TCREUR_Public/101130.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, November 30, 2010, Vol. 11, No. 236

                            Headlines


A U S T R I A

A-TEC INDUSTRIES: AE&E Raaba Unit to File for Debt Restructuring
KOEHLER KIESABBAU: Files for Insolvency; Undergoes Restructuring


B U L G A R I A

MOSTSTROY AD: Court Opens Bankruptcy Procedure for Unit


F R A N C E

CMA CGM: Seeks U$150 Million From Sovereign Fund; Mulls IPO


G E R M A N Y

CONERGY AG: Creditors May Relinquish 15% of Claims
* GERMANY: Upper House Approves Bank Restructuring Law


G R E E C E

DANAOS CORP: Reports US$978,000 Net Income in Third Quarter


I C E L A N D

KAUPTHING BANK: Outlines Options to Handle US$63 Billion in Claims
* ICELAND: President Says Voters Must Have Final Say on Icesave


I R E L A N D

ANGLO IRISH: Finance Minister Agrees to Issue New Guarantee
PIERSE CONTRACTING: Two Banks Appoint Receivers
* IRELAND: Granted EUR67.5BB Bailout; Bank Bondholders to Get Hit
* Moody's Reviews Ratings on Irish Banks and Building Societies


N E T H E R L A N D S

CEVA GROUP: S&P Raises Corporate Credit Rating to 'B-'
NXP SEMICONDUCTORS: Moody's Raises Corp. Family Rating to 'B3'


R U S S I A

BANK URALSIB: Moody's Affirms 'D-' Bank Financial Strength Rating
COMMERCIAL BANK: Moody's Affirms 'E+' Financial Strength Rating
CREDIT EUROPE: Moody's Assigns 'Ba3' Rating to Senior Debt
EUROCHEM OJSC: Fitch Assigns 'BB' Rating to Domestic Bonds
INVESTMENT TRADE: Moody's Assigns 'B2' Rating to Senior Debt

KEDR BANK: Moody's Assigns 'B2' Rating to Senior Unsecured Debt
RUSS-INVESTMENT: Moody's Assigns 'B2' Long-Term Issuer Ratings
SB BANK: Moody's Assigns 'B3' Rating to Senior Unsecured Debt


S P A I N

IM CAJASTUR: Moody's Assigns 'B1' Rating to Class B Notes


T U R K E Y

SEKERBANK TAS: Moody's Corrects Press Release on Ratings


U N I T E D   K I N G D O M

AIRE VALLEY: S&P Affirms 'BB' Ratings on Three Classes of Notes
BELL LINES: Supreme Court Admits UK Insolvency Service as Creditor
BOWMANS NI: Ceases Trading; 31 Jobs Affected
CRUSADERS: Hopeful for Good Outcome From Meeting
DIGITAL SATELLITE: Put in Liquidation Over Illegal Warranty Sale

GATE HOUSE: Recovery for Unsecured Creditors Unlikely
IRWINS: Goes Into Administration, 56 Jobs Axed
LEED PETROLEUM: Mulls Asset Sale Following Technical Default
LEHMAN BROTHERS: Proposes Settlement With European Administrators
PONTIN'S: Administrators Won't Confirm Butlins' Plan to Bid

PRESBYTERIAN MUTUAL: Details on Rescue Package Still Unclear
URSUS EPC: Fitch Cuts Ratings on Three Classes of Notes to 'Csf'
* UNITED KINGDOM: Fewer Business Insolvencies Reported


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                            *********


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A U S T R I A
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A-TEC INDUSTRIES: AE&E Raaba Unit to File for Debt Restructuring
----------------------------------------------------------------
A-Tec Industries AG's AE&E Raaba unit was set to file for
self-administered debt restructuring on Friday, Zoe Schneeweiss at
Bloomberg News, citing Hans-Georg Kantner, the spokesman of A-
Tec's creditor committee.

Bloomberg relates Mr. Kantner, a representative of credit
protection association Kreditschutzverband von 1870, said on
Friday attempts to sell the unit did not bring the desired result
because of time constraints and "too high risks" associated with
the company.

According to Bloomberg, Mr. Kantner said three companies still are
interested in buying the unit and negotiations will take place
parallel to the debt restructuring.  He declined to identify the
potential bidders, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2010, A-Tec's AE&E construction unit received court clearance to
reorganize debt after it failed to sell the company or unfreeze a
EUR798 million (US$1.06 billion) credit line.  Bloomberg disclosed
A-Tec said in a statement AE&E will be managed by an administrator
after it filed for reorganization proceedings at the Vienna
Commercial Court on Nov. 24.  AE&E said under the restructuring,
which is part of the insolvency process, creditors are being
offered 20% of what they are owed, according to Bloomberg.  A-Tec,
as cited by Bloomberg, said in a separate statement on Nov. 24
AE&E had been trying to sell itself and potential buyers included
Austria's Andritz AG, Mass Financial Corp. of Hong Kong and
Korea's Doosan Heavy Industries and Construction Co.

As reported by the Troubled Company Reporter-Europe on Nov. 5,
2010, Bloomberg News said the AE&E unit, which builds power plants
for clients such as utilities or steel makers, is A-Tec's biggest
unit with 60% of the group's revenue and 83% of pretax profit in
2009.  Bloomberg noted failure to keep it afloat would diminish
the funds for creditors.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  Bloomberg said A-Tec has 90 days under Austrian law
to seek an agreement with lenders, after which it can seek full
protection from creditors.  The company has a EUR798 million
(US$1.11 billion) revolving credit facility and EUR302 million of
outstanding bonds, according to Bloomberg data.

A-Tec Industries AG is an engineering company based in Vienna,
Austria.


KOEHLER KIESABBAU: Files for Insolvency; Undergoes Restructuring
----------------------------------------------------------------
Aggregates Business Europe reports that Koehler Kiesabbau has
filed for insolvency.

According to Aggregates Business Europe, the company has launched
a restructuring program in a bid to keep the business operational.

Aggregates Business Europe relates quarrying at the company's site
ceased on October 28 and directors have since been working to find
a financial solution.

Koehler Kiesabbau is an Austria-based gravel producer.


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


MOSTSTROY AD: Court Opens Bankruptcy Procedure for Unit
-------------------------------------------------------
SeeNews reports that Moststroy AD said a local regional court has
opened a bankruptcy procedure for its majority-owned Moststroy-
Veliko Tarnovo unit.

Moststroy-Veliko Tarnovo has been declared insolvent starting
September 30, 2010, and a first meeting of its creditors is
scheduled for December 21, 2010, SeeNews says, citing a statement
posted on the company's Web site on Thursday.

SeeNews relates an interim receiver has also been appointed at the
Veliko Tarnovo-based company.

According to SeeNews, the statement said a distraint order has
been issued on Moststroy-Veliko Tarnovo's receivables and movable
property and an injunction granted on its immovable assets.

As reported by the Troubled Company Reporter-Europe on Oct. 11,
2010, Bloomberg News said Moststroy filed for insolvency after all
its bank accounts were frozen because of unpaid debts.  Bloomberg
disclosed Moststroy said it had no funds to repay a loan borrowed
from the United Bulgarian Bank, a unit of the National Bank of
Greece SA, which was due on May 31.  Its construction machines and
other equipment leased from Interlease EAD were seized by
Interlease, which canceled the contracts, Moststroy, as cited by
Bloomberg, said.

Moststroy AD is a construction company based in Bulgaria.  The
company participates in the construction of the country's high-
profile Trakiya motorway.


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


CMA CGM: Seeks U$150 Million From Sovereign Fund; Mulls IPO
-----------------------------------------------------------
CMA CGM SA continues to seek US$150 million from France's
sovereign wealth fund in spite of securing a US$500 million cash
injection from a Turkish investor, Robert Wright at The Financial
Times reports, citing Rodolphe Saade, the company's deputy chief
executive.

According to the FT, Mr. Saade said that, as well as seeking funds
from the Fonds Strategique d'Investissement (FSI), the company
hoped eventually to undertake an initial public offering.

Mr. Saade, as cited by the FT, said, an FSI investment would be
significant because the fund represented the French government.
He said such an investment would reassure the banks holding CMA
CGM's US$5 billion debt and yards building new ships for the
company, the FT notes.

The FT relates Mr. Saade revealed on Friday that, as well as
securing the promised cash injection from Yildirim, it had reached
agreement in principle with its banks on a debt restructuring.  He
expected both the restructuring and the cash injection to complete
simultaneously in January, the FT discloses.  The FT says in
return for its investment, Yildirim will receive three of the
company's 10 board seats and instruments that convert into 20% of
CMA CGM's shares after five years.

Robert Yueksel Yildirim, the Turkish company's president and chief
executive, said the deal had been structured to allow Yildirim to
exit its investment after five years, according to the FT.

Mr. Saade said the preferred option was to float the company's
shares publicly.

"We're looking to go IPO after five years," the FT quoted Mr.
Saade as saying.

As reported by the Troubled Company Reporter-Europe, the FT said
CMA CGM was forced to seek a financial restructuring in September
2009 after sharp falls in world container trade volumes and in
earnings per container shipped pushed it into severe losses.  The
FT disclosed it also faces significant liabilities paying for new,
large ships ordered during container shipping's long boom between
2002 and 2008.

The Troubled Company Reporter-Europe, citing Bloomberg News, had
reported that CMA CGM, which is reorganizing EUR5.4 billion
(US$7 billion) of debt, began talks with creditors in September
2009 to reorganize and avoid insolvency after breaching covenants
on most of its debt.  Bloomberg said under France's court-
sponsored conciliation procedure, a company's failure to meet the
deadline for an agreement with creditors makes it harder to raise
new funds and leaves it vulnerable to insolvency if broken
covenants are invoked.

France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.


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G E R M A N Y
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CONERGY AG: Creditors May Relinquish 15% of Claims
--------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Handelsblatt, reports
that Conergy AG's creditors, including Commerzbank AG, may agree
to relinquish 15% of their claims totaling EUR261 million
(US$346 million) in a proposed compromise for reorganizing the
company.

According to Bloomberg, the newspaper said a debt-for-equity swap
would leave hedge funds including York Capital with a stake of as
much as 70%, while Commerzbank's holding would fall to less than
10% from 29%.

As reported by the Troubled Company Reporter-Europe on Nov. 29,
2010, Bloomberg News, citing the Financial Times Deutschland, said
Conergy's creditors agreed in principle to the option of a debt-
for-equity swap.

Conergy AG -- http://www.conergy.com/-- is a Germany-based global
manufacturer of products for the solar power generation, operating
in two business segments: Conergy PV and EPURON.  The Conergy PV
segment is divided into two divisions: Components, developing and
manufacturing system components, such as solar cells, solar
modules, module frames and electronic components, and Sales &
Systems, distributing the products to wholesalers, installers and
final customers.  The activities of EPURON segment encompass
project development and structured financing in the field of
renewable energies, through a number of subsidiaries. EPURON
develops, finances and implements solar farms, as well as solar
thermal power plants and bioenergy systems, mainly for
institutional investors.  It has representatives in 16 countries.
As of December 31, 2009, the Company had 347 subsidiaries.


* GERMANY: Upper House Approves Bank Restructuring Law
------------------------------------------------------
Andreas Kissler at Dow Jones Newswires reports that Germany's
upper house of parliament Friday approved the country's bank
restructuring law, which includes a bank levy to generate funds
for troubled banks.

According to Dow Jones, the legislation sets up a restructuring
procedure for banks, allowing for early intervention to tackle
problems before insolvency.

The German president must now sign it into law, Dow Jones says.


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G R E E C E
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DANAOS CORP: Reports US$978,000 Net Income in Third Quarter
-----------------------------------------------------------
Danaos Corporation filed its quarterly report on Form 10-Q,
reporting net income of US$978,000 for the three months ended
September 30, 2010, compared with net income of US$16,372,000 for
the same period a year ago.

The Company's balance sheet at September 30, 2010, showed
US$3,522,601,000 in total assets, US$3,200,102,000 in total
liabilities, and US$322,499,000 in stockholders' equity.

Operating revenue increased 18.5% to US$94.6 million in the three
months ended September 30, 2010, from US$79.8 million in the three
months ended September 30, 2009.  The increase was primarily a
result of the addition to the Company's fleet of six 6,500 TEU
containerships, the CMA CGM Musset, the CMA CGM Nerval, the YM
Mandate, the CMA CGM Rabelais, the CMA CGM Racine, and the YM
Maturity, on March 12, 2010, May 17, 2010, May 19, 2010, July 2,
2010, August 16, 2010 and August 18, 2010, respectively, and two
3,400 TEU containerships, the Hanjin Buenos Aires and the Hanjin
Santos, on May 27, 2010 and July 6, 2010, respectively,  which
collectively contributed revenues of US$18.4 million during the
three months ended September 30, 2010.  Moreover, one 6,500 TEU
containership, the CMA CGM Moliere, which was added to the
Company's fleet on September 28, 2009, contributed incremental
revenues of US$3.1 million during the three months ended September
30, 2010, compared to the same period in 2009.  These revenues
were offset in part by the sale of one 1,704 TEU containership,
the MSC Eagle, on January 22, 2010, which had contributed revenues
of US$1.0 million for the three months ended September 30, 2009.

The Company also had a further decrease in revenues of
US$5.7 million during the three months ended September 30, 2010,
mainly attributable to re-chartering certain vessels at reduced
charter rates, as well as reduced charter hire, in relation to
vessels laid up by the Company's charterers, representing
operating expenses not being incurred during the lay-up period.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on June 22, 2010,
PricewaterhouseCoopers S.A., in Athens, Greece, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The Company noted of the
Company's inability to comply with financial covenants under
its current debt agreements as of December 31, 2009, and its
negative working capital deficit.

According to the Form 10-Q, "As of December 31, 2009, the Company
was in breach of various covenants in its credit facilities, for
some of which it had obtained waivers and for others it had not.
The waivers the Company obtained were for a period through October
1, 2010.  Furthermore, as of September 30, 2010, there are further
breaches for which the Company has not obtained waivers.  In
addition, although the Company was in compliance with the
covenants in its credit facility with KEXIM, and has obtained
waivers of non-compliance with certain other covenants under other
credit facilities, under the cross default provisions of its
credit facilities the lenders could require immediate repayment of
the related outstanding debt.  Even though none of the lenders
declared an event of default under the loan agreements, these
breaches constituted defaults and potential events of default and,
together with the cross default provisions in the various loan
agreements, could result in the lenders requiring immediate
repayment of all of the loans.  During 2009, the Company's lenders
agreed to waive, and not to exercise their right to demand
repayment of any amounts due under certain loan agreements as a
result of, the December 31, 2008 and June 30, 2009 covenant
breaches under certain of its loan agreements, and any future
breaches of the covenants, through October 1, 2010.  These waiver
agreements expired on October 1, 2010, when the original covenants
come back in force.  The Company has deemed it is probable that it
may not be able to comply with the original covenants at
measurement dates that are within the next twelve months.  In
addition, the cross default provisions in the Company's loan
agreements and breaches existing under its credit facilities as of
September 30, 2010 and December 31, 2009, as well as potential
defaults and events of default under loan agreements with waivers
expired on October 1, 2010, could result in events of default
under all of the Company's affected debt and the acceleration of
such debt by its lenders.  In this respect, the Company
reclassified its long-term debt of US$2.5 billion and US$2.3
billion as of September 30, 2010 and December 31, 2009 as current
debt.  The Company continues to pay loan installments and
accumulated or accrued interest as they fall due under the
existing credit facilities.  The conditions and events described
above raise substantial doubt about the Company's ability to
continue as a going concern."

The Company has entered into a commitment letter for an agreement
that will supersede, amend and supplement the terms of each of its
existing credit facilities (other than its credit facilities with
KEXIM and KEXIM Fortis) and provide for, among other things,
revised amortization schedules, interest rates, financial
covenants, events of defaults, guarantee and security packages, as
well as New Credit Facilities available for its currently non-
financed newbuildings.  Subject to the terms of the Bank Agreement
and under the New Credit Facilities of US$426.0 million, the
lenders will continue to provide the Company's existing credit
facilities, will waive covenant breaches or defaults under its
existing credit facilities, as well as amend covenants under such
existing credit facilities in accordance with the Bank Agreement.
The Bank Agreement is conditioned upon the Company's entry into
the Hyundai Samho Vendor Financing of US$190.0 million and the
newbuilding cancellation agreement in relation to three 6,500 TEU
vessels, the HN N-216, the HN N-217 and the HN N-218, as well as a
commitment letter for the new Citi-CEXIM Credit Facility of
US$203.4 million and the receipt of US$200 million in proceeds
from equity issuances, including an investment by the Company's
Chief Executive Officer (which was completed on August 12, 2010,
as discussed in Note 14 Stockholders' Equity).  In addition, as of
October 31, 2010, the Company had approximately US$121.0 million
of undrawn funds under its existing credit facilities, as well as
available cash and cash equivalents.

A full-text copy of the Company's Form 10-Q is available for free
at http://ResearchArchives.com/t/s?6fe9

                     About Danaos Corporation

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- http://danaos.com/-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The Company operates through a number of
subsidiaries incorporated in Liberia and Cyprus.  As of May 31,
2010, the Company had a fleet of 45 containerships aggregating
193,629 TEUs, making the Company among the largest containership
charter owners in the world, based on total TEU capacity.


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I C E L A N D
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KAUPTHING BANK: Outlines Options to Handle US$63 Billion in Claims
------------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Kaupthing Bank
hf's winding-up committee said it has reached decisions on how to
handle US$63 billion in claims lodged against it since its October
2008 failure.

Bloomberg relates the committee said in a statement on Friday the
bank has received a total of 28,167 claims from creditors across
119 countries.  According to Bloomberg, the statement showed total
claims amounted to ISK7.32 trillion (US$63 billion), of which
ISK2.02 trillion were lodged as priority claims.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2010, Bloomberg News said Kaupthing's creditors could get their
claims settled in about a year as the bank's winding-up committee
looks into the option of swapping debt for equity.  Olafur
Gardarsson, head of Kaupthing's winding-up committee, said
creditors will have the freedom to choose how their claims are
settled as far as is possible, according to Bloomberg.  Bloomberg
disclosed each creditor will learn the status of his claim on
Dec. 3.

                            Options

According to Bloomberg, the committee said the options available
to creditors include continued winding-up proceedings or a
settlement involving greater creditor involvement while the
winding-up process continues.  The committee is also considering a
composition agreement with general creditors with the aim of
allowing creditors to take control of a solvent bank, Bloomberg
notes.  Bloomberg said in the statement a final option is the
liquidation of an insolvent unit.

"The resolution committee and the winding-up committee do
not have a preferred alternative and are seeking feedback from
creditors," the committee said in the statement, according to
Bloomberg.  "Any timing for adopting an alternative remains
unclear at this stage."

As reported by the Troubled Company Reporter-Europe on Nov. 24,
2010, Kaupthing's resolution committee, citing a ruling by the
District Court of Reykjavik, said in an e-mailed statement on Nov.
22 that the bank formally entered winding-up procedures, according
to Bloomberg News.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


* ICELAND: President Says Voters Must Have Final Say on Icesave
---------------------------------------------------------------
Jonas Bergman and Omar R. Valdimarsson at Bloomberg News report
that Iceland's President Olafur R. Grimsson said voters should get
the final say on any depositor claims accord with the U.K. and
Dutch, signaling he could be willing to block a deal the
government says may come soon.

"If the people of Iceland are being asked to pay for the failure
of a private bank, they should also have a say in the final
outcome," Mr. Grimsson said in an interview with Bloomberg
Television's Mark Barton on Friday.  "So I don't think any deal
that is not in harmony with the Icelandic people is viable."

Bloomberg relates Mr. Grimsson in January this year blocked a
US$5.2 billion deal to cover British and Dutch depositor claims
stemming from Icesave accounts at failed Landsbanki Islands hf.

According to Bloomberg, Iceland's Finance Ministry on Nov. 16 said
the country may now be weeks away from a "final resolution" to the
Icesave dispute as it secures broad lawmaker backing for a new
accord.

Bloomberg says the government is this time targeting broader
lawmaker backing to ensure a smoother passage of a new Icesave
bill.  The Independence Party, the largest opposition group, has
signaled it may give its support to the Social-Democrat, Left-
Green coalition, Bloomberg notes.

The current draft accord reached carries a 3% interest rate and
gives Iceland's government a nine-month moratorium on paying
interest, the country's Channel 2 television station said on
Nov. 15, according to Bloomberg.  Bloomberg notes the broadcaster
said the accord will cost the government ISK40 billion (US$355
million) to ISK60 billion.  Bloomberg says the remainder would be
covered by the value of Landsbanki assets.

"The most significant factor is that the British and the Dutch
have now recognized that the stand they took" in previous accords
"was fundamentally unfair," Bloomberg quoted Mr. Grimsson as
saying.  "Now they have moved considerably away from that position
so we will have to see what becomes the final outcome."

Iceland's debt is rated Baa3 at Moody's Investors Service
and BBB- at Standard & Poor's, the lowest investment grades.
Moody's said this month an Icesave accord would be positive for
the rating, Bloomberg notes.


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I R E L A N D
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ANGLO IRISH: Finance Minister Agrees to Issue New Guarantee
-----------------------------------------------------------
Simon Carswell at The Irish Times reports that Minister for
Finance Brian Lenihan has agreed to issue another guarantee to
Anglo Irish Bank to prevent banks and other parties from ending
foreign currency and interest rate agreements put in place to
manage risk on US dollar and sterling loans.

