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CONCERN FOR CONTEMPORARY STUDIES

The price premium puzzle in overseas acquisitions by EED-MNCs

Submitted to

Professor J. Ramachandran

Indian Institute of Management, Bangalore

On

August 28th, 2007

In

Fulfilment of the Requirement for the

Contemporary Course Studies in the

Post Graduate Program in Management (PGP-I)

Submitted by:

Abhishek Agarwal (0611214)Suruchi Nangia (0611131)

Concern for Contemporary Studies

Contents

1 INTRODUCTION..............................................................................12 WHAT CONSTITUTES THE ACQUISITION PREMIUM?..................2

2.1 Accepted Constituents..........................................................................22.2 Liabilities of Origin...............................................................................2

3 CLASSIFICATION INTO DEVELOPED AND EMERGING NATIONS.....44 QUALITATIVE CASES..............................................................5

4.1 Hindalco’s acquisition of Novelis..........................................................54.2 Tata Steel’s acquisition of Corus...........................................................94.3 Wipro’s acquisition of Infocrossing Inc...............................................134.4 Tata Tea’s acquisition of Tetley..........................................................154.5 Dr. Reddy’s Labs acquisition of Betapharm Arzneimittel GmbH........174.6 VSNL’s acquisition of Teleglobe.........................................................18

5 QUANTITATIVE MODEL.........................................................205.1 Step 1: Testing for equality of premiums for EE, ED, DD and DE deals

205.2 Step 2: Pair-wise comparison of premiums for EE, ED, DD & DE deals

215.3 Step 3: Identifying salient variables that explain premiums in EE and ED deals....................................................................................................22

5.3.1 Regression equation................................................................................................245.3.2 Interpretation of the Results....................................................................................25

6 APPENDIX - 1......................................................................287 APPENDIX - 2......................................................................29

7.1 Emerging To Developed Market Deals................................................297.2 Emerging To Emerging Market Deals.................................................337.3 Developed To Developed Market Deals..............................................447.4 Developed To Emerging Market Deals................................................81

8 LIST OF REFERENCES..................................................................89

List of Figures and Tables

Figure 1: Top-line growth vs. Bottom-line decline......................................6Figure 2: The World of Novelis...................................................................8Figure 3: T test results for pair-wise comparison of deal premiums.........21Figure 4: Summary results for the multiple regression model..................23Figure 5: The Regression Equation...........................................................24


1 INTRODUCTION

Indian companies acquired 244 foreign companies in the

last six years (January 2000 to March 2006). For the

calendar years 2005 and 2006, the outbound FDI figure

from India was considerably greater than the inbound FDI.

Of late, the size of these deals involving overseas

acquisitions by India Inc has grown significantly with

companies acquiring firms that are over four times their

size. It might be worthwhile at this stage to stop and

question the motivations driving this growing spate of

high value deals. This question gains even more

significance in the wake of the current global trend

towards consolidation. For instance, the recent Tata-Corus

deal saw two firms from emerging economies, namely

Tata Steel and CSN, willing to pay about nine times the

EBITDA multiple, as compared to the industry standard of

six times the EBITDA multiple, to acquire a strong

foothold in the European market. It is clear that in such a

scenario, a large proportion of the value is appropriated by

the seller. However, the study aims to understand the

rationale for the buyer to pay such huge premiums.

The existing literature does not correlate this premium to

important factors like the Liabilities of Origin. As more

and more firms from emerging economies enter the

developed countries through the acquisition route, the

argument that Liabilities of Origin becomes the major

determinant of these premiums gains considerable

importance.

Page 1


However, to be able to identify the incremental effect of

Liabilities of Origin on the deal premium paid, it is

necessary to first identify all other factors that constitute

this premium viz. synergies, competitive bids, industry

effects etc. Once identified, the effects of these factors

have to be eliminated from the calculated premium. The

residual premium can then be attributed to the Liabilities

of Origin.

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2 WHAT CONSTITUTES THE ACQUISITION PREMIUM?

2.1 Accepted Constituents

To date, literature has focused on the following

explanation for premiums: synergies between the target

and acquiring firm. Synergies result when the assets of the

acquirer and target can be put together in a way that makes

both better off than they were before the acquisition.

Theoretically, the greater the synergies, the higher the

premium the buyer is willing to pay, yet the evidence for

synergies is surprisingly weak.

Another factor that has a positive impact on premium, as

per popular literature, is the position in the market of the

acquired firm. Ideally, firms pay more for targets that are

market leaders in their respective industries (a trait that

can be captured reasonably through the company’s market

capitalization, as market leaders tend to have higher

market capitalization figures). Further, greater the

profitability of the target (as captured through profitability

ratios like Return on Assets and Return on Equity) higher

the premium paid. A part of the premium can also be

attributed to management hubris of the acquiring

company. Traditional economic explanations also appear

to be valid, as some of the variables that capture their

effects (e.g., industry of the target, year the acquisition

occurred) are significant. These results suggest that

economic, competitive, and social context factors are all

important in the premium determination process. The

effect of these variables has been studied in greater depth

as part of the quantitative analysis.

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2.2 Liabilities of Origin

Today, it is a widely accepted tenet, that any firm

venturing into a foreign market faces certain

‘disadvantages’ vs. the local firms in that market. Some of

these advantages - well accepted in popular International

Business literature - that are possessed by firms in their

home markets over foreign firms include better

information about the economy, language, law and politics

of their country and preferential treatment from the home

government as well as buyers and suppliers. These

advantages for local firms in their home country would

simultaneously surface as disadvantages for foreign firms

entering that market. These disadvantages are together

referred to as the Liabilities of Foreignness (LOF).

The term ‘Liabilities of Origin’ takes this concept of LOF

a step further by arguing that the LOF concept does not

cover the complete range of liabilities which firms from

emerging economies (EED-MNCs) come under when they

enter foreign developed markets. Liabilities of Origin - a

phrase coined by Professors Bartlett and Ghoshal (2000) –

captures the essence of these obstacles faced by emerging

economy firms in their internationalization programs and

the specific initiatives undertaken by them to overcome

these obstacles. The Liabilities of Origin, as described by

Prof. J. Ramchandran and Anirvan Pant in their paper ‘The

Liabilities of Origin: An emerging economy perspective on

the challenges of venturing abroad’, is observed in three

contexts. These contexts can be defined as follows:

Home country context: Absence of a mature

institutional structure and global managerial talent

leading to a quest for commercial legitimacy

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Host country context: The key legitimacy problem

faced by emerging economy firms in this context is

socio-political legitimacy which is aggravated by

the presence of large Cultural, Administrative,

Geographic and Economic distances. These

distances are reflected in the difficulties faced by

EED-MNCs in establishing their credibility and

accountability in developed nations.

Organizational context: Managers of EED-MNCs

are faced by a double jeopardy wherein they could

be inhibited by self doubt (as they are unaware of

the global potential of their products and services)

or handicapped by a false over-enthusiasm (fuelled

by a lack of exposure to competition, rendering

them unaware of the potential dangers in

developed economies). Thus the greatest

legitimacy problem in this context is that of

cognitive legitimacy.

The report studies six deals in detail which involve hefty

premiums paid by firms from India (representative of the

emerging economy) making acquisitions in the developed

world. It puts forward a qualitative case that the amount

paid beyond the acquisition hubris for these deals, is due

to Liabilities of Origin. The qualitative arguments have

then been substantiated with empirical evidence through a

mathematical model.

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3 CLASSIFICATION INTO DEVELOPED AND EMERGING NATIONS

For the purpose of study, a “developing economy” nation

has been considered as one included in any of the

following internationally accepted classifications:

CIA developed country list – consisting of 34

economic entities

CIA advanced economy list - consisting of 35

countries

IMF advanced economy list - consisting of 31

countries

The countries short listed based on a union of these lists

included 37 nations viz. Andorra, Australia, Austria,

Belgium, Bermuda, Canada, Cyprus, Denmark, Finland,

France, Germany, Greece, Hong Kong, Iceland, Ireland,

Israel, Italy, Japan, Liechtenstein, Luxembourg, Malta,

Monaco, Netherlands, New Zealand, Norway, Portugal,

Singapore, Slovenia, South Africa, South Korea, Spain,

Sweden, Switzerland, Taiwan, Turkey, United Kingdom,

United States

For the purpose of simplicity, no distinction has been

made between developing countries, newly industrialized

countries; least developed nations and less economically

developed countries for classification of an “emerging

economy”. All countries available in Bloomberg, except

the 37 developed nations specified above, have been

included in the list of emerging economy nations.

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4 QUALITATIVE CASES

4.1 Hindalco’s acquisition of Novelis

In April 2007, Hindalco made an investment worth 80% of

its market capitalization in an asset that is likely to yield

negative/low returns in near to medium term. The acquired

company had incurred a loss of $170 million for the nine

months ended 30 September 2006. In its latest guidance,

the acquired company’s management had indicated a loss

of $240 million-285 million for the whole of 2006. Thus,

we observe that profitability of the target firm was not a

criterion for the price paid by Hindalco.

Even in 2005, when Novelis had made a $90-million net

profit, its share price never crossed $30. But, Hindalco

paid $44.93 a share for a loss-making company - a

decision to which the stock market expressed its

discomfort by dumping almost 7.3 million shares of

Hindalco leading to a 14% decline in Hindalco’s stock

price. On the contrary, the acquired company’s shares

jumped up by 13.3% on a down day on Wall Street.

Hindalco bought Novelis for $6 billion in an all cash deal.

Consensus estimates EBITDA of US$479mn for 2007 and

US$618mn for 2008, imply 2007 EV/EBITDA of 12.4x

and 2008 EV/EBITDA of 9.6x at the offer price. In

contrast, Hindalco trades at EV/EBITDA of around 4x for

FY08-FY09. The markets conceded that Hindalco had

paid too much for Novelis. But had Hindalco paid too

much?

Aggravating the problem of over-valuation is the funding

structure of this deal. It is remarkably different from the Page 7


leveraged buyout model that Tata Steel used to fund the

Corus buy. The Tatas bought 100% of Corus’ equity for

$12.1 billion. Only $4.1 billion of this was raised by the

Tatas. The remaining $8 billion was raised (as non

recourse debt) and repaid on the strength of the Corus

balance sheet. Effectively, the Tatas were paying only a

third of the acquisition price. This was possible because

Corus had relatively low debt on its balance sheet and was

able to borrow more. But that is not the case with Novelis.

During the spin off from Alcan, Novelis ended up

inheriting a debt mountain of almost $2.9 billion on a

capital base of less than $500 million. That was just the

beginning of its troubles. The situation got worse with

time. Though it marginally reduced debt, it made some

losses too. On a net worth of $322 million, Novelis had a

debt of $2.33 billion (most of it high cost) just before the

acquisition. With a debt-equity ratio of 7.23:1, it could

borrow any more. So, the Birlas were unable to do a

leveraged buyout. After excluding the $2.4 billion of debt,

the equity component of the deal works out to $3.6 billion.

Hindalco is expected to raise around $2.8 billion in debt to

finance the transaction besides $450 million from its own

internal resources and $300 million from a group

company. Unlike the Tata Corus deal, lenders for all of

this debt would have recourse to Hindalco. The existing

debt of Novelis of $2.4 billion is also likely to be re-

financed by Hindalco. After the deal, Hindalco’s

consolidated debt-equity ratio would slip from about 0.5:1

to well over 2:1.

Novelis has a simple business model. It buys primary

aluminium, processes it into rolled products like stock for

soft drink cans, automotive parts, etc., and sells it to

Page 8


customers such as Coke and Ford. But Novelis’

management took a wrong call on aluminium prices. In a

bid to win more business from soft drink manufacturers, it

promised four customers that it would not increase product

prices even if raw material aluminium prices went up

beyond a point. A few months after Novelis signed those

contracts, aluminium prices shot up 39 per cent (between

30 September 2005 and 2006). To these four customers,

Novelis was forced to sell its products at prices that were

lower than raw material costs. These four account for 20

per cent of Novelis’s $9-billion revenues. But the

management’s wrong judgment led to losses of $350

million (in 2006). Thus, even though the company has had

very good toplines, its bottom lines have not been healthy.

Figure 1 clearly shows this trend.

Figure 1: Top-line growth vs. Bottom-line decline

A reason cited for the acquisition is synergy. Hindalco’s

finished product is aluminium. That is the raw material

Novelis uses to make stock for cans, auto parts, etc. The

combination would establish a global integrated

aluminium producer with low-cost alumina and aluminium

production facilities combined with high-end aluminium

rolled product capabilities. On the face of it, this seems

like a perfect synergy. But it isn’t. Hindalco’s aluminium

capacities are all committed to its existing customers. And

Page 9


Novelis has tied up its raw material supplies from sources

with geographical proximity. Company officials say they

wouldn’t upset these contracts. It is unlikely that the two

will be able to do much business with each other till 2011.

That is when a big part of Hindalco’s Rs 12,500-crore

expansion projects will go on-stream. (It also has another

Rs 12,500-crore expansion planned.) “It is possible that

some of our aluminium may find a home in Novelis. But

that is only in the long term. We are not going into this

deal to improve margins”, says Debu Bhattacharya

(Managing Director, Hindalco). Further, Hindalco’s sales

of primary metal are expected to be 160-220,000t over

FY08-09. Even if all this is exported to Novelis it will not

meet less than 7% of Novelis’ primary metal requirement.

If synergy and profitability cannot be attributed as reasons

for the deal premium, it makes one wonder: Why did the

Birlas choose to buy Novelis? This brings us to the

argument that Novelis paid such a huge premium to

overcome Liabilities of Origin. Hindalco, although Asia's

largest integrated producer of aluminium, has no

aluminium production operations outside of India. Novelis

gives Hindalco 29 plants in four continents. Thus the

acquisition propels Hindalco into the global arena,

enabling it to expand its reach and customer base by

venturing into new markets. This not only helps Hindalco

to acquire cognitive legitimacy, thereby reducing

problems of both self-doubt and over-fueled ambition

which managers from EED-MNCs tend to suffer from,

when they enter a developed market for the first time.

Figure 2 gives further insights into the ‘world of Novelis’.

Page 10


Figure 2: The World of Novelis

Novelis provides Hindalco access to global customers,

principally America, to supply flat-rolled aluminum in

sheet and coil form for the production of beverage cans,

food cans, and screw-caps. And it brings along famous

clients like beverages giant Coca Cola, beer major

Anheuser-Busch, can maker Rexam Coca-Cola besides

auto companies like GM and Ford. This gives Hindalco

Socio-Political legitimacy and helps it gain acceptance in a

developed market. Extending the argument of Socio-

Political legitimacy, we observe that Hindalco does not

have a presence in the market of rolled products, which

forms about 40 percent of the 35 million tonnes global

aluminium market. But Novelis has a 19% world share in

this market. The Indian company gets access to new

technologies and a beverage container market that kicks

around 200 billion cans across the world, not to speak of

screw caps and bottle closures of every conceivable type.

Novelis currently operates in 12 countries with an

employee strength of over 12,000 employees. Novelis also

provides Hindalco access to the automotive and

transportation industry, which is another big user of

lightweight sheet aluminum that is Novelis’ specialty. The

Birlas estimate it would take 10 years for Hindalco to

develop such technology on its own. Thus, it also helps

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Hindalco overcome the problem of commercial

legitimacy.

Another case in point which points towards the Liabilities

of Origin argument is the March, 2006 sale of Corus’

aluminium rolled products business to Aleris (i.e. a deal

where both the target and acquirer companies are part of

the developed world). The business, with revenues of

$1.83 billion and a PBT of $55 million, was sold for $980

million — or a 2005 Market Capitalization / PBT multiple

of only 18. But Hindalco is paying an expected 2007

Market Capitalization / PBT multiple of 36, which is

nearly double of what Aleris paid. Aleris, being a

developed country company does not need to pay a

premium to overcome the Liabilities of Origin – hence, the

difference in the price paid.

4.2 Tata Steel’s acquisition of Corus

Tata Steel's acquisition of the Anglo-Dutch steel major

Corus vaulted the former to the fifth position from 56th in

global steel production capacity. With the exception of

Arcelor Mittal, which had combined production capacities

of 110 million tonnes, Tata Corus, with a capacity of 23.5

million tonnes, would be only 5-7 million tonnes shy of

the next three players — Nippon Steel, Posco and JFE

Steel. At the same time, it would also have players such as

Baosteel, US Steel, Nucor and Thyssenkrupp breathing

down its neck in the global sweepstakes.

Corus did not have any access to nearby iron ore, had high

labor costs and pension obligations, and operated many

inefficient plants in the United Kingdom. Further, Corus

Page 12


had clocked an operating margin of only 9.2% compared

with 32% by Tata Steel for the third quarter ended

December 2006. In effect, Tata Steel had bought an

operation with substantially lower margins. Thus, once

again we see that profitability of the target firm was not a

cause for the premium paid. In 2002, CSN had openly held

talks with Corus about a tie-up but ended up backing off

because of concerns about the European company's

financial health.

Tata’s rival bidder CSN proclaimed that it made a better

partner for Corus since it had some of the largest iron-ore

mines in the world and was one of the lowest-cost steel

producers, meaning it could have achieved huge cost

savings through a merger. Unlike CSN, Tata did not have

excess iron ore to feed Corus’ plants, something that could

considerably cut the cost of Corus' production. In other

words, the synergy benefits would have been evidently

higher in a CSN–Corus deal vs. a Tata–Corus acquisition;

but clearly the Tata’s had identified something beyond

these benefits that propelled them to stay in the bidding

war till the end, to top their rival’s bid. Despite the

apparent shortcomings, Tata Steel acquired Corus in an

offer that was priced at 9x EBITDA multiple compared to

the current industry trend of 6x EBITDA multiples. The

final offer price of 608 pence worked out to a 50%

premium to Corus' price on October 4th, the day prior to

the preliminary announcement by Tata Steel deal for

Corus. The deal came at a stiff price of $12.1 billion in

equity value; a debt component of around $1.5 billion;

thereby, giving Corus an Enterprise Value of worth $13.6

billion. This huge premium cannot be justified on grounds

of synergy arising from scale, scope and cross-fertilization

Page 13


of research and development capabilities as highly

publicized by the popular press. This is clear from the

statement of Mr. Muthuraman, Managing Director of Tata

Steel. He confirmed that while synergies would add only

about US$ 300-350 million a year to net profit, the deal

had given the company access to developed markets of

Europe and the company plans to go downstream in the

European markets than the emerging economies. The Tata

Steel stock has shed over 10 per cent since the acquisition

and has also been a sharp under-performer relative to the

broad market and its sectoral peers over the past six

months. With the debate on overvaluation and "winner's

curse" hanging over this deal we ask - what made Tatas

believe that this premium of 50% above market valuations

was justified? In other words – what does Corus provide

Tatas Steel with?

The argument that we present is that Tatas paid this huge

premium to overcome Liabilities of Origin. Corus has

more than a 50% market share in the UK and is well

positioned in Europe, especially in the high value

automotive, packaging and construction markets. It also

has an advanced facility in the Netherlands. Besides, as

the largest steelmakers in Europe, the U.S. and emerging

markets such as the Ukraine and elsewhere have been

gobbled up, Corus is one of the last remaining large

suppliers in a market where customers pay top dollar. The

breakup of its turnover is given below:

Europe (excluding UK) - 53% UK - 27% North America - 9% Asia - 8% Rest of the World - 3%

Page 14


Acquisition of Corus provides Tatas with direct access to

these developed markets which would otherwise have

been extremely difficult to penetrate. Mr. Ratan Tata,

Chairman, Tata Sons, claimed, "... it will take several

years for us to build a 19-million-tonne enterprise from

scratch, leave alone establishing it in Europe with a brand

name." This statement candidly captures two important

perspectives. Firstly, it captures the self-doubt of the

acquirer’s management about establishing itself in a

developed market. Thus the acquisition helps the acquirer

overcome self-doubt and gain cognitive legitimacy in the

organizational context. Secondly, the brand name and

access that Corus provides Tata Steel with, helps it gain

socio-political legitimacy in the host country context.

Another argument that points towards the host country

context is the global customer base that this acquisition

has provided Tata Steel with. Some recently awarded

supply contracts to Corus include:

Dubai Mall, Dubai

South African Large Telescope (SALT), South

Africa

Fusionpolis project, Singapore

Airbus – a significant five-year contract to supply

aluminium

A proof in this regard is the recent Boeing contract bagged

by Corus Engineering Steels (CES), based in Rotherham,

UK in July 2007 - only a few months after the acquisition.

Through its long-term contract with Messier-Dowty, a

direct supplier to Boeing, CES would provide high

strength, remelted steels for the Boeing’s new 787

Page 15


Dreamliner’s landing gear components. In the words of

Andrew Houghton, Messier-Dowty Group Commodity

Lead Buyer, "Corus’ world class facilities together with

the proven integrated capability between their mill and

Aerospace Service Centre, made them the supplier of

choice for the high purity steel we require in developing

the landing gear for the Dreamliner fleet." This is a clear

indicator that Tata steel has already started leveraging

Corus’ strong reputation as a provider of high quality steel

as well as its existing supplier contracts that would help

Tata-Corus to win sophisticated global customers. Further,

CES also supplies specialised steels, which are able to

withstand extremely high temperatures, to Rolls-Royce for

use in Dreamliner engines.

Another interesting point in the case is the comment from

the Tata Steel MD, Mr. Muthuraman that there will be no

change in Corus management. "Corus will complete its

own plans, and there will be no change in Corus

managment," Muthuraman said. Therefore, the Tata

group, despite having a strong management force, believes

that it would benefit from the best practices and expertise

of senior Corus management when it comes to managing

in the developed international markets. To this end, it has

already appointed four directors from Corus, including the

company CEO Mr. Varin and its deputy chairman Mr.

Leng, on its board post acquisition. Infact, Mr. Varin is

expected to replace 63 yr old Muthuraman, when he retires

in a few years at the helm of the Jamshedpur-based steel

producer. This leads us to the argument that one of the

reasons for the acquisition was to attain cognitive

legitimacy when entering the markets of a foreign

developed land.

Page 16


Corus is listed on the London Stock Exchange, Euronext

Amsterdam and the New York Stock Exchange. This

gives Tata access to global financial markets and helps it

attain commercial legitimacy. In fact, only $4.1 billion of

the total $12.1 billion will be raised by the Tatas. The

remaining $8 billion will be raised (as debt) on the

strength of the Corus balance sheet through a special

investment vehicle created in the UK for this purpose. The

debt would be serviced from the cash flows of Corus.

Effectively, the Tatas will pay only a third of the

acquisition price. Even for the equity component, Tata

Steel may consider issuing Global Depository Receipts in

the overseas market.

To clearly bring out the role played by Liabilities of

Origin in determining the premium paid by Tata Steel in

the acquisition, we contrast this deal with the Mittal-

Arcelor deal. As already stated, the operating margin of

Corus is less than even one-third of Tata Steel. This is in

sharp contrast to Mittal's acquisition of Arcelor, where the

latter's operating margins were higher than the former's

and the combined entity was set to enjoy a better margin.

Despite that, on the basis of conventional metrics such as

EV/EBITDA and EV/tonne, Arcelor Mittal's valuation has

turned to be much lower than Tata Corus. The final price

tag values Corus at 9 times EBITDA for 2006, according

to Reuters Estimates, well above the multiple Mittal Steel

paid for Arcelor, which was 5 times historical EBITDA.

On an EV/tonne basis also, the deal works out to $710 per

tonne, higher than the Arcelor Mittal deal. Moreover, Tata

is making an all-cash offer for Corus vis-à-vis the cash-

cum-stock swap offer made by Mittal for Arcelor. One of

Page 17


the most striking differences between the two deals is the

origin of the acquirer. As opposed to Tata Steel, the Mittal

steel company is a global company and thus does not

suffer from Liabilities of Origin. Hence, it did not have to

pay such high a premium for the acquisition.

Thus, Liabilities of Origin seems to explain the high

premium paid by Tata Steel in the acquisition of the

European Anglo-Dutch steel major Corus.

4.3 Wipro’s acquisition of Infocrossing Inc.

On August 6, 2007, New Jersey based data center provider

Infocrossing announced that it had signed a definitive

agreement to be acquired by Wipro Technologies, the

global IT services business of Wipro Limited, for $18.70

per share in cash. The tender offer is subject to a number

of customary closing conditions, including regulatory

approvals, and is expected to close by the fourth quarter of

2007. The deal values the acquisition target at about $600

million (including $60 million of debt).

This deal, although from an emerging to a developed

economy, needs to be analyzed keeping in perspective that

it falls within the IT sector – an industry where India has

more than established its brand name and credibility in the

last few years. We argue that industries like IT, where

India already possesses significant global reputational

capital, resources and qualified technical expertise, do not

suffer from the Liabilities of Origin syndrome. On the

contrary, such industries reap benefits due to the

Advantages of Origin. It is in this context we study the

recent Wipro – Infocrossing deal.

Page 18


Between June 2007 and the announcement of the deal, the

shares of Infocrossing Inc were trading on the NASDAQ

between $17-$18.5 per share, suggesting that Wipro paid a

deal premium of not more that 10%. Did Wipro not feel

the need to acquire Commercial, Socio-political and

Cognitive legitimacy while venturing abroad to acquire a

company in a developed economy like the U.S.?

Infocrossing is a provider of selective information

technology (IT) outsourcing solutions to large and

medium-size commercial and government enterprises. The

acquisition thus has several advantages arising out of

synergy, for Wipro. These have been listed below:

Wipro will gain 900 workers in five U.S. data

centers. While many U.S. businesses have gone

the route of having their data centers managed

offshore to save costs, many still aren't

comfortable with having their data centers

actually outside the United States. With

Wipro's acquisition of Infocrossing, the

company will be able to expand its appeal as a

full-service IT outsourcing firm for U.S.

customers. In the words of Dean Davison, VP

of research at offshore consulting firm NeoIT,

“Before, Wipro's services offerings might have

been attractive to two out of 10 U.S companies;

now it goes to seven out of 10.”

Wipro will acquire a unique positioning in the

remote infrastructure management space. The

global IT infrastructure market has been

projected to be $150 billion and the global

market opportunity for remote infrastructure

Page 19


management services has been predicted to

reach $70 billion, according to industry

association NASSCOM.

Infocrossing will bring in significant expertise

in Health plan & Payer Management segments.

With its track record of processing over 175

million claims annually and providing

contracted services to over 90 managed care

organizations, Infocrossing will considerably

enhance Wipro's ADM & BPO offerings to

our Healthcare customers.

After the acquisition, Wipro’s IT infrastructure

management practice will be 1.5 to 2 times

larger than its nearest peers, Tata Consultancy

and HCL Tech. This will enable the company

to compete more effectively in larger IT

management deals.

Despite these aforementioned synergies, Wipro is paying

only a 10% deal premium. We attribute this to the

decremental effect that an industry like IT has on the

acquisition price. The advantages of origin, due to which

Wipro is able to command a nominal premium, are further

substantiated by the words of Zach Lonstein, Chairman

and Chief Executive Officer of Infocrossing, "Infocrossing

is pleased to be joining such a strong global organization

such as Wipro Technologies." Thus, we can safely

conclude that in sectors where the home country has an

inherent advantage, companies do not feel the need to

obtain legitimacy in order to overcome Liabilities of

Origin.

Page 20


4.4 Tata Tea’s acquisition of Tetley

In a landmark deal in March 2000, Tata Tea acquired the

UK heavyweight brand Tetley for a staggering 271 million

pounds. This deal which was the biggest ever cross-border

acquisition by any Indian company, was also the first-ever

successful leveraged buy-out by any Indian company.

Ratan Tata, Chairman, Tata group said, "It is a momentous

occasion as an Indian company has been able to acquire a

brand and an overseas company." However, the question

that arises is, was Tata Tea justified in paying such a huge

premium for the brand name?

The acquisition of Tetley pitchforked Tata Tea into a

position where it could rub shoulders with global

behemoths like Unilever and Lawrie. The acquisition of

Tetley made Tata Tea the second biggest tea company in

the world. (The first being Unilever, owner of Brooke

Bond and Lipton), expanding its geographical spread as

well as customer reach.

Tata Tea operated from India, a country long known for its

black teas. It was the second largest tea company in India.

Its success was built on the “from tea bush to tea cup”

philosophy, i.e. on the freshness of its teas. To ensure this

freshness and quality, the company owned over 54

plantations and had integrated successfully across the

value chain. Hence, it could guarantee quality to an extent

that few MNCs could achieve. In the developed countries,

the market for tea was already mature. Given customers’

increasing health awareness in developed nations and a

growing inclination for tea as a healthy substitute to

Page 21


coffee, and their desire for international products, could

Tata Tea not leverage its origins and use its brand that was

so popular in India to penetrate other markets and

segments?

To quote Mr. Khusrokhan (Managing Director, Tata Tea),

"I don’t think it would make sense for us to try and create

awareness for Tata Tea internationally, Tetley is the big

brand and that’s what the company will use. Tetley will be

our international face." This hints towards the reservations

that Tata Tea’s management had about its skills and

market insight to build up its own brand in the

international markets, where Tetley was already present.

So, achieving cognitive legitimacy in the organizational

context comes across a strong rationale for the price

premium paid.

Tetley was known primarily for its operations in blending,

packing, marketing and distribution of tea principally in

the UK and the US. It had to buy tea from manufacturers

via auctions in Africa, India, Sri Lanka and Argentina

where agents who received a 2% commission, purchased

on behalf of Tetley. Tetley purchased more than 1 million

kg of tea per week. Blending was an important part of its

operations. As no single estate produced enough tea of a

consistent standard over a 12 month period to meet

Tetley’s requirements, it had to buy from a wide range of

tea estates to ensure a consistent quality product. Tata tea

owned 54 tea estates with 25,700 hectares under

cultivation. The international sales of Tata Tea were in the

form of bulk tea and instant tea. It had the biggest instant

tea facility outside US and served as a supplier of instant

tea to companies around the world. 88% of its exports

Page 22


were to the US and it was the principal supplier to the

brand “Snapple”. Its exports amounted to 12% of sales in

1999, and went to 15% of the customers in the US and

Europe. To increase exports, it already had a Joint Venture

with Tetley to produce tea bags, which were exported

under the Tetley brand to Poland, Russia and CIS.

Acquiring Tetley would mean capturing the higher end of

the value chain. Notably in the US and continental Europe,

customers increasingly valued tea with a more

sophisticated image. Contrast this with Asia where tea was

considered an everyday economic drink and customers

were very price sensitive. The acquisition gave Tata Tea

access to this higher end customer segment which was

present in the developed markets of Europe. Tata Tea had

not been able to capture this segment despite catering to

them indirectly via export to other companies. Thus, the

Tetley brand helped Tata Tea gain acceptance and Socio-

Political legitimacy in a foreign developed land.

The leveraged buyout method of financing had never been

successfully attempted before by any Indian company.

Tetley's price tag of 271 million pounds (US $450 million)

was more than four times the net worth of Tata Tea which

stood at US $ 114 m. This David & Goliath aspect was

what made the entire transaction so unusual. This

mechanism allowed Tata Tea to minimize its cash outlay

in making the purchase. The whole purchase was funded

by a combination of equity, subscribed by Tata Tea, junior

loan stock subscribed by institutional investors (including

the vendor institutions Mezzanine Finance, arranged by

Intermediate Capital Group Plc.) and senior debt facilities

arranged and underwritten by Rabobank International.

Tata Tea created a Special Purpose Vehicle (SPV)

Page 23


christened Tata Tea (Great Britain) to acquire all the

properties of Tetley. The SPV was capitalised at 70

million pounds, of which Tata Tea contributed 60 million

pounds; this included 45 million pounds raised through a

GDR issue. The US subsidiary of the company, Tata Tea

Inc. had contributed the balance 10 million pounds. The

SPV leveraged the 70 million pounds equity 3.36 times to

raise a debt of 235 million pounds, to finance the deal. The

entire debt amount of 235 million pounds comprised 4

tranches (A, B, C and D) whose tenure varied from 7 years

to 9.5 years, with a coupon rate of around 11% which was

424 basis points above LIBOR. This access to global

financial institutions and markets was one of the major

advantages of the deal. It gave the Indian company

commercial legitimacy.

On the basis of the above arguments, we can infer that

Liabilities of Origin played a major role in determining the

premium that Tata Tea paid for the acquisition of Tetley.

4.5 Dr. Reddy’s Labs acquisition of Betapharm Arzneimittel GmbH

In February 2006, Dr. Reddy's Laboratories Limited

(DRL) acquired the fourth largest generic pharmaceutical

company in Germany, Betapharm Arzneimittel GmbH

(Betapharm) from the 3i Group PLC (3i) for US$570

million (€480 million). Betapharm had estimated sales of

€140 million and operating profit (EBITDA) of €40

million. Dr. Reddy's purchase price was 3.4x sales and

12.5x EBITDA - a rich valuation for a rich market.

Contrast this with Dr. Reddy's acquisition of Roche's

custom synthesis business in Mexico for US$ 59mn in

Page 24


Nov 2005. Adjusted for working capital assets, the

purchase price was less than 1 time revenues. Their rival

bidder for Betapharm, Ranbaxy, backed out in the last

minute citing the high price as the reason. Then what

made DRL pay such a heavy premium for Betapharm?

Satish Reddy, MD and COO of DRL, explained,

"Betapharm has 3.5 per cent market share in Germany; as

many as 370 employees, of which there is a strong sales

field force of 200; and 145 brands, with a clear launch

calendar until 2009. If we had to do all this from scratch,

the cost would be prohibitively high... The acquisition was

a market entry strategy for us."

The acquisition gave DRL access to the German generic

drugs market, the second-largest generic drugs market in

the world, after the US. Germany also accounted for 66

percent of the generic market in Europe. The acquisition

was expected to help DRL gain a strategic presence in the

European market as the generic drug market in Europe

was expected to show strong growth due to rising public

healthcare costs. Hence, it appears that the acquisition

helped DRL leverage the strong marketing and

distribution channels of Betapharm in Germany.

We can thus argue again that the premium involved here

was to gain Socio-Political legitimacy to overcome

Liabilities of Origin arising in the Host Country Context.

It also helped DRL to gain Cognitive Legitimacy in the

Organizational Context, by gaining access to DRL’s

strong sales field force of 200 and as many as 370

employees.

Page 25


4.6 VSNL’s acquisition of Teleglobe

VSNL acquired Teleglobe in July 2005 for $239 million; a

move that would help it compete with U.S. based

networking powerhouses AT&T and MCI. This

acquisition cost included an assumed debt of $61 million

and the transaction price of $178 million for 100% stake in

the Bermuda-based Teleglobe, which had most of its

operations in Canada.

Teleglobe was once the incumbent international long

distance carrier in Canada, but later fell into bad times and

had to go in for restructuring. The year before the

acquisition, the company reported gross profit of $19

million and a net loss of $38 million. VSNL still paid

$4.50 per share to Teleglobe shareholders, offering a 22-

per cent premium to the then market capitalization of the

company which was listed on the NASDAQ. Why was

VSNL willing to pay a 22% premium for a target that was

running into losses? We need to identify other constituents

of this premium, once factors like profitability get ruled

out.

Again, the rationale behind paying a premium for a loss

making unit seems to be embedded in the Liabilities of

Origin argument. Before the acquisition, VSNL connected

to just 3 countries in Asia, but Teleglobe gave it Internet

infrastructure in 17 countries in North America, Europe,

and further afield in Asia/Pacific. It had 1,400 wholesale

customers and more than 650 enterprise customers and

carried 13 billion minutes of TDM and IP telephony voice

traffic a year, while VSNL handled 3 billion minutes. This

access to the international markets of developed nations

Page 26


and a wider customer reach required VSNL to pay a

premium – a premium to gain socio-political legitimacy in

these developed nations.

Through Teleglobe, VSNL would be able to access more

than 415 direct and bilateral agreements with leading

voice carriers, many of them incumbent carriers within

their countries or large international wireless service

providers. It also gained Voice over IP expertise, thanks to

Teleglobe's purchase of ITXC Corp. the year before the

acquisition. Thus, the acquisition helped the organization

attain commercial legitimacy by gaining access to

technology and trade agreements with leading voice

communicators.

