Global IT-BPO Outsourcing Deals Analysis 2Q15 Analysis: April to June

Global IT-BPO Outsourcing Deals Analysis 2Q15 Analysis: April to June July 2015

About global IT-BPO outsourcing deals analysis KPMG s Shared Services and Outsourcing Advisory (SSOA) practice publishes a quarterly analysis on IT-BPO outsourcing contracts signed across industries and geographies, with a total contract value (TCV) of USD5 million and above per deal. Methodology and limitations of the study: The analysis and findings presented in this report are based on select third party deals database including, publicly available outsourcing data as identified throughout this presentation. It does not include contract information gathered from KPMG Sourcing Advisory business engagements. The count and value of the deals may vary notably in reality and is only indicative of market movements and trends in the IT-BPO space. Readers are requested to use their discretion while assessing the global IT-BPO market accordingly. For more information on this market research, please get in touch with Shailesh Narwaiye (snarwaiye@kpmg.com). 1

Contents Section 1: Global deals: An overview Section 2: 2Q15 deal analysis Section 3: IT-BPO outsourcing outlook

Section 1 Global deals: An overview

A summary In 2Q15 (April to June), 254 ITO contracts worth USD66.6 billion and 72 BPO contracts worth USD7.5 billion were signed, worldwide. Globally eight IT-BPO bundled deals were signed in 2Q15 with contract value worth USD1.8 billion. In terms of value, approximately 80 percent of deals originated from the United States, followed by the United Kingdom at 8.5 percent. Switzerland and Mexico were two other key outsourcing markets. The average deal tenure increased to 4 years 9 months in 2Q15 from 3 years 2 months in 1Q15. Defense sector witnessed a multi-fold growth in terms of total contract value contributing to 74 percent in terms of value of outsourcing deals signed in 2Q15. Government sector gained momentum in 2Q15 with a quadruple increase in total contract value after a weak market activity in 1Q15. IT Bundled Services and HRO Services contributed approximately USD41.6 billion and USD3.5 billion respectively and were the largest procured services globally within ITO and BPO outsourced services, respectively. Average annualized contract value in 2Q15 was USD49.3 million as compared to USD20.2 million in 2Q14 showing an increase of 145 percent between the two quarters. Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 4

Quarterly deal movements Snapshot Quarterly movements of global IT-BPO deals* 2Q15 Number of deals 1,590 516-7% Number of deals 1,473-22% Number of deals 1,144 No. of deals 428 426 422 161% 2Q14 Deal value 292 22.7 354 Total deal value USD150.4 billion 36.5 35.3 55.9-3% 299 20.3 Total deal value USD145.5 billion 53.3 43.9 326 259-17% 28.0 25.2 316 324 Total deal value 245 192 USD120.4 billion 29.1 39.8 26.4 21.8 334 75.9 2Q15 2Q14 6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2013 2014 2015 Value (USD billion) No. of deals *The term deals is interchangeably used with contracts throughout the analysis unless otherwise specified. Deals analyzed are global sourcing contracts of size USD5.0 million and above only. Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 2Q15 witnessed more than thrice the deal value compared to 1Q15 the highest Q-o-Q growth in the last three years. There was an increase of 161 percent in total contract value and total number of deals increased by 6 percent in 2Q15 as compared to 2Q14 The average contract value continued to increase in 2Q15 with an increase of 100 percent as compared to 1Q15. 5

