MAY 2020

Description of Boston Consulting Group

BCG credentials

1

Overview

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A heritage planned to support for the future: the leader in ideas and innovation since 1963

1980s 1990s 2000s 2010s1960s 1970s

Cost leadership

Positionand portfolio

CapabilitiesDeconstruction

and changeNew

normal

Competitive cost structure

Experience curve

?

Rule of three and four

Growth-share matrix

Time-basedcompetition

Competitive environment matrix

Deconstruction and economics of information

Capabilities competition

Leadership and change management

Trading upAdaptive advantage

Thinking in new boxes

Smart simplicity

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0

1000

2000

3000

4000

5000

1990 1995 2000 2005 2010 2015

Indexed revenue (1990=100)

2019

North America

Western Europe, South America, and Africa (WESA)

Central and Eastern Europe, and Middle East (CEMA)

Asia-Pacific

14%

CAGR

Growing continuously ahead of competition with offices in more than 90 cities in more than 50 countries

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We combine our heritage with cutting-edge capabilities

Critical expertise Digital & analytics

Deep understanding of clients,

their challenges, and their

environments

Solving the most critical,

difficult, and ambiguous issues

Working hand-in-hand to build

client specific solutions

Creating tangible, deep client

impact

Extensive experience leading

digital across industries and

functions

Robust digital capabilities,

advanced analytics, and deep

learning

Enablement through IT

architecture and

solutions expertise

Disruptive innovation and new

ventures

Premium software and data-

product development

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700+ Digital business builders

750+ Data scientists and analytics experts

600+ IT experts & IT architects

Powered by incredible

talent

350+ Products & software experts

Emerging custom software

550+ specialty capability builders

~3,000 Capability experts

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DigitalBCG is a significant part of our business today

11Incubation hubs and

labs

~5KDigital experts

~1/3Revenue share

of digital

750+Data

scientists

10Innovation centers for operations

~3.5KDigital

projects in 2019

400+Digital thought

leadership publications in the last year

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7

Our leadershipBCG is a privately held company.

Its Executive Committee

consists of the following

individuals

Rich Lesser

Chief Executive Officer

Dinesh KhannaGlobal People

Team Chair

(Asia Pacific)

Hubertus MeineckeChairman, Western Europe,

South America, and Africa

Tom ReichertGlobal Leader, DigitalBCG

Chair of the Practice Areas

(North America)

Joe Davis Chairman,

North America

Carol LiaoEC member

(Asia Pacific)

Ulrike Schwarz-RunerGlobal General Counsel

(Western Europe, South

America, and Africa)

Paul Tranter Chief Financial Officer

(Asia Pacific)

Neeraj AggarwalChairman, Asia-Pacific

Stuart QuickendenEC member

(Western Europe, South

America, and Africa)

Mai-Britt PoulsenChief of Staff

(Central and Eastern Europe,

and Middle East)

Pia TischhauserGlobal Leader, Insurance

Practice (Central and Eastern

Europe, and Middle East)

Sharon MarcilGlobal Client

Team Chair

(North America)

Christoph SchweizerChairman, Central and Eastern

Europe, and Middle East

Stefan MohrEC member

(Asia Pacific)

Pattabi SeshadriEC member

(North America)

Debbie SimpsonHead of Global Functions

(North America)

Christina SynnergrenEC member

(Central and Eastern Europe,

and Middle East)

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Note: As of Aug 2020, tools and partnership not exhaustive

Internal Insights

Enablement BCG's Network of Experts

Proprietary Tools Subsidiaries and Partnerships

Expert Consulting

Track Consultants

External Expert

Network Partners

Knowledge Team

Client Learning

and Enablement

Digital in FI

Digital in

Insurance

BCG's industry-unique model unifies a broad ecosystem of capabilities to support your continuous growth

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BCG’s Alliance Landscape: Partnering withover 130 companies to better serve our clients

Provides access to

competencies, infrastructure,

and platforms that clients

need and use with a high

degree of client influence,

impact, and market visibility

Allows BCG to integrate and

orchestrate the delivery of

new capabilities across

industries, geographies, price

points, and market segments

with significant scale,

consistency, and reach

Cooperative investments with

clients and other organizations

in pursuit of new business

models and revenue sources

beyond the core businesses

Engages the next generation

of innovation and ideas across

the firm, BCG clients, and

other partnerships, and gives

back to the communities we

live in and serve

Strategic Technology Implementation Support Joint-Venture Research and Innovation

