1.11.2 1.2.11.2.21.2.31.2.41.2.5

1.3 1.3.1 1.3.2 1.3.31.3.4

1.122A2B344A6755A5B5A

1.1

1.2

1.2

1.2

1.2

::1.2

1.2

:1.2

1.2

1.2

: 1.2

1.2

1.3

1.3

1.3

Williams Companies(GE Capital) (Starbucks Corporation)

1.3()

(AOL_Time Warner) (PwC)

Goldman Sachs1.3

:Thomson Financial Securities Data,Economist Intelligence Unit (GDP) 199719992001161996 - 20001.3

Chart6

11090.8

1632

24910.8

3281

3464

8810.8

M&A Transaction Volume

Dummy

Chart 1

Country / RegionUSAOther NorthAmericanCountriesUKOtherEuropeanCountriesJapanChinaKoreaAustraliaOther Asian PacificCountries

M&A Deal Volume1,914200657757143572963114

Chart 1

0

0

0

0

0

0

0

0

0

Region / Country M&A Volume

2000 M&A Transaction Volume by Countries / Regionsin USD Billion

Chart 2

19961997199819992000200116

M&A Transaction Volume1,1091,6322,4913,2813,464881

M&A Transaction Volume1,1091,6322,4913,2813,464881

Dummy80%80%80%

Chart 2

110911090.8

16321632

249124910.8

32813281

34643464

8818810.8

&A

Page &P

M&A Transaction Volume

M&A Transaction Volume

Dummy

(in % of GDP)

Global M&A Transaction Volume (1996-2000)in USD Billion

Chart 3

199619971998199920001H 2000

M&A Transaction Volume96115115341356109

M&A Transaction Volume96115115341356109

Dummy80%80%80%

Chart 3

000

000

000

000

000

000

M&A Transaction Volume

M&A Transaction Volume

Dummy

as a % of GDP

Asian Transaction Total Volumein USD Billion

Chart 4

19831984198519861987198819891990199119921993199419951996199719981999

USD 100 m6.3612.5816.6118.7423.1431.9433.9434.8743.66110.07275.15337.67375.21417.25452.57454.63403.19

USD Billion0.641.261.661.872.313.193.393.494.3711.0127.5233.7737.5241.7345.2645.4640.32

Chart 4

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Value of Foreign Capital Usedin USD Billion

Chart 5

Country / RegionHong KongTaiwan Prov.JapanKoreaSingaporeOther AsianCountriesUSAOtherAmericanCountriesUKGermanyOtherEuropeanCountriesAustraliaAfrica & OthersTotal

in USD 10,0001,636,305259,870297,308127,473264,24998,026421,586360,469104,449137,326237,93826,33160,5414,031,871

M&A Deal Volume in USD Billion16.362.602.971.272.640.984.223.601.041.372.380.260.6140

Chart 5

0

0

0

0

0

0

0

0

0

0

0

0

0

Region / Country M&A Volume

1999 Foreign Direct Investment (actually used) in Chinain USD Billion

Sheet3

in USD 10,000

199719981999

Manufacturing270645730827222533180

Real Estate622227664752417785

Services266888301193301680

Elec Power, Gas & Water Producation & Supply365583196812163519

Construction311950175011109619

Logistics & Telecommunication Services262207230119111401

Others565041559596485118

in USD Billion

199719981999

Manufacturing27.130.825.3

Real Estate6.26.64.2

Services2.73.03.0

Elec Power, Gas & Water Producation & Supply3.72.01.6

Construction3.11.81.1

Logistics & Telecom Services2.62.31.1

Others5.75.64.9

Sheet3

0000000

0000000

0000000

Manufacturing

Real Estate

Services

Elec Power, Gas & Water Producation & Supply

Construction

Logistics & Telecom Services

Others

Agreement of Foreign Direct Investmentby Sector, in USD Billion

Sheet1

Year 2000 Data, in USD Million

Country / RegionUSANorth AmericaUKEuropeJapanChinaKoreaAsia Pacific

M&A Deal Volume1,921,2722,079,203369,7101,407,58955,0504,47814,857230,776

Country / RegionUSAOther NorthAmericanCountriesUKOtherEuropeanCountriesJapanChinaKoreaOther Asian PacificCountries

