Asia Money All

This report researched and edited by:

EditorRichard Morrow

Polls editorBernice Lam

Assistant polls editorAlice Li

Design managerSimon Kay

PublisherAndrew Cover

Asiamoney is registered with the Hong Kong Government.

All rights reserved. No part of this publication may be reproduced in any form without thepermission of the publisher.

While every care is taken in the preparation of this publication, no responsibility can beaccepted for any errors, however caused.

“Asiamoney” is registered as a trademark.

© 2008 Euromoney Institutional Investor (Jersey) Limited

Directors: Tony Shale, Richard Ensor, Anita Rye

CEO, Euromoney Institutional Investor, Asia: Tony Shale

To purchase a copy of this full report (price US$8,500) please contact:

Asiamoney Marketing & Subscription,5/F Printing House,6 Duddell Street,Central,Hong Kong. Tel: (852) 2842 6919/6999Fax: (852) 2111 0494Email: [email protected]

Methodology

List of respondents

Overall

Regional

Prime broking & hedge fund services

Australia

China

Hong Kong

India

Indonesia

Japan

Korea

Malaysia

Pakistan

The Philippines

Singapore

Taiwan

Thailand

CONTENTS

METHODOLOGY Regional Equity Research(The 12 industries covered are those given the highest weighting in the MSCI Asia ex-Japan indexas of 31 May 2008 – please refer to the GICS map for industry definitions):

• Strategist • Economist• Quantitative/technical analyst• Banks analyst• Conglomerates analyst • Consumer discretionary analyst • Consumer staples analyst• Energy analyst• Materials analyst• Real estate analyst• Semiconductors & semiconductor equipment analyst• Technology hardware & equipment analyst• Telecommunication services analyst• Transportation analyst• Utilities analyst• Most independent research brokerage• Least independent research brokerage

Hedge Fund section• best for hedge fund strategy• best for hedge fund ideas• most proactive services in relation to hedge fund coverage• best depth and quality of inventory for stock loan• best execution for hedge fund trades• most innovative trading ideas• best for hedge fund derivatives sales• best for hedge fund derivatives research• best for electronic trading platform (including algorithmic trading and direct market

access)• best sales people servicing hedge funds• best sales traders servicing hedge funds• most important core service when selecting a Prime Broker• best product innovation for prime broking• best pricing for prime broking• best for capital introduction• best client service for prime broking (resourceful responsiveness & trust-worthiness)• best risk management advisory services• best for quantitative research• best for customized reporting• best for futures• best all-round solutions for prime broking

Country sections• Most improved brokerage, across both research & sales, over the last 12 months• Best local brokerage

Equity Sales• Best overall sales service• Best sales people• Best brokerage for sales trading• Best execution

Corporate Access• Best for events and/or conferences• Best for roadshows and company visits

Equity Research• Best overall country research• Best country analysts• Best research coverage for strategy, macroeconomics, small caps and each of the 5

highest-weighted industries* in that market

* Industries selected according to the relevant MSCI indices as of 31 May 2008.

• Most independent research brokerage

Calculation of Results

Points for PlaceFor all categories, a first place vote was awarded three points; second place two points andthird place one point.

“One Firm – One Vote”To avoid any one institution having more influence than others of equal size, multipleresponses were fractioned according to the total number received from that one institution.

Asset Size WeightingsEach response was then weighted according to the institution’s approximate asset size (totalunleveraged Asian equity funds under management) in Asia-Pacific (ex-Australia & Japan),in Australia or in Japan (depending upon the institution’s allocation of funds). The tablebelow details weightings according to asset size (hedge fund firms have been weighted atsix times their assets to reflect their higher turnover rate):

Asset size (US$million) No. of institutions Multiplied by

<200 284 1

200-500 172 4

501-1,000 147 8

1,001-2,000 135 12

2,001-4,000 104 16

>4,000 215 20

1,057

In the 19th annual Brokers Poll Asiamoney invitations to participate in the poll weresent to chief investment officers, senior fund managers and senior investment analystsat fund management houses, hedge fund & private equity firms, insurance companiesand wealth management houses in Asia-Pacific, Europe and North America. A total of1,740 individual responses from approximately 1,000 different institutions, including305 hedge funds, were received.

Prior to launching the poll Asiamoney mapped out a target list of institutional investorand hedge fund firms and only responses from individuals within those firms wereaccepted. During the auditing process Asiamoney further verified responses by speak-ing directly to respondents; 180 individual responses were made void either becausetheir firm’s name was not on the target list or because they failed to fulfill the auditingrequirements. The geographical breakdown of the final 1,057 institutions is as follows:

The questionnaire incorporates 15 different sections as follows:

Regional China Indonesia Malaysia Singapore

Hedge Fund Hong Kong Japan Pakistan Taiwan

Australia India Korea The Philippines Thailand

The questionnaire includes the following sections and categories:

Regional (Asia ex-Australia & Japan) section• Most improved brokerage, across both research & sales, over the last 12 months.

Regional Equity Sales• Best regional brokerage for sales services• Best regional sales people• Best regional sales traders• Best regional brokerage for execution

Hong Kong 21.8%India 8.2%

Indonesia 2.0%

Japan 3.4%

Korea 5.4%

Malaysia 5.5%

North America 11.2%

Others 0.7%Philippines 0.4%

Taiwan 4.6%

Singapore 14.7%

Thailand 1.9%Australia 2.8%

China 10.7%

Europe 6.7%

Weightings for the Asia (ex-Australia & Japan) overall sales rankings

Regional 30.00% Multiplied by

- Overall sales services 30.00% 4.80

Country (Total) 70.00% Multiplied by

- China 15.55% 2.49

- Hong Kong 9.15% 1.46

- India 7.15% 1.14

- Indonesia 1.70% 0.27

- Korea 14.88% 2.38

- Malaysia 2.53% 0.40

- Pakistan 0.14% 0.02

- Philippines 0.43% 0.07

- Singapore 4.79% 0.77

- Taiwan 12.12% 1.94

- Thailand 1.55% 0.25

Total 100.00%

For the Australia and Japan overall combined research & sales rankings, the votes from the categories of best overall country research and

best overall sales service for each market were simply added together.

N.B. The percentage shares of all published rankings are based on calculated scores and are rounded to two decimal places.

The cut-off date for the movement of analysts, sales people and sales traders was 31 August 2008. Only those who changed employer on or

before that date are listed under their new brokerage, if known. The names and coverage of each individual was verified by their brokerage.

Asiamoney would like to thank those who helped design the questionnaire, as well as all respondents for taking the time to complete and

return it.

Rankings for Overall Combined Research & Sales, Overall Research & Overall Sales

For the Asia (ex-Australia & Japan) rankings a country weighting system was used to compare brokerages as a whole in the region. The ration-

ale is that the importance of markets varies across the region, so the points a brokerage receives in major markets should be weighted more

than the points it receives in smaller markets. The MSCI AC Asia ex-Japan (as of 31 May 2008) was used to achieve this. A similar sector

weighting system was used to address the importance of the sectors within the region. Please refer to the following tables for a mathematical

breakdown:

Weightings for the Asia (ex-Australia & Japan) overall research rankings

Regional (Total) 30.00% Multiplied by

- Strategy 3.00% 0.48

- Economics 2.00% 0.32

- Quantitative 1.00% 0.16

- Banks 4.46% 0.71

- Conglomerates 1.02% 0.16

- Consumer Discretionary 1.75% 0.28

- Consumer Staples 1.01% 0.16

- Energy 2.58% 0.41

- Materials 2.32% 0.37

- Real Estate 2.12% 0.34

- Semiconductors & Semiconductor Equipment 2.39% 0.38

- Technology Hardware & Equipment 1.80% 0.29

- Telecommunication Services 2.53% 0.41

- Transportation 1.02% 0.16

- Utilities 1.00% 0.16

Country (Total) 70.00% Multiplied by

- China 15.55% 2.49

- Hong Kong 9.15% 1.46

- India 7.15% 1.14

- Indonesia 1.70% 0.27

- Korea 14.88% 2.38

- Malaysia 2.53% 0.40

- Pakistan 0.14% 0.02

- Philippines 0.43% 0.07

- Singapore 4.79% 0.77

- Taiwan 12.12% 1.94

- Thailand 1.55% 0.25

Total 100.00%

METHODOLOGY (CONTINUED)

INDUSTRY GROUP (SELECTED) INDUSTRY

Automobiles & Components - auto components - automobiles

Banks - commercial banks - thrifts & mortgage finance

Capital Goods - aerospace & defense - building products

- construction & engineering - electrical equipment

- industrial conglomerates - machinery

- trading companies & distributors

Commercial Services & Supplies - commercial services & supplies - professional services

Conglomerates 1 - industrial conglomerates

Consumer Durables & Apparel - household durables - leisure equipment & products

- textiles, apparel & luxury goods

Consumer Services - hotels, restaurants & leisure - diversified consumer services

Diversified Financials - diversified financial services - consumer finance

- capital markets

Energy - energy equipment & services - oil, gas & consumable fuels

Food & Staples Retailing - food & staples retailing

Food, Beverage & Tobacco - beverages - food products

- tobacco

Health Care Equipment & Services - health care equipment & services - health providers & services

- health care technology

Household & Personal Products - household products - personal products

Insurance - insurance

Materials - chemicals - construction materials

- containers & packaging - metals & mining

- paper & forest products

Media - media

Pharmaceuticals, Biotechnology & Life Sciences - biotechnology - pharmaceuticals

- life science tools & services

Real Estate - real estate investment trusts (REITs) - real estate management & development

Retailing - distributors - internet & catalogue retail

- multiline retail - specialty retail

Semiconductors & Semiconductor Equipment - semiconductors - semiconductor equipment

Software & Services - internet software & services - IT services

- software

Technology Hardware & Equipment - communications equipment - computers & peripherals

- office electronics - electronic equipment & instruments

- electronic components

Telecommunication Services - diversified telecommunication services - wireless telecommunication services

Transportation - air freight & logistics - airlines

- marines - road & rail

- transportation infrastructure

Utilities - electric utilities - gas utilities

- multi-utilities - water utilities

- independent power producers & energy traders

1 Conglomerates refers to the Industry Industrial Conglomerates. It has been selected as a regional sector to replace Capital Goods to better reflect the industry

sectors covered by brokers within the region.

Disclaimer

This information is the property of Morgan Stanley Capital International Inc. (MSCI). It is provided for informational purposes only, and is not

a recommendation to participate in any particular trading strategy. The information may not be used to verify or correct data, or any

compilation of data or index or in the creation of any indices. Nor may it be used in the creating, writing, offering, trading, marketing or

promotion of any financial instruments or products. This information is provided on an “as is” basis. Although MSCI shall obtain information

from sources which MSCI considers reliable, neither MSCI, its affiliates nor any other party involved in the making or compiling of the

information guarantees the accuracy and/or the completeness of any of this information. Neither MSCI, its affiliates nor any other party

involved in the making or compiling of the information makes any representation or warranty, express or implied, as to the results to be

obtained by any person or entity from any use of this information, and the user of this information assumes the entire risk of any use made of

this information. Neither MSCI, its affiliates nor any other party involved in the making or compiling of the information makes any express or

implied warranties, and MSCI, its affiliates and any other party involved in the making or compiling of the information hereby expressly

disclaim all warranties of merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of

the foregoing, in no event shall MSCI, its affiliates or any other party involved in the making or compiling of the information have any liability

for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such

damages. Morgan Stanley Capital International, MSCI and all other service marks referred to herein are the exclusive property of MSCI and

its affiliates. All MSCI indices are the exclusive property of MSCI and may not be used in any way without the express written permission of

MSCI. MSCI is a leading provider of global indices and benchmark related products and services to investors worldwide. Morgan Stanley, a

global financial services firm and a market leader in securities, asset management, and credit services, is the majority shareholder of MSCI,

and The Capital Group Companies, Inc., a global investment management group, is the minority shareholder

GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS)SM

FOR ENQUIRES, PLEASE CALL MSCI 24 HR CLIENT SERVICE ON (852) 2848 6740.

Australia: Allard Partners Australia; AllianceBernstein; Amalg CapitalManagement; AMP Capital Investors; Arnott Capital; Bennelong Long ShortEquity Management; Colonial First State Global Asset Management; DV01 FundsManagement; Elstree Investment Management; Five Oceans Asset Management;Global Value Investors; Hunter Hall Investment Management; ING InvestmentManagement; K2 Asset Management; Macquarie Investment Management;Merricks Capital; Optimal Fund Management ; Perennial Investment Partners;Platinum Asset Management; PM CAPITAL; Prime Value Asset Management;Sandringham Capital; St Helens Capital; Susquehanna Pacific; Treasury AsiaAsset Management; UBS Global Asset Management; Wallace Funds Management

China: ABC-CA Fund Management; ABN AMRO TEDA Fund Management; Actis;AIG Investments; AIG-Huatai Fund Management; Ajia Partners;AllianceBernstein; Alltrust Insurance; AMP Capital Investors; APS AssetManagement; Artesian Capital Management; Bank of China Group Investment;Bank of China Investment Management; Bank of Communications InternationalTrust; Bank of Communications Schroder Fund Management; Baosteel Group;Blue Pool Capital; Bohai Capital; Bosera Asset Management; CCB Principal AssetManagement; Cephei Capital Management; Chang Xin Asset Management;Changsheng Fund Management; China Asset Management; China InternationalFund Management; China Investment Corporation; China Life AssetManagement; China Merchants Fund; China Nature Asset Management; ChinaPost & Capital Fund Management; China Re Asset Management; China SouthernFund Management; CICC; CITIC Securities; CPIC; Da Cheng Fund Management;Ding Tian Asset Management; DM Capital; DnB NOR Asset Management; DTCapital Partners; E Fund Management; Ellerston Capital; Emperor InvestmentManagement; Everbright Pramerica Fund Management; Everbright Securities;Everyoung Capital Management; Fortis Haitong Investment Management;Fortune SGAM Fund Management; Fortune Trust; Franklin TempletonInvestment; Franklin Templeton Sealand Fund Management; Fullgoal FundManagement; GE Asset Management; Gem Holdings; GF Fund Management;Goldman Sachs; Great Wall Fund Management; Greenwoods Asset Management;Guosen Securities; Guotai Junan Allianz Fund Management; Guotai Junan Assets;Harfor Funds Management; Harvest Fund Management; Hillhouse CapitalManagement; HSBC Jintrust Fund Management; Hua An Fund Management;Huashang Fund Management; Huatai Asset Management; ICBC Credit SuisseAsset Management; Industrial Fund Management; INVESCO Great Wall FundManagement; Keywise Capital Management; Lion Fund Management; MartinCurrie; MegaTrust Investment; MICH Investments; Morgan Stanley; Morley FundManagement; National Council for Social Security Fund; New Century FundManagement; New China Life Insurance; Norges Bank Investment Management;Orient Fund Management; Pacific Asset Management; Penghua FundManagement; PICC Asset Management; Ping An Annuity Insurance; Ping AnAsset Management; Pinpoint China Fund; Power Pacific Corporation; PrimeCapital Management; Prudential Asset Management; Rising China Fund; RongTong Fund Management; Shanghai PuDong Development Bank; Shenzhen China-Europe Rabbit Fund Management; Soochow Asset Management; Springs Capital;SYWG BNP Paribas Asset Management; Taikang Asset Management; TaikangInsurance; Taurus L.H. Fund; UBS SDIC Fund Management; UBS Securities;Warburg Pincus; Yimin Asset Management; Yin Hua Fund Management;Zhonghai Fund Management

Europe: ACP Partners; Alsig Emerging Fund; Altima Partners; Amiral Gestion;Ashmore Investment Management; Atlantis Investment Management; AxialInvestment Management; Bankinvest Asset Management; Banque CantonaleVaudoise; BlackRock; BlueCrest Capital Management; BNP Paribas CIB; BPInvestment Management; Carmignac Gestion; Caxton Associates; CentaurusCapital; Citi; Concordia Advisors; Crédit Agricole; DWS Investments; EurizonCapital; F & C Asset Management; F&C Investments; Ferox Capital Management;GAM; Gartmore; GLG Partners; Henderson Global Investors; Horizon Asset; HSBCGlobal Asset Management; Hutchinson Lilley Investments; J O HambroInvestment Management; KBC Asset Management; Lansdowne Partners; LegalAnd General Investment Management; Legg Mason International Equities;Lehman Brothers; Maintrust KAG; Martin Currie; Meditor Capital Management;Medvesek Pusnik Asset Management; Mondrian Investment Partners;Montpelier Asset Management; Nevsky Capital; Nordea Investment Funds; OdeyAsset Management; Old Mutual Asset Manager; Oracle Management; Orkla ASA;PD Capital Management; Pictet & Cie; Premier Asset Management; PrincipalGlobal Investors; Prodigy Capital Partners; Pyrenees Investment Management;Rexiter Capital Management; Robeco; Sifter Fund; Simplicity AB; SloaneRobinson; Smith & Williamson; Somerset Capital Management; Swisscanto Asset

Management; Tenax Capital; Union Bancaire Privee; Urwick CapitalManagement; Väring Capital; WestLB Mellon Asset Management

Hong Kong: Abax Global Capital; ABN AMRO BANK; Acru Asset Management;Agifel International; AIG Investments; Ajia Partners; Aktis Capital Advisory;Alkeon Capital Management; Allard Partners; Apex Capital Management; APGInvestments; Argyle Street Management; Asia Debt Management; AT AssetManagement; Atlantis Investment Management; Axial Capital; AxiomInvestment Management; Ballingal Investment Advisors; Balyasny AssetManagement; Baring Asset Management; BEA Union Investment Management;BlackRock; Blackstone A.M.N. Advisors; Blue Pool Capital; BOCI-Prudential AssetManagement; Bowen Capital Management; Boyer Allan InvestmentManagement; Brevan Howard; Buena Vista Fund Management; Cape AssetManagement; CCB International Asset Management; Cheyne Capital; ChinaAlpha Investment Management; China Asset Management; China BOCOMInsurance; China Everbright Asset Management; China Life Franklin AssetManagement; China Value Investment; ChinaRock Capital Management; Chuang'sChina Investments; Citadel Investment Group; Citi Alternative Investments;CITIC Allco Investments; Cohen & Steers; Comgest Far East; Cornerstone RealEstate Advisers; CQS; Credit Agricole Asset Management; Credit Suisse PrivateBanking; D. E. Shaw & Co; Daiwa Asset Management; Daiwa SB Investments;Dalton Capital; Deephaven Capital Management; Demeter Asset Management;Deutsche Asset Management; DIAM; Diamond Head Capital; DKR Oasis; DnB NORAsset Management; Doric Capital; DragonBack Capital; Ecofin; Edmond deRothschild Asset Management; EFG Bank; Ellerston Capital; Elliott Advisors; EtonPark; Evenstar Capital Management; Evolution Capital Management; ExcelfundManagement; Fair Capital Management; FIL Investment Management; FirstState Investments; Fortis Investments; Fortress Investment Group; FoundationAsset Management; FrontPoint Partners; Fubon Investment Management; GainAsset Management; Galaxy Asset Management; Gandhara Advisors; GandharaCapital; GCA Fund; GCIS; Ginger Capital Management; Goldman Sachs; Go-To-Asia Investment; Greenwoods Asset Management; Guoco Group; Guotai JunanAssets; Guotai Junan Securities; Halbis Capital Management; Hamon InvestmentGroup; Helmsman Capital Management; Highbridge Capital Management; HorizonCapital; HSBC; HSBC Halbis Capital Management; HSBC Principal Investments;HSZ; I.G. Investment Management; ICL Management; IMC Investment; IndusCapital; Infiniti Investment Management; ING Investment Management; Inter-Asia Venture Management; Invesco; iVenture Investment Management; IvoryInvestment Management; Jana Partners; JF Asset Management; JK CapitalManagement; JPMorgan; Keywise Capital Management; KGI Asia; KoreaInvestment & Securities; Korea Investment Trust Management; Legg MasonInternational Equities; Lehman Brothers; LIM Advisors; Lloyd GeorgeManagement; Lombard Odier; Darier Hentsch & Cie; Lotus Asset Management;Ludgate Hill Investment Management; Luminary Capital; Lynas Capital;Macquarie; Manulife Asset Management; Marco Polo Pure Asset Management;Marshall Wace GaveKal; Martin Currie investment Mgmt.; MCL Assets; MerrillLynch; MFC Global Asset Management; MGPA; MICH Investments; Middle IslandCapital; Mirae Asset Global Investments; Mitsubishi UFJ Trust and BankingCorporation; Mizuho Securities; Morgan Stanley; New World Development; NezuAsia; Nomura Asset Management; North of South Capital; Oasis Management;Oberweis Asset Management; Och Ziff Capital Management; OverlookInvestments; Perry Capital; Pinpoint Investment Advisors; PMA InvestmentAdvisors; Primero Investment; Principal Asset Management; Principal GlobalInvestors; RAB Capital Northwest Funds; Ramius Asia; RBS Coutts Bank; RCMAsia Pacific / Allianz Global Investors; RDA Asset Management; Richland CapitalManagement; Robeco Asset Management; ROCIM; S.A.C. Capital Advisors;Samsung Investment Management; Shenyin Wanguo Capital; Shikumen CapitalManagement; Softbank Asia Infrastructure Fund; Spinnaker Capital; StandardPacific Capital; Stark Investments; Starr International; StoneWater Capital;Straus Asset Manager; Striker Capital Management; Sumitomo Mitsui AssetManagement; Sunshine Asset Management; T Rowe Price; Taifook AssetManagement; Telligent Capital Management; Temasek Holdings; Templeton AssetManagement; Tempus Investment; Thaddeus Capital Management; The Bank ofEast Asia; The Children's Investment Fund Management; The Pacific Group; TheStandard Chartered Private Bank; TM Asia Life Insurance; TPG-Axon Capital;Tree Line Advisors; Tribridge Investment Partners; TVC Management; UBSFundamental Investment Group; UBS Global Asset Management; UBS O'Connor;UBS Wealth Management; Value Partners; Value Partners Private Equity; VisionFinance Asset Management; VisionGain Capital; Ward Ferry Management;Wellchamp Capital; Wellington Global Investment Management; WinningtonCapital; WMG Asia; Yin Hua Fund Management; York Capital Management

India: ABN AMRO Asset Management; AIG Investments; AllianceBernstein;Americorp Capital; Anew Capital Management; Artha Capital; Arya CapitalManagement; ASK Investment Managers; AVIVA INDIA; Aviva Life Insurance;Axis Bank; Bajaj Allianz General Insurance; Bharti Axa Investment Managers;Birla Sun Life Asset Management; Birla Sun Life Insurance; Blackstone FundServices; Canara Robeco Asset Management; ChrysCapital Investment Advisors;Courage Capital Management; DBS Cholamandalam Asset Management; DnBNOR Investment Advisory Services; DSP Merrill Lynch; DSP Merrill Lynch FundManagers; Envision Capital Advisors; Finquest Securities; Fortuna Capital;Franklin Templeton Investments; General Atlantic; HDFC Asset Management;HDFC Securities; HDFC Standard Life Insurance; HSBC Global AssetManagement; Hudson Fairfax Group; ICICI Lombard General Insurance; ICICIPrudential Asset Management; ICICI Prudential Life Insurance; ICICI VentureFunds Management; IDFC Investment Advisors; IDFC Mutual Fund; IEP Advisors;IL&FS; Indea Capital; India Advisory Partners; India Performance Advisors; INGInvestment Management; ING Vysya Life Insurance; JM Financial AssetManagement; JM Financial Investment Managers; JM Financial Mutual Fund;Karma Capital Advisors; Karma Capital Management; Kotak Mahindra AssetManagement; Latwalla Investments; Lotus India Asset Management; Max NewYork Life Insurance; Mirae Asset Global Investment Management; MorganStanley; New Horizon Investments; NV Advisory Services; Principal PNB AssetManagement; Reliance Capital Asset Management; Reliance Life Insurance; RoyalSundaram Alliance Insurance; Samara India Advisors; SBI Funds Management;SBI Life Insurance; SBI Mutual Fund; Smith Management; STCI Primary Dealer;Sundaram BNP Paribas; Tata AIG Life Insurance; Tata Asset Management; TaurusAsset Management; Taurus Mutual Fund; Temasek Holdings Advisors; TigerGlobal Advisors; Tricolor Advisory Services; UTI Asset Management; UTI mutualfunds; UTI Ventures; Voyager Investment Advisors

Indonesia: AXA Asset Management; CIM Investment Management; CIMB-Principal Asset Management; Ciptadana Asset Managment; Credit SuisseInvestment Management; Danareksa Investment Management; DanatamaMakmur Investment Management; First State Investments; Fortis Investments;Gani Aset Manajemen; GMT Aset Manajemen; Indo Premier Securities – Pro;Mandiri Manajemen Investasi; Manulife Aset Manajemen; Nusadana AssetManagement; Pearl Capital Management; PNM Investment Management;Pratama Capital; Schroder Investment Management; Semesta Indovest;Syailendra Capital

Japan: 777 Investment; Akana Capital Management; AllianceBernstein; AtomCapital Management; Capital International; Dai-ichi Mutual Life Insurance;DIAM; Dresdner Kleinwort; Fortis Investments; Fortress Investment Group;Fukoku Capital Management; GAM; Highbridge Capital Management; HorizonAsset International; Indra Investments; Japan Advisory; LIM Advisors; LupusAlpha Asset Management; Meiji Dresdner Asset Management; Milestone AssetManagement; Morgan Stanley; Nikko Asset Management; Nissay AssetManagement; Ottoman Capital; Prospect Asset Management; RCM Japan; SMBCFriend Securities; SPARX Asset Management; Sumitomo Mitsui AssetManagement; Sumitomo Trust and Banking; T Rowe Price; T&D AssetManagement; Tokio Marine & Nichido Fire Insurance; Tokio Marine AssetManagement; Tozai Investment Advisory; VistaMax Fund Advisors

Korea: Allianz Global Investors; ANZ Bank; Citi; CJ Asset Management; CJInvestment & Securities; Consus Asset Management; Corevest; CosmoInvestment Management; Daishin Investment Trust Management; DeutscheAsset Management; Dongbu Asset Management; Eastar Investment Advisors;Fides Investment Management; Franklin Templeton Investments; Goldman Sachs;Government Employee Pension Service; HeungKuk Asset Management; HyundaiInvestments; IBK SG Asset Management; ING Investment Management;JPMorgan Asset Management; KB Asset Management; KDB Asset Management;KITMC; Kookmin Bank; Korea Investment Trust Management; Korea LifeInsurance; Korea Post; Korea Teachers Pension; KTB Asset Management; KumhoInvestment Bank; Lazard Asset Management; Lehman Brothers; LS AssetManagement; Midas International Asset Management; Mirae Asset Investments;National Pension Service; Nonghyup CA Asset Management; Orbis InvestmentResearch; PCA Investment Trust Management; Prudential Asset Management;Public Officials Benefit Association; Rexiter Capital Management; SamsungInvestments; Schroder Korea; SEI Asset Korea; SH Asset Management; ShinhanBank; Shinhan BNP Paribas; Tong Yang Investment Trust Management; TrustonAsset Management; Tube Asset Management; UBS Hana Asset Management; VIPInvestment Advisory; Woori Credit Suisse Asset Management

Malaysia: Aberdeen Asset Management; AIA Fund Management; Aims AssetManagement; Alliance Investment Bank; Alliance Investment Management;Allianz Life Insurance Malaysia; Alpha Asset Management; AmanahRaya-JMFAsset Management; Amara Investment Management; AmAssurance; AmericanInternational Assurance; AmInvestment Management; Apollo InvestmentManagement; Arah Advisory Services; Avenue Invest; Bank Muamalat; BankPerusahaan Kecil & Sederhana Malaysia; CIMB-Principal Asset Management;CMS Asset Management; CMS Trust Management; Corston-Smith AssetManagement; Dubai Investment Group; Fortress Capital Asset Management;Great Eastern Life Assurance; Hong Leong Assurance; Hong Leong FundManagement; HwangDBS Investment Management; ING Funds; Kenanga AssetManagement; Koperasi Permodalan Felda; Kumpulan Sentiasa Cemerlang;Kumpulan Wang Persaraan (Diperbadankan); Kurnia Insurans; Lembaga TabungHaji; Malaysian Assurance Alliance; Manulife Insurance; Mayban InvestmentManagement; MCIS Zurich Insurance; Meridian Asset Management; MIDFAmanah Asset Management; Navis Management; Overseas AssuranceCorporation; Pacific Mutual Fund; PacificMas Asset Management; PermodalanNasional; Pheim Asset Management; Phillip Mutual; Prudential FundManagement; Public Mutual; Retirement Fund Inc; RHB InvestmentManagement; Singular Asset Management; Social Security Organisation; TAInvestment Management; UOB-OSK Asset Management; ValueCap

North America: AGF Funds; AIG Investments; Akana Capital Management;Anew Capital Management; Arbitrak Financial; Argonaut Capital Management;Armor Capital Management; Arnhold and S. Bleichroeder Advisers; Artio GlobalInvestors; Artisan Partners; Axiom International Investors; Barclays GlobalInvestors; Barington Capital Group; Basso Capital Management; BatterymarchFinancial Management; BlackShip Capital Management; Capital International;Caravel Management; Carret Asset Management; Cavalry Asset Management;Citadel Investment Group; Cliffwood Partners; Columbia Management; ColumbiaWanger Asset Management; Coronat Asset Management; Courage CapitalManagement; Credit Suisse; Criterion Capital Management; D. E. Shaw & Co;Davis Funds; Delaware Investments; Delta Partners; Deltec Asset Management;Eagle Global Advisors; EM Capital Management; Emerging MarketsManagement; Emerging Sovereign Group; ERS of Texas; Evergreen Investments;Evolution Capital Management; Farallon Capital Management; Federated GlobalManagement; Fidelity Investments; First New York Securities; First StateInvestments; FrontPoint Financial Services Fund; Galleon; George WeissAssociates; GeoSphere Capital Management; GIC; GMO; Goodman & Company;Harding Loevner; Hunter Global Investors; ING Investment Management;Institutional Capital; Invesco; Ironbound Capital; J. & W. Seligman; JadeiteCapital; JCA Partners; Joho Capital; JPMorgan Asset Management; LibertySquare Asset Management; Moon Capital; Natixis; Neon Liberty CapitalManagement; Neuberger Berman; New Vernon Capital; Newport Asia; NorthSound Capital; Oaktree Capital Management; Orchid Asia Group Management;Plinthos Capital; Porter Orlin; Precept Capital Management; Prince StreetCapital; Putnam Investments; Pyramis (Fidelity); Pzena InvestmentManagement; Quantrarian Capital Management; Redbrick Capital Management;Rogge Capital Management; Ruane Cunniff & Goldfarb; Samlyn Capital; SeacrossGlobal Advisors; Shah Capital Management; Société d’Analyses Economiques;Spring Mountain Capital; SRS Investment Management; State of WisconsinInvestment Board; State Street Global Advisors; STRS Ohio; Stylos CapitalManagement; Sunova Capital; Tatarian Funds; Teacher Retirement System ofTexas; Tenex India Fund; Third Point; Thornburg Investment Management; TIAA-CREF; Tiger Asia Management; Torrey Pines Capital Management; Trilogy GlobalAdvisors; Tudor Investment; United Nations Pension Fund; US Global Investors;Veda Asset Management; Victoria 1522 Investments; Wellington Management;Wells Capital Management; West Family Investments; William Blair & Company;Xela Capital; Zesiger Capital Group

Other: Abu Dhabi Investment Authority; Bin Zayed Group; EFG-Hermes; EverKeyGlobal; Holowesko Partners; Legatum Capital; Sanlam Investment Managers;Templeton Global Advisors

Philippines: AIG Investments; GSIS; Land Bank of the Philippines; MetropolitanBank and Trust

Singapore: Absolute Asia Asset Management; Acacia Capital Asia; AcadianAsset Management; ADM Capital Singapore; AEW Global Advisors; AGF AssetManagement; AIG Investments; Alchemy Investment Management; AmansaCapital; Amoeba Capital; AMP Capital Investors; Apollo Management; APS Asset

Management; ARA Strategic Capital; Argo Capital Management; ArisaigPartners; Arjava Capital; ARN Investment Partners; Arohi Asset Management;Artisan Asia-Pacific; Artradis Fund Management; Asian Management; AtlantisInvestment Management; Atlas Holdings; Bank Julius Baer; Bank Pictet & Cie;Binjai Hill Asset Management; Black River Asset Management; BNP ParibasAsset Management; Bridge Capital Investments; Broad Peak InvestmentAdvisers; Broad Peak Investment Management; Capital International; ChirinCapital; Chuo Mitsui Investments; CIMB-GK Securities; Citi; Clariden Leu; CLSACapital Partners; CMIA Capital Partners; Columbia Management; Commerzbank;Concordia Advisors; CRA Management; Credit Suisse; DA Capital Asia; DaiwaAsset Management; Daiwa SB Investments; DBS Asset Management; DeutscheAsset Management; Deutsche Bank; Diamond Head Capital; Elixir Financial;European Investors; Everest Capital; Exelion Capital Management; FoisonInvestment Research & Management; Fortis Investments; Fullerton FundManagement; G.T.O.; Galleon; GE Asset Management; GE Money; GeoSphereCapital Management; GIC; Goldman Sachs; Halbis Capital Management; HeliosCapital Management; Henderson Global Investors; HSBC Private Bank; IndeaCapital; Indus Capital; ING Asia Private Bank; JH Whitney InvestmentManagement; JL Capital; JPMorgan Asset Management; JPMorgan AssetManagement – Hedge; Kelusa Capital; KIMCO International; Kingsmead CapitalAdvisors; Komodo Capital Management; Liberty Harbor; Libra CapitalManagement; Lion Global Investors; Lloyd George Management; Makara Capital;Mass Financial Services (MFS); Merrill Lynch; Millennia InvestmentManagement; Millennium Capital Management; MIR Investment Management;Mirae Asset Global Investments; Monterey Capital Management; MorganStanley; Nalanda Capital; New Harbour Capital Partners; Nikko AssetManagement; Nissay Deutsche Asset Management; Nomura Asset Management;Noonday Asset Management; NTUC Income Insurance; Oaktree CapitalManagement; OCBC; OCTIS Asset Management; Pacific Star Fund Management;Paddington Asset Management; Pendulum Asset Management; Peterson AssetManagement; Pheim Asset Management; Phillip Capital Management; Pictet &Cie; Pioneer Investment Management; Pramerica Real Estate Investors;Providence Capital Management; Prudential Asset Management; PrusikInvestment Management; Putnam Investments; QVT Financial; RBS Coutts Bank;Reliance Asset Management; Rexiter Capital Management; Royal Bank ofCanada; Sansar Capital Management; Schroder Investment Management; ScionInvestment; SEB; Shidan Capital; SJAM Investment Managers; Société GénéraleAsset Management; Spinnaker Capital; Stark Investments; Stretto Capital;Sumisho Capital Management; T Rowe Price; Tantallon Capital Advisors;Temasek Holdings; TGEM Partners; The Rohatyn Group; Three Kingdoms Capital;Tiedemann; TM Asia Life Singapore; Tokio Marine Asset Management; Tree LineInvestment Management; Tudor Capital; UBS Global Asset Management; UOBAsset Management; Value Capital Asset Management; Whitefield CapitalManagement; Woori Absolute Partners; Woori Investment & Securities; ZAISGroup

Taiwan: AIG Investments; AIG Nan Shan Life; Augustus Asset Management;Capital Investment Trust Corp; Cathay Life Insurance; Cathay SecuritiesInvestment Trust; China Development Industrial Bank; Clairvoyance Capital;Deutsche Asset Management; Duquesne Technology Research; FranklinTempleton Investments; Fubon Asset Management; Fuhwa Securities InvestmentTrust; Hontai Life Insurance; HSBC Global Asset Management; HwataiCommercial Bank; ING Securities Investment & Trust; J. & W. Seligman; JF AssetManagement; Jih Sun Investment Trust; JPMorgan Asset Management; KohwaSecurities Investment Advisory; Loch Capital Management; MacroVisionInvestment; Nan Shan Life Insurance; National Investment Trust; ParadigmAsset Management; PCA Fund Management; Polaris Securities; PresidentSecurities; Prudential; Raffia Capital; Shin Kong Investment Trust; Singfor LifeInsurance; Sinopac Capital Management; SinoPac Securities; SinoStar Capital;Taiwan Life Asset Management; Tong An Investment; UBS; UBS Global AssetManagement; UG FUND; United Capital Management; Vision And Insight Capital;Yuanta Securities Investment Trust

Thailand: Aberdeen Asset Management; American International Assurance;Brooker Capital; Government Pension Fund; Government Savings Bank; INGFunds; Kasikorn Asset Management; Krung Thai Asset Management; LynasCapital; Merchant Partners Securities; Muang Thai Insurance; One AssetManagement; SCB Asset Management; Siam City Asset Management;Thanachart Fund Management; TMB Asset Management; TMB Bank; Unicapital;UOB Asset Management

LIST OF RESPONDENTSThose institution names requested to be kept confidential are not listed.The poll was directed at individuals - their views do not necessarily reflect the views of their companies as a whole.

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 13.91% 1 1 CLSA 14.21% 2 1 CLSA 13.21% 22 UBS 11.34% 2 2 UBS 11.98% 1 2 UBS 12.63% 13 Goldman Sachs 8.08% 5 3 Goldman Sachs 9.10% 5 3 Goldman Sachs 10.49% 34 J.P.Morgan 7.57% 3 4 J.P.Morgan 8.03% 3 4 Morgan Stanley 7.20% 55 Citi 6.20% 4 5 Credit Suisse 6.33% 8 5 Merrill Lynch 7.08% 66 Credit Suisse 6.16% 7 6 Morgan Stanley 6.10% 7 6 Deutsche Bank 6.73% 77 Morgan Stanley 5.57% 8 7 Citi 5.97% 4 7 Credit Suisse 6.58% 88 Merrill Lynch 5.55% 6 8 Merrill Lynch 5.81% 6 8 Citi 6.04% 49 Deutsche Bank 4.71% 9 9 CICC 4.65% 10 9 J.P.Morgan 5.66% 9

10 CICC 4.61% 10 10 Macquarie 4.54% 12 10 Macquarie 4.19% 1211 Macquarie 4.56% 12 11 Deutsche Bank 4.34% 9 11 CICC 3.12% 1112 Samsung 2.53% 11 12 Samsung 2.53% 11 12 BNP Paribas 1.78% 1313 BNP Paribas 2.44% 13 13 BNP Paribas 2.35% 13 13 Samsung 1.65% 1014 BOC International 1.57% 16 14 HSBC 1.49% 18 14 HSBC 1.47% 1415 HSBC 1.42% 19 15 BOC International 1.27% 15 15 BOC International 1.38% 1516 Nomura 1.09% 14 16 Lehman Brothers* 0.88% 19 16 DBS Vickers 0.93% 1817 Lehman Brothers* 0.83% 20 17 CITICS 0.84% 16 17 Yuanta 0.84% 1618 CITICS 0.77% 15 18 Nomura 0.76% 14 18 CIMB 0.78% 2719 CIMB 0.75% 23 19 Shenyin & Wanguo 0.64% 27 19 Lehman Brothers* 0.69% 2020 Woori I&S 0.69% 17 20 CIMB 0.59% 28 20 Nomura 0.58% 1721 Yuanta 0.68% 24 21 Woori I&S 0.58% 17 21 Kotak 0.53% 2622 DBS Vickers 0.65% 18 22 Yuanta 0.56% 20 22 Woori I&S 0.50% 1923 Shenyin & Wanguo 0.60% 28 23 DBS Vickers 0.50% 22 23 Motilal Oswal 0.47% 2324 Daewoo 0.57% 22 24 Daiwa 0.41% 23 =24 Hyundai 0.38% 31

=25 Hyundai 0.54% 32 25 Motilal Oswal 0.40% 24 =24 KGI 0.38% 25=25 Daiwa 0.54% 21 26 Daewoo 0.39% 21 =26 B&K 0.32% 37

27 Kotak 0.46% 30 27 Hyundai 0.38% 34 =26 Cazenove 0.32% 2228 RBS** 0.36% 36 28 Kotak 0.36% 30 =28 Shenyin & Wanguo 0.30% 33

=29 Motilal Oswal 0.35% 27 29 RBS** 0.35% 32 =28 Daiwa 0.30% 29=29 KGI 0.35% 25 30 Cazenove 0.27% 26 =28 Edelweiss 0.30% 36=31 Cazenove 0.30% 26 31 Guotai Junan 0.24% 40 =31 IDFC-SSKI** 0.28% 28=31 Edelweiss 0.30% 38 32 KGI 0.23% 25 =31 Enam 0.28% 40

33 IDFC-SSKI*** 0.28% 31 33 Mirae Asset 0.21% 33 33 RBS*** 0.22% 3934 Korea Investment & Securities 0.25% 34 34 IDFC-SSKI*** 0.20% 31 =34 UOB Kay Hian 0.20% 21

=35 Guotai Junan 0.22% 41 35 Korea Investment & Securities 0.18% 35 =34 IIFL 0.20% -=35 Mirae Asset 0.22% 33 =36 IIFL 0.16% - =36 Daewoo 0.17% 30=37 B&K 0.20% 40 =36 Edelweiss 0.16% 36 =36 CITICS 0.17% 38=37 Enam 0.20% 37 38 Fubon 0.14% 48 38 Korea Investment & Securities 0.13% 32

39 IIFL 0.18% - 39 Sinolink 0.13% 42 39 SBI E2-Capital 0.11% 24

OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALESASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN

OVERALL

OVERALL MEGA FUNDS HEDGE FUNDS

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. OVERALL: Page 8 of 8

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 2007OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES

ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN

OVERALL


40 Sinolink 0.17% 46 40 Fox-Pitt, Kelton 0.12% 44 =40 Mirae Asset 0.10% -41 Fox-Pitt, Kelton 0.16% - 41 UOB Kay Hian 0.09% 29 =40 Religare 0.10% -42 Fubon 0.15% 44 =42 Kingsway 0.08% - =42 Primasia 0.09% -43 UOB Kay Hian 0.13% 29 =42 B&K 0.08% 37 =42 GMSH 0.09% 46

=44 Aseambankers 0.08% - =44 Enam 0.07% 49 =44 KBC 0.08% -=44 SinoPac 0.08% 43 =44 Tong Yang 0.07% - =44 Churchill Capital 0.08% -=44 SBI E2-Capital 0.08% 35 =44 Polaris 0.07% - =46 SinoPac 0.07% 34=44 Kingsway 0.08% - =44 SBI E2-Capital 0.07% 38 =46 JM Financial 0.07% -=48 ICICI 0.07% - 48 SinoPac 0.06% - =48 Barclays Capital 0.06% -=48 Eugene 0.07% - =49 Hana Daetoo 0.05% - =48 Auerbach Grayson 0.06% -=48 Tong Yang 0.07% - =49 Essence 0.05% - =50 CCB International 0.04% -

=49 Aseambankers 0.05% - =50 Sinolink 0.04% -* Polling period prior to the acquisition by Nomura =50 Antique 0.04% -** RBS - 2007 ranking of ABN AMRO * Polling period prior to the acquisition by Nomura*** IDFC-SSKI - 2007 ranking of SSKI ** RBS - 2007 ranking of ABN AMRO * Polling period prior to the acquisition by Nomura

*** IDFC-SSKI - 2007 ranking of SSKI ** IDFC-SSKI - 2007 ranking of SSKI*** RBS - 2007 ranking of ABN AMRO


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 24.02% 1 1 Macquarie 23.61% 1 1 UBS 23.97% 12 UBS 23.60% 2 2 UBS 22.42% 2 2 Macquarie 19.13% 23 J.P.Morgan 8.91% 7 3 J.P.Morgan 10.66% 5 3 J.P.Morgan 14.83% 64 Goldman Sachs JBWere 8.74% 3 4 Credit Suisse 8.94% 7 4 Morgan Stanley 8.06% 105 Credit Suisse 7.57% 5 5 Goldman Sachs JBWere 8.87% 3 5 Merrill Lynch 7.79% 76 Merrill Lynch 5.95% 4 6 Merrill Lynch 6.68% 4 6 Goldman Sachs JBWere 6.45% 37 Citi 5.73% 6 7 Morgan Stanley 6.11% 10 7 Citi 6.07% 88 Morgan Stanley 5.42% 10 8 Citi 4.67% 8 8 Credit Suisse 5.05% 49 Deutsche Bank 2.80% 8 9 CLSA 1.69% - 9 Patersons 1.99% 11

10 RBS* 1.42% 11 10 Deutsche Bank 1.47% 9 10 Austock 1.72% 5=11 Austock 1.34% 9 11 RBS* 1.38% =11 11 RBS* 1.29% 9=11 CLSA 1.34% - 12 Austock 1.32% 6 12 CLSA 1.07% -

13 Patersons 0.92% =14 13 Patersons 0.78% 14 13 Hartleys 0.97% -=14 CommSec 0.50% 22 14 Lehman Brothers** 0.63% - 14 Tricom 0.86% -=14 Lehman Brothers** 0.50% - 15 Tricom 0.50% - 15 CommSec 0.43% 17

16 Hartleys 0.45% - 16 CommSec 0.25% 16 16 Southern Cross Equities 0.32% -17 Tricom 0.40% =2518 Southern Cross Equities 0.17% - * RBS - 2007 ranking of ABN AMRO * RBS - 2007 ranking of ABN AMRO19 E.L.& C.Baillieu 0.15% 21 ** Polling period prior to the acquisition by Nomura20 Bell Potter 0.10% 24

* RBS - 2007 ranking of ABN AMRO** Polling period prior to the acquisition by Nomura

OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALESAUSTRALIA AUSTRALIA AUSTRALIA

OVERALL



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 2007OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES

AUSTRALIA AUSTRALIA AUSTRALIA

OVERALL



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 23.10% 1 1 Nomura 21.98% 1 1 Goldman Sachs 18.94% 42 Goldman Sachs 12.77% 3 2 Goldman Sachs 13.63% 3 2 Nomura 17.17% 23 CLSA 11.43% 5 3 CLSA 11.02% 7 3 UBS 11.39% 14 UBS 10.30% 2 4 UBS 10.89% 2 4 CLSA 9.43% 55 Merrill Lynch 6.35% 8 5 Merrill Lynch 7.41% 8 5 Merrill Lynch 7.33% 96 Daiwa 6.01% 4 6 Mitsubishi UFJ 5.57% 14 6 Mitsubishi UFJ 5.70% 107 Mitsubishi UFJ 5.52% 13 7 Daiwa 5.02% 5 7 Credit Suisse 5.29% 118 Morgan Stanley 4.97% 7 8 Credit Suisse 4.60% 11 8 Morgan Stanley 5.25% 69 Credit Suisse 3.62% 10 9 Morgan Stanley 4.48% 6 9 J.P.Morgan 4.11% 17

10 Nikko Citigroup 3.46% 6 10 J.P.Morgan 3.01% 10 10 Nikko Citigroup 4.00% 311 J.P.Morgan 2.68% 11 11 Nikko Citigroup 2.49% 4 11 Daiwa 3.18% 812 Fox-Pitt, Kelton 1.66% 15 12 KBC 1.87% 16 12 HSBC 2.44% 2013 KBC 1.46% 17 13 Fox-Pitt, Kelton 1.69% 15 13 KBC 2.40% 1514 Deutsche Bank 1.37% 14 14 HSBC 1.49% 18 14 Lehman Brothers* 1.48% 1915 HSBC 1.30% 18 15 Macquarie 1.14% 9 15 Deutsche Bank 0.92% 1616 Macquarie 1.26% 9 16 Deutsche Bank 1.02% 12 16 Barclays Capital 0.52% -17 Mizuho 0.81% 12 =17 Lehman Brothers* 0.99% 17 =17 Mizuho 0.22% 1318 Lehman Brothers* 0.78% 19 =17 Pali 0.99% - =17 Okasan 0.22% -19 Pali 0.77% - 19 Mizuho 0.50% 1320 Barclays Capital 0.27% - 20 Barclays Capital 0.20% - * Polling period prior to the acquisition by Nomura21 Okasan 0.12% =2222 Tachibana 0.01% =22 * Polling period prior to the acquisition by Nomura

* Polling period prior to the acquisition by Nomura

JAPANOVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES

MEGA FUNDS HEDGE FUNDSJAPAN JAPAN

OVERALL

OVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 2007

JAPANOVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES OVERALL COMBINED RESEARCH & SALES

MEGA FUNDS HEDGE FUNDSJAPAN JAPAN

OVERALL

OVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 13.32% 2 1 CLSA 13.60% 2 1 CLSA 14.24% 22 UBS 9.97% 1 2 Goldman Sachs 10.39% 4 2 Goldman Sachs 12.03% 33 Goldman Sachs 9.50% 4 3 UBS 10.03% 1 3 UBS 11.05% 14 J.P.Morgan 7.75% 3 4 J.P.Morgan 8.33% 3 4 Citi 7.25% 45 Citi 6.71% 5 5 Credit Suisse 6.82% 7 5 Merrill Lynch 7.00% 66 Credit Suisse 6.51% 6 6 Citi 6.67% 5 6 Credit Suisse 6.77% 87 CICC 5.54% 10 7 Merrill Lynch 5.63% 6 7 J.P.Morgan 6.06% 58 Merrill Lynch 5.34% 8 8 CICC 5.60% 10 8 Morgan Stanley 5.62% 79 Morgan Stanley 4.61% 9 9 Morgan Stanley 4.92% 8 9 Deutsche Bank 5.12% 9

10 Macquarie 4.17% 13 10 Macquarie 4.21% 13 10 CICC 3.97% 1111 Deutsche Bank 3.85% 11 11 Samsung 3.52% 9 11 Macquarie 3.91% 1212 Samsung 3.47% 7 12 Deutsche Bank 3.37% 11 12 Samsung 2.41% 1013 BNP Paribas 2.32% 12 13 BNP Paribas 2.21% 12 13 BNP Paribas 1.79% 1314 BOC International 1.42% 17 14 HSBC 1.22% 26 14 Lehman Brothers* 1.18% 1815 HSBC 1.09% 27 15 BOC International 1.20% 15 15 BOC International 1.15% 1416 Lehman Brothers* 1.00% 19 16 Lehman Brothers* 1.08% 19 16 HSBC 1.12% 2017 Nomura 0.96% 14 17 CITICS 1.04% 16 17 Yuanta 0.96% 1718 CITICS 0.95% 15 18 Shenyin & Wanguo 0.95% 20 18 CIMB 0.87% 2619 Shenyin & Wanguo 0.91% 22 19 Nomura 0.83% 14 19 Nomura 0.80% 16

=20 Yuanta 0.84% 23 20 CIMB 0.71% 30 20 Kotak 0.65% 21=20 CIMB 0.84% 24 21 Yuanta 0.68% 21 21 DBS Vickers 0.60% 15

22 Woori I&S 0.77% 16 22 Woori I&S 0.61% 17 22 Motilal Oswal 0.52% 2423 Daewoo 0.67% 18 23 Daiwa Institute of Research 0.49% 28 =23 Shenyin & Wanguo 0.44% 2924 Kotak 0.58% 25 =24 Daewoo 0.48% 18 =23 Woori I&S 0.44% 19

=25 Daiwa Institute of Research 0.52% 30 =24 Kotak 0.48% 25 25 KGI 0.40% 22=25 DBS Vickers 0.52% 21 =26 Cazenove 0.38% 32 26 Daiwa Institute of Research 0.39% 38

27 Hyundai 0.48% 34 =26 Motilal Oswal 0.38% 24 27 Cazenove 0.36% 2728 Cazenove 0.40% 31 28 DBS Vickers 0.35% 22 28 Enam 0.35% 3729 KGI 0.36% 20 29 Hyundai 0.32% 39 =29 IDFC-SSKI** 0.30% 2530 RBS** 0.33% 35 30 KGI 0.28% 23 =29 IIFL 0.30% -31 IDFC-SSKI*** 0.32% 28 =31 Mirae Asset 0.27% 31 31 RBS*** 0.27% 4032 Motilal Oswal 0.31% 26 =31 Guotai Junan 0.27% 42 32 Hyundai 0.26% 3933 Mirae Asset 0.30% 33 33 RBS** 0.26% 34 33 CITICS 0.22% 3034 Korea Investment & Securities 0.27% 29 =34 IIFL 0.25% - 34 Korea Investment & Securities 0.13% 32

=35 IIFL 0.26% - =34 IDFC-SSKI*** 0.25% 27 35 Edelweiss 0.12% 36=35 Guotai Junan 0.26% 37 36 Korea Investment & Securities 0.18% 33 36 Mirae Asset 0.11% -

37 Enam 0.23% 36 37 Kingsway 0.13% - =37 UOB Kay Hian 0.08% 2338 Edelweiss 0.18% 41 =38 Hana Daetoo 0.11% - =37 Daewoo 0.08% 2839 Sinolink 0.17% =44 =38 Fubon 0.11% - =37 GMSH 0.08% -

ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPANOVERALL RESEARCH OVERALL RESEARCH OVERALL RESEARCH

OVERALL




ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPANOVERALL RESEARCH OVERALL RESEARCH OVERALL RESEARCH

OVERALL


=40 Fox-Pitt, Kelton 0.12% - 40 Sinolink 0.10% 37 =40 MF Global 0.07% -=40 Kingsway 0.12% - =41 Fox-Pitt, Kelton 0.08% 49 =40 SBI E2-Capital 0.07% 35=40 Eugene 0.12% - =41 Polaris 0.08% - =42 Antique 0.06% -

43 Aseambankers 0.11% - =41 Enam 0.08% - =42 Kim Eng 0.06% 33=44 Fubon 0.10% 49 =41 SinoPac 0.08% 48 44 Aseambankers 0.04% -=44 Hana Daetoo 0.10% - =45 RHB 0.07% 41 =45 Aviate Global 0.03% -=44 RHB 0.10% 39 =45 Essence 0.07% - =45 Asianomics 0.03% -

47 Essence 0.09% - =47 Aseambankers 0.06% - =45 AmeSecurities 0.03% -48 Polaris 0.07% - =47 Edelweiss 0.06% 43 =45 Cha Am Advisors 0.03% -

=49 SinoPac 0.06% 48 =47 Asianomics 0.06% - =49 Thanachart 0.02% -=49 B&K 0.06% 38 =50 UOB Kay Hian 0.05% 29 =49 B&K 0.02% 31=49 GMSH 0.06% - =50 China Merchants 0.05% - =49 First Global 0.02% -=49 Asianomics 0.06% - =49 Fox-Pitt, Kelton 0.02% 46=49 UOB Kay Hian 0.06% 32 * Polling period prior to the acquisition by Nomura =49 Sinolink 0.02% -=49 ICICI 0.06% - ** RBS - 2007 ranking of ABN AMRO

*** IDFC-SSKI - 2007 ranking of SSKI * Polling period prior to the acquisition by Nomura* Polling period prior to the acquisition by Nomura ** IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO *** RBS - 2007 ranking of ABN AMRO*** IDFC-SSKI - 2007 ranking of SSKI


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.32% 1 1 CLSA 14.62% 2 1 UBS 13.67% 12 UBS 12.27% 2 2 UBS 13.29% 1 2 CLSA 12.54% 23 J.P.Morgan 7.45% 4 3 Goldman Sachs 8.23% 7 3 Goldman Sachs 9.48% 44 Goldman Sachs 7.12% 7 4 J.P.Morgan 7.84% 4 4 Morgan Stanley 8.23% 35 Morgan Stanley 6.22% 8 5 Morgan Stanley 6.90% 8 5 Deutsche Bank 7.77% 66 Credit Suisse 5.92% 9 6 Credit Suisse 5.99% 9 6 Merrill Lynch 7.14% 77 Citi 5.85% 3 7 Merrill Lynch 5.92% 5 7 Credit Suisse 6.45% 88 Merrill Lynch 5.69% 5 8 Citi 5.50% 3 8 J.P.Morgan 5.40% 99 Deutsche Bank 5.30% 6 9 Deutsche Bank 4.98% 6 9 Citi 5.24% 5

10 Macquarie 4.82% 10 10 Macquarie 4.75% 10 10 Macquarie 4.37% 1011 CICC 3.98% 11 11 CICC 4.02% 11 11 CICC 2.56% 1112 BNP Paribas 2.52% 13 12 BNP Paribas 2.45% 12 12 BNP Paribas 1.77% 1313 Samsung 1.89% 12 13 Samsung 1.86% 13 13 HSBC 1.69% 1414 BOC International 1.67% 16 14 HSBC 1.67% 15 14 BOC International 1.53% 1615 HSBC 1.65% 17 15 BOC International 1.32% 16 15 Samsung 1.16% 1216 Nomura 1.18% 14 16 Lehman Brothers* 0.74% 19 16 DBS Vickers 1.14% 1817 DBS Vickers 0.73% 19 17 Nomura 0.71% 14 17 Yuanta 0.76% 1518 Lehman Brothers* 0.71% 20 18 CITICS 0.70% 17 18 CIMB 0.72% 2619 CIMB 0.69% 22 19 DBS Vickers 0.60% 22 19 Woori I&S 0.54% 2120 CITICS 0.65% 15 20 Woori I&S 0.57% 20 20 B&K 0.52% 4021 Woori I&S 0.63% 23 21 CIMB 0.51% 26 21 Hyundai 0.47% 2722 Hyundai 0.58% 30 22 Yuanta 0.49% 21 22 Kotak 0.45% 2923 Yuanta 0.56% 24 =23 Shenyin & Wanguo 0.42% 31 =23 Nomura 0.44% 1724 Daiwa SMBC 0.55% 18 =23 Hyundai 0.42% 33 =23 Motilal Oswal 0.44% 2425 Daewoo 0.49% 25 25 Motilal Oswal 0.41% 24 25 Edelweiss 0.41% 33

=26 Shenyin & Wanguo 0.39% 34 26 RBS** 0.40% 30 =26 Lehman Brothers* 0.37% 23=26 Edelweiss 0.39% 37 27 Daiwa SMBC 0.36% 18 =26 KGI 0.37% 28=28 Kotak 0.38% 35 28 Daewoo 0.34% 25 28 Cazenove 0.29% 19=28 Motilal Oswal 0.38% 26 29 Kotak 0.27% 32 29 UOB Kay Hian 0.28% 20

30 RBS** 0.37% 33 =30 Edelweiss 0.23% 35 30 IDFC-SSKI** 0.27% 3431 KGI 0.34% 27 =30 Guotai Junan 0.23% 37 =31 Daiwa SMBC 0.24% 2532 B&K 0.29% 40 =32 Cazenove 0.20% 23 =31 Enam 0.24% 3833 IDFC-SSKI*** 0.26% 32 =32 KGI 0.20% 28 =31 Daewoo 0.24% 37

=34 Cazenove 0.24% 21 34 Korea Investment & Securities 0.18% 40 34 Shenyin & Wanguo 0.21% 36=34 Korea Investment & Securities 0.24% 36 35 IDFC-SSKI*** 0.17% 29 35 RBS*** 0.19% 35=36 Guotai Junan 0.19% 41 36 Mirae Asset 0.16% 36 =36 Religare 0.16% -=36 Fox-Pitt, Kelton 0.19% 47 =37 Fubon 0.15% 44 =36 Primasia 0.16% -=38 Fubon 0.17% 44 =37 Sinolink 0.15% 42 =38 SBI E2-Capital 0.14% 22=38 Sinolink 0.17% 49 39 Fox-Pitt, Kelton 0.14% 41 =38 IIFL 0.14% -

ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPANOVERALL SALES OVERALL SALES OVERALL SALES

OVERALL




ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPAN ASIA EX AUSTRALIA & JAPANOVERALL SALES OVERALL SALES OVERALL SALES

OVERALL


=38 Enam 0.17% 39 40 B&K 0.13% 39 =40 Churchill Capital 0.13% -=38 UOB Kay Hian 0.17% 28 41 UOB Kay Hian 0.12% 27 =40 KBC 0.13% -

42 Mirae Asset 0.16% 31 42 SBI E2-Capital 0.11% 34 =40 CITICS 0.13% 4243 IIFL 0.13% - 43 IIFL 0.10% - =43 Korea Investment & Securities 0.12% 3044 SBI E2-Capital 0.11% 29 44 Tong Yang 0.09% - =43 SinoPac 0.12% 3145 SinoPac 0.09% 43 =45 Primasia 0.07% - 45 JM Financial 0.11% -

=46 Tong Yang 0.08% - =45 Churchill Capital 0.07% - =46 Auerbach Grayson 0.10% -=46 ICICI 0.08% - =45 KBC 0.07% - =46 GMSH 0.10% 44=48 Religare 0.07% - =48 Enam 0.06% =46 =46 Barclays Capital 0.10% -=48 Haitong 0.07% - =48 JM Financial 0.06% - 49 Mirae Asset 0.09% -=50 Primasia 0.06% - =48 Auerbach Grayson 0.06% - 50 CCB International 0.07% -=50 Aseambankers 0.06% - =48 Polaris 0.06% -=50 GMSH 0.06% 45 * Polling period prior to the acquisition by Nomura=50 Polaris 0.06% - * Polling period prior to the acquisition by Nomura ** IDFC-SSKI - 2007 ranking of SSKI=50 Churchill Capital 0.06% - ** RBS - 2007 ranking of ABN AMRO *** RBS - 2007 ranking of ABN AMRO=50 KBC 0.06% - *** IDFC-SSKI - 2007 ranking of SSKI

* Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO*** IDFC-SSKI - 2007 ranking of SSKI


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Christopher Wood CLSA 27.91% 1 1 Christopher Wood CLSA 28.35% 1 1 Christopher Wood CLSA 23.06% 12 Sakthi Siva Credit Suisse 10.45% 2 2 Sakthi Siva Credit Suisse 10.80% 2 2 Sakthi Siva Credit Suisse 12.07% 23 Sean Darby Nomura 7.75% 3 3 Sean Darby Nomura 7.16% 3 3 Tim Moe Goldman Sachs 6.73% 34 Tim Moe Goldman Sachs 5.87% 4 4 Tim Moe Goldman Sachs 6.11% 4 4 Sean Darby Nomura 6.49% 45 Markus Rosgen Citi 5.30% 6 5 Markus Rosgen Citi 5.22% 6 5 Markus Rosgen Citi 5.42% 56 Adrian Mowat J.P.Morgan 4.40% 7 6 Thomas Deng Goldman Sachs 4.04% =21 6 Adrian Mowat J.P.Morgan 4.22% 67 Thomas Deng Goldman Sachs 3.15% 25 7 Adrian Mowat J.P.Morgan 3.88% 7 7 Thomas Deng Goldman Sachs 3.99% =158 Lan Xue Citi 2.27% - 8 Lan Xue Citi 2.85% - 8 Lan Xue Citi 3.76% -9 Anthony Lok BOC International 2.22% =26 9 Gerard Minack Morgan Stanley 2.47% =15 9 Gerard Minack Morgan Stanley 3.52% =27

10 Gerard Minack Morgan Stanley 2.03% 18 10 Anthony Lok BOC International 2.08% 28 10 Anthony Lok BOC International 2.90% -=11 Tim Rocks Macquarie 1.67% 10 11 Garry Evans HSBC 1.62% - 11 Willie Chan Merrill Lynch 2.11% =21=11 Garry Evans HSBC 1.67% - 12 Willie Chan Merrill Lynch 1.52% =29 12 David Murphy CLSA 1.90% -

13 Mark Matthews Merrill Lynch 1.27% 29 13 Niall Macleod UBS 1.50% - 13 Niall Macleod UBS 1.76% -14 Niall Macleod UBS 1.23% - =14 Todd Martin CLSA 1.33% =29 14 David Cui Merrill Lynch 1.51% -15 Malcolm Wood Morgan Stanley 1.17% 20 =14 Malcolm Wood Morgan Stanley 1.33% - 15 Tim Rocks Macquarie 1.43% 1116 Willie Chan Merrill Lynch 1.16% - 16 Tim Rocks Macquarie 1.30% =15 16 Mark Matthews Merrill Lynch 1.30% -17 David Cui Merrill Lynch 1.09% - 17 David Murphy CLSA 1.09% - 17 Orion Leung Merrill Lynch 1.27% =2718 Todd Martin CLSA 1.02% - 18 Paul Schulte Lehman Brothers 0.91% - =18 Chris Leung Lehman Brothers 1.06% -19 Jun Ma Deutsche Bank 0.95% =8 19 Mark Matthews Merrill Lynch 0.83% - =18 Melvyn Boey Merrill Lynch 1.06% -20 Clive McDonnell BNP Paribas 0.94% - 20 David Cui Merrill Lynch 0.81% - =18 Michael Kurtz J.P.Morgan 1.06% =1321 Andy Rothman CLSA 0.92% - =21 Andy Rothman CLSA 0.77% - 21 Garry Evans HSBC 0.99% -22 Paul Schulte Lehman Brothers 0.86% - =21 Jun Ma Deutsche Bank 0.77% 11 =22 David Scott Cha Am Advisors 0.70% =2123 David Murphy CLSA 0.83% - 23 Orion Leung Merrill Lynch 0.73% - =22 Joanne Goh DBS Vickers 0.70% -24 Orion Leung Merrill Lynch 0.56% - 24 Sophia Cheng Merrill Lynch 0.69% - =22 Malcolm Wood Morgan Stanley 0.70% -25 Jonathan Anderson UBS 0.55% 12 25 Clive McDonnell BNP Paribas 0.62% - =22 Mohammed Apabhai Morgan Stanley 0.70% -26 Tham Mun Hon Daiwa I.R. 0.49% - =26 Chris Leung Lehman Brothers 0.61% - =22 Paul Schulte Lehman Brothers 0.70% -27 Russell Napier CLSA 0.48% - =26 David Scott Cha Am Advisors 0.61% =12 =22 Rick Loo Goldman Sachs 0.70% -

=28 Chris Leung Lehman Brothers 0.46% - =26 Melvyn Boey Merrill Lynch 0.61% - =22 Rohan Dalziell Mirae Asset 0.70% -=28 David Scott Cha Am Advisors 0.46% 14 =26 Michael Kurtz J.P.Morgan 0.61% =12 29 Jonathan Anderson UBS 0.69% -=28 Melvyn Boey Merrill Lynch 0.46% - =26 Rob Hart Morgan Stanley 0.61% =29 =30 Arthur Woo Merrill Lynch 0.63% -=28 Michael Kurtz J.P.Morgan 0.46% 17 =26 Tuck Yin Soong Macquarie 0.61% - =30 Jake Lynch Macquarie 0.63% -=28 Rob Hart Morgan Stanley 0.46% -=28 Tuck Yin Soong Macquarie 0.46% -

REGIONAL (ASIA EX-JAPAN)

BEST STRATEGISTBEST STRATEGIST BEST STRATEGISTOVERALL MEGA FUNDS HEDGE FUNDS

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. REGIONAL: Page 1 of 39

Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Jonathan Anderson UBS 16.58% 1 1 Jonathan Anderson UBS 14.79% 1 1 Jonathan Anderson UBS 19.73% 12 Jun Ma Deutsche Bank 9.61% 3 2 Jun Ma Deutsche Bank 8.63% 3 2 Jun Ma Deutsche Bank 14.04% 33 Eric Fishwick CLSA 7.57% - 3 Hong Liang Goldman Sachs 8.55% 4 3 Hong Liang Goldman Sachs 7.97% 54 Hong Liang Goldman Sachs 7.15% 5 4 Eric Fishwick CLSA 7.30% - 4 Dong Tao Credit Suisse 7.13% 65 Dong Tao Credit Suisse 5.55% 4 5 Duncan Wooldridge UBS 5.38% =29 5 Duncan Wooldridge UBS 6.13% =196 Duncan Wooldridge UBS 4.81% - 6 Dong Tao Credit Suisse 3.99% 6 6 Cem Karacadag Credit Suisse 4.07% -7 Jim Walker Asianomics 3.79% 2 7 Timothy J Bond Merrill Lynch 3.76% 7 7 Eric Fishwick CLSA 3.52% -8 Timothy J Bond Merrill Lynch 3.75% 7 8 Jim Walker Asianomics 3.67% 2 8 Timothy J Bond Merrill Lynch 3.41% 49 Bill Belchere Macquarie 3.15% 8 9 Yiping Huang Citi 3.56% =12 =9 Chetan Ahya Morgan Stanley 3.25% =13

10 Yiping Huang Citi 2.84% 17 10 Qing Wang Morgan Stanley 2.84% - =9 Yiping Huang Citi 3.25% 911 Chan Kok Peng BNP Paribas 2.69% 11 11 Bill Belchere Macquarie 2.73% 5 11 Qing Wang Morgan Stanley 2.71% -12 Qing Wang Morgan Stanley 2.49% - 12 Chan Kok Peng BNP Paribas 2.31% =14 12 Andy Rothman CLSA 2.44% -13 Chetan Ahya Morgan Stanley 1.93% 15 13 Chetan Ahya Morgan Stanley 2.28% =12 13 Jim Walker Asianomics 2.11% 214 Ha Jiming CICC 1.79% =13 14 Christopher Wood CLSA 2.16% - =14 Bill Belchere Macquarie 2.06% 815 Christopher Wood CLSA 1.78% - 15 Cem Karacadag Credit Suisse 2.14% - =14 Ha Jiming CICC 2.06% =2116 Cem Karacadag Credit Suisse 1.69% - 16 Ha Jiming CICC 2.08% =14 =16 Christopher Wood CLSA 1.63% -17 Michael Spencer Deutsche Bank 1.57% - 17 Michael Spencer Deutsche Bank 1.99% =29 =16 Paul Schulte Lehman Brothers 1.63% -18 Arthur Woo Merrill Lynch 1.29% =19 18 Anthony Nafte CLSA 1.71% - =16 Russell Napier CLSA 1.63% -19 Tomo Kinoshita Nomura 1.21% 9 19 Kwon Goohoon Goldman Sachs 1.45% - =16 Silvia Liu Merrill Lynch 1.63% -20 Kwon Goohoon Goldman Sachs 1.14% - 20 Russell Napier CLSA 1.42% - 20 Anthony Nafte CLSA 1.41% -

=21 Anthony Nafte CLSA 1.12% - 21 Andy Rothman CLSA 1.28% - 21 Stephen Walters J.P.Morgan 1.30% -=21 Russell Napier CLSA 1.12% - 22 Roland Randall Macquarie 1.14% - =22 Arthur Woo Merrill Lynch 1.08% =21

23 Andy Rothman CLSA 1.03% - 23 Arthur Woo Merrill Lynch 1.13% =14 =22 Roland Randall Macquarie 1.08% -24 Prasenjit K. Basu Daiwa I.R. 0.99% =13 =24 Chiou Yi Chang UBS 0.85% - 24 Chan Kok Peng BNP Paribas 0.98% =2825 Roland Randall Macquarie 0.90% - =24 Lu Ting Merrill Lynch 0.85% - 25 Paul Cavey Macquarie 0.81% -26 D.S. Shin Samsung 0.76% - =24 Paul Schulte Lehman Brothers 0.85% - 26 Prasenjit K. Basu Daiwa I.R. 0.65% -27 Peter Morgan HSBC 0.72% =30 =24 Sakthi Siva Credit Suisse 0.85% - =27 Gerard Minack Morgan Stanley 0.54% =2428 Lu Ting Merrill Lynch 0.69% - =24 Silvia Liu Merrill Lynch 0.85% - =27 Lu Ting Merrill Lynch 0.54% -

=29 Chiou Yi Chang UBS 0.67% - =24 Sin Eng Ong J.P.Morgan 0.85% =20 29 Sailesh Jha Barclays Capital 0.43% -=29 Paul Schulte Lehman Brothers 0.67% - =30 Prasenjit K. Basu Daiwa I.R. 0.68% 10 30 Song Seng Wun CIMB 0.33% -=29 Sakthi Siva Credit Suisse 0.67% - =30 Sophia Cheng Merrill Lynch 0.68% -=29 Silvia Liu Merrill Lynch 0.67% - =30 Stephen Walters J.P.Morgan 0.68% -=29 Sin Eng Ong J.P.Morgan 0.67% =22 =30 Tomo Kinoshita Nomura 0.68% =14

BEST ECONOMIST BEST ECONOMIST BEST ECONOMIST




Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Laurence Balanco CLSA 19.46% - 1 Laurence Balanco CLSA 19.30% - 1 Laurence Balanco CLSA 27.87% -2 Nigel Tupper Merrill Lynch 9.25% 2 2 Steve Malin J.P.Morgan 11.20% 1 2 Sophie Biro Credit Suisse 7.93% 133 Steve Malin J.P.Morgan 9.12% 1 3 Chris Lobello CLSA 7.97% =16 3 Steve Malin J.P.Morgan 7.10% 14 Sophie Biro Credit Suisse 8.25% 5 4 Nigel Tupper Merrill Lynch 7.44% 3 4 George Platt Macquarie 6.26% =45 Chris Lobello CLSA 6.95% 13 5 Paul Chanin Citi 6.67% 9 5 Nigel Tupper Merrill Lynch 5.79% 36 Paul Chanin Citi 5.74% 10 6 Sophie Biro Credit Suisse 6.64% 5 6 Martin Emery Macquarie 5.74% -7 Martin Emery Macquarie 5.47% 12 7 Martin Emery Macquarie 5.63% 10 7 Kenneth Chan Nomura 4.07% =168 Todd Martin CLSA 5.01% =27 8 Todd Martin CLSA 5.22% =22 8 Sandy Lee Nomura 3.65% 239 Kenneth Chan Nomura 3.83% 20 =9 George Platt Macquarie 3.80% 4 9 Paul Chanin Citi 3.24% =16

10 Sakthi Siva Credit Suisse 3.17% =25 =9 Sakthi Siva Credit Suisse 3.80% - =10 Sakthi Siva Credit Suisse 3.13% =1611 George Platt Macquarie 3.06% 6 11 Kenneth Chan Nomura 3.04% 26 =10 Tony Lee J.P.Morgan 3.13% -12 Winner Lee BNP Paribas 2.60% 7 12 Mark Stevenson* CLSA 2.78% =18 12 Chris Lobello CLSA 2.71% =2013 Mark Stevenson* CLSA 2.45% 9 =13 Tony Lee J.P.Morgan 1.90% - =13 Mark Stevenson* CLSA 2.51% =414 Sandy Lee Nomura 2.09% 4 =13 Viking Kwok Macquarie 1.90% 7 =13 Willie Chan Merrill Lynch 2.51% -

=15 Tony Lee J.P.Morgan 1.53% - 15 Sandy Lee Nomura 1.65% 2 =15 Corey Ng Morgan Stanley 2.09% -=15 Viking Kwok Macquarie 1.53% 11 16 Kenneth Tan UBS 1.58% - =15 Kenneth Tan UBS 2.09% -

17 Kenneth Tan UBS 1.28% - 17 Willie Chan Merrill Lynch 1.52% - =15 Patrick Hansen Macquarie 2.09% -18 Willie Chan Merrill Lynch 1.23% - =18 Corey Ng Morgan Stanley 1.27% - =18 Peggy Chan Credit Suisse 1.88% -

=19 Corey Ng Morgan Stanley 1.02% - =18 Patrick Hansen Macquarie 1.27% - =18 Winner Lee BNP Paribas 1.88% 6=19 Patrick Hansen Macquarie 1.02% - 20 Christopher Eoyang Goldman Sachs 1.02% - 20 Christopher Wood CLSA 1.67% 22

21 Shunsuke Kasuga Nomura 1.00% =15 21 Christopher Wood CLSA 1.01% 24 21 Justin Lau Lehman Brothers 1.04% -22 Peggy Chan Credit Suisse 0.92% - 22 Winner Lee BNP Paribas 0.95% =16 22 Winnie Ma BNP Paribas 0.84% -23 Christopher Eoyang Goldman Sachs 0.83% - 23 Jonathan Wilmot Credit Suisse 0.68% - 23 Todd Martin CLSA 0.78% 1924 Christopher Wood CLSA 0.82% - =24 Desh Peramunetilleke Macquarie 0.63% 1125 Jonathan Wilmot Credit Suisse 0.55% - =24 Justin Lau Lehman Brothers 0.63% - * Mark Stevenson has left CLSA

=26 Desh Peramunetilleke Macquarie 0.51% 14 26 Winnie Ma BNP Paribas 0.51% -=26 Justin Lau Lehman Brothers 0.51% -=28 Amy Tang UBS 0.41% - * Mark Stevenson has left CLSA=28 Winnie Ma BNP Paribas 0.41% -

* Mark Stevenson has left CLSA


OVERALL MEGA FUNDS HEDGE FUNDSBEST QUANTITATIVE / TECHNICAL ANALYST BEST QUANTITATIVE / TECHNICAL ANALYST BEST QUANTITATIVE / TECHNICAL ANALYST


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Sunil Garg J.P.Morgan 13.64% 1 1 Sunil Garg J.P.Morgan 15.46% 1 1 Sunil Garg J.P.Morgan 14.28% 22 Roy Ramos Goldman Sachs 10.89% 2 2 Roy Ramos Goldman Sachs 11.91% 2 2 Roy Ramos Goldman Sachs 14.11% 13 Daniel Tabbush CLSA 8.20% 4 3 Ma Ning Goldman Sachs 9.54% 8 3 Daniel Tabbush CLSA 9.33% 74 Ma Ning Goldman Sachs 8.06% 8 4 Daniel Tabbush CLSA 7.38% 5 4 Anil Agarwal Morgan Stanley 5.78% =135 Sanjay Jain Credit Suisse 4.76% - 5 Sanjay Jain Credit Suisse 5.45% - 5 Alistair Scarff Merrill Lynch 5.16% =286 Anil Agarwal Morgan Stanley 4.47% =20 6 Anil Agarwal Morgan Stanley 4.80% - 6 Sanjay Jain Credit Suisse 4.90% -7 Alistair Scarff Merrill Lynch 3.68% 30 7 Alistair Scarff Merrill Lynch 3.78% 29 7 Ma Ning Goldman Sachs 4.30% 98 John Wadle UBS 3.26% 6 8 John Wadle UBS 2.65% 6 8 John Wadle UBS 3.53% 49 Winnie Wu Merrill Lynch 2.47% =23 9 Todd Dunivant HSBC 2.42% 30 9 Lucy Feng Deutsche Bank 3.14% =24

=10 Simon Ho Citi 2.21% - 10 Simon Ho Citi 2.37% - 10 Todd Dunivant HSBC 2.97% =24=10 Todd Dunivant HSBC 2.21% =28 11 Sophia Cheng Merrill Lynch 2.35% - 11 Robert Kong Citi 2.92% -

12 Sophia Cheng Merrill Lynch 2.08% - 12 Winnie Wu Merrill Lynch 2.29% - 12 Ismael Pili Macquarie 2.15% -13 K.W. Wong, William BOC International 1.67% - 13 Dorris Chen BNP Paribas 2.11% 13 13 Chris Esson Credit Suisse 2.06% -14 Dorris Chen BNP Paribas 1.65% 12 14 Sally Ng* UBS 1.63% 4 14 Winnie Wu Merrill Lynch 1.98% 2015 Sally Ng* UBS 1.59% 5 15 K.W. Wong, William BOC International 1.52% - =15 K.W. Wong, William BOC International 1.89% -16 Sandra Cai Daiwa I.R. 1.55% - 16 Robert Kong Citi 1.49% - =15 Scott Lee Deutsche Bank 1.89% -

=17 Ismael Pili Macquarie 1.53% 22 17 Lucy Feng Deutsche Bank 1.41% 20 17 Simon Ho Citi 1.81% -=17 Robert Kong Citi 1.53% - =18 Bryan Song Merrill Lynch 1.18% - 18 Karen Chan Merrill Lynch 1.72% -

19 Brian W. Hunsaker Fox-Pitt, Kelton 1.48% 17 =18 Minyan Liu Morgan Stanley 1.18% 16 =19 Ben Lin Nomura 1.29% -20 Lucy Feng Deutsche Bank 1.47% 19 =20 Karen Chan Merrill Lynch 1.03% 15 =19 Soyoung Kim UBS 1.29% -21 Warren Blight Fox-Pitt, Kelton 1.37% - =20 Warren Blight Fox-Pitt, Kelton 1.03% - 21 Philippa Rogers Goldman Sachs 1.03% -22 Minyan Liu Morgan Stanley 1.17% 16 =22 Ben Lin Nomura 0.98% - 22 Sophia Cheng Merrill Lynch 1.00% 1923 Ben Lin Nomura 1.13% - =22 Scott Lee Deutsche Bank 0.98% - 23 Sarah Wu Macquarie 0.99% -24 Jessie Wang Morgan Stanley 1.05% - 24 Sandra Cai Daiwa I.R. 0.90% - 24 Danny Goh Credit Suisse 0.95% -25 Chris Esson Credit Suisse 0.96% - 25 Philippa Rogers Goldman Sachs 0.82% - =25 Minyan Liu Morgan Stanley 0.86% -26 Bryan Song Merrill Lynch 0.92% - 26 Soyoung Kim UBS 0.81% - =25 Vincent Chang Goldman Sachs 0.86% -27 Scott Lee Deutsche Bank 0.88% - =27 Aditya Singhania Credit Suisse 0.77% - =27 Bill Stacey Aviate Global 0.77% 628 Soyoung Kim UBS 0.81% - =27 Brian W. Hunsaker Fox-Pitt, Kelton 0.77% 17 =27 George Koh Cazenove 0.77% -29 Karen Chan Merrill Lynch 0.80% =20 =27 Chris Esson Credit Suisse 0.77% - =27 Punit Shrivastava Enam 0.77% -

=30 Jason Yu Samsung 0.72% 18 =27 James Moss CLSA 0.77% - 30 Sandra Cai Daiwa I.R. 0.73% -=30 Roger Lum Morgan Stanley 0.72% - =27 Nora Hou Deutsche Bank 0.77% -

* Sally Ng has left UBS * Sally Ng has left UBS


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR BANKS BEST ANALYST FOR BANKS BEST ANALYST FOR BANKS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Christie Ju Merrill Lynch 22.02% 7 1 Christie Ju Merrill Lynch 23.72% 5 1 Christie Ju Merrill Lynch 24.31% =82 Danie Schutte CLSA 10.88% 3 2 Steven Li J.P.Morgan 10.15% 9 2 Cusson Leung Credit Suisse 9.04% =83 Steven Li J.P.Morgan 9.67% 8 3 Cusson Leung Credit Suisse 9.14% 10 3 Danie Schutte CLSA 8.90% 54 Cusson Leung Credit Suisse 8.63% 6 4 Danie Schutte CLSA 8.97% 4 4 Anil Daswani Citi 8.23% 35 Anil Daswani Citi 8.56% 4 5 Anil Daswani Citi 8.52% 3 5 Steven Li J.P.Morgan 7.85% 66 Mike Warren Goldman Sachs 6.92% 1 6 Mike Warren Goldman Sachs 6.95% 1 6 Mike Warren Goldman Sachs 7.71% 17 Simon Cheung Goldman Sachs 4.73% 11 7 Simon Cheung Goldman Sachs 5.58% =14 7 Simon Cheung Goldman Sachs 6.55% 118 Benjamin Lo Lehman Brothers 4.11% 21 8 Benjamin Lo Lehman Brothers 4.54% 30 8 Benjamin Lo Lehman Brothers 4.44% -9 Gary Pinge Macquarie 1.81% - 9 Rob Hart Morgan Stanley 1.92% 2 9 Rob Hart Morgan Stanley 2.94% 2

10 Rob Hart Morgan Stanley 1.55% 2 10 Gary Pinge Macquarie 1.83% - 10 Kevin Chong Deutsche Bank 2.38% -11 Edward Chan Goldman Sachs 1.50% 30 11 John Tang J.P.Morgan 1.78% - 11 Hubert Tang UBS 2.10% -12 John Tang J.P.Morgan 1.44% - 12 Hubert Tang UBS 1.37% =23 12 Karen Tang Deutsche Bank 1.75% -

=13 Karen Tang Deutsche Bank 1.25% - 13 Edward Chan Goldman Sachs 1.31% 29 13 Gabrielle Chan Credit Suisse 1.68% -=13 Kevin Chong Deutsche Bank 1.25% - 14 Haibo Tang Merrill Lynch 1.28% - =14 David Ng Goldman Sachs 1.40% -

15 Manop Sangiambut CLSA 1.22% - 15 Gabrielle Chan Credit Suisse 1.10% - =14 Eric Wong UBS 1.40% -16 Haibo Tang Merrill Lynch 1.18% - =16 CW Chung Lehman Brothers 0.91% - =14 Haibo Tang Merrill Lynch 1.40% -17 Hubert Tang UBS 1.11% =24 =16 David Ng Goldman Sachs 0.91% 11 17 Manop Sangiambut CLSA 1.26% -18 Jeffrey Jian-Feng Gao BNP Paribas 1.03% - =16 Eric Wong UBS 0.91% - 18 John Tang J.P.Morgan 1.05% -

=19 David Ng Goldman Sachs 0.89% 12 19 Simon Cheng Deutsche Bank 0.76% - =19 Clive McDonnell BNP Paribas 0.84% -=19 Gabrielle Chan Credit Suisse 0.89% - =20 JD Yang Samsung 0.73% - =19 Jeffrey Jian-Feng Gao BNP Paribas 0.84% -=21 CW Chung Lehman Brothers 0.74% - =20 Karen Tang Deutsche Bank 0.73% - =19 Steven Zhang CLSA 0.84% -=21 Eric Wong UBS 0.74% - =20 Kevin Chong Deutsche Bank 0.73% - =22 Angus Chan Morgan Stanley 0.70% -

23 Lim Jit Soon Lehman Brothers 0.66% - =20 Praveen Choudhary Morgan Stanley 0.73% - =22 Grant Chum UBS 0.70% 1024 Simon Cheng Deutsche Bank 0.61% - 24 Manop Sangiambut CLSA 0.69% - =22 Paul Louie Lehman Brothers 0.70% -

=25 JD Yang Samsung 0.59% - 25 Chong Wee Lee DBS Vickers 0.55% - 25 Angela Moh Morgan Stanley 0.56% -=25 Praveen Choudhary Morgan Stanley 0.59% - =26 Albert Hsu Merrill Lynch 0.46% - 26 Lim Jit Soon Lehman Brothers 0.42% -=27 Chong Wee Lee DBS Vickers 0.44% - =26 Angus Chan Morgan Stanley 0.46% -=27 Clive McDonnell BNP Paribas 0.44% - =26 Grant Chum UBS 0.46% 8=27 Steven Zhang CLSA 0.44% - =26 Paul Louie Lehman Brothers 0.46% -=30 Albert Hsu Merrill Lynch 0.37% - =26 Simon Woo Merrill Lynch 0.46% =14=30 Angus Chan Morgan Stanley 0.37% -=30 Grant Chum UBS 0.37% 10=30 Paul Louie Lehman Brothers 0.37% -=30 Simon Woo Merrill Lynch 0.37% =17


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR CONGLOMERATES BEST ANALYST FOR CONGLOMERATES BEST ANALYST FOR CONGLOMERATES


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Anne Ling Deutsche Bank 9.41% 1 1 Xiaopo Wei CLSA 10.22% - 1 Anne Ling Deutsche Bank 13.83% 12 Xiaopo Wei CLSA 9.40% - 2 Anne Ling Deutsche Bank 8.52% 3 2 Xiaopo Wei CLSA 6.36% -3 Paul McKenzie CLSA 7.54% 5 3 Paul McKenzie CLSA 7.79% 7 3 Marisa Ho Credit Suisse 4.20% 24 Marisa Ho Credit Suisse 5.26% 2 4 Vineet Sharma J.P.Morgan 5.07% 9 4 Paul McKenzie CLSA 3.99% 65 Vineet Sharma J.P.Morgan 4.58% 10 5 Marisa Ho Credit Suisse 4.75% 1 5 Denise Chai Merrill Lynch 3.56% 96 Chen Luo Merrill Lynch 3.35% 16 6 Denise Chai Merrill Lynch 3.17% 5 6 Joshua Lu Goldman Sachs 3.42% 127 Denise Chai Merrill Lynch 3.22% =7 7 Chen Luo Merrill Lynch 2.95% 15 7 Catherine Lim Credit Suisse 3.38% -8 Geoff Boyd CLSA 2.74% 6 8 Catherine Lim Credit Suisse 2.78% - 8 Kate Zhu Morgan Stanley 3.23% 119 Kate Zhu Morgan Stanley 2.27% =14 9 Jane Ye Cazenove 2.72% - 9 Vineet Sharma J.P.Morgan 3.12% 4

10 Catherine Lim Credit Suisse 2.21% - 10 Geoff Boyd CLSA 2.59% 4 =10 Chen Luo Merrill Lynch 2.91% 811 Jane Ye Cazenove 2.17% - 11 Joshua Lu Goldman Sachs 2.52% =12 =10 Geoff Boyd CLSA 2.91% 712 Joshua Lu Goldman Sachs 2.10% =14 12 Matt Marsden HSBC 2.03% - 12 Dennis Tao Morgan Stanley 2.75% 2813 Frank Li J.P.Morgan 2.03% =7 13 Frank Li J.P.Morgan 1.99% 6 =13 Ally Park Citi 2.42% -14 Ally Park Citi 1.95% - 14 Kate Zhu Morgan Stanley 1.90% =12 =13 Sidong Tian UBS 2.42% -15 Michele Mak Credit Suisse 1.86% 19 15 Ally Park Citi 1.69% - =15 Gerwin Ho Citi 2.37% -16 Hou Yankun Lehman Brothers 1.81% - =16 Gerwin Ho Citi 1.58% - =15 Vincent Ha Deutsche Bank 2.37% -17 Matt Marsden HSBC 1.71% - =16 Michele Mak Credit Suisse 1.58% 18 17 Spencer Leung UBS 2.05% =1318 Henry Wu UBS 1.45% 9 18 Angela Moh Morgan Stanley 1.47% 2 18 Mabel Wong Deutsche Bank 1.94% -

=19 Gerwin Ho Citi 1.41% - =19 Christine Peng Lehman Brothers 1.46% =19 19 Angela Moh Morgan Stanley 1.89% 3=19 Mabel Wong Deutsche Bank 1.41% - =19 Forrest Chan CLSA 1.46% - 20 Michele Mak Credit Suisse 1.72% -

21 Angela Moh Morgan Stanley 1.36% 3 =21 Henry Wu UBS 1.43% 8 =21 Brandon Chen Merrill Lynch 1.62% -22 Dennis Tao Morgan Stanley 1.28% - =21 Hou Yankun Lehman Brothers 1.43% - =21 Christine Peng Lehman Brothers 1.62% =1323 Vincent Ha Deutsche Bank 1.26% - =21 Sidong Tian UBS 1.43% - =21 Han Young-Ah Merrill Lynch 1.62% =13

=24 Christine Peng Lehman Brothers 1.16% 20 24 Vincent Ha Deutsche Bank 1.39% - =21 Johannes Salim UBS 1.62% -=24 Forrest Chan CLSA 1.16% - 25 Han Young-Ah Merrill Lynch 1.27% =19 =21 Mark Yoon Lehman Brothers 1.62% -

26 Sidong Tian UBS 1.13% - 26 Keith Li CIMB 1.11% - 26 Hou Yankun Lehman Brothers 1.45% -27 Spencer Leung UBS 1.03% - =27 Henry Kwon Credit Suisse 1.08% - =27 Matt Marsden HSBC 1.29% -

=28 Han Young-Ah Merrill Lynch 1.01% =21 =27 Mabel Wong Deutsche Bank 1.08% - =27 Rebecca Jiang Deutsche Bank 1.29% -=28 Henry Kwon Credit Suisse 1.01% - 29 Dennis Tao Morgan Stanley 1.05% - =29 Jason Brueschke Citi 1.08% -

30 Wallace Cheung Credit Suisse 0.94% - 30 Heather Lee UBS 1.02% - =29 Jessie Qian Macquarie 1.08% -=29 Keith Li CIMB 1.08% -=29 Sanjeev Rana Merrill Lynch 1.08% -=29 Wallace Cheung Credit Suisse 1.08% -


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR CONSUMER DISCRETIONARY BEST ANALYST FOR CONSUMER DISCRETIONARY BEST ANALYST FOR CONSUMER DISCRETIONARY


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Heather Hsu CLSA 13.53% 15 1 Heather Hsu CLSA 14.43% 12 1 Mabel Wong Deutsche Bank 13.98% 52 Mabel Wong Deutsche Bank 9.19% 2 2 Mabel Wong Deutsche Bank 9.84% 2 2 Angela Moh Morgan Stanley 10.65% 33 Angela Moh Morgan Stanley 7.29% 3 3 Denise Chai Merrill Lynch 7.44% 3 3 Heather Hsu CLSA 9.80% -4 Denise Chai Merrill Lynch 7.04% 4 4 Angela Moh Morgan Stanley 7.24% 5 4 Anne Ling Deutsche Bank 8.84% 15 Anne Ling Deutsche Bank 5.63% 1 5 Anne Ling Deutsche Bank 5.85% 1 5 Denise Chai Merrill Lynch 8.48% 86 Deng Yifan Goldman Sachs 5.13% 8 6 Catherine Lim Credit Suisse 4.79% 9 6 Catherine Lim Credit Suisse 6.43% 47 Catherine Lim Credit Suisse 3.92% 11 7 Deng Yifan Goldman Sachs 4.65% 6 7 Deng Yifan Goldman Sachs 5.50% =108 Christine Peng Lehman Brothers 2.95% - 8 Vineet Sharma J.P.Morgan 3.23% 7 8 Lei Yang RBS 3.70% -9 Paul McKenzie CLSA 2.86% 6 9 Heather Lee UBS 3.05% 14 9 Han Young-Ah Merrill Lynch 3.37% 7

10 Lei Yang RBS 2.68% - 10 Christine Peng Lehman Brothers 3.03% - 10 Vineet Sharma J.P.Morgan 2.73% 211 Vineet Sharma J.P.Morgan 2.48% 5 11 Lei Yang RBS 2.78% - 11 Christine Peng Lehman Brothers 2.57% -12 Han Young-Ah Merrill Lynch 2.37% 10 12 Xiaopo Wei CLSA 2.73% - =12 Ally Park Citi 2.41% -13 Heather Lee UBS 2.34% 16 =13 Ally Park Citi 2.62% - =12 Dennis Tao Morgan Stanley 2.41% -14 Lei Chen UBS 2.33% - =13 Forrest Chan CLSA 2.62% - =12 Lei Chen UBS 2.41% -15 Ally Park Citi 2.25% - 15 Paul McKenzie CLSA 2.09% 8 =12 Minseok Sinn Credit Suisse 2.41% -16 Xiaopo Wei CLSA 2.10% - 16 Han Young-Ah Merrill Lynch 1.72% 11 =16 Alex Cheng Credit Suisse 2.01% -17 Forrest Chan CLSA 2.02% - 17 Marisa Ho Credit Suisse 1.61% 21 =16 Chen Luo Merrill Lynch 2.01% -18 Marisa Ho Credit Suisse 1.78% 12 =18 Dennis Tao Morgan Stanley 1.51% - =18 Desmond Lee Cazenove 1.45% -19 Chen Luo Merrill Lynch 1.67% =26 =18 Lei Chen UBS 1.51% - =18 Paul McKenzie CLSA 1.45% 620 Phoebe Wong Lehman Brothers 1.28% 9 =18 Minseok Sinn Credit Suisse 1.51% - 20 Christine Lee Merrill Lynch 1.29% -

=21 Dennis Tao Morgan Stanley 1.16% - =21 Alex Cheng Credit Suisse 1.26% - 21 Martin Yule Morgan Stanley 1.21% -=21 Minseok Sinn Credit Suisse 1.16% - =21 Chen Luo Merrill Lynch 1.26% =22 =22 Jeffrey Jian-Feng Gao BNP Paribas 0.96% -

23 Jeffrey Jian-Feng Gao BNP Paribas 1.09% - =21 Matt Marsden HSBC 1.26% - =22 Magnus Gunn Cazenove 0.96% -=24 Alex Cheng Credit Suisse 0.97% - =24 CG Koo Samsung 1.21% - =24 Forrest Chan CLSA 0.80% -=24 Matt Marsden HSBC 0.97% - =24 Sang Koo Lee Hyundai 1.21% - =24 Shanshan Lu Credit Suisse 0.80% -=26 CG Koo Samsung 0.93% - 26 Kelly Kim Morgan Stanley 0.82% - 26 Heriyanto Irawan Deutsche Bank 0.72% -=26 Sang Koo Lee Hyundai 0.93% - =27 Christine Lee Merrill Lynch 0.81% - 27 Jihyun Song Deutsche Bank 0.48% -

28 Kelly Kim Morgan Stanley 0.86% - =27 Euna Cho Samsung 0.81% - 28 Marisa Ho Credit Suisse 0.16% =1929 Desmond Lee Cazenove 0.70% - =27 Nigel Muston CLSA 0.81% -

=30 Christine Lee Merrill Lynch 0.62% - =30 Hiu-Lui Ko Macquarie 0.76% -=30 Euna Cho Samsung 0.62% - =30 Martin Yule Morgan Stanley 0.76% -=30 Nigel Muston CLSA 0.62% - =30 Phoebe Wong Lehman Brothers 0.76% 10

BEST ANALYST FOR CONSUMER STAPLES BEST ANALYST FOR CONSUMER STAPLES BEST ANALYST FOR CONSUMER STAPLES




Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Prashant Gokhale Credit Suisse 10.39% 5 1 Prashant Gokhale Credit Suisse 10.62% 5 1 Prashant Gokhale Credit Suisse 12.20% 42 Gordon Kwan CLSA 9.66% 1 2 Gordon Kwan CLSA 9.65% 3 2 Cheng Khoo Lehman Brothers 10.43% 23 Graham Cunningham Citi 9.48% 3 3 Graham Cunningham Citi 9.08% 1 3 Kelvin Koh Goldman Sachs 8.75% 74 Cheng Khoo Lehman Brothers 8.44% 2 4 Cheng Khoo Lehman Brothers 8.98% 2 4 Graham Cunningham Citi 7.32% 15 Kelvin Koh Goldman Sachs 6.02% 10 5 Kelvin Koh Goldman Sachs 6.89% 10 5 Gordon Kwan CLSA 6.19% 86 Brynjar Bustnes J.P.Morgan 5.10% - 6 Brynjar Bustnes J.P.Morgan 4.41% - 6 Peter Gastreich UBS 3.98% =97 Hernan Ladeuix CLSA 3.70% 13 7 Peter Gastreich UBS 3.87% 9 7 Andrew Chan Dawia I.R. 3.79% -8 Peter Gastreich UBS 3.68% 9 8 Andrew Chan Daiwa I.R. 3.78% - 8 Hernan Ladeuix CLSA 3.41% =169 Andrew Chan Daiwa I.R. 3.04% - 9 Chris Shiu Goldman Sachs 2.64% =14 9 Andrew Driscoll CLSA 3.29% -

