Corporate Finance Briefing

December, 2008

In spite of the financial market unrest and worrying news of cash-strapped investment banks as a new sequel of the subprime crisis, China is quietly setting another record on its own, having already spent more than US$ 31billion in M&A activities abroad as of June 2008. This is more than all Chinese companies' outbound M&A activities in 2007.

Aiming to serve our customers even better in the future, we have launched this magazine to provide you with some of our knowledge on this buzzing market.By working for industry leaders, investment funds and governments around the world on critical business development missions including target screening, strategic due diligence, transaction services, valuation and post-merger
integration, we have accumulated an extraordinary wealth of best practices and knowledge.

Roland Berger will report on fast-emerging M&A trends and markets. In this first issue, we mostly highlight and comment about M&A in China. Conducting M&A in China is challenging. We believe that our 25 years of presence in China, as well as the professionalism and dedication of our international team
can help accelerate your business in these new "territories" and make a real difference. In this issue, we will comment on how to conduct M&A in China, in particular the importance of "soft leadership"; offer a fact packed snapshot of the outbound Chinese M&A market; and explain how to extract value from M&A deals.