State of the U.S. Capital Markets - July 2005

Jefferies & Company, Inc.

State Of The U.S. Capital Markets

July 11, 2005

CONFIDENTIAL DRAFT

Table of Contents

U.S. Capital Markets Environment 1

M&A And Private Investment Environment 9

Issues Facing New Public Companies 15

Jefferies Broadview Overview 17

i

U.S. Capital Markets Environment

1

U.S. Technology Capital Markets Environment

Uncertain economic conditions and outlook have impacted the equity markets

– Interest rate increases have caused equity mutual fund flows to decline to US$6.3B per month in 2005YTD vs. US$10.3B in 1H04

– While the S&P and NASDAQ indices are down 11% and 4% since 1/1/05, they are still up 9% and 6% respectively, compared to 1 year ago

– High-profile IPOs have had difficulty generating investor interest Boise Cascade withdrawn Lazard trading below offer price

The Technology IPO market is also trying to weather the storm. Companies with strong businesses are still able to issue public equity

– The number of quarterly Technology IPO issuances has dropped 50% from Q4 ’04 to Q1 ’05 and continues to decline in Q2 ‘05

– Despite extremely tough market conditions, China Techfaith Wireless was able to complete its offering, priced within range and has traded up slightly

The IPO bar is high but the market rewards strong companies

– 2005YTD IPOs have a median EBIT margin of 17% and 8 quarters of profitability at pricing

– 2004-2005YTD Chinese IPOs are down a median 7% to date from their offer price

2

M a r k e t R e c o v e r y T r e n d s M o n t h l y E q u i t y M u t u a l F u n d F l o w s ( 1 )

N A S D A Q l a s t t w e l v e m o n t h s ( “ L T M ” ) p e r f o r m a n c e o f 3 . 2 %

F u n d f l o w s i n A p r i l 2 0 0 5 w e r e $ 1 . 7 b i l l i o n

N A S D A Q m a r k e t c a p i t a l i z a t i o n c u r r e n t l y a t 9 4 . 7 % o f 5 2 - w e e k h i g h $ 2 3 . 3

$ 0 . 6

$ 1 2 . 2

$ 9 . 5

$ 1 . 1

$ 1 0 . 1$ 8 . 3

$ 2 6 . 5$ 2 7 . 7

$ 1 1 . 4

$ 2 3 . 8

$ 9 . 5

$ 1 . 7

$ 8 . 1

$ 0

$ 5

$ 1 0

$ 1 5

$ 2 0

$ 2 5

$ 3 0

A p r - 0 4 M a y - 0 4 J u n - 0 4 J u l - 0 4 A u g - 0 4 S e p - 0 4 O c t - 0 4 N o v - 0 4 D e c - 0 4 J a n - 0 5 F e b - 0 5 M a r - 0 5 A p r - 0 5 M a y - 0 5

L T M M a r k e t P e r f o r m a n c e ( 2 ) T e c h n o l o g y S e c t o r S t o c k P r i c e P e r f o r m a n c e ( 2 )

8 0

8 5

9 0

9 5

1 0 0

1 0 5

1 1 0

1 1 5

J u n - 0 4 J u l - 0 4 A u g - 0 4 S e p - 0 4 O c t - 0 4 N o v - 0 4 D e c - 0 4 J a n - 0 5 F e b - 0 5 M a r - 0 5 A p r - 0 5 M a y - 0 5 J u n - 0 5

D J I A S & P 5 0 0 N A S D A Q

( P r i c e a s a % o f B a s e V a l u e )

N A S D A Q3 . 2 %

S & P 5 0 0

5 . 4 %

D J I A1 . 0 %

I n d e x% o f 5 2 - W e e k H i g h

% C h a n g e C u r r e n t W e e k

% C h a n g e Y T D 2 0 0 5

% C h a n g e i n 2 0 0 4

N A S D A Q 9 4 . 7 % - 0 . 4 % - 4 . 1 % 8 . 6 %

S & P I T I n d e x 9 0 . 2 % - 0 . 7 % - 3 . 9 % 2 . 1 %

S & P T e c h n o l o g y H a r d w a r e I n d e x 8 8 . 0 % - 0 . 6 % - 7 . 9 % 8 . 7 %

D o w J o n e s D i v e r s i f i e d T e c h n o l o g y S e r v i c e s I n d e x 7 9 . 7 % - 1 . 1 % - 1 9 . 6 % 2 7 . 8 %

S & P E C M I n d e x 6 8 . 9 % 0 . 8 % - 1 1 . 6 % - 8 . 5 %

S O X S e m i c o n d u c t o r I n d e x 7 7 . 6 % - 0 . 8 % 1 . 5 % - 1 4 . 7 %

S & P S o f t w a r e I n d e x 9 1 . 2 % - 0 . 5 % - 6 . 3 % 9 . 0 %

( 1 ) S o u r c e : E q u i d e s k a n d J e f f e r i e s E q u i t y M a r k e t O v e r v i e w . E x c l u d e s R E I T s , c l o s e - e n d f u n d s a n d p r i v a t e p l a c e m e n t s . ( 2 ) A s o f J u n e 1 0 , 2 0 0 5 .

U.S. Market Overview

(1) Source: Equidesk and Jefferies Equity Market Overview. Excludes REITs, close-end funds and private placements.(2) As of June 24, 2005.

($Billions)

3

Quarterly IPO Issuances LTM IPO Issuances by Subsector (1)

- -2

79

11

6

2221

3

9

12

-

5

10

15

20

25

Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 Q2 '05

Num

ber o

f Dea

ls

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

Amou

nt R

aise

d ($

mill

ions

)

Number of Deals Amount Raised

Software & Internet38%

IT & Network Services25%

Semiconductors9%

Network Infrastructure7%

Computing Equipment3%

Other18%

LTM % Change – Price Offer to 1 Day (1) LTM % Change – Price Offer to Current (1)

16.0%

27.1%

15.0%

23.0%

6.1%

-1.9%

8.9% 8.1%

0.0%

22.8%

11.6%9.3%

11.7%

27.5%

10.9%

16.1%13.9%

28.6%

2.3%

34.5%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05

Median14.4%

22.3%36.0%

-21.9%

-52.8%

2.0%

39.0%

148.8%

20.4%

41.6%

116.2%

20.3%

4.3% 2.9%

-15.5%

12.5%2.8% 3.6% 1.7%

-15.0%-12.1%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05

Median3.9%

U.S. IPO Market Overview

Note: Technology defined per SDC Platinum high technology industry classification. (1) As of June 24 2005.

