TCREUR_Public/101019.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, October 19, 2010, Vol. 11, No. 206

                            Headlines



A U S T R I A

RAIFFEISEN ZENTRALBANK: Moody's Withdraws 'D+' BFSR


G E R M A N Y

ADAM OPEL: Expects EUR1 Billion Loss This Year
PREPS 2005-1: Moody's Puts B1 (sf) Rating on Notes Under Review
PREPS 2005-2: Moody's Puts Caa3 (sf) Ratings on Notes Under Review


G R E E C E

WIND HELLAS: Naguib Sawiris Submits Revised Takeover Offer


I R E L A N D

ANGLO IRISH: To Challenge Ex-Chief Drumm's US Bankruptcy Filing
EIRLES TWO: S&P Downgrades Ratings on Secured Notes to 'D'
KILDARE SECURITIES: Moody's Reviews Ba3 (sf)-Rated Class D Notes
OMEGA CAPITAL: S&P Withdraws Low-B Ratings on Two Classes of Notes
PROVENTUS EUROPEAN: S&P Cuts Rating on Class Notes to 'CCC- (sf)'

QUINN INSURANCE: Regulator Gets Findings of Probe Into Collapse


I T A L Y

COMPAGNIA ITALPETROLI: AS Roma Gets Expressions of Interest


L I T H U A N I A

STAR1 AIRLINES: In Rescue Talks with Chinese Investors


L U X E M B O U R G

THESEUS EUROPEAN: S&P Affirms 'CCC (sf)' Rating on Class E Notes


N E T H E R L A N D S

DUCHESS VI: S&P Raises Rating on Class E Notes to 'CCC+ (sf)'


R U S S I A

ASTANA FINANCE: Fitch Maintains 'C' LT Issuer Default Rating


S P A I N

AYT COLATERALES: Fitch Affirms 'BB-sf' Rating on Class D Notes
AYT COLATERALES: Fitch Affirms Rating on Class D Notes at 'Bsf'
SANTANDER EMPRESAS: S&P Cuts Rating on Class F Notes to 'D (sf)'
TDA TARRAGONA: Moody's Cuts Rating on C Certificate to Ba2 (sf)
UCI 19: S&P Affirms 'CCC- (sf)' Rating on Class E Notes


U K R A I N E

* Moody's Gives Stable Outlook on Ukrainian Cities' B2 Ratings


U N I T E D   K I N G D O M

BLACKSHEEP TEXTILE: Bought Out of Administration, 20 Jobs Saved
COUNTY ESTATE: Goes Into Administration
DUNDEE FOOTBALL: Has Possible Buyer, Former CEO Says
EAST LONDON BUS: KMPG Appointed as Prepack Administrators
LIVERPOOL FOOTBALL: Bought by NESV for GBP300 Million

MAN GROUP: Fitch Downgrades Hybrid Debt Rating to 'BB+'
MK AIRLINES: In Liquidation; 360 Jobs Affected
PROLITHO: Falls Into Insolvency; To Relaunch as Print Management
ROYAL BANK: Sells EUR250-Mil. European Mezzanine Loan Portfolio


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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RAIFFEISEN ZENTRALBANK: Moody's Withdraws 'D+' BFSR
---------------------------------------------------
Moody's Investors Service has taken multiple rating actions on
entities within the Raiffeisen Zentralbank Oesterreich Group.
These actions follow the successful conclusion of the transfer to
Raiffeisen Bank International AG, formerly Raiffeisen
International Bank-Holding AG, of the spun-off principal business
activities and liabilities of Raiffeisen Zentralbank Oesterreich
AG.

Moody's has assigned to RBI a long-term debt and deposit rating of
A1, a short-term debt rating of Prime-1, and a D+ bank financial
strength rating, mapping into a baseline credit assessment of
Baa3.  This rating action affirms the provisional ratings for RBI
assigned on 8 October, 2010.  The outlook on the long-term debt
and deposit ratings is stable, and the outlook on the BFSR is
positive.

In addition, Moody's has downgraded RZB's long-term debt and
deposit rating to A2 from A1, reflecting the status of RZB as a
bank holding company and the structurally subordinated nature of
its senior obligations relative to the direct obligations of its
subsidiaries.  The outlook on the rating is stable.  The rating
agency has withdrawn RZB's BFSR at D+ with a positive outlook.
The Prime-1 short-term rating was affirmed.

Moody's has also assigned a backed A1 rating with a stable outlook
to RZB's long-term senior unsecured debt, which benefits from an
unconditional and irrevocable guarantee from RBI.

The ratings of the subordinated and hybrid instruments of RZB and
RBI are discussed below.

Moody's will separately review any potential impact on the current
ratings of the subsidiaries of RBI, which are not covered in this
press release.  RBI's Aaa rating for obligations that are
guaranteed by the Republic of Austria remained unaffected by the
rating actions.

                        Ratings Rationale

On 9 October 2010, RZB Group underwent a corporate reorganization
whereby all of RZB's commercial banking activities and most of its
liabilities were transferred to RBI, the stock-quoted holding
company for the group's international activities in Central &
Eastern Europe and in the Commonwealth of Independent States.
With the asset transfer, RZB has raised its previous 72.8% stake
in RBI to 78.5%.  RBI now operates as an Austrian-regulated
banking institution.  On a pro forma basis, its assets increased
to EUR148 billion, up from EUR78 billion as of June 2010.

RZB will act as the bank holding company and assume supervisory
and control functions over RBI, as well as the role of central
bank for the RZB Group's owners -- namely, the co-operative sector
or Raiffeisenlandesbanks in Austria.  With a marginal earnings
contribution from these activities, RZB's earnings will depend
almost exclusively on income streams from RBI.  Moody's expects
the capital requirements of RBI's still-expanding franchise in CEE
and CIS to weigh on any potential dividends to RZB.

RZB retains total assets of close to EUR30 billion, down from
EUR93 billion according to YE 2009 individual accounts.  While
most of its liabilities were moved to RBI -- in particular, its
market funds and customer deposits -- securities of EUR8 billion
will stay with RZB until maturity in 2020, benefiting from a
guarantee by RBI, as reflected in Moody's ratings.

              Provisional Ratings for RBI Affirmed

Following the transaction, RBI has effectively assumed all of
RZB's previous businesses, except for the central bank function.
This function makes a marginal contribution to earnings, but is
relevant to the overall group due to the funding provided by the
Raiffeisen sector of EUR16 billion according to unaudited and pro-
forma June 2010 financials.  Moody's understands that RZB will
pass these resources on to RBI for a stable funding base.

RBI's BFSR of D+ recognizes its strong retail and corporate
franchises throughout Austria, CEE and CIS, which provides for
good earnings diversification by geography as well as by business
segment.  However, performance depends heavily on the CEE
franchise that the group has successfully established in the
region.

According to unaudited pro forma financials as of June 2010, RBI's
capitalization is adequate for its risk profile, with a Tier 1
ratio of 9.5%.  Moody's further notes that the group performed
well during the economic crisis, and that credit losses recorded
in 2009 and year-to-date were somewhat below the rating agency's
base-case stress expectations.  More importantly, performance was
far better than had been indicated in Moody's stress-case
scenario, which supports the BFSR at the current level.

Corporate governance, previously considered a constraint to the
intrinsic strength of the rating, has clearly improved from the
regrouping of RZB Group's major business activities into a stock-
quoted company, thereby reducing the overall complexity of the
group.

These strengths are counterbalanced by modest overall
profitability after catering for risk costs and by challenges to
asset quality.  In particular, Moody's remains concerned that
economic volatility and uncertainty will persist in some of RBI's
core markets, such as Russia and Ukraine.  Given the nature of
RBI's sizeable exposure to the less granular corporate sector, the
predictability of expected losses or write-down requirements
remains an issue.  However, the rating agency considers that
further loan impairments can be absorbed at RBI's D+ BFSR level,
hence the positive outlook on the BFSR.

RBI's A1 long-term debt and deposit ratings benefit from the
support mechanisms available to members of the Raiffeisen
cooperative banking sector (Kundengarantiegemeinschaft), which has
been extended to RBI in the context of the transaction, but not to
its CEE and CIS subsidiaries.  The rating further reflects a high
probability of systemic support, reflecting RBI's sizeable market
share in Austria as well as the Raiffeisen sector's considerable
importance to Austria's banking system.  Together, these factors
support a five-notch uplift to RBI's long-term debt and deposit
ratings, as well as the stable outlook.

Moody's has also assigned the rating of A2 on RBI's senior
subordinated debt, one notch below the senior debt and deposit
rating.  For banks in Austria, Moody's continues to incorporate
systemic support in its ratings of dated subordinated debt to the
same extent as in its senior debt ratings.  This reflects the
absence of a resolution framework in Austria that would allow for
the imposition of losses on dated subordinated creditors outside
of a liquidation scenario.

                RZB Downgraded to A2 in Line With
        Moody's Bank Holdco Notching Rules; BFSR Withdrawn

The downgrade to A2 from A1 of the long-term debt and deposit
rating of RZB -- RBI's parent company --incorporates two main
elements: (i) the long-term debt and deposit ratings of RBI of A1;
and (ii) the structural subordination of the senior obligations of
RZB regarding the senior unsecured obligations of its major
operating entity RBI, resulting in a one-notch difference between
RZB and RBI.  However, Moody's notes the absence of any meaningful
double leverage at the holding-company level and considers that
RBI will be able to continue to generate adequate earnings that
will allow for uninterrupted dividend payments, and therefore
enable RZB to at least meet its payment obligations.  The outlook
on RZB's debt and deposit rating follows from the stable outlook
on RBI's long-term rating.

