Global 2017 Salary Budget Planning Report Quarter 1 Edition

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2017 Salary Budget Planning Report - Quarter 1 Edition 2 About Us Companies continually struggle to attract and retain the right talent - no matter what the economy. While many factors affect employee attraction and retention, compensation is, and will always be, a key driver.

But economic conditions shift year to year and market by market, impacting pay and benefits more quickly than ever before. To keep ahead of these changes, HR professionals must have efficient access to robust data, sophisticated tools and analytics, and deep sector expertise.

Our survey products and consultants can help you manage these increasingly complex pay and benefit program decisions so you can develop competitive compensation plans that attract the talent you need and drive employee engagement and performance.

Our intelligence is fluid and flexible. We compare your competitive position to your comparators', your pay levels and company car plans across regions. We can level roles for benchmarking across industry sectors and calculate statutory employer costs in a new market, whether you're looking at manufacturing in North Africa or IT in the Middle East, pharmaceuticals in Brazil or technology in China. Or all of these.

Core offerings Geographic Key features coverage

Compensation Survey Reports  Assess pay competitiveness and 115+  General Industry and industry specific survey  Compensation, HR Policies and understand typical practices in HR countries reports including Energy and Natural Benefits Design Practices policies and benefits design by Resources, Financial Services, High Tech,  Peer company and industry cuts country Media, Pharmaceutical and Health Sciences, Private Equity and Retail Company Car Benefits Survey Reports  Design and maintain competitive car 78  Company car, cash allowance, mileage benefits program to attract and retain countries reimbursement, car loan, car ownership plan key talent Employment Terms and Conditions Reports and Benefits Profiles  Provide high-quality and up-to-date 65 Employment Terms and Conditions Reports  Statutory/mandatory programs insights into local employment countries  Legislation and market practice information (retirement, death and disability legislation and employee benefits, as for collective and individual employment benefits, workers compensation, well as market practice relationships throughout their life cycle, from health benefits, contributions) recruitment to termination/resignation  Supplemental programs (retirement, Benefits Profiles death and disability benefits, health  Distinctive features of the benefits and wellness, other company environment benefits)  Key changes in recent years  Financial summary (accounting and reporting, taxation of benefits) Global 50 Remuneration Planning Report  Access national trends in pay and 60  Economic, labour law and rewards  Salary structures - base salary, benefits around the world in one countries summaries variable pay and benefits value by report  Compensation trends and pay increases Global Grade  Snapshots of employee benefits and  Regional and country comparisons of perquisites plans net and gross salaries Global Geographic Salary Differentials Report (NEW)  Access salary cost differences by 63  Comparison of pay differentials for key  Data are presented in tables by geography and employee levels countries cities/region vs the national average following six employee categories: around the world in one report  Extensive geographic coverage in United  Business Unit Head/Country  Rationalize salary differences when States with regions, sub-regions, states, Manager relocating employees within a country core based statistical and combined  Executive in order to attract and retain key staff statistical area  Middle Management and Senior Professional  Supervisory and Professional  Technical and Business Support Global Starting Salaries Report (NEW)  Attract graduates with competitive 77  Base salary comparison by qualification and  Six education levels starting salaries countries by function  11 key functions  Maximize savings by knowing which countries have a cost advantage in Salary Budget Planning Reports  Review latest budget increases, 139 countries  Economic key data  Salary review policies salary movement, salary review  Salary increase (actual and projected)  Budget allocation practices and allocation of budgets to high performers

2017 Salary Budget Planning Report - Quarter 1 Edition 3 Global Salary Budget Planning Report 2017 - Quarter 1 Edition

Table of Contents 2017 Global Salary Budget Planning Report ...... 5 TABLE 1 Overall Salary Budget Increases in Comparison with Key Economic Indicators ...... 7

TABLE 2 Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases ...... 11

TABLE 3 Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases ...... 15

TABLE 4 Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases ...... 19

TABLE 5 Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases ...... 23

TABLE 6 Merit Only Increases by Employee Group - Excluding Zero Increases ...... 27

TABLE 7 2018 Overall Projected Salary Budget Increases - Excluding Zero Increases ...... 30 Participant List ...... 32 Additional Sources For Reward Planning ...... 39 Breadth and Depth of Coverage ...... 40 Our Consistent Approach ...... 41 Geographic Coverage ...... 42

2017 Salary Budget Planning Report - Quarter 1 Edition 4 Global Salary Budget Planning Report 2017 - Quarter 1 Edition

This report summarises the findings of Willis Towers Watson's bi-annual survey on salary movement around the world. The purpose of this report is to help companies with their compensation planning.

The survey was conducted on-line in March 2017 amongst companies participating in Willis Towers Watson's compensation surveys across the following geographical regions:

 North America  Asia Pacific  Latin America  Europe, Middle East and Africa

We received over 13,250 sets of responses covering 139 countries worldwide. The main sections of this report include actual and projected all industry data for 2016, 2017 and 2018 respectively.

Details include:

 Salary movement in comparison with key economic indicators  Salary movement by employee group  Spread of Salary movement  Merit Only Increases  2018 Salary Movement projections  List of participants

Notes

The salary movement figures provide median salary increases awarded or anticipated overall and for each employee group as a percentage of base salary. They include merit and statutory increases, promotions and cost of living adjustments.

2016 & 2017 Average Overall Salary Increases versus Inflation (CPI)

3 Percentage (%) 2

0 APAC EMEA LATAM NA

2016 Average Salary Increase 2017 Average Salary Increase 2016 Inflation 2017 Inflation

Note: Due to the current hyperinflation in Venezuela we have excluded this market from the above regional analysis.

2017 Salary Budget Planning Report - Quarter 1 Edition 5 Employee Category Definitions

The employee groups are generally defined as:

Business Unit Head and Country Manager Supervisory and Professional Business Unit Head Supervisory Manages the profitability and growth of a single or Supervises and coordinates the daily activities of multiple profit center, which is likely to be a business or technical support or production constituted as line of business, division or team. Defines team operating standards and subsidiary. ensures essential procedures are followed based on knowledge of own discipline. Country Manager Manages the profitability and growth of the Professional organization's operations within a country or Individual contributor who typically has a group of countries and is not limited to a specific university degree or equivalent work experience. product line. Global Grades 15 and above Works autonomously and applies expertise in a (AAA, AAB Only). Career Level (EX). professional area(s) to achieve results. Global Grades 8-12. Professional Career Levels Executive (P1-Entry to P3-Career). Supervisory/Management Career Level Holds management accountability for a function, (M1-Supervisor). or major sub-function. Develops, establishes and

approves long-term vision and strategy for the Technical and Business Support area managed. Global Grades 15 and above (Excluding AAA, AAB). Career Level (EX). Technical Support Skilled technician in a hands-on environment, Middle Manager and Senior Professional often highly specialized. Requires vocational training or the equivalent experience, but does not Middle Manager require a university degree Accountable for managing professional employees and/or supervisors, setting direction Business Support and deploying resources. Performs clerical/administrative support tasks. Results are primarily achieved through the work of Requires vocational training or the equivalent others. Responsible for performance evaluation, experience, but typically does not require a pay reviews, and hire/fire decisions university degree. Global Grades 4-10. Technical Support Career Levels (T1-Entry to T4-Senior). Senior Professional Business Support Career Levels Requires specialized depth and/or breadth of (U1-Entry to U4-Senior). expertise. Leads project teams and solves unique

and complex problems that have a broad impact on the organization. Progression to Senior Production and Manual Labor Professional is typically restricted on the basis of Performs operational, craft or manual tasks, business requirement. Global Grades 13-17. typically in manufacturing and production Professional Career Levels (P4-Specialist to environments. Performs tasks according to P6-Renowned Expert). Supervisory Management established procedures, with limited opportunity Career Levels (M2-Manager to for independent decision-making. Global Grades M5-Senior Group Manager). 2-7. Production/Manual Labor Career Levels (W1-Entry to W4-Lead).

2017 Salary Budget Planning Report - Quarter 1 Edition 6 TABLE 1 - Overall Salary Budget Increases in Comparison with Key Economic Indicators Median actual and projected overall salary budget increases as a percentage of annual base salary are presented in comparison with the consumer price index inflation, gross domestic product increase and unemployment rates for each country. The overall percentage figures are based on the General Industry sample.

2016 2017 Overall Overall Salary Inflation GDP Unemploy- Salary Inflation GDP Unemploy- Increase (avg. % (% real ment Rate Increase (avg. % (% real ment Rate Country (avg. % p.a.) change p.a.) change p.a.) (avg. % p.a.) (avg. % p.a.) change p.a.) change p.a.) (avg. % p.a.) North America Canada 3.0 1.4 1.4 7.0 3.0 2.1 2.0 6.7 United States 3.0 1.3 1.6 4.9 3.0 2.5 2.3 4.5 Asia Pacific Australia 3.0 1.3 2.5 5.7 3.0 2.2 2.8 5.6 Bangladesh 10.0 5.5 7.1 4.9 9.6 5.8 6.0 4.8 Brunei 3.1 -0.7 -2.7 - 3.0 0.4 1.0 - Cambodia 6.7 3.0 6.8 - 6.6 3.6 7.2 - China 7.0 2.1 6.7 4.1 7.0 2.3 6.4 4.3 Hong Kong 4.0 2.4 1.9 3.4 4.0 1.9 2.1 3.5 India 10.0 4.9 7.1 8.4 10.0 4.4 7.2 8.5 Indonesia 8.0 3.5 5.0 5.6 8.0 4.1 5.2 5.2 Japan 2.2 -0.1 1.0 3.1 2.2 1.2 1.0 2.9 Macau 4.1 2.4 -2.1 1.9 4.0 1.9 5.2 1.9 Malaysia 5.4 2.1 4.2 3.5 5.4 3.2 4.4 3.3 Mongolia 6.5 0.5 -0.4 - 6.0 4.4 2.5 - Myanmar 9.0 7.6 7.9 4.8 8.0 9.6 8.5 4.7 New Zealand 3.0 0.6 4.1 5.1 3.0 1.6 3.3 4.8 Pakistan 10.3 3.8 5.7 6.2 10.0 4.9 5.2 6.0 Philippines 6.0 1.8 6.9 5.5 6.0 3.3 6.4 5.1 Singapore 4.0 -0.5 2.0 2.1 4.0 1.1 2.1 2.0 South Korea 4.8 1.0 2.7 3.7 4.6 1.9 2.8 3.6 Sri Lanka 8.0 4.0 4.6 4.5 8.0 5.0 4.6 4.5 Taiwan 3.5 1.4 1.5 3.9 3.5 2.1 1.8 3.9 Thailand 5.5 0.2 3.2 1.0 5.2 1.3 3.4 1.3 Vietnam 9.5 2.7 6.2 3.3 9.5 4.0 6.6 3.3 Europe, Middle East and Africa Albania 3.3 1.3 3.2 10.6 2.5 2.6 3.5 10.2 Algeria 7.0 6.4 3.3 10.4 6.6 8.1 1.6 10.6 Angola 8.7 32.4 0.6 - 8.8 22.0 2.5 - Armenia 5.6 -1.3 1.2 18.1 5.5 2.6 2.7 17.7 Austria 2.6 1.0 1.5 6.0 2.5 1.9 1.7 6.0 Azerbaijan 7.9 12.6 -3.8 7.0 8.0 12.1 -0.1 7.1 Bahrain 5.0 2.8 3.3 - 4.0 1.9 2.0 - Belarus 9.6 11.9 -2.6 - 9.2 9.5 1.0 - Belgium 2.2 1.8 1.2 8.0 2.3 2.2 1.4 7.6 Bosnia-Herzegovina 2.6 -1.1 2.0 41.7 2.5 1.0 3.0 - Botswana 4.8 2.8 2.8 - 3.0 4.0 4.0 - Bulgaria 3.8 -0.8 3.4 8.7 3.6 1.9 3.1 8.1 Burkina Faso 5.8 -0.1 5.0 - 2.7 1.7 5.9 - Cameroon 5.4 1.4 5.1 - 4.0 2.7 4.9 - Croatia 3.0 -1.1 2.9 15.0 2.8 1.4 3.2 14.0 Cyprus 2.0 -1.5 2.9 12.4 2.2 0.4 2.5 11.5 Czechia 2.8 0.7 2.3 5.5 2.9 2.3 2.5 5.1

2017 Salary Budget Planning Report - Quarter 1 Edition 7 TABLE 1 - Overall Salary Budget Increases in Comparison with Key Economic Indicators (continued)

2016 2017 Overall Overall Salary Inflation GDP Unemploy- Salary Inflation GDP Unemploy- Increase (avg. % (% real ment Rate Increase (avg. % (% real ment Rate Country (avg. % p.a.) change p.a.) change p.a.) (avg. % p.a.) (avg. % p.a.) change p.a.) change p.a.) (avg. % p.a.) Europe, Middle East and Africa (continued) Denmark 2.5 0.2 1.1 4.2 2.5 1.3 1.5 4.1 DRC 4.5 5.7 2.2 - 3.0 18.3 1.9 - Egypt 10.0 13.8 4.3 13.2 10.0 19.2 3.9 13.5 Estonia 3.0 0.1 1.0 6.9 3.0 2.6 2.3 8.0 Ethiopia 11.0 7.3 3.6 - 10.1 7.9 5.0 - Finland 2.2 0.4 1.4 8.9 2.3 1.3 0.9 8.5 France 2.4 0.3 1.1 9.8 2.4 1.3 1.2 9.3 Gabon 3.0 1.2 2.5 - 2.5 1.8 3.2 - Georgia 6.0 2.1 2.2 11.8 6.0 5.6 3.5 11.5 Germany 2.9 0.4 1.8 4.2 2.9 1.7 1.6 4.0 Ghana 10.0 17.5 3.6 - 11.0 11.3 6.9 - Greece 2.0 -0.8 0.3 23.6 2.0 0.8 1.2 22.9 Hungary 3.4 0.4 1.7 5.2 3.3 2.7 2.8 4.8 Iceland 3.5 1.7 4.5 3.0 2.3 2.2 3.4 2.5 Iraq 6.2 0.4 5.7 - 5.0 2.9 3.4 - Ireland 2.4 -0.2 4.0 7.9 2.5 0.6 3.0 6.5 Israel 3.1 -0.5 4.0 4.8 3.0 0.6 3.9 4.7 Italy 2.5 -0.1 1.0 11.7 2.5 1.5 0.8 11.8 Ivory Coast 4.3 0.7 7.9 - 3.1 1.3 7.9 - Jordan 5.3 -0.8 1.8 15.5 5.0 3.5 2.4 15.0 Kazakhstan 8.5 14.6 1.3 5.0 8.0 6.8 2.1 5.2 Kenya 7.6 6.3 5.8 - 7.5 7.3 5.5 - Kosovo 2.9 0.2 1.7 9.9 2.8 1.6 1.6 9.4 Kuwait 5.0 3.2 3.0 3.0 4.5 4.0 1.6 3.0 Kyrgyzstan 9.0 0.4 3.8 - 6.5 3.5 3.9 - Latvia 3.0 0.2 1.0 9.7 3.0 2.6 3.0 9.4 Lebanon 5.6 -0.8 1.0 - 4.8 3.7 2.1 - Libya 5.0 13.0 -8.4 - 6.0 15.3 -6.1 - Lithuania 3.0 0.7 2.2 7.9 3.0 2.0 2.9 7.0 Luxembourg 2.5 0.0 3.6 6.4 2.5 1.7 3.7 6.1 Macedonia 3.0 -0.2 2.4 23.9 2.5 1.0 3.1 22.6 Madagascar 9.0 6.6 2.4 - 8.0 8.8 3.2 - Malawi 10.0 21.7 2.9 - 13.1 17.9 4.4 - Malta 2.3 0.6 5.1 4.8 2.4 1.5 4.2 4.3 Mauritius 5.0 1.0 3.6 7.8 4.4 2.7 3.5 7.8 Moldova 6.0 6.4 2.5 6.3 7.0 7.5 3.0 5.6 Monaco 1.5 0.2 1.7 9.9 1.5 0.2 1.7 9.9 Montenegro 6.2 0.2 1.7 9.9 2.8 0.2 1.7 9.9 Morocco 4.4 1.6 1.5 9.4 4.0 2.3 4.0 9.3 Mozambique 7.0 19.9 3.6 - 9.1 22.6 4.2 - Namibia 6.5 6.7 0.3 - 7.5 6.4 5.0 - Netherlands 2.5 0.1 2.1 6.0 2.5 1.5 1.9 5.2 Nigeria 9.9 15.7 -1.5 - 10.1 16.8 1.0 - Norway 2.9 3.6 0.9 4.8 2.9 2.4 1.8 4.7 Oman 5.0 1.1 2.0 - 4.0 1.4 0.7 - Poland 3.2 -0.7 2.8 9.0 3.2 1.8 3.2 9.2 Portugal 2.0 0.6 1.4 11.1 2.0 1.2 1.6 10.3

2017 Salary Budget Planning Report - Quarter 1 Edition 8 TABLE 1 - Overall Salary Budget Increases in Comparison with Key Economic Indicators (continued)

