M&A maturity

Assessing country risks

and opportunities
www.mandamaturity.com
2 M&A maturity assessing country risks and opportunities

www.mandamaturity.com
Assess M&A risks and opportunities in 175 countries around the world with
the new Ernst & Young M&A maturity tool in two easy steps:
1) select target(s) from the country heat map or list:
2) Compare countries, analyse risks and opportunities:

In this report
Overview: M&A maturity index 5
M&A maturity: Assessing country risks and opportunities 6
The global picture: Emerging markets mature 8
Profle: Brazil 10
Profle: China 11
Profle: India 12
Profle: Russia 13
M&A in context: The Capital Agenda 14
About the M&A maturity index 15
The M&A maturity index provides a high-level summary of risks and
opportunities for M&A transactions in 175 countries around the
world. It has been developed by MARC, the M&A Research Centre at
Cass Business School, City University, London of which Ernst & Young
is a senior sponsor.
4 M&A maturity assessing country risks and opportunities 4 M&A Maturity assessing risks and opportunities
5 M&A maturity assessing country risks and opportunities
The M&A maturity index assesses the maturity of 175 countries around
M&A transactions. The greater the maturity, the lower the risk of
undertaking transactions. Where risks exist, there is however, the
potential for signifcant opportunity.
Below are the average M&A maturity scores globally and in each region.
Each average is weighted by the GDP size of the countries within the
group. Further detail is available online.
M&A maturity average (median) scores:
Global average: 71%
North America 87%
Western Europe 82%
Oceania 80%
Asia 68%
CEE/CIS 57%
Middle East 56%
Latin America 55%
Africa 44%
www.mandamaturity.com allows users to assess each country, compare
with others and identify risks and opportunities.
Thirty-six factors are used to analyze maturity, these are within six
groups:
Economic
Financial
Political
Regulatory
Sociocultural
Technological
Further details on methodology are presented on page 15. Careful
analysis and interpretation of these scores can identify risks and
opportunities for M&A transactions, a key method of achieving growth
in a competitive market.
Overview: M&A maturity index
6 M&A maturity assessing country risks and opportunities
M&A maturity: assessing country
risks and opportunities
The markets remain in a state of fux. Each day brings
news of positive economic trends, and worrying macro
indicators. So the future remains uncertain. However,
the level of market volatility has decreased. The VIX
index (a frequently quoted measure of stock market
volatility) fell from a height of 80 in October 2009,
to around 20 in October - December 2010.
Perhaps because of the increase in stability, confdence and
optimism have slowly returned to many businesses. The recent
Ernst & Young Capital Confdence Barometer shows that 73% of
companies are now more optimistic about prospects for their
business than six months previously. This confdence has once
again focused many on growth both organic and inorganic.
With the markets remaining uncertain, there is today increased
competition for growth. Our recent study Competing for growth
shows that 85% believe competition will increase in the coming two
years. Leading organizations take a broad range of views of how to
win such growth. Some have focused on cost competitiveness to
improve margins. Others have concentrated on their capital
agendas to source new funds via improved stakeholder relations.
Another option has been a focus on operational agility to improve
productivity. But certain businesses are focusing on customer
reach, expanding their access to clients via new markets.
The enhanced appetite for transactions has led to an increase in
the volume and value of M&A. In Q3 2010, global activity totalled
US$599b, the strongest quarter for two years. While well short of
the heights reached in 2007, this level represents a 35% increase
on the average quarter during what some are calling the great
recession of 2008-09.
Another related trend is the ever increasing volume of cross-border
transactions, especially those involving businesses from emerging
markets. Data from Thomson suggests that 25% of deals globally in
2009 involved emerging markets. Compare this to the average of
under 10% in the 1990s. There has clearly been an increase in
such deals, as companies seek to explore new markets and those in
emerging markets step up overseas investment.
Global completed M&A transactions
0
5,000
10,000
15,000
20,000
25,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
3Q
Source: Thomson SDC Platinum/MARC M&A Research Centre, Cass Business School.
Only change of control transactions included.
Developed to emerging (domestic)
Emerging to emerging (cross-border)
Developed to emerging
Emerging to developed
Developed to developed
V
o
l
u
m
e

