VENTURE FURTHER What drives international expansion and investment by US businesses?

TMF Group in association with Forbes Insights

May 2017

in association with

Venture Further The world is full of VENTURE FURTHER business opportunities; What drives international expansion new markets to enter, and investment by US businesses? new demand to satisfy. Companies are only limited by their ambition. In March 2017, TMF Group The respondents were drawn from a wide selection of – a global provider of corporate industries and from organizations with annual revenues ranging in size from $250 million to over $5 billion. and administrative services – in association with Forbes 250 US-based C-Suite executives from multinational Insights canvassed the views companies: CEO, CFO, COO and CLO. of 250 C-suite executives from Nearly three-quarters of respondents (71.6%) US-headquartered multinational worked for organizations with annual revenues companies to understand their of over $1 billion. motivations and challenges in The majority (70.8%) were also responsible for taking their organization into overseeing operations in more than six countries, a new international market. while one in four (24.8%) for operations in over 10 international markets.

SECTION 1 TMF Group Forbes Insights Realize your potential: What motivates US businesses to explore new markets? 04 SECTION 2 TMF Group is the global expert in local Forbes Insights is the strategic research and Adapt to any environment: business. No matter where your next thought leadership practice of Forbes Media, What are the biggest challenges that US businesses face when entering a foreign market? venture takes you, you can rely on TMF a global media, branding and technology 05 Group to see you through. We have company whose combined platforms reach SECTION 3 unrivalled expertise to help you access nearly 75 million business decision makers Reach new heights: new markets or realize new opportunities worldwide on a monthly basis. By leveraging Where are US businesses looking to expand and invest in 2017/2018? by providing direct access to on the proprietary databases of senior-level 06-11 ground experts to help your company executives in the Forbes community, Forbes SECTION 4 remain compliant with local rules and Insights conducts research on a wide range of Global reach, local knowledge: regulations, and provide firm foundations topics to position brands as thought leaders With the benefit of hindsight, what advice would US business leaders give to their peers? for your company’s success. and drive stakeholder engagement. Research 12 findings are delivered through a variety of ANNEX 1 digital, print and live executions, and amplified Where are US businesses looking to expand and invest in 2017/2018? (Full listing) across Forbes’ social and media platforms. 13-14

02 02 03 SECTION 1 SECTION 2 REALIZE YOUR ADAPT TO ANY POTENTIAL ENVIRONMENT What motivates US businesses What are the biggest challenges that to explore new markets? US businesses face when entering a foreign market?

Respondents were asked to select up to three However, nearly a third (30%) were motivated Having entered a foreign market, there was some Additional issues were presented in finding and motivating factors behind their organization’s by a desire to create and improve R&D and uniformity across respondents in the challenges providing official evidence of a company’s ‘good recent or forthcoming international investment technology resources, while more than one in they faced: getting the business established standing’ (28.8%) and complying with local data or expansion activity. four wanted to find new talent and skills (28.8%) with banking and records (31.6%), protection and privacy laws (28.4%). and find new sources of capital (26.8%). identifying premises and/or a process agent Unsurprisingly the two strongest drivers in (31.2%) and selecting and incorporating the undertaking international investment or activity The management of corporate structures also right entity type (30%). were to open new markets and gain market featured strongly with over a fifth of respondents share (45.6%) and to expand existing operations (22.8%) confirming that their activities had been or service lines (42%). motivated by financial restructuring and/or the Establishing banking and accounting measures and statutory records 31.6% establishment of a special purpose vehicle (SPV), while a similar number (20.8%) were Identifying the right premises and / or process agent 31.2% making an acquisition of a competitor. Selecting and incorporating the right entity type 30.0% 50% Finding and providing official evidence of ‘good standing’ 28.8%

45.6% Data protection considerations and privacy laws 28.4%

42.0% Operating within trade union and collective bargaining agreements 28.0% Finding the right local talent and adhering to labor laws 27.2%

Rules on transfer pricing and/or repatriation of profits 25.6%

30.0% Appointment of local directors and/or representatives 22.4% 25% 28.8% 26.8% Additional licensing requirements and/or revised constitution following merger or acquisition 20.0% 24.8% 23.6% Rules relating to the transfer of staff from acquired/merged operations 20.0% 22.8% 20.8% Compatibility of local financial reporting rules with international reporting systems and standards 21.6%

