/raid1/www/Hosts/bankrupt/TCREUR_Public/101102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 2, 2010, Vol. 11, No. 216

                            Headlines



G E R M A N Y

IKB DEUTSCHE: Fitch Downgrades Individual Rating to 'E'
VITA CAPITAL: S&P Assigns 'BB+' Rating to Class E Notes
* GERMANY: Corporate Bankruptcies to Reach 35,000 This Year


I R E L A N D

BENTON PROPERTY: Irish Nationwide Appoints Receiver
BERGANZA LTD: Liquidator Gets Several Bids for Pulse Chain
CHARTBUSTERS LTD: Shuts DVD Stores; 87 Jobs Lost
MCINERNEY HOLDINGS: Interim Examiner Draws Up Survival Plan


I T A L Y

ALITALIA SPA: Expects Full-Year 2010 Loss, CEO Says
LOCAT SERIES: Moody's Cuts Rating on Class C Notes to 'Caa1 (sf)'


L U X E M B O U R G

BREEZE FINANCE: S&P Gives Negative Outlook; Affirms 'C' Rating
TELENET FINANCE: Moody's Assigns 'Ba3' Rating to EUR350 Mil. Notes


N E T H E R L A N D S

BRIT INSURANCE: Fitch Affirms 'BB+' Rating on Subordinated Notes
DALRADIAN EUROPEAN: S&P Lifts Rating on Class E Notes to 'B- (sf)'
EUROCREDIT CDO: Moody's Raises Rating on EUR15MM Notes to B2 (sf)
MONTE 2008-I: S&P Affirms Rating on Class C Notes at 'BB (sf)'


R U S S I A

COMMERCIAL BANK: Moody's Gives Stable Outlook on 'B3' Rating
SVIAZ-BANK: Fitch Assigns 'D/E' Individual Rating
TRANSCONTAINER OJSC: Fitch Affirms 'BB+' Issuer Default Rating
* Fitch Says Russian Corporate Outlook Is Improving


S P A I N

TDA CAM 11: Fitch Assigns 'BB-sf' Rating to Class C Notes
TDA CAM 12: Fitch Assigns 'BBsf' Rating to Class C Notes


U N I T E D   K I N G D O M

DUNDEE FOOTBALL CLUB: Axed Stars Given Transfer Lifeline
EMI GROUP: Judge Questions Terra Firma's Theory in Case v. Citi
HONOURS PLC: Fitch Affirms 'BBsf' Rating on Class D Notes
INEOS GROUP: Moody's Raises Rating on Senior Notes to 'Caa2'
NORTHUMBERLAND FOODS: Longbenton Foods Acquires Amble Site

PARAMOUNT PRINT: Character DPM Acquires Firm
REAL ESTATE: Shareholders' Deficit Reaches More Than GBP750 Mln
TARGETFOLLOW: Subsidiary Goes Into Administration
WINDSOR & ETON: Considers Administration


X X X X X X X X

* Large Companies With Insolvent Balance Sheets




                             *********


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G E R M A N Y
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IKB DEUTSCHE: Fitch Downgrades Individual Rating to 'E'
-------------------------------------------------------
Fitch Ratings has maintained Germany-based IKB Deutsche
Industriebank AG's 'BBB-' Long-term Issuer Default Rating and 'F3'
Short-term IDR on Rating Watch Negative.  At the same time, the
Individual Rating has been downgraded to 'E' from 'D/E'.  A full
list of rating actions is provided at the end of this comment.

The RWN continues to reflect Fitch's expectation that the
authorities' propensity of support will recede in line with the
scheduled expiration of the guarantees from the German
government's Financial Market Stabilization Fund by 2015.  This is
compounded by the impending enactment of the proposed German bank
resolution regime, which might lower the likelihood of full
support.  Fitch expects to resolve the RWN when it gets more
clarity about the level of support that might be made available to
the bank under the proposed resolution regime.  IKB's Long-term
IDR reflects the still high level of sovereign support arising
from the funding guarantee provided by SoFFin.

Fitch views 2012 as a critical year because of the expiration of
the majority of the SoFFin guarantees.  The reduction of SoFFin's
coverage might encourage other critical funding providers to
reduce their exposure to IKB.  At the same time, the agency notes
that IKB's owner, Lone Star, is currently looking for potential
buyers for the bank, and that a sale to a highly rated institution
cannot be ruled out at this stage.

The downgrade of the Individual Rating is due to Fitch's view that
IKB's recovery prospects look uncertain.  Notwithstanding the
restructuring progress achieved, Fitch believes it will be
challenging to restore a viable standalone business model before
external support is withdrawn.  While the bank's restructuring is
almost complete, the agency expects core operations to remain
loss-making until at least 2012.

In Fitch's view, this increasingly raises doubts about IKB's
ability to adapt to its new, more challenging operating
environment.  "Low new business and structurally increased funding
costs are squeezing IKB's interest income.  In addition, fee
income from the fledgling advisory franchise cannot yet offset the
high SoFFin fees.  In light of the inevitable return of margin
pressure in the German SME loan market, this complicates the
restoration of adequate performance," says Patrick Rioual,
Director in Fitch's Financial Institutions team.

As a result, based on the bank's current financial strength, the
Long-term IDR could be downgraded by several notches, ie
substantially below investment grade.  Fitch views IKB's core
capitalization as weak.  It remains under heavy pressure from
recurring losses, structurally high risk costs and P&L volatility.

The trust preferred securities issued by IKB Funding Trust I and
II have been affirmed at 'C' and their Recovery Rating has been
revised down to 'RR6' from 'RR5'.  These instruments are perpetual
and not loss-absorbing in a going concern.  However, before coupon
payments can resume, IKB will have to wait for all SoFFin
guarantees to expire (2015) and to then achieve cumulated net
profits of at least the EUR1.15bn on which Lone Star has a
contractual priority claim.  This is likely to take a considerable
number of years.  Based on its view of the bank's uncertain long-
term future, Fitch considers that recovery prospects on these
instruments have become extremely low.

The perpetual silent participations issued by Hybrid Raising GmbH
and Capital Raising GmbH as well as the profit participation
certificates due 2015 issued by Propart Funding Ltd have been
affirmed at 'C' and their Recovery Ratings have been revised to
'RR6' from 'RR5'.

Already written down to 4% of their nominal value, they are likely
to absorb further losses in the near term.  Fitch considers that,
for similar reasons as those for IKB Funding Trust I and II, their
subsequent recovery prospects are now extremely low.  Propart
Funding Ltd's issue is likely to be fully written down when it
matures in 2015.

The silent participations issued by IKB International SA have been
upgraded to 'CC' from 'C' and their Recovery Ratings revised to
'RR5' from 'RR6'.  Thus far, these securities have been written
down to 19% of their nominal value.  As they will mature during
the current financial year, final recovery is expected to be close
to that level.

Fitch will shortly publish an updated credit analysis on IKB.

The rating actions taken are:

IKB AG:

  -- Long-term Issuer Default Rating: 'BBB-', maintained on
     RWN

  -- Short-term IDR: 'F3', maintained on RWN

  -- Individual rating: downgraded to 'E' from 'D/E'

  -- Support Rating: '2', maintained on RWN

  -- Support Rating Floor: 'BBB-', maintained on RWN

  -- Senior subordinated debt: 'BB+', maintained on RWN

  -- SoFFin-guaranteed notes: affirmed at 'AAA'

  -- IKB Funding Trust I's EUR75m perpetual trust preferred
     securities (ISIN: DE0008592759): affirmed at 'C'; Recovery
     Rating revised to 'RR6' from 'RR5'

  -- IKB Funding Trust II's EUR400m perpetual trust preferred
     securities (ISIN: XS0194701487): affirmed at 'C'; Recovery
     Rating revised to 'RR6' from 'RR5'

  -- Hybrid Raising GmbH's EUR200m perpetual silent participations
     (ISIN: DE000A0AMCG6): affirmed at 'C'; Recovery Rating
     revised to 'RR6' from 'RR5'

  -- Capital Raising GmbH's EUR200m perpetual silent
     participations (ISIN: DE0007490724): affirmed at 'C';
     Recovery Rating revised to 'RR6' from 'RR5'

  -- Propart Funding Ltd's EUR150m profit participation
     certificates due 2015 (ISIN: DE000A0GF758): affirmed at 'C';
     Recovery Rating revised to 'RR6' from 'RR5'

  -- IKB International SA's EUR70m silent participations due
     November 2010 (ISIN: XS0119317740, XS0119317823,
     XS0119814456): upgraded to 'CC' from 'C'; Recovery Rating
     revised to 'RR5' from 'RR6'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


VITA CAPITAL: S&P Assigns 'BB+' Rating to Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+
(sf)' long-term debt rating to the US$100 million series III class
E and US$75 million series IV class E principal-at-risk variable-
rate notes due Jan. 15, 2015 issued by Vita Capital IV Ltd.

The notes provide Swiss Reinsurance Company Ltd. (Swiss Re;
A+/Positive/A-1) with a degree of protection against extreme
mortality events occurring to specified age and gender
distributions in the U.S., Canada, Germany, and Japan.

Swiss Re has previously securitized mortality risk through the
Vita Capital II Ltd., Vita Capital III Ltd., and an earlier
takedown of the Vita Capital IV Ltd. transaction.

Vita Capital IV was created for the sole purpose of issuing one or
more series of notes out of a mortality catastrophe shelf program.
Standard & Poor's has not assigned ratings to the shelf program.

The series III noteholders are at risk from an increase in age and
gender-weighted mortality rates that exceeds a specified
percentage of a predefined index (the mortality index value; MIV)
in the U.S. and Japan.  The series IV noteholders are at risk from
an increase in age and gender-weighted mortality rates that
exceeds a specified percentage of the MIV in Germany and Canada.
The MIV self-adjusts for changes in general mortality trends over
the risk period.

The risk periods are:

* From Jan. 1, 2010, to Dec. 31, 2014, in respect of mortality in
  U.S., Canada, and Germany; and From Oct. 1, 2010, to Sept. 30,
  2014, for Japan.

The MIV is defined on a rolling two-year period, and the
probability of a loss attaching and the magnitude of the loss in
principal depends on the extent to which the MIV for any country
and measurement period (that is, two consecutive years) exceeds
the attachment point for the notes.  Index values corresponding to
future measurement periods are measured against the index value
for 2009 for U.S., Germany, and Canada.  For Japan, index values
are based on mortality between Oct. 1, 2009, and Sept. 30, 2010.
Adjustments are applied for changes in mortality over the risk
period.

The rating on the notes reflects:

* Standard & Poor's qualitative assessments of the potential event
  risk;

* S&P's view of the modeled probability of default;

* The strong diversification of the underlying mortality risk
  exposure in terms of geographic location, age, and gender; and

* The application of Standard & Poor's catastrophe bond criteria.

                           Ratings List

                            New Rating

                       Vita Capital IV Ltd.

    Series/Class                  Rating        Amount (mil. $)
    ------------                  ------        ---------------
    Series III class E            BB+ (sf)      100
    Series IV class E             BB+ (sf)      75


* GERMANY: Corporate Bankruptcies to Reach 35,000 This Year
-----------------------------------------------------------
Klaus Lauer at Reuters reports that the VID trade association, an
insolvency administrators' group, said on Thursday that Germany's
stronger-than-expected recovery will not be enough to prevent some
35,000 bankruptcies this year.

According to Reuters, the trade association said automotive
suppliers, engineering, shipping, and retailers would be
especially hard hit.

Siegfried Beck, head of the association, told Reuters many firms
have left the economic crisis with drastically reduced core
capital levels, leaving them weakened and needy for cash.

"Growth requires financing, and quite a few will go bust, all the
more so given that banks are still careful with allocating loans,"
he said, adding that the trend should continue as new Basel III
rules tighten banks' financing requirements, according to Reuters.

Reuters notes Mr. Beck said the wave of insolvencies during the
recession and afterwards has sparked a consolidation rally in some
key industries and accelerated it in others.

"Fundamentally sound firms had to accept sales losses of up to
50%, then registered for insolvency and became takeover candidates
-- if they didn't disappear from the market altogether," Mr. Beck,
as cited by Reuters, said.


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I R E L A N D
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BENTON PROPERTY: Irish Nationwide Appoints Receiver
---------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times' Aine Coffey,
reports Irish Nationwide has appointed Jim Hamilton of accountants
BDO as receiver to Benton Property Holdings.

According to InsolvencyJournal.ie, Mr. Hamilton will take control
of 25 unsold apartments in a development in Dublin's Adelaide
Square.

InsolvencyJournal.ie relates industry sources suggest that the
properties of which Irish Nationwide has taken control could make
less than EUR30 million when sold.

Benton Property Holding Limited is a Dublin-based property
development and investment company.


BERGANZA LTD: Liquidator Gets Several Bids for Pulse Chain
----------------------------------------------------------
Donal O'Donovan at the Irish Independent reports that the
liquidator of Berganza Ltd, trading as Pulse Accessories, has
received a number of approaches since the business was put up for
sale last month.

Liquidator Ken Fennell of Kavanagh Fennell told the Irish
Independent that expressions of interest had come from a number of
parties, ranging from rival chains looking to buy up the company's
stock to potential bids for the company as a going concern.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 26, 2010, The Irish Times said Berganza Ltd went into
liquidation, with the loss of 130 jobs.  Ken Fennell of corporate
recovery specialists Kavanagh Fennell was appointed liquidator of
Berganza Limited by order of the High Court on October 20.  The
company had debts falling due in 2010 of close to EUR2.5 million.

Berganza Ltd, trades as the fashion jewellery retailer Pulse
Accessories at 27 stores across Ireland and as the wholesale
jewellery supplier Impulse Products.  The business had stores in
16 counties.


CHARTBUSTERS LTD: Shuts DVD Stores; 87 Jobs Lost
------------------------------------------------
Chartbusters Ltd. on Friday closed all of its stores after the
company went into voluntary liquidation with the loss of 87 jobs,
movies.ie reports.

movies.ie relates the chain blamed the closure on the "severe and
unprecedented nature of the current economic downturn".

As reported in the Troubled Company Reporter-Europe on Nov. 1,
2010, The Irish Times said Chartbusters is understood to be
preparing to appoint a liquidator to wind up the business just 18
months after the High Court approved a rescue plan for the
company.  The Irish Times, citing sources, said the company's
DVD operation has continued to decline this year, while
controversy over health risks has hit demand for tanning booths.
According to The Irish Times, sources also said that the directors
are likely to propose the appointment of Tom Keane, a partner with
Dublin accountants, BKRM, as liquidator to Chartbusters.

Chartbusters Ltd is a DVD rental chain.  The company operates
about 20 stores and employs an estimated 170 full- and part-time
staff in Ireland.


MCINERNEY HOLDINGS: Interim Examiner Draws Up Survival Plan
-----------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times, reports that the
survival plan for McInerney Holdings is due before the High Court
today, Nov. 2.

InsolvencyJournal.ie relates the company's interim examiner,
Billy O'Riordan of PriceWaterhouseCoopers, lodged his report,
which outlines an investment offer from US private equity firm
Oaktree Capital, with Mr. Justice Frank Clarke on Friday, Oct. 29.

As reported by the Troubled Company Reporter-Europe on Oct. 6,
2010, Irish Examiner said that the High Court extended protection
to the McInerney building group until Nov. 2.  Irish Examiner
disclosed Mr. Justice Frank Clarke said gave Mr. O'Riordan, until
Oct. 29 to come up with a full scheme for survival of the group
comprising McInerney Holdings, McInerney Homes, McInerney
Construction Holdings, McInerney Contracting and McInerney
Contracting Dublin, which have combined debts of EUR200 million.
The court heard the examiner believed the group had a reasonable
prospect of survival based on investment proposals from Oaktree,
according to Irish Examiner.  Mr. Justice Clarke, as cited by
Irish Examiner, said the examiner's latest report found there was
a realistic possibility at this stage that Oaktree is willing to
put up sufficient sums which is said to be greater than what would
be realized in a situation of insolvency.

McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England.  It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain.  It operates in Ireland, the
United Kingdom and Spain.  The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties.  The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area.  Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes.  As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.


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I T A L Y
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ALITALIA SPA: Expects Full-Year 2010 Loss, CEO Says
---------------------------------------------------
Dan Liefgreen at Bloomberg News reports that Alitalia SpA Chief
Executive Officer Rocco Sabelli told Il Sole 24 Ore in an
interview that the airline expects to report a full-year 2010 loss
and break even at the operating level in 2011.

According to Bloomberg, the CEO told the financial newspaper that
the airline forecasts a loss of about EUR30 million (US$42
million) in the fourth quarter.

                          About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

On August 29, 2008, Alitalia declared insolvency and commenced
extraordinary administration procedure at the Tribunal of Rome.
Italian Prime Minister Silvio Berlusconi appointed Mr. Fantozzi as
extraordinary commissioner.  Under the Bankruptcy Bill, the
Administrator has supplanted the directors and other management of
Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia filed for Chapter 15 protection with the U.S.
Bankruptcy Court in the Southern District of New York.  Italy's
national airline experienced financial difficulties for a number
of years caused, in large measure, by a combination of competition
from low-cost air carriers, poor management and onerous union
obligations, according to papers filed with the court.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties had been and exacerbated by spiraling fuel prices.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003, EUR813
million in 2004, EUR168 million in 2005, EUR625.6 million in 2006,
and EUR494.64 million in 2007.


LOCAT SERIES: Moody's Cuts Rating on Class C Notes to 'Caa1 (sf)'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of seven classes of notes and confirmed the rating of one
class of notes, issued by Locat Series 2006, Locat Series 2008,
and Locat Securitization Vehicle 3 S.r.l.  These rating actions
conclude the review for possible downgrade (initiated in May 2010)
of some of the notes in all three transactions.

The rating actions in each transaction are:

Issuer: Locat SV - Series 2005 (formerly named "Locat
Securitisation Vehicle 3 S.r.l.")

  -- EUR160 million class B notes, downgraded to Baa1 (sf);
     previously on May 10, 2010 A2 (sf) placed under review for
     possible downgrade

  -- EUR33 million class C notes, downgraded to B2 (sf);
     previously on May 10, 2010 Baa3 (sf) placed under review for
     possible downgrade

Issuer: Locat SV - Series 2006

  -- EUR1348 million class A2 certificate, confirmed at Aa2 (sf);
     previously on May 10, 2010 Aa2 (sf) Placed Under Review for
     Possible Downgrade

  -- EUR152 million class B certificate, downgraded to Baa3 (sf);
     previously on May 10, 2010 A3 (sf) placed under review for
     possible downgrade

  -- EUR64 million class C certificate, downgraded to Caa1 (sf);
     previously on May 10, 2010 Ba2 (sf) placed under review for
     possible downgrade

Issuer: Locat SV - Series 2008

  -- EUR1591 million class A2 notes, downgraded to Aa3 (sf);
     previously on May 10, 2010 Aaa (sf) placed under review for
     possible downgrade

  -- EUR141 million class B notes, downgraded to Baa3 (sf);
     previously on May 10, 2010 Aa3 (sf) placed under review for
     possible downgrade

  -- EUR61 million class C notes, downgraded to B3 (sf);
     previously on May 10, 2010 A3 (sf) placed under review for
     possible downgrade

                        Ratings Rationale

The rating actions are prompted by each transaction's worse-than-
expected performance.  In particular, cumulative default levels
across each transaction are worse than expected at closing (or at
previous reviews) compared with the pool factors and amortization
rates of the portfolios.  In its analysis, Moody's considered the
negative outlook on the Italian leasing ABS sector.  Specifically,
Moody's considered the forecasts for the main macro-economic
drivers of the collateral deterioration, in particular, corporate
insolvencies and GDP contraction.

Corporate insolvencies rose 20% in 2008 compared with 2007, and
increased 35%-40% in 2009 compared with 2008.  According to credit
management solutions company Euler-Hermes, business insolvencies
are likely to increase by 15% in 2010.  Italian GDP contracted
unexpectedly in Q4 2009, following 0.6% quarter-on-quarter growth
in Q3 2009, when Italy's economy emerged from five consecutive
quarters of recession.  Moody's outlook for Italy's economic
growth is weak for 2010, but is forecast to accelerate in 2011,
with exports as the key growth driver.

Moody's has reassessed its lifetime default expectation for each
transaction, taking into account the collateral performance to
date and the current macroeconomic environment in Italy All
transactions have under-performed Moody's performance expectations
that it assumed at closing, or in its last transaction reviews.

The portfolios of all three transactions comprise three pools of
Italian financial leases originated by Locat S.p.A. for equipment,
auto and real-estate leases.  Due to the shorter amortization
profile of the equipment and auto portion, the pools are now
mainly exposed to real estate.

                        Locat Series 2005

Cumulative defaults (as of the last reporting date in July) were
6.5% of the total securitized balance, compared with expected
cumulative defaults of 2.8% over the lifetime of the transaction
at closing in November 2008, which thereafter increased to 5.1% in
May 2009.  The mean default assumption was increased to 7.25% of
the current portfolio outstanding balance, which translates into
8.4% of the total securitized balance.  The volatility was
increased to 48% compared with 44.5% at closing in November 2005.
The split between the three sub-pools as of the last reporting
date in September was: 10.6% equipment, 2.9% auto and 86.5% real
estate.

                        Locat Series 2006

Cumulative defaults (as of the last reporting date in September)
were 6.3% of the total securitized balance, which equals the June
2009 revised assumptions, when the initial mean default rate was
increased to 6.3% from 2.9%.  As a result of the approach
described above, the mean default assumption was then revised at
8.8% of current pool balance, which translates into 9.2% of the
total securitized balance.  The volatility was adjusted to 50%,
compared with 54% at closing in December 2006 and 47% in June
2009.  The relatively high volatility in this transaction is
because 20% of the outstanding amount relates to large real-estate
exposures to only a small number of borrowers.  The split between
the three sub-pools as of the last reporting date in September
was: 15.8% equipment, 8.3% auto and 75.9% real estate (including
the large loan exposure).

