Dear clients, colleagues and friends,

Fiscal 2019 has been another year of transformation. Technology has continued to advance at an exponential pace, and tax reform, tariffs and new regulations at home and abroad have resulted in both challenges and opportunities for the middle market businesses RSM serves. Economic conditions have remained strong for many businesses, yet labor continues to be a headwind as many companies struggle to hire the talent they need to meet demand for their products and services.

Through it all, RSM has remained present, engaged and committed to stepping boldly into the future.

One area of enhanced focus across RSM during FY 2019 has been innovation. At the outset of our fiscal year, we increased our ability to forecast economic trends and formulate perspectives on how technology is reshaping the industries we serve through our RSM Industry Eminence Program. In April, we opened our Technology Experience Center in Denver, Colorado. Throughout the year we have made tremendous strides in helping clients understand and implement blockchain technologies and robotic process automation.

We believe that everyone at RSM has a role to play in innovation, so we also launched a CEO Innovation Fund, which is designed to support the grassroots ideas of our people. To date, we have received more than 80 applications, and 16 projects are moving forward.

While innovation is absolutely necessary to our future competitiveness, it is not sufficient to make RSM distinctive in the marketplace. Our purpose is to deliver the power of being understood to our clients, colleagues and communities. Therefore, we must differentiate ourselves as first-choice advisors through the depth of our relationships, the strength of our culture, the relevance of our insights and our flexible approach to serving the middle market—all within our framework of quality and integrity and the regulations that govern our business.

In FY 2019, we continued to enhance our service offerings, such as technical accounting consulting and managed services, to help our clients keep pace with changing technology and regulations. We expanded our market presence in Canada with three offices in Alberta, opened new offices in Nashville and Anchorage, and expanded in Seattle through a transaction that also bolstered our NetSuite offerings. In addition, we increased our production of middle market thought leadership in support of our client relationships and to help educate policymakers, the media and other stakeholders about the critical issues facing this important segment of our domestic and global economy.

More important than what we offer, however, is the way our people deliver our services. During the last year, we have continued to develop the first-choice advisor skills of professionals at all levels. We are training people across RSM how to be caring, curious, collaborative, courageous, critical thinkers—what we refer to as our 5 C’s—in their relationships with clients and each other. We have also reimagined our talent acquisition processes to hire more people who possess these characteristics, and we continue to enhance all of our leadership development programs to refine our focus on cultivating first-choice advisors and improve the quality of our service offerings. We have also continued to advance our culture, diversity and inclusion imperatives in alignment with our 5 C’s, creating many benefits within our firm and beyond.

As I look ahead to FY 2020, I am excited about what the future holds and confident that RSM will continue to play a vital role for all of our stakeholders. I also hope that as you read this report, you will see how we have positioned RSM to help you step boldly into the future.

Best regards,

Joe Adams signature

Joe Adams, RSM US LLP Managing Partner and Chief Executive Officer

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Message from Sergio De La Fe

Dear clients, colleagues and friends,

On behalf of the RSM US LLP board of directors, I am pleased to present the RSM US LLP fiscal 2019 annual report. The theme of this year’s report is “Stepping Boldly into the Future,” and I am thrilled about the bold steps RSM has taken in the last year to provide leadership for our clients, colleagues and communities.

We began the year by appointing Jeff Johannesen as the firm’s chief strategy and innovation officer during a time of transformational change in technology and the broader business environment, followed by the appointment of E.J. Nedder as the firm’s national tax leader as we guided our clients through the most sweeping tax reform since the 1980s. We also realigned and expanded the firm’s consulting service offerings to better reflect the evolving needs of our clients. Finally, we grew our technical accounting consulting services to help our clients adapt and adhere to changing regulatory standards.

In a time of transformation and growth, RSM continues to focus on the strength of our relationships. Our first-choice advisor training programs develop professionals who are not only technically proficient and steeped in our values, but also highly skilled at identifying client needs and bringing together the right resources to address them. Our philosophy of year-round development ensures our people get the encouragement and feedback they need to help them achieve their career aspirations. And our culture, diversity and inclusion programs enable us to build stronger, more innovative teams that can meet the challenges of today’s dynamic business environment.

Our commitment to the communities where we live and work continues to grow as well. Increased volunteerism among our employees, the growth of our Birdies Fore Love platform and the expanding programs of our RSM US Foundation are all helping to build tomorrow’s middle market leaders and support the needs of our local communities.

In a time of rapid evolution in business and society, I am continually impressed by the dedication of all of RSM’s partners, principals and professionals who embrace our strategy, lean into change and tirelessly support our clients and each other.

I feel confident in RSM’s future thanks to our great professionals, outstanding clients and unparalleled service to the middle market. I am sure we will take many bold steps in FY 2020 to support all of our stakeholders.

Best regards,

Sergio De La Fe signature

Sergio de la Fe, Chair of the RSM US LLP Board of Directors

RSM US LLP Board of Directors

Joe Adams, Matt Bradvica, Gregg Kiehl, Sudhir Kondisetty, Frank Le Bihan, Sara Lord, Milton Marcotte, Jerry Martin, Joyce Reto, Rob Stoettner and Stu Taub

Quality and Independence

At RSM, we have spent more than 90 years building a reputation for quality, integrity and client service excellence. Quality is our primary objective for every service we provide, and we maintain independence across our various service offerings. We expect everyone in our firm to take personal responsibility to protect our reputation and deliver service in a way that is aligned with our values as well as what clients and the marketplace have come to expect from our firm.

All RSM people and practices are responsible for upholding our code of conduct, which is grounded in our values of respect, integrity, excellence, teamwork and stewardship, and outlines the standards of ethical behavior to which we hold each other accountable.

Each of our lines of business has rigorous standards for client acceptance, and we deliver our services in accordance with RSM policies, relevant technical and professional standards, and applicable laws and regulations.

RSM’s audit practice has a system of quality control that is designed to provide reasonable assurance that our firm and our personnel comply with professional standards, and applicable regulatory and legal requirements, and that our firm issues reports that are appropriate in each circumstance. Our commitment to audit quality and professional excellence provides more details about audit quality at RSM.

The RSM US ethics and compliance hotline allows any RSM employee, client or vendor who sees, suspects or knows about fraudulent, illegal or unethical behavior to report it. The hotline is staffed by an outside organization that specializes in gathering the information needed to appropriately follow up with a concern. Concerned parties can file a report anytime, day or night, by phone (+1 800 913 5052) or online.