In a survey of 360 executives conducted for the report, those who believe that national data privacy regulation is a benefit outnumber those who say it is a burden by 3 to 2 (cited by 33% and 20% respectively). The results, however, do depend on local context. In Singapore almost one-half (48%) of executives say regulation is a benefit while the equivalent number in Hong Kong is less than half of that (22%). These are among the key findings of Finding their way: Corporates, governments and data privacy in Asia, which examines the views of business on data privacy regulation in the region. The report was sponsored by SafeNet. Overall, only one-third (33%) of Asian executives agree that data privacy regulations limit corporate opportunities, but again the numbers vary according to jurisdiction. For instance, almost twice as many executives in Singapore (42%) believe current policies are a barrier to growth as in India (22%). It is likely that perceived levels of enforcement within countries play a role as companies in a weak environment may take advantage of this at the expense of consumers. In fact, three-quarters (75%) of Indian executives say consumers in their country don’t seem to care about data privacy, which encourages aggressive companies to take risks. Just 59% of Asian executives believe government regulators in their country have a high level of knowledge about data privacy regulations. In India only 38% of executives cite a high level of awareness among regulators.

1. Finding their way
Corporates, governments and data privacy in Asia
An Economist Intelligence Unit report
Commissioned by

2. Finding their way: Corporates, governments and data privacy in Asia
© The Economist Intelligence Unit Limited 2014 1
Contents
About the report 2
About the survey 3
1. Awareness and corporate challenges 4
2. The importance of data privacy 6
3. Little faith in regulators 9
4. Barriers to growth 11
5. Corporate countermeasures 13
6. The road ahead 14
Appendix: Survey results 15

3. Finding their way: Corporates, governments and data privacy in Asia
About the
report
Finding their way: Corporates, governments
and data privacy in Asia is a report from The
Economist Intelligence Unit, commissioned by
SafeNet. Kim Andreasson was the author and
Laurel West was the editor. The report draws on a
survey of 360 executives in Asia, all of whom are
familiar with their company’s policies on data
2 © The Economist Intelligence Unit Limited 2014
privacy. The survey findings are supplemented
by wide-ranging desk research. The Economist
Intelligence Unit bears sole responsibility for
the content of this report and the findings
do not necessarily reflect the views of the
commissioning organisation.

4. Finding their way: Corporates, governments and data privacy in Asia
About the
survey
© The Economist Intelligence Unit Limited 2014 3
In May 2014, The Economist Intelligence Unit
conducted a survey of 360 executives to assess
corporate attitudes towards data privacy and its
effect on businesses in Asia. Nearly half (47 %) of
survey respondents are board members or C-level
executives, including 92 CEOs. All respondents
are based in Asia-Pacific with a majority located
in India (24%), Australia (23%), Singapore
(22%), and Hong Kong (10%). Over half of the
survey respondents (55%) work for companies
with global annual revenues exceeding
US$500m. Nineteen different industries
are represented in the survey sample, led by
financial services (26%), professional services
(14%), and information technology (IT) and
technology (11%). The primary functional roles
of respondents are general management (43%),
strategy and business development (39%), and
marketing and sales (22%).

5. Finding their way: Corporates, governments and data privacy in Asia
1 Ericsson: http://www.
ericsson.com/res/docs/
whitepapers/wp-big-data.
pdf
2 Also see Privacy
International: https://
www.privacyinternational.
org/reports/a-new-dawn-privacy-
in-asia
1 Awareness and corporate challenges
The rapid rise of the Internet and the diffusion
of new digital technologies are creating a sea
of data that is only getting bigger and deeper.
This is leading to new business opportunities
for organisations that are able to store, analyse
and process data about current or potential
customers. Citing IDC, a research company,
Ericsson says revenues in the big data technology
and services market alone are expected to
reach US$16.9bn in 2015.1 At the same time,
data privacy has emerged as a key concern.
Regulations in this area vary among jurisdictions
and are also still evolving, leading to a complex
environment for businesses trying to leverage
data while managing it properly.
In Europe, which has had strong data protection
policies in place since 1995, the European
Commission proposed an updated European
General Data Protection Regulation in January
2012 in order to strengthen online privacy rights
and standardise implementation across the
region. In the US, the Obama Administration
A benefit
4 © The Economist Intelligence Unit Limited 2014
announced a “Privacy Bill of Rights” in February
2012 to improve consumer online protection in a
uniform way across industries, replacing sector-specific
regulation.
This growing trend is also occurring in Asia, with
recent initiatives in many countries including
Australia, Hong Kong, India and Singapore.2
Although strict regulations can limit corporate
options, many companies in these countries also
welcome them as they can level the playing field
for competition.
In the survey of 360 Asian executives conducted
for this report, those who believe that national
data privacy regulation is a benefit to their
business outnumber those who say it is a burden
by 3 to 2 (cited by 33% and 20% respectively
(Figure 1)). Almost half of respondents (44%) did
not think it was either a benefit or a burden. But
this obviously depends on what the regulations
look like in a local context. In Singapore, almost
one-half (48%) of executives say national
In the country in which you are located, is national data privacy regulation a benefit or a burden to
your business?
(% respondents)
A burden
Neither a benefit, nor a burden
Don’t know
Figure 1
33
20
44
3

