FIGURES HAVE NO BORDERS ACTIVITY

2016

REPORT

WE ARE GIFTED WITH LANGUAGES ESPECIALLY THE LANGUAGE OF FIGURES

TRANSACTIONS DISPUTES TURNAROUNDS DECISIONS

P.03 ENGAGING A WORLD WITHOUT BOUNDARIES

Accuracy’s In 2016, Accuracy Accuracy’s “Our strategy international hubs: sent teams to the international reach: , , , following locations: in 2016, we worked isn’t to have , , Algeria, Australia, on projects based in a hundred , , Cameroon, Chicago, China, Colombia, Brussels, , Colombia, Doha, Dubai, Guatemala, Japan, Korea, offices , Quebec, Egypt, Ethiopia, Gabon, Malaysia, the Philippines, scattered , Singapore Geneva, Guatemala, Russia, all of Scandinavia, and soon Dubai. Guinea, Iran, Kazakhstan, Venezuela. across the Los Angeles, Minneapolis, world, it is to be Morocco, New York, Niger, Panama City, Peru, standing beside Romania, San Francisco, our clients Saudi Arabia, wherever they Senegal, South Africa, Stockholm, Thailand, need us.” Trinidad & Tobago, UAE, Ukraine, Vienna, Vietnam, Washington.

P.04 MONTREAL AND NEW DELHI In 2016, we celebrated the 5th anni- versary of our Montreal and New Delhi offices.

MADRID This year we celebrated ten years of Accuracy in Spain. The Madrid office was established in 2006. SAN FRANCISCO An Accuracy team spent six months on a project in San Francisco operating from our first ever pop-up office. USA Our presence in the USA We have maintained a permanent presence in the United States for the SINGAPORE last couple of years. We are always go- We opened our Singapore office ing backwards and forwards for pro- in September at 1 Raffles Place, a jects in New York, Washington, San stone’s throw away from many of Francisco and Chicago. For one long our law firm clients. term project last year, we set up a pop-up office in Silicon Valley which we ran for six months. Around 10% BARCELONA of our fees are now generated from We opened our new office in Barcelona, projects with a US connection. reinforcing Accuracy’s presence in the Spanish market.

DUBAI We currently have a permanent presence in Dubai and plan to open an office during 2017. LONDON In April, we moved into new offices in London, more than doubling our floor space after five years of expansion.

P.05 GROWTH IS DRIVEN BY THE STRENGTH OF OUR ACTIVITIES 12Consecutive years of organic growth 15%

Growth since 2015 59% 310Accuracians Growth since 2012

€Million 70 70 61 60 55 50 50 44 40 International hubs 30 20 0,4 10 13 2004... 12 13 14 15 16

TOTAL REVENUE 2016 €70M Firm

P.061 “It is a point of pride to us that our colleagues are as diverse as the work we do. Accuracy’s problem-solvers come from all over the world.”

A MESSAGE FROM OUR PARTNERS

irst of all, on behalf of the Partners, I would like This is good for us, because it makes Accuracy a to thank you, our clients, for your support over the great place to work. And it is also good for our clients: Flast year. All of you entrust us with some of your diverse teams are more creative and more effective. most complicated business problems and we are proud We pride ourselves on our originality and we could not to provide you with straightforward solutions. be original if we were all the same.

2016 was an exceptional year for us. In response to So, after twelve consecutive years of organic growth, client demand, we expanded our presence in the Far Accuracy can confidently claim to be a mature, inter­ East by opening an office in Singapore, we opened a national business with a strong client base. new office in Barcelona, our second Spanish office, and we scoped a new office in Dubai. Nine of our part- We work with many of the world’s largest businesses ners were named in the Who’s Who list of top expert and our clients know what to expect of us. CEOs, Board witnesses. Our transactional cross-border work con­ members and senior executives rely on our analysis to tinues to expand, and more and more of our instructions help them make important strategic decisions. They relate to locations where we do not have an office. know the weight and reassurance of a report bearing the Accuracy signature. It is a point of pride to us that our colleagues are as diverse as the work we do. Accuracy’s problem-solvers On behalf of the Partners come from all over the world. We are multi-lingual with Frédéric Duponchel, Managing Partner a wide range of skills and expertise. March 2017

P.07 THE SIGNATUREAccuracy

THIS IS WHAT 1 JEAN-JACQUES GUIONY LVMH THE ACCURACY Chief Financial Officer SIGNATURE MEANS “Trust, independence and expertise. Those are the most important things about my relationship with Accuracy. TO OUR CLIENTS I use Accuracy because they give me an independent perspective, because I value their expertise, and because I trust them to get the job done.