Given that RZB has no meaningful sources of income except from RBI
as its principal asset and in line with Moody's methodology, the
rating agency has decided to withdraw the BFSR of RZB at a level
of D+ with a positive outlook.

              RZB's Backed Ratings Aligned With RBI

RZB's A1 ratings on the backed debt securities of RZB are based on
the unconditional and irrevocable nature of the guarantee and
payment undertaking of RBI, which allows for the A1 ratings
assigned to RBI to be passed through to the eligible securities.

The A2 ratings for RZB's backed subordinated debt after the
transaction reflect the unconditional and irrevocable subordinated
payment undertaking of RBI, which allows for the A2 ratings
assigned to RBI to be passed through to RZB.

  Ba1 Hyrid Rating Assigned to RBI, and Passed Through to RZB's
                 Backed Junior Subordinated Debt

Moody's assigned a Ba1 rating on non-cumulative preferred
securities issued by or transferred to RBI, three notches below
the adjusted BCA, reflecting their deeply subordinated claims in a
liquidation scenario and the non-cumulative coupon-skip mechanism
tied to the breach of a balance-sheet loss trigger.

  -- RZB Finance (Jersey) II Limited (XS0173287862)
  -- RZB Finance (Jersey) III Limited (XS0193631040)
  -- RZB Finance (Jersey) IV Limited (XS0253262025)

Moreover, the rating agency has affirmed the Ba1 ratings for
junior subordinated debt instruments (Ergaenzungskapital notes),
which are henceforth based on the unconditional and irrevocable
guarantee and payment undertaking of RBI.  The latter allows for
the Ba1 ratings assigned to RBI to be passed through to the
eligible securities.  Those securities are rated three notches
below the adjusted BCA of RBI, reflecting the debt's junior
subordinated claim in liquidation and cumulative deferral features
that are tied to the breach of a net loss trigger.

Raiffeisen Zentralbank Oesterreich AG: Ergaenzungskapital notes
                          (XS0326967832)

The adjusted BCA is Moody's starting point for rating hybrid
securities and reflects the bank's standalone credit strength,
including parental or cooperative support, if applicable.  The
adjusted BCA excludes systemic support expectations.  RBI's
adjusted BCA stands at Baa1.

             What Could Change the Ratings Up or Down

Upward pressure on the D+ BFSR of RBI would result from a further
improvement in RBI's credit metrics, in particular relating to
asset quality, efficiency and capital.  Specifically, upward
pressure will arise to the extent that RBI is able to benefit from
a further stabilization and recovery of macroeconomic conditions
in the CEE and CIS, which should translate into improved asset
quality and stronger earnings and capital levels.  The bank's
long-term debt and deposit ratings could principally benefit from
material, sustainable improvements in the bank's intrinsic
strength.  However, some modest upward rating pressure, as
mentioned above, is not likely to immediately trigger an upgrade
of the long-term ratings in view of the very high support
assumptions already factored into the bank's senior debt and
deposit ratings.

Downward pressure on RBI's D+ BFSR could be triggered by (i) a
backdrop in the recovery in CEE or CIS leading to substantial
additional credit charges, beyond levels currently anticipated by
Moody's; (ii) an extended period of weak earnings and hence
reduced internal capital generation; and/or (iii) weakened
capitalization and regulatory capital levels as a result of strong
balance sheet growth on the back of continued expansion in Eastern
Europe and/or following an earlier-than-anticipated repayment of
government capital without replacing the same with similar capital
amounts of high quality.  The bank's long-term debt and deposit
ratings could possibly suffer from a material, longer-term
weakening in its intrinsic strength, as well as from (i) a
deterioration in the commercial and financial profile of the
Raiffeisen sector in Austria overall and the lower potential
support this might imply for RBI, and (ii) adverse changes in the
systemic support assumptions that are currently factored into
RBI's ratings.  However, Moody's does not consider this likely at
present.

An upgrade of RZB's long-term ratings could result from an upgrade
of RBI's long-term ratings.  Alternatively, upward pressure on
RZB's rating only could result from a higher degree of
diversification of revenues and earnings, provided that the cash
flows are (i) significant and recurrent and (ii) derived from
businesses that are lowly correlated with those of the main
operating bank RBI, and that (iii) this change does not result in
in a doubling of leverage or otherwise increase the RZB's risk
profile.

Equally, a downgrade of RZB's long-term ratings would likely be a
consequence of a downgrade of RBI's long-term ratings.
Developments which could lead to a wider notching between RZB's
rating and RBI's rating would include: (i) the incidence of the
holding company RZB's double leverage; (ii) a multi-notch
downgrade or series of downgrades for the rating of RBI to the
lower range of investment-grade ratings.

Moody's previous rating action on RZB and RBI was initiated on 8
October 2010, when RBI was assigned provisional ratings, RZB's
ratings were affirmed and hybrids securities ratings were
downgraded to Ba1 from Baa2.

RZB is domiciled in Vienna, Austria.  At the end of June 2010, it
had total consolidated assets of EUR152.2 billion and equity of
EUR11 billion, according to IFRS.  The group's core capital Tier 1
ratio was 9.3%, according to BIS standards.

RBI, which will be domiciled in Vienna, Austria, had total
consolidated assets of EUR148 billion and equity of EUR10.1
billion, according to unaudited pro-forma IFRS figures as June
2010.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

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

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

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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G E R M A N Y
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ADAM OPEL: Expects EUR1 Billion Loss This Year
----------------------------------------------
Daniel Schafter at The Financial Times reports that Adam Opel GmbH
is expecting a loss of at least EUR1 billion (US$1.4 billion) this
year, but aims to return to profit by 2012.

According to the FT, Opel, which is owned by U.S. carmaker General
Motors, said in its annual report that a sharp sales drop in the
German car market and further restructuring costs would trigger
another large loss in the present year.

The FT relates the German carmaker said it would be profitable
before restructuring costs in 2011 and come back to a net profit
the year after.

Opel and Vauxhall, General Motors Co.'s UK brand, are currently
reducing about 20% of their capacity by cutting thousands of jobs
across Europe, the FT notes.

In the annual report, dated July 28 but filed to a German district
court late last month, the carmaker forecast revenues to increase
from EUR10 billion in the past year to EUR11 billion this year,
the FT discloses.

According to the FT, in the annual report, Opel said it made a net
loss EUR427 million in the past year, much less than the EUR1.2
billion that it had initially dreaded.

                            Overhaul

Cornelius Rahn at Bloomberg News reports that Rita Forst, chief
engineer at GM's Opel brand, must bridge a cultural gap between
the U.S. and Germany to overhaul the European model line-up.
According to Bloomberg, while heading GM's diesel engine
development center in Turin, Italy, she set up exchanges between
German and Italian employees who were reluctant to cooperate.

"She'll have to scramble to gear up and complete Opel's range of
cars, and do it in a way that they actually bring in money,"
Bloomberg quoted Willi Diez, head of the Institute for Automobile
Industry in Nuertingen, Germany, as saying.  "It remains to be
seen to what extent GM will let her tailor cars for European
drivers."

Bloomberg relates Ms. Forst said she aims to inject Opel with more
"passion," fuel efficiency and clever design to win back buyers
who fled as GM debated whether to sell the unit.

Ms. Forst, as cited by Bloomberg, said the company's new Astra
Sports Tourer and Insignia sedan provide a glimpse of where Opel
is headed.

Ms. Forst also points to a small car to be built from 2013 as
evidence of her push to make autos with what she calls stronger
lifestyle appeal, Bloomberg notes.  Her team of more than 5,000
engineers is working on concepts for a convertible and coupe,
niches GM abandoned, Bloomberg discloses.

                          About Adam Opel

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

                           *     *     *

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


PREPS 2005-1: Moody's Puts B1 (sf) Rating on Notes Under Review
---------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of 12 classes of notes issued by four
predominantly German SME CDOs.  Two of the transactions, European
Private Funding and Preps 2004-2, have scheduled maturities in
2011, while Preps 2005-1 and Preps 2005-2 are scheduled to redeem
in 2012.

The four transactions are each exposed to portfolios of
subordinated loans with bullet maturities to obligors
predominantly located in Germany.  Capital Efficiency Group is
acting as a financial advisor or investment services provider and
CorpRec Advisory AG as recovery manager in Germany, Austria and
Switzerland for those four transactions.

The affected notes are listed below:

Issuer: European Private Funding I Limited Partnership

  -- EUR220M Senior Notes Bond, Baa2 (sf) Placed Under Review for
     Possible Downgrade; previously on May 28, 2010 Downgraded to
     Baa2 (sf)

Issuer: PREPS 2004-2 Limited Partnership

  -- EUR393M A1 Bond, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)

  -- EUR75M A2 Bond, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)

  -- EUR46M B1 Bond, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)

  -- EUR40M B2 Bond, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)

Issuer: PREPS 2005-1 Limited Partnership

  -- EUR175M A1 Notes, Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)

  -- EUR60M A2 Notes, Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)

  -- EUR47M B Notes, B1 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 25, 2010 Downgraded to B1 (sf)

Issuer: PREPS 2005-2 plc

  -- EUR217M A1 Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)

  -- EUR53M A2 Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)

  -- EUR41.5M B1 Notes, Caa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)

  -- EUR12.5M B2 Notes, Caa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)

These reviews reflect Moody's expectations that the performance of
the pool will deteriorate beyond previous assumptions.  According
to the financial advisor, the latest trustee reports and
information from the recovery manager, there remain a meaningful
number of obligors that are facing operating and cashflow
generation challenges despite the improving macroeconomic
environment in Germany.  As a result of these performance issues,
Moody's expects that material portions of the portfolios will
suffer from a reduced capacity to refinance their subordinated
loans with regard to European Private Funding and Preps 2004-2.