                        Locat Series 2008

Cumulative defaults (as of the last reporting date in September)
were 5.7% of the total securitized balance, compared with expected
cumulative defaults of 3.1% over the lifetime of the transaction
at closing in May 2008.  The mean default assumption was reviewed
at 11.2% of the current pool balance, which translates into 12.9%
of the total securitized balance.  The volatility was reduced to
42.5% compared with 49% at closing in May 2008.  The split between
the three sub-pools as of the last reporting date in September
was: 29.3% equipment, 11.5% auto and 59.2% real estate.

Due to the nature of the underlying borrowers, Moody's aimed to
complement its historical data analysis with a top-down approach
(similar to a standard SME deal) to determine the expected mean
default rate.  However, due to limited information provided in the
specific transaction poolcuts, this analysis could not be
performed in details.  Moody's notes that the revised default
assumptions on the current balance (and over the transactions'
remaining life) are commensurate with an average rating in the "B"
range.

The recovery rate for all transactions has been adjusted to 35%,
representing a decrease from the assumptions at closing (or at the
last review) to reflect the lower recoveries experienced since
closing.  Additionally, Moody's considered the potential effect of
originator insolvency on the recoveries in the transaction.  If
the originator were to become insolvent, the rating agency expects
recoveries on defaulted lease contracts to be in the 10% range.

Moody's performed a stress test taking into account a possible
deterioration in the credit quality of Unicredit Leasing to a
level commensurate with a Baa1 rating.  Moody's found that this
degree of rating migration would have no effect on the rated
notes.

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


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


BREEZE FINANCE: S&P Gives Negative Outlook; Affirms 'C' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the EUR84 million Class B subordinated bonds, due 2027, issued by
Luxembourg-based special-purpose vehicle Breeze Finance S.A.
(Breeze Three), to negative from stable.  The 'C' issue ratings on
the Class B bonds were affirmed.  At the same time, the 'BB-'
underlying ratings on the EUR287 million Class A secured bonds,
due in 2027, were affirmed.  The outlook on the Class A bonds
remains negative.

The 'BB+' long-term ratings on the Class A bonds are unaffected
and reflect what S&P seeS as an unconditional and irrevocable
guarantee of payment of scheduled interest and principal provided
by MBIA U.K.  Insurance Ltd. (BB+/Negative/--).  The recovery
rating on the Class A bonds is unchanged at '2', indicating S&P's
expectation of substantial (70%-90%) recovery of principal (in the
absence of an insurance guarantee) in the event of a payment
default.

"The outlook revision reflects S&P's view of the potential for the
Class B bonds to be swapped with equity over the next two years,"
said Standard & Poor's credit analyst Timon Binder.

Breeze Three is a special-purpose entity that raised funds for a
wind-power partnership comprising 43 wind farms in Germany and
France with a total installed capacity of 347.4 megawatts, the
majority of which are in Germany.  Breeze Three has deferred all
payments on the Class B bonds since Oct. 19, 2010, owing to
continually weak wind conditions in Germany.  The full resumption
of payments on the Class B bonds will likely only follow a
significant restoration of wind performance.

The rating affirmations on the Class A bonds reflect S&P's view
that the structure will continue to support full payments on the
Class A bonds for a significant period of time.  Should wind
turbine availability remain in line with its expectations of
between 97% and 98%, S&P does not anticipate drawings on the fully
funded debt-service reserve of about EUR14 million to be
substantial over the medium term.  This is even if wind conditions
do not significantly increase from those seen over the past 18
months.

The negative outlook on the Class B bonds indicates S&P's view
that these bonds could potentially be swapped for equity if
currently suspended legally imposed accounting tests on the
continuation of businesses resumed, as currently planned, after
Dec. 31, 2013.  A restoration of the accounting tests could force
the company to substitute part of its liabilities with equity to
reduce the level of its debt.  In this event, S&P would consider
the debt-to-equity swap to be tantamount to a default on the Class
B bonds and S&P would lower the rating to 'D'.

"The negative outlook on the Class A bonds reflects S&P's view
that continuing financial underperformance could dent the
project's already weak liquidity," said Mr. Binder.  "This and the
ongoing payment deferral on the Class B bonds indicate to us that
Breeze Three could find it difficult to replenish the debt-service
reserve on the Class A bonds should it need to use the DSRA to
service principal and interest obligations."

S&P might lower the rating on the Class A bonds if the project's
operational performance continues to weaken, necessitating the
usage of the DSRA to make payments on the Class A bonds.  S&P
might also lower the rating if S&P see that, by the beginning of
2012, the project company has no clear strategy to satisfy the
continuation tests, which could resume in 2013.  On the other
hand, S&P might revise the outlook to stable if, in S&P's view,
the project's cash flow generation has recovered and the deferred
payments on the Class B bonds have been paid.


TELENET FINANCE: Moody's Assigns 'Ba3' Rating to EUR350 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a (P) Ba3 rating to the EUR350
million senior secured notes due 2020 to be issued by Telenet
Finance Luxembourg SCA.  The rating outlook is stable.

Telenet intends to use proceeds to refinance up to EUR200 million
of existing bank debt (with the shortest maturities under the
Senior Credit Facility) and the remainder to on-lend to Telenet NV
for general corporate purposes which may include shareholder
disbursements in 2011, in the absence of material debt-financed
acquisitions.  The (P)Ba3 rating on the notes reflects the fact
that the debt issuance does not change Telenet's Ba3 CFR; and that
the notes are effectively pari-passu with Telenet's senior secured
bank facility (also rated at Ba3).

                        Ratings Rationale

Telenet Finance is incorporated in Luxembourg as a special purpose
vehicle created to issue the proposed senior secured notes to
finance a EUR350 million term loan facility ('Finco Loan') to
Telenet International Finance SA.  The terms of the Finco loan
will be recorded in an additional facility accession agreement
between Telenet Finance and Telenet International and the facility
agent under the Telenet Senior Credit Facility.

Moody's understands that the notes indenture does not contain any
incurrence covenants.  Noteholders indirectly benefit from the
terms (including maintenance financial covenants) of the Senior
Credit Facility and have security over the Issuer's shares and
over its assets, including its rights to and benefit in the Finco
loan.  However, Moody's notes that the holders of the notes will
have only indirect recourse to Telenet International so that in an
enforcement scenario they would have to enforce the security
interest in the Finco loan, and subsequently enforce the
collateral granted in favour of the Finco loan.

The Ba3 corporate family rating reflects Telenet's continued solid
operational performance supported by the company's multi-play
strategy.  However, the rating also takes into account (i) the
intensive competition that Telenet faces particularly from
incumbent operator, Belgacom, and also from mobile operators such
as Mobistar; (ii) the company's limited size of operations
compared with global peers; and (iii) the expectation that Telenet
in future will continue to pay out (at least) all of the
internally generated free cash flow (as defined by Telenet) in
shareholder disbursements (in the absence of suitable acquisition
opportunities); implying that the company will be relying largely
on EBITDA growth for operating within its own leverage target
parameters (see below).

Moody's notes that Telenet intends to increase its net senior
leverage ratio (calculated as per its Senior Credit Facility
definition - excluding the capitalized elements of indebtedness
under the clientele and annuity fees and any other finance leases)
to 3.5x (which implies a reported net total debt leverage of
around 4.0x) by the end of 2011.  This is likely to be executed
entirely via shareholder disbursements should acquisitions not
materialize during the year.  The agency notes that Telenet
remains committed towards maintaining its net reported total
leverage between 3x-4x prior to any debt-financed acquisitions
which could take leverage outside this range.

At 30 June 2010, the company's reported last twelve months net
total debt leverage was 3.6x pro-forma the shareholder
distribution of approximately EUR250 million on 2 August 2010.
This was equivalent to Moody's adjusted Gross Debt-to-EBITDA of
4.0x.  Moody's notes that at 30 September 2010, the company's
reported last twelve months net total debt leverage has further
reduced to 3.3x.  Despite relatively modest leverage for the
rating category, Telenet's CFR at Ba3 currently remains
constrained by the expected increase in leverage from current
levels in 2011 combined with the uncertainty regarding debt-
financed acquisitions.  In this regard, Moody's also incorporates
the fact that Telenet is majority-owned by Liberty Global (rated
Ba3, negative outlook).

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.

                What Could Change the Rating - Up

Upward rating pressure would develop if, inter alia, the company
demonstrates clear commitment to maintain its gross debt to EBITDA
solidly below 4.5x (as calculated by Moody's) on a sustained
basis.  A move to positive free cash flow generation (as defined
by Moody's -- post capex and dividends) would also be a positive
factor.

                What Could Change the Rating - Down

An increase in leverage at or above 5.5x Gross Debt/ EBITDA (as
adjusted by Moody's) resulting from significant debt-financed M&A
activity and/ or aggressive shareholder remuneration together with
sustained negative free cash flow (as calculated by Moody's) would
exert downward pressure on the rating.

Headquartered in Mechelen, Belgium, Telenet Group Holding NV is
the largest provider of cable services in Belgium.  Currently, US-
based Liberty Global Consortium (rated Ba3/Negative) owns
approximately 50.3% of Telenet.  For the financial year ending 31
December 2009, Telenet reported revenues of EUR 1.2 billion with
50.7% Adjusted EBITDA margin (as calculated by the company).


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


BRIT INSURANCE: Fitch Affirms 'BB+' Rating on Subordinated Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Brit Insurance Limited's Insurer
Financial Strength rating at 'A', and Brit Insurance Holdings
N.V.'s Long-term Issuer Default Rating at 'BBB+' and its
subordinated notes at 'BB+.  The ratings have been removed from
Rating Watch Negative.  The Outlook is Stable.

The action follows the announcement made on 26 October confirming
that a recommended cash offer had been made to purchase BIHNV by
Achilles Netherlands Holdings B.V., a majority owned company of
funds managed by the private equity firms, Apollo Management VII,
L.P. and funds advised by CVC Capital Partners Limited.

Since placing the ratings of Brit Insurance on RWN on 21 September
2010, Fitch has met with representatives from both Apollo and CVC,
who have provided information including details on post-
acquisition leverage, length of Apollo's and CVC's investment
horizon and future strategic direction of Brit Insurance.

Based on information provided to Fitch, the agency anticipates
that the financial profile of Brit Insurance, post-acquisition,
will be maintained within the insurer's existing target range of
mid to high 'A'.  Fitch will monitor the post-acquisition profile
of Brit Insurance, and the agency expects that leverage and
capitalization will be maintained at levels at least commensurate
with the current ratings.  Fitch notes that the level of risk
assumed within the investment portfolio will be raised modestly to
increase returns and the agency will watch this closely.  Fitch
will also monitor whether the change in ownership will result in
higher required regulatory capital.

Regarding strategy, Fitch anticipates that Brit Insurance's
existing management team will retain the day-to-day running of the
business and maintain underwriting discipline, with future premium
growth being reflective of market conditions.  The agency will
also continue to assess the effects of the transaction on Brit
Insurance's ability to retain both good insurance business and
talented staff.

The offer is subject to shareholder and regulatory approvals and
the agency will again review Brit Insurance's ratings should the
transaction not be completed due to a failure to gain the
necessary approvals.


DALRADIAN EUROPEAN: S&P Lifts Rating on Class E Notes to 'B- (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Dalradian European CLO I B.V.'s class A2 to E notes.  At the same
time, S&P affirmed its ratings on the class A1 and variable
funding notes.

The rating actions follow S&P's assessment of trends that S&P has
observed in the transaction over several months, which include a
general improvement in the credit quality of the underlying
portfolio.  In its view, S&P has observed an overall improvement
in the ratings distribution of the loans in the underlying
portfolio, in particular, a reduction in the level of 'CCC' rated
assets.  In addition, S&P has also witnessed a rise in the
transaction's overcollateralization test ratio results and an
increase in credit enhancement levels at all rating levels.

S&P has also observed a general rise in the portfolio's weighted-
average spread.  However, for reasons of credit stability, S&P's
analysis also assessed scenarios where the WAS returned to its
covenanted level of 2.65%.

In S&P's opinion, these improvements support its decision to
upgrade the class A2, B, C, D, and E notes.  However, the improved
credit quality of the transaction is not sufficient, in S&P's
view, to justify raising the ratings on the class A1 and VFN
notes.  S&P has therefore affirmed its ratings on these classes at
'AA+ (sf)'.

Dalradian European CLO I is a cash flow collateralized loan
obligation collateralized by a pool of primarily European
leveraged loans.  The transaction closed in May 2006 and is
managed by Elgin Capital.

                           Ratings List

                   Dalradian European CLO I B.V.
                 EUR350 Million Floating-Rate Notes

                         Ratings Raised

                                Rating
                                ------
               Class        To           From
               -----        --           ----
               A2           AA (sf)       A+ (sf)
               B            A+ (sf)       BBB (sf)
               C            BBB+ (sf)     BB+ (sf)
               D            BB- (sf)      CCC+ (sf)
               E            B- (sf)       CCC- (sf)

                        Ratings Affirmed

                       Class        Rating
                       -----        ------
                       A1           AA+ (sf)
                       VFN          AA+ (sf)


EUROCREDIT CDO: Moody's Raises Rating on EUR15MM Notes to B2 (sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Class II
notes, the Second Priority notes and the Third Priority notes
issued by Eurocredit CDO I B.V.

Issuer: Eurocredit CDO I, B.V.

  -- EUR100M Class II Senior Secured Floating Rate Notes due 2012,
     Upgraded to Aaa (sf); previously on Nov 24, 2009 Confirmed at
     Aa2 (sf)

  -- EUR41.5M Second Priority Secured Fixed Rate Notes due 2012,
     Upgraded to Ba1 (sf); previously on Nov 24, 2009 Upgraded to
     Ba2 (sf)

  -- EUR15M Third Priority Secured Fixed Rate Notes due 2012,
     Upgraded to B2 (sf); previously on Nov 24, 2009 Confirmed at
     Caa1 (sf)

                        Ratings Rationale

Eurocredit CDO I B.V., issued in September 1999, is a single
currency collateralized loan obligation backed by a portfolio of
European high yield bonds and senior secured loans.  The
transaction is managed by Intermediate Capital Managers Limited
but the reinvestment period ended in September 2004 and the
underlying portfolio is currently in amortization phase.  As a
result the senior Class I tranche has been repaid by 83.67% as at
last payment date on 1 September 2010.

According to Moody's, the upgrade rating actions taken on the
notes reflect the positive impact of the amortization of the
underlying portfolio and the improvement in the credit quality of
the remaining underlying assets.  This improvement is observed
through a decrease in the portfolio weighted average rating factor
"WARF" (3023 in September 2010, compared to 3465 in October 2009)
and a significant decrease in the proportion of securities from
issuers rated Caa1 and below in the portfolio (2.73% in September
2010, compared to 15.54% in October 2009).  In addition, the
transaction collateralization levels have improved for all rated
notes, with a 17.81% absolute increase for the Class II notes
(145.65% in September 2010, compared to 127.84% in October 2009)
as well as a 3% absolute increase for the Second and Third
Priority notes (110.95% and 107.45% in September 2010 compared to
107.38% and 104.39% in October 2009, respectively).  These figures
were taken from the trustee reports dated 30 September 2010 and 30
October 2009.

As a base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 2975 and a
weighted-average recovery rate of 37.00%.  Standard correlation
assumptions applicable to corporate assets in the CDOROM model
have been used.  Moody's also tested the sensitivity of model
results to key parameters for the rated notes.  Among these, the
agency considered the impact of a two notch rating downgrade for
the largest exposure (10% of the pool) on the model outputs.
Moody's current ratings do not deviate by more than one notches
from the model results of these sensitivity runs.

Under this methodology, due to the deal's lack of granularity of
the portfolio, Moody's relies on a simulation based framework.
Moody's therefore used CDOROM to generate default and recovery
scenarios for each asset in the portfolio and then, Moody's EMEA
Cash-Flow model in order to compute the associated loss to each
tranche in the structure.  The description of this model can be
found in the methodology listed above.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" (August 2009) and "Annual Sector Review (2009):
Global CLOs", key model inputs used by Moody's in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, may be different from the
trustee's reported numbers.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.  In addition, large single
exposure to obligors bearing a Credit Estimates have been
considered for the analysis and applied a stress applicable to
concentrated pools with non publicly rated issuers as per the
report titled "Updated Approach to the Usage of Credit Estimates
in Rated Transactions" published in October 2009.

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


MONTE 2008-I: S&P Affirms Rating on Class C Notes at 'BB (sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
MONTE 2008-I B.V.'s class A, B, and C notes.  At the same time,
S&P removed from CreditWatch negative its ratings on classes B and
C.

The rating actions follow S&P's assessment of developments S&P has
observed in the transaction since it closed in February 2009.
These developments include credit deterioration in the
transaction's underlying portfolio and a reduction in the
outstanding balance of the class A notes.

Based on the collateral administrator's report dated Aug. 31,
2010, S&P noteS that the issuer has partly repaid the class A
notes since closing.  This reduced the outstanding balance to
?328.63 million from ?370.20 million, as principal receipts are
used to repay the issued notes in order of priority.

S&P also note that the credit quality of the pool has deteriorated
since closing.  Using the ratings that S&P considers appropriate
in its analysis, the table below compares the ratings breakdown at
closing with the current ratings breakdown.  S&P's analysis uses
the pool details published in the Aug. 31, 2010 report together
with ratings on the underlying assets as of Oct. 6, 2010.
Principal cash held by the transaction has been excluded from
S&P's analysis.

                          Current                   Closing
             Current      cumulative   Closing      cumulative
    Rating   (% of pool)  percentage   (% of pool)  percentage
    ------   -----------  ----------   -----------  ----------
    AAA         5.45         5.45        8.39         8.39
    AA+         4.52         9.97        1.11         9.50
    AA         17.69        27.66       23.10        32.60
    AA-         7.41        35.07        5.08        37.68
    A+          6.47        41.53       10.33        48.01
    A          21.68        63.21       26.06        74.07
    A-          6.06        69.27        2.65        76.72
    BBB+        1.08        70.35        1.51        78.23
    BBB         7.92        78.27       13.09        91.32
    BBB-        3.38        81.65        2.24        93.56
    BB+         2.87        84.52        3.52        97.08
    BB          5.22        89.74        1.43        98.51
    BB-         3.92        93.66        0.00        98.51
    B+          0.94        94.60        0.00        98.51
    B           0.47        95.07        0.43        98.94
    B-          0.59        95.65        0.00        98.94
    CCC+        0.00        95.65        0.00        98.94
    CCC         2.00        97.65        1.07       100.00
    CCC-        0.47        98.12        0.00       100.00
    CC          1.88       100.00        0.00       100.00
    D           0.00       100.00        0.00       100.00

In addition to S&P's standard cash flow analysis, S&P reviewed
stressed scenarios to test the stability of the ratings on MONTE
2008-I's class A, B, and C notes, as S&P did in its initial rating
analysis.  Such scenarios included those where defaults are high
and recoveries are low in residential and commercial mortgage-
backed securities assets rated 'A-' and lower ("stressed assets").
According to S&P's analysis, the proportion of stressed assets in
the pool has increased slightly since closing, rising to 18.8%
from 16.4%.

For class A, the current higher proportion of stressed assets is,
in its opinion, mitigated by the increase S&P has observed in
credit enhancement available to the class.  S&P's analysis
indicates that class A's available credit enhancement has
increased because the notes have been paid down.  Taking
everything into account, S&P has affirmed the 'A (sf)' rating on
class A.

In contrast to class A, the credit enhancement of classes B and C
has fallen since closing.  This is due, in S&P's view, to the
default of certain assets in the pool.  Defaulted assets appear in
the table above with ratings of 'CC' or 'D'.  Despite the decrease
in credit enhancement, S&P's cash flow analysis indicates
continued strong support for classes B and C at their current
rating levels.  S&P has therefore affirmed and removed their
ratings from CreditWatch negative.

MONTE 2008-I is a static cash flow collateralized debt obligation
of European structured finance securities.  S&P placed classes B
and C on CreditWatch negative in October 2009, when the ratings on
approximately 9.7% of the pool were also on CreditWatch negative.
Currently, 2.8% of the pool is on CreditWatch negative and 0.2% is
on CreditWatch positive.

                          Ratings List

                        Monte 2008-I B.V.
    EUR440.4 Million Floating-Rate Notes And EUR28.3 Million
                       Subordinated Notes

     Ratings Affirmed and Removed From Credit Watch Negative

                          Rating
                          ------
          Class     To              From
          -----     --              ----
          B          BBB (sf)        BBB (sf)/Watch Neg
          C          BB (sf)         BB (sf)/Watch Neg

                         Rating Affirmed

                        Class      Rating
                        -----      ------
                        A          A (sf)


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


COMMERCIAL BANK: Moody's Gives Stable Outlook on 'B3' Rating
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the B3 long-term foreign and local currency deposit
ratings and foreign currency senior unsecured debt ratings as well
as the E+ Bank Financial Strength Rating of Commercial Bank
"Renaissance Capital" LLC.  All global scale ratings are affirmed
at current levels.

