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  It’s Kick Off Time: Focus on Tactics, Not Statistics
                         June 2014

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2014 FIFA World Cup Report                                                                                         05 June 2014

It’s Kick Off Time: Focus on Tactics, Not Statistics

We are pleased to launch our Special Report on the 20th edition of the FIFA World Cup 2014, which kicks-off on 12th June in
Brazil, when the hosts face Croatia. The tournament will last for just over a month during which the 32 qualified teams will play
a total of 64 matches in 12 cities, including the grand Finale on 13th July at the Maracana in Rio De Janeiro. We are sure you
will be closely following the progress of your respective national teams, if they are playing in the tournament. Even if your
national team is not involved in the action, we hope, either as neutrals or supporters of a team, you will be interested in the
results. Brazil is staging the FIFA World Cup for the second time, the first being in 1950.

Brazil and football are synonymous!
Brazil is a football crazy nation. Since the first World Cup in 1930, only eight teams have won the title. Among them is five-time
winner, Brazil, followed by Italy Moreover, Brazil is the only country to have participated in all 19 editions of this event. The
country has produced some of the greatest players in the history of world football, including Pelé, Garrincha, Ronaldo and Kaká.
Brazilian players have won the Ballon d‘Or five times in the past 15 years. Football is almost a religion in the country. In 1950,
when Brazil lost the final match to Uruguay, a distressed fan committed suicide and three others died from heart attack.
According to FIFA.com, the official site for the event, Brazilian fans purchased more than sixty percent of the tickets that went
on sale online in mid-April 2014.

World Cup likely to boost tourism in Brazil
Several sectors, including civil construction, food and beverage, business services, and tourism and hospitality, are likely to
benefit from the global event. In the 2010 World Cup held in South Africa, 3.2 million people attended the tournament.
According to the Brazilian Ministry of Tourism, 3.7 million people are estimated to travel across the country during the month-
long tournament. Approximately 1.9 million fans are estimated to travel to the 12 Brazilian cities hosting matches and FIFA fan
fests, while another 1.8 million visitors would travel to Brazil to enjoy the festivities around the World Cup. Moreover, an
average foreign tourist would attend four World Cup matches and spend approximately USD2,488 during the visit. Overall, the
Brazilian economy is expected to grow by USD3.03 billion, led by tourist inflow during the 2014 FIFA World Cup. Minister of
Tourism, Vinicius Lages, noted that the financial turnover in tourism may be more than double if the multiplier effect of indirect
and induced financial transactions resulting from these visitors is considered.

Brazilian government under criticism
The government is estimated to have spent more than USD11 billion on World Cup preparations. Yet, there are delays in the
completion of infrastructure projects and stadium constructions. According to market sources, the soccer stadiums in Natal and
Porto Alegre still need work, while the Itaquerao stadium has not received approval from the fire department for the entire
seating section. The stadiums were due to be completed last year. The delays have led to criticism from FIFA and angry
protests have taken place in various cities over exceeding costs.

Brazil’s national team under pressure to win
Playing on home soil has its advantages, although Brazil has yet to win the tournament at home. Six host countries have won
the title in previous editions: Uruguay (1930), Italy (1934), England (1966), Germany (1974), Argentina (1978), and France
(1998). Brazil and Sweden were runners-up when they hosted the tournament in 1950 and 1958, while Chile (1962), Italy
(1990), and Germany (2006) finished in the third place. It is interesting to note that a national team with a foreign coach has
never won the World Cup.
On 16 July, 1950, the entire nation mourned as Uruguay defeated Brazil in the finals. The match, termed as ―Maracanazo‖, is
considered to be national tragedy and distresses the country to date. Accordingly, Brazil is under tremendous pressure given
the high expectations from the country to win its first World Cup on home soil.

Popular choice team, Champion, Runners Up and Award Winners
We took inputs from our colleagues and clients over the last month and based on the number of votes polled for each player,
we have come up with a Popular 11 (P 11). Furthermore, based on your votes, we also have the Champion and the Runners up
for this edition, and winners of individual performance awards such as the Golden Ball, Golden Boot and Golden Glove. The
response was overwhelming as we received entries not only from the GCC/MENA region but from Asia, Europe and North
America as well.

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Venue Details
 12 Stadiums of World Cup 2014

 The stadiums are spread across the country‘s five regions, spanning 12 cities: capital Brasília, Cuiabá, Salvador, Fortaleza,
 Natal, Manaus, Porto Alegre, Belo Horizonte, Rio de Janeiro, Recife, São Paulo, and Curitiba. The latter six cities would host
 the tournament for the second time in 2014. The opening match of the championship would be held at Arena de São Paulo in
 Brazil‘s largest city, São Paulo. The finals would be played in the historical Estádio do Maracanã, Rio de Janeiro, on July 13,
 2014. This is the largest stadium in Brazil, and was also used for the 1950 edition of the game. Arena da Baixada is the
 smallest venue, with a capacity of 41,456. An average 5.33 matches would be played per venue. In 1950, a total of
 1,045,246 fans watched the tournament, the largest audience until England 1966.

                               Arena Amazônia                                            Fortaleza
                                                                  Estádio Castelão
                               Capacity : 42,374
                                                                 Capacity : 64,856                      Estádio das Dunas
                   Manaus                                                                               Capacity : 42,086
                                                                                      Natal

                                                                                      Recife           Arena Pernambuco
                           Arena Pantanal                                   Belo
                                                                                                       Capacity : 44,248
                          Capacity : 42,968                            Horizonte
                                                Cuiabá          Brasília
                                          Estádio Nacional                                Estádio Mineirão
                                         Capacity : 70,064                                Capacity : 62,547
                                                                       Salvador
                                                                                   Arena Fonte Nova
                                                                                   Capacity : 48,747
                                                                    Rio de Janeiro
                                                     São Paulo
                                                                                   Estádio do Maracanã
                                 Arena da Baixada                                  Capacity : 76,804
                                 Capacity : 41,456
                                                                      Arena de São Paulo
                                                     Curitiba         Capacity : 65,807

                                             Porto
                                            Alegre           Estádio Beira-Rio
                                                             Capacity : 48,849

                                                                                                     2014 FIFA World Cup Report | 3
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FIFA 2014 − Groups, Teams and Key Statistics

 Group A                                                                   Group E
Country         Times     FIFA    Best performance                        Country       Times     FIFA Best performance
                qualified rank                                                          qualified rank

Brazil             20      4     Winners (1958, 1962, 1970, 1994, 2002)   Ecuador              3   26    Round of 16 (2006)

Cameroon           7       50    Quarter-finals (1990)                    France            14     16    Winners (1998)

Croatia            4       20    Third place (1998)                       Honduras             3   30    Group stage (1982, 2010)

Mexico             15      19    Quarter-finals (1970, 1986)              Switzerland       10     8     Quarter-finals (1934, 1938, 1954)

 Group B                                                                   Group F
Country         Times     FIFA    Best performance                        Country       Times     FIFA    Best performance
                qualified rank                                                          qualified rank

Australia          4       59    Round of 16 (2006)                       Argentina       16       7     Winners (1978, 1986)

Chile              9       13    Third place (1962)                       Bosnia           1       25    NA

Netherlands        10      15    Runners-up (1974, 1978, 2010)            Iran             4       37    Group stage (1978, 1998, 2006)

Spain              14      1     Winners (2010)                           Nigeria          5       44    Round of 16 (1994, 1998)

 Group C                                                                   Group G
Country         Times     FIFA    Best performance                        Country       Times     FIFA    Best performance
                qualified rank                                                          qualified rank

Colombia               5   5     Round of 16 (1990)                       Germany         18       2     Winners (1954, 1974, 1990)

Côte d'Ivoire          3   21    Group stage (2006, 2010)                 Ghana            3       38    Quarter-finals (2010)

Greece                 3   10    Group stage (1994, 2010)                 Portugal         6       3     Third place (1966)

Japan                  5   47    Round of 16 (2002, 2010)                 USA             10       14    Third place (1930)

 Group D                                                                   Group H
Country         Times     FIFA    Best performance                        Country       Times     FIFA    Best performance
                qualified rank                                                          qualified rank

