STUDY ON OLIVER WYMANStudy of a consulting firm in its entirety

Under the Guidance of Prof Unnikrishnan K Nair

ARNAB GUHA MALLIK

PGP /15/074

Term Paper: Management Consulting: Profession and Practices

CONTENTS

OVERVIEW...................................................................................................................................................2

HISTORY......................................................................................................................................................3

Business Description...................................................................................................................................5

STRATEGIC PARTNERS................................................................................................................................6

LEADERSHIP................................................................................................................................................7

SWOT ANALYSIS..........................................................................................................................................9

WHAT OLIVER WYMAN DOES...................................................................................................................10

ORGANIZATIONAL CULTURE AT OLIVER WYMAN....................................................................................13

CAREER AT OLIVER WYMAN.....................................................................................................................15

PROFESSIONAL DEVELOPMENT................................................................................................................16

CAREER TRACKS OVERVIEW.....................................................................................................................17

CAREER PATHS..........................................................................................................................................19

MENTORSHIP............................................................................................................................................21

TALENT PROGRAMS at OLIVER WYMAN..................................................................................................22

POCKETGUIDE...........................................................................................................................................23

COMMUNITY SERVICE at OLIVER WYMAN...............................................................................................23

EXHIBIT 1...................................................................................................................................................25

EXHIBIT 2: LOCATION AND SUBSIDIARIES................................................................................................27

Exhibit 3: Biographies...............................................................................................................................29

Exhibit 4: Financial Details + Salaries.......................................................................................................32

Bibliography………………………………………………………………………………………………………………………………..35

OVERVIEW

Oliver Wyman is one of the leading global management consulting firm that combines deep industry

knowledge with specialized expertise in strategy, operations, risk management, organizational

transformation, and leadership development. It is a part of Marsh & McLennan Companies and is able

to draw on experts from their sister companies in the areas of brand and identity management

(Lippincott), Economic Consulting (NERA), human capital strategies (Mercer), and insurance (Marsh and

Guy Carpenter). The firm's 3,000 professionals help clients optimize their businesses, improve their

operations and risk profile, and accelerate their organizational performance to seize the most attractive

opportunities. They have offices in 50+ cities in 25 countries.

Oliver Wyman as a firm provides high quality, specialized industry and functional expertise. They have a

well proven record of outstanding results achieved due to their robust strategy and operational

improvement methodologies. Oliver Wyman has one of the most robust framework for risk and financial

management in the financial services industry. Their collaborative and flexible working style has led to

the enhancement of client engagements and has led to creation and implementation of practical

solutions. T he firm's capabilities and intellectual capital are enhanced by our deep industry expertise,

geographic range, analytical rigor, and hands-on, collaborative approach.

They invest a lot in applied research through many books, periodicals, and frequently contribute to

leading business publications. Oliver Wyman's thought leadership is evident in their agenda-setting

books, white papers, research reports, and articles in the business press. Also the Oliver Wyman

Institute connects the firm with prominent leaders of the academic community for joint research on

frontier issues.

HISTORY

The Oliver Wyman Group (OWG) traces its origins to the 1980s when it was established as a

subsidiary of Marsh & Mclennan Companies (MMC). In 1984, Oliver, Wyman & Company(OWC)

was founded by Alex Oliver and Bill Wyman - former partners from Booz Allen Hamilton.

From 1984 to 1995, Christopher Meyer was the Vice President and Group Head at Mercer

Management Consulting.

In 1988, OWC opened offices in London and Toronto. Oliver, Wyman & Company established its

presence in the Pacific Rim in 1995.

OWC acquired Higginson & Partners in the UK in 1998.

The group acquired Intervaluenet in Italy in 2002.

OWC was acquired by Marsh & McLennan Companies in 2003, and as a result "Mercer Oliver

Wyman" was established. Mercer Oliver Wyman formed its strategic IT practice and a corporate

risk consulting group in 2005.

NERA Economic Consulting (NERA), a business unit of OWG, opened a new office in Shanghai in

2006.

AT A GLANCE

Over 40 years of experience serving Global 1000 clients Staff of 3,000 Offices and operations in 50+ cities in 25 countries Part of Marsh & McLennan Companies, a $11+ billion professional services enterprise

The current incarnation of the firm Oliver Wyman was formed in May 2007 through the

combination of three global consulting businesses; Mercer Oliver Wyman: specialized in Banks,

insurance and Financial Services, Mercer Management Consulting: management consulting firm

for industry and services and Mercer Delta: expert in organizational transformation, board

effectiveness and CEO leadership development. Marsh & McLennan Companies (MMC) is the

parent company of Oliver Wyman.

Oliver Wyman acquired Harbour Consulting, an advisory firm on manufacturing performance

and competitiveness in the automotive industry; and Celent, a research and consulting firm

focused on the global financial services industry, in 2008.