There are currently over 55 Asian companies listed on U.S. exchanges. Approximately 20 of these companies went public in the last 18 months

4

The U.S. And Western Europe Technology IPO Markets Have Demonstrated A Selective Recovery For High Quality Issuers

Recent tightening of the IPO and equity capital markets

The IPO market remains stronger than it was for over the previous three years, particularly in technology (but the “bar” is high)

Comparable public companies are now benefiting from improved economic conditions and trading at healthier multiples, but IPO backlog remains high

U.S. Western Europe

Current IPO Environment

Tech IPO Activity – Number of Transactions

25 16137

244

1997

171

204

1998

323

415

1999

398

289

20007823

2001

20

2002

21

2003 2004

59

34

TTM IPO Issuances by Subsector1Q1 2003 – Q2 2005 U.S. IT Sector IPOs1

IPO Backlog (2)# IPOs

Historic Tech IPOActivity

(1) As of June 17, 2005.(2) Source: Capital IQ.

Other18%

Internet Services & Media

28%Computing Equipment

3%

Network Infrastructure

7%

Software10%

IT & Network Services

25%

Semiconductors9%

2005 YTD1

1913

1 27

11 912

20 1811

8

0

20

40

60

80

100

Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 Q2 '05

5

Summary Of Median Performance For U.S. Technology IPOs Since Mid-2003

H2 2003 H1 2004

% Companies with Revenue < $25MM 11% 10%

% Companies Unprofitable 16% 19%

Median Quarters of Profitability 6 5

% Companies Trading Below IPO 37% 52%

IPO Performance Statistics

H2 2003 $85,000 $72,493 36.3% 6 4.5% 13.5%

H1 2004 $86,000 $87,357 54.8% 5 7.6% (3.0%)

OfferingAmount

TTMRevenue

TTMRevenueGrowth

Quarters ofProfitability

EBITMargin

% ChangeFrom IPO(1)

TTM

H2 2004 $74,300 $47,447 60.3% 3 4.4% 5.3%

H2 2004

34%

32%

3

34%

YTD 2005 $141,813 $93,436 70.1% 8 17.0% 0.4%

Period

Median Profile(1)

YTD 2005(1)

5%

26%

8

47%

(1) As of June 17, 2005. Source: Jefferies Broadview’s IPO Database / Hoover’s IPO Central / Capital IQ.

IPO Statistics(1)

6

Chinese Technology Capital Markets (NASDAQ) Activity In 2004 and 2005 YTD

($Millions)

(1) As of 5/30/05. Source: Broadview’s IPO Database / Hoover’s IPO Central / Capital IQ

7

Ticker Issue Date Name Offering TypeOffering Amount

TTM Revenue

TTM Revenue Growth

Quarters of Profitability

TTM EBITDA Margin

% Change From

Offering1TMC / TTM Revenue TTM P/E

CNTF 5/5/05 China Techfaith Wireless IPO 141.8 46.6 381% 6 47% 4% 14.60 x 31.30 x

HRAY 2/3/05 Hurray! IPO 70.5 54.4 131% 6 37% 1% 2.85 x NM

CTRP 12/16/04 Ctrip.com Follow-On 92.8 36.6 121% 10 44% 16% 18.29 x 52.92 x

NCTY 12/14/04 The9 IPO 103.3 3.4 183% 7 11% 54% 92.11 x 76.96 x

NINE 12/2/04 Ninetowns IPO 105.6 21.1 43% 15 66% (34%) 14.14 x 23.70 x

CN 11/10/04 China Netcom Group IPO 1,141.1 7,663.4 10% 14 52% 20% 1.74 x 9.70 x

LONG 10/27/04 eLong IPO 62.1 13.3 94% 0 4% (18%) 20.48 x NM

SNDA 10/22/04 Shanda Convertible Debt 275.0 102.7 161% 10 43% NA 15.56 x 48.43 x

JRJC 10/15/04 China Finance IPO 80.6 3.5 122% 8 66% (56%) 37.08 x 77.84 x

JOBS 9/28/04 51job IPO 73.5 45.9 77% 10 25% (7%) 21.14 x 143.43 x

KONG 7/8/04 Kongzhong IPO 100.0 14.3 3,798% 5 41% (7%) 12.67 x 30.00 x

SNDA 5/13/04 Shanda IPO 152.4 72.6 84% 8 43% 251% 26.27 x 59.82 x

NYSE:SMI 3/12/04 SMI IPO 1,712.9 365.8 627% 1 48% (41%) 7.89 x NM

LTON 3/4/04 Linktone IPO 86.0 15.5 285% 4 31% (45%) 3.94 x 22.60 x

High 1,712.9 7,663.4 3,798% 15 66% 251% 92.11 x 143.43 xMedian 101.7 41.2 127% 7.5 43% (7%) 15.08 x 48.43 xLow 62.1 3.4 10% 0 4% (56%) 1.74 x 9.70 x

