Bloomberg Bloomberg

TABLE OF CONTENTS

1/2/2007

1 INTRODUCTION 2 INDIA DOMESTIC BONDS 3 INDIA IPO 4 INDIA OVERSEAS EQUITY 5 INDIA FCCB 6 INDIA INTL BONDS 7 INDIA SYNDICATED LOANS (MLA) 8 INDIA SYNDICATED LOANS (BR) 9 INDIA M&A FINANCIAL INVOLVEMENT 10 INDIA M&A 2006 TOP 10 DEALS

Bloomberg 2006 India Capital Markets and M&A League Tables

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Bloomberg
Underwriter League Tables

INDIA DOMESTIC BONDS

1/1/06 - 12/31/06 MARKET FIRM RANK SHARE ICICI Securities Ltd 1 12.3 Citigroup 2 8.9 UTI Bank Limited 3 8.4 SBI Capital Markets 4 7.2 IDBI Capital Market Services Ltd 5 6.7 Bank of America 6 6.2 Standard Chartered PLC 7 6.2 AK Capital Services 8 5.5 HSBC 9 4.5 Allianz Securities Limited 10 4.4 ING Groep NV 11 4.4 Darashaw & Co 12 3.6 SPA Merchant Banker Ltd 13 3.3 DSP Merrill Lynch & Co 14 2.9 Centrum Capital Ltd 2.6 15 16 1.7 ICICI Bank 17 1.4 Bob Capital Market 18 1.2 Deutsche Bank AG 1.1 19 RR Financial Consultants Ltd 1.0 20 Barclays Capital TOTAL 100.0% 2006 VOLUME (INR Bln) 93.85 67.49 64.36 54.82 50.72 47.33 47.26 41.77 33.95 33.64 33.23 27.51 25.30 22.39 20.14 12.58 10.67 9.22 8.08 7.48 INR 762 DISCL DEAL FEES(%)* COUNT n/a 110 n/a 95 n/a 114 n/a 15 n/a 57 n/a 21 n/a 76 n/a 69 n/a 39 n/a 61 n/a 37 n/a 48 n/a 47 n/a 32 n/a 41 n/a 17 n/a 4 n/a 9 17 n/a n/a 6 334 n/a 2005 MARKET MARKET SHARE RANK SHARE CHANGE (%) 2 12.5 (0.2) 4 8.0 0.9 1 16.7 (8.3) 7 6.2 1.0 5 7.1 (0.4) 15 1.4 4.8 6 6.3 (0.1) 3 8.1 (2.6) 10 4.2 0.3 9 4.9 (0.5) 16 1.3 3.1 12 3.7 (0.1) 27 0.1 3.2 2.9 8 5.2 (2.6) 13 3.2 (1.5) 29 0.1 1.3 23 0.2 1.0 11 4.1 (3.0) 21 0.3 0.7 INR 558 100.0%

Q UA R T E R LY V O LUM E ( IN R B ln / # D e a ls )
300,000 160 140 120 200,000 100 80 60 40 50,000 20 0 2003 2004 2005 2006

250,000

150,000

100,000

Includes all eligible domestic bonds denominated in INR. Excludes issues that are callable or put table and mature in less than 12 months. Volume in INR billions. Local credit criteria applied wit h full credit given t o t he sole arranger and credits split equally among joint arrangers in distribut ed deals. Pro-rata credit s will be given to underwrit ers in club deals or equally dist ributed credits will be given if underwritt en amount s are not disclosed. *Weight ed Average Disclosed Fees - only issues that have fee inf ormation available are used in calculating this value

