Deutsche Bank Markets Research

Industry Date 27 April 2016 BRIClash North America United States Consumer Cosmetics, Household & Personal Care

Bill Schmitz Research Analyst (+1) 203 863-2285 [email protected]

Faiza Alwy Research Analyst (+1) 203 863-2284 [email protected]

F.I.T.T. for investors

The forgotten but enduring emerging markets opportunity

EM remains the silver bullet in a low growth industry

While many companies and investors have moved on from the great per capita consumption potential in developing and emerging markets, we continue to see a powerful latent growth opportunity as the bottoming process progresses. While we aren’t suggesting more pain isn’t coming, currency cross rates better reflect the EM opportunity and several stocks levered to the emerging world like Coke, Colgate, Avon, Nu Skin, IFF and P&G, and to a lesser extent, PepsiCo and Kimberly-Clark, could see significant growth acceleration as emerging markets consumption trends improve.

______Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016.

Deutsche Bank Markets Research

North America Industry Date United States 27 April 2016 Consumer BRIClash Cosmetics, Household & FITT Research

Personal Care

Bill Schmitz Research Analyst The forgotten but enduring emerging (+1) 203 863-2285 [email protected] markets opportunity

EM remains the silver bullet in a low growth industry Faiza Alwy While many companies and investors have moved on from the great per capita Research Analyst consumption potential in developing and emerging markets, we continue to (+1) 203 863-2284 see a powerful latent growth opportunity as the bottoming process progresses. [email protected] While we aren’t suggesting more pain isn’t coming, currency cross rates better reflect the EM opportunity and several stocks levered to the emerging world Companies Featured like Coke, Colgate, Avon, Nu Skin, IFF and P&G, and to a lesser extent, PepsiCo Avon (AVP.N),USD4.82 Buy and Kimberly-Clark, could see significant growth acceleration as emerging Church & Dwight (CHD.N),USD92.48 Buy markets consumption trends improve. Colgate-Palmolive (CL.N),USD69.42 Hold

As GDP goes, so does consumer products consumption Clorox (CLX.N),USD123.63 Hold

In these volatile times, the relationship between commodities, currency, Dr Pepper Snapple Group Hold (DPS.N),USD87.63 pricing and consumption is as pronounced as ever, with inflationary pricing to Estee Lauder (EL.N),USD94.72 Buy offset f/x transaction driving bulk of EM growth as benign commodities and Kimberly-Clark (KMB.N),USD126.21 Hold modestly improving macro drives modest growth in developed markets. As we Coca-Cola (KO.N),USD44.71 Buy discuss in this report, GDP growth is the primary industry consumption driver, Nu Skin Enterprises (NUS.N),USD38.26 Buy with multiples tracking this growth trajectory. For instance, in 2010, when EM Newell Brands (NWL.N),USD44.04 Buy growth was solid and commodities high, US and EM-centric CPG companies PepsiCo (PEP.N),USD102.80 Buy traded at roughly the same 12% PE premium to the market; by 2015, US- centric names jumped to a 40% premium versus 22% for the EM exposed International Flavors & Fra Hold (IFF.N),USD120.11 names. With commodity complex still depressed and geopolitical risks Source: Deutsche Bank omnipresent, we understand the consensus negative views on emerging markets but several stocks in our coverage have substantial leverage to improving trends in these demographically privileged markets. BRIC by brick Noting clear cultural, geopolitical and demographic differences across Brazil, Russia, India and China, in addition to myriad other developing markets, the per capita consumption opportunity is significant for branded consumer packaged goods manufacturers. Despite the recent malaise, emerging markets are still growing at least 3x faster than demographically challenged developed markets, with often cited but still powerful dynamics of younger, upwardly mobile populations, urbanization, female workforce participation and shift from agrarian to services jobs supporting sales, margin and cash flow growth for those who have already built the critical infrastructure. Valuation supports market perform view on group Group is trading above average relative to the market on historical P/E multiples; and industry DCF, which we use to derive our target prices and assumes 2.5% sales growth and 0.6 pts of margin expansion per year through 2023 (7% WACC, 1.5% TVG) suggests group is about 2% undervalued relative to its cash flow. Downside risks include cost inflation, rising rates, dollar strength, consumption declines and EM slowdown. Upside risks are US recovery, M&A rational pricing, flat commodities and f/x, accelerated restructuring, EM stabilization, and cost savings, and aggressive balance sheet redeployment.

______Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016.

27 April 2016

Cosmetics, Household & Personal Care BRIClash

BRIClash

Reviewing the EM slowdown and latent industry potential

Despite the recent slowdown, we continue to believe, supported by copious datasets, the industry’s path to growth leads down roads heading south and east. In this low rate, benign commodity, volatile and risk averse environment, investors have flocked to the relative safety of slower growing, US-centric names that are growing earnings, largely free from the brutal f/x headwinds that have clipped more than two years of earnings growth from the industry over the last 5 years. Still, the bulk of the industry’s growth potential is squarely in developing and emerging markets, supported by the following well known EM data points:

 88% of the world’s population (source: World Bank, 2015);

 62% of global GDP at purchasing price parity (source: World Bank, 2014);

 54% of $5.2 trillion total consumer packaged goods (alcoholic beverages, food, home care, retail hygiene, personal care, pet care, soft drinks and tobacco) retail, at home sales in EM – from 43% in 2010 (source: Euromonitor) in constant dollars;

 Local currency growth CAGR of 11% from ’10-’15 in EM, largely due to inflationary pricing vs. 1.6% in developed markets and 6% globally (source: Euromonitor);

 More than 20% of the population is between 15 & 24 years old in Latin America, the Muslim World, South Asia and Sub-Saharan Africa (source: UN World Population Prospects); and

 Per capita consumption of CPG products is $415 in emerging markets versus $2,767 in developed markets, suggesting significant room to catch up as GDP and disposable income expands. Acknowledging that dissecting the emerging markets opportunity for the industry is a broad mandate and no two markets are the same (for instance, soft drink consumption is greater in warm climates), the purpose of this report is to highlight the forgotten latent opportunity in developing markets for this growth starved industry, discussing the relative winners when trends stabilize and ultimately improve in these markets. Importantly, the companies in our coverage have allocated significant resources over the last few decades building a production and distribution infrastructure in these markets while investments in tailored innovation and brand awareness position many to capitalize on these capital and income statement investments when markets recover, which history and demographics tell us they should as more of the dust settles, even if there is a bit more pain to come in the short term, especially in Brazil and Russia.

Recently, the bulk of emerging markets growth has been driven by inflationary pricing to offset currency transaction headwinds, with price and mix far surpassing healthier core volume growth. For many investors, inflationary pricing is a tough pill to swallow as part of a broader investment thesis, especially when currency is erasing the bulk of the pricing benefits and

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severely constricting dollar-based sales, profits and cash flows. Ultimately, pricing has to lap and volume has to pick up the slack, which is a more difficult proposition. All things being equal, we expect this shift to avail itself in the back half of 2016. Moreover, with the market in defense mode and algos, indexers and the investors that follow them crowding into high multiple, US- centric perceived safe havens with earnings momentum, the long-term potential of emerging markets consumption expansion has been greatly discounted.

As a result of slowing GDP growth, rising inflation, lower commodity prices and general global growth malaise, the relative appeal of emerging markets has been justifiably compromised, with forward valuation multiples on EM exposed names broadly decoupling from the domestic players, further exacerbated by the lost earnings from translating and transacting sales and earnings back to US dollars which is driving negative earnings momentum. In the current EM setup, the once virtuous cycle has become viscous, with consensus view that trends will get worse before they get better.

Figure 1: The vicious EM growth cycle

Source: Deutsche Bank

To understand the consumer staples stock reaction to worsening EM trends, one only need look at relative multiples of US-centric names versus those with greater EM exposure. In 2010, the developed markets-centric group (Church & Dwight, Clorox, Dr Pepper Snapple, Estee Lauder and Newell with greater than 80% of sales in developed markets) traded at roughly the same multiple as the more EM exposed multinationals (Colgate, Coke, Nu Skin, Kimberly-Clark, PepsiCo and P&G) at around 14x forward earnings. By 2015, the US-centric basket rose to an average multiple of 22.5x versus a multiple of ~19.5x for those with greater EM exposure. Relative to the market, more US-centric names rose from a 12% premium in 2010 to a 40% premium by 2015 while more EM exposed companies rose from an 11% market premium to 22%. Recently, both groups gave up some of this relative outperformance. We note that this has happened even as overall GDP growth rates in emerging markets exceeded those of developed markets, although the gap has narrowed.

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Figure 2: Absolute multiples – US-centric vs. EM exposed Figure 3: Market relative multiples – US centric vs. more EM exposed names

US-centric EM-exposed 2010 Average Current

22.5x 40% 19.6x

13.9x 13.8x 22%

12% 11%

2010 Average Current US-centric EM-exposed

Source: Deutsche Bank and Thomson Reuters Source: Deutsche Bank and Thomson Reuters

Figure 4: Real GDP growth % - average 2011/2012 actual vs. 2016/2017 expected

8.5

7.0 6.4 6.1 6.1 5.6 5.5 5.5

3.9 3.5 2.9 3.1 3.1 2.9 2.4 1.9 1.7 1.6 1.0 0.7 0.4 0.6 0.4

-1.1 China India Russia Brazil Indonesia Turkey US Japan Eurozone Global Average Weighted D&E Average Developed 2011/2012 2016/2017

Source: Deutsche Bank, BMI Research

Making matters worse for the developing markets exposed names, the rising dollar has and should continue to reduce sales, profits and cash flow. On average, companies with more than 20% of sales in emerging markets saw over 20% cumulative negative currency translation on average from 2012- 2016E vs. ~10% for developed market centric players, with further pain from f/x transaction as many of these companies have to source products denominated in dollars. So, the EM exposed players had to absorb a double whammy over the last several years of more constrained multiple expansion and reduced EPS from f/x pressures that should revert to the mean as conditions begin to stabilize and ultimately improve.

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Figure 5: Average cumulative f/x sales impact, 2012-2016E

-9.5%

-20.3%

more developed more emerging

Source: Deutsche Bank, company filings. Based on 2011 base sales adjusted for annual currency changes

As we highlight below, looking at the individual stocks in our coverage, there is an obvious correlation between cumulative currency hit (the horizontal axis) and developing markets exposure (the vertical axis). Ultimately, for negative earnings momentum to reverse for those with outsized EM exposure, the dollar needs to stop going up which is starting to happen and which we and others believe should continue.

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Figure 6: Cumulative f/x sales impact vs. EM contribution to sales

100.0%

90.0% Avon

80.0%

70.0% Nu Skin

60.0%

50.0% IFF Colgate

40.0% P&G Coca-Cola Kimberly-Clark 30.0%

EM contributionEM tosales PepsiCo

Coty 20.0% Brown-Forman Estee Lauder Newell Rubbermaid Spectrum Brands 10.0% Clorox Jarden Dr Pepper Church & Dwight 0.0% -3050% -25% -20% -15% -10% -5% 0% 2012-2016 cumulative f/x sales hit

Source: Deutsche Bank, company filings. Cumulative f/x impact based on base 2011 sales adjusted for annual f/x changes

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Playing the potential EM recovery: company exposures and critical success factors

Figure 7: Company exposure by major emerging region

Eastern Europe Avon: 18% Colgate: 4% Coca-Cola: 3% PepsiCo: 7% P&G: 8% Kimberly-Clark: 2% IFF: 4%

Developing Asia Avon: 11% Colgate: 14% Coca-Cola: 13% PepsiCo: 7% P&G: 15% LatAm ME & Africa Kimberly-Clark: 15% Avon: 51% Avon: 7% IFF: 25% Colgate: 27% Colgate: 3% Coca-Cola: 9% Coca-Cola: 5% PepsiCo: 13% PepsiCo: 2% P&G: 10% P&G: 6% Kimberly-Clark: 17% Kimberly-Clark: 1% IFF: 17% IFF: 4%

Source: Deutsche Bank, company filings, Euromonitor, Nielsen. Kimberly-Clark EM exposure includes ~5% of sales in South Korea. Coke isn’t pro forma for North America bottler refranchising which overweights NA sales exposure, NA is roughly 20% of Coke system volume and a higher contributor to sales. Avon is pro forma for sale of North American business to Cerberus and P&G is pro forma for sale of select beauty assets to Coty.

While we are not brave enough to call a recovery in the emerging markets consumption slowdown, the worst of the f/x and commodity pain seems to be over. The names that will benefit the most are as follows (in descending order of EM sales exposure):

 Avon (88% of pro forma sales in EM): In addition to brutal top-line impact, we estimate that the company has seen almost 10 points of gross operating margin pressure from the strengthening dollar, exacerbated by painful, largely self inflicted declines in its North American business. Now that North America has been sold and company is working diligently to improve productivity and realize better price and mix off its smaller sales base, any material stabilization in developing markets, especially in Latin America and Eastern Europe, should disproportionately benefit the company across its financial statements. With 53% of sales in Latin America and over 20% in Brazil alone, recovery in these markets remains crucial to the story, although we believe the current depressed stock price also reflects ongoing liquidity fears which are unlikely given the recent capital raise and dividend elimination. In terms of playing the EM recovery, Avon has the most upside in the group if trends in these markets stabilize or improve, even if market share remains under modest pressure.

 Nu Skin (69% of sales in EM): Like its direct selling sister Avon, Nu Skin is disproportionately exposed to a specific region and market, Asia and China, respectively. China represents 25% of sales and Asia

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broadly is about 80%, with this stock a compelling way to play any potential recovery in this region off a low valuation base. Of course, unlike Avon and others, much of the company’s recent softness in the core Chinese market relates to regulatory pressure and disappointing new product launches which are more difficult to overcome than just macro pressure. Still, as its Asian business goes, so does Nu Skin with the company targeting a more affluent consumer with higher average selling prices than the broader consumer products group.

 IFF (51% of sales in EM): IFF is unique in that most of its EM sales agreements are priced in hard currencies with 70% of sales transacted in US Dollars or Euros (mostly USD). Therefore it doesn’t have significant exposure to EM currencies but is reliant on volume growth in these markets. Sales to multinationals comprise approximately half of the business with local/regional customers comprising the rest. With multinationals struggling to drive volume growth in the face of pricing to offset f/x, the company has been increasingly focused on local/regional players who are gaining market share. To the extent pricing laps, f/x stabilizes, and multinationals are able to drive volume growth via marketing and innovation, IFF is positioned well to take advantage of a recovery, not just from volume growth of existing products, but also new products. If the development of EM middle class gets back on track we should also see an acceleration in the growth of packaged food as consumers desire convenience, which should help drive IFF’s growth. Over the last five years the company has invested heavily in major markets such as China, South Africa, Indonesia, and Turkey, noting slowdown and macro uncertainty in Brazil and China (15% of sales combined), have pressured the top line recently.