Intellectual property agreements and enforcement 19.6%

12.0% Unique cultural expectations and language barriers 19.6% 10.0% Rules relating to ‘restricted’ industries 18.8% 0% To open new To expand To create To find To find new A customer To establish Financial and To buy a To decrease Other M&A markets and existing / improve new talent sources of contract a shared corporate competitor operational activity Detailed record checks of company directors (including disclosure of ultimate beneficial owner (UBO)) 13.2% gain market operations / R&D and and skills capital required service restructuring/ cost/operate share service lines technology local center establishment more cost Antitrust or competition law 10.4% resources presence of special effectively purpose vehicle (SPV)

04 05 WESTERN EUROPE SECTION 3 NORTHERN EUROPE Austria, France, Germany, Liechtenstein, Monaco, Switzerland Channel Islands, Ireland, Top 10 global investment and expansion destinations Isle of Man, United Kingdom 2015-2016 2017-2018 + / - REACH NEW for US-based multinationals in 2017/18 2015-2016 2017-2018 + / - 58.4% 51.6% -6.8% HEIGHTS 44.4% 43.6% -0.8% Ranking change (2015 - 2016) / 2017-2018 Ranking change Where are US businesses NORTH AMERICA (EXCL. USA) (2015 - 2016) / 2017-2018 looking to expand and Bermuda, Canada, Greenland, (2) / 1 Saint Pierre and Miquelon invest in 2017/2018? (3) / 3 2015-2016 2017-2018 + / - 59.2% 50.0% -9.2% EASTERN ASIA Ranking change (2015 - 2016) / 2017-2018 , Hong Kong, Japan, Korea (North), Korea (South), Macau, Mongolia, Taiwan (1) / 2 Respondents were asked into 2015-2016 2017-2018 + / - what regions, and sub regions, 29.6% 27.6% -2.0% they had directed investment (including the establishment Ranking change (2015 - 2016) / 2017-2018 of financial structures) or undertaken activities in the last (8) / 9 two years (2015/2016). They SOUTHERN EUROPE were also asked to indicate Albania, Andorra, Bosnia and into which markets they would Herzegovina, Croatia, Cyprus, Gibraltar, Greece, Italy, Macedonia, be investing in the next two Malta, Montenegro, Portugal, years (2017/2018). San Marino, Serbia, Slovenia, Spain, Vatican City Respondents indicated that EASTERN EUROPE 2015-2016 2017-2018 + / - investment into the Northern Belarus, Bulgaria, Czech Republic, Hungary, Poland, Republic of Moldova, hemisphere had dominated 32.4% 28.8% -3.6% Romania, Russia, Slovakia, Ukraine in 2015/2016, with over half Ranking change 2015-2016 2017-2018 + / - focusing on activity in North (2015 - 2016) / 2017-2018 America, excluding the USA, 26.0% 29.2% +3.2% (59.2%) and Western Europe (7) / 7 (58.4%). Northern Europe Ranking change –including just Ireland, the (2015 - 2016) / 2017-2018 United Kingdom and UK jurisdictions – also featured (10) / 6 strongly (44.4%). SOUTH AMERICA , Bolivia, , Chile, Colombia, Ecuador, SOUTHERN ASIA Afghanistan, Bangladesh, Bhutan, India, Falkland Islands, French Guiana, Guyana, Paraguay, AUSTRALIA & NEW ZEALAND Peru, Suriname, Uruguay, Venezuela Iran, Maldives, Nepal, Pakistan, Sri Lanka Australia, Christmas Island, Cocos, 2015-2016 2017-2018 + / - 2015-2016 2017-2018 + / - New Zealand, Norfolk Island 39.2% 36.4% -2.8% 32.8% 28.0% -4.8% 2015-2016 2017-2018 + / - Ranking change Ranking change 33.2% 42.8% +9.6% (2015 - 2016) / 2017-2018 (2015 - 2016) / 2017-2018 Ranking change (4) / 5 (6) / 8 (2015 - 2016) / 2017-2018 (5) / 4

A full global listing by region can be found on p. 13. 06 07 LOOKING AHEAD

In line with OECD foreign direct investment forecasts, respondents suggest that the level of international investment and expansion planned by US-based multinationals in 2017/2018 is likely to fall across nearly all global regions. However, there are a few notable exceptions with uplifts seen in both Australia and Eastern Europe.