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Underwriter League Tables

INDIA IPO
1/1/06 - 12/31/06 FIRM RANK DSP Merrill Lynch & Co 1 ENAM Financial Consultants Private Ltd 2 JM Morgan Stanley 3 ABN Amro Rothschild 4 ICICI Securities Ltd 5 Kotak Mahindra Capital Co 6 SBI Capital Markets 7 8 HSBC Citigroup 9 Deutsche Bank AG 10 UBS 10 IL&FS Investsmart Ltd 12 Kotak Mahindra Capital Co/Goldman Sachs & Co 13 Karvy Investor Services Ltd 14 Centrum Capital Ltd 15 Anand Rathi Securities Pvt Ltd 16 Edelw eiss Capital Ltd 17 UTI Securities 18 SSKI Corporate Finance Ltd 19 Keynote Corporate Services 20 TOTAL 2006 MARKET VOLUME SHARE (INR Bln) 17.4 43.66 12.8 32.13 11.5 28.74 11.0 27.45 8.6 21.55 5.5 13.87 5.3 13.37 4.1 10.24 3.9 9.85 3.6 9.00 3.6 9.00 2.6 6.46 1.8 4.52 1.1 2.66 1.0 2.46 0.9 2.29 0.9 2.18 0.9 2.15 0.8 2.00 0.8 1.91 INR 251 100.0% DISCL DEAL FEES(%)* COUNT 1.88 8 2.19 15 1.85 10 1.56 3 1.05 10 2.11 4 1.26 7 0.75 2 0.75 2 0.75 1 0.75 1 3.19 9 3.00 3 2.94 8 3.62 7 2.79 4 2.73 2 7 2.09 1 2.80 n/a 2 1.71% 66 RANK 4 2 3 5 11 7 6 7 7 10 1 13 22 14 16 17 INR 97 2005 MARKET MARKET SHARE SHARE CHANGE (%) 7.9 9.5 16.2 (3.4) 11.9 (0.4) 11.0 7.2 1.4 5.5 2.6 2.7 3.3 0.8 4.9 (1.0) 3.3 0.3 3.3 0.3 2.8 (0.2) 26.1 (24.3) 2.0 (0.9) 0.1 0.9 1.4 (0.5) 0.9 0.0 0.8 0.1 0.8 0.8 100.0%

Q UA R T E R LY V O LUM E ( IN R B ln / # D e a ls )
120 25

100

20

80 15 60 10 40 5

20

0 2003 2004 2005 2006

Includes all eligible initial public offerings from Indian issuers denominated in INR. Volume in INR billions. *Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value **Kotak M ahindra Capital Co. and Goldman Sachs were a joint venture till M arch 31, 2006. Kotak M ahindra Capital Co. has a combined deal count of 7 with 7.2%of IPO underwritting market share in 2006.

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Bloomberg
Underwriter League Tables

INDIA OVERSEAS EQUITY OFFERINGS (DRs)

1/1/06 - 12/31/06 FIRM RANK Citigroup 1 Deutsche Bank AG 2 JP Morgan 3 UBS 3 Merrill Lynch & Co 5 Bank of America 6 Goldman Sachs & Co 6 Nomura Holdings Inc 6 ABN Amro Rothschild 6 Calyon 10 Elara Capital Advisors Ltd 11 Kotak Mahindra Bank Ltd 12 ICICI Securities Ltd 13 Morgan Stanley 14 Lehman Brothers 15 Macquarie Bank Ltd 16 Silverdale Services Ltd 17 Bugmann Seiler Corporate Finance AG 18 Arkios Ltd 19 Dubai Islamic Bank 20 TOTAL 2006 MARKET VOLUME DISCL DEAL SHARE (USD Mln) FEES(%)* COUNT 10.3 354 1.75 4 9.1 314 3.00 2 8.1 279 1.70 2 8.1 279 1.70 2 7.4 254 3.78 4 6.7 229 1.70 1 6.7 229 1.70 1 6.7 229 1.70 1 6.7 229 1.70 1 6.2 215 n/a 2 6.1 211 2.50 7 4.7 162 n/a 3 3.0 104 n/a 3 2.9 100 6.5 2 2.6 90 n/a 1 2.5 87 n/a 1 0.6 21 n/a 2 0.6 21 n/a 1 0.6 20 n/a 2 0.5 18 n/a 1 100.0% $3,447 n/a 27 RANK 1 6 7 4 2 5 8 9 10 11 3 13 $4,089 2005 MARKET SHARE 22.9 7.8 5.1 10.1 21.4 9.5 3.5 3.0 2.2 1.2 11.6 0.7 100.0% MARKET SHARE CHANGE (%) (12.6) 1.3 3.0 (2.0) (14.0) 6.7 (2.8) 3.2 3.7 4.0 6.1 4.7 1.8 (8.7) 2.6 1.8 0.6 0.6 0.6 0.5