 Colgate (48% of sales in EM): Colgate, to management’s credit, has done a much better job than most navigating the changing tides in emerging markets, reflected in the current valuation on the stock. With dominant oral care market share in Latin America and strong share progress in Eastern Europe and Asia, Colgate is executing in local currency with a strong business that is leverageable when the macro dust settles. For us, valuation is still stretched and company needs to rebuild advertising support which should contain meaningful earnings growth, even with incremental restructuring savings. So, while this is clearly one of the safest ways to play a Latin American recovery, especially in Mexico and Brazil where competitors have dialed it back, we have a tough time seeing material upside from these levels until its target markets start to cooperate. Fundamentally, volume growth, gross margin, and cash flow should start to inflect and the entire industry needs to shift organic growth from price/mix to volume as inflationary pricing laps, which likely requires more strategic spending and is more difficult to achieve but Colgate, is likely best positioned to do so given attractive competitive dynamics.

 Procter & Gamble (39% of sales in EM): P&G, more than other traditional consumer products names, has its work cut out for it in emerging markets. In addition to clear slowdown in category growth rates, the company continues to lose market share in its biggest and most important categories such as diapers, hair care and fabric care. With the largest emerging markets business in the industry in dollars and still solid absolute shares despite the recent losses, the company

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has a strong base to grow from in its biggest markets such as Greater China and Eastern Europe (with Latin America a smaller contributor to sales than many peers). Thankfully, management understands the challenges it faces and guidance and restructuring initiatives shows a willingness to reverse trends, but fixing what is broken is going to take time, especially since company is playing from behind in important channels such as eCommerce in China since it has so much to lose with its entrenched position with traditional retailers and distributors there. Moreover, as we’ve seen in markets such as Mexico and China, P&G is very good in the early stages of an economy’s development but tends to struggle as competition enters and the categories expand, which is disappointing and unexpected because premiumization and category development is embedded in the company’s DNA but hasn’t been realized in most markets. Still, we believe P&G is the safest way to play the recovery of China and Eastern Europe in the group.

 Kimberly-Clark (35% of sales in EM, including Korea): Leveraging distribution opportunities and ongoing development of the EM diaper category, Kimberly has been in a strong competitive position in these critical growth markets. From a solid base in Latin America where diaper category growth is still respectable, the company has done what P&G should have, leading category development from the top with premium offerings tailored to the markets where it competes, leveraging the insights it learned in Korea to successfully compete across traditional and expanding channels (baby stores and eCommerce) in China. While the company’s EM exposure is broad across geographies and is not beholden to a given market, providing a more stable, defensible position broadly across EM, growth is slowing with the macro. It is still early days and Kimberly is still winning in the marketplace, but the entire industry needs to shift organic growth from price/mix to volume as inflationary pricing laps, which likely requires more strategic spending and is more difficult to achieve. Moreover, pace of share gains in key markets like China, Brazil and Russia is slowing as P&G, Japan’s Unicharm and Kao and myriad local players reinvest, suggesting slowing organic growth which would also impact the multiple, especially if rate of earnings upside from benign commodities slows. We note challenges such as the impact of the Zika virus in Brazil and Latin America is still unknown.

 Coca-Cola (35% of sales in EM): Coke’s contribution from emerging markets is misleading given the higher sales associated with owning the US bottling assets. Once the bottler refranchising program is complete, Coke’s EM exposure will increase to about 55% of total sales. Like Colgate, Latin America is the most important and a highly profitable market for the company, but consumption rates are already high, with outsized volume growth likely driven by frontier markets such as India, Africa and developing Asia. For Coke, strategy pivots on driving volume growth in frontier markets such as India, mix of volume and price/mix in developing markets such as Mexico and Brazil and revenue realization in developed markets such as the US. While investor focus is clearly on restructuring the business and overhauling its US bottling infrastructure, volume acceleration from improving trends in developing markets and further per capita consumption gains in frontier markets as GDP growth recovers would add incremental growth legs to the margin, ROIC and cash flow story here.

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 PepsiCo (29% of sales in EM): Outside select markets such as Russia and the Middle East in beverages, the company’s EM opportunity should continue to be driven largely by further penetration of its salty snacks portfolio. Unlike beverages, snacks consumption is still highly localized with significant room for the company to further build out its brand and distribution footprint with its dominant global Frito/rising sun franchise. Since the company still owns many of its bottling assets in the US, EM sales contribution is optically lower than it should be, but we continue to see an ongoing opportunity to bolster growth and profitability in core markets such as Brazil, Mexico and Russia as these markets recover. China, one of the most challenging markets for PepsiCo, continues to have high potential but management and its bottling partner Tingyi need to stabilize and grow this compelling market after ceding significant beverage share to Coca-Cola.

 Coty (21% of sales in EM): With the P&G transaction pending, Coty’s EM opportunity rests firmly in further building out its distribution in fragrance heavy Latin America, with acquisition of Brazil’s Hypermarcas further solidifying the company’s presence in the region. With the incremental brands and manufacturing and distribution capabilities, footprint to expand in Latin America is significant and should help accelerate anemic organic growth in this region as the categories stabilize and company likely expands reach of makeup brands and hair colorants. While the company is still centered on developed markets and specifically Europe, white space potential in emerging markets is significant as mastige and premium beauty categories accelerate development.

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Potential EPS impact from changes in spot rates Recognizing that currency and commodity changes are interlinked and nothing moves in a vacuum, we attempt to quantify the EPS impact of a 10% move in spot rates across the entire basket of currencies we focus on. On average, more than 50% of the group’s exposure is outside the US on a sales basis, with the Euro and Pound comprising almost 20%.

Figure 8: Average sales exposure by currency Currency % of Sales USD 48% Euro 13% Pound 6% Brazil Real 4% Canadian $ 3% Renmimbi 3% Mexican Peso 3% Australian $ 2% Japanese Yen 2% Russian Ruble 2% Korean Won 1% Others 1% Poland Zloty 1% Philippine Peso 1% Colombian Peso 1% Hryvnia 1% Taiwan $ 1% Indonesia Rupiah 1% Turkish Lira 1% HK $ 1% Indian Rupee 1% Chile Peso 1% Others 5% Source: Deutsche Bank, company filings

In our currency volatility analysis, we assume: (i) companies don’t get a margin benefit from a weaker USD as better transaction f/x YoY is offset by higher commodity/raw material costs; and (ii) better consumption environment results in volume acceleration but is offset by lower pricing. We note that companies with relatively high gross margins like Avon should see margin expansion as EM currencies improve since likely higher commodity costs are unlikely to fully offset f/x transaction noting Avon saw over 4 pts of margin decline from f/x in 2015 (or $475m). Similarly, others like ENR and PG typically bear high transaction f/x and should be able to see some re-tracing of margins as f/x headwinds reverse.

With the above caveats in mind, on average, a 10% upside move across the entire basket of currencies, will have a +6% impact on PF CY 16 EPS and a 10% downside move will have a -6% impact on PF CY16 EPS. The analysis is only illustrative given that many companies hedge international profits so the impact is likely to be delayed. We also believe analysis could be conservative since margins would likely rise in a falling dollar environment, even with modest commodity inflation.

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Figure 9: Impact on PF EPS from change in f/x rates

8% 6% 6% 5% 4%

EPS 4% 2% 16 16 2% 1% 0% 0%

-2% -1% -4% -2%

% change in PF PF in change% CY -4% -6% -5% -6% -8% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% % change in spot rates

Source: Deutsche Bank, company filings, Thomson

Looking at it more granularly by company, a 10% move up in spot rates vs. the US dollar would have the most positive impact on Avon. Again, this assumes no acceleration in organic growth or margins.

Figure 10: PF EPS CY 16 impact if spot rates on average increased vs. USD by 10% and stayed constant

17%

11% 9% 8% 7% 7% 7% 6% 6% 6% 5% 5% 5% 5% 5% 4% 3% 2% 2% 1%

Source: Deutsche Bank, Company filings, Thomson

According to Deutsche Bank’s f/x research team, the latest results for EM exchange rates for March point to overvaluation (in REER terms) across all three approaches in China, Hong Kong and Indonesia and undervaluation in Hungary, Poland and Turkey. On the other hand, in G10, the March results point to undervaluation in Japan and Sweden and overvaluation in Australia. The team’s preferred Behavioral Equilibrium Exchange Rate (BEER) model suggests that exchange rates in March were significantly overvalued (in REER

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terms) in China and Hong Kong in EM, and in the US, Australia and Switzerland in the developed world. Unsurprisingly, most of EM FX is undervalued on BEER, with Malaysia, Poland, Russia, Turkey, South Africa, and Mexico being significantly undervalued. Please see additional details in report published 5 April 2016 titled FX Valuation Snapshot by DB strategists Gautam Kalani and Daniel Brehon.

Figure 11: Behavioral Equilibrium Exchange Rate (BEER) misalignment

% Misalignments in BEER model 20

15 Overvalued

10

5

0 Undervalued -5

-10

-15

-20

ILS

INR

IDR

JPY

TRY

SEK

CZK

CLP

BRL

ZAR

PLN

THB

CHF

PEN

PHP

CNY

EUR

GBP

HUF

NZD

RUB

HKD

COP

USD SGD

CAD

NOK

AUD

MYR

KRW MXN TWD Source: Deutsche Bank, Haver Analytics

Figure 12: Currency misalignments (from DB FX team)

Most World's expensive PLN HUF cheapest SEK HKD ZAR currency AUD JPY IDR MXN USD TRY CNY EUR More expensive PHP TWD SGD INR CHF RUB PEN KRW COP THB BEER BRL MYR larger distance from FEER ILS NZD CAD CLP centre equivalent to PPP NOK CZK a cheaper currency GBP Average Source: Deutsche Bank, Haver Analytics

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Reviewing category development and the enduring, long- term emerging markets potential

To simplify our analysis, we are focusing on the 30 biggest GDP markets in the world (excluding Venezuela), analyzing consumption trends across 3 tranches of economic development: (i) emerging markets (<$6K of per capita GDP); (ii) developing markets ($6-$30K of per capita GDP) and (iii) developed markets (>$30K of per capita GDP).

Figure 13: Overview of addressable market by stage of economic development

emerging developing developed

Pakistan, India, Ukraine, Vietnam, Ecuador, China, Brazil, Mexico, Nigeria, Philippines, Morocco, Turkey, Malaysia, Poland, Chile, Japan, Western Europe, Canada, countries Indonesia, Egypt, Sri Lanka, Argentina, Russia, Saudi Arabia, Australia, USA Thailand, South Africa, Colombia Korea % world GDP (not @ PPP) 7.8% 26.9% 56.4%

% world population 34.6% 27.3% 11.4%

population growth 0.9% 0.7% 0.4%

per capita GDP $3,372 $12,858 $43,332

per capita CPG* $214 $731 $1,779

gross margin lowest higher highest category growth** 11.3% 10.0% 1.8%

% industry sales 9.4% 33.4% 57.2%

contribution to growth 1.1% 3.3% 1.0%

CPG/GDP 6.3% 5.7% 4.1%

% population under 30 54.5% 42.3% 34.9%

source: Euromonitor, BMI Research, World Bank and DB estimates * consumer packaged goods = beverage, food, home care and personal care. ** category growth is 5 year CAGR using fixed exchange rates. Source: Deutsche Bank, Euromonitor, BMI Research, World Bank * Consumer packaged goods = beverage, food, home care and personal care ** Category growth is 5 year CAGR using fixed exchange rates

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Figure 14: Implied per capita GDP vs. consumer products per capita consumption

emerging developing developed $2,500

Pakistan, India, Ukraine, Vietnam, Nigeria $2,000 Japan, W. Philippines, Morocco, Europe Australia, Indonesia, Egypt, Sri Lanka USA $1,500 Korea Canada Thailand, South Africa, Colombia, Ecuador $1,000 China, Mexico, Brazil, Malaysia Saudi implied per capita impliedcapita per CPG $500 Chile, Argentina Poland Russia

$-

per capita GDP

Source: Deutsche Bank, Euromonitor, World Bank

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Figure 15: CPG per capita consumption by economic development

$2,000 7.5% volume balance price/mix $1,800 7.0%

$1,600 6.5% $1,400 6.0% Japan, Western Europe, $1,200 Canada, Australia, USA 5.5% $1,000 Pakistan, India, Ukraine, 5.0% $800 Vietnam, Nigeria,

per capita capita CPG per ($) Philippines, Morocco, 4.5% $600 Indonesia, Egypt, Sri of %CPG capita per GDP Lanka, Thailand, South Ecuador, China, Brazil, 4.0% $400 Africa, Colombia. Mexico, Turkey, Malaysia, Poland, Chile, Argentina, 3.5% $200 Russia, Saudi Arabia, Korea. $- 3.0% $0-$3K $3-$6K $6-$10K $10-30K $30-$40K >$40K per capita GDP ($)

per capita CPG spend (ex tobacco and alcohol) CPG % per capita GDP

Source: Deutsche Bank, Euromonitor, World Bank

Emerging markets, with GDP per capita of less than $6,000, represent 34.6% of the world’s population, 7.8% of the world’s GDP, 9.4% of the industry’s (food, soft drinks, household and personal care) sales and contributed 1.1% to total weighted industry growth of 5.4% over the last 5 years. These markets have high potential and there are compelling pockets of consumption amongst affluent consumers but, for the most part, broad income dynamics mean meaningful category development is much longer term. Still, entering these markets early builds important, long duration brand equity and serves as a seed investment to secure growth over the longer term. Countries included in this cohort include: Colombia, Egypt, India, Indonesia, Morocco, Nigeria, Pakistan, Philippines, South Africa, Sri Lanka and Thailand, with growth driven primarily by volume expansion as categories develop. As expected, profitability is typically low in these markets due to required investments and lower unit pricing.

Developing markets, with GDP per capita between $6,000 and $30,000, represent 27.3% of the world’s population, 26.9% of the world’s GDP, 33.4% of CPG industry sales and contributed 3.3% to total industry weighted growth of 5.4% over the last 5 years. These markets are in the sweet spot of category development, with sales typically driven by a mix of volume enhancement and price and mix realization as incomes rise and categories premiumize. Winning in these markets is critical to sustainable growth and sets the stage for meaningful gross margin inflection in the later stages of category development. With a higher percentage of the population in services jobs in urban areas, population growth is modestly slower than emerging markets at 0.7% but still better than tepid population growth in more mature developed

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markets. Countries in this critical cohort, in order of economic development from lowest to highest include China, Malaysia, Mexico, Poland, Chile, Russia, Argentina, Saudi Arabia and South Korea.