2017 -2018 + / - 2015 -2016 2017 -2018 + / - 2015 -2016 2 NORTH AMERICA (excluding USA): incl. Canada 50% -9.2% 1 WESTERN EUROPE: Austria, France, Germany, Liechtenstein, Monaco, Switzerland 51.6% -6.8%

3 NORTHERN EUROPE: UK, Channel Islands, Ireland 43.6% -0.8% • While Canada and its neighbors continue to be a • However, while this is an uncertain time, investment very popular investment and expansion destination confidence in the region remains extremely high. for US-based multinationals (second only to The fact that one in two US multinationals still plan • Despite uncertainty surrounding the impact of • Switzerland has one of the most rich, modern and Western Europe), a drop in new activity is to invest in Canada and its neighbors is pretty ‘Brexit’ and the potential outcome of other national stable economies in Europe and in the world. It has anticipated by respondents (falling 9.2% in the next compelling with Forbes Magazine ranking Canada parliamentary elections in 2017 (France, Germany one of the smallest taxation fees of all developed two years, compared to 2015/2016). as #10 in its global ‘Best Countries for Business and the UK, in particular), confidence in European countries and its neutral status has helped retain its 2017’ and #1 for business in the Americas. investment by US-based multinationals appears to economic stability and low inflation rate. • This caution could be in no small part due to the remain relatively strong. perceived threat of import taxation being levied by • Indeed, the World Economic Forum has consistently • Ireland and the United Kingdom rank in the top 10 the Trump administration on goods manufactured declared Canada’s banking system to be one of the • Germany is Europe’s economic engine. Not only is it (#4 and #5 respectively, out of 139) of Forbes in Canada, particularly in the automotive sector. A most stable in the world and (according to KPMG) the world’s fourth largest economy it is the world’s Magazine’s ‘Best Countries for Business 2017’. significant fall in the price of oil could also have total business costs are the lowest in the G7 number three exporter, after China and the US. impacted heavily on Canada’s fuel producers. and significantly lower than those in the United States. Germany also provides attractive incentives to • According to the World Bank, the UK is the world’s investors. Support ranges from cash incentives for fifth biggest economy and the easiest place to the reimbursement of direct investment costs to establish and run a business in Europe. This is incentives for labor and R&D. complemented with a low corporate tax rate at 20%. 2017 -2018 + / - 2015 -2016 • However, this is still higher than Ireland where • France is the sixth largest economy in the world 4 AUSTRALIA & NEW ZEALAND 42.8% +9.6% and houses nearly 40 of the world’s 500 largest corporation tax is just 12.5%. Ireland also has tax companies. In fact, the country holds some of the treaties with 72 countries. Both these factors • Over forty percent of respondents (42.8%) indicated 13th largest economy (in US dollar terms) in 2017 largest insurance, airline, cosmetic, luxury, and energy contribute to its position as the most competitive that, despite downturns in investment in other global and is rated AAA by all three global rating agencies. companies. These attributes make it one of the country in the Eurozone (IMD World Competitiveness regions, they would be undertaking activity in Australia most attractive investment destinations in the world Yearbook 2016) and the 7th most competitive country and New Zealand in 2017/2018 – up from a third • In terms of investment management, Australia has for international investors - particularly in Europe. in the world. (33.2%) in 2015/2016. the largest pool of funds under management in Asia. In particular, in recent years, many multinational • This was complemented by a predicted increase in companies have sought investments in the perceived activity in the neighboring Pacific Islands, up from safety of the Australian property market. 4.8% in 2015/2016 to 8% in 2017/2018. • It is also not just commercial and residential property • Australia’s demonstrated economic resilience, that offers investment opportunities. In 2016, 13.6% adaptability and record of steady growth make it an of Australia’s 325 million hectares of agricultural attractive environment in which to do business. land was in foreign hands, with 17.4% of this amount (7.7 million hectares) owned by US investors. • The Australian economy has grown more than 3% on average each year since 1992, with Australia the • Indeed, major agricultural commodities comprise a only major developed economy to have recorded no significant part of Australia’s export market alongside annual recessions from 1992 to 2016 and is now in mining output (gold, iron ore and uranium) and fuel its 26th year of consecutive growth. Global forecasts extraction (liquefied natural gas). predict it will maintain its position as the world’s

