Deloitte Touche Tohmatsu

August 31 2003

Asia Pacific Regional Office

14th Floor, Wing On Centre

111 Connaught Road Central

Hong Kong

Tel: +852 2852 1600

Fax: +852 2854 0076

The Asia Pacific Region offers dynamic opportunities and unique challenges for global businesses. Every business decision involves intricately entwined issues, not the least of which is its tax implications.

As you address these issues, rely on advisers with intimate knowledge of the tax and business issues, in addition to political and cultural nuances of the region. The Asia Pacific member firms of Deloitte Touche Tohmatsu offer seasoned, skilled and knowledgeable professionals, a broad range of services, technological leadership and innovation, and comprehensive geographic coverage in the Asia Pacific Region. We are proud to be a part of the global leader in professional services with more than 120,000 outstanding professionals in 150 countries.

Regardless of the country, we can offer you the local insights you need to make informed tax decisions. We can also help you align your Asia Pacific tax strategies with your company's overall global tax strategies to achieve the most tax-efficient global tax posture for your circumstances.

We welcome the opportunity to discuss your needs. Our global service areas include the following:

International Tax Services

With international tax specialists in more than 120 countries, we can help you devise a more tax-efficient international business structure. Our Global ST²EPS methodology takes global tax and treasury planning to the next level. Through Global ST²EPS, we help you achieve a more comprehensive view of your worldwide effective tax rate and develop and maintain an optimal global tax and cash flow strategy.

Indirect Tax Services

We offer informed advice relating to the total impact of transaction taxes, such as VAT and customs, on your activities. From registration and compliance to analysis of transactions and tax minimization techniques, we offer a truly global service, with in-depth experience and insights on the indirect tax regimes of countries around the world.

Transfer Pricing

As tax practitioners and economists who specialize in transfer pricing-as well as former government officials with Competent Authority responsibilities-we are well represented in all major centers of the Asia Pacific Region. Our extensive experience and proactive, three-pronged approach can help you keep pace with the ever changing global business environment to achieve your transfer pricing objectives and minimize tax audit risk.

Mergers & Acquisitions

We are the leading global provider of M&A transaction services to both strategic buyers and private equity investors. From both tax and business perspectives, we add value to our clients' investments through rigorous and focused due diligence that identifies "deal breakers" and "diamonds" early in the process, innovative structures to maximize value of the transaction, transaction closing assistance that enables clients to maintain focus on their day-to-day operations, and sound tax-planning strategies-incorporated early in the process-that align directly with the business objectives of the transaction.

International Assignment Services

Whether your organization is expanding internationally for the first time or has an established global presence, we can help design, implement, and administer an international assignment program that balances the needs of the business and its assignees. Solutions include tax planning and consulting, program management, international human resource consulting, and technology solutions.

Asia Pacific Principal Contacts:

Asia Pacific Regional Office

Regional Managing Partner - Tax Services

Tracey Edwards

Tel: +852 2852 1600

Fax: +852 2854 0076

Email: tedwards@deloitte.com

International Tax Services

Don Wilson

Tel: +852 2852 1600

Fax: +852 2854 0076

Email: dowilson@deloitte.com