Q UA R T E R LY V O LUM E ( US $ M ln / # D e a ls )
2,000 1,800 1,600 12 1,400 1,200 1,000 800 600 4 400 200 0 2003 2004 2005 2006 2 0 10 8 6 16 14

Includes all eligible equity offerings from Indian issuers. Excludes offerings denominated in INR. Volume in US$ millions. *Weighted Average Disclosed Fees - only issues that have fee information available are used in calculating this value

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Underwriter League Tables

INDIA FOREIGN CURRENCY CONVERTIBLE BONDS (FCCB)

1/1/06-12/31/06 FIRM Citigroup Deutsche Bank AG Barclays Capital Jefferies & Co JP Morgan Morgan Stanley Silverdale Services Ltd UBS Elara Capital Advisors Ltd ABN Amro Rothschild BNP Paribas Group Merrill Lynch & Co Lehman Brothers DBS Group Holdings Ltd First Global UK Ltd Rabobank International KBC International Group ICICI Securities Ltd Rauscher Pierce Refsnes SBI Capital Markets 2006 MARKET VOLUME DISCL DEAL RANK SHARE (USD Mln) FEES(%)* COUNT 13 1 23.1 1,136 n/a 9 2 20.7 1,018 n/a 6 3 10.8 529 n/a 8 4 7.7 381 n/a 3 5 6.3 310 n/a 6 4.8 237 n/a 3 9 7 4.5 223 n/a 3 8 3.8 185 n/a 8 9 3.7 180 n/a 10 3.1 154 n/a 3 11 2.1 105 n/a 1 12 2.0 100 n/a 2 13 2.0 96 n/a 2 14 0.9 45 n/a 1 15 0.9 43 n/a 6 3 16 0.8 40 n/a 1 17 0.6 30 n/a 18 0.5 1 25 n/a 19 0.4 20 n/a 1 19 0.4 n/a 2 20 100.0% TOTAL 78 $4,916 n/a RANK 3 5 1 4 2 9 14 8 7 12 15 17 $4,006 2005 MARKET SHARE 13.4 6.4 24.1 6.5 18.1 3.7 1.1 3.9 5.2 2.9 0.7 0.1 100.0% MARKET SHARE CHANGE (%) 9.7 14.3 (13.3) 1.2 (11.8) 4.8 4.5 0.1 2.6 (0.8) 2.1 (3.2) 2.0 0.9 0.9 (2.1) 0.6 0.5 (0.3) 0.3

Q U A R T ER LY V O LU M E ( U S$ M l n/ # D eal s)
3,000 35 30 25 2,000

2,500

n/a
1,500

20 15

1,000 10 500 5 0 2003 2004 2005 2006

Includes all eligible debt and convertible bonds f rom Indian issuers denominated in USD, EUR and JPY. Volume in US$ millions. *Weight ed Average Disclosed Fees - only issues that have fee inf ormation available are used in calculat ing this value

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Bloomberg
Underwriter League Tables

INDIA INTERNATIONAL BONDS

1/1/06-12/31/06 2006 RANK 1 2 5 3 6 7 8 9 4 $1,325 2005 MARKET SHARE 25.1 21.4 7.5 18.9 6.3 5.4 3.1 3.1 9.1 100.0% MARKET SHARE CHANGE (%) 0.5 (1.4) 10.5 (8.2) (2.1) (1.3) 3.9 3.9 0.7 3.3 (0.8) (8.8) DISCL DEAL MARKET VOLUME FIRM RANK SHARE (USD Mln) FEES(%)* COUNT Deutsche Bank AG 9 1 25.6 751 0.15 Barclays Capital 2 20.0 588 0.15 8 Citigroup 3 18.0 530 0.28 7 4 10.7 313 n/a 2 Merrill Lynch & Co 4.2 123 0.20 2 5 HSBC 6 4.1 121 0.30 2 Daiw a Securities SMBC Co Ltd JP Morgan 7 3.9 113 n/a 1 7 3.9 113 n/a 1 Morgan Stanley ABN AMRO Bank NV 9 3.8 112 0.20 2 Mizuho 10 3.3 98 0.32 1 0.19 2 UBS 11 2.3 67 BNP Paribas Group 12 0.3 10 1 n/a 100.0% TOTAL $2,937 0.23% 20
Includes all eligible issues from Indian issuers denominat ed in any currencies excluding INR. Volume in US$ M illions. *Weight ed Average Disclosed Fees - only issues that have fee inf ormation available are used in calculat ing t his value