Developed markets have per capita GDP of greater than $30,000, represent just 11.4% of the world’s population but account for 56.4% of the world’s actual GDP (not at PPP), 57.2% of industry sales and contributed about 1% to total weighted industry growth of 5.4% over the last 5 years. With low population growth, revenue in these market is driven primarily by price and mix due to premiumization. Moreover, industry growth, while it certainly fluctuates with GDP, is much more stable since even in a recessionary or slow growing environment, consumption is still relatively stable. Due to higher price points and better distribution scale, gross margins are often highest in these markets, with SG&A ratio modestly higher due to higher labor, media and services costs. With slower category growth, competition in these markets is often driven by zero sum competitive share battles, often paid for by aggressive cost savings. Countries in this cohort include Japan, Western Europe, Canada, the US and Australia.

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In the balance of this report, we review the categories and subcategories within CPG to better understand how they develop and what the outlook is for further consumption growth.

Starting with personal care where industry per capita consumption has a correlation coefficient of 0.75 to GDP, we see clear opportunities for consumption to rise and fall across different stages of economic development. As we show in the chart below, early stage developing markets like China, Turkey and Russia have significant room for per capita consumption to rise as premiumization via price and mix accelerates, along with the US, to per capita GDP levels based on the correlation line. Conversely, per capita consumption relative to per capita GDP is above what it statistically should be in Latin America, Korea and Japan, although cultural preferences likely skew this relationship. Still, with low population growth and an aging population, per capita consumption could decline in Japan where P&G and Nu Skin are most relatively exposed.

Figure 16: GDP per capita vs. personal care spend per capita (bubble size=total sales)

$300 above trendline, potential per

cap declines Japan

$250 Korea Canada US macro impact? W. Europe $200 Argentina Brazil Saudi Arabia y = 0.0051x + 33.946 Chile R² = 0.7524 $150

Poland below trendline, room to Mexico $100

Ecuador expand per caps personalcarepercapita ($) South Africa Thailand Colombia Malaysia Russia Turkey $50 Ukraine Philippines China Indonesia latent

Nigeria potential? bubble size = total beauty and personal care market $- India $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 GDP per capita ($)

Source: Deutsche Bank, Euromonitor, BMI research

In soft drinks, per capita consumption has a correlation coefficient of 0.64 to per capita GDP, making it one of the least correlated of all CPG categories. Like other categories, Latin American consumers spend more than statistically expected, with clear opportunity for consumption to grow with economic development in most low per capita GDP countries. For Coke and PepsiCo, driving trial in the early stages of emerging markets’ development is a critical driver of volume growth and brand loyalty over time, even if this means accepting a lower margin as it requires smaller and more competitively priced products and distribution needs to be better leveraged with scale. Supported by various other data sources including Nielsen, soft drink consumption trends

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in Western Europe are well below where they should be relative to per capita GDP and it is incumbent on Coke, Pepsi and their bottlers to continue to invest in driving consumption here. Conversely, Japan per caps are high relative to an aging population and tepid economic growth outlook, suggesting per caps should weaken going forward, putting more pressure on manufacturers to innovate to build out increasingly important still beverage portfolio at higher price points as traditional carbonated soft drinks lose relevance.

Figure 17: GDP per capita vs. soft drinks spend per capita (bubble size=total sales)

$450

$400 USA Japan $350 pressure from sugar taxes, health concerns? impact of aging Australia $300 Argentina population?

$250

Mexico Chile Canada $200

per capita softcapita per drinks ($) Saudi Arabia $150

Brazil Poland W. Europe $100 South Africa Colombia Ecuador China Korea Philippines Thailand y = 0.0054x + 32.421 Russia $50 Turkey R² = 0.6405 Ukraine Nigeria Morocco latent volume Vietnam Indonesia Malaysia India Egypt opportunity $- Sri Lanka $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 per capita GDP ($)

Source: Deutsche Bank, Euromonitor, BMI research

Looking at packaged food, which is 0.85 correlated to per capita GDP, a pronounced consumption curve is evident. In lower per capita GDP markets, per capita food sales follow similar trends of other markets, with lower income markets consuming less than statistically expected but poised to close the gap as per capita GDP expands and food consumption moves from the field to the store. With notable exceptions, food market is much more local than other categories with a long-term penetration opportunity for multinationals to expand their reach in a fragmented industry through organic investments and further M&A. Food per capita consumption tends to flatten out in developed markets as health and wellness concerns fuel lower calorie diets and focus on clean labels and natural ingredients, a clear threat to the large, center-store centric packaged food players.

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Figure 18: GDP per capita vs. packaged food spend per capita (bubble size=total sales)

$1,800

$1,600

$1,400 Japan Australia Canada $1,200 USA

$1,000 W. Europe per caps flatten $800 Chile Argentina above $30 k of GDP per capita

per capita capita perpackaged food ($) $600 Russia Saudi Arabia Mexico Brazil Korea $400 Poland Ecuador Turkey Colombia South Africa y = 0.0242x + 105.21 Ukraine Malaysia $200 Egypt R² = 0.8535 Thailand Vietnam China Indonesia India Philippines $- Sri Lanka $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 per capita GDP ($)

Source: Deutsche Bank, Euromonitor, BMI research

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Below we show that in aggregate, per capita consumption growth (using Euromonitor data in local currency) is often correlated with per capita real GDP growth, but CPG growth is still more resilient than GDP per capita growth, even in earlier stage developing markets, supporting the prevailing view once consumers enter these categories. We note our fairly limited sample size as we only have CPG per capita spending since 2001 but think our analysis provides a broad, directional understanding of the drivers of per capita CPG spending growth over time.

Figure 19: In China, GDP and CPG per capita growth Figure 20: In Brazil, CPG per capita growth has generally have tracked together with R² of 61% moved in line with GDP growth but more resilient

China GDP per capita Brazil GDP per capita China - Total Value RSP - CNY Per Capita CPG per capita Brazil - Total Value RSP - BRL Per Capita CPG per capita 20% 18% 18% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Deutsche Bank, Euromonitor, BMI research Source: Deutsche Bank, Euromonitor, BMI Research

Figure 21: In Mexico, per capita CPG growth has been Figure 22: CPG per capita growth has decelerated in relatively stable despite volatility in GDP growth Russia but strongly correlated with GDP (R²=55%) but more stable

Mexico GDP per capita Russia GDP per capita Mexico - Total Value RSP - MXN Per Capita CPG per capita Russia - Total Value RSP - RUB Per Capita CPG per capita 25% 35% 30% 20% 25% 15% 20% 15% 10% 10% 5% 5% 0% 0% -5% -5% -10% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Deutsche Bank, Euromonitor, BMI research Source: Deutsche Bank, Euromonitor, BMI Research

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Figure 23: In South Korea, per capita CPG growth Figure 24: India CPG per capita growth has a low decoupled from GDP growth from 2011 onwards correlation with GDP growth

South Korea GDP per capita India GDP per capita South Korea - Total Value RSP - KRW Per Capita CPG per capita India - Total Value RSP - INR Per Capita CPG per capita 12% 35% 30% 10% 25% 8% 20% 15% 6% 10% 4% 5% 0% 2% -5% 0% -10% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Deutsche Bank, Euromonitor, BMI research Source: Deutsche Bank, Euromonitor, BMI Research

Figure 25: In Turkey, per capita CPG also trended down Figure 26: In the US CPG per capita is surprisingly highly as GDP per capita declined (R²=75%) correlated with GDP growth per capita

Turkey GDP per capita United States GDP per capita Turkey - Total Value RSP - TRY Per Capita CPG per capita USA - Total Value RSP - US$ Per Capita CPG per capita 50% 7% 45% 6% 40% 5% 35% 4% 30% 3% 25% 2% 20% 1% 15% 0% 10% -1% 5% -2% 0% -3% -5% -4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Deutsche Bank, Euromonitor, BMI research Source: Deutsche Bank, Euromonitor, BMI Research

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China case study: strong latent opportunity, locals winning big

Despite slowing GDP growth, an aging population and growing pains in shifting its economy from one based on manufacturing and exports to internal, consumer led consumption, the latent consumption opportunity in this key market remains one of the most compelling in the world. With Tier 1 cities largely penetrated and volume growth predicated on zero sum market share battles as categories slow, distribution expansion and further premiumization are key value drivers in the market as middle class expands in inland cities and outside Tier 1 cities (Beijing, Guangzhou, Shanghai, and Shenzen) as noted below (for more information on this topic, please see “Mapping China’s Middle Class”, McKinsey Quarterly, June 2013). Outside the entrenched markets like Shanghai, Beijing and Guangzhou, there is clear room for many to enhance their distribution depth and breadth in smaller cities and regions, offsetting the slowdown in mature cities. For instance, Estee Lauder has been aggressively building out its distribution and retail store presence in smaller cities to offset tepid sales trends in its more mature, coastal markets.

Figure 27: Middle class is moving inland… Figure 28: …and towards 3rd & 4th tier cities

inland China coastal China Tier 1 Tier 2 Tier 3 & 4

18% 39% 61% 43% 87%

45%

39% 40% 13% 16%

2002 2022 2002 2022

Source: Deutsche Bank, McKinsey Quarterly June 2013 Source: Deutsche Bank, McKinsey Quarterly June 2013

In carbonated soft drinks, Coke is clearly winning as PepsiCo works to improve its disappointing, recently impaired bottling partnership with Tingyi. As Nielsen data show, category has softened recently, with sales negative over the 2, 4 and 12 month periods, despite low per caps. Coke remains the dominant player in the market, with 66% share growing while Pepsi’s 28% share is falling and local player Wahaha remains small and private label is non-existent. For Coke, the biggest concern is driving category growth through consumption building strategic investments, noting Sprite is a bigger brand in the market than Trademark Coke, and Zero is growing rapidly off a low base. Pepsi, if it wants to remain relevant in this important market, needs to improve its go to market efforts with partner Tingyi noting cola is 65% of Pepsi CSD sales. Interestingly, Nielsen reported CSD category growth doesn’t correspond with typical consumption in similar GDP growth environments, suggesting the consumption component of China’s GDP is well below the headline reported number.

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Figure 29: China carbonated soft drink growth has been Figure 30: …with Pepsi ceding significant share to Coke lackluster … over the last year

3.7%

0.9%

-0.5% -0.4% -2.2%

-10.6%

MA 15 MJ 15 JA 15 SO 15 ND 15 JF 16

Source: Deutsche Bank, Nielsen Source: Deutsche Bank, Nielsen

Looking at developments in household and personal care, P&G has been the biggest share donor across categories from a high base and needs to reverse these trends in this important market to accelerate recently weak organic growth that is impacting the broader business. At over 8% of sales and the biggest market for P&G outside the US, getting China right is critical in accelerating organic growth and moving earnings and the share price higher. Overall, as we discuss below and something we see in developing markets, local brands are executing well and taking share from the Western incumbents like P&G and Unilever as they better align themselves with the subtleties of these markets and are perhaps advantaged since they aren’t forced to take pricing to offset currency movements.

Figure 31: P&G estimated Greater China sales by category (100% = $6B)

all other Diapers 16% 17%

skin/ fabric care personal 11% care 17%

oral care 6% hair care 33%

Source: Deutsche Bank, Euromonitor, Nielsen, and industry sources

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Figure 32: China market share and share change in selected categories market share (LTM Dec '15) P&G Unilever Kimberly Colgate* L'Oreal Kao Unicharm Heng An others traditional diapers 31% - 15% - - 7% 13% 14% 19% baby store diapers 12% - 16% - - 17% 8% 2% 45% laundry detergent 16% 13% - - - 1% - - 71% shampoo 49% 17% - - 3% - - - 30% toothpaste 13% 7% - 33% - - - - 46% manual toothbrushes 5% - - 28% - - - - 67% market share change (LTM Dec '15) traditional diapers -3.9% - 2.4% - - 2.9% -1.9% 0.3% 0.3% baby store diapers -4.2% - 2.4% - - -0.7% -0.7% -0.5% 3.7% laundry detergent -0.4% -1.5% 0.0% - - 0.1% - - 1.8% shampoo -1.6% -0.7% 0.0% - 0.6% - - - 1.6% toothpaste -2.3% -1.3% - 0.1% - - - - 3.5% manual toothbrushes -1.2% - - -1.1% - - - - 2.3% Source: Deutsche Bank, Nielsen

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China eCommerce study: accelerating adoption, new opportunities

Looking forward, developing a strong online presence is crucial to success in China, with eCommerce share gains significant in recent years and showing few signs of slowing. For the big, well-distributed brands, eCommerce threat is exacerbated as the Internet democratizes product availability, making it easier for niche brands to penetrate the market. As we show below, eCommerce has grown to 22% of China’s color cosmetics market, 11% of fragrances, 17% of hair care, 19% of skin care, 15% in adult incontinence, 27% in diapers and 9% in sanitary protection. Figure 33: eCommerce % of category sales Figure 34: Store-based retail % of category sales

2010 2015 2010 2015

27% 97% 98% 94% 95% 90% 91% 22% 84% 86% 85% 81% 77% 19% 74% 17% 66% 15% 64%

11% 9%

5% 4% 3% 3% 3% 1% 2%

color fragrances hair care skin care adult diapers sanitary color fragrances hair care skin care adult diapers sanitary cosmetics incontinence protection cosmetics incontinence protection

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

During this migration, direct selling has largely held share, but needs to better embrace social selling to maintain or expand it while store-based retail faces a bleak future given increasingly entrenched Internet consumption patterns. Interestingly, local players are significant in the market and after effectively obviating Avon are taking share from Nu Skin, Amway and others.

Figure 35: Direct selling % of category sales

2010 2015

17% 16%

12% 11%

7%

5% 4% 3%

color cosmetics fragrances hair care skin care

Source: Deutsche Bank, Euromonitor

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Brazil case study: healthy per capita consumption, uncertain volume rebound

Once the darling of the global CPG world, macro slowdown and geopolitical uncertainty in Brazil is contributing greatly to the negative sentiment surrounding emerging markets, despite the clear long-term opportunity. With real GDP falling 4% this year and expected to decline at the same rate in 2016 as prices for exported commodities that funded the historical growth have fallen, outlook for this key market that punched above its weight for several years remains negative with few signs of recovery other than currency stabilization.

Figure 36: Brazil real GDP growth

7.5 5.7 6.1 5.1 4.4 4.0 3.9 3.1 2.8 3.0 1.9 1.3 1.2 -0.1 0.1

-3.8 -4.0

Source: Deutsche Bank, World Bank

Unlike the other BRIC countries, per capita consumption of personal care and soft drink categories is already high, greater than the US and Europe in fragrances, greater than Europe in hair care and only modestly lower than Europe in carbonated soft drinks. Given this dynamic, per capita consumption increases in an improving macro environment is less likely here than in other developing markets, even if the ranks of middle class consumers expands.

