War in Ukraine:\\
Perspectiveon Future Scenarios
BCG Global Advantage and Corporate Finance & Strategy
Practice Areas
Prepared: 16 May 2022

Prepared: 16 May 2022

Introduction to this document

The war in Ukraine is above all a political and humanitarian crisis

The top priority in moments like these must be thesafety and security of people. Corporations,
governments, and not-for-profit organizations should
focus on supporting the people in Ukraine, Russia,
Europe, and globally affected (physically andmentally).

It is the duty of political, societal, and businessleaders to navigate through this crisis. The objectiveof this document is to provide an update about
the global economic impact of the War in Ukraine;and to enable thoughtful and expansive strategic
discussions about the medium term, using
potential future scenarios to help build resilienceand strengthen plans, beyond the near-term crisis.

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Russia's invasion of Ukraine has led to a serious
humanitarian crisis. BCG condemns this attack
and the violence that is killing, wounding, anddisplacing so many people.

The situation surrounding Ukraine is dynamic andrapidly evolving - this document reflects information
and analysis as of 16 May 2022. It is not intended asa prediction of future events and is shared only as aresource for BCG and client conversations.
2

FUTURE SCENARIOS
Navigating the global business landscape was already extremely challenging before
Russia invaded Ukraine. Now, business leaders must cope with new supply shocks,
deepening economic uncertainty, complex sanctions, and shifting geopolitics. The war’s
duration, scope, and outcome are all unknown.

BCG Executive
Perspectives
IN THIS DOCUMENT

How can organizations remain resilient in such a volatile environment? One key is toconsider a range of scenarios on how the future could unfold. Here are four plausible
scenarios that can help companies prepare for what comes next:• Back to the Future. Major powers see the benefits of global cooperation andminimizing military conflict.
• Tripolar Competition. Three blocs coexist, each with its own norms andinstitutions. North America and the EU lead a Western bloc and China and Russia
an Eastern bloc. A “nonaligned” bloc consists of nations seeking a third path.
• Limited Stalemate. Conflict in Ukraine and other non-NATO former Soviet
republics is chronic. China keeps its distance from Russia. Western-inspired global
institutions struggle to remain relevant.
• Global Escalation. Economic and military confrontations erupt in multiple
locations, redefining trade flows. Economic and military power supplants global
institutions.
Organizations should consider these scenarios when pressure testing business plans.
They should be ready to respond, whatever the outcome.

Prepared: 16 May 2022

AGENDA

Perspective on Future Scenarios
Uncertainties & 2030 scenarios
Implications for businesses
Key takeaways for leaders

Copyright © 2022 by Boston Consulting Group. All rights reserved.

War in Ukraine:
Global Update andFuture Scenarios

4Prepared: 16 May 2022

Summary | Scenarios help build strategic resilience amidst global uncertainties
The Ukraine conflict is a crisis that builds upon a range of other challenges, forcing leaders to build resilience in the face ofmany geopolitical & societal uncertainties
Leaders should challenge themselves to look beyond potential Ukraine war evolutions, exploring the way other uncertainties
may unfold including geopolitical relations, trade & supply chains, financial stability, energy & climate, technology, and more
This document details a set of four contrasting stretched-yet-plausible scenarios for 2030 that can help with that exercise:• Back to the future | Major powers see benefits in global cooperation and minimized military conflicts• Limited stalemate | Chronic conflict in Ukraine & elsewhere in non-NATO former Soviet republics; China keeps distance from
Russia; economies survive sanction shock; West-inspired institutions struggle for relevance• Global escalation | Economic & military confrontations erupt in multiple locations, disrupting trade patterns; economic &military power supplants institutional system
The objective of these scenarios is not to "predict" the future, as there are multiple possible outcomes – but rather topressure-test business plans against different potential futures and to inspire strategies and actions that strengthen
preparedness, agility and resilience, regardless of what the future holds
5

Copyright © 2022 by Boston Consulting Group. All rights reserved.