2016 2017 Overall Overall Salary Inflation GDP Unemploy- Salary Inflation GDP Unemploy- Increase (avg. % (% real ment Rate Increase (avg. % (% real ment Rate Country (avg. % p.a.) change p.a.) change p.a.) (avg. % p.a.) (avg. % p.a.) change p.a.) change p.a.) (avg. % p.a.) Europe, Middle East and Africa (continued) Qatar 4.9 2.3 2.4 0.7 4.0 3.3 2.9 0.6 Republic of the Congo 4.0 3.9 1.8 - 2.0 4.4 3.8 - Romania 4.6 -1.6 4.8 5.9 4.5 1.2 3.5 5.8 Russia 8.0 7.0 -0.2 5.5 8.0 4.4 0.9 3.6 Rwanda 7.0 5.6 5.8 - 6.0 6.3 5.4 - Saudi Arabia 5.0 3.5 1.4 11.2 5.0 2.0 0.8 11.3 Senegal 4.8 0.8 6.5 - 4.3 2.4 6.1 - Serbia 4.7 1.2 2.8 18.9 4.4 3.8 3.3 18.5 Slovakia 2.7 -0.5 3.3 9.5 2.7 1.6 3.1 8.2 Slovenia 2.5 -0.2 2.6 11.2 2.5 1.7 2.4 9.7 South Africa 6.8 6.6 0.3 26.7 7.0 5.8 1.2 28.4 Spain 2.0 -0.3 3.2 19.6 2.1 2.1 2.6 17.6 Swaziland 7.2 7.3 0.9 - 7.5 5.9 1.4 - Sweden 2.6 1.0 3.1 6.9 2.6 1.6 2.3 6.8 Switzerland 2.0 -0.4 1.4 3.3 2.0 0.8 1.7 3.2 Tanzania 8.5 5.2 7.0 - 7.0 7.2 6.9 - Togo 4.0 1.0 5.0 - 1.8 2.1 5.2 - Tunisia 6.3 3.7 1.0 15.5 6.0 4.6 1.7 15.8 Turkey 8.0 7.8 2.2 10.9 8.0 9.7 2.4 11.2 Uganda 8.3 5.0 4.8 - 7.0 6.8 4.9 - Ukraine 10.0 13.9 2.2 9.5 10.0 13.0 2.4 9.0 United Arab Emirates 4.7 1.8 2.5 - 4.5 3.0 2.6 - United Kingdom 2.8 0.7 1.8 4.9 2.9 2.8 1.7 5.0 Uzbekistan 8.3 12.0 3.5 4.9 9.0 18.0 4.5 4.9 Yemen 8.5 17.6 -17.9 - 8.5 4.2 6.5 - Zambia 8.3 17.9 3.0 - 8.0 10.9 3.6 - Zimbabwe 4.0 -0.3 -0.4 - 3.5 3.4 1.9 - Latin America Argentina 32.0 41.4 -2.2 9.0 27.6 22.5 2.5 8.5 Bahamas 2.5 1.0 0.3 - 2.4 1.5 0.9 - Barbados 2.5 -1.2 1.6 10.1 2.5 1.5 1.7 10.0 Bolivia 7.2 3.6 4.0 7.5 6.5 3.9 3.6 7.6 Brazil 8.0 6.3 -3.6 12.0 7.6 4.3 0.4 13.0 Chile 4.8 3.8 1.5 6.5 4.8 3.0 1.8 6.9 Colombia 5.7 7.5 2.0 9.2 6.0 4.2 2.4 9.1 Costa Rica 5.0 0.0 4.4 9.3 4.5 2.5 4.3 8.9 Curaçao 3.8 - - - 3.5 - - - Dominican Republic 5.5 1.6 6.6 13.3 5.1 3.1 4.5 13.3 Ecuador 4.5 1.7 -2.0 5.4 3.3 0.9 0.0 5.8 El Salvador 4.0 0.6 2.4 5.5 3.8 0.8 2.2 5.6 Guatemala 5.0 4.4 3.2 2.9 4.5 4.3 3.6 2.8 Honduras 5.2 2.7 3.7 3.9 5.4 4.3 3.6 3.8 Jamaica 4.5 2.3 1.6 13.4 4.3 3.2 1.8 13.2 Mexico 4.5 3.1 2.3 3.9 4.5 5.6 1.5 3.9 Nicaragua 5.9 3.5 4.5 5.9 5.5 3.8 4.4 5.8 Panama 4.0 0.7 5.0 4.8 4.4 1.8 5.5 5.0 Paraguay 7.0 4.1 4.0 6.2 6.1 4.3 3.6 6.1

2017 Salary Budget Planning Report - Quarter 1 Edition 9 TABLE 1 - Overall Salary Budget Increases in Comparison with Key Economic Indicators (continued)

NB: Macro-Economic data source: Economist Intelligence Unit (EIU) - Figures as at April 2017 NB: No EIU data available for Kosovo, Monaco or Montenegro, Eurozone aggregate used instead The data for Salary Budget Increases excludes zero values (salary freezes) *As a whole in APAC, about half (49.7%) of the participating organizations indicated promotion is included "-" indicates where there is insufficient data to report a result. p.a. = per annum

2017 Salary Budget Planning Report - Quarter 1 Edition 10 TABLE 2 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases This table reports the lower quartile, median and upper quartile overall salary budget increase. This information is reported by General Industry only.

2016 Overall Actual Salary 2017 Overall Projected Salary

Increase Budget (%) Increase Budget (%) Lower Quartile Median Upper Quartile Lower Quartile Median Upper Quartile Country (25th percentile) (50th percentile) (75th percentile) (25th percentile) (50th percentile) (75th percentile) North America Canada 2.5 3.0 3.0 2.5 3.0 3.0 United States 2.5 3.0 3.0 2.5 3.0 3.0 Asia Pacific Australia 2.5 3.0 3.5 2.7 3.0 3.4 Bangladesh 9.0 10.0 10.7 8.0 9.6 10.0 Brunei 1.9 3.1 4.5 1.8 3.0 3.6 Cambodia 6.1 6.7 8.8 4.8 6.6 7.6 China 5.1 7.0 8.0 5.1 7.0 7.8 Hong Kong 3.5 4.0 4.8 3.5 4.0 4.5 India 8.0 10.0 11.0 8.6 10.0 10.6 Indonesia 5.9 8.0 9.4 6.0 8.0 9.0 Japan 1.9 2.2 2.5 2.0 2.2 2.5 Macau 3.5 4.1 4.9 3.9 4.0 4.7 Malaysia 4.2 5.4 6.0 4.5 5.4 5.7 Mongolia 3.8 6.5 7.0 3.8 6.0 6.8 Myanmar 7.0 9.0 11.3 7.4 8.0 9.3 New Zealand 2.6 3.0 3.5 2.5 3.0 3.2 Pakistan 7.3 10.3 11.7 7.4 10.0 10.5 Philippines 5.0 6.0 7.0 5.0 6.0 6.6 Singapore 3.0 4.0 4.5 3.3 4.0 4.4 South Korea 3.9 4.8 5.0 3.8 4.6 5.0 Sri Lanka 6.1 8.0 9.7 5.2 8.0 8.7 Taiwan 3.0 3.5 4.0 3.0 3.5 4.0 Thailand 4.2 5.5 6.0 4.2 5.2 5.8 Vietnam 7.0 9.5 10.0 7.5 9.5 10.0 Europe, Middle East and Africa Albania 2.9 3.3 4.0 2.5 2.5 3.3 Algeria 5.9 7.0 7.0 5.6 6.6 7.0 Angola 7.3 8.7 10.3 6.1 8.8 11.3 Armenia 4.9 5.6 6.3 5.0 5.5 6.0 Austria 2.0 2.6 3.0 2.0 2.5 3.0 Azerbaijan 5.6 7.9 8.1 7.0 8.0 8.2 Bahrain 3.8 5.0 5.3 3.0 4.0 4.5 Belarus 5.5 9.6 12.0 6.6 9.2 10.9 Belgium 1.6 2.2 2.7 1.9 2.3 2.6 Bosnia-Herzegovina 2.1 2.6 3.1 2.5 2.5 3.0 Botswana - 4.8 - 2.8 3.0 6.6 Bulgaria 2.9 3.8 4.1 2.9 3.6 4.0 Burkina Faso 3.0 5.8 7.0 1.6 2.7 4.9 Cameroon 4.8 5.4 5.8 1.9 4.0 5.0 Croatia 2.5 3.0 3.2 2.4 2.8 3.0 Cyprus 1.8 2.0 3.2 1.6 2.2 3.2 Czechia 2.1 2.8 3.0 2.5 2.9 3.0 Denmark 2.0 2.5 2.7 2.1 2.5 2.8 DRC 4.5 4.5 4.9 2.5 3.0 4.2

2017 Salary Budget Planning Report - Quarter 1 Edition 11 TABLE 2 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases (continued)

2016 Overall Actual Salary 2017 Overall Projected Salary

Increase Budget (%) Increase Budget (%) Lower Quartile Median Upper Quartile Lower Quartile Median Upper Quartile Country (25th percentile) (50th percentile) (75th percentile) (25th percentile) (50th percentile) (75th percentile) Europe, Middle East and Africa (continued) Egypt 8.0 10.0 11.0 8.3 10.0 15.3 Estonia 2.3 3.0 3.1 3.0 3.0 3.5 Ethiopia 8.0 11.0 12.0 8.0 10.1 11.0 Finland 1.9 2.2 2.5 2.0 2.3 2.5 France 1.9 2.4 2.7 2.0 2.4 2.6 Gabon 3.0 3.0 4.5 2.2 2.5 2.9 Georgia 5.0 6.0 7.0 5.0 6.0 7.0 Germany 2.2 2.9 3.0 2.5 2.9 3.0 Ghana 7.5 10.0 15.5 9.5 11.0 14.0 Greece 1.5 2.0 2.5 1.7 2.0 2.3 Hungary 2.5 3.4 3.8 3.0 3.3 3.7 Iceland - 3.5 - - 2.3 - Iraq 5.0 6.2 6.7 2.9 5.0 6.0 Ireland 2.0 2.4 3.0 2.0 2.5 3.0 Israel 2.6 3.1 3.7 2.5 3.0 3.4 Italy 1.9 2.5 2.8 2.0 2.5 2.8 Ivory Coast 3.5 4.3 5.0 2.5 3.1 4.5 Jordan 5.0 5.3 6.0 3.4 5.0 5.6 Kazakhstan 6.0 8.5 9.3 7.0 8.0 9.0 Kenya 6.3 7.6 8.1 6.3 7.5 8.0 Kosovo - 2.9 - - 2.8 - Kuwait 4.1 5.0 5.3 3.2 4.5 5.0 Kyrgyzstan 3.8 9.0 9.0 6.4 6.5 7.6 Latvia 2.5 3.0 3.4 2.9 3.0 3.7 Lebanon 4.0 5.6 6.3 3.0 4.8 5.4 Libya - 5.0 - 5.0 6.0 7.0 Lithuania 2.5 3.0 4.0 2.7 3.0 3.8 Luxembourg 1.4 2.5 2.6 2.2 2.5 2.7 Macedonia 2.1 3.0 4.8 2.0 2.5 3.2 Madagascar 7.3 9.0 10.5 5.9 8.0 9.6 Malawi 9.2 10.0 17.0 9.0 13.1 16.7 Malta 2.1 2.3 2.5 2.0 2.4 2.5 Mauritius 3.0 5.0 5.4 2.2 4.4 5.0 Moldova 4.7 6.0 9.5 5.1 7.0 7.0 Monaco 1.5 1.5 2.3 1.5 1.5 2.3 Montenegro - 6.2 - - 2.8 - Morocco 3.3 4.4 5.0 3.4 4.0 4.6 Mozambique 5.8 7.0 7.6 7.2 9.1 12.9 Namibia 6.0 6.5 7.8 6.0 7.5 8.2 Netherlands 2.0 2.5 2.9 2.1 2.5 3.0 Nigeria 7.6 9.9 11.3 8.4 10.1 13.5 Norway 2.2 2.9 3.2 2.5 2.9 3.0 Oman 4.0 5.0 5.0 3.0 4.0 4.7 Poland 2.9 3.2 4.0 3.0 3.2 3.6 Portugal 1.7 2.0 2.5 1.8 2.0 2.5 Qatar 2.9 4.9 5.5 3.0 4.0 5.0

2017 Salary Budget Planning Report - Quarter 1 Edition 12 TABLE 2 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases (continued)

2016 Overall Actual Salary 2017 Overall Projected Salary

Increase Budget (%) Increase Budget (%) Lower Quartile Median Upper Quartile Lower Quartile Median Upper Quartile Country (25th percentile) (50th percentile) (75th percentile) (25th percentile) (50th percentile) (75th percentile) Europe, Middle East and Africa (continued) Republic of the Congo - 4.0 - 1.8 2.0 2.5 Romania 4.0 4.6 5.0 3.9 4.5 5.0 Russia 6.9 8.0 8.6 6.9 8.0 8.1 Rwanda - 7.0 - - 6.0 - Saudi Arabia 3.8 5.0 6.0 3.8 5.0 5.0 Senegal 1.5 4.8 6.0 2.3 4.3 5.3 Serbia 3.0 4.7 5.6 3.7 4.4 5.0 Slovakia 2.1 2.7 3.0 2.0 2.7 3.0 Slovenia 1.8 2.5 3.0 1.9 2.5 3.0 South Africa 6.0 6.8 7.3 6.2 7.0 7.0 Spain 1.6 2.0 2.5 1.9 2.1 2.5 Swaziland - 7.2 - - 7.5 - Sweden 2.2 2.6 3.0 2.3 2.6 3.0 Switzerland 1.4 2.0 2.3 1.5 2.0 2.2 Tanzania 5.9 8.5 9.0 5.9 7.0 8.0 Togo - 4.0 - - 1.8 - Tunisia 6.0 6.3 6.6 5.3 6.0 6.5 Turkey 7.1 8.0 8.5 7.3 8.0 8.8 Uganda 8.0 8.3 9.5 6.1 7.0 8.0 Ukraine 8.3 10.0 15.0 8.0 10.0 11.5 United Arab Emirates 3.8 4.7 5.0 3.5 4.5 5.0 United Kingdom 2.1 2.8 3.0 2.3 2.9 3.0 Uzbekistan 6.6 8.3 9.0 6.6 9.0 9.0 Yemen - 8.5 - - 8.5 - Zambia 7.7 8.3 9.0 7.0 8.0 9.9 Zimbabwe 2.3 4.0 5.1 2.0 3.5 4.0 Latin America Argentina 28.5 32.0 35.0 24.3 27.6 30.7 Bahamas 2.0 3.0 4.0 2.1 3.3 4.2 Barbados 2.5 3.0 4.1 2.9 3.4 4.4 Bolivia 5.0 7.2 8.0 5.6 6.5 7.5 Brazil 5.8 8.0 9.4 6.5 7.3 8.8 Chile 3.7 4.8 5.1 3.6 4.8 5.0 Colombia 4.5 5.7 7.0 5.0 6.0 7.0 Costa Rica 4.0 5.2 5.7 3.7 5.2 6.0 Curaçao 3.8 4.2 5.0 4.0 4.4 4.6 Dominican Republic 4.0 5.5 6.2 4.3 5.1 5.9 Ecuador 3.8 4.5 5.3 2.7 3.3 4.5 El Salvador 3.0 4.0 5.0 3.2 4.1 4.9 Guatemala 4.0 5.0 5.5 4.2 4.9 5.5 Honduras 5.0 5.2 6.3 4.5 5.4 6.0 Jamaica 3.0 4.5 5.6 3.1 4.3 5.2 Mexico 4.0 4.5 5.0 4.0 4.3 5.0 Nicaragua 5.0 5.9 6.6 4.8 5.5 6.8 Panama 3.9 4.9 5.3 4.1 5.0 5.4 Paraguay 6.5 7.0 7.0 5.3 6.1 7.0 Peru 4.0 5.0 5.0 3.5 5.0 5.1

2017 Salary Budget Planning Report - Quarter 1 Edition 13 TABLE 2 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Excluding Zero Salary Budget Increases (continued)

2016 Overall Actual Salary 2017 Overall Projected Salary

The data for Salary Budget Increases excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result. p.a. = per annum

2017 Salary Budget Planning Report - Quarter 1 Edition 14 TABLE 3 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases This table reports the lower quartile, median and upper quartile overall salary budget increase. This information is reported by General Industry only.

2016 Overall Actual Salary 2017 Overall Projected Salary

Increase Budget (%) Increase Budget (%) Lower Quartile Median Upper Quartile Lower Quartile Median Upper Quartile Country (25th percentile) (50th percentile) (75th percentile) (25th percentile) (50th percentile) (75th percentile) North America Canada 2.3 2.9 3.0 2.5 3.0 3.0 United States 2.4 3.0 3.0 2.5 3.0 3.0 Asia Pacific Australia 2.5 3.0 3.5 2.7 3.0 3.4 Bangladesh 9.0 10.0 10.7 7.9 9.4 10.0 Brunei 1.9 3.1 4.5 1.8 3.0 3.6 Cambodia 6.1 6.7 8.8 4.2 6.5 7.5 China 5.0 6.9 8.0 5.0 7.0 7.7 Hong Kong 3.5 4.0 4.8 3.5 4.0 4.5 India 8.0 10.0 11.0 8.5 10.0 10.5 Indonesia 5.3 7.9 9.2 6.0 8.0 9.0 Japan 1.8 2.2 2.5 2.0 2.1 2.5 Macau 3.5 4.1 4.9 3.9 4.0 4.7 Malaysia 4.0 5.2 5.9 4.5 5.4 5.7 Mongolia 3.0 6.0 7.0 2.9 6.0 6.5 Myanmar 7.0 9.0 11.3 7.4 8.0 9.3 New Zealand 2.5 3.0 3.5 2.5 3.0 3.2 Pakistan 7.3 10.3 11.7 7.1 10.0 10.5 Philippines 5.0 6.0 7.0 5.0 6.0 6.6 Singapore 3.0 4.0 4.5 3.2 4.0 4.4 South Korea 3.5 4.8 5.0 3.5 4.5 5.0 Sri Lanka 6.1 8.0 9.7 5.2 8.0 8.7 Taiwan 2.8 3.5 4.0 3.0 3.5 4.0 Thailand 4.0 5.4 6.0 4.1 5.2 5.8 Vietnam 7.0 9.2 10.0 7.3 9.5 10.0 Europe, Middle East and Africa Albania 0.0 2.8 3.3 2.3 2.5 3.1 Algeria 4.5 6.5 7.0 5.1 6.5 7.0 Angola 5.1 8.2 10.2 6.1 8.8 11.3 Armenia 0.0 5.0 6.0 2.1 5.1 5.9 Austria 2.0 2.6 3.0 2.0 2.5 2.9 Azerbaijan 0.0 6.0 8.0 3.5 7.9 8.0 Bahrain 2.2 4.7 5.0 2.0 3.9 4.5 Belarus 4.7 9.4 12.0 6.0 9.0 10.4 Belgium 1.4 2.1 2.5 1.8 2.2 2.5 Bosnia-Herzegovina 1.6 2.5 3.0 2.1 2.5 3.0 Botswana 0.0 2.8 4.8 0.8 2.8 4.8 Bulgaria 2.5 3.7 4.0 2.6 3.5 4.0 Burkina Faso 0.3 3.0 6.0 0.3 1.6 3.7 Cameroon 3.0 5.0 5.5 1.5 3.0 5.0 Croatia 2.0 2.7 3.0 2.3 2.8 3.0 Cyprus 1.4 2.0 3.1 1.5 2.1 3.1 Czechia 2.0 2.8 3.0 2.4 2.9 3.0 Denmark 1.8 2.4 2.7 2.0 2.5 2.8 DRC 0.0 4.5 4.6 1.5 3.0 3.5