Annualized contract value (ACV) Q-o-Q comparison Annualized* contract value comparison per quarter 49.34 145% increase 2Q15 16,479 2Q15 4 years 9 months 159% increase 0.78 20.16 5,271.4 2Q14 6,371 2Q14 4 years 6 months 26% decrease 0.44 20.14 389.6 2Q13 8,579 2Q13 4 years 7 months 3,500 8,500 13,500 18,500 Total Annualized Contract Value (USD million) 0.86 Minimum annualized contract value 690.9 Maximum annualized contract value * Annualized contract value = ( total value of a contract / tenure in months ) x 12 Contract value for contracts having tenure less than 1 year is considered as annualized value for the analysis. Graph is not to scale and only represents the division across different parameters Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database Note: All values in USD million unless otherwise specified Average annualized contract value (USD million) Average tenure per contract Total annualized contract value in 2Q15 grew to about 2.5 times its value in 2Q14. The average annualized contract value also increased by 145 percent in 2Q15 as against 2Q14. This is highest deal activity which we have observed in the last 14 quarters The average contract tenure increased to 4 years 9 months in 2Q15 from 4 years 6 months in 2Q14. 6

Sector analysis Q-o-Q comparison Sector Trends in deal movement from 2Q14 to 2Q15 Total Contract Value Total Number of Contracts Average Contract Value 2Q14 -> 3Q14 3Q14->4Q14 4Q14 -> 1Q15 1Q15 -> 2Q15 2Q14 -> 3Q14 3Q14->4Q14 4Q14 -> 1Q15 1Q15 -> 2Q15 2Q14 -> 3Q14 3Q14->4Q14 4Q14 -> 1Q15 1Q15 -> 2Q15 Automotive & Aerospace -92% -41% 403% -83% -67% 0% 150% 20% -76% -41% 101% -86% Banking & Financial Services 141% 77% -7% -90% -24% -37% -8% 18% 218% 181% 2% -91% Defence 219% -72% 45% 710% 132% -56% 27% 114% 37% -36% 14% 279% Energy & Utilities 51% -75% 64% -14% 111% -32% -31% 11% -28% -63% 137% -23% Government 28% -54% -82% 439% -18% -14% -61% 37% 57% -46% -53% 294% Insurance -50% 331% 36% -92% -25% 100% 17% 0% -33% 115% 16% -92% Manufacturing -81% 91% -2% 170% -50% 15% -53% 129% -63% 66% 110% 18% Pharma & Healthcare -90% -93% 2242% 1072% -43% -75% 200% 267% -82% -72% 681% 220% Publishing, Media & Entertainment -73% -96% 786% 314% -67% -67% 100% 350% -18% -88% 343% -8% Retail 35% -25% -48% 631% -50% 40% -71% 400% 170% -47% 82% 46% Telecom 24% 47% -59% 82% -23% 17% -39% 76% 60% 26% -33% 3% Travel & Logistics 18% 263% 4% -91% 25% 40% -14% -17% -5% 160% 22% -89% Others* -70% 956% -43% 281% -24% 13% 22% 45% -61% 838% -53% 162% *Others: Construction, Consumer and Recreational Services, Education, Professional services, Securities and investment services, Social services, Trade unions, Technology, Wholesale Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database Decrease >=25% Decrease <25% No change Increase <25% Increase >=25% In 2Q15, while there has been a decrease in Total Contract Value by more than 25 percent in few sectors, there has been multi-fold growth in remaining sectors with Defense, and Pharma and Healthcare together contributing to an overall increase in this parameter by 249 percent Continuous growth in average contract value was observed in Manufacturing sector since 3Q14 All the sectors, except Travel and Logistics, and Insurance have shown an increase in number of contracts signed in 2Q15 over 1Q15. 7

