Investment Services

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1. Industry Overview

Alternative Investments Witness Rapid Growth

Table 1: Global Hedge Fund Assets: 2000- 2005

Globalization Drives Industry Growth

Technology Advancements Spur Productivity

Table 2: Global Investment Bank Expenditures on Information Technology: Annual Market for 2003 in Millions of US$ for Deutsche Bank, Citigroup, UBS, JP Morgan Chase, Credit Suisse First Boston, ABN Amro, Merrill Lynch, Morgan Stanley Dean Witter & Co, and Goldman Sachs

Demographics Propel Investment Markets

2. Industry Structure

Investment Management Industry

Investment Banking & Brokerage Industry

Alternative Investments

Hedge Funds

Managed Futures

Exchange-Traded Funds

Separately Managed Accounts

Table 3: 2005 Top 10 Securities Companies by Revenue (In $ billion)

Private Equity

3. A Review of Industry Segments

Investment Management

Table 4: Worldwide Investment Management Growth for the Period 2004-2005

Asset Management

Current Scenario

Factors Governing the Market

New Regulatory Requirements

Relationship between Asset Management Firms and Third Party Distributors

Governance Codes or Laws

Alternative Investments Drive the Market Growth

Corporate Initiatives to Improve Performance

Expanding Operations

Year 2005 in Review

Mutual Funds Market - A Review

Table 5: Number of Mutual Funds Worldwide by Region: 2005

Net Assets of Mutual Funds Worldwide

Table 6: Net Assets of Mutual Funds Worldwide by Region: 2005

Market Drivers

Institutional Asset Management

Table 7: World Leading Institutional Asset Managers: 2004

Custody Assets Market

Pension Funds Market

Merger Funds

Investment Banking

Industry Overview

Investment and Commercial Banking Convergence to Drive the Market

Table 8: Worldwide Leading Investment Banks by Debt Amount: 2004

Table 9: Worldwide Leading Investment Banks by Equity and Equity-Related Amount: 2004

Underwriting- A Significant Contributor to Investment Banking Industry

Debt Underwriting

Table 10: Revenue Breakdown of Debt Underwriting: 2004

Table 11: Worldwide Investment Grade Revenues by Bank: 2004

Equity Underwriting

Table 12: Revenue Breakdown of Equity Underwriting: 2004

M &A Advisory Business

Worldwide Leading Financial Advisors for Announced M&A Transactions

Table 13: Worldwide Leading M&A Advisors for Announced Deals:2004

Table 14: Worldwide Leading M&A Advisors for Completed Deals: 2004

A Review of the World M&A Transactions in 2004

Table 15: Global Merger and Acquisitions by Sector 2003 & 2004

Table 16: Major M&A Deals in 2004

Securities Industry

Table 17: Stock and Bond Issues Worldwide by Manager: 2004

Alternative Investments

Hedge Funds

Table 18: Hedge Funds Industry Growth in terms of Assets and Number of Funds: 1995- 2005

Investors in Hedge Funds Industry

Largest Hedge Funds Worldwide

Regional Landscape

Hedging Strategies

Types of Hedge Funds

Single-manager funds

Funds of Hedge Funds (FOHFs)

Problems Faced by the Hedge Fund Industry

Strategies Adopted by Hedge Fund Industry

Private Equity

4. Mergers and Acquisitions In The Investment Services Industry

Year 2006 (1st Quarter) in Review

Aon Corp Takes Over KaRo Servicii de Asigurari

BDS Marketing to Acquire Channel Partners

BostonCoach Acquires The Best of Boston

Brady Acquires Personnel Concepts

Canaccord Capital Takes Over Adams Harkness Hill

Centale Acquires Revolution Ads

Digital Imaging Resources to Acquire Vianet Direct

Digitas to Purchases Medical Broadcasting

INTL Consilium Acquires Boston & Alexander Number One Fund

Lincoln Partners Merges with Peters Associates

KeyCorp to Acquire Austin Capital Management

Medical Home Products Takes Over Sequoia Asset Management Group

National Investment Managers Acquires Valley Forge Enterprises

Talbot Financial in a Management Buyout

The NASDAQ Stock Market to Acquire Shareholder.com

Year 2005 in Review

A21 Group Takes Over LCJ

Aavin and Senior Management Group Takes Over Diversified Graphics

Aberdeen Acquires CYBER Management

Ablaze Technologies Snaps Up Adsensel.com

Accenture Acquires CPG market.com SA

Accuro Healthcare Acquires Innovative Health Solutions

Acxiom Corp. Buys Out Smart DM Holdings

Adjoined Consulting Acquires Cima Consulting Group

Adjoined Consulting Buys Sapphire Consulting

Adrenalin Purchases Sixth Man Marketing

Advanced 3-D Enters into a Reverse Takeover Transaction

Advanced Equities Financial Announces Plans to Acquire First Allied Securities

Advanced Equities Financial to Acquire FFP Securities

ADVFN Plc to Acquire Equity Holdings

AEA Investors Acquires Aetos Capital

Affiliated Computer Services Takes Over Mellon Financial Corp.

Affiliated Managers Group Acquires First Asset Management

Affiliated Managers Group Plans to Acquire Instinet LLC

Ainsworth Lumber Acquires Chatham Forest Products

Alexander Hutton Buys Out Windswept Capital LLC

Allianz Life Insurance Buys Out Questar Capital

American Benefit Plan Acquires Taft-Hartley Operations

American Capital Plans to Acquire ThreeSixty

American Leisure to Acquire VICI Marketing

American Security Resources Acquires EGO Design

American Stock Exchange of New York Acquire American Stock Exchange LLC

American Stock Transfer & Trust Buys Out Wachovia

Ameritrade Holding Acquires TD Waterhouse Group

Ametek Takes Over Spectro Beteiligungs

Amherst Partners Acquires The Pillar Group

Anderson & Strudwick Acquires Kepley

Aon Corp Acquires Explorer Consulting

Apollo Management Acquires Marketing Services Division of Cendant

Arcadis Acquires Blasland, Bouck & Lee

Archipelago Holdings Takes Over PCX Holdings

Arrivato Advisors to Buy Out Intrust Financial Services

Arthur J.Gallagher Acquires Corporate Life

Arthur J.Gallagher Takes Over Belmont Associates Consultants

ASB Capital Management Takes over Killian Capital Management LLC

Ashlin Acquires Gale Industries

Asta Funding Takes Over Option Card

Aurora Capital Acquires New AXIA Holdings

Axia Group Acquires Disability Access

Axon Capital Management Takes Over Res MAE Mortgage

Axtive Corp. to Buy Out Datatek Corp of Diversified Corporate Resources

Azur International Acquires Harvest Capital

Bangkok Bank Acquires Ceyuan Venture I

Bank Administration Institute Takes Over Workplace Learning Division of PRIMEDI

Bank Leumi (UK) Plc Announces Plans to Acquire Riggs Bank & trust Co. (Channel Islands) Ltd.

Bank of Ireland to Acquire 71.5% Stake in Guggenheim

Baymark Technologies Enters into Reverse Take Over agreement With Jig Jig

BB&T Acquires Major Stake in Sterling Capital Management

BB & T corp. Plans to Buy Out Bergen Capital

Bear Stearns Acquires Heckman Global Advisors

Bear Stearns Acquires Partial Stake in Migdal Capital Markets

Benefitdecisions Outsourcing Acquires Black Mountain Management

BF Acquisition Group IV Acquires Universal Capital Management

BGC Partners LP Acquires ETC Pollak Prebon SA

BGC Partners Acquires Maxcor Financial Group

Bi3 Solutions Snaps Up Octet Consulting

Black & Veatch Holding Co Acquires Lukens Energy Group

Black & Veatch Holding Co. Take Over R.J.Rudden Associates

Black Stone Minerals Co LP Acquires Appalachian Gas Royalty Trust

Blue Ribbon International Acquires Puritan Securities

BNP Paribas Acquires FundQuest

BNP Paribas Plans to Acquire French Retail Operations of JPMorgan

BNY Brokerage Acquires Lynch Jones & Ryan

Borland Software Corp. Takes Over TeraQuest Metrics

Boston Ventures Management Acquires Regional Health Dynamics

Brandmovers Acquires HIP

Brandywine Acquires Prentiss

Brascan Acquires Hyperion Capital Management

Bridgepoint Capital Takes Over Tilney Group

Bridgewell Acquires UK Capital Markets Business

BridgeWell Securities Acquires Equity Capital Markets Business of Robert W. Baird & Co

Capital Dynamics Acquires Westport Private Equity

Capital Solutions Signs a Reverse Takeover Transaction edrock Holdings

Capri Capital Acquires Trilogy Capital Advisors

CAPTRUST Financial Advisors Buys Out Palmer & Cay Investment Services

Cardiff Communications Acquires Summit Media

Cardinal Financial Acquires Wilson/ Bennett Capital Management

Cargill acquires Ecosecurities Group

Catuity Takes Over Loyalty Magic

CCM Holding Acquires Alliance Capital Management Holding

CDP Capital-Financing Plans to Acquire CRIIMI MAE

Centene Corp. Acquires Summa Care of Health System

Chartwell International to Take Over Rail Waste Holdings

China Media Plans to Acquire Good World

Chisano Marketing Acquires First Marketing

Church Capital Management Takes Over Infinity Investment Advisors

Citadel Derivatives Group LLC Acquires 10% Stake in Philadelphia Stock Exchange

CIT Group Acquires a Unit of SunTrust Banks

Citigroup, Credit Suisse First Boston and UBS AG to Acquire 5% Stake each in Philadelphia Stock Exchange