In addition, VSNL also gained an international workforce.

Teleglobe brought a very experienced wholesale driven

sales force. The sales force wasn’t terribly well suited to

selling enterprise services but for wholesale services

Teleglobe had a sales force throughout the world with

good relationships with other international carriers. This

helped the organization attain cognitive legitimacy in

terms of sales and marketing management experience.

Page 27


5 QUANTITATIVE MODEL

Next, we adopt a quantitative approach to verify the

arguments presented above in the qualitative cases. Our

approach can be broadly classified into the following three

steps –

Step 1: We compare the average premium paid in

Emerging to Developed Countries (ED) deals vis-à-vis

average premiums paid in deals from Emerging to

Emerging Markets (EE), Developed to Emerging Markets

(DE) and Developed to Developed Markets (DD).

Step 2: If the average premiums of the four cases are

found to be statistically different, a pair wise t-test would

be performed to determine the cases in which the

difference in premiums paid is statistically significant.

Step 3: We perform a comparative study of the Emerging

to Developed Countries (ED) deals vis-à-vis Emerging to

Emerging Markets (EE) deals. The salient variables that

help explain the premiums in each of these cases are

identified with the help of multivariate linear regression.

All the deals in the date range 01/01/2000 to 26/08/2007,

were obtained from Bloomberg and classified the various

deals into the four categories of EE deals, ED deals, DD

deals and DE deals (Appendix-2). The Enterprise Value

Multiple was used as a measure of the deal premium in all

our analyses.

Page 28


Now, we delve into the details of the methodology

adopted and the results obtained in each of the above steps

in detail.

5.1 Step 1: Testing for equality of premiums for EE, ED, DD and DE deals

A single factor Analysis of Variance (Anova) was

performed to test if indeed there is a difference in the deal

premiums for the four deal categories identified above.

Hence, we formulate the following hypotheses –

H0: µEE = µED = µDD = µDE

H1: Not all µ’s are equal

Where, µXY is the average deal premium for each

of the deal categories. The result of the Anova is presented

below –

SUMMARYGroups Count Sum Average Variance

ED 231 322.14 1.394545 1.416274EE 504 643.05 1.275893 1.096475DD 1904 2372.56 1.246092 0.41161DE 362 443.49 1.22511 0.657916

ANOVASource of Variation SS df MS F P-value F crit

Between Groups 5.117901 3 1.705967 2.693673 0.044557 2.607873Within Groups 1898.071 2997 0.633324

Total 1903.189 3000

Based on the above results, we can argue with 95%

confidence that the mean premiums for the four categories

are not equal. Hence, we need to compare the categories

pair-wise in order to determine conclusively, the deal

category which has the highest premium associated with

it.

Page 29


5.2 Step 2: Pair-wise comparison of premiums for EE, ED, DD & DE deals

Two sample t-tests were performed on each pair of deal

categories. The detailed results of the t-tests are presented

in the Appendix-1. The results are summarized in figure 3

below –

ED EE DD DEED > > >EE < <> <>DD < <> <>DE < <> <>

Figure 3: T test results for pair-wise comparison of deal premiums

It is clear that the Emerging to Developed markets deals

command a statistically significant higher premium than

the deals from Emerging to Emerging markets, Developed

to Developed Markets and Developed to Emerging

markets. However, there is no significant difference

between the average premium of deals from Emerging to

Emerging markets, Developed to Developed Markets and

Developed to Emerging markets. Hence, we can argue that

a higher premium needs to be paid only when the deal is

from Emerging to Developed market. This strongly

supports our argument that a large part of the deal

premium in case of Emerging to Developed market

acquisitions can be attributed to Liabilities of Origin.

5.3 Step 3: Identifying salient variables that explain premiums in EE and ED deals

Among all the deals studied, Enterprise Value Multiple

was available on 504 EE deals and 231 ED deals, taking

the deal count to 735. The data on these 735 deals was

subject to multivariate linear regression. A dummy

Page 30


variable was created to indicate whether the deal was an

EE deal (value 0) or an ED deal (value 1). All the

variables under study were multiplied by this dummy

variable to create interaction variables. The regression

yielded the following variables as statistically significant

in explaining the premium paid (as measured by the

Enterprise Value Multiple) –

1. Year of acquisition (counting 2000 as 0, 2001 as 1

and so on)

2. Market Capitalization of the target company

3. Interaction between EE/ED dummy variable and

Market Capitalization of the target company

4. Profitability of the target as measured by Return on

Assets


Profitability of the target as measured by Return on

Assets


strength of the targets currency measured by

Exchange Rate

7. Industry variables for

a. Computer

b. Leisure

c. Media Entertainment

d. Real Estate

e. Semiconductor

f. Software & Internet


industry variables for

a. Apparel

b. Energy

c. Holding Company

Page 31


d. Pharmaceuticals & Chemicals

e. Retail Sector


We need to mention here that out of the 735 deals; only

402 deals had available data on all the above required

variables.

The multiple-regression model produced a R2 value of .242

and a p-value < 0.000 implying that the obtained model

was significant. Hence, we can conclusively examine the ß

values obtained for each of the significant variables in

order to study their effect. The summary results of the

regression have been presented in figures 4 below:

Model Summary

Model R R SquareAdjusted R

SquareStd. Error of the Estimate

1 .492(a) .242 .206 1.11146

a Predictors: (Constant), ED__SoftwareInternet, ED__Apparel, ED__Target_Mkt#_Cap#_in_bn_USD, ED__Holding_CompaniesDivers, Computer, Media__Entertainmet, Leisure, ED__Pharma, Semiconductor, ED__Retail_Sector, ED__Energy, RealEstate, Year, ED__Target_Return_on_Assets, ED__Exchange_Rate, SoftwareInternet, Target_Mkt#_Cap#_in_bn_USD, Target_Return_on_Assets

ANOVA(b)

Model

Sum of Squares df Mean Square F Sig.

1 Regression 150.832 18 8.380 6.783 .000(a) Residual 473.139 383 1.235 Total 623.971 401

a Predictors: (Constant), ED__SoftwareInternet, ED__Apparel, ED__Target_Mkt#_Cap#_in_bn_USD, ED__Holding_CompaniesDivers, Computer, Media__Entertainmet, Leisure, ED__Pharma, Semiconductor, ED__Retail_Sector, ED__Energy, RealEstate, Year, ED__Target_Return_on_Assets, ED__Exchange_Rate, SoftwareInternet, Target_Mkt#_Cap#_in_bn_USD, Target_Return_on_Assetsb Dependent Variable: Enterprise_Value_Multiple

Page 32


Figure 4: Summary results for the multiple regression model

5.3.1 Regression equation

EV Multiple = ß0 + ß1 Year + ß2 Target’s Mkt. Cap. + ß3 (EE/ED x

Target’s Mkt. Cap.) + ß4 Target’s ROA + ß5 (EE/ED x Target’s

ROA) + ß6 (EE/ED x Target Currency’s Exchange Rate) + ß7

Computer + ß8 Leisure + ß9 Media Entertainment + ß10 Real

Estate + ß11 Semiconductor + ß12 Software & Internet + ß13

(EE/ED x Apparel) + ß14 (EE/ED x Energy) + ß15 (EE/ED x

Holding Company) + ß16 (EE/ED x Pharmaceuticals &

Chemicals) + ß17 (EE/ED x Retail Sector) + ß18 (EE/ED x

Software & Internet)

Coefficients(a)

Model

Unstandardized CoefficientsStandardized Coefficients

t

Sig. B Std. Error Beta

1 (Constant) .549 .164 3.359 .001 Year .086 .029 .140 2.966 .003 Target_Mkt#_Cap#_

in_bn_USD.063 .021 .253 3.077 .002

ED__Target_Mkt#_Cap#_in_bn_USD

-.085 .025 -.288 -3.347 .001

ED__Exchange_Rate

.296 .198 .086 1.494 .136

Target_Return_on_Assets

.009 .007 .144 1.406 .161

ED__Target_Return_on_Assets

-.004 .007 -.060 -.589 .556

Computer 1.643 .503 .146 3.265 .001 Leisure 1.036 .430 .109 2.408 .017 Media__Entertainm

et1.424 .430 .149 3.308 .001

RealEstate .650 .231 .128 2.816 .005 Semiconductor 1.175 .379 .140 3.101 .002 SoftwareInternet 1.236 .503 .169 2.460 .014 ED__Apparel 5.740 1.115 .230 5.146 .000 ED__Energy 1.428 .308 .224 4.638 .000 ED__Holding_Comp

aniesDivers.764 .566 .061 1.351 .178

ED__Pharma .606 .401 .072 1.512 .131 ED__Retail_Sector .733 .301 .112 2.440 .015 ED__SoftwareIntern

et-1.335 .668 -.140 -1.999 .046

a. Dependent Variable: Enterprise_Value_Multiple

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Figure 5: The Regression Equation

5.3.2 Interpretation of the Results

Year of acquisition: This acts as a control variable to

separate out the effect of the year of acquisition. The

positive ß value of 0.086 indicates that there has been a

trend towards paying higher deal premiums in the recent

times.

Market Capitalization of the target company: This

variable has been used to identify the impact that the

position of the target company in its respective market,

could have on the premium paid. It helps to verify the

hypothesis that firms pay a higher premium for targets that

are market leaders in their industries. The positive ß value

of 0.063 indicates that the hypothesis indeed holds true.

Interaction between EE/ED dummy variable and Market

Capitalization of the target company: While acquiring

firms do pay higher premiums for industry market leaders,

however, it was necessary to test if market leaders

command the same premium in case of E-D acquisitions.

The interaction variable used for this purpose, resulted in a

negative ß value of -.085, thereby indicating that the

market leader effect gets diluted in the E-D deals, as other

factors become more important.


Assets: The target ROA variable was used to verify if

firms do attribute higher premiums for targets with healthy

bottom-lines and profitability ratios. A positive ß value

of .009 indicates that this was indeed the trend.

Page 34


Interaction between EE/ED dummy variable and


Assets: While high profitability ratios do command high

premiums in normal cases, we used an interaction variable

to test if the condition holds for E-D deals in particular. A

negative ß value of -.004 indicates that emerging economy

firms were willing to overlook the poor profitability of

developed economy firms. This implies that for the E-D

case, parameters like ROA and market cap lose impact as

other factors (like global customer base, reach,

international management talent, credibility) gain higher

significance.


strength of the targets currency measured by Exchange

Rate: Exchange rate for our purpose has been defined as

the value of the target’s currency in terms of USD. It acts

as a reasonable proxy for identifying a developed country,

as these nations normally have stronger currencies and

hence a higher exchange rate vis-à-vis the USD. When

exchange rate was used as an independent variable in the

model, it came out as one of the insignificant variables,

thereby indicating that on an average, companies do not

pay a higher premium if the target country is more

developed. However, when exchange rate was used as an

interaction variable for E-D deals exclusively, it resulted

in a positive ß value of 0.296. Thus it is evident that

emerging economy nations do attribute a significant part

of the premium paid to targets in developed economies,

with strong currencies.

Industry variables

Page 35


The following industry variables came out as significant in

the regression model:

a. Computer

b. Leisure

c. Media Entertainment

d. Real Estate

e. Semiconductor


All of the above industry variables have positive ß values,

indicating that on an average, firms pay higher premiums

when the target firm is in one of these industries. The

effect of the target firm’s industry on the premium was

insignificant when tested for all other sectors. Thus, these

variables help in isolating the effect of industry sectors

and act as control variables.


industry variables

The following interaction variables (interaction between

the industry and EE, E-D deals) came out as significant in

the regression model:

a. Apparel

b. Energy

c. Holding Company

d. Pharmaceuticals & Chemicals

e. Retail Sector


All of these industry variables except Software & Internet

had been insignificant when considered in isolation.

However, whenever there is an acquisition in any of these

industry sectors from an Emerging to a Developed Market,

these variables become significant in explaining the deal

premium involved. The ß values for Apparel, Energy,

Page 36


Holding Company, Pharmaceuticals & Chemicals and

Retail Sector are positive while the ß value for Software &

Internet is negative. It is also noteworthy that the ß value

for the Apparel industry is as high as 5.740 where the

effect of Liabilities of Origin would be strongest and

hence justifying the payment of the large premium

involved. On the contrary, in the Software & Internet

sector, most of the acquiring firms were from Indian

Origin where the industry is well established and globally

reputed. Thus, rather than suffering from Liabilities of

Origin they have Advantages of Origin and hence pay a

lower premium when acquiring a developed nation

company as indicated by the negative ß value of -1.335.

Thus, we conclude that the results of the multivariate

linear regression provide strong evidence to justify the

claim that Liabilities of Origin plays a major role in

influencing the premium paid in overseas acquisitions by

EED-MNCs.

Page 37


6 APPENDIX - 1

Results of the two sample t-tests considering unequal variances

ED EE EE DD

Mean 1.3945454551.27589

3 Mean 1.2758928571.24609

2

Variance 1.4162744661.09647

5 Variance 1.096475146 0.41161Observations 231 504 Observations 504 1904Hypothesized Mean Difference 0

Hypothesized Mean Difference 0

df 399 df 606t Stat 1.301863619 t Stat 0.609349618P(T<=t) one-tail 0.096857048 P(T<=t) one-tail 0.271260552t Critical one-tail 1.648681534 t Critical one-tail 1.64737197P(T<=t) two-tail 0.193714097 P(T<=t) two-tail 0.542521105t Critical two-tail 1.96592722 t Critical two-tail 1.963886231

ED DD EE DE

Mean 1.3945454551.24609

2 Mean 1.275892857 1.22511

Variance 1.416274466 0.41161 Variance 1.0964751460.65791

6Observations 231 1904 Observations 504 362Hypothesized Mean Difference 0



ED DE DD DEMean 1.394545455 1.22511 Mean 1.246092437 1.22511

Variance 1.4162744660.65791

6 Variance 0.4116096310.65791

6Observations 231 362 Observations 1904 362Hypothesized Mean Difference 0



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7 APPENDIX - 2

The various deals considered in the analysis are listed

below. Complete information on these deals is available in

the excel sheet (submitted in the accompanying CD).

7.1 Emerging To Developed Market Deals

Announce Date

Target Name Acquirer NameEnterprise

Value Multiple

9/19/06 AVANTOGEN LTD CHOPIN OPUS ONE LP 0.013/23/05 TEBOIL & SUOMEN PETROOLI OY LUKOIL-CLS 0.017/30/99 PEREMBA NURSERY SDN BHD SAUJANA CONSOLIDATED BHD 0.01

11/23/06 NEW WORLD MOBILE HOLDINGS MORAL GLORY INTERNATIONAL LT 0.054/ 2/03 ELECTRONIC & METALLIC OPS DESWELL INDUSTRIES INC 0.054/26/04 APTUS HOLDINGS LTD CHINA VANGUARD GROUP LTD 0.15/ 8/02 AEC HOLDINGS CORP SYNERG COMMUNICATIONS LTD 0.125/19/03 CIL HOLDINGS LTD AMSTEEL CORP BHD 0.136/14/07 CHINA PHOTAR ELECTRONICS GR SMART STEP HOLDINGS LTD 0.176/14/07 CHINA PHOTAR ELECTRONICS GR MULTIPLE ACQUIRERS 0.177/23/07 BARCLAYS PLC CHINA DEVELOPMENT BANK 0.18

10/17/01 KVAERNER ASA YUKOS-$US 0.181/24/01 RRM INVESTMENT HOLDINGS LTD USAT TRUST LTD 0.18

12/13/01 SUN'S GROUP LTD/THE CHINA WAN AN GROUP 0.199/30/02 CARLOVERS CARWASH LIMITED BERJAYA CORP BHD 0.22/28/07 J BRIDGE CORP BEST GROWTH FUND 0.25/21/07 TARO PHARMACEUTICAL INDUS SUN PHARMACEUTICALS INDUS 0.229/30/04 HEART OF MIDLOTHIAN PLC PRIVATE INVESTOR 0.23

10/19/04 HEART OF MIDLOTHIAN PLC PRIVATE INVESTOR 0.239/ 6/06 INTELLI-MEDIA GROUP HOLDING NICE HILL INVESTMENTS LTD 0.231/23/07 MAXITECH INTERNATIONAL HOLDI VIRTUE PARTNER GROUP LTD 0.264/ 3/06 CHINA RESOURCES CEMENT HOLDI CHINA RESOURCES HOLDINGS CO 0.26

11/21/06 FULBOND HOLDINGS LTD CIVIL TALENT INTERNATIONAL L 0.274/12/00 SEA HARVEST CORPORATION LTD NAMIBIAN FISHING INDUSTRIES 0.276/ 2/03 ZHONGYU GAS HOLDINGS LTD HEZHONG INVESTMENT HOLDING C 0.286/14/07 CHINA PHOTAR ELECTRONICS GR EMCOM LTD 0.293/28/07 DIGITAL ADVENTURE INC NAPA PARTNERS 0.312/ 6/07 GRANDTOP INTL HLDGS LTD PREMIER RISE INVESTMENTS LTD 0.355/25/06 DESIGN STUDIO FURNITURE MFGR DEPA GROUP 0.43

12/27/06 C Y FOUNDATION GROUP LTD LUCK CONTINENT LTD 0.449/ 7/01 S SCIENCE CO LTD DEERCREST LLC 0.44

11/12/04 HUALING HOLDINGS LTD MIDEA GROUP CO LTD 0.463/ 6/01 UGLAND NORDIC SHIPPING ASA TEEKAY CORP 0.46

10/13/03 SAZTEC INTERNATIONAL INC DATAMATICS TECHNOLOGIES LTD 0.461/30/07 NISSEN HOLDINGS CO LTD AP CAYMAN PARTNERS I L. P. 0.475/17/06 SHUN CHEONG HOLDINGS UPSKY ENTERPRISES LTD 0.52

Page 39


12/14/04 USI GROUP HOLDINGS AG-REG USI LTD 0.5312/13/06 LINMARK GROUP LTD RI SPECIAL HOLDINGS BERMUDA 0.536/ 7/07 COURTS SINGAPORE LTD SINGAPORE RETAIL GROUP LTD 0.55

11/27/06 MEDI-FLEX LTD TOP GLOVE CORP BHD 0.553/16/07 MIYAKOSHI CORP ATLANTIC JUMBO LTD 0.563/16/07 MIYAKOSHI CORP SWIFTASSET GROUP LTD 0.569/11/06 CHINA MOTION TELECOM INTL MARVEL BONUS HOLDINGS LTD 0.611/ 9/06 ENVIRO ENERGY INTERNATIONAL COLPO MERCANTILE INC 0.610/10/06 AV CONCEPT HOLDINGS LTD JADE CONCEPT LTD 0.6110/11/06 MP LOGISTICS INTL HLDGS LTD TOLMEN STAR LTD 0.6210/11/06 MP LOGISTICS INTL HLDGS LTD TOLMEN STAR LTD 0.631/27/06 GREEN ENERGY GROUP LTD ALWAYS NEWS LTD 0.635/10/07 T S TELECOM TECHNOLOGIES LTD GOLD CITY ASSETS HOLDINGS LT 0.648/14/07 INTERFISH AQUACULTURE JAZAN DEVELOPMENT CO 0.651/27/06 GREEN ENERGY GROUP LTD ALWAYS NEWS LTD 0.653/13/07 TIGER TECH HOLDINGS LIMITED ORIENT STATE LTD 0.66

11/29/06 COSMOPOLITAN INTL HLDGS GIANT SINO GROUP LTD 0.6610/18/06 SUNTELEPHONE CO LTD JMBO FUND LTD 0.692/16/07 FOREFRONT GROUP LIMITED WEALTH STYLE LTD 0.7

1/20/05 PCCW LTDCHINA NETWORK

COMMUNICATIONS0.7

4/20/07 SHIMAO INTERNATIONAL HOLDING OVERSEAS INVESTMENT GROUP IN 0.726/ 1/07 GCI MANAGEMENT ACP CAPITAL LTD 0.736/18/07 LONGLIFE GROUP HOLDINGS LTD CHINA MEDICAL DEVICE GROUP L 0.748/29/06 CASH RETAIL MANAGEMENT GROUP FIT TOP INVESTMENTS LTD 0.77

11/29/05 CHINA GAS HOLDINGS LTD OMAN OIL CO 0.7812/13/06 ROLY INTERNATIONAL HOLDINGS RI Special Holdings Bermuda Ltd 0.787/23/04 SSANGYONG MOTOR CO SHANGHAI AUTOMOTIVE INDUS-A 0.79

6/15/07 ENTIE COMMERCIAL BANKLONGREACH MANAGEMENT CORP

CA0.79

6/14/07 ENTIE COMMERCIAL BANKLONGREACH MANAGEMENT CORP

CA0.79

6/ 9/06 CATHAY PACIFIC AIRWAYS AIR CHINA LTD - A SHARE 0.8111/20/02 STILLWATER MINING CO MMC NORILSK NICKEL-CLS 0.852/ 4/04 CARACO PHARM LABS LTD SUN PHARMACEUTICALS INDUS 0.857/21/06 GOLDEN RESORTS GROUP LTD SURE EXPERT LTD 0.8612/ 8/06 FIRST ENGINEERING LTD AFFINITY PRECISION HOLDINGS 0.871/ 3/07 EVERBEST ENERGY HLDGS LTD RISE BOOM LTD 0.882/27/07 CARDLINK TECHNOLOGY GROUP GOLDEN DICE CO LTD 0.899/13/05 BAYCORP HOLDINGS LTD SLOANE GROUP LTD 0.91/12/07 HKC HOLDINGS LTD CREATIVE HOLDING LTD 0.91

10/10/06 AV CONCEPT HOLDINGS LTD JADE CONCEPT LTD 0.9210/31/06 ASIA COMMERCIAL HOLDINGS LTD CENTURY HERO INTERNATIONAL L 0.938/13/02 RYAN ENERGY TECHNOLOGIES INC NABORS INDUSTRIES LTD 0.948/10/06 ASIA FINANCIAL HLDGS LTD GIVEMORE INVESTMENTS LTD 0.948/10/06 ASIA FINANCIAL HLDGS LTD GIVEMORE INVESTMENTS LTD 0.945/16/00 GERRESHEIMER GLAS AG -ORD INVESTCORP BANK -$US 0.958/ 8/07 DIGITAL CHINA HOLDINGS LTD MULTIPLE ACQUIRERS 0.958/ 7/07 MACRO-LINK INTERNATIONAL HOL YUNNAN SHANGELI-LA WINERY CO 0.952/27/02 AYALA INTERNATIONAL HLDGS AYALA CORPORATION 0.959/30/05 NELSON RESOURCES LIMITED LUKOIL-CLS 0.968/17/05 MOBILEONE LTD TELEKOM MALAYSIA BHD 0.961/ 8/04 SILVER GRANT INTL LTD. CHINA CINDA ASSET MGMT CO 0.986/ 4/07 HIGHVELD STEEL AND VANADIUM EVRAZ GROUP SA - GDR REG S 0.98

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2/27/03 AUSTRALIA ORIENTAL MINERALS MALAYSIA SMELTING CORP BHD 0.997/26/06 GOLDEN RESORTS GROUP LTD SURE EXPERT LTD 13/13/06 CHAPARRAL RESOURCES INC LUKOIL-CLS 18/ 6/07 INFOCROSSING INC WIPRO LTD 1.029/25/06 DCA GROUP LIMITED MULTIPLE ACQUIRERS 1.036/23/06 MINACS WORLDWIDE INC ADITYA BIRLA NUVO LIMITED 1.049/18/06 TEEKAY PETROJARL ASA TEEKAY CORP 1.046/25/07 VIETNAM INDUSTRIAL INV LTD PRUDENTIAL VIETNAM SECURITIE 1.051/11/00 SHC CAPITAL LTD SEE HOY CHAN SDN BHD 1.068/17/07 ACIBADEM SAGLIK HIZMETLERI ABRAAJ CAPITAL LTD 1.064/15/07 ALGOMA STEEL INC ESSAR STEEL LIMITED 1.079/10/06 STANLEY LEISURE PLC GENTING INTERNATIONAL PLC 1.078/17/07 OMX AB BORSE DUBAI 1.078/11/06 INCO LTD CIA VALE DO RIO DOCE-PREF A 1.081/30/06 FAIRMONT HOTELS & RESORTS MULTIPLE ACQUIRERS 1.087/19/07 SAINSBURY (J) PLC DELTA TWO LTD 1.08

5/ 9/03SHOUGANG CONCORD CENTURY

HLDSHOUGANG CORP 1.08

10/16/06 AEGIS COMMUNICATIONS GROUP ESSAR INVESTMENTS LIMITED 1.085/10/07 MAGNA INTERNATIONAL INC-CL A BASIC ELEMENT/RUSSIA 1.097/ 5/04 PACIFIC ENERGY LTD ENERGY WORLD INTERNATIONAL L 1.1

10/27/06 RINKER GROUP LTD CEMEX SAB-CPO 1.19/27/04 RMC GROUP PLC CEMEX SAB-CPO 1.17/ 1/03 CHELSEA VILLAGE PLC PRIVATE INVESTOR 1.1

12/ 7/01 KOWLOON DEVELOPMENT CO LTD POLYTEC HOLDINGS INTERNATION 1.112/19/01 KOWLOON DEVELOPMENT CO LTD POLYTEC HOLDINGS INTERNATION 1.12/ 5/07 IZOCAM TICARET VE SANAYI AS MULTIPLE ACQUIRERS 1.1

10/27/00 SAZTEC INTERNATIONAL INC DATAMATICS TECHNOLOGIES LTD 1.13/17/06 MARFIN INVESTMENT GROUP SA DUBAI INVESTMENTS 1.119/22/05 CCC INFORMATION SERVICES GRP INVESTCORP BANK -$US 1.119/ 5/02 ENERGY AFRICA LTD PETROLIAM NASIONAL BERHAD 1.12

10/15/04 PENN-AMERICA GROUP INC UNITED AMERICA INDEMNITY-A 1.134/17/07 OMI CORP MULTIPLE ACQUIRERS 1.139/ 5/02 BERGER INTERNATIONAL LTD ASIAN PAINTS LTD 1.14

12/ 1/05 DEL MONTE PACIFIC LTD MCI INC 1.159/25/06 ACS MEDIA INCOME FUND LOCAL INSIGHT MEDIA LLC 1.1612/ 2/05 DEL MONTE PACIFIC LTD NUTRIASIA PACIFIC LTD 1.189/11/06 STANLEY LEISURE PLC GENTING INTERNATIONAL PLC 1.1911/ 6/06 INCISIVE MEDIA PLC INGENIOUS MEDIA ACTIVE CAPIT 1.1912/28/99 JOSTENS INC-CL A. INVESTCORP BANK -$US 1.192/24/06 EURODRIP SA JAIN IRRIGATION SYSTEMS LTD 1.22/ 9/07 NORCAST INCOME FUND PALA INVESTMENTS HOLDINGS LT 1.215/17/07 MAE HOLDINGS LTD PRIME SUN GROUP LTD 1.219/29/03 GOOD GUYS INC GRUPO SANBORNS SA-SER B1 1.219/29/00 CEMEX INC CEMEX SAB-CPO 1.217/23/03 STILLWATER MINING CO MMC NORILSK NICKEL-CLS 1.214/17/07 WONG'S KONG KING INTL TWOPAC LTD 1.2312/ 4/06 SJTU SUNWAY SOFTWARE IND LTD S&D HOLDINGS GROUP LTD 1.232/11/07 NOVELIS INC HINDALCO INDUSTRIES LIMITED 1.248/ 3/07 ENRIC ENERGY EQUIPMENT CHINA INTL MARINE CONTAINE-B 1.245/24/06 MEGACHEM LIMITED NYLEX MALAYSIA BHD 1.245/ 5/04 PENGUIN BOAT INTL LTD BIG INDUSTRIES BHD 1.246/12/02 PUERTO RICAN CEMENT CO INC CEMEX SAB-CPO 1.269/14/01 ORVANA MINERALS CORP COMPANIA MINERA DEL SUR SA 1.27

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5/ 5/03 TOP GLORY INTL HOLDINGS LTD COFCO LIMITED 1.271/ 2/07 SINVEST ASA ABAN OFFSHORE LIMITED 1.27

10/ 6/06 VIRIDIAN GROUP PLC ARCAPITA BANK BSC 1.283/ 3/03 ZEMEX CORP CEMENTOS PACASMAYO SAA-CMN 1.323/ 9/05 PELIKAN HOLDING AG-BR PELIKAN INTERNATIONAL CORP 1.327/25/05 TELEGLOBE INTL HOLDINGS LTD VIDESH SANCHAR NIGAM LTD 1.32

11/29/05 PENINSULAR & ORIENTAL STEAM PORTS CUSTOMS & FREE ZONE CO 1.341/28/06 PEARL ENERGY LTD AABAR PETROLEUM INVESTMENTS 1.347/11/07 BOSTON COMMUNICATIONS GROUP MEGASOFT LTD 1.348/ 1/07 RALLY ENERGY CORP CITADEL CAPITAL CORP/CAIRO 1.366/15/07 SAINSBURY (J) PLC DELTA TWO LTD 1.364/ 4/03 ANGLO SIBERIAN OIL CO PLC ROSNEFT OIL COMPANY 1.365/15/07 RBI HOLDINGS LIMITED LUCKY TUNE GLOBAL LTD 1.365/22/07 AMTEK ENGINEERING LTD MULTIPLE ACQUIRERS 1.364/ 5/07 ARISTO DEVELOPERS PLC DOLPHIN CAPITAL INVESTORS 1.426/ 7/07 ARISTO DEVELOPERS PLC DOLPHIN CAPITAL INVESTORS 1.429/ 5/05 MENTOR MEDIA LTD MM HOLDINGS LTD 1.423/ 4/07 RSH LTD Golden Ace Pte Ltd 1.42

11/11/05 SUPERDATA SOFTWARE HLDGS LTD PROFIT EAGLE LTD 1.4312/22/03 NOVUS PETROLEUM LIMITED MEDCO ENERGI INTERNASIONAL 1.453/17/06 ASIA PACIFIC RESOURCES LTD ITALIAN-THAI DEVELOPMENT PCL 1.45

12/30/04 NATIONAL FOODS LIMITED SAN MIGUEL CORP-CLASS A 1.468/ 7/03 CHINA MINING RESOURCES GROUP CHINA WORLDBEST GROUP CO 1.471/ 9/07 SINVEST ASA ABAN OFFSHORE LIMITED 1.492/23/07 BATI CIMENTO ORASCOM CONSTRUCTION INDS 1.497/26/07 NEUTRAHEALTH PLC ELDER PHARMACEUTICALS LTD 1.516/20/07 CHINA ORIENTAL GROUP CO LTD PIONEER IRON & STEEL GROUP C 1.528/15/07 KING ISLAND SCHEELITE LTD HUNAN NON-FERROUS METALS-H 1.536/11/07 PERU COPPER INC ALUMINUM CORP OF CHINA LTD-H 1.538/22/05 PETROKAZAKHSTAN INC-CL A CHINA NATIONAL PETROLEUM COR 1.551/23/07 MAXITECH INTERNATIONAL HOLDI VIRTUE PARTNER GROUP LTD 1.557/25/05 CAMCO INC CONTROLADORA MABE, S.A. C.V. 1.565/ 3/07 LIONORE MINING INTL LTD MMC NORILSK NICKEL-CLS 1.617/19/06 BELVEDERE SA ANGOSTURA HOLDINGS LTD 1.627/ 5/07 PRIMEDIA LTD Red Pen 2 General Trading Ltd 1.639/15/05 CANICO RESOURCE CORP CIA VALE DO RIO DOCE-PREF A 1.6411/ 3/00 GETTY PETROLEUM MARKETING LUKOIL-CLS 1.6912/19/06 TIBERON MINERALS LTD DRAGON CAPITAL GROUP CORP 1.7211/27/00 SIME SINGAPORE SIME DARBY BHD 1.726/ 4/07 GINDALBIE METALS LTD ANSHAN IRON & STEEL GROUP 1.73

12/11/06 REPCO CORP LTD CCMP CAPITAL ASIA PTE LTD 1.762/14/07 ASIA SATELLITE TELECOM HLDGS AsiaCo Acquisition Ltd 1.77

12/23/02 PANAMERICAN BEVERAGES INC-A COCA-COLA FEMSA SAB-SER L 1.813/22/06 HI SUN TECHNOLOGY CHINA LTD HUGE RISING LTD 1.837/17/01 BITECH PETROLEUM CORP LUKOIL-CLS 1.842/22/07 SUNLINK INTL HLDGS LTD FU GUANG LTD 1.842/13/07 ASIAN CAPITAL RESOURCES HOLD ASIAN DYNAMICS INTERNATIONAL 1.861/20/06 OREGON STEEL MILLS INC EVRAZ GROUP SA - GDR REG S 1.881/24/00 COMPUSA INC GRUPO SANBORNS SA-SER B1 1.94/18/00 BOAG (J.) & SONS LIMITED SAN MIGUEL CORP-CLASS A 1.986/20/05 DOCPHARMA NV MATRIX LABORATORIES LTD 1.999/20/06 CHINA ENERSAVE LTD DUBAI INVESTMENT GROUP LLC 1.99

10/17/06 CORUS GROUP PLC TATA STEEL LIMITED 2.014/ 5/07 ARISTO DEVELOPERS PLC DOLPHIN CAPITAL INVESTORS 2.05

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11/29/04 ACTOZ SOFT CO LTD SHANDA INTERACTIVE-SPON ADR 2.066/22/06 CHINA NATIONAL AVIATION AIR CHINA LTD - A SHARE 2.1

10/18/01 NAM FONG INTL HLDGS LTD SINOWIN ENTERPRISES LTD 2.112/15/05 CHINA GAS HOLDINGS LTD GAIL INDIA LTD 2.149/10/04 JAYA HOLDINGS LTD SIME DARBY BHD 2.249/14/05 SSH CORP LTD PRIVATE INVESTOR 2.27

11/17/06 DEVOTION ENERGY GROUP LTD LONDON ASIA CHINESE PRIVATE 2.345/28/07 PAN-UNITED MARINE LTD DUBAI WORLD 2.34

11/28/00 SIME DARBY (HONG KONG) LTD SIME DARBY BHD 2.351/26/06 BATI CIMENTO ORASCOM CONSTRUCTION INDS 2.382/ 9/07 REPOWER SYSTEMS AG-REG'D MULTIPLE ACQUIRERS 2.444/ 3/06 HELIOS & MATHESON NORTH AMER HELIOS & MATHESON INFO TECH 2.453/ 8/06 SPHERE INVESTMENTS LIMITED SAUDI BASIC INDUSTRIES CORP 2.482/ 8/07 MONGOLIA ENERGY CO LTD GOLDEN INFINITY CO LTD 2.56/22/06 SEKERBANK BANK TURANALEM 2.56

10/20/06 NEW HERITAGE HOLDINGS LTD MULTIPLE ACQUIRERS 2.767/19/07 HKC HOLDINGS LTD CREATIVE HOLDING LTD 2.817/18/07 HANS ENERGY COMPANY LTD ISTITHMAR 2.8611/ 6/06 MOSCOW CABLECOM CORP RENOVA 2.985/10/06 COMPASS RESOURCES NL HUNAN NON-FERROUS METALS-H 3.017/ 4/07 ZHONG HUA INTL HLDGS LTD SUPER GRAND HOLDINGS LTD 3.047/29/07 BYFORD INTERNATIONAL LIMITED UPPER RUN INVESTMENTS LTD 3.19

10/25/06 SOUTHERN GOLD LTD MULTIPLE ACQUIRERS 3.387/ 5/07 SHENZHEN HIGH-TECH HLDGS LTD EXCEL AIM GROUP LTD 3.416/ 8/07 SHENZHEN HIGH-TECH HLDGS LTD GLORY FAITH HOLDINGS LTD 3.686/ 2/06 SPHERE INVESTMENTS LIMITED QATAR STEEL CO 3.87

