News release. Anita Müller Media Relations Phone: +41 (0)

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1 News release Anita Müller Media Relations Phone: +41 (0) EY Switzerland closes the fiscal year with CHF million in revenue and continues to grow thanks to its advisory business and Financial Services business unit Audit and advisory firm EY Switzerland succeeded in strongly increasing total revenue in the 2014/2015 fiscal year by 6% to CHF million. Net revenue rose by 4.5% to CHF million. Growth has been driven by advisory services for the banking and insurance sectors. To have a sustainable effect on this growth trajectory in an ever more demanding market environment, EY is investing heavily in the next generation and new teams and services, creating new jobs in the process. ZURICH, 9 OCTOBER 2015 EY Switzerland closed the 2014/2015 fiscal year on 30 June 2015 with fee income of CHF million (+6.0%), thus strongly accelerating the growth rate of recent years. Net fee income without services rendered by foreign EY organizations and excluding expenses increased by 4.5% to CHF million. "Faced with a market environment that remains highly competitive, we are extremely satisfied with the results, which show that our extensive investment in quality, technology and staff over the recent years has paid off. As the most globally oriented organization in the sector, we re staying the course and will continue to invest in implementing our global strategy, so that we can keep expanding on our strong market position in growth areas during the current year," says Bruno Chiomento, CEO of EY Switzerland. Strong growth in the Financial Services business unit Our advisory and auditing business for the financial sector now accounts for over one-third of the revenue at EY Switzerland. Most notably, the advisory business of the Financial Services unit has again picked up momentum and is preparing to hold its growth course steady through

2 2 the targeted recruitment of additional talent. "The financial industry is undergoing a fundamental transformation process to a new reality. The current development is marked by volatility, uncertainty, complexity and ambiguity, and is developing strongly toward industrialization and digitalization of business models in a multi-polar, global financial world," emphasizes Marcel Stalder, Financial Services Leader at EY Switzerland. Expansion in Advisory Services Advisory Services and Transaction Advisory Services posted a spectacular jump of 19.2% in fee income to CHF million. The sharp increase in revenue in advisory services at EY was primarily generated by the Financial Services business unit. "We were able to continue on our growth course last year. Thanks to our closely linked network and a thoroughly integrated international service offering, we can provide our clients with optimum support, and we also expect clear growth in revenue in the current fiscal year. Based on our new strategy, we have consistently aligned our organizational unit to the future needs of banks and insurance companies. In particular, we have invested heavily in the areas of strategy advisory, IT advisory, data management and digitalization as well as corporate culture and organizational advisory, and have significantly expanded our partner base," explains Marcel Stalder. Competitive environment for Audit and Assurance Services The environment for Audit and Assurance Services continued to be highly competitive in the past year. The gross fee income declined by 1.9% to CHF 261 million while net revenue increased slightly by 0.3% to CHF 229 million. With substantial investment in new methodologies and auditing tools, a strong foundation has been laid in recent years for sustainable positive development in this area. The units Forensic Investigation & Dispute Services and Financial Accounting Advisory Services developed very positively last year. "As auditors, we are confronted with a range of challenges. We have responded quickly, investing significantly in audit quality and further added value; this is highly valued by clients," says Bruno Chiomento. Tax and Legal Services increasingly in demand Tax and Legal Services showed pleasing growth in the fiscal year just closed, generating revenue of CHF 174 million (+7.1%). "Although the prior year was difficult, we re back on a growth course and confident that we re able to take further growth steps in the current fiscal year. Due to the ongoing and far-reaching tax reforms in the Swiss financial environment, we

3 3 also find ourselves in the midst of a profound transformation process. In these times of upheaval, our clients need security and close assistance. We anticipate renewed increases in activity as Corporate Tax Reform III in Switzerland and the tax initiatives driven by the OECD take further shape," says Philip Robinson, Chairman of the Board of Directors of EY Switzerland. Constant investment in staff At present, 2,425 employees from 64 countries work at EY Switzerland. In this reporting year, EY again invested extensively in new staff and in the promotion and development of existing staff. The number of full-time employees increased by 9.1% to 2,286 by the end of the fiscal year. A total of 288 graduates made a promising start to their career at EY, and 85 employees sat examinations to qualify as auditors and tax advisors. "EY is making a valuable contribution to providing the Swiss economy with a sufficient supply of specialists. We take on this responsibility throughout all economic cycles, and will continue to do so in the future," explains Bruno Chiomento. Each employee underwent an average of 57 hours of training in the year under review, which corresponds to an increase of 4.8%.

4 4 Fiscal year from 1 July 2014 to 30 June 2015 Fee income by business unit (gross): Business unit 2013/ /15 Change Audit and Assurance Services Tax and Legal Services Advisory Services Total Fee income by business unit (net): Business unit 2013/ /15 Change Audit and Assurance Services Tax and Legal Services Advisory Services Total EY Switzerland: employees and training 2013/ /15 Change Employees (full-time) 2,095 2, Training per employee (hours) EY Assurance Tax Transactions Advisory About the global EY organization The global EY organization is a leader in assurance, tax, transaction, legal and advisory services. We leverage our experience, knowledge and services to help build trust and confidence in the financial markets and in economies all over the world. We are ideally equipped for this task with well trained employees, strong teams, excellent services and outstanding client relations. Our global mission is to drive progress and make a difference by building a better working world for our people, for our clients and for our communities. The global EY organization refers to all member firms of Ernst & Young Global Limited (EYG). Each EYG member firm is a separate legal entity and has no liability for another such entity s acts or omissions. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information, please visit

5 EY s organization is represented in Switzerland by Ernst & Young Ltd, Basel, with ten offices across Switzerland, and in Liechtenstein by Ernst & Young AG, Vaduz. In this publication, «EY» and «we» refer to Ernst & Young Ltd, Basel, a member firm of Ernst & Young Global Limited. 5