GLOBAL CITIES INVESTMENT MONITOR 2018 NEW RANKINGS, TRENDS AND CRITERIA

GLOBAL CITIES INVESTMENT MONITOR 2018 NEW RANKINGS, TRENDS AND CRITERIA

GLOBAL CITIES INVESTMENT MONITOR 2018 THE GLOBAL CITIES INVESTMENT MONITOR, TURNED TOWARDS THE FUTURE Global cities are attractive and stimulating environments where top decision-makers, talents and financers join to produce business and social innovation. They are a global network of densely connected focal points, each intensely competing with the other to define the best economic and political standards. Global Cities concentrate a disproportionate part of talents, businesses and capital. They are the places where most decisions are made, innovations launched, and people enabled. Global cities are to the world what cities are to a country. And then there are top global cities, where everyone expects the world of tomorrow to be shaped and where, as a result, world-changing moments actually happen. The club of top global cities has opened and expanded far beyond the 20th century happy few. While Paris, London and New York have successfully reinvented themselves, and still possess unique brands, competition among global cities is more open than ever before. The Global Cities Investment Monitor demonstrates that Greater Paris is an attractive business player with a remarkable global image. It is also a unique instrument for the Greater Paris Investment Agency to advocate and support world class investments in infrastructure, architecture, and clusters in Greater Paris, to make it one of the world s leading business capitals of the twenty-first century. Singapore

EDITORIAL GLOBAL CITIES INVESTMENT MONITOR 2018 Jay NIRSIMLOO Chairman, KPMG France Christian NIBOUREL Chairman, Greater Paris Investment Agency PARIS IS NOW POSED TO BECOME THE LEADING DESTINATION IN POST-BREXIT EUROPE PARIS e 2017 : GLOBAL DYNAMICS 4 2017: THE MOST ATTRACTIVE GLOBAL CITIES 6 2017: INVESTORS PERCEPTIONS OF GLOBAL CITIES 12 INVESTOR'S CRITERIA 16 FOCUS ON PARIS 18 METHODOLOGY 24 International investments were up 80% in Paris last year. This was by far the highest percentage among global cities and a probable record-breaker. Paris reached the top. The gap with the leader was even more reduced for strategic investments. Paris emerged as the winning global city in post- Brexit Europe, way ahead of competitors. Can it last? International investors think so. They even think Paris will be one of the two global cities whose attractiveness will increase the most over the next years. Investors now recognize that Paris is a top player under most criteria. The perception of a global business hub is definitely there, besides the top brand for quality of life. Investors answered the policies implemented to welcome talents, science, environment-friendly initiatives, as well as the pro-business reforms. This is good news for Paris and for Europe, which is once again the leading destination for business project in the world. Long may Paris be that lighthouse for innovation, prosperity and openness.

GLOBAL CITIES INVESTMENT MONITOR 2018 2017 : GLOBAL DYNAMICS Global stability While 2016 was marked by a strong growth in international greenfield investments, 2017 witnessed a return to a more stable market. With -1% the global trend remains neatly above the last decade yearly average (-%). A pivot to Europe International investments surged in Europe in 2017. The continent s market share rose an unprecedented 7 points, from 6% to, while the Asia-Pacific region declined from 2% to 27%. It was the third consecutive rise for Europe, in sharp contrast with the previous years, when Asia-Pacific had taken the lead. The market shares of the other regions were comparatively stable. As a result, Europe is way ahead as both the global destination and source of international greenfield investments. A new balance within Europe itself European global cities all jumped many ranks as a result of the continental surge, with one major exception: London, which actually registered fewer projects than the previous year. It is likely that Brexit began to take a toll on the City s attractiveness, and a radical reshaping of Europe s leadership might be under way. No other European city experienced a boom comparable to Paris. The gap with London shrunk by almost two thirds. The catch-up is even more pronounced regarding strategic investments. Paris emerged as the main destination for intra-european investments. Paris: in the top globally, taking a lead in Europe International investors interviewed consistently indicated that they viewed the new, enhanced attractiveness of Paris as more than a temporary conjecture. Supporting their analysis is the marked rise of Paris regarding almost all major investment criteria. Paris is particularly distinguished for its infrastructure, human resources, business real estate, higher education, innovation and start-up ecosystem. 4

