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FORUM FOR EXPATRIATE MANAGEMENT

GERMANY CHAPTER MEETING

Alternative Entsendeformen –

Gestaltung eines flexiblen Mobility

Programms Hosted by EY

Referenten

Frank Jura, Executive Director, GSA Immigration Leader, EY

Robert Haller, Senior Manager, People Advisory Services, EY

Anja Vahldiek, Director, Global Solutions Leader, EY

Munich Chapter – 14th November 2017

About FEM

• Inclusive network

• Share best practice

• Provide valuable networking

• Foster knowledge sharing

www.forum-expat-management.com

FEM 2017

Date Place Topic

16.05.2017 Frankfurt/

Eschborn

Auswirkung der Umsetzung der EU ICT und

Enforcement Directive

30.05.2017 Zurich Global Mobility Hot Topics: Regulations,

Career Management, Immigration & Security

11.07.2017 Munich Expat Compensation Compliance

12.10.2017 Hamburg Alternative Entsendeformen – Shaping a

flexible Mobility Program

14.11.2017 Munich Alternative Entsendeformen - Gestaltung

eines flexiblen Mobility Programms

07.12.2017 Frankfurt Die Bedeutung von Betriebsstätten für

Global Mobility - hosted by ING-DiBa

FEM announces new Amsterdam Global Mobility Conference

22nd March 2018 at Hotel Okura, Amsterdam

FEM Amsterdam Conference 2018

“Really exciting news that there will be a brand new 2018 FEM Amsterdam Global Mobility

Conference. Global Mobility professionals asked us several times when there will be an FEM

Conference on ‘mainland Europe’ in addition to the London Summit in November - and it is so nice

that is now really going to happen. GM professionals will have a full day to learn from keynote

speakers and for networking and sharing with each other. I am really looking forward to March

22, 2018!”

Henk Amorison, FEM Netherlands Chapter Lead and Partner, Hillbrook Tax Solutions, Amsterdam

This intensive, one-day conference will be covering a wide range of topics with speakers who

are expert in both their professional areas of focus and in the Netherlands and Europe as a

whole.

There will a lively mix of keynote panel discussions, focused streams, multiple workshop

sessions, interactive roundtables and case studies as well as plenty of opportunities to

network with senior global mobility leaders.

Ansprechpartner

Verena Schaupp

T: +49 89 14331 19099

[email protected]

Frank Jura

T: +49 89 14331 18310

[email protected]

mailto:[email protected]
















Alternative Entsendeformen

– Gestaltung eines flexiblen

Mobility Programms Forum for Expatriate Management

November 14th 2017

Industry

4.0

Megatrends

Individualization Globalization

VUCA Demographic

Change ►New Family Models

New work environment

Mobility Challenges B

usin

ess im

pera

tives

agility

Cost

competitivenes

s

Strategy

Right people, right place,

right time, right cost

Compensation

Produce

competitive

advantage through

talent

Enable employee

engagement Efficient, effective

processes linked

to the business

External pressures

Internal pressures

Business

Key outcomes

Value

Efficiency

Effectiveness

Administration

Risk

Cost

Market competitive

Cost

competitivenes

s

Strategy

Business success

Global consistency

Flexibility

Cost effectiveness

Aligned to talent

Engaged employees

Compliant

Global program

flexibility

Operational

agility

Stakeholder

confidence

What does this mean for Mobility?

1. Compliance Perspective

Compliance Perspective Employee Groups

Foreign Local Hires

► Foreign national employees with a

local contract to work in host

country for a limited duration or

permanent basis (e.g. a foreign

national hired for a local role)

Virtual Employees

► Virtual employees work for a

company in a foreign location (e.g.

for the headquarter) but live and

physically perform their work in

another country (e.g. country where

an affiliate of the headquarter

company is based)

Global Roles

► One employment contract, global

role, but not associated with

frequent travelling (e.g. global tax

function)

Cross-Border Business

Traveler

► Employees who do not relocate to

another country, but travel

frequently outside their home

country to conduct in the interest of

the home company (e.g. for

trainings, meetings, workshops)

PE/Branch Traveler

► Employee traveling to another

country for an extended duration

and performing certain type of

activities that can trigger permanent

establishment (PE)

Multi-Responsibility

► An employee with a single

employment but having multiple

responsibilities in at least 2

companies and/ or countries (e.g.

