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PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH.PricewaterhouseCoopers LLP is authorised and regulated by the Financial Conduct Authority
for designated investment business.
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Consumption (kcal/capita/day)
Total calories 1971 1981 1991 2001 2011
China 1,863 2,178 2,444 2,819 3,074
Indonesia 1,964 2,315 2,356 2,424 2,713
Malaysia 2,527 2,747 2,650 2,822 2,855
South Korea 2,899 2,970 2,950 3,080 3,329
Thailand 2,194 2,198 2,245 2,578 2,757
Philippines 1,837 2,221 2,214 2,374 2,608
Vietnam 1,957 2,004 1,856 2,298 2,703
UK 3,245 3,091 3,210 3,402 3,414
US 3,052 3,218 3,522 3,709 3,639
Japan 2,729 2,750 2,934 2,890 2,719
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Consumption (kcal/capita/day)
Vegetal calories 1971 1981 1991 2001 2011
China 1,738 2,002 2,128 2,296 2,383
Indonesia 1,904 2,238 2,242 2,299 2,536
Malaysia 2,244 2,336 2,134 2,297 2,336
South Korea 2,784 2,730 2,626 2,642 2,775
Thailand 2,007 1,995 1,978 2,284 2,410
Philippines 1,581 1,980 1,925 2,020 2,218
Vietnam 1,829 1,880 1,690 2,004 2,129
UK 2,014 1,965 2,175 2,395 2,425
US 2,056 2,258 2,544 2,697 2,644
Japan 2,284 2,211 2,316 2,287 2,166
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Consumption (kcal/capita/day)
Animal calories 1971 1981 1991 2001 2011
China 125 177 317 523 691
Indonesia 60 77 115 126 177
Malaysia 284 411 516 525 519
South Korea 115 240 324 439 554
Thailand 188 203 267 294 347
Philippines 256 241 290 354 390
Vietnam 128 124 166 294 574
UK 1,231 1,126 1,035 1,007 989
US 996 961 978 1,012 995
Japan 445 539 618 603 553
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>0.-)&-".%8/;'0".&":&#.0/#,&;*"$8-'%&0/;,0)%&'3)&0.$0*)-'&-".%8/;'0".&":&-)*)#,%6&'3)&.)'&-3#.1)&0.&-)*)#,&
$)/#.$&0%&."'&-,)#*&:*"/&'30%4&
! !

8. challenges
Roads to be travelled PwC 5
4-&)(!,(92.&%!,2)1#567&2)!/&17.&@#7&2)&
&
N$2'"&D(LO!(
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J"&#.%2)*&'3#'&78)%'0".&2)&.))$&'"&,""G&#'&-".%8/;'0".&0.&G0,"1*#/%4&<.&OPPQ6&'3)&#+)*#1)&=30.)%)&-".%8/)$&
#*"8.$&RSG1&":&/)#'&;#6&":&230-3&#("8'&MNW&2#%&;"*G4&C9&OPNQ6&@EB!<&)%'0/#')$&'3#'&'30%&3#$&0.-*)#%)$&'"&
#;;*"I0/#'),9&LMG16&#&OQW&0.-*)#%)&0.&#&$)-#$)4&E'&'3)&%#/)&'0/)6&'3)&#+)*#1)&E/)*0-#. %&/)#'&-".%8/;'0".&
2#%&)%'0/#')$&'"&()&#,/"%'&$"8(,)&'3#'&":&'3)&=30.)%)4&5"2)+)*6&0'&-"8,$&()&K8%'0:0#(,9&#*18)$&'3#'&'3)&
E/)*0-#.&.8/()*&*):,)-'%&)I-)%%0+)&,)+),%&":&-".%8/;'0".&#.$&'3#'&=30.#&0%&8.,0G),9&'"&)+)*&*)#-3&'3"%)&;)#G%4&
E&()'')*&().-3/#*G&:"*&=30.#&2"8,$&()&#&$)+),";)$&=30.)%)&%"-0)'9&%8-3&#%&J#02#.4&a"')&'3#'&>0.1#;"*)&"*&
5".1&_".1&2"8,$&."'&()&#;;*";*0#')&:"*&'30%&;8*;"%)&%0.-)&'3)9&3#+)&'""&/#.9& "8',0)*% &#.$&*).$)*&#.9&
/)#.0.1:8,&-"/;#*0%".%&*)$8.$#.'4&
Meat consumption (kg/person/year)
Country 2003 2013 2015 2020 2025
China 46 57 60 67 73
European Union 76 77 78 79 80
Hong Kong 104 145 147 151 156
Indonesia 8 9 9 10 11
Japan 43 47 48 49 51
Philippines 25 27 28 30 31
Russia 45 59 61 64 67
South Korea 51 63 65 70 76
Taiwan 74 74 76 82 87
Thailand 25 27 28 30 32
US 115 107 106 107 109
Vietnam 20 29 29 31 32
&
N$2'"&D(LO-AQ(
?$#&D(41.:0(.:"<2=&3(#1&(90.:<0:=($:<R(
&
62.6%
67.5% 64.7%
55.0%
47.7%
17.1% 11.8%
6.2%
6.2%
4.9%
2.5% 3.1%
5.4%
5.6%
7.1%
2.5% 1.9%
2.7%
4.5%
6.8%
0.4% 0.4%
0.7%
1.7%
2.7%
6.68% 7.63% 11.73% 19.19% 22.86%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1969 1979 1989 1999 2009
Cereals Starchy roots Vegetable oils Vegetables Fruits Animal products

9. challenges
Roads to be travelled PwC 6
J3)&#+)*#1)&J#02#.)%)&-".%8/)$&#.&)%'0/#')$&MRG1&
":&/)#'&0.&OPNQ& &QPW&/"*)&'3#.&'3)&#+)*#1)&
=30.)%)4&<:&=30.# %&;)*&-#;0'#&/)#'&-".%8/;'0".&
)78#,,)$&J#02#.)%)&,)+),%&0//)$0#'),96&=30.#&2"8,$&
*)780*)&#.&#$$0'0".#,&TR/.'&":&1*#0.%& &#,/"%'&'3)&
).'0*)&)I;)-')$&-"*.&"8';8'&":&C*#U0,&#.$&E*1).'0.#&0.&
OPNR4&J30%&%3"2%&'3)&0/;#-'&'3#'&/)#'&$)/#.$&3#%&
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)I;)-'%&=30.#&#.$&J#02#.&'"&)78#,0%)&".,9&#:')*&OPOL4&
J3)&#("+)&#.#,9%0%&0%&#'&'3)&0.$0+0$8#,&,)+),4&J"&1)'&#&
.#'0".#,&+0)26&2)&%0/;,9&3#+)&'"&#11*)1#')&'3)&
.8/()*%&#-*"%%&'3)&;";8,#'0".4&5"2)+)*6&'"&
$)')*/0.)&:8'8*)&'*).$%6&2)&.))$&'"&'#G)&0.'"&#--"8.'&
#."'3)*&+#*0#(,)& &.#/),96&'3)&%;,0'&()'2)).&*8*#,&#.$&
8*(#.&-".%8/)*%4&D0+).&'3)&$0::)*).'&%"-0"H)-"."/0-&
;*":0,)%&":&'3)&'2"6&'3)0*&-".%8/;'0".&;#'')*.%&#*)&
+#%',9&$0::)*).'4&@8*'3)*/"*)6&10+).&=30.# %&
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%);#*#'),9&#.$&-"/(0.)&'3#'&230,)&'#G0.1&0.'"&#--"8.'&
0.-*)#%0.1&8*(#.0%#'0".&*#')%4&
J3)&:",,"20.1&-3#*'%&3013,013'&;)*&-#;0'#&-".%8/;'0".&
":&1*#0.%&#.$&/)#'&:"*&*8*#,&#.$&8*(#.&$2),,)*%4&J3)&
;*)/0%)&'3#'&1*#0.&-".%8/;'0".&3#%&$)-,0.)$&230,)&
/)#'&-".%8/;'0".&3#%&*0%).&0%&'*8)&:"*&("'3&8*(#.&
#.$&*8*#,&*)%0$).'%4&
4-&)(!6%.!,(6&7(!*.(&)!,2)1#567&2)!
&
N$2'"&D(?0#.$:0<(S2'&02($T(N#0#.3#."3($T(41.:0(G?SN4H(
?$#&D(C1&(UV0U.3(.3(:$#(#$(3"0<&(
?$#&D()**J(=0#0(.3(:$#(0W0.<0%<&X(T$'("10'#.:Y(52'5$3&37(/&(10W&(23&=(0:(0W&'0Y&($T()**I(0:=()**Z(
&
4-&)(!6%.!,(6&7(!5%(7!,2)1#567&2)!
&
N$2'"&D(?SN4(
?$#&D(C1&(UV0U.3(.3(:$#(#$(3"0<&(
&
131
97
82 77 76 78 79 81 82 81 79
262 256 250
209 206 199 199
189 181
171 164
0
50
100
150
200
250
300
1990 1995 2000 2005 2006 2007 2008 * 2009 2010 2011 2012
kg/person/year
Urban Rural
25 24 26
33 32 32 31
35 35 35 36
13 13
17
21 21
19 18
20 20 21 21
0
10
20
30
40
1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012
kg/person/year
Urban Rural