Q UA R T E R LY V O LUM E ( US $ M ln / # D e a ls )
1,600 1,400 1,200 1,000 800 4 600 400 200 0 2003 2004 2005 2006 3 2 1 0 9 8 7 6 5

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Underwriter League Tables

INDIA SYNDICATED LOANS MANDATED ARRANGER

1/1/06 - 12/31/06 2006 DEAL COUNT 60 28 25 29 18 16 21 15 15 14 10 9 11 10 5 12 12 13 2 9 123 2005 RANK 1 4 3 6 5 2 10 7 11 9 18 16 8 20 30 19 17 35 21 $12,766 MARKET MARKET VOLUME FIRM RANK SHARE (USD Mln) SBI Capital Markets 1 31.6 6,420 Calyon 2 4.9 1,001 3 4.3 884 Standard Chartered PLC DBS Group Holdings Ltd 4 4.3 879 Citigroup 5 3.9 785 ABN AMRO Bank NV 6 3.8 777 BNP Paribas Group 7 3.8 765 8 3.6 732 HSBC Mizuho 9 3 619 Mitsubishi UFJ Financial 10 2.9 584 Sumitomo Mitsui Banking Corporation 11 2.6 524 State Bank of India 12 2.4 483 Bank of America 13 2.4 481 Barclays Capital 14 2.1 424 ICICI Bank 15 2 411 1.5 311 Lloyds TSB Group PLC 16 Natixis 1.5 300 17 RZB-Raiffeisen Zentralbank Oesterreich AG 274 18 1.3 Industrial & Comm Bank of China 268 19 1.3 BayernLB 1.1 227 20 TOTAL 100.0% $20,335
Includes all eligible loans f rom Indian borrowers. Volume in US$ millions.

MARKET SHARE SHARE CHANGE (%) 24.8 6.8 8.2 (3.3) 8.5 (4.2) 5.6 (1.3) 6.6 (2.7) 9.6 (5.8) 2.7 1.1 3.9 (0.3) 2.3 0.7 2.9 0.0 1.2 1.4 1.5 0.9 3.4 (1.0) 1.0 1.1 0.3 1.7 1.1 0.4 1.5 1.3 0.0 0.2 1.1 0.9 0.2 100.0%

Q UA R T E R LY V O LUM E ( US $ / # D e a ls )
10,000 9,000 8,000 7,000 6,000 25 5,000 20 4,000 3,000 2,000 1,000 0 2003 2004 2005 2006 15 10 5 0 45 40 35 30

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Underwriter League Tables

INDIA SYNDICATED LOANS BOOKRUNNER

2006 MARKET VOLUME RANK SHARE (USD Mln) FIRM SBI Capital Markets 1 34.4 6,498 Calyon 2 6.7 1,263 Citigroup 3 6.6 1,240 Standard Chartered PLC 4 6.5 1,221 ABN AMRO Bank NV 5 5.4 1,017 DBS Group Holdings Ltd 6 4.9 922 Bank of America 7 4.7 893 8 4.2 801 HSBC BNP Paribas Group 9 3.7 706 ICICI Bank 10 2.8 526 Barclays Capital 11 2.5 473 RZB-Raiffeisen Zentralbank Oesterreich AG 12 2.3 439 Sumitomo Mitsui Banking Corporation 13 1.7 320 Mitsubishi UFJ Financial 14 1.7 313 Mizuho 15 1.6 297 Industrial & Comm Bank of China 16 1.4 268 ING Groep NV 17 1.3 249 State Bank of India 18 1.3 248 Deutsche Zentral-Genossenschaftsbank US 19 1.2 218 Merrill Lynch & Co 20 1.0 184 TOTAL 100.0% $18,893 1/1/06 - 12/31/06
Includes all eligible loans f rom Indian borrowers. Volume in US$ millions.