• Tripolar competition | Western (primarily North America and EU) and Eastern (primarily China & Russia) blocs co-exist in
new balance, while "non-aligned" nations seek 3rd path; norms and institutions differ within and among blocs

Prepared: 16 May 2022

How to use the scenarios described in this document

What scenarios

ARE

ARE NOT

How to use themComprehensive or
exhaustive

Use the set of scenarios as a basis forfurther reflection, and build them into
your organization's decision making

Stretched-but-plausible
pictures of different
potential worlds

Predictions of what
the future will be

Imagine what no-regret, contingent,or other reactions may be mostappropriate for your business to build
resilience and strengthen strategy

A set of permutationsof uncertainties; worlds
in which we might haveto operate

A linear extrapolationof current trends anduncertainties

Determine how your actions can best
exemplify your values, and determine
how your organization's capabilities canpositively influence the future

Representative of arange of possible futures

Source: BCG analysis.

Copyright © 2022 by Boston Consulting Group. All rights reserved.

What scenarios

6Prepared: 16 May 2022

AGENDA

Perspective on Future Scenarios
Uncertainties & 2030 scenarios
Implications for businesses
Copyright © 2022 by Boston Consulting Group. All rights reserved.

War in Ukraine:
Global Update andFuture Scenarios

Global economic impact of the war in Ukraine

Key takeaways for leaders7

Prepared: 16 May 2022

Multiple possible evolutions exist for Ukraine war, with direct potential
impacts for the business environment
Potential conflict evolutions

Balance of military power, andchoice of tactics and weapons
Sanctions & policy actions by"West," and Russia's response

Fall of Ukraine

Russian forces control full country

Military
conflictceasesDavid defeats Goliath

Ukraine repels Russian forces

Military aid & support fromthird countries ("West" & other)Freeze in-place (Korea 2.0)

Peacemaking (bilateral, multilateral or third-country brokering)

No end in sight (Afghanistan 3.0)

Domestic political & economic
conditions in Russia

Negotiated peace / de facto partition

Military
conflict
persists

Protracted stalemate
Global spillover

Further conflicts in other theatres

Key impacts for business• Sanctions remain indefinitely• Sustained isolation of Russia• Major re-build by Russia• Sanctions remain indefinitely• Major re-build required• Certain sanctions lifted• Major re-build required• Sanctions remain indefinitely• Significant socioeconomic impact• Sustained isolation of Russia• Sanctions expand to othernations engaged in aggression= Momentum scenarios (early May 2022)

Global scenarios required to go beyond war evolutions and navigate an uncertain medium term
Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

8

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Main factors driving conflictPrepared: 16 May 2022

Thinking
holistically
about themedium termmeans exploring
dynamics associatedwith seven key
drivers of
uncertainty

Example dynamics

Geopolitical
relationsDynamics among key countries, interplay of geopoliticaland trade blocs (e.g., "decoupling"), military implications

Strength of
institutions

Changing role of institutions and rule-of-law vs. use of
power; role of private vs. public sector in society

Trade &
supply chains

Shifting trade relations, interconnectedness, supply chain
re-shoring, creation of multi-local industrial hubs

Financialstability

Capital market dynamics and flows, private lending &investment, resilience of financial system

Energy& climate

Energy mix, renewables, energy flows & security, potential
embargos and alternatives (e.g., new LNG import capacity)

Technology& innovationRole of technology, "splinternet," creation of parallel social& payment networks, artificial intelligence, automation

Consumption

Recession or recovery, potential food security crises,change in consumer habits

Source: BCG analysis.

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Drivers of uncertainty

9Prepared: 16 May 2022

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

We have developed scenarios for ~2030 by exploring contrasting
permutations of these seven key drivers of uncertainty
Axis end-points

Geopolitical
relations

Alignment& stability

Polarization& insecurity

Strength of
institutions

Institutions prevail,domestic & int'l

Power-based
relations

Trade &
supply chains

Free trade &hyper-globalization

Regionalization& reshoring

Financialstability

Limited inflation& rising markets

Energy& climate

Undisrupted
transition

Dependence& climate crisis

Technology& innovation

Acceleration

Incremental

Consumption

Confidence& spending

Distrust& recession

Back tothe future

Tripolarcompetition

Limitedstalemate

Globalescalation

Stagflation& instability

Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Drivers of
uncertainty

10

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

Prepared: 16 May 2022

Four potential
scenarios
for 2030
can support
strategic
thinking
and help build
uncertainty
advantage

Back to the future

Tripolar competition

Major powers see benefits in global cooperation andminimized military conflicts

Western & Eastern blocs coexist in new balance,
while "non-aligned" nations seek 3rd path; norms
and institutions differ within and among blocs

Limited stalemate

Global escalation

Chronic conflict in Ukraine & elsewhere in non-NATO
former Soviet republics; China keeps distance from
Russia; economies survive sanction shock; Westinspired institutions struggle for relevance

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Focus on stretched-yet-plausible worlds for 2030

Economic & military confrontations erupt in multiple
locations, disrupting trade patterns; economic &military power supplants institutional system

Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

11

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

Back to the future

Tripolar competition

Limited stalemate

Global escalation

Geopolitical
relations

Domestic conditions drive
leadership of global powers topull back from confrontational
stanceEastern and Western poles
coexist, while "non-aligned"
countries seek a third path inglobal affairs

Chronic conflict limited to Ukraine& elsewhere in non-NATO former
Soviet republics; major powers
maintain confrontational stance

Major powers clash & military
escalation spreads to othertheatres (e.g., Central Asia,
Middle East, Indo-Pacific)

Strength of
institutions

Eastern powers pivot to a balancewith global Western-inspired
institutions

In Africa and Asia, institutions
sponsored by major powers
coexistWestern institutions try but failto align other powers; businesstries to shape global cooperation

State-led protectionism &nationalist policies shape socioeconomic and political dynamics

Trade &
supply chains

Global trade grows to historicalhighs; Africa increases share of
global supply chains

Total global trade stable, but tradecorridor mix-shift occurs as
supply chains near-shore

Total global trade stable but
regionalization shifts flows, andintermittent supply shocks
continue to disrupt costs/prices

Global trade plunges; chains
localize; resource-endowed
countries continue to provide
essential supplies

Financialstability

Monetary policy alignment &markets integration support
stocks & long-term investments

Global financial markets
decouple limiting access tocapitalSanctions & counter sanctions
limit capital flows, hindering
lending, valuations and long-term
investment

Capital shifts to private
investments, more opaquethan public markets; state
investments gain relevance

Energy& climate

Global policy coordination andChinese Greentech accelerateenergy transition

Politicization along bloc lines
disrupts the global consensus
on climate action, only partially
offset by Greentech developments

Insecurity pushes US/ME LNG
imports & renewables in EU,
but EMs sustain high emissions

Fossil fuels & coal prevail in
war economy & intensify noreturn point in climate crisis

Technology& innovation

Innovation in AI & automation
push productivity but drive higher
inequality; Western networks &platforms concentrate activity

Innovation in decoupled
networks ("splinternet"),payment systems & strategic
sectors as defense & space

Cybersecurity is top priority;
insecurity pushes metaverse asalternative to physical experiences;
parallel networks keep growing

Innovation focuses on hybrid
warfare capabilities &cybersecurity; local networks
develop to ensure independence

Consumption

Expansion of global markets &
integration of Eastern players
supports demand growth

Intra-pole demand increases
but policy-driven barriers lead toshortages and inflation pressure

Stagflation reinforces negative
demand cycle & food crises
persist in developing world

Local consumption shifts tobasic goods & cryptocurrencies
enable e-commerce continuity
12

Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Think of aworld where…
2030 scenarios
overview

Prepared: 16 May 2022

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

Each scenario would suggest different outcomes for key macroeconomic
KPIs that shape the business environment
GDP
GrowthTrade % of GDP(physical goods)

Inflation

Oil Price
Price/barrel

Globaltemperature
increase (°C)

Business environment impact

Back tothe future

Strengthened East-West joint markets
highlight importance of global networks /ability to work across borders and ofinvestments in long-term innovation

Tripolarcompetition

Major corridor
mix shift

Tripolar world requires focus on regional
ecosystems (e.g., through governments
partnerships) and investment on digital toensure operability across poles

Regionalization

Uncertainty requires focus on stagflation,
supply shocks and addressing humanitariancrises leveraging corporate capabilities

Limitedstalemate

War economy takes center stage, requiring
collaboration with local networks &governments to face supply shocks &cost inflation

Globalescalation
Reference (2019):

~3%2

56%2

~2%2

$643

-

1. 2019 selected as pre-Covid baseline. Directions indicate temporary changes over the medium term; not static/permanent views; 2. World Bank; 3. Average Brent crude oil price, Statista.
Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

13

Copyright © 2022 by Boston Consulting Group. All rights reserved.

indicates direction
vs. 2019 baseline1

Global Trade

Prepared: 16 May 2022

AGENDA

Perspective on Future Scenarios
Uncertainties & 2030 scenarios
Implications for businesses
Key takeaways for leaders

Copyright © 2022 by Boston Consulting Group. All rights reserved.

War in Ukraine:
Global Update andFuture Scenarios

14

Prepared: 16 May 2022

Scenario-specific implications detailed through early warning indicators,
geographic & sector considerations, and potential actions for leaders

2

Example early warning indicators
to signal scenario emergence2

Implications on strength / vulnerability
for specific geographies and sectors

3

Potential actions for leaders to build
uncertainty advantage

3

Copyright © 2022 by Boston Consulting Group. All rights reserved.

1

1

On top of scenario-specific actions, several 'no regret moves' emerge across scenarios
Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

15

Prepared: 16 May 2022

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

Global sourcing:offshoring to low-costmarkets, $B••

Long-term
investments: global
corporate capital
expenditure, $B
Green energy
development:
renewable energy as% of total energy

Major exporting economies
and trade hubs
Lower cost base to attract
supply chains
Positive Foreign Direct
Investment environment
Flexibility in pivoting publicresources & regulation

High reliance on regional
trade networks / local supply

Strong position

Vulnerable position

Global markets & value chains
High labor intensity

High reliance on traditionalenergy sources

Strong long-term-innovation

Examples:Examples:Major production hubs with
substitutable products
Higher cost-base, risking job
losses & investment crowd-out
Low agility in pivoting publicresources & regulation

Actions to build
uncertainty advantage

Petrochemicals
Automotive

Source: BCG analysis.
Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Implement automation/AI
innovations while protecting
flexible talent models andrelocation/upskilling
opportunities
Build capacity to securely
access and monetize global
consumer data

Oil & gas

Shipping & logistics

Build teaming & cybersecurity
capabilities for a globalized
environment and work acrossborders

Build and leverage multi-country
supply chains enabled bydigital fulfilment & strategic
partnerships
Promote & invest in climate
action16

Copyright © 2022 by Boston Consulting Group. All rights reserved.

East-West tradebarriers: tariffs,
export controls &sanctions

Vulnerable position

Individual action•

Strong position

Ecosystem-wide

Beyond the headlines

Sectors with…

Exampleearly warning
indicators

Geographies with…

Back to the future | Scenario-specific implications for businessesPrepared: 16 May 2022

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION••

Regional super apps:# of super apps
downloads
Cross-pole business
exposure: Revenues
outside of home pole,% of total

Public investment inlocal/regional
business: total
subsidies, tax reductions& direct investments, $B

Regional business ecosystems
within a single bloc

High reliance on global trade,for markets & supply chains

Strong regional financial
markets

No clear pole alignment

Established position and public
support of strategic industries(e.g., semiconductors, defense)

Weaker position in regional
strategic industries(e.g., mainly exporting partsor specific software)

Strong position

Vulnerable position

Regional markets, near-shore
supply chains
High capital & tech investments,
innovation opportunities
Examples:Global markets/ supply
chains and exposure to global
capital flows
Limited state involvement
Examples:Aerospace & defense
Semiconductors &electronics

Fashion & retail
Global MedTech

Source: BCG analysis.
Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Actions to build
uncertainty advantage
Adapt digital infrastructure &cybersecurity to regional
ecosystems and ensure secureinteroperability
Develop innovation capability
targeted to closer markets
Deepen customer & investor
relationships within closer
markets
Nurture strong government
relationships to promote joint
investments
Work with intra-pole public &private partners to acceleratecritical climate action
17

Copyright © 2022 by Boston Consulting Group. All rights reserved.

•

East-West tradebarriers: tariffs, export
controls & sanctions

Vulnerable position

Individual action•

Strong position

Ecosystem-wide

Beyond the headlines

Sectors with…

Exampleearly warning
indicators

Geographies with…

Tripolar competition | Scenario-specific implications for businessesPrepared: 16 May 2022

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

Limited stalemate | Scenario-specific implications for businesses

•

•

•

Defense/military
expenditure: % ofGDP
Investment in cyberdefenses: global
spending on
cybersecurity, $B

Refugees: # of
refugees worldwide
Food prices: FAO
Food Price Index

High dependence on foodsupply chains

Nation-wide developed cybercapabilities & digital economies

High exposure to refugee
flows

Self-sufficient energy sources

Sanctions and/or no clear
trade bloc alliance

Strong position

Vulnerable position

Regional & local markets

Reliance on global supply &vulnerability to input shocks

Highly digital models, able tointeract safely with customers
Examples:Individual action

Robust food supply & export
capacity

Redefine talent models to
respond to humanitarian crises(e.g., protect from food insecurity,accommodate refugees)

Examples:Agriculture & foodInsurance

Metals & mining

Source: BCG analysis.
Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Strengthen cybersecurity
capabilities
Develop virtual offerings andcustomer networks indifferent countries to adapt
to consumer preferences

Physical customer interaction

Social media & services

Strengthen supply chain
resilience by developing multisourcing alternatives, revisiting
overall footprint

Accelerate climate action toachieve energy resilience
Nurture government
partnerships to respond tocrises & build resilience18

Copyright © 2022 by Boston Consulting Group. All rights reserved.

•

Duration & reach ofconflict(s): months, #of countries in conflict

Actions to build
uncertainty advantage

Vulnerable position

Ecosystem-wide•

Geographies with…

Beyond the headlines

Strong position

Sectors with…

Exampleearly warning
indicators

Prepared: 16 May 2022

ILLUSTRATIVE & NON-EXHAUSTIVE; TO PROMOTE DISCUSSION

Global escalation | Scenario-specific implications for businesses••

Defense/military
expenditure: % of
GDP
Election ofnationalist/populist
leaders: # of leaders;% of GDP controlled

Global investment:
Foreign Direct
Investment flows, $B

Strong production ecosystems
with strategic capabilities (e.g.,
semiconductors, defense)

Focus on services sector,
especially with international
client baseSelf-sufficient supplies ofenergy, food & water

Directly impacted bypotential conflicts

Strong position

Vulnerable position

Localized supply & markets
Flexible talent models toaccommodate insecurity
High national importance
Examples:Reliance on global markets &vulnerability to input shocks

Oil & Gas
Aerospace & defense

Individual action

Developed cyber capabilities

High reliance on global
supply chains or trade

Examples:Global investment
funds & PE firms

Source: BCG analysis.
Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Strengthen cybersecurity
capabilities to ensure ongoing
consumer trust
Accelerate automation toaccommodate potential talent
shortages

Strong consumer orientation

Travel & tourism

Assess possibility of local
spinoffs for global players

Strengthen local supply
chains, limiting reliance on
global networks
Secure critical resource
reserves (e.g., energy, food)19

Copyright © 2022 by Boston Consulting Group. All rights reserved.

•

Duration & reach ofconflict(s): months, #of countries in conflict

Strong local markets & supply

Actions to build
uncertainty advantage

Vulnerable position

Ecosystem-wide•

Geographies with…

Beyond the headlines

Strong position

Sectors with…

Exampleearly warning
indicators

Prepared: 16 May 2022

Embed geopolitics indecision-making

Build supply chain
resilience

Invest in people strategy

Actively explore challenges& opportunities associatedwith geopolitical risks;
embed robust risk analysis
processes organization-wide

Explore diversification
and/or re-localization ofvulnerable inputs ascore risk management
mechanisms

Build flexible talentmodels to better support
employees and improveability to respond toregional talent mismatches

Innovate as a hedge

Reinforce cybersecurity

Accelerate climate action

Explore where digital /virtual innovation canhelp limit geopolitical
exposure & strengthen
competitive positioning

Invest in cybersecurity
capabilities and develop
proactive risk mitigation
mechanisms; explore gov't
collaboration opportunities

Double down on climate
action and explore
strategic partnerships
to achieve targets despite
disruptions

Source: BCG analysis. Note: These analyses represent only potential scenarios and are not intended as a prediction or forecast.

Copyright © 2022 by Boston Consulting Group. All rights reserved.

6 high-level 'no regret' moves emerge as common across scenarios toconsider today and strengthen uncertainty advantage for the future20

Prepared: 16 May 2022

AGENDA

Perspective on Future Scenarios
Uncertainties & 2030 scenarios
Implications for businesses
Copyright © 2022 by Boston Consulting Group. All rights reserved.

War in Ukraine:
Global Update andFuture Scenarios

Global economic impact of the war in Ukraine

Key takeaways for leaders21

Prepared: 16 May 2022

Scenarios can help stretch perspectives, enabling stronger medium-term
strategy, more resilient decision making and proactive measures

Do not wait for an uncertain future to disrupt your strategy. Incorporate prospective(not predictive) scenarios and competitive, dynamic simulations into your strategicplanning, and anticipate plausible ways your business environment may evolve.

Monitor and drive action
Identify risk-intelligent actions, big bets and no regret moves for your particular business,monitor indicators & disruptions and move to action to prepare for potential futurechallenges and shape opportunities, mobilizing partnerships, resources and investment

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Takeaways for business leaders

Stretch your strategic decision-making

Influence positive outcomes
Understand how societal challenges may evolve, incorporate into ESG strategies andnudge the future towards desirable outcomes on topics ranging from humanitariancrises to climate change leveraging your capabilities.
Sources: BCG analysis and case experience.

22

Prepared: 16 May 2022

Teams across BCG are actively monitoring impact
Corporate Finance & Strategy Practice Area

Nikolaus LangManaging Director & Senior Partner
Global Practice Area Leader, Global Advantage
E: Lang.Nikolaus@bcg.com

Ryoji KimuraManaging Director & Senior Partner
Global Practice Area Leader, Corporate Finance & Strategy
E: Kimura.Ryoji@BCG.com

Marc Gilbert
Managing Director & Senior Partner
Global Lead, Geopolitics & Trade Impact
E: Gilbert.Marc@bcg.com

Alan Iny
Partner & Director
Global Lead, Creativity & Scenarios (Uncertainty Advantage)
E: Iny.Alan@bcg.com

Michael McAdoo
Partner & Director
Global Trade & Investment
E: McAdoo.Michael@bcg.com

Jon SwanManaging Director & Partner
Global Lead, Uncertainty Advantage
E: Swan.Jon@bcg.com

Kasey Maggard
Global Practice Management Director
Global Advantage
E: Maggard.Kasey@bcg.com

Hans Kuipers
Managing Director & Partner
European Lead, Uncertainty Advantage
E: Kuipers.Hans@bcg.com

Ken Carlstedt
Associate Director
Global Trade Risk & Compliance
E: Carlstedt.Ken@bcg.com

Elton Parker
Associate Director
Global Lead, War Gaming & Simulation (Uncertainty Advantage)
E: Parker.Elton@bcg.com

Leandro J. Urbano
Consultant
E: Urbano.Leandro@bcg.com

Ramón Baeza
Managing Director & Senior Partner
Global Lead, Disruption & Re-invention
E: Baeza.Ramon@bcg.com

Copyright © 2022 by Boston Consulting Group. All rights reserved.

Global Advantage Practice Area

23

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