10 Bin Guan Merrill Lynch 2.63% 29 10 Bin Guan Merrill Lynch 2.56% - 10 Brynjar Bustnes J.P.Morgan 3.03% -11 Andrew Driscoll CLSA 2.41% - =11 Edwin Pang Credit Suisse 2.36% - 11 Chris Shiu Goldman Sachs 2.34% =912 Wee-Kiat Tan Morgan Stanley 2.22% - =11 Wee-Kiat Tan Morgan Stanley 2.36% 28 =12 Edwin Pang Credit Suisse 2.28% -13 Chris Shiu Goldman Sachs 2.12% =16 13 Andrew Driscoll CLSA 2.05% - =12 Lawrence Lau BOC International 2.28% =914 Edwin Pang Credit Suisse 2.09% - 14 Hernan Ladeuix CLSA 2.01% 20 14 Bin Guan Merrill Lynch 2.21% =2615 Ghee Peh UBS 1.77% =16 15 Jim Lennon Macquarie 1.77% - 15 Andreas Bokkenheuser UBS 1.96% -16 Lawrence Lau BOC International 1.57% =11 16 Ghee Peh UBS 1.73% =14 =16 Ghee Peh UBS 1.90% =917 His Han Pin Cazenove 1.52% - 17 Lawrence Lau BOC International 1.71% =11 =16 Magnus Gunn Cazenove 1.90% =2318 Ivan Lee Lehman Brothers 1.45% 24 18 Andreas Bokkenheuser UBS 1.22% - =16 Simon Lee Morgan Stanley 1.90% =2619 Jim Lennon Macquarie 1.42% - =19 Chang Lee Woori I&S 1.18% - =16 Wee-Kiat Tan Morgan Stanley 1.90% =2120 Magnus Gunn Cazenove 1.20% 15 =19 His Han Pin Cazenove 1.18% - 20 Rohan Dalziell Nomura 1.52% -21 Andreas Bokkenheuser UBS 0.98% - =19 Jim Hung Goldman Sachs 1.18% - =21 Foo Choy Peng UOB Kay Hian 1.26% -

=22 Chang Lee Woori I&S 0.95% - =19 Lance He BNP Paribas 1.18% - =21 Nilesh Banerjee Goldman Sachs 1.26% -=22 Jim Hung Goldman Sachs 0.95% - =19 Magnus Gunn Cazenove 1.18% =29 =21 Por Yang Liang Lehman Brothers 1.26% =29=22 Lance He BNP Paribas 0.95% - =19 Simon Lee Morgan Stanley 1.18% - =21 Stuart Baker Morgan Stanley 1.26% -=22 Simon Lee Morgan Stanley 0.95% - 25 Rohan Dalziell Nomura 0.95% - =21 Tony Lee Deutsche Bank 1.26% -

26 Por Yang Liang Lehman Brothers 0.82% - =26 Foo Choy Peng UOB Kay Hian 0.79% - =26 David Ng Goldman Sachs 1.14% -27 David Johnson Macquarie 0.78% - =26 Mathew Thomas Morgan Stanley 0.79% - =26 His Han Pin Cazenove 1.14% -28 Rohan Dalziell Mirae Asset 0.76% - =26 Nilesh Banerjee Goldman Sachs 0.79% - =26 Ivan Lee Lehman Brothers 1.14% -

=29 Foo Choy Peng UOB Kay Hian 0.63% - =26 Por Yang Liang Lehman Brothers 0.79% - =29 Clarisse Pan Lehman Brothers 0.95% -=29 Jimmy Wong UBS 0.63% - =26 Stuart Baker Morgan Stanley 0.79% - =29 Jim Lennon Macquarie 0.95% -=29 Mathew Thomas Morgan Stanley 0.63% - =26 Tony Lee Deutsche Bank 0.79% - =29 Vikash Jain CLSA 0.95% -=29 Nilesh Banerjee Goldman Sachs 0.63% - =26 Vicky Binns Merrill Lynch 0.79% =21=29 Stuart Baker Morgan Stanley 0.63% -=29 Tony Lee Deutsche Bank 0.63% -=29 Vicky Binns Merrill Lynch 0.63% =25


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR ENERGY BEST ANALYST FOR ENERGY BEST ANALYST FOR ENERGY


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Trina Chen Credit Suisse 11.36% 1 1 Trina Chen Credit Suisse 12.09% 1 1 Trina Chen Credit Suisse 13.39% 12 Song Shen Goldman Sachs 10.47% 2 2 Song Shen Goldman Sachs 11.15% 2 2 Song Shen Goldman Sachs 8.32% 23 Andrew Driscoll CLSA 6.05% 3 3 Andrew Driscoll CLSA 5.36% 3 3 Julian Zhu Deutsche Bank 7.78% -4 Julian Zhu Deutsche Bank 5.64% - 4 Ghee Peh UBS 5.25% 6 4 Andrew Driscoll CLSA 6.10% 35 Jim Lennon Macquarie 5.16% 10 5 Jim Lennon Macquarie 4.76% 9 5 Jim Lennon Macquarie 4.86% =216 Ghee Peh UBS 4.86% 4 6 Julian Zhu Deutsche Bank 4.26% - 6 Sonia Song Merrill Lynch 4.81% 47 Sonia Song Merrill Lynch 3.34% 5 7 Lance He BNP Paribas 3.90% 12 7 Sarah Mak HSBC 4.32% -8 Lance He BNP Paribas 3.20% 12 8 Sarah Mak HSBC 3.49% - 8 Ghee Peh UBS 4.05% 69 Sarah Mak HSBC 2.87% - =9 Oscar Yee Citi 3.30% - 9 Oscar Yee Citi 3.24% 26

10 Geoff Boyd CLSA 2.78% 6 =9 Sonia Song Merrill Lynch 3.30% 5 10 Charles Spencer Morgan Stanley 3.02% 811 Oscar Yee Citi 2.71% - 11 Geoff Boyd CLSA 3.10% 4 11 Alexander Latzer Merrill Lynch 2.70% -12 Alexander Latzer Merrill Lynch 2.03% - 12 G.J. Kim Samsung 2.37% 11 12 James Clarke Deutsche Bank 2.65% 913 G.J. Kim Samsung 1.95% =15 13 Mick Mi UBS 2.19% - 13 Geoff Boyd CLSA 2.61% 514 Belle Chan BOC International 1.90% 13 14 Charles Spencer Morgan Stanley 2.09% 8 14 Mick Mi UBS 2.43% -15 Mick Mi UBS 1.80% - 15 Simon Francis Macquarie 2.03% 7 =15 Oliver Du Lehman Brothers 2.16% =1416 Charles Spencer Morgan Stanley 1.72% 11 16 Alexander Latzer Merrill Lynch 1.90% - =15 Vicky Binns Merrill Lynch 2.16% =14

=17 Kim-Chong Tan UBS 1.69% - 17 Oliver Du Lehman Brothers 1.78% =22 17 Kim-Chong Tan UBS 2.00% -=17 Simon Francis Macquarie 1.69% 7 18 Kim-Chong Tan UBS 1.68% - 18 Rajeev Das Goldman Sachs 1.78% -

19 Daniel Kang HSBC 1.62% - =19 Jeannette Sim RBS 1.59% - =19 Manop Sangiambut CLSA 1.62% -20 Oliver Du Lehman Brothers 1.46% =27 =19 Vicky Binns Merrill Lynch 1.59% 15 =19 Simon Francis Macquarie 1.62% 721 James Clarke Deutsche Bank 1.43% 9 21 Hubert Tang UBS 1.51% 28 =19 Steven Li HSBC 1.62% -22 Hubert Tang UBS 1.40% - 22 Yan Chen Cazenove 1.43% - =19 Wendy Wang UBS 1.62% -23 Vicky Binns Merrill Lynch 1.34% =20 23 Jim Hung Goldman Sachs 1.27% - 23 David Murphy CLSA 1.30% -24 Jeannette Sim RBS 1.30% - 24 Wu Juntung Cazenove 1.11% - =24 Edwin Pang Credit Suisse 1.08% -25 Yan Chen Cazenove 1.17% - =25 Belle Chan BOC International 0.95% 10 =24 Foo Choy Peng UOB Kay Hian 1.08% =1026 Jim Hung Goldman Sachs 1.04% - =25 Manop Sangiambut CLSA 0.95% - =24 Pan Jianping CITICS 1.08% -

=27 Wendy Wang UBS 0.91% - =25 Sandy Niu Morgan Stanley 0.95% =22 27 Glyn Lawcock UBS 0.97% =17=27 Wu Juntung Cazenove 0.91% - =25 Steven Li HSBC 0.95% - 28 Patrick Tiah Goldman Sachs 0.86% -=29 James Kan CLSA 0.86% - 29 Wendy Wang UBS 0.92% - =29 Ahmad Solihin CLSA 0.81% -=29 Rajeev Das Goldman Sachs 0.86% - =30 Christine Pu Deutsche Bank 0.79% - =29 Jeremy Chen Morgan Stanley 0.81% -

=30 Daniel Kang HSBC 0.79% - =29 Shawn Kim Morgan Stanley 0.81% -=30 James Kan CLSA 0.79% - =29 Wu Juntung Cazenove 0.81% -

=29 Yan Chen Cazenove 0.81% -


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR MATERIALS BEST ANALYST FOR MATERIALS BEST ANALYST FOR MATERIALS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Tony Tsang Citi 14.32% 1 1 Tony Tsang Citi 14.40% 1 1 Wang Yi Goldman Sachs 15.29% 192 Wang Yi Goldman Sachs 10.39% =15 2 Wang Yi Goldman Sachs 11.61% 23 2 Tony Tsang Citi 12.32% 13 Matt Nacard Macquarie 7.87% 5 3 Matt Nacard Macquarie 9.30% 4 3 Anthony Wu Goldman Sachs 8.76% =64 Nicole Wong CLSA 7.14% - 4 Nicole Wong CLSA 6.82% - 4 Nicole Wong CLSA 7.78% 26

=5 Eric Wong UBS 6.36% 2 5 Eric Wong UBS 6.53% 2 5 Aaron Fischer CLSA 6.75% -=5 Aaron Fischer CLSA 6.36% - 6 Anthony Wu Goldman Sachs 6.31% 6 6 Eric Wong UBS 5.95% 2

7 Anthony Wu Goldman Sachs 5.54% 7 7 Christopher Gee J.P.Morgan 6.27% 7 7 Matt Nacard Macquarie 5.23% =68 Christopher Gee J.P.Morgan 5.52% 4 8 Aaron Fischer CLSA 4.35% - 8 Eva Lee Macquarie 3.79% 109 Keith Yeung Merrill Lynch 3.52% 12 9 Keith Yeung Merrill Lynch 3.55% 21 9 Derek Kwong Morgan Stanley 3.59% 9

10 Eva Lee Macquarie 3.01% 10 10 Derek Kwong Morgan Stanley 3.27% 9 10 Keith Yeung Merrill Lynch 2.74% =1711 Alastair Gillespie UBS 2.95% - 11 Eva Lee Macquarie 2.92% 10 11 Paul Louie Lehman Brothers 2.61% =1312 Derek Kwong Morgan Stanley 2.93% 9 12 Alastair Gillespie UBS 2.71% - =12 Keith Chan HSBC 2.35% -13 Ken Yeung Deutsche Bank 2.40% - 13 Ken Yeung Deutsche Bank 2.48% - =12 Ken Yeung Deutsche Bank 2.35% -14 Paul Louie Lehman Brothers 2.01% 23 14 Danny Bao Deutsche Bank 2.27% - 14 Christopher Gee J.P.Morgan 2.07% 815 Tuck Yin Soong Macquarie 1.91% 18 15 Robert Fong Merrill Lynch 1.91% - 15 Haiyun Zhang UBS 1.96% -16 Danny Bao Deutsche Bank 1.76% - 16 Paul Louie Lehman Brothers 1.79% =15 16 Melissa Bon Morgan Stanley 1.76% -17 Robert Fong Merrill Lynch 1.42% - =17 CW Chung Lehman Brothers 1.24% - 17 Mahesh Nandurkar CLSA 1.57% -18 Keith Chan HSBC 1.11% - =17 Haiyun Zhang UBS 1.24% - =18 Angus Chan Morgan Stanley 1.31% -

=19 CW Chung Lehman Brothers 0.92% - =17 Jonathan Hsu UBS 1.24% - =18 Leslie Yee Goldman Sachs 1.31% -=19 Haiyun Zhang UBS 0.92% - 20 Tuck Yin Soong Macquarie 1.16% =27 =18 Robert Fong Merrill Lynch 1.31% -=19 Jonathan Hsu UBS 0.92% - =21 Mahesh Nandurkar CLSA 0.99% - =21 Cusson Leung Credit Suisse 1.18% -

22 Melissa Bon Morgan Stanley 0.89% - =21 Moonwook Heu Samsung 0.99% - =21 Tuck Yin Soong Macquarie 1.18% =27=23 Mahesh Nandurkar CLSA 0.74% - =21 Sidney Yeh Credit Suisse 0.99% - =23 David Ng* UBS 1.05% =17=23 Moonwook Heu Samsung 0.74% - =24 Angus Chan Morgan Stanley 0.83% - =23 Tommy Wong Goldman Sachs 1.05% -=23 Sidney Yeh Credit Suisse 0.74% - =24 Leslie Yee Goldman Sachs 0.83% - =25 Jason Ching Merrill Lynch 0.78% -

26 Tommy Wong Goldman Sachs 0.65% - =24 Regina Lim UBS 0.83% - =25 John Chan Cazenove 0.78% -=27 Angus Chan Morgan Stanley 0.62% - =27 David Ng* UBS 0.66% 14 27 Danny Bao Deutsche Bank 0.65% -=27 Leslie Yee Goldman Sachs 0.62% - =27 Tommy Wong Goldman Sachs 0.66% - =28 Anthony Darwell Nomura 0.59% =23=27 Regina Lim UBS 0.62% - 29 Tata Goeyardi Macquarie 0.50% - =28 Tony Darwell Nomura 0.59% -

30 Cusson Leung Credit Suisse 0.55% - 30 Jackie Choy Lehman Brothers 0.28% - =30 Harshad Arole RBS 0.39% -=30 Jin Guo Cazenove 0.39% -

* David Ng has left UBS =30 Lock Mun Yee DBS Vickers 0.39% -

* David Ng has left UBS


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR REAL ESTATE BEST ANALYST FOR REAL ESTATE BEST ANALYST FOR REAL ESTATE


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Andrew Lu Citi 15.05% 1 1 Andrew Lu Citi 16.91% 1 1 Andrew Lu Citi 14.70% 12 William Dong UBS 7.52% 3 2 Lawrence Lee Samsung 6.28% 7 2 Lawrence Lee Samsung 8.90% =203 Lawrence Lee Samsung 6.18% 10 3 Bhavin Shah J.P.Morgan 5.37% =13 3 William Dong UBS 5.75% 64 Bhavin Shah J.P.Morgan 5.10% 5 4 Dan Heyler Merrill Lynch 5.18% 2 4 Donald Lu Goldman Sachs 5.64% 85 Dan Heyler Merrill Lynch 4.92% 2 5 William Dong UBS 4.83% 5 5 Bhavin Shah J.P.Morgan 5.21% 196 Ming-Kai Cheng CLSA 4.65% 6 6 Jessica Chang Credit Suisse 4.73% - 6 Dan Heyler Merrill Lynch 5.14% 27 Donald Lu Goldman Sachs 4.33% 8 7 Michael Chou Deutsche Bank 4.14% - 7 CW Chung Lehman Brothers 4.60% -8 Jessica Chang Credit Suisse 3.91% - 8 Warren Lau Macquarie 3.71% 3 8 Michael Chou Deutsche Bank 4.37% -9 Warren Lau Macquarie 3.76% 4 9 Ming-Kai Cheng CLSA 3.52% 9 9 Ming-Kai Cheng CLSA 4.10% 4

10 Michael Chou Deutsche Bank 3.29% - 10 Donald Lu Goldman Sachs 3.43% 6 10 Simon Woo Merrill Lynch 3.68% =1311 Simon Woo Merrill Lynch 2.68% =14 11 CW Chung Lehman Brothers 2.96% - 11 Warren Lau Macquarie 3.32% 312 CW Chung Lehman Brothers 2.27% - 12 Steve Pelayo HSBC 2.51% - 12 John Sung Credit Suisse 3.22% -13 Szeho Ng BNP Paribas 2.17% - 13 Szeho Ng BNP Paribas 2.46% - 13 Jonah Cheng Merrill Lynch 3.14% =914 MS Hwang Credit Suisse 2.04% 7 14 Jonah Cheng Merrill Lynch 2.02% =13 =14 Do Hoon Lee Macquarie 2.30% -15 Steve Pelayo HSBC 1.99% - 15 Jeffrey Toder RBS 1.97% - =14 Seunghoon Han Goldman Sachs 2.30% -16 Jonah Cheng Merrill Lynch 1.85% 18 16 Seunghoon Han Goldman Sachs 1.77% - =14 Yoshihiro Shimada Macquarie 2.30% -17 John Sung Credit Suisse 1.59% - =17 Simon Woo Merrill Lynch 1.73% =13 17 MS Hwang Credit Suisse 1.99% 518 Jeffrey Toder RBS 1.51% - =17 Xin Zhao Cazenove 1.73% - =18 Bruce Lu CLSA 1.84% -19 Seunghoon Han Goldman Sachs 1.36% - 19 Bruce Lu CLSA 1.68% - =18 Tse Yong Yao HSBC 1.84% -20 Xin Zhao Cazenove 1.32% - 20 MS Hwang Credit Suisse 1.67% 4 20 Steve Pelayo HSBC 1.61% -

=21 Bruce Lu CLSA 1.29% - =21 Do Hoon Lee Macquarie 1.48% - =21 Damian Thong Macquarie 1.53% -=21 Keng Hock Lim Credit Suisse 1.29% - =21 John Sung Credit Suisse 1.48% - =21 Jeffrey Toder RBS 1.53% -

23 Randy Abrams Credit Suisse 1.15% 16 =21 Randy Abrams Credit Suisse 1.48% =16 =23 Pranab Kumar Sarmah Daiwa I.R. 1.38% -=24 Do Hoon Lee Macquarie 1.13% - =21 Ronnie Ho Merrill Lynch 1.48% - =23 Shailesh Jaitly Nomura 1.38% 7=24 Ronnie Ho Merrill Lynch 1.13% - =21 Yoshihiro Shimada Macquarie 1.48% - =25 Bill Lu Morgan Stanley 1.23% -=24 Yoshihiro Shimada Macquarie 1.13% - 26 Yolanda Wang Lehman Brothers 1.28% - =25 Szeho Ng BNP Paribas 1.23% -=27 Bill Lu Morgan Stanley 0.98% - =27 Dhruv Vohra CLSA 1.18% 29 =25 Tiffany Chen KGI 1.23% -=27 Yolanda Wang Lehman Brothers 0.98% - =27 Jay Kim Hyundai 1.18% - 28 Jack Lu RBS 1.15% -=29 Dhruv Vohra CLSA 0.91% - =27 Patrick Yau Macquarie 1.18% - 29 Keng Hock Lim Credit Suisse 0.92% =30=29 Jay Kim Hyundai 0.91% - =27 Tse Yong Yao HSBC 1.18% - 30 Edward Yen UBS 0.77% -=29 Patrick Yau Macquarie 0.91% -=29 Tse Yong Yao HSBC 0.91% -


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR SEMICONDUCTORS BEST ANALYST FOR SEMICONDUCTORS BEST ANALYST FOR SEMICONDUCTORS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Henry King Goldman Sachs 9.69% 1 1 Henry King Goldman Sachs 10.09% 1 1 Daniel Chang Macquarie 11.16% 32 Daniel Chang Macquarie 8.46% 4 2 Daniel Chang Macquarie 9.96% 3 2 Arthur Hsieh UBS 10.89% 23 Arthur Hsieh UBS 7.92% 3 3 Arthur Hsieh UBS 6.07% 6 3 Henry King Goldman Sachs 7.37% 14 Ming-Kai Cheng CLSA 4.67% 7 4 Ming-Kai Cheng CLSA 5.65% 10 4 Warren Lau Macquarie 5.81% -5 Warren Lau Macquarie 3.77% 17 5 Warren Lau Macquarie 5.18% =15 =5 Jenny Lai CLSA 4.36% -6 Robert Cheng Credit Suisse 3.24% - 6 Jenny Lai CLSA 3.29% - =5 Ming-Kai Cheng CLSA 4.36% =217 Jenny Lai CLSA 3.14% - 7 Keng Hock Lim Credit Suisse 3.25% - 7 Tony Tseng Merrill Lynch 3.49% 308 Keng Hock Lim Credit Suisse 2.57% - 8 Jasmine Lu Morgan Stanley 2.59% 25 8 Kevin Chang Citi 2.69% -9 Jasmine Lu Morgan Stanley 2.50% 10 9 Alex Yang Lehman Brothers 2.54% 9 9 Donald Lu Goldman Sachs 2.61% =21

10 Donald Lu Goldman Sachs 2.37% 29 =10 Robert Cheng Credit Suisse 2.45% 26 10 Frederick Wong BNP Paribas 2.47% 1911 Frederick Wong BNP Paribas 2.20% 13 =10 Vincent Chen Yuanta 2.45% 12 11 Jeffrey Toder RBS 2.40% -12 Bhavin Shah J.P.Morgan 1.96% - 12 Frederick Wong BNP Paribas 2.16% 29 12 Laura Chen Merrill Lynch 2.32% -13 Alex Yang Lehman Brothers 1.90% 14 =13 Bhavin Shah J.P.Morgan 2.12% - =13 Bhavin Shah J.P.Morgan 2.18% -

=14 KC Kao Deutsche Bank 1.85% 6 =13 Xin Zhao Cazenove 2.12% - =13 Keng Hock Lim Credit Suisse 2.18% =21=14 Tony Tseng Merrill Lynch 1.85% 15 15 Jeffrey Su Merrill Lynch 2.00% - =13 Michael Bang Macquarie 2.18% =10=16 Kevin Chang Citi 1.78% 9 =16 Kevin Chang Citi 1.88% 11 =13 MS Hwang Credit Suisse 2.18% -=16 Vincent Chen Yuanta 1.78% 12 =16 MS Hwang Credit Suisse 1.88% - =13 Seunghoon Han Goldman Sachs 2.18% -

18 Chia-Lin Lu Macquarie 1.65% =21 18 Donald Lu Goldman Sachs 1.84% - 18 Robert Cheng Credit Suisse 1.89% =2519 Xin Zhao Cazenove 1.54% - 19 Seunghoon Han Goldman Sachs 1.63% - 19 Jasmine Lu Morgan Stanley 1.82% 920 Jeffrey Su Merrill Lynch 1.46% - =20 Grace Chen Morgan Stanley 1.51% - =20 Kim-Chong Tan UBS 1.74% -21 MS Hwang Credit Suisse 1.37% - =20 Laura Chen Merrill Lynch 1.51% - =20 Richard Ji Morgan Stanley 1.74% -22 James Kim Lehman Brothers 1.30% - =22 Frank Wang Morgan Stanley 1.41% - =20 Robert Lea UBS 1.74% -23 Frank Wang Morgan Stanley 1.23% - =22 Henry Kim Morgan Stanley 1.41% - =20 Robin Cheng UBS 1.74% =1024 Seunghoon Han Goldman Sachs 1.19% - =22 Michael Bang Macquarie 1.41% 8 =20 Shailesh Jaitly Nomura 1.74% =625 Robert Lea UBS 1.17% - =22 Tony Tseng Merrill Lynch 1.41% 13 =25 Matthew Evans CLSA 1.45% -

=26 Dave Dai CLSA 1.13% - =22 Wanli Wang HSBC 1.41% - =25 Michael Chou Deutsche Bank 1.45% -=26 Dohan Kim Samsung 1.13% - 27 James Kim Lehman Brothers 1.21% - =27 Dave Dai CLSA 1.31% -=26 Jeffrey Toder RBS 1.13% - =28 Angela Hsiang KGI 1.13% =15 =27 Don See Cazenove 1.31% -=29 Grace Chen Morgan Stanley 1.10% - =28 Dohan Kim Samsung 1.13% - =27 Felix Rusli Credit Suisse 1.31% -=29 Laura Chen Merrill Lynch 1.10% - =28 Dongwon Kim Hyundai 1.13% - =27 Joey Cheng Goldman Sachs 1.31% 16

=28 Jeffrey Toder RBS 1.13% - =27 Joseph Ho Daiwa I.R. 1.31% -=28 Kim-Chong Tan UBS 1.13% - =27 KC Kao Deutsche Bank 1.31% =6=28 Richard Ji Morgan Stanley 1.13% - =27 Pranab Kumar Sarmah Daiwa I.R. 1.31% -=28 Robin Cheng UBS 1.13% =15


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR TECHNOLOGY BEST ANALYST FOR TECHNOLOGY BEST ANALYST FOR TECHNOLOGY


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Helen Zhu Goldman Sachs 18.26% 1 1 Helen Zhu Goldman Sachs 21.17% 1 1 Helen Zhu Goldman Sachs 21.43% 22 Anand Ramachandran Citi 12.18% 2 2 Anand Ramachandran Citi 13.62% 2 2 Cynthia Meng Merrill Lynch 10.70% -3 Jinjin Wang UBS 10.94% 4 3 Jinjin Wang UBS 10.64% =3 3 Anand Ramachandran Citi 10.19% 34 Francis Cheung CLSA 8.96% 3 4 Francis Cheung CLSA 7.87% =3 4 Jinjin Wang UBS 8.10% 15 Cynthia Meng Merrill Lynch 6.41% - 5 Cynthia Meng Merrill Lynch 7.30% - 5 Tim Storey J.P.Morgan 3.93% 66 Tim Smart Macquarie 5.48% 9 6 Tim Smart Macquarie 4.63% 7 6 Francis Cheung CLSA 3.81% 47 Suresh Mahadevan UBS 3.41% 10 7 Tim Storey J.P.Morgan 3.32% 5 =7 Navin Killa Morgan Stanley 3.56% 58 Tim Storey J.P.Morgan 3.34% 5 8 Suresh Mahadevan UBS 3.04% 8 =7 Tim Smart Macquarie 3.56% =179 Tucker Grinnan HSBC 2.50% 30 9 Tucker Grinnan HSBC 2.73% - =9 Hanjoon Kim Goldman Sachs 3.31% =17

10 Navin Killa Morgan Stanley 2.45% 6 10 Navin Killa Morgan Stanley 2.11% 6 =9 Tucker Grinnan HSBC 3.31% =1711 Wendy Liu RBS 2.15% - 11 Wendy Liu RBS 2.07% - 11 Suresh Mahadevan UBS 3.19% 812 Hanjoon Kim Goldman Sachs 1.49% - 12 Hanjoon Kim Goldman Sachs 1.87% =27 12 Wendy Liu RBS 2.46% -13 Terry Chan Credit Suisse 1.40% - 13 Terry Chan Credit Suisse 1.76% - =13 Josh Bae UBS 1.84% =2714 Jimmy Cheong J.P.Morgan 1.35% - 14 Jimmy Cheong J.P.Morgan 1.69% - =13 Karen Ang Citi 1.84% -15 Karen Ang Citi 1.16% - 15 Karen Ang Citi 1.45% - =13 Richard Moe CLSA 1.84% -16 Shirley Tse UBS 1.07% 14 =16 Josh Bae UBS 1.04% - 16 Kelvin Goh CIMB 1.78% -17 Josh Bae UBS 0.91% - =16 Marvin Lo Daiwa I.R. 1.04% =17 =17 Eddie Leung Merrill Lynch 1.47% -18 Jeffrey Tan Credit Suisse 0.87% =27 =16 Richard Moe CLSA 1.04% - =17 Gary Yu Morgan Stanley 1.47% -19 Kelvin Goh CIMB 0.84% - 19 Jeffrey Tan Credit Suisse 0.88% - =17 Sachin Mittal DBS Vickers 1.47% -

=20 Colin McCallum Credit Suisse 0.83% 23 =20 Eddie Leung Merrill Lynch 0.83% - =20 David Lee CLSA 1.23% -=20 Marvin Lo Daiwa I.R. 0.83% 11 =20 Gary Yu Morgan Stanley 0.83% - =20 Paul Wuh Lehman Brothers 1.23% -=20 Richard Moe CLSA 0.83% - =20 Jay Park Samsung 0.83% - 22 Colin McCallum Credit Suisse 1.10% =17=23 Eddie Leung Merrill Lynch 0.66% - =23 David Lee CLSA 0.69% - =23 Elinor Leung CLSA 0.98% =22=23 Gary Yu Morgan Stanley 0.66% - =23 Kelvin Goh CIMB 0.69% - =23 George Chu UBS 0.98% -=23 Jay Park Samsung 0.66% - =23 Paul Wuh Lehman Brothers 0.69% - =23 Jimmy Cheong J.P.Morgan 0.98% -=23 Sachin Mittal DBS Vickers 0.66% - 26 Stanley Yang Lehman Brothers 0.64% 24 26 Gary Ngan UBS 0.74% -

27 William Bratton Deutsche Bank 0.61% - =27 Reena Verma Merrill Lynch 0.62% - =27 Frederick Wong BNP Paribas 0.61% -=28 David Lee CLSA 0.55% - =27 Shirley Tse UBS 0.62% 12 =27 Jeffrey Tan Credit Suisse 0.61% =22=28 Paul Wuh Lehman Brothers 0.55% - =29 Elinor Leung CLSA 0.55% - 29 Shirley Tse UBS 0.49% =13

30 Allan Ng BOC International 0.52% - =29 George Chu UBS 0.55% - 30 Alan Hellawell Deutsche Bank 0.46% -=29 William Bratton Deutsche Bank 0.55% -


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR TELECOMMUNICATIONS BEST ANALYST FOR TELECOMMUNICATIONS BEST ANALYST FOR TELECOMMUNICATIONS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Tom Kim Goldman Sachs 11.48% 6 1 Tom Kim Goldman Sachs 12.47% 6 1 Tom Kim Goldman Sachs 16.33% 102 Ally Ma Citi 8.12% 4 2 Ally Ma Citi 8.90% 5 2 Paul Dewberry Merrill Lynch 9.57% 83 Sam Lee Credit Suisse 6.57% =30 3 Johnson Man Leung J.P.Morgan 7.54% 28 3 Johnson Man Leung J.P.Morgan 8.67% -4 Johnson Man Leung J.P.Morgan 6.52% =30 4 Paul Dewberry Merrill Lynch 6.63% 7 4 Ally Ma Citi 7.31% 25 Paul Dewberry Merrill Lynch 5.59% 9 5 Sam Lee Credit Suisse 6.26% 30 5 Sam Lee Credit Suisse 6.43% -6 Richard Wei UBS 5.13% - 6 Richard Wei UBS 5.66% - 6 Damien Horth UBS 4.36% 67 Damien Horth UBS 4.05% 8 7 Damien Horth UBS 3.89% 9 7 Alex Chang UBS 3.98% -8 Ingrid Wei Credit Suisse 2.92% 17 8 Osbert Tang RBS 3.15% - 8 Ingrid Wei Credit Suisse 3.44% =189 Joe Liew Deutsche Bank 2.80% 7 9 Mark Webb HSBC 3.12% 19 9 Andrew Lee Lehman Brothers 3.16% =18

10 Osbert Tang RBS 2.67% - 10 Joe Liew Deutsche Bank 2.83% 11 10 Corrine Png J.P.Morgan 2.78% -11 Andrew Lee Lehman Brothers 2.63% 22 11 Edward Xu Morgan Stanley 2.70% - 11 Jon Windham Macquarie 2.62% -12 Mark Webb HSBC 2.57% 19 12 Andrew Lee Lehman Brothers 2.62% - =12 Geoffrey Cheng Daiwa I.R. 2.40% =2313 Edward Xu Morgan Stanley 2.54% - 13 Chin Lim Morgan Stanley 2.61% 13 =12 Mark Webb HSBC 2.40% -14 Chin Lim Morgan Stanley 2.46% 10 14 Jon Windham Macquarie 2.48% - 14 Jimmy Lam BOC International 2.07% 315 Corrine Png J.P.Morgan 2.43% 20 15 Anderson Chow Macquarie 2.35% =22 15 Joe Liew Deutsche Bank 1.91% 416 Alex Chang UBS 2.23% - 16 Manop Sangiambut CLSA 2.23% - 16 Henry Kwon Credit Suisse 1.85% -17 Anderson Chow Macquarie 2.05% =23 17 Corrine Png J.P.Morgan 2.13% 20 =17 Manop Sangiambut CLSA 1.64% -18 Jon Windham Macquarie 2.04% - 18 Jimmy Lam BOC International 2.04% 2 =17 Vincent Fernando Citi 1.64% -19 Manop Sangiambut CLSA 1.87% - 19 Alex Chang UBS 1.75% - =17 Yong-suk Son UBS 1.64% -20 Jimmy Lam BOC International 1.83% 2 20 Yong-suk Son UBS 1.72% - 20 Sophie Loh Morgan Stanley 1.58% =1821 Sophie Loh Morgan Stanley 1.62% - 21 Ingrid Wei Credit Suisse 1.64% 16 21 Edward Xu Morgan Stanley 1.36% -22 Yong-suk Son UBS 1.41% - 22 Sophie Loh Morgan Stanley 1.30% - =22 Charles De Trenck Transport Trackers 1.31% 123 Hungbin Toh Credit Suisse 1.31% - 23 Andrew Au Cazenove 1.14% - =22 David Ng Goldman Sachs 1.31% -24 Andrew Au Cazenove 1.26% - 24 Robert Bruce CLSA 1.02% - 24 Richard Wei UBS 1.25% -25 Geoffrey Cheng Daiwa I.R. 1.24% 13 =25 Hungbin Toh Credit Suisse 0.95% - =25 Anderson Chow Macquarie 1.09% -

=26 Haibo Tang Merrill Lynch 0.89% - =25 Min Liu Merrill Lynch 0.95% - =25 Raymond Yap CIMB 1.09% -=26 Henry Kwon Credit Suisse 0.89% - =25 Vincent Fernando Citi 0.95% - =25 Simon Cheng Deutsche Bank 1.09% -

28 Robert Bruce CLSA 0.86% - =28 Charles De Trenck Transport Trackers 0.76% 1 28 Jane Ye Cazenove 0.98% -=29 Min Liu Merrill Lynch 0.79% - =28 David Ng Goldman Sachs 0.76% - 29 Jun Harada UBS 0.82% =13=29 Vincent Fernando Citi 0.79% - =30 Craig Stafford UBS 0.64% - =30 Andrew Au Cazenove 0.65% -

=30 Henry Wu UBS 0.64% - =30 Hino Lam Goldman Sachs 0.65% -=30 PJ Yoon Samsung 0.64% - =30 HungBin Toh Credit Suisse 0.65% -=30 Raymond Yap CIMB 0.64% -=30 Simon Cheng Deutsche Bank 0.64% -


OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST FOR TRANSPORTATION BEST ANALYST FOR TRANSPORTATION BEST ANALYST FOR TRANSPORTATION


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Pierre Lau Citi 17.36% 1 1 Pierre Lau Citi 17.85% 1 1 Pierre Lau Citi 18.49% 12 Edmond Lee J.P.Morgan 10.25% 4 2 Edmond Lee J.P.Morgan 12.13% 7 2 Stephen Oldfield UBS 11.33% 53 Stephen Oldfield UBS 9.09% 2 3 Franklin Chow Goldman Sachs 7.82% 10 3 Michael Tong Deutsche Bank 9.74% -4 Simon Powell CLSA 8.66% 10 4 Ivan Lee Lehman Brothers 7.27% 4 4 Franklin Chow Goldman Sachs 8.26% 95 Ivan Lee Lehman Brothers 6.83% 5 5 Gary Chiu HSBC 7.17% 3 5 Edmond Lee J.P.Morgan 8.02% 3

=6 Franklin Chow Goldman Sachs 6.44% 11 6 Stephen Oldfield UBS 7.04% 2 6 Gary Chiu HSBC 7.45% 2=6 Michael Tong Deutsche Bank 6.44% - 7 Simon Powell CLSA 6.87% 16 7 Ivan Lee Lehman Brothers 7.27% 7

8 Gary Chiu HSBC 6.38% 3 8 Michael Tong Deutsche Bank 6.57% - 8 Simon Powell CLSA 7.09% 129 Simon Lee Morgan Stanley 5.75% =6 9 Simon Lee Morgan Stanley 5.74% 5 9 Simon Lee Morgan Stanley 4.75% 4

10 Alvin Tan Cazenove 3.19% 13 10 Alvin Tan Cazenove 3.36% 27 10 Alvin Tan Cazenove 3.37% 1711 Angello Chan Credit Suisse 1.88% 12 11 David Yip Merrill Lynch 1.89% - 11 David Yip Merrill Lynch 3.01% -12 David Yip Merrill Lynch 1.49% - 12 Chang Lee Woori I.R. 1.54% - 12 Angello Chan Credit Suisse 2.89% 1013 Manop Sangiambut CLSA 1.31% =6 13 Ajay Mirchandani J.P.Morgan 1.51% - =13 Prem Jearajasingam Macquarie 1.80% -14 Chang Lee Woori I&S 1.22% - 14 Dave Dai CLSA 1.20% - =13 Yong-suk Son UBS 1.80% -15 Ajay Mirchandani J.P.Morgan 1.19% - =15 Hocheol Kim Credit Suisse 1.13% - =15 Haibo Tang Merrill Lynch 1.08% -16 Geoff Boyd CLSA 1.14% 26 =15 Jim Hung Goldman Sachs 1.13% - =15 Steven Zhang CLSA 1.08% -17 Prem Jearajasingam Macquarie 1.07% - =15 Prem Jearajasingam Macquarie 1.13% - 17 Scully Tsoi HSBC 0.96% -18 Dave Dai CLSA 1.03% - =15 Yong-suk Son UBS 1.13% - 18 Suhas Rema HarinarayanaUBS 0.60% -

=19 Hocheol Kim Credit Suisse 0.89% - 19 Geoff Boyd CLSA 0.99% 23 =19 Abhijeet Dakshikar RBS 0.36% -=19 Jim Hung Goldman Sachs 0.89% - =20 Angello Chan Credit Suisse 0.91% 12 =19 Manop Sangiambut CLSA 0.36% 6=19 Yong-suk Son UBS 0.89% - =20 Manop Sangiambut CLSA 0.91% 6 21 Giovanni Dela-Rosa Deutsche Bank 0.18% -

22 Seoung Woo Kim Samsung 0.72% - =20 Seoung Woo Kim Samsung 0.91% - 22 Dave Dai CLSA 0.10% -=23 Charles Yonts CLSA 0.60% - =23 Charles Yonts CLSA 0.75% -=23 Craig Stafford UBS 0.60% - =23 Craig Stafford UBS 0.75% -=23 Rohan Dalziell Mirae Asset 0.60% 14 =23 Rohan Dalziell Nomura 0.75% 11=23 Scully Tsoi HSBC 0.60% - 26 Scully Tsoi HSBC 0.60% -=27 Athaporn Arayasantiparb UBS 0.54% - 27 Keith Li CIMB 0.57% -=27 Haibo Tang Merrill Lynch 0.54% - 28 Suhas Rema HarinarayananUBS 0.38% -=27 Steven Zhang CLSA 0.54% 23=30 Giovanni Dela-Rosa Deutsche Bank 0.45% -=30 Keith Li CIMB 0.45% -

BEST ANALYST FOR UTILITIES BEST ANALYST FOR UTILITIES BEST ANALYST FOR UTILITIES




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 46.55% 1 1 CLSA 48.17% 1 1 CLSA 47.33% 12 Macquarie 8.55% 2 2 Macquarie 7.90% 3 2 Macquarie 10.83% 23 BNP Paribas 5.61% 12 3 BNP Paribas 5.47% 14 3 Credit Suisse 7.02% 44 Credit Suisse 4.77% 5 4 Credit Suisse 5.42% 5 4 J.P.Morgan 5.05% 65 UBS 4.03% 3 5 UBS 3.98% 2 5 HSBC 3.64% =256 Merrill Lynch 3.55% 14 6 Merrill Lynch 3.63% 15 6 Merrill Lynch 3.49% =167 J.P.Morgan 3.44% 4 7 J.P.Morgan 3.55% 4 7 Goldman Sachs 3.23% =168 Goldman Sachs 2.72% 15 8 Goldman Sachs 3.17% 26 8 CICC 2.52% 119 HSBC 2.61% 19 9 HSBC 2.79% 17 9 Cazenove 1.89% 8

10 Morgan Stanley 2.17% 9 10 Morgan Stanley 2.18% 9 10 BNP Paribas 1.78% =2711 Cazenove 1.97% 7 11 Cazenove 1.93% 8 11 Morgan Stanley 1.71% 912 Deutsche Bank 1.84% 8 12 CICC 1.74% 12 12 Citi 1.57% 713 CICC 1.73% 10 13 Deutsche Bank 1.27% 6 13 Deutsche Bank 1.30% 514 Nomura 1.25% 11 14 Fox-Pitt, Kelton 1.07% 16 14 Shenyin & Wanguo 1.04% -15 Citi 1.24% 6 15 Citi 0.99% 7 15 UBS 1.00% 316 Fox-Pitt, Kelton 0.87% 18 16 Shenyin & Wanguo 0.80% - =16 Fox-Pitt, Kelton 0.89% 1417 Kim Eng 0.70% 17 17 Daiwa Institute of Research 0.75% =22 =16 Kim Eng 0.89% 1018 Shenyin & Wanguo 0.63% - 18 Nomura 0.63% 10 =16 MainFirst 0.89% -

=19 Daiwa Institute of Research 0.60% =26 19 Lehman Brothers* 0.60% 13 =19 Austock 0.74% -=19 Samsung 0.60% 24 20 UOB Kay Hian 0.59% 20 =19 UOB Kay Hian 0.74% =18

21 Yuanta 0.58% - =21 Kim Eng 0.50% 21 21 B&K 0.67% -22 UOB Kay Hian 0.57% 23 =21 MainFirst 0.50% - =22 IIFL 0.45% -23 Lehman Brothers* 0.48% 13 =21 Samsung 0.50% - =22 Nomura 0.45% =1824 MainFirst 0.40% - =24 Austock 0.42% - =24 BOC International 0.30% 1325 RBS** 0.37% 16 =24 RBS** 0.42% 11 =24 DBS Vickers 0.30% 1526 Austock 0.33% - 26 SBICAP 0.34% - 26 Religare 0.22% -

=27 B&K 0.30% - 27 DBS Vickers 0.27% =18 27 CIMB 0.07% 29=27 CIMB 0.30% 22 28 BOC International 0.17% =18

29 SBI E2-Capital 0.27% 25 =29 Guotai Junan 0.10% -30 DBS Vickers 0.22% =20 =29 Yuanta 0.10% -

* Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO ** RBS - 2007 ranking of ABN AMRO

MOST INDEPENDENT RESEARCH MOST INDEPENDENT RESEARCH MOST INDEPENDENT RESEARCH




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 37.76% 1 1 Goldman Sachs 38.74% 1 1 Goldman Sachs 37.15% 12 Morgan Stanley 20.88% 2 2 Morgan Stanley 22.03% 2 2 Morgan Stanley 19.85% 23 UBS 13.21% 3 3 UBS 12.32% 3 3 UBS 14.46% 34 Merrill Lynch 5.98% 4 4 Merrill Lynch 6.43% 4 4 Merrill Lynch 6.52% 45 Credit Suisse 2.40% 6 5 Macquarie 2.80% 18 5 CLSA 3.28% 126 Citi 2.36% 5 6 Citi 2.56% 5 6 Credit Suisse 2.71% 57 Macquarie 2.26% 22 7 Credit Suisse 2.23% 6 7 J.P.Morgan 2.62% 68 Deutsche Bank 2.13% 8 8 J.P.Morgan 2.11% 8 8 Macquarie 2.22% 159 J.P.Morgan 2.40% 7 9 Deutsche Bank 1.99% 7 9 Deutsche Bank 1.91% 8

10 CLSA 1.94% 11 =10 CICC 1.31% - 10 DBS Vickers 1.33% 911 CICC 1.04% - =10 CLSA 1.31% 10 11 UOB Kay Hian 1.11% -12 RBS* 0.99% 24 12 HSBC 1.16% =16 =12 HSBC 1.07% -13 HSBC 0.92% =17 =13 RBS* 0.89% =19 =12 KBC 1.07% -

=14 DBS Vickers 0.71% 13 =13 DBS Vickers 0.89% 15 =14 Daiwa I.R. 0.80% 11=14 UOB Kay Hian 0.71% - =13 UOB Kay Hian 0.89% - =14 Enam 0.80% -

16 Daiwa Institute of Research 0.66% =14 =16 KBC 0.71% - =16 Citi 0.71% 7=17 KBC 0.57% - =16 Nomura 0.71% 9 =16 Nomura 0.71% 10=17 Nomura 0.57% 9 =18 CIMB 0.30% - 18 Edelweiss 0.53% -

19 BNP Paribas 0.47% 12 =18 Daiwa Institute of Research 0.30% =12 =19 CIMB 0.44% 2020 Enam 0.43% - =18 Yuanta 0.30% =12 =19 Yuanta 0.44% -21 Yuanta 0.38% =14 21 Motilal Oswal 0.27% -22 Edelweiss 0.28% - * RBS - 2007 ranking of ABN AMRO23 CIMB 0.24% =1924 Lehman Brothers** 0.19% 10

=25 BOC International 0.14% 26=25 Motilal Oswal 0.14% -=25 Samsung 0.14% -

28 Fubon 0.09% -


LEAST INDEPENDENT RESEARCH LEAST INDEPENDENT RESEARCH


MEGA FUNDS HEDGE FUNDSOVERALLLEAST INDEPENDENT RESEARCH


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 17.47% 1 1 CLSA 17.50% 2 1 CLSA 15.03% 22 UBS 14.95% 2 2 UBS 15.88% 1 2 UBS 14.88% 13 J.P.Morgan 10.02% 3 3 J.P.Morgan 10.29% 3 3 Goldman Sachs 10.15% 64 Goldman Sachs 8.12% 9 4 Goldman Sachs 9.27% 10 4 Deutsche Bank 9.92% 45 Morgan Stanley 7.60% 6 5 Morgan Stanley 8.23% 6 5 Morgan Stanley 9.44% 36 Credit Suisse 7.04% 8 6 Credit Suisse 6.96% 8 6 Credit Suisse 7.44% 97 Deutsche Bank 6.51% 7 7 Merrill Lynch 6.31% 5 7 J.P.Morgan 7.33% 88 Merrill Lynch 6.34% 5 8 Deutsche Bank 5.94% 7 8 Merrill Lynch 6.16% 79 Macquarie 6.16% 10 9 Macquarie 5.82% 9 9 Macquarie 6.04% 10

10 Citi 5.30% 4 10 Citi 4.86% 4 10 Citi 5.32% 511 BNP Paribas 1.74% 12 11 BNP Paribas 1.69% 12 11 HSBC 1.71% 1412 HSBC 1.58% 16 12 HSBC 1.39% 16 12 DBS Vickers 1.53% 2313 Nomura 1.26% 11 13 Lehman Brothers* 0.99% 13 13 CICC 0.73% 1714 Lehman Brothers* 0.98% 14 14 CICC 0.89% 15 14 BOC International 0.58% =1815 CICC 0.79% 13 15 DBS Vickers 0.74% =22 15 KGI 0.44% -16 DBS Vickers 0.73% 19 16 Nomura 0.61% 11 =16 Lehman Brothers* 0.40% 1317 BOC International 0.63% =22 17 BOC International 0.39% =19 =16 Nomura 0.40% 1218 Fox-Pitt, Kelton 0.35% =22 18 RBS** 0.37% =22 =18 B&K 0.33% -

=19 RBS** 0.33% 28 19 Fox-Pitt, Kelton 0.31% =19 =18 BNP Paribas 0.33% 11=19 CIMB 0.33% 20 20 CIMB 0.26% 24 =18 Cazenove 0.33% 15

21 Cazenove 0.31% 17 21 KGI 0.25% - 21 CIMB 0.31% -22 Daiwa SMBC 0.26% 15 22 Cazenove 0.20% =17 =22 Churchill Capital 0.29% -23 KGI 0.24% - =23 Churchill Capital 0.16% - =22 KBC 0.29% -

=24 B&K 0.14% - =23 KBC 0.16% - 24 Religare 0.22% -=24 UOB Kay Hian 0.14% 18 =23 Samsung 0.16% - 25 UOB Kay Hian 0.18% 16=26 Churchill Capital 0.13% - 26 Daiwa SMBC 0.12% 14 =26 Barclays Capital 0.11% -=26 KBC 0.13% - =27 Mizuho 0.10% - =26 Enam 0.11% -=26 Samsung 0.13% =24 =27 UOB Kay Hian 0.10% =17

29 Religare 0.10% - 29 SBI E2-Capital 0.03% - * Polling period prior to the acquisition by Nomura30 Mizuho 0.08% -

* Polling period prior to the acquisition by Nomura* Polling period prior to the acquisition by Nomura ** RBS - 2007 ranking of ABN AMRO** RBS - 2007 ranking of ABN AMRO


OVERALL MEGA FUNDS HEDGE FUNDSOVERALL REGIONAL SALES SERVICES OVERALL REGIONAL SALES SERVICES OVERALL REGIONAL SALES SERVICES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 15.06% 1 1 UBS 16.20% 1 1 UBS 17.08% 12 CLSA 11.50% 3 2 CLSA 10.33% 3 2 Deutsche Bank 10.21% 23 Credit Suisse 9.79% 5 3 Credit Suisse 9.67% 6 3 Goldman Sachs 9.57% 44 Deutsche Bank 9.05% 2 4 Goldman Sachs 9.12% 7 4 CLSA 9.49% 55 Goldman Sachs 7.49% 6 5 Deutsche Bank 8.84% 2 5 Credit Suisse 9.47% 76 J.P.Morgan 6.89% 9 6 J.P.Morgan 7.45% 9 6 J.P.Morgan 8.63% 107 Citi 6.46% 8 7 Citi 5.85% 8 7 Citi 6.38% 88 Morgan Stanley 5.22% 4 8 Macquarie 5.39% 10 8 Morgan Stanley 5.62% 39 Macquarie 4.98% 10 9 Morgan Stanley 5.18% 4 9 Macquarie 5.00% 9

10 Merrill Lynch 4.55% 7 10 Merrill Lynch 4.49% 5 10 Merrill Lynch 4.86% 611 BNP Paribas 4.41% 12 11 BNP Paribas 4.26% 13 11 HSBC 1.63% =1312 HSBC 2.56% 15 12 HSBC 2.25% 15 12 Lehman Brothers* 1.57% -13 Lehman Brothers* 1.05% - 13 Lehman Brothers* 1.25% 27 13 BNP Paribas 1.32% 1214 Yuanta 0.86% =27 14 Instinet 1.13% - 14 Cantor Fitzgerald 1.10% =1915 Instinet 0.83% - 15 DBS Vickers 0.81% 26 15 Yuanta 1.04% -16 DBS Vickers 0.81% 25 16 BOC International 0.79% =19 16 CIMB 0.97% -17 Fox-Pitt, Kelton 0.80% - 17 Cantor Fitzgerald 0.71% - 17 DBS Vickers 0.90% 22

=18 Cazenove 0.73% 18 =18 Fox-Pitt, Kelton 0.68% - 18 Kingsway 0.83% -=18 CIMB 0.73% =30 =18 Yuanta 0.68% - =19 Enam 0.76% =19

20 BOC International 0.61% 22 20 CIMB 0.59% - =19 Kim Eng 0.76% 1521 Daiwa SMBC 0.56% 21 =21 Kingsway 0.54% - =21 Cazenove 0.62% 1822 Cantor Fitzgerald 0.53% =27 =21 Samsung 0.54% 14 =21 Edelweiss 0.62% =2323 Kim Eng 0.50% 14 =21 Bloomberg Tradebook 0.54% - =23 Instinet 0.35% -24 Société Générale 0.43% - =24 RBS** 0.45% 12 =23 Nomura 0.35% 11

=25 KGI 0.40% - =24 Cazenove 0.45% =24 25 KGI 0.28% -=25 Kingsway 0.40% - =24 Société Générale 0.45% - =26 Daiwa SMBC 0.21% -=25 Samsung 0.40% 17 27 Kim Eng 0.36% =19 =26 IIFL 0.21% -=25 Bloomberg Tradebook 0.40% - =28 Daiwa SMBC 0.23% 17 28 CICC 0.10% =19

29 Nomura 0.38% 11 =28 Enam 0.23% =22 29 Standard Chartered 0.07% -30 Enam 0.37% =19 =28 Nomura 0.23% 11

* Polling period prior to the acquisition by Nomura* Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura

** RBS - 2007 ranking of ABN AMRO

EXECUTION EXECUTION EXECUTION




Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Evelyn Moore CLSA 2.30% - 1 Evelyn Moore CLSA 2.15% - 1 Jason Chew UBS 2.94% -2 Jason Chew UBS 1.39% - 2 Jason Chew UBS 1.78% - 2 Lai Man Wong Deutsche Bank 2.66% -3 Maureen Baker Deutsche Bank 1.38% 8 3 Lai Man Wong Deutsche Bank 1.69% - 3 Alan Chen CLSA 2.24% 214 Nancy Wu BNP Paribas 1.36% - 4 Connie Yan UBS 1.58% 13 =4 Evelyn Moore CLSA 2.12% -5 Lai Man Wong Deutsche Bank 1.30% - 5 Nancy Wu BNP Paribas 1.52% - =4 Jack Mcferran J.P.Morgan 2.12% -6 Connie Yan UBS 1.27% 20 6 Eric Chang J.P.Morgan 1.49% - =6 Aki Yoda UBS 1.98% 17 Eric Chang J.P.Morgan 1.18% - 7 Alan Chen CLSA 1.42% - =6 Connie Yan UBS 1.98% -8 Alan Chen CLSA 1.12% - 8 Jack Mcferran J.P.Morgan 1.34% - 8 Jeffrey Shiu Credit Suisse 1.92% 39 Jack McFerran J.P.Morgan 1.07% - 9 Stephen Kam Merrill Lynch 1.32% - 9 Nilesh Navlakha Deutsche Bank 1.79% -

10 Stephen Kam Merrill Lynch 1.01% - 10 Jenny Chiam Lehman Brothers 1.27% 3 10 Girish Pamnani Goldman Sachs 1.77% -11 Michael Balbirnie UBS 0.98% - 11 Jeffrey Shiu Credit Suisse 1.22% 7 11 Stephen Kam Merrill Lynch 1.67% -12 Jenny Chiam Lehman Brothers 0.94% 5 12 Jasmine Koh J.P.Morgan 1.17% - =12 Eric Chang J.P.Morgan 1.65% -13 Aki Yoda UBS 0.93% 3 13 Nilesh Navlakha Deutsche Bank 1.14% - =12 Nicholas Paolucci J.P.Morgan 1.65% -

=14 Terence Oon Macquarie 0.91% - =14 Girish Pamnani Goldman Sachs 1.12% - 14 Charles Blake Citi 1.60% =19=14 Jeffrey Shiu Credit Suisse 0.91% 14 =14 Lee Leng Chua UBS 1.12% - 15 Maureen Baker Deutsche Bank 1.53% 6

16 Girish Pamnani Goldman Sachs 0.90% - 16 Nicholas Paolucci J.P.Morgan 1.05% - 16 Prinn Panitchpakdi CLSA 1.41% -17 Lye Keong Tho Fox-Pitt, Kelton 0.89% - 17 Vonnie Chan CLSA 1.04% 1 17 Joseph Mirpuri Merrill Lynch 1.33% 11

=18 Vonnie Chan CLSA 0.88% 1 =18 Ronald Cheung UBS 0.99% - 18 Faye Ye UBS 1.22% -=18 Prinn Panitchpakdi CLSA 0.88% - =18 Terrence Quah UBS 0.99% 22 19 Ronald Cheung UBS 1.20% -

20 Jasmine Koh J.P.Morgan 0.87% - 20 Gary Mui Merrill Lynch 0.97% 5 =20 Lionel Neave Merrill Lynch 1.13% -21 Nilesh Navlakha Deutsche Bank 0.84% - 21 Michael Balbirnie UBS 0.88% - =20 Terence Oon Macquarie 1.13% -22 Lee Leng Chua UBS 0.83% - 22 Maureen Baker Deutsche Bank 0.86% 15 22 Peter Halesworth Credit Suisse 1.08% -23 Jean Ang CLSA 0.82% - =23 Raghav Kapoor Citi 0.85% - =23 Joon Bae Deutsche Bank 1.06% -

=24 Gary Mui Merrill Lynch 0.81% 4 =23 Joan Zheng Merrill Lynch 0.85% - =23 Jung Kim Merrill Lynch 1.06% -=24 Kathy Teo Goldman Sachs 0.81% - 25 Joseph Mirpuri Merrill Lynch 0.84% - =25 Monique France Morgan Stanley 1.04% -=26 Damian Kestel CLSA 0.80% 6 =26 Aki Yoda UBS 0.81% 9 =25 Simon Robertson UBS 1.04% 2=26 Stephen Beecroft UBS 0.80% - =26 Damian Kestel CLSA 0.81% - 27 Raghav Kapoor Citi 0.99% -

28 Anna Yeung J.P.Morgan 0.79% 29 =26 Jon Shaw HSBC 0.81% - 28 Stephen Mckeever Goldman Sachs 0.98% -29 Nicholas Paolucci J.P.Morgan 0.78% - =26 Terence Oon Macquarie 0.81% - =29 Elaine Wang Goldman Sachs 0.94% -

=30 Charles Blake Citi 0.76% - =30 Colin Sim UBS 0.78% - =29 Michael Snaith CLSA 0.94% -=30 Oon Har Lee HSBC 0.76% - =30 Faye Ye UBS 0.78% - =29 Scott Brixen Deutsche Bank 0.94% -


OVERALL MEGA FUNDS HEDGE FUNDSBEST REGIONAL SALES PERSONBEST REGIONAL SALES PERSON BEST REGIONAL SALES PERSON


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Ricky Lo Deutsche Bank 7.99% 1 1 Ricky Lo Deutsche Bank 8.44% 1 1 Ricky Lo Deutsche Bank 6.61% 252 Ron Kwok Deutsche Bank 2.55% - 2 Sue Scott Morgan Stanley 2.71% - 2 Ron Kwok Deutsche Bank 4.03% -3 Sue Scott Morgan Stanley 2.24% - 3 Ron Kwok Deutsche Bank 2.52% - 3 Mike Lee Credit Suisse 3.21% -

=4 Chris Dunham HSBC 2.03% - 4 Jose Fung Credit Suisse 2.40% =5 4 Jose Fung Credit Suisse 3.01% 2=4 Mike Lee Credit Suisse 2.03% - =5 Chris Dunham HSBC 2.32% - 5 Russell Jacobsen Deutsche Bank 2.82% 1

6 Jose Fung Credit Suisse 1.91% 3 =5 Mike Lee Credit Suisse 2.32% - 6 Sue Scott Morgan Stanley 2.57% -7 Myron Kwong UBS 1.81% - 7 Myron Kwong UBS 2.28% - 7 Mattew Donald Morgan Stanley 2.43% -8 Russell Jacobsen Deutsche Bank 1.78% 2 8 Lee McQueen UBS 2.23% - 8 Kenyon Tse UBS 2.04% -9 Lee McQueen UBS 1.77% - 9 Georgina Symons-Jones CLSA 2.09% =11 =9 Canute Dalmasse Goldman Sachs 1.94% -

10 Georgina Symons-Jones CLSA 1.66% 9 10 Mattew Donald Morgan Stanley 1.93% - =9 Michael Considine Morgan Stanley 1.94% -11 Mattew Donald Morgan Stanley 1.54% - 11 Kenyon Tse UBS 1.63% - 11 Lisa Lau CICC 1.75% 512 Alex Tang Credit Suisse 1.48% - 12 Dean Thomas Deutsche Bank 1.59% - =12 Chris Dunham HSBC 1.70% -13 Jensen Feng CICC 1.38% - 13 James Kibble J.P.Morgan 1.57% - =12 Marlon Sanchez Deutsche Bank 1.70% 314 Kenyon Tse UBS 1.29% - =14 Canute Dalmasse Goldman Sachs 1.55% - =12 Myron Kwong UBS 1.70% -

=15 Dean Thomas Deutsche Bank 1.26% - =14 Michael Considine Morgan Stanley 1.55% - =12 Noy Buranakul Credit Suisse 1.70% -=15 Marlon Sanchez Deutsche Bank 1.26% =5 =14 Russell Jacobsen Deutsche Bank 1.55% 2 16 Tim Wong* Deutsche Bank 1.65% -

17 James Kibble J.P.Morgan 1.25% - 17 Cindy Cheung Morgan Stanley 1.50% - 17 Cindy Cheung Morgan Stanley 1.55% -18 Yat Quan Tan Macquarie 1.24% - 18 Lisa Lau CICC 1.39% - 18 Dean Thomas Deutsche Bank 1.51% -

=19 Canute Dalmasse Goldman Sachs 1.23% - =19 Marlon Sanchez Deutsche Bank 1.35% =3 19 James Kibble J.P.Morgan 1.49% -=19 Joseph Yu Credit Suisse 1.23% - =19 Noy Buranakul Credit Suisse 1.35% - =20 Bobby Lee Merrill Lynch 1.46% -=19 Michael Considine Morgan Stanley 1.23% - 21 Tim Wong* Deutsche Bank 1.32% - =20 Georgina Symons-Jones CLSA 1.46% =10

22 Cindy Cheung Morgan Stanley 1.19% - =22 Alex Tang Credit Suisse 1.16% - =20 Marcus Kwong UBS 1.46% =26=23 Lisa Lau CICC 1.11% =7 =22 Bobby Lee Merrill Lynch 1.16% - =20 Mark Cielinski Lehman Brothers 1.46% -=23 Tim Wong* Deutsche Bank 1.11% - =22 James Teoh Citi 1.16% - =20 Stuart Gordon Macquarie 1.46% -

25 Noy Buranakul Credit Suisse 1.08% - =22 Jensen Feng CICC 1.16% - =20 Thomas Ngai HSBC 1.46% -26 Eric Tan Macquarie 1.03% - =22 John Chapman HSBC 1.16% - 26 Paul Martin Merrill Lynch 1.36% -

=27 Eric Saxvik UBS 1.01% =17 =22 Kim Arculli CLSA 1.16% - 27 Lee Mcqueen UBS 1.34% -=27 Judy Low Deutsche Bank 1.01% - =22 Marcus Kwong UBS 1.16% 7 28 Patrick Yeung Goldman Sachs 1.26% -

29 Mark Koh UBS 0.98% - =22 Mark Cielinski Lehman Brothers 1.16% - =29 Janet Fung J.P.Morgan 1.17% -=30 Bobby Lee Merrill Lynch 0.92% - =22 Ron Downey RBS 1.16% - =29 John Fahy Merrill Lynch 1.17% -=30 James Teoh Citi 0.92% - =22 Stuart Gordon Macquarie 1.16% - =29 Ted Wheeler Deutsche Bank 1.17% -=30 John Chapman HSBC 0.92% - =29 Veronica Wong** Deutsche Bank 1.17% -=30 Kim Arculli CLSA 0.92% - * Tim Wong has left Deutsche Bank =29 Wayne Chu BNP Paribas 1.17%=30 Marcus Kwong UBS 0.92% 10=30 Mark Cielinski Lehman Brothers 0.92% - * Tim Wong has left Deutsche Bank=30 Ron Downey RBS 0.92% - ** Veronica Wong has left Deutsche Bank=30 Stuart Gordon Macquarie 0.92% -=30 Thomas Ngai HSBC 0.92% -

* Tim Wong has left Deutsche Bank


OVERALL MEGA FUNDS HEDGE FUNDSBEST REGIONAL SALES TRADER BEST REGIONAL SALES TRADER BEST REGIONAL SALES TRADER


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 12.62% 1 1 Macquarie 14.38% 1 1 Macquarie 17.27% 22 CLSA 10.64% 2 2 CLSA 11.05% 2 2 Merrill Lynch 8.59% 63 Credit Suisse 9.70% 13 3 J.P.Morgan 9.56% 5 3 Deutsche Bank 8.47% 14 UBS 8.56% 5 4 UBS 9.20% 7 4 J.P.Morgan 8.35% 105 J.P.Morgan 8.14% 7 5 Credit Suisse 8.78% =14 5 CLSA 7.70% 46 Deutsche Bank 7.04% 3 6 Deutsche Bank 5.64% 3 6 HSBC 6.47% -

=7 Citi 5.14% 4 7 Merrill Lynch 4.78% 6 7 Citi 6.44% 5=7 Merrill Lynch 5.14% 6 8 Citi 4.10% 4 8 Credit Suisse 6.26% 8

9 HSBC 4.43% 15 9 HSBC 3.82% =14 9 UBS 6.09% 310 BNP Paribas 4.13% 9 10 Lehman Brothers* 3.81% 13 10 CICC 3.94% =1711 Goldman Sachs 3.51% 10 11 Goldman Sachs 3.56% 11 11 Morgan Stanley 3.40% 1212 Lehman Brothers* 3.26% 17 12 BOC International 3.22% =14 12 BNP Paribas 3.04% 1113 Morgan Stanley 2.75% 12 13 CICC 3.07% - =13 Goldman Sachs 2.51% 714 CICC 2.64% 16 14 BNP Paribas 3.02% 8 =13 Lehman Brothers* 2.51% =1315 BOC International 2.39% =18 15 Morgan Stanley 2.73% 12 =15 BOC International 1.43% =1316 Nomura 1.85% 8 16 DBS Vickers 1.76% =14 =15 DBS Vickers 1.43% -17 DBS Vickers 1.45% 14 17 KGI 1.56% =14 =15 MainFirst 1.43% -18 CIMB 1.34% =26 18 Nomura 1.27% 9 =15 Nomura 1.43% 919 KGI 1.30% =18 19 CIMB 1.17% - =19 B&K 1.07% -

=20 Fox-Pitt, Kelton 0.72% =28 =20 Fox-Pitt, Kelton 0.98% - =19 Daiwa 1.07% -=20 Instinet 0.72% - =20 Instinet 0.98% - =19 SBI E2-Capital 1.07% =17=22 MainFirst 0.58% - =22 MainFirst 0.78% -=22 Samsung 0.58% =22 =22 Samsung 0.78% - * Polling period prior to the acquisition by Nomura

24 SBI-E2 Capital 0.47% 21=25 B&K 0.43% - * Polling period prior to the acquisition by Nomura=25 Daiwa 0.43% =28

27 UOB Kay Hian 0.04% -



OVERALL MEGA FUNDS HEDGE FUNDSMOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGEMOST IMPROVED BROKERAGE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 31.99% 1 1 CLSA 32.47% 1 1 CLSA 26.23% 12 Credit Suisse 11.28% 11 2 Credit Suisse 11.49% 10 2 Credit Suisse 12.42% 103 Goldman Sachs 9.42% 5 3 Goldman Sachs 10.59% 5 3 Goldman Sachs 11.48% 44 Nomura 7.93% 3 4 Citi 8.27% 7 4 Citi 9.18% 65 Citi 7.72% 6 5 Nomura 7.16% 3 5 Merrill Lynch 8.66% 76 Merrill Lynch 6.25% 7 6 Merrill Lynch 5.96% 6 6 Nomura 6.49% 57 J.P.Morgan 4.86% 4 7 Morgan Stanley 5.31% 8 7 Morgan Stanley 5.88% 98 Morgan Stanley 4.66% 9 8 J.P.Morgan 4.49% 4 8 J.P.Morgan 5.28% 39 Macquarie 2.57% 12 9 Macquarie 2.11% 11 9 BOC International 2.90% -

10 UBS 2.49% 2 10 BOC International 2.08% 17 10 UBS 2.87% 211 BOC International 2.22% 17 11 UBS 2.03% 2 11 Macquarie 2.41% 1112 HSBC 1.82% 19 12 Lehman Brothers* 1.68% - 12 Lehman Brothers* 1.76% -13 Lehman Brothers* 1.59% - 13 HSBC 1.62% 21 13 HSBC 0.99% 1714 Deutsche Bank 1.04% 8 14 Deutsche Bank 0.77% 9 =14 DBS Vickers 0.70% 1815 BNP Paribas 0.94% 10 15 RBS 0.71% - =14 Cha Am Advisors 0.70% 1316 Daiwa Institute of Research 0.86% 16 16 Daiwa Institute of Research 0.65% 15 =14 Mirae Asset 0.70% -17 RBS 0.63% - 17 BNP Paribas 0.62% 12 17 RBS 0.56% -18 Cha Am Advisors 0.46% 13 18 Cha Am Advisors 0.61% =13 18 Daiwa Institute of Research 0.42% -

=19 DBS Vickers 0.31% 21 =19 DBS Vickers 0.40% 20 19 Dresdner Kleinwort 0.35% -=19 Mirae Asset 0.31% - =19 Mirae Asset 0.40% -

21 Samsung 0.29% 23 21 Samsung 0.39% 22 * Polling period prior to the acquisition by Nomura22 KGI 0.19% 18 22 Dresdner Kleinwort 0.20% -23 Dresdner Kleinwort 0.15% -

* Polling period prior to the acquisition by Nomura* Polling period prior to the acquisition by Nomura


BEST TEAM FOR STRATEGYBEST TEAM FOR STRATEGY BEST TEAM FOR STRATEGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 22.56% 1 1 UBS 21.31% 1 1 UBS 25.86% 12 CLSA 13.19% 2 2 CLSA 14.02% 2 2 Deutsche Bank 14.04% 23 Deutsche Bank 11.36% 3 3 Deutsche Bank 10.85% 3 3 Credit Suisse 11.19% 74 Goldman Sachs 8.84% 4 4 Goldman Sachs 10.69% 4 4 CLSA 10.90% 35 Credit Suisse 7.91% 6 5 Merrill Lynch 7.70% 6 5 Goldman Sachs 8.15% 46 Merrill Lynch 7.29% 7 6 Credit Suisse 6.98% 5 6 Merrill Lynch 6.67% 57 Morgan Stanley 4.65% 10 7 Morgan Stanley 5.41% 9 7 Morgan Stanley 6.50% 118 Macquarie 4.52% 9 8 Macquarie 4.47% 8 8 Macquarie 3.96% 89 Asianomics 3.79% - 9 Citi 3.90% 13 9 Citi 3.25% 9

10 Citi 3.18% 14 10 Asianomics 3.67% - 10 Asianomics 2.11% -11 BNP Paribas 2.69% 5 11 BNP Paribas 2.31% 7 11 CICC 2.06% 1412 CICC 1.79% 13 12 CICC 2.08% 14 12 Lehman Brothers* 1.63% -13 J.P.Morgan 1.57% 8 13 J.P.Morgan 1.99% 10 13 J.P.Morgan 1.30% 614 Nomura 1.39% 11 =14 Nomura 0.91% 12 14 BNP Paribas 0.98% 10

=15 Daiwa Institute of Research 0.99% 12 =14 HSBC 0.91% =17 15 Daiwa Institute of Research 0.65% -=15 HSBC 0.99% 15 16 Lehman Brothers* 0.85% - 16 Barclays Capital 0.43% =15

17 Lehman Brothers* 0.94% - 17 Daiwa Institute of Research 0.68% 11 17 CIMB 0.33% -18 Samsung 0.76% - 18 Samsung 0.46% -19 CIMB 0.49% - =19 CIMB 0.28% - * Polling period prior to the acquisition by Nomura20 Cazenove 0.40% 17 =19 Cazenove 0.28% 1621 Marc Faber 0.27% - 21 Barclays Capital 0.23% =17

=22 Barclays Capital 0.18% 19=22 GaveKal 0.18% - * Polling period prior to the acquisition by Nomura

24 RBS 0.07% -



OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR ECONOMIC RESEARCH BEST TEAM FOR ECONOMIC RESEARCH BEST TEAM FOR ECONOMIC RESEARCH


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 34.68% 1 1 CLSA 36.29% 2 1 CLSA 35.54% 12 Credit Suisse 12.89% 6 2 Macquarie 13.23% 1 2 Macquarie 14.09% 23 Macquarie 11.59% 2 3 J.P.Morgan 13.10% 3 3 Credit Suisse 12.94% 114 J.P.Morgan 10.65% 4 4 Credit Suisse 11.12% 5 4 J.P.Morgan 10.23% 35 Merrill Lynch 10.47% 5 5 Merrill Lynch 8.95% 6 5 Merrill Lynch 8.30% 46 Nomura 6.92% 3 6 Citi 6.67% 7 6 Nomura 7.72% =97 Citi 5.74% 9 7 Nomura 4.68% 4 7 Citi 3.24% 128 BNP Paribas 3.01% 7 8 UBS 1.58% 10 8 BNP Paribas 2.71% 69 UBS 1.69% 8 9 BNP Paribas 1.46% 11 =9 UBS 2.09% 5

10 Morgan Stanley 1.02% 10 10 Morgan Stanley 1.27% =8 =9 Morgan Stanley 2.09% 711 Goldman Sachs 0.83% - 11 Goldman Sachs 1.02% - 11 Lehman Brothers* 1.04% -12 Lehman Brothers* 0.51% - 12 Lehman Brothers* 0.63% -

* Polling period prior to the acquisition by Nomura* Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura


OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR QUANTITATIVE / TECHNICAL BEST TEAM FOR QUANTITATIVE / TECHNICAL BEST TEAM FOR QUANTITATIVE / TECHNICAL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 19.99% 1 1 Goldman Sachs 22.78% 1 1 Goldman Sachs 20.30% 12 J.P.Morgan 13.64% 2 2 J.P.Morgan 15.46% 2 2 J.P.Morgan 14.28% 33 Merrill Lynch 10.12% 9 3 Merrill Lynch 10.63% 8 3 Merrill Lynch 9.86% 104 CLSA 9.77% 4 4 CLSA 9.18% 5 4 CLSA 9.85% 55 Morgan Stanley 8.39% 6 5 Morgan Stanley 8.37% 6 5 Credit Suisse 7.91% 66 Credit Suisse 7.56% 7 6 Credit Suisse 8.26% 7 6 Morgan Stanley 7.16% 87 UBS 6.35% 3 7 UBS 5.50% 3 7 UBS 6.24% 28 Citi 3.74% 5 8 Citi 3.86% 4 8 Deutsche Bank 5.46% 79 Deutsche Bank 3.16% 8 9 Deutsche Bank 3.42% 9 9 Citi 4.73% 4

10 Fox-Pitt, Kelton 2.85% 16 10 HSBC 2.42% 21 10 Macquarie 3.25% 1811 Macquarie 2.68% 11 11 BNP Paribas 2.11% 13 11 HSBC 2.97% =1512 HSBC 2.21% 19 12 Fox-Pitt, Kelton 1.80% 15 12 BOC International 1.89% -13 Daiwa Institute of Research 1.75% 22 13 BOC International 1.52% - 13 Nomura 1.55% 1114 BOC International 1.67% - 14 Macquarie 1.38% 11 14 Cazenove 1.29% -15 BNP Paribas 1.65% 12 15 Daiwa Institute of Research 1.16% 20 =15 Enam 0.77% -16 Nomura 1.25% 13 16 Nomura 0.98% 12 =15 Aviate Global 0.77% -17 Cazenove 0.96% 18 17 Samsung 0.82% 17 17 Daiwa Institute of Research 0.73% 2018 Samsung 0.88% 17 18 Kim Eng 0.21% - 18 Fox-Pitt, Kelton 0.39% 1219 Aviate Global 0.44% - 19 Cazenove 0.15% 18 19 BNP Paribas 0.34% -20 Enam 0.36% - 20 RBS 0.26% -21 DBS Vickers 0.18% -22 Kim Eng 0.16% -

=23 Kotak 0.12% 15=23 RBS* 0.12% 25

* RBS - 2007 ranking of ABN AMRO

BEST TEAM FOR BANKS BEST TEAM FOR BANKS BEST TEAM FOR BANKS




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Merrill Lynch 24.36% 2 1 Merrill Lynch 26.16% 2 1 Merrill Lynch 25.71% 52 Goldman Sachs 14.03% 1 2 Goldman Sachs 14.75% 1 2 Goldman Sachs 15.66% 13 CLSA 12.54% 5 3 J.P.Morgan 11.93% 3 3 CLSA 11.00% 64 J.P.Morgan 11.10% 3 4 Credit Suisse 10.24% 10 4 Credit Suisse 10.72% 95 Credit Suisse 9.81% 9 5 CLSA 9.66% 6 5 J.P.Morgan 8.90% 26 Citi 8.56% 6 6 Citi 8.52% 5 6 Citi 8.23% 37 Lehman Brothers* 6.40% 14 7 Lehman Brothers* 6.83% 15 7 Lehman Brothers* 5.56% -8 Deutsche Bank 3.34% 8 8 Morgan Stanley 3.47% 4 =8 UBS 4.20% 109 Morgan Stanley 2.80% 4 9 UBS 2.74% 7 =8 Morgan Stanley 4.20% 4

10 UBS 2.21% 7 10 Deutsche Bank 2.22% 8 10 Deutsche Bank 4.13% 711 Macquarie 1.81% 17 11 Macquarie 1.83% 16 11 BNP Paribas 1.68% -12 BNP Paribas 1.48% 18 12 Samsung 0.73% 1313 Samsung 0.59% 11 13 DBS Vickers 0.55% - * Polling period prior to the acquisition by Nomura14 DBS Vickers 0.44% - 14 Woori I&S 0.37% -15 Woori I&S 0.30% -16 Polaris 0.22% - * Polling period prior to the acquisition by Nomura



OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR CONGLOMERATES BEST TEAM FOR CONGLOMERATES BEST TEAM FOR CONGLOMERATES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 22.22% 5 1 CLSA 23.61% 4 1 Deutsche Bank 19.94% 22 Deutsche Bank 13.16% 3 2 Deutsche Bank 12.07% 6 2 CLSA 14.19% 53 Credit Suisse 11.74% 2 3 Credit Suisse 11.19% 3 3 Merrill Lynch 11.20% 44 Merrill Lynch 9.26% 7 4 Merrill Lynch 9.50% 5 4 Credit Suisse 10.60% 35 UBS 7.13% 6 5 UBS 7.90% 7 5 Morgan Stanley 8.64% 16 J.P.Morgan 6.70% 1 6 J.P.Morgan 7.16% 1 6 UBS 8.22% 77 Morgan Stanley 6.07% 4 7 Morgan Stanley 5.88% 2 7 Citi 5.81% 178 Lehman Brothers* 5.57% 9 8 Lehman Brothers* 5.77% 9 8 Lehman Brothers* 5.44% =119 Citi 4.32% 17 9 Citi 3.91% 14 9 Goldman Sachs 3.65% 9

10 Cazenove 2.97% 14 10 Cazenove 3.48% 18 10 J.P.Morgan 3.27% 611 Goldman Sachs 2.68% 10 11 Goldman Sachs 2.68% 10 11 Cazenove 1.71% 1812 HSBC 1.71% 19 12 HSBC 2.03% =16 12 HSBC 1.28% -13 Macquarie 1.46% 15 13 Macquarie 1.46% 13 =13 CIMB 1.07% -14 Samsung 1.26% - 14 CIMB 1.11% - =13 Macquarie 1.07% 1415 BNP Paribas 1.06% 8 15 Samsung 1.01% - =15 Enam 0.96% -16 CIMB 0.88% - 16 RBS** 0.48% 12 =15 Daiwa Institute of Research 0.96% -17 RBS* 0.76% 13 17 Kim Eng 0.38% - =15 BNP Paribas 0.96% 818 Enam 0.45% - 18 DBS Vickers 0.25% - 18 RBS** 0.80% =1119 Kim Eng 0.30% - 19 BOC International 0.08% - 19 BOC International 0.13% -20 DBS Vickers 0.20% - 20 KBC 0.05% - 20 KBC 0.09% -21 BOC International 0.06% -22 KBC 0.04% - * Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura

** RBS - 2007 ranking of ABN AMRO ** RBS - 2007 ranking of ABN AMRO* Polling period prior to the acquisition by Nomura

BEST TEAM FOR CONSUMER DISCRETIONARY BEST TEAM FOR CONSUMER DISCRETIONARY BEST TEAM FOR CONSUMER DISCRETIONARY




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 21.13% 5 1 CLSA 22.68% 4 1 Deutsche Bank 24.03% 12 Deutsche Bank 15.40% 1 2 Deutsche Bank 15.70% 1 2 Merrill Lynch 15.15% 33 Merrill Lynch 11.70% 2 3 Merrill Lynch 11.23% 3 3 Morgan Stanley 14.26% 44 Morgan Stanley 10.60% 7 4 Morgan Stanley 10.33% 8 4 CLSA 12.05% 75 Credit Suisse 8.85% 4 5 Credit Suisse 9.89% 5 5 Credit Suisse 11.81% 56 UBS 5.91% 6 6 UBS 5.62% 6 6 Goldman Sachs 5.50% =87 Goldman Sachs 5.55% 9 7 Goldman Sachs 5.00% 7 7 RBS 3.70% -8 Lehman Brothers* 4.31% 10 8 Lehman Brothers* 3.79% 9 8 J.P.Morgan 2.73% 29 RBS 2.68% - 9 J.P.Morgan 3.23% 2 9 Lehman Brothers* 2.57% -

10 J.P.Morgan 2.48% 3 10 RBS 2.78% - =10 UBS 2.41% 611 Citi 2.25% - 11 Citi 2.62% - =10 Cazenove 2.41% 1012 Samsung 1.86% - 12 Samsung 2.42% - =10 Citi 2.41% -13 Cazenove 1.47% 13 13 HSBC 1.26% - 13 BNP Paribas 0.96% =814 BNP Paribas 1.09% 8 14 Hyundai 1.21% -15 Macquarie 1.01% 14 15 Macquarie 0.83% 12 * Polling period prior to the acquisition by Nomura16 HSBC 0.97% - 16 DBS Vickers 0.61% -17 Hyundai 0.93% - 17 UOB Kay Hian 0.40% -18 DBS Vickers 0.70% - 18 CIMB 0.30% =1319 CIMB 0.47% 11 19 OSK 0.10% -20 UOB Kay Hian 0.31% -21 Polaris 0.23% - * Polling period prior to the acquisition by Nomura22 OSK 0.08% -23 BOC International 0.03% -


BEST TEAM FOR CONSUMER STAPLES BEST TEAM FOR CONSUMER STAPLES BEST TEAM FOR CONSUMER STAPLES




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 17.10% 2 1 CLSA 15.12% 3 1 Credit Suisse 15.11% 52 Credit Suisse 12.80% 5 2 Credit Suisse 13.37% 6 2 CLSA 14.22% 63 Lehman Brothers* 11.18% 3 3 Goldman Sachs 11.66% 5 3 Lehman Brothers* 13.78% 34 Goldman Sachs 10.78% 6 4 Lehman Brothers* 10.95% 2 4 Goldman Sachs 13.75% 45 Citi 10.07% 4 5 Citi 9.80% 4 5 UBS 8.26% 16 UBS 7.41% 1 6 UBS 7.56% 1 6 Citi 7.95% 27 J.P.Morgan 5.54% 11 7 Morgan Stanley 5.51% 14 7 Morgan Stanley 5.06% =88 Morgan Stanley 4.75% 16 8 J.P.Morgan 4.96% =15 8 Daiwa Institute of Research 3.79% -9 Merrill Lynch 3.83% 8 9 Daiwa Institute of Research 3.78% 19 9 J.P.Morgan 3.67% 10

10 Daiwa Institute of Research 3.04% 21 10 Merrill Lynch 3.74% 8 10 Cazenove 3.03% =1511 Cazenove 2.98% =13 11 Macquarie 3.05% 12 11 BOC International 2.28% =1212 Macquarie 2.90% =13 12 Cazenove 2.68% 18 12 Merrill Lynch 2.21% 713 Deutsche Bank 1.74% 7 13 BOC International 1.71% 13 13 Deutsche Bank 1.96% 1114 BOC International 1.57% 15 14 Deutsche Bank 1.38% 7 14 Macquarie 1.58% 14

=15 Woori I&S 0.95% - =15 Woori I&S 1.18% - 15 Nomura 1.52% =12=15 BNP Paribas 0.95% - =15 BNP Paribas 1.18% - 16 UOB Kay Hian 1.26% -

17 Mirae Asset 0.76% - 17 Nomura 0.95% 9 17 RBS** 0.57% 1818 UOB Kay Hian 0.63% - 18 UOB Kay Hian 0.79% -19 Samsung 0.51% - 19 Samsung 0.63% - * Polling period prior to the acquisition by Nomura20 RBS** 0.28% 22 ** RBS - 2007 ranking of ABN AMRO21 Kotak 0.19% =17 * Polling period prior to the acquisition by Nomura22 HSBC 0.05% 10

* Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO


OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR ENERGY BEST TEAM FOR ENERGY BEST TEAM FOR ENERGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 13.40% 4 1 Goldman Sachs 13.72% 2 1 Credit Suisse 14.47% =22 Goldman Sachs 13.04% 3 2 Credit Suisse 13.25% 3 2 UBS 13.37% 53 Credit Suisse 12.94% 2 3 UBS 12.66% 5 3 CLSA 12.98% 14 CLSA 11.70% 1 4 CLSA 11.44% 1 4 Goldman Sachs 12.04% =25 Deutsche Bank 7.83% 10 5 Macquarie 7.26% 6 5 Deutsche Bank 10.42% 96 Macquarie 7.40% 6 6 Merrill Lynch 6.85% 4 6 Merrill Lynch 9.77% 47 Merrill Lynch 6.76% 5 7 Deutsche Bank 5.65% 17 7 Macquarie 6.48% 68 HSBC 5.26% 18 8 HSBC 5.23% 16 8 HSBC 5.94% -9 Morgan Stanley 3.42% 7 9 Morgan Stanley 4.17% 7 9 Morgan Stanley 4.64% 7

10 BNP Paribas 3.20% 11 10 BNP Paribas 3.90% 12 10 Citi 3.24% 1411 Citi 3.18% 17 11 Citi 3.30% 18 11 Lehman Brothers* 2.16% 1112 Cazenove 2.61% - 12 Cazenove 3.17% - 12 Cazenove 1.62% -13 Samsung 2.36% 9 13 Samsung 2.88% =10 =13 UOB Kay Hian 1.08% 1014 BOC International 1.90% 12 14 Lehman Brothers* 1.78% =10 =13 CITICS 1.08% -15 RBS 1.54% - 15 RBS 1.59% - 15 BNP Paribas 0.54% -16 Lehman Brothers* 1.46% 14 16 BOC International 0.95% 9 16 RBS 0.16% -

=17 UOB Kay Hian 0.52% 15 =17 UOB Kay Hian 0.63% =13=17 CITICS 0.52% - =17 CITICS 0.63% - * Polling period prior to the acquisition by Nomura=17 J.P.Morgan 0.52% 8 =17 J.P.Morgan 0.63% 8

20 Daiwa Institute of Research 0.26% 13 20 Daiwa Institute of Research 0.32% 1521 Austock 0.16% -22 SBI E2-Capital 0.01% - * Polling period prior to the acquisition by Nomura


BEST TEAM FOR MATERIALS BEST TEAM FOR MATERIALS BEST TEAM FOR MATERIALS




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 17.37% 4 1 Goldman Sachs 19.62% 5 1 Goldman Sachs 26.40% 42 Citi 14.32% 2 2 Citi 14.40% 1 2 CLSA 16.09% 53 CLSA 14.24% 6 3 Macquarie 13.88% 4 3 Citi 12.32% 14 Macquarie 13.17% 5 4 UBS 13.21% 2 4 Macquarie 10.19% 65 UBS 12.50% 3 5 CLSA 12.16% 7 5 UBS 9.15% 26 J.P.Morgan 5.89% 1 6 J.P.Morgan 6.27% 3 6 Morgan Stanley 6.66% 87 Merrill Lynch 5.47% 10 7 Merrill Lynch 5.66% 13 7 Merrill Lynch 4.84% 118 Morgan Stanley 4.44% 8 8 Deutsche Bank 4.75% 18 8 Deutsche Bank 3.01% -9 Deutsche Bank 4.16% 19 9 Morgan Stanley 4.09% 8 9 Lehman Brothers* 2.61% =9

10 Lehman Brothers* 3.14% 15 10 Lehman Brothers* 3.31% =10 10 HSBC 2.35% =911 Credit Suisse 1.48% 7 11 Credit Suisse 1.24% 6 11 J.P.Morgan 2.07% 312 HSBC 1.23% 13 12 Samsung 0.99% - =12 Cazenove 1.18% -13 Samsung 0.74% - 13 CCB International 0.25% - =12 Nomura 1.18% =12

=14 Nomura 0.55% 11 14 HSBC 0.17% =10 =12 Credit Suisse 1.18% 7=14 Cazenove 0.55% - =15 DBS Vickers 0.39% -=16 CCB International 0.18% - * Polling period prior to the acquisition by Nomura =15 RBS 0.39% -=16 RBS 0.18% -=16 Kotak 0.18% - * Polling period prior to the acquisition by Nomura=16 DBS Vickers 0.18% -



OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR REAL ESTATE BEST TEAM FOR REAL ESTATE BEST TEAM FOR REAL ESTATE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 15.05% 3 1 Citi 16.91% 3 1 Citi 14.70% 12 Merrill Lynch 10.97% 2 2 Credit Suisse 10.94% 4 2 Merrill Lynch 11.96% 33 Credit Suisse 10.66% 5 3 Merrill Lynch 10.89% 1 3 Macquarie 10.07% 64 UBS 8.60% 1 4 Macquarie 9.33% 7 4 Samsung 8.90% 135 Macquarie 8.22% 8 5 CLSA 6.38% 8 5 Goldman Sachs 7.94% 86 CLSA 7.83% 9 6 Samsung 6.28% 11 6 Credit Suisse 6.75% 47 Goldman Sachs 6.41% 7 7 Goldman Sachs 5.99% 6 7 UBS 6.52% 28 Samsung 6.18% 12 8 J.P.Morgan 5.37% 12 8 CLSA 6.40% 79 J.P.Morgan 5.10% 6 9 UBS 5.32% 2 9 J.P.Morgan 5.21% 10

10 Deutsche Bank 4.05% 13 10 Deutsche Bank 4.93% 13 10 Lehman Brothers* 4.60% 911 Lehman Brothers* 3.71% 10 11 Lehman Brothers* 4.24% 9 11 Deutsche Bank 4.37% 1212 HSBC 2.89% 19 12 HSBC 3.70% - 12 HSBC 3.45% -13 BNP Paribas 2.17% 11 13 BNP Paribas 2.46% 10 13 RBS** 2.68% 1514 RBS** 2.08% 18 14 RBS** 1.97% 16 =14 Daiwa Institute of Research 1.38% -15 Cazenove 1.32% - 15 Cazenove 1.73% - =14 Nomura 1.38% 516 Morgan Stanley 0.98% 17 16 Hyundai 1.18% - =16 KGI 1.23% -17 Hyundai 0.91% - =17 KGI 0.79% =14 =16 Morgan Stanley 1.23% -18 Nomura 0.83% 4 =17 Morgan Stanley 0.79% 17 =16 BNP Paribas 1.23% 1119 Yuanta 0.76% - =17 Yuanta 0.79% -20 Daiwa Institute of Research 0.68% =14 * Polling period prior to the acquisition by Nomura21 KGI 0.61% =14 * Polling period prior to the acquisition by Nomura ** RBS - 2007 ranking of ABN AMRO

** RBS - 2007 ranking of ABN AMRO* Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO

BEST TEAM FOR SEMICONDUCTORS BEST TEAM FOR SEMICONDUCTORS BEST TEAM FOR SEMICONDUCTORS




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 15.73% 4 1 Macquarie 17.49% 2 1 Macquarie 20.02% 32 Goldman Sachs 13.86% 1 2 Goldman Sachs 13.56% 1 2 UBS 16.12% 23 UBS 11.63% 3 3 CLSA 10.87% 6 3 Goldman Sachs 13.47% 14 CLSA 10.65% 6 4 UBS 9.83% 4 4 CLSA 11.91% 85 Credit Suisse 9.00% 10 5 Credit Suisse 8.28% 12 5 Credit Suisse 7.79% 136 Morgan Stanley 6.69% 11 6 Morgan Stanley 8.05% 13 6 Merrill Lynch 6.72% 117 Merrill Lynch 5.09% 12 7 Merrill Lynch 5.86% 9 7 Morgan Stanley 4.14% 68 Lehman Brothers* 3.55% 14 8 Lehman Brothers* 3.86% 11 8 RBS* 3.05% 159 Deutsche Bank 2.64% 8 9 Yuanta 2.45% =14 9 Deutsche Bank 2.76% 5

10 Cazenove 2.57% - 10 Samsung 2.35% =17 10 Citi 2.69% 411 Citi 2.26% 2 11 BNP Paribas 2.16% 10 11 Daiwa Institute of Research 2.61% -12 BNP Paribas 2.25% 9 =12 Cazenove 2.12% - 12 BNP Paribas 2.47% 1413 Samsung 2.02% =18 =12 J.P.Morgan 2.12% 8 13 J.P.Morgan 2.18% =914 J.P.Morgan 1.96% 5 14 Citi 1.88% 3 14 Nomura 1.74% 7

=15 Yuanta 1.78% =15 15 RBS** 1.60% =17 15 Cazenove 1.31% -=15 RBS** 1.78% =18 16 HSBC 1.41% =14 16 Samsung 0.73% -

17 Daiwa Institute of Research 1.23% - 17 Deutsche Bank 1.32% 7 17 DBS Vickers 0.29% -18 Nomura 1.10% 7 =18 Hyundai 1.13% -19 HSBC 1.03% 13 =18 KGI 1.13% =14 * RBS - 2007 ranking of ABN AMRO

=20 KGI 0.82% =15 20 Daewoo 0.94% -=20 Hyundai 0.82% - 21 Nomura 0.71% 5

22 Daewoo 0.69% - 22 Guotai Junan 0.47% -23 Guotai Junan 0.34% - 23 BOC International 0.24% -24 BOC International 0.20% - 24 DBS Vickers 0.19% -

=25 Kotak 0.14% -=25 DBS Vickers 0.14% - * Polling period prior to the acquisition by Nomura



OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR TECHNOLOGY BEST TEAM FOR TECHNOLOGY BEST TEAM FOR TECHNOLOGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 20.57% 2 1 Goldman Sachs 23.03% 1 1 Goldman Sachs 25.12% 22 UBS 17.12% 1 2 UBS 15.89% 2 2 UBS 15.35% 13 Citi 13.34% 3 3 Citi 15.07% 3 3 Merrill Lynch 12.18% 74 CLSA 10.94% 4 4 CLSA 10.15% 4 4 Citi 12.03% 35 Merrill Lynch 7.93% 7 5 Merrill Lynch 9.20% 8 5 CLSA 7.86% 56 Macquarie 5.64% 10 6 J.P.Morgan 5.36% 6 6 Morgan Stanley 5.03% 47 J.P.Morgan 4.97% 6 7 Macquarie 4.63% 9 7 J.P.Morgan 4.91% 68 Credit Suisse 3.24% 9 8 Morgan Stanley 2.94% 5 8 Macquarie 3.56% 89 Morgan Stanley 3.15% 5 9 Credit Suisse 2.83% 10 9 HSBC 3.31% 12

10 HSBC 2.50% 16 10 HSBC 2.73% 17 10 RBS 2.82% -11 RBS* 2.42% 17 11 RBS* 2.07% 18 11 CIMB 1.78% -12 Lehman Brothers** 1.55% 11 12 Lehman Brothers** 1.68% 11 12 Credit Suisse 1.72% 913 Deutsche Bank 1.14% 13 13 Daiwa Institute of Research 1.04% 12 13 DBS Vickers 1.47% -14 DBS Vickers 1.05% - 14 Samsung 0.83% - 14 Lehman Brothers* 1.23% 1015 CIMB 0.84% =19 15 Deutsche Bank 0.81% 16 15 Deutsche Bank 1.01% -16 Daiwa Institute of Research 0.83% 12 16 CIMB 0.69% - 16 BNP Paribas 0.61% -17 Samsung 0.66% - 17 DBS Vickers 0.48% -18 BOC International 0.52% - 18 BNP Paribas 0.35% - * Polling period prior to the acquisition by Nomura19 Nomura 0.44% 8 19 Nomura 0.21% 7

=20 Woori I&S 0.33% 15=20 Cazenove 0.33% 14 * RBS - 2007 ranking of ABN AMRO

22 BNP Paribas 0.28% 21 ** Polling period prior to the acquisition by Nomura23 Kotak 0.22% 18


BEST TEAM FOR TELECOMMUNICATIONS BEST TEAM FOR TELECOMMUNICATIONS BEST TEAM FOR TELECOMMUNICATIONS




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 14.26% 7 1 UBS 14.77% 6 1 Goldman Sachs 18.29% =62 Goldman Sachs 12.68% 6 2 Goldman Sachs 13.36% 5 2 Credit Suisse 12.38% 83 Credit Suisse 11.90% 8 3 Citi 9.86% 1 3 UBS 12.05% 54 Citi 9.06% 1 4 J.P.Morgan 9.67% 16 4 J.P.Morgan 11.45% -5 J.P.Morgan 8.95% 17 5 Credit Suisse 9.37% 8 5 Merrill Lynch 9.57% 36 Merrill Lynch 8.06% 2 6 Merrill Lynch 8.13% 2 6 Citi 8.94% 17 Morgan Stanley 6.77% 3 7 Morgan Stanley 6.61% 3 7 Macquarie 4.14% -8 Macquarie 4.70% 12 8 Macquarie 5.57% 12 8 Deutsche Bank 3.82% 29 Deutsche Bank 3.72% 4 9 HSBC 3.50% 14 9 Morgan Stanley 3.49% 4

10 CLSA 3.05% 9 10 Deutsche Bank 3.47% 4 10 Lehman Brothers* 3.16% 1311 Lehman Brothers* 2.95% 15 11 CLSA 3.24% 9 =11 Daiwa Institute of Research 2.40% =14

=12 RBS** 2.88% 18 12 RBS* 3.15% =20 =11 HSBC 2.40% =17=12 HSBC 2.88% 14 13 Lehman Brothers** 2.62% 18 13 BOC International 2.07% -

14 Cazenove 2.12% 21 14 BOC International 2.04% - =14 Cazenove 1.64% -15 BOC International 1.83% =22 15 Cazenove 1.62% 19 =14 CLSA 1.64% 1116 Daiwa Institute of Research 1.24% 10 16 Samsung 0.89% 15 16 Transport Trackers 1.31% -

=17 Transport Trackers 0.73% - 17 Transport Trackers 0.76% - 17 CIMB 1.09% =17=17 Samsung 0.73% 16 18 CIMB 0.64% =20 18 RBS 0.16% -

19 CIMB 0.68% 24 19 Daiwa Institute of Research 0.36% 1120 UOB Kay Hian 0.47% - 20 Shenyin & Wanguo 0.32% - * Polling period prior to the acquisition by Nomura21 Shenyin & Wanguo 0.26% - 21 Mirae Asset 0.07% 1322 Mirae Asset 0.06% 13

* RBS - 2007 ranking of ABN AMRO* Polling period prior to the acquisition by Nomura ** Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO


OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR TRANSPORTATION BEST TEAM FOR TRANSPORTATION BEST TEAM FOR TRANSPORTATION


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 17.36% 1 1 Citi 17.85% 1 1 Citi 18.49% 12 CLSA 13.27% 2 2 J.P.Morgan 13.64% 6 2 UBS 13.74% 23 J.P.Morgan 11.44% 4 3 CLSA 10.71% 3 3 Deutsche Bank 9.92% 84 UBS 11.41% 3 4 UBS 9.30% 2 4 CLSA 8.64% 45 Goldman Sachs 7.34% 11 5 Goldman Sachs 8.95% 10 5 HSBC 8.42% -6 HSBC 6.97% 16 6 HSBC 7.78% 15 6 Goldman Sachs 8.26% 97 Deutsche Bank 6.88% 8 7 Lehman Brothers* 7.27% 5 7 J.P.Morgan 8.02% 38 Lehman Brothers* 6.87% 6 8 Deutsche Bank 6.57% 9 8 Lehman Brothers* 7.27% 79 Morgan Stanley 5.75% 7 9 Morgan Stanley 5.74% 7 9 Morgan Stanley 4.75% 6

