Deloitte Touche Tohmatsu

Company Profile

Publication Date: 19 Dec 2008

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TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview..............................................................................................4
Key Facts...............................................................................................................4
Business Description...........................................................................................5
History...................................................................................................................7
Key Employees.....................................................................................................9
Key Employee Biographies................................................................................10
Major Products and Services............................................................................11
Revenue Analysis...............................................................................................13
SWOT Analysis...................................................................................................14
Top Competitors.................................................................................................20
Company View.....................................................................................................21
Locations and Subsidiaries...............................................................................23

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Deloitte Touche Tohmatsu
Company Overview

COMPANY OVERVIEW

Deloitte Touche Tohmatsu is a global provider of audit, tax, consulting and financial advisory services.
The company is a Swiss Verein (association), operating through a number of member organizations.
The company primarily operates in the Americas. It is headquartered in New York City, New York
and employs about 165,000 people.

The company recorded revenues of $27.4 billion during the financial year ended May 2008, an
increase of 18.6% over 2007.

KEY FACTS

Head Office Deloitte Touche Tohmatsu

1633 Broadway
New York
New York 10019 6754
USA
Phone 1 212 489 1600
Fax 1 212 489 1687
Web Address http://www.deloitte.com
Revenue / turnover 27,400.0
(USD Mn)
Financial Year End May
Employees 165,000

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Business Description

BUSINESS DESCRIPTION

Deloitte Touche Tohmatsu is an organization of member firms around the world, providing a broad
range of professional services including audit, tax, consulting and financial advisory services. The
company operates in nearly 150 countries through 70 member firms. The company serves national
and middle market enterprises, public institutions, privately owned companies and public sector
organizations. It provides its services to all major sectors including aviation and transport services;
consumer business, energy and resources, financial services, life sciences and health care,
manufacturing, public sector and technology, and media and telecommunications. The separate
units of the company are Deloitte & Touche; the US accounting arm; and Deloitte Consulting.

Deloitte's services can be categorized into four broad functional areas: audit, consulting, tax and
advisory services.

Deloitte's audit services segment offers audit technology, addresses new regulatory requirements,
incorporates multiple generally accepted accounting principles (GAAP) compliance, and facilitates
the auditor's understanding of business processes, controls, and risks. Its core competencies
encompass risk management, capital markets, control assurance, internal audit, regulatory consulting,
and security and privacy services.

The consulting services of the company range from strategy formulation to technology implementation.
It also offers industry and functional business performance knowledge. The company has consulting
alliances with leading companies such as 3M Company, BEA Systems, HP, IBM, Oracle Corporation,
SAP, Siemens Medical Solutions USA and Sun Microsystems.

The company's tax services include corporate tax, indirect tax, international assignment services,
international tax, mergers and acquisitions (M&A) transaction services, research and development
credits, tax technology solutions and transfer pricing. The company's Global Backbone is locally
delivered, centrally coordinated global tax compliance and reporting service scalable to meet each
client's specific needs.

The advisory services are composed of four global service lines: corporate finance advisory, dispute
consulting/forensic services, reorganization services, M&A transaction services, and valuation
services. The corporate finance advisory unit provides M&A advice to corporate clients, private
equity/venture capital firms, entrepreneurs and governments. It has 90 partners and more than 900
employees. Its main services include acquisitions and disposals; capital raising-private equity or
capital markets; valuations; strategic and general corporate advice; and business modeling. The
dispute consulting/forensic services range from litigation consulting provided locally and globally to
forensic investigations encompassing fraud and accounting investigations. The reorganization
services include lender solutions, restructuring services, corporate exit management and insolvency
services. M&A transaction services provide tax, accounting and advisory services in business
combinations to buyers or sellers. Valuation services provide business valuation, intangible asset
valuation, tangible asset advisory services, transaction advisory, and capital allocation.

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Business Description

The company's Deloitte's Value Initiative has developed tools such as Deloitte's Enterprise Value
Map (EVM), ValueAnalytics, ValuePrint and Project Portfolio Management. Deloitte's Enterprise
Value Map (EVM) identifies business activities and illustrates how each should be aligned to four
primary value drivers: revenue growth, operating margin, asset efficiency, and expectations.
ValueAnalytics enables the financial analyses of key value drivers. ValuePrint is a business case
development tool. The Project Portfolio Management tool assesses individual projects' effectiveness
and contribution to value.

