TCREUR_Public/110517.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, May 17, 2011, Vol. 12, No. 96

                            Headlines


F I N L A N D

* FINLAND: Corporate Bankruptcies Up 7.9% in First Quarter 2011


G R E E C E

ALPHA BANK: Moody's Reviews Covered Bonds for Possible Downgrade
* S&P Rates 29 Tranches Affected by Greece's 'B' Sovereign Rating


I R E L A N D

ANGLO IRISH: EC May Deliver Verdict on Merger in June Yet
IRISH NATIONWIDE: EC to Deliver Verdict on Merger in June Yet
EIRCOM GROUP: To Update Investors on Covenant Tests on May 27
EIRLES TWO: Fitch Affirms Rating on Series 279 Notes at 'BBsf'
TSAR 15 CDO: Fitch Withdraws Ratings on 3 Classes of Notes

XTRA-VISION LTD: High Court Confirms Appointment of Examiner


L U X E M B O U R G

ARD FINANCE: S&P Rates Proposed EUR395-Mil. PIK Notes at 'B-'


N E T H E R L A N D S

COPERNICUS EURO CDO: Fitch Affirms Rating on Class D Notes at 'CC'


P O R T U G A L

CHAVES SME: Moody's Downgrades Rating on Class B Note to 'Ba1'
* PORTUGAL: Finland Approves Financial Rescue Package


R U S S I A

NATIONAL RESERVE: Fitch Affirms LT Issuer Default Rating at 'B'


S L O V E N I A

NOVA KREDITNA: Fitch Cuts Hybrid Capital Instrument Rating to BB-
PROBANKA: Fitch Lowers Long-Term Issuer Default Rating to 'BB-'


T U R K E Y

DOGUS HOLDING: Moody's Affirms 'Ba3' Ratings; Outlook Positive


U K R A I N E

MHP SA: Fitch Affirms Long-Term Foreign Currency IDR at 'B'
* CITY OF LVIV: S&P Assigns 'CCC+' Rating to UAH90MM Senior Bonds


U N I T E D   K I N G D O M

FMS CONSTRUCTION: Goes Into Administration, May Affect 20 Jobs
FOCUS (DIY): Jobs Under Threat at Chippenham and Devizes Stores
FORD BAKERS: Bayne's Set to Reopen Firm's Former Shops
HIGH POST: M7 Real Estate Acquires Salisbury Distribution Center
HMV GROUP: Alexander Mamut Makes Cash Offer for Waterstone's Chain

LOUGH ERNE: Goes Into Administration, Business to Operate Normally
PAN PACIFIC: Mulls Creditors Voluntary Arrangement
PHONES4U FINANCE: S&P Assigns 'B+' Long-Term Corp. Credit Rating
PRESBYTERIAN MUTUAL: Smallest Saver to Get 100% Money Back
SILENTNIGHT: HIG Europe Acquires Firm, Saves 650 Jobs

SOUTHERN CROSS: Mulls Rights Issue; Seeks Potential Buyers


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                            *********


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F I N L A N D
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* FINLAND: Corporate Bankruptcies Up 7.9% in First Quarter 2011
---------------------------------------------------------------
STT reports that Statistics Finland said in a statement on Monday
that the number of bankruptcies recorded during the first quarter
of 2011 rose by 7.9% year-on-year.

The agency added that the 870 companies that had filed for
insolvency in the January to March period had employed about 3,600
people between them, down by 15% year-on-year, STT notes.


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


ALPHA BANK: Moody's Reviews Covered Bonds for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on
covered bonds issued by Greek banks:

   -- Covered bonds issued by Alpha Bank A.E. (Alpha) under its
      Direct Issuance Covered Bond Programme (Alpha Direct
      Issuance CB): Baa3, placed on review for possible downgrade;
      previously on April 19, 2011, Baa3 confirmed;

   -- Covered bonds issued by National Bank of Greece S.A. (NBG)
      under its Covered Bond Programme II (NBG CB II): Baa3,
      placed on review for possible downgrade; previously on
      April 19, 2011, Baa3 confirmed.

The timely payment indicators (TPIs) of these covered bond
programs are currently "Improbable".

The covered bonds issued by NBG under its Global Covered Bond
Programme and by Eurobank EFG under its two covered bond programs
remain on review.

RATINGS RATIONALE

These rating actions on the covered bonds were prompted by Moody's
rating actions on the issuer ratings of several banks and on the
local- and foreign-currency government bond ratings of Greece:

   -- Greece: B1, placed on review for possible downgrade on May
      9, 2011;

   -- Alpha: Ba3, placed on review for possible downgrade on
      May 10, 2011;

   -- NBG: Ba3, placed on review for possible downgrade on May 10,
      2011.

The issuer's credit strength is a main determining factor of the
covered bond ratings.  Therefore, if the issuer ratings are under
pressure, the issuers may only have a limited ability to stabilize
the covered bond ratings.  If the issuer ratings are downgraded,
the TPI framework is likely to restrict the covered bond ratings
at a lower level than they are currently at.

Moody's states in the press release "Moody's places Greece's
ratings on review for possible downgrade" published on May 9, 2011
on Moodys.com that "a multi-notch downgrade is possible if it
concludes that there is large risk that Greece's debt metrics are
on an unsustainable path."  Depending on the potential severity of
any future downgrade action on the senior unsecured ratings of
Greek covered bond issuers, particularly in light of at times high
exposure of Greek banks to Greek government bonds, the respective
covered bond ratings might then also be downgraded by several
notches.

The current ratings assigned to the existing covered bonds of the
above programs can expected to be assigned to all subsequent
covered bonds issued under the relevant program and any future
rating actions are expected to affect all covered bonds issued
under the program.  If there are any exceptions to this, Moody's
will in each case publish details in a separate press release.

The rating assigned by Moody's addresses the expected loss posed
to investors.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

KEY RATING ASSUMPTIONS/FACTORS

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond.  The primary model used is Moody's Covered Bond
Model (COBOL) which determines expected loss as a function of the
issuer's probability of default, measured by the issuer's senior
unsecured rating, and the stressed losses on the cover pool assets
following issuer default.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator" (TPI)
which indicates the likelihood that timely payment will be made to
covered bondholders following issuer default.  The effect of the
TPI framework is to limit the covered bond rating to a certain
number of notches above the issuer's rating.

SENSITIVITY ANALYSIS

The robustness of a covered bond rating largely depends on the
credit strength of the issuer.

The number of notches by which the issuer's rating may be
downgraded before the covered bonds are downgraded under the TPI
framework is measured by the TPI Leeway.

Based on the current TPI of "Improbable" the TPI Leeway for the
covered bonds issued by Alpha, NBG is zero notches, meaning that a
downgrade of the issuer ratings would lead to a downgrade of the
covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances.  Some examples might be (i) a
sovereign downgrade negatively affecting both the issuer's senior
unsecured rating and the TPI; (ii) a multiple-notch downgrade of
the issuer; or (iii) a material reduction in the cover pool's
value.

For further details on TPI Leeway across all covered bond programs
rated by Moody's, please refer to "Moody's EMEA Covered Bonds
Monitoring Overview", published quarterly.  These figures are
based on the reporting by the issuer and are subject to change
over time.

The principal methodology used for these ratings is "Moody's
Approach to Rating Covered Bonds" published in March 2010.


* S&P Rates 29 Tranches Affected by Greece's 'B' Sovereign Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all Greek asset-backed securities (ABS) and residential mortgage-
backed securities (RMBS) rated 'BBB+', 'BBB', or 'BBB-'.

Specifically, S&P:

    * Lowered to 'BBB-' from 'BBB+' and kept on CreditWatch
      negative S&P's ratings on 17 tranches in nine RMBS
      transactions;

    * Lowered to 'BBB-' from 'BBB' and kept on CreditWatch
      negative S&P's  ratings on four tranches in four RMBS
      transactions;

    * Placed on CreditWatch negative a single 'BBB-' rated tranche
      in one RMBS transaction;

    * Lowered to 'BBB-' from 'BBB+' and kept on CreditWatch
      negative S&P's ratings on three tranches in three ABS
      transactions and a further three tranches in three SME CLO
      (small and midsize enterprise collateralized loan
      obligation) transactions; and

    * Lowered to 'BBB-' from 'BBB' and kept on CreditWatch
      negative S&P's ratings on a single 'BBB-' rated tranche in
      one SME CLO transaction.

"These downgrades have resulted from our revised assessment of
Greek country risk in structured finance transactions backed by
Greek assets, which in turn follows our recent downgrade of
Hellenic Republic," S&P stated.