Costa Rica          4      34    Round of 16 (1990)                       Algeria          4       25    Group stage (1982, 1986, 2010)

England             14     11    Winners (1966)                           Belgium         12       12    Fourth place (1986)

Italy               18     9     Winners (1934, 1938, 1982, 2006)         S. Korea         9       55    Fourth place (2002)

Uruguay             12     6     Winners (1930, 1950)                     Russia          10*      18    Fourth place (1966)
                                      rd
 Source: ww.fifa.com; *This is the 3 appearance of Russia at the World Cup. However, FIFA considers Russia as the successor team of the
 USSR; note: FIFA ranks as of May 2014

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Mashreq - World Cup Popular Choice 11 (P 11)

                                                         Manuel
                                                         Neuer

                      Phillip                                                            Vincent
                      Lahm                                                               Company

                                              Thiago                Sergio
                                               Silva                Ramos

                       Yahya                              Andre                          Bastian
                       Toure                              Iniesta                     Schweinsteiger

                       Robin                                                             Christiano
                     Van Persie                                                           Ronaldo

                                                           Lionel
                                                           Messi

                Players of 16 countries were nominated for P 11
                Some of the major footballing countries whose players did not get any votes are: Mexico,
                Chile, Colombia and Nigeria
                Germany has the most number of players (3) in P 11, followed by Spain (2)
                Christiano Ronaldo was the most popular player getting the highest number of votes
                Marcelo, Eden Hazard and Sergio Aguero missed selection in P 11 by a single vote only

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Match Predictions and Awards Winners

 Groups        Round of 16          QF             SF                 Final                 SF             QF          Round of 16             Groups

    A       Brazil                                                                                                                  Mexico         A

    B       Netherlands                                                                                                              Spain         B

    C       Colombia                                                                                                            Ivory Coast        C

    D       Uruguay                                                                                                                    Italy       D

    E       France                                                                                                              Switzerland        E

    F       Bosnia                                                                                                                Argentina        F

    G       Germany                                                                                                                Belgium         G

    H       South Korea                                                                                                            Portugal        H

                                                                    Dark Horse

        A                    B               C                  D                 E                  F                 G                       H

     Croatia              Chile            Japan            England           Ecuador            Nigeria            Ghana               Russia

Route to the Final
At group stage, we don‘t expect any major surprises, although we have rated one team from each group as a dark horse. England‘s elimination
from Group D is not an upset in our opinion.
In our opinion, Round-of-16 will see elimination of some major names such as the Netherlands and Portugal
Our quarter-final line up offers a strong chance to Brazil to avenge the defeat to Uruguay in the 1950 World Cup final at home
Argentina could play against either Belgium or Portugal. In either case we expect Argentina to be third time lucky and win to finally proceed to the
semi-final
We have a heart-break in store for the home fans in the semi-final – Germany will be too good for Brazil
Argentina, led by Lionel Messi will beat the current world champions, Spain in the other semi-final
The final between Argentina and Germany will be mouthwatering. We are backing Argentina to avenge the defeat suffered at the hands of West
Germany in 1990.

Champion                                                               Champion                   Golden Ball
Germany and Argentina received equal number of votes from you to                                                           Christiano Ronaldo
win the World Cup. To resolve the tie, our colleague Usman Khan                                                            was a clear favourite.
met Diego Maradona (El Diego) and asked him for his vote. Answer                                                           Neymar was a distant
is obvious and hence Argentina was nominated as the                                                                        second
Champion. You can see a smiling Usman Khan in the picture
above.                                                                 Runner Up                  Golden Boot
                                                                                                                           Christiano Ronaldo
                                                                                                                           again, although Lionel
                                                                                                                           Messi was very close

                                                                       Third Place                Golden Glove
                                                                                                                           Manuel Neuer was an
                                                                                                                           almost unanimous
                                                                                                                           choice. Thibaut Courtois
                                                                                                                           got some votes but could
                                                                                                                           not pose a serious
                                                                                                                           challenge to the German.

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Table of Contents
GROUP A ................................................................................................................................ 8
  Brazil (BRA) .............................................................................................................................................................. 9
  Mexico (MEX) .......................................................................................................................................................... 11
  Croatia (CRO) .......................................................................................................................................................... 13
  Cameroon (CMR) ..................................................................................................................................................... 15

GROUP B .............................................................................................................................. 17
  Spain (ESP)............................................................................................................................................................. 18
  Chile (CHI) .............................................................................................................................................................. 20
  Netherlands (NED) ................................................................................................................................................... 22
  Australia (AUS) ........................................................................................................................................................ 24

GROUP C .............................................................................................................................. 26
  Colombia (COL) ....................................................................................................................................................... 27
  Greece (GRE) .......................................................................................................................................................... 29
  Côte d'Ivoire (CIV) ................................................................................................................................................... 31
  Japan (JPN) ............................................................................................................................................................. 33

GROUP D .............................................................................................................................. 35
  Uruguay (URU) ........................................................................................................................................................ 36
  Italy (ITA) ............................................................................................................................................................... 38
  England (ENG)......................................................................................................................................................... 40
  Costa Rica (CRC) ..................................................................................................................................................... 42
GROUP E ............................................................................................................................... 44
  Switzerland (SUI) .................................................................................................................................................... 45
  France (FRA) ........................................................................................................................................................... 47
  Ecuador (ECU) ......................................................................................................................................................... 49
  Honduras (HON) ...................................................................................................................................................... 51

GROUP F ............................................................................................................................... 53
  Argentina (ARG) ...................................................................................................................................................... 54
  Bosnia and Herzegovina (BIH) ................................................................................................................................... 56
  Iran (IRN) ............................................................................................................................................................... 58
  Nigeria (NGA) .......................................................................................................................................................... 60
GROUP G .............................................................................................................................. 62
  Germany (GER) ....................................................................................................................................................... 63
  Portugal (POR) ........................................................................................................................................................ 65
  United States (USA) ................................................................................................................................................. 67
  Ghana (GHA)........................................................................................................................................................... 69

GROUP H .............................................................................................................................. 71
  Belgium (BEL) ......................................................................................................................................................... 72
  Russia (RUS) ........................................................................................................................................................... 74
  Algeria (ALG)........................................................................................................................................................... 76
  Korea Republic (KOR) ............................................................................................................................................... 78

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                GROUP A
                Brazil | Mexico | Croatia | Cameroon

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 Brazil (BRA)                                                          Economy-USD2,243bn/ HDI-85/ FIFA-4

 Will a World Cup Win Change the Nation’s Bleak Mood?
 Economic Performance                                                           Country Details
 •      Brazil, the seventh-largest economy in the world in terms of PPP,       Region                                           South America
        will host the FIFA World Cup in 2014 and Olympic Games in 2016 –        Currency                                                      Real
        events which generally boost growth driven by investment in             Area                                   Sq. Km.          8,514,877
        requisite infrastructure. However, growth in Brazil‘s economy has       Population                             Mn                    198.3
        slowed significantly over the past few years, decelerating to 2.3%      Urban Population                       %                      84.9
        y/y in 2013 compared with 7.5% in 2010. Reforms, including tax          Urban Population Growth                %                        1.1
        cuts and increased public spending, have not been able to revive        Source: IMF, UN data, CIA; Note: Urban
        the economy.                                                            population and growth thereof corresponds to
                                                                                2012 and 2010–15, respectively
 •      According to Instituto Brasileiro de Geografia e Estatística (IBGE)
        inflation rose to 6.15% in March 2014, led by hike in basic food
                                                                                Trade Balance                                                2013
        items. The inflation rate remained well above the minimum target
        level of 4.5% and marginally below the 6.5% upper range set by          Import                                     USD bn              334
        Brazilian authorities. To tackle the situation, the central bank        Export                                     USD bn              280
        increased the benchmark interest rate to 11%, its highest level in      Balance                                    USD bn             (54)
        two years. However, BBVA expects inflation to breach 6.5% by the        Source: WTO; Note: Trade figures                            include
        middle of 2014.                                                         merchandise and commercial services

