Publication: Global Focus, p 14-17 Date: 2010 Issue No. 3 Headline: Keeping one step ahead -y SMU Scroll down for translation I 1 I I -%%%PE$rn %~!&&iVIW&~%!~lftAfi~$P, %ff1&d R%%mB*%#&l4 %H!%@@.% 1 J - * rn#ZF*S!WWf E&lsiBBh*%o B*IIB%WMQIET%%S~BIPSKWSBR%@Eo 1wo-Z004 + ~ - ~ ~ ~ ~ B J , =RB+4E&@7 a+~ f$% clg~2+$aoBRHfiZ, B + E , ~ % B M # f 2- BX@MWHE@W 9 LX%E%&@dE%do&4-IM #b&, M&?&bRBi%BB, @&&EBBWJ@o B- go %I[I&IE#EWJ@B%S&R%~ kWJ%%SB9? EGZS%i-+iCFSiM@@f$kb 7'%AaSqh1 {BB@ WQ%@IfikO %4lXE+UAillh+OEH@h%9Wf % %hfi%Y%Trn&l &%%*ffiRiEfi&3@0 &i+&=f 5%. m8!JEIHZ%? 1 $ 1 %$sf IMD B*E, &- IN 3 %B?I ga%HJL&RS &%EG5fi% %a - SEEEN -~*a%e~-e%its* fi,$&- fi~,&~~&~E~ Kg fikf EBPS~%@IaNeT%%ikW%dO %%LH*%2~t3~FliM~HmWW% ~8fiflq$nqfTlo fwm@% 0 % kb @ I B E E BqEHEER*%PTH-IEPi+H , (Fernando Fragueiro) $AS$@ E% a%zma%h, %*M. BR@%=%2ia79oAill ~WWNIMOEP~MERB+E % (HowardThomas) j$fi%$$bki&p ~ ~ ~ ~ z ~ x w w ~ ~ ~ ~ ~ a ~ @AG4%$~B&2i4@@ G-+&hrn~P%H&R1 %43BiP@@Td Q H%4 %fi Z%S2?3EATfE0 $Ui%A\3i3G@+3 6I%@E%, i7 MSfii@B&@B2$SEm%X. Efiamo B+EEEG%@A@%%G@%@I@%h%W, mlJiT@ %&firnHWfRAJ? 3 lh, 27ic&Big%bzl&%o WS@B;Sn@H%B@&H%, @%&1f.f-\@. +%@mB f @H. #%%?JRAM%, %~%I%*EAS@I@%iMmlJP thi+%d13865UiB, B~EEE~&%%%X% "m%2 . 3 a' [first among equals], Ri3~4bdIlB&@%B#% r isliPl~FYfilE%-818Ro G%drlmd%kb%HBi$+ ( Cl!a*+m 1 , % 1~1BE%B*EEEB#-%&% : *OAG %If$% RI2E?Dd$S@%2%~Bf 3 Ei, AEi3EftWC51A200 - - I a2,ead) %T&ij'Bh?~ ' f' . ki'&swr&a , . INSEAD $ j ~ R $ t l ~ ~ ;

-y SMU · Publication: Global Focus, p 14-17 Date: 2010 Issue No. 3 -y SMU Headline: Keeping one step ahead Scroll down for translation I1 I I -%%%PE$rn %~!&&iVIW&~%!~lftAfi~$P

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Publication: Global Focus, p 14-17 Date: 2010 Issue No. 3 Headline: Keeping one step ahead -y SMU

Scroll down for translation

I1 I

-%%%PE$rn %~!&&iVIW&~%!~lftAfi~$P, %ff1&d R%%mB*%#&l4 %H!%@@.% 1

J - * rn#ZF*S!WWf E&lsiBBh*%o B*IIB%WMQIET%%S~BIPSKWSBR%@Eo 1wo-Z004 + ~ - ~ ~ ~ ~ B J , =RB+4E&@7 a + ~ f$% clg~2+$aoBRHfiZ, B+E,~%BM#f 2- BX@MWHE@W 9 LX%E%&@dE%do&4-IM #b&, M&?&bRBi%BB, @&&EBBWJ@o B- g o %I[I&IE#EWJ@B%S&R%~ kWJ%%SB9? EGZS%i-+iCFSiM@@f$kb 7'%AaSqh1 { B B @ WQ%@IfikO %4lXE+UAillh+OEH@h%9Wf % %hfi%Y%Trn&l &%%*ffiRiEfi&3@0 &i+&=f 5%. m8!JEIHZ%? 1 $ 1 %$sf IMD B*E, &- IN 3 %B?I ga%HJL&RS &%EG5fi% %a - SEEEN - ~ * a % e ~ - e % i t s *

fi,$&- f i ~ , & ~ ~ & ~ E ~ K g fikf EBPS~%@IaNeT%%ikW%dO %%LH*%2~t3~FliM~HmWW%

~8fiflq$nqfTlo fwm@% 0 % kb @ I B E E BqEH EER*%PTH-IEPi+H , (Fernando Fragueiro) $AS$@ E% a%zma%h, %*M. BR@%=%2ia79oAill ~WWNIMOEP~MERB+E

% (Howard Thomas) j$fi%$$bki&p ~ ~ ~ ~ z ~ x w w ~ ~ ~ ~ ~ a ~ @AG4%$~B&2i4@@

G-+&hrn~P%H&R1 %43BiP@@Td Q H%4 %fi Z%S2?3EATfE0 $Ui%A\3i3G@+3 6I%@E%,

i7 MSfii@B&@B2$SEm%X. Efiamo

B+EEEG%@A@%%G@%@I@%h%W, mlJiT@ %&firnHWfRAJ? 3 lh, 27ic&Big%bzl&%o WS@B;Sn@H%B@&H%, @%&1f.f-\@. +%@mB f @H. #%%?JRAM%, %~%I%*EAS@I@%iMmlJP

thi+%d13865UiB, B~EEE~&%%%X% "m%2 . 3 a' [first among equals], Ri3~4bdIlB&@%B#% r isliPl~FYfilE%-818Ro

G%drlmd%kb%HBi$+ ( Cl!a*+m 1, % 1~1BE%B*EEEB#-%&% : *OAG %If$% RI2E?Dd$S@%2%~Bf 3 Ei, AEi3EftWC51A200

- -

a2,ead) %T&ij'Bh?~ ' f' . ki'&swr&a ,

. INSEAD $ j ~ R $ t l ~ ~ ;