Clarion Capital Acquires Strategic Outsourcing

Clark Consulting Acquires Stratford Advisory Group

CMG Partners Announces Plans to Acquire Newkirk Master LP

CMT Holdings Acquires Cook Mayer

CoConnect to Acquire Atcom Media

Compass Bancshares Acquires Stavis Margolis Advisory Services

Computershare Takes Over Lord Securities and Lord Securities LLC

Constellation Energy Group Acquires the Business of Duke Energy Control Area Services

Converse Technology Buys Out Israel Brokerage & Investment

Conversion Solutions to Take Over Waatle Holdings

Cousins Properties Plans to Buy The Gellerstedt

Credit Suisse Acquires China Renaissance

Creighton Acquires Pearlstar

CTP Holdings Acquires Pacific Rim

Cybercom Group to Take Over Netcom Consultants

David R. Kotok Acquires Cumberland

Digital Grit Takes Over Liquid Marketing & Insight

Dividend Capital Trust Take over Cabot Industrial Value Fund

Dolan Media Co. Acquires Counsel Press

DRA Advisors Acquires CRT Properties

Duff & Phelps Acquires Standard & Poor’s Corporate Value Consulting Business

Duff & Phelps Take Over Valuemetrics Advisors

Dupre, Wilshire, Platt Buys Out Kindred Keziah

E* Trade Acquires Kobren Insight

E*TRADE Financial Buys Harrisdirect

E* Trade Financial Plans to Acquire SV International

E*Trade Financial Plans to Take Over the Business of Ameritrade Holding

E* Trade Financial Takes Over BrownCo

Eastchase Acquires GlobalSight Corp.

Eastdil Realty Plans to Acquire Secured capital

Eaton Vance Corp. Takes Over Voyageur Asset Management

Eaton Vance Acquires Weston Asset Management

eBrains Acquires Brand Truth

eFonds24 GmBH private equity group Acquires Stake in eFonds

GmbH

Electronic Data Systems to Buy Out Human Resources Unit of Towers Perrin

Elite Wellness Acquires HR TechSuite

EMJAY Acquires Metavante 401k Services

Emtec Merges with DARR Global Holdings

Encore Bank Acquires Linscomb & Williams

Ensource Energy Income Fund Plans to Acquire Eastern American Natural Gas Trust

Enterra Solutions Acquires The New Rule Sets

Equity One Plans to Acquire DIM Vastgoed

Ernst & Young Investment Advisers Plans to Acquire Ernst & Young Investment

Eschelon Telecom Acquires GE Capital/Business Productivity Solutions

Factiva Takes Over Benchmarking Solutions Ltd

First American Treasury Obligations Fund Acquires First American Treasury Reserve Fund

First Data Takes Over EuroProcessing

First Niagara Acquires Financial Institutions

First State Bancorp Acquires New Mexico Financial

FI-Tek Signs a Reverse Takeover Transaction

Flag Fund Merges with Capital Automotive

FloodSmart Plans to Acquire Hardie

Foresight Research Solutions Acquires Langenberg

Fortis Acquires Dryden Wealth

Fortis to Acquire O’ Connor

Fortune Services Acquires Dr. Holler Vermogensver waltung

Fountains Acquires Applied GIS

Frank Russell Canada to Buy Out First Asset Advisory Services

FTN Midwest Securities Corp. Acquires Alterity Partners LLC

Fuel FX International Acquires Emissions Reduction Technologies

FullCirlce Acquires AMPO II

FusionStorm Takes Over BMD Solutions

Gabetti and La Gaiana to Acquire 40% Shares of Star SRL

Garrison Financial Acquires Garner Asset Management

Garrison Financial Plans to Acquire Tahoe Advisers

Gecis Global Plans to Buy Creditek

GE Commercial Finance Acquires Foncière Ariane

General Atlantic Plans to Acquire Partial Stake in Nymex Holdings

Genworth Financial Acquires C.J.M. Planning

GE Real Estate Announces Plans to Acquire Arden Realty

GFI Group Buys Out Prebon Yamane Financial Services (Singapore)

GFI Group Takes Over Starsupply Petroleum

GFK AG Takes Over GFK Panelservices Benelux from Information Resources

Gibbs Holdings to Take Over Redwood MicroCap

Glencoe Capital LLC Acquires Entertainment Resource

Global Direct Marketing Solutions Announces plans to Acquire eForce Media

Golden Health Plans to Acquire Joy Power

Goldman Sachs Takes Over Wellsford/Whitehall Group Gordon Brothers Group Snaps Up Ozer Group

GOT Acquires Messagia

GOT Buys Out Smart Solutions International

Grant Thornton to Acquire Frankham

Greenfield Plans to Acquire PARC Capital

Grindrod Acquires Commodities and Trading Arms of Seaboard Corp.

Grupo Financiero to Acquire Bank of America's Mexican Operations

Guoco Group Acquires BIL

Hancock Insurance Acquires J. Everett Eaves

Harleysville National Plans to Acquire Cornerstone Cos.

Health Sciences Group Acquires Open Cell Biotechnologies

Hendricks Holdings Takes Over Six Point

Hewlett Packard Plans to Acquire CGNZ

Highland Capital Management LP Acquires ING Capital Management

Hines REIT Acquires Minority Stake in Hines Sumisei

Hitachi Acquires Dove Consulting

HSBC Investments Acquires Atlantic Advisors

HSBC Securities USA Buys Out HSBC Brokerage USA

IBAC Takes Over Monarch Entertainment Group

ICAP Plans to Acquire GovPX

ICAP Takes Over United Fuels International

ICBS International Corp to Acquire ICBS Global Securities

ICF consulting Group Acquires Synergy

IFF Advisors LLC Buys Out the Hiles Group LLC

Illington Fund Management Take Over FA Asset Management

Image Globe Solutions to Take Over Big Sky Industries

Image Innovations to Acquire Gold Solutions

IMG Acquires Australian Fashion

Informa Research Services Buys Out Moorthy, Riggs & Associates

Information Resources Acquires Information Resources GFK BV

Inforte Takes Over GTS Consulting

ING Acquires Gables Residential Trust

Innova Pure Water Buys Desert View Management Services

Institutional Shareholders Procures Investor Responsibility Research Center

Integral Partners Agrees to Buy Integra2000

International Monetary Systems Acquires International Barter Network

International Monetary Systems Acquires United Trade Network

International Monetary Systems Buys Out Barter Business Unlimited

Intrsight Takes Over Sansora International

Investec Announces Plans to Acquire Alliance Capital Management Namibia

Investec to Buy Out Alliance Capital Management..

Investment Technology Group Acquires The MacGregor Group

iStar Financial Plan to Acquires Oak Hill Advisors

ITG Europe Takes Over E-Crossnet

IWCA Direct Acquires Instant Web COS

IXIS Asset Management Advisors Acquires Active Index Advisors

Janel World Trade Announces Plans to Buy Out Freight Wings

Janney Montgomery Scott LLC to Acquire Parker/Hunter

Jasper & Hall Acquires Michael Johnson

Jefferies Group Acquires Randall & Dewey

Jefferies Group Takes Over Helix Associates

JP Morgan Plans to Acquire China International

Kellogg Co. Take Over WK Kellogg Foundation

Ketel Thorstenson LLP Acquires Rapid City Office of RSM McGladrey

Kimco Realty Announces Plans to Acquire Atlantic Realty Trust

Kirshner Entertainment Takes Over Linkwell Tech Group

Kline Acquires Cellestian

Kline Hawkes Acquires American Water

Kline Hawkes Purchases Newbridge College

KNBT Bancorp Takes Over Caruso Benefits Group

Konica Minolta Holdings Procures Business Systems

Kroll Acquires Talbot Hughes McKillop LLP

Leading Investment & Securities Co. Plans to Take Over Majority Stake in Bridge Securities Co.

LECG Purchases Bates Private Capital

Legend Investment Plans to Acquire Ludlow Energy

Legg Mason Acquires CAM

Legg Mason Acquires Major Stake in The Permal Group

Lehman Brothers Holdings Acquires Share in Ospraie Management

Lehman Brothers Holdings Plans to Acquire Stake in Woori LB Special Purpose

Liberty Media Acquires Morgan Stanley's MS Irish Holdings

Lightstone Acquires Prime Group Realty

Lionbridge Technologies Snaps Up Bowne Global Solutions

Livestar Entertainment Group Acquires Promostaffing.com LLC

Lowton Ventures Acquires Minority Stake in TBI BAC Real Estate

Mackenzie Patterson Fuller Acquires Meridian Healthcare Growth & Income Fund Ltd. Partnership

Mackenzie Patterson to Acquire Stake in Palmetto

MAC Worldwide Merges with Trafficlogic

Management Team of Fund Evaluation Group Plans to Acquire Fund Evaluation Group

Manhattan Telecommunications Acquires Business Productivity

Marketing Matters Takes Over Marketing Creative Solutions

Marshall & Ilsley Acquires FirstTrust

Maritz Acquires Atlantis Creative Group

MassMutual Acquires Majority Stake in Golden Retirement

MCF Corp. Buys Out Catalyst Financial Planning & Investment Management

McGraw-Hill Cos. Buys Out J.D. Power & Associates

MDC Partners Purchases Zyman Marketing Group

Mellon Financial Acquires Derivatives Portfolio Management

Mellon Financial Acquires City Capital

Mellon Financial Acquires DPM

Mercer Human resource consulting (Australia) to Acquire

Mellon Human Resources & Investor Solutions

Mercer to Acquire Watson Wyatt

Meridian Resources Associates Takes Over Eaton Consulting Group

Merrill Lynch Acquires Pax Clearing Corporation

Merrill Lynch Buys DSP Merrill Lynch

Merrill Lynch Investment Managers Funds Acquires

Koninklijke Philips Electronics

Merrill Lynch Takes Over 10% Stake in Philadelphia Stock Exchange

MetLife to Take Over Travelers Life & Annuity from Citigroup

Mezzanine Acquires The Liquid

M Financial Group Buys Capital Strategies Group

M Financial Group Procures Capital Strategies Partners

Michelex Corp. Acquires Hindsight Records, Inc.