  Increased County Risk Assessment for the Hellenic Republic

"We analyze country risk when assigning structured finance
ratings. In this analysis, we consider how a broad range of
political, legal, economic, and industry factors may affect the
performance of structured finance transactions and their ratings,"
S&P stated.

"Our current assessment of country risk for Hellenic Republic is
that weak and uncertain economic growth prospects, and a
deteriorating labor market together with ongoing stresses on the
Greek financial system, may adversely affect the performance of
Greek structured finance transactions," S&P noted.

         Maximum Achievable Greek Structured Finance Ratings

"When rating a securitization above the foreign currency rating on
the sovereign in which the assets are located, our premise is that
the structured finance obligation would continue to perform in a
stress scenario where the government has defaulted on its
obligations," S&P stated.

S&P continued, "While we believe that this would be the case for
structured finance transactions backed by Greek assets that we
rate, we also consider that risks affecting these transactions
have increased materially due to heightened country risk, which,
in part, is reflected in the 'B/Watch Neg' long-term rating on the
Hellenic Republic.  As a result, the likelihood that these
transactions could experience an unusually large adverse change in
credit quality has also increased, in our view."

"Therefore, we are limiting the maximum achievable rating for
structured finance transactions backed by Greek assets to 'BBB-
/Watch Neg'.  As a consequence, we are lowering to 'BBB-'our
ratings on all Greek ABS and RMBS notes rated 'BBB+' and 'BBB' and
have kept these ratings on CreditWatch negative (additionally, we
have placed a single 'BBB-' rated tranche on CreditWatch
negative)," S&P stated.

"We may make further adjustments to the maximum achievable
structured finance rating if there is a change in our view of
country risk or, in some cases, a change to the sovereign credit
rating on the Hellenic Republic," according to S&P.

The current negative CreditWatch placement on the ratings on the
Hellenic Republic reflects the possibility of a further downgrade.

"The effect on structured finance transactions backed by Greek
assets from any future downgrade of the sovereign credit rating
might come from a combination of factors that are hard to predict
at this point.  We will review our assessment of country risk and
the impact on structured finance transactions if the sovereign
credit rating on the Hellenic Republic changes," S&P added.


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I R E L A N D
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ANGLO IRISH: EC May Deliver Verdict on Merger in June Yet
---------------------------------------------------------
Laura Noonan at Irish Independent reports that the European
Commission won't deliver a verdict on Anglo Irish Bank and Irish
Nationwide's business plan until June at the earliest, in case the
latest review of the banks' loan books shows up fresh losses.

The news means the announcement of the new name for
Anglo/Nationwide and the legal merger of the two entities is
likely to be delayed until later in the summer, Irish Independent
notes.

According to Irish Independent, sources this week confirmed that
the Commission has decided not to make a decision on
Anglo/Nationwide until after it gets a new BlackRock report into
loan losses at the two institutions.

Brussels competition officials are understood to be conscious that
the BlackRock assessment could throw up further capital demands
for the merged entity, so the amount of state aid involved could
rise, Irish Independent states.

The BlackRock reports are due for publication by the end of May,
Irish Independent discloses.  The Commission, Irish Independent
says, is expected to spend several weeks going through them so a
decision on the business plans won't be made until "June at the
earliest."

Drafts of the BlackRock reports have already been submitted to the
Central Bank, Irish Independent relates.  The findings are
believed to show no new capital demand for Anglo, but may show
some additional losses for Nationwide, according to Irish
Independent.

The State has already committed EUR29.3 billion to Anglo and
EUR5.4 billion to Nationwide, Irish Independent notes.

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


IRISH NATIONWIDE: EC to Deliver Verdict on Merger in June Yet
-------------------------------------------------------------
Laura Noonan at Irish Independent reports that the European
Commission won't deliver a verdict on Anglo Irish Bank and Irish
Nationwide's business plan until June at the earliest, in case the
latest review of the banks' loan books shows up fresh losses.

The news means the announcement of a new name for Anglo/Nationwide
and the legal merger of the two entities is likely to be delayed
until later in the summer, Irish Independent notes.

According to Irish Independent, sources this week confirmed that
the Commission has decided not to make a decision on
Anglo/Nationwide until after it gets a new BlackRock report into
loan losses at the two institutions.

Brussels competition officials are understood to be conscious that
the BlackRock assessment could throw up further capital demands
for the merged entity, so the amount of state aid involved could
rise, Irish Independent states.

The BlackRock reports are due for publication by the end of May,
Irish Independent discloses.  The Commission, Irish Independent
says, is expected to spend several weeks going through them so a
decision on the business plans won't be made until "June at the
earliest".

Drafts of the BlackRock reports have already been submitted to the
Central Bank, Irish Independent relates.  The findings are
believed to show no new capital demand for Anglo, but may show
some additional losses for Nationwide, according to Irish
Independent.

The State has already committed EUR29.3 billion to Anglo and
EUR5.4 billion to Nationwide, Irish Independent notes.

Irish Nationwide Building Society is headquartered in Dublin.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 8,
2011, Moody's Investors Service downgraded the bank deposit
ratings of Anglo Irish Bank Corporation Limited and Irish
Nationwide Building Society to Caa1/Not-Prime, from Baa3/P-3 (on
review for possible downgrade), the same level as the unguaranteed
senior unsecured debt ratings of the two institutions.  The Caa1
long-term bank deposit ratings remain on review for possible
downgrade, in line with the review on the unguaranteed senior
unsecured debt ratings.  S&P said there is no rating impact on the
stand-alone bank financial strength ratings, on the senior
unsecured and subordinated debt ratings, and on the government-
guaranteed debt ratings.

Irish Nationwide Building society continues to carry Moody's
Investors Service's 'E' bank financial strength rating and 'C'
subordinated debt rating with negative outlook.

Irish Nationwide also carries Fitch's 'E' bank financial strength
rating and 'C' subordinated debt rating.  The individual rating
was upgraded from 'F' in September 2010.  Fitch said the
upgrade of INBS's Individual Rating to 'E' recognized the
government's injection of EUR2.7 billion capital into the society,
but also acknowledged that the society was still likely to require
further external support.


EIRCOM GROUP: To Update Investors on Covenant Tests on May 27
-------------------------------------------------------------
Donal O'Donovan at The Irish Times reports that a spokesman for
Eircom Group said the company will tell investors on May 27
whether it passed the crucial 'covenant tests' on its corporate
debt at the end of March.

The statement, along with accounts for the first three months of
the year, will set the scene for the long-awaited talks on
restructuring the company's EUR3.75 billion of debt, The Irish
Times says.

Eircom has been widely tipped to miss the targets, but even if it
can show it scraped through the March tests, the company still has
to address its unsustainable debt burden, The Irish Times notes.

The covenants are conditions attached to the company's loans and
are tested every three months so that lenders can oversee the
company's performance, The Irish Times notes.  If it fails the
tests, it hands the balance of power in the debt talks more firmly
to lenders, The Irish Times states.

This week will see a round of "talks about talks" as both sides
prepare to engage on the major issues after the May 27 disclosure,
The Irish Times discloses.  Significantly, Eircom is expected to
formally recognize a committee representing its most senior
creditors as early as this week, according to The Irish Times.

Up to now, the senior lenders had been working together through an
ad-hoc coordinating committee, The Irish Times notes.  Once a
committee is recognized, the debtor agrees not only to engage with
its advisers, it also agrees to take on the costs run up by the
group, including for legal and banking advice, The Irish Times
states.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


EIRLES TWO: Fitch Affirms Rating on Series 279 Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed Moorgate CLO 2's credit-linked
floating-rate secured notes issued under Eirles Two Limited's
(Eirles Two) secured note program:

   Series 276 EUR17m (XS0266230571): affirmed at 'AAAsf'; Outlook
   Negative; Loss Severity (LS) Rating 'LS-5'

   Series 277 EUR20m (XS0266229565): affirmed at 'AAsf'; Outlook
   Negative; 'LS-5'

   Series 278 EUR10m (XS0266228831): affirmed at 'Asf'; Outlook
   Negative; 'LS-5'

   Series 279 EUR23.75m (XS0266228245): affirmed at 'BBsf';
   Outlook Negative; 'LS-5'

The affirmation reflects that the transaction has performed in
line with Fitch's expectations.