                         Rating Rationale

The change in outlook reflects the stabilization and improvements
of CBRC's funding base, profitability, asset quality and
franchise, and hence the reduced likelihood of default of CBRC.
Whilst the bank recorded a significant level of non-performing
loans that accounted for ca.  20% of the loan book at end-2009,
its significant capital buffer -- with the Tier 1 ratio exceeding
21% -- is more than adequate to absorb credit losses.  Moody's
also observes that the bank has managed to differentiate its
funding sources as it repaid a major portion of its wholesale
funding in 2009 and increased its retail customer deposit base
threefold in 2009-1H 2010.

At the same time, Moody's notes CBRC's narrow franchise, and
highlights that refinancing risks remain, as the majority of
funding is still derived from concentrated corporate deposits and
wholesale funding.  Although profitability has started to improve
it still remains poor, and new underwriting standards will need to
prove their effectiveness in order to contain risks.

Moody's previous rating action on CBRC was on 20 April 2009 when
the rating agency downgraded the bank's long-term global local
currency ratings to B3 from B1 and changed the outlook on CBRC's
ratings to negative from stable.

Based in Moscow, CBRC is a member of Renaissance Capital Consumer
Finance Group, the consumer finance segment of the larger
Renaissance group, which also includes an investment banking
segment, asset management and merchant banking.  CBRC reported
total consolidated assets of US$1.1 billion and total equity of
US$310 million under IFRS (reviewed) at year-end H1 2010.


SVIAZ-BANK: Fitch Assigns 'D/E' Individual Rating
-------------------------------------------------
Fitch Ratings has assigned Russia's Sviaz-Bank ratings of Long-
term foreign and local Issuer Default 'BB', Short-term IDR 'B',
Individual 'D/E', Support '3' and National Long-term 'AA-(rus)'.
The Outlooks for the Long-term IDRs and National Long-term rating
are Stable.

SB's IDRs and Support Rating are underpinned by potential support,
in case of need, from its majority shareholder, Russia's state-
owned Vnesheconombank ('BBB'/Stable).  The three- notch difference
between the Long-term IDRs of VEB and SB reflects Fitch's view
that SB is a non-core investment for VEB whose acquisition in 2008
was driven by the need to rescue the bank.  The difference in the
ratings also considers VEB's long-term plans to sell the bank and
the near-term possibility that VEB's stake may fall to a minority
one.

However, Fitch notes the intention of the bank's shareholder to
develop SB into a post bank with the help of the state-owned Post
of Russia, which has more than 40,000 branches in all regions in
Russia.  Fitch believes that the realization of this project, if
implemented, would take considerable time.  To support this
development and fulfil its mandate to recapitalize the bank, VEB
injected a total of RUB90bn of fresh equity and provided RUB26bn
of subordinated debt to SB in 2009.  In addition, to finalize the
cleaning up of the bank's balance sheet, VEB plans to buy a large
portfolio of non-performing legacy loans from SB.  The post bank
project currently envisages that the Post of Russia will take a
25% stake in SB, with a private bank partner taking 25% plus one
share.

SB's Individual rating reflects risk associated with the bank's
recent and planned rapid growth, high concentration on the both
sides of the balance sheet, poorly diversified funding, the
currently limited franchise and considerable uncertainty about the
bank's future business and financial profile.  The rating also
considers the bank's now solid capitalization and limited
impairment to date of loans issued under new management.

At end-H110, the IFRS loan portfolio included approximately
RUB36bn of legacy corporate loans issued prior to the bank's
bailout in Q408; these loans accounted for 38% of total loans and
had 69% reserve coverage.  The sale of these legacy loans to VEB
is not expected to result in large gains or losses relative to
SB's equity.

The non-legacy loan book increased by a rapid 50% in H110, driven
by large loans to a few corporate clients of relatively good
credit quality.  Therefore, the concentration of the loan book was
high, with the top 20 borrowers accounting for 72% of the adjusted
loan book at end-H110.

The bank's funding is undiversified and mostly sourced from or
through VEB in the form of subordinated loans from the parent and
deposits from state-controlled corporates.  The two largest
clients represented 59% of customer accounts or 40% of liabilities
at end-H110.

Highly liquid assets were a solid 41% of total assets at end-H110,
which in part reflects the concentrated funding base.  The capital
position of the bank was solid, with Basel I tier 1 and total
capital ratios standing at 22% and 43.5% at end-H110.

SB was established in 1991 and reported extremely rapid growth in
2004-2008.  It later transpired that the size of the bank's assets
and equity were overstated as a result of risky and allegedly
fraudulent loan and securities transactions.  In October 2008,
following a major liquidity shortfall triggered by the stock
market collapse, VEB bought SB for a token sum, as a measure aimed
at stabilizing the banking sector.  At end-Q310 VEB owned 99.5% of
SB.


TRANSCONTAINER OJSC: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed OJSC TransContainer's ratings at Long-
term foreign and local currency Issuer Default 'BB+', senior
unsecured 'BB+', Short-term foreign and local currency IDR 'B',
and National Long-term 'AA(rus)'.  The Outlooks for the Long-term
IDRs and the National Long-term rating are Stable.

TransContainer's ratings reflect its position as the leading rail-
based container transportation company in Russia with an overall
market share of about 53%.  In addition to its core business of
providing rail-based container transportation (among other assets
it owned over 25,000 flatcars that accounted for 61% of the total
fleet in Russia and over 58,000 ISO containers at 30 June 2010)
and rail-side terminal services, the company is engaged in freight
forwarding and logistics, as well as truck deliveries.
TransContainer benefits from a large network of container
terminals in key strategic locations in Russia and one in
Slovakia.

TransContainer's ratings also reflect the strategic and
operational ties between the company and its parent, JSC Russian
Railways (RZD 'BBB'/Stable/'F3'), the state-owned Russian railway
monopoly and the second-largest railway transportation system in
the world after the US.

Currently, TransContainer's debt is almost entirely long-term and
consists mostly of two rouble-denominated bond issues of RUB6bn in
aggregate maturing in 2013 and 2015 and finance lease obligations
of RUB1.5bn.  At 30 September 2010 the company had cash balances
of RUB396m and short-term investments of RUB390m, plus available
credit lines of up to RUB12.2bn in aggregate from several major
domestic and foreign banks.

TransContainer has an ambitious capital investment program to
purchase new 80 ft flatcars and 40 ft containers and to increase
its container terminals throughput capacity in 2010-14.
Nonetheless, Fitch expects the company to be FCF-positive starting
in 2011.

The agency expects that TransContainer will maintain its leverage
at moderate levels and forecasts that the net adjusted debt/EBITDA
will gradually improve to just above 1x in 2014 from 2.3x in 2010.
Net adjusted debt includes operating leases that Fitch capitalizes
applying a 5x multiple, which is conservative taking into account
the fact that most operating leases are renewed annually.  Fitch
expects TransContainer's FFO interest cover to improve to just
under 10x in 2014 from 4.6x in 2010.  Maintaining adjusted
leverage below 2x on a sustained basis is commensurate with a
standalone rating for TransContainer of 'BB', a level within which
the company is currently weakly placed.

Currently, TransContainer is 85%-owned by RZD, and Fitch expects
that RZD will maintain a majority stake of 50% plus one share in
TransContainer following its IPO scheduled for November this year.
In line with Fitch's Parent-Subsidiary Rating linkage methodology,
TransContainer's IDRs have been notched up one level from its
standalone rating of 'BB' to incorporate explicit support from
RZD, resulting in an overall rating of 'BB+'.

TransContainer transported 1.1 million TEU (twenty foot equivalent
units) in 2009 and 552,000 TEU in H110, a 1.4% increase on H109.
Its terminal container handling volumes reached 1.46 million TEU
in 2009 and 727,000 TEU in H110, a 7% increase on H109.  This
compares with a H110 rail container transportation volume for
Russia of 1.1 million TEU, which increased 16% yoy.  Fitch expects
that the growth in rail container transportation volumes in 2010-
12 will moderately outpace that of Russia's GDP, which the agency
forecasts at 4.3% for 2010 and 4% for 2011-12 respectively.
Furthermore, Fitch anticipates that TransContainer will remain the
market leader in container transportation in Russia over the next
three-to-five years.


* Fitch Says Russian Corporate Outlook Is Improving
---------------------------------------------------
Fitch Ratings believes that the increasingly positive operating
environment in Russia may translate into rating upgrades in 2011.
This reflects the operational and financial prospects for Russian
corporates which are now generally more favorable than in 2009.
The background of continued uncertainty about the global economy,
and possible fall-out from currency and commodity price movements,
will continue to act as a drag on positive rating momentum,
however.

Currently 61% of Fitch's 46 corporate issuer ratings in Russia
have Stable Outlooks and 28% Positive.  The remaining 11% are on
Negative Outlook, including the 7% with Negative Outlooks
reflecting company-specific factors.

There has been a significant shift in the profile of Fitch's
Russian corporate ratings in 2010 to a Positive Outlook bias and
away from the Negative bias seen at the start of this year.  The
two key drivers of this shift have been changes to the Russian
sovereign rating outlook and an improved view of Russia's
incumbent telecom operators.  The corporate ratings environment
has also been supported by improved funding options and liquidity,
as well as improved funds from operations due to higher commodity
prices.

Following the Outlook revision on Russian Federation's 'BBB'
rating to Positive, Fitch has changed the Outlooks to Positive on
OAO AK Yakutskenergo (BB), JSC RusHydro ('BB+') and Sukhoi Civil
Aircraft JSC ('BB'), as well as OJSC Moscow Integrated Power
Company ('BB+'), which is indirectly owned and controlled through
the City Of Moscow ('BBB'/Positive).

In part this positive stance on Russian corporates also reflects
the positive prospects Fitch sees for the Russian incumbent
telecom operators ahead of their expected consolidation under the
Rostelecom umbrella.  Fitch's rating coverage includes OAO North
West Telecom, OAO Centertelecom, OAO Sibirtelecom, OAO
Uralsvyazinform, OAO Volgatelecom and OAO Far East Telecom (all
rated 'BB').

The post financial crisis and recession operating environment is
also considered positive for Russia's steel and chemicals
industries and JSC Sibur Holding (BB) and Magnitogorsk Iron &
Steel Works (BB) have seen their rating Outlooks revised to
Positive.


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


TDA CAM 11: Fitch Assigns 'BB-sf' Rating to Class C Notes
---------------------------------------------------------
Fitch Ratings has assigned final ratings to TDA CAM 11, Fondo de
Titulizacion de Activos mortgage-backed floating-rate notes due in
September 2061:

  -- EUR92,900,840 Class A1 notes (ISIN ES0377845005) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

  -- EUR517,900,000 Class A2 notes (ISIN ES0377845013) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-2'

  -- EUR403,200,000 Class A3 notes (ISIN ES0377845021) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-2'

  -- EUR229,100,000 Class A4 notes (ISIN ES0377845039) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

  -- EUR33,000,000 Class B notes (ISIN ES0377845047) 'A-sf';
     Outlook Stable; Loss Severity rating of 'LS-4'

  -- EUR132,000,000 Class C notes (ISIN ES0377845054) 'BB-sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by
Caja de Ahorros del Mediterraneo (rated 'BBB+'/Rating Watch
Evolving/'F2') that originally closed in November 2008.  Upon the
assignment of final ratings by Fitch the reserve fund has been
increased to 5.39% from 4.39% of the notes' outstanding balance
and the transaction documents have been amended to reflect Fitch's
applicable criteria.

The ratings take into account the specific risk attributes of the
underlying pool including a significant concentration of broker-
originated loans and loans granted to foreigners.  The remaining
term to maturities also exceeds the market average.  According to
Fitch's analysis loans with such features typically show a weaker
performance and as such the agency has tightened its base case
loss assumptions.

The portfolio's average original loan-to-value was 72.2%, and the
current loan-to-value is 66.7%.  The difference between current
and original loan to value is due to the pool seasoning, which is
above two years.  Loans are geographically concentrated in CAM's
home region, the Comunidad Valenciana.

Also as of end-September 2010, total credit enhancement for the
class A notes (A1, A2, A3 and A4), equivalent to 17.1% of the
outstanding collateral balance, is provided by the subordination
of classes B and C (2.3%) and (9.4%), respectively, plus a reserve
fund of 5.4%.  Similarly, CE for the class B notes is provided by
subordination of class C plus the reserve fund.  Finally, CE for
the class C notes is provided only by the reserve fund.

Fitch has also incorporated in its analysis the transaction's
latest performance which has improved over the last 12 months.  As
of end-September 2010 the deal reported 90 days or over
delinquencies of 1.1% of the portfolio balance.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
("participaciones hipotecarias") and mortgage certificates
("certificados de transmission de hipoteca") acquired from CAM.
The PHs and CTHs were subscribed by Titulizacion de Activos S.A.,
S.G.F.T.  whose sole function is to manage asset-backed notes on
behalf of the fund.

The ratings address the timely payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B to C notes, as well
as the repayment of principal by the legal maturity date for each
note.

The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos S.A., S.G.F.T.'s
administrative capabilities.


TDA CAM 12: Fitch Assigns 'BBsf' Rating to Class C Notes
--------------------------------------------------------
Fitch Ratings has assigned final ratings to TDA CAM 12, Fondo de
Titulizacion de Activos mortgage-backed floating-rate notes due in
December 2061:

  -- EUR133,572,166 Class A1 notes (ISIN ES0377104007) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

  -- EUR665,000,000 Class A2 notes (ISIN ES0377104015) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-1'

  -- EUR418,000,000 Class A3 notes (ISIN ES0377104023) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-2'

  -- EUR228,000,000 Class A4 notes (ISIN ES0377104031) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-2'

  -- EUR57,000,000 Class B notes (ISIN ES0377104049) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

  -- EUR152,000,000 Class C notes (ISIN ES0377104056) 'BBsf';
     Outlook Stable; Loss Severity rating of 'LS-3'

This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by
Caja de Ahorros del Mediterraneo (CAM, rated 'BBB+'/Rating Watch
Evolving/'F2') that originally closed in February 2009.  Upon
assignment of final ratings, the transaction documents have been
amended to reflect Fitch's applicable criteria.

Fitch considers the underlying portfolio to share similar risk
attributes with previous TDA CAM transactions such as significant
portions of broker-originated loans and loans granted to
foreigners.  The remaining term to maturities also exceeds the
market average.  According to Fitch's analysis loans with such
features typically show a weaker performance and as such the
agency has tightened its base case loss assumptions.

The portfolio's average original loan-to-value was 70.9%, and the
current loan-to-value is 62.5%.  The difference between current
and original loan to value is due to the pool seasoning, which is
above three years.  Similar to previous TDA CAM deals, loans are
geographically concentrated in CAM's home region, the Comunidad
Valenciana.

The transaction's counterparty risk had a significant impact in
Fitch's analysis of TDA CAM 12, Fondo de Titulizacion de Activos.
As of September 2010 Caja de Ahorros y Monte de Piedad de Madrid
(Caja Madrid, rated 'A'/ Rating Watch Negative/'F1'), as
reinvestment account provider, did not comply with Fitch's
eligibility criteria for counterparties in structured finance
transactions with ratings above 'A+'.  The agency considers that
this uncovered counterparty exposure is material to the rating and
has therefore capped the rating on the notes at 'A+', in line with
its criteria for transactions whereby counterparties are rated
below 'A'/'F1+' and above 'BBB+'/'F2'.  Without such a cap, and
given the available credit enhancement Fitch considers the class A
notes to be in line with the 'AAsf' rating category.

As of September 2010 total credit enhancement for the class A
notes (A1, A2, A3 and A4), equivalent to 17.2% of the outstanding
collateral balance, is provided by the subordination of classes B
and C (3.4%) and (9.2%), respectively, plus a reserve fund of
4.6%.  Similarly, CE for the class B notes is provided by
subordination of class C plus the reserve fund.  Finally, CE for
the class C notes is provided only by the reserve fund.

Fitch has also incorporated in its analysis the transaction's
latest performance which has improved since Q110.  As of end-
September 2010 the deal reported 90 days or over delinquencies of
0.7% of the portfolio balance.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
("participaciones hipotecarias") and mortgage certificates
("certificados de transmission de hipoteca") acquired from CAM.
The PHs and CTHs were subscribed by Titulizacion de Activos S.A.,
S.G.F.T. whose sole function is to manage asset-backed notes on
behalf of the fund.

The ratings address the timely payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B to C notes, as well
as the repayment of principal by the legal maturity date for each
note.

The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos S.A., S.G.F.T.'s
administrative capabilities.


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


DUNDEE FOOTBALL CLUB: Axed Stars Given Transfer Lifeline
--------------------------------------------------------
Dundee Football Club's sacked stars have been handed a boost after
being told they won't need to wait until the transfer window
reopens in January to sign for a new club, Daily Record reports.

According to the report, the cash-strapped outfit tore up the
contracts of nine first-team squad members after going into
administration.  The report relates that the players feared they'd
be forced on to the dole for the rest of the year -- but PFA chief
Fraser Wishart said FIFA will grant the players permission to move
elsewhere once they agree contracts.

Mr. Wishart, the report notes, said: "The SFA -- or the local
association -- must register the player and send various letters.
At that point FIFA will look at the documents and rubber-stamp
transfers on an individual basis."

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


EMI GROUP: Judge Questions Terra Firma's Theory in Case v. Citi
---------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
Judge Jed Rakoff has ruled that Guy Hands would get no more than a
quarter of the US$8 billion (GBP5 billion) damages he sought were
he to win his landmark case against Citigroup over the Terra Firma
boss's 2007 acquisition of EMI Group.

The FT relates Judge Rakoff, who has presided over the case in the
southern district court of New York for the past two weeks, has
ruled out one of the three theories on which Mr. Hands' legal team
had based their damages claim, and Mr. Hands' lawyers have
withdrawn another.

According to the FT, in an evening conference with the two sides'
lawyers after dismissing the jury on Wednesday, Judge Rakoff said
he would not allow a witness for Mr. Hands' Terra Firma private
equity group to testify about "lost profits", questioning the
methodology behind a theory under which it had sought damages of
EUR4.4 billion (GBP3.8 billion).

David Boies, Mr. Hands' lead lawyer, then withdrew an alternative
theory that Mr. Hands, should he win, should be compensated for
having been "locked in" to the EMI investment while its value
fell, the FT discloses.  A Terra Firma witness had said such
damages could be EUR2 billion, the FT notes.

The FT says the remaining claim for "fair market" or "make whole"
damages could still expose Citigroup to a sum as high as US$2
billion should the nine-person jury agree with Mr. Boies'
calculation of the difference between EMI's true worth and the
GBP4.2 billion Mr. Hands paid for it.

Marianne DeMario, an analyst who has often testified for clients
of Mr. Boies' law firm, told the court on Friday that EMI's fair
market value was as little as 123p when he paid 265p-per-share for
it, the FT recounts.  She argued for damages of GBP1.48 billion
(US$2.37 billion), including GBP80 million Terra Firma invested in
EMI to avoid breaching loan covenants, according to the FT.

The case continues, with Mr. Boies expected to begin summing up as
early as today, Nov. 2, the FT states.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The FT said Mr. Hands told a New York court on Oct. 19 that
it would not have bid for EMI Group in a 2007 auction had it not
been for the alleged advice of a Citigroup banker.  The FT
disclosed Mr. Hands, taking the stand on the second day of his
fraud lawsuit against the bank that financed the GBP4.2 billion
(US$6.6 billion) deal, alleged that David Wormsley, Mr. Hands'
closest adviser at Citigroup, encouraged Terra Firma to enter the
race for the music company even though the private equity group
preferred to avoid auctions.  Mr. Hands, as cited by the FT, said
suing his closest external adviser had been "a very, very last
resort", arrived at reluctantly only after negotiations with
Citigroup on restructuring EMI failed.  He reiterated his
allegation that Mr. Wormsley told him over the weekend before the
Monday morning bid deadline that Terra Firma should offer 265p per
EMI share because Cerberus, a rival private equity firm, planned a
262p offer, the FT disclosed.   Citigroup, the FT said, vehemently
disputes the claim, arguing that Mr. Hands decided to sue only
after losing most of his investment in the deal.

                         Banking Covenants

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010.  The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017.  The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011.  The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.

EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.


HONOURS PLC: Fitch Affirms 'BBsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of all classes of notes
issued by Honours Plc.  The Outlooks are Stable.  The agency has
assigned Loss Severity ratings to the notes:

  -- GBP126.4m Class A1 notes: affirmed at 'AAAsf' Outlook Stable;
     assigned 'LS-1'

  -- GBP54.2m Class A2 notes: affirmed at 'AAAsf', Outlook Stable;
     assigned 'LS-2'

  -- GBP33.4m Class B notes: affirmed at 'Asf', Outlook Stable;
     assigned 'LS-3'

  -- GBP18.0m Class C notes: affirmed at 'BBBsf', Outlook Stable;
     assigned 'LS-3'

  -- GBP12.0m Class D notes: affirmed at 'BBsf', Outlook Stable;
     assigned LS-3'

The transaction is a securitization of UK student loan receivables
originated by the UK government.  The loans were originated to
individuals who commenced higher education courses prior to
September 1998.  The notes were issued in November 2006 to
refinance notes issued against the same collateral pool in 1999.

The affirmation reflects the increase in credit enhancement since
closing to 28.2% for class A, 15.2% for class B, 8.1% for class C,
and 3.4% for class D.  The notes have been sequentially amortizing
since closing.  The class A1 note has amortized to GBP126.4
million from GBP292 million while the other note balances remain
unchanged.

The transaction has not breached any of the performance-related
triggers designed to protect the senior notes.  Fitch does not
anticipate any breach in the immediate future, given the zero
balance of the principal deficiency ledger and current performance
trends.

