The Annual Report on the Most Valuable Swiss Brands July 2018 Foreword

Switzerland 50 2018 The annual report on the most valuable Swiss brands July 2018 Foreword.

What is the purpose of a strong brand: to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be ‘to make money’.

Huge investments are made in the design, launch, and ongoing promotion of brands. Given their potential financial value, this makes sense. Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place, it frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly understood by non-marketers.

David Haigh As a result, marketing teams struggle to communicate the value of their work and CEO, Brand Finance boards then underestimate the significance of their brands to the business. Sceptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo, may fail to agree necessary investments. What marketing spend there is, can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources, and a negative impact on the bottom line.

Brand Finance bridges the gap between marketing and finance. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising, and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line.

By valuing brands, we provide a mutually intelligible language for marketing and finance teams. Marketers then have the ability to communicate the significance of what they do, and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions.

Brand Finance’s research revealed the compelling link between strong brands and stock market performance. It was found that investing in highly-branded companies would lead to a return almost double that of the average for the S&P 500 as a whole.

Acknowledging and managing a company’s intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business.

The team and I look forward to continuing the conversation with you.

Brand Finance Switzerland 50 July 2018 3. About Brand Finance. Contents.

Brand Finance is the world’s leading independent Foreword 3 brand valuation and strategy consultancy. About Brand Finance 4 Brand Finance was set up in 1996 with the aim of ‘bridging the gap between marketing and finance’. Contact Details 4 For more than 20 years, we have helped companies and organisations of all types to connect their brands Definitions 6 to the bottom line. Executive Summary 8 We pride ourselves on four key strengths: • Independence Full Table 12 • Technical Credibility • Transparency Methodology 14 • Expertise. Understand Your Brand’s Value 15 Brand Finance puts thousands of the world’s biggest Consulting Services 16 brands to the test every year, evaluating which are the strongest and most valuable. Communications Services 17

For more information, please visit our website: www.brandfinance.com

Contact Details.

For business enquiries, For further information on Brand Finance®’s services and valuation experience, please contact: please contact your local representative: Richard Haigh Managing Director Country Contact Email Address [email protected] Asia Pacific Samir Dixit [email protected] +65 906 98 651 Australia Mark Crowe [email protected] +61 282 498 320 Canada Charles Scarlett-Smith [email protected] +1 647 3437 266 For media enquiries, Caribbean Nigel Cooper [email protected] +1 876 8256 598 please contact: China Scott Chen [email protected] +86 1860 118 8821 East Africa Jawad Jaffer [email protected] +254 204 440 053 Konrad Jagodzinski Germany Holger Mühlbauer [email protected] +49 1515 474 9834 Communications Director India Savio D’Souza [email protected] +44 207 389 9400 [email protected] Indonesia Jimmy Halim [email protected] +62 215 3678 064 Ireland Simon Haigh [email protected] +353 087 6695 881 Italy Massimo Pizzo [email protected] +39 230 312 5105 For all other enquiries, Japan Jun Tanaka [email protected] +8190 7116 1881 please contact: Mexico & LatAm Laurence Newell [email protected] +52 1559 197 1925 [email protected] Middle East Andrew Campbell [email protected] +971 508 113 341 Nigeria Babatunde Odumeru [email protected] +234 012 911 988 +44 (0)207 389 9400 Romania Mihai Bogdan [email protected] +40 728 702 705 Spain Teresa de Lemus [email protected] +34 654 481 043 South Africa Jeremy Sampson [email protected] +27 828 857 300 linkedin.com/company/ Sri Lanka Ruchi Gunewardene [email protected] +94 114 941 670 brand-finance Turkey Muhterem Ilgüner [email protected] +90 216 3526 729 UK Richard Haigh [email protected] +44 207 389 9400 USA Laurence Newell [email protected] +1 917 794 3249 facebook.com/brandfinance Vietnam Lai Tien Manh [email protected] +84 473 004 468

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4. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 5. Definitions.

Definitions.