The Irish Times relates the guarantee was agreed on Friday after
Anglo had a key credit rating -- which determines whether other
banks will carry out business with Anglo -- cut to "junk" status
by ratings agency Standard and Poor's amid concerns over the
Government's support for the bank.

Details of the fresh guarantee covering off-balance sheet
liabilities are being finalized by the Department of Finance and
Anglo, The Irish Times notes.

According to The Irish Times, institutions which have counterparty
arrangements with Anglo would automatically have to end so-called
derivative agreements once the bank's long-term counterparty
credit rating is downgraded to a level below investment grade
arising from the increased risk.

The Irish Times says the Minister's guarantee allows the bank to
maintain relationships with counterparties who would otherwise
have to close their positions with Anglo, potentially causing
administrative difficulties and crystallizing further losses.

                      About Anglo Irish Bank

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

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 29,
2010, 2010, Standard & Poor's Ratings Services lowered its rating
on Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


PIERSE CONTRACTING: Two Banks Appoint Receivers
-----------------------------------------------
Barry O'Halloran at The Irish Times reports that Bank of Ireland
and Bank of Scotland Ireland have appointed receivers to Pierse
Contracting.

According to The Irish Times, Bank of Ireland is owed around
EUR35 million and, as a secured creditor, is entitled to recover
its debt ahead of other businesses and individuals to which Pierse
owes money.

The company acknowledged in the High Court that once its secured
debt to Bank of Ireland is paid off, there would be little
likelihood that the unsecured creditors would recover any of the
EUR51.7 million owed to them, The Irish Times notes.  The Irish
Times relates the bank has appointed David Carson, corporate
recovery partner with accountancy firm Deloitte as receiver to the
company.

Bank of Scotland Ireland has appointed David Hughes and Luke
Charleton of rival practice, Ernst Young as its receivers to the
company, The Irish Times discloses.

Simon Coyle of Mazars is investigating Pierse group's trading
activities on the instruction of the High Court, which appointed
him as liquidator to Pierse Contracting and a related firm, Pierse
Building Services, earlier this month, The Irish Times recounts.
Mr. Justice Peter Kelly appointed Mr. Coyle at the request of a
number of unsecured creditors and, a result of the issues raised
by creditors, instructed him to investigate the circumstances of
the company's trading over the last 18 months, The Irish Times
notes.

Pierse Contracting has a deficit of EUR212 million and owes its
unsecured creditors, largely made up of subcontractors and
suppliers, more than EUR50 million, The Irish Times says.

Separately, The Irish Times' Mr. O'Halloran reports Pierse
Contracting lost EUR31 million last year while turnover slumped by
almost 40% to EUR205.7 million.

According to The Irish Times figures show EUR75 million worth of
inter-company loans, now effectively worthless, were one of the
biggest elements in the EUR212 million deficit that the company
had when it was placed in liquidation.

Pierse Contracting and Pierse Building Services are involved in
the fitting out and refurbishing of premises for blue chip clients
in Ireland.


* IRELAND: Granted EUR67.5BB Bailout; Bank Bondholders to Get Hit
-----------------------------------------------------------------
Dara Doyle and Joe Brennan at Bloomberg News reports that Ireland
will pay an average 5.8% for international bailout loans as part
of an agreement that protected the senior bondholders of Irish
banks and preserved the country's low corporate tax policy.

Bloomberg relates the government on Saturday said the state was
granted funds amounting to EUR67.5 billion (US$90 billion) with an
average duration of 7-1/2 years by the European Union and
International Monetary Fund.  According to Bloomberg, Finance
Minister Brian Lenihan said subordinated bank bond holders may
have to accept "big haircuts".

Bloomberg says under the terms of the agreement, Ireland's banks
will get as much as EUR35 billion of aid and the rest of the
bailout fund will help the country finance itself.  Ireland will
provide EUR17.5 billion from its own reserves, Bloomberg states.

According to Bloomberg, the central bank said Irish banks will get
an immediate EUR8 billion to bolster capital, and will raise a
further EUR2 billion by shedding assets.  Lenders will be able to
draw on a further EUR25 billion depending on how they fare in a
round of stress tests in the first half of next year, Bloomberg
notes.


* Moody's Reviews Ratings on Irish Banks and Building Societies
---------------------------------------------------------------
Moody's Investors Service has placed additional ratings of certain
Irish banks and building societies under review for possible
downgrade.  This is because a multi-notch downgrade of the Irish
sovereign is now the most likely outcome of the on-going review of
the sovereign rating, more than initially anticipated in October
2010 when the rating agency initiated its review of other Irish
bank ratings.  The bank rating actions are:

* Moody's has placed on review for possible downgrade the short-
  term bank deposit and debt ratings of Bank of Ireland (Prime-1),
  EBS Building Society (Prime-2), and Irish Life & Permanent
  (Prime-2).

* Moody's has also placed on review for possible downgrade the
  dated subordinated debt of EBS, and these debt classes
  of Allied Irish Banks: dated subordinated debt (Ba3), junior
  subordinated debt (B1), cumulative Tier 1 securities (B1) and
  non-cumulative preference shares (Caa1)

* Moody's has also placed on review for possible downgrade the A3
  long-term bank deposit rating of Bank of Ireland (UK) plc

                        Ratings Rationale

The review for possible downgrade of the short-term bank deposit
and debt ratings of Bank of Ireland (Prime-1), EBS Building
Society (Prime-2), and Irish Life & Permanent (Prime-2) reflects
Moody's view that a multi-notch downgrade of the sovereign rating,
which would leave the rating of the Republic still within the
investment-grade category, is now the most likely outcome of
Moody's current review of the Aa2 sovereign credit rating (see
Special Comment of November 22, "Ireland's EU/ IMF Bailout is
Major Step Addressing Crisis, But Greater Weaknesses Are
Exposed").  As a result, the final rating outcome of the long-term
and short-term bank deposit and senior debt ratings of these
banks, whose ratings incorporate a very high level of systemic
support, could now be lower than originally envisaged, potentially
leading to lower short-term ratings.  The long term bank deposit
and senior debt ratings of these institutions (Bank of Ireland at
A1, EBS Building Society at A3, and Irish Life & Permanent at A3)
were placed on review for possible downgrade on October 6, 2010.
The P-1 rating of Bank of Ireland would most likely be downgraded
if the long-term ratings of the bank were to be lowered to A3 or
below.  If the long-term ratings of EBS Building Society and Irish
Life & Permanent were to be downgraded to Baa2 or below, then the
P-2 short-term ratings of these institutions could also be
downgraded.

     Review for Downgrade of Subordinated Debt of AIB And EBS

The Irish government announced in September 2010 that it was
"working on a resolution and reorganization legislation to allow
burden-sharing by subordinated bondholders", specifically at Anglo
Irish Bank and Irish Nationwide Building Society.  Following this
announcement the government clarified that "prospective resolution
and reorganization legislation, insofar as it affects subordinated
debt in issue, will apply only to such debt in issue from
institutions which are not listed on a recognized stock exchange,
are in 100 per cent State control and cannot survive in the
absence of total State support."

The review for possible downgrade of the dated subordinated debt
of EBS (Ba3), and the dated subordinated debt (Ba3), junior
subordinated debt (B1), cumulative Tier 1 securities (B1) and non-
cumulative preference shares (Caa1) of Allied Irish Banks will
therefore focus on the future ownership of these institutions and
the impact on their stand-alone creditworthiness as a result of
potential restructuring of the banking sector.  Currently EBS is
fully-owned by the Irish government, and AIB will, following its
forthcoming rights issue that is underwritten by the National
Pension Fund Reserve Commission, likely have government ownership
in excess of 90%.  In the case of the junior subordinated debt,
cumulative Tier 1 securities, and non-cumulative preference shares
of Allied Irish Banks, the review will also focus on the
likelihood that the assumed two-year deferral/omission period on
payment of coupons could be extended, thus leading to a higher
expected loss for investors.  There is currently no impact on
AIB's D stand-alone bank financial strength rating (that
translates into Baa3 baseline credit assessment (BCA) on the long-
term rating scale) as Moody's assume that in the short-term the
bank will benefit from further capital support as a result of the
EU/IMF support package.  Were this not to happen then there would
likely be negative implications for the BFSR.

           Review for Downgrade of Bank of Ireland

The review for possible downgrade of the A3 long-term bank deposit
rating of Bank of Ireland (UK) reflects the potential for a multi-
notch downgrade of its parent.  The review will focus on the
rating of Bank of Ireland at the end of the review period as well
as any potential restructuring of the Irish banking sector that
could affect the position of the UK operation within the Bank of
Ireland group.  Potential downward pressure on the A3 rating is
limited by Moody's view of the systemic importance of Bank of
Ireland (UK) to the UK, as a result of the strong links with the
Post Office and its important position in Northern Ireland.

Moody's last rating action on Allied Irish Banks, Bank of Ireland,
EBS Building Society and Irish Life & Permanent was on October 6,
2010, when the long-term bank deposit and debt ratings of AIB,
BoI, EBS and IL&P were placed on review for possible downgrade.
In addition the Prime-1 short-term rating of AIB was also placed
on review for possible downgrade.  Moody's also changed to stable
from positive the outlooks on the D Bank Financial Strength
Ratings of AIB and EBS.

The last rating action on Bank of Ireland (UK) was on November 1,
2010, when Moody's assigned first-time bank deposit ratings of
A3/P-2 and a D+ bank financial strength rating (that translates
into Baa3 baseline credit assessment on the long-term rating
scale), with a stable outlook.


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


CEVA GROUP: S&P Raises Corporate Credit Rating to 'B-'
------------------------------------------------------
Standard and Poor's Ratings Services raised its long-term
corporate credit rating on Netherlands-based contract logistics
provider CEVA Group PLC to 'B-' from 'CCC+'.  The outlook is
stable.

At the same time, S&P raised its issue rating on the US$1.5
billion-equivalent senior secured facilities to 'B'.  The recovery
rating on these facilities is unchanged at '2', indicating S&P's
expectation of substantial (70%-90%) recovery prospects in the
event of a payment default.

In addition, S&P raised the issue ratings on the US$210 million
one-and-a-half lien secured notes due 2016, the US$702 million
junior-priority senior secured notes due 2018, and various senior
unsecured notes to 'CCC+' from 'CCC'.  The recovery ratings on
these instruments are unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery prospects in the event of
a payment default.

The issue rating on the senior subordinated notes--comprising the
EUR81 million tranche due 2016 and the EUR57 million tranche due
2018--was also raised, to 'CCC' from 'CCC-'.  The recovery rating
on these notes is unchanged at '6', indicating S&P's expectation
of negligible (0%-10%) recovery prospects in the event of a
payment default.

"The upgrade primarily reflects CEVA's strengthened liquidity
position after it secured a new US$200 million asset-based
revolving credit facility maturing in 2015," said Standard &
Poor's credit analyst Menique Smit.

In addition, CEVA's operating performance continued to show signs
of recovery during the seasonally strong third quarter of 2010.
EBITDA before specific items rose by 26.5% to EUR86 million, up
from EUR68 million in the corresponding period the year before.
Although the EBITDA margin remained relatively weak at 4.7%
(compared with 5.0% in the same period of 2009), S&P anticipate
that it will improve in 2011, as CEVA's cost-reduction programs
continue to deliver net benefits, particularly in its freight
management business.

The ratings on CEVA continue, however, to be constrained by S&P's
assessment of the group's highly leveraged financial risk profile
and its very aggressive financial policy.  In addition, the group
operates within the highly fragmented and competitive logistics
industry, although it benefits from a global network and strong
market positions, particularly in Europe.

"In S&P's view, CEVA's strengthened liquidity profile should be
sufficient to support its current financial obligations and
ongoing operational needs in the next couple of years, despite its
high level of gross debt," added Ms. Smit.  However, the group's
credit measures are very weak and in S&P's opinion are unlikely to
improve materially over the near term due to the high level of
gross debt and the challenges that S&P believes the group still
faces in generating sustainable free operating cash flow.

The ratings could come under pressure if the group's liquidity
position were to weaken materially, for example, as a result of
substantial negative free cash flows following weakening operating
performance or excessive spending.  The ratings could be further
pressurized if, in S&P's view, CEVA were at risk of failing to
comply with its financial covenants.

An upgrade is unlikely in the short term given the group's high
level of leverage and S&P's view that this is unlikely to fall
materially in the short term.


NXP SEMICONDUCTORS: Moody's Raises Corp. Family Rating to 'B3'
--------------------------------------------------------------
Moody's Investors Service has upgraded these ratings of NXP
Semiconductors: the corporate family rating was upgraded to B3
from Caa1; the senior secured debt rating to B3 from Caa1; and its
senior unsecured debt rating to Caa2 from Caa3.  In addition,
Moody's has changed the outlook for the ratings to stable from
positive.

                        Ratings Rationale

"The rating upgrade reflects the improving trend of NXP's business
operations amid a semiconductor industry that has been recovering
since the second half of 2009, as well as the positive impact of
management's cost-savings measures, which are expected to make the
company more resilient to the high volatility that is
characteristic of the semiconductor industry," says Wolfgang
Draack, a Moody's Senior Vice President and lead analyst for NXP.

In Q3 2010, NXP met Moody's requirements for a rating upgrade,
including positive free cash flow of US$87 million for the quarter
and US$12 million on a last-12-months basis and a leverage ratio
below 6x with a debt/EBITDA ratio of 4.9x.  Given that NXP
effectively achieved full factory utilization and a product book-
to-bill ratio of 0.85x for the quarter, Moody's believes that Q3
2010 will represent a peak in the company's revenues.  However, in
the rating agency's view, there is room for further, more moderate
improvement in profitability as a result of management's redesign
program, which is focused on improving operating flexibility and
achieving cost savings, thereby making the company's profitability
more resilient to order volatility.  Despite being wound down, the
program continues to enhance NXP's margins.

Despite various debt reduction and extension measures and an
initial public offering in July 2010, NXP's leverage remains
relatively high for a semiconductor company as a result of its
exposure to pronounced volatility and technology risk.  Its
currently high cash flow levels (extrapolating from the company's
Q3 2010 amount of US$87 million to its annual FCF of EUR350
million) amount to just 7.5% of gross debt.  In addition, NXP
faces almost US$2.0 billion worth of debt maturities in second
half 2013.  Aside from the 2013 maturities, the existing EUR500
million revolving credit facility with US$500 million outstanding
expires in 2012, but NXP has already arranged a EUR458 million
forward-start facility.  Access to half of this facility has
already been secured and the remainder could become fully
available on September 30, 2012 if NXP's net debt (actual:
EUR3.7 billion) does not exceed US$3.25 billion on June 30, 2012.

The stable outlook for the ratings reflects the progress NXP has
made with regard to its redesign program.  Moody's also expects
that NXP will continue to generate positive FCF and take steps to
address its 2013 debt maturities.

Moody's would consider a further ratings upgrade if NXP was able
to establish a track record of material free cash flow generation
and sustain a gross debt/LTM EBITDA ratio below 4x.  Further
measures to reduce debt and extend the maturity profile would
exert positive pressure on the ratings.

Rating pressure would develop if NXP experienced a return to
significant annual cash burn or declining semiconductor volumes,
depressing its profitability such that its debt/EBITDA ratio rises
above 6x.

Issuer: NXP B.V.

Upgrades:

  -- Corporate Family Rating, Upgraded to B3 from Caa1

  -- Probability of Default Rating, Upgraded to B3 from Caa1

  -- Senior Secured Regular Bond/Debenture, Upgraded to a range of
     B3, LGD4, 55% from a range of Caa1, LGD4, 52%

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to Caa2,
     LGD6, 91% from Caa3, LGD6, 91% .

Outlook Actions:

  -- Outlook, Changed To Stable From Positive

Headquartered in Eindhoven, Netherlands, NXP Semiconductors is a
leading semiconductor company, focusing on the design and
manufacture of semiconductors for general applications, power
management (multi-market) and application-specific integrated
circuits for the electronics, automotive and identification
technology application markets.  NXP posted sales of US$3.6
billion in the first nine months of 2010.


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


BANK URALSIB: Moody's Affirms 'D-' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed the D- bank financial
strength rating and Ba3 long-term local and foreign currency
deposit ratings of Bank Uralsib, with a negative outlook
maintained on all of the above-mentioned ratings.  The bank's Not
Prime short-term local and foreign currency deposit ratings were
also affirmed.

Moody's says this announcement is primarily based on the bank's
audited financial statements for 2009 prepared under IFRS and
signed on April 15, 2010, as well as its unaudited interim
management financial IFRS accounts for H1 2010.

                         Rating Rationale

The maintenance of the negative outlook reflects Moody's ongoing
concerns about Uralsib's level of related-party transactions
coupled with its elevated market risk appetite.  "At June 30,
2010, the bank's credit exposure to related parties accounted for
58% of its Tier 1 capital; in addition, Uralsib has controlling
interests in closed unit investment funds that hold a combined 40%
stake in the bank's affiliated "Insurance Group Uralsib", which
investment accounts for another 17% of Tier 1 capital," says
Ms. Olga Ulyanova, a Moody's Assistant Vice-President and the lead
analyst for Uralsib.  "This is a very high related party exposure
compared to the majority of Uralsib's peers", adds Ms.  Ulyanova.

The rating agency notes that Uralsib's Basel I Tier 1 ratio and
total CAR appear to be adequate at their 11.4% and 15.0% levels as
of June 30, 2010.  However, the heavy involvement in related party
transactions undermines the quality of the bank's economic capital
thus constituting key negative rating driver for Uralsib.

On a more positive note, the rating agency observes that the pace
of deterioration of Uralsib's loan book appears to have stabilized
at mid-2010, and the bank's net interest margin -- a major
contributor to recurring earnings -- has most likely levelled off
at around 4.0% (a still modest level) against the background of a
downward re-pricing of liabilities and renewal of lending.  As a
result of a combination of the above-mentioned factors, the
pressure on the bank's bottom-line profits is gradually easing.

Moody's may consider downgrading Uralsib's BFSR and deposit
ratings if over the next year the bank fails to improve its
economic capitalization through a significant reduction of
related-party business, or if the stabilization of Uralsib's
financial fundamentals is not sustained.

Moody's last rating action on Uralsib was on March 23, 2009, when
the rating agency affirmed the bank's ratings and changed the
outlook on its long-term ratings to negative from stable.

Headquartered in Moscow, Russia, Uralsib reported audited IFRS
total assets of US$13.8 billion and total equity of US$2.0 billion
at December 31, 2009.  The bank's net IFRS profit for 2009 was
US$60.3 million.


COMMERCIAL BANK: Moody's Affirms 'E+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the E+ bank financial
strength rating and the B3/Not Prime long-term and short-term
foreign currency deposit ratings of Commercial Bank "Aljba
Alliance".  The outlook on all of the long-term global scale
ratings is stable.  Concurrently, Moody's Interfax Rating Agency
(which is majority owned by Moody's) has affirmed AAB's long-term
National Scale Rating of Baa2.ru.  The NSR carries no specific
outlook.

Moody's assessment is primarily based on AAB's audited financial
statements for 2009 prepared under IFRS, signed on June 25, 2010.

                        Ratings Rationale

"The ratings reflect AAB's weak market franchise which is caused
by the bank's high reliance on a limited number of clients,
rendering its business profile potentially vulnerable," says
Semyon Isakov, a Moody's Assistant Vice-President -- Analyst and
lead analyst for the bank.  "Investments in trading assets along
with market risk appetite lead to volatility in the bank's
revenues because income from trading operations represent a core
part of total earnings," adds Mr. Isakov.

More positively, Moody's observes that AAB's ratings take into
account: (i) high capitalization, with an equity-to assets ratio
of 31.2% as of year-end 2009; and (ii) historically high cushion
of very liquid assets which, at year-end 2009, accounted for 78%
of the bank's total customer deposits, thereby helping the bank to
pass liquidity stress-tests, given that retail deposits account
for a large proportion of a very concentrated deposit base
(deposits of individuals totalled 78% of total customer deposits
as at year-end 2009).

Moody's last rating action on AAB was on May 4, 2007, when the
rating agency changed the outlook on the BFSR to stable from
negative, and the outlook on the B3 long-term deposit rating to
stable from developing.

Domiciled in Moscow, the Russian Federation, AAB reported total
audited consolidated assets of RUB5.9 billion (US$196 million) and
net income of RUB411 million (US$14 million) under IFRS as at
year-end 2009.


CREDIT EUROPE: Moody's Assigns 'Ba3' Rating to Senior Debt
----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term global
local currency debt rating to the senior unsecured debt of Credit
Europe Bank Ltd.  The rating carries a negative outlook.  Any
subsequent senior debt issuance by CEB will be rated at the same
rating level subject to there being no material change in the
bank's overall credit rating.

The rating of Ba3 was assigned to these debt instruments:

  -- RUB4.000 billion Senior Unsecured Regular Bond due 28 June
     2011

                        Ratings Rationale

The assigned Ba3 rating is in line with CEB's global local
currency deposit rating, which is, in turn, based on (i) the
bank's E+ bank financial strength rating, mapping to a baseline
credit assessment of B1; and (ii) Moody's assessment of a high
probability of support in the event of need from the bank's
controlling shareholder -- Credit Europe Bank N.V. (D/Ba2,
negative outlook) -- which results in a one-notch uplift from
CEB's BCA.