2017 Salary Budget Planning Report - Quarter 1 Edition 15 TABLE 3 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases (continued)

2016 Overall Actual Salary 2017 Overall Projected Salary

Increase Budget (%) Increase Budget (%) Lower Quartile Median Upper Quartile Lower Quartile Median Upper Quartile Country (25th percentile) (50th percentile) (75th percentile) (25th percentile) (50th percentile) (75th percentile) Europe, Middle East and Africa (continued) Egypt 5.5 10.0 11.0 6.0 10.0 15.0 Estonia 2.0 2.8 3.0 1.7 3.0 3.3 Ethiopia 0.0 8.0 12.0 0.0 8.0 11.0 Finland 1.6 2.1 2.5 2.0 2.3 2.5 France 1.9 2.3 2.7 2.0 2.3 2.6 Gabon 0.0 2.2 3.4 0.0 2.0 2.6 Georgia 2.8 6.0 6.9 5.0 6.0 7.0 Germany 2.1 2.8 3.0 2.3 2.9 3.0 Ghana 5.4 10.0 14.3 9.1 11.0 13.8 Greece 1.3 1.8 2.5 1.6 2.0 2.2 Hungary 2.5 3.3 3.8 2.8 3.3 3.5 Iceland 0.0 1.7 3.5 0.4 1.8 2.5 Iraq 0.0 5.0 6.6 0.9 3.0 5.6 Ireland 2.0 2.3 2.9 2.0 2.5 2.9 Israel 2.5 3.1 3.7 2.5 3.0 3.4 Italy 1.8 2.5 2.8 2.0 2.5 2.8 Ivory Coast 2.4 3.9 4.9 2.4 3.1 4.3 Jordan 4.2 5.3 5.8 2.9 4.5 5.5 Kazakhstan 5.0 8.1 9.0 6.5 8.0 9.0 Kenya 4.0 7.4 8.0 5.8 7.3 8.0 Kosovo 0.0 0.8 2.5 0.0 1.3 2.7 Kuwait 3.0 5.0 5.1 3.0 4.4 5.0 Kyrgyzstan 0.0 2.0 9.0 0.0 4.9 6.5 Latvia 2.0 3.0 3.3 2.3 3.0 3.6 Lebanon 1.5 5.0 6.1 2.8 4.0 5.4 Libya 0.0 0.0 4.0 0.0 2.0 6.0 Lithuania 2.0 3.0 3.5 2.5 3.0 3.4 Luxembourg 1.1 2.1 2.5 2.0 2.5 2.7 Macedonia 0.1 2.1 3.5 1.3 2.2 2.9 Madagascar 0.0 7.0 10.0 2.0 6.3 8.4 Malawi 0.0 8.6 11.8 6.0 10.0 15.0 Malta 0.5 2.1 2.5 0.9 2.2 2.5 Mauritius 1.9 4.7 5.1 1.7 4.2 5.0 Moldova 0.4 4.8 7.6 1.3 5.1 7.0 Monaco 0.2 1.5 1.9 0.0 1.0 1.5 Montenegro 0.0 1.4 5.4 0.3 1.9 2.8 Morocco 3.1 4.1 5.0 3.1 4.0 4.5 Mozambique 0.8 5.8 7.2 4.0 7.7 11.7 Namibia 0.0 4.3 6.8 3.3 6.5 8.0 Netherlands 2.0 2.5 2.8 2.0 2.5 2.9 Nigeria 3.8 9.5 10.3 7.7 9.5 12.7 Norway 2.0 2.8 3.0 2.5 2.8 3.0 Oman 2.5 4.6 5.0 2.6 3.8 4.5 Poland 2.6 3.1 4.0 2.7 3.1 3.5 Portugal 1.7 2.0 2.5 1.8 2.0 2.5 Qatar 2.0 4.0 5.2 2.8 4.0 4.9

2017 Salary Budget Planning Report - Quarter 1 Edition 16 TABLE 3 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases (continued)

2016 Overall Actual Salary 2017 Overall Projected Salary

Increase Budget (%) Increase Budget (%) Lower Quartile Median Upper Quartile Lower Quartile Median Upper Quartile Country (25th percentile) (50th percentile) (75th percentile) (25th percentile) (50th percentile) (75th percentile) Europe, Middle East and Africa (continued) Republic of the Congo 0.0 2.5 4.0 0.2 1.8 2.3 Romania 3.5 4.5 5.0 3.7 4.5 5.0 Russia 6.0 8.0 8.5 6.5 8.0 8.0 Rwanda 0.0 3.5 7.0 0.0 1.8 5.4 Saudi Arabia 2.5 4.6 5.2 3.0 4.5 5.0 Senegal 0.9 4.0 5.8 2.0 3.8 5.2 Serbia 2.8 4.0 5.5 3.1 4.4 5.0 Slovakia 1.9 2.7 3.0 2.0 2.7 3.0 Slovenia 0.9 2.2 3.0 1.8 2.5 3.0 South Africa 5.7 6.8 7.3 6.0 6.9 7.0 Spain 1.5 2.0 2.5 1.8 2.0 2.5 Swaziland 0.0 3.5 7.2 0.9 5.3 7.8 Sweden 2.1 2.5 3.0 2.2 2.5 3.0 Switzerland 1.0 1.8 2.3 1.3 2.0 2.2 Tanzania 3.2 6.3 9.0 3.0 6.0 8.0 Togo 0.0 1.5 3.7 0.0 0.8 1.7 Tunisia 5.2 6.2 6.6 5.0 6.0 6.5 Turkey 6.8 8.0 8.5 7.0 8.0 8.5 Uganda 0.0 4.0 8.9 2.4 6.2 8.0 Ukraine 7.7 10.0 14.5 7.0 10.0 11.5 United Arab Emirates 3.0 4.5 5.0 3.5 4.5 5.0 United Kingdom 2.0 2.7 3.0 2.0 2.8 3.0 Uzbekistan 0.0 6.9 8.9 0.0 6.8 9.0 Yemen 0.0 0.0 6.6 0.0 0.0 6.3 Zambia 3.1 7.9 9.0 4.0 7.6 8.9 Zimbabwe 0.0 1.7 4.5 1.0 3.0 4.0 Latin America Argentina 28.0 32.0 35.0 24.2 27.5 30.5 Bahamas 1.9 2.7 3.6 1.8 2.9 3.8 Barbados 1.8 2.9 3.6 2.3 3.2 4.1 Bolivia 2.8 5.9 7.6 2.3 6.3 7.2 Brazil 5.8 8.0 9.4 6.5 7.3 8.8 Chile 3.1 4.8 5.0 3.4 4.6 5.0 Colombia 4.5 5.4 7.0 5.0 6.0 7.0 Costa Rica 3.4 4.9 5.5 3.4 4.5 5.0 Curaçao 3.6 4.1 4.8 3.6 4.2 4.5 Dominican Republic 3.2 5.0 6.1 3.0 5.0 5.7 Ecuador 2.6 4.1 5.0 2.3 3.0 4.2 El Salvador 2.6 4.0 5.0 2.8 3.9 4.6 Guatemala 3.0 4.8 5.5 4.0 4.8 5.5 Honduras 4.2 5.1 6.1 3.0 5.0 5.9 Jamaica 2.1 4.1 5.5 3.0 3.8 5.1 Mexico 4.0 4.5 5.0 4.0 4.3 5.0 Nicaragua 3.7 5.5 6.5 3.7 5.5 6.7 Panama 2.5 4.0 5.3 3.5 4.8 5.0 Paraguay 1.8 6.5 7.0 3.8 5.5 7.0 Peru 3.8 4.8 5.0 3.5 4.9 5.1

2017 Salary Budget Planning Report - Quarter 1 Edition 17 TABLE 3 - Salary Budget Increases by Lower Quartile, Median and Upper Quartile - Including Zero Salary Budget Increases (continued)

2016 Overall Actual Salary 2017 Overall Projected Salary

The data for Salary Budget Increases includes zero values (salary freezes) "-" indicates where there is insufficient data to report a result. p.a. = per annum

2017 Salary Budget Planning Report - Quarter 1 Edition 18 TABLE 4 - Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases This table reports the median salary budget increase by employee group. Note: not all companies providing an overall salary increase also provided data broken down by employee group. This resulted in a different sample and sometimes higher or lower statistics. This information is reported by General Industry only.

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor North America Canada 3.0 2.9 3.0 3.0 3.0 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0 United States 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Asia Pacific Australia 3.0 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Bangladesh 10.0 10.0 10.0 10.0 10.0 10.0 10.0 9.6 9.6 9.6 9.6 9.6 9.6 9.6 Brunei 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Cambodia 6.7 7.0 7.0 7.0 6.7 6.7 6.7 6.6 6.6 6.6 6.6 6.6 6.6 6.6 China 7.0 6.7 6.5 6.9 7.0 7.0 6.8 7.0 6.8 6.8 7.0 7.0 7.0 7.0 Hong Kong 4.0 4.0 4.0 4.0 4.2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 India 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Indonesia 8.0 8.0 8.0 8.0 8.0 8.0 8.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Japan 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 Macau 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Malaysia 5.4 5.2 5.2 5.4 5.4 5.3 5.2 5.4 5.3 5.2 5.4 5.4 5.4 5.4 Mongolia 6.5 4.5 4.5 4.5 6.5 6.5 6.5 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Myanmar 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 New Zealand 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Pakistan 10.3 10.0 10.0 10.0 10.0 10.3 10.3 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Philippines 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Singapore 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 South Korea 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.6 4.6 4.6 4.6 4.7 4.6 4.6 Sri Lanka 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Taiwan 3.5 3.5 3.5 3.5 3.5 3.5 3.4 3.5 3.5 3.5 3.5 3.5 3.5 3.5 Thailand 5.5 5.4 5.3 5.5 5.5 5.5 5.4 5.2 5.0 5.2 5.2 5.3 5.3 5.3 Vietnam 9.5 9.3 9.4 9.5 9.5 9.5 9.5 9.5 9.5 9.5 9.4 9.5 9.5 9.5 Europe, Middle East and Africa Albania 3.3 3.3 3.3 3.3 3.3 3.3 3.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Algeria 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.6 6.6 6.6 6.6 6.6 6.6 6.6 Angola 8.7 8.7 8.7 8.7 9.5 8.7 8.7 8.8 8.8 8.8 8.8 8.8 8.8 8.8 Armenia 5.6 5.6 5.6 5.6 5.9 5.9 5.9 5.5 5.5 5.5 5.5 5.5 5.5 5.5 Austria 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Azerbaijan 7.9 7.9 7.9 8.0 7.9 7.9 7.9 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Bahrain 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Belarus 9.6 9.6 9.5 9.9 10.0 9.9 9.9 9.2 9.4 9.1 8.9 9.5 9.4 9.4 Belgium 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Bosnia-Herzegovina 2.6 2.6 2.6 2.6 2.6 2.7 2.7 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Botswana 4.8 4.8 4.8 4.8 4.8 4.8 4.8 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Bulgaria 3.8 3.8 3.8 3.9 3.9 3.9 3.9 3.6 3.5 3.5 3.6 3.7 3.6 3.6 Burkina Faso 5.8 5.8 5.8 5.8 5.8 5.8 5.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7

2017 Salary Budget Planning Report - Quarter 1 Edition 19 TABLE 4 - Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases (continued)

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Europe, Middle East and Africa (continued) Cameroon 5.4 5.4 5.4 5.4 5.4 5.4 5.4 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Croatia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Cyprus 2.0 2.0 2.4 2.4 2.5 2.5 2.2 2.2 2.0 2.0 2.2 2.2 2.2 2.2 Czechia 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 3.0 3.0 Denmark 2.5 2.5 2.5 2.5 2.5 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5 DRC 4.5 4.5 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Egypt 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Estonia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Ethiopia 11.0 11.0 11.0 11.0 11.0 11.0 11.0 10.1 10.1 10.1 10.1 10.1 10.1 10.1 Finland 2.2 2.3 2.3 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.3 France 2.4 2.4 2.4 2.4 2.4 2.3 2.3 2.4 2.4 2.3 2.4 2.4 2.4 2.3 Gabon 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Georgia 6.0 6.0 6.0 6.0 6.0 6.3 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Germany 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.9 2.9 2.9 2.9 2.9 2.9 2.9 Ghana 10.0 10.0 10.0 10.0 10.0 10.0 10.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 Greece 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Hungary 3.4 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.4 Iceland 3.5 3.5 3.5 3.5 3.5 3.5 3.5 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Iraq 6.2 6.2 6.2 6.2 6.2 6.2 6.2 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Ireland 2.4 2.4 2.4 2.4 2.4 2.3 2.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Israel 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Italy 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Ivory Coast 4.3 4.3 4.3 4.5 4.3 4.3 4.3 3.1 3.1 3.1 3.1 3.1 3.1 3.1 Jordan 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Kazakhstan 8.5 8.4 8.4 8.4 8.5 8.4 8.4 8.0 8.2 8.2 8.4 8.4 8.4 8.4 Kenya 7.6 7.6 7.6 7.5 7.6 7.6 7.6 7.5 7.5 7.5 7.5 7.5 7.5 7.5 Kosovo 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Kuwait 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Kyrgyzstan 9.0 9.0 9.0 9.0 9.0 9.0 9.0 6.5 6.5 6.5 6.5 6.5 6.5 6.5 Latvia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Lebanon 5.6 5.6 5.6 5.4 5.6 5.4 5.4 4.8 4.8 4.8 4.8 4.8 4.8 4.8 Libya 5.0 5.0 5.0 5.0 5.0 5.0 5.0 6.0 6.0 6.0 6.0 5.0 5.0 5.0 Lithuania 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Luxembourg 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Macedonia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Madagascar 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Malawi 10.0 10.0 10.0 10.0 10.0 10.0 10.0 13.1 13.1 13.1 13.1 13.1 13.1 13.1 Malta 2.3 2.1 2.5 2.5 2.1 2.1 2.3 2.4 2.4 2.4 2.5 2.4 2.4 2.4 Mauritius 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.4 4.4 4.4 4.4 4.4 4.4 4.4 Moldova 6.0 6.0 6.0 7.4 7.2 7.2 7.2 7.0 7.0 7.0 7.0 7.0 7.0 7.0 Monaco 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5

2017 Salary Budget Planning Report - Quarter 1 Edition 20 TABLE 4 - Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases (continued)

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Europe, Middle East and Africa (continued) Montenegro 6.2 6.2 6.2 6.2 6.2 6.2 6.2 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Morocco 4.4 4.4 4.4 4.1 4.4 4.1 4.4 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Mozambique 7.0 7.0 7.0 7.0 7.0 7.0 7.0 9.1 9.1 9.1 9.1 9.1 9.1 9.1 Namibia 6.5 6.5 6.5 6.5 6.5 6.5 6.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 Netherlands 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Nigeria 9.9 9.9 9.9 9.7 10.0 10.0 10.0 10.1 10.1 10.1 10.1 10.1 10.1 10.1 Norway 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 Oman 5.0 5.0 5.0 5.0 4.9 4.7 4.7 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Poland 3.2 3.1 3.1 3.1 3.1 3.1 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Portugal 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Qatar 4.9 4.9 4.9 5.0 4.9 4.9 4.9 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Republic of the Congo 4.0 4.0 4.0 4.0 4.0 4.0 4.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Romania 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Russia 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Rwanda 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Saudi Arabia 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.9 4.8 4.8 5.0 5.0 5.0 Senegal 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.3 Serbia 4.7 4.7 4.7 4.7 4.9 4.9 4.9 4.4 4.4 4.4 4.4 4.4 4.4 4.4 Slovakia 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 Slovenia 2.5 2.5 2.5 2.5 2.5 2.5 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5 South Africa 6.8 6.8 6.8 6.8 6.8 6.8 6.8 7.0 7.0 7.0 7.0 7.0 7.0 7.0 Spain 2.0 2.0 2.0 2.0 2.1 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.1 Swaziland 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.5 7.5 7.5 7.5 7.5 7.5 7.5 Sweden 2.6 2.6 2.6 2.5 2.6 2.5 2.5 2.6 2.6 2.6 2.6 2.6 2.5 2.5 Switzerland 2.0 2.0 2.0 2.0 2.0 1.9 1.8 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Tanzania 8.5 8.5 8.5 8.5 8.5 8.5 8.5 7.0 7.0 7.0 7.0 7.0 7.0 7.0 Togo 4.0 4.0 4.0 4.0 4.0 4.0 4.0 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Tunisia 6.3 6.3 6.3 6.3 6.3 6.3 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Turkey 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Uganda 8.3 8.3 8.3 8.3 8.3 8.3 8.3 7.0 7.0 7.0 7.0 7.0 7.0 7.0 Ukraine 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 United Arab Emirates 4.7 4.7 4.7 4.7 4.7 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 United Kingdom 2.8 2.8 2.8 2.8 2.8 2.7 2.7 2.9 2.8 2.9 2.9 2.9 2.8 2.8 Uzbekistan 8.3 8.3 8.3 8.3 8.3 8.3 8.3 9.0 9.0 9.0 9.0 9.0 9.0 9.0 Yemen 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 Zambia 8.3 8.3 8.3 8.3 8.3 8.3 8.3 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Zimbabwe 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.5 3.5 3.5 3.5 3.5 3.5 3.5 Latin America Argentina 32.0 30.0 30.0 30.0 30.0 30.0 30.0 27.6 28.0 28.0 28.0 28.0 27.8 27.5 Bahamas 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.3 3.3 3.3 3.3 3.3 3.3 3.3 Barbados 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.4 3.4 3.4 3.4 3.4 3.4 3.4 Bolivia 7.2 7.2 7.2 7.2 7.2 7.2 7.2 6.5 6.5 6.5 6.5 6.5 6.5 6.5

2017 Salary Budget Planning Report - Quarter 1 Edition 21 TABLE 4 - Salary Budget Increases by Employee Group - Excluding Zero Salary Budget Increases (continued)

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

NB: The data for Salary Budget Increases excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result

2017 Salary Budget Planning Report - Quarter 1 Edition 22 TABLE 5 - Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases This table reports the median salary budget increase by employee group. Note: not all companies providing an overall salary increase also provided data broken down by employee group. This resulted in a different sample and sometimes higher or lower statistics. This information is reported by General Industry only.