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Figure 37: Per capita consumption by category ($)

fragrances hair care oral care CSDs diapers

$122

$51 $46 $37

$28 $30 $27$27 $25 $23 $24 $20 $19 $19 $12 $10 $10$10 $10 $11 $9 $6 $6 $7 $6 $6 $4 $5 $5 $1 $0 $2 $1 $1 $0

world China India Russia W. Europe US Brazil Source: Deutsche Bank, Euromonitor, World Bank

As we show below, direct sellers Avon and Natura and the long tail of all other companies have been the biggest share donors in the personal care market, with privately held franchisor Botica and multinationals the biggest share winners over the last several years as modern trade and franchise channels continue to expand rapidly. In carbonated soft drinks, Coke has gained about a half a point of share with a 68% share of a slowing market, with ABI owned Antarctica Guarana taking about 0.3 points of share to 15% of the market and PepsiCo holding nearly steady with 5% of the market using ABI as its primary bottler and despite a sizable snacks business built organically and via acquisitions.

Figure 38: Brazil personal care market share

Unilever, 12.2 2015

2014 12.1 2010 10.4 Natura, 11.1 all other, 37.8 11.4 39.2 14.9 39.8

6.910.0 Botica, 10.9

7.8 5.5 8.8 5.9 9.1 5.8 5.7 6.7 P&G, 9.7 Avon, 5.7

Colgate, 5.8 L'Oreal, 6.8

Source: Deutsche Bank, Euromonitor

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Figure 39: Brazil LTM CSD share and share change

LTM CSD share 0.5% LTM share chg.

Antarctica 15%

Pepsi 0.3% 5%

Coke 80% 0.0% Coke Pepsi Antarctica

Source: Deutsche Bank, Euromonitor

Looking at select category growth rates over the last 12 months, it is clear that the bulk of growth has been driven by inflation to offset aforementioned currency transaction headwinds. As big f/x moves are lapped in upcoming quarters and pricing rolls off, it remains to be seen how quickly volume growth recovers, potentially creating a troubling organic growth dilemma for many of the companies with outsized exposure to this market, noting the already high per capita consumption levels in several key categories. For consumer products categories to continue growing again at historical levels, we believe middle class creation that drove much of the upward trajectory prior to the recent slowdown has to accelerate again which isn’t likely in the upcoming quarters, exacerbated by troubling geopolitical environment and low commodity prices. As such, while we remain sanguine about the longer-term potential of the market, 2016 should be another difficult year in Brazil which is supported by commentary from most of the US multinationals like Colgate and Avon with material exposure to this market. In the interim, we believe growth will be driven more by market share battles to drive volume growth which will also raise the cost of competition and impact margin trajectory.

Figure 40: Sales derivation in Brazil across select categories

volume price/mix

8.0% 8.4% 8.9% 6.7% 6.5%

1.6% 0.6% 0.6% -1.8%

-6.7% carbonated soft diapers laundry shampoo toothpaste drinks detergent

Source: Deutsche Bank, Nielsen

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Figure 41: Middle class income contribution needs to expand to accelerate growth

40.0 39.0 39.2 39.4 39.0 38.8 38.5 38.9 38.0 38.0 38.8 37.5 37.0 36.6 36.0 35.9 36.1 35.0 35.2 34.5 34.0 34.2

33.0

32.0

31.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: BMI and Deutsche Bank analysis

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CPG Per Capita Spending by market and category

Figure 42: Bath and Shower Figure 43: Beer $30 $200 $180 $25 $160

$140 $20 $120

$15 $100

2005 $80 2005

USD per capita USD USD per capita USD $10 2015 $60 2015

$40 $5 $20

$0 $0

USA

USA

India

Chile

India

Chile

Brazil

Brazil

Egypt

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China

China

Japan

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Russia

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Philippines

Philippines

SouthAfrica

SouthAfrica

SouthKorea

SouthKorea

Saudi ArabiaSaudi

SaudiArabia WesternEurope Western Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 44: Bottled Water Figure 45: Carbonated Soft Drinks $90 $180 $80 $160

$70 $140

$60 $120

$50 $100

$40 $80

2005 2005

USD per capita USD USD per capita USD $30 $60 2015 2015 $20 $40

$10 $20

$0 $0

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USA

India

Chile

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Chile

Brazil

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Egypt

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SouthAfrica

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SouthKorea

Saudi ArabiaSaudi

SaudiArabia Western Europe Western Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 46: Color Cosmetics Figure 47: Deodorants $60 $70

$60 $50

$50 $40

$40 $30 $30

2005 2005

USD per capita USD per capita USD $20 2015 $20 2015

$10 $10

$0 $0

USA USA

India India

Chile Chile

Brazil Brazil

Egypt Egypt

China China

Japan Japan

Russia Russia

Turkey Turkey

Poland Poland

Mexico Mexico

Ukraine Ukraine

Ecuador Ecuador

Pakistan Pakistan

Vietnam Vietnam

Thailand Thailand

Malaysia Malaysia

Colombia Colombia

Indonesia Indonesia

Argentina Argentina

Philippines Philippines

South Africa South Africa South

SouthKorea SouthKorea

SaudiArabia SaudiArabia Western Europe Western Western Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 48: Diapers Figure 49: Fragrances $30 $70

$60 $25

$50 $20

$40 $15 $30

2005 2005

USD per capita USD USD per capita USD $10 2015 $20 2015

$5 $10

$0 $0

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USA

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Chile

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South Africa South

SouthAfrica

SouthKorea

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SaudiArabia

Saudi ArabiaSaudi Western Europe Western Western Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 50: Hair Care Figure 51: Juice $60 $60

$50 $50

$40 $40

$30 $30

2005 2005

USD per capita USD USD per capita USD $20 $20 2015 2015

$10 $10

$0 $0

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Chile India

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South Africa South

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SouthKorea

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SaudiArabia

Saudi Arabia Saudi Western Europe Western Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 52: Laundry Care Figure 53: Mass Beauty and Personal Care $45 $250 $40

$35 $200

$30 $150 $25

$20

2005 $100 2005

USD per capita USD USD per capita USD $15 2015 2015

$10 $50 $5

$0 $0

USA

USA

India

Chile

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South Africa South

SouthKorea

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Saudi Arabia Saudi

SaudiArabia WesternEurope Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 54: Men’s Grooming Figure 55: Oral Care $30 $30

$25 $25

$20 $20

$15 $15

2005 2005

USD per capita USD USD per capita USD $10 $10 2015 2015

$5 $5

$0 $0

USA

USA

India

Chile

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SaudiArabia

Saudi Arabia Saudi Western Europe Western Western Europe Western Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 56: Premium Beauty and Personal Care Figure 57: Skin Care $140 $140

$120 $120

$100 $100

$80 $80

$60 $60

2005 2005

USD per capita USD USD per capita USD

$40 2015 $40 2015

$20 $20

$0 $0

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Chile India

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SouthKorea

Saudi ArabiaSaudi

Saudi ArabiaSaudi Western Europe Western WesternEurope Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 58: Spirits Figure 59: Wine $160 $140

$140 $120

$120 $100 $100 $80 $80 $60

2005 2005 USD per capita USD $60 per capita USD 2015 $40 2015 $40

$20 $20

$0 $0

USA

USA

India

Chile

India

Chile

Brazil

Brazil

Egypt

Egypt

China

China

Japan

Japan

Russia

Russia

Turkey

Turkey

Poland

Poland

Mexico

Mexico

Ukraine

Ukraine

Ecuador

Ecuador

Pakistan

Pakistan

Vietnam

Vietnam

Thailand

Thailand

Malaysia

Malaysia

Colombia

Colombia

Indonesia

Indonesia

Argentina

Argentina

Philippines

Philippines

SouthAfrica

SouthAfrica

SouthKorea

SouthKorea

SaudiArabia

Saudi ArabiaSaudi Western Europe Western WesternEurope Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Category growth (fixed USD)

Asia

Figure 60: Bath and Shower Figure 61: Beer Figure 62: Bottled Water AVG 2005-1010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 20% 25% 40% 18% 35% 16% 20% 16% 30% 26% 14% 12% 15% 14% 25% 12% 12% 20% 17% 9% 10% 10% 15% 10% 9% 10% 8% 13% 14% 8% 7% 15% 12% 8% 6% 5% 7% 5% 6% 10% 6% 6% 5% 3% 2% 4% 4% 5% 4% 0% 0% 2% 0%

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 63: CSD Figure 64: Color Cosmetics Figure 65: Deodorants AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 30% 35%

25% 30% 70% 24% 58% 25% 22% 20% 60% 15% 20% 50% 13% 16% 15% 15% 40% 11% 15% 11% 9% 10% 30% 25% 10% 8% 19% 5% 10% 7% 17% 4% 4% 20% 5% 2% 6% 7% 1% 1% 5% 10% 4% 5% 5% 0% 0% 0%

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 66: Diapers Figure 67: Fragrances Figure 68: Hair Care AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 40% 35% 31% 29% 30% 20% 30% 25% 18% 25% 21% 16% 14% 14% 15% 14% 20% 16% 17% 20% 16% 17% 15% 14% 12% 15% 11% 15% 10% 10% 8% 10% 10% 5% 10% 5% 5% 8% 6% 6% 5% 4% 5% 4% 5% 5% 6% 4% 4% 0% 0% 2% -5% 0% -5% 0%

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 69: Juice Figure 70: Laundry Figure 71: Mass Beauty AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

60% 20% 20% 19% 17% 50% 18% 18% 16% 15% 16% 14% 15% 40% 14% 13% 14% 26% 12% 11% 12% 30% 9% 9% 17% 10% 10% 20% 15% 7% 7% 7% 11% 8% 6% 8% 5% 5% 4% 4% 5% 10% 1% 4% 3% 6% 6% 4% 2% 4% 0% 2% 2% -10% -4% 0% 0%

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 72: Men’s Grooming Figure 73: Oral Care Figure 74: Premium Beauty AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

25% 24% 20% 70% 18% 16% 60% 20% 18% 16% 14% 50% 15% 15% 14% 11% 15% 12% 11% 40% 10% 8% 7% 7% 7% 8% 8% 30% 22% 10% 8% 6% 18% 18% 6% 6% 6% 4% 20% 11% 10% 5% 4% 5% 5% 5% 6% 2% 10% 0% 0% 0%

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 75: Skin Care Figure 76: Spirits Figure 77: Wine AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

35% 25% 25% 30% 20% 20% 25% 22% 14% 14% 20% 17% 18% 18% 15% 12% 15% 12% 15% 10% 10% 8% 7% 8% 10% 8% 7% 8% 6% 6% 10% 6% 6% 6% 4% 4% 5% 5% 4% 5% 4% 5% 2% 2% 0% 0% 0%

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Eastern Europe

Figure 78: Bath and Shower Figure 79: Beer Figure 80: Bottled Water

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 25%

20% 20% 20% 18% 18% 16% 16% 14% 14% 12% 15% 12% 12% 10% 10% 8% 7% 8% 8% 6% 10% 6% 6% 4% 3% 4% 1% 5% 2% 2% 0% 0% 5% 3% 2% Poland Russia Ukraine Poland Russia Ukraine 0% Poland Russia Ukraine Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 81: CSD Figure 82: Color cosmetics Figure 83: Deodorants

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

20% 20% 14% 18% 12% 15% 16% 10% 14% 10% 10% 12% 8% 10% 7% 6% 5% 8% 6% 3% 0% 6% 4% 4% 0% 4% 1% 1% 2% 2% -5% -3% 0% 0% Poland Russia Ukraine Poland Russia Ukraine Poland Russia Ukraine

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 84: Diapers Figure 85: Fragrances Figure 86: Hair care

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

60% 51% 18% 20% 16% 18% 50% 14% 16% 40% 12% 14% 10% 12% 30% 26% 10% 8% 8% 20% 6% 6% 4% 3% 2% 10% 1% 1% 4% 1% 2% 0% 2% 0% 0% 0% 0% Poland Russia Ukraine Poland Russia Ukraine Poland Russia Ukraine

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 87: Juice Figure 88: Laundry Care Figure 89: Mass Beauty

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

30% 40% 35% 20% 25% 35% 18% 16% 20% 30% 14% 15% 25% 12% 10% 7% 20% 10% 5% 3% 15% 11% 8% 6% 0% 10% 3% 3% 3% 4% -5% 5% 2% 0% -10% -6% 0% 0% Poland Russia Ukraine Poland Russia Ukraine Poland Russia Ukraine

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 90: Men’s Grooming Figure 91: Oral Care Figure 92: Premium Beauty

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

20% 20% 16% 18% 18% 14% 16% 16% 12% 14% 14% 12% 12% 10% 10% 10% 8% 8% 8% 6% 6% 4% 6% 4% 6% 4% 3% 4% 4% 3% 4% 3% 2% 2% 1% 2% 2% 0% 0% 0% Russia Ukraine Poland Poland Russia Ukraine Poland Russia Ukraine

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 93: Skin care Figure 94: Spirits Figure 95: Wine

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

20% 25% 25%

15% 20% 20% 15% 15% 10% 9% 9% 4% 10% 10% 5% 3% 5% 2% 5% 2% 0% 0% 0% -5% -3% -5% -2% -5% -2% Poland Russia Ukraine Poland Russia Ukraine Poland Russia Ukraine

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Latin America

Figure 96: Bath and Shower Figure 97: Beer Figure 98: Bottled Water

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 35% 31%

30% 35% 30% 40% 36% 30% 35% 25% 25% 30% 26% 25% 20% 20% 20% 15% 9% 15% 12% 12% 15% 7% 10% 10% 5% 10% 6% 3% 4% 10% 8% 5% 5% 7% 7% 6% 5% 0% 0% 5% Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico 0% Argentina Brazil Chile Colombia Ecuador Mexico Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 99: CSD Figure 100: Color cosmetics Figure 101: Deodorants

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

35% 32% 40% 45% 36% 38% 30% 35% 40% 35% 25% 30% 25% 30% 20% 25% 20% 15% 20% 15% 11% 9% 10% 15% 9% 10% 6% 10% 6% 6% 7% 3% 3% 4% 4% 10% 5% 6% 5% 2% 5% 5% 0% 0% 0% Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 102: Diapers Figure 103: Fragrances Figure 104: Hair Care

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

35% 31% 45% 39% 40% 35% 30% 40% 35% 35% 25% 30% 30% 25% 20% 25% 20% 15% 20% 9% 11% 15% 10% 15% 9% 10% 5% 6% 10% 6% 6% 4% 10% 6% 4% 4% 5% 5% 5% 2% 5% 5% 0% 0% 0% Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 105: Juice Figure 106: Laundry Care Figure 107: Mass Beauty

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

50% 44% 30% 26% 40% 36% 45% 35% 40% 25% 30% 35% 20% 30% 25% 25% 19% 15% 20% 20% 12% 10% 15% 10% 15% 6% 6% 7% 7% 5% 10% 6% 6% 5% 10% 4% 4% 3% 5% 3% 5% 5% 0% 0% 0% Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 108: Men’s Grooming Figure 109: Oral Care Figure 110: Premium Beauty

