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        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, April 27, 2010, Vol. 11, No. 081

                            Headlines



B E L A R U S

BELARUSIAN NATIONAL: S&P Assigns 'BB-' Counterparty Credit Rating


C Y P R U S

ALFA MTN: S&P Assigns 'B+' Rating on US$600 Mil. Senior Notes


G E R M A N Y

ARCANDOR AG: Karstadt Unit's Lone Bidder May Seek State Support
OPERA GERMANY: Fitch Affirms Ratings on Classes D,E Notes at CCC


G R E E C E

ASPIS BANK: Fitch Shifts Watch on 'B' Rating to Evolving

* GREECE: Requests Bailout From EU, IMF Following Rating Cut


I C E L A N D

BYR SAVINGS: FSA Assumes Control Following Bankruptcy
KEFLAVIK SAVINGS: FSA Assumes Control Following Bankruptcy


I R E L A N D

BELLINTER HOUSE: Goes Into Voluntary Liquidation
BLACK SHORE: DCC Backs Owner's Bid to Retain Control of Business
MCCONNELLS: Unit Loses Multi-Million Euro Deal with AIB
THUNDERBIRD INVESTMENTS: S&P Withdraws Rating on Series 21 Notes


I T A L Y

FIAT SPA: S&P Puts 'BB+' Corp. Rating on CreditWatch Negative


K A Z A K H S T A N

TRISTAN OIL: Fitch Changes Outlook on 'C' Rating to Evolving


N E T H E R L A N D S

METINVEST BV: Moody's Give Positive Outlook, Puts B3 Bond Rating
SMILE SECURITISATION: Fitch Cuts Rating on Class D2 Notes to BB
ZOO ABS: S&P Junks Rating on Class E Notes From 'BB'


R U S S I A

GEFEST JSIC: Fitch Downgrades Insurer Strength Rating to 'B+'

* Fitch Gives Stable Outlook on Russia's Novosibirsk Region


S P A I N

PRISA: Has Deal with Creditor Banks to Refinance Debt
PYME VALENCIA: Moody's Downgrades Rating on Class D Notes to 'C'


U N I T E D   K I N G D O M

CREST NICHOLSON: Hugh Osmond's Horizon Makes Bid Approach
ETHNIC CUISINE: Faces Closure; 234 Jobs at Risk
FAREPAK: Liquidators Secure GBP4 Million From Directors
INEOS GROUP: Left Britain After Government Refused Help
ROYAL BANK: May Use Surplus Capital to Buy Back Taxpayer's Stake

ROYAL BANK: Has U$45-Bil. Exposure to Bank Insurance Debt
TATA STEEL: Corus Steelworkers to Ballot on Strike Over TCP Fate


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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B E L A R U S
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BELARUSIAN NATIONAL: S&P Assigns 'BB-' Counterparty Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
counterparty credit and financial strength ratings to Belarusian
National Reinsurance Organization.  The outlook is negative.

"The ratings reflect S&P's view of Belarus Re's adequate
capitalization, the competitive advantages derived from its
monopoly on Belarus' reinsurance market, and the likelihood of
extraordinary government support in the event of financial
distress," said Standard & Poor's credit analyst Victor Nikolskiy.

The high industry risk of operating in the Republic of Belarus
(foreign currency B+/Negative/B; local currency BB/Negative/B)
offsets these positives, as does Belarus Re's volatile operating
performance and what S&P regards as the weak quality of its
investment portfolio.

The 'BB-' ratings include a one-notch uplift, based on S&P's
opinion that there is a "high likelihood" that the government of
Belarus would provide timely and sufficient extraordinary support
to Belarus Re in the event of financial distress.

In accordance with S&P's criteria for government-related entities,
its view of a "high likelihood" of extraordinary support is based
on S&P's assessment of Belarus Re's "important" role for the
economy as the sole provider of reinsurance protection for the
Belarusian market and "very strong" link with the Belarusian
government, its 100% shareholder via the Ministry of Finance.

Belarus Re was created in November 2006 by a government decree as
the first reinsurance company in Belarus.  Belarus Re enjoys a
monopoly position in the Belarus market as the sole provider of
reinsurance protection.

Belarus Re's premiums base is small relative to that of regional
peers and very small compared with international reinsurers.  The
company reported Belarusian ruble 43 billion (about US$15 million)
in gross premiums written in 2009.  Prospectively, S&P expects
Belarus Re to show an average increase in GPW of 25% in 2010 and
2011 and to achieve greater diversification.  Belarus Re derives
about 96% of its business from the domestic market.

S&P believes that the high industry risk stems from the domestic
market's relatively early stage of development, characterized by
poor claims statistics and weaknesses in legal and accounting
frameworks.  This is partly mitigated by tight supervision and
insurance tariffs set by the regulator.

S&P regards Belarus Re's capitalization as adequate and supported
by strong risk-based capital and adequate reinsurance protection.
Its investments are weak, in S&P's view, reflecting low credit
quality and limited diversification.  The part of the investment
portfolio that relates directly to the insurance business is
extremely concentrated and consists of investments in only three
counterparties.

Belarus Re's operating performance is marginal, in S&P's view.
The company has a short track record of results, but they are
positive.  S&P expects the combined ratios (loss and expense) to
be volatile, however S&P believes that the bottom-line result
should be positive.

"The outlook is negative to reflect the outlook on Belarus," said
Mr. Nikolskiy.  "Should the long-term local currency rating on
Belarus fall below 'BB', S&P would likely remove the notch of
support included in S&P's rating on Belarus Re, resulting in a
downgrade."

A negative rating action could also follow if S&P believes the
likelihood of extraordinary support from the government has
declined, or if S&P observe significant and sustained
deterioration in earnings that could erode the company's
capitalization or weaken the quality of its investment portfolio.

A revision of the outlook on the sovereign ratings to stable could
trigger a similar rating action on the outlook on Belarus Re.


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C Y P R U S
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ALFA MTN: S&P Assigns 'B+' Rating on US$600 Mil. Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' rating to the US$600 million guaranteed senior unsecured
notes due March 18, 2015, issued by Alfa MTN Issuance Ltd., a
special-purpose vehicle incorporated with limited liability in
Cyprus.

The rating on the notes is based upon S&P's assessment of the
guarantee by OJSC Alfa-Bank (B+/Stable/B; Russia national scale
'ruA+') of the principal payments due under the notes and the
terms of a deposit agreement, pursuant to which Alfa-Bank is
expected to make payments to Alfa MTN in amounts and at such times
as S&P believes will be sufficient to enable Alfa MTN to pay
interest on the notes.

In S&P's opinion, Alfa MTN will act as a pass-through vehicle
pursuant to which it will rely on payments from Alfa-Bank under
the guarantee and the deposit agreement to pay principal and
interest to the noteholders on a full and timely basis.

The principal payments of the notes are expressly guaranteed by
both Alfa-Bank and ABH Financial Ltd. (not rated, incorporated
with limited liability in the British Virgin Islands; the ultimate
owner of Alfa-Bank).  Interest payments under the notes are
expressly guaranteed only by ABH.  S&P's rating relies on
principal payments to be made by Alfa-Bank pursuant to the
guarantee and interest payments to be made by Alfa-Bank pursuant
to the deposit agreement.

Standard & Poor's will monitor the servicing of the deposit by
Alfa-Bank and servicing of the notes by Alfa MTN.  Any disruption
of these payments will lead us to lower the counterparty credit
rating on Alfa-Bank to 'SD' (selective default).

In addition, Alfa-Bank has informed us that it intends to limit
the activities of Alfa MTN to the issuance of Eurobonds.  If Alfa
MTN were to engage in other unrelated business activities, the
rating could be affected to reflect the effect S&P believes those
activities could have on its ability to pay principal and interest
on the notes.


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G E R M A N Y
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ARCANDOR AG: Karstadt Unit's Lone Bidder May Seek State Support
---------------------------------------------------------------
Angela Cullen at Bloomberg News, citing Die Welt, reports that
Triton, the only bidder for German retailer Arcandor AG's Karstadt
department-store chain, has made inquiries about the possibility
of receiving state support.

According to Bloomberg, the newspaper said the private equity
firm's interest centers around securing new bank loans.

                              Talks

James Wilson and Martin Arnold at The Financial Times report that
Karstadt's administrator is in talks with creditor representatives
over the future of the insolvent German department store chain.

According to the FT, a representative of Triton said that the
European private equity group has put forward an offer for the
whole Karstadt group but its plan would need the "co-operation of
others" involved with the business.  The FT says that is likely to
involve asking for further concessions on the rents paid for
leased stores as well as job cuts and changes to staff working
conditions.

As reported yesterday by the Troubled Company Reporter-Europe,
Bloomberg News said Karstadt department-store unit that is up for
sale received one offer by the end of a deadline for bidders
Friday.  Bloomberg disclosed the insolvency administrator said in
an e-mailed statement that the bid is from a party that has had no
relationship with Karstadt and will be examined as soon as
possible so that a sale can be completed.  The administrator's
spokesman, Thomas Schulz, on Friday said the department-store
chain may receive one more offer and a deal should be signed by
April 30, according to Bloomberg.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


OPERA GERMANY: Fitch Affirms Ratings on Classes D,E Notes at CCC
----------------------------------------------------------------
Fitch Ratings affirmed Opera Germany (No. 2) p.l.c.'s CMBS notes
and removed them from Rating Watch Negative.  The class A, B and C
have been assigned a Negative Outlook, while Recovery Ratings have
been assigned to the class D and E notes.  The rating actions are:

The rating actions are:

  -- EUR374.5m class A (XS0278492706): affirmed at 'A'; RWN
     removed, assigned Negative Outlook

  -- EUR46.8m class B (XS0278493001): affirmed at 'BBB'; RWN
     removed, assigned Negative Outlook

  -- EUR65.6m class C (XS0278493266): affirmed at 'B'; RWN
     removed, assigned Negative Outlook

  -- EUR63.7m class D (XS0278493340): affirmed at 'CCC'; RWN
     removed, assigned 'RR5'

  -- EUR9.4m class E (XS0278493423): affirmed at 'CCC'; RWN
     removed, assigned 'RR6'

The removal of the RWN reflects the successful restructuring of
the single loan securitized in the transaction, which became
effective on December 18, 2009.  Fitch has reviewed the resulting
amendments to the loan documents as part of its ongoing
surveillance of the transaction.

The key terms of the restructuring include: the extension of the
loan maturity by two years to October 2013, a covenant test
holiday, the de-leveraging of the whole loan by EUR82 million
through a discounted buy-back of part of the junior loan, the cash
collateralization of the EUR6 million interest shortfall
guarantee, a newly committed capex facility of EUR24 million
(available until August 2012) and a EUR26.9 cash contribution from
the sponsors (Merrill Lynch and ECE Projektmanagement).
Furthermore, the interest rate hedging agreements at both loan-
and transaction-levels were amended.  The restructuring agreement
is subject to a milestone plan that primarily references the
refurbishment and related activities at the Koe Galerie property.
The interest cover ratio and loan-to-value covenant holiday is
dependent on the milestone plan being met.

Fitch notes that the injection of additional funds for capital
expenditure as per the business plan associated with the loan
restructuring, together with the extension of the loan term, is
expected to be beneficial to the transaction.  It allows the
borrower to carry out urgently needed capital expenditure and
tenant improvements, especially at Koe Galerie where it is
required to avoid further income deterioration.  While the April
2010 investor report states that the borrower is on schedule with
the milestone plan, it still remains to be seen whether the
property can be restructured successfully within the envisaged
timeframe.  This uncertainty is the main driver of the notes'
Negative Outlooks.

The loan is secured on four shopping centers located in Germany.
The deterioration in income can be primarily attributed to the
Koe-Galerie property which represents 39.5% of aggregate market
value (MV).  The property has experienced an almost 25% decrease
in gross passing rent since closing in December 2006, to EUR11.1
million at the April 2010 IPD, and an increase in the vacancy rate
to 44.1% from 12%.  Besides the vacation of McKinsey & Company
(15% of passing rent), a high share of the retail space has been
actively vacated in order to be able to extensively upgrade the
shopping centre to current standards.  Fitch notes that the
reported ICRs of 1.57x and 1.43x for the securitized and whole
loans, respectively, reflect projected income figures and the
interest shortfall guarantee, and do not therefore fully reflect
the weak cash flow.  Currently, a EUR6.37 million interest payment
support account is available to cover potential interest
shortfalls; however, no drawings were reported at the January and
April 2010 IPDs.


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G R E E C E
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ASPIS BANK: Fitch Shifts Watch on 'B' Rating to Evolving
--------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Aspis Bank's Long-
term Issuer Default Rating of 'B' to Evolving from Negative.  At
the same time, the agency has affirmed Aspis' Short-term IDR at
'B', Individual Rating at 'E', Support Rating at '5' and Support
Rating Floor at 'No Floor'.

The rating action follows the bank's recent EUR48.4 million share
capital increase, largely subscribed by Aspis' new major
shareholder, TT Hellenic Postbank S.A.  Based on end-2009 risk-
weighted assets, the capital injection increased Aspis' tier 1 and
total capital ratios to around 8% and 11%, respectively (4.3% and
7.6% at end-2009).  Fitch also views positively the presence of
Postbank, which following the capital increase holds a 32.9% stake
in Aspis and has become Aspis' biggest single shareholder,
followed by three Aspis insurance companies which together control
around 24%.  Subsequently, Aspis' liquidity and funding position
is, in Fitch's view, likely to benefit from being affiliated with
a larger banking group that has a strong funding profile as shown
in its loans/deposits ratio of 63.9% at end-2009.

The RWE reflects Fitch's view that Aspis could benefit from a
stronger and sustained commitment of Postbank regarding the
provision of capital and funding support amid ongoing pressure
from Aspis' still weak financial position and the difficult
operating environment in Greece.  The RWE also reflects Fitch's
need to assess Postbank's longer-term commitment to Aspis.
Depending on the degree of Postbank's commitment, Aspis' Long-term
IDR might come under renewed pressure given its still weak funding
and liquidity position and also because Fitch expects that the
bank will continue to be loss-making in 2010 due to high credit
costs.  Fitch will resolve the RWE once Aspis' management has
presented its revised business plan for the bank and Postbank has
announced how Aspis will fit into its strategic plan.

Aspis, the 11th-largest Greek bank by end-2009 assets, is a
domestically orientated former mortgage bank.  Postbank,
established in 1900 as part of the Hellenic Post office, is the
seventh largest Greek bank by assets at end-2009 and focused on
retail banking.  It has a nationwide network of 146 branches,
supported by around 840 post offices distributing Postbank
products.  As of end-2009, the Greek state held 34% of Postbank's
shares, with the Greek Post Office owning 10%, domestic
institutional investors 20.5%, foreign institutional investors
7.7% and the balance being held by private investors.


* GREECE: Requests Bailout From EU, IMF Following Rating Cut
------------------------------------------------------------
Ian King and David Charter at The Times report that Greece bowed
to market pressure on Friday and formally requested a bailout from
the European Union and the International Monetary Fund.

The Times relates Greece asked for the EUR45 billion package after
being downgraded by the Moody's credit rating agency on Thursday.

Greece, whose national debt stands at EUR300 billion, must
refinance about EUR11 billion of its borrowing next month and
EUR39 billion over the next year, The Times says.

According to The Times, it is expected to seek up to EUR30 billion
from the eurozone and EUR15 billion from the IMF.

The New York Times' Niki Kitsantonis and Matthew Saltmarsh said
Greece's prime minister George A. Papandreou formally requested an
international bailout in a nationally televised address.  The NY
Times said Greece was forced to make the request after investors
shunned the country's bond offerings because of concern about its
runaway debt.  According to the NY Times, those worries
intensified Thursday when the European statistics agency raised
its estimate for Greece's debt above the government's most recent
figures, pushing the yield on Greek bonds to nearly 9%.

                     Investor Concerns

Matthew Brown and Bryan Keogh at Bloomberg News report Greece's
request for a US$60 billion bailout led by the European Union may
fail to ease investor concerns about the nation's ability to end
its fiscal crisis.

"We are not buying Greek debt while so many problems remain
unsolved," Bloomberg quoted said Ralf Ahrens, who holds Greek
bonds as part of the about US$20 billion he manages as head of
fixed-income at Frankfurt Trust, as saying.  "Asking for the
package will not calm down the market."

"There must be a better way to make money than investing in Greek
bonds at the moment," John Stopford, co-head of fixed income at
Investec Asset Management Ltd. in London, which oversees about
US$65 billion in assets, said, according to Bloomberg.  "Despite
the aid package, we are not convinced by the risk and return of
the bonds. We are not comfortable with things that are driven by
politics rather than fundamentals."


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I C E L A N D
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BYR SAVINGS: FSA Assumes Control Following Bankruptcy
-----------------------------------------------------
Agence France-Presse reports that Iceland' Financial Services
Authority has taken control of Byr and Keflavik Savings Bank.
According to AFP, the two banks, which in total employ 400 people,
filed for bankruptcy after failing to reach a repayment deal with
their creditors.

Byr and Keflavik's main creditors include German, Austrian and
Icelandic banks, AFP notes.

The two banks' balance sheets total ISK300 billion (US$2.4
billion), AFP says, citing a government source.

AFP relates that an economic affairs ministry spokesman said the
government had created two new agencies to take over the banks'
assets.

"We're taking over most of their assets. But their operations
continue normally," Benedikt Stefansson told AFP, adding the
government had not merged the banks and did not plan to merge
them.

On the Net: http://www.byr.is/byr_savings_bank/


KEFLAVIK SAVINGS: FSA Assumes Control Following Bankruptcy
----------------------------------------------------------
Agence France-Presse reports that Iceland' Financial Services
Authority has taken control of Byr and Keflavik Savings Bank.
According to AFP, the two banks, which in total employ 400 people,
filed for bankruptcy after failing to reach a repayment deal with
their creditors.

Byr and Keflavik's main creditors include German, Austrian and
Icelandic banks, AFP notes.

The two banks' balance sheets total ISK300 billion (US$2.4
billion), AFP says, citing a government source.

AFP relates that an economic affairs ministry spokesman said the
government had created two new agencies to take over the banks'
assets.

"We're taking over most of their assets. But their operations
continue normally," Benedikt Stefansson told AFP, adding the
government had not merged the banks and did not plan to merge
them.


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I R E L A N D
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BELLINTER HOUSE: Goes Into Voluntary Liquidation
------------------------------------------------
Fiona Gartland at The Irish Times reports that Jay Bourke and John
Reynolds, the owners of Bellinter House Ltd., the company behind
luxury hotel Bellinter House in Co. Meath, decided to put the
business into voluntary liquidation yesterday.

According to the report, a newly formed company, Patrick Hotels,
owned by Messrs. Bourke and Reynolds, will take over the hotel's
operations.

The report relates Mr. Bourke said the jobs of 50 employees will
be unaffected by the change of control, and customers would also
be unaffected.

The report notes Mr. Bourke said he and his business partner would
be the biggest losers in the change of control as they had
invested EUR2.5 million in developing the hotel, and were its
biggest creditors.


BLACK SHORE: DCC Backs Owner's Bid to Retain Control of Business
----------------------------------------------------------------
Ian Kehoe at The Sunday Business Post reports that investment firm
DCC has agreed to back John Sweeney's bid to retain control of his
EUR200-million business, Black Shore Holdings.  According to the
report, the Sweeney/DCC proposal requires Anglo Irish Bank to
remain as the group's main lender.  Anglo, which is owed about
EUR50 million by companies in the Black Shore group, is
considering its options and is expected to give its decision in
the coming days, the report states.

The joint rescue bid has been lodged with the court-appointed
examiner, Grant Thornton insolvency specialist Michael McAteer,
the report relates.  Mr. McAteer is examiner to four companies:
Sweeney Oil (Retail), Sweeney Oil (Moycullen), Slyne Properties
and Sweeney Oil Service Stations, the report discloses.

Black Shore is nearing the end of its 100-day period of
examinership, the report notes.

The report says DCC is keen to get access to Mr. Sweeney's network
of filling stations in the west of Ireland.

Blackshore Holdings comprises Mr. Sweeney's oil, property and
hotel interests.