The continuing weakness in the pools can be observed in the latest
investor reports.  These indicate that the pools have continued to
suffer from defaults and show an increased number of issuers rated
at Ba1.edf and below by the RiskCalc model used to assess the
credit quality of the pools.  Furthermore, those issuers rated
Ba1.edf or below, which are subject to the risk management process
described in the reports, continue to post weak results or net
losses.

Moody's expects to resolve its review in the coming weeks
following deal specific analysis and detailed information provided
by the recovery managers and financial advisor.


PREPS 2005-2: Moody's Puts Caa3 (sf) Ratings on Notes Under Review
------------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of 12 classes of notes issued by four
predominantly German SME CDOs.  Two of the transactions, European
Private Funding and Preps 2004-2, have scheduled maturities in
2011, while Preps 2005-1 and Preps 2005-2 are scheduled to redeem
in 2012.

The four transactions are each exposed to portfolios of
subordinated loans with bullet maturities to obligors
predominantly located in Germany.  Capital Efficiency Group is
acting as a financial advisor or investment services provider and
CorpRec Advisory AG as recovery manager in Germany, Austria and
Switzerland for those four transactions.

The affected notes are listed below:

Issuer: European Private Funding I Limited Partnership

  -- EUR220M Senior Notes Bond, Baa2 (sf) Placed Under Review for
     Possible Downgrade; previously on May 28, 2010 Downgraded to
     Baa2 (sf)

Issuer: PREPS 2004-2 Limited Partnership

  -- EUR393M A1 Bond, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)

  -- EUR75M A2 Bond, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Confirmed at Aaa (sf)

  -- EUR46M B1 Bond, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)

  -- EUR40M B2 Bond, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 3, 2009 Downgraded to Baa3 (sf)

Issuer: PREPS 2005-1 Limited Partnership

  -- EUR175M A1 Notes, Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)

  -- EUR60M A2 Notes, Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 25, 2010 Downgraded to Aa3 (sf)

  -- EUR47M B Notes, B1 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 25, 2010 Downgraded to B1 (sf)

Issuer: PREPS 2005-2 plc

  -- EUR217M A1 Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)

  -- EUR53M A2 Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Ba1 (sf)

  -- EUR41.5M B1 Notes, Caa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)

  -- EUR12.5M B2 Notes, Caa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 17, 2010 Downgraded to Caa3 (sf)

These reviews reflect Moody's expectations that the performance of
the pool will deteriorate beyond previous assumptions.  According
to the financial advisor, the latest trustee reports and
information from the recovery manager, there remain a meaningful
number of obligors that are facing operating and cashflow
generation challenges despite the improving macroeconomic
environment in Germany.  As a result of these performance issues,
Moody's expects that material portions of the portfolios will
suffer from a reduced capacity to refinance their subordinated
loans with regard to European Private Funding and Preps 2004-2.

The continuing weakness in the pools can be observed in the latest
investor reports.  These indicate that the pools have continued to
suffer from defaults and show an increased number of issuers rated
at Ba1.edf and below by the RiskCalc model used to assess the
credit quality of the pools.  Furthermore, those issuers rated
Ba1.edf or below, which are subject to the risk management process
described in the reports, continue to post weak results or net
losses.

Moody's expects to resolve its review in the coming weeks
following deal specific analysis and detailed information provided
by the recovery managers and financial advisor.


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


WIND HELLAS: Naguib Sawiris Submits Revised Takeover Offer
----------------------------------------------------------
Egyptian billionaire Naguib Sawiris submitted a revised offer for
Wind Hellas Telecommunications SA after lenders to the Greek
telecommunications company failed to agree on a preferred bidder,
Kate Haywood at Bloomberg News reports, citing three people with
knowledge of the situation.

According to Bloomberg, one of the people, who declined to be
identified because talks are private, said Mr. Sawiris is offering
EUR180 million (US$252 million) of cash and plans to refinance
Wind Hellas's revolving-credit facility by raising EUR290 million
of bonds.

Bloomberg relates the person said holders of Wind Hellas's EUR1.2
billion of senior secured floating-rate notes will be offered
EUR110 million of bonds and 40% of the company.

Under Sawiris's proposal, senior secured bondholders will get the
chance to invest in Wind Hellas, while holders of its subordinated
bonds will be wiped out, Bloomberg says, citing the person with
knowledge of that bid.

As reported by the Troubled Company Reporter-Europe on Oct. 18,
2010, Bloomberg News said Weather Finance III may choose a
preferred bidder in the restructuring of Wind Hellas "in the near
term".

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 1,
2010, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'D' from 'SD'.  Simultaneously, S&P
withdrew all S&P's ratings on the group.


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


ANGLO IRISH: To Challenge Ex-Chief Drumm's US Bankruptcy Filing
---------------------------------------------------------------
The Irish Examiner reports that former Anglo Irish Bank boss David
Drumm's decision to file for bankruptcy in the U.S. is expected to
be challenged by the bank this week.  The Irish Examiner says it
is expected Anglo Irish Bank will challenge the validity of this
move in the High Court this week.

                            Chapter 7

Don Jeffrey at Bloomberg News reports Mr. Drumm, former chief
executive officer of Anglo Irish Bank, filed for bankruptcy,
months after the bank sought repayment of loans from him.

Bloomberg relates Mr. Drumm, who resigned from the Dublin-based
bank in December 2008, listed assets and liabilities at US$1
million to US$10 million on Thursday in U.S. Bankruptcy Court in
Boston.

According to Bloomberg, Anglo Irish Bank's lawyers told a court in
Dublin in December that the bank is seeking repayment of loans
valued at about EUR8 million (US$11.3 million) from Mr. Drumm.
His liabilities are primarily business debts, Bloomberg says,
citing Thursday's filing under Chapter 7 of the U.S. Bankruptcy
Code.

                            Settlement

Simon Carswell and Mary Carolan at The Irish Times report lawyers
for Mr. Drumm told the commercial division of the High Court in
Dublin that Anglo had last Friday rejected a final settlement
offer that he had proposed on September 24.

According to the Irish Times, Mr. Drumm's lawyers said he had
offered to hand over all assets to Anglo excluding personal
effects such as clothes and jewellery.  It is understood that Mr.
Drumm claims that he proposed handing over assets to Anglo valued
at EUR10.8 million to settle the action, The Irish Times notes.

The Irish Times says following his application, Mr. Drumm may
retain his EUR5.4 million pension and could emerge from bankruptcy
within a much shorter period than in Ireland.  An official
appointed by the U.S. court will liquidate all his assets through
forced sales in a move which may result in Anglo recovering a
lower amount, the Irish Times states.

Mr. Drum's lawyers, as cited by The Irish Times, said the High
Court was told the US court action may or may not disrupt Anglo's
case but this was out of his hands.

It had been anticipated that Mr. Drumm would use the hearing of
the bank's action later this month to meet voluntarily with gardai
and other investigators examining the collapse of Anglo, which is
costing the State up to EUR34.3 billion, The Irish Times
discloses.

Anglo's case will be returned before Mr. Justice Peter Kelly, who
has been managing the case, in the Commercial Court next Tuesday,
according to The Irish Times.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said it is maintaining its review
for possible downgrade on the A3/P-1 deposit and senior debt
ratings, and on the Ba1 subordinated debt rating of Anglo Irish
Bank Corporation.  The junior subordinated debt is downgraded to C
from Caa2.  The backed-Aa2 rating (stable outlook) on the
government guaranteed debt, the C rating on the bank's tier 1
securities and the E bank financial strength rating -- mapping to
Caa1 on the long-term scale -- are unaffected by this rating
action.


EIRLES TWO: S&P Downgrades Ratings on Secured Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' and then withdrew its credit ratings on Eirles Two Ltd.'s
US$55 million floating-rate portfolio credit-linked secured series
273 and US$25 million floating-rate portfolio credit-linked
secured series 274 notes.

The downgrades follow recent notification to us that losses from
credit events in each respective portfolio have led to the
reduction of the threshold and outstanding principal amount of the
notes to zero.  This reduction of principal has led to an early
redemption of the notes.

According to the notice that S&P recently received, these events
took place in June 2009--so S&P is also withdrawing the ratings.

Eirles Two's series 273 and 274 are European synthetic high-grade
structured finance collateralized debt obligations.


KILDARE SECURITIES: Moody's Reviews Ba3 (sf)-Rated Class D Notes
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade ratings on 7 Irish residential mortgage-backed
securities.

This rating review follows Moody's decision on October 5, 2010 to
place the Aa2 government bond rating on review for possible
downgrade as well as the ratings of some of the Irish banks on
October 6.  The sovereign rating action was prompted by the
crystallization of additional bank contingent liabilities, the
increased uncertainty regarding the economic outlook and the
government's elevated borrowing costs.