In the same year, Oliver Wyman acquired Hemeria, a Paris-based management consultancy; and

Academee, a UK-based provider of leadership learning solutions.

Also, in 2008, NERA acquired the Toronto-based Berenblut Consulting, a strategy, finance, and

economics consultancy; and Oliver Wyman acquired ChapterHouse, a healthcare strategy

consulting firm.

In 2011, the group signed an official agreement with The Geneva Association, an international

insurance think tank for strategically important insurance and risk management issues.

David J Weinsier was appointed as a Partner and Head of the firm's US Actuarial Life Practice in

March 2012.

In May 2012, Rachel Kirsh was named as the Chief Risk and Compliance Officer at OWG.

Nicola Dingemans was appointed as the Chief Human Capital Officer at the group in June 2012.

In the same month, OWG appointed Ana Kreacic as the Chief Knowledge Officer.

Business Description

Oliver Wyman Group (OWG) is a privately-held management consulting group that provides specialized

management, brand and economic consulting services. OMG delivers advisory services through three

operating units: Oliver Wyman; Lippincott; and NERA Economic Consulting.

Oliver Wyman is a management consulting firm that provides solutions on strategy, operations, risk

management, organizational transformation, and leadership development. Its market groups include:

automotive; aviation, aerospace and defense; communications, media and technology; energy; financial

services, including corporate and institutional banking, insurance, wealth and asset management, public

policy, and retail and business banking; industrial products and services; health and life sciences; retail

and consumer products; and surface transportation.

The group advises its clients who face major strategic discontinuities and risks on business model

transformation. The firm's Delta business provides consulting services and customized programs to help

Chief Executive Officers and other senior leaders improve their individual and organizational capabilities.

Its services include organizational design and transformation; enterprise leadership and board

effectiveness.

Oliver Wyman's leadership development business provides customized solutions for clients to develop

leadership capability across all levels of their organization in order to accelerate the development of

leadership as a source of strategic advantage. These customized solutions blend a range of learning

methodologies including leadership and employee engagement programs, action learning, coaching, e-

learning, and online applications. Oliver Wyman advises firms in the areas of offer/pricing optimization;

product/service portfolio management; product innovation; marketing spend optimization; value-based

customer management; and sales and distribution model transformation.

Under operations and technology specializations, Oliver Wyman offers Information Technology (IT)

organization design, IT economics management, Lean Six Sigma principles and methodologies, and

sourcing expertise to clients across a range of industries. Oliver Wyman also provides corporate strategy

advice and solutions in the areas of growth strategy and corporate portfolio; non-organic growth and

merger and acquisitions; performance improvement; business design and innovation; corporate center

and shared services; and strategic planning.

STRATEGIC PARTNERS

1. LIPPINCOT: Lippincott is a leading brand strategy and design consultancy. Founded in 1943,

Lippincott helps clients in every industry sector to create, develop, and manage their corporate

branding, identity, and image.

2. NERA Economic Consulting: NERA Economic Consulting provides economic analysis and advice

to public and private entities regarding highly complex business and legal issues arising from

competition, regulation, public policy, strategy, finance, and litigation.

3. MARSH & MCLENNAN: Marsh & McLennan Companies (NYSE: MMC) is a global team of

professional services companies offering clients advice and solutions in the areas of risk,

strategy, and human capital.

4. Marsh: Marsh is a global leader in insurance broking and risk management, teaming with its

clients to define, design, and deliver innovative, industry-specific solutions that help them

protect their future and thrive. Founded in 1871, Marsh introduced and promoted the concept

and practice of client representation through brokerage, the discipline of risk management, and

the globalization of insurance and risk management services.

5. Mercer: Mercer is a global leader for HR and related financial advice, products, and services. In

its work with clients, Mercer enhances the financial and retirement security, health,

productivity, and employment relationships of the global workforce.

6. Guy Carpenter : Guy Carpenter is a global leader in providing risk and reinsurance intermediary

services. Guy Carpenter creates and executes reinsurance solutions and delivers capital market

solutions for clients around the globe.

LEADERSHIP

Name Job title Board

Scott McDonald President Senior Management

John Drzik Chairman Senior Management

Partha Bose Chief Marketing Officer Senior Management

Matthew Cunningham Chief Financial Officer Senior Management

Jeremy Badman Chief Operating Officer Senior Management

Jacques Cesar Chief Transformation Officer Senior Management

Simon Harris Chief Strategy Officer Senior Management

Nicky Dingemans Chief Human Capital Officer Senior Management

Rachel Kirsh Chief Risk and Compliance Officer Senior Management

Ana Kreacic Chief Knowledge Officer Senior Management

Peter Walsh Head, Manufacturing, Senior Management

Name Job title Board

Transportation and Energy

Javier Baigorri Head, Internatioanl Senior Management

Mike Weissel Head, Health and Life Sciences Senior Management

Alan McIntyre Head, North America Senior Management

Nick Studer Head, Financial Services Senior Management

Davide Taliente Head, Europe Senior Management

Paula McGlarry General Counsel Senior Management

SWOT ANALYSIS

WHAT OLIVER WYMAN DOES

Oliver Wyman has expertise and provides consulting services in the following industries.