MCCONNELLS: Unit Loses Multi-Million Euro Deal with AIB
-------------------------------------------------------
Laura Noonan at Irish Independent reports that McConnells' media
buying arm MCM lost a multi-million euro contract to buy ads for
AIB.

The report relates the news comes a week after McConnells went
into receivership, leaving media owners and other creditors' owed
as much as EUR7 million.  McConnells is continuing to trade after
its assets and goodwill were bought out by Latinollo Ltd, a newly-
created offshoot of agency giant DDFH&B, the report notes.

According to the report, MCM had been hoping to retain the AIB
business despite the change of ownership, but the bank on Friday
confirmed the account has been awarded to rival agency Starcom
following a competitive pitch.  The contract runs for three years
and envisages spends of EUR3 to EUR5 million a year, making it one
of the biggest media buying pitches of the year so far, the report
states.

Pat Donnelly, the former MCM boss who is now running the new
McConnells outfit through Latinollo, said it was too early to say
how the AIB loss would impact the 75 people working at the agency,
the report discloses.

The report notes Mr. Donnelly added that he and his team had been
working "from 8 in the morning until 10 at night" to protect jobs
and preserve McConnells' business.  He confirmed that Latinollo
will not pay media owners for ads booked before the receivership
on April 16, the report recounts.

Tom Kavanagh is handling the receivership of old McConnells on
behalf of lender Ulster Bank, the report discloses.

McConnells is an advertising agency based in Ireland.


THUNDERBIRD INVESTMENTS: S&P Withdraws Rating on Series 21 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Series
21 notes issued by Thunderbird Investments PLC, following an
unwinding and redemption of the notes.

The rating action on the affected transaction is:

Rating lowered:

    Name                              Rating From    Rating To
    ----                              -----------    ---------
    Thunderbird Investments PLC       D              N.R.
    Series 21


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I T A L Y
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FIAT SPA: S&P Puts 'BB+' Corp. Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB+'
long-term corporate credit rating on Italian industrial group Fiat
SpA on CreditWatch with negative implications.  At the same time,
the 'B' short-term credit rating on Fiat was affirmed.  In
addition, S&P placed the 'BB+' long-term rating on Fiat's
subsidiary CNH Global N.V. on CreditWatch with developing
implications.

"The CreditWatch placement reflects S&P's view that Fiat's credit
quality could weaken due to increased business risk as a
consequence of the proposed demerger of CNH, Iveco SpA (not
rated), and the industrial and marine divisions of Fiat Powertrain
Technologies into the newly created entity Fiat Industrial SpA,"
said Standard & Poor's credit analyst Barbara Castellano.

S&P considers the auto business to have a higher business risk
than CNH and Iveco, which are more profitable and less capital-
intensive.  Furthermore, the demerger will reduce the current
benefits of diversification, which S&P view as supportive of the
rating given the high cyclicality of the businesses of Fiat, CNH,
and Iveco.  S&P does not have precise information about the
capital structure after the demerger, which will be a crucial
element in S&P's final assessment of the rating on Fiat.  However,
S&P considers it unlikely that Fiat's financial profile will be
significantly stronger than it is currently.

S&P aims to resolve the CreditWatch placement when S&P has further
information on the intended financial structure of Fiat after the
demerger.  S&P's review will encompass an assessment of the
implications of the new structure on Fiat's business risk,
including the implications for the increasing integration of Fiat
and Chrysler Group LLC (not rated).  S&P will also seek further
clarification of the potential links that will remain in place
between Fiat and FI.

The timing of S&P's review of the CreditWatch will be dependant on
the availability of the above information.  However, the
CreditWatch resolution is not dependent on the finalization of the
proposed demerger.  At this stage, S&P cannot give any indication
of the magnitude of the possible downgrade.


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


TRISTAN OIL: Fitch Changes Outlook on 'C' Rating to Evolving
------------------------------------------------------------
Fitch Ratings has changed the Rating Watch on Tristan Oil Ltd.'s
Long-term foreign currency Issuer Default Rating of 'C' to
Evolving from Negative.  Tristan's senior unsecured rating is
affirmed at 'C' with a Recovery Rating 'RR6'.

The RWE reflects additional progress regarding the potential sale
of Tristan and two operating companies -- Kazpolmunay and
Tolkynneftegaz -- to Cliffson Company SA anticipated by management
in the near-term.  At the same time, the RWE takes into account
the lack of specific information regarding the potential acquirer.

The resolution of the RWE is subject to receipt of further
information pertaining to the bidder's financial profile and
strategy concerning Tristan's future development.  Acquisition by
a company with relatively solid credit metrics, along with the
assumption or a guarantee of Tristan's debt, or provision of other
financial support to Tristan, are likely to lead to a positive
rating action.  Conversely, acquisition by a company with weak
financial standing, along with Tristan's failure to honor its
financial obligations (and lack of parental support in this
respect), are likely to result in a negative rating action.

In February 2010, Tristan announced that its shareholder had
reached an agreement for the sale of Tristan, Kazpolmunay and
Tolkynneftegaz to Cliffson Company SA, which is ultimately owned
by Kazakh interests.  The closure of this transaction is subject
to the fulfillment of certain conditions, including waivers and
approval from the Kazakh authorities, settlement of the Laren
short-term loan facility, as well as some waivers from the
bondholders.  According to Tristan, Cliffson Company SA is
expected to assume the obligation under Tristan's outstanding
eurobonds.

The ratings take into consideration Tristan's high refinancing and
liquidity risk and weak financial profile, exacerbated by its weak
corporate governance standards.  Furthermore, the company raised
additional debt in 2009, increasing its total debt to US$667.4
million as of end-9M09, further heightening refinancing risk.


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


METINVEST BV: Moody's Give Positive Outlook, Puts B3 Bond Rating
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2
corporate family rating of Ukrainian steel producer Metinvest B.V.
to positive from stable.  At the same time a (P)B3 rating was
assigned to the proposed bond issuance and the national scale
rating was upgraded to A1.ua.

The rating action was prompted by Metinvest's relatively resilient
annual results in 2009, despite of one of the worst years for the
steel industry globally.  In addition the positive outlook
benefits from the relatively healthy capital structure with a CFO-
dividends/debt ratio of 38.9% and a debt/EBITDA ratio of 2.6x,
which puts Metinvest ahead of many of its peers in the CIS and
elsewhere in a severe trough year.

Metinvest in 2009 has benefited from its low cost production
facility in the Ukraine and the devaluation of the local currency
which helped maintain its operating margin positive despite a
severe reduction in steel prices and steel volumes.  In 2009
around 73% of its turnover was generated outside the Ukraine on a
US$basis.  With its high production capacity for iron ore, the
currently observed price increases for iron ore and steel products
Moody's expects Metinvest to generate strongly improved profits
and cash flows in 2010.  Separately Moody's notes that per end of
2009 around 50% of the company's trade receivables (in total
US$1.1 billion) have been past due, but not impaired.

Moody's cautions that Metinvest's debt maturity schedule remains
on a very short term basis and that around US$616 million of the
company's term debt needs to be repaid or refinanced in 2010, and
circa US$500 million in the year thereafter.  In addition, a
significant part of the company's debt is based on secured but
short term trade credit lines, which in the past have consistently
been rolled over.

The proposed issuance of the bond would significantly mitigate
this relatively weak maturity profile and -- together with
expected positive cash flow generation in 2010 should enable
Metinvest to largely repay or refinance its short-term debt
maturities.

The rating could be upgraded if Metinvest achieves in 2010 a
debt/EBITDA ratio of below 2.0x and maintains a CFO-dividends/debt
ratio above 35%.  In addition an upgrade would require the
reduction of short term debt maturities and an improvement of the
average debt maturity profile with sufficient headroom under the
company's financial covenants.

The rating of the bond has been notched down by one notch
reflecting a significant amount of secured debt which is ranking
ahead of the unsecured bond.  However, the bond benefits from
upstream guarantees from some of the major profit generation
operating entities, such as the company's iron ore mines and with
the possibility of additional upstream guarantees to be
implemented from the Metinvest's major steel producing entity,
Azovstal, as soon as the outstanding Azovstal bond has been repaid
in 2011.  These upstream guarantees provide the bondholders direct
access to the company's cash generating entities and therefore
removes structural subordination compared to existing bank
agreements.  Given the relatively high amount of secured debt,
Moody's has assumed in its waterfall analysis that trade debtors
would be treated similar to the treatment of secured debt holders
in line with its general practice and has therefore ranked trade
debtors ahead of the proposed bond issuance.

Moody's last rating action on Metinvest was the downgrade of its
corporate family rating to B2 with a stable outlook on 17 June
2009.

Upgrades:

Issuer: Metinvest B.V.

  -- Corporate Family Rating, Upgraded to A1.ua from A2.ua

Assignments:

Issuer: Metinvest B.V.

  -- Senior Unsecured Regular Bond/Debenture, Assigned (P)B3, LGD5
     76%

Outlook Actions:

Issuer: Azovstal Capital B.V.

  -- Outlook, Changed To Positive From Stable

Issuer: Metinvest B.V.

  -- Outlook, Changed To Positive From Stable

Metinvest B.V., a company set up under Dutch law, but with major
operations in the Ukraine, is the largest steel and iron ore
producer in the Ukraine.  In 2009 the company generated revenues
of US$6 billion and operating profit of US$604 million.  Metinvest
is owned 75% by System Capital Management, an investment holding
company in the Ukraine.  25% of Metinvest's shares are owned by
Smart group, also based in the Ukraine.


SMILE SECURITISATION: Fitch Cuts Rating on Class D2 Notes to BB
---------------------------------------------------------------
Fitch Ratings has downgraded the junior tranche of Smile
Securitisation Company 2001-1 B.V. and affirmed the rest,
following a review based on Fitch's revised criteria for rating
European granular pools of small corporate loans.  The rating
actions taken are:

  -- EUR500,000,000 Class A2 senior notes (ISIN XS0140352229):
     affirmed at 'AAA'; Outlook Stable; assigned Loss Severity
     Rating 'LS-1';

  -- EUR30,000,000 Class B2 mezzanine notes (ISIN XS0140353623):
     affirmed at 'AAA'; Outlook Stable; assigned 'LS-3';

  -- EUR27,500,000 Class C2 junior notes (ISIN XS0140353979):
     affirmed at 'AA'; Outlook Stable; assigned 'LS-3';

  -- EUR21,000,000 Class D2 subordinated notes (ISIN
     XS0140354357): downgraded to 'BB' from 'BBB+'; Outlook
     Negative; assigned 'LS-3'.

The affirmations reflect the relatively stable performance with
low levels of default since closing in 2001, as well as the
substantial de-leveraging which increased the credit enhancement
levels especially for the senior tranches.  In addition, a reserve
fund at the required level of EUR10 million and an excess margin
of 95bps are available for loss absorption, providing extra credit
enhancement for the transaction.

The downgrade of class D2 reflects the revised assumptions of the
SME CDO rating criteria such that its current credit enhancement
level is no longer commensurate with an investment-grade rating.
The Negative Outlook reflects its vulnerability to the defaults of
the largest obligors and the long weighted average life of the
portfolio of over five years.

While the portfolio has experienced cumulative defaults of 1.1% of
its initial pool balance, the principal deficiency ledger had no
debit balance as all historical bad debt losses were offset by the
excess margin of 95bps and recoveries.  After the optional
redemption date in November 2011, any excess spread will be
trapped in the transaction, acting as extra credit enhancement.
The 90-180 days delinquency has remained low at 0.24% of the
outstanding portfolio balance at end- March 2010 and 180 days +
delinquency was also low at 0.25%.

Smile 2001 is a fully-funded static cash flow collateralized loan
obligation referencing a portfolio of loans to Dutch small- and
medium-sized enterprises originated by the former ABN AMRO Bank
N.V. (currently as The Royal Bank of Scotland N.V.).  The top 10
obligor exposures in the portfolio represent 6% of the current
portfolio balance at end-February 2010.  The majority of the loans
in the portfolio is secured by real estate and has a loan-to-value
ratio of less than 100%.

The portfolio has amortized to 7.7% of its initial balance at end-
March 2010.  The principal proceeds received since July 2009, when
class A1, B1, C1 and D1 had been paid in full, were credited to a
principal ledger account which amounted to EUR191 million at end-
March 2010.  Any further principal repayments will continue to
credit the principal ledger and the amounts will be used to pay
down the outstanding classes sequentially after the optional
redemption date in November 2011.  According to the repayment
schedule, the amortization speed will be relatively slow.


Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies of Smile 2001, the benchmark probability of default
is adjusted upward to 'BB-'.  Delinquent loans are assigned a
'CCC' rating.  For the recovery assumption for the first-lien real
estate backed loans, the foreclosure values of the real estate are
adjusted for market value stress based on the criteria but second
lien mortgages are treated as senior unsecured loans.

Fitch has assigned an Issuer Report Grade of 'Two Stars' to Smile
2001's investor reports.  The Two Star rating reflects basic
information is provided by the performance reports.  While the
reports provide good level of information such as monthly recovery
information and line-by-line priority payments, the lack of
information on obligor stratification and counter-party triggers
is holding the reports back from a higher grade.


ZOO ABS: S&P Junks Rating on Class E Notes From 'BB'
----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
ZOO ABS II B.V.'s class A-2, B, C, D, and E notes.  S&P also
affirmed its ratings on classes X, A-1, and A-1D.

These rating actions follow S&P's assessment of the impact on the
transaction of the credit deterioration that S&P has observed in
the underlying portfolio.  The portion of assets with a credit
quality commensurate with a 'BB+' rating or below is approximately
double that in September 2009.  According to S&P's analysis,
approximately 65% of the total portfolio is currently rated below
investment grade.  This percentage includes adjustments S&P has
made to the ratings on those assets that are currently on
CreditWatch negative.

In S&P's view, there has been an increase in the amount of
portfolio assets rated 'CCC+' and below, which now account for
almost 8.0%.  Out of those, 2.5% are considered as defaulted
assets, i.e., they are rated 'CC' or 'D'.

In addition, classes C, D and E are failing their
overcollateralization tests.  Classes D and E are deferring
interest since December 2009.

ZOO ABS II's portfolio primarily comprises European structured
finance assets.  The transaction relies mainly on cash flows from
the underlying portfolio to make payments of interest and
principal to holders of the notes that S&P rates.  In S&P's
opinion, the deterioration in portfolio credit quality has
increased the uncertainty over the timing and amount of cash flows
that may be available from the portfolio.

Based on its analysis, S&P considers that the ratings S&P
previously assigned to the class A-2, B, C, D, and E notes are no
longer commensurate with the heightened uncertainty over cash
flows.  S&P has therefore lowered its ratings on these classes.

                           Ratings List

                          ZOO ABS II B.V.
EUR255.5 Million Senior Delayed Drawdown and Deferrable-Interest
                    Secured Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  A-2         A-            A+
                  B           BBB+          A
                  C           BB+           BBB+
                  D           B             BB+
                  E           CCC           BB

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        X           AAA
                        A-1         AA-
                        A-1D        AA-


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


GEFEST JSIC: Fitch Downgrades Insurer Strength Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded JSIC GEFEST's Insurer Financial
Strength rating to 'B+' from 'BB-' and its National IFS to
'A(rus)' from 'A+(rus)'.  The Outlooks are Stable.

The downgrade reflects deterioration in GEFEST's underwriting
performance and a notable contraction in premiums in 2009.
Although GEFEST has retained its market position as a strong niche
player, its key construction insurance segment has been more
significantly affected by the economic downturn than the overall
Russian insurance sector.

The Stable Outlook reflects the improved quality of GEFEST's
investment portfolio at end-2009, which has been largely
restructured towards marketable fixed-income instruments of a
relatively good credit quality.  The overall quality of the
balance sheet has also improved upon the write-off of poor quality
insurance receivables accumulated over several years.

Fitch notes that the deterioration in the combined ratio to 88.5%
in 2009 from 62.2% in 2008 was largely driven by inadequate
expense management, particularly in the context of the contraction
in premiums.  In addition, GEFEST's loss ratio increased to 28.8%
in 2009 from 16.4% in 2008, marking a return to its average levels
of 2005-2007.  This was driven by intensified claims, loss
reserves fluctuation after the statutory releases in 2008 and a
moderate increase in the cost of obligatory protection for the
CAR/EAR line in relation to the reduced premium volumes.

Fitch continues to view GEFEST's underwriting expertise in its key
CAR/EAR segment as one of its strong points, although the agency
foresees additional challenges for the further successful
management of the underwriting result.  Such challenges include
the persisting soft phase in the local sector's cycle, potentially
increasing diversification of the portfolio away from the
traditional CAR/EAR business and the insurer's relatively
inflexible expense levels.  The recent large claim relating to
port infrastructure damaged by a storm in Sochi is not expected to
lead to a dramatic decrease in GEFEST's net underwriting result in
2010 due to the insurer's relatively low net retention and
adequate reinsurance protection.

Fitch also notes the presence of financial risks in GEFEST's
portfolio, and the insurer's willingness to take a leading
position in a new relatively lesser known casualty segment.
Although GEFEST's net premiums written considerably contracted in
2009, leading to reduced capital requirements, the agency notes
that the insurer's business mix might require a more conservative
assessment of the risks on the liability side of the insurer's
balance sheet and its potential capital needs in the next few
years.  Capital is currently in line with the rating level, but
Fitch notes that GEFEST has relatively limited financial
flexibility.  The successful realization of the insurer's plans to
attract fresh capital injections from shareholders in mid-2011
would be viewed as a positive rating factor, provided the company
continues to adhere to a conservative investment strategy.

Fitch notes the weakening of the ratio of GEFEST's liquid assets
to technical reserves, driven by the sharp contraction in premium
volumes and negative operating cash flow in 2009.  One shareholder
has extended short-term credit to GEFEST to prevent possible cash
gaps relating to the settlement of the large claim in Sochi and
the collection of reinsurance recoveries.  Fitch believes that the
company's liquidity position may start improving as premium
volumes stabilize.  According to GEFEST's estimates, growth will
recover in 2010, although premiums are not expected to reach the
peak level of 2008.


* Fitch Gives Stable Outlook on Russia's Novosibirsk Region
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Russia's Novosibirsk
Region to Stable from Negative and affirmed its Long-term foreign
and local currency ratings at 'BB' respectively.  Fitch has
affirmed the region's Short-term foreign currency rating at 'B',
and its National Long-term rating at 'AA-(rus)'.  The Outlook on
the National Long-term rating is also revised to Stable from
Negative.  The rating action affects RUB1.4 billion of the
region's outstanding bonds.

The Outlook revision reflects the Novosibirsk Region's decreased
direct debt, low contingent liabilities and better than expected
budgetary performance in 2009.  It also considers Fitch's
expectation that Novosibirsk will be able to restore its budgetary
performance in 2010 in line with the level of margins recorded in
2006-2008.  The ratings factor in the region's short-term debt
profile and potential increase in guarantees, and also reflect the
region's prudent fiscal management and above-the-national-average
socio-economic profile.

The region's budgetary performance was sound with an operating
margin of 10.1% in 2009.  However, Novosibirsk's budget balance
before debt variation turned negative in 2009 with a deficit at
2.8% of total revenue compared with the surplus of 6.8% recorded
in 2008.  Prudent fiscal management, particularly the region's
curtailment of operating expenditure and increased federal
transfers, supported the budgetary performance in 2009.  Fitch
expects the region's operating margin to return to the 2006-2008
level of about 14% on the back of the growing economy.  A weaker-
than-expected operating performance in the medium term would be
negative for the ratings.

The direct debt of the region decreased to RUB2.3 billion in 2009
(2008: RUB3.3 billion), while the debt payback period stabilized
at less then five months of the current balance in 2008-2009.  The
region's outstanding domestic bonds and bank loans will mature in
2010, and although refinancing risk is moderate accumulated cash
reserves of RUB4.2 billion as of end-Q110 could be depleted this
year.  The region's contingent liabilities are immaterial, self-
servicing and strictly controlled, although the Novosibirsk Region
has announced a potential increase in guarantees of up to RUB2bn
in 2010.