10. challenges
Roads to be travelled PwC 7
D0+).&'3#'&/)#'&8,'0/#'),9&*)780*)%&1*#0.%&0.&'3)&:"*/&":&:))$6&'30%&/)#.%&'3#'&$0*)-'&1*#0.&-".%8/;'0".&3#%&
$)-,0.)$&/8-3&/"*)&$*#/#'0-#,,94&5"2)+)*6&0.&'3)&:8'8*)6&'3)&(#,#.-)&":&0.-*)#%0.1&/)#'&-".%8/;'0".&#.$&
$)-*)#%0.1&$0*)-'&1*#0.&-".%8/;'0".%&-"8,$&()&;"%0'0+)&"*&.)1#'0+)4&
C):"*)&2)&'*9&'"&)%'0/#')&'3#'6&#&-#+)#'&0%&0.&"*$)*4&J3)&%'#'0%'0-%&."')$&#("+)&#*)&%"8*-)$&:*"/&a#'0".#,&C8*)#8&
":&>'#'0%'0-%&":&=30.#&baC>=Z&#.$&'3)&;)*&-#;0'#&/)#'&-".%8/;'0".&.8/()*%&#*)&,"2)*&-"/;#*)$&'"&'3"%)&:*"/&
@EB!<&"*&@Ec4&J30%&$0%-*);#.-9&0%&8%8#,,9&#''*0(8')$&'"&'2"&:#-'"*%& &'3)%)&#*)&)%'0/#')%&:*"/&3"8%)3",$&
%8*+)9%6&230-3&$"&."'&)::)-'0+),9&/)#%8*)&-".%8/;'0".&'3#'&"--8*%&"8'%0$)&3"/)%6&230-3&0%&)%;)-0#,,9&*),)+#.'&
:"*&8*(#.&*)%0$).'%d&#.$6&-".%8/;'0".&(9&/01*#.'&2"*G)*%&0%&."'&#--"8.')$&:"*&#--8*#'),94&
<'&'#G)%&#;;*"I0/#'),9&MG1&":&:))$&1*#0.&'"&;*"$8-)&NG1&":&()):6&RG1&:"*&NG1&":&;"*G&#.$&OG1&":&1*#0.%&:"*&NG1&":&
;"8,'*94&?)&8%)&'3)%)&-".+)*%0".&:#-'"*%&'"&)%'0/#')&'"'#,&1*#0.&-".%8/;'0".4&E%&'3)&(),"2&'#(,)&$)/".%'*#')%6&
:"*&("'3&8*(#.&#.$&*8*#,&$2),,)*%6&'3)&;)*&-#;0'#&0.-*)#%)&0.&0.$0*)-'&1*#0.&-".%8/;'0".&'3*"813&/)#'&2#%&,)%%&
'3#.&'3#'&":&'3)&;)*&-#;0'#&$)-*)#%)&0.&$0*)-'&1*#0.&-".%8/;'0".&"+)*&NTTPHOPNO4&
Changing consumption patterns in China (kg/pa)
1990 2012 Net
change
Grain to
meat
conversion
ratio
Net
increase
in grain
use
Urban per capita consumption of
Grain 130.7 78.8 (52.0) (52.0)
Pork 18.5 21.2 2.8 4.0 11.1
Beef and mutton 3.3 3.7 0.5 7.0 3.2
Poultry 3.4 10.8 7.3 2.0 14.7
Net change in urban per capita demand for grain (23.1)
Rural per capita consumption of
Grain 262.1 164.3 (97.8) (97.8)
Pork 10.5 14.4 3.9 4.0 15.4
Beef and mutton 0.8 2.0 1.2 7.0 8.1
Poultry 1.3 4.5 3.2 2.0 6.5
Net change in rural per capita demand for grain (67.8)
&
N$2'"&D(?SN47(-/4(
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11. C challenges
Roads to be travelled PwC 8
?30,)&".&#&;)*&-#;0'#&,)+),&'3)*)&0%&#&$)-,0.)&0.&'"'#,&
1*#0.&-".%8/;'0".6&".&#.&#11*)1#')&,)+),6&=30.)%)&
1*#0.&-".%8/;'0".&b*0-)6&23)#'6&-"*.&#.$&%"9()#.%Z&
3#%&0.-*)#%)$& &:*"/&#("8'&QNS/.'&0.&NTTP&'"&
LRL/.'&0.&OPNO4&J30%&0%&/#0.,9&#''*0(8'#(,)&'"&#.&
0.-*)#%0.1&;";8,#'0".&#.$&8*(#.0%#'0".4&?)&2"8,$&
)I;)-'&'"'#,&1*#0.&-".%8/;'0".&0.&=30.#&'"&-".'0.8)&
0.-*)#%0.1&:"*&:"8*&*)#%".%4&
%,"20.16&(8'&0'&0%&%'0,,&1*"20.14&
>)-".$6&'3)&$)-,0.)&0.&8*(#.&;)*&-#;0'#&$0*)-'&
1*#0.&-".%8/;'0".&0%&%3"20.1&%01.%&":&,)+),,0.1&
"::4&<'&$)-,0.)$&'"&#&,"2&":&ML4TG1&0.&OPPS6&#.$&
'3).&*"%)&0.&,#')*&9)#*%&'"&*)#-3&VN4LG1&0.&OPNP4&
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MV4VG1&0.&OPNO4&="/(0.)$&20'3&#&,0G),9&0.-*)#%)&
0.&0.$0*)-'&8*(#.&1*#0.&-".%8/;'0".6&'30%&
/)#.%&'3#'&'"'#,&;)*&-#;0'#&8*(#.&1*#0.&
-".%8/;'0".&20,,&/"%'&,0G),9&*0%)4&?30,)&*8*#,&
;)*&-#;0'#&1*#0.&-".%8/;'0".&0%&,0G),9&'"&
-".'0.8)&$)-*)#%0.16&0'%&)::)-'&0.&'3)&#11*)1#')&
2"8,$&()&/8')$&#%&/"*)&;)";,)&/01*#')&'"&'3)&
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-"/)%&:*"/&3"8%)3",$&2#%')&#.$&%"&".Z4&
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;"%%0(,9&0.-*)#%)&0.&'3)&:8'8*)&
&
& (

12. challenges
Roads to be travelled PwC 9
3+??,5'
>),:H%8::0-0).-9&0.&1*#0.%&3#%&,".1&()).&#&3#,,/#*G&":&
=30.)%)&1"+)*./).'&;",0-94&>0.-)&NTTS6&'3)&)I;,0-0'&
#0/&2#%&'"&;*"$8-)&TLW&":&0'%&1*#0.%&$"/)%'0-#,,94&c*6&
#%&=30.)%)&"::0-0#,%&;8'&0'&%"/)23#'&,)%%&;*"%#0-#,,96&
'3)&=30.)%)&/8%'& 1$<=(#1&('."&(%$/<(T.'9<R(.:($2'(
10:=3 4&5"2)+)*6&0'%&/)#.0.1&3#%&)+",+)$&"+)*&'3)&
9)#*%4&?30,)&0'&2#%&0.0'0#,,9&8.$)*%'""$&'"&0.-,8$)&*0-)6&
23)#'&#.$&-"*.6&;",0-9&/#G)*%&."2&%))/0.1,9&-"8.'&
".,9&*0-)&#.$&23)#'6&'3#'&0%6&'3)&'2"&1*#0.%&8%)$&
$0*)-',9&:"*&38/#.&-".%8/;'0".4&E.$&%"".6&0'&-"8,$&
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0.$8%'*0#,&:))$&:"*&;"8,'*9&#.$&;"*G4&E%&'3)&=30.)%)&
-".%8/)&/"*)&/)#'6&#.$&#%&'3)&/)#'&;*"$8-)*%&
0.$8%'*0#,0%)6&$)/#.$&:"*&%"9()#.%&3#%&0.-*)#%)$&
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NTMV4&e"/)%'0-&"8';8'&;)#G)$&0.&OPPRfPL&#'&NM4R/.'&
(8'&3#%&$)-,0.)$&)**#'0-#,,9&0.&'3)&%8(%)78).'&$)-#$)4&
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)I;).%)&":&'3)&3#*+)%')$&#*)#6&230-3&$)-,0.)$&#%&
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$)-#$)4&=".%)78).',96&0/;"*'%&3#+)&'*0;,)$&:*"/&
#,/"%'&OS/.'&'"&#.&)%'0/#')$&MR/.'&"+)*&'3)&%#/)&
;)*0"$4&<:&=30.#&*);,#-)$&'30%&#/"8.'&":&0/;"*'%&20'3&
$"/)%'0-&;*"$8-'0".6&'3)&-"8.'*9&2"8,$&*)780*)&
#."'3)*&RO/.&3#&":&,#.$& &.)#*,9&%0I&'0/)%&'3)&
-8**).'&%"9()#.%&#*)#&":&S4M/.&3#4&J3#'&#,".)&
)I;,#0.%&'3)&)I-,8%0".&":&%"9()#.%&:*"/&'3)&
1"+)*./).' %&%),:H%8::0-0).-9&-#,-8,#'0".%
4&
Soybean statistics
Soybean 2004/
05
2005/
06
2006/
07
2007/
08
2008/
09
2009/
10
2010/
11
2011/
12
2012/
13
2013/
14
2014/
15
Area harvested
(mn ha)
9.6 9.6 9.3 8.8 9.1 9.2 8.5 7.9 7.2 6.9 6.7
Yield (tonnes/ha) 1.8 1.7 1.6 1.5 1.7 1.6 1.8 1.8 1.8 1.8 1.8
Production (mnt) 17.4 16.4 15.1 12.7 15.5 15.0 15.1 14.5 13.1 12.2 11.8
Imports (mnt) 25.8 28.3 28.7 37.8 41.1 50.3 52.3 59.2 59.9 69.0 74.0
Exports (mnt) 0.4 0.4 0.4 0.5 0.4 0.2 0.2 0.3 0.3 0.2 0.3
Domestic
consumption (mnt)
40.2 44.4 46.1 49.4 51.3 59.4 65.9 72.1 76.2 80.1 84.9
Ending stocks (mnt) 4.7 4.6 1.8 2.5 7.5 13.2 14.5 15.9 12.4 13.2 13.8
N$2'"&D([NPO(