 •      Brazil‘s fiscal deficit in 2013 reached BRL157.6 billion, the biggest
                                                                                Economic Indicators
        year-end deficit since 2002. However, the widening gap could not
        resonate with the country‘s economic growth. Furthermore, Brazil‘s                                      2012           2013         2014e
        gross debt reached BRL2,817 billion in February 2014, amounting         GDP (USD bn)                    2,248          2,243         2,216
        to 57.5% of GDP. The government announced budget cuts of                GDP/capita (USD)               11,437         11,311        11,080
        around BRL44 billion in February 2014 to contain public debt and        Unemployment (%)                     5.5          5.4               5.6
        curb inflation.
                                                                                CPI                           3,603.5         3,833.1               NA
 •      Despite hosting the World Cup, Brazil‘s economic growth would be        Source: IMF data and estimates, IBGE; Note: GDP
        slow in 2014. The IMF now projects Brazil‘s economy to grow 1.8%        is in nominal terms
        in 2014 compared with an earlier estimate of 2.3%, citing weak
        infrastructure and low private investment as primary reasons. S&P       Economic Growth
        downgraded Brazil‘s rating to BBB- in March 2014, one notch
                                                                                               1.25                                  9.0
        above junk, due to slow growth and rising debt levels.
 Political Structure                                                                           1.20
                                                                                                                                     6.0
 •      Brazil is a federal presidential democratic republic, where the
                                                                                      BRL tn

                                                                                                                                             In %
        president is the head of state and government. The current                             1.15
        President Dilma Rousseff became Brazil‘s first woman president in                                                            3.0
                                                                                               1.10
        2011. She would seek a second term in October 2014.
 •      Brazil is a member of the UN, BRIC, G-20, and Mercosur.                                1.05                                  0.0
 Socio-economic Background                                                                             2010     2012         2014e

 •      Brazil is the fifth-largest country in terms of population. IBGE                          Real GDP (LHS)             % Change (RHS)
        estimates Brazil‘s population to have crossed 200 million in 2013.
                                                                                Source: IMF data and estimates
        The country‘s population is expected to reach 228.4 million in
        2042, with an average life expectancy of more than 80 years.
                                                                                Current Account Balance, % GDP
 Economic Summary
     USD bn, unless specified           2009    2010    2011    2012    2013                    0.0

     Population (mn)                    191.5   193.3   194.9   196.5   198.3
     Growth (%)                          1.0     0.9     0.9     0.8     0.9
                                                                                               (1.5)
                                                                                   In %

     GDP/Capita Growth (%)               5.8    15.3     8.9     5.2     9.2
     Government Revenue                 484     600     651     710      772
                                                                                                       (2.2) (2.1)
     Government Expenditure             529     645     697     762      840                   (3.0)                 (2.4)

     Tax Revenue (% of GDP)             32.3    32.4     NA      NA      NA
     FDI Inflows                         26      49      67      65      NA                                                   (3.6) (3.6)
     PPP (BRL/USD)                      1.63    1.74    1.83    1.88     2.00                  (4.5)
                                                                                                       2010          2012            2014e
     Foreign Population ( % of Total)    NA      NA      NA      NA      NA
 Source: IMF data and estimates, OECD; Note: GDP/capita growth is in nominal    Source: IMF data and estimates
 terms; Government revenue and expenditure are converted to USD using the
 Jan–Apr BRL/USD average exchange rate of 0.43 from Oanda

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 2010 World Cup Performance Round-up                                  Current Squad
 •      Brazil ranked first among the 10 CONMEBOL members,            Player                 DoB       Club                     Caps Goals
        as per the May 2014 FIFA/Coca-Cola Rankings. At the
                                                                      Goalkeepers
        top of the Brazilian football league system is the annual
        Brazilian football club tournament – Campeonato               Júlio César*        03-Sep-79    Toronto                   78   0

        Brasileiro Série A. Cruzeiro ranked first among the 20        Jefferson           02-Jan-83    Botafogo                  9    0
        clubs that participated in Série A during the 2013            Victor              21-Jan-83    Atlético Mineiro          6    0
        season.                                                       Defenders
 •      Brazil is the most successful national team at the FIFA       David Luiz          22-Apr-87   Chelsea                    34   0
        World Cup, winning the title five times (1958, 1962,          Dante               18-Oct-83   Bayern München             11   2
        1970, 1994, and 2002) and finishing second twice
                                                                      Thiago Silva (c)    22-Sep-84   Paris St-Germain           45   2
        (1950 and 1998). Moreover, Brazil is the only country
                                                                      Marcelo             12-May-88   Real Madrid                29   4
        to have participated in every edition of the World Cup.
        As a host nation, it is a clear favorite to win this year‘s   Dani Alves          06-May-83   Barcelona                  72   5
        tournament. Of the 19 World Cups so far, 6                    Henrique            14-Oct-86   Napoli                     4    0
        tournaments have been won by the host country.                Maicon              26-Jul-81   Roma                       70   7
        However, Brazil is not part of that list.                     Maxwell             27-Aug-81   Paris St-Germain           7    0
 •      At the 2010 World Cup, in the group stage, Brazil won         Midfielders
        two games and drew the match against Portugal. The
                                                                      Oscar               09-Sep-91   Chelsea                    29   9
        team defeated Korea and Côte d'Ivoire by 2-1 and 3-1,
        respectively. Brazil claimed its third World Cup victory      Ramires             24-Mar-87   Chelsea                    41   4

        over Chile in the round of 16 by a comfortable margin         Paulinho            25-Jul-88   Tottenham                  25   5
        of 3-0 to face the Netherlands in the quarter-final,          Luiz Gustavo        23-Jul-87   Wolfsburg                  17   1
        which it lost by 1-2.                                         Fernandinho         04-May-85   Man. City                  6    1
 •      Brazil was one of the top five scorers of the tournament      Willian             09-Aug-88   Chelsea                    5    1
        with nine goals. Luis Fabiano was the highest scorer for
                                                                      Hernanes            29-May-85   Internazionale             23   2
        the team, scoring three times, followed by Elano.
                                                                      Forwards
 •      Carlos Caetano Bledorn Verri, popularly known as
                                                                      Fred                03-Oct-83   Fluminense                 31   16
        Dunga, was the coach of the national team during the
        2010 World Cup, but he was dismissed following the            Bernard             08-Sep-92   Shakhtar Donetsk           10   1
        team‘s dismal performance. The current coach Luiz             Neymar              05-Feb-92   Barcelona                  47   30
        Felipe Scolari had previously led the team to victory         Hulk                25-Jul-86   Zenit                      33   8
        during the 2002 FIFA World Cup and the last year‘s            Jô                  20-Mar-87   Atlético Mineiro           15   5
        Confederations Cup - Brazil defeated Spain in that final.
                                                                      Coach: Luiz Felipe Scolari
        Scolari's favorite formation is known to be a flexible 4-
                                                                      Source: fifa.com, bbc.com; Note: Current squad consists of
        2-3-1.
                                                                      players included in the final 2014 World Cup squad; ‗c‘ denotes
 •      The Brazilian team could be difficult to beat at              captain; *César is on loan from QPR
        home. Striker Neymar would play a key role
        during the World Cup, supported by Hulk,
        defenders Dani Alves, David Luiz and Thiago
        Silva, and veteran goal keeper Júlio César.
 •      Brazil is the strongest contender to win the
        championship.      According      to     BSports’s
        StatsInsights, Brazil has more than 20% chance
        of winning the 2014 FIFA World Cup, clearly
        reflecting the advantage of playing on home soil.