CEB's rating is constrained by historical reliance on wholesale
sources for funding that, along with a very high concentrated
nature of the bank's non-equity funding, renders the bank
liquidity position potentially vulnerable to availability of
market refinancing and/or departure of large non-resident clients,
which currently form a large portion of funding.  However, the
rating also reflects the bank's robust profitability and sound
operating efficiency, underpinned by a strong net interest margin
and CEB's high capital adequacy level, which currently provides a
firm cushion for significant potential risks of asset quality
deterioration.

Moody's previous rating action on CEB was on November 18, 2009,
when -- following the rating review process -- the agency
confirmed the bank's Ba3 debt and deposit ratings with negative
outlook.

Headquartered in Moscow, Russia, Credit Europe Bank Ltd reported
IFRS total assets (audited) of RUB66 billion (US$2.1 billion) at
end-June 2010.  Net income for the first six months of 2010
totalled RUB1.4 billion according to IFRS.


EUROCHEM OJSC: Fitch Assigns 'BB' Rating to Domestic Bonds
----------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC EuroChem Mineral and
Chemical Company's RUB5 billion domestic bonds (series 3), due 14
November 2018, a senior unsecured rating of 'BB' and a National
senior unsecured rating of 'AA-(rus)'.  The ratings are in line
with those on the series 2 RUB5 billion bond issued in July 2010.

The bonds are structured as a senior unsecured obligation of
Eurochem and have a maturity of eight years with a bondholder put
option in the fifth year.  Fitch notes that sureties from
EuroChem's Novomoskovskiy Azot nitrogen plant and Kovdorskiy GOK
apatite mine place the domestic bonds in a stronger position
structurally than the existing senior unsecured US$290 million
loan participation notes.

Eurochem's existing ratings are:

  -- Long-term foreign and local currency Issuer Default Ratings:
     'BB'; Outlook Stable

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

  -- USD290m LPNs: Long-term foreign currency senior unsecured
     rating 'BB';

  -- National Long-term rating 'AA-(rus)'; Outlook Stable

  -- National senior unsecured rating: 'AA-(rus)'


INVESTMENT TRADE: Moody's Assigns 'B2' Rating to Senior Debt
------------------------------------------------------------
Moody's assigns a B2 long-term global local currency debt rating
to Investment Trade Bank's senior unsecured debt.  The rating
carries a stable outlook.  Any subsequent senior debt issuance by
ITB will be rated at the same rating level subject to there being
no material change in the bank's overall credit rating.

The rating of B2 was assigned to these debt instruments:

  -- RUB1,500M Senior Unsecured Regular Bond due 08 October 2012

                        Ratings Rationale

The rating assigned by Moody's is in line with ITB's global local
currency deposit rating of B2, which is, in turn, based on the
bank's E+ BFSR (mapping to a Baseline Credit Assessment of B2).
The rating does not incorporate any expectation of systemic or
shareholder support for ITB in case of need.

The BFSR incorporates the risks associated with the operating and
regulatory environment in Russia and remains constrained by the
bank's (i) single-name and industry concentration in its loan
portfolio, (ii) potentially volatile income streams from
investment projects and securities markets, and (iii) reliance on
short-term funding sources.  At the same time, the rating is
underpinned by ITB's adequate financial fundamentals and its
improving territorial coverage.

Headquartered in Moscow, ITB reported total consolidated IFRS
assets of RUB53.8 billion (US$1.8 billion) at year-end 2009.


KEDR BANK: Moody's Assigns 'B2' Rating to Senior Unsecured Debt
---------------------------------------------------------------
Moody's assigns a B2 long-term global local currency debt rating
to the Kedr Bank's senior unsecured debt, namely its RUB1500M
12.8% Senior Unsecured Regular Bond Due 2011.  The rating carries
a stable outlook.  Any subsequent senior unsecured debt issuance
by Kedr Bank will be rated at the same rating level subject to
there being no material change in the bank's overall credit
rating.

                        Ratings Rationale

The assigned rating is in line with Kedr Bank's global local
currency deposit rating of B2.  The rating is constrained by the
bank's significant single-party concentrations in loans and
deposits, its pressured asset quality and profitability metrics.
The rating is supported by the bank's entrenched position in its
home market of Krasnoyarsk Krai, and its relatively diversified
business profile.  The rating does not incorporate any expectation
of systemic support from the authorities in case of need.

Headquartered in Moscow, Russia, Kedr Bank reported total IFRS
assets of RUB22.6 billion and net income of RUB228 million
according to IFRS at YE 2009.


RUSS-INVESTMENT: Moody's Assigns 'B2' Long-Term Issuer Ratings
--------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to OJSC Investment Company IC Russ-Invest: B2/Not Prime long-term
and short-term foreign currency and local currency issuer ratings.
The outlook for the long-term ratings is stable.  At the same
time, Moody's Interfax Rating Agency, which is majority-owned by
Moody's, has assigned a Baa1.ru long-term National Scale Rating to
RI.

                        Ratings Rationale

The ratings are largely constrained by (i) RI's undiversified
business model which is reflected in significant proprietary
investments in Russian equity and fixed-income markets with low
visibility on the market and limited ability to diversify; ii)
corporate governance issues, particularly significant "key person"
risk coming from the company's concentrated ownership and
decision-making process.  In addition, RI's business model
envisages keeping a portion of its securities portfolio in lower
liquidity shares, thus giving rise to an elevated exposure to
market risk and leading to volatility of revenues and capital
position.  Moody's also notes that low geographical
diversification of business with concentrated trading positions
renders revenues significantly dependent on Russian equity market
correlations.  Finally, RI's inflexible cost base does not enable
it to make adjustments to face prolonged deterioration in market
conditions.

At the same time, RI's ratings are supported by the historically
very low leverage (although there are no effective tools that
restrict its increase) which leads to a strong liquidity position
and more-than-adequate coverage of risks by the capital cushion.
Historically demonstrated stock selection capabilities enable RI
to report its risk adjusted performance better than those of the
benchmark, especially in 'bear' markets.

RI's ratings are not likely to be upgraded in the medium term.
However, Moody's identifies positive rating drivers which include
(i) a maturing operating environment leading to lower volatility
of the markets and development of regulatory oversight; (ii)
diversification of revenue stream away from proprietary trading
more towards stable sources; and (iii) reduction in market risks.

Moody's also notes that despite the proven history of maintaining
the policy of low leverage, the risk of increasing risk appetite
via assuming more leverage still exists and may cause significant
negative rating pressure.  Such an outcome could jeopardize RI's
liquidity and capital position.

Based in Moscow, Russia, OJSC Investment Company IC Russ-Invest
recorded total assets of RUB4.6 billion (US$152 million) and
equity of RUB3.6 billion (US$118 million) at YE2009 according to
audited financial statements.  The majority of revenues are
generated by the proprietary positions or investments.  Leverage
has historically been low as there are virtually no borrowed
funds.


SB BANK: Moody's Assigns 'B3' Rating to Senior Unsecured Debt
-------------------------------------------------------------
Moody's assigns a B3 long-term global local currency debt rating
to SB Bank's senior unsecured debt.  The rating carries a stable
outlook.  Any subsequent senior unsecured debt issuance by SB Bank
will be rated at the same rating level subject to there being no
material change in the bank's overall credit rating.

The rating of B3 was assigned to these debt instruments:

  -- Ru.Rub1500M 17% Senior Unsecured Regular Bond Due 2012
  -- Ru.Rub1500M 10% Senior Unsecured Regular Bond Due 2013

                        Ratings Rationale

The assigned rating is in line with SB Bank's global local
currency deposit rating of B3.  The rating is constrained by the
bank's limited franchise, its significant, albeit declining
borrower concentration and high market risk exposures.  However,
the rating is supported by the bank's relatively well-known brand
name in the SME sector, as well as its acceptable asset quality
and reasonable capitalization.  The rating does not incorporate
any expectation of systemic support from the authorities in case
of need.

Headquartered in Moscow, SB Bank reported total consolidated IFRS
assets of RUB36 billion (US$1.2 billion) at year-end 2009.


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


IM CAJASTUR: Moody's Assigns 'B1' Rating to Class B Notes
---------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by IM Cajastur MBS 1 FTA:

  -- EUR492M Class A notes due 2052, Definitive Rating Assigned
     Aaa (sf)

  -- EUR123M B Class B notes due 2052, Definitive Rating Assigned
     B1 (sf)

                        Ratings Rationale

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 and the portfolio expected loss,
the transaction structure and any legal considerations.

Moody's split the portfolio into two sub-pools based on the debtor
characteristics (individuals & SME).  For the SME subpool (18.9%
of the provisional pool), Moody's derived its default distribution
using its ABS SME approach, based on the default probability
contribution of each single borrower, and the correlation among
the different industries represented in the portfolio.

Finally, Moody's translated the outputs of the ABS SME approach in
a lognormal distribution for the SME subpool.  Once both lognormal
distributions (SME sub-pool and individual sub-pool) were
obtained, Moody's conservatively approximated the combined
distribution taking into consideration 100% correlation between
both pools.

The expected portfolio loss of 8.0% of original balance of the
portfolio at closing and the MILAN Aaa required Credit Enhancement
of 25.5% served as input parameters for Moody's cash flow model,
which is based on a probabilistic lognormal distribution as
described in the report "The Lognormal Method Applied to ABS
Analysis", published in September 2000.

The key drivers for the MILAN Aaa Credit Enhancement number, which
is higher than MILAN Aaa Credit Enhancement in Spanish RMBS
transactions, are (i) the weighted average loan-to-value of 79.1%,
(ii) 18.9% of the portfolio are loans granted to SMEs, (iii) non
residential properties represent 26.2% of the portfolio and (iv)
the very high concentration in Asturias region (69.1%).

The key drivers for the portfolio expected loss are (i) the
performance of high LTV loans and loans granted to SMEs in the
sellers' book, and (ii) the higher volatility on non residential
property prices.  The assumed expected loss corresponds to an
assumption of approximately 15% cumulative default rate in the
portfolio (assuming recovery is realized with a lag after the
default).  Given the historical performance of the high LTV loans
in the seller's book, Moody's believes the assumed expected loss
is appropriate for this transaction.

The ratings address 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.

The notes are backed by a pool of prime Spanish mortgages granted
to individuals (81.1%) and SMEs (18.9%) by Cajastur (A3, Prime-2).
The properties are mainly residential (73.8%), with the remaining
part being commercial properties.  At closing the mortgage pool
balance will consist of approximately EUR615 million mortgage
loans.  The Reserve Fund will be funded at 13.5% of the total
notes outstanding and may start to amortize three years after
closing to 27.0% of the outstanding balance of the notes, subject
to performance conditions.  The total credit enhancement for the
Class A notes is 33.5%.

The V Score for this transaction is Medium, which is in line with
the score assigned for the Spanish RMBS sector.  The V Score was
negatively impacted by the exposure of this transaction to the
high weighted average LTV of the portfolio, as well as the
presence of loans granted to SMEs.  V Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.

Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that Class A notes would have
achieved a Aaa even if the expected loss was as high as 19.1%
assuming MILAN Aaa CE remained at 25.5% and all other factors were
constant.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.  The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied.  Parameter
Sensitivities for the typical EMEA RMBS transaction are calculated
by stressing key variable inputs in Moody's primary rating model.

Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the rating.


===========
T U R K E Y
===========


SEKERBANK TAS: Moody's Corrects Press Release on Ratings
--------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to
Sekerbank T.A.S.  The bank was assigned a bank financial strength
rating of D, local currency deposit ratings of Ba1/Not Prime and
foreign currency deposit ratings of Ba3/Not Prime.  In addition,
Moody's assigned A2.tr long-term and TR-1 short-term Turkish
national scale ratings to the bank.  The outlook on foreign
currency deposit ratings is positive, while all the other ratings
carry a stable outlook.

                        Ratings Rationale

The D BFSR, which maps to a Baseline Credit Assessment of Ba2,
represents the bank's stand-alone financial strength and is driven
by Sekerbank's good regional franchise, especially in the small-
and medium-sized enterprises segment.  At the same time, Moody's
notes that the BFSR is also supported by the bank's satisfactory
profitability despite comparatively weak efficiency partially due
to focus on labor intensive small and micro business, high
capitalization levels and relatively low market risk appetite.
The rating also takes into account the bank's comfortable
liquidity profile, as well as its high exposure to government
securities, a common feature in the Turkish banking system,
certain asset quality challenges and weak earnings stability as
the more recent business development of retail activities are
currently unprofitable.

Sekerbank is an expanding, regional Turkish bank, with a market
share of around 1.3% of total banking sector assets and was
established in 1953 as the Sugar Beet Co-operative Bank.  The
bank's current business activities are mainly focused on the micro
and SME segments in Anatolia with an increasing emphasis on
expanding into the retail and corporate sectors in a fast-
developing and growing market.  Sekerbank's liquidity and funding
profile is sound, with a strong customer deposit base as well as
longer-tenured funds -- either from the respective European Union
or from international development banks.  Overall, Moody's
observes that the bank displays an acceptable asset quality,
although high NPLs in the recently developed business segments or
retail and corporate lending illustrate the challenges to adapt
the business model and risk management requirements in a fast-
evolving, highly competitive and dynamic Turkish banking market.

Moody's adds that the bank's Ba1/Not Prime global local currency
deposit ratings reflect a one-notch systemic support uplift.
Moody's regards Turkey as a high support country, and assesses a
moderate likelihood of systemic support for Sekerbank, reflecting
the rating agency's view of the bank's limited importance to the
national financial system, as well as its relevance for the local
financial system.

Sekerbank's Ba3/Not Prime foreign currency deposit ratings are
derived from the local currency deposit ratings and are capped by
Moody's Ba3/Not Prime ceiling for such deposits in Turkey.

Moody's believes that Sekerbank pursues a sound business strategy,
given the prospects for further growth in commercial and retail
lending in Turkey.  Positive pressure could be exerted on the
bank's BFSR over the medium term by improvements in asset quality,
efficiency, and deepening of the retail franchise in an improving
operating environment, coupled with successful diversification in
the bank's business segments.

Conversely, negative pressure could be exerted on Sekerbank's
ratings if competitive pressures constrain further franchise
development or lead to a material decline in profitability or
asset quality metrics.  In addition, Moody's notes that the
ratings could also be negatively affected if the bank's capital
position fails to keep pace with its robust asset growth, although
current capitalization levels are sound.

Headquartered in Istanbul, Turkey Sekerbank's assets (audited)
totalled TRY10.8 billion (US$6.8 billion) at the end of June 2010.


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


AIRE VALLEY: S&P Affirms 'BB' Ratings on Three Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Aire Valley Funding 1's mortgage-backed notes.  At the same time,
S&P removed all long-term ratings from CreditWatch negative.

S&P placed the notes on CreditWatch negative in July 2010 due to
collateral performance and potential negative selection.  S&P's
more detailed analysis indicates that negative selection relating
to the prepayment of lower risk, low loan-to-value loans is
currently not prevalent.  S&P will continue to monitor any
potential negative selection, especially if prepayments increase.

House price declines in late 2008 and early 2009 had increased
S&P's weighted-average foreclosure frequency and weighted-average
loss severity forecasts since the last issuance from the trust in
2008-1.

However, over the past 18 months, collateral performance has
improved, in S&P's opinion.  In particular, delinquencies of 90+
days (including repossessions), fell to 3.80% in October 2010 from
a peak of 5.69% in June 2009.  The peak was partly driven by a
technical arrears increase due to falling interest rates.  This
has decreased S&P's WAFF forecasts over this period.

Overall, S&P has seen a net increase in its WAFF and WALS
forecasts but this increase has been offset by an increase in
credit enhancement.  For example, the 'AAA (sf)' notes now have
19.0% enhancement compared with 16.3% in September 2008.  S&P
believes that current levels of credit enhancement are consummate
with the current ratings and therefore S&P has affirmed the
ratings on all classes of notes.

In October 2008 a step-up trigger occurred following the partial
redemption of the series 2007-2's class A1 notes.  This action
resulted in the sale of no new loans to the trust and
consequently, the trust size is decreasing.  At current prepayment
rates, S&P believes the minimum trust size will be breached within
18 months causing a non-asset trigger event.

If the non-asset trigger is breached, the trust allocates the
principal receipts first to Funding 1 until all notes are fully
repaid.  Only after this is the seller entitled to principal
receipts.  S&P views this as a potentially positive development
for the ratings.

S&P believes that the improved collateral performance is mainly a
result of the current low interest rate environment.  With
potential interest rate rises in the short to medium term, S&P
will continue to monitor this transaction with respect to
affordability and future collateral performance.  However,
improvements in the arrears management processes at the servicer
have also contributed to the improvement, in S&P's view.  Staff
numbers have increased and there is a greater focus on addressing
specific groups of borrowers in arrears.

Aire Valley Funding 1 is a U.K. RMBS master trust program that
securitizes self-certified and buy-to-let mortgages originated by
Mortgage Express (a subsidiary of Bradford & Bingley PLC).

                           Ratings List

      Ratings Affirmed and Removed From CreditWatch Negative

                Aire Valley Mortgages 2004-1 PLC
         EUR538 Million, EUR270 Million Mortgage-Backed
                       Floating-Rate Notes
                            Series 3

                            Rating
                            ------
           Class       To            From
           -----       --            ----
           A1          AAA (sf)      AAA (sf)/Watch Neg
           A2          AAA (sf)      AAA (sf)/Watch Neg
           B1          AA (sf)       AA (sf)/Watch Neg
           B2          AA (sf)       AA (sf)/Watch Neg
           C1          BBB (sf)      BBB (sf)/Watch Neg
           C2          BBB (sf)      BBB (sf)/Watch Neg
           D1          BB (sf)       BB (sf)/Watch Neg
           D2          BB (sf)       BB (sf)/Watch Neg

                Aire Valley Mortgages 2005-1 PLC
    EUR340.8 Million, EUR239 Million, $50 Million Mortgage-Backed


                  Floating-Rate Notes Series 2

                             Rating
                             ------
           Class       To             From
           -----       --             ----
           A1          AAA (sf)       AAA (sf)/Watch Neg
           A2          AAA (sf)       AAA (sf)/Watch Neg
           A3          AAA (sf)       AAA (sf)/Watch Neg
           B1          AA (sf)        AA (sf)/Watch Neg
           B2          AA (sf)        AA (sf)/Watch Neg
           C2          BBB (sf)       BBB (sf)/Watch Neg

                Aire Valley Mortgages 2006-1 PLC
          EUR124 Million, EUR10 Million, $1.57 Billion
          Mortgage-Backed Floating-Rate Notes Series 1

                            Rating
                            ------
          Class       To             From
          -----       --             ----
          A           AAA (sf)       AAA (sf)/Watch Neg
          B1          AA (sf)        AA (sf)/Watch Neg
          B2          AA (sf)        AA (sf)/Watch Neg
          B3          AA (sf)        AA (sf)/Watch Neg
          C2          BBB (sf)       BBB (sf)/Watch Neg

                Aire Valley Mortgages 2006-1 PLC
                EUR1.023 Billion, EUR823 Million
               Mortgage-Backed Floating-Rate Notes
                            Series 2

                           Rating
                           ------
          Class       To            From
          -----       --            ----
          A1          AAA (sf)       AAA (sf)/Watch Neg
          A2          AAA (sf)       AAA (sf)/Watch Neg
          A3          AAA (sf)       AAA (sf)/Watch Neg
          B2          AA (sf)        AA (sf)/Watch Neg
          B3          AA (sf)        AA (sf)/Watch Neg
          C2          BBB (sf)       BBB (sf)/Watch Neg

                Aire Valley Mortgages 2007-1 PLC
    EUR200 Million, EUR125 Million, $2.075 Billion Mortgage-Backed
                  Floating-Rate Notes Series 1

                            Rating
                            ------
          Class       To             From
          -----       --             ----
          1A1         AAA (sf)       AAA (sf)/Watch Neg
          1A2         AAA (sf)       AAA (sf)/Watch Neg
          1A3         AAA (sf)       AAA (sf)/Watch Neg
          1B          AA (sf)        AA (sf)/Watch Neg
          1C          BBB (sf)       BBB (sf)/Watch Neg

                Aire Valley Mortgages 2007-1 PLC
   EUR575 Million, EUR456.25 Million, $700 Million Mortgage-Backed
                   Floating-Rate Notes Series 2

                            Rating
                            ------
          Class       To             From
          -----       --             ----
          2A1         AAA (sf)       AAA (sf)/Watch Neg
          2A2         AAA (sf)       AAA (sf)/Watch Neg
          2A3         AAA (sf)       AAA (sf)/Watch Neg
          2B          AA (sf)        AA (sf)/Watch Neg
          2C          BBB (sf)       BBB (sf)/Watch Neg

                Aire Valley Mortgages 2007-2 PLC
        EUR430 Million, EUR857 Million Mortgage-Backed
                      Floating-Rate Notes

                            Rating
                            ------
          Class       To             From
          -----       --             ----
          A1          AAA (sf)       AAA (sf)/Watch Neg
          A2          AAA (sf)       AAA (sf)/Watch Neg
          A3          AAA (sf)       AAA (sf)/Watch Neg
          B           AA (sf)        AA (sf)/Watch Neg
          C           BBB (sf)       BBB (sf)/Watch Neg

                Aire Valley Mortgages 2008-1 PLC
                EUR1.572 Billion, EUR1.65 Billion
                Asset-Backed Floating-Rate Notes

                            Rating
                            ------
          Class       To             From
          -----       --             ----
          1-A1        AAA (sf)       AAA (sf)/Watch Neg
          1-A2        AAA (sf)       AAA (sf)/Watch Neg
          2-A1        AAA (sf)       AAA (sf)/Watch Neg
          2-A2        AAA (sf)       AAA (sf)/Watch Neg
          2-C         BBB (sf)       BBB (sf)/Watch Neg
          2-D         BB (sf)        BB (sf)/Watch Neg

                         Rating Affirmed

                Aire Valley Mortgages 2007-1 PLC
   EUR200 Million, EUR125 Million, $2.075 Billion Mortgage-Backed
                  Floating-Rate Notes Series 1

                      Class       Rating
                      -----       ------
                      1A1         A-1+ (sf)


BELL LINES: Supreme Court Admits UK Insolvency Service as Creditor
------------------------------------------------------------------
Frank O'Reilly at International Law Office reports that a recent
Supreme Court decision allowed an appeal and ordered that the UK
Insolvency Service be admitted as a creditor in the Irish
liquidation of Bell Lines Limited (there being no separate
winding-up proceedings in the United Kingdom) in respect of
payments to UK-based employees of the Irish company.

