TCREUR_Public/101228.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, December 28, 2010, Vol. 11, No. 255

                            Headlines



B U L G A R I A

KREMIKOVTZI AD: Third Asset Auction Scheduled for February 7
PIRAEUS BANK: Moody's Withdraws E+ Bank Financial Strength Rating


D E N M A R K

* DENMARK: Failed Banks Cost Financial Stability DKK10 Billion


F I N L A N D

UPM-KYMMENE CORP: Moody's Affirms 'Ba1' Corporate Family Rating


F R A N C E

FCC MINOTAURE: Fitch Affirms Rating on Class C Notes at 'BBsf'


G R E E C E

* Fitch Puts Ratings on Various Greek Banks on Negative Watch


H U N G A R Y

AEROVIVA UTAZASI: Budapest Police Investigate Bankruptcy
HUNGARIAN STATE: S&P Affirms 'B+' LT Corporate Credit Rating
MAV MAGYAR: Moody's Withdraws 'Ba3' Corporate Family Rating


I R E L A N D

PADDY BURKE: Goes Into Receivership
TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D'


I T A L Y

BANCA UBAE: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
PREMAFIN HP: Creditors Agree to Reschedule EUR322.5MM Debt


K A Z A K H S T A N

ATF BANK: Fitch Affirms Long-Term Foreign Currency IDR
KAZAGROFINANCE: Fitch Affirms 'BB' Long-Term Foreign Currency IDR


N E T H E R L A N D S

CASSIOPEIA QEX: S&P Keeps CreditWatch Negative on Class A Notes
INNOCONCEPTS NV: Declared Bankrupt by Den Bosch Court
PLAYLOGIC ENTERTAINMENT: Board Accepts Resignation of CEO


R U S S I A

BALTIYSKIY BANK: Moody's Withdraws 'Caa1' Long-Term Debt Rating
RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating
ROSSIYA OJSC: Fitch Affirms 'B-' Insurer Strength Rating
RUSIA PETROLEUM: To Be Put for Auction at US$495MM Starting Price


S L O V A K   R E P U B L I C

VOLKSBANK SLOVENSKO: Fitch Affirms Individual Rating at 'D'


S P A I N

AYT COLATERALES: S&P Assigns 'CCC (sf)' Rating on Class D Notes
TDA 25: Fitch Affirms Rating on Class D Notes at 'CCsf'


S W I T Z E R L A N D

SWISS TIMBER: Files for Bankruptcy After Restructuring Plan Failed


U K R A I N E

UKRAINIAN CORPORATION: Expects to Sign Debt Deal in Jan-Feb 2011


U N I T E D   K I N G D O M

ALLIANZ GLOBAL: Court Grants Formal Recognition of UK Proceedings
BLADE TOOLING: Tough Trading Conditions Prompt Administration
CELTIC CRUSADERS: Bought Out of Administration
CREST NICHOLSON: Majority of Lenders Back Debt-Swap Proposal
DAVE BUSHBY: Calls in Administrator Due to Rok's Collapse

ECO-BAT TECHNOLOGIES: S&P Gives Stable Outlook; Affirms B+ Rating
FLYGLOBESPAN: Faces GBP4 Million Claim Over Redundancies
JJB SPORTS: Plans to Raise GBP31.5 Million in Share Sale
SHELLEYS IN LEWES: Put Up for Sale Following Administration
* UK: Insolvencies Down 15% in November 2010, Experian Says


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            *********


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


KREMIKOVTZI AD: Third Asset Auction Scheduled for February 7
------------------------------------------------------------
Novinite.com reports that Kremikovtzi AD's receiver has scheduled
February 7 as the date for the third attempt to sell off the
company's assets.

Two prior auctions were held over the fall, but failed because
actually no one turned out to bid for Kremikovtzi, according to
Novinite.com.  Unlike the first closed-bid auction, the second was
with direct bidding, Novinite.com states.  The starting price was
BGN452,414,008, down by 20% over the initial tag at the first
tender, which also failed due to lack of prospective buyers,
Novinite.com discloses.

According to Novinite.com, for February's bid, the initial price
will drop even further (with 31% from the initial one), and will
set at BGN395 million.

Novinite.com says the factory's receiver Tsvetan Bankov has
expressed confidence that Kremikovtzi's assets will be eventually
sold and its creditors will be redeemed.  According to Mr. Bankov,
the rail transport network and the electricity and natural gas
distribution grids on the site of the plant are its biggest asset
and should draw investors once the price is lowered even further,
Novinite.com notes.  Novinite.com relates that Mr. Bankov
attributed the failure of the November 5 auction to what he called
"too high a price."

The site and assets of the struggling company, built in the 1960s,
were offered for sale four months after the behemoth was sent into
liquidation, its businesses -- wound up and its assets --
offloaded, Novinite.com recounts.

As reported by the Troubled Company Reporter-Europe on July 29,
2010, Bloomberg News, citing a report from the receiver, said the
mill's assets total BGN840 million, while debt was estimated at
BGN1.9 billion.  Bloomberg recalled the Sofia City Court declared
Kremikovtzi bankrupt May 31.  The Sofia-based plant was placed in
receivership in 2008 after failing to pay suppliers and investors
holding BGN325 million (US$422 million) of bonds, Bloomberg
disclosed.  Creditors rejected a restructuring plan in October
2009, opting to be repaid under insolvency laws, Bloomberg
recounted.  Bloomberg noted that of the total liabilities, 42% are
owed to state-run power and gas utilities, the state railways and
tax authorities.

                        About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is 71%-owned by
Finmetals Holding AD.


PIRAEUS BANK: Moody's Withdraws E+ Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the E+ standalone Bank
Financial Strength Rating of Piraeus Bank Bulgaria AD and its
long-term and short-term local- and foreign-currency deposit
ratings of Ba3/Not-Prime.  At the time of withdrawal, all these
ratings had a negative outlook.

                        Ratings Rationale

Moody's has withdrawn the credit ratings for its own business
reasons.

Moody's previous rating action on PBB was implemented on May 3,
2010, when the BFSR was downgraded to E+ from D- and the long-term
and short-term local- and foreign-currency deposit ratings were
changed to Ba3/Not-Prime from Baa3/Prime-3.  All ratings were
assigned a negative outlook.


PBB is based in Sofia (Bulgaria) and had consolidated total assets
of BGN4.2 billion (EUR2.2 billion) as at the end of September
2010.


=============
D E N M A R K
=============


* DENMARK: Failed Banks Cost Financial Stability DKK10 Billion
--------------------------------------------------------------
Gelu Sulugiuc at Bloomberg News reports that Danish banks that
failed and were taken over by the Financial Stability Company had
losses amounting to more than DKK10 billion (US$1.8 billion).

According to Bloomberg, the Financial Stability said in a Dec. 23
e-mail that the state agency will therefore request to receive the
DKK10 billion that was the initial payment Danish banks made into
a guarantee fund as part of the country's first bank aid package
agreed to in October 2008.


=============
F I N L A N D
=============


UPM-KYMMENE CORP: Moody's Affirms 'Ba1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 Corporate Family Rating
of UPM-Kymmene as well as the Ba1 Senior Unsecured Notes Ratings
upon the announcement of the acquisition of Myllykoski Group (not
rated).  The rating outlook remains stable.  This follows UPM's
announcement that it has entered into a definitive agreement
(subject to certain closing conditions) with Myllykoski
Corporation and Rhein Papier GmbH for an approximate enterprise
value of the businesses of EUR900 million.

                         Rating Rationale

The affirmation of the Ba1 CFR reflects the positive impact of the
acquisition of Myllykoski on UPM's business profile through an
increased size and market share in UPM's core publication paper
business division.  Moody's recognizes the strategic rationale and
the potential long-term benefits of the transaction that will spur
much-needed consolidation in the European publication paper
market.  Moody's expect UPM to take advantage from its
consolidated market position and a larger asset pool by lifting
synergies, economies of scale and asset efficiencies.  In
addition, there is the potential of positive pricing momentum from
a tighter European magazine and newsprint paper market following
expected capacity cuts.  Furthermore, the affirmation reflects
UPM's gradual performance improvements realized over the past
quarters driven by improved demand for publication paper enabling
UPM to implement several price increases.  As a result, UPM has
gained some headroom in its rating category prior to the
announcement of the transaction.

The expected weakening of UPM's financial profile resulting from
this transaction is however consuming much of the achieved
headroom in the Ba1 rating category.  More specifically, Moody's
note that net debt levels will increase by about EUR800 million,
resulting in an increase in leverage in terms of adjusted
Debt/EBITDA to about 4x on a pro forma September 2010 basis.  This
is stretched for the Ba1 rating category point-in-time and Moody's
would assume UPM to realize further gradual performance
improvements to become more solidly positioned in the current
rating category in the 12-18 months following the transaction.  In
addition, Moody's note a certain aggressiveness in the company's
financial policy as indicated by the intention to finance the
purchase price largely through debt.  At the same time, Moody's
note that this acquisition is exposing UPM to some integration as
well as implementation risks of related restructuring efforts.

Rating pressure could therefore build up should the integration be
more problematic or costly than currently anticipated by
management or should the aggregate of potential price improvements
and anticipated minimum synergies of EUR100 million per year from
2012 onwards prove not to be realizable.  Leverage ratio in terms
of Debt/EBITDA staying around 4 times with EBITDA-margins in the
low teens and negative free cash flow generation would also induce
negative pressure.  Also, any material deviations from the
proposed financing package could result in downgrade pressure.

Positive pressure would develop with a track record of sustainable
profitability with EBITDA margins in the mid to high teen
percentages translating into cash flow/debt metrics (as indicated
by Retained Cash Flow/Debt) of towards 20% and a further reduction
in leverage with Debt/EBITDA moving towards 3 times.

