<PAGE>
 
Exhibit 99     Pages 30 through 36 of the Company's Annual Report on Form 10-K
               for the period ended December 31, 1996.
<PAGE>
 
Certain Factors That May Affect Future Results

        The following important factors, among others, could cause actual
results to differ materially from those indicated by forward-looking statements
made in this Annual Report on Form 10-K and presented elsewhere by management
from time to time.

        Risks Associated with Acquisitions. The Company's strategy includes the
acquisition of businesses, products and technologies that are complementary to
those of the Company. Promising acquisitions are difficult to identify and
complete for a number of reasons, including competition among prospective
buyers. In furtherance of this strategy, in late 1996 and early 1997 the Company
acquired three businesses, ISS, COBA-UK and COBA-Boston. There can be no
assurance that the Company will be able to complete future acquisitions or that
the Company will be able to successfully integrate these and any future acquired
businesses, and the failure of the Company to integrate any acquired businesses
could have a material adverse effect on the Company's business and results of
operations. In order to finance any such future acquisitions, it may be
necessary for the Company to raise additional funds through public or private
financings. Any equity or debt financing, if available at all, may be on terms
which are not favorable to the Company and, in the case of equity financing, may
result in dilution to the Company's stockholders.


        Management of Growth. The Company is currently experiencing a period of
rapid growth which has placed and could continue to place a strain on the
Company's financial, management and other resources. From January 1, 1993
through December 31, 1996, the size of the Company's professional staff
increased from 17 to 208 full-time equivalent employees, and further increases
are anticipated. Since January 1, 1993, the Company has expanded geographically
by adding employees based in Atlanta, Georgia; Boston, Massachusetts; Chicago,
Illinois; San Francisco, California; Stamford, Connecticut; Washington D.C.; and
London, England. The Company intends to open additional domestic and
international offices as needed. The Company's ability to manage its staff and
facilities growth effectively will require it to continue to improve its
operational, financial and other internal systems and to train, motivate and
manage its employees. If the Company's management is unable to manage growth
effectively and new employees are unable to achieve anticipated performance
levels, the Company's business and results of operations could be adversely
affected.

        Dependence on Gemini. Since 1993 the Company has been a party to the
Teaming Agreement with Gemini pursuant to which the Company and Gemini have
agreed to market and perform certain service offerings on a collaborative basis.
Approximately 44%, 34% and 31% of the Company's revenues in 1994, 1995 and 1996,
respectively, resulted from its relationship with Gemini; approximately 36%, 15%
and 21%, respectively, of revenues were from services and other amounts billable
to Gemini and approximately 8%, 19% and 10%, respectively, of revenues were from
services billable directly to third parties. As a result, the Company's success
is currently dependent in part on the success of Gemini's marketing efforts.

        In November 1996, the Company and Gemini entered into the Restated
Teaming Agreement. Gemini has committed to provide the Company with certain
minimum bookings during the term of the Restated Teaming Agreement, subject to
the satisfaction of certain conditions. In the event that during any of the six
month periods during the term of the Restated Teaming Agreement bookings
obtained by Renaissance from Gemini customers or customers of joint service
offerings by Renaissance and Gemini are less than specified minimum commitment
levels, Gemini may retain the services of Renaissance for a fee equal to the
amount of the deficiency. If at the end of twelve months a bookings deficiency
still remains, Gemini is required to make a compensating payment to Renaissance
of 25% of the remaining deficiency in full satisfaction of the bookings
deficiency. Gemini's obligation to provide these bookings to the Company will
terminate in the event that any of Harry M. Lasker, David A. Lubin or David P.
Norton, the founders of the Company, ceases to be employed by the Company on a
full time basis during the term of the Restated Teaming Agreement. In such
event, the parties have agreed to negotiate in good faith to establish new
commitments for the remainder of the term of the Restated Teaming Agreement. In
addition, the amount of Gemini's bookings commitment is subject to adjustment as
a result of, among other things, any failure by Renaissance to make available to
Gemini such quantities of marketing and sales resources and such number of staff
for joint service offerings as may from time to time be mutually agreed upon by
the parties.