13. challenges
Roads to be travelled PwC 10
="*.&#;;)#*%&'"&()&:",,"20.1&#&%0/0,#*&'*#K)-'"*94&<.&OPNO6&=30.# %&[0.0%')*&":&E1*0-8,'8*)&5#.&=3#.1:8&%'#')$&
'3#'&'3)&-"8.'*9&/8%'&;*)+).'&-"*.&:*"/&()-"/0.1&'3)& %)-".$&%"9()#. 4&J30%&/".0G)*&#,".)&0.$0-#')%&'3)&
%'*).1'3&":&$)%0*)&:"*&:""$&%)-8*0'9&0.&=30.#4&5"2)+)*6&0.-*)#%0.1,9&'3)&-"8.'*9&#;;)#*%&'"&()&:013'0.1&#&,"%0.1&
(#'',)&#%&$)/".%'*#')$&(9&'3)&'#(,)&(),"24&
Corn statistics
Corn 2004/
05
2005/
06
2006/
07
2007/
08
2008/
09
2009/
10
2010/
11
2011/
12
2012/
13
2013/
14
2014/
15
Area harvested
(mn ha)
25.4 26.4 28.5 29.5 29.9 31.2 32.5 33.5 35.0 36.3 36.8
Yield (tonnes/ha) 5.1 5.3 5.3 5.2 5.6 5.3 5.5 5.7 5.9 6.0 5.9
Production (mnt) 130.3 139.4 151.6 152.3 165.9 164.0 177.2 192.8 205.6 218.5 217.0
Imports (mnt) 0.0 0.1 0.0 0.0 0.0 1.3 1.0 5.2 2.7 3.4 3.0
Exports (mnt) 7.6 3.7 5.3 0.5 0.2 0.2 0.1 0.1 0.1 0.0 0.1
Domestic
consumption (mnt)
131.0 137.0 145.0 150.0 153.0 165.0 180.0 188.0 200.0 212.0 220.0
Ending Stocks (mnt) 36.6 35.3 36.6 38.4 51.2 51.3 49.4 59.3 67.6 77.4 77.3
N$2'"&D([NPO(
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RLW&230,)&90),$%&3#+)&0.-*)#%)$&%"/)&NLW&"+)*&'3)&,#%'&$)-#$)4&5"2)+)*6&#%&0%&'3)&-#%)&20'3&%"9()#.%6&$)/#.$&
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90),$%&%)).&0.&'3)&;#%'&$)-#$)&#*)&3013,9&8.,0G),9&'"&()&*);)#')$&0.&'3)&/)$08/&')*/4&@*"/&#&;"%0'0".&":&%),:H
%8::0-0).-9&0.&*)-).'&9)#*%&0/;"*'%&#*)&,0G),9&'"&*)#-3&Q/.'&0.&OPNRfNL4&="/;#*)&'30%&'"&#&.)'&)I;"*'&;"%0'0".&":&
#,/"%'&V/.'&0.&OPPRfPL6&#.$&0'&#;;)#*%&'3#'&-"*.&0%&2),,&".&0'%&2#9&'"&()-"/0.1&'3)& %)-".$&%"9()#. 4&c.)&
/"$)*#'0.1&:#-'"*&0%&'3#'6&0.&*)-).'&9)#*%6&%"/)&:))$&$)/#.$&3#%&%30:')$&'"&23)#'& &#%&2)&$0%-8%%&(),"24&
5"2)+)*6&'30%&%0/;,9&/)#.%&'3#'&=30.#&20,,&0/;"*'&23)#'&0.%')#$&":&-"*.4&
=".%0$)*&23)#'6&230-3&#,".1&20'3&*0-)6&0%&8%)$&;*0/#*0,9&:"*&38/#.&-".%8/;'0".& #.$&'3)*):"*)&3#%&#&%'*#')10-&
;"%0'0".6&230-3&0%&."'&%3#*)$&(9&-"*.&"*&%"9()#.%4&`.'0,&OPNP6&-".%8/;'0".&0.-*)#%)$&".,9&/#*10.#,,9&#.$&
=30.#&/#.#1)$&'"&:8,:0,&#$$0'0".#,&$)/#.$&'3*"813&#&1*#$8#,&0.-*)#%)&0.&;,#.')$&#*)#&#.$&90),$%4&5"2)+)*6&0.&
OPNNfNO&$)/#.$&K8/;)$&#("8'&NNW&#.$&3#%&*)/#0.)$&#'&'3)%)&,)+),%4&E'&'3)&%#/)&'0/)6&;*"$8-'0".&3#%&
0.-*)#%)$&#'&#&/8-3&%,"2)*&;#-)&230,)&0/;"*'%&3#+)&;,811)$&'3)&%3"*':#,,4&c+)*&'3)&,#%'&:0+)&9)#*%6&'3)&;,#.')$&
#*)#&3#%&*)/#0.)$&-".%'#.'&230,)&90),$%&3#+)&0.-*)#%)$&/#*10.#,,94&J30%&%811)%'%&'3#'&:8'8*)&0.-*)#%)%6&0:&#.96&
#*)&,0G),9&'"&()&/0.0/#,4&
Wheat statistics
Wheat 2004/
05
2005/
06
2006/
07
2007/
08
2008/
09
2009/
10
2010/
11
2011/
12
2012/
13
2013/
14
2014/
15
Area harvested
(mn ha)
21.6 22.8 23.6 23.7 23.6 24.3 24.3 24.3 24.3 24.1 24.1
Yield (tonnes/ha) 4.3 4.3 4.6 4.6 4.8 4.7 4.7 4.8 5.0 5.1 5.2
Production (mnt) 92.0 97.4 108.5 109.3 112.5 115.1 115.2 117.4 121.0 121.9 126.0
Imports (mnt) 6.7 1.1 0.4 0.0 0.5 1.4 0.9 2.9 3.0 6.8 2.0
Exports (mnt) 1.2 1.4 2.8 2.8 0.7 0.9 0.9 1.0 1.0 0.9 1.0
Domestic
consumption (mnt)
102.0 101.5 102.0 106.0 105.5 107.0 110.5 122.5 125.0 121.5 124.0
Ending Stocks (mnt) 38.8 34.5 38.6 39.1 45.8 54.4 59.1 55.9 54.0 60.3 63.3
&
N$2'"&D([NPO(