The Novosibirsk region is located in the west Siberian plain of
the Russian Federation.  The region accounted for 1.4% of the
Russian Federation's GDP and 1.9% of the national population in
2007.  The region's well-diversified and service-oriented economy
is expected to expand by 4%-6% y-o-y in 2010, supporting an
expected improvement of tax revenue.


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


PRISA: Has Deal with Creditor Banks to Refinance Debt
-----------------------------------------------------
Jason Sinclair at Dow Jones Newswires reports that Promotora de
Informaciones SA said Friday it had agreed with its creditor banks
to refinance its debt and extend its nearly EUR2 billion bridge
loan until May 2013.

Dow Jones relates that Prisa, in a filing with the Spanish market
regulator, said the refinancing and a series of asset sales will
allow the company to reduce its debt burden.

According to Dow Jones, Prisa's debt has reached nearly
EUR5 billion, compared to its current market capitalization of
EUR769 million.

Promotora de Informaciones S.A. -- http://www.prisa.com/-- is a
Spain-based holding company, engaged in various media activities.
The Company has six business areas: publishing, education and
training (Grupo Santillana publishes textbooks and books of
general interest); press (El Pais Internacional is engaged in the
distribution of news material and services to other newspapers and
publications worldwide); radio (Union Radio is a group
broadcasting worldwide); audiovisual (PRISA offers services and
products, including Pay TV, thorough the satellite platform
DIGITAL+, and free-to-view through the channel Cuatro); online
(Prisacom is committed to the development of multimedia content
with broadcasting for Internet-based TV) as well as commercial &
marketing (Sogecable Media SA manages all the advertising on the
Company and its group's media).  The Company is present in 22
countries, such as Portugal, Brazil or the United States.


PYME VALENCIA: Moody's Downgrades Rating on Class D Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by Pyme Valencia 1, FTA:

  -- Class A2 notes: Downgraded to Aa3, previously Aaa placed
     under review for downgrade on February 23, 2009

  -- Class B notes: Downgraded to Ba3, previously downgraded to
     Baa2 and placed under review for downgrade on July 16, 2009

  -- Class C notes: Downgraded to Caa3, previously downgraded to
     Caa1 and placed under review for downgrade on July 16, 2009

  -- Class D notes: Downgraded to C, previously downgraded to Ca
     and placed under review for downgrade on July 16, 2009

Moody's initially assigned definitive ratings in July 2007.

The rating action concludes the rating review that was originally
initiated in February 2009.  The downgrades on all outstanding
rated notes are motivated by worse-than-expected collateral
performance and concerns due to the lack of liquidity in the
transaction following the full depletion of the reserve fund and
the breach of the swap rating trigger.

In July 2009, Moody's downgraded the Class B, C and D notes due to
weak performance and left all rated notes, including the Class A2
notes, on review for further possible downgrade.  Moody's
maintained the ratings of the notes on review following the
downgrade of the originator, servicer and swap counterparty of the
transaction Banco de Valencia (June 15, 2009).

As part of its review, Moody's considered the potential for
further performance deterioration in the current economic cycle,
and the exposure of the transaction to the real estate sector.
The deterioration of the Spanish economy has been reflected in
Moody's negative sector outlook for Spanish SME securitization
transactions.  Moody's applied its revised methodology for
granular SME portfolios in Europe, Middle East and Africa.  This
revised methodology was introduced on March 17, 2009.

                     Collateral Performance

To date, the transaction has been performing worse than the
Spanish SME index.  Since the last review in July 2009,
delinquency levels have been volatile.  Outstanding 90+ days
delinquencies decreased from 4.32% to 2.22% of current pool
balance between July 2009 and February 2010.  In the same period
the cumulative 90+ days delinquencies in the transaction rose from
7.8% to 12.8% of original balance plus replenishments, while the
cumulative artificial write-off amount doubled during the same
period from 1.57% to 3.22%.  This increase prompted the full draw
under the reserve fund which declined from EUR5.5 million or 36%
of its target amount in August 2009 to zero in September 2009.
Since then, the reserve fund has not built back up.  In addition,
the rising amount of artificial write-offs could not be covered by
excess spread and reserve fund and led to a principal deficiency
equal to EUR4.8 million or 1.36% of the outstanding pool balance
as of the last payment date in February 2010.  Artificial write-
offs are considered as loans that are more than 12 months into
arrears or are considered as uncollectible by the servicer or
originator.

                  Default Probability Adjustments

Moody's has revised its assumption of the default probability of
the SME debtors on updated portfolio data as of March 2010
provided by the management company Europea de Titulizacion
S.G.F.T, S.A.  Applying the revised methodology, Moody's reached
an equivalent rating in the single B range for the debtors
operating in the real estate sector, and in the low Ba range for
the non-real-estate debtors.  In addition, Moody's made PD
adjustments to reflect the size of the debtors' companies.  For
approximately 22% of the exposure, no company size information was
available, so Moody's considered the relevant borrowers as micro-
SMEs.  Additionally, loans in arrears have been notched down
depending on the length of time the loans have been in arrears,
while performing loans outside the building and real estate sector
with relatively long seasoning have been notched up depending on
their actual seasoning.

                  Revised WAL and DP Assumptions

Moody's estimates that the remaining weighted-average life of the
portfolio is equal to 4.8 years.  As a consequence, these revised
assumptions have translated into an increase of the cumulative
mean default assumption to 25% of the current outstanding
portfolio.  When converting this number into a cumulative mean
default rate of original balance plus replenishments, the revised
expected cumulative default rate is 20.9% compared to the 15%
revised assumption in July 2009.  The top 20 debtors in the March
pool-cut accounted for approximately 27% of the outstanding
portfolio (the effective number in the portfolio was 161).  The
portfolio is characterized by high sector concentrations, namely
in the building and real estate sector, and high geographical
concentration in the region of Valencia.  Moody's used a Monte
Carlo simulation to determine the default distribution with a
resulting coefficient of variation of 51%.

                Other Assumptions and Sensitivities

The average recovery assumption was updated to 50% (stochastic
recovery rate) based on the level and nature of the properties
guaranteeing the underlying collateral.  This compares to a fixed
recovery rate of 45% assumed at the last review date.  The
constant prepayment rate Moody's used in its cash flow model was
maintained at 5%.  Moody's tested various sensitivities around
these key assumptions in order to determine its final view on the
ratings.  One specific feature Moody's evaluated in these
scenarios were the interest deferral triggers and the benefit they
provide to the Class A2 notes once they have been hit.

              Insufficient Liquidity in the Deal and
                  Breach of Swap Rating Trigger

The main exposure to Banco de Valencia in this transaction is
through its servicing and swap counterparty role.  Moody's notes
that the reserve fund of the transaction is fully depleted and
that no other source of liquidity is available in the transaction.
Moody's believes that the absence of liquidity in the transaction
could impair the ability of the issuer to make timely payment of
interest on the notes, particularly if there was a servicing
transfer.  Moody's also believes that the lack of liquidity in
this transaction increases the degree of linkage between the
rating of the servicer and the senior notes rating.  Banco de
Valencia's downgrade from A3/P2 to Baa1/P2 led to the breach of
the second rating trigger under the swap agreement.  Since July
2009, the bank has not been able to find a replacement or
guarantor for the swap agreement.  The bank is still posting
collateral as per the swap documentation, which in Moody's opinion
only partially mitigates the linkage to Banco de Valencia acting
as swap counterparty.

Moody's has incorporated these risks in its analysis in addition
to the performance analysis, which resulted in the downgrade of
the Class A2 notes to Aa3.

                         The Transaction

Pyme Valencia 1, FTA is a securitization fund, which purchased a
pool of loans granted to Spanish SMEs and individuals originated
by Banco de Valencia.  In June 2007, the static portfolio
consisted of 3,786 loans and 3,172 debtors.  As end of March 2010,
these numbers stood at 1,541 loans and 1,363 debtors.  The
original portfolio of loans was originated between 2000 and 2006,
with a weighted-average seasoning of 1.73 years and a weighted-
average remaining term of 7.86 years.  Geographically, the pool
was concentrated in Valencia (62%), Murcia (15%) and Madrid (7%).
At closing, the concentration in the building and real estate
sector was 59.4% of the initial portfolio amount, which is higher
than the sector-average concentration in the SME ABS portfolios.
In the updated March portfolio, the weighted-average seasoning
equaled 4.74 and the remaining term 10.1 years.  The concentration
in the building and real estate sector was approximately 50% of
the current balance.  The pool factor was 38% as of March 2010.


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


CREST NICHOLSON: Hugh Osmond's Horizon Makes Bid Approach
---------------------------------------------------------
Ed Hammond at The Financial Times reports that Horizon
Acquisition, an investment vehicle backed by entrepreneur Hugh
Osmond, has made a bid approach for Crest Nicholson.

According to the FT, Horizon made the approach with an offer for
Crest of GBP350 million to GBP400 million, a small discount to
estimates of the value of the company's land bank last year.

Horizon is looking at Crest along with four or five other deals,
the FT says, citing a person close to the group.

The FT relates that people familiar with the matter said the group
has informed Crest's lenders, which include Lloyds and HSBC, of
the approach and plans to ask them for permission to initiate
negotiations from as early as this week.

Horizon, the FT says, would acquire the group via the debt, paying
down a large chunk at par and asking lenders to write down the
remainder.

The FT notes one hurdle to the deal would be the losses that
Crest's creditors would have to bear were it to go ahead.

The FT recalls in February last year Crest completed a GBP630
million debt for equity swap that left its lenders holding 90% of
the stock, with the remaining 10% going to management.  The
restructuring helped the housebuilder slash its borrowings from
GBP1.09 billion to just GBP620 million, set to mature in 2012, the
FT discloses.

Miles Costello at Times Online reports Mr. Osmond outlined his
plan to buy and restructure Crest Nicholson in a presentation to
bank lenders.  Crest has yet to respond formally to Mr. Osmond's
plan to use Horizon, which raised about GBP420 million from a
stock market listing this year, to reinvigorate the housebuilder,
Times Online notes.

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


ETHNIC CUISINE: Faces Closure; 234 Jobs at Risk
-----------------------------------------------
BBC News reports that Ethnic Cuisine is set to be closed down,
putting 234 jobs at risk.

According to the report, Ethnic Cuisine's owners said it had
decided to close the factory after failing to agree terms to
supply products to major customer Sainsbury.

The report says Northern Foods, which bought the firm in 2007, is
starting a consultation "on a proposal to close the site," which
it said was no longer profitable.

The report relates Sainsbury said the existing supply agreement
"was no longer viable".

Ethnic Cuisine is a Swansea-based ready meals plant.


FAREPAK: Liquidators Secure GBP4 Million From Directors
-------------------------------------------------------
Katie Allen at guardian.co.uk reports that directors of Farepak,
which collapsed more than three years ago, have been forced to pay
compensation out of their own pockets.  According to the report,
liquidators have secured GBP4 million from directors of the
company, meaning those who lost money will receive bigger payouts.

The report notes the settlement is still a fraction of the GBP38
million lost.  It will increase the estimated dividend payable to
creditors to about 15 pence on the pound from the 5 pence
originally expected, the report says, citing BDO Stoy Hayward, the
accountancy firm, which has put Farepak into liquidation.

The report relates in a statement, BDO said the action against the
directors had been "settled with no admission of liability".

The report recalls thousands of people, many of them on low
incomes, lost savings when the Swindon-based company collapsed in
October 2006.  Administrators were called in after Farepak's bank,
HBOS, decided not to extend an overdraft facility to its owner,
European Home Retail, the report recounts.

The average loss was about GBP400 but some people lost more than
GBP2,000, the report states.  Under the latest settlement anyone
who put in GBP400 would get GBP60 rather than the GBP16 previously
estimated, the report discloses.


INEOS GROUP: Left Britain After Government Refused Help
-------------------------------------------------------
Dominic O'Connell at The Sunday Times reports that Ineos Group
said it would have stayed in Britain if it got financial
assistance from the government.

According to the report, Ineos, which is moving offshore to escape
U.K. tax rates, was refused financial help by the government last
year when recession slashed its sales.

The report relates Jim Ratcliffe, Ineos' founder and majority
owner, said the group had asked for help with "liquidity",
including a temporary deferral of Vat payments.  The government
said no, the report recounts.

"That [the appeal to government] consumed quite a lot of time and
got us absolutely nowhere," the report quoted Mr. Ratcliffe as
saying.  "There is no question we would have felt a moral
obligation to remain.  We couldn't have left if they had helped us
in our hour of need."

Ineos, the report discloses, is moving its tax domicile and head
office to Switzerland, and expects to save EUR450 million (GBP390
million) in tax over four years.  Its U.K. operations include the
former ICI heavy chemicals business, and the Grangemouth oil
refinery in Scotland, the report notes.

The report relates Mr. Ratcliffe said he had been frustrated at
the company's inability to meet ministers to argue for assistance.

The report recalls the recession battered Ineos, slashing profits
in half and putting it in breach of its loan covenants.

                        About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group.  Mr. Ratcliffe has placed INEOS among the
world's top chemical companies (with ExxonMobil, Dow, and BASF)
through his many and varied acquisitions.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 22,
2010, Standard & Poor's Ratings Services said that it has revised
its outlook to developing from negative on U.K.-based chemical
group Ineos, which includes Ineos Group Holdings PLC and Ineos
Holdings Ltd. At the same time Standard & Poor's affirmed its
'CCC+' long-term corporate credit rating on Ineos.

On March 22, 2010, the Troubled Company Reporter-Europe reported
that Moody's Investors Service has undertaken a series of rating
actions related to Ineos Group Holdings plc and its various debt
instruments in conjunction with assigning a positive outlook:

  (i) Corporate Family Rating upgraded by one notch to Caa1;

(ii) The ratings on the first lien senior secured bank
      facilities were upgraded by two notches to B2; and

(iii) The ratings on the EUR650 m 2015 2d lien senior secured
      loans were upgraded by one notch to Caa2.

The Caa3 ratings on 2016 senior g-teed notes were not affected.


ROYAL BANK: May Use Surplus Capital to Buy Back Taxpayer's Stake
----------------------------------------------------------------
Royal Bank of Scotland Group Plc may use surplus capital to buy
back part of the taxpayer's holding, Andrew MacAskill and Jon
Menon at Bloomberg News report, citing two people with knowledge
of the situation.

According to Bloomberg, the people said the U.K. may also sell
part of its GBP45.5 billion (US$70 billion) stake in Edinburgh-
based RBS to money managers.

The U.K. government has made a paper profit of about GBP5 billion
on its investment in RBS after the shares rallied 91% this year,
Bloomberg discloses.

RBS may have GBP15.3 billion of surplus capital by 2012 as the
lender sells assets and closes operations, Michael Helsby, a
London-based analyst at Bank of America Merrill Lynch, as cited by
Bloomberg, said in a note to investors this month.  Share buybacks
are a "likely outcome," Mr. Helsby wrote, according to Bloomberg.

Taxpayers own 84% of the lender, Bloomberg notes.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.


ROYAL BANK: Has U$45-Bil. Exposure to Bank Insurance Debt
---------------------------------------------------------
Katherine Griffiths at The Times reports that Royal Bank of
Scotland had about US$45 billion of exposure to bank insurance
debt after it bought ABN Amro in October 2007.

The report relates the SEC revealed that RBS had lost US$841
million on the single trade that is at the heart of its case
against Goldman.  The deal was conducted by ABN in early 2007,
just before RBS led a hostile consortium with Santander and Fortis
to break up the Dutch bank, the report recalls.

The report recounts bankers have pointed out last week that the
SEC documents show that ABN charged only 17 basis points, or
US$1.4 million, a year to take on the risk.

RBS, the report says, has reduced its risk but had a GBP19 billion
exposure to monolines, which provide insurance on bonds, as
disclosed in its 2009 accounts.  RBS has put all this sum into the
Government's insurance scheme for its toxic assets, the report
states.

The report notes that insiders said about US$15 billion of RBS's
exposure to bonds insurance was from its own business in London,
while a further US$20 billion was racked up by its New York-based
investment bank RBS Greenwich.  A final US$15 billion was
inherited from ABN following the 2007 merger between RBS and ABN,
the report discloses.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.


TATA STEEL: Corus Steelworkers to Ballot on Strike Over TCP Fate
----------------------------------------------------------------
Chris Tighe at The Financial Times reports that the National Steel
Trade Union Coordinating committee on Thursday said steelworkers
on Teesside are to be balloted on industrial action which could
include a strike in protest at Corus' handling of the future of
the mothballed Teesside Cast Products.

According to the FT, the unions have begun ballot proceedings due
to a "lack of progress and lack of clarity" over securing an
alternative buyer for Teesside.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

Tata Steel Ltd. continues to carry a Ba3 corporate family rating
from Moody's Investors Service with stable outlook.  The rating
was downgraded by Moody's from Ba2 in June 2009.


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


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

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

AUSTRIA
-------
LIBRO AG              LB6 GR           -109013328   171684389.1
LIBRO AG              LIB AV           -109013328   171684389.1
LIBRO AG              LBROF US         -109013328   171684389.1
LIBRO AG              LIBR AV          -109013328   171684389.1
SKYEUROPE             SKYP PW        -89480486.93   159076577.5
SKYEUROPE             SKY PW         -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EO         -89480486.93   159076577.5
SKYEUROPE HLDG        SKYV IX        -89480486.93   159076577.5
SKYEUROPE HLDG        SKY LI         -89480486.93   159076577.5
SKYEUROPE HLDG        SKY AV         -89480486.93   159076577.5
SKYEUROPE HLDG        SKURF US       -89480486.93   159076577.5
SKYEUROPE HLDG        S8E GR         -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EO      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYA PZ        -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EU      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EU         -89480486.93   159076577.5
SKYEUROPE HOL-RT      SK1 AV         -89480486.93   159076577.5

BELGIUM
-------
SABENA SA             SABA BB        -84766501.61    2196477161

CROATIA
-------
OT OPTIMA TELEKO      2299892Z CZ       -48565065   119632635.5
OT-OPTIMA TELEKO      OPTERA CZ         -48565065   119632635.5

CYPRUS
------
LIBRA HOLIDA-RTS      LGWR CY         -27821889.5     240947718
LIBRA HOLIDA-RTS      LBR CY          -27821889.5     240947718
LIBRA HOLIDAY-RT      3167808Z CY     -27821889.5     240947718
LIBRA HOLIDAYS        LHGCYP EU       -27821889.5     240947718
LIBRA HOLIDAYS        LHGR CY         -27821889.5     240947718
LIBRA HOLIDAYS        LHGCYP EO       -27821889.5     240947718
LIBRA HOLIDAYS G      LHG EU          -27821889.5     240947718
LIBRA HOLIDAYS G      LHG EO          -27821889.5     240947718
LIBRA HOLIDAYS G      LHG PZ          -27821889.5     240947718
LIBRA HOLIDAYS G      LHG CY          -27821889.5     240947718
LIBRA HOLIDAYS-P      LBHG CY         -27821889.5     240947718
LIBRA HOLIDAYS-P      LBHG PZ         -27821889.5     240947718

CZECH REPUBLIC
--------------
CKD PRAHA HLDG        CKDPF US       -89435858.16     192305153
CKD PRAHA HLDG        CKDH CP        -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             2994763Q EU    -61453764.17   138582273.6
SETUZA AS             2994767Q EO    -61453764.17   138582273.6
SETUZA AS             SETUZA PZ      -61453764.17   138582273.6
SETUZA AS             2994759Q EO    -61453764.17   138582273.6
SETUZA AS             2994755Q EU    -61453764.17   138582273.6
SETUZA AS             SETU IX        -61453764.17   138582273.6
SETUZA AS             SETUZA CP      -61453764.17   138582273.6
SETUZA AS             SZA GR         -61453764.17   138582273.6
SETUZA AS             SZA EX         -61453764.17   138582273.6

DENMARK
-------
ELITE SHIPPING        ELSP DC        -27715991.74   100892900.3
ROSKILDE BANK         ROSBF US       -532868894.9    7876687324
ROSKILDE BANK         ROSK PZ        -532868894.9    7876687324
ROSKILDE BANK         ROSK EO        -532868894.9    7876687324
ROSKILDE BANK         RKI GR         -532868894.9    7876687324
ROSKILDE BANK         RSKC IX        -532868894.9    7876687324
ROSKILDE BANK         ROSK DC        -532868894.9    7876687324
ROSKILDE BANK         ROSK EU        -532868894.9    7876687324
ROSKILDE BANK         ROSKF US       -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