        The Company monitors Gemini's progress in meeting its bookings
commitments through regular conference calls and meetings with Gemini
representatives. "Bookings" are generally defined for purposes of the Restated

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<PAGE>
 
Teaming Agreement as gross fees (excluding expense reimbursements) committed to
Renaissance as a result of the relationship with Gemini during the applicable
period, as evidenced by a written agreement between the Company and the customer
for the delivery of goods or services within twelve months, plus any such fees
actually collected by the Company during such period which are not evidenced by
a written agreement. Gemini generally is treated as having satisfied its
bookings commitment regardless of whether revenues are recognized by Renaissance
with respect to a particular engagement. For example, under the Restated Teaming
Agreement, 50% of the fees attributable to a cancelled contract count towards
Gemini's bookings commitment if such cancellation is not primarily attributable
to the actions or omissions of Gemini. In accordance with industry practice,
nearly all of the Company's contracts are terminable by either the customer or
the Company on short or no notice and without penalty. In addition, Gemini does
not guarantee the collectibility of any receivables resulting from customer
engagements under the Restated Teaming Agreement.

        The Restated Teaming Agreement has a term ending on November 1, 1999.
The Restated Teaming Agreement is subject to earlier termination upon the
occurrence of certain events, including a change in control of the Company (as
defined in the Restated Teaming Agreement). In the event that the Restated
Teaming Agreement is validly terminated by either party prior to its expiration,
Renaissance is required to pay a termination fee to Gemini in an amount
declining from a maximum of $1.6 million in the event of a termination prior to
November 1, 1996 to a minimum of $250,000 in the event of a termination prior to
November 1, 1999. In addition, in such event, various payment obligations
contained in the Restated Teaming Agreement will terminate on the termination
date. While the Company is continuing to build its internal marketing force and
seeking additional strategic alliances, the termination of the Restated Teaming
Agreement could have a material adverse effect on the Company's business and
results of operations.

        Under the Restated Teaming Agreement, the Company has agreed to train
Gemini in the use of the Company's Balanced Scorecard, desktop application and
certain other methodologies during the period ending October 31, 1998 and to
perpetually license these methodologies, to the extent developed prior to
November 1, 1998, to Gemini on a non-exclusive basis. As a result, during the
term of the Restated Teaming Agreement Gemini personnel may perform services in
connection with joint service offerings which might otherwise be performed by
Company personnel. In addition, following the termination of the Restated
Teaming Agreement, Gemini will be in a position to compete with the Company
using know-how and methodologies which might otherwise be proprietary to the
Company.

        The Company's ability to obtain the benefit of the bookings commitments
under the Restated Teaming Agreement may be affected by Gemini's
creditworthiness. Under the terms of the Restated Teaming Agreement, Gemini is
not

                                      -31-
<PAGE>
 
required to provide the Company with information regarding Gemini's financial
condition. Based on information made publicly available by an affiliate of
Gemini, the Company believes that Gemini experienced a significant decline in
sales and profits as well as capacity problems in 1995, and that Gemini's
results for the first quarter of 1996 were below its budget for such quarter.

        In each of the four six month periods ended October 31, 1996, Gemini's
actual bookings were lower than the minimum bookings provided for under the
Teaming Agreement. During the six month period commenced on May 1, 1995 and
ended October 31, 1995, Gemini's bookings commitment (as defined in the Teaming
Agreement) to the Company was $8.25 million. The actual bookings for such
period, net of bookings applied to the prior period deficiency, totalled
approximately $1.9 million. Gemini satisfied the resulting $6.3 million
deficiency in the subsequent six month period through a combination of revenues
generated from client work referred to Renaissance by Gemini, work performed by
Renaissance as a subcontractor for Gemini, work performed by Renaissance
directly for Gemini and the acquisition by Gemini from the Company of certain
Company program designs and related materials. During the six month period
commenced on November 1, 1995 and ended April 30, 1996, Gemini's bookings
commitment to the Company was $7.0 million. The actual bookings for the period,
net of bookings applied to the prior period deficiency, totalled approximately
$1.2 million. Gemini issued to Renaissance a purchase order for the deficiency
of approximately $5.8 million. This purchase order was satisfied by Gemini in
the subsequent six month period through a combination of revenues generated from
client work referred to Renaissance by Gemini of approximately $4.0 million and
a cash payment by Gemini to Renaissance of $750,000 in the third fiscal quarter
of 1996 in satisfaction of the remaining $1.8 million purchase order obligation.
The Company's net income for the third fiscal quarter of 1996 was favorably
affected by this cash payment which was included in revenues and had no
incremental cost associated with it. During the six month period commenced on
May 1, 1996 and ended on October 31, 1996, Gemini's bookings commitment to the
Company was $8.0 million. Approximately $4.1 million in revenues generated from
the $5.2 million in bookings in this six month period were applied to satisfy
the prior period deficiency. Pursuant to the terms of the Restated Teaming
Agreement, Gemini satisfied the resulting bookings deficiency for the period
ending October 31, 1996 with a one-time payment by Gemini to Renaissance of
approximately $1.5 million.