Brand Value Brand Strength

+ Enterprise Value Brand Strength is the efficacy of a brand’s Each brand is assigned a Brand Strength Index (BSI) The value of the entire enterprise, made performance on intangible measures, relative to its score out of 100, which feeds into the brand value up of multiple branded businesses. competitors. calculation. Based on the score, each brand is assigned a [Swatch Group] corresponding rating up to AAA+ in a format similar to a Where a company has a purely mono- In order to determine the strength of a brand, we look at branded architecture, the ‘enterprise value’ credit rating. is the same as ‘branded business value’. Marketing Investment, Stakeholder Equity, and the impact Enterp of those on Business Performance. Analysing the three brand strength measures helps inform rise Va managers of a brand’s potential for future success. lue + Branded Business Value The value of a single branded business Bra operating under the subject brand. nded Bu si [Omega] A brand should be viewed in the context of Marketing Widely recognised factors deployed by marketers to create brand loyalty and ne ss the business in which it operates. Brand Investment market share. V a Finance always conducts a branded Bran lu d C e business valuation as part of any brand on tr valuation. We evaluate the full brand value ib u t chain in order to understand the links io n between marketing investment, brand- Stakeholder Perceptions of the brand among different stakeholder groups, with customers tracking data, and stakeholder behaviour. Equity being the most important.

+ Brand Contribution The overall uplift in shareholder value Brand Quantitative market and financial measures representing the success of the Value that the business derives from owning Business the brand rather than operating a Brand Strength Index Performance brand in achieving price and volume premium. [Omega] generic brand.

The brand values contained in our league tables are those of the potentially transferable brand assets only, making ‘brand contribution’ a wider concept. An Marketing Investment assessment of overall ‘brand contribution’ to • A brand that has high Marketing Investment but low Stakeholder Equity may be on a a business provides additional insights to path to growth. This high investment is likely to lead to future performance in Stakeholder Equity which would in turn lead to better Business Performance in the future. help optimise performance. Investment • However, high Marketing Investment over an extended period with little improvement in Stakeholder Equity would imply that the brand is unable to shape customers’ preference. + Brand Value The value of the trade mark and Stakeholder Equity associated marketing IP within the • The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is branded business. Equity likely that Business Performance will improve in the future. [Omega] • However, if the brand’s poor Business Performance persists, it would suggest that the Brand Finance helped to craft the brand is inefficient compared to its competitors in transferring stakeholder sentiment internationally recognised standard on to a volume or price premium. Brand Valuation – ISO 10668. It defines brand as a marketing-related intangible Performance Business Performance asset including, but not limited to, names, • Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder terms, signs, symbols, logos, and designs, Equity, it would imply that, in the future, the brand’s ability to drive value will diminish. intended to identify goods, services or • However, if it is able to sustain these higher outputs, it shows that the brand is entities, creating distinctive images and particularly efficient at creating value from sentiment compared to its competitors. associations in the minds of stakeholders, thereby generating economic benefits.

6. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 7. Executive Summary.

Executive Summary.