Ratings of senior and junior notes in 9 additional Irish RMBS are
already under review for possible downgrade since last July.  The
completion of Moody's rating review of the Irish RMBS will be
driven by the conclusion of the ongoing review of Ireland's
sovereign and bank ratings as well as Moody's revised assumptions
on future performance of RMBS portfolios in the context of greater
uncertainty of the economic outlook in Ireland.

High Ratings Can Be Maintained in Structures Designed for Severe
Stress Scenarios

Moody's rates transactions to the highest rating levels only if
their structural features, including credit enhancement, mitigants
to operational risk, and liquidity support, are sufficient to
withstand extreme scenarios.  Irish RMBS could still maintain
ratings in the Aaa and Aa categories if the transactions can
survive stresses to collateral performance and counterparty
downgrades.

               Credit Enhancement Stress Scenarios

In placing on review senior ratings of some Irish RMBS, Moody's
considered the likely performance of the transactions in the
context of high stress scenarios that assume various combinations
such as a possible restructuring of the government's debt, a
banking system crisis, and a more severe version of the required
austerity measures.  Moody's will ultimately determine a
probability for these extreme scenarios in line with the outcome
of the Irish government and bank rating reviews.  Irish Prime RMBS
that have credit enhancement levels above 20-25% have not been
placed on review, as Moody's believes that the expected
performance of these pools under such stressed scenarios is
consistent with a Aaa rating.  Additionally some Aaa notes have
not been placed on review for downgrade in consideration of their
short remaining life.

                   Revision of Expected Losses

Moody's will review lifetime loss expectation for some Irish RMBS
to reflect the collateral performance to date as well as its
negative outlook for the Irish housing market.  Moody's updates of
expected loss on the pools will also impact the mezzanine and
junior note ratings of Irish RMBS.  The current expected loss
assumption for prime pools average 1.5% of original balance -- but
with disparities amongst transactions.  Moody's noted that
performance measured in late delinquency buckets continues to
deteriorate in many Irish transactions: as of August 2010, 4.8% of
Prime Irish RMBS portfolios were more than 90 days delinquent
versus 4.1% as of last May.  Moody's will publish Irish RMBS Index
information later this week.  The total peak-to-through decline in
housing prices is anticipated to be 45%, thereby leaving housing
prices back at 2001 levels.  Most Irish RMBS pools have a
significant portion of loans currently in negative equity.

                  Operational Risk and Liquidity

Given the ongoing review for possible downgrade of the Irish
banks' senior debt ratings, Moody's will also consider the impact
of bank downgrades on a transaction for which one of those banks
is a key party.  Risk of a payment disruption on RMBS may arise if
a key party fails to perform its role, including servicing, cash
management, or acting as hedge counterparty or liquidity provider
to the transaction.  Moody's review will include an assessment of
the structural features that mitigate the exposure to these banks.

                     List of Rating Actions

Issuer: Celtic Residential Irish Mortgage Securitisation No.12
Ltd.

  -- EUR1010.685M A3 Notes, Aa2 (sf) Placed Under Review for
     Possible Downgrade; previously on Aug 12, 2010 Downgraded to
     Aa2 (sf)

Issuer: Celtic Residential Irish Mortgage Securitisation No.  13
Ltd

  -- EUR538.95M A2 Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 18, 2007 Definitive
     Rating Assigned Aaa (sf)

Issuer: Emerald Mortgages No.5 Limited

  -- EUR2375M A Notes, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 20, 2008 Assigned Aaa (sf)

  -- EUR125M B Notes, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 27, 2010 Downgraded to Baa3 (sf)

Issuer: Fastnet Securities 2 PLC

  -- EUR1656M A2 Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 5, 2006 Definitive
     Rating Assigned Aaa (sf)

  -- EUR50M B Certificate, Aa3 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 5, 2006 Definitive
     Rating Assigned Aa3 (sf)

  -- EUR44M C Certificate, A2 (sf) Placed Under Review for
     Possible Downgrade; previously on Mar 30, 2010 Confirmed at
     A2 (sf)

  -- EUR56M D Certificate, Baa2 (sf) Placed Under Review for
     Possible Downgrade; previously on Mar 30, 2010 Confirmed at
     Baa2 (sf)

Issuer: Kildare Securities limited

  -- US$1451.6M A2 Notes, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Mar 1, 2007 Definitive
     Rating Assigned Aaa (sf)

  -- EUR1062M A3 Notes, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 1, 2007 Definitive Rating
     Assigned Aaa (sf)

  -- EUR96.8M B Notes, Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 1, 2007 Definitive Rating
     Assigned Aa3 (sf)

  -- EUR90.6M C Notes, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 18, 2009 Downgraded to Baa2 (sf)

  -- EUR26.55M D Notes, Ba3 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 18, 2009 Downgraded to Ba3 (sf)

Issuer: Phoenix Funding 3 Limited

  -- EUR3040M A Notes, Aa1 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 1, 2010 Downgraded to Aa1 (sf)

Issuer: Phoenix Funding 4 Limited

  -- EUR748M A Notes, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Aug 5, 2009 Assigned Aaa (sf)


OMEGA CAPITAL: S&P Withdraws Low-B Ratings on Two Classes of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Omega Capital Investments PLC's series 59 class A and B notes.

The rating withdrawal follows the arranger's notification to us
that Omega Capital Investments repurchased the notes for
cancellation on Dec. 10, 2009.

This transaction is a synthetic corporate investment-grade
collateralized debt obligation, which had a scheduled maturity of
June 20, 2015.

                           Ratings List

                        Ratings Withdrawn

                  Omega Capital Investments PLC
       EUR45 Million Secured Floating-Rate Notes Series 59

                                   Rating
                                   ------
             Class           To              From
             -----           --              ----
             A               NR              BB+ (sf)
             B               NR              B+ (sf)


PROVENTUS EUROPEAN: S&P Cuts Rating on Class Notes to 'CCC- (sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Proventus European ABS CDO PLC.

Specifically, S&P has:

* Affirmed and removed from CreditWatch developing its rating on
  the class A notes:

* Lowered and removed from CreditWatch developing its rating on
  the class B notes;

* Lowered and removed from CreditWatch negative its rating on the
  class E notes; and

* Lowered its ratings on the class C, D, and F notes.

According to the transaction documents, the note proceeds are
invested in underlying collateral that will be used to repay the
notes.  Under S&P's criteria, the rating on the notes cannot be
higher than the rating on the collateral.  S&P recently affirmed
and removed from CreditWatch developing its rating on the
underlying collateral.  Accordingly, S&P has affirmed the rating
on the class A notes.

S&P has also removed from CreditWatch developing its rating on the
class B notes, due to the affirmation of the rating on the
collateral.  However, S&P has lowered its rating on the class B
notes based on their current synthetic rated overcollateralization
value.

S&P has lowered its ratings on the class C, D, E, and F notes to
reflect their current SROC values.

                          What Is SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets.  SROC is one of the
tools S&P use for this purpose when rating and surveiLling ratings
assigned to most synthetic collateralized debt obligation
tranches.  SROC is a measure of the degree by which the credit
enhancement (or attachment point) of a tranche exceeds the
stressed loss rate assumed for a given rating scenario.  It is
comparable across different tranches of the same rating.

Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: The credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay.  When SROC is
less than 100%, it indicates that the current credit enhancement
may not be sufficient to maintain the current tranche rating and
it becomes a candidate for downgrade.

                          Ratings List

                 Proventus European ABS CDO PLC
     EUR115 Million Secured Floating-Rate Credit-Linked Notes

                                             Rating
     Class   To          From                scenario  SROC (%)
     -----   --          ----                --------  --------
     A       AA (sf)     AA (sf)/Watch Dev    AA       101.1428

                                             Rating
     Class   To          From                scenario  SROC (%)
     -----   --          ----                --------  --------
     B       A+ (sf)     AA (sf)/Watch Dev    AA        99.6658
                                              AA-       99.8891
                                              A+       100.6380

                                             Rating
     Class   To          From                scenario  SROC (%)
     -----   --          ----                --------  --------
     C       BBB+ (sf)   A (sf)               A         99.7420
                                              A-        99.9789
                                              BBB+     100.6540

                                             Rating
     Class   To          From                scenario  SROC (%)
     -----   --          ----                --------  --------
     D       BBB- (sf)   BBB (sf)             BBB       99.6664
                                              BBB-     100.0488

                                             Rating
     Class   To          From                scenario  SROC (%)
     -----   --          ----                --------  --------
     E       B (sf)      BB- (sf)/Watch Neg   BB-       99.7642
                                              B+        99.9428
                                              B        100.0444

                                             Rating
     Class   To          From                scenario  SROC (%)
     -----   --          ----                --------  --------
     F       CCC- (sf)   CCC+ (sf)            CCC+      99.8755
                                              CCC       99.9899
                                              CCC-     100.0723


QUINN INSURANCE: Regulator Gets Findings of Probe Into Collapse
---------------------------------------------------------------
Mary Carolan at The Irish Times reports that the joint
administrators of Quinn Insurance have given Financial Regulator
Matthew Elderfield the findings of their investigation into
alleged breaches of insurance regulations which resulted in their
appointment earlier this year.

The Irish Times relates the administrators, in presenting their
fourth report on Thursday to the president of the High Court, Mr.
Justice Nicholas Kearns, said they had given the findings of their
investigation to Mr. Elderfield, who had placed the insurer into
administration last March.