Exchange Country Ticker Price Date Name

NASDAQ Taiwan SIMO 6/30/05 Silicon Motion Inc.NASDAQ South Korea GRVY 2/8/05 Gravity Co. Ltd.NYSE Hong Kong HTX 10/7/04 Hutchison Telecom.NASDAQ Hong Kong TOMO 3/5/04 TOM OnlineNYSE South Korea LPL 7/22/04 LG Philips LCD Co. Ltd.NASDAQ South Korea LDIS 6/15/04 Leadis Technology Inc.NASDAQ South Korea WZEN 12/16/03 Webzen Inc.NYSE Taiwan CHT 7/17/03 Chunghwa Telecom Co. Ltd.NYSE Japan KNM 9/30/02 Konami Corp.NYSE Taiwan AUO 5/23/02 AU Optronics Corp.NYSE Japan ATE 9/17/01 Advantest Corp.NYSE Taiwan ASX 10/02/00 Advanced Semiconductor Engineering Inc.NYSE Taiwan UMC 9/19/00 United Microelectronics Corp.NYSE Hong Kong PCW 8/22/00 PCCW Ltd.NASDAQ Taiwan SPIL 6/21/00 Siliconware Precision Industries Co. Ltd.NASDAQ South Korea HANA 3/29/00 Hanaro Telecom, Inc.NASDAQ Philippines PSIT 3/16/00 PSI Technologies Holdings Inc.NASDAQ Hong Kong SDAY 3/15/00 Sunday Communications Ltd.NASDAQ Singapore STTS 1/28/00 STATS ChipPAC Ltd.NASDAQ South Korea MRAE 11/17/99 Mirae Corp.NASDAQ Singapore CHRT 10/29/99 Chartered Semiconductor Manufacturing Ltd.NASDAQ Japan IIJI 8/4/99 Internet Initiative Japan Inc.NASDAQ Japan TMIC 7/08/99 Trend Micro Inc.NYSE South Korea KTC 5/26/99 KT Corp.NYSE Japan DCM 3/24/99 NTT DoCoMo Inc.NASDAQ Singapore PCNTF 2/5/99 Pacific Internet Ltd.NYSE Taiwan TSM 10/8/97 Taiwan Semiconductor Manufacturing Co. Ltd.NYSE Hong Kong ATS 12/17/96 APT Satellite Holdings Ltd.NYSE South Korea SKM 6/27/96 SK Telecom Co. Ltd.NYSE Hong Kong SAT 6/18/96 Asia Satellite Telecommunications Holdings Ltd.NASDAQ Singapore ASTSF 6/6/96 ASE Test Ltd.NASDAQ Taiwan MXICY 5/9/96 Macronix International Co. Ltd.NYSE Indonesia TLK 11/14/95 Perusahaan Perseroan Perseropt PTelekomunikasi Indonesia tbkNYSE Indonesia IIT 10/18/94 Indosat tbk PTNYSE Japan NTT 9/29/94 Nippon Telegraph & Telephone Corp.NASDAQ Hong Kong RADA 5/13/94 Radica Games Ltd.NASDAQ Singapore FLEX 3/21/94 Flextronics International Ltd.NASDAQ Singapore CREAF 8/04/92 Creative Technology Ltd.NASDAQ South Korea LSCC 11/09/89 Lattice Semiconductor Corp.NASDAQ Hong Kong BNSO 6/27/89 Bonso Electronics International Inc.NYSE Hong Kong NTE 3/28/88 Nam Tai Electronics Inc.NASDAQ Japan CSKKY 11/05/84 CSK Corp.NYSE Philippines PHI 11/05/84 Philippine Long Distance Telephone Co.

Only 6 Non-Chinese Asian Technology Companies Have Gone Public In The U.S. Since January 1, 2004

8

M&A And Private Investment Environment

9

Private Equity / VC Investment Activity For Chinese Technology Companies Continues To Be Strong

Date Company Capital Raised Investor(s)Jun-05 BeyondSoft $6.0 Japan-China BridgeJun-05 Target Media $20.0 Carlyle GroupJun-05 Fiberxon $20.0 Apax, GreylockJun-05 Worksoft $6.0-7.0 Legend, Doll CapitalMay-05 9you $5.0 Dragon GrooveMay-05 Tengwu Digi-Tech NA IDG, SumitomoMay-05 163888.net $0.2 IDGMay-05 Netmovie $4.0 IDGApr-05 Digital Media Group $6.0 Gobi Partners, NTT DoCoMo, DentsuApr-05 Zhongsou $16.0 Legend, Fidelity, IDGApr-05 Emay Softcom $10 IDGMar-05 Gasoft $7.6 Union Fortune InvestmentMar-05 Zhongsou $6.0 IDG, Legend CapitalMar-05 Lenovo $350 TPG, General Atlantic, NewbridgeMar-05 wap.3g.net.cn NA IDGMar-05 Pollex Mobile NA Jafco, IntelMar-05 HiChina / MyMai $12.1 IDG, NewbridgeMar-05 Harbour Networks $37.0 TVG Capital, Temasek, Warburg Pincus, DragonTechFeb-05 Easyeb NA Carlyle GroupJan-05 PRCEdu NA McGraw-Hill, TigerJan-05 Blogchina $0.6 Softbank, ShandaJan-05 V516.com $3.0 Rensheng FundJan-05 LinkRich $3.0 Siemens Mobile Acceleration, Morningside TechDec-04 Dangdang $11.0 Tiger TechDec-04 9you $14.0 Carlyle, China Merchants, Fortune, Sino-Korea WirelessDec-04 eFriendsNet / Yeeyoo $0.5 KongzhongDec-04 GST $20.0 3iDec-04 Huaya Microelectronics $13.0 Carlyle, Chengwei Ventures, Pacific VentureNov-04 Focus Media $30.0 Goldman Sachs, 3i

Nov-04 Soutec $16.9 NAOct-04 HiSoft $20.0 Granite, Intel, International Finance, JAFCOOct-04 Any8.com $5.0 IDGSep-04 Target Media $15.0 CarlyleAug-04 Smartpay $8.3 2b Holdings, strategic investors

Aug-04 Great Wall Software $3.5 IDG, Qualcomm, Tom Online

Jul-04 Enorbus $3.0 Carlyle, QualcommJul-04 King-Hope $12.1 WanJie GroupJul-04 Datang Microelectronics $70.0 Warburg PincusJun-04 Baidu $100.0 DFJ, Google, Integrity, Peninsula Capital, Bridger, China Equity,

China Value, Venture TDFJun-04 ApexOne Microelectronics $10.0 Doll Capital, WaldenJun-04 BCD Semiconductor $50.0 Granite, Venrock, NEA, Redpoint, Acer, JAFCO, Intel UOB

Representative Chinese Technology Investments Over The Past 12 Months($Millions)

While the majority of investment activity has been in the sub-$20 range, investors are increasingly gaining a higher level of comfort and looking to put more money into larger enterprises

VC firms raised a total of U.S.$699 million in 2004 for investing in Mainland China, according to Zero2IPO

10

While Cross Border M&A Market In China Is Nascent, Deal Frequency Is On The Rise

Representative Chinese Technology Cross Border M&A/Strategic Investments Over The Past 12 Months($Millions)

