MMC Reports First Quarter 2008 Results
Marsh & McLennan
Marsh & McLennan Companies, Inc. (MMC) today reported financial results for the
first quarter ended March 31, 2008.
Consolidated revenue was $3 billion, up 8 percent from the first quarter of
2007, or 2 percent on an underlying basis, which measures the change in revenue
before the impact of acquisitions and dispositions, using consistent currency
exchange rates.
In connection with its assessment of Kroll, MMC tested the related goodwill on
its balance sheet. This resulted in a non-cash goodwill impairment charge of
$425 million, or $.81 per share, in the first quarter. There is no tax effect
related to the impairment charge, nor any impact on MMC's cash flows, tangible
equity or debt covenants. As a result of the goodwill impairment charge, MMC
reported a first-quarter net loss of $210 million, or $.40 per share.
Excluding the goodwill impairment charge and including discontinued operations,
net income was $215 million, or $.41 per share, compared with $268 million, or
$.47 per share, in the first quarter of 2007. First quarter 2008 earnings per
share, on a non-GAAP basis as presented in the attached supplemental schedules,
was $.46.
Brian Duperreault, president and chief executive officer of MMC, said: 'MMC had
solid revenue growth in the quarter, primarily driven by Mercer and Marsh.
Mercer's results reflected a continuation of strong revenue performance with
growth throughout all of its businesses. Marsh grew revenue on both a reported
and underlying basis, generated strong new business results and showed marked
improvement in client revenue retention - all important indicators of its
progress. As part of our review of Kroll, we determined that the corporate
advisory and restructuring operations should be managed separately;
additionally, we recorded a non-cash goodwill impairment charge. We continue to
evaluate Kroll to identify those businesses that have the greatest growth
potential within MMC's portfolio. Overall, actions taken across MMC's businesses
during the quarter should improve operating performance and profitability.'
Risk and Insurance Services
MMC's Risk and Insurance Services segment revenue in the first quarter of 2008
was $1.5 billion, an increase of 2 percent from the first quarter of 2007.
Operating income decreased to $240 million from $259 million in the first
quarter of 2007, due to a reduction of $43 million, or approximately $.05 per
share, from Risk Capital Holdings. This decrease contributed to a 4 percent
decline in underlying segment revenue.
In the quarter, Marsh's revenue was $1.2 billion, up 7 percent from last year,
with the strongest growth in Asia Pacific. Underlying revenue grew 1 percent,
including 3 percent growth in EMEA; 8 percent growth in Asia Pacific; and 3
percent growth in Latin America. Marsh's new business production increased 10
percent, a continuation of the strong performance achieved over the last two
years. Marsh's results were achieved in an environment of significant price
competition in the global commercial property and casualty insurance
marketplace.
Guy Carpenter's first quarter revenue was $273 million, a decline of 6 percent
from the prior year's quarter and 8 percent on an underlying basis. Reinsurance
premium rates continued to decline across most coverages globally, with clients'
risk retention levels remaining high.
Consulting
MMC's Consulting segment revenue grew 15 percent to $1.3 billion in the first
quarter, or 8 percent on an underlying basis. Operating income was $151 million,
an increase of 10 percent from $138 million in the first quarter of 2007.
Mercer increased revenue 16 percent to $925 million in the first quarter, with
strong revenue growth achieved throughout its operations. On an underlying
basis, Mercer's revenue increased 9 percent in the quarter. Mercer's consulting
operation, with revenue of $659 million, increased 7 percent; outsourcing, with
revenue of $188 million, grew 12 percent; and investment consulting and
management, with revenue of $78 million, grew 23 percent.
Oliver Wyman's revenue grew 13 percent to $370 million in the first quarter, or
6 percent on an underlying basis.
Risk Consulting and Technology
MMC's Risk Consulting and Technology segment recorded an operating loss of $410
million as a result of the goodwill impairment charge. Excluding this charge,
and noteworthy items of $3 million, adjusted operating income was $18 million.
Segment revenue was $259 million, an increase of 10 percent from $235 million in
the first quarter of 2007. On an underlying basis, revenue increased 3 percent
in the current quarter.