to continue automating industries. Complemented by its Top 10 Most Valuable Brands (CHF m) major sponsorship arrangement with Formula E, the fully electric international FIA motorsport category, ABB is Rank 2018: 1 2017: 1 increasingly delivering automation and electrical 1 BV 2018: CHF18,890 services in key new mobility sectors. BV 2017: CHF18,819 0% Brand Rating: AAA- Brand to Watch: TAG Heuer Rank 2018: 2 2017: 2 BV 2018: Although valued at far less than Nestlé, TAG Heuer has 2 CHF8,583 BV 2017: CHF9,086 -6% emerged as a brand to watch this year and the fastest- Brand Rating: AA+ growing among the nation’s most valuable brands, recording a remarkable 55% brand value growth to Rank 2018: 3 2017: 5 CHF1.5 billion. 3 BV 2018: CHF8,028 BV 2017: CHF6,586 22% TAG Heuer have launched a significant effort to produce Brand Rating: AA+ smartwatches that build upon the brand’s luxury mechanical expertise, combining the previously parallel Rank 2018: 4 2017: 3 product sectors. 4 BV 2018: CHF6,991 BV 2017: CHF6,981 0% In addition, the brand introduced significant online Brand Rating: AA- customisation options for buyers, enabling them to choose bespoke watch combinations. This strategy of Rank 2018: 5 2017: 7 creating unique customer experience has proved 5 BV 2018: CHF6,497 Nestlé Still Most Valuable "The top Swiss brands come from BV 2017: CHF5,911 10% Brand Rating: AA Nestlé remains Switzerland’s most valuable brand at many different sectors, CHF18.9 billion. Despite not recording any substantial demonstrating the diversity of the Brand Value Change 2017-2018 (%) Rank 2018: 6 2017: 8 brand value growth, Nestlé remains significantly more 6 BV 2018: CHF6,254 valuable than any other Swiss brand, towering CHF10 modern Swiss economy. World- TAG Heuer 55% BV 2017: CHF5,902 6% billion over second-ranked UBS (brand value down 6% renowned confectionary, Adecco 41% Brand Rating: AA+ to CHF8.6 billion). watchmaking, financial services, STMicroelectronics 40% Baloise 35% Rank 2018: 7 2017: 4 In addition to being Switzerland’s most valuable brand, and engineering brands boost Maggi 31% 7 BV 2018: CHF6,203 Nestlé again dominated the food industry globally this BV 2017: CHF6,774 -8% Longines 28% year as the world’s most valuable brand in the sector. Switzerland’s image as a country Brand Rating: AAA Lonza Group 28% While Nestlé’s brand remained ahead of competitors, its that fosters and attracts excellence." Logitech 26% revenue growth was slowed down by challenging sales Rank 2018: 8 2017: 6 SGS in both North and South American markets, which can David Haigh 26% 8 BV 2018: CHF6,047 CEO, Brand Finance Nespresso -6% limit brand performance in the future. 24% BV 2017: CHF6,429 -6% Swisscom Brand Rating: AAA -7% Swatch ABB Electrifies Top 10 -7% Lindt Rank 2018: 9 2017: 9 -8% Rolex 9 BV 2018: CHF5,184 With a brand history dating back to the 19th century, BV 2017: CHF5,199 0% -9% Dufry ABB (brand value up 22% to CHF8.0 billion) enjoyed a Brand Rating: AAA- -10% Alpiq year of outstanding brand value growth, compared to -11% Glencore other brands in the top 10. Last year was a significant Rank 2018: 10 2017: 10 -11% Novartis BV 2018: CHF4,453 transition year for ABB, as it continued the 10 -3% implementation of its leading strategy to take electricity -12% Lindor BV 2017: CHF4,585 Brand Rating: AA from any electricity generator to any electricity plug, and -22% Julius Bär

8. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 9. Executive Summary.

Brand Value Over Time extremely valuable amongst a global shift towards online Top 10 Strongest Brands retailing, allowing the brand to offer a wider variety of products while keeping the costs in check. BSI Score 25,000 Precision and Excellence 89.3 20,000 The watchmaking industry as a whole stands out among BSI Score other sectors of the Swiss economy by contributing seven world-class brands to the top 50 league table, 15,000 more than food (6 brands) and banking, insurance, or 86.5 engineering & construction (5 brands each). BSI Score 10,000 Nevertheless, at CHF14.8 billion and accounting for 11%

Brand Value (CHF bn) Brand Value of the combined value of all 50 brands in the ranking, watchmakers are still less valuable than Switzerland’s 83.4 5,000 food (CHF24.0 billion; 18%), banking (CHF17.7 billion; 14%), or insurance (CHF16.2 billion; 12%) sectors. BSI Score

0 Rolex Shows Strength 2012 2013 2014 2015 2016 2017 2018 82.3 Year Further adding to the clout of Swiss watch brands, Rolex BSI Score is Switzerland’s strongest brand, earning an extremely high score of 89.3 out of 100. Despite an 8% drop in brand value to CHF6.2 billion, the Rolex brand has Brand Value by Sector 80.4 benefitted over the last year from a highly regarded series of innovative product launches, which have built BSI Score on the brand’s reputation for high quality devices, while also taking advantage of new technologies. This 78.4 Colour Sector Brand Value % of total innovative brand strategy ensures that the Rolex brand (CHF bn) continues to be highly regarded as a symbol of quality BSI Score ——— Food 24.0 18% and reliability. ——— Banks 17.7 14% 78.2 ——— Insurance 16.2 12%

——— Watchmaking 14.8 11% BSI Score Engineering & ——— 14.2 11% Construction 77.7 ——— Pharma 9.7 7% ——— Others 33.7 26% BSI Score Total 130.3 100% 77.4

BSI Score 77.2

10. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 11. Brand Finance Switzerland 50 (CHF m).