10 Cazenove 3.19% 13 10 Cazenove 3.36% 16 10 Merrill Lynch 4.09% 1111 Credit Suisse 2.89% 10 11 Credit Suisse 2.04% 12 11 Cazenove 3.37% 1312 Merrill Lynch 2.03% 9 12 Merrill Lynch 1.89% 8 12 Credit Suisse 2.89% 1013 Woori I&S 1.22% - 13 Woori I&S 1.54% - 13 Macquarie 1.80% -14 Macquarie 1.07% 14 14 Macquarie 1.13% 14 14 RBS** 0.36% 515 CIMB 0.80% - 15 Samsung 0.91% -16 Samsung 0.72% - 16 Nomura 0.75% 11 * Polling period prior to the acquisition by Nomura17 Mirae Asset 0.60% - 17 CIMB 0.57% - ** RBS - 2007 ranking of ABN AMRO18 RBS** 0.18% 519 SBI E2-Capital 0.01% - * Polling period prior to the acquisition by Nomura


BEST TEAM FOR UTILITIES BEST TEAM FOR UTILITIES BEST TEAM FOR UTILITIES




Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 14.79% 2 1 UBS 15.69% 1 1 UBS 16.47% 22 CLSA 12.16% 1 2 CLSA 11.03% 2 2 Deutsche Bank 13.69% 53 Deutsche Bank 9.72% 6 3 Merrill Lynch 9.86% 3 3 CLSA 11.04% 14 Merrill Lynch 9.47% 3 4 Deutsche Bank 9.77% 9 4 Goldman Sachs 9.51% 45 J.P.Morgan 7.16% 4 5 J.P.Morgan 7.40% 4 5 Merrill Lynch 9.00% 36 Credit Suisse 6.88% 8 6 Credit Suisse 7.30% 6 6 Credit Suisse 7.29% 77 Goldman Sachs 6.71% 5 7 Goldman Sachs 7.22% 5 7 J.P.Morgan 7.12% 88 Morgan Stanley 6.08% 13 8 Morgan Stanley 6.68% 12 8 Morgan Stanley 6.28% 139 Macquarie 4.39% 9 9 Macquarie 4.39% 8 9 HSBC 4.51% -

10 HSBC 4.11% - 10 HSBC 3.64% - 10 Citi 3.53% 611 Citi 3.53% 7 11 Citi 3.24% 7 11 Macquarie 3.13% 912 BNP Paribas 3.01% 11 12 Lehman Brothers* 3.06% 11 12 Lehman Brothers* 1.69% =1013 Lehman Brothers* 2.80% 12 13 BNP Paribas 3.05% 13 13 DBS Vickers 1.22% 2314 Nomura 1.76% 10 14 Nomura 1.30% 10 14 BNP Paribas 1.13% 1215 Fox-Pitt, Kelton 1.32% 16 15 Fox-Pitt, Kelton 1.22% 17 15 BOC International 0.75% =2116 BOC International 1.06% 23 16 BOC International 1.17% =22 16 MainFirst 0.71% -17 DBS Vickers 0.77% 18 17 RBS** 0.82% =19 17 Nomura 0.61% =1018 RBS** 0.72% =20 =18 Samsung 0.60% - 18 Fox-Pitt, Kelton 0.57% 1619 Daiwa SMBC 0.69% 17 =18 DBS Vickers 0.60% 25 =19 Cazenove 0.42% 1520 Cazenove 0.62% 15 20 Cazenove 0.48% 14 =19 B&K 0.42% -21 CIMB 0.57% 19 =21 CIMB 0.45% 18 =19 Kim Eng 0.42% -22 Samsung 0.44% 25 =21 MainFirst 0.45% - 22 SBI E2-Capital 0.19% -23 UOB Kay Hian 0.41% =20 23 UOB Kay Hian 0.36% =19 =23 RBS** 0.14% =1724 MainFirst 0.34% - =24 SBI E2-Capital 0.12% - =23 CIMB 0.14% 26

=25 Kim Eng 0.20% 29 =24 Daiwa SMBC 0.12% 16=25 B&K 0.20% - 26 Woori I&S 0.01% - * Polling period prior to the acquisition by Nomura

27 SBI E2-Capital 0.09% - ** RBS - 2007 ranking of ABN AMRO28 Woori I&S 0.01% - * Polling period prior to the acquisition by Nomura



OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR REGIONAL SALES BEST TEAM FOR REGIONAL SALES BEST TEAM FOR REGIONAL SALES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Deutsche Bank 20.67% 1 1 Deutsche Bank 21.31% 1 1 Deutsche Bank 23.79% 12 UBS 13.03% 2 2 UBS 13.69% 2 2 UBS 13.11% 33 Morgan Stanley 10.43% 4 3 Morgan Stanley 10.74% 3 3 Morgan Stanley 11.80% 44 Credit Suisse 9.14% 6 4 Credit Suisse 8.40% 5 4 Credit Suisse 9.91% 55 Merrill Lynch 6.92% 7 5 Merrill Lynch 6.46% 7 5 Merrill Lynch 8.11% 86 HSBC 5.30% =17 6 Goldman Sachs 5.65% 4 6 Goldman Sachs 7.31% 27 Goldman Sachs 5.26% 3 7 CLSA 5.48% 6 7 CLSA 4.84% 68 CLSA 5.14% 5 8 HSBC 4.77% =18 8 Macquarie 4.64% 119 Macquarie 5.05% 9 9 Macquarie 4.41% 10 9 HSBC 3.81% 16

10 CICC 2.80% 10 10 J.P.Morgan 3.02% 9 10 J.P.Morgan 3.30% 1011 J.P.Morgan 2.52% 11 11 CICC 2.94% 15 11 CICC 2.48% 912 BNP Paribas 1.84% 12 12 Lehman Brothers* 1.93% - 12 BNP Paribas 1.60% 1213 Citi 1.57% 8 13 Citi 1.74% 8 13 Lehman Brothers* 1.46% -14 Lehman Brothers* 1.54% - 14 Samsung 1.55% - 14 Enam 0.97% -15 Cazenove 1.45% 13 15 BNP Paribas 1.51% 14 15 Religare 0.87% -16 CIMB 1.35% 14 16 CIMB 1.39% =11 16 Citi 0.73% 717 Samsung 1.23% - 17 Cazenove 1.35% =11 17 CIMB 0.58% =1318 BOC International 0.97% 23 =18 BOC International 1.16% - 18 Cantor Fitzgerald 0.49% -19 RBS** 0.92% =17 =18 RBS** 1.16% 17 19 DBS Vickers 0.19% 1920 Enam 0.61% - 20 Enam 0.77% -

=21 Fox-Pitt, Kelton 0.55% 19 21 Cantor Fitzgerald 0.39% - * Polling period prior to the acquisition by Nomura=21 Religare 0.55% - 22 DBS Vickers 0.15% 20

23 Nomura 0.49% 2224 Cantor Fitzgerald 0.31% - * Polling period prior to the acquisition by Nomura25 Société Générale 0.18% - ** RBS - 2007 ranking of ABN AMRO26 DBS Vickers 0.17% 21



OVERALL MEGA FUNDS HEDGE FUNDSBEST TEAM FOR REGIONAL SALES TRADING BEST TEAM FOR REGIONAL SALES TRADINGBEST TEAM FOR REGIONAL SALES TRADING


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 19.33% 1 1 UBS 34.88% 1 1 UBS 18.86% 12 Goldman Sachs 15.11% 3 2 Goldman Sachs 17.27% 2 2 Goldman Sachs 13.37% 43 Morgan Stanley 10.52% 4 3 Morgan Stanley 16.57% 3 3 CLSA 11.31% 24 Deutsche Bank 10.43% 2 4 Deutsche Bank 11.76% 4 4 Deutsche Bank 9.12% 35 CLSA 6.61% 5 5 Lehman Brothers* 4.46% - 5 Morgan Stanley 7.11% 56 Credit Suisse 6.10% 8 6 Citi 3.95% 5 6 Credit Suisse 4.91% 147 Merrill Lynch 5.11% 7 7 Credit Suisse 3.71% 9 7 Merrill Lynch 4.66% 78 J.P.Morgan 4.32% 10 8 Merrill Lynch 2.20% 6 8 Lehman Brothers* 4.15% 249 Citi 4.14% 6 9 BNP Paribas 1.62% 10 9 J.P.Morgan 3.87% 8

10 Lehman Brothers* 3.25% =20 10 Newedge 1.14% - 10 Citi 3.73% 611 Macquarie 2.89% 11 11 J.P.Morgan 0.75% - 11 Macquarie 3.04% 1212 BNP Paribas 2.17% 9 12 KGI 0.72% - 12 HSBC 2.31% =1513 HSBC 1.53% 23 13 Barclays Capital 0.36% - 13 BNP Paribas 2.10% 914 Nomura 1.08% 14 14 Macquarie 0.30% - 14 BOC International 1.33% =2215 CICC 0.84% 13 15 CICC 0.24% - 15 MainFirst 1.32% -16 BOC International 0.68% 22 16 CLSA 0.09% =7 =16 CICC 1.21% 1117 Barclays Capital 0.57% - =16 Nomura 1.21% 1318 MainFirst 0.55% - * Polling period prior to the acquisition by Nomura 18 Kotak 0.98% -19 Daiwa 0.54% - 19 DBS Vickers 0.80% 1020 Kotak 0.50% - 20 RBS 0.63% -21 Yuanta 0.42% 24 =21 Daiwa SMBC 0.38% =2922 RBS** 0.37% 12 =21 Enam 0.38% -23 Newedge 0.25% - 23 Sun Hung Kai 0.28% =2524 Motilal Oswal 0.21% - 24 Churchill Capital 0.26% -25 DBS Vickers 0.18% 16 25 KBC 0.25% -

=26 Bloomberg 0.17% - 26 Cazenove 0.24% =19=26 Enam 0.17% - 27 Newedge 0.23% -

28 KGI 0.16% 19 =28 Fubon 0.15% -29 KE Absolute 0.13% - =28 Itaú 0.15% -30 BBY 0.12% - =28 KGI 0.15% =19

=28 Libertas Capital 0.15% -* Polling period prior to the acquisition by Nomura =28 Mizuho 0.15% -** RBS - 2007 ranking of ABN AMRO =28 RBC 0.15% -

=28 SBICAP 0.15%


PRIME BROKING & HEDGE FUND SERVICES

BEST ALL-ROUND SOLUTIONSFOR PRIME BROKING

BEST FOR OVERALL SERVICESTO HEDGE FUNDS

BEST HEDGE FUND STRATEGY(TOTAL)

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. PRIME BROKING + HEDGE FUND SERVICES: Page 1 of 14

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 35.51% 1 1 Deutsche Bank 25.83% 2 1 UBS 20.34% 12 UBS 11.25% 2 2 Merrill Lynch 20.20% - 2 CLSA 14.22% 23 Goldman Sachs 9.94% =5 3 UBS 16.56% 3 3 Morgan Stanley 9.88% 144 Deutsche Bank 7.79% 3 =4 Citi 6.62% =8 4 Merrill Lynch 8.83% 35 Merrill Lynch 7.01% 11 =4 Goldman Sachs 6.62% 1 5 Deutsche Bank 8.37% 76 Morgan Stanley 5.26% 8 =6 HSBC 5.30% =8 6 Goldman Sachs 7.21% 47 Credit Suisse 3.80% =24 =6 KGI 5.30% .- 7 J.P.Morgan 5.81% =58 Citi 3.51% =5 =6 Libertas Capital 5.30% - 8 Credit Suisse 5.23% 13

=9 J.P.Morgan 2.92% =12 9 Kotak 3.97% - 9 Citi 5.11% =10=9 Nomura 2.92% 27 10 IDFC-SSKI 0.33% - 10 HSBC 3.25% -

=11 Fubon 2.34% - 11 RBS 2.56% -=11 HSBC 2.34% =18 12 Macquarie 2.32% =5

13 CICC 2.05% 7 =13 Itaú 1.86% -14 BNP Paribas 1.75% 9 =13 Lehman Brothers* 1.86% -15 Sun Hung Kai 1.46% - 15 BNP Paribas 1.16% =1016 IDFC-SSKI* 0.15% 20 16 DBS Vickers 1.05% 9

17 CICC 0.93% 8* IDFC-SSKI - 2007 ranking of SSKI


(DISTRESSED SECURITIES)BEST HEDGE FUND STRATEGY

(EMERGING MARKETS)


BEST HEDGE FUND STRATEGY(AGGRESSIVE GROWTH)

BEST HEDGE FUND STRATEGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 29.70% 1 1 Deutsche Bank 21.71% =2 1 Goldman Sachs 23.81% 12 Goldman Sachs 17.82% 3 2 UBS 19.38% 1 2 UBS 15.91% 33 BNP Paribas 10.89% 6 3 Morgan Stanley 14.73% =7 3 CLSA 11.58% 24 CICC 9.90% - 4 HSBC 12.40% - 4 Morgan Stanley 7.41% 4

=5 Credit Suisse 7.92% - 5 BOC International 7.75% - 5 Lehman Brothers* 6.32% -=5 HSBC 7.92% - =6 DBS Vickers 6.20% - 6 Deutsche Bank 6.07% 5=5 KBC 7.92% - =6 Merrill Lynch 6.20% =2 7 HSBC 5.83% 9=5 Lehman Brothers* 7.92% - 8 Newedge 4.65% - =8 CICC 4.37% -

9 Lehman Brothers* 3.10% - =8 J.P.Morgan 4.37% 6* Polling period prior to the acquisition by Nomura =10 Citi 1.94% - =10 Citi 3.89% 7

=10 Credit Suisse 1.94% - =10 Credit Suisse 3.89% -12 BOC International 2.55% 10

* Polling period prior to the acquisition by Nomura =13 Daiwa SMBC 1.94% -=13 Macquarie 1.94% 12

15 RBS 0.12% -


BEST HEDGE FUND STRATEGY(MACRO)

BEST HEDGE FUND STRATEGY(FUND OF FUNDS)


BEST HEDGE FUND STRATEGY(INCOME)


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 20.30% 1 1 Goldman Sachs 20.74% 8 1 UBS 27.26% 12 UBS 16.39% 2 2 CLSA 13.56% 1 2 Deutsche Bank 19.00% 2

=3 Credit Suisse 12.29% =11 3 Morgan Stanley 9.18% 6 3 Goldman Sachs 14.97% 5=3 Goldman Sachs 12.29% 7 4 UBS 7.78% 3 4 J.P.Morgan 11.52% 9

5 Morgan Stanley 10.43% 3 5 Deutsche Bank 7.45% 7 5 Lehman Brothers* 5.37% =106 Nomura 5.21% =11 6 Citi 7.38% 9 6 CLSA 4.41% =67 BNP Paribas 3.91% =15 7 BNP Paribas 6.38% 2 =7 BNP Paribas 3.84% -

=8 Deutsche Bank 3.72% =5 =8 J.P.Morgan 3.99% 11 =7 Morgan Stanley 3.84% 4=8 HSBC 3.72% =15 =8 Merrill Lynch 3.99% 5 9 MainFirst 3.07% -=8 Merrill Lynch 3.72% =5 =10 Lehman Brothers* 3.19% - =10 Citi 2.30% 3

=11 RBS 2.23% - =10 MainFirst 3.19% - =10 Kotak 2.30% -=11 Lehman Brothers* 2.23% - =10 SBICAP 3.19% - 12 Credit Suisse 1.15% -

13 J.P.Morgan 1.86% - =13 Credit Suisse 2.39% =12 13 Merrill Lynch 0.96% =614 CICC 1.12% 9 =13 Daiwa SMBC 2.39% =1215 Hyundai 0.56% - =13 Kotak 2.39% - * Polling period prior to the acquisition by Nomura

16 Macquarie 1.99% -* Polling period prior to the acquisition by Nomura 17 Hyundai 0.60% -

18 IDFC-SSKI 0.20% -


BEST HEDGE FUND STRATEGY(MARKET TIMING)

BEST HEDGE FUND STRATEGY BEST HEDGE FUND STRATEGY(OPPORTUNISTIC) (MULTI STRATEGY)



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 23.33% 2 1 UBS 22.25% 6 1 CLSA 17.29% 22 Goldman Sachs 14.35% 4 2 Merrill Lynch 14.89% 2 2 UBS 13.56% 13 Morgan Stanley 13.85% 1 3 Goldman Sachs 12.32% 7 3 Goldman Sachs 9.57% 34 Deutsche Bank 11.82% 3 4 Deutsche Bank 8.78% 1 4 Citi 8.64% 55 Lehman Brothers* 8.11% =9 5 Morgan Stanley 8.56% 3 5 J.P.Morgan 7.98% 46 CLSA 7.18% =7 6 Credit Suisse 7.70% 14 6 Deutsche Bank 6.65% 87 Credit Suisse 7.09% - 7 Lehman Brothers* 5.48% - 7 DBS Vickers 5.32% -8 BNP Paribas 3.04% =7 =8 BOC International 3.42% - =8 RBS 4.26% -9 HSBC 2.20% =9 =8 CICC 3.42% =11 =8 Kotak 4.26% -

10 J.P.Morgan 1.69% =9 =8 Enam 3.42% - 10 Macquarie 3.72% -11 Nomura 1.35% - 11 MainFirst 2.74% - 11 Credit Suisse 2.66% -

=12 Barclays Capital 1.01% - =12 J.P.Morgan 2.05% 4 12 BNP Paribas 2.53% 7=12 Citi 1.01% 5 =12 Kotak 2.05% - =13 CICC 2.13% =9=12 Kotak 1.01% - 14 Bank of America 1.71% - =13 HSBC 2.13% -=12 Primasia 1.01% - 15 Citi 1.03% 5 =13 Morgan Stanley 2.13% 6

16 Merrill Lynch 0.93% 6 16 CLSA 0.17% 9 =16 Lehman Brothers* 1.60% -17 CICC 0.68% - =16 Yuanta 1.60% -18 BOC International 0.34% - * Polling period prior to the acquisition by Nomura =18 Merrill Lynch 1.33% 12

=18 Sun Hung Kai 1.33% -* Polling period prior to the acquisition by Nomura 20 Cazenove 1.20% -

21 IDFC-SSKI** 0.13% =9

* Polling period prior to the acquisition by Nomura** IDFC-SSKI - 2007 ranking of SSKI

BEST HEDGE FUND STRATEGY(VALUE)

BEST HEDGE FUND STRATEGY(SHORT SELLING)

BEST HEDGE FUND STRATEGY(SPECIAL SITUATIONS)



Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 Credit Suisse 14.49% 1 Deutsche Bank 16.78% 1 UBS 27.77%2 Macquarie 13.68% 2 J.P.Morgan 14.77% 2 Goldman Sachs 15.36%

=3 CLSA 11.07% 3 UBS 14.09% 3 CLSA 14.71%=3 UBS 11.07% =4 BOC International 6.71% 4 Deutsche Bank 11.96%

5 Lehman Brothers** 8.85% =4 Citi 6.71% 5 Morgan Stanley 7.36%6 Nomura 6.44% =4 Nomura 6.71% 6 Citi 4.60%7 J.P.Morgan 5.23% =7 BNP Paribas 5.37% 7 Lehman Brothers** 3.31%8 Citi 4.83% =7 Cazenove 5.37% =8 J.P.Morgan 2.94%

=9 BOC International 4.02% =7 Goldman Sachs 5.37% =8 Macquarie 2.94%=9 Merrill Lynch 4.02% =7 Lehman Brothers** 5.37% 10 BOC International 1.84%

=11 Goldman Sachs 3.22% =7 MainFirst 5.37% 11 Merrill Lynch 1.56%=11 MainFirst 3.22% 12 Credit Suisse 4.03% 12 MainFirst 1.47%=11 Mizuho 3.22% 13 Merrill Lynch 3.36% 13 Guotai Junan 1.23%=14 BNP Paribas 2.01% 14 Daiwa SMBC 1.10%=14 KBC 2.01% * Category not polled in 2007 15 HSBC 1.01%=14 Morgan Stanley 2.01% ** Polling period prior to the acquisition by Nomura 16 BNP Paribas 0.83%

17 Deutsche Bank 0.60%* Category not polled in 2007

* Category not polled in 2007 ** Polling period prior to the acquisition by Nomura** Polling period prior to the acquisition by Nomura

BEST HEDGE FUND STRATEGY BEST HEDGE FUND STRATEGY(CONVERTIBLE ARBITRAGE)


BEST HEDGE FUND STRATEGY(QUANT) (EQUITY LONG/SHORT)


Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 UBS 16.68% 1 UBS 39.41% 1 Goldman Sachs 34.29%2 Merrill Lynch 13.85% 2 Lehman Brothers** 11.73% 2 Macquarie 27.14%3 Goldman Sachs 10.72% =3 Credit Suisse 10.42% 3 UBS 8.80%4 CLSA 10.43% =3 Morgan Stanley 10.42% 4 CLSA 6.85%5 Deutsche Bank 9.14% 5 J.P.Morgan 6.51% =5 DBS Vickers 3.67%6 Morgan Stanley 8.94% =6 BNP Paribas 5.21% =5 Lehman Brothers** 3.67%7 Credit Suisse 7.15% =6 Goldman Sachs 5.21% =7 Citi 2.93%

=8 Churchill Capital 4.17% =6 MainFirst 5.21% =7 Deutsche Bank 2.93%=8 Citi 4.17% 9 Newedge 3.91% =7 MainFirst 2.93%10 Enam 2.98% 10 UOB Kay Hian 1.95% =7 RBC 2.93%

=11 BOC International 2.38% 11 Sun Hung Kai 1.83%=11 HSBC 2.38% * Category not polled in 2007 12 UOB Kay Hian 1.10%=13 Kotak 1.79% ** Polling period prior to the acquisition by Nomura 13 Argonaut 0.92%=13 MainFirst 1.79%=13 Nomura 1.79% * Category not polled in 2007

16 KE Absolute 1.19% ** Polling period prior to the acquisition by Nomura17 Hyundai 0.45%

* Category not polled in 2007

BEST HEDGE FUND STRATEGY(EVENT DRIVEN)


BEST HEDGE FUND STRATEGY BEST HEDGE FUND STRATEGY(MANAGED FUTURES) (COMMODITIES)


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 16.68% 1 1 UBS 19.94% 1 1 UBS 23.25% 12 Goldman Sachs 15.53% 5 2 Goldman Sachs 13.52% 5 2 Goldman Sachs 21.28% 23 CLSA 11.30% 2 3 Morgan Stanley 9.96% 4 3 Morgan Stanley 16.96% 34 Deutsche Bank 9.23% 3 4 CLSA 9.77% 3 4 Deutsche Bank 9.28% 45 Morgan Stanley 8.87% 4 5 Deutsche Bank 8.90% 2 5 Merrill Lynch 5.67% 56 Merrill Lynch 5.99% 7 6 Merrill Lynch 5.43% 7 6 Lehman Brothers* 4.69% 97 Credit Suisse 5.82% 8 7 Credit Suisse 5.37% 8 7 Credit Suisse 3.62% 68 Citi 4.40% 6 8 Citi 4.59% 6 8 Citi 3.05% 79 J.P.Morgan 4.05% 10 9 Macquarie 3.81% 11 9 J.P.Morgan 2.94% -

10 Macquarie 3.81% 9 10 J.P.Morgan 3.79% 9 10 BNP Paribas 1.86% =1511 Lehman Brothers* 2.47% - 11 Lehman Brothers* 2.83% - 11 HSBC 1.57% 1712 HSBC 2.17% =25 12 HSBC 1.60% =19 12 Nomura 1.31% 1813 Nomura 2.14% 14 13 CICC 1.53% 12 13 Macquarie 0.87% 1314 BNP Paribas 1.54% 11 14 BNP Paribas 1.40% 10 14 Yuanta 0.80% 1415 Yuanta 0.75% 18 15 BOC International 0.89% 15 15 CLSA 0.64% =1116 CICC 0.69% 12 16 Nomura 0.82% 18 16 CICC 0.61% -17 Mitsubishi UFJ 0.53% - 17 Daiwa SMBC 0.75% - 17 Barclays Capital 0.57% -

=18 Daiwa SMBC 0.43% - =18 Barclays Capital 0.53% - 18 MainFirst 0.45% -=18 Kotak 0.43% - =18 MainFirst 0.53% - 19 RBS** 0.23% 10=18 KE Absolute 0.43% - 20 Yuanta 0.50% 22 20 BOC International 0.19% -=21 Enam 0.36% - =21 Churchill Capital 0.43% - 21 KGI 0.15% =11=21 Motilal Oswal 0.36% - =21 RBS** 0.43% =16 22 IDFC-SSKI 0.02% -=23 RBS** 0.32% 16 =23 Shenyin & Wanguo 0.36% -=23 BOC International 0.32% 15 =23 Motilal Oswal 0.36% - * Polling period prior to the acquisition by Nomura=25 MainFirst 0.28% - 25 Edelweiss 0.34% - ** RBS - 2007 ranking of ABN AMRO=25 Hyundai 0.28% - =26 SBI E2-Capital 0.28% -

27 Ord Minnett 0.27% - =26 KE Absolute 0.28% -28 Barclays Capital 0.21% - =28 Kotak 0.21% -29 IIFL 0.16% - =28 Southern Cross Equities 0.21% -30 BBY 0.11% - 30 Mitsubishi UFJ 0.18% -


BEST DEPTH & QUALITY OF INVENTORYFOR STOCK LOAN

BEST HEDGE FUND IDEAS MOST PROACTIVE SERVICESIN RELATION TO HEDGE FUND COVERAGE



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 20.91% 1 1 UBS 14.20% 2 1 UBS 20.21% 12 Morgan Stanley 15.62% 2 2 Goldman Sachs 14.12% 5 2 Deutsche Bank 17.60% 23 Goldman Sachs 9.63% 5 3 Deutsche Bank 12.22% 3 3 Goldman Sachs 16.96% 34 Deutsche Bank 9.60% 3 4 CLSA 11.29% 1 4 Morgan Stanley 8.09% 45 Credit Suisse 8.48% 8 5 Morgan Stanley 8.52% 4 5 J.P.Morgan 6.24% 86 Citi 5.70% 4 6 J.P.Morgan 5.75% 11 6 Merrill Lynch 5.90% 67 J.P.Morgan 4.87% 10 7 Credit Suisse 5.11% 10 7 BNP Paribas 4.61% 78 Merrill Lynch 4.65% 6 8 Citi 4.42% 7 8 Credit Suisse 2.96% 99 CLSA 4.17% 7 9 Merrill Lynch 4.10% 6 9 Citi 2.65% 5

10 Lehman Brothers* 3.10% - 10 Macquarie 3.41% 9 10 Lehman Brothers* 2.52% 1311 Macquarie 2.74% 13 11 Lehman Brothers* 2.57% - 11 Macquarie 2.41% 1112 BNP Paribas 1.20% 9 12 HSBC 2.41% - 12 Kotak 1.81% -13 BOC International 1.09% =28 13 Nomura 2.26% 21 13 CLSA 1.56% 1214 HSBC 1.05% 25 14 BNP Paribas 1.66% 8 14 BOC International 0.79% -

=15 Daiwa SMBC 0.72% 24 =15 BOC International 1.06% 16 15 Barclays Capital 0.71% =17=15 Yuanta 0.72% 21 =15 Daiwa SMBC 1.06% - 16 MainFirst 0.63% -

17 Kotak 0.66% - 17 CICC 0.93% 14 17 HSBC 0.58% 14=18 Barclays Capital 0.48% =28 =18 Motilal Oswal 0.66% - =18 Calyon 0.52% -=18 Kim Eng 0.48% 19 =18 Enam 0.66% - =18 Shenyin & Wanguo 0.52% -=18 Kingsway 0.48% - =20 Yuanta 0.40% 22 =20 MAPE 0.47% -=18 MainFirst 0.48% - =20 RBS** 0.40% 12 =20 Newedge 0.47% -=18 Newedge 0.48% - 22 MainFirst 0.35% - =20 Nomura 0.47% -

23 CICC 0.46% 14 =23 Société Générale 0.27% - =23 CICC 0.31% =15=24 RBS** 0.36% 12 =23 Barclays Capital 0.27% - =23 RBS** 0.31% 10=24 Nomura 0.36% 11 =25 KE Absolute 0.22% - 25 Guotai Junan 0.26% -

26 Motilal Oswal 0.31% - =25 Shinko Securities 0.22% - 26 KGI 0.21% -27 DBS Vickers 0.24% 26 =25 Ord Minnett 0.22% - 27 Daiwa SMBC 0.16% -

=28 CIMB 0.20% - =25 Bank of America 0.22% - 28 Saxo Bank 0.08% -=28 Sun Hung Kai 0.20% - 29 Kotak 0.20% -=30 BTIG 0.16% - =30 KGI 0.18% =19 * Polling period prior to the acquisition by Nomura=30 KGI 0.16% 18 =30 SBICAP 0.18% - ** RBS - 2007 ranking of ABN AMRO



BEST HEDGE FUNDDERIVATIVES SALES

MOST INNOVATIVETRADING IDEAS

BEST EXECUTIONFOR HEDGE FUND TRADES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 21.76% 4 1 UBS 21.89% 1 1 UBS 34.40% 12 UBS 18.25% 1 2 Credit Suisse 17.84% 2 2 Goldman Sachs 20.32% 23 Deutsche Bank 13.72% 2 3 Goldman Sachs 11.66% 3 3 Morgan Stanley 16.74% 34 Morgan Stanley 8.37% 5 4 Morgan Stanley 9.20% 4 4 Deutsche Bank 10.92% 45 Merrill Lynch 7.50% 3 5 Deutsche Bank 6.59% 6 5 Lehman Brothers* 5.99% 106 BNP Paribas 4.94% 7 6 Lehman Brothers* 4.60% 18 6 Merrill Lynch 3.16% 67 Citi 4.80% 6 7 Macquarie 4.54% =16 7 BNP Paribas 2.38% 118 J.P.Morgan 4.00% 8 8 J.P.Morgan 3.82% 10 8 J.P.Morgan 1.64% -9 Credit Suisse 3.30% 9 9 Citi 3.68% 8 9 Citi 1.61% 5

10 CLSA 2.09% 11 10 CLSA 2.22% - 10 Credit Suisse 1.13% =811 Lehman Brothers* 2.02% 10 11 Bloomberg 2.21% 21 11 Newedge 1.03% -12 Barclays Capital 1.25% =17 12 BNP Paribas 2.05% 9 12 Nomura 0.52% -13 Daiwa Institute of Research 1.11% - 13 Merrill Lynch 1.93% 7 13 CLSA 0.15% -14 Macquarie 1.04% 14 14 Barclays Capital 1.80% 1915 MainFirst 0.83% - 15 CICC 1.12% - * Polling period prior to the acquisition by Nomura16 HSBC 0.77% - 16 Newedge 0.93% -17 Calyon 0.70% - 17 DBS Vickers 0.65% -18 RBS** 0.63% 12 =18 BBY 0.56% -19 KGI 0.56% - =18 ITG 0.56% -

=20 BBY 0.42% - =18 EMS 0.56%=20 Newedge 0.42% - 21 Daiwa SMBC 0.50% -=20 CICC 0.42% - 22 MetaBit 0.37% -

23 Kotak 0.31% - =23 KGI 0.25% -24 KBC 0.28% - =23 HSBC 0.25% =16

=25 Nomura 0.21% - 25 Saxo Bank 0.19% 11=25 Société Générale 0.21% - 26 Interactive Brokers 0.05% -

27 Saxo Bank 0.10% -* Polling period prior to the acquisition by Nomura



(ALGORITHMIC TRADING & DMA)BEST PRODUCT INNOVATIONBEST HEDGE FUND

DERIVATIVES RESEARCH FOR PRIME BROKINGBEST FOR ELECTRONIC TRADING


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 34.75% 1 1 UBS 37.64% 1 1 UBS 39.22% 12 Morgan Stanley 17.28% 4 2 Goldman Sachs 20.08% 2 2 Goldman Sachs 16.15% 23 Goldman Sachs 14.35% 3 3 Morgan Stanley 16.48% 3 3 Morgan Stanley 14.89% 34 Deutsche Bank 10.89% 2 4 Deutsche Bank 9.63% 5 4 Deutsche Bank 8.70% =45 Lehman Brothers* 6.34% - 5 Merrill Lynch 3.99% 6 5 Lehman Brothers* 5.89% =76 Credit Suisse 2.94% 8 6 Lehman Brothers* 3.61% =7 6 Credit Suisse 4.52% 117 BNP Paribas 2.44% 10 7 Citi 2.63% 4 7 Merrill Lynch 2.95% 68 Merrill Lynch 2.41% 6 8 Newedge 1.49% - 8 Citi 2.71% =49 Citi 2.38% 5 9 BNP Paribas 0.98% 12 9 BNP Paribas 1.35% 12

10 Barclays Capital 1.39% 9 10 KBC 0.94% - 10 Newedge 1.14% -11 CICC 0.79% - 11 J.P.Morgan 0.86% - 11 J.P.Morgan 0.84% -

=12 Newedge 0.66% - 12 Credit Suisse 0.71% 11 12 Nomura 0.72% -=12 J.P.Morgan 0.66% - 13 KGI 0.63% - 13 KGI 0.48% =7=14 Yuanta 0.59% - 14 CICC 0.31% - 14 CICC 0.24% =9=14 Macquarie 0.59% - 15 CLSA 0.22% -

16 Daiwa SMBC 0.53% - * Polling period prior to the acquisition by Nomura17 BOC International 0.40% - * Polling period prior to the acquisition by Nomura18 Mizuho 0.26% -19 Chinatrust 0.20% -20 CLSA 0.10% -21 HSBC 0.03% -


BEST PRICING


BEST FORFOR PRIME BROKING CAPITAL INTRODUCTION FOR PRIME BROKING

BEST CLIENT SERVICE


Rank Firm % 2007 Rank Firm % 2007* Rank Firm % 2007*1 UBS 35.79% 1 1 UBS 26.73% 1 UBS 40.48%2 Goldman Sachs 17.34% 2 2 Goldman Sachs 13.46% 2 Morgan Stanley 15.06%3 Morgan Stanley 16.93% 3 3 Morgan Stanley 11.85% 3 Goldman Sachs 14.86%4 Deutsche Bank 11.12% 4 4 Deutsche Bank 8.26% 4 Deutsche Bank 8.04%5 Lehman Brothers* 4.61% - 5 Credit Suisse 8.09% 5 Credit Suisse 5.53%6 Credit Suisse 3.57% 6 6 Macquarie 6.45% 6 Lehman Brothers** 5.29%7 Citi 2.76% 5 7 Lehman Brothers** 5.83% 7 Citi 3.88%8 Newedge 2.21% - 8 Citi 5.75% 8 BNP Paribas 2.15%9 BNP Paribas 1.57% 9 9 Merrill Lynch 3.90% 9 Newedge 1.51%

10 Merrill Lynch 1.34% 7 10 J.P.Morgan 3.27% 10 Merrill Lynch 1.47%11 J.P.Morgan 1.29% 8 11 Nomura 2.22% 11 DBS Vickers 0.64%12 DBS Vickers 1.11% - 12 CLSA 2.07% 12 J.P.Morgan 0.48%13 KGI 0.37% - 13 BNP Paribas 1.16% 13 KBC 0.32%

14 Newedge 0.96% 14 Barclays Capital 0.24%* Polling period prior to the acquisition by Nomura 15 SBI E2-Capital 0.06%

* Category not polled in 2007** Polling period prior to the acquisition by Nomura * Category not polled in 2007

** Polling period prior to the acquisition by Nomura


ADVISORY SERVICESBEST FOR

CUSTOMISED REPORTINGBEST RISK MANAGEMNET BEST FOR

QUANTITATIVE RESEARCH


Rank Firm % 2007* 2008 20071 UBS 41.31%2 Goldman Sachs 12.57% Yes 74.17% 61.15%3 Morgan Stanley 11.98% No 25.83% 38.85%4 Deutsche Bank 8.68%5 Lehman Brothers** 5.70%6 J.P.Morgan 3.50%7 Credit Suisse 3.10%8 Citi 3.01%9 Newedge 2.69%

10 Barclays Capital 2.20%11 Merrill Lynch 1.67%12 CLSA 1.30%13 KGI 0.98%14 DBS Vickers 0.65%15 HSBC 0.41%16 Macquarie 0.24%

* Category not polled in 2007** Polling period prior to the acquisition by Nomura


BEST FOR PREFERENCE FOR HEDGEFUND SPECIFIC RESEARCHFUTURES


Rank Name Firm % 2007 Rank Name Firm % 20071 Aki Yoda UBS 2.57% 1 1 Ricky Lo Deutsche Bank 4.38% 22 Jack McFerran J.P.Morgan 2.27% - 2 Ron Kwok Deutsche Bank 2.80% -3 Alastair Sclater UBS 2.07% 2 3 Jose Fung Credit Suisse 2.56% -4 Jason Chew UBS 2.01% - 4 Timothy Wong Deutsche Bank 2.41% =275 Ronald Cheung UBS 1.95% =21 5 Cindy Cheung Morgan Stanley 2.28% 56 Lai Man Wong Deutsche Bank 1.66% - 6 Nicholas Lent UBS 2.25% -7 Alan Chen CLSA 1.65% 10 7 Marlon Sanchez Deutsche Bank 1.70% 38 Adeline Ma CLSA 1.57% 3 8 Navneet Bansal UBS 1.67% -9 Dave Chen Citi 1.29% - 9 Christopher So Citi 1.63% 18

10 Stephen Kam Merrill Lynch 1.17% - =10 Kim Arculli CLSA 1.54% -11 Stanley Wong Citi 1.15% 14 =10 Daniel Mclellan Morgan Stanley 1.54% -

=12 Jeffrey Shiu Credit Suisse 1.14% - =12 Christian Clementson Citi 1.48% =19=12 Natalie Wan Goldman Sachs 1.14% - =12 Mark Cielinski Lehman Brothers 1.48% -

14 Stefano Romano Morgan Stanley 1.10% - 14 Jason Ambrose Morgan Stanley 1.39% -15 Steve Chung MainFrist 1.06% 5 15 Ben Hoad Morgan Stanley 1.36% -16 Marvin Pang HSBC 1.03% - =16 Russell Jacobsen Deutsche Bank 1.23% -17 Mary Beth McNamara CLSA 1.02% =26 =16 Canute Dalmasse Goldman Sachs 1.23% 418 Charles Blake Citi 0.98% - 18 Sue Scott Morgan Stanley 1.17% -19 Raymond Chan UBS 0.93% 6 19 Henry Ngai CLSA 1.11% -

=20 Prinn Panitchpakdi CLSA 0.79% - 20 Dean Thomas Deutsche Bank 1.08% -=20 Owen Wong Credit Suisse 0.79% - 21 Goh Kia Lin Citi 1.05% =9=22 Natalya Oram Credit Suisse 0.76% - =22 Abbott Lau Cazenove 1.02% -=22 Stephen Ng Goldman Sachs 0.76% - =22 Jack Chong CLSA 1.02% -=22 Nicholas Paolucci J.P.Morgan 0.76% - =24 Wayne Chu BNP Paribas 0.99% -=22 Gary Mui Merrill Lynch 0.76% - =24 Winnie Shek Credit Suisse 0.99% -=22 Faye Ye UBS 0.76% =21 =26 Landy Chang BNP Paribas 0.93% -

27 Alfred Li Credit Suisse 0.74% - =26 Ankush Musaddi Kotak 0.93% -=28 Stephanie Han CICC 0.72% - =26 Stuart Gordon Macquarie 0.93% -=28 Michael Chandler Goldman Sachs 0.72% 18 =26 Adrian Tan Morgan Stanley 0.93% -

30 Todd Martin CLSA 0.67% 7 =26 Darren Leffs* Morgan Stanley 0.93% -=26 Michael Considine Morgan Stanley 0.93% -=26 Hironao Eguchi UBS 0.93% -=26 Takuya Shinahara UBS 0.93% -

* Darren Leffs has left Morgan Stanley

SERVICING HEDGE FUNDS SERVICING HEDGE FUNDS


BEST SALES PEOPLE BEST SALES TRADERS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 31.12% 1 1 Macquarie 31.81% 1 1 Macquarie 27.73% 12 UBS 24.56% 2 2 UBS 23.13% 2 2 UBS 22.41% 23 Goldman Sachs JBWere 10.04% 3 3 Goldman Sachs JBWere 9.88% 3 3 J.P.Morgan 12.04% 84 Credit Suisse 7.43% 5 4 Credit Suisse 9.06% 9 4 Merrill Lynch 11.48% 65 J.P.Morgan 6.77% 9 5 J.P.Morgan 7.93% 7 5 Goldman Sachs JBWere 9.80% 36 Merrill Lynch 6.45% 4 6 Merrill Lynch 7.49% =4 6 Morgan Stanley 5.04% -7 Citi 4.91% 6 7 Citi 3.97% 6 7 Credit Suisse 3.64% 58 Morgan Stanley 3.90% 13 8 Morgan Stanley 3.82% 12 8 Citi 3.50% 79 Deutsche Bank 2.12% 8 9 Deutsche Bank 1.20% 8 9 Patersons 2.38% -

10 Patersons 0.98% - 10 RBS* 0.75% 11 10 Austock 1.12% 411 Austock 0.80% 7 11 Austock 0.60% =4 11 Hartleys 0.84% -12 RBS* 0.57% 11 12 Patersons 0.37% -13 Hartleys 0.34% -

* RBS - 2007 ranking of ABN AMRO* RBS - 2007 ranking of ABN AMRO

OVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH

AUSTRALIA


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. AUSTRALIA: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 31.56% 1 1 Macquarie 28.36% 1 1 Morgan Stanley 45.53% -2 Morgan Stanley 17.04% 6 2 Morgan Stanley 22.76% 5 2 Macquarie 16.26% 33 UBS 13.97% 2 3 UBS 12.69% =2 3 UBS 13.01% =14 Goldman Sachs JBWere 10.34% 4 4 Goldman Sachs JBWere 8.96% 4 4 Merrill Lynch 10.57% =15 Deutsche Bank 6.28% 5 5 J.P.Morgan 6.72% - 5 Citi 8.13% 56 Citi 6.15% 7 =6 Credit Suisse 5.97% - 6 J.P.Morgan 6.50% -7 Credit Suisse 5.87% 9 =6 Deutsche Bank 5.97% 68 J.P.Morgan 5.03% - 8 Merrill Lynch 4.85% =29 Merrill Lynch 3.77% 3 9 Citi 3.73% =7

STRATEGYSTRATEGY STRATEGY

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 25.51% 2 1 Macquarie 28.57% 2 =1 CommSec 22.47% -2 Goldman Sachs JBWere 21.77% 5 2 Goldman Sachs JBWere 17.86% 5 =1 UBS 22.47% 13 UBS 14.31% 1 3 UBS 16.96% 1 3 J.P.Morgan 17.98% -4 J.P.Morgan 11.98% 7 4 J.P.Morgan 11.61% =8 =4 Citi 11.24% 55 Citi 9.33% =9 5 CommSec 8.93% - =4 Macquarie 11.24% =26 CommSec 6.22% - 6 Citi 8.04% =8 6 Morgan Stanley 8.99% -7 Morgan Stanley 3.42% =3 7 Morgan Stanley 3.57% 3 7 Merrill Lynch 5.62% =28 Merrill Lynch 2.80% =3 =8 RBS 2.23% -9 Deutsche Bank 1.87% 6 =8 Merrill Lynch 2.23% 4

10 RBS 1.56% -11 Credit Suisse 1.24% 11

MACROECONOMICS MACROECONOMICS MACROECONOMICS

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 31.84% 1 1 Macquarie 28.72% 1 1 RBC 33.90% =62 UBS 16.28% =2 2 UBS 18.46% 3 2 Macquarie 27.12% =33 J.P.Morgan 14.31% 10 3 J.P.Morgan 14.36% 10 3 Patersons 16.95% -

=4 CLSA 7.16% - =4 CLSA 10.26% - 4 UBS 13.56% 2=4 RBC 7.16% 12 =4 RBC 10.26% =11 5 Argonaut 8.47% =3=6 Austock 4.29% 4 =6 Credit Suisse 5.13% -=6 Deutsche Bank 4.29% =8 =6 Merrill Lynch 5.13% -=8 Credit Suisse 3.58% - =6 Patersons 5.13% -=8 Merrill Lynch 3.58% - 9 Argonaut 2.56% =6=8 Patersons 3.58% -11 Morgan Stanley 2.15% -12 Argonaut 1.79% 7

SMALL CAPS SMALL CAPSSMALL CAPS

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 24.24% 2 1 J.P.Morgan 24.61% 2 1 J.P.Morgan 23.04% =42 UBS 17.72% 1 2 UBS 16.23% 1 2 Morgan Stanley 19.90% -3 Credit Suisse 11.61% 6 3 Credit Suisse 13.61% =5 3 Goldman Sachs JBWere 15.71% 24 Morgan Stanley 9.98% =11 4 Morgan Stanley 11.26% =11 4 UBS 14.66% 15 Macquarie 9.88% 8 5 Macquarie 10.47% =8 5 CLSA 10.47% -6 Goldman Sachs JBWere 7.74% 4 6 Goldman Sachs JBWere 7.85% 4 6 Credit Suisse 8.38% -7 CLSA 7.33% - 7 CLSA 7.33% - 7 Citi 5.24% =48 Citi 5.30% 7 =8 RBS* 2.62% 10 8 Merrill Lynch 2.62% -9 Deutsche Bank 2.85% 3 =8 Citi 2.62% =5

10 RBS* 2.14% =9 10 Deutsche Bank 2.09% 311 Merrill Lynch 1.22% 5 11 Merrill Lynch 1.31% =5

* RBS - 2007 ranking of ABN AMRO * RBS - 2007 ranking of ABN AMRO

BANKSBANKS BANKS

AUSTRALIA



Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 Morgan Stanley 23.53% 1 Morgan Stanley 26.75% 1 Morgan Stanley 32.82%2 Macquarie 17.30% 2 Macquarie 17.52% 2 J.P.Morgan 18.46%3 UBS 13.38% 3 J.P.Morgan 15.92% =3 Macquarie 15.38%4 J.P.Morgan 12.23% 4 UBS 10.83% =3 Merrill Lynch 15.38%5 Merrill Lynch 8.77% 5 Merrill Lynch 9.55% =5 Citi 5.13%6 Citi 6.00% 6 Citi 6.37% =5 Credit Suisse 5.13%7 Credit Suisse 5.19% 7 Credit Suisse 5.73% =5 Wilson HTM 5.13%

=8 Deutsche Bank 4.61% 8 Wilson HTM 3.18% 8 Patersons 2.56%=8 Goldman Sachs JBWere 4.61% 9 Goldman Sachs JBWere 2.55%10 Wilson HTM 2.31% 10 Patersons 1.59% * Category not polled in 200711 Patersons 1.15%12 Austock 0.69% * Category not polled in 200713 CLSA 0.23%


ENERGY ENERGY ENERGY

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 22.69% 2 1 Merrill Lynch 25.00% 3 1 Merrill Lynch 31.54% 22 Macquarie 21.88% 1 2 Macquarie 23.80% 1 2 Macquarie 23.66% 13 Merrill Lynch 20.43% 3 3 UBS 19.71% 2 3 UBS 15.77% 34 Goldman Sachs JBWere 10.13% 5 4 Goldman Sachs JBWere 9.13% =4 4 Citi 7.53% =75 Citi 5.97% 8 5 J.P.Morgan 6.25% - 5 Morgan Stanley 6.45% 46 J.P.Morgan 4.70% 15 6 Morgan Stanley 4.33% =7 =6 J.P.Morgan 5.73% -7 Morgan Stanley 3.25% 9 7 CLSA 3.85% - =6 Patersons 5.73% -

=8 CLSA 2.89% - 8 Citi 3.61% =7 8 Goldman Sachs JBWere 3.58% =7=8 Patersons 2.89% - 9 Patersons 2.40% -

=10 Credit Suisse 2.17% 6 10 Credit Suisse 1.92% 6=10 RBC 2.17% 4

12 Austock 0.72% =1213 Deutsche Bank 0.09% 10

MATERIALS MATERIALS MATERIALS

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 25.61% 3 =1 Credit Suisse 28.67% =6 1 Credit Suisse 38.26% -2 Credit Suisse 21.64% 5 =1 J.P.Morgan 28.67% 3 2 Morgan Stanley 31.30% -3 UBS 16.39% 1 =3 Morgan Stanley 12.90% - 3 J.P.Morgan 17.39% 24 Macquarie 14.98% 2 =3 UBS 12.90% 1 4 Merrill Lynch 8.70% -5 Morgan Stanley 9.22% - 5 Macquarie 11.47% 2 5 Citi 4.35% -6 Citi 3.84% 6 6 Merrill Lynch 3.58% -7 Deutsche Bank 3.46% 4 7 Citi 1.79% 58 Merrill Lynch 2.56% -9 Goldman Sachs JBWere 2.05% 10

10 RBS 0.26% -

REAL ESTATE REAL ESTATE REAL ESTATE

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Merrill Lynch 28.22% 1 1 Merrill Lynch 32.77% 1 1 Morgan Stanley 42.11% =32 Macquarie 18.48% 4 2 UBS 17.87% 3 2 Merrill Lynch 38.95% 13 UBS 15.18% 3 3 Morgan Stanley 17.02% 6 3 Citi 10.53% -4 Morgan Stanley 13.20% 6 4 Macquarie 15.32% 4 4 J.P.Morgan 8.42% 5

=5 Citi 7.26% - 5 J.P.Morgan 7.66% 2=5 J.P.Morgan 7.26% 2 6 Citi 4.26% -

7 Goldman Sachs JBWere 5.28% 5 7 Credit Suisse 3.40% 88 Credit Suisse 2.97% 8 8 Goldman Sachs JBWere 1.70% 59 RBS* 1.98% 10

10 Deutsche Bank 0.17% 7


AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSFOOD & STAPLES RETAILING FOOD & STAPLES RETAILING FOOD & STAPLES RETAILING


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 26.50% =5 1 J.P.Morgan 40.00% =3 1 J.P.Morgan 50.00% -2 UBS 22.00% - =2 CommSec 15.38% - 2 CommSec 31.25% -3 Goldman Sachs JBWere 14.00% =5 =2 Macquarie 15.38% =1 3 UBS 18.75% -4 Macquarie 10.50% 2 =2 UBS 15.38% -5 CommSec 10.00% - 5 RBS* 7.69% =36 RBS* 5.00% =5 6 Goldman Sachs JBWere 6.15% =37 CLSA 4.50% -8 Deutsche Bank 4.00% - * RBS - 2007 ranking of ABN AMRO9 Austock 3.00% =5

10 Precept Investment Actuaries 0.50% -


MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE

AUSTRALIA



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Glyn Lawcock UBS 7.68% =13 1 Rob Stanton J.P.Morgan 9.10% - 1 Stuart Baker Morgan Stanley 12.82% =172 Rob Stanton J.P.Morgan 7.51% - 2 Andrew Rosivach Credit Suisse 8.03% - 2 Rob Stanton J.P.Morgan 12.31% -3 Stuart Baker Morgan Stanley 7.03% =3 3 Stuart Baker Morgan Stanley 6.69% =2 3 Brian Johnson J.P.Morgan 8.72% -4 Andrew Rosivach Credit Suisse 6.54% - 4 Jeff Emmanuel UBS 6.16% =10 4 David Errington Merrill Lynch 8.21% =4

=5 Brian Johnson J.P.Morgan 4.97% =30 5 Glyn Lawcock UBS 6.02% =10 =5 Glyn Lawcock UBS 7.69% -=5 Jeff Emmanuel UBS 4.97% 7 6 James Ellis Credit Suisse 4.82% - =5 Philip Wensley Morgan Stanley 7.69% =4

7 James Ellis Credit Suisse 3.89% - =7 Brian Johnson J.P.Morgan 4.55% =25 =5 Sean Lawrence* Morgan Stanley 7.69% -8 Callum Bramah Macquarie 3.68% - =7 Callum Bramah Macquarie 4.55% - 8 Nick Caley RBS 6.15% -9 David Errington Merrill Lynch 3.46% 9 9 David Errington Merrill Lynch 4.28% 7 =9 Mark Busuttil UBS 5.13% -

=10 Craig Campbell Morgan Stanley 3.24% - =10 Craig Campbell Morgan Stanley 4.02% - =9 Martin Yule Morgan Stanley 5.13% -=10 Philip Wensley Morgan Stanley 3.24% =13 =10 Philip Wensley Morgan Stanley 4.02% =10 =9 Simon Mitchell UBS 5.13% =4=10 Richard Wiles Morgan Stanley 3.24% - =10 Richard Wiles Morgan Stanley 4.02% - =12 James Ellis Credit Suisse 4.10% -=10 Sean Lawrence* Morgan Stanley 3.24% - =10 Sean Lawrence* Morgan Stanley 4.02% - =12 Jeff Emmanuel UBS 4.10% 3=14 David Cassidy UBS 2.59% =27 =14 David Cassidy UBS 3.21% - =14 Kevin O'connor Merrill Lynch 2.56% -=14 Nick Caley RBS 2.59% - =14 Nick Caley RBS 3.21% - =14 Richard Wiles Morgan Stanley 2.56% -

16 John Freedman UBS 2.32% - =16 Adam Rowley Macquarie 2.68% =19=17 Adam Rowley Macquarie 2.16% =21 =16 John Freedman UBS 2.68% - * Sean Lawrence has left Morgan Stanley=17 Mark Busuttil UBS 2.16% - =16 Mark Busuttil UBS 2.68% -=17 Martin Yule Morgan Stanley 2.16% - =16 Martin Yule Morgan Stanley 2.68% -=17 Simon Mitchell UBS 2.16% 6 =16 Simon Mitchell UBS 2.68% 8=17 Vicky Binns Merrill Lynch 2.16% - 21 Tim Toohey GS JBWere 2.14% -

22 Ian Preston GS JBWere 1.95% =27 22 Jarrod Martin RBS 2.01% -23 Tim Toohey GS JBWere 1.73% - =23 Gordon Ramsay UBS 1.34% -24 Jarrod Martin RBS 1.62% - =23 Kevin O'connor Merrill Lynch 1.34% -

=25 Daniel Tabbush CLSA 1.30% - =23 Lou Pirenc Morgan Stanley 1.34% -=25 Sophie Spartalis Macquarie 1.30% - 26 Vicky Binns Merrill Lynch 1.07% =30=25 Stephen Rich UBS 1.30% - 27 Tom Quarmby Macquarie 0.67% -=28 Gordon Ramsay UBS 1.08% -=28 Kevin O'connor Merrill Lynch 1.08% - * Sean Lawrence has left Morgan Stanley=28 Lou Pirenc Morgan Stanley 1.08% -

* Sean Lawrence has left Morgan Stanley

BEST ANALYST BEST ANALYST BEST ANALYST

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 48.35% 1 1 Macquarie 57.43% 1 1 Macquarie 39.08% 12 Austock 20.54% 2 2 Austock 18.14% 2 2 Austock 16.86% 33 Southern Cross Equities 9.01% 5 3 Bell Potter 9.07% - 3 Bell Potter 13.79% -4 Bell Potter 7.56% 18 4 Ord Minnett 5.04% - 4 Southern Cross Equities 8.43% =95 Ord Minnett 3.88% - 5 Patersons 4.53% 3 5 Ord Minnett 7.66% -6 Patersons 3.49% 3 6 Southern Cross Equities 2.52% =5 6 Patersons 6.90% 27 Tricom 2.71% =6 7 Tricom 2.02% =5 7 Tricom 3.07% =48 CommSec 2.33% =14 8 Argonaut 1.26% =5 8 Taylor Collison 2.30% =79 Taylor Collison 1.16% =9 9 Argonaut 1.92% =4

10 Argonaut 0.97% 8

AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSBEST LOCAL BROKERAGE BEST LOCAL BROKERAGE BEST LOCAL BROKERAGE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 22.86% 2 1 UBS 21.91% 2 1 UBS 24.93% 12 Macquarie 18.59% 1 2 Macquarie 17.70% 1 2 J.P.Morgan 16.56% 43 J.P.Morgan 10.54% 6 3 J.P.Morgan 12.63% 4 3 Macquarie 13.78% 24 Goldman Sachs JBWere 7.74% 3 4 Credit Suisse 8.85% 6 4 Morgan Stanley 9.94% =75 Credit Suisse 7.67% 5 5 Goldman Sachs JBWere 8.15% 3 5 Citi 7.67% 96 Morgan Stanley 6.58% 8 6 Morgan Stanley 7.77% 7 6 Credit Suisse 5.93% 57 Citi 6.36% 7 7 Merrill Lynch 6.10% 5 7 Merrill Lynch 5.49% 68 Merrill Lynch 5.57% 4 8 Citi 5.18% 9 8 Goldman Sachs JBWere 4.36% 39 Deutsche Bank 3.31% 9 9 CLSA 2.91% - =9 RBS* 2.09% 10

10 CLSA 2.37% - =10 RBS* 1.83% 13 =9 Austock 2.09% =711 RBS* 2.06% 11 =10 Austock 1.83% 10 =11 CLSA 1.74% -12 Austock 1.75% 10 12 Deutsche Bank 1.67% - =11 Patersons 1.74% 11

=13 CommSec 0.88% 21 =13 Lehman Brothers** 1.08% - 13 Tricom 1.39% -=13 Lehman Brothers** 0.88% - =13 Patersons 1.08% 12 14 Hartleys 1.05% -=13 Patersons 0.88% 13 15 Tricom 0.86% - 15 CommSec 0.70% =16

16 Tricom 0.70% =24 16 CommSec 0.43% 16 16 Southern Cross Equities 0.52% -17 Hartleys 0.53% -18 Southern Cross Equities 0.31% - * RBS - 2007 ranking of ABN AMRO * RBS - 2007 ranking of ABN AMRO19 E.L. & C. Baillieu 0.26% 20 ** Polled prior to the acquisition by Nomura20 Bell Potter 0.18% 23

* RBS - 2007 ranking of ABN AMRO** Polled prior to the acquisition by Nomura

AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSOVERALL SALES SERVICESOVERALL SALES SERVICES OVERALL SALES SERVICES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 21.67% 1 1 Macquarie 20.98% 1 1 Macquarie 17.86% 12 UBS 17.23% 2 2 J.P.Morgan 14.31% 4 2 UBS 15.93% 23 J.P.Morgan 11.68% 4 3 UBS 12.94% 2 3 J.P.Morgan 14.56% 34 Morgan Stanley 10.00% 14 4 Morgan Stanley 11.37% =12 =4 Credit Suisse 10.16% -5 Credit Suisse 7.20% 8 5 Credit Suisse 8.24% =12 =4 Morgan Stanley 10.16% 106 Citi 6.32% 3 6 RBS* 6.27% 11 6 Citi 8.65% 47 Goldman Sachs JBWere 6.24% 6 7 Citi 6.18% 3 7 RBS* 6.04% =78 Merrill Lynch 5.88% 5 8 Goldman Sachs JBWere 5.88% 6 8 Goldman Sachs JBWere 4.95% 99 RBS* 5.12% 9 9 Merrill Lynch 5.69% 5 9 Deutsche Bank 3.30% 6

10 Deutsche Bank 4.44% 7 10 Deutsche Bank 5.29% 7 10 Merrill Lynch 3.02% 511 Instinet 1.28% - 11 Instinet 1.57% - 11 Instinet 2.20% -12 Hartleys 0.96% - 12 CLSA 0.78% - 12 Hartleys 1.65% -13 CLSA 0.64% - 13 Argonaut 0.49% - 13 Southern Cross Equities 0.82% -

=14 Austock 0.48% 10 14 Argonaut 0.69% -=14 Southern Cross Equities 0.48% - * RBS - 2007 ranking of ABN AMRO

16 Argonaut 0.40% - * RBS - 2007 ranking of ABN AMRO


AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSEXECUTION EXECUTION EXECUTION


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 18.16% 2 1 Morgan Stanley 20.87% =9 1 Morgan Stanley 23.80% 142 Morgan Stanley 17.15% 10 2 UBS 15.98% 2 2 UBS 16.69% 13 Macquarie 16.42% 1 3 Macquarie 13.87% 1 =3 Credit Suisse 7.73% 94 J.P.Morgan 9.22% 4 4 J.P.Morgan 11.10% 4 =3 J.P.Morgan 7.73% 45 Merrill Lynch 7.94% 9 5 Credit Suisse 7.55% 12 5 Citi 7.42% 36 Credit Suisse 6.84% 7 6 Merrill Lynch 7.44% 7 6 Macquarie 7.11% 27 Citi 5.84% 3 7 Goldman Sachs JBWere 5.55% 6 7 Goldman Sachs JBWere 6.18% 68 Goldman Sachs JBWere 5.66% 6 8 Citi 5.33% 3 8 Merrill Lynch 4.17% =109 Deutsche Bank 3.10% 5 9 Deutsche Bank 3.22% 5 =9 RBS* 3.71% 8

10 RBS* 2.74% 8 =10 RBS* 2.66% 8 =9 Austock 3.71% 711 Austock 2.19% =11 =10 Austock 2.66% =9 =9 Deutsche Bank 3.71% 512 CommSec 1.64% - 12 CommSec 2.00% - 12 CommSec 2.78% -13 Tricom 1.46% 18 13 Tricom 1.78% - 13 Tricom 2.47% 1714 Hartleys 1.09% - 14 Hartleys 1.85% -15 Southern Cross Equities 0.55% 19 * RBS - 2007 ranking of ABN AMRO 15 Southern Cross Equities 0.93% -


AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSSALES TRADING SALES TRADING SALES TRADING


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 34.73% 1 1 Macquarie 32.60% 1 1 UBS 34.56% 12 UBS 27.08% 2 2 UBS 25.83% 2 2 Macquarie 33.22% 23 J.P.Morgan 8.23% 3 3 J.P.Morgan 9.31% 3 3 Morgan Stanley 7.38% -4 Merrill Lynch 6.24% 7 4 Merrill Lynch 6.50% 7 4 J.P.Morgan 7.05% 85 Citi 5.14% 5 5 Morgan Stanley 5.98% 16 5 Merrill Lynch 5.70% 136 Credit Suisse 5.01% 6 6 Credit Suisse 5.80% 9 6 Goldman Sachs JBWere 4.19% 37 Morgan Stanley 4.87% 17 7 Citi 5.36% 5 7 Credit Suisse 3.36% =68 Goldman Sachs JBWere 4.15% 4 8 Goldman Sachs JBWere 5.27% 4 8 Citi 2.52% =69 CLSA 1.92% 10 9 CLSA 2.46% =10 9 Southern Cross Equities 2.01% -

10 Deutsche Bank 1.13% 9 10 Austock 0.88% 611 Southern Cross Equities 0.82% -12 Austock 0.69% 8

AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSEVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 30.11% 2 1 Macquarie 30.30% 2 1 UBS 38.59% 12 UBS 27.62% 1 2 UBS 26.50% 1 2 Macquarie 22.82% 23 Merrill Lynch 9.58% 9 3 Merrill Lynch 11.22% 10 3 J.P.Morgan 8.05% 54 J.P.Morgan 6.93% 4 4 Credit Suisse 8.83% 8 4 Merrill Lynch 7.89% =95 Credit Suisse 6.90% 8 5 J.P.Morgan 7.77% 4 5 Morgan Stanley 5.37% -6 Morgan Stanley 4.83% 16 6 Morgan Stanley 6.01% 15 6 Credit Suisse 5.03% 77 Goldman Sachs JBWere 4.21% 3 7 Goldman Sachs JBWere 4.42% 3 7 Goldman Sachs JBWere 4.19% 38 Citi 3.60% 10 8 Citi 1.77% 9 8 RBS 2.68% -9 Deutsche Bank 2.82% 6 9 RBS* 1.41% 13 9 Southern Cross Equities 2.01% -

10 RBS* 1.50% =13 =10 Austock 0.88% =6 =10 Citi 1.68% 611 Austock 1.09% 7 =10 Deutsche Bank 0.88% 5 =10 Deutsche Bank 1.68% =912 Southern Cross Equities 0.82% -

* RBS - 2007 ranking of ABN AMRO* RBS - 2007 ranking of ABN AMRO

AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 19.46% 2 1 Credit Suisse 22.53% =6 =1 J.P.Morgan 19.35% -2 Macquarie 18.62% 1 =2 J.P.Morgan 18.68% =6 =1 Macquarie 19.35% 13 Credit Suisse 17.36% 6 =2 Macquarie 18.68% 1 3 UBS 17.74% =24 J.P.Morgan 14.23% =8 =4 Goldman Sachs JBWere 10.99% =2 4 Credit Suisse 16.13% -5 Goldman Sachs JBWere 9.62% 4 =4 UBS 10.99% =2 5 Morgan Stanley 8.06% =26 Morgan Stanley 4.18% 5 6 Morgan Stanley 5.49% 5 6 Austock 6.45% 67 Austock 3.35% =8 7 Austock 4.40% =6 7 Southern Cross Equities 4.84% -

=8 Deutsche Bank 2.51% - =8 RBS 2.75% =10 =8 CLSA 4.03% =8=8 Southern Cross Equities 2.51% - =8 CLSA 2.75% - =8 Merrill Lynch 4.03% =210 CLSA 2.30% =12 =8 Merrill Lynch 2.75% 4

=11 RBS* 2.09% 7=11 Merrill Lynch 2.09% 3

13 Citi 1.67% -


AUSTRALIA

OVERALL MEGA FUNDS HEDGE FUNDSMOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Ruben Boopalan Macquarie 7.20% 1 1 Lyn Foo UBS 6.85% - 1 James Barratt J.P.Morgan 8.62% -2 Lyn Foo UBS 5.62% - 2 Ruben Boopalan Macquarie 6.71% 2 2 Jared O'Connell J.P.Morgan 6.63% -3 James Barratt J.P.Morgan 4.42% - 3 James Barratt J.P.Morgan 5.39% - 3 Lucy Roberts Macquarie 5.97% 34 Jared O'Connell J.P.Morgan 3.40% - 4 Jared O'Connell J.P.Morgan 4.15% - 4 Simon Footit Morgan Stanley 5.08% -

=5 Ben Yeoh Macquarie 3.06% =10 5 Lucy Roberts Macquarie 3.73% 6 5 Lyn Foo UBS 4.42% -=5 Lucy Roberts Macquarie 3.06% =10 6 Ashwini Chandra GS JBWere 3.46% =19 =6 Ben Yeoh Macquarie 3.31% -

7 Ashwini Chandra GS JBWere 2.89% =23 7 Simon Footit Morgan Stanley 3.18% - =6 Kwai Yung Ord Minnett 3.31% -8 Olivia Cartwright J.P.Morgan 2.67% - 8 Olivia Cartwright J.P.Morgan 2.63% - =6 Matthew Hughes J.P.Morgan 3.31% -9 Simon Footit Morgan Stanley 2.61% - 9 Andrew Gilbert Credit Suisse 2.49% - =6 Nicholas Mace Macquarie 3.31% -

10 Andrew Gilbert Credit Suisse 2.50% - =10 Ben Yeoh Macquarie 2.07% 18 =6 Ruben Boopalan Macquarie 3.31% =4=11 Anthony Iser UBS 2.38% 5 =10 David Prowse Merrill Lynch 2.07% - =6 Stephen Stuart Macquarie 3.31% -=11 Stephen Jancys UBS 2.38% - =10 James O'Sullivan Merrill Lynch 2.07% - 12 Olivia Cartwright J.P.Morgan 3.09% -

13 Brett Hucker Deutsche Bank 2.33% - =10 Kwai Yung Ord Minnett 2.07% - =13 Andrew Chirnside RBS 2.65% =10=14 David Prowse Merrill Lynch 1.70% - =10 Matthew Hughes J.P.Morgan 2.07% - =13 Andrew Cunningham HSBC 2.65% -=14 James O'Sullivan Merrill Lynch 1.70% - =10 Nicholas Mace Macquarie 2.07% - =13 Derek Kellett J.P.Morgan 2.65% -=14 Kwai Yung Ord Minnett 1.70% - =10 Scott Dolling Macquarie 2.07% - =13 Nicki Ashton Austock 2.65% =4=14 Matthew Hughes J.P.Morgan 1.70% - =10 Simone Rouse GS JBWere 2.07% - 17 Justin Lindquist Merrill Lynch 2.54% -=14 Nicholas Mace Macquarie 1.70% - =10 Stephen Jancys UBS 2.07% - =18 Andrew Gilbert Credit Suisse 2.21% -=14 Scott Dolling Macquarie 1.70% - =10 Stephen Stuart Macquarie 2.07% - =18 David Pender GS JBWere 2.21% -=14 Simone Rouse GS JBWere 1.70% - =20 Andrew Chirnside RBS 1.66% =19 =18 Gavan Carroll Credit Suisse 2.21% -=14 Stephen Stuart Macquarie 1.70% - =20 Andrew Cunningham HSBC 1.66% - =18 Gavin Apter GS JBWere 2.21% -

22 Scott Ramsay Deutsche Bank 1.59% =23 =20 Derek Kellett J.P.Morgan 1.66% - =18 John Weingarth Lehman Brothers 2.21% -23 Wai Hoey CommSec 1.47% - =20 Nicki Ashton Austock 1.66% =12 =18 Mike Hynes Citi 2.21% -24 Derek Kellett J.P.Morgan 1.45% - 24 Justin Lindquist Merrill Lynch 1.59% - =24 Anthony Iser UBS 1.99% =21

=25 Andrew Chirnside RBS 1.36% =23 =25 Alex McGee UBS 1.38% - =24 David Keogh Southern Cross 1.99% -=25 Andrew Cunningham HSBC 1.36% - =25 Angus Bottrell Credit Suisse 1.38% =19 =26 Josh Best Tricom 1.77% -=25 Nicki Ashton Austock 1.36% =15 =25 Anna Griffiths Credit Suisse 1.38% - =26 Laura Burke J.P.Morgan 1.77% -

28 Justin Lindquist Merrill Lynch 1.30% - =25 David Pender GS JBWere 1.38% - =26 Lionel McFadyen Bell Potters 1.77% -29 Tim Leahy UBS 1.22% - =25 Gavan Carroll Credit Suisse 1.38% - =26 Simon Robertson UBS 1.77% 2

=30 Alex McGee UBS 1.13% - =25 Gavin Apter GS JBWere 1.38% - 30 Nicholas Burmester Merrill Lynch 1.33% -=30 Angus Bottrell Credit Suisse 1.13% =23 =25 Hugo Fisher GS JBWere 1.38% -=30 Anna Griffiths Credit Suisse 1.13% - =25 John Weingarth Lehman Brothers 1.38% -=30 David Pender GS JBWere 1.13% - =25 Mike Hynes Citi 1.38% -=30 Gavan Carroll Credit Suisse 1.13% - =25 Scott Ramsay Deutsche Bank 1.38% =19=30 Gavin Apter GS JBWere 1.13% - =25 Tim Leahy UBS 1.38% -=30 Hugo Fisher GS JBWere 1.13% - =25 Troy Derwin Credit Suisse 1.38% =19=30 John Weingarth Lehman Brothers 1.13% -=30 Mike Hynes Citi 1.13% -=30 Troy Derwin Credit Suisse 1.13% =23

BEST SALESPERSON BEST SALESPERSON BEST SALESPERSON

AUSTRALIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 17.17% 1 1 CICC 17.43% 2 1 Goldman Sachs 16.20% 22 Goldman Sachs 13.45% 3 2 Goldman Sachs 14.23% 3 2 CICC 13.08% 13 J.P.Morgan 10.79% 2 3 J.P.Morgan 11.65% 1 3 CLSA 12.02% 64 CLSA 10.08% 5 4 CLSA 10.20% 5 4 UBS 10.46% 35 UBS 9.67% 4 5 UBS 10.14% 4 5 Citi 8.36% 56 Citi 5.70% 6 6 Citi 5.77% 6 6 J.P.Morgan 7.77% 47 Morgan Stanley 4.66% 10 7 Morgan Stanley 4.89% 9 7 Morgan Stanley 6.00% 78 Credit Suisse 3.71% 8 8 Credit Suisse 3.49% 7 8 Deutsche Bank 5.50% 99 Deutsche Bank 3.66% 9 9 CITICS 3.32% 8 9 Credit Suisse 4.76% 8

10 CITICS 3.04% 7 10 Shenyin & Wanguo 3.07% =12 10 Merrill Lynch 3.14% 1111 Shenyin & Wanguo 2.94% 13 11 Merrill Lynch 3.01% 14 11 BNP Paribas 2.92% 1212 Merrill Lynch 2.92% 14 12 Deutsche Bank 2.55% 10 12 BOC International 2.30% 1013 BOC International 2.89% 12 =13 BNP Paribas 2.43% =12 13 Macquarie 1.74% 1814 BNP Paribas 2.71% 11 =13 BOC International 2.43% 11 14 HSBC 1.64% 1615 Macquarie 1.36% 22 15 HSBC 1.18% 17 15 Shenyin & Wanguo 1.55% 1316 HSBC 1.12% 20 16 Guotai Junan 0.85% =19 16 CIMB 1.13% -17 Guotai Junan 0.83% 15 17 Macquarie 0.84% 18 17 CITICS 0.71% 1518 CIMB 0.70% - 18 CIMB 0.68% - 18 DBS Vickers 0.38% -19 Sinolink 0.55% =17 19 Daiwa Institute of Research 0.38% 28 19 Cazenove 0.28% 1920 Daiwa Institute of Research 0.31% 28 20 Sinolink 0.31% 16 20 Sinolink 0.05% -21 Essence 0.29% 27 21 DBS Vickers 0.24% -22 Cazenove 0.27% 23 =22 Cazenove 0.23% 2423 Nomura 0.24% 26 =22 Kingsway 0.23% -24 DBS Vickers 0.18% - 24 Essence 0.21% =25

=25 RBS 0.17% - 25 Guosen 0.11% =19=25 Kingsway 0.17% - 26 Haitong 0.05% 21

27 Haitong 0.15% =17 27 Changjiang 0.03% -28 Guosen 0.08% 21 =28 China Merchants 0.02% -

=29 Lehman Brothers* 0.07% 24 =28 Nomura 0.02% 23=29 China Merchants 0.07% 30 =28 UOB Kay Hian 0.02% 15


CHINA

OVERALLOVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH

MEGA FUNDS HEDGE FUNDS

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. CHINA: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 18.34% 2 1 Goldman Sachs 19.84% 2 1 Goldman Sachs 23.50% 12 J.P.Morgan 11.43% 1 2 J.P.Morgan 12.35% 1 2 Citi 15.79% 33 Citi 10.56% 5 3 Citi 11.22% 5 3 CLSA 11.89% 74 CICC 10.53% 3 4 CICC 9.55% 3 4 J.P.Morgan 8.10% 25 CLSA 7.86% 7 5 CLSA 7.53% 7 5 CICC 8.01% 46 UBS 5.65% 4 6 UBS 5.40% 4 6 UBS 6.46% 67 Deutsche Bank 4.53% 6 7 Merrill Lynch 4.70% 13 7 Merrill Lynch 4.78% 128 Merrill Lynch 4.28% 15 8 Shenyin & Wanguo 4.26% 10 8 Morgan Stanley 4.22% 89 Shenyin & Wanguo 4.19% 8 9 Credit Suisse 4.24% 9 9 BOC International 3.56% 13

=10 Credit Suisse 3.93% 10 10 Morgan Stanley 3.71% 8 10 Deutsche Bank 3.41% 5=10 Morgan Stanley 3.93% 9 11 Deutsche Bank 3.33% 6 11 Credit Suisse 3.22% 9

12 BOC International 3.72% 12 12 BOC International 3.06% 12 12 HSBC 2.24% 1513 BNP Paribas 2.37% 13 13 CITICS 2.57% 11 13 CIMB 1.63% -14 CITICS 2.16% 11 14 BNP Paribas 2.14% 16 14 Shenyin & Wanguo 1.38% 1015 HSBC 1.71% 21 15 HSBC 1.77% 20 15 Nomura 0.81% 1716 CIMB 1.02% - 16 CIMB 1.01% - 16 BNP Paribas 0.71% 1117 Macquarie 0.60% =25 17 Guotai Junan 0.61% 19 17 Macquarie 0.30% -18 RBS* 0.57% =25 18 Nomura 0.53% 17

=19 Guotai Junan 0.55% 20 19 RBS 0.51% -=19 Lehman Brothers** 0.55% 24 20 Essence 0.47% 14

21 Nomura 0.53% 14 21 Macquarie 0.40% -22 Essence 0.39% 16 22 Lehman Brothers* 0.33% 2323 Changjiang 0.18% - 23 Changjiang 0.24% -24 Sinolink 0.14% - 24 Sinolink 0.13% -

=25 Haitong 0.11% - 25 China Merchants 0.10% =21=25 China Merchants 0.11% =22=27 ICEA 0.02% - * Polling period prior to the acquisition by Nomura=27 TX Investment Consulting 0.02% =27

29 Daiwa Institute of Research 0.01% =22


CHINA

STRATEGY STRATEGYSTRATEGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 20.69% 1 1 Goldman Sachs 23.31% 1 1 Goldman Sachs 22.67% 12 CICC 13.21% 2 2 CICC 12.80% 3 2 CICC 11.31% 43 UBS 10.67% 4 3 UBS 10.63% 4 3 Morgan Stanley 10.22% 74 Morgan Stanley 7.95% 9 4 Morgan Stanley 8.66% 9 4 UBS 8.27% 35 Deutsche Bank 7.24% 3 5 Deutsche Bank 7.84% 2 5 CLSA 8.00% 96 J.P.Morgan 5.92% 5 6 J.P.Morgan 5.92% 5 6 Deutsche Bank 7.76% 27 CLSA 5.44% 7 7 CLSA 5.37% 7 7 Credit Suisse 6.66% 58 BOC International 5.01% 12 8 BOC International 4.80% 12 8 BOC International 6.20% 109 Credit Suisse 4.86% 6 9 Credit Suisse 4.28% 6 9 BNP Paribas 4.28% 8

10 BNP Paribas 4.19% 8 10 BNP Paribas 3.29% 8 10 J.P.Morgan 3.38% 611 Merrill Lynch 2.32% 15 11 HSBC 2.11% 16 11 Merrill Lynch 2.59% 1112 Citi 2.26% 13 12 Merrill Lynch 1.99% 15 12 Citi 2.50% 1213 HSBC 1.94% 17 13 Citi 1.77% 17 13 HSBC 2.25% =1314 Shenyin & Wanguo 1.59% 16 14 Lehman Brothers* 1.33% - 14 Shenyin & Wanguo 1.53% =1315 CITICS 1.24% 11 15 Macquarie 1.25% 22 15 Lehman Brothers* 1.13% -16 Essence 1.10% 10 16 Shenyin & Wanguo 1.15% 14 16 CIMB 0.68% -17 Lehman Brothers* 1.00% - 17 Essence 1.12% 11 17 Macquarie 0.56% -18 Macquarie 0.95% 21 18 CITICS 0.93% 1019 Daiwa Institute of Research 0.73% 22 19 Daiwa Institute of Research 0.64% =18 * Polling period prior to the acquisition by Nomura20 Nomura 0.60% 18 20 Nomura 0.32% =1821 CIMB 0.28% - 21 Guosen 0.21% =2722 Guotai Junan 0.18% =25 22 China Merchants 0.11% 25

=23 Guosen 0.16% 24 23 Guotai Junan 0.08% =27=23 China Merchants 0.16% 28 24 Changjiang 0.07% -=25 Changjiang 0.13% - 25 CEBM 0.02% -=25 Haitong 0.13% -=27 ICEA 0.02% - * Polling period prior to the acquisition by Nomura=27 CEBM 0.02% -


CHINA

MACROECONOMICSMACROECONOMICS MACROECONOMICSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 16.20% 1 1 J.P.Morgan 17.15% 1 1 J.P.Morgan 17.12% 12 CLSA 11.44% 3 2 CLSA 11.51% 3 2 CLSA 13.74% 33 Citi 9.30% 6 3 Citi 8.85% 4 3 Citi 12.67% 54 Shenyin & Wanguo 7.02% 7 4 Shenyin & Wanguo 8.20% 7 4 Deutsche Bank 7.03% 25 CICC 6.04% 4 5 CICC 5.92% 8 5 UBS 6.40% 126 UBS 5.51% 8 6 UBS 5.56% 6 6 Cazenove 5.72% 167 BOC International 4.49% 10 7 Cazenove 5.36% 18 7 BOC International 5.56% 78 Deutsche Bank 4.42% 2 8 BOC International 4.44% 10 8 Merrill Lynch 4.25% =249 Cazenove 4.32% 17 9 BNP Paribas 4.16% 5 9 Shenyin & Wanguo 3.53% 19

10 BNP Paribas 4.04% 5 10 Merrill Lynch 3.35% 17 10 Macquarie 3.11% -11 Merrill Lynch 2.84% 14 11 Deutsche Bank 2.68% 2 11 CICC 2.89% 412 Credit Suisse 2.32% 12 12 Sinolink 2.38% 12 12 Credit Suisse 2.70% 813 HSBC 2.22% 19 13 Credit Suisse 2.00% 11 13 DBS Vickers 2.62% 914 Sinolink 2.07% 13 14 Goldman Sachs 1.92% 29 14 BNP Paribas 2.29% 615 CITICS 1.75% 9 15 HSBC 1.76% 19 =15 CCB International 1.64% -16 Goldman Sachs 1.60% 28 16 CITICS 1.65% 9 =15 China Merchants 1.64% -17 China Merchants 1.32% 29 17 China Merchants 1.40% - =15 UOB Kay Hian 1.64% 1018 DBS Vickers 1.30% 11 18 United 1.27% 14 18 Goldman Sachs 1.31% 2819 Orient 1.20% 23 19 Orient 1.25% 28 19 HSBC 1.14% =2120 Macquarie 1.19% 21 20 First Shanghai 1.23% - 20 CITICS 0.98% 2021 United 1.16% 18 21 DBS Vickers 1.06% 13 21 SBI E2-Capital 0.90% 1122 First Shanghai 0.91% - =22 CCB International 0.82% - 22 Morgan Stanley 0.65% =1323 TX Investment Consulting 0.83% - =22 Macquarie 0.82% 21 23 Celestial 0.49% -24 Haitong 0.72% - =22 TX Investment Consulting 0.82% -25 Guosen 0.68% 26 =22 UOB Kay Hian 0.82% 1526 Guotai Junan 0.62% 20 26 Guosen 0.57% -

=27 CCB International 0.60% - 27 Essence 0.55% -=27 UOB Kay Hian 0.60% 15 28 Morgan Stanley 0.53% =24

29 Morgan Stanley 0.54% 27 29 Guotai Junan 0.43% 2230 Essence 0.48% - 30 Changjiang 0.33% -

CHINA

SMALL CAPS SMALL CAPS SMALL CAPSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 21.06% 2 1 CICC 21.43% 2 1 Goldman Sachs 24.39% 12 Goldman Sachs 18.74% 1 2 Goldman Sachs 20.11% 1 2 CICC 12.96% 43 UBS 7.84% 4 3 UBS 7.70% 4 3 UBS 9.26% 24 J.P.Morgan 6.92% 5 4 J.P.Morgan 6.70% 5 4 BOC International 7.61% 95 Merrill Lynch 5.61% 13 5 Merrill Lynch 5.76% 12 5 Merrill Lynch 6.09% 156 BOC International 4.87% 15 6 BOC International 4.58% 13 6 Citi 4.29% 37 Morgan Stanley 4.23% 8 7 CLSA 4.49% 15 7 J.P.Morgan 4.09% 58 CLSA 4.05% 12 8 Morgan Stanley 4.31% 8 8 Lehman Brothers* 3.93% 69 Citi 2.75% 3 9 BNP Paribas 2.82% 14 9 CLSA 3.68% =20

10 BNP Paribas 2.58% 14 10 HSBC 2.75% =19 10 Macquarie 3.04% =1611 Lehman Brothers* 2.28% 7 11 Citi 2.62% 3 11 Morgan Stanley 2.92% 712 HSBC 2.08% 22 12 Lehman Brothers* 2.43% 6 12 BNP Paribas 2.79% 13

=13 Deutsche Bank 1.88% 11 13 CITICS 2.03% 7 13 HSBC 2.54% 14=13 Credit Suisse 1.88% 9 14 Sinolink 1.77% 18 14 Credit Suisse 2.17% 11

15 Daiwa Institute of Research 1.87% - 15 Daiwa Institute of Research 1.45% - 15 Deutsche Bank 2.16% 816 CITICS 1.86% 6 16 Credit Suisse 1.33% =10 16 Daiwa Institute of Research 1.84% -17 Sinolink 1.81% 19 17 Macquarie 1.27% 16 =17 KBC 1.27% -18 Macquarie 1.64% 18 18 Deutsche Bank 1.25% 9 =17 Shenyin & Wanguo 1.27% =1819 Fox-Pitt, Kelton 1.03% 27 19 Shenyin & Wanguo 1.00% 22 19 RBS** 1.01% -20 Shenyin & Wanguo 0.94% 16 20 Fox-Pitt, Kelton 0.99% 26 20 Cazenove 0.76% 1021 Guotai Junan 0.77% 23 21 RBS** 0.63% 24 =21 DBS Vickers 0.63% 2222 DBS Vickers 0.61% 25 22 KBC 0.60% - =21 Fox-Pitt, Kelton 0.63% =1823 RBS** 0.47% 24 23 Guotai Junan 0.55% 23 23 CCB International 0.51% -24 KBC 0.45% - 24 Haitong 0.32% - 24 Sinolink 0.14% 2325 Haitong 0.34% 28 25 DBS Vickers 0.30% 1726 China Merchants 0.33% - 26 China Merchants 0.26% - * Polling period prior to the acquisition by Nomura27 Essence 0.29% - 27 CCB International 0.24% - ** RBS - 2007 ranking of ABN AMRO28 Cazenove 0.27% 17 28 Nomura 0.13% =2729 CCB International 0.18% - =29 Essence 0.09% -30 Nomura 0.16% 20 =29 Ping An 0.09% =27


CHINA

BANKS BANKS BANKSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 UBS 12.39% 1 UBS 13.18% 1 Goldman Sachs 13.33%2 CICC 11.40% 2 Goldman Sachs 12.07% 2 UBS 12.45%3 Goldman Sachs 10.43% 3 CICC 10.10% 3 Morgan Stanley 11.95%4 CLSA 9.77% 4 CLSA 9.79% 4 CLSA 10.81%5 Morgan Stanley 7.53% 5 Morgan Stanley 7.97% 5 Credit Suisse 9.38%6 J.P.Morgan 5.77% 6 CITICS 6.17% 6 CICC 9.15%7 CITICS 5.55% 7 J.P.Morgan 5.49% 7 Deutsche Bank 6.43%8 Credit Suisse 5.09% 8 BOC International 5.03% 8 J.P.Morgan 5.52%9 BOC International 5.08% 9 Deutsche Bank 4.40% 9 Merrill Lynch 3.78%

10 Citi 4.73% 10 Credit Suisse 4.22% 10 Citi 3.70%11 Deutsche Bank 4.36% 11 Merrill Lynch 4.19% 11 Macquarie 3.33%12 Merrill Lynch 3.49% 12 Citi 3.90% 12 BOC International 2.72%13 Macquarie 2.15% 13 Macquarie 2.41% 13 HSBC 2.17%14 HSBC 2.13% 14 HSBC 2.31% 14 Shenyin & Wanguo 1.51%15 Guotai Junan 1.58% 15 Guotai Junan 1.61% 15 Lehman Brothers** 1.36%16 Shenyin & Wanguo 1.53% 16 Lehman Brothers** 1.43% 16 Cazenove 0.91%17 BNP Paribas 1.50% 17 Shenyin & Wanguo 1.41% 17 BNP Paribas 0.76%18 Lehman Brothers** 1.07% 18 Guosen 1.31% 18 Haitong 0.45%19 Guosen 0.99% 19 BNP Paribas 0.93% 19 CITICS 0.30%20 Cazenove 0.79% 20 Cazenove 0.60%21 Haitong 0.68% 21 China Merchants 0.38% * Category not polled in 200722 RBS 0.44% 22 Daiwa Institute of Research 0.25% ** Polling period prior to the acquisition by Nomura23 China Merchants 0.28% =23 RBS 0.19%24 Daiwa Institute of Research 0.26% =23 Haitong 0.19%25 Nomura 0.16% 25 Essence 0.13%26 Sinolink 0.15% 26 Ping An 0.12%27 Essence 0.12% =27 Nomura 0.06%

=28 CIMB 0.11% =27 Sinolink 0.06%=28 DBS Vickers 0.11% =29 Changjiang 0.05%

30 United 0.10% =29 United 0.05%

* Category not polled in 2007 * Category not polled in 2007** Polling period prior to the acquisition by Nomura ** Polling period prior to the acquisition by Nomura

CHINA

CAPITAL GOODS CAPITAL GOODSCAPITAL GOODSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 19.26% 3 1 Goldman Sachs 20.78% 3 1 Goldman Sachs 22.51% 12 CLSA 14.31% 2 2 CLSA 14.20% 2 2 CLSA 17.05% 23 UBS 10.12% 1 3 UBS 11.50% 1 3 UBS 10.51% 34 CICC 9.18% 4 4 Citi 8.58% 7 4 Citi 8.55% 55 Citi 8.89% 7 5 CICC 8.48% 4 5 Credit Suisse 7.88% 66 Credit Suisse 4.70% 6 6 Lehman Brothers* 4.92% 8 6 Lehman Brothers* 5.89% 77 Lehman Brothers* 4.39% 8 7 Credit Suisse 4.71% 5 7 Merrill Lynch 4.90% =98 Merrill Lynch 3.72% 12 8 Merrill Lynch 3.93% 11 8 BOC International 4.10% 209 J.P.Morgan 3.23% 9 9 CITICS 3.39% 6 9 CICC 2.85% 4

10 CITICS 3.21% 5 10 J.P.Morgan 3.34% 9 10 Morgan Stanley 2.80% =911 BOC International 3.20% 21 11 BOC International 3.31% =20 11 Deutsche Bank 2.73% 812 Morgan Stanley 2.43% 11 12 Morgan Stanley 2.36% 12 12 J.P.Morgan 2.66% =913 Deutsche Bank 1.96% 10 13 Deutsche Bank 1.77% 10 =13 Cazenove 1.40% -14 Shenyin & Wanguo 1.54% 13 14 Shenyin & Wanguo 1.56% 13 =13 Macquarie 1.40% =1315 Macquarie 1.31% =18 15 HSBC 1.29% 14 =13 Shenyin & Wanguo 1.40% 1216 HSBC 1.22% 17 16 Cazenove 0.95% 17 =16 RBS 0.84% -17 China Merchants 1.13% - 17 Macquarie 0.74% 18 =16 DBS Vickers 0.84% -18 Cazenove 1.01% 16 =18 Sinolink 0.67% 27 =16 HSBC 0.84% =1319 Guotai Junan 0.69% 14 =18 China Merchants 0.67% - =16 China Merchants 0.84% -20 BNP Paribas 0.64% =18 =20 Everbright 0.54% -21 RBS** 0.55% =22 =20 UOB Kay Hian 0.54% 28 * Polling period prior to the acquisition by Nomura22 Sinolink 0.54% 25 22 Guotai Junan 0.43% 19

=23 Everbright 0.40% 28 =23 CIMB 0.34% -=23 UOB Kay Hian 0.40% 29 =23 Huatai 0.34% -

25 Nomura 0.34% 15 25 Guosen 0.27% 2326 Haitong 0.33% - 26 Founder 0.17% -27 DBS Vickers 0.30% 24 27 Daiwa Institute of Research 0.11% -

=28 CIMB 0.25% - 28 Nomura 0.06% 16=28 Huatai 0.25% - 29 CEBM 0.04% -

30 Guosen 0.20% 26* Polling period prior to the acquisition by Nomura


CHINA

ENERGYENERGY ENERGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 CICC 21.08% 1 CICC 20.70% 1 CICC 16.52%2 Merrill Lynch 10.56% 2 Merrill Lynch 10.87% 2 Citi 15.15%3 Citi 9.84% 3 Citi 9.72% 3 Merrill Lynch 14.55%4 Goldman Sachs 7.36% 4 Goldman Sachs 7.95% 4 Goldman Sachs 8.87%5 UBS 6.93% 5 UBS 6.30% 5 Credit Suisse 7.94%6 J.P.Morgan 5.59% 6 J.P.Morgan 6.29% =6 J.P.Morgan 6.94%7 Credit Suisse 4.73% 7 Credit Suisse 4.66% =6 UBS 6.94%8 HSBC 3.95% 8 HSBC 4.34% 8 HSBC 3.97%9 Nomura 3.91% 9 Nomura 3.81% 9 Cazenove 3.75%

10 Morgan Stanley 3.05% 10 Morgan Stanley 3.31% 10 BOC International 2.98%11 BOC International 2.81% 11 BOC International 2.98% 11 CLSA 2.81%12 BNP Paribas 2.50% 12 Shenyin & Wanguo 2.59% 12 Deutsche Bank 1.98%13 Shenyin & Wanguo 2.40% 13 CITICS 2.49% =13 Morgan Stanley 1.65%14 CITICS 2.27% 14 BNP Paribas 2.48% =13 Nomura 1.65%15 Cazenove 2.15% 15 Ping An 2.03% =13 Shenyin & Wanguo 1.65%16 Ping An 1.98% 16 Cazenove 2.02% 16 Lehman Brothers** 1.32%17 CLSA 1.94% 17 Deutsche Bank 1.92% 17 BNP Paribas 0.66%18 Deutsche Bank 1.91% 18 CLSA 1.62% 18 Fox-Pitt, Kelton 0.50%19 Haitong 0.90% 19 Haitong 0.96% 19 Guotai Junan 0.17%20 China Merchants 0.79% 20 Lehman Brothers** 0.71%21 Fox-Pitt, Kelton 0.77% 21 Orient 0.63% * Category not polled in 200722 Orient 0.56% 22 China Merchants 0.57% ** Polling period prior to the acquisition by Nomura23 Lehman Brothers** 0.55% 23 Essence 0.37%24 Essence 0.50% 24 Fox-Pitt, Kelton 0.36%25 Guotai Junan 0.33% 25 Sinolink 0.21%26 Macquarie 0.18% 26 Guotai Junan 0.12%27 Sinolink 0.16%

=28 Changjiang 0.11% * Category not polled in 2007=28 HongYuan Securities 0.11% ** Polling period prior to the acquisition by Nomura

30 Huatai 0.05%

* Category not polled in 2007** Polling period prior to the acquisition by Nomura

OVERALL

CHINA

INSURANCE INSURANCE INSURANCEMEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 23.17% 3 1 Goldman Sachs 24.82% 2 1 Goldman Sachs 36.15% 22 CICC 17.88% 2 2 UBS 17.62% 1 2 UBS 16.43% 13 UBS 17.07% 1 3 CICC 16.72% 3 3 CICC 11.32% 34 Merrill Lynch 5.40% 14 4 CLSA 5.44% 5 4 Merrill Lynch 7.91% 85 CLSA 5.18% 4 5 Merrill Lynch 5.31% 13 5 Macquarie 5.43% -6 Citi 3.65% 5 6 Citi 3.69% 4 6 CLSA 4.87% 57 Guotai Junan 2.83% 7 7 Macquarie 3.13% =21 7 RBS 2.32% -8 Macquarie 2.65% =25 8 Guotai Junan 3.11% 7 8 Citi 2.16% 49 Credit Suisse 2.52% 6 9 Morgan Stanley 2.24% 11 9 Morgan Stanley 2.09% 7

10 J.P.Morgan 2.18% 8 10 Credit Suisse 1.97% 6 10 J.P.Morgan 1.81% 1411 BOC International 1.99% 28 11 CITICS 1.80% 14 11 DBS Vickers 1.58% -12 HSBC 1.81% - 12 HSBC 1.78% - 12 Credit Suisse 1.53% 613 Morgan Stanley 1.77% 11 13 BOC International 1.72% 25 =13 HSBC 1.39% -14 RBS* 1.65% =20 14 J.P.Morgan 1.71% 10 =13 Shenyin & Wanguo 1.39% -15 CITICS 1.59% 10 15 RBS* 1.54% =21 15 Deutsche Bank 0.97% 1016 Deutsche Bank 1.14% 9 16 Lehman Brothers** 1.21% 17 16 Cazenove 0.84% 917 Lehman Brothers** 0.92% 16 17 DBS Vickers 0.95% - =17 BOC International 0.70% 18

=18 Cazenove 0.84% 13 18 Shenyin & Wanguo 0.85% - =17 Nomura 0.70% -=18 Nomura 0.84% 15 19 Nomura 0.82% 16 19 Daiwa Institute of Research 0.28% =11

20 DBS Vickers 0.76% - 20 Cazenove 0.71% 12 20 Guotai Junan 0.14% 1621 Shenyin & Wanguo 0.75% 19 21 Deutsche Bank 0.64% 922 Sinolink 0.58% 24 22 Guosen 0.57% 2423 Guosen 0.55% 29 23 BNP Paribas 0.52% 824 BNP Paribas 0.51% 12 24 Everbright 0.39% =2125 Everbright 0.50% =25 25 Sinolink 0.24% =2626 China Merchants 0.40% 23 26 Daiwa Institute of Research 0.14% 1527 Haitong 0.28% 30 27 China Merchants 0.12% -28 Daiwa Institute of Research 0.22% 17 28 China Jianyin 0.10% -29 China Galaxy 0.17% - 29 China Galaxy 0.09% -30 China Jianyin 0.08% - 30 Orient 0.04% -

* RBS - 2007 ranking of ABN AMRO * RBS - 2007 ranking of ABN AMRO** Polling period prior to the acquisition by Nomura ** Polling period prior to the acquisition by Nomura

TELECOMMUNICATION SERVICESTELECOMMUNICATION SERVICESTELECOMMUNICATION SERVICES

CHINA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 29.34% 1 1 CLSA 31.24% 1 1 CLSA 37.98% 12 CICC 17.97% 2 2 CICC 16.60% 2 2 CICC 14.20% 23 BOC International 5.75% 13 3 BOC International 6.56% 10 3 Goldman Sachs 8.86% 134 Goldman Sachs 5.35% 11 4 Goldman Sachs 6.17% 9 4 Credit Suisse 6.52% 75 UBS 4.90% 5 5 UBS 5.50% 7 5 BOC International 6.31% 56 J.P.Morgan 3.43% 4 6 Shenyin & Wanguo 3.36% 4 6 Macquarie 4.62% 47 Shenyin & Wanguo 3.37% 6 7 J.P.Morgan 3.25% 5 7 Cazenove 3.36% =118 Credit Suisse 2.54% 3 8 Morgan Stanley 3.07% 14 8 J.P.Morgan 2.80% -9 TX Investment Consulting 2.53% 12 =9 HSBC 2.28% 19 9 BNP Paribas 2.52% 10