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History

HISTORY

Deloitte Touche Tohmatsu was formed in 1989 following the merger of three auditing businesses;
Deloitte Haskins & Sells, Touche Niven & Co, and Tohmatsu.

Deloitte Haskins & Sells was founded in 1845. In 1924, its US operations merged with Haskins &
Sells.

Touche, Niven & Co was founded in 1900 in London. As the company expanded, the company
opened offices in the US and Canada.

Tohmatsu was founded in 1968 to provide audit services. The firm expanded overseas earlier and
established a strategic alliance with Touche, Niven & Co. After its formation in 1989, the company
expanded its auditing business in 1994 to encompass the growing industry in consulting. This
business was incorporated as Deloitte Consulting in 1997.

In the wake of the Enron/Andersen scandal, Deloitte decided to split its consulting arm, Deloitte
Consulting. Deloitte Consulting announced in 2002 that it would proceed as an independent, privately
owned firm.

In 2002, the company entered into an agreement to combine with Andersen Spain, Andersen UK,
Andersen Mexico, Andersen Canada, Andersen Netherlands, Andersen Belgium, Andersen Sweden,
Andersen Colombia and Andersen Brazil.

In the same year, Akintola Williams Deloitte & Touche and KPMG Nigeria signed a memorandum
of understanding, agreeing to merge their practices. Akintola Williams Deloitte & Touche was born
out of a merger in 1999 of Akintola Williams & Co and Adetona Isichei & Co.

The Auditor Treuhand group joined the international Deloitte Touche Tohmatsu network in 2002 and
remained an independent entity.

In 2003, the company created a global alliance with Smith Travel Research aimed at developing
new benchmarking analysis within the hotel metrics industry.

In connection with the collapse of Parmalat, lawsuits were filed in 2004 against the Italian units of
Grant Thornton International, Bank of America Corp and Deloitte Touche Tohmatsu for allegedly
misleading investors over the firm’s financial status in 2003. Prosecutors in Milan requested
indictments of the three companies for allegedly not doing enough to prevent improper conduct by
employees who dealt with Parmalat.

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History

Also in 2004, Deloitte Touche Tohmatsu separated from Deloitte France and formed an independent
Deloitte & Touche Juridique et Fiscal, the tax and legal arm of Deloitte in France. Deloitte member
firms in Korea, Anjin Deloitte and Deloitte & Touche Hana merged later in the same year.

Deloitte Touche Tohmatsu (China) merged with Beijing Pan-China CPA in June 2005. In September
2005, Deloitte Touche Tohmatsu China merged with Pan-China Schinda, one of the CPA firms in
China.

In June 2006, the company established Deloitte ASEAN with member firms in six countries: Singapore,
Malaysia, Indonesia, Thailand, the Philippines, and Guam. In October 2006 the company has formed
Deloitte Caribbean/Bermuda, a new cluster of six member firms that will strengthen their position in
the Americas to expand opportunities for growth in the region. In April 2007, the company announced
a collaborative global initiative among Deloitte member firms and SAP AG to develop and deliver
enterprise solutions to better serve clients in sustainable governance, risk and compliance
management processes. In October 2007, Thomson Corporation acquired Deloitte Tax LLP's Property
Tax Services business.

In December 2008, Deloitte opened a new branch in Hangzhou (China).

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Key Employees

KEY EMPLOYEES

Name Job Title Board

James H Quigley Chief Executive Officer, Global Executive Board
John P Connolly Chairman Executive Board

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

James H Quigley

Board: Executive Board

Job Title: Chief Executive Officer, Global
Since: 2007

Mr. Quigley has been the Global Chief Executive Officer of Deloitte Touche Tohmatsu of Deloitte
LLP since June 1, 2007. Previously, he served as the Chief Executive Officer of Deloitte & Touche
USA LLP (D&T USA) since June 2003. He served as Vice Chairman of D&T USA and Regional
Managing Partner of D&T USA's Northeast practice, with responsibility for service to companies in
the metropolitan region of New York, New Jersey, and Connecticut.

