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KPMG Consulting Is Now Bearingpoint

KPMG Consulting Is Now Bearingpoint

New Brand Strengthens Global Expansion, Brand Position New York, NY, October 2, 2002-Today KPMG Consulting, Inc., one of the world's largest business consulting and systems integration companies, announced that it has changed its name and its brand to BearingPoint, Inc.

The new brand underscores BearingPoint's global commitment to set a clear direction for clients so they achieve desired results with their business systems.

To further demonstrate its global client reach, BearingPoint will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol "BE," a move that strengthens BearingPoint's reach to international investors.

A market-opening ceremony on October 3, 2002 will launch trading. As previously announced, a press conference will be held this morning at 10 a.m. (ET) in the boardroom of the NYSE to unveil the new brand formally and answer questions from the media.

"Through the launch of BearingPoint, we have established a brand that transfers the equity of our 100-year heritage, has literal meaning and gives our 16,000 employees a new beginning as a unified company," said Rand Blazer, Chairman and CEO.

"As BearingPoint we will continue providing business integration services that propel our clients to reach their business goals. We do what BearingPoint literally means: setting direction to achieve end results."

"In BearingPoint, we created a brand that reflects what our clients say they value most: a business partner who helps them set direction, gain access to the right information, transfer knowledge, and achieve results for their long-term success," said Linda Rebrovick, Chief Marketing Officer of BearingPoint. "We define this as business empowerment and every element of our global branding campaign speaks to it."

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The BearingPoint announcement coincides with the Company's transfer to the NYSE and the recent additions to our team of premier consulting practices in North America, Europe, Asia Pacific, and Latin America. These steps reinforce BearingPoint's position as a global source for business consulting and systems integration and its status as a unified, global company. The BearingPoint brand is effective immediately for BearingPoint, Inc., the parent company, with international subsidiaries to follow in a matter of weeks.

The Brand Process

Beginning in October 2001, the Company conducted a detailed process of brand market and research analysis, worked with branding experts and conducted focus groups with key clients, industry analysts and its own employees to create a value proposition that defined the Company's unique qualities in the areas most valuable to clients.

In February 2002, the Company began reviewing approximately 550 potential names provided by employees and branding experts. From this, the Company screened for names consistent with its desired brand positioning, usability and meaning in the 134 countries in which its clients operate. After extensive international review, all factors pointed to one name: BearingPoint.

Brand Advertising The Company is supporting the brand launch with a global communications and advertising campaign beginning today. The new ads highlight BearingPoint's tagline of "Business and Systems Aligned. Business Empowered(tm)."

Many of the ads feature one of the world's leading professional golfers, Phil Mickelson, changing the signature KPMG Consulting visor he wears on the professional tour to a new visor emblazoned with "BearingPoint."

Transferring Brand Equity

As part of this aggressive global re-branding initiative, BearingPoint today also successfully transferred a significant portion of its brand equity.

The Company: Changed 16,000 business cards; Converted 16,000 email addresses; Launched the new global website; Is replacing 500 signs in almost 188 offices around the globe.

Press Conference Details

To attend the press conference, the NYSE requires all attendees to be pre-registered prior to the event. BearingPoint invites event attendees to RSVP Cathryn Black at 416-993-9750.

All pre-registered attendees should arrive at the NYSE 2 Broad Street checkpoint, located at the corner of Broad and Wall Streets beginning at 9:15 a.m. Please have press credentials and valid photo identification available.

To participate in the call, please dial 888-398-7022, passcode: "press event" and for International callers dial +1-712-271-3012, passcode: "press event."

A rebroadcast will be available approximately two hours after the end of the call until Wednesday, October 9, 2002 at 5:00 PM (ET). To access the broadcast, dial 800-839-5575 and for International callers dial +1-402-998-0941.

About BearingPoint, Inc. BearingPoint (NYSE:BE), formerly KPMG Consulting, Inc., is one of the world's largest business consulting and systems integration firms dedicated to aligning business and systems to empower Global 2000 companies and government organizations.

Providing business and technology strategy, systems design and architecture, applications implementation, network infrastructure and managed services, BearingPoint's 16,000 employees worldwide help clients deploy business systems to access information on a timely basis, empowering them to create value in their enterprises. BearingPoint's corporate headquarters is in McLean, Virginia. For more information, visit the Company's website at http://www.BearingPoint.com.

This press release may contain forward-looking statements relating to our operations that are based on our current expectations, estimates and projections. Words such as "expects," "intends," "plans," "projects," "believes," "estimates," and similar expressions are used to identify these forward-looking statements.

These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.

Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements.

As a result, these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Our actual results may differ from the forward-looking statements for many reasons, including: the business decisions of our clients regarding the use of our services; the timing of projects and their termination; the availability of talented professionals to provide our services; the pace of technological change; the strength of our joint marketing relationships and the actions of our competitors. In addition, these statements could be affected by domestic and international economic and political conditions.

For a more detailed discussion of these factors, see Exhibit 99.1 in our Form 10-K for the year ended June 30, 2002.

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