IMPACT OF GLOBAL TRENDS ON

BUSINESSESAn Evaluation of Key Factors over Next 3 Years

GLOBAL TRENDS

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’ KEY DRIVERS OF CHANGE

1. Demographic shifts.

2. Reshaped global power structure.

3. Disruptive innovation.

GLOBAL TRENDS, INTERCONNECTED BY KEY DRIVERS OF CHANGE

EMERGING MARKETS INCREASETHEIR 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

CLEANTECH BECOMES ACOMPETITIVE 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

GLOBAL BANKING SEEKS RECOVERYTHROUGH 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

GOVERNMENTS ENHANCE TIESWITH 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

RAPID TECHNOLOGY INNOVATIONCREATES 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

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