ILO discloses that the court ruled that the UK Insolvency Service
was to be regarded as:

   * a preferential creditor in relation to payments made in
     respect of Irish preferential debts (ie, wages, holiday
     pay and pension contributions);

   * an ordinary unsecured creditor in relation to payments
     covering redundancy (as it was not paid to Ireland-based
     employees under the Irish redundancy acts, which would
     create the relevant Irish preference); and

   * an ordinary unsecured creditor in relation to payments
     covering the minimum notice period (these were not the
     subject of an award by the Irish Employment Appeals
     Tribunal, which would create the relevant Irish preference).

In a related High Court decision, ILO says, the French creditors
of the French branch of Bell Lines Limited -- in respect of which
secondary French liquidation proceedings were opened in 1997,
before the introduction of the EU Insolvency Regulation
(1346/2000) -- were permitted to claim in the Irish liquidation.
The court permitted the claim despite the appointment of a
liquidator in France, subject to the adjudication of the claims in
accordance with Irish winding-up law and further subject to the
Irish liquidator deducting from dividends due to the French
creditors any payments which those creditors may have already
received in respect of their claims (eg, from the French
liquidator).

Bell Lines Limited was placed into Official Liquidation in 1997.
174 of its employees based in England and Wales were made
redundant.  These employees had claims in the Liquidation for
wages, holiday pay and pension contributions which enjoyed
preferential status to the limited extent provided for in Section
285(2) of the Companies Act 1963.


BOWMANS NI: Ceases Trading; 31 Jobs Affected
--------------------------------------------
BBC News reports that Bowmans NI Ltd has ceased trading with the
loss of 31 jobs.

BBC relates Bowmans entered into a Company Voluntary Arrangement
(CVA) in an attempt to restructure its debts.  However, its
administrator, Walter Lismore of the Lismore Group, said on Friday
that it was no longer able to pay its creditors and all employees
were made redundant on Wednesday, BBC notes.

Bowmans NI Ltd is a Banbridge window manufacturer.


CRUSADERS: Hopeful for Good Outcome From Meeting
------------------------------------------------
Crusaders Rl fans are bracing themselves for a make-or-break
meeting in Doncaster to decide the fate of their crisis-hit Super
League club, Wales Online reports.

According to Wales Online, the meeting has been fixed at the
offices of administrators O'Hara and Co between Rugby Football
League's top brass and Crusaders backers Ian Roberts and Geoff
Moss.

As reported in the Troubled Company Reporter-Europe on
November 15, 2010, guardian.co.uk said that the uncertainty over
Crusaders' future was prolonged when a winding-up order was
adjourned for a week rather than dropped as the Welsh club had
predicted.  According to the report, the hearing provided the
first confirmation that the club have applied to go into
administration, with a lawyer for the administrators telling the
court that the debts owed to Her Majesty's Revenue & Customs and
other creditors had been paid.  However, the report related,
Matthew Smith, counsel for HMRC, refuted that, and the court
therefore refused to drop the winding-up petition as requested.

Wales Online notes that a transition to get the Crusaders running
again and leave them virtually debt-free turned into a massive row
between club and governing body.

Mr. Roberts and Mr. Moss hope to form a new club called Welsh
Crusaders to take their place in Super League next season, Wales
Online relates.

Crusaders are a Welsh professional rugby league club based in
Wrexham, North Wales.


DIGITAL SATELLITE: Put in Liquidation Over Illegal Warranty Sale
----------------------------------------------------------------
The Press Association reports that Digital Satellite Warranty
Cover Limited, Satellite Services, and Nationwide Digital
Satellite Warranty Services Limited have been put into provisional
liquidation for illegally selling satellite television warranties
to consumers.

The Press Association says the firms, which offered BSkyB or Sky
customers a form of extended warranty, charged between GBP6.49 and
GBP11.49 a month in exchange for unlimited call-outs covering all
parts and labour costs.

But the warranties were a type of insurance, and none of the firms
had ever been authorized by the Financial Services Authority to
sell insurance to consumers, the Press Association relates.

The Press Association reports that the regulator applied to the
High Court to have the firms, which were run by Bernard Freeman
and Michael Sullivan, put into provisional liquidation to prevent
more of the warranties being sold.

According to the Press Association, the move has led to the
warranties bought by consumers becoming invalid, however, Sky has
written to all customers of the firms, offering them free support
if they need a repair or service visit.

The Press Association reports that although the unauthorized firms
were entirely separate from Sky, the group said it did not want
affected customers to be inconvenienced or left out of pocket as a
result of their activities.

Sky will provide free service visits for the rest of their
contract for people who paid for the service in advance, while it
will provide free support until the end of December for customers
who paid for the warranty on a monthly basis, the report notes.

The FSA found that DSWC had made profits of around GBP10 million
in the past 12 months and had nearly 200,000 customers, while
Satellite had a turnover of GBP2.1 million this year, the report
adds.

Based in Kirkby, Liverpool, Digital Satellite Warranty Cover
(DSWC), Satellite Services, and Nationwide Digital Satellite
Warranty Services sell warranty cover for satellite TV systems.


GATE HOUSE: Recovery for Unsecured Creditors Unlikely
-----------------------------------------------------
The Berwick Advertiser reports that Gate House Hotels Ltd, trading
as the King's Arms Hotel, has gone into liquidation with debts of
GBP1.2 million.  John Sallabank and Paul Boyle of Reading-based
Harrisons Business Recovery and Insolvency Ltd have been appointed
as joint liquidators.

The Advertiser says receivers have also been appointed by the
Santander UK bank.

According to the Advertiser, it is highly unlikely that creditors,
staff among them, will get all of their money back as the hotel
building, if sold closed as it has been since October, would fetch
just GBP350,000 in a forced sale.

Hotel staff are owed almost GBP20,000 by the hotel in backdated
pay, pay in lieu of notice entitlement and redundancy pay.

The Advertiser relates that at the meeting of creditors on
November 9, 2010, the staff present were also told that their tips
from the period up until the close of trading had gone into the
company's account and had been used in trading.

The liquidators have made it clear there is unlikely to be
sufficient funds to make a distribution to unsecured creditors,
the Advertiser says.

At a meeting, the Advertiser notes, it was revealed that the book
value of the hotel is GBP1.34 million, but the company owes
GBP849,000 to Santander UK following a re-mortgage in 2005, trade
creditors are owed GBP24,000, and an inter-company loan of
GBP330,000 is also outstanding.  In total, the company has a
deficiency amounting to GBP1.2 million.

The Advertiser says that the directors attribute the failure of
the company to the competition in the local market, local
authority changes to the road system and parking regulations, and
insufficient trade to cover fixed costs in running the hotel.

Alvin De Souza, from Harrisons Business Recovery and Insolvency
Ltd, told the Advertiser that the bank-appointed receivers had
appointed a management company to run the hotel, and that the keys
had been handed over to them at the meeting of creditors on
November 9.

Gate House Hotels Ltd, trading as the King's Arms Hotel, operates
the 29-bedroom hotel dates from the 18th century and accommodated
the likes of authors Charles Dickens and Lewis Carroll.


IRWINS: Goes Into Administration, 56 Jobs Axed
----------------------------------------------
Building work has been left half done at a Leeds school and a
historic site as construction company Irwins went into
administration, with the loss of 56 jobs, Yorkshire Evening Post
reports.  The report relates that the firm called in
administrators KPMG leaving 13 projects across Yorkshire
unfinished.

According to Yorkshire Evening Post, a three-classroom extension
at Windmill Primary School in Belle Isle and a GBP3 million stable
block transformation at the National Trust's Nostell Priory
property have been left without a builder.  Other work, including
at Lambert Memorial Hospital in Thirsk, the University of York and
a number of other schools, have been affected, Yorkshire Evening
Post notes.

"Irwins suffered a significant drop in turnover over recent months
as a large proportion of its work related to public sector
projects.  Given the limited order book of the business, a sale
was not a viable option and the company has had to be closed," the
report quoted Mark Firmin, KPMG restructuring partner and joint
administrator, as saying.

Yorkshire Evening Post says that clients with unfinished work now
have to look for another contractor.  If they have paid money to
Irwins they will become creditors, Yorkshire Evening Post adds.

The Horsforth firm as construction company Irwins


LEED PETROLEUM: Mulls Asset Sale Following Technical Default
------------------------------------------------------------
Jamie Ashcroft at Proactiveinvestors reports that Leed Petroleum
told investors that it may sell some or all of its oil and gas
assets.

Proactiveinvestors relates the company has just amended the terms
of its US$26.25 million debt with UniCredit Bank AG, after a
"technical default".

According to Proactiveinvestors, the company said it now plans to
carry out a strategic review to consider "a broad range of
strategic alternatives".  It will look at potential divestments
and the possibility of new financing arrangements, as well as
other transactions like mergers, Proactiveinvestors notes.

Under the new arrangement UniCredit will increase the revolving
credit facility, by US$3.75 million from December 15, 2010
onwards, Proactiveinvestors discloses.  This will then be scaled
back by US$6 million semi-annually, from June 15, 2011 until it
expires on June 15, 2014, Proactiveinvestors states.

Leed Petroleum PLC (Leed) is a United Kingdom-based company.  The
Company, along with its subsidiaries, is engaged in the business
of exploring for, and developing and producing oil and natural gas
from onshore and offshore locations within the Gulf Coast region
of the United States.  As of June 30, 2009, the Company had
working interests in seven producing offshore blocks, nine non-
producing offshore blocks and one non-producing onshore field.
The Company subsidiaries include Leed Petroleum Inc and Leed
Petroleum LLC.  The Company holds operating interests in Eugene
Island, Grand Isle, Main Pass, Sorrento Field, South Marsh Island,
Ship Shoal, West Cameron and East Cameron.  In April 2009, the
Company acquired a 75% working interest in Ship Shoal blocks 197
and 202, and Eugene Island block 133.


LEHMAN BROTHERS: Proposes Settlement With European Administrators
-----------------------------------------------------------------
Lehman Brothers Holdings Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York of a new
services agreement with the administrators of its European units.

The agreement was hammered out to provide LBHI continued access
to the information systems of its U.K.-based units to support the
valuation and unwinding of derivatives trades that were booked
through those information systems.

The U.K.-based Lehman units include Lehman Brothers Europe
Limited, Lehman Brothers International Europe, Lehman Brothers
Holdings Plc and Lehman Brothers Ltd.  These companies had been
placed in administration following the bankruptcy filing of LBHI.

LBHI previously entered into a transition services agreement with
the administrators to unwind their assets in U.K.  The TSA
expired on November 14, 2010, prompting LBHI to seek for
temporary extension of the TSA, on the condition that the company
seeks approval of the new services agreement.

Under the new agreement, the services to be provided to LBHI
include systems access and data provision necessary for the
company to continue unwinding derivatives trades that were
originally booked through its London-based systems.  The company
will also be provided other data to support potential or ongoing
litigation, alternative dispute resolution proceedings, among
other things.

A full-text copy of the new services agreement is available for
free at http://bankrupt.com/misc/LBHI_NSAAdministrators.pdf

The Court will consider approval of the new services agreement at
the hearing scheduled for December 15, 2010.  Deadline for filing
objections is December 8, 2010.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PONTIN'S: Administrators Won't Confirm Butlins' Plan to Bid
-----------------------------------------------------------
Tony McDonough at Liverpool Daily Post reports that administrators
for Pontin's would not confirm reports that rival Butlins was
preparing a bid.

As reported in the Troubled Company Reporter-Latin America on
November 16, 2010, BBC News said that accountancy firm KPMG said
that Pontin's has been placed into administration.  According to
BBC News, the company's five parks will keep trading as normal.
BBC News related that no redundancies have been made among
Pontin's 850 staff.

According to Liverpool Daily Post the company has debts reportedly
totaling GBP40 million.

The report notes that administrators KPMG said there had been
around 40 expressions of interest in the business.

A national Sunday newspaper reported that one of those potential
bidders was Butlins, Liverpool Daily Post adds.

Pontin's, known for its Bluecoats entertainers, was established in
1946 and at its height owned more than 30 parks.  It was founded
by Fred Pontin, who was well ahead of his rivals when he spotted
the trend for self-catering holiday villages.


PRESBYTERIAN MUTUAL: Details on Rescue Package Still Unclear
------------------------------------------------------------
Francess McDonnell at The Irish Times reports that the Northern
Ireland Executive has yet to agree on the exact level of financial
support it will provide to help stricken savers in Presbyterian
Mutual Society.

The Irish Times relates the UK government unveiled plans last
month to support a GBP200 million (EUR235.4 million) rescue
operation to assist thousands of people who have their life
savings tied up with the PMS and are unable to access their money.

According to The Irish Times, the UK Chancellor of the Exchequer
has agreed to give the North's Executive GBP25 million in cash and
a GBP175 million loan to create a rescue fund but the Executive
will also have to find up to GBP25 million to inject into this
fund.

The Irish Times says to date no firm arrangements have been put in
place by the Northern Ireland Executive as to how the rescue fund
should proceed and how much exactly the Executive will be able to
contribute.

The Irish Times notes there is also a fresh debate under way about
how much the Presbyterian Church should commit to any rescue fund
that eventually gets up and running.  According to The Irish
Times, the church said it has not been formally asked yet by the
Executive to contribute to the proposed rescue fund.

As reported by the Troubled Company Reporter-Europe, the Financial
Times said the society has 10,000 members and had assets of around
EUR300 million when it was forced into administration in 2008
after suffering a run of withdrawals at the onset of the global
financial crisis.

Presbyterian Mutual Society is based in Belfast, Northern Ireland.


URSUS EPC: Fitch Cuts Ratings on Three Classes of Notes to 'Csf'
----------------------------------------------------------------
Fitch Ratings has downgraded Ursus EPC plc's class C, D and E
notes.  The class A and B notes have been placed on Rating Watch
Positive.  Fitch has also assigned Recovery Ratings to the class
C, D and E notes.  A full rating breakdown is:

  -- GBP19.6m class A 'Asf'; placed on RWP

  -- GBP4.6m class B 'BBBsf'; placed on RWP

  -- GBP4.6m class C downgraded to 'Csf' from 'CCCsf'; assigned
     'RR2'
  -- GBP4.5m class D downgraded to 'Csf' from 'CCCsf'; assigned
     'RR6'

  -- GBP2.5m class E downgraded to 'Csf' from 'CCCsf'; assigned
     'RR6'

The rating actions reflect Fitch's expectations that the agreed
sale of an underlying asset, if completed successfully, will
result in a full redemption of the class A and B notes, a partial
redemption of the class C notes and a full loss on the class D and
E notes.  The asset is the Castlegate shopping centre in Stockton-
on-Tees, which secures the last remaining loan in the transaction.

The gross sale price of GBP28.75 million is in line with the most
recent valuation of the property, estimated at GBP29 million in
May 2010 by Savills.  In addition to sales proceeds, there is
surplus rent trapped in the escrow account that will also be
available for distribution at the next payment date.  At present,
the cash is being used to pay certain invoices essential to the
running of the centre.  These amounts will first be applied to
interest payments and all costs related to the sale and loan
workout.  Net proceeds will then be applied on a pari passu basis
to the securitized loan and a GBP0.59 million capex facility.  The
exact amount to be applied as principal redemption proceeds to the
securitized loan remains uncertain at this stage.

The special servicer, Capita Asset Services, rated 'CSS2', has
announced that it is working toward completing the sale by
December 31, 2010, prior to the next interest payment date in
January 2011.


* UNITED KINGDOM: Fewer Business Insolvencies Reported
------------------------------------------------------
Chris Malone at In The News reports that the number of businesses
falling into insolvency has dramatically reduced in the past 12
months, new figures show.

According to In The News, the latest Experian Insolvency Index
said that there was a 17% year-on-year reduction in business
insolvencies during October.  In the news says that one reason for
this could be that banks are taking a more kind-hearted approach
to debt at the moment.

The report says BRI Business Recovery and Insolvency noted that
lenders know they are better off allowing their business customers
to pay their way out of debt than pushing them over the edge into
redundancy.  This is because there are now far fewer buyers
available to rescue firms that have fallen by the wayside, meaning
that banks could struggle to recover their loans once companies go
into receivership, the report relates.

Insolvency practitioner Peter Windatt explained that the main
reason commercial insolvencies have declined recently is because
the usual factors that drive firms to failure are now not
occurring as frequently.  "The normal failure-drivers are the
banks actively pressing the button to put a company into
receivership," In The News quoted Mr. Windatt as saying.


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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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

AUSTRIA
-------
CHRIST WATER TEC      CWT AV      -5754287.761   165995618.1
CHRIST WATER TEC      CWT EO      -5754287.761   165995618.1
CHRIST WATER TEC      CWT PZ      -5754287.761   165995618.1
CHRIST WATER TEC      CWTE IX     -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      C7W GR      -5754287.761   165995618.1
CHRIST WATER-ADR      CRSWY US    -5754287.761   165995618.1
KA FINANZ AG          3730Z AV      -359597327   30679270533
LIBRO AG              LBROF US    -110486313.8     174004185
LIBRO AG              LIB AV      -110486313.8     174004185
LIBRO AG              LB6 GR      -110486313.8     174004185
LIBRO AG              LIBR AV     -110486313.8     174004185
SKYEUROPE             SKYP PW     -89480486.93   159076577.5
SKYEUROPE             SKY PW      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EO      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYA PZ     -89480486.93   159076577.5
SKYEUROPE HLDG        SKY AV      -89480486.93   159076577.5
SKYEUROPE HLDG        S8E GR      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY LI      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EU      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EO   -89480486.93   159076577.5
SKYEUROPE HLDG        SKYV IX     -89480486.93   159076577.5
SKYEUROPE HLDG        SKURF US    -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     -85494497.66    2215341060

CYPRUS
------
LIBRA HOLIDA-RTS      LBR CY      -39648682.41   209021322.6
LIBRA HOLIDA-RTS      LGWR CY     -39648682.41   209021322.6
LIBRA HOLIDAY-RT      3167808Z CY -39648682.41   209021322.6
LIBRA HOLIDAYS        LHGR CY     -39648682.41   209021322.6
LIBRA HOLIDAYS        LHGCYP EO   -39648682.41   209021322.6
LIBRA HOLIDAYS        LHGCYP EU   -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG CY      -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG PZ      -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG EO      -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG EU      -39648682.41   209021322.6
LIBRA HOLIDAYS-P      LBHG PZ     -39648682.41   209021322.6
LIBRA HOLIDAYS-P      LBHG CY     -39648682.41   209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG        CKDH CP     -89435858.16     192305153
CKD PRAHA HLDG        CKDPF US    -89435858.16     192305153
CKD PRAHA HLDG        CKDH US     -89435858.16     192305153
CKD PRAHA HLDG        CDP EX      -89435858.16     192305153
CKD PRAHA HLDG        297687Q GR  -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             2994755Q EU -61453764.17   138582273.6
SETUZA AS             2994763Q EU -61453764.17   138582273.6
SETUZA AS             SZA GR      -61453764.17   138582273.6
SETUZA AS             SETUZA PZ   -61453764.17   138582273.6
SETUZA AS             SETUZA CP   -61453764.17   138582273.6
SETUZA AS             2994759Q EO -61453764.17   138582273.6

DENMARK
-------
ELITE SHIPPING        ELSP DC     -27715991.74   100892900.3
OBTEC                 OBT DC      -14919946.34   138400232.8
OBTEC                 OBTEC DC    -14919946.34   138400232.8
OBTEC-NEW SHARES      OBTECN DC   -14919946.34   138400232.8
OBTEC-OLD             OBTN DC     -14919946.34   138400232.8
ROSKILDE BANK         ROSK EO     -532868894.9    7876687324
ROSKILDE BANK         RKI GR      -532868894.9    7876687324
ROSKILDE BANK         RSKC IX     -532868894.9    7876687324
ROSKILDE BANK         ROSKF US    -532868894.9    7876687324
ROSKILDE BANK         ROSK PZ     -532868894.9    7876687324
ROSKILDE BANK         ROSBF US    -532868894.9    7876687324
ROSKILDE BANK         ROSK DC     -532868894.9    7876687324
ROSKILDE BANK         ROSK EU     -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         SANIB BY    -11789341.08   491776701.8
SANISTAL AS-B         SANIBEUR EO -11789341.08   491776701.8
SANISTAL AS-B         SNSC IX     -11789341.08   491776701.8
SANISTAL AS-B         SANL DC     -11789341.08   491776701.8
SANISTAL AS-B         SANIB DC    -11789341.08   491776701.8
SANISTAL AS-B         SNISF US    -11789341.08   491776701.8
SANISTAL AS-B         SANIB EO    -11789341.08   491776701.8
SANISTAL AS-B         SANIB EU    -11789341.08   491776701.8
SANISTAL AS-B         SANI/B PZ   -11789341.08   491776701.8
SANISTAL AS-B         SANIBEUR EU -11789341.08   491776701.8
SANISTAL-B NEW        SANLN DC    -11789341.08   491776701.8
SCANDINAVIAN BRA      SBS1 EO     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1 EU     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS DC      -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1 BY     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1EUR EO  -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1EUR EU  -14919946.34   138400232.8
SCANDINAVIAN BRA      SBSC IX     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBSD PZ     -14919946.34   138400232.8