Loans are classified as defaulted upon reaching the 24th month of
delinquency.  The cumulative default amount since November 2006 is
GBP22.5 million.  To date, all defaults have been cured from
excess spread and the transaction consequently has a zero
principal deficiency ledger balance.  Excess spread levels have
had limited benefit from recoveries over the past 12 months.

The total eligible receivables' balance (less than 24 months
delinquent) was GBP253 million as at end-September 2010.  Of this
amount, 78.8% has been deferred without arrears while loans in
repayment make up 14.6%.  Loans overdue by up to 23 months
constitute 5.4% of the balance and the remaining 1.2% constitutes
loans deferred with arrears.  Fitch does not expect all of the
non-performing loans to roll into default.  The agency will
continue to monitor the evolution of the arrears balance relative
to available credit enhancement.

The transaction documentation provides for pro-rata amortization
of the notes if certain conditions are met.  All conditions are
currently met, apart from one which requires the class A notes
subordination ratio to double from its value at closing.  Due to
slower amortization than previously anticipated, Fitch expects the
notes to enter pro-rata amortization during H211.

The transaction benefits from a liquidity facility provided by
Danske Bank ('A+'/ Stable/'F1').  The facility can be used to
cover interest shortfalls for the class A1, A2 and B notes.  At
the same time, Deutsche Bank ('AA-'/Negative/'F1+') is acting as
the guaranteed investment contract provider for Honours Plc.
Series 2 notes.  The current ratings of both parties are
consistent with Fitch's counterparty criteria.


INEOS GROUP: Moody's Raises Rating on Senior Notes to 'Caa2'
------------------------------------------------------------
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 upgrading the corporate family
rating by one notch to B3 and assigning a stable outlook:

(i) The ratings on the first lien senior secured bank facilities
and notes were upgraded by one notch to B1,

(ii) The ratings on 2015 second lien senior secured loans were
upgraded by one notch to Caa1, and

(iii) The ratings on 2016 senior guaranteed notes were upgraded by
one notch to Caa2.

                        Ratings Rationale

The upgrade of the corporate family rating to B3 follows strong
operating performance in 2010 as the O&P and Intermediate
chemicals operations benefited from the recovery in volumes and
high margins, supported, in part, by capacity constraints and
restricted availability of several key co-products.  The refining
business remains affected by the overcapacity in Europe and
Moody's foresee only a modest recovery in margins from the current
levels in the near term.  Pending such recovery, Moody's expect
that Ineos improved position (with leverage expected at 5x on debt
adjusted basis at the end of the year) will be supported by the
sustained strength in the Intermediate chemicals and the US O&P
business.

The rating and the stable outlook are further supported by
expectation that Ineos will continue to deliver on its
deleveraging focus.  In the next 12 months, the rating will be
largely driven by the pace and scope of debt reduction.  The
recovery in the refining business, as well as ability to sustain
current margins in the European O&P business in a less supportive
environment, would contribute to accelerating deleveraging.
Further upward pressure would develop if leverage falls below 4.5x
times on a sustainable basis.  An upgrade of the rating would also
require Ineos to maintain a strong liquidity profile.  A
deterioration in operating performance leading to a sustained
weakness in cash flow generation and weaker debt coverage metrics
with (FFO + Interest)/ Interest below 2.5x and/or a sustained
negative FCF generation would put a negative pressure on the
ratings.

Ineos liquidity position remains satisfactory and is supported by
the improved cash and working capital management, while the strong
performance in 2010 required a substantial WC funding.  At the end
of September 2010, the company reported EUR 547m in cash balances
and further EUR 125 m were available under its RCF facility and
EUR 236 under its securitization facility.  Moody's note that
after the successful refinancing in April 2010, Ineos faces only
limited debt maturities in the next 12 months.

Ineos Group Holdings plc:

* Corporate Family Rating: B3 / PD - B3;
* 2016 senior g-teed notes - Caa2 / LGD 5 (88);

Ineos Holding Limited

* First-lien senior g-teed bank facilities and notes - B1 / LGD 3
  (30);

* Second lien senior loans -- Caa1 / LGD 5 (73).


NORTHUMBERLAND FOODS: Longbenton Foods Acquires Amble Site
----------------------------------------------------------
Northumberland Foods Limited's Amble site has been acquired by
rival firm, Newcastle-based Longbenton Foods, BBC News reports.
The report relates that Longbenton Foods has already restarted
production.

According to the report, Longbenton Foods Limited went into
administration in August with the loss of 250 jobs earlier this
year.

The report notes that seventy former staff has been taken on by
the company and with more jobs promised.  Vidar Engen, managing
director of Longbenton Foods, said that agreements have been made
with local producers and the firm hoped all production lines would
be up and running in time for Christmas, the report discloses.

Headquartered in Amble, near Morpeth, Northumberland Foods Limited
made frozen vegetable products for clients including Tesco,
Sainsbury's and Iceland.


PARAMOUNT PRINT: Character DPM Acquires Firm
--------------------------------------------
Liverpool-based mailing house and direct marketing company
Character DPM Group has bought Paramount Print Group out of
administration in a deal negotiated by administrators from
accountancy firm Grant Thornton, Insider Media reports.

As reported in the Troubled Company Reporter-Europe on October 29,
2010, PrintWeek said that Paramount Print Group has fallen into
administration with half of the GBP7.5 million-turnover company's
staff made redundant.  Matthew Dunham and Les Ross of Grant
Thornton were appointed to the company on October 25, 2010.

According to Insider Media, Grant Thornton said that 36 of the 68
jobs have now been saved and they will remain working at the
company's Manchester site.

Paramount Print Group in Manchester is unconnected to Paramount
Printers in Edinburgh.


REAL ESTATE: Shareholders' Deficit Reaches More Than GBP750 Mln
---------------------------------------------------------------
Sunday Independent reports that Real Estate Opportunities on
Friday published its half-year results.

According to Sunday Independent, the latest set of results, which
cover the half-year to the end of August, show that REO's
liabilities exceed its assets by more than GBP750 million.  Sunday
Independent notes these show bank loans of GBP1.29 billion, of
which three-quarters (GBP974 million) fall due for repayment
within the next 12 months.

Sunday Independent relates the company also has bonds with a face
value of GBP247 million, which must be repaid by end of May 2011.
It has preference shares with a face value of GBP127 million and
an exposure to financial derivatives of a further GBP74 million,
Sunday Independent states.

Emmet Oliver at Irish Independent reports REO is hoping that some
of its short-term liabilities, due within a year, can be converted
into more long-term debts after talking to lenders, including the
National Asset Management Agency.

Irish Independent relates the company has published the "key
assumptions" of its NAMA business plan, which includes NAMA
rolling over EUR780 million of debts, deferring interest payments
and getting additional working capital.  Getting planning
permission for its Battersea Power Station project is also one,
Irish Independent notes.

                            Debt Talks

According to Irish Independent, the company is pressing to have
its loans extended and interest payments postponed as talks enter
a crucial stage with NAMA.

The company, Irish Independent says, is trying to bring in a fresh
investor to fund its Battersea Power Station project and it is
understood 15 parties have expressed preliminary interest.

The company got a business plan into NAMA in May and is now
awaiting what it calls "broad approval" from the NAMA board, Irish
Independent discloses.

The Irish Independent understands there have been substantial
revisions to the original REO/Treasury plan and an asset-disposal
program has also been discussed.

Real Estate Opportunities is a UK-listed property company
controlled by Johnny Ronan and Richard Barrett's Treasury
Holdings.


TARGETFOLLOW: Subsidiary Goes Into Administration
-------------------------------------------------
David Bale at Evening News 24 reports that a subsidiary of the
Norwich-based Targetfollow Group has gone into administration --
but the 90 jobs in the city and 200 nationwide are not believed to
be under threat.

However, the report notes, the planned Harford Place development
off Hall Road in the south of the city, which includes homes,
commercial and retail space, could be affected.

According to the report, the High Court in London allowed Lloyds
Banking Group to appoint administrators to Targetfollow Property
Holdings Ltd, a holding company within the Targetfollow group.
The report says an unnamed spokesman said that Targetfollow
Estates Ltd, the management company which employs the group's
staff, is unaffected by the administration.  However, another
subsidiary of the group, Targetfollow Property Investment and
Development, was expected to go into administration, which would
place the future of the Harford Place development in the hands of
administrators, he added.

Together, these subsidiaries represent about half of Targetfollow
Group.

Targetfollow Chairman and founder Ardeshir Naghshineh said they
would be happy to offer assistance to the administrators,
Deloitte, to maximize value for the benefit of all stakeholders,
the report adds.

Targetfollow is a property developer based in the United Kingdom.


WINDSOR & ETON: Considers Administration
----------------------------------------
Windsor & Eton Football Club Chairman Peter Simpson said that he
is "considering" putting it into administration as he battles to
save the cash-strapped club, Maidenhead Adviser reports.  The
report relates that the clock has been ticking since Mr. Simpson
confirmed on that HM Revenue & Customs had issued the club with a
winding-up petition over an unpaid GBP50,000 tax bill.

According to the report, Mr. Simpson revealed that the Revenue
would delay the petition by 12 weeks if GBP10,000 was paid off by
November 10 -- but this week said the goalposts have been moved.
The report notes that supporters have dug deep in their pockets
and so far pledged GBP8,000, while a further GBP5,000 has been
given by former Windsor vice-chairman Kevin Stott, bringing the
total to GBP13,000.

Mr. Simpson, the report notes, said he had told the Revenue about
the money but will not commit to handing it over until they
confirm the petition date has been postponed.

Mr. Simpson, the report discloses, said that an insolvency
specialist has been called in and a meeting is to take place at
the club to discuss administration as an option.


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


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

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

AUSTRIA
-------
CHRIST WATER TEC      CWT AV      -5754287.761   165995618.1
CHRIST WATER TEC      CWT EO      -5754287.761   165995618.1
CHRIST WATER TEC      CWT PZ      -5754287.761   165995618.1
CHRIST WATER TEC      CWTE IX     -5754287.761   165995618.1
CHRIST WATER TEC      CWT EU      -5754287.761   165995618.1
CHRIST WATER TEC      CRSWF US    -5754287.761   165995618.1
CHRIST WATER TEC      C7W GR      -5754287.761   165995618.1
CHRIST WATER-ADR      CRSWY US    -5754287.761   165995618.1
KA FINANZ AG          3730Z AV      -359597327   30679270533
LIBRO AG              LBROF US    -110486313.8     174004185
LIBRO AG              LIB AV      -110486313.8     174004185
LIBRO AG              LB6 GR      -110486313.8     174004185
LIBRO AG              LIBR AV     -110486313.8     174004185
SKYEUROPE             SKYP PW     -89480486.93   159076577.5
SKYEUROPE             SKY PW      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EO      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYA PZ     -89480486.93   159076577.5
SKYEUROPE HLDG        SKY AV      -89480486.93   159076577.5
SKYEUROPE HLDG        S8E GR      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY LI      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EU      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EO   -89480486.93   159076577.5
SKYEUROPE HLDG        SKYV IX     -89480486.93   159076577.5
SKYEUROPE HLDG        SKURF US    -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EU   -89480486.93   159076577.5
SKYEUROPE HOL-RT      SK1 AV      -89480486.93   159076577.5
STYROL HOLDING 1      3321155Z AV -69327699.53    1925984640

BELGIUM
-------
SABENA SA             SABA BB     -85494497.66    2215341060

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

CZECH REPUBLIC
--------------
CKD PRAHA HLDG        CKDH CP     -89435858.16     192305153
CKD PRAHA HLDG        CKDPF US    -89435858.16     192305153
CKD PRAHA HLDG        CKDH US     -89435858.16     192305153
CKD PRAHA HLDG        CDP EX      -89435858.16     192305153
CKD PRAHA HLDG        297687Q GR  -89435858.16     192305153
SETUZA AS             2994767Q EO -61453764.17   138582273.6
SETUZA AS             SETU IX     -61453764.17   138582273.6
SETUZA AS             SZA EX      -61453764.17   138582273.6
SETUZA AS             2994755Q EU -61453764.17   138582273.6
SETUZA AS             2994763Q EU -61453764.17   138582273.6
SETUZA AS             SZA GR      -61453764.17   138582273.6
SETUZA AS             SETUZA PZ   -61453764.17   138582273.6
SETUZA AS             SETUZA CP   -61453764.17   138582273.6
SETUZA AS             2994759Q EO -61453764.17   138582273.6

DENMARK
-------
ELITE SHIPPING        ELSP DC     -27715991.74   100892900.3
OBTEC                 OBT DC      -14919946.34   138400232.8
OBTEC                 OBTEC DC    -14919946.34   138400232.8
OBTEC-NEW SHARES      OBTECN DC   -14919946.34   138400232.8
OBTEC-OLD             OBTN DC     -14919946.34   138400232.8
ROSKILDE BANK         ROSK EO     -532868894.9    7876687324
ROSKILDE BANK         RKI GR      -532868894.9    7876687324
ROSKILDE BANK         RSKC IX     -532868894.9    7876687324
ROSKILDE BANK         ROSKF US    -532868894.9    7876687324
ROSKILDE BANK         ROSK PZ     -532868894.9    7876687324
ROSKILDE BANK         ROSBF US    -532868894.9    7876687324
ROSKILDE BANK         ROSK DC     -532868894.9    7876687324
ROSKILDE BANK         ROSK EU     -532868894.9    7876687324
ROSKILDE BANK-RT      916603Q DC  -532868894.9    7876687324
ROSKILDE BAN-NEW      ROSKN DC    -532868894.9    7876687324
ROSKILDE BAN-RTS      ROSKT DC    -532868894.9    7876687324
SANISTAL AS-B         SANIB BY    -11789341.08   491776701.8
SANISTAL AS-B         SANIBEUR EO -11789341.08   491776701.8
SANISTAL AS-B         SNSC IX     -11789341.08   491776701.8
SANISTAL AS-B         SANL DC     -11789341.08   491776701.8
SANISTAL AS-B         SANIB DC    -11789341.08   491776701.8
SANISTAL AS-B         SNISF US    -11789341.08   491776701.8
SANISTAL AS-B         SANIB EO    -11789341.08   491776701.8
SANISTAL AS-B         SANIB EU    -11789341.08   491776701.8
SANISTAL AS-B         SANI/B PZ   -11789341.08   491776701.8
SANISTAL AS-B         SANIBEUR EU -11789341.08   491776701.8
SANISTAL-B NEW        SANLN DC    -11789341.08   491776701.8
SCANDINAVIAN BRA      SBS1 EO     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1 EU     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS DC      -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1 BY     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1EUR EO  -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1EUR EU  -14919946.34   138400232.8
SCANDINAVIAN BRA      SBSC IX     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBSD PZ     -14919946.34   138400232.8

FRANCE
------
BELVEDERE - RTS       554451Q FP  -240506200.5    1000204586
BELVEDERE - RTS       702036Q FP  -240506200.5    1000204586
BELVEDERE SA          BELV FP     -240506200.5    1000204586
BELVEDERE SA          BED GR      -240506200.5    1000204586
BELVEDERE SA          BVD EO      -240506200.5    1000204586
BELVEDERE SA          BEVD IX     -240506200.5    1000204586
BELVEDERE SA          BVD FP      -240506200.5    1000204586
BELVEDERE SA          BVD EU      -240506200.5    1000204586
BELVEDERE SA          BVD PZ      -240506200.5    1000204586
BELVEDERE SA          BED TH      -240506200.5    1000204586
BELVEDERE SA          BVDRF US    -240506200.5    1000204586
BELVEDERE SA          BELV NM     -240506200.5    1000204586
BELVEDERE SA-NEW      946529Q FP  -240506200.5    1000204586
BELVEDERE SA-NEW      BVDNV FP    -240506200.5    1000204586
BELVEDERE SA-RTS      BVDDS FP    -240506200.5    1000204586
CADES                 211430Z FP     -1.32E+11    9983888303
CARRERE GROUP         CAR2 EO     -9829592.638     279906700
CARRERE GROUP         CRRHF US    -9829592.638     279906700
CARRERE GROUP         CARG FP     -9829592.638     279906700
CARRERE GROUP         CAR FP      -9829592.638     279906700
CARRERE GROUP         CARF PZ     -9829592.638     279906700
CARRERE GROUP         CAR2 EU     -9829592.638     279906700
CARRERE GROUP         CRGP IX     -9829592.638     279906700
CARRERE GROUP         XRR GR      -9829592.638     279906700
CHAINE ET TRAME       CHTR FP     -58947458.16   116889783.9
CHAINE ET TRAME       CTRM FP     -58947458.16   116889783.9
COMPAGNIE IMMOBI      CIMB EO     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB FP     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB PZ     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB EU     -18851260.64   237751743.8
EMPAIN GRAHAM DV      EMGD FP     -18851260.64   237751743.8
GRANDE PAROISSE       GDPXF US    -927267926.9     629287290
GRANDE PAROISSE       GAPA FP     -927267926.9     629287290
GRANDE PAROISSE       GDPA FP     -927267926.9     629287290
LAB DOLISOS           LADL FP     -27752176.19   110485462.4
LAB DOLISOS           DOLI FP     -27752176.19   110485462.4
MATUSSIERE & FOR      1007765Q FP -77896683.67   293868350.8
MATUSSIERE & FOR      MTUSF US    -77896683.67   293868350.8
MB RETAIL EUROPE      CTRF IX     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EO     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU     -58947458.16   116889783.9
OROSDI                OROS FP     -35006822.54   151870593.9
OROSDI-BACK           BACK IX     -35006822.54   151870593.9
OROSDI-BACK           ORBA FP     -35006822.54   151870593.9
OROSDI-BACK           OROS PZ     -35006822.54   151870593.9
OROSDI-BACK           OROS EO     -35006822.54   151870593.9
OROSDI-BACK           OROS EU     -35006822.54   151870593.9
PAGESJAUNES GRP       PAJ EB       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ GK       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ BQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBX EU    -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBP EO    -2806466942   928971577.5
PAGESJAUNES GRP       PAJ VX       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ NQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ IX       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ PZ       -2806466942   928971577.5
PAGESJAUNES GRP       QS3 TH       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ FP       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ EU       -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBX EO    -2806466942   928971577.5
PAGESJAUNES GRP       QS3 GR       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ EO       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ QM       -2806466942   928971577.5
PAGESJAUNES GRP       PAJUSD EO    -2806466942   928971577.5
PAGESJAUNES GRP       PAJ TQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJUSD EU    -2806466942   928971577.5
PAGESJAUNES GRP       PGJUF US     -2806466942   928971577.5
PAGESJAUNES GRP       PAJP IX      -2806466942   928971577.5
PAGESJAUNES GRP       PAJ LI       -2806466942   928971577.5
RESEAU FERRE FRA      224063Z FP   -1967530419   70147358617
RHODIA SA             RHA VX      -726840112.3    5945870566
RHODIA SA             RHD GR      -726840112.3    5945870566
RHODIA SA             2324011Q EU -726840112.3    5945870566
RHODIA SA             RHAGBX EU   -726840112.3    5945870566
RHODIA SA             RHADF US    -726840112.3    5945870566
RHODIA SA             RHA EU      -726840112.3    5945870566
RHODIA SA             3218857Q IX -726840112.3    5945870566
RHODIA SA             RHA BQ      -726840112.3    5945870566
RHODIA SA             RHA FP      -726840112.3    5945870566
RHODIA SA             RHAUSD EO   -726840112.3    5945870566
RHODIA SA             RHA GK      -726840112.3    5945870566
RHODIA SA             RHDI TH     -726840112.3    5945870566
RHODIA SA             RHANR PZ    -726840112.3    5945870566
RHODIA SA             RHA IX      -726840112.3    5945870566
RHODIA SA             2324015Q EO -726840112.3    5945870566
RHODIA SA             RHAGBX EO   -726840112.3    5945870566
RHODIA SA             RHA PZ      -726840112.3    5945870566
RHODIA SA             RHA TQ      -726840112.3    5945870566
RHODIA SA             RHA NQ      -726840112.3    5945870566
RHODIA SA             RHDI GR     -726840112.3    5945870566
RHODIA SA             RHA EO      -726840112.3    5945870566
RHODIA SA             RHAY IX     -726840112.3    5945870566
RHODIA SA             RHA EB      -726840112.3    5945870566
RHODIA SA             RHDAF US    -726840112.3    5945870566
RHODIA SA             RHAGBP EO   -726840112.3    5945870566
RHODIA SA             RHAUSD EU   -726840112.3    5945870566
RHODIA SA             RHA QM      -726840112.3    5945870566
RHODIA SA - NEW       2335921Q FP -726840112.3    5945870566
RHODIA SA - NEW       RHANV FP    -726840112.3    5945870566
RHODIA SA - NEW       3506266Q FP -726840112.3    5945870566
RHODIA SA - NEW       3156011Q FP -726840112.3    5945870566
RHODIA SA-ADR         RHAYY US    -726840112.3    5945870566
RHODIA SA-NON RE      RHANR FP    -726840112.3    5945870566
RHODIA SA-RIGHTS      RHADS FP    -726840112.3    5945870566
RHODIA SA-RIGHTS      653447Q FP  -726840112.3    5945870566
RODIGUEZ GROUP        RGX GR      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD EO      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD TQ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD BQ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD PZ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD FP      -71997955.94   457127473.1
RODRIGUEZ GROUP       RRGZF US    -71997955.94   457127473.1
RODRIGUEZ GROUP       RDGP IX     -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD EU      -71997955.94   457127473.1
SDR CENTREST          117241Q FP  -132420119.6   252176017.2
SOBIESKI              BVD PW      -240506200.5    1000204586
TROUVAY CAUVIN        ETEC FP     -396977.9956   133986439.7
TROUVAY CAUVIN        TVYCF US    -396977.9956   133986439.7