Date

Announced Target Name Acquiror Name

Transaction

Value Transaction Type

4/21/05 PCHome CNET Networks Inc. 11.0 Acquisition

3/30/05 Three-Five System International DisplayWorks 10.4 Acquisition

2/3/05 ChinaHR Monster.com 50.0 Minority Investment

1/25/05 PRCInvestment.com Reed Elsevier NA Acquisition

1/25/05 PRCEDU Corporation McGraw-Hill Education NA Minority Investment

1/13/05 C-Valley THQ Wireless NA Minority Investment

12/27/04 Digital Media Group NTT DoCoMo 4.2 Minority Investment

12/17/04 Indiagames Tom Online 17.7 Acquisition

12/7/04 IBM PC Business Lenovo Group Ltd. 1,750.0 Acquisition

11/29/04 Actoz Shanda 91.7 Minority Investment

11/25/04 Konka Thomson 19.0 Minority Investment

10/14/04 Zhongguancun On Line Corp CNET Networks Inc. 15.0 Acquisition

10/14/04 Fengniao Photography On Line CNET Networks Inc. 1.0 Acquisition

8/19/04 Joyo.com Ltd Amazon.com Inc 75.0 Acquisition

7/26/04 eLong.com IAC/InterActiveCorp 60.0 Minority Investment

7/5/04 Davidhill Capital Inc Sina Corp 36.0 Acquisition

6/21/04 Ctrip.com Rakuten, Inc. 109.6 Minority Investment

6/15/04 Baidu.com Google Inc. 10.0 Minority Investment

5/11/05 Tsinghua-Shenxun (certain assets) Microsoft Corp. NA Acquisition

3/16/05 Skyinfo Index Corp. 80.0 Acquisition

11

Select Cross Border M&A Transactions Involving Asian Technology Companies

Representative Asian (ex-China) Technology Cross Border M&A/Strategic Investments Since 1/1/2004($Millions)

DateAnnounced

TargetNation

Target Name Acquiror NameTransaction

ValueTransaction Type

4/11/05 Taiwan Actrans Systems Inc Silicon Storage Technology Inc 20.0 Acquisition

3/14/05 Singapore Trek 2000 International Ltd Imation Corp NA Minority Investment

3/8/05 Taiwan WirelessPlug Helicomm Inc NA Acquisition

1/20/05 South Korea Wavics Inc Agilent Technologies Inc NA Acquisition

11/15/04 South Korea ESTECom Co Ltd Smart Modular Technologies Inc NA Acquisition

11/2/04 Taiwan Ulead Systems Inc InterVideo Inc NA Minority Investment

10/28/04 Taiwan EZconn Corp Oplink Communications Inc 30.0 Acquisition

9/28/04 Singapore Frontier Technologies Pte Ltd eNucleus Inc NA Acquisition

8/31/04 Taiwan Power Digital Life Co Ltd World Info Tech Inc 0.1 Acquisition

8/9/04 Singapore ID Technologies Pte Ltd Brady Corp NA Acquisition

7/14/04 Japan Graphtec Corp-Thermal Print He Oyo Geospace 1.8 Acquisition

6/21/04 Japan DDI Pocket Inc Investor Group 2,024.0 Acquisition

6/1/04 South Korea Hynix-Non Memory Chip Op Citigroup Venture Capital 824.3 Acquisition

5/5/04 South Korea MobileGame Korea Mforma Group Inc NA Acquisition

4/13/04 Taiwan Grand Pacific-Color Display International DisplayWorks Inc 6.0 Acquisition

3/15/04 Japan Baltimore Technologies Japan Betrusted Holdings Inc NA Minority Investment

2/12/04 Taiwan FICTA Tech-Facility,Taiwan Amkor Technology Inc 42.0 Acquisition

12/17/03 South Korea Real Media Korea Ltd 24/7 Real Media Inc 19.9 Acquisition

12

Select Cross Border Indian Technology Deals In 2004

Date Announced

Target Name Acquiror NameTransaction

Value

11/8/04 GE Capital International Investor Group NA10/27/04 Mensamind Alliance Consulting NA10/19/04 In-Reality Software Pvt Ltd Symphony Services Corp NA10/6/04 EXIMSOFT Technologies Pvt Ltd Trianz Inc NA10/4/04 iNuCom Inc Ascential Software Corp 0.39/16/04 Smart Yantra Technologies Pvt Genesis Microchip Inc NA9/9/04 Majoris Systems Pvt Ltd Valtech SA 5.8-10.28/26/04 Future Software Ltd Flextronics International Ltd 25.08/22/04 Soft Systems Ltd iSmart International Ltd NA7/25/04 India Software Group Novasoft Information Tech NA7/6/04 EAP Global Sight & Sound Education Ltd NA6/25/04 Bennett Cole & Co Ltd-Assets BBC NA6/10/04 Netkraft Pvt Ltd Adea Solutions Inc 12.0-15.96/8/04 Hughes Software Systems Ltd Flextronics International Ltd 226.56/2/04 Ivega Corp Pvt Ltd TCG Software Services Inc NA5/23/04 Webneuron Services Ltd Monster.com 8.74/10/04 e-Serve International Ltd Citibank Overseas Invest Corp .034/8/04 Paral System Software Pvt Ltd Kewill Systems PLC 3.14/7/04 Daksh eServices Pvt Ltd IBM Corp 150.0-200.04/6/04 Afrocom Technologies Pvt Ltd Financial Objects PLC NA4/2/04 Oramasters Inc Kenexa Corp NA3/17/04 Moirai Media Solutions Inc DG2L Technologies Inc NA2/20/04 Ygyan Consulting Ltd Cognizant Technology Solutions 2.0

($Millions)

13

Private-Equity Investment Into India From Abroad

0

200

400

600

800

1000

1200

00 01 02 03 04

Amount ($ MM)

($ in Millions)

14

Issues Facing New Public Companies

15

Common Issues Facing Asian NASDAQ Companies

Language barrier for key management team members

Lack of CFOs with U.S. public company experience

Credibility of financial forecasts

Managing Wall Street’s expectations

Sarbanes-Oxley compliance

Sarbanes-Oxley costs

Issues Facing Non-Chinese Companies Listed on U.S. Exchanges

Competition for investor mindshare versus their Chinese counterparts

– The focus on China has diverted investors’ attention away from companies based in Japan, Hong Kong, Taiwan and Singapore. Companies are being classified as “Non-China”

Higher size threshold for going public in the U.S.