employed by XYZ Germany but

responsible for 60% Germany and

40% Austria)

Compliance Perspective Multiple risk compliance issues

Global

risks

Senior business travelers in certain

countries can create permanent

establishment (PE) risks for the

employing entity

Non-compliance with complex

immigration, withholding tax, social

security and other reporting

requirements creates a potential for

penalty assessment

Unknown employees could pose risk

of other employment law exposure to

the company

Tax and immigration laws in many

countries have criminal penalties

including imprisonment for violators

Employees do not want personal tax

and immigration exposure

Allegations of tax evasion by an

employer or its employees in a

particular country can seriously harm

an organization's reputation and may

affect its ability to operate in that

country

Non-compliance with local legislation can result in

failure to properly budget and allocate costs

General non-

compliance

Budgetary

risk

Risk of

prosecution Unhappy

employees

Employment

law risk

Business

reputation

risk

Permanent

establish-

ment risk

EY’s Global Mobility Effectiveness survey report identified business

traveler activity as the No.1 perceived risk faced by survey respondents

Mehrfachverantwortung

► Definition: Ein Arbeitsvertrag, aber Rolle für mehrere Länder

Norbert Müller

► Bisher Angestellter der deutschen Muttergesellschaft.

► In den USA wird eine neue Tochtergesellschaft im

Rahmen eines Joint Ventures mit einer US-Gesellschaft

gegründet und er wird als Geschäftsführer ernannt und

verbringt bis auf weiteres einige Tage pro Monat in den

USA.

► Der Arbeitsvertrag bleibt unverändert und die

Gehaltsauszahlung verbleibt in Deutschland.

Mehrfachverantwortung

► Risiko steuerrechtlich:

► Lohnsteuerpflicht in zwei oder mehr Ländern, da wirtschaftlicher Arbeitgeber sich anteilig verlagert.

► Prozess für Anmeldung von Lohnsteuer muss eingerichtet sein.

► Betriebsstättenrisiko ist hoch, wenn die Tätigkeiten unter einem Arbeitsvertrag erfolgen und keine saubere Trennung der tatsächlichen Tätigkeit pro Land möglich ist.

► Transferpricinggrundsätze müssen in Bezug auf Gehaltstragung beachtet werden

► Risiko Sozialversicherungspflicht:

► Sozialversicherungsabkommen muss geprüft werden, da regelmäßige Tätigkeit im Land – ggf. doppelte Sozialversicherungspflicht

► Risiko Immigration:

► Ein deutscher Staatsbürger benötigt ab dem 1. Tag eine Arbeitserlaubnis in den USA. Je nach Firmenkonstellation wäre ein L oder E Visum zu beantragen.

Grenzüberschreitende Tätigkeit

► Definition: Eine Tätigkeit wird während einer Dienstreise außerhalb des Heimatlandes erbracht

Stefan Meier ► Angestellter in Deutschland

► Besucht regelmäßig einen Kunden in San Jóse/Costa Rica,

der eine Maschine gekauft hat, um dort die Mitarbeiter

einzuweisen und Wartungsarbeiten durchzuführen

Grenzüberschreitende Tätigkeit


► Zu prüfen ob ein Doppelbesteuerungsabkommen besteht sowie ob die Tätigkeit ein Besteuerungsrecht gem. nationalem Steuerrecht auslöst (mit Costa Rica gibt es ab 1. Januar 2017 ein DBA)

► Anzahl der Aufenthaltstage für die 183-Tage-Regelung

► Nationales Steuerrecht überlagert ggf. das DBA und hat Dokumentationsverpflichtungen trotz Unterschreitung 183 Tage


► Sozialversicherungsabkommen muss geprüft werden

► Risiko Immigration:

► Ausübung einer Tätigkeit, die nicht in Costa Rica vergütet wird.

► Einreise als Deutscher über ein 90 Tage Business Visa ohne vorherige Genehmigung mit dem Nachweis zur Ausreise. Danach muss das Land für mindestens 72 Stunden verlassen werden.

Betriebsstätte

► Definition: Ein Mitarbeiter arbeitet für seinen Arbeitgeber bei einer ertragsteuerlichen Betriebsstätte oder begründet durch seine Tätigkeit eine Betriebsstätte

David Johnson ► US-Staatsbürger

► Bisher Angestellter einer britischen Gesellschaft.

