Ernst & Young Fiscal Year 2003 Global Revenues Exceed US$13 Billion; James S. Turley Assumes Role as Global CEO.

Business Editors

LONDON--(BUSINESS WIRE)--Oct. 10, 2003

Global professional services firm Ernst & Young today announced that worldwide revenues increased nearly US$3 billion to US$13.1 billion for the fiscal year ending June 30, 2003. This represents an annual growth rate of 29.8 per cent.

The figures reflect results across Ernst & Young's four service lines - Assurance and Advisory Business Services, Tax, Law and Transaction Advisory Services (formerly Corporate Finance).

"We had excellent growth across all of our practices in 2003 - during a year which brought significant challenge to our profession and to the business world in general," Ernst & Young's Chairman, James S. Turley, said. "We are proud of our solid growth and grateful for the opportunity it affords us to continue to invest in our people and in the quality initiatives that are absolutely fundamental to our entire organization."

Separately, in a continuation of Ernst & Young's efforts to develop a fully integrated global organization, Mr. Turley is assuming the role of CEO of Ernst & Young Global, in addition to his current roles as Chair and CEO for the Americas. The current Global CEO, Richard S. Bobrow, will retire from the firm.

Ernst & Young also announced the appointment of Paul J. Ostling as the Chief Operating Officer of Ernst & Young Global. Mr. Ostling has served as Executive Partner of Ernst & Young Global for the past eight years.

Ernst & Young said the changes represent its intention to integrate its expertise across the globe under a single, unified executive group. "I want to thank Rick Bobrow for his years of service to our firm, including playing a key role in the creation of Ernst & Young Global, and his active and dedicated efforts to bring together our practice areas throughout the world," Mr. Turley said.

Regarding its financial results, Ernst & Young had strong performance in the Assurance and Advisory Business Services practice, which posted growth of 35 percent in US dollars, as well as in the Transaction Advisory Services practice, which grew 31 per cent, and in Tax and Law, which grew 22 per cent.

"Our growth in 2003 reflects our combinations with former Andersen practices throughout the world, the significant number of former Andersen clients that selected Ernst & Young as their professional services provider, and strong organic growth in major markets throughout the world," Mr. Turley said. "We are pleased with our results for 2003."

About Ernst & Young

Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 103,000 people in more than 140 countries around the globe pursue the highest levels of integrity, quality, and professionalism to provide clients with solutions based on financial, transactional, and risk-management knowledge in Ernst & Young's core services of audit, tax, and corporate finance. Ernst & Young practices also provide legal services in those parts of the world where permitted. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to all the members of the global Ernst & Young organization.

ERNST & YOUNG
REVENUE AND HEADCOUNT STATISTICS FISCAL YEAR 2003
In Millions of Dollars

              Fiscal Year     Fiscal Year   % change in  % change in
                 2003            2002           US $    local currency
Total Revenue  -------------------------------------------------------
AABS            $7,736          $5,751          35%        28%
TAX and LAW      4,165           3,418          22%        16%
TAS                960             732          31%        22%
OTHER              275             221          24%        11%
               -------------------------------------------------------
TOTAL          $13,136          10,122          30%        23%
               =======================================================

Fiscal Year is the twelve months ended 30 June

Currency translation to US dollars is calculated using an average of
the daily exchange rates during the fiscal year (source Dow Jones).

% change in local currency represents growth without the impact of
currency exchange gain or loss.


Total Headcount  At 30 June 03   At 30 June 02    % change
                 -----------------------------------------
AABS                  50,522         41,394         22%
TAX and LAW           20,187         18,649          8%
TAS                    4,635          4,048         14%
OTHER                  3,832          2,429         58%
TOTAL CLNT SVC        79,176         66,520         19%
ADMIN/PRAC SUPP       23,792         20,686         15%
                 -----------------------------------------
TOTAL PERSONNEL      102,968         87,206         18%
                 =========================================