Since the last review in April 2010, there have been seven
defaults from three issuers.  The losses realized from the
settlements of these credit events, combined with trading losses
have reduced subordination to the notes by EUR11.5 million.
However, this has largely been offset by the deleveraging of the
portfolio and credit enhancement levels have thus remained
relatively stable since the last review.  Additionally, the
reference portfolio credit quality has remained stable with a
weighted average rating of 'B'/'B-'.  Further, the portfolio
exposure to reference entities rated 'CCC' and below has decreased
to 7.9% from 8.7%.

Portfolio replenishment is still permitted, subject to certain
conditions, and the maximum allowable reference portfolio is
EUR500 million compared to a current reference portfolio notional
of EUR408 million.


TSAR 15 CDO: Fitch Withdraws Ratings on 3 Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the ratings of Tsar 15
CDO Eirles Two Ltd Series 223-227:

   -- Series 223 C-1 (XS0237935399): downgraded to 'Dsf' from
      'Csf'; rating withdrawn

   -- Series 224 C-2 (XS0238519382): downgraded to 'Dsf' from
      'Csf'; rating withdrawn

   -- Series 225 D-1 (XS0238519549): downgraded to 'Dsf' from
      'Csf'; rating withdrawn

   -- Series 226 D-2 (XS0238518574): 'Dsf'; rating withdrawn

   -- Series 227 E (XS0238519036): 'Dsf'; rating withdrawn

The ratings have been downgraded to 'Dsf' following credit events
valuations that led to writedowns on the notes.  Fitch has
withdrawn all the ratings of Tsar 15 CDO Eirles Two Ltd Series
223-227 as all rated notes in the capital structure of the
transaction have defaulted.


XTRA-VISION LTD: High Court Confirms Appointment of Examiner
------------------------------------------------------------
The Irish Times reports that the High Court has confirmed the
appointment of an examiner to the Xtra-vision chain of stores.

The company was granted court protection from creditors last month
after it said it was insolvent and unable to pay its debts as they
fell due because of cash flow difficulties, The Irish Times
recounts.

The Irish Times relates that Mr. Justice Brian McGovern said he
was satisfied to confirm David Hughes of accountancy firm Ernst
and Young as examiner of Xtra-vision.  Mr. Hughes was appointed
interim examiner last month, The Irish Times discloses.

According to The Irish Times, the examiner has up to 100 days to
devise a rescue plan for the company, which will then be put
before creditors and the High Court.  US firm Blockbuster sold
Xtra-vision to Irish firm Birchall Investments in 2009 and the
court heard that Birchall is prepared to invest another EUR6
million in the company if a scheme of arrangement is approved, The
Irish Times notes.

Rossa Fanning, who is representing the examiner, said Mr. Hughes,
in an interim report to the court, had said he had found nothing
of significance that would cause him to question an independent
accountant's view the company has a reasonable prospect of
survival as a going concern, according to The Irish Times.

Mr. Fanning added that it was envisaged, during the period of
examinership, applications would be made to the High Court to
repudiate a number of lease agreements for premises where
Xtra-Vision operates stores, The Irish Times discloses.

The court agreed to make Ulster Bank, owed about EUR1 million; the
Revenue Commissioners, owed EUR3.3 million; and Blackpool
Developments Ltd., which leases a premises in Cork to Xtra-Vision,
notice parties to the proceedings, The Irish Times states.

Mr. Fanning, as cited by The Irish Times, said it had received
letters of support for the examinership process from Ulster Bank
and a trade union representing many of Xtra-vision's employees.

Xtra-vision is a home entertainment chain.  The company has 180
stores across Ireland employing 1,300 people.


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L U X E M B O U R G
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ARD FINANCE: S&P Rates Proposed EUR395-Mil. PIK Notes at 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue rating
to the proposed EUR395 million payment-in-kind (PIK) notes due
2018, to be issued by ARD Finance S.A., the Luxembourg-
incorporated holding company of Ireland-based glass container
manufacturer Ardagh Packaging Group Plc (formerly Ardagh Glass
Group PLC; Ardagh; B+/Stable/--).  The issue rating is two notches
lower than the 'B+' corporate credit rating on Ardagh''.

"At the same time, we assigned a recovery rating of '6' to the
proposed PIK notes, indicating our expectation of negligible (0%-
10%) recovery in the event of a payment default.  We understand
that the notes are to be issued in two tranches of EUR185 million
and US$300 million.  The long-term corporate issuer credit rating
remains unaffected by this transaction as we anticipate credit
metrics to remain in line with those commensurate with the current
'B+' rating.  We would view a ratio of Standard & Poor's-adjusted
funds from operations to debt of 10%-15% and Standard & Poor's-
adjusted debt to EBITDA of 5.0x-5.5x to be in line with a 'B+'
rating for Ardagh.  We expect Ardagh to sustain these ratio levels
in the near term.  We note, however, that the rating headroom for
further debt-funded acquisitions is reduced, due to a higher debt
burden, and we assume that credit metrics will remain at the
weaker end of these ranges in the near term.  We believe that
credit metrics could improve if part of the funds of a potential
successful IPO were allocated to debt reduction," S&P stated.

S&P continued, "The issue rating on Ardagh's various senior
secured debt instruments remains unchanged at 'BB-', with recovery
ratings unchanged at '2'.  This reflects our expectation of
substantial (70%-90%) recovery in the event of a payment default.
The issue rating on Ardagh's existing senior unsecured and PIK
notes remains unchanged at 'B-', with recovery ratings unchanged
at '6'.  This indicates our expectation of negligible (0%-10%)
recovery prospects in the event of a payment default.  We
understand that the background to the refinancing of the existing
circa EUR244 million PIK notes with the proposed EUR395 million
PIK notes is to relax restrictive covenants in the documentation
of the existing PIK notes, providing the company with more
headroom to pursue acquisitions and incur additional debt, among
other things.  Moreover, this will provide excess cash that Ardagh
can distribute to shareholders, and extend the maturity of the PIK
notes."

The proposed EUR395 million PIK notes will be secured by a first-
ranking security interest over the stock of Ardagh Group S.A., the
direct subsidiary of the issuer (which the company intends to
submit for an initial public offering).  "It is our understanding
that the PIK notes will also benefit from security in the
intercompany proceeds loan to Ardagh Packaging Group PLC, which
may be repaid at any time.  Moreover, according to the
documentation, Ardagh Group S.A. may issue shares free and clear
of any lien in favor of the PIK notes in connection with certain
public offerings or mergers," S&P stated.

The documentation for the proposed EUR395 million PIK notes
contains a change-of-control clause and restrictions on dividends
and incurrence of additional debt by the issuer and its restricted
group subsidiaries -- subject to a pro forma fixed-charge coverage
ratio of 2.0x with significant caveats.

It also has limitations on liens, transactions with affiliates,
and the transfer and sale of assets.  The company may redeem the
PIK notes prior to final maturity.  "The issue and recovery
ratings on the proposed PIK notes reflect our view of the
contractual and structural subordination of the PIK notes to the
existing secured and unsecured debt of Ardagh, as creditors would
be repaid before shareholders in a default scenario.  The issue
and recovery ratings on the proposed PIK notes are based on
preliminary information and are subject to the successful issuance
of this instrument and our review of the final documentation," S&P
added.

Ratings List

New Rating

ARD Finance S.A.
Subordinated
EUR185 mil., US$300 mil. (proposed)   B-
  Recovery Rating                      6


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COPERNICUS EURO CDO: Fitch Affirms Rating on Class D Notes at 'CC'
------------------------------------------------------------------
Fitch Ratings has affirmed three classes of Copernicus Euro CDO I
B.V. (Copernicus):

   -- EUR6.2m Class C-1 notes (XS0131036310): affirmed at 'Bsf';
      Outlook Negative; Loss Severity (LS) Rating 'LS-4'

   -- EUR14.1m Class C-2 notes (XS0131113838): affirmed at 'Bsf';
      Outlook Negative; 'LS-4'

   -- EUR12.7m Class D notes (XS0131037045): affirmed at 'CCsf';
      Recovery Rating 'RR6'

The affirmations reflect the transaction's continued deleveraging
since the last review in April 2010.  The class B notes have been
paid in full and the class C notes have started to amortize.  The
portfolio is highly concentrated with eight issuers remaining and
the two largest issuers referencing 40% of the portfolio, as per
the April 2011 trustee report.

One of the key risks for the transaction is a long-dated bucket,
containing assets maturing after the transaction's legal maturity
in 2013, which has increased to 65% of the portfolio from 28% in
April 2010.  Fitch believes there is uncertainty surrounding the
refinancing of the underlying assets in 2013 and 2014, and that
Copernicus is exposed to market risk from the sale of these long-
dated assets before the transaction's maturity.