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor North America Canada 2.9 2.9 2.8 2.9 2.9 2.8 2.8 3.0 3.0 3.0 3.0 3.0 3.0 3.0 United States 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Asia Pacific Australia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Bangladesh 10.0 10.0 10.0 10.0 10.0 10.0 10.0 9.4 9.4 9.4 9.4 9.4 9.4 9.4 Brunei 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Cambodia 6.7 7.0 7.0 7.0 6.7 6.7 6.7 6.5 6.5 6.5 6.5 6.5 6.5 6.5 China 6.9 6.5 6.5 6.5 7.0 6.7 6.5 7.0 6.7 6.8 7.0 7.0 7.0 7.0 Hong Kong 4.0 4.0 4.0 4.0 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 India 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Indonesia 7.9 7.8 7.9 7.8 7.9 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Japan 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.1 2.1 2.1 2.1 Macau 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Malaysia 5.2 5.0 5.1 5.2 5.3 5.2 5.1 5.4 5.2 5.2 5.4 5.4 5.3 5.3 Mongolia 6.0 3.0 3.0 3.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Myanmar 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 New Zealand 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Pakistan 10.3 10.0 10.0 10.0 10.0 10.3 10.3 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Philippines 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Singapore 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 South Korea 4.8 4.7 4.7 4.8 4.8 4.7 4.7 4.5 4.6 4.5 4.5 4.6 4.5 4.5 Sri Lanka 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Taiwan 3.5 3.5 3.5 3.5 3.5 3.4 3.3 3.5 3.5 3.5 3.5 3.5 3.5 3.5 Thailand 5.4 5.0 5.0 5.4 5.4 5.4 5.3 5.2 5.0 5.1 5.2 5.3 5.3 5.3 Vietnam 9.2 9.0 9.2 9.4 9.4 9.5 9.5 9.5 9.4 9.4 9.1 9.4 9.4 9.5 Europe, Middle East and Africa Albania 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Algeria 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 Angola 8.2 8.2 8.2 8.2 8.7 8.2 8.2 8.8 8.8 8.8 8.8 8.8 8.8 8.8 Armenia 5.0 5.0 5.0 5.0 5.4 5.4 5.4 5.1 5.1 5.1 5.1 5.1 5.1 5.1 Austria 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Azerbaijan 6.0 6.0 6.0 6.5 6.5 6.5 6.5 7.9 7.9 7.9 7.9 7.9 7.9 7.9 Bahrain 4.7 4.7 4.7 4.7 4.7 4.7 4.7 3.9 3.6 3.9 3.9 3.9 3.9 3.9 Belarus 9.4 9.0 9.0 9.5 9.7 9.5 9.5 9.0 9.0 8.8 8.7 9.2 9.2 9.0 Belgium 2.1 2.0 2.1 2.2 2.1 2.1 2.0 2.2 2.2 2.2 2.2 2.2 2.2 2.2 Bosnia-Herzegovina 2.5 2.4 2.4 2.4 2.4 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Botswana 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Bulgaria 3.7 3.5 3.7 3.8 3.7 3.7 3.5 3.5 3.2 3.4 3.5 3.5 3.5 3.4 Burkina Faso 3.0 3.0 3.0 3.0 3.0 3.0 3.0 1.6 1.6 1.6 1.6 1.6 1.6 1.6

2017 Salary Budget Planning Report - Quarter 1 Edition 23 TABLE 5 - Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases (continued)

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Europe, Middle East and Africa (continued) Cameroon 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Croatia 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Cyprus 2.0 2.0 2.0 2.0 2.2 2.2 2.0 2.1 2.0 2.0 2.1 2.1 2.1 2.1 Czechia 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9 Denmark 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5 DRC 4.5 4.5 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Egypt 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Estonia 2.8 2.8 2.8 2.5 2.5 2.5 2.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Ethiopia 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Finland 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.3 2.2 2.2 2.2 2.3 2.3 2.3 France 2.3 2.3 2.3 2.3 2.4 2.3 2.2 2.3 2.3 2.3 2.3 2.3 2.3 2.3 Gabon 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Georgia 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Germany 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.9 2.8 2.8 2.9 Ghana 10.0 10.0 10.0 10.0 10.0 10.0 10.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 Greece 1.8 1.9 1.9 1.9 1.8 1.8 1.8 2.0 1.9 2.0 2.0 2.0 1.9 1.9 Hungary 3.3 3.0 3.1 3.3 3.2 3.1 3.1 3.3 3.3 3.3 3.3 3.3 3.3 3.3 Iceland 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Iraq 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Ireland 2.3 2.2 2.2 2.3 2.3 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Israel 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Italy 2.5 2.5 2.5 2.5 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Ivory Coast 3.9 3.9 3.9 4.3 3.9 3.9 3.9 3.1 3.1 3.1 3.1 3.1 3.1 3.1 Jordan 5.3 5.3 5.3 5.3 5.2 5.2 5.2 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Kazakhstan 8.1 8.0 8.0 8.0 8.3 8.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Kenya 7.4 7.4 7.4 7.3 7.4 7.4 7.4 7.3 7.3 7.3 7.3 7.3 7.3 7.3 Kosovo 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Kuwait 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.4 4.2 4.4 4.4 4.4 4.4 4.4 Kyrgyzstan 2.0 2.0 2.0 2.0 2.0 2.0 2.0 4.9 4.9 4.9 4.9 4.9 4.9 4.9 Latvia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Lebanon 5.0 5.0 5.0 5.0 5.2 5.0 5.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Libya 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Lithuania 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Luxembourg 2.1 2.1 2.3 2.1 2.1 2.1 2.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Macedonia 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.2 Madagascar 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.3 6.3 6.3 6.3 6.3 6.3 6.3 Malawi 8.6 8.6 8.6 8.6 8.6 8.6 8.6 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Malta 2.1 1.8 1.8 1.8 1.8 1.8 2.1 2.2 2.2 2.2 2.2 2.2 2.0 2.0 Mauritius 4.7 4.7 4.7 4.9 4.7 4.7 4.7 4.2 4.2 4.2 4.2 4.2 4.2 4.2 Moldova 4.8 4.8 4.8 6.0 5.7 5.4 5.4 5.1 5.1 5.1 5.1 5.1 5.1 5.1 Monaco 1.5 1.1 1.1 1.5 1.5 1.5 1.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0

2017 Salary Budget Planning Report - Quarter 1 Edition 24 TABLE 5 - Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases (continued)

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Europe, Middle East and Africa (continued) Montenegro 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.9 1.9 1.9 1.9 1.9 1.9 1.9 Morocco 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Mozambique 5.8 5.8 5.8 5.8 5.8 5.8 5.8 7.7 7.7 7.7 7.7 7.7 7.7 7.7 Namibia 4.3 4.3 4.3 4.3 4.3 4.3 4.3 6.5 6.5 6.5 6.5 6.5 6.5 6.5 Netherlands 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Nigeria 9.5 9.5 9.5 9.3 9.6 9.6 9.6 9.5 9.5 9.5 9.5 9.5 9.5 9.5 Norway 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Oman 4.6 4.5 4.6 4.6 4.5 4.0 4.0 3.8 3.3 3.8 3.8 3.8 3.8 3.8 Poland 3.1 3.0 3.0 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.2 Portugal 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Qatar 4.0 3.8 4.0 4.3 4.0 4.0 4.0 4.0 3.7 4.0 4.0 4.0 4.0 4.0 Republic of the Congo 2.5 2.5 2.5 2.5 2.5 2.5 2.5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Romania 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Russia 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Rwanda 3.5 3.5 3.5 3.5 3.5 3.5 3.5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Saudi Arabia 4.6 4.5 4.5 4.6 4.5 4.4 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Senegal 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.8 3.8 3.8 3.8 3.8 3.8 3.8 Serbia 4.0 4.0 4.0 4.0 4.3 4.3 4.0 4.4 4.2 4.2 4.3 4.3 4.3 4.2 Slovakia 2.7 2.7 2.7 2.6 2.6 2.6 2.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 Slovenia 2.2 2.2 2.2 2.3 2.3 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.2 South Africa 6.8 6.8 6.8 6.8 6.7 6.7 6.7 6.9 6.9 6.9 6.9 6.9 6.9 7.0 Spain 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.1 2.0 2.0 2.0 Swaziland 3.5 3.5 3.5 3.5 3.5 3.5 3.5 5.3 5.3 5.3 5.3 5.3 5.3 5.3 Sweden 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Switzerland 1.8 1.8 1.8 1.8 1.9 1.8 1.7 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Tanzania 6.3 6.3 6.3 6.3 6.3 6.3 6.3 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Togo 1.5 1.5 1.5 1.5 1.5 1.5 1.5 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Tunisia 6.2 6.2 6.2 6.0 6.2 6.2 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Turkey 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Uganda 4.0 4.0 4.0 4.0 4.0 4.0 4.0 6.2 6.2 6.2 6.2 6.2 6.2 6.2 Ukraine 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 United Arab Emirates 4.5 4.5 4.5 4.5 4.5 4.4 4.5 4.5 4.5 4.5 4.4 4.5 4.4 4.4 United Kingdom 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Uzbekistan 6.9 6.9 6.9 6.2 6.2 6.9 6.9 6.8 6.8 6.8 6.8 6.8 6.8 6.8 Yemen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Zambia 7.9 7.9 7.9 7.9 7.9 7.9 7.9 7.6 7.6 7.6 7.6 7.6 7.6 7.6 Zimbabwe 1.7 1.7 1.7 1.7 1.7 1.7 1.7 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Latin America Argentina 32.0 32.0 32.0 32.0 32.0 32.0 32.0 27.5 27.4 27.5 27.5 27.5 27.3 27.1 Bahamas 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.9 2.9 Barbados 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Bolivia 5.9 5.4 5.4 5.4 5.9 5.9 5.4 6.3 6.3 6.3 6.3 6.3 6.3 6.3

2017 Salary Budget Planning Report - Quarter 1 Edition 25 TABLE 5 - Salary Budget Increases by Employee Group - Including Zero Salary Budget Increases (continued)

2016 Actual Salary 2017 Projected Salary

Increase Budget (%) Increase Budget (%)

NB: The data for Salary Budget Increases includes zero values (salary freezes) "-" indicates where there is insufficient data to report a result

2017 Salary Budget Planning Report - Quarter 1 Edition 26 TABLE 6 - Merit Only Increases by Employee Group - Excluding Zero Increases This table reports the median Merit only increase by employee group. Note: not all companies providing an overall Merit increase also provided data broken down by employee group. This resulted in a different sample and sometimes higher or lower statistics. In addition to this not all companies providing an overall salary increase also provided data for the Merit Only Increase element. Due to this you may find that figures vary when comparing the two elements. On this basis please use with some caution as you may find that Merit can be slightly higher than the overall Salary Increase due to the difference in samples. This information is reported by General Industry only.

2016 Actual Merit Only 2017 Projected Merit Only Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor North America Canada 2.8 2.9 2.9 2.8 2.8 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.8 United States 3.0 3.0 3.0 3.0 2.9 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Asia Pacific Australia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Bangladesh 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.0 10.0 10.0 10.0 10.0 10.0 10.0 China 6.9 6.8 6.7 6.9 7.0 6.6 6.5 6.8 6.7 6.7 6.8 6.5 6.5 6.5 Hong Kong 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 India 9.8 9.9 9.9 9.9 9.8 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 Indonesia 8.0 8.0 8.3 8.3 8.3 8.0 8.1 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Japan 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Macau 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Malaysia 5.2 5.0 5.0 5.2 5.2 5.0 5.0 5.4 5.1 5.2 5.2 5.4 5.0 5.0 New Zealand 2.9 2.9 2.9 2.9 2.9 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Pakistan 7.9 7.9 7.9 7.9 7.9 7.9 7.9 8.6 8.6 8.6 8.6 8.6 8.6 8.6 Philippines 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 Singapore 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 South Korea 4.5 4.5 4.0 4.5 4.5 4.2 4.2 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Taiwan 3.3 3.5 3.5 3.4 3.4 3.2 3.1 3.5 3.5 3.5 3.5 3.5 3.4 3.5 Thailand 5.0 5.0 5.0 5.0 5.1 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Vietnam 8.8 8.0 8.2 8.0 8.8 8.8 8.9 9.0 9.0 9.0 9.0 9.0 9.4 9.0 Europe, Middle East and Africa Algeria 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.8 6.8 6.8 6.8 6.8 6.8 6.8 Angola 9.0 9.0 9.0 9.0 9.0 9.0 9.0 8.6 8.6 8.6 8.6 8.6 8.6 8.6 Armenia 5.3 5.3 5.3 5.3 5.3 5.3 5.3 4.8 4.8 4.8 4.8 4.8 4.8 4.8 Austria 2.0 2.0 2.0 2.0 2.0 1.8 1.8 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Azerbaijan 7.9 7.9 7.9 7.9 7.9 7.9 7.9 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Bahrain 4.6 4.6 4.6 4.6 4.6 4.6 4.6 3.9 3.9 3.9 3.9 3.9 3.9 3.9 Belarus 9.2 9.2 9.2 9.2 9.2 9.2 9.2 8.4 8.4 8.4 8.4 8.4 8.4 8.4 Belgium 1.7 1.6 1.7 1.7 1.7 1.6 1.6 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Bosnia-Herzegovina 3.3 3.3 3.3 3.3 3.3 3.3 3.3 2.7 2.7 2.7 2.7 2.7 2.7 2.7 Bulgaria 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Croatia 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Cyprus 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.7 1.1 1.1 1.7 1.7 1.7 1.7 Czechia 2.8 2.8 2.8 2.8 2.6 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.8 2.8 Denmark 2.3 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 2.5 2.4 2.4 2.4 Egypt 9.5 9.5 9.5 9.5 9.5 9.5 9.5 11.0 12.0 11.0 11.0 11.0 11.0 11.0

2017 Salary Budget Planning Report - Quarter 1 Edition 27 TABLE 6 - Merit Only Increases by Employee Group - Excluding Zero Increases (continued)

2016 Actual Merit Only 2017 Projected Merit Only Increase Budget (%) Increase Budget (%)

Country Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Overall Business Unit Head and Manager Country Executive Middle Manager and Senior Professional Supervisory and Professional Technical and Business Support Production and Manual Labor Europe, Middle East and Africa (continued) Estonia 2.5 2.5 2.5 2.5 2.5 2.5 2.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Ethiopia 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.5 10.5 10.5 10.5 10.5 10.5 10.5 Finland 2.1 2.3 2.1 2.1 2.1 2.1 2.1 2.2 2.2 2.2 2.2 2.3 2.2 2.2 France 2.1 2.0 2.0 2.1 2.1 2.1 2.1 2.2 2.1 2.2 2.3 2.3 2.3 2.3 Georgia 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.8 5.8 5.8 5.8 5.8 5.8 5.8 Germany 2.5 2.5 2.5 2.5 2.5 2.6 2.5 2.7 2.6 2.6 2.7 2.7 2.6 2.7 Ghana 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 Greece 1.5 1.5 1.5 1.5 1.4 1.5 1.5 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Hungary 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Iraq 4.5 4.5 4.5 4.5 4.5 4.5 4.5 5.6 5.6 5.6 5.6 5.6 5.6 5.6 Ireland 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Israel 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Italy 2.2 2.2 2.1 2.1 2.1 2.0 2.0 2.3 2.3 2.3 2.3 2.3 2.2 2.2 Jordan 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Kazakhstan 8.5 8.6 8.6 8.5 8.5 8.5 8.5 8.8 8.8 8.8 8.8 8.8 8.8 8.8 Kenya 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 Kuwait 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Latvia 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Lebanon 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Lithuania 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Luxembourg 1.3 1.1 1.1 1.1 1.3 1.1 1.3 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Malta 2.1 2.1 2.2 2.1 2.1 2.2 2.2 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Mauritius 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.8 4.8 4.8 4.8 4.8 4.8 4.8 Morocco 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 Mozambique 6.5 6.5 6.5 6.5 6.5 6.5 6.5 7.4 7.4 7.4 7.4 7.4 7.4 7.4 Netherlands 2.3 2.4 2.4 2.4 2.3 2.3 2.3 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Nigeria 9.9 9.9 9.9 9.9 9.9 9.9 9.9 10.2 10.2 10.2 10.2 10.2 10.2 10.2 Norway 2.5 2.5 2.8 2.5 2.5 2.5 2.5 2.7 2.7 2.7 2.7 2.7 2.7 2.7 Oman 4.8 4.8 4.8 4.8 4.8 4.8 4.8 3.3 3.3 3.3 3.3 3.3 3.3 3.3 Poland 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.1 3.2 3.1 3.1 3.1 3.1 3.1 Portugal 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Qatar 4.6 4.6 4.6 4.6 4.6 4.6 4.6 4.9 4.9 4.9 4.9 4.9 4.9 4.9 Romania 4.5 4.5 4.4 4.5 4.5 4.4 4.4 4.3 4.1 4.1 4.1 4.1 4.1 4.1 Russia 8.0 8.0 8.0 8.0 7.8 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 Saudi Arabia 4.8 4.8 4.8 4.8 4.8 4.8 4.8 5.0 5.0 5.0 5.0 5.0 5.0 5.0 Serbia 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.2 4.2 4.2 4.2 4.2 4.2 4.2 Slovakia 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 Slovenia 2.4 2.4 2.4 2.2 2.0 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.5 South Africa 6.5 6.5 6.5 6.6 6.5 6.5 6.5 6.9 6.9 6.9 6.9 6.9 6.9 6.9 Spain 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Sweden 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Switzerland 2.0 2.0 2.0 2.0 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Tanzania 8.5 8.5 8.5 8.5 8.5 8.5 8.5 7.3 7.3 7.3 7.3 7.3 7.3 7.3

2017 Salary Budget Planning Report - Quarter 1 Edition 28 TABLE 6 - Merit Only Increases by Employee Group - Excluding Zero Increases (continued)

2016 Actual Merit Only 2017 Projected Merit Only Increase Budget (%) Increase Budget (%)

NB: The data for Salary Budget Merit Increases Excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result

2017 Salary Budget Planning Report - Quarter 1 Edition 29 TABLE 7 - 2018 Overall Projected Salary Budget Increases - Excluding Zero Increases This table reports the 2018 overall projected salary budget median increases presented in comparison with the consumer price index inflation for each country. The overall percentage figures are based on the General Industry sample.

