09 2118 india pn brand request vfinal 2

8/9/2019 09 2118 India PN Brand Request Vfinal 2

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Helping India on the journeyto high performance

Three imperatives for policymakers and business leaders


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The rest of the world is getting to

know an India it never knew untilquite recently. Over the last quarter-century, the nation has become a vitalglobal economic and political player,making its voice heard in G20 debatesand World Trade Organization sessionsalike.

The worlds business media now devoteplenty of ink to Indias energeticgiants such as Tata, Reliance andBharti Airtel. Business leaders aroundthe world are increasingly familiar

with sunrise industry leaders suchas Suzlon and with premier centersof higher learning like the IndianInstitutes of Technology and Institutesof Management. And Bollywood isclearly a soaring influence in theentertainment industry worldwide,producing more than 100 films in2008i in ten languages and employingan estimated six million people.ii

In so many ways, India already

represents the new economicfrontier. It is both a highly successfulexperiment in regulated free-marketeconomics and a laboratory forexperimenting with new tools ofeconomic prosperitya vibrant sourceof new technologies, new approachesto consumer markets, novel ideas forpublic-private partnerships, and newthinking about climate change andaccess to resources.

In short, India has much to be

proud of. It is no exaggeration tosay that India has embarked onthe journey toward achieving highperformance. (See A word about highperformance.) iii

India is on the march. The country thatjust six decades ago was taking its first

independent steps is now striding out

in confident new directions.

Introduction

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But that journey is a long and arduous

one. If the country is to deliver onits tremendous promise, politicians,policymakers and civic and businessleaders have much to do. India stillranks only 49th out of the worldsmost competitive economies23rdwhen compared only to otheremerging economiesaccording tothe World Economic Forum. It lags interms of foreign direct investment,attracting US$42 billion in 2008compared to US$108 billion in China,US$70 billion in Russia and US$45billion in Braziliv.

And its physical infrastructure is adeterrent to inward investment anda huge cost burden for organizationsthroughout the country. Plenty ofwork is needed to build and strengthenfinancial markets and institutions thatcan galvanize infrastructure growth.And while the country has helpedbring about great improvements inthe lives of many of its least privileged

citizens, there are abundant socialchallenges ahead.

What is essential is a blend of well-

planned, well-built and well-runinfrastructure initiativesa blendthat balances improvements intangible infrastructure such as road,rail and electrical power networkswith upgrades in the nationsfinancial infrastructure and its socialinfrastructure. Only if there is obviousmomentum in all three directionscan more of Indias citizens feel thebenefitsand contribute to theircountrys growth.

India can do much on her own, tobe sure. Few other countries havethe equal of its rich amalgam ofprofessional skills, entrepreneurialzest, levels of global engagement,youthful population, and a large andwell-connected diaspora of expatriatetalent.

But to achieve full potentialtotruly achieve high performance as anationthe nation must look outward.Indias policymakers and corporateleaders can also benefit by relyingon global partners that have onefoot in India and the other inactivities abroad.

Organizations that have truly become

part of the countrys social fabricare well-placed to contribute moreto its future economic prosperity.They combine the benefits oflongtime experience in India withrich knowledge of best practices ingovernment and business worldwide;they match a deep commitment to thewelfare of their Indian employees andcommunities with a global eye towardhow those groups can better connectwith their overseas counterparts forthe benefit of all.

This report will examine the mostpressing priorities in each of the threeinfrastructure dimensions: physical,economic and social. We inviteyou to read it with a sense of whatit means for development of newgenerations of talent (and leadership),for environmental sustainability aswell as the sustainability of economicgrowthand importantly, for theinclusion of a much broader swath

of society in Indias continuingsuccess story.

This report will examine the

most pressing priorities in

each of the three infrastructure

dimensions: physical, economicand social.

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Beginning in 2003, Accentures research program to

determine the key ingredients of high performance

provides unprecedented insights into the characteristicsand practices that enable organizations to outperform

their peers.

Accenture defines high-performance businesses as

those that:

Effectively balance current needs and futureopportunities.

Consistently outperform peers in revenue growth,

profitability and total return to shareholders.

Sustain their superiority across time, business cycles,industry disruptions and changes in leadership.

We believe that a nations performance can be gauged byvery similar criteria, as follows:

Effectively balance current needs and futureopportunities of its citizens.

Consistently outperform peer nations in helpingto create an environment within which its citizensmaximize their abilities and ambitions.

