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a global association of independent firms

Morison International

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Morison International Foreword by Jean-Pierre Larroze, Chairman of Morison International Limited

We are ideally placed to serve growing, entrepreneurial midsize businesses looking to trade outside their own territory for the first time, either because of organic growth, cross-border merger, acquisition or partnership. We are also particularly suited to those companies which may already have a successful international business but feel they are not receiving the personal attention or senior management time

by its members should meet agreed expectations. Therefore all work carried out by member firms throughout the world is backed by our ‘client care promise’; a charter which details how we do business. For example, how many professional firms do you know that will guarantee to respond to a phone call within a day and written correspondence within three days? This is just one of many commitments we insist each of

Our aim is not only to meet clients’ needs but to exceed their expectations and to totally delight clients with service quality.

they would like from their existing ‘big firm’ advisers – an all too common scenario. We are built on strong, independent regional firms who maintain their competitive edge over international firms by practising under their own names while sharing a common approach to service quality and professional work. Morison International firmly believes that the services provided

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Stephen Chang, Vice-Chairman, Morison International

our members abides by. We also have stringent performance standards which detail how business is conducted between our members. These standards allow us to ensure the same high quality of service to clients wherever they may be. Morison International’s multidiscipline approach is proving to be an advantage in attracting both new clients and new members. In

the last year the combined turnover of our members has increased by 22%. Our membership covers 69 countries and is steadily expanding. In recent months we have welcomed new member firms from Italy, Qatar, Romania, Saudi Arabia and South Africa. Preparations are already

range of expertise that would be hard for an independent firm to otherwise find. This is helped by staff secondments and exchanges between member firms, bringing international knowledge and experience to each. We are not a ‘virtual’ marketing or referral network but an active global

We believe in a ‘one stop shop’ global association. We like the fact that we have accountants, lawyers and business consultancy firms, and most importantly so do our clients. Our diversity creates more cross border opportunities for our members than they would get from a single discipline network.

Founded in 1989, Morison International is a worldwide multi-disciplinary association of independent accountants, auditors, tax advisers, business consultants and lawyers established to serve the cross-border needs of our clients globally. Our services include accounting, audit, business consulting, corporate finance, tax and law.

Birgitte Ovesen, Director of Operations, Morison International underway for the addition of further firms in 2008 from Central American, African and Scandinavian countries as well as the Middle East, India, Pakistan and South Korea. To facilitate cross-border communications between its members we maintain regional secretariats in Asia Pacific, Latin America, and Africa. These secretariats in turn work closely with the Worldwide, North America and Europe secretariat based in London to provide a coordinated service to both members and clients. When a professional firm joins the Morison International association, it serves the best interests of its clients too. Each member firm has the opportunity to access a wide

association. Frequent conferences, meetings and seminars throughout the world give our members the opportunity to meet face-to-face and discuss client and practice matters in person. This means that when a client is looking for support in another country, their local Morison International firm will already have first-hand knowledge of the advisers best suited to their needs.

Morison International at a glance • 170 member firms or affiliates • 69 countries • 1,008 partners • 5,639 professional staff • 291 offices • US$ 719 million turnover Visit

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Facilitating international dealmaking As clients’ businesses grow across national borders, their expectations of their adviser firms expand as well. No matter what the size of the firm, it’s no longer enough to act simply on a local level; clients expect international reach. Morison International is a global association of independent accountants, auditors, tax advisers, business consultants and lawyers and plays a major role in permitting professionals worldwide to fulfil their clients’ global needs. Rooted locally, reaching out globally With a presence in 69 countries and with 291 offices worldwide, Morison International enables members to tap into a vast reservoir of global knowledge and expertise that is normally the domain of the big players, without the associated cost. As Richard Hanson from US firm Russell Novak & Co commented: “We do not have to, nor could we afford to, have someone on staff with knowledge of each different country’s tax laws, accounting laws and business trends. Furthermore, given the business climate of globalisation, we need to be able to offer this knowledge to our clients or else they will go somewhere else.” It’s a view echoed by Victor Sekese from South African firm SizweNtsaluba VSP: “The association provides an opportunity to be internationally linked while maintaining independence. We can be a truly indigenous firm which is internationally connected with the related benefits.” The Morison International website

