TAILIEUCHUNG - The Knowledge Web: People Power – Fuel for the New Economy

The new economy moves at a pace never seen before. The new economy is a knowledge economy based on brainpower, ideas and entrepreneurism. Technology is the driver of the new economy, and human capital is its fuel. The knowledge economy is people-centric. Our economy has evolved from manufacturing-intensive to labor-extensive. Fundamental to success in the new economy is how companies obtain, train and retain knowledge workers. The knowledge enterprise industry is over $ trillion. We expect the online component to grow from $ billion to $ billion by 2003, a 54% CAGR. Ubiquitous PCs and high-speed bandwidth will facilitate access to knowledge anytime, anywhere. The Internet democratizes knowledge, increasing access to it,. | Merrill Lynch United States Education Training Services Knowledge Enterprises 23 May 2000 Michael T. Moe CFA Director of Global Growth Research 1 415 676-3570 michael_moe@ Henry Blodget Senior Internet Analyst Global Coordinator 1 212 449-0773 henry_blodget@ The Knowledge Web Part 1 People Power - Fuel for the New Economy Highlights Technology is the Driver of the New Economy and Human Capital is its Fuel The Internet s Capability to Deliver a Total Human Capital Solution Creates a Powerful Investment Opportunity Merrill Lynch Co. Global Securities Research Economics Group Global Fundamental Equity Research Department RC 60214529 The Knowledge Web - 23 May 2000 Merrill Lynch Knowledge Enterprises Group Michael T. Moe CFA Director of Global Growth Research 1 415 676-3570 michael_moe@ Education Services Kathleen Bailey Vice President 1 415 676-3572 kathleen_bailey@ Neil Godsey Assistant Vice President 1 415 676-3574 neil_godsey@ Michael B. Armstrong Industry Analyst 1 415 676-3585 michael_armstrong@ Business Employee Services Thatcher Thompson Director 1 212 449-8787 thatcher_thompson@ Chandy Smith Assistant Vice President 1 212 449-0841 chandy_smith@ Global Internet Research Henry Blodget Senior Internet Analyst Global Coordinator 1 212 449-0773 henry_blodget@ Kirsten Campbell Assistant Vice President 1 212 449-3113 kirsten_campbell@ Albert Einstein Licensed by the Hebrew University of Jerusalem Represented by the Roger Richman Agency Inc. Beverly Hills CA 90212 2 Merrill Lynch The Knowledge Web - 23 May 2000 Introduction to the e-Knowledge Industry The new economy moves at a pace never seen before. The new economy is a knowledge economy based on brainpower ideas and entrepreneurism. Technology is the driver of the new economy and human capital is its fuel. The knowledge economy is people-centric. Our economy has evolved from manufacturing-intensive to labor-extensive. Fundamental to

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