Sustain inclusive growth across time, economic cycles,industry disruptions and changes in leadership.

A word about high performance

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Power cuts and potholesFixing the physical infrastructure

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Lacking access to an effective mass

transit system in Bangalore, thetechnology firm Infosys TechnologiesLtd. used to spend $5 million a year onbuses, minivans, and taxis to transportits 18,000 employees to and from itsoffices in Electronics City.v

That, in microcosm, is one of Indiasbiggest impediments to growth. Indiamay be the worlds second fastest-growing economy, but its physicalinfrastructure has fallen far shortof national needsand continues

to fall short. Historically, Indiasinfrastructure investment has averagedabout 4 percent of GDPhalf thecountrys 8 percent-plus growth rateand half the GDP percentage thatChina devotes to infrastructure. IndiasGDP growth would be two percentagepoints higher if India benefited fromgood roads, railways and power, notesJagdish N. Bhagwati, a professor atColumbia University in the U.S.vi

If Prime Minister Manmohan Singhsnear-term targets of 9 to 10 percentannual growth are to be reached,India must now race to build theinfrastructure ecosystem that can

catalyze its economic potentialhigh-

speed road and rail systems, efficientports and logistics centers, and reliableelectricity, telecom, data, and waterdelivery networks.vii

These physical infrastructurechallenges are particularly acute inIndias cities.

Some experts believe that 400million Indians will migrate fromrural to urban areas over the next40 yearsurbanization on a scale

that took 1,000 years to happen inEurope. However, the challengesmust not be tackled in isolationandare not limited to urban areas.viii Notonly do they need to be viewed incontext of the tandem challenges ofbuilding the right financial and socialinfrastructure, but they have to beexamined in light of how they can helpbroaden the countrys base of growthfar beyond visible contributors such asIT services.

Put simply, the industrial andagricultural sectors have hugepotential to drive balanced, sustainablegrowthand to spread the wealth.

Yet they contribute just 18.5 percent

and 17 percent respectively to realGDP compared to the services sectors64.5 percent.ix Industry and agricultureare heavily dependent on goodphysical infrastructure, yet in manyrural areas there are no roads at all.And where roads do exist in India, lessthan half are paved, notes the WorldBank.

Because three-fourths of the1.1 billion population live invillages, growth in agriculture and

manufacturing is essential for jobcreation and to lift per-capita incomelevels. Agriculture has exceptionalpotential when seen as part of a valuechain; imagine the benefits if efficienttransportation and warehousingsystems could easily link farmersto new food processing plants andmarkets, or the gains that could begenerated if reliable communicationssystems were available to acceleratethe use of biotechnology to increase

yields per hectare of land.

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The tasks of repairing, expanding

and managing the countrys physicalinfrastructure are daunting indeed.Of course, India is by no means alonein suffering from inadequate long-term planning and a lack of marketorientation when it comes to bigpublic works; the 15 percent-pluscost overruns conceded by the federalgovernment would not raise eyebrowsin the U.S. or in many Europeannations.

However, when financing of large

infrastructure works is a challenge,such overruns place a larger burdenon the economy than it can afford.Additionally, India faces somespecial challenges. Bureaucracy isproblematic; in particular there ismuch to do on the labor front, whereemployment regulations are seenas some of the greatest obstaclesto productivity improvements.There is often a mismatch betweengovernments expectations of

participation by private investors andtheir actual levels of involvement. And

many Indian construction firms, while

large enough now to deal with thescale of the projects they are involvedwith, were until recently relativelysmall and regionally based, meaningthat they have had to rapidly scale upin terms of building execution skills,design and engineering expertise. Assuch, many still lack the capabilities ofthe leading international players.

The good news is that the rightdiscussions are under way. Just oneexample: The Remaking of Mumbai

Federation (RoMF) is emphasizinga planning from the beginningapproach that is well-placed todraw on best practices from globallysuccessful models of inner-cityredevelopment like those of Shanghai,Hong Kong and Singapore. Proponentsstate that the RoMF will work bestif it is steered by a city planningand management company whosecorporate structure would have equalrepresentation from government

offices and stakeholder associationssuch as residents groups.x

India has the potential to solve

many of its physical infrastructurechallenges. The raw numbers appearimpressive; private-sector estimatesput the federal governmentsexpenditures at close to US$ 1.7trillion over the next decade.xi It certainlyhas the professional resources andthe bright minds and the industrialcapacity to do so. And it is asecond home to many of the largeinternational firms that can readilydraw on best practices from otherregions and municipalities wheresimilar challenges have been facedand met.