14. challenges
Roads to be travelled PwC 11
E&G)9&:)#'8*)&3013,013')$&'3)&'#(,)&#("+)&0%&'3)&%8$$).&K8/;&0.&$)/#.$&:"*&23)#'&0.&*)-).'&9)#*%4&J3)&*)#%".&
:"*&'30%&*0%)&0%&'3)&1*"20.1&8%)&":&23)#'&#%&:))$4&J"'#,&$)/#.$&0%&%;,0'&0.'"&:""$6&%))$6&#.$&0.$8%'*0#,&$)/#.$&
b@><Z&#.$&:))$&$)/#.$4&@><&$)/#.$&3#%&(#*),9&/"+)$&0.&*)-).'&9)#*%&#.$&".,9&*"%)&/#*10.#,,9&"+)*&'3)&,#%'&
'3*))&9)#*%4&5"2)+)*6&:))$&$)/#.$&3#%&*0%).&%')#$0,94&<.&OPNNfOPNO6&0'&.)#*,9&$"8(,)$&#.$&3#%&%'#9)$&#'&'3#'&
,)+),&%0.-)4&?30,)&-"*.&*)/#0.%&'3)&/#0.&-#*("39$*#')&-"/;".).'&":&0.$8%'*0#,&:))$&"'3)*&-)*)#,%&%8-3&#%&23)#'&
#*)&#,%"&8%)$&$);).$0.1&".&*),#'0+)&;*0-)%4&
Wheat consumption split
Wheat 2004/
05
2005/
06
2006/
07
2007/
08
2008/
09
2009/
10
2010/
11
2011/
12
2012/
13
2013/
14
2014/
15
Feed consumption (mnt) 4.0 3.5 4.0 8.0 8.0 10.0 13.0 24.0 25.0 21.0 23.0
Food, seed and industrial
consumption (mnt)
98.0 98.0 98.0 98.0 97.5 97.0 97.5 98.5 100.0 100.5 101.0
Total (mnt) 102.0 101.5 102.0 106.0 105.5 107.0 110.5 122.5 125.0 121.5 124.0
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*)1#*$,)%%&":&'3)&%;,0'6&0'&0%&*)#%".#(,9&-)*'#0.&'3#'&'3)&(8,G&":&'30%&)I-)%%&-".%8/;'0".&20,,&()&%#'0%:0)$&(9&
0/;"*'%4&J3)&*)#%".&:"*&"8*&;)%%0/0%'0-&+0)2&".&=30.)%)&;*"$8-'0".&0%&)I;,#0.)$&,#')*&0.&'30%&*);"*'&23).&2)&
,""G&#'&%8;;,9&-".%'*#0.'%4&
@0.#,,96&'3)&'#(,)&(),"2&3013,013'%&*0-)&%'#'0%'0-%&:"*&'3)&,#%'&$)-#$)4&B*"$8-'0".&*"%)&1*#$8#,,9&#%&-".%8/;'0".&
$)-,0.)$&0.0'0#,,94&5"2)+)*6&0'&0%&."2&0.-*)#%0.14&@"*&'3)&/"%'&;#*'6&=30.#&3#%&/#.#1)$&'"&#+"0$&0/;"*'%4&
5"2)+)*6&0.&'3)&,#%'&'3*))&9)#*%6&3#*+)%')$&#*)#&#.$&90),$%&3#+)&%'#1.#')$&230,)&-".%8/;'0".&3#%&/#0.'#0.)$&#&
%')#$9&*#')&":&1*"2'34&J30%&3#%&,)$&'"&#&*0%)&0.&0/;"*'%&#,'3"813&0'&*)/#0.%&#&:*#-'0".&":&'"'#,&-".%8/;'0".4&
D*"2'3&0.&*0-)&-".%8/;'0".&0%&,0G),9&'"&*)/#0.&/8')$&#%&%,"20.1&;";8,#'0".&1*"2'3&#.$&8*(#.0%#'0".&G));&#&,0$&
".&1*"2'34&J3#'&%#0$6&%0.-)&;*"$8-'0".&0%&#,%"&8.,0G),9&'"&0.-*)#%)&%01.0:0-#.',9&0.&'3)&9)#*%&#3)#$6&%"/)&0/;"*'%&
/#9&-".'0.8)4&
Rice statistics
Rice 2004/
05
2005/
06
2006/
07
2007/
08
2008/
09
2009/
10
2010/
11
2011/
12
2012/
13
2013/
14
2014/
15
Area harvested
(mn ha)
28.4 28.8 28.9 28.9 29.2 29.6 29.9 30.1 30.1 30.3 30.6
Paddy yield
(tonnes/ha)
6.3 6.3 6.3 6.4 6.6 6.6 6.6 6.7 6.8 6.7 6.7
Production (mnt) 125.4 126.4 127.2 130.2 134.3 136.6 137.0 140.7 143.0 142.5 144.0
Imports (mnt) 0.6 0.7 0.5 0.4 0.2 0.4 0.5 1.8 3.1 3.9 3.7
Exports (mnt) 0.7 1.2 1.3 1.4 0.7 0.7 0.5 0.4 0.3 0.3 0.4
Domestic
consumption (mnt)
130.3 128.0 127.2 127.5 133.0 134.3 135.0 139.6 144.0 146.3 148.0
Ending Stocks (mnt) 38.9 36.8 35.9 37.8 38.5 40.5 42.6 45.0 46.8 46.7 46.0
&
N$2'"&D([NPO(
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15. challenges
Roads to be travelled PwC 12
F#*,9&0.&OPNR6&'3)&>'#')&="8.-0,&-#,,)$&:"*&1*#0.&
;*"$8-'0".&'"&%'#(0,0%)&#'&LLP/.'6&,"2)*&'3#.&'3)&
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%8::0-0).-94&<'&%))G%&'"&%)'&#&;*0"*0'9&".&,#("8*H
0.').%0+)&#.$&3013H+#,8)&-*";%&%8-3&#%&:*80'%&#.$&
+)1)'#(,)%&#'&'3)&)I;).%)&":&,#.$H0.').%0+)6&,"2H+#,8)&
1*#0.%4&@8*'3)*/"*)6&'3)&180$),0.)%&$)/".%'*#')&#.&
0.-*)#%0.1&)/;3#%0%&".&:"*&78#,0'9&#.$&:""$&%#:)'94&
>"/)&":&'30%&.)2:"8.$&%'*)%%&".&78#,0'9&#.$&%#:)'9&
%')/%&:*"/&'3)&/#.9&.)1#'0+)&-#%)%&*);"*')$&0.&
*)-).'&9)#*%&0.&=30.#4&J3)%)&*#.1)&:*"/&-#$/08/&
-".'#/0.#'0".&":&*0-)6&#$8,')*#')$&:"I&/)#'&%",$&#%&
/8''".&#.$&$)#$&;01%&:,"#'0.1&$"2.&'3)&58#.1;8&
!0+)*&'3*"813&>3#.13#04&
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0%&/)*),9&'3)&1"+)*./).'&:#-0.1&8;&'"&*)#,0'94&J"&/))'&
*#;0$,9&*0%0.1&$)/#.$6&%8;;,9&-#.&0.-*)#%)&;*0/#*0,9&
'3*"813&#.&0.-*)#%)&0.&;,#.')$&#*)#&#.$&).3#.-)$&
90),$%4&<.&=30.# %&-#%)6&230,)&90),$%&-#.&0.-*)#%)& &#.&
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3013,9&8.,0G),94&<.&%3"*'6&=30.#&3#%&()).&%'*811,0.1&'"&
/#0.'#0.&0'%& *)$&,0.) &":&NOP/.&3#&":&:#*/,#.$&$8)&'"&
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16. challenges
Roads to be travelled PwC 13
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%8;;,9&":&#+#0,#(,)&,#.$&0%&3013,9&8.,0G),94&>"6&#.9&
0.-*)#%)&0.&"8';8'&20,,&3#+)&'"&-"/)&+0#&
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*)-).'&9)#*%4&J3)&-3#*'&(),"2&%3"2%&'3)&90),$&1*"2'3&
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;#%'&$)-#$)4&
! !

17. challenges
Roads to be travelled PwC 14
4-&)%1%!())#(9!:&%9/!*.2$7-!
&
&
N$2'"&D([NPO(
?$#&D(.&<=3(0'&("0<"2<0#&=($:(0(KVR&0'(9$W.:Y(0W&'0Y&(%03.3(
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;"').'0#,d&,""G&#'&3"2&=30.)%)&90),$%&-"/;#*)&20'3&'3"%)&":&"'3)*&/#K"*&;*"$8-)*%&'"&%))&'3)&;"').'0#,&8;%0$)4&
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(8.0)%
(6.0)%
(4.0)%
(2.0)%
0.0%
2.0%
4.0%
6.0%
8.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Corn Paddy rice Wheat Soybean
6.7 6.7
5.8
5.0
4.8
4.4
4.0
3.5
2.9
2.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
China Japan Vietnam Brazil Indonesia Bangladesh Philippines India Thailand Burma
tonnes/hectare

18. challenges
Roads to be travelled PwC 15
N-%(7!:&%9/1!G2.!5(H2.!6.2/#,%.1!I?J<KL<DM!
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3.9
3.1
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2.5
2.0
1.8
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
European
Union
China Ukraine India Canada United
States
Pakistan Russia Turkey Australia
tonnes/hectare
10.9
7.4
7.1
5.9
5.4
5.0
4.6
4.2
3.3
2.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
United
States
European
Union
Argentina China Ukraine Brazil Russia South
Africa
Mexico India
tonnes/hectare

19. challenges
Roads to be travelled PwC 16
"2:@%()!:&%9/1!G2.!5(H2.!6.2/#,%.1!I?J<KL<DM!
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("''"/&":&'3)&;#-G4&5"2)+)*6&0'&0%&2"*'3&)/;3#%0%0.1&'3#'&=30.#&0%&#&*),#'0+),9&/0."*&;,#9)*&0.&%"9()#.&
;*"$8-'0".4&?3#'&0'&$")%&$)/".%'*#')&0%&'3#'6&23).&0'&-"/)%&'"&'3)&'3*))&/#0.&1*#0.%6&=30.#&$")%&."'&,#1&
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)-","10-#,&).+0*"./).'%&)414&.#'8*#,&:#-'"*%&%8-3&#%&%"0,&"*&-,0/#')6&230-3&-#.."'&()&"+)*-"/)4&J3)&*)%'&-"8,$&
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)-"."/0-#,,9&:)#%0(,)4&
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8%)&":&:)*'0,0%)*%&#.$&0.-*)#%)$&0**01#')$&#*)#%&(9&#;;*"I0/#'),9&".)H'30*$4&
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3.2
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2.0
1.8
1.4
1.0
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
United
States
Brazil Argentina Uruguay Canada Paraguay Ukraine China Russia India
tonnes/hectare
29
32
33
36
38 40 41 41 41 43 43 44
46 48 49
51 52
54 56 57 58
49 49 49 49 50 51 52 53 54 54 54 54 54 55 56 57
58 59 60 62 63
0
10
20
30
40
50
60
70
-
10
20
30
40
50
60
70
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
milliontonnes
millionhectares
Fertiliser consumption (RHS) Irrigated area