John P Connolly

Board: Executive Board

Job Title: Chairman
Since: 2007

Mr. Connolly has been the Chairman of Deloitte Touche Tohmatsu since 2007. He is also Global
Managing Partner for the Assurance Accounting & Advisory practice of the worldwide firm Deloitte
Touche Tohmatsu.

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Major Products and Services

MAJOR PRODUCTS AND SERVICES

Deloitte Touche Tohmatsu is a global provider of professional services to clients through member
firms. The company's key products and services include the following:

Audit:

Auditing services
Global offerings services
International financial reporting conversion services

Tax:

Corporate tax
Global tax compliance
Indirect tax
International assignment services
International tax
Mergers and acquisitions
Tax publications
Tax technologies
Transfer pricing
Research and development credits

Consulting and advisory:

Consulting
Enterprise applications implementation
Human resource consulting
Outsourcing advisory
Strategy and operations
Technology integration

Financial advisory services

Corporate finance
Forensic services
Reorganization services
Transaction services
Valuation services

Enterprise risk services:

Capital markets
Control assurance

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Major Products and Services

Corporate responsibility and sustainability

Internal audit
Regulatory consulting
Security services

Merger and acquisition services

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Revenue Analysis

REVENUE ANALYSIS

Deloitte Touche Tohmatsu

The company recorded revenues of $27.4 billion during the financial year ended May 2008, an
increase of 18.6% over 2007.The Americas, Deloitte Touche's largest geographical market, accounted
for 47.1% of the total revenues in the financial year 2007.

Deloitte Touche Tohmatsu generates revenues through four business divisions: audit (46.4% of the
total revenues during the financial year 2008), consulting (23%), tax (21.9%) and advisory services
(8.8%).

Revenues by Division

During the financial year 2008, the Audit division recorded revenues of $12.7 billion, an increase of
14.8% over 2007.

The Consulting division recorded revenues of $6.3 billion in the financial year 2008, an increase of
22.2% over 2007.

The Tax division recorded revenues of $6 billion in the financial year 2008, an increase of 20.4%
over 2007.

The Advisory Services division recorded revenues of $2.4 billion in the financial year 2008, an
increase of 26.6% over 2007.

Revenues by Geography

The Americas, the company's largest geographical market, accounted for 47.1% of the total revenues
in the financial year 2008. Revenues from the Americas reached $12.9 billion in 2008, an increase
of 12.9% over 2007.

Europe, Middle East and Africa accounted for 41.2% of the total revenues in the financial year 2008.
Revenues from Europe/Middle East/Africa reached $11.3 billion in 2008, an increase of 22.6% over
2007.

Asia Pacific/Japan accounted for 11.7% of the total revenues in the financial year 2008. Revenues
from Asia Pacific/Japan reached $3.2 billion in 2008, an increase of 30.3% over 2007.

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SWOT Analysis

SWOT ANALYSIS

Deloitte Touche Tohmatsu (Deloitte) is global provider of audit, tax, consulting and financial advisory
services. The company provides these professional services through 70 member firms worldwide.
The company has a strong market position with presence across 150 countries and clients from
varied industries, which helps in attracting new customers. Increasing competition, however, threatens
to erode the company’s market share.

Strengths Weaknesses

Well diversified by revenue and revenue Weak presence in outsourcing market

growth across business and region Controversies such as LAUSD and Parmalat
Increasing contribution per member firm may tarnish the company’s public image
sustains Deloitte’s strong market position
Business model less susceptible to
business and economic cycle risk

Opportunities Threats

Early adoption of IFRS standards could spur
demand for Deloitte’s services
Increasing spending on infrastructure likely
to spur demand for Deloitte’s services
Enterprise risk management services likely
to be growth driver
Regulatory changes could create new
opportunities
Easing regulatory restrictions could foster
competition
Valuation of auction rate securities – could
shift the demand away from Big Four
Global economic slow down could affect
consulting business

Strengths

Well diversified by revenue and revenue growth across business and region

The company's revenue is well diversified by business and region. In the financial year ending May
2008 (FY 2008), each of the four businesses—audit, tax, consulting, and financial advisory—achieved
double-digit revenue growth across the Deloitte member firms. Financial advisory, consulting, and
tax all grew in aggregate by greater than 20%, while audit—the largest functional area, representing
47.1% of the total—grew by 14.8%. This balanced growth is attributable to the Deloitte member
firms multidisciplinary approach to client service.