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Pressure points

India is the worlds largest producer of fruits and thesecond largest producer of vegetables, yet 25-30 percent

is wasted because there is little cold chain storage anddistribution infrastructure

Economic losses from congestion and poor roads alonecould be as high as $6 billion a year

Average turnaround time at Indias busy seaports is 85hours10 times longer than at Singapore or Hong Kong

India needs to add 50 percent to its current electricitycapacity to bridge todays potential power deficitslet

alone tomorrows

Physical infrastructure constraints create supply-demandimbalances, inducing inflationary pressures.


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Follow the moneyStrengthening the financial

infrastructure

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Accentures research suggests that

aggregate household consumption inIndias rural areas could approach US$250 billion by 201366 percentlarger than that in the countrysurban markets.

Yet the rural majority has poor accessto banking services. Only 40 percentof Indians own a bank account. Justover 5 percent of the villages in Indiahave a bank branch and as little as 2percent of the entire 1.1 billion possesscredit cards.xii

Those facts speak volumes. Theyindicate that enormous sums are inplayand are about to be in playthatare not fully integrated into a nationalfinancial infrastructure. AlthoughIndias economy has been able to relyon fairly high levels of householdsavingcurrently around 25 percentof GDPthere is much more thegovernment can do to put Indiasmoney to work.

Put simply, India must build a robustfinancial infrastructure. While it isnot as tangible as a new road ora new port, a financial grid that

moves money efficiently is vital

to long-term prosperity. Not onlywill it help to support crucial andongoing investments such as physicalinfrastructure, education and research,but it will serve to be more attractiveto foreign direct investment.

Specifically, India must developthe policy measures and innovativefinancing methods necessary to builda strong financial infrastructure.Further, by creating and overseeingeffective regulatory bodies and

efficient settlement systems/clearinghouses, the nations policymakers andfinancial experts will help stimulateinfrastructure financing and overalleconomic growth.

Recent initiatives by the government,such as setting up a corporate bondreporting platform for efficient pricediscovery, are promising moves towardcreating more robust corporate debtmarkets. However, while a well-developed bond market is necessaryto supplement banks as sources offunds for infrastructure projects, thereis a pressing need to develop long-

term institutional investors for those

projects, such as insurance companiesand pension funds. Ajit Gulabchand,chairman and managing director ofHindustan Construction Company,is a vocal proponent of the kinds ofmunicipal bond funding used widely inEurope and the U.S. to support large-scale infrastructure projects.xiii

The government recently set up theIndia Infrastructure Finance CompanyLimited to provide long-term financialassistance to infrastructure projects.

This move is important: Since manyof Indias construction firms arehighly leveraged, they continuallyneed fresh capital to finance newprojects. Although they are underpressure to increase net worth in orderto enhance their creditworthiness,the construction business tends tohave low sales-to-net worth ratios(indicating how much net worth hasbeen added in relation to revenues).

But some of the best potentialfor strengthening Indias financialinfrastructure may come in the kindsof instruments and mechanisms that

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give consumers more control of their

financial destinyand more securityover the long term.

It is only in recent yearswith thedevelopment of technology and withevidence from microfinance projectsthat the poor are indeed bankablethat there have been enhancedopportunities for rural banking andinvestment. The issue has biggerimplications for growth than profit-making for financial services firms. Itgets to the heart of the third element

of the holistic approach essential tolong-term, sustainable growth: theidea of developing a sturdy socialinfrastructure. (See: All for one andone for all: Developing an equitablesocial infrastructure.).

To that end, the governments NationalRural Financial Inclusion Plan has agoal of providing access to financialservices to at least 50 per cent of ruralhouseholds hitherto without accessto financial services by 2012 and theremaining 50 percent by 2015.xiv

Innovative financial services and

insurance companies have beenusing microfinance institutions tobuild their retail network in Indiashinterlands. One of the early pioneersin this area was Bajaj Allianz whichtied up with SKS Finance, Indiaslargest microfinance firm, to sellits policies. SKS successfully soldmillions of policies for Bajaj Allianzwithin a few months.xv At the sametime, mobile bankingusing mobilephonespresents huge possibilities,especially given the low penetration ofconventional banking services inrural India.