FRANCE
------
CARRERE GROUP         XRR GR         -9829592.638     279906700
CARRERE GROUP         CRGP IX        -9829592.638     279906700
CARRERE GROUP         CARG FP        -9829592.638     279906700
CARRERE GROUP         CARF PZ        -9829592.638     279906700
CARRERE GROUP         CRRHF US       -9829592.638     279906700
CARRERE GROUP         CAR2 EO        -9829592.638     279906700
CARRERE GROUP         CAR2 EU        -9829592.638     279906700
CARRERE GROUP         CAR FP         -9829592.638     279906700
FERGO AISA SA         AISA PZ        -195705447.2   561851834.6
FERGO AISA SA         AISA SM        -195705447.2   561851834.6
FERGO AISA SA         AISA EO        -195705447.2   561851834.6
FERGO AISA SA         AISA EU        -195705447.2   561851834.6
CHAINE ET TRAME       CTRM FP        -58947458.16   116889783.9
CHAINE ET TRAME       CHTR FP        -58947458.16   116889783.9
GRANDE PAROISSE       GDPXF US       -927267926.9     629287290
GRANDE PAROISSE       GDPA FP        -927267926.9     629287290
GRANDE PAROISSE       GAPA FP        -927267926.9     629287290
IMMOB HOTEL BALN      IMHB FP        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO PZ        -170171676.3   212556594.4
IMMOB HOTELIERE       IMMH IX        -170171676.3   212556594.4
IMMOB HOTELIERE       SIH FP         -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EU        -170171676.3   212556594.4
IMMOB HOTELIERE       IMBHF US       -170171676.3   212556594.4
IMMOB HOTELIERE       IMH GR         -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO FP        -170171676.3   212556594.4
IMMOB HOTELIERE       IMHO EO        -170171676.3   212556594.4
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      MBRE EO        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU        -58947458.16   116889783.9
MB RETAIL EUROPE      CTRF IX        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ        -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP        -58947458.16   116889783.9
OROSDI                OROS FP         -7291.55004   131233317.6
OROSDI-BACK           BACK IX         -7291.55004   131233317.6
OROSDI-BACK           OROS EO         -7291.55004   131233317.6
OROSDI-BACK           ORBA FP         -7291.55004   131233317.6
OROSDI-BACK           OROS EU         -7291.55004   131233317.6
OROSDI-BACK           OROS PZ         -7291.55004   131233317.6
PAGESJAUNES           PGJUF US        -3171655188    1168738032
PAGESJAUNES GRP       PAJ EU          -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EU       -3171655188    1168738032
PAGESJAUNES GRP       PAJ TQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EU       -3171655188    1168738032
PAGESJAUNES GRP       PAJGBP EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJGBX EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJ FP          -3171655188    1168738032
PAGESJAUNES GRP       PAJ BQ          -3171655188    1168738032
PAGESJAUNES GRP       PAJUSD EO       -3171655188    1168738032
PAGESJAUNES GRP       PAJ EO          -3171655188    1168738032
PAGESJAUNES GRP       PAJ PZ          -3171655188    1168738032
PAGESJAUNES GRP       PAJ VX          -3171655188    1168738032
PAGESJAUNES GRP       PAJ IX          -3171655188    1168738032
PAGESJAUNES GRP       PAJ NQ          -3171655188    1168738032
PAGESJAUNES GRP       QS3 GR          -3171655188    1168738032
PAGESJAUNES GRP       PAJ LI          -3171655188    1168738032
PAGESJAUNES GRP       PAJ EB          -3171655188    1168738032
PAGESJAUNES GRP       PAJ QM          -3171655188    1168738032
PAGESJAUNES GRP       PAJP IX         -3171655188    1168738032
RHODIA SA             RHA VX         -913748142.2    6150227880
RHODIA SA             2324011Q EU    -913748142.2    6150227880
RHODIA SA             RHAGBX EO      -913748142.2    6150227880
RHODIA SA             RHAGBX EU      -913748142.2    6150227880
RHODIA SA             RHAY IX        -913748142.2    6150227880
RHODIA SA             RHA EU         -913748142.2    6150227880
RHODIA SA             RHA EO         -913748142.2    6150227880
RHODIA SA             RHAGBP EO      -913748142.2    6150227880
RHODIA SA             RHADF US       -913748142.2    6150227880
RHODIA SA             2324015Q EO    -913748142.2    6150227880
RHODIA SA             RHA NQ         -913748142.2    6150227880
RHODIA SA             3218857Q IX    -913748142.2    6150227880
RHODIA SA             RHD GR         -913748142.2    6150227880
RHODIA SA             RHA QM         -913748142.2    6150227880
RHODIA SA             RHDAF US       -913748142.2    6150227880
RHODIA SA             RHA EB         -913748142.2    6150227880
RHODIA SA             RHANR PZ       -913748142.2    6150227880
RHODIA SA             RHANR FP       -913748142.2    6150227880
RHODIA SA             RHA FP         -913748142.2    6150227880
RHODIA SA             RHA IX         -913748142.2    6150227880
RHODIA SA             RHA TQ         -913748142.2    6150227880
RHODIA SA             RHDI GR        -913748142.2    6150227880
RHODIA SA             RHAUSD EU      -913748142.2    6150227880
RHODIA SA             RHAUSD EO      -913748142.2    6150227880
RHODIA SA             RHA PZ         -913748142.2    6150227880
RHODIA SA             RHA BQ         -913748142.2    6150227880
RHODIA SA - NEW       2335921Q FP    -913748142.2    6150227880
RHODIA SA - NEW       3506266Q FP    -913748142.2    6150227880
RHODIA SA - NEW       RHANV FP       -913748142.2    6150227880
RHODIA SA - NEW       3156011Q FP    -913748142.2    6150227880
RHODIA SA-ADR         RHAYY US       -913748142.2    6150227880
RHODIA SA-RIGHTS      653447Q FP     -913748142.2    6150227880
RHODIA SA-RIGHTS      RHADS FP       -913748142.2    6150227880
SDR CENTREST          117241Q FP     -132420119.6   252176017.2
SELCODIS              SLCO EO        -21481214.33   175720770.8
SELCODIS              SLCO FP        -21481214.33   175720770.8
SELCODIS              SLCO PZ        -21481214.33   175720770.8
Selcodis              SPVX FP        -21481214.33   175720770.8
SELCODIS              SLCO EU        -21481214.33   175720770.8
SELCODIS              SPVX IX        -21481214.33   175720770.8
TECHNICOLOR           TMM IX         -649203365.6    6191078453
TECHNICOLOR           TCH NQ         -649203365.6    6191078453
TECHNICOLOR           TCH FP         -649203365.6    6191078453
TECHNICOLOR           TMSUSD EO      -649203365.6    6191078453
TECHNICOLOR           TNM GR         -649203365.6    6191078453
TECHNICOLOR           TMS NQ         -649203365.6    6191078453
TECHNICOLOR           TMS BQ         -649203365.6    6191078453
TECHNICOLOR           TMSGBP EO      -649203365.6    6191078453
TECHNICOLOR           TMSGBX EO      -649203365.6    6191078453
TECHNICOLOR           TMS EO         -649203365.6    6191078453
TECHNICOLOR           TMS EB         -649203365.6    6191078453
TECHNICOLOR           TMSGBX EU      -649203365.6    6191078453
TECHNICOLOR           TMSUSD EU      -649203365.6    6191078453
TECHNICOLOR           TMS GK         -649203365.6    6191078453
TECHNICOLOR           TCH TQ         -649203365.6    6191078453
TECHNICOLOR           TMS PZ         -649203365.6    6191078453
TECHNICOLOR           TMMLF US       -649203365.6    6191078453
TECHNICOLOR           TCH QM         -649203365.6    6191078453
TECHNICOLOR           TMS EU         -649203365.6    6191078453
TECHNICOLOR-ADR       TCH US         -649203365.6    6191078453
THOMSON - NEW         2336061Q FP    -649203365.6    6191078453
THOMSON - NEW         TMSNV FP       -649203365.6    6191078453
THOMSON (EX-TMM)      TMM LN         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS QM         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS TQ         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS US         -649203365.6    6191078453
THOMSON (EX-TMM)      TMMN FP        -649203365.6    6191078453
THOMSON (EX-TMM)      TMS VX         -649203365.6    6191078453
THOMSON (EX-TMM)      TMM VX         -649203365.6    6191078453
THOMSON (EX-TMM)      TMS FP         -649203365.6    6191078453
THOMSON (EX-TMM)      TNMA GR        -649203365.6    6191078453
THOMSON (EX-TMM)      TMM ES         -649203365.6    6191078453
THOMSON MULT-ADR      TMS-P US       -649203365.6    6191078453
THOMSON MULTIMED      TMM FP         -649203365.6    6191078453
THOMSON MULTI-NE      ZTM FP         -649203365.6    6191078453
TROUVAY CAUVIN        TVYCF US       -396977.9956   133986439.7
TROUVAY CAUVIN        ETEC FP        -396977.9956   133986439.7

GERMANY
-------
AGOR AG               DOOD PZ        -482446.6262   144432986.2
AGOR AG               NDAGF US       -482446.6262   144432986.2
AGOR AG               DOO EU         -482446.6262   144432986.2
AGOR AG               DOO EO         -482446.6262   144432986.2
AGOR AG               DOO GR         -482446.6262   144432986.2
AGOR AG               DOOG IX        -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR    -482446.6262   144432986.2
ALNO AG               ANO PZ         -68516656.94   290459933.8
ALNO AG               ANO GR         -68516656.94   290459933.8
ALNO AG               ALNO IX        -68516656.94   290459933.8
ALNO AG               ANO EU         -68516656.94   290459933.8
ALNO AG               ANO EO         -68516656.94   290459933.8
ALNO AG-NEW           ANO1 GR        -68516656.94   290459933.8
ALNO AG-RTS           2259765Z GR    -68516656.94   290459933.8
BROKAT AG             BROFQ US       -27139391.98   143536859.7
BROKAT AG             BKISF US       -27139391.98   143536859.7
BROKAT AG             BRKAF US       -27139391.98   143536859.7
BROKAT AG             BROAF US       -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 GR        -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 NM        -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 GR         -27139391.98   143536859.7
BROKAT TECH AG        BSA LN         -27139391.98   143536859.7
BROKAT TECH AG        BRJ NM         -27139391.98   143536859.7
BROKAT TECH-ADR       BRJA GR        -27139391.98   143536859.7
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        COBG IX        -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
CINEMAXX AG           MXC EU         -42008900.33   144431938.3
CINEMAXX AG           CNEMF US       -42008900.33   144431938.3
CINEMAXX AG           MXC EO         -42008900.33   144431938.3
CINEMAXX AG           MXC PZ         -42008900.33   144431938.3
CINEMAXX AG           MXCUSD EU      -42008900.33   144431938.3
CINEMAXX AG           MXCUSD EO      -42008900.33   144431938.3
CINEMAXX AG           MXCG IX        -42008900.33   144431938.3
CINEMAXX AG           MXC GR         -42008900.33   144431938.3
CINEMAXX AG-RTS       MXC8 GR        -42008900.33   144431938.3
DORT ACTIEN-BRAU      944167Q GR     -12689156.29   117537053.7
DORT ACTIEN-RTS       DAB8 GR        -12689156.29   117537053.7
EDOB ABWICKLUNGS      ESC GR         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TQ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC BQ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EO         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC PZ         -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESCDF US       -22323463.23   425598807.8
EM.TV & MERCHAND      ETV LN         -22067409.41   849175624.7
EM.TV & MERCHAND      ETV NM         -22067409.41   849175624.7
EM.TV & MERCHAND      985403Q GR     -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US       -22067409.41   849175624.7
EM.TV & MERCHAND      ETV VX         -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US       -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR        -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM        -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 NM        -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 GR        -22067409.41   849175624.7
ESCADA AG             ESCG IX        -22323463.23   425598807.8
ESCADA AG -PFD        ESC3 GR        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN GR        -22323463.23   425598807.8
ESCADA AG-NEW         835345Q 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         ESCD GR        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO        -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU        -22323463.23   425598807.8
ESCADA AG-RTS         ESCE GR        -22323463.23   425598807.8
ESCADA AG-SP ADR      ESCDY US       -22323463.23   425598807.8
KABEL DEUTSCHLAN      KD8 GR          -1408286725    3144138917
KAUFRING AG           KFR EO         -19296489.56   150995473.8
KAUFRING AG           KAUG IX        -19296489.56   150995473.8
KAUFRING AG           KFR PZ         -19296489.56   150995473.8
KAUFRING AG           KFR EU         -19296489.56   150995473.8
KAUFRING AG           KFR GR         -19296489.56   150995473.8
MANIA TECHNOLOGI      MNI1 EO         -35060806.5   107465713.6
MANIA TECHNOLOGI      2260970Z GR     -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      MIAVF US        -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX         -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM          -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EO         -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK EU         -17804909.71   189933668.6
MATERNUS-KLINIKE      MNUKF US       -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK GR         -17804909.71   189933668.6
MATERNUS-KLINIKE      MAKG IX        -17804909.71   189933668.6
MATERNUS-KLINIKE      MAK PZ         -17804909.71   189933668.6
NORDAG AG             DOO1 GR        -482446.6262   144432986.2
NORDAG AG-PFD         DOO3 GR        -482446.6262   144432986.2
NORDAG AG-RTS         DOO8 GR        -482446.6262   144432986.2
NORDSEE AG            533061Q GR     -8200552.046   194616922.6
PRIMACOM AG           PRC EO         -18656728.68   610380925.7
PRIMACOM AG           PRCG IX        -18656728.68   610380925.7
PRIMACOM AG           PRC EU         -18656728.68   610380925.7
PRIMACOM AG           PRC NM         -18656728.68   610380925.7
PRIMACOM AG           PRCG PZ        -18656728.68   610380925.7
PRIMACOM AG           PRC2 GR        -18656728.68   610380925.7
PRIMACOM AG           PCAGF US       -18656728.68   610380925.7
PRIMACOM AG           PRC GR         -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       ROSG PZ        -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EU        -1744121.914   217776125.8
RAG ABWICKL-REG       ROS GR         -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EO        -1744121.914   217776125.8
RAG ABWICKL-REG       RSTHF US       -1744121.914   217776125.8
RINOL AG              RILB EO             -2.7111   168095049.1
RINOL AG              RILB GR             -2.7111   168095049.1
RINOL AG              RILB EU             -2.7111   168095049.1
RINOL AG              RNLAF US            -2.7111   168095049.1
RINOL AG              RILB PZ             -2.7111   168095049.1
RINOL AG              RILB IX             -2.7111   168095049.1
RINOL AG              RIL GR              -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       JLSDF US       -6153256.917   127548039.7
SANDER (JIL) AG       SAD GR         -6153256.917   127548039.7
SANDER (JIL)-PRF      SAD3 GR        -6153256.917   127548039.7
SANDER (JIL)-PRF      SAD3 PZ        -6153256.917   127548039.7
SANDER (JIL)-PRF      2916161Q EO    -6153256.917   127548039.7
SANDER (JIL)-PRF      2916157Q EU    -6153256.917   127548039.7
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
TA TRIUMPH-ACQ        TWNA GR        -124667889.5   375247226.8
TA TRIUMPH-ACQ        TWNA EU        -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN EU         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWNG IX        -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN PZ         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN EO         -124667889.5   375247226.8
TA TRIUMPH-ADLER      TTZAF US       -124667889.5   375247226.8
TA TRIUMPH-ADLER      TWN GR         -124667889.5   375247226.8
TA TRIUMPH-A-RTS      1018916Z GR    -124667889.5   375247226.8
TA TRIUMPH-NEW        TWN1 GR        -124667889.5   375247226.8
TA TRIUMPH-RT         TWN8 GR        -124667889.5   375247226.8
TA TRIUMPH-RTS        3158577Q GR    -124667889.5   375247226.8
VIVANCO GRUPPE        VVA1 EO        -22198683.12   111990951.4
VIVANCO GRUPPE        VVAG IX        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 PZ        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 EU        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA1 GR        -22198683.12   111990951.4
VIVANCO GRUPPE        VVA GR         -22198683.12   111990951.4
VIVANCO GRUPPE        VIVGF US       -22198683.12   111990951.4

GEORGIA
-------
DEVELICA DEUTSCH      DDE IX         -107879893.8    1235370057
DEVELICA DEUTSCH      DDE LN         -107879893.8    1235370057
DEVELICA DEUTSCH      DDE PZ         -107879893.8    1235370057
DEVELICA DEUTSCH      D4B GR         -107879893.8    1235370057
DEVELICA DEUTSCH      DDE PG         -107879893.8    1235370057
O TWELVE ESTATES      O2T GR         -7152968.898   297722697.4
O TWELVE ESTATES      OTE LN         -7152968.898   297722697.4
O TWELVE ESTATES      OTE IX         -7152968.898   297722697.4
O TWELVE ESTATES      OTE EU         -7152968.898   297722697.4
O TWELVE ESTATES      OTE PZ         -7152968.898   297722697.4
O TWELVE ESTATES      OTE PG         -7152968.898   297722697.4
O TWELVE ESTATES      OTE EO         -7152968.898   297722697.4
O TWELVE ESTATES      OTEEUR EO      -7152968.898   297722697.4

GREECE
------
AG PETZETAKIS SA      PZETF US       -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK GA       -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK EU       -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK PZ       -49833882.19   235624993.7
AG PETZETAKIS SA      PTZ1 GR        -49833882.19   235624993.7
AG PETZETAKIS SA      PETZK EO       -49833882.19   235624993.7
AG PETZETAKIS SA      PTZ GR         -49833882.19   235624993.7
ALMA-ATERM-AUCT       ATERME GA      -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM EU       -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM EO       -5087117.061   107164792.1
ALMA-ATERMON SA       ATERM PZ       -5087117.061   107164792.1
ALTEC SA -AUCT        ALTECE GA        -118834340   160209968.7
ALTEC SA INFO         ALTEC GA         -118834340   160209968.7
ALTEC SA INFO         ALTEC PZ         -118834340   160209968.7
ALTEC SA INFO         ALTEC EU         -118834340   160209968.7
ALTEC SA INFO         ATCQF US         -118834340   160209968.7
ALTEC SA INFO         AXY GR           -118834340   160209968.7
ALTEC SA INFO         ALTEC EO         -118834340   160209968.7
ALTEC SA INFO-RT      ALTED GA         -118834340   160209968.7
ALTEC SA INFO-RT      ALTECR GA        -118834340   160209968.7
ASPIS PRONIA GE       AISQF US       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EO       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EU       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK PZ       -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK GA       -189908329.1   896537349.7
ASPIS PRONIA -PF      ASAPR GA       -189908329.1   896537349.7
ASPIS PRONIA-PF       ASASP GA       -189908329.1   896537349.7
ASPIS PRONIA-PF       APGV GR        -189908329.1   896537349.7
ASPIS PRONIA-RT       ASASKR GA      -189908329.1   896537349.7
ASPIS PRONOIA GE      APG GR         -189908329.1   896537349.7
ASPIS PRONOIA GE      APGG IX        -189908329.1   896537349.7
ASPIS PRON-PF RT      ASASPR GA      -189908329.1   896537349.7
ATERMON DYNAMIC       ATERM GA       -5087117.061   107164792.1
EMPEDOS SA            EMPED GA       -33637669.62   174742646.9
EMPEDOS SA-RTS        EMPEDR GA      -33637669.62   174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -38449174.63   221302771.2
KOUMBAS RTS           KOUMR GA       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM GA        -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUMF US       -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM EO        -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM PZ        -38449174.63   221302771.2
KOUMBAS SYNERGY       KOUM EU        -38449174.63   221302771.2
NAOUSSA SPIN -RT      NAOYD GA         -130380438   326934399.4
NAOUSSA SPIN-AUC      NAOYKE GA        -130380438   326934399.4
NAOUSSA SPINNING      NML GR           -130380438   326934399.4
NAOUSSA SPINNING      NML1 GR          -130380438   326934399.4
NAOUSSA SPIN-RTS      NAOYKR GA        -130380438   326934399.4
PETZET - PFD-RTS      PETZPD GA      -49833882.19   235624993.7
PETZETAKIS - RTS      PETZKD GA      -49833882.19   235624993.7
PETZETAKIS-AUC        PETZKE GA      -49833882.19   235624993.7
PETZETAKIS-PFD        PETZP GA       -49833882.19   235624993.7
PETZETAKIS-PFD        PTZ3 GR        -49833882.19   235624993.7
RADIO KORASSIDIS      KORA GA        -100972173.9   244951680.3
RADIO KORASSIDIS      RAKOF US       -100972173.9   244951680.3
RADIO KORASSIDIS      RKC GR         -100972173.9   244951680.3
RADIO KORASSI-RT      KORAD GA       -100972173.9   244951680.3
RADIO KORASS-RTS      KORAR GA       -100972173.9   244951680.3
THEMELIODOMI          THEME GA       -55751178.85   232036822.6
THEMELIODOMI-AUC      THEMEE GA      -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMED GA      -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMER GA      -55751178.85   232036822.6
UNITED TEXTILES       UTEX EU          -130380438   326934399.4
UNITED TEXTILES       NAOSF US         -130380438   326934399.4
UNITED TEXTILES       UTEX GA          -130380438   326934399.4
UNITED TEXTILES       UTEX PZ          -130380438   326934399.4
UNITED TEXTILES       UTEX EO          -130380438   326934399.4
UNITED TEXTILES       NAOYK GA         -130380438   326934399.4