– Unlike Chinese technology companies which have successfully gone public at market capitalizations below US$500MM, there is a higher implicit size threshold for companies based in other Asian countries

16

Jefferies Broadview Overview

17

Jefferies Broadview Delivers The Full Spectrum To Clients

Investment Banking

Leading banking franchise focused on high growth companies

Over 400 Investment Bankers (nearly 100 in technology) in over 25 offices worldwide

Equity Offerings – Completed over 245 public equity offerings since 1993

M&A - Ranks #1 in Technology M&A advisory assignments for 2004(1)

Private Equity - Regular dialogue and relationships with over 250 financial sponsors

Restructuring - Restructured approximately $150 billion in securities and liabilities

Equity

Over 150 account execs cover over 2,000 institutional accounts; make markets in over 4,000 stocks

#1 volume trader of NASDAQ stocks; handle over 10% of NYSE volume; top 5 trader in nearly 2,000 stocks

Over 90 research analysts covering over 600 companies, over 70% of companies having a market cap less than $5.0 billion

Debt

Dedicated high yield team of over 40 experienced senior professionals

Integrated sales, trading, research, capital markets and banking functions

#1 underwriter of mid-cap high yield, led by team that joined Jefferies from Drexel Burnham

Investm

ent B

ankin

g

Equity

Asset ManagementDebt

TechnologyCompanies

Cash Managemen

tCapital Partners High Yield

PrivatePlacements

Structured Finance

Trading

Sales

Research

Capital Markets

IndustryCoverageMergers

andAcquisitions

FinancialSponsors

Restructuring

Private ClientServices

Offers A Full Suite Of Investment Banking Products And Services To Serve High Growth Companies Throughout The

Corporate Lifecycle

(1) Ranked by volume of reported deals. Source: Mergermarket.

18

Global Investment Bank With Top Technology Franchise

A leading institutional brokerage and investment banking firm – led by one of the most powerful capital markets trading platforms in the industry

Principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), a holding company with an equity market capitalization of over $2 billion and over 1,800 employees in over 25 offices worldwide

“Investment grade” ratings by Standard & Poor’s and Moody’s

#1 performing investment bank by stock price over the last 10 years(1) with over 50% employee ownership

(1) Wall Street Journal, March 2004.* Offices of Jefferies Group, Inc. subsidiaries Jefferies International Limited or Quarterdeck Investment Partners, LLC, or affiliate Broadview International LLC.** Sydney and Melbourne Offices of Australian affiliate, Burdett Buckeridge Young Limited, Israel office affiliate, Axcess International, Inc.

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Austin

San Francisco

Los AngelesDallas

HoustonNew Orleans

ChicagoNashville

Atlanta Richmond

BostonStamford

New YorkJersey City

Washington*

London*Paris*Zurich*

Tokyo*

Sydney**Melbourne**

Silicon Valley

Hong Kong*

Recent Asia Transactions

$80,600,000

Initial Public OfferingCo-Manager

China Finance Online Co. Limited

$80,600,000

October 2004



$66,000,000August 2004

has been acquired by

$66,000,000August 2004


$66,000,000August 2004


$66,000,000

August 2004


$165,100,000

has divested its Handset Division to

June 2004$165,100,000

has divested its Handset Division to

Initial Public OfferingCo-Manager$106,000,000

December 2004

Ninetowns Digital

World Trade

Initial Public Offering

$106,000,000

December 2004

Ninetowns Digital World Trade

Co-Manager

Financial Advisor to the Seller

June 2004


19

Jefferies Broadview Is A Leader In Technology M&A

2004年媒体及电讯企业并购奖

2004最大的安全技术项目

2004软件项目

$445,000,000

Financial Advisor to Seller

November 2004

$445,000,000


November 2004




€475,000,000

April 2004


$497,000,000


June 2004


$497,000,000


June 2004

2003 Technology M&A League Table2

1CSFB 20

2Jefferies Broadview 19

3Citigroup Inc 16

3UBS 16

5Houlihan Lokey 14

Citigroup

JP Morgan

Credit Suisse First Boston

Goldman Sachs

Morgan Stanley

Jefferies & Company

629

533

433

338

240

144

RankFinancial Advisor

2004 Technology M&A League Table1

# of Deals

RankFinancial Advisor # of Deals

(1) Ranked by volume of reported deals. Source: SDC(2) Ranked by volume of reported deals. Source: MergerMarket