GLOBAL DYNAMICS DESTINATION OF INTERNATIONAL GREENFIELD INVESTMENTS NORTHERN AMERICA +2% Percentage of total by world region and year-on-year variation for each region Y/y(%) 1 MIDDLE EAST ASIA +5% EUROPE 29% 8% å -2% PACIFIC +6% -2% AFRICA å % -% 4 EUROPE GLOBAL INTERNATIONAL GREENFIELD INVESTMENTS: YEAR-ON-YEAR CHANGES (%) 11 40 9 6 9 10-12% å SOUTHERN AMERICA å 5 6 5 5 4 8 0 6 0 0 2 1 2 28 4 27 ASIA PACIFIC 25 2 0 20-4 -1-2 NORTHERN AMERICA 15-4 -6-8 -9 SOUTHERN AMERICA 10-8 -11 AFRICA MIDDLE EAST 5-10 -12 2009 2010 2011 2012 201 2014 2015 2016 2017 0 2010 2011 2012 201 2014 2015 2016 2017 5

GLOBAL CITIES INVESTMENT MONITOR 2018 2017: THE MOST ATTRACTIVE GLOBAL CITIES NUMBER OF INTERNATIONAL GREENFIELD INVESTMENTS IN THE 5 LEADING CITIES WORLDWIDE In 2017, all continents have at least one global city in the top 15 for international greenfield investments. This great game of the 21st century is a very open, multipolar competition unlike any other on the planet. San Francisco 74 Los Angeles 52 Toronto 114 New York 156 Two clusters of top destinations for international greenfield investments stand out: Western Europe and Eastern Asia. This map of international greenfield investments by global cities closely reflects the global equilibria indicated page 5. Indeed, global cities attract the lion s share of international investments. The top 5 global cities alone attract nearly 45% of the world s total. Mexico 61 There is only a weak average correlation between the cities (or the nations ) GDP and the international greenfield investments attracted. Many other factors than wealth influence a city s attractiveness and business climate. Most are listed under investors criteria (pp. 16-17). A city attractiveness is therefore fluid and hierarchies changing. Sao Paulo 101 6

2017: THE MOST ATTRACTIVE GLOBAL CITIES London 90 Paris 8 Madrid 95 Dublin 12 Barcelona 15 Amsterdam 124 Düsseldorf 74 Francfort 94 Berlin 58 Munich 91 Milan 49 Warsaw 67 Moscow 41 Dubai 248 Pune 47 Bangalore 17 Hyderabad 41 Rangoon 5 Kuala Lumpur 40 Singapore 54 Beijing 79 Hong Kong 161 Ho Chi Minh City 79 Seoul 8 Shanghai 17 Tokyo 112 Sydney 121 Melbourne 77 Johannesburg 1 7

GLOBAL CITIES INVESTMENT MONITOR 2018 NUMBER OF INTERNATIONAL GREENFIELD INVESTMENTS IN THE 5 LEADING CITIES WORLDWIDE (variations are expressed in percentage of the total) London, Singapore, Paris, and, to a lesser extent, Dubai clearly stand out of the competition. The top or 4 global cities attract a disproportionate share of international greenfield investments. Like global cities capture a superior share of international greenfield investments compared to other cities, the leading trio operates a superior concentration compared to global cities. These cities play the role of focal points of the world s exchange system. In 2017 Paris has surged from the 7th to the rd rank thanks to a 78% increase year-on-year in incoming international greenfield investments, probably the most important change recorded by the Global Cities Investment Monitor. Other European cities, like Barcelona, Dublin, Amsterdam or Madrid, have experienced a remarkable growth, but not the same exceptional one. The causes of this dynamic are analysed by investors from p.12 onwards. The winners-take-all tendency observable in general in international greenfield investments is even more marked regarding investments in strategic functions, although in that case Paris, and Singapore are almost on a par with the leader. Ṯ 2 E E 78 E 15 Ṯ 12 Ṯ 2 Ṯ 2 E 4 E 9 E 47 E 1 E 5 Ṯ 18 E 27 E 10 E 19 E 18 Ṯ 2 Ṯ 4 E 5 E 12 T -19 E 0 E 46 E T -5 E 1 T -14 E 24 E 52 T -15 T -2 T - T -29 T -9 T 1 2 4 5 6 7 8 9 10 11 12 1 14 15 16 17 18 19 20 21 22 2 24 25 26 27 28 29 0 1 2 4 5 London Singapore Paris Dubai Shanghai Hong Kong New York Bangalore Barcelona Dublin Amsterdam Sydney Toronto Tokyo Sao Paulo Madrid Francfort Munich Beijing Ho Chi Minh Melbourne San Francisco Dusseldorf Warsaw Mexico Berlin Los Angeles Milan Pune Moscow Hyderabad Kuala Lumpur Seoul Rangoon Johannesburg 8 Dubai

