2. Seminar of Malta – 4 th June 2010 2  Culture and economic factors  Legal aspects :  Contract law  Employment law  Intellectual property  Funding :  Home or target country  Equity or loan

3. Seminar of Malta – 4 th June 2010 3  Taxation :  Repatriation of profits & capital  Tax incentives  Transfer pricing  Custom duties  Choice of corporate structure :  Joint venture  Sales office  Subsidiary  Merger and acquisition

4. Seminar of Malta – 4 th June 2010 4  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

5. Seminar of Malta – 4 th June 2010 5  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 ?

6. Seminar of Malta – 4 th June 2010 6

7. 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

8. Seminar of Malta – 4 th June 2010 8  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

9. 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%4331221111dec-09 23Moore Stephens International2 077,9-7%542772>119dec-09 64AGN International1 535,74%4924----27oct-09 55Fiducial International1 485,0-1%601510---15sept-09 76IGAF Worldwide1 267,8-5%342616 --8dec-08 87BKR International1 300,0-2%5528----17june-09 98DFK International1 047,210%493071256sept-09 109IAPA939,32%-------n/a 1110CPA Associates International910,012%473212---9oct-09 1211Morison International641,73%4093311430dec-09 1312JHI Intrnational606,83%432882289n/a 1413Polaris International515,2-5%-------dec-09 1614MSI Global Alliance511,27%56227276-dec-09 15 EuraAudit International465,0-5%672013----dec-09 1716MGI454,817%-------june-09 2017INPACT Group320,313%5228121313dec-08 1918Kingston Sorel International271,8-13%51178331 n/a 2219GMN International249,83%5030101>118dec-09 2120Integra International249,110%453010555-sept-09 2321Parker Randall International157,226%5924125---dec-09 2422A.C.E.E.41,660%99-----1dec-08 Seminar of Malta – 4 th June 2010 9 Source : International Accounting Bulletin 2008

10. Seminar of Malta – 4 th June 2010 10 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%5027----23june-09 22Deloitte26 100,0-5%4622----32may-09 33Ernst & Young21 400,0-7%4727----26june-09 44KPMG20 110,0-11%5020----30sept-09 55BDO International5 026,5-2%601954525sept-09 77RSM International3 875,68%482815---9dec-09 88Baker Tilly International3 128,66%5025104443june-09 99Crowe Horwath International2 746,7-5%522492--13dec-09 10 Nexia International2 110,0-5%5721102118june-09 11 PKF International1 905,3-6%45171647110june-09 n/a12Kreston International1 642,0-5%5220931-15oct-09 1213HLB International1 771,0-7%4525181317nov-09 1314Mazars1 057,5-5%8612----2aug-09 1415UHY International630,0-6%5818921111dec-09 1516Russell Bedford International374,07%-------june-09 1617Rödl & Partner286,2-1%33257---35dec-08 1718ECOVIS International251,55%463273418dec-09 n/a19IEC/CPA-USA/EPR136,5-562420----june-09 1820SMS Latinoamérica45,6-13%453215-8--dec-09 n/a21UC&CS AMÉRICA12,6-671914----dec-09 Source : International Accounting Bulletin 2008

11. Seminar of Malta – 4 th June 2010 11 Leading networks and associations: staff data OfficesPartnersProfessional staff Administrative staffGraduate hiresTotal staff 200920082009200820092008200920082009200820092008 ASSOCIATION OF INDEPENDENT FIRMS A.C.E.E.281954358-282---344209 AGN International4814661 0891 0576 3526 1781 6401 609--9 0818 844 BKR International2622769411 0167 5897 6671 1121 183--9 6429 866 CPA Associates International2872968408705 8505 2203 2201 570--9 9107 660 DFK International3823451 2221 1266 6205 8852 1151 832--9 9578 843 EuraAudit International3133026936973 9373 7572 2012 207--6 8316 661 Fiducial International1 2571 307--------13 11013 068 GMN International1361322642742 1232 1336267211801353 0133 128 IAPA3013391 2201 3744 7334 0713 6784 326--9 6319 771 IGAF Worldwide4494341 2891 2398 0618 3252 2922 318--11 64211 882 INPACT Group200-604-2 925-558---4 087- Integra International1481293633261 8241 634374331--2 5612 291 JHI International2232286376673 5653 8439251 013--5 1275 523 Kingston Sorel International129 3823732 1571 987680697--3 2193 057 Leading Edge Alliance 4554301 6151 43315 18510 0632 9892 683--19 78914 179 MGI3052786976232 5972 6302 2212 023--5 5155 276 Moore Stephens International6306472 2362 23114 55715 3204 0713 693--20 86421 244 Morison International2092216335805 2374 5831 1991 2811 2801 1757 0696 444 MSI Global Alliance1621576856544 1253 5671 2081 088--6 0185 309 Parker Randall International1151012251911 3401 209161140--1 7261 540 Polaris International2812528228574 8484 5471 5162 960--7 1868 364 Praxity5155112 4012 21119 96217 9344 7764 547--27 13924 692 Source : International Accounting Bulletin 2008

12. Seminar of Malta – 4 th June 2010 12 Leading networks and associations: staff data OfficesPartnersProfessional staffAdministrative staffGraduate hiresTotal staff 200920082009200820092008200920082009200820092008 NETWORKS Baker Tilly International5725092 8132 57617 21816 4565 3515 731--25 89224 763 BDO International1 1381 0954 0983 44334 15633 4377 7817 122--46 03544 002 Crowe Horwath International5885583 2713 32416 99517 7296 4815 196--26 74726 249 Deloitte --9 5559 100130 208124 00028 88828 200--168 651161 300 ECOVIS International2011882922682 0412 08734332798372 6762 682 Ernst & Young---8 244-99 203-28 283--144 441144 514 Grant Thornton International5294982 5682 53922 22121 8225 5905 529--30 37929 890 HLB International4474511 7191 72110 81910 3553 1413 164--15 67915 240 IEC/CPA-USA/EPR125-429-------2 657- KPMG700 7 9537 677106 973104 05725 30925 162--140 235136 896 Kreston International7037401 2051 32915 66215 6822 6563 223--19 52320 234 Mazars-1835564819 0257 4391 7331 529--11 3149 449 Nexia International5895222 2722 18014 35312 7713 9753 063--20 60018 014 PKF International4084001 8271 92812 49312 4313 2943 262--17 61417 621 PricewaterhouseCoopers7577498 5528 603123 548116 93531 44530 155--163 545155 693 Rödl & Partner83811171002 6232 3952602551201803 0002 750 RSM International7367323 1502 91823 26221 4246 0805 916--32 49230 258 Russell Bedford International2101885365103 9903 729654591--5 1804 830 SMS Latinoamérica67611361261 2191 04010887133-1 4631 253 UC&CS AMÉRICA69-135-663-129---927- UHY International2452117096365 6035 0791 3221 340--7 6347 055 Source : International Accounting Bulletin 2008

13. Seminar of Malta – 4 th June 2010 13  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

14.  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 2010 14

15.  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 2010 15