6. Finding their way: Corporates, governments and data privacy in Asia
Is national data privacy regulation a benefit or a burden to your business?
(% respondents)
© The Economist Intelligence Unit Limited 2014 5
data privacy regulation is a benefit while the
equivalent number in Hong Kong is less than half
of that (22%).
In order to delve deeper into data privacy in Asia
and what it means for businesses, this summary
report uses the survey results to analyse
awareness and corporate challenges across the
region, with an emphasis on Australia, Hong
Kong, India, and Singapore.
Figure 2
A benefit A burden Neither a benefit, nor a burden Don’t know
Australia
Hong Kong
India
Singapore
44
3
8
1
24
50
49
29
25
10
22
32
22
32
48

7. Finding their way: Corporates, governments and data privacy in Asia
2 The importance of data privacy
In line with global developments, 5 in 10 Asian
executives (54%) say data privacy is very
important to their organisation today with a
further 4 in 10 (38%) saying it is important
(Figure 3). Unsurprisingly, the numbers are
generally higher in industries that rely on data to
a greater extent. Among executives in financial
services, for instance, two-thirds (66%) say
data privacy is very important today with nearly
Figure 3
Very important
Figure 4
Australia
6 © The Economist Intelligence Unit Limited 2014
one-half (46%) also claiming it will be a lot more
important in the future.
Among all Asian executives, one-third (35%)
predict that data privacy will be a lot more
important to their organisation three years
from now while another one-third (37%) say
it will be more important. But there are again
stark regional differences (Figure 4). More than
How important is data privacy to your organisation today?
(% respondents)
Important
Neither important nor
unimportant
Unimportant
54
38
7
1
Very unimportant 1
Don’t know 0
Where will data privacy be a lot more important
(% respondents who say data privacy will be a lot more important in three years)
Hong Kong
India
Singapore
32
19
55
31

8. Finding their way: Corporates, governments and data privacy in Asia
Don’t know 2 3 DLA Piper: http://
© The Economist Intelligence Unit Limited 2014 7
half (55%) of all survey respondents from India
believe it will be a lot more important, which
far outnumbers the figures for more developed
countries, such as Australia (32% said the same),
Singapore (31%) and in particular Hong Kong
(19%).
This reflects the general notion that India’s
current data privacy laws are weak and will rise
in future importance (and that those of Hong
Kong are already strong). This is reinforced by
other research. DLA Piper, a global law firm which
has compared data privacy regulations and
enforcement across the world, also says laws are
“heavy” in Hong Kong while “limited” in India;
in Australia and Singapore they are viewed as
“moderate.”3
In Hong Kong, about two-thirds of executives in
the survey say current data privacy regulations
In your opinion, how would you rate current data privacy regulations in the country where you are
located today as it relates to your industry?
(% respondents)
Current data privacy regulation—or the
lack thereof—is very good for our industry
Good
Neither good nor bad
Bad
Figure 5
11
42
26
14
Very bad 4
Other, please specify 2
Don’t know 1
Figure 6
In what area(s) can current data privacy regulations in the country where you are located be improved
the most as it relates to your industry? Select two.
(% respondents)
Level of enforcement
Scope of data privacy regulations
Corporate compliance processes
Penalties for data breaches
39
28
27
25
Emerging technologies requiring
an update to current policies
Consumer rights, such as
data portability
Roles and responsibilities among
government agencies
23
22
20
Other, please specify 1
dlapiperdataprotection.
com/#handbook/world-map-
section