Similarly, each region reported double-digit revenue growth, reflecting the Deloitte network’s balanced
financial strength. Member firms in the Americas region grew by 12.9% to $12.9 billion, or 47.1% of

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SWOT Analysis

the total. Member firms in Central and South America grew by 14%. In Asia Pacific, the fastest
growing region, member firm revenues increased by 30.3% to $3.2 billion, or 11.7% of the total.
Revenue from the Deloitte China practice grew by 28%, driven by the country’s economic growth
and the Deloitte organization’s strategic interest in that country. Revenues from member firms in the
Europe/Middle East/Africa region increased by 22.6% to $11.3 billion, or 41.2% of the total.

The company's revenue growth during FY2004-08 has been well diversified and shifting towards
profitable businesses and growth regions. The company's revenue registered a compounded annual
growth rate (CAGR) of 14% over 2004 ($16.2 billion) to reach $27.4 billion in 2008. During FY2004-08,
Deloitte member firms’ four businesses—audit, consulting, tax, and financial advisory–registered a
CAGR of—14.5%, 12.7%, 12.1%, and 18.9% respectively. Similarly, each of the three
regions—Americas, Europe, Middle East and Africa, and Asia Pacific/Japan—13%, 14%, and 18.9%
respectively. Looking at the Deloitte member firms’ business developments, it is expected that the
company would continue to register higher revenue growth with a positive shift benefiting from the
industry trends.

Increasing contribution per member firm sustains Deloitte’s strong market position

Deloitte is a leading provider of professional services including audit, tax, consulting and financial
advisory services. It is one of the largest professional services firms in the world and one of the Big
Four auditors, along with PricewaterhouseCoopers, Ernst & Young, and KPMG. Deloitte provides
services across 140 countries in the North America, Europe, Middle East and Asia pacific. The
company employs about 165,000 people. It serves 80% of the Fortune 500 companies and large
private, local and national companies.The company has an extensive reach, serving clients worldwide
through 68 member firm companies in FY2008 (as compared to 71 in FY2004). Despite a decrease
in the number of member firms, Deloitte achieved 6th consecutive year of double–digit growth in
FY2008.

Deloitte’s success is attributable to the strengthening competitive position of its member firms.These
firms’ strength is evident from increasing revenue per firm and also awards and recognition received
by them severally and collectively. For instance, in 2007, the Forrester report, titled, Forrester Wave:
Risk Consulting Services, Q2 2007, named Deloitte as a market leader in the risk consulting services
marketplace. For the sixth consecutive year, Euromoney magazine ranked Deloitte's Transfer Pricing
service line at member firms worldwide as the dominant force in global transfer pricing consultation
in its 2006/7 biannual expert guide. For the eighth year, Deloitte & Touche USA LLP (Deloitte &
Touche USA) was named to Fortune magazine’s 2007 list of ‘100 Best Companies to Work for’.
Strong market position enables the company to attract new customers and new talent in competitive
markets.

Business model less susceptible to business and economic cycle risk

Deloitte has a strong customer base comprising several Fortune 500 companies. The company
serves a wide range of industries including aviation and transport; consumer business; energy and
resources; financial services; life sciences and health care; manufacturing; public sector; real estate,
and technology, media and telecommunications industries. Deloitte’s strong customer base across

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SWOT Analysis

industries is evident from revenue by industry group. In FY2008, the share of Deloitte’s revenue by
industry group was – financial services ($6.14 billion), consumer business and transportation ($5.25
billion), manufacturing ($3.94 billion), telecommunications, media & technology ($3.32 billion), energy
& resources ($2.1 billion), public sector ($1.93 billion), life sciences ($1.79 billion), real estate ($1.5
billion), and other ($1.5 billion). Strong revenue across industries reduces Deloitte’s exposure to
business and economic cycle risk. Moreover, it enhances Deloitte’s image as a multidisciplinary
service provider.