Midcoast Acquires Greenhill

Modern Technology Acquires Inmarketing

Morgan Stanley Acquires China Overseas Land

Morgan Stanley Announces Plans to Acquire Partial Stake in Philadelphia Stock Exchange

Morgan Stanley to Acquire AMLI Residential Properties Trust

Morningstar to Take Over Ibbotson Associates

Moving Bytes Enters into a Reverse Takeover Transaction

Nasdaq Stock Market Purchases Instinet Group

National Financial Partners Plans to Acquire Highland Capital Holding

National Investment Acquires Stephen H. Rosen & Associates

Nationwide Financial Services Acquires RIA Services

Navigant Acquires A.W. Hutchison

Navigant Consulting Acquires Tiber Group

Navigos Plans to Acquire Ernst & Young Vietnam

NC4 Intends to Acquire E Team

Nelnet Takes Over Student Marketing Group

Netcert to Buy Central Park North International

NeuStar Buys Out Fiducianet 51 New York Life Investment Management Acquires Stake in Jacob Ballas Capital India

New York Stock Exchange Plans to Buy Out Archipelago Holdings

Noesis Acquires Defense Holdings

Novator Bulgaria Acquires Viva

Nuveen Investments Takes Over Santa Barbara Asset Management

NYCA Snaps Up Di Zinno Thompson

Omnicom Acquires Greenland Interactive

Omnicom Acquires The Marketing Partners

Onex Real Estate Partners and Morgan Stanley Real Estate Fund Announces Plans to Acquire Town & Country Trust

ORIX Buys Out Houlihan Lokey Howard & Zukin

Osaka Gas to Acquire Arc Light Capital Partners

Palmone Acquires Stake in Palm Trademark Holding

Peoples Community Bancorp, Inc. Announces Plans to Acquire Mercantile Financial Corporation

Phatra Securities Acquires Hunters Asset Management

PHC Intends to Acquire Rudy International

Phoenix Acquires Kayne Anderson

Phoenix Companies Acquires Seneca Capital

Phoenix Marketing International Acquires Cultural Access Group of Lumina Americas

Pioneer Global Asset Management Acquires Amsouth Bancorp’s Mutual Fund Management Business

Pittsford Capital Acquires Kirlin Securities's Rochester Office

PNC Financial Services Acquires Harris Williams

Premier Asset Management Takes Over Castlefield Investments

Prescient Capital to Acquire Spread Co. Holdings

Presidential Holdings Acquires Discover Capital Holdings

Presidion Corp Takes Over Professional Benefits Solutions

Prides Capital Takes Over QC Holdings

Primetrica Acquires MMS Consultancy

PRIMIS Marketing Acquires MarketModels

Principal International Acquires Commerce Asset Fund Managers

Private Buyer Acquires Worldwide Wines of New York

Prologis Acquires Catellus

Promedia of Ohio Acquires the Media Group

Quota Buys Out New Results Consulting Group

Quellos Financial Ventures II Acquires Wolf Rock Capital

Real vision Research Takes Over The Ryness

Redi Mail Direct Marketing Acquires PPS Medical Marketing Group

Regime de Rentes Acquired Entrepia

Ritchie Capital Management Acquires RSS Investors

Rosemont Investment Acquires Cadence Capital Management

Royal to Acquire 80% shares of Lions

Rub Investments to Take Over ISSG

Russian Funds Acquires Pallada Asset Management

SAI Global Buys Out CRS Registrars

Sanders Morris Harris Group Acquires Stake in Astor Asset Management

Sandy Spring Acquires West Financial

Satellite Acquires Lapre and Hoog Antink

Secure Solutions Acquires Secure Solutions Holdings

Security First Plans to Acquire Criterion Strategies

Select Group of Shareholders of Corbyn Investment Acquires Corbyn Investment

SG Corporate & Investment Banking Acquires Structured Investment Operations of Bank of America

Sikorsky Acquires Keystone

Silvercrest Asset Management Group Acquires Heritage Financial Management

Smiths Group Acquires Hitech Hose

Softnet Technology Acquires Cord Consulting

SOOoo Good International Takes Over Intermar Solutions

Sparks Exhibits & Environments of Marlton Technologies Acquires Showtime Enterprises

Spectrum Equity Plans to Acquire QTC Management

Spencer Stuart Acquires Search Corp.

Sports Entertainment Enterprise Acquires 19 Entertainment

Sportsnuts Reaches an Agreement to Buy Sports Solutions international

SS&C Technologies Acquires Financial Interactive

Starwin Media to Acquire Strategic Media

STG Media Acquires Retail Direct

Stifel Financial Acquires Capital Market Business of Legg Mason

St. James Capital Acquires St James Resource Management

St. James Capital Takes Over Hanover Capital Group

Summit Partners Acquires Coast Management

Summit Partners Takes Over Minority Stake in Liquidnet

Sunrise USA Takes Over Olympus Restaurant

Superior Development Group Acquires Superior Housing Corp

Susquehanna Bancshares Acquires Brandywine Benefits

Swiss Medica Acquires Anti Depression Biohealth Solutions

TA Associates / The Stripes Group LLC Takes Over Azoogle Ads.Com

Tally-Ho Ventures Acquires Master Finance Europe

Tally-Ho Ventures Buys Out ProTrust Private Clients

Tamarack Ventures Announces Plans to Acquire Administration for International Credit & Investment

Target Marketing LLC Buys Out The Dubbs

Tatum Partners Purchases Subsidium Health Advisors

Technology Logistics Systems to acquire Interactive Business Development

Tejas Acquires Capital & Technology Advisors

The Active Network Acquires Public Enterprises Group

The Active Network Snaps Up Vision Sports & Entertainment Partners

The Bank of New York Co. Acquires Boston Institutional Services

The Bank Of New York Co. Plans to Acquire Alcentra

The Beanstalk Group and Omnicom Group Acquire The Beanstalk Group

The Blackstone Group to Acquire La Quinta

The Borenstein Group Takes Over Market Vision

The Ingram Partnership Acquires Consumer Dynamics

The Linc Group Acquires BMAR

The Riverside Acquires 4imprint

The Thomson Plans to acquire Hildebrandt International

The Thomson Snaps Up Deminor

The World Bank Group Takes Over Rio Bravo Securitizadora

Think Partnership Acquires Smart Interactive

Third Avenue Acquires Additional Shares in BIL International

Thomas H. Lee Partners LP Acquires Cargill Investor Services

Tompkins Associates Acquires The Soleus Group

TRAC Mortgage Takes Over Saddleback Investment Services

Traditional Financial Services Acquires ARC Oil LLC

Traffix Buys Out Hot Rocket Marketing

Traffic Developer LLC buys Panorama Point

Transamerica Acquires Westcap

TravelCLICK Acquires Vantis International

Tregaron Capital Co. Acquires Gallery Associates

Triple 8 Holding Trust Announces Plans to Acquire Advanced Dental Technologies and Millennium Business Group

Trivest Partners Purchases Directed Ontario

Tsinghua Tongfang to Acquire Resuccess Investments

uAuthorize Acquires SearchFN.com

UBS Acquires Real Estate Funds Business of Siemens

UMT Acquires Unite Mortgage

Unidine Procures Delmonico Management

U.S. Bancorp Acquires Trust Company

US Laboratories Acquires Clayton Group Services

Utilipoint Acquires Neenan Associates

Ventas Acquires Provident Senior Living Trust

Ventiv Health Acquires inChord Communications

Ventiv Health Acquires Pharmaceutical Resource

Verint Systems Acquires Multivision Holdings

Victor Ugolyn and Other Shareholders Acquire William D Witter

Vornado Acquires H Street

Vornado Acquires Minority Stake in First Union

Wachovia Acquires Gerald S. Smith & Co

Wachovia Announces Plans to Acquire Stakes in Golden Capital

Wachovia Buys Palmer & Cay

Walker Financial to Take Over Disability Access Consultants

Washington Trust Bancorp Acquires Weston Financial Group

Watson Wyatt & Co. Holdings Acquires Major Stake in Watson Wyatt

WayPoint Biomedical Enters into a Reverse Merger Transaction

Webster Financial Acquires J. Bush & Co.

West Bancorp Acquires Investors Management

White Knight to Take Over Sic Semper Tyrannis

WHM Capital to Acquire Todd Financial Solutions

Wien Group Acquires MM2 Group

Willis Group Holdings Buys Out CGI Consulting

Wilmington Trust Enters Into an Agreement to Acquire Charleston Captive Management

Winthrop Corp. Announces Plans to Buy Out Cheswick Investment Co.