10 Morgan Stanley 2.28% 18 =9 Cazenove 2.28% 18 =10 CIMB 2.10% -11 HSBC 2.17% 21 11 CIMB 1.96% - =10 HSBC 2.10% =812 Cazenove 2.13% 14 12 Guotai Junan 1.89% 21 =10 UOB Kay Hian 2.10% 1513 Daiwa Institute of Research 1.78% - 13 Credit Suisse 1.86% 3 13 UBS 1.68% 1414 Macquarie 1.74% 9 =14 Merrill Lynch 1.76% 6 14 Shenyin & Wanguo 1.29% 1715 Guotai Junan 1.70% 22 =14 UOB Kay Hian 1.76% - 15 Daiwa Institute of Research 1.26% -16 Merrill Lynch 1.67% 8 16 TX Investment Consulting 1.70% 15 16 Deutsche Bank 1.05% -17 CIMB 1.49% - 17 BNP Paribas 1.17% 12 17 DBS Vickers 0.70% -18 Citi 1.38% 16 =18 Daiwa Institute of Research 0.98% - 18 Citi 0.53% =1119 UOB Kay Hian 1.31% 24 =18 Macquarie 0.98% 1120 BNP Paribas 1.16% 10 =18 Nomura 0.98% 2221 Sinolink 0.93% 26 21 Sinolink 0.96% 2322 CITICS 0.85% 7 22 DBS Vickers 0.72% 2623 Nomura 0.76% 19 =23 Deutsche Bank 0.49% =2424 Deutsche Bank 0.73% =27 =23 Fox-Pitt, Kelton 0.49% -25 DBS Vickers 0.68% 23 =25 Essence 0.39% -26 Fox-Pitt, Kelton 0.36% - =25 China Merchants 0.39% -

=27 Essence 0.29% =29 27 CITICS 0.26% 8=27 LUSIGHT 0.29% - =28 CEBM 0.24% -=27 China Merchants 0.29% =29 =28 Citi 0.24% 16

30 MainFirst 0.22% - 30 Orient 0.14% =24

MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE

CHINA

MOST INDEPENDENT RESEARCH BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Lan Xue Citi 6.74% 3 1 Lan Xue Citi 7.10% 3 1 Lan Xue Citi 10.16% 22 Frank Gong J.P.Morgan 5.97% 1 2 Frank Gong J.P.Morgan 6.22% 1 2 Jun Ma Deutsche Bank 5.46% 33 Jun Ma Deutsche Bank 5.50% 4 3 Jun Ma Deutsche Bank 5.25% 4 3 David Cui Merrill Lynch 4.60% 134 Thomas Deng Goldman Sachs 4.63% 2 4 Thomas Deng Goldman Sachs 4.25% 2 4 Anthony Lok BOC International 4.07% =255 Mao Junhua CICC 3.03% 10 5 David Cui Merrill Lynch 3.20% =17 5 Thomas Deng Goldman Sachs 3.67% 16 David Cui Merrill Lynch 2.93% 21 6 Mao Junhua CICC 2.96% 10 6 Frank Gong J.P.Morgan 3.39% 47 Anthony Lok BOC International 2.69% 16 7 Anthony Lok BOC International 2.58% =17 7 Andy Rothman CLSA 2.62% -8 Vincent Chan Credit Suisse 2.42% 5 8 Liang Hong Goldman Sachs 2.56% 11 8 Liang Hong Goldman Sachs 2.42% 79 Liang Hong Goldman Sachs 2.36% 11 9 Vincent Chan Credit Suisse 2.49% 5 =9 Brian Leung CICC 2.36% =18

10 Andy Rothman CLSA 1.83% - 10 Qing Wang Morgan Stanley 2.10% - =9 Qing Wang Morgan Stanley 2.36% -11 Qing Wang Morgan Stanley 1.79% - 11 Jonathan Anderson UBS 1.94% 15 11 Vincent Chan Credit Suisse 2.25% 512 Jonathan Anderson UBS 1.66% 20 12 Brian Leung CICC 1.66% 8 12 Jonathan Anderson UBS 2.14% =2213 Jing Ulrich J.P.Morgan 1.56% 13 13 Andy Rothman CLSA 1.49% - 13 Song Shen Goldman Sachs 1.61% -14 Brian Leung CICC 1.42% 7 14 Jing Ulrich J.P.Morgan 1.48% 30 14 Helen Zhu Goldman Sachs 1.47% -15 Ha Jiming CICC 1.38% 9 15 Ha Jiming CICC 1.45% 9 =15 Kevin Yin BNP Paribas 1.29% -16 Kevin Yin BNP Paribas 1.13% =14 16 Winnie Wu Merrill Lynch 1.24% - =15 Pauline Loong CIMB 1.29% -17 Manop Sangiambut CLSA 1.11% 12 17 Wendy Liu RBS 1.12% - 17 Andrew Driscoll CLSA 1.18% -18 Zhou Guang CICC 1.07% - 18 Song Shen Goldman Sachs 1.04% - 18 Wendy Liu RBS 1.16% -19 Winnie Wu Merrill Lynch 1.04% - 19 Manop Sangiambut CLSA 1.00% 12 19 Jing Ulrich J.P.Morgan 1.12% =1820 Frank Li J.P.Morgan 1.03% 8 =20 Zhou Guang CICC 0.98% - 20 John Tang J.P.Morgan 1.09% -21 Cheng Manjiang BOC International 0.98% - =20 Cheng Manjiang BOC International 0.98% - 21 David Murphy CLSA 1.04% -22 Jerry Lou Morgan Stanley 0.88% - =22 Kevin Yin BNP Paribas 0.97% 14 22 Jinjin Wang UBS 1.02% =1823 Dong Tao Credit Suisse 0.87% - =22 Frank Li J.P.Morgan 0.97% 7 23 Hubert Tang UBS 0.99% -24 Wendy Liu RBS 0.85% - 24 Jerry Lou Morgan Stanley 0.89% 29 24 Winnie Wu Merrill Lynch 0.94% -25 Song Shen Goldman Sachs 0.80% - 25 Dong Tao Credit Suisse 0.84% - =25 Chen Haofei CICC 0.91% -26 Pauline Loong CIMB 0.79% - 26 Richard Wei UBS 0.82% - =25 Ken Ho HSBC 0.91% =2527 Chen Li * Shenyin & Wanguo 0.76% - 27 Chen Li * Shenyin & Wanguo 0.81% - =25 Trina Chen Credit Suisse 0.91% 21

=28 Richard Wei UBS 0.74% - 28 Pauline Loong CIMB 0.77% - =28 Andrew Chan Daiwa I.R. 0.80% -=28 Sandra Cai Daiwa I.R. 0.74% - =29 Erwin Sanft BNP Paribas 0.75% =27 =28 Charles Yonts CLSA 0.80% -

30 Trina Chen Credit Suisse 0.72% 30 =29 Hubert Tang UBS 0.75% - =28 Dong Tao Credit Suisse 0.80% -=28 Edmond Huang UBS 0.80% -

* Chen Li has left Shenyin & Wanguo * Chen Li has left Shenyin & Wanguo =28 Foo Choy Peng UOB Kay Hian 0.80% -=28 Hou Yankun Lehman Brothers 0.80% -=28 Li Yuan, Lisa CICC 0.80% -=28 Mabel Wong Deutsche Bank 0.80% 15=28 Mao Junhua CICC 0.80% -=28 Oliver Du Lehman Brothers 0.80% -=28 Prashant Gokhale Credit Suisse 0.80% -=28 Steven Sun HSBC 0.80% -=28 Tian Sidong UBS 0.80% -=28 Willie Chan Merrill Lynch 0.80% -=28 Zhou Guang CICC 0.80% -

CHINA

OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYST BEST ANALYST BEST ANALYST


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 49.79% 1 1 CICC 50.09% 1 1 CICC 52.18% 12 BOC International 15.27% 4 2 BOC International 14.52% 4 2 BOC International 22.34% 23 CITICS 14.19% 2 3 CITICS 14.28% 2 3 CITICS 10.92% 44 Shenyin & Wanguo 10.00% 3 4 Shenyin & Wanguo 10.43% 3 4 Shenyin & Wanguo 8.43% 35 Guotai Junan 4.90% 5 5 Guotai Junan 5.34% 5 5 Guotai Junan 2.15% 56 Sinolink 2.10% - 6 Sinolink 1.78% - 6 Sinolink 1.68% -7 Haitong 1.70% =7 7 Haitong 1.58% 7 7 Ping An 0.99% -8 China Merchants 0.85% 6 8 China Merchants 1.00% 6 =8 Guosen 0.66% 89 Guosen 0.52% =7 9 Guosen 0.67% 10 =8 China Merchants 0.66% -

10 Ping An 0.34% - 10 Orient 0.17% 911 Orient 0.13% 10 11 United 0.08% -12 United 0.11% 14 12 Essence 0.05% -13 Essence 0.10% -

CHINA

BEST LOCAL BROKERAGEBEST LOCAL BROKERAGEBEST LOCAL BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 16.25% 1 1 CICC 16.52% 1 1 Goldman Sachs 15.30% 32 CLSA 11.80% 4 2 Goldman Sachs 12.50% 3 2 UBS 13.41% 23 Goldman Sachs 10.94% 3 3 CLSA 12.02% 4 3 CICC 11.12% 14 UBS 10.74% 2 4 UBS 11.58% 2 4 CLSA 11.08% 45 Morgan Stanley 6.84% 9 5 Morgan Stanley 7.51% 8 5 Morgan Stanley 10.61% 66 Citi 6.50% 6 6 Citi 6.30% 6 6 Citi 6.25% 57 J.P.Morgan 5.15% 5 7 J.P.Morgan 5.21% 5 7 Deutsche Bank 5.36% 78 BOC International 5.12% 10 8 BOC International 4.23% 10 8 BOC International 4.80% 99 Deutsche Bank 3.54% 8 9 CITICS 3.41% 9 9 Credit Suisse 4.51% 8

10 Merrill Lynch 3.22% 13 10 Credit Suisse 3.12% 11 10 Merrill Lynch 4.28% 1111 CITICS 3.11% 7 11 Merrill Lynch 2.99% 12 11 BNP Paribas 2.61% 1212 BNP Paribas 2.94% 12 12 Deutsche Bank 2.86% 7 12 HSBC 1.98% 1413 Credit Suisse 2.92% 11 13 BNP Paribas 2.32% 13 =13 J.P.Morgan 1.67% 1014 HSBC 2.17% 15 14 HSBC 2.29% 15 =13 Macquarie 1.67% -15 Shenyin & Wanguo 1.87% 14 15 Shenyin & Wanguo 2.05% 14 15 Shenyin & Wanguo 1.16% 1316 Macquarie 1.43% =23 16 Macquarie 1.03% =24 16 UOB Kay Hian 0.99% 1517 Sinolink 0.83% 25 17 Guotai Junan 0.94% =24 =17 CIMB 0.71% -18 Nomura 0.81% 17 18 Sinolink 0.73% 19 =17 CITICS 0.71% 1919 Guotai Junan 0.77% 19 =19 CIMB 0.34% - 19 CCB International 0.38% -20 Daiwa SMBC 0.41% 16 =19 UOB Kay Hian 0.34% 20 20 Sinolink 0.32% =2821 UOB Kay Hian 0.36% 20 =19 Daiwa SMBC 0.34% 16 =21 Cazenove 0.28% 1622 DBS Vickers 0.34% - 22 Nomura 0.23% 18 =21 DBS Vickers 0.28% =2623 Haitong 0.31% 29 23 RBS* 0.21% 17 23 RBS 0.24% -24 CIMB 0.28% - 24 CCB International 0.18% - =24 Haitong 0.14% -25 Essence 0.23% - 25 Essence 0.17% - =24 Yuanta 0.14% -26 RBS* 0.21% 18 26 DBS Vickers 0.16% -27 Cazenove 0.19% 22 27 Guosen 0.13% 2728 China Merchants 0.15% 26 28 Cazenove 0.11% 2229 CCB International 0.14% - 29 China Merchants 0.10% 2130 Guosen 0.10% 21 30 Cantor Fitzgerald 0.06% =29


OVERALL SALES SERVICES OVERALL SALES SERVICES

CHINA

OVERALL SALES SERVICESOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 17.34% 1 1 CICC 18.00% 1 1 UBS 13.69% 32 UBS 11.94% 3 2 UBS 13.01% 3 2 Goldman Sachs 12.88% 23 Goldman Sachs 10.63% 2 3 Goldman Sachs 12.14% 2 3 CICC 11.60% 14 CLSA 7.37% 5 4 CLSA 8.26% 7 4 Morgan Stanley 8.86% 55 Morgan Stanley 7.01% 6 5 Morgan Stanley 6.45% =4 5 CLSA 7.61% 76 Citi 5.27% 4 6 Citi 5.29% =4 6 Citi 7.50% 47 BOC International 4.47% 9 7 BOC International 4.13% 8 7 Credit Suisse 6.75% 98 Credit Suisse 3.51% 12 8 CITICS 3.74% 12 8 Merrill Lynch 4.00% =119 J.P.Morgan 3.46% 7 9 Shenyin & Wanguo 3.59% 13 9 BNP Paribas 3.64% =11

10 CITICS 3.40% 10 10 BNP Paribas 3.45% 14 10 UOB Kay Hian 3.42% 1011 BNP Paribas 3.23% 14 11 Credit Suisse 3.07% 10 =11 Deutsche Bank 3.00% 612 Shenyin & Wanguo 3.10% 13 12 J.P.Morgan 2.73% 6 =11 J.P.Morgan 3.00% 1513 Deutsche Bank 2.94% 8 13 Merrill Lynch 2.60% 9 13 BOC International 2.99% 814 Merrill Lynch 2.76% 11 14 HSBC 1.97% 15 14 Macquarie 1.75% 1815 HSBC 1.88% 15 15 Deutsche Bank 1.73% 11 15 Shenyin & Wanguo 1.51% 1316 Macquarie 1.85% 17 16 UOB Kay Hian 1.50% 16 16 HSBC 1.50% 1417 UOB Kay Hian 1.40% 16 17 RBS* 1.21% =23 17 RBS* 1.25% =2318 RBS* 1.24% 23 18 Macquarie 1.12% 17 18 KGI 1.00% 2919 Haitong 1.02% =19 19 Guotai Junan 0.70% 27 19 Lehman Brothers** 0.83% -20 Guotai Junan 0.77% 18 20 KGI 0.56% 28 20 Sinolink 0.80% -

=21 Daiwa SMBC 0.53% =19 =21 Daiwa SMBC 0.47% 19 21 Kim Eng 0.75% 28=21 Sinolink 0.53% - =21 Lehman Brothers** 0.47% - =22 Cantor Fitzgerald 0.67% 17

23 Nomura 0.49% 25 =21 Nomura 0.47% 22 =22 CCB International 0.67% -24 KGI 0.46% 23 24 Haitong 0.41% 20 24 ICEA 0.33% -25 Lehman Brothers** 0.34% - =25 Cantor Fitzgerald 0.37% 1826 Kim Eng 0.31% - =25 CCB International 0.37% - * RBS - 2007 ranking of ABN AMRO

=27 Cantor Fitzgerald 0.27% 24 27 Ping An 0.35% 25 ** Polling period prior to the acquisition by Nomura=27 CCB International 0.27% - 28 Guosen 0.32% 26=27 DBS Vickers 0.27% =27 29 DBS Vickers 0.28% -=27 Tokai Tokyo 0.27% - 30 Orient 0.26% -


CHINA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 22.74% 1 1 CICC 23.20% 1 1 CICC 15.17% 12 UBS 10.78% 2 2 UBS 11.20% 2 2 UBS 14.65% 23 Goldman Sachs 10.27% 4 3 Goldman Sachs 10.99% 3 3 Morgan Stanley 11.74% 44 Morgan Stanley 7.07% 7 4 Morgan Stanley 7.68% 6 4 Goldman Sachs 11.34% 35 CLSA 6.80% 6 5 CLSA 7.50% 7 5 Citi 8.26% 66 Citi 5.58% 3 6 Citi 5.63% 4 6 CLSA 6.21% 77 BOC International 4.97% 11 7 BOC International 5.24% 11 7 Credit Suisse 5.14% 88 Credit Suisse 3.56% 10 8 Credit Suisse 3.37% 10 8 BNP Paribas 3.87% 119 J.P.Morgan 3.40% 9 9 CITICS 3.12% 5 9 Deutsche Bank 3.76% 5

10 CITICS 3.38% 5 10 J.P.Morgan 3.05% 8 10 Merrill Lynch 3.29% 1311 BNP Paribas 3.24% 14 =11 Shenyin & Wanguo 2.65% 12 11 BOC International 3.02% 912 Deutsche Bank 2.91% 8 =11 BNP Paribas 2.65% 14 12 Macquarie 2.82% -13 Merrill Lynch 2.69% 13 13 Merrill Lynch 2.35% 13 13 J.P.Morgan 2.27% 1014 Macquarie 2.42% =20 14 Deutsche Bank 2.25% 9 14 Shenyin & Wanguo 1.67% 1815 Shenyin & Wanguo 2.22% 12 15 Macquarie 2.06% 27 =15 HSBC 1.65% 1216 HSBC 1.64% 16 16 HSBC 1.48% 15 =15 UOB Kay Hian 1.65% 1417 Guotai Junan 0.73% 15 17 Guotai Junan 0.95% 17 =17 RBS* 0.78% 1518 UOB Kay Hian 0.62% 18 18 RBS* 0.80% 16 =17 Lehman Brothers** 0.78% -19 RBS* 0.61% 17 19 Cazenove 0.72% 21 19 CCB International 0.63% -20 Cazenove 0.59% 26 20 UOB Kay Hian 0.60% =18 20 BOCOM 0.47% -21 Haitong 0.55% 25 =21 Kingsway 0.40% - 21 CITICS 0.31% 1622 Sinolink 0.51% 29 =21 Lehman Brothers** 0.40% 25 22 Sinolink 0.27% -23 DBS Vickers 0.32% - 23 CCB International 0.32% - 23 Kim Eng 0.24% -

=24 Kingsway 0.30% - 24 DBS Vickers 0.31% -=24 Lehman Brothers** 0.30% =30 25 Sinolink 0.29% 28 * RBS - 2007 ranking of ABN AMRO

26 CCB International 0.24% - 26 Haitong 0.19% =30 ** Polling period prior to the acquisition by Nomura27 Daiwa SMBC 0.22% - 27 Essence 0.17% -28 Essence 0.21% =30 28 Guosen 0.13% 2629 BOCOM 0.18% - 29 Ping An 0.10% 2230 China Merchants 0.15% - 30 United 0.08% 23


SALES TRADING SALES TRADING SALES TRADING

CHINA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 20.04% 1 1 CLSA 20.44% 1 1 CLSA 19.08% 12 UBS 12.68% 2 2 UBS 14.06% 2 2 UBS 14.62% 23 CICC 9.85% 4 3 CICC 9.57% 4 3 Morgan Stanley 10.72% 114 J.P.Morgan 9.64% 3 4 Goldman Sachs 8.98% 5 4 Goldman Sachs 9.45% 65 Goldman Sachs 8.38% 8 5 J.P.Morgan 8.90% 3 5 J.P.Morgan 6.25% 36 Morgan Stanley 6.57% 13 6 Morgan Stanley 6.94% 12 6 CICC 5.86% 77 Citi 4.56% 6 7 Merrill Lynch 4.15% 13 7 Merrill Lynch 5.85% 108 Deutsche Bank 4.40% 5 8 Deutsche Bank 4.11% 8 8 Deutsche Bank 5.76% 5

=9 Credit Suisse 3.79% 7 9 Citi 3.99% 7 9 Citi 5.31% 4=9 Merrill Lynch 3.79% 12 10 Credit Suisse 3.70% 6 10 Credit Suisse 5.00% 811 BNP Paribas 3.53% 10 11 BNP Paribas 3.03% 10 11 BNP Paribas 3.40% 912 CITICS 2.61% 9 12 CITICS 2.91% 9 12 BOC International 2.18% 1513 BOC International 2.55% 14 13 BOC International 2.56% 14 13 HSBC 2.08% 1314 Shenyin & Wanguo 2.25% 11 14 Shenyin & Wanguo 2.49% 11 14 Shenyin & Wanguo 1.61% 1215 HSBC 1.27% 17 15 HSBC 1.29% 16 15 Macquarie 1.30% -16 Macquarie 0.93% 30 16 Macquarie 0.67% 30 16 CITICS 0.71% 1417 Guotai Junan 0.47% 16 17 Guotai Junan 0.52% 25 17 Yuanta 0.28% -18 Sinolink 0.36% 22 18 Sinolink 0.24% 20 18 RBS 0.24% -19 RBS 0.31% - 19 DBS Vickers 0.23% - 19 Sinolink 0.16% -20 Nomura 0.27% =25 20 Ping An 0.22% 17 20 Lehman Brothers* 0.14% 18

=21 Daiwa 0.21% 15 21 RBS 0.17% -=21 DBS Vickers 0.21% =27 22 United 0.16% =23 * Polling period prior to the acquisition by Nomura

23 China Merchants 0.18% - 23 China Merchants 0.13% -=24 Lehman Brothers* 0.17% - 24 Cazenove 0.12% -=24 United 0.17% =25 25 Guosen 0.10% 21=24 Ping An 0.17% 20 26 Nomura 0.09% =23

27 Haitong 0.14% 19 =27 Daiwa 0.06% 1528 Yuanta 0.11% - =27 Essence 0.06% 2829 Essence 0.10% 24 29 Orient 0.04% 1830 Cazenove 0.09% 29 =30 Everbright 0.02% 26

=30 Lehman Brothers* 0.02% 27* Polling period prior to the acquisition by Nomura


EVENTS AND/OR CONFERENCES

CHINA

OVERALL MEGA FUNDSEVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES

HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.65% 1 1 CLSA 15.18% 2 1 CLSA 14.99% 22 CICC 12.25% 3 2 CICC 12.28% 3 2 Goldman Sachs 12.68% 53 UBS 11.02% 2 3 Goldman Sachs 12.08% 4 3 UBS 11.31% 14 Goldman Sachs 10.40% 5 4 UBS 11.33% 1 4 Morgan Stanley 9.94% 45 J.P.Morgan 8.47% 4 5 J.P.Morgan 7.93% 5 5 CICC 7.31% 36 Morgan Stanley 6.55% 6 6 Morgan Stanley 7.40% 6 6 Citi 6.44% 77 Citi 5.65% 8 7 Citi 5.31% 8 7 J.P.Morgan 6.07% 88 BOC International 3.88% 12 8 Merrill Lynch 3.75% =13 =8 Deutsche Bank 5.96% 69 Merrill Lynch 3.57% 14 9 BOC International 3.63% 12 =8 Merrill Lynch 5.96% 13

10 Deutsche Bank 3.46% 7 10 Credit Suisse 3.27% 11 10 Credit Suisse 4.70% 911 Credit Suisse 3.34% 11 11 BNP Paribas 3.06% 9 11 BOC International 3.09% 1112 BNP Paribas 3.27% 10 12 Deutsche Bank 2.80% 7 12 BNP Paribas 3.01% 10

=13 CITICS 2.46% 9 13 CITICS 2.76% 10 13 HSBC 1.88% 12=13 Shenyin & Wanguo 2.46% 13 14 Shenyin & Wanguo 2.69% =13 14 Macquarie 1.15% 17

15 HSBC 1.58% =17 15 HSBC 1.53% 16 15 CITICS 1.07% 14=16 Daiwa 0.84% =17 =16 Sinolink 0.75% 24 16 Shenyin & Wanguo 1.02% 18=16 Macquarie 0.84% 15 =16 Guotai Junan 0.75% 20 17 DBS Vickers 0.97% 16

18 Sinolink 0.70% 27 18 Macquarie 0.64% 15 =18 Daiwa 0.81% 20=19 Nomura 0.63% 16 19 Daiwa 0.48% 18 =18 UOB Kay Hian 0.81% 24=19 Guotai Junan 0.63% 21 20 DBS Vickers 0.46% 23 20 Sinolink 0.37% -

21 DBS Vickers 0.48% 24 21 UOB Kay Hian 0.39% - 21 Yuanta 0.32% -22 China Merchants 0.33% - 22 Essence 0.30% 28 22 Haitong 0.16% -23 RBS* 0.31% 28 23 Cazenove 0.26% 17

=24 UOB Kay Hian 0.29% - 24 China Merchants 0.23% -=24 Essence 0.29% =29 25 Orient 0.14% -

26 Haitong 0.23% 22 26 RBS 0.13% -27 Cazenove 0.19% 19 =27 United 0.12% 2728 China Galaxy 0.18% - =27 Nomura 0.12% 19

=29 United 0.14% 26 29 Guosen 0.08% 29=29 First Shanghai 0.14% - 30 First Shanghai 0.06% -


CHINA

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISITHEDGE FUNDS

ROADSHOWS AND COMPANY VISITOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CICC 20.11% 1 1 CICC 21.31% 3 1 CICC 21.83% 12 Goldman Sachs 10.68% 3 2 Goldman Sachs 11.71% 2 2 CLSA 9.47% 53 CLSA 10.58% 7 3 CLSA 9.27% 7 3 Goldman Sachs 8.07% 24 UBS 7.66% 9 4 UBS 7.85% 11 4 BOC International 7.98% 45 BOC International 6.54% 6 5 J.P.Morgan 6.04% 1 5 Macquarie 7.19% -6 J.P.Morgan 6.22% 2 6 HSBC 5.82% - 6 UBS 6.67% =127 Citi 5.52% 5 7 BOC International 5.61% 6 7 Credit Suisse 5.88% 68 HSBC 5.21% - 8 Citi 4.43% 5 8 Citi 5.70% 39 Macquarie 3.66% 20 9 Deutsche Bank 3.61% 10 9 HSBC 5.26% -

10 Deutsche Bank 3.26% 10 10 Macquarie 3.58% 23 10 Merrill Lynch 4.44% 811 Merrill Lynch 2.44% 12 11 Merrill Lynch 2.82% 12 11 Deutsche Bank 3.51% 1412 Credit Suisse 2.42% 8 12 Sinolink 2.50% 15 12 J.P.Morgan 2.34% 713 Sinolink 2.20% 15 13 Credit Suisse 2.36% 8 13 BNP Paribas 2.28% 1014 BNP Paribas 2.19% 11 14 BNP Paribas 1.98% 9 14 Shenyin & Wanguo 1.95% 1615 CITICS 1.63% 4 15 Daiwa 1.55% 17 =15 CIMB 1.75% -16 Essence 1.50% 21 16 Essence 1.48% 26 =15 Morgan Stanley 1.75% 1517 Daiwa 1.45% 19 17 Shenyin & Wanguo 1.30% 14 17 DBS Vickers 1.40% -18 Morgan Stanley 1.38% 24 18 CITICS 1.18% 4 =18 Lehman Brothers* 1.05% 919 Nomura 1.07% 17 19 Morgan Stanley 1.15% 22 =18 UOB Kay Hian 1.05% -20 Shenyin & Wanguo 0.98% 14 20 CIMB 0.86% - 20 Sinolink 0.40% -21 CIMB 0.65% - 21 Ping An 0.77% -22 Ping An 0.58% =29 =22 DBS Vickers 0.69% - * Polling period prior to the acquisition by Nomura23 DBS Vickers 0.52% =27 =22 Nomura 0.69% =1824 UOB Kay Hian 0.39% - 24 United 0.49% 2525 United 0.37% 26 25 Guotai Junan 0.28% -26 Guotai Junan 0.21% 25 26 Everbright 0.23% -27 Everbright 0.17% - 27 Orient 0.14% -28 Lehman Brothers* 0.12% 13 28 Lehman Brothers* 0.12% 1329 Orient 0.11% - 29 Changjiang 0.11% -30 Haitong 0.10% 23 30 Haitong 0.09% 21

* Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura

CHINA

OVERALL MEGA FUNDS HEDGE FUNDSMOST IMPROVED BROKERAGEMOST IMPROVED BROKERAGEMOST IMPROVED BROKERAGE


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Natalie Wan Goldman Sachs 6.30% 1 1 Natalie Wan Goldman Sachs 6.01% 1 1 Natalie Wan Goldman Sachs 5.99% 22 Stanley Wong Citi 4.66% 2 2 Stanley Wong Citi 5.25% 2 2 Stanley Wong Citi 3.99% 33 Yinan Wang CLSA 3.30% 10 3 Yinan Wang CLSA 3.70% 10 3 Loretta Ng Morgan Stanley 2.81% -4 Danny Chiang Citi 2.50% 3 4 Danny Chiang Citi 2.36% 3 4 Faye Ye UBS 2.76% -5 Jonathan Tang UBS 1.80% 18 5 Liu Man CICC 2.00% - 5 Yinan Wang CLSA 2.63% 266 Liu Man CICC 1.57% - 6 Jonathan Tang UBS 1.91% 13 6 Raymond Yin Goldman Sachs 2.23% -7 Yuanping Han CLSA 1.50% - 7 Loretta Ng Morgan Stanley 1.35% - 7 Candy Wong Morgan Stanley 2.12% 228 Faye Ye UBS 1.17% - =8 Faye Ye UBS 1.23% - =8 Danny Chiang Citi 1.59% 49 Guo Minfang CICC 1.14% - =8 Yuanping Han CLSA 1.23% - =8 Edward Bagnall BOC International 1.59% -

10 Vonnie Chan CLSA 1.12% 6 =10 Guo Minfang CICC 1.20% - =8 Y L Hoong * Deutsche Bank 1.59% -11 Loretta Ng Morgan Stanley 1.11% - =10 Yun Liu Morgan Stanley 1.20% 14 11 Alan Li Deutsche Bank 1.54% -

=12 Michelle Kuang BNP Paribas 1.10% 17 12 Raymond Yin Goldman Sachs 1.19% - 12 Joseph Mirpuri Merrill Lynch 1.49% -=12 Yun Liu Morgan Stanley 1.10% 21 13 Vonnie Chan CLSA 1.17% 4 =13 Ko Wai Yee, Wendy BOC International 1.43% -

14 Luo Qiang CICC 0.99% - 14 Zhu YingWei CICC 1.16% - =13 Michelle Gu Morgan Stanley 1.43% -15 Candy Wong Morgan Stanley 0.96% - 15 Candy Wong Morgan Stanley 1.08% - =15 Fiona Wong Lehman Brothers 1.38% -16 Nial Gooding UBS 0.95% - =16 Marvin Pang HSBC 1.05% 11 =15 Vicky Liu Goldman Sachs 1.38% -

=17 Maryann Tseng BOC International 0.93% - =16 Qi Wu UBS 1.05% - 17 Herman Woo BNP Paribas 1.35% -=17 Raymond Yin Goldman Sachs 0.93% - 18 Luo Qiang CICC 1.03% - =18 Connie Yan UBS 1.33% -

19 Zhu YingWei CICC 0.90% - 19 Stacy Shi Credit Suisse 1.01% - =18 Hazel Lam Morgan Stanley 1.33% 1120 Bill Sun Goldman Sachs 0.87% - 20 Michelle Gu Morgan Stanley 1.00% - =20 Alfred Li Credit Suisse 1.27% -21 Marvin Pang HSBC 0.84% 7 21 Nial Gooding UBS 0.98% - =20 Andj Li BNP Paribas 1.27% -22 Qi Wu UBS 0.83% - 22 Michelle Kuang BNP Paribas 0.96% =16 22 Charles Blake Citi 1.19% -23 Geng Dejian CICC 0.82% - 23 Vicky Liu Goldman Sachs 0.94% - =23 Stacy Shi Credit Suisse 1.18% -24 Stacy Shi Credit Suisse 0.81% - 24 Sylvia Yu UBS 0.85% - =23 Ronald Cheung UBS 1.18% -25 Michelle Gu Morgan Stanley 0.80% - 25 Geng Dejian CICC 0.84% - 25 Chen Shu CICC 1.15% -26 Alfred Li Credit Suisse 0.79% - 26 Polly Ong CLSA 0.82% 9 26 Michael Chan Goldman Sachs 1.12% -27 Vicky Liu Goldman Sachs 0.74% - =27 Ko Wai Yee, Wendy BOC International 0.81% - 27 Pan Hui Goldman Sachs 1.07% -

=28 William Chapman BOC International 0.72% - =27 Adeline Ma CLSA 0.81% - =28 Ingrid Wong Deutsche Bank 1.06% 9=28 Herman Woo BNP Paribas 0.72% - =27 Edward Bagnall BOC International 0.81% - =28 Zhang Pei ** CICC 1.06% 8=30 Alan Li Deutsche Bank 0.71% - =27 Y L Hoong * Deutsche Bank 0.81% - =30 Eric Mak BOC International 1.01% -=30 Fiona Wong Lehman Brothers 0.71% - =30 Jonathan Tang UBS 1.01% =18=30 Lisa Lau CICC 0.71% - * Y L Hoong has left Deutsche Bank=30 Oon Har Lee HSBC 0.71% - * Y L Hoong has left Deutsche Bank

** Zhang Pei has left CICC

CHINA

BEST SALESPERSON BEST SALESPERSON BEST SALESPERSONOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 16.40% 1 1 CLSA 17.17% 2 1 CLSA 17.41% 22 Goldman Sachs 12.89% 4 2 Goldman Sachs 12.90% 5 2 Goldman Sachs 15.97% 43 UBS 11.02% 2 3 UBS 10.51% 3 3 UBS 12.48% 14 J.P.Morgan 10.09% 3 4 J.P.Morgan 10.37% 1 4 Citi 9.61% 65 Citi 9.27% 7 5 Citi 9.28% 6 5 Merrill Lynch 7.80% 96 Credit Suisse 6.67% 5 6 Credit Suisse 7.21% 4 6 Morgan Stanley 7.33% 57 Merrill Lynch 6.23% 9 7 Merrill Lynch 7.16% 9 7 Credit Suisse 7.18% 88 Morgan Stanley 5.55% 6 8 Morgan Stanley 5.24% 7 8 J.P.Morgan 6.12% 39 Deutsche Bank 4.04% 8 9 Deutsche Bank 3.11% 8 9 Deutsche Bank 4.64% 7

10 BOC International 3.00% 13 10 Macquarie 2.98% 15 =10 BOC International 2.15% 1011 Macquarie 2.71% 11 11 BOC International 2.42% 10 =10 Macquarie 2.15% 1112 Nomura 2.05% 14 12 HSBC 2.35% 13 12 CICC 1.88% =1813 CICC 2.02% 12 13 Nomura 1.70% 12 13 BNP Paribas 1.55% 2114 HSBC 1.86% 15 14 BNP Paribas 1.63% 11 14 Nomura 1.01% -15 BNP Paribas 1.84% 10 15 CICC 1.60% 20 15 HSBC 0.97% =1316 Daiwa Institute of Research 0.81% 21 16 Daiwa Institute of Research 1.08% =16 16 SBI E2-Capital 0.61% =1317 Lehman Brothers* 0.68% 19 17 Cazenove 0.88% 19 =17 Cazenove 0.34% 1218 Kingsway 0.64% - 18 Lehman Brothers* 0.85% 14 =17 CIMB 0.34% -19 Cazenove 0.63% 16 19 Kingsway 0.58% - =17 Lehman Brothers* 0.34% 20

=20 KGI 0.28% 27 =20 KGI 0.39% - 20 Kim Eng 0.13% -=20 China Merchants 0.28% - =20 China Merchants 0.39% -

22 DBS Vickers 0.26% 17 22 CIMB 0.19% - * Polling period prior to the acquisition by Nomura23 SBI E2-Capital 0.25% 1824 CIMB 0.20% - * Polling period prior to the acquisition by Nomura25 Kim Eng 0.15% 2526 Fox-Pitt, Kelton 0.08% -27 CCB International 0.05% -28 ICEA 0.03% 26


HONG KONG

OVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCHOVERALL MEGA FUNDS HEDGE FUNDS

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. HONG KONG: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 15.17% 2 1 CLSA 15.31% 3 1 Goldman Sachs 18.79% 12 Goldman Sachs 14.94% 3 2 Goldman Sachs 15.24% 2 2 UBS 15.18% 23 UBS 14.67% 1 3 UBS 13.85% 1 3 Citi 12.30% 84 Citi 10.25% 8 4 Citi 11.44% 8 4 CLSA 11.39% 35 J.P.Morgan 8.64% 4 5 J.P.Morgan 9.70% 4 5 Morgan Stanley 8.45% 46 Morgan Stanley 6.53% 5 6 Morgan Stanley 6.09% 5 6 Deutsche Bank 6.80% 67 Credit Suisse 6.06% 7 7 Merrill Lynch 5.98% 9 7 BOC International 5.88% =118 Deutsche Bank 5.47% 6 8 Credit Suisse 5.14% 6 8 Merrill Lynch 5.69% =99 Merrill Lynch 5.01% 10 9 Deutsche Bank 5.05% 7 9 Credit Suisse 3.86% 5

10 Nomura 4.15% 9 10 Nomura 4.02% 10 10 Nomura 3.67% -11 BOC International 2.74% 14 11 HSBC 2.18% =13 11 J.P.Morgan 3.58% 712 HSBC 2.03% 18 12 BOC International 1.98% 12 12 CICC 1.47% 1313 CICC 1.30% 11 13 CICC 1.36% - 13 Macquarie 1.10% -14 BNP Paribas 0.93% 15 14 BNP Paribas 1.19% - =14 Fox-Pitt, Kelton 0.92% -15 Macquarie 0.61% =19 15 Daiwa Institute of Research 0.79% =13 =14 HSBC 0.92% =1116 Daiwa Institute of Research 0.60% 17 16 Fox-Pitt, Kelton 0.49% -17 Fox-Pitt, Kelton 0.37% - 17 DBS Vickers 0.20% -18 DBS Vickers 0.34% 1319 CIMB 0.07% -20 ICEA 0.06% =1921 Kingsway 0.04% -22 Sun Hung Kai 0.02% -

HONG KONG

STRATEGY STRATEGYSTRATEGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 15.50% 2 1 Goldman Sachs 15.61% 2 1 Goldman Sachs 25.28% 12 UBS 13.53% 1 2 UBS 14.64% 1 2 UBS 11.51% 33 CLSA 12.92% 3 3 CLSA 12.54% 3 3 Morgan Stanley 11.10% 74 Morgan Stanley 9.15% 6 4 Morgan Stanley 10.84% 7 4 Merrill Lynch 8.74% -5 J.P.Morgan 8.09% 4 5 J.P.Morgan 8.55% 4 5 CLSA 8.02% 66 Deutsche Bank 6.88% 7 6 Deutsche Bank 6.46% 6 =6 Credit Suisse 7.61% 27 Citi 6.50% 14 7 Merrill Lynch 6.05% 8 =6 Deutsche Bank 7.61% 58 Merrill Lynch 5.33% 8 8 Citi 5.81% 15 8 BOC International 6.17% 99 Credit Suisse 5.26% 5 9 Credit Suisse 4.17% 5 =9 Citi 3.91% 8

10 HSBC 3.26% 12 10 HSBC 3.82% 10 =9 J.P.Morgan 3.91% 411 BOC International 2.93% 10 11 Nomura 2.76% 11 11 CICC 2.67% 1012 Nomura 2.89% 9 12 BOC International 2.41% =12 12 Nomura 2.06% 1113 CICC 2.49% 15 13 CICC 2.18% - 13 HSBC 0.82% -14 BNP Paribas 1.90% 11 14 BNP Paribas 2.11% 16 14 BNP Paribas 0.62% -15 Daiwa Institute of Research 1.72% 13 15 Daiwa Institute of Research 0.94% 916 Macquarie 1.12% =17 16 Macquarie 0.73% =12

=17 DBS Vickers 0.17% =19 17 DBS Vickers 0.23% -=17 UOB Kay Hian 0.17% - 18 Shenyin & Wanguo 0.15% -

19 Shenyin & Wanguo 0.11% -=20 ICEA 0.04% =19=20 Lehman Brothers* 0.04% =17


MACROECONOMICS

HONG KONG

MACROECONOMICS MACROECONOMICSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 17.16% 1 1 CLSA 17.79% 1 1 Deutsche Bank 16.32% 22 J.P.Morgan 13.77% 6 2 J.P.Morgan 14.91% 6 2 CLSA 14.37% 13 Citi 12.52% 2 3 Citi 12.95% 3 3 Citi 11.15% 34 Deutsche Bank 9.30% 3 4 Deutsche Bank 8.88% 2 4 J.P.Morgan 10.72% 65 Credit Suisse 6.96% 7 5 Credit Suisse 6.35% 5 5 UBS 7.23% 56 UBS 5.61% 8 6 UBS 5.59% 9 6 Credit Suisse 6.29% 77 Merrill Lynch 5.08% 19 7 Merrill Lynch 5.29% 22 7 Merrill Lynch 4.78% =198 HSBC 3.57% =21 8 Cazenove 4.64% 8 =8 BOC International 4.43% 49 Cazenove 3.26% 9 9 HSBC 4.47% 20 =8 Cazenove 4.43% 11

10 BOC International 2.98% 5 10 DBS Vickers 3.91% 19 10 SBI E2-Capital 4.20% 1711 DBS Vickers 2.95% 10 11 BOC International 3.11% 4 11 HSBC 3.50% =1912 SBI E2-Capital 2.41% 14 12 Goldman Sachs 2.28% - =12 CCB International 2.33% -13 BNP Paribas 2.21% 4 13 BNP Paribas 2.10% 7 =12 DBS Vickers 2.33% -14 Goldman Sachs 2.00% - =14 CCB International 1.40% - =14 3V Research 1.86% =815 CCB International 1.32% - =14 Nomura 1.40% 13 =14 Goldman Sachs 1.86% -16 Nomura 1.28% 17 16 3V Research 1.12% =14 =16 CIMB 1.40% -17 Macquarie 1.13% 24 17 CICC 0.93% 21 =16 Lehman Brothers* 1.40% -18 CIMB 1.08% - =18 Macquarie 0.70% - =18 Macquarie 0.70% -19 3V Research 0.79% 16 =18 Morgan Stanley 0.70% - =18 Nomura 0.70% =1520 Morgan Stanley 0.78% 29 20 UOB Kay Hian 0.56% 1121 CICC 0.66% 12 =21 CIMB 0.35% 23 * Polling period prior to the acquisition by Nomura22 Lehman Brothers* 0.59% 18 =21 Mainfirst 0.35% -23 Kingsway 0.57% 15 23 First Shanghai 0.23% -

=24 Daiwa Institute of Research 0.39% 30=24 Guotai Junan 0.39% 13=24 UOB Kay Hian 0.39% 11

27 MainFirst 0.34% -28 Shenyin & Wanguo 0.20% -29 First Shanghai 0.16% 26

=30 ICEA 0.05% =27=30 Taifook 0.05% -


HONG KONG

SMALL CAPS SMALL CAPS SMALL CAPSHEDGE FUNDSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 19.96% 1 1 Goldman Sachs 20.72% 1 1 Goldman Sachs 21.36% 12 CLSA 13.08% 6 2 CLSA 13.87% 5 2 Merrill Lynch 9.78% =103 J.P.Morgan 11.77% 3 3 J.P.Morgan 13.37% 3 3 J.P.Morgan 9.14% 34 Morgan Stanley 7.67% 7 4 Morgan Stanley 9.01% 7 4 Morgan Stanley 8.96% 55 Merrill Lynch 5.94% 12 5 Merrill Lynch 7.40% 14 5 CLSA 8.78% 76 Citi 5.63% 4 6 Citi 5.72% 4 6 BOC International 7.50% =137 BOC International 5.50% =16 7 BOC International 4.22% 18 7 Citi 7.13% 48 UBS 4.01% 2 8 HSBC 3.50% =12 8 BNP Paribas 5.58% -9 Credit Suisse 3.84% 5 9 BNP Paribas 3.27% - 9 UBS 5.51% 2

10 HSBC 3.26% 14 10 Credit Suisse 2.70% 6 10 Credit Suisse 3.56% 611 BNP Paribas 3.23% 20 11 UBS 2.28% 2 11 HSBC 2.56% =1812 Fox-Pitt, Kelton 2.47% =16 12 Deutsche Bank 2.27% 11 12 Macquarie 2.38% =1613 CICC 2.16% 10 13 CICC 2.21% 9 13 Lehman Brothers* 1.83% =1314 Deutsche Bank 2.01% 11 14 Lehman Brothers* 2.06% 8 14 DBS Vickers 1.28% -15 Macquarie 1.80% 19 15 Macquarie 1.96% =19 =15 CICC 1.10% 916 Daiwa Institute of Research 1.66% 22 16 Fox-Pitt, Kelton 1.55% =12 =15 Daiwa Institute of Research 1.10% -17 Lehman Brothers* 1.62% 9 17 Cazenove 1.29% 15 =15 Fox-Pitt, Kelton 1.10% =1818 Nomura 1.55% 8 18 DBS Vickers 1.26% 22 =15 Nomura 1.10% 2019 DBS Vickers 1.29% 25 19 Nomura 0.82% 10 19 CIMB 0.27% -20 Cazenove 1.27% 13 20 Daiwa Institute of Research 0.52% =1921 CIMB 0.19% - * Polling period prior to the acquisition by Nomura22 ICEA 0.08% 26 * Polling period prior to the acquisition by Nomura


HONG KONG



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 15.43% 1 1 Goldman Sachs 17.26% 1 1 Morgan Stanley 20.27% 42 CLSA 13.99% =8 2 CLSA 13.71% 9 2 Goldman Sachs 14.86% 13 Credit Suisse 10.41% 2 3 Morgan Stanley 12.23% 2 =3 Citi 11.15% 54 Morgan Stanley 10.22% 3 4 Credit Suisse 10.59% 4 =3 Merrill Lynch 11.15% 35 Citi 9.76% 5 5 Merrill Lynch 9.34% 5 5 CLSA 10.81% =86 Merrill Lynch 8.09% 6 6 Citi 8.24% 6 6 UBS 9.12% =87 UBS 6.76% 7 7 UBS 5.85% 8 7 Credit Suisse 8.11% =108 J.P.Morgan 6.53% =8 8 J.P.Morgan 5.14% 7 8 Deutsche Bank 5.07% 29 Deutsche Bank 3.73% 4 9 Deutsche Bank 4.14% 3 9 BOC International 4.05% -

10 HSBC 2.91% =14 10 HSBC 3.90% =12 10 J.P.Morgan 2.03% 611 BOC International 2.41% 11 11 CICC 2.22% 16 =11 HSBC 1.69% =1012 CICC 1.85% 12 12 Macquarie 1.77% 17 =11 Nomura 1.69% -13 RBS* 1.50% 24 13 Daiwa Institute of Research 1.48% =1214 Daiwa Institute of Research 1.42% =14 14 RBS* 1.42% 2015 Macquarie 1.28% 18 =15 Lehman Brothers** 0.89% 1916 BNP Paribas 1.00% 10 =15 Nomura 0.89% 1817 Lehman Brothers** 0.88% 21 17 Cazenove 0.71% -18 Nomura 0.69% 13 18 BOC International 0.22% 1019 Cazenove 0.50% -20 CIMB 0.38% =19 * RBS - 2007 ranking of ABN AMRO21 Kingsway 0.13% =14 ** Polling period prior to the acquisition by Nomura22 ICEA 0.09% =2223 DBS Vickers 0.06% =22


CAPITAL GOODSCAPITAL GOODSCAPITAL GOODS

HONG KONG



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 16.50% 5 1 Citi 17.41% 1 1 CLSA 16.12% 52 Citi 16.39% 2 2 CLSA 16.81% 6 2 Goldman Sachs 14.34% 43 J.P.Morgan 13.04% 1 3 J.P.Morgan 13.53% 2 3 Citi 14.19% 14 Goldman Sachs 11.18% 4 4 Goldman Sachs 10.83% 4 4 J.P.Morgan 11.36% 35 UBS 8.41% 3 5 UBS 7.43% 3 5 UBS 11.15% 26 Merrill Lynch 5.40% 7 6 Merrill Lynch 6.62% 7 6 BOC International 5.53% 157 Macquarie 4.83% 12 7 Macquarie 5.29% 8 7 Merrill Lynch 5.18% 98 Morgan Stanley 4.21% 8 8 Morgan Stanley 4.33% 12 8 Deutsche Bank 5.00% =119 Lehman Brothers* 3.49% 11 9 Lehman Brothers* 3.75% 10 9 Morgan Stanley 4.46% 8

10 BOC International 3.18% 15 10 HSBC 2.75% 13 =10 Lehman Brothers* 3.66% =1711 Deutsche Bank 2.98% 10 11 Credit Suisse 2.62% 5 =10 Macquarie 3.66% 712 HSBC 2.55% 16 12 CICC 2.43% =14 12 Credit Suisse 2.86% 613 Credit Suisse 2.51% 6 13 Deutsche Bank 2.40% 9 13 Nomura 1.07% -14 CICC 2.03% 13 14 BOC International 2.09% =18 14 HSBC 0.89% =1115 Daiwa Institute of Research 1.22% 18 15 Daiwa Institute of Research 1.27% 17 15 BNP Paribas 0.54% -16 BNP Paribas 0.68% 9 16 CCB International 0.24% -

=17 Nomura 0.43% - 17 DBS Vickers 0.19% 16 * Polling period prior to the acquisition by Nomura=17 CCB International 0.43% -

19 Yuanta 0.22% - * Polling period prior to the acquisition by Nomura20 DBS Vickers 0.18% 1421 CIMB 0.07% -

=22 First Shanghai 0.04% -=22 ICEA 0.04% =20


HONG KONG

REAL ESTATE REAL ESTATE REAL ESTATEOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Deutsche Bank 18.67% 1 1 Deutsche Bank 18.99% 1 1 Deutsche Bank 24.49% 12 CLSA 15.29% 6 2 CLSA 15.62% 6 2 Morgan Stanley 15.89% 23 Morgan Stanley 11.87% 3 3 Morgan Stanley 14.48% 3 3 CLSA 10.39% 34 Merrill Lynch 8.69% 10 4 Credit Suisse 9.22% 2 4 Merrill Lynch 9.18% 155 Credit Suisse 8.41% 2 5 Merrill Lynch 8.26% 11 5 Lehman Brothers* 6.19% =106 J.P.Morgan 6.33% 7 6 J.P.Morgan 6.19% 7 6 Goldman Sachs 5.47% 77 UBS 3.79% 4 7 Lehman Brothers* 4.29% 9 7 Credit Suisse 5.16% 48 BNP Paribas 3.35% 5 8 Macquarie 3.47% 16 8 J.P.Morgan 4.85% 69 Lehman Brothers* 3.34% 9 9 Citi 3.11% 8 9 UBS 4.23% 5

10 Goldman Sachs 2.91% 11 10 Goldman Sachs 2.75% 10 10 Macquarie 2.89% -11 Citi 2.77% 8 11 BNP Paribas 2.71% 4 =11 BOC International 2.48% -12 Nomura 2.71% 14 12 HSBC 2.63% 19 =11 Nomura 2.48% 1413 Macquarie 2.58% 17 13 Cazenove 1.97% 15 13 DBS Vickers 1.65% -14 HSBC 1.96% 19 14 UBS 1.84% 5 =14 BNP Paribas 1.24% 915 CICC 1.82% 12 15 Nomura 1.76% 17 =14 CICC 1.24% 1216 Cazenove 1.46% 15 16 CICC 1.60% 12 =16 Cazenove 0.83% 1317 BOC International 1.35% =20 17 DBS Vickers 0.96% 18 =16 HSBC 0.83% -18 Daiwa Institute of Research 1.10% 13 18 BOC International 0.15% - 18 Citi 0.52% 819 DBS Vickers 1.01% 1820 CIMB 0.31% =20 * Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura21 Shenyin & Wanguo 0.18% -22 ICEA 0.07% =2223 Kingsway 0.04% -


RETAILING RETAILING

HONG KONG

RETAILINGOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 24.40% 4 1 Citi 24.55% 2 1 Citi 23.35% 62 UBS 13.01% 6 2 UBS 14.16% 6 2 UBS 14.82% 33 CLSA 11.79% 2 3 CLSA 11.36% 8 3 CLSA 9.49% 14 Goldman Sachs 6.82% 9 4 Goldman Sachs 6.94% 9 4 Goldman Sachs 7.57% 85 J.P.Morgan 6.57% 1 5 J.P.Morgan 6.50% 1 5 Deutsche Bank 6.61% 76 Morgan Stanley 5.96% 8 6 Morgan Stanley 5.84% 7 6 J.P.Morgan 6.08% 27 Lehman Brothers* 5.94% 10 7 Credit Suisse 5.67% 3 7 Lehman Brothers* 5.54% =108 Deutsche Bank 4.75% 5 8 HSBC 4.95% 12 8 Merrill Lynch 4.69% =109 Credit Suisse 4.55% 3 9 Deutsche Bank 4.74% =4 9 Morgan Stanley 4.05% 5

10 HSBC 4.14% 12 10 Merrill Lynch 4.38% 10 =10 BOC International 3.84% -11 BOC International 3.76% 19 11 Lehman Brothers* 3.68% 11 =10 Credit Suisse 3.84% 412 Merrill Lynch 3.51% 11 12 BOC International 2.06% 18 12 HSBC 2.99% =1013 Nomura 1.52% 13 13 Nomura 2.03% =13 13 Cazenove 2.77% 1714 Cazenove 1.22% 22 14 Cazenove 1.27% - 14 Nomura 2.13% =1515 BNP Paribas 0.87% 14 15 BNP Paribas 0.95% - 15 BNP Paribas 1.60% 1416 CICC 0.69% 18 16 CICC 0.93% - 16 Macquarie 0.64% -17 Macquarie 0.30% 2118 DBS Vickers 0.09% 20 * Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura19 ICEA 0.07% 2320 First Shanghai 0.05% -


HONG KONG

UTILITIES UTILITIES UTILITIESOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 49.46% 1 1 CLSA 53.13% 1 1 CLSA 57.80% 12 J.P.Morgan 5.95% 2 2 J.P.Morgan 6.29% 2 2 Macquarie 9.02% =23 Citi 5.54% =13 3 Citi 4.64% =15 =3 BOC International 5.35% =74 Macquarie 4.81% 5 4 BOC International 4.35% =7 =3 Citi 5.35% 65 BOC International 4.61% 15 5 UBS 3.97% 6 =3 Credit Suisse 5.35% =26 Credit Suisse 3.67% 6 6 Macquarie 3.87% =19 =3 J.P.Morgan 5.35% 147 UBS 3.14% 4 7 Merrill Lynch 2.90% 18 7 SIG 2.67% -8 Daiwa Institute of Research 2.74% 11 8 Nomura 2.19% =4 =8 Cazenove 2.00% =99 Deutsche Bank 2.34% =18 =9 Cazenove 1.93% 12 =8 Daiwa Institute of Research 2.00% -

10 HSBC 2.20% 20 =9 Credit Suisse 1.93% =4 =8 Deutsche Bank 2.00% =1111 Cazenove 2.14% 9 =9 Deutsche Bank 1.93% =19 =8 Lehman Brothers* 2.00% -12 Merrill Lynch 2.00% =21 =9 HSBC 1.93% =19 12 UBS 1.11% 513 BNP Paribas 1.60% 12 =13 BNP Paribas 1.55% =1514 Nomura 1.58% 7 =13 Daiwa Institute of Research 1.55% =7 * Polling period prior to the acquisition by Nomura15 CICC 1.27% =26 =13 Guotai Junan 1.55% =7

=16 Guotai Junan 1.07% 8 =13 SIG 1.55% -=16 SIG 1.07% - =13 UOB Kay Hian 1.55% 3=16 UOB Kay Hian 1.07% 3 =18 Morgan Stanley 0.97% =15

19 Lehman Brothers* 0.80% =16 =18 Taifook 0.97% =19=20 Morgan Stanley 0.67% =13 20 DBS Vickers 0.77% 14=20 Taifook 0.67% =24 21 Goldman Sachs 0.48% -

22 DBS Vickers 0.60% 1023 Goldman Sachs 0.33% -24 Fox-Pitt, Kelton 0.27% -25 Kingsway 0.13% =21

=26 CIMB 0.07% -=26 SBI E2-Capital 0.07% =18=26 Sun Hung Kai 0.07% -=26 T & F Equities 0.07% -


MOST INDEPENDENT RESEARCH BROKERAGEMOST INDEPENDENT RESEARCH BROKERAGE

HONG KONG

HEDGE FUNDSMOST INDEPENDENT RESEARCH BROKERAGE

OVERALL MEGA FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Anil Daswani Citi 3.70% 6 1 Anil Daswani Citi 4.13% 5 1 Jun Ma Deutsche Bank 5.13% 122 Jun Ma Deutsche Bank 3.68% =9 2 Jun Ma Deutsche Bank 4.07% 9 2 Andrew Look UBS 4.92% 63 Andrew Look UBS 3.30% 1 3 Andrew Look UBS 2.86% 1 3 Anthony Lok BOC International 4.28% =154 Tony Tsang Citi 2.74% 3 4 Willie Chan Merrill Lynch 2.75% - 4 Rob Hart Morgan Stanley 3.74% 25 Steven Li J.P.Morgan 2.41% 4 5 Steven Li J.P.Morgan 2.65% 4 =5 Sean Darby Nomura 3.21% -6 Raymond Ngai J.P.Morgan 2.15% 7 6 Keith Yeung Merrill Lynch 2.45% 11 =5 Willie Chan Merrill Lynch 3.21% -7 Sean Darby Nomura 2.05% - 7 Tony Tsang Citi 2.34% 2 7 Aaron Fischer CLSA 3.05% -8 Willie Chan Merrill Lynch 2.02% - 8 Sean Darby Nomura 2.20% - 8 Andrew Driscoll CLSA 2.67% -9 Pierre Lau Citi 1.97% - =9 Andrew Driscoll CLSA 2.14% - 9 Pierre Lau Citi 2.46% -

10 Anthony Lok BOC International 1.88% - =9 Rob Hart Morgan Stanley 2.14% 3 =10 Anil Daswani Citi 2.14% 311 Keith Yeung Merrill Lynch 1.80% 14 11 Nicole Wong CLSA 1.96% - =10 Manfred Ho BOC International 2.14% -12 Nicole Wong CLSA 1.64% - 12 Anthony Lok BOC International 1.90% - 12 Kenny Lau Credit Suisse 1.93% -13 Rob Hart Morgan Stanley 1.60% 2 =13 Pierre Lau Citi 1.78% - 13 Dong Tao Credit Suisse 1.71% 514 Andrew Driscoll CLSA 1.57% - =13 Vincent Chan Credit Suisse 1.78% =20 =14 Andrew Chan Daiwa I.R. 1.60% -

=15 Cusson Leung Credit Suisse 1.43% - 15 Christopher Wood CLSA 1.64% - =14 Eddie Leung Merrill Lynch 1.60% -=15 Vincent Chan Credit Suisse 1.43% 22 16 Karen Chan Merrill Lynch 1.59% - =14 John Tang J.P.Morgan 1.60% -

17 Anne Ling Deutsche Bank 1.34% 11 17 Raymond Ngai J.P.Morgan 1.50% 6 =14 Mabel Wong Deutsche Bank 1.60% =2618 Aaron Fischer CLSA 1.28% - =18 Aaron Fischer CLSA 1.38% - =14 Nicole Wong CLSA 1.60% -19 Christopher Wood CLSA 1.27% - =18 Anthony Wu Goldman Sachs 1.38% 7 =14 Oliver Du Lehman Brothers 1.60% -20 Manfred Ho BOC International 1.23% - 20 Cusson Leung Credit Suisse 1.35% - =14 Tony Tsang Citi 1.60% 121 Kenny Lau Credit Suisse 1.18% - 21 Grace Wu CLSA 1.16% - 21 Anne Ling Deutsche Bank 1.50% 1122 Karen Chan Merrill Lynch 1.16% - 22 Denise Chai Merrill Lynch 1.14% - =22 Angela Moh Morgan Stanley 1.28% -23 Anthony Wu Goldman Sachs 1.10% =9 23 Michael Chan J.P.Morgan 1.10% - =22 Gavin Ho CLSA 1.28% -24 Simon Powell CLSA 1.08% - 24 Oliver Du Lehman Brothers 1.07% - =22 George Choi Citi 1.28% -25 Clement Wong Citi 1.07% - 25 Paul Louie Lehman Brothers 0.99% - =22 Gideon Lo DBS Vickers 1.28% -

=26 Anil Agarwal Morgan Stanley 1.03% - 26 Jonas Kan Daiwa I.R. 0.98% - =22 Helen Zhu Goldman Sachs 1.28% -=26 Warren Blight Fox-Pitt, Kelton 1.03% - 27 Clement Wong Citi 0.97% - =27 Christie Ju Merrill Lynch 1.07% -=28 Stephen Leung Kingsway 1.02% - 28 Henry Ho CLSA 0.93% - =27 David Yip Merrill Lynch 1.07% -=28 Thomas Deng Goldman Sachs 1.02% =20 =29 Andrew Chan Daiwa I.R. 0.92% - =27 Gary Chiu HSBC 1.07% -=30 Henry Ho CLSA 0.97% - =29 Derek Kwong Morgan Stanley 0.92% - =27 Keith Yeung Merrill Lynch 1.07% -=30 Denise Chai Merrill Lynch 0.97% - =29 Eddie Leung Merrill Lynch 0.92% - =27 Oscar Choi Citi 1.07% -

=29 Graham Cunningham Citi 0.92% - =27 Paul Louie Lehman Brothers 1.07% -=29 Haibo Tang Merrill Lynch 0.92% - =27 Sarah Mak HSBC 1.07% -=29 Heather Hsu CLSA 0.92% - =27 Vincent Chan Credit Suisse 1.07% =9=29 John Tang J.P.Morgan 0.92% -=29 Mabel Wong Deutsche Bank 0.92% =14=29 Simon Powell CLSA 0.92% -=29 Stephen Leung Kingsway 0.92% -=29 Wai-Shin Chan* J.P.Morgan 0.92% -

* Wai-Shin Chan has left JPMogan


HONG KONG



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Kingsway 24.93% 3 1 Kingsway 30.73% 3 1 Kingsway 27.56% 42 SBI E2-Capital 21.47% 1 2 HSBC 17.32% 9 2 SBI E2-Capital 26.77% 13 HSBC 17.47% 12 3 SBI E2-Capital 16.39% 2 3 HSBC 11.02% =114 Sun Hung Kai 9.35% 5 4 Sun Hung Kai 12.01% =6 4 3V Capital 10.24% 25 Taifook 6.53% 6 5 ICEA 8.38% 10 5 ICEA 8.66% =116 ICEA 6.42% 7 6 3V Capital 7.26% 1 6 Taifook 7.09% =77 3V Capital 4.91% 2 7 Lippo 3.72% - 7 Sun Hung Kai 5.51% =58 First Shanghai 4.34% 9 8 Taifook 2.79% 5 8 First Shanghai 3.15% =79 Lippo 2.52% - 9 First Shanghai 1.40% 12

10 CCB International 1.30% -11 KE Absolute 0.76% -

BEST LOCAL BROKERAGE BEST LOCAL BROKERAGE BEST LOCAL BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS

HONG KONG


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 15.59% 1 1 CLSA 16.04% 1 1 UBS 12.53% 22 UBS 9.28% 2 2 Morgan Stanley 9.70% 7 2 Morgan Stanley 11.59% 63 Morgan Stanley 8.56% 8 3 UBS 9.65% 2 3 CLSA 11.47% 14 Citi 8.52% 3 4 Citi 7.93% 3 4 Merrill Lynch 10.33% 155 Merrill Lynch 7.17% 11 5 Goldman Sachs 7.90% 5 5 Goldman Sachs 8.27% 36 Goldman Sachs 6.98% 5 6 Merrill Lynch 7.76% 10 6 Deutsche Bank 6.96% 47 J.P.Morgan 6.21% 6 7 J.P.Morgan 6.08% 6 7 Credit Suisse 5.95% 78 Deutsche Bank 5.70% 4 8 Deutsche Bank 5.20% 4 8 Citi 5.14% 59 Credit Suisse 4.60% 7 9 Credit Suisse 4.46% 8 9 J.P.Morgan 5.05% 8

10 BOC International 3.73% 17 10 BNP Paribas 3.61% =12 10 BNP Paribas 4.32% 2011 BNP Paribas 3.38% 12 11 HSBC 3.55% =12 11 BOC International 4.07% 1312 Macquarie 3.33% 18 12 Macquarie 3.17% 21 12 HSBC 2.67% 1413 HSBC 3.26% 16 13 BOC International 3.14% 17 13 CICC 1.82% 914 CICC 2.76% 9 14 CICC 2.50% 11 14 Macquarie 1.60% 1715 Daiwa SMBC 1.78% 19 15 Daiwa SMBC 1.54% 18 15 Lehman Brothers* 1.38% -16 Nomura 1.63% 15 16 DBS Vickers 1.30% 14 16 DBS Vickers 1.32% 1117 DBS Vickers 1.53% 14 17 Nomura 1.01% 16 17 SBI E2-Capital 1.29% 1018 SBI E2-Capital 0.97% 13 18 Lehman Brothers* 0.94% - 18 Daiwa SMBC 0.72% 2119 Lehman Brothers* 0.96% - 19 SBI E2-Capital 0.93% 15 19 RBS 0.69% -20 RBS** 0.67% =26 20 RBS 0.86% - 20 CIMB 0.66% -21 Cazenove 0.56% 10 21 Cazenove 0.75% 9 =21 Cazenove 0.50% 1222 Kingsway 0.50% - 22 Kingsway 0.60% - =21 Nomura 0.50% -23 CIMB 0.39% - =23 CIMB 0.38% 25 =21 Taifook 0.50% -24 Guotai Junan 0.35% 21 =23 Guotai Junan 0.38% 20 24 Kingsway 0.22% -25 Fox-Pitt, Kelton 0.28% - 25 Mainfirst 0.25% - =25 Barclays Capital 0.17% -26 Taifook 0.21% - =26 KGI 0.16% - =25 Guotai Junan 0.17% =1827 MainFirst 0.19% - =26 China Merchants 0.16% - 27 ICEA 0.14% -28 Kim Eng 0.16% 28 28 ICEA 0.08% -

=29 KGI 0.12% - * Polling period prior to the acquisition by Nomura=29 China Merchants 0.12% - * Polling period prior to the acquisition by Nomura


HONG KONG

OVERALL SALES SERVICES OVERALL SALES SERVICES OVERALL SALES SERVICESOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 10.91% 2 1 Citi 11.57% 2 1 UBS 12.92% 12 UBS 10.80% 1 2 UBS 11.37% 1 2 Citi 9.98% 23 CLSA 7.72% 7 3 Morgan Stanley 8.31% 6 3 Goldman Sachs 7.32% 84 Morgan Stanley 7.17% 6 4 CLSA 7.66% 7 4 Morgan Stanley 6.94% 35 Goldman Sachs 6.62% 8 5 Goldman Sachs 7.35% 8 5 Credit Suisse 6.23% 46 Merrill Lynch 5.78% 14 6 Merrill Lynch 6.39% 11 6 Merrill Lynch 5.96% 227 J.P.Morgan 5.48% 5 7 Credit Suisse 5.76% 4 7 J.P.Morgan 5.31% 58 Credit Suisse 5.42% 4 8 J.P.Morgan 5.05% 3 8 CLSA 4.94% 79 Deutsche Bank 4.75% 3 9 BNP Paribas 4.95% 14 9 CICC 4.26% 16

10 BNP Paribas 4.34% 10 10 CICC 4.09% 17 10 Deutsche Bank 4.09% 611 CICC 4.26% 15 11 Macquarie 3.84% 13 =11 BNP Paribas 3.72% 2812 Macquarie 3.74% 12 12 Deutsche Bank 2.60% 5 =11 BOC International 3.72% 1013 BOC International 3.11% 9 13 Cantor Fitzgerald 2.25% 22 13 Macquarie 3.38% 1414 HSBC 1.90% 20 14 BOC International 2.12% 9 14 UOB Kay Hian 2.91% 915 Nomura 1.72% 18 15 Kingsway 1.95% 27 15 Cantor Fitzgerald 2.71% =2016 UOB Kay Hian 1.67% 11 16 UOB Kay Hian 1.85% 10 16 Nomura 2.50% =2017 Cantor Fitzgerald 1.65% 24 17 Nomura 1.77% 18 17 Lehman Brothers* 1.86% -18 Kingsway 1.48% - 18 HSBC 1.72% 19 18 Kingsway 1.62% -19 Daiwa SMBC 1.23% 25 19 Lehman Brothers* 1.57% - =19 CIMB 1.42% 2720 Lehman Brothers* 1.15% - 20 Cazenove 1.45% 15 =19 Kim Eng 1.42% -

=21 Cazenove 1.10% 16 21 Daiwa SMBC 1.10% =23 =21 Cazevone 1.02% 11=21 CIMB 1.10% - 22 CIMB 1.00% - =21 SBI E2-Capital 1.02% =17

23 Kim Eng 0.88% 30 23 RBS** 0.87% =23 23 KGI 0.81% -24 DBS Vickers 0.79% 13 24 DBS Vickers 0.61% 12 =24 Shenyin & Wanguo 0.61% -25 Taifook 0.70% - =25 KGI 0.60% - =24 Taifook 0.61% -26 RBS** 0.64% 23 =25 Kim Eng 0.60% - =26 Barclays Capital 0.41% -27 SBI E2-Capital 0.57% 17 =27 China Merchants 0.50% - =26 Guotai Junan 0.41% =2328 KGI 0.44% - =27 Taifook 0.50% - =26 Piper Jaffray 0.41% -29 China Merchants 0.37% - 29 Mainfirst 0.40% - 29 DBS Vickers 0.34% 1230 Yuanta 0.36% - 30 Instinet 0.20% =20 =30 HSBC 0.27% 15

=30 Instinet 0.27% =17* Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO ** RBS - 2007 ranking of ABN AMRO * Polling period prior to the acquisition by Nomura

EXECUTION EXECUTION EXECUTIONOVERALL MEGA FUNDS HEDGE FUNDS

HONG KONG


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 11.94% 1 1 UBS 12.76% 1 1 UBS 14.04% 12 Citi 9.65% 3 2 Citi 10.22% 3 2 Credit Suisse 7.99% 33 CLSA 8.71% 4 =3 CLSA 7.88% 4 3 Goldman Sachs 7.89% 74 Deutsche Bank 7.09% 2 =3 Merrill Lynch 7.88% 12 4 Merrill Lynch 7.87% =195 Goldman Sachs 6.92% 7 5 Goldman Sachs 7.87% 8 5 Deutsche Bank 7.67% 26 Merrill Lynch 6.71% 13 6 Morgan Stanley 6.78% 5 6 Morgan Stanley 7.50% 47 Credit Suisse 6.46% 6 7 Credit Suisse 6.53% 6 7 Citi 6.99% 68 Morgan Stanley 6.05% 5 8 Deutsche Bank 5.53% 2 8 CLSA 5.48% 59 J.P.Morgan 4.45% 8 9 J.P.Morgan 3.89% 7 9 J.P.Morgan 5.35% 8

10 HSBC 3.80% 20 10 BNP Paribas 3.77% =13 =10 BNP Paribas 3.36% =1411 BOC International 3.74% 12 11 HSBC 3.69% =19 =10 HSBC 3.36% 1612 Macquarie 3.46% 15 12 Macquarie 3.64% 15 12 CICC 2.89% 913 CICC 3.34% 9 13 CICC 3.14% 10 13 BOC International 2.56% 1114 BNP Paribas 3.31% 10 14 BOC International 2.43% 11 14 UOB Kay Hian 2.49% 1315 UOB Kay Hian 1.45% 16 15 UOB Kay Hian 1.96% 17 15 Macquarie 2.22% 1216 DBS Vickers 1.43% 14 16 Lehman Brothers* 1.75% - 16 Lehman Brothers* 2.05% -17 Lehman Brothers* 1.39% - 17 DBS Vickers 1.68% =13 17 CIMB 1.41% 2318 Kingsway 1.18% - 18 Kingsway 1.53% - =18 Cazenove 1.01% 1019 Nomura 1.12% 18 19 Cazenove 1.20% 9 =18 SBI E2-Capital 1.01% 1820 Cazenove 0.88% 11 20 RBS 1.08% - 20 Nomura 0.87% -21 RBS 0.86% - =21 Cantor Fitzgerald 0.72% =19 =21 KGI 0.81% =2722 CIMB 0.80% 25 =21 CIMB 0.72% 21 =21 Kingsway 0.81% -23 Taifook 0.67% - 23 Nomura 0.63% 24 23 Cantor Fitzgerald 0.67% 2224 Daiwa SMBC 0.62% 19 =24 KGI 0.57% - =24 DBS Vickers 0.61% 1725 SBI E2-Capital 0.55% 21 =24 Mainfirst 0.57% - =24 Shenyin & Wanguo 0.61% -26 Cantor Fitzgerald 0.53% 24 =26 China Merchants 0.48% - =24 Taifook 0.61% -

=27 KGI 0.42% - =26 Taifook 0.48% - 27 Kim Eng 0.54% 24=27 MainFirst 0.42% - 28 Kim Eng 0.38% 22 =28 Barclays Capital 0.40% -

29 China Merchants 0.35% - 29 Daiwa SMBC 0.24% 18 =28 Piper Jaffray 0.40% -=30 Piper Jaffray 0.32% - 30 RBS 0.34% -=30 Shenyin & Wanguo 0.32% - * Polling period prior to the acquisition by Nomura


HONG KONG

SALES TRADING SALES TRADING SALES TRADINGOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 27.90% 1 1 CLSA 29.78% 1 1 CLSA 23.46% 12 UBS 12.60% 2 2 UBS 13.19% 2 2 UBS 15.83% 23 J.P.Morgan 9.07% 3 3 J.P.Morgan 8.56% 4 3 Goldman Sachs 10.98% 74 Goldman Sachs 7.59% 7 4 Goldman Sachs 8.24% 7 4 Morgan Stanley 7.48% 85 Credit Suisse 7.18% 4 5 Credit Suisse 7.82% 3 5 Merrill Lynch 6.86% 146 Citi 6.97% 5 6 Merrill Lynch 6.38% 10 6 Citi 6.55% 57 Morgan Stanley 6.36% 8 7 Citi 6.12% 6 7 Deutsche Bank 5.90% 68 Merrill Lynch 5.25% 11 8 Morgan Stanley 5.92% 8 8 J.P.Morgan 5.80% 49 Deutsche Bank 4.11% 6 9 Deutsche Bank 3.55% 5 9 Credit Suisse 5.76% 3

10 BNP Paribas 2.19% 9 10 HSBC 1.82% 11 10 CICC 2.32% 1611 HSBC 1.86% 12 11 CICC 1.50% - 11 BNP Paribas 2.09% 912 Nomura 1.65% 13 12 BNP Paribas 1.37% 9 12 HSBC 2.06% 1013 CICC 1.52% 15 13 Macquarie 1.29% 17 13 BOC International 1.41% 1314 Macquarie 1.32% 19 14 Nomura 0.93% 13 14 Macquarie 1.30% 1815 BOC International 0.90% 14 15 Daiwa 0.56% 12 15 Nomura 1.07% -16 Daiwa 0.82% 10 16 BOC International 0.53% 15 16 SBI E2-Capital 0.51% 1117 DBS Vickers 0.47% 16 =17 Cazenove 0.50% - 17 Daiwa 0.34% 1718 Kingsway 0.42% - =17 Kingsway 0.50% - 18 Kim Eng 0.17% -19 Cazenove 0.37% =20 19 DBS Vickers 0.36% 16 19 Lehman Brothers* 0.11% -20 SBI E2-Capital 0.30% 17 =20 China Merchants 0.33% -

=21 China Merchants 0.25% - =20 Taifook 0.33% - * Polling period prior to the acquisition by Nomura=21 Taifook 0.25% - =22 RBS 0.17% -

23 Sun Hung Kai 0.15% - =22 KGI 0.17% -=24 RBS 0.12% - 24 Lehman Brothers* 0.07% 14=24 KGI 0.12% =23=24 Lehman Brothers* 0.12% 18 * Polling period prior to the acquisition by Nomura

27 Kim Eng 0.07% 2628 CIMB 0.03% -

=29 First Shanghai 0.01% -=29 ICEA 0.01% 22=29 UOB Kay Hian 0.01% =23


HONG KONG

MEGA FUNDS HEDGE FUNDSOVERALLEVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 20.73% 1 1 CLSA 22.33% 1 1 CLSA 17.79% 22 UBS 12.55% 2 2 UBS 13.30% 2 2 UBS 14.85% 13 Goldman Sachs 9.23% 3 3 Goldman Sachs 10.63% 3 3 Goldman Sachs 14.06% 34 J.P.Morgan 8.67% 4 4 J.P.Morgan 9.38% 5 =4 J.P.Morgan 7.46% 85 Citi 6.80% 7 5 Merrill Lynch 7.74% 10 =4 Morgan Stanley 7.46% 46 Merrill Lynch 6.52% 10 6 Citi 6.16% 6 6 Merrill Lynch 6.98% 97 Credit Suisse 5.41% 8 7 Morgan Stanley 5.78% 4 7 Citi 6.36% 58 Morgan Stanley 5.39% 5 8 Credit Suisse 5.68% =7 8 Credit Suisse 5.63% 79 CICC 3.54% 13 9 CICC 3.53% =20 9 Deutsche Bank 4.62% 6

10 Deutsche Bank 3.31% 6 10 Macquarie 2.47% 11 10 BNP Paribas 2.66% 1511 Macquarie 2.85% 12 11 HSBC 2.45% 12 =11 CICC 2.08% 1712 BNP Paribas 2.77% 9 12 Deutsche Bank 2.30% =7 =11 Macquarie 2.08% 1013 HSBC 2.47% 14 13 BNP Paribas 2.13% 9 13 BOC International 1.71% 2114 Nomura 1.94% 11 14 DBS Vickers 1.41% 16 14 HSBC 1.44% 1115 BOC International 1.55% 21 15 Nomura 0.94% 14 15 DBS Vickers 1.28% 1416 Daiwa 1.49% 18 16 BOC International 0.65% 19 =16 Nomura 1.10% -17 DBS Vickers 1.41% 15 17 Daiwa 0.63% 17 =16 SBI E2-Capital 1.10% 1618 SBI E2-Capital 0.59% 19 =18 RBS 0.56% - =18 Cazenove 0.37% =1219 Cazenove 0.57% 16 =18 Cazenove 0.56% 15 =18 Daiwa 0.37% -20 Kingsway 0.46% - =18 Kingsway 0.56% - =18 Everbright 0.37% -21 RBS 0.43% - 21 Guotai Junan 0.37% =20 =21 Kim Eng 0.12% -22 Kim Eng 0.30% 23 22 China Merchants 0.19% - =21 Lehman Brothers* 0.12% -23 Guotai Junan 0.27% 28 =23 First Shanghai 0.07% -24 Everbright 0.16% - =23 Kim Eng 0.07% - * Polling period prior to the acquisition by Nomura25 China Merchants 0.13% - =23 Lehman Brothers* 0.07% 13

=26 Fox-Pitt, Kelton 0.08% - 26 Shenyin & Wanguo 0.05% -=26 Piper Jaffray 0.08% -

28 First Shanghai 0.07% 25 * Polling period prior to the acquisition by Nomura=29 Lehman Brothers* 0.05% 17=29 UOB Kay Hian 0.05% 20=29 CIMB 0.05% -



HONG KONG

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.35% 1 1 CLSA 15.34% 1 1 Citi 9.45% 32 Citi 10.01% 2 2 HSBC 10.82% 8 2 J.P.Morgan 9.23% =103 HSBC 9.25% 9 3 Citi 9.26% 2 3 HSBC 9.01% =84 J.P.Morgan 7.47% 6 4 J.P.Morgan 8.50% =3 4 Goldman Sachs 6.81% =15 Macquarie 6.61% 16 5 Macquarie 7.25% =16 =5 CICC 6.15% -6 Goldman Sachs 5.87% 3 6 Goldman Sachs 6.28% 5 =5 CLSA 6.15% =17 CICC 4.96% 15 7 CICC 5.10% - =5 Lehman Brothers* 6.15% -8 BOC International 4.57% =13 8 Merrill Lynch 4.65% 11 =5 Macquarie 6.15% =89 Credit Suisse 3.91% 7 9 UBS 3.98% =12 9 Credit Suisse 6.08% 4

=10 Deutsche Bank 3.47% 5 10 Lehman Brothers* 3.76% 15 10 BOC International 5.93% =10=10 UBS 3.47% =13 11 Credit Suisse 3.24% 7 11 Deutsche Bank 5.49% 5

12 Merrill Lynch 3.37% 11 12 BOC International 3.09% =12 12 Merrill Lynch 4.69% -13 Daiwa 3.35% 19 13 BNP Paribas 2.95% =16 13 Morgan Stanley 4.62% 714 Nomura 3.01% 4 14 Morgan Stanley 2.68% 10 14 UBS 2.86% -15 BNP Paribas 2.92% 17 15 Daiwa 2.42% 14 =15 BNP Paribas 1.76% =1216 Morgan Stanley 2.77% 12 16 Deutsche Bank 2.10% 6 =15 Yuanta 1.76% -17 Lehman Brothers* 2.72% 18 17 DBS Vickers 1.88% =20 =17 CIMB 1.32% =1618 DBS Vickers 1.56% 10 18 Nomura 1.74% =3 =17 Daiwa 1.32% -19 Kingsway 1.51% - =19 Cazenove 1.34% 22 =17 Nomura 1.32% =1220 Cazenove 1.02% 20 =19 Kingsway 1.34% - =17 SBI E2-Capital 1.32% 621 SBI E2-Capital 0.83% 8 21 Yuanta 1.07% - =17 Taifook 1.32% -22 Yuanta 0.78% - 22 ICEA 0.67% - 22 ICEA 1.10% -23 CIMB 0.73% 24 23 First Shanghai 0.54% =1624 Taifook 0.58% - * Polling period prior to the acquisition by Nomura25 ICEA 0.53% =25 * Polling period prior to the acquisition by Nomura26 First Shanghai 0.39% =22


MOST IMPROVED BROKERAGEMOST IMPROVED BROKERAGE

HONG KONG

OVERALL MEGA FUNDS HEDGE FUNDSMOST IMPROVED BROKERAGE


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Stanley Wong Citi 4.04% 1 1 Stanley Wong Citi 4.64% 1 1 Stanley Wong Citi 3.85% =102 Danny Chiang Citi 3.35% 2 2 Vonnie Chan CLSA 3.21% 2 2 Maryann Tseng BOC International 2.87% 93 Vonnie Chan CLSA 2.70% 3 3 Danny Chiang Citi 3.04% 3 3 Loretta Ng Morgan Stanley 2.62% -4 Maryann Tseng BOC International 2.40% 13 4 Nial Gooding UBS 2.95% 6 4 Christopher Tang Merrill Lynch 2.16% -5 Nial Gooding UBS 2.37% 6 5 Loretta Ng Morgan Stanley 2.48% 10 5 Ingrid Wong Deutsche Bank 2.11% -6 Loretta Ng Morgan Stanley 1.89% 8 6 Marvin Pang HSBC 1.62% =23 6 Lai Man Wong Deutsche Bank 2.06% -7 Marvin Pang HSBC 1.54% 14 7 Yinan Wang CLSA 1.59% - 7 Ronald Cheung UBS 1.99% -

=8 Alfred Li Credit Suisse 1.38% - 8 Judy Tom Morgan Stanley 1.42% - 8 Vonnie Chan CLSA 1.85% 16=8 Polly Ong CLSA 1.38% 19 =9 Alfred Li Credit Suisse 1.41% - 9 Alfred Li Credit Suisse 1.80% -10 Yinan Wang CLSA 1.37% - =9 Christopher Tang Merrill Lynch 1.41% =15 =10 Joseph Mirpuri Merrill Lynch 1.79% -11 Natalie Wan Goldman Sachs 1.28% 4 11 Ingrid Wong Deutsche Bank 1.34% - =10 Polly Ong CLSA 1.79% -

=12 Ronald Cheung UBS 1.21% - 12 Maryann Tseng BOC International 1.32% 9 12 Natalie Wan Goldman Sachs 1.60% 4=12 George Chan CLSA 1.21% 15 13 Lai Man Wong Deutsche Bank 1.31% - 13 Nial Gooding UBS 1.56% 2

14 Christopher Tang Merrill Lynch 1.20% 22 14 Polly Ong CLSA 1.25% 27 14 Marvin Pang HSBC 1.48% -15 Kerry Chan HSBC 1.14% - =15 George Chan CLSA 1.24% - =15 Raymond Chan UBS 1.42% =1816 Ingrid Wong Deutsche Bank 1.11% - =15 Stephen Kam Merrill Lynch 1.24% - =15 Stephen Kam Merrill Lynch 1.42% -17 Judy Tom Morgan Stanley 1.09% - 17 Ronald Cheung UBS 1.19% - =15 Wayne Chu BNP Paribas 1.42% -18 Yoichiro Sano Nomura 1.07% =23 18 Joseph Mirpuri Merrill Lynch 1.14% - =18 Jack McFerran J.P.Morgan 1.32% -19 Newman Mou J.P.Morgan 1.06% - 19 Michael Chan Goldman Sachs 1.09% - =18 Paul Cheung Deutsche Bank 1.32% -20 Lai Man Wong Deutsche Bank 1.00% - 20 Newman Mou J.P.Morgan 1.02% - =20 Aki Yoda UBS 1.27% =2021 Stephen Kam Merrill Lynch 0.95% - 21 Kerry Chan HSBC 0.99% - =20 Danny Chiang Citi 1.27% 322 Oon Har Lee HSBC 0.94% - 22 Joanne Yau DBS Vickers 0.96% - =22 Esther Wong CICC 1.21% 1723 Joanne Yau DBS Vickers 0.93% - 23 Alan Li Deutsche Bank 0.94% - =22 Faye Ye UBS 1.21% -

=24 Alan Li Deutsche Bank 0.87% - 24 Natalie Wan Goldman Sachs 0.93% 5 24 Jason Chew UBS 1.12% -=24 Joseph Mirpuri Merrill Lynch 0.87% - 25 Gary Mui Merrill Lynch 0.92% - =25 Alan Li Deutsche Bank 1.11% -

26 Michael Chan Goldman Sachs 0.83% - =26 Raymond Chan UBS 0.90% - =25 Christine Zheng SBI E2-Capital 1.11% 627 Lydia Leung CICC 0.79% 30 =26 Wayne Chu BNP Paribas 0.90% - =27 Adeline Ma CLSA 1.05% 728 Gary Mui Merrill Lynch 0.78% - 28 Oon Har Lee HSBC 0.88% - =27 Alan Chen CLSA 1.05% -

=29 Esther Wong Nomura 0.70% =20 =29 Adeline Ma CLSA 0.84% 18 =27 Lydia Leung CICC 1.05% -=29 Paul Cheung Deutsche Bank 0.70% - =29 Jack McFerran J.P.Morgan 0.84% - =30 Eric Mak BOC International 1.00% -

=29 Lydia Leung CICC 0.84% - =30 Marta Obando Citi 1.00% -=29 Monique France Morgan Stanley 0.84% - =30 Nick Paolucci J.P.Morgan 1.00% -=29 Paul Cheung Deutsche Bank 0.84% - =30 Sandy Li Daiwa SMBC 1.00% -=29 Winnie Sze CLSA 0.84% -


HONG KONG



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 23.44% 1 1 CLSA 23.63% 1 1 CLSA 26.91% 32 DSP Merrill Lynch 10.23% 2 2 DSP Merrill Lynch 10.34% 2 2 DSP Merrill Lynch 9.89% 13 Kotak 7.87% 6 3 Morgan Stanley 7.90% 3 3 Kotak 8.29% 54 Morgan Stanley 7.40% 3 4 Credit Suisse 7.41% 9 4 Morgan Stanley 7.51% 25 Credit Suisse 6.78% 9 5 Kotak 6.94% 5 5 Motilal Oswal 6.71% 66 Citi 5.62% 4 6 Citi 5.92% 6 6 Citi 5.59% 47 J.P.Morgan 4.69% 13 7 J.P.Morgan 5.50% 12 =7 Credit Suisse 4.58% 88 IDFC-SSKI* 4.41% 7 8 Motilal Oswal 5.46% 4 =7 Goldman Sachs 4.58% =199 Motilal Oswal 4.33% 5 9 UBS 4.02% 8 9 J.P.Morgan 4.30% 13

10 UBS 3.90% 8 10 IIFL 3.63% - 10 UBS 4.07% 711 IIFL 3.62% - 11 IDFC-SSKI* 3.56% 7 =11 Enam 3.87% =1412 Enam 2.96% 11 12 Macquarie 3.45% 14 =11 IDFC-SSKI* 3.87% 913 Macquarie 2.58% =14 13 Goldman Sachs 3.17% 19 =11 IIFL 3.87% -14 Deutsche Bank 2.47% 10 14 Deutsche Bank 2.46% 10 14 Edelweiss 1.54% =1415 Edelweiss 2.45% =14 15 Enam 1.17% =20 15 Macquarie 1.02% 1216 Goldman Sachs 2.37% 21 16 BNP Paribas 0.94% - 16 MF Global 0.94% -17 B&K 0.82% 12 17 Edelweiss 0.85% 13 17 Deutsche Bank 0.82% 1018 ICICI 0.77% 20 18 RBS 0.70% - 18 Antique 0.78% -19 BNP Paribas 0.67% - 19 MF Global 0.56% - 19 HSBC 0.39% 1620 RBS** 0.58% 22 20 Lehman Brothers** 0.50% - =20 B&K 0.23% 1121 MF Global 0.40% =26 =21 Antique 0.47% - =20 First Global 0.23% -22 HSBC 0.37% 16 =21 ICICI 0.47% -23 Lehman Brothers*** 0.36% - 23 HSBC 0.23% =16 * IDFC-SSKI - 2007 ranking of SSKI24 Antique 0.33% - =24 Fox-Pitt, Kelton 0.16% -25 Prabhudas Lilladher 0.12% =24 =24 Prabhudas Lilladher 0.16% 22

=26 SBICAP 0.11% - =24 SBICAP 0.16% -=26 Fox-Pitt, Kelton 0.11% - 27 B&K 0.10% 11

28 First Global 0.10% - 28 PINC 0.08% -29 PINC 0.06% - =29 Emkay 0.03% 1530 Religare 0.03% - =29 Navratan Capital & Securities 0.03% -

* IDFC-SSKI - 2007 ranking of SSKI * IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO ** Polling period prior to the acquisition by Nomura*** Polling period prior to the acquisition by Nomura

INDIA

OVERALL MEGA FUNDS HEDGE FUNDSOVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. INDIA: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Credit Suisse 16.84% 2 1 Credit Sussie 20.01% 3 1 CLSA 22.11% 102 CLSA 16.56% 3 2 Morgan Stanley 16.14% 1 2 Morgan Stanley 14.55% 33 Morgan Stanley 14.20% 1 3 CLSA 14.82% 4 3 Credit Sussie 12.80% 14 Kotak 9.96% =9 4 Kotak 8.46% 9 4 Kotak 9.89% 95 DSP Merrill Lynch 8.43% 7 5 DSP Merrill Lynch 7.11% 7 5 Enam 9.31% 166 Enam 7.64% =9 6 Enam 6.51% 11 6 DSP Merrill Lynch 8.28% 47 IIFL 4.60% - 7 IIFL 4.60% - 7 IIFL 3.88% -8 J.P.Morgan 3.17% 11 8 J.P.Morgan 3.49% 10 8 Edelweiss 3.43% -9 UBS 2.67% 4 9 UBS 2.94% 2 9 Deutsche Bank 2.91% 6

10 Edelweiss 2.36% 19 =10 Deutsche Bank 2.23% 8 10 Motilal Oswal 2.36% 811 Deutsche Bank 2.24% 8 =10 Lehman Brothers* 2.23% - 11 IDFC-SSKI* 1.94% 1212 Citi 2.04% 5 12 IDFC-SSKI** 1.70% 12 12 Lehman Brothers** 1.75% -13 IDFC-SSKI* 1.77% 12 =13 Edelweiss 1.67% - =13 ICICI 1.55% 1714 Motilal Oswal 1.67% 6 =13 Motilal Oswal 1.67% 5 =13 J.P.Morgan 1.55% 715 Lehman Brothers** 1.58% - 15 Citi 1.54% 6 15 Citi 1.36% 516 ICICI 1.13% 18 16 RBS 1.18% - 16 Religare 0.97% -17 RBS 0.83% - 17 ICICI 1.01% - 17 Goldman Sachs 0.78% -18 Goldman Sachs 0.61% =20 18 Goldman Sachs 0.86% - 18 UBS 0.58% 2

=19 AnandRathi 0.43% - =19 AnandRathi 0.59% -=19 Macquarie 0.43% 13 =19 Macquarie 0.59% 13 * IDFC-SSKI - 2007 ranking of SSKI

21 Religare 0.42% - =19 Religare 0.59% - ** Polling period prior to the acquisition by Nomura22 B&K 0.29% 17 22 First Global 0.08% 1523 First Global 0.06% 1424 HSBC 0.04% 23 * Polling period prior to the acquisition by Nomura25 HDFC 0.02% =20 ** IDFC-SSKI - 2007 ranking of SSKI26 SBICAP 0.01% -

* IDFC-SSKI - 2007 ranking of SSKI** Polling period prior to the acquisition by Nomura

INDIA

STRATEGY STRATEGY STRATEGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 23.68% 1 1 Citi 24.49% 1 1 Morgan Stanley 22.58% 32 Morgan Stanley 20.08% 2 2 Morgan Stanley 23.49% 2 2 Citi 18.95% 13 DSP Merrill Lynch 10.12% 5 3 DSP Merrill Lynch 9.51% 6 3 Goldman Sachs 11.70% 84 CLSA 9.70% 4 4 CLSA 8.85% 4 4 CLSA 11.52% 65 Goldman Sachs 6.69% 9 5 Goldman Sachs 7.29% 9 5 DSP Merrill Lynch 6.95% 76 Kotak 5.32% 6 6 UBS 4.64% 5 6 Kotak 6.67% =97 J.P.Morgan 4.14% 12 7 Kotak 4.50% 8 =7 Enam 3.29% =138 UBS 3.62% 7 8 J.P.Morgan 3.28% 11 =7 IIFL 3.29% -9 Credit Suisse 2.32% 3 9 IIFL 2.46% - =7 J.P.Morgan 3.29% =9

10 Enam 2.25% 13 10 Enam 1.84% - 10 Credit Suisse 2.56% 211 Edelweiss 1.88% - 11 Credit Suisse 1.76% 3 11 Deutsche Bank 2.29% 512 IIFL 1.72% - 12 Deutsche Bank 1.37% 7 12 UBS 1.83% 413 AnandRathi 1.52% - 13 RBS 1.19% - 13 Edelweiss 1.71% -14 Deutsche Bank 1.46% 8 14 AnandRathi 1.07% - =14 Lehman Brothers* 0.91% -15 Lehman Brothers* 0.88% - 15 Edelweiss 0.99% - =14 Religare 0.91% -16 RBS 0.83% - =16 Lehman Brothers* 0.59% - 16 AnandRathi 0.82% -17 ICICI 0.76% 15 =16 Macquarie 0.59% - 17 Barclays Capital 0.73% -18 B&K 0.62% 10 =16 Religare 0.59% -

=19 IDFC-SSKI** 0.50% 17 19 Barclays Capital 0.48% - * Polling period prior to the acquisition by Nomura=19 Macquarie 0.50% - 20 Motilal Oswal 0.30% 12

21 Religare 0.42% - 21 IDFC-SSKI 0.24% -22 Motilal Oswal 0.35% 14 =22 Fox-Pitt, Kelton 0.20% -23 Barclays Capital 0.33% - =22 SBICAP 0.20% -

=24 Fox-Pitt, Kelton 0.14% - 24 B&K 0.08% 10=24 SBICAP 0.14% -

26 MF Global 0.02% - * Polling period prior to the acquisition by Nomura27 Mata 0.01% -

* Polling period prior to the acquisition by Nomura** IDFC-SSKI - 2007 ranking of SSKI


INDIA

MACROECONOMICS MACROECONOMICS MACROECONOMICSOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 B&K 19.05% 2 1 B&K 19.42% 1 1 B&K 21.80% 32 CLSA 12.98% 7 2 CLSA 14.82% 7 2 IDFC-SSKI* 11.15% 13 IDFC-SSKI* 12.23% 1 3 IDFC-SSKI* 11.58% 2 3 CLSA 10.75% =134 Edelweiss 10.31% 5 4 Motilal Oswal 10.44% 4 4 Motilal Oswal 9.49% 25 Motilal Oswal 8.41% 4 5 Edelweiss 8.91% 5 5 Edelweiss 8.69% 86 Emkay 5.01% 6 6 Emkay 4.93% 6 6 IIFL 6.77% -7 Prabhudas Lilladher 4.86% 3 7 Kotak 3.84% =12 7 Emkay 5.67% 58 Kotak 3.88% 13 8 PINC 3.41% - 8 Prabhudas Lilladher 5.08% 49 IIFL 3.60% - 9 Prabhudas Lilladher 3.26% 3 9 Kotak 3.98% =9

10 UBS 2.96% 11 10 UBS 2.73% =10 10 Enam 3.58% =1311 PINC 2.67% - 11 Enam 2.68% 9 =11 Religare 2.59% -12 Enam 2.53% 8 12 RBS 2.05% - =11 UBS 2.59% 7

=13 RBS 1.43% - 13 DSP Merrill Lynch 1.91% =10 13 J.P.Morgan 1.99% -=13 Religare 1.43% - 14 IIFL 1.77% - 14 Alchemy Shares 1.29% -

15 DSP Merrill Lynch 1.37% 12 15 Centrum 1.43% - 15 Aadhar 1.00% -16 Citi 1.13% 9 16 Religare 1.36% - =16 JM Financial 0.80% -

=17 Centrum 1.00% - 17 Citi 1.02% 8 =16 DSP Merrill Lynch 0.80% =9=17 J.P.Morgan 1.00% - 18 JM Financial 0.72% - =16 Spark Capital 0.80% -

19 Alchemy Shares 0.62% 15 =19 Aadhar 0.68% - =19 Karvy 0.60% =1320 JM Financial 0.53% - =19 Alchemy Shares 0.68% - =19 Prime 0.60% 621 Aadhar 0.48% - 21 Spark Capital 0.64% -22 Spark Capital 0.45% - =22 J.P.Morgan 0.55% - * IDFC-SSKI - 2007 ranking of SSKI23 Lehman Brothers** 0.38% - =22 Lehman Brothers** 0.55% -

=24 Karvy 0.29% 20 =24 Antique 0.23% -=24 Prime 0.29% 10 =24 Dolat Capital Market 0.23% -=26 Ambit Capital 0.19% 26 26 SBICAP 0.15% -=26 Deutsche Bank 0.19% -=28 Antique 0.17% 24 * IDFC-SSKI - 2007 ranking of SSKI=28 Dolat Capital Market 0.17% - ** Polling period prior to the acquisition by Nomura

30 SBICAP 0.11% -


OVERALL MEGA FUNDS

INDIA

SMALL CAPSSMALL CAPSSMALL CAPSHEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 13.58% 11 1 CLSA 16.55% 9 1 Morgan Stanley 14.63% 12 Morgan Stanley 11.46% 1 2 Morgan Stanley 12.42% 1 2 Kotak 11.70% =93 Kotak 8.88% 3 3 Motilal Oswal 8.72% 2 3 Motilal Oswal 11.49% 24 Motilal Oswal 8.63% 2 4 Credit Suisse 7.55% 6 4 CLSA 11.08% 115 Citi 6.63% 5 5 Kotak 7.31% 3 5 Citi 8.22% 66 Credit Suisse 5.84% 6 6 Citi 7.28% 8 6 Deutsche Bank 6.69% 87 IDFC-SSKI* 5.58% 4 7 J.P.Morgan 5.20% =10 7 IDFC-SSKI* 6.58% 58 J.P.Morgan 5.17% 12 8 IDFC-SSKI* 5.02% 5 8 Enam 4.28% 129 Deutsche Bank 4.91% 8 9 Deutsche Bank 4.46% 7 9 Goldman Sachs 4.18% 17