[Not Exhaustive]

10

Philosophy

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Unlocking the Potential of

Those Who Advance the World

Bring Insight To Light

Grow By Growing Others

Drive Inspired Impact

Lead, With Integrity

Conquer Complexity

BCG pursues its purpose by acting on five principles

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The values we live by

Integrity as an expression of courage and accountability

Respect for the individual and his or her capacity and desire for

personal growth

Diversity of thought, expertise, experience, and background

Clients come first—we measure our success by our clients’ success

The strategic perspective enabling clients to deliver superior

results in a sustainable manner

Value delivered in the form of tangible, positive, and lasting change

Partnership—a long-term view guides BCG's relationships, both

internally and with clients

Expanding the art of the possible—because the goal is not simply to

apply best practice but also to invent it

Social impact—we believe we can make the world a better place

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BCG strives to maintain our thought leadership by answering the biggest questions

BCG has

authored over

40 books

bcg.com

Bruce

Henderson

Institute

• Online “home” for BCG’s latest insights on a range of industries, functions, and special topics

• Latest thinking from CEOs, academics, and other leaders

• Access to BCG’s archive of thought leadership stretching back 50 years to the days of Bruce Henderson, the firm’s founder

• BCG’s strategy think tank, dedicated to exploring and developing valuable new insights from business, technology, and science.

• Recent publications include the Winning the ‘20s collection, Advantage in Adversity, and The Global Landscape of Corporate Vitality

Recent publications include:

• Your Strategy Needs a Strategy

• Rocket: Eight Lessons to Secure Infinite Growth

• Transformation: Delivering and Sustaining Breakthrough Performance

50 years ofthought

leadership

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We work with social, public, and private sector and at the interfaces across sectors to create social impact, inclusive well-being and shared growthBuilding bridges across sectors and leveraging new models to create more powerful solutions to address social needs

Public

SectorPrivate

Sector

Social

Sector

Work with our corporate

clients and investors goes well

beyond the usual concept of

CSR to develop and deliver

Total Societal Impact

Work with developing

country governments, aid

agencies, development

finance institutions and

other funders to develop

public private partnerships

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Americas

In the social sector, we are collaborating with leading social organizations to move the needle on some of the greatest social challenges.Selected examples of partnerships

Global partners Europe and Asia Pacific

Social

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In the public sector, we work with governments and public sector agencies across the globe to create transformative social impact.

United States: education (state public school systems such as Chicago, New Orleans, Dallas, international organizations

Australia: social services, health, education

China: economic development, culture

Angola: economic development

France: education, renewable energy, health

United Kingdom: health

Netherlands: transport, justice

Germany: employment, regional governments

Middle East (UAE, Saudi Arabia, Qatar) : finance, economic development, strategic policy, labor market transformation, social policies

Chile: economic development

Malaysia: regional economic development, infrastructure, human capital

Morocco: economic development

Russia: economic development

India: infrastructure, education

South Africa: finance, economic development, strategic policy, labor market transformation, social policies

Public

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Total Societal Impact / Sustainability

The economic, environmental and

social impacts a company creates

through its products, services, what it

does as a business, and how it does it

In the private sector, we are leveraging

business a force for good through

Private

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A TSI/Sustainability lens offers corporate leaders a more complete view of their success and where opportunities lie

From Corporate Social Responsibility … … to Total Societal Impact (TSI)/Sustainability

Source: BCG interviews and analysis

Shareholder

value

Corporate

longevity

Shareholder

value

Corporate

longevity

Shareholder

value

Societal

impact/

sustainability

Corporate

longevity

Run the business first, “do good” in parallel Integrate environmental, social, governance, & financial

impact as a driver of strategy and value creation

Social

responsibility

Environmental

sustainability

Private

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BCG Center for Climate Action

Partnering with clients across the public, private & social sectors to align strategy, operations & stakeholder

engagement with a low-carbon world.

