1140536--3/1/2010--WILLIS_GROUP_HOLDINGS

related topics

{operation, international, foreign}

{financial, litigation, operation}

{system, service, information}

{debt, indebtedness, cash}

{regulation, change, law}

{personnel, key, retain}

{cost, contract, operation}

{competitive, industry, competition}

{acquisition, growth, future}

{operation, natural, condition}

{loss, insurance, financial}

{capital, credit, financial}

Competition in our industry is intense, and if we are unable to compete effectively, we may suffer lower revenue, reduced operating margins and lose market share which could materially and adversely affect our business. Dependence on Key Personnel The loss of our Chairman and Chief Executive Officer or a number of our senior management or a significant number of our brokers could significantly impede our financial plans, growth, marketing and other objectives. Our compliance systems and controls cannot guarantee that we are in compliance with all potentially applicable federal and state or foreign laws and regulations, and actions by regulatory authorities or changes in legislation and regulation in the jurisdictions in which we operate may have an adverse effect on our business. Our business, results of operations, financial condition or liquidity may be materially adversely affected by actual and potential claims, lawsuits, investigations and proceedings. Interruption to or loss of our information processing capabilities or failure to effectively maintain and upgrade our information processing systems could cause material financial loss, loss of human resources, regulatory actions, reputational harm or legal liability. Our inability to successfully recover should we experience a disaster or other significant disruption to business continuity could have a material adverse effect on our operations. Improper disclosure of personal data could result in legal liability or harm our reputation. We face certain risks associated with any acquisition or disposition of business or reorganization of existing investments. Our outstanding debt could adversely affect our cash flows and financial flexibility. Our pension liabilities may increase which could require us to make additional cash contributions to our pension plans. We could incur substantial losses if one of the financial institutions we use in our operations failed. A downgrade in the credit ratings of our outstanding debt may adversely affect our borrowing costs and financial flexibility. Our significant non-US operations, particularly our London market operations, expose us to exchange rate fluctuations and various risks that could impact our business. In conducting our businesses around the world, we are subject to political, economic, legal, market, nationalization, operational and other risks that are inherent in operating in many countries.

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1140536--3/1/2010--WILLIS_GROUP_HOLDINGS_PLC