The affirmations of the class C-1 and C-2 notes reflect sufficient
levels of credit enhancement for the ratings driven by the
deleveraging of the transaction.  The agency believes the
repayment of the class C-1 and C-2 notional will remain highly
sensitive to interest rate movements and the sale price of the
long-dated assets.  Fitch expects class C-1 and C-2 to remain
current on their interest payments but that principal proceeds
will have to continue to be used to maintain the interest payments
on these classes.

The class D notes are currently shut off from any interest
distribution and their balance has increased as a result of
deferred interest.  As Fitch predicted in the last review, the
class D notes have become under-collateralized with an over-
collateralization (OC) ratio of 89.3% as principal proceeds are
being used to maintain the class C note current on their interest
payment.  If the class D notes capitalize interest for a
significant period of time, repayment of the capitalized interest
will be difficult.  The affirmation of the class D notes at 'CCsf'
reflects Fitch's belief that default on the notional repayment of
class D is probable.


===============
P O R T U G A L
===============


CHAVES SME: Moody's Downgrades Rating on Class B Note to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has downgraded the senior notes issued
by Chaves SME CLO No. 1 (Chaves SME 1) and placed them on review
for further downgrade.  Moody's had placed the senior notes on
review for downgrade Dec. 23, 2010, following the announcements
that Moody's would review for downgrade the ratings of the
Portuguese government (Dec. 21, 2010) and those of Portuguese
banks (Dec. 9, 2010).

RATING RATIONALE

The downgrade reflects Moody's expectation of continued weak
performance, as well as increasing operational risks following the
downgrade to B1 from Baa3 of the originator and servicer of the
transaction, Banco Portugues de Negocios, S.A. (BPN).  Moody's
further review for downgrade will consider the additional negative
rating impact of commingling risk for the notes, in the event that
the borrower notification trigger is waived.

(1) Weak performance

Moody's has reviewed its assumptions for Chaves SME 1's collateral
portfolio taking into account the performance deterioration and
the exposure of the transaction to the real estate sector.  As of
March 2011, the cumulative defaults (the balance of loans that are
more than 180 days in arrears) increased to 4.6% of the total
original balance of the portfolio plus the sum of replenishments,
compared to 3.8% in March 2010.  Over the same period, the
proportions of loans in the portfolio that were more than 90 days
delinquent (including outstanding defaults), increased to 21.4%
from 11.3%.  The principal deficiency ledger (PDL) stood at
EUR11.45 million, or 5.38% of the total outstanding balance of the
notes as of the latest reporting date (February 2011).

As a result, Moody's has increased its cumulative mean default
assumption to 19.0% of the current portfolio balance,
corresponding to an average rating proxy of B3 for the portfolio,
under the revised remaining weighted average life assumption of
2.8 years.  This assumption on future defaults implies a revised
cumulative mean default calculation for the entire life of the
transaction of 7.9% expressed in percentage of the original
portfolio balance and all replenishments (up from 5.3% at
closing).

Given the increased borrower concentrations in the portfolio,
Moody's used a Monte Carlo simulation in CDOROM to derive the
gross default distribution.  As a result, Moody's increased the
coefficient of variation (COV) of its default distribution to 58%
from 42% (from the latest revision in July 2009).  Moody's
assumptions for the average recovery rate and constant prepayment
rate (CPR) remain unchanged at 45% and 10%, respectively.

(2) Increased operational risks

Today's downgrade also reflects the impact of increased
operational risks.  There is no appointed back-up servicer in this
transaction.  As a result, the transaction is exposed to the
ability of BPN to timely perform its collection and administration
obligations.  This exposure creates credit linkage between BPN and
the rated notes in this transaction.

Moody's ratings also reflect the potential risk that borrowers set
off their deposits against outstanding loans.  Moody's relies on
legal counsel's view that set-off risk crystallizes upon
assignment of the loans, thus the exposure is ascertainable.
There is no set off reserve in place in the transaction.  Moody's
modeled the set-off exposure based on deposit information provided
by the originator indicating a maximum exposure of about 7% of the
total outstanding balance of the portfolio.

Finally, Moody's further review will consider the impact of
commingling risk.  Although the downgrade of BPN's rating below
Baa3 has triggered a borrower notification event, Moody's
understands that the obligation to notify borrowers to pay into an
eligible collection account may be waived.  If the obligation is
waived, Moody's will consider additional losses due to commingling
risk.  Moody's considers that about one to two months of
collections could cease to be available to the transaction
immediately following a potential insolvency of BPN and until
collections were diverted to the transaction account.

The methodologies used in this rating were Refining the ABS SME
Approach: Moody's Probability of Defaults Assumptions in the
Rating Analysis of Granular SME Portfolios in EMEA, published in
March 2009 and Moody's Approach to Rating Granular SME
Transactions in EMEA, published in June 2007.

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

Moody's uses its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other,
non-credit risks have not been addressed but may have a
significant effect on yield to investors.

LIST OF AFFECTED SECURITIES:

   Issuer: Chaves SME CLO No. 1

   -- A Note, Downgraded to A3 (sf) and Remains On Review for
      Possible Downgrade; previously on Dec 23, 2010 A1 (sf)
      Placed Under Review for Possible Downgrade

   -- B Note, Downgraded to Ba1 (sf) and Placed Under Review for
      Possible Downgrade; previously on Jul 9, 2009 Downgraded to
      Baa3 (sf)

REGULATORY DISCLOSURES

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

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

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

Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

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

The date on which some Credit Ratings were first released goes
back to a time before Moody's Investors Service's Credit Ratings
were fully digitized and accurate data may not be available.
Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the
information that is available to it.


* PORTUGAL: Finland Approves Financial Rescue Package
-----------------------------------------------------
BBC News reports that Finland has approved the financial rescue
package for Portugal.

BBC relates that a 25-member parliamentary committee, including
members of all eight parties, gave outgoing Finance Minister
Jyrki Katainen a mandate to support the package at the eurozone
finance ministers meeting on May 16.

There had been concerns that the bail-out may be blocked by anti-
EU parties following the April 17 election, BBC states.

Portugal, BBC says, needs EUR78 billion (US$111 billion; GBP68
billion) in loans from the European Union and International
Monetary Fund.

Finland is the only country that requires its parliament to
approve the bail-out package, BBC notes.


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


NATIONAL RESERVE: Fitch Affirms LT Issuer Default Rating at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed National Reserve Bank's (NRB) Long-term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

NRB's ratings take into account its high exposure to equity
investments, narrow franchise and potential contingent risks
relating to entities of the broader National Reserve Corporation
(NRC), majority owned by prominent businessman Alexander Lebedev.
However, the ratings are supported by the bank's still solid
capitalization and currently satisfactory liquidity.

Fitch views certain recent developments as moderately negative for
the bank's credit profile.  These include a large dividend payment
in Q111; the somewhat reduced capacity of the securities portfolio
to serve as a source of liquidity and some instances of apparent
pressure on the bank and/or its main owner from certain government
bodies/officials (albeit not from the Central Bank of Russia,
which completed its review of the bank in Q111).  In Fitch's view,
despite these developments, the bank's credit profile remains
consistent with a 'B' Long-term IDR, and the Stable Outlook
reflects the agency's base scenario that the bank's credit profile
will not deteriorate any further.  However, any additional
material erosion of the bank's capital and liquidity buffers could
lead to negative rating action.

NRB's earning assets are almost evenly split between the loan book
and securities portfolio.  The quality of the loan book is weak,
although it stabilized in 2010 with non-performing loans (NPLs,
defined as more than 90 days overdue) at 13.9% of the portfolio at
end-2010 (2009: 14.9%; 2008: 2.8%).  Coverage of NPLs by loan
impairment reserves was a high 123% at end-2010.  The portfolio is
concentrated with the 20 largest borrowers accounting for 60% of
the loan book and loans to related parties representing 16.7% of
gross loans at end-2010.

The securities portfolio is mainly formed by equities of Aeroflot
('BB+'/Stable), Gazprom ('BBB'/Stable) and aircraft leasing
company Ilyushin Finance.  NRB recently transferred a quarter of
its securities holdings into a mutual fund, which is fully owned
by the bank.  This allows for a smoothing of the revaluation
impact of these securities on performance, but may complicate the
use of these securities in repo transactions.  Additionally, about
half of NRB's shares in Aeroflot could soon be encumbered under a
planned exchangeable bond transaction.  Finally, Fitch notes that
from July 1, 2011 the Central Bank of Russia will no longer
provide repo financing against equities.