2018 Country Overall Projected Salary Increase Budget (%) Projected Inflation (avg. % change p.a.) North America Canada 3.0 2.0 United States 3.0 2.1 Asia Pacific Australia 3.2 1.9 China 6.8 1.8 Hong Kong 4.3 2.3 India 10.4 5.1 Indonesia 8.7 5.2 Japan 2.5 0.9 Malaysia 5.4 2.4 New Zealand 2.8 1.6 Philippines 6.4 2.7 Singapore 4.1 1.6 South Korea 4.8 1.7 Taiwan 3.9 0.8 Thailand 5.6 1.0 Vietnam 9.0 4.7 Europe, Middle East and Africa Algeria 5.5 7.4 Austria 2.8 1.8 Bahrain 2.8 2.4 Belarus 8.4 10.5 Belgium 2.5 1.8 Bulgaria 3.8 2.5 Cyprus 1.4 0.8 Czechia 3.0 1.9 Denmark 2.6 2.1 Egypt 16.5 13.6 Estonia 3.0 2.8 Finland 2.3 1.6 France 2.5 1.3 Georgia 6.0 2.9 Germany 3.0 1.5 Ghana 14.0 9.8 Greece 2.0 1.6 Hungary 3.0 2.9 Ireland 2.5 1.4 Israel 3.0 2.5 Italy 2.5 0.8 Jordan 3.0 2.7 Kazakhstan 8.6 6.2 Kenya 7.3 6.5 Kuwait 3.6 3.8 Latvia 3.0 2.0 Lebanon 3.0 2.9 Lithuania 3.0 2.2 Luxembourg 2.3 1.5

2017 Salary Budget Planning Report - Quarter 1 Edition 30 TABLE 7 - 2018 Overall Projected Salary Budget Increases - Excluding Zero Increases (continued)

2018 Country Overall Projected Salary Increase Budget (%) Projected Inflation (avg. % change p.a.) Europe, Middle East and Africa (continued) Morocco 4.4 2.2 Netherlands 2.7 1.4 Nigeria 15.0 11.8 Norway 3.0 2 Poland 3.3 1.5 Portugal 2.0 1.6 Romania 4.6 3.0 Russia 8.0 4.6 Saudi Arabia 4.2 4.4 Serbia 4.0 2.7 Slovakia 2.8 1.6 Slovenia 1.4 1.7 South Africa 6.7 5.5 Spain 2.2 1.8 Sweden 2.7 1.7 Switzerland 2.0 1.1 Turkey 8.0 7.9 Ukraine 10.0 10.5 United Arab Emirates 4.9 4.5 United Kingdom 2.9 2.8 Latin America Argentina 29.4 13.9 Brazil 5.8 4.3 Chile 5.0 2.4 Colombia 5.8 2.7 Costa Rica 5.0 4.0 Dominican Republic 5.5 4.2 Ecuador 4.5 1.0 Guatemala 5.0 4.5 Mexico 4.8 3.5 Panama 5.0 2.5 Paraguay 4.0 4.1 Peru 5.2 3.1 Puerto Rico 3.0 1.5 Uruguay 7.3 8.2

The data for Salary Budget Increases excludes zero values (salary freezes) "-" indicates where there is insufficient data to report a result. p.a. = per annum

2017 Salary Budget Planning Report - Quarter 1 Edition 31 Participants

21 CENTURY FAST CASUAL AKZONOBEL ARCOR B&M GLOBAL SERVICES BIOMET UK HEALTHCARE RESTAURANT AL FUTTAIM ARCOS DORADOS MANILA BIO-RAD LABORATORIES 24/7 CUSTOMER AL RAJHI BANKING & ARCTERN CONSULTING BABCOCK & WILCOX BIOSIDUS 3M INVESTMENT ARDO UK BACHOCO BIOTRONIK 3M KOREA ALCON ARICENT BAHANA PEMBINAAN USAHA BIOTRONIK ASIA PACIFIC 3M PHILIPPINES ALCON NORDIC ARKEMA INDONESIA BIOTRONIK COMERCIAL 3M TAIWAN ALCON REP OFFICE VIETNAM ARKRAY BAIN & COMPANY SE ASIA MÉDICAA A.J CENTRAL ASIA RAYA ALENT HONG KONG - ARQIVA BAKER HUGHES BIOTRONIK JAPAN A.T.KEARNEY ENTHONE ARROW ELECTRONICS BALFOUR BEATTY BIOVENTUS A+E TELEVISION NETWORKS ALERE ARROW INTERNACIONAL BALL AEROSOL PACKAGING BIRD & BIRD AB MAURI ALEXION PHARMACEUTICALS DE CHIHUAHUA BANCO ITAU BIRDLAND HONG KONG ABB ALFA BANK ARTESYN EMBEDDED BANGALORE INTERNATIONAL BLACK & DECKER ABBOTT ALFA WASSERMANN TECHNOLOGIES AIRPORT BLACK & VEATCH ABBOTT (ST. JUDE MEDICAL) ALFRED KÄRCHER ARTHUR J. GALLAGHER BANK BNI SYARIAH BLCP POWER ABBOTT JAPAN ALICORP INTERNATIONAL BANK CENTRAL ASIA TBK BLOOMBERG ABBOTT LABORATORIES ALIHEALTH ARUP BANK CIMB NIAGA TBK BLUE CROSS INSURANCE ABBOTT LABORATORIES ALL SEASONS PROPERTY ARVATO BANK CTBC INDONESIA ASIA-PACIFIC MALAYSIA ALLEGRO MICROSYSTEMS ARVATO DIGITAL SERVICES BANK DANAMON INDONESIA BLUE STAR GROUP ABBOTT MÉXICO PHILIPPINES ARVATO SCM IRELAND TBK. BLUEBELL ABBOTT TAIWAN ALLERGAN ARYSTA LIFESCIENCE BANK DANAMON INDONESIA, BLUEBELL KOREA ABBVIE ALLERGAN PROD ASAHI KASEI TBK. BMC SOFTWARE ABC-CA FUND MANAGEMENT FARMACEUTICOS ASALUS CORPORATION - BANK DBS INDONESIA BMS ABERDEEN ASSET ALLIANCE BANK MALAYSIA INTELLICARE BANK ICBC INDONESIA BMW MANAGEMENT BERHAD ASCO BRUSSELS BANK JULIUS BAER & CO. BMW SOUTH AFRICA ABRIL COMUNICAÇÕES ALLIANCE CONSTRUCTION ASCO UMATICS SIRAI BANK NATIONALNOBU TBK BNP PARIBAS ABS-CBN MATERIALS ASHURST BANK NEGARA MALAYSIA BNP PARIBAS CARDIF ACCENTURE ALLIANZ AYUDHYA ASIA AIRFREIGHT TERMINAL BANK OF AMERICA NA BNP PARIBAS CARDIF TCB- ACCENTURE ROMANIA ASSURANCE ASIA CAPITAL REINSURANCE MANILA LIFE INSURANCE ACE TAIWAN ALLIANZ GLOBAL GROUP BANK OF CHINA HONG KONG BNP PARIBAS INVESTMENT ACEITERA GENERAL DEHEZA CORPORATE & SPECIALTY ASIA PACIFIC TELECOM BANK OF CHINA INSURANCE PARTNERS MALAYSIA ACELITY ALLIANZ GLOBAL INVESTORS ASIAN POWER DEVICES BANK OF CHINA MALAYSIA BNPP CHINA ACER KOREA ASKEY COMPUTER BANK OF COMMERCE BOC GROUP LIFE ACER VIET NAM COMPANY ALLIANZ GLOBAL INVESTORS ASM TAIWAN BANK OF COMMUNICATIONS ASSURANCE COMPANY ACHÉ LABORATÓRIOS TAIWAN ASM TECHNOLOGY HONG KONG BOCI-PRUDENTIAL TRUSTEE ACINDAR ALLIANZ TAIWAN LIFE HONG KONG BANK OF CONSORTIUM BOEHRINGER INGELHEIM ACR CAPITAL HOLDINGS INSURANCE ASOFARMA TRUST COMPANY BOEHRINGER INGELHEIM ACTELION ALORICA ASPEN HEALTHCARE TAIWAN BANK OF IRELAND TAIWAN PHARMACEUTICALS ALPARGATAS ASPEN LABS BANK OF NEW YORK MELLON BOLLAND FRANCE ALPHA & OMEGA ASPIRE HOLDINGS BANK OF SHANGHAI HONG BOLLORE LOGISTICS ADAMA BRASIL SEMICONDUCTOR TAIWAN ASR GROUP KONG THAILAND ADB TAIWAN ALQUERÍA ASSECO SEE DOO BANK OF SINGAPORE, BONAFARM CSOPORT ADDLESHAW GODDARD ALRAJHI UNITED HOLDING BELGRADE PHILIPPINE BOOKING.COM ADECCO ALSEA ASSICURAZIONI GENERALI REPRESENTATIVE OFFICE BOOTS RETAIL THAILAND ADECOAGRO ALTAIR GLOBAL SOLUTIONS ASTEELFLASH TUNISIA BANK OF TOKYO MITSUBISHI- BORD GÁIS ENERGY ADIDAS ALUAR ASTELLAS UFJ BORGWARNER ADIDAS SERVICES AMADEUS ASTRA AVIVA LIFE BANK QNB INDONESIA TBK BORGWARNER PDS ADITYA BIRLA GROUP AMADEUS NORTH AMERICA ASTRAZENECA BANK RAKYAT PRODUTOS ADM DO BRASIL AMADEUS SOFTWARE LABS ASTRAZENECA DO BRASILA BANK RAKYAT INDONESIA AUTOMOTIVOSA ADP INDIA PVT ASTRI (PERSERO) TBK BOSCH ADVA OPTICAL NETWORKING AMAGGI ASURANSI CIGNA BANK SINARMAS TBK. BOSE ADVANTA AMBANK (M) BERHAD ASURANSI JIWA BCA BANK SINOPAC BOSE TAIWAN ADVANTECH AMBARELLA TAIWAN ASURANSI JIWA INHEALTH BANK SUMITOMO MITSUI BOSSINI ENTERPRISES ADVANTEST TAIWAN AMC NETWORKS INDONESIA INDONESIA BOSTIK AECI INTERNATIONAL ASURANSI JIWA MANULIFE BANK SYARIAH MANDIRI BOSTON SCIENTIFIC AECOM AMCO ARGENTINA AMÉRICA INDONESIA BARCO BOTTEGA VENETA MACAU AEGON-CNOOC LIFE MÓVIL CONTENIDOS ASURION BARING SICE TAIWAN BOURNS ELECTRONICS INSURANCE AMCOR FLEXIBLES ASUS BARLOWORLD AUTOMOTIVE TAIWAN AEON STORES HONG KONG AMCOR RIGID PLASTICS AT&T BASF BP AER LINGUS AMCOR RIGID PLASTICS DE ATAL ENGINEERING GROUP BASF CHILE BP BERAU AES BULGARIA ARGENTINA ATCO BASILEA PHARMACEUTICA BP EASTERN AES GENER AMEC OPERATIONS ATEN INTERNATIONAL INTERNATIONAL MEDITERRANEAN AET TANKERS AMERICAN AXLE ATENTO BATES WELLS BRAITHWAITE BP MALAYSIA AFTERNOON TEA MANUFACTURING MEXICO ATENTO ARGENTINA BAUFEST BP SOUTHERN CONE AG DELTA AMERICAN EXPRESS ATENTO BRASIL BAUSH & LOMB NORDIC BRADY PHILIPPINES AGCO AMERICAN EXPRESS GLOBAL ATKINS CHINA BAVARIA BRIDGESTONE ASIA PACIFIC AGEAS BUSINESS TRAVEL ATOS BAXTER HEALTHCARE BRIDGESTONE DE MEXICO AGILENT TECHNOLOGIES AMERICAN PRESIDENT LINES ATOS ARGENTINA BAXTER INTERNATIONAL BRIGHTSTAR AGRICULTURAL BANK OF AMERICAN TOWER DO ATOS IT SOLUTIONS AND BAYER BRILLIANCE-BEA AUTO CHINA HONG KONG BRASIL SERVICES EOOD BAYER DE MEXICO FINANCE AGROFINA AMKOR ASSEMBLY & TEST ATR TRUST BAYER DO BRASIL BRINKS AGS NASOFT AMMETLIFE INSURANCE AUSTRALIA AND NEW BAYER MALAYSIA BRINKS CHILE AIA BHD BERHAD ZEALAND BANKING GROUP BAYER TAIWAN BRISKHEAT VIETNAM AIA COMPANY AMOREPACIFIC AUTOMOTIVE LIGHTING BAYRAKTAR HOLDINGS BRISTOL MYERS SQUIBB AIA FINANCIAL AMOUN PHARMACEUTICAL AVACARE SHARED SERVICES BBA AVIATION BRITISH AMERICAN AIA INTERNATIONAL AMTRAN TECHNOLOGY AVAILINK BBC WORLDWIDE TOBACCO AIA INTERNATIONAL, TAIWAN AMWAY AVANADE BCASH BRITISH COUNCIL PHILIPPINE BRANCH AMWAY BUS SVCS ASIA PAC AVANGATE BDO BRANCH OFFICE AIA SHARED SERVICES AMWAY IT SERVICES AVANTRIP BECHTEL BRITVIC IRELAND AIA SINGAPORE PRIVATE ANALOG DEVICES GEN. AVAXA BECK ET AL SERVICES BROADRIDGE AIB TRIAS AVAYA RUSSIA CIS ROMANIA BRODIES AIG ANBANG INSURANCE GROUP AVER INFORMATION BECKMAN COULTER BROOKFIELD ENERGIA AIG ASIA PACIFIC ANDRÓMACO AVERY DENNISON BECTON DICKINSON RENOVAVEL INSURANCE ANGLO AMERICAN AVERY DENNISON RBIS BEIERSDORF BROOKS SPORTS AIG INSURANCE HONG KONG ANGLO-AMERICAN SCHOOL AVINTIV BELATRIX BROUWER AIMIA PROPRIETARY OF MOSCOW AVIS BUDGET GROUP BELATRIX SOFTWARE BROWN BROTHERS LOYALTY SINGAPORE ANTAMINA AVIVA BELCORP HARRIMAN AIR FRANCE - KLM AON AVNET BELLAMAR ESTANCIAS BRP MEXICO AIR LIQUIDE APEX TOOL GROUP AVON BERRY PLASTICS BRUNEI GAS CARRIERS AIR LIQUIDE ESPAÑA APL AVON BEUATY ARABIA BESPAK EUROPE SENDIRIAN AIR PRODUCTS APPLIED MATERIALS CHINA AVON COSMETICS BESTV BRUNEI SHELL PETROLEUM AIR PRODUCTS & CHEMICALS APPLIED MATERIALS JAPAN AVON COSMETICS SRL A BEYTI BRUNSWICK AIR PRODUCTS SANFU APSEN FARMACÊUTICA SOCIO UNICO BGH BSC AIRPORT AUTHORITY APTAR VLADIMIR AXA AFFIN GENERAL BHF-BANK BSN AJ BELL ARAMCO ASIA JAPAN INSURANCE BERHAD AKTIENGESELLSCHAFT BSQUARE TAIWAN BRANCH AJC INTERNATIONAL SUR ARAMCO ASIA KOREA AXA INSURANCE BIACC BT AJE GROUP ARAMCO OVERSEAS AXALTA COATING SYSTEMS BIOGENESIS BAGO BTMU AKAPOL COMPANY B.V. AXION ENERGY BIOLAB SANUS BUDGET AVIATION HOLDINGS AKAPOL SA ARCHROMA SINGAPORE AXIONLOG FARMACEUTICAA BULGARI JAPAN AKER SOLUTIONS DO BRASIL ARCONIC AYALA LAND BIOMERIEUX BUNGE