12/ 7/06 CNA GROUP LTD SAUDI ECONOMIC & DEVELOPMENT 3.918/24/07 CHINA POWER NEW ENERGY DEVEL JUTAL OFFSHORE OIL SERVICES 3.938/24/07 CHINA POWER NEW ENERGY DEVEL THRIVETRADE LTD 3.937/ 4/07 ZHONG HUA INTL HLDGS LTD EAST GRAND GROUP LTD 4.067/27/07 LA SEDA DE BARCELONA-B OMAN OIL MARKETING COMPANY 4.444/10/06 STRATEGIC MINERALS CORP NL EVRAZ GROUP SA - GDR REG S 4.777/ 5/07 PETKIM PETROKIMYA HOLDING AS TRANSCENTRALASIA PETROCHEMIC 5.387/ 5/07 GAY GIANO INTERNATIONAL GRP TI YU INVESTMENTS LTD 6.946/ 1/07 METALLICA MINERALS LTD YUNNAN TIN CO LTD-A 6.953/20/07 METALS X LTD JINCHUAN GROUP LTD 7.098/23/07 YARDWAY GROUP LTD HAPPY CITY HOLDINGS LTD 7.85

7.2 Emerging To Emerging Market Deals

Announce Date


Value Multiple

3/15/00 CIMB BANK BHDBUMIPUTRA-COMMERCE HLDGS

BHD0.01

3/11/07 MOSENERGO-CLS GAZPROM 0.038/ 1/02 MANGALORE REFINERY & PETRO OIL & NATURAL GAS CORP LTD 0.03

10/25/01 ICICI LIMITED ICICI BANK LTD 0.05

3/12/07 RASHID HUSSAIN BHDKUMPULAN WANG SIMPANAN

PEKER0.06

Page 43


9/26/00 BANQUE NATL DE DEVELOP TOURI SOCIETE TUNISIENNE DE BANQUE 0.066/16/05 COFCO XINJIANG TUNHE CO LT-A COFCO LIMITED 0.0612/ 7/01 OTP BANKA SLOVENSKO AS OTP BANK NYRT 0.072/28/00 GADEK (MALAYSIA) BERHAD DRB-HICOM BHD 0.0812/ 5/05 LAND USE RIGHTS GEMDALE CORP-A 0.099/26/00 BANQUE DE DEVELOPPEMENT ECON SOCIETE TUNISIENNE DE BANQUE 0.11

12/29/03 SHENZHEN HUAQIANG INDUS CO-A SHENZHEN HUAQIANG HEFENG INV 0.114/ 4/06 VIACAO AEREA RIOGRANDENSE-PR VARIG LOGISTICA SA 0.111/ 5/05 SHRIRAM TRANSPORT FINANCE CHRYSCAPITAL 0.14

11/18/02 RHB CAPITAL BHD RASHID HUSSAIN BHD 0.166/30/06 BPL LIMITED ELECTRO INVESTMENT PVT LTD 0.167/20/04 TIANJIN GUANGYU DEVELOPMT-A TIANJIN NANKAI BIOCHEMICAL C 0.1612/ 2/03 ASHOK LEYLAND FINANCE LTD INDUSIND BANK LIMITED 0.171/21/07 WATTS SA-A SHARES CIA CERVECERIAS UNIDAS SA 0.172/27/06 SIAM COMMERCIAL LEASING PCL SIAM COMMERCIAL BANK PUB CO 0.191/11/02 HUNAN GUOGUANG CERAMIC GRP-A HONGYI INVESTMENT DEV CO LTD 0.1911/ 7/06 AMERICA TELECOM SA DE CV-A1 AMERICA MOVIL SAB DE C-SER L 0.192/10/03 YUNNAN BAIYAO GROUP CO LTD-A YUANAN YUNYAO CO LTD 0.193/20/02 RASHID HUSSAIN BHD UBG BHD 0.2112/ 8/99 FORTUNE CEMENT CORPORATION REPUBLIC CEMENT CORP 0.2111/27/02 MAOMING PETRO-CHEMICAL SHIHU TOPEAK REAL ESTATE DEVELOP 0.231/15/03 ANXIN TRUST & INVESTMENT-A SHANGHAI GUOZHIJIE INVESTMEN 0.24

12/15/00 BANCO DE CHILE QUINENCO S.A. 0.2412/24/04 BEIJING DALONG WEIYE REAL ES BEIJING SHUNYI DALONG URBAN 0.252/18/05 CORP FIN NACL Y SURAMERICANA BANCOLOMBIA SA 0.263/ 3/04 AFFIN-ACF HOLDINGS BHD AFFIN HOLDINGS BERHAD 0.273/ 5/02 NETIA SA NETIA BONDHOLDERS 0.27

11/19/02 INNER MONGOLIA JINYU GROUP-A DAXIANG VENTURE CAPITAL INV 0.278/24/00 BUMRUNGRAD HOSPITAL PUB CO BANGKOK BANK PUBLIC CO LTD 0.289/ 2/05 INSIGMA TECHNOLOGY CO LTD HANGZHOU FUNENG INDUSTRIAL C 0.286/14/05 KAEWSONG (2548) PCL LAND & HOUSES PUB CO LTD 0.3

2/10/03GUANGDONG HIGHSUN YONGYE G-

AGUANGZHOU HIGHSUN INDUSTRIAL 0.3

6/13/03 MANGALORE REFINERY & PETRO OIL & NATURAL GAS CORP LTD 0.37/17/00 COMPANIA INVERSIONES LUZ-A CIA INVERSIONES CHISPA UNO-A 0.317/14/00 CIA RIOGRANDENSE TELECOM-PFA BRASIL TELECOM SA-PREFERENCE 0.31

12/20/04 DAYE SPECIAL STEEL CO LTD-A HUBEI XINYE STEEL CO LTD 0.3311/11/04 HENKEL SPIC INDIA LTD HENKEL INDIA LTD 0.3411/29/00 ACINDAR IND ARGENTINA-SER B ARCELOR BRASIL SA 0.345/16/00 ZAKLADY MIESNE JAROSLAW S.A. SOKOLOW S.A. 0.357/29/02 NITROCARBONO S.A.-PREF B BRASKEM SA-PREF A 0.3510/ 4/05 DERMET DE MEXICO S.A.-B MEXICHEM SAB DE CV-* 0.35

3/12/07 RHB CAPITAL BHDKUMPULAN WANG SIMPANAN

PEKER0.36

3/20/03 VICTORIAS MILLING CO INC JG SUMMIT HOLDINGS INC 0.365/30/03 CHINA TUNGSTEN & HIGHTECH-A GUANGZHOU ZHONGKEXIN GROUP 0.36

12/19/02 TCL COMM EQUIPMENT CO LTD-A TCL CORP-A SHARES 0.362/27/06 JELFA SANITAS 0.377/24/07 GODAVARI FERTILISERS LTD COROMANDEL FERTILISERS LTD 0.37

12/27/04 YANTAI MOON CO-A HONGTA CREATIVE INVESTMENT H 0.382/27/04 AMFB HOLDINGS BHD AMMB HOLDINGS BHD 0.397/ 8/07 WARBA INSURANCE CO KUWAIT INTERNATIONAL BANK 0.392/ 8/02 VIDESH SANCHAR NIGAM LTD TATA GROUP 0.39

10/ 2/06 GRUPO IMSA S.A.B. TARIDA 0.39

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3/ 3/03 AXIS BANK LIMITED INVESTOR GROUP 0.46/ 1/05 IRPC PCL PTT PCL 0.46/ 1/05 IRPC PCL VAYUPAK MUTUAL FUNDS ONE 0.46/ 1/05 IRPC PCL GOVERNMENT SAVINGS BANK 0.46/ 1/05 IRPC PCL GOVERNMENT PENSION FUND 0.48/ 8/06 LAND USE RIGHTS CENTURY ZHONGTIAN INVEST-A 0.41/10/05 TATA FINANCE LIMITED TATA MOTORS LTD 0.414/11/02 AB MAZEIKIU NAFTA YUKOS-$US 0.4112/ 9/03 BUANA FINANCE TBK PT BINA DANATAMA DEBTHOLDERS 0.419/21/01 ITC BHADRACHALAM PAPER BDS ITC LTD 0.434/ 1/02 LIVZON PHARMACEUTICAL INC-B JOINCARE PHARMACEUTICAL GRP 0.438/28/06 SHRI RAMRUPAI BALAJI STEELS JAI BALAJI SPONGE LTD 0.435/ 7/02 BANCO SANTANDER CHILE-A BANCO SANTANDER CHILE SA 0.439/14/99 DAVAO UNION CEMENT CORP HOLCIM PHILIPPINES INC 0.446/28/04 SAMITIVEJ PUBLIC CO LTD BANGKOK DUSIT MED SERVICE 0.452/28/00 MALTON BHD DRB-HICOM BHD 0.463/ 1/04 AMPLA ENERGIA E SERVICOS SA ENERSIS SA 0.464/ 3/01 AJWA FOR FOOD INDUSTRIES CO PRIVATE INVESTOR 0.466/28/04 FINANSA PCL NATURAL PARK PUB CO LTD 0.4710/ 9/03 TONGHUA GRAPE WINE CO LTD-A TONGHUA DONGBAO INDUSTRIAL C 0.471/29/03 THAI CANE PAPER PUB CO LTD SIAM PULP & PAPER PCL/THE 0.476/14/02 TIANJIN FAW XIALI AUTOMOBI-A CHINA FIRST AUTOMOBILE GRP-B 0.471/ 9/07 CIA DE TRANSMISSAO DE ENE-PF INTERCONEXION ELECTRICA SA 0.485/17/07 RAMATEX BHD AMPHOTERIC CAPITAL LTD 0.483/ 3/02 RELIANCE PETROLEUM LIMITED RELIANCE INDUSTRIES LIMITED 0.48

11/ 3/04 DARE TECHNOLOGY CO LTD-A DANYANG CITY JINGGONG TOOLS 0.4911/ 3/04 DARE TECHNOLOGY CO LTD-A DANYANG CITY DIANJIN INVESTM 0.491/16/07 RAMATEX BHD AMPHOTERIC CAPITAL LTD 0.499/14/99 BACNOTAN CEMENT CORPORATION HOLCIM PHILIPPINES INC 0.53/ 7/07 GROUP LEASE PUBLIC CO LTD APF HOLDINGS CO LTD 0.55/11/07 SALAVATNEFTEORGSINTEZ-CLS GAZPROM 0.5

11/20/06 SHRIRAM CITY UNION FINANCE CPIM FUNDS 0.5111/20/06 SHRIRAM CITY UNION FINANCE VAN GOGH LTD 0.5111/20/06 SHRIRAM CITY UNION FINANCE INDOPARK HOLDINGS LTD 0.51

11/ 3/03 YANGZHOU YAXING MOTOR CO-AGREENCOOL TECHNOLOGY

HOLDING0.53

12/23/04 HARBIN HIGH-TECH GROUP CO-A XINHU HOLDING CO LTD 0.548/28/02 BANK UNIVERSAL TBK PT BANK PERMATA TBK PT 0.54

10/11/04 FUJIAN YANJINGHUIQUAN BREWER BEIJING YANJING BREWERY CO-A 0.5512/15/05 TATA STEEL THAILAND PCL TATA STEEL LIMITED 0.551/ 8/07 COSWAY CORP BHD BERJAYA CORP BHD 0.564/ 8/05 ESPIRITO SANTO CENTRAIS ELET EDP - ENERGIAS DO BRASIL SA 0.574/ 8/07 CIA ANONIMA NACL TELEF D SHS REPUBLIC OF VENEZUELA 0.574/26/06 ZHEJIANG CHINA LIGHT & TEX-A ZHEJIANG JINGGONG GROUP CO L 0.585/14/03 CENTURION BANK OF PUNJAB LTD BANK MUSCAT SAOG 0.591/19/00 GRUPO CASA SABA SA DE CV-* XTRA INMUEBLES SA 0.596/19/07 AMINVESTMENT GROUP BHD AMMB HOLDINGS BHD 0.61

2/13/06 SOUTHERN BANK BERHADBUMIPUTRA-COMMERCE HLDGS

BHD0.62

11/ 4/03 RANHILL UTILITIES BHD RANHILL BHD 0.625/15/04 SILOAM HEALTH CARE TBK PT LIPPO KARAWACI TBK PT 0.626/ 2/05 CIA SIDERURGICA TUBARAO-PREF ARCELOR BRASIL SA 0.627/13/05 MINOR INTERNATIONAL PCL MINOR CORPORATION PUB CO LTD 0.625/19/00 HUA JOO SENG ENTERPRISE BHD NIPSEA HOLDINGS INTERNATIONA 0.62

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8/22/07 US COMMERCIAL CORP SA DE CV INMOBILIARIA CARSO SA 0.628/31/00 FERTILIZANTES SERRANA SA-PRF BUNGE FERTILIZANTES SA-PREF 0.636/18/02 ART MARKETING SYNDICATE SA AGORA SA 0.637/12/07 NATIONAL BANK OF DUBAI EMIRATES BANK INTERNAT PJSC 0.64

12/27/06 OSOUL LEASING FINANCE KSCC INTL INVESTMENT GROUP-KUWAIT 0.641/17/05 M3NERGY BHD MELEWAR INDUSTRIAL GROUP BHD 0.648/18/04 EMPRESAS ALMACENES PARIS SA INMOBILIARIA E INVERSIONES C 0.648/18/04 EMPRESAS ALMACENES PARIS SA CONSORCIO FINANCIERO SA 0.648/18/04 EMPRESAS ALMACENES PARIS SA QUINENCO S.A. 0.642/18/03 ACESITE HOTEL CORPORATION WATERFRONT PHILIPPINES INC 0.666/17/04 LANZHOU ALUMINUM CO LTD ALUMINUM CORP OF CHINA LTD-H 0.666/15/04 THAI PLASTIC & CHEMICALS PCL CROWN PROPERTY BUREAU 0.666/15/04 THAI PLASTIC & CHEMICALS PCL SIAM CEMENT PUBLIC CO LTD 0.66

11/22/01 UNION CERV PERU BACK&JOHNS-I EMPRESAS POLAR SA 0.673/10/03 KUALA SIDIM BERHAD BOUSTEAD HOLDINGS BHD 0.685/10/00 M3NERGY BHD METACORP BHD 0.6810/ 3/06 VISUALSOFT TECHNOLOGIES LTD MEGASOFT LTD 0.6811/21/03 2 COMPANIES/MALAYSIA PRICEWORTH WOOD PRODUCTS BHD 0.683/19/03 INNER MONGOLIA YILI INDUS-A KINGHIGH TRUST AND INVESTMEN 0.692/28/00 HICOM HOLDINGS BHD DRB-HICOM BHD 0.69

10/20/06 AAPICO FORGING PCL AAPICO HITECH PCL 0.714/25/06 RECRON SYNTHETICS LIMITED INDIAN PETROCHEMICALS CORP 0.7111/ 2/06 DHOFAR POWER CO MALAKOFF BHD 0.7210/14/05 ATTIJARI BANK MULTIPLE ACQUIRERS 0.739/17/00 COMMERCIAL BANK OF OMAN BANK MUSCAT SAOG 0.731/23/06 CAEMI - PREF CIA VALE DO RIO DOCE-PREF A 0.738/ 1/02 MANGALORE REFINERY & PETRO OIL & NATURAL GAS CORP LTD 0.738/13/07 MALAYSIAN INDUS DEVELOP FIN PERMODALAN NASIONAL BERHAD 0.74

11/29/05 MNI HOLDINGS BHD MALAYAN BANKING BHD 0.741/17/06 EMP GENER TERMOELEC VENTAN-B EDEGEL SA-COMUN 0.744/11/07 TELE NORTE LESTE PART-PREF TELEMAR PARTICIPACOES SA 0.748/10/04 NATIONAL PETROCHEMICAL PCL SIAM CEMENT PUBLIC CO LTD 0.745/ 2/02 QUILMES INDUSTRIAL S.A.-A$ CIA DE BEBIDAS DAS AME-PREF 0.74

11/24/02 SLOVNAFT AS MOL HUNGARIAN OIL AND GAS NY 0.744/27/07 THAI CANE PAPER PUB CO LTD SCG PAPER PUBLIC CO LTD 0.755/28/03 SANSIRI PUBLIC CO LTD NATURAL PARK PUB CO LTD 0.757/20/07 SALAVATNEFTEORGSINTEZ-CLS GAZPROM 0.753/28/01 MODI RUBBER LIMITED CONSORTIUM 0.768/ 4/04 INTAN UTILITIES BERHAD VISTA MERANTI SDN BH 0.768/ 8/01 BANCO DE A EDWARDS BANCO DE CHILE 0.761/20/05 IDBI BANK LIMITED INDUS DVLP BANK OF INDIA 0.771/18/06 BAJAJ AUTO FINANCE LIMITED BAJAJ AUTO LIMITED 0.77

10/31/05 JILIN CHEMICAL INDUS CO-A PETROCHINA CO LTD-H 0.777/25/02 RHB INVESTMENT BANK BHD RHB CAPITAL BHD 0.88/ 4/03 JIANGHUAI ENGINE CO-A CHONGQIN DONGYIN INDUSTRY CO 0.87/25/07 BEIQI FOTON MOTOR CO LTD-A BEIJING MOTOR INDUSTRIAL HOL 0.8

10/31/05 JINZHOU PETROCHEMICAL CO-A PETROCHINA CO LTD-H 0.84/12/07 OMAN NATIONAL INVESTMENT CO SHUAA CAPITAL 0.812/15/00 IPS SKANSKA STREDOEVROPSKA STAVEBNI AS 0.817/17/00 HIPRO ELECTRONIC PCL CHICONY OVERSEAS INC 0.812/ 4/05 DRB-HICOM BHD ETIKA STRATEGI SDN BHD 0.828/21/07 CAPITAL BANK OF JORDAN INTERNATIONAL FINANCE CO 0.836/27/02 TATA TELESERVICES MAHARASHTR TATA TELESERVICES LTD 0.834/28/04 TELMEX CORP SA TELEFONOS DE MEXICO SAB SER 0.83

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11/11/04 EMBRATEL PARTICIPACOES-PREF TELEFONOS DE MEXICO SAB SER 0.836/ 9/04 EGV ENTERTAINMENT PCL MAJOR CINEPLEX GROUP PCL 0.833/14/06 AMALGAMATED CONTAINERS BHD LION CORP BHD 0.833/10/06 TELEFONICA DATA BRASIL-PREF TELECOMUNICACOES DE SAO-PREF 0.832/23/06 BAJAJ AUTO FINANCE LIMITED CHRYSCAPITAL 0.842/26/07 VARTEKS D.D. FIMA VALIDUS DD 0.844/ 2/04 IVRCL INFRASTRUCTURES & PROJ CONSORTIUM 0.84

12/24/04 STAVROPOLSKAYA GRES-$US OGK-2 OJSC - T+0 0.8411/29/06 BONGAIGAON REFINERY & PETRO INDIAN OIL CORPORATION LTD 0.849/28/04 INDIAN SEAMLESS METAL TUBES ISMT Ltd 0.858/25/04 TELE LESTE CELULAR PART-PREF BRASILCEL 0.853/ 7/07 SEAL POLYMER INDUSTRIES BHD SUPERMAX CORP BHD 0.865/25/04 HUBEI QIANJIANG PHARM-A XI'AN TOPSUN GROUP CO LTD 0.867/18/01 GRAN CADENA DE ALMACENES COL ALMACENES EXITO SA 0.867/ 4/05 NATIONAL PETROCHEMICAL PCL THAI OLEFINS PCL 0.872/ 9/07 SPICEJET LIMITED ISTITHMAR 0.872/ 1/07 SPICEJET LIMITED EWART INVESTMENT LTD 0.87

10/26/04 KOCHI REFINERIES LIMITED BHARAT PETROLEUM CORP LTD 0.877/29/05 PHARMANIAGA BERHAD UEM WORLD BHD 0.889/13/00 SANTISTA ALIMENTOS S.A. BUNGE ALIMENTOS SA-PREF 0.8810/ 2/01 PICK SZEGED RT ARAGO BEFEKTETESI HOLDING 0.884/24/07 ISLAND & PENINSULAR BHD PERMODALAN NASIONAL BERHAD 0.899/16/03 NEGARA PROPERTIES (M) BHD ISLAND & PENINSULAR BHD 0.899/30/03 BEIJING HUAYE REALESTATE-A SHENZHEN HUABAOHONG ENTERPIS 0.895/ 2/00 MATRIX INTERNATIONAL BHD BERJAYA LAND BHD 0.9

11/ 9/06 SHENZHEN ZHONGJIN LINGNAN-A MULTIPLE ACQUIRERS 0.98/ 5/05 EQUITABLE PCI BANK BANCO DE ORO-EPCI INC 0.917/16/04 KERZNER INTERNATIONAL LTD ISTITHMAR 0.917/31/02 POWERTEK BHD TANJONG PLC 0.91

12/15/05 TATA STEEL THAILAND PCL TATA STEEL LIMITED 0.9110/31/06 COCA-COLA FEMSA SAB-SER L FOMENTO ECONOMICO MEXICA-UBD 0.929/19/02 VORIN LABORATORIES LTD MATRIX LABORATORIES LTD 0.922/ 5/07 DONGFANG BOILER GROUP CO-A DONGFANG ELECTRIC CORP 0.92

11/28/06 DFZ CAPITAL BHD ATLAN HOLDINGS BERHAD 0.921/21/05 IMPEXMETAL S.A. BORYSZEW SA 0.9210/ 8/03 ASSET PLUS SECURITIES PCL ASIA PLUS SECURITIES PCL 0.936/13/03 GRUPO IUSACELL SA DE C.V. MOVIL@CCESS-B 0.934/22/03 GAZPROM NEFT-CLS YUKOS-$US 0.93

11/27/06 SIME UEP PROPERTIES BHD SYNERGY DRIVE SDN BHD 0.9410/10/05 WIMCO LIMITED ITC LTD 0.948/23/07 SICHUAN HONGDA CHEMICAL IN-A SHIFANG HONGDA DEVELOPMENT C 0.949/ 4/02 BUMI ARMADA BERHAD OBJEKTIF BERSATU SDN BHD 0.944/26/02 PUNJAB ANAND LAMP INDUS LTD PHILIPS INDIA LIMITED 0.948/ 9/02 TEJICONDOR SA TEXTILES FABRICATO TEJICONDO 0.955/15/04 ARYADUTA HOTELS TBK PT LIPPO KARAWACI TBK PT 0.95

10/10/01 INDUS DE BEBIDAS ANTARC-PF A CIA DE BEBIDAS DAS AME-PREF 0.957/19/06 MODI RUBBER LIMITED KINBOROUGH LTD 0.95

12/14/01 TELE-FONIKA KABLE SA KRAKOWSKA FABRYKA KABLI SA 0.9510/20/05 UNITED COMMUNICATION INDUS THAI TELCO HOLDINGS LTD 0.963/26/07 DANAH ALSAFAT FOODSTUFF CO AL SAFWA GROUP CO 0.961/ 4/07 RAIMON LAND PUBLIC CO LTD INTL FINANCIAL ADVISORS 0.966/ 3/03 TICON INDUSTRIAL CONNECTION ROJANA INDUS PARK PUB CO LTD 0.961/24/03 HIND LEVER CHEMICALS LTD TATA CHEMICALS LIMITED 0.966/ 1/04 TELE NORDESTE CEL PART-PREF TIM PARTICIPACOES SA 0.97

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2/17/06 WINSAN SHANGHAI INDUSTRIAL-A SHANGHAI JIUCHUAN INVESTMENT 0.979/ 7/06 KFC HOLDINGS (MALAYSIA) BHD QSR BRANDS BHD 0.97

11/19/04 HYUNDAI-SIME DARBY BHD SIME DARBY BHD 0.9710/20/06 MALAYSIA PACIFIC CORP BHD SEACREST LAND LTD 0.987/24/01 AMANAH CAPITAL PARTNERS BHD MALAYSIAN INDUS DEVELOP FIN 0.98

10/18/06 ROAD BUILDER (M) HLDGS BHD IJM CORP BHD 0.9810/16/01 ALSONS CEMENT CEMCO HOLDINGS INC 0.9811/15/04 RAJADAMRI HOTEL PUB CO LTD MINOR INTERNATIONAL PCL 0.984/18/05 HUTA SZKLA GOSPODARCZ IRENA ZAKLADY PRZEMYSLU JEDWABNICZ 0.988/ 7/06 GRUPO SANBORNS SA-SER B1 GRUPO CARSO SA DE CV-SER A1 0.983/20/07 RAIN CALCINING LTD RAIN COMMODITIES LTD 0.985/10/07 MARUTI UDYOG LTD CONSORTIUM 0.983/30/07 GRUPO AEROPORTUARIO DE SUR-B MANAGEMENT GROUP 0.999/11/05 BIRLA GLOBAL FINANCE ADITYA BIRLA NUVO LIMITED 0.998/ 7/01 SANYO UNIVERSAL ELECTRIC PCL PREMIER ENTERPRISE PUB CO 0.994/10/06 MBF HOLDINGS BHD IMPACT ACTION SDN BHD 0.99

12/27/00 MAVESA NG INDUSTRIAL DEVELOPMENT 0.9910/21/05 UNITED COMMUNICATION INDUS THAI TELCO HOLDINGS LTD 18/24/99 EMPRESA ELECTRICA EMEC SA CIA GENERAL DE ELECTRICIDAD 15/17/07 MOSENERGO-CLS GAZPROM 13/ 4/02 ASTRAZENECA PHARMA INDIA LTD CONSORTIUM 12/10/06 SHRIRAM TRANSPORT FINANCE MULTIPLE ACQUIRERS 1.016/22/05 CEMENTOS PAZ DEL RIO CEMENTOS ARGOS SA 1.011/30/03 INDIAN ALUMINIUM CO LTD HINDALCO INDUSTRIES LIMITED 1.013/ 6/07 TRAFO EQUIPAMENTOS ELETR-PRF WEG SA 1.01

11/ 7/02 PETROBRAS DISTRIBUIDORA SA PETROBRAS - PETROLEO BRAS-PR 1.011/23/06 EXBUS ASSET MANAGEMENT PLC HOMERICA INVESTMENTS BV 1.019/19/01 GRABOPLAST RT ABC BEFEKTETESI RESZVENYTARS 1.014/12/07 ANN JOO STEEL BHD ANN JOO RESOURCES BHD 1.026/ 4/01 EMBOTELLADORAS ARGOS EMBOTELLADORAS ARCA SAB-NOM 1.027/14/07 JC AUTO SA INTER CARS SA 1.027/17/07 RAYA HOLDING CO ORASCOM TELECOM HOLDING 1.02

12/30/04 SINOPEC BEIJING YANHUA PET-H CHINA PETROLEUM & CHEMICAL-H 1.0211/27/06 KUMPULAN GUTHRIE BHD SYNERGY DRIVE SDN BHD 1.0312/20/02 RELIANCE ENERGY LTD RELIANCE INDUSTRIES LIMITED 1.039/12/06 INTAN UTILITIES BERHAD VISTA MERANTI SDN BH 1.037/23/01 UNITED ENGINEERS (MALAYSIA) KHAZANAH NASIONAL BHD 1.045/30/00 MINERA TRINIDADE SAMITRI-PRF CIA VALE DO RIO DOCE-PREF A 1.047/26/00 ORBIS SA CONSORTIUM 1.04

12/11/04 BUANA FINANCE TBK PT SARI DASA KARSA PT 1.043/17/04 BURROUGHS WELLCOME (INDIA) GLAXOSMITHKLINE PHARMACEUTIC 1.05

2/28/06NARMADA CHEMATUR

PETROCHEMICGUJARAT NARMADA VALLEY FERT 1.05

1/10/07 SAFEGUARDS CORP BHD EIGHTH JEWELS SYSTEMS SDN BH 1.057/24/06 LADANG PERBADANAN FIMA BHD KUALA LUMPUR KEPONG BHD 1.061/ 7/05 VIDEOCON INTERNATIONAL LTD VIDEOCON INDUSTRIES LTD 1.063/ 1/07 NIZHNY TAGIL FERROUS MET-CLS EVRAZ GROUP SA - GDR REG S 1.079/12/06 KFC HOLDINGS (MALAYSIA) BHD QSR BRANDS BHD 1.076/20/05 BANK OF PUNJAB LIMITED CENTURION BANK OF PUNJAB LTD 1.085/17/06 MALAKOFF BHD MMC CORP BHD 1.087/23/02 INDIAN ALUMINIUM CO LTD HINDALCO INDUSTRIES LIMITED 1.0810/ 3/05 ANN JOO STEEL BHD ANN JOO RESOURCES BHD 1.085/24/02 INDIAN PETROCHEMICALS CORP RELIANCE INDUSTRIES LIMITED 1.081/26/06 CB TRANSPORTE E INFRAESTRUCT CURAUMA S.A 1.09

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5/ 5/05 E & O PROPERTY DEVELOPMENT B EASTERN & ORIENTAL BHD 1.095/15/04 LIPPO LAND DEVELOPMENT PT LIPPO KARAWACI TBK PT 1.098/ 3/05 IOI OLEOCHEMICAL INDUSTRIES IOI CORPORATION BHD 1.098/ 8/03 UNZA HOLDINGS BHD DURRINGTON GROUP LTD 1.1

12/12/02 EON CAPITAL BHD EDARAN OTOMOBIL NASIONAL BHD 1.16/ 6/06 SHANGHAI PORT CONTAINER CO SHANGHAI INTERNATIONAL PORT 1.14/ 3/03 CELCOM MALAYSIA BHD TELEKOM MALAYSIA BHD 1.1

11/27/06 SIME DARBY BHD SYNERGY DRIVE SDN BHD 1.18/16/02 ALFA RETAILINDO TBK PT SIGMANTARA ALFINDO PT 1.1

11/10/03 FFM BHD PPB GROUP BERHAD 1.115/31/00 CHEMINOR DRUGS LIMITED DR. REDDY'S LABORATORIES 1.128/25/04 TELE CENTRO OESTE CELULAR PA VIVO PARTICIPACOES SA-PREF 1.121/13/05 EMPRESAS ALMACENES PARIS SA CENCOSUD SA 1.12

12/17/01 BERLI JUCKER PUBLIC CO LTD NAKORNCHUEN CO LTD 1.123/22/07 NANYANG PRESS HOLDINGS BHD EZYWOOD OPTIONS SDN BHD 1.124/ 5/06 POLITENO SA INDUS E COM-PR B BRASKEM SA-PREF A 1.12

11/ 6/06 EQUITABLE PCI BANK BANCO DE ORO-EPCI INC 1.136/14/04 EMBOT LATINOAMERICANA ELSA-T CORP JOSE R LINDLEY SA-INV 1.1311/ 7/00 CHILECTRA S.A. ENERSIS SA 1.137/21/06 LADANG PERBADANAN FIMA BHD KUALA LUMPUR KEPONG BHD 1.145/ 4/04 TELMEX CORP SA TELEFONOS DE MEXICO SAB SER 1.145/25/05 PELANGI BHD PERMODALAN NASIONAL BERHAD 1.152/ 8/01 MATRIX INTERNATIONAL BHD BERJAYA LAND BHD 1.15

11/23/05 CIA PAULISTA FORCA E LUZ-P A CPFL ENERGIA SA 1.1511/27/06 HIGHLANDS & LOWLANDS BERHAD SYNERGY DRIVE SDN BHD 1.163/22/00 CIA RIOGRANDENSE TELECOM-PFA BRASIL TELECOM PART SA-PR 1.16

2/16/01SMITHKLINE BEECHAM

PHARMACEUGLAXOSMITHKLINE PHARMACEUTIC 1.16

2/ 7/05 AGRIPURE HOLDING PLC PRIVATE INVESTOR 1.161/ 2/07 AB MAZEIKIU NAFTA POLSKI KONCERN NAFTOWY S.A. 1.166/10/03 RAJADAMRI HOTEL PUB CO LTD SCB SECURITIES CO LTD 1.172/18/02 AUSTRAL ENTERPRISES BERHAD ISLAND & PENINSULAR BHD 1.187/22/02 PETROBRAS ENERGIA PARTICIP-B PETROBRAS - PETROLEO BRAS-PR 1.18

3/14/01 FIRST MALAYSIA PROPERTY TSTBUMIPUTRA-COMMERCE HLDGS

BHD1.19

5/30/06 GRUPA ONET.PL SA TVN SA 1.198/25/04 PHOENIX PULP & PAPER PUB CO SIAM CEMENT PUBLIC CO LTD 1.199/19/06 VODAFONE EGYPT TELECOM EGYPT 1.197/21/02 INDO GULF CORPORATION HINDALCO INDUSTRIES LIMITED 1.198/18/06 LANDMARKS BERHAD GENTING BHD 1.27/25/00 GOLDIS BHD GOLD IS BHD/OLD 1.24/27/07 PETALING GARDEN BERHAD PERMODALAN NASIONAL BERHAD 1.25/ 9/06 EMBRATEL PARTICIPACOES-PREF TELEFONOS DE MEXICO SAB SER 1.26/20/05 QSR BRANDS BHD KULIM MALAYSIA BHD 1.24/ 2/04 UNIVERSAL FOOD PUB CO LTD LAM SOON (THAILAND) PCL 1.28/29/05 CLARIANT (INDIA) LTD CLARIANT CHEMICALS (I) LTD 1.27/23/07 RAYONG REFINERY PCL AROMATICS (THAILAND) PCL 1.211/ 7/02 PUBLIC FINANCE PUBLIC BANK BHD 1.217/22/07 HOUSING BANK FOR TRADE AND F QATAR NATIONAL BANK 1.21

12/14/04 LADANG PERBADANAN FIMA BHD KUALA LUMPUR KEPONG BHD 1.213/23/05 ITC HOTELS LIMITED ITC LTD 1.212/18/07 MISR CEMENT (QENA) HELWAN CEMENT 1.214/ 8/04 SHANGHAI HUALIAN CO LTD-A SHANGHAI BAILIAN GROUP CO 1.21

11/ 7/00 CIA ELECTRICA DE RIO MAIPO ENERSIS SA 1.21

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5/ 8/02 ELEKEIROZ SA-PRF ELEKEIROZ SA 1.211/17/06 AMCORPGROUP BHD CLEAR GOAL SDN BHD 1.236/27/02 TATA TELESERVICES MAHARASHTR TATA TELESERVICES LTD 1.233/20/06 KERZNER INTERNATIONAL LTD MULTIPLE ACQUIRERS 1.233/10/07 INDIAN PETROCHEMICALS CORP RELIANCE INDUSTRIES LIMITED 1.249/28/05 GAZPROM NEFT-CLS GAZPROM 1.247/30/06 EFG-HERMES HOLDING SAE ABRAAJ CAPITAL LTD 1.258/28/06 PANTAI HOLDINGS BERHAD KHAZANAH NASIONAL BHD 1.25

11/27/06 SIME ENGINEERING SERVICES BH SYNERGY DRIVE SDN BHD 1.264/10/01 GERMAN REMEDIES LIMITED CADILA HEALTHCARE LTD 1.264/10/01 GERMAN REMEDIES LIMITED CADILA HEALTHCARE LTD 1.26

11/28/06 NALURI CORPORATION BHD ATLAN HOLDINGS BERHAD 1.275/31/06 POLIALDEN PETROQUIMICA SA-PR BRASKEM SA-PREF A 1.27

11/27/06 GOLDEN HOPE PLANTATIONS BHD SYNERGY DRIVE SDN BHD 1.281/ 7/05 CHEMICAL CO OF MALAYSIA BHD PERMODALAN NASIONAL BERHAD 1.284/24/06 GEOMETRIC SOFTWARE SOL CO ICICI BANK LTD 1.284/25/06 CENTRAL INDIA POLYESTERS LTD INDIAN PETROCHEMICALS CORP 1.292/15/06 SINOPEC QILU CO LTD -A CHINA PETROLEUM & CHEMICAL-H 1.292/15/06 SINOPEC YANGZI PETROCHEMICAL CHINA PETROLEUM & CHEMICAL-H 1.296/ 7/07 COURTS MAMMOTH BHD Malaysia Retail Group Ltd 1.39/27/05 BINANI INDUSTRIES LTD MULTIPLE ACQUIRERS 1.3