20. challenges
Roads to be travelled PwC 17
?30,)&'3)&*#')&":&1*"2'3&0.&:)*'0,0%)*%&3#%&%,"2)$&0.&
'3)&;#%'&$)-#$)6&0**01#'0".&3#%&0.-*)#%)$4&5"2)+)*6&
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=#.#$#6&RLG1&:"*&E8%'*#,0#&#.$&QTG1&:"*&E*1).'0.#4&
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56%
82%
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10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Population Cultivated area Water resources
North South

21. challenges
Roads to be travelled PwC 18
J3)&-3#*'&(),"2&%3"2%&'3)&*).)2#(,)&2#')*&*)%"8*-)%&#+#0,#(,)&;)*&;)*%".&#-*"%%&;*"+0.-)%4&J3)&*#.1)&)I').$%&
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%"8*-)&":&/#.9&,#*1)&*0+)*%&#.$&3#%&#&,"2&;";8,#'0".4&5"2)+)*6&>3#.13#0&0%&."'4&J3)&-3#*'&(),"2&%3"2%&'3)&
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1,"(#,&-"/;#*#(,)%&:"*&%0/0,#*&*).)2#(,)&2#')*&*)%"8*-)&,)+),%&#*)&^"*$#.&#.$&<%*#),4&
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143
168
193
238
145
231
0.0
50.0
100.0
150.0
200.0
250.0
Shanghai Ningxia Beijing Tianjin Jordan Israel
cubicmetres/person
167 176 204 230 254 269 491 698 1,078
70% 91% 69% 81% 90%
83%
342%
148%
642%
0%
100%
200%
300%
400%
500%
600%
700%
0
200
400
600
800
1,000
1,200
Tianjin Beijing Shanxi Shandong Henan Hebei Shanghai Jiangsu Ningxia
cubicmetres
Water use per capita Usage / supply (RHS)

22. challenges
Roads to be travelled PwC 19
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60%
80%
100%
120%
140%
160%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Shandong Henan Jiangsu Sichuan Hebei
Agricultural output contribution Water usage / supply (RHS)

