2. Gregor Erasim Vice President, Global Financial Services Capgemini

3. Market Sizing and Growth

4. Globally, the number of HNWIs increased 17.1% in 2009 to 10.0m, led by sharp increases in Asia-Pacific and North-America Number of HNWIs by Region (Millions), 2006-2009 Annual Change 2008 - 2009 Growth (08-09): 17.1% CAGR (06-08): -5.0% Total 10.1 m Total 10.0 m 13.2% Africa Total 9.5 m Total 8.6 m 7.1% Middle East Latin America 8.3% 25.8% Asia-Pacific 12.5% Europe NorthAmerica 16.6% Globally, the number of HNWIs nearly returned to 2007 levels, with Asia-Pacific region catching up with Europe in terms of the number of HNWIs. Source: Capgemini Lorenz curve analysis, 2010 Note: Chart numbers may not add up due to rounding

5. A similar growth pattern was evident for HNWI Financial Wealth, which saw a 18.9% rise in 2009 to $39.0T from $32.8T in 2008 HNWI Financial Wealth by Region ($ USD Trillions), 2006-2009 Growth (08-09): 18.9% CAGR (06-08): -6.2% Annual Change 2008 - 2009 Total 40.7 T Total 39.0 T Total 37.2 T 20.2% Africa Total 32.8 T 5.1% Middle East Latin America 15.0% 30.9% Asia-Pacific 14.2% Europe NorthAmerica 17.8% In 2009, Latin America and Asia-Pacific were the only regions to exceed the 2007 HNWI wealth level, with Asia-Pacific surpassing Europe in HNWI wealth Source: Capgemini Lorenz curve analysis, 2010 Note: Chart numbers may not add up due to rounding

10. The global HNWI population still remains concentrated with the top three markets accounting for 53.5% of global HNWIs HNWI Population by Country (k) , 2008 - 2009 53.5% of total worldwide HNWI population (54% in 2008) Australia moved back to 10th position by overtaking Brazil. 2008 Ranks 1 2 3 4 5 6 7 8 9 11 10 12 HNWI growth Rate(%) 2008-2009 16.5% 20.8% 6.4% 31.0% 23.8% 10.8% 17.9% 19.7% 9.2% 34.4% 11.9% 12.5% The top 12 countries by HNWI Population remain the same from 2008, but countries from Asia-Pacific have higher growth rates compared to other regions. Source: Capgemini Lorenz curve analysis, 2010

11. Real GDP Growth Rates (%), 2008-2009 Percent Change (%) North America Latin America Western Europe Asia Pacific Eastern Europe However, China and India avoided the trend with strong GDP growth in both 2008 and 2009. GDP Contracted in the Majority of the Countries in 2009, Highlighting a Strong Economic Interdependence Worldwide Source: Economist Intelligence Unit – April 2010. Real GDP variation over previous year.

12. Global Market Capitalization Rose Nearly 47% in 2009, and Reached $47.9 Trillion Market Capitalization by Region (USD Trillions), 2002 - 2009 CAGR (’07-’08) (48.6%) CAGR (’08-’09) 47.1% CAGR (’02-’07) 22.7% 63.4 52.2 USD Trillions 47.9 42.9 37.6 Asia Pacific 31.5 32.6 22.8 Europe / Middle East / Africa Americas Global markets lost the last five years of growth in 2008, but they rebounded in 2009 across all regions and recovered nearly three years of growth. Source:World Federation of Exchanges, January 2010

14. As the tech bubble reached its trough, the daily volatility peaked again, to 1.25%, before dropping back to 0.5% in 2004

15. During the summer of 2007, the index started an upward trend that skyrocketed in mid-September 2008 to reach 2.56%, more than double the values of previous crises

16. Volatility levels were at 2.48% at the beginning of 2009, but plunged sharply in 2009 and ended the year at 1.30%

17. There is a very high correlation between this measure and the Chicago Board of Exchange (CBOE) VIX index, which is also known as the “fear” index and is based on the implicit volatility in options pricingQ4 2008 Sept 11, 2001 Asian Debt Crisis June 2010 Tech Bubble Russian Crisis Daily Volatility of DJ World Index (%) Although volatility levels dropped significantly in 2009, they still remain above the highs reached during previous crises over the last decade. Source:Dow Jones World (W1) Index – Daily close values from January 1st, 1997 to June 9th, 2010 a. As calculated by Capgemini

19. In 2009, the world’s high net worth individual (HNWI) population increased by 17.1% to 10.0m and their wealth increased by18.9% to US$39.0T from 2008 levels.