Industries CapabilitiesAUTOMOTIVE ACTUARIALAVIATION, AEROSPACE & DEFENSE BUSINESS & ORGANIZATION TRANSFORMATIONCOMMUNICATIONS, MEDIA & TECHNOLOGY CORPORATE FINANCE & RESTRUCTURINGENERGY RISK MANAGEMENTFINANCIAL SERVICES MARKETING & SALESHEALTH & LIFE SCIENCES OPERATIONS & TECHNOLOGYINDUSTRIAL PRODUCTS STRATEGYRETAIL & CONSUMER PRODUCTS SUSTAINABILITYSURFACE TRANSPORTATION

The following table shows what the various functions are where OLIVER WYMAN offers consulting

services within the specified industry

AUTOMOTIVE

AVIATION, AEROSPACE & DEFENSE

COMMUNICATIONS, MEDIA & TECHNOLOGY

ENERGY

FINANCIAL SERVICE

HEALTH & LIFE SCIENCES

INDUSTRIAL PRODUCTS

RETAIL & CONSUMER PRODUCTS

SURFACE TRANSPORTATION

Brand Management Aviation Technology

Oil & Gas

Finance & Risk

Healthcare Reform

Product Costs and Sourcing Retail Rail and Road

Customer Value

Aerospace & Defense

Communications Utilities

Corporate & Institutional Banking

Integrated Health Management (IHM)

Operational Excellence

Consumer Products

Rail Operations Consulting Services & Software

Retail, After Sales & Financial Services

Aviation MRO

Media & Entertainment

Retail & Business Banking

Strategic Growth Services

Overhead Costs

Supply Chain, Logistics, Integrators & Postal Service

Product Creation & Technology

Airports Wealth & Asset Management

Bio-Pharma Ecosystems

Restructuring

Maritime & Ports

InnovationsManufacturing Strategies & Operational Excellence

Travel & Hospitality Insurance

Reinventing R&D

Growth Strategy

Non-Air Transportation Equipment Suppliers

Corporate Finance: Automotive Lean

Public Policy

Proving Economic Value

Sales & After Sales

Corporate Finance in Surface Transportation

Restructuring

Corporate Finance

Corporate Finance and Advisory Vaccines

Mergers & Acquisitions, Post Merger Integration

Strategic Information Technology and Operations

Pharmaceuticals & Biotechnology

Organizational Alignment

Health Insurance Payers

Global Risk & Trading

Healthcare Providers

Production SystemsEngineering and AutomationCommercial VehiclesAgriculture & Construction Equipment

The following table shows what the various capabilities of OLIVER WYMAN and the depth of the

consulting services provided by them

ACTUARIAL

BUSINESS & ORGANIZATION TRANSFORMATION

CORPORATE FINANCE & RESTRUCTURING

RISK MANAGEMENT

MARKETING & SALES

OPERATIONS & TECHNOLOGY STRATEGY

SUSTAINABILITY

Health

Business Transformation

Mergers and Acquisitions

Finance & Risk

Lean Six Sigma

Growth Strategy and Corporate Portfolio Airlines

Life and Annuity

Organization Transformation

Structured Finance

Global Risk & Trading

Value Sourcing

Non-Organic Growth and M&A Automotive

Property and Casualty

Project Finance

Global Risk Center

IT Organization Design

Performance Improvement

Energy & Utilities

Restructuring

Compliance & Governance

IT Economics Measurement & Maximization

Business Design and Innovation

Financial Services

Post-merger integration

Strategic Information Technology and Operations

Corporate Center and Shared Services

Manufacturing

Strategic Planning Retail

Sustainable CitiesTransportation & Logistics

ORGANIZATIONAL CULTURE AT OLIVER WYMAN

Oliver Wyman has an entrepreneurial culture which gives every new employee the opportunity to gain

exposure to global clients, collaborate with industry experts and our own senior Partners and thus paves

the way for them to become a Partner without having to leave the firm to get an advanced degree.

The internal culture at Oliver Wyman is such that “new hires are treated as potential partners from Day

One, assigned high-impact roles on complex cases, have direct client exposure and the opportunity to

bring tangible benefits to our clients”

They follow a collaborative and non-hierarchical structure which means that the ideas put forth by an

employee is given due weightage. They are required to brainstorm and debate the best minds and

champions from the industry. Due to the diverse culture at the workplace, one will spend time with

dynamic and smart people from a wide range of backgrounds and cultures.