        Concentration of Revenues. The Company has in the past derived, and may
in the future derive, a significant portion of its revenues from a relatively
limited number of major projects. In 1994, 1995 and 1996, revenues from services
and other amounts billable to Gemini accounted for approximately 36%, 15% and
21%, respectively, of the Company's total revenues. Revenues from services
billable to Gemini in 1994 include revenues from services

                                      -32-
<PAGE>
 
provided to CIGNA Corporation ("CIGNA") by the Company as a subcontractor on
behalf of Gemini pursuant to the Teaming Agreement. These revenues from services
provided to CIGNA accounted for approximately 25% of the Company's total
revenues in 1994. In addition, revenues from services billable to divisions of
AT&T and to Mobil Corporation accounted for approximately 8% and 7%,
respectively, of the Company's total revenues in 1994 and revenues from services
billable to divisions of AT&T and to CIGNA accounted for approximately 23% and
8%, respectively, of the Company's total revenues in 1995. In 1996, revenues
from services billable to operating companies of AT&T accounted for
approximately 26% of the Company's total revenues. The Company anticipates that
revenues from operating companies of AT&T will decrease in the future because
several engagements for this group of clients have been completed. The Company's
revenues and earnings can fluctuate from quarter to quarter based on the number
of customer engagements and the requirements of these engagements. In accordance
with industry practice, nearly all of the Company's contracts are terminable by
either the customer or the Company on short or no notice and without penalty. An
unanticipated termination of a major project could have a material adverse
effect on the Company's business and results of operations.

        Variability of Quarterly Operating Results. Variations in the Company's
revenues and operating results occur from quarter to quarter as a result of a
number of factors. Quarterly revenues and operating results can depend on the
size of customer engagements during a quarter, the number of working days in a
quarter and employee utilization rates. The timing of revenues is difficult to
forecast because the Company's sales cycle is relatively long in the case of new
customers and may depend on factors such as the size and scope of assignments
and general economic conditions. Because a high percentage of the Company's
expenses are relatively fixed, a variation in the level of customer assignments
can cause significant variations in

                                      -33-
<PAGE>
 
operating results from quarter to quarter and could result in losses. The
Company attempts to manage its personnel utilization rates by closely monitoring
project timetables and staffing requirements for new projects. While the number
of professional staff may be adjusted to some degree to reflect active projects,
the Company must maintain a sufficient number of senior professionals to oversee
existing customer projects and participate in securing new customer engagements.
In addition, most of the Company's engagements are terminable without customer
penalty. An unanticipated termination of a major project could result in an
increase in underutilized employees and a decrease in revenues and profits or
the incurrence of losses.

        Need to Develop New Offerings. The Company's future success will depend
in significant part on its ability to successfully develop and introduce new
service offerings and improved versions of existing service offerings. There can
be no assurance that the Company will be successful in developing, introducing
on a timely basis and marketing such service offerings or that any service
offerings will be accepted in the market. Moreover, services offered by others
may render the Company's services non-competitive or obsolete.