09 2017 -2018 + / - 2015 -2016 2017 -2018 + / - 2015 -2016

5 SOUTH AMERICA: incl. Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, 36.4% -2.8% 6 EASTERN EUROPE: incl. Bulgaria, Czech Republic, Hungary, Poland, Romania, 29.2% +3.2% Paraguay, Peru, Uruguay, Venezuela Russia, Slovakia, Ukraine

• US-based multinationals continue to look for economic diversification. It is currently the • In 2015/2016 over a quarter (26%) of respondents • As a region, it is very much pinning its growth plans opportunities in South America. Revived interest in ninth largest economy in the world and has had undertaken expansion and/or investment activity on technology: proactively encouraging innovation base metals and other commodities have acted as a huge domestic market. An increase in investment in Eastern Europe. In 2017/2018, respondents suggest and entrepreneurial start-ups through various local a catalyst for growth in countries such as Peru, opportunities in sectors like oil and natural that Eastern Europe will continue to be a focus of government and EU funded programs. There is a high Brazil and Chile but strong manufacturing and gas, generation and transmission of electrical attention with an increased number (29.2%) of level of technical talent to draw on too, with 285,000 technological advancements across the region power, real estate and agribusiness makes companies considering it in their growth plans. engineers graduating from Poland, Slovakia, the have also helped to maintain levels of investment. it a popular market. Ukraine and the Czech Republic each year. • This increased focus on the region is complemented • Chile is the world’s largest producer of copper and • Brazilian agribusiness, in particular, offers increased by an uplift of interest in the smaller Baltic States, • The opportunity for US investors is in providing given the talks of increased infrastructure spending opportunities for investment largely due to scientific with the number of companies considering it for funding for these innovations, as well as the more in the US, copper-related assets are on the rise. Peru and technological developments that have led to a investment opportunities increasing from 4.8% established industries and factories that support too has extensive copper and gold reserves and, while modernization of farming and the associated industries. (2015/2016) to 10.8% (2017/2018). them and the universities that are providing these the country’s economy is classified by most economists much-needed skills. as ‘developing’, its performance since it was opened • Colombia’s large scale infrastructure investment • The International Monetary Fund (IMF) has forecast to foreign investors in the 1990s and over the last program ‘Post-4G’, equating to approximately $50 economic growth for Central and Eastern Europe in • Bulgaria, in particular, is striving to position itself as decade has been impressive. billion USD, also offers opportunities for US 2017 of 3.1% almost double the Eurozone’s 1.6%. a technology hub, combining a ready source of investors to get involved in significant projects like This would make the region the world’s 11th biggest highly qualified technical talent with lower operating • In recent years, Brazil has consolidated its position airports and roadways over the next 10 years. economy, ahead of South Korea and just behind Canada costs than the rest of Europe. Sofia and Plovdiv, as a strong global player with a high degree of Bulgaria’s second city, are fast becoming outsourcing centers.

• Indeed, outsourcing is now commonplace across the region. Competition to recruit local in-house talent is becoming increasingly fierce, so many global companies operating within CEE now choose to outsource a number of key functions such as accounting and financial reporting, legal administration and entity management (to keep abreast of sudden changes) and an array of HR and payroll activities.

01010 SECTION 4 GLOBAL REACH, ANNEX 1 LOCAL KNOWLEDGE Where are US businesses looking to expand and invest in 2017/2018? With the benefit of hindsight, what advice would US business leaders give to their peers?

