1. EMEA Tax Group Meeting Warsaw 2015 Mike Adams Tax Director NEXIA TAX UPDATE

2. EMEA Tax Group - Warsaw Results and IAB rankings Highlights for 2014 Goals for 2015 Business Groups Future Events NEXIA TAX UPDATE EMEA Tax Group - Warsaw

3. Results 2014 fee income: US$ 3.1bn + 5% 614 offices 2,751 partners and principals 23,150 total staff 112 countries EMEA Tax Group - Warsaw

4. Results Financial performance 2011-2014 US$2.3US$2.8US$2.9 4% increase US dollars (billion) 21% increase 9.5% increase US$3.1 5% increase EMEA Tax Group - Warsaw

5. Combined fee income by region 2014

6. Nexia Service Lines EMEA Tax Group - Warsaw

7. Network Data World fee data 2015 RankNameFee Income ($m) Growth rate (%) 1Deloitte34,200.06 2PwC33,952.06 3EY27,369.06 4KPMG24,820.06 5BDO(1)7,021.99 6Grant Thornton International4,728.65 7RSM International(2)4,391.218 8Baker Tilly International3,562.85 9Crowe Horwath International(3)3,435.98 10Nexia International3,072.65 11Moore Stephens International(4)2,683.30 12PKF International(5)2,388.1-5 13Kreston International2,035.05 14HLB International1,889.613 15Mazars1,459.26 Source: IAB World Survey 2015: Networks fee data. International Accounting Bulletin (IAB), January 2015. (1) BDO revenue includes $1.6bn from alliance firms (2) RSM International revenue includes $52.9m from alliance firms (3) Crowe Horwath International revenue includes $880.7m from alliance firms (4) Moore Stephens International revenue includes $50.7m from alliance member firms (5) PKF International revenues includes $801.7m from alliance member firms EMEA Tax Group - Warsaw

8. Regional ranking: Europe RankNameRevenue ($m)Staff 1PwC 13,598.069,807 2KPMG* 12,450.083,983 3EY(1)* 11,800.090,564 4Deloitte 11,200.064,707 5BDO 2,702.119,332 6Grant Thornton International 1,898.313,012 7Nexia International 1,240.18,024 8Baker Tilly International 1,097.37,821 9Mazars 1,068.07,814 10RSM International 1,034.88,205 11Moore Stephens International 993.08,115 12HLB International 981.58,133 13Crowe Horwath International 908.07,968 14Kreston International 672.46,702 15PKF International 513.34,729 Source: IAB World Survey 2015: Regional Analysis. International Accounting Bulletin (IAB), January 2015. * The figures for KPMG and EY include Africa/Middle East. (1) EY reported data for India in EMA, and EY Japan $1,098m fee income and 7,266 staff are not included in the regional spilt EMEA Tax Group - Warsaw Network Data

9. Regional ranking: Middle East & Africa RankNameRevenue ($m)Staff 1KPMG* 12,450.083,983 2EY*(1) 11,800.090,564 3PwC 1,170.012,486 4Deloitte 900.010,071 5 BDO210.53,689 6 Grant Thornton International146.42,891 7 Mazars94.22,387 8 Baker Tilly International90.91,579 9 PKF International68.51,786 10 RSM International65.81,553 11 Crowe Horwath International63.41,155 12 Nexia International63.12,193 13 Moore Stephens International53.01,444 14 Kreston International46.11,190 15 HLB International33.71,054 Source: IAB World Survey 2015: Regional Analysis. International Accounting Bulletin (IAB), January 2015. * The figures for KPMG and EY include Europe. ((1) EY reported data for India in EMA, and EY Japan $1,098m fee income and 7,266 staff are not included in the regional spilt EMEA Tax Group - Warsaw Network Data

10. Regional ranking: Latin America Source: IAB World Survey 2015: Regional Analysis. International Accounting Bulletin (IAB), January 2015. * The figures for KPMG and EY include North America. (1) EY reported data for India in EMA, and EY Japan $1,098m fee income and 7,266 staff are not included in the regional spilt RankNameRevenue ($m)Staff 1EY*(1) 11,600.058,411 2KPMG* 8,510.045,181 3Deloitte 1,300.019,383 4PwC 1,026.013.428 5 BDO208.74,256 6 Grant Thornton International185.73,958 7 Baker Tilly International112.62,053 8 RSM International110.02,610 9 Crowe Horwath International95.22,602 10 Santa Fe Associates87.61,397 11 Moore Stephens International75.22.704 12 SMS Latinoamerica69.61,928 13 Kreston International55.41,723 14 Nexia International54.61,548 15 PKF International52.81,451 EMEA Tax Group - Warsaw Network Data

