating
                                    ------
               Class         To                From
               -----         --                ----
               A1            D (sf)            A (sf)
               A2            D (sf)            BB (sf)

                         Ratings Raised

                                    Rating
                                    ------
               Class         To                From
               -----         --                ----
               A1            A- (sf)           D (sf)
               A2            B- (sf)           D (sf)


* UK: Draws Up Proposals for New Special Administration Regime
--------------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that the U.K. government set out proposals Thursday for a
new special administration regime to more effectively handle
investment bank insolvencies to minimize the impact on financial
stability.

According to Global Insolvency, the scheme is designed to handle
the insolvency of failing banks that aren't put into the U.K.'s
existing special resolution regime, developed to ensure a
systemically-important bank is rescued or sold off very quickly to
avoid financial contagion.

The proposed system, which isn't expected to impose additional
regulatory costs on firms, would try to ensure customers get their
cash as soon as possible, creditors get the best return possible
and that there's coordination between regulators and
infrastructure bodies, such as clearinghouses, Global Insolvency
says.

Global Insolvency notes the government said the new administration
regime will be used only for U.K.-incorporated and regulated
companies that manage client money and will be triggered when a
court appoints an administrator.  The scheme will be backed by new
insolvency rules spelling out the procedure for courts applying to
use it, how administrators release client assets, the process for
creditors and clients, and how the costs involved are borne,
Global Insolvency states.

The government wants responses to questions posed in its proposal
document by Nov. 16, Global Insolvency discloses.


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


* 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 * * *