11/18/04 NADRO S.A.-B PAHEMA SA DE CV 1.35/ 3/07 MAXIS COMMUNICATIONS BHD BINARING GSM SDN BHD 1.315/ 8/07 UAC BERHAD BOUSTEAD HOLDINGS BHD 1.31

10/27/04NARODOSWY FUNDUSZ

INWESTYCYJCA IB FIM PRO LOKATA 1.31

7/18/05 KEJORA HARTA BHD BOLTON BHD 1.339/ 4/00 ASSECO POLAND SA PROKOM SOFTWARE SA 1.333/29/05 TRACTORS MALAYSIA HOLDINGS SIME DARBY BHD 1.336/ 6/07 TRIMEGAH SECURITIES TBK PT SPINNAKER CAPITAL GROUP 1.34

10/ 1/03 ATANOR SA DA INTERNATIONAL 1.345/16/00 FARM FOOD S.A. SOKOLOW S.A. 1.34

11/27/06 MENTAKAB RUBBER CO (M) BHD SYNERGY DRIVE SDN BHD 1.357/ 4/03 GODAVARI FERTILISERS LTD COROMANDEL FERTILISERS LTD 1.35

11/ 9/05 WILLIAMSON TEA ASSAM LTD MCLEOD RUSSEL INDIA LIMITED 1.363/20/06 GTL LTD MULTIPLE ACQUIRERS 1.36

10/24/05 KINETIC ENGINEERING LIMITED RELIANCE CAPITAL LIMITED 1.367/15/05 TATA INFOTECH LIMITED TATA CONSULTANCY SVS LTD 1.364/23/03 CENTURION BANK OF PUNJAB LTD SABRE CAPITAL WORLDWIDE INC 1.378/ 9/05 SELANGOR PROPERTIES BERHAD KAYIN HOLDINGS SDN BHD 1.372/ 9/07 MULTI-PURPOSE HOLDINGS BHD PRIVATE INVESTOR 1.37

11/27/06 GUTHRIE ROPEL BERHAD SYNERGY DRIVE SDN BHD 1.374/27/05 TIM SUL SA-PREF B TIM PARTICIPACOES SA 1.3712/ 5/05 CELULAR CRT PARTICIP-PREF A VIVO PARTICIPACOES SA-PREF 1.3811/14/05 SINOPEC ZHENHAI REFINING-H CHINA PETROLEUM & CHEMICAL-H 1.384/ 3/03 SLOVNAFT AS MOL HUNGARIAN OIL AND GAS NY 1.397/17/00 CIA INVERSIONES CHISPA DOS-B CIA INVERSIONES CHISPA UNO-A 1.49/29/05 SEVEROCESKE DOLY CEZ AS 1.45/17/07 DISTRIBUCION Y SERVICIO D&S S.A.C.I. FALABELLA 1.41/11/06 KOPEX SA ZABRZANSKIE ZAKLADY MECHANIC 1.413/12/07 PUNJAB TRACTORS LIMITED MAHINDRA & MAHINDRA LIMITED 1.436/10/04 IBP COMPANY LIMITED INDIAN OIL CORPORATION LTD 1.437/12/07 SUBHASH PROJECTS & MKTG LTD CVCIGP II CLIENT ROSEHILL LT 1.447/12/07 SUBHASH PROJECTS & MKTG LTD CVCIGP II EMPLOYEE ROSEHILL 1.44

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4/18/02 GERMAN REMEDIES LIMITED CADILA HEALTHCARE LTD 1.441/31/01 THAI AGRI FOODS PUB CO LTD PRIVATE INVESTOR 1.44

12/23/05 THOMAS COOK (INDIA) LIMITED DUBAI INVESTMENTS 1.453/19/07 UNITED COMMUNICATION INDUS TOTAL ACCESS COMMUNICATION 1.463/30/05 INVERALIMENTICIAS SA GRUPO NACIONAL DE CHOCOLATES 1.465/ 4/07 KUOK PHILIPPINE PROPERTIES SHANG PROPERTIES INC 1.478/ 3/05 APOLLO HOSPITALS ENTERPRISE KHAZANAH NASIONAL BHD 1.481/26/06 CB CAPITALES S.A. CURAUMA S.A 1.498/30/01 HELWAN FOR CEMENT HELWAN CEMENT 1.4912/ 8/06 LANZHOU ALUMINUM CO LTD ALUMINUM CORP OF CHINA LTD-H 1.496/22/05 CEMENTOS DEL VALLE CEMENTOS ARGOS SA 1.54/24/07 ROHAS-EUCO INDUSTRIES BERHAD TEMASEK TEAM SDN BHD 1.5

11/23/06 PARADE SEASON BHD PRIVATE INVESTOR 1.55/17/05 GAZPROM ROSNEFT OIL COMPANY 1.58/ 1/02 ABOITIZ TRANSPORT SYSTEM COR ABOITIZ EQUITY VENTURES INC 1.52

12/ 5/06 SHENZHEN ENERGY INVESTMENT-A HUANENG POWER INTL INC-H 1.543/30/02 LOH & LOH CORPORATION BHD SP SETIA BHD 1.559/28/01 REPUBLIC CEMENT CORP SOUTH WESTERN CEMENT VENTURE 1.577/12/02 UNION CERV PERU BACK&JOHNS-I BAVARIA SA 1.576/28/06 CIA DE TRANSMISSAO DE ENE-PF INTERCONEXION ELECTRICA SA 1.582/27/06 TATA TELESERVICES MAHARASHTR STERLING INFOTECH GROUP 1.581/10/06 UNICHEM LABORATORIES LTD NEW VERNON PRIVATE EQUITY LT 1.596/13/05 DANKOS LABORATORIES PT KALBE FARMA PT 1.6

12/12/05 MAKINDO TBK PT ANTIRO LTD 1.612/19/05 NETIA SA NOVATOR TELECOM POLAND II SA 1.6112/ 8/06 SHANDONG ALUMINIUM IND-A ALUMINUM CORP OF CHINA LTD-H 1.634/ 5/02 LIVZON PHARMACEUTICAL INC-B JOINCARE PHARMACEUTICAL GRP 1.645/18/05 CAHAYA KALBAR TBK PT KARYA PUTRAKREASI NUSANTARA 1.643/ 2/07 NATIONAL MOBILE TELECOMMUNI QATAR TELECOM (Q-TELL) Q.S.C 1.665/12/06 BLOW PLAST LIMITED V.I.P. INDUSTRIES LIMITED 1.669/27/06 BAHRAIN ISLAMIC BANK SECURITIES HOUSE 1.67

10/31/05 LIAOHE JINMA OILFIELD CO-A PETROCHINA CO LTD-H 1.678/29/05 MNI HOLDINGS BHD MALAYAN BANKING BHD 1.698/25/04 CELULAR CRT PARTICIP-PREF A BRASILCEL 1.79/16/04 OSTRAVSKO KARVINSKE DOLY OKD KARBON INVEST AS 1.7

11/14/03 JINDAL IRON & STEEL CO LTD JSW STEEL LIMITED 1.78/29/06 EQUITABLE PCI BANK MULTIPLE ACQUIRERS 1.725/ 3/06 AMBUJA CEMENT EASTERN LTD AMBUJA CEMENTS LIMITED 1.726/13/00 GRUPO FINANCIERO BBV-PROBU-B GRUPO FINANCIERO BBVA BANC-B 1.746/ 9/04 HUA JOO SENG ENTERPRISE BHD NIPSEA HOLDINGS INTERNATIONA 1.763/28/06 EMPRESA BRAS DE COMPRES-PREF WHIRLPOOL SA-PREF 1.7612/ 5/05 TELE CENTRO OESTE CELULAR PA VIVO PARTICIPACOES SA-PREF 1.778/31/00 METROSTAV AS DOPRASTAV A.S. 1.819/15/01 IOI OLEOCHEMICAL INDUSTRIES IOI CORPORATION BHD 1.823/22/01 HITECH DRILLING SVS INDIA ABAN OFFSHORE LIMITED 1.86

12/27/00 HHB HOLDINGS BERHAD PUBLIC BANK BHD 1.8711/10/04 RIPASA SA PAPEL E CELUL-PREF CONSORTIUM 1.8812/ 5/05 TELE SUDESTE CELULAR PART-PR VIVO PARTICIPACOES SA-PREF 1.881/ 2/07 EICHER LIMITED EICHER GOODEARTH LTD 1.893/ 1/05 EASTERN STAR REAL ESTATE PCL SUNRISE EQUITY CO LTD 1.912/15/06 SINOPEC SHENGLI OIL FIELD DY CHINA PETROLEUM & CHEMICAL-H 1.922/15/06 SINOPEC ZHONGYUAN PETROL-A CHINA PETROLEUM & CHEMICAL-H 1.92

11/17/99 OSK PROPERTY HOLDINGS BHD O.S.K. HOLDINGS BHD 1.9412/ 7/05 JOHOR PORT BERHAD MMC CORP BHD 1.94

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1/16/03 TELE CENTRO OESTE CELULAR PA VIVO PARTICIPACOES SA-PREF 1.959/10/99 UNIBUD S.A. BUDIMEX 1.987/ 4/06 PHOENIX LAMPS LTD MULTIPLE ACQUIRERS 1.991/22/01 MAVESA EMPRESAS POLAR SA 27/ 3/07 BAOTOU ALUMINIUM CO LTD ALUMINUM CORP OF CHINA LTD-H 2.02

12/27/05 UNITECH LIMITED MULTIPLE ACQUIRERS 2.035/22/03 RM-S HOLDING AS PROKOM SOFTWARE SA 2.041/17/01 ORASCOM HOTELS & DEVELOPMENT ORASCOM HOTEL HOLDING 2.04

12/16/04 POLIALDEN PETROQUIMICA SA-PR BRASKEM SA-PREF A 2.0410/ 5/06 ROSNEFT-PURNEFTEGAZ-CLS ROSNEFT OIL COMPANY 2.052/13/01 CYANAMID AGRO LIMITED BASF INDIA LIMITED 2.061/13/00 TORAH PORTLAND CEMENT CO SUEZ CEMENT 2.074/ 8/02 HINDUSTAN ZINC LIMITED STERLITE INDUSTRIES INDIA LT 2.07

12/19/06 JUGOS DEL VALLE SAB-SER B COCA-COLA FEMSA SAB-SER L 2.078/23/02 BULGARTABAK HOLDING CONSORTIUM 2.082/23/05 SHAW WALLACE & COMPANY LTD UNITED SPIRITS LIMITED 2.14/27/05 TIM NORDESTE TEL-PREF B TIM PARTICIPACOES SA 2.143/ 4/02 NISSAN INDUSTRIAL OXYGEN INC MALAYSIAN OXYGEN BERHAD 2.152/ 3/04 HUTA OLAWA S.A. BORYSZEW SA 2.158/30/04 EICHER MOTORS LIMITED EICHER LIMITED 2.16

12/10/04 LUKOIL NEFTOCHIM LUKOIL-CLS 2.221/26/06 PHILWEB CORP PHILIPPINE LONG DISTANCE TEL 2.368/24/04 POLIMEX MOSTOSTAL SA POLIMEX CEKOP SA 2.388/14/07 MIDDLE EAST COMPLEX NATIONAL INDUSTRIES GRP HOLD 2.48/13/07 MAGNESITA SA-PREF A GP INVESTMENTS LTD-CLASS A 2.427/ 2/05 ADLABS FILMS LTD RELIANCE CAPITAL LIMITED 2.46

10/31/01 PHOENIX PULP & PAPER PUB CO SIAM PULP & PAPER PCL/THE 2.487/26/01 METACORP BHD MTD CAPITAL BHD 2.49

12/14/06 MEDINET NASR HOUSING BELTONE FINANCIAL 2.497/ 5/00 AMSTEEL CORP BHD LION CORP BHD 2.528/ 9/05 VASHISTI DETERGENTS LIMITED HINDUSTAN UNILEVER LIMITED 2.526/ 1/07 MOUNT EVEREST MINERAL WATER TATA TEA LIMITED 2.529/11/05 INDO GULF FERTILISERS LTD ADITYA BIRLA NUVO LIMITED 2.54

11/30/05 BAHRAIN & KUWAIT INSURANCE GULF INSURANCE CO 2.558/16/05 RIG TENDERS INDONESIA PT SCOMI MARINE BERHAD 2.573/ 8/05 HERBERTSONS LIMITED UNITED BREWERIES HOLDINGS LT 2.73/20/07 ACERIAS PAZ DEL RIO VOTORANTIM CELULOSE PAP-PREF 2.837/10/06 PHOENIX LAMPS LTD MULTIPLE ACQUIRERS 2.832/ 5/01 SM-CHILE SA-B QUINENCO S.A. 2.893/19/07 CIA BRASIL PETRO IPIRANGA-PR MULTIPLE ACQUIRERS 2.95

11/21/99 FIRST METRO INVESTMENT CORP METROPOLITAN BANK & TRUST 2.968/23/06 WORLDWIDE HOLDINGS BERHAD PERBADANAN KEMAJUAN NEGERI 2.966/ 6/07 MOUNT EVEREST MINERAL WATER TATA TEA LIMITED 2.973/22/05 SHAW WALLACE & COMPANY LTD UNITED SPIRITS LIMITED 3.016/20/05 PAKISTAN TELECOM CO LTD EMIRATES TELECOM CORPORATION 3.013/22/06 TORRENT POWER AEC LIMITED TORRENT POWER LTD 3.057/21/05 CCM DUOPHARMA BIOTECH BHD CHEMICAL CO OF MALAYSIA BHD 3.169/28/04 SHENZHEN HEUNGKONG HOLDING C NANFANG HEUNG KONG GROUP CO 3.172/ 8/02 IBP COMPANY LIMITED INDIAN OIL CORPORATION LTD 3.175/16/01 OTIS ELEVATOR CO (INDIA) CONSORTIUM 3.26

10/22/01 BANCO BEG SA-PREF BANCO ITAU HOLDING FIN-PREF 3.342/25/04 WAFABANK ATTIJARIWAFA BANK 3.369/ 4/06 SEA HORSE CORP PUB CO LTD PRIVATE INVESTOR 3.48

11/24/06 MAGNUM 4D BHD MAGNUM CORPORATION BHD 3.53

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11/24/06 MAGNUM CORPORATION BHD MULTI-PURPOSE HOLDINGS BHD 3.565/10/07 NEXNEWS BHD NET EDGE ONLINE SDN BHD 3.581/14/02 BANCO MERCANTIL DE SAO-PREF BANCO BRADESCO SA-PREF 3.682/15/07 ADANI ENTERPRISES LTD ADANI INFRASTRUCTURE SERVICE 3.692/19/07 MEGAWORLD CORP ALLIANCE GLOBAL GROUP INC 3.761/16/04 SEVERSKY TUBE WORKS-CLS MDM FINANCIAL GROUP 4.31

11/25/04 SIEMENS VDO AUTOMOTIVE LTD SIEMENS INDIA LIMITED 4.421/30/06 UNITED SECURITIES PCL A.P.F. HOLDINGS CO LTD 4.484/15/05 IZHSTAL - $US MECHEL-CLS 4.494/ 4/00 GRUPA ONET.PL SA BRE BANK SA 4.519/10/04 BANK DANPAC PT BANK CENTURY TBK PT 4.757/30/05 ADLABS FILMS LTD RELIANCE CAPITAL LIMITED 4.9

12/23/04 MATRIX INTERNATIONAL BHD PRIVATE INVESTOR 4.988/14/07 EL WATANY BANK OF EGYPT NATIONAL BANK OF KUWAIT 5.352/28/07 SSI LIMITED MULTIPLE ACQUIRERS 5.623/ 1/00 MOL.COM BHD BERJAYA VTCY SDN BHD 5.89/22/05 HERBERTSONS LIMITED UNITED SPIRITS LIMITED 6.054/ 3/00 ST PETERSBURG MMT-$US NORTH-WEST TELECOM-CLS 6.386/27/06 CITIC SECURITIES CO-A SHARES CONSORTIUM 6.51

12/14/05 MOSCOW CITY TELEPHONE-$US COMSTAR UNITED TELESYST-CLS 6.969/ 3/04 KRISASSETS HOLDINGS BHD IGB CORPORATION BHD 7.64

7.3 Developed To Developed Market Deals

Announce Date


Value Multiple

11/28/06 MANHATTAN MALL VORNADO REALTY TRUST 0.0311/17/05 EUROHYPO AG COMMERZBANK AG 0.035/30/07 KENSINGTON GROUP PLC INVESTEC PLC 0.043/16/05 INVESTKREDIT BANK AG OESTERREICH VOLKSBANKEN-PART 0.0411/ 6/01 RHEINHYP-EXCHANGE EUROHYPO AG-OLD 0.046/12/05 BAYERISCHE HYPO-UND VEREINSB UNICREDITO ITALIANO SPA 0.0511/ 6/01 EUROHYPO AG EUROPAISCHE-EXCH EUROHYPO AG-OLD 0.0510/ 2/00 REALDANMARK A/S DANSKE BANK A/S 0.0611/28/02 LG ELECTRONICS INVESTMENT LG CORP 0.086/15/07 LANDESBANK BERLIN HOLDING AG DEUT SPARKASSEN U GIROVERBND 0.093/ 7/05 DAIEI INC MULTIPLE ACQUIRERS 0.1

12/25/01 SAITAMA RESONA BANK LTD RESONA HOLDINGS INC 0.18/ 9/06 SAXON CAPITAL INC MORGAN STANLEY 0.1

12/15/05 COLLEGIATE FUNDING SERVICES JPMORGAN CHASE & CO 0.12/18/05 UFJ TSUBASA SECURITIES CO MITSUBISHI UFJ SECURITIES CO 0.13/28/07 MITSUBISHI UFJ SECURITIES CO MITSUBISHI UFJ FINANCIAL GRO 0.118/30/00 CREDIT SUISSE USA INC CREDIT SUISSE GROUP-REG 0.1210/19/06 UFJ CENTRAL LEASING CO LTD MITSUBISHI UFJ LEASE & FINAN 0.125/17/00 MINAMIGATA ENTERPRISE CO BENESSE CORP 0.137/22/00 BANK AUSTRIA CREDITANST/OLD BAYERISCHE HYPO-UND VEREINSB 0.13

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7/26/04 ABBEY NATIONAL PLC BANCO SANTANDER SA 0.138/ 9/07 ADELAIDE BANK LIMITED BENDIGO BANK LIMITED 0.134/16/03 WORLDCOM INC-WORLDCOM GROUP WORLDCOM CREDITORS 0.154/ 1/01 DRESDNER BANK AG ALLIANZ SE-REG 0.15

11/15/02 FBR ASSET INVESTMENT CORP FRIEDMAN BILLINGS RAMSEY-A 0.1511/14/02 HSBC FINANCE CORP HSBC HOLDINGS PLC 0.1610/ 2/00 LIFE CO LTD AIFUL CORP 0.169/30/03 KLM-KONIN LUCHTVAART MIJ NV AIR FRANCE-KLM 0.173/18/03 GJENSIDIGE NOR ASA DNB NOR ASA 0.178/21/00 BANK UNITED CORP-CL A WASHINGTON MUTUAL INC 0.179/27/01 FORTIS (NL) NV FORTIS 0.183/ 6/00 UNIDANMARK A/S NORDEA BANK AB 0.195/21/02 GOLDEN STATE BANCORP CITIGROUP INC 0.194/16/07 SLM CORP MULTIPLE ACQUIRERS 0.198/30/00 AXA FINANCIAL INC AXA 0.194/23/07 ABN AMRO HOLDING NV BARCLAYS PLC 0.29/13/00 J.P. MORGAN & COMPANY-OLD JPMORGAN CHASE & CO 0.23/ 6/07 NIKKO CORDIAL CORP CITIGROUP INC 0.28/15/00 AVIS GROUP HOLDINGS INC AVIS BUDGET GROUP INC 0.213/15/07 PHH CORP GENERAL ELECTRIC CO 0.212/15/02 NRG ENERGY INC/OLD XCEL ENERGY INC 0.217/12/00 UBS PAINE WEBBER GROUP INC UBS AG-REG 0.216/ 1/04 HANBO IRON & STEEL CO MULTIPLE ACQUIRERS 0.21

12/22/00 KOOKMIN BANK/OLD KOOKMIN BANK 0.2210/ 4/00 TOKAI BANK LTD UFJ HOLDINGS INC 0.224/25/07 ABN AMRO HOLDING NV MULTIPLE ACQUIRERS 0.2210/13/06 SUMISHO LEASE CO LTD SUMITOMO CORP 0.222/22/04 CITIBANK KOREA INC CITIGROUP INC 0.235/ 4/01 BANK OF SCOTLAND HALIFAX GROUP PLC 0.233/13/01 CIT GROUP INC TYCO INTERNATIONAL LTD 0.2310/16/06 BANCA POPOLARE DI LODI SPA BANCO POPOLARE DI VERONA E N 0.239/12/05 WESTCORP WACHOVIA CORP 0.2310/19/99 ARGENTARIA SA BANCO BILBAO VIZCAYA ARGENTA 0.238/27/03 KOREA EXCHANGE BANK LONE STAR FUNDS 0.248/17/00 OESTERREICH POSTSPARKASS-PAR BAWAG P.S.K. BANK FUER ARBEI 0.2411/13/01 BANCA POPOLARE DI NOVARA BANCO POPOLARE DI VERONA E N 0.242/ 3/06 BANCA NAZIONALE LAVORO-ORD BNP PARIBAS 0.24

10/11/00 MITSUBISHI UFJ SECURITIES CO BANK OF TOKYO-MITSUBISHI UFJ 0.2412/15/00 AU CORP KDDI CORP 0.257/26/07 SANYO SHINPAN FINANCE CO LTD PROMISE CO LTD 0.2510/10/00 BANCA COMMERCIALE ITALIANA INTESA SANPAOLO 0.256/12/05 BANK AUSTRIA CREDITANSTALT UNICREDITO ITALIANO SPA 0.256/29/07 KEOPS A/S FASTEIGNAFELAGID STODIR HF 0.265/31/00 BAAN COMPANY NV INVENSYS PLC 0.2711/13/06 BANCA LOMBARDA E PIEMONTESE UNIONE DI BANCHE ITALIANE SC 0.273/22/06 ATHLON HOLDING NV RABOBANK 0.286/ 9/00 LG INFORMATION & COMMUN LTD LG ELECTRONICS INVESTMENT 0.28

12/15/02 BANCA POPOLARE COMM E INDUST UNIONE DI BANCHE ITALIANE SC 0.286/13/00 SANPAOLO BANCO DI NAPOLI SANPAOLO IMI SPA 0.2812/14/01 UNICREDIT BANCA ROLO BANCA 1 UNICREDITO ITALIANO SPA 0.287/30/01 HELLER FINANCIAL INC-CL A GENERAL ELECTRIC CO 0.283/27/00 MITSUBISHI MOTORS CORP DAIMLERCHRYSLER AG-REG 0.312/12/03 KOOKMIN BANK MULTIPLE ACQUIRERS 0.36/27/06 REPUBLIC BANCORP CITIZENS REPUBLIC BANCORP IN 0.3

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4/23/06 COMMERCIAL CAPITAL BANCORP WASHINGTON MUTUAL INC 0.38/15/00 INFINITY BROADCASTING CORP-A CBS CORP-CLASS B 0.36/25/06 FIDELITY NATIONAL FINL INC FIDELITY NATIONAL INFORMATIO 0.312/17/04 PROVIDENT FINANCIAL GROUP NATIONAL CITY CORP 0.315/ 9/03 BANK OF WESTERN AUSTRALIA HBOS PLC 0.313/23/07 SANYO ELECTRIC CREDIT CO LTD GENERAL ELECTRIC CO 0.316/29/04 MITSUBISHI MOTORS CORP PHOENIX CAPITAL KK 0.3211/23/02 LCL SA BNP PARIBAS 0.3212/16/02 LCL SA CREDIT AGRICOLE SA 0.321/11/00 BANCO MELLO SA BANCO COMERCIAL PORTUGUES-R 0.326/27/03 ROSLYN BANCORP INC NEW YORK COMMUNITY BANCORP 0.322/14/05 MITSUBISHI MOTORS CORP MULTIPLE ACQUIRERS 0.334/10/00 FIRST SECURITY CORP/DEL WELLS FARGO & COMPANY 0.339/20/99 NORDEA BANK NORGE ASA NORDEA BANK AB 0.335/ 7/06 GOLDEN WEST FINANCIAL CORP WACHOVIA CORP 0.331/24/07 BANK AUSTRIA CREDITANSTALT UNICREDITO ITALIANO SPA 0.349/ 6/00 ASSOCIATES FIRST CAPITAL-A CITIGROUP INC 0.346/14/05 COMMERCIAL FEDERAL CORP BNP PARIBAS 0.3512/30/05 BANCA ANTONVENETA SPA ABN AMRO HOLDING NV 0.354/27/01 CONTIGAS DT ENERGIE AG THUEGA AG 0.353/29/05 GALERIES LAFAYETTE SEMAD 0.369/21/00 HERTZ CORP-CL A -OLD FORD MOTOR CO 0.366/19/03 CHOHUNG BANK SHINHAN FINANCIAL GROUP LTD 0.367/29/03 PETROLEUM GEO-SERVICES ASA CREDITORS 0.363/ 9/04 WAYPOINT FINANCIAL CORP SOVEREIGN BANCORP INC 0.36

11/ 5/02 CMG PLC LOGICACMG PLC 0.377/16/04 RIGGS NATL CORP WASH D C PNC FINANCIAL SERVICES GROUP 0.376/25/01 DIME BANCORP INC WASHINGTON MUTUAL INC 0.375/19/06 RETI BANCARIE SPA BANCA POPOLARE DI LODI SPA 0.3710/ 8/04 NORTHWESTERN CORP-OLD CREDITORS 0.382/23/04 IVG IMMOBILIEN AG CREDITORS 0.3810/24/05 SOVEREIGN BANCORP INC BANCO SANTANDER SA 0.388/11/00 WOOLWICH PLC BARCLAYS PLC 0.3911/25/03 STATEN ISLAND BANCORP INC INDEPENDENCE COMMUNITY BANK 0.399/23/99 UNICOM CORPORATION EXELON CORP 0.48/24/07 HEARST-ARGYLE TELEVISION INC HEARST CORP 0.412/ 6/04 FOODLAND ASSOCIATED LIMITED METCASH LTD 0.413/28/05 GALERIES LAFAYETTE BNP PARIBAS 0.419/11/05 RAS HOLDING SPA ALLIANZ SE-REG 0.415/20/07 CAPITALIA SPA UNICREDITO ITALIANO SPA 0.415/31/00 TECNOST SPA TELECOM ITALIA SPA 0.421/14/04 BANK ONE CORP JPMORGAN CHASE & CO 0.4210/30/01 RENAULT SA NISSAN MOTOR CO LTD 0.432/23/00 VEW AG RWE AG 0.4312/16/05 RAS HOLDING SPA ALLIANZ SE-REG 0.434/20/07 INTERPOOL INC FORTRESS INVESTMENT GRP-CL A 0.437/19/07 PARTNERS TRUST FINANCIAL GRP M & T BANK CORP 0.439/25/00 URBAN SHOPPING CENTERS INC RODAMCO NORTH AMERICA NV 0.449/ 2/05 SKANDIA FORSAKRINGS AB OLD MUTUAL PLC 0.451/15/01 ROLLINS TRUCK LEASING CORP PENSKE TRUCK LEASING CO -LP 0.455/ 8/03 BANCO ZARAGOZANO SA BARCLAYS PLC 0.455/28/07 LG CARD CO LTD SHINHAN FINANCIAL GROUP LTD 0.467/31/01 XTRA CORP BERKSHIRE HATHAWAY INC-CL A 0.477/27/07 USB HOLDING CO INC KEYCORP 0.47

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5/ 5/06 METROVACESA SA PRIVATE INVESTOR 0.4712/ 6/00 FREESERVE PLC WANADOO 0.476/ 7/99 ECIA-EQUIP & COMPOSANTS POUR FAURECIA 0.487/28/01 TELECOM ITALIA SPA PIRELLI SPA 0.485/ 5/03 BAIL INVESTISSEMENT/OLD BAIL INVESTISSEMENT FONCIERE 0.48

10/24/05 INDEPENDENCE COMMUNITY BANK SOVEREIGN BANCORP INC 0.4810/30/01 NISSAN MOTOR CO LTD RENAULT SA 0.493/20/00 DILIGENTIA AB SKANDIA FORSAKRINGS AB 0.515/18/07 TIERONE CORP CAPITALSOURCE INC 0.511/28/06 TAISHIN FINANCIAL HOLDINGS NEWBRIDGE CAPITAL LLC 0.515/30/02 LA FONDIARIA ASSICURAZIONI FONDIARIA-SAI SPA 0.5211/11/04 ROGERS WIRELESS COMMUN INC ROGERS COMMUNICATIONS -CL B 0.5210/ 2/00 SUMMIT BANCORP FLEETBOSTON FINANCIAL CORP 0.522/16/04 GREENPOINT FINANCIAL CORP NORTH FORK BANCORPORATION 0.522/15/01 WESTFIELD AMERICA INC WESTFIELD AMERICA TRUST 0.523/27/06 SFE CORP LTD ASX LTD 0.527/20/00 AETNA INC-OLD ING GROEP NV-CVA 0.5311/10/06 REX HOLDINGS CO LTD ADVANTAGE PARTNERS LLP 0.535/19/03 PACIFIC NORTHWEST BANCORP WELLS FARGO & COMPANY 0.533/ 1/06 METROVACESA SA GRUPO SACRESA 0.535/25/04 SOFTBANK MOBILE CORP VODAFONE GROUP PLC 0.5311/ 9/06 YUANTA CORE PACIFIC SEC CO YUANTA FINANCIAL HOLDING CO 0.53

3/ 9/00 COLONIAL LIMITEDCOMMONWEALTH BANK OF

AUSTRAL0.54

3/25/99 NEW CENTURY ENERGIES INC XCEL ENERGY INC 0.544/28/04 FIRST FEDERAL CAPITAL CORP ASSOCIATED BANC-CORP 0.547/12/00 DBS LAND CAPITALAND LTD 0.543/27/01 RICHMOND COUNTY FINL CORP NEW YORK COMMUNITY BANCORP 0.547/ 1/02 UNI-INVEST NV CONSORTIUM 0.542/ 3/00 MONTEDISON SPA-OLD EDISON SPA/OLD 0.55

11/26/02 SQUARE CO LTD SQUARE ENIX CO LTD 0.554/19/00 NIPPON TRUST BANK LTD MITSUBISHI UFJ FINANCIAL GRO 0.551/26/01 RBC CENTURA BANKS INC ROYAL BANK OF CANADA 0.555/25/06 AMSOUTH BANCORPORATION REGIONS FINANCIAL CORP 0.558/17/00 GENBEL SECURITIES LIMITED SANLAM LIMITED 0.552/25/04 RUE IMPERIALE EURAZEO 0.559/28/00 RBC DAIN RAUSCHER CORP ROYAL BANK OF CANADA 0.563/ 7/06 ALIANT INC BCE INC 0.561/25/00 BANCO PORTUGUES DO ATLANTICO BANCO COMERCIAL PORTUGUES-R 0.562/24/06 SOCIETE DES AUTOROUTES PARIS MULTIPLE ACQUIRERS 0.565/ 7/02 MEGA INTERNATIONAL COMMERCIA MEGA FINANCIAL HOLDING CO LT 0.575/ 4/07 GREATER BAY BANCORP WELLS FARGO & COMPANY 0.57

11/10/05 GOLD BANC CORPORATION INC MARSHALL & ILSLEY CORP 0.572/14/00 MEDICAL MANAGER CORPORATION HLTH CORP 0.571/15/01 KT M.COM CO LTD KT FREETEL CO LTD 0.587/16/03 CONNECTICUT BANCSHARES INC NEWALLIANCE BANCSHARES INC 0.588/26/04 BANKNORTH GROUP INC TORONTO-DOMINION BANK 0.587/22/03 NEUBERGER BERMAN INC LEHMAN BROTHERS HOLDINGS INC 0.589/17/03 MONY GROUP INC AXA 0.598/ 7/00 MCKECHNIE PLC CINVEN LTD 0.591/31/05 YAPI VE KREDI BANKASI KOC HOLDING AS 0.595/17/00 KEYSTONE FIN INC M & T BANK CORP 0.599/ 7/00 SUNKUS & ASSOCIATES INC C&S CO LTD 0.592/ 7/00 ONE VALLEY BANCORP INC BB&T CORP 0.59

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3/27/06 STANDARD CHARTERED PLC TEMASEK HOLDINGS 0.5912/20/00 SOFTBANK MOBILE CORP VODAFONE GROUP PLC 0.592/ 6/06 SANEF ABERTIS INFRAESTRUCTURAS SA 0.59

11/23/05 UNION FENOSA SA ACS ACTIVIDADES CONS Y SERV 0.610/ 4/00 US BANCORP/FIRST BANK-OLD US BANCORP 0.64/ 3/06 FINANSBANK AS NATIONAL BANK OF GREECE 0.65/ 4/04 CHARTER ONE FIN INC ROYAL BANK OF SCOTLAND GROUP 0.62/11/00 CORNERSTONE PROPERTIES INC EQUITY OFFICE PROPERTIES TR 0.612/23/04 KREDIETBANK SA LUXEMBOURGEOI ALMANIJ NV - AUC 0.613/23/04 ACOM CO LTD MITSUBISHI UFJ FINANCIAL GRO 0.617/12/05 HUDSON UNITED BANCORP TD BANKNORTH INC 0.611/13/06 AUTOROUTES DU SUD DE LA FRAN VINCI SA 0.6112/22/03 FIRST SENTINEL BANCORP INC PROVIDENT FINANCIAL SERVICES 0.616/ 9/04 FONCIERE LYONNAISE INMOBILIARIA COLONIAL SA/OLD 0.613/ 6/06 AMB GENERALI HOLDING AG ASSICURAZIONI GENERALI 0.621/10/02 PANASONIC MOBILE COMMUNICATI MATSUSHITA ELECTRIC INDUST 0.6212/18/00 MORGAN KEEGAN INC REGIONS FINANCIAL CORP-OLD 0.621/29/07 FIRST REPUBLIC BANK MERRILL LYNCH & CO INC 0.627/24/06 USEN CORP PRIVATE INVESTOR 0.631/23/04 UNION PLANTERS CORP REGIONS FINANCIAL CORP-OLD 0.635/ 1/07 MAF BANCORP INC NATIONAL CITY CORP 0.638/16/07 FIRST CHARTER CORP FIFTH THIRD BANCORP 0.632/ 5/07 MILLS CORP/THE MULTIPLE ACQUIRERS 0.632/18/05 UFJ HOLDINGS INC MITSUBISHI UFJ FINANCIAL GRO 0.635/29/06 HANSHIN ELECTRIC RAILWAY CO HANKYU HANSHIN HOLDINGS INC 0.646/21/04 PROMISE CO LTD SUMITOMO MITSUI FINANCIAL GR 0.645/20/04 ADVANCED FIBRE COMMUNICATION TELLABS INC 0.6412/20/06 SKY FINANCIAL GROUP INC HUNTINGTON BANCSHARES INC 0.641/26/04 SEACOAST FINL SERVICES CORP SOVEREIGN BANCORP INC 0.643/12/06 NORTH FORK BANCORPORATION CAPITAL ONE FINANCIAL CORP 0.645/25/00 BOOKER PLC BIG FOOD GROUP PLC 0.655/20/02 DEGUSSA GMBH RAG AG 0.652/ 2/00 DPL INC KKR & CO LP 0.654/ 3/01 AMERICAN GENERAL CORP AMERICAN INTERNATIONAL GROUP 0.65

