2004 | Press Release

Feb 5, 2004 – Mystic Capital initiates coverage on Willis Group

NEW YORK, NY CHARLOTTE, NC COLUMBUS, OH DENVER, CO
212-251-0972 704-366-2153 614-431-5844 303-925-0595
FOR IMMEDIATE RELEASE
February 5, 2004 9:20 am
Mystic Capital Advisors Group starts Willis Group at ìBuyî
Mystic Capital Advisors Group, LLC analyst Jim Bethea initiated coverage of Willis
Group Holding Limited at an investment opinion of ìBuyî with a year end price target of
$43 and with a 2004 fully diluted EPS estimate of $2.80, excluding charge on retirement
of debt.
Our investment opinion of WSH is: due to their current price ($36.70), size, growth
prospects, and current dividend yield, they are one of the best stock purchase
opportunities in the insurance brokerage sector. On a relative valuation basis to peer
group, Willis currently trades at or below average metrics, when in our opinion they
warrant a significant premium.
Contact: Jim Bethea, Sr. Vice President
Mystic Capital Advisors Group, LLC
Tel/Fax: 614-431-5844
Email: jbethea@mysticcapital.com

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