23. challenges
Roads to be travelled PwC 20
J3)&=30.)%)&1"+)*./).'&3#%&0.+)%')$&3)#+0,9&0.&
1).)'0-#,,9&/"$0:0)$&-*";%4&5"2)+)*6&'3)*)&#*)&
-".-)*.%&#/".1&'3)&=30.)%)&"+)*&'3)&%#:)'9&":&D[&
-*";%&%#:)'9& &#.&8.$)*%'#.$#(,)&".)&10+).&#%%"*')$&
:""$&%#:)'9&%-#.$#,%&0.&*)-).'&9)#*%4&J"&#,,#9&:)#*%6&'3)&
1"+)*./).'&,#8.-3)$&#&/)$0#&-#/;#01.&0.&
>);')/()*&OPNR&0.&%8;;"*'&":&D[&-*";%4&<'&3";)%&'"&
)$8-#')&'3)&;8(,0-&#.$&-*)#')&#&:#+"8*#(,)&
#'/"%;3)*)&:"*&'3)&$)+),";/).'&":&'3)&D[&0.$8%'*94&
<.&'3)&%#/)&/".'36&'3)&1"+)*./).'&#,%"&*),)#%)$&
B*)%0$).'&i0&^0.;0.1 %&8.;8(,0%3)$&%;))-3&:*"/&
e)-)/()*&OPNQ6&23)*)0.&3)&).$"*%)$&D[&-*";%4&
B#*#$"I0-#,,96&$)%;0')&#.&#-'0+)&-#/;#01.&'"&;*"/"')&
D[&-*";%6&'3)&=30.)%)&1"+)*./).'&3#%&*)K)-')$&
0/;"*'%&":&`>&-"*.&%0.-)&a"+)/()*&OPNQ&$8)&'"&'3)&
;*)%).-)&":&>9.1).'# %&[<!NSO&1).)'0-#,,9&/"$0:0)$&
-"*.6&/#*G)')$&#%&0;')*#4&=30.#&3#%&9)'&'"&#;;*"+)&
'3)&[<!NSO&+#*0)'9&:"*&0/;"*'%&#,'3"813&>9.1).'#&
#;;,0)$&0.&OPNP4&J3)&%#/)&%'*#0.&-#.&()&0/;"*')$&0.'"&
'3)&F`& &$)%;0')&0'%&+0*8,).',9&#.'0HD[c&%'#.$4&
J3)*):"*)&'3)&#-'0".%&":&'3)&=30.)%)&1"+)*./).'&
/013'6&#'&:0*%'&1,#.-)6&#;;)#*&0**#'0".#,4&5"2)+)*&
'3)*)&0%&,"10-&'"&'3)0*&;",0-9&*)%;".%)4&!)-#,,&"8*&
)#*,0)*&'#(,)&".&=30.)%)&-"*.&%'#'0%'0-%6&230-3&
3013,013'%&3"2&=30.)%)&;*"$8-'0".&3#%&0.-*)#%)$&(9&
%"/)&MPW&"+)*&'3)&;#%'&$)-#$)4&[8-3&":&'30%&2#%&
#-30)+)$&(9&'3)&1"+)*./).'&8%0.1&3013)*&;*0-)%&'"&
0.-).'0+0%)&#.$&;*"/"')&$"/)%'0-&;*"$8-'0".4&>)).&
:*"/&'30%&;)*%;)-'0+)6&'3)&=30.)%)&#*)&/"%'&,0G),9&
8%0.1&'3)&D[&0%%8)&#%&#&%/"G)&%-*)).&'"&,0/0'&
0/;"*'%4&E."'3)*&;"%%0(,)&)I;,#.#'0".&0%&'3#'&'3)&
=30.)%)&#*)&#'')/;'0.1&'"&$0+)*%0:9&'3)0*&-"*.&0/;"*'&
%"8*-)4&E:')*&#,,6&0.&OPNQ6&.)#*,9&#,,&":&=30.# %&-"*.&
0/;"*'%&"*010.#')$&0.&'3)&`>4&E,'3"813&0/;"*'%&20,,&
,0G),9&-".'0.8)&'"&*0%)6&)78#,,9&,0G),96&'3)&1"+)*./).'&
20,,&-".'0.8)&'"&,0/0'&'3)/4&
E%&#&:""'."')6&."')&'3#'&>9.1).'#&0%&()0.1&%8)$&(9&
=#*10,,&#.$&%"/)&`>H(#%)$&:#*/)*%&:"*&/#*G)'0.1&0'%&
0;')*#&%))$&():"*)&0'&"('#0.)$&0/;"*'&#;;*"+#,&:*"/&
=30.#4&J30%&$)/".%'*#')%&'3)&0/;#-'&'3#'&=30.)%)&
;",0-0)%&."2&3#+)&"+)*%)#%4&E,'3"813&'3)&-"8.'*9&
-8**).',9&0/;"*'%&#&/)*)&Q/.'&":&-"*.6&9"8&".,9&.))$&
'"&,""G&#&:)2&9)#*%&3).-)&23).&'30%&.)#*&*"8.$0.1&
)**"*&()-"/)%&/#')*0#,4&
c(+0"8%,9&#,,&":&'3)&#("+)&$)/".%'*#')%&'3#'&'3)&
=30.)%)&1"+)*./).'&*)-"1.0%)%&'3#'&'3)&#1*0-8,'8*)&
%)-'"*&.))$%&'"&()&'*#.%:"*/)$4&J3)&:",,"20.1&%)-'0".&
,""G%&#'&3"2&'3)&%'#')&%8;;"*'%&#1*0-8,'8*)4&
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24. challenges
Roads to be travelled PwC 21
@0:.)$4.$-'%$2'-".'%()#*+,-+).'&.*-0)'
=30.# %&#1*0-8,'8*#,&%)-'"*&3#%&20'.)%%)$&/#K"*&%'*8-'8*#,&-3#.1)%&%0.-)&'3)&:"8.$#'0".&":&'3)&B)";,) %&!);8(,0-&
0.&NTRT4&<.&0'%&:"*/#'0+)&9)#*%6&'3)&%'#')&'""G&-".'*",&":&#,,&,#.$&#.$&)%'#(,0%3)$&#&/".";",9&".&'3)&;8*-3#%)&
#.$&/#*G)'0.1&":&:#*/&"8';8'4&<.&NTLV6&'3)&-",,)-'0+)&:#*/%&2)*)&/)*1)$&0.'"&,#*1)*& ;)";,) %&-"//8.)% &#.$&
;*0+#')&:""$&;*"$8-'0".&2#%&(#..)$4&@"*&'3)&.)I'&'2).'9&9)#*%&'3)&-"//8.)&%9%')/&*)$8-)$&0.-).'0+)%6&
*)/"+)$&;*0-)&%01.#,%&#.$&;*)+).')$&'3)&)::0-0).'&#,,"-#'0".&":&*)%"8*-)%4&
O>29#7&2)!2G!4-&)%1%!(*.&,#97#.%!
F%.&2/! F29&7&,(9!%>%)71! P56(,7!2)!(*.&,#97#.%!
<;K;! !<;D?!! !)$0%'*0(8'0".&":&,#.$&:*"/&,#.$,"*$%&
'"&;)#%#.'%4&
D*#0.&"8';8'&0.-*)#%)$&'"&NSR/.'&8;&RVW&
:*"/&NTRT&E1*0-8,'8*#,&"8';8'&*)#-3)$&
=aARS(.&0.&NTLO6&.)#*,9&$"8(,0.1&:*"/&NTRT&
<;D8! !<;DQ!! =",,)-'0+0%#'0".&":&,#.$&="H";)*#'0+)&:#*/%& E1*0-8,'8*#,&+#,8)&1*)2&".,9&Q4NW6&230,)&1*#0.&
"8';8'&1*)2&Q4LW& &#&$*#/#'0-&*)$8-'0".&
:*"/&NRW&#.$&NQW&0.&'3)&NTRTHLO&;)*0"$&
<;DR! !<;SJ!! J3)&D*)#'&])#;&@"*2#*$& B)";,) %&-"//8.)% &
2)*)&)%'#(,0%3)$&#.$&;*0+#')&:""$&;*"$8-'0".&
(#..)$&
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:),,&(9&#&:0:'36&#.$&1*#0.&"8';8'&(9&"+)*&#&
78#*')*&
<;S<! !<;SD!! J3)&!)H#$K8%'/).'&B)*0"$&J3)&1"+)*./).'&
#$";')$&'3)&;*0.-0;,)&":& *)#$K8%'/).'6&
-".%",0$#'0".6&%8;;,)/).'#'0".&#.$&
0/;*"+)/).' 4&
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1*#0.%&"8';8'&%,"2)$&$"2.&$*#/#'0-#,,9&'"&
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&
<.&NTMV6&e).1&i0#";0.1&0.0'0#')$&*8*#,&*):"*/%6&230-3&
,)$&'"&'3)&#(",0'0".&":&'3)&-"//8.)&%9%')/4&E/".1&
'3)&;",0-9&-3#.1)%&0.'*"$8-)$&'3)*)#:')*6&;)*3#;%&'3)&
/"%'&%01.0:0-#.'&2#%&'3)&5"8%)3",$&!)%;".%0(0,0'9&
>9%')/&b5!>Z4&`.$)*&'30%6&,#.$&2#%&#%%01.)$&'"&
3"8%)3",$%&:"*&NL&9)#*%&b#.$&,#')*&QP&9)#*%Z6&#.$&)#-3&
2#%&10+).&-*";&78"'#%&'"&:8,:0,4&J3)&78"'#%&2)*)&
*),#'0+),9&%/#,,&(8'&#.9'30.1&#("+)&'3#'&-"8,$&()&%",$&
:"*&;*":0'&0.&'3)&";).&/#*G)'4&J30%&/)#.'&'3#'&:#*/)*%&
2)*)&;*"+0$)$&20'3&0.-).'0+)%&'"&0.-*)#%)&"8';8'4&<.&
'3)&0.0'0#,&;)*0"$&":&'3)%)&*):"*/%6&()'2)).&NTMV&#.$&
NTVR6&1*#0.&"8';8'&1*)2&LW&#..8#,,94&5"2)+)*6&".-)&
'3)&)#%9&20.%&2)*)&"+)*6&#..8#,&1*"2'3&$)-),)*#')$&'"&
N4OW&"+)*&'3)&.)I'&$)-#$)4&!0%0.1&;*0-)%&#.$&0/;"*'%&
.)-)%%0'#')$&#."'3)*&*"8.$&":&*):"*/%&%8-3&#%&'3)&
D"+)*."* %&D*#0.&C#1&!)%;".%0(0,0'9&>9%')/ 6&230-3&
/#$)&;*"+0.-0#,&1"+)*."*%&*)%;".%0(,)&:"*&(#,#.-0.1&
1*#0.&%8;;,9&#.$&$)/#.$&#.$&%'#(0,0%0.1&1*#0.&;*0-)%&
0.&'3)0*&;*"+0.-)%4&
?30,)&'3)&5!>&2#%&-)*'#0.,9&#&/#K"*&0/;*"+)/).'&".&
'3)&-"//8.)&%9%')/6&0'&2#%&:#*&:*"/&;)*:)-'4&J3)&G)9&
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#/"8.'&'"&:#*/4&J30%&;*"(,)/&2#%&#--).'8#')$&(9&'3)&
:#-'&'3#'6&%0.-)&,#.$&;#*-),%&3#$&$0::)*).'&%"0,&
-3#*#-')*0%'0-%6&%80'#(0,0'9&:"*&0**01#'0".6&,"-#'0".6&#.$&%"&
".6&#.$&%0.-)&)#-3&3"8%)3",$&3#$&'"&1)'&;#*-),%&:"*&#,,&
1*#$)%6&'3)&,#.$&'3#'&'3)9&1"'&2#%&:*#1/).')$&#.$&
%-#'')*)$4&J30%&,0/0')$&'3)&%-";)&:"*&)-"."/0)%&":&%-#,)&
'3*"813&0**01#'0".&#.$&/)-3#.0%#'0".4&@8*'3)*/"*)6&#%&
'30%&2#%&#&-".'0.8"8%&;*"-)%%6&#.&0.-*)#%0.1&;";8,#'0".&
0/;,0)$&:8*'3)*&,#.$&:*#1/).'#'0".4&@0.#,,96&%0.-)&'3)&
;*"-)%%&)/;3#%0%)$&3"8%)3",$&%0U)&#.$&$0%*)1#*$)$&
-#;#(0,0'96&/#.9&3"8%)3",$%&*)-)0+)$&,#*1)&,#.$&;#*-),%&
(8'&20'3&,0/0')$&,#("8*&:"*-)%6&#.$&+0-)&+)*%#& &'38%&
30.$)*0.1&#.&)::0-0).'&#,,"-#'0".&":&#&%-#*)&*)%"8*-)4&J30%&
;*"(,)/&2#%&)I#-)*(#')$&(9&8*(#.&/01*#'0".6&230-3&
:8*'3)*&*)$8-)$&'3)&*8*#,&,#("8*&:"*-)4&&
>"/)&":&'3)%)&;*"(,)/%&2)*)&#$$*)%%)$&20'3&*):"*/%&
'3#'&,0/0')$&*)$0%'*0(8'0".6&)I').$)$&').8*)&#.$&
20$).)$&'3)&%-";)&:"*&*).'0.1&"8'&,#.$4&J30%&,)$&'"&'3)&
$)+),";/).'&":&#&,#.$&*).'#,&/#*G)'6&(8'&'3)&
#1*))/).'%&').$)$&'"&()&0.:"*/#,&#.$&%3"*'H')*/4&
J3)&J30*$&B,).8/&":&'3)&NM'3&B#*'9&=".1*)%%&0.&OPPV&
)/;3#%0%)$&'3)&.))$&'"&).-"8*#1)&'3)&,#.$&*).'#,&
/#*G)'6&#.$&%0.-)&'3).&;",0-9&/#G)*%&3#+)&
)I;)*0/).')$&20'3&+#*0"8%&;0,"'&;*"K)-'%4&E;#*'&:*"/&
*).'0.1&,#.$H8%)&*013'%6&'3)*)&3#+)&#,%"&()).&#'')/;'%&
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e"-8/).' &-#,,)$&:"*&#&'*#.%0'0".&'"&,#*1)H%-#,)&:#*/%&