 FIFA 2014: Group Stage Match Schedule                                 2010 FIFA World Cup Results
 Date          Time     Venue                     Against              Matches Played: 5        Goals For: 9        Goals Against: 4

                        Arena de Sao Paulo, Sao
     12 June    17:00                                 Croatia
                        Paulo
                                                                                                1
                        Estadio Castelao,                                                                                Won
     17 June    16:00                                 Mexico
                        Fortaleza
                                                                                                                         Drawn
                        Estadio Nacional,                                                   1                  3
     23 June    17:00                                 Cameroon                                                           Lost
                        Brasilia

 Source: fifa.com

                                                                       Source: fifa.com

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 Mexico (MEX)                                                     Economy-USD1,259bn/ HDI-61/ FIFA-19

 Economy and Football Going from Strength to Strength
 Economic Performance                                                           Country Details
 •      Officially known as United Mexican States, Mexico is Latin              Region                                              Central America
        America‘s second-largest economy. The country‘s economic growth         Currency                                              Mexican Peso
        slowed down to 1.1% in 2013 compared with the average growth            Area                                       Sq. Km.          1,964,375
        of 4.3% during 2010–12, led by weakness in exports and major
                                                                                Population                                 Mn                    118.4
        contraction in the construction sector.
                                                                                Urban Population                           %                       78.4
 •      In 2013, annual inflation stood at 3.97%, toward the higher end of
                                                                                Urban Population Growth                    %                         1.2
        the central bank‘s 2–4% target range. However, in March 2014,
        inflation eased to 3.76% after soaring to a seven-month high of         Source: IMF, UN data, CIA; Note: Urban
                                                                                population and growth thereof corresponds to
        4.48% in January 2014, on introduction of new taxes. The bank           2012 and 2010–15, respectively
        expects inflation to remain within the target range in 2014.
 •      The economy is likely to benefit from the structural reforms            Trade Balance                                                    2013
        initiated by President Enrique Peña Nieto. Key reforms focus on
                                                                                Import                                         USD bn               419
        energy, financial, education, and telecommunication sectors along
                                                                                Export                                         USD bn               400
        with fiscal, labor, and governance and transparency issues. The
        government has allocated MXN7.7 billion toward its National             Balance                                        USD bn              (19)

        Infrastructure Program 2014–18.                                         Source: WTO; Note: Trade figures                                include
                                                                                merchandise and commercial services
 •      Mexico is the second-largest tourist destination in North America,
        with tourism being one of the key sectors driving economic growth.
                                                                                Economic Indicators
        The government plans to spend MXN180 billion to turn the country
        into a global leader in the tourism industry.                                                              2012             2013        2014e
 •      The government expects steady economic performance in 2014,             GDP (USD bn)                       1,184           1,259          1,288
        driven by expected increase in public spending and greater              GDP/capita (USD)                  10,111          10,630        10,767
        external demand due to recovery in the US market. The IMF               Unemployment (%)                         5.0          4.9                4.5
        estimates the economy to grow at 3% in 2014.                            CPI                                105.2           109.2          113.6
 •      Moody‘s upgraded Mexico‘s rating to A3 from Baa1 with a stable          Source: IMF data and estimates; Note: GDP is in
        outlook, making it the second Latin American country after Chile        nominal terms
        with an A rating. Moody‘s raised the rating on account of improved
        growth prospects led by the economic reforms.                           Economic Growth
 Political Structure                                                                           14.00                                      6.0
 •      Mexico is a federal constitutional republic where the president is
        the head of state and government.
                                                                                               13.00                                      4.0
                                                                                      MXN tn

 •      It is a member of various organizations, including the G-15, G-20,

                                                                                                                                                  In %
        NAFTA, OECD, APEC, UN, and WTO.
                                                                                               12.00                                      2.0
 Socio-economic Background
 •      According to Demographia (May 2014 edition), Mexico City is the
        ninth-largest urban agglomeration in the world.                                        11.00                                      0.0
                                        st
                                                                                                        2010      2012            2014e
 •      In 2012, Mexico ranked 61       on the World Bank‘s Human
        Development Index (HDI) and is characterized as an upper middle-                          Real GDP (LHS)                % Change (RHS)
        income country.                                                         Source: IMF data and estimates

 Economic Summary                                                               Current Account Balance, % GDP

     USD bn, unless specified           2009    2010    2011    2012    2013                      0.0
     Population (mn)                    112.6   114.3   115.7   117.1   118.4
                                                                                                         (0.3)
     Growth (%)                          1.6     1.5     1.2     1.2     1.1
                                                                                                (1.0)
     GDP/Capita Growth (%)              (2.9)    8.2     8.1     6.0     2.0
                                                                                       In %

                                                                                                                 (1.1)
     Government Revenue                 202     226     252     277     284                                               (1.2)
     Government Expenditure             249     269     289     320     331
                                                                                                (2.0)                              (1.8) (1.9)
     Tax Revenue (% of GDP)             17.4    18.9    19.7     NA      NA
     FDI Inflows                         17      23      24      15      NA
     PPP (MXN/USD)                      8.03    8.29    8.55    8.68    8.72                    (3.0)
     Foreign Population ( % of Total)    NA      NA      NA      NA      NA                              2010             2012            2014e
 Source: IMF data and estimates, OECD; Note: GDP/capita growth is in nominal    Source: IMF data and estimates
 terms; government revenue and expenditure are converted to USD using the
 Jan–Apr MXN/USD average exchange rate of 0.08 from Oanda

                                                                                                                 2014 FIFA World Cup Report | 11
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 2010 World Cup Performance Round-up                                Current Squad

 •      Officially known as Liga Bancomer MX, the Primera           Player                       DoB       Club                  Caps Goals
        División is the highest professional football league in
                                                                    Goalkeepers
        Mexico. As of May 2014, Mexico ranked second among
                                                                    Alfredo Talavera          18-Sep-82 Toluca                   13    0
        the CONCACAF countries. Contested by 18 clubs, Cruz
                                                                    José Corona               26-Jan-81    Cruz Azul             32    0
        Azul topped the 1a División 2014 Clau table.
                                                                    Guillermo Ochoa           13-Jul-85    Ajaccio               54    0
 •      In its last fourteen World Cup appearances, Mexico has
                                                                    Defenders
        qualified for the quarter-finals only twice – 1970 and
                                                                    Francisco Rodríguez       20-Oct-81    América               90    1
        1986 – both the times on home ground. On every other
                                                                    Miguel Layún              25-Jun-88    América               10    0
        occasion, including the World Cup in South Africa 2010,
                                                                    Rafael Márquez (c)        13-Feb-79    Guadalajara           120   15
        it was eliminated in the round of 16. Despite being a
                                                                    Paul Aguilar              06-Mar-86 América                  26    3
        regional football powerhouse, El Tri, as the team is
        nicknamed, won only two of its 10 qualifying games,         Andrés Guardado           28-Sep-86 Bayer Leverkusen         98    14

        finishing fourth in the final CONCACAF six-nation group     Héctor Moreno             17-Jan-88    Espanyol              50    1
        phase. Mexico appeared in a play-off against New            Diego Reyes               19-Sep-92 Porto                    12    0
        Zealand and qualified for its sixth consecutive World       Carlos Salcido            02-Apr-80    Tigres                117   10
        Cup after defeating New Zealand.                            Midfielders
                                                                    Carlos Peña               29-Mar-90 León                     13    2
 •      In the 2010 FIFA World Cup, the team‘s performance
                                                                    Isaác Brizuela            28-Aug-90 Toluca                    5    0
        was dismal as it lost more matches than it won. Mexico
                                                                    Marco Fabián              21-Jul-89    Cruz Azul             11    3
        was grouped with Uruguay, France, and the host
        country South Africa. It faced South Africa in the          Miguel Ponce              12-Apr-89    Toluca                 5    0

        opening match of the tournament, which ended in a 1-1       Javier Aquino             11-Feb-90    Villarreal            21    0
        draw. El Tri qualified for the next round following a 2-0   Héctor Herrera            19-Apr-90    Porto                 10    0
        victory over France. However, it lost two successive        José Juan Vázquez         14-Mar-88 León                      2    0
        matches, the third group stage match against Uruguay        Forwards
        (0-1) and the round-of-16 match against Argentina (1-       Alan Pulido               08-Mar-91 UANL                      3    4
        3). With this, Argentina claimed its second round-of-16     Raúl Jiménez              05-May-91 América                  21    4
        victory over Mexico in FIFA World Cup.                      Giovani dos Santos        11-May-89 Villarreal               71    14