9. Finding their way: Corporates, governments and data privacy in Asia
are very good (11%) or good (53%) for their
industry.4 In India, meanwhile, barely a quarter
of all respondents view data privacy as positive
(2% and 22% respectively). India’s regulations
were updated in 2011; however, implementation
8 © The Economist Intelligence Unit Limited 2014
is uneven.5 In particular, in order to improve data
privacy in India, a majority of executives (55%)
call on their country to enhance the level of
enforcement.
4 Office of the Privacy
Commissioner for Personal
Data: http://www.pcpd.org.
hk/engindex.html
5 Department of Electronics
& Information Technology,
Ministry of Communications
& Information Technology:
http://deity.gov.in/
content/cyber-laws

10. Finding their way: Corporates, governments and data privacy in Asia
3 Little faith in regulators
Agree Disagree
90
62
33
41
10
38
© The Economist Intelligence Unit Limited 2014 9
Nine in 10 Asian executives (90%) say their own
understanding of data privacy regulations has
improved in the last three years (Figure 7). An
overwhelming majority of respondents also
believe their CEO (80%) and senior management
(77%) have high levels of awareness regarding
national data privacy regulations in the country
where they are located.
By contrast, not even 6 in 10 (59%) Asian
executives believe government regulators in
their country have a high level of knowledge
about data privacy regulations, which is not only
concerning but also surprising as they are in
charge of enforcement. In India, the situation
is particularly bad—only 38% of executives cite
a high level of awareness among regulators.
This has practical consequences as the level
of enforcement (cited by 29%) is viewed as
the biggest area of contention between the
public and private sectors in India, followed by
roles and responsibilities among government
Figure 7
My own understanding of data privacy regulations
Data privacy regulations in my country are
stricter than those in other Asian countries
In my country, data privacy regulations
Figure 8
Very high level of awareness 1 2 3 4 Very low level of awareness 5
has improved in the last three years
limit corporate opportunities
In my country, consumers don’t
seem to care about data privacy
Your customers
Your employees
Your senior management
Your CEO
Your government regulators
11
15
34
40
24
34
38
43
40
35
28 19
29 14
17 5
14 3
29 9
9
3
2
2
3
In your opinion, what is the level of awareness regarding national data privacy regulations in the
country where you are located among the following stakeholders?
Rate on a scale of 1 to 5, where 1=Very high level of awareness and 5=Very low level of awareness.
(% respondents)
67
59
Do you agree or disagree with the following statements?
Select one in each row.
(% respondents)

11. Finding their way: Corporates, governments and data privacy in Asia
In the country in which you are located, what is the biggest issue of contention between government
and industry in regards to data privacy?
(% respondents)
agencies (22%). Conversely, respondents from
Australia are the least concerned about the level
of enforcement in their country among the four
geographies (only 6% raised it as an issue).
Existing rules in Australia were updated through
the Privacy Amendment (Enhancing Privacy
Protection) Act 2012, which took effect in March
2014 and simplifies regulations through a set
of 13 new harmonised privacy principles.6 In
response, three-quarters of Australian executives
in the survey say data privacy policies for their
10 © The Economist Intelligence Unit Limited 2014
industry are very good (24%) or good (50%) at
present.
Rather than enforcement, in countries with
stricter data policy regulations, such as Australia,
Hong Kong and Singapore, the biggest area
of contention between the private and public
sectors in all three territories (cited by 31%,
31%, and 23% respectively) is the scope of data
privacy regulations, which can potentially hinder
business opportunities.
Figure 9
23
18
14
13
11
9
9
1
3
Scope of data privacy regulations
Level of enforcement
Corporate compliance processes
Roles and responsibilities among
government agencies
Emerging technologies requiring
an update to current policies
Consumer rights, such as data
portability
Penalties for data breaches
Don’t know
Other, please specify
6 Office of the Australian
Information Commissioner:
http://www.oaic.gov.
au/privacy/privacy-act/
privacy-law-reform