GEORGIA
-------
DEVELICA DEUTSCH      DDE PG      -86990929.38    1142447974
DEVELICA DEUTSCH      D4B GR      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE PZ      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE IX      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE LN      -86990929.38    1142447974
PEARL HOLDING         3622Z LN    -133833007.2   968234065.8

GERMANY
-------
AGOR AG               DOO GR      -482446.6262   144432986.2
AGOR AG               DOO EO      -482446.6262   144432986.2
AGOR AG               DOOG IX     -482446.6262   144432986.2
AGOR AG               NDAGF US    -482446.6262   144432986.2
AGOR AG               DOO EU      -482446.6262   144432986.2
AGOR AG               DOOD PZ     -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR -482446.6262   144432986.2
ALNO AG               ANO EO      -73119134.74   198564638.9
ALNO AG               ANO EU      -73119134.74   198564638.9
ALNO AG               ANO GR      -73119134.74   198564638.9
ALNO AG               ALNO IX     -73119134.74   198564638.9
ALNO AG               ANO PZ      -73119134.74   198564638.9
ALNO AG-NEW           ANO1 GR     -73119134.74   198564638.9
ALNO AG-RTS           2259765Z GR -73119134.74   198564638.9
ALNO AG-RTS           4123912Z GR -73119134.74   198564638.9
BROKAT AG             BRKAF US    -27139391.98   143536859.7
BROKAT AG             BKISF US    -27139391.98   143536859.7
BROKAT AG             BROFQ US    -27139391.98   143536859.7
BROKAT AG             BROAF US    -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 NM     -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 GR     -27139391.98   143536859.7
BROKAT AG-ADR         BROA US     -27139391.98   143536859.7
BROKAT TECH -ADR      BROAQ US    -27139391.98   143536859.7
BROKAT TECH AG        BRJ NM      -27139391.98   143536859.7
BROKAT TECH AG        BSA LN      -27139391.98   143536859.7
BROKAT TECH AG        BRJ GR      -27139391.98   143536859.7
BROKAT TECH-ADR       BRJA GR     -27139391.98   143536859.7
CBB HOLDING AG        COBG IX     -42994732.85   904723627.8
CBB HOLDING AG        COB2 EU     -42994732.85   904723627.8
CBB HOLDING AG        COBG PZ     -42994732.85   904723627.8
CBB HOLDING AG        COB2 EO     -42994732.85   904723627.8
CBB HOLDING AG        CUBDF US    -42994732.85   904723627.8
CBB HOLDING AG        COB GR      -42994732.85   904723627.8
CBB HOLDING-NEW       COB3 GR     -42994732.85   904723627.8
CBB HOLDING-NEW       COB1 GR     -42994732.85   904723627.8
CBB HOLD-NEW 97       COB2 GR     -42994732.85   904723627.8
COGNIS GMBH           575202Z GR   -1092037449    3081208210
COGNIS HOLDING G      635952Z GR   -1587896974    2850475613
DORT ACTIEN-BRAU      944167Q GR  -12689156.29   117537053.7
DORT ACTIEN-RTS       DAB8 GR     -12689156.29   117537053.7
EDOB ABWICKLUNGS      ESC EO      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC BQ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESCDF US    -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TH      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TQ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC PZ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC GR      -22323463.23   425598807.8
EM.TV & MERCHAND      985403Q GR  -22067409.41   849175624.7
EM.TV & MERCHAND      ETV VX      -22067409.41   849175624.7
EM.TV & MERCHAND      ETV NM      -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US    -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US    -22067409.41   849175624.7
EM.TV & MERCHAND      ETV LN      -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM     -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR     -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 NM     -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 GR     -22067409.41   849175624.7
ESCADA AG             ESCG IX     -22323463.23   425598807.8
ESCADA AG -PFD        ESC3 GR     -22323463.23   425598807.8
ESCADA AG-NEW         ESCC GR     -22323463.23   425598807.8
ESCADA AG-NEW         3069367Q GR -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO     -22323463.23   425598807.8
ESCADA AG-NEW         ESCN GR     -22323463.23   425598807.8
ESCADA AG-NEW         835345Q GR  -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU     -22323463.23   425598807.8
ESCADA AG-NEW         ESCD GR     -22323463.23   425598807.8
ESCADA AG-RTS         ESCE GR     -22323463.23   425598807.8
ESCADA AG-SP ADR      ESCDY US    -22323463.23   425598807.8
KABEL DEUTSCHLAN      KD8USD EO    -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EU       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 GR       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 BQ       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8USD EU    -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EO       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 QM       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EB       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 TH       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 IX       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 NR       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8GBP EO    -1938688429    2845375250
KABEL DEUTS-CW10      DB7KWG GR    -1938688429    2845375250
KAUFRING AG           KFR GR      -19296489.56   150995473.8
KAUFRING AG           KFR EO      -19296489.56   150995473.8
KAUFRING AG           KAUG IX     -19296489.56   150995473.8
KAUFRING AG           KFR EU      -19296489.56   150995473.8
KAUFRING AG           KFR PZ      -19296489.56   150995473.8
MANIA TECHNOLOGI      2260970Z GR  -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EO      -35060806.5   107465713.6
MANIA TECHNOLOGI      MIAVF US     -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI PZ       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EU      -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI GR       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX      -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR     -14400749.54   155241036.1
MATERNUS-KLINIKE      MAKG IX     -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK TH      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK GR      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK EU      -14400749.54   155241036.1
MATERNUS-KLINIKE      MNUKF US    -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK PZ      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK EO      -14400749.54   155241036.1
NORDAG AG             DOO1 GR     -482446.6262   144432986.2
NORDAG AG-PFD         DOO3 GR     -482446.6262   144432986.2
NORDAG AG-RTS         DOO8 GR     -482446.6262   144432986.2
NORDSEE AG            533061Q GR  -8200552.046   194616922.6
PRIMACOM AG           PRCG PZ     -18656728.68   610380925.7
PRIMACOM AG           PRC GR      -18656728.68   610380925.7
PRIMACOM AG           PCAGF US    -18656728.68   610380925.7
PRIMACOM AG           PRC2 GR     -18656728.68   610380925.7
PRIMACOM AG           PRC TH      -18656728.68   610380925.7
PRIMACOM AG           PRC EO      -18656728.68   610380925.7
PRIMACOM AG           PRC NM      -18656728.68   610380925.7
PRIMACOM AG           PRCG IX     -18656728.68   610380925.7
PRIMACOM AG           PRC EU      -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAG US     -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAGY US    -18656728.68   610380925.7
PRIMACOM AG-ADR+      PCAG ES     -18656728.68   610380925.7
RAG ABWICKL-REG       RSTHF US    -1744121.914   217776125.8
RAG ABWICKL-REG       ROS GR      -1744121.914   217776125.8
RAG ABWICKL-REG       ROSG PZ     -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EO     -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EU     -1744121.914   217776125.8
RINOL AG              RIL GR           -2.7111   168095049.1
RINOL AG              RILB EO          -2.7111   168095049.1
RINOL AG              RILB GR          -2.7111   168095049.1
RINOL AG              RNLAF US         -2.7111   168095049.1
RINOL AG              RILB IX          -2.7111   168095049.1
RINOL AG              RILB EU          -2.7111   168095049.1
RINOL AG              RILB PZ          -2.7111   168095049.1
ROSENTHAL AG          2644179Q GR -1744121.914   217776125.8
ROSENTHAL AG-ACC      ROS4 GR     -1744121.914   217776125.8
ROSENTHAL AG-ADR      RSTHY US    -1744121.914   217776125.8
ROSENTHAL AG-REG      ROSG IX     -1744121.914   217776125.8
SANDER (JIL) AG       SAD GR      -6153256.917   127546738.8
SANDER (JIL) AG       JLSDF US    -6153256.917   127546738.8
SANDER (JIL)-PRF      SAD3 GR     -6153256.917   127546738.8
SANDER (JIL)-PRF      2916157Q EU -6153256.917   127546738.8
SANDER (JIL)-PRF      SAD3 PZ     -6153256.917   127546738.8
SANDER (JIL)-PRF      2916161Q EO -6153256.917   127546738.8
SINNLEFFERS AG        WHG GR      -4491629.961   453887060.1
SPAR HANDELS-AG       SPHFF US    -442426199.5    1433020961
SPAR HANDELS-AG       773844Q GR  -442426199.5    1433020961
SPAR HAND-PFD NV      SPA3 GR     -442426199.5    1433020961
SPRINGER SCIENCE      648808Z GR  -610692611.7    3462165070
STROER OUT-OF-HO      SAX EO      -62153916.21    1072778885
STROER OUT-OF-HO      SAX EU      -62153916.21    1072778885
STROER OUT-OF-HO      SAX GR      -62153916.21    1072778885
TA TRIUMPH-ACQ        TWNA EU     -124531122.1   313411495.3
TA TRIUMPH-ACQ        TWNA GR     -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWNG IX     -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN EU      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TTZAF US    -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN GR      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN EO      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN PZ      -124531122.1   313411495.3
TA TRIUMPH-A-RTS      1018916Z GR -124531122.1   313411495.3
TA TRIUMPH-NEW        TWN1 GR     -124531122.1   313411495.3
TA TRIUMPH-RT         TWN8 GR     -124531122.1   313411495.3
TA TRIUMPH-RTS        3158577Q GR -124531122.1   313411495.3
TOM TAILOR HOLD       TTI EO      -97711555.56     358434780
TOM TAILOR HOLD       TTI GR      -97711555.56     358434780
TOM TAILOR HOLD       TTI TH      -97711555.56     358434780
TOM TAILOR HOLD       TTI EU      -97711555.56     358434780

GREECE
------
AG PETZETAKIS SA      PETZK EO    -58119017.89     197258023
AG PETZETAKIS SA      PTZ GR      -58119017.89     197258023
AG PETZETAKIS SA      PETZK GA    -58119017.89     197258023
AG PETZETAKIS SA      PETZK PZ    -58119017.89     197258023
AG PETZETAKIS SA      PZETF US    -58119017.89     197258023
AG PETZETAKIS SA      PETZK EU    -58119017.89     197258023
AG PETZETAKIS SA      PTZ1 GR     -58119017.89     197258023
ALTEC HOLDINGS S      ALTEC EO    -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC EU    -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC PZ    -47497062.28   116742573.1
ALTEC HOLDINGS S      AXY GR      -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC GA    -47497062.28   116742573.1
ALTEC SA -AUCT        ALTECE GA   -47497062.28   116742573.1
ALTEC SA INFO         ATCQF US    -47497062.28   116742573.1
ALTEC SA INFO-RT      ALTECR GA   -47497062.28   116742573.1
ALTEC SA INFO-RT      ALTED GA    -47497062.28   116742573.1
ASPIS PRONIA GE       ASASK EU    -189908329.1   896537349.7
ASPIS PRONIA GE       AISQF US    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK PZ    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK GA    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EO    -189908329.1   896537349.7
ASPIS PRONIA -PF      ASAPR GA    -189908329.1   896537349.7
ASPIS PRONIA-PF       APGV GR     -189908329.1   896537349.7
ASPIS PRONIA-PF       ASASP GA    -189908329.1   896537349.7
ASPIS PRONIA-RT       ASASKR GA   -189908329.1   896537349.7
ASPIS PRONOIA GE      APG GR      -189908329.1   896537349.7
ASPIS PRONOIA GE      APGG IX     -189908329.1   896537349.7
ASPIS PRON-PF RT      ASASPR GA   -189908329.1   896537349.7
ATLANTIC SUPERMA      ATLA1 EO    -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA PZ     -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA GA     -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA1 EU    -27331872.51   354883771.3
EMPEDOS SA            EMPED GA    -33637669.62   174742646.9
EMPEDOS SA-RTS        EMPEDR GA   -33637669.62   174742646.9
GEN HELLENIC-RTS      588494Q GA  -48074406.22    5484269349
GENIKI BANK SA        GHB1 GR     -48074406.22    5484269349
GENIKI BANK SA        TGEN GA     -48074406.22    5484269349
GENIKI BANK SA        TGEN PZ     -48074406.22    5484269349
GENIKI BANK SA        TGEN EO     -48074406.22    5484269349
GENIKI BANK SA        TGEN EU     -48074406.22    5484269349
GENIKI BANK SA        GHB GR      -48074406.22    5484269349
GENIKI BANK SA        GHLCF US    -48074406.22    5484269349
GENIKI BANK-AUC       TGENE GA    -48074406.22    5484269349
GENIKI BANK-RTS       2272580Q GA -48074406.22    5484269349
GENIKI BANK-RTS       TGENR GA    -48074406.22    5484269349
KOUMBAS INSUR-RT      KOUMD GA     -64617679.4   161224903.6
KOUMBAS RTS           KOUMR GA     -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM PZ      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM EU      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM EO      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM GA      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUMF US     -64617679.4   161224903.6
NAOUSSA SPIN -RT      NAOYD GA    -163114853.6   286539436.9
NAOUSSA SPIN-AUC      NAOYKE GA   -163114853.6   286539436.9
NAOUSSA SPINNING      NML GR      -163114853.6   286539436.9
NAOUSSA SPINNING      NML1 GR     -163114853.6   286539436.9
NAOUSSA SPIN-RTS      NAOYKR GA   -163114853.6   286539436.9
OASA ATHENS URBA      3485398Z GA  -1170161374    2292452052
PETZET - PFD-RTS      PETZPD GA   -58119017.89     197258023
PETZETAKIS - RTS      PETZKD GA   -58119017.89     197258023
PETZETAKIS-AUC        PETZKE GA   -58119017.89     197258023
PETZETAKIS-PFD        PTZ3 GR     -58119017.89     197258023
PETZETAKIS-PFD        PETZP GA    -58119017.89     197258023
RADIO KORASSIDIS      KORA GA     -100972173.9   244951680.3
RADIO KORASSIDIS      RKC GR      -100972173.9   244951680.3
RADIO KORASSIDIS      RAKOF US    -100972173.9   244951680.3
RADIO KORASSI-RT      KORAD GA    -100972173.9   244951680.3
RADIO KORASS-RTS      KORAR GA    -100972173.9   244951680.3
THEMELIODOMI          THEME GA    -55751178.85   232036822.6
THEMELIODOMI-AUC      THEMEE GA   -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMER GA   -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMED GA   -55751178.85   232036822.6
UNITED TEXTILES       UTEX EU     -163114853.6   286539436.9
UNITED TEXTILES       UTEX GA     -163114853.6   286539436.9
UNITED TEXTILES       NAOYK GA    -163114853.6   286539436.9
UNITED TEXTILES       UTEX PZ     -163114853.6   286539436.9
UNITED TEXTILES       NAOSF US    -163114853.6   286539436.9
UNITED TEXTILES       UTEX EO     -163114853.6   286539436.9
WIND HELLAS TELE      3351088Z GA  -1698260717    4035059308

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

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

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

ITALY
-----
BINDA SPA             BND IM      -11146475.29   128859802.9
BINDA SPA             BNDAF US    -11146475.29   128859802.9
BIOERA                BIE1 IX     -6731364.698   131141946.1
BIOERA                BIE1 PZ     -6731364.698   131141946.1
BIOERA                BIE EU      -6731364.698   131141946.1
BIOERA                B2A GR      -6731364.698   131141946.1
BIOERA                BIE IM      -6731364.698   131141946.1
BIOERA                BIE EO      -6731364.698   131141946.1
CART SOTTRI-BIND      DEM IM      -11146475.29   128859802.9
CIRIO FINANZIARI      FIY GR      -422095869.5    1583083044
CIRIO FINANZIARI      CRO IM      -422095869.5    1583083044
COIN SPA              GC IX       -154057608.3   800526929.5
COIN SPA              GUCIF US    -154057608.3   800526929.5
COIN SPA              965089Q GR  -154057608.3   800526929.5
COIN SPA/OLD          GC IM       -154057608.3   800526929.5
COIN SPA-RTS          GCAA IM     -154057608.3   800526929.5
COMPAGNIA ITALIA      CITU IX     -137726596.3   527372691.4
COMPAGNIA ITALIA      ICT IM      -137726596.3   527372691.4
COMPAGNIA ITALIA      CGLUF US    -137726596.3   527372691.4
CREDITO FONDIARI      CRF IM      -200209050.3    4213063202
CREDITO FOND-RTS      CRFSA IM    -200209050.3    4213063202
EUROFLY SPA           EEZ IX      -14153158.14   356030320.5
EUROFLY SPA -RTS      EEZAXA IM   -14153158.14   356030320.5
EUROFLY SPA-RTS       EURAXA IM   -14153158.14   356030320.5
I VIAGGI DEL VEN      VVE IM      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EU      -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO      -194331003.9     255327730
I VIAGGI DEL VEN      VVE IX      -194331003.9     255327730
I VIAGGI DEL VEN      IV7 GR      -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ      -194331003.9     255327730
I VIAGGI DEL VEN      IVGIF US    -194331003.9     255327730
I VIAGGI-RTS          VVEAA IM    -194331003.9     255327730
MERIDIANA FLY         MEF EB      -14153158.14   356030320.5
MERIDIANA FLY         EEZ IM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ TQ      -14153158.14   356030320.5
MERIDIANA FLY         MEF IX      -14153158.14   356030320.5
MERIDIANA FLY         E7N GR      -14153158.14   356030320.5
MERIDIANA FLY         EEZ EU      -14153158.14   356030320.5
MERIDIANA FLY         EEZ QM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ EO      -14153158.14   356030320.5
MERIDIANA FLY         MEF IM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ PZ      -14153158.14   356030320.5
MERIDIANA FLY         EFLYF US    -14153158.14   356030320.5
MERIDIANA FLY SP      MEFAXA IM   -14153158.14   356030320.5
OLCESE SPA            O IM        -12846689.89   179691572.8
OLCESE SPA-RTS        OAA IM      -12846689.89   179691572.8
OLCESE VENEZIANO      OLVE IM     -12846689.89   179691572.8
PARMALAT FINANZI      FICN AV     -18419390029    4120687886
PARMALAT FINANZI      PMT LI      -18419390029    4120687886
PARMALAT FINANZI      PMLFF US    -18419390029    4120687886
PARMALAT FINANZI      PAF GR      -18419390029    4120687886
PARMALAT FINANZI      PRF IM      -18419390029    4120687886
PARMALAT FINANZI      PRFI VX     -18419390029    4120687886
PARMALAT FINANZI      PARAF US    -18419390029    4120687886
PARMALAT FINA-RT      PRFR AV     -18419390029    4120687886
RISANAMEN-RNC OP      RNROPA IM    -51818228.1    3959683341
RISANAMENTO NAPO      RN5 GR       -51818228.1    3959683341
RISANAMENTO -OPA      RNOPA IM     -51818228.1    3959683341
RISANAMENTO -RNC      RNR IM       -51818228.1    3959683341
RISANAMENTO SPA       RN EO        -51818228.1    3959683341
RISANAMENTO SPA       RNGBX EO     -51818228.1    3959683341
RISANAMENTO SPA       RNGBP EO     -51818228.1    3959683341
RISANAMENTO SPA       RN IX        -51818228.1    3959683341
RISANAMENTO SPA       RNGBX EU     -51818228.1    3959683341
RISANAMENTO SPA       RN PZ        -51818228.1    3959683341
RISANAMENTO SPA       RN IM        -51818228.1    3959683341
RISANAMENTO SPA       RN TQ        -51818228.1    3959683341
RISANAMENTO SPA       RN EU        -51818228.1    3959683341
RISANAMENTO SPA       RSMNF US     -51818228.1    3959683341
RISANAMENTO-RTS       RNAA IM      -51818228.1    3959683341
SNIA BPD              SN GR       -141933883.9   150445252.4
SNIA BPD-ADR          SBPDY US    -141933883.9   150445252.4
SNIA SPA              SN IM       -141933883.9   150445252.4
SNIA SPA              SIAI PZ     -141933883.9   150445252.4
SNIA SPA              SBPDF US    -141933883.9   150445252.4
SNIA SPA              SN EU       -141933883.9   150445252.4
SNIA SPA              SN TQ       -141933883.9   150445252.4
SNIA SPA              SSMLF US    -141933883.9   150445252.4
SNIA SPA              SNIXF US    -141933883.9   150445252.4
SNIA SPA              SNIA GR     -141933883.9   150445252.4
SNIA SPA              SNIB GR     -141933883.9   150445252.4
SNIA SPA              SIAI IX     -141933883.9   150445252.4
SNIA SPA              SN EO       -141933883.9   150445252.4
SNIA SPA - RTS        SNAAW IM    -141933883.9   150445252.4
SNIA SPA- RTS         SNAXW IM    -141933883.9   150445252.4
SNIA SPA-2003 SH      SN03 IM     -141933883.9   150445252.4
SNIA SPA-CONV SA      SPBDF US    -141933883.9   150445252.4
SNIA SPA-DRC          SNR00 IM    -141933883.9   150445252.4
SNIA SPA-NEW          SN00 IM     -141933883.9   150445252.4
SNIA SPA-NON CON      SPBNF US    -141933883.9   150445252.4
SNIA SPA-RCV          SNR IM      -141933883.9   150445252.4
SNIA SPA-RCV          SNIVF US    -141933883.9   150445252.4
SNIA SPA-RIGHTS       SNAW IM     -141933883.9   150445252.4
SNIA SPA-RNC          SNRNC IM    -141933883.9   150445252.4
SNIA SPA-RNC          SNIWF US    -141933883.9   150445252.4
SNIA SPA-RTS          SNAA IM     -141933883.9   150445252.4
SNIA SPA-RTS          SNSO IM     -141933883.9   150445252.4
SOCOTHERM SPA         SCTM IX     -161739278.5   398222827.1
SOCOTHERM SPA         SCT EO      -161739278.5   398222827.1
SOCOTHERM SPA         SCT EU      -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ     -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ      -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM      -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US    -161739278.5   398222827.1
TECNODIFF ITALIA      TDI NM      -89894162.82   152045757.5
TECNODIFF ITALIA      TDI IM      -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US    -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR      -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM   -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM   -89894162.82   152045757.5
TISCALI - RTS         TIQA GR     -98435968.67   498535068.5
TISCALI - RTS         TISAAW IM   -98435968.67   498535068.5
TISCALI SPA           TIS PZ      -98435968.67   498535068.5
TISCALI SPA           TISGBX EO   -98435968.67   498535068.5
TISCALI SPA           TISM IX     -98435968.67   498535068.5
TISCALI SPA           TIS IM      -98435968.67   498535068.5
TISCALI SPA           TISN FP     -98435968.67   498535068.5
TISCALI SPA           TIS EO      -98435968.67   498535068.5
TISCALI SPA           TSCXF US    -98435968.67   498535068.5
TISCALI SPA           TISGBP EO   -98435968.67   498535068.5
TISCALI SPA           TIS IX      -98435968.67   498535068.5
TISCALI SPA           TIQG IX     -98435968.67   498535068.5
TISCALI SPA           TIS NA      -98435968.67   498535068.5
TISCALI SPA           TIS QM      -98435968.67   498535068.5
TISCALI SPA           TIS FP      -98435968.67   498535068.5
TISCALI SPA           TIQ1 GR     -98435968.67   498535068.5
TISCALI SPA           TISN NA     -98435968.67   498535068.5
TISCALI SPA           TIS NQ      -98435968.67   498535068.5
TISCALI SPA           TIS NR      -98435968.67   498535068.5
TISCALI SPA           TISN IM     -98435968.67   498535068.5
TISCALI SPA           TISN VX     -98435968.67   498535068.5
TISCALI SPA           TISN IX     -98435968.67   498535068.5
TISCALI SPA           TIQ GR      -98435968.67   498535068.5
TISCALI SPA           TIS VX      -98435968.67   498535068.5
TISCALI SPA           TISGBX EU   -98435968.67   498535068.5
TISCALI SPA           TIS TQ      -98435968.67   498535068.5
TISCALI SPA           TIS EU      -98435968.67   498535068.5
TISCALI SPA           TIS EB      -98435968.67   498535068.5
TISCALI SPA- RTS      TISAXA IM   -98435968.67   498535068.5
TISCALI SPA- RTS      3391621Q GR -98435968.67   498535068.5