20. The Asia-Pacific region caught up with Europe in terms of HNWI population, while the Asia-Pacific HNWI wealth surpassed the HNWI wealth in Europe

21. Global HNWI population remains highlyconcentrated:

22. In 2009, the U.S, Japan and Germany still accounted for 53.5% of the world’s HNWI population, down slightly from 2008.

23. The spillovers from the global financial crisis negatively affected GDP growth in 2009 and governments worldwide stepped up efforts to stimulate economic recovery and boost the financial system

24. Key drivers of wealth such as Market Capitalization, Commodities, Hedge Funds had a year of strong gains

25. Going forward a sustained economic recovery remains a cause of concern:

26. World GDP growth is likely to be positive in 2010-11 and is expected to be led by Asia-Pacific (ex Japan). However, policymakers across the world are working on formulating viable government stimulus exit strategies. Note: (a) HNWIs hold at least US$1 million in financial assets excluding primary residences, collectibles, consumables, and consumer durables (b) Ultra-HNWIs hold at least US$30 million in financial assets excluding primary residences, collectibles, consumables, and consumer durables

27. Asset Allocation

29. Barclays Capital Global Aggregate Bond Index retuned 9% since December 2008.

30. The proportion of HNWI assets held in equities in 2009 increased slightly as stock markets across regions rebounded:

31. Stock markets recovered in most of the countries and global market capitalization rose to $47.9 trillion in 2009 from $32.6 trillion in 2008, a growth of nearly 47%

32. Allocations to Cash/Deposits decreased as HNWIs preferred investments in Fixed Income and Equities with a view of recouping some of the losses made in 2008Real Estate b Cash / Deposits Fixed Income Equities By 2011, HNWI allocations to Equities is expected to increase an additional six percentage points as HNWIs regain their risk appetite and confidence in markets. a. Includes structured products, hedge funds, derivatives, foreign currency, commodities, private equity, venture capital b. Comprises commercial real estate, real estate investment trusts (REITs), residential real estate (excluding primary residence), undeveloped property, farmland and other Source:March 2007, April 2008 , March 2009 and March 2010 Capgemini/ Merrill Lynch FA survey; World Federation of Exchanges, March 2010; Bloomberg Businessweek, Money Report, March 2010

34. Asia-Pacific ex. Japan HNWIs increased allocations to Real Estate:

35. Direct real estate investment in the region jumped 56% y-o-y in the second half of 2009 to an estimated US$25 billion

36. In Europe equity holdings increased to 26% from 21% in 2008 as stock values rose:

37. European stock market capitalization grew by 38%

38. Middle East allocation that traditionally focus on Real-Estate, decreased allocation from 25% in 2008 to 23% as hotspots such as Dubai witnessed a major slump in demandAlternative Investments a Real Estate b Cash/ Deposits Fixed Income Equities HNWIs from Latin America and Japan were the most conservative, allocating in excess of 52% to Cash/Deposits and Fixed Income, despite rebound in markets. a. Includes structured products, hedge funds, derivatives, foreign currency, commodities, private equity, venture capital. b. Comprises commercial real estate, real estate investment trusts (REITs), residential real estate (excluding primary residence), undeveloped property, farmland and other Source: March 2010 Capgemini/ Merrill Lynch FA survey ; Asia Investment Market View 2H 2009, CBRE Research, Asia, CB Richard Ellis, Accessed March 2010

40. Allocation to Asia-Pacific increased by 3 percentage points and Latin America increased by 2 percentage points from 2009 to 2011 as the equity markets in these regions grew by 38% and 94% respectively