Now consumer product companiesare using microfinance firms asplatforms to create vast distributionnetworks. While there is vastpotential for revenue generation forsuch companies, the potential forunderprivileged villagers to generatehigh incomesoften from servicesisequally impressive. And there is a

tremendous multiplier impact forrural economies and for Indias overalleconomic growth.

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Pressure points

Just over 5 percent of the villages in India have abank branch

As little as 2 percent of Indias population possesscredit cards

India lags in terms of foreign direct investment,attracting US$42 billion in 2008 compared to US$108billion in China, US$70 billion in Russia and US$45billion in Brazil

Since many of Indias construction firms are highlyleveraged, they continually need fresh capital to finance

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Access to other financial services such as savings accounts

and life, health and crop insurance also remains limited

for the rural poor. Recognizing the latent demandlying untapped in such markets, YES BANK initiated aninnovative rural-financing program that has benefitedmore than 2,000 farmers in the state of Jammu andKashmir. The program extended financing of US$3.5million for six months to bee-keeping nomadic farmers in

North India by transferring credit risk from the farmers tothe stocks of honey kept in warehouses. YES BANK enrolledKashmir Apiaries Exports (KAE), a large honey processor

and one of the largest exporters of honey from India, inthe scheme. KAE extended a purchase commitment at apre-determined price for the honey supplied by varioussmall farmers, providing the bank with greater creditassurance for the commodity. xvi

Plus point


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All for one and one for allDeveloping an equitable social

infrastructure

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India is home to 20 percent of the

worlds people, a third of whom areless than 15 years old. This youthfuldemographic is expected to add about250 million workers to the labor poolbetween 2005 and 2025.xvii But itis also a potential source of socialinstability.

The countrys rapid economicdevelopment has shone a spotlighton the fact that large sections of thepopulation are not included in theIndia growth story. In the worst case,

Indias massive, young and growingpopulation will be characterized bymass illiteracy, ill health and lowemploymentwith all of the unrestand instability that those forces imply.In the best case, India sits on the cuspof an exceptional opportunity to bringeducation, healthcare and productiveemployment to a youthful workforcewhose size promises to make itthe major engine of Indias futureworkforce and economy.

Either way, it is imperative that Indiaspolicymakers, corporate leaders andcommunity leaders craft a viable social

infrastructureone that is inclusive

and diverse. It must be designed notonly to tamp down social unrest andaddress the more egregious societaland gender inequities but to harnessthe potential of engaged citizens andleverage Indias rich cultural diversity.

The inescapable priority, though, isto avert the worst case. While Indiahas been able to reduce its povertylevels significantly over the lastdecade, findings from a World Bankreport suggest that India has more

people living on less than US$2 aday than sub-Saharan Africa does.A large section of Indias populationis still excluded from education andskills development. The PlanningCommission of India notes that 7.1million Indian children are out ofschool and more than half of thoseenrolled drop out at the elementarylevel.xviii The results of the NationalSample Survey (61st Round) showthat among 15- to 29-year-olds, only

about 2 percent have received formalvocational training. Less than half offemale higher education graduates jointhe economically active population.xix

The economic and social costs of these

factors could be devastating, and couldbe exacerbated by damage to land,property and communities caused byclimate change and by the growth ofindustry sectors other than agriculture,the industry on which so many of thepoor depend.

Inadequate and erratic rainfall acrosslarge parts of the region during 2009poses serious risks to grain production,raising fears of inflation in food prices.Indias agricultural sector contracted

this year after the worst droughts innearly three decades. Governmentofficials note that farm output needsto grow at about 3.5 to 4 percent forIndia to sustain high overall growth.xx

There is also an optimistic way toview the numbers. According to thePlanning Commission of Indiaxxi,theworld will have 56.5 million fewerskilled workers than it needs by 2020.That presents Indias business leadersand policymakers with a tremendousopportunity. If India gets its educationprograms and skill developmentright, it will have a surplus of skilled

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Pressure points

Among Indias 15- to 29-year-olds, only about 2 percenthave received formal vocational training

Less than half of female higher education graduatesjoin the economically active population

More than a third of adult women in Bangladesh,India and Pakistan are underweight, according to theWorld Bank

Climate change may mean that volumes of melt waterfrom Himalayan glaciers, watering much of the region,could fall to about 30 percent of their current levels in

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manpower of 47 million by thatyear. The World Bank estimates thatincreasing the proportion of working-age Indians who are economicallyactive from 60 percent to 75 percentwould add US$3.7 trillion to thecountrys GDP by 2020.