In Oliver Wyman, most of the best internal programs and initiatives – from employee resource groups to

upward reviews of managers to firm-wide information sharing networks have been suggested from

consultants of Oliver Wyman itself. Hence one has a chance to make an impact on the business of

OLIVER WYMAN also.

The areas where Oliver Wyman lays stress upon for any new employee are

Specialized industry and functional expertise

Rigorous, proven strategy and operational improvement methodologies

Collaborative working style

Agenda-setting research

Work-life balance

“Ask any of our colleagues why they chose Oliver Wyman and the same sentiment is repeated again

and again: "It's the people." Other firms say it; at Oliver Wyman, we live it. “

The culture at Oliver Wyman is not pre-defined by any tradition or set rules as to how things should be

done or how one should work. Instead the culture is constantly changing, shaped, and rejuvenated by

the people who work at Oliver Wyman

At Oliver Wyman, a lot of focus is put on the healthy exchange of ideas, teamwork, and mutual

respect. The focus is more on the quality of output rather than quantity and do not encourage the

culture of "long hours for long hours' sake." Work life balance is a priority at the firm as the employees

are encouraged to pursue interests outside of work

Like any other consulting firm, the consultants work onsite with the clients for a project's entire lifecycle,

from strategy development to implementation. According to the firm, the quality of executing the

project and finally the implementation of the downstream change is bound to improve if the consultants

work shoulder-to-shoulder with clients. It is imperative that every consultant work with a commitment

to excel in the delivery of the project and should have a clear focus to help the clients achieve tangible

results.

The internal culture is conducive to consultants “devising and leading initiatives” no matter at which

part of the world they are working. There is an environment of meritocracy where the where the best

ones can rise to the top, such as when a group of our consultants built an online Innovation Forum to

gather the strongest ideas and help facilitate their implementation.

WHAT MAKES OLIVER WYMAN DIFFERENT?

Diversity and inclusion enables Oliver Wyman to continuously attract and retain exceptional people and

creates a culture that takes in the differences and perspectives of people coming from diverse

backgrounds.

Oliver Wyman has led to the formation of certain people networks which play a vital role in promoting

diversity and inclusion within the firm. The 3 networks are :

1. GLOW (Gays and Lesbians at OLIVER WYMAN) consists of lesbian, gay, bisexual, and

transgendered (LGBT) employees and their allies. GLOW champions initiatives that encourage

cultural awareness and transformation within the firm

2. WOW (Women at Oliver Wyman) consists of women and men who, together, work to improve

the recruitment, development and retention of highly talented women.

3. EMPOWERED (Employees of Oliver Wyman Enabling racial and Ethnic Diversity) welcomes all

employees interested in helping recruit, retain, and develop racially and ethnically diverse

colleagues through initiatives that foster communication, understanding, and appreciation of

racial and ethnic diversity

CAREER AT OLIVER WYMAN

As already mentioned meritocracy is a core value at Oliver Wyman. There is no pre-determined career

path. A lot of flexibility is given to the employees.

A consultant throughout his entire career is bound to engage with senior clients and Partners, take part

in client projects thus becoming extremely adept at solving complex, real-world problems and cultivate a

broad and deep knowledge of critical business issues. The faster one demonstrates his/her capabilities

the more the responsibilities assigned. Consultants who join straight from university can expect a path

to Partnership of six to nine years. Those with previous work experience can expect a shorter timeframe.

At Oliver Wyman, consultants are encouraged and supported if they want to relocate to other

geographies. It’s within the organizational DNA where international mobility and cross-cultural

experiences are valued

PROFESSIONAL DEVELOPMENT

The firm is very much committed to nurture, encourage and develop consultants early in their careers.

They are offered as much responsibility as they can handle and are regularly provided ongoing training to

accelerate career development.

The firm believes that one’s life is not all about his/her work at Oliver Wyman, hence on offer are

some innovative alternatives for work firm that include sabbaticals, externships, Non-Profit Fellowships

and part-time work programs.

Though Oliver Wyman believes that an advanced degree is not mandatory for a promotion, however if

one chooses to pursue an advanced degree, Oliver Wyman can act as an attractive springboard. For

those who qualify and vow to return to the firm after the advanced degree, Oliver Wyman will sponsor

their MBA. In addition, Oliver Wyman as a firm offers continuing education programs, including

sponsorship of language development, CFA, CRA and other programs which combine business needs

with personal development. The Flex-OW programs at Oliver Wyman allow one to broaden his/her

experience through opportunities such as externships in an industry or work with a non-profit.