Over the last 12 years, Accuracy has deve­ Over the years, I have used Accuracy on domestic and international projects. loped into an international brand. Our clients It doesn’t matter to me where the project is, because I know Accuracy will use us because of our independence, our put together the right team for the task.” expertise and our practical, problem-solving reports. The LVMH group brings together 70 exceptional Houses, which create products that convey savoir-faire and preserved heritage Our motto is “Think straight. Talk straight”. No while remaining firmly anchored in modernity. matter how complicated the task, we pride ourselves on always providing concrete and practical solutions.

Our reports help the boards of some of the world’s largest and most high-profile compa- nies solve some of their most technical and complex financial problems. 2 OCP GROUP General Management Whether we are quantifying the ongoing costs of a major infrastructure project, wor­ “Accuracy’s expertise in construction projects, reactivity and trust we king on an in-depth due diligence, helping are experiencing are the core reasons behind our relationship with arbitrators to make decisions on some of Accuracy. OCP is engaged in a very large industrial development program the world’s most sensitive and high value aiming at increasing our production capacity, and we rely on Accuracy’s disputes, assessing the risks of a project, expertise and insight to support us along this historic investment effort.” using big data to optimise returns, or in- vestigating a hidden irregularity, our clients -based OCP Group is the world’s largest phosphate use us because they value the reassurance and phosphoric acids producer, and a major producer of fertiliser. of a report bearing the Accuracy signature. It serves every key agricultural market and, with annual revenues of around $5 billion, is one of North Africa’s biggest companies.

P.08 3 STÉPHANE TREPPOZ SARENZA Chairman

“I trust Accuracy to take highly complicated information and turn it into concrete findings and recommendations.

Last year Accuracy worked on two important Big Data projects for us, including the review of our media investments all over Europe. Their report provided us with the information we needed to make our decisions.”

Sarenza is a leading online international shoe retailer.

In 2016, Accuracy was tasked by Sarenza to take on two highly complex jobs.

“Sarenza asked us to assess its ROI for TV and online media invest- ments using Big Data tools,” says Xavier Chevreux, one of the two Accuracy partners leading the project. “Media investments are a hugely important but extremely complicated aspect of the business models of international internet retailers.”

“As the company sells millions of shoes internationally, it has huge amounts of data available that can be analysed,” says Jean-François Partiot, the other Accuracy partner on the project. “But the real chal- lenge is to select the relevant data, restate it from all potential bias and cross-analyse it with market business insights.”

P.09 GIOVANNI FOTI OUR PLEDGE: MILAN “Sure, you can travel the world WHEREVER YOU and talk to people in English, but it is really important to HAVE A PROBLEM, speak people’s native language. The language is the mirror of WE HAVE A TEAM the mentality.”

Accuracians are t Accuracy it is not enough to be excellent at one’s FRANCOIS FILION citizens of the world. A professional discipline. It MONTREAL isn’t enough to know the maths, We don’t stick to to understand the algorithms, or our home cities to sort out the problems on paper. “A couple of months ago, we were given a job from a client or base offices. We Our clients need us to solve prob- get around. Before lems in every corner of the world. A on a Wednesday afternoon British client might need us to solve that we thought needed the joining Accuracy, a problem in Russia, or a French client might need our help in Brazil. input of our colleagues based most of us worked To truly understand a problem, and in Spain and France. On the come up with the most elegant or studied outside of solution, we need to understand Monday morning, they were our native countries. the language and the culture that sitting face to face with the the problem arose in. We are all proficient client in Montreal.” in at least one And that, of course, feeds into our one firm philosophy. When a client foreign language, hires Accuracy, that client is hiring the whole firm, not an office. We DAVID THORNES and many of us build bespoke teams for each job SINGAPORE are fluent in two from across the entire business. Anybody at Accuracy might be or three. put on any job for any client in “Our hub in Singapore any location. effectively enables us to cover Accuracians are ready to go the whole of Asia. This year anywhere, any time. alone, we’ve already worked on projects involving India, China, Japan, Indonesia and Vietnam, to name a few. Our teams are truly global and our international reach can take us to any continent.”