Fitch notes the concentrated funding base of the bank with a
material share of related party funds, especially after the
sizable dividend payment completed in Q111 (RUB9 billion, or about
30% of IFRS equity at end-2010). Fitch has been informed that the
shareholders intend to keep most of this money deposited with NRB.

The risk of deposit withdrawals is largely mitigated by the
liquidity buffer (including cash and its equivalents, short-term
interbank placements, state securities and Gazprom shares directly
owned by the bank), which accounted for about 23% of total assets,
covering more than 40% of customer funds at end-Q111 under local
accounts.

Fitch estimates the total Basel I capital adequacy ratio at 35.6%
at end-2010 on a pro-forma basis (allowing for the Q111 dividend
payment (actual level was 51.5% at end-2010).

NRB is a Moscow-based bank with assets of RUB58.3 billion at end-
2010, and accounts for about two-thirds of the assets of the
broader NRC, a group with interests in the financial sector,
recreation, agriculture, oil, construction and aviation.
Alexander Lebedev is the largest shareholder of NRC, which holds a
59.8% stake in the bank.  In addition, Mr. Lebedev and his son
directly hold an 18.4% stake in NRB.

The rating actions are:

   -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
      Stable

   -- Long-term local currency IDR: affirmed at 'B'; Outlook
      Stable

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

   -- Individual Rating: affirmed at 'D'

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No floor'

   -- National Long-term Rating: affirmed at 'BBB(rus)'; Outlook
      Stable

   -- Senior unsecured notes: affirmed at 'B(exp)'; Recovery
      Rating 'RR4'

   -- Senior unsecured notes, National rating: affirmed at
      'BBB(exp) (rus)'

   -- Senior unsecured convertibles: affirmed at 'B(exp)';
      Recovery Rating 'RR4'


===============
S L O V E N I A
===============


NOVA KREDITNA: Fitch Cuts Hybrid Capital Instrument Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded Slovenia's Nova Kreditna Banka
Maribor (NKBM) Long-term Issuer Default Rating (IDR) to 'BBB+'
from 'A-' and its Support Rating to '2' from '1'.  At the same
time, these ratings have been removed from Rating Watch Negative
(RWN).  The Outlook on the Long-term IDR is Stable.

The rating actions reflect a moderate downward revision in Fitch's
assessment of the probability of future support being made
available to NKBM in a timely fashion from the Slovenian
authorities (sovereign Long-term IDRs 'AA'/Stable).  This follows
the dilution of the government's direct stake in NKBM to around
28% from 41% following NKBM's recent equity issue.

While Fitch recognizes that the ultimate level of state ownership
in NKBM has been maintained at about 51%, the government's delayed
and only indirect participation in the capital increase constitute
key factors in the agency's decision to downgrade the bank's Long-
term IDR and Support Rating.  Fitch also notes conflicting policy
statements during the capital raising with respect to maintaining
the state's stake in the bank, as well as a lack of clear strategy
from the government regarding NKBM's future ownership structure.

NKBM's Long-term IDR and Support rating continue to reflect
Fitch's assessment of a still high probability of support for
NKBM, in case of need, from the Slovenian authorities.  This takes
into account the bank's majority public sector ownership and its
high systemic importance,

The 'C/D' Individual Rating reflects the rapid recent
deterioration of NKBM's asset quality, its still only moderate
capitalization and the challenging operating environment.
However, these factors are balanced by its well-established
franchise, stable retail funding base and adequate liquidity.

In the agency's view, the bank's capitalization continues to be
only moderate given the high level of unreserved non-performing
loans (NPLs) and sizeable exposures to the troubled
construction/real estate industry and holding companies.  The
bank's level of internal capital generation is also weak in light
of moderate pre-impairment profit, a high level of loan impairment
charges and sluggish demand for new credit in the economy. NKBM's
consolidated Tier 1 capital ratio stood at 8.15% at end-Q111 (or
10.2% on a pro forma basis, allowing for the Q211 EUR104.3m equity
injection).

Asset quality is likely to deteriorate further in 2011, albeit at
a slower pace than in 2010, as reflected in a slower pace of
growth of new bad debt in Q111.  At end-Q111, NPLs (defined as all
loans in categories 'D' and 'E', and 'C' category exposures 90
days overdue) stood at 15.2% of total gross loans.

NKBM's liquidity buffer remains adequate in view of the bank's
refinancing needs in 2011.  At end-Q111, it totalled EUR760
million and mainly comprised unencumbered assets eligible for
refinancing with the ECB.  At end-Q111, the amount of wholesale
liabilities falling due to end-2011 totalled around EUR550 million
and was concentrated in May-June (about EUR280 million) and
November-December (about EUR215 million).  NKBM plans to replace
these facilities through a bond issue of around EUR500 million in
autumn this year.

At end 2010, NKBM was the second-largest banking group in
Slovenia, with a market share of about 11% of total assets and
around 15% of customer deposits.

The rating actions are:

   -- Long-term foreign currency IDR: downgraded to 'BBB+' from
      'A-', removed from RWN; Stable Outlook assigned

   -- Short-term foreign currency IDR: affirmed at 'F2'

   -- Support Rating: downgraded to '2' from '1', removed from RWN

   -- Individual Rating: affirmed at 'C/D'

   -- Support Rating Floor: downgraded to 'BBB+' from 'A-',
      removed from RWN

   -- Hybrid capital instrument: downgraded to 'BB-' from 'BB'


PROBANKA: Fitch Lowers Long-Term Issuer Default Rating to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded Slovenia-based Probanka d.d.'s Long-
term Issuer Default Rating (IDR) to 'BB-' from 'BB'.  The Outlook
is Stable.  The bank's other ratings have been affirmed.

The rating action reflects the bank's high level of non-performing
loans (NPLs) and weak profitability, in light of which
capitalization is only modest.  Liquidity is also only moderate.
However, these factors are balanced by the bank's regional
corporate franchise and the Slovenian economy's return to moderate
growth.

NPLs, defined as category 'D' and 'E' loans plus category 'C'
loans overdue by 90 days rose sharply in 2010.  They stood at 14%
of consolidated customer loans at end-2010 up from 6.5% at end-
2009.  NPLs are concentrated, reflecting a high level of borrower
concentration in the loan book.  In addition, reserve coverage of
NPLs is fairly low (around 25% at end-2010), reflecting strong
reliance on collateral in the form of real estate, and to a lesser
extent, equities, both of which are proving illiquid in the
current environment.

In light of the above, and given a high level of single-name
borrower concentration, equities exposures and related-party
lending, Probanka's capitalization is only modest.  The bank's
consolidated Tier 1 ratio stood at 7.8% at end-2010.  However, it
could come under further pressure from rising loan impairment
charges whilst internal capital generation remains weak due to
moderate pre-impairment profit, significant loan impairment
charges and limited demand for new credit in the economy.

To strengthen its capital position, Probanka aims to raise EUR10
million of capital from a new strategic 'partner' by end-Q311,
which in Fitch's view could prove challenging in the current
environment.

Funding is sourced largely from short-term customer deposits or
from the Slovene Export and Development Bank for longer-term
funding.  Growth in stable retail deposits is a strategic priority
for Probanka.  The bank has had some success in growing its retail
deposit base in 2010/Q111.  However, funding costs are likely to
rise as a result of this, putting pressure on the bank's already
low net interest margin.

Liquidity is only moderate with liquid assets accounting for
around 17% of total consolidated assets at end-2010.  The
loans/deposits ratio is fairly high.

Further deterioration in asset quality, resulting in additional
pressure on capitalization, could put further downward pressure on
the bank's ratings.  Upside to the ratings is limited in the
medium term given the bank's small size and limited franchise, and
Fitch's expectation that the bank's main immediate focus will be
in managing asset quality and protecting its capital position.

Probanka is a medium-sized universal bank based in Maribor with a
strong focus on corporate lending.  At end-2010 it had a 2.6%
share of banking sector assets (ranked 12th) and a 3.2% share of
deposits.  Its single largest shareholder (19.97% voting stake),
Medaljon, is owned by management.

The rating actions are:

   -- Long-term foreign currency IDR: downgraded to 'BB-' from
      'BB'; Outlook Stable

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

   -- Support Rating: affirmed at '4'

   -- Individual Rating: affirmed at 'D'

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


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


DOGUS HOLDING: Moody's Affirms 'Ba3' Ratings; Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) and probability of default rating (PDR) of Dogus
Holding A.S. and changed the outlook on the ratings to positive
from stable.

