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Professional Services Firm KPMG LLP Incorporates

KPMG LLP, the professional services firm, today announced the incorporation of KPMG Consulting.

The newly incorporated entity, already a leading provider of Internet integration services globally, will be 80.1 percent owned by KPMG LLP and its partners, and 19.9 percent owned by Cisco Systems Inc., which in August 1999 agreed to invest $1 billion in KPMG Consulting.

The incorporation at present comprises KPMG Consulting operations in the United States and Mexico. KPMG's Consulting operations in New Zealand and Australia are expected to join the new entity along with the other operations in Asia, Latin America and Canada as the year progresses.

Stephen G. Butler, chairman and CEO of KPMG LLP, will serve as chairman of KPMG Consulting. Rand Blazer and Rod McGeary, who have led Consulting in the U.S. since it became a distinct operating unit of KPMG in 1997, will share responsibilities as Co-CEO and President of the new company.

"KPMG Consulting is a powerhouse and this move gives it one more leg up against our largest competitors. It also helps KPMG Consulting continue to be as agile and flexible as any start-up in the Internet integration space," said Butler.

"KPMG is the link between business and technology, providing objective business advice that gives customers the ability to stay confidently in control of their business and ahead of their competition. This move enables us to better meet the consulting needs of our clients in the new economy. It also means that, as these enterprises evolve as e-businesses, they will be able to utilize the experience of KPMG's assurance and tax services professionals."

"Our incorporation is designed to help KPMG Consulting continue its dynamic growth," said Blazer. "This move puts us in an even better position to attract the talent and to make the acquisitions we need to remain a world-class Internet integrator."

"Today's announcement will help bring KPMG Consulting to the next level as a global leader for e-business services," noted McGeary. "Becoming a more self-contained, nimble organisation will enhance our ability to rapidly build, scale, and support e-business solutions. Coupled with our proven industry experience, we are delivering the insight, experience and results to help our clients succeed."

In August 1999, Cisco Systems announced a $1 billion investment in KPMG. As part of the agreement, KPMG Consulting agreed to add 4,000 Internet consulting professionals over the next 18 months to help support Cisco's enterprise and service provider customers. As part of the deal, KPMG Consulting has agreed to provide Cisco with an exclusive consulting organization to help develop and deliver Internet-based data, voice and video services for clients secured by Cisco's 6,000-person strong sales force. The demand for Internet-based communications services is equally significant worldwide, and KPMG Consulting's professionals are starting to service expanding customer needs in Australasia, Europe, Asia and Latin America.

As a leading Internet integrator, KPMG Consulting provides a complete range of solutions including business strategy, web-based architecture, infrastructure, technology enabling, branding and design, and hosting/outsourcing. KPMG Consulting's international member organizations have 17,000 professionals in 160 countries.

About KPMG KPMG partners and professionals provide a wide range of accounting, tax and consulting services. As a provider of information-based services, KPMG delivers understandable business advice -- helping clients analyse their businesses with true clarity, raise their level of performance, achieve growth and enhance shareholder value. KPMG International's member firms have more than 100,000 professionals, including 6,800 partners, in 160 countries. KPMG can be found on the web at http://www.kpmg.co.nz

For further information please contact: Alan Isaac, Chairman, KPMG New Zealand Mob: 021 434 226


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