FRANCE
------
BELVEDERE - RTS       554451Q FP  -240506200.5    1000204586
BELVEDERE - RTS       702036Q FP  -240506200.5    1000204586
BELVEDERE SA          BELV FP     -240506200.5    1000204586
BELVEDERE SA          BED GR      -240506200.5    1000204586
BELVEDERE SA          BVD EO      -240506200.5    1000204586
BELVEDERE SA          BEVD IX     -240506200.5    1000204586
BELVEDERE SA          BVD FP      -240506200.5    1000204586
BELVEDERE SA          BVD EU      -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          BELV NM     -240506200.5    1000204586
BELVEDERE SA-NEW      946529Q FP  -240506200.5    1000204586
BELVEDERE SA-NEW      BVDNV FP    -240506200.5    1000204586
BELVEDERE SA-RTS      BVDDS FP    -240506200.5    1000204586
CADES                 211430Z FP     -1.32E+11    9983888303
CARRERE GROUP         CAR2 EO     -9829592.638     279906700
CARRERE GROUP         CRRHF US    -9829592.638     279906700
CARRERE GROUP         CARG FP     -9829592.638     279906700
CARRERE GROUP         CAR FP      -9829592.638     279906700
CARRERE GROUP         CARF PZ     -9829592.638     279906700
CARRERE GROUP         CAR2 EU     -9829592.638     279906700
CARRERE GROUP         CRGP IX     -9829592.638     279906700
CARRERE GROUP         XRR GR      -9829592.638     279906700
CHAINE ET TRAME       CHTR FP     -58947458.16   116889783.9
CHAINE ET TRAME       CTRM FP     -58947458.16   116889783.9
COMPAGNIE IMMOBI      CIMB EO     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB FP     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB PZ     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB EU     -18851260.64   237751743.8
EMPAIN GRAHAM DV      EMGD FP     -18851260.64   237751743.8
GRANDE PAROISSE       GDPXF US    -927267926.9     629287290
GRANDE PAROISSE       GAPA FP     -927267926.9     629287290
GRANDE PAROISSE       GDPA FP     -927267926.9     629287290
LAB DOLISOS           LADL FP     -27752176.19   110485462.4
LAB DOLISOS           DOLI FP     -27752176.19   110485462.4
MATUSSIERE & FOR      1007765Q FP -77896683.67   293868350.8
MATUSSIERE & FOR      MTUSF US    -77896683.67   293868350.8
MB RETAIL EUROPE      CTRF IX     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EO     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU     -58947458.16   116889783.9
OROSDI                OROS FP     -35006822.54   151870593.9
OROSDI-BACK           BACK IX     -35006822.54   151870593.9
OROSDI-BACK           ORBA FP     -35006822.54   151870593.9
OROSDI-BACK           OROS PZ     -35006822.54   151870593.9
OROSDI-BACK           OROS EO     -35006822.54   151870593.9
OROSDI-BACK           OROS EU     -35006822.54   151870593.9
PAGESJAUNES GRP       PAJ EB       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ GK       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ BQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBX EU    -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBP EO    -2806466942   928971577.5
PAGESJAUNES GRP       PAJ VX       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ NQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ IX       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ PZ       -2806466942   928971577.5
PAGESJAUNES GRP       QS3 TH       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ FP       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ EU       -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBX EO    -2806466942   928971577.5
PAGESJAUNES GRP       QS3 GR       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ EO       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ QM       -2806466942   928971577.5
PAGESJAUNES GRP       PAJUSD EO    -2806466942   928971577.5
PAGESJAUNES GRP       PAJ TQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJUSD EU    -2806466942   928971577.5
PAGESJAUNES GRP       PGJUF US     -2806466942   928971577.5
PAGESJAUNES GRP       PAJP IX      -2806466942   928971577.5
PAGESJAUNES GRP       PAJ LI       -2806466942   928971577.5
RESEAU FERRE FRA      224063Z FP   -1967530419   70147358617
RHODIA SA             RHA VX      -726840112.3    5945870566
RHODIA SA             RHD GR      -726840112.3    5945870566
RHODIA SA             2324011Q EU -726840112.3    5945870566
RHODIA SA             RHAGBX EU   -726840112.3    5945870566
RHODIA SA             RHADF US    -726840112.3    5945870566
RHODIA SA             RHA EU      -726840112.3    5945870566
RHODIA SA             3218857Q IX -726840112.3    5945870566
RHODIA SA             RHA BQ      -726840112.3    5945870566
RHODIA SA             RHA FP      -726840112.3    5945870566
RHODIA SA             RHAUSD EO   -726840112.3    5945870566
RHODIA SA             RHA GK      -726840112.3    5945870566
RHODIA SA             RHDI TH     -726840112.3    5945870566
RHODIA SA             RHANR PZ    -726840112.3    5945870566
RHODIA SA             RHA IX      -726840112.3    5945870566
RHODIA SA             2324015Q EO -726840112.3    5945870566
RHODIA SA             RHAGBX EO   -726840112.3    5945870566
RHODIA SA             RHA PZ      -726840112.3    5945870566
RHODIA SA             RHA TQ      -726840112.3    5945870566
RHODIA SA             RHA NQ      -726840112.3    5945870566
RHODIA SA             RHDI GR     -726840112.3    5945870566
RHODIA SA             RHA EO      -726840112.3    5945870566
RHODIA SA             RHAY IX     -726840112.3    5945870566
RHODIA SA             RHA EB      -726840112.3    5945870566
RHODIA SA             RHDAF US    -726840112.3    5945870566
RHODIA SA             RHAGBP EO   -726840112.3    5945870566
RHODIA SA             RHAUSD EU   -726840112.3    5945870566
RHODIA SA             RHA QM      -726840112.3    5945870566
RHODIA SA - NEW       2335921Q FP -726840112.3    5945870566
RHODIA SA - NEW       RHANV FP    -726840112.3    5945870566
RHODIA SA - NEW       3506266Q FP -726840112.3    5945870566
RHODIA SA - NEW       3156011Q FP -726840112.3    5945870566
RHODIA SA-ADR         RHAYY US    -726840112.3    5945870566
RHODIA SA-NON RE      RHANR FP    -726840112.3    5945870566
RHODIA SA-RIGHTS      RHADS FP    -726840112.3    5945870566
RHODIA SA-RIGHTS      653447Q FP  -726840112.3    5945870566
RODIGUEZ GROUP        RGX GR      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD EO      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD TQ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD BQ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD PZ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD FP      -71997955.94   457127473.1
RODRIGUEZ GROUP       RRGZF US    -71997955.94   457127473.1
RODRIGUEZ GROUP       RDGP IX     -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD EU      -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      DDE PG      -86990929.38    1142447974
DEVELICA DEUTSCH      D4B GR      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE PZ      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE IX      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE LN      -86990929.38    1142447974
PEARL HOLDING         3622Z LN    -133833007.2   968234065.8

GERMANY
-------
AGOR AG               DOO GR      -482446.6262   144432986.2
AGOR AG               DOO EO      -482446.6262   144432986.2
AGOR AG               DOOG IX     -482446.6262   144432986.2
AGOR AG               NDAGF US    -482446.6262   144432986.2
AGOR AG               DOO EU      -482446.6262   144432986.2
AGOR AG               DOOD PZ     -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR -482446.6262   144432986.2
ALNO AG               ANO EO      -73119134.74   198564638.9
ALNO AG               ANO EU      -73119134.74   198564638.9
ALNO AG               ANO GR      -73119134.74   198564638.9
ALNO AG               ALNO IX     -73119134.74   198564638.9
ALNO AG               ANO PZ      -73119134.74   198564638.9
ALNO AG-NEW           ANO1 GR     -73119134.74   198564638.9
ALNO AG-RTS           2259765Z GR -73119134.74   198564638.9
ALNO AG-RTS           4123912Z GR -73119134.74   198564638.9
BROKAT AG             BRKAF US    -27139391.98   143536859.7
BROKAT AG             BKISF US    -27139391.98   143536859.7
BROKAT AG             BROFQ US    -27139391.98   143536859.7
BROKAT AG             BROAF 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        BSA LN      -27139391.98   143536859.7
BROKAT TECH AG        BRJ GR      -27139391.98   143536859.7
BROKAT TECH-ADR       BRJA GR     -27139391.98   143536859.7
CBB HOLDING AG        COBG IX     -42994732.85   904723627.8
CBB HOLDING AG        COB2 EU     -42994732.85   904723627.8
CBB HOLDING AG        COBG PZ     -42994732.85   904723627.8
CBB HOLDING AG        COB2 EO     -42994732.85   904723627.8
CBB HOLDING AG        CUBDF US    -42994732.85   904723627.8
CBB HOLDING AG        COB GR      -42994732.85   904723627.8
CBB HOLDING-NEW       COB3 GR     -42994732.85   904723627.8
CBB HOLDING-NEW       COB1 GR     -42994732.85   904723627.8
CBB HOLD-NEW 97       COB2 GR     -42994732.85   904723627.8
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 EO      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC BQ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESCDF US    -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TH      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TQ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC PZ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC GR      -22323463.23   425598807.8
EM.TV & MERCHAND      985403Q GR  -22067409.41   849175624.7
EM.TV & MERCHAND      ETV VX      -22067409.41   849175624.7
EM.TV & MERCHAND      ETV NM      -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US    -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US    -22067409.41   849175624.7
EM.TV & MERCHAND      ETV LN      -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM     -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR     -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         ESCC GR     -22323463.23   425598807.8
ESCADA AG-NEW         3069367Q GR -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO     -22323463.23   425598807.8
ESCADA AG-NEW         ESCN GR     -22323463.23   425598807.8
ESCADA AG-NEW         835345Q GR  -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU     -22323463.23   425598807.8
ESCADA AG-NEW         ESCD 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      KD8USD EO    -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EU       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 GR       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 BQ       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8USD EU    -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EO       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 QM       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EB       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 TH       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 IX       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 NR       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8GBP EO    -1938688429    2845375250
KABEL DEUTS-CW10      DB7KWG GR    -1938688429    2845375250
KAUFRING AG           KFR GR      -19296489.56   150995473.8
KAUFRING AG           KFR EO      -19296489.56   150995473.8
KAUFRING AG           KAUG IX     -19296489.56   150995473.8
KAUFRING AG           KFR EU      -19296489.56   150995473.8
KAUFRING AG           KFR PZ      -19296489.56   150995473.8
MANIA TECHNOLOGI      2260970Z GR  -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EO      -35060806.5   107465713.6
MANIA TECHNOLOGI      MIAVF US     -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI PZ       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EU      -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI GR       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX      -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR     -14400749.54   155241036.1
MATERNUS-KLINIKE      MAKG IX     -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK TH      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK GR      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK EU      -14400749.54   155241036.1
MATERNUS-KLINIKE      MNUKF US    -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK PZ      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK EO      -14400749.54   155241036.1
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           PRCG PZ     -18656728.68   610380925.7
PRIMACOM AG           PRC GR      -18656728.68   610380925.7
PRIMACOM AG           PCAGF US    -18656728.68   610380925.7
PRIMACOM AG           PRC2 GR     -18656728.68   610380925.7
PRIMACOM AG           PRC TH      -18656728.68   610380925.7
PRIMACOM AG           PRC EO      -18656728.68   610380925.7
PRIMACOM AG           PRC NM      -18656728.68   610380925.7
PRIMACOM AG           PRCG IX     -18656728.68   610380925.7
PRIMACOM AG           PRC EU      -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       RSTHF US    -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       ROS1 EO     -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EU     -1744121.914   217776125.8
RINOL AG              RIL GR           -2.7111   168095049.1
RINOL AG              RILB EO          -2.7111   168095049.1
RINOL AG              RILB GR          -2.7111   168095049.1
RINOL AG              RNLAF US         -2.7111   168095049.1
RINOL AG              RILB IX          -2.7111   168095049.1
RINOL AG              RILB EU          -2.7111   168095049.1
RINOL AG              RILB PZ          -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      SAD3 GR     -6153256.917   127546738.8
SANDER (JIL)-PRF      2916157Q EU -6153256.917   127546738.8
SANDER (JIL)-PRF      SAD3 PZ     -6153256.917   127546738.8
SANDER (JIL)-PRF      2916161Q EO -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 EU      -62153916.21    1072778885
STROER OUT-OF-HO      SAX GR      -62153916.21    1072778885
TA TRIUMPH-ACQ        TWNA EU     -124531122.1   313411495.3
TA TRIUMPH-ACQ        TWNA GR     -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWNG IX     -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN EU      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TTZAF US    -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN GR      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN EO      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN PZ      -124531122.1   313411495.3
TA TRIUMPH-A-RTS      1018916Z GR -124531122.1   313411495.3
TA TRIUMPH-NEW        TWN1 GR     -124531122.1   313411495.3
TA TRIUMPH-RT         TWN8 GR     -124531122.1   313411495.3
TA TRIUMPH-RTS        3158577Q GR -124531122.1   313411495.3
TOM TAILOR HOLD       TTI EO      -97711555.56     358434780
TOM TAILOR HOLD       TTI GR      -97711555.56     358434780
TOM TAILOR HOLD       TTI TH      -97711555.56     358434780
TOM TAILOR HOLD       TTI EU      -97711555.56     358434780

GREECE
------
AG PETZETAKIS SA      PETZK EO    -58119017.89     197258023
AG PETZETAKIS SA      PTZ GR      -58119017.89     197258023
AG PETZETAKIS SA      PETZK GA    -58119017.89     197258023
AG PETZETAKIS SA      PETZK PZ    -58119017.89     197258023
AG PETZETAKIS SA      PZETF US    -58119017.89     197258023
AG PETZETAKIS SA      PETZK EU    -58119017.89     197258023
AG PETZETAKIS SA      PTZ1 GR     -58119017.89     197258023
ALTEC HOLDINGS S      ALTEC EO    -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC EU    -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC PZ    -47497062.28   116742573.1
ALTEC HOLDINGS S      AXY GR      -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC GA    -47497062.28   116742573.1
ALTEC SA -AUCT        ALTECE GA   -47497062.28   116742573.1
ALTEC SA INFO         ATCQF US    -47497062.28   116742573.1
ALTEC SA INFO-RT      ALTECR GA   -47497062.28   116742573.1
ALTEC SA INFO-RT      ALTED GA    -47497062.28   116742573.1
ASPIS PRONIA GE       ASASK EU    -189908329.1   896537349.7
ASPIS PRONIA GE       AISQF US    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK PZ    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK GA    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EO    -189908329.1   896537349.7
ASPIS PRONIA -PF      ASAPR GA    -189908329.1   896537349.7
ASPIS PRONIA-PF       APGV GR     -189908329.1   896537349.7
ASPIS PRONIA-PF       ASASP GA    -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
ATLANTIC SUPERMA      ATLA1 EO    -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA PZ     -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA GA     -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA1 EU    -27331872.51   354883771.3
EMPEDOS SA            EMPED GA    -33637669.62   174742646.9
EMPEDOS SA-RTS        EMPEDR GA   -33637669.62   174742646.9
GEN HELLENIC-RTS      588494Q GA  -48074406.22    5484269349
GENIKI BANK SA        GHB1 GR     -48074406.22    5484269349
GENIKI BANK SA        TGEN GA     -48074406.22    5484269349
GENIKI BANK SA        TGEN PZ     -48074406.22    5484269349
GENIKI BANK SA        TGEN EO     -48074406.22    5484269349
GENIKI BANK SA        TGEN EU     -48074406.22    5484269349
GENIKI BANK SA        GHB GR      -48074406.22    5484269349
GENIKI BANK SA        GHLCF US    -48074406.22    5484269349
GENIKI BANK-AUC       TGENE GA    -48074406.22    5484269349
GENIKI BANK-RTS       2272580Q GA -48074406.22    5484269349
GENIKI BANK-RTS       TGENR GA    -48074406.22    5484269349
KOUMBAS INSUR-RT      KOUMD GA     -64617679.4   161224903.6
KOUMBAS RTS           KOUMR GA     -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM PZ      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM EU      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM EO      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM GA      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUMF US     -64617679.4   161224903.6
NAOUSSA SPIN -RT      NAOYD GA    -163114853.6   286539436.9
NAOUSSA SPIN-AUC      NAOYKE GA   -163114853.6   286539436.9
NAOUSSA SPINNING      NML GR      -163114853.6   286539436.9
NAOUSSA SPINNING      NML1 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   -58119017.89     197258023
PETZETAKIS - RTS      PETZKD GA   -58119017.89     197258023
PETZETAKIS-AUC        PETZKE GA   -58119017.89     197258023
PETZETAKIS-PFD        PTZ3 GR     -58119017.89     197258023
PETZETAKIS-PFD        PETZP GA    -58119017.89     197258023
RADIO KORASSIDIS      KORA GA     -100972173.9   244951680.3
RADIO KORASSIDIS      RKC GR      -100972173.9   244951680.3
RADIO KORASSIDIS      RAKOF US    -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      THEMER GA   -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMED GA   -55751178.85   232036822.6
UNITED TEXTILES       UTEX EU     -163114853.6   286539436.9
UNITED TEXTILES       UTEX GA     -163114853.6   286539436.9
UNITED TEXTILES       NAOYK GA    -163114853.6   286539436.9
UNITED TEXTILES       UTEX PZ     -163114853.6   286539436.9
UNITED TEXTILES       NAOSF US    -163114853.6   286539436.9
UNITED TEXTILES       UTEX EO     -163114853.6   286539436.9
WIND HELLAS TELE      3351088Z GA  -1698260717    4035059308

HUNGARY
-------
BRODOGRADE INDUS      3MAJRA CZ   -464934142.4   272013070.7
HUNGARIAN TELEPH      HUGC IX        -73724000     827192000
HUNGARIAN TELEPH      HUC EX         -73724000     827192000
INVITEL HOLD-ADR      IHO US         -73724000     827192000
INVITEL HOLD-ADR      0IN GR         -73724000     827192000
INVITEL HOLD-ADR      INVHY US       -73724000     827192000
INVITEL HOLDINGS      3212873Z HB    -73724000     827192000
IPK OSIJEK DD OS      IPKORA CZ   -3959722.961   117585184.1
MALEV LTD             MALEV HB     -75737819.4   251668964.4
OT OPTIMA TELEKO      2299892Z CZ    -67294802   105169944.1
OT-OPTIMA TELEKO      OPTERA CZ      -67294802   105169944.1