CAREER TRACKS OVERVIEW

A lot of stress is put on 2 things when a consultant is assigned to cases

Serving the client to the best of one’s ability, and

Helping the consultant develop as fast as possible.

Oliver Wyman provides mainly two types of Consulting

1. Financial Services Consulting

At Oliver Wyman, Financial Services consultants become content specialists early in their

careers.

Their clients include regulatory and government agencies, top private equity firms, and a wide

range of leading banks, insurers, and payment companies, all with the common thread of

increasing institutional value.

Oliver Wyman’s primary practice areas include:

Corporate & Institutional Banking

Retail & Business Banking

Wealth & Asset Management

Insurance

Finance & Risk

Corporate Finance & Advisory

Strategic IT & Operations

Public Policy

Offices are present in the following cities: Boston, Chicago, Dubai, Frankfurt, Hong Kong,

Istanbul, London, Madrid, Milan, Moscow, Munich, New Delhi, New York, Paris, San Francisco,

Seoul, Shanghai, Singapore, Stockholm, Sydney, Tokyo, Toronto, Zurich.

2. General Management Consulting

Consultants who join the General Management Consulting track get broad client exposure across

diverse industries and problems thereby developing their consulting knowledge and building

specialized expertise. They receive exposure to important strategic issues across various

industries such as automotive, aviation, communications, energy, healthcare and life sciences,

manufacturing, media, retail, technology and transportation

Practice areas with the General Management Consulting track include:

General Consulting Group (entry-level consultants)

Communications, Media, and Technology

Consumer and Industrial Value Transformation

Health and Life Sciences

Manufacturing, Transportation, and Energy

Offices are present in the following cities: Boston, Chicago, Dallas, Dubai, Frankfurt, London,

Madrid, Mexico City, Montréal, Munich, New York, Paris, San Francisco, São Paulo, Seoul,

Toronto, Zurich

Apart from the 2 main consulting practices, Oliver Wyman is also present in the ORGANIZATION

TRANSFORMATION business

This business works with C-suite leaders and business unit executives to design and implement large-

scale transformation across the enterprise. The consulting services are provided throughout the entire

transformation process, including strategy execution, organizational review, implementation support,

and attainment of measureable results to achieve a real and lasting impact.

Offices are present in the following cities: Frankfurt, London, Madrid, Montréal, Munich, New York and

Paris.

CAREER PATHS

There is no single, pre-ordained career path at Oliver Wyman. The different programs on offer are

Interns

o It is a 2-6 months program that provides the intern the opportunity to get to know

Oliver Wyman as a firm and obtain first-hand experience in consulting.

o The interns staffed on projects and treated like full team members and given distinct

responsibilities. They are provided coaching and feedback throughout the time they are

with them. The best performers are often offered permanent employment after

graduation from university

o The number of interns hired varies each year based on business needs.

Consultants

o Oliver Wyman will look for integrity, maturity, initiative, intuition, creativity – and a

strong background in problem solving and analytical skills in a person who applies

Oliver Wyman hires with the expectation of progression to partnership.

Experienced Hires

o Oliver Wyman also hires experienced professionals with the expectation that they will

manage projects immediately upon entering the firm.

o They are given broader responsibilities, including managing client relationships and

providing "thought leadership" and creativity. These experienced hires work in tandem

with Partners and have the primary responsibility to manage, coach and develop non-

Partner consultants at Oliver Wyman.

Partners

o The Partners at Oliver Wyman oversee and manage major client relationships and

account planning for Global 1000 companies.

o They are the ones who lead and manage the client project work, which includes

overseeing and coaching consultants assigned to their projects.

o They mainly focus on developing long-term relationships with the most senior-level

corporate managers in companies across the planet.

o Partners are the ones that lead marketing and intellectual capital development, not only

for their clients, but also for the firm

o Partners also take part in developing and shaping company policies and business

strategies.

o They lead the professional development of staff through mentoring, training and

participating in the day-to-day leadership of each office.

MENTORSHIP

One of the most important aspects for the holistic and fast development of a new hire/consultant is to

provide active mentorship. The new hires are mentored from day one at Oliver Wyman. It is the set of

talented and motivated colleagues at Oliver Wyman who help the new hires to progress and develop.

A new consultant is provided both

1. An official advisor who will help in making the right career decisions

2. Informal mentor who will answer the most casual of questions

As said by Oliver Wyman themselves, in the culture of apprenticeship and mentorship that exists, one will 

always find role models who provide a supportive environment to learn and grow. 

“Mentorship here happens every hour of the day – it happens in formal and informal ways, it

happens at a case team dinner; it happens when you reach out to alumni, it happens when you're

given a stretch role on a project.”