25. challenges
Roads to be travelled PwC 22
0.&=30.#&#.$&).-"8*#1)$&:#*/)*%&'"&*).'&"8'&'3)0*&
,#.$&'"&,#*1)&:#*/0.1&).'0'0)%6&-"H";)*#'0+)%&#.$&
#1*0-8,'8*#,&).')*;*0%)%4&J3)*)&0%&)+).&#& ,#*1)&:#*/ &
%8(%0$9&()0.1&')%')$&0.&#&:)2&;*"+0.-)%6&10+).&'"&
:#*/)*%&;,#.'0.1&/"*)&'3#.&#&-)*'#0.&;*"+0.-)H
%;)-0:0-&#*)#&":&1*#0.4&E,,&":&'30%&3#%&3#$&#.&)::)-'& &
'3)&[0.0%'*9&":&E1*0-8,'8*)&)%'0/#')$&'3#'&0.&OPNQ6&
#*"8.$&OSW&":&=30.# %&:#*/,#.$&3#$&()).&*).')$6&8;&
:*"/&#;;*"I0/#'),9&TW&0.&OPPV4&
["*)&*):"*/%&#*)&".&'3)&2#94&J3)&J30*$&B,).8/&":&
'3)&NV'3&=B=&=).'*#,&="//0''))6&-".-,8$)$&,#%'&9)#*6&
#0/)$&'"&;*"+0$)&:#/)*%&20'3&1*)#')*&;*";)*'9&*013'%6&
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b0Z&).$"2&:#*/)*%&20'3&/"*'1#1)&#.$&18#*#.'))&
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*)%0$).'0#,&;*";)*'9&*013'%6&b000Z&).$"2&:#*/)*%&20'3&
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0.3)*0'#.-)&#.$&;#0$&20'3$*#2#,&":&%3#*)%&0.&
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$)+),";/).'&":&,#*1)H%-#,)6&;*":)%%0".#,0%)$&#.$&
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#,,"2%&-",,)-'0+),9H"2.)$& *8*#,&-".%'*8-'0".&,#.$&:"*&
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/#-30.)*94&>8(%0$0)%&#*)&#+#0,#(,)&:"*&3013H78#,0'9&
%))$%6&%8-3&#%&3013H"0,&%"9()#.6&0.$8%'*0#,H8%)&-"*.&
#.$&3013H;*"')0.&23)#'&+#*0)'0)%4&J3)%)&#*)&8%8#,,9&
;#0$&$0*)-',9&'"&:#*/)*%&(8'6&0.&%"/)&#*)#%6&'3)9&#*)&
;#0$&'"&%))$&%8;;,0)*%6&23"&#*)&'3).&%8;;"%)$&'"&;#%%&
0'&".&'"&:#*/)*%4&@)*'0,0%)*&%8(%0$0)%&#,%"&2"*G&0.&#&
%0/0,#*&2#94&[#-30.)*9&%8(%0$0)%&#*)&;#0$&'"&
/#-30.)*9&$)#,)*%6&23"&#*)&)I;)-')$&'"&;#%%&0'&".4&<.&
'3)&J2),:'3&@0+)HA)#*&B,#.6&'3)&1"+)*./).'&#0/)$&'"&
0.-*)#%)&'"'#,&#1*0-8,'8*#,&/#-30.)*9&;"2)*&'"&N(.&
_?&#.$&'3)&#1*0-8,'8*#,&/)-3#.0%#'0".&*#')&'"&SPW&
(9&OPNL4&5"2)+)*6&'3)&;"2)*&'#*1)'&2#%&#-30)+)$&(9&
OPNO6&#.$&'3)&/)-3#.0%#'0".&*#')&*)#-3)$&LTW&
0.&OPNQ4&
c'3)*&1"+)*./).'&%8;;"*'&/)#%8*)%&0.-,8$)&#&
/0.0/8/&;*0-)&%-3)/)&:"*&*0-)&#.$&23)#'6&EJ&
*):8.$%&"*&2#0+)*%&#.$&'*#.%;"*'&'#I&2#0+)*%4&J3)&
1"+)*./).'&3#%&#,%"&%"813'&'"&0.-*)#%)&0.+)%'/).'&
'3*"813&'3)&)I').%0".&":&:0.#.-)&+0#&'3)&!8*#,&=*)$0'&
="H";)*#'0+)%&'3#'&;*"+0$)&,"#.%&'"&:#*/)*%&:"*&0.;8'&
;8*-3#%)%6&/#-30.)*9&#.$&"'3)*&0.+)%'/).'%4&