FOCUS ON EUROPE 2015 -2016 2017 -2018 + / - Respondents were asked if they could give a peer, Just under a quarter (23.6%) advocated the use of considering international investment or expansion, joint ventures or acquisitions as a lower risk option one piece of advice based on their experiences in tentatively exploring a new market, although WESTERN EUROPE Austria, France, Germany, Liechtenstein, Monaco, Switzerland 58.4% 51.6% -6.8% what it would be. these options bring their own challenges and NORTHERN EUROPE Channel Islands, Ireland, Isle of Man, United Kingdom 44.4% 43.6% -0.8% professional assistance should be sought. More than a third (36%) stressed the importance SOUTHERN EUROPE Albania, Andorra, Bosnia and Herzegovina, Croatia, Cyprus, Gibraltar, 32.4% 28.8% -3.6% of research and pre-planning: to be clear on Nearly one in five (18.8%) expounded the benefits Greece, Italy, Macedonia, Malta, Montenegro, Portugal, San Marino, your reasons for investment or expansion and of working with a single supplier to manage any Serbia, Slovenia, Spain, Vatican City to thoroughly investigate and understand the multi-territory relationships. For example, a single EASTERN EUROPE Belarus, Bulgaria, Czech Republic, Hungary, Poland, Republic of 26.0% 29.2% +3.2% territories’ political, economic, social and legal global payroll or accounting provider to provide Moldova, Romania, Russia, Slovakia, Ukraine landscape. standardization and consistency of reporting. THE NORDICS Aland Islands, Denmark, Faroe Islands, Finland, Iceland, Norway, 22.4% 19.2% -3.2% Svalbard and Jan Mayen, Sweden

BENELUX Belgium, , Luxembourg 16.4% 17.2% +0.8%

THE BALTIC STATES Estonia, Latvia, Lithuania 4.8% 10.8% +6%

36.0% 23.6% 18.8% 10.8% 10.8% FOCUS ON MIDDLE EAST & AFRICA 2015 -2016 2017 -2018 + / -

THE MIDDLE EAST Bahrain, Iraq, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, 23.2% 23.2% = PLAN THOROUGHLY CONSIDER JOINT CONSIDER A GET HELP FROM CONSIDER Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, Yemen AND DO YOUR VENTURES AND SINGLE SUPPLIER THIRD PARTIES OUTSOURCING NORTHERN AFRICA Algeria, Egypt, Libya, Morocco, Sudan, Sudan, Tunisia, Western Sahara 13.6% 14.0% +0.4% RESEARCH ACQUISITIONS TO MANAGE YOUR MULTI-TERRITORY Local service providers, Don’t underestimate the Be clear on your reasons Consider joint ventures RELATIONSHIPS chambers of commerce operating costs in a local SOUTHERN AFRICA Botswana, Lesotho, Namibia, South Africa, Swaziland 13.6% 14.4% +0.8% for investment/expansion and acquisitions. One and advisors are market. The boundary and don’t make false way to avoid some of One of the key issues in invaluable, particularly between what you do WESTERN AFRICA Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, 10.4% 9.6% -0.8% assumptions about a the effort, cost and risk managing expansion is when creating a new in-house and what you Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Saint Helena, local market. Make sure of setting up in a new the gathering, processing legal entity, recruiting outsource should remain Senegal, Sierra Leone, Togo that you investigate the territory is to buy an and reconciliation of and training staff and fluid, and be constantly territory’s political, legal existing operation or operations, financial setting up your back- reassessed over time. MIDDLE AFRICA Angola, Cameroon, Central African Republic, Chad, Democratic 8.4% 8.0% -0.4% and cultural environment, create a joint venture with and legal data across office function. Republic of the Congo, Equatorial Guinea, Gabon, Sao Tome and as well as the competitive an existing operation. multiple territories. Principe landscape, target market However, these options Using a single strategic and/or workforce. come with their own supplier to handle these EASTERN AFRICA Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, 5.6% 7.2% +1.6% risks and professional as outsourced functions Malawi, Mauritius, Mayotte, Mozambique, Reunion, Rwanda, assistance should could help provide Seychelles, Somalia, South Sudan, Tanzania, Uganda, Zambia, be sought. consistency across Zimbabwe processes and standards. 01212 13 PAYROLL, ACCOUNTING, LEGAL ADMINISTRATION AND ALTERNATIVE INVESTMENT EXPERTS IN MORE THAN 80 COUNTRIES