Workplace Systems Acquires Labor Solutions

World Wide Motion Pictures Acquires Buckeye Ventures

WPP Group Acquires Studiocom

WPP Group Procures Dynamic Logic

WPP Group Takes Over K&L Field Marketing LLC

Xethanol.Acquires Xylose Technologies

XL Capital Acquires Artemis Advisors LLC’s Stake

Zeitgeist Communications Merges with Pacific Media Partners

Ziegler Capital Acquires Burnham, Sullivan & Andelbrandt

Year 2004 in Review

Bank One Merges with J.P. Morgan

Deutsche Bank Acquires 40% Equity Stake in UFG

Deutsche Bank Acquires Wilhelm von Finck AG

Deutsche Bank Takes Over Berkshire Mortgage Finance Mortgage

Deutsche Bank to divest Private Investment Counsel Business

Merrill Lynch Acquires Energy Trading Businesses of Entergy-Koch

Morgan Stanley Fund Acquires Hills Plaza

Morgan Stanley Takes Over Pearl Highlands in Hawaii MSCI Acquires Barra

PULSE to merge with Discover Financial Services

Thomson Acquires Information Holdings

Thomson to Take Over KnowledgeNet

UBS to Merge Wealth Management Operation with Sauerborn Trust

UBS to Take Over DBLA’s Wealth Management Business

UBS to Take Over Julius Baer’s Wealth Management Business

REGIONAL MARKET ANALYSES

1. United States

Investment Management

Table 19 : Investment Mix of Private Defined Benefit Plan Assets by Type in the US: 2000 through 2005 in Billions of US$ for Equity Bonds, Mutual Funds, Cash Items, and Other Assets

Revenues for Investment-Advice Services

Friedman Billings Ramsey (FBR)

Market Outlook

Mutual Funds Market in the US

Table 20: Mutual Funds by Holder in the US: 2005 in Billions of US$ for Household Sector, Non-Financial Corporate Business, State and Local Governments and Others

Table 21: Mutual Funds Market in the US by Net Assets and No. of Funds: 2000- 2005

Table 22: Financial Services Mutual Funds (1-Year Total Return and 3-Year Annualized Total Return) by Fund Name in the US: 2005 in Percentages for Merrill Lynch Global Financial Svcs B, Forward Emerald Banking and Finance A, Fidelity Select Brokerage & Investment, and Others

Table 23: Mutual Funds Assets in the US by Type: 2005

Table 24: Number of Mutual Funds in the US by Type: 2005

Table 25 : Number of Mutual Funds by Type in the US: 2000 through 2005 in Number for Equity Funds, Hybrid Funds, Bond Funds, and Others

Table 26 : Mutual Fund Industry Net Assets by Type of Fund in the US: 2000 through 2005 in Billions of US$ for Equity Funds, Hybrid Funds, Bond Funds, Taxable Money Market Funds, And Tax-Exempt Money Market Funds

Table 27: Assets in 401(K) Plans by Type in the US: 2000 through 2005 in Billions of US$ for Mutual Fund 401(K) Plan Assets, and Other 401(k) Plan Assets

Table 28: Top Ten Mutual Fund Companies by Assets in the US: 2005 in Billions of US$ for Fidelity Investments, Vanguard Group, Capital Research & Management, and Others

Asset Concentration

Table 29: Asset-Backed Security Sources by Category in the US: 2000 through 2005 in Billions of US$ for Agency Securities, Mortgages, Consumer Loans, Business Loans, and Trade Receivables

Cash flow

Investor Demand - Financial Markets

Institutional Long Term Bond Funds by Assets

Table 30: Leading Institutional Long Term Bond Funds by Assets in the US: 2004 in Millions of US$ for Pimco Long- Term U.S. Govt. Fund (Inst’l), Pimco Long-Term U.S. Govt. Fund (Admin), Loomis Sayles U.S. Govt. Securities, Fund, and CDC Nvest Gov’t Securities Fund

Household Net Purchases of Mutual Fund Shares

Equity Funds

Money Market Funds

Retail Money Market Funds

Institutional Money Market Funds

Mutual Fund Ownership

Closed-end Funds in the US (A Historic Review)

Table 31: Assets of Closed-End Funds by Type of Fund in the US: 2000-2003

Table 32: Number of Closed-End Funds by Type of Fund in the US: 2000-2003

Unit Investment Trusts Market (A Historic Review)

Table 33: New Deposits of Unit Investment Trust in the US by Type of Trust: 2000-2005

Table 34: Assets of Unit Investment Trusts in the US by Type of Trust: 2000-2003

Separately Managed Accounts (SMA) Market in the US

Individual Retirement Accounts (IRAs) (A Historic Review)

Table 35: Retirement Assets Invested in Mutual Funds, 2000-2003

Investment Banking

US Regulators

Securities and Exchange Commission (SEC)

National Association of Securities Dealers (NASD)

US Underwriting Market

Table 36: Underwriting Revenues in the US: 2000- 2004 (E)

Table 37: Leading Loan Underwriters in the US: 2004

Debt Underwriting

Table 38: US Investment Grade Revenues by Bank: 2004

Merger & Acquisition Advisory Market

Financial Advisors for Announced M&A Transactions

Table 39: Mergers & Acquisitions in the US (In US$ Billion)

Table 40: Leading Financial Advisors for Announced M&A Transactions in the US: 2004 (In US$ Billion)

Table 41: Leading Financial Advisors for Completed M&A Transactions in the US: 2004

US Securities Industry

Table 42: Mergers And Acquisitions of US Securities Firms (In Numbers)

Spending on IT

Table 43: IT Spending by US Securities Companies: 2002-2007 (In US$ billion)

Table 44:Revenues from the US Securities (In US$ Billion)

Table 45:Persons Employed in the US Securities Industry (In Thousand)

Table 46:2004 Top 10 Securities Companies by Revenue (In US $ billion)

Table 47:Daily Share Trade in Premier US Stock Exchanges (In Million)

Table 48:Foreign Trade in US Securities and US Trade in Foreign Securities (In US$ Billion)

Table 49:Foreign Holding in US Securities and US Holding in Foreign Securities (In US$ Billion)

Initial Public Offerings (IPO) Market

Table 50: IPO Market in the US: 2000- 2004 (In US$ Billion)

Leading Money Management Companies

Table 51: Leading Money Management Companies’ Non-U.S. Securities by Value in the US: Annual Market for 2003 in Billions of US$ for Barclays Global Investors, Capital Group Cos., State Street Global Advisors, UBS Global Asset Mgmt, Merrill Lynch Investment Managers, J.P. Morgan Fleming Asset Mgmt, Franklin Resources, Axa Financial, Citigroup, Morgan Stanley Investment Mgmt, Putnam Investments, Fidelity Investments, Brandes Investment Partners, Goldman Sachs Asset Mgmt, and Gartmore Group

Leading Institutional Investors

Table 52: Leading Institutional Investors by Under Management Assets of Non-U.S. Securities in the US: 2004 in Billions of US$ for Fidelity Investments, State Street Global Advisors, Barclays Global Investors, J.P. Morgan Fleming Asset Mgmt, Capital Group Cos., Mellon Financial Corp., Merrill Lynch Inv. Managers, Citigroup, Axa Financial,Morgan Stanley Inv. Mgmt, Vanguard Group, UBS Global Asset Mgmt, Allianz Dresdner Asset Mgmt of America, Amvescap, and Putnam Investments

Alternative Investments in the US

Table 53: Leading Companies’ Alternative Investments in the US: 2004 in Millions of US$ for Fidelity Investments, State Street Global Advisors, J.P. Morgan Fleming Asset Mgmt, Mellon Financial Corp., Merrill Lynch Investment Managers, Citigroup, Axa Financial, Morgan Stanley Investment Mgmt, UBS Global Asset Mgmt, Amvescap, Putnam Investments, Bank of America Corp., Goldman Sachs Asset Mgmt, BlackRock/PNC, and Prudential Financial

Venture Capital Investments

Table 54: Leading Venture Capital Deal Amount by Investors and Target Company in the US: 2004 in Million of US$ for Reliant Pharmaceuticals LLC, WildBlue Communications, Archipelago LLC, Eagle Test Systems Inc., GCA Services Group Inc., Synta Pharmaceuticals Corp., AECOM Technology Corp. Matrix Semiconductor Inc., MetroPCS Inc.,

Brokers/Dealers

Major Firms

Regional Brokers

New York City (NYC) Area Regionals

Discounters

Table 55: 2004 US Assets of Security Broker/Dealers (In $ Billion)

Concentration

Table 56:2004 Revenue Concentration (In %)

Table 57:2004 Revenue Concentration by Capital (In %)

Market Players

2. Canada

Canadian Securities Industry

Integrated Firms

Institutional Firms

Retail Firms

Access to Capital for Businesses and Governments

The Increasing Importance of the Canadian Securities Industry Outlook

Leading Money Managers in Canada

Table 58: Leading Financial Advisors for Completed M&A Transactions in Canada: 2004

3. Japan

Japanese Market Scenario for Fund Managers’ Investments in Japanese Bonds

Table 59: Leading Money Management Firms by Japanese Bonds in Japan: 2004 in Billions of US$ for Kampo, Zenkyoren, Nippon Life Insurance Group, Pension Fund Association, Sumitomo Life Insurance Group, Daiwa Securities Group, UFJ Holdings, Tokio Marine & Fire Insurance Group, Daido Life Insurance Group, Asahi Mutual Life Insurance Group, Mitsui Mutual Life Insurance Group, Fukoku Mutual Life Insurance Group, Nikko Asset Mgmt Co. and Meiji Life Insurance Group

Japanese Market Scenario for Fund Managers’ Investments in Japanese Equities

Table 60: Leading Money Management Firms by Japanese Equities in Japan: Annual Market for 2003 in Millions of US$ for Nippon Life Insurance Group, UFJ Holdings, Tokio Marine & Fire Insurance Group, Nikko Asset Mgmt Co., Meiji Life Insurance Group, Daiwa Securities Group, Sumitomo Life Insurance Group, Asahi Mutual Life Insurance Group, Mitsui Mutual Life Insurance Group, Zenkyoren, Fukoku Mutual Life Insurance Group, Daido Life Insurance Group, and Kampo

Japanese Market Scenario for Fund Managers’ Investments in Non-Asian Bonds

Table 61: Leading Money Management Firms by Non Asian Bonds in Japan: 2004 in Millions of US$ for Tokio Marine & Fire Insurance Group, Sumitomo Life Insurance Group, Kampo, Zenkyoren, UFJ Holdings, Mitsui Mutual Life Insurance Group, Meiji Life Insurance Group, Nippon Life Insurance Group, Asahi Mutual Life Insurance Group, Daido Life Insurance Group, Daiwa Securities Group,Fukoku Mutual Life Insurance Group, and Nikko Asset Mgmt Co.