MICHAEL, LONDON

TALENT PROGRAMS at OLIVER WYMAN

Oliver Wyman offers a range of talent programs designed to provide diverse opportunities for

professional growth and personal fulfillment, and to help colleagues achieve work-life balance. The

Talent Programs include:

1. 10/11 Month Year & Sabbatical: It enables the consultants to plan a month or two away from

the firm to pursue their interests, whether it is cooking school in Italy, a trek in the Himalayas,

in-depth language immersion, or helping a friend launch her not-for-profit venture

2. Non-Profit Fellowship: The Non-Profit Fellows spend up to six months working at a non-profit

organization of their choice, anywhere in the world, typically in a consulting capacity in order to

solve some knotty problems the non-profit hasn’t been able to crack themselves.

3. The Marsh & Mclennan Companies Rotation Program and Externships: Those who want

temporary break from consulting and want to see how life is like in “the regular business world”

are provided 2 ways to do that

a. Work, on a rotational basis, with Marsh & McLennan Companies, which is a Fortune

200 company.

b. The Externship program lets them work for another company, sometimes a client.

Both options provide a great way to broaden one’s skill set and develop a deeper understanding

of what working life is like outside of consulting.

POCKETGUIDE

COMMUNITY SERVICE at OLIVER WYMAN

Oliver Wyman believes that it has a commitment to make some positive change in the world. They have

hence created certain formal programs, such as pro bono work and Non-Profit Fellowships, as well as

grass-roots initiatives, such as annual charity auctions and local community service projects. Most of the

above mentioned initiatives are long-time traditions at OWG, while many are commenced by highly

motivated individuals who have seen a need and step up to help.

Oliver Wyman uses its deep knowledge and diverse expertise to have a significant, meaningful impact on

society.

Through the global Pro Bono Program, OWG partners with and conducts advisory projects for innovative

NGOs collaborating very closely with them to create feasible outcomes that will benefit them. Recent

clients have been the The Gates Foundation, Acumen Fund, Junior Achievement, Room to Read,

Women's World Banking, and Wyman Worldwide Health Partners.

As already mentioned, there exists the Oliver Wyman Non-Profit Fellowship Program which enables the

consultants to make a personal contribution to a cause and in the process developing new business and

leadership skills. They work full-time at a non-profit organization. In the last 10 years, over 100 Oliver

Wyman Non-Profit Fellows have made a difference for NGOs around the world, on issues like economic

and social justice, environment, health, and education. Oliver Wyman has established a fellowship

relationship with Kiva.org, the person-to-person micro-lending website. Program participants have also

worked at the Charles Darwin Foundation, the Clinton Foundation, Endeavor, The Nature Conservancy,

and Teach For India, among many others.

EXHIBIT 1

HISTORY of OLIVER

WYMAN

1970: Temple, Barker & Sloane, Inc. founded in Boston.

1972: Strategic Planning Associates, Inc. founded in Washington, D.C.

1984: Oliver, Wyman & Company founded in New York.

1987: Temple, Barker & Sloane acquired by Marsh & McLennan Companies, Inc.

1993 Mercer MC acquires Unternehmensberatung Munchen GmbH (Germany and Switzerland).

1990: Merger of Temple, Barker & Sloane and Strategic Planning Associates.Strategic Planning Associates acquired by Marsh & McLennan Companies, Inc.

1997: Mercer MC acquires Corporate Decisions, Inc. (US, UK, France).

2000: Delta Consulting Group acquired by Marsh & McLennan Companies, Inc.Mercer MC acquires Análisis y Desarrollo de

1995: Oliver, Wyman & Company establishes presence in the Pacific Rim and Mercer MC

1998: Mercer MC acquires Dr. Seebauer & Partner GmbH (Germany and Switzerland).

1992: Temple, Barker & Sloane / Strategic Planning Associates name changed to Mercer

1988: Oliver, Wyman & Company initiates expansion outside of the US with office openings

1986: William M. Mercer acquires Duncan C. Fraser & Co and Future Cost Analysts, forming the

1980: Delta Consulting Group founded in New York.

2002: Mercer Delta acquires Change Management Consultants (France).Mercer Delta acquires Johnston Smith International, Inc. (Canada).Mercer MC acquires Informed Sources Holdings Ltd.

2008: Oliver Wyman acquires ChapterHouse.Oliver Wyman acquires Academee (United Kingdom).Oliver Wyman acquires Hemeria (France).Oliver Wyman acquires Celent.Oliver Wyman acquires Harbour Consulting.

2006: Mercer MC acquires DiamondCluster International's Continental Europe, Middle East, and South America operations.Mercer MC acquires MultiModal Applied Systems

2012: Oliver Wyman launches rebrand

2007: Mercer Oliver Wyman, Mercer Management Consulting, and Mercer Delta Organizational Consulting join forces under the name Oliver Wyman.