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offers a resource for member firms and acts as a starting point looking for information on specific overseas jurisdictions. Mustafa Bilgener from Turkish firm Bilgener CPAs said: “The Morison International Global Resource Centre is a very useful initial information source for the member firms regarding tax and investment legislation of other countries.” Luciano Nessi of Swiss firm, ICOFIN SA, which has just celebrated its 20th year of business, commented: “Morison International has links all over the world, whereas other associations are often merely local. This guarantees us assistance in any country, with a contact person that knows the effective laws of that jurisdiction well.” A philosophy of proactivity All members agree that where Morison International shines is in the dedicated and enthusiastic approach of its members. This is demonstrated in their regular attendance of the association’s events, which include conferences, training events and

common interest groups, as well as the warmth and professionalism shown when firms turn to each other looking for advice on a particular jurisdiction or seeking to make client referrals. Dr Tunde Gulyas from Hungarian firm Colling KFT said: “The main benefits of Morison International over other associations are the close contact between members and the very regular conferences and training events which are unique to this organisation.” Paul Wan of Singapore firm Paul Wan and Co concurred: “Morison International is a very proactive association where the member firms regularly participate in regional and worldwide conferences, share knowledge and resources through the Morison International Global Resources Centre and participate in the respective common interest groups, like accounting and auditing, international taxation and corporate finance.” These events provides a forum for professionals to share knowledge and learn from each other. Harvey Grossman from US firm Morison Cogen commented: “At the recent international conference in Buenos Aires, the seminars were extremely helpful, for instance those dealing with the new international accounting rules.” The members’ enthusiasm is something that is nurtured and lent structure by the association’s central administration itself. Richard Hanson

commented: “The association assists in overcoming the challenges of cross border transactions by requiring a certain protocol. You have to attend certain meetings and return phone calls and emails within a certain timeframe. Morison International’s administration helps wherever and whenever they can. They push to help. They want to succeed.” Friends and associates, not just names and numbers A natural extension to the active participation in the association’s activities is the personal contact between members that has sprung up as a result of the regular meetings. In the views of the members, this really brings the association to life. Members enjoy meeting up and seek to build effective professional relationships that often spill over into friendship. Paul Wan commented: “Morison International is different from many other associations which are mere directories where their members do not know each other or have not met each other.” Jean-Pierre Larroze of French firm Aplitec, one of the four founding members explained more: “One of the features of Morison International is the territorial exclusivity which means that if you go to a certain city or part of the country, there is only one firm for each profession. You are in contact with one or two professionals at the same firm who you know perfectly.” Richard Hanson gave an example

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of the professional bonds forged through Morison International: “A partner of mine and I flew to Boston last year, not for a regional or regularly scheduled meeting, but rather just to hook up with a couple of professionals from Tenon and have dinner. This builds the relationship and that is important.”

of work and is a guarantee for high quality services.” Juan Aquije Sanchez from Aquije Chung & Asociados explained in more detail how the association ensures this high quality: “In addition to their own high individual professional standards, MI members have also agreed to a set of Performance Standards Referring work with confidence for conducting business between Aside from developing lasting members. This ensures that all friendships and expanding clients, whichever country they are professional knowledge of worldwide based in and wherever their business practice, perhaps one of the major interest may take them, are assured benefits of belonging to Morison of receiving the same service quality International is the ability to refer from each member of MI.” clients with confidence, a direct Jean-Pierre Larroze pointed out result of the personal contact fostered that being part of the association by the association. Petr Sima from lends a competitive edge to member Czech firm NSG Morison said: “I firms, allowing them to step up a know most Morison International rung to compete with the ‘big four’ members personally very well and on an international front, while can be sure that my clients are still retaining the accessibility of treated the right way.” a locally rooted firm. “Even if the Mr Sima underlined that members clients don’t immediately need can refer their clients to other international services, the fact that members in the knowledge that they you are international gives a better can expect certain standards: “All image. However the types of firms Morison International members that belong to Morison International respect quality standards and my are much closer and much more client will get the service from local accessible to the client.” experts that work together with me.” Firms report that membership of Mustafa Bilgener added: “Morison Morison International is in itself a International’s performance standards badge of quality. “Our membership for conducting business between of Morison International gives members provide high quality support confidence to our clients that we and effective communication between follow internationally adopted high the member firms.” quality practice standards,” said Vincenzo Sanguigni of Italian Boris Kolmakov of Russian firm firm Studio Sanguigni explained: Argued Audit. “The fact that MI is an independent Referring clients is of course a two association discourages membership way street and member firms find that from firms whose primary objective being part of the association helps is purely to obtain inward referral to increase their own client books.