11. Regional ranking: North America RankNameRevenue ($m)Staff 1Deloitte 16,000.073,420 2PwC 12,704.049,375 3EY* 11,600.058,411 4KPMG* 8,510.045,181 5 BDO 2,850.617,495 6 RSM International 2,592.413,601 7 Grant Thornton International 1,910.611,069 8 Crowe Horwath International 1,615.78,538 9 PKF International 1,604.510,732 10 Baker Tilly International 1,509.37,792 11 Nexia International 1,468.57,896 12 Moore Stephens International 1,079.45,104 13 Kreston International 849.73,840 14 HLB International 541.43,308 15 UHY International 215.51,059 Source: IAB World Survey 2015: Regional Analysis. International Accounting Bulletin (IAB), January 2015. * The figures for KPMG and EY include Latin America. EMEA Tax Group - Warsaw Network Data

12. Regional ranking: Asia Pacific RankNameRevenue ($m)Staff 1PwC 5,454.050,337 2Deloitte 4,800.042,819 3EY(1) 4,000.039,317 4KPMG 3,860.032,867 5BDO 1,049.914,656 6Crowe Horwath International 753.610,777 7Baker Tilly International 752.67,601 8RSM International 588.111,474 9Grant Thornton International 587.79,267 10Moore Stephens International 482.78,923 11Kreston International 411.46,864 12HLB International 297.14,959 13ShineWing 263.84,555 14Nexia International 246.44,405 15PKF International 145.12,171 Source: IAB World Survey 2015: Regional Analysis. International Accounting Bulletin (IAB), January 2015. (1) EY reported data for India in EMA, and EY Japan $1,098m fee income and 7,266 staff are not included in the regional spilt EMEA Tax Group - Warsaw Network Data

13. Nexia Service Lines EMEA Tax Group - Warsaw Average Fee Split – Top 10 Networks (%) 200820132014NEXIA Audit & Accounting53484645 Tax23 2427 Advisory24293028 100

14. Service line fee split : Audit & Accounting NameRevenue ($m)Growth % PwC 15,137.03 Deloitte 13,300.02 EY 11,277.03 KPMG 10,460.02 BDO 4,002.55 RSM 2,181.017 Grant Thornton International 2,033.34 Baker Tilly International 1,815.27 Crowe Horwath International 1,597.31 Moore Stephens International 1,393.40 EMEA Tax Group - Warsaw Network Data

15. Service line fee split: Tax NameRevenue ($m) PwC 8,813.0 EY 7,224.0 Deloitte 6,500.0 KPMG 5,270.0 BDO 1,474.6 RSM 1,260.7 Grant Thornton International 945.7 Baker Tilly International 881.2 Crowe Horwath International 844.9 Nexia International 829.6 EMEA Tax Group - Warsaw Network Data

16. Service line fee split: Advisory NameRevenue ($m) Deloitte 14,400.0 PwC 10,002.0 KPMG 9,090.0 EY 8,866.0 Grant Thornton International 1,749.6 BDO 1,544.8 Crowe Horwath International 993.7 Baker Tilly International 866.4 Nexia International 864.7 RSM 837.9 EMEA Tax Group - Warsaw Network Data

17. EMEA Tax Group - Warsaw Results and IAB rankings Highlights for 2014 Goals for 2015 Business Groups Future Events NEXIA TAX UPDATE EMEA Tax Group - Warsaw

18. Tax Highlights 2014 Networking and training – tax conference in Hong Kong – 3 EMEA tax group meetings – 1 Asia Pacific tax group meeting – South American monthly tax group conference calls started – Nexia tax academy advanced international tax course SIG meetings – GMTS conference in Prague – transfer pricing training in Hong Kong – Meetings at tax and annual conferences EMEA Tax Group - Warsaw