Weaknesses

Weak presence in outsourcing market

Deloitte has a weak presence in the business process outsourcing (BPO) as compared to its main
competitors such as KPMG, McKinsey which figure in the top ten global BPO advisors.
Pricewaterhouse Coopers, one of the Deloitte’s major competitors across business functions, ranks
in the top ten global full servicing outsourcing advisors. Similarly, several of Deloitte’s direct
competitors have a strong presence in outsourcing market. Global BPO market is expected to register
an impressive CAGR of more than 12% over the years 2008-2012, to reach $980 billion by 2012.
Deloitte’s weak presence in outsourcing market doesn’t enable it to benefit from one of the fasting
growing global services.

Controversies such as LAUSD and Parmalat may tarnish the company’s public image

In 2004, Los Angeles Unified School District (LAUSD), the largest (in terms of number of students)
public school system in California, began a new payroll system project, with Deloitte Consulting
engaged to customize software purchased from SAP AG. The Deloitte contract was $55,000,000
with the total cost estimated to be $95,000,000. The system went live in January 2007. As of 2008,
a number of problems have been experienced with some staff getting overpaid and some underpaid,
or even not at all. Deloitte representatives and District officials have pointed fingers at each other.
Some of the problems have been software and hardware, some have been due to the complexity
of labor agreements, salary scales, work rules and job assignments within the district. As at 31
December 2007 LAUSD had incurred a total of $140m in payments to Deloitte to get the system
working properly. LAUSD project experience could negatively play on Deloitte’s bid to get similar
projects. In early 2007, Deloitte & Touche and Dianthus, the firm that operated in Italy under the
Deloitte & Touche name until July 2003, committed to provide Parmalat with $149 million to settle
allegations that the audit firm overlooked accounting irregularities at Parmalat prior to its collapse
in 2003. While Deloitte did not admit to any wrongdoing, the fall out of Parmalat has negative
implications for its corporate reputation. Controversies such as LAUSD and Parmalat may tarnish
the company’s public image.

Opportunities

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SWOT Analysis

Early adoption of IFRS standards could spur demand for Deloitte’s services

According to a November 2008 survey by Deloitte, an increasing number of company finance

professionals would consider adopting International Financial Reporting Standards (IFRS) sooner
than the path recently outlined by the Securities and Exchange Commission in its proposed IFRS
roadmap.

About 42% of more than 200 finance professionals who responded to the survey indicated they
would consider implementation of IFRS sooner than 2014, if that were permitted under the mandated
adoption date proposed by the SEC. This represents a significant increase from a similar Deloitte
IFRS study performed earlier in 2008 that showed 30% of respondents would consider adopting
IFRS, if given a choice.

Among the leading factors driving companies’ interest in considering adopting IFRS sooner was
simplified financial accounting and reporting and, separately, improved financial reporting and
transparency. Both of these factors were cited by 37% of the companies surveyed that would consider
earlier adoption. Companies in the survey that would consider adopting IFRS at an earlier date are
predominantly in the technology, media and telecommunications (TMT), manufacturing and financial
services industries. Fifty-seven percent of respondents from companies operating in the TMT industry
would consider adopting before 2014. For financial services, 42% percent of respondents would
consider early adoption. Deloitte’s strong presence in these industries allows it to benefit from the
demand for IFRS adoption.

Increasing spending on infrastructure likely to spur demand for Deloitte’s services

Central Europe faces significant, immediate infrastructure needs—from new roads and bridges to
public utilities, to name a few. Modern infrastructure is essential for economic growth, but it comes
with a large—and sometimes daunting—price tag. For assistance, many countries are turning to
public-private partnerships (PPPs). PPPs are relatively new in Central Europe, and many government
officials lack the specialized expertise to manage them. It’s difficult for them to set proper goals, ask
the right questions, and make informed decisions that keep these projects on time and on budget.
To help governments with PPPs, a team of Deloitte practitioners from several member firms developed
a PPP toolkit, manual, and four-day workshop to provide public sector officials with the knowledge
and capabilities to plan, roll out, and manage PPP projects. For instance, in Romania, Deloitte
practitioners have identified around 50 infrastructure projects both at the central and local levels, at
different stages of preparation, procurement, or implementation. Increasing spending on infrastructure
likely is likely to spur demand for Deloitte’s services such as consulting, auditing, and taxation.

Enterprise risk management services likely to be growth driver

Deloitte's enterprise risk management services have recorded strong growth in the past few years.
Continued focus on internal controls and governance standards have led to doubling of revenues
from risk services. These services include assistance in data security, privacy needs, data analysis
and interrogation services on clients demands.The company's focus on enterprise risk management
services could help it boost revenue growth.