No details of the findings were revealed to the court and the
regulator will now decide what steps, if any, to take, The Irish
Times states.

According to The Irish Times, Bernard Dunleavy, for administrators
Michael McAteer, and Paul McCann of Grant Thornton said they were
happy with how administration was progressing.

The Irish Times notes counsel said the administrators have been
keeping a tight eye on the company's solvency ratios and Quinn
Insurance would not have to avail of the Insurance Compensation
Fund, set up by the Irish government to protect policyholders in
the event an insurer cannot meet its liabilities.

Mr. Justice Kearns adjourned for a week an application for fees
sought by the administrators and their lawyers, The Irish Times
discloses.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company 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.


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


COMPAGNIA ITALPETROLI: AS Roma Gets Expressions of Interest
-----------------------------------------------------------
Rachel Sanderson at The Financial Times reports that AS Roma SpA,
an Italian Serie A football club, has received nearly a dozen
expressions of interest from investors, including individuals from
the US, China, Russia and India.

AS Roma, which has a market capitalization of EUR140 million
(US$196 million), was put up for sale by Italian bank UniCredit
SpA in lieu of long outstanding debt repayments owed to the bank
by the club's parent company, Compagnia Italpetroli SpA.

In response to a memorandum on the club, which is languishing at
the bottom of its league, nearly a dozen individuals considered to
be serious contenders have expressed an interest in taking it
over, the FT says, citing several sources familiar with the deal.
The FT notes the sources said more than half of the expressions of
interest came from outside Italy.

Binding offers are expected before the middle of November, and it
is hoped the deal should close by the end of the year, the FT
notes, citing several sources.  The FT relates financial sources
said the club could potentially fetch EUR170 million to EUR200
million.

UniCredit took control of AS Roma in July in an attempt to recoup
at least some of the long overdue repayments on the EUR400 million
of debt held by Italpetroli, the FT recounts.  The bank appointed
Rothschild as advisers to the sale, the FT discloses.  UniCredit
owns 49%t of Italpetroli, which in turn owns 67% of AS Roma, with
the rest listed on the Milan stock exchange, according to the FT.

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


=================
L I T H U A N I A
=================


STAR1 AIRLINES: In Rescue Talks with Chinese Investors
------------------------------------------------------
The Lithuania Tribune, citing Lietuvos Rytas, reports that talks
with the Chinese HNA group proceeded with management of Star1
Airlines on Thursday.  The Lithuania Tribune notes Star1 Airlines
CEO Martynas Laivys confirmed that they would be discussing
investment.

JSC Star1 Airlines was a Lithuanian low cost airline founded in
2009.  The Lithuania Tribune relates Star1 Airlines and Star
Holidays declared bankruptcy this month after the company's plane
was arrested in Dublin.  The group has debts of LTL15 million, The
Lithuania Tribune discloses.


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


THESEUS EUROPEAN: S&P Affirms 'CCC (sf)' Rating on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Theseus European CLO S.A.'s class A2A and D notes.  At the same
time, S&P affirmed its ratings on the class A1, A2B, B, C, and E
notes.

The rating actions follow developments in the transaction that S&P
has observed since S&P last took rating action in December 2009.
These developments include an improvement in the credit quality of
the underlying portfolio and an increase in the balance of
performing assets plus principal cash.  In S&P's opinion, the
developments have helped to improve the credit enhancement
available to all classes of notes.

For classes A2A and D, S&P considers that the increased credit
enhancement is now consistent with a higher rating than previously
assigned, and S&P has therefore raised its ratings on these
classes.  For the other rated classes, S&P considers that the
credit enhancement is not currently sufficient to support a higher
rating, and S&P has therefore affirmed its ratings.

Theseus European CLO is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate borrowers.  The transaction closed in August 2006 and is
managed by INVESCO Senior Secured Management.

                          Ratings List

                    Theseus European CLO S.A.
  EUR331 Million Senior Secured and Deferrable Floating-Rate Notes

                         Ratings Raised

                                Rating
                                ------
               Class       To            From
               -----       --            ----
               A2A         AA+ (sf)      AA- (sf)
               D           BB- (sf)      B+ (sf)

                        Ratings Affirmed

                       Class       Rating
                       -----       ------
                       A1          A+ (sf)
                       A2B         A+ (sf)
                       B           BBB+ (sf)
                       C           BB+ (sf)
                       E           CCC (sf)


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


DUCHESS VI: S&P Raises Rating on Class E Notes to 'CCC+ (sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
classes D and E of Duchess VI CLO B.V.'s outstanding EUR427.71
million rated notes.  At the same time, S&P affirmed its ratings
on the remaining classes.

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

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

Duchess VI CLO is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate firms.

                          Ratings List

                       Duchess VI CLO B.V.
EUR501 Million Senior Secured and Deferrable Floating-Rate Notes

                         Ratings Raised

                                 Rating
                                 ------
             Class         To              From
             -----         --              ----
             D             B+ (sf)         B- (sf)
             E             CCC+ (sf)       CCC- (sf)

                        Ratings Affirmed

                     Class         Rating
                     -----         ------
                     Rev Ln Fac    A (sf)
                     A-1           A (sf)
                     B             BBB+ (sf)
                     C             BB+ (sf)


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


ASTANA FINANCE: Fitch Maintains 'C' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has maintained the 'C' Long-term Issuer Default
Rating of Astana Finance Leasing JSC on Rating Watch Negative,
reflecting the high probability that the company's obligations
will soon be subject to a coercive debt exchange.  A full list of
rating actions is provided at the end of this commentary.

AFL's Long-term IDR was downgraded to 'C' and placed on RWN on 20
May 2009 following the announcement of default by its parent, JSC
Astana Finance (rated 'RD').  Based on information provided by
AF's management, Fitch understands that AFL has so far continued
to service its third party debt, and the agency has therefore not
downgraded AFL to 'RD'.  Fitch has also been informed that none of
AF's creditors have approached AFL with claims in respect to the
guarantees which AFL provided on AF's borrowings.  At the same
time, Fitch notes that since the announcement of default by AF,
AFL has not been servicing its borrowings from the parent (which
comprised 71% of AFL's total funding base at end-H110), due to a
standstill arrangement on all intra-group settlements.

AF made a debt restructuring proposal to its international and
domestic creditors in September 2010 and, according to AF's
management, this proposal stipulates that AFL's third party
obligations will be subject to restructuring alongside those of
AF.  Should such a coercive debt exchange take place, AFL will be
downgraded to 'RD'.  Fitch has not had access to the full
restructuring proposal made by AF to its creditors, and has been
able to review only the limited publicly available information on
the proposal placed on the company's internet site.

AF is a Kazakhstan-based non-bank financial institution
headquartered in the capital, Astana.  At present, the state-owned
National Welfare Fund, Samruk-Kazyna, controls a 39.75% in AF.
AFL is wholly owned by AF and was set up in 2005 to book the
group's leasing business.

The rating actions on AFL are:

  -- Long-term foreign currency IDR: 'C', RWN maintained
  -- Short-term foreign currency IDR: 'C', RWN maintained
  -- Long-term local currency IDR: 'C', RWN maintained
  -- Support rating: affirmed at '5'
  -- National Long-term rating: 'C(kaz)', RWN maintained

AF's ratings are:

  -- Long-term foreign currency IDR: 'RD'
  -- Short-term foreign currency IDR: 'RD'
  -- Long-term local currency IDR: 'RD'
  -- Individual rating: 'F'
  -- Support rating: '5'
  -- Support rating floor: 'NF'
  -- National Long-term rating: 'RD(kaz)'


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


AYT COLATERALES: Fitch Affirms 'BB-sf' Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has affirmed cash flow securitization AyT
Colaterales Global Empresas Serie Banco Gallego I:

  -- EUR74,704,071 Class A: at 'AAAsf', Outlook Stable; assigned
     Loss Severity Rating 'LS-2'

  -- EUR13,400,000 Class B: at 'Asf', Outlook Stable; assigned
     Loss Severity Rating 'LS-3'

  -- EUR8,200,000 Class C: at 'BBB-sf', Outlook Stable; assigned
     Loss Severity Rating 'LS-4'

  -- EUR4,600,000 Class D: at 'BB-sf', Outlook Stable; assigned
     Loss Severity Rating 'LS-4'

The affirmation reflects the fully funded reserve fund at EUR20.7m
and rather high prepayments over the last 12 months, with the CPR
at 16.3%.  Also, credit enhancement levels are high, standing at
20.5% for the junior notes and 46.4% for the senior tranche,
compared with 15.3% and 34.7% respectively, at closing.

The transaction's performance has been in line with Fitch's
expectations.  Given that the transaction closed in May 2009,
there are no reported defaults yet.  Ninety plus day delinquencies
comprise 3.8% of the current portfolio balance.  Fitch expects
future volatility in delinquency levels although it also expects
the transaction's ratings to remain stable due to increasing
credit enhancement stemming from deleveraging.

This transaction involves the securitization of a static pool of
secured and unsecured loans originated by Banco Gallego and
granted to small and medium-sized enterprises.

An Issuer Report Grade of 'One Star' has been assigned for what
Fitch deems as poor level of reporting.  This is due to the semi-
annual reporting nature and the lack of information on certain
rating drivers considered crucial for the analysis.