The announced transaction encompasses the acquisition of seven
publication paper mills in Europe and the United States with a
total capacity of 2.8 million tones as well as a 0.8% share in the
Finnish energy company Pohjolan Voima Oy.  The transaction shall
be financed with long-term debt arrangements amounting to EUR800
million and through the issuance of shares with a current market
value of approximately EUR60 million.  Moody's notes positively
that most of the financing is committed on a multi-year basis.
The merger is conditional on clearance by the relevant competition
authorities but is expected to close in late Q2 2011.

With around EUR8.7 billion of revenues in the last twelve months
ending September 2010, UPM-Kymmene is one of the world's largest
paper and forest products companies.  UPM has leading positions in
communication paper grades (newsprint, magazine, fine and
specialty paper), and is also active in pulp and energy
production, label materials and wood products.


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


FCC MINOTAURE: Fitch Affirms Rating on Class C Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed eight tranches of four French RMBS
transactions originated by Electricite de France, Gaz de France
and their subsidiaries.  The rating actions are:

Electra 1:

  -- Class A4 (ISIN FR0000504227): affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity (LS) Rating of 'LS-1'

Loggias 2001-1:

  -- Class A (ISIN FR0000488462): affirmed at 'AAAsf'; Outlook
     Stable; LS Rating 'LS-1'

  -- Class B (ISIN FR0000488470): affirmed at 'Asf'; Outlook
     Stable; LS Rating 'LS-5'

Loggias 2003-1:

  -- Class A (ISIN FR0010029231): affirmed at 'AAAsf'; Outlook
     Stable; LS Rating 'LS-1'

  -- Class B (ISIN FR0010029256): affirmed at 'Asf'; Outlook
     Stable; LS Rating 'LS-5'

FCC Minotaure Compartment 2004-1:

  -- Class A (ISIN FR0010302687): affirmed at 'AAAsf'; Outlook
     Stable; LS Rating 'LS-1'

  -- Class B (ISIN FR0010302794): affirmed at 'Asf'; Outlook
     Stable; LS Rating 'LS-4'

  -- Class C (ISIN FR0010302802): affirmed at 'BBsf'; Outlook
     Stable; LS Rating 'LS-5'

The method of analysis for these four transactions differs to that
of a typical RMBS transaction.  The collateral pools comprise
subsidized residential loans, carrying interest rates lower than
the market rate, and are therefore sold at a discount to the Fonds
Commun de Creances.  The majority of the loans do not benefit from
collateral acting as security but loan installments are deducted
from the salaries of employees.  Defaults can arise due to death,
a temporary or permanent disability of a borrower, where the loan
is cancelled, or it can arise because of a termination of contract
brought about by over-indebtedness, bereavement and/or change in
family status.

In each transaction, cumulative defaults to date have been
considerably lower than the originally assumed levels.  Compared
with the other three, Electra has shown higher cumulative defaults
throughout its life, presently at 1.36% of its initial balance,
although it does benefit from a relatively more generous discount,
and therefore a higher level of excess spread.

The credit enhancement levels of Loggias 2001-1 and Loggias 2003-1
have remained constant given the pro-rata amortization of the
notes.  The credit enhancement levels of the class A, class B and
class C tranches of FCC Minotaure have increased to 7.98%, 3.15%,
2.95% from 7.06%, 2.23% and 2.04% respectively, due to the reserve
fund capturing 20% of gross excess spread each payment date.


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


* Fitch Puts Ratings on Various Greek Banks on Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed National Bank of Greece, Alpha Bank, EFG
Eurobank Ergasias, Piraeus Bank and Agricultural Bank of Greece
'BBB-' and 'F3' Long and Short-term Issuer Default Ratings on
Rating Watch Negative.  This follows Greece's sovereign rating
being placed on RWN ('BBB-'/ 'F3' RWN).

All of the banks' Long-term IDRs are based on Fitch's assessment
of the likelihood of them receiving support should this become
necessary and on their Support Rating Floor.  Any downgrade of the
sovereign rating is likely to be mirrored by the banks' IDRs.  To
this end, Fitch has also placed the banks' '2' Support Rating and
'BBB-' SRF on RWN.  The banks' bond issues (senior, subordinated
and hybrid capital issues) and state-guaranteed notes have also
been placed on RWN.

The banks' Individual ratings are unaffected by this rating
action.

The rating actions are:

National Bank of Greece S.A.

  -- Long-term IDR 'BBB-' placed on RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating 'D' remains unaffected
  -- Support Rating '2' placed on RWN
  -- Support Rating Floor 'BBB-' placed on RWN
  -- Senior notes 'BBB-' placed on RWN
  -- Subordinated notes 'BB+' placed on RWN
  -- Hybrid capital 'B+' placed on RWN
  -- State-guaranteed issues 'BBB-' placed on RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR 'BBB-' placed on RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating 'D' remains unaffected
  -- Support Rating '2' placed on RWN
  -- Support Rating Floor 'BBB-' placed on RWN
  -- Senior notes 'BBB-' placed on RWN
  -- Subordinated notes 'BB+' placed on RWN
  -- Hybrid capital 'B+' placed on RWN
  -- State-guaranteed issues 'BBB-' placed on RWN

Alpha Bank S.A.

  -- Long-term IDR 'BBB-' placed on RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating 'D' unaffected
  -- Support Rating '2' placed on RWN
  -- Support Rating Floor 'BBB-' placed on RWN
  -- Senior notes 'BBB-' placed on RWN
  -- Subordinated notes 'BB+' placed on RWN
  -- Junior Subordinated 'B+' placed on RWN
  -- Hybrid capital 'B+' placed on RWN
  -- State-guaranteed issues 'BBB-' placed on RWN

Piraeus Bank S.A.

  -- Long-term IDR 'BBB-' placed on RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating 'D' unaffected
  -- Support Rating '2' placed on RWN
  -- Support Rating Floor 'BBB-' placed on RWN
  -- Senior notes 'BBB-' placed on RWN
  -- State-guaranteed issues 'BBB-' placed on RWN

Agricultural Bank of Greece

  -- Long-term IDR 'BBB-' placed on RWN
  -- Short-term IDR 'F3' placed on RWN
  -- Individual Rating 'D/E' maintained on RWN
  -- Support Rating '2' placed on RWN
  -- Support Rating Floor 'BBB-' placed on RWN

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.  The Support
Rating Floor indicates the level below which Fitch would not
expect to lower its Issuer Default Rating in the absence of any
changes to the assumptions underpinning the bank's Support Rating.


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


AEROVIVA UTAZASI: Budapest Police Investigate Bankruptcy
--------------------------------------------------------
MTI-Econews reports that the Budapest police have started a case
on suspicion of misuse of documents and other crimes related to
the bankruptcy of Aeroviva Utazasi Iroda.

According to MTI, the police said witnesses are being heard in the
case at present.

MTI relates that Aeroviva announced on Dec. 20 that it was ending
its travel agent and trip organization activities.  The company,
as cited by MTI, said that it had done everything possible to keep
operating, but could not continue because of the economic
situation.

QBE Insurance, which holds Aeroviva's HUF494 million bond, could
not say on Wednesday whether the amount would cover claims, MTI
notes.

Aeroviva Utazasi Iroda is a travel agency based in Hungary.


HUNGARIAN STATE: S&P Affirms 'B+' LT Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term and 'B' short-term corporate credit rating on vertically
integrated rail entity Hungarian State Railways Co. Ltd.  At the
same time, the ratings were removed from CreditWatch, where they
were originally placed with developing implications on May 27,
2010.

The ratings were subsequently withdrawn at the company's request.
At the time of the withdrawal, the outlook was developing.

"At the time of the withdrawal, the ratings on MAV reflected S&P's
opinion that despite favorable news about MAV's receipt of a cost
reimbursement from the Hungarian government, there is still a lack
of visibility on the government's future strategy for MAV," said
Standard & Poor's credit analyst Juliana Gallo.  "What's more, the
implementation of the rail network management contract between MAV
and the government, as well as the likelihood of any forthcoming
measures to improve the sustainability of MAV's liquidity position
and capital structure, are still pending."

The government recently provided MAV with a cost reimbursement of
Hungarian forint 23 billion (24% more than the amount S&P had
anticipated, although the reimbursement came later than S&P had
predicted).  The government also announced publicly that it will
provide MAV with an extraordinary HUF10 billion guarantee for a
debt issue, which will be used to finance the company's network
infrastructure development.  In S&P's opinion, these resources
will provide the company with adequate liquidity until the end of
2010.  Although S&P sees these announcements as positive, S&P
believes that the cost reimbursement and guarantee only provide a
temporary solution to MAV's refinancing needs, while a long-term
solution to the company's financial stability is yet to be
determined.

In particular, S&P sees a need for the railway network management
contract between MAV and the Hungarian government to provide an
adequate multi-year compensation structure for MAV to maintain the
rail network, as opposed to the company's current reliance on
repeated and contingent one-off cost reimbursements.  Management
expects this contract to be signed by the end of 2010.  If this
takes longer than management expects, the company would continue
to rely on short-term credit lines and additional and timely
extraordinary support from the government to cover its short-term
cash needs.

At the time of withdrawal, the ratings on MAV reflected S&P's
opinion that there's a "very high" likelihood that the Republic of
Hungary (BBB-/Negative/A-3) would provide timely and sufficient
extraordinary support to MAV in the event of financial distress.


MAV MAGYAR: Moody's Withdraws 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and the Ba3 Probability of Default Rating of MAV Magyar
Allamvasutak Zartkoruen Mukodo, as well as its underlying baseline
credit assessment of 17.  Moody's notes that the company does not
have any rated debt outstanding.

                        Ratings Rationale

Moody's has withdrawn the credit ratings for its own business
reasons.

Moody's last rating action on MAV was implemented on December 7,
2010, when Moody's downgraded MAV's CFR and PDR to Ba3 from Ba2.
The outlook on these ratings was changed to negative.  That rating
action followed Moody's downgrade of the Republic of Hungary's
local- and foreign-currency ratings to Baa3 from Baa1, on
December 6, 2010.