12. Finding their way: Corporates, governments and data privacy in Asia
4 Barriers to growth
© The Economist Intelligence Unit Limited 2014 11
When asked about the primary business
challenges with data privacy regulation in their
country, Asian executives highlight the burden of
compliance with external authorities (33%) and
customer concerns and expectations (30%), the
7 Personal Data Protection
Commission: https://www.
pdpc.gov.sg/personal-data-protection-
act/overview
latter of which can be attributed to low levels of
knowledge among consumers (Figure 11). In fact,
only 11% of executives say their customers have
a high level of awareness regarding national data
privacy regulations (Figure 8). Few companies
Figure 11
What are the primary business challenges with data privacy regulation in the country where you are
located? Select two.
(% respondents)
33
30
24
24
20
19
16
4
3
13
Burden of compliance with external authorities
Customer concerns and expectations
Limits data mining on potential customers
Limits information sharing with other companies
Burden of compliance with internal company policy
Lack of internal coordination
Limits data mining of current customers
Potential penalties for data breach
Other, please specify
Don’t know
Figure 10
Australia
Hong Kong
India
Singapore
38
30
22
43
Where does data privacy regulation limit corporate opportunities?
(% of respondents who say it does)

13. Finding their way: Corporates, governments and data privacy in Asia
see internal compliance (cited by 20%) and
limitations to data mining on current and
potential customers (16% and 24% respectively)
as burdens. An exception is Singapore where
39% of executives say that national policies are
a business challenge, affecting their abilities to
use data on potential customers.
In developing the 2012 Personal Data Protection
Act, Singapore referred to good practices
elsewhere, including in the EU, and also held
three public consultations before the regime
went into effect.7 This open process, as implied
by the survey results, may have led to stricter
regulations surrounding the Act’s three pillars of
consent, purpose and reasonableness.
Overall, only one-third (33%) of Asian executives
agree that data privacy regulations limit
corporate opportunities, but the numbers vary
greatly according to jurisdiction. For instance,
almost twice as many executives in Singapore
(43%) believe current policies are a barrier to
growth as in India (22%) (Figure 10). It is likely
that perceived levels of enforcement within
12 © The Economist Intelligence Unit Limited 2014
countries play a role as companies in a weak
environment may take advantage of this at the
expense of consumers. In fact, three-quarters
(75%) of Indian executives say consumers
in their country do not seem to care about
data privacy, further encouraging aggressive
companies to take risks.
More successful Asian businesses are also more
likely to view national data privacy regulation
as a benefit rather than a burden. Among
executives who say they are much stronger
than their competitors in terms of profitability,
45% say regulations are a benefit, compared
with 33% of all respondents (Figure 12). Strong
and transparent regulations level the playing
field for companies and those who have greater
knowledge can use them to their advantage.
For instance, survey respondents who say their
organisation is much more profitable than their
competitors are also more likely to say that
their CEO’s awareness of national data privacy
regulation is very high (52% compared to 40% for
all respondents).
Figure 12
In your opinion, how does your company compare to its closest competitors in the following areas?
Rate on a scale of 1 to 5, where 1=We are much stronger and 5=We are much weaker.
(% respondents)
We are much stronger 1 2 3 4 We are much weaker 5
Senior management awareness of data privacy
regulations in the country where you are located
Your company’s compliance with data privacy
regulations in the country where you are located
Corporate profitability
21
19
13
42
44
36
31 4
33 3
42 7
1
1
2

14. Finding their way: Corporates, governments and data privacy in Asia
5 Corporate countermeasures
© The Economist Intelligence Unit Limited 2014 13
To deal with data privacy regulations, a majority
of executives (55%) say their organisations
have established or enhanced their processes
regarding internal company data policies (Figure
13). Fewer (41%) have established or enhanced
corporate processes regarding compliance with
national data regulations, which is likely to
partly explain why Asian executives highlight the
burden of compliance with external authorities
as their greatest challenge.
It is also important to acknowledge that the level
of required reporting varies tremendously across
industries. For instance, in financial services,
which is highly regulated in most countries,
more than half of respondents (52%) say they
have implemented such processes. Financial
services respondents are also more likely to
say that corporate compliance policies are the
biggest issue of contention between government
and industry in regards to data privacy (20%
compared with 14% for all respondents).
To deal with customer concerns and expectations,
the second biggest business challenge, a majority
(55%) of Asian executives say their organisation
is informing customers of their corporate data
policies, although far fewer (29%) are educating
them on national data regulations. Again, survey
respondents in financial services are ahead of the
curve. Two-thirds (66%) of banking executives
say their organisations inform their customers
about corporate policies and 4 in 10 (40%)
inform them of national data regulations. In
India, meanwhile, only 41% and 21% respectively
provide information on corporate and national
data policies.
Figure 13
What measures, if any, has your organisation implemented to deal with data privacy regulation in the
country where you are located? Select all that apply.
(% respondents)
55
55
45
44
41
29
3
2
Established or enhanced corporate processes
regarding internal company data policies
Informed customers of our corporate data policies
Informed business partners of our corporate data policies
Designated a person or group to be in charge of data
policies and regulations
Established or enhanced corporate processes
regarding compliance with national data regulations
Informed customers of national data regulations
Other, please specify
Don’t know

