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BDO INTERNATIONAL ANNOUNCE
2004 ANNUAL FIGURES

[Hong Kong, 5 January 2005] The BDO Global Coordination office has announced the year-end results for the BDO International network, as at 30 September 2004.

Global fee income shows an increase of 13% on last year, climbing to an impressive* US$ 3,017.5 million.

The network now boasts an additional 50 offices world wide – 621 in total – and a total staff of 25,118. In addition to sound performances and organic growth across every region, these increases are due in part to new Member Firms joining the organisation in 2004: in Serbia-Montenegro (BDO BC Excel), Mauritius (BDO De Chazal Du Mee) and Brazil (BDO Trevisan), as well as mergers in France (BDO Marque et Gendrot), Finland (BDO FinnPartners Oy) and Indonesia (BDO Tanubrata & Co).

While these new firms contributed to the regional growth - for example the income for Latin America is up 48%, and that for Southern Africa 49% - this should not obscure the fact that most firms in those regions showed individual increases. The same was true in Europe and North America, where average growth was 8% and 9% respectively, while the Middle East very strong with +20%, and the Asia Pacific region grew 5%.

Frans Samyn, CEO of BDO International, is very content that the network’s global income has topped the US$ 3 billion mark. ‘This level of growth is at a pace equal to, if not faster than the competition, and indicates that BDO enjoys a unique position in the market. Having to spend time and effort conforming to the ever-increasing demands of regulators may be perceived as a burden, but is actually creating competitive opportunities’, he commented.

‘The unshakeable belief of all BDO employees in the paramount importance of integrity, together with the close relationships our partners have - not only with their clients, but with their BDO colleagues around the world - have given us an edge, and clients from every sphere are taking notice. The BDO brand, and the promise it delivers, is a formidable one. I look forward to a consistently improving performance in the months to come’.

*This amount includes the revenues of the BDO Member Firms and the exclusive members of their Alliances, all of which are independent legal entitles.