20

Substantial Public Equity Issuance Track Record Focused On High Growth Companies

F e b r u a r y 2 0 0 5

$ 1 , 5 9 4 , 1 6 1 , 3 9 5

I n i t i a l P u b l i c O f f e r i n g C o - M a n a g e r

F e b r u a r y 2 0 0 5

$ 1 , 5 9 4 , 1 6 1 , 3 9 5


F e b r u a r y 2 0 0 5

$ 3 0 , 3 0 2 , 5 0 0

F o l l o w - O n O f f e r i n g L e a d M a n a g e r

F e b r u a r y 2 0 0 5

$ 3 0 , 3 0 2 , 5 0 0

F o l l o w - O n O f f e r i n g L e a d M a n a g e r

J a n u a r y 2 0 0 5

$ 1 2 0 , 0 0 0 , 0 0 0

I n i t i a l P u b l i c O f f e r i n g C o - L e a d M a n a g e r

J a n u a r y 2 0 0 5

$ 1 2 0 , 0 0 0 , 0 0 0

I n i t i a l P u b l i c O f f e r i n g C o - L e a d M a n a g e r

January 2005

$240,449,997

Initial Public OfferingCo-Lead Manager

January 2005

$240,449,997


January 2005

$123,001,704

Initial Public Offering Co-Manager

J a n u a r y 2 0 0 5

$ 5 3 , 0 4 3 , 7 5 0

F o l l o w - O n O f f e r i n g S o l e M a n a g e r

J a n u a r y 2 0 0 5

$ 5 3 , 0 4 3 , 7 5 0


J a n u a r y 2 0 0 5

$ 6 1 , 6 9 1 , 4 8 0


J a n u a r y 2 0 0 5

$ 6 1 , 6 9 1 , 4 8 0


December 2004

$81,937,500


December 2004

$81,937,500


December 2004

$615,250,000


Macquarie

December 2004

$615,250,000


Macquarie

December 2004

$794,047,637


December 2004

$794,047,637


December 2004

$338,099,972

Follow-On Offering Co-Manager

December 2004

$338,099,972


December 2004

$107,755,000


December 2004

$107,755,000


December 2004

$105,600,000


December 2004

$105,600,000


November 2004

$257,933,296


November 2004

$257,933,296


November 2004

$131,100,000


November 2004

$131,100,000


N o v e m b e r 2 0 0 4

$ 4 1 7 , 5 8 0 , 0 0 5


N o v e m b e r 2 0 0 4

$ 4 1 7 , 5 8 0 , 0 0 5


November 2004

$263,350,000

Initial Public Offering Co-Lead Manager

November 2004

$263,350,000


October 2004

$80,600,000



October 2004

$80,600,000


China Finance Online Co. LimitedChina Finance Online Co. Limited

October 2004

$122,836,000

Follow-On OfferingCo-Manager

October 2004

$122,836,000


October 2004

$105,487,500


October 2004

$105,487,500


October 2004

$165,000,000


October 2004

$165,000,000


October 2004

$165,600,000


October 2004

$165,600,000


S e p t e m b e r 2 0 0 4

$ 7 8 3 , 0 0 0 , 0 0 0

I n i t i a l P u b l i c O f f e r i n gC o - M a n a g e r

S e p t e m b e r 2 0 0 4

$ 7 8 3 , 0 0 0 , 0 0 0

I n i t i a l P u b l i c O f f e r i n gC o - M a n a g e r

September 2004

$90,907,500


September 2004

$90,907,500


S e p t e m b e r 2 0 0 4

$ 1 3 8 , 0 0 0 , 0 0 0

F o l l o w - O n O f f e r i n gC o - M a n a g e r

S e p t e m b e r 2 0 0 4

$ 1 3 8 , 0 0 0 , 0 0 0


September 2004

$67,390,000


September 2004

$67,390,000


September 2004

$386,750,000


September 2004

$386,750,000


September 2004

$67,650,000


September 2004

$67,650,000


August 2004

$76,033,308

Follow-On Offering Lead Manager

August 2004

$76,033,308


$91,799,400


August 2004

$91,799,400


August 2004

$ 2 3 7 , 1 8 7 , 5 0 0


J u l y 2 0 0 4

$ 2 3 7 , 1 8 7 , 5 0 0


J u l y 2 0 0 4 July 2004

$95,593,750


July 2004

$95,593,750


J u l y 2 0 0 4

$ 3 0 , 7 5 0 , 0 0 0

F o l l o w - O n O f f e r i n gL e a d M a n a g e r

J u l y 2 0 0 4

$ 3 0 , 7 5 0 , 0 0 0

F o l l o w - O n O f f e r i n gL e a d M a n a g e r

J u l y 2 0 0 4

$ 4 0 , 5 9 3 , 7 5 0


J u l y 2 0 0 4

$ 4 0 , 5 9 3 , 7 5 0


J u n e 2 0 0 4

$ 7 5 , 9 0 0 , 0 0 0


J u n e 2 0 0 4

$ 7 5 , 9 0 0 , 0 0 0


Since 1993, Jefferies has raised over $29 billion through over 240 IPOs and follow-on offerings

F e b r u a r y 2 0 0 5

$ 3 2 , 2 0 0 , 0 0 0

F o l l o w - O n O f f e r i n g C o - M a n a g e r

F e b r u a r y 2 0 0 5

$ 3 2 , 2 0 0 , 0 0 0

F o l l o w - O n O f f e r i n g C o - M a n a g e r

April 2005

$40,842,000

Follow -On Offering Co -Manager

April 2005

$40,842,000

Follow -On Offering Co -Manager

March 2005

$177,502,500


March 2005

$177,502,500


March 2005

$193,200,000


March 2005

$193,200,000


March 2005

$241,927,000


Diana Shipping, Inc.

March 2005

$241,927,000


Diana Shipping, Inc.

March 2005

$133,000,000


March 2005

$133,000,000


$185,725,000


April 2005April 2005

$161,500,000


April 2005

$161,500,000


April 2005

$161,500,000


$185,725,000


April 2005April 2005

$161,500,000


April 2005

$161,500,000


April 2005

$161,500,000


$78,000,000

March 2005


$99,000,000

May 2005


May 2005

$554,200,000

Initial Public Equity OfferingCo-Manger

21

Superior Aftermarket Distribution Support for our Clients

Jefferies Broadview is committed to becoming the top trader of our clients’ stock1

(1) Source: Autex, as of June 1, 2005; data from the later of offering or January 1, 2004.

Lead Manager

Co-Manager

Co-Manager

Co-Manager Lead Manager

Co-Manager

Sole Book Manager

Book Running Lead Manager

Book Running Lead Manager

Co-Lead Manager

Lead Manager

Co-Lead Manager

February 3, 2004 - June 1, 2005 October 14, 2004 - June 1, 2005

Broker TotalJEFFERIES & COMPANY, INC. 27,006 46.6MORGAN STANLEY 6,461 11.1GOLDMAN SACHS GROUP 6,247 10.8NEEDHAM & COMPANY 4,305 7.4CITIGROUP 4,274 7.4

August 6, 2004 - June 1, 2005 July 3, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 15,023 33.3LEHMAN BROTHERS, INC. 4,447 9.9UBS 2,861 6.3RAYMOND, JAMES & ASSOC. INC. 2,603 5.8MERRILL LYNCH, PIERCE FENNER 2,305 5.1

July 3, 2004 - June 1, 2005 January 1, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 4,658 47.7MCDONALD INVESTMENTS, INC. 2,135 21.9CITIGROUP 715 7.3MORGAN STANLEY 548 5.6GOLDMAN SACHS GROUP 474 4.9