2017 Salary Budget Planning Report - Quarter 1 Edition 32 Participants (continued)

BUNGE ARGENTINA CHAROEN COCA-COLA CRISTÁLIA DENTSPLY SIRONA BUNGE CIS POKPHAND BOTTLERS PRODUTOS BENELUX BUPA INDONESIA BUSINESS QUÍMICOS E DESA BUPA ASIA CHENG UEI SERVICES. FARMACÊUTICOSA DESPEGAR BURBERRY PRECISION COCA-COLA EAST CROWN PACKAGING DESPEGAR.COM BURGES SALMON INDUSTRY JAPAN EUROPE DEUTSCHE BANK AG BUSSMANN CHEVRON COCA-COLA FEMSA CROWN RESORTS DEUTSCHE TELEKOM BUZZFEED CHEVRON HOLDINGS PHILIPPINES CSA GROUP AG BW OFFSHORE DO CHEVRON NEFTEGAZ COCA-COLA HBC CSC DEUTZ AGCO BRASIL CHINA CITIC BANK RUSSIA CSTC - CITIGROUP MOTORES BYME ENGINEERING INTERNATIONAL COHEN CSW WORLD DEXMEDIA (HK) CHINA COL FINANCIAL TERMINALS HONG DFI HOME CA TECHNOLOGIES CONSTRUCTION GROUP KONG FURNISHINGS CABOT FINANCIAL BANK ASIA COLGATE PALMOLIVE CTBC BANK TAIWAN EUROPE CHINA COLGATE PALMOLIVE CTBC BANK HONG DHL EXPRESS CABOT INDONESIA CONSTRUCTION INDIA KONG BRANCH DHL EXPRESS (HK) CACHAY BANK MALAYSIA COLGATE PALMOLIVE CTCI DHL EXPRESS (S) CALGON CARBON BERHAD SUPPORT CTCI THAILAND DHL EXPRESS INDIA JAPAN KK CHINA DAILY SERVICES CTS DHL EXPRESS CALVIN KLEIN CHINA DAILY ASIA COLLECTIVE BRANDS CUSHMAN & THAILAND CAMIL ALIMENTOS PACIFIC SERVICES TAIWAN WAKEFIELD DHL GLOBAL CAMPBELL SOUP CHINA COLLYER BRISTOW CXA GROUP FORWARDING ASIA DEVELOPMENT COLUMBIA CYBER POWER HONG KONG CANADA PENSION INDUSTRIAL BANK SPORTSWEAR SYSTEMS DIA PLAN INVESTMENT CHINA LIFE FRANKLIN COMPANY CYBERLINK DIAGEO BOARD ASSET COMET CHINA CYNTEC DIAGEO TAIWAN CANON BUSINESS MANAGEMENT COMMERZBANK AG CYPRESS DIALOG PROCESS CHINA LIFE COMMONWEALTH SEMICONDUCTOR SEMICONDUCTOR SERVICES INSURANCE BANK CYUKYO YUSHI DIANRONG CANON HONG KONG CHINA MERCHANTS COMPASS GROUP DAA DIEBOLD THAILAND CANON MARKETING LOSCAM COMPASS GROUP DAH CHONG HONG DIODES TAIWAN (TAIWAN) CHINA MOBILE HONG RUS DAH SING BANK DIRECTV CAPESPAN KONG COMPASSION DAH SING BANK DIRECTV LATAM CONTINENT CHINA MOBILE INTERNATIONAL (CHINA) DISCOVER FINANCIAL CAPGEMINI NL INTERNATIONAL COMPTEL DAH SING LIFE SERVICES CAPGEMINI CHINA OVERSEAS COMPTEL ASSURANCE DISCOVERY PHILIPPINES LAND & COMMUNICATIONS DAHL SVERIGE COMMUNICATIONS CAPRI SUN GROUP INVESTMENT COMPUTACENTER DAIICHI SANKYO DISCOVERY CAPSA-CAPEX CHINALIN COMPUTACENTER BRASIL NETWORKS CARDIF SERVICIOS SECURITIES SERVICES KFT. FARMACÊUTICAA. DISNEY CARDINAL HEALTH CHIPMOS COMPUTERSHARE DAIICHI SANKYO DIVERSEY CARESTREAM TECHNOLOGIES MORTGAGE TAIWAN DIVERSEY HEALTH CHS SERVICES DAIKIN PHILIPPINES CARGILL CHS DE ARGENTINA CONCENTRIX AIRCONDITIONING DKSH TAIWAN CARLSON REZIDOR CHUBB ASIA PACIFIC SERVICE KOREA (S) DKSH THAILAND HOTEL GROUP CHUBB INSURANCE CONCEPCION DAIKIN MALAYSIA DLINK BRASIL CARLSON WAGONLIT MALAYSIA BERHAD CARRIER AIR DAIKYOORPORATED D-LINK TRAVEL CHUBB LIFE CONDITIOTING DAK AMERICAS CORPORATION CARREFOUR INSURANCE COMPANY DAK AMÉRICAS DMG MORI CARTER HOLT COMPANY CONCUR ARGENTINA AKTIENGESELLSCH HARVEY CHUGAI PHARMA CONNING DAMCO INDIA AFT CASTROL TAIWAN CONOCOPHILLIPS DANA JAPAN DMGT PHILIPPINES CIA. SHERWIN CONTINENTAL DANA TRANSEJES D-MOP CATALENT PHARMA WILLIAMS CONTINENTAL DANFOSS DMS SOLUTIONS CIGNA TAIWAN ENGINEERING DANIEL SWAROVSKI DNP PROPERTY CATERPILLAR CIMAS ENGINEERING CONVERGA ASIA DANIEL THWAITES MANAGEMENT FINANCIAL CIMB-PRINCIPAL CONVERGYS DANONE DNV GL SERVICES ASSET CONVOY FINANCIAL DANONE DJURDJURA DON MARIO CATH KIDSTON MANAGEMENT SERVICES ALGÉRIE DONALDSON CATHAY CENTURY CIMC COOPER STANDARD DANONE NUTRICIA COMPANY INSURANCE CIMPRESS COOPERVISION DANTE DONGGI SENORO CATHAY LIFE CIN KATE COORSTEK INTERNATIONAL DONGGUAN PRIMAX INSURANCE CIPLA COPELAND DARWIN PRECISIONS ELECTRONIC & CATHAY PACIFIC CIPMOS CORE SECUTIRY DASSAULT TELECOMMUNICATI AIRWAYS CIRCLE K CORETRONIC SYSTEMES ON PRODUCTS CATHAY PACIFIC CONVENIENCE CORIANT DATWYLER CABLING DOW BRASIL CATERING STORES CORNING SOLUTIONS AG DOW CHEMICAL SERVICES HONG KONG CORREO OFICIAL DE DAYCO PRODUCTS DOW QUIMICA HONG KONG CITI LA REPUBLICA DBS BANK (HK) DP CATHAY UNITED CITIBANK ARGENTINA DBS BANK CHINA DP WORLD CALLAO BANK CITIBANK TAIWAN COSCO-HIT DBS BANK, LABUAN DPD POLAND CATHAY UNITED CITIC PACIFIC TERMINALS HONG DEBENHAMS DR. REDDY'S BANK HONG KONG CITRIX SYSTEM KONG DEBIOPHARM LABORATORIES CCB LIFE INSURANCE CITY & GUILDS COUPANG INTERNATIONAL DRESSER RAND CDH INVESTMENTS CITY SAVINGS BANK COVANTA DECHERT DRISCOLL'S CDK GLOBAL CITY SUPER COVESTRO DELAWARE DSM CEMEX PHILIPPINES CITY UNIVERSITY OF COVESTRO TAIWAN CONSULTING ASIA DUBLIN AEROSPACE SOLID CEMENT HONG KONG CP ALL PUBLIC PACIFIC DUN & BRADSTREET, CENCOSUD CLARIVATE COMPANY DELL TAIWAN CENTRAL PROTEINA ANALYTICS JAPAN CRANE PAYMENT DELL JAPAN DUPONT PRIMA TBK CLAXSON INNOVATIONS DELOITTE DUPONT DO BRASIL CENTRAL TRADING & CLEVELAND CLINIC CRAVERI DELOITTE TOUCHE DUPONT MEXICO DEVELOPMENT CLINIGEN GROUP CREDIT AGRICOLE TOHMATSU DYSON CENTRICA CLOROX CIB, TAIPEI DELPHI E INK HOLDINGS CEPSA CLP HOLDINGS CREDIT AGRICOLE DELPHI CONNECTION E.SUN COMMERCIAL CERÁMICAS SAN CLÚID HOUSING CREDITOR SYSTEMS HOLDING BANK LORENZO CLYDE & CO INSURANCE FRANCE EASTSPRING ASSET CEREBOS CMC MARKETS CREDIT GUARANTEE DELPHI POLAND SA MANAGEMENT CEVA LOGISTICS CMIC HOLDINGS CORPORATION GDANSK KOREA CEVA LOGISTICS CNH INDUSTRIAL MALAYISA DELTA ELECTRONICS EASTSPRING HEADOFFICE B.V. CNPC CREDITEASE DELUXE AUST INVESTMENTS PHILIPPINE CNPC PERU WEALTH DELUXE INDONESIA CEVA LOGISTICS COACH MANAGEMENT ENTERTAINMENT EASTSPRING THAILAND COATS PLC HONG KONG SERVICES SECURITIES CFA COCA COLA CRESUD DEMATIC INVESTMENT CGI COCA COLA ANDINA CRH BSC DENTONS UKMEA TRUST CHAILEASE FINANCE COCA COLA ANDINA CRISIL IREVNA DENTSPLY GAC EATON ARGENTINA EUROPE EATON (CHINA) COCA COLA FEMSA DENTSPLY SIRONA INVESTMENTS

2017 Salary Budget Planning Report - Quarter 1 Edition 33 Participants (continued)

EBRD FABRICA CARIOCA FRESENIUS MEDICAL GESTAMP HANG SENG BANK ECOLAB DE CARE SOLUTIONS GESTIMUSA HANNOVER ECOLAB INVESTMENT CATALISADORES SERVICES GIA HANNSTAR DISPLAY CHINA FADV PHILIPPINES GIGAMEDIA HANON SYSTEMS ECOLAB PHILIPPINES FAIRTON FREUDENBERG GILEAD SCIENCES JAPAN ECOLAB QUÍMICA INTERNATIONAL FTLIFE INSURANCE GIVAUDAN HAP SENG ECOMMERA GROUP COMPANY ASIA GLANBIA CONSOLIDATED ECOPETROL FAMILIA BERCOMAT FUBON BANK HONG GLASSPOINT SOLAR BERHAD EDENOR FAMIQ KONG CHIINA HAPAG-LLOYD CHINA EDF ENERGY FANUC THAI FUBON LIFE GLAXOSMITHKLINE HARBINGER EDIÇÕES GLOBO FAR EASTERN INSURANCE HONG GLENMARK SYSTEMS CONDÉ NAST FIBERTECH KONG GLOBAL BUSINESS HARLEY-DAVIDSON EDM FAR EASTERN FUJI XEROX HONG POWER MOTOR COMPANY EDREAMS ODIGEO INTERNATIONAL KONG GLOBAL LEARNING HARMAN BECKER EDWARDS BANK FUJI XEROX SUPPORT AUTOMOTIVE LIFESCIENCES FAR EASTERN MALAYISA GLOBAL MAX SYSTEMS EGYPTIAN INTERNATIONAL FUJIAN JINHUA SERVICES ROHQ HARMAN DO BRASIL FERTELIZING LEASING INTEGRATED GLOBAL PAYMENTS HARMAN EIR FAR EASTERN NEW CIRCUIT PROCESS CENTRE INTERNATIONAL EISAI CENTURY FUJIAN NEWLAND GLOBAL SOURCES HARMAN RUS CIS EISENMANN FARMACITY SOFTWARE GLOBAL TEK HARRIAGUE ELCA TAIWAN FASTWEB ENGINGEERING FABRICATION HASBRO FAR EAST ELCA THAILAND FCA AUTOMOBILES FUJIFILM EUROPE GLOBALFOUNDRIES HASTINGS DEERING ELDORADO FEDERAL EXPRESS FUJITSU GLOBALFOUNDRIES HAWLEY & HAZEL ELECTROCOMPONEN FEDERAL EXPRESS TECHNOLOGY SINGAPORE TAIWAN TS HONG KONG SOLUTIONS GLOBANT HEALTHCARE ELECTROLUX FEDERAL EXPRESS FUNDAÇÃO CPQD GLOBE TELECOM MANAGEMENT ELECTROLUX DO THAILAND FUSHENG GM FINANCIAL TRUST BRASIL FEDERAL MOGUL INDUSTRIAL GODIVA UK HEIDELBERG ELECTRONIC ARTS FEDERATION OF FWD LIFE INDONESIA GOJO INDUSTRIES INDONESIA ELEKRTOSFERA HONG KONG FWD LIFE GOL LINHAS AEREAS HEINEKEN EOOD INDUSTRIES INSURANCE INTELIGENTE BROUWERIJEN B.V. ELI LILLY FERRERO FWD LIFE GOLDENWAY TAIWAN BRANCH ELI LILLY ASIA FERRING INSURANCE INVESTMENTS HELEN OF TROY PACIFIC INTERNATIONAL BERMUDA HOLDINGS COMERCIAL ELI LILLY MALAYSIA CENTER FWD LIFE GOMAJI OFFSHORE DE ELNUSA FERRING MALAYSIA INSURANCE GOODMAN ASIA MACAU LIMITADA EMERGING POWER FERRING PRIVATE VIETNAM GOODWIN PROCTER HELION MARKET EMERSON FERRO GADOR GOOGLE RESEARCH EMERSON FERRO ARGENTINA GALAXY GOWLING WLG HELLENIC AUTOMATION FERROKNEPPER ENTERTAINMENT GRACO PETROLEUM SOLUTIONS SPAIN BUDERUS GROUP GRAÑA Y MONTERO CYPRUS EMERSON CLIMATE FERROSAN GALDERMA PETROLERA HERBERT SMITH TECHNOLOGIES FERROVIAL GALDERMA GRANADO|PHEBO FREEHILLS EMERSON PROCESS FERRUM PHILIPPINES GRANT THORNTON HERIOT-WATT MANAGEMENT FHJ GALICIA SEGUROS GRAS SAVOYE WIILIS UNIVERSITY EMHK FIAGRIL GALVANI INDÚSTRIA, TOWERS WATSON MALAYSIA EMPRESAS POLAR FIAT CHRYSLER COMÉRCIO E VIETNAM HERMÈS EMS AUTOMOBILES SERVIÇOS GREAT EASTERN HERMES-EPITEK ENAGÁS FIBA GROUP GAM FUND HOLDINGS HERSHEY MEXICO ENAP SIPETROL FIELDFISHER MANAGEMENT GREAT EASTERN HERTZ ENERGIA SAN JUAN FILA MARKETING GAMEVIL LIFE ASSURANCE HESS ENGIE - GLOBAL HONG KONG GAMMON MALAYSIA BERHAD HEWLETT PACKARD ENERGY FINANCE CONSTRUCTION GROOVE ENTERPRISE MANAGEMENT FINANCIAL TIMES GANAGRIN TECHNOLOGY HGST PHILIPPINES ENGIE BRASIL FINNING GAP VIETNAM HILTI ROMANIA ENERGIA FIRST COMMERCIAL GAP INTERNATIONAL GROSVENOR HILTON HOTELS ENGLISH SCHOOLS BANK SOURCING GROUPM HINES FOUNDATION FIRST SOLAR GARBARINO GRUMA INTERNATIONAL. ENTIE COMMERCIAL FIRST UTILITY GBST WEALTH GRUNDFOS HIROSE ELECTRIC BANK FIRST-AVIVA LIFE MANAGEMENT GRUNENTHAL SINGAPORE EON INSURANCE GE APPLIANCES GRÜNENTHAL HITACHI DATA EPCOS FIS GLOBAL GE TECHNOLOGY VENEZOLANA SYSTEMS EPISTAR BUSINESS INDONESIA FARMACEUTICA HKRI TAIKOO HUI EPSON SOLUTIONS GEFCO GRUPO ASE HKT EPSON EUROPE FISHER ROSEMOUNT GEMALTO GRUPO AXO HMZONE.COM EQUICOM SHARED SYSTEMS. PBO GENERAL DE GRUPO BERMEJO HOLLISTERORPORAT SERVICES FIVE9 PHILIPPINES SEGUROS GRUPO BRAVANTE ED EQUIFAX FLENI GENERAL ELECTRIC GRUPO CARREFOUR HOLMAN FENWICK ERICSSON FLEX INTERNATIONAL GENERAL MILLS GRUPO FINANCIERO WILLAN ERNST & YOUNG FLUOR GENERAL MOTORS MONEX HOME CREDIT CHINA ERSTE BANK FLY ACE GENERAL MOTORS GRUPO GARBARINO HOME CREDIT HUNGARY FM LOGISTIC ARGENTINA GRUPO LINDE GAS INDONESIA ESCO FMC TECHNOLOGIES GENERAL MOTORS ARGENTINA HOMESERVE ESPN FONDOMONTE CHILE GRUPO MIRGOR MEMBERSHIP ESQUEL GARMENT FONTERRA JAPAN GENERAL MOTORS GRUPO PIERO HONDA MANUFACTURING FORD COLOMBIA GRUPO PROMINENTE HONEYWELL VIETNAM FORD MOTOR GENERAL MOTORS GRUPO PROSEGUR HONG KONG ESTAFETA COMPANY ECUADOR GRUPO PSA ADVENTIST ESTERLINE FORMOSA GENERAL MOTORS (PEUGEOT CITROEN HOSPITAL - STUBBS TECHNOLOGIES LABORATORIES PERU DS) ROAD EUREST KFT FORTIS HEALTHCARE GENERAL MOTORS GRUPO RBS HONG KONG AERO EUROCLEAR FORTUM URUGUAY GSK ENGINE SERVICES EVERCRISP SNACK FORTUNE GENERAL MOTORS GSK HONG KONG PRODUCTOS DE PHARMACAL VENEZOLANA PHARMACEUTICAL AIRLINES CHILE FOUNDER GENERAL GUANGZHOU DIGITAL HONG KONG EVERSHEDS SECURITIES REINSURANCE TONGKEHU AVIATION GROUND SUTHERLAND FRANCE ARGENTINE GENERALI LIFE SERVICE SERVICES EXCELITAS COSMETIC ASSURANCE GUARDFORCE HONG KONG BAPTIST TECHNOLOGIES FRANKE KS EGYPT THAILAND GUDENG PRECISION UNIVERSITY EXL SERVICE FRANKLIN GENERALI THAILAND INDUSTRIAL HONG KONG EXOLGAN TEMPLETON GENERALI GUOCO GROUP BROADBAND EXPEDIA FRANK'S WORLDWIDE LIMITE NETWORK EXPERIAN INTERNATIONAL INSURANCE GYPLAC HONG KONG DA EXPERIAN ASIA FREEWILL COMPANY H.B. FULLER KANG PACIFIC SOLUTIONS GENESYSLOGIC HAECO INTERNATIONAL EXXONMOBIL VIETNAM GENTING HALLIBURTON INVESTMENT FABRICA AUSTRAL FRESENIUS MEDICAL PLANTATIONS HANG LUNG HONG KONG DE PRODUCTOS CARE BERHAD PROPERTIES ECONOMIC TIMES ELECTRICOS