FOCUS ON THE AMERICAS 2015 -2016 2017 -2018 + / -

NORTH AMERICA Bermuda, Canada, Greenland, Saint Pierre and Miquelon 59.2% 50.0% -9.2% (excl. USA) SOUTH AMERICA Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Falkland Islands, French 39.2% 36.4% -2.8% Guiana, Guyana, Paraguay, Peru, Suriname, Uruguay, Venezuela CENTRAL AMERICA Belize, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, 28.4% 25.6% -2.8% We can take care of the Panama details so you can focus THE CARIBBEAN Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Bonaire (St 17.2% 16.4% -0.8% on what’s really important: Eustatius and Saba), British Virgin Islands, Cayman Islands, Cuba, Curacao, Dominica, Dominican Republic, Grenada, Guadeloupe, Haiti, Jamaica, growing your business. Martinique, Monserrat, Puerto Rico, Saint-Barthelemy, St Kitts and Nevis, Saint Lucia, Saint Martin, Saint Vincent and the Grenadines, Saint Maarten, Trinidad and Tobago, Turks and Caicos Islands, Virgin Islands (US)

FOCUS ON ASIA PACIFIC 2015 -2016 2017 -2018 + / -

AUSTRALIA Christmas Island, Cocos, New Zealand, Norfolk Island 33.2% 42.8% +9.6% & NEW ZEALAND Whether you are running a local TMF Group has over 6,500 experts in more than 80 countries, SOUTHERN ASIA Afghanistan, Bangladesh, Bhutan, India, Iran, Maldives, Nepal, Pakistan, 32.8% 28.0% -4.8% ready to help your company remain compliant with complex, Sri Lanka business, preparing to enter a new diverse and ever-changing rules and regulations, to mitigate any risks to your success and help you control costs. EASTERN ASIA China, Hong Kong, Japan, Korea (North), Korea (South), Macau, Mongolia, 29.6% 27.6% -2.0% market or a multinational corporation Taiwan operating across many borders, it can Unlike other service providers, TMF Group is unique because SOUTH-EASTERN ASIA Brunei, Cambodia, East Timor, Indonesia, Laos, Malaysia, Myanmar, 22.8% 22.4% -0.4% be extremely difficult to manage legal we have our own experts across our locations who are local Philippines, Singapore, Thailand, Vietnam people with local knowledge and who understand processes, and operational requirements. Are you issues, currencies and dialect. This means that our clients CENTRAL ASIA Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan 19.6% 16.4% -3.2% up-to-date with local payroll law? The can deal with one global provider to receive a consistent high quality service, underpinned by the ISO27001 information WESTERN ASIA Armenia, Azerbaijan, Bahrain, Georgia 13.6% 14.4% +0.8% recent changes in legislation governing security standard. Helping us, to help you, mitigate and company directorships? When, where resolve any issues quickly and compliantly. THE PACIFIC ISLANDS Cook Islands, Fiji, French Polynesia, Guam, Hawaii, Kiribati, Marshall Islands, 4.8% 8.0% +3.2% Micronesia, Nauru, Niue, New Caledonia, Northern Mariana Islands, Palau, and how to file annual reports? We can take care of the details so you can focus on Papua New Guinea, Pitcairn Islands, Samoa, American Samoa, Solomon what’s really important: growing your business. Islands, Tokelau, Tonga, Tuvalu, Vanuatu, Wallis and Futuna Venture Further Visit tmf-group.com to find out how TMF Group can help you and your organization

14 14 Find out more about TMF Group: [email protected] tmf-group.com/venturefurther

Whilst we have taken reasonable steps to provide accurate and up to date information in this publication, we do not give any warranties or representations, whether express or implied, in this respect. The information is subject to change without notice. The information contained in this publication is subject to changes in (tax) laws in different jurisdictions worldwide.

None of the information contained in this publication constitutes an offer or solicitation for business, a recommendation with respect to our services, a recommendation to engage in any transaction or to engage us as a legal, tax, financial, investment or accounting advisor. No action should be taken on the basis of this information without first seeking independent professional advice. We shall not be liable for any loss or damage whatsoever arising as a result of your use of or reliance on the information contained herein.

This is a publication of TMF Group B.V., P.O. Box 23393, 1100 DW , the Netherlands ([email protected]). TMF Group B.V. is part of TMF Group, consisting of a number of companies worldwide. Any group company is not a registered agent of another group company. A full list of the names, addresses and details of the regulatory status of the companies are available on our website: www.tmf-group.com

© May 2017 TMF Group B.V. 16