Top 50 most valuable Swiss brands 1-50

Rank Rank Brand name SectorSector Brand value % Brand value Brand Brand 2018 2017 (CHF(CHF m)m) changechange (CHF(CHF m)m) ratingrating ratingrating 20182018 20172017 20182018 20172017

1 1 Nestlé FoodFood 18,89018,890 0%0% 18,81918,819 AAA- AAA-AAA- 2 2 UBS BanksBanks 8,5838,583 -6%-6% 9,0869,086 AA+ AA+AA+ 3 5 ABB EngineeringEngineering & & Construction Construction 8,0288,028 +22% 6,5866,586 AA+ AA+AA+ 4 3 Zurich InsuranceInsurance 6,9916,991 0%0% 6,9816,981 AA- AA-AA- 5 7 Credit Suisse BanksBanks 6,4976,497 +10% 5,9115,911 AA AAAA 6 8 Roche PharmaPharma 6,2546,254 +6% 5,9025,902 AA+ AAAA 7 4 Rolex ApparelApparel 6,2036,203 -8%-8% 6,7746,774 AAA AAAAAA 8 6 Swisscom TelecomsTelecoms 6,0476,047 -6%-6% 6,4296,429 AAA AAAAAA 9 9 Nescafé SoftNon Drinks Alcoholic Drinks 5,1845,184 0%0% 5,1995,199 AAA- AAA-AAA- 10 10 Swiss Re InsuranceInsurance 4,4534,453 -3%-3% 4,5854,585 AA AAAA 11 15 Adecco CommercialPro Services Services - Commercial 3,6463,646 +41% 2,5812,581 AA- AA-AA- 12 11 Glencore MiningMining 3,6163,616 -11%-11% 4,0464,046 A A+A+ 13 12 Novartis PharmaPharma 3,4913,491 -11%-11% 3,9303,930 AA AAAA 14 13 Omega ApparelApparel 3,1183,118 -1%-1% 3,1553,155 AA+ AA+AA+ 15 14 Holcim EngineeringEngineering & & Construction Construction 2,9052,905 +12% 2,5922,592 AAA- AAA-AAA- 16 16 Swiss Life InsuranceInsurance 2,4652,465 0%0% 2,4652,465 A+ AA-AA- 17 20 Kuehne + Nagel LogisticsLogistics 1,9301,930 +17% 1,6441,644 A+ A+A+ 18 17 TE Connectivity TechnologyTechnology 1,8871,887 +4% 1,8131,813 AA- AA-AA- 19 25 SGS CommercialPro Services Services - Commercial 1,6081,608 +26% 1,2791,279 AA AAAA 20 18 Swatch ApparelApparel 1,5691,569 -7%-7% 1,6811,681 AA AAAA 21 19 Dufry RetailRetail 1,5271,527 -9%-9% 1,6691,669 A+ AA-AA- 22 23 Schindler EngineeringEngineering & & Construction Construction 1,5151,515 +6% 1,4361,436 AA- AA-AA- 23 29 TAG Heuer ApparelApparel 1,5121,512 +55% 975975 AA+ AA+AA+ 24 21 Lindt FoodFood 1,4411,441 -7%-7% 1,5461,546 AA+ AA+AA+ 25 24 Barry Callebaut FoodFood 1,3091,309 +2% 1,2901,290 AA AAAA 26 26 Helvetia InsuranceInsurance 1,3011,301 +5% 1,2421,242 AA- AA 27 31 STMicroelectronics TechnologyTechnology 1,3011,301 +40% 926926 AA- A+A+ 28 27 Tissot ApparelApparel 1,2761,276 +3% 1,2411,241 AA AA+AA+ 29 22 Julius Bär BanksBanks 1,1451,145 -22%-22% 1,4621,462 AA- AAAA 30 32 Zürcher Kantonalbank BanksBanks 1,0511,051 +15% 915915 AA- AAAA 31 35 Baloise InsuranceInsurance 1,0291,029 +35% 761761 AA- AA 32 28 Geberit EngineeringEngineering & & Construction Construction 1,0001,000 -5%-5% 1,0561,056 AA- AAAA 33 34 Maggi FoodFood 999999 +31% 765765 AA+ AAA-AAA- 34 30 Syngenta ChemicalsChemicals 926926 -4%-4% 967967 AA AAAA 35 33 Emmi FoodFood 849849 +1% 844844 A A+A+ 36 39 Nespresso SoftNon Drinks Alcoholic Drinks 741741 +24% 598598 AA+ AAAA 37 NewNEW Sonova HealthcarePro Services - Healthcare 739739 -- -- A+ -- 38 36 Sika EngineeringEngineering & & Construction Construction 722722 -4%-4% 752752 AA AAAA 39 41 Logitech International TechnologyTechnology 712712 +26% 565565 AA AAAA 40 42 Longines ApparelApparel 699699 +28% 548548 AA+ AA+AA+ 41 37 Sunrise TelecomsTelecoms 659659 0%0% 659659 AA- A+A+ 42 38 Luxoft TechnologyTechnology 651651 +4% 627627 A+ A+A+ 43 44 Swiss AirlinesAirlines 548548 +10% 499499 AA AA-AA- 44 40 Lindor FoodFood 526526 -12%-12% 596596 AA AA+AA+ 45 48 SIX Swiss Exchange ExchangesExchanges 524524 +24% 423423 A A+A+ 46 NewNEW Lonza Group ChemicalsChemicals 502502 +28% 394394 AA AA-AA- 47 47 Clariant ChemicalsChemicals 462462 +2% 455455 AA- AAAA 48 46 Alpiq UtilitiesUtilities 444444 -10%-10% 491491 A AA 49 49 Jaeger-LeCoultre ApparelApparel 443443 +9% 406406 AA AAAA 50 NewNEW BCV BanksBanks 391391 +4% 377377 AA- AA-AA-

12. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 13. Methodology. Understand Your Brand’s Value.

Brand Finance calculates the values of the A Brand Value Report provides a complete Each report includes expert recommendations for growing brands in its league tables using the Royalty breakdown of the assumptions, data sources, and brand value to drive business performance and offers a Relief approach – a brand valuation method calculations used to arrive at your brand’s value. cost-effective way to gaining a better understanding of compliant with the industry standards set in Brand Strength your position against competitors. ISO 10668. Index (BSI) Brand strength This involves estimating the likely future revenues that expressed as a BSI What is a Brand Value Report? What are the benefits of a Brand are attributable to a brand by calculating a royalty rate score out of 100. that would be charged for its use, to arrive at a ‘brand Brand Valuation Summary Value Report? value’ understood as a net economic benefit that a + Internal understanding of brand licensor would achieve by licensing the brand in the + Brand value tracking Insight open market. + Competitor benchmarking Provide insight as to how the brand is + Historical brand value The steps in this process are as follows: performing vs. key competitors on underlying measures and drivers of Brand Brand Strength Index 1 Calculate brand strength using a balanced scorecard Royalty Rate brand value and brand strength. of metrics assessing Marketing Investment, + Brand strength tracking BSI score applied to an Stakeholder Equity, and Business Performance. Brand + Brand strength analysis appropriate sector Strategy strength is expressed as a Brand Strength Index (BSI) + Management KPIs royalty range. Understand where brand value is being score on a scale of 0 to 100. + Competitor benchmarking generated by region and channel in 2 Determine royalty range for each industry, reflecting order to identify areas of opportunity Royalty Rates the importance of brand to purchasing decisions. In that warrant further investigation. luxury, the maximum percentage is high, in extractive + Transfer pricing industry, where goods are often commoditised, it is + Licensing/franchising negotiation Benchmarking + International licensing lower. This is done by reviewing comparable licensing Track year-on-year changes to brand + Competitor benchmarking agreements sourced from Brand Finance’s extensive value and set long-term objectives database. Brand Revenues against which high-level brand Cost of Capital 3 Calculate royalty rate. The BSI score is applied to the Royalty rate applied to performance can be benchmarked. + Independent view of cost of capital for internal royalty range to arrive at a royalty rate. For example, if forecast revenues to valuations and project appraisal exercises the royalty range in a sector is 0-5% and a brand has derive brand value. Education a BSI score of 80 out of 100, then an appropriate Provide a platform of understanding Customer Research royalty rate for the use of this brand in the given sector which the company can use to educate will be 4%. + Utilities employees on the importance of the + Insurance brand. 4 Determine brand-specific revenues by estimating a + Banks proportion of parent company revenues attributable + Telecoms Communication to a brand. Brand Value Communicate your brand’s success to 5 Determine forecast revenues using a function of Post-tax brand shareholders, customers, and other historic revenues, equity analyst forecasts, and revenues discounted to For more information regarding our Brand Value strategically selected audiences. economic growth rates. a net present value (NPV) Reports, please contact: which equals the brand 6 Apply the royalty rate to the forecast revenues to value. Understanding derive brand revenues. Richard Haigh Understand and appreciate the value of Managing Director, Brand Finance your brand as an asset of the business. 7 Brand revenues are discounted post-tax to a net [email protected] present value which equals the brand value.