o
f

d
e
a
l
s
7 M&A maturity assessing country risks and opportunities
But which markets should be prioritized for investment? If a
particular target is in play or on the radar, this may drive choice.
But when the strategic intent is for expansion within a broader
geographic area, e.g., South America, how does one prioritize
between say Paraguay and Uruguay?
The obvious challenge of doing deals outside a home country is
familiarity with the target nation. Beyond the specifcs of the
business that might be on the table, numerous macro issues exist.
Without awareness of these, risks can be left unmitigated and
opportunities overlooked.
To help address these issues, we are proud to introduce the
innovative country-level M&A maturity index. This has been
developed in conjunction with the renowned M&A Research Centre
(MARC), at Cass Business School in London.
Available online at www.mandamaturity.com, this new tool
provides high-level, interactive insight into 175 countries around
the world. Each is attributed a score identifying the overall
maturity of the market for M&A. The greater the maturity, the
fewer the risks. But where there is risk, so there is opportunity.
Using 6 factors, made up of 36 sub-factors based on publicly
available data, these risks and opportunities are identifed at a high
level. A summary of these factors appears below. This analysis
should prove a useful tool for comparing countries against each
other and for surfacing issues requiring in depth-commercial due
diligence.
The index, however, is only a starting point for considering
country-level issues in transactions. But the beneft to the user is
to gain a sense of potentially unfamiliar markets in a short period
of time. By benchmarking countries against neighbors or wider
peer groups, it may be possible to begin to prioritize markets for
potential transactions. And where concerns are identifed, contact
details are provided for Ernst & Young advisors who are positioned
to provide in-depth tailored advice.
In the following pages, we summarize the overall global M&A
maturity picture. And then we look in a little more detail at four
major emerging markets: the BRIC countries of Brazil, Russia, India
and China. For each, a taste of the online tool is provided a
summary of ratings on each factor and a profle of some of the
high-level risks and opportunities that transactions in these
countries are exposed to.
Assessing M&A maturity
Economic factors
Economic factors include the overall macro picture the size and
shape of a countrys economy and growth rates. This forms the
basis for assessing the economic stability and growth potential of
local markets.
Regulatory factors
Regulatory factors refer to the local legal and regulatory
environment. These include the rule of law i.e., the consistency of
application of rules and therefore the predictability of judgments
under it.
Financial factors
Financial factors are those specifcally related to capital and labor
markets. These include the development of local stock markets,
costs of staff and the availability of debt fnancing.
Socio cultural factors
Sociocultural factors are those relating to people and workforce
issues. Of particular importance are the availability of talent and
levels of skills.
Political factors
Political factors include both high- and mid-level indicators. At a
high level, overall political stability is assessed. At mid-level,
factors such as corruption are included.
Technological factors
Technological factors relate to the availability and direction of
technology. The level of investment in research and development
and innovation are examples.
8 M&A maturity assessing country risks and opportunities