2017 Salary Budget Planning Report - Quarter 1 Edition 34 Participants (continued)

HONG KONG IMS JM FINANCIAL KUBOTA PHILIPPINES LUTRON EDUCATION CITY INCHCAPE HONG JMSMUCKER KUNLUN LVMH P&C UKRAINE HONG KONG KONG JOHN DEERE HEALTH INSURANC LYONDELLBASELL EXAMINATIONS AND INCYTE BIOSCIENCES JOHN DEERE BRASIL E M&I SYSTEMS ASSESSMENT INDOSAT, TBK JOHN SWIRE & SONS KURARAY KOREA M.VIDEO AUTHORITY INDRA PHILIPPINES HONG KONG KWS M/S CONCENTRIX HONG KONG INDULGE JOHN WILEY & SONS KYOCERA DAKSH BUSINESS EXCHANGES AND INDUSTRIAL BANK OF JOHNSON & L´OCCITANE DO PROCESS CLEARING TAIWAN JOHNSON BRASIL SERVICES HONG KONG FERRY INDUSTRIAS HACEB JOHNSON CONTROLS L´OREAL MACHADO MEYER HONG KONG INFINEON JOHNSON HEALTH LA GLORIOSA MAGGIOLO HOUSING TECHNOLOGIES AG TECH LA KAFFA MAHINDRA COMVIVA AUTHORITY INFINEON JOHNSON INTERNATIONAL MAHLE HONG KONG TECHNOLOGIES OUTDOORS LABORATÓRIO MALAKOFF HOUSING SOCIETY TAIWAN JOINCARE PFIZERA MALAYAN BANKING HONG KONG INFINEUM BRASIL PHARMACEUTICAL LABORATÓRIOS MALAYAN INSTITUTE OF INFOR ARGENTINA INDUSTRY GROUP SERVIVER DO INSURANCE CERTIFIED PUBLIC INFOSYS JOLLIBEE FOODS BRASILA MALAYSIAN ACCOUNTANTS INFOSYS BPO CORPORATION LABORATORIOS ELECTRONIC HONG KONG NOTE INGENICO JOLLIBEE VIETNAM VICTORIA CLEARING PRINTING EPAYMENTS JONES LANG LACOSTE CORPORATION HONG KONG INGESOLL RAND LASALLE LAFARGEHOLCIM MALAYSIAN PRODUCTIVITY INGRAM MICRO JOTUN PAINTS LAM RESEARCH ELECTRONIC COUNCIL INMETRICS VIETNAM LAMEX TRADING PAYMENT SYSTEM HONG KONG INNOGY JP MORGAN CHASE LAMODA MALL PLAZA TOURISM BOARD INPEX AMERICAS JP MORGAN CHASE LANGHAM MANDATORY HONG KONG UNITED INTEGRATED BANK BERHAD HOSPITALITY PROVIDENT FUND DOCKYARD DISPLAY JPMORGAN ASSET GROUP SCHEMES HONG LEONG TECHNOLOGY MANAGEMENT LANIT AUTHORITY CAPITAL INTEGRATED DNA TAIWAN LASERTEC MANILA ELECTRIC HONG YIP SERVICE TECHNOLOGIES JSC R-PHARM LASTMINUTE.COM COMPANY HONGKONG INTEGRATED FLOW JT INTERNATIONAL LATAM MANILA NORTH INTERNATIONAL SYSTEMS JT INTERNATIONAL LATHAM & WATKINS TOLLWAYS TERMINALS INTER CARS PHILIPPINES LAUREATE MEXICO MANPOWER GROUP HONGKONG INTER PARTNER JTH GROUP UNIVERSITIES MANULIFE INTERNATIONAL ASSISTANCE JTI LAZADA MANULIFE ASET THEME PARKS ALGÉRIE JTI PROCESSADORA LBC EXPRESS MANAJEMEN HONGKONG LAND INTERCONTINENTAL JTI ROMANIA LDS CHURCH INDONESIA HONGYUAN FUTURES HOTELS GROUP JUBILANT GENERICS LEADTREND MANULIFE ASSET HONTAI LIFE INTERCONTINTAL K. WAH TECHNOLOGY MANAGEMENT INSURANCE GRAND STANFORD CONSTRUCTION LEDESMA (TAIWAN) HOSPIRA HONG KONG MATERIALS HONG LEDVANCE MANULIFE CAMBODIA HEALTHCARE INDIA INTERFLOUR KONG LEE KUM KEE INT'L MANULIFE HOWARD KENNEDY VIETNAM K. WAH HOLDING INSURANCE HOYA SURGICAL INTERNATIONAL INTERNATIONAL LEIGHTON ASIA MAPLETREE OPTICS AUTOMOBILES HOLDINGS LEVEL 3 INVESTMENTS HP INTERNATIONAL K11 CONCEPTS LEVEL 3 MARCO POLO HPE PAPER KAO THAILAND COMMUNICATIONS HOTELS HSBC INTERNATIONAL SOS KAPSCH LEVI STRAUSS MANAGEMENT HSBC GLOBAL ASSET INTO UNIVERSITY KARCHER LEXMARK MARICO SEA MANAGEMENT PARTNERSHIPS KATOEN NATIE LG CHEM (TAIWAN) MARKS AND (TAIWAN) INTRACOPENTA SERVICES LG DISPLAY SPENCER ASIA HSBC TAIWAN INVESCO KDDI LG ELECTRONICS PACIFIC HSS HIRE SERVICE IPSEN KELLER EUROPEAN MARS GROUP IPSEN RUSSIA KELLOGG RUS SHARED SERVICE MARVELL KOREA HTC IRENE CHHOO KELVION CENTER B.V. MARVELL HUA INSURANCE IRISH DISTILLERS KENWORTH LIBBS TECHNOLOGY HUATAI INSURANCE PERNOD RICARD MEXICANA MEXICO FARMACÊUTICA JAPAN GROUP IRON MOUNTAIN KEYSIGHT LIBERTY GLOBAL MARY KAY HUATAI PROPERTY & ISOLA ASIA PACIFIC TECHNOLOGIES LIBERTY INSURANCE MARY KAY ASIA CASUALTY INSURA HONG KONG KGI BANK LIBERTY SERVICES NCE ISTA SHARED KGI SECURITIES INTERNATIONAL MARY KAY HUATAI-PINEBRIDGE SERVICES ROMANIA KIA INSURANCE COSMETICOS INVESTMENTS IT CONVERGENCE KIER LIBERTY MUTUAL MASISA HUMAN HEALTH ITI NEOVISION KIMBERLY-CLARK INSRUANCE MASTERCARD HONG KONG ITT KING & WOOD LIBERTY SPECIALTY MASTERLINK HUSKY ENERGY ITV MALLESONS MARKETS SECURITIES HONG KONG IVECO VENEZUELA KING DRAGON LIFE LIEBHERR MAXAM HUSKY INJECTION IXOM INSURANCE LIEN CHANG MAXIM INTEGRATED MOLDING SYSTEMS JABIL CIRCUIT KINGFISHER ASIA ELECTRONIC MAXIM'S CATERERS HYPERMARCAS JABIL DESIGN KK ENTERPRISE ENTERPRISE MAXIS HYUNDAI AUTOEVER SERVICES KKBOX LINDE MAYBANK BRASIL TECN INFA JACOBS KLARNA AB (PUBL) LINDLEY MAYBANK INDONESIA HYUNDAI MOTOR ENGINEERING KLATENCOR LINK ASSET MAYBANK VIETNAM BRAZIL JACOBS RUS KLATENCOR JAPAN MANAGMENT MBDA ITALY IBM JACOBS KLÖCKNER LINKEDIN MCCAIN IBM BUSINESS TECHNOLOGY PENTAPLAST LLOYDS REGISTER MCCAIN FOODS SERVICES JAGUAR LAND KLX L'OCCITANE RUSSIA MCDERMOTT I-CABLE ROVER KMG SINGAPORE LOGICALIS MCDERMOTT COMMUNICATIIONS JAPAN AIRLINES KML ENGINEERING LONZA BIOLOGICS INTERNATIONAL. ICBC JAPAN AIRLINES KNIGHT FRANK PORRIÑO MCDONALD`S ICBC ASIA CHINA PETTY LONZA JAPAN RESTAURANTS ICON JARDINE AIRPORT KNORR-BREMSE ASIA LOTUS (TAIWAN) ICPA SERVICES PACIFIC PHARMACEUTICAL MCDONALD'S IDEMITSU KOSAN JARDINE MOTORS KNOWLES LOUIS DREYFUS MCDONALD'S IEEE GROUP ELECTRONICS COMPANY COMPANY JAPAN IGT JARDINE, MATHESON PHILIPPINES LOUIS DREYFUS MCDONALD'S IGT SPAIN LOTTERY JEBSEN KODAK ALARIS COMPANY RESTAURANTS IHS MARKIT JFE ENGINEERING KOFAX SERVICES HONG KONG IKEA INDIA KOHLER BULGARIA EOOD MCGRAW HILL IKEA DOM JG SUMMIT KOHLER EMEA LSG LUFTHANSA EDUCATION IMAGINEX HOLDINGS KOMATSU SERVICE HONG MCIS INSURANCE MANAGEMENT JIH SUN KONE ELEVATOR KONG MCKESSON IMC PAN ASIA INTERNATIONAL HONG KONG LUBRIZOL ADVANCED MDI-NOVARE ALLIANCE COMMERCIAL BANK KOPERASI TENTERA MATERIALS INDIA TECHNOLOGIES IMEC JIH SUN SECURITIES KÖRBER AG PRIVATE MEAD JOHNSON IMPAX JK ORGANIZATION KOWLOON-CANTON LUIS PASTEUR MEAD JOHNSON IMPERIAL TOBACCO JLL RAILWAY LUKOIL NUTRITION TAIWAN JLT KPMG LUMENTUM PHILIPPINES

2017 Salary Budget Planning Report - Quarter 1 Edition 35 Participants (continued)

MEDANITO MSA DO BRASIL NOVARTIS PACIFIC CROSS PRESIDENT MEDIACORP EQUIPAMENTOS E NOVARTIS TAIWAN HEALTH SECURITIES MEDICON INSTRUMENTOS DE NOVO NORDISK INSURANCE PRESIDENT MEDIX SEGURANÇAA NOVO NORDISK PADTEC TRANSNET MEDOVATIONS MSD PANAMA PAGESJAUNES PREVOIR VIETNAM MEDTRONIC MSD THAILAND NOVO NORDISK PALL CORPORATION LIFE INSURANCE MEGATLON MSD VIETNAM PHARMA TAIWAN PANASONIC HONG PRIMA AFP MEKONG ENERGY MSIG HOLDINGS ASIA NOVOZYMES KONG PRIMAX MELALEUCA MTR CORPORATION NOVOZYMES BIOAG PAPEL PRENSA ELECTRONICS MELCO SERVICES MTS SYSTEMS NS2 COM INTERNET PAREXEL PRIME CARE MELÓN MULTIRASA SA PARMALAT PRIMUS MENTOR GRAPHICS NUSANTARA NTT COM ASIA PORTUGAL PRINCIPAL MENTOR GRAPHICS MUNDIPHARMA NU SKIN PARQUE ARAUCO PROCTER & GAMBLE CHINA BRASIL PROD ENTERPRISES PATH PRODUBAN SERV MERCADO ABIERTO MÉDICOS E NUFARM INDÚSTRIA PCA LIFE INFORMÁTICA ELECTRÓNICO FARMACÊUTICOSA QUÍMICA E ASSURANCE PRODUCTORS MERCEDES-BENZ MUNICH RE FARMACÊUTICA PCCW ROCHE QFSA TAIWAN MUNICH RE NXP PEARSON PRODUCTS MERCK SINGAPORE SEMICONDUCTORS EDUCATION ASIA PHILIPPINES MERCK KGAA MUNIDPHARMA HONG KONG PEARSON EDUCTION PRODUTOS ROCHE MERCK SHARP & INTERNATIONAL NXP ASIA QUÍMICOS E DOHME MURATA CO SEMINCONDUCTOR PEGASYSTEMS FARMACÊUTICOS MERCK SHARP & MURATA MACHINERY S PEGATRON PROFERTIL DOHME ASIA MYLAN OBERTHUR PEISA PROLOGIS MERCKGROUP MYLAN HUNGARY TECHNOLOGIES PENGUIN RANDOM PROMEDON MERCURIES LIFE NA MIDDLE EAST HOUSE GRUPO PROMON INSURANCE NAGRA KUDELSKI OBERTHUR EDITORIAL ENGENHARIA MERITOR GROPUP TECHNOLOGIES PENSPEN PRONACA MERZ ASIA PACIFIC NALCO VENEZUELA R&D POLAND PENTA-OCEAN PROSEGUR MERZ PHARMA NAN SHAN LIFE OBI PHARMA CONSTRUCTION PROSEGUR BRASIL METAL ONE INSURANCE OCBC PEPPER ASSET PROSEGUR CORPORATION NANJING MICRO ONE OCBC CHINA SERVICING PARAGUAY (TAIWAN) ELECTRONICS OCBC WING HANG PEPSI COLA PROTEIN S.A. DE C.V. METAL ONE NANO AND BANK PRODUCTS (APOTEX) THAILAND ADVANCED OCEAN LIFE PHILIPPINES PROXIAD BULGARIA METALES DEL TALAR MATERIALS INSURANCE PEPSICO PRU LIFE UK METLIFE INSTITUTE OCJ.COM.CN PEPSICO EGYPT PRUDENTIAL ASIA METRO AEBE NANYANG OCWEN FINANCIAL PEPSICO HOLDINGS PRUDENTIAL BSN METRO PACIFIC COMMERCIAL BANK SOLUTIONS PEPSICO INDIA TAKAFUL INVESTMENTS NATIONAL AUSTALIA OCWEN FINANCIALS PERKINELMER PRUDENTIAL CORPORATION BANK ODEBRECHT OLEO E PERNOD RICARD FINANCIAL METTLER-TOLEDO NATIONAL GAS PERNOD RICARD SECURITIES MICRON INSTRUMENTS OFCOM SOUTH AFRICA INVESTMENT TECHNOLOGY TAIWAN OFFICE PERRIGO MÉIXCO TRUST ENTERPRISE MICROSOFT NATURA ADMINISTRATIONS PETROBRAS PRUDENTIAL GHO MICROSOURCING NAVENT OI SA PETROCHINA PRUDENTIAL HONG PHILIPPINES NBCUNIVERSAL OLX INTERNATIONAL KONG MICROSTRATEGY NCR OLX BRASIL JABUNG PRUDENTIAL LIFE BRASILA NDI-NOVARE OLX PHILIPPINES PETROGAL BRASIL ASSURANCE MIDLAND HOLDINGS TECHNOLOGIES OMG VIETNAM PETROPERU PRUDENTIAL LIFE MINDCREST INDIA NEC OMINT PFIZER INSURANCE MINDTREE NEC CORPORATION ONAPSIS PFIZER ASIA PACIFIC COMPANY OF MINE SAFEY OF AMERICA ONEFAMILY PFIZER MALAYSIA TAIWAN APPLIANCES NEORIS ONO PHARMA UK SDN BHD PRUDENTIAL MINERA BARRICK NESTLE OOO "NIKON" PGI SERVICES ASIA MINERA BARRICK NESTLÉ EGYPT OPENET TELECOM PHILIP MORRIS PRUDENTIAL MISQUICHILCA NESTLE HONG KONG OPENET TELECOM PHILIP MORRIS VIETNAM MINTERELLISON NESTLE THAI MALAYSIA JAPAN ASSURANCE MIRA MEDSOURCE NETAPP ORACLE PHILIPPINE PSA PEUGEOT MITRASTAR NETBASE ORACLE EMEA BUSINESS BANK CITROEN MITSUBISHI SOLUTIONS, ORANGE BUSINESS PHILIPPINE SAVINGS PSG GLOBAL MATERIALS TAIWAN BRANCH SERVICES BANK SOLUTIONS SOUTHEAST ASIA NETSHOES ORBIS PHILLIPS 66 PTTEP MALUNDA MIZUHO BANK NETWORKS! INTERNATIONAL PHINMA PUBLIC BANK MIZUHO BANK NEW DAY ORGANIZACIÓN PHOENIX CONTACT PUBLIC BANK HONG MANILA NEW WORLD FIRST CORONA PINEBRIDGE KONG MOBIVIA FERRY SERVICES ORGANIZACIÓN INVESTMENTS PUENTE HNOS MODEC NEWELL BRANDS SORIANA MANAGEMENT PUNCH MODERN TERMINALS NEXTEL ORIENT OVERSEAS TAIWAN ENTERTAINMENT MODULAR MINING TELECOMUNICAÇÕ CONTAINER LINE PING AN SECURITIES VIETNAM SYSTEMS ES ORIFLAME PING GOLF JAPAN PUNGKOOK SAI GON MOL ASIA NG BAILEY ORIGIN FUND PITNEY BOWES III MOLEX TAIWAN NGONG PING 360 MANAGEMENT PIVARA SKOPJE PURAPHARM MOLFINO HNOS NH HOTELES ORTHOFIX DO BRASIL PLADIS GLOBAL PUSAN NEW PORT MONDELEZ NHK JAPAN OTIS ELEVATOR PLANSEE JAPAN INTERNATIONAL MONDELEZ BROADCASTING COMPANY HONG PLUSPETROL TERMINAL ARGENTINA NI HUNGARY KONG PLUSPETROL NORTE PVH ASIA MONDELEZ NIC GROUP OTIS ELEVATOR PNB METLIFE INDIA QBE BUSINESS NIDERA KOREA INSURANCE QBE INSURANCE SERVICES NIDERA SEMENTES OTSUKA POINTER QBP TAIWAN MONDELEZ NIPPON SHEET OTSUKA OPV JSC POINTWEST QI PHILIPPINES ÖSTERREICH GLASS OTSUKA PHARAM TECHNOLOGIES QINETIQ MONSANTO NISSAN SCANDINAVIA CORPORATION QOROS AUTOMOTIVE MONSOON NISSAN EUROPE OUR HK FOUNDATION POLYONE QUALCOMM ACCESSORIZE NISSAN OURO PRETO ÓLEO E POLYPLASTICS QUALITY MOODY'S MANUFACTURING GÁS POSITIVO HEALTHCARE MOOG IRELAND RUS OVERSEA-CHINESE INFORMATICA MEDICAL SERVICES MORNINGSTAR INDIA NISSIN FOODS BANKING POTTERMORE QUANTUM MORPHO NOBEL BIOCARE CORPORATION PRA HEALTH QUEIROZ GALVÃO MORPHO CARDS JAPAN OWENS ILLINOIS SCIENCES EXPLORAÇÃO E MOSAIC NOBINA OXFORD PRACTIA PRODUÇÃO MOSAIC NOKIA INSTRUMENTS PRAGMA QUIMICA SUIZA FERTILIZANTES DO NOKIA SOLUTIONS & OXFORD UNIVERISTY CONSULTORES Q-WARE SYSTEMS & BRASILA NETWORKS PRESS PRESIDENT SERVICES MOVILE INTERNET INDONESIA OZON.RU INFORMATION R/GA MOVEL NORTHERN TRUST PACIFIC CENTURY PRESIDENT RABOBANK MOVISTAR NORTHROP PREMIUM LOGISTICS RABOBANK MPHASIS GRUMMAN DEVELOPMENTS INTERNATIONAL INDONESIA MPIL NOVAMEDICA RAFFO