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Dr Gulyas gave an example: “We have member firms contacting us to do due diligence on behalf of clients who would like to buy a Hungarian company. Morison International is an appropriate chain to find our company.” Harvey Grossman testified to this: “Over the several years that we’ve been part of Morison International, we’ve had some very significant inbound work from very large international clients.”

approach, clients only need to deal with one member firm rather than five, 10 or more member firms in different part of world with different culture and language skills.” This breadth of membership, supported by communication between firms, results in definite business advantages for Morison International members as Juan Aquije Sanchez pointed out: “Pooling knowledge, contacts and ideas about new markets, sectors and expertise as well as harnessing their Uniting many professionals under combined resources for cross border one roof tenders and joint business initiatives As the association is made up of is of great benefit.” professionals working across a This is something that Vicenzo variety of disciplines, a broad range Sanguigni agreed with: “MI reviews of services come together under the all assignments before completion Morison International umbrella. to ensure quality and to identify With a multidisciplinary membership opportunities to add value to you made up of accountants, auditors, tax and/or your business.” advisers, business consultants and Boris Kolmakov commented: lawyers, the association represents “The information exchange provided a vast armoury of knowledge which by Morison International’s members can be mobilised when clients are allows our company to share business faced with the complexities of experiences and find the most suitable international transactions. solutions for our clients in often Mustafa Bilgener said: complicated circumstances.” “Cross border deals require a Whatever their professional multidisciplinary approach to the discipline, it’s clear that Morison problems that may occur in the International offers a vibrant and process of operation. Providing a comprehensive resource for member variety of services from one source firms to turn to when faced with increases the service quality as a the increasing complexities thrown result of coordination and consistency up by the international business between member firms of the same environment. Mr Aquije Sanchez association.” summed up the advantages of It’s a view echoed by Paul Wan: Morison International: “One of “With Morison International, we the most important benefits is the are able to offer a one-stop shop to Morison International philosophy clients and coordinate with Morison based on high quality work, International member firms across client-mindedness and an active the globe. With this one-stop shop international perspective.”

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MorisonInternational Branching into India

UK – an international hub

M L Bhuwania & Co. Morison Bairagra Consulting Limited

UK case study Tenon

A UK client wanted to enter the Indian market. The client, which was introduced by Tenon UK, was looking to set up a subsidiary in India. M L Bhuwania & Co helped with all the information necessary for their business from an Indian perspective. Ashish Bairagra of M L Bhuwania & Co explained how they were able to help: “We undertook the complete assignment, taking on a turnkey role. We informed them about the various rules and regulations of doing business in India, including labour laws and social security. “We not only formed the company, we obtained all the registrations under various laws and acts with the help of local contacts who are experts on these laws, helped them open a bank account and obtained the Reserve Bank of India approvals. We also helped them find an office and introduced them to auditors.

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We now manage the entire back office operations for them, including compliance. Now, we are their single point of contact for India.” According to Mr Bairagra, one of the major challenges of acquiring in India is finding the right company. This means finding one which shares similar organisational goals, is as aggressive as the foreign acquirer and is able to achieve the expansion plans within the time framework. Also, it can sometimes be difficult to agree on valuations as some Indian companies have higher valuation expectations. From a regulatory point of view, although the government is in the process of simplifying the rules and regulations applicable to Foreign Direct Investments (FDI) and Taxation, there continues to be procedures and compliance requirements with respect to FDI which are either complicated or time consuming.