AYT COLATERALES: Fitch Affirms Rating on Class D Notes at 'Bsf'
---------------------------------------------------------------
Fitch Ratings has affirmed cash flow securitization AyT
Colaterales Global Empresas, FTA, Serie Caja Navarra I:

  -- EUR110,578,971 Class A: at 'AAAsf', Outlook Stable; assigned
     a Loss Severity Rating 'LS-1'

  -- EUR19,500,000 Class B: at 'Asf', Outlook Stable; assigned
     Loss Severity Rating 'LS-3'

  -- EUR11,500,000 Class C: at 'BBB-sf', Outlook Stable; assigned
     Loss Severity Rating 'LS-3'

  -- EUR10,400,000 Class D: at 'Bsf', Outlook Stable; assigned
     Loss Severity Rating 'LS-3'

The affirmation of the transaction reflects the low delinquencies
and adequate credit enhancement.  The credit enhancement now
stands at 7.5% for the junior notes and 34.8% for the senior
notes, compared with 5.3% and 24.4% respectively, a year ago.  The
reserve fund stepped down due to defaults and is now at 92% of its
minimum required amount.

In Fitch's view the transaction will not produce enough future
excess spread to cover a rise in defaults.  Fitch calculated the
current excess spread at 9bps.  This level will decrease and
become negative as the transaction's average cost of funding
increases due to sequential deleveraging.  Given this, Fitch
believes the reserve fund will be drawn to pay interest to the
notes as well as provision for defaulted assets.  However, the
effect of this negative carry had already been taken into account
when modelling the portfolio in the initial rating.

On 30 July 2010, Fitch downgraded swap counterparty Caja de
Ahorros y Monte de Piedad de Navarra to 'A-'/'F2' from 'A'/'F1'.
As a result, Caja Navarra was no longer eligible as swap
counterparty.  Caja Navarra opted to post collateral as a remedial
action in accordance with the transaction's documents.  The
deposit, calculated following the agency's criteria, consists of
cash and is deposited in Confederacion Espanola de Cajas de
Ahorros ('AA-'/Negative/'F1+') on a weekly basis.

This transaction is a cash flow securitization of a static pool of
secured and unsecured loans to Spanish small and medium
enterprises granted by Caja de Ahorros y Monte de Piedad de
Navarra.  At closing in July 2008 the original collateral totalled
EUR230m.

The issuer, AyT Colaterales Global Empresas Caja Navarra 1, FTA is
legally represented and managed by Ahorro y Titulizacion SGFT, SA,
a special-purpose management company with limited liability
incorporated under the laws of Spain.

A 'Two Stars' Issuer Report Grade has been assigned for the
provision of structural tests and stratifications in its reporting
but its semi-annual nature prevented it from attaining a better
grade.


SANTANDER EMPRESAS: S&P Cuts Rating on Class F Notes to 'D (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Fondo de Titulizacion Hipotecaria UCI 12's class A, B, and C notes
and Fondo de Titulizacion de Activos UCI 19's class A, B, C, D,
and E notes.

The rating actions follow S&P's credit analysis of both
transactions based on the latest information S&P has received as
of June 2010 for UCI 12 and May 2010 for UCI 19.

In S&P's opinion, the performance and credit enhancement for UCI
12 and UCI 19 is commensurate with the current ratings on the
notes.  These ratings are currently supported by higher credit
enhancement levels provided by a cash reserve and subordinated
tranches which is partly due to transaction amortization, and
lower long-term arrears than in other UCI-originated transactions.
In addition, no reserve fund draws have taken place since closing.
Based on this, S&P has concluded that the credit enhancement is
sufficient to maintain the current ratings on all classes of notes
in both transactions.

The UCI transactions are Spanish residential mortgage-backed
securities transactions.  They are backed by pools of first-
ranking mortgages secured over owner-occupied residential
properties in Spain and pools of unsecured personal or second-lien
mortgage loans all associated with the first-ranking mortgages
originated by UNION DE CREDITOS INMOBILIARIOS, Establecimiento
Financiero de Credito S.A.

                          Ratings List

                        Ratings Affirmed

            Fondo de Titulizacion Hipotecaria UCI 12
        EUR900 Million Mortgage-Backed Floating-Rate Notes

                        Class     Rating
                        -----     ------
                        A         AAA (sf)
                        B         A (sf)
                        C         BBB (sf)

             Fondo de Titulizacion de Activos UCI 19
       EUR1.029 Billion Mortgage-Backed Floating-Rate Notes

                       Class     Rating
                       -----     ------
                       A         AAA (sf)
                       B         A (sf)
                       C         BBB (sf)
                       D         BB (sf)
                       E         CCC- (sf)


backs Santander Empresas 7.  Banco Santander S.A. originated and
services all of the loans.  The transaction closed in June 2009.

                          Ratings List

      Fondo de Titulizacion de Activos Santander Empresas 7
         EUR2.22 Billion Asset-Backed Floating-Rate Notes

                         Rating Lowered

                               Rating
                               ------
             Class      To                   From
             -----      --                   ----
             F          D (sf)               CCC- (sf)

                       Ratings Unaffected

                       Class      Rating
                       -----      ------
                       A          AAA (sf)
                       B          AA- (sf)
                       C          BBB (sf)
                       D          B+ (sf)
                       E          B- (sf)


TDA TARRAGONA: Moody's Cuts Rating on C Certificate to Ba2 (sf)
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the class
A, B and C notes issued by TDA Tarragona 1.

Issuer: TDA TARRAGONA 1

  -- EUR359.7M A Certificate, Downgraded to Aa3 (sf); previously
     on Nov 30, 2009 Aaa (sf) Placed Under Review for Possible
     Downgrade

  -- EUR11.1M B Certificate, Downgraded to Baa1 (sf); previously
     on Nov 30, 2009 Aa2 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR11.9M C Certificate, Downgraded to Ba2 (sf); previously on
     Nov 30, 2009 Baa1 (sf) Placed Under Review for Possible
     Downgrade

The ratings of the notes in TDA Tarragona 1 were placed on review
for possible downgrade given deterioration in the performance of
pool collateral and economic environment in Spain.

                        Ratings Rationale

The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral.  It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates projected for 2010.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and the lifetime
losses (expected loss), as well as the transaction structure and
any legal considerations as assessed in Moody's cash flow
analysis.  The expected loss and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, used in the cash-flow model to rate European RMBS
transactions

Portfolio expected Loss: Moody's has reassessed its lifetime loss
expectation for TDA Tarragona 1 taking into account the collateral
performance to date as well as the current macroeconomic
environment in Spain.  TDA Tarragona 1 is performing worse than
Moody's expectations as of closing.  The share of loans more than
90 days has decreased to 1.72% of current pool balance as at
September 2010, down from its 3.36% peak in March 2009.  However,
cumulative defaults have risen rapidly over the same period,
reaching 3.0% of original pool balance as of September 2010, up
from 1.46% a year earlier.  The primary source of assumption
uncertainty is the current macroeconomic environment in Spain.
Moody's expect the portfolio credit performance to remain under
stress, as Spanish unemployment continues to be elevated.  Moody's
believe that the anticipated tightening of Spanish fiscal policies
is likely to weigh on the recovery in the Spanish labor market and
constraints further Spanish households finances.  On the basis of
the rapid increase in defaults in the transactions and Moody's
negative sector outlook for Spanish RMBS, Moody's have updated the
portfolio expected loss assumption to 3.50% of original pool
balance, up from 2.50% at closing.

MILAN Aaa CE: Moody's has assessed the loan-by-loan information
for TDA Tarragona 1 to determine the MILAN Aaa CE.  Moody's has
increased its MILAN Aaa CE assumptions to 14%, up from 8.50% at
closing.  The increase in the MILAN Aaa CE reflects the high
geographical concentration in Catalonia (94%), the exposure to
loans originated via external channels (40%) and the relatively
high concentration of loans originated to new residents (25%).

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

TDA Tarragona 1 closed in December 2007.  The transaction is
backed by a portfolio of first-ranking mortgage loans originated
by Caixa d'Estalvis de Tarragona (Caixa Tarragona) and secured on
residential properties located in Spain.  The loans were
originated between 1998 and 2006, with the current weighted
average loan-to-value standing at 68%.  The pool is concentrated
in Catalonia (94% of current pool balance).  A significant share
of the securitized mortgage loans has been originated via brokers,
representing about 40% of current pool balance at the end of June
2010.  About 25% of the loans were originated to non-Spanish
nationals.

Caixa Tarragona has merged with Caixa d'Estalvis de Catalunya and
Caixa d'Estalvis de Manresa to form Caixa d'Estalvis de Catalunya,
Tarragona i Manresa (A3/P2).  The new entity is operative since
1st July 2010.  Moody's was informed that the servicing of Caixa
Tarragona's mortgage portfolio will be transferred to Caixa
Catalunya's servicing platform.  Moody's will closely monitor the
transaction performance during the servicing transfer.

* Hedging agreement: The transaction benefits from an interest
  rate swap provided by CECA (Aa3/P-1).  Following its downgrade
  in September 2008, Caixa Tarragona has been replaced as swap
  counterparty by CECA, in line with the requirements described in
  Moody's report titled "the Framework for De-linking Hedge
  Counterparty Risks from Global Structured Finance Cashflow
  Transactions."

* Paying Agent: Unicaja (Aa1/P1) acts as paying agent of the Fondo
  since August 2009.