2017: THE MOST ATTRACTIVE GLOBAL CITIES 201-2017: VARIATIONS IN TOP 5 CITIES 452 45 404 412 78 54 98 4 90 54 8 London Singapore Paris 201-2017 : CUMULATED INVESTMENTS IN TOP 10 CITIES International greenfield investments in strategic functions : top 15 cities 20 198 198 270 269 257 245 248 249 215 240 245 227 190 181 17 201 2014 2015 2016 2017 Dubai Shangaï 199 18 101 89 82 80 72 71 71 64 62 60 55 201-2017: CUMULATED INVESTMENTS IN TOP 10 CITIES 200 1890 London Singapore Paris Dubai Shanghai Bangalore New York Hong Kong Barcelona Dublin Tokyo Sydney Amsterdam Madrid Toronto 1 = 2 = 1240 1229 S +2 18 4 F -1 1077 5 F -1 979 841 696 6 = 7 = 8 S +1 658 9 F -1 648 10 = 201-2017 Rankings : cumultated IGI over 5 years Strategic investments, the rarest and most coveted type of investments, tend to be even more concentrated in the Top global cities. Strategic business activities comprise customer contact centers, design, development & testing, education and training, headquarters, research and development, sales, marketing & support, and shared service centers. London Singapore Paris Dubai Shanghai New York Hong Kong Sydney Sao Paulo Bangalore 9

GLOBAL CITIES INVESTMENT MONITOR 2018 TOP DESTINATIONS BY ORIGIN OF INVESTMENTS The global hierarchy differs depending on the region of the origin of international greenfield investments : Paris is global leader regarding European investments, followed by Singapore. London is only fifth in that category, which represents of all investments. EUROPE Paris Singapore Dubai New York London 106 112 12 144 157 Singapore is global leader regarding Asian investments (27% of the global total), followed by London. London comes first for American Investments (1), followed by Paris and Singapore. NORTHERN AMERICA London Paris Singapore Dublin Toronto 57 72 107 122 188 ASIA Singapore 86 London 68 Ho Chi Minh 49 Hong Kong Dubai Paris 49 45 9 10 San Francisco

LEADING GLOBAL CITIES FOR INTERNATIONAL GREENFIELD INVESTMENTS 57% ORIGINS OF INTERNATIONAL GREENFIELD INVESTMENTS BY WORLD REGION Percentage of total % 2% 1% 15% NORTHERN AMERICA 22% EUROPE 12% 1% 1%2% 57% 27% 27% EUROPE NORTHERN AMERICA SOUTHERN AMERICA MIDDLE EAST AFRICA ASIA PACIFIC 42% 1% 8% 2% 17% SOUTHERN AMERICA AFRICA 15% ORIGINS OF INTERNATIONAL GREENFIELD INVESTMENTS IN SELECTED CITIES Percentage of total 9% 15% 20% 41% 1% % 6% % ASIA PACIFIC Top destinations for international greenfield investment are all highly diversified in terms of sources. Only international equilibria may change. Europe is the first investor in three of the selected Global Cities out of five: New York, Paris and Shaghai. Northern America prevails in London and Bangalore. Asian Investors come third in all five cases. NEW YORK Paris LONDON SHANGHAI BANGALORE % 1% 6% 1% 17% 48% 1% 2% 18% 6% 2% 1% 0% 1% 2% 0% 2% 2% 0% 19% 9% 1% % 12% 72% 27% 46% 48% 4 11

GLOBAL CITIES INVESTMENT MONITOR 2018 2017: INVESTORS PERCEPTIONS OF GLOBAL CITIES CITIES GLOBAL IMAGE In your view, which cities or major world capitals have the best overall image? Aerial view of Manhattan island, New York, USA Percentage of quotations by city 1 New York 2 London Paris 4 Shanghai 5 Tokyo 5 Francfort 5 Singapore 8 Berlin 9 San Francisco Chicago Los Angeles Sydney Toronto Copenhague Stockholm Hong Kong Madrid Munich Dublin Beijing Dubai 50% 8% 28% 1% 10% 10% 10% 9% 6% 5% 5% % % 9 10 10 1 2 8 5 5 4 5 % 12

2017: INVESTORS PERCEPTIONS OF GLOBAL CITIES CITIES REGIONAL IMAGES In your view, which cities or major world capitals have the best overall image? EUROPEAN INVESTORS enter the top 5 AMERICAN INVESTORS New York S Paris ( e en 2017) F London San Francisco Francfort Chicago London New York Paris ( e en 2017) Berlin Shanghai MIDDLE EAST INVESTORS Dubai London New York Singapore Paris (11 e en 2017) ASIAN INVESTORS S New York F Tokyo S Shanghai Singapore F London S Paris (7 e en 2017) 1

GLOBAL CITIES INVESTMENT MONITOR 2018 CITIES GLOBAL ATTRACTIVENESS In your view, which major world capitals are currently the most attractive locations for setting up a business in general (whether another business or yours)? Percentage of quotations by city 1 New York 27% 2 London 21% Shanghai 20% 4 Paris 5 Berlin 6 Hong Kong 11% 10% 6% 10 1 6 2 4 5 6 6 6 Singapore Harbour 6 Francfort 6% 6 Beijing 6% 6 Dublin 6% Chicago 5% Dubai 5% Tokyo 5% San Francisco 5% Singapore 5% Madrid 5% Mumbai Hambourg Toronto 14

2017: INVESTORS PERCEPTIONS OF GLOBAL CITIES CITIES GLOBAL FUTURE (ANTICIPATED) ATTRACTIVENESS According to you, which city will the most increase attractiveness in the next years? 1 Shanghai 2 S Paris S NewYork Mumbai 5 S Francfort 6 S NewDelhi 6 London 15

GLOBAL CITIES INVESTMENT MONITOR 2018 INVESTMENT CRITERIA TOP 11 INVESTMENT CRITERIA In your view, which of the following investment criteria are the most important when choosing your location? Of course, investors want to select the best opportunities, combining the highest returns with the lowest risks. As a result, fundamentals matter when selecting a place to invest. Building the sort of economic and political environment that makes a truly global city is a rare achievement and the global city a rare commodity. Political stability and juridical security are probably the most difficult to achieve, yet they are the first criterion for investors. Availability of skilled RH, market accessibility and size, infrastructure and economic growth come next. Quality in education, innovation and R&D, quality of life or startup ecosystem are a less often quoted, yet this does not mean that they are not often decisive means of differentiation in the competition between global cities. 1. POLITICAL STABILITY AND JURIDICAL SECURITY 2. INFRASTRUCTURE. AVAILABILITY OF SKILLED HR 4. ECONOMIC GROWTH 89% 86% 86% 8% 5. MARKET ACCESSIBILITY AND SIZE 6. LIVING COSTS, SALARIES AND TAX LEVELS 7. AVAILABILITY AND COST OF REAL ESTATE 8. QUALITY OF EDUCATION 78% 77% 67% 65% 9. QUALITY OF LIFE 56% 10. QUALITY OF RESEARCH AND INNOVATION 11. STARTUP ECOSYSTEM 50% 49% 16 Panoramic view of Shanghai, China

