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The Bush Administration has failed to come up with the broad tax reform plans taxpayers were hoping for in its proposals for the 2008 US Budget.

What makes a top tax director? Certainly it's an executive who controls their company's effective tax rate so it pays no more tax than is due in the right place at the right time. It's an executive who makes sure business managers pay attention to what they do. It's an executive who gets the best out of the company's relationship with external advisers. And it's an executive who recruits and retains staff of the highest calibre.

Toronto

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition undisclosed Trident IV (US) GENEX (US) Debevoise & Plimpton (Seth Rosen, US) Acquisition undisclosed Bonnier (Sweden) Time4 Media (US) Davis Polk & Wardwell (US) Cravath, Swaine & Moore (Stephen Gordon, Lauren Angelilli, Rebecca Kysar, US) Acquisition £434.5 million ($848 million) Arla Foods amba (Denmark) Arla Foods UK (UK) Allen & Overy (UK) Ashurst (Ian Johnson, UK) Acquisition $145 million Sterling Energy (UK) Whittier Energy (US) Ashurst (UK), Mayer Brown Rowe & Maw (US) Acquisition undisclosed IBM (US) Softek Storage Solutions (US) Cravath Swaine & Moore (Andrew Needham, Augustus Makris, US) Gibson Dunn & Crutcher (US) Acquisition $3.1 billlion UBS/ Swiss Finance Corporation (Switzerland) Standard Chartered TrusteeAsset Company and Standard Chartered Management (UK) Freshfields Bruckhaus Deringer (James Hollis, UK) Slaughter and May (Parita Hemmati, UK), Desai & Diwanji (India) Acquisition $830 million Symantec Corporation (US) Altiris (US) Fenwick & West (Ron Schrotenboer, Adam Halpern, Larissa Neumann) Wilson, Sonsini, Goodrich & Rosati (John Chase, Ivan Humphreys, US) Acquisition £218.8 million ($427 million) Kop Football (UK) Liverpool Football Club (UK) Allen & Overy (UK) DLA Piper (UK) Acquisition £575 milllion ($1.12 billion) Citigroup (US) Egg (UK) Linklaters Slaughter and May (Tony Beare, Michael Lane, UK) Acquisition $16.6 billion Johnson & Johnson (US) Pfizer Consumer Healthcare (US) Cravath Swaine & Moore (US) Cadwalader Wickersham & Taft (US) Acquisition $38.9 billion Blackstone (US) Equity Office (US) Simpson, Thacher & Bartlett (John Hart, Kurt Dudas and Jason Vollbracht, US) Deloitte (Mike Carnevale, US) Sidley Austin (US) Acquisiton undisclosed Cisco Systems (US) Five Across (US) Fenwick & West (Ron Schrotenboer, Timothy Fitzgibbon, US) Cooley Godward (Buff Miller, US) Acquisition A$3.8 billion ($2.95 billion) Providence (US), Carlyle (US), Independent News & Media APN News & Media (Australia) Weil, Gotshal & Manges (Marc Silverberg, David Bower, US) Freshfields Bruckhaus Deringer (UK) Type of deal Value Issuer/Borrower Lead managers/ lenders Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Debt issuance $5 billion Dubai Holding Commercial Operations (UAE) JP Morgan (US) Clifford Chance (UAE), Maples & Calder (UAE) Linklaters (UK) CDO €380 million ($499 million) CELF Low Leveraged Partners (Ireland) Deutsche Bank (Germany) A&L Goodbody (Ireland) Ashurst (Paul Miller, UK) IPO $100 million Nautilus Minerals (Canada) Ashurst (Tom Cartright, UK) IPO $7.4 billion Fortress Investment Group (US) Goldman Sachs (US), Lehman Brothers (US) CLO €423 million ($555 million) Cordatus CLO I/ CVC Capital Partners (UK) Royal Bank of Scotland (UK) Ashurst (Ian Johnson, Ceri Stoner, UK) Arthur Cox (Ireland) White & Case (UK) CDO €150 million ($197 million) Signum Vermillion Goldman Sachs (US) Maples and Calder Ashurst (UK) IPO £800 million ($1.56 million) Sports Direct (UK) Freshfields Bruckhaus Deringer (Richard Ballard, UK)

First City Tower, 1001 Fannin Street, Suite 2500, Houston, Texas 77002-6760 US

Arne Kattouw The royalty box has become effective retroactively from January 1 2007. In 2006, the Dutch Parliament adopted the royalty box as a means to stimulate new innovation. The introduction of the royalty box was subject to a formal state aid decision for which a request was filed with the European Commission. Recently, however, the European Commission issued a statement that there are no objections against generic measures to stimulate innovation. Based on this, Gerrit Zalm, the Dutch finance minister, has decided to withdraw the request for a formal state aid decision. The royalty box, as a result, has now become effective.