Reinvestment and Treasury Bank Accounts: All payments collected
under the loans in the portfolio are transferred, every 2 working
days, to the reinvestment account held by Unicaja (Aa1/P1).  All
amounts collected in the reinvestment accounts are transferred 2
days prior to the deal payment date to the treasury account, also
held by Unicaja.

Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund.  The reserve
funds currently amount to 2.1% of current pool balance, about 43%
of target level.  The amortization of the mezzanine and junior
notes is likely to remain sequential as a consequence of this
breach of pro-rata amortization triggers.

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

                     Regulatory Disclosures

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

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

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

MOODY'S 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.


UCI 19: S&P Affirms 'CCC- (sf)' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Fondo de Titulizacion Hipotecaria UCI 12's class A, B, and C notes
and Fondo de Titulizacion de Activos UCI 19's class A, B, C, D,
and E notes.

The rating actions follow S&P's credit analysis of both
transactions based on the latest information S&P has received as
of June 2010 for UCI 12 and May 2010 for UCI 19.

In S&P's opinion, the performance and credit enhancement for UCI
12 and UCI 19 is commensurate with the current ratings on the
notes.  These ratings are currently supported by higher credit
enhancement levels provided by a cash reserve and subordinated
tranches which is partly due to transaction amortization, and
lower long-term arrears than in other UCI-originated transactions.
In addition, no reserve fund draws have taken place since closing.
Based on this, S&P has concluded that the credit enhancement is
sufficient to maintain the current ratings on all classes of notes
in both transactions.

The UCI transactions are Spanish residential mortgage-backed
securities transactions.  They are backed by pools of first-
ranking mortgages secured over owner-occupied residential
properties in Spain and pools of unsecured personal or second-lien
mortgage loans all associated with the first-ranking mortgages
originated by UNION DE CREDITOS INMOBILIARIOS, Establecimiento
Financiero de Credito S.A.

                          Ratings List

                        Ratings Affirmed

            Fondo de Titulizacion Hipotecaria UCI 12
        EUR900 Million Mortgage-Backed Floating-Rate Notes

                        Class     Rating
                        -----     ------
                        A         AAA (sf)
                        B         A (sf)
                        C         BBB (sf)

             Fondo de Titulizacion de Activos UCI 19
       EUR1.029 Billion Mortgage-Backed Floating-Rate Notes

                       Class     Rating
                       -----     ------
                       A         AAA (sf)
                       B         A (sf)
                       C         BBB (sf)
                       D         BB (sf)
                       E         CCC- (sf)


backs Santander Empresas 7.  Banco Santander S.A. originated and
services all of the loans.  The transaction closed in June 2009.

                          Ratings List

      Fondo de Titulizacion de Activos Santander Empresas 7
         EUR2.22 Billion Asset-Backed Floating-Rate Notes

                         Rating Lowered

                               Rating
                               ------
             Class      To                   From
             -----      --                   ----
             F          D (sf)               CCC- (sf)

                       Ratings Unaffected

                       Class      Rating
                       -----      ------
                       A          AAA (sf)
                       B          AA- (sf)
                       C          BBB (sf)
                       D          B+ (sf)
                       E          B- (sf)


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


* Moody's Gives Stable Outlook on Ukrainian Cities' B2 Ratings
--------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlooks on the B2 foreign- and local-currency issuer ratings of
the Ukrainian cities of Kyiv, Kharkiv and Berdyansk.

                        Ratings Rationale

The rating action follows Moody's decision on 11 October 2010 to
change to stable from negative the outlook on the Ukrainian
government's B2 ratings.  The outlook change also reflects recent
improvements in the stand alone credit profiles of Ukrainian
municipalities, having been supported by an economic recovery at
both the local and national levels.

"Moody's expect that Kharkiv's and Berdyansk's operating margins
will remain marginally positive, while tax revenue is expected to
increase with an economic recovery," said Alexander Proklov, a
Moody's senior analyst and lead analyst for Kyiv, Kharkiv and
Berdyansk.  The debt profile of both municipalities remains
favorable, with almost no direct and indirect debt for Kharkiv and
very low debt exposure for Berdyansk.

"Kyiv's operating balances were seriously impaired by an 18%
decline in operating revenue in 2009 and growing transfers to the
central government," added Mr. Proklov.  Nevertheless, the city's
operating revenue has already started to recover in 2010, and its
debt position has remained stable and appropriate for the rating
category.  Kyiv's role as the Ukrainian capital and its national
economic hub lay the foundation for its balanced economic
development in the future.

Moody's last rating action on the cities of Kyiv, Kharkiv and
Berdyansk was implemented on 13 May 2009, when the rating agency
downgraded the ratings of all three cities to B2 from B1 with
negative outlook.


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


BLACKSHEEP TEXTILE: Bought Out of Administration, 20 Jobs Saved
---------------------------------------------------------------
Manchester Evening News reports that Textile entrepreneur Bill
Collins has bought Blacksheep Textiles, saving 20 jobs and adding
GBP1.6 million to his group's turnover.

According to the report, Mr. Collins said he plans to spend
GBP1 million on equipments to upgrade Blacksheep Textiles's
operations over the next 18 months.  "This acquisition is an ideal
strategic one for Thornber.  We have had a close working
relationship with Blacksheep Textiles for some time and the
synergies will benefit our enlarged operation," the report quoted
Mr. Collins as saying.  "It means Thornber can add a string to its
bow by bringing the dyeing and finishing in-house," he added.

The report notes that the Royal Bank of Scotland provided funding
for the acquisition.  Advisers included Pierce Corporate Finance,
of Blackburn, and law firm Napthens, of Preston.

Headquartered in Bolton Road, Hawkshaw, Blacksheep Textiles, is a
Bury-based dyeing and finishing business.  Blacksheep Textiles
went into administration in September 2010.


COUNTY ESTATE: Goes Into Administration
---------------------------------------
County Estate Management has gone into administration in the wake
of the collapse of Pubfolio.

Paul Charity at Morning Advertiser reports that County Estate
Management was left running just 135 pubs after Pubfolio's sites
were passed to industry veteran Ted Kennedy to run by
administrator PricewaterhouseCoopers.

According to the report, it is understood that County Estate's 135
pubs are free-of-tie.  The report relates that Pubfolio and the
smaller Goldtry both went into administration three weeks ago.

Industry sources, the report notes, indicate the County Estate
administrator is running the estate for the time being with a
slightly reduced staff.  The report relates that there is
speculation that the pubs will be run by former County Estate
management through a new vehicle going forward.

County Estate Management is a pub management firm led by Clive
Rayden.  Formed in 1997, County Estate Management acquired, on
behalf of clients, its first estate of 52 pubs from Phoenix.
After that the estate under management grew to more than 1,100
U.K. pubs at one stage with County Estate running the pubs on
behalf of 25 different freehold owners.


DUNDEE FOOTBALL: Has Possible Buyer, Former CEO Says
----------------------------------------------------
BBC News reports that Dave MacKinnon, former Chief Executive of
Dundee Football Club, has revealed there could be a possible buyer
for the club.

"I was approached a couple of months ago by people who were maybe
interested in taking over because they didn't like what was going
on," the report quotes Mr. MacKinnon as saying.  "The key is the
debt level, because if it's totally out of hand, then you need
deep pockets to sustain a club," he added.

As reported in the Troubled Company Reporter-Europe, Agence
France-Presse said Dundee Football Club was placed into
administration on October 14, 2010, after failing to pay a
GBP365,000 (US$583,525) tax bill.  The report related that Dundee
had no option but to accept administration after being unable to
negotiate the payment.

The club has gone into administration for the second time in seven
years.  BBC News reports that the club is thought to have total
debts of roughly GBP2 million.

City Talk 105.9 reports that the club could cease to exist in a
month's time after falling into administration.  City Talk relates
there are fears that the club's manager and a number of players
will have to be released.  The report also notes that the club
needs to raise GBP200,000 if it is to survive in administration
and see out the season.

According to City Talk, the club's present Chief Executive, Harry
MacLean, insisted the club would fulfill its fixture against
Stirling but he could not guarantee it would be able to avoid
liquidation.

BBC News also reports that the club's administrator, Bryan
Jackson, will announce redundancies at the club on October 22,
2010, and further cost-cutting exercises will need to be
implemented.

BBC News says that fresh investment will be needed but Mr.
MacKinnon warned that the party he has spoken to had two
conditions regarding any possible sale.

"Two things have to happen," the report quoted Mr. MacKinnon as
saying.  "The debt level has to be at a level that can work within
a business plan -- and no one has come out and said what the debt
is.  Secondly, that they are able to purchase back the ground from
John Bennett," he added.

Mr. MacKinnon was tasked with reducing costs at Dens Park in 2006
after the club was relegated from the Scottish Premier League, BBC
says.

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.


EAST LONDON BUS: KMPG Appointed as Prepack Administrators
---------------------------------------------------------
KPMG insolvency experts have used a pre-packaged administration to
preserve 4,800 jobs at the East London Bus Group Limited, David
Jetuah at Accountancy Age reports.

According to Accountancy Age, joint administrators Jim Tucker and
Chris Laverty of KMPG were appointed on October 15.  The
administrators sold East London's four subsidiary companies --
East London Bus & Coach Company, South East London & Kent Bus
Company, East London Bus Limited and East London Bus Group
Property Investments -- to Stagecoach Bus Holdings Limited.