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

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA    -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EO     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN PZ     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN GR     -7854741.409   609871188.9
BAAN COMPANY NV       BAAVF US    -7854741.409   609871188.9
BAAN COMPANY NV       BNCG IX     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EU     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX     -7854741.409   609871188.9
BAAN COMPANY-NY       BAANF US    -7854741.409   609871188.9
CEVA GROUP PLC        976811Z NA  -310987042.7    5613530996
LIBERTY GL EU-A       UPC NA       -5505478850    5112616630
SPYKER CARS NV        SPYKF US    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EO    -154336469.5    1337361332
SPYKER CARS NV        SPYKR BQ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR NA    -154336469.5    1337361332
SPYKER CARS NV        L9I GR      -154336469.5    1337361332
SPYKER CARS NV        SPYK IX     -154336469.5    1337361332
SPYKER CARS NV        SPYKR TQ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR PZ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EB    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EU    -154336469.5    1337361332
UNITED PAN -ADR       UPEA GR      -5505478850    5112616630
UNITED PAN-A ADR      UPCOY US     -5505478850    5112616630
UNITED PAN-EUR-A      UPC LI       -5505478850    5112616630
UNITED PAN-EUR-A      UPC LN       -5505478850    5112616630
UNITED PAN-EUROP      UPCEF US     -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US     -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR      -5505478850    5112616630
UNITED PAN-EUROP      UPC VX       -5505478850    5112616630
UNITED PAN-EUROP      UPE GR       -5505478850    5112616630
ZESKO HOLDING BV      2938133Z NA -958614022.1    8358218597

POLAND
------
DRKENDY               DRK PW      -91135239.68   521942177.4
INTEROIL EXPLORA      IOX PZ         -46843000     189680992
INTEROIL EXPLORA      IOX BY         -46843000     189680992
INTEROIL EXPLORA      IROIF US       -46843000     189680992
INTEROIL EXPLORA      IOX IX         -46843000     189680992
INTEROIL EXPLORA      IOXUSD EO      -46843000     189680992
INTEROIL EXPLORA      IOX EU         -46843000     189680992
INTEROIL EXPLORA      IOX EO         -46843000     189680992
INTEROIL EXPLORA      IOXEUR EO      -46843000     189680992
INTEROIL EXPLORA      IOXUSD EU      -46843000     189680992
INTEROIL EXPLORA      IOX NO         -46843000     189680992
INTEROIL EXPLORA      INOX NO        -46843000     189680992
INTEROIL EXPLORA      IOXEUR EU      -46843000     189680992
PETRO GEO-SERV        PGS VX      -18066142.21   399710323.6
PETRO GEO-SERV        PGS GR      -18066142.21   399710323.6
PETRO GEO-SERV        265143Q NO  -18066142.21   399710323.6
PETRO GEO-SERV-N      PGSN NO     -18066142.21   399710323.6
PETRO GEO-SV-ADR      PGSA GR     -18066142.21   399710323.6
PETRO GEO-SV-ADR      PGOGY US    -18066142.21   399710323.6
PETROJACK AS          JACK NO        -54932000     191586000
PETROJACK AS          P3J GR         -54932000     191586000
PETROJACK AS          POJKF US       -54932000     191586000
PETROJACK AS          JACKEUR EU     -54932000     191586000
PETROJACK AS          JACO IX        -54932000     191586000
PETROJACK AS          JACK PZ        -54932000     191586000
PETROJACK AS          JACK EU        -54932000     191586000
PETROJACK AS          JACKEUR EO     -54932000     191586000
PETROJACK AS          JACK BY        -54932000     191586000
PETROJACK AS          JACK EO        -54932000     191586000
RESERVOIR EXPL        RXT NO         -34076000     185510000
RESERVOIR EXPL        RXT BY         -34076000     185510000
RESERVOIR EXPL        RXT EU         -34076000     185510000
RESERVOIR EXPL        RXTEUR EU      -34076000     185510000
RESERVOIR EXPL        RXTB NO        -34076000     185510000
RESERVOIR EXPL        RXTEUR EO      -34076000     185510000
RESERVOIR EXPL        RXAEF US       -34076000     185510000
RESERVOIR EXPL        RXT IX         -34076000     185510000
RESERVOIR EXPL        5RS GR         -34076000     185510000
RESERVOIR EXPL        RXT EO         -34076000     185510000
RESERVOIR EXPL        RXT PZ         -34076000     185510000
RESERVOIR EXPL-A      RXTA NO        -34076000     185510000
RESERVOIR-RTS         RXTS NO        -34076000     185510000
RESERVOIR-RTS         RXTUR NO       -34076000     185510000
KROSNO                KROS IX     -2241614.766   111838141.2
KROSNO                KRS LI      -2241614.766   111838141.2
KROSNO                KRS1EUR EU  -2241614.766   111838141.2
KROSNO                KRS PW      -2241614.766   111838141.2
KROSNO                KRS1EUR EO  -2241614.766   111838141.2
KROSNO SA             KRS PZ      -2241614.766   111838141.2
KROSNO SA             KROSNO PW   -2241614.766   111838141.2
KROSNO SA             KRS1 EU     -2241614.766   111838141.2
KROSNO SA             KRNFF US    -2241614.766   111838141.2
KROSNO SA             KRS1 EO     -2241614.766   111838141.2
KROSNO SA-RTS         KRSP PW     -2241614.766   111838141.2
KROSNO-PDA-ALLT       KRSA PW     -2241614.766   111838141.2
TOORA                 TOR PZ      -288818.3897   147004954.2
TOORA                 2916665Q EU -288818.3897   147004954.2
TOORA                 TOR PW      -288818.3897   147004954.2
TOORA                 2916661Q EO -288818.3897   147004954.2
TOORA-ALLOT CERT      TORA PW     -288818.3897   147004954.2

PORTUGAL
--------
CARRIS FERRO DE       3482366Z PL -854280773.4   252500907.6
COFINA                COFSI IX    -4067307.986   329785890.1
COFINA                COFI PL     -4067307.986   329785890.1
COFINA                CFASF US    -4067307.986   329785890.1
COFINA SGPS SA        CFN1 PZ     -4067307.986   329785890.1
COFINA SGPS SA        CFN PL      -4067307.986   329785890.1
COFINA SGPS SA        CFNX PX     -4067307.986   329785890.1
COFINA SGPS SA        COFI TQ     -4067307.986   329785890.1
COFINA SGPS SA        COFI EU     -4067307.986   329785890.1
COFINA SGPS SA        COFI EB     -4067307.986   329785890.1
COFINA SGPS SA        COFI EO     -4067307.986   329785890.1
CP - COMBOIOS DE      1005Z PL     -2809601115    1890209624
PARQUE EXPO 98 S      3482350Z PL -135582031.5   432824747.2
PORCELANA VISTA       PVAL PL     -61651485.35   126605006.5
REFER-REDE FERRO      1250Z PL     -1611845937    2225160725
SOCIEDADE DE TRA      1253Z PL    -382109074.2   119848180.8
SPORTING-SOC DES      SCPL IX     -52021160.28   159963648.5
SPORTING-SOC DES      SCPX PX     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF EU     -52021160.28   159963648.5
SPORTING-SOC DES      SCG GR      -52021160.28   159963648.5
SPORTING-SOC DES      SCP PL      -52021160.28   159963648.5
SPORTING-SOC DES      SCP1 PZ     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF PL     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF EO     -52021160.28   159963648.5
TAP SGPS              TAP PL      -293253615.6    2901200999
VAA VISTA ALEGRE      VAF EU      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF PL      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF PZ      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF EO      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAFX PX     -61651485.35   126605006.5
VAA VISTA AL-RTS      VAA9S PL    -61651485.35   126605006.5
VAA VISTA AL-RTS      VAAS PL     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK EU     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK PZ     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFKX PX    -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK EO     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK PL     -61651485.35   126605006.5

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

RUSSIA
------
AKCIONERNOE-BRD       SOVP$ RU     -85860271.6   137059051.4
ALLIANCE RUSSIAN      ALRT RU     -13189413.03   138268688.3
AMO ZIL               ZILL RM     -76809638.66     360473673
AMO ZIL-CLS           ZILL* RU    -76809638.66     360473673
AMO ZIL-CLS           ZILL RU     -76809638.66     360473673
AMUR SHIP-BRD         AMZS* RU    -137530791.8   945775662.6
AMUR SHIP-BRD         AMZS RU     -137530791.8   945775662.6
BUMMASH OJSC-BRD      BUMM RU     -5137634.738   179599559.3
BUMMASH OJSC-BRD      BUMM* RU    -5137634.738   179599559.3
DAGESTAN ENERGY       DASB RU     -31976921.34   172137243.4
DAGESTAN ENERGY       DASB RM     -31976921.34   172137243.4
DAGESTAN ENERGY       DASB* RU    -31976921.34   172137243.4
EAST-SIBERIA-BRD      VSNK* RU    -17335212.17   224008514.4
EAST-SIBERIA-BRD      VSNK RU     -17335212.17   224008514.4
EAST-SIBERIAN-BD      VSNK$ RU    -17335212.17   224008514.4
FINANCIAL LEASIN      FLKO RM     -80794530.71   373269665.9
FINANCIAL LEASIN      137282Z RU  -80794530.71   373269665.9
FINANCIAL LE-BRD      FLKO* RU    -80794530.71   373269665.9
FINANCIAL LE-BRD      FLKO RU     -80794530.71   373269665.9
GAZ-FINANS            GAZF RU     -56134.51262   232319905.4
IZHAVTO OAO           IZAV RU     -19693758.83   474754687.9
KARUSEL FINANS        KAFI RU     -3988742.669   101528630.9
KOMPANIYA GL-BRD      GMST* RU     -22053203.7    1135310362
KOMPANIYA GL-BRD      GMST RU      -22053203.7    1135310362
MIAN-DEVELOPMENT      MAEQY RU    -695445.1747     424399991
M-INDUSTRIYA          SOMI RU     -1091260.252   261721440.8
MZ ARSENAL-$BRD       ARSE RU     -14527137.73   208754934.6
MZ ARSENAL-BRD        ARSE$ RU    -14527137.73   208754934.6
MZ ARSENAL-BRD        ARSE* RU    -14527137.73   208754934.6
PARNAS-M              PRSM RU     -138592.4742   127637318.8
PENOPLEX-FINANS       PNPF RU     -754086.9373   140176163.3
PROMTRACTOR-FINA      PTRF RU     -18554700.19   275723244.2
RK-GAZSETSERVIS       RKGS RU     -54665229.61   153223493.4
RUSSIAN TEXT-CLS      ALRT* RU    -13189413.03   138268688.3
RUSSIAN TEXT-CLS      ALRTG RU    -13189413.03   138268688.3
SEVKABEL-FINANS       SVKF RU     -83036.46173   102680373.6
SISTEMA HALS          HALS RM       -343701984    1217284096
SISTEMA HALS-BRD      HALS* RU      -343701984    1217284096
SISTEMA HALS-BRD      HALS RU       -343701984    1217284096
SISTEMA HALS-GDR      HALS LI       -343701984    1217284096
SISTEMA HALS-GDR      HALS TQ       -343701984    1217284096
SISTEMA HALS-GDR      HALS IX       -343701984    1217284096
SISTEMA HALS-GDR      SYR GR        -343701984    1217284096
SISTEMA HALS-MSE      HALSM RU      -343701984    1217284096
SISTEMA HALS-T+0      HALSG RU      -343701984    1217284096
SISTEMA-GDR 144A      86PN LI       -343701984    1217284096
SISTEMA-GDR 144A      SEMAL US      -343701984    1217284096
URGALUGOL-BRD         YRGL* RU    -23085070.94   101919650.9
URGALUGOL-BRD         YRGL RU     -23085070.94   101919650.9
URGALUGOL-BRD-PF      YRGLP RU    -23085070.94   101919650.9
VIMPEL SHIP-BRD       SOVP* RU     -85860271.6   137059051.4
VIMPEL SHIP-BRD       SOVP RU      -85860271.6   137059051.4
VOLGOGRAD KHIM        VHIM RU     -27435278.35   139073353.6
VOLGOGRAD KHIM        VHIM* RU    -27435278.35   139073353.6
WILD ORCHID ZAO       DOAAN RU    -11716088.49   106082784.6
ZAPSIBGASP-Q PFD      ZSGPP$ RU   -1082254.288   127026139.3
ZAPSIBGASPRO-BRD      ZSGP RU     -1082254.288   127026139.3
ZAPSIBGASPRO-BRD      ZSGP* RU    -1082254.288   127026139.3
ZAPSIBGASPROM-B       ZSGP$ RU    -1082254.288   127026139.3
ZAPSIBGASPRO-PFD      ZSGPP* RU   -1082254.288   127026139.3
ZAPSIBGASPRO-PFD      ZSGPP RU    -1082254.288   127026139.3
ZIL AUTO PLANT        ZILL$ RU    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP RU    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP RM    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP* RU   -76809638.66     360473673

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

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

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

SPAIN
-----
ACTUACIONES ACTI      AGR SM      -231062375.2   529525187.2
AGRUPACIO - RT        AGR/D SM    -231062375.2   529525187.2
AMADEUS IT HOLDI      AMS3 EU     -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A GR     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS IX      -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A TH     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EB     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EO     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS SM      -397888596.9    7970850431
AMADEUS IT HOLDI      AMADF US    -397888596.9    7970850431
AMADEUS IT-ADR        AMADY US    -397888596.9    7970850431
AMCI HABITAT SA       AMC1 EU     -24580874.45   194758143.4
AMCI HABITAT SA       AMC3 EO     -24580874.45   194758143.4
AMCI HABITAT SA       AMC SM      -24580874.45   194758143.4
CAJA DE AHORROS       929362Z SM  -361326816.2   37311046644
FERGO AISA -RTS       AISA/D SM   -231062375.2   529525187.2
FERGO AISA SA         AISA EU     -231062375.2   529525187.2
FERGO AISA SA         AISA EO     -231062375.2   529525187.2
FERGO AISA SA         AISA SM     -231062375.2   529525187.2
FERGO AISA SA         AISA PZ     -231062375.2   529525187.2
INDO INTER-RTS        IDO/D SM     -3523887.56   101210953.5
INDO INTL SA          IDOS PZ      -3523887.56   101210953.5
INDO INTL SA          IDO SM       -3523887.56   101210953.5
INDO INTL SA          IDO EU       -3523887.56   101210953.5
INDO INTL SA          IDO EO       -3523887.56   101210953.5
INDO INTL SA-OLD      IND SM       -3523887.56   101210953.5
MARTINSA FADESA       4PU GR       -1841778505    6778902268
MARTINSA FADESA       MFAD PZ      -1841778505    6778902268
MARTINSA FADESA       MTF1 LI      -1841778505    6778902268
MARTINSA FADESA       MTF EO       -1841778505    6778902268
MARTINSA FADESA       MTF SM       -1841778505    6778902268
MARTINSA FADESA       MTF EU       -1841778505    6778902268
MARTINSA-FADESA       MTF NR       -1841778505    6778902268
REYAL URBIS SA        REY1 EU     -175599903.7    5742241668
REYAL URBIS SA        REY1 EO     -175599903.7    5742241668
REYAL URBIS SA        REY SM      -175599903.7    5742241668
REYAL URBIS SA        REYU PZ     -175599903.7    5742241668

TURKEY
------
BESIKTAS FUTBOL       BJKASM TI   -12825040.91   182756610.7
BESIKTAS FUTBOL       BKTFF US    -12825040.91   182756610.7
BESIKTAS FUTBOL       BJKAS TI    -12825040.91   182756610.7
BESIKTAS FUTBOL       BWX GR      -12825040.91   182756610.7
BESIKTAS FUTBOL       BJKASY TI   -12825040.91   182756610.7
EGS EGE GIYIM VE      EGDIS TI    -7732138.551   147075066.7
EGS EGE GIYIM-RT      EGDISR TI   -7732138.551   147075066.7
IKTISAT FINAN-RT      IKTFNR TI   -46900661.12   108228233.6
IKTISAT FINANSAL      IKTFN TI    -46900661.12   108228233.6
MUDURNU TAVUKC-N      MDRNUN TI   -64930189.62   160408172.1
MUDURNU TAVUKCUL      MDRNU TI    -64930189.62   160408172.1
SIFAS                 SIFAS TI     -15439198.6     130608104
TUTUNBANK             TUT TI       -4024959602    2643810457
YASARBANK             YABNK TI     -4024959602    2643810457

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ     -42249434.54   336677635.6
DONETSKOBLENERGO      DOON UZ     -215735271.8   391924242.8
IVANO-FRANKIVSKG      FGAZ UZ     -358461.9249   108886163.6
LUGANSKGAS            LYGZ UZ     -16910611.07   109918477.6
LUGANSKOBLENERGO      LOEN UZ     -28172021.03   200011380.2
NAFTOKHIMIK PRIC      NAFP UZ     -23616113.15   520766522.6
NAFTOKHIMIK-GDR       N3ZA GR     -23616113.15   520766522.6
ODESSA OIL REFIN      ONPZ UZ     -111365037.3   482408362.5
ZALK - PFTS           ZALK UZ     -43917601.26   146530718.8