HUNGARY
-------
HUNGARIAN TELEPH      HUC GR            -75973000     835658048
HUNGARIAN TELEPH      HUC EX            -75973000     835658048
HUNGARIAN TELEPH      HUGC IX           -75973000     835658048
INVITEL HOLD-ADR      IHO US            -75973000     835658048
INVITEL HOLD-ADR      INVHY US          -75973000     835658048
INVITEL HOLD-ADR      0IN GR            -75973000     835658048
INVITEL HOLDINGS      3212873Z HB       -75973000     835658048

ICELAND
-------
AVION GROUP           B1Q GR           -223771648    2277793536
EIMSKIPAFELAG HF      HFEIMEUR EU      -223771648    2277793536
EIMSKIPAFELAG HF      HFEIM EO         -223771648    2277793536
EIMSKIPAFELAG HF      AVION IR         -223771648    2277793536
EIMSKIPAFELAG HF      HFEIM PZ         -223771648    2277793536
EIMSKIPAFELAG HF      HFEIM IR         -223771648    2277793536
EIMSKIPAFELAG HF      HFEIM EU         -223771648    2277793536
EIMSKIPAFELAG HF      HFEIMEUR EO      -223771648    2277793536

IRELAND
-------
BOUNDARY CAPITAL      BCP1 PZ        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP1 PG        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCPI IX        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP ID         -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP1 EU        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP LN         -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP1 EO        -10192301.85   119787800.5
BOUNDARY CAPITAL      BCM GR         -10192301.85   119787800.5
BOUNDARY CAPITAL      BCP IX         -10192301.85   119787800.5
MCINERNEY HLDGS       MK9 GR         -132691148.8   374303706.5
MCINERNEY HLDGS       MK9 PO         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EO         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI IX         -132691148.8   374303706.5
MCINERNEY HLDGS       MK9C PZ        -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EU      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI LN         -132691148.8   374303706.5
MCINERNEY HLDGS       MNEYF US       -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EU         -132691148.8   374303706.5
MCINERNEY HLDGS       MCII IX        -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBP EO      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI ID         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI VX         -132691148.8   374303706.5
MCINERNEY HLDGS       MCI PO         -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EO      -132691148.8   374303706.5
MCINERNEY PROP-A      MYP ID         -132691148.8   374303706.5
MCINERNEY PROP-A      MCIYF US       -132691148.8   374303706.5
MCINERNEY PROP-A      MYP LN         -132691148.8   374303706.5
MCINERNEY -RT FP      MCIF LN        -132691148.8   374303706.5
MCINERNEY -RT FP      MCIF ID        -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN LN        -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN ID        -132691148.8   374303706.5
MCINERNEY-ADR         MNEYY US       -132691148.8   374303706.5
PAYZONE PLC           PAYZ PG        -138030903.2   510010035.3
PAYZONE PLC           PAYZ PZ        -138030903.2   510010035.3
PAYZONE PLC           PAYZ EO        -138030903.2   510010035.3
PAYZONE PLC           PAYZ EU        -138030903.2   510010035.3
PAYZONE PLC           4P6 GR         -138030903.2   510010035.3
PAYZONE PLC           PAYZ IX        -138030903.2   510010035.3
PAYZONE PLC           PAYZ LN        -138030903.2   510010035.3
WATERFORD - RTS       508519Q LN     -505729895.2     820803256
WATERFORD - RTS       WWWA GR        -505729895.2     820803256
WATERFORD - RTS       WWWB ID        -505729895.2     820803256
WATERFORD - RTS       508523Q LN     -505729895.2     820803256
WATERFORD - RTS       WWWA ID        -505729895.2     820803256
WATERFORD - RTS       WWWB GR        -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      WWWC ID        -505729895.2     820803256
WATERFORD WED-RT      586556Q LN     -505729895.2     820803256
WATERFORD WED-RT      WWWD ID        -505729895.2     820803256
WATERFORD WED-RT      WWWC GR        -505729895.2     820803256
WATERFORD WED-RT      WWWD GR        -505729895.2     820803256
WATERFORD WED-RT      586552Q LN     -505729895.2     820803256
WATERFORD WED-RT      WTFR LN        -505729895.2     820803256
WATERFORD WED-UT      WTFU VX        -505729895.2     820803256
WATERFORD WED-UT      WWW PO         -505729895.2     820803256
WATERFORD WED-UT      WTFU EO        -505729895.2     820803256
WATERFORD WED-UT      WTFU ID        -505729895.2     820803256
WATERFORD WED-UT      WTFU LN        -505729895.2     820803256
WATERFORD WED-UT      WWW GR         -505729895.2     820803256
WATERFORD WED-UT      WTFU IX        -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EU     -505729895.2     820803256
WATERFORD WED-UT      WTFU EU        -505729895.2     820803256
WATERFORD WED-UT      WWWD PZ        -505729895.2     820803256
WATERFORD WED-UT      WTFU PO        -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EO     -505729895.2     820803256
WATERFORD WE-RTS      WTFF ID        -505729895.2     820803256
WATERFORD WE-RTS      WTFF LN        -505729895.2     820803256
WATERFORD WE-RTS      WTFN ID        -505729895.2     820803256
WATERFORD WE-RTS      WTFN VX        -505729895.2     820803256
WATERFORD WE-RTS      WTFN LN        -505729895.2     820803256
WATERFORD-ADR UT      WATFZ US       -505729895.2     820803256
WATERFORD-ADR UT      WFWA GR        -505729895.2     820803256
WATERFORD-SUB         3001875Z ID    -505729895.2     820803256

ITALY
-----
AEDES AXA+W           AEAXAW IM      -24405906.61    1350851664
AEDES SPA             LLB GR         -24405906.61    1350851664
AEDES SPA             AE TQ          -24405906.61    1350851664
AEDES SPA             AE EU          -24405906.61    1350851664
AEDES SPA             AE EO          -24405906.61    1350851664
AEDES SPA             AEDI IX        -24405906.61    1350851664
AEDES SPA             AE IM          -24405906.61    1350851664
AEDES SPA             AEDSF US       -24405906.61    1350851664
AEDES SPA             AE PZ          -24405906.61    1350851664
AEDES SPA RNC         AEDE IM        -24405906.61    1350851664
AEDES SPA-OPA         AEDROP IM      -24405906.61    1350851664
AEDES SPA-OPA         AEOPA IM       -24405906.61    1350851664
AEDES SPA-RTS         AESA IM        -24405906.61    1350851664
AEDES SPA-RTS         AEAA IM        -24405906.61    1350851664
AEDES SPA-SVGS R      AEDRAA IM      -24405906.61    1350851664
BINDA SPA             BND IM         -11146475.29   128859802.9
BINDA SPA             BNDAF US       -11146475.29   128859802.9
BROGGI IZAR FABB      BIF IM         -178432.4639   134255668.5
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              GUCIF US       -154057608.3   800526929.5
COIN SPA              GC IX          -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
CORNELL BHN           CBX IM         -178432.4639   134255668.5
CORNELL BHN           INN IM         -178432.4639   134255668.5
CORNELL BHN           BY EO          -178432.4639   134255668.5
CORNELL BHN           INO1 IX        -178432.4639   134255668.5
CORNELL BHN           BY EU          -178432.4639   134255668.5
CREDITO FONDIARI      CRF IM         -200209050.3    4213063202
CREDITO FOND-RTS      CRFSA IM       -200209050.3    4213063202
ELIOS HOLDING         EH IM          -178432.4639   134255668.5
ELIOS HOLDING-NE      EH00 IM        -178432.4639   134255668.5
ELIOS HOLDING-RT      EHAA IM        -178432.4639   134255668.5
ELIOS SPA             EHM IM         -178432.4639   134255668.5
I VIAGGI DEL VEN      IVGIF US       -194331003.9     255327730
I VIAGGI DEL VEN      VVE IX         -194331003.9     255327730
I VIAGGI DEL VEN      VVE IM         -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO         -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ         -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ         -194331003.9     255327730
I VIAGGI DEL VEN      IV7 GR         -194331003.9     255327730
I VIAGGI DEL VEN      VVE EU         -194331003.9     255327730
I VIAGGI-RTS          VVEAA IM       -194331003.9     255327730
INNOTECH SPA          ELIOF US       -178432.4639   134255668.5
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
OMNIA NETWORK SP      ONTI IX         -47468652.4   322390901.7
OMNIA NETWORK SP      ONT EU          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT PZ          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT TQ          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT IM          -47468652.4   322390901.7
OMNIA NETWORK SP      ONT EO          -47468652.4   322390901.7
PARMALAT FINANZI      PAF GR         -18419390029    4120687886
PARMALAT FINANZI      PMT LI         -18419390029    4120687886
PARMALAT FINANZI      FICN AV        -18419390029    4120687886
PARMALAT FINANZI      PARAF US       -18419390029    4120687886
PARMALAT FINANZI      PRFI VX        -18419390029    4120687886
PARMALAT FINANZI      PMLFF US       -18419390029    4120687886
PARMALAT FINANZI      PRF IM         -18419390029    4120687886
PARMALAT FINA-RT      PRFR AV        -18419390029    4120687886
RISANAMEN-RNC OP      RNROPA IM      -165887753.7    4800733024
RISANAMENTO NAPO      RN5 GR         -165887753.7    4800733024
RISANAMENTO -OPA      RNOPA IM       -165887753.7    4800733024
RISANAMENTO -RNC      RNR IM         -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EO       -165887753.7    4800733024
RISANAMENTO SPA       RSMNF US       -165887753.7    4800733024
RISANAMENTO SPA       RN PZ          -165887753.7    4800733024
RISANAMENTO SPA       RN EU          -165887753.7    4800733024
RISANAMENTO SPA       RN TQ          -165887753.7    4800733024
RISANAMENTO SPA       RN IX          -165887753.7    4800733024
RISANAMENTO SPA       RNGBP EO       -165887753.7    4800733024
RISANAMENTO SPA       RN EO          -165887753.7    4800733024
RISANAMENTO SPA       RNGBX EU       -165887753.7    4800733024
RISANAMENTO SPA       RN IM          -165887753.7    4800733024
RISANAMENTO-RTS       RNAA IM        -165887753.7    4800733024
SNIA BPD              SN GR          -141933883.9   150445252.4
SNIA BPD-ADR          SBPDY US       -141933883.9   150445252.4
SNIA SPA              SSMLF US       -141933883.9   150445252.4
SNIA SPA              SN IM          -141933883.9   150445252.4
SNIA SPA              SN TQ          -141933883.9   150445252.4
SNIA SPA              SIAI IX        -141933883.9   150445252.4
SNIA SPA              SIAI PZ        -141933883.9   150445252.4
SNIA SPA              SBPDF US       -141933883.9   150445252.4
SNIA SPA              SNIXF US       -141933883.9   150445252.4
SNIA SPA              SN EO          -141933883.9   150445252.4
SNIA SPA              SNIB GR        -141933883.9   150445252.4
SNIA SPA              SN EU          -141933883.9   150445252.4
SNIA SPA              SNIA GR        -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          SNSO IM        -141933883.9   150445252.4
SNIA SPA-RTS          SNAA IM        -141933883.9   150445252.4
SOCOTHERM SPA         SCTM IX        -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ        -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US       -161739278.5   398222827.1
SOCOTHERM SPA         SCT EU         -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ         -161739278.5   398222827.1
SOCOTHERM SPA         SCT EO         -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM         -161739278.5   398222827.1
TAS TECNOLOGIA        TAS TQ         -405622.1721   172796509.7
TAS TECNOLOGIA        TAQ GR         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EO         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS IM         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS NM         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS EU         -405622.1721   172796509.7
TAS TECNOLOGIA        TAS PZ         -405622.1721   172796509.7
TECNODIFF ITALIA      TDI NM         -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US       -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR         -89894162.82   152045757.5
TECNODIFF ITALIA      TDI IM         -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM      -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM      -89894162.82   152045757.5
TISCALI - RTS         TIQA GR        -421259823.5   632152613.6
TISCALI - RTS         TISAAW IM      -421259823.5   632152613.6
TISCALI SPA           TIS NA         -421259823.5   632152613.6
TISCALI SPA           TISN FP        -421259823.5   632152613.6
TISCALI SPA           TISGBX EU      -421259823.5   632152613.6
TISCALI SPA           TIS NR         -421259823.5   632152613.6
TISCALI SPA           TIS IM         -421259823.5   632152613.6
TISCALI SPA           TIS VX         -421259823.5   632152613.6
TISCALI SPA           TSCXF US       -421259823.5   632152613.6
TISCALI SPA           TISGBX EO      -421259823.5   632152613.6
TISCALI SPA           TIS EU         -421259823.5   632152613.6
TISCALI SPA           TIS EB         -421259823.5   632152613.6
TISCALI SPA           TISN IX        -421259823.5   632152613.6
TISCALI SPA           TISGBP EO      -421259823.5   632152613.6
TISCALI SPA           TIQG IX        -421259823.5   632152613.6
TISCALI SPA           TIS PZ         -421259823.5   632152613.6
TISCALI SPA           TIQ1 GR        -421259823.5   632152613.6
TISCALI SPA           TIS FP         -421259823.5   632152613.6
TISCALI SPA           TISN NA        -421259823.5   632152613.6
TISCALI SPA           TISN IM        -421259823.5   632152613.6
TISCALI SPA           TIQ GR         -421259823.5   632152613.6
TISCALI SPA           TISN VX        -421259823.5   632152613.6
TISCALI SPA           TIS NQ         -421259823.5   632152613.6
TISCALI SPA           TIS TQ         -421259823.5   632152613.6
TISCALI SPA           TIS IX         -421259823.5   632152613.6
TISCALI SPA           TIS EO         -421259823.5   632152613.6
TISCALI SPA- RTS      TISAXA IM      -421259823.5   632152613.6
TISCALI SPA- RTS      3391621Q GR    -421259823.5   632152613.6
YORKVILLE BHN         BY IM          -178432.4639   134255668.5
YORKVILLE BHN         CBXI PZ        -178432.4639   134255668.5
YORKVILLE BHN         BY TQ          -178432.4639   134255668.5
REAL ESTATE OP-O      REO ID         -145048365.8    2933767507
REAL ESTATE OP-O      REOGBP EO      -145048365.8    2933767507
REAL ESTATE OP-O      REO PZ         -145048365.8    2933767507
REAL ESTATE OP-O      REO EU         -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      REO LN         -145048365.8    2933767507
REAL ESTATE OP-O      REO IX         -145048365.8    2933767507
REAL ESTATE OP-O      REA GR         -145048365.8    2933767507

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 NM            -94729000     472360992
CARRIER1 INTL         CJNA GR           -94729000     472360992
CARRIER1 INTL         CJN GR            -94729000     472360992
CARRIER1 INTL SA      CONEF US          -94729000     472360992
CARRIER1 INTL SA      1253Z SW          -94729000     472360992

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA       -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EO        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN GR        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN PZ        -7854741.409   609871188.9
BAAN COMPANY NV       BAAVF US       -7854741.409   609871188.9
BAAN COMPANY NV       BNCG IX        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EU        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX        -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA        -7854741.409   609871188.9
BAAN COMPANY-NY       BAANF US       -7854741.409   609871188.9
JAMES HARDIE IND      HAH AU           -131100008    2130899840
JAMES HARDIE IND      726824Z NA       -131100008    2130899840
JAMES HARDIE IND      HAH NZ           -131100008    2130899840
JAMES HARDIE IND      600241Q GR       -131100008    2130899840
JAMES HARDIE NV       JHXCC AU         -131100008    2130899840
JAMES HARDIE-ADR      JHX US           -131100008    2130899840
JAMES HARDIE-ADR      JHINY US         -131100008    2130899840
JAMES HARDIE-CDI      JHA GR           -131100008    2130899840
JAMES HARDIE-CDI      JHX AU           -131100008    2130899840
JAMES HARDIE-CDI      JHIUF US         -131100008    2130899840
LIBERTY GL EU-A       UPC NA          -5505478850    5112616630
UNITED PAN -ADR       UPEA GR         -5505478850    5112616630
UNITED PAN-A ADR      UPCOY US        -5505478850    5112616630
UNITED PAN-EUR-A      UPC LI          -5505478850    5112616630
UNITED PAN-EUR-A      UPC LN          -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US        -5505478850    5112616630
UNITED PAN-EUROP      UPCEF US        -5505478850    5112616630
UNITED PAN-EUROP      UPE GR          -5505478850    5112616630
UNITED PAN-EUROP      UPC VX          -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR         -5505478850    5112616630

NORWAY
------
INTEROIL EXPLORA      IOXEUR EU          -9700000     249326000
INTEROIL EXPLORA      IOX IX             -9700000     249326000
INTEROIL EXPLORA      IOXUSD EO          -9700000     249326000
INTEROIL EXPLORA      IOX EU             -9700000     249326000
INTEROIL EXPLORA      IOX PZ             -9700000     249326000
INTEROIL EXPLORA      IROIF US           -9700000     249326000
INTEROIL EXPLORA      IOXEUR EO          -9700000     249326000
INTEROIL EXPLORA      INOX NO            -9700000     249326000
INTEROIL EXPLORA      IOX EO             -9700000     249326000
INTEROIL EXPLORA      IOX NO             -9700000     249326000
INTEROIL EXPLORA      IOXUSD EU          -9700000     249326000
INTEROIL EXPLORA      IOX BY             -9700000     249326000
PETRO GEO-SERV        PGS GR         -18066142.21   399710323.6
PETRO GEO-SERV        PGS VX         -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          JACKEUR EU        -54932000     191586000
PETROJACK AS          POJKF US          -54932000     191586000
PETROJACK AS          JACO IX           -54932000     191586000
PETROJACK AS          JACK EO           -54932000     191586000
PETROJACK AS          JACK EU           -54932000     191586000
PETROJACK AS          JACKEUR EO        -54932000     191586000
PETROJACK AS          JACK PZ           -54932000     191586000
PETROJACK AS          P3J GR            -54932000     191586000
PETROJACK AS          JACK BY           -54932000     191586000