2017 Salary Budget Planning Report - Quarter 1 Edition 36 Participants (continued)

RAJAWALI CORPORA S&P GLOBAL SGS BELGIUM SONY DEVICE SWIRE COCA-COLA RALPH LAUREN S. C. JOHNSON & SON SGS GREECE TECHNOLOGY TAIWAN RAVAGO TAIWAN SGS GROUP THAILAND SWIRE HOTELS COORDINATION SABIC MANAGEMENT SONY TAIWAN SWIRE RESOURCES CENTER SABIC AUSTRALIA SGS GULF SOUTHEASTERN SWISS MEDICAL RBC SABIC CHINA SGS KAZAKHSTAN GROCERS SWISS RE BEIJING RBS SERVICES INDIA SABIC HONG KONG SGS MALAYSIA SOUTHWEST BRANCH RCBC BANKARD SABIC INDIA SGS POLSKA SECURITIES SWM SERVICES SABIC INDONESIA SGS SLOVAKIA FINANCIAL SYARIKAT TAKAFUL CORPORATION SABRE SGS SLOVENIJA MANAGMENET MALAYSIA BERHAD RCG GLOBAL SAGE DO BRASILA SGS TURKEY HONG KONG SYKES ASIA SERVICES SAINT FRANCIS SGS UNITED SOVENA SYNAPTICS RCSI HEALTH SYSTEM KINGDOM SPANSION JAPAN SYNCREON RECKITT BENCKISER SAIPEM DO BRASIL SGX SPECTRIS KOREA SYNGENTA RECTICEL SAK SIN PRASIT SHANGHAI SPECTRUM BRANDS SYNGENTA CROP REED BUSINESS SAMSONITE COMMERCIAL BANK HHI MEXICO PROTECTION AG, INFORMATION SAMSONITE ASIA SHANGRI-LA SPEEDFAM IN BASEL REED ELSEVIER SAMSUNG INTERNATIONAL SPI LASERS SYNHTOMER SHARED SERVICES SAN MIGUEL HOTEL SPOTIFY SYNMOSA PHILIPPINES SAN MIGUEL MANAGEMENT SPX CORPORATION BIOPHARMA REGIS MUTUAL BREWERY HONG SHARED SERVICES SPX FLOW CORPORATION MANAGEMENT KONG SHEARWATER ST JAMES'S PLACE SYSMEX RENAULT RUSSIA SANDVIK HEALTH WEALTH CORPORATION RENTOKIL INITIAL SANLAM SHELL OIL MANAGEMENT SYSMEX DO BRASIL HONG KONG SANMINA - SCI SHENZHEN SAIYIFA STANDARD SYSMEX KOREA REPSOL PERÚ SYSTEMS THAILAND WEIDIANZI CHARTERED BANK SYSTEX REPSOL SINOPEC SANMINA SYSTEMS SHIMODA TRADING STANDARD CORPORATION BRASIL SINGAPORE SHIN KONG BANK CHARTERED BANK T&L SUGARS REPUBLIC CEMENT SANOFI SHIN KONG LIFE HONG KONG TAG AVIATION ASIA SERVICES SANOFI AVENTIS INSURANCE STANDARD TAIPEI FINANCIAL REWARD GATEWAY SANPHAR SAÚDE SHINKONG CHARTERED BANK CENTER RFM CORPORATION ANIMALA INSURANCE MALAYSIA TAIPEI FUBON RGA SANTANDER ESPAÑA SHINRYO HONG STANDARD LIFE COMMERCIAL BANK RHB BANK SANTANDER RIO KONG STANLEY BLACK & HONG KONG RICARDO SANTO ANTÔNIO SHISEIDO DECKER TAISHIN INVESTMENT RICETEC ENERGIA SHISEIDO THAILAND STARBUCKS.CO.JP TRUST RICOH SAP SHL STEVENS & BOLTON TAIWAN CHLORINE RICOH RUS SAP LABS BULGARIA SHUN TAK HOLDINGS STMICROELECTRONI INDUSTRIES RIDGE TOOL EUROPE SAPA ALUMINIUM SHUN TAK HOLDINGS CS MOROCCO TAIWAN HIGH SPEED RINGIER VIETNAM SAS INSTITUTE MACAU STOLLER RAIL CORPORATION RIVIERAWAVES PHILIPPINES SICPA STOLT-NIELSEN TAIWAN HITACHI ASIA ROBERT BOSCH SAS INSTITUTE SIDLEY AUSTIN STRYKER PACIFIC MEXICO TAIWAN SIEGWERK STRYKER TAIWAN LIFE ROBINSONS RETAIL SAS PHILIPPINES SIEMENS HEALTHCARE INSURANCE HOLDINGS SAVIA SIEMENS INDUSTRY PRODUCTS BEIJING TAIWAN MURATA ROCHE SAVIA PERU SOFTWARE STRYKER PACIFIC ELECTRONICS ROCHE AUSTRIA SBERBANK SIEMENS TAIWAN STUDIO A TAIWAN ROCHE BULGARIA SC JOHNSON & SON SIEMENS USA SUBSEA7 DO BRASIL SEMICONDUCTOR ROCHE DIAGNOSTICS SCA TAIWAN SIME DARBY SERVIÇOS MANUFACTURING ROCHE DIAGNOSTICS SCANIA HOLDINGS BERHAD SUBWAY COMPANY RUS SCANIA-RUS SINGAPORE SUMIFRU TAIYO YUDEN ROCHE DIAGNOSTICS SCHENKER KOREA TELECOMMUNICATI PHILIPPINES TAKACHIHO FIRE, TAIWAN SCHENKER ONS SUMIKA SECURITY & ROCHE EGYPT SINGAPORE SINO LAND COMPANY TECHNOLOGY SERVICES ROCHE KOREA SCHINDLER SINOPAC SECURITIES SUMITOMO HEAVY THAILAND ROCHE SCHINDLER INDIA SINOPAC SECURITIES INDUSTRIES TAKEDA PHARMACEUTICALS SCHINDLER LIFTS ASIA SUMITOMO TAKEDA ROCHE PRODUCTS HONG KONG SINOPEC ARGENTINA INDONESIA DEVELOPMENT ROCHE SERVICIOS SCHNEIDER SINYI REALTY SUMITOMO MITSUI CENTRE EUROPE DE MÉXICO ELECTRIC SITEL BANKING TAKEDA ROCHE SINGAPORE SCHNEIDER SIX MANAGEMENT AG SUMITOMO MITSUI HEALTHCARE TECHNICAL THAILAND SKANDINAVISAK BANKING TAIPEI TALIS ASSET OPERATIONS SCIENTIFIC GAMES ENSKILDA BANKEN SUMITOMO RIKO MANAGEMENT ROCKWELL SCIENZA AB SINGAPORE COMPANY TALISMAN AUTOMATION SCINOPHARM SKANSKA SUMITOMO TAIWAN SAKAKEMANG BV ROCKWELL COLLINS TAIWAN SKF SUN LIFE TASS ROEMMERS SCOTIABANK SKINCO ASSURANCE INTERNATIONAL ROGERS SCOTIABANK SKYSILICON COMPANY OF TAYLOR VINTERS TECHNOLOGIES IRELAND SLATER AND CANADA TAYLOR WESSING (SUZHOU) SEA HOLDINGS GORDON SUN LIFE TDK EUROPE ROHDE & SCHWARZ SEADRILL SLI SYSTEMS EVERBRIGHT LIFE TE CONNECTIVITY ROHM SEALED AIR SMA SOLAR INSURANCE TE CONNECTIVITY SEMICONDUCTOR SEALED AIR TECHNOLOGY AG SUN LIFE FINANCIAL DISTRIBUTION HONG KONG CORPORATION SMARTONE ASIA THAILAND ROLLS-ROYCE SEALED AIR ITALY TELECOMMUNICATI SUN LIFE HONG TECH DATA EUROPE BRASILA SELECT SERVICE ONS KONG TECH MAHINDRA ROPES & GRAY PARTNER HONG SMBC MANILA SUNPOWER TECHDATA INTERNATIONAL KONG BRANCH PHILIPPINES TECHNICOLOR ROSEMOUNT TANK SENSIENT SMITH & NEPHEW SUNSTAR SUISSE TECHNISYS RADAR AB TECHNOLOGIES SMU SUNWAY EDUCATION TECNINCO / ROTAM SENSIRION AG SMURFIT KAPPA GROUP ENGINEERING ROTAM SEPHORA SNAP-ON SUPERIOR COMPANY AGROCHEMICAL SEPHORA THAILAND SOCIEDAD INDUSTRIES DE TECNOFARMA ROTARY SEPTENI HOLDINGS ARGENTINA DE MEXICO TECNOLOGIA INTERNATIONAL SERASA EXPERIAN ENERGÍA SUZANO PAPEL E BANCÁRIA ASOCIACION CIVIL SERDIX SOCIÉTÉ GÉNÉRALE CELULOSE TECNOMEX ROTOPLAS SERGIO ROSSI HONG SODEXO SVENSKA INDUSTRIAL ROYAL BANK OF KONG SODEXO ON-SITE DO HANDELSBANKEN TECO ELECTRIC & CANADA SERMSUK BRASIL SWAROVSKI MACHINERY RPC SERVICESOURCE SOFRECOM SWAROVSKI TELCOM VENTURES RR DONNELLEY GTS SERVICIOS LABIN SOLENIS SERVICIOS TELCOM VENTURES RR DONNELLEY SERVIER SOMPO CANOPIUS SWAROVSKI UK DE ARGENTINA PHILS SERVIER SOMPO INSURANCE SWEDBANK TELE2 RS COMPONENTS LABORATORIES HONG KONG SWIFT TELEFLEXORPORATE RSA INSURANCE SERVIER PHARMA SONANGOL SWINBURNE D RTC SERVIER HIDROCARBONETO UNIVERSITY OF TELEFONICA RUBRIKK PHILIPPINES S BRASILA TECHNOLOGY TELEFONICA DEL RYODEN SES SARAWAK CAMPUS PERU DEVELOPMENT SGS SWIRE BEVERAGES

2017 Salary Budget Planning Report - Quarter 1 Edition 37 Participants (continued)

TELEFONICA THE NORTHVIEW TRIGRANIT VALENTIN BIANCHI WILLIAMS-SONOMA VENEZOLANA GROUP DEVELOPMENT VALERO ENERGY SINGAPORE TELEPERFORMANCE THE OPEN TRIMBLE VALSPAR WIN HANVERKY PHILIPPINES UNIVERSITY OF TRINITY SECURITIES VARIAN MEDICAL HOLDINGS TELEPORT BUSINESS HONG KONG TRIUMPH SYSTEMS WINCOR NIXDORF TECH SOLUTIONS THE STONES HOTEL MOTORCYCLES VARIAN MEDICAL WIPRO TELETECH HOLDINGS BALI TRUE CORPORATION SYSTEMS RUS WITHERS TELMEX THE SWATCH GROUP TSB VARIFARMA WORLDLINE TENNECO FAR EAST TSI CHINA VC GROUP WORLEYPARSONS TERA POWER DISTRIBUTION TSMC JAPAN VELOCITY PARTNERS BUSINESS TECHNOLOGY THE SWATCH GROUP TSU COSMETICOS VERIZON SERVICES TERADATA HONG KONG TSUEN WAN VERTEX WOWPRIME TERADYNE THE TOKIO MARINE & ADVENTIST PHARMACEUTICALS WT MICRO- PHILIPPINES FIRE INSURANCE HOSPITAL VERTIV ELECTRONICS TERADYNE TAIWAN HONG KONG T-SYSTEMS MEXICO VERTIVCO WUHAN XINXIN TERMINAL ZARATE THE TORO COMPANY T-SYSTEMS RUSSIA VESTAS WIND INTEGRATION TERUMO THE WALT DISNEY TT ELECTRONICS SYSTEMS DIANLU TERUMO MEDICAL COMPANY TTI HONG KONG VESUVIUS MANUFACTURE DO BRASIL THE WALT DISNEY TULLOW OIL VESUVIUS FRANCE WUJIANG HUAFENG TESARO COMPANY JAPAN TUPPERWARE VESUVIUS MID-EAST ELECTRON TESCO THE WALT DISNEY BRANDS VESUVIUS POLAND TECHNOLOGY TESCO LOTUS COMPANY RUSSIA & TUPPERWARE VESUVIUS WYETH PHILIPPINES TESCO STORES CIS BRANDS REFRATÁRIOS XAC AUTOMATION MALAYSIA THERMO FISHER PHILIPPINES VESUVIUS UK XEROX TECHNOLOGY TESTRITE SCIENTIFIC TURNER VF BRANDS TAIWAN SERVICES TETRA PAK THERMO FISHER TUTEUR VF JEANSWEAR YAMAHA MOTOR TEVA SCIENTIFIC CHINA TÜV RHEINLAND VIFOR PHARMA PHILIPPINES TEVA THOMAS COOK TÜV SÜD VIKO YANACOCHA PHARMACEUTICALS GROUP TVGLOBO VIRBAC DO BRASIL YANDEX TEX YEAR THOMSON REUTERS TVSBT VIRGIN MEDIA YASKAWA ELECTRIC INDUSTRIES THREE HUTCHINSON TWS VISA THAILAND TEXAS INSTRUMENTS THREE IRELAND UBM VISA WORLDWIDE YFY TFL ARGENTINA THYSSENKRUPP AG UBS VISTRA GROUP YHS SINGAPORE TGV THYSSENKRUPP UCB VITA GREEN HEALTH YIPINTSOI&CO TH PROPERTIES ELEVATOR KOREA UCB BIOPHARMA PRODUCTS YOKOGAWA THAI BEVERAGE TIFFANY & CO UCP BACKUS & VIVANT ENGINEERING ASIA THAI CENTRAL TIGO GUATEMALA JOHNSTON VODAFONE YPF CHEMICAL TIM UCSA VODAFONE EGYPT YUANTA THAI UNION GROUP TIME INDIA UK GK NOVARD VOLKSWAGEN COMMERCIAL BANK THAI-MC TIMET UL VOLKSWAGEN YUANTA LIFE THAMES WATER TIMKEN ROMANIA ULINE GROUP HONG INSURANCE UTILITIES TIP TRAILER UNICHEM KONG YUANTA SECURITIES THE BANK OF EAST SERVICES LABORATORIES VOLVO TRUCKS INVESTMENT ASIA MANAGEMENT UNIFY BULGARIA VSTV TRUST THE BANK OF TOKYO- TITANSOFT TAIWAN UNILEVER VTECH CORPORATE YUEN FOONG YU MITSUBISHI UFJ BRANCH UNILEVER MALAYSIA SERVICES CONSUMER THE BILL AND TJX EUROPE UNIONBANK OF THE VWR INTERNATIONAL PRODUCTS MELINDA GATES TLG CAPITAL PHILIPPINES W.R.GRACE YUM RESTAURANT FOUNDATION TMF UNIPAR WALMART INTERNATIONAL THE BOEING TMLS CARBOCLORO WALSIN THAILAND COMPANY TNB UNIPRO PJSC WARNER MUSIC YUNGTAY THE COCA-COLA TOK&STOK UNISYS WATCHDATA ZALANDO COMPANY TOKAI CARBON UNITED ENGINEERS TECHNOLOGIES ZAMBON PHARMA THE DAIRY FARM TOKIO MARINE UNITED FAMILY WATERS ZAO INTERNATIONAL COMPANY INSURANS HEALTHCARE CORPORATION PAPER THE EDUCATION MALAYSIA UNITED HEALTH WATSONS PERSONAL ZEGNA JAPAN UNIVERSITY OF TOKIO MARINE LIFE GROUP CARE STORES ZEHNDER GROUP HONG KONG INSURANCE UNITED (TAIWAN) INTERNATIONAL THE ESLITE SINGAPORE LABORATORIES WEATHERFORD ZF NORTH AMERICA THE FINANCIAL TOKUYAMA UNITED WEBCAST ZHESHANG FUND TIMES HONG KONG MALAYSIA MICROELECTRONIC TECHNOLOGIES MANAGEMENT THE FRANICS CRICK TOKYO ELECTRON S WELL ZIMMER BIOMET INSTITUTE SHANGHAI UNITED NATIONS WELLS FARGO INDIA ZIMMER BIOMET THE HERSHEY TOKYO ELECTRON INTERNATIONAL SOLUTIONS FRANCE COMPANY TAIWAN SCHOOL OF HANOI WEOME TAIWAN ZIMMER BIOMET THE HIMALAYA DRUG TOLLWAYS UNITED OVERSEAS COMPANY TAIWAN COMPANY MANAGEMENT BANK WERNER ACCESS ZIMMER BIOMET UK THE HONG KONG TOPPAN CHUNGHWA UNITED OVERSEAS PRODUCTS ZIMMER DENTAL AND CHINA GAS ELECTRONICS BANK MALAYSIA PHILIPPINES ISRAEL COMPANY TORAY PLASTICS UNITEDHEALTH WEST KOWLOON ZKING PROPERTY THE HONG KONG AMERICA GROUP CULTURAL AND CASUALTY JOCKEY CLUB TORRENT DO BRASIL UNITEDLEX DISTRICT INSURANCE THE HONG KONG TORY BURCH UNIVERSAL GLOBAL AUTHORITY ZOETIS RESEARCH TOTAL E&P SCIENTIFIC WEST ZTE INSTITUTE OF INDONESIE INDUSTRIAL PHARMACEUTICAL ZURICH INSURANCE TEXTILES AND TOYOTA CAPITAL UNIVERSIDAD SIGLO PACKAGING ZURICH INSURANCE APPAREL MALAYSIA 21 WEST COMPANY JAPAN THE HONGKONG AND TOYOTA FINANCIAL UNIVERSITY OF PHARMACEUTICAL ZURICH INSURANCE SHANGHAI HOTELS SERVICES VN MINNESOTA SERVICES MALAYSIA THE HONGKONG TOYOTA MOTOR UPL WESTERN UNION ZURICH INSURANCE ELECTRIC PHILS. UPS WHARF T&T SINGAPORE THE INDEPENDENT TPI COMPOSITES URBAN RENEWAL WHEELOCK ZURICH SCHOOLS TRADEO AUTHORITY PROPERTIES HONG INTERNATIONAL FOUMDATION TRANSPORTADORA US AUTO PARTS KONG LIFE ACADEMY DE GAS DEL NORTE NETWORK WHG CUSTOMER ZURICH SANTANDER THE JARDINE TRAVELERS US BANK SERVICES ZURICH SERVICES ENGINEERING TRAVERS SMITH UST GLOBAL PHILIPPINES HONG KONG THE KOWLOON TREELOG SA USUI INTERNATIONAL WHIRLPOOL ZURICH TOPAS LIFE MOTOR BUS LOGÍSTICA E INDONESIA WHITE & CASE THE LION GROUP DISTRIBUIÇÃO UTC GROUP - BIS WILHELMSEN SHIPS THE NATURE TREVES GROUP TAIWAN SERVIC CONSERVANCY VAILLANT GROUP

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