Deal analysis Q-o-Q comparison Trends in deal movement from 2Q14 to 2Q15 Deal Type Total Contract Value Total Number of Contracts Average Contract Value 2Q14 -> 3Q14 3Q14->4Q14 4Q14 -> 1Q15 1Q15 -> 2Q15 2Q14 -> 3Q14 3Q14->4Q14 4Q14 -> 1Q15 1Q15 -> 2Q15 2Q14 -> 3Q14 3Q14->4Q14 4Q14 -> 1Q15 1Q15 -> 2Q15 ITO -33% 26% -18% 276% -25% 0% -25% 72% -11% 26% 9% 119% BPO 693% -90% 1% 313% 151% -73% -68% 700% 216% -63% 213% -48% Bundled 285% -39% -24% -20% 85% -17% 75% -77% 109% -27% -56% 249% Less than USD 100 MN 1% -27% -18% 78% 13% -20% -20% 56% -11% -9% 2% 14% Betw een USD 100-500 MN -5% -51% -10% 214% -36% -32% -29% 159% 49% -28% 27% 21% More than USD 500 MN 247% -19% -22% 344% 567% -55% -22% 71% -48% 80% 1% 159% Less than 1-year 108% -54% 61% 21% 35% -37% -5% 33% 54% -27% 68% -9% Betw een 1 to 5-years 39% -46% 6% 82% 15% -15% -16% 26% 21% -36% 26% 45% More than 5-years 32% -19% -38% 487% -29% -46% -58% 594% 86% 52% 48% -15% Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database Decrease >=25% Decrease <25% No change Increase <25% Increase >=25% Owing to the large increase in the overall deal value, while almost all the other deal categories witnessed an increase in total contract value, Bundled deals decreased by 20 percent in 2Q15 as compared to 1Q15 Average contract value for BPO deals decreased by more than 25 percent in 2Q15 as compared to 1Q15 In terms of tenure, the average contract value of deals with tenure between 1 to 5 years grew by less than 25 percent whereas both, short tenure (less than 1 year) and long tenure deals (more than 5 years) declined by less than 25 percent. 8

Geography analysis IT-BPO deals across geographies: Q-o-Q comparison 887 AMERICAS Geography-wise break-up of deals* 452 EMA 398 716 1,066 97.6 290 122 206 253 11.4 32.6 30 17.4 649 608 996 562 63.2 15.6 64.9 126 282 35 204 7.8 157 13 47.5 39.1 103 81 93 9.6 9.6 10.4 2Q13 2013 2Q14 2014 2Q15 ASPAC 134 97 Q2-2009 2009 2009 Q2-2010 2010 2010 2011 Q2-2011 2Q13 2013 2Q14 2014 2Q15 Total Contract Value (USD billion) * Deals originating from the geography No. of Contracts Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 8.8 8.0 33 29 37 1.7 2.1 2.2 2Q13 2013 2Q14 2014 2Q15 AMERICAS rose back to be the major outsourcing region contributing 83 percent of the total deal value in 2Q15, 89 percent of which is from Defense sector The outsourcing market in EMA and ASPAC continue to grow with an increase in total deal value of 8.2 percent and 6.6 percent respectively in 2Q15 as compared to 2Q14 In terms of number of deals, AMERICAS contributed to 61 percent of the total number of deals signed in 2Q15, whereas EMA and ASPAC contributed 28 percent and 11 percent respectively. 9

Deal Value (USD billion) Sector analysis IT-BPO deals across sectors by value and numbers TCV : USD75.9 billion No. of contracts: 334 Sector-wise break-up of deals (3Q14 to 2Q15) 116 139 65 51 90 77 28 30 32 56.3 30 5.7 24 16.9 12.6 5.3 22 4.3 7.0 5.8 5.7 19 19 4.8 17 18 16 14 15 16 12 13 3.9 11 12 13 13 2.9 10 10 2.7 2.4 9 10 11 9 10 3.2 7 7 7 1.9 7 2.0 6 5 6 1.5 5 1.6 1.6 2.2 4 3 1.2 2 2 3 3 1.0 2 2 1.1 1.1 0.8 0.9 0.9 0.9 1 1 0.20 0.5 0.2 0.1 0.30.2 0.1 0.4 0.1 0.4 0.8 0.6 0.1 0.2 0.1 0.01 0.010.05 0.1 0.1 0.10.4 0.2 Banking Insurance Automotive Travel and Manufacturing Energy and Pharma Publishing, Retail Telecom Others * Defense Government and and Logistics Utilities and Media and Financial Aerospace Healthcare Entertainment Services * Others: Construction, Consumer and Recreational Services, Education, Professional services, Securities and investment services, Social services, Trade unions, Technology, Wholesale Graph is not to scale and only represents the division across different parameters. Figures may not add up to 100 percent due to rounding off Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database Q3-2014 Q4-2014 Q1-2015 No. of contracts Defense sector witnessed strong deal activity contributing to 74 percent of the total contract value signed in 2Q15. This also increased the overall total deal value by 249 percent After a weak market activity in the Government sector last quarter, there was a sharp upturn in 2Q15 with a quadruple increase in total contract value over 1Q15 Pharma and Healthcare also witnessed multi-fold growth in deal value in 2Q15 as compared to 1Q15. 41 Q2-2015 10