January 1, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 5,567 41.6MCDONALD INVESTMENTS, INC. 2,979 22.3GOLDMAN SACHS GROUP 1,047 7.8CITIGROUP 901 6.7MORGAN STANLEY 724 5.4

April 29, 2004 - June 1, 2005 May 21, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 2,358 16.8CREDIT SUISSE FIRST BOSTON 2,345 16.7CITIGROUP 1,575 11.2GOLDMAN SACHS GROUP 1,296 9.2MERRILL LYNCH, PIERCE FENNER 1,220 8.7

September 27, 2004 - June 1, 2005 January 1, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 10,680 54.8PRUDENTIAL SECURITIES, INC. 1,897 9.7UBS 1,459 7.5GOLDMAN SACHS GROUP 794 4.1ADAMS, HARKNESS & HILL, INC. 757 3.9

January 30, 2004 - June 1, 2005 February 3, 2004 - June 1, 2005

Broker Volume % of TotalHARRIS NESBITT CORPORATION 9,097 38.3JEFFERIES & COMPANY, INC. 4,986 21.0MORGAN STANLEY 2,265 9.5BEAR STEARNS AND COMPANY 2,250 9.5GOLDMAN SACHS GROUP 1,949 8.2

March 3, 2004 - June 1, 2005 January 30, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 8,741 65.1LEGG MASON WOOD WALKER, INC. 2,543 18.9UBS 838 6.2FULCRUM GLOBAL PARTNERS 275 2.1ROCHDALE SECURITIES 233 1.7

May 21, 2004 - June 1, 2005 January 1, 2004 - October 15, 2004(2)

Broker Volume % of TotalUBS 9,487 21.0JEFFERIES & COMPANY, INC. 7,940 17.6MORGAN STANLEY 7,014 15.6OPPENHEIMER & CO 4,971 11.0MERRILL LYNCH, PIERCE FENNER 3,260 7.2

January 1, 2004 - June 1, 2005 April 29, 2004 - June 1, 2005

Broker Volume % of TotalJEFFERIES & COMPANY, INC. 1,712 14.9UBS 1,571 13.7MORGAN STANLEY 1,434 12.5FERRIS, BAKER WATTS INC. 1,292 11.2WACHOVIA SECURITIES 1,286 11.2

October 14, 2004 - June 1, 2005 January 1, 2004 - June 1, 2005

Broker TotalMERRILL LYNCH, PIERCE FENNER 9,861 29.4JEFFERIES & COMPANY, INC. 5,182 15.5PRUDENTIAL SECURITIES, INC. 2,636 7.9MORGAN STANLEY 2,495 7.4RBC CAPITAL MARKETS 2,413 7.2

January 1, 2004 - June 1, 2005

Broker TotalJEFFERIES & COMPANY, INC. 11,331 17.1SG COWEN SECURITIES CORP. 10,526 15.8LEGG MASON WOOD WALKER, INC. 9,140 13.8MORGAN STANLEY 8,613 13.0A.G. EDWARDS & SONS, INC. 5,063 7.6

22

http://www.vistacare.com/index.php

A Trading Powerhouse Of NASDAQ and OTC Stocks

Extensive trading relationships and aftermarket support help maximize valuation of new issues

– Typically top trader in lead-managed underwritings

– #1 or #2 trader in 80% of co-managed underwritings since 2003

Continued expansion of our Research Sales group to enhance new issue capabilities

– Our seasoned research sales professionals have previously worked at firms such as Bear Stearns, Lehman Brothers, JP Morgan, Morgan Stanley, Merrill Lynch and Citigroup

Top Volume Trader of NASDAQ Stocks Top 5 Trader of NASDAQ Stocks

Bear Stearns

Citigroup

UBS

CSFB

Merrill Lynch

Jefferies

Morgan Stanley

RJ

JP Morgan

Goldman Sachs

Number of Stocks

405

1,208

1,248

1,569

1,868

2,188

2,376

2,403

2,566

4,831

0 500 1,000 1,500 2,000 2,500 3,000

Jefferies’ superior equity sales and trading platform is leveraged by the reach of our Investment Banking clients

Source: Autex, January 1, 2004 – December 31, 2004. Market share weighted by total volume traded in Bulletin Board Market, Nasdaq National Market, and Nasdaq Small Cap Market segments as a percentage of total trading; rank does not include trading firms.

% of Total Volume Traded

0.0% 5.0% 10.0% 15.0%

Jefferies

Bear Stearns

UBS

Citigroup

Goldman Sachs

FGP

Morgan Stanley

Merrill Lynch

CSFB

SG Cowen

23

Top Tier Equity Research Platform Focused on High Growth Companies

19 research professionals dedicated to technology

620 companies under coverage with emphasis on growth and middle market companies

Have initiated coverage on over 149 technology companies since January 2004

Other Companies Under CoverageTechnology Companies Under Coverage

0

100

200

300

400

500

600

700

2002 2003 2004

Market Cap. Of Companies Under Coverage:

Software Services & Media Applications Software

Rob Schwartz Infrastructure Software

Katherine Egbert IT Services & Federal IT

Joe Vafi Internet & New Media

Youssef Squali Business & IT Services

Craig Peckham Knowledge Services

Richard Close Communication & Media Romeo Reyes Media

Robert Routh European Software

Simon Andrews Software, Services & Media Derrick Wenger IT Services

Matthew McKay

Communications & ComputingInfrastructure Network Infrastructure

George Notter U.S. and European Telecom

Ian Macleod Semiconductors

John Lau Semiconductors

Adam Benjamin European Hardware Tech

Titus Menzies

Healthcare Biotechnology

Adam Walsh’ Healthcare Delivery & Technology Glen Santangelo Medical Devices & Diagnostics Ryan Rauch

$1.5 billion to

$5.0 billion

26%

>$5.0 billion

23%

<$1.5 billion

51%

24

Jefferies’ Equity Research Ranks 2nd in The Wall Street Journal's “Best on the Street 2005 Analysts Survey”

