FTO opportunity is the biggest within Healthcare & Senior Living, and Education, where the market is mainly self-operated In Healthcare & Senior Living, we see significant upside for both hospitals/medical caterers are likely to benefit from increased patient flows. Better funding at public hospitals also could mean higher staffing levels and medical employment. minimum wage, the overall care economy would amount to 9% of global GDP or US$11 trillion. Within this, senior living and institutional long-term care is likely an under- commercialized in a high-productivity future. term care in institutions; the dispersion between the OECD countries is wide, with Switzerland at 25%, France at 10%, and the US 2%. We believe the level of care should improve in all countries, with the greatest potential for upgrades in currently low welfare