Headquartered in Budapest, Hungary, MAV is 100% government-owned
and the country's vertically integrated incumbent national railway
operator.  In FY 2009, MAV reported revenue of HUF121.5 billion
(around EUR433 million) and received HUF164 billion in
reimbursements and HUF20 billion in customer subsidies from the
government.


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


PADDY BURKE: Goes Into Receivership
-----------------------------------
Gordon Deegan at The Irish Times reports that Paddy Burke Builders
Ltd. has gone into receivership.

The Irish Times relates that documents have been lodged with the
Companies' Office confirming the appointment of a receiver for the
company that was established in 1987.

According to The Irish Times, the first sign that the company was
in difficulty was in October when Clare County Council terminated
a contract with the builder for a 22-unit housing development in
Shannon due to "the failure by the contractor to comply with the
terms and conditions of the contract."

The Irish Times notes that local Fine Gael councilor Martin Conway
on Dec. 23 blamed debts owed to Paddy Burke as the reason the
company went into receivership.

The last filed accounts for Paddy Burke to the end of August 2008
show that the firm had increased its turnover to EUR46 million
recording pre-tax profits of EUR299,963, The Irish Times relates.
The accounts show that the company had accumulated profits of
EUR4.3 million with bank loans totaling EUR11.9 million at the end
of August 2008, The Irish Times notes.  AIB was listed as the
firm's bankers, The Irish Times states.

Paddy Burke Builders Ltd. is a Lisdoonvarna-based building firm.


TITAN EUROPE: S&P Cuts Ratings on Two Classes of Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-1 PLC's class E and F notes to 'D (sf)' from
'CCC (sf)'.  At the same time, S&P placed its ratings on the class
C and D notes on CreditWatch negative.

In March 2010, S&P lowered its ratings on the class E and F notes
to 'CCC (sf)' from 'B+ (sf)' to reflect its view of the increased
risk of principal losses associated with two of the five loans in
the pool, the Mangusta and the KQ Warehouse loans, both of which
are in special servicing.

The class E and F notes had interest shortfalls (the class F notes
received no interest) on the October 2010 interest payment date
resulting from increased special servicing fees and the inability
to draw on liquidity to cover these costs.  S&P's ratings address
timely payment of interest as well as payment of principal by
legal final maturity and consequently S&P has lowered the ratings
on the class E and F notes to 'D (sf)'.

In addition, S&P has placed its ratings on the class C and D notes
on CreditWatch negative as a result of recent indications that
ultimate recoveries on the Mangusta loan are likely to fall below
its previous estimate.  S&P expects to resolve the CreditWatch
placements following further investigation and analysis of loan
recoveries.

                           Ratings List

                     Titan Europe 2006-1 PLC
EUR723.303 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

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

              Ratings Placed On CreditWatch Negative

                                 Rating
                                 ------
            Class      To                    From
            -----      --                    ----
            C          A- (sf)/Watch Neg     A- (sf)
            D          BB- (sf)/Watch Neg    BB- (sf)


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


BANCA UBAE: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Italy-based Banca UBAE's Long-term
Issuer Default Rating at 'BB+', Short-term IDR at 'B', Individual
Rating at 'C/D' and Support Rating at '3'.

Banca UBAE's IDRs and Individual ratings reflect its core
activities in the niche market of specialized short-term trade
finance to Mediterranean Arab markets, with a leading market share
in payment services related to oil trading between Libya and
Italy.  The ratings also reflect credit exposure to more volatile
countries, and capitalization that needs strengthening if the bank
wants to pursue further growth.  They also take into account
UBAE's relatively volatile profitability in the past two years,
low market risk and some volatility in the deposits it attracts
from bank counterparties.

Banca UBAE's Support rating reflects Fitch's view of potential
support that Banca UBAE could receive from Libya (rated
'BBB+'/Stable) through its main shareholder, the Libyan Foreign
Bank, which is in turn a wholly-owned subsidiary of the Libyan
central bank.  The Libyan Foreign Bank recently increased its
shareholding in Banca UBAE to 67.55% from the previous 49.93% and
has been a shareholder of Banca UBAE since its creation.  The
Libyan Foreign Bank has participations in a number of banks in
Europe, North Africa and the Middle East.


PREMAFIN HP: Creditors Agree to Reschedule EUR322.5MM Debt
----------------------------------------------------------
Premafin HP SpA said creditors agreed to reschedule EUR322.5
million of debt, Marco Bertacche and Elisa Martinuzzi at Bloomberg
News report, citing a statement sent through the Italian exchange
on Dec. 22.

According to Bloomberg, the company also said that Keefe, Bruyette
& Woods, Royal Bank of Scotland, Banca Akros SpA, Banca Popolare
di Milano and Equita SIM SpA joined Credit Suisse Group as
managers of a planned share sale.

Premafin HP SpA is The Ligresti family holding company, which
controls insurer Fondiaria-SAI.



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


ATF BANK: Fitch Affirms Long-Term Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has revised ATF Bank's Outlook to Positive from
Stable and affirmed its ratings.  The agency has also affirmed the
ratings of two other Kazakh banks, Development Bank of Kazakhstan
and KazAgroFinance.  The rating actions follow Fitch's recent
revision of the Outlooks on Kazakhstan's ratings to Positive from
Stable.  A summary of rating actions is presented at the end of
this commentary.

ATF Bank's IDRs and Support Rating are driven by potential support
from its parent UniCredito Italiano (rated 'A'/Negative/'F1').
Given UCI's ability and propensity to provide support, Fitch
believes there is a high probability that support would be
forthcoming, if required.  However, the Country Ceiling of
Kazakhstan, which reflects transfer and convertibility risks,
constrains the bank's Long-term foreign currency IDR as it limits
the extent to which support from the foreign shareholder can be
factored into the ratings.  ATF Bank's 'BBB' Long-term local
currency IDRs also take into account Kazakhstan's country risks.
Hence, an upgrade of the sovereign IDR and, consequently the
Country Ceiling, could result in ATF Bank's IDRs being upgraded.
ATF Bank was the fifth-largest bank in Kazakhstan as at end-Q310.
It is primarily a corporate bank but has developed a reasonable
network and retail deposits franchise.

The ratings of DBK were affirmed at their current level,
reflecting Fitch's expectation that the bank's ratings will likely
not change if Kazakhstan's Long-term IDRs are upgraded to 'BBB'.
This in turn mirrors the agency's usual practice of notching the
ratings of state-owned banks down from their respective
sovereigns, particularly at the higher rating levels.

DBK's ratings continue to be underpinned by Fitch's view on the
probability that it will be supported by the state due its
exceptional mandate as a development institution, still relatively
moderate size and 100% state control via the Sovereign Wealth Fund
Samruk-Kazyna.

KAF's ratings consider its less prominent policy role and lesser
importance for the country's economy relative to DBK.  They also
take into account the legacy of defaults of other Kazakh financial
companies during 2009.  At the same time, the company's ratings
continue to factor in a moderate probability of government support
in light of state ownership of KAF, the company's small size (and
hence cost of support) and the government financial assistance
which has been made available to date.

DBK was founded to foster the growth of non-extracting industries
in Kazakhstan.  Its owner, Sovereign Wealth Fund Samruk-Kazyna, is
wholly owned by the state.  KAF is a non-banking financial
institution providing predominantly finance leases to domestic
agricultural industry.  KAF is a subsidiary company of the state-
owned JSC National Holding Kazagro.

The rating actions are:

Development Bank of Kazakhstan

  -- Long-term foreign currency IDR affirmed at 'BBB-', Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Long-term local currency IDR affirmed at 'BBB', Outlook
     Stable

  -- Short-term local currency IDR affirmed at 'F3'

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-'

  -- Senior unsecured debt rating affirmed at 'BBB-'

KazAgroFinance

  -- Long-term foreign currency IDR affirmed at 'BB', Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Long-term local currency IDR affirmed at 'BB', Outlook Stable

  -- National Long-term rating affirmed at 'A(kaz)'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Senior unsecured debt rating affirmed at 'BB'

ATF Bank

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     revised to Positive from Stable

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Long-term local currency IDR affirmed at 'BBB'; Outlook
     revised to Positive from Stable

  -- Senior unsecured debt affirmed at 'BBB'

  -- Subordinated debt affirmed at 'BBB-'

  -- Support Rating affirmed at '2'

  -- Individual Rating 'D/E' unaffected by the current review

  -- National Long-term rating affirmed at 'AAA(kaz)'; Outlook
     Stable

  -- National senior unsecured debt rating affirmed at 'AAA(kaz)'

  -- National subordinated debt affirmed at 'AA+(kaz)'


KAZAGROFINANCE: Fitch Affirms 'BB' Long-Term Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has revised ATF Bank's Outlook to Positive from
Stable and affirmed its ratings.  The agency has also affirmed the
ratings of two other Kazakh banks, Development Bank of Kazakhstan
and KazAgroFinance.  The rating actions follow Fitch's recent
revision of the Outlooks on Kazakhstan's ratings to Positive from
Stable.  A summary of rating actions is presented at the end of
this commentary.

ATF Bank's IDRs and Support Rating are driven by potential support
from its parent UniCredito Italiano (rated 'A'/Negative/'F1').
Given UCI's ability and propensity to provide support, Fitch
believes there is a high probability that support would be
forthcoming, if required.  However, the Country Ceiling of
Kazakhstan, which reflects transfer and convertibility risks,
constrains the bank's Long-term foreign currency IDR as it limits
the extent to which support from the foreign shareholder can be
factored into the ratings.  ATF Bank's 'BBB' Long-term local
currency IDRs also take into account Kazakhstan's country risks.
Hence, an upgrade of the sovereign IDR and, consequently the
Country Ceiling, could result in ATF Bank's IDRs being upgraded.
ATF Bank was the fifth-largest bank in Kazakhstan as at end-Q310.
It is primarily a corporate bank but has developed a reasonable
network and retail deposits franchise.

