PwC Asset Management CEO Series 28 March 2014

Asset Management 2020 The rising levels of urbanisation will see the global middle class grow by c.180% between 2010 and 2040 Forecast size of middle class, by region, 2010-2050 6,000 4,884 Middle class, millions 5,000 5,227 5,314 Sub-Saharan Africa 5,246 4,977 Middle East & North Africa 4,153 4,000 Central & South America 3,249 3,000 2,000 2,462 North America 1,898 Asia Pacific 1,000 Europe 0 2010 2015 2020 2025 2030 2035 2040 2045 2050 Sources: European Environment Agency; OECD Development Centre; PwC analysis Notes: Data is forecast and was last uploaded by the European Environment Agency on 29 November 2010; middle class is defined as households with daily expenditures between $10 and $100 per person in purchasing power parity terms; purchasing power parity terms use the results of the 2005 International Comparison Program, a joint exercise of the UN-OECD-World Bank-regional development banks; non-middle class represents both those living on less than USD10 a day and those living on more than USD100 a day ; forecast population size is not directly proportionate to the size of middle class spending PwC 28

PwC Asset Management CEO Series 28 March 2014 | Page 28