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ThismaterialwaspreparedforthespecificuseoftheWorldEconomicForumbyPwCandisnotto beused,distributedorrelieduponbyanythirdpartywithoutPwC'spriorwrittenconsent.The analysisandopinionscontainedinthispresentationarebasedonpubliclyavailablesources,but PwChasnotindependentlyverifiedthisinformationandmakesnorepresentationorwarranty, p y p y expressorimplied,thatsuchinformationisaccurateorcomplete.Allrecipientsofthismaterial mustmaketheirownindependentassessmentofthematerial,andneitherPwCnoranyaffiliates, partners,officers,employees,agentsoradvisersofanymemberfirmofthePwCnetworkshallbe liableforanydirect,indirectorconsequentiallossordamagesufferedbyanypersonasaresultof relyingonanystatementin,orallegedomissionfrom,thismaterial.

Thismaterialisnotcomplete relying on any statement in, or alleged omission from, this material. This material is not complete withouttheaccompanyingoraldiscussionandpresentation.

2012PwC.Allrightsreserved.NotforfurtherdistributionwithoutthepermissionofPwC.PwC referstothenetworkofmemberfirmsofPricewaterhouseCoopersInternationalLimited(PwCIL), refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL) or,asthecontextrequires,individualmemberfirmsofthePwCnetwork.Eachmemberfirmisa separatelegalentityanddoesnotactasanagentofPwCIL oranyothermemberfirm.PwCIL does notprovideanyservicestoclients.PwCIL isnotresponsibleorliablefortheactsoromissionsof anyofitsmemberfirmsnorcanitcontroltheexerciseoftheirprofessionaljudgmentorbindthem inanyway.Nomemberfirmisresponsibleorliablefortheactsoromissionsofanyothermember i N b fi i ibl li bl f th t i i f th b firmnorcanitcontroltheexerciseofanothermemberfirm'sprofessionaljudgmentorbind anothermemberfirmorPwCIL inanyway.

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