Japanese Market Scenario for Fund Managers’ Investments in Non-Asian Equities

Table 62: Leading Money Management Firms by Non-Asian Equities in Japan: Annual Market for 2003 in Billions of US$ for Ufj Holdings, Meiji Life Insurance Group, Mitsui Mutual Life Insurance Group, Nippon Life Insurance Group, Tokio Marine & Fire Insurance Group, Sumitomo Life Insurance Group, Daiwa Securities Group, Nikko Asset Mgmt Co., Zenkyoren, Asahi Mutual Life Insurance Group, Daido Life Insurance Group, and Fukoku Mutual Life Insurance Group

Japanese Market Scenario for Fund Managers’ Investments in Asian (Excl. Japan) Bonds

Table 63: Leading Money Management Firms by Asian (Excl. Japan) Bonds in Japan: 2004 in Millions of US$ for Asahi Mutual Life Insurance Group, Sumitomo Life Insurance Group, Daiwa Securities Group, Nikko Asset Mgmt Co., Fukoku Mutual Life Insurance Group, UFJ Holdings, Daido Life Insurance Group, Mitsui Mutual Life Insurance Group, and Nippon Life Insurance Group

Japanese Market Scenario for Fund Managers’ Investments in Asian (Excl. Japan) Equities

Table 64: Leading Money Management Firms by Asian (Excl. Japan) Equities in Japan: Annual Market for 2003 in Millions of US$ for Daiwa Securities Group, UFJ Holdings, Asahi Mutual Life Insurance Group, Nikko Asset Mgmt Co., Meiji Life Insurance Group, Sumitomo Life Insurance Group, Nippon Life Insurance Group, Tokio Marine & Fire Insurance Group, Mitsui Mutual Life Insurance Group, Fukoku Mutual Life Insurance Group, and Daido Life Insurance Group

Japanese Market Scenario for Fund Managers’ Investments in Total Assets

Table 65: Leading Money Management Firms by Total Assets in Japan: 2004 in Billions of US$ for Kampo, Nippon Life Insurance Group, Zenkyoren, Dai-Ichi Mutual Life Insurance Group, Mitsui Trust Financial Group, Sumitomo Trust & Banking Group, Sumitomo Life Insurance Group, Mitsubishi Tokyo Financial Group, Meiji Life Insurance Group, Resona Group, Nomura Securities Group, Mizuho Holdings, UFJ Holdings, Yasuda Mutual Life Insurance Group, Daiwa Securities Group, Tokio Marine & Fire Insurance Group, Mitsui Mutual Life Insurance Group, Pension Fund Association, Asahi Mutual Life Insurance Group, Taiyo Mutual Life Insurance Group, Daido Life Insurance Group, Mitsui Sumitomo Marine Insurance Group, Sompo Japan Life Insurance Group, Nikko Asset Mgmt Co., and Fukoku Mutual Life Insurance Group

Japanese Market Scenario for Fund Managers’ Investments in Other Instruments

Table 66: Leading Money Management Firms by Miscellaneous (Excl. Equities, Bonds, Cash & Equivalent) in Japan: 2004 in Billions of US$ for Nippon Life Insurance Group, Meiji Life Insurance Group, Zenkyoren, Mitsui Mutual Life Insurance Group, Asahi Mutual Life Insurance Group, Fukoku Mutual Life Insurance Group, Tokio Marine & Fire Insurance Group, Daido Life Insurance Group, Sumitomo Life Insurance Group, Nikko Asset Mgmt Co., and UFJ Holdings

Market Players

4. A European Perspective

Investment Management

Table 67: Leading Investment Markets by Region in Europe: Net Assets in First Half of 2004 (In EUR Million)

Prospects

UCITS III Directive

Hedge Funds Review in Europe

Key Strategies

Table 68: Hedge Funds Market in Europe: Percentage Breakdown by Strategy

Regional Landscape

4a. France

Investments in Financial Assets: A Review

Potential Investors

Aging Population Provides Opportunity

Table 69: Households Investments in Financial Assets France: 2004 Percentage Market Share for Life Insurance, Mutual funds, Equities, Bonds, Savings accounts, and Cash

4b. Germany

Major German Bond Issuers

Table 70: Leading Companies by Issued Bond in Germany:

in Billions of US$ for Kreditanstalt fuer Wiederaufbau, Bayerische Hypo- und Vereinsbank AG, Landesbank Baden- Wuerttemberg, Landesbank Nordrhein-Westfalen, Bayerische Landesbank Girozentrale, Commerzbank AG, Eurohypo AG, Norddeutsche Landesbank Girozentrale, Landesbank Schleswig-Holstein Girozentrale, Deutsche Telekom AG, DaimlerChrysler AG, DekaBank Deutsche Girozentrale, Landwirtschaftliche Rentenbank, DePfa Deutsche Pfandbriefbank AG, and Land Nordrhein Westfalen

4c. United Kingdom

Leading Asset Managers in the UK Market

Table 71: Leading Investment Banks by Equity Capital in the UK: 2003 (A Historic Review)

4d. Russia

Market Scenario

IPOs of Russian companies

5. Asia and Asia-Pacific

Asian Hedge Funds Industry

Table 72:Leading Cross-border Investment Banks in Asia: 2004

Table 73:Leading Investment Banks in Asia: 2004

Asian Money Managers by Total Assets

Table 74: Money Managers by Total Assets in Asia: 2004 in Billions of US$ for State Street Global Advisors, Barclays Global Investors, J.P. Morgan Fleming Asset Mgmt, Deutsche Asset Mgmt, Capital Group, Citigroup Asset Mgmt, ING Group, Schroder Investment Mgmt, UBS Global Asset Mgmt, Alliance Capital Mgmt, Merrill Lynch Investment Managers, Fidelity Investments, Goldman Sachs Asset Mgmt, Franklin Templeton Investments, Allianz Dresdnr Asset Mgmt, HSBC Asset Mgmt (Hong Kong), SG Asset Mgmt, Credit Suisse Asset Mgmt, Invesco, and AIG Global Investment Group

Asian Money Managers by Non-Asian Equities

Table 75: Money Managers by Non-Asian Equities in Asia: Annual Market for 2003 in Billions of US$ for Barclays Global Investors, Alliance Capital Mgmt, State Street Global Advisors, J.P. Morgan Fleming Asset Mgmt, Fidelity Investments, Deutsche Asset Mgmt, Goldman Sachs Asset Mgmt, UBS Global Asset Mgmt, HSBC Asset Mgmt (Hong Kong), SG Asset Mgmt, Citigroup Asset Mgmt, Schroder Investment Mgmt, Schroder Investment Mgmt (Japan), Credit Suisse Asset Mgmt, and AIG Global Investment Group

Table 76: Asian Money Managers by Australian Equities in Asia: Annual Market for 2003 in Billions of US$ for State Street Global Advisors, Barclays Global Investors, Deutsche Asset Mgmt, Citigroup Asset Mgmt, ING Group, Schroder Investment Mgmt, UBS Global Asset Mgmt, Alliance Capital Mgmt, Merrill Lynch Investment Managers, Goldman Sachs Asset Mgmt, Franklin Templeton Investments, HSBC Asset Mgmt (Hong Kong), and Credit Suisse Asset Mgmt

Table 77: Asian Money Managers by Australian Bonds in Asia: 2004 in Billions of US$ for UBS Global Asset Mgmt, ING Group, State Street Global Advisors, Credit Suisse Asset Mgmt, Alliance Capital Mgmt, Citigroup Asset Mgmt, Merrill Lynch Investment Managers, Deutsche Asset Mgmt, Barclays Global Investors, HSBC Asset Mgmt (Hong Kong), Franklin Templeton Investments, Goldman Sachs Asset Mgmt, Schroder Investment Mgmt, and AIG Global Investment Group

Table 78: Asian Money Managers by Asian Equities (Excl. Japan) in Asia: Annual Market for 2003 in Billions of US$ for Franklin Templeton Investments, State Street Global Advisors, J.P. Morgan Fleming Asset Mgmt, Fidelity Investments, Schroder Investment Mgmt, ING Group, HSBC Asset Mgmt (Hong Kong), Deutsche Asset Mgmt, Alliance Capital Mgmt, Merrill Lynch Investment Managers, SG Asset Mgmt, Citigroup Asset Mgmt, UBS Global Asset Mgmt, AIG Global Investment Group, Barclays Global Investors, Goldman Sachs Asset Mgmt, Credit Suisse Asset Mgmt, and Schroder Investment Mgmt (Japan)

Table 79: Asian Money Managers by Japanese Equities in Asia: Annual Market for 2003 in Billions of US$ for Barclays Global Investors, State Street Global Advisors, Deutsche Asset Mgmt, Fidelity Investments, Schroder Investment Mgmt, J.P. Morgan Fleming Asset Mgmt, Citigroup Asset Mgmt, Merrill Lynch Investment Managers, Credit Suisse Asset Mgmt, SG Asset Mgmt, Schroder Investment Mgmt (Japan), Goldman Sachs Asset Mgmt, Alliance Capital Mgmt, UBS Global Asset Mgmt, Franklin Templeton Investments, AIG Global Investment Group, HSBC Asset Mgmt (Hong Kong), and ING Group

Market Players

5a. Australia

Hedge Funds

FOHFs - Play a Crucial Role

Investment Banking

5b. China

Guidelines for Investments in China

CEPA and Industry Development in China

Table 80: Leading Investment Banks in China: 2004

Leading Asset Management Companies in China

Table 81: Asset Management Companies by Amount Transferred in China: 2004 in Billions of Rmb for China Cinda Asset Management Corp,, China Huarong Asset Management Corp, China GreatWall Asset Management Corp, and China Orient Asset Management Corp

Table 82: Asset Management Companies by Amount Disposed in China: 2004 in Billions of Rmb for China Cinda Asset Management Corp, China Huarong Asset Management Corp, China GreatWall Asset Management Corp, and China Orient Asset Management Corp

5c. Hong Kong

Hong Kong Securities Industry

Service Providers

Exports

5d. Taiwan

New Rules for Mutual Funds

Table 83: Leading Money Managers’ Domestic Equities in Taiwan: Annual Market for 2003 in Millions of US$ for Central Trust of China and International Investment Trust Co.