 •      Out of the four goals scored by Mexico in the               Javier Hernández          01-Jun-88    Man. United           58    35

        tournament, striker Javier Hernández scored two and         Oribe Peralta             12-Jan-84    Santos Laguna         26    16
        Rafael Márquez and Cuauhtemoc Blanco scored one             Coach: Miguel Herrera
        goal each.                                                  Source: fifa.com, bbc.com, Guadalajara official website; Note:
                                                                    Current squad consists of players included in the final 2014 World
 •      The Mexican team was coached by Javier Aguirre,
                                                                    Cup squad; ‗c‘ denotes captain
        popularly known as El Vasco, for the 2010
        championship. He resigned after the tournament.
        Current national coach Miguel Herrera, nicknamed
        Piojo, replaced Víctor Manuel Vucetich in October 2013,
        making him team‘s fourth coach in less than two
        months. He prefers the attack-minded 3-5-2 formation.
 •      After constant coaching changes, it is highly
        difficult to predict as to how the team would
        perform. However, key El Tri players would be
        Javier Hernández, Rafael Márquez and Giovani
        dos Santos, as well as young players such as
        Oribe Peralta, Raúl Jiménez, and Carlos Peña.
 •      Mexico is expected to qualify for the round of 16,
        but is less likely to make it any further, according
        to BSports’s estimates.

 FIFA 2014: Group Stage Match Schedule                               2010 FIFA World Cup Results
 Date          Time     Venue                      Against           Matches Played: 4          Goals For: 4            Goals Against: 5

     13 June   13:00    Estadio das Dunas, Natal      Cameroon

                                                                                                            1
                        Estadio Castelao,                                                                                Won
     17 June   16:00                                  Brazil
                        Fortaleza
                                                                                          2                              Drawn
                        Arena Pernambuco,
     23 June   17:00                                  Croatia                                                            Lost
                        Recife
                                                                                                            1
 Source: fifa.com

                                                                     Source: fifa.com

                                                                                                          2014 FIFA World Cup Report | 12
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 Croatia (CRO)                                                          Economy-USD58bn/ HDI-47/ FIFA-20

 Facing a Prolonged Economic and Footballing crisis
 Economic Performance                                                           Country Details
 •      The Republic of Croatia was adversely impacted by the 2008              Region                                           Southern Europe
        financial crisis. Consequently, the country‘s economy shrunk            Currency                                                         Kuna
        almost 12% relative to the 2008 level. Croatia entered the fifth        Area                                     Sq. Km.               56,594
        year of recession in 2013, as the real GDP contracted 1% y/y, led       Population                               Mn                            4.3
        by a decline in exports and manufacturing. Domestic demand              Urban Population                         %                        58.1
        remains subdued as households and corporations focus on                 Urban Population Growth                  %                             0.4
        reducing excessive debt levels. Moreover, FDI remains depressed         Source: IMF, UN data, CIA; Note: Urban
        and stood at EUR530 million for 9M13 compared with EUR1.1               population and growth thereof corresponds to 2012
        billion during 9M11.                                                    and 2010–15, respectively

 •      Resulting from persistent recession, Croatia‘s unemployment rate
                                                                                Trade Balance                                                   2013
        stood at 21.1% in April 2014, with youth unemployment at over
        40%, one of the highest in Europe. To ensure sustained growth,          Import                                       USD bn                    25

        government needs to address labor market rigidity and improve           Export                                       USD bn                    25
        business environment.                                                   Balance                                      USD bn                    (0)

 •      In July 2013, Croatia became the 28th member state of the EU. So        Source: WTO; Note: Trade figures                              include
                                                                                merchandise and commercial services
        far, Croatia‘s accession to the EU has not benefitted the country as
        expected. Nonetheless, foreign investment as well as tourism is
                                                                                Economic Indicators
        likely to increase, in addition to access to European funds.
        However, Croatia is currently under the EU‘s excessive deficit                                            2012            2013         2014e
        procedure (EDP), as its estimated fiscal deficit is above 3%. In        GDP (USD bn)                        56              58            60
        2013, the country‘s deficit and debt were around 5.5% and 60%           GDP/capita (USD)                13,119          13,562         13,961
        of GDP, respectively, as per IMF estimates.                             Unemployment (%)                      16.1         16.5           16.8

 •      The IMF forecasts Croatia‘s economy to contract further (almost         CPI                              105.8            108.1         108.6

        1%) in 2014. While domestic demand and fiscal consolidation are         Source: IMF data and estimates; Note: GDP is in
                                                                                nominal terms
        likely to remain weak, exports would improve due to an expected
        uptick in activity in the Eurozone. In March 2014, Moody‘s lowered
        Croatia‘s Ba1 rating outlook to negative from stable owing to an        Economic Growth
        unfavorable economic outlook.                                                          0.28                                    2.0
 Political Structure
 •      Croatia is a parliamentary representative democratic republic,                         0.27                                    0.0
                                                                                      HRK tn

                                                                                                                                                In %
        where the Prime Minister (presently, Zoran Milanović) is the head
        of the government. Executive power is exercised by the President
                                                                                               0.26                                    (2.0)
        and the government.
 •      The country is a member of various organizations, including the
        EU, UN, Council of Europe, NATO, and WTO.                                              0.25                                    (4.0)
                                                                                                       2010     2012           2014e
 Socio-economic Background
 •      In 2012, Croatia ranked very high (47th) on the World Bank‘s                             Real GDP (LHS)                % Change (RHS)
        Human Development Index (HDI).
                                                                                Source: IMF data and estimates

                                                                                Current Account Balance, % GDP
 Economic Summary
                                                                                                2.0                                     1.5
     USD bn, unless specified           2009    2010    2011    2012    2013                                                     1.2

     Population (mn)                    4.3     4.3     4.3     4.3     4.3
                                                                                                0.0
     Growth (%)                         (0.2)   (0.3)   (0.2)   0.0     0.0
                                                                                                                       (0.0)
                                                                                      In %

     GDP/Capita Growth (%)              (4.1)   (1.2)   1.7     (0.1)   0.1
                                                                                               (2.0)    (1.2) (0.9)
     Government Revenue                  23      22      22      23      22
     Government Expenditure              25      25      25      25      26
                                                                                               (4.0)
     Tax Revenue (% of GDP)             19.4    19.2    18.4     NA     NA
     FDI Inflows                         4       1       1       1       1*
                                                                                               (6.0)
     PPP (HRK/USD)                      4.26    4.24    4.24    4.24    4.22
                                                                                                        2010           2012            2014e
     Foreign Population ( % of Total)    NA      NA      NA      NA     NA
 Source: IMF data and estimates, Indexmundi, Croatian National Bank; Note:      Source: IMF data and estimates
 GDP/capita growth is in nominal terms; Government revenue and expenditure,
 and FDI inflows are converted to USD using the Jan–Apr HRK/USD and EUR/USD
 average exchange rate of 0.18 and 1.37, respectively, from Oanda; *Estimated