RATINGS RATIONALE

The outlook for Dogus's rating is positive and reflects the
commitment of management to maintain debt levels on a consolidated
basis (but excluding debt at Garanti Bank) of US$1.8 billion.

"Moody's affirmation of Dogus's ratings and the change of outlook
to positive from stable follows the early amortization of nearly
US$250 million worth of debt at the holding level, in combination
with management's commitment to further reduce debt during 2011
and thereafter to maintain it at around US$1.8 billion," says
Martin Kohlhase, a Moody's Assistant Vice President and lead
analyst for Dogus.  "The proceeds of the US$2.1 billion generated
as a result of Dogus's disposal of 6.29% of its stake in Garanti
Bank has allowed the company to lower its debt load to around
US$754 million, which clearly sets its rating on a positive
trajectory."

Dogus's ratings remain constrained at the Ba3 level, as Dogus's
assets continue to be concentrated in Turkey, namely Garanti Bank
(rated Ba3), which represents approximately 80% of the company's
investment portfolio.  The dividend contribution received from
other investments has so far been limited to TRY15 million (around
US$10 million) from Dogus Construction.  Moody's notes that
activities in Dogus's four other industry verticals have yet to
break even, which limits the company's ability to upstream
surpluses to the rated parent company. More positively, Moody's
expects Dogus's growing property portfolio -- including shopping
malls, office buildings, hospitality and leisure assets -- to
contribute recurring rental income.  Moody's could upgrade the
ratings if contributions from other segments were to become more
material and Dogus were to consequently become less reliant on a
single major income source, which is currently Garanti Bank.

Despite Dogus's strong financial profile suggesting a higher
rating than the assigned Ba3, the current rating assumes that the
company will continue to deploy its cash surplus in a mix of new
investments, shareholder returns and debt repayment, but that it
clearly remains focused on investments where the risk-return
profile remains uncertain.  Dogus's financial metrics position the
rating below that of Ordu Yardimlasma Kurumu (Oyak), the Turkish
Armed Forces Pension Fund (rated Ba2), with cash coverage at 3.4x
(Oyak: 8.8x) and less diversified dividend sources.

LAST RATING ACTION & PRINCIPAL METHODOLOGY

The principal methodology used in rating Dogus was the Global
Investment Holding Companies Rating Methodology, published in
October 2007.

Headquartered in Istanbul, Turkey, Dogus Holding A.S. is an
investment holding company owned by the Sahenk family.  It
comprises more than 120 companies, which are active in seven
sectors: financial services, automotive, construction, media,
tourism & services, real estate and energy.  The company's main
activities are tied to the Turkish economy, but Dogus is aiming to
create regional leaders in the respective industries.  As at the
end of December 2010, Dogus's combined assets under management
amounted to US$103 billion, of which US$88 billion were related to
its investments in financial services, and consist of a stake in
Garanti Bank of approximately 30.24%.


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


MHP SA: Fitch Affirms Long-Term Foreign Currency IDR at 'B'
-----------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based agricultural producer MHP
S.A.'s (MHP) Long-term foreign currency Issuer Default Rating
(IDR) at 'B' with a Stable Outlook. The rating is capped by
Ukraine's Country Ceiling of 'B'.  Fitch has also affirmed the
company's Long-term local currency IDR at 'B+' with a Stable
Outlook.  The senior unsecured rating applicable to MHP's
guaranteed bonds has been affirmed at 'B' with a Recovery Rating
of 'RR4'.

The affirmation of MHP's Long-term local currency IDR reflects the
company's steady operating performance and credit profile, which
were both in line with expectations in 2010 overall.  The ratings
also factor in the expectation of steady results and credit
metrics through to 2012 as capex is deployed in the Vinnitsa
project, which will increase the production capacity to 580,000
tonnes of chicken meat/year by 2015 from the current 360,000
tonnes.  The first two phases, for a total cost of US$750 million
(gross capex before equipment financing), of which US$100 million
was spent in 2010, are on track to come on stream from 2013.

The ratings continue to reflect MHP's leading position in the
Ukrainian poultry market, supported by its high level of vertical
integration, which together with government subsidies enables MHP
to generate EBITDA margins in excess of 30%.  Negative rating
factors include the narrow focus of MHP's business on the
Ukrainian poultry market, and the degree of currency mismatch
between revenues and profits denominated in USD (24% of sales in
2010) compared with debt in USD (89% of total debt, including the
almost US$600 million outstanding Eurobonds).

The operating environment remains positive for MHP, as consumers
continue to substitute chicken for more expensive pork and beef,
and to shift purchases to industrialized products (MHP controls
50% of all industrially produced poultry in Ukraine).  The
company's market presence continues to improve as it takes market
share from other producers.  Chicken prices have trended higher in
UAH terms (+6.7% in 2010 and +3.6% in Q111) despite the stable
exchange rate at around 8 UAH/USD, as prices adjust to the
international price for chicken.  In USD terms, domestic prices
have fluctuated around US$1.60-1.72/Kg, still below the peak of
US$2.28/Kg in 2008 as a result of the sharp devaluation of the UAH
in 2009.

As the group is vertically integrated into grain growing, it is
almost entirely self-sufficient in corn, and partially in
sunflower seeds, for the production of fodder.  This is a
competitive advantage over international competitors.  Operating
profit margins above 20% (24.3% in FY10) therefore compare
favorably with other protein producers such as Tyson Foods ('BBB-
'/Stable), or Brazilian operators: Brasil Foods ('BBB-'/Stable),
JBS ('BB-'/Stable) and Marfrig Alimentos ('B+'/Stable), all of
which show mid-single digit EBIT margins.

Following the five-year USD330 million Eurobond and the exchange
of 96% (US$240 million) of its existing Eurobond due 2011, both
completed in April 2010, MHP has strengthened its debt maturity
profile (only 28% concentrated in year 1 and 2 now, compared with
90% in 2009).

MHP began a modest share repurchase program in October 2009, under
which it spent US$46 million in 2010.  This appears to have been
an opportunistic repurchase.  Fitch expects MHP to concentrate
resources on its capex plan in 2011 and hence, does not expect
meaningful cash deployed to either share buy backs, dividends or
acquisitions.  The company's leverage (adjusted net debt/EBITDAR)
in FY10 has increased to 2.45x (FY09: 2.26x) and is expected to
remain at this level in FY11.  As capex declines after 2012, Fitch
expects free cash flow to turn positive and a faster de-leveraging
below 2.0x thereafter, as smaller capex associated with the next
investment phase in 2013-2014 should be covered with FCF.

MHP's foreign currency rating is considered constrained by the
sovereign's country ceiling.  Despite moderate levels of foreign
currency risk, MHP's strong business and financial profile and
robust governance and financial disclosure standards would lead to
a foreign currency IDR of 'B+'.  Positive rating factors (assuming
no sovereign constraints) thus include continuing strong operating
performance and free cash flow generation along with sustained
financial deleveraging below 2.0x, FFO interest coverage
comfortably above 5.0x, as well as diversification of the
company's revenue streams to include more export sales.

Potential negative rating factors include continuing negative free
cash flow after 2012, or a sizeable debt-financed acquisition or
more aggressive share repurchase program that pushes an increase
in adjusted net debt/EBITDAR to above 2.5x on a permanent basis,
or FFO-interest coverage below 3.0x.

Fitch has also taken these rating actions on MHP's subsidiary OJSC
Myronivsky Hliboproduct:

   -- Long-term foreign currency IDR: affirmed at 'B'; Stable
      Outlook

   -- Long-term local currency IDR: affirmed at 'B+'; Stable
      Outlook

   -- National Long-term rating: affirmed at 'AA+(ukr)'; Stable
      Outlook


* CITY OF LVIV: S&P Assigns 'CCC+' Rating to UAH90MM Senior Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' long-term
local currency debt rating and its 'uaBB' Ukraine national scale
rating to a proposed UAH90 million (about US$12 million) senior
unsecured bond to be issued by the Ukrainian City of Lviv
(CCC+/Stable/--; Ukraine national scale 'uaBB').  The recovery
rating on the bond is '4'.

The proceeds will be used to repay the remaining UAH90 million of
a 20% UAH200 million bond due 2014.  The issue will have quarterly
fixed coupon payments of not more than 14% a year and three-year
maturities.

The ratings on the bond mirror those on the city, which reflect
its low financial flexibility within Ukraine's system of
interbudgetary relations and ongoing expenditure pressures,
including pressure from Lviv's commitment to upgrade its
infrastructure to host several of the Union of European Football
Associations' championship matches in 2012 (EURO 2012).  The
city's weak liquidity and what Standard & Poor's Ratings Services
sees as a weak credit culture, reflected in nonpayment on
guarantees, also constrain the rating, as do its low wealth levels
in an international context.