The ratings of DBK were affirmed at their current level,
reflecting Fitch's expectation that the bank's ratings will likely
not change if Kazakhstan's Long-term IDRs are upgraded to 'BBB'.
This in turn mirrors the agency's usual practice of notching the
ratings of state-owned banks down from their respective
sovereigns, particularly at the higher rating levels.

DBK's ratings continue to be underpinned by Fitch's view on the
probability that it will be supported by the state due its
exceptional mandate as a development institution, still relatively
moderate size and 100% state control via the Sovereign Wealth Fund
Samruk-Kazyna.

KAF's ratings consider its less prominent policy role and lesser
importance for the country's economy relative to DBK.  They also
take into account the legacy of defaults of other Kazakh financial
companies during 2009.  At the same time, the company's ratings
continue to factor in a moderate probability of government support
in light of state ownership of KAF, the company's small size (and
hence cost of support) and the government financial assistance
which has been made available to date.

DBK was founded to foster the growth of non-extracting industries
in Kazakhstan.  Its owner, Sovereign Wealth Fund Samruk-Kazyna, is
wholly owned by the state.  KAF is a non-banking financial
institution providing predominantly finance leases to domestic
agricultural industry.  KAF is a subsidiary company of the state-
owned JSC National Holding Kazagro.

The rating actions are:

Development Bank of Kazakhstan

  -- Long-term foreign currency IDR affirmed at 'BBB-', Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Long-term local currency IDR affirmed at 'BBB', Outlook
     Stable

  -- Short-term local currency IDR affirmed at 'F3'

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-'

  -- Senior unsecured debt rating affirmed at 'BBB-'

KazAgroFinance

  -- Long-term foreign currency IDR affirmed at 'BB', Outlook
     Stable

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Long-term local currency IDR affirmed at 'BB', Outlook Stable

  -- National Long-term rating affirmed at 'A(kaz)'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Senior unsecured debt rating affirmed at 'BB'

ATF Bank

  -- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
     revised to Positive from Stable

  -- Short-term foreign currency IDR affirmed at 'F3'

  -- Long-term local currency IDR affirmed at 'BBB'; Outlook
     revised to Positive from Stable

  -- Senior unsecured debt affirmed at 'BBB'

  -- Subordinated debt affirmed at 'BBB-'

  -- Support Rating affirmed at '2'

  -- Individual Rating 'D/E' unaffected by the current review

  -- National Long-term rating affirmed at 'AAA(kaz)'; Outlook
     Stable

  -- National senior unsecured debt rating affirmed at 'AAA(kaz)'

  -- National subordinated debt affirmed at 'AA+(kaz)'


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


CASSIOPEIA QEX: S&P Keeps CreditWatch Negative on Class A Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch negative
its credit rating on Cassiopeia QEX B.V.'s class A notes.  The
ratings on classes B and C are unaffected.

The residential mortgage pool underlying this transaction has been
experiencing high delinquency levels since closing, in S&P's view.
According to the cash manager's report regarding the October 2010
payment date, severe delinquencies--defined as arrears greater
than 90 days--were EUR184.01 million.  This is equal to 44.15%
(including outstanding defaulted loans) of the current collateral
balance as of the end of September 2010, compared with 43.88% at
the end of June 2010.

At the end of September 2010, the outstanding balance of defaults
-- loans in arrears for more than 510 days -- and loans in
foreclosure was EUR149.62 million.  This represented 35.90% of the
current collateral balance, compared with 33.74% at the end of
June 2010 and 21.81% at the end of December 2009.  These amounts
are the result of the rollover of delinquencies that have not been
recovered at earlier stages.

S&P has kept the class A notes on CreditWatch negative pending
analysis of the next investor report, which is due in January
2010.  In S&P's view, an ongoing lack of recoveries may negatively
affect the ratings on these notes.

Since closing in July 2008, Banesto--the originator and servicer--
has foreclosed 826 properties but received recoveries for only 26
properties.  The credit risk manager--Finsolutia--is responsible
for supervising and monitoring the performance of the servicer
under the servicing agreement, which includes the sale of
properties at auction in the foreclosure process.

Cassiopeia QEX issued the notes in July 2008.  The underlying
portfolios include residential mortgage loans secured over
properties in Spain.  Banesto originated and services the mortgage
loans, and Finsolutia is the credit risk manager that oversees the
servicing.  Citicorp Trustee Corp. Ltd. is the fund's security and
the note trustee.

                          Ratings List

                       Cassiopeia QEX B.V.
       EUR448.6 Million Mortgage-Backed Floating-Rate Notes

               Rating Kept on CreditWatch Negative

                 Class      Rating
                 -----      ------
                 A          BBB- (sf)/Watch Neg

                       Ratings Unaffected

                        Class      Rating
                        -----      ------
                        B def      B- (sf)
                        C def      B- (sf)


INNOCONCEPTS NV: Declared Bankrupt by Den Bosch Court
-----------------------------------------------------
InnoConcepts NV has been declared bankrupt by the local District
Court in Den Bosch on Dec. 23, Fred Pals at Bloomberg News
reports, citing a statement of the company's trustee Louis
Deterink.

InnoConcepts NV is a Netherlands-based company primarily engaged
in the exploitation of its Injection Moulding technology.  As of
December 31, 2009, the Company had 12 subsidiaries in the
Netherlands, Czech Republic, the United States of America and the
People's Republic of China.


PLAYLOGIC ENTERTAINMENT: Board Accepts Resignation of CEO
---------------------------------------------------------
On December 17, 2010, Playlogic Entertainment Inc. said that its
board of directors has accepted the resignation of W.M. Smit as
president, chief executive officer and acting chief financial
officer, as per December 17, 2010.  The board of directors is
currently searching for a replacement.  Due to this resignation,
W.M. Smit has also resigned as executive member of the Company's
Board of Directors with immediate effect.

              About Playlogic Entertainment

Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB)
-- http://www.playlogicgames.com/-- is an independent worldwide
publisher of digital entertainment software for consoles, PCs,
handhelds, mobile devices, and other digital media platforms.
Playlogic publishes and distributes products throughout all
available channels, both online and offline.  Playlogic is
headquartered in New York City and in Amsterdam, the Netherlands.

The Company's balance sheet at March 31, 2010, showed
US$14.1 million in assets and US$16.5 million of liabilities, for
a stockholders' deficit of US$2.4 million.  As of March 31, 2010,
the Company has an accumulated deficit of approximately US$82.8
million.

In July 2010 Playlogic Entertainment voluntary requested a delay
of payments, 'surseance van betaling', the Dutch equivalent
of Chapter 11, for its subsidiary Playlogic International N.V and
wholly owned subsidiary Playlogic Game Factory B.V.  Tough market
conditions, late payments by large customers and the delays in
projects have forced the company to seek protection under the
Dutch bankruptcy laws.


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


BALTIYSKIY BANK: Moody's Withdraws 'Caa1' Long-Term Debt Rating
---------------------------------------------------------------
Moody's Investors Service and Moody's Interfax Rating Agency
announced that they have withdrawn all ratings of Baltiyskiy Bank
for business reasons.  At the time of withdrawal, Baltiyskiy
Bank's ratings were: long-term local and foreign currency debt and
deposit ratings of Caa1 with negative outlook, short-term local
and foreign currency ratings of Not Prime, Bank Financial Strength
Rating of E with stable outlook, and a Ba3.ru National Scale
Rating with no specific outlook.  Moscow-based Moody's Interfax
Rating Agency is majority-owned by Moody's, a leading global
rating agency.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

Moody's most recent rating action on Baltiyskiy Bank was taken on
December 6, 2010, when the rating agency downgraded the bank's
BFSR from E+ to E, bank's deposit rating to Caa1 from B3 and the
NSR from Baa3.ru to Ba3.ru.

Based in Moscow, Russia, Baltiyskiy Bank reported IFRS total
assets of US$2.04 billion at December 31, 2009, and net loss of
US$12.87 million for 2009.


RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based coal producer OAO
Raspadskaya's Long-term foreign currency Issuer Default Rating and
senior unsecured rating at 'B+', and its National Long-term rating
at 'A(rus)'.  Fitch has simultaneously removed these ratings from
Rating Watch Negative where they were placed on 12 May 2010 and
assigned Stable Outlooks to the Long-term IDR and National Long-
term rating.  The Short-term IDR is affirmed at 'B'.  The Recovery
Rating on the senior unsecured notes is 'RR4'.

The rating action reflects Fitch's expectations that the company's
Raspadskaya mine, which was shut down as a result of an explosion
on May 9, 2010, will be fully operational by end-Q112 and that
average coking coal concentrate prices during 2011 will remain at
the level of Q410.  In its forecasts, Fitch has assumed that the
company's other mines will also continue to ramp up during 2011
with total output increasing 20%-25% by 2013 compared with 2009,
and that no dividend payments will be made before H212.

With coal sales prices almost doubling in H210 year-on-year,
Raspadskaya's financial position and liquidity are strong with a
cash balance of US$90 million at end-Q210.  Fitch estimates
Raspadskaya's 2010 revenue at US$680 million-US$730 million, with
an EBITDAR margin of 40%-45%.  According to the agency's
estimates, Raspadskaya should be able to fund the reconstruction
activities at its Raspadskaya mine (estimated at US$280 million)
from internally generated cash flows and be in a strong position
to either refinance or repay the US$300 million eurobond due on
May 22, 2012.

Raspadskaya's ratings continue to reflect its competitive cost
position (US$22/ton of concentrate in 2009), robust average mine
lives at existing operations of over 70 years, and its
conservative financial policy.  Fitch favorably views the
company's efforts to reduce its high dependency on the Raspadskaya
mine, with its share in total output gradually declining from 65%
in 2009.  Constraints on the company's ratings continue to be its
smaller scale relative to peers, lack of commodity
diversification, the execution risks inherent in the mine's
reconstruction and expansion plans, and its large Russian
operational base which exposes it to higher-than average
political, business and regulatory risks.