Raj Sinhal is corporate finance director and international liaison partner for Tenon and regularly works closely with a number of Morison firms overseas who are active in corporate finance. In February, Mr Sinhal ran a corporate finance training course for around 15 member firms in order to upskill them with the objective of generating more business in this area. Mr Sinhal said: “We’re already starting to generate transaction activity, with a couple of sizeable deals having arisen between the firms. Tenon is effectively providing the expertise and the other firms are providing the client relationship. We’re basically trying to give a better solution to our international clients.” One example of work that has arisen for Tenon from this focused cooperation is a disposal for one of the European firms’ clients. Tenon will be acting for the client through the relationship with the principal firm to find an appropriate buyer, no matter where it is in the world.

Tenon was appointed to do this because of its acknowledged international reach. “The client, based in Europe, will receive the benefit of a UK adviser who has perhaps a little more oversight about what’s happening in the worldwide markets because of the scale of our business. Tenon benefits from working with a member firm who has given access to their client base. It has therefore given us an opportunity to generate fees for both sides,” Mr Sinhal explained. As UK advisers, Tenon is also regularly approached to work with overseas Morison firms to enable their clients to access AIM. The firm has recently assisted in the advisory work for a client of a Malaysian member firm and is currently in the process of completing a flotation by a Chinese company. Mr Sinhal said: “These are Asian companies who have been very successful in their local markets that are looking to create a presence in Europe and are finding that AIM is a more attractive market to locate on.”

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MorisonInternational Acquiring in Australia

Beyond oil Gulf Cooperative Council Countries

Hayes Knight

Raju Menon Morison Menon Dubai

Australia has experienced a wave of M&A activity in the last few years, reaching a record of US$1 billion last year. Sectors that are attractive to foreign acquirers into Australian include technology, financial services, minerals and resources as well as property. It’s a trend that Greg Hayes at Hayes Knight has seen confirmed by his clients. One of the main challenges associated with acquiring in Australia is locating quality businesses. Mr Hayes said: “Whilst there are a large number of businesses, there is a significant spread in quality.” Hayes Knight has a significant presence across Australia and New Zealand. Apart from its own offices in each state capital city. it operates a Professional Network of firms where it provides support and resources to other small to medium accounting

firms. In total this assistance is available to over 5000 accountants. “This means that we have access to a large number of accounting firms right across the country,” said Mr Hayes. Hayes Knight is also recognised as an innovator in the accounting profession. It has developed resources that have been recognised by the professional bodies and the Federal and State Governments. Mr Hayes detailed what his firm offers to Morison International: “We bring extensive coverage across Australia and New Zealand as well as ongoing development of consulting resources designed for business needs. Clients using Hayes Knight can access a wide range of services and we have contacts with other professionals necessary to assist businesses in doing business in Australia and New Zealand.”

A German view Morison Deutschland With its 250 partners and professionals, Morison Deutschland is an association of independent accounting firms located in Germany. It is embedded firmly into the Morison International global association. Its philosophy is to act as business people for business people and it aims is to add value for clients by applying its core capabilities. It has a presence in nine German business centres throughout the country and works predominantly with medium sized businesses. Morison Deutschland operates on the firm foundations of personal contact and flexibility of every local partner as well as the broad expert knowledge of the organisation as a total entity. Its four core capabilities include auditing, tax accountancy,

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business management consultancy and corporate finance advisory services. For clients coming from jurisdictions outside of Germany, this covers international tax optimisation, restructuring and reorganisation as well as M&A and due diligence work. Morison Deutschland aims to understand its client companies’ often complex businesses in order to solve their current problems as well as develop solutions and concepts for the future. As a service provider, Morison Deutschland understands the need to meet the demanding requirements of its clients in terms of quality and reliability in order to assist them on their way to success. Its strategies are adapted to the particular needs and general conditions of mid-size business sector.