Rank FirmTotal

Awards

No. of Qualifying Analysts

Batting Average

1 Merrill Lynch 10 59 0.169

2 Jefferies 8 19 0.421

3 J.P. Morgan Chase 8 51 0.157

4 Piper Jaffray 7 22 0.318

5 Friedman, Billings, Ramsey 7 27 0.259

6 Wachovia Securities 7 32 0.219

7 Raymond James 7 33 0.212

8 A.G. Edwards 7 38 0.184

9 Standard & Poor’s 7 40 0.175

10 Robert W. Baird 6 23 0.261

11 Legg Mason 6 24 0.250

12 Deutsche Bank 6 35 0.171

13 Banc of America Securities 6 45 0.133

UBS 6 45 0.133

15 Avondale Partners 5 6 0.833

Source: The Wall Street Journal 13th annual “Best on the Street”, May 16th, 2005

25

Jefferies Covers A Wide Range Of Companies Across The Various Technology Verticals

Computer Services/Financial Tech.Craig Peckham

Automatic Data Processing

BISYS Group, Inc. Ceridien Certegy Checkfree Corp. eFunds Equifax First Data Corp. Fiserv, Inc. Global Payments Hewitt Associates InterCept Intuit Inc.

Life Sciences – Pharma. ServicesDavid Windley, Glen Santagelo

aaiPharma, Inc. Albany Molecular Research, Inc. Alkermes, Inc Charles River Laboratories International Connectics Corporation Covance, Inc. Endo Pharmaceuticals Holdings Forest Laboratories, Inc ICON Plc IMS Health, Inc. ISTA Pharmaceuticals Kendle International, Inc. Noven Pharmaceuticals, Inc PAREXEL International, Inc. PRA International, Inc Professional Detailing Pharmaceutical Prod. Dev. SFBC International,Inc Ventiv Health AmerisourceBergen Corp Cardinal Health Caremark Rx Express Scripts Henry Schein McKesson Corp Medco Health Solutions Owens & Minor The Patterson Companies

Life Sciences – BiotechnologyAdam Walsh, Robin Campbell

Abgenix, Inc Advanced Magnetics,

Inc Amgen, Inc. Biogen, Inc. Cypress Bioscience Genentech, Inc. Genzyme Corp Hollis-Eden

Pharmaceutical Keryx

Biopharmaceuticals MannKind Corporation

Internet & New MediaYoussef Squali

aQuantive, Inc Ask Jeeves, Inc China Finance Online Co Earthlink, Inc. eBay, Inc. FindWhat.com Google, Inc iVillage, Inc J2 Global Communications Netflix, Inc United Online, Inc ValueClick, Inc Yahoo!, Inc

IT ServicesJoseph Vafi

Affiliated Computer Services

Anteon Corporation BearingPoint CACI International CCC Information

Services Group Cognizant Technology

Solutions Computer Services

Corporation Dynamics Research,

Corp. Electronic Data Systems

Telecom Services & EquipmentRichard Klugman, Ian Macleod

Alaska Communications

AT&T Corp. BellSouth Corp. CenturyTel, Inc. Cincinnati Bell Citizens

Communication Commonwealth

Telephone CT Communications Earthlink, Inc General

Communication IDT Corp InterNap

Application SoftwareRobert Schwartz, Simon Andrews

Aspen Technology, Inc Cognos Hyperion Solutions Kronos, Inc Manhattan Associates MicroStrategy Open Text RightNow Technologies Salesforce.com Siebel Systems Sybase, Inc

Media & EntertainmentDavid Brenner, Meredith Fischer, Robert Routh

Mediacom Communications Carmike Cinemas, Inc Central European Media Enterprises 4Kids Entertainment, Inc Cedar Fair, LP Crown Media Holdings,Inc Insight Communications Lions Gate Entertainment Marvel Enterprises Outdoor Channel Holdings Pixar Animation Studios Playboy Enterprises The Topps Company ValueVision Media World Wrestling Entertainment

Semiconductor Cap EquipmentAdam Benjamin

Applied Materials, Inc Cymer,Inc. KLA-Tencor

Corporation LTX Corporation Mattson

Technology,Inc Nova Measuring

Instruments Novellus Systems, Inc Photronics, Inc Rudoplh Technologies,

Inc Semiconductor

Manufacturing Intl.

Communications EquipmentGeorge Notter

ADC Telecommunications ADTRAN Corp Advanced Fibre Communications Carrier Access Corp CIENA Corp. Lucent Technologies Nortel Networks Redback Networks, Inc Sonus Networks Tekelec Tellabs, Inc Terayon Communications Systems

Infrastructure SoftwareKatherine Egbert

Akamai Technologies, Inc. Altiris, Inc BEA Systems Inc CheckPoint Software Technologies Citrix Systems, Inc Internet Security Systems McAfee, Inc Mercury Interactive Corp Novell Inc Opsware, Inc Red Hat Inc RSA Security Inc. Secure Computing Corp TIBCO Software Inc. Websense, Inc.

Labor Ready Manpower MoneyGram

International Online Resources

Corp. Paychex Robert Half

International SS&C Technologies,

Inc. Total System

Services Watson Wyatt

Infosys Technologies Ltd

ManTech International Corp.

MTC Technologies Ninetowns Digital PEC Solutions Perot Systems SRA International Syntel Unisys

Taiwan Semiconductor Manu

Therma-Wave Inc Ultratech, Inc. Cirrus Logic Sigmatel Silicon Image SiRF Technology

Holdings Omnivision SigmaTel Silicon Image

NPS Pharmaceuticals, Inc.

SciClone Pharmaceuticals

XOMA, Ltd. Acambis Cambridge Antibody

Technology deCODE Genetics SkyePharma

Net2Phone Primus Telecom Qwest Communications

International Inc. SBC Communications Inc. Sprint FON Group SureWest Communications United Online, Inc Verizon Communications

Inc. Ericcson ADR France Telecom SA Hellenic

Telecommunications Koninklijke(Royal) Nokia ADR

26

Contact Information

CONFIDENTIAL DRAFT

DAVID A. LIUManaging DirectorTechnology Investment Banking

Jefferies & Company, Inc.Broadview, a division of Jefferies 950 Tower Lane, 18th FloorFoster City, CA 94404T: (650) 573-4803F: (650) 573-4801Email: [email protected]; [email protected]

mailto:[email protected]

mailto:[email protected]

State of the U.S. Capital Markets - July 2005

Technology

Transcript of State of the U.S. Capital Markets - July 2005