Purpose, ambition & target

setting

Scenarios, climate risk &

portfolio resilience

Low-carbon product & growth

strategy

Ventures, partnerships &

ecosystems

Low-Carbon

Business Strategy

Emission reduction &

offsetting

Sustainable sourcing & supply

chain

Infrastructure resilience

Financial management &

carbon trading

Climate-Proofed

Operations

Low-carbon governance

Stakeholder narrative &

engagement

Financial disclosure

Engagement

& Narrative

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Combating the climate crisis is one of the defining challenges for our generation and also a key priority within BCG

Contributing to society

Shaping the global conversation through

collaborations (e.g. WEF, COP26, G20,

B20, and the Business Roundtable)

Helping our clients

Tackling our clients' complex climate

challenges

Walking the Talk

Minimizing our own net impact on the

environment

Channelling our creative DNA

Generating and bringing to life creative

solutions and ideas that make a

difference

BCG has been CarbonNeutral® for all of our emissions since 2018

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We will strive to work with you to meet your sustainability agenda

We would welcome the

opportunity to explore

how we can work with

you to deliver the best

of BCG whilst

minimizing emissions

from air travel –

'smart travel' model

Minimizing emissions from air travel through smart travel model has multiple benefits

• Reduces your indirect (Scope 3) emissions that need to be disclosed as part of carbon reporting

• Helps to address the climate crisis by limiting CO2 emissions

• Reduces pressure on your office space, meeting rooms

• Reflects the dispersed nature of your global teams

Majority of our project work emissions are

driven by air travel

3

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BCG is committed to

cultivating inclusive

leaders who make BCG a

company in which all

individuals have an

opportunity to flourish

and succeed, regardless

of their background,

race, ethnicity, religion,

gender, gender identity,

or sexual orientation

We operate with core D&I Principles

• Promote and sustain a sense of belonging and respect for all individuals

• Recruit, retain and advance a diverse workforce with mutual respect

• Innovate/take risks to build and measure inclusion amongst ourselves

We have affiliation networks/initiatives designed to support and connect

We have been recognized externally as a great place to work for

ACCESSABILITY

@BCG

FAMILIES

@BCG

23

Reputation

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BCG is a great place to work, continuously investing in our people so they deliver superb value to the client

11th consecutive year

in the Top 10

3rd consecutive year

in the Top 5

6th consecutive years

as No.1

Consulting Magazine

3rd consecutive year

earning "All Star"

International Association of

Outsourcing Professionals (IAOP)

12th consecutive year

with perfect score

3rd consecutive year In

Top 10

12th consecutive year

In Top 100 Award winner in 2018

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BCG's approach on change management is state-of-the-art

Source: The ALM Vanguard: Communications and Change Management Consulting 2019

The ALM research recognizes our comprehensive approach

BCG excels in its ability to steer clients

through large-scale change initiatives (…)

approach stands out for being holistic (…)

instills discipline and data science.

The firm's portfolio (…) remains

grounded in scientific rigor and

discipline (…) to provide clients with

new models for designing,

communicating, and executing the

change experience.

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IDC MarketScape:Worldwide Digital Strategy Consulting Services 2019

BCG's strengths:

• Ability to drive change and support clients' unique needs

• Clients' willingness to recommend BCG

• Functional-specific and industry-specific strategy

capabilities and digital-focused business strategy capabilities

• Ability to deliver value-creating innovation

Direct client quotes:

• "BCG were really engaged and part of the challenge."

• "Superior client support — they were immediately up and

running and looking for benefit creation."

• "They did a good job of getting our senior management and

leadership to be open minded and to do something

revolutionary. We could not have done it without them."

Key Takeaways

Source: "IDC MarketScape: Worldwide Digital Strategy Consulting Services 2019 Vendor Assessment", by Douglas Hayward, June 2019, IDC # US43700818

IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and

quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market, and business execution in the short-term. The Strategy

score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market is

indicated by a plus, neutral, or minus next to the vendor name.

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BCG continuously exceeds client expectations by bringing insights and impact through collaboration

93% of clients are very pleased

with overall experience with BCG

93% of clients would consider

using BCG in the future

89% of our clients are repeat

customers, 60% for over 5 years

…creating a satisfied,

repeat client base

BCG brings expertise and

insights to deliver impact…

…through collaboration to

strengthen organizations…

88% of clients say BCG met or

exceeded expected expertise and

insights

93% of clients say BCG met or

exceeded expected impact

95% of clients says better than

expected quality of collaboration

94% of clients say BCG met or

exceeded expected support in

strengthening client company over

long term

BCG managed the balance like fine art,

between bringing considerable expertise,

providing manageable advice and adjusting to

our needs. - AP Public Sector client

BCG was results oriented—They ensured value

creation by driving the project to completion

with our mgmt teams - Global Tech client

“As usual, the BCG team was a pleasure to work

with, providing fantastic strategic and on-the-

ground value - AP Retail client

“BCG was instrumental in developing strategy,

and took the work all the way over the finish

line so the teams were set up for success when

BCG stepped away - NAMR FI client

“I am hugely impressed by the level of

professionalism, strong industry expertise, the

speed at which they deliver results, and how

easy to work with" – WESA Pharma client

“We were very pleased overall with the project

performance. Would recommend BCG for future

projects." - NAMR IG client

““

““

““

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60% of revenue from clients with 5+ year history with BCG