Lviv's modest debt service and debt and its importance as one of
western Ukraine's commercial centers, with a diversified economic
structure, help offset these negative factors.


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


FMS CONSTRUCTION: Goes Into Administration, May Affect 20 Jobs
--------------------------------------------------------------
The Courier reports that FMS Construction has gone into
administration.  The affairs of the company and its sister
operation FMS Developments are now in the hands of Glasgow-based
business restructuring experts, and it is understood up to 20
posts may be affected, according to The Courier.

FMS Construction's collapse is being handled by Glasgow-based BDO,
who were unable to provide The Courier with exact details of the
staff numbers affected.

Forfar-based firm FMS Construction has been involved in projects
across Angus, including recent development in Forfar's Lochside
Road and Market Street, close to their base, as well as Dundee's
Milton Street and, in Perthshire at Birnam and Balbeggie.


FOCUS (DIY): Jobs Under Threat at Chippenham and Devizes Stores
---------------------------------------------------------------
Victoria Ashford at Gazette Herald reports that jobs are under
threat in Chippenham and Devizes with the news that Focus (DIY)
has gone into administration.  Around 20 jobs in Chippenham and
another 26 in Devizes could be lost following the announcement,
according to the report.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's 144 stores, which
continue to trade as normal, according to H&V News.

Gazette Herald notes that questions were first raised about the
future of the Chippenham Focus earlier this year when site owners
Legal and General applied for planning permission to turn the
building in to three separate retail units.  Both the Devizes and
Chippenham branches are continuing to trade.

Gazette Herald discloses that at a notice at the store off London
Road, Devizes said that on May 5, Simon Allport, Alan Hudson and
Thomas Jack had been appointed joint administrators and the store
would continue to trade until further notice.

Focus DIY was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.


FORD BAKERS: Bayne's Set to Reopen Firm's Former Shops
------------------------------------------------------
Perry Gourley at Scotland on Sunday reports that bakery group
Bayne's is expanding by reopening a clutch of shops run by Fords
Bakers.

The Fife-based Bayne's, which employs about 400 staff, is opening
five shops to take its total to 48 in central Scotland, according
to Scotland on Sunday.  The report relates that the stores, two in
Musselburgh and one each in Prestonpans, Portobello and Currie,
are all in units formerly occupied by Fords Bakers outlets.

Scotland on Sunday notes that Fords Bakers went into
administration last year and although its bakery business was sold
to Glasgow firm Scullions in a deal that saved 87 jobs, the retail
arm and its nine shops were closed.

The report notes that most of the staff employed in the Bayne's
outlets will be former Ford employees.

Fords Bakers supplies supermarkets, food service companies and
independent bakeries in east and central Scotland.


HIGH POST: M7 Real Estate Acquires Salisbury Distribution Center
----------------------------------------------------------------
BBC News says that High Post, a Salisbury distribution centre that
went into administration in September, has been bought by M7 Real
Estate.

M7 Real Estate said it hoped to start work turning the 20-acre
site at High Post into a business park this month, according to
BBC News.

The former tenant at the site, a car parts supplier, moved its
base to Shropshire with the loss of more than 500 jobs, the report
notes.

BBC News relates that Philip Holford, of Myddelton and Major, the
consultancy firm which handled the deal, said: "This is fantastic
news for the local and regional economy.  High Post is clearly an
asset with great potential -- the aim is to create a thriving,
regional commercial employment site with hundreds of people on
site."


HMV GROUP: Alexander Mamut Makes Cash Offer for Waterstone's Chain
------------------------------------------------------------------
Claer Barrett at The Financial Times reports that Russian
billionaire Alexander Mamut has made a GBP43 million (US$70
million) cash offer to buy the Waterstone's book chain from HMV
Group.

According to the FT, people familiar with the situation said that
in spite of recent speculation that bid talks had hit an impasse,
a GBP43 million offer has now been received by HMV and Nomura, its
adviser.

Mr. Mamut, who is being advised by Credit Suisse, is a 6%
shareholder in HMV Group, the FT discloses.

Mr. Mamut's bid is higher than previous speculation that he would
offer GBP35 million for the chain, which has 298 UK stores and is
expected to make a pre-tax contribution to the group of about GBP5
million this year, the FT notes.

The retailer has issued three profit warnings this year and its
share price collapsed when it revealed it was on course to breach
banking covenants following its April year-end, the FT relates.

The group, which has a market capitalization of GBP42 million,
expects to report full-year pre-tax profits of about GBP30 million
in June, but net debt has ballooned to GBP130 million, resulting
in pressure to sell off parts of the business to raise cash, the
FT states.

HMV's consortium of eight lenders has agreed to waive covenant
tests until July, allowing the group time to explore its options,
the FT discloses.  It is expected to announce the sale of its
Canadian business for about GBP5 million in the coming weeks,
according to the FT.

United Kingdom-based HMV Group plc is engaged in retailing of pre-
recorded music, video, electronic games and related entertainment
products under the HMV and Fopp brands, and the retailing of books
principally under the Waterstone's brand.  The Company operates in
four segments: HMV UK & Ireland, HMV International, HMV Live and
Waterstone's.  HMV International consists of HMV Canada, HMV Hong
Kong and HMV Singapore.  Waterstone's is a bookseller, which
operates through 314 stores and a transactional Web site for the
sale of both physical and e-books for download.  The Company has
operations in seven countries, with principal markets being the
United Kingdom and Canada.  Its retail businesses operate through
417 stores in the United Kingdom, Canada, Hong Kong and Singapore.
On Jan. 29, 2010, the Company completed the acquisition of MAMA
Group Plc.  Its subsidiaries include HMV Canada Inc, HMV Guernsey
Limited, HMV Hong Kong Limited and HMV (IP) Limited.


LOUGH ERNE: Goes Into Administration, Business to Operate Normally
------------------------------------------------------------------
Belfast Telegraph reports that Lough Erne Resort has gone into
administration and has appointed KPMG as administrators, but has
assured customers that bookings are safe, with the business to
operate as usual.

John Hansen and Stuart Irwin of KPMG have said the aim is to sell
the luxury facility as a going concern, saying "an experienced
hotel operator" would keep the resort trading, according to
Belfast Telegraph.  The report relates that several industry
experts have come forward to say the banks could be to blame for
the Lough Erne Resort's difficulties.

Janice Gault, chief executive of the Northern Ireland Hotel
Federation, said the difficult economic climate was affecting all
sectors, and the hotel industry was no exception, Belfast
Telegraph notes.  The Irish government's support measures, which
will cut VAT for hotels and abolish air passenger duty in the
Republic, would add pressure to the industry here, she added.

Belfast Telegraph notes that Kenneth Sharpe, who runs the Triage
Hospitality consultancy and has worked with the Lough Erne Resort
on its marketing and customer service, believes the break-up of
Bank of Scotland (Ireland) -- whom it is understood the resort's
owners had finance with  has been the primary reason for the
complex being placed into administration.

The bank was shut down by parent company Lloyds after massive
losses on loans and its loan book is being wound down by a company
called Certus, Belfast Telegraph notes.


PAN PACIFIC: Mulls Creditors Voluntary Arrangement
--------------------------------------------------
StockMarketWire.com reports that Pan Pacific Aggregates plc
unveiled a restructuring and rescue plan following the halt of its
reverse takeover.

According to StockMarketWire.com, the company plans to enter a
Creditors Voluntary Arrangement and has appointed Kingston Smith
and Partners in relation to the CVA as a part of its restructuring
and rescue plan.

It says it aims to have trading in its shares resumed as soon as
possible and is in discussions to obtain funding to ensure that
Quadling Quarry continues trading and carries out its development
plans, StockMarketWire.com discloses.

The company, StockMarketWire.com says, envisages short-term
funding will be achieved by securing a loan against the shares of
Pan Pacific Quadling Quarry Ltd.

A further equity fund-raising will then be sought to repay the
loan, provide 12-18 months of working capital for the quarry's
next development phase, and pay all creditors under the CVA,
StockMarketWire.com notes.

StockMarketWire.com relates that Pan Pacific said the quarry
continued to be fully operational.

Pan Pacific Aggregates plc is a publicly held, asset holding
company registered in the United Kingdom.  The assets of the
Company include: Pan Pacific Aggregates Ltd., a wholly owned
subsidiary incorporated in British Columbia, Canada in November
2004; Consolidated Tri-Sil Minerals Inc., acquired in January 2005
(97.3 percent of the share capital); Global Industrial Services
Canada Inc. acquired in March 2005 (100% of the share capital) and
Pumptown Quarry Inc., a wholly owned subsidiary incorporated in
British Columbia, Canada acquired in June 2008.


