1. CREATING LEADERSHIP WITH A GLOBAL MINDSET Arun Maira, Chairman The Boston Consulting Group 22 April, 2006 Mumbai

2. - 1 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006 "The gods put dreams in the hearts of men – dreams, desires, aspirations that are often much bigger than they are. The greatness of a man corresponds to that painful discrepancy between the goal he sets for himself and the strength nature granted him when he came into the world." Alexander the Great to his Secretary-General Eumenes [From: 'Alexander: The Ends of the Earth' by Valerio Massimo Manfredi]

3. - 2 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006

4. - 3 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006 RDE 100 OUTPERFORM OTHER FIRMS Indian 21 Performance Is Even More Compelling TSR index (31/12/1999=100) 24/03/2006 Total shareholder return index (31/12/1999-24/03/2006) 31/12/1999 TSR Index as of 24/03/2006 % increase since 31/12/1999 RDE 100 Emerging markets S&P 500 268.3 206.2 97.9 168.3% 106.2% (2.1%) Note:TSR index of RDE Challengers based on TSR of 60 RDE companies listed in HK, New York, Mumbai and other major stock exchanges; emerging markets TSR based on Morgan Stanley Emerging Markets Index Source:Datastream; BCG analysis India 21301.4201.4%

5. - 4 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006

6. - 5 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006 47 Mn 19 Mn 7 Mn 3Mn 5Mn 3Mn India Bangladesh Pakistan Iran Brazil Mexico Philippines 5Mn 4Mn Vietnam 2Mn Turkey Potential surplus population in working age group (2020) -10 Mn China -6 Mn Russia 5Mn Indonesia 1Mn Malaysia 0Mn Ireland Israel 0Mn THE FUTURE DEMOGRAPHIC MAP Iraq 2Mn -1 Mn Czech Republic Note:Potential workforce surplus is calculated keeping the ratio of working population (age group 15 – 59) to total population constant and under the assumption that this ratio needs to be broadly constant to support economic growth. Therefore, India will have 47 Million more people in the working age group/total population by 2020 compared to today, while France will have a deficit of 3 Million people in the working age group compared to today. Source: U.S. Census Bureau; BCG Analysis 4Mn Egypt -17Mn US -2 Mn UK -2 Mn Italy -3 Mn France -9 Mn Japan -0.5 Mn Australia -3 Mn Spain -3 Mn Germany

7. - 6 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006 GDP vs GDP per capita in 2050 GDP vs GDP per capita in 2002 GDP (US$ Bn) GDP per capita (US$) INDIA TO BE 3 RD LARGEST ECONOMY, BUT WITH RELATIVELY LOW PER CAPITA INCOME Pattern of Growth Not Witnessed Previously GDP (US$ Bn) GDP per capita (US$) US Japan China India UK Germany Italy France Brazil Russia China US Brazil Italy GermanyFrance Russia UK Japan India Bubble size corresponds to GDP size Source: Goldman Sachs Economic Paper # 99, BCG Analysis

8. - 7 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006

9. - 8 - CREATING LEADERSHIP WITH A GLOBAL MINDSET 22 April, 2006 He or she who takes the first steps Towards that which he/she deeply cares about In ways that others everywhere wish to follow CREATING LEADERSHIP WITH A GLOBAL MINDSET