11/22/06 MGM MIRAGE TRACINDA CORP 0.651/18/05 UNITEDGLOBALCOM INC -CL A LIBERTY MEDIA INTL INC-A 0.652/16/07 COMPASS BANCSHARES INC BANCO BILBAO VIZCAYA ARGENTA 0.654/ 2/04 HUDSON RIVER BANCORP FIRST NIAGARA FINANCIAL GRP 0.657/ 8/03 PRIME RETAIL INC LIGHTSTONE GROUP LLC 0.651/31/03 FIRST CREDIT CORP LONE STAR FUNDS 0.652/28/07 ENDESA SA ENEL SPA 0.662/12/01 SEMA PLC SCHLUMBERGER LTD 0.662/ 5/07 INVESTORS FINANCIAL SVCS CP STATE STREET CORP 0.666/ 3/02 TICKETMASTER-B IAC/INTERACTIVECORP 0.66

10/18/99 SAKURA BANK LTD SUMITOMO MITSUI BANKING CORP 0.679/21/06 MERCK SERONO SA-BR MERCK KGAA 0.6712/13/05 SMEDVIG ASA-A SHS NOBLE CORP 0.678/22/02 AMERICAN FINANCIAL HLDGS INC BANKNORTH GROUP INC 0.676/21/04 SOUTHTRUST CORP WACHOVIA CORP 0.678/24/00 MONCEAU-ZOLDER S.A. BREDERODE 0.682/ 8/05 ELKEM ASA ORKLA ASA 0.69

12/15/05 KT FREETEL CO LTD NTT DOCOMO INC 0.6911/ 6/06 NEOMAX CO LTD HITACHI METALS LTD 0.697/19/07 STERLING FINANCIAL CORP (PA) PNC FINANCIAL SERVICES GROUP 0.69

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12/16/03 THE TRUST COMPANY OF N.J. NORTH FORK BANCORPORATION 0.811/ 3/03 GLOBESPANVIRATA INC CONEXANT SYSTEMS INC 0.87/11/06 HARBOR FLORIDA BANCSHARES NATIONAL CITY CORP 0.89/14/00 CAPITAL SHOPPING CENTRES PLC LIBERTY INTERNATIONAL PLC 0.811/15/06 ALINTA INFRASTRUCTURE HLDGS ALINTA LTD 0.85/ 2/07 INTERTAPE POLYMER GROUP INC LITTLEJOHN & CO LLC 0.816/14/06 SUMCO TECHXIV CORPORATION SUMCO CORP 0.811/28/05 VIRGIN BLUE HOLDINGS LTD PATRICK CORP LTD 0.816/19/00 UNITED ASSET MGMT CORP OLD MUTUAL PLC 0.817/18/07 ALFA CORPORATION MULTIPLE ACQUIRERS 0.813/16/04 COMMUNITY FIRST BANKSHARES BNP PARIBAS 0.8110/24/05 NEXTEL PARTNERS INC -CL A SPRINT NEXTEL CORP 0.816/ 1/05 O&Y PROPERTIES CORP MULTIPLE ACQUIRERS 0.81

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3/20/00 CCB FINANCIAL CORP NATL COMMERCE FINANCIAL CORP 0.8710/26/06 JSAT CORP SKY PERFECT COMMUNICATIONS 0.874/ 3/06 FINANSBANK AS NATIONAL BANK OF GREECE 0.877/16/01 EXPEDIA INC IAC/INTERACTIVECORP 0.877/24/00 VOICESTREAM WIRELESS CORP DEUTSCHE TELEKOM AG-REG 0.8712/10/99 FUJI HEAVY INDUSTRIES LTD GENERAL MOTORS CORP 0.8811/17/03 TRAVELERS PROPERTY CASUALT-A TRAVELERS COS INC/THE 0.885/16/07 ISOFT GROUP PLC IBA HEALTH LTD 0.885/ 3/04 KEYSTONE PROPERTY TRUST INVESTOR GROUP 0.881/30/03 SOJITZ CORP NISSHO IWAI CORPORATION 0.899/18/00 TI GROUP PLC SMITHS GROUP PLC 0.896/ 2/99 BANKNORTH GROUP INC BANKNORTH GROUP INC 0.897/ 9/07 FIRST INDIANA CORP MARSHALL & ILSLEY CORP 0.898/23/99 TRIANGLE BANCORP INC RBC CENTURA BANKS INC 0.893/ 9/00 AUTOSTRADE SPA/OLD INVESTOR GROUP 0.892/17/05 PRIME GROUP REALTY TRUST LIGHTSTONE GROUP LLC 0.893/ 4/02 JP REALTY INC GENERAL GROWTH PROPERTIES 0.898/14/07 IPC US REAL ESTATE INV TRUST BEHRINGER HARVARD REIT I INC 0.892/20/01 SPRINGS INDUSTRIES INC-CL A INVESTOR GROUP 0.92/20/07 NISSAN DIESEL MOTOR CO LTD VOLVO AB-B SHS 0.97/25/06 CHINA PARADISE ELETRN RETAIL GOME ELECTRICAL APPLIANCES 0.95/22/00 ARJO WIGGINS APPLETON LTD SEQUANA CAPITAL 0.91/13/00 RACAL ELECTRONICS PLC THALES SA 0.910/10/05 JEFFERSON-PILOT CORP LINCOLN NATIONAL CORP 0.91/27/02 ALBERTA ENERGY CO LTD ENCANA CORP 0.98/ 2/04 COX COMMUNICATIONS INC-CL A COX ENTERPRISES INC 0.97/ 1/05 INTERNATIONAL BANK OF TAIPEI SINOPAC FINANCIAL HOLDINGS 0.99/ 1/05 7-ELEVEN INC SEVEN & I HOLDINGS CO LTD 0.91

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4/16/02 PORTLAND VALDERRIVAS SA FOMENTO DE CONSTRUC Y CONTRA 0.934/ 3/06 ALDERWOODS GROUP INC SERVICE CORP INTERNATIONAL 0.939/20/01 SOFTBANK MOBILE CORP VODAFONE GROUP PLC 0.938/18/00 HSB GROUP INC AMERICAN INTERNATIONAL GROUP 0.936/ 4/07 HUGO BOSS AG -ORD PERMIRA HOLDINGS LTD 0.939/29/04 GWR GROUP PLC GCAP MEDIA PLC 0.9311/ 2/05 SOGECABLE PROMOTORA DE INFOM SA -PRISA 0.934/16/07 INNKEEPERS USA TRUST APOLLO INVESTMENT CORP 0.934/22/04 WESTFIELD AMERICA TRUST WESTFIELD HOLDINGS LIMITED 0.933/14/05 GECINA SA METROVACESA SA 0.939/ 6/06 SEQUANA CAPITAL SGS SA-REG 0.94

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10/ 3/05 PRENTISS PROPERTIES TRUST BRANDYWINE REALTY TRUST 0.968/ 4/04 DEUTSCHE INDUSTRIAL TRUST DB RREEF TRUST 0.969/ 6/05 CAPITAL AUTOMOTIVE REIT DRA ADVISORS LLC 0.96

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2/ 7/07 AQUILA INC GREAT PLAINS ENERGY INC 17/22/04 MOLSON INC-A SHS MOLSON COORS BREWING CO -B 14/26/05 MITSUBISHI PHARMA CORP MITSUBISHI CHEMICAL CORP 19/13/04 METRO-GOLDWYN-MAYER INC CONSORTIUM 16/ 9/05 MERSEY DOCKS & HARBOUR CO. PEEL PORTS LTD 14/22/02 LATTICE GROUP PLC NATIONAL GRID PLC 111/20/06 TD BANKNORTH INC TORONTO-DOMINION BANK 17/19/99 COMMNET CELLULAR INC VODAFONE GROUP PLC 13/30/04 RESIDENTIAL EQUITIES REIT-UT CAN APARTMENT PROP REAL ESTA 11/ 9/04 BOARDWALK REAL ESTATE INVEST BOARDWALK PROPERTIES CO LTD 12/14/00 CAREINSITE INC HLTH CORP 110/14/05 SOMERFIELD PLC VIOLET ACQUISITIONS LTD 1.0110/ 7/02 LA RINASCENTE SPA EUROFIND SA 1.011/31/05 AT&T CORP AT&T INC 1.012/12/01 CONECTIV POTOMAC ELECTRIC POWER 1.013/ 9/05 GREAT LAKES CHEMICAL CORP CHEMTURA CORP 1.014/ 6/04 ABSA GROUP LTD MAIN STREET 169 PTY LTD 1.01

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12/ 6/04 MAAG HOLDING AG-BEARER SWISS PRIME SITE-REG 1.0211/17/04 SEARS ROEBUCK & CO SEARS HOLDINGS CORP 1.031/ 3/05 DERICHEBOURG CFF RECYCLING 1.034/11/06 YORK-BENIMARU CO LTD SEVEN & I HOLDINGS CO LTD 1.035/ 8/00 GEON COMPANY POLYONE CORPORATION 1.03

10/28/04 SHELL TRANSPRT&TRADNG CO PLC ROYAL DUTCH SHELL PLC-A SHS 1.035/15/02 CASTORAMA DUBOIS INVESTISSE KINGFISHER PLC 1.032/28/05 MAY DEPARTMENT STORES CO MACY'S INC 1.031/27/04 MOSAIC GLOBAL HOLDINGS INC CARGILL INC 1.0311/ 7/00 DEAD SEA BROMINE ISRAEL CHEMICALS LIMITED 1.037/22/05 TAITTINGER SA STARWOOD CAPITAL GROUP LLC 1.038/16/99 AGA AB-B SHS LINDE AG 1.032/ 2/00 NCL HOLDING ASA STAR CRUISES LTD 1.03

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10/ 4/04 SUMMIT PROPERTIES INC CAMDEN PROPERTY TRUST 1.035/28/03 AMP DIVERSIFIED PROPERTY TST STOCKLAND 1.039/22/02 DOLE FOOD COMPANY PRIVATE INVESTOR 1.047/21/05 PRIORITY HEALTHCARE CORP-B EXPRESS SCRIPTS INC 1.0410/11/06 MATALAN PLC MISSOURI TOPCO 1.044/22/02 BOE LTD NEDBANK GROUP LTD 1.041/30/01 WISCONSIN CENTRAL TRANSPORT CANADIAN NATL RAILWAY CO 1.042/21/06 MERISTAR HOSPITALITY CORP BLACKSTONE GROUP LP/THE 1.042/16/04 KINNEVIK AB-B SHS KINNEVIK INVESTMENT AB-B 1.047/14/05 BIL INTERNATIONAL LTD GUOCO GROUP LTD 1.048/14/00 BHC COMMUNICATIONS INC-CL A NEWS CORP-CL A 1.044/16/06 PETROFUND ENERGY TRUST PENN WEST ENERGY TRUST 1.042/15/01 BENTALL CORPORATION CAISSE DE DEPOT ET PLACEMENT 1.046/18/03 MID ATLANTIC REALTY TRUST KIMCO REALTY CORP 1.045/29/07 ARCHSTONE-SMITH TRUST MULTIPLE ACQUIRERS 1.048/14/07 NORGANI HOTELS ASA NORWEGIAN PROPERTY ASA 1.043/19/04 CANARY WHARF GROUP PLC SONGBIRD ESTATES PLC-B SHARE 1.044/18/01 CALVE-DELFT FORTIS 1.042/28/00 MISSION CRITICAL SOFTWARE NETIQ CORP 1.048/18/99 OLSTEN CORP ADECCO SA-REG 1.054/ 5/01 DEAN FOODS CO/OLD DEAN FOODS CO 1.059/ 4/01 COMPAQ COMPUTER CORP HEWLETT-PACKARD CO 1.054/20/07 LAPERRIERE & VERREAULT-CL A FLSMIDTH & CO A/S 1.056/16/04 EXULT INC HEWITT ASSOCIATES INC-CL A 1.0511/ 6/03 AMBIT MICROSYSTEMS CORP HON HAI PRECISION INDUSTRY 1.058/11/06 INTRAWEST ULC FORTRESS INVESTMENT GRP-CL A 1.053/27/01 SIDEL TETRA LAVAL 1.054/20/06 UBIQUITEL INC SPRINT NEXTEL CORP 1.056/21/00 BATTLE MOUNTAIN GOLD CO NEWMONT MINING CORP 1.054/ 3/00 UNION PACIFIC RESOURCES GRP ANADARKO PETROLEUM CORP 1.05

11/29/04 NHP PLC TBG CARECO LTD 1.058/ 9/04 POWERCO LIMITED BABCOCK & BROWN INFRASTRUCTU 1.055/24/01 MARINE DRILLING CO INC PRIDE INTERNATIONAL INC 1.053/30/01 FRANCHISE FINANCE CORP OF AM GENERAL ELECTRIC CO 1.057/10/06 HERITAGE PROPERTY INVESTMENT CENTRO PROPERTIES GROUP 1.05

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6/ 7/05 LION GABLES RESIDENTIAL TRUS ING GROEP NV-CVA 1.058/ 4/04 DEUTSCHE OFFICE TRUST DB RREEF TRUST 1.055/24/02 SAVILLE GORDON ESTATES PLC CHAMBERCROFT LTD 1.057/20/00 WESTBURNE INC REXEL SA-OLD 1.063/18/03 CONSECO INC CONSECO BONDHOLDERS 1.0611/ 8/05 LINENS 'N THINGS INC APOLLO MANAGEMENT LP 1.0612/15/03 SAFEWAY LTD MORRISON <WM.> SUPERMARKETS 1.064/17/06 RUSSELL CORP BERKSHIRE HATHAWAY INC-CL A 1.065/ 1/01 WEBB (DEL E.) CORP PULTE HOMES INC 1.065/ 2/00 LIMIT PLC QBE INSURANCE GROUP LIMITED 1.062/23/07 SEMCO ENERGY INC CAP ROCK ENERGY CORP 1.063/ 3/06 SEMBCORP LOGISTICS LTD TOLL HOLDINGS LIMITED 1.069/28/03 JOHN HANCOCK FINANCIAL SRVCS MANULIFE FINANCIAL CORP 1.064/ 7/03 MIM HOLDINGS LIMITED XSTRATA PLC 1.06

11/23/06 RIEBER & SON ASA AS ATLANTIS VEST 1.063/19/01 TRUE NORTH COMMUNICATIONS INTERPUBLIC GROUP OF COS INC 1.0610/14/99 CIMENTERIES CBR HEIDELBERGCEMENT AG 1.06

5/ 8/06 GERMANOS S.A.COSMOTE MOBILE TELECOMMUNICA

1.06

2/20/01 RGS ENERGY GROUP INC ENERGY EAST CORPORATION 1.063/12/07 SUNTERRA CORP DIAMOND RESORTS INTERNATIONA 1.068/ 7/02 HOLLYWOOD CASINO CORP -CL A PENN NATIONAL GAMING INC 1.068/ 2/00 CATALYTICA INC KONINKLIJKE DSM NV 1.062/ 1/99 EASTERN UTILITIES ASSOC NATIONAL GRID PLC 1.064/18/06 VISMA ASA HGCAPITAL 1.067/11/05 US UNWIRED INC SPRINT NEXTEL CORP 1.065/ 9/05 CINERGY CORP DUKE ENERGY CORP 1.064/ 1/99 ATLANTIC RICHFIELD CO BP PLC 1.065/30/07 CERIDIAN CORP MULTIPLE ACQUIRERS 1.0611/22/99 SWALLOW GROUP PLC WHITBREAD PLC 1.065/ 8/03 RFS HOTEL INVESTORS INC CNL HOTELS & RESORTS INC 1.06

10/27/99 C-CUBE MICROSYSTEMS INC-OLD HARMONIC INC 1.067/22/04 ESPRIT EXPLORATION LTD ESPRIT ENERGY TRUST 1.067/26/99 CABLE & WIRELESS COMMS PLC CABLE & WIRELESS PLC 1.066/27/06 UNIVISION COMMUNICATIONS-A Broadcasting Media Partners Inc. 1.0610/29/01 CABOT PROPERTIES INC CALWEST INDUSTRIAL PROPERTIE 1.0612/22/05 ARDEN REALTY INC. GENERAL ELECTRIC CO 1.066/ 9/04 FONCIERE LYONNAISE INMOBILIARIA COLONIAL SA/OLD 1.06

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10/26/00 KEEBLER FOODS CO KELLOGG CO 1.0710/31/03 EXXARO RESOURCES LTD ANGLO AMERICAN PLC 1.075/25/05 JOHN Q HAMMONS HOTELS INC JQH ACQUISITION LLC 1.074/24/07 SYMBION INC CRESTVIEW PARTNERS LP 1.079/25/00 BUSH BOAKE ALLEN INC INTL FLAVORS & FRAGRANCES 1.076/ 4/07 ASM SPA AEM SPA 1.074/ 9/01 POWERGEN PLC E.ON AG 1.072/12/03 VODAFONE LIBERTEL NV VODAFONE GROUP PLC 1.0711/21/05 ALAMOSA HOLDINGS INC SPRINT NEXTEL CORP 1.072/26/07 TXU CORP MULTIPLE ACQUIRERS 1.0712/14/01 ECHOSTAR COMMUNICATIONS - A VIVENDI 1.071/29/01 MACKENZIE FINANCIAL CORP IGM FINANCIAL INC 1.074/20/04 INTELSAT CORP CONSORTIUM 1.0710/20/03 TORNET FASTIGHETS AB LRT ACQUISITION AB 1.072/10/06 BEDFORD PROPERTY INVESTORS LBA REALTY FUND LP 1.073/13/07 SPIRIT FINANCE CORP Redford Holdco LLC 1.074/19/05 FINAXA AXA 1.079/20/04 MICROCELL TELECOMMUNIC-CL A ROGERS WIRELESS COMMUN INC 1.0711/24/06 SHOPRITE HOLDINGS LTD FIRSTRAND LTD 1.084/ 3/00 AMERICAN NATIONAL CAN GROUP REXAM PLC 1.085/29/00 MARK IV INDUSTRIES INC BC PARTNERS LTD 1.0811/12/04 COUNTRYSIDE PROPERTIES PLC COPTHORN HOLDINGS LTD 1.084/15/02 KAMPS AG BARILLA SPA 1.085/16/06 NCO GROUP INC Collect Holdings Inc 1.083/18/02 IVEX PACKAGING CORP ALCOA INC 1.083/ 8/07 GENERALE DE SANTE SANTE SARL 1.088/13/07 LINDEX AB KAPPAHL HOLDING AB 1.083/29/04 MILLENNIUM CHEMICALS INC LYONDELL CHEMICAL COMPANY 1.088/ 8/05 LABONE INC QUEST DIAGNOSTICS 1.08

11/10/99 IONIAN BANK ALPHA BANK A.E. 1.088/ 8/00 GPU INC FIRSTENERGY CORP 1.088/29/00 REPAP ENTERPRISES UPM-KYMMENE OYJ 1.0810/25/99 MIDAMERICAN ENERGY HLDGS CO BERKSHIRE HATHAWAY INC-CL A 1.087/ 1/02 ROYAL CANIN SA MARS INC 1.08

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4/13/02 NORTEK HOLDINGS INC KELSO & COMPANY 1.097/10/06 PEOPLES ENERGY CORP INTEGRYS ENERGY GROUP INC 1.0912/21/06 PENTAX CORP HOYA CORP 1.094/24/07 MYERS INDUSTRIES INC GOLDMAN SACHS GROUP INC 1.097/24/06 HCA INC MULTIPLE ACQUIRERS 1.096/25/07 ENERGY EAST CORPORATION IBERDROLA SA 1.09

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1.09

2/ 5/07 LONGVIEW FIBRE CO BROOKFIELD ASSET MANAGE-CL A 1.094/ 1/02 TRENDWEST RESORTS INC AVIS BUDGET GROUP INC 1.098/ 8/06 REYNOLDS & REYNOLDS-CLASS A UNIVERSAL COMPUTER SYSTEMS I 1.094/25/06 KETCH RESOURCES TRUST ADVANTAGE ENERGY INCOME FUND 1.0910/ 9/06 DGAG DEUTSCHE GRUNDVERMOEGEN PIRELLI & C REAL ESTATE SPA 1.096/ 5/06 TRIZEC PROPERTIES INC BROOKFIELD PROPERTIES CORP 1.093/ 6/06 CARRAMERICA REALTY CORP BLACKSTONE GROUP LP/THE 1.098/ 9/00 SOFTWARE.COM INC OPENWAVE SYSTEMS INC 1.09

12/ 5/00 SUMITOMO MARINE & FIRE INSUR MITSUI SUMITOMO INSURANCE CO 1.17/11/03 JAPAN STORAGE BATTERY CO LTD YUASA CORP 1.13/16/01 MIDCOAST ENERGY RESOURCES ENBRIDGE INC 1.112/13/04 NOVAR PLC HONEYWELL INTERNATIONAL INC 1.12/21/00 EXEL PLC/LONDON EXEL PLC 1.12/17/03 CANADA LIFE FINANCIAL CORP GREAT-WEST LIFECO INC 1.14/23/07 FUJITEC CO LTD DALTON INVESTMENTS LLC 1.12/ 5/04 BELDEN INC CABLE DESIGN TECHNOLOGIES 1.19/13/04 GREY GLOBAL GROUP INC WPP GROUP PLC 1.12/14/02 BIRMINGHAM STEEL CORP NUCOR CORP 1.16/11/02 SILITEK CORP LITE-ON TECHNOLOGY CORP 1.111/12/03 MITSUBISHI PHARMA CORP MITSUBISHI CHEMICAL CORP 1.18/18/03 INTEGRATED DEFENSE TECHNOLOG DRS TECHNOLOGIES INC 1.17/21/04 TEXAS GENCO HOLDINGS INC NRG TEXAS LLC 1.14/ 7/06 QUANTA DISPLAY INC AU OPTRONICS CORP 1.17/15/04 CAESARS ENTERTAINMENT INC HARRAH'S ENTERTAINMENT INC 1.14/ 2/07 TRIBUNE CO MULTIPLE ACQUIRERS 1.11/10/05 FOX ENTERTAINMENT GRP INC-A NEWS CORP-CL A 1.14/12/06 SYBRON DENTAL SPECIALTIES DANAHER CORP 1.15/13/02 RIO ALTO EXPLORATION LTD CANADIAN NATURAL RESOURCES 1.16/29/07 DOBSON COMMUNICATIONS CORP-A AT&T INC 1.1

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8/11/99 REYNOLDS METALS CO ALCOA INC 1.114/ 2/01 GENERAL SEMICONDUCTOR INC VISHAY INTERTECHNOLOGY INC 1.115/21/07 EMI GROUP PLC TERRA FIRMA CAPITAL PARTNERS 1.111/31/00 FORTIS BANQUE LUXEMBOURG FORTIS 1.118/18/04 PRIME HOSPITALITY CORP BLACKSTONE GROUP LP/THE 1.118/ 2/07 WOONGJIN COWAY CO LTD WOONGJIN HOLDINGS CO LTD 1.114/10/07 PUMA AG PPR 1.1112/ 8/03 SAECO INTERNATIONAL GROUP PAI PARTNERS 1.115/31/06 WEST CORP MULTIPLE ACQUIRERS 1.118/ 1/05 TERASEN INC KNIGHT INC 1.117/ 8/03 LEGATO SYSTEMS INC EMC CORP/MASS 1.113/13/01 GROUPE BRUXELLES LAMBERT-OLD GROUPE BRUXELLES LAMBERT SA 1.115/26/00 SANTA FE SNYDER CORP DEVON ENERGY CORPORATION 1.115/10/07 SHININGBANK ENERGY INC FUND PRIMEWEST ENERGY TRUST 1.114/ 8/05 EAST SURREY HOLDINGS LTD KELLEN ACQUISITIONS LTD 1.116/25/02 AT&T CANADA INC/OLD BROOKFIELD ASSET MANAGE-CL A 1.113/21/05 ASK JEEVES INC IAC/INTERACTIVECORP 1.115/22/06 EURONEXT NV NYSE EURONEXT 1.118/ 1/05 SHURGARD STORAGE CENTERS-A PUBLIC STORAGE 1.118/22/06 GASNET AUSTRALIA GROUP APA GROUP 1.118/30/06 SUMMIT REAL ESTATE INV TR-UT ING INDUSTRIAL FUND 1.112/27/07 NEW PLAN EXCEL REALTY TRUST CENTRO PROPERTIES GROUP 1.116/ 1/00 MEPC PLC LECONPORT ESTATES 1.111/24/06 PIXAR THE WALT DISNEY CO 1.119/27/04 TOKYU DEPT STORE CO LTD TOKYU CORP 1.127/17/05 MAYTAG CORP WHIRLPOOL CORP 1.124/ 2/07 KCP INCOME FUND CAXTON-ISEMAN CAPITAL INC 1.12

10/19/00 QUORUM HEALTH GROUP INC TRIAD HOSPITALS INC 1.1211/ 9/03 MOORE WALLACE CORP RR DONNELLEY & SONS CO 1.1211/25/02 ITALGAS ENI SPA 1.127/13/06 AMERUS GROUP CO AVIVA PLC 1.1210/19/99 FOREMOST CORP OF AMERICA ZURICH ALLIED AG 1.122/ 5/03 VODAFONE PORTUGAL-COMUNICACO VODAFONE GROUP PLC 1.126/24/05 META SPA HERA SPA 1.124/19/07 EIFFAGE SACYR VALLEHERMOSO SA 1.125/ 8/06 FISHER SCIENTIFIC INTL INC THERMO FISHER SCIENTIFIC INC 1.128/ 6/07 VIVARTIA SA MARFIN INVESTMENT GROUP SA 1.127/13/07 VIVARTIA SA MARFIN INVESTMENT GROUP SA 1.1211/30/05 TDC A/S Nordic Telephone Co 1.124/ 4/05 UNOCAL CORP CHEVRON CORP 1.128/29/05 NDCHEALTH CORP PER-SE TECHNOLOGIES INC 1.128/21/06 EUROZINC MINING CORP LUNDIN MINING CORP 1.125/ 2/07 CABLEVISION SYSTEMS-NY GRP-A MANAGEMENT GROUP 1.127/25/05 IVAX CORP TEVA PHARMACEUTICAL IND LTD 1.127/17/07 POGO PRODUCING CO PLAINS EXPLORATION & PRODUCT 1.123/ 6/07 K&F INDUSTRIES HOLDINGS INC MEGGITT PLC 1.122/12/01 BERKLEY PETROLEUM CORP ANADARKO PETROLEUM CORP 1.123/ 6/06 IVILLAGE INC GENERAL ELECTRIC CO 1.12

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10/ 3/05 SHOPKO STORES INC SUN CAPITAL PARTNERS INC 1.138/ 8/06 ALERIS INTERNATIONAL INC TPG INC 1.136/ 9/06 ROYAL GROUP TECHNOLOGIES LTD GEORGIA GULF CORP 1.13

10/23/01 SCHULER HOMES INC -CLASS A DR HORTON INC 1.132/21/07 COUNTRYWIDE PLC APOLLO MANAGEMENT LP 1.135/20/02 KT CORP SK TELECOM 1.131/18/00 EL PASO CO LLC EL PASO CORP 1.138/16/04 PROVINCE HEALTHCARE CO LIFEPOINT HOSPITALS INC 1.1310/ 9/00 FLETCHER CHALLENGE ENERGY ROYAL DUTCH PETROLEUM 1.1311/ 3/04 ARGOSY GAMING CO PENN NATIONAL GAMING INC 1.136/11/07 JAMES RIVER GROUP INC D E SHAW GROUP 1.135/11/07 RIVIERA HOLDINGS CORP MULTIPLE ACQUIRERS 1.134/17/07 OMI CORP MULTIPLE ACQUIRERS 1.1310/ 2/06 AWG PLC Osprey Acquisitions Ltd 1.131/10/06 GTECH HOLDINGS CORP LOTTOMATICA SPA 1.1311/11/05 SERENA SOFTWARE INC SILVER LAKE PARTNERS 1.136/21/05 SCOTTISH RADIO HOLDINGS PLC EMAP PLC 1.134/28/06 YELL PUBLICIDAD SA YELL GROUP PLC 1.136/21/07 EQUITY INNS INC GOLDMAN SACHS GROUP INC 1.133/ 8/05 T-ONLINE INTERNATIONAL AG DEUTSCHE TELEKOM AG-REG 1.13

12/12/05 BURLINGTON RESOURCES INC CONOCOPHILLIPS 1.1311/ 4/03 PANDOX AB CONSORTIUM 1.137/28/04 PRINCIPAL AMERICA OFFICE TRU MACQUARIE OFFICE TRUST 1.134/17/03 KON VOLKER WESSELS STEVIN-CV VICTOR RIJSSEN BV 1.143/ 5/07 PATHMARK STORES INC GREAT ATLANTIC & PAC TEA CO 1.148/28/06 GIANT INDUSTRIES INC WESTERN REFINING INC 1.148/30/02 SCHMALBACH LUBECA AG BALL CORP 1.1410/31/05 PEACOCK GROUP PLC HENSON NO 1 LTD 1.149/15/05 HEALTHMARKETS INC MULTIPLE ACQUIRERS 1.147/22/04 D.F.S. FURNITURE CO PLC FULL CIRCLE FUTURE LTD 1.148/ 9/01 C-MAC INDUSTRIES INC SOLECTRON CORP 1.142/17/00 SHOREWOOD PACKAGING CORP INTERNATIONAL PAPER CO 1.1411/ 8/04 CHIPS ABP-B SHS ORKLA ASA 1.14

5/29/00 NECKARWERKE STUTTGART AGENBW ENERGIE BADEN-

WUERTTEMB1.14

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10/25/06 YANKEE CANDLE CO MADISON DEARBORN PARTNERS LL 1.145/21/07 ALLTEL CORP MULTIPLE ACQUIRERS 1.1411/ 9/05 LA QUINTA CORP-PAIRED BLACKSTONE GROUP LP/THE 1.147/24/06 ESPRIT ENERGY TRUST PENGROWTH ENERGY TRUST 1.147/ 5/06 EXCEL COAL LTD PEABODY ENERGY CORP 1.14

11/ 6/02 CENTER TRUST INC PAN PACIFIC RETAIL PPTYS INC 1.147/31/07 WESTERN OIL SANDS INC CL/A MARATHON OIL CORP 1.1411/15/05 INAMED CORP ALLERGAN INC 1.145/ 4/04 EVERGREEN RESOURCES INC PIONEER NATURAL RESOURCES CO 1.144/26/07 SOBEYS INC EMPIRE CO LTD 'A' 1.152/17/00 U S HOME CORP LENNAR CORP-CL A 1.158/30/99 PROMODES CARREFOUR SA 1.157/25/06 RYAN'S RESTAURANT GROUP INC CAXTON-ISEMAN CAPITAL INC 1.153/19/07 TRIAD HOSPITALS INC COMMUNITY HEALTH SYSTEMS INC 1.151/31/05 CREO INC EASTMAN KODAK CO 1.156/14/02 SYNCOR INTL CORP CARDINAL HEALTH INC 1.155/21/07 AEROFLEX INC VERITAS HOLDINGS GMBH 1.15

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6/30/99 CTG RESOURCES INC ENERGY EAST CORPORATION 1.152/20/06 AUSTRALIAN GAS LIGHT COMPANY ALINTA LTD 1.156/30/06 REABLE THERAPEUTICS INC BLACKSTONE CAPITAL PARTNERS 1.152/12/04 NUEVO ENERGY CO PLAINS EXPLORATION & PRODUCT 1.153/ 8/05 WMC RESOURCES LTD BHP BILLITON LTD 1.15

12/ 4/06 MELLON FINANCIAL CORP BANK OF NEW YORK MELLON CORP 1.1510/ 2/00 CRESTAR ENERGY INC GULF CANADA RES LTD -ORD 1.156/ 4/04 MANDALAY RESORT GROUP MGM MIRAGE 1.152/ 5/03 EUROPOLITAN VODAFONE AB VODAFONE GROUP PLC 1.153/ 2/04 TAYLOR & FRANCIS GROUP PLC INFORMA PLC 1.159/10/01 LOUIS DREYFUS NATURAL GAS DOMINION RESOURCES INC/VA 1.159/19/05 ACCLAIM ENERGY TRUST CANETIC RESOURCES TRUST 1.157/27/00 AXENT TECHNOLOGIES INC SYMANTEC CORP 1.153/27/01 ALZA CORP JOHNSON & JOHNSON 1.152/ 5/01 TOSCO CORP CONOCOPHILLIPS CO 1.169/18/02 CENTROS COMERCIALES CARREFOU CARREFOUR SA 1.1611/24/05 WESTBURY PLC PERSIMMON PLC 1.1611/24/00 FROGMORE ESTATES PLC NORTH ROW ESTATES PLC 1.1610/10/01 SVEASKOG FORVALTNINGS AB SVEASKOG AB 1.163/19/07 SERVICEMASTER COMPANY CLAYTON DUBILIER & RICE 1.164/22/05 INSTINET GROUP INCORPORATED NASDAQ STOCK MARKET INC 1.166/29/07 CCS INCOME TRUST-UTS MULTIPLE ACQUIRERS 1.169/12/05 POHJOLA GROUP PLC -D SHS OKO BANK PLC-A 1.169/12/05 POHJOLA GROUP PLC -D SHS OKO BANK PLC-A 1.162/28/00 LG&E ENERGY CORP POWERGEN PLC 1.165/30/00 WESLEY JESSEN VISIONCARE NOVARTIS AG-REG 1.163/26/01 C-CUBE MICROSYSTEMS INC LSI CORP 1.167/ 3/06 ADSTEAM MARINE LIMITED A P MOLLER - MAERSK A/S - B 1.16

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12/10/05 PD PORTS PLC BABCOCK & BROWN INFRASTRUCTU 1.166/17/05 CRT PROPERTIES INC PRIVATE INVESTOR 1.163/15/05 GECINA SA METROVACESA SA 1.1610/20/04 MACQUARIE GOODMAN INDUSTRIAL GOODMAN GROUP 1.165/ 8/00 VERIO INC NIPPON TELEGRAPH & TELEPHONE 1.165/ 8/00 ANCOR COMMUNICATIONS INC QLOGIC CORP 1.16

11/30/00 NEW CINGULAR WIRELESS SERVIC NTT DOCOMO INC 1.163/29/04 PHOENIX AG CONTINENTAL AG 1.179/10/01 FAG KUGELFISCHER GEORG SCHAE INA-HOLDING SCHAEFFLER KG 1.172/ 9/07 LAIDLAW INTERNATIONAL FIRSTGROUP PLC 1.17

12/22/04 MASONITE INTERNATIONAL CORP KKR & CO LP 1.175/ 9/05 ABSA GROUP LTD BARCLAYS PLC 1.17

10/16/00 SPECIALTY EQUIPMENT COS UNITED TECHNOLOGIES CORP 1.1711/29/00 HEWDEN STUART PLC FINNING INTERNATIONAL INC 1.1710/ 9/00 BLOCK DRUG COMPANY-CL A GLAXOSMITHKLINE PLC 1.1710/14/04 FIRST HEALTH GROUP CORP COVENTRY HEALTH CARE INC 1.171/29/07 SYNAGRO TECHNOLOGIES INC CARLYLE GROUP/THE 1.172/14/02 HARTWALL OYJ ABP-A SHARES SCOTTISH & NEWCASTLE PLC 1.174/25/05 DOUBLECLICK INC HELLMAN & FRIEDMAN 1.176/27/07 CHITTENDEN CORP PEOPLE'S UNITED FINANCIAL 1.179/28/06 IMPALA PLATINUM HOLDINGS LTD ROYAL BAFOKENG HOLDINGS PTY 1.179/24/99 WALDEN RESIDENTIAL PROPS INC OLYMPUS REAL ESTATE CORP 1.171/15/07 SUNRISE SENIOR LIVING REAL E VENTAS INC 1.17