        Project Risks. Many of the Company's engagements involve projects which
are critical to the operations of its customers' businesses and which provide
benefits that may be difficult to quantify. The Company's failure or inability
to meet a customer's expectations in the performance of its services could
result in the incurrence by the Company of a financial loss and could damage the
Company's reputation and adversely affect its ability to attract new business.
In addition, an unanticipated difficulty in completing a project could have an
adverse effect on the Company's business and results of operations. Fees for the
Company's engagements typically are based on the project schedule, Renaissance
staffing requirements, the level of customer involvement and the scope of the
project as agreed upon with the customer at the project's inception. The Company
generally seeks to obtain an adjustment in its fees in the event of any
significant change in any of the assumptions upon which the

                                      -34-
<PAGE>
 
original estimate was based. However, there can be no assurance that the Company
will be successful in obtaining any such adjustment in the future.

        Attraction and Retention of Key Personnel; Dependence on Founders.   The
Company's business involves the delivery of professional services and is labor
intensive. The Company's success will depend in large part upon its ability to
attract, retain and motivate highly skilled employees. There is significant
competition for employees with the skills required to perform the services
offered by the Company. Although the Company expects to continue to attract and
retain sufficient numbers of highly skilled employees for the foreseeable
future, there can be no assurance that the Company will be able to do so. The
loss of any of the Company's three founders or other key personnel could have a
material adverse effect on the Company's business and results of operations,
including its ability to attract employees and secure and complete engagements.

        Competition. The management consulting and client/server systems
integration markets are subject to rapid change and are highly competitive. The
Company competes with and faces potential competition for customer assignments
and experienced personnel from a number of companies that have significantly
greater financial, technical and marketing resources, generate greater revenues
and have greater name recognition than does the Company. In addition, the
management consulting and client/server systems integration markets are highly
fragmented and served by numerous firms, many of which serve only their
respective local markets. The Company's customers primarily consist of major
corporations, and there are an increasing number of professional services firms
seeking management consulting and client/server systems integration engagements
from that customer base. The Company believes that the principal competitive
factors in the management consulting and client/server systems integration
industries include the nature of the services offered, quality of service,
responsiveness to customer needs, experience,

                                      -35-
<PAGE>
 
technical expertise and price. There can be no assurance that the Company will
continue to compete successfully with its existing competitors or will be able
to compete successfully with any new competitors.

        International Operations.  Sales outside North America accounted for
approximately 10% of the Company's revenues in 1996.  The Company intends to
expand its presence in European markets and anticipates that international sales
will account for an increasing portion of revenues in the future. International
revenues are subject to a number of risks, including the following: agreements
may be difficult to enforce and receivables difficult to collect through a
foreign country's legal system; foreign customers may have longer payment
cycles; foreign countries could impose additional withholding taxes or otherwise
tax the Company's foreign income, impose tariffs or adopt other restrictions on
foreign trade; fluctuations in exchange rates could affect product demand and
adversely affect the profitability in U.S. dollars of services provided by the
Company in foreign markets where payment for the Company's services is made in
the local currency; U.S. export licenses may be difficult to obtain; and the
protection of intellectual property in foreign countries may be more difficult
to enforce. There can be no assurance that any of these factors will not have a
material adverse effect on the Company's business and results of operations.

        Intellectual Property Rights. The Company's success is dependent in part
upon its management consulting and client/server systems integration
methodologies and other intellectual property, some of which is proprietary to
the Company. A significant portion of the Company's management consulting
services are based on the Balanced Scorecard concept described in three Harvard
Business Review articles and in The Balanced Scorecard, a recently published
book, all of which were co-authored by one of the Company's founders. The
Company believes that the Balanced Scorecard name is in the public domain. As a
result, third parties may provide services using the Balanced Scorecard name
which are competitive with the services offered by the Company.

        The Company relies upon a combination of trade secret, nondisclosure and
other contractual arrangements, and copyright and trademark laws to protect its
proprietary rights. The Company presently holds no patents or registered
copyrights or trademarks. The Company generally enters into confidentiality
agreements with its employees, consultants, customers and potential customers
and limits distribution of its proprietary information. There can be no
assurance that the steps taken by the Company in this regard will be adequate to
deter misappropriation of its proprietary information or that the Company will
be able to detect unauthorized use and take appropriate steps to enforce its
intellectual property rights. Although the Company believes that its services
and products do not infringe on the intellectual property rights of others,
there can be no assurance that such a claim will not be asserted against the
Company in the future.

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