► Wird regelmäßig in Deutschland tätig, um die dortigen

Kunden zu betreuen und ist im Vertrieb eines neuen

Produktes eingesetzt

► Er verhandelt daher auch Verträge mit deutschen Kunden,

die in Großbritannien dann final unterzeichnet werden.

► Der Arbeitsvertrag bleibt unverändert und die

Gehaltsauszahlung verbleibt in Großbritannien.

Betriebsstätte


► Durch BEPS wird die Definition der Betriebsstätte verschärft, so dass auch ausreichend ist, wenn der wesentliche Teil des Vertrages in dem anderen Land verhandelt wird, auch wenn Unterzeichnung im anderen Staat

► Damit Begründung ertragssteuerliche Betriebsstätte und Lohnsteuerpflicht unabhängig von der Anzahl der tatsächlich verbrachten Arbeitstage

► Prozess für Anmeldung von Lohnsteuer muss eingerichtet sein.

► Bei Inbounds die im Ausland leben (d.h. Arbeitsvertrag in Deutschland, Tätigkeit im Ausland) ist jeder einzelne Tag in Deutschland steuerpflichtig da Betriebsstätten kein selbständiger Arbeitgeber sein können


► Sozialversicherungsabkommen muss geprüft werden – da US-Staatsbürger findet EU/EWR-Verordnung 776/2004 keine Anwendung

► Risiko Immigration: ► US Staatsbürger, für Vertragsverhandlung wäre keine Aufenthaltsgenehmigung für Erwerbszwecke

notwendig, jedoch für die Vertriebstätigkeit, individuelle Einschätzung notwendig. US Staatsbürger sind vom D Visum befreit. Beantragung mit der Vorabzustimmung der AMZ. Durchschnittliche Prozesszeit derzeit 4-6 Wochen.

What does this mean for Mobility?

2. The need of shaping new GM programs

The need of shaping new GM programs Policy and Talent

Deve

lop

me

nta

l va

lue

Business value

Suggested groups

Business Drivers

► Flexibility within the policy

framework

► Ensuring the right resources are

deployed in the right places

► Clear, consistent application of

policy approaches

► Support talent development and

employee engagement with

mobility opportunities

► Rigorous approach to compliance

reduces risk

Policy types

► Long-term (home based)

► Long-term (host based)

► Short-term

► Permanent transfer

► Developmental (home/host

based)

► Development opportunities for rising

stars and employees looking for

diversity in experience/personal growth

► Opportunity to provide reduced core

benefits to reflect the developmental

value of the assignment to the

employee

► Senior level top talent and future

leaders assigned to important roles

within the company

► Opportunity to provide enhanced core

benefits to reflect the high value of the

assignment to meet business goals

► Employee-initiated or one-way based

on open positions within the company.

Can also include personal choice

► Minimal benefits are provided, typically

local to local relocation only

► Demonstrated performers with deep

specialized skill set where no local or

external talent available

► Benefits provided at core level to reflect

business need driver for assignment

Developmental / High Potentials

Strategic opportunity

Graduates / Gen Y Skills-based

The need of shaping new GM programs Different policies for different move types

A single global mobility policy

can work…

…but there is a strong trend

towards a segmented policy approach in many

companies

01 Segmentation

can mean

creation of:

► Multiple policies

to meet a variety

of global

mobility needs

► Flexibility within

global mobility

policies

02 Different

assignment purposes mean different terms:

► Flexibility and

cost savings

opportunities

► Better support

for assignees

and their

families

03 Increased use of alternative move types:

► Extended business traveller

► Localization/ Local Plus

04

Questions?

Contact

Frank Jura Executive Director

Phone +49 89 14331 18310 Mobile +49 160 939 18310 [email protected]

Robert Haller Senior Manager


Modular Mobility Framework at EY

Forum for Expatriate Management

November 2017

150+ countries

247k people

US$31.4b revenue

Americas 71,489 people

EMEIA 124,296 people

Asia-Pacific 43,858 people

Japan 7,927 people

Our global structure fosters a global mindset

Introducing EY

Based on 2017 global review

Global Mobility. Leading the way to outstanding experiences and outcomes.