POLAND
------
KROSNO                KRS1EUR EO     -2241614.766   111838141.2
KROSNO                KRS1EUR EU     -2241614.766   111838141.2
KROSNO                KROS IX        -2241614.766   111838141.2
KROSNO                KRS LI         -2241614.766   111838141.2
KROSNO                KRS PW         -2241614.766   111838141.2
KROSNO SA             KRNFF US       -2241614.766   111838141.2
KROSNO SA             KRS PZ         -2241614.766   111838141.2
KROSNO SA             KRS1 EU        -2241614.766   111838141.2
KROSNO SA             KROSNO PW      -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                 2916661Q EO    -288818.3897   147004954.2
TOORA                 TOR PW         -288818.3897   147004954.2
TOORA                 2916665Q EU    -288818.3897   147004954.2
TOORA                 TOR PZ         -288818.3897   147004954.2
TOORA-ALLOT CERT      TORA PW        -288818.3897   147004954.2

PORTUGAL
--------
CP - COMBOIOS DE      1005Z PL        -2809601115    1890209624
LISGRAFICA IMPRE      LIG PL         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG PZ         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG PL        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EU         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG EO        -11584933.86   107940470.6
LISGRAFICA IMPRE      LIG EO         -11584933.86   107940470.6
LISGRAFICA IMPRE      LIAG EU        -11584933.86   107940470.6
LISGRAFICA-RTS        LIGDS PL       -11584933.86   107940470.6
PORCELANA VISTA       PVAL PL        -75871846.95   148731546.6
REFER-REDE FERRO      1250Z PL        -1611845937    2225160725
SOCIEDADE DE TRA      1253Z PL       -382109074.2   119848180.8
SPORTING-SOC DES      SCP1 PZ        -22452984.49   177676573.7
SPORTING-SOC DES      SCP PL         -22452984.49   177676573.7
SPORTING-SOC DES      SCPX PX        -22452984.49   177676573.7
SPORTING-SOC DES      SCDF PL        -22452984.49   177676573.7
SPORTING-SOC DES      SCPL IX        -22452984.49   177676573.7
SPORTING-SOC DES      SCG GR         -22452984.49   177676573.7
SPORTING-SOC DES      SCDF EU        -22452984.49   177676573.7
SPORTING-SOC DES      SCDF EO        -22452984.49   177676573.7
VAA VISTA ALEGRE      VAF EU         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF EO         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PZ         -75871846.95   148731546.6
VAA VISTA ALEGRE      VAFX PX        -75871846.95   148731546.6
VAA VISTA ALEGRE      VAF PL         -75871846.95   148731546.6
VAA VISTA ALTAN       VAFKX PX       -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EO        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PZ        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK EU        -75871846.95   148731546.6
VAA VISTA ALTAN       VAFK PL        -75871846.95   148731546.6

ROMANIA
-------
OLTCHIM RM VALCE      OLT RO         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EU         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EO         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EU      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTCF US       -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT PZ         -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EO      -89344235.29   511515508.8
RAFO SA               RAF RO         -457922636.3   356796459.3
UZINELE SODICE G      UZIM RO        -62313938.86   107275526.8

RUSSIA
------
AMUR SHIP-BRD         AMZS RU         -99051792.6    1089408985
AMUR SHIP-BRD         AMZS* RU        -99051792.6    1089408985
RBC INFO-ADR          RINFY US       -125838573.3   180731395.2
RBS INFORMATION       RBCI$ RU       -125838573.3   180731395.2
ROSBUSINESSC-CLS      RBCI* RU       -125838573.3   180731395.2
ROSBUSINESSC-CLS      RBCI RU        -125838573.3   180731395.2
ROSBUSINESSCON-3      RBCI3 RM       -125838573.3   180731395.2
ROSBUSINESSCONS       RBCI004D RM    -125838573.3   180731395.2
ROSBUSINESSCONSU      RBCI RM        -125838573.3   180731395.2
ROSBUSINESSC-T+0      RBCIG RU       -125838573.3   180731395.2

SERBIA
------
DUVANSKA              DIVR SG        -7729350.776   109207260.5
IMK 14 OKTOBAR A      IMKO SG        -5175836.416   110102264.2
PINKI AD              PNKI SG        -36537862.34     120707518
ZASTAVA AUTOMOBI      ZAKG SG        -396504649.1   174692011.1

SPAIN
-----
ACTUACIONES ACTI      AGR SM         -195705447.2   561851834.6
AGRUPACIO - RT        AGR/D SM       -195705447.2   561851834.6
AMCI HABITAT SA       AMC SM         -24580874.45   194758143.4
AMCI HABITAT SA       AMC3 EO        -24580874.45   194758143.4
AMCI HABITAT SA       AMC1 EU        -24580874.45   194758143.4
MARTINSA FADESA       MFAD PZ         -2021642096    8362308561
MARTINSA FADESA       MTF SM          -2021642096    8362308561
MARTINSA FADESA       4PU GR          -2021642096    8362308561
MARTINSA FADESA       MTF EU          -2021642096    8362308561
MARTINSA FADESA       MTF1 LI         -2021642096    8362308561
MARTINSA FADESA       MTF EO          -2021642096    8362308561
MARTINSA-FADESA       MTF NR          -2021642096    8362308561
NYESA VALORES CO      NYE EU          -68174952.1   813033334.5
NYESA VALORES CO      BES EO          -68174952.1   813033334.5
NYESA VALORES CO      NYE EO          -68174952.1   813033334.5
NYESA VALORES CO      BESS PZ         -68174952.1   813033334.5
NYESA VALORES CO      NYE SM          -68174952.1   813033334.5
NYESA VALORES CO      NYE TQ          -68174952.1   813033334.5
NYESA VALORES CO      BES EU          -68174952.1   813033334.5
NYESA VALORES CO      BES TQ          -68174952.1   813033334.5
NYESA VALORES CO      BES SM          -68174952.1   813033334.5

SWEDEN
------
ALLOKTON AB           ALOKB SS       -81031119.44   501246031.8

TURKEY
------
BESIKTAS FUTBOL       BJKAS TI       -10396040.97   175760356.3
BESIKTAS FUTBOL       BJKASM TI      -10396040.97   175760356.3
BESIKTAS FUTBOL       BKTFF US       -10396040.97   175760356.3
BESIKTAS FUTBOL       BWX GR         -10396040.97   175760356.3
BESIKTAS FUTBOL       BJKASY TI      -10396040.97   175760356.3
EGS EGE GIYIM VE      EGDIS TI       -7732138.551   147075066.7
EGS EGE GIYIM-RT      EGDISR TI      -7732138.551   147075066.7
IKTISAT FINAN-RT      IKTFNR TI      -46900661.12   108228233.6
IKTISAT FINANSAL      IKTFN TI       -46900661.12   108228233.6
MUDURNU TAVUKC-N      MDRNUN TI      -64930189.62   160408172.1
MUDURNU TAVUKCUL      MDRNU TI       -64930189.62   160408172.1
SIFAS                 SIFAS TI        -15439198.6     130608104
TUTUNBANK             TUT TI          -4024959602    2643810457
YASARBANK             YABNK TI        -4024959602    2643810457

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ        -16212049.02   277693905.5
BANK FORUM -GDR       BFJG IX        -5331676.798    2243068982
BANK FORUM -GDR       639540Z LX     -5331676.798    2243068982
BANK FORUM -GDR       FRMB038 RU     -5331676.798    2243068982
BANK FORUM -GDR       B5F GR         -5331676.798    2243068982
BANK FORUM JSC        FORM UZ        -5331676.798    2243068982
DNEPROPETROVSK        DMZP UZ        -15926384.43   424303604.8
DONETSKOBLENERGO      DOON UZ        -212690496.5   382989631.8
LUGANSKGAS            LYGZ UZ        -16910611.07   109918477.6
LUGANSKOBLENERGO      LOEN UZ        -27621096.54   197769532.3
NAFTOKHIMIK PRIC      NAFP UZ        -19746288.63   299014707.5
NAFTOKHIMIK-GDR       N3ZA GR        -19746288.63   299014707.5
ODESSA OIL REFIN      ONPZ UZ        -70727947.39   325964086.9