6. The Middle East

Growing Women Investors in the Region

7. Latin America

Table 84: Leading Financial Advisors for Completed M&A , Transactions in Latin America: 2004

Leading Asset Managers in Brazil

Table 85: Leading Asset Managers by Volume in Brazil: 2004 in Billions of R$ for Bradesco, Banco do Brasil, Itau, CEF, HSBC, Unibanco, Citibank, Bank of America, Santander, and ABN Amro

Market Players

GLOBAL DIRECTORY

1. A.G. Edwards & Sons (USA)

2. Abacus Securities Corp. (Philippines)

3. ABN Amro Bank NV (The Netherlands)

4. Acciones Y Valores De Mexico (Mexico)

5. Accountability Research (Canada)

6. Acumen Capital Finance Partners Limited (Canada)

7. Adams, Harkness & Hill (USA)

8. Adinvest (Brazil)

9. Advanced Equities, Inc. (USA)

10. Advest Incorporated (USA)

11. AFS Brokers (The Netherlands)

12. Ahorro Corporacion Financiera, SVB, SA (Spain)

13. Al-Ahlia Investment Co. (Kuwait)

14. Alfa Bank (Russia)

15. Allaria Ledesma & Cia (Argentina)

16. Allen C. Ewing & Co (USA)

17. Allen Financial Advisors, Inc. (USA)

18. Alpha Equity Research (USA)

19. Alpha Finance A.E (Romania)

20. Alternatif Yatirim A.S (Istanbul)

21. American Technology Research, Inc. (USA)

22. America's Growth Capital (USA)

23. Anderson & Strudwick (USA)

24. Andisa Securities (South Africa)

25. Aperion Group, LLC (USA)

26. APS Investment Services (USA)

27. Arcadia Investment Management Corp. (USA)

28. Ardour Capital Investments (USA)

29. Argentine Research (Argentina)

30. Asensio & Company, Inc. (USA)

31. ATA Invest (Istanbul)

32. Atlantic Equities LLC (UK)

33. Atlas Investment Group (Jordan)

34. Aton Capital Group (Russia)

35. Auerbach Grayson & Company. Inc. (USA)

36. Austock Brokers Pty., Ltd. (Australia)

37. Avalon Research Group (USA)

38. Avondale Partners Llc (USA)

39. B Metzler Seel. Sohn & Co. (Germany)

40. B. Riley & Company, Inc. (USA)

41. Banc of America Securities LLC (USA)

42. Banc One Corp. (USA)

43. Banca Akros SpA (Italy)

44. Banca IMI (Italy)

45. Banca Leonardo SpA (Italy)

46. Banco Brascan (Brazil)

47. Banco Comafi SA (Argentina)

48. Banco de Credito (Colombia)

49. Banco Galicia (Uruguay)

50. Banco Pactual SA (Brazil)

51. Banco Safra SA (Brazil)

52. Banco Votorantim (Brazil)

53. Banco Wiese Sudameris (Peru)

54. Bank Gutmann Aktiengesellschaft (Austria)

55. Bank Insinger De Beaufort N.V (The Netherlands)

56. Bank Julius Baer (Switzerland)

57. Bank Leu Ltd. (Switzerland)

58. Bank Muscat (Oman)

59. Bank Sarasin & Cie AG (Switzerland)

60. Bank Vontobel AG (Switzerland)

61. Bankgesellschaft Berlin AG (Germany)

62. Banque Degroof, Member of ESN (Belgium)

63. Barclays Capital (UK)

64. Barnard Jacobs Mellet Securities (Pty) Ltd. (South Africa)

65. Barrington Research Associates, Inc. (USA)

66. Barrow Street Research (USA)

67. BBG Finance (Czech Republic)

68. BBO Servicios Financieros (Venezuela)

69. BCA Research (Canada)

70. BCP Investimento (Portugal)

71. Beacon Street Research (USA)

72. Bear, Stearns & Co. (USA)

73. Beating Wall Street (USA)

74. Belmont Harbor Capital Llc (USA)

75. Berean Capital, Inc. (USA)

76. Berenberg Bank (Germany)

77. Bishop Rosen & Co., Inc. (USA)

78. Blaylock & Partners, L.P (USA)

79. Bloxham Stockbrokers (Ireland)

80. BMO Nesbitt Burns (Canada)

81. BNI Securities Research (Indonesia)

82. BNP Paribas Group (France)

83. Bradesco Corretora De Títulos E Valores (Brazil)

84. Brean Murray & Co., Inc. (USA)

85. Brewin Dolphin Securities Ltd. (UK)

86. Bridgewell Securities Ltd. (UK)

87. Bristol Investment Group, Inc. (USA)

88. Broadmark Capital, Llc (USA)

89. Brookstreet Securities Corp. (USA)

90. Brown Brothers Harriman & Co. (USA)

91. Brown Shipley Securities (UK)

92. Bullhound Ltd. (UK)

93. Burdett Buckeridge Young Limited (Australia)

94. Burnham Securities (USA)

95. C.E. Unterberg, Towbin (USA)

96. C.K. Cooper & Company (USA)

97. C.L. King & Associates, Inc. (USA)

98. Caixa Bi, Member Of Esn (Portugal)

99. Caja Madrid (Spain)

100. Callard Research, Llc (USA)

101. Calvert Crary (USA)

102. Canaccord Capital Corp. (Canada)

103. Capital Markets (Argentina) SA (Argentina)

104. Capital Securities (Romania)

105. Capital Securities (Pty) Limited (Botswana)

106. CapStone Investments (USA)

107. Caris & Company (USA)

108. Carnegie & Co AB (Sweden)

109. Catalyst Financial (USA)

110. Cathay Financial Llc (USA)

111. Cazenove (UK)

112. CDC Ixis Securities (France)

113. Centreinvest Securities (Russia)

114. Centrosim S.P.A (Italy)

115. Charles Stanley & Co Limited (UK)

116. Chatsworth Securities-Cbm Group, Inc. (USA)

117. CIBC World Markets Corp. (USA)

118. CIBC World Markets Fixed Income (USA)

119. CIMB Securities Sdn Bhd (Malaysia)

120. CJS Securities (USA)

121. Clarus Securities (Canada)

122. Coburn & Meredith (USA)

123. Cochran, Caronia Securities LLC (USA)

124. Cohen Brothers & Co. (USA)

125. Cohen Independent Research Group, Inc. (USA)

126. Coinvalores (Brazil)

127. Collins & Company, LLC (USA)

128. Collins Stewart Limited (UK)

129. Columbine Capital Services, Inc. (USA)

130. Commerzbank Securities (Germany)

131. Capital Institutional Services, Inc. (USA)

132. Capital Resources Group, Inc. (USA)

133. Concorde Securities Limited (Hungary)

134. Conventum Securities (Finland)

135. Core Pacific-Yamaichi International (HK) Ltd. (Hong Kong)

136. Corinthian Partners LLC (USA)

137. Craig-Hallum Capital (USA)

138. Credit Agricole Indosuez Cheuvreux (Germany)

139. Credit Lyonnais Securities (France)

140. Credit Suisse First Boston Corp. (USA)

141. Credit Suisse First Boston Fixed Income (USA)

142. Criterion Research Group Llc (Canada)

143. Crowell, Weedon & Co. (USA)

144. CRT Capital Group LLC (USA)

145. Crystal Equity Research (USA)

146. D.A. Davidson & Co. (USA)

147. Daiwa Institute of Research (USA)

148. Daiwa Securities SMBC Europe Limited (UK)

149. Danske Bank A/S (Denmark)

150. Dao Heng Securities Limited (Hong Kong)

151. Davenport & Company Llc (USA)

152. David J. Greene And Company, Llc (USA)

153. Davy Stockbrokers (Ireland)

154. Dawson James Securities (USA)

155. DBS Vickers Securities (Singapore)

156. Dealanalytics.Com (USA)

157. Decatur Jones Equity Partners, LLC (USA)

158. Delafield Hambrecht, Inc. (USA)

159. Delco Advisors (USA)

160. Delta Lloyd Securities Nevada (Belgium)

161. Desjardins Securities (Canada)

162. Deutsche Bank AG (Germany)

163. Deutsche Ixe, LLC (Mexico)

164. Dexia Securities France (France)

165. Dlouhy Merchant Group, Inc. (Canada)

166. Dorsey, Wright & Associates (USA)

167. Dowling & Partners Securities, Llc (USA)

168. Dragon Capital (Ukraine)

169. Dresdner Kleinwort Wasserstein (UK)

170. Dryden Financial (UK)

171. Du Pasquier & Co., Inc. (USA)

172. Dundee Securities Corp. (Canada)

173. Durlacher (UK)

174. DZ BANK AG (Germany)

175. E*Trade Securities (USA)

176. E2-Capital Securities Limited (Hong Kong)

177. Eczacibafii Securities Co., Inc. Turkey

178. Edison Investment Research (UK)

179. Edward Jones (USA)

180. EFG Eurobank Ergasias SA Bank (Greece)

181. EFG-Hermes Securities Brokerage (Egypt)

182. Emerging Growth Equities Ltd. (USA)

183. Enskilda Securities (Sweden)

184. Entrust Securities Co., Ltd. (Taiwan)

185. Equity Development Ltd. (UK)

186. Equity Growth Research Ltd. (UK)

187. Equity Partners Limited (Bangladesh)

188. Equity Research Associates (Canada)