                                                                                                                2014 FIFA World Cup Report | 13
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 2006 World Cup Performance Roundup                                Current Squad
 •      Prva HNL or 1. HNL is the highest football league          Player                DoB       Club                  Caps Goals
        championship in Croatia. Officially known as MAXtv
                                                                   Goalkeepers
        Prva Liga, it ranked 20th among European countries,
                                                                   Stipe Pletikosa      08-Jan-79 Rostov                 109    0
        according to the UEFA‘s league coefficients. Contested
                                                                   Danijel Subašić      27-Oct-84 Monaco                  6     0
        by 10 teams, Dinamo Zagreb topped the league in the
                                                                   Oliver Zelenika      14-May-93 Lokomotiva              0     0
        2013–14 season.
                                                                   Defenders
 •      Croatia has made three appearances at the World Cup
                                                                   Vedran Ćorluka       05-Feb-86 Lokomotiv Moscow        71    4
        since it separated from Yugoslavia in 1990. In its
                                                                   Dejan Lovren         05-Jul-89 Southampton             24    2
        maiden tournament, held in France in 1998, the team
                                                                   Danijel Pranjić      02-Dec-81 Panathinaikos           49    0
        finished third. In subsequent World Cup finals (2002
                                                                   G. Schildenfeld      18-Mar-85 Panathinaikos           20    0
        and 2006), it was eliminated at the group stage.
        Croatia could not qualify for the 2010 tournament.         Darijo Srna (c)      01-May-82 Shakhtar Donetsk       111   21
                                                                   Domagoj Vida         29-Apr-89 Dynamo Kyiv             21    1
 •      In 2006, Croatia was placed with Brazil, Australia, and
                                                                   Šime Vrsaljko        10-Jan-92 Genoa                   5     0
        Japan. The team played three matches in the
                                                                   Midfielders
        tournament, of which it lost in one and the other two
        ended in stalemate. Croatia started on a losing note, in   Marcelo Brozović     16-Nov-92 Dinamo Zagreb           0     0

        its opening match to Brazil 0-1. The team managed          Mateo Kovačić        06-May-94 Internazionale          8     0
        draws against Japan (0-0) and Australia (2-2). The         Ivan Močinić         30-Apr-93 Rijeka                  0     0
        indifferent performance led to the elimination at the      Luka Modrić          09-Sep-85 Real Madrid             73    8
        group stage for the second time.                           Ivan Perišić         02-Feb-89 Wolfsburg               27    1
 •      Zlatko Kranjcar guided the Croatian national team          Ivan Rakitić         10-Mar-88 Sevilla                 60    9
        during the 2006 World Cup. However, he was replaced        Sammir               23-Apr-87 Getafe                  4     0
        following the team‘s disappointing performance in the      Ognjen Vukojević     20-Dec-83 Dynamo Kyiv             54    4
        tournament. Niko Kovač, who captained the team in          Forwards
        2006, is the current national coach. Croatia has a         Eduardo              25-Feb-83 Shakhtar Donetsk        61   29
        strong midfield, and Kovač could employ a 4-2-3-1 or       Nikica Jelavić       27-Aug-85 Hull City               31    5
        4-3-3 formation at the 2014 World Cup in Brazil.           Mario Mandžukić      21-May-86 Bayern München          48   13
 •      Some of the key players to watch out for are               Ivica Olić           14-Sep-79 Wolfsburg               90   18
        Captain and defender Darijo Srna, midfielders              Ante Rebić           21-Sep-93 Fiorentina              3     1
        Luka Modrić, Ivan Rakitić, and Mateo Kovačić, and          Coach: Niko Kovač
        forwards Eduardo, Ivica Olić, Nikica Jelavić, and
                                                                   Source: fifa.com, bbc.com; Note: Current squad consists of
        Mario Mandžukić.                                           players included in the final 2014 World Cup squad; ‗c‘ denotes
 •      Croatia is in a tough group with the tournament’s          captain
        favorites Brazil, Cameroon, and Mexico. According
        to BSports’s StatsInsights, the team has the third
        highest (38.3%) chance, after Brazil and Mexico,
        of making it to the top 16. Barring any major
        upset, we don’t expect Croatia to make it to the
        round of 16.

 FIFA 2014: Group Stage Match Schedule                              2006 FIFA World Cup Results
 Date          Time     Venue                     Against           Matches Played: 3        Goals For: 2       Goals Against: 3

                        Arena de Sao Paulo, Sao
     12 June   17:00                                 Brazil
                        Paulo

                        Arena Amazonia,                                                  1                       Won
     18 June   18:00                                 Cameroon
                        Manaus
                                                                                                                 Drawn
                        Arena Pernambuco,
     23 June   17:00                                 Mexico                                            2         Lost
                        Recife

 Source: fifa.com

                                                                    Source: fifa.com

                                                                                                   2014 FIFA World Cup Report | 14
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 Cameroon (CMR)                                                             Economy-USD28bn/ HDI-150/ FIFA-50

 Underachieving – Both Economy and the Team
 Economic Performance                                                                Country Details
 •      Rich in natural resources, Cameroon, the ‗hinge of Africa‘, is the           Region                                            Central Africa
        largest economy in the six-nation Central African Economic and               Currency                                                   CFA Franc
        Monetary Community (CEMAC) bloc. The IMF estimates                           Area                                   Sq. Km.              475,650
        Cameroon‘s economy grew at a real rate of 5.5% in 2013, up from              Population                             Mn                        22.0
        4.6% in 2012, driven by sustained infrastructure investment and              Urban Population                       %                         52.7
        strong performances by the oil & gas and tertiary sectors. This is           Urban Population Growth                %                              3.2
        well below the government‘s and CEMAC‘s forecast of 6.1% and                 Source: IMF, UN data, CIA; Note: Urban
        6.7%, respectively. However, the economy would need to expand                population and growth thereof corresponds to 2012
        at a much higher pace for the country to achieve an ―emerging                and 2010–15, respectively
        nation‖ status by 2035 as envisaged by the government‘s Vision
        2035.                                                                        Trade Balance                                                  2013

 •      Inflation remained low and within CEMAC‘s threshold at 2.1% in               Import                                    USD bn                       9
        2013, according to IMF estimates. Meanwhile, Cameroon‘s                      Export                                    USD bn                       6
        unemployment levels remain structurally high at over 50%,                    Balance                                   USD bn                      (3)
        according to market sources. Moreover, the IMF estimates                     Source: WTO; Note: Trade figures include
        Cameroon‘s fiscal deficit expanded to 4.1% of GDP in 2013 from               merchandise     and     commercial      services;
                                                                                     Merchandise exports and imports are only for East
        2.5% in 2012. This can be ascribed to a rise in investment                   Cameroon
        expenditure and fuel subsidies. The fiscal gap is likely to widen to
        5.7% in 2015.                                                                Economic Indicators
 •      Cameroon‘s business environment needs to improve significantly
                                                                                                                        2012         2013           2014e
        to attract private investment. It ranked 168th in the World Bank‘s           GDP (USD bn)                         25           28              31
        2014 Doing Business report (161st in 2013 edition).
                                                                                     GDP/capita (USD)                1,181           1,271          1,370
 •      The IMF expects GDP growth to stabilize at about 5.5% in 2014,               Unemployment (%)                     NA               NA              NA
        led by higher oil production, sustained capital expenditure, and             CPI                             227.4           232.0          237.8
        strong domestic demand. Moreover, in December 2013, Fitch
                                                                                     Source: IMF data and estimates; Note: GDP is in
        affirmed Cameroon‘s B rating with a stable outlook.                          nominal terms
 Political Structure
 •      Cameroon is a unitary presidential republic where the president is           Economic Growth (real)
        the head of state and government. Paul Biya, one of Africa‘s                                11.50                                    6.0
        longest-serving presidents, has been in power since November
        1982.
                                                                                                    10.50                                    5.0
 •      Cameroon is a member of various organizations, including the UN,
                                                                                           XAF tn

                                                                                                                                                    In %
        African Union, CEMAC, and WTO.
                                                                                                     9.50                                    4.0
 Socio-economic Background
 •      Poverty, income inequality, and corruption remain key challenges.
        Cameroon has been unable to channelize its economic growth to                                8.50                                    3.0
        reduce poverty levels, which have stagnated at around 40% since                                     2010     2012          2014e

        2001. Transparency International ranked Cameroon the 144th                                     Real GDP (LHS)             % Change (RHS)
        most corrupt country among 177 on its Corruption Perception
        Index 2013.                                                                  Source: IMF data and estimates

 Economic Summary                                                                    Current Account Balance, % GDP

     USD bn, unless specified           2009     2010     2011     2012      2013
                                                                                                      0.0
     Population (mn)                     19.9     20.4     20.9     21.5     22.0
     Growth (%)                          2.8      2.5      2.5      2.5      2.5
                                                                                                    (2.0)
     GDP/Capita Growth (%)              (4.2)     3.8      5.3      4.9      4.2
                                                                                           In %

