TMF GROUP GLOBAL INDEPENDENT ADMINISTRATORS

Acquisition Business Process Outsourcing Division from Ernst & Young Argentina

In August 2006, TMF acquired the business process outsourcing department from Ernst & Young in Argentina. This department provides bookkeeping, statutory reporting, payroll, tax compliance and company secretarial services.

The team is integrated with the existing team of TMF in Buenos Aires (45), and is managed by Mr. Carlos Stocker.

The client base is formed by subsidiaries of large international corporations. The acquisition provides TMF a strong base for future growth as TMF can act as an independent provider of BPO services. The acquisition also forms part of the strategy to develop TMF's BPO business through-out Latin America.