The global picture: emerging
markets mature
It is no surprise that the most mature markets are
also those that have traditionally played the biggest
part in M&A transactions. The United States and the
United Kingdom top the rankings, beaten only by
another established economy: Canada. The
remainder of the top 10 on the M&A maturity index
are industrialized nations Japan and Western and
Northern European countries. Strong ratings for
technological and sociocultural factors play their
parts in pushing these countries to the upper
echelons of the ranking tables.
What is, however, potentially surprising is the lofty position of
other nations, often described as less mature, recently matured, or
even emerging. Israel, Chile, the Czech Republic and Malaysia all
appear in the early twenties of the rankings. These nations are
boosted by rather distinct factors. Israel scores best in
technological factors. Chile in the political arena, Czech in
sociocultural and Malaysia in economic factors. These states lead
the BRIC countries that are typically mentioned in analysis
concerning major emerging markets.
M&A maturity rankings (top 10, leading less mature market countries and BRICs)
Source: MARC M&A Research Centre, Cass Business School
Rank Country Maturity
score
Economic
factors
Financial
factors
Political
factors
Regulatory
factors
Sociocultural
factors
Technological
factors
1 Canada 90% 82% 80% 100% 75% 100% 100%
1 United Kingdom 90% 75% 75% 94% 98% 100% 100%
3 United States 87% 79% 75% 94% 85% 88% 100%
4 France 86% 75% 75% 94% 73% 100% 100%
4 Japan 86% 82% 75% 94% 65% 100% 100%
4 Netherlands 86% 86% 75% 100% 83% 75% 100%
7 Denmark 85% 82% 70% 100% 85% 75% 100%
8 Sweden 85% 82% 75% 100% 78% 75% 100%
9 Germany 84% 82% 79% 100% 67% 83% 92%
10 Finland 83% 79% 60% 100% 83% 75% 100%
10 Norway 83% 75% 63% 100% 88% 75% 100%
23 Israel 73% 79% 60% 69% 65% 63% 100%
24 Chile 72% 75% 63% 94% 73% 63% 67%
24 Czech Republic 72% 71% 54% 75% 54% 92% 83%
24 Malaysia 72% 82% 79% 69% 71% 58% 75%
29 China 70% 82% 83% 50% 40% 67% 100%
49 Brazil 57% 54% 54% 44% 31% 75% 83%
49 Russia 57% 54% 55% 19% 38% 92% 83%
52 India 56% 64% 75% 38% 44% 42% 75%
9 M&A maturity assessing country risks and opportunities
Of the BRICs, China perhaps surprisingly tops Brazil, India and
Russia in the M&A maturity rankings. Technological maturity has
contributed strongly to the success of China, while regulatory and
political issues have impinged on its progress. Brazil also shows
strength in technology but is again held back by the same factors.
Russia offers a similar profle, with a strong performance in the
sociocultural arena, but an even weaker political score. And in
India, good performances in fnancial and technological arenas are
hit not only by regulatory and political concerns, but by
sociocultural issues as well.
The exact causes of the success of countries such as Malaysia and
Israel and diffculties seen in the BRICs requires a closer look into
detailed sub-factors. On the following pages, each of the BRICs are
profled in some granularity. When analyzing these scores, it should
not be forgotten that while a high score suggests maturity and
ease of transacting, a low score offers challenges that, when
overcome, may offer signifcant opportunities for forward thinking
managers.
An example of where a risk might pose an opportunity is in the
political group of factors. On one level, dealing in a country where
stability is low and corruption is rife may seem off-putting. Risks
around legal action under the US Foreign Corrupt Practices Act or
local equivalents may deter many buyers from entering these
markets. But with the right due diligence and with appropriate
insight into local issues, there may be the potential to navigate
these concerns and do deals to grab growth opportunities that
competitors are either unaware of, or unable to take.
Such risks and opportunities are not necessarily unique to one
country, these may be present in several or pervade an entire
region. As the graph below shows, the overall level of maturity
varies between regions. While there are outliers in each
geographical group, a defnite trend emerges from the regional
average. As mentioned above, Western markets lead on maturity,
but perhaps surprisingly, Asia performs most strongly among less
developed regional groupings.
The challenge of understanding regional trends and local variations
is a testing one. But a good understanding of the nuances of each
market can help reduce risks and improve opportunities. Picking
the right country in which to invest may yield growth opportunities
that help win the competition for growth. See www.mandamaturity.
com for more detailed analysis of all 175 countries and contact
details for professionals who can help you turn insight into action.
Source: MARC M&A Research Centre, Cass Business School
M&A maturity average scores by region (weighted by GDP of constituent countries)
Africa Latin
America
CEE/Middle East Asia Oceania Western
Europe
North
America

Economic factors Financial factors
Political factors Regulatory factors
Sociocultural factors Technological factors
100%
90%
80%
70%
60%
50%
40%
30%
40%
30%
20%
10%
0%
M
&
A