The Gulf is experiencing an unprecedented period of economic expansion. Consistently strong economic performance, combined with expected economic reforms will support increased M&A activity in the near future. For example, the new Commercial Companies Law, to be enacted in the UAE, should provide a supplementary boost to foreign direct investment and deal activity. While the rapid rise in oil prices has played a prominent role in the current Middle Eastern boom, it has not been the only factor. The GCC countries have been implementing policy reforms to accelerate non-oil growth in order to reduce their vulnerability to future oil price shocks. The development of the non-oil sector will become the cornerstone of regional M&A activity. Private equity has the potential to contribute to the region’s privatisation efforts by providing capital and operational enhancement, assisting in value creation and supplementing management expertise. Private equity will become an excellent vehicle to restructure regional companies and industries and later unlock the value enhancement on the regional exchanges. Raising capital through IPOs has become an increasingly popular method for companies to finance expansion and raise capital. Although there is excess liquidity, a flourishing economy and the benefits of consolidation are recognised in the region, there has been little pressure on individual

companies to consolidate. There is a cultural inhibition to selling as investors are not exit driven. Large family groups control much of the private sector in the region. Regional family conglomerates have, over time, become heavily diversified into many unrelated business. Small domestic markets forced groups to grow horizontally rather than integrate vertically and this has resulted in businesses lacking economies of scale. There is no clear regulatory process for the acquisition of a public company in the UAE and no regulations published by stock exchange regulators dealing with acquisition of listed companies. There is also no requirement for compulsory acquisition to deal with dissenting minority shareholders. There are regulations on mergers in the UAE Companies Law, however, they need a 75% approval from shareholders of both merged companies. Banks in the region are not actively involved in acquisition finance. Corporate lending tends to be short-term (three to five years) and conservative. Given the premium that can be achieved over typical commercial lending rates, the potential size of the markets and the need for diversification, regional banks should start to actively focus on acquisition financing. In order to develop the acquisition financing market, regional banks should focus their efforts on developing investment banking expertise.

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MorisonInternational Costa Rica and Panama

South Africa an emerging star

A channel to prosperity Grupo Camacho

SizweNtsaluba VSP

Enquiries about M&A opportunities into Panama have so far been relatively low but this is set to change following the country’s decision by popular referendum to widen the Panama Canal. This expansion will open up the route from the Atlantic to the Pacific to a new generation of cargo ships, many of them of Chinese origin, and ensure the canal’s viability for future generations. The project is set to last eight years and will cost $5 billion. The business community in Panama is anticipating an exponential increase in economic activity because of this. However, growth in Panama is not limited to the canal. Sectors such as tourism and real estate development are also driving forces. Thanks to the strength of its financial centre, Panama receives proportionately more foreign direct investment than its other Latin American counterparts. In Costa Rica, tourism and real estate development represent great opportunities for overseas companies to do business in the country. The electronics sector is also thriving. Grupo Camacho has been involved in a Latin America-wide project, called City of Knowledge,

on education, research and documentation in the tax arena and has launched the International Center for Tax Intelligence. This will provide regional members with high quality training programmes in taxation, corporate finance and the legal aspects of international business. Mr Camacho of the firm said: “In a steady economy such as Panama, a combination of networking and knowledge of the marketplace will help investors to take advantage of the huge business opportunities in the most important growing areas of the economy. Grupo Camacho’s network in the local community amongst bankers, lawyers and CPA associations provides us with an ideal plateau on which to assist incoming investors.” The experience of dealing with a broad international clientele provides Grupo Camacho with the ability to take professional care of those incoming referrals not only to Costa Rica and Panama, but also acts as a link to services to be rendered in conjunction with other Latin American member firms. “Morison International plays a role as a referral base that we are sure will increase in the time to come,” said Mr Camacho.