UNITED KINGDOM
--------------
ADVANCE DISPLAY       ADTP PZ      -3015578835    2590007904
AEA TECHNOLO-FPR      AATF LN     -197788769.2   123048312.7
AEA TECHNOLO-FPR      AATF PZ     -197788769.2   123048312.7
AEA TECHNOLOGY        EAETF US    -197788769.2   123048312.7
AEA TECHNOLOGY        AAT EO      -197788769.2   123048312.7
AEA TECHNOLOGY        AATGBP EO   -197788769.2   123048312.7
AEA TECHNOLOGY        AAT EU      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT PO      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT IX      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT LN      -197788769.2   123048312.7
AEA TECHNOLOGY        AEY GR      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT VX      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT PZ      -197788769.2   123048312.7
AEA TECHNOLO-NPR      AATN PZ     -197788769.2   123048312.7
AEA TECHNOLO-NPR      AATN LN     -197788769.2   123048312.7
AIRTOURS PLC          AIR LN      -379721841.6    1817512774
AIRTOURS PLC          ATORF US    -379721841.6    1817512774
AIRTOURS PLC          AIR VX      -379721841.6    1817512774
ALLDAYS PLC           ALDYF US      -120493900   252232072.9
ALLDAYS PLC           317056Q LN    -120493900   252232072.9
AMER BUS SYS          ARB LN        -497127008     121439000
AMEY PLC              AMY LN      -48862569.33   931527720.5
AMEY PLC              AMY VX      -48862569.33   931527720.5
AMEY PLC              AMEYF US    -48862569.33   931527720.5
AMEY PLC-ASSENT       AMYA LN     -48862569.33   931527720.5
AMEY PLC-NEW          AMYN LN     -48862569.33   931527720.5
ANKER PLC             ANK LN      -21861359.81     115463159
ANKER PLC             DW14 GR     -21861359.81     115463159
ANKER PLC             ANK PO      -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN     -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN     -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN     -21861359.81     115463159
ATKINS (WS) PLC       ATK EU      -128972861.1    1328162171
ATKINS (WS) PLC       ATK EB      -128972861.1    1328162171
ATKINS (WS) PLC       ATK IX      -128972861.1    1328162171
ATKINS (WS) PLC       ATK VX      -128972861.1    1328162171
ATKINS (WS) PLC       ATK LN      -128972861.1    1328162171
ATKINS (WS) PLC       ATKGBP EO   -128972861.1    1328162171
ATKINS (WS) PLC       ATK PZ      -128972861.1    1328162171
ATKINS (WS) PLC       ATK PO      -128972861.1    1328162171
ATKINS (WS) PLC       WATKF US    -128972861.1    1328162171
ATKINS (WS) PLC       6W2 GK      -128972861.1    1328162171
ATKINS (WS) PLC       ATK QM      -128972861.1    1328162171
ATKINS (WS) PLC       ATK BQ      -128972861.1    1328162171
ATKINS (WS) PLC       ATK NR      -128972861.1    1328162171
ATKINS (WS) PLC       ATKEUR EU   -128972861.1    1328162171
ATKINS (WS) PLC       ATK NQ      -128972861.1    1328162171
ATKINS (WS) PLC       WATKY US    -128972861.1    1328162171
ATKINS (WS) PLC       ATK EO      -128972861.1    1328162171
ATKINS (WS) PLC       ATKEUR EO   -128972861.1    1328162171
ATKINS (WS) PLC       6W2 GR      -128972861.1    1328162171
ATKINS (WS) PLC       ATK TQ      -128972861.1    1328162171
BLACK & EDGINGTO      BLE LN      -119704799.7   123295943.6
BNB RECRUITMENT       BQX GR      -10242627.53     103637705
BNB RECRUITMENT       BNB IX      -10242627.53     103637705
BNB RECRUITMENT       BNB PO      -10242627.53     103637705
BNB RECRUITMENT       BNB LN      -10242627.53     103637705
BNB RECRUITMENT       BNBRF US    -10242627.53     103637705
BOOKER PLC            BKERF US     -59832880.4    1298182549
BOOKER PLC            1330Q GR     -59832880.4    1298182549
BOOKER PLC            987188Q LN   -59832880.4    1298182549
BOOKER PLC-ADR        BOK$ LN      -59832880.4    1298182549
BOOKER PLC-ADR        BKRUY US     -59832880.4    1298182549
BRADSTOCK GROUP       BSKGF US    -1855444.443   268563822.5
BRADSTOCK GROUP       BDK LN      -1855444.443   268563822.5
BRIT ENERGY LTD       523362Q LN   -5822867501    4921095750
BRIT ENERGY PLC       555140Q VX   -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US     -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR      -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US     -5822867501    4921095750
BRIT ENERGY-A         BENA GR      -5822867501    4921095750
BRIT ENERGY-ADR       BHEFF US     -5822867501    4921095750
BRIT NUCLEAR          1046Z LN     -4247644150   40325778907
BRIT TELECOM          BTE GR       -3378667779   43333137474
BRIT TELECOM          9484 JP      -3378667779   43333137474
BRIT TELECOM PLC      BTPLF US     -3378667779   43333137474
BRIT TELECOM PLC      BTPWF US     -3378667779   43333137474
BRIT TELECOM PLC      BT/A VX      -3378667779   43333137474
BRIT TELECOM-ADR      1481Q CN     -3378667779   43333137474
BRIT TELECOM-ADR      BTEA GR      -3378667779   43333137474
BRIT TELECOM-RTS      BTY-R US     -3378667779   43333137474
BRITISH ENER-$US      BGYNYD AR    -5822867501    4921095750
BRITISH ENER-$US      BGYD AR      -5822867501    4921095750
BRITISH ENER-ADR      BGYNY US     -5822867501    4921095750
BRITISH ENER-BLK      BGYB AR      -5822867501    4921095750
BRITISH ENER-BLK      BGYNYB AR    -5822867501    4921095750
BRITISH ENER-C/E      BGYC AR      -5822867501    4921095750
BRITISH ENER-C/E      BGYNYC AR    -5822867501    4921095750
BRITISH ENER-CED      BGYNY AR     -5822867501    4921095750
BRITISH ENER-CED      BGY AR       -5822867501    4921095750
BRITISH ENERGY-A      BGYA PO      -5822867501    4921095750
BRITISH ENERGY-A      BGYGF US     -5822867501    4921095750
BRITISH ENERGY-A      BGYA VX      -5822867501    4921095750
BRITISH ENERGY-A      3012442Q LN  -5822867501    4921095750
BRITISH ENERGY-A      BHEAF US     -5822867501    4921095750
BRITISH TELE-FP       BT/F LN      -3378667779   43333137474
BRITISH TELE-NP       BT/N LN      -3378667779   43333137474
BRITISH TELE-NP       BTPXF US     -3378667779   43333137474
BRITVIC PLC           BVIC NR     -34575750.23    1311266070
BRITVIC PLC           BVIC LN     -34575750.23    1311266070
BRITVIC PLC           BVICUSD EO  -34575750.23    1311266070
BRITVIC PLC           BVICEUR EO  -34575750.23    1311266070
BRITVIC PLC           BVICGBP EO  -34575750.23    1311266070
BRITVIC PLC           BVIC PZ     -34575750.23    1311266070
BRITVIC PLC           BVIC BQ     -34575750.23    1311266070
BRITVIC PLC           BVIC EO     -34575750.23    1311266070
BRITVIC PLC           BVIC TQ     -34575750.23    1311266070
BRITVIC PLC           BVIC QM     -34575750.23    1311266070
BRITVIC PLC           BVIC EB     -34575750.23    1311266070
BRITVIC PLC           BVIC IX     -34575750.23    1311266070
BRITVIC PLC           BVIC NQ     -34575750.23    1311266070
BRITVIC PLC           BVICUSD EU  -34575750.23    1311266070
BRITVIC PLC           B6S GK      -34575750.23    1311266070
BRITVIC PLC           BVICEUR EU  -34575750.23    1311266070
BRITVIC PLC           B6S GR      -34575750.23    1311266070
BRITVIC PLC           BVIC EU     -34575750.23    1311266070
BRITVIC PLC           BVIC VX     -34575750.23    1311266070
BRITVIC PLC           BTVCF US    -34575750.23    1311266070
BRITVIC PLC-ADR       BTVCY US    -34575750.23    1311266070
BT GROUP PLC          BTQ GR       -3378667779   43333137474
BT GROUP PLC          BT/AEUR EO   -3378667779   43333137474
BT GROUP PLC          BT/APEN EU   -3378667779   43333137474
BT GROUP PLC          BT/A PO      -3378667779   43333137474
BT GROUP PLC          BT/A NR      -3378667779   43333137474
BT GROUP PLC          BTQ TH       -3378667779   43333137474
BT GROUP PLC          BTEG IX      -3378667779   43333137474
BT GROUP PLC          BT/APEN EO   -3378667779   43333137474
BT GROUP PLC          BT/A EU      -3378667779   43333137474
BT GROUP PLC          BT/A EO      -3378667779   43333137474
BT GROUP PLC          BT/ VX       -3378667779   43333137474
BT GROUP PLC          BT IX        -3378667779   43333137474
BT GROUP PLC          BT PZ        -3378667779   43333137474
BT GROUP PLC          BT/AUSD EU   -3378667779   43333137474
BT GROUP PLC          BT/A TQ      -3378667779   43333137474
BT GROUP PLC          BTQ GK       -3378667779   43333137474
BT GROUP PLC          BT/A NQ      -3378667779   43333137474
BT GROUP PLC          BT/AGBP EO   -3378667779   43333137474
BT GROUP PLC          BT/A LN      -3378667779   43333137474
BT GROUP PLC          BT/AEUR EU   -3378667779   43333137474
BT GROUP PLC          BT/AUSD EO   -3378667779   43333137474
BT GROUP PLC          BT/A QM      -3378667779   43333137474
BT GROUP PLC          BT/A BQ      -3378667779   43333137474
BT GROUP PLC          BTGOF US     -3378667779   43333137474
BT GROUP PLC          BT/A EB      -3378667779   43333137474
BT GROUP PLC-ADR      BT/$ LN      -3378667779   43333137474
BT GROUP PLC-W/I      BTWI LN      -3378667779   43333137474
BT GROUP-ADR WI       BTY-W US     -3378667779   43333137474
BT GROUP-CED $US      BTYD AR      -3378667779   43333137474
BT GROUP-CED $US      BTD AR       -3378667779   43333137474
BT GROUP-CED BLK      BTYB AR      -3378667779   43333137474
BT GROUP-CED BLK      BTB AR       -3378667779   43333137474
BT GROUP-CED C/E      BTC AR       -3378667779   43333137474
BT GROUP-CED C/E      BTYC AR      -3378667779   43333137474
BT GROUP-CEDEAR       BT AR        -3378667779   43333137474
BT GROUP-CEDEAR       BTY AR       -3378667779   43333137474
BT GROUP-SPON AD      BT MM        -3378667779   43333137474
BT GROUP-SPON AD      BTY US       -3378667779   43333137474
BT GROUP-SPON AD      BT US        -3378667779   43333137474
BT GROUP-SPON AD      BTQA GR      -3378667779   43333137474
BT GROUP-SPON AD      BTYN MM      -3378667779   43333137474
BURNDEN LEISURE       BDL LN      -34303346.66   148833324.3
CARLISLE GROUP        506819Q LN  -11904426.45     203548565
CATTLES PLC           CTT NR      -599615492.2    3880885246
CATTLES PLC           CTT QM      -599615492.2    3880885246
CATTLES PLC           CTT PZ      -599615492.2    3880885246
CATTLES PLC           CTT TQ      -599615492.2    3880885246
CATTLES PLC           CTT PO      -599615492.2    3880885246
CATTLES PLC           CTT IX      -599615492.2    3880885246
CATTLES PLC           CTTSEK EU   -599615492.2    3880885246
CATTLES PLC           CTTGBP EO   -599615492.2    3880885246
CATTLES PLC           CTT EB      -599615492.2    3880885246
CATTLES PLC           CTT EU      -599615492.2    3880885246
CATTLES PLC           CTTEUR EU   -599615492.2    3880885246
CATTLES PLC           CTTSEK EO   -599615492.2    3880885246
CATTLES PLC           CTT NQ      -599615492.2    3880885246
CATTLES PLC           CTT LN      -599615492.2    3880885246
CATTLES PLC           CTTUSD EO   -599615492.2    3880885246
CATTLES PLC           CZS GR      -599615492.2    3880885246
CATTLES PLC           CTTUSD EU   -599615492.2    3880885246
CATTLES PLC           CTT EO      -599615492.2    3880885246
CATTLES PLC           CTTEUR EO   -599615492.2    3880885246
CATTLES PLC           CTT BQ      -599615492.2    3880885246
CATTLES PLC           CHOXF US    -599615492.2    3880885246
CATTLES PLC           CTT VX      -599615492.2    3880885246
CATTLES PLC-ADR       CHOXY US    -599615492.2    3880885246
CATTLES PLC-FPR       CTTF LN     -599615492.2    3880885246
CATTLES PLC-FPR       CTTF PZ     -599615492.2    3880885246
CATTLES PLC-NPR       CTTN PZ     -599615492.2    3880885246
CATTLES PLC-NPR       2843726Q EO -599615492.2    3880885246
CATTLES PLC-NPR       CTTN IX     -599615492.2    3880885246
CATTLES PLC-NPR       2843730Q EU -599615492.2    3880885246
CATTLES PLC-NPR       CCTN PZ     -599615492.2    3880885246
CATTLES PLC-NPR       CTTN LN     -599615492.2    3880885246
CATTLES PLC-NPR       2843734Q EO -599615492.2    3880885246
CATTLES PLC-RFD       CTTR LN     -599615492.2    3880885246
CATTLES PLC-RFD       CTTR PZ     -599615492.2    3880885246
CATTLES PLC-RFD       CTTR IX     -599615492.2    3880885246
CHRYSALIS GROUP       CHS EU      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS PZ      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSUSD EU   -7404166.369   111800785.4
CHRYSALIS GROUP       5CY GR      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSGBP EO   -7404166.369   111800785.4
CHRYSALIS GROUP       HR4 GR      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSEUR EO   -7404166.369   111800785.4
CHRYSALIS GROUP       CHS EO      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS LN      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS IX      -7404166.369   111800785.4
CHRYSALIS GROUP       CLYSF US    -7404166.369   111800785.4
CHRYSALIS GROUP       CYGUF US    -7404166.369   111800785.4
CHRYSALIS GROUP       CHSEUR EU   -7404166.369   111800785.4
CHRYSALIS GROUP       CHS VX      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS PO      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSUSD EO   -7404166.369   111800785.4
CLIPPER WINDPOWE      CWP PG        -168322000     436419008
CLIPPER WINDPOWE      CWP EO        -168322000     436419008
CLIPPER WINDPOWE      CWP IX        -168322000     436419008
CLIPPER WINDPOWE      CWP PZ        -168322000     436419008
CLIPPER WINDPOWE      CWPA LN       -168322000     436419008
CLIPPER WINDPOWE      CWP EU        -168322000     436419008
CLIPPER WINDPOWE      CRPWF US      -168322000     436419008
CLIPPER WINDPOWE      CWP LN        -168322000     436419008
CLIPPER WINDPOWE      C2W GR        -168322000     436419008
CLIPPER WINDPOWE      3470635Q LN   -168322000     436419008
COMPASS GROU-OLD      1259Q LN    -668101173.9    2972459078
COMPASS GROUP         QOP GR      -668101173.9    2972459078
COMPASS GRP-ADR       CMSGY US    -668101173.9    2972459078
COMPASS GRP-ADR       CMSJY US    -668101173.9    2972459078
CPP GROUP - ADR       CPGPY US    -69442858.18   225437367.4
CPP GROUP PLC         CPP EO      -69442858.18   225437367.4
CPP GROUP PLC         CPP TQ      -69442858.18   225437367.4
CPP GROUP PLC         CPP EB      -69442858.18   225437367.4
CPP GROUP PLC         CPP PZ      -69442858.18   225437367.4
CPP GROUP PLC         CPP EU      -69442858.18   225437367.4
CPP GROUP PLC         CPP LN      -69442858.18   225437367.4
CPP GROUP PLC         4CV GK      -69442858.18   225437367.4
CPP GROUP PLC         CPP IX      -69442858.18   225437367.4
CPP GROUP PLC         CPP NR      -69442858.18   225437367.4
CPP GROUP PLC         4CV GR      -69442858.18   225437367.4
CPP GROUP PLC         CPP BQ      -69442858.18   225437367.4
CPP GROUP PLC         CPP QM      -69442858.18   225437367.4
DANKA BUS SYSTEM      DANKF US      -497127008     121439000
DANKA BUS SYSTEM      DNK VX        -497127008     121439000
DANKA BUS SYSTEM      DNK IX        -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU   -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO   -497127008     121439000
DANKA BUS SYSTEM      DNK PZ        -497127008     121439000
DANKA BUS SYSTEM      DNK LN        -497127008     121439000
DANKA BUS SYSTEM      3205283Q EO   -497127008     121439000
DANKA BUS SYSTEM      DNK PO        -497127008     121439000
DANKA BUS-$US CE      DANKD AR      -497127008     121439000
DANKA BUS-ADR         DANKY US      -497127008     121439000
DANKA BUS-ADR         DB6 GR        -497127008     121439000
DANKA BUS-ADR         DANKE US      -497127008     121439000
DANKA BUS-ADR         AP39 LI       -497127008     121439000
DANKA BUS-BLK CE      DANKB AR      -497127008     121439000
DANKA BUS-C/E CE      DANKC AR      -497127008     121439000
DANKA BUS-CEDEAR      DANK AR       -497127008     121439000
DONCASTERS PLC        2248Z LN    -317308195.4    1941958348
DONCASTERS-ADR        295664Q US  -317308195.4    1941958348
EASYNET GROUP         EZNGF US    -60380609.34   334049332.2
EASYNET GROUP         ESY PO      -60380609.34   334049332.2
EASYNET GROUP         EAY GR      -60380609.34   334049332.2
EASYNET GROUP         ESY LN      -60380609.34   334049332.2
EASYNET GROUP         ESY VX      -60380609.34   334049332.2
EASYNET GROUP-CV      91009Z LN   -60380609.34   334049332.2
EMI GROUP -ASSD       EMIA LN      -2265916257    2950021937
EMI GROUP LTD         EMI LN       -2265916257    2950021937
EMI GROUP PLC         EMI IX       -2265916257    2950021937
EMI GROUP PLC         EMI VX       -2265916257    2950021937
EMI GROUP PLC         EMIPF US     -2265916257    2950021937
EMI GROUP PLC         3020138Q GR  -2265916257    2950021937
EMI GROUP PLC         EMI PO       -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN  -2265916257    2950021937
EMI GROUP-ADR         38IS LN      -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN      -2265916257    2950021937
EMI GROUP-ADR         EMIPY US     -2265916257    2950021937
EUROPEAN HOME         FPAKF US    -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ      -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU   -14328735.16   110864081.4
EUROPEAN HOME         EHR EU      -14328735.16   110864081.4
EUROPEAN HOME         EHR LN      -14328735.16   110864081.4
EUROPEAN HOME         EHR VX      -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX      -14328735.16   110864081.4
EUROPEAN HOME         EHR EO      -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO   -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO   -14328735.16   110864081.4
EUROPEAN HOME         EHR PO      -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO      -14328735.16   110864081.4
FAREPAK PLC           FPK LN      -14328735.16   110864081.4
GALA GROUP LTD        19374Z LN    -1443271177    5876950503
GALIFORM PLC          GFRM LN     -75193921.28   522873560.7
GALIFORM PLC          GFRM NR     -75193921.28   522873560.7
GALIFORM PLC          GFRM PZ     -75193921.28   522873560.7
GALIFORM PLC          MFI IX      -75193921.28   522873560.7
GALIFORM PLC          GFRM EU     -75193921.28   522873560.7
GALIFORM PLC          GFRM BQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMNOK EU  -75193921.28   522873560.7
GALIFORM PLC          GFRM IX     -75193921.28   522873560.7
GALIFORM PLC          GFRM EB     -75193921.28   522873560.7
GALIFORM PLC          MFI PO      -75193921.28   522873560.7
GALIFORM PLC          GFRM PO     -75193921.28   522873560.7
GALIFORM PLC          GFRMNOK EO  -75193921.28   522873560.7
GALIFORM PLC          MFI VX      -75193921.28   522873560.7
GALIFORM PLC          GFRM NQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMGBP EO  -75193921.28   522873560.7
GALIFORM PLC          GFRM QM     -75193921.28   522873560.7
GALIFORM PLC          MFIFF US    -75193921.28   522873560.7
GALIFORM PLC          GFRM VX     -75193921.28   522873560.7
GALIFORM PLC          GFRM TQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMEUR EU  -75193921.28   522873560.7
GALIFORM PLC          GFRMEUR EO  -75193921.28   522873560.7
GALIFORM PLC          GFRM EO     -75193921.28   522873560.7
GARTLAND WHALLEY      GWB LN      -10986769.42   145352034.5
GLOBAL CROSSING       3629883Z LN -353965056.4   492328850.3
GO-AHEAD GRO-ADR      GHGUY US    -62731807.28    1535334402
GO-AHEAD GROUP        GOG QM      -62731807.28    1535334402
GO-AHEAD GROUP        GOG NQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOGEUR EU   -62731807.28    1535334402
GO-AHEAD GROUP        GOG EO      -62731807.28    1535334402
GO-AHEAD GROUP        GOG IX      -62731807.28    1535334402
GO-AHEAD GROUP        GOG LN      -62731807.28    1535334402
GO-AHEAD GROUP        GOGEUR EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOG EU      -62731807.28    1535334402
GO-AHEAD GROUP        GHGUF US    -62731807.28    1535334402
GO-AHEAD GROUP        G9X GK      -62731807.28    1535334402
GO-AHEAD GROUP        GOG PO      -62731807.28    1535334402
GO-AHEAD GROUP        GOGUSD EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOG PZ      -62731807.28    1535334402
GO-AHEAD GROUP        G9X GR      -62731807.28    1535334402
GO-AHEAD GROUP        GOG EB      -62731807.28    1535334402
GO-AHEAD GROUP        GOG NR      -62731807.28    1535334402
GO-AHEAD GROUP        GOG BQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOG VX      -62731807.28    1535334402
GO-AHEAD GROUP        GOG TQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOGGBP EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOGUSD EU   -62731807.28    1535334402
HOWDEN JOINERY G      HWDN LN     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN QM     -75193921.28   522873560.7
HOWDEN JOINERY G      GLFMF US    -75193921.28   522873560.7
HOWDEN JOINERY G      10J GK      -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EB     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNGBP EO  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN IX     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNOK EO   -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNEUR EU  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EO     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EU     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN TQ     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN PZ     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNOK EU   -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNEUR EO  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN BQ     -75193921.28   522873560.7