41. From 2009 to 2011, allocation to all other regions are expected to remain stable except Asia-Pacific and Europe:

42. Allocation to Europe is expected to decrease by 3 percentage points

43. Allocation to Asia-Pacific is expected to increase by 3 percentage pointsIn 2011, due to the prospects of rapid growth and higher returns, Asia-Pacific is expected to surpass Europe as a HNWI investment destination. Source: March 2007, April 2008, March 2009 and March 2010 Capgemini/ Merrill Lynch FA survey; World Federation of Exchanges, March 2010

45. Allocations to Asia-Pacific region is expected to increase by 5 percentage points in search of higher returns

46. European HNWIs are expected to decrease their allocations to home-regions by 9 percentage points:

47. Allocations to Asia-Pacific region is expected to increase by 4 percentage points in search of higher returns

48. Allocations to North American region is expected to increase by 4 percentage points in search of stable returnsNote: Data for the Middle East not depicted, however trend remains same Source: March 2007, April 2008, March 2009 and March 2010 Capgemini/ Merrill Lynch FA survey

50. Fixed Income allocation rose to 31% in 2009 from 29% in 2008 as HNWIs exercised some degree of caution and placed greater emphasis on predictable income streams.

51. Globally, equities accounted for 29% of total HNWI financial assets at the end of 2009, up from 25% a year earlier as many of the world's stock markets recovered sharply.

52. HNWIs increased their allocations to markets outside their home regions in search of higher returns and geographic diversification of their portfolios:

53. Europe, with a 6 percentage point growth, had largest the largest increase in allocations to markets outside the home region, while for North America and Asia-Pacific the increase in allocations were 5 and 4 percentage points respectively.

54. Looking forward to 2011, the trend of geographic distribution of assets is likely to continue while allocations to Equities is expected to increase across regionsNote: a HNWIs hold at least US$1 million in financial assets excluding primary residences, collectibles, consumables, and consumer durables

55. Spotlight

57. Trust has been regained to a degree in advisors and wealth management firms, but a large majority of HNWIs have yet to regain trust in the regulatory bodies that were supposed to be monitoring the markets, which impacts the willingness to invest fully in the markets.

58. HNWI investment decisions are now being driven much more emotionally than intellectually, with many investors not yet ready to take on the same risk as they did prior to the crises

59. HNWIs are educating themselves about products, understanding disclosures, and investment risks before conferring with their advisors, and are seeking more specialized advice, greater transparency & simplicity and effective risk management capabilities from their wealth management firms.Source: Capgemini Research 2010;

60. While HNWI Clientshaveregained trust in their Advisors and Firms, their trust in Regulatory Bodies and Financial Markets has yet to recover fully Agreement of HNWI Clients ‘Losing Trust’ and Confidence in the Following Entities, 2008 Agreement of HNWI Clients ‘Regaining Trust’ and Confidence in the Following Entities, 2009 32% FinancialAdvisor 59% 47% 16% FinancialAdvisor Wealth Management Firm 29% 56% 17% 48% Wealth Management Firm 23% Financial Markets 36% 67% Financial Markets 47% Regulatory Bodies & Institutions Regulatory Bodies & Institutions 17% 11% 71% 83% Despite the improved trust and confidence in Advisors and Firms, HNWIs have undergone major behavioral changes, which are likely to have long-term implications. Source: Capgemini/Merrill Lynch Client Survey 2010 Note 1) Total for each category may not add to 100% as the percentage of respondents with neutral answers has been excluded Note 2) Survey asked, ‘To what extent do you agree or disagree with the following statements around your current base of HNWI and Ultra-HNWI clients?’ (Please rate each criterion on a scale of 1-7, 7 being extremely important and 1 being not at all important)

61. Passion Investments & Philanthropy

63. The Art market slowly returned to activity with successful art auctions in the latter part of 2009

64. Allocation to Jewelry, Gems and Watches grew to 23% amidst inflation fears as cash flush HNWI bought more in this category