UNITED KINGDOM
--------------
4LESS GROUP           BYH PO         -3088436.068   106650689.4
4LESS GROUP           BHL PO         -3088436.068   106650689.4
4LESS GROUP           LI4 GR         -3088436.068   106650689.4
4LESS GROUP           FLG OF         -3088436.068   106650689.4
4LESS GROUP           FL/ PO         -3088436.068   106650689.4
4LESS GROUP           FL/ LN         -3088436.068   106650689.4
ADVANCE DISPLAY       ADTP PZ         -3015578835    2590007904
AEA TECHNOLO-FPR      AATF PZ        -215101594.9     121405070
AEA TECHNOLO-FPR      AATF LN        -215101594.9     121405070
AEA TECHNOLOGY        AAT IX         -215101594.9     121405070
AEA TECHNOLOGY        EAETF US       -215101594.9     121405070
AEA TECHNOLOGY        AAT LN         -215101594.9     121405070
AEA TECHNOLOGY        AEY GR         -215101594.9     121405070
AEA TECHNOLOGY        AAT VX         -215101594.9     121405070
AEA TECHNOLOGY        AAT EU         -215101594.9     121405070
AEA TECHNOLOGY        AAT PZ         -215101594.9     121405070
AEA TECHNOLOGY        AAT EO         -215101594.9     121405070
AEA TECHNOLOGY        AATGBP EO      -215101594.9     121405070
AEA TECHNOLOGY        AAT PO         -215101594.9     121405070
AEA TECHNOLO-NPR      AATN LN        -215101594.9     121405070
AEA TECHNOLO-NPR      AATN PZ        -215101594.9     121405070
AIRTOURS PLC          AIR VX         -379721841.6    1817512774
AIRTOURS PLC          ATORF US       -379721841.6    1817512774
AIRTOURS PLC          AIR LN         -379721841.6    1817512774
ALLDAYS PLC           317056Q LN       -120493900   252232072.9
ALLDAYS PLC           ALDYF US         -120493900   252232072.9
AMER BUS SYS          ARB LN           -497127008     121439000
AMEY PLC              AMEYF US       -48862569.33   931527720.5
AMEY PLC              AMY VX         -48862569.33   931527720.5
AMEY PLC              AMY LN         -48862569.33   931527720.5
AMEY PLC-ASSENT       AMYA LN        -48862569.33   931527720.5
AMEY PLC-NEW          AMYN LN        -48862569.33   931527720.5
ANKER PLC             DW14 GR        -21861359.81     115463159
ANKER PLC             ANK LN         -21861359.81     115463159
ANKER PLC             ANK PO         -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN        -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN        -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN        -21861359.81     115463159
ATKINS (WS) PLC       ATK EB           -207093345    1339139513
ATKINS (WS) PLC       ATKGBP EO        -207093345    1339139513
ATKINS (WS) PLC       ATK NR           -207093345    1339139513
ATKINS (WS) PLC       ATK VX           -207093345    1339139513
ATKINS (WS) PLC       ATK EU           -207093345    1339139513
ATKINS (WS) PLC       ATK BQ           -207093345    1339139513
ATKINS (WS) PLC       ATK TQ           -207093345    1339139513
ATKINS (WS) PLC       ATK NQ           -207093345    1339139513
ATKINS (WS) PLC       ATK EO           -207093345    1339139513
ATKINS (WS) PLC       WATKF US         -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EO        -207093345    1339139513
ATKINS (WS) PLC       6W2 GR           -207093345    1339139513
ATKINS (WS) PLC       ATK QM           -207093345    1339139513
ATKINS (WS) PLC       ATK PO           -207093345    1339139513
ATKINS (WS) PLC       ATK PZ           -207093345    1339139513
ATKINS (WS) PLC       ATKEUR EU        -207093345    1339139513
ATKINS (WS) PLC       ATK LN           -207093345    1339139513
ATKINS (WS) PLC       ATK IX           -207093345    1339139513
BAYDONHILL PLC        BYH LN         -3088436.068   106650689.4
BAYDONHILL PLC        BHL PZ         -3088436.068   106650689.4
BAYDONHILL PLC        BHL LN         -3088436.068   106650689.4
BAYDONHILL PLC        BHL PG         -3088436.068   106650689.4
BAYDONHILL PLC        BHL EU         -3088436.068   106650689.4
BAYDONHILL PLC        BHL EO         -3088436.068   106650689.4
BAYDONHILL PLC        BHL IX         -3088436.068   106650689.4
BLACK & EDGINGTO      BLE LN         -128538078.1     135158758
BNB RECRUITMENT       BNB LN         -10242627.53     103637705
BNB RECRUITMENT       BNB IX         -10242627.53     103637705
BNB RECRUITMENT       BNB PO         -10242627.53     103637705
BNB RECRUITMENT       BQX GR         -10242627.53     103637705
BNB RECRUITMENT       BNBRF US       -10242627.53     103637705
BOOKER PLC            987188Q LN      -59832880.4    1298182549
BOOKER PLC            1330Q GR        -59832880.4    1298182549
BOOKER PLC            BKERF US        -59832880.4    1298182549
BOOKER PLC-ADR        BOK$ LN         -59832880.4    1298182549
BOOKER PLC-ADR        BKRUY US        -59832880.4    1298182549
BRADSTOCK GROUP       BDK LN         -1855444.443   268563822.5
BRADSTOCK GROUP       BSKGF US       -1855444.443   268563822.5
BRIT ENERGY LTD       523362Q LN      -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR         -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US        -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US        -5822867501    4921095750
BRIT ENERGY PLC       555140Q VX      -5822867501    4921095750
BRIT ENERGY-A         BENA GR         -5822867501    4921095750
BRIT ENERGY-ADR       BHEFF US        -5822867501    4921095750
BRIT NUCLEAR          1046Z LN        -4247644150   40325778907
BRIT TELECOM          9484 JP         -5803590908   44998015107
BRIT TELECOM          BTE GR          -5803590908   44998015107
BRIT TELECOM PLC      BTPWF US        -5803590908   44998015107
BRIT TELECOM PLC      BTPLF US        -5803590908   44998015107
BRIT TELECOM PLC      BT/A VX         -5803590908   44998015107
BRIT TELECOM-ADR      1481Q CN        -5803590908   44998015107
BRIT TELECOM-ADR      BTEA GR         -5803590908   44998015107
BRIT TELECOM-RTS      BTY-R US        -5803590908   44998015107
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      BGYNYC AR       -5822867501    4921095750
BRITISH ENER-C/E      BGYC AR         -5822867501    4921095750
BRITISH ENER-CED      BGY AR          -5822867501    4921095750
BRITISH ENER-CED      BGYNY AR        -5822867501    4921095750
BRITISH ENERGY-A      3012442Q LN     -5822867501    4921095750
BRITISH ENERGY-A      BGYA VX         -5822867501    4921095750
BRITISH ENERGY-A      BHEAF US        -5822867501    4921095750
BRITISH ENERGY-A      BGYGF US        -5822867501    4921095750
BRITISH ENERGY-A      BGYA PO         -5822867501    4921095750
BRITISH TELE-FP       BT/F LN         -5803590908   44998015107
BRITISH TELE-NP       BTPXF US        -5803590908   44998015107
BRITISH TELE-NP       BT/N LN         -5803590908   44998015107
BRITVIC               B6S GR         -3988699.913    1361742201
BRITVIC PLC           BVICUSD EO     -3988699.913    1361742201
BRITVIC PLC           BVIC NR        -3988699.913    1361742201
BRITVIC PLC           BVIC PZ        -3988699.913    1361742201
BRITVIC PLC           BVICEUR EU     -3988699.913    1361742201
BRITVIC PLC           BVIC BQ        -3988699.913    1361742201
BRITVIC PLC           BVICUSD EU     -3988699.913    1361742201
BRITVIC PLC           BVIC TQ        -3988699.913    1361742201
BRITVIC PLC           BVIC QM        -3988699.913    1361742201
BRITVIC PLC           BVIC IX        -3988699.913    1361742201
BRITVIC PLC           BVIC EO        -3988699.913    1361742201
BRITVIC PLC           BVIC NQ        -3988699.913    1361742201
BRITVIC PLC           BVIC EU        -3988699.913    1361742201
BRITVIC PLC           BVIC EB        -3988699.913    1361742201
BRITVIC PLC           BVICGBP EO     -3988699.913    1361742201
BRITVIC PLC           BVIC VX        -3988699.913    1361742201
BRITVIC PLC           BTVCF US       -3988699.913    1361742201
BRITVIC PLC           BVIC LN        -3988699.913    1361742201
BRITVIC PLC           BVICEUR EO     -3988699.913    1361742201
BRITVIC PLC-ADR       BTVCY US       -3988699.913    1361742201
BT GROUP PLC          BT/AUSD EU      -5803590908   44998015107
BT GROUP PLC          BT/A PO         -5803590908   44998015107
BT GROUP PLC          BT/APEN EO      -5803590908   44998015107
BT GROUP PLC          BTEG IX         -5803590908   44998015107
BT GROUP PLC          BT/A LN         -5803590908   44998015107
BT GROUP PLC          BT/A TQ         -5803590908   44998015107
BT GROUP PLC          BT/AEUR EU      -5803590908   44998015107
BT GROUP PLC          BT/AUSD EO      -5803590908   44998015107
BT GROUP PLC          BT/AGBP EO      -5803590908   44998015107
BT GROUP PLC          BTQ GR          -5803590908   44998015107
BT GROUP PLC          BT/A NR         -5803590908   44998015107
BT GROUP PLC          BT/A BQ         -5803590908   44998015107
BT GROUP PLC          BT/AEUR EO      -5803590908   44998015107
BT GROUP PLC          BT/A NQ         -5803590908   44998015107
BT GROUP PLC          BT/A EO         -5803590908   44998015107
BT GROUP PLC          BT PZ           -5803590908   44998015107
BT GROUP PLC          BT/A EB         -5803590908   44998015107
BT GROUP PLC          BT/A EU         -5803590908   44998015107
BT GROUP PLC          BT IX           -5803590908   44998015107
BT GROUP PLC          BT/APEN EU      -5803590908   44998015107
BT GROUP PLC          BT/A QM         -5803590908   44998015107
BT GROUP PLC          BT/ VX          -5803590908   44998015107
BT GROUP PLC          BTGOF US        -5803590908   44998015107
BT GROUP PLC-ADR      BT/$ LN         -5803590908   44998015107
BT GROUP PLC-W/I      BTWI LN         -5803590908   44998015107
BT GROUP-ADR          BTQA GR         -5803590908   44998015107
BT GROUP-ADR WI       BTY-W US        -5803590908   44998015107
BT GROUP-CED $US      BTYD AR         -5803590908   44998015107
BT GROUP-CED $US      BTD AR          -5803590908   44998015107
BT GROUP-CED BLK      BTYB AR         -5803590908   44998015107
BT GROUP-CED BLK      BTB AR          -5803590908   44998015107
BT GROUP-CED C/E      BTYC AR         -5803590908   44998015107
BT GROUP-CED C/E      BTC AR          -5803590908   44998015107
BT GROUP-CEDEAR       BT AR           -5803590908   44998015107
BT GROUP-CEDEAR       BTY AR          -5803590908   44998015107
BT GROUP-SPON AD      BTY US          -5803590908   44998015107
BT GROUP-SPON AD      BT US           -5803590908   44998015107
BT GROUP-SPON AD      BT MM           -5803590908   44998015107
BT GROUP-SPON AD      BTYN MM         -5803590908   44998015107
CARLISLE GROUP        506819Q LN     -11904426.45     203548565
CHRYSALIS GROUP       HR4 GR         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS VX         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS LN         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EO         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSEUR EU      -7422046.098   110320050.3
CHRYSALIS GROUP       5CY GR         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSGBP EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS EU         -7422046.098   110320050.3
CHRYSALIS GROUP       CHS IX         -7422046.098   110320050.3
CHRYSALIS GROUP       CLYSF US       -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PO         -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EO      -7422046.098   110320050.3
CHRYSALIS GROUP       CYGUF US       -7422046.098   110320050.3
CHRYSALIS GROUP       CHSUSD EU      -7422046.098   110320050.3
CHRYSALIS GROUP       CHS PZ         -7422046.098   110320050.3
CLIPPER WINDPOWE      CWP EU           -337139008     354437024
CLIPPER WINDPOWE      CWP LN           -337139008     354437024
CLIPPER WINDPOWE      CWP IX           -337139008     354437024
CLIPPER WINDPOWE      CWP PG           -337139008     354437024
CLIPPER WINDPOWE      3470635Q LN      -337139008     354437024
CLIPPER WINDPOWE      CRPWF US         -337139008     354437024
CLIPPER WINDPOWE      CWP PZ           -337139008     354437024
CLIPPER WINDPOWE      CWP EO           -337139008     354437024
CLIPPER WINDPOWE      CWPA LN          -337139008     354437024
CLIPPER WINDPOWE      C2W GR           -337139008     354437024
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
COSTAIN GROUP         COST PO         -6136239.91   692749189.9
COSTAIN GROUP         COST VX         -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EO      -6136239.91   692749189.9
COSTAIN GROUP         COST IX         -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EO      -6136239.91   692749189.9
COSTAIN GROUP         CSGFF US        -6136239.91   692749189.9
COSTAIN GROUP         COSTGBP EO      -6136239.91   692749189.9
COSTAIN GROUP         COSTEUR EU      -6136239.91   692749189.9
COSTAIN GROUP         COST EO         -6136239.91   692749189.9
COSTAIN GROUP         COSTUSD EU      -6136239.91   692749189.9
COSTAIN GROUP         COST EU         -6136239.91   692749189.9
COSTAIN GROUP         COST PZ         -6136239.91   692749189.9
COSTAIN GROUP         COST LN         -6136239.91   692749189.9
COSTAIN GROU-RTS      COSN LN         -6136239.91   692749189.9
COSTAIN GROU-RTS      COSF LN         -6136239.91   692749189.9
CPP GROUP PLC         CPP PZ         -69442858.18   225437367.4
CPP GROUP PLC         4CV GR         -69442858.18   225437367.4
CPP GROUP PLC         CPP LN         -69442858.18   225437367.4
DAILY MAIL TST        DGW GR         -139060248.4    3723159411
DAILY MAIL TST        DMGO PO        -139060248.4    3723159411
DAILY MAIL TST        DMTOF US       -139060248.4    3723159411
DAILY MAIL TST        DMGO EU        -139060248.4    3723159411
DAILY MAIL TST        DMGO IX        -139060248.4    3723159411
DAILY MAIL TST        DMGO VX        -139060248.4    3723159411
DAILY MAIL TST        DMGO EO        -139060248.4    3723159411
DAILY MAIL TST        DMGO PZ        -139060248.4    3723159411
DAILY MAIL TST        DMGOGBP EO     -139060248.4    3723159411
DAILY MAIL TST        DMGO LN        -139060248.4    3723159411
DAILY MAIL TST A      DMGT NR        -139060248.4    3723159411
DAILY MAIL TST A      DMGTGBP EO     -139060248.4    3723159411
DAILY MAIL TST A      DMGT EU        -139060248.4    3723159411
DAILY MAIL TST A      DMGT VX        -139060248.4    3723159411
DAILY MAIL TST A      DMGT PO        -139060248.4    3723159411
DAILY MAIL TST A      DMGT EB        -139060248.4    3723159411
DAILY MAIL TST A      DMGT QM        -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD EU     -139060248.4    3723159411
DAILY MAIL TST A      DMGT PZ        -139060248.4    3723159411
DAILY MAIL TST A      DMGT LN        -139060248.4    3723159411
DAILY MAIL TST A      DMGT NQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGT IX        -139060248.4    3723159411
DAILY MAIL TST A      DMGT TQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGT EO        -139060248.4    3723159411
DAILY MAIL TST A      DMGT BQ        -139060248.4    3723159411
DAILY MAIL TST A      DMGTEUR EO     -139060248.4    3723159411
DAILY MAIL TST A      DMTGF US       -139060248.4    3723159411
DAILY MAIL TST A      DMGTUSD EO     -139060248.4    3723159411
DAILY MAIL TST A      DMGTEUR EU     -139060248.4    3723159411
DAILY MAIL TST A      DGW1 GR        -139060248.4    3723159411
DANKA BUS SYSTEM      3205283Q EO      -497127008     121439000
DANKA BUS SYSTEM      DNK LN           -497127008     121439000
DANKA BUS SYSTEM      DNK IX           -497127008     121439000
DANKA BUS SYSTEM      DNK PO           -497127008     121439000
DANKA BUS SYSTEM      DNK PZ           -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU      -497127008     121439000
DANKA BUS SYSTEM      DANKF US         -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO      -497127008     121439000
DANKA BUS SYSTEM      DNK VX           -497127008     121439000
DANKA BUS-$US CE      DANKD AR         -497127008     121439000
DANKA BUS-ADR         DB6 GR           -497127008     121439000
DANKA BUS-ADR         DANKY US         -497127008     121439000
DANKA BUS-ADR         AP39 LI          -497127008     121439000
DANKA BUS-ADR         DANKE US         -497127008     121439000
DANKA BUS-BLK CE      DANKB AR         -497127008     121439000
DANKA BUS-C/E CE      DANKC AR         -497127008     121439000
DANKA BUS-CEDEAR      DANK AR          -497127008     121439000
DE LA RUE PLC         DLAR PZ        -49140782.93   785933430.9
DE LA RUE PLC         DLAR BQ        -49140782.93   785933430.9
DE LA RUE PLC         DLAR EU        -49140782.93   785933430.9
DE LA RUE PLC         DLARCHF EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAR NR        -49140782.93   785933430.9
DE LA RUE PLC         DL1A GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1B GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1C GR        -49140782.93   785933430.9
DE LA RUE PLC         DL1 GR         -49140782.93   785933430.9
DE LA RUE PLC         DLAR PO        -49140782.93   785933430.9
DE LA RUE PLC         DLAR EO        -49140782.93   785933430.9
DE LA RUE PLC         DLAR QM        -49140782.93   785933430.9
DE LA RUE PLC         DLAR NQ        -49140782.93   785933430.9
DE LA RUE PLC         DLARF US       -49140782.93   785933430.9
DE LA RUE PLC         DLAR LN        -49140782.93   785933430.9
DE LA RUE PLC         DLAR VX        -49140782.93   785933430.9
DE LA RUE PLC         DELRF US       -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAR TQ        -49140782.93   785933430.9
DE LA RUE PLC         DLARCHF EU     -49140782.93   785933430.9
DE LA RUE PLC         DLAREUR EO     -49140782.93   785933430.9
DE LA RUE PLC         DLARGBP EO     -49140782.93   785933430.9
DE LA RUE PLC         DLAR EB        -49140782.93   785933430.9
DE LA RUE PLC         DLRUF US       -49140782.93   785933430.9
DE LA RUE PLC         DLAR IX        -49140782.93   785933430.9
DE LA RUE PLC         DLARUSD EO     -49140782.93   785933430.9
DE LA RUE-ADR         DLUEY US       -49140782.93   785933430.9
DE LA RUE-ADR         DERUY US       -49140782.93   785933430.9
DE LA RUE-PREF        DLAP PZ        -49140782.93   785933430.9
DE LA RUE-PREF        DLAP LN        -49140782.93   785933430.9
DE LA RUE-PREF        3115438Q EU    -49140782.93   785933430.9
EASYNET GROUP         EAY GR         -60380609.34   334049332.2
EASYNET GROUP         ESY PO         -60380609.34   334049332.2
EASYNET GROUP         EZNGF US       -60380609.34   334049332.2
EASYNET GROUP         ESY 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 VX          -2265916257    2950021937
EMI GROUP PLC         3020138Q GR     -2265916257    2950021937
EMI GROUP PLC         EMI PO          -2265916257    2950021937
EMI GROUP PLC         EMI IX          -2265916257    2950021937
EMI GROUP PLC         EMIPF US        -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN     -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN         -2265916257    2950021937
EMI GROUP-ADR         EMIPY US        -2265916257    2950021937
EMI GROUP-ADR         38IS LN         -2265916257    2950021937
EUROPEAN HOME         EHR LN         -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO      -14328735.16   110864081.4
EUROPEAN HOME         EHR EO         -14328735.16   110864081.4
EUROPEAN HOME         EHR EU         -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ         -14328735.16   110864081.4
EUROPEAN HOME         FPAKF US       -14328735.16   110864081.4
EUROPEAN HOME         EHR PO         -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU      -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX         -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO      -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO         -14328735.16   110864081.4
EUROPEAN HOME         EHR VX         -14328735.16   110864081.4
EUROPEAN MINERAL      EUM PO           -123563000     104843000
EUROPEAN MINERAL      EPM CN           -123563000     104843000
EUROPEAN MINERAL      EPM/U CN         -123563000     104843000
EUROPEAN MINERAL      EPMLF US         -123563000     104843000
EUROPEAN MINERAL      EUM LN           -123563000     104843000
FAREPAK PLC           FPK LN         -14328735.16   110864081.4
FARNELL ELEC-ADR      FRNZ LN        -13610199.87     727265033
FARNELL ELEC-ADR      FRN$ LN        -13610199.87     727265033
FARNELL ELEC-RFD      FRNR LN        -13610199.87     727265033
FARNELL ELECTRON      FRNL LN        -13610199.87     727265033
GALIFORM PLC          GFRM EO        -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EO     -117673114.1   573836054.4
GALIFORM PLC          GLFMF US       -117673114.1   573836054.4
GALIFORM PLC          GFRMEUR EU     -117673114.1   573836054.4
GALIFORM PLC          GFRM IX        -117673114.1   573836054.4
GALIFORM PLC          MFI PO         -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EO     -117673114.1   573836054.4
GALIFORM PLC          GFRM TQ        -117673114.1   573836054.4
GALIFORM PLC          GFRM LN        -117673114.1   573836054.4
GALIFORM PLC          GFRM EB        -117673114.1   573836054.4
GALIFORM PLC          GFRM NQ        -117673114.1   573836054.4
GALIFORM PLC          GFRM PO        -117673114.1   573836054.4
GALIFORM PLC          GFRM BQ        -117673114.1   573836054.4
GALIFORM PLC          MFI IX         -117673114.1   573836054.4
GALIFORM PLC          GFRM VX        -117673114.1   573836054.4
GALIFORM PLC          MFI VX         -117673114.1   573836054.4
GALIFORM PLC          MFIFF US       -117673114.1   573836054.4
GALIFORM PLC          GFRMNOK EU     -117673114.1   573836054.4
GALIFORM PLC          GFRM QM        -117673114.1   573836054.4
GALIFORM PLC          GFRM PZ        -117673114.1   573836054.4
GALIFORM PLC          GFRMGBP EO     -117673114.1   573836054.4
GALIFORM PLC          GFRM EU        -117673114.1   573836054.4
GALIFORM PLC          GFRM NR        -117673114.1   573836054.4
GARTLAND WHALLEY      GWB LN         -10986769.42   145352034.5
GO-AHEAD GRO-ADR      GHGUY US       -44415250.72    1780324810
GO-AHEAD GROUP        GOG IX         -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EU      -44415250.72    1780324810
GO-AHEAD GROUP        GOG PO         -44415250.72    1780324810
GO-AHEAD GROUP        GOG TQ         -44415250.72    1780324810
GO-AHEAD GROUP        GHGUF US       -44415250.72    1780324810
GO-AHEAD GROUP        GOG QM         -44415250.72    1780324810
GO-AHEAD GROUP        GOG NQ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG LN         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EU         -44415250.72    1780324810
GO-AHEAD GROUP        GOG NR         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EO         -44415250.72    1780324810
GO-AHEAD GROUP        GOG VX         -44415250.72    1780324810
GO-AHEAD GROUP        GOGGBP EO      -44415250.72    1780324810
GO-AHEAD GROUP        GOG PZ         -44415250.72    1780324810
GO-AHEAD GROUP        GOG EB         -44415250.72    1780324810
GO-AHEAD GROUP        GOGEUR EO      -44415250.72    1780324810
GO-AHEAD GROUP        G9X GR         -44415250.72    1780324810
GO-AHEAD GROUP        GOG BQ         -44415250.72    1780324810
GREEN (E) & PART      GEP LN         -35008863.49   305242409.9
HAWTIN PLC            HTI IX         -3873861.331   110875080.8
HAWTIN PLC            HTI LN         -3873861.331   110875080.8
HAWTIN PLC            HTI VX         -3873861.331   110875080.8
HAWTIN PLC            HTI EO         -3873861.331   110875080.8
HAWTIN PLC            HTI PG         -3873861.331   110875080.8
HAWTIN PLC            HWN GR         -3873861.331   110875080.8
HAWTIN PLC            HTI PO         -3873861.331   110875080.8
HAWTIN PLC            HTI EU         -3873861.331   110875080.8
HAWTIN PLC            HTI PZ         -3873861.331   110875080.8
HILTON G-CRT OLD      HIGT BB        -97533918.57    1748505414
HILTON GROUP PLC      HLTGF US       -97533918.57    1748505414
HILTON GROUP PLC      HG PO          -97533918.57    1748505414
HILTON GROUP PLC      HG/ LN         -97533918.57    1748505414
HILTON GROUP-ADR      HLTGY US       -97533918.57    1748505414
HILTON GROUP-CER      HG BB          -97533918.57    1748505414
HILTON GROUP-CRT      HIG BB         -97533918.57    1748505414
HOGG ROBINSON GR      HRG EO            -11371715   739481804.8
HOGG ROBINSON GR      HRG PZ            -11371715   739481804.8
HOGG ROBINSON GR      HRGGBP EO         -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EO         -11371715   739481804.8
HOGG ROBINSON GR      DQX GR            -11371715   739481804.8
HOGG ROBINSON GR      HRG IX            -11371715   739481804.8
HOGG ROBINSON GR      HRG EU            -11371715   739481804.8
HOGG ROBINSON GR      HRG LN            -11371715   739481804.8
HOGG ROBINSON GR      HRG VX            -11371715   739481804.8
HOGG ROBINSON GR      HOGGF US          -11371715   739481804.8
HOGG ROBINSON GR      HRGEUR EU         -11371715   739481804.8
JARVIS PLC            JRVS IX        -64739862.73     130951086
JARVIS PLC            JRVS EU        -64739862.73     130951086
JARVIS PLC            JRVS PO        -64739862.73     130951086
JARVIS PLC            JRVSGBP EO     -64739862.73     130951086
JARVIS PLC            JRVS EO        -64739862.73     130951086
JARVIS PLC            JRVS VX        -64739862.73     130951086
JARVIS PLC            JRVSEUR EO     -64739862.73     130951086
JARVIS PLC            JVR GR         -64739862.73     130951086
JARVIS PLC            JVSPF US       -64739862.73     130951086
JARVIS PLC            JRVS PZ        -64739862.73     130951086
JARVIS PLC            JRVS LN        -64739862.73     130951086
JARVIS PLC            JRVSEUR EU     -64739862.73     130951086
