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BDO INTERNATIONAL SIGNS 2 NEW MEMBER FIRMS IN CHINA

[HONG KONG, 4 March 2005] BDO International is pleased to announce that a further two Member Firms have joined the BDO network, taking the total of BDO firms in China to five. The existing representations in Shanghai (BDO Shanghai Zhonghua), in Beijing (BDO Reanda) and in Hong Kong SAR (BDO McCabe Lo) are to be augmented by new firms BDO Shenzhen Dahua Tiancheng and BDO Wuhan ZhongHuan.

The firm that is now BDO Shenzhen Dahua Tiancheng was established in 1987, and has 2 offices: one in Shenzhen, the other in Guangzhou. Revenue for 2004 was ?3.4 million, with projections for 2005 topping the ?4 million mark. Of the 183 personnel, 11 are Partners, the bulk of whose work is in audit, although tax and insolvency work, as well as specialist advisory services, are important also. The firm?s clients represent a variety of industries and markets, and include listed companies and financial institutions.

Managing partner Mr Wu Jian Hui is delighted to have joined the BDO network. ?Although our firm has developed significantly over the last few years, we nevertheless have a comprehensive strategic plan in place in order to meet our future growth requirements. Becoming part of BDO is an important stage in that plan, and as a member of this international network we look forward to developing our tax and other specialised business capabilities, as well as increasing our international engagements in audit and other services. We are particularly pleased that we will be able to assist in building the BDO brand in China, and anticipate being recognised in our country as the leader at partnering our clients, and each other, for mutual success?.

Also founded in 1987, BDO Wuhan ZhongHuan, in Wuhan, has 23 Partners amongst their 264 staff. Total billings in 2004 amounted to ?3.7 million, and those for 2005 are expected to exceed ?4.5 million. The firm concentrates on offering audit and accounting services, with revenue from their top 35+ clients contributing some 56% of the total, and some 400 smaller entities making up the rest. Clients cover a broad spectrum, from heavy industry and property to retail, technology and financial services.

Senior Partner Mr Zhang Zhuo Qi feels extremely positive about the firm?s membership of the BDO network: ?We are keen to expand our firm. Joining BDO International will not only give our firm a new development platform, but also the impetus to accomplish its goals and social values. The BDO brand is a valuable one, and is key if we are to maximise our growth potential, and be seen as without equal, inside our borders and beyond. We will make the best possible use of BDO International?s international marketing experience and its brand reputation, as well as the global technical support resources, and well established administrative procedures. In so doing, we will be able to increase our firm?s competitiveness, and will benefit from this fresh running start, to face new challenges and create a bright future?.

Frans Samyn, CEO of BDO International, is enthusiastic about the opportunities these two new liaisons will bring to BDO. "It would be easy to feel overwhelmed by the enormous potential in China. These two new BDO firms bring our total in the country to five, but there is every likelihood that we will go on to establish more - BDO recognises the substantial benefits that are to be gained from establishing and strengthening the BDO brand throughout this vast geographical area. We are now present in the six major metropolitan areas ? Shanghai, Beijing, Hong Kong, Shenzhen, Wuhan and Guangzhou - and are aware of the possibilities in these fast-growing economic centres.

Each firm in BDO China possesses the typical BDO Member Firm attribute of local distinctiveness, combined with a deep understanding of their marketplace. When, however, they bring their collective strength and expertise to bear at a global level, the benefits to the network as a whole will be significant?.