15. Finding their way: Corporates, governments and data privacy in Asia
6 The road ahead
The survey of 360 Asian executives conducted for
this report finds that there is almost unanimous
agreement on the importance of data privacy
across the region. But perceptions regarding
future importance vary greatly between those
who have weaker (India) and stronger (Australia,
Hong Kong, Singapore) regulations.
This is reflected in the level of faith that
corporate executives place in awareness
among government regulators. In India this
figure is particularly low and hence the level of
enforcement there is also seen as the biggest
area of contention between the public and
private sectors. The largest issue in the other
jurisdictions is the scope of data privacy
regulations, as this can presumably impede
potential big data initiatives.
Yet only one-third of Asian executives agree
that data privacy regulations limit corporate
opportunities. In particular, successful
businesses are more likely to view national
policies as a benefit rather than a burden, likely
14 © The Economist Intelligence Unit Limited 2014
because they have greater knowledge of them
and can seize a competitive advantage. There is
also a gap between those who have established
corporate initiatives regarding compliance with
national data regulations, an area led by financial
services, and those who have not
The tension between corporate opportunities and
data privacy is set to increase by any measure.
This is a particular problem for companies doing
business across borders as regulation varies
across jurisdictions. In an Asian context, the
perceived differences between policies in places
such as India and Hong Kong can therefore
have large practical implications for companies
doing business in the region. But there is a local
aspect to data privacy as well. As enforcement
levels rise and consumer awareness increases,
companies without proper policies will suffer. As
indicated by the survey conducted for this report,
it means that companies with greater knowledge
of regulations are also able to seize on the data
opportunities ahead.

16. Finding their way: Corporates, governments and data privacy in Asia
Appendix:
Survey results
Note: Percentages may not total 100 due to rounding or the ability of respondents to choose multiple
responses
1. In your opinion, how would you rate current data privacy regulations in the country where you are located today as it relates
© The Economist Intelligence Unit Limited 2014 15
to your industry?
(% respondents)
Current data privacy regulation—or the lack thereof—is very good for our industry
Good
Neither good nor bad
Bad
Very bad
Other, please specify
Don’t know
11
42
26
14
4
2
1
2. In what area(s) can current data privacy regulations in the country where you are located be improved the most as it relates
to your industry? Select two.
(% respondents)
Level of enforcement
Scope of data privacy regulations
Corporate compliance processes
Penalties for data breaches
Emerging technologies requiring an update to current policies
Consumer rights, such as data portability
Roles and responsibilities among government agencies
Don’t know
Other, please specify
39
28
27
25
23
22
20
2
1

17. Finding their way: Corporates, governments and data privacy in Asia
3. In the country in which you are located, is national data privacy regulation a benefit or a burden to your business?
(% respondents)
A benefit
A burden
Neither a benefit, nor a burden
Don’t know
4. How important is data privacy to your organisation today?
(% respondents)
5. How important will data privacy be to your organisation three years from now?
(% respondents)
11
15
16 © The Economist Intelligence Unit Limited 2014
33
20
44
3
Very important
Important
Neither important nor unimportant
Unimportant
54
38
7
1
Very unimportant
1
Don’t know
0
A lot more important
More important
About the same
Less important
35
37
28
0
A lot less important
0
Don’t know
0
Very high level of awareness 1 2 3 4 Very low level of awareness 5
Your customers
Your employees
Your senior management
Your CEO
Your government regulators
34
40
24
34
38
43
40
35
28 19
29 14
17 5
14 3
29 9
9
3
2
2
3
6. In your opinion, what is the level of awareness regarding national data privacy regulations in the country where you are
located among the following stakeholders?
Rate on a scale of 1 to 5, where 1=Very high level of awareness and 5=Very low level of awareness.
(% respondents)

