1. Accenture Plc (ACN) Analysts: Chris Landqvist, Justin Pippitt, Kelli Coldiron & Wei Pi

2. Macro Economic Outlook

3. Lagging, Coincident, Leading Indicators

4. Business Cycle Sectors

5. Current Portfolio Sector Weights

6. Company Overview

7. *3 Key Services: Global management consulting, technology services and outsourcing company *5 Operating Groups: Communications and high tech, financial services, health and public service, products, and resources *236,000 employees in 54 countries *Clients: Fortune Global 500, Fortune 1000, and mid-size companies and governments *Generated net revenues of US$25.5 billion in 2011 fiscal year. Overview

8. Revenues

9. Historical Performance Analysis

10. 3-Year Compound Average Growth Rates

11. Per Share Metrics

12. Cumulative Stock Returns vs. Market

13. Total Revenue and Net Income

16. Operating Profit

17. Earnings Per Share and Dividends Per Share

18. Estimated Range Actual Earnings Estimated and Actual Earnings Per Share

19. Gross and Operating Margin Gross and Operating Profit Margin

20. Net and Free Cash Flow Margin

21. Earnings and Dividend Yield

22. Total Debt to Assets, Long-Term Debt to Equity

23. Return on Assets, Equity and Capital

24. SpreadWACC ROIC/WACC Spread 35.3 %

25. Economic and Market Value Added

26. Porter’s 5 Forces

27. SP Numerous suppliers Price sensitivity is high Similarity in products Low Porter’s – Supplier Power

28. SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low Porter’s – Buyer Power

29. SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low CR Numerous competitors Other strong brands Specialized local competitors High Porter’s – Competitive Rivalry

30. SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low CR Numerous competitors Other strong brands Specialized local competitors High TS Lack of uniqueness Competition more vertical integration High Porter’s – Threat of Substitutes

31. SP Numerous suppliers Price sensitivity is high Similarity in products Low BP Excess demand High switching costs Brand name Low CR Numerous competitors Other strong brands Specialized local competitors High TS Lack of uniqueness Competition more vertical integration High NE Fairly cheap Less regulation Nature of technology Medium Porter’s – Threat of New Entrants

32. SWOT

33. S New contract structure Increased need from US/EURO No debt Internal software solution SWOT - Strengths

34. S New contract structure Increased need from US/EURO No debt Internal software solution W Foreign exchange loss Domiciled in Ireland Limited ability to protect Intellectual rights SWOT – Weaknesses

35. S New contract structure Increased need from US/EURO No debt Internal software solution W Foreign exchange loss Domiciled in Ireland Limited ability to protect Intellectual rights O Growth in emerging markets Increased demand for out-sourcing Global footprint satisfies demand for increased efficiency SWOT - Opportunities

36. S New contract structure Increased need from US/EURO No debt Internal software solution W Foreign exchange loss Domiciled in Ireland Limited ability to protect Intellectual rights O Growth in emerging markets Increased demand for out-sourcing Global footprint satisfies demand for increased efficiency T Qualified workers Decreased government spending SAP starts competing same market segment SWOT - Threats

37. * ACN competes in the IT sector alongside several other strong players. *Clients will pay a premium for working with brand name company with a global footprint. *The nature of technology is volatile but requires low initial capital investment and faces limited government/industry regulation or policies. *ACN is well positioned to quickly adhere to the needs of their clients worldwide through proprietary software. *Hiring a skilled workforce is becoming increasingly difficult.With no debt, ACN is well positioned for M&A activity to acquire new talent or technology. Strategic Position Summary

38. Forecasts

39. Income Statement Forecasts

40. Unadjusted Adjusted Revenue Growth Dividend Growth Income Statement Forecast Graphs

41. Balance Sheet Forecasts

43. Weighted Average Cost of Capital

44. Over (Under) Valuation Per Share

45. Dividend Discount and Relative Valuation Models

46. Intrinsic vs. Current Price

47. PRVit Scores

48. PRVit Overall

49. PRVit Performance and Risk

50. PRVit vs. Industry and Market

51. PRVit Return on Capital vs. Cost of Capital

52. Investment Thesis

53. Despite slow growth in Total Revenue, ACN has been able to grow EBIT, NOPAT, and EPS during fierce economic conditions. In conjunction with a ROIC to WACC spread of 35.3%, ACN is able to create value for their shareholders while increasing their dividend on a sequential basis. ACN’s global footprint is essential to take advantage of the opportunities in growth markets. The increasing need for improved efficiency in both the U.S. and Europe, currently in a declining economic trend, further strengthens ACN’s position. The negative currency exchange risk is a concern, which partially explains the conservative forecast assumptions for this fundamentally robust corporation. Due to its historical performance, commitment to dividends and low valuation we recommend to BUY ACN. Investment Thesis

54. Questions