Kroll's revenue was $220 million in the first quarter, an increase of 14 percent
from the year-ago quarter, or 5 percent on an underlying basis. This growth was
driven by an 11 percent increase in risk mitigation and response and a 7 percent
increase in litigation support and data recovery, partially offset by a decline
of 2 percent in background screening.
Revenue for MMC's corporate advisory and restructuring business, which now
operates as a separate business within the Risk Consulting and Technology
segment, was $39 million in the first quarter, a decline of 7 percent. This
performance reflected growth in the United States that was more than offset by a
decline in Europe.
Other Items
In March 2008, MMC received 10.8 million shares of its common stock, completing
the $800 million accelerated share repurchase transaction funded in August 2007.
Including the initial receipt of 21.3 million shares, MMC purchased a total of
32.1 million shares under this transaction. MMC's average shares outstanding
decreased from 562 million in the first quarter 2007 to 519 million in the
comparable period of 2008, and ended the quarter at 511 million shares
outstanding.
MMC's net debt position, which is total debt less cash and cash equivalents, was
$2.3 billion at the end of the first quarter of 2008, compared with $3.5 billion
at the end of the year-ago quarter.
Conference Call
A conference call to discuss first quarter 2008 results will be held today at
8:30 a.m. Eastern Time. To participate in the teleconference, please dial 877
874 1569. Callers from outside the United States should dial 719 325 4805. The
access code for both numbers is 7277403. The live audio webcast may be accessed
at www.mmc.com. A replay of the webcast will be available approximately two
hours after the event at the same web address.
MMC is a global professional services firm providing advice and solutions in the
areas of risk, strategy and human capital. It is the parent company of a number
of the world's leading risk experts and specialty consultants, including Marsh,
the insurance broker and risk advisor; Guy Carpenter, the risk and reinsurance
specialist; Mercer, the provider of HR and related financial advice and
services; Oliver Wyman, the management consultancy; and Kroll, the risk
consulting firm. With more than 55,000 employees worldwide and annual revenue
exceeding $11 billion, MMC provides analysis, advice and transactional
capabilities to clients in more than 100 countries. Its stock (ticker symbol:
MMC) is listed on the New York, Chicago and London stock exchanges. MMC's
website address is www.mmc.com.
This press release contains 'forward-looking statements,' as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which
express management's current views concerning future events or results, use
words like 'anticipate,' 'assume,' 'believe,' 'continue,' 'estimate,' 'expect,'
'intend,' 'plan,' 'project' and similar terms, and future or conditional tense
verbs like 'could,' 'may,' 'might,' 'should,' 'will' and 'would.' For example,
we may use forward-looking statements when addressing topics such as: changes in
our business strategies and methods of generating revenue; the development and
performance of our services and products; market and industry conditions,
including competitive and pricing trends; changes in the composition or level of
MMC's revenues; our cost structure and the outcome of cost-saving initiatives;
dividend policy and share repurchase programs; the expected impact of
acquisitions and dispositions; pension obligations; cash flow and liquidity;
future actions by regulators; the outcome of contingencies; the impact of
changes in accounting rules; and changes in senior management.
Forward-looking statements are subject to inherent risks and uncertainties.
Factors that could cause actual results to differ materially from those
expressed or implied in our forward-looking statements include:
-- the challenges we face in achieving profitable revenue growth and
improving operating margins at Marsh;
-- the extent to which we retain existing clients and attract new business,
and our ability to incentivize and retain key employees;
-- the impact on risk and insurance services commission revenues of changes
in the availability of, and the premiums insurance carriers charge for,
insurance and reinsurance products, including the impact on premium
rates and market capacity attributable to catastrophic events like
hurricanes;
-- the impact on renewals in our risk and insurance services segment of
pricing trends in particular insurance markets, fluctuations in the
general level of economic activity and decisions by insureds with
respect to the level of risk they will self-insure;
-- revenue fluctuations in risk and insurance services relating to the
effect of new and lost business production and the timing of policy
inception dates;
-- the impact of fluctuations in the value of Risk Capital Holdings'
investments on profitability in our risk and insurance services segment;
-- the impact on our consulting segment of pricing trends, utilization
rates, legislative changes affecting client demand, and the general
economic environment;
-- the impact of competition, including with respect to pricing, the
emergence of new competitors, and the fact that many of Marsh's
competitors are not constrained in their ability to receive 'market
service' compensation;
-- the ultimate economic impact on MMC of contingencies described in the
notes to our financial statements, including the risk of a significant
adverse outcome in the shareholder lawsuit against MMC concerning the
late 2004 decline in MMC's share price;
-- our exposure to potential liabilities arising from errors and omissions
claims against us, for which we increasingly must self-insure;
-- our ability to meet our financing needs by generating cash from
operations and accessing external financing sources, including the
potential impact of rating agency actions on our cost of financing or
ability to borrow;
-- our ability to make strategic acquisitions and dispositions and to
integrate, and realize expected synergies, savings or strategic benefits
from, the businesses we acquire;
-- the impact on net income of foreign exchange and/or interest rate
fluctuations;
-- changes in applicable tax or accounting requirements;
-- potential income statement effects from the application of FIN 48
('Accounting for Uncertainty in Income Taxes') and SFAS 142 ('Goodwill
and Other Intangible Assets'), including the effect of any subsequent
adjustments to the estimates MMC uses in applying these accounting
standards; and
-- the impact of, and potential challenges in complying with, legislation
and regulation in the jurisdictions in which we operate, particularly
given the global scope of our businesses and the possibility of
conflicting regulatory requirements across the jurisdictions in which we
do business.
The factors identified above are not exhaustive. MMC and its subsidiaries
operate in a dynamic business environment in which new risks may emerge
frequently. Accordingly, MMC cautions readers not to place undue reliance on its
forward-looking statements, which speak only as of the dates on which they are
made. MMC undertakes no obligation to update or revise any forward-looking
statement to reflect events or circumstances arising after the date on which it
is made. Further information concerning MMC and its businesses, including
information about factors that could materially affect our results of operations
and financial condition, is contained in MMC's filings with the Securities and
Exchange Commission, including the 'Risk Factors' section of MMC's most recently
filed Annual Report on Form 10-K.
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Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share figures)
(Unaudited)
Three Months Ended
March 31,
------------------
2008 2007
--------- --------
Revenue:
Service Revenue $3,041 $2,763
Investment Income (Loss) 6 49
--------- --------
Total Revenue 3,047 2,812
--------- --------
Expense:
Compensation and Benefits 1,828 1,652
Other Operating Expenses 874 773
Goodwill Impairment Charge 425 -
--------- --------
Total Expense 3,127 2,425
--------- --------
Operating (Loss) Income (80) 387
Interest Income 18 19
Interest Expense (56) (71)
--------- --------
(Loss) Income Before Income Taxes and Minority
Interest Expense (118) 335
Income Taxes 94 106
Minority Interest Expense, Net of Tax 3 1
--------- --------
(Loss) Income from Continuing Operations (215) 228
Discontinued Operations, Net of Tax 5 40
--------- --------
Net (Loss) Income $(210) $268
========= ========
Basic Net (Loss) Income Per Share
- Continuing Operations $(0.41) $0.41
========= ========
- Net (Loss) Income $(0.40) $0.49
========= ========
Diluted Net (Loss) Income Per Share
- Continuing Operations $(0.41) $0.41
========= ========
- Net (Loss) Income $(0.40) $0.47
========= ========
Average Number of Shares Outstanding
- Basic 519 553
========= ========
- Diluted 519 562
========= ========
Shares Outstanding at 3/31 511 555
========= ========
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Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended
(Millions) (Unaudited)
Components of Revenue Change
--------------------------------
Three Months %
Ended Change Acquisitions/
March 31, GAAP Currency Dispositions Underlying
-------------
2008 2007 Revenue Impact Impact Revenue
------ ------ ------- --------------------------------
Risk and
Insurance
Services
Marsh $1,227 $1,142 7% 6% - 1%
Guy Carpenter 273 292 (6)% 2% - (8)%
Risk Capital
Holdings 6 49 (87)% - - (87)%
------ ------
Total Risk
and
Insurance
Services 1,506 1,483 2% 6% - (4)%
------ ------
Consulting
Mercer 925 800 16% 6% 1% 9%
Oliver Wyman
Group 370 329 13% 5% 2% 6%
------ ------
Total
Consulting 1,295 1,129 15% 6% 1% 8%
------ ------
Risk Consulting
& Technology
Kroll 220 193 14% 2% 7% 5%
Corporate
Advisory and
Restructuring 39 42 (7)% 1% - (8)%
------ ------
Total Risk
Consulting &
Technology 259 235 10% 1% 6% 3%
------ ------
Total Operating
Segments 3,060 2,847 8% 5% 1% 2%
Corporate
Eliminations (13) (35)
------ ------
Total Revenue $3,047 $2,812 8% 5% 1% 2%
====== ======
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Revenue Details
The following table provides more detailed revenue information for
certain of the components presented above:
Components of Revenue Change
Three Months --------------------------------
Ended % Change Acquisitions/
March 31, GAAP Currency Dispositions Underlying
-------------
2008 2007 Revenue Impact Impact Revenue
------ ------ ------- --------------------------------
Marsh:
EMEA $588 $524 12% 9% - 3%
Asia Pacific 94 78 19% 11% - 8%
Latin America 49 44 12% 14% (5)% 3%
------ ------
Total
International 731 646 13% 10% - 3%
U.S. and Canada 496 496 - 2% - (2)%
------ ------
Total Marsh $1,227 $1,142 7% 6% - 1%
====== ======
Mercer:
Retirement $313 $276 14% 7% 3% 4%
Health and
Benefits 220 197 11% 4% - 7%
Other Consulting
Lines 126 106 18% 6% - 12%
------ ------
Mercer
Consulting 659 579 14% 5% 2% 7%
Outsourcing 188 161 17% 5% - 12%
Investment
Consulting &
Management 78 60 31% 8% - 23%
------ ------
Total Mercer $925 $800 16% 6% 1% 9%
====== ======
Kroll:
Litigation
Support and
Data Recovery $79 $60 32% 2% 23% 7%
Background
Screening 71 72 (2)% - - (2)%
Risk Mitigation
and Response 70 61 14% 3% - 11%
------ ------
Total Kroll $220 $193 14% 2% 7% 5%
====== ======
Notes
Underlying revenue measures the change in revenue, before the impact
of acquisitions and dispositions, using consistent currency exchange
rates.
Interest income on fiduciary funds amounted to $44 million and $48
million for the three months ended March 31, 2008 and 2007,
respectively.
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Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three Months Ended March 31
(Millions) (Unaudited)
MMC presents below certain additional financial measures that are
'non-GAAP measures' within the meaning of Regulation G under the
Securities Exchange Act of 1934. These measures are: adjusted
operating income; adjusted operating margin; adjusted income, net of
tax; and net income excluding goodwill impairment charge.
MMC presents these non-GAAP measures to provide investors with
additional information to analyze the company's performance from
period to period. Management also uses these measures to assess
performance for incentive compensation purposes and to allocate
resources in managing MMC's businesses. However, investors should not
consider these non-GAAP measures in isolation from, or as a
substitute for, the financial information that MMC reports in
accordance with GAAP. MMC's non-GAAP measures reflect subjective
determinations by management, and may differ from similarly titled
non-GAAP measures presented by other companies.
Adjusted Operating Income and Adjusted Operating Margin
Adjusted operating income is calculated by excluding the impact of
certain noteworthy items from MMC's GAAP operating income. The
following table identifies these noteworthy items and reconciles
adjusted operating income to GAAP operating income, on a consolidated
and segment basis, for the three months ended March 31, 2008 and
2007. The following table also presents adjusted operating margin,
which is calculated by taking adjusted operating income and dividing
it by consolidated or segment GAAP revenue.
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Risk
Risk & Consulting
Insurance &
Services Consulting Technology Corporate Total
--------- ---------- ---------- --------- -----
Three Months Ended
March 31, 2008
----------------------
Operating (loss)
income $240 $151 $(410) $(61) $(80)
--------- ---------- ---------- --------- -----
Add impact of
noteworthy items:
Restructuring
Charges (a) 14 - 3 16 33
Settlement, Legal
and Regulatory (b) 13 - - - 13
Goodwill Impairment
Charge - - 425 - 425
Other 3 - - - 3
--------- ---------- ---------- --------- -----
Operating income
adjustments 30 - 428 16 474
--------- ---------- ---------- --------- -----
Adjusted operating
income $270 $151 $18 $(45) $394
========= ========== ========== ========= =====
Operating margin 15.9% 11.7% N/A N/A N/A
========= ========== ========== ========= =====
Adjusted operating
margin 17.9% 11.7% 6.9% N/A 12.9%
========= ========== ========== ========= =====
Three Months Ended
March 31, 2007
----------------------
Operating income $259 $138 $26 $(36) $387
--------- ---------- ---------- --------- -----
Add (deduct) impact of
noteworthy items:
Restructuring
Charges (a) 24 - - 6 30
Settlement, Legal
and Regulatory (b) 11 - - - 11
Accelerated
Amortization 5 3 - 3 11
Other (c) - - - (14) (14)
--------- ---------- ---------- --------- -----
Operating income
adjustments 40 3 - (5) 38
--------- ---------- ---------- --------- -----
Adjusted operating
income $299 $141 $26 $(41) $425
========= ========== ========== ========= =====
Operating margin 17.5% 12.2% 11.1% N/A 13.8%
========= ========== ========== ========= =====
Adjusted operating
margin 20.2% 12.5% 11.1% N/A 15.1%
========= ========== ========== ========= =====
(a) Primarily includes severance from restructuring activities and
related charges, costs for future rent and other real estate costs,
and fees related to cost reduction initiatives.
(b) Reflects legal fees arising out of the civil complaint relating to
market service agreements and other issues filed against MMC and
Marsh by the New York State Attorney General in October 2004 and
settled in January 2005, and indemnification of former employees for
legal fees incurred in connection with the events of October 2004.
(c) Represents an accrual adjustment related to the separation of
former MMC senior executives.
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Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three Months Ended March 31
(Millions) (Unaudited)
Adjusted Income, net of tax
Adjusted income, net of tax is calculated as: (i) MMC's GAAP (loss)
income from continuing operations, adjusted (a) to reflect the after-
tax impact of the operating income adjustments set forth in the
preceding table and (b) to include the operating income, net of tax,
of MMC's former subsidiary Putnam (included in discontinued
operations through August 2, 2007); divided by (ii) MMC's average
number of shares outstanding--diluted for the period.
Adjusted income, net of tax does not include gains or losses from the
sales of operations included in discontinued operations, but, as
noted above, does include the operating income of Putnam in 2007.
Reconciliation of the Impact of Non-GAAP Measures on Diluted Earnings
Per Share
Three Three
Months Months
Ended Diluted Ended Diluted
2008 EPS 2007 EPS
----------- ------- --------- -------
(Loss) income from continuing
operations $(215) $(0.41) $228 $0.41
Add impact of operating income
adjustments $474 $38
Deduct impact of income tax
expense (18) (13)
---- ----
456 0.87 25 0.05
------ ------- ---- -------
Income from continuing
operations, as adjusted 241 0.46 253 0.46
Add Putnam operating income, net
of tax - - 40 0.06
------ ------- ---- -------
Adjusted income, net of tax $241 $0.46 $293 $0.52
------ ------- ---- -------
Net Income Excluding Goodwill Impairment Charge
Three Three
Months Months
Ended Diluted Ended Diluted
2008 EPS 2007 EPS
----------- ------- --------- -------
Net (loss) income $(210) $(0.40) $268 $0.47
Add impact of goodwill
impairment charge 425 0.81 - -
------ ------- ---- -------
Net income, excluding goodwill
impairment charge $215 $0.41 $268 $0.47
------ ------- ---- -------
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Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions) (Unaudited)
March 31, December 31,
2008 2007
--------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $1,285 $2,133
Net receivables 3,070 2,874
Other current assets 424 447
--------------- -------------
Total current assets 4,779 5,454
Goodwill and intangible assets 7,458 7,759
Fixed assets, net 1,019 992
Pension related asset 1,505 1,411
Other assets 1,712 1,743
--------------- -------------
TOTAL ASSETS $16,473 $17,359
=============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $9 $260
Accounts payable and accrued liabilities 1,773 1,670
Regulatory settlements-current portion 178 177
Accrued compensation and employee
benefits 743 1,290
Accrued income taxes 75 96
Dividends payable 103 -
--------------- -------------
Total current liabilities 2,881 3,493
Fiduciary liabilities 3,863 3,612
Less - cash and investments held in a
fiduciary capacity (3,863) (3,612)
--------------- -------------
- -
Long-term debt 3,602 3,604
Pension, postretirement and
postemployment benefits 774 709
Liabilities for errors and omissions 579 596
Other liabilities 1,114 1,135
Total stockholders' equity 7,523 7,822
--------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $16,473 $17,359
=============== =============
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Marsh & McLennan Companies, Inc.
Supplemental Information - Quarterly Revenue Analysis
2007
(Millions) (Unaudited)
Revenue Details
The following table provides detailed revenue information by quarter
for 2007:
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
2007 2007 2007 2007 2007
-------- -------- -------- -------- -------
Risk and Insurance
Services
Marsh $1,142 $1,124 $1,039 $1,195 $4,500
Guy Carpenter 292 217 226 167 902
Risk Capital Holdings 49 32 74 8 163
-------- -------- -------- -------- -------
Total Risk and Insurance
Services 1,483 1,373 1,339 1,370 5,565
-------- -------- -------- -------- -------
Consulting
Mercer 800 842 844 882 3,368
Oliver Wyman Group 329 376 374 437 1,516
-------- -------- -------- -------- -------
Total Consulting 1,129 1,218 1,218 1,319 4,884
-------- -------- -------- -------- -------
Risk Consulting &
Technology
Kroll 193 201 210 211 815
Corporate Advisory and
Restructuring 42 50 50 38 180
-------- -------- -------- -------- -------
Total Risk Consulting &
Technology 235 251 260 249 995
-------- -------- -------- -------- -------
Total Operating Segments 2,847 2,842 2,817 2,938 11,444
Corporate Eliminations (35) (23) (23) (13) (94)
-------- -------- -------- -------- -------
Total Revenue $2,812 $2,819 $2,794 $2,925 $11,350
======== ======== ======== ======== =======
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First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
2007 2007 2007 2007 2007
-------- -------- -------- -------- ------
Marsh:
EMEA $524 $392 $345 $427 $1,688
Asia Pacific 78 105 96 109 388
Latin America 44 54 60 81 239
-------- -------- -------- -------- ------
Total International 646 551 501 617 2,315
U.S. and Canada 496 573 538 578 2,185
-------- -------- -------- -------- ------
Total Marsh $1,142 $1,124 $1,039 $1,195 $4,500
======== ======== ======== ======== ======
Mercer:
Retirement $276 $269 $255 $279 $1,079
Health and Benefits 197 216 210 204 827
Other Consulting Lines 106 125 140 138 509
-------- -------- -------- -------- ------
Mercer Consulting 579 610 605 621 2,415
Outsourcing 161 167 171 183 682
Investment Consulting &
Management 60 65 68 78 271
-------- -------- -------- -------- ------
Total Mercer $800 $842 $844 $882 $3,368
======== ======== ======== ======== ======
Kroll:
Litigation Support and Data
Recovery $60 $67 $69 $76 $272
Background Screening 72 74 78 73 297
Risk Mitigation and
Response 61 60 63 62 246
-------- -------- -------- -------- ------
Total Kroll $193 $201 $210 $211 $815
======== ======== ======== ======== ======
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Media:
MMC
Vince Beatty, 212-345-0675
vincent.beatty@mmc.com
or
Edelman
Richard Myers, 212-819-4807
richard.myers@edelman.com
or
Investor:
MMC
Mike Bischoff, 212-345-5470
jmichael.bischoff@mmc.com
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