JESSOPS PLC           JSPEUR EO       -42702021.2   112964060.4
JESSOPS PLC           JS4 GR          -42702021.2   112964060.4
JESSOPS PLC           JSP VX          -42702021.2   112964060.4
JESSOPS PLC           JSP LN          -42702021.2   112964060.4
JESSOPS PLC           JSP EO          -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO       -42702021.2   112964060.4
JESSOPS PLC           JSP PZ          -42702021.2   112964060.4
JESSOPS PLC           JSP PO          -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU       -42702021.2   112964060.4
JESSOPS PLC           JSP IX          -42702021.2   112964060.4
JESSOPS PLC           JSP EU          -42702021.2   112964060.4
KAZAKHSTAN MNRLS      KMCOF US         -123563000     104843000
KAZAKHSTAN MNRLS      KMC/U CN         -123563000     104843000
KAZAKHSTAN MNRLS      KMCO CN          -123563000     104843000
KAZAKHSTAN MNRLS      KMCO/U CN        -123563000     104843000
KLEENEZE PLC          KLZ LN         -14328735.16   110864081.4
LADBROKE GROUP        LADB LN        -97533918.57    1748505414
LADBROKE GRP-IDR      695767Q BB     -97533918.57    1748505414
LADBROKE GRP-OLD      LADB BB        -97533918.57    1748505414
LADBROKES - FPR       LADF PZ        -97533918.57    1748505414
LADBROKES - FPR       LADF LN        -97533918.57    1748505414
LADBROKES PLC         LAD VX         -97533918.57    1748505414
LADBROKES PLC         LAD TQ         -97533918.57    1748505414
LADBROKES PLC         LAD EO         -97533918.57    1748505414
LADBROKES PLC         LADEUR EO      -97533918.57    1748505414
LADBROKES PLC         LAD PZ         -97533918.57    1748505414
LADBROKES PLC         LAD NR         -97533918.57    1748505414
LADBROKES PLC         LAD NQ         -97533918.57    1748505414
LADBROKES PLC         LAD IX         -97533918.57    1748505414
LADBROKES PLC         LADEUR EU      -97533918.57    1748505414
LADBROKES PLC         LDBKF US       -97533918.57    1748505414
LADBROKES PLC         LAD EB         -97533918.57    1748505414
LADBROKES PLC         HG/ VX         -97533918.57    1748505414
LADBROKES PLC         LAD GR         -97533918.57    1748505414
LADBROKES PLC         LADNZD EU      -97533918.57    1748505414
LADBROKES PLC         LAD PO         -97533918.57    1748505414
LADBROKES PLC         LAD LN         -97533918.57    1748505414
LADBROKES PLC         LAD QM         -97533918.57    1748505414
LADBROKES PLC         LAD BQ         -97533918.57    1748505414
LADBROKES PLC         LADNZD EO      -97533918.57    1748505414
LADBROKES PLC         LADGBP EO      -97533918.57    1748505414
LADBROKES PLC         LADUSD EO      -97533918.57    1748505414
LADBROKES PLC         LAD EU         -97533918.57    1748505414
LADBROKES PLC-AD      LDBKY US       -97533918.57    1748505414
LADBROKES PLC-AD      LDBKY LN       -97533918.57    1748505414
LADBROKES PLC-CE      LAD BB         -97533918.57    1748505414
LADBROKES PLC-NP      LADN PZ        -97533918.57    1748505414
LADBROKES PLC-NP      LADN LN        -97533918.57    1748505414
LAMBERT FENCHURC      LMF LN         -1453050.041    1826806853
LEEDS SPORTING        LEDPF US        -73166148.8   143762193.7
LEEDS SPORTING        LES LN          -73166148.8   143762193.7
LEEDS UNITED PLC      LDSUF US        -73166148.8   143762193.7
LEEDS UNITED PLC      889687Q GR      -73166148.8   143762193.7
LEEDS UNITED PLC      LUFC LN         -73166148.8   143762193.7
LONDON TOWN PLC       LTW PZ         -21897636.36   175672299.2
LONDON TOWN PLC       LTW IX         -21897636.36   175672299.2
LONDON TOWN PLC       LTW EO         -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG         -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       LTWX LN        -21897636.36   175672299.2
LONDON TOWN PLC       LTW LN         -21897636.36   175672299.2
LONDON TOWN PLC       LOU GR         -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN        -21897636.36   175672299.2
M 2003 PLC            MTWOF US        -2203513803    7204891602
M 2003 PLC            203055Q LN      -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US        -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US        -2203513803    7204891602
MARCONI PLC           203083Q VX      -2203513803    7204891602
MARCONI PLC           MONI BB         -2203513803    7204891602
MARCONI PLC           MNI LN          -2203513803    7204891602
MARCONI PLC           MY2 GR          -2203513803    7204891602
MARCONI PLC           MRCQF US        -2203513803    7204891602
MARCONI PLC           MNI BB          -2203513803    7204891602
MARCONI PLC-ADR       MONIE US        -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU       -2203513803    7204891602
MARCONI PLC-ADR       MONI US         -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR         -2203513803    7204891602
MARCONI PLC-ADR       MONIY US        -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR         -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US        -2203513803    7204891602
MARCONI PLC-ADR       MCONY US        -2203513803    7204891602
MFI FURNITURE GR      MFI LN         -117673114.1   573836054.4
MYTRAVEL GROUP        MYTPF US       -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO        -379721841.6    1817512774
MYTRAVEL GROUP        MT/S VX        -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR        -379721841.6    1817512774
MYTRAVEL GROUP        3544280Q IX    -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        3226439Q EU      -397718038   292972732.1
NEW STAR ASSET        3226443Q EO      -397718038   292972732.1
NEW STAR ASSET        NSAA LN          -397718038   292972732.1
NEW STAR ASSET        NSAM PO          -397718038   292972732.1
NEW STAR ASSET        NSAM LN          -397718038   292972732.1
NEW STAR ASSET        N6S GR           -397718038   292972732.1
NEW STAR ASSET        3226447Q EO      -397718038   292972732.1
NEW STAR ASSET        3226435Q EO      -397718038   292972732.1
NEW STAR ASSET        NSAM TQ          -397718038   292972732.1
NEW STAR ASSET        NSAM PZ          -397718038   292972732.1
NEW STAR ASSET        NWSAF US         -397718038   292972732.1
NEW STAR ASSET        3226431Q EU      -397718038   292972732.1
NEW STAR ASSET        NSAM IX          -397718038   292972732.1
ORANGE PLC            951641Q LN       -593935051    2902299502
ORANGE PLC            1460Q GR         -593935051    2902299502
ORANGE PLC            ORNGF US         -593935051    2902299502
ORANGE PLC-ADR        ORNGY US         -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN          -593935051    2902299502
ORANGE PLC-ADR        ONG GR           -593935051    2902299502
ORBIS PLC             OBS PZ         -4168498.479   127701679.5
ORBIS PLC             RLP GR         -4168498.479   127701679.5
ORBIS PLC             OBS PO         -4168498.479   127701679.5
ORBIS PLC             OBS LN         -4168498.479   127701679.5
ORBIS PLC             ORBSF US       -4168498.479   127701679.5
ORBIS PLC             OBG PO         -4168498.479   127701679.5
ORBIS PLC             OBS IX         -4168498.479   127701679.5
ORSU METALS CORP      E4M1 GR          -123563000     104843000
ORSU METALS CORP      OSU PZ           -123563000     104843000
ORSU METALS CORP      OSU CN           -123563000     104843000
ORSU METALS CORP      E4M GR           -123563000     104843000
ORSU METALS CORP      ORSUF US         -123563000     104843000
ORSU METALS CORP      ORSM007* RU      -123563000     104843000
ORSU METALS CORP      OSUMF US         -123563000     104843000
ORSU METALS CORP      OSU LN           -123563000     104843000
ORSU METALS CORP      OSUGBX EO        -123563000     104843000
ORSU METALS CORP      EPMCF US         -123563000     104843000
ORSU METALS CORP      OSU PG           -123563000     104843000
ORSU METALS CORP      EUM IX           -123563000     104843000
ORSU METALS CORP      ORSM007 RU       -123563000     104843000
PARK FOOD GROUP       PKFD LN        -52867263.19   185089877.3
PARK GROUP PLC        PKG PO         -52867263.19   185089877.3
PARK GROUP PLC        PKG EU         -52867263.19   185089877.3
PARK GROUP PLC        PKG LN         -52867263.19   185089877.3
PARK GROUP PLC        PRKGF US       -52867263.19   185089877.3
PARK GROUP PLC        PKG EO         -52867263.19   185089877.3
PARK GROUP PLC        PKGGBP EO      -52867263.19   185089877.3
PARK GROUP PLC        PKG PZ         -52867263.19   185089877.3
PARK GROUP PLC        PRKG IX        -52867263.19   185089877.3
PARK GROUP PLC        PKG VX         -52867263.19   185089877.3
PATIENTLINE PLC       PTL PZ         -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO    -54677284.64   124948245.8
PATIENTLINE PLC       PTL IX         -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU    -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO         -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX         -54677284.64   124948245.8
PATIENTLINE PLC       2928899Q EO    -54677284.64   124948245.8
PATIENTLINE PLC       PTL LN         -54677284.64   124948245.8
PREMIER FARN-ADR      PIFLY US       -13610199.87     727265033
PREMIER FARN-ADR      2246804Q US    -13610199.87     727265033
PREMIER FARN-ADR      PFLZ LN        -13610199.87     727265033
PREMIER FARNELL       PFL EO         -13610199.87     727265033
PREMIER FARNELL       PFLSEK EU      -13610199.87     727265033
PREMIER FARNELL       PFLEUR EU      -13610199.87     727265033
PREMIER FARNELL       PFL NQ         -13610199.87     727265033
PREMIER FARNELL       PFLEUR EO      -13610199.87     727265033
PREMIER FARNELL       PFL BQ         -13610199.87     727265033
PREMIER FARNELL       PFL TQ         -13610199.87     727265033
PREMIER FARNELL       PFL EB         -13610199.87     727265033
PREMIER FARNELL       PFLGBP EO      -13610199.87     727265033
PREMIER FARNELL       PFL LN         -13610199.87     727265033
PREMIER FARNELL       PML GR         -13610199.87     727265033
PREMIER FARNELL       PFLSEK EO      -13610199.87     727265033
PREMIER FARNELL       PIFLF US       -13610199.87     727265033
PREMIER FARNELL       PFLUSD EU      -13610199.87     727265033
PREMIER FARNELL       PFL NR         -13610199.87     727265033
PREMIER FARNELL       PFL PZ         -13610199.87     727265033
PREMIER FARNELL       PFLUSD EO      -13610199.87     727265033
PREMIER FARNELL       PFL PO         -13610199.87     727265033
PREMIER FARNELL       PFL IX         -13610199.87     727265033
PREMIER FARNELL       PFL VX         -13610199.87     727265033
PREMIER FARNELL       PFL QM         -13610199.87     727265033
PREMIER FARNELL       PFL EU         -13610199.87     727265033
PROSTRAKAN GROUP      PSKEUR EO       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK LN          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PZ          -8881399.87   126115878.2
PROSTRAKAN GROUP      PKNGF US        -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK VX          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EO          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKEUR EU       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK PO          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSKGBP EO       -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK IX          -8881399.87   126115878.2
PROSTRAKAN GROUP      PSK EU          -8881399.87   126115878.2
REGUS LTD             273187Q LN     -46111835.37     367181111
REGUS PLC             RGU GR         -46111835.37     367181111
REGUS PLC             273195Q VX     -46111835.37     367181111
REGUS PLC             REGSF US       -46111835.37     367181111
REGUS PLC             2296Z LN       -46111835.37     367181111
REGUS PLC-ADS         RGUA GR        -46111835.37     367181111
REGUS PLC-ADS         REGSV US       -46111835.37     367181111
REGUS PLC-ADS         REGSY US       -46111835.37     367181111
REGUS PLC-ADS         REGS US        -46111835.37     367181111
RENTOKIL INITIAL      RTOG IX        -242381476.4    3231214649
RENTOKIL INITIAL      RKLIF US       -242381476.4    3231214649
RENTOKIL INITIAL      RTO IX         -242381476.4    3231214649
RENTOKIL INITIAL      RTO LN         -242381476.4    3231214649
RENTOKIL INITIAL      RTO EO         -242381476.4    3231214649
RENTOKIL INITIAL      RTO TQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTO BQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTO1 GR        -242381476.4    3231214649
RENTOKIL INITIAL      RTO EU         -242381476.4    3231214649
RENTOKIL INITIAL      RTO PZ         -242381476.4    3231214649
RENTOKIL INITIAL      RTOGBP EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTO GR         -242381476.4    3231214649
RENTOKIL INITIAL      RTO NQ         -242381476.4    3231214649
RENTOKIL INITIAL      RTOEUR EU      -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EU      -242381476.4    3231214649
RENTOKIL INITIAL      RTOUSD EO      -242381476.4    3231214649
RENTOKIL INITIAL      RTO PO         -242381476.4    3231214649
RENTOKIL INITIAL      RTOKF US       -242381476.4    3231214649
RENTOKIL INITIAL      RTO QM         -242381476.4    3231214649
RENTOKIL INITIAL      RTO NR         -242381476.4    3231214649
RENTOKIL INITIAL      RTO EB         -242381476.4    3231214649
RENTOKIL INITIAL      RTO VX         -242381476.4    3231214649
RENTOKIL-SP ADR       RTOKY US       -242381476.4    3231214649
RENTOKIL-SP ADR       AP76 LI        -242381476.4    3231214649
SAATCHI & SA-ADR      SSA US         -119260804.2   705060824.5
SAATCHI & SA-ADR      SSI$ LN        -119260804.2   705060824.5
SAATCHI & SAATCH      SSATF US       -119260804.2   705060824.5
SAATCHI & SAATCH      SSI LN         -119260804.2   705060824.5
SAATCHI & SAATCH      188190Q GR     -119260804.2   705060824.5
SCOTTISH MEDIA        SSMR LN        -51512119.25     207340304
SCOTTISH MEDIA        1442Q GR       -51512119.25     207340304
SCOTTISH MEDIA        SSM LN         -51512119.25     207340304
SCOTTISH TELEV        SCTVF US       -51512119.25     207340304
SFI GROUP PLC         SUF LN         -108067115.8   177647536.1
SFI GROUP PLC         SUYFF US       -108067115.8   177647536.1
SKYEPHARMA PLC        SKP PZ         -128538078.1     135158758
SKYEPHARMA PLC        SKPGBP EO      -128538078.1     135158758
SKYEPHARMA PLC        SKP VX         -128538078.1     135158758
SKYEPHARMA PLC        SKP PO         -128538078.1     135158758
SKYEPHARMA PLC        SK8C GR        -128538078.1     135158758
SKYEPHARMA PLC        SKP EU         -128538078.1     135158758
SKYEPHARMA PLC        SKP EO         -128538078.1     135158758
SKYEPHARMA PLC        SKP LN         -128538078.1     135158758
SKYEPHARMA PLC        SKP1 VX        -128538078.1     135158758
SKYEPHARMA PLC        SK8A GR        -128538078.1     135158758
SKYEPHARMA PLC        SKPEUR EU      -128538078.1     135158758
SKYEPHARMA PLC        SKYEF US       -128538078.1     135158758
SKYEPHARMA PLC        SKP TQ         -128538078.1     135158758
SKYEPHARMA PLC        SKPEUR EO      -128538078.1     135158758
SKYEPHARMA PLC        SKP IX         -128538078.1     135158758
SKYEPHARMA -SUB       2976665Z LN    -128538078.1     135158758
SKYEPHARMA-ADR        SKYPY US       -128538078.1     135158758
SKYEPHARMA-ADR        SKYEY US       -128538078.1     135158758
SKYEPHARMA-ADR        SK8 GR         -128538078.1     135158758
SKYEPHARMA-ADR        SKYE US        -128538078.1     135158758
SKYEPHARMA-ADR        AP80 LI        -128538078.1     135158758
SKYEPHARMA-ADR        SK8N GR        -128538078.1     135158758
SKYEPHAR-RTS F/P      SKPF VX        -128538078.1     135158758
SKYEPHAR-RTS F/P      SKPF LN        -128538078.1     135158758
SKYEPHAR-RTS N/P      SKPN VX        -128538078.1     135158758
SKYEPHAR-RTS N/P      SKPN LN        -128538078.1     135158758
SMG PLC               SMG LN         -51512119.25     207340304
SMG PLC               SMG PO         -51512119.25     207340304
SMG PLC-FUL PAID      SMGF LN        -51512119.25     207340304
SMG PLC-NIL PAID      SMGN LN        -51512119.25     207340304
SMITHS NEWS PLC       NWS1 EO         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 BQ         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS VX          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS PZ          -99944882.2   279114366.1
SMITHS NEWS PLC       SMWPY US        -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2EUR EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2EUR EU      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 EU         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 EO         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1 EU         -99944882.2   279114366.1
SMITHS NEWS PLC       NWS LN          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS1GBP EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS PO          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS IX          -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2GBP EO      -99944882.2   279114366.1
SMITHS NEWS PLC       NWS2 TQ         -99944882.2   279114366.1
SMITHS NEWS PLC       SMWPF US        -99944882.2   279114366.1
STAGECOACH GROUP      SGC1 TQ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EU        -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EU     -113434621.8    2507562892
STAGECOACH GROUP      SAGKF US       -113434621.8    2507562892
STAGECOACH GROUP      SGC1USD EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC LN         -113434621.8    2507562892
STAGECOACH GROUP      SGC IX         -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EB        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 BQ        -113434621.8    2507562892
STAGECOACH GROUP      SHP GR         -113434621.8    2507562892
STAGECOACH GROUP      SGC1 EO        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NQ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1 QM        -113434621.8    2507562892
STAGECOACH GROUP      SGC PO         -113434621.8    2507562892
STAGECOACH GROUP      SGC1GBP EO     -113434621.8    2507562892
STAGECOACH GROUP      SHP4 GR        -113434621.8    2507562892
STAGECOACH GROUP      SGC1AUD EO     -113434621.8    2507562892
STAGECOACH GROUP      SGC1 NR        -113434621.8    2507562892
STAGECOACH GROUP      SGC2 VX        -113434621.8    2507562892
STAGECOACH GROUP      SGCG PZ        -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EU     -113434621.8    2507562892
STAGECOACH GROUP      SGC1EUR EO     -113434621.8    2507562892
STAGECOACH GRP-B      SGCB LN        -113434621.8    2507562892
STAGECOACH-NEW        SGCN LN        -113434621.8    2507562892
STV GROUP PLC         STVGEUR EO     -51512119.25     207340304
STV GROUP PLC         STVG VX        -51512119.25     207340304
STV GROUP PLC         SMG VX         -51512119.25     207340304
STV GROUP PLC         STVG EU        -51512119.25     207340304
STV GROUP PLC         SMG PZ         -51512119.25     207340304
STV GROUP PLC         SMGPF US       -51512119.25     207340304
STV GROUP PLC         STVGGBP EO     -51512119.25     207340304
STV GROUP PLC         STVGEUR EU     -51512119.25     207340304
STV GROUP PLC         STVG EO        -51512119.25     207340304
STV GROUP PLC         STVG LN        -51512119.25     207340304
STV GROUP PLC         SMG IX         -51512119.25     207340304
TELEWEST COM-ADR      TWSTD US        -3702234581    7581020925
TELEWEST COM-ADR      940767Q GR      -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN         -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US        -3702234581    7581020925
TELEWEST COMM         604296Q GR      -3702234581    7581020925
TELEWEST COMM         TWSTF US        -3702234581    7581020925
TELEWEST COMM         TWT VX          -3702234581    7581020925
TELEWEST COMM         715382Q LN      -3702234581    7581020925
THORN EMI PLC         THNE FP         -2265916257    2950021937
THORN EMI-ADR         THN$ LN         -2265916257    2950021937
THORN EMI-ADR         TORNY US        -2265916257    2950021937
THORN EMI-CDR         THN NA          -2265916257    2950021937
THORN EMI-REGD        1772Q GR        -2265916257    2950021937
TOPPS TILES PLC       TPT BQ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT VX         -85010363.51   146193829.2
TOPPS TILES PLC       TPT IX         -85010363.51   146193829.2
TOPPS TILES PLC       TPTJF US       -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EU      -85010363.51   146193829.2
TOPPS TILES PLC       TPT LN         -85010363.51   146193829.2
TOPPS TILES PLC       TPT EU         -85010363.51   146193829.2
TOPPS TILES PLC       TPTEUR EO      -85010363.51   146193829.2
TOPPS TILES PLC       TPT TQ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT PO         -85010363.51   146193829.2
TOPPS TILES PLC       TPT PZ         -85010363.51   146193829.2
TOPPS TILES PLC       TPT EO         -85010363.51   146193829.2
TOPPS TILES PLC       TPTJY US       -85010363.51   146193829.2
TOPPS TILES PLC       TPTGBP EO      -85010363.51   146193829.2
TOPPS TILES-NEW       TPTN LN        -85010363.51   146193829.2
UNIGATE PLC           UNGAF US       -24544959.64   626057950.8
UNIGATE PLC           UNIG LN        -24544959.64   626057950.8
UNIGATE PLC           1577Q GR       -24544959.64   626057950.8
UNIGATE PLC           UNGPF US       -24544959.64   626057950.8
UNIGATE PLC-ADR       UNGAY US       -24544959.64   626057950.8
UNIQ PLC              UNQPF US       -24544959.64   626057950.8
UNIQ PLC              UNIQF US       -24544959.64   626057950.8
UNIQ PLC              UNIQ PZ        -24544959.64   626057950.8
UNIQ PLC              UNIQ EU        -24544959.64   626057950.8
UNIQ PLC              UNIQ PO        -24544959.64   626057950.8
UNIQ PLC              UNIQEUR EO     -24544959.64   626057950.8
UNIQ PLC              UNIQEUR EU     -24544959.64   626057950.8
UNIQ PLC              UNIQ IX        -24544959.64   626057950.8
UNIQ PLC              UNIQ EO        -24544959.64   626057950.8
UNIQ PLC              UNIQ VX        -24544959.64   626057950.8
UNIQ PLC              UNIQ LN        -24544959.64   626057950.8
UNIQ PLC              UNIQGBP EO     -24544959.64   626057950.8
UNIQ PLC              UGE GR         -24544959.64   626057950.8
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         VMOB PO        -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
WARNER ESTATE         WNER VX        -37798939.99   432125169.9
WARNER ESTATE         WNER EU        -37798939.99   432125169.9
WARNER ESTATE         WRL GR         -37798939.99   432125169.9
WARNER ESTATE         WNER IX        -37798939.99   432125169.9
WARNER ESTATE         WNER LN        -37798939.99   432125169.9
WARNER ESTATE         WNERGBP EO     -37798939.99   432125169.9
WARNER ESTATE         WNEHF US       -37798939.99   432125169.9
WARNER ESTATE         WNER PO        -37798939.99   432125169.9
WARNER ESTATE         WNER PZ        -37798939.99   432125169.9
WARNER ESTATE         WNER EO        -37798939.99   432125169.9
WATSON & PHILIP       WTSN LN          -120493900   252232072.9
WHITE YOUNG GREE      WHY VX         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EU      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EU         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYEUR EO      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY LN         -35008863.49   305242409.9
WHITE YOUNG GREE      WHY PZ         -35008863.49   305242409.9
WHITE YOUNG GREE      WHYGBP EO      -35008863.49   305242409.9
WHITE YOUNG GREE      WHY EO         -35008863.49   305242409.9
WHITE YOUNG GREE      WHY PO         -35008863.49   305242409.9
WHITE YOUNG-NEW       WHYN LN        -35008863.49   305242409.9
WINCANTON PL-ADR      WNCNY US       -63105009.98    1416979806
WINCANTON PLC         WIN LN         -63105009.98    1416979806
WINCANTON PLC         WIN PZ         -63105009.98    1416979806
WINCANTON PLC         WIN VX         -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EO     -63105009.98    1416979806
WINCANTON PLC         WIN1USD EO     -63105009.98    1416979806
WINCANTON PLC         WIN1 BQ        -63105009.98    1416979806
WINCANTON PLC         WIN PO         -63105009.98    1416979806
WINCANTON PLC         WIN1 EU        -63105009.98    1416979806
WINCANTON PLC         WIN1 EO        -63105009.98    1416979806
WINCANTON PLC         WIN1 QM        -63105009.98    1416979806
WINCANTON PLC         WIN1 EB        -63105009.98    1416979806
WINCANTON PLC         WIN1USD EU     -63105009.98    1416979806
WINCANTON PLC         WNCNF US       -63105009.98    1416979806
WINCANTON PLC         WIN IX         -63105009.98    1416979806
WINCANTON PLC         WIN1 NQ        -63105009.98    1416979806
WINCANTON PLC         WIN1GBP EO     -63105009.98    1416979806
WINCANTON PLC         WIN1EUR EU     -63105009.98    1416979806
WINCANTON PLC         WIN1 TQ        -63105009.98    1416979806
WYG PLC               WYGGBP EO      -35008863.49   305242409.9
WYG PLC               WYG EO         -35008863.49   305242409.9
WYG PLC               WYGEUR EU      -35008863.49   305242409.9
WYG PLC               WHY IX         -35008863.49   305242409.9
WYG PLC               WYG LN         -35008863.49   305242409.9
WYG PLC               WYG EU         -35008863.49   305242409.9
WYG PLC               WYGEUR EO      -35008863.49   305242409.9
WYG PLC               WYG PZ         -35008863.49   305242409.9
XXPERT RENTAL         XPRT CN          -123563000     104843000


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                 * * * End of Transmission * * *