New and renewal* deal analysis Q-o-Q comparison Analysis of new and renewal* deals All deals ITO BPO 73.7 65.6 7.3 5.0 29.6 42.7 23.9 27.0 33.3 21.6 3.0 6.9 1.3 5.2 2.2 2.2 0.5 4.0 1.0 1.6 1.1 0.3 1.1 0.2 Q2 Q2 Q2 Q2 2012 2013 2014 2015 Q2 Q2 Q2 Q2 2012 2013 2014 2015 Q2 Q2 Q2 Q2 2012 2013 2014 2015 * Renewal deals include contracts which have been extended, expanded, extended & expanded and renegotiated Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database Total contract value (in USD Bn) New Renewal The overall increase of 161 percent in total contract value in 2Q15 as compared to 2Q14 was due to addition of USD73.7 billion worth new deals in 2Q15 against USD23.9 billion worth new deals in 2Q14 The ratio of new deals to renewal deals in terms of total contract value was 64:1 for ITO and 46:1 for BPO in 2Q15. 11

Section 2 2Q15 deal analysis

Deal value Global sourcing snapshot: April to June 2015 IT-BPO deals* signed in 2Q15 (Total contract value: USD75.9 billion) 100% 90% 80% Bundled 1.8 BPO 7.5 ASPAC 2.2 EMA 10.4 0.07 Others 0.8 Time & Material Hybrid# 7.7 Total contract value USD75.9 billion 70% 60% 50% 40% 30% 20% 10% 0% ITO 66.6 Americas 63.2 More than USD 500 MN 45.3 Between USD 100-500 MN 23.1 More than 5-years 53.1 Between 1 to 5-years 21.9 Fixed Price 67.3 Less than USD 100 MN 7.4 Less than 1-year 0.8 Services Region Contract Value Tenure Pricing * Deals analyzed are USD5.0 million and above only, throughout the analysis. Graph is not to scale and only represents the division across different parameters. Figures may not add up to 100 percent due to rounding off # Hybrid pricing includes a combination of various pricing mechanisms Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database ITO deals continue to dominate the outsourcing space, there has been a 276 percent increase in total ITO deal value as compared to 1Q15 2Q15 sees a 786 percent growth over 1Q15 in terms of total contract value in the AMERICAS. After the dips in the last two quarters, this is a significant jump for the region. 2Q15 saw the continued dominance of Fixed Price contracting model, contributing 89 percent of the deal value, followed by Hybrid model, contributing 10 percent. 13

Number of deals Global sourcing snapshot: April to June 2015 IT-BPO deals* signed in 2Q15 (Total number of contracts: 334) 100% 90% 80% 70% Bundled 8 BPO 72 ASPAC 37 EMA 93 More than USD 500 MN 12 Between USD 100-500 MN 83 More than 5-years 111 2 Others 23 Time & Material Hybrid 57 # Total contracts 334 60% 50% 40% 30% ITO 254 Americas 204 Less than USD 100 MN 239 Between 1 to 5-years 195 Fixed Price 252 20% 10% 0% Less than 1-year 28 Services Region Contract Value Tenure Pricing * Deals analyzed are USD5.0 million and above only, throughout the analysis. Graph is not to scale and only represents the division across different parameters. Figures may not add up to 100 percent due to rounding off # Hybrid pricing includes a combination of various pricing mechanisms Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database The overall number of contracts increased by 74 percent in 2Q15 over 1Q15 while the number of Bundled deals has decreased by 77 percent in the same period There has been a more than eight times growth in the number of BPO deals in 2Q15 over 1Q15 AMERICAS and ASPAC have shown similar growth in deal numbers with more than a 100 percent increase in deal activity by numbers. 14