Disclaimer Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions produced in this study are based only on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the report are not to be construed as providing investment or business advice. Brand Finance does not intend the report to be relied upon for any reason and excludes all liability to any body, government or organisation.

14. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 15. Consulting Services. Communications Services.

We offer a variety of services to help communicate your brand’s success. 1. Valuation: What are my intangible 2. Analytics: How can I improve assets worth? marketing effectiveness? Valuations may be conducted for technical Analytical services help to uncover drivers purposes and to set a baseline against of demand and insights. Identifying the CEO Quote Social Media which potential strategic brand factors which drive consumer behaviour Supply a quote in Coordinate with your scenarios can be evaluated. allows an understanding of how brands recognition of your social media activity N 2. brand’s performance to communicate your IO AN create bottom-line impact. for you to use in brand’s success more + Branded Business Valuation T A A L external and internal effectively. + Trademark Valuation U Y Market Research Analytics + communications. Awards L T + Intangible Asset Valuation A I Return on Marketing Investment + Press Release Produce an accolade V C Assist with the creation plaque and hand-written + Brand Contribution . S Brand Audits + certificates, personally 1 of a press release Brand Scorecard Tracking + communicating your signed by our CEO, to Brand & brand’s success. recognise your brand’s performance.

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. more depth. 4 brands to be leveraged to grow endorsement stamp for Transaction services help buyers, your website and investor sellers, and owners of branded businesses businesses. Scenario modelling will relations use. get a better deal by leveraging the value of identify the best opportunities, ensuring their intangibles. resources are allocated to those activities which have the most impact on brand and business value. + M&A Due Diligence + Franchising & Licensing Brand Governance + + Tax & Transfer Pricing Brand Architecture & Portfolio Management + + Expert Witness Brand Transition + Brand Positioning & Extension +

Strongest

MARKETING FINANCE TAX LEGAL Global Brand 2018

We help marketers to We provide financiers and We help brand owners We help clients to enforce connect their brands to auditors with an and fiscal authorities to and exploit their business performance by independent assessment understand the intellectual property rights Your Brand evaluating the return on on all forms of brand and implications of different by providing independent investment (ROI) of intangible asset tax, transfer pricing, and expert advice in- and brand-based decisions valuations. brand ownership outside of the courtroom. and strategies. arrangements.

Example digital endorsement stamp for use on your website as well as in investor relations and advertising, to recognise your brand’s performance.

16. Brand Finance Switzerland 50 July 2018 Brand Finance Switzerland 50 July 2018 17. ®

BECOME A MEMBER A contemporary and exclusive members’ club & events venue in the heart of the City of London

Characterful space for meetings and private events Members’Private events Members with focus Club on marketing & Events andVenue branding Discounted room hire for members

3 Birchin Lane, London, EC3V 9BW +44 (0) 207 3899 410 www.brandexchange.com [email protected] 3 Birchin Lane, London, EC3V 9BW +44 0207 389 9410 www.brandexchange.com [email protected] Brand Exchange is a member of the Brand Finance plc group of companies

Value-Based Communications

We execute strategic communications programmes to optimise the value of your business and to enhance brand perception among stakeholders.

SERVICES - Research and Insights - Project Management and Agency Steering - Content and Channel Strategy - Integrated Communications Planning and Execution - Communications Workshops

For more information, contact [email protected] or visit www.brand-dialogue.co.uk

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18. Brand Finance Switzerland 50 July 2018 Contact us.

The World’s Leading Independent Brand Valuation and Strategy Consultancy T: +44 (0)20 7389 9400 E: [email protected] www.brandfinance.com