     Government Revenue                   4        4        5        5        5
                                                                                                            (3.0) (2.9)
     Government Expenditure               4        4        5        6        7                     (4.0)                                   (3.5)
     Tax Revenue (% of GDP)              NA       NA       NA       NA       NA                                           (4.0)
                                                                                                                                   (4.4)
     FDI Inflows                          1        1        0        1       NA
                                                                                                    (6.0)
     PPP (XAF/USD)                      246.48   250.84   255.11   257.71   259.12
                                                                                                            2010          2012             2014e
     Foreign Population ( % of Total)    NA       NA       NA       NA       NA
 Source: IMF data and estimates, UNCTAD; note: GDP/capita growth is in               Source: IMF data and estimates
 nominal terms; government revenue and expenditure are converted to USD using
 the Jan–Apr XAF/USD average exchange rate of 0.002 from Oanda

                                                                                                                    2014 FIFA World Cup Report | 15
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                                                                                                       FOR THE PRIVILEGED FEW

 2010 World Cup Performance Round-up                                Current Squad
 •      The Championnat du Cameroun de football is the              Player                  DoB       Club               Caps Goals
        highest division of association football clubs in
                                                                    Goalkeepers
        Cameroon. Officially known as MTN Elite One, the
                                                                    Loïc Feudjou          14-Apr-92 Coton Sport            0     0
        league comprises 14 clubs. Coton Sport FC ranked first
                                                                    Charles Itandje       02-Nov-82 Konyaspor              7     0
        during the 2013 season.
                                                                    Sammy N'Djock         25-Feb-90 Fethiyespor            1     0
 •      Cameroon has qualified for seven World Cups (including
                                                                    Defenders
        Brazil 2014), the highest by any African team. The
                                                                    Benoit Assou-Ekotto   24-Mar-84 QPR                   20     0
        team, popularly known as the Indomitable Lions,
                                                                    Henri Bedimo          04-Jun-84 Lyon                  28     0
        delivered its finest performance in Italy 1990, when it
                                                                    Aurélien Chedjou      20-Jun-85 Galatasaray           29     1
        reached the quarter-finals, becoming the continent‘s
                                                                    Cedric Djeugoue       28-Aug-92 Coton Sport            1     0
        first country to do so. In all the following World Cups –
        1994, 1998, 2002 and 2010 – and its debut tournament        Nicolas N'Koulou      27-Mar-90 Marseille             44     0

        in 1982, the team exited in the group stage.                Dany Nounkeu          11-Apr-86 Beşiktaş              13     0
                                                                    Allan Nyom            10-May-88 Granada                6     0
 •      The Indomitable Lions could not score a single point
        from the three matches it played during the 2010 World      Midfielders

        Cup. Hence, the country was ranked 31st, just behind        Eyong Enoh            23-Mar-86 Antalyaspor           32     2
        North Korea, among 32 countries that participated in        Jean Makoun           29-May-83 Rennes                67     5
        the tournament. Cameroon could not live up to               Joël Matip            08-Aug-91 Schalke 04            19     0
        expectations, losing all three group-stage matches. In      Stéphane Mbia*        20-May-86 Sevilla               48     3
        its opening match against Japan, the Indomitable Lions      Landry N'Guémo        28-Nov-85 Bordeaux              37     2
        lost 0-1. Subsequently, the team was defeated by            Edgar Salli           17-Aug-92 Lens                   7     0
        Denmark and Netherlands with the same score line (1-        Alex Song             09-Sep-87 Barcelona             43     0
        2).                                                         Forwards
 •      Current captain Samuel Eto‘o scored the team‘s two          Vincent Aboubakar     22-Jan-92 Lorient               23     2
        goals. He gave Cameroon a lead in the match against         Eric Choupo-Moting    23-Mar-89 Mainz 05              23    10
        Denmark by netting his first goal. However, Denmark         Samuel Eto'o (c)      10-Mar-81 Chelsea               113   54
        defeated Cameroon by scoring the winning goal in the        Benjamin Moukandjo    12-Nov-88 Nancy                 13     2
        61st minute. Eto‘s next goal came against the Dutch.        Fabrice Olinga        12-May-96 Zulte Waregem          5     1
 •      Paul Le Guen coached the Indomitable Lions during the       Pierre Webó           20-Jan-82 Fenerbahçe            52    18
        2010 World Cup. However, he resigned in June 2010           Coach: Volker Finke
        after Cameroon became the first team to exit the World
                                                                    Source: fifa.com, bbc.com; Note: Current squad consists of
        Cup. In May 2013, Volker Finke was named the national       players included in the final 2014 World Cup squad; ‗c‘ denotes
        coach. He had managed German football club SC               captain; *Mbia is on loan from QPR
        Freiburg for 16 years (1991–2007).
 •      Samuel Eto’o, who plays his fourth and probably
        last World Cup in 2014, would remain a threat up
        front. Supporting him would be midfielders Alex
        Song, Jean Makoun, and Stéphane Mbia, while
        Nicolas N'Koulou, Benoit Assou-Ekotto, and
        Aurélien Chedjou would be their main defenders.
 •      The team is likely to be eliminated at the group
        stage. According to BSports’s StatsInsights, it has
        the lowest chance of qualifying for the round of
        16 among the group countries.

 FIFA 2014: Group Stage Match Schedule                               2010 FIFA World Cup Results
 Date          Time     Venue                      Against           Matches Played: 3       Goals For: 2        Goals Against: 5

     13 June   13:00    Estadio das Dunas, Natal      Mexico
                                                                                                                  Won
                        Arena Amazonia,
     18 June   18:00                                  Croatia                                                     Drawn
                        Manaus
                                                                                                                  Lost
                        Estadio Nacional,
     23 June   17:00                                  Brazil
                        Brasilia                                                                  3

 Source: fifa.com

                                                                     Source: fifa.com

                                                                                                      2014 FIFA World Cup Report | 16
It‘s Kick Off Time: Focus on Tactics, Not Statistics
                                                        FOR THE PRIVILEGED FEW

                GROUP B
                Spain | Chile | Netherlands | Australia

                                                       2014 FIFA World Cup Report | 17
It‘s Kick Off Time: Focus on Tactics, Not Statistics
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 Spain (ESP)                                                          Economy-USD1,359bn/ HDI-23/ FIFA-1

 Reigning Champion – Rising from Crisis
 Economic Performance                                                           Country Details
 •      Spain, the fourth largest economy in the Eurozone, started              Region                                              Southern Europe
        displaying signs of recovery after it slipped into recession in 3Q08.   Currency                                                            Euro
        The economy registered growth for two consecutive quarters –            Area                                           Sq. Km.          505,992
        3Q13 and 4Q13. Spain‘s economy grew 0.3% in 4Q13, highest q/q           Population                                     Mn                   46.6
        increase in five years. However, on annual basis, the economy           Urban Population                               %                    77.6
        shrank 1.2% y/y in 2013.                                                Urban Population Growth                        %                          1.0
 •      Unemployment continues to be the biggest challenge for Spain.           Source: IMF, UN data, CIA; Note: Urban
        The labor market reforms introduced in February 2012 to tackle          population and growth thereof corresponds to
                                                                                2012 and 2010–15, respectively
        the situation resulted in a 0.3% q/q increase in seasonally
        adjusted employment rate in 4Q13 (for the first time since 2009).
                                                                                Trade Balance                                                     2013
 •      Debt levels remain exceptionally high - as of February 2014, public
                                                                                Import                                         USD bn                 430
        debt stood at EUR988 billion, equivalent to approximately 95% of
                                                                                Export                                         USD bn                 460
        the annual GDP. Debt levels rose due to bad real estate debt
        following the collapse of the property market. However, ongoing         Balance                                        USD bn                     30

        financial sector reforms have helped banks to recognize losses and      Source: WTO; Note: Trade figures                                 include
                                                                                merchandise and commercial services
        clean up their balance sheets.
 •      Inflation levels remain low - it stood at -0.15% in March 2014.         Economic Indicators
        Separately, the downtrend in consumer prices reflects the
        absorption of VAT rate hike in September 2012.                                                             2012              2013         2014e
 •      Growth outlook for Spain is stronger as the IMF estimates GDP to        GDP (USD bn)                       1,323             1,359         1,415
        rise 0.9% and 1% during 2014 and 2015, respectively. Moreover,          GDP/capita (USD)                  28,294            29,150        30,432
        in December 2013, Moody‘s upgraded the country‘s credit rating          Unemployment (%)                        25.0          26.4           25.5
        outlook to Stable from Negative.                                        CPI                                119.2             121.0         121.3
 Political Structure                                                            Source: IMF data and estimates; Note: GDP is in
                                                                                nominal terms
 •      Spain is a parliamentary monarchy - the monarch is the head of
        state, while the ―president of the government‖ (prime minister
        equivalent) holds the executive power. On December 20, 2011,            Economic Growth
        Mariano Rajoy was elected ―president of the government‖.                               1.06                                       2.0
 •      Spain is a member of the EU, UN, NATO, OECD, and WTO.
                                                                                               1.04
 Socio-economic Background                                                                                                                0.0
                                                                                      EUR tn