Negative rating pressure could arise from a slower-than-expected
ramp-up of production at Raspadskaya, Razrez Raspadsky and
Raspadskaya-Koksovaya mines, as well as drop in 2011 sales prices
of more than 10% year-on-year.


ROSSIYA OJSC: Fitch Affirms 'B-' Insurer Strength Rating
--------------------------------------------------------
Fitch Ratings has affirmed OJSC Rossiya Insurance Company's
Insurer Financial Strength rating at 'B-' and National IFS ratings
at 'BB-(rus)' and removed the ratings from Rating Watch Negative.
The Outlook for both ratings is Negative.

The removal from RWN reflects partial repayment of the financial
debt (debt was equal to RUB1.3 billion at end-H110, RUB0.6 billion
were paid in Q310, and RUB0.7 billion of debt remained at end-
Q310).  The remaining part of the financial debt is expected to be
repaid with support from the shareholder and at YE10 the debt
should reduce to RUB0.3 billion.  Fitch would consider weakening
of support from the shareholder and the absence of improvements in
underwriting performance as key triggers for a downgrade.
Alternatively, sustainable improvement in underwriting performance
would be considered by the agency as the key trigger for the
revision of the Outlook to Stable.

The Negative Outlook reflects continued deterioration in Rossiya's
underwriting performance.  The issuer's combined ratio increased
to 183% in 9M10 from 106% in FY09, primarily through the incurred
loss ratio component.  This was driven by inadequate pricing and
reserving in 2009, and contraction in gross premiums written by
41% in 2009 compared with 2008 and further by 48% in 9M2010
compared with 9M09 results.  The agency continues to believe that
Rossiya's new management team is trying to improve underwriting
and reserving discipline, although the effects of these efforts
may not materialize immediately.  Other factors influencing the
company's performance are the persisting challenges in the
operating environment in the Russian insurance sector.

The ratings continue to be supported by the capital injections
provided by the shareholder, which the company remains
significantly dependant on.  The agency notes the favourable track
record of support from the current shareholder since the change in
ownership in October 2009.  However, risks related to the future
ability and commitment of the shareholder to support Rossiya still
remain, in Fitch's view.  Among these risks are the lack of
transparency of the structure of the other assets operating for
the benefit of Rossiya's beneficiary shareholder and uncertainty
about the ability of those assets to generate capital which could
then be transferred to Rossiya.


RUSIA PETROLEUM: To Be Put for Auction at US$495MM Starting Price
-----------------------------------------------------------------
Stephen Bierman at Bloomberg News reports that TNK-BP's OAO Rusia
Petroleum unit will be put up for auction at a starting price of
RUR15.1 billion (US$495 million).

Bloomberg relates that Rusia Petroleum said the assets, including
the rights and equipment to develop Kovykta, will be sold on Feb.
15.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, Reuters said a Russian regional court declared Rusia
Petroleum insolvent and opened bankruptcy proceedings.  The court
said in an announcement posted on the Irkutsk Arbitrage Court Web
site that the bankruptcy proceedings will go on for six months,
until April 19, 2011, according to Reuters.  Reuters disclosed
TNK-BP, half owned by British major BP Plc and a quartet of
Russia-connected billionaires, filed a petition to initiate
bankruptcy proceedings for Rusia Petroleum in June and said that
it was determined to recover its investment in the gas project.

Rusia Petroleum is a wholly-owned unit of TNK-BP that holds the
license to develop the huge Kovykta gas condensate field in
Eastern Siberia.


=============================
S L O V A K   R E P U B L I C
=============================


VOLKSBANK SLOVENSKO: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------------
Fitch Ratings has affirmed Vienna-based Volksbanken Verbund's
Long-term Issuer Default Rating at 'A' with Stable Outlook.  At
the same time, the agency has removed VB-Verbund's Individual
Rating from Rating Watch Negative and affirmed it at 'C/D'.  VB-
Verbund's remaining ratings have been affirmed at Short-term IDR
'F1', Support Rating '1' and Support Rating Floor 'A'.

The ratings of VB-Verbund's central institution, Oesterreichische
Volksbanken-Aktiengesellschaft, a member of the support
mechanisms, have also been affirmed at Long-term IDR 'A' with a
Stable Outlook, Short-term IDR 'F1', Support '1' and SRF 'A'.  The
ratings of the other VB-Verbund member banks have been affirmed at
Long-term IDR 'A' with Stable Outlook and Short-term IDR 'F1'.  A
full set of ratings for both VB-Verbund and VBAG as well as a list
of VB-Verbund member banks is included at the end of this comment.

Separately, Fitch has placed Slovakia-based Volksbank Slovensko
a.s.'s Long-term IDR of 'BBB+', Short-term IDR of 'F2' and Support
Rating of '2' on Rating Watch Evolving.  VS's Individual Rating
was affirmed at 'D'.  This rating action is triggered by VBAG's
recent announcement that it is considering selling its 51%-owned
subsidiary Volksbank International.

All of VB-Verbund's and VBAG's ratings (except VB-Verbund's
Individual Rating) are based on Fitch's view that support, in case
of need, for VB-Verbund from the Republic of Austria (rated
'AAA'/Stable) is extremely likely.  With deposit and lending
market shares of around 7% respectively at end-2009, VB-Verbund is
Austria's fourth-largest banking group and as such considered of
domestic systemic importance by Fitch.  VBAG's Support Rating and
SRF are based on Fitch's assumption that, as the central
institution of the VB-Verbund, VBAG would be the entity through
which sovereign support -- if ever needed -- would be channelled
to smaller member banks within the sector.

The removal of the RWN on VB-Verbund's Individual Rating reflects
Fitch's opinion that various measures taken by VB-Verbund and VBAG
to stabilize the financial and risk profile of VBAG have been
sufficient to support a 'C/D' Individual Rating for VB-Verbund
(Fitch has not assigned an Individual Rating to VBAG).  VBAG
suffered severe net losses in 2008 and 2009 largely as a result of
the deconsolidation of its former subsidiary, significant
valuation losses on financial participations and real estate
investments and sharply increasing loan impairment charges,
predominately on its corporate, real estate and central and
eastern European retail exposures.

To strengthen its weakened capitalization, VBAG applied for EUR1bn
in participation capital from the Austrian state, obtained in
Q209.  Disposals of VBAG's Austrian retail banks and of its real
estate investment company, Europolis, in 2010 have further
supported capitalization.  Moreover, VBAG announced in December
2010 that it is considering selling further assets, including its
51% stake in VBI, its management holding company of its business
in CEE.  These measures, apart from improving VBAG's
capitalization (tier 1 ratio of 8.85% at end-Q310), will lead to a
significantly smaller entity which will make it considerably
easier for VB-Verbund's primary banks, VBAG's majority owners, to
support VBAG if needed.

VB-Verbund's Individual Rating also reflects Fitch's assessment of
the acceptable performance of VB-Verbund's primary banks.  This is
balanced by Fitch's view that the staggered repayment of the
EUR1bn participation capital obtained from the Austrian state will
be a strain on VB-Verbund.  VBAG will be obliged to repay EUR300m
participation capital in 2011 to avoid triggering a conversion
option by the Austrian government.  Under the current business
plan, VB-Verbund will provide EUR300m to VBAG to ensure repayment
while asset disposals in 2011 or 2012 should help meet the
remaining repayments (until 2018).  Should VBAG's planned
deleveraging be insufficient to materially improve capitalization,
then this would put pressure on VB-Verbund's Individual Rating.

VB-Verbund, which is not a legal entity itself but a cooperative
grouping of member banks, is Austria's fourth-largest banking
group, offering a wide range of banking services.  VBAG is
responsible for managing the sector's liquidity requirements, but
also a bank in its own right.  VBAG itself offers capital market
services while retail lending activities in CEE are grouped in
VBI.  It also provides corporate and real estate financing, both
in CEE and Austria, through its fully-owned subsidiary,
Investkredit AG.  VBAG has announced that it will merge with
Investkredit in H111.

VS's IDRs and Support rating are based on a high probability of
support, in case of need, from its ultimate majority shareholder,
VBAG, and its strong integration into VBI.  Following VBAG's
announcement of plans to divest VBI, there's a strong likelihood
that the future shareholder structure of VS will change, hence
affecting the probability of support from the new parent.  The RWE
will be resolved once VBAG completes the sale of its stake in VBI.

VS's Individual Rating is not affected by this announcement, as
its operations are largely independent from the parent.  VS is
almost entirely funded by customer deposits and parent-related
funding is negligible (only 0.03% of total funding at end-H110).
Loan/deposit ratio is around 100% and it has not required any
liquidity/capital support from the parent during the economic
crisis.  VS's systems and departments are capable of functioning
independently.

The rating actions are:

Volksbanken Verbund

  -- Long-term IDR: affirmed at 'A'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Individual Rating: affirmed at 'C/D'; removed from RWN
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'

Oesterreichische Volksbanken Aktiengesellschaft

  -- Long-term IDR: affirmed at 'A'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'
  -- Senior unsecured notes: affirmed at 'A'
  -- Government-guaranteed notes: affirmed at 'AAA'

Volksbank Slovensko a.s.