0%

75%

25%

50%

100%

201520092002 2007

Percent of revenue based on years of consecutive invoices (%)

2001 2003 2004 2005 2006 2008 2010 2011 2012 2013 2014 2016 2017 2018 2019

New clients 2-4 years 10+ years5-9 years

Note: At constant 2019 exchange rates; consecutive years of invoices are determined irrespective of location; multiple single year breaks in billings are allowed in the relationship; excludes clients with length of services of "lost"; excludes clients marked as "confidential"Source: Client service database

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Nearly 96% of clients say that we provide equal/better value than competition

Source: BCG client feedback survey (data from 2012-2018, n = ~1,800 senior executives across 130+ clients)

“Relative to other consultants I've worked with, BCG added a lot of independent

value and was easy and pleasant to work with.” –NAMR FI client

“By far the best group of professionals I have worked with over the years.

BCG team is light-years ahead in terms of expertise, ability to work collaboratively

with our management at various levels and manage an overall project.

Very impressed.” –Global Tech client

"I was impressed with the level of detail and expertise brought into the project.

When I compare the work to that of a BCG competitor, I found a big difference in the

willingness to get into details and not fly at too high a level." —NAMR Pharma client

"I always enjoy working with BCG more than other consulting firms as they bring

expertise and combine it with practical solutions. BCG is also very good at sharing

learnings from prior work with other clients and directing teams to solid, practicable

solutions rather than wasting a lot of time with theoretical constructs." —Global

Pharma client

54 %

62 %

49 %

48 %

42 %

35 %

45 %

49 %

WorseEqual

Expertise

and insights

Value

delivered

Cooperation

Enable

organization

Better than

competitors

““

““

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Katie MullenCTO,

Neiman Marcus Group

Martin HalusaChairman,

Apax Partners

Marc BitzerPresident,

North America

Whirlpool

Indra NooyiBoard of Directors,

Amazon

Ahmed FahourCEO/Managing Director,

Australia Post

Anna MallettCOO & MD Production,

BBC Studios

John LegendSinger/Songwriter,

Grammy Award

Winner

Lydie HudsonCCO,

Credit Suisse

Mark HoplamazianPresident/CEO,

Hyatt Hotels Corporation

Steve HafnerCEO

Kayak.com

Jim KochFounder/Chairman,

Boston Beer Company

Rohini SrivathsaCTO,

Microsoft India

Alumni continue to generate value in the world as a broader BCG network

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As a group, our top 40 clients in the Americas have outperformed the S&P 500

BCG client

cumulative

relative TSR1

Annualized

TSR 2000-19

+9.1% p.a.

+6.1% p.a.

0

1

2

3

4

5

6

2000

1.17

2015

1.94

2012

1.93

2004

1.31

2018

1.91

1999 2011

1.86

2016

1.94

2001

1.34

2002

1.39

2017

1.92

2013

1.88

2003

1.33

2014

1.93

2005

1.30

2006

1.32

2007

1.41

2008

1.56

2009

1.70

2010

1.78

2019

1.75

2.46

1.06

1.14

4.70

1.08

3.66

1.121.21

1.861.99

0.87

1.86

1.24

Cumulative TSR ($1 invested on Jan. 1, 2000)

0.80

1.05

0.72

1.08

4.10

0.91

1.17

0.80

1.89

0.62

2.39

1.07

0.89 0.93

1.421.61

0.91

2.58

1.55

1.07

1.64

3.08

3.61

2.12

5.67

4.95

3.24

S&P 500

BCG top 40 AMR clients2

1. Cumulative Relative Total Shareholder Return versus S&P 500 composite index performance 2. Index computed

by weight of company’s Dec 31 market value in relation to sum of top 40 company's market value

Note: Client list is updated each year for top 40 BCG AMR clients; returns are based on calendar year in USD

Source: Computstat; Capital IQ; BCG ValueScience® Center analysis

32

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