DEAL COUNT 59 21 13 20 14 18 12 12 15 4 8 11 3 4 6 2 4 5 4 1 111

2005 MARKET MARKET SHARE RANK SHARE CHANGE (%) 17 1.0 33.4 2 12.6 (5.9) 4 10.4 (3.8) 3 10.6 (4.1) 1 14.2 (8.8) 5 8.6 (3.7) 6 7.4 (2.7) 7 6.1 (1.9) 9 4.1 (0.4) 2.8 14 2.3 0.2 15 1.8 0.5 16 1.0 0.7 8 4.4 (2.7) 12 2.7 (1.1) 24 0.3 1.1 11 3.3 (2.0) 10 3.5 (2.2) 1.2 1.0 $7,701 100.0%

Q UA R T E R LY V O LUM E ( US $ / # D e a ls )
10,000 9,000 8,000 30 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2003 2004 2005 2006 5 0 25 20 15 10 40 35

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M&A Financial Advisory League Tables

INDIA ANNOUNCED DEALS

India Any Involvement
01/01/06-12/31/06 FIRM ABN AMRO Bank NV Deutsche Bank AG Rothschild Ernst & Young Morgan Stanley KPMG Corp Finance Merrill Lynch & Co Citigroup UBS Bank of America PricewaterhouseCoopers Ambit Corporate Finance Ltd ENAM Financial Consultants Private Ltd Yes Bank Morgan Joseph & Co Rabobank International Standard Chartered PLC Scotia Capital Inc Goldman Sachs & Co Woori Investment & Securities Co Ltd TOTAL RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2006 MARKET VOLUME SHARE (USD Mln) 25.1 12,771 23.7 12,020 23.0 11,696 21.5 10,936 13.0 6,615 11.4 5,809 10.3 5,240 8.1 4,124 5.4 2,763 3.0 1,504 2.5 1,268 2.4 1,224 1.8 913 1.8 905 1.8 900 1.7 838 1.6 806 1.6 800 1.5 784 1.4 700 100.0% $50,784 DEAL COUNT 8 14 8 62 10 14 15 14 6 3 18 19 5 14 1 9 6 1 6 1 688 2005 MARKET RANK SHARE 22 0.9 24 0.8 8 5.4 3 7.5 1 40.1 21 0.9 5 5.8 10 4.1 7 5.6 17 1.4 11 3.8 49 0.0 34 0.3 4 7.2 9 4.5 $37,207 100.0% MARKET SHARE CHANGE 24.3 22.8 17.6 14.1 (27.1) 10.6 4.5 4.1 (0.1) 3.0 1.0 (1.4) 1.8 1.5 1.8 1.7 (5.6) 1.6 (3.0) 1.4

QUARTERLY VOLUME (US$ Mln / #Deals)

25,000

250

20,000

200

15,000

150

10,000

100

5,000

50

0 2003 2004 2005 2006

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open market Repurchases. Volume in US$ millions.

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2006 YTD Largest M&A Transactions

TOP 10 INDIA ANNOUNCED DEALS

Ranked by Total Value
Announced Date 10/17/06 3/12/06 1/31/06 1/31/06 9/13/06 4/10/06 4/16/06 8/14/06 9/ 8/06 5/ 2/06 Rank 1 2 3 4 5 6 7 8 9 10 Total Value (USD Mln) $10,963 $5,493 $4,270 $3,627 $1,063 $983 $900 $800 $700 $677 Target Name CORUS GROUP PLC SUBSIDIARY GROUP SASAN ULTRA MEGA POWER PROJECT I-FLEX SOLUTIONS LTD IDEA CELLULAR LIMITED FLEXTRONICS SOFTWARE AND SVCS OMIMEX DE COLOMBIA LTD DAEWOO ELECTRONICS HOUSING DEVELOPMENT FINANCE Acquirer Name TATA STEEL LIMITED RELIANCE COMMUNICATIONS LTD LANCO INFRATECH LTD ORACLE CORP AV BIRLA GROUP KOHLBERG KRAVIS ROBERTS & CO CONSORTIUM* RHJ-VIDEOCON CITIGROUP INC TATA GROUP FLEXTRONICS INTL LTD OMIMEX RESOURCES INC MULTIPLE SELLERS** STANDARD LIFE INVESTMENTS POWER FINANCE CORP POWER FINANCE CORP Seller Name

MUNDRA ULTRA MEGA POWER PROJECT TATA POWER COMPANY LIMITED

* Oil & Natural Gas Corp, China Petroleum & Chemical ** Korea Asset Management, Woori Finance Holdings

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