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

IRELAND
-------
IBERBOND 2004 PL      3485334Z ID -774220.0848   539890478.9
JAMES HARDIE IND      600241Q GR     -26700000    2132000000
JAMES HARDIE IND      726824Z NA     -26700000    2132000000
JAMES HARDIE IND      HAH NZ         -26700000    2132000000
JAMES HARDIE IND      HAH AU         -26700000    2132000000
JAMES HARDIE NV       JHXCC AU       -26700000    2132000000
JAMES HARDIE-ADR      JHINY US       -26700000    2132000000
JAMES HARDIE-ADR      JHX US         -26700000    2132000000
JAMES HARDIE-CDI      JHA GR         -26700000    2132000000
JAMES HARDIE-CDI      JHA TH         -26700000    2132000000
JAMES HARDIE-CDI      JHX AU         -26700000    2132000000
JAMES HARDIE-CDI      JHIUF US       -26700000    2132000000
MCINERNEY HLDGS       MCII IX     -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EO   -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EU   -132691148.8   374303706.5
MCINERNEY HLDGS       MCI VX      -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBP EO   -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EU      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI LN      -132691148.8   374303706.5
MCINERNEY HLDGS       MNEYF US    -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EO      -132691148.8   374303706.5
MCINERNEY HLDGS       MK9 PO      -132691148.8   374303706.5
MCINERNEY HLDGS       MK9C PZ     -132691148.8   374303706.5
MCINERNEY HLDGS       MCI IX      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI PO      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI ID      -132691148.8   374303706.5
MCINERNEY HLDGS       MK9 GR      -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 ID     -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN LN     -132691148.8   374303706.5
MCINERNEY-ADR         MNEYY US    -132691148.8   374303706.5
PAYZONE PLC           PAYZ EO     -138030903.2   510010035.3
PAYZONE PLC           PAYZ PG     -138030903.2   510010035.3
PAYZONE PLC           PAYZ IX     -138030903.2   510010035.3
PAYZONE PLC           PAYZ PZ     -138030903.2   510010035.3
PAYZONE PLC           PAYZ LN     -138030903.2   510010035.3
PAYZONE PLC           PAYZ EU     -138030903.2   510010035.3
PAYZONE PLC           4P6 GR      -138030903.2   510010035.3
WATERFORD - RTS       508523Q LN  -505729895.2     820803256
WATERFORD - RTS       508519Q 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 - RTS       WWWA ID     -505729895.2     820803256
WATERFORD W-ADR       WATWY US    -505729895.2     820803256
WATERFORD WDGEWD      WATFF US    -505729895.2     820803256
WATERFORD WDGEWD      WATWF US    -505729895.2     820803256
WATERFORD WED-RT      586556Q LN  -505729895.2     820803256
WATERFORD WED-RT      586552Q LN  -505729895.2     820803256
WATERFORD WED-RT      WTFR LN     -505729895.2     820803256
WATERFORD WED-RT      WWWD ID     -505729895.2     820803256
WATERFORD WED-RT      WWWC ID     -505729895.2     820803256
WATERFORD WED-RT      WWWC GR     -505729895.2     820803256
WATERFORD WED-RT      WWWD GR     -505729895.2     820803256
WATERFORD WED-UT      WWW PO      -505729895.2     820803256
WATERFORD WED-UT      WTFU EU     -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EU  -505729895.2     820803256
WATERFORD WED-UT      WTFU PO     -505729895.2     820803256
WATERFORD WED-UT      WTFU LN     -505729895.2     820803256
WATERFORD WED-UT      WWWD PZ     -505729895.2     820803256
WATERFORD WED-UT      WTFU ID     -505729895.2     820803256
WATERFORD WED-UT      WTFU VX     -505729895.2     820803256
WATERFORD WED-UT      WTFU EO     -505729895.2     820803256
WATERFORD WED-UT      WWW GR      -505729895.2     820803256
WATERFORD WED-UT      WTFU IX     -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EO  -505729895.2     820803256
WATERFORD WE-RTS      WTFN LN     -505729895.2     820803256
WATERFORD WE-RTS      WTFF ID     -505729895.2     820803256
WATERFORD WE-RTS      WTFF LN     -505729895.2     820803256
WATERFORD WE-RTS      WTFN VX     -505729895.2     820803256
WATERFORD WE-RTS      WTFN ID     -505729895.2     820803256
WATERFORD-ADR UT      WFWA GR     -505729895.2     820803256
WATERFORD-ADR UT      WATFZ US    -505729895.2     820803256
WATERFORD-SUB         3001875Z ID -505729895.2     820803256

ITALY
-----
BINDA SPA             BND IM      -11146475.29   128859802.9
BINDA SPA             BNDAF US    -11146475.29   128859802.9
BIOERA                BIE1 IX     -6731364.698   131141946.1
BIOERA                BIE1 PZ     -6731364.698   131141946.1
BIOERA                BIE EU      -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      FIY GR      -422095869.5    1583083044
CIRIO FINANZIARI      CRO IM      -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      ICT IM      -137726596.3   527372691.4
COMPAGNIA ITALIA      CGLUF US    -137726596.3   527372691.4
CREDITO FONDIARI      CRF IM      -200209050.3    4213063202
CREDITO FOND-RTS      CRFSA IM    -200209050.3    4213063202
EUROFLY SPA           EEZ IX      -14153158.14   356030320.5
EUROFLY SPA -RTS      EEZAXA IM   -14153158.14   356030320.5
EUROFLY SPA-RTS       EURAXA IM   -14153158.14   356030320.5
I VIAGGI DEL VEN      VVE IM      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EU      -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO      -194331003.9     255327730
I VIAGGI DEL VEN      VVE IX      -194331003.9     255327730
I VIAGGI DEL VEN      IV7 GR      -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ      -194331003.9     255327730
I VIAGGI DEL VEN      IVGIF US    -194331003.9     255327730
I VIAGGI-RTS          VVEAA IM    -194331003.9     255327730
MERIDIANA FLY         MEF EB      -14153158.14   356030320.5
MERIDIANA FLY         EEZ IM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ TQ      -14153158.14   356030320.5
MERIDIANA FLY         MEF IX      -14153158.14   356030320.5
MERIDIANA FLY         E7N GR      -14153158.14   356030320.5
MERIDIANA FLY         EEZ EU      -14153158.14   356030320.5
MERIDIANA FLY         EEZ QM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ EO      -14153158.14   356030320.5
MERIDIANA FLY         MEF IM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ PZ      -14153158.14   356030320.5
MERIDIANA FLY         EFLYF US    -14153158.14   356030320.5
MERIDIANA FLY SP      MEFAXA IM   -14153158.14   356030320.5
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
PARMALAT FINANZI      FICN AV     -18419390029    4120687886
PARMALAT FINANZI      PMT LI      -18419390029    4120687886
PARMALAT FINANZI      PMLFF US    -18419390029    4120687886
PARMALAT FINANZI      PAF GR      -18419390029    4120687886
PARMALAT FINANZI      PRF IM      -18419390029    4120687886
PARMALAT FINANZI      PRFI VX     -18419390029    4120687886
PARMALAT FINANZI      PARAF US    -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 EO        -51818228.1    3959683341
RISANAMENTO SPA       RNGBX EO     -51818228.1    3959683341
RISANAMENTO SPA       RNGBP EO     -51818228.1    3959683341
RISANAMENTO SPA       RN IX        -51818228.1    3959683341
RISANAMENTO SPA       RNGBX EU     -51818228.1    3959683341
RISANAMENTO SPA       RN PZ        -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-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              SN IM       -141933883.9   150445252.4
SNIA SPA              SIAI PZ     -141933883.9   150445252.4
SNIA SPA              SBPDF US    -141933883.9   150445252.4
SNIA SPA              SN EU       -141933883.9   150445252.4
SNIA SPA              SN TQ       -141933883.9   150445252.4
SNIA SPA              SSMLF US    -141933883.9   150445252.4
SNIA SPA              SNIXF US    -141933883.9   150445252.4
SNIA SPA              SNIA GR     -141933883.9   150445252.4
SNIA SPA              SNIB GR     -141933883.9   150445252.4
SNIA SPA              SIAI IX     -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          SNR IM      -141933883.9   150445252.4
SNIA SPA-RCV          SNIVF US    -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          SNAA IM     -141933883.9   150445252.4
SNIA SPA-RTS          SNSO IM     -141933883.9   150445252.4
SOCOTHERM SPA         SCTM IX     -161739278.5   398222827.1
SOCOTHERM SPA         SCT EO      -161739278.5   398222827.1
SOCOTHERM SPA         SCT EU      -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ     -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ      -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM      -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US    -161739278.5   398222827.1
TECNODIFF ITALIA      TDI NM      -89894162.82   152045757.5
TECNODIFF ITALIA      TDI IM      -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US    -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR      -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM   -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM   -89894162.82   152045757.5
TISCALI - RTS         TIQA GR     -98435968.67   498535068.5
TISCALI - RTS         TISAAW IM   -98435968.67   498535068.5
TISCALI SPA           TIS PZ      -98435968.67   498535068.5
TISCALI SPA           TISGBX EO   -98435968.67   498535068.5
TISCALI SPA           TISM IX     -98435968.67   498535068.5
TISCALI SPA           TIS IM      -98435968.67   498535068.5
TISCALI SPA           TISN FP     -98435968.67   498535068.5
TISCALI SPA           TIS EO      -98435968.67   498535068.5
TISCALI SPA           TSCXF US    -98435968.67   498535068.5
TISCALI SPA           TISGBP EO   -98435968.67   498535068.5
TISCALI SPA           TIS IX      -98435968.67   498535068.5
TISCALI SPA           TIQG IX     -98435968.67   498535068.5
TISCALI SPA           TIS NA      -98435968.67   498535068.5
TISCALI SPA           TIS QM      -98435968.67   498535068.5
TISCALI SPA           TIS FP      -98435968.67   498535068.5
TISCALI SPA           TIQ1 GR     -98435968.67   498535068.5
TISCALI SPA           TISN NA     -98435968.67   498535068.5
TISCALI SPA           TIS NQ      -98435968.67   498535068.5
TISCALI SPA           TIS NR      -98435968.67   498535068.5
TISCALI SPA           TISN IM     -98435968.67   498535068.5
TISCALI SPA           TISN VX     -98435968.67   498535068.5
TISCALI SPA           TISN IX     -98435968.67   498535068.5
TISCALI SPA           TIQ GR      -98435968.67   498535068.5
TISCALI SPA           TIS VX      -98435968.67   498535068.5
TISCALI SPA           TISGBX EU   -98435968.67   498535068.5
TISCALI SPA           TIS TQ      -98435968.67   498535068.5
TISCALI SPA           TIS EU      -98435968.67   498535068.5
TISCALI SPA           TIS EB      -98435968.67   498535068.5
TISCALI SPA- RTS      TISAXA IM   -98435968.67   498535068.5
TISCALI SPA- RTS      3391621Q GR -98435968.67   498535068.5

LUXEMBOURG
----------
CARRIER1 INT-AD+      CONE ES        -94729000     472360992
CARRIER1 INT-ADR      CONEE US       -94729000     472360992
CARRIER1 INT-ADR      CONEQ US       -94729000     472360992
CARRIER1 INT-ADR      CONE US        -94729000     472360992
CARRIER1 INTL         CJN GR         -94729000     472360992
CARRIER1 INTL         CJN NM         -94729000     472360992
CARRIER1 INTL         CJNA GR        -94729000     472360992
CARRIER1 INTL SA      1253Z SW       -94729000     472360992
CARRIER1 INTL SA      CONEF US       -94729000     472360992
INTELSAT              ILMA GR       -488887008   17331793920
INTELSAT SA           2237Z US      -488887008   17331793920

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA    -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA     -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       BAAN GR     -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 EU     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX     -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
SPYKER CARS NV        SPYKF US    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EO    -154336469.5    1337361332
SPYKER CARS NV        SPYKR BQ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR NA    -154336469.5    1337361332
SPYKER CARS NV        L9I GR      -154336469.5    1337361332
SPYKER CARS NV        SPYK IX     -154336469.5    1337361332
SPYKER CARS NV        SPYKR TQ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR PZ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EB    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EU    -154336469.5    1337361332
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      UPCEF US     -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US     -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR      -5505478850    5112616630
UNITED PAN-EUROP      UPC VX       -5505478850    5112616630
UNITED PAN-EUROP      UPE GR       -5505478850    5112616630
ZESKO HOLDING BV      2938133Z NA -958614022.1    8358218597

POLAND
------
DRKENDY               DRK PW      -91135239.68   521942177.4
INTEROIL EXPLORA      IOX PZ         -46843000     189680992
INTEROIL EXPLORA      IOX BY         -46843000     189680992
INTEROIL EXPLORA      IROIF US       -46843000     189680992
INTEROIL EXPLORA      IOX IX         -46843000     189680992
INTEROIL EXPLORA      IOXUSD EO      -46843000     189680992
INTEROIL EXPLORA      IOX EU         -46843000     189680992
INTEROIL EXPLORA      IOX EO         -46843000     189680992
INTEROIL EXPLORA      IOXEUR EO      -46843000     189680992
INTEROIL EXPLORA      IOXUSD EU      -46843000     189680992
INTEROIL EXPLORA      IOX NO         -46843000     189680992
INTEROIL EXPLORA      INOX NO        -46843000     189680992
INTEROIL EXPLORA      IOXEUR EU      -46843000     189680992
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          JACK NO        -54932000     191586000
PETROJACK AS          P3J GR         -54932000     191586000
PETROJACK AS          POJKF US       -54932000     191586000
PETROJACK AS          JACKEUR EU     -54932000     191586000
PETROJACK AS          JACO IX        -54932000     191586000
PETROJACK AS          JACK PZ        -54932000     191586000
PETROJACK AS          JACK EU        -54932000     191586000
PETROJACK AS          JACKEUR EO     -54932000     191586000
PETROJACK AS          JACK BY        -54932000     191586000
PETROJACK AS          JACK EO        -54932000     191586000
RESERVOIR EXPL        RXT NO         -34076000     185510000
RESERVOIR EXPL        RXT BY         -34076000     185510000
RESERVOIR EXPL        RXT EU         -34076000     185510000
RESERVOIR EXPL        RXTEUR EU      -34076000     185510000
RESERVOIR EXPL        RXTB NO        -34076000     185510000
RESERVOIR EXPL        RXTEUR EO      -34076000     185510000
RESERVOIR EXPL        RXAEF US       -34076000     185510000
RESERVOIR EXPL        RXT IX         -34076000     185510000
RESERVOIR EXPL        5RS GR         -34076000     185510000
RESERVOIR EXPL        RXT EO         -34076000     185510000
RESERVOIR EXPL        RXT PZ         -34076000     185510000
RESERVOIR EXPL-A      RXTA NO        -34076000     185510000
RESERVOIR-RTS         RXTS NO        -34076000     185510000
RESERVOIR-RTS         RXTUR NO       -34076000     185510000
KROSNO                KROS IX     -2241614.766   111838141.2
KROSNO                KRS LI      -2241614.766   111838141.2
KROSNO                KRS1EUR EU  -2241614.766   111838141.2
KROSNO                KRS PW      -2241614.766   111838141.2
KROSNO                KRS1EUR EO  -2241614.766   111838141.2
KROSNO SA             KRS PZ      -2241614.766   111838141.2
KROSNO SA             KROSNO PW   -2241614.766   111838141.2
KROSNO SA             KRS1 EU     -2241614.766   111838141.2
KROSNO SA             KRNFF US    -2241614.766   111838141.2
KROSNO SA             KRS1 EO     -2241614.766   111838141.2
KROSNO SA-RTS         KRSP PW     -2241614.766   111838141.2
KROSNO-PDA-ALLT       KRSA PW     -2241614.766   111838141.2
TOORA                 TOR PZ      -288818.3897   147004954.2
TOORA                 2916665Q EU -288818.3897   147004954.2
TOORA                 TOR PW      -288818.3897   147004954.2
TOORA                 2916661Q EO -288818.3897   147004954.2
TOORA-ALLOT CERT      TORA PW     -288818.3897   147004954.2

PORTUGAL
--------
CARRIS FERRO DE       3482366Z PL -854280773.4   252500907.6
COFINA                COFSI IX    -4067307.986   329785890.1
COFINA                COFI PL     -4067307.986   329785890.1
COFINA                CFASF US    -4067307.986   329785890.1
COFINA SGPS SA        CFN1 PZ     -4067307.986   329785890.1
COFINA SGPS SA        CFN PL      -4067307.986   329785890.1
COFINA SGPS SA        CFNX PX     -4067307.986   329785890.1
COFINA SGPS SA        COFI TQ     -4067307.986   329785890.1
COFINA SGPS SA        COFI EU     -4067307.986   329785890.1
COFINA SGPS SA        COFI EB     -4067307.986   329785890.1
COFINA SGPS SA        COFI EO     -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     -61651485.35   126605006.5
REFER-REDE FERRO      1250Z PL     -1611845937    2225160725
SOCIEDADE DE TRA      1253Z PL    -382109074.2   119848180.8
SPORTING-SOC DES      SCPL IX     -52021160.28   159963648.5
SPORTING-SOC DES      SCPX PX     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF EU     -52021160.28   159963648.5
SPORTING-SOC DES      SCG GR      -52021160.28   159963648.5
SPORTING-SOC DES      SCP PL      -52021160.28   159963648.5
SPORTING-SOC DES      SCP1 PZ     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF PL     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF EO     -52021160.28   159963648.5
TAP SGPS              TAP PL      -293253615.6    2901200999
VAA VISTA ALEGRE      VAF EU      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF PL      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF PZ      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF EO      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAFX PX     -61651485.35   126605006.5
VAA VISTA AL-RTS      VAA9S PL    -61651485.35   126605006.5
VAA VISTA AL-RTS      VAAS PL     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK EU     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK PZ     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFKX PX    -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK EO     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK PL     -61651485.35   126605006.5

ROMANIA
-------
OLTCHIM RM VALCE      OLTEUR EO   -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EU      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT PZ      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT RO      -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      OLTEUR EU   -89344235.29   511515508.8

RUSSIA
------
AKCIONERNOE-BRD       SOVP$ RU     -85860271.6   137059051.4
ALLIANCE RUSSIAN      ALRT RU     -13189413.03   138268688.3
AMO ZIL               ZILL RM     -76809638.66     360473673
AMO ZIL-CLS           ZILL* RU    -76809638.66     360473673
AMO ZIL-CLS           ZILL RU     -76809638.66     360473673
AMUR SHIP-BRD         AMZS* RU    -137530791.8   945775662.6
AMUR SHIP-BRD         AMZS RU     -137530791.8   945775662.6
BUMMASH OJSC-BRD      BUMM RU     -5137634.738   179599559.3
BUMMASH OJSC-BRD      BUMM* RU    -5137634.738   179599559.3
DAGESTAN ENERGY       DASB RU     -31976921.34   172137243.4
DAGESTAN ENERGY       DASB RM     -31976921.34   172137243.4
DAGESTAN ENERGY       DASB* RU    -31976921.34   172137243.4
EAST-SIBERIA-BRD      VSNK* RU    -17335212.17   224008514.4
EAST-SIBERIA-BRD      VSNK RU     -17335212.17   224008514.4
EAST-SIBERIAN-BD      VSNK$ RU    -17335212.17   224008514.4
FINANCIAL LEASIN      FLKO RM     -80794530.71   373269665.9
FINANCIAL LEASIN      137282Z RU  -80794530.71   373269665.9
FINANCIAL LE-BRD      FLKO* RU    -80794530.71   373269665.9
FINANCIAL LE-BRD      FLKO RU     -80794530.71   373269665.9
GAZ-FINANS            GAZF RU     -56134.51262   232319905.4
IZHAVTO OAO           IZAV RU     -19693758.83   474754687.9
KARUSEL FINANS        KAFI RU     -3988742.669   101528630.9
KOMPANIYA GL-BRD      GMST* RU     -22053203.7    1135310362
KOMPANIYA GL-BRD      GMST RU      -22053203.7    1135310362
MIAN-DEVELOPMENT      MAEQY RU    -695445.1747     424399991
M-INDUSTRIYA          SOMI RU     -1091260.252   261721440.8
MZ ARSENAL-$BRD       ARSE RU     -14527137.73   208754934.6
MZ ARSENAL-BRD        ARSE$ RU    -14527137.73   208754934.6
MZ ARSENAL-BRD        ARSE* RU    -14527137.73   208754934.6
PARNAS-M              PRSM RU     -138592.4742   127637318.8
PENOPLEX-FINANS       PNPF RU     -754086.9373   140176163.3
PROMTRACTOR-FINA      PTRF RU     -18554700.19   275723244.2
RK-GAZSETSERVIS       RKGS RU     -54665229.61   153223493.4
RUSSIAN TEXT-CLS      ALRT* RU    -13189413.03   138268688.3
RUSSIAN TEXT-CLS      ALRTG 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 LI       -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-MSE      HALSM RU      -343701984    1217284096
SISTEMA HALS-T+0      HALSG RU      -343701984    1217284096
SISTEMA-GDR 144A      86PN LI       -343701984    1217284096
SISTEMA-GDR 144A      SEMAL US      -343701984    1217284096
URGALUGOL-BRD         YRGL* RU    -23085070.94   101919650.9
URGALUGOL-BRD         YRGL RU     -23085070.94   101919650.9
URGALUGOL-BRD-PF      YRGLP RU    -23085070.94   101919650.9
VIMPEL SHIP-BRD       SOVP* RU     -85860271.6   137059051.4
VIMPEL SHIP-BRD       SOVP RU      -85860271.6   137059051.4
VOLGOGRAD KHIM        VHIM RU     -27435278.35   139073353.6
VOLGOGRAD KHIM        VHIM* RU    -27435278.35   139073353.6
WILD ORCHID ZAO       DOAAN RU    -11716088.49   106082784.6
ZAPSIBGASP-Q PFD      ZSGPP$ RU   -1082254.288   127026139.3
ZAPSIBGASPRO-BRD      ZSGP RU     -1082254.288   127026139.3
ZAPSIBGASPRO-BRD      ZSGP* RU    -1082254.288   127026139.3
ZAPSIBGASPROM-B       ZSGP$ RU    -1082254.288   127026139.3
ZAPSIBGASPRO-PFD      ZSGPP* RU   -1082254.288   127026139.3
ZAPSIBGASPRO-PFD      ZSGPP RU    -1082254.288   127026139.3
ZIL AUTO PLANT        ZILL$ RU    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP RU    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP RM    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP* RU   -76809638.66     360473673

SERBIA
------
RAFO SA               RAF RO      -457922636.3   356796459.3
DUVANSKA              DIVR SG     -32792314.86   122255596.4
PINKI AD              PNKI SG     -36537862.34     120707518

SWEDEN
------
ALLOKTON AB           ALOKB SS    -65101427.97   472693765.1
NOBINA                1099Z SS    -13023225.28   483974246.5
PHADIA AB             842347Z SS  -140406774.4    2127579095

SLOVENIA
--------
ISTRABENZ             ITBG PZ     -2656618.996    1087540134
ISTRABENZ             ITBG SV     -2656618.996    1087540134
ISTRABENZ             ITBG EO     -2656618.996    1087540134
ISTRABENZ             ITBG EU     -2656618.996    1087540134