Total Value of contracts (USD Billion) Services segmentation ITO services Analysis of ITO deals 2Q15 45 40 35 IT Bundled services 19% 0.04 1.4 0.8 3.0 1.2 0.1 30 25 20 ICT Services 36% 41.6 66.6 15 10 5 Other IT Services, 2% 0 IT Consulting 0% ERP 3% IT Products 3% IT Infrastructure 4% SI 11% SMAC 11% ADM 11% 0 10 20 30 40 50 60 70 80 90 100 Number of Deals Note: Size of bubble indicates percentage share of the total number of ITO deals SI System Integration, Other IT services Software testing, IT Education and Training, SaaS Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 1.2 0.2 ICT Services and IT Bundled together contributed to 88 percent of all ITO deals in terms of value and 54 percent in terms of number of deals during 2Q15 IT Infrastructure and ERP deal activity has decreased by more than 50 percent in 2Q15 as compared to 1Q15, ICT services, IT Bundled services and IT Consulting have exhibited more than 75 percent reduction in growth during the same period. 17.1 ADM ERP ICT IT IT IT IT SI SMAC Other IT Total BundledConslt. Infra. Products Services ITO Value of contracts (USD Billion) Note: All values in USD billion. Scale of graph is just representative to illustrate the division across different parameters. Figures may not add up to 100 percent due to rounding off. Refer L.H.S. figure for legend Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 15

Total Value of contracts (USD Million) Services segmentation BPO services Analysis of BPO deals 2Q15 4,000 HRO 15% 152 3,500 3,000 1708 2,500 2,000 Other BPO Services 32% KPO 39% 1859 7,460 1,500 1,000 BPO Bundled services 1% Content Management 6% 3463 500 0 CRM 4% 0 SCM 4 8 12 16 20 24 28 32 3% Number of Deals Note: Size of bubble indicates percentage share of the total number of BPO deals Other BPO services Data management, logistics etc. Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 43 190 BPO Content Bundled Mgmt. Services 45 CRM HRO KPO Other BPO Services Value of contracts (USD Million) Total BPO Note: All values in USD million. Scale of graph is just representative to illustrate the division across different parameters. Figures may not add up to 100 percent due to rounding off. Refer L.H.S. figure for legend Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database We have seen a decrease in BPO Bundled deals since the beginning of 2015, a trend which was observed in the first half of 2014 while the later half saw a splurge of bundled deal activity HRO, KPO and Other BPO Services have also exhibited multifold growth in 2Q15 in terms of deal value and deal numbers as compared to 1Q15. SCM 16

Section 3 IT-BPO outsourcing outlook

Outlook Global outsourcing industry 2Q15 shows a typical jump expected from a second quarter the significance is that it has highest deal activity in the last 14 quarters. This could indicate that organizations especially in the Tier I markets continue to see the value in outsourcing. Renewal deals value is miniscule as compared to new deals values with many organizations actively exploring outsourcing as a part of their business transformation efforts from a more wide-ranging process standpoint. After a significant drop in outsourcing by the Government and Defense sectors over the last few quarters, 2Q15 sees an upturn in the deal activity in these sectors this trend is evident in other sectors too but not to that extent. Many organizations chose traditional pricing models as compared to a hybrid model continuing the decreasing trend in the share of hybrid pricing deals over the quarters. This may indicate a reduction in the risk appetite of the vendors While EMA is continuing to gain outsourcing momentum, 2Q15 deal activity has been driven by the AMERICAS a trend which was last seen 3Q14. SMAC services and automation are major drivers for the commoditization of the outsourcing services and this is especially true for IT services. There are still only a few stand-alone SMAC deals but are now becoming a common part of bundled deals. 1 KPMG SSOA Pulse survey 1Q15 Source: IDC (www.idc.com), Contract Database, Jul 2015, KPMG member firms research & analysis based on the IDC contract database 18