"The company was bought near the peak of the boom and,
unfortunately, after the credit crisis took effect, the value of
the business fell below the amount of its debt," Accountancy Age
quoted Mr. Tucker as saying.  "However, today's sale has ensured
business as usual at the operational part of the business and
stands the business in good stead for a successful long-term
future."

KMPG, as cited by Accountancy Age, said that one was made
redundant as a result of the pre-pack.

East London Bus Group Limited is the third largest bus operator in
London.  The company has headquarters in West Ham and Kent and
operates around 1,400 buses from 10 depots across the region,
employing around 4,800 staff.


LIVERPOOL FOOTBALL: Bought by NESV for GBP300 Million
-----------------------------------------------------
Tariq Panja at Bloomberg News reports that New England Sports
Ventures LLC agreed to buy Liverpool Football Club for GBP300
million (US$481 million), ending a legal fight for the 18-time
English champion.

Bloomberg says New England Sports Ventures, controlled by John W.
Henry and Tom Werner, was able to take advantage of the forced
sale by Americans Tom Hicks and George Gillett.  The former owners
were in default for GBP280 million to Royal Bank of Scotland Group
Plc and Wells Fargo & Co., and tried to block the purchase in
courts in the U.K. and Texas, Bloomberg notes.

Bloomberg relates the owners dropped a final Texas case on Friday
and the Liverpool board approved the deal hours later.

Messrs. Hicks and Gillett were to repay their debt on Friday after
having agreed to sell the club as part of a loan extension
granted in April, Bloomberg discloses.  Bloomberg notes
Mr. Henry's group said the transaction removes all of the pair's
debt, cutting payments to GBP2 million to GBP3 million from GBP25
million to GBP30 million.

Bloomberg recounts Messrs. Hicks and Gillett argued that the sale
to Henry's group wasn't the best deal available, while two
independent directors and Chairman Martin Broughton appointed to
sell the club by its lenders in April said it was.

According to Bloomberg, Messrs. Hicks and Gillett are planning to
pursue more legal challenges and seek US$1.6 billion in damages
from RBS after withdrawing a restraining order blocking the sale
on Friday.  Mr. Broughton said last week the purchase price means
the pair will lose about GBP144 million, Bloomberg notes.

Bloomberg recounts RBS got an interim injunction on Oct. 8 to
prevent Messrs. Hicks and Gillett from removing managing director
Christian Purslow and commercial director Ian Ayre and replacing
them on the board with Mr. Hicks's son Mack and Lori Kay
McCutcheon, who is a vice president at Hicks Holdings LLC.  A
London court ruled five days later the owners acted unlawfully and
that the board should be reconstituted to allow the sale,
Bloomberg relates.  Messrs. Hicks and Gillett then countersued,
saying they only acted after Ayre, Purslow and Broughton breached
agreements first, Bloomberg notes.  They took out a restraining
order the same day in Texas to block the sale and RBS once again
sought a London court order to prevent the duo from proceeding
with the lawsuit in America, Bloomberg discloses.  The following
day the High Court in London ruled the suit could not go forward,
Bloomberg states.

Messrs. Hicks and Gillett dropped the case on Friday and tried to
repay the loan with the assistance of U.S. hedge fund Mill
Financial, a lender that Gillett defaulted with on Aug. 22,
Bloomberg says.

The sale saves the team from the possibility of administration,
which would have brought a nine-point penalty from the Premier
League, Bloomberg notes.

                     About Liverpool Football

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.


MAN GROUP: Fitch Downgrades Hybrid Debt Rating to 'BB+'
-------------------------------------------------------
Fitch Ratings has downgraded Man Group plc's Long-term Issuer
Default Rating to 'BBB' from 'BBB+' and removed it from Rating
Watch Negative, following its US$1.7 billion acquisition of GLG
Partners Inc.  A Stable Outlook has been assigned.  A complete
list of rating actions is provided at the end of this comment.

The downgrade reflects the material weakening of Man's financial
flexibility, net cash position and tangible equity, albeit from
strong levels, as a result of the acquisition.  The downgrade also
reflects challenges arising from the integration of GLG, pressure
on Man's earnings and funds under management from persistent,
though moderating, net outflows and challenges facing the wider
hedge fund industry over fund performance.

The Stable Outlook reflects Man's still strong franchise in
alternative investment fund management, prudent risk management
and still moderate leverage.

Man's underlying profitability and reduced dividend, combined with
the potential for revenue and cost synergies arising from the
acquisition, mean earnings and leverage metrics could strengthen
from current levels.  This could, in time, benefit the company's
ratings.

Net outflows from Man's funds are moderating (Q2 of the financial
year ended 30 September 2010: US$0.6 billion; Q1 FYE11: US$1
billion) but Fitch notes that net outflows have occurred in every
six months since 30 September 2008, which could put pressure on
the ratings.  The acquisition of GLG will reinforce Man's
franchise by diversifying its client base, geographic reach and
investment products, and improve scale.  Fitch expects sales to
strengthen based on both the group's increased product and
distribution capability and positive performance trends in Man's
key fund products (AHL and IP-220) in the year-to-date after weak
returns in 2009.

The acquisition of GLG, which was partly funded through internal
resources, materially weakened Man's historically strong net cash
position.  Fitch expects Man to maintain a low net cash position
and, occasionally, low net debt position in FY11 although the
balance sheet has the ability to strengthen in FY12/FY13.  The
acquisition has also caused Man's regulatory capital surplus to
fall to around US$300 million from US$1.5 billion at FYE10.

Fitch believes material execution risks surround the acquisition,
particularly in the integration of the companies' distinct
cultures and compensation schemes, as well as the retention of
FUM.  GLG's three principals will together own 10% of Man, with
their stakes locked in for three years.  Nevertheless, the ratings
could be downgraded if major losses of FUM or key staff occur.

Man has materially reduced its risk appetite for, and levels of,
loans to its funds and seed capital investments since FY09, which
Fitch views positively in terms of its exposure to credit and
market risks.  Nevertheless, Man remains exposed to some
contingent liquidity risk from credit lines to its funds.

Man is a leading provider of alternative investment products to
private and institutional clients and is listed on the London
Stock Exchange.  Man is supervised by the UK Financial Services
Authority and had FUM of US$39.5 billion as of 30 September 2010.
Following GLG's acquisition, FUM are now around US$63 billion.

The rating actions are:

Man Group Plc

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+'; off RWN
     Outlook Stable

  -- Senior unsecured debt: downgraded to 'BBB' from 'BBB+'; off
     RWN

  -- Dated subordinated debt: downgraded to 'BBB-' from 'BBB'; off
     RWN

  -- Hybrid debt: downgraded to 'BB+' from 'BBB-'; off RWN


MK AIRLINES: In Liquidation; 360 Jobs Affected
----------------------------------------------
Mike Harrison at Bloomberg News reports that MK Airlines Ltd. has
been placed into liquidation.

Bloomberg relates joint liquidators John Alexander, of Carter
Baker Winter LLP, and Stephen Katz, of David Rubin & Partners LLP,
said in an e-mailed statement on Saturday that the company's 360
employees have been made redundant.

MK Airlines is a U.K.-based cargo airline with operations in
southern England and Belgium.  Its fleet included eight 747
aircraft and three 727 aircraft.


PROLITHO: Falls Into Insolvency; To Relaunch as Print Management
----------------------------------------------------------------
Mike Didymus at Your Local Guardian reports that printing company
Prolitho is set to relaunch as a print management business after
it fell into insolvency with the loss of 15 jobs.

Insolvency practitioner Abbott Fielding has been called to work
with the business and was expected to be appointed liquidator
during a meeting of creditors, Your Local Guardian says.

According to the report, the new company, Prolitho London, will
start as a new concern after shedding its printing operations and
selling equipment to pay off debts.

Your Local Guardian relates managing director Paul Clark said he
had no choice but to reposition the company after it fell prey to
bad debts, rising paper prices, and pressures of the economic
downturn.

Prolitho is a Croydon-based litho printer.


ROYAL BANK: Sells EUR250-Mil. European Mezzanine Loan Portfolio
---------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Royal Bank of
Scotland has sold a portfolio of about EUR250 million (GBP220
million, US$351 million) of European mezzanine loans, as a
recovery in debt prices is allowing banks to begin shifting legacy
leveraged loans.

The mezzanine loans, which rank lower in the order of priority
than senior bank loans, were sold by the U.K. state-backed bank to
a variety of investors including hedge and private equity funds,
the FT says, citing a person familiar with the transaction.

The FT notes one debt investor who considered the portfolio said
mezzanine debt appealed to investors because while the loans were
higher risk, they were offering higher returns than typical bank
loans.

                            Bailout

As reported by the Troubled Company Reporter-Europe on Aug. 26,
2010, Stephen Hester, Royal Bank of Scotland's chief executive, as
cited by The Scotsman, said that the bank should not be given a
second chance of a taxpayer bailout if it is involved in another
financial crisis.  In a bold admission that the public would not
tolerate further handouts, Mr. Hester said all financial
institutions -- including RBS -- should be allowed to fail and
suffer the consequences without the state rushing to their aid,
according to The Scotsman.  The Scotsman disclosed Mr. Hester was
drafted in when RBS sank under a mountain of debt after the
meltdown that followed its disastrous takeover of the Dutch bank
ABN Amro before the credit crunch.

                            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.


===============
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.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, 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
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contact Christopher Beard at 240/629-3300.


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