m
a
t
u
r
i
t
y

s
c
o
r
e
10 M&A maturity assessing country risks and opportunities
Profle: Brazil
Strengths
Brazils strongest attributes around M&A
are in technological and sociocultural
factors.
In the technological category, Brazil scores
top marks for innovation. This is due to the
high level of patents granted, indicating
that new products are in the pipeline. In
sociocultural, 100% is scored for both
population size and, more signifcantly,
level of training offered. This latter
category is important as it shows that the
local workforce is becoming increasingly
skilled and therefore capable of
undertaking more sophisticated tasks. All
of these indicators are positive and offer
opportunities for investors. But they also
pose threats a highly skilled fast growing
population will demand increased wages,
leading to infation.
M&A maturity score: 57%
Economic score: 54%
Financial score: 54%
Political score: 44%
Regulatory score: 31%
Sociocultural score: 75%
Technological score: 83%
Brazil, with its signifcant natural resources, is seen by many as a power
in the making. Over the past decade, Brazils economy has grown on
average 3% each year, taking it to a leading regional position. And with
strong technological and people indicators, the market for M&A appears
appealing. Recently, however, in an attempt to prevent the market
overheating, new rules have been implemented around inward fows of
capital. The impact of this has been to make M&A in Brazil harder to
execute.
M&A maturity
The M&A market in Brazil is recovering.
In the frst three quarters of 2010, deals
involving an impressive 252 Brazilian
targets were completed according to
Thomson data. This suggests that this year
will be the most active for M&A in Brazil
other than the boom years of 2007 and
2008. As the scores outlined on this page
suggest, undertaking M&A transactions in
Brazil may be more complicated than some
might assume. Careful attention should be
paid to issues around regulation for
example. Where issues lie, there may,
however, be opportunities to drive growth.
Further insight is available at www.
mandamaturity.com
Key facts
Country of c195 million people
2010 GDP growth estimated at 6%
Leading economy in South America
Weaknesses
Brazil scores lowest in the regulatory and
political categories. Areas of particular
concern are around labor regulations,
business licensing and taxes. In all three
categories, Brazil scored only 20%. The
impact of this low score in labor relations is
that there are likely to be diffculties around
effectively managing staffng. The poor
score for business licences indicates a
substantial burden around applying for and
obtaining licenses to trade. And the score
on taxes indicates a signifcant challenge
around dealing with the tax regime. Clearly
these factors suggest weaknesses in the
M&A environment in Brazil. The
opportunity, however, is to fully understand
these issues and successfully manage
them.
10
11 M&A maturity assessing country risks and opportunities
M&A maturity
China is renowned for its recent growth and
new found economic might. The M&A
market, however, is far from reaching its
full potential. In the frst nine months of
2010, 545 deals completed in China
according to Thomson. This level is well
below the heights of 2007-08 and seems
unlikely to reach the levels of 2003-06 or
even that of 2009, when around 1,000
deals were completed annually. While there
are clearly numerous areas of M&A
maturity in the market as outlined in this
summary, there are also areas where issues
exist. Further exploration of these is
warranted to identify both opportunities
and risks. Mandamaturity.com may be a
starting point on this journey.
Profle: China
Strengths
Chinas key strength around M&A is
technology.
Top marks are assigned for high-tech (local
production and exports), R&D expenditure
(investment in new technologies) and
innovation (level of patents granted). All
these factors indicate that new, innovative
technology is in the pipeline of Chinese
companies. China also scored highly for
M&A maturity around the economic and
fnancial environment. The availability of
credit (both banking and bonds) and
openness of the equity markets received
100% scores. This suggests that raising
fnance in China may be a practical option.
The reality, however, is that the markets
are not as easy to navigate as the scores
suggest.
M&A maturity score: 70%
Economic score: 82%
Financial score: 83%
Political score: 50%
Regulatory score: 40%
Sociocultural score: 67%
Technological score: 100%
China today is unrecognizable from its former self. Over the past
several decades, the economic miracle that this emerging global
superpower has enacted has been the envy of most. Growth over the
past 10 years has averaged an impressive 10%. With top marks in
technological factors and strong results in both economic and fnancial
areas, there is a signifcant pull towards undertaking M&A in China. On
the other hand, challenges remain in the regulatory and economic
environments in China for undertaking transactions.
Key facts
Country of c1.3b people
2010 GDP growth estimated at 10%
Now second largest economy
globally
Weaknesses
China scores lowest in the regulatory and
political categories. Sub-factors affecting
the M&A maturity score include labor
relations, completion formalities and
political details. The impact of the lower
score in labor relations is that issues may
exist around effectively managing staffng.
The completion formalities score
recognizes red tape that must be cut
through in order to set up a new business.
And the impact of political factors is that
certain investors may fnd the environment
beyond their risk apetite to commit to.
These issues obviously need to be
considered in assessing the attractiveness
of China as a destination for M&A. But with
good understanding of the nuances,
opportunities can be leveraged.
11
12 M&A maturity assessing country risks and opportunities
Profle: India
Strengths
Indias key M&A strengths are around
fnancial and technological factors. In the
fnancial arena, top marks are awarded for
the development of its equity markets. This
suggests that access to capital may be an
achievable goal. Debt markets are also
strongly rated, both in terms of bank
funding and bonds. Labor costs too are well
rated as they remain competitive. In the
technological arena, India scores 100% in
innovation a statement on the high level
of new patents fled each year. The
suggestion here is that new technology
may be in the pipeline. The concentration
of Indias maturity around several key
factors is, however, a risk. Changes to the
infation climate for example could quickly
erode its strengths.
M&A maturity score: 56%
Economic score: 64%
Financial score: 75%
Political score: 38%
Regulatory score: 44%
Sociocultural score: 42%
Technological score: 75%
India as a market offers tremendous opportunity. With a massive
population, much of which is yet to reach economic maturity, there is
signifcant potential for development of the M&A markets. Growth in
India has averaged 7% over the last 10 years. This is clearly a positive
sign, and India scores well for its economy and fnancial situation. It
also gets good marks around technology. The key areas of M&A
immaturity are, however, around its political and regulatory
environment and its sociocultural situation.
M&A maturity
India is seen by many as a still slumbering
giant. Yet to motivate its population in the
way that China seemingly has, M&A market
activity in India has fallen back on recent
years. According to Thomson, in the frst
nine months of 2010, 398 deals were
completed in India. This is barely half of the
average of 730 deals done during the
boom of 2005-09. As summarized
opposite, India is a market with numerous
areas of strength, and weaknesses that
may present opportunities. Further analysis
of these issues is advised visit www.
mandamaturity.com for more insight.
Key facts
Country of c1.2bn people
2010 GDP growth estimated at 8%
Leading position in Asia
Weaknesses
As with other BRIC economies, the key M&A
immaturities in India are centered around
the political and regulatory environment.
The main issues here include low scores for
political issues (lack of certainty about future
developments), the payment of taxes (high
levels and signifcant administrative burden)
and the enforcement of contracts (diffculties
in using the judicial system to enforce
agreements).
These issues will reduce certainty around
making the most of investments. In addition,
India also scores poorly on sociocultural
factors. The key defciency here is the low
level of training of the workforce. With a
good understanding of these challenges,
investors can however take advantage of the
opportunities that exist.
12
13 M&A maturity assessing country risks and opportunities
Economic score: 54%
Financial score: 55%
Political score: 19%
Regulatory score: 38%
Sociocultural score: 92%
Technological score: 83%
Profle: Russia
Strengths
Russias key strength in an M&A maturity
context is undoubtedly in the sociocultural
arena. While also scoring strongly in
technological factors, its performance
around people issues sets it apart from
other BRIC nations. This is largely driven by
the top marks received for the standard of
workforce training and good results for the
level of skill among its employees. On the
technological front, a top score in patents
suggests a good pipeline of technological
developments, and investment in R&D and
high-tech bode well for future growth. The
risks associated with these strengths are
that, by virtue of their foundation in
knowledge and skills, they are transferable
and potentially not unique.
M&A maturity score: 57%
Of all the key emerging markets discussed, Russia is perhaps the most
complex. A world power for much of the last century, this market has
recently been through a process of recovery, while its peers are in the
ascendancy for the frst time. Despite a blip in 2009, GDP growth in
Russia has averaged 5% over the past decade. From an M&A maturity
perspective, Russia scores very strongly in sociocultural factors. Its
performance, however, in regulatory and political arenas is less
impressive.
M&A maturity
Russia, despite its long-standing presence
on the world stage, remains a mystery to
many investors. This uncertainty however
seems to be diminishing. According to
Thomson data, 2010 may be a record year
for M&A in Russia. In the frst nine months
of the year, 1,951 deals were completed. If
deals complete at a similar rate in Q4, the
heights reached in 2009 may be met or
event surpassed. The common perception
of political and regulatory risk in Russia,
however, appears to be borne out by the
M&A maturity index. Investors considering
transacting in Russia are presented with a
series of risks and opportunities. For more
details, see www.mandamaturity.com
Key facts
Country of c140m people
2010 GDP growth estimated at 4%
Leading economy in Eastern Europe
Weaknesses
One of the greatest challenges for
undertaking transactions in Russia is
around political and regulatory issues.
Of some concern is the poor score achieved
around rule of law. This implies that there is
a high risk that legal requirements are not
adhered to. At the same time, a low score is
achieved for business licensing, as a
signifcant administration burden exists for
those who intend to comply. Another area
of concern is the poor score for trading
across borders as signifcant requirements
exist in order to legally transact
internationally. Detailed investigation into
these issues can however enhance the
potential for opportunities to be realized.
13
14 M&A maturity assessing country risks and opportunities
Where investing capital is on the agenda, detailed consideration should be given to the strategy behind this decision, the methods under
review and the assets in focus. Mandamaturity.com is a starting point for this debate. With high level analysis of countries and suggestions
as to the opportunities and risks associated with transactions in each state, this is a useful tool for stimulating debate around M&A.