SPAIN
-----
ACTUACIONES ACTI      AGR SM      -231062375.2   529525187.2
AGRUPACIO - RT        AGR/D SM    -231062375.2   529525187.2
AMADEUS IT HOLDI      AMS3 EU     -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A GR     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS IX      -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A TH     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EB     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EO     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS SM      -397888596.9    7970850431
AMADEUS IT HOLDI      AMADF US    -397888596.9    7970850431
AMADEUS IT-ADR        AMADY US    -397888596.9    7970850431
AMCI HABITAT SA       AMC1 EU     -24580874.45   194758143.4
AMCI HABITAT SA       AMC3 EO     -24580874.45   194758143.4
AMCI HABITAT SA       AMC SM      -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 EU     -231062375.2   529525187.2
FERGO AISA SA         AISA EO     -231062375.2   529525187.2
FERGO AISA SA         AISA SM     -231062375.2   529525187.2
FERGO AISA SA         AISA PZ     -231062375.2   529525187.2
INDO INTER-RTS        IDO/D SM     -3523887.56   101210953.5
INDO INTL SA          IDOS PZ      -3523887.56   101210953.5
INDO INTL SA          IDO SM       -3523887.56   101210953.5
INDO INTL SA          IDO EU       -3523887.56   101210953.5
INDO INTL SA          IDO EO       -3523887.56   101210953.5
INDO INTL SA-OLD      IND SM       -3523887.56   101210953.5
MARTINSA FADESA       4PU GR       -1841778505    6778902268
MARTINSA FADESA       MFAD PZ      -1841778505    6778902268
MARTINSA FADESA       MTF1 LI      -1841778505    6778902268
MARTINSA FADESA       MTF EO       -1841778505    6778902268
MARTINSA FADESA       MTF SM       -1841778505    6778902268
MARTINSA FADESA       MTF EU       -1841778505    6778902268
MARTINSA-FADESA       MTF NR       -1841778505    6778902268
REYAL URBIS SA        REY1 EU     -175599903.7    5742241668
REYAL URBIS SA        REY1 EO     -175599903.7    5742241668
REYAL URBIS SA        REY SM      -175599903.7    5742241668
REYAL URBIS SA        REYU PZ     -175599903.7    5742241668