KPMG Shared Services and Outsourcing Advisory (SSOA) research Latest from the KPMG Shared Services and Outsourcing Institute Cognitive Robotic Process Automation Poised to Disrupt Knowledge Worker Market Enterprise Service Management Unlocks Real Value from Your Global Business Services Organization KPMG 2014 Global Real Estate and Facilities Management Outsourcing Pulse Survey Results About KPMG Institutes KPMG Institutes is dedicated to helping organisations and their stakeholders identify and understand emerging trends, risks and opportunities. We do this by creating an open forum where peers can exchange insights, share leading practices, and access the latest thought leadership publications. As a result, corporate executives, business managers, industry leaders, government officials, academics, and others have access to the thought leadership documents and knowledge which they can use to make better informed decisions and meet their marketplace challenges. To learn more, log on to http://www.kpmginstitutes.com/shared-services-outsourcing-institute/ Advice Worth Keeping Blog: http://blog.equaterra.com/ Advice Worth Keeping podcast series: http://www.kpmginstitutes.com/shared-services-outsourcing-institute/events/podcast_series/advice-worth-keepingpodcast-series.aspx Global IT-BPO Outsourcing Deals Analysis: http://www.kpmg.com/in/en/issuesandinsights/articlespublications/kpmg-deal-tracker/pages/default.aspx 19

Glossary (1/2) Terms ITO BPO Definition Information Technology Outsourcing Business Process Outsourcing ACV Annualized contract value = ( total value of a contract/tenure in months ) x 12 TCV AMERICAS ASPAC EMA Total contract value North America and South America Asia and Oceania Europe, Middle East and Africa 20

Glossary (2/2) Terms ITO Services ADM ERP ICT Services IT Bundled Services IT Consulting IT Infrastructure IT Products Other IT Services SMAC System Integration BPO Services BPO Bundled Services Content Management CRM F&A HRO KPO Other BPO Services SCM Definition Application development and maintenance Enterprise resource planning implementation and support services Information and communication technology services (e.g. contact center technology, telecommunication, and related services) Any combination of two or more IT services mentioned above Information technology consulting services IT hardware deployment (e.g. data centre outsourcing, network management, hardware deploy and support, hosting services, etc.) Software products typically developed and branded by IT companies and sold as own Intellectual Property Typically services that do not fall in other buckets (e.g. Software testing, IT helpdesk support services, Cyber security) Social, Mobile, Analytics and Cloud services (i.e. Social Media, Mobility, Analytics and Cloud computing) IT system integration services (application or enterprise system integration services) Any combination of two or more BPO services mentioned above Data management services (e.g. document management, print management, etc.) Customer Relationship Management solutions and services Finance and Accounting services Human Resource outsourcing services Knowledge process outsourcing services Typically services that do not fall in other buckets (e.g. Industry specific processes, Facilities Management) Supply Chain Management services (including procurement, logistics etc.) 21

KPMG contacts: Stan Lepeak Director Global Research, Management Consulting KPMG in the US +1 203 458 0677 slepeak@kpmg.com Viral Thakker Partner Advisory Services KPMG in India +91 22 3090 1730 vthakker@kpmg.com Jehil Thakkar Partner Advisory Services KPMG in India +91 22 3090 1670 jthakkar@kpmg.com 22

Thank you Analyst Team Contact: Shailesh Narwaiye KPMG in India +91 20 3050 4000 snarwaiye@kpmg.com Analysts (KPMG in India): Esther Jaydevi Swati Kumari The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 2015 KPMG International Cooperative ( KPMG International ), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm visà-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.