Last year South Africa’s economy grew by 5%, meaning it is stronger now than at any time over the past 20 years. Inward investment is growing and confidence is running high. Viktor Sekese of South African financial services provider SizweNtsaluba VSP explained the country’s unique situation. Apartheid policies resulted in a closed South African economy, however the advent of democracy in 1994 brought with it an end to the country’s economic isolation. “For the first time as a nation we had to deal with the real effects of globalisation. “Foreign companies brought competition to local ones and at the same time growth opportunities for local companies were no longer limited by geographical boundaries. A number of our clients started exploring opportunities outside the borders of South Africa,” said Mr Sekese. South Africa has very strong natural resources and there is enormous scope for exploratory activities in this sector. Tourism is a growth sector for the country and has been identified by the government as strategic for the

economic growth of the Southern African Region. There are therefore a number of government incentives to encourage investment in this sector. SizweNtsaluba VSP provides relevant investment information, including South Africa-specific information like the Black Economic Empowerment legislative framework. “We are also able to advise on the structure of the deal and carry out due diligence work,” explained Mr Sekese. Morison International assists SizweNtsaluba VSP’s clients in identifying opportunities that meet their growth criteria. It also helps to familiarise them with operating conditions and on the best structures from a legal, tax and operating point of view. “In addition as part of Morison International, we are able to benchmark business practices and policies with international practice. This benefits our clients in a number of ways. We are also able to provide useful contacts to our clients who travel abroad on business and for conferences. This is very helpful and adds an element of convenience for our clients,” said Mr Sekese.

the Tanzania Revenue Authority on behalf of the client. The firm also assists in acquiring Investment Approval from the Tanzania Investment Centre. (TIC). It can help to transfer leasehold land to a company with foreign shareholding and provide access to duty free and VAT free imports of plant equipment, which is dutiable when the investment is not approved by TIC. Once the project is recognised, TIC gives protection from nationalisation for that business sector until the date of

validity of the project. The firm also facilitates work permits for senior foreign nationals to work in Tanzania. The firm also assists in managing of companies’ monthly accounts and finance function and ensures statutory compliance with the laws of Tanzania. It also assists in the attest functions like that of Internal Audit, Compliance Audit and Management Audit – thus providing a one stop solution for all the accounting and tax problems in the United Republic of Tanzania.

Compliance in Tanzania Tanna Sreekumar & Co. Tanzania’s economy is largely driven by agriculture, employing about 85% of the country’s working population. It’s no surprise therefore that this sector is popular among foreign investors. Mining, tourism and manufacturing are also interesting inward investment areas. Mr Sree Kumar from the firm Tanna Sreekumar & Co. describes the country as “a very investor friendly climate.” He explained the background in Tanzania. Tanna

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Sreekumar & Co. can help incoming companies navigate Tanzanian legislation. It assists foreign acquirers with the formation of companies under the Companies Act 2002 and in obtaining certificates of compliance as well as handling secretarial services which are also regulated by this act. With regard to tax, the firm can help to obtain the tax clearance certificate from the TRA as well as provide tax retainer services such as handling tax affairs and liaising with

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Richard Hanson Russell Novak and Co USA +1 312 222 1400

Alan Denis Morison Cogen LLP USA +1 610 668 9700

Carlos H Camacho Cordoba Grupo Camacho Costa Rica & Panama +506 221 3875

Juan Aquije Sanchez Aquije Chung Peru + 51 1 446 7496

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denotes a country represented by one or more Morison International member

Ashish Bairagra M.L. Bhuwania & Co. India + 91 98194 33693

Paul Wan Paul Wan and Co Singapore + 65 6220 3280

Raju Menon Morison Menon Dubai, UAE +9714 33 66 990

Victor Sekese SizweNtsaluba VSP South Africa +27 86 1176877

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B S Sree Kumar Tanna SreeKumar Tanzania +255 22 211 8657

Greg Hayes Hayes Knight Australia and New Zealand +61 2 9221 6666

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Raj Sinhal Tenon UK + 44 (0)115 955 2000

Karl-Heinz Wolf Morison Deutschland Germany +49 681 93380

Jean-Pierre Larroze Aplitec France + 33 1 4040 3838

denotes a country represented by one or more Morison International member

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Petr Sima NSG Morison Czech Republic +420 224 800 930