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

33% 35% 40% 37% 50% 43% 30% 35% 40% 25% 30% 25% 30% 20% 20% 20% 13% 11% 15% 12% 8% 8% 8% 15% 10% 7% 10% 5% 5% 6% 10% 7% 7% 6% 6% 5% 5% 0% 0% 0% -10% -6% Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 111: Skin Care Figure 112: Spirits Figure 113: Wine

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

33% 28% 35% 45% 39% 30% 30% 40% 35% 25% 25% 30% 20% 16% 20% 25% 20% 15% 11% 15% 15% 12% 10% 9% 10% 10% 7% 6% 10% 5% 5% 6% 7% 7% 5% 4% 4% 5% 5% 5% 0% 0% -5% 0% Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico Argentina Brazil Chile Colombia Ecuador Mexico

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Middle East and Africa

Figure 114: Bath and Shower Figure 115: Beer Figure 116: Bottled water

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 16% 14% 13% 18% 16% 16% 25% 12% 16% 12% 10% 14% 20% 12% 10% 14% 10% 15% 10% 11% 8% 8% 10% 8% 9% 6% 6% 5% 4% 3% 5% 4% 2% 0% 0% 2% Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey 0% Egypt Saudi Arabia South Africa Turkey Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 117: CSD Figure 118: Color cosmetics Figure 119: Deodorants

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

20% 18% 16% 16% 14% 15% 18% 14% 13% 13% 13% 14% 16% 12% 12% 11% 14% 10% 10% 10% 12% 10% 8% 10% 8% 8% 7% 8% 6% 6% 6% 6% 4% 4% 4% 2% 2% 2% 0% 0% 0% Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 120: Diapers Figure 121: Fragrances Figure 122: Hair care

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

16% 20% 18% 13% 14% 18% 16% 16% 16% 13% 12% 11% 14% 14% 12% 12% 12% 10% 9% 12% 12% 10% 9% 8% 7% 10% 7% 8% 6% 8% 5% 6% 6% 4% 4% 4% 2% 2% 2% 0% 0% 0% Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 123: Juice Figure 124: Laundry Care Figure 125: Mass Beauty

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

15% 16% 14% 20% 30% 26% 14% 12% 18% 16% 25% 12% 14% 14% 10% 20% 12% 9% 8% 10% 8% 15% 12% 6% 7% 10% 6% 8% 9% 6% 10% 4% 4% 5% 2% 2% 0% 0% 0% Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 126: Men’s Grooming Figure 127: Oral Care Figure 128: Premium Beauty

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

16% 16% 18% 13% 15% 14% 14% 16% 14% 12% 12% 10% 14% 12% 11% 10% 9% 9% 10% 9% 9% 10% 12% 7% 10% 8% 8% 8% 6% 6% 6% 4% 4% 4% 2% 2% 2% 0% 0% 0% Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey Egypt Saudi Arabia South Africa Turkey

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 129: Skin Care Figure 130: Spirits Figure 131: Wine

AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015 AVG 2005-2010 AVG 2011-2014 2015

18% 20% 35% 16% 18% 13% 15% 30% 27% 14% 16% 12% 25% 12% 10% 14% 10% 9% 12% 10% 20% 17% 10% 9% 8% 8% 15% 6% 6% 10% 8% 4% 4% 2% 2% 5% 0% 0% 0% Egypt Saudi Arabia South Africa Turkey Egypt South Africa Turkey Egypt South Africa Turkey

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Market Share

Bath and Shower market share

Figure 132: China Figure 133: India Figure 134: Indonesia

3.5 3.1 2.9 5.0 4.7 4.0 8.6 4.2 5.7 4.1 1.5 3.0 4.4 4.3 5.6 6.0 7.8 5.6 6.0 7.6 6.0 5.9 6.5 8.3 5.7 Meiri 9.1 8.4 Nirma Johnson & Johnson 4.4 17.8 18.5 17.2 8.7 6.4 Shanghai Jahwa 7.5 8.9 7.1 Wipro Bina Karya Prima Amway Godrej Group PZ Cussons Unilever Reckitt Benckiser Wings Corp 54.3 P&G 48.2 25.0 25.1 23.2 46.9 Unilever 40.3 39.0 39.2 Unilever

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 135: Malaysia Figure 136: Pakistan Figure 137: Philippines

6.4 5.8 4.3 3.2 5.9 4.8 5.7 7.2 5.6 8.7 7.2 5.5 2.0 14.2 6.7 6.6 9.0 11.2 11.2 Lam Soon Group Megasurya Mass Johnson & Johnson 12.0 10.2 8.7 5.6 21.9 17.0 10.4 Colgate-Palmolive 6.2 Zulfeqar Industries 12.3 Splash Corp 7.6 11.2 15.8 Wipro 5.0 Reckitt Benckiser Cosmetique Asia 15.6 5.4 9.8 16.0 Reckitt Benckiser P&G Colgate-Palmolive Unilever Unilever P&G 34.6 36.5 36.8 37.5 29.5 22.0 24.2 27.2 18.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 138: South Korea Figure 139: Thailand Figure 140: Vietnam

3.5 3.6 5.4 3.1 7.0 9.4 5.9 4.0 5.2 4.7 7.6 0.0 4.5 6.8 6.3 6.0 8.5 7.2 6.3 6.4 8.3 16.5 Amway Johnson & Johnson 7.8 Colgate-Palmolive 5.9 6.4 7.9 14.1 Lion Corp 4.3 PZ Cussons 13.4 Henkel 27.4 15.8 29.0 20.0 Unilever 19.9 19.1 Lion Corp Wipro 18.9 AmorePacific Colgate-Palmolive P&G

LG Household Unilever 40.5 40.4 Unilever 34.9 29.9 25.1 24.0 18.6 20.7 21.6

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 141: Poland Figure 142: Russia Figure 143: Ukraine

4.4 4.1 5.4 8.5 6.8 5.1 5.6 7.9 7.2 6.9 Henkel Nevskaya Kosmetika 14.4 7.6 Oriflame Cosmetics 8.5 5.1 14.9 Beiersdorf Oriflame Cosmetics P&G 8.5 7.8 7.5 8.1 6.8 6.6 9.2 Colgate-Palmolive Colgate-Palmolive 8.8 Colgate-Palmolive 9.6 11.1 8.8 8.6 Unilever 7.4 Avon Products 7.0 Avon Products 9.7 8.6 7.5 6.8 Private Label Unilever 8.8 Unilever 9.8 8.8 18.5 9.8 12.7 7.6 8.2 12.4 9.8 6.8 8.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 144: Argentina Figure 145: Brazil Figure 146: Chile

2.6 4.8 4.2 3.8 3.7 2.4 4.7 2.7 3.8 12.3 8.8 4.6 8.0 9.9 6.2 Miguel Maritano 7.8 0.6 4.4 4.2 Beiersdorf Botica 5.0 3.0 0.5 1.0 10.4 8.3 12.1 12.4 14.9 Beiersdorf Natura Cosméticos 11.8 JBS SA 14.1 12.2 14.0 Colgate-Palmolive 0.0 Colgate-Palmolive 12.8 15.0 Colgate-Palmolive 14.8 Natura Cosméticos Alicorp Natura Cosméticos Durandin 43.1 43.2 Unilever Unilever 47.6 36.4 41.6 43.4 29.9 Unilever 25.4 27.8

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 147: Colombia Figure 148: Ecuador Figure 149: Mexico

0.0 4.3 1.0 3.5 1.0 4.1 3.9 2.4 2.6 4.9 8.5 5.3 2.5 0.8 5.8 6.0 9.0 8.7 2.7 4.1 6.4 2.7 6.4 0.0 4.7 Belleza Express 12.5 Avon Products 4E de México 4.9 23.6 21.4 Avon Products Laboratorios Fabell 23.2 23.9 Sanchez y Martin 15.1 24.6 25.9 13.7 Johnson & Johnson 19.4 La Fabril Unilever Unilever Unilever Colgate-Palmolive

Colgate-Palmolive Colgate-Palmolive 38.6 P&G 29.4 29.2 34.4 33.6 26.0 30.5 29.4 26.6

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 150: Egypt Figure 151: Saudi Arabia Figure 152: South Africa

2.2 6.5 5.5 5.1 2.8 8.6 6.4 2.9 2.5 7.0 5.6 5.6 5.3 3.6 4.4 8.0 9.3 9.7 1.0 13.7 15.8 Henkel PZ Cussons Avon Products 5.3 14.8 7.0 7.0 4.8 Colgate-Palmolive 14.1 13.5 Johnson & Johnson Private Label 3.0 6.5 12.5 8.9 22.9 4.8 P&G Reckitt Benckiser 23.1 Reckitt Benckiser Evyap Sabun P&G Colgate-Palmolive 24.9 Unilever Unilever 37.2 37.8 Unilever 20.6 18.4 19.0 34.5 33.7 31.8 15.5 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 153: Turkey

6.4 4.8 8.1 7.1 4.9 7.1 6.6 Avon Products 9.3 14.0 Unilever 21.0 Private Label 19.9 18.0 Evyap Sabun Colgate-Palmolive

27.5 23.8 24.2

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Beer Market Share

Figure 154: China Figure 155: India Figure 156: Indonesia

1.8 2.5 4.6 8.0 2.4 3.1 0.0 3.9 4.1 3.9 7.6 4.0 10.7 4.5 4.6 1.9 Carlsberg 33.2 Mount Shivalik 16.9 Carlsberg 11.1 24.4 25.6 25.9 1.0 14.0 Beijing Yanjing Mohan Meakin Bali Hai 10.2 11.0 3.7 28.9 AB InBev Carlsberg 22.5 6.0 Diageo 10.7 18.4 13.8 Tsingtao SABMiller 18.1 San Miguel 13.4 China Resources 49.4 52.5 51.1 UB Group Heineken 42.9 28.9 44.4 20.4 23.2 13.0 5.2 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 157: Malaysia Figure 158: Pakistan Figure 159: Philippines

0.9 0.8 1.9 7.3 9.0 8.2 1.6 0.9 1.4 3.8 5.0 5.2 1.9 1.4 37.1 39.4 40.2 Aujan AB InBev 1.4 2.1 Bavaria 4.6 Asia Brewery Diageo 3.4 2.3 Anadolu 5.4 SABMiller Heineken Carlsberg San Miguel Carlsberg 0.10.0 86.0 Murree 46.3 44.3 44.4 84.7 90.8 91.1 83.2 88.7

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 160: South Korea Figure 161: Thailand Figure 162: Vietnam

9.2 9.7 3.9 4.5 7.0 5.4 17.2 16.7 14.2 31.7 32.8 34.3 Carlsberg 54.6 57.2 Heineken 17.7 18.1 Hite Jinro 47.4 16.8 Heineken Thai Beverage AB InBev Habeco Boon Rawd Brewery Sabeco 59.2 55.7 55.1 44.0 47.1 45.7 38.3 41.5 37.4

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 163: Poland Figure 164: Russia Figure 165: Ukraine

1.8 2.5 3.4 6.4 4.2 5.5 5.6 6.8 1.8 3.9 13.7 13.1 12.5 14.4 4.2 1.4 15.7 9.2 0.0 24.9 6.1 Van Pur 9.0 SABMiller SABMiller 14.8 10.7 20.8 15.2 Private Label Anadolu Group Persha Pryvatna 33.6 30.2 13.6 28.0 11.9 Carlsberg 10.3 AB InBev 27.8 Obolon 14.8 9.3 25.7 Heineken Heineken Carlsberg SABMiller Carlsberg AB InBev 39.9 38.2 38.1 35.7 37.6 32.8 35.6 32.8 27.1

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 166: Argentina Figure 167: Brazil Figure 168: Chile

4.9 3.1 4.3 6.8 3.3 6.4 4.7 0.1 6.7 4.0 6.3 2.3 13.4 5.1 8.2 11.0 9.0 11.9 11.5 14.1 23.8 SABMiller 16.0 15.4 Heineken 13.3 Heineken Heineken Cervejaria Petrópolis AB InBev Cía Cervecerí Kirin Cía Cervecerías 76.0 77.2 74.8 AB InBev AB InBev 80.7 76.1 67.9 66.2 63.9 65.5

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 169: Colombia Figure 170: Ecuador Figure 171: Mexico

0.0 0.0

4.4 3.8 3.3 1.7 1.9

42.7 40.9 44.3 7.7 Damm Bogotá Beer AB InBev 97.2 97.4 Heineken 1.1 SABMiller SABMiller AB InBev 97.2 97.4

51.4 53.7 51.0 92.0 92.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 172: Egypt Figure 173: Saudi Arabia Figure 174: South Africa

2.3 2.9 1.8 2.8 6.8 0.02.2 6.3 2.31.3 15.1 13.5 3.4 1.4 1.1 Egyptian International 6.8 1.0 6.7 6.7 6.7 7.0 Beverage 26.7 6.3 7.1 29.0 Heineken Namibia Breweries Carlsberg 29.9 AB InBev Heineken 83.8 Hurlimann Aujan Industries UB Group 72.1 73.1 82.0 Carlsberg 77.8 79.7 SABMiller 50.2 54.6 Heineken 43.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 175: Turkey

1.50.0 1.52.3 1.40.7 11.1 9.9 23.8 Central Bottling SABMiller Carlsberg 85.0 85.4 72.8 Anadolu Group

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Bottled Water Market Share

Figure 176: China Figure 177: India Figure 178: Indonesia

5.3 2.01.7 2.2 Danone 2.6 6.0 4.9 11.4 10.2 13.1 3.0 8.5 Hangzhou Wahaha 2.1 Manikchand 2.5 Oasis Waters 6.8 4.3 2.2 3.5 7.5 4.1 0.6 0.7 3.9 3.2 8.8 9.6 Parle Agro 2.3 Tangmas 10.7 China Resources 7.8 25.2 PepsiCo Sinar Sosro Enterprise 2.3 17.0 14.6 18.4 Coca-Cola 56.4 Asahi 8.1 Ting Hsin 9.2 Parle Bisleri 43.4 44.2 Danone Yangshengtang 26.4 21.3 23.0 9.0 11.1 11.4

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 179: Malaysia Figure 180: Pakistan Figure 181: Philippines

1.5 0.6 4.8 4.6 5.2 5.2 4.5 0.7 6.0 5.9 3.0 10.5 4.2 7.0 6.8 7.6 6.8 8.4 2.5 0.6 6.6 MP Mineral Water 4.5 Fluid Technology 11.0 19.5 3.5 8.9 JG Summit Holdings 22.5 Asahi Murree Brewery 26.3 4.0 5.7 Philippine Spring Water 28.5 Thai Beverage Coca-Cola 7.8 5.0 Coca-Cola Gold Leaf PepsiCo 58.0 Asia Brewery Yee Lee 51.5 53.7 Nestlé 34.5 38.4 7.8 27.9 5.7 5.8