There are many encouraging effortsunder way already. One example:the Teach for India project, formallyestablished in 2008 as a not-for-profitorganization whose mission is tocreate a movement of leaders who willwork to eliminate educational inequityin the country.xxii The college graduatesand young professionals who joinTeach for India commit to teach full-time for two years in under-resourcedschools.

Companies such as Accenture, ICICI,Citibank, and Mahindra & Mahindraare in the forefront of supportingTeach for Indiaand are attuned tothe additional social benefits that theprogram provides. Besides improvingthe quality of education, Teach forIndia would most importantly alsoenhance the young professionalsleadership and communications skills,notes Dr. Nachiket Mor, Presidentof the ICICI Foundation for Inclusive

Growth.

India can also capitalize on its diversecultural heritage. While the UnitedStates has long been held up as theapotheosis of ethnic and culturalblending, Indias rich cultural heritage,stretching back over millennia, is atleast as interesting a model of how anation can benefit from diversity.

From an economic standpoint, Indiastextured culture is a potent engine

for economic growth. With morelinguistic and religious diversity thanmany other nations, India has unusualpotential to cross-pollinate knowledge,ideas and beliefs, and a nationalmindset that readily absorbs freshconcepts and approaches from othercultures. In recent years, the countryspolitical system has successfullyaccommodated greater federalismand social mobility while pursuingeconomic liberalization under a seriesof coalition governments.

Accentures ongoing High PerformanceBusiness research initiative repeatedlydemonstrates that innovation worksbest when a variety of backgroundsand perspectives come to the table.These diverse qualities in turn enable,deliver and drive high performance.

Savvy policymakers and corporateleaders will make it their businessto build workplace and communityprograms that cherish diversity andencourage inclusion. Many of theglobal organizations with a longtimepresence in India have deep experiencewith such programs, and are morethan willing to share what works andwhat doesnt. (See Plus point.)

Just one example: As part of its Skillsto succeed global initiative, Accenture

is teaming with Oxfam in India to helpfarmers develop new skills that willgenerate more value from local supplychains and secure enhanced economicopportunities.

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For 10 years Accenture India has worked closely with BYST,the Indian affiliate of Youth Business InternationaI (YBI),

providing pro bono services and strategic advice.Globally, YBI has helped more than 13,000 young peopleset up their own businesses; more than 72 percent ofthese young people are still successfully in businessin their third year. Each new entrepreneur creates, onaverage, three new jobs. The impact is threefold:

On young peopleSelf employment increases self-esteem, increases

employability and helps achieve economic independence.Young participants provide role models for other youngpeople who see their friends realizing their potential andachieving self-respect and independence.

On businessYBI encourages new and existing entrepreneurs to becomeinvolved in the local community, improves workforce skillsand encourages the development of a dynamic smallbusiness sector.

On societyYBI reduces youth unemployment, alleviating poverty,generating wealth and reducing youth alienation andsocial conflict. Successful young entrepreneurs also create

jobs for others.

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Toward tomorrowSo what will Indiaseconomic complexion look

like in another 25 years?Leading researchers sayIndias economy will beamong the largest in theworld by then.

Its a fair bet that Indiawill have dismantledmany of its barriers to

stronger growth, ridding

itself of much of thered tape that currently

entangles businesses anddeters investors. Its alsoreasonable to expectthat Indian companiesand sources of expertisewill be in the forefrontof the next phases of thegreen growth movement.And as the mid-centuryapproaches, India will verylikely be seen as a hotbed

of innovation.

Yet other aspects of thenations growth trajectorywill be far harder to

control. Ensuring thateconomic development

includes all strata ofsociety is no quick fix.Broadening the nationsbase of growth is amonumental task. Issuessuch as income disparityand endemic poverty

require much more

than the right kinds of

investment; they alsodemand expertise inoperational excellence andgood governance.

Although there is little

doubt that India willbe at the heart of theglobal economy in just afew decades, the bigger

question is whether itsplace there will be stableor sustainable.

The answer lies in theright blend of long-term

commitments to physical,financial and socialinfrastructure.

Those commitmentswill require exemplarystatesmanship, holisticrather than insular

thinking, enthusiasmpaired with realism,and commitment thattranscends elective

office terms.

Sustainable, inclusiveeconomic success will alsocall for unprecedentedlevels of collaboration

among policymakers andcivil servants, businessexecutives, academics, andcivic leaderscollaboration

that reaches across cultures

and time zones. India hasmany international friends

both inside and outsidethe country. There hasnever been a better time

to benefit from thosefriendships.