Boris Kolmakov Argued Audit Russia +7495 648 7880

Christoph Widmer Fineac Treuhand AG Switzerland +41 41 727 51 00

Dr Tunde Gulyas Colling KFT Hungary +36 145 26900

Eng. Luciano Nessi Viale B. PapioNessi 8 Luciano 6612 ASCONA Icofin Switzerland

Switzerland + 41 91 785 10 70

Tel: +41 (0)91-785 10 70 Fax: +41 (0)91-785 10 77 e-mail: website:

STUDIO SANGUIGNI. Prof. Vincenzo Sanguigni Studio Sanguigni. Italy +39 06 3720002

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Mustafa Bilgener Bilgener CPAs Turkey + 90 (216) 651 4 651

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Morison International firm directory Europe AAT Accounting, Auditing and Tax Services Ltd Nyon Switzerland ADZ Morison Milan Italy Alvaro, Falcao & Associados Lisbon Portugal Alvaro, Falcao & Associados Porto Portugal Aplitec Paris France Argued Audit Moscow Russia BFCD Dublin Ireland Bílgener Certified Public Accountancy Ltd Istanbul Turkey Colling Ltd Budapest Hungary ContExpert Consulting SRL Bucharest Romania Dr Woelke- Treuhand Gesellschaft mbH Herford Germany Fiduciaire EUROLUX Luxembourg Luxembourg Fineac Treuhand AG Zug Switzerland Fiskaal en Juridisch Studiebureau NV Brussels & Ternat Belgium GKK Partners Munich Germany Hoek en Blok Sliedrecht Netherlands Icofin SA Ascona Switzerland Jucho, von Stechow & Collegen Berlin Germany Mahoney & Co Pieta’ Malta MIRA Audit AG Lüneburg Germany MIRA Audit AG Hamburg Germany Morison AC. S.L Barcelona Spain Morison AC. S.L Madrid Spain Morison AG Frankfurt Germany Morison AG Freiburg Germany Morison AG Remscheid Germany Morison AG Saarbrücken Germany Morison A.C. S.r.l Fermo Italy Morison Finansista Audit Poznan Poland Morison Köln GmbH Cologne Germany Morison Patsalides Limited Nicosia Cyprus NSG Morison Bratislava Slovakia NSG Morison Prague Czech Republic Tenon Group plc Various offices throughout the UK and Isle of Man Treumandat GmbH Vienna Austria Studio Sanguigni Rome Italy Witlox Advies N.V. Eindhoven Netherlands Witlox Advies N.V. Rosmalen Netherlands Witlox Advies N.V. Tilburg Netherlands North America CPAUSA Evancic Perrault Robertson (EPR) Morison Cogen LLP Russell Novak & Company LLP Asia Pacific Brahmayya & Co Brahmayya & Co Brahmayya & Co Brahmayya & Co Brahmayya & Co Brahmayya & Co Brahmayya & Co Brahmayya & Co Brahmayya & Co Consensus Business Consulting Hayes Knight Sydney Hayes Knight East Melbourne Hayes Knight Pty Ltd Melbourne Hayes Knight Brisbane Hayes Knight SA Hayes Knight Perth Hayes Knight NT Hayes Knight NZ Ltd - Parnell Office Hayes Knight NZ - Albany Office Hunan Great Wall CPAs Junarto Tjahjadi BAP Morison ASQ Consultants Sdn Bhd (Consulting) Morison Bairagra Consulting Ltd Morison CKS Company Limited Morison Heng Morison Kak et Associés Morison Moon & Concord CPAs

Various office throughout USA Various offices throughout Canada Pennsylvania USA Illinois USA

Adoni India Bangalore India Chennai India Guntur India Hyderabad India Kakinada India Tanuku India Vijayawada India Visakhapatnam India Johor Bahru Malaysia New South Wales Australia Victoria Australia Victoria Australia Queensland Australia South Australia Australia Western Australia Australia Darwin Australia Auckland New Zealand Auckland New Zealand Hunan China Jakarta Indonesia Johor Bahru Malaysia Mumbai India Bangkok Thailand Hong Kong Hong Kong Phnom Penh Cambodia KaoHsiung Taiwan