189. Equity Research Services (USA)

190. Erik Penser Fondkommission AB (Sweden)

191. Erste Bank (Austria)

192. Espirito Santo Research (Portugal)

193. Everbright Securities Co., Ltd. (China)

194. Evli Bank PLC (Finland)

195. Evolution Beeson Gregory Limited (UK)

196. Excalibur Research Group (USA)

197. Farmhouse Equity Research, Inc. (USA)

198. Fechtor, Detwiler & Co. (USA)

199. Feltl & Company (USA)

200. Ferris, Baker Watts, Inc. (USA)

201. Fideuram Wargny Societe de Bourse (France)

202. Fig Partners, Llc (USA)

203. Fima Securities Ltd. (Croatia)

204. Financial/Market Management (USA)

205. First Albany Corp. (USA)

206. First Analysis Securities Corp. (USA)

207. First Associates Investments, Inc. (USA)

208. First Dallas Securities (USA)

209. Firstenergy Capital Corp. (Canada)

210. Fitch, Inc. (USA)

211. Flagstone Securities (USA)

212. Fondsfinans A.S (Norway)

213. Fortis Bank (Belgium)

214. Fortis Bank Financial Markets (Italy)

215. Forun Technologies, Inc. (USA)

216. Fox-Pitt, Kelton, Inc. (USA)

217. Francis Thuo & Partners Ltd. (Kenya)

218. Fraser Securities Pte Ltd. (Singapore)

219. Friedman, Billings, Ramsey & Co., Inc. (USA)

220. Ftn Midwest Research Securities Corp. (USA)

221. Fulcrum Global Partners Llc (USA)

222. Fundamental Research Corp (Canada)

223. Gabelli Asset Management, Inc. (USA)

224. Garden State Securities, Inc. (USA)

225. Garp Research & Securities Co. (USA)

226. Gensec Bank Limited (South Africa)

227. Geracao Corretora De Valores Ltda (Brazil)

228. Gestion Nevada (The Netherlands)

229. Gilford Securities - New York (USA)

230. Gilliam & Co. (USA)

231. GK Goh Research Pte Limited (Singapore)

232. Global Securities (USA), Inc. (USA)

233. Global Securities Corp. (Canada)

234. Globe Financial Stockbrokers Ltd. (Malta)

235. Gold Coast Securities Ltd. (Ghana)

236. Golden Capital Securities Ltd. (Canada)

237. Goldman Sachs JBWere Pty Ltd. (Australia)

238. Goldman, Sachs & Co. (USA)

239. Goodbody Stockbrokers (Ireland)

240. Goodmorning Shinhan Securities Co., Ltd. (Korea)

241. Greenwich Consultants LLC (USA)

242. Griffin Securities, Inc. (USA)

243. Griffiths McBurney Partners (Canada)

244. Grupo Financiero HSBC, S.A. de C.V (Mexico)

245. Grupo SAFEI (Spain)

246. Guzman & Company (USA)

247. H.C. Wainwright & Co., Inc. (USA)

248. H.R.Harris & Partners Ltd. (UK)

249. Halpern Capital, Inc. (USA)

250. Handelsbanken Capital Markets (Sweden)

251. Hannuri Investment & Securities (Korea)

252. Hardman & Co. (UK)

253. Hartleys Ltd. (Australia)

254. Hauck & Aufhauser Privatbankiers (Germany)

255. Haywood Securities (Canada)

256. HD Brous & Co. (USA)

257. HealthPoint, LLC (USA)

258. Hibernia Southcoast Capital (USA)

259. High Frequency Economics Ltd. (USA)

260. HLG Securities Sdn Bhd (Malaysia)

261. Howard Weil incorporated (USA)

262. Howe Barnes Investments, Inc. (USA)

263. HSBC Securities (Canada)

264. Hudson River Analytics, Inc. (USA)

265. Hypo Vereinsbank AG (Germany)

266. Hyundai Securities Company Limited (Korea)

267. Ibersecurities AVB (Spain)

268. ICEA Securities Ltd. (Hong Kong)

269. ICICI Securities & Finance Company (India)

270. ICRA Limited (India)

271. IL&FS Investsmart Ltd. (India)

272. Imperial Capital, LLC (USA)

273. Independent Equity Research Corp. (Canada)

274. Independent Research Group (USA)

275. ING Financial Markets (The Netherlands)

276. Ingalls & Snyder Llc (USA)

277. Innovative Research Associates (USA)

278. Institutional Research Services, Inc. (USA)

279. Interacciones Casa De Bolsa (Mexico)

280. International Strategy & Investment Group (USA)

281. Investec Securities (South Africa)

282. Investology, Inc. (USA)

283. IPO Financial Network (USA)

284. Irwin, Jacobs, Greene (Pty) Limited (Namibia)

285. Ispyoil, L.L.C (USA)

286. J Giordano Securities Group (USA)

287. J.J.B. Hilliard, W.L. Lyons (USA)

288. J.M. Dutton & Associates (USA)

289. Jackson Securities (USA)

290. Janco Partners, Inc. (USA)

291. Janney Montgomery Scott Llc (USA)

292. Javelin Strategy & Research (USA)

293. Jefferies Group, Inc. (USA)

294. Jennings Capital, Inc. (Canada)

295. Jesup & Lamont Securities Corp. (USA)

296. Jmp Securities Llc (USA)

297. John S. Herold, Inc. (USA)

298. Johnson Rice & Company, L.L.C (USA)

299. Joseph Gunnar & Co., Llc (USA)

300. Jsa Research, Inc. (USA)

301. KAF Seagroatt & Campbell Securities Sdn Bhd (Malaysia)

302. Kaufman Bros., L.P (USA)

303. Kaupthing Bank Sverige AB (Sweden)

304. KBC Securities N.V (Belgium)

305. KDP Investment Advisors (USA)

306. Keefe, Bruyette & Woods, Inc. (USA)

307. Kelton International Ltd. (UK)

308. Kempen & Co. (The Netherlands)

309. Kenny Securities Corp. (USA)

310. KGI Securities (Thailand) PLC (Thailand)

311. Kim & Company Llc (USA)

312. Kim Eng Ong Asia Securities (Singapore)

313. KLD Research & Analytics, Inc. (USA)

314. L.H. Friend, Weinress, Frankson & Presson, Llc (USA)

315. La Jolla Economics (USA)

316. Ladenburg Thalmann And Company, Inc. (USA)

317. Langen Mcalenney (USA)

318. Langenberg & Company, Llc (USA)

319. Lark Research, Inc. (USA)

320. Larrain Vial S.A., Corredora de Bolsa (Chile)

321. Lazard Freres & Company, Llc (USA)

322. Leerink Swann & Company (USA)

323. Legg Mason Wood Walker, Inc. (USA)

324. Lehman Brothers (USA)

325. Life Science Analytics, Inc. (USA)

326. Lightyear Capital, Inc. (USA)

327. Link Securities SV (Spain)

328. Liquidafrica (South Africa)

329. LJR Great Lakes Review (USA)

330. Loewen, Ondaatj E, Mccutcheon Ltd. (Canada)

331. Lombard Odier Darier Hentsch & Cie (Switzerland)

332. Longbow Research (USA)

333. Lonsdale Securities Limited (Australia)

334. Loop Capital Markets (USA)

335. Lowry's Reports (USA)

336. M.M. Warburg (Germany)

337. M.R. Beal & Company (USA)

338. Macquarie Equities (Australia) Limited (Australia)

339. Maison Placement (Canada), Inc. (Canada)

340. Majestic Research (USA)

341. Mandatum Stockbrokers Ltd. (Finland)

342. Market Strategies & Insight (USA)

343. Marketdata Enterprises, Inc. (USA)

344. Masterlink Securities Investment Advisory Co. (Taiwan)

345. Maxcor Financial, Inc. (USA)

346. Maxim Group, LLC (USA)

347. MBA Sociedad de Bolsa (Argentina)

348. McAdams Wright Ragen (USA)

349. MCC Securities, Inc. (USA)

350. McDep Associates (USA)

351. Mcdonald Investments, Inc. (USA)

352. McFarlane Gordon, Inc. (Canada)

353. Mehta Partners Llc (USA)

354. Menorah Gaon Investment House Ltd. (Israel)

355. Merck Finck & Co, Privatbankiers (Germany)

356. Mercury Partners Llc (USA)

357. Merger Insight (USA)

358. Meritz Securities Co., Ltd. (Korea)

359. Merrill Lynch & Co., Inc. (USA)

360. Merriman Curhan Ford & Co. (USA)

361. Merrion Stockbrokers (Ireland)

362. MGP Media Asset Management (Canada)

363. Michael Jantzi Research Associates, Inc. (Canada)

364. Middle East Capital Group (Lebanon)

365. Midwood Securities (USA)

366. Miller Tabak + Co., Llc (USA)

367. Mischler Financial Group, Inc. (USA)

368. Mizuho Securities (Japan)

369. Monness, Crespi, Hardt & Co., Inc. (USA)

370. Montauk Financial Group (USA)

371. Moody's (Singapore) Pte Ltd. (Singapore)

372. Moors & Cabot (USA)

373. Morgan Keegan & Co. (USA)

374. Morgan Stanley (USA)

375. Morningstar, Inc. (USA)

376. Mosaic Equity Trust Funds (USA)

377. Motilal Oswal Securities Ltd. (India)