M&A Deal Volume1,921,272157,931369,7101,037,87855,0504,47814,857156,392

8908223556

6248529645

6512145284

9026421232

8316420270

13929815762

12755116771

20045419571

11442913084

14405619201

10576156923

14038812634

1,362,053293,933

2000/ Thomson Financial Securities Data, Economist Intelligence Unit 1.3

Mergerstat.com as of 12/08/20011.3

2001mergerstat.com as of 12/8/20011.3

Vodafone vs. Mannesmann AOL vs. Time WarnerGlaxowellcome vs.Smithkline BeechamPfizer vs. Warner_Lambert J.P Chase Manhattan vs. J.P. Morgan Mizuho HoldingsUnilever vs. Bestfoods134Pepsi vs. QuakerGE vs. HoneywellChevron vs. Texaco20001.3

HP vs.COMPAQUsinor vs. Arbed vs. AceraliaNestle vs. Ralston Purina Allianz vs. Dresdner Bank Prudential vs. American General Conoco vs. Phillips Citygroup vs. Banamex-Accival AMERCIAN AIRLINES vs. Trans World Airlines (First Union Corp vs. Wachovia Corp )20011.3

20001.3

200110-20023 1.3

75000

58500

100%

/

4700

75%

4100

Chosen Global

65%

3500

eBay

30%

3000

100%

1700

Tom.com

51%

1500

7.31%

1100

51%

/

700

1000

1.3

1.3

21.4

200020005%

1

1

Chart1

3.39

3.49

4.37

11

27.5

33.8

37.5

41.7

45.3

45.6

40.3

40.7

US $ Billion

Year

US $ billion

FDI in China: 1989 - 2000

Sheet1

YearFDI (US$billion)

19893.4

19903.5

19914.4

199211.0

199327.5

199433.8

199537.5

199641.7

199745.3

199845.6

199940.3

200040.7

Sheet1

0

0

0

0

0

0

0

0

0

0

0

0

US $ Billion

Year

US $ billion

FDI in China: 1989 - 2000

Sheet2

Sheet3

Start-upsWTO1

122

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2.2.4 --

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2.2.4 --

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A) vs. 2.2.4 --

:

B) vs. 2.2.4 --

C) vs. 2.2.4 --

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,,D2.2.4 --

E2.2.4 --

E2.2.4 --

E2.2.4 --

F2.2.4 --

F()2.2.4 --

F()

2.2.4 --

( )2.3.1 --

A B C - - - D 2.3.1 --

A 2.3.1 --

B +

2.3.1 --

+ C 2.3.1 --

2.3.1 --

D

2.3.1 --

2.3.2 --

ABC

2.3.2 --

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2.3.2 --A

2.3.2 --A

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Business Valuation)?

/

2.3.3 --

/ /2.3.3 --

vs. /2.3.3 --

:/(ASA)2.3.3 --

2.3.3 --

The major novelty in this debate on value concerns the structural change of the environment in which companies must satisfy their shareholders:Competition is mounting on a global scale, which forces the management to identify lasting competitive advantages.Financial investors are increasingly well-informed and rational and are concentrated on the creation of potential value through strategic decisions.

This debate becomes all the more important given that macro-economic conditions could radically alter:We are approaching a period of rapid growth in demand in accordance with the long cycle theory of Kondratiev (following the example of the Edwardian Age and the Post-War Boom)This period also coincides with the development of an "equity's economy", which makes it necessary to give particular attention to the creation of shareholder value.

A simple and uniting messageA single tool for unifying views and actions towards value creationHarmonisation of the interests of the shareholder, management and people

Improved financial communicationUse of SVA by investors Clear and simple message: positive SVA means creating value Improvement of the transparency of financial information

Operational value managementIdentification of the operational drivers of Value Creation Analysis of the relative importance of the different driversLaunching of action plans Rewarding of the teams based on their contribution to Value

Strategic allocation of resourcesIdentification of the strategic drivers of Value CreationValidation of the investment strategies based on their contribution to value (SVA)