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 182: South Korea Figure 183: Thailand Figure 184: Vietnam

5.3 6.2 3.9 1.2 1.3 10.9 18.1 18.9 11.2 7.0 2.8 10.3 12.8 9.4 Nong Shim 9.6 Tipco Foods 12.0 Coca-Cola 2.2 15.2 15.9 17.6 18.4 17.3 11.5 Hite 9.2 12.9 Coca-Cola Bitexco Lotte Group Thai Beverage 26.0 Saigon Pure Water 12.3 24.4 11.8 22.0 11.8 Coca-Cola 17.1 20.2 Nestlé Nestlé 6.0 11.4 5.6 38.5 Kwang Dong Pharm Boon Rawd Brewery PepsiCo 30.4 24.4 27.3 18.1 18.9 16.9 19.9 20.2

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 185: Poland Figure 186: Russia Figure 187: Ukraine

4.0 3.6 2.6 4.0 5.4 7.6 3.9 3.7 4.5 4.3 8.5 3.6 6.7 9.1 4.9 Coca-Cola 2.7 Visma 4.6 5.5 Svalyavski Mineralni Vody 7.3 4.3 3.2 8.6 Nestlé 2.6 Karachinsky Istochnik 10.8 Erlan ZAT 5.4 5.3 8.9 14.1 19.7 Naleczow Zdroj IDS Borjomi Obolon PAT 5.9 21.0 10.6 10.2 13.9 Danone 6.8 Coca-Cola Coca-Cola

17.4 Private Label PepsiCo 35.9 IDS Borjomi International 29.4 28.0 21.0 21.9 8.5 9.4 9.2 12.3 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 188: Argentina Figure 189: Brazil Figure 190: Chile

4.6 Kirin 2.8 4.5 6.4 1.9 4.7 1.5 1.3 3.4 6.4 2.1 1.9 1.7 6.1 Coca-Cola Danone 2.2 0.5 2.3 2.0 45.0 Fonterra 7.8 2.7 38.4 5.3 6.9 Nestlé 0.2 47.0 2.8 2.3 Nestlé 6.1 Coca-Cola 11.2 Cimes 2.5 10.3 Cía Cervecerías Unidas IVESS 10.1 Empresa de Águas Ouro Coca-Cola 13.1 Danone 11.4 Fino 38.8 9.8 37.6 19.1 20.9 30.3 15.3 Edson de Queiróz

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 191: Colombia Figure 192: Ecuador Figure 193: Mexico

3.4 0.0 0.3 4.6 4.0 5.6 4.3 2.0 1.5 1.3 1.7 2.1 2.0 4.5 11.8 40.3 4.5 Pure Water Manabí 7.6 Dr Pepper Snapple 44.2 PepsiCo 8.0 12.0 11.4 11.7 43.1 13.5 Private Label 13.9 11.9 Aje Nestlé 12.8 16.4 Resgasa Coca-Cola Coca-Cola 15.5 14.3 14.4 20.5 Postobón Coca-Cola Danone 45.4 39.0 38.3 CBC Ecuador PepsiCo 50.3 24.0 38.2 43.8 19.7 18.9

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 194: Egypt Figure 195: Saudi Arabia Figure 196: South Africa

Coca-Cola 6.4 3.6 PepsiCo 3.3 5.0 1.3 1.5 7.1 0.2 1.0 1.8 5.9 0.91.5 1.8 Danone 3.0 5.6 1.6 2.1 6.7 0.2 0.01.20.7 8.1 Al Rajhi 4.8 Quindrink 5.5 9.3 9.4 PepsiCo 7.8 Clover 5.9 National Plant For Healthy 17.1 Ekhamanzi Springs Battenfeld Water 50.3 1.30.0 13.4 Nestlé 45.9 49.3 Bin Zomah Group 11.2 32.6 32.7 Wadi El-Gadid Natural 29.2 Coca-Cola Water 18.1 Nestlé 14.8 Nestlé 10.5 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 197: Turkey

3.3 3.2 3.6 Coca-Cola 5.0 7.3 3.4 5.3 Yasar Holding 5.6 Aytac Dis Ticaret Yatirim 16.9 6.0 14.8 Nestlé

11.8 Danone

15.5 17.1 8.4 2006 2010 2015 Source: Deutsche Bank, Euromonitor

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CSD Market Share

Figure 198: China Figure 199: India Figure 200: Indonesia

0.8 0.7 0.3 0.4 0.3 1.7 1.2 3.51.0 1.40.8 1.8 4.4 2.8 5.8 0.0 0.00.90.8 0.0 16.0 25.1 Lotte 37.5 34.2 31.1 40.4 Green Sands 31.8 Calcol Parle Agro PepsiCo Hangzhou Wahaha PepsiCo Aje Group PepsiCo Coca-Cola 86.2 90.8 77.9 68.1 Coca-Cola 60.4 61.7 54.3 59.5 Coca-Cola 56.7

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 201: Malaysia Figure 202: Pakistan Figure 203: Philippines

0.70.4 2.8 Cott 3.3 0.6 0.3 0.2 1.00.8 0.80.7 0.7 5.9 0.3 3.5 1.4 7.1 7.7 11.2 9.4 0.00.90.8 43.1 25.1 Lotte Safa Cola 16.6 15.7 31.1 28.9 Zest-O 31.8 Calcol 38.9 39.9 Pakistan Mineral Water Cott Hangzhou Wahaha Bottling PepsiCo PepsiCo PepsiCo 68.1 71.7 71.4 Coca-Cola 54.3 59.5 Coca-Cola 49.8 60.5 37.8 32.4 Coca-Cola

2006 2010 2015 2006 2010 2015 2006 2010 2015

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 204: South Korea Figure 205: Thailand Figure 206: Vietnam

8.9 7.4 7.6 3.61.1 6.9 5.5 5.8 6.4 0.0 0.01.2 15.5 17.8 15.1 0.20.0 12.9 7.7 9.8 10.1 0.2 10.6 Boon Rawd Brewery Aje Group Otsuka Holdings 38.1 26.3 41.1 27.3 26.7 Aje Group Uni-President Enterprises PepsiCo 35.8 19.0 33.0 33.5 Thai Beverage Sabeco Lotte PepsiCo Coca-Cola Coca-Cola Coca-Cola PepsiCo 41.2 43.8 50.7 55.3 41.1 40.5 43.8 36.2 35.8

2006 2010 2015 2006 2010 2015 2006 2010 2015

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 207: Poland Figure 208: Russia Figure 209: Ukraine

5.2 5.9 8.3 2.7 10.6 3.3 6.2 3.3 5.5 3.3 15.4 Zbyszko 0.0 Deka 7.0 Carlsberg 8.7 13.3 6.1 2.8 0.00.9 Kofola 3.6 Aqua-Life 7.6 Erlan 5.6 26.2 0.0 9.2 16.0 17.2 Private Label 17.4 23.5 Ochakovo MPBK 10.4 PepsiCo 14.3 11.0 11.0 PepsiCo PepsiCo Obolon 4.7 0.0 0.0 Coca-Cola Coca-Cola Coca-Cola 28.4 29.1 27.3 31.4 26.3 25.7 17.1 19.2 17.8

2006 2010 2015 2006 2010 2015 2006 2010 2015

Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 210: Argentina Figure 211: Brazil Figure 212: Chile

0.6 0.5 3.2 4.8 4.9 5.7 0.7 3.5 5.3 5.0 3.9 3.1 6.3 2.1 4.8 2.52.1 3.2 5.4 8.4 9.3 4.8 4.5 3.9 4.5 4.9 14.3 Private Label 7.9 Private Label 7.9 8.6 10.5 Dr Pepper Snapple 15.2 3.1 Pritty Kirin Private Label 3.3 2.5 Refres Now PepsiCo PepsiCo 11.3 PepsiCo 53.8 53.2 AB InBev Cía Cervecerías 52.6 48.5 74.6 76.4 76.2 44.4 Coca-Cola Coca-Cola Coca-Cola 30.2

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 213: Colombia Figure 214: Ecuador Figure 215: Mexico

4.6 0.0 4.9 5.4 12.6 5.2 6.6 10.3 5.8 4.7 3.7 3.7 18.9 3.5 4.7 4.6 15.0 11.7 5.5 5.6 5.6 11.4 10.6 10.6 Dr Pepper Snapple Aje Group Induquito 16.5 15.3 15.5 22.9 Consorcio Aga 24.5 24.6 PepsiCo Aje Group Aje Group Postobón PepsiCo PepsiCo 56.8 57.6 59.2 Coca-Cola Coca-Cola 67.4 68.3 68.0 44.5 Coca-Cola 38.7 39.4

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 216: Egypt Figure 217: Saudi Arabia Figure 218: South Africa

2.4 0.0 1.1 1.1 1.8 3.1 12.3 12.4 2.6 11.9 2.92.0 3.4 3.11.7 3.8 5.0 2.3 5.7 5.3 39.6 39.5 39.0 2.3 Mahmoud Saeed SABMiller Beverage Gozour SoftBev Coca-Cola Coca-Cola Private Label 79.7 79.8 78.4 PepsiCo 71.7 71.3 71.6 PepsiCo PepsiCo 51.8 50.7 51.7 Coca-Cola

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 219: Turkey

2.6 3.7 5.0 Erbak-Uludag 2.4 Mesrubatlari 2.4 0.0 0.00.7 21.6 17.7 Private Label 17.2

Dydo Drinco

61.1 PepsiCo 55.6 58.6

Coca-Cola

2006 2010 2015

Source: Deutsche Bank, Euromonitor

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Color Cosmetics Market Share

Figure 220: China Figure 221: India Figure 222: Indonesia

4.3 4.6 9.9 3.3 2.21.7 4.3 13.1 4.5 6.3 5.6 5.5 5.5 Estée Lauder 15.3 Colorbar 10.6 Martha Tilaar 2.9 11.5 8.7 11.8 4.4 6.0 Shiseido Oriflame 12.4 12.6 Vitapharm 0.3 3.4 13.0 16.4 10.3 0.5 Caran 15.4 Revlon Revlon 2.1 12.0 LVMH L'Oréal 17.2 Oriflame 17.1 32.7 31.8 L'Oréal Unilever 8.0 L'Oréal 24.3 32.2 29.0 29.7 8.9 17.1 19.6 9.8 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 223: Malaysia Figure 224: Pakistan Figure 225: Philippines

6.8 3.3 3.2 7.2 6.6 3.7 3.3 5.4 6.0 11.7 12.7 17.4 10.4 Revlon 7.4 Globe Cosmetics Procter & Gamble 6.0 4.9 17.2 10.8 Avon 9.2 Revlon 4.4 Mary Kay 8.3 11.4 16.5 21.8 Alliance Cosmetics 10.0 Etude House 9.6 L'Oréal 3.5 9.0 15.4 15.5 8.6 Estée Lauder 0.0 Medora of London Ever Bilena 15.3 10.0 L'Oréal 17.8 L'Oréal Avon 40.4 35.5 22.9 23.6 20.1 29.0 17.6 13.0 8.1 0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 226: South Korea Figure 227: Thailand Figure 228: Vietnam

3.0 4.4 7.7 8.6 7.6 6.4 8.0 7.8 8.1 Giffarine 0.0 11.1 7.6 1.4 10.9 4.8 8.4 L'Oréal 5.0 5.3 Revlon ICC International 3.9 14.1 6.4 Able C&C 8.6 8.3 8.1 Estée Lauder 26.1 Estée Lauder 11.7 23.3 Estée Lauder L'Oréal 14.8 9.7 10.8 11.6 L'Oréal 10.6 LG Household 32.4 LG Household 15.0 8.5 SSUP 9.8 AmorePacific Corp 12.1 11.7 Shiseido 35.7 Better Way 31.1 32.5 5.5 15.1 15.5 10.1 10.9 11.9 10.4 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 229: Poland Figure 230: Russia Figure 231: Ukraine

7.5 6.2 7.6 4.7 4.5 4.4 4.8 5.9 5.0 14.9 Mary Kay Oriflame 8.5 6.2 19.1 15.1 4.6 Procter & Gamble 12.8 Estée Lauder 12.3 Avon Avon 14.4 24.7 Oriflame 18.3 13.6 18.1 14.5 L'Oréal 12.2 L'Oréal Coty 14.3 16.5 10.5 15.7 17.5 18.9 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 232: Argentina Figure 233: Brazil Figure 234: Chile

3.5 4.1 6.9 3.1 3.7 1.9 3.2 9.3 10.0 5.6 6.5 8.4 4.3 9.0 0.0 Revlon Natura Cosméticos 12.1 10.6 10.0 14.8 Hypermarcas 20.7 2.6 15.0 Coty 25.2 Estée Lauder 2.8 Natura Cosméticos 1.6 18.9 7.9 12.8 Natura Cosméticos 6.5 14.2 Avon 8.6 Botica L'Oréal 12.8 Belcorp Avon 6.7 Avon L'Oréal 26.5 28.2 30.5 20.7 20.2 24.1 27.0 19.9 18.8

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 235: Colombia Figure 236: Ecuador Figure 237: Mexico

4.2 5.8 5.1 4.2 16.1 4.8 2.3 8.0 4.8 7.7 13.8 6.7 Procter & Gamble 16.4 4.8 Procter & Gamble Oriflame 8.1 Unique-Yanbal 10.7 8.2 L'Oréal 13.4 14.8 14.3 4.7 27.1 Belcorp Belcorp 3.8 16.5 9.1 Mary Kay 9.9 Avon 9.1 Avon 15.3 Vorwerk & Co 18.6 19.9 14.7 Unique-Yanbal 11.7 L'Oréal 9.6 Avon 36.5 40.4 39.4 19.6 13.7 16.6 15.6 11.7 10.2 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 238: Egypt Figure 239: Saudi Arabia Figure 240: South Africa

4.5 7.3 8.2 3.6 7.1 4.4 8.4 8.8 8.4 8.5 7.7 18.2 10.4 4.8 27.7 12.8 10.1 Oriflame 15.1 Chanel AVI 7.7 14.4 17.0 Chanel Procter & Gamble Estée Lauder 14.3 11.9 13.4 13.2 Luna LVMH 5.8 Avon 14.2 16.5 9.6 14.1 8.3 11.7 Coty Estée Lauder 14.1 L'Oréal 13.7 13.7 Misr 12.5 L'Oréal Revlon

21.9 20.5 21.3 26.3 25.9 16.1 21.1 14.6 11.5 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 241: Turkey

