Letter from Chairman Ralph Baxter

Orrick has grown to support our clients around the globe with more than 1,000 lawyers covering 18 offices in seven countries. Our Annual Review provides an overview of many client successes and firm developments that continue to allow us to provide clients with the sophisticated legal services they require in a global marketplace.

Some of our most significant developments include:

• In Europe, we merged with Rambaud Martel, doubling the number of lawyers in Paris and adding one of the top corporate practices in France.
• In Asia, we opened our 17th and 18th offices in Beijing and Shanghai, closely following the opening of our offices in Hong Kong and Taipei.
• We added capabilities in many of our core practice areas around the world, including Structured Finance, Intellectual Property, Litigation, Corporate, Employment and Creditors' Rights and Bankruptcy.
• Our teams won numerous awards for matters handled for our clients in North America, Europe and Asia.
• The American Lawyer ranked Orrick "among the nation's elite law firms" in the publication's June 2007 "A-List," which is a list of only 20 law firms measured by performance in four key areas: commitment to pro bono, associate satisfaction, workplace diversity and financial success.
• Our lawyers represented more than 300 individual and nonprofit clients on a pro bono basis, and the firm partnered with more than 85 nonprofit organizations, in addition to donating time and money to countless community service projects.
• Our firm earned honors and recognition for our community responsibility efforts and our commitment to diversity, including being named the North American South Asian Bar Association's "Law Firm of the Year" for diversity efforts in support of the South Asian community and receiving a 100% rating in the Human Rights Campaign's Corporate Equality Index Annual Survey, which measures how equitably companies treat LGBT employees, consumers and investors.

We are proud of who we are, what we have accomplished and where we are going. We believe we are a law firm that is uniquely different. Our clients tell us that the affirmative character of our lawyers and staff is what differentiates us and that this character is truly grounded in a spirit of comradery, mutual respect and enthusiastic devotion to our clients.

One core strategy continues to remain constant at Orrick — a sharp focus on solutions and results in response to our clients' current and future needs.

Ralph Baxter
Chairman and Chief Executive Officer
Orrick, Herrington & Sutcliffe LLP