─ xbma ─ Cross-Border M&A Data Points Beijing, June 12-13, 2008

─ xbma ─ 2 Global M&A Volume: Steady growth of global M&A volume from 2003 (under US$2 trillion) through mid-2007 (US$5.1 trillion), fueled by the availability of vast amounts of cheap debt, growing pools of investment capital across the globe, and confidence in the markets. US$5.1 trillion M&A volume in 2007 represented a new high water mark, beating prior high watermark of US$4.3 trillion in Generally three- to four-year cycles historically. Source: Dealogic Thomson $4.3T $5.1T $1.5T

─ xbma ─ 3 Global M&A and XB M&A Volume: Steady increase in the volume of global M&A that involves cross-border transactions  Record 46% of 2007 activity was cross- border, and the trend is likely to accelerate. 46% 54% 65% 35% 67% 33% $3T $4.3T $5.1T Source: Thomson

─ xbma ─ 4 Global M&A: Current Conditions 46% 54% 65% 35% 67% 33% $3T $4.3T $5.1T *2008 figures projected based on 2008 Q1 and estimated Q2 data Est. $3T? Source: Thomson Sub-prime and credit crises of mid-2007 marked the beginning of a down-cycle – 2008 YTD volume down significantly Key determining factors for activity in the second half of 2008 are likely to be:  Restoration of liquidity; re-emergence of private equity deals  Restoration of confidence in the markets; acceleration of strategic deals  Acquisition activity from China, India and oil-rich countries (including the growing SWFs) ~47% ~53%

─ xbma ─ 5 M&A Volume by Target’s Region – 2007 Breakdown of $5.1 Trillion of 2007 Transactions M&A markets in North America and Western Europe are significantly more developed and liquid than those of the rest of the world  80% of global M&A occurred in North America and Western Europe (which represent 60% of the world’s GDP)  12% of global M&A occurred in Asia (which represents 22% of the world’s GDP) But the M&A volume involving China, India and oil-rich countries (including SWFs) is growing fast Source: Thomson

─ xbma ─ 6 Global M&A by Industry – 2007 Cross-border M&A proportionately exceeded total global M&A in the Materials and Financials sectors, consistent with developing economies’ needs for natural resources and recent investment opportunities in the troubled financial sector Source: Thomson

─ xbma ─ 7 Asia-Pacific (ex-Japan): M&A Volume – %41% 60% 59% $267B $427B $533B Source: Thomson Steady increase in volume throughout the region – US$533B of domestic and inbound M&A in China accounts for a growing component of the total, representing about US$20B of the 2006 total and about US$30B of the 2007 total. † Asia-Pacific (ex-Japan) region includes India

─ xbma ─ 8 China Inbound and Outbound M&A and Investment, by Industry – 2007 Chinese investors and acquirers have been most active in outbound investments/acquisitions in the financial, mining and oil sectors. The trend of buying natural resources offshore is continuing in 2008, with more than $21B worth of transactions in those sectors already announced in 2008 YTD Inbound investments highest in financial and real estate sectors Source: Thomson

─ xbma ─ 9 China Outbound M&A – M&A outflow from China is rising fast – already at $32.1B from 102 deals so far in 2008, and already eclipsing full-year 2007 volume  Deal size is growing fast -- the average deal size in 2008 is $383M, more than double the full year 2007 average of $187M  Chinese activity in 2008 represents 45% of all outbound M&A activity in the Asia (ex-Japan) region so far this year, compared to 16% in 2007 YTD Source: Dealogic US$32.1B YTD *Excludes certain minority investments

─ xbma ─ 10 China Inbound M&A – Source: Dealogic US$6.5B YTD China inbound activity rose through 2007, but would appear to be at a lower pace so far in 2008, perhaps reflecting the downturn in the West. $18.3B $25.1B

─ xbma ─ 11 China Outbound M&A – Over the last two years, the US and UK have received the highest amounts of Chinese investment.  The UK’s significant showing in 2008 results largely from the Rio Tinto investment by CHALCO Source: Thomson Dealogic

─ xbma ─ 12 Asia-Pacific: Top Announced Cross-Border Deals – DateTarget CompanyTarget IndustryForeign Investor Value of Deal (US$mil) 2/23/2006KT&G Corp Tobacco Products Steel Partners II, L.P. & Icahn Partners LP et al. 8, /3/2007Korea Exchange BankCommerical BankingHSBC Holdings PLC6, /24/2006 Advanced Semiconductor Electronic Equipment The Carlyle Group et al.5, /21/2006 Hutchison Port Holdings Ltd Transportation & Shipping (except air) PSA Corp Ltd4, /27/2006ICBC Commercial Banking Allianz Group et al.3, /2/2007 Perfect Field Investment Inc Electronic Equipment Rowsley Ltd3, /11/2006 Mirant Corp- Generating Electric/Gas/Water Distribution The Tokyo Electric Power Company et al. 3, /10/2005Korea First Bank Commercial Banking Standard Chartered PLC 3, /18/2005Bank of China Ltd Commercial Banking RBS et al.3, /16/2006 Guangdong Development Bank Commercial Banking Citigroup et al.3,100.0 Source: Thomson

─ xbma ─ 13 China: Top Announced Inbound Cross-Border Deals – 2007 DateTarget Company Target Industry Foreign Investor Value of Deal (US$mil) 5/2/2007Perfect Field Investment IncHigh TechnologyRowsley Ltd3, /2/2007China Eastern Airlines CorpIndustrialsTemasek et al /6/2007 Kerry (Shenyang) Real Estate Development Co Ltd Real Estate Allgreen Properties Ltd /10/2007China National Chemical CorpMaterials Blackstone Group LP /10/2007City Centre Development PhasesReal Estate China Real Estate Opp /25/2007China Fortune Securities Co LtdFinancialsMorgan Stanley /28/2007 Guangzhou Hengda Industrial Group Co FinancialsInvestor Group /13/2007C-BONS Hair Care Consumer Staples Beiersdorf AG /12/2007Shenzhen ExcelStor LtdHigh TechnologyIomega Corp323.1 Source: Thomson

─ xbma ─ 14 China: Top Announced Outbound Cross-Border Deals – DateTarget Company Target Industry Foreign Investor Value of Deal (US$mil) 2/1/2008Rio Tinto PLCMaterialsCHALCO14, /25/2007 Standard Bank Group Ltd FinancialsICBC5, /19/2007Morgan StanleyFinancialsChina Investment Corp5, /1/2007Nufarm LtdMaterialsChemChina et al.3, /20/2007 Blackstone Group LP Financials China State Investment Corp 3, /23/2007Barclays PLCFinancialsChina Development Bank2, /28/2007Fortis Group NVFinancials Ping An Insurance Company of China 2, /7/2007Midwest Corp LtdMaterialsSinosteel Corp1,245.7 Source: Thomson

─ xbma ─ 15 Sovereign Wealth Fund Assets SWFs manage approximately US$3 trillion in assets, including:

─ xbma ─ 16 Universe of Investable Assets (Total US$72 Trillion) Source: The Economist