24 There are important uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: • completion of the merger is dependent on, among other things, receipt of shareholders and regulatory approvals, the timing of which cannot be predicted with precision and which may not be received at all, • our ability to implement and realize anticipated benefits of the Shaping our Future initiative and other new initiatives, • the extent and timing of, and prices paid in connection with, any share repurchases under existing or future programs, • increases in client retentions, • our ability to retain existing clients and attract new business, and our ability to retain key employees, • changes in commercial property and casualty markets, or changes in premiums and availability of insurance products due to a catastrophic event such as a hurricane, • volatility or declines in other insurance markets and the premiums on which our commissions are based, • impact of competition, • the timing or ability to carry out share repurchases or take other steps to manage our capital, • fluctuations in exchange and interest rates that could affect expenses and revenue, • rating agency actions that could inhibit ability to borrow funds or the pricing thereof, • legislative and regulatory changes affecting both our ability to operate and client demand, • potential costs and difficulties in complying with a wide variety of foreign laws and regulations, given the global scope of our operations, • changes in the tax or accounting treatment of our operations, • our exposure to potential liabilities arising from errors and omissions claims against us, • the results of regulatory investigations, legal proceedings and other contingencies, and • the timing of any exercise of put and call arrangements with Associated companies. The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. See also the Risk Factors section of our Annual Report on Form 10-K filed on February 27, 2008. Appendix: Additional cautionary disclosures regarding forward-looking Information | 
