The Americas 1585 Broadway New York, NY 10036-8293 United States Tel: +1 (1)212 761 4000 Europe 20 Bank Street, Canary Wharf London E14 4AD United Kingdom Tel: +44 (0)20 7425 8000 Japan 1-9-7 Otemachi, Chiyoda-ku Tokyo 100-8104 Japan Tel: +81 (0) 3 6836 5000 EMEA Americas 1166 Avenue of the Americas 29th Floor New York, NY 10036 United States Tel: +1 212 541 8100 Insights.na@oliverwyman.com Asia Pacific 55 Baker Street London W1U 8EW United Kingdom Tel: +44 20 7333 8333 Insights.emea@oliverwyman.com © 2015 Morgan Stanley and Oliver Wyman 8 Cross Street, #24-01 048424 Singapore Tel: +65 6510 9700 Insights.apr@oliverwyman.com Asia/Pacific 1 Austin Road West Kowloon Hong Kong Tel: +852 2848 5200 .