Morison Moon & Concord CPAs Morison Moon & Concord CPAs Morison Nakata (Osaka Office) Morison Nakata (Tokyo Office) M. L. Bhuwania & Co Paul Wan & Co S C Vasudeva & Co S C Vasudeva & Co Shanghai Gong Xin Zhong Nan CPAs SQ Morison (Audit) SQ Morison (Audit) SQ Morison (Audit) SQ Morison (Audit) Villaruz, Villaruz & Co., CPAs Villaruz, Villaruz & Co., CPAs Win Htut Aung & Associates YueHua Certified Public Accountants Co., Ltd Zeeshan Ali & Co, Chartered Accountants Zeeshan Ali & Co, Chartered Accountants Zhonghui Yatai CPAs

Taipei Taiwan Taipei Hsien Taiwan Osaka Japan Tokyo Japan Mumbai India Singapore Singapore Ludhiana India New Delhi India Shanghai China Johor Bahru Malaysia Kota Bharu Malaysia Kota Kinabalu Malaysia Kuala Terengganu Malaysia Pasig City Philippines Quezon City Philippines Yangon Myanmar Beijing and major cities China Islamabad Pakistan Peshawar Pakistan Kunming China

Latin America Aquije Chung & Asociados ASE Morison s.c. - Asesores y Consultores de Empresas Garcia’s Asociados & Co GL Garcia Monroy & Asociados Grupo Camacho Hansen-Holm & Co. Lindsay y Asociados MBC Morison Consulting MCA Morison Accounting LTDA M/Legate Soluções Empresarias Morison Macias Sam y Asociados Morison Macias Sam y Asociados PROMISSOR Consultoria e Contabilidade Ltda Schipani & Asociados Soluciones Empresariales S. de R.L Zenteno, Arancibia & Asociados Ltds

Lima Peru Montevideo Uruguay Managua Nicaragua Guatemala City Guatemala San Jose Costa Rica & Panama Guayaquil and Quito Ecuador Santiago Chile Bogota Colombia Bogota Colombia São Paulo Brazil Colonia del Valle Mexico Colonia del Valle Dorad Mexico São Paulo Brazil Buenos Aires Argentina Tegucigalpa Honduras La Paz Bolivia

Middle East Abdul Jabbar Certified Accountants BECA Hatem & Partners Dov Weinstein & Co. CPA Morison Menon Chartered Accountants Morison Menon Chartered Accountants Morison Menon Chartered Accountants Morison Menon Chartered Accountants Morison Menon Chartered Accountants LLC Morison Muscat Chartered Accountants LLC

Jeddah Saudi Arabia Beirut Lebanon Tel Aviv & Jerusalem Israel Abu Dhabi UAE Dubai UAE Jebel Ali UAE Sharjah UAE Doha Qatar Ruwi Oman

Africa ABC Audit and Business Consulting Tunis, Tunisia Morison Mauritius Port Louis Mauritius Morison Odede & Co, Chartered Accountants Lagos State Nigeria SizweNtsaluba VSP Various offices throughout South Africa Tanna Sree Kumar & Co. Dar Es Salaam Tanzania

Europe - Law Firms Bogaerts en Groenen, Advocaten Cohen, Amir-Aslani, Marseillan, Ornano & Associes Hoek en Blok legal department Morison A.C. S.r.l (Legal Department) Morison ACPM, legal department NSG Morison legal department Proiuris Morison, S.L Proiuris VLC, S.L Vincent & Beatty

Boxtel Paris Sliedrecht Fermo Barcelona Prague Barcelona Valencia Dublin

Asia Pacific - Law Firms Nora SW Lam & Associates Somphob & Associates Law Office

Johor Bahru Bangkok

Netherlands France Netherlands Italy Spain Czech Republic Spain Spain Ireland

Malaysia Thailand

a global association of independent firms

Morisons.indd 12

8/10/07 16:57:17

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