2004: Mercer Delta acquires CDR International, LLC (US).Mercer MC acquires c.r.m. Concord, s.a. (Spain).

2005: Mercer Oliver Wyman forms its Strategic IT practice and a Corporate Risk Consulting group, including practice areas in Enterprise Risk, Actuarial,

2003: Mercer Oliver Wyman formed, following the acquisition of Oliver, Wyman & Company by Marsh & McLennan Companies, Inc.

EXHIBIT 2: LOCATION AND SUBSIDIARIES

Oliver Wyman Group (Australia)

Darling Park Tower 3

201 Sussex Street

Sydney

New South Wales 2000

AUS

T: 61 2 8864 6555

Oliver Wyman Group (the UK)

55 Baker Street

London W1U 8EW

GBR

T: 44 20 7333 8333

Oliver Wyman Group (Switzerland)

Tessinerplatz 5

8027 Zurich

Schweiz

CHE

T: 41 44 208 77 77

Oliver Wyman Group (France)

28 avenue Victor Hugo

75783 Paris

Cedex 16

FRA

T: 33 1 45 02 30 00

Oliver Wyman FZ-LLC (the UAE)

Arjaan Offices

11th Floor

Dubai Media City

Dubai

ARE

T: 971 4 425 7000

F: 971 4 427 0534

Oliver Wyman Group (Germany)

Bleichstrasse 1

60313 Frankfurt am Main

DEU

T: 49 69 955 120 0

F: 49 69 955 120 10

Oliver Wyman Group (China)

Beijing Kerry Centre

No 1 Guanghua Road

Chaoyang District

Beijing 100004

CHN

T: 86 10 6533 4200

Oliver Wyman Group (Singapore)

8 Marina View 09-07 Asia Square

Tower 1

Singapore City 018960

SGP

T: 65 6510 9700

F: 65 6327 0672

Oliver Wyman Group (India)

12-01 Tower 2

One Indiabulls Centre

Senapati Bapat Marg

Mumbai 400013

Maharashtra

IND

T: 91 22 665 12900

Oliver Wyman (the US)

155 North Wacker Drive

Suite 1500

Chicago

Illinois 60606

USA

T: 1 312 345 3300

F: 1 312 345 3301

Exhibit 3: Biographies

1.Scott McDonald

Board: Senior Management

Job Title: President

Mr. McDonald serves as the President at Oliver Wyman Group since July 2012. He was previously the

Global Head of the Corporate and Institutional Banking (CIB) practice. Before joining Oliver Wyman, Mr.

McDonald was an mergers and acquisitions investment banker with RBC Dominion Securities in Toronto.

He received degrees in Finance and Economics from McGill University and International Relations from

Cambridge University.

2.John Drzik

Board: Senior Management

Job Title: Chairman

Mr. Drzik has been the Chief Executive Officer at Oliver Wyman Group since 2006. He served as the

President at the group from 2006 to 2012. He joined the former Oliver, Wyman & Company in 1984 and

was appointed as its Chairman in 2000. From 2003 to 2006, Mr. Drzik was the President at Mercer Oliver

Wyman, which was formed following MMC's acquisition of Oliver, Wyman & Company in 2003. Mr. Drzik

graduated summa cum laude with a Bachelor of Sciences degree in Engineering Management Systems

from Princeton University. He currently sits on the Advisory Board at Princeton's Financial Engineering

program and on the Industry Advisory Board of the Wharton Financial Institutions Center.

3.Partha Bose

Board: Senior Management

Job Title: Chief Marketing Officer

Mr. Bose serves as the Chief Marketing Officer at Oliver Wyman Group. Prior to joining the group, he

spent 18 years in leadership positions with various professional services firms including as a partner at

McKinsey & Company in London and New York, where he was also the Editor-in-Chief of the McKinsey

Quarterly. Mr. Bose also served as a senior partner at The Monitor Group in Cambridge, Massachusetts,

and as a global Marketing Director at Allen & Overy. Mr. Bose received a Bachelor of Engineering

(Mechanical) degree from the MS University of Baroda, India, a Master of Science degree from Columbia

University's Graduate School of Journalism, and a Master of Business Administration degree from the

Massachusetts Institute of Technology's Sloan School of Management.

4.Matthew Cunningham

Board: Senior Management

Job Title: Chief Financial Officer

Mr. Cunningham serves as the Chief Financial Officer at Oliver Wyman Group. Prior to that, he spent 15

years consulting for Oliver Wyman to the insurance companies, regional banking institutions, and asset

managers in North America. In addition, Mr. Cunningham served for several years on the firm's Human

Resources Committee and Infrastructure Management Group. He graduated magna cum laude from

Princeton University with a Bachelor of Arts degree in Economics.

