1. IMPACT OF GLOBAL TRENDS ON BUSINESSES An Evaluation of Key Factors over Next 3 Years

2. GLOBAL TRENDS Six There are following Six Global Trends that are reshaping our businesses: 1. Emerging markets increase their global power 2. Cleantech becomes a competitive advantage 3. Global banking seeks recovery through transformation 4. Governments enhance ties with the private sector 5. Rapid technology innovation creates a smart, mobile world 6. Demographic shifts transform the global workforce

3. ‘3’ KEY DRIVERS OF CHANGE 1. Demographic shifts. 2. Reshaped global power structure. 3. Disruptive innovation.

4. GLOBAL TRENDS, INTERCONNECTED BY KEY DRIVERS OF CHANGE

5. EMERGING MARKETS INCREASE THEIR GLOBAL POWER In particular, we see the following trends ahead:  Leading emerging markets will continue to drive global growth  Emerging market leaders will become a disruptive force in the global competitive landscape  Rising population and prosperity drive new consumer growth and urbanization  Emerging markets will become the new battleground  Global influence grows

6. CLEANTECH BECOMES A COMPETITIVE ADVANTAGE Looking ahead, we see a number of important changes:  The energy mix evolves  Clean energy is a national competitive advantage  Companies make cleantech a strategic priority  Governments and companies move to secure valuable raw materials and to ensure energy security  Organizations become more transparent about their sustainability practices

7. GLOBAL BANKING SEEKS RECOVERY THROUGH TRANSFORMATION More specifically, we believe:  Emerging market financial institutions are gaining global stature  G20 initiatives, as well as the Dodd-Frank Act, will require increased regulatory oversight  Regulation will drive up the cost of business for many large financial institutions  Financial services will realign  Alternative asset managers may be positioned to benefit from realignment of the financial services industry

8. GOVERNMENTS ENHANCE TIES WITH THE PRIVATE SECTOR Looking ahead, we believe governments will increasingly take the lead in five key areas:  Developed countries rebalance their finances  Emerging markets countries expand their social benefits  Aging populations and immigration inflows pose new spending Challenges  Governments direct their economies  Governments balance global cooperation with pursuit of their national interests

9. RAPID TECHNOLOGY INNOVATION CREATES A SMART, MOBILE WORLD Specifically, we expect to see the following changes:  Businesses will compete on analytics to differentiate themselves  Smart mobility will change the way people interact  Technology blurs boundaries  Cloud computing takes off — finally  The power of the individual will spur innovation  Government’s role in innovation grows

10. DEMOGRAPHIC SHIFTS TRANSFORM THE GLOBAL WORKFORCE More specifically, we expect:  Labor force demographics will shift profoundly  There is a growing mismatch between the skills employers need and the talent available  “Generation U” and women to fill the skills gaps and create a new focus on broader segments of the talent pool  The talent market is increasingly global and mobile  Employees gain more bargaining power