  -- Long-term IDR of 'BBB+' placed on Rating Watch Evolving (RWE)
  -- Short-term IDR of 'F2' placed on RWE
  -- Support Rating of '2' placed on RWE
  -- Individual Rating: affirmed at 'D'

The full list of VB-Verbund member banks (in addition to VBAG) is:

  -- Bank fuer Aerzte und freie Berufe AG
  -- Volksbank Weinviertel e.Gen.
  -- VOLKSBANK OBERES WALDVIERTEL rGmbH
  -- Gaertnerbank rGmbH
  -- Volksbank Tullnerfeld eG
  -- Volksbank Bad Goisern eingetragene Genossenschaft
  -- Volksbank Osttirol rGmbH
  -- Volksbank Oetscherland eG
  -- Volksbank Fels am Wagram e.Gen.
  -- Volksbank Krems-Zwettl AG
  -- Volksbank Laa eGen
  -- Volksbank Marchfeld e.Gen.
  -- Volksbank, Gewerbe- und Handelsbank Kaernten AG
  -- VOLKSBANK fuer den Bezirk Weiz rGmbH
  -- Volksbank Tirol Innsbruck-Schwaz AG
  -- Volksbank Altheim-Braunau rGmbH
  -- Volksbank Feldkirchen rGmbH
  -- Volksbank Schaerding eG
  -- Volksbank Steirisches Salzkammergut rGmbH
  -- VOLKSBANK BADEN e.Gen.
  -- VOLKSBANK OBERKAERNTEN rGmbH
  -- VOLKSBANK VOECKLABRUCK-GMUNDEN e.Gen.
  -- Volksbank Wien AG
  -- Volksbank Enns- und Paltental rGmbH
  -- Volksbank Bad Hall e.Gen.
  -- Volksbank Linz-Wels-Muehlviertel AG
  -- Volksbank Gmuend eing.GmbH
  -- Allgemeine Bausparkasse rGmbH
  -- Volksbank Alpenvorland e.Gen.
  -- Waldviertler Volksbank Horn rGmbH
  -- Volksbank Ost rGmbH
  -- Volksbank Kufstein eG
  -- Volksbank Ried im Innkreis eG
  -- Volksbank Enns-St. Valentin eG
  -- Volksbank Friedburg rGmbH
  -- Oesterreichische Apothekerbank eG
  -- Volksbank Voecklamarkt-Mondsee rGmbH
  -- Volksbank Gailtal eG
  -- Volksbank Niederoesterreich Sued rGmbH
  -- Volksbank Oberndorf rGmbH
  -- Volksbank Obersdorf-Wolkdersdorf-Deutsch-Wagram e.Gen.
  -- VOLKSBANK GRAZ-BRUCK e.Gen.
  -- Volksbank Muerztal-Leoben e.Gen
  -- Volksbank Eferding-Grieskirchen rGmbH
  -- Volksbank fuer die Sued- und Weststeiermark rGmbH
  -- Volksbank Donau-Weinland rGmbH
  -- Wiener Spar- und Kreditinstitut rGmbH
  -- Volksbank Salzburg eG
  -- Volksbank Almtal e.Gen.
  -- VOLKSBANK VORARLBERG e.Gen.
  -- VOLKSBANK LANDECK eG
  -- Volksbank Aichfeld-Murboden rGmbH
  -- SPARDA-BANK VILLACH/INNSBRUCK rGmbH
  -- Volksbank Kaernten Sued e.Gen.
  -- IMMO-BANK AG
  -- Volksbank Niederoesterreich-Mitte e.G.
  -- Volksbank Sued-Oststeiermark e.Gen.
  -- Volksbank Suedburgenland rGmbH
  -- SPARDA-BANK LINZ rGmbH
  -- VB Factoring Bank AG
  -- Volksbank-Quadrat Bank AG


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


AYT COLATERALES: S&P Assigns 'CCC (sf)' Rating on Class D Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
AyT Colaterales Global Hipotecario FTA Caja Circulo I's mortgage-
backed floating-rate notes issued in March 2008.  The class A
notes have amortized since issuance to EUR110.15 million as of
Nov. 26 2010 from an initial amount of EUR135.00 million.  None of
the other classes have amortized.

The originator of the loans backing the residential mortgage-
backed securities is Caja Circulo.  S&P understands that this is
the first RMBS transaction Caja Circulo has originated.

Caja Circulo is acting as servicer while Confederacion Espanola de
Cajas de Ahorro (AA-/Negative/A-1+) is acting as treasury account
provider and swap counterparty.  As in other Spanish transactions,
interest and principal are combined into a single priority of
payments, with a deferral-of-interest trigger and pro rata
amortization rules.

The securitized portfolio comprises secured loans to individuals
resident in Spain, with an average original loan-to-value ratio of
89.22%.  About 3.51% of the loans in the pool were granted to non-
Spanish individuals, 53.51% of the loans were classified as
"second home" loans, and 9.01% of the outstanding loans were
granted to self-employed individuals.

To fund the purchase of the loans, AyT Colaterales Global
Hipotecario FTA issued four classes of floating-rate notes.  The
issuer was established as an open fund and can issue segregated
series of bonds.  Each series has its own bank account, swap
contract, priority of payments, and reserve fund.

S&P based its ratings on an analysis of the specific
characteristics of the mortgage loans, in terms of both credit and
cash flow.

The ratings reflect the subordination of the classes (for the
class A, B, and C notes only), the reserve fund, the comfort
provided by an interest rate swap contract, and the downgrade
language in some of the supporting party roles.

S&P will publish a full new issue report on this transaction in
due course.

   Potential Effects of Proposed Counterparty Criteria Changes

S&P has assigned the ratings on AyT Colaterales Global Hipotecario
FTA Caja Circulo I's rated notes in relation to counterparty risks
based on S&P's current criteria.  On Dec. 2, 2010, S&P announced
that S&P is revising its methodology and assumptions for assessing
counterparty and supporting obligations (collectively counterparty
risk) for structured transactions.  The updated criteria become
effective on January 17, 2011, for all new and outstanding
securities that have counterparty obligations, including AyT
Colaterales Global Hipotecario FTA Caja Circulo I's rated notes.
On the effective date, S&P intend to review this transaction.  For
those securities where the current counterparty ratings do not
meet its revised criteria for the minimum counterparty rating, S&P
expects to place the securities on CreditWatch negative on the
effective date; S&P would then expect to resolve the CreditWatch
placement within six months.  It is possible that the ratings on
AyT Colaterales Global Hipotecario FTA Caja Circulo I's rated
notes may be affected as a result of this review.

                           Ratings List

      AyT Colaterales Global Hipotecario FTA Caja Circulo I,
         EUR150 Million Mortgage-Backed Floating-Rate Notes

                                 Outstanding[1]  Amount at
                                 amount          closing
        Class      Rating        (mil. EUR)        (mil. EUR)
        -----      ------        --------------  ------------
        A          AA (sf)        110.15         135.00
        B          BB (sf)          6.30           6.30
        C          CCC+ (sf)        5.10           5.10
        D          CCC (sf)         3.60           3.60

                     [1] As of Nov. 26, 2010.


TDA 25: Fitch Affirms Rating on Class D Notes at 'CCsf'
-------------------------------------------------------
Fitch Ratings has downgraded 11 and affirmed six tranches of three
TDA transactions, a series of Spanish RMBS deals comprising loans
originated by various originators.  The rating actions reflect
Fitch's concern over the performance of the underlying loans and
are listed at the end of this comment.

At transaction close TDA 25, 27 and 28 contained significant
portions of loans originated by Unino de Credito Financiero
Mobiliario e Inmobiliario, a specialist lender who conducts its
business mainly via real estate agents.  In Fitch's view, the
Credifimo loans are the main driver of the poor performance of the
underlying collateral in these three transactions.  As of October
2010, cumulative gross defaults in these deals ranged from 4.7%
(TDA 27) to 14% (TDA 28) of the initial pools.  High levels of
defaults have led to the breach in interest deferral mechanisms in
all three deals.  Interest on all the mezzanine and junior
tranches of TDA 25 and 28 is being deferred, while TDA 27 has
interest deferred on classes E and F.  Given the current level of
defaults, in Fitch's view the interest deferral trigger on the
class D notes of TDA 27 is likely to be breached in the next 12
months.

The transaction structures include provisioning mechanisms,
whereby loans in arrears by more than 12 months are provisioned
100%.  As gross excess spread levels in the three transactions
remain tight, the issuers have fully utilized their reserve funds
to provision for some of the defaults incurred to date.  As of the
last payment date, the reserve funds in all three deals remain
depleted, while the volume of un-provisioned loans, as estimated
by Fitch, now range between 3.8% (TDA 27) and 16.9% (TDA 25) of
the current outstanding notes.  In the case of TDA 25 and TDA 28,
the class A notes are now highly dependent on recoveries from
defaulted loans.  To date, Fitch has not received any information
on the current status of the defaulted loans, and was therefore
not able to give credit to those loans that might have reverted to
performing.  For this reason, the agency has downgraded the senior
notes of the two transactions to 'BBB' levels.

At transaction close, the reserve funds of TDA 25 and 27 were
sized to account for the commingling risk, as the underlying
originators were not rated by Fitch.  Since the reserve funds in
these deals are no longer in place, and no other form of
commingling mitigants have been put in place, the issuers are
reliant on the existing liquidity facilities.  In its analysis,
Fitch found that the available funds, currently held with Banco
Santander ('AA'/Stable/'F1+'), are sufficient to cover between one
(TDA 25) and three (TDA 27 and 28) payment dates worth of senior
fees and interest payments due on the class A notes.

Since the loans in the pools reverted to lower interest rates, the
performance of loans in arrears by more than three months has
stabilized, indicating that borrower affordability has improved.
Consequently, the level of period defaults has also declined
compared to the levels seen in 2009, but still remains well above
the excess spread levels generated by the deals.  The ability of
the issuer to clear the outstanding balance of un-provisioned
loans remains highly dependent on recoveries.