M&A in context: The Capital Agenda
Capital is perhaps more important
today than at any time in recent
memory. M&A, and in particular
investing through acquisitions, is
but one element of the wider
Capital Agenda that management
should consider.
The Capital Agenda
Stress and distress e.g.,
liquidity issues and turnaround
plans
Customer and supplier analysis
Preserving tax assets and
minimizing costs
Renancing or restructuring debt,
equity and other obligations
Dealing with stakeholder
relationships and pressure
Dispute resolution
Optimizing asset portfolio
Delivery of synergies and
effective integration
Improving working capital and
releasing cash
Optimizing capital structure
Optimizing tax and corporate
structure
Fundraising (equity and debt):
IPO readiness, rights issues,
PE, private placement and
capital markets
Optimizing funding structures
Asset divestment
Infrastructure projects
Cost- and tax-efcient
structures
Acquisitions and alliances
Planning and structuring
transactions to optimize
stakeholder return
Focused due diligence to mitigate
risk and drive value
Asset valuations
Cost- and tax-efcient structures
The Capital
Agenda
Leading businesses are adopting a range of disciplines around capital in four key areas
to build competitive advantage:
Preserving: reshaping the operational and capital base 1.
Optimizing: driving cash and working capital, managing the 2.
portfolio of assets
Raising: assessing future funding requirements and evaluating 3.
sources
Investing: strengthening investment appraisal and transaction 4.
execution
15 M&A maturity assessing country risks and opportunities