7.5 8.1 9.0 8.2 10.9 10.6 Others 16.5 Erkul Kozmetik 29.0 20.8 Avon

20.8 L'Oréal 15.3 14.3 Yves Rocher

21.6 16.6 18.4

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Deodorants Market Share

Figure 242: China Figure 243: India Figure 244: Indonesia

6.7 8.2 6.6 4.3 5.3 11.9 0.0 3.8 1.8 Reckitt Benckiser 7.9 31.6 9.9 Avon 1.70.0 7.7 9.1 Amway 12.3 9.8 ITC 1.71.5 11.3 Rohto 13.9 3.0 Priskila Prima 9.9 Raymond 3.9 8.2 13.6 Amway Oriflame 13.3 29.7 Unilever Henkel 43.0 10.7 Mandom Corp 13.4 McNroe 13.6 50.5 Unilever 43.2 46.0 Unilever Vini 25.1 16.6 17.9 16.7 9.5 0.0 0.0 0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 245: Malaysia Figure 246: Pakistan Figure 247: Philippines

2.9 2.7 5.3 11.3 12.5 0.0 5.1 14.5 5.5 13.7 5.8 11.4 11.8 4.8 15.1 14.5 11.5 13.1 Tohtonku 8.3 Ever Bilena 9.5 12.8 Henkel Avon P&G 25.4 8.2 15.5 24.7 26.7 Coty 26.8 26.7 Beiersdorf 13.6 Beiersdorf 27.1 8.7 Nike Unilever Avon 8.9 Unilever Wipro Unilever 40.0 34.7 35.9 35.9 39.5 40.7 25.3 25.2 27.7

0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 248: South Korea Figure 249: Thailand Figure 250: Vietnam

6.0 2.9 6.1 5.5 1.7 7.2 5.7 2.8 7.3 6.0 3.8 6.3 5.7 27.6 4.0 9.8 5.6 18.1 LG Household 5.8 9.5 Bio Consumer Wipro 5.2 7.2 2.4 Unilever 8.9 Osotspa 25.4 Mari 0.0 4.2 18.6 5.3 2.9 0.0 19.0 3.7 Able C&C 12.4 Better Way 22.2 Henkel AmorePacific Unilever Beiersdorf 27.8 48.4 39.4 41.0 Beiersdorf Beiersdorf Unilever 33.4 39.3 29.9 30.9 31.5 15.8 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 251: Poland Figure 252: Russia Figure 253: Ukraine

5.8 9.1 8.1 10.0 12.6 7.6 7.9 8.1 8.0 10.5 8.2 9.6 Henkel 10.1 Henkel 7.4 10.6 Avon 15.4 9.6 0.3 12.3 9.7 9.3 14.5 L'Oréal 13.5 11.6 9.3 Colgate-Palmolive P&G 0.9 22.2 Beiersdorf P&G 14.0 L'Oréal 16.5 13.2 11.6 14.4 15.4 15.5 14.5 Coty Beiersdorf Beiersdorf

11.1 Unilever Unilever Unilever 28.4 27.2 28.1 20.0 23.8 22.9 16.2 22.1 10.8 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 254: Argentina Figure 255: Brazil Figure 256: Chile

1.0 1.10.7 3.0 4.1 6.8 1.2 3.9 3.8 6.7 0.9 10.2 7.6 5.4 7.8 2.2 7.2 3.7 3.8 0.3 7.5 4.7 Henkel 5.3 8.4 Avon 5.1 10.7 P&G 2.6 Coty 14.1 10.2 Botica 15.0 L'Oréal 15.2 18.0 12.2 Avon 6.8 Natura Cosméticos Beiersdorf 4.6 28.9 Beiersdorf Beiersdorf Colgate-Palmolive 25.6 22.0 Unilever Unilever Unilever 39.3 39.9 42.8 42.0 29.9 32.1

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 257: Colombia Figure 258: Ecuador Figure 259: Mexico

5.1 4.3 10.1 6.1 6.8 6.5 9.9 10.5 6.6 10.5 9.1 5.3 9.6 7.8 13.3 16.5 11.2 Belcorp 3.7 16.7 14.1 Beiersdorf Coty 4.6 15.0 12.7 12.6 Avon Colgate-Palmolive Avon 10.9 11.6 15.7 15.7 15.3 11.9 P&G Avon 14.3 15.9 15.1 P&G Unilever Unique-Yanbal Colgate-Palmolive 15.3 16.9 15.9 Colgate-Palmolive Unilever 41.8 Unilever 36.5 36.6 31.3 33.1 35.1 14.4 17.9 17.7

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 260: Egypt Figure 261: Saudi Arabia Figure 262: South Africa

0.0 0.8 4.8 1.5 5.2 0.0 6.8 5.0 1.4 4.5 1.7 7.0 7.1 8.7 6.6 2.8 1.9 7.8 1.3 8.1 1.3 12.9 10.9 6.7 5.3 Avon 9.7 Colgate-Palmolive Tiger Brands 14.9 9.9 11.2 16.8 18.6 Mirato Nuova 12.4 Henkel Beiersdorf 13.5 19.0 Beiersdorf 17.7 P&G Avon Henkel Beiersdorf Revlon 20.1 52.8 Unilever Unilever 43.5 42.9 Unilever 17.5 15.0 14.6 26.2 29.2 17.8

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 263: Turkey

7.3 7.1 7.9 7.3 8.2 9.0 Henkel 11.2 20.5 Hunca Kozmetik 10.6 29.2 Avon 22.2 16.5 Unilever Beiersdorf 30.4 24.2 26.3

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Diapers Market Share

Figure 264: China Figure 265: India Figure 266: Indonesia

2.6 2.3 6.7 4.2 7.5 2.5 5.1 Kao 0.0 3.7 8.8 3.6 8.3 0.0 14.5 11.2 2.1 5.1 4.3 8.6 8.8 Kimberly-Clark Godrej 5.2 Kimberly-Clark 13.1 33.3 19.2 5.3 18.2 20.0 SCA Group P&G 25.6 11.1 56.5 0.0 Unicharm Kimberly-Clark 30.1 Zensei Indonesia 3.7 41.0 Unicharm 39.7 Softex Paper Co Hengan International 37.7 37.7 Group 0.0 49.0 P&G Unicharm 40.4 29.4 P&G 39.8 32.0 25.1 25.5

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 267: Malaysia Figure 268: Philippines Figure 269: South Korea

4.6 11.1 4.8 5.2 5.0 5.2 8.9 5.0 0.0 7.7 2.6 6.9 14.8 0.0 8.3 Unicharm 5.0 Fiberworld 7.1 4.0 MSS Holdings 22.3 0.0 0.0 18.2 25.5 15.3 Kimberly-Clark SCA Group LG Household & Health 4.2 28.1 7.5 NTPM Holdings P&G Unicharm 26.4 20.8 15.8 SCA Group 24.7 Fiberline Industries KleanNara Co Ltd 20.5 63.2 65.6 65.5 20.3 1.5 DSG International JS Unitrade Merchandise Kimberly-Clark

16.9 25.3 23.1 27.0 17.5 18.0 4.5 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 270: Thailand Figure 271: Vietnam Figure 272: Poland

1.2 9.1 5.8 3.9 10.0 6.9 9.4 6.7 9.7 15.0 10.4 3.9 Torunskie Zaklady 9.9 12.1 Materialow Kimberly-Clark 4.7 6.1 22.0 Tai Sun Enterprise 16.1 23.0 Fu Burg Industrial 9.3 Hygienika 8.2 18.5 7.4 8.4 30.1 P&G SCA Group 16.8 15.4 Kimberly-Clark Private Label DSG International 27.9 Unicharm 52.5 Unicharm 53.7 55.4 52.0 46.0 P&G 33.8 35.0 34.5 21.6

0.0 0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 273: Russia Figure 274: Ukraine Figure 275: Argentina

4.4 4.4 3.6 4.6 Torunskie Zaklady Ontex bvba 1.30.0 0.0 4.9 15.5 15.2 Materialow 0.0 5.0 2.7 5.7 11.3 0.0 5.1 5.5 14.6 9.9 12.2 Kao Corp 22.4 Torunskie Zaklady Controladora Mabe 18.4 13.1 20.8 Materialow Private Label 24.1 24.4 9.4 41.6 SCA Group 18.7 SCA Group 36.0 22.9 Empresas 30.7 25.7 24.9 Kimberly-Clark Kimberly-Clark Kimberly-Clark P&G 36.1 36.5 49.2 41.6 45.0 29.8 P&G 36.7 36.9 P&G 34.3

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 276: Brazil Figure 277: Chile Figure 278: Colombia

5.0 1.9 6.7 6.0 3.22.4 3.0 3.70.0 6.7 3.6 0.0 7.8 16.9 Ever Green Indústria 23.7 SCA Group 22.7 35.7 19.6 40.8 40.6 32.8 Empresas Mili SA Private Label 0.0 Kimberly-Clark 0.02.2 Hypermarcas P&G 24.6 24.4 33.3 SCA Group 23.1 21.4 Kimberly-Clark Kimberly-Clark 19.1 23.2 39.0 Tecnoquímicas P&G 42.3 Empresas 43.5 27.3 35.5 21.0 22.6 32.0 32.4 18.5 8.5 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 279: Mexico Figure 280: Egypt Figure 281: Saudi Arabia

0.0 0.0 7.0 7.4 11.0 Hayat Holding 11.1 8.1 5.8 5.0 3.8 3.3 2.9 4.5 5.0 8.8 3.9 4.1 SCA Group 10.3 4.6 2.0 6.0 6.9 Arab Paper & Hygienic 5.4 Indevco Group 4.3 24.4 8.6 P&G 23.9 Products 14.5 13.2 14.8 5.8 23.4 21.5 Kimberly-Clark 20.1 3.4 Lambi Egyptian Co for Paper & 5.5 Nuqul Group Private Label Tissue Products Unicharm Controladora Mabe P&G 61.6 64.1 62.1 49.2 51.2 59.3 58.6 P&G Kimberly-Clark 44.5 56.6 Nuqul Group

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 282: South Africa Figure 283: Turkey

13.7 5.1 3.5 13.7 13.8 12.6 12.4 9.5 Private Label 2.2 6.8 Ontex bvba Nampak Ltd 21.6 Private Label 26.2 28.7 23.1 23.7 Kimberly-Clark Hayat Holding 1.5 5.6 P&G P&G 12.0 35.9 29.6 30.0 30.1 28.4 15.5 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Fragrances Market Share

Figure 284: China Figure 285: India Figure 286: Indonesia

2.9 2.9 3.3 3.3 4.8 3.8 3.8 3.1 L'Oréal 3.1 L'Oréal 5.8 0.0 0.0 9.1 Mustika Ratu 6.4 7.8 9.4 Burberry 7.8 9.4 Burberry 11.0 Mandom Corp P&G P&G 2.7 9.0 2.20.0 2.20.0 6.0 Kino Sentra 8.3 Coty 8.3 Coty 6.6 12.0 6.6 12.0 9.1 14.7 Oriflame LVMH LVMH 16.9 4.1 8.4 4.1 8.4 L'Oréal Chanel Chanel 10.6 7.8 7.8 13.4 13.4 14.6 17.8 8.9 8.9 8.6 3.7 3.7 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 287: Malaysia Figure 288: Pakistan Figure 289: Philippines

6.6 4.5 7.1 7.5 6.2 0.0 7.5 5.0 7.8 Alliance Coty 6.4 P&G 10.2 7.4 3.3 8.2 8.5 5.2 7.1 Coty Marquis Parfum Paris 0.5 Tupperware 8.5 0.9 1.5 7.4 8.8 8.5 6.4 L'Oréal 1.9 Parfum Royal Mirage Coty 6.6 7.4 8.0 9.1 3.8 Wipro 16.0 Revlon Estée Lauder 3.2 Avon 5.4 Rasasi 44.3 Avon 31.0 37.1 30.6 23.0 23.7 4.5 6.7 4.4 4.2 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 290: South Korea Figure 291: Thailand Figure 292: Vietnam

4.5 6.3 5.5 1.8 6.4 5.5 3.9 9.1 8.9 4.6 LVMH 6.1 Estée Lauder 8.8 L'Oréal 6.7 9.1 P&G 5.0 7.4 3.5 LG Household 10.8 Giffarine 0.5 Estée Lauder 10.0 2.8 9.0 9.3 9.9 5.7 Coty 9.4 Osotspa 4.2 4.7 Shiseido LVMH 13.2 Bio Consumer 3.9 9.2 5.9 12.3 10.3 Saigon Cosmetics 6.3 AmorePacific 11.4 Better Way 5.3 5.3 Coty 11.0 8.9 14.5 13.8 7.3 6.6 10.4 12.7 10.9 5.4 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 293: Poland Figure 294: Russia Figure 295: Ukraine

4.4 4.6 4.4 6.5 3.3 5.3 3.7 3.2 8.5 3.0 3.5 1.0 7.6 4.2 8.6 Chanel Puig LVMH 7.5 10.3 4.6 La Rive 8.2 Oriflame 4.6 Coty 23.9 18.4 2.4 4.6 12.6 12.4 P&G 7.9 P&G 11.5 P&G 6.1 4.2 Avon 13.2 Avon 3.9 Oriflame 5.4 12.8 Coty LVMH 7.9 Avon 21.9 22.4 21.2 8.9 24.6 26.2 15.9 11.5 16.0 7.5 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 296: Argentina Figure 297: Brazil Figure 298: Chile

2.1 2.2 0.82.0 1.9 12.1 2.4 6.2 15.4 13.4 7.3 9.5 7.8 6.1 7.1 Cannon Puntana Suissa 6.2 L'Oréal 8.6 12.0 11.2 7.4 7.2 LVMH 26.1 Puig Empresas Davis 35.3 7.9 9.8 11.4 L'Oréal 31.3 Avon 15.9 8.2 Avon 2.4 7.3 Natura Cosméticos Natura Cosméticos 25.6 Natura Cosméticos 13.1 7.2 10.7 Avon Botica Belcorp 33.6 32.1 25.6 23.4 24.3 18.8 1.8 14.3 13.5 6.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 299: Colombia Figure 300: Ecuador Figure 301: Mexico

0.8 2.9 3.7 2.5 6.3 1.1 0.0 6.0 1.4 7.4 3.9 1.1 2.7 5.1 22.5 14.5 8.0 4.2 7.0 14.5 20.3 Puig L'Oréal 11.2 8.4 Arabela 12.6 L'Oréal Oriflame 11.3 Puig 14.9 8.5 3.1 21.8 14.2 18.6 Avon 18.2 Avon 17.1 Tupperware 9.9 14.0 Unique-Yanbal Belcorp 13.4 Avon

Belcorp 39.3 Unique-Yanbal Vorwerk 25.8 28.8 28.3 28.1 29.0 24.1 21.0 19.4

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 302: Egypt Figure 303: Saudi Arabia Figure 304: South Africa

