Seminar of Malta – 4 th June  Culture and economic factors  Legal aspects :  Contract law  Employment law  Intellectual property  Funding :  Home or target country  Equity or loan

Seminar of Malta – 4 th June  Taxation :  Repatriation of profits & capital  Tax incentives  Transfer pricing  Custom duties  Choice of corporate structure :  Joint venture  Sales office  Subsidiary  Merger and acquisition

Seminar of Malta – 4 th June  Accounting :  Where to base the book-keeping ?  Which connections between the local firm and the mother : datas transfers ?  Closing for annual accounts  Banking :  Local ways of payments  Control of money collection from clients  Relationship with clients for collection  Signature on the Bank account and payments  Compliance services :  Audit  Taxation

Seminar of Malta – 4 th June  The demand is for practices able to deliver crossbord services  International groups provide :  International access to regional specialists  Improved client retention and acquisition  Inward referrals – national and international  Raised profile of firm – influencing potential clients and business referrers  Association or network ?

Seminar of Malta – 4 th June

7  ACEE choosed to mix Accounting and Law firms, in order to offer a full range of services  All the members are human-sized practices assuming a personalised service  Spread all over Europe, in principle with one Accountant and one Lawyer per country

Seminar of Malta – 4 th June  ACEE has never looked for any intensive development  The strategy has been to keep ACEE small but of a high quality of services  The philosophy is to preserve the independence of the members : no equity to share  ACEE is only an association, or a grouping

Leading networks and associations: fee data Fee split (%) Rank 2008 Rank 2009 Fee income ($m) Growth rate (%) Audit & Accounting Tax services Management consulting Corporate finance Corporate Recovery / Insolvency Litigation SupportOther Year- end ASSOCIATIONS OF INDEPENDENT FIRMS 11Praxity3 272,21%632391>113n/a 42Leading Edge Alliance2 519,921% dec-09 23Moore Stephens International2 077,9-7%542772>119dec-09 64AGN International1 535,74% oct-09 55Fiducial International1 485,0-1% sept-09 76IGAF Worldwide1 267,8-5% dec-08 87BKR International1 300,0-2% june-09 98DFK International1 047,210% sept IAPA939,32% n/a 1110CPA Associates International910,012% oct Morison International641,73% dec JHI Intrnational606,83% n/a 1413Polaris International515,2-5% dec MSI Global Alliance511,27% dec EuraAudit International465,0-5% dec MGI454,817% june INPACT Group320,313% dec Kingston Sorel International271,8-13% n/a 2219GMN International249,83% >118dec Integra International249,110% sept Parker Randall International157,226% dec A.C.E.E.41,660% dec-08 Seminar of Malta – 4 th June Source : International Accounting Bulletin 2008

Seminar of Malta – 4 th June Leading networks and associations: fee data Fee split (%) Rank 2008 Rank 2009 Fee income ($m) Growth rate (%) Audit & Accounting Tax services Management consulting Corporate finance Corporate Recovery / Insolvency Litigation SupportOther Year- end NETWORKS 11PricewaterhouseCoopers26 171,0-7% june-09 22Deloitte26 100,0-5% may-09 33Ernst & Young21 400,0-7% june-09 44KPMG20 110,0-11% sept-09 55BDO International5 026,5-2% sept-09 77RSM International3 875,68% dec-09 88Baker Tilly International3 128,66% june-09 99Crowe Horwath International2 746,7-5% dec Nexia International2 110,0-5% june PKF International1 905,3-6% june-09 n/a12Kreston International1 642,0-5% oct HLB International1 771,0-7% nov Mazars1 057,5-5% aug UHY International630,0-6% dec Russell Bedford International374,07% june Rödl & Partner286,2-1% dec ECOVIS International251,55% dec-09 n/a19IEC/CPA-USA/EPR136, june SMS Latinoamérica45,6-13% dec-09 n/a21UC&CS AMÉRICA12, dec-09 Source : International Accounting Bulletin 2008

Seminar of Malta – 4 th June Leading networks and associations: staff data OfficesPartnersProfessional staff Administrative staffGraduate hiresTotal staff ASSOCIATION OF INDEPENDENT FIRMS A.C.E.E AGN International BKR International CPA Associates International DFK International EuraAudit International Fiducial International GMN International IAPA IGAF Worldwide INPACT Group Integra International JHI International Kingston Sorel International Leading Edge Alliance MGI Moore Stephens International Morison International MSI Global Alliance Parker Randall International Polaris International Praxity Source : International Accounting Bulletin 2008

Seminar of Malta – 4 th June Leading networks and associations: staff data OfficesPartnersProfessional staffAdministrative staffGraduate hiresTotal staff NETWORKS Baker Tilly International BDO International Crowe Horwath International Deloitte ECOVIS International Ernst & Young Grant Thornton International HLB International IEC/CPA-USA/EPR KPMG Kreston International Mazars Nexia International PKF International PricewaterhouseCoopers Rödl & Partner RSM International Russell Bedford International SMS Latinoamérica UC&CS AMÉRICA UHY International Source : International Accounting Bulletin 2008

Seminar of Malta – 4 th June  Low cost with very few resources  No liability risk for members, without any service provided directly by ACEE and without any invoicing  No common branding  No inspection, quality control, procedures, methodologies  No active action for targeting clients or international assignments to share

 Do we want :  To stay as it is ?  To get more members ?  To conduct a pro active service :  for members ?  for ACEE ?  To perform a marketing strategy ? Seminar of Malta – 4 th June

 Do not forget that :  « People do business with people they know, like and trust »  The main reason for an ACEE membership is to serve our own clients and offer them a crossbord service, so not to loose them ! Seminar of Malta – 4 th June