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3/30/07 ALINTA LTD BNB & SP Consortium 1.172/20/07 SMART & FINAL INC APOLLO MANAGEMENT LP 1.184/25/05 PREMCOR INC VALERO ENERGY CORP 1.184/26/04 KONINKLIJKE VENDEX KBB-CVA VDXK ACQUISITION BV 1.1812/22/00 MICHAEL FOODS INC INVESTOR GROUP 1.1810/25/04 TESMA INTERNATIONAL INC-CL A MAGNA INTERNATIONAL INC-CL A 1.1810/16/00 TEXACO INC CHEVRON CORP 1.1811/16/06 READER'S DIGEST ASSOCIATION MULTIPLE ACQUIRERS 1.185/ 4/07 ALTADIS SA CVC CAPITAL PARTNERS LTD 1.183/15/07 ALTADIS SA IMPERIAL TOBACCO GROUP PLC 1.184/28/03 LEIF HOEGH & CO ASA AEQUITAS HOLDINGS AS 1.187/ 2/07 ECI TELECOM LTD SWARTH GROUP 1.185/ 1/00 RELIASTAR FINANCIAL CORP ING GROEP NV-CVA 1.189/ 5/06 MACDERMID INC COURT SQUARE CAPITAL PARTNER 1.183/29/01 ASCOT PLC DOW CHEMICAL 1.188/22/99 FLORIDA PROGRESS CORP PROGRESS ENERGY INC 1.1812/22/97 CENTRAL & SOUTH WEST CORP AMERICAN ELECTRIC POWER 1.183/13/00 TIMES MIRROR CO-CL A TRIBUNE CO 1.185/28/07 WANT WANT HOLDINGS LTD MULTIPLE ACQUIRERS 1.185/20/03 ZIMMER SWITZERLAND HOLDINGS ZIMMER HOLDINGS INC 1.186/15/06 INTERMAGNETICS GENERAL CORP PHILIPS ELECTRONICS NV 1.181/26/05 MAGNUM HUNTER RESOURCES INC CIMAREX ENERGY CO 1.1810/10/06 NATL HEALTH INVESTORS INC PRIVATE INVESTOR 1.186/12/02 HISPANIC BROADCASTING CORP UNIVISION COMMUNICATIONS-A 1.188/ 4/06 EUROPISTAS CONCESIONARIA ESP SACYR VALLEHERMOSO SA 1.184/22/99 COMCAST MO GROUP INC AT&T CORP 1.182/20/07 NEW RIVER PHARMACEUTICALS SHIRE PLC 1.1810/ 7/99 METROMEDIA FIBER NETWORK-A VERIZON COMMUNICATIONS INC 1.184/ 3/03 DANSKE TRAELAST A/S DT GROUP A/S 1.191/30/01 BRITISH AMERICAN TOBACCO AUS BRITISH AMERICAN TOBACCO PLC 1.196/21/00 SVEDALA INDUSTRI AB METSO OYJ 1.197/27/07 SIRTI SPA MULTIPLE ACQUIRERS 1.195/10/02 UNIGLORY MARINE CORP EVERGREEN INTERNATIONAL STOR 1.198/21/06 WM-DATA AB-B SHS LOGICACMG PLC 1.195/ 1/06 AVIALL INC BOEING CO 1.196/12/06 MAVERICK TUBE CORP TENARIS SA 1.197/23/07 UNITED RENTALS INC CERBERUS CAPITAL MANAGEMENT 1.198/14/01 MITCHELL ENERGY & DEV-CL A DEVON ENERGY CORPORATION 1.199/22/05 ENGINEERED SUPPORT SYSTEMS DRS TECHNOLOGIES INC 1.1911/15/04 PERRIGO ISRAEL PHARMACEUTICA PERRIGO CO 1.192/17/99 PUBLIC SERVICE CO OF N C SCANA CORP 1.194/10/06 LIPMAN VERIFONE HOLDINGS INC 1.1910/ 2/06 HARRAH'S ENTERTAINMENT INC MULTIPLE ACQUIRERS 1.198/ 1/07 CAN HOTEL INC PROP-TR UTS BRITISH COLUMBIA INVESTMENT 1.196/14/99 US WEST INC QWEST COMMUNICATIONS INTL 1.194/21/06 KCS ENERGY INC PETROHAWK ENERGY CORP 1.194/28/04 MENTMORE PLC SAFESTORE PLC 1.196/ 6/05 CATELLUS DEVELOPMENT CORP PROLOGIS 1.19

11/22/99 E'TOWN CORP THAMES WATER PLC 1.1912/14/05 AUTOROUTES DU SUD DE LA FRAN VINCI SA 1.1911/ 3/03 SOPHIA GE GENERAL ELECTRIC CO 1.1912/14/05 NEW SKIES SATELLITES HOLDING SES-FDR 1.193/22/06 TRANSMONTAIGNE INC MORGAN STANLEY 1.25/24/02 ESSELTE AB-B SHS JW CHILDS EQUITY PARTNERS LP 1.2

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8/ 3/04 NEPTUNE ORIENT LINES LTD TEMASEK HOLDINGS 1.22/24/00 ASSITALIA INA - ISTITUT NAZ ASSICUR 1.24/25/07 K2 INC JARDEN CORP 1.28/22/05 SIGMA COMPANY LIMITED SIGMA PHARMACEUTICALS LTD 1.27/ 2/07 OPTION CARE INC WALGREEN CO 1.23/19/07 STRATOS GLOBAL CORP COMMUNICATIONS INVESTMENT PA 1.212/20/00 JOHNS MANVILLE CORPORATION BERKSHIRE HATHAWAY INC-CL A 1.211/29/99 ELKJOP ASA DSG INTERNATIONAL PLC 1.23/18/04 ALLSTREAM INC-CL A VOTING SH MANITOBA TELECOM SVCS INC 1.21/24/07 21ST CENTURY INSURANCE GROUP AMERICAN INTERNATIONAL GROUP 1.27/ 5/07 SAMSONITE CORP CVC CAPITAL PARTNERS LTD 1.25/23/01 ENERGIEVERSOR OBERFRANKEN E.ON BAYERN AG 1.23/20/07 AFFILIATED COMPUTER SVCS-A CERBERUS CAPITAL MANAGEMENT 1.26/ 9/03 WASTE RECYCLING GROUP PLC TERRA FIRMA CAPITAL PARTNERS 1.29/ 1/06 CAPIO AB Opica AB 1.23/17/06 ASIA ALUMINUM HOLDINGS LTD AA INVESTMENTS CO LTD 1.26/ 1/01 HOUGHTON MIFFLIN CO VIVENDI 1.25/ 3/07 IPSCO INC SSAB SVENSKT STAL AB-SER A 1.2

12/22/06 ADESA INC MULTIPLE ACQUIRERS 1.25/16/05 CITIZEN ELECTRONICS CO LTD CITIZEN HOLDINGS CO LTD 1.29/18/06 COMMONWEALTH TELEPHONE ENTRP CITIZENS COMMUNICATIONS CO 1.25/31/00 HYDER PLC WESTERN POWER DISTRIBUTION 1.21/ 8/07 HOUSTON EXPLORATION CO FOREST OIL CORP 1.27/17/00 IPALCO ENTERPRISES INC AES CORP 1.24/ 6/04 BARRA INC MORGAN STANLEY 1.2

10/ 3/05 VIRGIN MEDIA INC NTL INC/OLD 1.211/16/06 CLEAR CHANNEL COMMUNICATIONS MULTIPLE ACQUIRERS 1.24/11/07 ENDESA SA MULTIPLE ACQUIRERS 1.25/29/01 GULF CANADA RES LTD -ORD CONOCOPHILLIPS HOLDING CO 1.25/19/03 POWDERJECT PHARMACEUTICALS CHIRON CORP 1.27/ 1/04 INVERESK RESEARCH GROUP INC CHARLES RIVER LABORATORIES 1.29/17/01 AMERICAN WATER WORKS CO INC RWE AG 1.25/29/03 CHATEAU COMMUNITIES INC HOMETOWN AMERICA LLC 1.210/ 4/99 TV GUIDE INC - CL A GEMSTAR-TV GUIDE INTL INC 1.28/20/04 ROUSE CO/THE GENERAL GROWTH PROPERTIES 1.212/19/05 TOWN & COUNTRY TRUST MAGAZINE ACQUISITION LP 1.25/18/04 PETROPLUS INTERNATIONAL NV RIVR ACQUISITION BV 1.2110/ 3/05 ALLIANCE UNICHEM PLC ALLIANCE BOOTS PLC 1.2111/ 8/99 DYNO ASA INDUSTRI KAPITAL 1.219/28/00 EMAIL LIMITED JOINT VENTURE 1.211/21/07 WILD OATS MARKETS INC WHOLE FOODS MARKET INC 1.2111/ 6/06 OSI RESTAURANT PARTNERS INC MULTIPLE ACQUIRERS 1.217/ 3/07 HUNTSMAN CORP APOLLO MANAGEMENT LP 1.218/18/06 LONE STAR STEAKHOUSE &SALOON LONE STAR FUNDS 1.213/20/07 SMORGON STEEL GROUP LTD ONESTEEL LIMITED 1.218/ 2/00 MASCOTECH INC HEARTLAND INDUSTRIAL PRTNERS 1.216/30/06 MICHAELS STORES INC MULTIPLE ACQUIRERS 1.214/12/05 FORTIS BANK AS FORTIS 1.217/ 2/07 MANOR CARE INC CARLYLE GROUP/THE 1.215/24/07 CODAN A/S ROYAL & SUN ALLIANCE INS GRP 1.215/25/00 SCHEIN PHARMACEUTICAL INC WATSON PHARMACEUTICALS INC 1.2112/19/05 FIRST TECHNOLOGY PLC HONEYWELL INTERNATIONAL INC 1.211/29/07 LAUREATE EDUCATION INC MULTIPLE ACQUIRERS 1.212/22/99 CONSOLIDATED NATURAL GAS CO DOMINION RESOURCES INC/VA 1.21

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10/13/05 VINTAGE PETROLEUM INC OCCIDENTAL PETROLEUM CORP 1.212/23/00 PAIRGAIN TECHNOLOGIES INC ADC TELECOMMUNICATIONS INC 1.213/20/07 DIAMOND CITY CO LTD AEON MALL CO LTD 1.213/16/00 VASTAR RESOURCES INC BP PLC 1.218/16/01 ASDA PROPERTY HOLDINGS PLC BL DAVIDSON LTD 1.219/25/06 HARDMAN RESOURCES LTD TULLOW OIL PLC 1.2112/ 6/04 METOZ HOLDINGS LTD METCASH LTD 1.224/ 3/01 INAX CORPORATION JS GROUP CORP 1.221/27/04 VIVARTE PAI PARTNERS 1.226/ 8/06 SKYLARK CO LTD NOMURA HOLDINGS INC 1.223/ 8/04 INTL MULTIFOODS CORP JM SMUCKER CO/THE-NEW COMMON 1.226/16/05 HUNTER DOUGLAS NV BERGSON HOLDINGS NV 1.2210/17/06 BROADWING CORP LEVEL 3 COMMUNICATIONS INC 1.228/16/07 RARE HOSPITALITY INTL INC DARDEN RESTAURANTS INC 1.2210/15/99 GUILBERT PPR 1.222/15/01 LOEWS CINEPLEX ENTERTAINMENT INVESTOR GROUP 1.2211/ 1/06 CLARK INC AEGON NV 1.228/ 4/05 METRIS COMPANIES INC HSBC HOLDINGS PLC 1.22

11/ 6/06 PER-SE TECHNOLOGIES INC MCKESSON CORP 1.227/ 3/07 HILTON HOTELS CORP BLACKSTONE GROUP LP/THE 1.224/25/00 GRAND HOTEL KRASNAPOLSKY NV NH HOTELES SA 1.2212/15/04 NEXTEL COMMUNICATIONS INC-A SPRINT NEXTEL CORP 1.229/ 4/01 ANDERSON EXPLORATION LTD DEVON ENERGY CORPORATION 1.225/19/04 CARDINAL HEALTH 303 INC CARDINAL HEALTH INC 1.2212/15/06 GALLAHER GROUP PLC JAPAN TOBACCO INC 1.226/12/06 TEXAS REGIONAL BANCSHARES-A BANCO BILBAO VIZCAYA ARGENTA 1.227/23/07 GLOBALSANTAFE CORP TRANSOCEAN INC 1.2212/18/06 BIOMET INC MULTIPLE ACQUIRERS 1.2211/ 1/02 AUTOSTRADE SPA/OLD ATLANTIA SPA 1.222/14/07 ALEXIS NIHON REAL ESTATE INV HOMBURG INVEST INC -B 1.223/14/00 FINL SECURITY ASSURANCE HLDG DEXIA SA 1.2210/30/06 TRUSTREET PROPERTIES INC GENERAL ELECTRIC CO 1.2211/ 6/06 BEMA GOLD CORP KINROSS GOLD CORP 1.2211/ 1/99 PIMCO ADVISORS HOLDINGS LP ALLIANZ SE-REG 1.2211/29/00 LANIER WORLDWIDE INC RICOH CO LTD 1.232/21/07 CENTRAL PARKING CORP KCPC Holdings Inc 1.2310/19/00 PERPETUAL PLC INVESCO PLC 1.2310/11/06 JACUZZI BRANDS INC APOLLO MANAGEMENT LP 1.2311/13/05 GEORGIA-PACIFIC CORP KOCH INDUSTRIES INC 1.236/ 3/05 TITAN CORP L-3 COMMUNICATIONS HOLDINGS 1.237/26/06 GES INTERNATIONAL LTD VENTURE CORP LTD 1.236/23/00 INTERNATIONAL HOME FOODS INC CONAGRA FOODS INC 1.2310/31/06 TOSHIBA CERAMICS CO LTD SIC Investment 1.234/10/07 AGUAS DE BARCELONA-CLASS A MULTIPLE ACQUIRERS 1.238/12/04 VARCO INTERNATIONAL INC NATIONAL OILWELL VARCO INC 1.238/20/07 ELLERINE HOLDINGS LTD AFRICAN BANK INVESTMENTS LTD 1.236/27/07 UNITED TEST AND ASSEMBLY CTR Global A&T Electronics Ltd 1.2311/ 4/99 EASTERN ENTERPRISES KEYSPAN CORP 1.237/12/07 PLAYTEX PRODUCTS INC ENERGIZER HOLDINGS INC 1.231/10/05 WESTERN WIRELESS CORP-CL A ALLTEL CORP 1.237/19/07 WILLIAMS SCOTSMAN INTL INC TDR CAPITAL LLP 1.237/28/04 OCULAR SCIENCES INC THE COOPER COS INC 1.231/28/05 GILLETTE COMPANY PROCTER & GAMBLE CO 1.234/ 3/07 GATEWAY CASINOS INCOME FUND NEW WORLD GAMING PARTNERS 1.23

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LTD12/ 5/05 GUIDANT CORP BOSTON SCIENTIFIC CORP 1.2310/24/05 KOBENHAVNS LUFTHAVNE MACQUARIE AIRPORTS 1.234/ 6/04 BENCHMARK GROUP PLC GENERAL ELECTRIC CO 1.23

12/20/06 CALPINE POWER INCOME FUND HARBINGER CAPITAL PARTNERS 1.235/ 6/03 D/S 1912 -B- A P MOLLER - MAERSK A/S - B 1.233/ 6/00 UNION DES ASSURANCES FEDERAL LCL SA 1.249/19/05 TBC CORP SUMITOMO CORP 1.246/ 9/06 HOUSE OF FRASER PLC MUNDUR EHF 1.245/13/02 LANDS' END INC SEARS ROEBUCK & CO 1.244/26/01 SANITEC OYJ BC PARTNERS LTD 1.246/20/00 MYND CORP COMPUTER SCIENCES CORP 1.2412/20/99 NFO WORLDWIDE INC INTERPUBLIC GROUP OF COS INC 1.2412/20/06 SUNTELEPHONE CO LTD JBP-I 1.246/ 2/03 JD EDWARDS & CO PEOPLESOFT INC 1.245/25/99 TNP ENTERPRISES INC SW ACQUISITION LP 1.246/18/01 GALILEO INTERNATIONAL INC AVIS BUDGET GROUP INC 1.249/11/06 NS GROUP INC IPSCO INC 1.2412/15/00 LAPORTE PLC DEGUSSA-HUELS AG 1.2411/18/05 SCIENTIFIC-ATLANTA INC CISCO SYSTEMS INC 1.244/14/06 EIRCOM GROUP PLC BABCOCK & BROWN CAPITAL LTD 1.244/30/07 EAGLE HOSPITALITY PROPERTIES AP AIMCAP 1.243/21/05 HIT ENTERTAINMENT PLC SUNSHINE ACQUISITION LTD 1.242/14/07 TALX CORP EQUIFAX INC 1.241/23/06 REMINGTON OIL & GAS CORP HELIX ENERGY SOLUTIONS GROUP 1.242/21/01 SYDKRAFT AB-A SHS E.ON AG 1.241/ 8/07 INTRALASE CORP ADVANCED MEDICAL OPTICS 1.245/31/07 CKX INC MANAGEMENT GROUP 1.249/15/99 VISIO CORP MICROSOFT CORP 1.242/14/05 MCI INC VERIZON COMMUNICATIONS INC 1.252/27/05 USF CORP YRC WORLDWIDE INC 1.257/ 6/06 ADVO INC VALASSIS COMMUNICATIONS INC 1.256/20/00 JUSTIN INDUSTRIES BERKSHIRE HATHAWAY INC-CL A 1.256/23/06 WESTERN GAS RESOURCES INC ANADARKO PETROLEUM CORP 1.2510/19/06 ALEXANDER FORBES LTD MULTIPLE ACQUIRERS 1.2512/11/03 RADIOMETER A/S- B SHARES DANAHER CORP 1.253/19/07 TODCO HERCULES OFFSHORE INC 1.256/15/00 RANGER OIL LTD CANADIAN NATURAL RESOURCES 1.255/12/06 AMERICAN RETIREMENT CORP BROOKDALE SENIOR LIVING INC 1.2512/18/01 PRIZE ENERGY CORP MAGNUM HUNTER RESOURCES INC 1.254/ 4/07 RIO NARCEA GOLD MINES LTD LUNDIN MINING CORP 1.257/31/00 NATIONAL COMPUTER SYS INC PEARSON PLC 1.253/17/04 APOGENT TECHNOLOGIES INC FISHER SCIENTIFIC INTL INC 1.254/10/03 HOTELS.COM-CL A IAC/INTERACTIVECORP 1.2510/21/99 PIERCE LEAHY CORP IRON MOUNTAIN INC 1.257/ 7/05 PHS GROUP PLC NORFOLK ACQUISITION PLC 1.257/23/07 ARROW INTERNATIONAL INC TELEFLEX INC 1.257/ 2/02 GREEN PROPERTY PLC RODINHEIGHTS LTD 1.259/26/05 FINDEXA LTD ENIRO AB 1.255/ 7/01 BARRETT RESOURCES CORP WILLIAMS COS INC 1.252/21/05 EON LABS INC NOVARTIS AG-REG 1.257/20/06 PAN-OCEAN ENERGY CORPORATION ADDAX PETROLEUM CORP 1.259/11/06 MISSION OIL & GAS INC CRESCENT POINT ENERGY TRUST 1.253/ 1/00 RATIN A/S-B SHS RENTOKIL INITIAL PLC 1.25

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2/26/04 ILEX ONCOLOGY INC GENZYME CORP 1.256/20/00 SAATCHI & SAATCHI PLC PUBLICIS GROUPE 1.2611/19/04 HOLLYWOOD ENTERTAINMENT CORP MOVIE GALLERY INC 1.263/22/00 VARCO INTERNATIONAL INC-OLD VARCO INTERNATIONAL INC 1.2611/10/05 AM NV KONINKLIJKE BAM GROEP NV 1.2611/22/06 HOUSING & CONSTRUCTION HOLD ARISON HOLDINGS LTD 1.263/ 1/07 STATS CHIPPAC LTD TEMASEK HOLDINGS 1.265/16/07 BAUSCH & LOMB INC WARBURG PINCUS LLC 1.268/26/05 KVAERNER ASA AKER ASA-A SHARES 1.264/26/07 HARMAN INTERNATIONAL MULTIPLE ACQUIRERS 1.265/ 4/05 RENAL CARE GROUP INC FRESENIUS MEDICAL CARE AG & 1.263/26/07 RIVIERA HOLDINGS CORP INVESTOR GROUP 1.264/27/06 DIAGNOSTIC PRODUCTS CORP SIEMENS AG-REG 1.2610/16/06 OPEN SOLUTIONS INC MULTIPLE ACQUIRERS 1.268/25/05 LIBERTY CORP RAYCOM MEDIA INC 1.269/18/99 COMSAT CORP LOCKHEED MARTIN CORP 1.264/ 5/07 BIOSITE INC INVERNESS MEDICAL INNOVATION 1.26

10/27/04 WARNER CHILCOTT PLC Waren Acquisition Ltd 1.263/14/01 BPT PLC BROMLEY PROPERTY INVESTMENT 1.267/19/04 FABEGE AB - B SHS FABEGE AB 1.266/ 1/06 BAIL INVESTISSEMENT FONCIERE FONCIERE DES REGIONS 1.267/13/00 JONES PHARMA INC KING PHARMACEUTICALS INC 1.265/ 7/01 ULTRAMAR DIAMOND SHAMROCK CP VALERO ENERGY CORP 1.275/ 9/01 NEWPORT NEWS SHIPBUILDING NORTHROP GRUMMAN CORP 1.274/27/07 INTER-TEL INC MITEL NETWORKS 1.274/ 2/07 GLOBAL IMAGING SYSTEMS INC XEROX CORP 1.277/30/06 MSYSTEMS LTD SANDISK CORP 1.273/ 6/06 BOC GROUP PLC LINDE AG 1.273/ 4/05 FREENET.DE AG MOBILCOM AG 1.277/ 9/02 FERRETTI SPA PERMIRA ADVISERS LLP 1.274/17/06 AZTAR CORP COLUMBIA SUSSEX CORP 1.272/26/07 HUB INTERNATIONAL LTD MULTIPLE ACQUIRERS 1.271/15/01 LEGRAND SCHNEIDER ELECTRIC SA 1.277/16/07 DJO INC BLACKSTONE GROUP LP/THE 1.2711/24/04 TBI PLC ABERTIS INFRAESTRUCTURAS SA 1.273/ 5/06 BELLSOUTH CORP AT&T INC 1.271/21/03 FIRST VIRGINIA BANKS INC BB&T CORP 1.275/29/01 INTERAMERICAN HELLENIC LIFE EUREKO B.V. 1.274/15/04 TOM BROWN INC ENCANA CORP 1.2710/ 9/04 T-ONLINE INTERNATIONAL AG DEUTSCHE TELEKOM AG-REG 1.276/15/05 INTEGRATED CIRCUIT SYSTEMS INTEGRATED DEVICE TECH INC 1.273/12/02 HASLEMERE NV BRACK CAPITAL 1.275/ 6/05 TOPS ESTATES PLC LAND SECURITIES GROUP PLC 1.271/23/06 THE SPORTS AUTHORITY INC CONSORTIUM 1.289/26/03 CIA ESPANOLA DE PETROLEOS SA BANCO SANTANDER SA 1.289/ 6/00 SHAW INDUSTRIES GROUP INC BERKSHIRE HATHAWAY INC-CL A 1.281/20/04 HOLSTEN-BRAUEREI AG CARLSBERG AS-B 1.287/ 9/07 SEQUA CORP-CL A CARLYLE GROUP/THE 1.283/25/02 PENNZOIL-QUAKER STATE CO ROYAL DUTCH PETROLEUM 1.284/30/01 COMINCO LTD TECK COMINCO LTD-CL B 1.288/ 9/05 ELECTRABEL SA SUEZ SA 1.289/29/06 HSINCHU INTERNATIONAL BANK STANDARD CHARTERED PLC 1.2811/15/06 RAILAMERICA INC FORTRESS INVESTMENT GRP-CL A 1.2811/28/06 SCOTTISH POWER PLC IBERDROLA SA 1.28

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3/16/05 SEABULK INTERNATIONAL INC SEACOR HOLDINGS INC 1.289/ 1/03 ORANGE SA FRANCE TELECOM SA 1.28

10/20/04 BOCA RESORTS INC -CL A BLACKSTONE GROUP LP/THE 1.284/25/06 SEROLOGICALS CORP MILLIPORE CORP 1.289/28/06 FADESA INMOBILIARIA SA MARTINSA GRUPO IMMOBILIARIO 1.2812/ 4/06 STATION CASINOS INC FERTITTA COLONY PARTNERS LLC 1.2811/ 9/04 VISX INC ADVANCED MEDICAL OPTICS 1.2811/24/00 WATES CITY OF LONDON PROPS PILLAR PROPERTY PLC 1.288/22/05 SK INCHEON OIL CO LTD SK HOLDINGS CO LTD 1.292/24/04 SECURICOR PLC G4S PLC 1.2910/21/03 MIDLANDS ELECTRICITY PLC E.ON AG 1.297/17/07 LYONDELL CHEMICAL COMPANY ACCESS INDUSTRIES HOLDINGS 1.297/14/06 PETCO ANIMAL SUPPLIES INC MULTIPLE ACQUIRERS 1.2912/ 5/06 BANDAG INC BRIDGESTONE CORP 1.291/16/07 GENESIS HEALTHCARE CORP Joint Venture 1.295/17/04 NEW ENGLAND BUSINESS SERVICE DELUXE CORP 1.291/ 3/06 BASF CATALYSTS LLC BASF AG 1.296/11/07 HORIZON OFFSHORE INC CAL DIVE INTERNATIONAL INC 1.295/ 7/07 ARMOR HOLDINGS INC BAE SYSTEMS PLC 1.29

11/22/04 AIRGATE PCS INC ALAMOSA HOLDINGS INC 1.293/14/05 ASCENTIAL SOFTWARE CORP INTL BUSINESS MACHINES CORP 1.291/17/05 SOUTHCORP LIMITED FOSTER'S GROUP LTD 1.295/17/07 ALLIANCE DATA SYSTEMS CORP BLACKSTONE GROUP LP/THE 1.293/10/02 ELANTEC SEMICONDUCTOR INC INTERSIL CORP -CL A 1.292/29/00 CABLE & WIRELESS HKT LTD PCCW LTD 1.296/28/07 MERIDIAN GOLD INC YAMANA GOLD INC 1.2911/ 6/06 FOUR SEASONS HOTELS INC MULTIPLE ACQUIRERS 1.293/30/07 TOWER AUTOMOTIVE INC CERBERUS CAPITAL MANAGEMENT 1.35/10/01 KOA OIL COMPANY LIMITED NIPPON OIL CORP 1.35/11/06 KIRIN BEVERAGE CORP KIRIN HOLDINGS CO LTD 1.310/30/02 T & S STORES PLC TESCO PLC 1.38/21/05 CP SHIPS LTD TUI AG 1.310/25/04 INTERNATIONAL STEEL GROUP ARCELOR MITTAL 1.33/ 5/07 S-OIL CORPORATION Hanjin Energy 1.33/22/05 BRITISH VITA PLC TPG SPRING UK LTD 1.31/17/03 WALLACE COMPUTER SVCS INC MOORE WALLACE CORP 1.36/26/07 STORK NV CANDOVER INVESTMENTS PLC 1.33/22/01 PERSTORP AB-B SHS INDUSTRI KAPITAL 1.33/22/07 VERTRUE INC MULTIPLE ACQUIRERS 1.34/ 7/03 BUDERUS AG ROBERT BOSCH GMBH 1.33/29/07 BOEHLER-UDDEHOLM VOESTALPINE AG 1.34/23/01 SCANDIC HOTELS AB LADBROKES PLC 1.35/ 1/00 SIEMENS MEDICAL SOLUTIONS SIEMENS AG-REG 1.37/22/05 BEI TECHNOLOGIES INC SCHNEIDER ELECTRIC SA 1.34/25/00 CHAMPION INTERNATIONAL CORP INTERNATIONAL PAPER CO 1.36/ 5/01 EIRCOM LTD OLD VALENTIA TELECOMMUNICATIONS 1.36/ 7/04 MIA GROUP LTD DCA GROUP LIMITED 1.38/12/02 CATHAY UNITED BANK CO LTD CATHAY FINANCIAL HOLDING CO 1.32/23/00 MIRAGE RESORTS INC MGM MIRAGE 1.3

2/29/00 SFX ENTERTAINMENT INC-CL ACLEAR CHANNEL

COMMUNICATIONS1.3

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6/20/07 NUVEEN INVESTMENTS-CL A MULTIPLE ACQUIRERS 1.31/10/00 CONCENTRIC NETWORK CORP XO COMMUNICATIONS INC-A OLD 1.32/ 7/00 ORTEL CORP LUCENT TECHNOLOGIES INC 1.3

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4/ 2/07 FIRST DATA CORP KKR & CO LP 1.342/12/07 HYDRIL TENARIS SA 1.3412/ 7/04 TIM SPA TELECOM ITALIA SPA 1.349/ 1/05 CHIRON CORP NOVARTIS AG-REG 1.347/18/00 GEORGIA-PACIFIC (TIMBER GRP) PLUM CREEK TIMBER CO 1.348/31/06 GLAMIS GOLD LTD GOLDCORP INC 1.3410/17/06 ICOS CORPORATION ELI LILLY & CO 1.349/29/99 UNIONE IMMOBILIARE SPA PIRELLI & C. 1.3412/ 7/05 MOWLEM PLC CARILLION PLC 1.353/28/05 ISS A/S MULTIPLE ACQUIRERS 1.353/12/07 DOLLAR GENERAL CORP KKR & CO LP 1.359/18/06 PREMIUM STANDARD FARMS INC SMITHFIELD FOODS INC 1.359/ 1/03 WILSON CONNOLLY HOLDINGS PLC TAYLOR WIMPEY PLC 1.353/16/05 GENERAL BINDING CORP ACCO WORLD CORP 1.353/ 8/06 LEXAR MEDIA INC MICRON TECHNOLOGY INC 1.352/27/06 PILKINGTON PLC NIPPON SHEET GLASS CO LTD 1.3511/19/01 DAL-TILE INTERNATIONAL INC MOHAWK INDUSTRIES INC 1.3512/12/06 SABRE HOLDINGS CORP-CL A MULTIPLE ACQUIRERS 1.357/ 9/00 DEXTER CORP INVITROGEN CORP 1.358/ 4/99 UNION CARBIDE CORP DOW CHEMICAL 1.356/27/07 OSPREY MEDIA INCOME FUND BLACK PRESS LTD 1.358/23/06 INTERNET SECURITY SYSTEMS INTL BUSINESS MACHINES CORP 1.358/31/00 AEROPORTI DI ROMA SPA LEONARDO SPA 1.351/16/01 RALSTON PURINA CO NESTLE SA-REG 1.358/ 2/07 CHECKFREE CORP FISERV INC 1.358/16/99 JSB FINANCIAL INC NORTH FORK BANCORPORATION 1.358/23/99 UNITED WATER INC SUEZ SA 1.356/12/06 PACIFIC ENERGY PARTNERS LP PLAINS ALL AMER PIPELINE LP 1.3512/ 8/05 JAMDAT MOBILE INC ELECTRONIC ARTS INC 1.351/17/01 WEBTRENDS CORP NETIQ CORP 1.356/29/04 MARINER HEALTH CARE INC NATIONAL SENIOR CARE INC 1.367/ 2/07 COLES GROUP LTD WESFARMERS LIMITED 1.361/10/06 HUGHES SUPPLY INC HOME DEPOT INC 1.362/22/02 NORTHROP GRUMMAN SPACE & MIS NORTHROP GRUMMAN CORP 1.367/ 2/01 EARTHGRAINS COMPANY SARA LEE CORP 1.363/14/00 BURMAH CASTROL PLC BP PLC 1.365/24/04 NEIGHBORCARE INC OMNICARE INC 1.363/18/05 CTI MOLECULAR IMAGING INC SIEMENS AG-REG 1.3610/23/06 SHELL CANADA LTD ROYAL DUTCH SHELL PLC-A SHS 1.365/ 7/01 BANCWEST CORPORATION BNP PARIBAS 1.366/15/07 PENN NATIONAL GAMING INC MULTIPLE ACQUIRERS 1.3612/21/05 MICROMUSE INC INTL BUSINESS MACHINES CORP 1.369/15/99 GENERAL INSTRUMENT CORP MOTOROLA INC 1.3610/12/05 JURYS DOYLE HOTEL GROUP PLC JDH ACQUISITIONS PLC 1.362/19/07 XM SATELLITE RADIO HOLD-CL A SIRIUS SATELLITE RADIO INC 1.365/25/07 OMX AB NASDAQ STOCK MARKET INC 1.3612/ 4/00 CARDINAL HEALTH 100 INC CARDINAL HEALTH INC 1.376/21/07 NOVAMERICAN STEEL INC SYMMETRY HOLDINGS INC-UNITS 1.375/16/05 OVERNITE CORP UNITED PARCEL SERVICE-CL B 1.376/27/07 ANDREW CORP COMMSCOPE INC 1.377/30/07 XANSA PLC GROUPE STERIA SCA 1.376/ 2/05 STORAGE TECHNOLOGY CORP SUN MICROSYSTEMS INC 1.373/22/07 PAXAR CORP AVERY DENNISON CORP 1.377/17/00 FORT JAMES CORPORATION GEORGIA-PACIFIC CORP 1.37

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12/16/04 KIDDE PLC UNITED TECHNOLOGIES CORP 1.377/24/06 ATI TECHNOLOGIES INC ADVANCED MICRO DEVICES 1.379/22/04 AMALGAMATED BEVERAGE INDS SABMILLER PLC 1.3712/ 4/00 QUAKER OATS CO PEPSICO INC 1.376/24/06 DE VERE GROUP PLC AHG VENICE 1.375/29/07 CT COMMUNICATIONS INC WINDSTREAM CORP 1.375/15/07 REUTERS GROUP PLC THOMSON CORP 1.375/14/01 KERR-MCGEE ROCKY MOUNTAIN KERR-MCGEE CORP 1.374/ 3/07 FONCIA GROUPE BANQUE FEDERALE DES POPULAIR 1.373/27/06 WASTE MANAGEMENT NZ LTD TRANSPACIFIC INDUSTRIES GROU 1.3712/21/00 GREAT PLAINS SOFTWARE INC MICROSOFT CORP 1.376/ 5/06 LASERSCOPE AMERICAN MEDICAL SYS HLDGS 1.378/24/05 YORK INTERNATIONAL CORP JOHNSON CONTROLS INC 1.38

12/ 9/02 AMERIPATH INCWELSH CARSON ANDERSON

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11/26/04 DAISHINTO INC KALEIDO HOLDINGS 1.416/ 5/00 PRIMARK CORP THOMSON CORP 1.416/20/07 OAKLEY INC LUXOTTICA GROUP SPA 1.4111/ 5/03 TAB LIMITED TABCORP HOLDINGS LIMITED 1.416/27/07 EFUNDS CORP FIDELITY NATIONAL INFORMATIO 1.4111/30/06 DIGITAL INSIGHT CORP INTUIT INC 1.412/23/00 NEWBRIDGE NETWORKS CORP ALCATEL-LUCENT 1.415/ 4/05 BONE CARE INTERNATIONAL INC GENZYME CORP 1.41