10 Goldman Sachs 3.95% 15 10 Goldman Sachs 3.93% 15 10 Credit Suisse 3.03% 311 DSP Merrill Lynch 3.58% 9 =11 Macquarie 3.03% =10 11 ICICI 2.93% -12 Enam 2.82% 14 =11 DSP Merrill Lynch 3.03% =12 12 Macquarie 2.61% =913 Macquarie 2.75% 10 13 IIFL 2.04% - 13 DSP Merrill Lynch 2.23% 714 Edelweiss 2.67% 16 14 Enam 1.84% 14 =14 RBS 2.09% -15 ICICI 2.40% =24 15 RBS** 1.80% =21 =14 Religare 2.09% -16 RBS** 1.83% 19 16 Fox-Pitt, Kelton 1.43% =16 16 J.P.Morgan 1.99% 1517 IIFL 1.66% - 17 ICICI 1.39% - 17 Edelweiss 1.88% 1418 B&K 1.14% 18 18 Edelweiss 1.29% =21 18 B&K 1.25% 1619 UBS 1.10% 7 =19 Religare 1.23% - 19 IIFL 1.04% -20 Fox-Pitt, Kelton 1.03% 21 =19 UBS 1.23% 421 Religare 0.85% - 21 SBICAP 0.89% - * IDFC-SSKI - 2007 ranking of SSKI22 SBICAP 0.66% - 22 Emkay 0.78% =2123 Lehman Brothers** 0.62% - 23 B&K 0.58% =1824 Emkay 0.54% 26 =24 Lehman Brothers*** 0.41% -

=25 BOC International 0.51% - =24 Prabhudas Lilladher 0.41% =18=25 HSBC 0.51% 13 26 Alchemy Shares 0.20% -

27 Prabhudas Lilladher 0.28% 1728 Alchemy Shares 0.15% 27 * IDFC-SSKI - 2007 ranking of SSKI29 JM Financial 0.13% - ** RBS - 2007 ranking of ABN AMRO30 Barclays Capital 0.08% - *** Polling period prior to the acquisition by Nomura

* IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO*** Polling period prior to the acquisition by Nomura

OVERALL MEGA FUNDS HEDGE FUNDSBANKSBANKS

INDIA

BANKS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 12.30% 5 1 CLSA 13.05% =6 1 IDFC-SSKI* 13.33% 22 IDFC-SSKI* 11.83% 1 2 IDFC-SSKI* 11.24% 2 2 CLSA 11.79% 113 Citi 9.71% 8 3 DSP Merrill Lynch 9.63% 1 3 Citi 9.78% 84 DSP Merrill Lynch 8.90% 2 4 Citi 8.44% 12 4 DSP Merrill Lynch 8.68% 15 J.P.Morgan 7.14% 17 5 UBS 8.24% 5 5 UBS 8.62% 76 UBS 6.65% 7 6 J.P.Morgan 7.48% 14 6 Motilal Oswal 8.31% 107 Deutsche Bank 5.91% 3 7 Motilal Oswal 7.07% =6 7 B&K 5.54% 98 Motilal Oswal 5.69% 6 8 Kotak 4.84% 13 8 Kotak 5.13% 129 Kotak 5.20% 12 9 B&K 4.76% =9 9 Deutsche Bank 4.51% 3

10 B&K 5.11% 9 10 Deutsche Bank 4.44% 4 10 Enam 3.90% -11 IIFL 3.29% - 11 IIFL 3.86% - =11 Credit Suisse 2.46% 412 Enam 3.20% 13 12 Macquarie 3.52% - =11 Edelweiss 2.46% 613 Macquarie 2.63% - 13 Enam 2.79% =15 =11 J.P.Morgan 2.46% -14 Edelweiss 2.32% 10 14 Morgan Stanley 2.03% 8 =14 IIFL 2.36% -15 Morgan Stanley 2.26% 11 15 Religare 1.30% - =14 Macquarie 2.36% -16 Credit Suisse 1.63% 4 16 RBS 1.25% - 16 Religare 2.05% -17 RBS** 1.51% 24 17 Credit Suisse 1.17% 3 17 Morgan Stanley 1.95% 518 Religare 1.12% - 18 Goldman Sachs 1.04% - =18 RBS 1.64% -19 HSBC 0.81% 14 19 HSBC 0.86% 11 =18 Goldman Sachs 1.64% -20 Goldman Sachs 0.75% - 20 Prabhudas Lilladher 0.74% =15 20 HSBC 1.03% -21 Prabhudas Lilladher 0.53% 15 21 Fox-Pitt, Kelton 0.65% -22 Fox-Pitt, Kelton 0.47% - 22 Edelweiss 0.43% =9 * IDFC-SSKI - 2007 ranking of SSKI23 Emkay 0.37% 20 23 Emkay 0.32% 1724 MF Global 0.25% - =24 Alchemy Shares 0.29% -25 Alchemy Shares 0.21% - =24 MF Global 0.29% -

=26 JM Financial 0.09% - =26 JM Financial 0.13% -=26 Lehman Brothers*** 0.09% - =26 Lehman Brothers** 0.13% -

28 Sharekhan 0.02% -* IDFC-SSKI - 2007 ranking of SSKI

* IDFC-SSKI - 2007 ranking of SSKI ** Polling period prior to the acquisition by Nomura** RBS - 2007 ranking of ABN AMRO*** Polling period prior to the acquisition by Nomura

OVERALL MEGA FUNDSCAPITAL GOODS

INDIA

CAPITAL GOODS CAPITAL GOODSHEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 13.24% 2 1 CLSA 12.21% 2 1 CLSA 18.20% =62 Kotak 11.41% 1 2 Goldman Sachs 10.33% 9 2 Goldman Sachs 10.03% =63 Citi 8.68% 3 3 Kotak 9.17% 1 3 Citi 9.65% 14 DSP Merrill Lynch 8.20% 5 4 UBS 8.94% 16 4 Kotak 9.10% 35 Goldman Sachs 7.63% 11 5 Citi 8.80% 4 5 UBS 7.65% -6 UBS 7.58% 17 6 DSP Merrill Lynch 8.32% 5 6 Enam 7.34% 167 Credit Suisse 5.86% 6 7 Credit Suisse 6.13% 7 7 DSP Merrill Lynch 6.69% 48 Enam 4.77% 13 8 Enam 4.36% 13 8 IIFL 4.96% -9 J.P.Morgan 4.05% 14 9 J.P.Morgan 4.21% 14 9 Credit Suisse 4.76% =6

10 Edelweiss 3.13% 18 10 IIFL 3.58% - 10 Macquarie 3.83% =1011 IIFL 3.06% - 11 Edelweiss 3.21% 18 11 B&K 2.69% 1512 Motilal Oswal 2.92% 8 12 Macquarie 2.92% =11 12 J.P.Morgan 2.28% 1413 Macquarie 2.76% 9 13 Morgan Stanley 2.75% 3 =13 Antique 2.07% -14 Morgan Stanley 2.52% 4 14 Deutsche Bank 2.60% 15 =13 Religare 2.07% -15 Deutsche Bank 2.44% 16 15 Motilal Oswal 2.56% 6 15 Motilal Oswal 2.00% 916 IDFC-SSKI* 2.27% 7 =16 RBS 2.14% - 16 IDFC-SSKI* 1.86% 517 B&K 2.21% 12 =16 IDFC-SSKI* 2.14% 8 =17 Deutsche Bank 1.65% 1318 RBS** 1.94% 19 18 B&K 1.28% 17 =17 Morgan Stanley 1.65% 219 Antique 1.02% - =19 Antique 1.27% - 19 Alchemy Shares 0.83% -20 Religare 0.92% - =19 Religare 1.27% - 20 Edelweiss 0.69% -21 BNP Paribas 0.83% - 21 BNP Paribas 0.63% -22 ICICI 0.62% 24 22 Alchemy Shares 0.51% - * IDFC-SSKI - 2007 ranking of SSKI23 Lehman Brothers*** 0.61% - 23 Prabhudas Lilladher 0.32% =2024 HSBC 0.55% 10 24 ICICI 0.28% -25 Alchemy Shares 0.38% - 25 Lehman Brothers** 0.08% -26 Prabhudas Lilladher 0.23% 2327 MF Global 0.14% - * IDFC-SSKI - 2007 ranking of SSKI28 HDFC 0.05% 22 ** Polling period prior to the acquisition by Nomura


OVERALL

INDIA

ENERGY ENERGY ENERGYMEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 15.85% 1 1 Macquarie 18.56% 1 1 Macquarie 15.93% 12 CLSA 9.05% 9 2 CLSA 7.63% 7 2 CLSA 13.35% =83 Morgan Stanley 8.07% 2 3 Morgan Stanley 7.44% 2 3 Motilal Oswal 8.40% =64 DSP Merrill Lynch 6.72% 5 4 Motilal Oswal 7.23% 9 4 Citi 5.88% 105 Motilal Oswal 6.43% 10 5 DSP Merrill Lynch 7.10% 5 5 UBS 5.38% =46 Citi 5.97% 6 6 Citi 6.51% 8 6 Morgan Stanley 5.06% 27 Credit Suisse 4.71% =13 7 Credit Suisse 5.55% 13 7 Enam 4.95% 38 Kotak 4.48% 12 8 UBS 5.46% 6 8 Credit Suisse 4.63% =149 UBS 4.31% 8 9 Kotak 4.30% =17 =9 Goldman Sachs 4.09% 11

10 Enam 4.26% 3 10 Goldman Sachs 3.80% 12 =9 Kotak 4.09% -11 Goldman Sachs 4.17% =13 11 J.P.Morgan 3.20% =10 11 DSP Merrill Lynch 4.02% =412 Deutsche Bank 3.40% 11 12 ICICI 2.84% =17 =12 B&K 3.01% =1213 IDFC-SSKI* 3.35% 4 13 B&K 2.66% =14 =12 Edelweiss 3.01% -14 Edelweiss 2.98% 16 14 IDFC-SSKI* 2.63% 3 14 ICICI 2.80% -15 J.P.Morgan 2.85% 7 15 Edelweiss 2.41% - 15 IDFC-SSKI* 2.58% =616 B&K 2.62% 17 16 IIFL 2.33% - 16 J.P.Morgan 2.26% =1417 ICICI 2.52% 23 17 Enam 1.86% 4 =17 RBS** 2.15% =1218 IIFL 2.02% - 18 Deutsche Bank 1.84% =10 =17 Religare 2.15% -19 RBS** 1.31% 15 19 RBS** 1.78% =14 =19 Alchemy Shares 1.72% -20 Religare 1.18% 27 20 Religare 1.33% - =19 IIFL 1.72% -21 Alchemy Shares 0.83% - 21 Alchemy Shares 1.07% - 21 Deutsche Bank 1.51% =822 Emkay 0.67% - 22 Emkay 0.78% - 22 HDFC 1.29% -23 HDFC 0.59% 21 =23 Asian Markets 0.67% -

=24 BNP Paribas 0.49% - =23 BNP Paribas 0.67% - * IDFC-SSKI - 2007 ranking of SSKI=24 Asian Markets 0.49% - 25 JM Financial 0.18% - ** RBS - 2007 ranking of ABN AMRO

26 Antique 0.20% - 26 Lehman Brothers*** 0.17% -27 Centrum 0.17% -28 JM Financial 0.13% - * IDFC-SSKI - 2007 ranking of SSKI29 Lehman Brothers*** 0.12% - ** RBS - 2007 ranking of ABN AMRO30 HSBC 0.03% - *** Polling period prior to the acquisition by Nomura


MATERIALS MATERIALS MATERIALSHEDGE FUNDSOVERALL MEGA FUNDS

INDIA


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 38.17% 1 1 CLSA 41.80% 1 1 CLSA 43.28% 22 J.P.Morgan 10.90% 3 2 J.P.Morgan 10.81% 3 2 Citi 10.50% 53 Kotak 8.16% 6 3 Citi 8.32% 4 3 Kotak 9.23% 64 Citi 7.56% 5 4 Kotak 6.97% 6 4 J.P.Morgan 7.79% 35 DSP Merrill Lynch 6.31% 4 5 DSP Merrill Lynch 5.41% 5 5 DSP Merrill Lynch 5.20% 76 IIFL* 3.72% 27 6 UBS 3.92% 2 6 IIFL* 3.69% 187 UBS 3.56% 2 7 Morgan Stanley 3.78% 9 7 Enam 3.28% -8 Credit Suisse 3.27% 7 8 IIFL 3.59% - =8 Morgan Stanley 2.05% =139 Morgan Stanley 3.02% 9 9 Enam 2.43% - =8 Religare 2.05% -

10 Enam 2.56% 14 10 Credit Suisse 2.24% 7 10 Edelweiss 1.85% -11 Edelweiss 1.60% =20 11 Lehman Brothers* 1.59% - =11 Deutsche Bank 1.64% 1712 JM Financial 1.48% - =12 Goldman Sachs 1.38% - =11 IDFC-SSKI** 1.64% =1513 Lehman Brothers** 1.38% - =12 Religare 1.38% - =13 Lehman Brothers*** 1.44% -14 Deutsche Bank 1.11% =25 14 Deutsche Bank 1.20% 20 =13 UBS 1.44% 115 IDFC-SSKI*** 1.10% 10 15 IDFC-SSKI** 1.18% 19 =15 Credit Suisse 1.23% 4

=16 Goldman Sachs 0.95% =22 16 Macquarie 1.04% =10 =15 Motilal Oswal 1.23% 8=16 Religare 0.95% - 17 JM Financial 0.78% - 17 Goldman Sachs 1.03% =15

18 Motilal Oswal 0.88% 8 =18 RBS*** 0.69% 16 18 B&K 0.62% 1219 ICICI 0.86% 11 =18 SBICAP 0.69% - 19 Macquarie 0.51% =920 Macquarie 0.75% =12 20 ICICI 0.41% =13 20 ICICI 0.31% -21 RBS**** 0.49% 17 21 Prabhudas Lilladher 0.23% -22 SBICAP 0.48% 30 22 Navratan Capital & Securities 0.15% - * IIFL - 2007 ranking of India Infoline23 B&K 0.33% =18 ** IDFC-SSKI - 2007 ranking of SSKI24 Prabhudas Lilladher 0.16% =22 * Polling period prior to the acquisition by Nomura *** Polling period prior to the acquisition by Nomura25 Navratan Capital & Securities 0.11% - ** IDFC-SSKI - 2007 ranking of SSKI

=26 AnandRathi 0.05% - *** RBS - 2007 ranking of ABN AMRO=26 MF Global 0.05% 29

28 Systematix 0.02% -29 HSBC 0.01% 16

* IIFL - 2007 ranking of India Infoline** Polling period prior to the acquisition by Nomura*** IDFC-SSKI - 2007 ranking of SSKI**** RBS - 2007 ranking of ABN AMRO

SOFTWARE & SERVICES SOFTWARE & SERVICESHEDGE FUNDS

INDIA

SOFTWARE & SERVICESOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 39.06% 1 1 CLSA 43.80% 2 1 CLSA 37.67% 32 Kotak 10.32% 5 2 Kotak 7.96% =5 2 Kotak 9.76% 73 Motilal Oswal 5.98% 2 3 Motilal Oswal 7.24% 1 3 Motilal Oswal 6.83% 14 IDFC-SSKI* 5.03% 4 4 IIFL 5.08% - =4 B&K 5.37% 2

=5 B&K 4.75% 3 5 IDFC-SSKI* 3.77% 4 =4 IDFC-SSKI* 5.37% 4=5 IIFL 4.75% - 6 B&K 3.51% 3 6 Antique 4.88% -

7 Edelweiss 3.38% 14 7 Antique 3.41% - 7 Edelweiss 4.23% -8 Credit Suisse 2.91% =22 8 Morgan Stanley 2.62% - 8 Enam 3.66% =119 Enam 2.51% 9 9 Enam 2.56% - 9 IIFL 3.42% -

10 Antique 2.42% - 10 Edelweiss 2.39% =13 =10 Aadhar 2.44% -11 ICICI 1.93% 11 11 First Global 2.27% =13 =10 Citi 2.44% 1012 Morgan Stanley 1.85% 20 12 Citi 1.90% 10 =10 Morgan Stanley 2.44% 1413 First Global 1.61% 15 =13 Aadhar 1.71% - =13 Deutsche Bank 1.95% 514 DSP Merrill Lynch 1.45% 13 =13 ICICI 1.71% =11 =13 Parag Parikh 1.95% -15 Citi 1.34% 10 15 Macquarie 1.42% 8 =15 Emkay 1.46% =1116 Aadhar 1.21% - =16 BNP Paribas 1.36% - =15 JM Financial 1.46% -17 UBS 1.03% 6 =16 Centrum 1.36% - =15 UBS 1.46% 618 Macquarie 1.01% 7 =16 Credit Suisse 1.36% 17 =18 Lehman Brothers** 1.22% -

=19 Parag Parikh 0.97% - =16 Deutsche Bank 1.36% 7 =18 Macquarie 1.22% 8=19 Centrum 0.97% - =16 Parag Parikh 1.36% - 20 Credit Suisse 0.73% -=19 BNP Paribas 0.97% - 21 Lehman Brothers** 0.85% -=19 Deutsche Bank 0.97% 8 22 SBICAP 0.57% - * IDFC-SSKI - 2007 ranking of SSKI=23 Emkay 0.73% =16 23 HDFC 0.23% - ** Polling period prior to the acquisition by Nomura=23 JM Financial 0.73% - 24 PINC 0.19% -

25 Lehman Brothers** 0.60% -26 J.P.Morgan 0.53% =18 * IDFC-SSKI - 2007 ranking of SSKI27 SBICAP 0.40% - ** Polling period prior to the acquisition by Nomura28 HSBC 0.24% 1229 HDFC 0.16% 2130 PINC 0.13% -


INDIA

MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Sanjeev Prasad Kotak 7.54% 1 1 Bhavtosh Vajpayee CLSA 6.45% 13 1 Bhavtosh Vajpayee CLSA 9.66% 232 Bhavtosh Vajpayee CLSA 5.53% 18 2 Sanjeev Prasad Kotak 5.46% 2 2 Sanjeev Prasad Kotak 8.22% 113 Nilesh Jasani Credit Sussie 4.71% 4 3 Nilesh Jasani Credit Suisse 4.81% =17 3 Nilesh Jasani Credit Suisse 4.15% 104 Ridham Desai Morgan Stanley 3.81% 5 4 Suhas Rema Harinarayana UBS 2.77% 16 4 Shirish Rane IDFC-SSKI 3.25% =75 Shirish Rane IDFC-SSKI 2.34% 17 5 Reena Verma DSP ML 2.40% =22 5 Ridham Desai Morgan Stanley 3.16% 126 Jyoti Jaipuria DSP ML 2.26% 21 6 Aashish Agarwal CLSA 2.28% =22 6 Nilesh Banerjee Goldman Sachs 2.89% -7 Suhas Rema Harinarayanan UBS 2.05% 23 =7 Nilesh Banerjee Goldman Sachs 1.95% - 7 Jyoti Jaipuria DSP ML 2.71% -8 Anirudha Dutta CLSA 1.90% - =7 Ridham Desai Morgan Stanley 1.95% =17 8 Suhas Rema Harinarayana UBS 2.62% =269 Pathik Gandotra IDFC-SSKI 1.84% - 9 Shirish Rane IDFC-SSKI 1.88% - 9 Suresh Mahadevan UBS 2.17% -

10 Reena Verma DSP ML 1.76% 22 10 Jyoti Jaipuria DSP ML 1.87% - 10 Satyam Agarwal Motilal Oswal 2.03% -11 Aashish Agarwal CLSA 1.67% - 11 Pathik Gandotra IDFC-SSKI 1.85% - 11 Rakesh Arora Macquarie 1.94% 112 N.Krishnan CLSA 1.50% 11 12 N. Krishnan CLSA 1.81% 11 12 Mahesh Nandurkar CLSA 1.90% -13 Nilesh Banerjee Goldman Sachs 1.43% - 13 Pratik Gupta Deutsche Bank 1.74% - 13 Gaurav Pathak ICICI 1.76% -14 Nikhil Vora IDFC-SSKI 1.39% 14 14 Mohan Swamy RBS 1.70% - =14 Anirudha Dutta CLSA 1.63% -15 Pratik Gupta Deutsche Bank 1.27% - 15 Bharat Parekh DSP ML 1.37% 8 =14 Nikhil Vora IDFC-SSKI 1.63% -

=16 Mohan Swamy RBS 1.24% - 16 Seshadri Sen Macquarie 1.36% 15 =16 Anirudh Gangahar Goldman Sachs 1.35% -=16 Siddharth Teli ICICI 1.24% - 17 Rajeev Varma DSP ML 1.30% - =16 Ashish Jagnani Citi 1.35% -

18 Rakesh Arora Macquarie 1.23% 3 =18 Gaurav Pathak ICICI 1.29% - =16 Ballabh Modani Enam 1.35% -19 Suresh Mahadevan UBS 1.12% - =18 Anirudha Dutta CLSA 1.29% - =16 Prasad Dahapute Anitque 1.35% =1320 Bhuvnesh Singh Credit Sussie 1.08% - =20 Satyam Agarwal Motilal Oswal 1.27% - =16 Rajat Rajgarhia Motilal Oswal 1.35% =1321 Rahul Singh Citi 1.06% 7 =20 Surendra Goyal Citi 1.27% - =16 Surendra Goyal Citi 1.35% -

=22 Gaurav Pathak ICICI 1.00% - 22 Manish Saxena Deutsche Bank 1.23% =17 =16 Vikash Jain CLSA 1.35% -=22 Bharat Parekh DSP ML 1.00% 6 =23 Anil Agarwal Morgan Stanley 1.13% 4 =23 Rahul Singh Citi 1.26% 22

24 Seshadri Sen Macquarie 0.99% 20 =23 Siddharth Teli ICICI 1.13% - =23 Sanjay Jain Motilal Oswal 1.26% -25 Rajeev Varma DSP ML 0.96% 24 25 Nikhil Vora IDFC-SSKI 1.08% 14 25 Pathik Gandotra IDFC-SSKI 1.17% -26 Mahesh Nandurkar CLSA 0.95% - 26 Pradeep Mirchandani J.P.Morgan 1.02% - =26 Aditya Singhania Credit Suisse 1.08% -27 Satyam Agarwal Motilal Oswal 0.94% - 27 Rakesh Arora Macquarie 0.97% 3 =26 Deepti Chaturvedi CLSA 1.08% -

=28 Surendra Goyal Citi 0.93% - 28 Vipul Prasad Morgan Stanley 0.92% - =26 Somshankar Sinha CLSA 1.08% -=28 Nandan Chakraborty Enam 0.93% 29 =29 Aniruddha Dange IIFL 0.88% =30 =29 Anil Agarwal Morgan Stanley 0.90% 5

30 Manish Saxena Deutsche Bank 0.90% 19 =29 Tushar Poddar Goldman Sachs 0.88% - =29 Anish Desai RBS 0.90% -=29 Harshad Katkar UBS 0.90% -=29 Jatinder Agarwal RBS 0.90% -=29 Mitali Ghosh DSP ML 0.90% -=29 Prabhat Awasthi Lehman Brothers 0.90% -=29 Sanjay Mookim Credit Suisse 0.90% -=29 Shobhit Khare Motilal Oswal 0.90% -=29 Shubham Majumder Macquarie 0.90% 3=29 Vihari Purushothaman Enam 0.90% -

OVERALL MEGA FUNDSBEST ANALYST BEST ANALYST BEST ANALYST

INDIA

HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Kotak 25.88% 1 1 Kotak 29.18% 1 1 Kotak 22.67% 22 IDFC-SSKI* 14.06% 3 2 Motilal Oswal 15.75% 2 2 Motilal Oswal 14.87% 13 Motilal Oswal 14.05% 2 3 IDFC-SSKI* 14.34% 3 3 Edelweiss 12.40% 64 Edelweiss 12.53% 6 4 Edelweiss 9.17% 6 4 IDFC-SSKI* 12.29% 35 Enam 8.84% 4 5 IIFL 8.23% - 5 Enam 9.42% 46 IIFL 8.31% - 6 Enam 8.07% 4 6 IIFL 7.82% -7 B&K 6.21% 5 7 B&K 6.08% 5 7 B&K 7.34% 58 ICICI 3.02% 7 8 JM Financial 2.44% - 8 JM Financial 3.83% -9 JM Financial 2.32% - 9 ICICI 1.58% 8 9 ICICI 1.92% 7

10 Emkay 1.13% 12 10 Antique 1.10% - 10 Emkay 1.76% -11 Antique 1.00% - =11 AnandRathi 0.99% - =11 AnandRathi 1.60% -12 Religare 0.78% =19 =11 Religare 0.99% - =11 Antique 1.60% -13 AnandRathi 0.75% - 13 Emkay 0.95% 12 =11 Religare 1.60% -14 Global Absolute 0.28% - 14 Global Absolute 0.40% - 14 Global Absolute 0.64% -15 Prabhudas Lilladher 0.18% 8 15 Prabhudas Lilladher 0.25% 7 15 Spark Capital 0.24% -16 SBICAP 0.16% =19 16 SBICAP 0.22% -17 Spark Capital 0.11% - =17 Navratan Capital & Securities 0.11% - * IDFC-SSKI - 2007 ranking of SSKI

=18 Navratan Capital & Securities 0.08% - =17 PINC 0.11% -=18 PINC 0.08% - 19 Sushil 0.05% -=20 Ambit 0.07% -=20 Deriviam 0.07% - * IDFC-SSKI - 2007 ranking of SSKI

22 Sushil 0.04% -=23 HDFC 0.02% 13=23 Wallfort 0.02% -

25 Alchemy Shares 0.01% 17

* IDFC-SSKI - 2007 ranking of SSKI

BEST LOCAL BROKERAGE BEST LOCAL BROKERAGEBEST LOCAL BROKERAGE

INDIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.67% 1 1 CLSA 16.61% 2 1 CLSA 16.14% 52 DSP Merrill Lynch 9.56% 5 2 DSP Merrill Lynch 11.13% 5 2 DSP Merrill Lynch 11.20% 43 Edelweiss 7.86% 10 3 Motilal Oswal 9.05% 1 3 Kotak 8.40% 74 Kotak 7.76% 7 4 Kotak 6.08% 8 4 Motilal Oswal 8.06% 25 Motilal Oswal 7.70% 2 5 UBS 5.55% 3 5 Edelweiss 7.62% 96 IDFC-SSKI* 5.31% 6 6 Credit Suisse 5.36% 7 6 B&K 6.89% 147 B&K 4.67% 12 7 Edelweiss 5.09% 10 7 IDFC-SSKI* 5.05% 108 Credit Suisse 4.51% 8 8 Macquarie 4.54% 13 8 UBS 4.53% 19 UBS 4.29% 4 9 Citi 4.22% 4 9 Enam 3.54% 12

10 Citi 3.79% 3 10 Morgan Stanley 3.95% 9 10 J.P.Morgan 3.02% =2111 Macquarie 3.51% 14 11 IDFC-SSKI* 3.77% 6 11 Credit Suisse 2.80% 612 Enam 3.10% 11 12 Deutsche Bank 3.53% 11 12 IIFL 2.51% -13 Morgan Stanley 2.99% 9 13 J.P.Morgan 2.94% 14 13 Morgan Stanley 2.47% 814 Deutsche Bank 2.98% 13 14 B&K 2.89% 12 =14 Citi 2.32% 315 J.P.Morgan 2.67% 15 15 IIFL 2.25% - =14 Macquarie 2.32% 1316 IIFL 2.64% - 16 RBS** 1.77% 17 16 Deutsche Bank 2.25% 1117 RBS** 1.67% 18 17 Enam 1.40% =15 17 JM Financial 1.99% -18 ICICI 1.62% 22 18 JM Financial 1.30% - 18 Goldman Sachs 1.84% =2119 Goldman Sachs 1.46% 25 19 Lehman Brothers*** 1.23% - =19 RBS** 1.11% =1920 JM Financial 0.93% - 20 Goldman Sachs 1.10% =23 =19 Religare 1.11% =2121 Lehman Brothers*** 0.86% - =21 BNP Paribas 0.72% - =21 Emkay 0.96% 2722 Emkay 0.63% 23 =21 Religare 0.72% =23 =21 ICICI 0.96% -23 Antique 0.62% =27 23 ICICI 0.67% - =23 HSBC 0.74% 1624 Religare 0.57% 26 24 AnandRathi 0.66% - =23 Lehman Brothers*** 0.74% -25 HSBC 0.52% 17 25 Emkay 0.64% =21 25 Antique 0.37% -26 BNP Paribas 0.50% - 26 HSBC 0.54% 18 26 Spark Capital 0.29% -27 AnandRathi 0.48% - =27 Anagram 0.48% - =27 Barclays Capital 0.22% -28 Prabhudas Lilladher 0.45% 16 =27 Prabhudas Lilladher 0.48% =15 =27 HDFC 0.22% -29 Anagram 0.33% - 29 Centrum 0.27% - =27 Prabhudas Lilladher 0.22% 1530 Centrum 0.19% - 30 Antique 0.24% - 30 Centrum 0.12% -

* IDFC-SSKI - 2007 ranking of SSKI * IDFC-SSKI - 2007 ranking of SSKI * IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO ** RBS - 2007 ranking of ABN AMRO ** RBS - 2007 ranking of ABN AMRO*** Polling period prior to the acquisition by Nomura *** Polling period prior to the acquisition by Nomura *** Polling period prior to the acquisition by Nomura


INDIA

OVERALL SALES SERVICES OVERALL SALES SERVICES OVERALL SALES SERVICESOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.39% 1 1 CLSA 17.20% 1 1 CLSA 13.74% 62 DSP Merrill Lynch 10.49% 2 2 DSP Merrill Lynch 11.27% 2 2 DSP Merrill Lynch 13.42% 53 Citi 7.52% 4 =3 Kotak 7.17% 4 3 Kotak 7.70% 24 Kotak 7.43% 3 =3 Citi 7.17% 6 4 Edelweiss 7.48% 115 Morgan Stanley 5.82% 6 5 Morgan Stanley 6.51% 3 5 UBS 7.38% 96 Motilal Oswal 5.78% 5 6 UBS 5.91% 7 6 Morgan Stanley 6.89% 17 Edelweiss 5.74% 10 7 Motilal Oswal 5.87% 5 7 Motilal Oswal 5.52% 38 UBS 4.69% 8 8 J.P.Morgan 4.58% 16 8 Citi 5.38% 49 J.P.Morgan 4.14% 19 9 Edelweiss 4.47% 8 9 J.P.Morgan 3.90% 19

10 IIFL 4.03% - 10 Macquarie 4.29% 17 10 RBS* 3.47% =1511 Macquarie 3.67% 13 11 IIFL 4.26% - 11 IIFL 2.78% -12 Enam 3.37% 7 12 RBS* 3.51% 14 12 Enam 2.57% 1013 IDFC-SSKI* 3.13% 12 13 Enam 2.23% 10 13 Macquarie 2.24% 714 RBS** 2.98% 14 14 Credit Suisse 1.91% 13 14 Deutsche Bank 2.03% 1215 ICICI 2.01% =24 15 Deutsche Bank 1.72% 9 15 ICICI 1.92% -16 Deutsche Bank 1.94% 9 =16 Goldman Sachs 1.61% 15 16 B&K 1.82% 817 B&K 1.90% 11 =16 ICICI 1.61% 27 17 JM Financial 1.71% -18 Goldman Sachs 1.66% 18 18 B&K 1.36% 12 18 HSBC 1.60% 2319 Credit Suisse 1.43% 15 19 IDFC-SSKI** 1.11% 11 =19 AnandRathi 1.28% -

=20 HSBC 0.94% 17 20 HSBC 1.07% 18 =19 IDFC-SSKI** 1.28% 18=20 JM Financial 0.94% - 21 Prabhudas Lilladher 0.97% - 21 Goldman Sachs 1.18% 14=22 Prabhudas Lilladher 0.65% - 22 Dolat Capital Market 0.96% 20 22 Lehman Brothers*** 1.07% -=22 Dolat Capital Market 0.65% 20 23 AnandRathi 0.85% - =23 Avendus 0.96% -

24 Lehman Brothers*** 0.63% - 24 Lehman Brothers*** 0.71% - =23 Emkay 0.96% 2225 AnandRathi 0.59% - 25 SMIFS 0.57% - =25 Barclays Capital 0.64% -26 SBICAP 0.56% =24 =26 HDFC 0.28% - =25 Karvy 0.64% -27 Emkay 0.47% 21 =26 JM Financial 0.28% - 27 HDFC 0.43% -28 Avendus 0.43% - 28 SBICAP 0.20% -29 SMIFS 0.38% - 29 PINC 0.12% - * RBS - 2007 ranking of ABN AMRO

=30 Barclays Capital 0.29% - 30 Antique 0.09% 24 ** IDFC-SSKI - 2007 ranking of SSKI=30 Karvy 0.29% - *** Polling period prior to the acquisition by Nomura

* RBS - 2007 ranking of ABN AMRO* IDFC-SSKI - 2007 ranking of SSKI ** IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO *** Polling period prior to the acquisition by Nomura*** Polling period prior to the acquisition by Nomura

HEDGE FUNDS

INDIA

OVERALL MEGA FUNDSEXECUTION EXECUTION EXECUTION


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.99% 1 1 DSP Merrill Lynch 15.46% 2 1 DSP Merrill Lynch 15.22% 22 DSP Merrill Lynch 13.14% 2 2 CLSA 14.64% 1 2 CLSA 13.53% 13 Morgan Stanley 7.01% 7 3 Morgan Stanley 7.95% 7 3 Edelweiss 8.89% 134 Edelweiss 6.23% 10 4 UBS 5.90% 6 4 Morgan Stanley 7.88% 55 Citi 5.97% 4 5 Motilal Oswal 5.68% 3 5 Motilal Oswal 6.25% 36 Kotak 5.54% 3 6 Kotak 5.23% 4 6 UBS 5.99% 87 Motilal Oswal 5.23% 5 7 Edelweiss 4.87% =9 7 Citi 5.35% 78 UBS 4.64% 8 8 Macquarie 4.76% 15 8 B&K 5.12% =169 J.P.Morgan 4.20% 18 =9 IIFL 4.54% - 9 Kotak 4.40% 4

10 IIFL 4.01% - =9 J.P.Morgan 4.54% 16 10 IIFL 3.04% -11 Macquarie 3.59% 15 11 Citi 4.43% 8 11 J.P.Morgan 3.00% =1812 IDFC-SSKI* 3.36% 11 12 RBS* 3.63% 14 12 Enam 2.90% 913 Enam 3.35% 9 13 Credit Suisse 3.58% 11 13 RBS* 2.75% =1814 B&K 3.29% 17 14 B&K 2.73% 20 14 Goldman Sachs 2.71% 1015 RBS** 2.64% 14 15 IDFC-SSKI** 2.30% 13 15 JM Financial 2.32% -16 Credit Suisse 2.63% 12 16 Goldman Sachs 1.56% 12 16 Macquarie 2.22% =1117 JM Financial 1.71% =29 17 Enam 1.54% 17 17 Deutsche Bank 1.35% 618 ICICI 1.61% 23 18 JM Financial 1.49% - 18 IDFC-SSKI** 1.26% 1419 Deutsche Bank 1.53% 6 19 Deutsche Bank 0.96% 5 19 ICICI 1.16% -20 Goldman Sachs 1.43% 16 20 ICICI 0.80% 22 20 Emkay 1.01% =2221 Emkay 0.56% 20 =21 AnandRathi 0.55% - =21 AnandRathi 0.77% -

=22 Lehman Brothers*** 0.43% - =21 HDFC 0.55% - =21 HDFC 0.77% -=22 HSBC 0.43% 13 23 Lehman Brothers*** 0.53% - 23 Barclays Capital 0.58% -=24 AnandRathi 0.39% - 24 Prabhudas Lilladher 0.42% 23 =24 HSBC 0.48% =11=24 HDFC 0.39% 25 25 Dolat Capital Market 0.41% - =24 Lehman Brothers*** 0.48% -

26 Prabhudas Lilladher 0.36% 21 26 HSBC 0.39% =9 26 Avendus 0.29% -=27 Dolat Capital Market 0.28% - 27 SBICAP 0.15% - 27 Credit Suisse 0.24% =16=27 Barclays Capital 0.28% - =28 Mangal Keshav 0.11% -

29 Avendus 0.18% - =28 PINC 0.11% - * RBS - 2007 ranking of ABN AMRO30 Asian Markets 0.12% - 30 Emkay 0.09% 19 ** IDFC-SSKI - 2007 ranking of SSKI

*** Polling period prior to the acquisition by Nomura* IDFC-SSKI - 2007 ranking of SSKI * RBS - 2007 ranking of ABN AMRO** RBS - 2007 ranking of ABN AMRO ** IDFC-SSKI - 2007 ranking of SSKI*** Polling period prior to the acquisition by Nomura *** Polling period prior to the acquisition by Nomura

INDIA

OVERALL MEGA FUNDS HEDGE FUNDSSALES TRADING SALES TRADING SALES TRADING


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 20.75% 2 1 CLSA 22.38% 2 1 CLSA 21.20% 22 DSP Merrill Lynch 14.81% 1 2 DSP Merrill Lynch 13.55% 1 2 DSP Merrill Lynch 13.95% 13 Citi 8.04% 3 3 Morgan Stanley 9.43% 6 3 Kotak 9.39% 74 Morgan Stanley 7.89% 7 4 Citi 8.36% 5 4 Morgan Stanley 8.59% 65 Edelweiss 7.36% 8 5 IDFC-SSKI* 6.29% 10 5 IDFC-SSKI* 7.64% 126 IDFC-SSKI* 6.56% 9 6 Edelweiss 5.64% 7 6 Edelweiss 6.75% 87 Motilal Oswal 5.43% 5 7 UBS 5.58% 3 7 Citi 6.64% 48 Kotak 5.31% 6 8 Motilal Oswal 5.51% 4 8 Motilal Oswal 6.36% 59 UBS 4.54% 4 9 Kotak 5.20% 8 9 UBS 5.40% 3

10 J.P.Morgan 3.45% 11 10 J.P.Morgan 3.89% 11 10 J.P.Morgan 2.20% =1011 Macquarie 2.52% 20 11 Macqaurie 2.69% 20 11 ICICI 1.82% 1412 Enam 2.23% 17 12 Credit Suisse 1.46% 12 12 Enam 1.71% 1613 ICICI 1.88% 12 13 Enam 1.30% 18 13 HSBC 1.52% 1714 Prabhudas Lilladher 1.32% 14 14 Prabhudas Lilladher 1.08% 14 14 Prabhudas Lilladher 1.29% -15 Deutsche Bank 1.31% 10 15 ICICI 1.03% 15 15 Macquarie 1.22% =1816 Credit Suisse 1.20% 13 16 Deutsche Bank 0.99% 9 =16 Global Absolute 0.91% -17 HSBC 0.78% 15 17 HSBC 0.96% 16 =16 Goldman Sachs 0.91% 2018 B&K 0.56% 25 18 BNP Paribas 0.72% - 18 RBS** 0.76% 1319 BNP Paribas 0.51% - 19 Goldman Sachs 0.59% 22 19 Nomura 0.46% -20 Goldman Sachs 0.50% 23 20 Global Absolute 0.58% - =20 IIFL 0.38% -21 Global Absolute 0.41% - 21 AnandRathi 0.38% - =20 JM Financial 0.38% -22 RBS** 0.36% 16 22 PINC 0.37% - 22 B&K 0.30% -23 AnandRathi 0.29% - 23 JM Financial 0.32% - 23 Emkay 0.23% -24 JM Financial 0.28% 30 24 Avendus 0.29% -25 PINC 0.26% - 25 B&K 0.27% 24 * IDFC-SSKI - 2007 ranking of SSKI26 Emkay 0.25% =26 26 IIFL 0.24% - ** RBS - 2007 ranking of ABN AMRO27 IIFL 0.22% - =27 RBS** 0.19% 13

=28 Avendus 0.20% - =27 Dolat Capital Market 0.19% 21=28 Nomura 0.20% 24 =27 Emkay 0.19% -

30 Dolat Capital Market 0.14% 21 30 Centrum 0.16% -

* IDFC-SSKI - 2007 ranking of SSKI * IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO ** RBS - 2007 ranking of ABN AMRO


INDIA

EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 16.75% 3 1 CLSA 17.81% 3 1 CLSA 19.45% 62 DSP Merrill Lynch 13.18% 1 2 DSP Merrill Lynch 14.59% 1 2 DSP Merrill Lynch 12.73% 13 Edelweiss 7.53% 5 3 Kotak 7.71% 9 3 Kotak 7.42% 94 Kotak 7.35% 8 4 Citi 6.66% 5 4 Edelweiss 7.12% 45 Citi 6.10% 2 5 UBS 6.04% 8 5 Enam 6.88% 116 Enam 5.69% 12 6 Motilal Oswal 5.05% 6 6 Motilal Oswal 6.15% 77 Motilal Oswal 5.21% 6 7 Enam 5.00% 18 7 Morgan Stanley 5.68% 38 UBS 5.02% 9 8 Edelweiss 4.80% 4 8 Citi 4.75% 29 IDFC-SSKI* 3.93% 7 9 Morgan Stanley 4.38% 2 9 IDFC-SSKI* 4.64% 12

10 Morgan Stanley 3.87% 4 10 Macquarie 4.28% 14 =10 B&K 4.48% =1611 B&K 3.49% =15 11 IDFC-SSKI* 4.17% 7 =10 UBS 4.48% 1012 Macquarie 3.36% =15 12 Credit Suisse 3.04% 11 12 Prabhudas Lilladher 2.11% 1413 Prabhudas Lilladher 2.84% 11 13 B&K 2.50% 15 13 Goldman Sachs 1.82% =2414 Credit Suisse 2.42% 10 14 Prabhudas Lilladher 2.47% 10 14 RBS** 1.74% =1615 Deutsche Bank 2.09% 13 15 Deutsche Bank 2.04% 12 15 J.P.Morgan 1.58% 1516 ICICI 2.05% 18 16 ICICI 1.53% =23 =16 HDFC 1.24% -17 J.P.Morgan 1.32% 14 17 J.P.Morgan 1.51% 13 =16 HSBC 1.24% 18

=18 RBS** 1.13% 19 18 Goldman Sachs 1.12% =26 =16 JM Financial 1.24% -=18 Goldman Sachs 1.13% =28 19 JM Financial 1.07% - 19 IIFL*** 1.04% =19

20 IIFL 1.11% 21 20 RBS** 1.02% 17 20 Emkay 1.00% 2721 JM Financial 0.91% - 21 HSBC 0.79% 16 =21 ICICI 0.83% =1922 HSBC 0.61% 17 22 IIFL 0.66% - =21 Lehman Brothers**** 0.83% =2423 HDFC 0.59% - 23 Lehman Brothers*** 0.61% =26 23 Religare 0.50% -24 Emkay 0.51% 20 24 SBICAP 0.25% - 24 Macquarie 0.41% 1325 Lehman Brothers*** 0.44% =28 25 AnandRathi 0.20% - 25 Deutsche Bank 0.37% 8

=26 SBICAP 0.25% - 26 MF Global 0.19% =26 26 Nomura 0.25% -=26 Religare 0.25% - 27 Centrum 0.13% -

28 AnandRathi 0.18% - =28 Fox-Pitt, Kelton 0.08% - * IDFC-SSKI - 2007 ranking of SSKI29 MF Global 0.16% =28 =28 PINC 0.08% - ** RBS - 2007 ranking of ABN AMRO30 Nomura 0.11% 27 =30 Emkay 0.07% 21 *** IIFL - 2007 ranking of India Infoline

=30 HDFC 0.07% - **** Polling period prior to the acquisition by Nomura* IDFC-SSKI - 2007 ranking of SSKI** RBS - 2007 ranking of ABN AMRO * IDFC-SSKI - 2007 ranking of SSKI*** Polling period prior to the acquisition by Nomura ** RBS - 2007 ranking of ABN AMRO

*** Polling period prior to the acquisition by Nomura

OVERALL MEGA FUNDSROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT

INDIA

HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 IIFL* 13.36% =21 1 IIFL 13.85% - 1 CLSA 17.50% =172 CLSA 11.35% 11 2 CLSA 13.51% =11 2 IIFL* 9.80% =173 Credit Suisse 6.96% 9 3 Macquarie 8.39% 1 3 Motilal Oswal 7.70% 84 Edelweiss 6.87% 3 4 Motilal Oswal 7.58% 8 4 Macquarie 7.23% 15 Motilal Oswal 6.34% 8 5 Credit Suisse 6.99% =11 5 Credit Suisse 7.08% =66 Macquarie 6.33% 1 6 Lehman Brothers* 5.90% - 6 Edelweiss 6.84% 37 Goldman Sachs 5.06% 17 7 Goldman Sachs 5.76% =16 7 Goldman Sachs 6.07% =118 DSP Merrill Lynch 4.63% 4 8 Edelweiss 4.94% 4 8 Deutsche Bank 4.90% 59 Lehman Brothers** 4.30% - 9 DSP Merrill Lynch 4.72% 3 9 Lehman Brothers** 4.67% -

10 B&K 4.00% 10 10 J.P.Morgan 4.13% 14 10 B&K 4.20% 911 JM Financial 3.87% - 11 Deutsche Bank 3.39% 7 11 DSP Merrill Lynch 3.73% =1112 Deutsche Bank 3.23% 7 12 Morgan Stanley 3.20% 15 12 JM Financial 3.27% -13 J.P.Morgan 3.01% 13 13 JM Financial 2.66% - =13 Citi 2.33% 214 Kotak 2.66% 12 14 BNP Paribas 1.67% - =13 Morgan Stanley 2.33% 1015 Morgan Stanley 2.33% =15 15 Citi 1.64% 2 =13 Religare 2.33% -16 ICICI 1.88% 20 =16 RBS 1.48% - =13 UBS 2.33% 417 UBS 1.72% 5 =16 Prabhudas Lilladher 1.48% 18 =17 Global Absolute 1.87% -18 Religare 1.29% - =16 Religare 1.48% - =17 J.P.Morgan 1.87% -

=19 Citi 1.23% 2 =16 UBS 1.48% 5 =19 ICICI 1.40% -=19 IDFC-SSKI*** 1.23% 6 =20 B&K 1.18% 10 =19 Kotak 1.40% -

21 BNP Paribas 1.22% - =20 Global Absolute 1.18% - 21 Emkay 1.17% -22 RBS**** 1.13% 27 22 ICICI 0.79% 19

=23 Prabhudas Lilladher 1.08% =18 =23 Emkay 0.74% 20 * IIFL - 2007 ranking of India Infoline=23 Emkay 1.08% 24 =23 Mirae Asset 0.74% - ** Polling period prior to the acquisition by Nomura

25 Global Absolute 0.86% - 25 IDFC-SSKI** 0.66% 626 Antique 0.65% - =26 Navratan Capital & Securities 0.16% -27 PINC 0.55% - =26 PINC 0.16% -

=28 Mirae Asset 0.54% - =26 SBICAP 0.16% -=28 HSBC 0.54% -

30 MF Global 0.27% - * Polling period prior to the acquisition by Nomura** IDFC-SSKI - 2007 ranking of SSKI

* IIFL - 2007 ranking of India Infoline** Polling period prior to the acquisition by Nomura*** IDFC-SSKI - 2007 ranking of SSKI**** RBS - 2007 ranking of ABN AMRO

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE

INDIA



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Manish Prasad DSP ML 3.51% =12 1 Manish Prasad DSP ML 4.81% =12 1 Manish Prasad DSP ML 7.65% =32 Jayesh Parekh Motilal Oswal 3.11% 1 2 Jayesh Parekh Motilal Oswal 4.09% 1 2 Sindhu Sameer B&K 4.86% -3 Sindhu Sameer B&K 3.05% - 3 Mihir Doshi CLSA 3.60% 3 3 Jayesh Parekh Motilal Oswal 4.62% 14 Mihir Doshi CLSA 2.87% 3 4 Kumar Singhee UBS 3.39% - 4 Kumar Singhee UBS 4.17% -5 Kumar Singhee UBS 2.48% - 5 Pawan Nahar CLSA 3.01% - 5 Manish Gupta CLSA 3.97% =116 Pawan Nahar CLSA 2.25% - 6 Kunal Bajaj Credit Suisse 2.50% - 6 Hanu bhatia B&K 3.56% -7 Hanu bhatia B&K 2.07% - 7 Ranjit Hosangady UBS 2.39% - 7 Sujay Kamath CLSA 2.79% -8 Sujay Kamath CLSA 2.00% - 8 Sachin Parekh DSP ML 2.29% - 8 Sangram Singh Credit Suisse 2.43% =299 Manish Gupta CLSA 1.99% =26 9 Jayesh Shah DSP ML 1.99% 8 9 Tushar Chandra J.P.Morgan 2.31% 14

10 Ranjit Hosangady UBS 1.96% - 10 Anand Gulani DSP ML 1.87% - 10 Ranjit Hosangady UBS 2.19% =1711 Jayesh Shah DSP ML 1.94% 7 11 Sangram Singh Credit Suisse 1.80% - 11 Pawan Nahar CLSA 2.02% -12 Kunal Bajaj Credit Suisse 1.81% - 12 Sujay Kamath CLSA 1.76% - 12 Amit Kapoor Edelweiss 1.94% -13 Sangram Singh Credit Suisse 1.69% - 13 Manish Gupta CLSA 1.68% - 13 Avinash Gupta DSP ML 1.86% =1114 Sachin Parekh DSP ML 1.66% - 14 Hanu Bhatia B&K 1.63% - 14 Nikhil Gholani IDFC-SSKI 1.82% 1015 Anand Gulani DSP ML 1.52% - 15 Srikanth Ramanathan Macquarie 1.53% - 15 Preetie Kohli Goldman Sachs 1.70% -

=16 Rajesh Makharia Edelweiss 1.50% - 16 Monil Bhala Morgan Stanley 1.49% - =16 Samir Sheth Kotak 1.62% =29=16 Nilesh Jain Kotak 1.50% - 17 Vasudev Jagannath IIFL 1.43% - =16 Vishal Purohit IDFC-SSKI 1.62% =29

18 Preetie Kohli Goldman Sachs 1.44% - 18 Rajesh Makharia Edelweiss 1.40% - =18 Aditya Khansaheb DSP ML 1.46% =2919 Nikhil Gholani IDFC-SSKI 1.35% 17 19 Smita Das Lehman Brothers 1.38% - =18 Nilesh Jain Kotak 1.46% -20 Srikanth Ramanathan Macquarie 1.33% - =20 Nemkumar IIFL 1.32% - =20 Anshu Govil CLSA 1.21% -

=21 Monil Bhala Morgan Stanley 1.20% - =20 Dhaval Desai J.P.Morgan 1.32% - =20 Dhaval Desai J.P.Morgan 1.21% -=21 Chulantha De Silva Credit Suisse 1.20% 19 =22 Chulantha De Silva Credit Suisse 1.27% - =20 Mihir Doshi CLSA 1.21% -

23 Dhaval Desai J.P.Morgan 1.18% - =22 Vishal Purohit IDFC-SSKI 1.27% 25 =20 Monil Bhala Morgan Stanley 1.21% -24 Tushar Chandra J.P.Morgan 1.16% 29 24 Nilesh Jain Kotak 1.22% - =20 Sang Gupta CLSA 1.21% -25 Navin Agarwal Motilal Oswal 1.05% 20 25 Tushar Chandra J.P.Morgan 1.15% - =20 Srikanth Ramanathan Macquarie 1.21% -26 Vasudev Jagannath IIFL 1.03% - =26 Nikhil Gholani IDFC-SSKI 1.07% =14 =20 Vasudev Jagannath IIFL 1.21% -

=27 Smita Das Lehman Brothers 1.00% - =26 Kalpesh Parekh CLSA 1.07% - 27 Priya Ramchandran Edelweiss 1.13% 16=27 Vishal Purohit IDFC-SSKI 1.00% =30 =28 Rohit Ajerma Kotak 1.02% - =28 Peter Halesworth Credit Suisse 0.97% -

29 Nemkumar IIFL 0.97% =30 =28 Samir Sheth Kotak 1.02% - =28 Sameer Lumba JM Financial 0.97% -30 V Navin Roy IDFC-SSKI 0.94% 22 30 Shabnam Kapur Motilal Oswal 0.99% - =28 Shabnam Kapur Motilal Oswal 0.97% -

=28 Smita Das Lehman Brothers 0.97% -=28 Susmit Patodia Edelweiss 0.97% -

INDIA

OVERALL MEGA FUNDS HEDGE FUNDSBEST SALESPERSON BEST SALESPERSON BEST SALESPERSON


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 27.09% 1 1 CLSA 25.07% 1 1 CLSA 26.77% 12 UBS 15.09% 3 2 UBS 17.33% 3 2 UBS 19.57% 23 Deutsche Bank 10.86% 2 3 Deutsche Bank 11.77% 2 3 CIMB 9.85% 44 J.P.Morgan 9.66% 4 4 J.P.Morgan 11.46% 4 =4 J.P.Morgan 8.84% 65 Macquarie 8.34% 10 5 Credit Suisse 9.52% 8 =4 Merrill Lynch 8.84% 56 Credit Suisse 7.63% 9 6 Macquarie 6.53% 10 6 Macquarie 6.31% 97 Merrill Lynch 6.18% 6 7 Merrill Lynch 6.00% 5 7 Deutsche Bank 6.19% 38 CIMB 5.84% 7 8 Citi 4.59% - 8 BNP Paribas 4.80% 109 Citi 3.46% 14 9 CIMB 3.97% 9 9 Credit Suisse 3.79% 7

10 BNP Paribas 3.19% 5 10 BNP Paribas 2.38% 6 10 Citi 2.53% -11 Morgan Stanley 0.63% - 11 Morgan Stanley 0.88% - 11 RBS 1.52% -12 Mandiri 0.41% 11 12 Goldman Sachs 0.35% =12 12 Goldman Sachs 1.01% -

=13 RBS* 0.38% =17 13 Fox-Pitt, Kelton 0.15% -=13 UOB Kay Hian 0.38% -

15 Danareksa 0.36% 816 Goldman Sachs 0.28% =1217 Fox-Pitt, Kelton 0.10% -

=18 Bahana 0.05% =17=18 DBS Vickers 0.05% 16

20 Kim Eng 0.02% 15


INDONESIA


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. INDONESIA: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 35.09% 1 1 CLSA 37.08% 1 1 CLSA 38.64% 12 Deutsche Bank 12.82% 2 2 Deutsche Bank 14.88% 2 2 UBS 12.88% 33 J.P.Morgan 10.68% 3 3 Credit Suisse 12.79% 6 3 CIMB 12.12% =54 Credit Suisse 10.11% 7 4 J.P.Morgan 9.92% 3 4 Deutsche Bank 11.36% 25 UBS 9.97% 4 5 UBS 9.14% 4 5 Goldman Sachs 9.85% -6 CIMB 6.79% 8 =6 CIMB 3.92% =9 6 J.P.Morgan 7.58% =57 Macquarie 6.09% 12 =6 Merrill Lynch 3.92% 5 =7 BNP Paribas 3.79% 88 Merrill Lynch 3.13% 6 8 Goldman Sachs 3.39% - =7 Macquarie 3.79% -9 Goldman Sachs 2.47% - 9 Macquarie 2.18% -

10 BNP Paribas 0.95% 5 10 BNP Paribas 1.31% 711 Citi 0.76% 9 11 Citi 1.04% -12 UOB Kay Hian 0.38% - 12 Fox-Pitt, Kelton 0.44% -13 Fox-Pitt, Kelton 0.32% -14 Mandiri 0.19% 10

=15 Bahana 0.09% =13=15 DBS Vickers 0.09% =13

17 Danareksa 0.05% 11

INDONESIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 24.11% 1 1 CLSA 25.58% 1 1 CLSA 37.04% 22 UBS 21.06% 2 2 UBS 19.93% 2 2 UBS 14.81% 13 J.P.Morgan 11.09% 3 3 J.P.Morgan 13.95% 3 3 Merrill Lynch 12.96% -4 Credit Suisse 9.15% 6 4 Credit Suisse 11.30% 6 4 Goldman Sachs 12.04% -5 Deutsche Bank 7.54% 4 5 Deutsche Bank 8.97% 4 5 BNP Paribas 7.41% 76 Macquarie 5.95% 9 6 Merrill Lynch 6.31% 8 =6 CIMB 5.56% -7 Merrill Lynch 5.60% 10 7 Goldman Sachs 4.32% - =6 Macquarie 5.56% -8 BNP Paribas 3.33% 8 8 Morgan Stanley 3.32% - 8 Credit Suisse 4.63% =59 Danareksa 3.05% 7 =9 BNP Paribas 1.66% 11

10 Goldman Sachs 2.88% - =9 Danareksa 1.66% 711 Morgan Stanley 2.22% =16 11 Citi 1.33% 512 Citi 1.55% 5 12 Macquarie 1.11% 913 CIMB 1.44% 13 13 Fox-Pitt, Kelton 0.55% -14 DBS Vickers 0.44% 1415 Fox-Pitt, Kelton 0.37% -

=16 Mandiri 0.11% 11=16 Nomura 0.11% -


INDONESIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 36.91% 1 1 CLSA 39.34% 1 1 CLSA 38.95% 12 BNP Paribas 15.96% 2 2 BNP Paribas 18.48% 2 2 BNP Paribas 28.42% 63 Macquarie 10.00% =16 3 Deutsche Bank 9.00% 11 3 UBS 10.53% 74 Danareksa 8.97% 3 4 Danareksa 7.11% 3 =4 CIMB 6.32% 35 Deutsche Bank 7.06% 13 5 UBS 6.64% 5 =4 Macquarie 6.32% -6 UBS 5.88% 5 6 J.P.Morgan 6.16% =8 6 J.P.Morgan 5.26% -7 J.P.Morgan 4.41% 9 7 Macquarie 5.69% - 7 Deutsche Bank 4.21% -8 CIMB 3.53% 4 8 Credit Suisse 4.74% =89 Credit Suisse 2.94% 11 9 CIMB 1.90% -

10 DBS Vickers 2.50% 6 10 DBS Vickers 0.95% 611 UOB Kay Hian 0.88% -12 Mandiri 0.44% 713 Kim Eng 0.29% 1414 Binaartha Parama 0.15% -15 Indo Premier 0.07% -

OVERALL

INDONESIA

SMALL CAPS SMALL CAPS SMALL CAPSMEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 34.72% 1 1 CLSA 32.98% 1 1 CLSA 35.29% 12 Credit Suisse 15.72% 6 2 Credit Suisse 20.42% 4 2 BNP Paribas 21.18% 83 Deutsche Bank 11.84% 3 3 Deutsche Bank 14.66% 2 =3 Credit Suisse 11.76% 54 BNP Paribas 9.89% 5 4 BNP Paribas 11.52% =10 =3 UBS 11.76% 25 UBS 7.60% 4 5 Merrill Lynch 7.33% 7 5 Deutsche Bank 9.41% 36 Merrill Lynch 7.33% 9 =6 J.P.Morgan 5.24% 3 6 J.P.Morgan 5.88% =67 J.P.Morgan 5.39% 2 =6 UBS 5.24% 5 7 Merrill Lynch 4.71% -8 CIMB 2.47% 7 8 Morgan Stanley 2.62% 129 Macquarie 2.30% 8

10 Morgan Stanley 1.86% 1211 Danareksa 0.53% 1012 Bahana 0.18% -

=13 DBS Vickers 0.09% -=13 Kim Eng 0.09% 13

INDONESIA

AUTOMOBILES & COMPONENTS AUTOMOBILES & COMPONENTS AUTOMOBILES & COMPONENTSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 22.98% 4 1 CLSA 25.18% 4 1 UBS 33.07% 62 UBS 16.26% 5 2 UBS 17.72% =5 2 CLSA 21.79% 13 Deutsche Bank 13.01% 2 3 Deutsche Bank 17.28% 2 3 Merrill Lynch 14.79% 44 Merrill Lynch 11.44% 3 4 Merrill Lynch 12.01% 3 4 Deutsche Bank 14.01% 25 J.P.Morgan 9.44% 1 5 BNP Paribas 10.25% =5 5 BNP Paribas 8.56% 126 BNP Paribas 8.92% 7 6 J.P.Morgan 8.49% 1 =6 Goldman Sachs 3.89% -7 Macquarie 8.46% 9 7 Macquarie 5.08% 9 =6 Macquarie 3.89% =98 CIMB 3.15% 8 =8 Citi 1.46% 89 Citi 2.73% 10 =8 Goldman Sachs 1.46% =14

10 Credit Suisse 1.36% 6 10 Credit Suisse 0.59% 711 Goldman Sachs 1.05% =15 11 Fox-Pitt, Kelton 0.49% =1412 Morgan Stanley 0.42% =1213 Fox-Pitt, Kelton 0.35% =1514 Danareksa 0.21% 1115 DBS Vickers 0.10% -

=16 Bahana 0.05% =17=16 Mandiri 0.05% 14

INDONESIA

BANKSOVERALL MEGA FUNDS

BANKS BANKSHEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 32.52% 2 1 CLSA 31.72% 2 1 CLSA 36.16% =32 UBS 15.51% 3 2 UBS 14.22% 3 2 UBS 20.75% 23 Merrill Lynch 12.99% 4 3 Merrill Lynch 12.72% 4 3 Merrill Lynch 14.78% -4 Macquarie 11.19% 11 4 J.P.Morgan 11.83% 1 4 Macquarie 9.43% 65 J.P.Morgan 10.32% 1 5 Macquarie 11.59% 8 5 Deutsche Bank 8.18% =36 Credit Suisse 6.01% 7 6 Credit Suisse 8.24% 7 6 BNP Paribas 6.29% -7 Deutsche Bank 4.37% 8 7 Deutsche Bank 4.66% 5 7 Cazenove 2.52% -8 CIMB 3.03% 5 8 BNP Paribas 3.58% 12 8 CIMB 1.89% 59 BNP Paribas 2.43% 6 9 Cazenove 1.43% -

10 Cazenove 0.97% -11 Mandiri 0.24% 1012 Danareksa 0.18% 9

=13 Bahana 0.12% -=13 DBS Vickers 0.12% 13


INDONESIA

ENERGY ENERGY ENERGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 21.54% 1 1 CLSA 21.01% 1 1 CLSA 26.64% 12 UBS 17.56% 3 2 UBS 17.88% 5 2 UBS 24.45% 23 Merrill Lynch 14.60% 7 3 Merrill Lynch 16.32% =10 3 Merrill Lynch 13.14% =74 Deutsche Bank 11.16% 6 4 Deutsche Bank 14.24% 3 4 Deutsche Bank 9.49% 65 Credit Suisse 10.98% 9 5 Credit Suisse 13.89% =7 5 Credit Suisse 7.30% 56 Macquarie 6.94% 13 6 Macquarie 5.90% 13 6 Trimegah 5.84% -7 J.P.Morgan 5.67% 2 =7 Citi 2.78% =10 =7 BNP Paribas 3.65% -8 CIMB 2.72% 8 =7 Trimegah 2.78% - =7 Goldman Sachs 3.65% -

=9 Citi 1.93% 12 =9 BNP Paribas 1.74% 6 =7 Macquarie 3.65% -=9 Trimegah 1.93% - =9 Goldman Sachs 1.74% - 10 CIMB 2.19% =711 UOB Kay Hian 1.69% - =9 J.P.Morgan 1.74% 2

=12 BNP Paribas 1.21% 5=12 Goldman Sachs 1.21% -

14 BOC International 0.48% -=15 Danareksa 0.12% 4=15 Kim Eng 0.12% 15=15 Mandiri 0.12% 10

HEDGE FUNDS

INDONESIA

MATERIALSMATERIALSOVERALL MEGA FUNDSMATERIALS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 26.71% 2 1 CLSA 25.81% 2 1 CLSA 46.25% 22 Macquarie 18.17% 9 2 Macquarie 21.68% =11 2 Deutsche Bank 16.25% 13 Deutsche Bank 15.33% 1 3 Deutsche Bank 20.60% 1 =3 BNP Paribas 12.50% -4 UBS 11.50% 3 4 J.P.Morgan 9.76% =4 =3 Macquarie 12.50% =45 J.P.Morgan 9.29% 4 5 BNP Paribas 6.10% 13 =3 UBS 12.50% 36 CIMB 5.86% 8 6 UBS 5.08% 37 BNP Paribas 4.29% 11 7 Morgan Stanley 4.07% =118 Morgan Stanley 2.86% 13 8 CIMB 3.25% 99 Credit Suisse 1.93% 6 9 Credit Suisse 2.03% 7

10 Merrill Lynch 1.71% 5 10 Merrill Lynch 1.63% 1011 UOB Kay Hian 0.86% -

=12 Citi 0.57% 12=12 DBS Vickers 0.57% 14=14 Bahana 0.14% 17=14 Danareksa 0.14% 15

16 Mandiri 0.07% 16


INDONESIA

TELECOMMUNICATION SERVICES TELECOMMUNICATION SERVICES TELECOMMUNICATION SERVICES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 60.05% 1 1 CLSA 54.42% 1 1 CLSA 60.00% 12 Macquarie 11.07% 3 =2 Credit Suisse 6.98% - =2 J.P.Morgan 20.00% =3

=3 Credit Suisse 4.55% 13 =2 J.P.Morgan 6.98% =5 =2 UBS 20.00% -=3 J.P.Morgan 4.55% 5 =2 Merrill Lynch 6.98% =7=3 Merrill Lynch 4.55% 9 =2 Morgan Stanley 6.98% -=3 Morgan Stanley 4.55% - =2 UBS 6.98% -=3 UBS 4.55% - 7 CIMB 5.58% -

8 CIMB 3.87% =6 8 DBS Vickers 2.79% =79 DBS Vickers 1.82% =10 9 Macquarie 2.33% 4

10 Danareksa 0.45% 12


INDONESIA

MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Nick Cashmore CLSA 11.70% 7 1 Nick Cashmore CLSA 12.08% 10 1 Nick Cashmore CLSA 10.32% 172 Rizal B Prasetijo J.P.Morgan 9.70% 1 2 Rizal B Prasetijo J.P.Morgan 11.33% 1 2 Erwan Teguh CIMB 7.74% 53 Heriyanto Irawan Deutsche Bank 6.98% 2 3 Heriyanto Irawan Deutsche Bank 7.42% 2 =3 Ahmad Solihin CLSA 6.88% -4 Ferry Wong Macquarie 6.12% 4 4 Daisy Suryo Merrill Lynch 7.10% 21 =3 Rizal B Prasetijo J.P.Morgan 6.88% =75 Erwan Teguh CIMB 5.47% 8 5 Erwan Teguh CIMB 4.56% 25 5 Ferry Wong Macquarie 6.30% -6 Daisy Suryo Merrill Lynch 5.37% 25 6 Daniel Oen CLSA 4.50% 13 6 Joshua Tanja UBS 6.02% 67 Joshua Tanja UBS 4.87% 6 7 Adam Worthington Macquarie 4.24% - 7 Daniel Oen CLSA 5.73% -8 Daniel Oen CLSA 4.41% 11 8 Joshua Tanja UBS 4.03% 5 8 Raymond Kosasih Deutsche Bank 5.30% 39 Adam Worthington Macquarie 3.53% - 9 Mirza Adityaswara Credit Suisse 3.50% 7 =9 Daisy Suryo Merrill Lynch 4.30% =12

10 Arief Koeswanto Merrill Lynch 3.15% 13 10 Raymond Kosasih Deutsche Bank 3.44% 3 =9 Elvira Tjandrawinata* Danareksa 4.30% -11 Ahmad Solihin CLSA 3.07% 27 11 Ferry Wong Macquarie 3.39% 4 =9 Johannes Salim UBS 4.30% 1612 Mirza Adityaswara Credit Suisse 2.93% 9 12 Arief Koeswanto Merrill Lynch 2.97% 11 =9 Swati Chopra CLSA 4.30% -13 Aditya Srinath J.P.Morgan 2.61% - 13 Johannes Salim UBS 2.86% =30 13 Arief Koeswanto Merrill Lynch 4.01% 414 Raymond Kosasih Deutsche Bank 2.55% 3 14 Harry Su Bahana 2.60% =19 14 Yoke Fong Chee Goldman Sachs 3.44% -15 Johannes Salim UBS 2.13% - =15 Aditya Srinath J.P.Morgan 2.33% - 15 Cherie Khoeng Deutsche Bank 3.01% -16 Nicolaos Oentung CLSA 2.03% - =15 Arief Wana Credit Suisse 2.33% =19 =16 Aditya Srinath J.P.Morgan 2.87% -17 Harry Su Bahana 1.92% 24 17 Andreas Bokkenheuser UBS 1.94% - =16 Arief Wana Credit Suisse 2.87% 1818 Andreas Bokkenheuser UBS 1.87% - 18 Nicolaos Oentung CLSA 1.85% - =16 Patrick Tiah Goldman Sachs 2.87% -19 Arief Wana Credit Suisse 1.75% 19 =19 Ahmad Solihin CLSA 1.59% =22 =19 Adam Worthington Macquarie 1.43% -

=20 David Fergusson Citi 1.15% - =19 David Fergusson Citi 1.59% - =19 Felicia Tandiyono UBS 1.43% -=20 Navin Killa Morgan Stanley 1.15% =20 =19 Navin Killa Morgan Stanley 1.59% =15 =19 Heriyanto Irawan Deutsche Bank 1.43% 1=20 Rachman Koeswanto Deutsche Bank 1.15% - =19 Rachman Koeswanto Deutsche Bank 1.59% 28 =19 Nicolaos Oentung CLSA 1.43% -=20 Swati Chopra CLSA 1.15% - =19 Swati Chopra CLSA 1.59% - 23 Harry Su Bahana 1.15% -

24 Ami Tantri J.P.Morgan 1.07% 18 =24 Ella Nusantoro Citi 1.27% =30 =24 Chetan Ahya Morgan Stanley 0.86% -25 Sarina Lesmina Macquarie 0.97% - =24 Yoke Fong Chee Goldman Sachs 1.27% - =24 Sarina Lesmina Macquarie 0.86% -

=26 Ella Nusantoro Citi 0.92% 16 26 Cherie Khoeng Deutsche Bank 1.11% -=26 Kim Kwie Sjamsudin BNP Paribas 0.92% 17 =27 Erindra Krisnawan Citi 1.06% - * Elvira Tjandrawinata has left Danareksa=26 Yoke Fong Chee Goldman Sachs 0.92% - =27 Patrick Tiah Goldman Sachs 1.06% -

29 Cherie Khoeng Deutsche Bank 0.81% - =27 Teddy Oetomo Credit Suisse 1.06% -=30 Erindra Krisnawan Citi 0.77% - =30 Ami Tantri J.P.Morgan 0.53% 14=30 Patrick Tiah Goldman Sachs 0.77% - =30 Felicia Tandiyono UBS 0.53% -=30 Teddy Oetomo Credit Suisse 0.77% - =30 Roger Lum Morgan Stanley 0.53% -


INDONESIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Danareksa 55.42% 1 1 Danareksa 54.93% 1 1 Danareksa 71.60% 12 Bahana 26.60% 3 2 Bahana 34.03% 3 2 Bahana 17.28% 43 Mandiri 14.41% 2 3 Mandiri 8.06% 2 3 Mandiri 7.41% 24 Trimegah 3.29% 6 4 Trimegah 2.99% - 4 Trimegah 3.70% -5 Sucorinvest 0.19% =76 Indo Premier 0.10% -

INDONESIA

OVERALL MEGA FUNDS HEDGE FUNDSBEST LOCAL BROKERAGE BEST LOCAL BROKERAGE BEST LOCAL BROKERAGE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 27.10% 1 1 CLSA 25.54% 1 1 CLSA 25.74% 12 UBS 14.05% 2 2 UBS 17.54% 3 2 UBS 14.97% 23 Credit Suisse 11.62% 4 3 Credit Suisse 13.92% 4 3 Deutsche Bank 11.35% 34 Deutsche Bank 9.40% 3 4 Deutsche Bank 8.50% 2 4 CIMB 9.92% 85 J.P.Morgan 8.58% 5 5 J.P.Morgan 8.23% 6 5 Credit Suisse 9.76% 46 Macquarie 7.67% 11 6 Macquarie 7.31% =13 6 Macquarie 6.73% -7 CIMB 6.36% 9 7 CIMB 5.54% 12 7 BNP Paribas 6.56% 98 BNP Paribas 4.76% 6 8 Merrill Lynch 5.46% 7 8 J.P.Morgan 5.89% -9 Merrill Lynch 4.20% 8 9 Citi 3.69% =9 9 Merrill Lynch 3.70% 5

10 Citi 2.98% 10 10 BNP Paribas 3.62% 8 10 Citi 3.36% 611 Danareksa 1.21% 7 11 Morgan Stanley 0.38% - 11 RBS 1.01% -12 RBS* 0.56% =21 12 Lehman Brothers* 0.26% - =12 Danareksa 0.50% 713 Mandiri 0.51% 16 =12 Morgan Stanley 0.50% -14 Morgan Stanley 0.30% - * Polling period prior to the acquisition by Nomura15 Lehman Brothers** 0.19% -16 Kim Eng 0.14% 19

=17 DBS Vickers 0.11% 13=17 UOB Kay Hian 0.11% -=19 Bahana 0.04% 15=19 Sucorinvest 0.04% =21=21 Binaartha Parama 0.03% 20=21 Nomura 0.03% -


INDONESIA

OVERALL MEGA FUNDS HEDGE FUNDSOVERALL SALES SERVICES OVERALL SALES SERVICES OVERALL SALES SERVICES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 32.77% 1 1 CLSA 32.82% 1 1 CLSA 39.30% 12 UBS 11.46% 2 2 UBS 12.40% 2 2 Merrill Lynch 10.53% 53 Merrill Lynch 9.99% 10 3 Merrill Lynch 10.88% 9 3 UBS 9.47% 24 Macquarie 7.44% 6 4 Macquarie 9.73% 5 4 CIMB 7.72% 125 Deutsche Bank 7.38% 3 5 Deutsche Bank 8.59% 3 5 Deutsche Bank 7.02% 36 Credit Suisse 6.17% 8 6 Credit Suisse 8.21% =7 =6 Credit Suisse 5.26% =67 CIMB 5.29% 9 7 CIMB 4.20% 15 =6 Macquarie 5.26% =68 BNP Paribas 4.08% 5 8 J.P.Morgan 3.82% 4 8 BNP Paribas 4.21% 49 Citi 3.66% - 9 Citi 3.44% - 9 Citi 3.86% -

10 J.P.Morgan 3.04% 4 10 BNP Paribas 2.29% 6 =10 RBS* 2.11% 811 Danareksa 2.15% 7 11 Morgan Stanley 1.91% - =10 Danareksa 2.11% 1012 Morgan Stanley 1.31% 16 12 Kim Eng 0.95% - 12 J.P.Morgan 1.75% 9

=13 DBS Vickers 1.11% 19 13 Goldman Sachs 0.76% - 13 Goldman Sachs 1.40% -=13 Kim Eng 1.11% 14

15 Mandiri 1.01% 12 * RBS - 2007 ranking of ABN AMRO16 RBS* 0.85% 1117 Goldman Sachs 0.52% -18 Bahana 0.36% 1319 UOB Kay Hian 0.13% -

=20 Binaartha Parama 0.10% =22=20 Daiwa SMBC 0.10% -


INDONESIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 34.11% 1 1 CLSA 32.43% 1 1 CLSA 34.86% 12 UBS 12.42% 2 2 UBS 15.82% 2 2 UBS 13.43% 23 Credit Suisse 8.82% 9 3 Credit Suisse 11.71% =8 3 CIMB 12.00% =114 Deutsche Bank 7.87% 3 4 CIMB 9.09% 15 4 Credit Suisse 7.71% 65 CIMB 7.53% 10 5 Deutsche Bank 6.91% 3 5 BNP Paribas 6.29% 76 Macquarie 7.01% =5 6 Merrill Lynch 6.29% 6 6 Deutsche Bank 5.14% 37 Merrill Lynch 4.89% 7 7 Macquarie 5.51% 5 7 Merrill Lynch 4.57% 48 J.P.Morgan 4.76% =5 8 Citi 4.02% - =8 J.P.Morgan 4.29% 99 BNP Paribas 4.09% 4 9 J.P.Morgan 3.50% 7 =8 Macquarie 4.29% 5

10 Citi 3.32% - 10 BNP Paribas 1.75% 4 10 Danareksa 3.14% 1011 Danareksa 1.51% 8 11 Danareksa 1.40% =8 11 RBS* 1.71% 812 Mandiri 0.86% 13 12 Morgan Stanley 0.87% - 12 Citi 1.43% -13 RBS* 0.80% 11 13 Goldman Sachs 0.70% 12 13 Goldman Sachs 1.14% -14 Morgan Stanley 0.61% 1515 Goldman Sachs 0.49% 14 * RBS - 2007 ranking of ABN AMRO16 Bahana 0.37% 1217 DBS Vickers 0.28% 2018 UOB Kay Hian 0.12% -

=19 Binaartha Parama 0.06% 21=19 Nomura 0.06% -

21 Kim Eng 0.03% 18


HEDGE FUNDS

INDONESIA

OVERALL MEGA FUNDSSALES TRADING SALES TRADING SALES TRADING


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 36.87% 1 1 CLSA 37.04% 1 1 CLSA 47.20% 12 UBS 16.14% 2 2 UBS 17.67% 2 2 UBS 14.19% 23 BNP Paribas 8.18% 4 3 BNP Paribas 7.93% 7 3 Credit Suisse 6.82% 64 Macquarie 7.01% 10 4 Macquarie 7.25% =14 4 Deutsche Bank 6.41% 35 J.P.Morgan 6.55% 3 5 J.P.Morgan 6.68% 4 5 Macquarie 5.46% -6 Deutsche Bank 5.61% 5 6 Credit Suisse 5.66% 5 6 Merrill Lynch 4.64% 57 Credit Suisse 4.81% 6 7 Merrill Lynch 5.44% 6 7 BNP Paribas 3.55% 88 Merrill Lynch 4.76% 8 8 Deutsche Bank 4.74% 3 8 Danareksa 3.27% 79 Citi 4.06% - 9 Citi 3.17% - 9 CIMB 3.00% 4

10 CIMB 2.02% 7 10 CIMB 1.47% 9 10 Morgan Stanley 1.64% -11 Danareksa 1.21% 9 11 Danareksa 1.36% 8 =11 Citi 1.36% -12 Morgan Stanley 0.81% 15 12 Morgan Stanley 1.13% =14 =11 J.P.Morgan 1.36% -13 DBS Vickers 0.54% 13 13 Goldman Sachs 0.45% - 13 Goldman Sachs 1.09% -14 Mandiri 0.48% 1115 Goldman Sachs 0.31% -16 Nomura 0.29% -17 BOC International 0.15% -18 UOB Kay Hian 0.08% -19 Bahana 0.06% 1420 Daiwa 0.04% -21 Kim Eng 0.02% 16

EVENTS AND/OR CONFERENCES

INDONESIA

OVERALL MEGA FUNDS HEDGE FUNDSEVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 34.01% 1 1 CLSA 33.42% 1 1 CLSA 34.08% 12 UBS 13.49% 2 2 UBS 15.20% 2 2 UBS 16.78% 23 Credit Suisse 8.63% 6 3 Credit Suisse 10.44% 6 3 BNP Paribas 8.39% =74 J.P.Morgan 8.22% 3 4 J.P.Morgan 7.77% 4 4 CIMB 8.13% 65 Deutsche Bank 6.54% 5 5 Deutsche Bank 6.59% 3 5 Deutsche Bank 7.73% 36 Merrill Lynch 5.68% 7 6 Macquarie 6.27% - 6 Merrill Lynch 7.08% 47 Macquarie 5.37% 12 7 Merrill Lynch 6.15% 7 7 Credit Suisse 6.03% 98 CIMB 5.23% 9 8 CIMB 4.64% 14 8 J.P.Morgan 2.88% 59 BNP Paribas 4.80% 4 9 BNP Paribas 4.18% 5 9 Macquarie 2.62% -

10 Citi 2.95% 16 10 Citi 3.13% 15 10 Morgan Stanley 2.36% -11 DBS Vickers 1.55% 13 11 Morgan Stanley 1.16% 11 11 RBS 1.57% -12 Morgan Stanley 0.88% 14 12 DBS Vickers 0.58% 12 12 Citi 1.31% -13 Mandiri 0.67% 11 13 Goldman Sachs 0.46% - 13 Goldman Sachs 1.05% -14 Danareksa 0.53% 815 RBS* 0.49% 1716 Goldman Sachs 0.33% -17 Nomura 0.31% -18 Daiwa 0.20% -

=19 Bahana 0.06% 15=19 Kim Eng 0.06% 18


MEGA FUNDS HEDGE FUNDSROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT

OVERALL

INDONESIA


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 27.83% 2 1 CLSA 24.06% 2 1 CLSA 29.63% 22 Macquarie 22.53% 8 2 Macquarie 20.90% =4 2 Macquarie 14.81% =43 CIMB 12.95% 3 3 CIMB 12.39% =4 3 CIMB 11.85% 34 UBS 7.18% 4 4 UBS 10.21% =4 4 Deutsche Bank 9.63% 15 Credit Suisse 6.80% 6 5 Credit Suisse 9.48% 3 =5 Danareksa 7.41% -6 Deutsche Bank 5.90% 1 6 Bahana 7.29% =4 =5 J.P.Morgan 7.41% -7 Bahana 5.26% =10 7 Deutsche Bank 4.74% 1 =5 Merrill Lynch 7.41% =48 Merrill Lynch 4.10% 9 =8 Danareksa 3.65% =4 =5 UBS 7.41% 8

=9 Danareksa 2.57% 7 =8 J.P.Morgan 3.65% =4 9 BNP Paribas 4.44% =4=9 J.P.Morgan 2.57% =10 =8 Merrill Lynch 3.65% =411 BNP Paribas 2.18% 512 Binaartha Parama 0.13% -

OVERALL

INDONESIA

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGEMEGA FUNDS HEDGE FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Wuddy Warsono CLSA 14.21% 1 1 Wuddy Warsono CLSA 13.79% 2 1 Michael Chambers CLSA 11.69% 32 Michael Chambers CLSA 9.86% 2 2 Saerang Imelda UBS 9.71% - 2 Saerang Imelda UBS 10.20% -3 Saerang Imelda UBS 7.30% - 3 Michael Chambers CLSA 9.46% 1 3 Eugene Chung CLSA 8.29% 44 Dharwin Yuwono Credit Suisse 6.92% 7 4 Carl Reading Credit Suisse 9.44% =27 4 Dharwin Yuwono Credit Suisse 7.01% 55 Carl Reading Credit Suisse 6.75% - 5 Dharwin Yuwono Credit Suisse 8.44% 8 5 Chris Tedjo CIMB 5.74% -6 Leonard Ong Deutsche Bank 5.24% 25 6 Francois Gontha Deutsche Bank 4.12% 5 6 Francois Gontha Deutsche Bank 5.42% 27 Eugene Chung CLSA 4.86% 4 7 Eugene Chung CLSA 4.07% 3 =7 Benny Setiabrata Merrill Lynch 3.83% =138 Francois Gontha Deutsche Bank 3.32% 6 8 Leonard Ong Deutsche Bank 3.61% 30 =7 Sarah-Jane Wagg UBS 3.83% =109 Ben Williams J.P.Morgan 3.09% - 9 Chris Tedjo CIMB 3.42% 11 =9 Ben Williams J.P.Morgan 3.19% =22

10 Kartika Sutandi CIMB 2.94% 13 10 Ben Williams J.P.Morgan 3.24% - =9 Kwek Thong How BNP Paribas 3.19% -11 Sarah-Jane Wagg UBS 2.60% 5 11 Jean-Louis Guillou UBS 2.68% - =9 Leonard Ong Deutsche Bank 3.19% -12 Chris Tedjo CIMB 2.43% 14 =12 Kartika Sutandi CIMB 2.50% - =9 Michael Lynch CLSA 3.19% -13 Jean-Louis Guillou UBS 1.91% - =12 Kwek Thong How BNP Paribas 2.50% =13 =9 Stephen Beecroft UBS 3.19% -14 Kwek Thong How BNP Paribas 1.77% =16 14 Linda Gozali Citi 2.22% =24 14 Wuddy Warsono CLSA 2.76% 615 Linda Gozali Citi 1.58% =26 15 Sarah-Jane Wagg UBS 2.13% 7 =15 Jean-Louis Guillou UBS 2.55% -16 Benny Setiabrata Merrill Lynch 1.48% 15 =16 Michael Lynch CLSA 1.39% - =15 Kartika Sutandi CIMB 2.55% 1517 Chris Gray Macquarie 1.18% - =16 Norm Waite Lehman Brothers 1.39% - =17 Andres Sitorus BNP Paribas 2.13% -18 Bernard Thien CIMB 1.12% 3 =16 Stephen Beecroft UBS 1.39% - =17 Herry Dion DBS Vickers 2.13% -19 Edy Sujoso Danareksa 1.10% =16 =16 Stephen Kam Merrill Lynch 1.39% =15 =17 Violet Foo DBS Vickers 2.13% -20 Yolanda Sondak BNP Paribas 1.07% - 20 Benny Setiabrata Merrill Lynch 1.11% =15 =20 Ann Lim CIMB 1.91% -

=21 Michael Lynch CLSA 0.99% - =21 Adele Yeo Credit Suisse 0.93% - =20 Carl Reading Credit Suisse 1.91% -=21 Norm Waite Lehman Brothers 0.99% - =21 Andres Sitorus BNP Paribas 0.93% - =20 Samuel Resowijoyo BNP Paribas 1.91% -=21 Sandra Sondak J.P.Morgan 0.99% - =21 Caleb Woo CLSA 0.93% - =23 Bernard Thien CIMB 1.70% 1=21 Stephen Beecroft UBS 0.99% - =21 Clifford Kurz CLSA 0.93% - =23 Vincent Houghton Merrill Lynch 1.70% -=21 Stephen Kam Merrill Lynch 0.99% =19 =21 Herry Dion DBS Vickers 0.93% - 25 Lanny Kustina RBS 1.28% -

26 Hassan Ukim J.P.Morgan 0.74% 8 =21 Joyce Yim Morgan Stanley 0.93% - 26 David Sawaruddin Credit Suisse 1.06% -=27 Adele Yeo Credit Suisse 0.66% - =21 Violet Foo DBS Vickers 0.93% - =27 Andrew Cunningham HSBC 0.85% -=27 Andres Sitorus BNP Paribas 0.66% - =28 Veronica Kusnadi UBS 0.74% - =27 Swagatam Biswas CLSA 0.85% -=27 Caleb Woo CLSA 0.66% - =28 Vincent Houghton Merrill Lynch 0.74% - 29 Lokman Lie Mandiri 0.64% -=27 Clifford Kurz CLSA 0.66% - =30 Bernard Thien CIMB 0.46% 4=27 Herry Dion DBS Vickers 0.66% - =30 Connie Yan UBS 0.46% =15=27 Joyce Yim Morgan Stanley 0.66% - =30 David Sawaruddin Credit Suisse 0.46% -=27 Lanny Kustina RBS 0.66% - =30 Joon Bae Deutsche Bank 0.46% -=27 Violet Foo DBS Vickers 0.66% -

BEST SALESPERSONOVERALL

INDONESIA

MEGA FUNDS HEDGE FUNDSBEST SALESPERSON BEST SALESPERSON


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 25.63% 1 1 Nomura 23.75% 1 1 Goldman Sachs 23.22% 52 Goldman Sachs 15.34% 3 2 Goldman Sachs 17.58% 3 2 Nomura 20.45% 13 CLSA 11.02% 5 3 CLSA 11.17% 6 3 CLSA 10.90% 44 UBS 9.86% 2 4 UBS 9.88% 2 4 UBS 9.39% 25 Mitsubishi UFJ 6.43% 11 5 Merrill Lynch 7.52% 9 5 Mitsubishi UFJ 7.38% 106 Merrill Lynch 6.09% 12 6 Mitsubishi UFJ 5.88% 14 6 Merrill Lynch 5.70% 97 Daiwa Institute of Research 5.15% 4 7 Daiwa Institute of Research 4.23% 4 7 Nikko Citigroup 4.86% 38 Nikko Citigroup 4.35% 6 8 Nikko Citigroup 3.64% 5 8 Morgan Stanley 3.77% 69 Morgan Stanley 4.26% 7 9 Morgan Stanley 3.12% 7 9 J.P.Morgan 3.35% -

10 Credit Suisse 2.28% 10 10 Credit Suisse 2.94% 10 10 Daiwa Institute of Research 3.19% 711 J.P.Morgan 1.99% 14 11 J.P.Morgan 2.47% 11 11 KBC 2.60% =1412 KBC 1.84% 17 12 KBC 2.41% - 12 Credit Suisse 2.51% 1613 Fox-Pitt, Kelton 1.61% 13 13 Fox-Pitt, Kelton 1.76% 15 13 HSBC 1.26% 1714 Deutsche Bank 1.01% 15 14 Pali 1.18% - =14 Mizuho 0.50% =1415 Pali 0.90% - 15 HSBC 0.88% - =14 Okasan 0.50% -16 Macquarie 0.69% 8 16 Macquarie 0.82% 8 16 Lehman Brothers* 0.42% -17 HSBC 0.67% 18 17 Deutsche Bank 0.47% 1318 Mizuho 0.36% 9 18 Lehman Brothers* 0.29% - * Polling period prior to the acquisition by Nomura19 Okasan 0.27% =2020 Lehman Brothers* 0.22% - * Polling period prior to the acquisition by Nomura21 Tachibana 0.02% =20



JAPAN

OVERALL COUNTRY RESEARCHOVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. JAPAN: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 17.26% 1 1 CLSA 16.60% 6 1 Morgan Stanley 19.76% 12 CLSA 16.93% 4 2 Morgan Stanley 14.67% 2 2 CLSA 19.16% 43 Morgan Stanley 12.46% 2 3 Nomura 14.29% 1 3 Mitsubishi UFJ 12.57% -4 Mitsubishi UFJ 9.21% 10 =4 Mitsubishi UFJ 7.34% 10 4 J.P.Morgan 9.58% 55 J.P.Morgan 6.97% 7 =4 UBS 7.34% 3 5 Nomura 7.19% 26 UBS 6.36% 3 6 Mizuho 5.79% - =6 Lehman Brothers* 5.99% -7 Mizuho 4.06% - =7 Credit Suisse 3.86% =12 =6 Merrill Lynch 5.99% 88 Merrill Lynch 3.79% 8 =7 Fox-Pitt, Kelton 3.86% - =8 Nikko Citigroup 4.79% 99 Nikko Citigroup 3.52% 9 =7 Goldman Sachs 3.86% 5 =8 UBS 4.79% 3

10 Credit Suisse 2.98% 13 =7 J.P.Morgan 3.86% 7 =10 Credit Suisse 2.99% -11 Goldman Sachs 2.91% 6 =7 Lehman Brothers* 3.86% - =10 Mizuho 2.99% -12 Daiwa Institute of Research 2.84% 5 =7 Merrill Lynch 3.86% =8 12 KBC 2.40% 10

=13 Fox-Pitt, Kelton 2.71% 14 13 Nikko Citigroup 3.47% =8 13 Daiwa Institute of Research 1.80% 6=13 Lehman Brothers* 2.71% - =14 Deutsche Bank 1.93% =12=15 Deutsche Bank 1.35% 15 =14 Pali 1.93% -=15 Pali 1.35% - =16 HSBC 1.54% -=17 HSBC 1.08% 16 =16 KBC 1.54% 11=17 KBC 1.08% 11 18 Macquarie 0.39% -

19 Macquarie 0.34% -20 Tachibana 0.07% - * Polling period prior to the acquisition by Nomura



JAPAN

STRATEGYSTRATEGYSTRATEGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 15.84% 9 1 CLSA 19.91% 12 1 Mitsubishi UFJ 21.48% 42 Morgan Stanley 14.47% 3 2 Morgan Stanley 18.33% 3 2 Goldman Sachs 18.12% 73 Goldman Sachs 14.17% 4 3 Goldman Sachs 12.22% 4 3 Morgan Stanley 13.76% 34 Nomura 13.56% 1 4 Mitsubishi UFJ 10.86% 7 4 Nomura 12.75% 15 Mitsubishi UFJ 12.87% 5 5 Nomura 8.60% 1 5 CLSA 12.08% 96 Daiwa Institute of Research 5.94% 7 6 Deutsche Bank 6.79% 11 6 Daiwa Institute of Research 7.38% 137 Deutsche Bank 4.72% 11 7 Fox-Pitt, Kelton 4.52% - 7 Deutsche Bank 6.71% =108 Macquarie 4.04% 2 8 Daiwa Institute of Research 4.07% 8 8 Credit Suisse 3.36% -9 Fox-Pitt, Kelton 3.05% =13 9 HSBC 3.62% - 9 KBC 2.68% -

10 HSBC 2.44% =13 =10 Credit Suisse 2.26% - 10 UBS 1.68% =1011 Merrill Lynch 2.13% 8 =10 Merrill Lynch 2.26% 5

=12 Credit Suisse 1.52% =19 =10 Pali 2.26% -=12 Pali 1.52% - 13 KBC 1.81% -=14 KBC 1.22% - 14 Macquarie 1.36% 2=14 UBS 1.22% 10 15 UBS 1.13% 9

16 J.P.Morgan 0.99% 617 Nikko Citigroup 0.30% 12


JAPAN

MACROECONOMICSMACROECONOMICSMACROECONOMICS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 22.72% 1 1 Nomura 23.88% 1 =1 CLSA 15.75% =62 Daiwa Institute of Research 14.40% 2 2 CLSA 13.43% =6 =1 KBC 15.75% 103 Mitsubishi UFJ 12.32% 8 =3 KBC 11.44% - =1 Nomura 15.75% 14 CLSA 11.62% 5 =3 Mitsubishi UFJ 11.44% =10 4 Mitsubishi UFJ 14.38% =65 KBC 10.23% 7 5 Daiwa Institute of Research 9.95% 2 5 UBS 8.56% 26 J.P.Morgan 5.55% 9 6 UBS 7.21% 3 6 Nikko Citigroup 5.48% =67 UBS 5.03% 3 =7 Fox-Pitt, Kelton 4.98% - =7 Daiwa Institute of Research 4.11% 3

=8 Fox-Pitt, Kelton 3.47% 16 =7 J.P.Morgan 4.98% =6 =7 J.P.Morgan 4.11% 12=8 Nikko Citigroup 3.47% 6 9 Nikko Citigroup 3.98% 5 =7 Okasan 4.11% -10 Okasan 2.08% =18 =10 HSBC 2.49% - 10 HSBC 3.42% -

=11 Pali 1.73% - =10 Pali 2.49% - 11 Morgan Stanley 2.74% -=11 HSBC 1.73% - 12 Morgan Stanley 1.99% - =12 Macquarie 2.05% -

13 Macquarie 1.47% 15 13 Credit Suisse 1.24% - =12 Merrill Lynch 2.05% -14 Morgan Stanley 1.39% - 14 Macquarie 0.50% 13 14 Credit Suisse 1.71% -15 Merrill Lynch 1.04% 1416 Credit Suisse 0.87% -17 BNP Paribas 0.35% -

=18 Tachibana 0.17% -=18 Shinko 0.17% 11=20 Marusan 0.09% -=20 Goldman Sachs 0.09% -


JAPAN

SMALL CAPSSMALL CAPSSMALL CAPS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.80% 8 =1 CLSA 12.31% 7 1 CLSA 15.65% 22 J.P.Morgan 12.04% 1 =1 J.P.Morgan 12.31% 2 2 J.P.Morgan 14.49% =53 Nomura 11.37% 3 3 Morgan Stanley 10.83% =4 3 Mitsubishi UFJ 11.59% -4 Morgan Stanley 8.53% 6 =4 Merrill Lynch 8.49% 10 4 Morgan Stanley 8.99% 7

=5 Mitsubishi UFJ 6.69% - =4 Mitsubishi UFJ 8.49% - 5 Goldman Sachs 8.70% =5=5 Merrill Lynch 6.69% 12 6 Nomura 6.58% 3 6 Nomura 6.67% 4

7 Daiwa Institute of Research 6.61% 7 7 Goldman Sachs 6.37% =4 7 Daiwa Institute of Research 6.38% 138 Goldman Sachs 5.18% 5 =8 Credit Suisse 4.25% =8 =8 Deutsche Bank 5.80% -9 Deutsche Bank 4.35% =17 =8 Daiwa Institute of Research 4.25% =8 =8 Merrill Lynch 5.80% 9

10 Mizuho 3.51% 14 =8 Deutsche Bank 4.25% - 10 UBS 4.64% 311 Credit Suisse 3.43% 9 =8 Fox-Pitt, Kelton 4.25% - 11 KBC 3.77% -12 Fox-Pitt, Kelton 3.34% 13 =8 Mizuho 4.25% 13 =12 Nikko Citigroup 2.90% 113 HSBC 3.01% 11 13 HSBC 3.82% 12 =12 HSBC 2.90% 1214 UBS 2.93% 4 14 KBC 2.76% - 14 Japaninvest 1.74% 1415 Nikko Citigroup 2.34% 2 =15 Nikko Citigroup 2.12% 116 KBC 2.17% - =15 Pali 2.12% -17 Pali 1.67% - =15 UBS 2.12% 618 Japaninvest 1.00% 15 18 Macquarie 0.42% 1119 Macquarie 0.33% 10


JAPAN

AUTOMOBILES & COMPONENTSAUTOMOBILES & COMPONENTSAUTOMOBILES & COMPONENTS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nikko Citigroup 23.99% 1 1 Nikko Citigroup 28.11% 1 1 Nikko Citigroup 30.65% 12 Fox-Pitt, Kelton 10.82% 3 2 Fox-Pitt, Kelton 8.68% 3 2 Daiwa Institute of Research 13.36% 23 Nomura 9.82% 4 3 Goldman Sachs 8.30% 12 3 CLSA 9.68% =114 Daiwa Institute of Research 9.18% 2 4 Daiwa Institute of Research 7.55% 2 4 Nomura 9.22% =65 Goldman Sachs 7.97% 12 5 Credit Suisse 6.60% 7 =5 Fox-Pitt, Kelton 5.07% 36 CLSA 7.12% 10 6 CLSA 6.42% =9 =5 J.P.Morgan 5.07% =67 Credit Suisse 5.12% 9 =7 Morgan Stanley 4.91% 13 =7 Lehman Brothers* 4.61% -8 J.P.Morgan 4.56% 6 =7 Nomura 4.91% 5 =7 Mitsubishi UFJ 4.61% -9 Morgan Stanley 3.70% 8 =9 J.P.Morgan 3.77% 6 =7 UBS 4.61% 4

10 Mitsubishi UFJ 2.99% - =9 Lehman Brothers* 3.77% - 10 Morgan Stanley 3.69% =13=11 Lehman Brothers* 2.85% - =9 Merrill Lynch 3.77% 4 11 Credit Suisse 3.46% =11=11 Merrill Lynch 2.85% 5 =9 Mitsubishi UFJ 3.77% - 12 Goldman Sachs 2.76% 9=11 UBS 2.85% 7 =9 UBS 3.77% 8 13 KBC 1.84% =6

14 Deutsche Bank 1.71% - =14 Deutsche Bank 1.89% - 14 Mizuho 1.38% -=15 KBC 1.42% 13 =14 Pali 1.89% -=15 Pali 1.42% - 16 KBC 1.51% =9 * Polling period prior to the acquisition by Nomura

17 Mizuho 1.14% - 17 Macquarie 0.38% -18 Macquarie 0.28% 1419 HSBC 0.21% 11 * Polling period prior to the acquisition by Nomura



