Denmark

September 20, 2017

Anja Levin Sepstrup
	Deloitte Denmark Weidekampsgade 6 2300 Copenhagen S Denmark Tel: +45 30 93 40 32 Email: anlesepstrup@deloitte.dk Website: www.deloitte.com Anja Levin Sepstrup, Deloitte Denmark, is a partner in the M&A and international tax group, where she joined in December 2016. She is the leader of Deloitte's incentive practice, and specialises in the design and implementation of all types of incentive schemes, with extensive experience within the private equity sector and financial companies. She has more than 18 years of experience with the international taxation of bonus and share-based programmes including cross-border implications, corporate tax issues, M&A transactions and employer obligations. Anja has built up her wide experience by working for international accounting firms including PwC (1999-2001) and KPMG (14 years). She also worked for a Danish law firm specialised in transactions, Accura (2013-2014). Anja works with legal issues and HR considerations connected to the reward practice, and has a network within several industries, including media, medical device, energy and resource. Within the financial sector, Anja has a very strong profile having designed several long-term bonus programmes for executives and substantial risk takers within the financial sector, where EU-based requirements to the type of bonus, payment cycles, retention and forfeiture provisions, etc. must be complied with. She also regularly assists the private equity industry with management incentive programmes including exits, design, and valuation. Anja has a master's degree in law from the University of Aarhus, Denmark. Being a specialist in reward practice, she has published several articles on the topic. She has also given lectures, among others, at the University of Copenhagen and Copenhagen Business School.

Anja Levin Sepstrup

Deloitte Denmark

Weidekampsgade 6

2300 Copenhagen S

Denmark

Tel: +45 30 93 40 32

Email: anlesepstrup@deloitte.dk

Website: www.deloitte.com

Anja Levin Sepstrup, Deloitte Denmark, is a partner in the M&A and international tax group, where she joined in December 2016. She is the leader of Deloitte's incentive practice, and specialises in the design and implementation of all types of incentive schemes, with extensive experience within the private equity sector and financial companies.

She has more than 18 years of experience with the international taxation of bonus and share-based programmes including cross-border implications, corporate tax issues, M&A transactions and employer obligations. Anja has built up her wide experience by working for international accounting firms including PwC (1999-2001) and KPMG (14 years). She also worked for a Danish law firm specialised in transactions, Accura (2013-2014).

Anja works with legal issues and HR considerations connected to the reward practice, and has a network within several industries, including media, medical device, energy and resource. Within the financial sector, Anja has a very strong profile having designed several long-term bonus programmes for executives and substantial risk takers within the financial sector, where EU-based requirements to the type of bonus, payment cycles, retention and forfeiture provisions, etc. must be complied with.

She also regularly assists the private equity industry with management incentive programmes including exits, design, and valuation.

Anja has a master's degree in law from the University of Aarhus, Denmark. Being a specialist in reward practice, she has published several articles on the topic. She has also given lectures, among others, at the University of Copenhagen and Copenhagen Business School.

Sara Stentz Zahle
	Deloitte Denmark Weidekampsgade 6 2300 Copenhagen S Denmark Tel: +45 21 13 11 77 Email: szahle@deloitte.dk Website: www.deloitte.com Sara Stentz Zahle, Deloitte Denmark, is a partner in the M&A and international tax group. In addition, she is the client and industry leader of tax in Deloitte Nordics. She has built up her profound knowledge within corporate and international tax by working for 17 years for international accounting firms, including EY (2000-2011), PwC (2011-2014), and Deloitte (2014-present). Over the years, Sara has obtained extensive experience in working together with Danish multinationals, assisting them with their outbound activities, as well as great experience in advising foreign multinationals with their Danish tax issues, including e.g. general corporate tax assistance, relevant issues when setting up a business in Denmark, or abroad, withholding taxes, incentives, permanent establishments, M&A activities, intellectual property restructurings, etc. Sara has been responsible for advising and coordinating numerous international tax restructurings, M&A projects, post-merger integrations, etc. Sara has a long record supporting several Danish and foreign companies in obtaining binding rulings from the Danish tax authorities, as well as assisting with tax audits. As a result of this, she has established a good relationship to the Danish tax authorities. She also has extensive experience in conducting cases at the National Tax Tribunal. Sara services clients from a wide range of industries, including construction, media, pharma, medical device, energy and resources, manufacturing, industrials consumer products, gaming industry, fashion industry, etc. Sara has a master's degree in law from the University of Copenhagen, Denmark. She is a member of the tax committee of the Confederation of Danish Enterprise. Being a specialist in Danish controlled foreign corporation taxation, she has published several articles on the topic, as well as other topics. She has also given lectures, among others, at the Association of State-authorised Public Accountant in Denmark.

Sara Stentz Zahle

Deloitte Denmark

Weidekampsgade 6

2300 Copenhagen S

Denmark

Tel: +45 21 13 11 77

Email: szahle@deloitte.dk

Website: www.deloitte.com

Sara Stentz Zahle, Deloitte Denmark, is a partner in the M&A and international tax group. In addition, she is the client and industry leader of tax in Deloitte Nordics. She has built up her profound knowledge within corporate and international tax by working for 17 years for international accounting firms, including EY (2000-2011), PwC (2011-2014), and Deloitte (2014-present).

Over the years, Sara has obtained extensive experience in working together with Danish multinationals, assisting them with their outbound activities, as well as great experience in advising foreign multinationals with their Danish tax issues, including e.g. general corporate tax assistance, relevant issues when setting up a business in Denmark, or abroad, withholding taxes, incentives, permanent establishments, M&A activities, intellectual property restructurings, etc. Sara has been responsible for advising and coordinating numerous international tax restructurings, M&A projects, post-merger integrations, etc.

Sara has a long record supporting several Danish and foreign companies in obtaining binding rulings from the Danish tax authorities, as well as assisting with tax audits. As a result of this, she has established a good relationship to the Danish tax authorities. She also has extensive experience in conducting cases at the National Tax Tribunal.

Sara services clients from a wide range of industries, including construction, media, pharma, medical device, energy and resources, manufacturing, industrials consumer products, gaming industry, fashion industry, etc.

Sara has a master's degree in law from the University of Copenhagen, Denmark. She is a member of the tax committee of the Confederation of Danish Enterprise. Being a specialist in Danish controlled foreign corporation taxation, she has published several articles on the topic, as well as other topics. She has also given lectures, among others, at the Association of State-authorised Public Accountant in Denmark.