26. challenges
Roads to be travelled PwC 23
E,,&'3)%)&1"+)*./).'&/)#%8*)%&'"&0.-*)#%)&
;*"$8-'0".&#0/&'"&1)'&#*"8.$&'3)&;*"(,)/&":&,0/0')$&
,#.$&#.$&2#')*&*)%"8*-)%4&?0,,&'3)%)&()&%8::0-0).'&'"&
;*)+).'&0/;"*'%j&<.&"8*&+0)26&."4&?30,)&'3)%)&;",0-0)%&
20,,&/"%'&,0G),9&(""%'&90),$%6&0'&20,,&."'&()&#.923)*)&
.)#*&%8::0-0).'&'"&/))'&'3)&%'*".1&1*"2'3&0.&$)/#.$&
0.&'3)&9)#*%&#3)#$4&
J38%&=30.#&3#%&()18.&'"&'8*.&0'%&#'').'0".&"+)*%)#%d&0:&
'3)*)&#*)&-".%'*#0.'%&".&,#.$&#.$&2#')*&#'&3"/)6&239&
."'&(89&,#.$&0.&`G*#0.)&"*&g#/(0#&#.$&1*"2&23)#'&
#.$&-"*.&:"*&)I;"*'&'"&=30.#j&@"*&%8*)6&'30%&$")%&."'&
*);,0-#')& %),:H%8::0-0).-9 &#%&=30.#&2"8,$&%'0,,&()&
+8,.)*#(,)&'"&)I')*.#,&%3"-G%&%8-3&#%&)I;"*'&(#.%&#.$&
,#.$&)I;*";*0#'0".4&5"2)+)*6&0'&$")%&;"%%)%%&/)*0'4&
@0*%',96&0'&;*"+0$)%&#.&#+).8)&:"*&=30.#&'"&$0+)*%0:9&0'%&
-8**).'&#--"8.'&%8*;,8%)%&#2#9&:*"/&:0.#.-0#,&#%%)'%&
%8-3&#%&`>&'*)#%8*0)%&0.'"&*)#,&#%%)'%&%8-3&#%&
:#*/,#.$4&>)-".$,96&0'&:0'%&0.&20'3&'3)&20$)*&'3)/)&":&
:""$&;*"$8-'0".&%30:'0.1&'"&,"2H-"%'&;*"$8-)*%&%8-3&#%&
E:*0-#4&@0.#,,96&0'&20,,&#,%"&3),;&'"&;*"/"')&:*))&'*#$)&
'3*"813&0.')*$);).$).-94&
<.&0'%&NP'3&:0+)H9)#*&;,#.&0.&OPPN6&=30.#&0.0'0#')$&0'%&
D"&c8' &;",0-9&#0/)$&#'&).-"8*#10.1&=30.)%)&
0.+)%'/).'&#(*"#$4&E,'3"813&=30.#&3#%&()).&0.+",+)$&
0.&E:*0-#.&#1*0-8,'8*)&%0.-)&'3)&NTSP%6&0'&2#%&/"%',9&0.&
#&')-3.0-#,&-#;#-0'96&20'3&%"/)&'*#$)&*),#'0".%&#.$&
,0/0')$&:#*/0.1&0.+)%'/).'%4&C8'&%0.-)&'3)& D"&c8' &
;",0-96&0'%&0.+",+)/).'&3#%&%30:')$&'"&0.-,8$)&,#*1)H
%-#,)&:#*/0.16&;*"-)%%0.16&)780;/).'&)I;"*'&#.$&
#1*0-8,'8*#,&0.:*#%'*8-'8*)&$)+),";/).'4&<.&OPPT6&
=30.)%)&0.+)%'/).'&0.&E:*0-#.&#1*0-8,'8*)&2#%&
)%'0/#')$&#'&`>hQP(.4&<.&'3)&OPNR& a"4N&e"-8/).' 6&
'3)&1"+)*./).'&-#,,)$&:"*&'3)& D"&c8' &;",0-9&'"&()&
#--),)*#')$&#.$&0.&#.&E818%'&OPNR&;*)%%&*),)#%)6&'3)&
[0.0%'*9&":&="//)*-)&#.."8.-)$&'3#'&"+)*&QPP&
:#*/0.1&).')*;*0%)%&3#$&0.+)%')$&#-*"%%&RS&-"8.'*0)%4&
5"2)+)*6&/"%'&":&'3)%)&:#*/0.1&$)#,%&#*)&#'&%/#,,&
%-#,)&#.$&/"%',9&,)%%&'3#.&NP6PPP3#4&J3)*)&3#+)&()).&
/)$0#&*);"*'%&":&,#*1)&'*#.%#-'0".%&(8'&#-'8#,&3#*$&
)+0$).-)&0%&3#*$&'"&-"/)&(94&@"*&)I#/;,)6&/)$0#&
*);"*'%&%0.-)&OPPM&3#+)&*)-"*$)$&gJF&E1*0(8%0.)%% %&
-".-)%%0".&'"&-8,'0+#')&;#,/&".&#.&#*)#&*#.10.1&:*"/&
NPP6PPP3#&'"&'3)&%"/)23#'&,#*1)*&Q/&3#&":&,#.$4&
E."'3)*&=30.)%)&1*#.$&;,#.&2#%&'"&-8,'0+#')&K#'*";3#&
:"*&(0"H:8),%&".&"+)*&O/.&3#&0.&g#/(0#4&E1#0.6&."&
;*"1*)%%&2#%&*)10%')*)$&".&)0'3)*&;*"K)-'4&59;)*(",)&
0%&."'&*)%'*0-')$&'"&,#.$&#,".)& &#."'3)*&-"//".&
*):*#0.&0.&*)-).'&9)#*%&2#%&'3#'&=30.#&2"8,$&%).$&N/.&
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*);"*'%&,#%'&9)#*&":&=30.#6&+0#&%'#')H"2.)$&-"/;#.0)%6&
,)#%0.1&NPP6PPP3#&":&,#.$&0.&`G*#0.)&:"*&:#*/0.1&#.$&
'3#'&'3)&#*)#&-"8,$&;"').'0#,,9&)I;#.$&"+)*&LP&9)#*%&'"&
Q/.&3#& &"*&#("8'&NPW&":&`G*#0.) %&#*#(,)&,#.$4&
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%8;;"%)$&'"&()&'3)&-"8.')*;#*'96&$).0)$&'3"%)&*);"*'%&
%#90.1&'3#'&'3)&#1*))/).'&2#%&20'3&*)1#*$&'"&'3)&
'*#.%:)*&":&0**01#'0".&')-3.","19&:"*&#&/)*)&Q6PPP3#4&
@0.#,,96&'3)*)&0%&]#'0.&E/)*0-#4&?30,)&=30.#&0/;"*'%&
,#*1)&78#.'0'0)%&":&%"9()#.%&:*"/&C*#U0,&#.$&
E*1).'0.#6&0'%&$0*)-'&0.+",+)/).'&*)/#0.%&,0/0')$4&
J3)*)&3#+)&()).&."&#-780%0'0".%&":&:#*/,#.$&#.$&0'&0%&
#,%"&8.,0G),9&-3#.1)&0.&'3)&.)#*&')*/6&10+).&'3)&
*)%'*0-'0".%&0/;"%)$&".&:"*)01.&,#.$&"2.)*%30;&0.&
C*#U0,&#.$&E*1).'0.#& &0'%),:&0%&#&*)%;".%)&'"&1*"20.1&
=30.)%)&0.')*)%'4&
J3)&%#/)&0%&'*8)&),%)23)*)d&23)'3)*&E8%'*#,0#6&a)2&
g)#,#.$6&'3)&B30,0;;0.)%&#.$&%"&".4&J3)&-".-,8%0".&2)&
2"8,$&$*#2&0%&'3#'&=30.#&/#9&;8*%8)&'30%&%'*#')19&(8'&
0'&0%&,0G),9&'"&*)/#0.&%/#,,&%-#,)&0.&'3)&/)$08/&')*/4&
e)#,%&0.+",+0.1&/0,,0".%&":&3)-'#*)%6&"*&)+).&38.$*)$%&
":&3)-'#*)%&0.+#*0#(,9&1).)*#')&3"%'0,0'9&#.$&,"-#,&
*)%).'/).'4&["*)&0/;"*'#.',96&,#*1)H%-#,)&;*"K)-'%&
*)/#0.&$0::0-8,'&'"&)I)-8')&%8--)%%:8,,9& &'3)*)&#*)&
.8/)*"8%&)I#/;,)%&0.&E:*0-#6&23)*)&-"/;#.0)%&3#+)&
3#*$,9&;*"1*)%%)$&()9".$&#-780*0.1&#&,#*1)&;#*-),&
":&,#.$4&
J3#'&$")%. '&.)1#')&#.&#,')*.#'0+)&%'*#')19Y&'3)&
;"%%0(0,0'9&":&=30.#&#-780*0.1&%'*#')10-&#%%)'%&#,".1&
$0::)*).'&;"0.'%&":&'3)&+#,8)&-3#0.4&J3#'&0%6&0.%')#$&":&
#-780*0.1&,#.$6&(89&),)+#'"*%&#.$&;*"-)%%0.1&:#-0,0'0)%6&
"*&;*"+0$)&:0.#.-0.1&#.$&,"10%'0-%&%)*+0-)%4&J3)%)&2)*)&
'3)&0.').'0".%&()30.$&>'#')H"2.)$&=3".170.1&D*#0.&
D*"8; %&;,#.%&0.&OPNN&'"&(80,$&#&%"9()#.H-*8%30.1&
;,#.'6&*#0,2#9&,0.)&#.$&#&%'"*#1)&#.$&'*#.%;"*'#'0".&
38(&'"&)I;"*'&1""$%&(#-G&'"&=30.#& &20'3&#.&
0.+)%'/).'&":&"+)*&`>hO(.4&5"2)+)*6&#%&20'3&"'3)*&
,#*1)&=30.)%)&#1*0-8,'8*#,&;*"K)-'%6&'30%&'""&3#%&9)'&'"&
/#')*0#,0%)4&C8'&'3)&20$)*&%'*#')10-&#*18/).'&
*)/#0.%&+#,0$4&
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27. challenges
Roads to be travelled PwC 24
<.&@)(*8#*9&OPNR6&=30.# %&,#*1)%'&1*#0.&'*#$)*6&%'#')H"2.)$&=c@=c6&#-780*)$&#&LNW&%'#G)&0.&e8'-3&1*#0.&'*#$)*&
a0$)*#6&230-3&3#%&#&%'*".1&;*"-8*)/).'&;,#':"*/&0.&C*#U0,6&E*1).'0.#&#.$&=).'*#,&F8*";)4&<.&E;*0,&OPNR6&
=c@=c&#-780*)$&#&LNW&%'#G)&0.&>0.1#;"*)H(#%)$&a"(,)&D*"8;&]'$ %&#1*0(8%0.)%%&8.0'&:"*&`>hN4L(.4&=c@=c&
#0/%&'"&:"*/&#&K"0.'&+).'8*)&'"&,0.G&0'%&1*#0.&;*"-)%%0.1&#.$&$0%'*0(8'0".&(8%0.)%%&0.&=30.#&20'3&a"(,) %&1*#0.&
%"8*-0.1&#.$&'*#$0.1&(8%0.)%%4&a"(,) %&#1*0(8%0.)%%&8.0'&0.-,8$)%&%81#*&/0,,%&0.&C*#U0,6&1*#0.&),)+#'"*%&0.&
E*1).'0.#6&#.$&"0,%))$&-*8%30.1&;,#.'%&0.&=30.#6&`G*#0.)6&>"8'3&E:*0-#6&#.$&>"8'3&E/)*0-#4&="H0.-0$).'#,,96&
=30.#&<.+)%'/).'&="*;"*#'0".& &=30.# %&%"+)*)01.&2)#,'3&:8.$& &#,*)#$9&"2.%&#&NR4NW&0.&'3)&a"(,)&D*"8;4&
?0'3&'3)%)&#-780%0'0".%6&=c@=c&20,,&()&#(,)&'"&;8*-3#%)&%"9()#.%&:*"/&C*#U0,&#.$&"'3)*&;*"$8-)*%&$0*)-',96&
(9;#%%0.1&'3)& EC=e &78#*')'&":&1*#0.&'*#$)*%Y&Ee[6&C8.1)6&=#*10,,&#.$&]"80%&e*)9:8%4&
c'3)*&%0/0,#*&$)#,%&0.-,8$)&'3)&;*)+0"8%,9&/).'0".)$&?5&D*"8; %&;8*-3#%)&":&`>H(#%)$&>/0'3:0),$&@""$%6&
=30.#&@0%3)*9&D*"8; %&;8*-3#%)&":&B)*8+0#.&:0%3&)I;"*')*&=";)0.-#&E>E6&#.$&=c@=c %&;8*-3#%)&":&E8%'*#,0#.&
%81#*&;*"$8-)*&J8,,9&>81#*4&=30.# %&`>hQ(.&,"#.H:"*H1*#0.%&$)#,&20'3&`G*#0.)&2#%&#."'3)*&#,'3"813&=30.#&
*)-).',9&%8)$&`G*#0.)&:"*&'3)&(*)#-3&":&'30%&-".'*#-'&#.$&230-3&20,,&()&-"/;,0-#')$&%'0,,&:8*'3)*&(9&".1"0.1&-0+0,&
8.*)%'&0.&'3)&-"8.'*94&
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28. challenges
Roads to be travelled PwC 25
@,09%,'<()#9+&#$.&&'A.-10)B'
B2=&3#%&()).&%8;;"*'0.1&'3)&1,"(#,&#1*0-8,'8*#,&%)-'"*&#'&#&-"*;"*#')6&aDc&#.$&1"+)*./).'&,)+),&:"*&/#.9&
9)#*%4&e8*0.1&'30%&'0/)6&2)&3#+)&(80,'&8;&#&$)'#0,)$&#.$&;*#-'0-#,&8.$)*%'#.$0.1&":&3"2&#1*0-8,'8*#,&%9%')/%&
#*"8.$&'3)&2"*,$&2"*G4&!)%"8*-)%&#*"8.$&'3)&2"*,$&0.-,8$)&E1*0(8%0.)%%&%)*+0-)&-).'*)%&0.&C*#U0,&#.$&
E*1).'0.#d&E1*0(8%0.)%%&;*#-'0-)%&0.&<.$0#&#.$&'3)&[FaE&*)10".&#.$&E1*0(8%0.)%%&3)#$%&0.&)+)*9&/#K"*&*)10".4&&
?)&3#+)&3),;)$&#'&,)#%'&:"8*&$0::)*).'&1"+)*./).'%&:"*/8,#')&-"/;*)3).%0+)&:""$&%)-8*0'9&%'*#')10)%4&?)&#,%"&
3#+)&#&$)$0-#')$6&1,"(#,&:""$&%#:)'9&#$+0%"*9&')#/4&<.&=30.#6&:"*&0.%'#.-)6&E%%8*)&k8#,0'9&#.$&B2=&a)2&g)#,#.$&
%01.)$&#&-",,#("*#'0".&:*#/)2"*G&#1*))/).'&20'3&=30.#&[).1.08&e#0*9&="/;#.9&#.$&=c@=c&="*;"*#'0".&'"&
0.+)%'01#')&'3)&$)+),";/).'&":&#&=30.#H&a)2&g)#,#.$&#1*0(8%0.)%%&%)*+0-)&#.$&@""$&>#:)'9&=).'*)&":&FI-),,).-)&
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29. &
&
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional
advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained
in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents
do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or
refraining to act, in reliance on the information contained in this publication or for any decision based on it.
sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for
further details.
150925-163846-YF-OS
&