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250 Yonge Street, Suite 2400,

International Tax Services

Toronto

MILLAR MWK Tax Lawyers

175 West Jackson Boulevard

Silicon Valley Center

The Brazilian Central Bank issued on March 6 2003, the new Circular 3181. The circular updated the requirements for individuals and corporate entities resident, domiciled or with its headquarters in Brazil, to report annually to the central bank their receivables of any nature, assets in currency and assets and rights maintained abroad (such requirements were previously covered by Circular 3071 for the year 2001). The information must be disclosed through a declaration, which is available on the central bank website (www.bcb.gov.br).

The US IRS and Treasury have sharpened their focus on so-called tax shelter transactions and all offshore dealings. F Roy Sedore, Marnin J Michaels and Sahel Assar of Baker & McKenzie explain what this means for foreign banks

Type of deal Value Issuer Lead managers Adviser to issuer (tax) Adviser to lead managers (tax) Notes Offering $1 billion Boeing Company Credit Suisse First Boston; Deutsche Bank; JP Morgan Piper Rudnick Simpson Thacher & Bartlett, New York, Michelle Wandler IP0 R3.8 billion ($4.68billion) Telkom J P Morgan; Deutsche Bank Paul, Hastings, Janofsky & Walker, Washington, Andrew Short, Sean McGrady Freshfields, Bruckhaus, Deringer, Washington, Gregory May Securitization $7.4 billion Halifax J P Morgan; Lehman Brothers Allen & Overy, London, Mark Brailsford, Jack Heinberg, Adam Blakemore, Zoe Hammond, Mark Dunshee Sidley Austin Brown & Wood, London, Mo Browning, Graeme Harrower, New York, Robert Kreitman, Laurence Salva Notes Offering ?110 million ($116.6 million) ATAC UniCredit Banca Mobiliare Clifford Chance, Milan, Marcello Valenti Allen & Overy, Milan, Francesco Bonichi, Massimiliano Danusso IPP ?690 million ($730 million) Electricity Supply Board of Ireland (ESB) A syndicate of banks led by Royal Bank of Scotland Uría & Menéndez, Madrid, Rafael Fuster Linklaters

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $4.7 billion Blackstone Group Sale by Northrop Grumman of TRW's Automotive Division Deloitte & Touche, New York, Deanna Dudzinski; Simpson Thacher & Bartlett Freshfields, Bruckhaus, Deringer, London, Jonathan Cooklin Acquisition $250 million Soros Private Equity Partners Sale by Degussa and Bayer of Polymer Latex Allen & Overy, Frankfurt, Eugen Bogenschuetz Freshfields, Bruckhaus, Deringer, Munich, Hans-Joerg Ziegenhain Acquisition $615 million CNOOC North Caspian Sea BG Group is to sell an 8.33% interest in the North Caspian Sea Production Sharing Agreement Merril Lynch, Credit Suisse First Boston Allen & Overy, London, David Lewis Acquisition Undisclosed Heijmans J B Leadbitter & Co Allen & Overy, London, David Lewis, Daniel Lewin, Negin Mainakaran Wedlake Bell, London, Robin Dabydeen Demerger £4.8 billion ($7.5 billion) Six Continents plc was split into two holding companies: Mitchells & Butlers, InterContinental Hotels Group Six Continents Allen & Overy advised Mitchells & Butlers and InterContinental Hotels Group, London, David Lewis, Anne Powell Linklaters, London, Charles Hellier, Stephen Pevsner Acquisition £543 million ($846 million) Acquistion by The Royal Bank of Scotland of 80% of Southern Water Southern Water Linklaters, London, Martin Lynchehan, Elizabeth Conway, Richard Hawkins Simmons & Simmons, London, Nick Cronkshaw Acquisition $1 billion Bain Capital SigmaKalon Kirkland & Ellis Freshfields, Bruckhaus, Deringer, London, Francis Sandison Acquisition $76.2 million Euronet Worldwide e-pay Squire Sanders & Dempsey Lawrence Graham, London Michael Murphy, Elizabeth Ashby Acquisition £1.67 billion ($2.61 billion) Smith & Nephew Centerpulse Ashurst Morris Crisp Lehman Brothers, London, Kenneth Siegel, Henry Phillips and Joseph Kohls, UBS Warburg, London, Karl Schmidt and Liam Beere Acquisition £414 million ($648 million) Avenue Acquisition Coats CMS Cameron McKenna, London, Richard Croker, Sarah Buxton Slaughter & May, London, Nigel Boardman, Simon Robinson, Roland Turnhill, Christopher Field Acquisition ?19.5 billion ($21 billion) Crédit Agricole Crédit Lyonnais Bredin Prat; Clifford Chance Cleary Gottlieb Steen & Hamilton, Paris, Gilles Entraygues, Pascal Coudin, Anne-Sophie Coustel Acquisition $350 million Evercore Partners and its portfolio company American Media Weider Publications Simpson Thacher & Bartlett, New York, Gary Mandel Latham & Watkins