                                                                                                                                                   In %
 •      Spain‘s population is expected to decline 5.6% in the next decade.                     1.02
        Mortality rate is projected to exceed the birth rate by 2017.                                                                     (2.0)
        Furthermore, the financial crisis has led to a negative migratory                      1.00
        balance. According to the National Statistics Institute (INE), two
        persons would leave for every immigrant.                                               0.98                                       (4.0)
                                                                                                       2010       2012           2014e
 •      Catalonia, home to Spain‘s second-largest city Barcelona, is
        seeking independence from the country. Accordingly, Catalan                              Real GDP (LHS)                  % Change (RHS)
        President Artur Mas is likely to hold a self-determination
        referendum in November 2014, which was ruled unconstitutional           Source: IMF data and estimates
        by the Constitutional Court of Spain in March 2014.
                                                                                Current Account Balance, % GDP
 Economic Summary
                                                                                                2.0
     USD bn, unless specified           2009    2010    2011    2012    2013                                                        0.7    0.8
     Population (mn)                    46.4    46.6    46.7    46.8    46.6
                                                                                                0.0
     Growth (%)                         0.8     0.4     0.4     0.1     (0.3)
                                                                                      In %

     GDP/Capita Growth (%)              (4.6)   (0.5)   (0.3)   (1.7)   (0.3)
                                                                                               (2.0)                     (1.1)
     Government Revenue                 505     527     520     525     533
     Government Expenditure             665     665     658     676     634
                                                                                               (4.0)
     Tax Revenue (% of GDP)             30.9    32.5    32.2    32.9     NA                                     (3.8)
     FDI Inflows                         10      40      27      27      NA                             (4.5)
     PPP (EUR/USD)                      0.78    0.77    0.76    0.74    0.74                   (6.0)
                                                                                                        2010             2012             2014e
     Foreign Population ( % of Total)    NA     12.3     NA      NA      NA
 Source: IMF data and estimates, OECD; Note: GDP/capita growth is in nominal    Source: IMF data and estimates
 terms; Government revenue and expenditure are converted to USD using the
 Jan–Apr EUR/USD average exchange rate of 1.37 from Oanda

                                                                                                                 2014 FIFA World Cup Report | 18
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                                                                                                          FOR THE PRIVILEGED FEW

 2010 World Cup Performance Round-up                                   Current Squad

 •      Officially named Liga BBVA, La Liga or the Primera             Player                DoB       Club                     Caps Goals
        División is the highest professional football division of
                                                                       Goalkeepers
        the Spanish football league system. It currently ranks
                                                                       Iker Casillas (c)   20-May-81   Real Madrid              153   0
        first in Europe, according to the UEFA‘s league
                                                                       Pepe Reina          31-Aug-82   Napoli                    31   0
        coefficient ranking. In the 2013–14 season, Atlético
                                                                       David de Gea        07-Nov-90   Man. United               0    0
        Madrid topped the 20 clubs that participated in La Liga,
                                                                       Defenders
        followed by Barcelona and Real Madrid.
                                                                       Raúl Albiol         04-Sep-85   Napoli                    45   0
 •      Spain registered it‘s first-ever win at the finals of a FIFA
                                                                       Juanfran            09-Jan-85   Atlético Madrid           7    1
        World Cup in 2010, defeating the Netherlands with a
                                                                       Sergio Ramos        30-Mar-86   Real Madrid              115   9
        scoreline of 1-0. Spain became the eighth nation to win
                                                                       Jordi Alba          21-Mar-89   Barcelona                 25   5
        the Cup, led by Barcelona midfielder Andrés Iniesta‘s
        winning goal in the 116th minute.                              Javi Martínez       02-Sep-88   Bayern München            15   0
                                                                       César Azpilicueta   28-Aug-89   Chelsea                   5    0
 •      During the 2010 World Cup, Spain lost the first game to
                                                                       Gerard Piqué        02-Feb-87   Barcelona                 59   4
        Switzerland before winning the next two games at the
                                                                       Midfielders
        group stage. In the round of 16, Spain defeated
                                                                       Koke                08-Jan-92   Atlético Madrid           7    0
        Portugal by 1-0 to face Paraguay in the quarter-finals.
                                                                       Andrés Iniesta      11-May-84   Barcelona                 95   11
        After winning the quarter-final by 1-0, Spain defeated
                                                                       Xavi Hernández      25-Jan-80   Barcelona                130   12
        Germany in the semi-final, again by 1-0.
                                                                       Cesc Fàbregas       04-May-87   Barcelona                 87   13
 •      Spain won the World Cup with eight goals, the                  Xabi Alonso         25-Nov-81   Real Madrid              109   15
        fewest goals scored by a World Cup-winning
                                                                       Sergi Busquets      16-Jul-88   Barcelona                 64   0
        team. Captain Iker Casillas, one of the world‘s finest
                                                                       Santi Cazorla       13-Dec-84   Arsenal                   62   11
        keepers, received the Adidas Golden Glove for the best
                                                                       Juan Mata           28-Apr-88   Man. United               32   9
        goalkeeper. Notable performances were displayed by
                                                                       David Silva         08-Jan-86   Man. City                 78   20
        pass-master Xavi Hernández and leading scorer David
                                                                       Forwards
        Villa. Villa scored five of the team‘s eight goals.
                                                                       Pedro Rodríguez     28-Jul-87   Barcelona                 38   14
 •      Spain uses the tiki-taka style, characterized by short         Diego Costa         07-Oct-88   Atlético Madrid           3    0
        passing and maintaining possession while awaiting the          Fernando Torres     20-Mar-84   Chelsea                  106   36
        chance to strike. The team is coached by Vicente Del
                                                                       David Villa         03-Dec-81   Atlético Madrid           95   56
        Bosque who took over from Luis Aragones following the
                                                                       Coach: Vicente Del Bosque
        Euro 2008 win. Del Bosque is known to rely strongly
                                                                       Source: fifa.com, bbc.com; Note: Current squad consists of
        upon midfielders. He has also led Spain to victory in the
                                                                       players included in the final 2014 World Cup squad; ‗c‘ denotes
        European Championships hosted in 2012.                         captain
 •      Players to watch out for during the 2014 World
        Cup would be Sergio Ramos, Jordi Alba, Pedro,
        Cesc Fàbregas and Álvaro Negredo, in addition to
        the keeper and captain Iker Casillas.
 •      According to BSports’s StatInsights, the reigning
        world and European champion stands a 46.8%
        chance of qualifying to the quarter-finals and a
        9.2% chance of winning the championship, after
        Brazil, Germany and Argentina in 2014.

 FIFA 2014: Group Stage Match Schedule                                  2010 FIFA World Cup Results
 Date          Time      Venue                     Against              Matches Played: 7          Goals For: 8      Goals Against: 2

                         Arena Fonte Nova,
     13 June    16:00                                  Netherlands
                         Salvador
                                                                                                 1
                         Estádio do Maracanã,
     18 June    16:00                                  Chile                                                             Won
                         Rio De Janeiro
                                                                                                                         Drawn
                         Arena da Baixada,
     23 June    13:00                                  Australia                                                         Lost
                         Curitiba
                                                                                                         6
 Source: fifa.com

                                                                        Source: fifa.com

                                                                                                         2014 FIFA World Cup Report | 19
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