P.10 WE SPEAK OVER 33 LANGUAGES AND COUNTING

Arabic Korean Bengali Mandarin Brazilian Moldovan Bulgarian Norwegian Cantonese Polish Czech Portuguese Danish Romanian Dutch Russian English Slovak French Spanish German Swedish Greek Telugu Hebrew Thai Hindi Turkish Indonesian Ukrainian Italian Vietnamese Japanese …

P.11 A CAREER WITH ACCURACY COULD TAKE YOU ANYWHERE

ccuracy provides international careers to flexible, problem-solving people. All Accuracians regularly take part in cross-border projects, Aand we have an extensive programme of secondments. We run regular training and networking events at different locations to ensure that everyone is comfortable everywhere in the Accuracy world.

AUDREY LIEW LEVI VIANA GIULIA POLACCHI SINGAPORE PARIS MILAN Analyst Manager Senior Manager

“I joined Accuracy’s “I joined Accuracy four years “I joined Accuracy’s Milan Singapore office in June. ago, having studied maths office in 2009. In 2015, I was Before long, I was sent to the and computer science at seconded to Paris and it “Accuracy School” for two university back home in was a fantastic experience. weeks of training in Paris Brazil before studying maths I was with other secondees and the Costa Brava. In June at Ecole Polytechnique in from Germany, Holland and 2016, I attended the Accuracy Paris. Last year, I saw an Canada. Secondments tend to Summer Seminar in Biarritz, opportunity to leverage be for two years so that you where people from the whole my maths studies to help can get really fluent in the company come together. the business make greater language and under the skin I’ve been here less than a inroads in Big Data. Since of the business.” year and already I know then, I’ve been working on Accuracians from across two major engagements the world.” mixing Big Data with strategy and finance.”

P.12 GREAT PLACE TO WORK® 2016 Accuracy was ranked number one in the Great Place to Work® survey for 2016. We have been ranked first for two years running, and have been in the top three for eight consecutive years. No other company has received such a consistently high rating in the history of the awards.

P.13 ACCURACY IN THE CITY

ACCURACY IS COMMITTED TO BEING A RESPONSIBLE CORPORATE CITIZEN. HERE IS A SELECTION OF SOME OF THE ACTIVITIES, PROJECTS AND CAUSES THAT WE SUPPORT.

P.14 ACCUR’INVOLVED RIPIENO CHOIR AND SHOOTING STAR CHASE Accur’Involved is our own charity organisation. 2016’s projects inclu­ We sponsored the Ripieno Choir’s ded Christmas present donations sell-out charity performance of to underprivileged children and a Handel’s Messiah in November. scheme to give used smartphones The choir was raising money for and school stationery to refugees. Shooting Star Chase, a children’s hospice in the south of England.

SPORT DANS LA VILLE

We actively sponsor Sport dans la Ville, a youth charity that promotes social and workplace integration through sport.

INSTITUT DU CERVEAU ET DE LA MOELLE ÉPINIÈRE (ICM) ACCURACY BUSINESS CUP We support the Brain and Spine A NIGHT FOR FUNDS In 2016 we ran the second edition of Institute (ICM), a medical institute our business analysis competition for that develops treatments for people In December, our Milan office ho­ business school students. with nervous system disorders. sted our third annual charity fund- raiser “A Night for Funds”. The event raised money for a non-profit orga­ PRO BONO LAB nisation which helps severely disa- bled and technologically dependent We have continued to be very active children. in our partnership with Pro Bono Lab this year, an association which orga­ nises skills sponsorship for general UNITED WAY CENTRAIDE interest associations. Our Canadian office held a fund- raiser for community action charity, RÊVE D’ENFANCE NLDOET United Way Centraide, which raised several thousand dollars. The funds We sponsored Rêve D’enfance, a Our Dutch office supports NLdoet, will serve to break the cycle of po­ French charity that helps bring a Holland’s largest community volun- verty and social exclusion in Quebec. smile to the faces of children with teering organisation. In March, our illnesses. team worked on a project to improve disabled access to shops and restau- rants in The Hague.

P.15 www.accuracy.com