TDA 25, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377929007) downgraded to 'BBBsf' from
     'AAsf'; off RWN; assigned Stable Outlook and Loss Severity
     Rating 'LS-1'

  -- Class B (ISIN ES0377929015) affirmed at 'BBsf'; off RWN;
     assigned Negative Outlook and Loss Severity Rating 'LS-3'

  -- Class C (ISIN ES0377929023) affirmed at 'CCCsf'; Recovery
     Rating 'RR5'

  -- Class D (ISIN ES0377929031) affirmed at 'CCsf'; Recovery
     Rating 'RR6'

TDA 27, Fondo de Titulizacion de Activos :

  -- Class A2 (ISIN ES0377954013) downgraded to 'AAsf' from
     'AAAsf'; off RWN, assigned Stable Outlook and Loss Severity
     Rating 'LS-1'

  -- Class A3 (ISIN ES0377954021) downgraded to 'AAsf' from
     'AAAsf'; off RWN; assigned Stable Outlook and Loss Severity
     Rating 'LS-1'

  -- Class B (ISIN ES0377954039) downgraded to 'BBBsf' from 'AA-
     sf'; off RWN; assigned Stable Outlook and Loss Severity
     Rating 'LS-3'

  -- Class C (ISIN ES0377954047) downgraded to 'BBsf' from
     'BBBsf'; off RWN; assigned Negative Outlook and Loss Severity
     Rating 'LS-4'

  -- Class D (ISIN ES0377954054) downgraded to 'Bsf' from 'BBsf';
     off RWN; assigned Negative Outlook and Loss Severity Rating
     'LS-3'

  -- Class E (ISIN ES0377954062) affirmed at 'CCCsf'; Recovery
     Rating 'RR4'

  -- Class F (ISIN S0377954070) affirmed at 'CCsf'; Recovery
     Rating 'RR6'

TDA 28, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0377930005) downgraded to 'BBBsf' from
     'AA+sf'; off RWN; assigned Stable Outlook and Loss Severity
     Rating 'LS-1'

  -- Class B (ISIN ES0377930013) downgraded to 'BBsf' from 'AA-
     sf'; off RWN; assigned Negative Outlook and Los Severity
     Rating 'LS-4'

  -- Class C (ISIN ES0377930021) downgraded to 'Bsf' from 'BBBsf';
     off RWN; assigned Negative Outlook and Loss Severity Rating
     'LS-5'

  -- Class D (ISIN ES0377930039) downgraded to 'CCCsf' from
     'BBsf'; off RWN; assigned Recovery Rating 'RR4'

  -- Class E (ISIN ES0377930047) downgraded to 'CCsf' from
     'CCCsf'; Recovery Rating 'RR5'

  -- Class F (ISIN ES0377930054) affirmed at 'CCsf'; Recovery
     Rating revised to 'RR6' from 'RR4'


=====================
S W I T Z E R L A N D
=====================


SWISS TIMBER: Files for Bankruptcy After Restructuring Plan Failed
------------------------------------------------------------------
Timber Trades Journal reports that Swiss Timber has filed for
bankruptcy after failing to secure local government agreement for
part of its restructuring plan.

TTJ relates that the company was only taken over by Mayr-Melnhof
last year from Stallinger, but a combination of a lack of timber
supply, an 18% exchange rate loss (Swiss franc/euro) and the
economic crisis led to "great almost unsurmountable challenges."

According to TTJ, Mayr-Melnhof said it was ultimately the negative
decision of the Grisons parliament about making a CHF6.75 million
investment in a pellet plant, part of Swiss Timber's
restructuring, that led to the bankruptcy.  "With this decision,
the restructuring agreement subsequently failed," TTJ quoted Mayr-
Melnhof Holding CEO Josef Dringel as saying.


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


UKRAINIAN CORPORATION: Expects to Sign Debt Deal in Jan-Feb 2011
----------------------------------------------------------------
Interfax-Ukraine reports that the Ukrainian Corporation Industrial
Union of Donbass Vice President Oleksandr Pylypenko on Dec. 23
said the company has reached the final stage of negotiations with
international creditors on the restructuring of its debt.

According to Interfax-Ukraine, the company hopes to sign the
agreement in January-February 2011.

Pylypenko did not disclose the conditions and the size of the
debt, adding that the debt now is less than US$3 billion, while
information from media reports that the debt was US$3 billion is
untrue, Interfax-Ukraine notes.

Ukrainian Corporation Industrial Union of Donbass is a steel
company based in Donetsk, Ukraine.


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


ALLIANZ GLOBAL: Court Grants Formal Recognition of UK Proceedings
-----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has granted the petition of David McGuigan, in his
capacity as the duly appointed foreign representative of Allianz
Global Corporate & Specialty (France), Allianz IARD, Delvag
Luftfahrtversicherungs-AG and Nueberger Allgemeine Versicherungs-
AG (collectively, the "Scheme Companies"), for recognition under
Chapter 15 of the Scheme Companies' jointly administered
adjustment of debt proceedings (the "English Proceedings") in the
High Court of Justice of England and Wales, as "foreign nonmain
proceedings" pursuant to 11 U.S.C. Section 1502.

The Court further ordered that relief equivalent to that afforded
to a debtor in a foreign main proceeding pursuant to 11 U.S.C.
Section 1520 is granted as additional relief pursuant to 11 U.S.C.
Sections 1521(a) and (b) and is effective as to the Scheme
Companies.

Under Section 1521 of the Bankruptcy Code, a court is granted
discretion to grant other appropriate relief at the request of the
foreign representative, including in foreign nonmain proceedings
which, unlike foreign main proceedings, do not invoke Section
1520's automatic stay.

A complete text of the Court's order granting formal recognition
of David McGuigan as a "foreign representative" of the Scheme
Companies and the English proceedings as "foreign nonmain
proceedings" is available at no charge at:

  http://bankrupt.com/misc/Allianz_formalrecognitionorder.pdf

As reported in the Troubled Company Reporter on October 4, 2010,
the aim of the schemes of arrangement between the Scheme Companies
is to finalize the run-off of the Scheme Companies' involvement in
the business underwritten for them by Camomile Underwriting
Agencies Limited.  The Scheme does not include any non-CUAL
business nor, for the avoidance of doubt, any business
underwritten for Sovereign Marine & General Insurance
Company Limited whether for the business they underwrote through
CUAL or otherwise.

The Scheme Manager can be contacted at:

    David McGuigan
    CUAL Scheme Manager
    PO Box 683, Redhill, RH1 9BY
    United Kingdom
    Fax: +44 (0)207 626 7937
    E-mail: dmcguigan@limbo.eu

The Chapter 15 petitioner's counsel can be contacted at:

    Lee S. Attanasio, Esq.
    Alex R. Rovira, Esq.
    Debra W. Minoff, Esq.
    SIDLEY AUSTIN LLP
    787 Seventh Avenue
    New York, NY 10019
    Tel: (212) 839-5300

David McGuigan, the foreign representative for Allianz Global
Corporate & Specialty (France), Allianz IARD, Delvag
Luftfahrversicherungs-AG and Nurnberger Allgemeine Versicherungs-
AG, filed Chapter 15 petitions (Bankr. S.D.N.Y. Case Nos. 10-14990
through 10-14993) on Sept. 22, 2010.


BLADE TOOLING: Tough Trading Conditions Prompt Administration
-------------------------------------------------------------
BBC News reports that Blade Tooling Company Limited and Blade
Technology have gone into administration.

BBC relates that Will Wright and Mark Orton of KPMG were appointed
joint administrators on Dec. 23.  According to BBC, administrators
KPMG said no redundancies have yet been made at the companies.

BBC notes that KPMG said the businesses, which employ 57 and eight
people respectively, were continuing to trade while a buyer was
sought.  It added the firms have suffered as a result of "tough"
trading conditions, BBC discloses.

Worcestershire-based Blade Tooling Company Limited and Blade
Technology are aerospace industry suppliers.


CELTIC CRUSADERS: Bought Out of Administration
----------------------------------------------
BBC News reports that Celtic Crusaders has been taken over by a
new company after it went into administration last month.

According to BBC, W Crusaders Limited has bought the Wrexham-based
club's assets, and transferred players onto its payroll in a deal
for an undisclosed sum.  The company is backed by Wrexham Village,
the owners of the town's Racecourse Ground which the club shares
with Wrexham FC, BBC discloses.

The team will be known as Crusaders RL from next season, BBC
notes.

There are no planned changes to the playing squad or management
team, BBC says, citing a statement.

A winding-up petition against the club was dismissed at London's
High Court on November 17, BBC relates.  The club, BBC recounts,
went into administration on November 12, claiming inherited debt
had "made the business untenable".

Crusaders Rugby League is a Welsh professional rugby league club
based in Wrexham, North Wales.  The club was founded in 2005, and
has since played in all three divisions of the professional rugby
league structure of Britain.


CREST NICHOLSON: Majority of Lenders Back Debt-Swap Proposal
------------------------------------------------------------
Ed Hammond and Anousha Sakoui at The Financial Times report that
the majority of lenders to Crest Nicholson have voiced support for
a proposal by US fund Varde, its largest shareholder, which would
see the company push through its second debt-for-equity swap in
three years.

The FT relates that at a lender meeting on Dec. 20, Varde, which
holds about 35%  of Crest's GBP500 million loans, revealed that it
had support from more than half of the company's lenders,
including itself, to carry out a restructuring radically to reduce
the company's debts.

The FT notes that while Varde needs backing from 75% of Crest's
20-strong lender syndicate to implement the restructuring it first
proposed last month, people close to the talks said momentum in
the process was building.  Funds including New Amsterdam Capital
and Castle Hill are understood to be among those lenders
supportive of Varde's approach, the FT says, citing people with
knowledge of the situation.

According to the FT, Varde's proposed plan would bring Crest's
debt to net asset ratio -- the company has about GBP300 million
worth of land and work in progress -- in line with its listed peer
group.  It would free up the company's management to buy land and
pay for sites it has under option, the FT notes.

The company has been trading well, but the talks come as it faces
a refinancing of all its debts in 2012, the FT notes.

Crest Nicholson -- http://www.crestnicholson.com/-- is a
residential development company with property interests primarily
in central and southern England.  The firm focuses on developing
sustainable master-planned communities and mixed-use developments,
along with urban regeneration and commercial property
developments.