INVESTMENT CRITERIA TOP CITIES RANKING BY INVESTMENT CRITERIA According to you, regarding every investment criterion, which city is generally the most attractive for business and company location? Paris RANKING 1 er 2 e e 4 e 5 e 2018 2017 1. POLITICAL STABILITY AND JURIDICAL SECURITY New York Berlin Francfort London Toronto 7 e E 8 e 2. INFRASTRUCTURE London New York Francfort PARIS. AVAILABILITY OF SKILLED HR New York London San Francisco San Francisco 4 e E 6 e Francfort Shanghai 6 e E 8 e 4. ECONOMIC GROWTH Shanghai New York London New Delhi Beijing - - 5. MARKET ACCESSIBILITY AND SIZE New York Shanghai London San Francisco Francfort 15 e T 14 e 6. LIVING COSTS, SALARIES AND TAX LEVELS Dublin New York Shanghai Mumbai London - - 7. AVAILABILITY AND COST OF REAL ESTATE New York Shanghai London PARIS Berlin 8. QUALITY OF EDUCATION London New York Boston 9. QUALITY OF LIFE New York PARIS London 10. QUALITY OF RESEARCH AND INNOVATION 11. STARTUP ECOSYSTEM San Francisco San Francisco TOTAL New York London Shanghai San Francisco PARIS 5 e E 7 e San Francisco Barcelona 2 e R 2 e London New York Francfort Shanghai 6 e E 7 e New York London PARIS Shanghai 4 e E 6 e San Francisco PARIS 5 e R 5 e A city s brand matters, even when it comes to analyzing a city s attractiveness, criterion by criterion. This is why more mature economies, like New York, or Berlin are better ranked on political stability while a more-recently emerged one, like Shanghai gets its better marks on growth, market size and costs. A city s brand is a strong asset, and changing it a daunting affair for promoters and investors alike. Among the global cities which have recently experienced a quite dramatic change of status: San Francisco and Paris. Both cities have surged in categories linked to high-tech economy: skilled human resources, quality of education, quality of life, quality of research and development, startup ecosystem. 17

GLOBAL CITIES INVESTMENT MONITOR 2018 FOCUS ON PARIS PARIS: A POSITIVE OUTLOOK FOR A TOP BRAND AND A MAJOR DESTINATION In 2017, international greenfield investments surged 80% in Paris, now the third most attractive global city in the world, far ahead of the next competitor. Is this a game changer for Paris or a temporary spike due to abnormal conditions in Europe and elsewhere? Our survey contains a few keys to analyze the underlying trend. First, the levels of attractiveness perceived by international investors are very close to the actual ranking of Paris: third or fourth globally, either one considers the city s global image or a more analytical appreciation of the city s position regarding each investment criterion. Few competitors enjoy such a level of consistency between the investors opinions and the measurable reality. Second, the investors predictions tend to distinguish Paris as the secondbest among the cities which will see their attractiveness increase over the next three years. If anything, this result reinforces the sense that the underlying trend is indeed a favorable one for Paris. Its new-found position as a member of the top trio could therefore very well be a lasting one. Supporting this analysis are the investors perceptions about Paris specifically: the investors who think that the attractiveness of Paris will improve over the next three years outnumber those who think the opposite three to one, an almost complete inversion compared to four years ago. The policies of the French government that address the protection of the environment, international affairs and business demands are equally likely to reinforce the investors analysis that Paris is much better placed than London and other cities to be the next European leader. 18

FOCUS ON PARIS In your view, will Paris over the three next years become more or less attractive as a location for setting up a business in general (whether another business or yours) or will its attractiveness be stable? The labour market is highly resilient and attractive compared to other countries. «StableD Paris is already a highly developed economy. There is little room for change in my industry [the car industry]. Paris is one of the most attractive cities in the world. And this is not going to change.» London is going to recede compared to the other European capitals. «Because 5 0 25 20 Because of the European migrant crisis.» of language barriers. Because of insecurity Because it is a Paris shrinking market 15 10 2% 17% Because of labour costs. «28% 25% LessF 27% 19% Because Asian Markets are on the rise. is going to be more expensive due to Brexit. 2% 12% 2015 2016 2017 2018 I love Paris as a touristic destination, not as a business center. Because of Brexit, companies move over from London. «MoreS Highly talended people move back to Paris because of Brexit.» Because Because Confidence is back thanks to political stability, and Paris harbors great human resources and quality of life is exceptional. Because of France s growth potential. «Because Paris is unique. of the changing political climate, France is becoming much more investment-friendly. «Because costs are going down in France. Because of President Macron s drive to invest more in infrastructure and in higher education. Because of Paris aggressiveness in high tech. The crisis is over.» Because of France s global leadership. France is politically stable. Paris is exceptionally well located in Europe.» 19

GLOBAL CITIES INVESTMENT MONITOR 2018 % yes FOCUS ON PARIS' ATTRACTIVENESS In your view, did Paris attractiveness increase due to EUROPE Climate change policy-making 68% The election of Emmanuel Macron as President of the French Republic 48% Fight against terrorism 62% Improving proficiency in English among French people 55% ASIA Climate change policy-making 51% The election of Emmanuel Macron as President of the French Republic 4 Fight against terrorism 47% Improving proficiency in English among French people 51% NORTHERN AMERICA Climate change policy-making 69% The election of Emmanuel Macron as President of the French Republic 59% Fight against terrorism 62% Improving proficiency in English among French people 6% MIDDLE-EAST Climate change policy-making 68% The election of Emmanuel Macron as President of the French Republic 48% Fight against terrorism 62% Improving proficiency in English among French people 55% 20

FOCUS ON PARIS BREXIT: THE IMPACT ON PERCEIVED ATTRACTIVENESS The United Kingdom is about to leave the European Union. In the context of «Brexit» is investing in London becoming more attractive? or less attractive? And what about investing in Paris? And what about Europe?? EUROPEAN INVESTORS AMERICAN INVESTORS F -29 S +9 F -67 S +6 S +16 S +7 ASIAN INVESTORS F -2 F -4 S +14 MIDDLE-EAST INVESTORS F -18 S +1 S +17 21

GLOBAL CITIES INVESTMENT MONITOR 2018 PARIS: INTERNATIONAL GREENFIELD INVESTMENTS BY SECTOR (%) 17 17 19 19 19 18 4 2 2 2 1 4 2 4 1 6 2 5 4 5 6 4 5 8 4 4 9 4 7 8 8 5 10 12 6 9 7 8 12 17 21 17 15 17 1 26 28 1 2 0 200>2005 2005>2008 2009>2011 2012>2014 2015>2017 TOTAL SOFTWARE & IT SERVICES BUSINESS &IT SERVICES FINANCIAL SERVICES OTHERS TRANSPORTATION REAL ESTATE ELECTRONIC COMPONENTS CONSUMERS PRODUCTS HOTELS & TOURISM COMMUNICATION INDUSTRIAL MACHINERY, EQUIPEMENTS & TOOLS 22

FOCUS ON PARIS WHO S INVESTING IN GREATER PARIS (BY WORLD REGION)? EUROPE NORTHERN AMERICA 70% 60% ASIA PACIFIC PROJECTS 400 50 50% 00 40% 0% 250 200 150 20% 100 10% 50 0% 200 2004 2005 2006 2007 2008 2009 2010 2011 2012 201 2014 2015 2016 2017 0 2

GLOBAL CITIES INVESTMENT MONITOR 2018 METHODOLOGY PERCEPTIONS A poll conducted with a representative sample of 516 companies with international business settlements 22 countries criteria: - Location of headquarters - Industry - Turnover Phone interviews with global business leaders (CEO, managing director, administrative and financial manager, sales manager, head of international investment) 12 February to 2 April 2018 The Monitor is a reliable tool for policymakers and investors, with a rigorous, transparent and stable methodology. It is an exclusive benchmark study by Greater Paris Investment Agency in partnership with KPMG. This Monitor is designed to perceive and describe the fluid and ever-changing dynamics of our contemporary world, by focusing on the latest decisions rather on accumulated stocks of wealth. It uses homogenous indicators that reflect global movements and pinpoint the latest fluctuations. As a result its rankings are much more open and evolving that other rankings, which focus on global cities accumulated wealth and power. In short, our Monitor is turned towards the future. NORTHERN AMERICA Canada 20 United States 90 Total 110 SOUTHERN AMERICA Brazil 15 Total 15 EUROPE France 5 Germany 5 Italy 20 Netherlands 10 Spain 10 Sweden 10 Switzerland 20 UK 50 Ireland 10 Russia 20 Total 220 MIDDLE EAST Kuwait 10 Qatar 10 Saudi Arabia 10 UAE 20 Total 50 % ASIA China 25 Hong Kong 20 India 20 Japan 40 South Korea 10 Total 115 POSITION OF THE INTERWIEVEE REVENUE (in ) BUSINESS ACTIVITY FINANCIAL MANAGER MARKETING / COMMUNICATION / MANAGER DEVELOPMENT MANAGER CEO SALES MANAGER HUMAN RESOURCES MANAGER OTHERS 7% 1% 10% 29% % 40% 2 7% Less than 500 million Between 500 millions and 5 bilion More than 5 bilion 11% 19% 40% 0% Service IT Heavy industry Consumer goods 24

METHODOLOGY International Greenfield Investment The Monitor measures the number of published international "greenfield" investments collected in the fdi Markets database. International greenfield investments occur when a company launches new activities in a global city. They built up its economic potential and create jobs. Purely financial investments, like real estate transactions, privatisations or alliances are not included. Join ventures are included only when they result in job creation. The Monitor uses the simplest possible unit: a published investment project, by contrast with expected job creations or capex, so as to maximize comparability and minimize interferences from local factors currency fluctuations, governmental promotion, etc.) The Top global cities for international greenfield investments list has been regularly updated to take account of the significant rebalances in the global economy. 5 GLOBAL CITIES Top destinations in term of international Greenfield investments Database fdi markets Financial Times, since January 200 188 000 international investment projects 86 000 businesses all over the world 15,929 information sources: newspapers, magazines, associations, websites San Francisco Los Angeles Toronto Mexico New York Sao Paulo Dublin Amsterdam Berlin London Paris Munich Francfort Madrid Barcelona Istanbul Johannesburg Abu Dhabi Dubai Moscow New Dehli Pune Rangoon Hyderabad Bangalore Singapour Beijing Hong Kong Seoul Shanghai Ho Minh City Kuala Lumpur Tokyo Melbourne Sydney 25

KPMG FRANCE KPMG France is a leading audit and advisory firm, member of KPMG International, a global network of professional firms with a presence in 154 countries across the world. KPMG France employs 9,000 professionals and serve major international and French companies, SMEs or family groups, and start-ups, in all industry areas. GREATER PARIS INVESTMENT AGENCY Greater Paris Investment Agency is a non-profit organization founded 25 years ago by the Paris Chamber of Commerce and Industry to attract new international investors in Greater Paris and to bolster its attractiveness. It is comprised of major companies; they guarantee total independence and provide support in fulfilling the Association s main missions. As Greater Paris business ambassador, our Agency is a key partner and advisor linking government decision-makers and our prestigious business partners network. It is a major player in the Greater Paris project. GPIA MEMBERSHIP : A GLOBAL REACH FOR A GLOBAL CITY ACCENTURE, ACCORHOTELS, PARIS AEROPORT, AIR FRANCE, ALTAREA COGEDIM, BNP PARIBAS, BOUYGUES IMMOBILIER, CAISSE DES DEPOTS, CEA, CHAMBRE DE COMMERCE ET D INDUSTRIE DE PARIS ILE-DE-FRANCE, CHAMBRE DES NOTAIRES DE PARIS, CISCO, COLONYNORTHSTAR, COMEXPOSIUM, COMITE REGIONAL DU TOURISME, CONDUENT, CREDIT AGRICOLE CIB (CALYON), EDF, ENEDIS, ENGIE, EPA PLAINE DE FRANCE, EPADESA, EPT GRAND ORLY VAL DE BIEVRE SEINE-AMONT, EUROPACITY, EY, FEDERATION REGIONALE DES TRAVAUX PUBLICS ÎLE-DE-FRANCE, FRANCE AMERIQUES, GALERIES LAFAYETTE, GECINA, GENERALE CONTINENTALE INVESTISSEMENTS, GIDE LOYRETTE NOUEL, GROUPE G7, HERMITAGE LIFESTYLE, ICADE, INVIVO, JONES DAY, KEOLIS, KPMG, LA FRANCAISE, LA POSTE, MARNE-LA-VALLEE EPAMARNE/ EPAFRANCE, MEDEF ÎLE-DE-FRANCE, METROPOLE DU GRAND PARIS, ORANGE, HAROPA, PRESENCE, PWC, RATP, SANEF, SAP, SNCF, SOCIETE DU GRAND PARIS, TRANSDEV UNIBAILRODAMCO, VINCI SA, WILMOTTE & ASSOCIES

EDITORIAL BOARD Nicolas Beaudouin Partner, Head of Development for Paris, KPMG nbeaudouin@kpmg.fr Alexandre Missoffe Managing Director, Greater Paris Investment Agency amissoffe@gp-investment-agency.com Christophe Scheidhauer Benchmarking&Studies Leader, Greater Paris Investment Agency cscheidhauer@gp-investment-agency.com Jeanne-Marie Monpeurt Graphic design Pictures : i-stock

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