IGLO BIRDS EYE        2332487Z LN -340594497.5    3096975127
INEOS GROUP HLDG      6623Z LN    -798534470.8   15936006904
JARVIS PLC            JRVSEUR EU  -64739862.73     130951086
JARVIS PLC            JRVS EO     -64739862.73     130951086
JARVIS PLC            JVR GR      -64739862.73     130951086
JARVIS PLC            JRVS PO     -64739862.73     130951086
JARVIS PLC            JRVS EU     -64739862.73     130951086
JARVIS PLC            JRVS PZ     -64739862.73     130951086
JARVIS PLC            JRVS LN     -64739862.73     130951086
JARVIS PLC            JRVSGBP EO  -64739862.73     130951086
JARVIS PLC            JRVS IX     -64739862.73     130951086
JARVIS PLC            JVSPF US    -64739862.73     130951086
JARVIS PLC            JRVS VX     -64739862.73     130951086
JARVIS PLC            JRVSEUR EO  -64739862.73     130951086
JESSOPS PLC           JSPEUR EO    -42702021.2   112964060.4
JESSOPS PLC           JS4 GR       -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU    -42702021.2   112964060.4
JESSOPS PLC           JSP PZ       -42702021.2   112964060.4
JESSOPS PLC           JSP EU       -42702021.2   112964060.4
JESSOPS PLC           JSP LN       -42702021.2   112964060.4
JESSOPS PLC           JSP PO       -42702021.2   112964060.4
JESSOPS PLC           JSP VX       -42702021.2   112964060.4
JESSOPS PLC           JSP EO       -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO    -42702021.2   112964060.4
JESSOPS PLC           JSP IX       -42702021.2   112964060.4
KLEENEZE PLC          KLZ LN      -14328735.16   110864081.4
KOP FOOTBALL HOL      3315203Z LN -214487094.9   590218957.6
KOP FOOTBALL LTD      901297Z LN  -105207451.9   474568063.7
LAMBERT FENCHURC      LMF LN      -1453050.041    1826806853
LEEDS SPORTING        LEDPF US     -73166148.8   143762193.7
LEEDS SPORTING        LES LN       -73166148.8   143762193.7
LEEDS UNITED PLC      LDSUF US     -73166148.8   143762193.7
LEEDS UNITED PLC      LUFC LN      -73166148.8   143762193.7
LEEDS UNITED PLC      889687Q GR   -73166148.8   143762193.7
LONDON TOWN PLC       LOU GR      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PO      -21897636.36   175672299.2
LONDON TOWN PLC       LTW EU      -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN     -21897636.36   175672299.2
LONDON TOWN PLC       LTW LN      -21897636.36   175672299.2
LONDON TOWN PLC       LTW EO      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PZ      -21897636.36   175672299.2
LONDON TOWN PLC       LTWX LN     -21897636.36   175672299.2
LONDON TOWN PLC       LTW IX      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG      -21897636.36   175672299.2
M 2003 PLC            203055Q LN   -2203513803    7204891602
M 2003 PLC            MTWOF US     -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US     -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US     -2203513803    7204891602
MARCONI PLC           MNI BB       -2203513803    7204891602
MARCONI PLC           MRCQF US     -2203513803    7204891602
MARCONI PLC           203083Q VX   -2203513803    7204891602
MARCONI PLC           MONI BB      -2203513803    7204891602
MARCONI PLC           MY2 GR       -2203513803    7204891602
MARCONI PLC           MNI LN       -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US     -2203513803    7204891602
MARCONI PLC-ADR       MONI US      -2203513803    7204891602
MARCONI PLC-ADR       MCONY US     -2203513803    7204891602
MARCONI PLC-ADR       MONIY US     -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR      -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU    -2203513803    7204891602
MARCONI PLC-ADR       MONIE US     -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR      -2203513803    7204891602
MFI FURNITURE GR      MFI LN      -75193921.28   522873560.7
MYTRAVEL GROUP        3544280Q IX -379721841.6    1817512774
MYTRAVEL GROUP        MT/S VX     -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR     -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO     -379721841.6    1817512774
MYTRAVEL GROUP        MYTPF US    -379721841.6    1817512774
MYTRAVEL GROUP        MT/S LN     -379721841.6    1817512774
MYTRAVEL GROUP P      MYTGF US    -379721841.6    1817512774
MYTRAVEL GROUP P      MT/ VX      -379721841.6    1817512774
MYTRAVEL GROUP P      1018144Q GR -379721841.6    1817512774
MYTRAVEL GROUP-A      MYTVF US    -379721841.6    1817512774
MYTRAVEL GROUP-A      2281919Q GR -379721841.6    1817512774
NEW STAR ASSET        NSAM LN       -397718038   292972732.1
NEW STAR ASSET        3226435Q EO   -397718038   292972732.1
NEW STAR ASSET        NSAM IX       -397718038   292972732.1
NEW STAR ASSET        NWSAF US      -397718038   292972732.1
NEW STAR ASSET        NSAM PZ       -397718038   292972732.1
NEW STAR ASSET        N6S GR        -397718038   292972732.1
NEW STAR ASSET        NSAA LN       -397718038   292972732.1
NEW STAR ASSET        NSAM PO       -397718038   292972732.1
NEW STAR ASSET        3226443Q EO   -397718038   292972732.1
NEW STAR ASSET        3226431Q EU   -397718038   292972732.1
NEW STAR ASSET        NSAM TQ       -397718038   292972732.1
NEW STAR ASSET        3226439Q EU   -397718038   292972732.1
NEW STAR ASSET        3226447Q EO   -397718038   292972732.1
NORTHERN FOODS        NFDS VX     -30711069.58   891077074.3
NORTHERN FOODS        NFDS IX     -30711069.58   891077074.3
NORTHERN FOODS        NFDSEUR EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDSUSD EU  -30711069.58   891077074.3
NORTHERN FOODS        NFDS PO     -30711069.58   891077074.3
NORTHERN FOODS        NTFOF US    -30711069.58   891077074.3
NORTHERN FOODS        NFDS NQ     -30711069.58   891077074.3
NORTHERN FOODS        NFDS BQ     -30711069.58   891077074.3
NORTHERN FOODS        NFO GR      -30711069.58   891077074.3
NORTHERN FOODS        NFDSEUR EU  -30711069.58   891077074.3
NORTHERN FOODS        NFDS EU     -30711069.58   891077074.3
NORTHERN FOODS        NFDS EB     -30711069.58   891077074.3
NORTHERN FOODS        NFDS PZ     -30711069.58   891077074.3
NORTHERN FOODS        NFDS LN     -30711069.58   891077074.3
NORTHERN FOODS        NFDS EO     -30711069.58   891077074.3
NORTHERN FOODS        NFDS NR     -30711069.58   891077074.3
NORTHERN FOODS        NFDS TQ     -30711069.58   891077074.3
NORTHERN FOODS        NFDSUSD EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDSGBP EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDS QM     -30711069.58   891077074.3
NORTHERN FOODS        NFO GK      -30711069.58   891077074.3
NORTHERN FOODS P      NFDR LN     -30711069.58   891077074.3
NORTHERN FOO-NEW      NFDN LN     -30711069.58   891077074.3
NORTHERN FOO-RFD      650060Q LN  -30711069.58   891077074.3
OCADO GROUP PLC       OCDO QM     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EB     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EU     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO IX     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EO     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO LN     -53016960.71   225261865.5
OCADO GROUP PLC       0OC GK      -53016960.71   225261865.5
OCADO GROUP PLC       OCDO BQ     -53016960.71   225261865.5
OCADO GROUP PLC       OCDOEUR EU  -53016960.71   225261865.5
OCADO GROUP PLC       0OC GR      -53016960.71   225261865.5
OCADO GROUP PLC       OCDO PZ     -53016960.71   225261865.5
ORANGE PLC            ORNGF US      -593935051    2902299502
ORANGE PLC            1460Q GR      -593935051    2902299502
ORANGE PLC            951641Q LN    -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN       -593935051    2902299502
ORANGE PLC-ADR        ORNGY US      -593935051    2902299502
ORANGE PLC-ADR        ONG GR        -593935051    2902299502
ORBIS PLC             OBS LN      -4168498.479   127701679.5
ORBIS PLC             OBG PO      -4168498.479   127701679.5
ORBIS PLC             OBS PZ      -4168498.479   127701679.5
ORBIS PLC             OBS IX      -4168498.479   127701679.5
ORBIS PLC             OBS PO      -4168498.479   127701679.5
ORBIS PLC             ORBSF US    -4168498.479   127701679.5
ORBIS PLC             RLP GR      -4168498.479   127701679.5
PATIENTLINE PLC       PTL IX      -54677284.64   124948245.8
PATIENTLINE PLC       PTL LN      -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO      -54677284.64   124948245.8
PATIENTLINE PLC       PTL PZ      -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX      -54677284.64   124948245.8
PATIENTLINE PLC       2928899Q EO -54677284.64   124948245.8
PROSTRAKAN GROUP      PSK LN      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK EU      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK IX      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK PO      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKGBP EO   -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKEUR EO   -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK EO      -12569003.96   123595205.6
PROSTRAKAN GROUP      PKNGF US    -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK PZ      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK VX      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKEUR EU   -12569003.96   123595205.6
REAL ESTATE OP-O      REO ID      -145048365.8    2933767507
REAL ESTATE OP-O      REO EU      -145048365.8    2933767507
REAL ESTATE OP-O      REO PZ      -145048365.8    2933767507
REAL ESTATE OP-O      REO LN      -145048365.8    2933767507
REAL ESTATE OP-O      REO IX      -145048365.8    2933767507
REAL ESTATE OP-O      REO EO      -145048365.8    2933767507
REAL ESTATE OP-O      REO VX      -145048365.8    2933767507
REAL ESTATE OP-O      REOGBP EO   -145048365.8    2933767507
REAL ESTATE OP-O      REA GR      -145048365.8    2933767507
REGUS LTD             273187Q LN  -46111835.37     367181111
REGUS PLC             REGSF US    -46111835.37     367181111
REGUS PLC             2296Z LN    -46111835.37     367181111
REGUS PLC             RGU GR      -46111835.37     367181111
REGUS PLC             273195Q VX  -46111835.37     367181111
REGUS PLC-ADS         REGSY US    -46111835.37     367181111
REGUS PLC-ADS         REGSV US    -46111835.37     367181111
REGUS PLC-ADS         REGS US     -46111835.37     367181111
REGUS PLC-ADS         RGUA GR     -46111835.37     367181111
RENTOKIL INITIAL      RTO PZ      -93968267.73    2931869901
RENTOKIL INITIAL      RTOEUR EU   -93968267.73    2931869901
RENTOKIL INITIAL      RTO1 GR     -93968267.73    2931869901
RENTOKIL INITIAL      RTO PO      -93968267.73    2931869901
RENTOKIL INITIAL      RTO1 GK     -93968267.73    2931869901
RENTOKIL INITIAL      RTOEUR EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTOKF US    -93968267.73    2931869901
RENTOKIL INITIAL      RTOGBP EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTO BQ      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EO      -93968267.73    2931869901
RENTOKIL INITIAL      RTO LN      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EB      -93968267.73    2931869901
RENTOKIL INITIAL      RTO VX      -93968267.73    2931869901
RENTOKIL INITIAL      RTOUSD EU   -93968267.73    2931869901
RENTOKIL INITIAL      RTO TQ      -93968267.73    2931869901
RENTOKIL INITIAL      RKLIF US    -93968267.73    2931869901
RENTOKIL INITIAL      RTOUSD EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTO NQ      -93968267.73    2931869901
RENTOKIL INITIAL      RTOG IX     -93968267.73    2931869901
RENTOKIL INITIAL      RTO IX      -93968267.73    2931869901
RENTOKIL INITIAL      RTO QM      -93968267.73    2931869901
RENTOKIL INITIAL      RTO GR      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EU      -93968267.73    2931869901
RENTOKIL INITIAL      RTO NR      -93968267.73    2931869901
RENTOKIL-SP ADR       RTOKY US    -93968267.73    2931869901
RENTOKIL-SP ADR       AP76 LI     -93968267.73    2931869901
SAATCHI & SA-ADR      SSI$ LN     -119260804.2   705060824.5
SAATCHI & SA-ADR      SSA US      -119260804.2   705060824.5
SAATCHI & SAATCH      SSI LN      -119260804.2   705060824.5
SAATCHI & SAATCH      SSATF US    -119260804.2   705060824.5
SAATCHI & SAATCH      188190Q GR  -119260804.2   705060824.5
SCOTTISH MEDIA        SSMR LN     -61797602.82   173123066.5
SCOTTISH MEDIA        1442Q GR    -61797602.82   173123066.5
SCOTTISH MEDIA        SSM LN      -61797602.82   173123066.5
SCOTTISH TELEV        SCTVF US    -61797602.82   173123066.5
SFI GROUP PLC         SUYFF US    -108067115.8   177647536.1
SFI GROUP PLC         SUF LN      -108067115.8   177647536.1
SKYEPHARMA PLC        SK8A GR     -119704799.7   123295943.6
SKYEPHARMA PLC        SKP EU      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP EO      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP TQ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKPEUR EU   -119704799.7   123295943.6
SKYEPHARMA PLC        SK8C GR     -119704799.7   123295943.6
SKYEPHARMA PLC        SKP BQ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP LN      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP PZ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP1 VX     -119704799.7   123295943.6
SKYEPHARMA PLC        SKPEUR EO   -119704799.7   123295943.6
SKYEPHARMA PLC        SKP VX      -119704799.7   123295943.6
SKYEPHARMA PLC        SKPGBP EO   -119704799.7   123295943.6
SKYEPHARMA PLC        SKP PO      -119704799.7   123295943.6
SKYEPHARMA PLC        SKYEF US    -119704799.7   123295943.6
SKYEPHARMA PLC        SKP IX      -119704799.7   123295943.6
SKYEPHARMA -SUB       2976665Z LN -119704799.7   123295943.6
SKYEPHARMA-ADR        SK8 GR      -119704799.7   123295943.6
SKYEPHARMA-ADR        SK8N GR     -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYPY US    -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYEY US    -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYE US     -119704799.7   123295943.6
SKYEPHARMA-ADR        AP80 LI     -119704799.7   123295943.6
SKYEPHAR-RTS F/P      SKPF VX     -119704799.7   123295943.6
SKYEPHAR-RTS F/P      SKPF LN     -119704799.7   123295943.6
SKYEPHAR-RTS N/P      SKPN VX     -119704799.7   123295943.6
SKYEPHAR-RTS N/P      SKPN LN     -119704799.7   123295943.6
SMG PLC               SMG LN      -61797602.82   173123066.5
SMG PLC               SMG PO      -61797602.82   173123066.5
SMG PLC-FUL PAID      SMGF LN     -61797602.82   173123066.5
SMG PLC-NIL PAID      SMGN LN     -61797602.82   173123066.5
SMITHS NEWS PLC       NWS PO      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS PZ      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS IX      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 TQ     -95712237.17   277933611.8
SMITHS NEWS PLC       SMWPF US    -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 BQ     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS LN      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2GBP EO  -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 EU     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1GBP EO  -95712237.17   277933611.8
SMITHS NEWS PLC       SMWPY US    -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 EO     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2EUR EU  -95712237.17   277933611.8
SMITHS NEWS PLC       NWS VX      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 EU     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 EO     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2EUR EO  -95712237.17   277933611.8
STV GROUP PLC         SMG PZ      -61797602.82   173123066.5
STV GROUP PLC         SMG VX      -61797602.82   173123066.5
STV GROUP PLC         STVGEUR EU  -61797602.82   173123066.5
STV GROUP PLC         STVG LN     -61797602.82   173123066.5
STV GROUP PLC         STVGEUR EO  -61797602.82   173123066.5
STV GROUP PLC         STVG EU     -61797602.82   173123066.5
STV GROUP PLC         SMG IX      -61797602.82   173123066.5
STV GROUP PLC         SMGPF US    -61797602.82   173123066.5
STV GROUP PLC         STVGGBP EO  -61797602.82   173123066.5
STV GROUP PLC         STVG VX     -61797602.82   173123066.5
STV GROUP PLC         STVG EO     -61797602.82   173123066.5
TELEWEST COM-ADR      TWSTD US     -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US     -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN      -3702234581    7581020925
TELEWEST COM-ADR      940767Q GR   -3702234581    7581020925
TELEWEST COMM         TWT VX       -3702234581    7581020925
TELEWEST COMM         715382Q LN   -3702234581    7581020925
TELEWEST COMM         604296Q GR   -3702234581    7581020925
TELEWEST COMM         TWSTF US     -3702234581    7581020925
THORN EMI PLC         THNE FP      -2265916257    2950021937
THORN EMI-ADR         THN$ LN      -2265916257    2950021937
THORN EMI-ADR         TORNY US     -2265916257    2950021937
THORN EMI-CDR         THN NA       -2265916257    2950021937
THORN EMI-REGD        1772Q GR     -2265916257    2950021937
TI AUTOMOTIVE-A       6525Z LN    -298787496.1    1730489867
TOPPS TILES PLC       TPT PO      -49423537.13   155303750.4
TOPPS TILES PLC       TPT VX      -49423537.13   155303750.4
TOPPS TILES PLC       TPTJY US    -49423537.13   155303750.4
TOPPS TILES PLC       TPT EU      -49423537.13   155303750.4
TOPPS TILES PLC       TPT BQ      -49423537.13   155303750.4
TOPPS TILES PLC       TPT LN      -49423537.13   155303750.4
TOPPS TILES PLC       TPT IX      -49423537.13   155303750.4
TOPPS TILES PLC       TPT EO      -49423537.13   155303750.4
TOPPS TILES PLC       TPT PZ      -49423537.13   155303750.4
TOPPS TILES PLC       TPT TQ      -49423537.13   155303750.4
TOPPS TILES PLC       TPTGBP EO   -49423537.13   155303750.4
TOPPS TILES PLC       TPTEUR EU   -49423537.13   155303750.4
TOPPS TILES PLC       TPTJF US    -49423537.13   155303750.4
TOPPS TILES PLC       TPTEUR EO   -49423537.13   155303750.4
TOPPS TILES-NEW       TPTN LN     -49423537.13   155303750.4
UNIGATE PLC           UNGPF US    -21397232.94   474779161.6
UNIGATE PLC           UNGAF US    -21397232.94   474779161.6
UNIGATE PLC           1577Q GR    -21397232.94   474779161.6
UNIGATE PLC           UNIG LN     -21397232.94   474779161.6
UNIGATE PLC-ADR       UNGAY US    -21397232.94   474779161.6
UNIQ PLC              UNIQ LN     -21397232.94   474779161.6
UNIQ PLC              UNIQ VX     -21397232.94   474779161.6
UNIQ PLC              UGE GR      -21397232.94   474779161.6
UNIQ PLC              UNIQEUR EU  -21397232.94   474779161.6
UNIQ PLC              UNIQF US    -21397232.94   474779161.6
UNIQ PLC              UNIQ IX     -21397232.94   474779161.6
UNIQ PLC              UNQPF US    -21397232.94   474779161.6
UNIQ PLC              UNIQGBP EO  -21397232.94   474779161.6
UNIQ PLC              UNIQ EU     -21397232.94   474779161.6
UNIQ PLC              UNIQEUR EO  -21397232.94   474779161.6
UNIQ PLC              UNIQ EO     -21397232.94   474779161.6
UNIQ PLC              UNIQ PZ     -21397232.94   474779161.6
UNIQ PLC              UNIQ PO     -21397232.94   474779161.6
UTC GROUP             UGR LN      -11904426.45     203548565
VIRGIN MOB-ASSD       VMOA LN     -392165437.6   166070003.7
VIRGIN MOB-ASSD       VMOC LN     -392165437.6   166070003.7
VIRGIN MOBILE         VMOB VX     -392165437.6   166070003.7
VIRGIN MOBILE         UEM GR      -392165437.6   166070003.7
VIRGIN MOBILE         VMOB LN     -392165437.6   166070003.7
VIRGIN MOBILE         VGMHF US    -392165437.6   166070003.7
VIRGIN MOBILE         VMOB PO     -392165437.6   166070003.7
WARNER ESTATE         WNER PO     -6076459.885   426871306.9
WARNER ESTATE         WNER LN     -6076459.885   426871306.9
WARNER ESTATE         WNERGBP EO  -6076459.885   426871306.9
WARNER ESTATE         WNER EU     -6076459.885   426871306.9
WARNER ESTATE         WNER EO     -6076459.885   426871306.9
WARNER ESTATE         WNER IX     -6076459.885   426871306.9
WARNER ESTATE         WNER VX     -6076459.885   426871306.9
WARNER ESTATE         WNEHF US    -6076459.885   426871306.9
WARNER ESTATE         WNER PZ     -6076459.885   426871306.9
WARNER ESTATE         WRL GR      -6076459.885   426871306.9
WATSON & PHILIP       WTSN LN       -120493900   252232072.9
WINCANTON PL-ADR      WNCNY US    -151911497.1    1420828184
WINCANTON PLC         WIN PZ      -151911497.1    1420828184
WINCANTON PLC         WIN1 TQ     -151911497.1    1420828184
WINCANTON PLC         WIN VX      -151911497.1    1420828184
WINCANTON PLC         WIN1 BQ     -151911497.1    1420828184
WINCANTON PLC         WIN IX      -151911497.1    1420828184
WINCANTON PLC         WIN1 EU     -151911497.1    1420828184
WINCANTON PLC         WIN PO      -151911497.1    1420828184
WINCANTON PLC         WIN1 NQ     -151911497.1    1420828184
WINCANTON PLC         WIN1EUR EO  -151911497.1    1420828184
WINCANTON PLC         WIN1USD EU  -151911497.1    1420828184
WINCANTON PLC         WNCNF US    -151911497.1    1420828184
WINCANTON PLC         WIN1USD EO  -151911497.1    1420828184
WINCANTON PLC         WIN1EUR EU  -151911497.1    1420828184
WINCANTON PLC         WIN1 QM     -151911497.1    1420828184
WINCANTON PLC         WIN1 EO     -151911497.1    1420828184
WINCANTON PLC         WIN1 EB     -151911497.1    1420828184
WINCANTON PLC         WIN1GBP EO  -151911497.1    1420828184
WINCANTON PLC         WIN LN      -151911497.1    1420828184



                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *