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From the plant floor to the top floor: doing great work together

Global industrial manufacturing statement of capabilities

Global industrial manufacturing statement of capabilities 2

Contents

Introduction .................................................................................................1

Your starting point is our starting point ............................................... 2

Putting our services to work for you ...................................................... 4

Putting your priorities first ...................................................................... 6

Digital technologies ................................................................................... 8

What makes us different? ........................................................................11

Local coverage, global connections ...................................................... 12

Contacts ..................................................................................................... 12

Subject matter specialists ....................................................................... 13

Territory leads.......................................................................................... 13

Your priorities, our professionalism...

…on hand wherever you need us… Our starting point is y our needs. Being ready and able to rise to y our challenges is what makes us a leading professional serv ices provider to all ty pes of industrial manufacturing companies around the world.


Introduction

Barry Misthal

Global Industrial Manufacturing

Leader

Industrial manufacturing is one

of the priority areas of focus for

PwC. We’re able to draw on decades

of serv ice for many of the leading

industrial manufacturing

companies globally. Whether we’re

working with y ou on the factory

floor or in the board room, we pride

ourselves on understanding y our

needs as a manufacturer, where

y ou are coming from and where

y ou are heading.

But speaking y our language doesn’t

mean we hold back from giv ing you

the challenge as well as the support

y ou need to move forward. A t a

time when technological innovation

is creating rapid change but global

economic conditions continue to be

clouded with uncertainty, we can

help y ou cut through the hype and

assess the moves y ou need to make

to deliver the biggest positive

impact on y our business.

Helping you succeed

We combine insight from across

a wide range of manufacturing

environments with experience

of other sectors and industries to

help y ou succeed. Whether it is

focusing on manufacturing costs

and efficiency initiatives, growth

opportunities, R&D, and new

product development, or delivering

on financial initiatives, we’re able

to help. And we’re also able to help

y ou make sure y ou stay ahead in

the digital and technological

revolution that is transforming

the look, sy stems and processes

of the modern factory. We can help

y ou boost productivity, compete

against rivals, and maintain an edge

with customers who are seeking

their own gains from innovation.

Through our extensive global

network, we are able to address

the big challenges facing the sector.

We leverage the knowledge,

experience and solutions of our

network of 195,000 professionals

in 157 countries to support our own

industrial manufacturing practice

of over 9,000 professionals. With

such a far-reaching network, we

work with industrial manufacturing

companies in just about every

location in which they do business.

A relationship built to last

Teaming up with PwC gives y ou

a professional partner that can

help y ou move rapidly, and with

assurance and rigour, to deliver

what y ou need. When y ou call on

us, our depth and breadth mean

we’re in a good position to deploy

the right expertise to respond to

y our issues. You can depend on

us as a trusted partner.

This statement of our capabilities

aims to highlight just a few of the

many way s we can support you. We

have deep experience of the context

in which y ou operate and are ready

to help y ou rise to the challenges

that y ou face.

Barry Misthal

Global Industrial Manufacturing

Leader

2 Global industrial manufacturing statement of capabilities

Your starting point is our starting point

All the industrial manufacturing expertise of PwC is brought

together with one focus – you, the client. Our priority is on the

issues that matter to you. PwC’s global industrial manufacturing

practice provides professional services to companies and industry

players of all sizes, across all segments of the industry.

We work with more than 12,000


companies worldwide. We are able

to rapidly deploy a broad range of

skillsets to address y our particular

project challenges. You will know us

for our core strength in finance, but

our teams also include engineering,

technology, human resources,

legal and project management

specialists, just to name a few.

We also have practical in-depth

experience right across the

various industrial manufacturing

environments – from automation

technology to electrical and metal

product manufacturers, from

marine equipment to plastic and

rubber products, and many others.

Our global network of industry

specialists not only understand

the challenges that companies in

this industry face, we know the

businesses with which these

companies most frequently interact.

This big-picture perspective

provides us with a unique vantage

point that benefits our clients.

Today ’s industrial manufactur ing

companies need to manage a wide

range of challenges which PwC

can help with. Many face margin

pressures from robust lower-cost

foreign competition and cost

inflation. Customer-centricity

and product development are vital

as digitisation and other

technological changes shrink time

and distance between

manufacturing and end customers.

Global economic and geopolitical

uncertainty continues to cause

demand volatility, with emerging

markets no longer any exception.

In these conditions, even more

attention than ever needs to be

focused on y our company’s growth

strategy and, where appropriate,

M&A options. And we can help

y ou manage the impact of currency

fluctuations as well as changes in

government spending, taxation

and regulation.

.

We understand your heritage but have an eagle eye on y our future. Behind the scenes of many of the world’s industrial manufacturing companies, a profound transformation is

well underway. The forces of digitisation, automation and integration are taking companies towards a complete value chain transformation. PwC’s Global Industry 4.0 Survey is the biggest worldwide survey of its kind, with over 2,000 participants from nine major industrial sectors and 26 countries. Industrial manufacturing companies are stepping up investment considerably and expect to see major gains in

terms of lower costs, greater efficiency and additional revenue. We have considerable experience of a range of aspects of Industry 4.0 transformation and can support your

strategic and project implication needs.

Knowing where you’re coming from… …and where you’re heading…


Some key industrial manufacturing industry issues

Issues Challenges How PwC can help

Growth in emerging markets

Diverse markets and business practices

New local products and processes

Potential barriers to entry

M&A support

Governance and risk management programme

Process controls and assurance

Margin expansion

Global restructuring

Productivity improvements

Low-cost country sourcing

Incorporating the “voice of the customer”

Focusing on aftermarket growth

Operating model cost analysis

Lean tools rev iew and assessment

Supply base alignment and performance management metrics

Business partner risk assessment

Executive / employee relations

Talent management

Right people, right skills

Development and deployment

Compensation

Human capital strategy

Workforce talent and performance assessment

Change management effectiveness

Operational excellence

Sustaining lean business practices

Leveraging ERP for operations

Cost reduction

Internet of Things (IoT)

Industry 4.0

Shared serv ice centre optimisation

Supply chain calibration and planning

Indirect spend analysis

IT performance and information evaluation

We have a long history of working with leading industrial manufacturing companies across the globe, understanding what makes them tick and the bigger strategic challenges they face.

We have over 9,000 staff worldwide dedicated to industrial manufacturing companies and part of a wider global industrial products industry group of over 33,000 professionals.

Our global coverage means we are on hand wherever

y ou need us and can readily bring you insights from other industries and a range of disciplines.

With the addition of Booz & Company to PwC we have together formed a new kind of consulting business – Strategy & - to offer strategy through execution services to our clients.

We deliver to a single PwC global quality standard, giv ing y ou the assurance of local market insight matched with worldwide professionalism and rigour.

We listen to y ou and continuously build your feedback into our work.

We give y ou the best talent from around the world. We are recognised as a number one employer of choice in many key locations. And we have the breadth of skills that means we can assemble teams quickly to match your specific requirements.

At a glance – why PwC?


Putting our services to work for you

PwC's global industrial

manufacturing practice delivers

audit, tax, and advisory solutions

to fit y our company’s needs.

We outline below just some of

the serv ices we offer that are

particularly relevant to industrial

manufacturers.

Audit and assurance

Our member firms audit many

of the world’s best-known industrial

manufacturing companies and

thousands of other organisations,

both large and small. We audit

more than one in five of the FT

Global 500 industrial

manufacturing companies. Our

audit approach, at the leading edge

of best practice, is tailored to suit

the size and nature of y our

organisation and draws upon our

extensive industry knowledge.

Corporate simplification

As industrial manufacturing

companies grow, so does the

underly ing complexity of their

business, often resulting in overly

complex legal structures and less

efficient operating and tax models

with higher global compliance costs

and risks. PwC offers industry-

tailored services in corporate

simplification, including simplifying

statutory reporting processes,

operating/management models,

legal entity structures, and business

models for tax optimisation.

Deals

At PwC we provide a full range of

transaction services, assisting on

acquisitions, divestitures, carve-

outs and many other transactions.

Whatever y our requirement – be it

strategy, financial due diligence,

private equity, corporate finance,

technical accounting, reporting and

auditing, M&A pre- and post–

transaction services, international

tax planning or risk management –

we have a team in place to assist

y ou. We also provide cost-effective

solutions to help emerging players

from developing economies

understand new manufacturing

markets, barriers to and risks of

entry , and the challenges of doing

business in new markets.


Operational improvement

Manufacturing organisations

engage our consulting specialists to

help design, manage and execute

lasting performance improvement.

Our operational effectiveness

experts - many directly from

industry - draw on skills in

operations, people, technology,

finance and risk management to

advise and implement lean

manufacturing and cost-reduction

programmes, locally and globally.

People and change

Getting the best from people at

every level when there is constant

change is the key to sustainable

competitive advantage. Solid

strategies, processes and technology

alone do not deliver results. In

today ’s changing manufacturing

landscape with its strong focus on

innovation and data analytics, it

takes people to accept, adopt, drive,

and sustain the change to realise

tangible impact. Success in business

hinges on strategic agility, training

and the ability to execute.

Sustainability and climate change

PwC has over 20 y ears of experience

working with clients around the

world on the entire breadth of the

sustainability agenda. We’ve

developed and tested a range of

methods and processes to help

companies identify the relevance of

sustainability and integrate it into

strategy and operations, realise

related opportunities to grow

revenues and reduce costs, and

manage sustainability-related risks.

Tax

The Global Tax Monitor1 recognises

PwC as the leading tax adviser

globally by reputation, with a very

strong lead over the competition.

Our reputation as global market

leader extends to various tax service

areas, where we have a very strong

lead over the competition in

domestic and cross-border tax

compliance, domestic and

international corporate tax

planning, indirect tax/VAT,

mergers and acquisitions, transfer

pricing, compensation and benefits,

tax risk minimisation, tax

accounting, tax function

effectiveness and expatriate tax

planning and compliance.

1 The Global Tax Monitor (GTM) is an independent survey conducted by research agency TNS, that examines the competitive position of the top firms in the tax advisory market - globally, regionally, nationally and on an industry basis.

General Electric Co.*

Thy ssenKrupp AG*

Newell Rubbermaid Inc.

Alfa, S.A.B De C.V .*

Ingersoll-Rand

Terex Corporation

ABB*

*Global Clients

A few of our top clients around the world …


Putting your priorities first

Operational excellence

The rapidity of technological change and the digital transformation

that is engulfing companies is adding a whole different dimension

to operational excellence. It’s no longer enough for industrial

manufacturing companies to be looking inside the box at how

efficiency can be driven into operations. That remains important,

but companies need to ensure they are looking outward at the

broader ecosystem in which they operate to discover how they can

take operational excellence to a quite different level.

The factory of the future will be

defined as much externally as

internally. Its agility will come

from its direct connection to the

marketplace’s changing needs and

digital integration right across

the horizontal value chain,

encompassing suppliers and

customers. Competitive advantage

is no longer solely about what

companies do, it’s about how they

do it. Manufacturers are refining

everything, from the way they

produce goods to how they engage

with customers – and operations

is leading the way .

A wave of technological disruption

is coming through. The more you

can drive cost out and put agility

in, the quicker y ou can respond to

these disruptive changes. But step

changes in operational performance

also need to start with the

behaviours and thinking of people.

In some cases, operations may need

to be completely reimagined. The

capital-intensive model of big

manufacturing plants will

increasingly be eclipsed as the

possibilities of modular

manufacturing expand. Innovations

such as 3D printing are already

paving the way towards a

disaggregation of elements of the

centralised manufacturing model.

How PwC can help Operations value chain integration

Transforming the value chain is

essential to turning the organisation

into truly integrated businesses.

Digitisation and the wider internet

of things are opening up new

opportunities to deliver real-time

integration and transparency across

internal and external value chains.

We can help y ou build the business

case for transformation, design the

right operations architecture and

identify the target operating model.

We’ll support y ou through the

broader business transformation

necessary to deliver the change

and realise the benefits y ou're

looking for.

Operations performance improvement and transformation

We can help y ou assess your current

operations and find way s to

maximise their efficiency and

effectiveness. Our services include

maturity assessments, enterprise-

wide process improvement,

capabilities-driven re-design of

corporate/indirect operations

functions and advice on tactical cost

management. We can support your

initiatives to reduce the ecological

footprint of y our operations and

innovate across the entire product

lifecy cle. And we can help y ou get

y our people more engaged in

performance improvement. Our

Perform programme is a tried and

tested approach to operational

excellence, working with y our

managers and teams to equip them

with the capabilities, methodologies

and tools to deliver a step change in

operational performance.

Asset performance

Intelligent maintenance

sy stems

Asset profitability assessment

Operations excellence capability development

Continuous improvement

operating models

Strategic new age quality

improvement procedures

Lean/Six Sigma capability

building


Working together – PwC improving cement company operationsContext

A leading cement manufacturer

in India wanted to improve its

logistics function processes and

optimise costs. The company

asked PwC to assist them to

achieve logistics process

excellence and secure financial

benefits. The project scope

included primary and secondary

logistics, cost and freight (C&R)

arrangements, waste reduction

and truck utilisation.

Approach

PwC deployed project teams

covering all the project scope

areas and all of the company’s

plants. The client was able to

benefit from a tracking sy stem

that enabled daily monitoring

of project progress. A zero-based

costing sheet was used to

underpin negotiations.

Outcome

Within the first six months the cement

manufacturer had accrued benefits of

around 40m rupees (INR) with an

estimated annual gain totalling 135m

rupees. The company achieved a 20% to

25% reduction in the plant turnaround

time for trucks and cement bulkers. It

raised its percentage of direct sales from

24% to 45%. Serv ice levels were

improved by the increased use of higher-

capacity trucks and the incidence of

paper bag bursts during transit was

reduced by around 70%.




Digital technologies

Digital technologies are creating new ways for manufacturers

to deliver value. Many companies are implementing the vision

of the connected factory, using the power of the internet to link

machines, sensors, computers, and humans in order to enable

new levels of information monitoring, collection, processing,

and analysis. This is adding to the products and services that

companies can offer their customers, helping them work in

collaborative ways in the design of future machines and their

digital environment to boost performance.

A wide range of technologies, such

as robotics, 3D printing, v irtual and

augmented reality, are adding to the

possibilities that the digital era is

opening up. Digitised production

using flexible and customer-tailored

production concepts is giv ing

companies real-time transparency

over the process and product.

Digitally -enabled smart buildings

and equipment are bringing down

energy and operating costs. Virtual

reality and augmented reality are

being used for product

development, training,

maintenance and repair.

Companies that are able to leverage

ubiquitous data in meaningful way s

- across product development, sales

and operations; across devices; and

with customers - are developing

new models of collaboration. The

winners will be those companies

that use digitisation to successfully

introduce greater flexibility,

customisation and speed into their

operations while also staying cost-

competitive. Digitisation entails

significant investment. But it has

the potential to turn the traditional

trade-off relationship between cost

and flexibility on its head.

Companies that get it wrong,

though, or that don’t digitise early

enough risk being left behind.

How PwC can help Developing a clear digital strategy

We can help y ou develop a clear

v ision of how digital technologies

can deliver competitive advantage,

together with a robust plan that

includes concrete measures of

success. We can assess y our current

digital and Industry 4.0 maturity.

We can help y ou pinpoint the ways

in which digital technology can add

value, streamline y our operations

and enhance internal and external

collaboration. We can also help y ou

take the steps to identify and

capitalise on the new business

opportunities offered by digital

technology.

Identifying and developing pilot projects

We are able to support y ou in

identify ing and selecting the right

projects, as well as establishing

them on firm foundations. We will

help y ou prioritise the initiatives

that will have the most cost-

effective impact. Many companies

are used to working in functional

silos that can hinder the take-off of

digital initiatives. We have a

prototyping and implementation

methodology that helps you develop

a more effective, cross-functional

way of working, breaking down silos

where they exist and promoting

collaborative working within your

company and with suppliers and

customers.

Building in-depth digital capabilities

We can help y ou with the crucial

work of ensuring y our organisation

has the digital capabilities. This

means defining the agile IT

architecture and vendor strategy

y ou need to support y our ambition.

We will help y ou build a reference

model of y our current state and

desired future state to identify the

gaps and the change programmes

that are needed. We can help y ou

ensure that existing technology

platforms are integrated into your

new digital communications

streams. We can also help y ou steer

y our technology development in

way s that recognise that technology

platforms now need to be able to

evolve fast and frequently rather

than stay static for y ears.


Digital culture and transformation

The introduction of digital

technologies will be wasted effort if

it is not matched by a digital culture

across y our organisation. In our

global Industry 4.0 survey, the

absence of a digital culture and the

right training was identified as the

single biggest challenge by


companies. You will need to make

sure staff understand how the

company is changing and how they

can be a part of it. We can help

establish the top leadership buy-in

and investment plan as well as help

y ou design and roll out the training

and change management needed to

communicate and establish the new

digital culture.

Becoming a data virtuoso

Identify ing and gathering the right

data, deploying it for the right

purposes and effectively analysing it

are critical to many aspects of

digitisation. We can help y ou define

data strategy and application fields,

build up in-house analy tics

capability and solutions, judge how

best to organise and structure y our

data analy tics function and improve

the value-adding potential of data

analy tics for y our company.

Strengthening data and cyber security

Data security and cybersecurity

risks have evolved dramatically but,

in many cases, the approach

businesses use to manage them has

not kept pace. Security isn’t just

about technology and computers.

It’s about protecting people,

information, systems, processes,

culture and physical surroundings.

PwC will give y ou that confidence

by helping y ou shape a broader

strategic response to data and cyber

security risk and target investment

on what matters most. We can also

help y ou respond to actual incidents

and advise on the legal issues

surrounding breaches, data privacy

and protection.

PwC has been named a leader in

a number of worldwide digital

strategy categories - digital

operations consulting, digital

products and services consulting,

digital customer & brand

engagement consulting, digital

enterprise strategy consulting

services and digital

transformation consulting –

by IDC MarketScape.


Working together – PwC and the digital factory of the future Context

The digital factory concept

presents an opportunity for

industry -defining and disrupting

solutions to emerge. The race

between competing companies is

picking up pace and companies

can’t afford to get things wrong.

A diversified manufacturing

company asked us to validate its

concept for a digital factory

solution and assess its potential

in the emerging digital

manufacturing marketplace.

Approach

We were able to draw on our

extensive digital expertise. PwC

is the world’s largest digital

strategy and transformation

consulting firm with over 400

digital projects conducted and

more than 500 manufacturing

strategy and manufacturing

operations consulting

practitioners worldwide.

We were able to help the

company focus on how its

concept matched with

competitive digital factory

solutions and, specifically,

look at its customer adoption

potential.

Outcome

PwC was able to provide guidance, insight and

support to help the company avoid undue

complexity and risk. That’s especially

important given that a lot of confusion and

uncertainty still exists in the market for digital

factory solutions. We defined clear digital

factory-use cases and assessed these against

the client’s concept. We identified potential

value-enhancement opportunities, conducted a

gap analy sis and developed recommendations

for concept enhancements. In particular, we

provided advice on how the company could

develop the concept in way s that could drive

additional value across its full products and

serv ices portfolio, including a ‘go forward’

roadmap and action plan covering both the

near-term and long-term potential.


What makes us different?

Why m ore than 80% of Fortune Global 500 com panies work with PwC...

We take the time to listen, question and understand their goals and their competitive and regulatory environment. Then we tap into our global network, deep industry

knowledge, and strong judgement and experience to help each client create the kind of value they are looking for.

The cornerstone of our approach is the belief that developing strong relationships with clients unlocks value and meaningful results – and further strengthens the capabilities of our network. This is how we do business. And we believe it’s why

companies work with PwC.

Our people

The scale of our resources means

we can address our clients’ needs whenever and wherever they arise. Our skilled teams are located in areas where y our business operates today as well as in other destinations where your future

growth strategy may take it. We aim to draw our people from the very best talent and develop them to be the very best in our sector. We ensure our people are immersed in local knowledge about the markets they serve but also gain the global

perspective that comes from a worldwide organisation.

Our reach

We can be wherever y ou need us to be. With a network of over 9,000 staff dedicated to the industrial manufacturing industry, we are able to be on hand to respond to y our

needs. We work with all ty pes of manufacturing companies in all different markets. Our far-reaching global footprint enables us to provide clients with a greater depth of talent, resources and know-how.

Our knowledge

Our worldwide network of industry

specialists is linked by a sophisticated internal knowledge-management sy stem, giving them the tools to input their insights and draw upon the most up-to-date information for the benefit of our clients. Our programme of ‘thought

leadership’ is widely respected. From roundtable client discussions to global surveys, we share knowledge with our clients on industry issues. Each y ear, we gather and disseminate opinions

on the issues that are of key strategic importance to our c lients and the challenges that lie ahead. Our knowledge draws on the insight of our worldwide network of sector specialists as well as the sector itself.

Industry 4.0 Building the digital enterprise: Industrial Manufacturing Key Findings Behind the scenes of the world’s leading industrial products companies, a profound digital transformation is now underway. The industrial manufacturing sector is no exception. Companies are digitising esse ntial functions within their internal vertical value chain, as well as with their horizontal partners along the supply chain. In addition, they are enhancing their product portfolio with digital functionalities and introducing innovative, databased services.

Manufacturing barometer Each quarter PwC interviews US-based industrial manufacturing executives about their current business performance, the state of the economy, and their expectations for business growth over the next 12 months.

Understanding the CEO agenda

Each year PwC goes to the heart of boardroom thinking with its analysis of industrial manufacturing CEO v iewpoints as part of its Annual Global CEO Survey

Rethinking innovation in industrial manufacturing Our look at what companies need to do to lead on innovation and broaden their innovation efforts beyond products. How can companies focus on a strong culture to attract and motivate talent, enhance collaboration and look for meaningful ways to measure innovation success?

Assembling value: quarterly mergers and acquisitions analysis Each quarter, PwC conducts an analysis of mergers and acquisitions in the global industrial manufacturing sector. Included in the analysis are manufacturers of industrial machinery, rubber and plastic products, fabricated metal products, and electronic and electrical equipment.


Local coverage, global connections

A global network of functional and industry specialists

PwC’s industrial manufacturing practice consists of over 9,000 professionals who serve industrial manufacturing

companies and are part of an industrial products group that consists of more than 31,500 professionals, including

approximately 18,600 providing assurance services, 7 ,700 providing tax services , and 5,200 providing advisory

services.

Contacts

Barry Misthal Global Industrial Manufacturing Leader +1 267 330 2146 barry [email protected]

Steve Eddy Global Industrial Manufacturing Advisory Leader +1 267 330 2220 [email protected]

Mike Burak

Global Industrial Manufacturing Tax Leader +1 97 3 236 4459 [email protected]

Nisha Desai

Global Industrial Manufacturing Marketing & Knowledge Management Manager +1 267 330 2593 [email protected]

North America & the Caribbean

7,500 industrial products

professionals

1,540 industrial manufacturing

professionals

South and Central America


professionals

435 industrial manufacturing

professionals

Europe


professionals


professionals

Asia


professionals


professionals

Middle East and Africa


professionals


professionals

Australia and Pacific Islands


professionals


professionals

mailto:[email protected]



Subject matter specialists

Johnathon Marshall

Supply Chains and Operations Leader, UK

+44(0)20 780 48234

[email protected]

Stefan Schrauf

Head of PwC Strategy & Industry 4.0 Team, Germany

+49 895 7 90 5317

[email protected]

Territory leads

Americas

Brazil

Ronaldo Valiño

[email protected]

+55 21 3232 6139

Canada

Matt Wetmore

[email protected]

+1 403 509 7483

Mexico

Arturo Martínez

[email protected]

+ (52) 55. 5263. 8516

United States

Bobby Bono

robert.b.bono@ pwc.com

+1 7 04 350-7993

Middle East/Africa

Middle East

Anil Khurana

[email protected]

+97 1 4 3043652

South Africa

Leon de Wet

[email protected]

+27 (11) 797 5321

Europe

France

David Clairotte

[email protected]

+ 33 156578330

Germ any

Frank Schmidt

[email protected]

+49 (69) 9585-6711

Italy

Corrado Testori

[email protected]

+39 06 570256442

Netherlands

Michel Mulders

[email protected]

+31 (0) 887 923165

Spain

Mar Gallardo

[email protected]

+34 915 684 456

Switzerland

Michael Abresch

[email protected]

+41 (0)58 792 2120

United Kingdom

Cara Haffey

[email protected]

+44(0)20 721 23497

Asia/Australasia

Australia

Robert Speedie

[email protected]

+61 (3) 8603 3173

China/HK

Grace Tang

[email protected]

+86 (10) 6533 2999

India

Bimal Tanna

[email protected]

+91 22 6669 1555

Japan

Shigeru Shiina

[email protected]

+81 90 7 825 3087




















© 2016 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

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