TURKEY
------
BESIKTAS FUTBOL       BJKASM TI   -12825040.91   182756610.7
BESIKTAS FUTBOL       BKTFF US    -12825040.91   182756610.7
BESIKTAS FUTBOL       BJKAS TI    -12825040.91   182756610.7
BESIKTAS FUTBOL       BWX GR      -12825040.91   182756610.7
BESIKTAS FUTBOL       BJKASY 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     -42249434.54   336677635.6
DONETSKOBLENERGO      DOON UZ     -215735271.8   391924242.8
IVANO-FRANKIVSKG      FGAZ UZ     -358461.9249   108886163.6
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
--------------
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        EAETF US    -197788769.2   123048312.7
AEA TECHNOLOGY        AAT EO      -197788769.2   123048312.7
AEA TECHNOLOGY        AATGBP EO   -197788769.2   123048312.7
AEA TECHNOLOGY        AAT EU      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT PO      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT IX      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT LN      -197788769.2   123048312.7
AEA TECHNOLOGY        AEY GR      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT VX      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT PZ      -197788769.2   123048312.7
AEA TECHNOLO-NPR      AATN PZ     -197788769.2   123048312.7
AEA TECHNOLO-NPR      AATN LN     -197788769.2   123048312.7
AIRTOURS PLC          AIR LN      -379721841.6    1817512774
AIRTOURS PLC          ATORF US    -379721841.6    1817512774
AIRTOURS PLC          AIR VX      -379721841.6    1817512774
ALLDAYS PLC           ALDYF US      -120493900   252232072.9
ALLDAYS PLC           317056Q LN    -120493900   252232072.9
AMER BUS SYS          ARB LN        -497127008     121439000
AMEY PLC              AMY LN      -48862569.33   931527720.5
AMEY PLC              AMY VX      -48862569.33   931527720.5
AMEY PLC              AMEYF US    -48862569.33   931527720.5
AMEY PLC-ASSENT       AMYA LN     -48862569.33   931527720.5
AMEY PLC-NEW          AMYN LN     -48862569.33   931527720.5
ANKER PLC             ANK LN      -21861359.81     115463159
ANKER PLC             DW14 GR     -21861359.81     115463159
ANKER PLC             ANK PO      -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN     -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN     -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN     -21861359.81     115463159
ATKINS (WS) PLC       ATK EU      -128972861.1    1328162171
ATKINS (WS) PLC       ATK EB      -128972861.1    1328162171
ATKINS (WS) PLC       ATK IX      -128972861.1    1328162171
ATKINS (WS) PLC       ATK VX      -128972861.1    1328162171
ATKINS (WS) PLC       ATK LN      -128972861.1    1328162171
ATKINS (WS) PLC       ATKGBP EO   -128972861.1    1328162171
ATKINS (WS) PLC       ATK PZ      -128972861.1    1328162171
ATKINS (WS) PLC       ATK PO      -128972861.1    1328162171
ATKINS (WS) PLC       WATKF US    -128972861.1    1328162171
ATKINS (WS) PLC       6W2 GK      -128972861.1    1328162171
ATKINS (WS) PLC       ATK QM      -128972861.1    1328162171
ATKINS (WS) PLC       ATK BQ      -128972861.1    1328162171
ATKINS (WS) PLC       ATK NR      -128972861.1    1328162171
ATKINS (WS) PLC       ATKEUR EU   -128972861.1    1328162171
ATKINS (WS) PLC       ATK NQ      -128972861.1    1328162171
ATKINS (WS) PLC       WATKY US    -128972861.1    1328162171
ATKINS (WS) PLC       ATK EO      -128972861.1    1328162171
ATKINS (WS) PLC       ATKEUR EO   -128972861.1    1328162171
ATKINS (WS) PLC       6W2 GR      -128972861.1    1328162171
ATKINS (WS) PLC       ATK TQ      -128972861.1    1328162171
BLACK & EDGINGTO      BLE LN      -119704799.7   123295943.6
BNB RECRUITMENT       BQX GR      -10242627.53     103637705
BNB RECRUITMENT       BNB IX      -10242627.53     103637705
BNB RECRUITMENT       BNB PO      -10242627.53     103637705
BNB RECRUITMENT       BNB LN      -10242627.53     103637705
BNB RECRUITMENT       BNBRF US    -10242627.53     103637705
BOOKER PLC            BKERF US     -59832880.4    1298182549
BOOKER PLC            1330Q GR     -59832880.4    1298182549
BOOKER PLC            987188Q LN   -59832880.4    1298182549
BOOKER PLC-ADR        BOK$ LN      -59832880.4    1298182549
BOOKER PLC-ADR        BKRUY US     -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       555140Q VX   -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US     -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR      -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US     -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       -3378667779   43333137474
BRIT TELECOM          9484 JP      -3378667779   43333137474
BRIT TELECOM PLC      BTPLF US     -3378667779   43333137474
BRIT TELECOM PLC      BTPWF US     -3378667779   43333137474
BRIT TELECOM PLC      BT/A VX      -3378667779   43333137474
BRIT TELECOM-ADR      1481Q CN     -3378667779   43333137474
BRIT TELECOM-ADR      BTEA GR      -3378667779   43333137474
BRIT TELECOM-RTS      BTY-R US     -3378667779   43333137474
BRITISH ENER-$US      BGYNYD AR    -5822867501    4921095750
BRITISH ENER-$US      BGYD 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      BGYC AR      -5822867501    4921095750
BRITISH ENER-C/E      BGYNYC 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      -3378667779   43333137474
BRITISH TELE-NP       BT/N LN      -3378667779   43333137474
BRITISH TELE-NP       BTPXF US     -3378667779   43333137474
BRITVIC PLC           BVIC NR     -34575750.23    1311266070
BRITVIC PLC           BVIC LN     -34575750.23    1311266070
BRITVIC PLC           BVICUSD EO  -34575750.23    1311266070
BRITVIC PLC           BVICEUR EO  -34575750.23    1311266070
BRITVIC PLC           BVICGBP EO  -34575750.23    1311266070
BRITVIC PLC           BVIC PZ     -34575750.23    1311266070
BRITVIC PLC           BVIC BQ     -34575750.23    1311266070
BRITVIC PLC           BVIC EO     -34575750.23    1311266070
BRITVIC PLC           BVIC TQ     -34575750.23    1311266070
BRITVIC PLC           BVIC QM     -34575750.23    1311266070
BRITVIC PLC           BVIC EB     -34575750.23    1311266070
BRITVIC PLC           BVIC IX     -34575750.23    1311266070
BRITVIC PLC           BVIC NQ     -34575750.23    1311266070
BRITVIC PLC           BVICUSD EU  -34575750.23    1311266070
BRITVIC PLC           B6S GK      -34575750.23    1311266070
BRITVIC PLC           BVICEUR EU  -34575750.23    1311266070
BRITVIC PLC           B6S GR      -34575750.23    1311266070
BRITVIC PLC           BVIC EU     -34575750.23    1311266070
BRITVIC PLC           BVIC VX     -34575750.23    1311266070
BRITVIC PLC           BTVCF US    -34575750.23    1311266070
BRITVIC PLC-ADR       BTVCY US    -34575750.23    1311266070
BT GROUP PLC          BTQ GR       -3378667779   43333137474
BT GROUP PLC          BT/AEUR EO   -3378667779   43333137474
BT GROUP PLC          BT/APEN EU   -3378667779   43333137474
BT GROUP PLC          BT/A PO      -3378667779   43333137474
BT GROUP PLC          BT/A NR      -3378667779   43333137474
BT GROUP PLC          BTQ TH       -3378667779   43333137474
BT GROUP PLC          BTEG IX      -3378667779   43333137474
BT GROUP PLC          BT/APEN EO   -3378667779   43333137474
BT GROUP PLC          BT/A EU      -3378667779   43333137474
BT GROUP PLC          BT/A EO      -3378667779   43333137474
BT GROUP PLC          BT/ VX       -3378667779   43333137474
BT GROUP PLC          BT IX        -3378667779   43333137474
BT GROUP PLC          BT PZ        -3378667779   43333137474
BT GROUP PLC          BT/AUSD EU   -3378667779   43333137474
BT GROUP PLC          BT/A TQ      -3378667779   43333137474
BT GROUP PLC          BTQ GK       -3378667779   43333137474
BT GROUP PLC          BT/A NQ      -3378667779   43333137474
BT GROUP PLC          BT/AGBP EO   -3378667779   43333137474
BT GROUP PLC          BT/A LN      -3378667779   43333137474
BT GROUP PLC          BT/AEUR EU   -3378667779   43333137474
BT GROUP PLC          BT/AUSD EO   -3378667779   43333137474
BT GROUP PLC          BT/A QM      -3378667779   43333137474
BT GROUP PLC          BT/A BQ      -3378667779   43333137474
BT GROUP PLC          BTGOF US     -3378667779   43333137474
BT GROUP PLC          BT/A EB      -3378667779   43333137474
BT GROUP PLC-ADR      BT/$ LN      -3378667779   43333137474
BT GROUP PLC-W/I      BTWI LN      -3378667779   43333137474
BT GROUP-ADR WI       BTY-W US     -3378667779   43333137474
BT GROUP-CED $US      BTYD AR      -3378667779   43333137474
BT GROUP-CED $US      BTD AR       -3378667779   43333137474
BT GROUP-CED BLK      BTYB AR      -3378667779   43333137474
BT GROUP-CED BLK      BTB AR       -3378667779   43333137474
BT GROUP-CED C/E      BTC AR       -3378667779   43333137474
BT GROUP-CED C/E      BTYC AR      -3378667779   43333137474
BT GROUP-CEDEAR       BT AR        -3378667779   43333137474
BT GROUP-CEDEAR       BTY AR       -3378667779   43333137474
BT GROUP-SPON AD      BT MM        -3378667779   43333137474
BT GROUP-SPON AD      BTY US       -3378667779   43333137474
BT GROUP-SPON AD      BT US        -3378667779   43333137474
BT GROUP-SPON AD      BTQA GR      -3378667779   43333137474
BT GROUP-SPON AD      BTYN MM      -3378667779   43333137474
BURNDEN LEISURE       BDL LN      -34303346.66   148833324.3
CARLISLE GROUP        506819Q LN  -11904426.45     203548565
CATTLES PLC           CTT NR      -599615492.2    3880885246
CATTLES PLC           CTT QM      -599615492.2    3880885246
CATTLES PLC           CTT PZ      -599615492.2    3880885246
CATTLES PLC           CTT TQ      -599615492.2    3880885246
CATTLES PLC           CTT PO      -599615492.2    3880885246
CATTLES PLC           CTT IX      -599615492.2    3880885246
CATTLES PLC           CTTSEK EU   -599615492.2    3880885246
CATTLES PLC           CTTGBP EO   -599615492.2    3880885246
CATTLES PLC           CTT EB      -599615492.2    3880885246
CATTLES PLC           CTT EU      -599615492.2    3880885246
CATTLES PLC           CTTEUR EU   -599615492.2    3880885246
CATTLES PLC           CTTSEK EO   -599615492.2    3880885246
CATTLES PLC           CTT NQ      -599615492.2    3880885246
CATTLES PLC           CTT LN      -599615492.2    3880885246
CATTLES PLC           CTTUSD EO   -599615492.2    3880885246
CATTLES PLC           CZS GR      -599615492.2    3880885246
CATTLES PLC           CTTUSD EU   -599615492.2    3880885246
CATTLES PLC           CTT EO      -599615492.2    3880885246
CATTLES PLC           CTTEUR EO   -599615492.2    3880885246
CATTLES PLC           CTT BQ      -599615492.2    3880885246
CATTLES PLC           CHOXF US    -599615492.2    3880885246
CATTLES PLC           CTT VX      -599615492.2    3880885246
CATTLES PLC-ADR       CHOXY US    -599615492.2    3880885246
CATTLES PLC-FPR       CTTF LN     -599615492.2    3880885246
CATTLES PLC-FPR       CTTF PZ     -599615492.2    3880885246
CATTLES PLC-NPR       CTTN PZ     -599615492.2    3880885246
CATTLES PLC-NPR       2843726Q EO -599615492.2    3880885246
CATTLES PLC-NPR       CTTN IX     -599615492.2    3880885246
CATTLES PLC-NPR       2843730Q EU -599615492.2    3880885246
CATTLES PLC-NPR       CCTN PZ     -599615492.2    3880885246
CATTLES PLC-NPR       CTTN LN     -599615492.2    3880885246
CATTLES PLC-NPR       2843734Q EO -599615492.2    3880885246
CATTLES PLC-RFD       CTTR LN     -599615492.2    3880885246
CATTLES PLC-RFD       CTTR PZ     -599615492.2    3880885246
CATTLES PLC-RFD       CTTR IX     -599615492.2    3880885246
CHRYSALIS GROUP       CHS EU      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS PZ      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSUSD EU   -7404166.369   111800785.4
CHRYSALIS GROUP       5CY GR      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSGBP EO   -7404166.369   111800785.4
CHRYSALIS GROUP       HR4 GR      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSEUR EO   -7404166.369   111800785.4
CHRYSALIS GROUP       CHS EO      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS LN      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS IX      -7404166.369   111800785.4
CHRYSALIS GROUP       CLYSF US    -7404166.369   111800785.4
CHRYSALIS GROUP       CYGUF US    -7404166.369   111800785.4
CHRYSALIS GROUP       CHSEUR EU   -7404166.369   111800785.4
CHRYSALIS GROUP       CHS VX      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS PO      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSUSD EO   -7404166.369   111800785.4
CLIPPER WINDPOWE      CWP PG        -168322000     436419008
CLIPPER WINDPOWE      CWP EO        -168322000     436419008
CLIPPER WINDPOWE      CWP IX        -168322000     436419008
CLIPPER WINDPOWE      CWP PZ        -168322000     436419008
CLIPPER WINDPOWE      CWPA LN       -168322000     436419008
CLIPPER WINDPOWE      CWP EU        -168322000     436419008
CLIPPER WINDPOWE      CRPWF US      -168322000     436419008
CLIPPER WINDPOWE      CWP LN        -168322000     436419008
CLIPPER WINDPOWE      C2W GR        -168322000     436419008
CLIPPER WINDPOWE      3470635Q LN   -168322000     436419008
COMPASS GROU-OLD      1259Q LN    -668101173.9    2972459078
COMPASS GROUP         QOP GR      -668101173.9    2972459078
COMPASS GRP-ADR       CMSGY US    -668101173.9    2972459078
COMPASS GRP-ADR       CMSJY US    -668101173.9    2972459078
CPP GROUP - ADR       CPGPY US    -69442858.18   225437367.4
CPP GROUP PLC         CPP EO      -69442858.18   225437367.4
CPP GROUP PLC         CPP TQ      -69442858.18   225437367.4
CPP GROUP PLC         CPP EB      -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 LN      -69442858.18   225437367.4
CPP GROUP PLC         4CV GK      -69442858.18   225437367.4
CPP GROUP PLC         CPP IX      -69442858.18   225437367.4
CPP GROUP PLC         CPP NR      -69442858.18   225437367.4
CPP GROUP PLC         4CV GR      -69442858.18   225437367.4
CPP GROUP PLC         CPP BQ      -69442858.18   225437367.4
CPP GROUP PLC         CPP QM      -69442858.18   225437367.4
DANKA BUS SYSTEM      DANKF US      -497127008     121439000
DANKA BUS SYSTEM      DNK VX        -497127008     121439000
DANKA BUS SYSTEM      DNK IX        -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU   -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO   -497127008     121439000
DANKA BUS SYSTEM      DNK PZ        -497127008     121439000
DANKA BUS SYSTEM      DNK LN        -497127008     121439000
DANKA BUS SYSTEM      3205283Q EO   -497127008     121439000
DANKA BUS SYSTEM      DNK PO        -497127008     121439000
DANKA BUS-$US CE      DANKD AR      -497127008     121439000
DANKA BUS-ADR         DANKY US      -497127008     121439000
DANKA BUS-ADR         DB6 GR        -497127008     121439000
DANKA BUS-ADR         DANKE US      -497127008     121439000
DANKA BUS-ADR         AP39 LI       -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         EZNGF US    -60380609.34   334049332.2
EASYNET GROUP         ESY PO      -60380609.34   334049332.2
EASYNET GROUP         EAY GR      -60380609.34   334049332.2
EASYNET GROUP         ESY LN      -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         EMI IX       -2265916257    2950021937
EMI GROUP PLC         EMI VX       -2265916257    2950021937
EMI GROUP PLC         EMIPF US     -2265916257    2950021937
EMI GROUP PLC         3020138Q GR  -2265916257    2950021937
EMI GROUP PLC         EMI PO       -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN  -2265916257    2950021937
EMI GROUP-ADR         38IS LN      -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN      -2265916257    2950021937
EMI GROUP-ADR         EMIPY US     -2265916257    2950021937
EUROPEAN HOME         FPAKF US    -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ      -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU   -14328735.16   110864081.4
EUROPEAN HOME         EHR EU      -14328735.16   110864081.4
EUROPEAN HOME         EHR LN      -14328735.16   110864081.4
EUROPEAN HOME         EHR VX      -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX      -14328735.16   110864081.4
EUROPEAN HOME         EHR EO      -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO   -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO   -14328735.16   110864081.4
EUROPEAN HOME         EHR PO      -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO      -14328735.16   110864081.4
FAREPAK PLC           FPK LN      -14328735.16   110864081.4
GALA GROUP LTD        19374Z LN    -1443271177    5876950503
GALIFORM PLC          GFRM LN     -75193921.28   522873560.7
GALIFORM PLC          GFRM NR     -75193921.28   522873560.7
GALIFORM PLC          GFRM PZ     -75193921.28   522873560.7
GALIFORM PLC          MFI IX      -75193921.28   522873560.7
GALIFORM PLC          GFRM EU     -75193921.28   522873560.7
GALIFORM PLC          GFRM BQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMNOK EU  -75193921.28   522873560.7
GALIFORM PLC          GFRM IX     -75193921.28   522873560.7
GALIFORM PLC          GFRM EB     -75193921.28   522873560.7
GALIFORM PLC          MFI PO      -75193921.28   522873560.7
GALIFORM PLC          GFRM PO     -75193921.28   522873560.7
GALIFORM PLC          GFRMNOK EO  -75193921.28   522873560.7
GALIFORM PLC          MFI VX      -75193921.28   522873560.7
GALIFORM PLC          GFRM NQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMGBP EO  -75193921.28   522873560.7
GALIFORM PLC          GFRM QM     -75193921.28   522873560.7
GALIFORM PLC          MFIFF US    -75193921.28   522873560.7
GALIFORM PLC          GFRM VX     -75193921.28   522873560.7
GALIFORM PLC          GFRM TQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMEUR EU  -75193921.28   522873560.7
GALIFORM PLC          GFRMEUR EO  -75193921.28   522873560.7
GALIFORM PLC          GFRM EO     -75193921.28   522873560.7
GARTLAND WHALLEY      GWB LN      -10986769.42   145352034.5
GLOBAL CROSSING       3629883Z LN -353965056.4   492328850.3
GO-AHEAD GRO-ADR      GHGUY US    -62731807.28    1535334402
GO-AHEAD GROUP        GOG QM      -62731807.28    1535334402
GO-AHEAD GROUP        GOG NQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOGEUR EU   -62731807.28    1535334402
GO-AHEAD GROUP        GOG EO      -62731807.28    1535334402
GO-AHEAD GROUP        GOG IX      -62731807.28    1535334402
GO-AHEAD GROUP        GOG LN      -62731807.28    1535334402
GO-AHEAD GROUP        GOGEUR EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOG EU      -62731807.28    1535334402
GO-AHEAD GROUP        GHGUF US    -62731807.28    1535334402
GO-AHEAD GROUP        G9X GK      -62731807.28    1535334402
GO-AHEAD GROUP        GOG PO      -62731807.28    1535334402
GO-AHEAD GROUP        GOGUSD EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOG PZ      -62731807.28    1535334402
GO-AHEAD GROUP        G9X GR      -62731807.28    1535334402
GO-AHEAD GROUP        GOG EB      -62731807.28    1535334402
GO-AHEAD GROUP        GOG NR      -62731807.28    1535334402
GO-AHEAD GROUP        GOG BQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOG VX      -62731807.28    1535334402
GO-AHEAD GROUP        GOG TQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOGGBP EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOGUSD EU   -62731807.28    1535334402
HOWDEN JOINERY G      HWDN LN     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN QM     -75193921.28   522873560.7
HOWDEN JOINERY G      GLFMF US    -75193921.28   522873560.7
HOWDEN JOINERY G      10J GK      -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EB     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNGBP EO  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN IX     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNOK EO   -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNEUR EU  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EO     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EU     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN TQ     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN PZ     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNOK EU   -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNEUR EO  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN BQ     -75193921.28   522873560.7
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            JRVS EO     -64739862.73     130951086
JARVIS PLC            JVR GR      -64739862.73     130951086
JARVIS PLC            JRVS PO     -64739862.73     130951086
JARVIS PLC            JRVS EU     -64739862.73     130951086
JARVIS PLC            JRVS PZ     -64739862.73     130951086
JARVIS PLC            JRVS LN     -64739862.73     130951086
JARVIS PLC            JRVSGBP EO  -64739862.73     130951086
JARVIS PLC            JRVS IX     -64739862.73     130951086
JARVIS PLC            JVSPF US    -64739862.73     130951086
JARVIS PLC            JRVS VX     -64739862.73     130951086
JARVIS PLC            JRVSEUR EO  -64739862.73     130951086
JESSOPS PLC           JSPEUR EO    -42702021.2   112964060.4
JESSOPS PLC           JS4 GR       -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU    -42702021.2   112964060.4
JESSOPS PLC           JSP PZ       -42702021.2   112964060.4
JESSOPS PLC           JSP EU       -42702021.2   112964060.4
JESSOPS PLC           JSP LN       -42702021.2   112964060.4
JESSOPS PLC           JSP PO       -42702021.2   112964060.4
JESSOPS PLC           JSP VX       -42702021.2   112964060.4
JESSOPS PLC           JSP EO       -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO    -42702021.2   112964060.4
JESSOPS PLC           JSP IX       -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
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      LDSUF US     -73166148.8   143762193.7
LEEDS UNITED PLC      LUFC LN      -73166148.8   143762193.7
LEEDS UNITED PLC      889687Q GR   -73166148.8   143762193.7
LONDON TOWN PLC       LOU GR      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PO      -21897636.36   175672299.2
LONDON TOWN PLC       LTW EU      -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN     -21897636.36   175672299.2
LONDON TOWN PLC       LTW LN      -21897636.36   175672299.2
LONDON TOWN PLC       LTW EO      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PZ      -21897636.36   175672299.2
LONDON TOWN PLC       LTWX LN     -21897636.36   175672299.2
LONDON TOWN PLC       LTW IX      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG      -21897636.36   175672299.2
M 2003 PLC            203055Q LN   -2203513803    7204891602
M 2003 PLC            MTWOF US     -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US     -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US     -2203513803    7204891602
MARCONI PLC           MNI BB       -2203513803    7204891602
MARCONI PLC           MRCQF US     -2203513803    7204891602
MARCONI PLC           203083Q VX   -2203513803    7204891602
MARCONI PLC           MONI BB      -2203513803    7204891602
MARCONI PLC           MY2 GR       -2203513803    7204891602
MARCONI PLC           MNI LN       -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US     -2203513803    7204891602
MARCONI PLC-ADR       MONI US      -2203513803    7204891602
MARCONI PLC-ADR       MCONY US     -2203513803    7204891602
MARCONI PLC-ADR       MONIY US     -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR      -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU    -2203513803    7204891602
MARCONI PLC-ADR       MONIE US     -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR      -2203513803    7204891602
MFI FURNITURE GR      MFI LN      -75193921.28   522873560.7
MYTRAVEL GROUP        3544280Q IX -379721841.6    1817512774
MYTRAVEL GROUP        MT/S VX     -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR     -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO     -379721841.6    1817512774
MYTRAVEL GROUP        MYTPF US    -379721841.6    1817512774
MYTRAVEL GROUP        MT/S LN     -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      MYTVF US    -379721841.6    1817512774
MYTRAVEL GROUP-A      2281919Q GR -379721841.6    1817512774
NEW STAR ASSET        NSAM LN       -397718038   292972732.1
NEW STAR ASSET        3226435Q EO   -397718038   292972732.1
NEW STAR ASSET        NSAM IX       -397718038   292972732.1
NEW STAR ASSET        NWSAF US      -397718038   292972732.1
NEW STAR ASSET        NSAM PZ       -397718038   292972732.1
NEW STAR ASSET        N6S GR        -397718038   292972732.1
NEW STAR ASSET        NSAA LN       -397718038   292972732.1
NEW STAR ASSET        NSAM PO       -397718038   292972732.1
NEW STAR ASSET        3226443Q EO   -397718038   292972732.1
NEW STAR ASSET        3226431Q EU   -397718038   292972732.1
NEW STAR ASSET        NSAM TQ       -397718038   292972732.1
NEW STAR ASSET        3226439Q EU   -397718038   292972732.1
NEW STAR ASSET        3226447Q EO   -397718038   292972732.1
NORTHERN FOODS        NFDS VX     -30711069.58   891077074.3
NORTHERN FOODS        NFDS IX     -30711069.58   891077074.3
NORTHERN FOODS        NFDSEUR EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDSUSD EU  -30711069.58   891077074.3
NORTHERN FOODS        NFDS PO     -30711069.58   891077074.3
NORTHERN FOODS        NTFOF US    -30711069.58   891077074.3
NORTHERN FOODS        NFDS NQ     -30711069.58   891077074.3
NORTHERN FOODS        NFDS BQ     -30711069.58   891077074.3
NORTHERN FOODS        NFO GR      -30711069.58   891077074.3
NORTHERN FOODS        NFDSEUR EU  -30711069.58   891077074.3
NORTHERN FOODS        NFDS EU     -30711069.58   891077074.3
NORTHERN FOODS        NFDS EB     -30711069.58   891077074.3
NORTHERN FOODS        NFDS PZ     -30711069.58   891077074.3
NORTHERN FOODS        NFDS LN     -30711069.58   891077074.3
NORTHERN FOODS        NFDS EO     -30711069.58   891077074.3
NORTHERN FOODS        NFDS NR     -30711069.58   891077074.3
NORTHERN FOODS        NFDS TQ     -30711069.58   891077074.3
NORTHERN FOODS        NFDSUSD EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDSGBP EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDS QM     -30711069.58   891077074.3
NORTHERN FOODS        NFO GK      -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 QM     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EB     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EU     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO IX     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EO     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO LN     -53016960.71   225261865.5
OCADO GROUP PLC       0OC GK      -53016960.71   225261865.5
OCADO GROUP PLC       OCDO BQ     -53016960.71   225261865.5
OCADO GROUP PLC       OCDOEUR EU  -53016960.71   225261865.5
OCADO GROUP PLC       0OC GR      -53016960.71   225261865.5
OCADO GROUP PLC       OCDO PZ     -53016960.71   225261865.5
ORANGE PLC            ORNGF US      -593935051    2902299502
ORANGE PLC            1460Q GR      -593935051    2902299502
ORANGE PLC            951641Q LN    -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN       -593935051    2902299502
ORANGE PLC-ADR        ORNGY US      -593935051    2902299502
ORANGE PLC-ADR        ONG GR        -593935051    2902299502
ORBIS PLC             OBS LN      -4168498.479   127701679.5
ORBIS PLC             OBG PO      -4168498.479   127701679.5
ORBIS PLC             OBS PZ      -4168498.479   127701679.5
ORBIS PLC             OBS IX      -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
PATIENTLINE PLC       PTL IX      -54677284.64   124948245.8
PATIENTLINE PLC       PTL LN      -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO      -54677284.64   124948245.8
PATIENTLINE PLC       PTL PZ      -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX      -54677284.64   124948245.8
PATIENTLINE PLC       2928899Q EO -54677284.64   124948245.8
PROSTRAKAN GROUP      PSK LN      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK EU      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK IX      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK PO      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKGBP EO   -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKEUR EO   -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK EO      -12569003.96   123595205.6
PROSTRAKAN GROUP      PKNGF US    -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK PZ      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK VX      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKEUR EU   -12569003.96   123595205.6
REAL ESTATE OP-O      REO ID      -145048365.8    2933767507
REAL ESTATE OP-O      REO EU      -145048365.8    2933767507
REAL ESTATE OP-O      REO PZ      -145048365.8    2933767507
REAL ESTATE OP-O      REO LN      -145048365.8    2933767507
REAL ESTATE OP-O      REO IX      -145048365.8    2933767507
REAL ESTATE OP-O      REO EO      -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      REA GR      -145048365.8    2933767507
REGUS LTD             273187Q LN  -46111835.37     367181111
REGUS PLC             REGSF US    -46111835.37     367181111
REGUS PLC             2296Z LN    -46111835.37     367181111
REGUS PLC             RGU GR      -46111835.37     367181111
REGUS PLC             273195Q VX  -46111835.37     367181111
REGUS PLC-ADS         REGSY US    -46111835.37     367181111
REGUS PLC-ADS         REGSV US    -46111835.37     367181111
REGUS PLC-ADS         REGS US     -46111835.37     367181111
REGUS PLC-ADS         RGUA GR     -46111835.37     367181111
RENTOKIL INITIAL      RTO PZ      -93968267.73    2931869901
RENTOKIL INITIAL      RTOEUR EU   -93968267.73    2931869901
RENTOKIL INITIAL      RTO1 GR     -93968267.73    2931869901
RENTOKIL INITIAL      RTO PO      -93968267.73    2931869901
RENTOKIL INITIAL      RTO1 GK     -93968267.73    2931869901
RENTOKIL INITIAL      RTOEUR EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTOKF US    -93968267.73    2931869901
RENTOKIL INITIAL      RTOGBP EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTO BQ      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EO      -93968267.73    2931869901
RENTOKIL INITIAL      RTO LN      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EB      -93968267.73    2931869901
RENTOKIL INITIAL      RTO VX      -93968267.73    2931869901
RENTOKIL INITIAL      RTOUSD EU   -93968267.73    2931869901
RENTOKIL INITIAL      RTO TQ      -93968267.73    2931869901
RENTOKIL INITIAL      RKLIF US    -93968267.73    2931869901
RENTOKIL INITIAL      RTOUSD EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTO NQ      -93968267.73    2931869901
RENTOKIL INITIAL      RTOG IX     -93968267.73    2931869901
RENTOKIL INITIAL      RTO IX      -93968267.73    2931869901
RENTOKIL INITIAL      RTO QM      -93968267.73    2931869901
RENTOKIL INITIAL      RTO GR      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EU      -93968267.73    2931869901
RENTOKIL INITIAL      RTO NR      -93968267.73    2931869901
RENTOKIL-SP ADR       RTOKY US    -93968267.73    2931869901
RENTOKIL-SP ADR       AP76 LI     -93968267.73    2931869901
SAATCHI & SA-ADR      SSI$ LN     -119260804.2   705060824.5
SAATCHI & SA-ADR      SSA US      -119260804.2   705060824.5
SAATCHI & SAATCH      SSI LN      -119260804.2   705060824.5
SAATCHI & SAATCH      SSATF US    -119260804.2   705060824.5
SAATCHI & SAATCH      188190Q GR  -119260804.2   705060824.5
SCOTTISH MEDIA        SSMR LN     -61797602.82   173123066.5
SCOTTISH MEDIA        1442Q GR    -61797602.82   173123066.5
SCOTTISH MEDIA        SSM LN      -61797602.82   173123066.5
SCOTTISH TELEV        SCTVF US    -61797602.82   173123066.5
SFI GROUP PLC         SUYFF US    -108067115.8   177647536.1
SFI GROUP PLC         SUF LN      -108067115.8   177647536.1
SKYEPHARMA PLC        SK8A GR     -119704799.7   123295943.6
SKYEPHARMA PLC        SKP EU      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP EO      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP TQ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKPEUR EU   -119704799.7   123295943.6
SKYEPHARMA PLC        SK8C GR     -119704799.7   123295943.6
SKYEPHARMA PLC        SKP BQ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP LN      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP PZ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP1 VX     -119704799.7   123295943.6
SKYEPHARMA PLC        SKPEUR EO   -119704799.7   123295943.6
SKYEPHARMA PLC        SKP VX      -119704799.7   123295943.6
SKYEPHARMA PLC        SKPGBP EO   -119704799.7   123295943.6
SKYEPHARMA PLC        SKP PO      -119704799.7   123295943.6
SKYEPHARMA PLC        SKYEF US    -119704799.7   123295943.6
SKYEPHARMA PLC        SKP IX      -119704799.7   123295943.6
SKYEPHARMA -SUB       2976665Z LN -119704799.7   123295943.6
SKYEPHARMA-ADR        SK8 GR      -119704799.7   123295943.6
SKYEPHARMA-ADR        SK8N GR     -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYPY US    -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYEY US    -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYE US     -119704799.7   123295943.6
SKYEPHARMA-ADR        AP80 LI     -119704799.7   123295943.6
SKYEPHAR-RTS F/P      SKPF VX     -119704799.7   123295943.6
SKYEPHAR-RTS F/P      SKPF LN     -119704799.7   123295943.6
SKYEPHAR-RTS N/P      SKPN VX     -119704799.7   123295943.6
SKYEPHAR-RTS N/P      SKPN LN     -119704799.7   123295943.6
SMG PLC               SMG LN      -61797602.82   173123066.5
SMG PLC               SMG PO      -61797602.82   173123066.5
SMG PLC-FUL PAID      SMGF LN     -61797602.82   173123066.5
SMG PLC-NIL PAID      SMGN LN     -61797602.82   173123066.5
SMITHS NEWS PLC       NWS PO      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS PZ      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS IX      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 TQ     -95712237.17   277933611.8
SMITHS NEWS PLC       SMWPF US    -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 BQ     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS LN      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2GBP EO  -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 EU     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1GBP EO  -95712237.17   277933611.8
SMITHS NEWS PLC       SMWPY US    -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 EO     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2EUR EU  -95712237.17   277933611.8
SMITHS NEWS PLC       NWS VX      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 EU     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 EO     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2EUR EO  -95712237.17   277933611.8
STV GROUP PLC         SMG PZ      -61797602.82   173123066.5
STV GROUP PLC         SMG VX      -61797602.82   173123066.5
STV GROUP PLC         STVGEUR EU  -61797602.82   173123066.5
STV GROUP PLC         STVG LN     -61797602.82   173123066.5
STV GROUP PLC         STVGEUR EO  -61797602.82   173123066.5
STV GROUP PLC         STVG EU     -61797602.82   173123066.5
STV GROUP PLC         SMG IX      -61797602.82   173123066.5
STV GROUP PLC         SMGPF US    -61797602.82   173123066.5
STV GROUP PLC         STVGGBP EO  -61797602.82   173123066.5
STV GROUP PLC         STVG VX     -61797602.82   173123066.5
STV GROUP PLC         STVG EO     -61797602.82   173123066.5
TELEWEST COM-ADR      TWSTD US     -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US     -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN      -3702234581    7581020925
TELEWEST COM-ADR      940767Q GR   -3702234581    7581020925
TELEWEST COMM         TWT VX       -3702234581    7581020925
TELEWEST COMM         715382Q LN   -3702234581    7581020925
TELEWEST COMM         604296Q GR   -3702234581    7581020925
TELEWEST COMM         TWSTF US     -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 PO      -49423537.13   155303750.4
TOPPS TILES PLC       TPT VX      -49423537.13   155303750.4
TOPPS TILES PLC       TPTJY US    -49423537.13   155303750.4
TOPPS TILES PLC       TPT EU      -49423537.13   155303750.4
TOPPS TILES PLC       TPT BQ      -49423537.13   155303750.4
TOPPS TILES PLC       TPT LN      -49423537.13   155303750.4
TOPPS TILES PLC       TPT IX      -49423537.13   155303750.4
TOPPS TILES PLC       TPT EO      -49423537.13   155303750.4
TOPPS TILES PLC       TPT PZ      -49423537.13   155303750.4
TOPPS TILES PLC       TPT TQ      -49423537.13   155303750.4
TOPPS TILES PLC       TPTGBP EO   -49423537.13   155303750.4
TOPPS TILES PLC       TPTEUR EU   -49423537.13   155303750.4
TOPPS TILES PLC       TPTJF US    -49423537.13   155303750.4
TOPPS TILES PLC       TPTEUR EO   -49423537.13   155303750.4
TOPPS TILES-NEW       TPTN LN     -49423537.13   155303750.4
UNIGATE PLC           UNGPF US    -21397232.94   474779161.6
UNIGATE PLC           UNGAF US    -21397232.94   474779161.6
UNIGATE PLC           1577Q GR    -21397232.94   474779161.6
UNIGATE PLC           UNIG LN     -21397232.94   474779161.6
UNIGATE PLC-ADR       UNGAY US    -21397232.94   474779161.6
UNIQ PLC              UNIQ LN     -21397232.94   474779161.6
UNIQ PLC              UNIQ VX     -21397232.94   474779161.6
UNIQ PLC              UGE GR      -21397232.94   474779161.6
UNIQ PLC              UNIQEUR EU  -21397232.94   474779161.6
UNIQ PLC              UNIQF US    -21397232.94   474779161.6
UNIQ PLC              UNIQ IX     -21397232.94   474779161.6
UNIQ PLC              UNQPF US    -21397232.94   474779161.6
UNIQ PLC              UNIQGBP EO  -21397232.94   474779161.6
UNIQ PLC              UNIQ EU     -21397232.94   474779161.6
UNIQ PLC              UNIQEUR EO  -21397232.94   474779161.6
UNIQ PLC              UNIQ EO     -21397232.94   474779161.6
UNIQ PLC              UNIQ PZ     -21397232.94   474779161.6
UNIQ PLC              UNIQ PO     -21397232.94   474779161.6
UTC GROUP             UGR LN      -11904426.45     203548565
VIRGIN MOB-ASSD       VMOA LN     -392165437.6   166070003.7
VIRGIN MOB-ASSD       VMOC LN     -392165437.6   166070003.7
VIRGIN MOBILE         VMOB VX     -392165437.6   166070003.7
VIRGIN MOBILE         UEM GR      -392165437.6   166070003.7
VIRGIN MOBILE         VMOB LN     -392165437.6   166070003.7
VIRGIN MOBILE         VGMHF US    -392165437.6   166070003.7
VIRGIN MOBILE         VMOB PO     -392165437.6   166070003.7
WARNER ESTATE         WNER PO     -6076459.885   426871306.9
WARNER ESTATE         WNER LN     -6076459.885   426871306.9
WARNER ESTATE         WNERGBP EO  -6076459.885   426871306.9
WARNER ESTATE         WNER EU     -6076459.885   426871306.9
WARNER ESTATE         WNER EO     -6076459.885   426871306.9
WARNER ESTATE         WNER IX     -6076459.885   426871306.9
WARNER ESTATE         WNER VX     -6076459.885   426871306.9
WARNER ESTATE         WNEHF US    -6076459.885   426871306.9
WARNER ESTATE         WNER PZ     -6076459.885   426871306.9
WARNER ESTATE         WRL GR      -6076459.885   426871306.9
WATSON & PHILIP       WTSN LN       -120493900   252232072.9
WINCANTON PL-ADR      WNCNY US    -151911497.1    1420828184
WINCANTON PLC         WIN PZ      -151911497.1    1420828184
WINCANTON PLC         WIN1 TQ     -151911497.1    1420828184
WINCANTON PLC         WIN VX      -151911497.1    1420828184
WINCANTON PLC         WIN1 BQ     -151911497.1    1420828184
WINCANTON PLC         WIN IX      -151911497.1    1420828184
WINCANTON PLC         WIN1 EU     -151911497.1    1420828184
WINCANTON PLC         WIN PO      -151911497.1    1420828184
WINCANTON PLC         WIN1 NQ     -151911497.1    1420828184
WINCANTON PLC         WIN1EUR EO  -151911497.1    1420828184
WINCANTON PLC         WIN1USD EU  -151911497.1    1420828184
WINCANTON PLC         WNCNF US    -151911497.1    1420828184
WINCANTON PLC         WIN1USD EO  -151911497.1    1420828184
WINCANTON PLC         WIN1EUR EU  -151911497.1    1420828184
WINCANTON PLC         WIN1 QM     -151911497.1    1420828184
WINCANTON PLC         WIN1 EO     -151911497.1    1420828184
WINCANTON PLC         WIN1 EB     -151911497.1    1420828184
WINCANTON PLC         WIN1GBP EO  -151911497.1    1420828184
WINCANTON PLC         WIN LN      -151911497.1    1420828184


                            *********

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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *