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August 31, 2000

KPMG International Reports Record Revenues Of $13.5 Billion

COMPANY PRESS RELEASE: KPMG International, the global professional services organization, today reported record revenues of US$13.5 billion for the fiscal year ended Sept. 30, 2000. KPMG Chairman Stephen G. Butler announced that KPMG's worldwide revenues grew 11 percent in dollar denominated terms, versus last year's total revenues of US$12.2 billion. He pointed out that KPMG International recorded 16 percent revenue growth worldwide this year on a local currency basis.

By CBR Staff Writer

Our accelerated pace of globalization and our line of business go-to-market strategy combined this year to produce record results and profitability – positioning KPMG as the leader in many of the industries we serve, Butler said. Globally, KPMG also has stronger geographic balance than the rest of the industry, which has a greater concentration of revenue in the United States.

Butler said that KPMG recorded double-digit growth across most of its functional businesses. Consulting services grew 11 percent this year to $3.9 billion; Tax and Legal services climbed 16 percent to $2.9 billion; Assurance services grew by 8 percent, to $5.5 billion worldwide; Financial Advisory Services rose 22 percent, to $1.1 billion; and all other services accounted for $100 million, he said.

Butler noted that KPMG also recorded double-digit growth in two of its three geographic regions. The Americas region advanced 16 percent, to $6.6 billion – propelled by a 19.4 percent surge in US revenues; Asia Pacific increased by 20 percent, to $1.2 billion; and the Europe, Middle East and Africa region reported a 4 percent growth rate, to $5.7 billion, in dollar denominated terms. The EMA growth rate in local currencies was a substantial 15 percent, he said.

KPMG’s continued growth and success reflects the progress we’ve made in pursuing a three-pronged strategy aimed at creating the first truly global professional services organization, and becoming the very best at both serving global clients and attracting and retaining world-class talent, Butler said. We’re also leading the Big Five in true globalization, which is our strategic imperative because it has become an essential marketplace imperative for every business. Successfully globalizing KPMG will also significantly enhance the chances of success of the other two priorities, Butler said.

KPMG’s three operating regions facilitate the movement of people, rapid response client service, and the creation of world-class product offerings that can be tailored to local needs. Deployment of resources is a prime advantage over our competitors, meaning we can extend our reach for multinational clients more effectively than ever before, he added.

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