19. Publications – online International Tax Handbook continuously updated – updated edition of European Holding Company Analysis (27 countries) – special edition of TAX Link on the issues generated by the digital economy – 61 other tax articles in TAX Link and Global Insight Guidance – tax pages of members website refreshed – key contacts in specialist areas identified – guidance on production of a practice tax manual – guidance on probable format of tax quality control reviews EMEA Tax Group - Warsaw Tax Highlights 2014

20. EMEA Tax Group - Warsaw Results and IAB rankings Highlights for 2014 Goals for 2015 Business Groups Future Events NEXIA TAX UPDATE EMEA Tax Group - Warsaw

21. Tax Goals for next 12 months Repeat the success of the 2014 networking and training events – International Tax Conference: Copenhagen, 4 – 6 June 2015 – EMEA Tax Group meetings: Warsaw, Copenhagen, Helsinki – Asia/Pacific Tax Group meeting: Seoul – South America: continue with group conference calls – Run the level 1 Tax Academy course at Leiden Become involved in the pre-admission process Refresh the external content of the Nexia website that relates to tax services Produce 5 th edition of International Tax Guide and a further Extended Edition of European Holding Company Analysis Continue to work with the six “tax” Special Interest Groups to enhance their effectiveness EMEA Tax Group - Warsaw

22. Results and IAB rankings Highlights for 2014 Goals for 2015 Business Groups Future Events NEXIA TAX UPDATE EMEA Tax Group - Warsaw

23. NEXIA TAX UPDATE Oversight: Tax Committee Global Mobility Tax Services Indirect Taxes Legal Services Private Wealth Real Estate Transfer Pricing Business Groups EMEA Tax Group - Warsaw

24. NEXIA TAX UPDATE Oversight: Advisory Services Steering Group Business Expansion and Financial Outsourcing Governance, Risk & Compliance Services Transaction Services Turnaround, Reconstruction & Insolvency Valuation Services Oversight: Audit Committee IFRS Business Groups EMEA Tax Group - Warsaw

25. NEXIA TAX UPDATE Standard template for website: Home page, Charter and Business plan Core Team Publications and articles Events and meetings Contacts Case studies Discussion site Business Groups EMEA Tax Group - Warsaw

26. Results and IAB rankings Highlights for 2014 Goals for 2015 Business Groups Future Events NEXIA TAX UPDATE EMEA Tax Group - Warsaw

27. NEXIA TAX UPDATE Transfer Pricing webinar International Tax Conference Tax Training Future Events EMEA Tax Group - Warsaw

28. FUTURE TAX EVENTS 25 February at 08:00 and 14:00 GMT Essential information to enable you to assist your clients with the regulatory requirements Login details email to primary contacts next week Transfer Pricing webinar EMEA Tax Group - Warsaw

29. FUTURE TAX EVENTS 25 March: Unconscious bias at the workplace 29 April: Simple ways to improve your proposals and presentations 27 May: Practical tips on audit documentation 23 June: Real Estate Planning: structuring inbound Real Estate in both the UK and the US 29 July: How you can prove that you are your client’s best option 26 August: Audit issues 30 September: The best way to generate fees once you have won the work Future webinars EMEA Tax Group - Warsaw

30. FUTURE TAX EVENTS 4 – 6 June, Copenhagen Similar format to last year. Transfer Pricing training: Wednesday 3 June Client Panel: What do they expect from their tax team? BEPS and its implications, Research & Development reliefs, the consequences of Indirect Share Transfers International Tax Conference EMEA Tax Group - Warsaw

31. FUTURE TAX EVENTS 9 – 11 July, Leiden, The Netherlands Level 1 course Key concepts, Introduction to Tax Treaties and tax residence, Business Profits, Dividends, Interest and Royalties CPE/CPD credits can be arranged If your firm might be interested, please let me know Tax Training EMEA Tax Group - Warsaw

32. FUTURE TAX EVENTS Details yet to be finalised but probably will be held in September/October/November GMTS Conference 2015 EMEA Tax Group - Warsaw

33. Results and IAB rankings Highlights for 2014 Goals for 2015 Business Groups Future Events NEXIA TAX UPDATE EMEA Tax Group - Warsaw

34. NEXIA TAX UPDATE Mike Adams Mike.adams@nexia.com +44 (0) 20 7631 9712 Thank you EMEA Tax Group - Warsaw