DAVE BUSHBY: Calls in Administrator Due to Rok's Collapse
---------------------------------------------------------
InsiderMedia reports that Dave Bushby Plant Hire has been placed
in administration after being hit by the failure of Exeter's Rok.
David Kirk, of Kirk Hills Insolvency in Barnstaple, has been
appointed as the company's administrator, InsiderMedia says.

InsiderMedia relates that Mr. Kirk said despite the directors'
best efforts and due to the amount of money owed by Rok, the
company had no other option but to seek insolvency advice.

Since mid-November, when Mr. Kirk got involved, the company has
continued to trade so that as many contracts as possible are
completed for the benefit of creditors, customers and staff,
according to InsiderMedia.

"Whilst this is not a happy ending at this time of the year, the
route of administration is a better outcome than liquidation and
does give time for a rescue solution to be sought," InsiderMedia
quoted Mr. Kirk as saying.

Based in North Devon, Dave Bushby Plant Hire operates a fleet of
diggers and also runs a commercial vehicle repairer.  The
22-year-old company employs 18 staff.


ECO-BAT TECHNOLOGIES: S&P Gives Stable Outlook; Affirms B+ Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on U.K.-based lead producer Eco-Bat Technologies Ltd. to
stable from negative.  At the same time, Standard & Poor's
affirmed its 'B+' long-term corporate credit rating on the company
and its 'B+' issue rating on Eco-Bat's EUR176 million senior
unsecured bond due 2013.  The recovery rating on the bond is
unchanged at '3', indicating S&P's expectation of meaningful (50%-
70%) recovery for senior noteholders in the event of payment
default.

"The outlook revision reflects S&P's opinion that, with large cash
surpluses in hand and a limited investment plan, Eco-Bat is
seeking ways to reduce its expensive debt burden," said Standard &
Poor's credit analyst Elad Jelasko.  "Eco-Bat's liquidity position
and its redemption in April 2010 of 25% of its outstanding debt
support S&P's opinion."

However, Eco-Bat's repayment risk could increase by 2013 if it
adopts an aggressive approach to reducing the EUR600 million
payment-in-kind loan due 2017 issued by immediate parent EB
Holdings.

S&P recognize that the unsecured PIK debt is structurally and
contractually subordinated to all of Eco-Bat's debt, and that it
does not involve any guarantee or direct payment obligation on the
company.  However, EB Holdings has no cash flow of its own, and
S&P has no visibility on the ultimate parent's strategy and
capabilities with respect to injecting cash into EB Holdings.  S&P
therefore assume that Eco-Bat will adopt a dividend policy that
keeps the outstanding (estimated) EUR782 million PIK debt below
EUR1 billion.  S&P view Eco-Bat's redemption of 25% of its 2013
notes as a positive signal, reducing the company's expensive debt.
S&P believes that the company will likely redeem more debt using
its EUR155 million cash in hand, and pursue a modest dividend
policy that leaves sufficient resources to repay the remaining
notes in 2013, without the need to refinance.

In the 12 months ended Sept. 30, 2010, Eco-Bat's adjusted debt to
EBITDA was 4.2x and FFO to debt was 21%.  S&P believes these
ratios will weaken slightly in 2011--debt to EBIDTA to 4.7x and
FFO to debt to 15%--but remain commensurate with the current
rating.

"The stable outlook reflects S&P's opinion that Eco-Bat will be
able to preserve its niche market position while benefiting from
modest growth, enabling it to generate margins and cash flow in
line with historical levels," said Mr. Jelasko.  Moreover, the
outlook reflects S&P's assumption that the company will adopt an
approach that balances its liquidity needs with those of its
parent company, EB Holdings."

S&P could consider a negative rating action if Eco-Bat's free
operating cash flow were to turn negative on a sustained basis, or
on evidence of an aggressive financial policy, either in the form
of significant dividend payouts or a refinancing of existing bonds
with new bonds that have looser restrictions.  Over the longer
term, if the company fails to address the repayment of the PIK
loan, as reflected by adjusted FFO to debt of below 10%, the
rating could also come under pressure.

S&P's limited visibility on the ultimate shareholder's view
regarding the PIK loan is a key constraint on the rating, limiting
upside potential in the medium term, even under the scenario where
Eco-Bat has positive net debt.


FLYGLOBESPAN: Faces GBP4 Million Claim Over Redundancies
--------------------------------------------------------
Martin Williams and John Bynorth at Herald Scotland report that
Flyglobespan is facing a claim of almost GBP4 million as 500
former staff take employment tribunal action over a failure to
consult on redundancies.

Herald Scotland relates that the firm and its parent crashed into
administration late last year, leaving thousands of passengers
stranded abroad and many more with worthless bookings.  About 650
people lost their jobs, Herald Scotland recounts.

According to Herald Scotland, 500 of those, all cabin crew, are
each claiming 90 days' pay, saying they were not given statutory
redundancy notice periods at the time of the collapse.

It is claimed staff were axed the week before Christmas without
any pay or notice, Herald Scotland states.  Most of them have
enlisted legal help through the Unite union and a hearing is
planned for February in Edinburgh, Herald Scotland notes.

According to Herald Scotland, administrator PricewaterhouseCoopers
(PwC) said in its latest progress report that the protective award
claims against the company and its subsidiaries resulted from it
"failing to consult prior to announcing redundancies" on
December 17, 2009.

"If successful, it will result in an unsecured claim of GBP3.9
million against the estates.  The company and its subsidiaries are
of the opinion that there is a valid defense to these claims; as a
result its legal agent has been instructed to lodge defense with
the employment tribunal," Herald Scotland quoted PwC as saying.

                      About Globespan

Established in 1970, Globespan Group plc provided flight only and
package holidays to a number of destinations across Europe as well
as Orlando in America from airports in Aberdeen, Edinburgh and
Glasgow.

Globespan Group plc also operates flights between the U.K. and the
Falkland Islands under a MOD contract.  The company's subsidiary
Alba Ground Holdings Ltd is also contracted to manage the baggage
check-in for Flybe at Glasgow and Edinburgh airports.


JJB SPORTS: Plans to Raise GBP31.5 Million in Share Sale
--------------------------------------------------------
David Altaner at Bloomberg News reports that JJB Sports Plc plans
to raise at least GBP31.5 million (US$48.7 million) in a share
sale to help it survive after a sales recovery was halted by
Britain's snowy weather.

According to Bloomberg, the plan has the support of JJB's main
shareholders, while the company's lender, Bank of Scotland, has
agreed to waive a January test of banking covenants.

Bloomberg says JJB is seeking emergency funding after snow kept
shoppers at home and a shortage of inventory at some stores caused
sales to miss company forecasts.  The money won't meet "medium-
and longer-term working capital requirements," which the board
will address after it finishes business plans, the company said,
according to Bloomberg.

Chairman John Clare will step down and be replaced Mike McTighe, a
former head of global operations at Cable & Wireless Plc,
Bloomberg discloses.  Mr. Clare, a former head of U.K. consumer-
electronics retailer Dixons Retail Plc, will leave immediately,
Bloomberg notes.  The company, as cited by Bloomberg, also said
Finance Director Lawrence Coppock will be replaced on Jan. 17 by
Dave Williams, who is joining from discount stores operator TJ
Hughes Ltd.

According to Bloomberg, Harris Associates LP, JJB's biggest
shareholder with 19%, will invest GBP11.9 million in the fund
raising.  The retailer also expects investments of GBP4.5 million
from Crystal Amber Fund Ltd., GBP11.6 million from Invesco
Perpetual, GBP1.5 million from the Bill & Melinda Gates Foundation
Trust and GBP2 million from GoldenPeaks Capital.

The combined shareholdings of the five investors could rise to
71.7% from 44.3%  after the placing, Bloomberg says, citing to
Katharine Wynne and David Jeary, analysts at Investec Securities.

As reported by the Troubled Company Reporter-Europe on Dec. 13,
2010, The Financial Time said JJB Sports' largest shareholder is
"ready, willing and able" to provide the company with additional
equity as the company faces the prospect of breaking its banking
covenants early next year. David Herro, chief investment officer,
with the US fund Harris Associates, said it was willing to provide
the funds JJB Sports needed to avoid problems with its lenders and
overhaul its stores, according to the FT.  The support of the
group's biggest shareholder is a fillip for JJB, which earlier
said that it was considering its options for restructuring or
alternative sources of financing as it was likely to breach its
banking covenants at the end of January, the FT noted.  Poor sales
in the second half of November pushed JJB to warn on Dec. 2 that
it would violate the terms of a GBP25 million revolving facility
it holds with the Bank of Scotland, the FT said.

JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories.  JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire. It provides a range of products covering United
Kingdom sports.  The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges.  The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs.  The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.


SHELLEYS IN LEWES: Put Up for Sale Following Administration
-----------------------------------------------------------
Chris St. Cartmail at Business Sale Report reports that The
Shelleys in Lewes is on the market following its administration.

According to Business Sale Report, the country house hotel, which
was once owned by the family of poet Percy Bysshe Shelley, was
placed into administration due to a downturn in trade.  It is
currently still trading despite its administration, Business Sale
Report notes.

Business Sale Report relates that Jason Baker and Chris Stevens of
FRP Advisory, partners at insolvency specialists FRP Advisory,
have been appointed as joint administrators of The Shelleys and
are currently carrying out "extensive marketing" in a bid to find
a buyer for the property.

The Shelleys is based in East Sussex.  It is currently owned by
Carlo Fernando and John Rudich Fernando.


* UK: Insolvencies Down 15% in November 2010, Experian Says
-----------------------------------------------------------
Scott Hamilton at Bloomberg News reports that Experian Plc said
the number of U.K. business insolvencies fell 15% in November from
a year earlier as companies' financial positions improved.

Bloomberg relates that Experian said in a report released by
e-mail on Dec. 23 in Nottingham, England, insolvencies declined to
1,388 from 1,634 in the same month a year ago.



===============
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, Psyche A. Castillon, 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 * * *