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SWOT Analysis

Regulatory changes could create new opportunities

Regulatory changes in the financial services industry such as the anti-money laundering legislation
enacted in many countries continue to drive the global demand for forensic and dispute services.
The company offers products such as D&Tect and AFTNet for fraud detection and analysis of
litigations. The company is well positioned to benefit from these opportunities.

Threats

Easing regulatory restrictions could foster competition

Deloitte operates in a highly competitive industry. The company faces competition from large players
such as Ernst & Young International, McKinsey & Company, PricewaterhouseCoopers, KPMG and
Boston Consulting Group. It also competes with management consulting firms in the strategy
implementation and system integration services. Other competitors of the company include Bain &
Company, BDO International B.V., BearingPoint, Mercer International, Accenture and Capgemini.

In 2008, European Union Internal Market Commissioner, Charlie McCreevy, said that restrictions
on owning auditing companies could be eased to increase competition in the sector. If the changes
in regulations become a law then competition could increase leading to an adverse impact on the
company’s market share.

Valuation of auction rate securities – could shift the demand away from Big Four

The largest accounting firms – PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young
LLP and KPMG (collectively called Big 4) – audit the bulk of the world's biggest blue chip companies.
Smaller firms include Rothstein Kass, RSM McGladrey and BDO Seidman.The collapse of US credit
markets and subsequent stock market decline slashed the value of many investments held by publicly
traded companies. Some companies have accounted for their losses, while others have yet to mark
their positions at the lower market value. An average 84% of companies audited by one of the Big
4 have written down the value of their auction rate securities in June 2008 and July 2008. The
average write-down was 11.5%. In stark contrast, just 36% of companies whose accounting is audited
by a non-Big 4 firm took write-downs. The average discount was just 8% for companies that did take
write-downs. A difference of 3.5 percentage points is significant enough to affect bottom-lines of
many companies.Those companies whose managements disapprove of Big 4’s accounting practices
especially with regard to the valuation of auction rate securities could shift to a non-Big 4 firm.

Global economic slow down could affect consulting business

According to advance estimates released by the Bureau of Economic Analysis, real GDP in the US
decreased at an annual rate of 0.3% in the third quarter of 2008. Japan, the second biggest global
economy, issued third-quarter growth data that confirmed the country had fallen into recession.
Eurozone GDP declined by 0.2% in both the euro area (EA15) and the EU27 during the third quarter

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SWOT Analysis

of 2008, compared with the previous quarter, according to flash estimates published by Eurostat,
the Statistical Office of the European Communities. In the second quarter of 2008, growth rates were
-0.2% in the euro area and 0.0% in the EU27. A 0.2% q/q GDP decline seen in the second and third
quarters of 2008, means that the Eurozone is technically in recession (as defined by two successive
quarters of contracting GDP). Domestic and global economic slow down could affect consulting
business of Big 4 firms.

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Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Deloitte Touche Tohmatsu

Bain & Company, Inc.

BDO International B.V.
Booz Allen Hamilton Inc.
Capgemini
EDS Corporation
Ernst & Young International
Grant Thornton International
International Business Machines Corporation
KPMG International
McKinsey & Company
PricewaterhouseCoopers
Boston Consulting Group, The
Towers Perrin
Watson Wyatt Worldwide
BearingPoint, Inc.
Mercer International Inc.
Accenture

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Company View

COMPANY VIEW

A joint statement by Chief Executive Officer Jim Quigley and Chairman John Connolly of Deloitte
Touche Tohmatsu, is given below. The statement has been taken from the company's 2008 annual
report.

We are delighted to introduce the Deloitte Touche Tohmatsu 2008 annual review, Looking back,
Thinking ahead. This year’s review embodies the proud but never satisfied spirit that is fundamental
to Deloitte member firms’ success around the world. At Deloitte, we look back to hold ourselves
accountable and proudly celebrate our accomplishments. We look forward to embrace the challenges
ahead and achieve our vision to be the Standard of Excellence.

