Arthur Andersen Reports Record Global Revenues

Chicago and London (PROTEXT) - Arthur Andersen announcesrecord annual revenues of $7.3 billion for fiscal year 1999.Worldwide Managing Partner Jim Wadia notes that both traditionaland non-traditional lines of business contributed to success. Arthur Andersen today announced record revenues of US$7.3billion for the fiscal year ending 31 August 1999, a 19 percentincrease over last year. In local currencies, excluding theeffect of exchange rates, Arthur Andersen's revenue growth ratewas 21 percent. The global professional services firm experienced strongdouble-digit growth in each major business line and geographicregion. Jim Wadia, Worldwide Managing Partner for ArthurAndersen, said that the firm will continue to see robust growthover the next few years based on its ability to deliver bothtraditional and new service offerings aimed at helping clientssucceed in the new economy. "We are seeing the emergence of a new economy in themarketplace, driven by forces of consolidation, globalization andtechnological proliferation," Wadia said. "Arthur Andersen isfocused on helping clients take advantage of these emergingforces and providing them with ways to create, manage and measurewealth in the new economy. As a result, we have seen tremendousperformance across all of our practice areas worldwide." Arthur Andersen is a business unit of Andersen Worldwide,which today reported worldwide revenues of $16.3 billion forfiscal year 1999. On a geographic basis, Arthur Andersen grew as follows: Revenues By Region

Growth Asia Pacific

20 percent EMEIA (Europe, Middle East, India & Africa)

22 percent Latin America

28 percent North America

19 percent Arthur Andersen's Assurance and Business Advisory practicegrew 17 percent to US$3.4 billion and remains the firm's largestpractice area. In addition to a strong performance from itstraditional audit business, services such as Business RiskConsulting, Computer Risk Management and Treasury Risk Managementalso contributed to the growth, according to Wadia. "Our Assurance and Business Advisory practice continues tothrive worldwide as clients increasingly see that our assuranceprocesses look beyond the traditional boundaries of a financialaudit and seek ways to address and mitigate business risks thatcould damage business and undermine financial reporting," saidWadia. Arthur Andersen's Tax, Legal and Business Advisory practicerealized a 19 percent increase over 1998 to US$2.2 billion. Muchof this growth was tied to traditional tax services, combinedwith explosive growth in two of the firm's fastest growingpractices, human capital services and Andersen Legal whichcombines the independent network of law firms associated withAndersen Worldwide. "Arthur Andersen's tax practice continues to be a key buildingblock for the firm's overall success," Wadia noted. "AndersenLegal continues to build its global presence as more clientsexpress their preference for working with multidisciplinarypractices in those areas of the world where they are permitted tooperate. The continued strong growth in our human resourcesconsulting practice reflects the fact that increasingly companiesare looking for ways to attract and retain an extremely valuableasset -- people." Arthur Andersen's Global Corporate Finance practice generatedUS$254 million in revenues worldwide. This new practice areacredits this strong performance to its unique ability to bringpeople and knowledge from around the world to help clientsconsummate mergers, acquisitions, restructurings andprivatizations. "In fiscal year 1999, Arthur Andersen acted as financialadvisor on over 100 transactions with a value in excess of $7.5billion," Wadia said. "With the proliferation of cross-border M&Aactivity on a global basis, more and more clients are demandingthe integrated solutions that we provide." Arthur Andersen's Business Consulting practice grew 36 percentto US$1.4 billion. The Business Consulting practice helps ArthurAndersen clients understand market forces and turn change intocompetitive advantage with consulting offerings in areas such ase-business, change enablement and knowledge management. The firm's e-business work cuts across all four major practiceareas, reflecting the extraordinary breadth and scope of ArthurAndersen's offerings in the new economy. "The Net and e-commerceare radically changing the rules of the marketplace in this neweconomy," Wadia said. "We're helping clients understand that e-business is more than just technology. It's about a fundamentaltransformation in the way business is being conducted. We'rehelping clients identify and address the broad array of threatsand opportunities confronting them in an e-business world." Arthur Andersen now employs over 72,000 people, an increase of18 percent over 1998. "Arthur Andersen continues to be anexciting place for those who wish to advance their careers,"Wadia said. "We recognize that attracting and retaining the bestpeople is key to our success so we are working hard to developprograms which help our people realize their aspirations." Arthur Andersen's vision is to be the partner for success inthe new economy. The firm helps clients find new ways to create,manage and measure value in the rapidly changing global economy.With world-class skills in assurance, tax, consulting andcorporate finance, Arthur Andersen has more than 72,000 people inover 80 countries who are united by a single worldwide operatingstructure that fosters inventiveness, knowledge sharing and afocus on client success. Since its beginning in 1913, ArthurAndersen has realized 86 years of uninterrupted growth, with 1999revenues over $7 billion. Arthur Andersen is a business unit ofAndersen Worldwide. ots Original Text Service: Arthur AndersenInternet: http://www.newsaktuell.de Contact: Jane Ostrander,(USA) 312-931-6251, or (USA) John Newton, 44-171-417-4101, bothof Arthur Andersen

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