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Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A A$5 billion ($3.5 billion) Singapore Power TXU Corporation agreed to sell its Australian assets Minter Ellison, Melbourne, Mark Green, Alan Kenworthy McDermott Will & Emery, Chicago, Lawrence Kemm; Baker & McKenzie, Melbourne, Ian Kellock M&A $10.5 billion Citizens Financial Group, a wholly-owned subsidiary of The Royal Bank of Scotland Charter One Financial Davis Polk & Wardwell, New York, Kathleen Ferrell Wachtel, Lipton, Rosen & Katz, New York, Jared Rusman, Adam Chinn M&A $2.1 billion Pioneer Natural Resources Company Evergreen Resources Vinson & Elkins, Dallas, Thomas Crichton, James Meyer, David Peck Baker Botts, Houston, Gray Jennings, Alia Vinson M&A $4.3 billion Kohlberg Kravis Roberts & Co The DIRECTV Group agreed to sell PanAmSat Corporation Simpson Thacher & Bartlett, New York, Steven Todrys, Rob Holo The DIRECTV Group was advised by Weil, Gotshal & Manges, New York, Marc Silberberg M&A $6.98 billion Sun Trust Banks National Commerce Financial Corporation Skadden, Arps, Slate, Meagher & Flom, New York, Mitchell Solomon; King & Spalding, Atlanta, Robert Woodward Wachtel, Lipton, Rosen & Katz, New York, Jared Rusman, Adam Chinn M&A Undisclosed CCL Industries agreed on a joint venture with RAR to create COLEP CCL Industries agreed on a joint venture with RAR to create COLEP CCL Industries was advised by Linklaters, Lisbon, Tânia Almeida Ferreira; Madrid, Nicolas Martin; London, Neal Todd, Natalie Coope; Luxembourg, Paul Tulcinsky; Frankfurt, Boris Bergemann RAR was advised by Telles de Abreu, Lucena e Associados M&A £673 million ($1.18 billion) Funds advised by BC Partners Baxi Group KPMG, London, Paul Megson, Mark Wardle PricewaterhouseCoopers, London, John Holt, Dave Saunders M&A $1.26 billion Citigroup Principal Financial Group agreed to sell Principal Residential Mortgage Skadden, Arps, Slate, Meagher & Flom, New York, Stuart Finkelstein Principal Financial Group was advised by Kirkpatrick & Lockhart, Pittsburgh, Stephen Barge M&A $993 million Siemens Véolia Environnement agreed to sell US Filter Corporation Shearman & Sterling, New York, Laurence Bambino, John Cannon Cleary, Gottlieb, Steen & Hamilton, New York, Deborah Kurtzberg M&A $100 million Rita Medical Systems Horizon Medical Products Heller Ehrman White & McAuliffe, Menlo Park, Mark Windfield-Hansen, Renee Deming King & Spalding, Atlanta, Herschel Bloom M&A $610 million Metavante Corporation First Data Corporation Weil, Gotshal & Manges, New York, Helyn Goldstein Davis Polk & Wardwell, New York, Laura Barzilai M&A $1.9 billion Marsh & McLennan Companies Kroll Wachtell, Lipton, Rosen & Katz, New York, Deborah Paul Cleary, Gottlieb, Steen & Hamilton, New York, Jason Factor, Yoav Wiegenfeld Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Bond issue ?10 billion ($11.87 billion) Northern Rock Barclays Capital and HSBC Allen & Overy, London, Mark Brailsford, Amrit Dehal Freshfields Bruckhaus Deringer, New York, Yaniv Emanuel Bond issue £120 million ($212 million) Ashtead Group Citigroup and Banc of America Slaughter and May, London, Graham Earls Shearman & Sterling, London, Michael McGowan, Bernie Pistillo, Leanne Ingeldew, John Peterson Notes issue $375 million OJSC Severstal Citibank Global Markets Clifford Chance, New York, David Moldenhauer Linklaters, New York, Stephen Land, Matt Welsh Securitization £4 billion ($7.05 billion) Holmes Financing (No. 8), the issuer on the eighth securitisation under the Abbey National master trust Barclays Capital, Lehman Brothers and UBS Investment Bank Slaughter and May, London, Charles Goddard Allen & Overy, London, Mark Brailsford, Amrit Dehal

The Brazilian economy could be the loser from the increase in the tax burden on the import of services, warn Gustavo Haddad and Bruno Carramaschi of Goulart Penteado, Iervolino e Lefosse Advogados, in cooperation with Linklaters

Changes to the South African rules on the tax exemption on offshore profits will make it harder for multinational corporations to claim the relief, according to tax specialists

The EU on May 19 2004 announced plans to continue its scrutiny of the Netherlands and Greece over their compliance with the Stability and Growth Pact. The agreement sets a limit for budget deficits of EU member states of 3% of GDP. The countries will either need to rein-in spending or increase tax revenue to comply.

KPMG's International Corporate Tax practice is dedicated to helping companies achieve tax efficiency in their international operations. Our global network of professionals from KPMG International member firms understands key industries and their tax issues. We can help you build competitive advantage through effective tax planning and compliance advice. E-mail go-fmcorporatetax@kpmg.com

The Tax Department is currently made up by six partners and five senior associates, assisted by around 20 other tax lawyers from the offices of Madrid, Barcelona, Valencia, New York, Lisbon and Sao Paulo. The Department advises on all Spanish, Portuguese and Brazilian direct and indirect taxes, but has particular expertise in mergers and acquisitions, financial products and capital markets, international tax planning, real estate transactions and project finance, assurance and pension funds and tax investigation and disputes.

Our international tax team comprises over 50 practitioners throughout Europe. We advise on M&A tax planning, international group structuring, capital markets and banking taxes, employment taxes, real estate taxes, VAT and other indirect taxes, tax investigations and disputes, all as a matter of course. In addition, we have recognised experts in the areas of trusts and private capital tax planning, share incentives and employee benefits and onshore and offshore collective investment schemes.

IntraPrice is an independent firm specialized in offering transfer pricing services. It is well recognized for its practical approach and hands-on support tailored to the needs of each client. The company is staffed by specialists with extensive transfer pricing, international tax, economic and business experience. www.intraprice.com

In March 2004 the European Court of Justice (ECJ) invalidated a French statute that taxed the unrealized appreciation inherent in corporate stock held by long-term French resident individuals upon transfer of their tax residence from France to another country (Hughes de Lasteyrie du Saillant - Case C-9/02).