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5/ 2/00 BESTFOODS UNILEVER NV-CVA 1.457/28/06 INMOBILIARIA URBIS SA CONSTRUCCIONES REYAL SAU 1.454/ 3/00 ADMIRAL PLC CMG PLC 1.458/27/00 POWERTEL INC VOICESTREAM WIRELESS CORP 1.456/ 4/07 ENERGY METALS CORP URANIUM ONE INC 1.451/ 2/07 HARRIS STEEL GROUP INC NUCOR CORP 1.468/ 8/06 MCDATA CORPORATION-A BROCADE COMMUNICATIONS SYS 1.467/17/07 KEYSTONE AUTOMOTIVE INDS INC LKQ CORP 1.4611/ 6/04 KINDERCARE LEARNING CENTERS KNOWLEDGE LEARNING CORP INC 1.465/ 7/01 NOVA CORP/GEORGIA US BANCORP 1.468/26/05 SAIA-BURGESS ELECTRONICS-REG JOHNSON ELECTRIC HLDGS 1.463/12/07 SIERRA HEALTH SERVICES INC UNITEDHEALTH GROUP INC 1.4611/ 7/05 GEAC COMPUTER CORP LTD GOLDEN GATE CAPITAL CORP 1.4610/25/99 MANSFIELD BREWERY PLC MARSTON'S PLC 1.468/ 3/01 SENSORMATIC ELECTRONICS CORP TYCO INTERNATIONAL LTD 1.464/23/99 CONNECTICUT ENERGY CORP ENERGY EAST CORPORATION 1.464/27/04 BURSWOOD LIMITED PUBLISHING & BROADCASTING 1.466/26/03 PERBIO SCIENCE AB FISHER SCIENTIFIC INTL INC 1.466/12/01 KEPPEL CAPITAL HOLDINGS LTD OVERSEA-CHINESE BANKING CORP 1.467/25/07 DADE BEHRING HOLDINGS INC SIEMENS AG-REG 1.464/21/06 BRISTOL WATER GROUP PLC AGUAS DE BARCELONA-CLASS A 1.468/23/04 ARTISAN COMPONENTS INC ARM HOLDINGS PLC 1.463/23/00 KOA FIRE & MARINE INSURANCE NIPPONKOA INSURANCE CO LTD 1.477/25/05 WORLD CO LTD HARBOR HOLDINGS 1.472/22/01 SUNGLASS HUT INTL LUXOTTICA GROUP SPA 1.472/23/05 ACCREDO HEALTH INC MEDCO HEALTH SOLUTIONS INC 1.4712/18/01 GE INTERLOGIX INC GENERAL ELECTRIC CO 1.478/ 3/05 BPB LTD COMPAGNIE DE SAINT-GOBAIN 1.47

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11/ 8/06 ESSEX CORP NORTHROP GRUMMAN CORP 1.512/ 7/01 PEACE BANK OF KOREA WOORI BANK 1.51/29/07 ALTIRIS INC SYMANTEC CORP 1.56/16/04 TIBBETT & BRITTEN GROUP PLC EXEL PLC 1.514/ 5/06 EIFFAGE SACYR VALLEHERMOSO SA 1.515/ 1/00 REXALL SUNDOWN INC KONINKLIJKE NUMICO NV 1.517/ 3/07 SOUTHERN CROSS BROADCASTING MULTIPLE ACQUIRERS 1.511/24/01 F&M NATL CORP BB&T CORP 1.5110/31/03 SICOR INC TEVA PHARMACEUTICAL IND LTD 1.514/21/05 SHIRE HUMAN GENETIC THERAPIE SHIRE PLC 1.516/24/07 CUMERIO NORDDEUTSCHE AFFINERIE AG 1.528/19/02 ARCADIA GROUP PLC TAVETA INVESTMENTS LTD 1.526/14/05 SOLVUS SA USG PEOPLE NV 1.528/ 2/99 CHICAGO TITLE CORP FIDELITY NATIONAL FINL INC 1.52

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12/20/99 PITTWAY CORP HONEYWELL INTERNATIONAL INC 1.5611/15/06 LA SENZA CORPORATION LIMITED BRANDS INC 1.566/15/99 YANKEE ENERGY SYSTEM INC NORTHEAST UTILITIES 1.569/25/00 THAMES WATER PLC RWE AG 1.567/27/07 KYPHON INC MEDTRONIC INC 1.565/10/00 SPORTS INTERNET GROUP LTD BRITISH SKY BROADCASTING GRO 1.563/25/03 AIRBORNE INC DEUTSCHE POST AG-REG 1.5710/ 8/03 COLE NATIONAL CORP LUXOTTICA GROUP SPA 1.5710/25/05 UNILOG SA LOGICACMG PLC 1.576/ 4/07 AVAYA INC Sierra Holdings Corp 1.573/ 2/07 DENDRITE INTERNATIONAL INC CEGEDIM SA 1.576/25/00 NABISCO GROUP HOLDINGS REYNOLDS AMERICAN INC 1.5712/ 8/06 HUNTLEIGH TECHNOLOGY PLC GETINGE AB-B SHS 1.578/ 3/06 MRO SOFTWARE INC INTL BUSINESS MACHINES CORP 1.572/12/07 LAMDA DETERGENT SA ALAPIS HOLDING INDUSTRIAL 1.576/14/05 WYNDHAM INTERNATIONAL-CL A BLACKSTONE GROUP LP/THE 1.576/ 1/04 HARBIN BREWERY GROUP LTD ANHEUSER-BUSCH COS INC. 1.578/ 7/07 ELAND PLATINUM HOLDINGS LTD XSTRATA PLC 1.574/20/99 KURAYA CORPORATION MEDICEO PALTAC HOLDING CO 1.581/23/04 CD BRAMALL PLC PENDRAGON PLC 1.5811/ 8/00 BENJAMIN MOORE & COMPANY BERKSHIRE HATHAWAY INC-CL A 1.586/ 9/03 VERIDIAN CORP GENERAL DYNAMICS CORP 1.586/13/05 LEICA GEOSYSTEMS AG-REG HEXAGON AB-B SHS 1.583/ 7/05 UNITED DEFENSE INDS INC BAE SYSTEMS PLC 1.588/31/06 INTERGRAPH CORP Cobalt Holding Co 1.583/23/06 BAYER SCHERING PHARMA AG BAYER AG 1.587/24/00 CHIREX INC RHODIA SA - REGR 1.5812/21/05 MAXTOR CORP SEAGATE TECHNOLOGY 1.595/17/00 PETCO ANIMAL SUPPLIES INC JOINT VENTURE 1.595/15/00 TUI NORTHERN EUROPE LTD TUI AG 1.593/20/07 EGL INC APOLLO MANAGEMENT LP 1.599/ 6/06 SAURER AG-REG OC OERLIKON CORP AG-REG 1.591/11/01 BRYANT GROUP PLC TAYLOR WIMPEY PLC 1.5911/22/99 DII GROUP INC FLEXTRONICS INTL LTD 1.599/20/06 EGNATIA BANK SA MARFIN POPULAR BANK PUBLIC C 1.592/ 4/02 MEGA BILLS FINANCE CORP MEGA FINANCIAL HOLDING CO LT 1.59

11/ 1/04 KANEB PIPE LINE PARTNERS-UT NUSTAR ENERGY LP 1.593/22/01 KENT ELECTRONICS CORP AVNET INC 1.610/16/06 JLG INDUSTRIES INC OSHKOSH TRUCK CORP 1.612/18/00 ACNIELSEN CORP THE NIELSEN COMPANY 1.62/ 5/07 WILSON BOWDEN PLC BARRATT DEVELOPMENTS PLC 1.6

10/10/00 NATIONAL DISCOUNT BROKERS DEUTSCHE BANK AG-REGISTERED 1.61/15/07 FONCIA GROUPE BANQUE FEDERALE DES POPULAIR 1.66/10/03 RESONA HOLDINGS INC JAPAN 1.66/15/00 AEROPORTI DI ROMA SPA LEONARDO SPA 1.64/28/06 SMBC FRIEND SECURITIES CO SUMITOMO MITSUI FINANCIAL GR 1.68/14/00 PATHOGENESIS CORP CHIRON CORP 1.69/ 7/00 DELHAIZE AMERICA INC DELHAIZE GROUP 1.613/17/05 TOYS "R" US INC Global Toys Acquisition LLC 1.614/26/04 HOKKAIDO BANK LTD/THE HOKUHOKU FINANCIAL GROUP INC 1.613/17/06 BODY SHOP INTERNATIONAL PLC L'OREAL 1.6110/25/06 QUICK RESTAURANTS SA CAISSE DES DEPOTS ET CONSIGN 1.619/21/06 MAYNE PHARMA LTD HOSPIRA INC 1.618/15/06 DELTA & PINE LAND CO MONSANTO CO 1.61

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6/ 4/07 TELELOGIC AB INTL BUSINESS MACHINES CORP 1.6110/17/06 CBOT HOLDINGS INC-CLASS A CME GROUP INC 1.6110/ 4/99 RCN CORPORATION VULCAN VENTURES 1.611/ 5/06 FRANS MAAS GROEP NV-CVA DSV A/S 1.622/19/07 FLORIDA ROCK INDS VULCAN MATERIALS CO 1.626/10/02 TVX GOLD INC KINROSS GOLD CORP 1.621/10/00 HISTORIC TW INC TIME WARNER INC 1.626/ 3/07 DIGENE CORP QIAGEN N.V. 1.621/26/00 INTERLEAF INC BROADVISION INC 1.6212/13/00 RUE IMPERIALE CAISSE NATIONALE CREDIT /OLD 1.6210/ 2/06 MYOGEN INC GILEAD SCIENCES INC 1.627/ 5/99 ELF AQUITAINE TOTAL SA 1.634/25/00 HACHETTE FILIPACCHI MEDIAS LAGARDERE S.C.A. 1.6311/ 2/00 FAIRFIELD COMMUNITIES INC AVIS BUDGET GROUP INC 1.633/ 8/07 GENERALE DE SANTE SANTE SARL 1.638/10/06 FILENET CORP INTL BUSINESS MACHINES CORP 1.637/ 5/07 PRIMEDIA LTD Red Pen 2 General Trading Ltd 1.635/ 1/07 DOW JONES & CO INC NEWS CORP-CL A 1.639/12/05 SIEBEL SYSTEMS INC ORACLE CORP 1.633/14/00 ERGO BANK SA EFG EUROBANK ERGASIAS 1.636/14/00 ICOPAL A/S ICOPAL HOLDING AS 1.6411/ 6/00 WILLAMETTE INDUSTRIES INC WEYERHAEUSER CO 1.645/18/04 KROLL INC MARSH & MCLENNAN COS 1.642/17/00 TOKAI MARUMAN SECS CO LTD TOKAI TOKYO SECURITIES CO 1.644/15/05 INDEPENDENT NEWSPAPERS LTD SKY NETWORK TELEVISION LTD 1.645/23/03 KOREA DEVELOPMENT FINANCING SUN CAPITAL CO 1.644/30/07 INTL SECURITIES EXCHANGE HOL DEUTSCHE BOERSE AG 1.644/ 4/07 BIOVERIS CORP ROCHE HOLDING AG-GENUSSCHEIN 1.655/12/03 SELFRIDGES PLC WITTINGTON INVESTMENTS LTD 1.663/13/06 ANDRX CORP WATSON PHARMACEUTICALS INC 1.662/22/01 EFFICIENT NETWORKS INC SIEMENS AG-REG 1.666/23/03 BIOGEN INC BIOGEN IDEC INC 1.663/ 1/07 HYPERION SOLUTIONS CORP ORACLE CORP 1.676/25/01 HOMESTAKE MINING BARRICK GOLD CORP 1.6711/ 2/06 MID-STATE BANCSHARES RABOBANK 1.673/17/06 BAA LTD MULTIPLE ACQUIRERS 1.674/23/07 MEDIMMUNE INC ASTRAZENECA PLC 1.6712/13/99 USWEB CORP MARCHFIRST INC 1.6710/16/00 COULTER PHARMACEUTICAL INC CORIXA CORP 1.676/15/01 OMNI INDUSTRIES LTD. CELESTICA INC 1.6812/20/06 DIGITAS INC PUBLICIS GROUPE 1.6810/31/05 O2 PLC TELEFONICA SA 1.687/26/00 GO2NET INC INFOSPACE INC 1.686/ 5/00 BUFFETS INC CONSORTIUM 1.699/29/05 IDX SYSTEMS CORP GENERAL ELECTRIC CO 1.695/ 7/02 NAVISION A/S MICROSOFT CORP 1.698/ 3/00 BURNS INTERNATIONAL SERVICES SECURITAS AB-B SHS 1.73/22/02 RWE NPOWER HOLDINGS PLC RWE AG 1.712/14/05 ABGENIX INC AMGEN INC 1.76/26/00 LILLY INDUSTRIES INC -CL A VALSPAR CORP 1.716/20/05 CORTEFIEL SA MEP RETAIL ESPANA SLU 1.716/14/07 IRISH CONTINENTAL GROUP PLC ONE51 1.718/14/00 CHRIS-CRAFT INDUSTRIES INC NEWS CORP-CL A 1.7110/10/03 AMERSHAM PLC GENERAL ELECTRIC CO 1.71

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5/15/00 PIONEER GROUP INC UNICREDITO ITALIANO SPA 1.713/19/03 EXPEDIA INC IAC/INTERACTIVECORP 1.711/27/00 HLTH CORP JANUS CAPITAL MANAGEMENT LLC 1.711/ 6/06 HOMAC CORP DAIKI CO LTD 1.727/12/07 ALCAN INC RIO TINTO PLC 1.7212/10/03 SYSTEMS & COMPUTER TECH CORP SUNGARD DATA SYSTEMS 1.7211/14/99 OAK INDUSTRIES INC. CORNING INC 1.725/ 9/00 TRIMARK FINANCIAL CORP INVESCO PLC 1.721/12/06 IDENTIX INC L-1 IDENTITY SOLUTIONS INC 1.722/ 9/04 NETSCREEN TECHNOLOGIES INC JUNIPER NETWORKS INC 1.72

12/11/00 BIOCHEM PHARMA INC SHIRE PLC 1.722/14/07 CUMBERLAND RESOURCES LTD AGNICO-EAGLE MINES 1.727/ 4/00 COLAS SA BOUYGUES 1.735/31/01 FH FAULDING & CO LIMITED SYMBION HEALTH LTD 1.7310/27/03 MID ATLANTIC MEDICAL SVCS UNITEDHEALTH GROUP INC 1.734/19/00 MITSUBISHI UFJ TRUST AND BAN MITSUBISHI UFJ FINANCIAL GRO 1.731/29/01 DALLAS SEMICONDUCTOR CORP MAXIM INTEGRATED PRODUCTS 1.735/30/01 MEDTRONIC MINIMED MEDTRONIC INC 1.736/14/04 QLT USA INC QLT INC 1.737/14/03 OFFICEMAX INC-OLD OFFICEMAX INC 1.741/ 7/03 MINOLTA CO LTD KONICA MINOLTA HOLDINGS INC 1.744/17/00 HADCO CORP SANMINA-SCI CORP 1.749/27/00 ACUSON CORP SIEMENS AG-REG 1.7410/18/99 COMAIR HOLDINGS INC DELTA AIR LINES INC/OLD 1.747/22/05 SOCIETE DU LOUVRE-REGD STARWOOD CAPITAL GROUP LLC 1.742/23/07 CONSOLIDATED MINERALS LTD MULTIPLE ACQUIRERS 1.7412/ 4/05 VARDY (REG) PLC PENDRAGON PLC 1.754/19/07 CFF RECYCLING DERICHEBOURG 1.759/27/05 WELLCHOICE INC WELLPOINT INC 1.753/15/04 INVISION TECHNOLOGIES INC GENERAL ELECTRIC CO 1.756/11/00 PRUDENTIAL STEEL LTD MAVERICK TUBE CORP 1.7511/16/06 CONOR MEDSYSTEMS INC JOHNSON & JOHNSON 1.7511/22/05 FINANCE ALL CORP SBI HOLDINGS INC 1.757/ 8/03 ROADWAY CORP YRC WORLDWIDE INC 1.76

12/17/01 CLARICA LIFE INS CO SUN LIFE FINANCIAL INC 1.767/11/07 CHAPARRAL STEEL CO GERDAU AMERISTEEL CORP 1.763/29/00 SEAGATE TECHNOLOGY INC VERITAS SOFTWARE CORP 1.7712/ 6/06 RURAL PRESS LIMITED FAIRFAX MEDIA LTD 1.775/20/07 CYTYC CORPORATION HOLOGIC INC 1.779/16/02 NATIONAL GOLF PROPERTIES INC GOLDMAN SACHS GROUP INC 1.779/ 7/05 ID BIOMEDICAL CORP GLAXOSMITHKLINE PLC 1.775/23/01 ENERGIEVERSORGUNG OSTBAYERN E.ON BAYERN AG 1.782/23/04 WANADOO FRANCE TELECOM SA 1.7811/ 3/00 POWELL DUFFRYN PLC NIKKO CORDIAL CORP 1.7912/21/00 HEPWORTH PLC VAILLANT GMBH & CO 1.7912/ 7/04 BAIL INVESTISSEMENT FONCIERE FONCIERE DES REGIONS 1.795/24/07 KEMIRA GROWHOW OYJ YARA INTERNATIONAL ASA 1.82/12/07 WITNESS SYSTEMS INC VERINT SYSTEMS INC 1.84/18/05 ELECTRONICS BOUTIQUE HLDGS GAMESTOP CORP-CLASS A 1.814/28/05 SINGER & FRIEDLANDER GRP PLC KAUPTHING BANK 1.817/ 9/07 KATANGA MINING LTD CENTRAL AFRICAN MINING & EXP 1.81

12/14/98 NATIONAL GRID USA NATIONAL GRID PLC 1.822/ 5/02 HOLLANDSCHE BETON GROEP NV GRUPO DRAGADOS SA 1.835/19/06 NISSHIN FIRE & MARINE INS MILLEA HOLDINGS INC 1.83

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12/17/01 IMMUNEX CORP AMGEN INC 1.831/10/02 PANASONIC SHIKOKU ELECTRONIC MATSUSHITA ELECTRIC INDUST 1.843/ 8/07 IRISH CONTINENTAL GROUP PLC AELLA PLC 1.845/21/04 FUKUOKA CITY BANK LTD/THE NISHI-NIPPON CITY BANK LTD 1.851/29/07 MOLECULAR DEVICES CORP MDS INC 1.8512/18/03 TAIYO TOYO SANSO CO LTD TAIYO NIPPON SANSO CORP 1.861/27/06 ARCELOR ARCELOR MITTAL 1.8610/ 2/00 SILICON VALLEY GROUP INC ASML HOLDING NV 1.866/29/06 RSA SECURITY INC EMC CORP/MASS 1.8611/ 7/06 AGRICORE UNITED SASKATCHEWAN WHEAT POOL 1.878/18/00 NPM CAPITAL NV-CVA B SHV HOLDINGS NV 1.877/17/06 MCCARTHY & STONE PLC MARS BIDCO LTD 1.8811/ 6/06 KOS PHARMACEUTICALS INC ABBOTT LABORATORIES 1.887/ 5/07 LG PETROCHEMICAL CO LTD LG CHEM LTD 1.91/15/01 VAN MELLE NV PERFETTI SPA 1.99/25/03 TOREX PLC ISOFT GROUP PLC 1.93/29/04 TULARIK INC AMGEN INC 1.93/23/99 RUETGERS AG RAG AG 1.917/25/03 BURLINGTON INDS INC WL ROSS & CO 1.917/ 3/07 AUR RESOURCES INC TECK COMINCO LTD-CL B 1.91

11/ 5/05 TEIKOKU OIL CO LTD INPEX CORP 1.9110/11/99 ACACIA RESOURCES LIMITED ANGLOGOLD ASHANTI LTD 1.913/15/07 WEBEX COMMUNICATIONS INC CISCO SYSTEMS INC 1.919/19/05 SPINNAKER EXPLORATION CO NORSK HYDRO ASA 1.914/ 5/00 HARBINGER CORP PEREGRINE SYSTEMS INC 1.919/28/04 SONG NETWORKS HOLDING AB TDC A/S 1.922/ 8/99 LAHMEYER AKTIENGESELLSCHAFT RWE AG 1.947/17/07 CONSOLIDATED MINERALS LTD TERRITORY RESOURCES LTD 1.945/12/00 HUSSMANN INTERNATIONAL INC INGERSOLL-RAND CO LTD-CL A 1.953/26/01 PACIFICA PAPERS INC CATALYST PAPER CORP 1.958/17/00 ERGO PREVIDENZA SPA ERGO VERSICHERUNGSGRUPPE AG 1.953/13/01 UNIPAC OPTOELECTRONICS CORP AU OPTRONICS CORP 1.9611/ 3/05 VENFIN LTD VODAFONE GROUP PLC 1.962/24/06 WESTERN SILVER CORP GLAMIS GOLD LTD 1.968/ 1/06 MCCARTHY & STONE PLC HBOS PLC 1.978/ 9/99 JONES INTERCABLE INC COMCAST CORP-CL A 1.978/28/00 MMC NETWORKS INC APPLIED MICRO CIRCUITS CORP 1.9711/13/00 AZEO (EX GAZ ET EAUX) EURAZEO 1.981/ 7/00 SPLITROCK SERVICES INC MCLEODUSA INC-A/OLD 1.985/22/00 MEDQUIST INC PHILIPS ELECTRONICS NV 1.998/13/07 GOLD REEF RESORTS LTD Fluxrab Investments No 159 Ltd 1.997/23/07 OPSWARE INC HEWLETT-PACKARD CO 1.999/29/05 TELINDUS GROUP NV BELGACOM SA 24/26/04 OXFORD HEALTH PLANS INC UNITEDHEALTH GROUP INC 2.017/19/00 ZIFF DAVIS INC -ZD CNET NETWORKS INC 2.012/22/00 IXNET INC GLOBAL CROSSING LTD 2.0111/ 9/06 TANOX INC GENENTECH INC 2.025/15/01 SAWTEK INC TRIQUINT SEMICONDUCTOR INC 2.0311/ 3/00 BET HOLDINGS INC-CL A CBS CORP-CLASS B 2.0312/20/99 MAKER COMMUNICATIONS INC CONEXANT SYSTEMS INC 2.035/ 5/03 LENDINGTREE INC IAC/INTERACTIVECORP 2.048/ 9/05 BURDARAS MULTIPLE ACQUIRERS 2.044/ 3/06 DIAMOND CITY CO LTD AEON CO LTD 2.055/23/01 STRUCTURAL DYNAMICS RESEARCH ELECTRONIC DATA SYSTEMS CORP 2.07

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7/25/06 MERCURY INTERACTIVE CORP HEWLETT-PACKARD CO 2.076/16/05 VICURON PHARMACEUTICALS INC PFIZER INC 2.071/ 9/07 PLACER SIERRA BANCSHARES WELLS FARGO & COMPANY 2.084/ 5/04 THE SAVOY HOTEL PLC-CL "B" QUINLAN PRIVATE 2.082/14/00 NETOPTIX CORPORATION CORNING INC 2.0812/21/03 ESPERION THERAPEUTICS INC PFIZER INC 2.096/19/07 COLOR KINETICS INC PHILIPS ELECTRONICS NV 2.17/26/99 NTL INC/OLD FRANCE TELECOM SA 2.110/14/02 QUINTILES TRANSNATIONAL CORP PHARMA SERVICES CO 2.113/ 5/07 SAFENET INC VECTOR CAPITAL CORP 2.11

12/20/06 REDBACK NETWORKS INC ERICSSON LM-B SHS 2.1110/21/99 ORANGE PLC VODAFONE HOLDING GMBH 2.1110/20/04 GLENMORANGIE PLC - "A" LVMH MOET HENNESSY LOUIS VUI 2.125/18/04 SEGA CORP SAMMY CORP 2.1310/18/01 RIGHTCHOICE MANAGED CARE WELLPOINT HEALTH NETWORKS 2.148/ 2/05 DEER CREEK ENERGY LTD TOTAL SA 2.159/28/99 GENESYS TELECOMM LABS INC ALCATEL-LUCENT 2.165/10/00 NORTHERN LEISURE PLC LUMINAR PLC 2.164/10/06 FJORD SEAFOOD ASA MARINE HARVEST 2.192/28/06 TELEPIZZA PRIVATE INVESTOR 2.1912/ 3/01 MEDIMMUNE VACCINES INC MEDIMMUNE INC 2.21/13/00 ETEC SYSTEMS INC APPLIED MATERIALS INC 2.216/28/07 NORTHERN ORION RESOURCES INC YAMANA GOLD INC 2.229/18/00 JET MULTIMEDIA TELECOM ITALIA SPA/OLD 2.236/25/07 VENTANA MEDICAL SYSTEMS ROCHE HOLDING AG-GENUSSCHEIN 2.241/ 6/06 KAHMA CO LTD DAIKI CO LTD 2.251/12/00 PRECISION RESPONSE CORP IAC/INTERACTIVECORP 2.258/21/05 EYETECH PHARMACEUTICALS INC OSI PHARMACEUTICALS INC 2.255/ 2/00 MONOPRIX SA CASINO GUICHARD PERRACHON 2.26

11/27/00 OBJECTIVE SYSTEMS INTEGRATOR AGILENT TECHNOLOGIES INC 2.275/26/00 SUMMIT TECHNOLOGY INC NESTLE SA-REG 2.272/12/07 URASIA ENERGY LTD URANIUM ONE INC 2.272/21/07 APL ASA BW OFFSHORE LIMITED 2.283/ 7/00 NETWORK SOLUTIONS INC VERISIGN INC 2.297/28/04 KP CHEMICAL CORP HONAM PETROCHEMICAL CORP 2.34/ 8/05 JINRO LTD HITE BREWERY CO LTD 2.37/ 3/01 ISIS TECHNIP SA 2.36/21/00 BURR-BROWN CORP TEXAS INSTRUMENTS INC 2.33/ 1/00 7-ELEVEN INC ITO-YOKADO SHC CO LTD 2.31

12/16/04 VERITAS SOFTWARE CORP SYMANTEC CORP 2.332/27/06 STEWART & STEVENSON SERVICES ARMOR HOLDINGS INC 2.355/14/07 ENDEMOL NV Edam Acquisition BV 2.359/ 8/00 CHIYODA FIRE & MARINE INSUR AIOI INSURANCE CO LTD 2.412/ 1/04 CLONDALKIN GROUP PLC WARBURG PINCUS LLC 2.428/29/02 LEK PHARMACEUTICAL & CHEM NOVARTIS AG-REG 2.422/ 9/07 REPOWER SYSTEMS AG-REG'D MULTIPLE ACQUIRERS 2.441/30/06 CATLIN UNDERWRITING CATLIN GROUP LTD 2.463/ 5/04 DAHL INTERNATIONAL AB COMPAGNIE DE SAINT-GOBAIN 2.47

10/ 3/00 THERMO CARDIOSYSTEMS INC THORATEC CORP 2.486/11/01 REMEDY CORP PEREGRINE SYSTEMS INC 2.53/22/02 SOPHUS BERENDSEN A/S DAVIS SERVICE GROUP PLC 2.5211/ 9/99 AIRONET WIRELESS COMM INC CISCO SYSTEMS INC 2.5212/22/99 MAPQUEST.COM INC TIME WARNER INC 2.534/ 2/03 CONCORD EFS INC FIRST DATA CORP 2.54

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4/12/00 COFLEXIP TECHNIP SA 2.555/15/06 CAMBRIDGE ANTIBODY TECH GRP ASTRAZENECA PLC 2.571/17/00 DRUID GROUP PLC XANSA PLC 2.589/19/06 LAING (JOHN) PLC-ORD HENDERSON GROUP PLC 2.589/11/00 DURA PHARMACEUTICALS INC ELAN CORP PLC 2.615/22/01 KEMPEN & CO NV DEXIA SA 2.668/ 6/04 INLAND RESOURCES INC/WASH NEWFIELD EXPLORATION CO 2.669/28/00 SENSHU BANK LTD/THE UFJ BANK LTD 2.693/15/00 LHS GROUP INC SEMA PLC 2.711/18/03 WEETABIX LTD-A SHS HM CAPITAL PARTNERS LLC 2.722/11/05 ASHBOURNE PLC MULTIPLE ACQUIRERS 2.7210/30/06 SIRNA THERAPEUTICS INC MERCK & CO. INC. 2.746/29/01 DURAMED PHARMACEUTICALS INC BARR PHARMACEUTICALS INC 2.765/18/07 AQUANTIVE INC MICROSOFT CORP 2.768/30/06 ANORMED INC GENZYME CORP 2.761/13/00 U.S. TRUST CORP SCHWAB (CHARLES) CORP 2.787/30/07 RURAL CELLULAR CORP-CL A MULTIPLE ACQUIRERS 2.8310/27/03 WELLPOINT HEALTH NETWORKS WELLPOINT INC 2.843/13/00 VOYAGER.NET INC CORECOMM LTD 2.859/26/00 SECURITY CAPITAL US REALTY SECURITY CAPITAL GROUP-B 2.866/ 6/03 PEOPLESOFT INC ORACLE CORP 2.89

10/ 4/05 EREGLI DEMIR VE CELIK FABRIK ORDU YARDIMLASMA KURUMU 2.9112/21/99 MICRO WAREHOUSE INC BRIDGEPORT HOLDINGS INC 2.9212/22/03 BANCO ATLANTICO SA BANCO DE SABADELL SA 2.921/ 8/01 LIBERTY SURF GROUP SA TISCALI SPA 2.962/22/00 IPC COMMUNICATIONS INC GLOBAL CROSSING LTD 3.035/16/00 LYCOS INC TERRA NETWORKS 3.0710/ 4/99 PREVIEW TRAVEL INC TRAVELOCITY.COM INC 3.199/22/05 FITNESS FIRST PLC BC PARTNERS LTD 3.244/29/02 TRIGON HEALTHCARE INC-CL A WELLPOINT INC 3.286/21/07 ALTINEX ASA NORWEGIAN ENERGY CO AS 3.323/13/00 ASPECT DEVELOPMENT INC I2 TECHNOLOGIES INC 3.329/11/00 GELTEX PHARMACEUTICALS INC GENZYME CORP 3.353/23/00 MOBILCOM AG FRANCE TELECOM SA 3.58/ 1/01 KINKI OSAKA BANK LTD/THE RESONA HOLDINGS INC 3.586/ 1/99 AQUARION CO KELDA GROUP PLC 3.659/12/05 TUPRAS-TURKIYE PETROL RAFINE MULTIPLE ACQUIRERS 3.72

10/24/01 ARCH CAPITAL GROUP LTDWARBURG PINCUS & CO/HELLMAN &

FRIEDMAN LLC3.73

12/24/99 BUFFETTI SPA TELECOM ITALIA MEDIA SPA 3.777/ 6/00 STONE & WEBSTER INC SHAW GROUP INC 3.823/27/00 SPYGLASS INC OPENTV CORP-CLASS A 3.9710/17/01 CATHAY LIFE INSURANCE CATHAY FINANCIAL HOLDING CO 4.134/26/07 INVIK & CO AB-B MILESTONE EHF 4.2610/11/01 TELEMUNDO GROUP INC-CL A GENERAL ELECTRIC CO 4.276/ 4/04 CAREY INSTL PROPERTIES INC CORPORATE PROPERTY ASSOC-15 4.535/ 6/00 FUBON INSURANCE CO CITIGROUP INC 4.58

12/ 6/02 RATIONAL SOFTWARE CORP INTL BUSINESS MACHINES CORP 4.611/14/99 VODAFONE HOLDING GMBH VODAFONE GROUP PLC 4.6110/ 4/00 UFJ TRUST BANK LTD UFJ HOLDINGS INC 4.656/10/02 ECHO BAY MINES LTD KINROSS GOLD CORP 4.771/28/05 ALDEASA SA AUTOGRILL SPA 4.796/ 3/03 COBALT CORP WELLPOINT HEALTH NETWORKS 4.811/10/01 TRANS WORLD AIRLINES AMR CORP 4.84

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5/27/02 AURIONGOLD LTD PLACER DOME INC 4.912/27/07 SUMMIT RESOURCES LIMITED PALADIN RESOURCES LIMITED 5.118/ 8/02 TAIPEIBANK FUBON FINANCIAL HOLDING CO 5.559/27/04 BELLSYSTEM 24 INC NIKKO CORDIAL CORP 5.5511/10/06 SOUTH WHARF PLC BECBAY LTD 5.948/22/06 BURNS PHILP & CO LTD RANK GROUP INVESTMENTS LTD 6.24

6/ 5/06 UNILAND CEMENTERA S.A.CEMENTOS

PORTLANDVALDERRIVAS6.54

3/17/00 ENDEMOL ENTERTAINMENT HLDG TELEFONICA SA 6.54

7.4 Developed To Emerging Market Deals

Announce Date


Value Multiple

9/25/00 GRAND CEMENT MANUFACTURING TAIHEIYO CEMENT CORP 0.0112/27/00 UNNAMED TARGET(S) SKANSKA AB-B SHS 0.01

7/10/00 BANK INTERNASIONAL INDONE PTCOMMONWEALTH BANK OF

AUSTRAL0.01

7/ 7/00 METALURGICA CATERINA SA TOWER AUTOMOTIVE INC 0.031/29/01 THAI CAPROLACTAM PUBLIC CO UBE INDUSTRIES LTD 0.044/ 7/00 CEMENTOS DIAMANTE S.A. COLOMBIA HOLDINGS 0.052/21/00 SHUM YIP TELECOM INVESTMENT LTD SHENZHEN INVESTMENT LTD 0.054/27/07 BUMRUNGRAD HOSPITAL PUB CO ASIA FINANCIAL HLDGS LTD 0.1

10/20/04 PIRQUITAS PROJECT SILVER STANDARD RESOURCES 0.1211/30/00 INTERNACIONAL DE CERAMICA-UB MANAGEMENT GROUP 0.1711/17/00 HOTEL IN SALVADOR BRAZIL ITI-SOC INV TUR IHA MADEIRA 0.187/ 8/99 CIA VALE DO RIO DOCE-PREF A NORSK HYDRO ASA 0.191/23/01 BBVA COLOMBIA SA BANCO BILBAO VIZCAYA ARGENTA 0.217/ 5/06 GLOBUS KONZERVIPARI NYRT CENTRALE COOPERATIVE AGRICOL 0.225/31/04 SHENZHEN DEVELOPMENT BANK-A NEWBRIDGE CAPITAL LLC 0.23

10/13/00 COMMERCIAL PROPERTY GOLDWIZ HOLDINGS LTD 0.267/28/00 PROVIMI-ROLIMPEX SA CENTRAL SOYA CO INC 0.262/10/00 BANCO SANTANDER RIO-B BANCO SANTANDER SA 0.267/ 4/02 SHANGHAI NARCISSUS ELEC-A WHIRLPOOL CORP 0.26

12/14/06 PLAYA GRANDE APPLIED DEVELOPMENT HLDGS LT 0.275/ 2/06 INVESTCOM LLC-GDR REG S MTN GROUP LTD 0.28

10/20/06 DEHRING BUNTING & GOLDING BANK OF NOVA SCOTIA 0.291/26/00 LIGHT SERVICOS DE ELETRICID ELECTRICITE DE FRANCE 0.3

12/20/04 DAYE SPECIAL STEEL CO LTD-A CITIC PACIFIC LIMITED 0.339/ 5/01 CESKE RADIOKOMUNIKACE BIVIDEON BV 0.334/14/03 PROVIMI-ROLIMPEX SA PROVIMI HOLDING 0.353/ 4/02 EQDOM SOCIETE GENERALE 0.36

11/22/06 BANKTHAI PUBLIC CO LTD NEWBRIDGE CAPITAL LLC 0.3711/ 4/99 BRASMOTOR SA-PREF WHIRLPOOL CORP 0.388/16/00 SCOTIABANK SUD AMERICANO SA BANK OF NOVA SCOTIA 0.386/16/05 CHOLAMANDALAM DBS FINANCE LT DBS GROUP HOLDINGS LTD 0.39

12/20/04 DAYE SPECIAL STEEL CO LTD-A CITIC PACIFIC LIMITED 0.49/ 8/00 INDOFOOD SUKSES MAK TBK PT FIRST PACIFIC CO 0.43/24/00 ASTRA INTERNATIONAL TBK PT CONSORTIUM 0.426/30/00 GLOW SPP PCL VIVENDI 0.42