JAPAN

BANKSBANKSBANKS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 24.40% 1 1 Nomura 20.59% 1 1 Nomura 14.67% 12 CLSA 14.82% 7 2 CLSA 13.45% 9 2 Merrill Lynch 14.00% 43 Daiwa Institute of Research 8.99% 3 3 UBS 8.40% 2 3 CLSA 12.67% 6

=4 Merrill Lynch 6.99% 8 4 Lehman Brothers* 7.56% - =4 Goldman Sachs 10.00% 10=4 UBS 6.99% 2 5 Daiwa Institute of Research 7.14% 4 =4 UBS 10.00% 2

6 Lehman Brothers* 6.66% - =6 Nikko Citigroup 6.30% 3 6 Morgan Stanley 8.67% 87 Nikko Citigroup 5.08% 4 =6 Goldman Sachs 6.30% 11 =7 Nikko Citigroup 6.67% 58 Goldman Sachs 5.00% 10 =6 Merrill Lynch 6.30% =7 =7 Credit Suisse 6.67% =139 Morgan Stanley 4.33% 6 9 Morgan Stanley 5.46% 5 =7 Mitsubishi UFJ 6.67% -

10 KBC 3.66% 5 =10 Credit Suisse 4.20% 10 10 Daiwa Institute of Research 5.33% 7=11 Credit Suisse 3.33% 11 =10 Fox-Pitt, Kelton 4.20% - 11 KBC 2.67% 3=11 Fox-Pitt, Kelton 3.33% 13 =10 Mitsubishi UFJ 4.20% - 12 Japaninvest 2.00% =13=11 Mitsubishi UFJ 3.33% - 13 KBC 3.36% 6

14 Pali 1.67% - 14 Pali 2.10% -15 Japaninvest 1.00% 16 15 Macquarie 0.42% =1216 Macquarie 0.42% =14


OVERALL MEGA FUNDS HEDGE FUNDSCAPITAL GOODSCAPITAL GOODSCAPITAL GOODS

JAPAN


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.53% 9 1 Goldman Sachs 16.05% 3 1 Nomura 14.02% 22 Goldman Sachs 13.73% 3 =2 Merrill Lynch 12.35% 8 =2 Goldman Sachs 12.17% 43 Nomura 12.05% 2 =2 UBS 12.35% 1 =2 UBS 12.17% 14 UBS 11.17% 1 4 CLSA 11.11% 9 4 CLSA 11.64% =85 Merrill Lynch 9.58% 11 5 Lehman Brothers* 9.88% 7 5 Lehman Brothers* 10.58% =66 Lehman Brothers* 7.66% 10 6 Nomura 9.26% 2 6 Morgan Stanley 9.52% 37 Morgan Stanley 5.75% 4 7 Morgan Stanley 7.41% 4 7 Daiwa Institute of Research 8.99% 108 Daiwa Institute of Research 5.51% 5 8 Macquarie 4.53% - 8 Merrill Lynch 7.94% =89 Macquarie 3.59% - =9 Fox-Pitt, Kelton 4.12% - 9 Mitsubishi UFJ 5.29% -

=10 Nikko Citigroup 3.19% 8 =9 Mitsubishi UFJ 4.12% - 10 Nikko Citigroup 2.65% 12=10 Fox-Pitt, Kelton 3.19% 12 =11 Nikko Citigroup 2.06% 10 11 KBC 2.12% -=10 Mitsubishi UFJ 3.19% - =11 Daiwa Institute of Research 2.06% 6 12 Mizuho 1.59% 15

13 Deutsche Bank 1.92% 6 =11 Pali 2.06% - 13 Credit Suisse 1.32% =614 Pali 1.60% - 14 KBC 1.65% -15 KBC 1.28% - 15 Credit Suisse 1.03% 11 * Polling period prior to the acquisition by Nomura16 Mizuho 1.12% =1417 Credit Suisse 0.80% 7 * Polling period prior to the acquisition by Nomura18 J.P.Morgan 0.16% 13


OVERALL MEGA FUNDS HEDGE FUNDSMATERIALSMATERIALS

JAPAN

MATERIALS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Goldman Sachs 23.81% 1 1 Goldman Sachs 25.66% 1 1 Goldman Sachs 28.11% 12 CLSA 11.38% 10 2 UBS 9.87% 4 2 Nomura 12.67% 23 Nomura 10.20% 2 3 Morgan Stanley 9.21% 7 3 UBS 11.98% 54 UBS 9.68% 4 4 J.P.Morgan 8.88% 5 4 CLSA 11.06% =65 Morgan Stanley 8.11% 6 =5 CLSA 8.22% =9 5 Morgan Stanley 10.60% 86 J.P.Morgan 7.06% 5 =5 Credit Suisse 8.22% - 6 Credit Suisse 6.91% -7 Credit Suisse 6.54% =17 7 Nomura 5.76% 2 7 Mitsubishi UFJ 4.61% =108 Merrill Lynch 3.92% 9 8 Merrill Lynch 4.93% =9 8 Mizuho 2.76% =109 Daiwa Institute of Research 3.60% 7 =9 Daiwa Institute of Research 3.29% 6 =9 Nikko Citigroup 2.30% 4

10 Nikko Citigroup 2.94% 8 =9 Fox-Pitt, Kelton 3.29% - =9 J.P.Morgan 2.30% 9=11 Fox-Pitt, Kelton 2.62% =11 =9 Mitsubishi UFJ 3.29% - =9 Merrill Lynch 2.30% =6=11 Mitsubishi UFJ 2.62% =11 12 Nikko Citigroup 2.96% 8 12 KBC 1.84% =14=13 Lehman Brothers* 1.57% - =13 Lehman Brothers* 1.64% - 13 Daiwa Institute of Research 1.38% 3=13 Mizuho 1.57% =11 =13 Pali 1.64% - 14 Deutsche Bank 1.15% =10=15 KBC 1.31% =15 15 Deutsche Bank 1.48% 3=15 Pali 1.31% - 16 KBC 1.32% -

17 Deutsche Bank 1.18% 3 17 Macquarie 0.33% 1118 Macquarie 0.59% =17


HEDGE FUNDSOVERALL

JAPAN

TECHNOLOGY HARDWARE & EQUIPMENTTECHNOLOGY HARDWARE & EQUIPMENTTECHNOLOGY HARDWARE & EQUIPMENTMEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 55.98% 1 1 CLSA 62.43% 1 1 CLSA 45.53% 12 Nomura 9.27% 15 2 KBC 8.99% =4 2 Japaninvest 13.01% 43 KBC 8.88% 2 =3 Daiwa Institute of Research 5.29% 2 3 KBC 10.57% 2

=4 Japaninvest 6.18% 7 =3 Fox-Pitt, Kelton 5.29% - 4 Nomura 9.76% -=4 Mitsubishi UFJ 6.18% - =3 Japaninvest 5.29% - =5 Daiwa Institute of Research 8.13% -

6 Fox-Pitt, Kelton 4.63% =13 =3 Mitsubishi UFJ 5.29% - =5 Mitsubishi UFJ 8.13% -7 Daiwa Institute of Research 3.86% 3 =3 Nomura 5.29% 12 7 Goldman Sachs 4.88% 38 Goldman Sachs 2.32% 6 8 Deutsche Bank 2.12% =79 Deutsche Bank 1.54% =10

10 Macquarie 0.77% =8=11 Credit Suisse 0.19% =13=11 Tachibana 0.19% -

OVERALL MEGA FUNDS

JAPAN

MOST INDEPENDENT RESEARCH BROKERAGEMOST INDEPENDENT RESEARCH BROKERAGEMOST INDEPENDENT RESEARCH BROKERAGEHEDGE FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 David Threadgold Fox-Pitt, Kelton 6.65% =3 =1 David Threadgold Fox-Pitt, Kelton 4.26% 8 =1 Eiichi Katayama Nomura 4.76% -2 Eiichi Katayama Nomura 3.33% 9 =1 Eiichi Katayama Nomura 4.26% 5 =1 Hajime Kitano J.P.Morgan 4.76% -3 Paul Wan CLSA 2.85% =19 =3 Hajime Kitano J.P.Morgan 3.04% - =1 Hiroshi Saji Mizuho 4.76% -

=4 Hajime Kitano J.P.Morgan 2.38% - =3 Hiroshi Saji Mizuho 3.04% - =1 Jeanie Chen CLSA 4.76% -=4 Hiroshi Saji Mizuho 2.38% - =3 Hirosuke Tai Daiwa I.R. 3.04% =10 =1 Rob Feldman Morgan Stanley 4.76% -=4 Hirosuke Tai Daiwa I.R. 2.38% =14 =3 Jeanie Chen CLSA 3.04% - =1 Shin Horie Goldman Sachs 4.76% =5=4 Jeanie Chen CLSA 2.38% - =3 Masato Nakagawa Daiwa I.R. 3.04% - =1 Taizo Demura Morgan Stanley 4.76% -=4 Masato Nakagawa Daiwa I.R. 2.38% - =3 Paul Wan CLSA 3.04% =16 =1 Takaki Nakanishi J.P.Morgan 4.76% -=4 Rob Feldman Morgan Stanley 2.38% - =3 Rob Feldman Morgan Stanley 3.04% - =9 George Chang Macquarie 3.81% -=4 Shin Horie Goldman Sachs 2.38% =19 =3 Shin Horie Goldman Sachs 3.04% =16 =9 Katsunori Tanaka Goldman Sachs 3.81% -=4 Shinji Kakiuchi Morgan Stanley 2.38% - =3 Shinji Kakiuchi Morgan Stanley 3.04% - =9 Takehiro Sato Morgan Stanley 3.81% -=4 Taizo Demura Morgan Stanley 2.38% - =3 Taizo Demura Morgan Stanley 3.04% - =12 Fumihide Goto UBS 3.17% -=4 Takaki Nakanishi J.P.Morgan 2.38% - =3 Takaki Nakanishi J.P.Morgan 3.04% - =12 Kathy Matsui Goldman Sachs 3.17% =20

=14 Daisuke Fukushima Nomura 1.90% - =14 George Chang Macquarie 2.43% - =12 Naoki Kamiyama Morgan Stanley 3.17% =5=14 George Chang Macquarie 1.90% - =14 Katsunori Tanaka Goldman Sachs 2.43% - =12 Ryoichi Urushihara Nomura 3.17% -=14 Katsunori Tanaka Goldman Sachs 1.90% - =14 Takehiro Sato Morgan Stanley 2.43% - =12 Scott Foster HSBC 3.17% -=14 Takehiro Sato Morgan Stanley 1.90% - =14 Yoshihiro Hashimoto Merrill Lynch 2.43% - =12 Shoji Hirakawa UBS 3.17% 2=14 Yoshihiro Hashimoto Merrill Lynch 1.90% - 18 Jolyon Montague CLSA 2.13% - =18 Atsushi Yamaguchi UBS 2.86% =28

19 Jolyon Montague CLSA 1.78% - =19 Eiji Hakomori Daiwa I.R. 2.03% - =18 David Threadgold Fox-Pitt, Kelton 2.86% =1520 Yoji Otani Credit Suisse 1.74% - =19 Fumihide Goto UBS 2.03% - =18 Prem Samtani Morgan Stanley 2.86% -21 Atsushi Yamaguchi UBS 1.66% 8 =19 Kathy Matsui Goldman Sachs 2.03% =6 =21 Michiko Kakiya Macquarie 2.54% -

=22 Eiji Hakomori Daiwa I.R. 1.58% - =19 Naoki Kamiyama Morgan Stanley 2.03% 14 =21 Yoshihiro Azuma Morgan Stanley 2.54% -=22 Fumihide Goto UBS 1.58% - =19 Ryoichi Urushihara Nomura 2.03% - =23 Jolyon Montague CLSA 2.38% -=22 Kathy Matsui Goldman Sachs 1.58% 5 =19 Scott Foster HSBC 2.03% - =23 Kristine Li KBC 2.38% =5=22 Naoki Kamiyama Morgan Stanley 1.58% 17 =19 Shoji Hirakawa UBS 2.03% 1 =25 Richard Koo Nomura 1.90% -=22 Ryoichi Urushihara Nomura 1.58% - =19 Tomohiro Araki Nomura 2.03% - =25 Shigeki Okazaki Nomura 1.90% -=22 Scott Foster HSBC 1.58% - =19 Yoji Otani Credit Suisse 2.03% - =27 Daiki Takayama Goldman Sachs 1.59% -=22 Shoji Hirakawa UBS 1.58% 1 =19 Yoshido Ando Goldman Sachs 2.03% - =27 Shinichi Ichikawa Credit Suisse 1.59% -=22 Tomohiro Araki Nomura 1.58% - =19 Yuki Honjo Fox-Pitt, Kelton 2.03% - =27 Takahiro Kazahaya Nomura 1.59% -=22 Yoshido Ando Goldman Sachs 1.58% - 30 Daiki Takayama Goldman Sachs 1.83% =16 =27 Taketo Yamate UBS 1.59% -=22 Yuki Honjo Fox-Pitt, Kelton 1.58% 10 =27 Walter Altherr Lehman Brothers 1.59% -


JAPAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 50.69% 1 1 Nomura 50.39% 1 1 Nomura 52.54% 12 Daiwa 33.29% 2 2 Daiwa 33.37% 2 2 Daiwa 29.79% 23 Mitsubishi UFJ 8.83% 4 3 Mitsubishi UFJ 9.12% 4 3 Mizuho 9.82% 34 Mizuho 7.14% 3 4 Mizuho 7.12% 3 4 Mitsubishi UFJ 7.86% 45 Cosmo 0.04% -

JAPAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 21.19% 1 1 Nomura 20.69% 1 1 Goldman Sachs 15.56% 42 CLSA 11.74% 5 2 UBS 11.64% 2 2 Nomura 14.57% 23 Goldman Sachs 10.82% 3 3 CLSA 10.91% 8 3 UBS 12.98% 14 UBS 10.64% 2 4 Goldman Sachs 10.73% 3 4 Merrill Lynch 8.61% 75 Daiwa SMBC 6.65% 4 5 Merrill Lynch 7.33% 6 5 CLSA 8.28% 66 Merrill Lynch 6.55% 8 6 Credit Suisse 5.82% 11 6 Credit Suisse 7.48% 97 Morgan Stanley 5.50% 6 7 Daiwa SMBC 5.60% 7 7 Morgan Stanley 6.42% 58 Mitsubishi UFJ 4.83% 14 8 Morgan Stanley 5.47% 5 8 J.P.Morgan 4.70% 169 Credit Suisse 4.63% 11 9 Mitsubishi UFJ 5.34% 13 9 Mitsubishi UFJ 4.37% 11

10 J.P.Morgan 3.19% 9 10 J.P.Morgan 3.41% 10 10 HSBC 3.38% -11 Nikko Citigroup 2.79% 7 11 HSBC 1.94% 17 11 Nikko Citigroup 3.31% 312 HSBC 1.77% =16 =12 Nikko Citigroup 1.64% 4 12 Daiwa SMBC 3.18% 10

=13 Fox-Pitt, Kelton 1.69% 15 =12 Fox-Pitt, Kelton 1.64% 18 13 Lehman Brothers* 2.32% 19=13 Macquarie 1.69% 10 14 Lehman Brothers* 1.51% 16 14 KBC 2.25% =14

15 Deutsche Bank 1.64% 12 15 KBC 1.47% 15 15 Deutsche Bank 1.66% =1716 Lehman Brothers* 1.20% 19 16 Deutsche Bank 1.42% 12 16 Barclays Capital 0.93% -17 KBC 1.18% =16 17 Macquarie 1.38% 918 Mizuho 1.15% 13 =18 Mizuho 0.86% 14 * Polling period prior to the acquisition by Nomura19 Pali 0.68% - =18 Pali 0.86% -20 Barclays Capital 0.47% - 20 Barclays Capital 0.34% -



JAPAN

OVERALL SALES SERVICES OVERALL SALES SERVICES OVERALL SALES SERVICES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 17.88% 1 1 Nomura 17.60% 1 1 Nomura 15.20% 42 UBS 11.96% 2 2 UBS 10.43% 2 2 Credit Suisse 12.56% 103 CLSA 9.67% 5 3 CLSA 9.78% 8 3 CLSA 10.94% 34 Credit Suisse 7.90% 8 4 Credit Suisse 8.96% 6 4 UBS 10.74% 15 Morgan Stanley 7.29% 6 5 Morgan Stanley 7.74% 9 5 Goldman Sachs 9.22% 26 Goldman Sachs 6.85% 4 6 Nikko Citigroup 7.66% 14 6 Morgan Stanley 7.60% 57 Nikko Citigroup 6.36% 12 7 Goldman Sachs 7.09% 4 7 Nikko Citigroup 7.09% 98 Merrill Lynch 5.34% =10 8 Merrill Lynch 4.89% 10 8 Merrill Lynch 5.07% 79 Daiwa SMBC 4.06% 3 9 Lehman Brothers* 3.67% 7 9 Lehman Brothers* 4.56% 12

10 Deutsche Bank 3.13% 16 10 Macquarie 3.10% 5 10 Deutsche Bank 4.26% =1611 Lehman Brothers* 2.64% =10 11 Mitsubishi UFJ 2.93% 12 11 Mitsubishi UFJ 3.65% 1412 Macquarie 2.58% 7 =12 Deutsche Bank 2.77% 15 12 Macquarie 3.04% 813 Mitsubishi UFJ 2.38% 14 =12 KBC 2.77% - =13 Barclays Capital 2.43% -

=14 Fox-Pitt, Kelton 2.09% 15 14 Fox-Pitt, Kelton 2.44% - =13 KBC 2.43% -=14 J.P.Morgan 2.09% 13 15 J.P.Morgan 2.28% 13 =15 Daiwa SMBC 0.61% 6

16 KBC 1.97% 17 16 HSBC 1.96% - =15 J.P.Morgan 0.61% 1117 HSBC 1.51% 19 =17 Daiwa SMBC 1.63% 318 Barclays Capital 1.39% - =17 Pali 1.63% - * Polling period prior to the acquisition by Nomura19 Pali 1.16% - 19 BNP Paribas 0.65% -20 Instinet 1.04% -21 BNP Paribas 0.46% - * Polling period prior to the acquisition by Nomura22 Mizuho 0.15% 923 Tachibana 0.09% 21


OVERALL

JAPAN

EXECUTION EXECUTION EXECUTIONMEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 2007=1 Nomura 12.85% 2 1 UBS 12.25% 1 1 Goldman Sachs 14.81% 5=1 UBS 12.85% 1 2 Goldman Sachs 11.65% 3 =2 J.P.Morgan 10.07% 8

3 CLSA 10.25% 3 3 Morgan Stanley 10.53% 9 =2 UBS 10.07% 14 Goldman Sachs 10.20% 5 4 CLSA 9.48% 6 4 Merrill Lynch 9.97% 75 Merrill Lynch 8.72% 11 5 J.P.Morgan 8.96% 5 5 CLSA 9.78% 26 Morgan Stanley 8.37% 8 6 Nomura 8.81% 2 6 Credit Suisse 9.50% 47 J.P.Morgan 7.00% 6 7 Merrill Lynch 7.84% 10 7 Morgan Stanley 8.64% 108 Credit Suisse 5.47% 7 8 Credit Suisse 7.47% 7 8 Nomura 8.55% 119 Nikko Citigroup 5.41% 10 9 Nikko Citigroup 5.53% 11 9 Nikko Citigroup 7.41% 3

10 Daiwa SMBC 4.48% 4 10 Macquarie 3.58% 8 10 Macquarie 2.85% 911 Macquarie 3.04% 9 11 KBC 2.54% 18 11 KBC 2.28% 1312 Fox-Pitt, Kelton 1.97% 15 =12 Daiwa SMBC 2.24% 4 12 Lehman Brothers* 1.90% -13 KBC 1.86% 17 =12 Fox-Pitt, Kelton 2.24% - =13 Barclays Capital 1.14% -14 Lehman Brothers* 1.70% 19 =12 Lehman Brothers* 2.24% =16 =13 Daiwa SMBC 1.14% 615 HSBC 1.42% 20 15 HSBC 1.79% - =13 Deutsche Bank 1.14% =1416 Deutsche Bank 1.20% 13 16 Pali 1.49% - 16 Mitsubishi UFJ 0.76% =1617 Pali 1.09% - 17 Deutsche Bank 0.75% 1218 Mitsubishi UFJ 0.98% 14 18 Mitsubishi UFJ 0.60% =14 * Polling period prior to the acquisition by Nomura19 Barclays Capital 0.66% -20 Mizuho 0.38% 12 * Polling period prior to the acquisition by Nomura21 Tachibana 0.05% 2322 Okasan 0.03% 18



JAPAN

SALES TRADING SALES TRADING SALES TRADINGOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 27.87% 1 1 Nomura 25.39% 1 1 Nomura 22.35% 22 CLSA 21.17% 2 2 CLSA 23.26% 2 2 CLSA 20.12% 13 Merrill Lynch 16.99% 4 3 Merrill Lynch 18.67% 4 3 Merrill Lynch 19.26% 44 Nikko Citigroup 4.76% 6 4 UBS 5.27% 3 4 Goldman Sachs 7.36% =85 Goldman Sachs 4.30% 7 5 Nikko Citigroup 4.60% 5 5 UBS 6.85% 36 UBS 4.26% 3 6 J.P.Morgan 4.15% 6 6 J.P.Morgan 4.28% 67 Morgan Stanley 3.46% 9 7 Goldman Sachs 3.48% 7 7 Mitsubishi UFJ 3.94% -8 J.P.Morgan 3.37% 8 8 Mitsubishi UFJ 3.14% 10 8 Nikko Citigroup 3.60% 59 Mitsubishi UFJ 3.16% 10 9 Morgan Stanley 2.35% 9 9 Daiwa 2.74% =8

10 Daiwa 3.14% 5 10 Credit Suisse 2.13% 13 =10 Credit Suisse 2.57% 1111 Mizuho 1.77% 11 11 KBC 1.74% - =10 Mizuho 2.57% -12 Credit Suisse 1.69% 13 12 Fox-Pitt, Kelton 1.68% - =10 Morgan Stanley 2.57% 713 KBC 1.31% - 13 Daiwa 1.57% 8 13 KBC 1.80% -14 Fox-Pitt, Kelton 1.27% - 14 Mizuho 1.35% 1115 Pali 0.84% - 15 Pali 1.12% -16 Deutsche Bank 0.42% 14 16 Macquarie 0.11% 1217 Macquarie 0.21% 12

HEDGE FUNDSOVERALL MEGA FUNDS

JAPAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 26.68% 1 1 Nomura 24.59% 1 1 UBS 21.09% 42 UBS 13.75% 2 2 UBS 16.36% 3 2 Nomura 19.93% 13 CLSA 10.07% 5 3 CLSA 9.20% 5 3 CLSA 10.28% 34 Merrill Lynch 7.92% 9 4 Merrill Lynch 9.02% 7 4 Goldman Sachs 9.29% 25 Daiwa 6.01% 4 5 Morgan Stanley 6.67% 13 5 Merrill Lynch 8.22% =66 Morgan Stanley 5.73% 13 =6 J.P.Morgan 5.41% 12 6 Morgan Stanley 6.34% 117 Mitsubishi UFJ 5.34% 6 =6 Mitsubishi UFJ 5.41% 9 =7 J.P.Morgan 4.47% =138 Goldman Sachs 4.85% 3 8 Goldman Sachs 4.81% 2 =7 Lehman Brothers* 4.47% 159 J.P.Morgan 4.26% 10 9 Daiwa 3.73% 4 =7 Mitsubishi UFJ 4.47% =6

10 Nikko Citigroup 3.89% 8 10 Lehman Brothers* 3.61% =14 10 KBC 3.49% -11 Lehman Brothers* 2.80% 16 11 Nikko Citigroup 3.13% 8 11 Daiwa 3.40% 812 KBC 2.31% 17 12 KBC 2.95% 16 12 Nikko Citigroup 2.32% 5

=13 Fox-Pitt, Kelton 1.68% 14 13 Fox-Pitt, Kelton 1.80% - 13 Credit Suisse 1.34% 17=13 Mizuho 1.68% 7 14 Pali 1.20% - 14 Mizuho 0.89% 9

15 Deutsche Bank 1.21% 15 15 Credit Suisse 0.90% 1016 Pali 0.93% - 16 Mizuho 0.60% 6 * Polling period prior to the acquisition by Nomura17 Credit Suisse 0.70% 11 17 Deutsche Bank 0.48% =1418 Macquarie 0.19% 12 18 Macquarie 0.12% 1119 Marusan 0.02% =21



JAPAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Nomura 20.99% 2 1 Nomura 18.73% 1 1 Nomura 23.73% =42 CLSA 14.84% 3 2 CLSA 15.05% 3 2 CLSA 14.12% 13 Morgan Stanley 8.29% =12 3 Mitsubishi UFJ 9.36% 10 3 Nikko Citigroup 11.30% 74 Mitsubishi UFJ 7.49% 9 4 Morgan Stanley 8.36% - 4 Goldman Sachs 9.04% 65 Nikko Citigroup 6.42% =5 5 Nikko Citigroup 8.03% =6 5 Morgan Stanley 8.47% =116 KBC 6.15% =12 6 KBC 7.69% - 6 KBC 7.34% =11

=7 Goldman Sachs 5.35% 7 7 Merrill Lynch 6.69% 14 =7 J.P.Morgan 5.65% 14=7 Merrill Lynch 5.35% 17 =8 Deutsche Bank 4.68% 8 =7 Lehman Brothers* 5.65% -

9 Deutsche Bank 4.81% 10 =8 Goldman Sachs 4.68% 4 =7 Merrill Lynch 5.65% =910 Macquarie 4.14% =5 =10 Fox-Pitt, Kelton 3.34% - =10 Macquarie 4.52% =411 Lehman Brothers* 3.21% =18 =10 J.P.Morgan 3.34% 9 =10 UBS 4.52% 2

=12 Fox-Pitt, Kelton 2.67% =12 =10 Lehman Brothers* 3.34% -=12 J.P.Morgan 2.67% 4 =13 Macquarie 2.68% 5 * Polling period prior to the acquisition by Nomura

14 UBS 2.14% 1 =13 UBS 2.68% 2=15 Credit Suisse 1.60% 8 15 Knight 1.34% -=15 Mizuho 1.60% =12=17 Daiwa SMBC 1.07% 11 * Polling period prior to the acquisition by Nomura=17 Knight 1.07% -

19 HSBC 0.13% =18


HEDGE FUNDSOVERALL MEGA FUNDS

JAPAN

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 James O'Neile Nomura 5.66% 1 1 James O'Neile Nomura 5.50% 2 1 James O'Neile Nomura 4.71% =222 Stuart Morrow CLSA 3.90% - 2 Stuart Morrow CLSA 4.76% - 2 Paul Hitchens J.P.Morgan 3.60% -3 Christian Howes Merrill Lynch 2.60% - 3 Christian Howes Merrill Lynch 2.61% - 3 David Turry HSBC 3.53% -4 Sean Yeo Nomura 2.52% 5 =4 Jeff Loff Credit Suisse 2.33% - =4 Jeff Loff Credit Suisse 3.46% -

=5 David Turry HSBC 1.99% - =4 Keizo Funato Mitsubishi UFJ 2.33% - =4 Stefan Worrall Credit Suisse 3.46% -=5 Paul Hitchens J.P.Morgan 1.99% - =4 Stefan Worrall Credit Suisse 2.33% - =4 Stuart Morrow CLSA 3.46% -=7 Jeff Loff Credit Suisse 1.91% - 7 Jeffrey Wyshynski UBS 2.14% - 7 Shin Asano Nomura 2.91% =24=7 Keizo Funato Mitsubishi UFJ 1.91% - =8 David Turry HSBC 2.10% - 8 Rupert Middle CLSA 2.63% -=7 Stefan Worrall Credit Suisse 1.91% - =8 Michael Ostern Lehman Brothers 2.10% =15 9 Michael Ostern Lehman Brothers 2.42% =1210 Yoichi Morimoto Nomura 1.83% - 10 Sean Yeo Nomura 1.96% =4 =10 Aki Kim Merrill Lynch 2.08% -11 Jeffrey Wyshynski UBS 1.76% - =11 Gareth R. Lewis UBS 1.86% - =10 Chiyo Aoshima Goldman Sachs 2.08% -12 Michael Ostern Lehman Brothers 1.72% =20 =11 Paul Hitchens J.P.Morgan 1.86% - =10 Eddie Jones Merrill Lynch 2.08% -

=13 Hikaru Teramoto Nomura 1.61% =20 =11 Yoichi Morimoto Nomura 1.86% - =10 Hikaru Teramoto Nomura 2.08% -=13 Shin Asano Nomura 1.61% 8 =14 Aki Kim Merrill Lynch 1.40% - =10 Ippei Yoshida Nomura 2.08% =12

15 Gareth R. Lewis UBS 1.53% - =14 Chiyo Aoshima Goldman Sachs 1.40% - =10 James Muir Mitsubishi UFJ 2.08% -16 Rupert Middle CLSA 1.45% - =14 Eddie Jones Merrill Lynch 1.40% - =10 Jeffrey Wyshynski UBS 2.08% -17 Martin Pankau Goldman Sachs 1.38% - =14 Hikaru Teramoto Nomura 1.40% =15 =10 John Joyce Goldman Sachs 2.08% -18 Sara Perring Nikko Citigroup 1.22% 10 =14 Ippei Yoshida Nomura 1.40% =15 =10 Keith Truelove UBS 2.08% 1

=19 Aki Kim Merrill Lynch 1.15% - =14 James Muir Mitsubishi UFJ 1.40% - =10 Keizo Funato Mitsubishi UFJ 2.08% -=19 Chiyo Aoshima Goldman Sachs 1.15% - =14 Joe Jackson Morgan Stanley 1.40% - =10 Masami Yamada Mitsubishi UFJ 2.08% -=19 Eddie Jones Merrill Lynch 1.15% - =14 John Joyce Goldman Sachs 1.40% - =10 Tsuyoshi Horota UBS 2.08% =12=19 Ippei Yoshida Nomura 1.15% =20 =14 Junta Nakai Goldman Sachs 1.40% - =10 Yuetian Lu Mitsubishi UFJ 2.08% -=19 James Muir Mitsubishi UFJ 1.15% - =14 Keith Truelove UBS 1.40% 1 =10 Yumiko Murakami Goldman Sachs 2.08% -=19 Joe Jackson Morgan Stanley 1.15% - =14 Maiko Asaka Lehman Brothers 1.40% - 24 Keiko Takeno Morgan Stanley 1.94% -=19 John Joyce Goldman Sachs 1.15% - =14 Makiko Hashimoto UBS 1.40% - =25 Andrew Cunningham HSBC 1.66% -=19 Junta Nakai Goldman Sachs 1.15% - =14 Martin Pankau Goldman Sachs 1.40% - =25 Brad Smith CLSA 1.66% -=19 Keith Truelove UBS 1.15% 2 =14 Masahiko Goto CLSA 1.40% - =25 Matthew Lutter KBC 1.66% -=19 Maiko Asaka Lehman Brothers 1.15% - =14 Masami Yamada Mitsubishi UFJ 1.40% - =28 Dain Krisulevicz Merrill Lynch 1.38% -=19 Makiko Hashimoto UBS 1.15% - =14 Matthew Ruddick Mizuho 1.40% - =28 Eduardo Romaneiro Goldman Sachs 1.38% -=19 Masahiko Goto CLSA 1.15% - =14 Simon Turner Nomura 1.40% - =28 Hitoshi Ikeya HSBC 1.38% -=19 Masami Yamada Mitsubishi UFJ 1.15% - =14 Stefan Pendert Morgan Stanley 1.40% - =28 Jessica Khine Mitsubishi UFJ 1.38% -=19 Matthew Ruddick Mizuho 1.15% - =14 Todd Steeves CLSA 1.40% - =28 Maiko Asaka Lehman Brothers 1.38% =27=19 Simon Turner Nomura 1.15% - =14 Tsuyoshi Horota UBS 1.40% =15 =28 Marcus Okuno Merrill Lynch 1.38% -=19 Stefan Pendert Morgan Stanley 1.15% - =14 Yuetian Lu Mitsubishi UFJ 1.40% - =28 Sara Perring Nikko Citigroup 1.38% 5=19 Todd Steeves CLSA 1.15% - =14 Yumiko Murakami Goldman Sachs 1.40% =15 =28 Voon Hsien Lee CLSA 1.38% -=19 Tsuyoshi Horota UBS 1.15% =20 =28 Yusuke Furusawa Nikko Citigroup 1.38% -=19 Yuetian Lu Mitsubishi UFJ 1.15% -=19 Yumiko Murakami Goldman Sachs 1.15% =20


JAPAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 23.03% 1 1 Samsung 23.50% 1 1 Samsung 18.04% 12 UBS 10.65% 2 2 UBS 11.02% 2 2 UBS 14.66% 23 CLSA 8.75% 4 3 CLSA 9.75% 5 3 CLSA 9.17% 54 Credit Suisse 6.93% 10 4 Credit Suisse 7.96% 10 4 Credit Suisse 7.66% 115 Citi 5.50% 5 5 Macquarie 5.81% 16 5 Morgan Stanley 5.71% 76 Woori I&S 5.29% 6 6 J.P.Morgan 5.49% 11 6 Deutsche Bank 5.34% 87 Macquarie 5.23% 16 7 Citi 4.84% 4 7 Citi 5.19% 48 J.P.Morgan 4.77% 11 8 Woori I&S 4.17% 7 8 Goldman Sachs 5.12% 69 Daewoo 4.73% 8 9 Morgan Stanley 3.76% 8 9 Macquarie 5.04% 13

10 Deutsche Bank 3.41% 12 10 Goldman Sachs 3.73% 6 10 J.P.Morgan 4.84% 1011 Hyundai 3.25% 14 11 Daewoo 3.40% 9 11 Merrill Lynch 4.23% 312 Goldman Sachs 3.13% 7 12 Deutsche Bank 3.24% 12 12 Lehman Brothers* 3.53% =1713 Morgan Stanley 3.05% 9 13 Merrill Lynch 2.47% 3 13 Woori I&S 3.48% 914 Merrill Lynch 1.98% 3 14 Hyundai 2.07% 18 14 Hyundai 2.07% 1615 Mirae Asset 1.94% 15 15 Mirae Asset 1.85% =13 =15 BNP Paribas 1.51% 1416 Korea Investment & Securities 1.91% 13 16 Lehman Brothers* 1.82% =19 =15 Daiwa Institute of Research 1.51% =1717 Lehman Brothers* 1.48% 22 17 BNP Paribas 1.36% 15 17 Korea Investment & Securities 1.01% 1518 BNP Paribas 1.11% 17 18 Korea Investment & Securities 1.26% =13 18 Mirae Asset 0.71% -19 Daiwa Institute of Research 0.88% 21 19 Hana Daetoo 0.82% - =19 Daewoo 0.60% 1220 Eugene 0.82% - 20 Daiwa Institute of Research 0.73% =19 =19 GMSH 0.60% -21 Hana Daetoo 0.73% - 21 Eugene 0.31% -22 GMSH 0.41% 23 =22 HSBC 0.24% - * Polling period prior to the acquisition by Nomura23 CJIS 0.30% 28 =22 Tong Yang 0.24% -24 Tong Yang 0.29% - 24 CJIS 0.12% -25 HSBC 0.18% =25 25 KB Investment & Securities 0.03% -26 Nomura 0.11% -27 KB Investment & Securities 0.06% - * Polling period prior to the acquisition by Nomura

=28 Daishin 0.04% 24=28 Meritz 0.04% -



KOREA


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. KOREA: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 28.90% 1 1 Samsung 29.13% 1 1 Samsung 22.00% 32 UBS 12.94% 2 2 UBS 14.39% 3 2 UBS 16.86% 23 Credit Suisse 6.56% 9 3 Credit Suisse 7.80% 8 3 Morgan Stanley 10.57% =84 Morgan Stanley 5.43% 8 4 Morgan Stanley 6.91% 5 4 Merrill Lynch 9.43% 45 Merrill Lynch 5.29% 5 5 Merrill Lynch 6.60% 4 5 Credit Suisse 6.81% 66 CLSA 5.09% 7 6 CLSA 4.84% 13 6 Macquarie 6.00% =127 J.P.Morgan 3.92% 17 7 J.P.Morgan 4.21% =15 7 Citi 5.71% =12

=8 Citi 3.86% 14 8 Macquarie 3.97% 11 =8 Daewoo 3.43% 7=8 Macquarie 3.86% 13 9 Citi 3.76% 12 =8 J.P.Morgan 3.43% =8=8 Woori I&S 3.86% 10 10 Goldman Sachs 3.06% 2 =10 Daiwa Institute of Research 2.86% -11 Daewoo 3.48% 4 11 Woori I&S 2.85% 9 =10 Goldman Sachs 2.86% 112 Goldman Sachs 3.15% 3 12 Hyundai 1.85% 18 12 Woori I&S 2.71% =1213 Hyundai 2.34% 15 13 CJIS 1.45% 7 13 BNP Paribas 2.29% =1214 CJIS 2.11% 6 14 Daewoo 1.25% 6 14 Deutsche Bank 2.19% =815 Shinyoung 1.55% 18 =15 Daiwa Institute of Research 1.20% - 15 Hyundai 1.71% 1116 Eugene 1.00% - =15 Eugene 1.20% - 16 CLSA 1.14% 517 Korea Investment & Securities 0.96% 12 =17 BNP Paribas 0.96% 1918 Daiwa Institute of Research 0.91% - =17 Shinyoung 0.96% 1719 Deutsche Bank 0.88% 16 19 Nomura 0.86% -20 Nomura 0.74% - 20 Mirae Asset 0.70% 1021 BNP Paribas 0.73% 20 21 Korea Investment & Securities 0.60% 1422 Mirae Asset 0.71% 11 22 Hana Daetoo 0.40% -23 GMSH 0.44% 24 23 Tong Yang 0.30% -24 Hana Daetoo 0.30% - 24 Prudential I&S 0.24% -25 Tong Yang 0.23% - 25 Deutsche Bank 0.20% =15

=26 KB Investment & Securities 0.18% - 26 GMSH 0.16% -=26 Prudential I&S 0.18% 23 27 Daishin 0.15% 21

28 Daishin 0.11% 19=29 Dongbu 0.09% -=29 HMC 0.09% -=29 Lehman Brothers* 0.09% 22


KOREA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 22.83% 1 1 Samsung 22.41% 1 1 UBS 23.59% 12 UBS 13.71% 2 2 UBS 15.42% 2 2 Samsung 13.07% 23 J.P.Morgan 8.14% 8 3 J.P.Morgan 8.79% 10 3 CLSA 8.71% 34 Goldman Sachs 7.51% 4 4 Goldman Sachs 8.23% 4 4 J.P.Morgan 8.17% 115 CLSA 5.88% 6 5 CLSA 6.40% 7 5 Citi 7.26% 76 Daewoo 4.32% 3 6 Macquarie 3.71% 12 6 Morgan Stanley 6.53% 47 Citi 4.00% 7 7 Merrill Lynch 3.64% 11 =7 Goldman Sachs 5.44% 58 Hyundai 3.54% =12 8 Morgan Stanley 3.62% 5 =7 Merrill Lynch 5.44% =89 Morgan Stanley 3.34% 5 9 Hyundai 3.61% 16 9 Credit Suisse 4.72% 12

10 Woori I&S 3.27% 15 10 Citi 3.24% 6 =10 Daiwa Institute of Research 3.63% -11 Lehman Brothers* 2.93% 9 11 Lehman Brothers* 2.79% 8 =10 Deutsche Bank 3.63% 612 Macquarie 2.78% 11 12 Credit Suisse 2.44% 13 =10 Lehman Brothers* 3.63% =813 Merrill Lynch 2.70% =12 13 Daewoo 2.43% 3 13 Macquarie 2.90% 1314 Credit Suisse 2.62% 17 14 KB Investment & Securities 2.04% - 14 Hyundai 2.18% -15 CJIS 1.91% 14 15 Hana Daetoo 1.93% - 15 Woori I&S 1.09% =1416 KB Investment & Securities 1.89% - 16 Woori I&S 1.90% 1717 Hana Daetoo 1.65% - 17 CJIS 1.78% 14 * Polling period prior to the acquisition by Nomura18 Deutsche Bank 1.22% 10 18 Daiwa Institute of Research 1.46% -19 Dongbu 1.11% 18 19 Deutsche Bank 0.78% 920 Daiwa Institute of Research 1.08% - =20 Mirae Asset 0.73% 1521 GMSH 1.02% 28 =20 Tong Yang 0.73% 1922 Yujin 0.65% - 22 Dongbu 0.62% -23 Mirae Asset 0.62% 16 23 GMSH 0.47% -24 Tong Yang 0.54% 26 24 Korea Investment & Securities 0.39% -25 Korea Investment & Securities 0.29% 21 25 Nomura 0.36% 1826 Nomura 0.27% 20 26 Daishin 0.09% -27 Shinyoung 0.11% 2428 Daishin 0.07% 19 * Polling period prior to the acquisition by Nomura


MACROECONOMICS

KOREA

MEGA FUNDS HEDGE FUNDSMACROECONOMICS MACROECONOMICS

OVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 26.59% 1 1 Samsung 27.78% 1 1 Samsung 28.44% 12 Hyundai 10.69% 8 2 Goldman Sachs 8.69% =14 2 Goldman Sachs 14.50% =63 Daewoo 8.42% 3 3 Hyundai 8.51% 12 3 UBS 13.01% =64 Goldman Sachs 6.91% =18 4 Daewoo 8.13% 5 4 Daewoo 7.06% 55 UBS 6.23% 6 5 UBS 7.30% 6 5 Macquarie 6.32% 36 Macquarie 4.86% 4 6 Macquarie 5.60% 3 6 Merrill Lynch 5.58% =137 Daishin 4.30% 13 7 Citi 4.57% 9 =7 Credit Suisse 4.09% =68 Citi 4.10% 12 8 Daishin 4.20% =17 =7 Woori I&S 4.09% 49 CLSA 4.01% 5 9 CLSA 3.29% 4 =9 Daiwa Institute of Research 3.72% -

10 Woori I&S 3.37% 2 10 J.P.Morgan 3.04% 7 =9 Kiwoom 3.72% -11 J.P.Morgan 2.49% 10 11 Merrill Lynch 2.40% =20 11 Citi 2.79% -12 Korea Investment & Securities 2.25% 7 12 Woori I&S 2.32% 2 12 Hyundai 2.23% =613 Credit Suisse 2.14% 16 13 Mirae Asset 2.29% 16 13 J.P.Morgan 1.86% =1314 Mirae Asset 1.93% 14 14 Korea Investment & Securities 2.08% 8 14 Korea Investment & Securities 1.49% 1215 Kiwoom 1.90% 20 15 Credit Suisse 1.86% 13 15 Morgan Stanley 1.12% -16 Merrill Lynch 1.78% 22 =16 Daiwa Institute of Research 1.60% -

=17 Daiwa Institute of Research 1.19% 28 =16 Kiwoom 1.60% -=17 Tong Yang 1.19% 21 18 Tong Yang 1.04% 25

19 Dongbu 1.04% 17 19 CJIS 0.85% 1120 CJIS 0.63% 9 20 Nomura 0.80% -

=21 Nomura 0.59% - 21 GMSH 0.72% 19=21 GMSH 0.59% 15 22 Dongbu 0.61% =17

23 Shinyoung 0.47% 24 23 HSBC 0.40% -24 Deutsche Bank 0.43% =18 =24 Deutsche Bank 0.09% =1425 Morgan Stanley 0.39% - =24 Yujin 0.09% -26 KB Investment & Securities 0.36% - =24 Hana Daetoo 0.09% -27 HSBC 0.30% - 27 Morgan Stanley 0.05% 2828 Kim Eng 0.24% -29 Hana Daetoo 0.13% -

=30 BNP Paribas 0.12% 11=30 Eugene 0.12% -=30 Meritz 0.12% -

KOREA

SMALL CAPS SMALL CAPS SMALL CAPSHEDGE FUNDSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 23.20% 1 1 Samsung 22.80% 1 1 CLSA 18.18% 22 CLSA 13.30% 2 2 CLSA 15.75% 2 2 Samsung 16.64% 13 UBS 10.90% 4 3 UBS 12.52% 7 3 Goldman Sachs 14.79% =124 Goldman Sachs 6.90% =14 4 Goldman Sachs 8.02% 13 4 UBS 13.41% 75 Credit Suisse 6.70% 11 5 Credit Suisse 7.61% 11 5 Credit Suisse 12.02% 96 Daewoo 6.00% 12 6 Hyundai 4.34% 19 6 Citi 6.16% =37 Hyundai 5.20% 17 7 Daewoo 4.31% 15 7 Macquarie 4.93% =128 Citi 3.80% 5 8 Citi 4.22% 3 8 Merrill Lynch 4.62% 59 Macquarie 3.60% 13 9 Macquarie 3.67% 14 9 Daiwa Institute of Research 3.08% -

10 Lehman Brothers* 3.10% =14 10 Merrill Lynch 2.57% 5 10 J.P.Morgan 2.47% 811 Merrill Lynch 2.10% 6 11 J.P.Morgan 1.69% 8 =11 Deutsche Bank 1.85% 612 Woori I&S 1.60% 3 12 Lehman Brothers* 1.49% 12 =11 Hyundai 1.85% -13 Deutsche Bank 1.50% 9 =13 Daiwa Institute of Research 1.41% -14 Korea Investment & Securities 1.40% =14 =13 Dongbu 1.41% -15 J.P.Morgan 1.30% 7 15 Nomura 1.13% -16 Tong Yang 1.20% 25 16 Tong Yang 1.04% =20

=17 Daiwa Institute of Research 1.10% 19 17 Mirae Asset 0.96% 10=17 Dongbu 1.10% 18 18 Woori I&S 0.85% 4=17 Nomura 1.10% - 19 Meritz 0.84% 22

20 Mirae Asset 0.80% 10 20 KB Investment & Securities 0.79% -21 Meritz 0.70% 26 21 Deutsche Bank 0.71% 922 KB Investment & Securities 0.70% - 22 GMSH 0.46% -23 GMSH 0.50% - 23 Korea Investment & Securities 0.39% =17

=24 BNP Paribas 0.40% 20 =24 HSBC 0.35% -=24 Eugene 0.40% - =24 Shinyoung 0.35% 16

26 CJIS 0.30% 21 26 CJIS 0.24% =2027 Hanwha 0.30% - 27 Kiwoom 0.08% -

=28 HSBC 0.30% -=28 Shinyoung 0.30% 18 * Polling period prior to the acquisition by Nomura

30 Kiwoom 0.20% =23


AUTOMOBILES & COMPONENTS AUTOMOBILES & COMPONENTS

KOREA

MEGA FUNDS HEDGE FUNDSAUTOMOBILES & COMPONENTS

OVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Credit Suisse 12.91% 6 1 Credit Suisse 13.65% 5 1 Morgan Stanley 18.96% 42 J.P.Morgan 10.18% 2 2 J.P.Morgan 9.98% 2 2 Credit Suisse 13.63% =83 Samsung 10.17% 1 3 Samsung 9.60% 1 3 UBS 13.33% 34 Morgan Stanley 7.78% 5 4 Morgan Stanley 9.50% 4 4 J.P.Morgan 9.78% 15 Merrill Lynch 7.17% 4 5 Merrill Lynch 8.12% 6 5 Deutsche Bank 6.37% 66 Korea Investment & Securities 7.00% 7 6 CLSA 6.88% 11 6 Macquarie 6.07% =87 UBS 6.51% 3 7 UBS 6.80% 3 7 Merrill Lynch 5.93% 78 CLSA 5.52% 11 8 Deutsche Bank 5.10% 9 8 Citi 5.33% 149 Deutsche Bank 4.76% 8 9 Korea Investment & Securities 4.87% 7 9 Goldman Sachs 4.44% 5

10 Citi 3.08% 15 10 Macquarie 2.80% 10 10 CLSA 3.85% 1511 Macquarie 2.90% 10 11 Citi 2.79% 13 11 Samsung 3.70% 212 Goldman Sachs 2.10% 9 12 Goldman Sachs 2.38% 8 12 Daiwa Institute of Research 2.96% -13 Woori I&S 2.06% 13 13 BNP Paribas 2.14% =17 13 BNP Paribas 2.37% =1114 KB Investment & Securities 2.04% - 14 KB Investment & Securities 1.92% - 14 Hyundai 1.78% 1315 Hyundai 2.00% 12 15 Hyundai 1.68% 14 15 Daewoo 1.48% -16 Kiwoom 1.85% 21 16 Kiwoom 1.67% =2017 Daewoo 1.84% 14 17 Woori I&S 1.56% 1218 BNP Paribas 1.62% =16 18 Daishin 1.54% -19 Fox-Pitt, Kelton 1.61% 18 19 Lehman Brothers* 1.45% -20 Daishin 1.17% =25 =20 Daiwa Institute of Research 1.29% -21 Lehman Brothers* 1.10% - =20 Fox-Pitt, Kelton 1.29% =1722 Shinyoung 1.07% =25 22 Hana Daetoo 1.01% -23 Daiwa Institute of Research 0.97% - 23 Daewoo 0.79% 1524 Hana Daetoo 0.96% - 24 Mirae Asset 0.54% 1625 Mirae Asset 0.45% =16 25 HSBC 0.32% -26 Nomura 0.39% =25 26 Hantu 0.17% -27 HSBC 0.24% 28 27 CJIS 0.10% 2228 Hantu 0.13% - 28 KEB 0.08% -

=29 Eugene 0.10% -=29 HMC 0.10% - * Polling period prior to the acquisition by Nomura=29 Tong Yang 0.10% 24


KOREA

BANK BANK BANKOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 12.49% 8 1 CLSA 13.19% 8 1 UBS 15.81% 42 Samsung 11.54% 1 2 Samsung 12.07% 1 2 Credit Suisse 12.90% 33 UBS 10.23% 3 3 UBS 11.48% 4 3 Lehman Brothers* 11.29% -4 Citi 7.26% 2 4 Credit Suisse 7.17% 3 4 Merrill Lynch 9.03% 55 Credit Suisse 7.16% 4 5 Macquarie 6.17% 11 5 Citi 8.39% 26 Daewoo 6.20% 6 6 Citi 5.77% 2 6 CLSA 7.42% =117 Hyundai 5.47% 15 7 Lehman Brothers* 5.12% - 7 Macquarie 7.10% =118 Macquarie 5.39% 7 8 Goldman Sachs 4.69% 12 8 Samsung 6.45% 19 Woori I&S 5.30% 5 9 Merrill Lynch 4.45% 7 9 Goldman Sachs 5.32% 10

10 Goldman Sachs 4.28% 11 10 Woori I&S 4.32% 6 10 J.P.Morgan 5.16% -11 Lehman Brothers* 4.05% 26 11 Hyundai 3.75% 15 11 Daiwa Institute of Research 3.23% -12 Merrill Lynch 3.33% 9 12 Daewoo 3.60% 5 =12 Deutsche Bank 1.94% =613 BNP Paribas 2.66% 14 13 J.P.Morgan 3.33% 9 =12 Hyundai 1.94% -14 J.P.Morgan 2.49% 10 14 BNP Paribas 3.12% 10 =14 Mirae Asset 1.61% -15 Mirae Asset 2.34% 17 15 Mirae Asset 2.40% 17 =14 Morgan Stanley 1.61% -16 Deutsche Bank 1.76% 12 =16 Daiwa Institute of Research 1.45% - 16 Woori I&S 0.81% =617 Korea Investment & Securities 1.33% 16 =16 Deutsche Bank 1.45% 1418 Morgan Stanley 1.26% 28 18 Hana Daetoo 0.97% - * Polling period prior to the acquisition by Nomura19 Daiwa Institute of Research 1.09% - 19 Morgan Stanley 0.81% 2020 Eugene 0.76% - 20 Korea Investment & Securities 0.76% 1621 Hana Daetoo 0.72% - 21 Eugene 0.72% -22 Shinyoung 0.54% 18 =22 Dongbu 0.58% -

=23 Dongbu 0.43% - =22 KB Investment & Securities 0.58% -=23 KB Investment & Securities 0.43% - 24 Shinyoung 0.57% 18=25 HSBC 0.27% =21 =25 HSBC 0.36% -=25 Tong Yang 0.27% 24 =25 Tong Yang 0.36% 19

27 CJIS 0.22% 23 27 CJIS 0.29% -28 Meritz 0.20% - 28 Meritz 0.19% -29 Nomura 0.18% 13 29 KEB 0.18% -30 KEB 0.14% - 30 Nomura 0.09% 13


CAPITAL GOODS

KOREA

OVERALL MEGA FUNDS HEDGE FUNDSCAPITAL GOODS CAPITAL GOODS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 16.35% 1 1 Samsung 14.71% 1 1 UBS 19.60% =32 UBS 13.43% 3 2 UBS 13.91% 6 2 CLSA 15.95% 23 Macquarie 9.89% 13 3 CLSA 11.53% 2 3 Samsung 10.47% 14 CLSA 9.78% 2 4 Macquarie 10.96% 12 4 Goldman Sachs 9.97% 65 Goldman Sachs 7.04% 8 5 Goldman Sachs 7.38% 10 5 Macquarie 9.30% =146 Credit Suisse 5.22% 9 6 Credit Suisse 6.76% 8 6 Citi 8.31% =97 Hyundai 4.54% 14 7 Merrill Lynch 4.39% 3 7 Credit Suisse 6.64% =38 Daewoo 4.52% 4 8 Citi 3.97% 14 8 Morgan Stanley 5.32% =149 Morgan Stanley 3.88% 15 9 Morgan Stanley 3.88% 15 9 Merrill Lynch 4.98% 5

10 Citi 3.57% 16 10 Deutsche Bank 3.48% 9 10 Deutsche Bank 4.15% =911 Deutsche Bank 3.54% 11 11 Hyundai 2.71% 17 11 Daiwa Institute of Research 3.32% -12 Merrill Lynch 3.36% 5 12 Daewoo 2.57% 4 12 Hyundai 1.99% =1213 Woori I&S 2.73% 7 13 Woori I&S 1.95% 714 Mirae Asset 2.10% 6 14 Mirae Asset 1.76% 515 GMSH 1.56% 12 =15 Daiwa Institute of Research 1.41% -16 Nomura 1.50% =20 =15 GMSH 1.41% 1317 Daiwa Institute of Research 1.29% - =17 Hana Daetoo 1.12% -18 Hana Daetoo 0.86% - =17 Nomura 1.12% =1819 Lehman Brothers* 0.75% 27 19 BNP Paribas 0.79% -

=20 Shinyoung 0.64% - =20 Lehman Brothers* 0.70% -=20 Korea Investment & Securities 0.64% 17 =20 Shinyoung 0.70% -

22 BNP Paribas 0.60% - 22 KB Investment & Securities 0.56% -=23 KB Investment & Securities 0.43% - 23 Korea Investment & Securities 0.55% =18=23 Tong Yang 0.43% =20 24 Kiwoom 0.52% -

25 Kiwoom 0.39% 19 =25 HSBC 0.35% -=26 HSBC 0.27% 26 =25 CJIS 0.35% 16=26 CJIS 0.27% 18 27 Tong Yang 0.28% -

28 Kyobo 0.21% 25 28 Eugene 0.09% -29 Eugene 0.07% - 29 Daishin 0.08% -30 Daishin 0.06% -


KOREA

MATERIALS MATERIALS MATERIALSHEDGE FUNDSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 23.38% 1 1 Samsung 24.20% 1 1 Samsung 23.04% 12 J.P.Morgan 12.40% 2 2 J.P.Morgan 14.66% 2 2 J.P.Morgan 15.52% 23 Credit Suisse 7.76% 4 3 Credit Suisse 7.97% 4 3 Credit Suisse 10.99% 54 UBS 6.13% 7 4 Macquarie 6.46% 18 4 Macquarie 9.28% -5 Woori I&S 6.06% 6 5 UBS 5.89% 9 5 UBS 6.08% 106 Macquarie 5.79% 16 6 Goldman Sachs 5.13% 7 6 Merrill Lynch 5.76% 47 Hyundai 5.65% 8 7 BNP Paribas 4.61% 13 7 Daiwa Institute of Research 5.12% -8 BNP Paribas 4.00% 13 8 Woori I&S 4.44% 6 8 Lehman Brothers* 4.80% -9 Goldman Sachs 3.73% 10 9 Hyundai 3.34% 12 9 Deutsche Bank 4.48% 7

10 Lehman Brothers* 3.46% 12 10 Lehman Brothers* 3.25% 15 10 Hyundai 3.84% 1211 CLSA 2.94% 15 11 Deutsche Bank 2.95% =10 =11 BNP Paribas 3.20% 1412 Merrill Lynch 2.82% 5 12 Merrill Lynch 2.83% 5 =11 Goldman Sachs 3.20% =813 Deutsche Bank 2.58% 11 13 CLSA 2.80% 14 =13 Citi 1.60% 314 Hana Daetoo 2.00% - 14 Hana Daetoo 2.75% - =13 Nomura 1.60% -15 Daiwa Institute of Research 1.75% - 15 Citi 1.95% 3 15 Woori I&S 0.96% 616 Citi 1.64% 3 =16 Daiwa Institute of Research 1.50% - 16 CLSA 0.53% 1117 Daewoo 1.40% 9 =16 Dongbu 1.50% =2018 Nomura 1.20% 17 =18 Nomura 0.75% - * Polling period prior to the acquisition by Nomura19 Dongbu 1.15% =23 =18 Tong Yang 0.75% -20 Korea Investment & Securities 0.74% 21 20 Korea Investment & Securities 0.42% -21 Tong Yang 0.55% 29 21 Shinyoung 0.40% 1922 CJIS 0.45% =23 =22 Daewoo 0.38% 823 Shinyoung 0.40% 18 =22 HSBC 0.38% -24 Mirae Asset 0.33% 19 24 Kiwoom 0.34% 16

=25 GMSH 0.27% 25 =25 CJIS 0.17% =20=25 HSBC 0.27% - =25 Prudential 0.17% 24

27 SK 0.25% -28 Kiwoom 0.24% 22 * Polling period prior to the acquisition by Nomura29 Prudential I&S 0.23% 26

=30 Eugene 0.22% -=30 Morgan Stanley 0.22% 14


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

KOREA

OVERALL MEGA FUNDS HEDGE FUNDSSEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 25.33% 1 1 CLSA 29.81% 1 1 CLSA 34.06% 12 Samsung 21.78% 2 2 Samsung 20.06% 2 2 UBS 18.58% -3 UBS 9.38% 7 3 UBS 9.98% 7 3 Macquarie 13.47% 34 Macquarie 6.86% 4 4 Credit Suisse 6.95% 3 4 Woori I&S 6.04% -5 Daewoo 5.41% 5 5 Macquarie 6.56% 4 =5 Credit Suisse 4.64% 76 Hyundai 5.37% 10 6 Hyundai 3.90% 13 =5 Daiwa Institute of Research 4.64% -7 Credit Suisse 5.27% 3 7 Daewoo 3.46% 6 =5 Goldman Sachs 4.64% =58 Goldman Sachs 3.89% 9 8 Merrill Lynch 2.78% - =5 Merrill Lynch 4.64% -9 Woori I&S 3.17% 12 9 Goldman Sachs 2.75% =8 9 Mirae Asset 3.72% -

10 Merrill Lynch 2.11% - 10 Woori I&S 2.59% =11 =10 Deutsche Bank 2.79% 411 Hana Daetoo 1.71% - 11 Hana Daetoo 2.25% - =10 Hyundai 2.79% -

=12 Citi 1.51% 6 =12 Citi 1.99% 5=12 Daiwa Institute of Research 1.51% - =12 Daiwa Institute of Research 1.99% -

14 BNP Paribas 1.40% 13 14 BNP Paribas 1.84% =1115 Deutsche Bank 1.28% 8 15 Mirae Asset 1.59% 1016 Mirae Asset 1.21% 11 16 Eugene 0.53% -17 Yujin 0.91% - 17 Deutsche Bank 0.50% =818 Eugene 0.70% - 18 J.P.Morgan 0.25% -19 Morgan Stanley 0.45% 16 19 CJIS 0.23% -20 Shinyoung 0.30% -21 J.P.Morgan 0.19% -22 CJIS 0.17% -23 Fox-Pitt, Kelton 0.08% -

KOREA



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Hagju Kim Samsung 9.44% 1 1 Hagju Kim Samsung 8.65% 3 1 Hagju Kim Samsung 4.17% 42 JJ Park J.P.Morgan 3.07% 13 2 JJ Park J.P.Morgan 3.06% 11 2 Hanjoon Kim Goldman Sachs 4.04% -3 Scott Seo J.P.Morgan 2.79% 12 3 Scott Seo J.P.Morgan 2.89% 12 3 MS Hwang Credit Suisse 3.91% 54 Lawrence Lee Samsung 2.42% - 4 Hanjoon Kim Goldman Sachs 2.62% - =4 Michael Bang Macquarie 3.78% =275 Shaun Cochran CLSA 2.37% - 5 CW Chung Lehman Brothers 2.16% - =4 SK Shim UBS 3.78% -6 Dohan Kim Samsung 2.10% - 6 Seok Yun Credit Suisse 2.06% 5 =6 Kelly Kim Morgan Stanley 3.52% -7 Hanjoon Kim Goldman Sachs 2.03% - 7 Shaun Cochran CLSA 2.03% - =6 Lawrence Lee Samsung 3.52% -8 SK Shim UBS 1.94% - 8 Yong-suk Son UBS 1.96% - 8 JJ Park J.P.Morgan 3.32% 39 Seok Yun Credit Suisse 1.72% 7 9 SK Shim UBS 1.91% - 9 Minseok Sinn Credit Suisse 3.26% =17

10 Geoff Boyd CLSA 1.71% 16 10 Dohan Kim Samsung 1.84% - 10 Eunsook Kwak Macquarie 3.13% -11 Young Chang UBS 1.67% 3 11 Young Chang UBS 1.80% 2 11 Heather Lee UBS 3.00% 2412 CW Chung Lehman Brothers 1.64% - =12 Bryan Song Merrill Lynch 1.76% 26 12 Peter Lee Deutsche Bank 2.93% -13 Bryan Song Merrill Lynch 1.55% =22 =12 Geoff Boyd CLSA 1.76% =24 13 Henry Kwon Credit Suisse 2.73% -14 Heather Lee UBS 1.52% =22 14 Josh Bae UBS 1.75% - =14 CW Chung Lehman Brothers 2.60% -15 Yong-suk Son UBS 1.49% 19 =15 Heather Lee UBS 1.67% =29 =14 Sokje Lee Citi 2.60% 116 Josh Bae UBS 1.42% - =15 Kelly Kim Morgan Stanley 1.67% =15 =14 Yong-Suk Son UBS 2.60% 1617 MS Hwang Credit Suisse 1.40% 8 17 Michael Bang Macquarie 1.57% =21 17 Paul Hwang Goldman Sachs 2.21% -18 Eunsook Kwak Macquarie 1.36% - 18 Lawrence Lee Samsung 1.56% - =18 Bryan Song Merrill Lynch 1.95% -

=19 Kelly Kim Morgan Stanley 1.27% =25 19 Michelle Cho Lehman Brothers 1.49% - =18 James Kim Lehman Brothers 1.95% -=19 Sokje Lee Citi 1.27% 2 20 Minseok Sinn Credit Suisse 1.45% - =18 John Kim Merrill Lynch 1.95% -

21 Cho Ik-jae CJIS 1.23% - 21 Kenneth Whee Goldman Sachs 1.40% =15 =18 Scott Seo J.P.Morgan 1.95% =822 Michael Bang Macquarie 1.19% - 22 Sokje Lee Citi 1.34% 1 =18 Sean Kim UBS 1.95% =2723 Michelle Cho Lehman Brothers 1.13% - 23 Eunsook Kwak Macquarie 1.30% - =18 Young Chang UBS 1.95% 224 Peter Gastreich UBS 1.11% - 24 John Kim Merrill Lynch 1.28% =29 =18 Yunice Kim Morgan Stanley 1.95% -25 Minseok Sinn Credit Suisse 1.10% - =25 Christina Lee Macquarie 1.22% - 25 Rajeev Das Goldman Sachs 1.69% -26 CG Koo Samsung 1.07% - =25 Peter Lee Deutsche Bank 1.22% - =26 Chan Hwang Morgan Stanley 1.56% -27 Kenneth Whee Goldman Sachs 1.06% 18 27 Moonwook Heu Samsung 1.04% - =26 Youngah Han Merrill Lynch 1.56% 728 Peter Yu BNP Paribas 1.04% - =28 Sean Kim UBS 1.03% - =28 Angela Hong J.P.Morgan 1.30% -29 John Kim Merrill Lynch 0.98% - =28 Sonia Kim Credit Suisse 1.03% - =28 Bae Ki Dal GMSH 1.30% -30 Scott Lee Deutsche Bank 0.93% - =28 Sunmok Ha Credit Suisse 1.03% - =28 David Lee CLSA 1.30% -

=28 Geoff Boyd CLSA 1.30% 11=28 Josh Bae UBS 1.30% -=28 Michelle Cho Lehman Brothers 1.30% -=28 Stephanie Han Woori I&S 1.30% -

BEST ANALYSTBEST ANALYST BEST ANALYST

KOREA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 47.55% 1 1 Samsung 49.53% 1 1 Samsung 46.69% 12 Woori I&S 19.90% 2 2 Woori I&S 22.02% 2 2 Woori I&S 21.39% 23 Daewoo 10.76% 3 3 Daewoo 10.48% 3 3 Daewoo 10.52% 54 Hyundai 9.37% 4 4 Hyundai 6.52% 4 4 Hyundai 7.77% 35 Mirae Asset 4.04% 7 5 Mirae Asset 4.24% 7 5 Mirae Asset 5.50% 76 Korea Investment & Securities 3.75% 5 6 Korea Investment & Securities 3.47% 5 6 GMSH 3.82% 67 GMSH 2.11% 6 7 GMSH 1.97% 6 7 Korea Investment & Securities 3.59% 48 Eugene 0.68% - 8 KB Investment & Securities 0.86% -9 KB Investment & Securities 0.64% - 9 Tong Yang 0.43% -

10 Tong Yang 0.40% =8 10 Hana Daetoo 0.18% -11 Daishin 0.30% 11 11 CJIS 0.15% -12 Hana Daetoo 0.29% - 12 Daishin 0.09% -13 CJIS 0.11% - 13 Eugene 0.06% -14 Meritz 0.08% -15 Hanwha 0.02% -

KOREA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 19.02% 1 1 Samsung 19.08% 1 1 UBS 14.79% 52 UBS 10.79% 4 2 UBS 12.47% 4 2 Samsung 13.62% 13 CLSA 8.54% 2 3 CLSA 9.11% 3 3 Merrill Lynch 8.47% 24 Credit Suisse 6.71% 5 4 Credit Suisse 6.75% 6 4 Credit Suisse 7.67% 75 Woori I&S 6.50% 7 5 J.P.Morgan 6.46% 12 5 Woori I&S 6.37% 86 Hyundai 6.00% 13 6 Woori I&S 6.04% 7 =6 Deutsche Bank 5.98% 67 J.P.Morgan 5.40% 14 7 Deutsche Bank 4.58% 8 =6 J.P.Morgan 5.98% 208 Daewoo 5.11% 10 8 Hyundai 4.44% 15 8 Citi 5.83% 99 Citi 4.54% 9 9 Merrill Lynch 4.18% 2 9 CLSA 5.58% 3

10 Deutsche Bank 4.33% 8 10 Citi 4.17% 9 10 Hyundai 5.49% 1011 Macquarie 3.97% 12 11 Macquarie 3.97% 13 11 Morgan Stanley 3.62% 1112 Merrill Lynch 3.83% 3 12 Daewoo 3.60% 10 =12 Daewoo 2.79% 1313 Morgan Stanley 2.84% 11 13 Morgan Stanley 3.48% 11 =12 Goldman Sachs 2.79% 414 Korea Investment & Securities 2.44% 17 14 Goldman Sachs 2.18% 5 14 BNP Paribas 2.64% =1715 Goldman Sachs 1.74% 6 =15 Korea Investment & Securities 1.88% 18 15 Macquarie 2.40% 1416 Mirae Asset 1.69% 15 =15 BNP Paribas 1.88% 17 16 Korea Investment & Securities 1.47% 1217 BNP Paribas 1.66% 19 17 Mirae Asset 1.74% 16 =17 GMSH 1.18% 1618 Tong Yang 0.85% 30 18 Tong Yang 0.97% 27 =17 HSBC 1.18% 1519 Lehman Brothers* 0.66% 21 19 HSBC 0.82% =21 19 Mirae Asset 1.08% -20 GMSH 0.65% 20 20 Lehman Brothers* 0.75% 19 20 Daishin 0.59% -21 HSBC 0.60% 22 21 GMSH 0.58% 24 21 Daiwa SMBC 0.49% 1922 Nomura 0.50% 16 22 Daiwa SMBC 0.24% 2023 Daiwa SMBC 0.45% 18 23 KB Investment & Securities 0.21% -24 Eugene 0.40% - 24 Eugene 0.16% -25 Daishin 0.21% 24 =25 Hana Daetoo 0.08% -26 KB Investment & Securities 0.19% - =25 CJIS 0.08% 23

=27 Meritz 0.13% - 27 Meritz 0.06% -=27 Hana Daetoo 0.13% - 28 KEB 0.03% -

29 CJIS 0.06% 2530 Fox-Pitt, Kelton 0.03% - * Polling period prior to the acquisition by Nomura


KOREA

OVERALL SALES SERVICESOVERALL SALES SERVICESOVERALL SALES SERVICESMEGA FUNDS HEDGE FUNDSOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 19.13% 1 1 Samsung 17.70% 1 1 Samsung 20.53% 22 UBS 9.93% 2 2 UBS 11.36% 4 2 UBS 13.25% 53 Daewoo 8.03% 6 3 Credit Suisse 9.07% 3 =3 CLSA 7.44% =64 Credit Suisse 7.88% 4 4 Daewoo 6.92% 6 =3 Morgan Stanley 7.44% 105 Hyundai 6.31% 14 5 CLSA 5.83% 8 5 Hyundai 6.97% =166 Woori I&S 6.24% 9 6 Woori I&S 5.78% 9 6 Credit Suisse 6.35% =67 CLSA 5.76% 5 7 Hyundai 4.62% 18 7 Woori I&S 6.20% 88 Citi 4.38% 13 8 Morgan Stanley 4.52% 10 8 Goldman Sachs 5.42% 39 Macquarie 3.53% 11 9 Citi 4.51% 12 9 Daewoo 4.88% 9

10 Morgan Stanley 3.47% 10 10 Macquarie 3.98% 11 10 Citi 4.65% 1311 Deutsche Bank 3.27% 3 11 Goldman Sachs 3.57% 7 11 Deutsche Bank 4.18% 112 Goldman Sachs 2.79% 7 12 BNP Paribas 3.38% 17 12 Macquarie 2.48% 1113 BNP Paribas 2.75% 19 13 Tong Yang 3.17% =23 =13 Daiwa SMBC 2.32% 1814 J.P.Morgan 2.39% 15 14 J.P.Morgan 2.88% 14 =13 J.P.Morgan 2.32% 1215 Tong Yang 2.29% 24 15 Deutsche Bank 2.69% 2 15 Merrill Lynch 2.17% 416 Korea Investment & Securities 2.06% 17 16 Mirae Asset 1.37% 13 16 BNP Paribas 1.55% =1417 Merrill Lynch 1.73% 8 17 Lehman Brothers* 1.36% 16 =17 Korea Investment & Securities 0.77% =1618 Mirae Asset 1.49% 12 18 HSBC 1.22% - =17 Lehman Brothers* 0.77% =1419 Daishin 1.06% 21 19 Korea Investment & Securities 1.21% =23 19 Mirae Asset 0.31% -20 Lehman Brothers* 0.98% 20 20 Merrill Lynch 1.10% 521 Daiwa SMBC 0.93% 25 21 Daiwa SMBC 1.08% 20 * Polling period prior to the acquisition by Nomura22 HSBC 0.88% =26 22 Daishin 1.04% -23 Hana Daetoo 0.69% - 23 Hana Daetoo 0.82% -24 GMSH 0.49% 23 24 CJIS 0.21% 1525 CJIS 0.36% 18 25 KB Investment & Securities 0.19% -26 KB Investment & Securities 0.27% - 26 Nomura 0.14% 19

=27 Eugene 0.21% - 27 Dongbu 0.10% -=27 SK 0.21% - =28 KEB 0.09% -

29 Meritz 0.12% - =28 Meritz 0.09% -30 Nomura 0.10% 16


EXECUTION EXECUTION EXECUTIONHEDGE FUNDSOVERALL MEGA FUNDS

KOREA


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 19.97% 1 1 Samsung 18.40% 1 1 Samsung 17.00% 12 UBS 8.11% 4 2 UBS 9.22% 4 2 UBS 11.97% 33 Credit Suisse 7.84% 5 3 Credit Suisse 8.06% 5 3 CLSA 8.22% 84 CLSA 7.36% 10 4 CLSA 7.95% 11 4 Credit Suisse 7.93% 75 Hyundai 5.78% 16 5 Citi 5.18% 9 5 Morgan Stanley 7.08% 116 Daewoo 5.52% 3 6 Morgan Stanley 5.04% 10 6 Deutsche Bank 6.66% 27 Woori I&S 5.44% 7 7 Goldman Sachs 4.98% 7 7 Hyundai 6.37% 168 Citi 4.95% 9 8 Deutsche Bank 4.87% 2 8 Citi 6.02% 99 Deutsche Bank 4.23% 2 9 Woori I&S 4.74% 8 9 Goldman Sachs 5.67% 5

10 Goldman Sachs 3.95% 6 10 Hyundai 4.23% 15 10 Merrill Lynch 5.17% 411 Morgan Stanley 3.92% 11 11 Daewoo 4.19% 3 11 Woori I&S 3.82% 612 Merrill Lynch 3.50% 8 12 Merrill Lynch 3.56% 6 12 Macquarie 2.97% 1413 J.P.Morgan 3.47% 13 13 J.P.Morgan 3.30% 12 13 Daewoo 2.76% 1014 BNP Paribas 2.39% 25 14 Macquarie 3.22% 16 =14 Daiwa SMBC 2.12% =1815 Macquarie 2.38% 15 15 BNP Paribas 2.72% - =14 Lehman Brothers* 2.12% =1216 Lehman Brothers* 2.24% 17 16 Lehman Brothers* 2.66% 14 =16 BNP Paribas 1.42% -17 Mirae Asset 1.98% 12 17 Mirae Asset 1.77% 13 =16 Mirae Asset 1.42% -18 Korea Investment & Securities 1.12% 14 =18 Daiwa SMBC 1.05% 21 18 J.P.Morgan 0.71% =1219 Daishin 0.81% =19 =18 Hana Daetoo 1.05% - 19 Kotak 0.57% -

=20 Daiwa SMBC 0.76% 24 =20 Daishin 0.84% -=20 Hana Daetoo 0.76% - =20 HSBC 0.84% - * Polling period prior to the acquisition by Nomura

22 HSBC 0.61% =26 22 Tong Yang 0.57% 2423 GMSH 0.57% 22 23 Prudential I&S 0.49% -24 Tong Yang 0.52% 28 24 Kotak 0.28% -25 Prudential I&S 0.51% =26 25 Korea Investment & Securities 0.27% 1726 CJIS 0.35% =19 26 CJIS 0.21% 1827 Eugene 0.31% - =27 Dongbu 0.09% -28 Kotak 0.20% - =27 KEB 0.09% -29 Dongbu 0.17% - =27 Kiwoom 0.09% 22

=30 KEB 0.06% - 30 Nomura 0.04% 19=30 Kiwoom 0.06% 23


MEGA FUNDSSALES TRADINGSALES TRADINGSALES TRADING

OVERALL HEDGE FUNDS

KOREA


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 24.25% 1 1 Samsung 24.95% 1 1 Samsung 20.62% 12 UBS 12.33% 2 2 UBS 13.26% 2 2 UBS 13.84% 23 Citi 10.26% 4 3 CLSA 10.81% 3 3 Citi 12.92% 44 CLSA 10.14% 3 4 Citi 10.46% 4 4 CLSA 9.67% 35 Credit Suisse 5.48% 7 5 Credit Suisse 5.00% 6 5 Credit Suisse 7.34% 76 Woori I&S 5.20% 5 6 Woori I&S 4.76% 5 6 Morgan Stanley 6.14% 107 Merrill Lynch 4.28% 9 7 J.P.Morgan 4.12% 16 7 Merrill Lynch 5.68% 88 J.P.Morgan 3.72% 16 8 Merrill Lynch 4.00% 9 8 Woori I&S 4.05% 59 Daewoo 3.29% 10 9 Macquarie 3.78% 11 9 Macquarie 3.88% =13

10 Hyundai 2.96% 13 10 Morgan Stanley 3.39% 7 10 Deutsche Bank 3.71% 1111 Macquarie 2.85% 11 11 Goldman Sachs 2.65% 8 =11 Hyundai 3.24% 912 Morgan Stanley 2.65% 8 12 Hyundai 1.98% 12 =11 J.P.Morgan 3.24% 1813 Korea Investment & Securities 2.43% 14 13 Korea Investment & Securities 1.97% 15 =13 Daiwa 1.74% =1314 Goldman Sachs 2.41% 12 14 Daewoo 1.89% 13 =13 Goldman Sachs 1.74% 615 Mirae Asset 1.91% 6 15 Mirae Asset 1.86% 10 =13 Korea Investment & Securities 1.74% 1216 Deutsche Bank 1.77% 15 16 Deutsche Bank 1.84% 14 16 Mirae Asset 0.46% -17 Daiwa 0.99% 17 17 Daiwa 1.06% =2118 Daishin 0.55% 25 18 Daishin 0.48% -19 Hana Daetoo 0.47% - 19 KB Investment & Securities 0.45% -20 KB Investment & Securities 0.37% - =20 HSBC 0.28% -21 Tong Yang 0.33% =27 =20 Tong Yang 0.28% -22 GMSH 0.30% 19 22 Hana Daetoo 0.19% -23 CJIS 0.23% 23 23 Nomura 0.17% =1924 HSBC 0.21% - 24 Lehman Brothers* 0.12% 1825 Eugene 0.17% - 25 CJIS 0.09% -26 Nomura 0.15% 18 26 Meritz 0.07% -27 Prudential I&S 0.10% - =27 KEB 0.03% -28 Lehman Brothers* 0.09% 21 =27 GMSH 0.03% =2129 Meritz 0.06% -30 KEB 0.03% - * Polling period prior to the acquisition by Nomura


KOREA

EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCESOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 18.45% 1 1 Samsung 16.40% 1 1 UBS 13.97% 22 UBS 11.46% 3 2 UBS 12.12% 3 2 Samsung 11.69% 13 Woori I&S 8.17% 2 3 Woori I&S 8.14% 2 3 Woori I&S 9.84% 54 Citi 7.01% 6 4 CLSA 7.33% 4 4 Citi 8.89% 65 CLSA 6.79% 4 5 J.P.Morgan 6.86% 8 5 Morgan Stanley 7.75% 96 Hyundai 6.34% 8 6 Macquarie 6.74% 14 6 CLSA 7.05% 37 J.P.Morgan 5.86% 10 7 Citi 6.71% 7 7 Goldman Sachs 5.97% 48 Macquarie 5.36% 14 8 Hyundai 6.07% 11 8 Macquarie 5.65% =169 Credit Suisse 3.80% 13 9 Credit Suisse 4.36% 12 9 Merrill Lynch 5.59% 7

10 Goldman Sachs 3.57% 5 10 Goldman Sachs 4.25% 5 10 Hyundai 5.52% 1011 Merrill Lynch 3.14% 7 11 Morgan Stanley 3.73% 9 11 Deutsche Bank 5.12% 812 Morgan Stanley 3.10% 12 12 Merrill Lynch 3.47% 6 12 J.P.Morgan 4.45% 1113 Deutsche Bank 2.97% 9 13 Deutsche Bank 2.94% 10 13 Lehman Brothers* 2.54% 1514 Daewoo 2.96% 11 14 Daewoo 1.97% 13 14 Daiwa 1.91% 1815 Korea Investment & Securities 2.22% 15 15 Korea Investment & Securities 1.87% 15 15 Credit Suisse 1.40% 1316 Mirae Asset 1.63% 17 16 Mirae Asset 1.55% =18 16 GMSH 1.02% -17 Lehman Brothers* 1.38% 19 17 Lehman Brothers* 1.43% 17 17 BNP Paribas 0.64% -18 Daiwa 1.26% 25 18 Daiwa 0.84% 21 =18 Kotak 0.51% -19 Nomura 0.76% 16 19 KB Investment & Securities 0.71% - =18 Mirae Asset 0.51% -20 KB Investment & Securities 0.58% - 20 GMSH 0.45% -21 GMSH 0.45% 24 21 BNP Paribas 0.42% =18 * Polling period prior to the acquisition by Nomura22 CJIS 0.44% 23 22 CJIS 0.36% -23 Daishin 0.38% 26 23 HSBC 0.28% -24 BNP Paribas 0.32% 18 24 Nomura 0.25% 16

=25 Dongbu 0.25% =30 25 Kotak 0.22% -=25 Eugene 0.25% - 26 Tong Yang 0.21% -

27 HSBC 0.21% - 27 Daishin 0.17% 22=28 Hana Daetoo 0.17% - 28 Shinyoung 0.15% -=28 Kotak 0.17% -

30 Tong Yang 0.16% - * Polling period prior to the acquisition by Nomura


KOREA

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISITOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Samsung 19.54% 1 1 Samsung 18.26% 1 1 UBS 19.64% 82 Macquarie 8.80% 11 2 UBS 9.74% 4 2 Macquarie 11.20% 173 UBS 8.01% 3 3 Macquarie 8.51% 14 3 J.P.Morgan 10.12% =54 CLSA 7.09% 8 4 CLSA 8.32% 9 4 Deutsche Bank 7.59% -5 Woori I&S 6.30% 6 5 J.P.Morgan 6.70% 7 5 Samsung 7.23% 16 Hyundai 5.95% =17 6 Woori I&S 6.26% 5 6 Credit Suisse 6.99% =97 Eugene 5.29% - 7 Credit Suisse 5.62% 10 7 Daewoo 6.87% 28 J.P.Morgan 4.93% 7 8 Hyundai 4.55% =19 8 CLSA 6.51% 79 Credit Suisse 4.62% 12 9 Eugene 4.23% - =9 Daiwa 3.61% 16

10 Daewoo 4.54% 4 =10 Lehman Brothers* 2.96% 21 =9 Korea Investment & Securities 3.61% =1311 Lehman Brothers* 3.63% 22 =10 Morgan Stanley 2.96% 8 =9 Nomura 3.61% -12 Deutsche Bank 3.33% =15 12 Deutsche Bank 2.88% =15 =12 GMSH 2.89% -13 Morgan Stanley 2.18% 9 13 Mirae Asset 2.62% 13 =12 Merrill Lynch 2.89% 414 Citi 2.02% 2 =14 Daewoo 2.14% 3 =12 Morgan Stanley 2.89% =1315 Daiwa 2.00% =15 =14 Hana Daetoo 2.14% - =15 Hyundai 2.17% =1316 Mirae Asset 1.99% 14 16 Citi 2.09% 2 =15 Woori I&S 2.17% =517 Korea Investment & Securities 1.94% =20 17 BNP Paribas 1.85% 1118 Hana Daetoo 1.57% - =18 Daiwa 1.65% =1519 BNP Paribas 1.36% 10 =18 Korea Investment & Securities 1.65% =19

=20 Merrill Lynch 1.21% 5 =18 Nomura 1.65% -=20 Nomura 1.21% 25 =21 GMSH 1.32% -

22 GMSH 0.97% - =21 Merrill Lynch 1.32% 623 IBK-SG 0.73% - =23 CJIS 0.21% -24 CJIS 0.39% 24 =23 Kiwoom 0.21% 1225 Kiwoom 0.21% 13 25 Goldman Sachs 0.19% =1526 Goldman Sachs 0.14% =1727 Shinyoung 0.06% 23 * Polling period prior to the acquisition by Nomura


KOREA

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGEHEDGE FUNDSOVERALL MEGA FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Eric Yun UBS 2.63% 8 1 Elaine Chung UBS 3.18% - 1 David Kim UBS 5.25% -2 Elaine Chung UBS 2.50% =28 2 Edward Kim Merrill Lynch 2.97% 3 2 Edward Kim Merrill Lynch 4.24% =23 Edward Kim Merrill Lynch 2.34% 3 3 David Kim UBS 2.73% - 3 John Lee Deutsche Bank 3.58% -4 Simon Choi Hyundai 2.26% - 4 Elaine An Samsung 2.29% 7 4 Hoon Sull Samsung 3.34% 55 Heather Chang Woori I&S 2.19% 27 5 Eric Yun UBS 2.28% 23 =5 JJ Yim Samsung 2.86% -6 David Kim UBS 2.15% - 6 Jong Min Kim CLSA 2.24% 5 =5 Jong Min Kim CLSA 2.86% 147 JJ Yim Samsung 2.11% - 7 Sam Paik J.P.Morgan 2.09% - =7 Elaine An Samsung 2.58% 78 Hoon Sull Samsung 2.07% 5 8 Jay Koo J.P.Morgan 2.00% =21 =7 Sam Paik J.P.Morgan 2.58% -9 Elaine An Samsung 1.80% 9 9 JJ Yim Samsung 1.94% - 9 Simon Choi Hyundai 2.34% -

10 Jong Min Kim CLSA 1.76% 6 =10 Heather Chang Woori I&S 1.89% 30 =10 Dickson Lam Hyundai 2.29% -11 Sam Paik J.P.Morgan 1.64% - =10 Michael Kim Credit Suisse 1.89% 11 =10 Taewon Kim Credit Suisse 2.29% -12 Michael Kim Credit Suisse 1.60% =12 12 John Lee Deutsche Bank 1.86% - 12 Keith Whang Daewoo 2.19% -13 Jay Koo J.P.Morgan 1.57% 25 13 Simon Choi Hyundai 1.59% - =13 Jason Kim Citi 2.00% -14 Jiyoung Chung Deutsche Bank 1.56% 1 14 June Lee Hyundai 1.54% - =13 John Lee Woori I&S 2.00% =915 Jack Chong CLSA 1.54% 18 15 Jack Chong CLSA 1.52% 16 =15 Bobby Lee Merrill Lynch 1.91% -16 John Lee Deutsche Bank 1.46% - 16 Chehee Han Morgan Stanley 1.49% - =15 Chehee Han Morgan Stanley 1.91% -17 Dan Song Nomura 1.41% - 17 Hoon Sull Samsung 1.44% =9 =17 Boyeon Park J.P.Morgan 1.43% -18 John Lee Woori I&S 1.37% =10 =18 Jane Kim J.P.Morgan 1.39% =18 =17 Connie Yan UBS 1.43% -19 Hyungjun Kim Samsung 1.36% 4 =18 William Roberts CLSA 1.39% - =17 Elaine Chung UBS 1.43% -

=20 June Lee Hyundai 1.33% - =20 Dan Song Nomura 1.34% - =17 Eric Yun UBS 1.43% -=20 William Roberts CLSA 1.33% - =20 Sungjoo Han Samsung 1.34% - =17 Eugene Song Daiwa SMBC 1.43% -

22 Ki Tae Lee Samsung 1.27% - 22 Jiyoung Chung Deutsche Bank 1.32% 1 =17 Heather Chang Woori I&S 1.43% -23 Sungjoo Han Samsung 1.25% - =23 Hyungjun Kim Samsung 1.24% 6 =17 Jay Koo J.P.Morgan 1.43% -24 Yeon Huh Credit Suisse 1.21% 14 =23 Ki Tae Lee Samsung 1.24% - =17 John Byun Samsung 1.43% -

=25 Chehee Han Morgan Stanley 1.17% - =23 Paul Presler CLSA 1.24% - =17 Martino Lee Korea I&S 1.43% -=25 Jason Kim Citi 1.17% - =26 Taewon Kim Credit Suisse 1.19% - =17 Mike Lee Credit Suisse 1.43% -=25 Taewon Kim Credit Suisse 1.17% - =26 Yeon Huh Credit Suisse 1.19% 8 =17 Sam Hahu Samsung 1.43% -

28 Jane Kim J.P.Morgan 1.09% =21 28 Jik-hyeon An Tong Yang 1.16% - =17 Sungjoo Han Samsung 1.43% -29 Jane Sul Credit Suisse 1.04% - 29 Bobby Lee Merrill Lynch 1.13% - 29 Jiyoung Chung Deutsche Bank 1.24% =2

=30 Brian Kim Woori I&S 1.02% - 30 Connie Yan UBS 1.12% - =30 Allie Eom BNP Paribas 1.14% -=30 Winnie Chun CLSA 1.02% - =30 Andrew Cunningham HSBC 1.14% -

=30 Charles Lee Macquarie 1.14% -=30 Dan Song Nomura 1.14% -=30 Dong Hyun Kim Merrill Lynch 1.14% -=30 Jay Jeon CLSA 1.14% -=30 Lawrence Heavey CLSA 1.14% -=30 Mintae Kim* Daewoo 1.14% -

* Mintae Kim has left Daewoo

KOREA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 18.49% 1 1 CIMB 18.51% 2 1 CLSA 19.36% 32 CLSA 12.68% 3 2 UBS 12.61% 4 2 UBS 14.87% 43 UBS 10.78% 4 3 CLSA 12.46% 3 3 CIMB 14.62% 14 Credit Suisse 9.79% 2 4 Credit Suisse 11.52% 1 4 Credit Suisse 13.30% 25 Aseambankers 6.93% =11 5 Macquarie 9.05% =9 5 Merrill Lynch 9.39% =96 Macquarie 6.36% 9 6 Deutsche Bank 6.40% 5 6 Macquarie 6.85% 87 RHB 6.06% 5 7 Merrill Lynch 5.48% =9 7 J.P.Morgan 4.69% -8 Deutsche Bank 5.38% 6 8 RHB 5.01% 7 8 Citi 4.40% 69 J.P.Morgan 4.27% 8 9 Aseambankers 4.36% 12 9 Aseambankers 3.67% -

10 Merrill Lynch 3.56% =11 10 J.P.Morgan 3.58% 8 10 AmResearch 2.93% -11 BNP Paribas 3.43% 13 11 BNP Paribas 3.11% =13 11 Goldman Sachs 1.96% -12 AmResearch 2.95% 14 12 AmResearch 2.24% =13 12 BNP Paribas 1.76% =913 Citi 2.92% 7 13 Citi 2.11% 6 13 OSK 1.22% 1514 OSK 1.58% 15 14 OSK 1.48% 18 14 DBS Vickers 0.98% -15 DBS Vickers 1.42% 18 15 Goldman Sachs 0.81% -16 KAF Seagroatt & Campbell 1.09% 10 16 Nomura 0.64% 1617 Affin 0.80% 19 17 DBS Vickers 0.40% 1718 Goldman Sachs 0.69% - 18 Affin 0.20% -19 Nomura 0.43% 16 19 Kim Eng 0.03% -20 MIMB 0.15% -21 Kim Eng 0.11% 2122 Daiwa Institute of Research 0.10% -23 Alliance 0.01% -


MALAYSIA


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. MALAYSIA: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 19.83% 1 1 CIMB 21.98% 2 1 Merrill Lynch 19.73% =82 CLSA 11.59% 3 2 Merrill Lynch 11.71% 13 2 CLSA 19.18% 23 Aseambankers 10.33% 10 3 CLSA 11.57% 3 3 CIMB 18.90% 34 Merrill Lynch 8.00% 12 4 Macquarie 10.00% - 4 Macquarie 10.96% -5 Credit Suisse 7.57% 2 5 Credit Suisse 8.37% 1 5 Aseambankers 8.49% =86 UBS 7.07% 4 6 Aseambankers 7.73% 9 6 Credit Suisse 7.67% 17 Macquarie 6.79% =21 7 UBS 6.32% 7 7 UBS 6.71% 48 RHB 4.87% 6 8 RHB 5.41% 6 =8 Citi 2.74% 59 Deutsche Bank 4.09% 7 9 Deutsche Bank 5.23% 5 =8 Goldman Sachs 2.74% -

10 J.P.Morgan 3.51% 8 10 J.P.Morgan 3.64% 10 10 J.P.Morgan 2.19% -11 BNP Paribas 2.94% 9 11 BNP Paribas 3.14% 8 11 OSK 0.68% -12 Citi 2.89% 5 =12 Citi 1.05% 413 KAF Seagroatt & Campbell 2.88% 13 =12 Goldman Sachs 1.05% 1214 AmResearch 2.10% =19 14 AmResearch 0.87% -15 DBS Vickers 1.19% 17 =15 KAF Seagroatt & Campbell 0.84% 1516 Affin 1.17% 15 =15 Kim Eng 0.84% -17 Goldman Sachs 0.90% 14 17 OSK 0.26% -18 HLG 0.86% -

=19 Kim Eng 0.51% =19=19 OSK 0.51% =21

21 MIMB 0.19% -=22 Nomura 0.08% 16=22 UOB Kay Hian 0.08% 11

24 Alliance 0.05% -

MALAYSIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 19.61% 2 1 CIMB 21.33% 2 1 CLSA 24.35% 52 RHB 17.29% 1 2 Aseambankers 13.77% 7 2 CIMB 21.96% 23 Aseambankers 14.06% 7 3 RHB 13.31% 1 3 Merrill Lynch 13.28% =84 CLSA 10.48% 4 4 CLSA 9.63% 3 4 Citi 7.38% 115 UBS 9.17% 3 5 UBS 8.00% 4 5 Aseambankers 6.27% =66 J.P.Morgan 6.47% 8 6 J.P.Morgan 6.97% 8 6 Credit Suisse 5.90% 37 Credit Suisse 4.48% 6 7 Credit Suisse 5.79% 5 =7 J.P.Morgan 4.43% =68 Macquarie 3.44% 10 8 Merrill Lynch 4.65% 9 =7 UBS 4.43% 49 Citi 3.16% 5 9 Macquarie 4.47% 11 =9 BNP Paribas 3.69% =8

10 Merrill Lynch 2.71% 9 10 Citi 3.87% 6 =9 Goldman Sachs 3.69% -11 BNP Paribas 2.41% 13 11 BNP Paribas 3.36% =12 =9 Macquarie 3.69% -12 DBS Vickers 2.07% 12 12 Morgan Stanley 2.58% =12 12 DBS Vickers 0.92% -13 Morgan Stanley 1.50% =14 13 Goldman Sachs 1.29% -14 AmResearch 0.92% 17 14 AmResearch 0.65% 1515 Goldman Sachs 0.75% 19 15 DBS Vickers 0.32% -16 Affin 0.58% 2017 Deutsche Bank 0.45% 1118 UOB Kay Hian 0.18% =1419 OSK 0.15% 2220 KAF Seagroatt & Campbell 0.11% -21 Alliance 0.02% -

MALAYSIA

MACROECONOMICS MACROECONOMICS MACROECONOMICSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 OSK 21.53% 2 1 OSK 21.42% 3 1 CLSA 27.53% 52 CIMB 13.87% 1 2 CLSA 13.98% 7 2 CIMB 24.47% 13 CLSA 11.73% 5 3 CIMB 10.04% 1 3 Merrill Lynch 12.24% 34 BNP Paribas 7.09% 11 =4 BNP Paribas 9.43% 11 4 BNP Paribas 11.47% 65 Aseambankers 6.51% 4 =4 Merrill Lynch 9.43% 5 5 OSK 6.50% =86 Merrill Lynch 5.47% 6 6 Aseambankers 6.47% 4 =6 Aseambankers 3.82% -7 AmResearch 4.69% 10 7 J.P.Morgan 3.90% 8 =6 Credit Suisse 3.82% 28 UBS 4.64% 17 8 ECM Libra 3.79% - =6 Macquarie 3.82% -9 Affin 4.36% 15 9 DBS Vickers 3.41% 15 9 J.P.Morgan 3.06% -

10 DBS Vickers 3.63% 9 10 RHB 3.14% 9 10 UBS 2.29% =811 KAF Seagroatt & Campbell 2.86% 12 11 UBS 2.60% - 11 DBS Vickers 0.96% -12 Deutsche Bank 2.67% 16 12 Affin 2.44% 1613 RHB 2.60% 8 13 KAF Seagroatt & Campbell 2.38% 1314 J.P.Morgan 2.23% 13 14 AmResearch 2.00% 1015 ECM Libra 2.16% 20 15 Credit Suisse 1.76% 216 Credit Suisse 1.47% 3 =16 Deutsche Bank 1.63% 1217 MIMB 1.11% - =16 Macquarie 1.63% -18 Macquarie 0.93% =21 18 Kim Eng 0.54% -19 Kim Eng 0.31% 1920 TA 0.09% =2121 HLG 0.05% -

MALAYSIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 15.26% 3 1 UBS 16.25% 2 1 CLSA 18.86% =32 CIMB 10.93% 2 2 CIMB 11.79% 4 2 Citi 14.89% 53 RHB 9.41% =9 3 Macquarie 10.17% 8 =3 Macquarie 12.90% -4 Macquarie 9.34% 7 4 Deutsche Bank 9.79% 5 =3 Merrill Lynch 12.90% -5 Credit Suisse 8.52% 1 5 Citi 8.90% 3 5 CIMB 12.41% =36 Citi 7.25% 4 6 CLSA 8.39% 7 6 UBS 9.93% 67 CLSA 7.13% 6 7 RHB 8.17% 9 7 Credit Suisse 7.94% 18 Deutsche Bank 6.49% 5 8 Credit Suisse 7.65% 1 8 BNP Paribas 4.96% 79 J.P.Morgan 6.06% =9 9 Merrill Lynch 7.12% 12 9 J.P.Morgan 3.97% -

10 Merrill Lynch 5.10% 14 10 J.P.Morgan 6.10% 10 10 DBS Vickers 1.24% -11 DBS Vickers 3.68% 21 11 BNP Paribas 2.54% 612 BNP Paribas 2.57% 8 12 Aseambankers 1.38% 1613 AmResearch 2.48% 17 13 DBS Vickers 0.64% -14 Aseambankers 2.30% 13 14 Affin 0.51% -15 KAF Seagroatt & Campbell 1.76% 11 =15 AmResearch 0.21% =1716 Affin 0.64% =23 =15 OSK 0.21% 1917 Morgan Stanley 0.48% 16 17 KAF Seagroatt & Campbell 0.20% 1318 UOB Kay Hian 0.21% =2319 Kim Eng 0.16% 1520 OSK 0.13% 1821 Nomura 0.08% 19

BANKS

MALAYSIA

OVERALL MEGA FUNDS HEDGE FUNDSBANKS BANKS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 15.29% 1 1 CIMB 16.10% 3 1 UBS 19.62% 52 CLSA 9.95% 2 2 CLSA 12.50% 4 2 Macquarie 17.44% -3 UBS 7.41% 6 3 UBS 9.70% =10 3 CLSA 15.26% 34 Credit Suisse 7.18% 3 4 Credit Suisse 9.36% 1 4 CIMB 13.62% 25 AmResearch 7.03% 10 5 Merrill Lynch 7.46% =13 =5 BNP Paribas 10.90% 46 BNP Paribas 6.53% 7 6 DBS Vickers 7.18% =19 =5 Citi 10.90% -7 Macquarie 6.50% 13 7 BNP Paribas 7.09% 5 =7 AmResearch 5.45% -8 OSK 6.13% 12 8 J.P.Morgan 6.84% 2 =7 Credit Suisse 5.45% 19 DBS Vickers 4.41% 17 9 Macquarie 4.97% 9 9 DBS Vickers 1.36% -