18. Finding their way: Corporates, governments and data privacy in Asia
7. In our opinion, what are the primary business challenges with data privacy regulation in the country where you are
8. What measures, if any, has your organisation implemented to deal with data privacy regulation in the country where you
9. In the country in which you are located, what is the biggest issue of contention between government and industry in
© The Economist Intelligence Unit Limited 2014 17
located? Select two.
(% respondents)
Burden of compliance with external authorities
Customer concerns and expectations
Limits data mining on potential customers
Limits information sharing with other companies
33
30
24
24
Burden of compliance with internal company policy
20
Lack of internal coordination
19
Limits data mining of current customers
16
Potential penalties for data breach
13
Other, please specify
4
Don’t know
3
Established or enhanced corporate processes regarding internal company data policies
Informed customers of our corporate data policies
Informed business partners of our corporate data policies
Designated a person or group to be in charge of data policies and regulations
55
55
45
44
Established or enhanced corporate processes regarding compliance with national data regulations
41
Informed customers of national data regulations
29
Other, please specify
3
Don’t know
2
are located? Select all that apply.
(% respondents)
regards to data privacy?
(% respondents)
Scope of data privacy regulations
Level of enforcement
Corporate compliance processes
Roles and responsibilities among government agencies
23
18
14
13
Emerging technologies requiring an update to current policies
11
Consumer rights, such as data portability
9
Penalties for data breaches
9
Don’t know
3
Other, please specify
1

19. Finding their way: Corporates, governments and data privacy in Asia
18 © The Economist Intelligence Unit Limited 2014
Agree Disagree
My own understanding of data privacy regulations has improved in the last three years
Data privacy regulations in my country are stricter than those in other Asian countries
In my country, data privacy regulations limit corporate opportunities
In my country, consumers don’t seem to care about data privacy
90
62
33
41
10
38
67
59
10. Do you agree or disagree with the following statements? Select one in each row.
(% respondents)
We are much stronger 1 2 3 4 We are much weaker 5
Senior management awareness of data privacy regulations in the country where you are located
Your company’s compliance with data privacy regulations in the country where you are located
Corporate profitability
21
19
13
42
44
36
31 4
33 3
42 7
1
1
2
11. In your opinion, how does your company compare to its closest competitors in the following areas?
Rate on a scale of 1 to 5, where 1=We are much stronger and 5=We are much weaker.
(% respondents)
$250m or less
$250m to $500m
$500m to $1bn
$1bn to $5bn
36
9
13
14
$5bn to $10bn
8
$10bn or more
21
What are your organisation’s global annual revenues in US dollars?
(% respondents)
Board member
CEO/President/Managing director
CFO/Treasurer/Comptroller
CIO/Technology director
5
26
6
4
Other C-level executive
6
Head of Business Unit
10
Head of Department
10
Manager
15
SVP/VP/Director
19
Which of the following best describes your title?
(% respondents)

20. Finding their way: Corporates, governments and data privacy in Asia
© The Economist Intelligence Unit Limited 2014 19
What is your primary industry?
(% respondents)
Aerospace and defence
1
Agriculture and agribusiness
1
Automotive
2
Chemicals
3
Construction and real estate
2
Education
8
Energy and natural resources
6
Entertainment, media and publishing
3
Financial services
26
Government/Public sector
2
Logistics and distribution
2
Manufacturing
Retailing
2
Telecoms
2
Transportation, travel and tourism
2
6
Professional services
14
Healthcare, pharmaceuticals and biotechnology
6
IT and technology
11
Consumer goods
2

21. Finding their way: Corporates, governments and data privacy in Asia
What are your main functional roles? Select up to three.
(% respondents)
Customer service
Finance
General management
Human resources
13
21
20 © The Economist Intelligence Unit Limited 2014
43
5
Information and research
10
Legal
4
Marketing and sales
22
Operations and production
13
Procurement
2
Risk
14
Strategy and business development
39
Other, please specify
3
R&D
5
Supply-chain management
4
IT
12

22. While every effort has been taken to verify the accuracy
of this information, The Economist Intelligence Unit
Ltd. cannot accept any responsibility or liability
for reliance by any person on this report or any of
the information, opinions or conclusions set out
in this report.
Cover image - ©Thinkstockphotos

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