Financial year 2008 was outstanding for Deloitte member firms, particularly in light of the economic
turbulence that defined the marketplace. In this climate of heightened financial uncertainty, Deloitte
member firms achieved their sixth consecutive year of double-digit growth, with aggregate member
firm revenue increasing 18.6% (13% growth in local currencies) to US$27.4 billion.

The Deloitte global network operates in 140 countries. Our commitment to clients and ability to team
across borders continue to set our member firms apart in the marketplace. Deloitte member firms
believe that to be called global advisers, it isn’t enough to have a presence everywhere around the
world and clients in every city; what’s crucial is having a culture of collaboration that draws upon our
strengths, regardless of location. Our culture is the strength of Deloitte.

At the core of our operations is the key to our success: Deloitte member firms’ network of 165,000
professionals. The world’s most sought-after talent chooses Deloitte because of our culture and the
opportunities for growth and success. They stay at Deloitte for the same reasons.

We see a future for Deloitte that is every bit as exciting and dynamic as the global marketplace in
which our member firms operate. Early investments in emerging economies such as the BRIC
countries (Brazil, Russia, India, and China) have produced outstanding results and position Deloitte
well for continued success. Deloitte’s ongoing commitment to corporate responsibility will take bold
new forms as we harness the full power of our organization to make a difference in the communities
where we live and work.

We are making significant investments in innovation, with our best ideas coming from the bottom
up, not from the top down. Innovation takes many forms at Deloitte, from helping clients adopt the
latest social networking tools to firmwide incentives that encourage innovative ways to serve clients,
such as Deloitte United States’ Innovation Quest program and Deloitte Australia’s Innovation Zone
program. Our commitment to innovation was evident at this year’s DTT Annual World Meeting in
Silicon Valley, where delegates visited 35 leading companies to discuss their innovative practices.
The World Meeting also launched our 2009 Young Partner Advisory Council, which is developing
implementable recommendations to further drive innovation throughout our network of member firms.

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Company View

Deloitte Research’s thought leadership consistently distinguishes Deloitte in the marketplace. Each
piece of research reflects a deep understanding of clients’ industries.Topics range from cross-industry
and strategic themes, such as the significant effect each generation has on business, to emerging
markets and industry-specific pieces, such as the annual Global Powers of Retailing.

Everything we do is guided by our deeply embedded Shared Values: integrity, commitment to each
other, outstanding value to markets and clients, and strength from cultural diversity. These are the
hallmarks of our culture and the foundation for every decision we make. Deloitte takes client service
very seriously. The decisions we make and the value delivered influence the capital markets and
ultimately the public trust. We see every Deloitte member firm professional as a steward for our
Shared Values and an ambassador for our brand.

Excellence is our promise. Thank you for taking the time to read our story. Our goal is to help you
understand more about the Deloitte culture—who we are, the value provided to clients, and the
passion we share for our brand. You will see that the people in our member firms are never satisfied
with the status quo. We are always looking for opportunities to make things better—for clients,
communities, and each other. We hope you enjoy this unique look inside Deloitte.

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Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES

Head Office
Deloitte Touche Tohmatsu
1633 Broadway
New York
New York 10019 6754
USA
P:1 212 489 1600
F:1 212 489 1687
http://www.deloitte.com

Other Locations and Subsidiaries

Deloitte Touche Tohmatsu - South Africa Deloitte Touche Tohmatsu - Canada

11 Lansdowne Road 1005 Skyview Drive
Claremont Suite 202
Cape Town 8000 Burlington
ZAF Ontario L7P 5B1
CAN

Deloitte Touche Tohmatsu - Canada Deloitte Touche Tohmatsu India

1005 Skyview Drive 12, Dr. Annie Besant Road
Suite 202 Worli
Burlington Mumbai 400 018
Ontario IND
L7P 5B1
CAN

Deloitte Touche Tohmatsu-US Deloitte Touche Tohmatsu CPA

2 California Plaza 8/F Office Tower W2
350 South Grand Ave The Towers Oriental Plaza
Suite 200 1 East Chang An Avenue
Los Angeles Beijing
California 90071 3462 100738
USA CHN

Deloitte Touche Tohmatsu - Hong Kong Deloitte Touche Tohmatsu India

35/F One Pacific Place 12, Dr. Annie Besant Road
88 Queensway Worli
Hong Kong Mumbai 400 018
HKG IND

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