PHONES4U FINANCE: S&P Assigns 'B+' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to U.K.-based mobile phone retailer
Phones4u Finance PLC (Phones4u).  The outlook is stable.

"At the same time, we assigned an issue rating of 'BB' and a
recovery rating of '1' to Phones4u's GBP125 million super senior
revolving credit facility (RCF).  In addition, we assigned an
issue rating of 'B+' and a recovery rating of '3' to the company's
430 million senior secured notes," S&P stated.

"The ratings on Phones4u reflect our assessment of the company's
financial risk profile as aggressive following its acquisition by
private equity group BC Partners (not rated) on April 27, 2011.
As a result of the associated refinancing, Phones4u has
consolidated gross financial debt of about GBP480 million," S&P
related.

"We assess Phones4u's financial structure as aggressive in the
context of the company's business risk profile, which we consider
to be weak.  This reflects our view of the company's position as
one of the two largest independent retailers in the mature, but
highly competitive, U.K. mobile phone market.  The market is
characterized, in our opinion, by volatile demand due to its
dependency on discretionary consumer spending.  This risk is
further aggravated by the inherent revenue volatility from ongoing
innovation in mobile devices; retailers' ability to access the
latest devices; and Phones4u's dependency on maintaining strong
relationships with mobile telecommunications companies," S&P
continued.

"Mitigating Phones4u's weak business risk profile and relatively
high leverage are, in our view, the company's low capital-
intensive business model and capacity to generate free cash flow,"
noted S&P.

"In our view, over the coming year, Phones4u's cash generation
capacity will enable it to sustain an adjusted debt-to-EBITDA
ratio of at least 4.0x-4.5x by the end of 2011. All else being
equal, we think that a 100 basis-point decline in the company's
EBITDA margin would increase adjusted debt to EBITDA by about
0.3x," S&P stated.

"The ratings exclude the potential for releveraging, for example,
through the take-out of common equity through debt-equivalent
instruments in the capital structure.  In particular, we could
lower the ratings if additional debt or adverse operating
developments were to affect cash flow generation and cause
the company's adjusted debt to EBITDA to exceed 5.0x," S&P said.

"We could raise the ratings if, based on significantly better-
than-anticipated operating conditions, adjusted debt to EBITDA
were to decline to less than 3.5x on a sustainable basis.
However, we consider the potential for such a positive rating
movement to be unlikely over the next 12 months," S&P added.


PRESBYTERIAN MUTUAL: Smallest Saver to Get 100% Money Back
----------------------------------------------------------
News Letter reports that the smallest savers in the Presbyterian
Mutual Society will get 100% of their money back.

A third of larger PMS savers have voluntarily voted to defer
removing all funds eligible to them in a government rescue
package, so as to allow those with less than GBP20,000 saved as
shares to get a complete refund, according to News Letter.

The GBP300 million entity has some 9500 members and went into
administration in 2008 after suffering a run during the British
banking crisis, News Letter notes.  The Treasury Select Committee
later found its members had been "innocent victims" of "a fatal
regulatory gap" by the government, News Letter relates.

News Letter says the UK government has put up GBP200 million in
loans while the Treasury is making a GBP25 million contribution to
the rescue package and the Presbyterian Church is giving GBP1
million.

The GBP200-million loan must be repaid by selling off the
society's property portfolio as it recovers over the next 10
years, but this will not be enough to refund all savings, News
Letter says.  The largest PMS savers are only guaranteed 77% of
their money back, as part of a sliding scale.

News Letter discloses that more than 99% of PMS members and
creditors who voted for the rescue package, both in number and by
value of their holdings, were in favor of the proposed scheme, the
administrator Arthur Boyd said, News Letter notes.  There was a
valid vote of 87% of all savers.

News Letter relates that if a third of larger PMS savers
(creditors) had not voted in favor of helping the smaller PMS
savers (shareholders), the smaller members would only have got 97p
in the pound returned, as opposed to the 100p they will now
receive.

If the overall scheme had not been approved by members, there
would have been an immediate fire sale of all PMS assets, News
Letter says.  The PMS administrator estimated this would have
given larger savers 5% less in the pound and returned nothing to
the smaller savers, the report relates.

News Letter notes that while there has been some criticism of the
PMS for supposedly limiting its services to Presbyterians only, a
number of its directors are facing disqualification by the
Department of Enterprise -- one of the key charges against them is
that they allegedly allowed non-Presbyterians to become members of
the PMS.

Subject to court approval and the absence of legal challenges, PMS
savers should get their payments in early July, the report adds.

                About Presbyterian Mutual Society

Presbyterian Mutual Society is based in Belfast, Northern Ireland.

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


SILENTNIGHT: HIG Europe Acquires Firm, Saves 650 Jobs
-----------------------------------------------------
pendletoday.co.uk reports that Silentnight Holdings Plc's future
and its 650 Pendle jobs were secured after it was bought by HIG
Europe.

As reported in the Troubled Company Reporter-Europe on April 26,
2011, Lancashire Telegraph related that Silentnight Holdings Plc
chiefs were battling to save 650 jobs after the extent of its cash
crisis emerged.  Silentnight Holdings chiefs have given the stark
warning that the firm will go into administration unless it
offloads a pension fund with a GBP100 million black hole,
according to Lancashire Telegraph.  The report notes that the
company is trying to solve its financial difficulties, but as an
alternative rescue option, the company has been put up for sale in
a bid for a buyer who can secure its future.

HIG Europe, an arm of global private equity investment firm HIG
Capital, stepped in and has bought Silentnight's business
interests, including its brands and all other assets, according to
pendletoday.co.uk.

pendletoday.co.uk discloses that Pendle MP Andrew Stephenson has
since met representatives of the Pension Protection Fund and said
he felt the buy-out was "not an absolutely brilliant outcome but
perhaps the best given the circumstances".  The report relates MP
Stephenson said he would be sitting down with the new owners to
make sure everybody involved has their interests protected.

Silentnight Holdings Plc was founded in 1946 and supplies about
500,000 beds a year to retailers.  It employs about 1,250 staff at
sites across Barnoldswick, Cumbria, West Yorkshire and Ireland.


SOUTHERN CROSS: Mulls Rights Issue; Seeks Potential Buyers
----------------------------------------------------------
Graham Ruddick at The Sunday Telegraph reports that Greenhill,
which Southern Cross said it had hired to help with its
restructuring process, is also working on a search for potential
buyers.

According to The Sunday Telegraph, a source confirmed that the
boutique investment bank has been hired to run a two-track process
either to raise money through a rights issue or find a willing
buyer.

Both options are highly unlikely to occur unless a deal with
landlords can be struck, The Sunday Telegraph says.

At the same time, it is understood that a number of the company's
landlords have indicated they are reluctant to offer concessions
to the company, despite management proposing new rescue measures,
The Sunday Telegraph notes.

Southern Cross, which looks after more than 31,000 residents in
750 locations, told investors on Thursday night that the company
had asked landlords to reduce its rent bill by 30% over the next
four months so that a longer-term deal can be agreed, The Sunday
Telegraph relates.

It also said landlords had agreed to form an official committee to
conduct talks with Southern Cross, which will be chaired by Daniel
Smith of Grant Thornton and has the support of NHP, the biggest
landlord, according to The Sunday Telegraph.

The care home group is expected to report annual results this week
and it is understood that it could announce that its banks have
agreed to extend a postponement of a crucial covenant test beyond
May 31, The Sunday Telegraph states.

Southern Cross is battling to survive as it struggles under the
burden of a GBP250 million annual rent bill and local authorities
paying it lower fees to look after patients, The Sunday Telegraph
discloses.

Shares in the company fell by 65% in one day in March after it
warned that rental payments were "unsustainable" and that it was
on the verge of breaching banking covenants, The Sunday Telegraph
recounts.

Separately, Scotsman reports that Southern Cross is looking to
raise GBP100 million as part of efforts to secure its future.
Scotsman says a restructuring plan drawn up by chief executive
Jamie Buchan could also see it jettison up to 200 homes and give
landlords a share of the business.

Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations.  Its also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.


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


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

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

AUSTRIA
-------
CHRIST WATER TEC      CWT AV      -5754287.761   165995618.1
CHRIST WATER TEC      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.


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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, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

Copyright 2011.  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.


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