378. NatCity Investments, Inc. (USA)

379. Natexis Bleichroeder, Inc. (USA)

380. Natexis Bleichroeder SA (France)

381. National Bank Financial (Canada)

382. Ncb Stockbrokers, Member Of Esn (Ireland)

383. Ned Davis Research, Inc. (USA)

384. Nedcor Limited (South Africa)

385. Needham & Company, Inc. (USA)

386. Neovest Trading, Inc. (USA)

387. Nessuah Zannex Securities Ltd. (Israel)

388. New Vernon Associates, Inc. (USA)

389. Newbridge Securities Corp. (USA)

390. Nikoil Financial Corporation (Russia)

391. Nomura International (Hong Kong) Limited (Hong Kong)

392. Nomura International PLC (UK)

393. Nordea Securities AB (Sweden)

394. Northeast Securities, Inc. (USA)

395. Northern Securities, Inc. (Canada)

396. Northland Securities, Inc. (USA)

397. Nutmeg Securities, Ltd. (USA)

398. OCBC Securities Private Limited (Singapore)

399. Octagon Capital Corporation (Canada)

400. Odlum Brown Limited (Canada)

401. Offutt Securities, Inc. (USA)

402. Ohman Fondkommission (Sweden)

403. Oppenheimer & Co., Inc. (USA)

404. Orion Securities, Inc. (Canada)

405. Ormes Capital Markets, Inc. (USA)

406. OSK Holdings Berhad (Malaysia)

407. P&K Securities S.A (Greece)

408. Pacific Crest Securities (USA)

409. Pacific Growth Equities (USA)

410. Pacific International Securities, Inc. (Canada)

411. Paradigm Capital, Inc. (Canada)

412. Pareto AS (Norway)

413. Parker/Hunter, Inc. (USA)

414. Patria Finance, A.S (Czech Republic)

415. Peacock, Hislop, Staley & Given, Inc. (USA)

416. Pershing LLC (USA)

417. Petercam (Belgium)

418. Peters & Co. Limited (Canada)

419. Petrie Parkman & Co. (USA)

420. Pictet & Cie (Switzerland)

421. Pincavage & Associates, Llc (USA)

422. Piper Jaffray & Co. (USA)

423. Piraeus Sigma-Devletoglou Securities S.A (Greece)

424. PNC Advisors (USA)

425. Polyconomics (USA)

426. Power Insights (USA)

427. Precursor (USA)

428. Primasia Securities (Taiwan)

429. Prime Conseil (France)

430. Provident Equity Research, Llc (USA)

431. PT Samuel Sekuritas (Indonesia)

432. Publikum Borzno Posredovanj A D.D (Slovenia)

433. Puilaetco (Belgium)

434. Punk, Ziegel & Company (USA)

435. Putnam Lovell Nbf (USA)

436. Pyramid Research (USA)

437. R.W. Pressprich & Co., Inc. (USA)

438. Rabbitt Analytics (USA)

439. RABO Securities N.V (The Netherlands)

440. Raymond James & Associates (USA)

441. Rbc Capital Markets (USA)

442. Realmoney.Com (USA)

443. Redbook, Instinet Research (Hong Kong)

444. Redwood Securities Group (USA)

445. Reed Global Advisors (USA)

446. Register & Akers Investments (USA)

447. Renaissance Capital (Cyprus)

448. Renaissance Capital Corp. (Russia)

449. Research Associates (USA)

450. Research Capital Corp. (Canada)

451. Researchstock.Com (USA)

452. Robert W. Baird & Co., Inc. (USA)

453. Robert W. Baird Limited (UK)

454. Robotti & Company, Inc. (USA)

455. Rodman & Renshaw, Inc. (USA)

456. Roe Equity Research, Llc (USA)

457. Roffman Miller Associates, Inc. (USA)

458. Ross Smith Energy Group Ltd. (Canada)

459. Roth Capital Partners, Llc (USA)

460. Ryan Beck & Co. (USA)

461. RZB-(Austria) (Austria)

462. Sabrient Systems (USA)

463. Saigon Securities, Inc. (Vietnam)

464. Salman Partners, Inc. (Canada)

465. Samco Capital Markets (USA)

466. Samsung Securities (Korea)

467. Samuel A. Ramirez & Company, Inc. (USA)

468. Sanders Morris Harris (USA)

469. Sandgrain Securities, Inc. (USA)

470. Sandler O'neill & Partners (USA)

471. Sanford C. Bernstein & Co., Llc (USA)

472. Santander Securities Corp. (Puerto Rico)

473. SBA Research (UK)

474. SBS Sociedad de Bolsa S.A (Argentina)

475. Sco Financial Group (USA)

476. Scotia Capital (Canada)

477. Scotiabank Inverlat (Mexico)

478. Securities Industry Association (USA)

479. SELAS Corporation of America (USA)

480. Senzal - Beograd (Yugoslavia)

481. SES Research GmbH (Germany)

482. Sevisbrokers Finance o.c.p., a.s (Slovakia)

483. Sg Cowen Securities Corporation, Inc. (USA)

484. SG Securities (UK)

485. SGI Hudson & Cie (Ivory Coast)

486. Share Link Securities & Financial Services Limited (Cyprus)

487. Shonstrom Research Associates, Llc (USA)

488. Shuaa Capital Corp. (UAE)

489. Sidoti & Company, Llc (USA)

490. Simmons & Company International (USA)

491. SKP Securities Ltd. (India)

492. Smith Barney Citigroup (USA)

493. Smith, Moore & Co. (USA)

494. State Bank of (India)/ United States Operations (USA)

495. Sun Hung Kai Research (Hong Kong)

496. Suntrust Robinson Humphrey Capital Markets (USA)

497. Suprema Securities (Estonia)

498. Susquehanna Financial Group Llc (USA)

499. Taglich Brothers, Inc. (USA)

500. TD Newcrest (Canada)

501. Teather & Greenwood, Member Of Esn (UK)

502. Teb Yatirim Menkul Degerler A.S (Turkey)

503. Tejas Securities Group (USA)

504. The Econoclast (USA)

505. The Prs Group, Inc. (USA)

506. The Royal Bank Of Scotland (UK)

507. The Seidler Companies, Inc. (USA)

508. The Shemano Group (USA)

509. The Washington Service (USA)

510. The Weston Group (USA)

511. Theodoor Gilissen Securities (The Netherlands)

512. Thinkequity Partners Llc (USA)

513. Thomas Weisel Partners (USA)

514. Thompson Davis & Co. (USA)

515. Tiburon Research Group Llc (USA)

516. Tier 1 Research (USA)

517. TM Capital Corp. (USA)

518. Tolhurst Noall (Australia)

519. Torch Energy Advisors (USA)

520. Trautman Wasserman & Company (USA)

521. Trend Macrolytics (USA)

522. Trimtabs Investment Research (USA)

523. Tristone Capital, Inc. (Canada)

524. Troika Dialog (Russia)

525. Tunisie Valeurs (Tunisia)

526. Turkiye Sinain Kalkinma Bankasi (Turkey)

527. U.S. Securities & Futures Corp. (USA)

528. UBS Capital Markets (USA)

529. UBS Fixed Income (Switzerland)

530. UBS Investment Bank (UK)

531. Uniao De Bancos Brasileiros (Brazil)

532. United Financial Group (Russia)

533. United Financial Investments PLC (Jordan)

534. Uob Kay Hian Private Ltd. (Singapore)

535. Upline Securities (Morocco)

536. Utendahl Capital Partners, L.P (USA)

537. Value Line, Inc. (USA)

538. Value S.A. De C.V.Casa De Bolsa,Value Grupo Fin (Mexico)

539. Valuengine, Inc. (USA)

540. Vector Securities International, LLC (USA)

541. Veritas Investment Research (Canada)

542. Vfinance Investments (USA)

543. W.H. (Ireland) Limited (UK)

544. Wab Capital (USA)

545. Wachovia Securities (USA)

546. Wachovia Securities Fixed Income (USA)

547. Wall Street Advisors Llc (USA)

548. Wasmer, Schroeder & Company, Inc. (USA)

549. Wayne Hummer Investments Llc (USA)

550. Wealth Monitors, Inc. (USA)

551. Wedbush Morgan Securities (USA)

552. Weeden & Co., Lp (USA)

553. Weiss Ratings, Inc. (USA)

554. Wells Fargo Securities, Llc (USA)

555. Westlb Equity Markets (Germany)

556. Westminster Securities Corp. (USA)

557. Westrock Advisors (USA)

558. Westwind Partners, Inc. (Canada)

559. When2trade (USA)

560. Wiley Brothers-Aintree Capital, Llc (USA)

561. William Blair & Company, Llc (USA)

562. Williams Capital Group (USA)

563. Williams De Broe (UK)

564. Wilson Htm Investment Group (Australia)

565. Wm Smith Special Opportunities Research Co. (USA)

566. Wolverton Securities (Canada)

567. Wood & Co. Financial Services A.S (Czech Republic)

568. Woori Investment & Securities (Korea)

569. World Steel Dynamics (USA)

570. Wr Hambrecht + Co. (USA)

571. Wunderlich Research Partners (USA)

572. Yuanta Core Pacific Securities Co., Ltd. (Taiwan)

573. Zurcher Kantonalbank (Switzerland)