65. Allocation to Other Collectibles (Wines, Antiques, Coins, etc.) grew to 14%:

66. The Fine Wine Exchange, Live-ex 100 index, which tracks the price of 100 of the world’s best investment grade wines rose 15.7% during the whole of 2009Miscellaneousa Sports Investmentsb Other Collectiblesc Jewelry, Gems & Watches Art Luxury Collectiblesd Pre-crisis a “Miscellaneous” represents club memberships, travel, guns, musical instruments etc. b “Sports Investments” represents sports teams, sailing, race horses, etc. c “Other Collectibles” represents coins, wine, antiques, etc. d “Luxury Collectibles” represents automobiles, boats, jets, etc. eSurvey Question: Please provide a representative PERCENTAGE breakdown of how your HNWI and UHNWI clients allocate their assets across Investments of Passion (IoP) Source: March 2010 Capgemini /Merrill Lynch Wealth Management Financial Advisor Survey; “Car Auctions bring in $122.6 million despite storms, recession” – Peter Corbett, The Arizona Republic, January 26, 2010;

68. Nearly 30% of global HNWI are investing in Art for financial benefits, or as a Financial Asset.

69. Europeans predominate in this area at 37.4% of HNWI considering Art as a Financial Asset.

70. North America HNWI more widely consider Other Collectibles such as Wine, Antiques, Coins etc as another form of financial investments.a. Passion investments include the categories of Luxury Collectibles,Art Collections, Jewelry, Gems and Watches, Sports Investments and others ; b. Survey Question: Which categories among the following are considered by your HNWI clients as another form of investment (with the expectations of higher returns at a future sale)? Source: March 2010 Capgemini /Merrill Lynch Wealth Management Financial Advisor Survey; Robert Frank, “The Wealth Report: Flatt Wine Auction Reaps Nearly $1.2 Million at Sotheby’s”, March 22, 2010; Evelyn Wiese: “How to buy a sports team?” Worth – Grow Wealth Management

72. While Art still remained a top category for UHNWI, the category overall experienced a slight decrease in allocation from 25% to 22%, as prices for contemporary art dropped in 2009.

73. Globally, HNWIs increased their allocation to Luxury Collectibles (yachts, cars, jets) by 3 percentage points over 2008.

74. Art and Other Collectibles emerged as the most popular categories for High Net Worth Individuals investing for financial reasons.

75. Continuing on the trend witnessed in 2008, HNWI spending on Health and Wellness continued to rise in 2009, while Luxury spending decreased:

76. In 2009, as HNWIs increased their allocations to philanthropic activities, there was corresponding HNWI demand for Philanthropic offerings from their Wealth Management firms.

77. Philanthropic giving is expected to grow across nearly all regions by 2010, except for North America, which has a mixed outlook.Key Findings – Passion Investments and Philanthropy

79. Luxury and Experiential Travel saw an increase in spending, with the majority of increase coming from Asia and Latin America

80. The overall sales of luxury goods globally declined 8% to about $227 billion in 2009, and correspondingly 28% of HNWI indicate they are spending less on the Luxury Consumables (designer bags, clothes, shoes,) category:

81. While most markets remain cautious, spending on luxury consumables in countries such as China and India is on the rise. 73% Health / Wellness 2% Luxury Experiential travel 45% 23% Luxury Consumables 30% 28% 25% Other Spending 20% a. Total for the chart will not add to 100% due to some % to Neutral choice b. Survey Question: To what extent did your HNWI and UHNWI clients increase their spend on the following lifestyle categories over the last year? Source: March 2010 Capgemini /Merrill Lynch Wealth Management Financial Advisor Survey; Robert Frank, “The Wealth Report: Chinese are the new kings of blings”, October 13, 2009; Matthew Vincent, “FT Wealth: A Return to luxury”, March 25, 2010

82. In 2009, as HNWIs increased their allocations to philanthropic activities, there was significant demand for Philanthropic offerings Client Demand for Specific Philanthropy Offerings (%), 2009 Regionally, HNWIs from North America and Asia-Pacific expressed the highest demand for “Advice in financial tax planning” 16% 57% Advice on Financial planning and tax 20% 48% Project and Organization Selection 19% 46% Monitoring and impact assessment 22% 43% Setting up a “giving” vehicle 20% 20% Other Philanthropy Offerings Wealth management firms may need to offer specialization around philanthropic offerings by building expertise in-house or leveraging third party ventures. Note: Total for each philanthropic offering in the chart may not add to 100% as the percentage of respondents with Neutral answers have been excluded a. Survey Question: “How strong is HNWI client demand for the following philanthropy offerings? ” Source: March 2010 Capgemini/Merrill Lynch FA Survey