Global Mobility landscape at EY

► EMEIA is the largest sending as well as the

largest receiving Area

► Emerging markets (EM) related mobility

makes up for over 50% of all mobility –

however the majority of moves is from EM into

developed markets (DM) regions

► Gender ratio has been stable over the last

years

► Majority of long-term assignees go on host

based packages

► A significant amount of all mobility at EY is

short-term (below 12 months)

61.5% 38.5%

3607

4108 3669

0

1000

2000

3000

4000

5000

FY15 FY16 FY17

Mobility assignments


Our nested approach towards global mindset

Global mindset for all

Cross-border experiences for many

Global business knowledge Understanding our business

from a global perspective

Teaming Building relationships and leveraging different

perspectives to team effectively and drive better

solutions for our clients

Development Building capability through diverse

experiences, cross- border learning

and coaching

Strategic mobility for top talent Specific strategic needs Moving our people to support

short-/medium-term client demand

Cross-border engagements Building the best global teams to

meet the needs of our clients

International transfers Providing our people with the opportunities

and support to transfer to new locations

Business critical

Aligning investments with key business priorities

Developmental programs

Deliberate investment to accelerate the development of our future leaders

Global Mobility by initiative/program

08 GMIC

Global funding process for PPEDD placements, with priority for placements into EM.

Lo

ng

Du

rati

on

S

ho

rt

Staff / Senior Rank Partner

01 GNH

Global New Horizons is a 3 month short-term program open for staff to managers, operating in all Areas.

Placements from EM as well as into EM.

04 GEM

Global Emerging Markets program provides international opportunity to high potential senior managers from EM for both short and long-term placements.

02 RSP

Resource Sharing Program in Assurance for 3-6 months, which provides mainly seniors from EM regions with experience in US, UK, or other DM locations.

06 GEP

Global Exchange Program for Tax and Assurance is open to seniors and managers for longer-term developmental placements.

05 Pipeline

Mobility pipelines implemented provide transfer opportunities for Assurance, Advisory, TAS. Special regional pipelines also facilitate re-deployment of resources in.

08 Global

Global funding process for long-term placements, with priority for placements on partner level into EM.

07 Networks

Business Networks for Germany, France, Japan and China aim to place people throughout EY, incl. in EM locations to support their clients in home language and content.

03 CS&CR

Corporate Sustainability & Corporate Responsibility initiatives (e.g.Vantage, Enterprise Growth Services, Earth-watch) provide short-term placements into EM to provide advice and support.

Background – policy development

* Complimented by a

short-term policy

** Complimented by a short-

term and commuter policy

1998 Launch of IMAP

(International Mobility

Assignment Program)

First global framework,

implementation on

country level with

limited global guidance

2003 Launch of GMF

(Global Mobility

Framework)

Three longer-term

assignment policies*:

► Strategic

► Developmental

► Local

Challenges in execution:

► Policy determination

too difficult

► Deviations and

exceptions common

► Anticipated hierarchical

alignment did not occur

2010 Launch of IMF

(International Mobility

Framework)

Two main longer-term

policies**:

► Long-term Assignment

(LTA)

► Return Transfer Policy

(RTP)

Challenges in execution:

► Preference for LTA

increased costs

► Negotiations and

exceptions common,

partly reduced by

return transfer-plus

(RTP Plus)

The next

evolution

Policy changes

are ongoing as

they adapt to the

evolving needs of

the business and

people. Our

experience

showed that the

time for the next

program iteration

had come.

Mobility framework review – project mission

A mobility framework for EY needs to:

► Align our practices with our mobility strategy and philosophy

in support of our Vision 2020

► Provide benefits that are competitive in external comparison

in the market

► Provide flexibility to meet business and individual needs

► Enable effective processing and minimize line by line

negotiations on an individual level

► Be considered a leading practice approach


Prior to the mobility framework review

There was a gap in

the middle, which

some of the

Business had

already started to

fill.

If a home-based approach is applied,

a whole suite of benefits falls into

place, with little to no optionality.

LTA Home-based compensation

Full relocation benefits

Home pension/social security plan

Tax equalization

On assignment benefits

Other benefits

If a host-based compensation

approach is applied, only a set of core

benefits is provided with other benefits

added at discretion only.