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11/18/99 COMPANIA MANUFACT DE VIDRIO OWENS-ILLINOIS INC 0.437/13/05 LINGUI DEVELOPMENTS BHD SAMLING GLOBAL LTD 0.4311/ 2/06 SHANGHAI ELECTRIC POWER CO CHINA POWER INTERNATIONAL 0.443/ 9/01 QUALITY HOUSES PUB CO LTD GOVT OF SINGAPORE INV CORP 0.459/25/03 GUOCOLAND MALAYSIA BHD GUOCOLAND LTD 0.475/12/00 PADAENG INDUSTRY PUB CO LTD UMICORE 0.493/14/00 VIVO PARTICIPACOES SA-PREF PORTUGAL TELECOM SGPS SA-REG 0.4910/ 6/03 ENDESA COSTANERA S.A.-B 1VT ENDESA SA 0.514/ 9/04 BANKTHAI PUBLIC CO LTD MILLEA HOLDINGS INC 0.52

11/10/04 SEARA ALIMENTOS SA-PRF CARGILL INC 0.546/14/01 BORSODCHEM NYRT CE OIL & GAS BETEILINGUNG UN 0.558/21/02 JAIN IRRIGATION SYSTEMS LTD AQUA INC 0.559/ 5/01 TELEKOMUNIKACJA POLSKA S.A. JOINT VENTURE 0.551/13/00 TELEFONICA DEL PERU-B TELEFONICA SA 0.55

10/10/00 PUNJAB ANAND LAMP INDUS LTD PHILIPS ELECTRONICS NV 0.563/16/00 LIGHT SERVICOS DE ELETRICID ELECTRICITE DE FRANCE 0.565/ 7/02 PEPSI-GEMEX SA-CPO PEPSI BOTTLING GROUP INC 0.575/ 8/02 MIESZKO S.A. CENTRAL EUROPEAN CONFECTIONE 0.582/28/01 GLOW SPP PCL TRACTEBEL 0.586/ 9/06 AIR CHINA LTD - A SHARE CATHAY PACIFIC AIRWAYS 0.595/22/03 SHANGHAI INDUSTRY PHARMACE-A SHANGHAI INDUSTRIAL HLDG LTD 0.591/13/00 TELEFONICA DE ARGENTINA-B TELEFONICA SA 0.598/23/00 IPS SKANSKA SKANSKA AB-B SHS 0.62/17/05 YANTAI CHANGYU PIONEER-B ILLVA SARONNO HOLDING SPA 0.65/19/05 YANTAI CHANGYU PIONEER-B INTL FINANCE CORP 0.65/25/07 HOUSING DEVELOPMENT FINANCE CARLYLE GROUP/THE 0.613/28/06 JINDAL POLY FILMS LTD SAIF PARTNERS LTD 0.638/28/00 EESTI UHISPANK SKANDINAVISKA ENSKILDA BAN-A 0.6410/ 9/00 GRUPO CONCESIONARIO DEL OEST ABERTIS INFRAESTRUCTURAS SA 0.677/12/05 ORFE SA OPG GROEP NV-CVA 0.682/24/00 EAST ASIA POWER RESOURCES HAWAIIAN ELECTRIC INDS 0.698/ 8/06 DANUBIUS HOTELS PLC CP HOLDINGS LTD 0.7

10/19/06 ALFA RETAILINDO TBK PT PRIME HORIZON PTE LTD 0.713/24/00 BANK HANDLOWY w WARSZAWIE CITIGROUP INC 0.71

11/18/02 SOKOLOW S.A. HKSCAN OYJ 0.7210/24/01 SOC QUIMICA Y MINERA CHILE-B POTASH CORP OF SASKATCHEWAN 0.729/26/00 ZAKLADY ELEKTROD WEGLOWYCH SGL CARBON AG 0.735/31/00 AMPLA ENERGIA E SERVICOS SA ENDESA SA 0.73

10/14/05 ATTIJARI BANK MULTIPLE ACQUIRERS 0.736/28/00 INDIA GYPSUM LIMITED BPB LTD 0.7410/ 5/05 APEXINDO PRATAMA DUTA PT SEADRILL LTD 0.7412/ 9/98 VERTEX AS COMPAGNIE DE SAINT-GOBAIN 0.7411/29/03 ONDEO NALCO INDIA LTD CONSORTIUM 0.7411/20/06 FUYAO GROUP GLASS INDUSTR-A GOLDMAN SACHS GROUP INC 0.7411/17/06 BANK MILLENNIUM SA BANCO COMERCIAL PORTUGUES-R 0.742/27/07 ENDESA COSTANERA S.A.-B 1VT ENDESA SA 0.751/16/07 ALMACENES EXITO SA CASINO GUICHARD PERRACHON 0.751/23/07 SANGHVI MOVERS LIMITED CLSA CAPITAL PARTNER LTD 0.752/21/00 DIC INDIA LTD SUN CHEMICAL GROUP BV 0.768/27/04 WIMCO LIMITED SWEDISH MATCH AB 0.76

10/17/00 ZAKLADY ELEKTROD WEGLOWYCH SGL CARBON AG 0.773/ 8/07 CPR GOMU INDUSTRIAL PCL KINUGAWA RUBBER INDUSTRIAL 0.778/28/00 LATVIJAS UNIBANKA SKANDINAVISKA ENSKILDA BAN-A 0.773/ 9/00 BANK HANDLOWY w WARSZAWIE CITIGROUP INC 0.77

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6/27/06 STALEXPORT SA ATLANTIA SPA 0.7811/ 4/99 WHIRLPOOL SA-PREF WHIRLPOOL CORP 0.7810/15/04 CIA SIDERURGICA TUBARAO-PREF ARCELOR 0.7810/30/03 REXAM BEVERAGE CAN SOUTH AME REXAM PLC 0.796/12/00 BANK HANDLOWY w WARSZAWIE CITIGROUP INC 0.84/13/04 REXAM BEVERAGE CAN SOUTH AME REXAM PLC 0.826/27/00 IPS SKANSKA SKANSKA AB-B SHS 0.838/30/01 WARTSILA INDIA LTD WARTSILA OYJ-B SHARES 0.836/ 5/02 BAYER CROPSCIENCE INDIA LTD BAYER AG 0.83

10/25/05 SINGHA PARATECH PCL WESTCOAST INTERNATIONAL CO L 0.834/ 5/00 DROSED L.D.C. SA 0.857/ 6/01 AES TIETE SA-PREF AES CORP 0.85

10/10/00 PHILIPS INDIA LIMITED PHILIPS ELECTRONICS NV 0.862/17/05 MALAYSIA SMELTING CORP BHD STRAITS TRADING CO LTD 0.865/ 3/07 ALMACENES EXITO SA CASINO GUICHARD PERRACHON 0.867/25/03 PUNJAB TRACTORS LIMITED CDC CAPITAL PARTNERS 0.861/27/00 FORESTAL CHOLGUAN S.A. CELULOSA ARAUCO Y CONSTITUCI 0.86

10/24/00 HUMAN OLTOANYAGTERMELO ES GY TEVA PHARMACEUTICAL IND LTD 0.878/20/07 GOKALDAS EXPORTS LIMITED BLACKSTONE GROUP LP/THE 0.872/ 1/07 SPICEJET LIMITED BNP PARIBAS 0.878/28/06 MATRIX LABORATORIES LTD MYLAN LABORATORIES INC 0.875/18/00 EXBUD SKANSKA SA SKANSKA AB-B SHS 0.887/17/01 EUROPEJSKI FUNDUSZ LEASING CAISSE NATIONALE CREDIT /OLD 0.887/19/01 CENTRALE LAITIERE GROUPE DANONE 0.897/19/05 BAVARIA SA SABMILLER PLC 0.8911/ 3/00 GENER S.A. AES CORP 0.8911/21/01 PHILIPS INDIA LIMITED PHILIPS ELECTRONICS NV 0.912/13/01 AGROS HOLDINGS S.A. PERNOD-RICARD SA 0.919/13/02 TUBOS DE ACERO DE MEXICO SA TENARIS SA 0.914/18/06 SUPER SHINE CO LTD-A GIC REAL ESTATE PTE LTD 0.916/30/03 ZIMPLATS HOLDINGS LTD IMPALA PLATINUM HOLDINGS LTD 0.91

12/11/01 CADBURY INDIA LIMITED CADBURY SCHWEPPES PLC 0.924/ 8/03 STOMIL OLSZTYN S.A. MICHELIN (CGDE)-B 0.933/ 7/01 ABBOTT INDIA LTD ABBOTT LABORATORIES 0.934/29/04 BUNGE BRASIL SA-PREF BUNGE LTD 0.941/23/06 SHIN CORP PCL TEMASEK HOLDINGS 0.944/22/05 POLIFARB CIESZYN-WROCLAW SA SIGMAKALON GROUP BV 0.959/12/01 SEGUROS COMERCIAL AMERICA-A ING GROEP NV-CVA 0.958/26/04 ELDER PHARMACEUTICALS LTD ACRAF SPA 0.959/20/00 NORDEA BANK POLSKA SA NORDEA BANK AB 0.959/ 1/04 FOSHAN ELECTRICAL & LIGHT-B OSRAM PROSPERITY HOLDING CO 0.969/ 1/04 FOSHAN ELECTRICAL & LIGHT-B PROSPERITY LAMPS AND COMPONE 0.961/ 3/00 EMV AKTSIA SKANSKA AB-B SHS 0.974/12/02 CIBA SPECIALTY CHEMICALS IND CIBA SPECIALTY CHEMICALS-REG 0.975/11/06 SOKOLOW S.A. SATURN NORDIC HOLDING AB 0.975/23/06 SOKOLOW S.A. SATURN NORDIC HOLDING AB 0.977/22/04 CIA IGUACU DE CAFE SO-PREF B MARUBENI CORP 0.988/28/06 DEMASZ PLC ELECTRICITE DE FRANCE 0.992/22/06 GLOBUS KONZERVIPARI NYRT CENTRALE COOPERATIVE AGRICOL 13/20/01 SANDVIK ASIA LIMITED SANDVIK AB 111/ 7/06 CARIBBEAN UTILITIES CO LTD-A FORTIS INC 15/31/05 INDOCEMENT TUNGGAL PRAKARSA HEIDELBERGCEMENT AG 111/ 5/01 HOLCIM INDONESIA TBK PT HOLCIM LTD-REG 14/17/02 MITEX SA EIFFAGE 1.01

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5/28/02 MITEX SA EIFFAGE 1.0112/ 2/04 SINTEX INDUSTRIES LIMITED WARBURG PINCUS LLC 1.0111/10/04 JUBILANT ORGANOSYS LTD CITIGROUP INC 1.015/ 3/07 BULGARIAN TELECOMMUNICATION AMERICAN INTERNATIONAL GROUP 1.012/10/06 SHRIRAM TRANSPORT FINANCE MULTIPLE ACQUIRERS 1.014/28/06 GUOCOLAND MALAYSIA BHD GUOCOLAND LTD 1.018/26/02 SANTA ISABEL S.A. KONINKLIJKE AHOLD NV 1.03

11/27/00 CHANDLER INS CO LTD MANAGEMENT GROUP 1.033/14/01 CABOT INDIA LTD CABOT CORP 1.038/11/05 RR Donnelley Poligrafia SA RR DONNELLEY & SONS CO 1.03

10/26/06 IMPSAT FIBER NETWORKS INC GLOBAL CROSSING LTD 1.0311/25/06 GD MIDEA ELECTRIC APPLIANCES GOLDMAN SACHS GROUP INC 1.049/ 2/04 APOLLO HOSPITALS ENTERPRISE TEMASEK HOLDINGS 1.04

10/10/03 RAJADAMRI HOTEL PUB CO LTD COM-LINK CO LTD 1.041/24/01 MOSTOSTAL-WARSZAWA SA ACCIONA SA 1.059/29/04 LUKOIL-CLS CONOCOPHILLIPS 1.056/30/05 TELEFONICA O2 CZECH REPUBLIC TELEFONICA SA 1.051/10/00 KEPPEL THAI PROPERTIES PLC KEPPEL LAND LTD 1.063/18/03 PROVIMI-ROLIMPEX SA PROVIMI HOLDING 1.071/23/06 SHIN CORP PCL TEMASEK HOLDINGS 1.074/ 7/05 AREVA T&D INDIA LTD AREVA - CI 1.085/18/04 BANK BUMIPUTERA INDONESIA ICB FINANCIAL GROUP HOLDINGS 1.083/27/06 ZENTIVA NV SANOFI-AVENTIS 1.086/21/01 DIGI.COM BHD TELENOR ASA 1.084/ 5/00 EXBUD SKANSKA SA SKANSKA AB-B SHS 1.083/16/00 EXBUD SKANSKA SA SKANSKA AB-B SHS 1.09

10/26/05 FORTUM WROCLAW SA FORTUM OYJ 1.091/19/07 WARTSILA INDIA LTD WARTSILA OYJ-B SHARES 1.1

11/11/05 ANTENNA HUNGARIA RT SWISSCOM AG-REG 1.18/23/07 AMBUJA CEMENTS LIMITED HOLCIM LTD-REG 1.13/27/03 ACESITA SA-PREF ARCELOR 1.112/ 9/07 FAIRFIELD ATLAS LTD MULTIPLE ACQUIRERS 1.115/16/02 CADBURY INDIA LIMITED CADBURY SCHWEPPES PLC 1.113/20/02 POLAR SA WHIRLPOOL CORP 1.122/28/06 MALAYSIA PACKAGING INDUSTRY TOYO SEIKAN KAISHA LTD 1.137/24/02 KREDYT BANK SA KBC GROEP NV 1.13

12/14/99 WHITE MARTINS S.A. PRAXAIR INC 1.133/12/01 HOGANAS INDIA LIMITED HOGANAS AB-B 1.137/16/05 BOSCH CHASSIS SYSTEMS INDIA ROBERT BOSCH GMBH 1.134/30/07 GRUPO IMSA S.A.B. TERNIUM SA-SPONSORED ADR 1.148/20/07 GOKALDAS EXPORTS LIMITED BLACKSTONE GROUP LP/THE 1.147/ 3/00 SOC DE PRODUITS CHIMIQUES DE UNILEVER NV-CVA 1.144/27/07 MOTOR INDUSTRIES CO LIMITED BOSCH GROUP/THE 1.14

11/10/00 PIRELLI PNEUS S.A.-PREF PIRELLI SPA 1.152/19/04 ULMA CONSTRUCCION POLSKA SA ULMA C Y E SOCIEDAD COOPERAT 1.151/29/07 NANYANG PRESS HOLDINGS BHD MING PAO ENTERPRISE CORP LTD 1.156/25/07 ESAB INDIA LIMITED CHARTER PLC 1.152/11/05 HANSAPANK SWEDBANK AB - A SHARES 1.157/31/03 PUNJAB TRACTORS LIMITED CDC CAPITAL PARTNERS 1.1612/ 7/00 CASTROL (INDIA) LIMITED BP PLC 1.166/14/04 FLEXTRONICS SOFTWARE SYS LTD FLEXTRONICS INTL LTD 1.163/30/06 ACESITA SA-PREF ARCELOR 1.176/ 8/00 ASTRA CIA ARGENTINA DE PETRO REPSOL YPF SA 1.178/31/01 THOMAS COOK (INDIA) LIMITED THOMAS COOK AG 1.17

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3/23/04 BANK NISP PT OVERSEA-CHINESE BANKING CORP 1.1811/30/06 BEIQI FOTON MOTOR CO LTD-A DAIMLERCHRYSLER AG-REG 1.195/ 3/00 TIPCO ASPHALT PUB CO LTD COLAS SA 1.195/ 9/05 PING AN INSURANCE GROUP CO-H HSBC HOLDINGS PLC 1.193/ 9/01 ROYAL ORCHID HOTEL STARWOOD HOTELS & RESORTS 1.197/ 9/04 HONEYWELL AUTOMATION INDIA HONEYWELL INTERNATIONAL INC 1.27/30/07 WENDT INDIA LIMITED MULTIPLE ACQUIRERS 1.2

10/11/05 APAR INDUSTRIES LIMITED CREDIT AGRICOLE SA 1.213/30/05 LENOVO GROUP LTD MULTIPLE ACQUIRERS 1.218/17/05 VISUALSOFT TECHNOLOGIES LTD SOFTBANK CORP 1.213/ 3/00 ASSECO POLAND SA MANAGEMENT GROUP 1.211/29/07 SIN CHEW MEDIA CORP BHD MING PAO ENTERPRISE CORP LTD 1.22

12/23/03 CARLSBERG POLSKA S.A. CARLSBERG AS-B 1.2311/22/06 FULFORD (INDIA) LIMITED DASHTAG UK 1.232/24/00 CARIBBEAN UTILITIES CO LTD-A FORTIS INC 1.233/20/06 KERZNER INTERNATIONAL LTD MULTIPLE ACQUIRERS 1.231/11/01 HYDROBUDOWA S.A. NCC AB-B SHS 1.243/15/04 BOE TECHNOLOGY GROUP CO LT-B FIELDS PACIFIC LTD 1.24

10/27/06 BROKER FM SA BAUER-VERLAG 1.248/18/05 HUA THAI MANUFACTURING PCL TRISTATE HOLDINGS LTD 1.25

10/26/05 FORTUM WROCLAW SA FORTUM OYJ 1.265/21/01 LABORATORIO CHILE S.A. IVAX CORP 1.267/21/05 ANTENNA HUNGARIA RT SWISSCOM AG-REG 1.265/14/01 CARRIER AIRCON LIMITED UNITED TECHNOLOGIES CORP 1.275/22/01 THAI INDUSTRIAL GASES PUB CO BOC GROUP PLC 1.276/13/01 THAI INDUSTRIAL GASES PUB CO BOC GROUP PLC 1.273/ 1/01 BALTA CODAN A/S 1.271/ 6/01 GRUPO IUSACELL SA DE C.V. VODAFONE GROUP PLC 1.28

11/10/00 PIRELLI CABOS S.A. PIRELLI SPA 1.2912/14/01 SAN MIGUEL CORP-CLASS A KIRIN HOLDINGS CO LTD 1.292/ 3/04 SPI TECHNOLOGIES INC TH LEE PUTNAM VENTURES 1.293/16/00 GSS ARRAY TECHNOLOGY PCL ACT MANUFACTURING INC 1.39/16/04 SOKOLOW S.A. SATURN NORDIC HOLDING AB 1.36/ 7/07 COURTS MAMMOTH BHD Malaysia Retail Group Ltd 1.39/27/05 BINANI INDUSTRIES LTD MULTIPLE ACQUIRERS 1.33/ 4/05 SUEZ CEMENT CONSORTIUM 1.35/18/06 OYL INDUSTRIES BHD DAIKIN INDUSTRIES LTD 1.315/ 8/00 GRUPO FINANCIERO SERFIN-A BANCO SANTANDER SA 1.32

12/14/06 BAOYE GROUP CO LTD -H TIGER GLOBAL MANAGEMENT LLC 1.322/21/07 MALAYSIAN OXYGEN BERHAD LINDE AG 1.322/26/07 ALFA-LAVAL (INDIA) LTD ALFA LAVAL AB 1.328/ 7/00 REVAL HOTELLIGRUPI LA LINSTOW ASA 1.33

10/31/05 HUA THAI MANUFACTURING PCL TRISTATE HOLDINGS LTD 1.341/22/04 HOLCIM APASCO SA-SER * HOLCIM LTD-REG 1.347/18/06 MYSORE CEMENTS LIMITED HEIDELBERGCEMENT AG 1.358/18/04 BALAJI TELEFILMS LTD ASIAN BROADCASTING FZ LLC 1.351/19/00 KEKKUTI ASVANYVIZ RT NESTLE SA-REG 1.367/ 3/02 KARAT SANITARYWARE PCL KOHLER CO 1.36

10/31/02 PRIMAGAZ RT SHV HOLDINGS NV 1.373/20/06 HEXAWARE TECHNOLOGIES LTD GENERAL ATLANTIC LLC 1.3712/ 6/04 SUEZ CEMENT CIMENTS FRANCAIS 1.375/30/01 ALFA-LAVAL (INDIA) LTD ALFA LAVAL INTERNATIONAL AB 1.384/19/00 SOCIETE GENERALE-SPLITSKA UNICREDITO ITALIANO SPA 1.381/30/06 AMBUJA CEMENTS LIMITED HOLCIM LTD-REG 1.38

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4/ 7/03 CLARIANT CHEMICALS (I) LTD CLARIANT AG-REG 1.3912/14/06 PPB OIL PALMS BERHAD WILMAR INTERNATIONAL LTD 1.393/22/07 DUKAT MLIJECNA INDUSTRIJA D. GROUPE LACTALIS 1.411/ 1/04 AMERICAN STANDARD SANITARYWA AMERICAN STANDARD INC-OLD 1.41/20/03 MIWON INDONESIA TBK PT DAESANG CORPORATION 1.4

10/20/04 CESKE RADIOKOMUNIKACE BIVIDEON BV 1.43/ 8/01 ING BANK SLASKI SA ING GROEP NV-CVA 1.415/28/02 GULF INDONESIA RESOURCES LTD CONOCOPHILLIPS HOLDING CO 1.418/10/07 TRANSPORT CORP OF INDIA LTD FMR CORP 1.43

11/13/02 KENNAMETAL INDIA LIMITED KENNAMETAL INC 1.447/17/06 Siemens Med Solutn Diag Ltd SIEMENS AG-REG 1.443/ 6/07 TASEK CORP BHD GK GOH HOLDINGS LTD 1.445/18/06 OYL INDUSTRIES BHD DAIKIN INDUSTRIES LTD 1.45

10/20/06 HIMADRI CHEMICALS & INDS CITIGROUP INC 1.454/ 2/04 AVAYA GLOBALCONNECT LTD AVAYA INC 1.463/29/07 THANACHART BANK PCL BANK OF NOVA SCOTIA 1.47

10/22/03 LUCKY FILM CO-A EASTMAN KODAK CO 1.472/ 3/05 CHINA FIRE SAFETY ENTERPRISE UNITED TECHNOLOGIES CORP 1.485/14/07 PAKISTAN INDUSTRIAL CREDIT TEMASEK HOLDINGS 1.483/28/01 ALLIANZ MALAYSIA BHD ALLIANZ SE-REG 1.491/27/06 FORTUM WROCLAW SA FORTUM OYJ 1.494/23/04 E.ON TISZANTULI ARAMSZOLGALT E.ON AG 1.516/27/00 NOBLEZA PICCARDO S.A. BRITISH AMERICAN TOBACCO PLC 1.512/18/00 SEMPERTRANS BELCHATOW SA SEMPERIT AG HOLDING 1.513/20/07 DMCI HOLDINGS INC DACON CORP 1.518/ 2/01 INFAR INDIA LTD AKZO NOBEL 1.528/17/06 BLUE DART EXPRESS DEUTSCHE POST AG-REG 1.523/ 7/06 HUAXIN CEMENT CO LTD-B HOLCIM LTD-REG 1.5311/ 8/05 RENAULT ARGENTINA SA RENAULT SA 1.546/ 4/02 AS HARJU ELEKTER PKC GROUP OYJ 1.544/28/00 LA ELECTRICIDAD DE CARACAS AES CORP 1.55

10/16/06 TECHFAST HOLDINGS BHD TRIFAST PLC 1.5510/27/06 ONDEO NALCO INDIA LTD NALCO HOLDING CO 1.5510/28/05 BHARTI AIRTEL LIMITED VODAFONE GROUP PLC 1.557/25/06 UTV SOFTWARE COMMUNICATIONS THE WALT DISNEY CO 1.573/13/05 HM SAMPOERNA TBK PT ALTRIA GROUP INC 1.575/15/06 CSMC TECHNOLOGIES CORP CHINA RESOURCES LOGIC LTD 1.579/28/01 REPUBLIC CEMENT CORP LAFARGE SA 1.571/19/07 LCTH CORP BHD FU YU CORP LTD 1.584/23/04 E.ON DEL-DUNANTULI ARAMSZOLG E.ON AG 1.5912/ 1/03 DIGITAL GLOBALSOFT LTD HEWLETT-PACKARD CO 1.591/30/06 AMBUJA CEMENTS LIMITED HOLCIM LTD-REG 1.69/21/01 3M VISCOPLAST 3M CO 1.611/12/00 SHANGHAI YAOHUA PILKINGTON-B PILKINGTON PLC 1.616/26/07 CALIFORNIA SOFTWARE CO. LTD. KEMOIL LTD 1.622/ 4/02 PHARMACIA HEALTHCARE LTD PHARMACIA CORP 1.63

10/23/06 ANSAL PROPERTIES & INFRASTRU CITIGROUP INC 1.641/13/05 CAMERLIN GROUP BHD GUOCO GROUP LTD 1.641/12/01 KUJAWSKA FABRYKA MANOMETROW CENTRAL EUROPE GAUGES HOLD 1.655/ 5/04 SEVEROMORAVSKE VODOVODY A KA WATERFALL HOLDING BV 1.654/12/04 E-SERVE INTERNATIONAL LTD CITIGROUP INC 1.653/19/01 CENTAK CHEMICALS AKZO NOBEL 1.652/15/05 CRISIL LTD MCGRAW-HILL COMPANIES INC 1.67

10/20/05 BANK UOB BUANA TBK PT UNITED OVERSEAS BANK LTD 1.69

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2/ 6/03 CATERPILLAR POWER INDIA PVT CATERPILLAR INC 1.711/ 5/02 SYNGENTA INDIA LTD SYNGENTA AG-REG 1.719/ 2/02 OTIS ELEVATOR CO (INDIA) CONSORTIUM 1.711/12/07 LANDWIND MEDICAL HOLDINGS CITIGROUP INC 1.716/26/00 POLAR SA BRANDT GROUP 1.728/23/07 CALIFORNIA SOFTWARE CO. LTD. KEMOIL LTD 1.754/27/07 SESA GOA LIMITED VEDANTA RESOURCES PLC 1.751/13/00 TELE SUDESTE CELULAR PART-PR TELEFONICA SA 1.766/21/07 FCI OEN CONNECTORS LTD FCI SA 1.777/ 8/04 CESKE RADIOKOMUNIKACE BIVIDEON BV 1.773/29/04 POLFA KUTNO RECORDATI SPA 1.783/13/02 RECKITT BENCKISER (INDIA) RECKITT BENCKISER PLC 1.798/ 5/03 ASHANTI GOLDFIELDS CO LTD ANGLOGOLD ASHANTI LTD 1.815/ 4/05 FLEXTRONICS SOFTWARE SYS LTD FLEXTRONICS INTL LTD 1.812/26/07 LINAMAR HUNGARY NYRT LINAMAR CORP 1.828/ 9/06 UNION BANK LTD STANDARD CHARTERED PLC 1.824/15/05 INTERNATIONAL ENERGY GROUP BABCOCK & BROWN INFRASTRUCTU 1.83

11/15/06 CHENGDU YANGZHIGUANG INDUSTR GOLDMAN SACHS GROUP INC 1.8410/27/04 IND-SWIFT LABORATORIES LTD AENEAS PORTFOLIO CO LP 1.851/13/00 TELECOMUNICACOES DE SAO-PREF TELEFONICA SA 1.853/30/00 EMPRESA MINERA MANTOS BLANCO ANGLO AMERICAN PLC 1.889/13/06 I-FLEX SOLUTIONS LTD ORACLE CORP 1.886/14/99 MOSTOSTAL-WARSZAWA SA ACCIONA SA 1.891/16/07 GRAPHISOFT SE NEMETSCHEK AG 1.97/22/02 MADURA COATS COATS PLC 1.97

10/30/03 RAYBAN SUN OPTICS LTD LUXOTTICA GROUP SPA 1.9710/ 2/00 PHILIPPINE SEVEN CORP PRESIDENT CHAIN STORE CORP 25/24/04 THAI GYPSUM PRODUCT PUB CO BPB LTD 21/ 7/00 RICHTER GEDEON NYRT APV RT 212/ 8/06 DUNHAM-BUSH (MALAYSIA) BHD OTAVALO HOLDING LTD 2.014/ 3/06 MPHASIS LIMITED ELECTRONIC DATA SYSTEMS CORP 2.039/ 2/04 CIA DE BEBIDAS DAS AME-PREF INBEV NV 2.0312/ 6/06 THAINOX STAINLESS PCL POSCO 2.042/15/07 YOKOGAWA INDIA LTD YOKOGAWA ELECTRIC CORP 2.064/13/04 POLFA KUTNO IVAX CORP 2.085/20/05 QINGLING MOTORS COMPANY-H ISUZU MOTORS LTD 2.097/29/02 KODAK INDIA LIMITED EASTMAN KODAK CO 2.125/ 4/05 CIA BRASILEIRA DE DISTR-PREF CASINO GUICHARD PERRACHON 2.238/15/00 MODI XEROX LIMITED SINGAPORE TECHNOLOGIES PTE 2.277/23/07 LODE INVESTOR GROUP 2.341/19/00 KEKKUTI ASVANYVIZ RT NESTLE SA-REG 2.522/27/00 AMERIYAH CEMENT CIMPOR-CIMENTOS DE PORTUGAL 2.598/ 7/01 ITW INDIA LTD ILLINOIS TOOL WORKS 2.725/22/07 ANANT RAJ INDUSTRIES LTD GOVT OF SINGAPORE INV CORP 2.735/ 9/07 LUMAX INDUSTRIES LIMITED STANLEY ELECTRIC CO LTD 2.83/12/07 EKCO SA-NOM SHS LIFETIME BRANDS INC 2.945/16/02 UNIQUE GAS AND PETROCHEMICAL BOC GROUP PLC 32/21/05 KPIT CUMMINS INFOSYSTEMS LTD LEHMAN BROTHERS HOLDINGS INC 3.173/ 2/06 KEPPEL PHILIPPINES MARINE KEPPEL CORP LTD 3.351/19/07 LAKSON TOBACCO COMPANY LTD ALTRIA GROUP INC 3.452/ 4/05 CHINA FIRE SAFETY ENTERPRISE UNITED TECHNOLOGIES CORP 3.66

11/19/02 BIOBRAS SA-PREF NOVO NORDISK A/S-B 3.687/16/07 K.S. OILS LIMITED BARING PRIVATE EQUITY PARTNE 4.074/ 4/00 GRUPA ONET.PL SA PRIVATE INVESTOR 4.51

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7/19/06 SHANGHAI TONVA PETROCHEM-H CLSA CAPITAL PARTNER LTD 5.932/ 7/07 VALECHA ENGINEERING LTD. KOON HOLDINGS LTD 6.78/29/06 AMOUN PHARMACEUTICAL CO MULTIPLE ACQUIRERS 7.42

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8 LIST OF REFERENCES

Research Papers and Publications

Ramachandran, J., Gunta, S., & Pant A. 2007.

Institutions and International Entrepreneurship

Ramachandran J., & Gunta S. 2007. Dynamic

Capabilities, An Emerging Economy Perspective

Ramachandran J., & Pant A. 2007. The Liabilities of

Origin – An Emerging Economy Perspective

Mathew J., & Jain S. 2006. India Inc Goes Abroad

Dr. Andrej Bertoncel 2006. Acquisition valuation:

How to Value a Going Concern?

Henderson, Harry, Gart, Alan. Bank Accounting &

Finance (Euromoney Publications PLC), Summer99,

Vol. 12, Issue 4. Key Variables Explaining Acquisition

Premiums for Large Commercial Banks

Haunschild, Pamela R. Administrative Science

Quarterly, Vol. 39, No. 3. (Sep., 1994), pp. 391-411.

How Much is That Company Worth?:

Interorganizational Relationships, Uncertainty, and

Acquisition Premiums

Websites/Online articles

http://www.site.securities.com

http://thehindubusinessline.com/businessline/

2000/03/24/stories/052437im.htm

http://www.hinduonnet.com/2000/04/02/stories/

06020001.htm

http://www.businessworld.in/content/view/513/564/

http://indianequityresearch.files.wordpress.com/

2007/02/amp130207.pdf

http://www.thehindubusinessline.com/2005/07/26/

stories/2005072602950100.htm

Page 97

http://www.thehindubusinessline.com/2005/07/26/stories/2005072602950100.htm


http://indianequityresearch.files.wordpress.com/2007/02/amp130207.pdf

http://indianequityresearch.files.wordpress.com/2007/02/amp130207.pdf

http://www.businessworld.in/content/view/513/564/

http://www.hinduonnet.com/2000/04/02/stories/06020001.htm

http://www.hinduonnet.com/2000/04/02/stories/06020001.htm

http://thehindubusinessline.com/businessline/2000/03/24/stories/052437im.htm


http://www.site.securities.com/


http://www.internetnews.com/infra/article.php/

3523426, ‘VSNL Spins Teleglobe Takeover’, Colin C.

Haley

http://www.lightreading.com/document.asp?

doc_id=77833, ‘VSNL Pays $239M for Teleglobe’

http://www.vsnlinternational.com/news/release-

view.asp?d=20060213

http://thehindubusinessline.com/businessline/

2000/03/24/stories/052437im.htm

http://www.thehindubusinessline.com/iw/2007/02/04/

stories/2007020401300700.htm, ‘Tata Corus Deal —

Should investors join the chorus?’, Krishnan

Thiagarajan

http://www.indica.co.za/tata_steel/media/

20040817.htm

http://www.rediff.com/money/2006/oct/20tata.htm ,

‘Corus accepts takeover bid by Tata Steel’


stories/2007020103750400.htm, ‘Tata-Corus deal:

Aggressive price by any yardstick’, Krishnan

Thiagarajan

http://in.ibtimes.com/articles/20070201/tata-corus-csn-

takeover-bid-acquisition-12-billion.htm ‘Tata wins

Corus with US$ 12 billion offer’, Surojit Chatterjee

http://in.ibtimes.com/articles/20061212/tata-steel-

corus-brazil-csn-acquisition-bid-mittal-arcelor.htm,

‘CSN tops Tata's sweetened offer for Corus, bid war

enters endgame’, Surojit Chatterjee

http://www.rediff.com/money/2007/jan/31corus1.htm


stories/2007070752051000.htm , ‘Corus directors on

Tata Steel board’

Page 98



http://www.rediff.com/money/2007/jan/31corus1.htm

http://in.ibtimes.com/articles/20061212/tata-steel-corus-brazil-csn-acquisition-bid-mittal-arcelor.htm

http://in.ibtimes.com/articles/20061212/tata-steel-corus-brazil-csn-acquisition-bid-mittal-arcelor.htm

http://in.ibtimes.com/articles/20070201/tata-corus-csn-takeover-bid-acquisition-12-billion.htm

http://in.ibtimes.com/articles/20070201/tata-corus-csn-takeover-bid-acquisition-12-billion.htm



http://www.rediff.com/money/2006/oct/20tata.htm

http://www.indica.co.za/tata_steel/media/20040817.htm

http://www.indica.co.za/tata_steel/media/20040817.htm

http://www.thehindubusinessline.com/iw/2007/02/04/stories/2007020401300700.htm

http://www.thehindubusinessline.com/iw/2007/02/04/stories/2007020401300700.htm



http://www.vsnlinternational.com/news/release-view.asp?d=20060213

http://www.vsnlinternational.com/news/release-view.asp?d=20060213

http://www.lightreading.com/document.asp?doc_id=77833

http://www.lightreading.com/document.asp?doc_id=77833

http://www.internetnews.com/feedback.php/http:/www.internetnews.com/infra/article.php/3523426

http://www.internetnews.com/feedback.php/http:/www.internetnews.com/infra/article.php/3523426

http://www.internetnews.com/infra/article.php/3523426

http://www.internetnews.com/infra/article.php/3523426


http://www.busrep.co.za/index.php?

fArticleId=3656613, ‘Tata Steel's $13.7bn bid bowls

over Corus board’, Prashant Rao

Page 99

http://www.busrep.co.za/index.php?fArticleId=3656613

http://www.busrep.co.za/index.php?fArticleId=3656613

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