10 RHB 4.39% 5 10 Citi 4.03% 611 Merrill Lynch 4.36% 19 11 AmResearch 4.02% 1512 J.P.Morgan 4.27% 4 12 Aseambankers 2.41% 813 Aseambankers 3.94% 8 13 RHB 2.18% 714 Citi 3.88% 9 14 Affin 1.96% -15 KAF Seagroatt & Campbell 3.30% 14 =15 Deutsche Bank 1.49% =1016 Affin 2.72% 20 =15 KAF Seagroatt & Campbell 1.49% -17 MIMB 0.98% - 17 OSK 1.23% 1718 Deutsche Bank 0.87% =15

=19 Goldman Sachs 0.44% =15=19 Kim Eng 0.44% 18

MALAYSIA

CAPITAL GOODS CAPITAL GOODS CAPITAL GOODSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 27.13% 1 1 CIMB 25.70% 1 1 CIMB 30.09% 22 CLSA 13.41% 3 2 CLSA 12.33% 5 2 CLSA 29.50% 43 Credit Suisse 8.45% 2 3 Deutsche Bank 9.93% 3 3 UBS 21.24% =54 Macquarie 6.75% 9 4 Macquarie 9.60% 7 4 Macquarie 11.80% -5 Deutsche Bank 6.49% 5 5 Credit Suisse 9.38% 2 5 BNP Paribas 5.90% =56 UBS 6.09% 7 6 UBS 7.61% =11 6 DBS Vickers 1.47% -7 Aseambankers 4.54% 11 7 KAF Seagroatt & Campbell 5.49% 168 BNP Paribas 4.38% 13 8 BNP Paribas 4.96% 89 KAF Seagroatt & Campbell 4.18% 14 9 Aseambankers 2.76% 10

10 Affin 3.09% 17 10 Citi 2.65% 411 Citi 3.04% 6 11 RHB 2.20% 912 RHB 2.79% 4 12 Affin 1.74% 1813 J.P.Morgan 2.24% 8 13 Merrill Lynch 1.65% =1114 AmResearch 2.04% 10 =14 J.P.Morgan 1.32% 615 Merrill Lynch 1.69% 12 =14 Nomura 1.32% =1316 DBS Vickers 1.47% 21 16 AmResearch 0.68% =1317 OSK 1.32% 15 17 DBS Vickers 0.41% -18 Nomura 0.91% 18 18 OSK 0.26% 17

CONSUMER SERVICES CONSUMER SERVICES CONSUMER SERVICES

MALAYSIA

MEGA FUNDS HEDGE FUNDSOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 26.04% 1 1 CIMB 26.05% 2 1 CLSA 33.44% 32 Credit Suisse 17.44% 2 2 Credit Suisse 22.61% 1 2 CIMB 20.74% 23 CLSA 11.88% =4 3 CLSA 13.21% 8 =3 Credit Suisse 13.38% 14 Aseambankers 7.77% 6 =4 BNP Paribas 4.64% 13 =3 Macquarie 13.38% -5 Affin 4.72% 15 =4 Deutsche Bank 4.64% 3 5 UBS 10.70% 56 J.P.Morgan 4.50% 10 =4 UBS 4.64% 9 6 BNP Paribas 6.69% =67 UBS 4.08% =4 7 J.P.Morgan 4.52% 5 7 DBS Vickers 1.67% -8 AmResearch 4.01% 8 8 Aseambankers 3.97% 129 RHB 3.65% 3 =9 Macquarie 3.57% 16

10 Macquarie 3.25% 17 =9 Merrill Lynch 3.57% 11=11 BNP Paribas 2.97% 14 11 RHB 3.02% 6=11 Deutsche Bank 2.97% 7 12 Affin 2.23% 18

13 Merrill Lynch 2.12% 11 13 AmResearch 1.45% 414 Citi 1.75% 9 14 Nomura 1.43% 1015 DBS Vickers 0.90% 18 15 DBS Vickers 0.45% -16 Nomura 0.85% 1217 KAF Seagroatt & Campbell 0.64% 2018 HLG 0.32% -19 OSK 0.16% 19

MALAYSIA

FOOD, BEVERAGE & TOBACCO FOOD, BEVERAGE & TOBACCO FOOD, BEVERAGE & TOBACCOHEDGE FUNDSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 21.89% 1 1 CIMB 25.54% 2 1 CLSA 22.67% 32 Credit Suisse 10.11% 2 2 Credit Suisse 9.63% 1 2 CIMB 20.24% 23 AmResearch 7.76% 8 3 Macquarie 8.65% 9 =3 BNP Paribas 16.19% =84 RHB 5.97% 5 4 J.P.Morgan 8.49% 5 =3 Macquarie 16.19% -5 Macquarie 5.92% 9 5 BNP Paribas 6.92% 10 5 Merrill Lynch 12.96% -6 CLSA 5.44% 4 6 RHB 6.00% 6 6 Credit Suisse 9.72% 17 Aseambankers 5.42% 10 7 Deutsche Bank 5.74% 3 7 DBS Vickers 2.02% -8 BNP Paribas 5.16% 11 8 CLSA 4.84% 49 J.P.Morgan 5.15% 7 9 Merrill Lynch 4.50% =13

10 Citi 5.04% 12 10 AmResearch 3.86% =1111 OSK 4.67% 17 11 Aseambankers 3.12% 812 UBS 4.64% 6 12 Citi 3.04% =1113 Deutsche Bank 3.59% 3 13 UBS 2.91% 714 Merrill Lynch 2.58% =14 14 OSK 2.78% 1715 DBS Vickers 1.89% 19 15 Affin 2.16% 1816 Affin 1.24% 20 16 Morgan Stanley 1.38% =1317 MIMB 1.19% - 17 DBS Vickers 0.43% 1618 Morgan Stanley 0.79% =1419 KAF Seagroatt & Campbell 0.76% 13

=20 Kim Eng 0.40% 16=20 Nomura 0.40% -

UTILITIES

MALAYSIA

OVERALL MEGA FUNDS HEDGE FUNDSUTILITIES UTILITIES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 24.04% 1 1 CLSA 25.29% 1 1 CLSA 37.30% 12 KAF Seagroatt & Campbell 15.66% 2 2 CIMB 18.32% 10 2 CIMB 36.76% -3 CIMB 14.15% 4 3 KAF Seagroatt & Campbell 12.40% =5 3 Macquarie 10.81% -4 RHB 7.16% 3 4 Macquarie 8.48% =11 4 Aseambankers 8.65% -5 Macquarie 6.78% 13 5 RHB 7.40% =5 5 OSK 6.49% -6 UBS 5.11% 17 6 Aseambankers 5.98% =167 Aseambankers 5.09% =14 7 Deutsche Bank 4.63% =78 DBS Vickers 4.15% =14 =8 DBS Vickers 3.70% 149 OSK 2.89% 7 =8 UBS 3.70% -

=10 AmResearch 2.85% =21 10 Credit Suisse 3.01% 2=10 Deutsche Bank 2.85% =10 11 OSK 2.47% 13

12 Affin 2.17% =10 12 AmResearch 1.93% -13 Credit Suisse 2.09% 5 13 Kim Eng 1.54% -14 BNP Paribas 2.04% 20 14 MIDF 1.16% -15 Citi 1.02% 616 Kim Eng 0.85% -17 MIDF 0.64% -18 MIMB 0.38% -19 Alliance 0.06% =21


MALAYSIA


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Terence Wong CIMB 10.87% 1 1 Terence Wong CIMB 12.65% 2 1 Terence Wong CIMB 14.66% 22 Prem Jearajasingam Macquaire 4.43% - 2 Prem Jearajasingam Macquarie 6.28% - 2 Prem Jearajasingam Macquarie 9.10% -3 Su Yin Teoh Deutsche Bank 4.33% 5 3 Su Yin Teoh Deutsche Bank 5.84% 5 3 Melvyn Boey Merrill Lynch 8.09% 44 Vincent Khoo Aseambankers 4.17% =10 4 Melvyn Boey Merrill Lynch 4.43% 8 4 Chee Wei Loong CLSA 6.57% -5 Chee Wei Loong CLSA 4.13% =10 5 Stephen Hagger Credit Suisse 4.00% 1 5 Choong Wai Kee Citi 6.01% 56 Stephen Hagger Credit Suisse 4.05% 2 6 Chee Wei Loong CLSA 3.89% 13 6 Stephen Hagger Credit Suisse 5.06% 17 Tan Ting Min Credit Suisse 3.95% 3 7 Tan Ting Min Credit Suisse 3.87% 4 =7 Benny Chew AmResearch 3.79% -8 Choong Wai Kee Citi 3.41% 7 8 Choong Wai Kee Citi 3.18% 3 =7 Edward Ong Macquarie 3.79% -9 Colbert Nocom UBS 3.23% 6 9 Michael Greenall BNP Paribas 2.81% 18 =7 Kelvin Goh CIMB 3.79% -

10 Melvyn Boey Merrill Lynch 3.09% 9 10 Lim Chee Sing RHB 2.77% 14 =7 Mak Hoy Kit BNP Paribas 3.79% -11 Lim Chee Sing RHB 2.99% 8 11 Norziana Mohd Inon CIMB 2.62% - =7 Michael Greenall BNP Paribas 3.79% 712 Michael Greenall BNP Paribas 2.82% 17 12 Lee Heng Guie CIMB 2.55% - =7 Su Yin Teoh Deutsche Bank 3.79% =9

=13 Benny Chew AmResearch 2.73% - 13 Alain Lai UBS 2.45% - 13 Tay Chin Seng Macquarie 3.03% -=13 Chehan Perera KAF S & C 2.73% 14 14 Colbert Nocom UBS 2.36% 7 14 Loke Foong Wai Credit Suisse 2.78% -

15 Norziana Mohd Inon CIMB 2.52% 18 15 Vincent Khoo Aseambankers 2.20% =19 =15 Alain Lai UBS 2.53% =1716 Alain Lai UBS 2.29% 20 =16 Edward Ong Macquarie 2.17% - =15 Danny Goh Credit Suisse 2.53% 817 Chris Oh J.P.Morgan 2.01% 15 =16 Mak Hoy Kit BNP Paribas 2.17% 22 =15 Uday Jayaram Macquarie 2.53% =1518 Mak Hoy Kit BNP Paribas 1.83% 26 18 Benny Chew AmResearch 2.00% - =18 Colbert Nocom UBS 2.28% 619 Edward Ong Macquaire 1.69% - 19 Chris Oh J.P.Morgan 1.98% 12 =18 Norziana Mohd Inon CIMB 2.28% -20 Lee Heng Guie CIMB 1.65% - 20 Irene Chin Deutsche Bank 1.89% 6 =18 Tan Ting Min Credit Suisse 2.28% 1421 Kelvin Goh CIMB 1.28% - 21 Tay Chin Seng Macquarie 1.84% - 21 Gary Yu Morgan Stanley 2.02% -22 Irene Chin Deutsche Bank 1.22% 12 22 Chehan Perera KAF S & C 1.70% =15 22 Vincent Khoo Aseambankers 1.71% =923 Tay Chin Seng Macquaire 1.19% - 23 Danny Goh Credit Suisse 1.57% =19 =23 Amy Tang UBS 1.26% -

=24 Ivy Ng CIMB 1.15% - 24 Ng Wee Siang BNP Paribas 1.51% - =23 Andrea Boult BNP Paribas 1.26% -=24 Chris Eng OSK 1.15% - =25 Bao Ling Chan Fox-Pitt, Kelton 1.41% =23 =23 Sit Yin Wong J.P.Morgan 1.26% -

26 Danny Goh Credit Suisse 1.13% 25 =25 Kelvin Goh CIMB 1.41% 2927 Ng Wee Siang BNP Paribas 1.07% - 27 Jon Oh J.P.Morgan 1.13% -28 Raymond Yap CIMB 0.93% - =28 David Chong RHB 0.94% -

=29 Bao Ling Chan Fox-Pitt, Kelton 0.91% =29 =28 James Gruber CLSA 0.94% -=29 Clare Chin CLSA 0.91% - =28 Uday Jayaram Macquarie 0.94% 30

=28 Yoke Lan Jan UBS 0.94% =23


MALAYSIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 52.13% 1 1 CIMB 62.02% 1 1 CIMB 67.92% 12 Aseambankers 15.52% 3 2 Aseambankers 12.97% 3 2 Aseambankers 15.20% 53 RHB 9.96% 2 3 RHB 8.25% 2 3 OSK 11.30% 64 AmeSecurities 9.54% 6 4 AmeSecurities 8.05% 7 4 AmeSecurities 5.58% -5 OSK 6.26% 5 5 OSK 5.58% 66 KAF Seagroatt & Campbell 2.47% 4 6 ECM Libra 2.44% 87 Affin 1.74% 8 7 Affin 0.50% 98 ECM Libra 1.48% 9 8 KAF Seagroatt & Campbell 0.20% 4

=9 K&N Kenanaga 0.44% 7=9 MIMB 0.44% -

MALAYSIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 21.06% 1 1 CIMB 18.17% 1 1 CIMB 22.24% 12 CLSA 13.80% 2 2 CLSA 17.13% 2 2 CLSA 16.14% 33 UBS 7.87% 3 3 UBS 9.51% 3 3 UBS 11.55% 24 BNP Paribas 7.13% 6 4 BNP Paribas 8.64% 7 4 Credit Suisse 8.62% 55 Macquarie 6.37% 13 5 Macquarie 8.38% 12 5 BNP Paribas 7.70% 76 Aseambankers 5.26% 9 6 Credit Suisse 5.82% 5 6 Merrill Lynch 5.50% 87 Credit Suisse 5.12% 5 7 Merrill Lynch 3.92% 11 7 Macquarie 4.40% 158 AmeSecurities 4.71% 10 8 Aseambankers 3.86% 9 8 Aseambankers 4.03% =99 J.P.Morgan 3.72% 11 9 Deutsche Bank 3.50% 8 9 DBS Vickers 3.62% -

10 RHB 3.66% 4 10 J.P.Morgan 2.99% 10 10 Goldman Sachs 3.12% -11 DBS Vickers 3.30% 21 11 AmeSecurities 2.68% 15 11 OSK 2.80% -12 Merrill Lynch 2.90% 12 12 RHB 2.58% 4 12 Morgan Stanley 2.57% -

=13 OSK 2.52% 19 13 OSK 2.32% 18 13 AmeSecurities 2.38% -=13 Deutsche Bank 2.52% 8 14 DBS Vickers 2.02% 21 14 UOB Kay Hian 1.83% 11=13 Citi 2.52% 7 15 Morgan Stanley 1.50% - 15 J.P.Morgan 1.65% =13

16 Morgan Stanley 1.24% - 16 Goldman Sachs 1.42% - =16 Citi 0.92% 417 Nomura 1.23% 15 17 Nomura 1.33% 17 =16 Kim Eng 0.92% 1618 Affin 1.12% 20 18 Citi 1.04% 619 KAF Seagroatt & Campbell 0.98% 14 19 UOB Kay Hian 0.83% 1320 Goldman Sachs 0.96% - 20 ECM Libra 0.58% 1921 UOB Kay Hian 0.58% 17 21 HSBC 0.50% -22 ECM Libra 0.36% 18 22 Affin 0.45% 2023 HSBC 0.31% - 23 Kim Eng 0.42% -24 Kim Eng 0.30% 22 24 MIDF 0.21% -25 MIMB 0.17% - 25 KAF Seagroatt & Campbell 0.20% 1626 MIDF 0.13% -27 Daiwa SMBC 0.10% -

=28 Alliance 0.01% 26=28 HLG 0.01% 24=28 Lehman Brothers* 0.01% -


MALAYSIA

OVERALL SALES SERVICESOVERALL SALES SERVICESOVERALL SALES SERVICESMEGA FUNDS HEDGE FUNDSOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 17.86% 1 1 CLSA 18.61% 2 1 CLSA 20.77% 22 CLSA 13.89% 2 2 CIMB 15.06% 1 2 CIMB 13.50% 13 Credit Suisse 9.21% 5 3 UBS 10.59% 4 3 UBS 11.57% 44 UBS 9.07% 4 4 Credit Suisse 9.77% 6 4 Credit Suisse 10.68% 95 Aseambankers 7.62% 6 5 Aseambankers 7.57% 7 5 Aseambankers 8.01% 106 RHB 5.46% 3 6 Macquarie 6.41% 15 6 J.P.Morgan 4.15% 57 Macquarie 4.52% 14 7 RHB 5.71% 3 7 Merrill Lynch 3.86% -8 AmeSecurities 4.10% 11 8 Deutsche Bank 4.40% 5 =8 BNP Paribas 3.56% =149 Deutsche Bank 3.80% 7 9 J.P.Morgan 2.98% 8 =8 Deutsche Bank 3.56% 3

10 J.P.Morgan 3.41% 8 10 ECM Libra 2.71% 13 =10 Citi 2.97% 711 DBS Vickers 2.75% 17 11 Citi 2.17% 10 =10 Goldman Sachs 2.97% -12 Affin 2.24% 16 =12 Alliance 2.03% - =10 Macquarie 2.97% =1413 Citi 2.14% 12 =12 Goldman Sachs 2.03% =19 =10 RHB 2.97% =1214 BNP Paribas 1.98% 18 14 BNP Paribas 1.85% =21 =14 AmeSecurities 2.67% -15 OSK 1.94% 19 15 Merrill Lynch 1.76% - =14 Morgan Stanley 2.67% 616 ECM Libra 1.77% 10 16 OSK 0.98% 17 16 Kim Eng 1.48% 11

=17 KAF Seagroatt & Campbell 1.26% 15 17 Affin 0.95% 16 17 OSK 0.89% -=17 Alliance 1.26% - 18 KAF Seagroatt & Campbell 0.87% 14 18 DBS Vickers 0.74% =14

19 Goldman Sachs 1.23% 23 =19 Kim Eng 0.68% -=20 Merrill Lynch 1.15% 26 =19 Morgan Stanley 0.68% 9=20 Morgan Stanley 1.15% 9 21 AmeSecurities 0.56% 12

22 MIMB 0.49% - =22 Nomura 0.54% 1123 Kim Eng 0.41% 22 =22 TA 0.54% -24 Nomura 0.39% 13 24 DBS Vickers 0.34% =2125 TA 0.33% 28 25 HLG 0.22% 2326 Daiwa SMBC 0.16% -27 HLG 0.15% 2528 MIDF 0.14% 2429 UOB Kay Hian 0.08% 2130 Lehman Brothers* 0.04% -


EXECUTION EXECUTION EXECUTIONOVERALL MEGA FUNDS

MALAYSIA

HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 22.06% 1 1 CIMB 21.03% 1 1 CIMB 17.89% 12 CLSA 11.83% 2 2 CLSA 14.79% 2 2 CLSA 15.49% 23 UBS 10.71% 5 3 UBS 14.08% 5 3 UBS 13.80% 44 Aseambankers 7.54% 11 4 Aseambankers 7.69% =11 4 Credit Suisse 10.14% 85 Credit Suisse 6.99% 4 5 Credit Suisse 7.16% 4 5 J.P.Morgan 8.17% 56 RHB 5.74% 3 6 Deutsche Bank 5.11% 8 6 Aseambankers 7.61% 107 J.P.Morgan 4.66% 6 7 Macquarie 4.90% =11 7 Macquarie 6.76% 158 AmeSecurities 4.60% 9 8 RHB 4.60% 3 =8 BNP Paribas 3.38% 119 Deutsche Bank 4.18% 10 9 J.P.Morgan 3.99% 9 =8 Deutsche Bank 3.38% 3

10 Macquarie 3.87% 12 10 Morgan Stanley 2.87% 7 =10 Goldman Sachs 2.82% -11 DBS Vickers 3.30% 23 11 Citi 2.30% 6 =10 RHB 2.82% -12 Citi 2.42% 8 12 Goldman Sachs 1.92% 20 12 DBS Vickers 2.39% -13 BNP Paribas 1.98% 15 13 BNP Paribas 1.75% =15 13 Merrill Lynch 2.25% -14 Morgan Stanley 1.81% 7 14 DBS Vickers 1.60% - 14 Kim Eng 1.41% 1215 Affin 1.72% 25 15 OSK 1.36% 21 =15 AmeSecurities 0.85% -16 OSK 1.71% 17 16 BIMB 1.28% - =15 OSK 0.85% -17 Goldman Sachs 1.21% 22 17 Merrill Lynch 1.02% -18 Merrill Lynch 0.88% 26 18 Affin 0.96% 2419 BIMB 0.80% - 19 AmeSecurities 0.75% 1320 KAF Seagroatt & Campbell 0.75% 16 20 Kim Eng 0.64% -21 Kim Eng 0.40% 21 21 KAF Seagroatt & Campbell 0.20% 1922 MIMB 0.24% -23 ECM Libra 0.18% 14

=24 UOB Kay Hian 0.16% 20=24 Daiwa SMBC 0.16% -

26 Nomura 0.06% 1327 HLG 0.02% 24

MEGA FUNDSSALES TRADING SALES TRADING SALES TRADING

OVERALL HEDGE FUNDS

MALAYSIA


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 22.28% 1 1 CLSA 21.46% 1 1 CLSA 28.39% 22 CIMB 21.94% 2 2 CIMB 19.69% 4 2 CIMB 20.70% 43 Macquarie 7.67% 11 3 Macquarie 10.24% 8 3 BNP Paribas 9.38% 74 BNP Paribas 7.12% 13 4 BNP Paribas 9.75% =9 4 UBS 7.98% 15 UBS 6.66% 3 5 UBS 8.24% 2 5 Macquarie 7.04% 146 Credit Suisse 4.01% 4 6 J.P.Morgan 4.36% 12 6 J.P.Morgan 6.33% -7 Aseambankers 3.95% 10 7 Merrill Lynch 4.18% 13 7 Merrill Lynch 6.10% =118 RHB 3.85% 6 8 Credit Suisse 3.84% 3 8 Aseambankers 3.52% 99 J.P.Morgan 3.69% 7 9 Deutsche Bank 3.26% 6 9 Credit Suisse 2.82% 3

10 AmeSecurities 3.20% 12 10 RHB 3.11% 11 10 UOB Kay Hian 2.35% -11 Merrill Lynch 2.77% 14 11 Aseambankers 2.11% 14 11 Morgan Stanley 2.11% =1112 Deutsche Bank 2.41% =8 12 AmeSecurities 1.89% =17 =12 Citi 1.17% 613 Citi 1.97% 5 13 Nomura 1.63% - =12 DBS Vickers 1.17% 814 DBS Vickers 1.69% =8 =14 Morgan Stanley 1.02% =9 14 Goldman Sachs 0.94% -15 Morgan Stanley 1.39% =15 =14 UOB Kay Hian 1.02% 1616 OSK 1.28% =15 16 Citi 1.01% 517 Nomura 1.06% 24 =17 DBS Vickers 0.92% 718 Affin 0.83% 19 =17 Goldman Sachs 0.92% -19 UOB Kay Hian 0.63% 21 19 Affin 0.76% =1720 Goldman Sachs 0.57% - 20 OSK 0.58% 1521 KAF Seagroatt & Campbell 0.46% 1722 MIMB 0.40% -23 Daiwa 0.16% 25

MALAYSIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 20.05% 1 1 CIMB 17.21% 1 1 CIMB 21.04% 32 CLSA 12.50% 2 2 CLSA 13.23% 2 2 CLSA 18.12% 13 UBS 9.12% 3 3 UBS 11.58% 4 3 UBS 15.53% 44 BNP Paribas 7.47% 9 4 Macquarie 9.16% 11 4 BNP Paribas 10.36% 75 Macquarie 6.54% 11 5 BNP Paribas 8.66% 9 5 J.P.Morgan 6.90% -6 Aseambankers 6.47% 6 6 Credit Suisse 6.57% 3 6 Macquarie 6.69% 87 Credit Suisse 5.37% 4 7 J.P.Morgan 5.82% 14 7 Credit Suisse 5.83% 28 J.P.Morgan 4.70% 13 8 Aseambankers 5.35% 8 8 Merrill Lynch 5.61% 129 RHB 3.97% 5 9 Deutsche Bank 4.44% 6 9 Citi 3.24% 6

10 DBS Vickers 3.75% 14 10 Merrill Lynch 2.51% 12 10 Aseambankers 2.59% 911 Deutsche Bank 3.28% 8 11 DBS Vickers 2.34% 17 11 UOB Kay Hian 2.16% -12 Citi 2.63% 7 12 RHB 2.14% 5 12 DBS Vickers 1.08% 1413 OSK 2.55% 16 13 Nomura 2.09% - 13 Goldman Sachs 0.86% 1014 AmeSecurities 2.25% 10 14 AmeSecurities 1.92% 1015 KAF Seagroatt & Campbell 2.11% 12 =15 Affin 1.69% -16 Merrill Lynch 1.81% 15 =15 Citi 1.69% 717 Nomura 1.73% 21 17 OSK 1.15% 1818 Affin 1.66% 20 18 UOB Kay Hian 0.97% -19 UOB Kay Hian 0.72% 25 19 Goldman Sachs 0.87% 1320 Goldman Sachs 0.67% 17 20 KAF Seagroatt & Campbell 0.39% 1521 ECM Libra 0.24% 19 21 ECM Libra 0.19% 1922 MIMB 0.20% -23 Daiwa 0.15% 2724 Kim Eng 0.05% 22

MALAYSIA

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISITOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CIMB 18.28% 1 1 Aseambankers 17.89% 2 1 CIMB 34.19% 12 Aseambankers 15.94% 2 2 CIMB 15.01% 3 2 CLSA 13.68% =93 Deutsche Bank 7.51% 8 3 Deutsche Bank 12.35% 4 3 Aseambankers 10.68% =44 UBS 6.69% 3 4 Macquarie 8.73% - =4 BNP Paribas 8.55% 25 CLSA 6.62% 4 5 CLSA 7.99% =14 =4 Macquarie 8.55% -6 KAF Seagroatt & Campbell 6.21% 5 =6 J.P.Morgan 6.74% =10 =4 UBS 8.55% -7 AmeSecurities 5.78% 7 =6 UBS 6.74% 1 =7 Credit Suisse 6.84% 88 BNP Paribas 5.58% 9 8 OSK 4.34% 8 =7 J.P.Morgan 6.84% -9 Affin 5.26% 15 9 KAF Seagroatt & Campbell 4.24% 5 9 DBS Vickers 2.14% -

10 Macquarie 5.20% 19 =10 Affin 3.74% -11 OSK 4.08% 12 =10 BNP Paribas 3.74% 912 J.P.Morgan 4.01% 16 =12 Credit Suisse 2.99% =1413 Credit Suisse 2.23% 18 =12 Kim Eng 2.99% -14 Kim Eng 1.90% - 14 AmeSecurities 1.56% 1315 Citi 1.56% 11 15 DBS Vickers 0.94% -16 DBS Vickers 1.45% -17 HLG 1.34% -18 RHB 0.26% 619 Nomura 0.11% 10

MALAYSIA



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Kit Lim CLSA 5.32% 2 1 Kit Lim CLSA 6.50% 3 1 Chan Mun Yee CIMB 9.30% 22 May Lee UBS 4.09% - 2 May Lee UBS 5.40% =27 2 May Lee UBS 9.09% -3 Shan Choo CLSA 4.02% 11 3 Goh Keat Jin BNP Paribas 4.63% 1 3 Shan Choo CLSA 7.18% =144 Goh Keat Jin BNP Paribas 3.78% 1 4 Wang Wah Le BNP Paribas 4.39% 8 4 Goh Keat Jin BNP Paribas 5.28% 35 Lucy Chong Aseambankers 3.38% 8 5 Shan Choo CLSA 4.08% =15 5 Joseph Chia UBS 4.86% =146 Chan Mun Yee CIMB 3.10% 4 6 Chan Mun Yee CIMB 3.55% 4 6 Gordon Lew Tong CIMB 4.23% =267 Wang Wah Le BNP Paribas 3.04% 10 7 James Tan Credit Suisse 3.20% 2 7 Kit Lim CLSA 4.01% =68 James Tan Credit Suisse 3.00% 3 8 Vimala Vijayamoorthy CIMB 2.95% =27 =8 Augustine Cheah Merrill Lynch 3.17% -9 Liew Kuo Aun CIMB 2.42% 15 9 Naguib Hussin CLSA 2.38% - =8 James Tan Credit Suisse 3.17% =6

10 Naguib Hussin CLSA 2.33% - 10 Gordon Lew Tong CIMB 2.33% - =8 Lena Yong Macquarie 3.17% -11 Nik Azhan Nik Abdul Aziz CIMB 2.30% 5 11 Lucy Chong Aseambankers 2.32% 10 =8 Vimala Vijayamoorthy CIMB 3.17% -12 Clement Chew J.P.Morgan 2.17% 6 12 Nik Azhan Nik Abdul Aziz CIMB 2.22% 9 =8 Wesley Kong Credit Suisse 3.17% -13 Vimala Vijayamoorthy CIMB 2.15% 22 13 Joseph Chia UBS 2.15% - 13 Low Sook Mae DBS Vickers 2.91% -14 Tan Hui Gek RHB 2.02% 13 14 Emily Loh UBS 2.05% - =14 Andrew Cunningham HSBC 2.54% -15 Rushdan Mohd Nadzir CIMB 1.68% - 15 Rushdan Mohd Nadzir CIMB 1.96% - =14 Chris Gould CLSA 2.54% -16 Gordon Lew Tong CIMB 1.57% - =16 Chris Gould CLSA 1.87% - =14 Monique France Morgan Stanley 2.54% -17 Joseph Chia UBS 1.43% - =16 Clement Chew J.P.Morgan 1.87% 5 =14 Wang Wah Le BNP Paribas 2.54% -18 Ann Lim CIMB 1.40% - =16 Uday Jayaram Macquarie 1.87% - 18 Ann Lim CIMB 2.43% -

=19 Emily Loh UBS 1.37% - 19 Ruzi Rani Ajith CIMB 1.68% 12 =19 Caleb Woo CLSA 2.11% =6=19 Tan Hock Meng UBS 1.37% - 20 Shahriman Mokhtar RHB 1.52% - =19 Chris Neoh CLSA 2.11% =19

21 Ruzi Rani Ajith CIMB 1.30% 14 21 Tan Hock Meng UBS 1.49% - =19 Chung Yee Wah AmeSecurities 2.11% -=22 Chris Gould CLSA 1.24% - =22 Augustine Cheah Merrill Lynch 1.40% - =19 Joy Kim UBS 2.11% -=22 Uday Jayaram Macquarie 1.24% - =22 Chung Yee Wah AmeSecurities 1.40% - =19 Lucy Chong Aseambankers 2.11% 4

24 Chris Neoh CLSA 1.23% 12 =22 Joyce Yim Morgan Stanley 1.40% - =19 Siew-Thim Chooi DBS Vickers 2.11% -25 Shadida Ibrahim AmeSecurities 1.21% - =22 Kellie Tan BNP Paribas 1.40% - =25 Bill Murray CIMB 1.90% -26 Kellie Tan BNP Paribas 1.18% - =22 Lena Yong Macquarie 1.40% 26 =25 Clement Chew J.P.Morgan 1.90% 527 Ai Vye Chin J.P.Morgan 1.17% - =22 Wesley Kong Credit Suisse 1.40% - =27 Elaine Sia J.P.Morgan 1.69% -28 Shahriman Mokhtar RHB 1.09% - =28 Ai Vye Chin J.P.Morgan 1.28% - =27 Peter Halesworth Credit Suisse 1.69% =629 Lena Yong Macquarie 1.07% =16 =28 Low Sook Mae DBS Vickers 1.28% - =29 Kellie Tan BNP Paribas 1.06% -30 Chong Li Mei CIMB 1.06% - =30 Andrew Cunningham HSBC 1.12% - =29 Rohit Chaudhary Kim Eng 1.06% -

=30 Clive Lee Deutsche Bank 1.12% - =29 Vivienne Au Yang Merrill Lynch 1.06% -=30 Doreen Chua Credit Suisse 1.12% -=30 Julia Hashim CIMB 1.12% 25=30 May Kwong CLSA 1.12% -=30 Monique France Morgan Stanley 1.12% -=30 Terence Oon Macquarie 1.12% -

MALAYSIA



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 35.06% 2 1 J.P.Morgan 44.12% 1 1 J.P.Morgan 44.78% 32 JS Global Capital 21.43% 4 2 KASB / Merrill Lynch 19.61% 2 2 JS Global Capital 26.87% -3 KASB / Merrill Lynch 19.48% 1 3 JS Global Capital 14.71% - 3 Citi 19.40% -4 Citi 8.44% - 4 Credit Suisse 11.76% - 4 KASB / Merrill Lynch 8.96% 15 Credit Suisse 7.79% - 5 Citi 9.80% -

=6 AKD 3.90% 3=6 InvestCap 3.90% -


PAKISTAN

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. PAKISTAN: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 JS Global Capital 44.00% 2 1 J.P.Morgan 60.00% 4 1 JS Global Capital 60.00% -2 J.P.Morgan 30.00% 4 2 JS Global Capital 40.00% 2 2 J.P.Morgan 25.00% 33 KASB / Merrill Lynch 18.00% 1 3 KASB / Merrill Lynch 15.00% 14 AKD 8.00% 3

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 JS Global Capital 38.00% - 1 J.P.Morgan 60.00% 2 1 J.P.Morgan 50.00% 12 J.P.Morgan 30.00% 2 2 JS Global Capital 40.00% - 2 JS Global Capital 30.00% -3 KASB / Merrill Lynch 20.00% 1 3 Citi 20.00% -4 Citi 12.00% -

PAKISTAN

MACROECONOMICS MACROECONOMICS MACROECONOMICSHEDGE FUNDSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 2007*1 JS Global Capital 60.00% 1 1 J.P.Morgan 100.00% - 1 JS Global Capital 60.00%2 J.P.Morgan 25.00% - 2 J.P.Morgan 25.00%3 First Capital 15.00% - 3 First Capital 15.00%

* No nomination for this category in 2007

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 29.41% 2 1 J.P.Morgan 50.00% 2 1 JS Global Capital 34.29% -2 JS Global Capital 23.53% - 2 Morgan Stanley 33.33% - 2 Morgan Stanley 28.57% -3 Morgan Stanley 19.61% - 3 Citi 16.67% - =3 Citi 14.29% -4 KASB / Merrill Lynch 13.73% 1 =3 J.P.Morgan 14.29% 25 Citi 9.80% - 5 KASB / Merrill Lynch 8.57% 16 AKD 3.92% -

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 40.00% 2 1 J.P.Morgan 57.14% =1 1 J.P.Morgan 42.86% =12 KASB / Merrill Lynch 36.00% 1 2 KASB / Merrill Lynch 42.86% =1 2 KASB / Merrill Lynch 22.86% =1

=3 First Capital 12.00% - =3 First Capital 17.14% -=3 JS Global Capital 12.00% - =3 JS Global Capital 17.14% -

PAKISTAN

ENERGY ENERGY ENERGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 JS Global Capital 60.00% - 1 J.P.Morgan 100.00% - 1 JS Global Capital 60.00% -2 J.P.Morgan 25.00% - 2 J.P.Morgan 25.00% -3 KASB / Merrill Lynch 15.00% 1 3 KASB / Merrill Lynch 15.00% 1

MATERIALS MATERIALS MATERIALS

PAKISTAN



Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 JS Global Capital 60.00% 1 J.P.Morgan 100.00% 1 JS Global Capital 60.00%2 J.P.Morgan 25.00% 2 J.P.Morgan 25.00%3 KASB / Merrill Lynch 15.00% * Category not polled in 2007 3 KASB / Merrill Lynch 15.00%

* Category not polled in 2007 * Category not polled in 2007

PAKISTAN

CONSUMER DURABLES & APPAREL CONSUMER DURABLES & APPAREL CONSUMER DURABLES & APPARELOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007* Rank Firm % 2007*1 JS Global Capital 60.00% - 1 J.P.Morgan 100.00% 1 JS Global Capital 60.00%2 J.P.Morgan 25.00% - 2 J.P.Morgan 25.00%3 KASB / Merrill Lynch 15.00% 1 * No nomination for this category in 2007 3 KASB / Merrill Lynch 15.00%

* No nomination for this category in 2007

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 JS Global Capital 59.26% - 1 JS Global Capital 66.67% - =1 Citi 35.29% -2 Citi 22.22% - 2 J.P.Morgan 33.33% =1 =1 JS Global Capital 35.29% -3 J.P.Morgan 18.52% =1 3 J.P.Morgan 29.41% =1

PAKISTAN



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Muneeza Hasan J.P.Morgan 34.65% - 1 Muneeza Hasan J.P.Morgan 53.85% - 1 Atif Malik JS Global Capital 35.29% -2 Imtiaz Gazdar J.P.Morgan 29.70% 1 2 Imtiaz Gazdar J.P.Morgan 46.15% 1 2 Muneeza Hasan J.P.Morgan 29.41% -3 Atif Malik JS Global Capital 17.82% - 3 Mushtaq Khan Citi 23.53% -4 Mushtaq Khan Citi 11.88% - 4 Shazad Dada Deutsche Bank 11.76% -5 Shazad Dada Deutsche Bank 5.94% -

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 JS Global Capital 39.13% =4 1 KASB 44.44% 1 1 KASB 43.40% 12 KASB 33.33% 1 2 JS Global Capital 33.33% =3 2 JS Global Capital 32.08% -3 AKD 14.49% 2 3 AKD 22.22% 2 3 AKD 18.87% 24 InvestCap 8.70% - 4 First Capital 5.66% -5 First Capital 4.35% -

BEST LOCAL BROKERAGE

PAKISTAN

BEST LOCAL BROKERAGE BEST LOCAL BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 32.86% 2 1 J.P.Morgan 42.86% 2 1 J.P.Morgan 34.35% 32 JS Global Capital 23.32% 6 2 KASB / Merrill Lynch 22.86% 1 2 JS Global Capital 27.48% -3 KASB / Merrill Lynch 18.37% 1 =3 AKD 17.14% 3 3 AKD 15.27% 24 AKD 10.60% 3 =3 JS Global Capital 17.14% 6 4 First Capital 13.74% -5 First Capital 6.36% - 5 Citi 9.16% =4

=6 Citi 4.24% =4=6 InvestCap 4.24% -

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 JS Global Capital 36.73% - 1 J.P.Morgan 60.00% 4 1 JS Global Capital 36.73% -2 J.P.Morgan 30.61% 2 2 AKD 40.00% =2 2 J.P.Morgan 30.61% 43 AKD 20.41% =3 3 AKD 20.41% =24 Citi 12.24% =3 4 Citi 12.24% =2

PAKISTAN

EXECUTION EXECUTION EXECUTIONOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 37.69% 2 1 J.P.Morgan 51.72% 2 1 J.P.Morgan 37.82% 42 JS Global Capital 33.17% - 2 JS Global Capital 20.69% - 2 JS Global Capital 30.25% -

=3 AKD 10.05% =3 =3 AKD 13.79% =3 3 AKD 16.81% =2=3 KASB / Merrill Lynch 10.05% 1 =3 KASB / Merrill Lynch 13.79% 1 4 Citi 10.08% =2

5 Citi 6.03% =3 5 First Capital 5.04% -6 First Capital 3.02% -


PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 45.72% 2 1 J.P.Morgan 56.76% 1 1 J.P.Morgan 47.17% =12 KASB / Merrill Lynch 29.74% 1 2 KASB / Merrill Lynch 27.03% 2 2 KASB / Merrill Lynch 23.90% =13 JS Global Capital 18.59% - 3 JS Global Capital 10.81% - 3 JS Global Capital 18.87% -4 Citi 5.95% - 4 Citi 5.41% - 4 Citi 10.06% -

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 62.44% =1 1 J.P.Morgan 84.00% 1 1 J.P.Morgan 50.34% 12 JS Global Capital 18.27% - 2 Citi 16.00% - 2 JS Global Capital 24.16% -3 Citi 16.24% - 3 Citi 21.48% -4 KASB / Merrill Lynch 3.05% =1 4 KASB / Merrill Lynch 4.03% 2


PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 First Capital 54.55% - 1 KASB / Merrill Lynch 100.00% - 1 First Capital 54.55% -2 KASB / Merrill Lynch 45.45% =3 2 KASB / Merrill Lynch 45.45% -

PAKISTAN



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Sabiha Sultan J.P.Morgan 26.36% 1 1 Sabiha Sultan J.P.Morgan 25.14% 1 1 Sabiha Sultan J.P.Morgan 34.35% 4

=2 Mohammed Sohail JS Global Capital 12.55% 7 =2 Mohammed Sohail JS Global Capital 16.76% 7 2 Andrew Cunningham HSBC 18.32% -=2 Rashna Minwalla J.P.Morgan 12.55% 6 =2 Rashna Minwalla J.P.Morgan 16.76% 6 3 Samira Omer AKD 15.27% -

4 Andrew Cunningham HSBC 10.04% - 4 Andrew Cunningham HSBC 13.41% - =4 Faiza Naz JS Global Capital 13.74% -=5 Baryalay Arbab KASB 8.37% - =5 Baryalay Arbab KASB 11.17% - =4 Muzammil Mussani JS Global Capital 13.74% -=5 Samira Omer AKD 8.37% - =5 Samira Omer AKD 11.17% - 6 Ovais Siddiqui First Capital 4.58% -=7 Faiza Naz JS Global Capital 7.53% - 7 Zubair Ghulam Hussain AKD 5.59% 2=7 Muzammil Mussani JS Global Capital 7.53% -

9 Zubair Ghulam Hussain AKD 4.18% 210 Ovais Siddiqui First Capital 2.51% -

PAKISTAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 30.43% 2 1 CLSA 27.35% 3 1 CLSA 33.25% 22 Deutsche Bank 22.23% 3 2 Deutsche Bank 24.03% 1 2 Deutsche Bank 29.35% 13 UBS 20.13% 1 3 UBS 20.58% 2 3 UBS 21.56% 34 J.P.Morgan 11.77% 4 4 J.P.Morgan 11.60% 4 4 J.P.Morgan 5.97% 45 Credit Suisse 4.73% - 5 Credit Suisse 5.39% - 5 Macquarie 3.90% 56 Macquarie 3.94% 5 6 Macquarie 4.14% 5 6 Goldman Sachs 2.60% -7 Philippine Equity Partners 2.18% 6 7 Philippine Equity Partners 2.62% 6 7 ATR-Kim Eng 2.08% -8 ATR-Kim Eng 1.73% 7 8 ATR-Kim Eng 2.21% - 8 DBS Vickers 1.30% -9 Goldman Sachs 1.05% - 9 Goldman Sachs 1.38% -

=10 BNP Paribas 0.63% - 10 DBS Vickers 0.69% -=10 Citi 0.63% -

12 DBS Vickers 0.53% -13 Wealth 0.03% -

THE PHILIPPINES


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. THE PHILIPPINES: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Deutsche Bank 38.58% 3 1 Deutsche Bank 45.27% 1 1 Deutsche Bank 37.21% 42 CLSA 24.29% 1 2 CLSA 23.05% 2 2 CLSA 34.11% =13 UBS 22.00% 2 3 UBS 14.81% 3 3 UBS 18.60% 34 Macquarie 5.27% 6 4 Macquarie 6.17% 6 4 Macquarie 7.75% -5 Credit Suisse 3.13% - =5 Credit Suisse 3.29% - 5 J.P.Morgan 2.33% =16 J.P.Morgan 2.60% 4 =5 ATR-Kim Eng 3.29% -7 ATR-Kim Eng 2.44% 7 =7 J.P.Morgan 2.06% 48 Philippine Equity Partners 1.68% 5 =7 Philippine Equity Partners 2.06% 5


THE PHILIPPINES

STRATEGY STRATEGY STRATEGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 35.67% 2 1 CLSA 35.95% 4 1 CLSA 46.46% =32 UBS 22.33% 1 2 UBS 16.34% 1 2 UBS 18.18% =33 Deutsche Bank 12.67% 4 3 ATR-Kim Eng 10.46% 9 3 Deutsche Bank 11.11% 14 ATR-Kim Eng 8.00% 8 4 Deutsche Bank 9.80% 2 =4 DBS Vickers 8.08% -5 Macquarie 6.22% 7 5 Macquarie 9.15% 8 =4 ATR-Kim Eng 8.08% -6 J.P.Morgan 5.78% 3 =6 J.P.Morgan 6.54% 3 6 Macquarie 5.05% -7 Philippine Equity Partners 5.33% 6 =6 Philippine Equity Partners 6.54% 6 7 J.P.Morgan 3.03% 28 DBS Vickers 3.56% - 8 DBS Vicekrs 5.23% -

=9 Nomura 0.22% -=9 Wealth 0.22% -

OVERALL MEGA FUNDS

THE PHILIPPINES

MACROECONOMICS MACROECONOMICS MACROECONOMICSHEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 66.78% 1 1 CLSA 65.38% 1 1 CLSA 78.57% =3

=2 ATR-Kim Eng 11.07% 7 2 ATR-Kim Eng 15.38% 6 2 ATR-Kim Eng 9.52% -=2 Deutsche Bank 11.07% 3 3 Deutsche Bank 9.62% 3 =3 Deutsche Bank 5.95% 1

4 UBS 7.38% =5 =4 J.P.Morgan 4.81% 7 =3 UBS 5.95% =35 J.P.Morgan 3.36% =5 =4 UBS 4.81% =46 Abacus 0.34% -

THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Deutsche Bank 28.60% 1 1 Deutsche Bank 31.11% 1 1 CLSA 37.14% 42 CLSA 26.80% 3 2 CLSA 29.44% 4 2 Deutsche Bank 36.19% 13 UBS 22.60% 2 3 UBS 18.33% 2 3 UBS 12.38% 24 Macquarie 8.10% 4 4 Macquarie 8.33% 3 4 Macquarie 9.52% 35 Philippine Equity Partners 4.40% 8 5 Philippine Equity Partners 5.56% =6 5 Credit Suisse 4.76% -6 Credit Suisse 4.10% - 6 Morgan Stanley 4.44% -7 Morgan Stanley 3.20% - 7 Credit Suisse 2.78% -8 J.P.Morgan 1.20% 59 Citi 0.60% 6

10 ATR-Kim Eng 0.40% 10

THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 38.50% 2 1 CLSA 48.72% 2 1 CLSA 58.33% 22 UBS 30.53% 1 2 Deutsche Bank 25.64% 4 2 Deutsche Bank 20.83% =43 Deutsche Bank 25.66% 4 3 UBS 19.23% 1 =3 Credit Suisse 10.42% -4 Credit Suisse 4.42% - 4 Credit Suisse 6.41% - =3 UBS 10.42% 1

=5 ATR-Kim Eng 0.44% -=5 Philippine Equity Partners 0.44% 6

HEDGE FUNDS

THE PHILIPPINES

DIVERSIFIED FINANCIALS DIVERSIFIED FINANCIALS DIVERSIFIED FINANCIALSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 35.54% 4 1 CLSA 34.72% 4 1 CLSA 40.15% 42 UBS 21.73% 1 2 UBS 19.69% 3 2 UBS 28.79% 13 Deutsche Bank 19.15% 3 3 Deutsche Bank 19.17% 1 3 Deutsche Bank 21.21% 24 J.P.Morgan 11.88% 2 4 J.P.Morgan 16.06% 2 4 J.P.Morgan 9.85% 35 Credit Suisse 4.51% - =5 Credit Suisse 5.18% -6 Philippine Equity Partners 3.87% 5 =5 Philippine Equity Partners 5.18% 67 Macquarie 1.84% 68 BNP Paribas 1.10% -

=9 RBS* 0.18% 7=9 ATR-Kim Eng 0.18% -

*RBS - 2007 ranking of ABN AMRO


THE PHILIPPINES

REAL ESTATE REAL ESTATE REAL ESTATE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 45.02% 2 1 CLSA 46.90% 4 1 CLSA 78.26% =22 UBS 12.66% 1 2 J.P.Morgan 10.34% 2 2 UBS 14.49% 13 J.P.Morgan 9.85% 4 =3 RBS 6.90% - 3 Deutsche Bank 7.25% =24 Deutsche Bank 8.09% 7 =3 Credit Suisse 6.90% 85 Credit Suisse 5.63% 8 =3 Morgan Stanley 6.90% -6 RBS 4.92% - =3 UBS 6.90% 17 Morgan Stanley 4.69% - 7 Deutsche Bank 6.21% 78 Goldman Sachs 3.75% 5 8 Goldman Sachs 5.52% 59 Macquarie 3.28% 3 9 Macquarie 3.45% 3

10 Citi 0.94% 611 Philippine Equity Partners 0.70% 912 ATR-Kim Eng 0.47% 10

THE PHILIPPINES

TELECOMMUNICATIONS SERVICES TELECOMMUNICATIONS SERVICES TELECOMMUNICATIONS SERVICESOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 40.52% 1 1 CLSA 40.86% 1 1 CLSA 51.58% 42 Deutsche Bank 26.31% 4 2 Deutsche Bank 26.88% 4 2 Deutsche Bank 26.32% 13 J.P.Morgan 18.96% 3 3 J.P.Morgan 24.19% 3 3 J.P.Morgan 10.53% =24 UBS 9.67% 2 4 UBS 8.06% 2 4 Macquarie 6.32% -5 Macquarie 2.90% 5 5 UBS 5.26% =26 Citi 0.77% -

=7 Philippine Equity Partners 0.39% 6=7 Morgan Stanley 0.39% -

9 Credit Suisse 0.10% -

THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 45.25% 1 1 Deutsche Bank 59.65% 2 1 Deutsche Bank 51.06% -2 Deutsche Bank 43.35% 2 2 CLSA 31.58% 1 2 CLSA 48.94% 13 J.P.Morgan 6.96% 4 3 J.P.Morgan 8.77% =34 UBS 3.80% 55 Philippine Equity Partners 0.63% 3

THE PHILIPPINES



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Alfred Dy CLSA 16.84% 2 1 Alfred Dy CLSA 17.03% 3 1 Anton Periquet Deutsche Bank 25.47% 22 Jody Santiago UBS 14.11% 1 2 Anton Periquet Deutsche Bank 14.39% 2 2 Alfred Dy CLSA 15.41% 33 Anton Periquet Deutsche Bank 12.18% 3 3 Jody Santiago UBS 11.94% 1 3 Jody Santiago UBS 13.84% 14 Leo Venezuela CLSA 5.78% - 4 Rafael Garchitorena Deutsche Bank 6.28% 7 4 Minda Olonan UBS 7.23% -5 Kelly Lim-Bate J.P.Morgan 5.16% 4 5 Gilbert Lopez Credit Suisse 5.97% =9 5 Rafael Garchitorena Deutsche Bank 6.92% 86 Giovanni Dela-Rosa Deutsche Bank 5.05% 10 6 Kelly Lim-Bate J.P.Morgan 5.66% 4 6 Kelly Lim-Bate J.P.Morgan 6.60% 77 Rafael Garchitorena Deutsche Bank 4.81% 8 7 Leo Venezuela CLSA 5.36% - 7 Leo Venezuela CLSA 6.29% -8 Gilbert Lopez Credit Suisse 4.58% 9 =8 Ajay Mirchandani J.P.Morgan 3.83% 21 8 Raffy Manalaysay CLSA 5.03% -9 Minda Olonan UBS 3.87% 7 =8 Giovanni Dela-Rosa Deutsche Bank 3.83% =9 9 Alex Pomento Macquarie 4.72% -

10 Michael Bengson CLSA 3.73% 6 10 Minda Olonan UBS 3.52% 8 10 Michael Bengson CLSA 2.83% =911 Raffy Manalaysay CLSA 3.05% - 11 Luz Lorenzo ATR-Kim Eng 3.06% - 11 Luz Lorenzo ATR-Kim Eng 2.52% -12 Ajay Mirchandani J.P.Morgan 2.93% 24 12 Jeanette Yutan J.P.Morgan 2.91% - =12 Chesca Bugia* CLSA 1.57% -13 Luz Lorenzo ATR-Kim Eng 2.35% - =13 Alex Pomento Macquarie 2.30% - =12 Jeanette Yutan J.P.Morgan 1.57% -14 Jeanette Yutan J.P.Morgan 2.23% =11 =13 Jojo Gonzales PEP 2.30% =515 Chesca Bugia CLSA 2.00% - =13 Sachin Salgaonkar Morgan Stanley 2.30% - * Chesca Bugia has left CLSA16 Alex Pomento Macquarie 1.97% - 16 Michael Bengson CLSA 1.99% =517 Jojo Gonzales PEP 1.82% 5 17 Karisa Magpayo UBS 1.84% -18 Sachin Salgaonkar Morgan Stanley 1.76% - 18 Ismael Pili Macquarie 1.53% =1819 Karisa Magpayo UBS 1.41% - 19 Ed Bancod ATR-Kim Eng 1.22% -20 Ismael Pili Macquarie 1.17% =19 =20 Chesca Bugia* CLSA 0.77% -

=21 Ed Bancod ATR-Kim Eng 0.94% - =20 Edser Trinidad Credit Suisse 0.77% =14=21 Edser Trinidad Credit Suisse 0.94% =14 =22 Raffy Manalaysay CLSA 0.61% -

23 Luis Hilado J.P.Morgan 0.70% 21 =22 Ramakrishna Maruvada Macquarie 0.61% -24 Ramakrishna Maruvada Macquarie 0.47%25 Ricardo Puig ATR-Kim Eng 0.12% - * Chesca Bugia has left CLSA26 Dante Tinga Macquarie 0.03% =16


THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Philippine Equity Partners 52.60% 1 1 Philippine Equity Partners 54.29% 1 1 Philippine Equity Partners 66.67% -2 ATR-Kim Eng 29.22% =2 2 ATR-Kim Eng 31.43% =2 2 ATR-Kim Eng 33.33% 13 SB Equities 14.61% =2 3 SB Equities 14.29% =24 Abacus 1.95% 45 Papa 1.30% -6 Wealth 0.32% 5

THE PHILIPPINES

BEST LOCAL BROKERAGE BEST LOCAL BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 36.22% 3 1 CLSA 31.78% 3 1 CLSA 34.83% 32 Deutsche Bank 21.01% 1 2 Deutsche Bank 25.04% 1 2 Deutsche Bank 26.07% 13 UBS 19.42% 2 3 UBS 20.57% 2 3 UBS 23.37% 24 J.P.Morgan 8.80% 4 4 J.P.Morgan 8.43% 5 4 J.P.Morgan 9.21% 55 Macquarie 5.70% 5 5 Macquarie 5.49% 4 5 Credit Suisse 2.92% -6 Credit Suisse 3.37% - 6 Philippine Equity Partners 3.83% 6 =6 ATR-Kim Eng 1.80% 67 Philippine Equity Partners 3.30% 6 7 Credit Suisse 2.81% - =6 Macquarie 1.80% 48 ATR-Kim Eng 1.74% 7 8 ATR-Kim Eng 2.04% 79 Citi 0.29% -

=10 Abacus 0.05% -=10 Nomura 0.05% -=12 DBP-Daiwa 0.02% 9=12 Wealth 0.02% -


THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 33.33% 1 1 CLSA 28.09% 1 1 CLSA 39.22% 12 UBS 23.97% 2 2 UBS 25.84% 2 2 Deutsche Bank 20.59% 33 Deutsche Bank 17.24% 3 3 Deutsche Bank 18.26% 3 3 UBS 14.71% 24 J.P.Morgan 10.73% 5 4 J.P.Morgan 12.08% 5 4 J.P.Morgan 9.31% 55 Macquarie 4.43% 4 5 Macquarie 5.06% 4 5 Goldman Sachs 4.90% -6 Credit Suisse 2.96% 12 =6 Credit Suisse 2.81% 10 6 ATR-Kim Eng 3.92% -7 Goldman Sachs 2.19% - =6 Goldman Sachs 2.81% - =7 Citi 2.45% -8 ATR-Kim Eng 1.92% 6 8 ATR-Kim Eng 2.25% =6 =7 Credit Suisse 2.45% -9 Philippine Equity Partners 1.75% 10 =9 Citi 1.40% - =7 Macquarie 2.45% 4

10 Citi 1.09% - =9 Philippine Equity Partners 1.40% 911 Nomura 0.16% -

=12 Abacus 0.11% -=12 SB Equities 0.11% -


THE PHILIPPINES

EXECUTION EXECUTION EXECUTION


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 32.54% 1 1 CLSA 28.08% 1 1 CLSA 40.80% 12 UBS 20.93% 2 2 UBS 21.81% 2 2 UBS 21.40% 33 Deutsche Bank 20.14% 3 3 Deutsche Bank 20.73% 3 3 Deutsche Bank 18.73% 24 J.P.Morgan 10.38% 5 4 J.P.Morgan 11.45% 5 4 J.P.Morgan 6.35% 55 Macquarie 5.36% 4 5 Macquarie 6.48% 4 =5 Goldman Sachs 3.34% -6 Philippine Equity Partners 2.99% =6 6 Philippine Equity Partners 3.24% =6 =5 Macquarie 3.34% 47 Credit Suisse 2.37% 12 =7 Credit Suisse 2.16% 9 7 ATR-Kim Eng 2.68% -8 Goldman Sachs 1.76% - =7 Goldman Sachs 2.16% - =8 Citi 1.67% -9 ATR-Kim Eng 1.63% =10 9 ATR-Kim Eng 1.73% - =8 Credit Suisse 1.67% -

=10 Citi 0.88% - =10 Citi 1.08% -=10 SB Equities 0.88% - =10 SB Equities 1.08% -

12 DBP-Daiwa 0.13% =10

OVERALLSALES TRADING SALES TRADING SALES TRADING

THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 39.07% 1 1 CLSA 38.98% 3 1 CLSA 47.02% 22 UBS 22.76% 2 2 UBS 22.44% 1 2 UBS 20.70% 13 Deutsche Bank 16.87% 3 3 Deutsche Bank 17.13% 2 3 Deutsche Bank 15.44% 34 J.P.Morgan 11.75% 4 4 J.P.Morgan 12.60% 4 4 J.P.Morgan 9.82% 45 Macquarie 3.92% 5 5 Macquarie 4.92% 5 =5 Goldman Sachs 3.51% -6 Credit Suisse 2.39% - =6 Credit Suisse 1.97% - =5 Macquarie 3.51% 57 Goldman Sachs 1.49% - =6 Goldman Sachs 1.97% -8 Citi 1.34% -9 ATR-Kim Eng 0.22% 8

10 Philippine Equity Partners 0.11% 611 Nomura 0.07% -


THE PHILIPPINES



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 40.39% 2 1 CLSA 39.12% 3 1 CLSA 53.33% 12 Deutsche Bank 20.08% 3 2 Deutsche Bank 21.96% 2 2 Deutsche Bank 17.33% 33 UBS 13.86% 1 =3 J.P.Morgan 12.97% 5 3 UBS 12.00% 24 J.P.Morgan 11.80% 4 =3 UBS 12.97% 1 4 J.P.Morgan 10.33% 55 Credit Suisse 5.10% - 5 Macquarie 5.59% 4 5 Goldman Sachs 3.33% -6 Macquarie 4.98% 5 6 Credit Suisse 4.39% - 6 Credit Suisse 2.00% -7 Goldman Sachs 1.50% - 7 Goldman Sachs 2.00% - 7 Macquarie 1.67% 48 Citi 1.35% - 8 Philippine Equity Partners 1.00% 69 Philippine Equity Partners 0.75% 6

10 Nomura 0.11% -11 ATR-Kim Eng 0.07% 7

HEDGE FUNDSOVERALLROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT

THE PHILIPPINES

MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 40.94% 1 1 CLSA 28.24% 2 1 CLSA 49.12% 22 Deutsche Bank 17.91% 2 2 Deutsche Bank 23.53% 1 2 J.P.Morgan 24.56% -3 J.P.Morgan 17.48% 3 3 J.P.Morgan 21.18% 3 3 Deutsche Bank 17.54% 14 Credit Suisse 8.53% - 4 Credit Suisse 10.59% - 4 UBS 8.77% -5 UBS 6.82% 4 =5 Philippine Equity Partners 5.88% =56 Philippine Equity Partners 4.48% =5 =5 UBS 5.88% 47 ATR-Kim Eng 3.84% =5 7 ATR-Kim Eng 4.71% =5

OVERALL MEGA FUNDS

THE PHILIPPINES

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGEHEDGE FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Robrina Go UBS 14.96% 1 1 Robrina Go UBS 16.56% 1 1 Robrina Go UBS 23.74% 12 Alex Dauz CLSA 12.57% 8 2 Noel Bautista Deutsche Bank 14.26% 3 2 Tina Conde CLSA 18.35% -3 Mitzi De Dios CLSA 11.04% 3 3 Mitzi De Dios CLSA 13.44% 4 3 Noel Bautista Deutsche Bank 15.11% 34 Tina Conde CLSA 10.97% - 4 Alex Dauz CLSA 9.84% =15 4 Alex Dauz CLSA 11.87% 45 Noel Bautista Deutsche Bank 10.67% 4 5 Tina Conde CLSA 6.89% - 5 Anton Periquet Deutsche Bank 8.63% -6 Michael Macale Deutsche Bank 5.03% 2 6 Michael Macale Deutsche Bank 6.07% 2 =6 Jasmine Carino CLSA 7.55% =57 Alexander Santos J.P.Morgan 4.78% - 7 Alexander Santos J.P.Morgan 5.25% - =6 Mitzi De Dios CLSA 7.55% -8 Emmanuel Bautista Deutsche Bank 3.77% 6 =8 Emmanuel Bautista Deutsche Bank 4.92% 6 8 Emmanuel Bautista Deutsche Bank 3.60% =59 Michael Zulueta CLSA 3.71% 24 =8 Mark Abadir PEP 4.92% =21 9 Cecilia Suarez J.P.Morgan 1.44% -

10 Mark Abadir PEP 3.68% 9 10 Jasmine Carino CLSA 3.11% =8 =10 Alexander Santos J.P.Morgan 1.08% -11 Anton Periquet Deutsche Bank 3.31% - =11 Anton Periquet Deutsche Bank 2.46% - =10 Lito Vicencio Credit Suisse 1.08% -12 Jasmine Carino CLSA 3.07% =10 =11 Michael Zulueta CLSA 2.46% =1913 Stephen Kam Merrill Lynch 1.84% - =11 Stephen Kam Merrill Lynch 2.46% -14 Lito Vicencio Credit Suisse 1.72% - =14 Paulo Rojas Macquarie 1.64% =2115 Sandra Sondak J.P.Morgan 1.47% - =14 Russell Keenan Deutsche Bank 1.64% -

=16 Paulo Rojas Macquarie 1.23% =27 16 Cecilia Suarez J.P.Morgan 1.48% -=16 Russell Keenan Deutsche Bank 1.23% - =17 Derrick Santos Macquarie 1.31% 14=18 Cecilia Suarez J.P.Morgan 1.10% - =17 Lito Vicencio Credit Suisse 1.31% -=18 Derek Wilson Macquarie 1.10% -

20 Derrick Santos Macquarie 0.98% 1721 Stephen Beecroft UBS 0.55% -22 Nicola Fallon CLSA 0.37% -23 Jojo Aquino ATR-Kim Eng 0.28% -24 Dan Vovil Macquarie 0.25% -25 Jennifer Co PEP 0.12% -26 Hirou Kaneshige PEP 0.09% -

=27 Mike Santos Macquarie 0.06% =27=27 Yoichiro Sano Nomura 0.06% -

HEDGE FUNDS

THE PHILIPPINES

BEST SALESPERSON BEST SALESPERSON BEST SALESPERSONOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 15.07% 2 1 CLSA 15.97% 5 1 UBS 15.16% =62 CLSA 13.20% 3 2 UBS 14.72% 2 2 DBS Vickers 14.24% 13 DBS Vickers 12.05% 1 3 Credit Suisse 13.35% 6 3 CLSA 12.64% 34 Credit Suisse 11.22% 6 4 DBS Vickers 8.33% 1 4 Credit Suisse 7.24% 45 Citi 7.71% 5 5 Citi 7.87% 4 5 J.P.Morgan 6.39% 26 Macquarie 6.64% 7 6 J.P.Morgan 6.49% 3 6 CIMB 6.32% 147 J.P.Morgan 6.59% 4 7 Morgan Stanley 6.30% 12 7 Macquarie 5.82% 178 CIMB 5.97% 13 8 Macquarie 6.25% 13 8 Deutsche Bank 5.15% 119 Morgan Stanley 4.77% 11 9 CIMB 4.66% 17 9 Merrill Lynch 5.11% =6

10 BNP Paribas 4.63% 9 10 Deutsche Bank 4.40% 8 10 Citi 5.04% 1511 Deutsche Bank 3.73% 10 11 BNP Paribas 3.79% 9 11 BNP Paribas 4.94% =1212 Merrill Lynch 2.74% 8 12 Merrill Lynch 3.51% 7 12 Morgan Stanley 3.13% =1213 Goldman Sachs 2.27% 14 13 Goldman Sachs 2.67% 15 13 Goldman Sachs 2.84% 514 UOB Kay Hian 0.93% 12 14 UOB Kay Hian 0.76% 10 14 Nomura 2.13% -15 Nomura 0.83% 16 15 Kim Eng 0.61% 11 15 UOB Kay Hian 1.42% 816 Kim Eng 0.59% 15 16 HSBC 0.31% - 16 RBS 1.28% -17 RBS 0.50% - 17 Kim Eng 1.14% 10

=18 HSBC 0.22% -=18 Lehman Brothers* 0.22% -

20 Daiwa Institute of Research 0.11% 19


SINGAPORE


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. SINGAPORE: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 30.83% 1 1 UBS 27.99% 1 1 UBS 28.85% 12 CLSA 15.60% 4 2 CLSA 18.48% 2 2 CLSA 18.49% 33 DBS Vickers 9.13% 3 3 Credit Suisse 11.67% 6 =3 Citi 8.96% 54 Credit Suisse 9.00% 5 4 CIMB 8.15% =10 =3 DBS Vickers 8.96% 25 Citi 8.84% 2 5 DBS Vickers 7.30% 3 5 Credit Suisse 8.40% 66 CIMB 6.22% 11 6 Citi 5.46% 4 6 Nomura 7.84% -7 Macquarie 5.64% 6 7 Macquarie 5.35% 9 7 Merrill Lynch 4.48% =88 Deutsche Bank 3.20% 14 8 Deutsche Bank 3.77% 13 8 CIMB 3.64% =129 Nomura 3.03% 15 9 Merrill Lynch 3.16% =10 9 Macquarie 3.36% =8

10 BNP Paribas 2.24% 17 10 Nomura 2.92% - 10 Goldman Sachs 2.80% 411 Merrill Lynch 2.16% 9 11 BNP Paribas 1.95% - 11 BNP Paribas 2.52% 1412 J.P.Morgan 1.81% 7 12 J.P.Morgan 1.62% 5 12 Cazenove 1.26% -13 Goldman Sachs 1.16% 8 13 Goldman Sachs 1.22% 8 13 Deutsche Bank 0.42% 1114 UOB Kay Hian 0.75% 10 14 UOB Kay Hian 0.97% 715 Cazenove 0.37% -

SINGAPORE



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 18.74% 1 1 CLSA 20.67% 3 1 CLSA 14.39% 32 CLSA 17.29% 4 2 UBS 16.90% 1 2 Merrill Lynch 12.95% 63 Citi 8.71% 3 3 Credit Suisse 12.31% 10 3 UBS 11.87% 14 DBS Vickers 8.70% 2 =4 CIMB 7.90% 13 =4 Credit Suisse 10.07% -5 Credit Suisse 8.54% 12 =4 J.P.Morgan 7.90% 11 =4 Nomura 10.07% -6 J.P.Morgan 6.92% 10 6 DBS Vickers 6.99% 2 6 Deutsche Bank 7.55% 47 CIMB 6.03% 11 7 Citi 6.63% 4 7 CIMB 7.19% 118 BNP Paribas 5.19% 16 8 Merrill Lynch 5.47% 6 8 Citi 6.29% 59 Nomura 4.19% 14 9 Nomura 3.95% - 9 BNP Paribas 5.22% -

10 Deutsche Bank 3.95% 6 10 BNP Paribas 3.04% - 10 Daiwa Institute of Research 4.32% -11 Merrill Lynch 3.77% 5 11 Deutsche Bank 2.39% 5 =11 Goldman Sachs 3.60% 1012 Macquarie 1.78% 9 =12 Goldman Sachs 1.52% 7 =11 Morgan Stanley 3.60% 813 Goldman Sachs 1.47% =7 =12 Morgan Stanley 1.52% =8 13 DBS Vickers 2.88% 214 Daiwa Institute of Research 1.31% - 14 UOB Kay Hian 1.22% 12

=15 Morgan Stanley 1.19% =7 15 HSBC 0.81% -=15 HSBC 1.19% - 16 Macquarie 0.76% =8

17 UOB Kay Hian 0.94% 1318 RBS 0.10% -

SINGAPORE

MACROECONOMICS MACROECONOMICS MACROECONOMICSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 DBS Vickers 31.45% 1 =1 CIMB 22.86% 2 1 DBS Vickers 31.01% 12 CIMB 18.64% 2 =1 DBS Vickers 22.86% 1 2 CLSA 20.91% 33 CLSA 12.03% 3 3 CLSA 16.10% =8 3 UBS 13.94% 54 UBS 9.40% =8 4 UBS 14.03% =6 =4 RBS 6.97% -5 BNP Paribas 8.62% 6 5 BNP Paribas 7.43% =8 =4 CIMB 6.97% =86 Merrill Lynch 3.41% =8 6 RBS 4.13% - 6 Merrill Lynch 5.57% =8

=7 RBS 2.77% - 7 UOB Kay Hian 3.71% 5 7 Goldman Sachs 3.48% 6=7 Kim Eng 2.77% 4 8 Merrill Lynch 3.30% =6 8 Deutsche Bank 3.31% =10

9 UOB Kay Hian 2.49% 7 9 Goldman Sachs 2.06% 11 9 BNP Paribas 3.14% =1010 Deutsche Bank 1.87% 13 10 Deutsche Bank 1.65% 14 10 Cazenove 2.61% -11 Citi 1.66% 15 11 Credit Suisse 1.03% 4 11 J.P.Morgan 2.09% 1312 Credit Suisse 1.52% 5 12 Kim Eng 0.83% 313 Goldman Sachs 1.38% 1014 Cazenove 1.04% -15 J.P.Morgan 0.83% 1116 SBI E2-Capital 0.14% 17

SMALL CAPSOVERALL

SMALL CAPS SMALL CAPS

SINGAPORE



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Credit Suisse 19.05% 1 1 Credit Suisse 23.05% 1 1 Credit Suisse 18.36% 12 CLSA 14.71% 11 2 CLSA 17.45% 13 2 CLSA 13.04% 113 UBS 10.13% 2 3 Morgan Stanley 10.35% 4 3 Morgan Stanley 12.56% 64 Morgan Stanley 9.71% 4 4 UBS 7.83% 2 4 UBS 10.99% 25 BNP Paribas 8.35% 15 5 Merrill Lynch 6.69% 8 5 Merrill Lynch 8.70% 126 Citi 6.17% 3 6 Citi 6.59% 3 6 BNP Paribas 8.33% 177 Merrill Lynch 5.38% 9 7 BNP Paribas 6.02% - 7 Citi 6.52% =48 Macquarie 5.11% 5 8 CIMB 4.67% - =8 Deutsche Bank 3.86% =149 Deutsche Bank 4.52% 12 9 Macquarie 4.31% 9 =8 J.P.Morgan 3.86% 7

10 CIMB 3.96% =18 10 Deutsche Bank 3.71% 11 =10 DBS Vickers 2.90% =411 J.P.Morgan 3.14% 8 11 Goldman Sachs 3.65% 5 =10 Fox-Pitt, Kelton 2.90% 912 DBS Vickers 3.06% 6 12 DBS Vickers 3.25% 7 =10 Macquarie 2.90% 813 Goldman Sachs 2.99% 7 13 J.P.Morgan 1.62% 6 =10 Nomura 2.90% -

=14 Fox-Pitt, Kelton 0.90% 14 14 Daiwa Institute of Research 0.81% - 14 Cazenove 2.17% -=14 Nomura 0.90% =16

16 Cazenove 0.67% -17 Daiwa Institute of Research 0.60% 13

=18 RBS 0.30% -=18 UOB Kay Hian 0.30% 10

20 Kim Eng 0.07% =18

SINGAPORE



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 16.85% 3 1 J.P.Morgan 20.48% 2 1 UBS 18.24% 12 UBS 15.10% 2 2 UBS 14.68% 3 2 Merrill Lynch 14.47% 133 DBS Vickers 11.81% 1 3 Morgan Stanley 11.40% 9 3 Credit Suisse 12.58% 44 Morgan Stanley 9.04% 10 4 Credit Suisse 10.06% 7 =4 CLSA 11.32% 125 CLSA 8.04% =12 5 CLSA 9.72% 15 =4 J.P.Morgan 11.32% 36 Credit Suisse 7.54% =8 6 Merrill Lynch 7.71% =10 =4 Morgan Stanley 11.32% =67 Citi 6.35% 4 7 Citi 6.64% 4 7 Goldman Sachs 5.03% 58 Deutsche Bank 6.22% =12 =8 CIMB 5.36% =10 8 BNP Paribas 4.56% 89 Merrill Lynch 5.78% =12 =8 Deutsche Bank 5.36% =10 9 DBS Vickers 4.40% 2

10 CIMB 5.40% 7 10 DBS Vickers 3.69% 1 10 Citi 3.46% 1111 Goldman Sachs 3.01% =8 11 Goldman Sachs 2.68% 6 11 Cazenove 2.83% -12 BNP Paribas 2.57% 11 12 BNP Paribas 1.68% =13 12 Deutsche Bank 0.47% 913 Nomura 1.16% 17 13 Nomura 0.54% -14 Cazenove 1.13% -

SINGAPORE

CAPITAL GOODS CAPITAL GOODS CAPITAL GOODSHEDGE FUNDSMEGA FUNDSOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 J.P.Morgan 18.13% 2 1 J.P.Morgan 18.41% 2 1 J.P.Morgan 13.30% 12 UBS 17.26% 4 2 UBS 14.77% 4 2 Credit Suisse 12.32% 63 Citi 11.51% 1 3 Citi 10.70% 1 3 Citi 12.19% 24 Credit Suisse 8.36% 8 4 CLSA 10.52% 7 4 CLSA 10.84% 55 CLSA 8.23% 7 5 Credit Suisse 8.65% =8 5 UBS 10.59% 106 Macquarie 7.21% 5 6 Macquarie 7.28% 5 6 Merrill Lynch 9.36% 87 BNP Paribas 4.73% - 7 Deutsche Bank 5.26% =8 7 Goldman Sachs 7.39% 98 Morgan Stanley 4.51% 6 8 Merrill Lynch 5.17% 10 8 BNP Paribas 6.03% -9 Deutsche Bank 4.28% 9 9 Morgan Stanley 4.15% 6 9 Morgan Stanley 4.43% 4

10 Merrill Lynch 3.88% 10 10 BNP Paribas 3.51% - 10 Deutsche Bank 3.94% 711 DBS Vickers 3.16% 3 11 CIMB 3.21% 14 11 DBS Vickers 3.45% 312 CIMB 2.96% 16 =12 Goldman Sachs 2.68% 13 12 Macquarie 2.96% 1313 Goldman Sachs 2.37% 11 =12 RBS 2.68% - 13 Cazenove 2.22% -14 RBS 1.97% - 14 DBS Vickers 2.32% 3 14 CIMB 0.99% 1415 Cazenove 0.59% - 15 Daiwa Institute of Research 0.71% -16 Daiwa Institute of Research 0.53% 1517 UOB Kay Hian 0.33% 13

REAL ESTATE REAL ESTATE REAL ESTATEMEGA FUNDS HEDGE FUNDS

SINGAPORE

OVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 12.77% 3 1 Citi 15.09% 2 1 Citi 17.80% =32 Macquarie 8.40% 9 2 Goldman Sachs 9.63% 1 2 Credit Suisse 13.56% 5

=3 CIMB 8.12% 14 =3 CLSA 9.23% 9 3 Goldman Sachs 9.32% 1=3 CLSA 8.12% 6 =3 Credit Suisse 9.23% 6 4 RBS 8.47% -=3 Credit Suisse 8.12% 8 5 Morgan Stanley 8.23% 3 =5 Deutsche Bank 6.78% 2

6 J.P.Morgan 7.56% 4 =6 CIMB 7.22% - =5 J.P.Morgan 6.78% 97 Goldman Sachs 6.72% 1 =6 J.P.Morgan 7.22% 4 =5 Merrill Lynch 6.78% 108 Morgan Stanley 6.68% 2 8 UBS 6.82% 8 8 BNP Paribas 6.14% =129 UBS 6.23% 11 9 Macquarie 6.42% 10 9 Nomura 5.08% -

10 Nomura 5.04% 16 10 Merrill Lynch 5.02% 11 10 UBS 4.87% 711 DBS Vickers 4.90% 5 11 Deutsche Bank 4.72% 7 11 Macquarie 4.24% 1412 Deutsche Bank 4.13% 7 =12 DBS Vickers 4.01% 5 12 Cazenove 3.81% 1813 Merrill Lynch 4.06% 12 =12 RBS 4.01% - 13 CLSA 3.39% 814 BNP Paribas 3.71% 10 14 BNP Paribas 2.01% =12 14 Lehman Brothers* 1.69% =1215 RBS 2.80% - 15 Lehman Brothers* 0.80% =12 15 DBS Vickers 1.27% =316 Cazenove 1.48% =17 16 Cazenove 0.32% -

=17 Lehman Brothers* 0.56% 15 * Polling period prior to the acquisition by Nomura=17 UOB Kay Hian 0.56% 13 * Polling period prior to the acquisition by Nomura


SINGAPORE

TELECOMMUNICATION SERVICES TELECOMMUNICATION SERVICES TELECOMMUNICATION SERVICESOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 17.86% 3 1 UBS 16.05% 5 1 Merrill Lynch 29.55% 32 J.P.Morgan 11.78% 11 2 Goldman Sachs 14.11% 4 2 CLSA 12.66% =63 Goldman Sachs 11.68% 2 3 Merrill Lynch 13.62% 2 3 Goldman Sachs 11.61% 14 BNP Paribas 10.05% 14 4 CLSA 12.65% =8 4 J.P.Morgan 10.55% 85 Merrill Lynch 9.62% 5 5 J.P.Morgan 11.33% =10 5 BNP Paribas 7.65% 146 CLSA 9.27% 9 6 BNP Paribas 5.84% 15 6 DBS Vickers 6.33% 27 Deutsche Bank 6.53% 6 =7 CIMB 4.86% 12 =7 Credit Suisse 5.28% 48 DBS Vickers 6.18% 4 =7 DBS Vickers 4.86% 3 =7 UBS 5.28% 59 CIMB 3.61% 13 9 Morgan Stanley 3.89% =13 9 Cazenove 4.75% -

10 Morgan Stanley 3.21% =7 10 Macquarie 3.41% - 10 Citi 4.22% =611 Macquarie 2.75% 15 11 Deutsche Bank 2.92% 6 11 CIMB 2.11% 1612 Citi 2.61% 1 12 Citi 2.72% 113 Credit Suisse 1.72% =7 13 Credit Suisse 2.43% 714 Cazenove 1.55% - 14 HSBC 1.30% -15 HSBC 0.92% -16 UOB Kay Hian 0.69% 10

TRANSPORTATIONOVERALL MEGA FUNDS HEDGE FUNDS

TRANSPORTATION

SINGAPORE

TRANSPORTATION


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 43.01% 1 1 CLSA 41.41% 1 1 CLSA 43.72% 12 CIMB 16.19% =5 2 CIMB 22.90% =3 =2 CIMB 18.60% =33 DBS Vickers 10.38% 2 3 Merrill Lynch 12.18% 12 =2 Merrill Lynch 18.60% -4 BNP Paribas 9.23% 7 =4 BNP Paribas 7.31% 6 =4 DBS Vickers 7.44% 25 Merrill Lynch 7.69% 12 =4 DBS Vickers 7.31% 2 =4 J.P.Morgan 7.44% -6 J.P.Morgan 5.38% - 6 J.P.Morgan 4.87% - 6 Cazenove 4.19% -7 Cazenove 1.73% - 7 Credit Suisse 2.50% =38 Credit Suisse 1.58% =5 8 Deutsche Bank 1.52% -

=9 Goldman Sachs 1.54% =10=9 UBS 1.54% 311 Deutsche Bank 0.96% -12 Nomura 0.77% -

SINGAPORE

MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGE MOST INDEPENDENT RESEARCH BROKERAGEHEDGE FUNDSMEGA FUNDSOVERALL


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Tan Min Lan UBS 8.35% 1 1 Christopher Gee J.P.Morgan 9.24% =2 1 Tan Min Lan UBS 10.05% 12 Christopher Gee J.P.Morgan 7.70% 3 2 Tan Min Lan UBS 7.45% 1 2 Winnifred Heap J.P.Morgan 7.77% 83 Soong Tuck Yin Macquarie 5.30% 7 3 Soong Tuck Yin Macquarie 5.64% 9 =3 Melvyn Boey Merrill Lynch 5.12% -4 Wee Siang Ng BNP Paribas 4.59% - 4 Wee Siang Ng BNP Paribas 5.15% - =3 Sean Quek Credit Suisse 5.12% =45 Winnifred Heap J.P.Morgan 3.93% 8 5 Winnifred Heap J.P.Morgan 5.14% 6 5 Praveen Choudhary Morgan Stanley 4.93% =246 Alastair Gillespie UBS 3.64% - 6 Alastair Gillespie UBS 4.08% - =6 Cheryl Lee UBS 3.98% =47 Sean Quek Credit Suisse 3.22% 6 7 Neel Sinha CLSA 3.99% - =6 Chong Wee Lee DBS Vickers 3.98% -8 Neel Sinha CLSA 2.93% - 8 Praveen Choudhary Morgan Stanley 3.64% - 8 Clarice Khoo Credit Suisse 3.79% -9 Chong Wee Lee DBS Vickers 2.85% - 9 Sean Quek Credit Suisse 3.38% 5 =9 Anand Ramachandran Citi 2.84% =9

10 Praveen Choudhary Morgan Stanley 2.65% - =10 Gregory Lui Deutsche Bank 2.67% 12 =9 Chong Han Lim Merrill Lynch 2.84% -11 Cheryl Lee UBS 2.55% 9 =10 Tricia Song Credit Suisse 2.67% - =9 Ho Choon Seng CIMB 2.84% =912 Lim Jit Soon Lehman Brothers* 2.23% 4 12 Clarice Khoo Credit Suisse 2.60% - =9 Neel Sinha CLSA 2.84% =24

=13 Janice Chua DBS Vickers 2.13% 5 13 Sanjay Jain Credit Suisse 2.52% =2 =9 Silvia Liu Merrill Lynch 2.84% -=13 Tricia Song Credit Suisse 2.13% - =14 Melvyn Boey Merrill Lynch 2.34% - =9 Song Seng Wun CIMB 2.84% -

15 Gregory Lui Deutsche Bank 1.94% 11 =14 Su Tye Chua Credit Suisse 2.34% - =9 Wee Siang Ng BNP Paribas 2.84% -16 Clarice Khoo Credit Suisse 1.89% - 16 Anand Ramachandran Citi 2.17% =14 16 James Tan Deutsche Bank 2.56% 2617 Sanjay Jain Credit Suisse 1.83% 2 17 Lim Jit Soon Lehman Brothers 1.77% 4 =17 Caroline Maes CLSA 2.27% -

=18 Melvyn Boey Merrill Lynch 1.70% - 18 Cheryl Lee UBS 1.68% 7 =17 Christopher Gee J.P.Morgan 2.27% 3=18 Su Tye Chua Credit Suisse 1.70% - =19 Chong Han Lim Merrill Lynch 1.30% - 19 Patrick Tian Goldman Sachs 1.90% -

20 Anand Ramachandran Citi 1.58% =17 =19 Haider Ali Credit Suisse 1.30% - =20 Brian W. Hunsaker Fox-Pitt, Kelton 1.71% -21 Wendy Koh Citi 1.51% 21 =19 Ho Choon Seng CIMB 1.30% =14 =20 Janice Chua DBS Vickers 1.71% 222 Ho Choon Seng CIMB 1.32% =17 =19 Patrick Yau Macquarie 1.30% - =20 Keng Hock Lim Credit Suisse 1.71% -

=23 Lawrence Lye CIMB 1.07% - =19 Silvia Liu Merrill Lynch 1.30% - =20 Leng Seng Choon DMG & Partners 1.71% -=23 Pyari Menon Deutsche Bank 1.07% 15 =19 Song Seng Wun CIMB 1.30% - =20 Nirgunan Tiruchelvam RBS 1.71% -

25 Jonathan Ng BNP Paribas 1.04% - 25 Chong Wee Lee DBS Vickers 1.26% - =20 Sean Darby Nomura 1.71% -26 David Ng Goldman Sachs 1.03% - 26 Lawrence Lye CIMB 1.13% - =20 Soong Tuck Yin Macquarie 1.71% -

=27 Chong Han Lim Merrill Lynch 0.95% - =27 Caroline Maes CLSA 1.04% - =20 Tan Ai Teng DBS Vickers 1.71% -=27 Haider Ali Credit Suisse 0.95% - =27 Chua Hak Bin Citi 1.04% - =28 Andy Sim DBS Vickers 1.52% -=27 Patrick Yau Macquarie 0.95% - =27 Dhruv Vohra CLSA 1.04% - =28 Kevin Chong Deutsche Bank 1.52% =12=27 Silvia Liu Merrill Lynch 0.95% - =27 Germaine Khong CIMB 1.04% - =28 Loo Kar Weng Merrill Lynch 1.52% -=27 Song Seng Wun CIMB 0.95% - =27 James Tan Deutsche Bank 1.04% - =28 Pyari Menon Deutsche Bank 1.52% =19

=27 Roger Lum Morgan Stanley 1.04% -


SINGAPORE



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 DBS Vickers 68.18% 1 1 DBS Vickers 63.64% 1 1 DBS Vickers 69.23% 12 UOB Kay Hian 15.82% 2 2 UOB Kay Hian 17.65% 2 2 UOB Kay Hian 19.78% 23 Kim Eng 10.16% 3 3 Kim Eng 9.80% 3 3 Kim Eng 10.99% 3

=4 G. K. Goh 2.34% - =4 G. K. Goh 3.57% -=4 Lim & Tan 2.34% - =4 Lim & Tan 3.57% -

6 OCBC 1.17% =6 6 OCBC 1.78% -

BEST LOCAL BROKERAGE BEST LOCAL BROKERAGE

SINGAPORE

OVERALL MEGA FUNDS HEDGE FUNDSBEST LOCAL BROKERAGE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 15.36% 3 1 UBS 15.30% 3 1 UBS 16.57% 132 CLSA 12.97% 4 2 CLSA 14.69% 5 2 DBS Vickers 11.08% 13 J.P.Morgan 9.30% 5 3 J.P.Morgan 11.31% 4 3 CLSA 10.65% 24 BNP Paribas 8.23% 14 4 BNP Paribas 9.01% 15 4 BNP Paribas 9.01% 155 Credit Suisse 7.49% 7 5 Credit Suisse 8.74% 6 5 J.P.Morgan 8.68% 86 DBS Vickers 7.09% 1 6 Deutsche Bank 6.85% 9 6 Credit Suisse 7.76% 37 Deutsche Bank 7.07% 10 7 Macquarie 5.53% 12 7 Deutsche Bank 6.34% 128 CIMB 6.80% 6 8 Citi 5.04% 2 8 CIMB 5.39% =69 Citi 6.25% 2 9 DBS Vickers 4.89% 1 9 Macquarie 4.34% 16

10 Macquarie 5.38% 12 10 Morgan Stanley 3.98% 10 10 Citi 3.09% 511 Morgan Stanley 2.84% 9 11 CIMB 3.61% 7 11 Merrill Lynch 2.96% 912 Nomura 1.87% 15 12 Merrill Lynch 2.41% 8 =12 Morgan Stanley 2.89% =613 Merrill Lynch 1.83% 8 13 Goldman Sachs 1.75% 11 =12 Nomura 2.89% -14 Goldman Sachs 1.79% 11 14 Nomura 1.53% 18 14 Goldman Sachs 2.63% 415 Daiwa SMBC 1.17% =20 15 Lehman Brothers* 1.50% 17 15 Cazenove 2.17% 1416 Lehman Brothers* 1.02% 18 16 HSBC 1.31% - =16 HSBC 1.05% -17 HSBC 0.90% - 17 Cazenove 1.09% 16 =16 Lehman Brothers* 1.05% -18 UOB Kay Hian 0.88% 13 18 Daiwa SMBC 0.88% - =16 SBI E2-Capital 1.05% 1719 Cazenove 0.82% 17 19 SBI E2-Capital 0.58% - 19 RBS 0.39% -20 SBI E2-Capital 0.55% 1921 Aseambankers 0.20% - * Polling period prior to the acquisition by Nomura * Polling period prior to the acquisition by Nomura22 RBS 0.15% -23 Kim Eng 0.02% 16


SINGAPORE



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 12.83% =2 1 CLSA 15.64% 5 1 CLSA 13.64% 42 UBS 12.58% =2 2 UBS 15.22% 3 2 UBS 13.48% 33 Deutsche Bank 9.89% 4 3 Deutsche Bank 11.78% 2 3 Deutsche Bank 12.80% 24 DBS Vickers 8.92% 1 4 Merrill Lynch 8.70% 7 4 DBS Vickers 10.31% 15 CIMB 6.19% 5 5 Credit Suisse 7.07% 8 5 Merrill Lynch 7.70% =96 Credit Suisse 6.12% 8 6 DBS Vickers 5.92% 1 6 Credit Suisse 6.26% =97 Merrill Lynch 6.07% 7 7 CIMB 5.79% 4 7 Citi 5.54% -8 Macquarie 5.67% 10 8 Kim Eng 4.35% 9 8 CIMB 4.41% =69 Citi 5.54% 17 9 Morgan Stanley 4.23% 6 9 Nomura 4.01% 12

10 BNP Paribas 5.53% 15 10 Citi 4.09% =14 10 Morgan Stanley 3.85% =611 Morgan Stanley 3.75% 6 11 Goldman Sachs 3.74% =10 11 Goldman Sachs 3.53% 812 J.P.Morgan 3.50% 14 12 J.P.Morgan 3.10% 12 12 BNP Paribas 3.13% 15

=13 Goldman Sachs 3.09% 11 13 Macquarie 3.02% 13 13 J.P.Morgan 3.05% 13=13 Kim Eng 3.09% 9 14 BNP Paribas 2.90% 17 14 Macquarie 2.89% -

15 Nomura 2.81% 12 15 Nomura 2.42% =14 15 Kim Eng 2.57% 516 UOB Kay Hian 1.47% 13 16 RBS* 0.97% 18 16 Phillip 1.44% -17 Phillip 0.71% 22 17 UOB Kay Hian 0.60% =10 17 SEI E2-Capital 0.64% 1418 RBS* 0.63% 19 18 SBI E2-Capital 0.48% - 18 Daiwa SMBC 0.48% -19 Daiwa SMBC 0.61% 23 19 Cazenove 0.24% -20 SBI E2-Capital 0.55% 16 *RBS - 2007 ranking of ABN AMRO21 Aseambankers 0.32% -22 Cazenove 0.12% -

*RBS - 2007 ranking of ABN AMRO

EXECUTION EXECUTION EXECUTIONMEGA FUNDS HEDGE FUNDS

SINGAPORE

OVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 15.39% 1 1 CLSA 18.41% 4 1 CLSA 14.36% 42 UBS 11.93% 2 2 UBS 13.02% 1 2 UBS 14.11% 33 Deutsche Bank 8.20% 4 3 Credit Suisse 9.56% 8 3 DBS Vickers 9.72% 24 CIMB 7.91% 5 4 Deutsche Bank 8.77% 3 4 Deutsche Bank 7.71% 15 Credit Suisse 7.82% 8 5 Merrill Lynch 7.75% 6 5 Merrill Lynch 7.55% 106 DBS Vickers 7.07% 3 6 CIMB 7.58% 5 6 Credit Suisse 7.05% 87 Merrill Lynch 6.45% 6 =7 J.P.Morgan 4.97% 12 7 J.P.Morgan 6.89% 118 Macquarie 5.98% 13 =7 Macquarie 4.97% - 8 BNP Paribas 5.54% -9 BNP Paribas 5.30% 19 9 DBS Vickers 4.73% 2 9 CIMB 5.50% 6

10 J.P.Morgan 4.85% 11 10 BNP Paribas 4.30% - 10 Macquarie 4.76% -11 Citi 3.95% 9 11 Morgan Stanley 4.14% 7 11 Morgan Stanley 3.94% 512 Morgan Stanley 3.71% 7 12 Goldman Sachs 3.31% =13 12 Goldman Sachs 3.77% 1313 Goldman Sachs 2.60% 14 13 Citi 2.38% 9 13 Nomura 2.79% =1414 Nomura 2.23% 15 14 Nomura 1.72% =13 14 Citi 2.38% 1215 Kim Eng 2.15% 10 =15 Kim Eng 1.42% 11 15 SBI E2-Capital 1.97% 1616 UOB Kay Hian 1.26% 12 =15 SBI E2-Capital 1.42% - =16 Lehman Brothers* 0.98% -17 SBI E2-Capital 0.95% 18 17 RBS* 0.95% 17 =16 UOB Kay Hian 0.98% 918 RBS* 0.63% 20 18 OCBC 0.59% -19 Lehman Brothers** 0.47% - * Polling period prior to the acquisition by Nomura20 Daiwa SMBC 0.43% - *RBS - 2007 ranking of ABN AMRO21 OCBC 0.39% 2122 Aseambankers 0.32% -

*RBS - 2007 ranking of ABN AMRO** Polling period prior to the acquisition by Nomura

SINGAPORE

SALES TRADING SALES TRADING SALES TRADINGOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 24.84% 1 1 CLSA 26.23% 1 1 CLSA 23.71% 22 DBS Vickers 12.23% 2 2 UBS 10.07% 6 2 DBS Vickers 14.99% 13 UBS 8.63% 5 3 DBS Vickers 9.43% 2 3 UBS 8.92% =44 Citi 8.13% 4 4 Credit Suisse 8.43% 8 4 Credit Suisse 8.59% 35 BNP Paribas 6.41% 15 5 Citi 8.40% 4 5 BNP Paribas 8.51% -6 Credit Suisse 6.29% 8 6 BNP Paribas 7.17% 16 6 Merrill Lynch 6.61% 67 Morgan Stanley 6.04% 3 7 Morgan Stanley 7.06% 3 7 Nomura 5.70% -8 Nomura 4.90% 10 8 Merrill Lynch 5.40% 5 8 J.P.Morgan 4.13% 89 J.P.Morgan 4.69% 9 9 J.P.Morgan 5.08% 9 9 CIMB 4.05% =12

10 Merrill Lynch 4.23% 6 10 Deutsche Bank 3.79% 7 10 Deutsche Bank 3.88% 711 CIMB 4.05% 12 11 Nomura 2.47% 14 11 Citi 2.64% 1112 Deutsche Bank 3.48% 7 =12 Goldman Sachs 2.04% 10 12 Morgan Stanley 2.56% =413 Macquarie 3.00% 13 =12 Macquarie 2.04% 15 13 Goldman Sachs 2.07% 1014 Goldman Sachs 1.70% 11 14 CIMB 1.97% =12 14 Macquarie 1.65% 1515 Daiwa 0.60% 18 15 Lehman Brothers* 0.43% - =15 RBS* 0.99% 916 RBS* 0.34% 14 =15 Daiwa 0.99% -17 Lehman Brothers** 0.28% - * Polling period prior to the acquisition by Nomura18 UOB Kay Hian 0.16% 20 *RBS - 2007 ranking of ABN AMRO

*RBS - 2007 ranking of ABN AMRO** Polling period prior to the acquisition by Nomura

EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCES EVENTS AND/OR CONFERENCESMEGA FUNDS HEDGE FUNDSOVERALL

SINGAPORE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 18.55% 2 1 CLSA 19.23% 1 1 CLSA 22.63% 22 J.P.Morgan 11.24% 6 2 J.P.Morgan 13.19% 7 2 DBS Vickers 14.40% 13 DBS Vickers 9.79% 1 3 Credit Suisse 12.34% 9 3 UBS 7.48% 64 Credit Suisse 9.24% 10 4 UBS 8.36% 5 4 BNP Paribas 7.34% -5 UBS 8.81% 3 5 Deutsche Bank 7.84% 4 5 Credit Suisse 7.29% 56 Deutsche Bank 6.23% 5 6 Merrill Lynch 6.24% 6 6 Deutsche Bank 7.01% 37 Citi 6.20% 4 7 Citi 6.21% 3 7 J.P.Morgan 6.92% 48 BNP Paribas 5.88% 13 8 DBS Vickers 5.88% 2 8 CIMB 6.17% 79 Macquarie 5.04% 8 9 BNP Paribas 5.75% 13 9 Goldman Sachs 5.52% 12

10 Merrill Lynch 4.53% 7 10 Goldman Sachs 3.96% 15 10 Merrill Lynch 5.42% 811 CIMB 4.46% 9 11 Macquarie 3.87% 8 =11 Citi 2.81% 912 Goldman Sachs 3.93% 15 12 CIMB 2.98% 11 =11 Macquarie 2.81% -13 Nomura 2.49% 11 13 Morgan Stanley 2.71% 10 13 Normura 2.52% -14 Morgan Stanley 1.94% 12 14 Nomura 1.09% =16 14 Daiwa 1.12% -15 Daiwa 1.17% 17 15 Daiwa 0.36% - 15 UOB Kay Hian 0.56% 1316 UOB Kay Hian 0.49% 16

SINGAPORE

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISITHEDGE FUNDSOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Credit Suisse 14.42% 10 1 Credit Suisse 19.58% 10 1 DBS Vickers 17.85% 12 DBS Vickers 12.64% 1 2 Deutsche Bank 13.78% =12 2 CIMB 14.70% 23 CIMB 11.60% 2 3 DBS Vickers 10.02% 1 =3 Credit Suisse 9.45% 54 Deutsche Bank 10.45% 15 =4 CIMB 8.77% =2 =3 Deutsche Bank 9.45% =85 Citi 7.84% 4 =4 UBS 8.77% =7 5 Macquarie 8.40% 46 Macquarie 7.21% 5 6 CLSA 7.20% =4 6 Nomura 7.35% -7 UBS 6.69% 7 7 Macquarie 7.05% =4 =7 Citi 5.25% =88 CLSA 6.06% 3 =8 Citi 5.64% =7 =7 CLSA 5.25% 39 Nomura 5.40% 12 =8 Morgan Stanley 5.64% 15 =7 UBS 5.25% =8

10 BNP Paribas 5.26% 8 =8 Nomura 5.64% - =10 Merrill Lynch 4.20% =611 Morgan Stanley 4.18% 17 11 BNP Paribas 3.34% =2 =10 Morgan Stanley 4.20% -12 J.P.Morgan 2.63% 6 12 Merrill Lynch 2.51% =4 =12 RBS 3.15% -13 Merrill Lynch 1.67% 9 13 J.P.Morgan 2.07% =7 =12 Tenax Capital 3.15% -

=14 RBS 1.25% - 14 BNP Paribas 2.36% -=14 Kim Eng 1.25% 13=14 Tenax Capital 1.25% -