5.Jeremy Badman

Board: Senior Management

Job Title: Chief Operating Officer

Mr. Badman serves as the Chief Operating Officer at Oliver Wyman Group. He has over 15 years of

experience consulting to financial institutions and energy companies around the world. His consulting

work has focused on Corporate and Institutional Banking clients, and he was a founding member of the

firm's Strategic IT and Operations practice. In addition, Mr. Badman also works with energy trading

businesses on similar topics. In addition to working at Oliver Wyman, he has created a start-up focused

on online shopping and has worked in Venture Capital. Mr. Badman holds a master's degree in

Engineering from St. Edmund Hall, Oxford University.

6.Jacques Cesar

Board: Senior Management

Job Title: Chief Transformation Officer

Mr. Cesar serves as the Chief Transformation Officer at Oliver Wyman Group. He has over 25 years

experience of consulting in the UK, Continental Europe, and North America. Mr. Cesar graduated from

the Ecole Centrale des Arts et Manufactures in Paris with a master's degree in science. He also received

a Bachelor of Arts degree in Economics from La Sorbonne and a joint Master of Business Administration

degree from Institut Superieur des Affaires, Paris, and Stanford University.

7.Simon Harris

Board: Senior Management

Job Title: Chief Strategy Officer

Mr. Harris serves as the Chief Strategy Officer at Oliver Wyman Group. Prior to that, he was the Head of

Strategy and Marketing for the group's financial services business. Mr. Harris has 20 years of consulting

experience in North America, Europe and beyond. Before joining the former Oliver, Wyman & Company

in 1992, he worked at LEK Consulting and Racal Electronics. Mr. Harris received a master's degree in

Engineering from Cambridge University.

8.Nicky Dingemans

Board: Senior Management

Job Title: Chief Human Capital Officer

Ms. Dingemans serves as the Chief Human Capital Officer at Oliver Wyman Group since 2012. She is a

Member at Oliver Wyman Group's Management Committee and Global Leadership Team. Ms.

Dingemans also sits on the Marsh & McLennan Companies Global Human Resources Executive Team.

Prior to joining Oliver Wyman Group, she was the Global Chief People Officer at Reed Smith LLP. From

1987 to 2007, she was with Booz Allen & Hamilton (now Booz & Co.), where she held numerous roles in

consulting (primarily to the healthcare sector) and human resources, including Global Human Capital

Director for the Global Commercial/Global Integrated Business. Ms. Dingemans received a Master of

Sciences in Management from Stanford Business School and a Bachelor of Arts degree in Biochemistry

from The Queen's College, Oxford University.

9.Rachel Kirsh

Board: Senior Management

Job Title: Chief Risk and Compliance Officer

Ms. Kirsh has been the Chief Risk and Compliance Officer at Oliver Wyman Group since June 2012. She

also leads compliance efforts for the group, working with members of the Marsh & McLennan

Companies Compliance team on developing and implementing policies, procedures, systems, and

controls that support the group's ERM program. Prior to this role, Ms. Kirsh served as the Global Head of

Human Capital Operations at Oliver Wyman Group from 2002 to 2012. She was responsible for

developing and managing the global human resources operations function. Prior to joining the firm, Ms.

Kirsh worked as an employment lawyer. She holds a Bachelor of Arts degree in History from Harvard

College and a Juris Doctorate from the College of William & Mary Law School.

10.Ana Kreacic

Board: Senior Management

Job Title: Chief Knowledge Officer

Mr. Kreacic has been the Chief Knowledge Officer at Oliver Wyman Group since June 2012.

Peter Walsh

Board: Senior Management

Job Title: Head, Manufacturing, Transportation and Energy

Mr. Walsh serves as the Head of Manufacturing, Transportation and Energy (MTE) business unit at Oliver

Wyman Group. He is a Supervisory Principal of the specialized investment banking arm of Marsh &

McLennan Companies (MMC). Mr. Walsh received a Bachelor's degree in accounting from the University

of Glasgow. He is a Certified Chartered Accountant in Scotland.

Exhibit 4: Financial Details + Salaries

Annual turnover: £127,276,000.00

Annual profit: £12,249,000.00

________________________________________

Turnover per employee: £344,921.41

Profit per employee: £33,195.12

Salaries

Number of staff: 369

Total spent on wages: £54,364,000.00

Average staff pay: £147,327.91 *

Number of directors: 19

Directors' remuneration: £1,692,000.00

Increase over last 7 years: -18.61%

Highest paid director's salary: £961,000.00 **

Increase over last 7 years: -39.98%

Bibliography(n.d.). Retrieved from Oliver Wyman: http://www.oliverwyman.com/

(n.d.). Retrieved from 360 Datamonitor: http://360.datamonitor.com/Product?pid=8B806DD9-AF1D-4A67-8534-8929F0A29027&view=BusinessDescription

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