The answer lies in theright blend of longtermcommitments to achievinghigh performance as a

nation through physical,financial and socialinfrastructure.

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i. http://www.whereincity.com/movies/bollywood/list/2008

ii. According to the Indian MotionPictures Association, about 6 million areemployed with the Indian film industry,http://www.indiaonestop.com/film.htm

iii. High Performance Business ResearchProgram Overview, Accenture Website, http://www.accenture.com/Global/High_Performance_Business/HPBHighlevelOverview.htm

iv. World Investment Report 2009

v. http://www.businessweek.com/magazine/content/07_12/b4026001.htm

vi. Op. cit. v

vii. Op. cit. v

viii. History Inspires Future Cities,The Times of India, 1 Nov 2009,http://timesofindia.indiatimes.com/india/History-inspires-future-cities/articleshow/5184947.cms

ix. Annual Report, Reserve Bank of India,2008-09

x. Building the City of Dreams, brochurefor Council of Tall Buildings and Urban

Habitat (CTBUH) 2010 World ConferenceIndia, http://www.ctbuh.org/LinkClick.aspx?fileticket=gA54SCjboAE%3D&tabid=62&language=en-GB

xi. India can meet infrastructure needson its own, India Today, September 17,

2009, http://indiatoday.intoday.in/index.php?option=com_content&task=view&issueid=110&id=62112&Itemid=1&sectionid=110

xii. Forty percent population havebank accounts: NABARD, HindustanTimes, October 21, 2009, http://www.hindustantimes.com/rssfeed/arunachalpradesh/Forty-per-cent-population-have-bank-accounts-NABARD/Article1-467735.aspx

xiii. Ibid.

xiv. Financial inclusion to overcomeexclusions, Bhanoji Rao, May 13, 2008,The Hindu Business Line, http://www.thehindubusinessline.com/2008/05/13/stories/2008051350090800.htm

xv. SKS Microfinance, Bajaj Allianz toprovide microinsurance to spouses now,Microfinance Focus, Sept 16, 2009,http://www.microfinancefocus.com/

news/2009/09/16/sks-microfinance-bajaj-allianz-to-provide-microinsurance-to-spouses-now/

xvi. YES BANK bags Deal of the YearAward, April 4, 2007, http://www.yesbank.in/releasedisp.php?pid=277

xvii. LABORSTA database, InternationalLabour Organisation

xviii. Education, Eleventh Five Year Plan,Planning Commission of India, http://planningcommission.gov.in/plans/planrel/fiveyr/11th/11_v2/11v2_ch1.pdf

xix. International Labour Organisation

xx. Singh: India Targeting 10%Growth, Wall Street Journal, Oct 30,2009, http://online.wsj.com/article/SB125690178037418371.html

xxi. Skill Development and Training,http://planningcommission.gov.in/plans/planrel/fiveyr/11th/11_v1/11v1_ch5.pdf

xxii. Teach for India, http://67.19.228.180/teachforindia/index.php

Resources

Disclaimer

This Report has been published forinformation and illustrative purposesonly and is not intended to serve asadvice of any nature whatsoever.The information contained and thereferences made in this Report is ingood faith, neither Accenture nor anyits directors, agents or employeesgive any warranty of accuracy noraccepts any liability as a resultof reliance upon the information,advice, statement or opinioncontained in this Report. This Reportalso contains certain informationavailable in public domain, createdand maintained by private and publicorganizations. Accenture does notcontrol or guarantee the accuracy,relevance, timelines or completenessof such information. This Reportconstitutes a visew as on the date ofpublication and is subject to change.Accenture does not warrant or solicitany kind of act or omission based on

this Report.

About Accenture

Accenture is a global managementconsulting, technology servicesand outsourcing company.Combining unparalleled experience,comprehensive capabilitiesacross all industries and businessfunctions, and extensive researchon the worlds most successfulcompanies, Accenture collaborateswith clients to help them becomehigh-performance businesses andgovernments. With approximately177,000 people serving clientsin more than 120 countries, thecompany generated net revenues ofUS$21.58 billion for the fiscal yearended Aug. 31, 2009. Its home pageis www.accenture.com.

Copyright 2009 Accenture

All rights reserved.

Accenture, its logo, andHigh Performance Deliveredare trademarks of Accenture.

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