17 TA 0.21% -

SINGAPORE

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGEOVERALL MEGA FUNDS HEDGE FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Goh Keat Jin BNP Paribas 5.16% 6 1 Goh Keat Jin BNP Paribas 5.51% 6 1 Jack McFerran J.P.Morgan 8.51% -2 Wang Wah Le BNP Paribas 4.46% 1 2 Lunar Lee CLSA 4.87% 13 2 Goh Keat Jin BNP Paribas 8.47% -3 Lunar Lee CLSA 4.15% 3 3 Doris Chan CLSA 4.46% 2 3 Tan Hock Meng UBS 4.33% -4 Doris Chan CLSA 3.99% 5 4 Jack McFerran J.P.Morgan 4.34% - 4 Chai Szue Yin DBS Vickers 3.84% 25 Michael Balbirnie UBS 3.94% 2 5 Wang Wah Le BNP Paribas 4.33% 4 5 Scott Brixen Deutsche Bank 3.81% -6 Jude Krishnan CLSA 3.13% - 6 Michael Balbirnie UBS 3.71% 1 6 Lunar Lee CLSA 3.73% -7 Jack McFerran J.P.Morgan 3.09% - 7 Jude Krishnan CLSA 3.12% - 7 Jude Krishnan CLSA 3.43% -8 Chai Szue Yin DBS Vickers 3.06% 8 8 Chai Szue Yin DBS Vickers 2.82% =11 8 Amelia Mehta Macquarie 3.21% -9 Tan Hock Meng UBS 2.57% - 9 Emily Loh UBS 2.67% - 9 Wang Wah Le BNP Paribas 2.39% -

10 Ann Lim CIMB 2.51% 26 10 Michele Lim J.P.Morgan 2.59% 9 10 Erikson Toh Cazenove 2.35% -11 Emily Loh UBS 2.22% - 11 Adele Yeo Credit Suisse 2.28% - =11 Ann Lim CIMB 2.24% -12 Scott Brixen Deutsche Bank 1.93% - =12 Amelia Mehta Macquarie 2.09% =7 =11 Augustine Cheah Merrill Lynch 2.24% -13 Michele Lim J.P.Morgan 1.87% 7 =12 Jenny Chiam Lehman Brothers 2.09% - =11 Chooi Siew Thim DBS Vickers 2.24% -14 Henry Ong Citi 1.72% 10 =12 Tan Hock Meng UBS 2.09% - =11 Clive Lee Deutsche Bank 2.24% -15 Adele Yeo Credit Suisse 1.63% - 15 Clive Lee Deutsche Bank 2.06% - =11 Kellie Tan BNP Paribas 2.24% -16 Lee Choo Wee Nomura 1.62% 14 =16 John Sim Macquarie 1.90% - 16 Qi Zhai Credit Suisse 1.94% -

=17 Amelia Mehta Macquarie 1.57% 12 =16 Nathan Strickland Morgan Stanley 1.90% - 17 Connie Yan UBS 1.87% -=17 Clive Lee Deutsche Bank 1.57% - 18 Scott Brixen Deutsche Bank 1.68% - =18 Gus Cheah* Merrill Lynch 1.79% -

19 Kellie Tan BNP Paribas 1.53% - 19 Punit Khanna Deutsche Bank 1.49% 3 =18 Michele Lim J.P.Morgan 1.79% =2020 Jenny Chiam Lehman Brothers 1.49% - 20 Henry Ong Citi 1.34% =7 =18 Monique France Morgan Stanley 1.79% -

=21 John Sim Macquarie 1.36% - 21 Connie Yan UBS 1.33% - =18 Violet Foo DBS Vickers 1.79% =8=21 Nathan Strickland Morgan Stanley 1.36% - 22 Tay Mei Yuen Deutsche Bank 1.29% - 22 Punit Khanna Deutsche Bank 1.72% 1

23 Chooi Siew Thim DBS Vickers 1.30% - 23 Winston Chue Deutsche Bank 1.26% - =23 Damian Rooney Morgan Stanley 1.49% -24 Punit Khanna Deutsche Bank 1.25% 4 24 Ann Lim CIMB 1.22% - =23 Garett Lim UBS 1.49% =2725 Terence Oon Macquarie 1.18% - =25 Alex Menzies J.P.Morgan 1.14% - =23 Girish Pamnani Goldman Sachs 1.49% -26 Alex Menzies J.P.Morgan 1.17% - =25 Augustine Cheah Merrill Lynch 1.14% - =23 Maureen Oh DBS Vickers 1.49% -27 Augustine Cheah Merrill Lynch 0.98% - =25 Chooi Siew Thim DBS Vickers 1.14% - =23 Nathan Strickland Morgan Stanley 1.49% -28 Connie Yan UBS 0.95% - =25 Erikson Toh Cazenove 1.14% - =23 Paul Rathband RBS 1.49% -29 Tay Mei Yuen Deutsche Bank 0.92% - =25 Joyce Yim Morgan Stanley 1.14% - =23 Richard Harding Kim Eng 1.49% -30 Winston Chue Deutsche Bank 0.90% - =25 Kellie Tan BNP Paribas 1.14% - =30 Bill Murray CIMB 1.34% -

=25 Venkatesh Sethuraman Citi 1.14% =16 =30 Doreen Chua Credit Suisse 1.34% -=30 Judy Ong DBS Vickers 1.34% -=30 Ruben Zamora Credit Suisse 1.34% -=30 Sanjay Grewal DBS Vickers 1.34% =20=30 Terence Oon Macquarie 1.34% -=30 Yee Chia Hsing** CIMB 1.34% -

* Gus Cheah has left Merrill Lynch** Yee Chia Hsing has left CIMB

BEST SALESPERSON

SINGAPORE

OVERALL MEGA FUNDS HEDGE FUNDSBEST SALESPERSON BEST SALESPERSON


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 12.06% 1 1 CLSA 12.31% 4 1 UBS 13.36% 12 CLSA 11.79% 3 2 UBS 12.00% 1 2 CLSA 13.18% 33 Macquarie 10.36% 2 3 Macquarie 10.81% 2 3 Merrill Lynch 12.70% 104 Citi 8.83% 4 4 Goldman Sachs 8.06% 6 4 Goldman Sachs 10.16% 65 Merrill Lynch 7.77% 10 5 Citi 8.01% 5 5 Macquarie 9.42% 26 Yuanta 7.55% 8 6 Merrill Lynch 7.69% =10 6 Yuanta 8.94% 57 Credit Suisse 7.26% 7 7 Credit Suisse 7.58% 9 7 Citi 6.16% 48 Goldman Sachs 6.98% 6 8 Yuanta 5.90% 8 8 Deutsche Bank 5.86% 119 J.P.Morgan 5.27% 11 9 J.P.Morgan 5.24% =10 9 Credit Suisse 5.72% 8

10 BNP Paribas 4.85% 5 10 BNP Paribas 4.90% 3 10 J.P.Morgan 3.97% 1311 Morgan Stanley 3.91% 9 11 Morgan Stanley 4.07% 7 11 KGI 3.49% 912 Deutsche Bank 3.30% 14 12 Deutsche Bank 3.33% 14 12 Morgan Stanley 2.91% 713 KGI 2.82% 13 13 Nomura 2.68% 12 13 BNP Paribas 2.18% 1414 Nomura 2.15% 12 14 KGI 1.95% 13 14 Nomura 1.94% 1515 Lehman Brothers* 1.06% 15 15 Fubon 1.02% 1916 Fubon 0.96% 17 16 Lehman Brothers* 1.00% 1617 HSBC 0.64% 19 17 HSBC 0.82% 1818 Polaris 0.61% - 18 Polaris 0.75% -19 SinoPac 0.56% 16 19 SinoPac 0.73% 1720 RBS** 0.38% 18 20 RBS** 0.50% 1521 MasterLink 0.30% - 21 MasterLink 0.40% -22 Capital 0.19% 22 22 Capital 0.25% -

=23 Daiwa Institute of Research 0.17% 20=23 IBTS 0.17% 23 * Polling period prior to the acquisition by Nomura

25 Taiwan 0.08% - ** RBS - 2007 ranking of ABN AMRO



TAIWAN

OVERALL COUNTRY RESEARCHOVERALL COUNTRY RESEARCH OVERALL COUNTRY RESEARCH

All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. TAIWAN: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 14.82% 2 1 CLSA 15.23% 2 1 Merrill Lynch 22.12% 122 Merrill Lynch 13.05% 7 2 Merrill Lynch 14.91% 7 2 CLSA 14.30% 23 Citi 11.70% 3 3 Credit Suisse 11.88% 6 3 Goldman Sachs 8.31% 74 Credit Suisse 10.94% 5 4 Citi 9.57% 3 4 Credit Suisse 8.02% 55 UBS 8.08% 1 5 J.P.Morgan 6.62% 9 5 UBS 7.72% 16 J.P.Morgan 5.80% 9 6 UBS 5.74% 1 6 Citi 7.23% 37 Morgan Stanley 5.61% 6 7 Morgan Stanley 5.53% 5 7 Yuanta 6.01% 88 BNP Paribas 5.05% 4 8 Goldman Sachs 5.22% 12 8 Macquarie 5.20% 169 Yuanta 4.60% 13 9 BNP Paribas 4.96% 4 9 Morgan Stanley 4.75% 4

10 Goldman Sachs 4.19% 10 10 Yuanta 4.21% 11 =10 BNP Paribas 4.45% -11 Macquarie 3.86% 14 11 Macquarie 4.00% 13 =10 Deutsche Bank 4.45% 612 Deutsche Bank 3.76% 8 12 Nomura 3.53% 17 =12 J.P.Morgan 2.97% =913 Nomura 2.80% 11 13 Deutsche Bank 3.00% 8 =12 KGI 2.97% 1514 KGI 1.92% 15 =14 Fubon 1.31% - 14 Nomura 1.48% =13

=15 Fubon 1.01% - =14 KGI 1.31% 18=15 Lehman Brothers* 1.01% 18 =14 Lehman Brothers* 1.31% =14

17 RBS** 0.51% 12 17 RBS** 0.65% 1018 Taiwan 0.40% - 18 Taiwan 0.52% -19 HSBC 0.25% 17 19 HSBC 0.33% =14

=20 IBTS 0.20% - 20 SinoPac 0.17% -=20 Polaris 0.20% -

22 SinoPac 0.13% 19 * Polling period prior to the acquisition by Nomura23 Daiwa Institute of Research 0.10% - ** RBS - 2007 ranking of ABN AMRO


TAIWAN

OVERALL MEGA FUNDS HEDGE FUNDSSTRATEGYSTRATEGYSTRATEGY


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 16.73% 1 1 UBS 17.45% 1 1 Goldman Sachs 18.07% 22 Merrill Lynch 11.15% 6 2 Merrill Lynch 11.60% 6 2 UBS 16.65% 13 Citi 10.04% 2 3 J.P.Morgan 9.59% 9 3 Merrill Lynch 16.41% 104 Goldman Sachs 8.20% 5 4 Citi 8.18% 4 4 Deutsche Bank 9.51% =85 J.P.Morgan 8.10% 8 5 Goldman Sachs 7.08% 5 5 Credit Suisse 8.56% -6 CLSA 7.65% 3 6 Credit Suisse 6.90% - 6 CLSA 7.61% 47 Credit Suisse 5.90% - 7 CLSA 6.69% 2 =7 Auerbach Grayson 4.76% -8 KGI 5.24% 13 8 Morgan Stanley 4.98% 3 =7 KGI 4.76% 119 BNP Paribas 4.37% 10 9 BNP Paribas 4.20% 8 =7 Macquarie 4.76% -

10 Deutsche Bank 3.90% 12 10 Deutsche Bank 4.14% 12 10 Citi 4.04% 611 Morgan Stanley 3.89% 4 11 Macquarie 3.51% 13 11 Yuanta 2.97% 512 Macquarie 3.21% 14 12 KGI 3.48% 14 12 J.P.Morgan 1.90% -13 Nomura 2.58% 9 13 Nomura 2.88% 1014 Fubon 1.95% - 14 Fubon 2.52% -15 Yuanta 1.57% 7 15 Auerbach Grayson 1.80% -16 Auerbach Grayson 1.39% - 16 Taiwan 1.44% -17 Taiwan 1.12% - 17 Yuanta 1.12% 718 Mega 0.70% - 18 Mega 0.90% -

=19 Lehman Brothers* 0.56% - 19 Lehman Brothers* 0.72% -=19 Polaris 0.56% - 20 SinoPac 0.48% 11

21 HSBC 0.42% 15 21 Polaris 0.36% -22 SinoPac 0.37% 1123 IBTS 0.28% - * Polling period prior to the acquisition by Nomura24 Daiwa Institute of Research 0.14% -



TAIWAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 22.55% 2 1 Macquarie 21.32% 2 1 Yuanta 20.23% 12 CLSA 16.88% 3 2 CLSA 19.71% 3 2 CLSA 19.35% 23 Yuanta 14.14% 1 3 Yuanta 15.66% 1 3 Macquarie 15.72% 34 J.P.Morgan 7.46% 6 4 J.P.Morgan 8.72% 6 4 J.P.Morgan 10.16% 105 KGI 6.10% 4 5 KGI 5.16% 5 =5 Credit Suisse 7.74% 96 Credit Suisse 5.50% 7 6 Credit Suisse 4.99% 8 =5 Daiwa Institute of Research 7.74% -7 UBS 4.57% 14 7 UBS 3.84% 14 7 KGI 5.64% 118 Daiwa Institute of Research 3.27% 22 8 Citi 2.35% 4 8 Deutsche Bank 5.32% -9 Citi 2.69% 5 =9 Daiwa Institute of Research 2.09% 19 9 UBS 3.87% -

10 Fubon 2.65% 17 =9 Lehman Brothers* 2.09% - 10 Citi 3.02% 411 Deutsche Bank 2.57% 16 =9 Morgan Stanley 2.09% 10 11 BNP Paribas 1.21% -12 BNP Paribas 2.26% 9 =12 Deutsche Bank 1.88% 1613 Lehman Brothers* 1.63% - =12 Merrill Lynch 1.88% 1514 Merrill Lynch 1.60% 10 14 BNP Paribas 1.78% =1215 Morgan Stanley 1.56% 13 =15 Fubon 1.67% -16 Goldman Sachs 1.25% 11 =15 Goldman Sachs 1.67% =1217 Nomura 1.17% 15 17 Polaris 1.05% -18 Polaris 0.78% - 18 MasterLink 0.84% -19 MasterLink 0.62% 20 19 Nomura 0.63% 1120 SinoPac 0.42% 19 20 SinoPac 0.56% -21 IBTS 0.35% -


TAIWAN

OVERALLSMALL CAPS SMALL CAPS

MEGA FUNDS HEDGE FUNDSSMALL CAPS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Merrill Lynch 15.50% 2 1 UBS 15.58% 8 1 Merrill Lynch 18.26% 42 UBS 14.15% 7 2 Merrill Lynch 12.87% 2 2 Goldman Sachs 13.52% 33 CLSA 9.72% 9 3 Citi 9.40% 4 3 UBS 12.37% 54 Citi 9.05% 4 4 Morgan Stanley 9.31% 7 4 CLSA 8.91% 85 Morgan Stanley 8.03% 8 5 CLSA 9.02% 10 =5 Citi 8.63% 16 J.P.Morgan 7.25% 10 6 J.P.Morgan 8.68% 11 =5 J.P.Morgan 8.63% 107 Goldman Sachs 7.01% 5 7 Credit Suisse 7.23% 5 7 Morgan Stanley 8.34% 28 Credit Suisse 6.64% 6 8 Goldman Sachs 7.07% 6 8 Macquarie 4.60% 169 Macquarie 3.80% 13 9 BNP Paribas 3.49% 3 =9 Auerbach Grayson 2.88% -

10 BNP Paribas 3.26% 3 10 Deutsche Bank 3.25% 12 =9 BNP Paribas 2.88% =1111 Deutsche Bank 3.07% 11 11 Yuanta 2.92% 15 =9 KGI 2.88% 1712 Fox-Pitt, Kelton 2.37% =18 12 Macquarie 2.91% 13 12 Yuanta 2.52% =1113 Yuanta 2.31% 14 13 Fubon 1.70% - =13 Credit Suisse 1.73% 614 Fubon 1.81% - =14 Auerbach Grayson 1.34% - =13 Fox-Pitt, Kelton 1.73% -15 KGI 1.47% 17 =14 Fox-Pitt, Kelton 1.34% - 15 Nomura 1.44% 916 Auerbach Grayson 1.05% - =14 KGI 1.34% 17 16 Deutsche Bank 0.72% 717 Nomura 1.00% 1 17 Nomura 1.01% 118 DBS Vickers 0.63% - 18 Lehman Brothers* 0.67% 919 Lehman Brothers* 0.53% 12 19 Taiwan 0.54% -20 Taiwan 0.42% - 20 SinoPac 0.18% 1621 Daiwa Institute of Research 0.26% - 21 RBS** 0.13% 14

=22 IBTS 0.21% -=22 Polaris 0.21% - * Polling period prior to the acquisition by Nomura

24 SinoPac 0.14% 16 **RBS - 2007 ranking of ABN AMRO25 RBS** 0.11% 15

* Polling period prior to the acquisition by Nomura**RBS - 2007 ranking of ABN AMRO


TAIWAN

BANKS BANKS BANKSOVERALL


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 15.44% 6 1 UBS 15.71% 6 1 CLSA 19.21% =72 CLSA 13.07% 9 2 CLSA 12.78% 8 2 Merrill Lynch 14.85% 33 Merrill Lynch 10.35% 1 3 J.P.Morgan 9.70% 11 3 UBS 13.62% 54 Credit Suisse 9.32% 5 4 Merrill Lynch 9.36% 1 4 J.P.Morgan 11.35% 145 J.P.Morgan 8.70% 10 5 Citi 8.96% 7 5 Goldman Sachs 11.18% 26 Citi 8.61% 8 6 Credit Suisse 8.34% 4 6 Citi 7.86% 17 Macquarie 6.00% 4 7 Goldman Sachs 6.60% 10 7 Credit Suisse 7.34% =78 Goldman Sachs 5.88% 7 8 Macquarie 4.87% 5 8 Macquarie 6.29% 49 Morgan Stanley 4.07% 11 9 BNP Paribas 4.15% 2 9 KGI 3.49% 15

10 BNP Paribas 3.77% 3 10 Deutsche Bank 4.01% 16 10 Yuanta 2.18% =711 Deutsche Bank 3.62% 14 11 Morgan Stanley 3.76% 9 11 Daiwa Institute of Research 1.75% -12 Yuanta 2.96% 12 12 Yuanta 2.77% =14 12 Deutsche Bank 0.87% 1313 Fox-Pitt, Kelton 1.45% 19 =13 Fox-Pitt, Kelton 1.71% 1914 KGI 1.38% 18 =13 KGI 1.71% 18

=15 MasterLink 1.10% - =15 MasterLink 1.37% -=15 Nomura 1.10% 2 =15 Nomura 1.37% 3

17 Daiwa Institute of Research 0.86% - =17 Daiwa Institute of Research 0.85% -18 Fubon 0.76% - =17 Fubon 0.85% -19 Taiwan 0.55% 20 19 Taiwan 0.68% -20 SinoPac 0.37% 17 20 SinoPac 0.46% 1721 Polaris 0.28% -22 IBTS 0.24% -23 Lehman Brothers* 0.14% 15


INSURANCE INSURANCEMEGA FUNDS

TAIWAN

OVERALLINSURANCE

HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 17.15% 6 1 CLSA 16.37% 6 1 Goldman Sachs 20.19% 22 Goldman Sachs 13.36% 2 2 Goldman Sachs 13.17% 2 2 CLSA 16.91% =43 Macquarie 11.74% 7 3 UBS 11.57% 1 3 Merrill Lynch 14.84% =74 UBS 11.24% 1 4 Macquarie 10.97% =7 4 UBS 13.81% 15 Credit Suisse 7.91% 9 5 Credit Suisse 9.83% =7 5 Citi 7.77% -6 Merrill Lynch 7.30% 3 6 J.P.Morgan 7.88% 5 =6 Credit Suisse 5.18% =77 J.P.Morgan 6.51% 4 7 Merrill Lynch 7.60% 3 =6 Macquarie 5.18% 38 Citi 4.83% 8 8 Citi 5.24% 10 8 Yuanta 4.23% =119 BNP Paribas 3.60% 12 9 BNP Paribas 4.18% 12 9 J.P.Morgan 3.97% =11

10 KGI 3.03% 11 =10 KGI 1.85% 11 10 KGI 3.45% 611 Yuanta 2.63% 15 =10 Morgan Stanley 1.85% 4 11 Morgan Stanley 2.76% =412 Morgan Stanley 1.60% 5 12 Yuanta 1.67% 15 12 BNP Paribas 1.73% =913 Polaris 1.56% - =13 Nomura 1.63% 1314 Nomura 1.49% 10 =13 Polaris 1.63% -15 RBS 1.30% - =13 RBS 1.63% -16 Deutsche Bank 1.20% 13 16 SinoPac 1.30% -17 SinoPac 1.04% =17 =17 Deutsche Bank 0.81% 918 HSBC 0.78% =17 =17 Fubon 0.81% -19 Lehman Brothers* 0.71% 1420 Fubon 0.65% -21 IBTS 0.26% -22 Capital 0.06% -23 Daiwa Institute of Research 0.03% -


TAIWAN

MATERIALSMATERIALSMATERIALSOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Citi 16.95% 2 1 Citi 16.02% 2 1 Citi 17.84% 12 UBS 10.27% 3 2 BNP Paribas 11.98% 1 2 Macquarie 16.61% 63 Credit Suisse 10.13% 11 3 Macquarie 10.94% 3 3 Merrill Lynch 11.30% 24 BNP Paribas 9.77% 1 4 Credit Suisse 10.81% 9 4 UBS 7.62% 45 Macquairie 8.96% 5 5 UBS 8.22% 5 5 Goldman Sachs 7.08% 36 J.P.Morgan 7.62% 7 6 Merrill Lynch 7.36% 6 6 Deutsche Bank 6.40% 87 Merrill Lynch 6.28% 4 7 Goldman Sachs 6.14% 4 7 Credit Suisse 5.17% 78 Goldman Sachs 5.39% 6 8 J.P.Morgan 6.10% 10 8 CLSA 4.49% 109 CLSA 4.36% 10 9 Morgan Stanley 3.58% 8 9 BNP Paribas 4.08% =13

10 Morgan Stanley 3.51% 9 10 Deutsche Bank 3.34% 7 10 Morgan Stanley 3.81% 511 Deutsche Bank 3.16% 12 11 CLSA 2.59% 12 11 Yuanta 3.34% =1512 Yuanta 2.51% 19 12 HSBC 2.54% 17 =12 Auerbach Grayson 2.72% -13 Nomura 2.22% 8 13 Nomura 2.30% 11 =12 KGI 2.72% 1214 HSBC 2.16% 17 14 Yuanta 2.15% 18 =12 Nomura 2.72% =1515 KGI 2.14% 14 =15 Auerbach Grayson 1.33% - 15 J.P.Morgan 2.45% 11

=16 Auerbach Grayson 0.97% - =15 KGI 1.33% 16 16 Daiwa Institute of Research 1.63% -=16 Daiwa Institute of Research 0.97% - 17 Taiwan 1.06% -

18 Taiwan 0.78% - 18 Capital 0.66% -19 Lehman Brothers* 0.68% 13 =19 Fubon 0.53% 1520 Capital 0.51% - =19 Lehman Brothers* 0.53% 1321 Fubon 0.39% 15 21 Daiwa Institute of Research 0.35% -22 IBTS 0.17% - 22 RBS** 0.13% 1423 RBS** 0.10% 16

* Polling period prior to the acquisition by Nomura* Polling period prior to the acquisition by Nomura ** RBS - 2007 ranking of ABN AMRO** RBS - 2007 ranking of ABN AMRO

TAIWAN

OVERALLSEMICONDUCTORS & EQUIPMENT SEMICONDUCTORS & EQUIPMENT SEMICONDUCTORS & EQUIPMENT



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Macquarie 15.77% 3 1 Macquarie 17.49% 3 1 Macquarie 23.28% 22 UBS 11.99% 6 2 UBS 10.58% 7 2 UBS 12.06% 43 Goldman Sachs 10.69% 2 3 Goldman Sachs 10.15% 1 3 Goldman Sachs 11.22% 14 Credit Suisse 8.78% 8 4 Credit Suisse 9.39% 9 4 CLSA 9.11% =105 Citi 8.64% 4 5 Citi 8.15% 4 =5 Citi 8.60% 36 CLSA 7.13% 9 6 Merrill Lynch 7.68% 12 =5 Merrill Lynch 8.60% 97 Merrill Lynch 6.93% 10 7 J.P.Morgan 6.72% 11 7 Morgan Stanley 4.30% 58 J.P.Morgan 6.33% 11 8 CLSA 6.19% 10 =8 BNP Paribas 3.54% =109 BNP Paribas 5.19% 1 9 BNP Paribas 5.67% 2 =8 Credit Suisse 3.54% =6

10 Morgan Stanley 3.57% 7 10 Morgan Stanley 4.01% 5 =10 KGI 2.53% 811 Nomura 3.01% 5 11 Nomura 3.39% 6 =10 Nomura 2.53% =1512 KGI 2.96% 13 12 KGI 2.30% 13 12 J.P.Morgan 2.28% 1413 Yuanta 2.10% 15 13 Yuanta 2.08% 15 =13 RBS 2.02% -14 Deutsche Bank 1.67% 12 14 Deutsche Bank 1.54% 8 =13 Deutsche Bank 2.02% =615 Lehman Brothers* 1.53% 14 15 Lehman Brothers* 1.28% 17 15 Yuanta 1.58% 1316 Daiwa Institute of Research 0.80% - =16 RBS 1.02% - 16 Daiwa Institute of Research 1.52% -

=17 RBS 0.76% - =16 Taiwan 1.02% - 17 Lehman Brothers* 1.27% =15=17 Taiwan 0.76% - 18 Capital 0.64% -

19 Capital 0.50% - 19 Fubon 0.51% - * Polling period prior to the acquisition by Nomura20 Fubon 0.38% 17 20 Daiwa Institute of Research 0.17% -21 HSBC 0.29% 1922 IBTS 0.19% - * Polling period prior to the acquisition by Nomura


OVERALL MEGA FUNDS

TAIWAN

TECHNOLOGY HARDWARE & EQUIPMENT TECHNOLOGY HARDWARE & EQUIPMENT TECHNOLOGY HARDWARE & EQUIPMENTHEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 26.56% 1 1 CLSA 31.71% 1 1 CLSA 42.54% 12 UBS 9.19% 7 2 UBS 11.33% 5 2 Macquarie 20.32% 23 Yuanta 8.85% 4 3 Credit Suisse 8.40% =7 3 Yuanta 9.21% 34 KGI 8.39% 3 4 Macquarie 6.13% 2 =4 Credit Suisse 6.35% 65 Macquarie 8.32% 2 5 J.P.Morgan 5.47% 14 =4 KGI 6.35% 46 Credit Suisse 6.82% 6 6 BNP Paribas 5.29% 12 =4 UBS 6.35% 117 J.P.Morgan 5.66% 13 7 Merrill Lynch 4.53% =7 7 Merrill Lynch 5.08% 98 Citi 4.79% 15 8 Yuanta 4.48% 4 8 Daiwa Institute of Research 3.81% -9 BNP Paribas 3.73% 12 =9 Citi 3.40% 13

10 Merrill Lynch 3.20% 9 =9 KGI 3.40% 311 Lehman Brothers* 2.80% 8 =11 Fox-Pitt, Kelton 2.83% -12 Nomura 2.10% 5 =11 HSBC 2.83% -

=13 Fox-Pitt, Kelton 2.00% - =11 Lehman Brothers* 2.83% 6=13 HSBC 2.00% - =11 Morgan Stanley 2.83% 9=13 Morgan Stanley 2.00% 11 =15 MasterLink 2.27% -

16 MasterLink 1.60% - =15 Nomura 2.27% 1117 Daiwa Institute of Research 1.20% -18 Fubon 0.80% - * Polling period prior to the acquisition by Nomura


TAIWAN



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Eric Chen BNP Paribas 5.68% 1 1 Eric Chen BNP Paribas 6.52% 1 1 Sophia Cheng Merrill Lynch 7.34% =132 Peter Sutton CLSA 5.55% 6 2 Peter Sutton CLSA 6.23% 8 2 Arthur Hsieh UBS 4.79% =103 Sophia Cheng Merrill Lynch 5.07% 17 3 Sophia Cheng Merrill Lynch 5.64% 13 3 Peter Sutton CLSA 3.88% =164 William Dong UBS 4.99% 18 4 Nick Lai J.P.Morgan 4.39% - =4 Henry King Goldman Sachs 3.64% 35 Nick Lai J.P.Morgan 3.69% =29 5 Ernest Fong Credit Suisse 3.22% 19 =4 Nick Lai J.P.Morgan 3.64% -6 Ernest Fong Credit Suisse 3.31% 24 6 William Dong UBS 3.09% - 6 John Chung UBS 3.15% -7 Peter Kurz Citi 3.03% 5 7 James Kan CLSA 2.99% - 7 Robin Cheng UBS 2.97% -8 Henry King Goldman Sachs 2.90% 3 8 Julian Wang Deutsche Bank 2.94% - 8 Eric Chen BNP Paribas 2.91% =169 Andrew Lu Citi 2.61% 7 9 Daniel Chang Macquarie 2.92% 4 9 Julian Wang Deutsche Bank 2.73% =29

10 James Kan CLSA 2.50% - 10 Henry King Goldman Sachs 2.84% 2 10 Daniel Chang Macquarie 2.42% 111 Julian Wang Deutsche Bank 2.49% - 11 Andrew Lu Citi 2.54% 7 11 Peter Kurz Citi 2.24% 5

=12 Arthur Hsieh UBS 2.30% 15 12 Peter Kurz Citi 2.17% 5 12 Ernest Fong Credit Suisse 2.18% 8=12 Daniel Chang Macquarie 2.30% 4 13 Arthur Hsieh UBS 1.95% 18 13 Jessica Chang Credit Suisse 1.94% -

14 Jessica Chang Credit Suisse 2.00% - 14 Jessica Chang Credit Suisse 1.83% - =14 Andrew Lu Citi 1.82% 415 John Chung UBS 1.47% - 15 Robert Cheng Credit Suisse 1.64% =23 =14 Chris Hunt Macquarie 1.82% =1316 Robert Cheng Credit Suisse 1.22% =25 16 John Chung UBS 1.61% - =14 Ellen Chiu Macquarie 1.82% =1617 Robin Cheng UBS 1.13% - 17 Robin Cheng UBS 1.52% - =14 Jeffrey Su Merrill Lynch 1.82% -

=18 Shirley Tse UBS 1.10% - 18 Jim Hung Goldman Sachs 1.30% =26 =14 Raymond Hung J.P.Morgan 1.82% -=18 Steven Chan KGI 1.10% - 19 Shirley Tse UBS 1.24% - =14 Sean Yokota UBS 1.82% -

20 Ken Chen UBS 1.07% 2 20 Steven Chan KGI 1.21% - =14 Shirley Tse UBS 1.82% =1621 Sidney Yeh Credit Suisse 1.01% - 21 Jeffrey Su Merrill Lynch 1.18% - =14 William Dong UBS 1.82% 622 Jim Hung Goldman Sachs 0.97% - 22 Bradford Ti Citi 1.11% - 22 KC Kao Deutsche Bank 1.70% -

=23 Bradford Ti Citi 0.92% - 23 Szeho Ng BNP Paribas 1.05% - 23 Jim Hung Goldman Sachs 1.58% -=23 KC Kao Deutsche Bank 0.92% - 24 Dexter Hsu J.P.Morgan 1.03% - =24 Albert Hsu Merrill Lynch 1.45% -

25 Jessie Wang Morgan Stanley 0.89% - 25 Jessie Wang Morgan Stanley 1.01% - =24 Corinne Jian Macquarie 1.45% -26 Jeffrey Su Merrill Lynch 0.87% - 26 Terence Wu Yuanta 0.97% - =24 Gary Yu Morgan Stanley 1.45% -27 Szeho Ng BNP Paribas 0.78% - =27 Arthur Woo Merrill Lynch 0.93% - =24 Michael Chou Deutsche Bank 1.45% -28 Dexter Hsu J.P.Morgan 0.77% - =27 Chris Hunt Macquarie 0.93% 11 =24 Pandora Lee UBS 1.45% -29 Ellen Tseng Nomura 0.76% =29 =27 Corinne Jian Macquarie 0.93% - =29 Andy Kung Macquarie 1.21% -30 Felix Rusli Credit Suisse 0.74% - =27 Ellen Chiu Macquarie 0.93% - =29 Brandon Chen Merrill Lynch 1.21% -

=27 Geoff Boyd CLSA 0.93% - =29 Dave Chiou Nomura 1.21% -=27 Josephine Ho Lehman Brothers 0.93% - =29 George Chang Citi 1.21% -=27 Ken Chen UBS 0.93% 3 =29 Robert Cheng Credit Suisse 1.21% -=27 Kent Chan Lehman Brothers 0.93% - =29 Scott Weaver Macquarie 1.21% -=27 Lily Choi Morgan Stanley 0.93% 29 =29 Tim Moe Goldman Sachs 1.21% -=27 Michelle Cheng BNP Paribas 0.93% -=27 Raymond Hung J.P.Morgan 0.93% -=27 Sean Yokota UBS 0.93% -=27 Steve Pelayo HSBC 0.93% -=27 Terry Chan Credit Suisse 0.93% -

TAIWAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Yuanta 54.13% 1 1 Yuanta 57.40% 1 1 Yuanta 63.34% 12 KGI 20.05% 2 2 KGI 15.45% 2 2 KGI 12.63% 23 Fubon 11.14% 3 3 Fubon 13.21% 3 3 Fubon 9.53% 34 SinoPac 5.88% 4 4 SinoPac 4.94% 5 =4 Primasia 4.70% -5 Capital 2.58% 5 5 Capital 2.49% 4 =4 SinoPac 4.70% 46 Primasia 2.15% =12 6 Primasia 2.43% - 6 Taiwan 2.35% -7 Taiwan 1.07% 6 7 Taiwan 1.46% 9 7 Horizon 1.96% -8 Horizon 0.90% =12 8 Horizon 1.22% - 8 Capital 0.78% 7

=9 Jih Sun 0.72% =14 9 Polaris 0.81% =7=9 Polaris 0.72% =8 10 MasterLink 0.32% 1011 MasterLink 0.42% 10 11 Chinatrust 0.27% -12 Chinatrust 0.20% -13 IBTS 0.06% -


TAIWAN

OVERALL MEGA FUNDS HEDGE FUNDSBEST LOCAL BROKERAGE BEST LOCAL BROKERAGE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 11.53% 1 1 UBS 12.09% 3 1 UBS 12.99% 12 Macquarie 9.18% 3 2 Macquarie 10.12% 2 2 Merrill Lynch 12.43% 133 Credit Suisse 8.15% 10 3 Merrill Lynch 9.22% 7 3 Goldman Sachs 9.56% 74 Merrill Lynch 8.07% 8 4 Credit Suisse 7.59% 8 4 Yuanta 8.72% 35 CLSA 7.97% 5 5 Citi 7.53% 9 5 Deutsche Bank 8.51% 86 Citi 7.70% 9 6 CLSA 7.08% 5 6 Macquarie 7.25% 47 Yuanta 6.89% 7 7 J.P.Morgan 7.00% 13 7 CLSA 6.62% 68 J.P.Morgan 6.48% 14 8 Goldman Sachs 6.58% 11 8 Credit Suisse 5.86% 59 Goldman Sachs 5.41% 11 9 Yuanta 6.10% 6 9 Citi 5.34% 9

10 Deutsche Bank 5.11% 13 10 Deutsche Bank 5.53% 12 10 Morgan Stanley 4.04% 211 BNP Paribas 4.33% 2 11 BNP Paribas 4.95% 1 11 J.P.Morgan 4.02% 1712 Morgan Stanley 3.34% 4 12 Nomura 3.18% 10 12 BNP Paribas 2.42% 1213 Nomura 2.81% 6 13 Morgan Stanley 2.94% 4 13 KGI 1.94% 1014 KGI 2.78% 12 14 Fubon 1.92% 17 14 Primasia 1.86% -15 Fubon 2.19% 16 15 HSBC 1.66% 16 15 Nomura 1.82% 1116 Daiwa SMBC 1.48% 20 16 Primasia 0.92% - =16 Daiwa SMBC 1.61% -17 HSBC 1.47% 17 17 KGI 0.88% 14 =16 HSBC 1.61% 1418 SinoPac 1.15% 18 18 Daiwa SMBC 0.78% =20 18 SinoPac 1.45% 1619 Primasia 0.80% - =19 Auerbach Grayson 0.69% - 19 Auerbach Grayson 1.21% -20 Polaris 0.73% 23 =19 Lehman Brothers* 0.69% 15 20 Polaris 0.48% -21 Lehman Brothers* 0.60% 15 =19 Polaris 0.69% - 21 Barclays Capital 0.24% -22 Auerbach Grayson 0.52% - 22 SinoPac 0.62% =2023 RBS** 0.35% 19 23 RBS** 0.46% 1824 MasterLink 0.28% - 24 MasterLink 0.37% -25 Jih Sun 0.17% - 25 Jih Sun 0.23% -26 IBTS 0.16% - 26 IBTS 0.18% -

=27 Barclays Capital 0.10% -=27 Grand Cathay 0.10% - * Polling period prior to the acquisition by Nomura=27 Taiwan 0.10% - ** RBS - 2007 ranking of ABN AMRO

30 Fox-Pitt, Kelton 0.03% -


OVERALL

TAIWAN

OVERALL SALES SERVICES OVERALL SALES SERVICES OVERALL SALES SERVICESMEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 12.81% 2 1 UBS 10.84% 7 1 UBS 14.83% 72 CLSA 9.24% 4 2 CLSA 10.54% 2 2 Deutsche Bank 13.55% =103 Macquarie 7.63% 9 3 BNP Paribas 9.43% 1 3 CLSA 13.11% 24 BNP Paribas 7.51% 1 4 Macquarie 8.19% 3 4 Yuanta 10.11% 65 Credit Suisse 7.30% 6 5 Deutsche Bank 7.62% 13 5 Credit Suisse 8.15% 56 Deutsche Bank 7.06% 12 6 Credit Suisse 7.51% 6 6 Merrill Lynch 6.07% 167 Yuanta 6.52% 11 7 J.P.Morgan 6.83% 18 7 BNP Paribas 5.18% 158 Merrill Lynch 6.04% 13 8 Merrill Lynch 6.60% 16 8 Goldman Sachs 5.04% 99 J.P.Morgan 5.21% 15 9 Citi 5.29% 5 9 Citi 4.52% 4

10 Citi 4.91% 5 10 Goldman Sachs 4.90% 9 10 J.P.Morgan 3.55% =1811 Goldman Sachs 4.37% 10 11 Yuanta 4.73% 10 11 Macquarie 3.46% 312 Nomura 3.20% 3 12 Nomura 3.67% 8 12 SinoPac 2.67% 1413 KGI 2.84% 8 13 Morgan Stanley 2.06% 4 13 Primasia 2.22% -14 Morgan Stanley 2.52% 7 14 Fubon 1.98% 19 14 Morgan Stanley 2.07% 115 Fubon 2.46% 19 15 RBS* 1.38% 11 15 Nomura 1.78% 1216 SinoPac 2.01% 20 =16 Jih Sun 1.22% - 16 Lehman Brothers* 1.48% =1817 RBS* 1.01% 14 =16 Primasia 1.22% - 17 KGI 1.33% 8

=18 Daiwa SMBC 0.89% 21 18 SinoPac 1.19% 20 18 Barclays Capital 0.89% -=18 Jih Sun 0.89% 23 =19 Daiwa SMBC 0.97% 21=18 Primasia 0.89% 22 =19 MasterLink 0.97% - * Polling period prior to the acquisition by Nomura

21 Lehman Brothers** 0.83% 16 21 Lehman Brothers** 0.81% 1422 HSBC 0.82% 18 22 Taiwan 0.65% -

=23 MasterLink 0.71% - 23 HSBC 0.57% 17=23 Taiwan 0.71% - =24 KGI 0.41% 12=25 Barclays Capital 0.36% - =24 Polaris 0.41% -=25 Polaris 0.36% 24

27 Société Générale 0.27% - * RBS - 2007 ranking of ABN AMRO28 DBS Vickers 0.24% - ** Polling period prior to the acquisition by Nomura29 Grand Cathay 0.18% -30 Capital 0.15% 17


HEDGE FUNDS

TAIWAN

EXECUTION EXECUTION EXECUTIONOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 10.03% 6 1 CLSA 9.82% 4 1 CLSA 12.76% 72 Macquarie 9.53% 9 2 Credit Suisse 9.55% 2 2 Deutsche Bank 12.15% 103 UBS 9.47% 4 3 J.P.Morgan 9.50% 12 3 Merrill Lynch 11.85% 134 Deutsche Bank 8.87% 13 4 Deutsche Bank 9.30% 8 4 UBS 10.11% 55 Credit Suisse 8.20% 2 5 Macquarie 8.59% 7 5 J.P.Morgan 8.55% 176 J.P.Morgan 7.64% 14 6 UBS 8.48% 6 6 Yuanta 8.08% 37 Yuanta 6.62% 5 7 Merrill Lynch 7.37% 14 7 Credit Suisse 7.19% 28 Merrill Lynch 6.43% 11 8 BNP Paribas 6.75% 1 8 Goldman Sachs 5.04% 49 BNP Paribas 5.62% 1 9 Goldman Sachs 6.54% 9 9 Macquarie 4.89% 6

10 Goldman Sachs 5.42% 10 10 Yuanta 4.30% 5 10 BNP Paribas 4.07% =1111 Morgan Stanley 3.68% 3 11 Nomura 4.26% 13 11 Nomura 2.99% 1512 Nomura 3.48% 7 12 Morgan Stanley 3.10% 3 12 Citi 2.95% 813 KGI 2.48% 8 13 Citi 1.87% 10 13 Morgan Stanley 2.71% 114 Citi 2.33% 12 14 Fubon 1.39% 23 14 KGI 2.31% 915 Fubon 1.87% 20 15 HSBC 1.34% 17 15 HSBC 1.63% -16 SinoPac 1.38% 19 =16 Jih Sun 1.18% - 16 SinoPac 1.22% 1617 HSBC 1.36% 18 =16 KGI 1.18% 11 17 Barclays Capital 0.81% -18 Jih Sun 1.00% - 18 SinoPac 1.05% =20 18 Primasia 0.68% -19 Daiwa SMBC 0.91% 21 =19 Daiwa SMBC 0.95% 22

=20 RBS* 0.71% 15 =19 Taiwan 0.95% -=20 Taiwan 0.71% 25 21 RBS* 0.79% 15

22 Lehman Brothers** 0.49% 16 22 MasterLink 0.63% -23 MasterLink 0.47% - =23 Polaris 0.39% -24 Barclays Capital 0.35% - =23 Primasia 0.39% -

=25 Polaris 0.29% - 25 Lehman Brothers** 0.32% 18=25 Primasia 0.29% 23

27 Société Générale 0.27% 22 * RBS - 2007 ranking of ABN AMRO=28 Capital 0.06% 17 ** Polling period prior to the acquisition by Nomura=28 IBTS 0.06% -



TAIWAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 17.15% 1 1 UBS 18.57% 1 1 UBS 15.61% 12 CLSA 13.26% 2 2 CLSA 12.16% 2 2 Merrill Lynch 12.84% 43 Merrill Lynch 10.59% 5 3 Merrill Lynch 12.12% 6 3 CLSA 11.75% 34 Macquarie 10.44% 4 4 Macquarie 10.55% 4 4 Macquarie 10.00% 75 Credit Suisse 9.24% 3 5 Credit Suisse 9.51% 3 5 Credit Suisse 9.70% 26 Citi 6.52% 7 6 Citi 6.66% 7 6 Yuanta 6.62% 87 Yuanta 5.71% 11 7 Yuanta 5.14% 12 7 Citi 6.57% 68 J.P.Morgan 3.99% 8 8 Goldman Sachs 4.68% 9 8 Goldman Sachs 5.89% 99 Goldman Sachs 3.87% 9 9 Deutsche Bank 3.59% 8 9 Deutsche Bank 5.77% 5

10 Deutsche Bank 3.76% 10 =10 BNP Paribas 3.07% 5 10 KGI 3.07% 1011 Nomura 3.00% 12 =10 J.P.Morgan 3.07% 11 11 Nomura 2.65% 1312 KGI 2.89% 14 12 Nomura 2.58% 15 12 SinoPac 2.54% 1613 BNP Paribas 2.60% 6 13 KGI 2.39% 14 13 J.P.Morgan 2.43% 1114 Fubon 1.61% =19 14 Fubon 1.67% 16 14 Auerbach Grayson 1.59% -15 SinoPac 1.28% 16 15 SinoPac 1.15% 17 15 BNP Paribas 1.32% 1516 HSBC 0.90% 18 16 Auerbach Grayson 0.81% - 16 Morgan Stanley 1.01% 1217 Morgan Stanley 0.64% 13 17 HSBC 0.65% =18 17 Daiwa 0.64% -18 Auerbach Grayson 0.62% - 18 RBS* 0.54% 1319 Daiwa 0.61% 17 19 Morgan Stanley 0.35% 1020 RBS* 0.41% 15 =20 Lehman Brothers** 0.27% =1821 Lehman Brothers** 0.37% =19 =20 Polaris 0.27% -22 Polaris 0.21% - 22 MasterLink 0.22% -23 MasterLink 0.16% -24 Taiwan 0.08% - * RBS - 2007 ranking of ABN AMRO25 IBTS 0.04% - ** Polling period prior to the acquisition by Nomura

=26 Capital 0.03% -=26 LGI 0.03% -


TAIWAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 16.23% 1 1 CLSA 17.45% 1 1 CLSA 20.48% 32 Macquarie 10.51% 2 2 Macquarie 10.59% 2 2 Merrill Lynch 12.93% 93 UBS 10.42% 3 3 Merrill Lynch 9.95% 10 3 Macquarie 9.55% 54 Merrill Lynch 9.36% 10 4 UBS 9.73% 3 4 Goldman Sachs 9.46% 65 Yuanta 7.18% 7 5 J.P.Morgan 7.21% 9 5 Yuanta 9.35% 46 J.P.Morgan 6.46% 8 6 Yuanta 6.95% 7 6 UBS 8.54% 17 Credit Suisse 5.48% 5 7 Goldman Sachs 6.11% 8 7 Deutsche Bank 7.61% 128 Goldman Sachs 5.42% 9 8 Credit Suisse 5.39% 4 8 Citi 4.40% 79 Citi 5.09% 4 9 Citi 4.58% 6 9 Morgan Stanley 3.72% 10

10 Deutsche Bank 4.66% 14 10 Deutsche Bank 4.44% 13 10 KGI 2.75% 1111 KGI 3.38% 11 11 BNP Paribas 3.68% 5 11 J.P.Morgan 2.57% 812 BNP Paribas 3.24% 6 12 Morgan Stanley 3.02% 11 12 Nomura 2.52% 1613 Morgan Stanley 2.98% 12 13 Fubon 2.12% 20 13 SinoPac 2.17% 1714 Fubon 2.01% 18 14 KGI 2.01% 12 14 BNP Paribas 2.00% 1415 Nomura 1.84% 13 15 Nomura 1.78% 15 15 Credit Suisse 1.94% 216 SinoPac 1.73% 16 16 SinoPac 1.58% 1917 HSBC 1.04% 21 17 HSBC 0.97% 1818 Lehman Brothers* 0.81% 15 =18 RBS* 0.84% 1719 RBS** 0.64% 20 =18 Lehman Brothers** 0.84% 1420 Daiwa 0.59% 19 20 Polaris 0.56% -21 Polaris 0.47% - 21 IBTS 0.22% -22 IBTS 0.25% -23 Jih Sun 0.09% - * RBS - 2007 ranking of ABN AMRO24 Taiwan 0.04% - ** Polling period prior to the acquisition by Nomura

=25 Fox-Pitt, Kelton 0.03% -=25 UOB Kay Hian 0.03% -

27 Capital 0.02% 17


OVERALL MEGA FUNDS

TAIWAN

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISITHEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Yuanta 13.61% =8 1 Yuanta 15.25% =7 1 Yuanta 22.51% 52 UBS 11.71% 4 2 UBS 11.41% 2 2 Macquarie 12.50% 13 Macquarie 9.81% 3 3 Macquarie 8.81% 3 3 Merrill Lynch 11.08% -4 Credit Suisse 8.36% 12 4 Citi 7.96% 6 4 Deutsche Bank 10.65% 35 Citi 7.26% 2 5 BNP Paribas 7.48% 1 5 Goldman Sachs 8.95% 96 BNP Paribas 6.81% 1 6 Credit Suisse 7.17% 9 6 UBS 6.82% 27 KGI 6.68% 5 7 Deutsche Bank 6.91% 5 7 BNP Paribas 6.39% 158 Deutsche Bank 5.53% 7 8 Nomura 5.71% 14 =8 Credit Suisse 4.26% =119 Nomura 4.80% =8 =9 HSBC 3.80% 15 =8 KGI 4.26% 4

10 Merrill Lynch 4.20% 16 =9 J.P.Morgan 3.80% =12 =8 Tree Line 4.26% -11 Goldman Sachs 3.75% 6 =9 Merrill Lynch 3.80% 16 11 Citi 3.62% =1112 J.P.Morgan 3.68% 11 =12 KGI 3.42% 4 12 SinoPac 2.56% 1413 HSBC 3.00% 15 =12 Lehman Brothers* 3.42% =12 13 Morgan Stanley 2.13% 614 Lehman Brothers* 2.70% 14 14 Goldman Sachs 2.85% =715 SinoPac 2.10% =17 15 Tree Line 1.90% -16 Tree Line 1.50% - =16 Fubon 1.52% -

=17 CLSA 1.28% 10 =16 MasterLink 1.52% -=17 Fubon 1.28% =17 =16 SinoPac 1.52% -

19 MasterLink 1.20% - 19 Morgan Stanley 0.95% 1120 Morgan Stanley 0.75% 13 20 CLSA 0.76% 10


OVERALL MEGA FUNDS

TAIWAN

MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGE MOST IMPROVED BROKERAGEHEDGE FUNDS


ORSRank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 2007

1 Nancy Wu BNP Paribas 4.88% 1 1 Nancy Wu BNP Paribas 6.01% 1 1 Solomon Chang Yuanta 4.75% 32 Benjamin Shen Nomura 3.59% 2 2 Benjamin Shen Nomura 4.41% 2 2 Duncan Wagner Credit Suisse 4.17% 13 Ada Cheng UBS 2.63% 7 3 Ada Cheng UBS 3.39% 10 3 Dave Chen Citi 3.24% =114 Solomon Chang Yuanta 2.41% 14 4 Andrew Leakey J.P.Morgan 2.92% 20 4 Joanna Shih Yuanta 3.19% 6

=5 Andrew Leakey J.P.Morgan 2.38% 24 5 Thomas Bookout Macquarie 2.74% =6 5 Thomas Bookout Macquarie 3.02% =4=5 Duncan Wagner Credit Suisse 2.38% 4 6 Duncan Wagner Credit Suisse 2.67% 3 6 Jenny Chou UBS 2.93% -=7 Jenny Chou UBS 2.33% - 7 Joanna Shih Yuanta 2.61% 11 7 Hubert King Deutsche Bank 2.80% =20=7 Julie Tsai UBS 2.33% 6 8 Jenny Chou UBS 2.56% - 8 James Wu UBS 2.72% 2

9 Joanna Shih Yuanta 2.17% 9 9 Julie Tsai UBS 2.41% =6 9 Nancy Wu BNP Paribas 2.59% 1810 Thomas Bookout Macquarie 2.12% =10 =10 Colleen Chang Citi 2.22% 22 10 Julie Tsai UBS 2.50% =411 Stacey Wang Nomura 2.09% - =10 Stacey Wang Nomura 2.22% - 11 Colleen Chang Citi 2.44% -12 Colleen Chang Citi 1.98% 18 12 Mei Yu Shih Merrill Lynch 1.94% - 12 Richard Liu Credit Suisse 2.33% -13 Joshua Meyers Credit Suisse 1.82% - 13 Dave Chen Citi 1.88% =25 =13 Bernard Liu Goldman Sachs 2.16% -14 Richard Liu Credit Suisse 1.71% 21 =14 Philip Liu Macquarie 1.85% - =13 Juan Tseng Yuanta 2.16% -15 Philip Liu Macquarie 1.66% - =14 Solomon Chang Yuanta 1.85% 13 =13 Michelle Wu Deutsche Bank 2.16% -16 Michelle Wu Deutsche Bank 1.61% 17 =16 Joshua Meyers Credit Suisse 1.75% - =16 Jacqueline Chen Merrill Lynch 2.07% =2317 Juan Tseng Yuanta 1.51% 13 =16 Juan Tseng Yuanta 1.75% 17 =16 Walter Lee KGI 2.07% 2518 Mei Yu Shih Merrill Lynch 1.50% - 18 Hubert King Deutsche Bank 1.71% - 18 Andrew Leakey J.P.Morgan 1.84% =1119 Dave Chen Citi 1.46% =30 19 Michelle Wu Deutsche Bank 1.63% 14 =19 Benjamin Shen Nomura 1.73% 720 Hubert King Deutsche Bank 1.33% - =20 Jason Lin J.P.Morgan 1.30% - =19 Mei Yu Shih Merrill Lynch 1.73% -

=21 Jennifer Yuan CLSA 1.32% - =20 Jennifer Yuan CLSA 1.30% - =19 Theodore Teo Merrill Lynch 1.73% -=21 Theodore Teo Merrill Lynch 1.32% - =20 Theodore Teo Merrill Lynch 1.30% - 22 Janet Yu Goldman Sachs 1.55% -

23 James Wu UBS 1.29% 3 23 Bernard Liu Goldman Sachs 1.25% - =23 Adam Moss CLSA 1.29% -24 Jason Lin J.P.Morgan 1.24% - 24 James Wu UBS 1.21% 4 =23 Charity Lin CLSA 1.29% -25 Elizabeth Yang CLSA 1.20% - 25 Jacqueline Chen Merrill Lynch 1.20% =30 =23 David Huang Daiwa SMBC 1.29% -26 Jacqueline Chen Merrill Lynch 1.13% =30 26 Mark Duncan Macquarie 1.17% - =23 Eson Wang Deutsche Bank 1.29% -27 Noreen Niu KGI 1.10% 5 27 Alex Wu Goldman Sachs 1.13% 5 =23 January Yen Auerbach Grayson 1.29% -28 Victor Lin J.P.Morgan 1.07% - =28 Elizabeth Yang CLSA 1.10% - =23 Jason York J.P.Morgan 1.29% -29 Karen Eng CLSA 1.05% 29 =28 Janet Yu Goldman Sachs 1.10% - =23 Joyce Hsieh Goldman Sachs 1.29% -30 Annie Tsai BNP Paribas 1.01% - =28 Juno Lee SinoPac 1.10% - =23 Noreen Niu KGI 1.29% =11

=23 Timothy Greaton Goldman Sachs 1.29% -=23 Wesley Kong Credit Suisse 1.29% -


TAIWAN



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 21.27% 2 1 CLSA 23.91% 2 1 CLSA 21.17% 12 Phatra 16.12% 1 2 Phatra 15.09% 3 2 Phatra 13.11% 43 J.P.Morgan 9.03% 6 3 J.P.Morgan 10.64% 8 3 Credit Suisse 11.06% 54 UBS 8.19% 3 4 UBS 8.79% 1 4 UBS 10.74% 25 Credit Suisse 7.19% 4 5 Credit Suisse 7.68% 5 5 J.P.Morgan 5.85% 96 BNP Paribas* 6.93% 8 6 TMB Macquarie 7.59% 4 =6 CIMB 5.69% 77 TMB Macquarie 6.27% 5 7 BNP Paribas* 5.65% 6 =6 DB-TISCO 5.69% 68 Citi 4.85% 9 8 DB-TISCO 5.00% 7 8 TMB Macquarie 5.53% 39 DB-TISCO 4.27% 7 9 Citi 3.42% 9 9 Citi 3.63% 8

10 Thanachart 3.50% - 10 Thanachart 2.50% - 10 BNP Paribas* 3.32% 1511 CIMB 2.70% 10 11 SCBS 2.31% 10 =11 Goldman Sachs 2.37% 1312 DBS Vickers 1.78% 14 =12 CIMB 1.39% 12 =11 Thanachart 2.37% -13 SCBS 1.55% 11 =12 Goldman Sachs 1.39% =14 13 RBS 1.90% -14 TISCO 1.03% 12 14 Morgan Stanley 1.20% - 14 SCBS 1.58% 10

=15 RBS** 0.92% 17 =15 Capital Nomura 0.74% - =15 KGI 1.26% -=15 Goldman Sachs 0.92% =15 =15 KGI 0.74% - =15 Morgan Stanley 1.26% -

17 Morgan Stanley 0.80% - =15 Syrus 0.74% - =15 Syrus 1.26% -18 Capital Nomura 0.51% 19 18 Lehman Brothers** 0.46% - 18 DBS Vickers 0.95% -

=19 KGI 0.49% =21 =19 Kim Eng 0.37% 11 =19 Kim Eng 0.63% 11=19 Syrus 0.49% - =19 TISCO 0.37% 13 =19 TISCO 0.63% 12

21 Kim Eng 0.37% 1322 Lehman Brothers*** 0.31% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart * BNP Paribas - 2007 ranking of BNP Paribas Thanachart23 Bualuang 0.28% =21 ** Polling period prior to the acquisition by Nomura24 Adkinson 0.18% -25 KTBS 0.03% -26 Seamico 0.02% 20

* BNP Paribas - 2007 ranking of BNP Paribas Thanachart** RBS - 2007 ranking of ABN AMRO*** Polling period prior to the acquisition by Nomura


THAILAND


All rights reserved. All material is subject to strictly enforced copyright laws. © Euromoney Institutional Investor (Jersey) Limited 2008. THAILAND: Page 1 of 19

Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 27.33% 3 1 CLSA 29.85% =5 1 CLSA 22.42% 32 Phatra 20.06% 1 2 Phatra 25.03% 2 2 Phatra 16.70% 13 BNP Paribas* 8.66% 8 3 J.P.Morgan 8.77% 1 3 CIMB 12.31% 114 J.P.Morgan 8.32% 2 4 TMB Macquarie 8.60% 3 4 BNP Paribas 9.67% -5 TMB Macquarie 5.72% 4 5 BNP Paribas* 7.48% =7 5 UBS 8.35% 76 UBS 5.20% 5 6 Citi 4.00% =12 6 Citi 7.25% 107 CIMB 4.99% 14 7 UBS 3.61% =5 =7 J.P.Morgan 4.40% 28 Citi 4.58% 12 =8 CIMB 2.58% - =7 Thanachart 4.40% -9 Credit Suisse 2.83% 7 =8 SCBS 2.58% =7 9 DB-TISCO 3.52% 5

10 Thanachart 2.70% - =8 Thanachart 2.58% - =10 Credit Suisse 2.20% =811 DB-TISCO 2.33% 6 =11 Credit Suisse 1.29% =9 =10 Goldman Sachs 2.20% =812 SCBS 1.66% 9 =11 DB-TISCO 1.29% 4 =10 TMB Macquarie 2.20% 413 DBS Vickers 1.50% 10 =11 Goldman Sachs 1.29% =9 13 TISCO 1.76% -14 TISCO 1.29% 15 14 TISCO 1.03% - =14 RBS 1.32% -15 Goldman Sachs 0.83% 11 =14 DBS Vickers 1.32% -16 Bualuang 0.75% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart17 Kim Eng 0.54% 1718 RBS 0.50% -19 KGI 0.17% 1620 Capital Nomura 0.04% -

* BNP Paribas - 2007 ranking of BNP Paribas Thanachart

HEDGE FUNDS

THAILAND

STRATEGY STRATEGY STRATEGYOVERALL MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Phatra 24.72% 1 1 Phatra 25.43% 1 1 CLSA 29.46% =52 CLSA 21.20% 5 2 CLSA 22.82% =7 2 Phatra 17.05% 13 UBS 13.14% 3 3 UBS 13.81% 3 3 UBS 8.79% 24 J.P.Morgan 8.63% 2 4 J.P.Morgan 13.50% 2 4 Credit Suisse 7.75% 85 Credit Suisse 4.61% 6 5 Credit Suisse 4.71% 6 5 CIMB 6.72% 106 SCBS 3.31% 8 =6 CIMB 3.14% - 6 DB-TISCO 5.68% 47 CIMB 3.16% 15 =6 Morgan Stanley 3.14% 11 7 Citi 4.91% -8 BNP Paribas* 3.11% 9 =6 SCBS 3.14% 9 8 BNP Paribas 4.65% -9 DB-TISCO 2.81% 4 9 TISCO 2.51% - 9 TISCO 4.13% -

10 TISCO 2.76% 12 10 Citi 2.04% - =10 Goldman Sachs 2.58% 911 Citi 2.71% 16 =11 DB-TISCO 1.57% 4 =10 J.P.Morgan 2.58% 312 Thanachart 2.21% - =11 Goldman Sachs 1.57% =12 =10 Thanachart 2.58% -13 Morgan Stanley 2.01% 11 =11 Thanachart 1.57% - =13 RBS 1.55% -14 DBS Vickers 1.86% 10 14 TMB Macquarie 1.05% 5 =13 DBS Vickers 1.55% -15 TMB Macquarie 1.27% 716 Goldman Sachs 1.00% =1317 RBS 0.60% -18 KTBS 0.50% -

=19 KGI 0.20% =17=19 Kim Eng 0.20% 19


THAILAND

OVERALL MEGA FUNDS HEDGE FUNDSMACROECONOMICS MACROECONOMICS MACROECONOMICS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 15.57% 5 1 CLSA 21.93% =6 =1 CIMB 22.78% =102 CIMB 12.06% 12 2 CIMB 12.53% 13 =1 CLSA 22.78% 33 BNP Paribas* 8.80% 4 3 Phatra 11.75% 8 3 BNP Paribas* 12.10% -4 SCBS 8.48% 11 4 SCBS 10.44% =9 =4 Credit Suisse 7.12% 95 Phatra 7.58% 7 5 UBS 7.83% =4 =4 SCBS 7.12% =46 UBS 7.17% 9 6 BNP Paribas* 6.79% =4 6 Citi 6.41% =127 Capital Nomura 5.87% - =7 Capital Nomura 5.22% - =7 Kim Eng 5.69% =48 Thanachart 5.22% - =7 Credit Suisse 5.22% 12 =7 TISCO 5.69% =49 Kim Eng 4.48% 10 =7 J.P.Morgan 5.22% - 9 UBS 4.27% =4

10 TISCO 4.32% 1 10 Citi 4.70% 3 =10 RBS 2.14% -11 Citi 4.24% 6 =11 Kim Eng 4.18% =9 =10 DBS Vickers 2.14% =4

=12 Credit Suisse 3.91% 13 =11 TISCO 4.18% =9 12 Phatra 1.78% =12=12 J.P.Morgan 3.91% 16

14 Seamico 3.02% 17 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart * BNP Paribas - 2007 ranking of BNP Paribas Thanachart15 DBS Vickers 2.93% 816 Bualuang 1.47% -17 RBS 0.98% -



THAILAND

SMALL CAPS SMALL CAPS SMALL CAPS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 22.96% 2 1 CLSA 26.94% 1 1 CLSA 28.16% 12 J.P.Morgan 13.94% 3 2 J.P.Morgan 16.99% 4 2 Credit Suisse 11.93% -3 Phatra 11.14% 1 3 TMB Macquarie 12.44% 6 3 Citi 10.98% 104 TMB Macquarie 10.70% 6 4 Phatra 10.17% 3 4 Phatra 10.26% 55 Citi 8.99% 7 5 Citi 9.78% 7 5 J.P.Morgan 7.16% =66 BNP Paribas* 8.90% 10 6 BNP Paribas* 7.21% =13 6 CIMB 6.21% 117 Credit Suisse 5.82% 11 7 Credit Suisse 6.44% - 7 BNP Paribas 5.25% -8 Thanachart 4.03% - =8 CIMB 2.57% =9 =8 TMB Macquarie 4.77% 49 CIMB 3.67% 12 =8 DB-TISCO 2.57% 2 =8 Thanachart 4.77% -

10 DB-TISCO 2.93% 4 =8 Thanachart 2.57% - =10 DB-TISCO 2.86% 211 UBS 2.89% 5 11 UBS 1.29% 5 =10 UBS 2.86% 312 TISCO 1.28% 13 12 TISCO 1.03% =9 12 TISCO 1.91% =613 RBS 1.10% - =13 RBS 1.43% -14 DBS Vickers 0.60% 9 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart =13 DBS Vickers 1.43% -15 SCBS 0.50% 1416 Bualuang 0.37% -17 Kim Eng 0.18% 18


THAILAND

BANKS BANKSOVERALL MEGA FUNDS HEDGE FUNDS

BANKS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 UBS 23.10% 1 1 UBS 27.31% 1 1 CLSA 17.19% =42 CLSA 13.18% 2 2 J.P.Morgan 14.15% 5 2 Credit Suisse 16.05% 23 J.P.Morgan 10.73% 5 3 CLSA 12.66% 2 3 UBS 12.03% 14 Credit Suisse 10.20% 3 4 Credit Suisse 12.29% 3 4 J.P.Morgan 11.46% =45 Phatra 8.63% 4 5 Phatra 9.93% 6 5 CIMB 10.89% 106 CIMB 6.32% 12 6 Citi 6.15% 4 6 BNP Paribas 6.30% -7 Citi 5.49% 6 7 CIMB 5.59% - =7 TMB Macquarie 5.73% -8 BNP Paribas* 4.59% 9 8 TMB Macquarie 3.72% - =7 Phatra 5.73% =79 TISCO 2.98% 15 9 BNP Paribas* 3.35% 11 9 TISCO 4.58% -

10 Kasikorn 2.50% - 10 TISCO 2.98% - 10 Citi 3.72% 311 TMB Macquarie 2.39% 13 11 SCBS 1.86% =8 11 SCBS 2.87% =712 DBS Vickers 2.21% 11 =12 RBS 1.72% -13 RBS 2.15% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart =12 DBS Vickers 1.72% -14 SCBS 1.67% 815 Thanachart 1.43% -16 Lehman Brothers** 0.95% 1417 DB-TISCO 0.83% 718 Capital Nomura 0.48% -19 KTBS 0.12% -20 Kim Eng 0.06% =16

* BNP Paribas - 2007 ranking of BNP Paribas Thanachart** Polling period prior to the acquisition by Nomura

THAILAND

ENERGY ENERGY ENERGYOVERALL MEGA FUNDS HEDGE FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Credit Suisse 18.31% 1 1 Credit Suisse 21.97% 1 1 Credit Suisse 25.68% 12 UBS 17.48% 3 2 UBS 19.37% 5 2 CLSA 19.46% =43 CLSA 13.03% 2 3 CLSA 15.56% 2 3 Citi 12.84% -4 Citi 12.26% 10 4 Citi 13.50% - 4 CIMB 10.12% 95 Phatra 8.51% 6 5 Phatra 7.63% =6 5 Syrus 6.23% -6 BNP Paribas* 7.45% 8 =6 BNP Paribas* 4.58% 9 =6 BNP Paribas 4.67% -7 CIMB 4.19% 12 =6 CIMB 4.58% - =6 UBS 4.67% =78 J.P.Morgan 3.41% 4 =6 J.P.Morgan 4.58% 3 =8 Goldman Sachs 3.89% =49 Syrus 2.48% - 9 Syrus 3.66% - =8 TMB Macquarie 3.89% -

10 RBS 2.17% - =10 Goldman Sachs 2.29% =6 =8 Phatra 3.89% =711 Thanachart 2.09% - =10 TMB Macquarie 2.29% - =11 RBS 2.33% -12 TISCO 1.71% 13 =11 DBS Vickers 2.33% -

=13 Goldman Sachs 1.55% 9 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart=13 TMB Macquarie 1.55% 11

15 KTBS 1.24% -16 DBS Vickers 0.93% 1617 Capital Nomura 0.78% 1418 Bualuang 0.62% -19 Kim Eng 0.23% 15


THAILAND

MATERIALSOVERALL MEGA FUNDS HEDGE FUNDS

MATERIALS MATERIALS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 23.77% 4 1 CLSA 25.80% 3 1 CLSA 32.78% 32 Citi 12.59% 6 2 Citi 15.83% 5 2 Citi 11.71% 53 Credit Suisse 9.43% 1 3 Credit Suisse 13.68% 1 3 UBS 10.70% 24 Phatra 8.77% 3 4 CIMB 7.82% 10 4 CIMB 8.70% 95 UBS 7.74% 2 5 J.P.Morgan 7.04% 6 5 Phatra 6.02% 46 BNP Paribas* 7.47% 7 6 Phatra 6.78% 8 6 Syrus 5.35% -7 CIMB 6.40% 9 7 UBS 5.86% 2 =7 BNP Paribas 4.01% -8 J.P.Morgan 5.12% 8 8 BNP Paribas* 3.91% 7 =7 TMB Macquarie 4.01% 89 TMB Macquarie 4.04% 5 9 Morgan Stanley 3.52% - =9 Credit Suisse 3.34% 1

10 Thanachart 3.23% - =10 TMB Macquarie 3.13% 4 =9 Goldman Sachs 3.34% -=11 Morgan Stanley 2.42% - =10 Syrus 3.13% - =9 Morgan Stanley 3.34% -=11 TISCO 2.42% 12 12 Goldman Sachs 1.95% 11 12 TISCO 2.68% -

13 Syrus 2.15% - 13 TISCO 1.56% - =13 RBS 2.01% -14 Goldman Sachs 1.35% 11 =13 DBS Vickers 2.01% -

=15 RBS 0.81% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart=15 DBS Vickers 0.81% =13=15 KTBS 0.81% -

18 DB-TISCO 0.67% 19


OVERALL MEGA FUNDS

THAILAND

TELECOMMUNICATION SERVICES TELECOMMUNICATION SERVICES TELECOMMUNICATION SERVICESHEDGE FUNDS


Rank Firm % 2007* Rank Firm % 2007* Rank Firm % 2007*1 CLSA 20.30% 1 CLSA 23.66% 1 CLSA 24.29%2 UBS 15.36% 2 Credit Suisse 12.96% 2 Citi 13.36%3 Credit Suisse 8.30% =3 TMB Macquarie 11.27% =3 CIMB 10.53%4 Citi 7.94% =3 UBS 11.27% =3 Credit Suisse 10.53%5 TMB Macquarie 7.06% 5 Citi 9.30% 5 TMB Macquarie 8.10%6 BNP Paribas 5.91% 6 J.P.Morgan 7.32% 6 Syrus 6.48%7 CIMB 4.94% =7 CIMB 5.63% =7 BNP Paribas 4.86%8 J.P.Morgan 4.77% =7 DB-TISCO 5.63% =7 UBS 4.86%9 Thanachart 4.24% 9 Syrus 4.51% =9 Goldman Sachs 4.05%

10 Phatra 3.88% =10 Goldman Sachs 2.82% =9 Phatra 4.05%11 DB-TISCO 3.71% =10 Phatra 2.82% =9 SCBS 4.05%12 Syrus 2.82% =10 SCBS 2.82% =12 RBS 2.43%13 TISCO 2.03% =12 DBS Vickers 2.43%14 SCBS 1.85% * Category not polled in 200715 Goldman Sachs 1.77% * Category not polled in 200716 Kasikorn 1.41%17 DBS Vickers 1.15%18 RBS 1.06%19 Bualuang 0.79%20 Capital Nomura 0.71%


OVERALL MEGA FUNDS

THAILAND

HEDGE FUNDSUTILITIES UTILITIES UTILITIES


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 40.26% =1 1 CLSA 38.84% 2 1 CLSA 58.54% 12 Phatra 14.90% =1 2 Phatra 20.09% 1 =2 CIMB 12.20% -3 BNP Paribas* 7.74% 9 3 TMB Macquarie 8.93% =5 =2 Phatra 12.20% =34 Thanachart 5.42% - 4 J.P.Morgan 8.04% 4 4 Syrus 9.76% -5 TMB Macquarie 5.16% 5 =5 CIMB 6.70% - 5 BNP Paribas 7.32% -6 J.P.Morgan 4.65% 4 =5 Credit Suisse 6.70% 37 CIMB 4.26% =12 =7 BNP Paribas* 5.36% =88 Credit Suisse 3.87% 3 =7 Syrus 5.36% -9 Syrus 3.10% -

=10 DBS Vickers 2.32% =12 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart=10 SCBS 2.32% -=10 UOB Kay Hian 2.32% -

13 UBS 1.55% 6=14 Adkinson 0.77% =7=14 Citi 0.77% -

16 TISCO 0.39% 1117 KTBS 0.19% -


THAILAND



Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Andrew Stotz CLSA 16.91% - 1 Andrew Stotz CLSA 17.08% - 1 Andrew Stotz CLSA 15.71% -2 Sriyan Pietersz J.P.Morgan 6.81% 1 2 Sriyan Pietersz J.P.Morgan 7.79% 1 2 Ian Gisbourne Phatra 10.09% 13 Alastair MacDonald TMB Macquarie 5.64% 7 =3 Alastair MacDonald TMB Macquarie 7.03% 5 3 Maria Lapiz J.P.Morgan 8.15% -4 Chutima Woramontri Thanachart 5.62% 3 =3 Peter Gastreich UBS 7.03% 14 4 Dan Fineman Credit Suisse 6.21% -5 Peter Gastreich UBS 5.09% 12 5 Ian Gisbourne Phatra 6.06% =2 5 Peter Gastreich UBS 5.82% -6 Ian Gisbourne Phatra 4.64% 2 6 Chutima Woramontri Thanachart 5.41% =2 6 Alastair Macdonald TMB Macquarie 5.04% 67 Dan Fineman Credit Suisse 3.48% - 7 Dan Fineman Credit Suisse 4.76% - 7 Kasem Prunratanamala CIMB 4.66% 88 Supavud Saicheua Phatra 3.39% 5 8 Maria Lapiz J.P.Morgan 4.54% - 8 Supavud Saicheua Phatra 4.36% 79 Maria Lapiz J.P.Morgan 3.29% - 9 Supavud Saicheua Phatra 2.97% 6 9 Chutima Woramontri Thanachart 4.07% -

10 Kasem Prunratanamala CIMB 3.15% =14 10 Sukit Chawalitakul J.P.Morgan 2.60% 10 10 Sriyan Pietersz J.P.Morgan 3.88% 211 Athaporn Arayasantiparb UBS 2.98% =23 11 Athaporn Arayasantiparb UBS 2.49% =20 11 Richard Moe CLSA 3.69% =1312 Therapong Vachirapong Phatra 2.41% 13 12 Kasem Prunratanamala CIMB 2.05% - =12 Joshua Tanja UBS 2.91% -13 Pimpaka Nichgaroon Thanachart 2.35% - 13 Therapong Vachirapong Phatra 1.95% 13 =12 Supavut C Merrill Lynch 2.91% -14 Sukit Chawalitakul J.P.Morgan 1.92% 8 =14 Anne Jirajariyavech J.P.Morgan 1.62% - 14 Chanpen Sirithanarattanaku DBS Vickers 2.72% -15 Pisit Juatirak CLSA 1.88% - =14 Butsakon Khoosuwan UBS 1.62% =25 15 Poramet Tongbua TISCO 2.33% =916 Paworamon Suvarnatemee Credit Suisse 1.72% 17 =14 James Moss CLSA 1.62% - =16 Butsakon Khoosuwan UBS 1.94% =1717 Anne Jirajariyavech J.P.Morgan 1.64% - =14 Jiraporn Bumrungchatudom Merrill Lynch 1.62% - =16 Chinnarat Boonmahanark Credit Suisse 1.94% -18 Richard Moe CLSA 1.49% =23 =14 Joshua Tanja UBS 1.62% - =16 Sukit Chawalitakul J.P.Morgan 1.94% =2619 Supanna Suwankird Thanachart 1.47% 22 =14 Naruedee Termariyabuit Citi 1.62% - =19 Paworamon Suvarnatemee Credit Suisse 1.75% 25

=20 Naruedee Termariyabuit Citi 1.41% - =14 Pisit Juatirak CLSA 1.62% - =19 Pisit Juatirak CLSA 1.75% -=20 Poramet Tongbua TISCO 1.41% 11 =14 Sansanee Srijamjuree DB-TISCO 1.62% - =19 Wattaipun Ekataksin CIMB 1.75% -=20 Supavut C Merrill Lynch 1.41% - =14 Supavut C Merrill Lynch 1.62% - 22 Colin McCallum Credit Suisse 1.16% =17

23 Jiraporn Linmaneechote Phatra 1.25% - =23 Jiraporn Linmaneechote Phatra 1.30% - =23 James Moss CLSA 0.97% -=24 Butsakon Khoosuwan UBS 1.17% 27 =23 Pimpaka Nichgaroon Thanachart 1.30% - =23 Navin Killa Morgan Stanley 0.97% -=24 James Moss CLSA 1.17% - =23 Poramet Tongbua TISCO 1.30% 8 =23 Sarinee Sernsukskul* Credit Suisse 0.97% -=24 Jiraporn Bumrungchatudom Merrill Lynch 1.17% - =26 Chinnarat Boonmahanark Credit Suisse 1.08% - =23 Thitithep Nophaket Phatra 0.97% -=24 Joshua Tanja UBS 1.17% - =26 Paworamon Suvarnatemee Credit Suisse 1.08% =15 27 Gary Yu Morgan Stanley 0.78% -=24 Sansanee Srijamjuree DB-TISCO 1.17% - =26 Richard Moe CLSA 1.08% =20 28 Jack Kneeland UBS 0.58% -=24 Sarachada Sornsong Thanachart 1.17% - 29 Chai Techakumpuch Credit Suisse 0.87% -

30 Chanpen Sirithanarattanaku DBS Vickers 1.10% 20 =30 Chanpen Sirithanarattanaku DBS Vickers 0.54% =20 * Sarinee Sernsukskul has left Credit Suisse=30 Matthew Wilson Morgan Stanley 0.54% -=30 Navin Killa Morgan Stanley 0.54% -=30 Sarinee Sernsukskul* Credit Suisse 0.54% -=30 Supanna Suwankird BNP Paribas 0.54% 19=30 Suppata Srisuk Bualuang 0.54% -=30 Thitithep Nophaket Phatra 0.54% -

* Sarinee Sernsukskul has left Credit Suisse

THAILAND

OVERALL MEGA FUNDS HEDGE FUNDSBEST ANALYSTBEST ANALYST BEST ANALYST


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 Phatra 34.30% 1 1 Phatra 33.50% 1 1 SCBS 42.31% 22 SCBS 22.03% 2 2 SCBS 32.02% 2 2 Phatra 27.69% 13 TISCO 16.95% 3 3 TISCO 17.24% 3 3 TISCO 16.15% 64 Thanachart 8.67% - 4 Kasikorn 4.93% - 4 Syrus 6.15% -5 Kasikorn 4.69% - =5 Syrus 3.94% - 5 Seamico 4.62% =36 Seamico 3.75% 4 =5 Thanachart 3.94% - 6 Adkinson 3.08% =37 Bualuang 2.58% 9 7 Bualuang 2.46% -8 Syrus 2.50% - 8 Adkinson 1.97% =49 KTBS 2.03% 8

10 Adkinson 1.56% 511 Asia Plus 0.94% 10


THAILAND

BEST LOCAL BROKERAGE BEST LOCAL BROKERAGE BEST LOCAL BROKERAGE


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 19.91% 1 1 CLSA 22.04% 1 1 CLSA 18.09% 12 UBS 11.40% 2 2 UBS 13.75% 2 2 Credit Suisse 13.15% 23 Phatra 10.93% 4 3 Phatra 11.15% 4 =3 Phatra 12.11% 84 Credit Suisse 8.98% 3 4 Credit Suisse 10.57% 3 =3 UBS 12.11% 65 TMB Macquarie 7.40% 6 5 TMB Macquarie 8.65% 7 5 CIMB 8.97% 46 J.P.Morgan 6.26% 10 6 J.P.Morgan 5.96% 10 6 TMB Macquarie 7.47% 57 BNP Paribas* 6.02% 7 =7 Citi 5.29% 8 7 SCBS 5.98% 98 Citi 5.15% 9 =7 SCBS 5.29% 11 8 BNP Paribas* 5.38% =139 CIMB 4.19% 5 9 BNP Paribas* 3.27% =5 9 DB-TISCO 2.69% 3

10 SCBS 4.09% 11 =10 CIMB 2.60% 9 10 Citi 2.39% 711 Thanachart 3.94% - =10 Thanachart 2.60% - 11 Thanachart 2.24% -12 DBS Vickers 2.45% 13 =12 DBS Vickers 1.44% 14 12 J.P.Morgan 1.79% 1013 RBS** 1.74% 21 =12 DB-TISCO 1.44% =5 13 DBS Vickers 1.64% -14 DB-TISCO 1.12% 8 =14 RBS 0.96% - 14 Goldman Sachs 1.49% -15 Capital Nomura 1.09% 12 =14 Goldman Sachs 0.96% - =15 KGI 1.20% -16 TISCO 1.07% 14 =14 Lehman Brothers** 0.96% - =15 Syrus 1.20% -17 UOB Kay Hian 0.73% 20 =17 Capital Nomura 0.77% - 17 RBS** 0.90% 1718 Kim Eng 0.71% 15 =17 KGI 0.77% - =18 Kim Eng 0.60% =11

=19 Goldman Sachs 0.62% - =17 Syrus 0.77% - =18 TISCO 0.60% =11=19 Lehman Brothers*** 0.62% - =20 Kim Eng 0.38% =12=21 KGI 0.50% =24 =20 TISCO 0.38% =12 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart=21 Syrus 0.50% - ** RBS - 2007 ranking of ABN AMRO

23 Bualuang 0.29% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart24 Adkinson 0.12% 16 ** Polling period prior to the acquisition by Nomura25 KTBS 0.08% -

=26 Fox-Pitt, Kelton 0.05% -=26 Merchant Partners 0.05% -

28 Phillip 0.02% 22



THAILAND



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 15.95% 2 1 CLSA 15.63% 2 1 CLSA 21.71% 22 Phatra 9.18% 4 2 TMB Macquarie 11.72% 6 2 Credit Suisse 13.03% 13 UBS 8.96% 3 3 Credit Suisse 10.60% 1 3 CIMB 12.01% 54 BNP Paribas* 8.37% 9 4 UBS 10.42% 3 4 UBS 8.43% 45 Credit Suisse 8.02% 1 5 Phatra 10.33% 4 5 DB-TISCO 6.64% 36 TMB Macquarie 7.88% 6 6 CIMB 5.95% - 6 Phatra 6.00% 77 CIMB 6.03% 7 7 SCBS 5.58% =11 7 BNP Paribas* 5.62% 148 SCBS 3.84% 8 8 BNP Paribas* 4.65% 7 8 TMB Macquarie 5.11% 69 Citi 3.68% 15 9 DB-TISCO 4.28% 5 9 SCBS 3.83% =10

10 RBS 3.43% - 10 Kasikorn 2.79% - 10 Adkinson 3.07% =811 DB-TISCO 3.12% 5 =11 Adkinson 2.23% =9 11 RBS 2.81% -12 Thanachart 2.87% - =11 Citi 2.23% =15 12 Goldman Sachs 2.55% -13 DBS Vickers 2.38% 12 =11 Thanachart 2.23% - =13 KGI 2.04% -14 TISCO 2.29% 20 =14 RBS 1.86% - =13 Syrus 2.04% -15 Kim Eng 1.74% 10 =14 Goldman Sachs 1.86% - =15 Citi 1.53% 15

=16 Adkinson 1.66% 13 =16 Capital Nomura 1.49% - =15 DBS Vickers 1.53% -=16 Kasikorn 1.66% - =16 KGI 1.49% - =17 Kim Eng 1.02% =8

18 KTBS 1.44% - =16 Kim Eng 1.49% =9 =17 TISCO 1.02% -19 UOB Kay Hian 1.38% 22 =16 Syrus 1.49% -20 KGI 1.35% 19 20 Morgan Stanley 0.93% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart21 Goldman Sachs 1.11% - 21 TISCO 0.74% -22 Capital Nomura 0.94% 1423 Syrus 0.88% 24 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart24 Bualuang 0.64% 2625 Morgan Stanley 0.55% -

=26 Asia Plus 0.33% 21=26 J.P.Morgan 0.33% 11


THAILAND

HEDGE FUNDSOVERALL MEGA FUNDSEXECUTIONEXECUTION EXECUTION


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 19.87% 2 1 CLSA 21.63% 2 1 CLSA 22.53% 22 BNP Paribas* 10.79% 7 2 Credit Suisse 12.44% 1 2 Credit Suisse 16.52% 13 UBS 10.68% 4 3 UBS 10.86% 4 3 CIMB 11.76% 64 Credit Suisse 9.33% 1 =4 BNP Paribas* 8.91% 7 4 UBS 9.76% 45 Phatra 8.69% 3 =4 Phatra 8.91% 3 5 BNP Paribas 7.51% -6 CIMB 5.83% 8 6 TMB Macquarie 7.06% 6 6 Phatra 5.88% 37 TMB Macquarie 5.38% 6 7 CIMB 5.94% - 7 DB-TISCO 4.51% 58 SCBS 4.26% 14 8 SCBS 5.57% =11 =8 TMB Macquarie 3.75% =99 DB-TISCO 3.53% 5 9 DB-TISCO 4.64% 5 =8 SCBS 3.75% =9

10 Citi 3.39% 11 =10 Citi 1.86% 14 10 Goldman Sachs 2.50% 1411 RBS 2.35% - =10 Goldman Sachs 1.86% =15 =11 Adkinson 2.00% =712 Thanachart 2.05% - =12 Adkinson 1.49% =9 =11 Syrus 2.00% -13 TISCO 1.85% 18 =12 Kim Eng 1.49% =9 =13 RBS 1.50% -14 DBS Vickers 1.82% 12 =12 Syrus 1.49% - =13 Citi 1.50% 1315 Kim Eng 1.57% 9 15 Kasikorn 1.39% - =13 DBS Vickers 1.50% -16 Bualuang 1.26% - 16 J.P.Morgan 1.11% 8 =16 KGI 1.00% -17 Adkinson 1.23% 13 =17 DBS Vickers 0.93% =15 =16 Kim Eng 1.00% =718 UOB Kay Hian 1.20% - =17 Morgan Stanley 0.93% - =16 TISCO 1.00% -19 Goldman Sachs 1.12% 19 =19 KGI 0.74% -20 Syrus 0.90% - =19 TISCO 0.74% -21 Kasikorn 0.84% -22 J.P.Morgan 0.67% 10 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart23 Morgan Stanley 0.56% -24 KGI 0.50% 2325 Capital Nomura 0.14% =1626 KTBS 0.11% -27 Phillip 0.08% 20


HEDGE FUNDS

THAILAND

OVERALLSALES TRADING SALES TRADING SALES TRADING

MEGA FUNDS


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 32.38% 1 1 CLSA 33.83% 1 1 CLSA 34.87% 12 Phatra 10.36% 3 2 Phatra 12.38% 4 2 Credit Suisse 9.52% 23 BNP Paribas* 8.23% 6 3 TMB Macquarie 8.64% =8 3 Phatra 9.12% 54 TMB Macquarie 6.03% 10 4 BNP Paribas* 6.73% =6 4 BNP Paribas 7.41% -5 J.P.Morgan 5.77% 5 5 J.P.Morgan 6.10% 5 5 DB-TISCO 6.21% 96 UBS 5.14% 4 6 Credit Suisse 5.40% 2 6 TMB Macquarie 6.01% 87 Credit Suisse 4.92% 2 7 UBS 4.45% 3 7 Citi 4.01% 48 Thanachart 4.22% - 8 DB-TISCO 3.56% 10 8 J.P.Morgan 3.61% 79 Citi 3.92% 7 =9 Citi 3.43% =6 =9 Thanachart 3.01% -

10 TISCO 3.57% 11 =9 Thanachart 3.43% - =9 UBS 3.01% 311 DB-TISCO 3.05% 13 11 TISCO 2.29% - =11 CIMB 2.40% 612 RBS** 2.11% 17 12 Morgan Stanley 2.16% =12 =11 Morgan Stanley 2.40% 1113 SCBS 1.71% 9 13 SCBS 1.91% 11 13 Goldman Sachs 2.00% -14 Morgan Stanley 1.38% 14 =14 Goldman Sachs 1.27% - =14 Adkinson 1.60% -15 CIMB 1.32% 8 =14 Lehman Brothers** 1.27% - =14 TISCO 1.60% -16 DBS Vickers 1.22% 12 =16 Adkinson 1.02% - =16 RBS 1.20% -17 Capital Nomura 0.93% 16 =16 Capital Nomura 1.02% - =16 DBS Vickers 1.20% -

=18 Adkinson 0.81% - 18 RBS*** 0.64% 15 18 Syrus 0.80% -=18 Goldman Sachs 0.81% - 19 Syrus 0.51% -=18 Lehman Brothers*** 0.81% -

21 Kim Eng 0.73% 18 * BNP Paribas - 2007 ranking of BNP Paribas Thanachart22 Syrus 0.32% - ** Polling period prior to the acquisition by Nomura23 Bualuang 0.16% =20 *** RBS - 2007 ranking of ABN AMRO24 KTBS 0.06% -25 KGI 0.02% 19


THAILAND



Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 25.42% 1 1 CLSA 27.53% 1 1 CLSA 19.94% 12 Phatra 10.57% 2 2 TMB Macquarie 13.68% 6 2 Credit Suisse 13.73% 23 TMB Macquarie 9.81% 8 3 Phatra 9.93% 3 3 Phatra 11.80% 54 Credit Suisse 7.06% 3 4 Credit Suisse 9.14% 5 4 BNP Paribas 8.34% -5 BNP Paribas* 6.88% 7 5 UBS 8.72% 2 5 TMB Macquarie 8.14% 46 UBS 6.61% 4 6 J.P.Morgan 5.57% 9 6 DB-TISCO 6.10% 37 J.P.Morgan 4.42% 9 7 Citi 4.48% 7 7 CIMB 5.29% 88 Thanachart 4.38% - 8 BNP Paribas* 4.24% 8 8 UBS 4.88% 79 Citi 3.90% 6 9 Thanachart 3.27% - 9 J.P.Morgan 4.48% -

10 DBS Vickers 3.52% 12 10 DB-TISCO 2.18% 4 10 Citi 3.46% 611 CIMB 2.98% 11 11 Morgan Stanley 2.06% - 11 Thanachart 3.05% -12 DB-TISCO 2.43% 5 12 DBS Vickers 1.82% 13 =12 Adkinson 2.44% -13 TISCO 1.97% 14 =13 Adkinson 1.45% - =12 Morgan Stanley 2.44% -14 RBS 1.61% - =13 CIMB 1.45% 12 14 Goldman Sachs 2.03% -15 SCBS 1.45% 10 =15 Goldman Sachs 1.21% - 15 RBS 1.83% -16 Morgan Stanley 1.37% - =15 SCBS 1.21% =10 16 DBS Vickers 1.22% -17 Capital Nomura 1.31% 15 17 Capital Nomura 0.97% - 17 TISCO 0.81% -18 Adkinson 1.21% - 18 Lehman Brothers** 0.61% -19 Goldman Sachs 0.80% - 19 TISCO 0.48% -20 Bualuang 0.68% 1921 Lehman Brothers** 0.40% - * BNP Paribas - 2007 ranking of BNP Paribas Thanachart22 Kim Eng 0.34% 13 ** Polling period prior to the acquisition by Nomura23 Kasikorn 0.32% -24 Seamico 0.24% 1625 KTBS 0.16% -

=26 Fox-Pitt, Kelton 0.06% -=26 Merchant Partners 0.06% -=28 KGI 0.02% -=28 NFS 0.02% -

* BNP Paribas - 2007 ranking of BNP Paribas Thanachart** Polling period prior to the acquisition by Nomura

ROADSHOWS AND COMPANY VISIT ROADSHOWS AND COMPANY VISITOVERALL MEGA FUNDS HEDGE FUNDS

THAILAND

ROADSHOWS AND COMPANY VISIT


Rank Firm % 2007 Rank Firm % 2007 Rank Firm % 20071 CLSA 23.57% 2 1 CLSA 30.67% 1 1 Phatra 18.23% =82 Phatra 10.83% 10 2 Credit Suisse 14.15% - 2 CLSA 16.57% 13 CIMB 10.14% 1 3 Phatra 12.98% 7 3 CIMB 15.47% 24 Credit Suisse 9.87% 5 4 TMB Macquarie 8.39% 6 =4 Credit Suisse 9.94% =105 TMB Macquarie 6.94% 9 5 SCBS 7.86% =8 =4 DB-TISCO 9.94% =8

=6 SCBS 5.48% =7 6 DB-TISCO 7.08% 5 =6 Kim Eng 5.52% -=6 Thanachart 5.48% - 7 J.P.Morgan 4.72% 11 =6 SCBS 5.52% =3

8 DB-TISCO 4.93% =7 =8 CIMB 3.93% 2 =8 J.P.Morgan 4.42% -9 J.P.Morgan 3.29% 12 =8 Kim Eng 3.93% - =8 Syrus 4.42% -

=10 BNP Paribas* 2.74% 6 =10 Syrus 3.15% - =10 RBS 3.31% -=10 Kim Eng 2.74% 13 =10 Thanachart 3.15% - =10 DBS Vickers 3.31% -

12 Syrus 2.19% - =10 UBS 3.31% =1013 Bualuang 2.06% 1614 UBS 1.92% 415 UOB Kay Hian 1.78% 15

=16 RBS 1.64% -=16 DBS Vickers 1.64% -

18 TISCO 1.23% 2019 KTBS 0.82% -20 Citi 0.55% 321 Phillip 0.14% -


THAILAND

MOST IMPROVED BROKERAGEMOST IMPROVED BROKERAGEMOST IMPROVED BROKERAGEHEDGE FUNDSOVERALL MEGA FUNDS


Rank Name Firm % 2007 Rank Name Firm % 2007 Rank Name Firm % 20071 Prinn Panitchpakdi CLSA 7.72% 2 1 Prinn Panitchpakdi CLSA 9.96% 2 1 Christian Sano CIMB 8.82% 12 Suwan Chamnankijvanich Thanachart 5.86% =7 2 Pat Pattaphongse UBS 5.73% =6 2 Prinn Panitchpakdi CLSA 8.44% 23 Tim Attatanyapat CLSA 5.56% 3 3 Tim Attatanyapat CLSA 5.61% =3 3 Tim Attatanyapat CLSA 7.32% =64 Jamie Woodward UBS 4.55% 1 4 Nim Thapaneeyapan CLSA 5.38% 14 4 Malcolm Lui Credit Suisse 6.19% =4

=5 Chris Prasertsintanah Credit Suisse 3.76% 4 =5 Jamie Woodward UBS 5.15% 1 =5 Jamie Woodward UBS 5.63% =6=5 Nim Thapaneeyapan CLSA 3.76% 11 =5 Thomas Hilboldt SCBS 5.15% - =5 Mark Decker SCBS 5.63% =9=5 Pat Pattaphongse UBS 3.76% =9 7 Malcolm Lui Credit Suisse 4.92% 12 =5 Thomas Hilboldt SCBS 5.63% -

8 Christian Sano CIMB 3.57% 5 8 Lee Choo Chen J.P.Morgan 3.78% 13 =8 Sirilarp Vasuvat Phatra 4.69% =139 Thomas Hilboldt SCBS 3.38% - =9 Mark Decker SCBS 3.44% 15 =8 Thaniya Tayjasanant TMB Macquarie 4.69% =4

10 Malcolm Lui Credit Suisse 3.23% 13 =9 Thaniya Tayjasanant TMB Macquarie 3.44% =6 10 Suwan Chamnankijvanich Thanachart 4.50% -11 Sirilarp Vasuvat Phatra 3.01% =14 11 Chris Prasertsintanah Credit Suisse 3.32% 16 11 Chris Prasertsintanah Credit Suisse 4.32% 1112 Lee Choo Chen J.P.Morgan 2.78% 16 12 Suwan Chamnankijvanich Thanachart 3.21% =3 12 Angus Kent TMB Macquarie 3.75% 313 Tisana Kunjara Thanachart 2.42% - 13 Kwek Thong How BNP Paribas 2.98% - 13 Richard Markarian BNP Paribas 3.38% =1914 Thaniya Tayjasanant TMB Macquarie 2.41% =9 14 Sirilarp Vasuvat Phatra 2.86% =10 14 Netita Krabouanrat DBS Vickers 3.00% -15 Mark Decker SCBS 2.26% 12 =15 Harry Bunyaraksh CLSA 2.52% - =15 Andrew Yates RBS 2.81% -16 Harry Bunyaraksh CLSA 2.10% - =15 Tisana Kunjara Thanachart 2.52% - =15 Caleb Woo CLSA 2.81% -

=17 Kwek Thong How BNP Paribas 1.95% - =17 Angus Kent TMB Macquarie 2.29% =10 17 Harry Bunyaraksh CLSA 2.25% -=17 Nipaporn Habanananda Phatra 1.95% 20 =17 Caleb Woo CLSA 2.29% - =18 Golf Ungolan TMB Macquarie 1.88% -

19 Netita Krabouanrat DBS Vickers 1.65% - =17 Christian Sano CIMB 2.29% 9 =18 Joy Kim UBS 1.88% -=20 Angus Kent TMB Macquarie 1.50% =14 =17 Nipaporn Habanananda Phatra 2.29% 18 =18 Tisana Kunjara BNP Paribas 1.88% -=20 Caleb Woo CLSA 1.50% - =21 Jirawan Kasemkulsiri Citi 1.72% 8 21 Anchal Pathela CIMB 1.69% 12

22 Richard Markarian BNP Paribas 1.41% =30 =21 Joyce Yim Morgan Stanley 1.72% - =22 Craig Thompson Phatra 1.50% -23 Jirawan Kasemkulsiri Citi 1.33% 6 =23 Numkrit Jeraputtiruk UBS 1.37% =24 =22 Pat Pattaphongse UBS 1.50% -24 Parichat Somboon Phatra 1.22% 22 =23 Richard Markarian BNP Paribas 1.37% =27 =22 Samir Kogar Credit Suisse 1.50% =1325 Numkrit Jeraputtiruk UBS 1.20% 18 =25 Golf Ungolan TMB Macquarie 1.15% - =25 Eric Vergara Phatra 1.41% -26 Andrew Yates RBS 1.15% - =25 Joy Kim UBS 1.15% - =25 Pichaya Lekprichakul Phatra 1.41% -27 Joyce Yim Morgan Stanley 1.13% - =25 Netita Krabouanrat DBS Vickers 1.15% - 27 Margaret Panupornprapong Credit Suisse 0.94% -28 Oranuch Vachiruksasavakul Bualuang 1.11% - =25 Norm Waite Lehman Brothers 1.15% - 28 Scott Brixen DB-TISCO 0.56% -29 Mark Lawrence TMB Macquarie 0.98% - =25 Philip Utsch CLSA 1.15% -30 Andy Pornprinya UOB Kay Hian 0.92% - =25 Robert Lacey RBS 1.15% -

THAILAND



Documents

Asia Money All