RTP Host-based compensation

Some long-term benefits

Limited relocation

Two quite linear long-term policies that depended on compensation

approach applied


Application of the old framework Development and challenges

Development

► Usage of RTP (= host compensation) increased

significantly since its introduction

► Permutations to RTP were needed:

► FY13: RTP Plus offers an additional transfer

supplement

► FY14: GEP Assurance provides a housing

supplement

► LTA (= home compensation) used less and

mainly utilized for moves on higher ranks

Challenges

► Moves under core RTP difficult to manage

from mature to emerging markets

► Resulting in lengthy individual discussions

and inconsistent provision of benefits

► Senior Manager moves under RTP

particularly challenging e.g., regarding family

concerns and continuation of long term

benefits

► Application of LTA often cost prohibitive

19% 26%

31%

43% 45%

58%

44% 39%

36% 18% 16%

9%

37% 35% 33% 39% 39%

33%

FY11 FY12 FY13 FY14 FY15 FY16

Other

LTA

RTP (+)

Distribution in relation to total volume per FY


Transforming Mobility at EY Key change in approach

Old policies

► Two distinctive long-term policies - lack of

readily available solutions forced reactive

approach

► Provision of assignment benefits was a

rather rigid “all or nothing” approach, except

where we’ve created program-approach

workarounds

► Lack of pre-packaged solutions created

undesirable practices:

► Lengthy discussions when the core

policies were not sufficient or too costly

► Workarounds where we “break” our

policies were too common

Mobility policies did not meet the diverse

needs of our business anymore

New framework

► Business empowered to make decisions on

mobility investment based on business case

► Relocation and on assignment benefits

independent of compensation approach

enabling “fit for purpose” packages

► Matrix with predefined benefit bundles provide

a structured flexibility

► Globally aligned mapping approach provides

transparency on recommended benefits

across similar business cases

Modular framework provides for mobility

investment in line with business case


Overview of new framework Key terms and concepts

Modules are scaled into

five levels of benefits, ranging

from minimal compliance to

maximal benefits, creating

structured flexibility

For specific programs

or populations, a specific

pre-mapped profile – defining

which module and benefit level

applies – will be defined

Benefit bundles (or Modules) will

be defined for compensation,

relocation/repatriation and on-

assignment benefits to limit line

by line item discussions

For ad hoc assignments,

profile will be mapped based

on assessment of business

case, assignment drivers and

individual needs

Modular

Mobility

Framework


MMF Modular Mobility Framework

Flexible home and host compensation approaches with pre-packaged assignment benefit modules and benefit profiles

for specific assignment categories

Basis Modular Return Transfer

Host-based compensation

Modular Long-Term Assignment

Home-based compensation

Core

Formerly RTP

Long-term benefits,

compliance and

emergency assistance

Salary supplement,

long-term benefits,

compliance and

emergency assistance

Tax equalization,

compliance and

emergency

assistance

Formerly LTA

COLA, tax equalization,

compliance and emergency

assistance

Benefit

matrix All benefit bundles are scalable and can be combined independently with all compensation approaches

Module 1 Minimum Basic Medium High Maximum

Module 2

Modules

3–11

Module

12

Flexible

benefits Flexible payments/reimbursements in addition to or in lieu of pre-packaged modules

Continuous career management throughout the assignment life cycle regardless of an individual’s combination of

framework modules

Sample profiles

Strategic moves

Developmental programs


Scalability of modular benefits

Framework set up for structured flexibility

► Benefits independent of home or host compensation approach and,

therefore, combinable with either

► Definition of 12 topical modules (= benefit bundles) with five-step

scaling: essential, core, regular, classic and premium

► Modules scaled as much as possible, offering “off the shelf”

solutions for minimal (essential) and top-end (premium) benefits

► Top-end benefits in line with external benchmark

► Restructured and scalable family related benefits

► Discretionary benefits available in addition to defined modules in

form of “flex cash” amount or “flex budget” reimbursement

Further flexibility for the business

► Based on business case, mobility recommends a

certain level of assignment benefits

► Business is able to:

► Choose a higher or lower benefit level and/or

► To provide flexible benefits at discretion

Modules with scalable benefits

1 Pre-assignment trip

2 Relocation support

3 Repatriation support

4 Relocation/repatriation allowances

5 Loss on sale/lease of car

6 Travel

7 Family benefit budget

8 Home leave

9 Shipping

10 Housing support

11 Children education

12 Learning and development

Further flexibility for the individual

► Individuals provided with cash-out options for certain

benefits allowing for flexible spending

► Cash-out options available for:

► Relocation shipping entitlement

► Home leave entitlement


Mapping and profiles

To manage the modular framework, the following will be differentiated:

Individual assignments

For individual assignments, the benefits are mapped by

considering rank as well as associated business case and

individual needs

Standard profiles

For assignments within specific programs or pre-defined

categories there are pre-mapped benefits

As an entry point for the mapping of benefits for both scenarios, the following will apply:

For compensation

► Partners to stay on home compensation

(different partnership models and equity issues)

► Individuals below PPEDD* level to be transferred to a

host compensation package

► Where home and host compensation levels

significantly differ, and depending on strength

of individual business case, options are to:

► Leave individuals on home compensation or

► Provide salary supplement in addition to host

compensation

For benefits

► Two possible standard benefit levels by rank, e.g.

► PPEDDs* – premium or classic package

► Senior managers – classic or regular package

► Managers and below – regular or core package

► One benefit level to be recommended depending on

business case assessment

► Business able to adjust all benefit modules “one up”

or “one down”, for higher degree deviations additional

counsel from the Service Line/Service Line Leader

necessary

► Upward adjustments only to be made by the party

willing to pick up the associated cost

*PPEDD = Partner, Principal, Executive Director or Director


Vertical mapping of benefits

What is the business reason of this assignment/

transfer? Host

(home)

Temporary

BUSINESS CASE Permanent

Is this individual required to serve a particular client? Host

(home) × × × × N/A

Is this a strategically important client or a priority

account ?

Host

(home) × × × × N/A

Will this be submitted for global support and/or

funding? Host

× × N/A N/A N/A N/A N/A

× × N/A N/A N/A N/A N/A Is this assignment critical to the Service Line (SL)

and/or business plan?

Host × N/A N/A N/A × ×

Is it employee requested to acquire a specific skill /

knowledge as part of career development plan? Home × N/A

Rank defines the benefit matrix entry point

Package type options

Process All

Essential

PPEDD

Premium Classic

Senior

Manager

Classic Regular

Manager

Regular Core

Senior

Regular Core

Host N/A

Is the individual groomed for a future leadership

position? × × N/A

Is this supported/ sponsored by the home

partner/counsellor/firm? Home × × × × N/A

N/A N/A N/A N/A

Host

(home)

Is it a strategic business request to build a SL

offering or to bring a skillset not currently available?

Are local resources available for the position?

Home

Is this assignment required to build specific

knowledge to take back to the home? Home × × × × N/A

What is the name of the client/account? Host

(home) NAME

× × ×

× × × ×


MMF benefits and risks

How EY benefits

► The MMF meets business requirements for a more flexible and

differentiated investment into mobility

► It transforms the existing proliferation of terms and conditions into

a structured framework

► The structured flexibility of the modular approach and mapping

provide “off the shelf” solutions to the business and avoid a free-for-all,

line-by-line item discussion

► Replication of current “linear” policies remain an option without the

rigidity of the current policies

► New benefit combinations are possible by dissolving the mandatory link

between compensation approach and benefit level

► Focus is on business case while addressing individual needs as well

► The new framework is ahead of existing leading practice, as policy

diversification is the current market trend

Risks to consider

► The MMF as a benefit framework

cannot solve the question of

funding; this needs to be resolved

by the business

► A flexible approach is more

complex than a linear one and

requires stronger business

partnering and a higher caliber

of mobility consultants

► Involvement and commitment

from business stakeholders is

needed to facilitate a transparent

decision-making process

► Provision of differing benefits

will lead to perceived inequity

between assignees


Questions?

Contact

Anja Claudia Vahldiek Director


EY | Assurance | Tax | Transactions | Advisory

About EY

EY is a global leader in assurance, tax, transaction and advisory

services. The insights and quality services we deliver help build

trust and confidence in the capital markets and in economies the

world over. We develop outstanding leaders who team to deliver on

our promises to all of our stakeholders. In so doing, we play a

critical role in building a better working world for our people, for our

clients and for our communities.

EY refers to the global organization, and may refer to one or more,

of the member firms of Ernst & Young Global Limited, each of

which is a separate legal entity. Ernst & Young Global Limited, a

UK company limited by guarantee, does not provide services to

clients. For more information about our organization, please visit

ey.com.

© 2017 EYGM Limited.

All Rights Reserved.

ED None

This material has been prepared for general informational purposes only and is not

intended to be relied upon as accounting, tax or other professional advice. Please refer to

your advisors for specific advice.

ey.com

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