About the M&A maturity index
Assessing M&A maturity
Economic
Current account balance
Economic freedom
Economic structure risk
GDP growth
GDP size
Infation
Investment climate
Financial
Access to fnance
Availability of domestic banking credit
Currency risk
Development of bond market
Development of equity market
Labor costs
Political
Control of corruption
Corruption potential
Political details
Sovereign debt rating
Regulatory
Business licensing and permits
Completion formalities
Enforcing contracts
Foreign investment approval
Labor regulations
Merger control
Paying taxes
Protecting investors
Registering property
Regulatory quality
Rule of law
Trading across borders
Sociocultural
Labor skill
Level of education
Level of training offered
Population size
Technological
High-technology exports
Innovation
R&D expenditure
The M&A maturity index was produced for
Ernst & Young by MARC, the M&A Research Centre
at Cass Business School, City University, London.
The concept behind the index is that the more
mature a country, the greater propensity for, or ease
of doing, M&A deals. Where there are risks, there are
however opportunities.
Using 36 publicly available data sets from governmental and
supra-national organizations, the index rates a total of 175
countries to create an overall M&A maturity score. These 36
sub-factors are aligned to six groups using a standard analytical
framework and the average of these six groups is itself averaged to
create the overall score, with 100% being most mature and 0%
being least mature. All factors are equally weighted.
Factors assessed are as follows:
For further details on the methodology and data behind the M&A maturity index, and to assess each of the 175 countries covered for
yourself, please visit www.mandamaturity.com. For questions on how to deal with the risks and opportunities the tool highlights, please
contact the Ernst & Young professionals listed overleaf.
Ernst & Young
Assurance | Tax | Transactions | Advisory
About Ernst & Young
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About Ernst & Youngs Transaction Advisory
Services
How organizations manage their Capital Agenda
today will define their competitive position
tomorrow. We work with our clients to help
them make better and more informed decisions
about how they strategically manage capital
and transactions in a changing world. Whether
youre preserving, optimizing, raising or investing
capital, Ernst & Youngs Transaction Advisory
Services bring together a unique combination of
skills, insight and experience to deliver tailored
advice attuned to your needs helping you drive
competitive advantage and increased shareholder
returns through improved decision-making across
all aspects of your capital agenda.
2010 EYGM Limited.
All Rights Reserved.
EYG no. DE0212
This publication contains information in summary form and is
therefore intended for general guidance only. It is not intended to
be a substitute for detailed research or the exercise of professional
judgment. Neither EYGM Limited nor any other member of the
global Ernst & Young organization can accept any responsibility
for loss occasioned to any person acting or refraining from action
as a result of any material in this publication. On any specific
matter, reference should be made to the appropriate advisor.
1110EDA062. EMEIA Design Agency
Contacts
Alexis Karklins
Capital Transformation Leader
+33 1 5561 0741
alexis.karklins.marchay@fr.ey.com
Leor Franks
Marketing Director
+44 20 7951 8708
lfranks@uk.ey.com