4.6 8.0 4.5 4.8 5.1 5.1 7.6 6.6 4.8 4.4 5.1 6.1 Coty 3.5 4.6 Mahmoud Saeed 5.8 Chanel 11.0 7.7 10.7 LVMH 4.9 L'Oréal Revlon 19.2 7.0 5.9 19.8 10.8 11.2 Oriflame LVMH Coty 16.6 4.0 24.7 2.7 Avon Arabian Oud Avon 3.2 5.9 10.0 8.6 13.4 Dr El-Chabrawichi Abdul Samad Al Qurashi P&G 27.1 7.0 25.7 21.5 23.9 19.5 11.8 17.1 2.7 10.0 2.7 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 305: Turkey

2.7 2.7 0.42.1 6.0 5.9 Yves Rocher 9.0 5.4 Coty 0.22.8 8.5 11.8 Evyap Sabun 2.6 2.7 Oriflame 8.6 Hunca Kozmetik 32.9 30.9 Avon 20.8

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Hair Care Market Share

Figure 306: China Figure 307: India Figure 308: Indonesia

2.8 2.4 2.1 4.9 8.6 4.0 3.9 5.4 1.2 6.1 8.5 6.4 7.1 5.7 9.7 6.2 8.0 2.7 4.6 7.6 9.2 9.8 2.0 L'Oréal 8.9 P&G Kino Sentra Industrindo 9.2 11.8 6.7 8.0 Beiersdorf 9.2 L'Oréal 33.7 Mandom Corp 9.1 27.8 28.8 Henkel 11.5 Mari L'Oréal 11.2 Unilever 10.4 Dabur India P&G 38.2 40.2 39.9 P&G Unilever Unilever 23.0 38.9 39.8 39.1 18.9 16.2

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 309: Malaysia Figure 310: Pakistan Figure 311: Philippines

1.0 2.4 1.9 3.4 6.6 0.03.2 5.3 0.02.5 6.9 13.3 13.9 9.0 0.8 11.2 0.9 0.4 11.9 3.8 6.6 Kao Corp 1.50.7 3.8 Forvil Cosmetics Splash Corp 8.9 Wipro 31.1 10.1 11.4 23.3 Keune Hair Cosmetics 27.5 23.2 Li & Fung Mandom Corp 31.1 30.7 L'Oréal Colgate-Palmolive 26.2 21.0 18.9 L'Oréal P&G P&G P&G Unilever Unilever 41.7 Unilever 34.1 36.9 38.4 24.5 25.0 18.8 22.1 22.3

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 312: South Korea Figure 313: Thailand Figure 314: Vietnam

4.1 0.3 2.2 4.4 5.2 5.4 3.6 0.0 3.8 4.7 6.9 3.8 0.0 6.4 5.5 7.4 10.6 4.7 9.3 6.8 6.0 7.9 9.4 20.3 11.6 KT&G Kao Corp L'Oréal 9.5 P&G 22.5 Henkel 28.1 29.4 28.7 Wipro 23.3 21.6 9.0 Aekyung Group L'Oréal LG Household 22.1 22.5 LG Household P&G P&G 19.7 AmorePacific Unilever Unilever 33.5 37.1 37.6 37.5 28.6 30.5 23.6 25.4 14.4

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 315: Poland Figure 316: Russia Figure 317: Ukraine

0.7 2.9 11.0 2.5 2.7 2.8 3.7 5.9 5.6 0.1 10.3 8.4 10.4 2.1 7.9 7.3 8.8 7.8 15.1 Private Label 13.7 11.7 Pervoe Reshenie Avon Products 15.6 15.8 19.7 18.0 Unilever Unilever Unilever 20.5 19.4 P&G 15.1 14.5 P&G 17.2 L'Oréal 17.0 18.3 18.3 L'Oréal L'Oréal Henkel 21.6 12.9 18.3 Henkel Henkel P&G 24.8 24.9 29.7 26.1 23.4 18.8 12.7 14.5 14.1 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 318: Argentina Figure 319: Brazil Figure 320: Chile

3.7 7.1 2.4 0.9 4.4 6.2 6.2 8.3 5.8 5.0 9.9 5.9 8.5 11.5 9.7 2.90.5 16.3 17.3 Natura Cosméticos Colgate-Palmolive Cosmética Nacional 4.2 9.2 18.8 20.0 11.5 Alicorp 3.7 Phitoteraphia Biofitogenia 16.9 Ballerina Group 9.4 20.5 20.1 L'Oréal 21.3 P&G Unilever 15.2 18.1 22.4 P&G Unilever 16.9 18.8 L'Oréal 16.3 Unilever L'Oréal P&G 30.5 30.3 31.9 21.2 21.8 26.4 23.8 23.9 13.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 321: Colombia Figure 322: Ecuador Figure 323: Mexico

0.0 2.3 5.8 5.9 5.4 17.5 2.1 Genomma Lab 7.6 6.4 8.0 5.0 Internacional 10.0 15.4 Quala 5.0 4.0 Alicorp 12.0 Colgate-Palmolive 13.2 14.0 2.00.0 15.2 1.8 8.7 5.0 L'Oréal Här Kosmetik 12.1 17.7 6.2 12.3 Unilever Henkel Avon Products 14.1 15.8 12.9 16.3 Unilever 14.4 Unilever 12.7 12.4 12.6 L'Oréal P&G P&G 26.8 28.6 22.8 17.8 24.5 P&G 19.0 15.3 13.8 22.7

2005 2010 2014 1 2 3 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 324: Egypt Figure 325: Saudi Arabia Figure 326: South Africa

0.0 5.0 5.8 2.4 6.0 5.5 6.7 13.0 6.1 5.0 4.8 7.6 6.9 12.0 0.4 12.0 13.9 14.0 3.5 Dabur India Helen of Troy 11.0 Tiger Brands 13.2 12.8 16.4 L'Oréal Dabur India 13.1 Unilever 12.0 21.3 22.6 11.3 14.1 Unilever L'Oréal Amka Products 18.1 17.8 18.9 12.2 P&G Unilever 20.1 16.2 P&G Mari 48.9 P&G L'Oréal 37.2 37.4 20.0 19.2 20.1 23.6 25.4 25.3

0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 327: Turkey

5.3 6.0 7.6 6.0 0.6 Biota Laboratuvarlari 6.1 14.9 14.7 10.1 Henkel

21.9 L'Oréal 15.1 16.5 Unilever P&G 28.9 30.3 28.8

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Juice Market Share

Figure 328: China Figure 329: India Figure 330: Indonesia

0.0 0.4 4.1 8.7 8.1 5.5 China National Food 8.8 5.3 11.1 5.8 Industry 5.4 26.6 6.4 8.1 Uni-President Enterprises 17.2 Takeda Pharmaceutical 6.3 36.4 Dabur India 17.1 Coca-Cola 8.7 6.7 China Huiyuan Juice Parle Agro 2.0 9.6 25.0 26.6 7.3 Kraft Heinz 8.8 PepsiCo 17.4 Unilever 8.4 Ting Hsin Coca-Cola 15.3 42.5 Wings Corp 13.2 12.8 Coca-Cola 33.4 32.5 28.4 6.0 8.3 0.0 21.1 8.5 0.0 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 331: Malaysia Figure 332: Pakistan Figure 333: Philippines

3.4 6.4 4.8 7.0 8.5 2.9 7.7 5.4 3.4 15.7 3.9 9.3 8.5 11.0 6.5 6.9 7.2 10.4 Amoy Canning 5.5 PepsiCo Cenmaco 10.1 7.2 15.2 0.0 Lam Soon 15.1 21.5 Coca-Cola 3.9 Coca-Cola 11.8 0.0 29.2 24.2 10.0 12.0 6.0 PepsiCo 18.0 Haleeb Foods PepsiCo Thai Beverage 14.0 Shezan International Del Monte Pacific Malaysia Dairy Industries Nestlé Zest-O Corp 41.4 28.2 27.8 29.6 38.9 35.1 27.5 31.0 31.9

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 334: South Korea Figure 335: Thailand Figure 336: Vietnam

3.5 5.6 2.7 4.1 8.1 6.4 16.2 6.7 8.7 8.5 8.9 5.5 9.1 6.0 13.8 12.2 Seoul Dairy Cooperative 5.7 Uni-President Enterprises 7.2 New Tower 7.5 21.5 11.3 Woongjin Food 11.0 Malee Sampran Coca-Cola 18.8 22.0 6.1 22.7 16.9 Coca-Cola 20.7 Tipco Foods 4.0 Kirin Holdings 10.9 20.4 Sunkist Growers 21.8 FoodStar Vietnam Dairy Products 22.4 Kikkoman 20.6 Coca-Cola PepsiCo 34.3 19.8 31.8 29.3 28.8 23.3 18.5 9.4 9.2 4.8 8.2 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 337: Poland Figure 338: Russia Figure 339: Ukraine

3.2 0.0 4.6 3.1 5.8 2.5 2.6 14.4 7.7 3.7 8.4 1.1 11.1 10.9 10.4 12.8 11.9 10.6 Coca-Cola 27.0 Sunfruit-Trade 12.0 13.5 0.01.2 19.4 Coca-Cola Hellenic 22.8 14.3 Agros Nova Sady Pridonya 18.2 16.7 24.2 Erlan 14.1 18.0 Hortex Holding Private Label 12.3 Vitmark-Ukraine Private Label Coca-Cola Hellenic PepsiCo Maspex Wadowice Grupa 52.1 PepsiCo 46.6 36.6 43.7 39.5 40.0 39.8 30.9 31.5

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 340: Argentina Figure 341: Brazil Figure 342: Chile

4.8 5.5 4.0 7.0 6.0 6.6 8.0 10.8 Houchens Industries 5.0 13.4 9.7 7.1 6.8 6.3 4.8 8.1

16.2 6.8 9.1 PepsiCo Arcor Grupo Nutresa 31.5 33.1 30.8 8.2 41.0 El Carmen 9.9 Britvic Fonterra Co-operative Coca-Cola 8.9 Coca-Cola 63.4 10.2 RPB 0.0 Wow Indústria e Watt's 50.2 5.9 Comércio 30.6 36.5 26.2 42.0 42.3 Coca-Cola 33.1 15.3

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 343: Colombia Figure 344: Ecuador Figure 345: Mexico

4.8 5.7 5.2 9.3 Houchens Industries 9.5 9.3 Aje Group 9.7 7.3 5.0 6.8 8.2 Alpina Productos Houchens Industries 19.0 Sociedad Cooperativa 10.1 9.9 16.2 0.0 18.7 8.8 Alimenticios Trabajadores de Pascual 11.3 Quicornac 11.2 Aje Group 15.8 Grupo Lala 25.0 9.3 Nestlé 24.5 26.6 23.4 20.8 23.6 23.5 Coca-Cola Postobón 12.5 Jumex Aje Group 10.3 32.0 0.0 34.2 31.1 Coca-Cola 23.9 25.1 25.0 25.8 25.9 Coca-Cola 17.1 5.3 0.0 0.0 0.8 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 346: Egypt Figure 347: Saudi Arabia Figure 348: South Africa

8.4 4.2 5.2 7.3 5.8 0.0 5.0 8.1 9.0 5.2 5.7 Seclam Co-Ro Food 10.4 Dairybelle 7.2 9.0 12.9 7.7 5.4 0.0 Alexandria Agric 12.3 11.6 NADEC Lactalis 10.9 11.5 6.7 Can Co Egypt Aujan Industries Private Label 0.0 20.9 12.9 24.9 6.9 14.7 11.1 Juhayna Food 12.8 14.0 Al Rabie AlSaudia Dairy Pioneer Food Group 21.4 8.2 Faragalla Almarai Clover

18.0 24.2 15.0 18.1 18.4 18.5 19.2 12.0 12.8 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 349: Turkey

9.2 Private Label

11.4 5.1 Dimes Gida San ve Ticaret

13.2 11.7 0.4 PepsiCo

17.3 7.2 13.0 8.6 Erbak-Uludag 6.5 Mesrubatlari 0.0 23.9 Coca-Cola 16.3 19.9

2006 2010 2015 Source: Deutsche Bank, Euromonitor

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Laundry Care Market Share

Figure 350: China Figure 351: India Figure 352: Indonesia

1.70.0 0.0 1.31.1 4.4 2.4 3.3 3.0 6.6 3.3 3.1 5.9 8.8 8.8 11.5 10.5 16.4 10.5 7.7 Shanxi Nafine Chemicals 11.5 Jyothy Laboratories P&G 8.9 6.6 11.2 35.7 34.2 11.4 12.3 P&G Nirma 32.8 Sinar Antjol 9.6 11.9 13.5 16.3 Unilever P&G Kao Corp 17.3 18.0 13.3 Guangzhou Liby RSPL Unilever Nice Group Unilever Wings Corp 40.8 38.0 37.6 36.3 38.7 36.5 17.0 17.7 17.0

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 353: Malaysia Figure 354: Pakistan Figure 355: Philippines

1.0 6.1 1.4 4.2 4.2 3.5 4.3 5.2 Colgate-Palmolive 3.5 6.0 6.6 4.6 6.0 7.9 7.1 4.1 12.6 15.8 United Detergent Rex Enterprises ACS 18.4 17.2 Industries 17.4 29.1 20.7 Reckitt Benckiser Wellmade 25.2 Unilever 26.3 P&G Peerless Products 17.3 18.8 1.4 10.7 1.6 Unilever Unilever Lion Corp 1.9 0.9 7.3 Colgate-Palmolive P&G 1.6 21.9 45.5 1.6 40.5 37.9 24.9 22.7 22.5 P&G 4.0 9.2 5.0 2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 356: South Korea Figure 357: Thailand Figure 358: Vietnam

1.2 4.9 0.51.4 2.80.6 1.31.2 3.7 9.5 4.9 3.0 P&G 5.9 12.9 5.3 5.1 15.8 16.8 9.6 5.4 9.3 15.3 16.1 6.7 Pigeon Corp 9.8 IP Lix Detergent 11.7 7.7 11.2 12.2 12.1 P&G Lion 17.5 13.4 Reckitt Benckiser 19.4 14.2 Kao VLC 13.6 16.1 Lion 75.0 P&G Aekyung Group 68.4 69.9 Unilever Unilever 45.0 46.8 30.6 41.6 23.2 26.6 LG Household & Health & Health

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 359: Poland Figure 360: Russia Figure 361: Ukraine

1.2 2.4 2.4 2.7 4.8 7.9 5.4 4.0 1.80.1 3.4 5.7 9.4 3.8 18.3 3.4 12.9 12.0 2.4 5.1 5.5 6.5 8.3 10.0 19.9 Global Group Amway 0.01.5 Amway 13.2 18.8 Private Label Nevskaya Kosmetika Private Label 29.0 29.2 21.3 19.9 21.7 35.1 Reckitt Benckiser Nefis Cosmetics Nevskaya Kosmetika P&G Henkel Henkel 54.8 Henkel P&G 47.7 46.4 P&G 38.5 38.6 34.0 33.4 36.4 25.7

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 362: Argentina Figure 363: Brazil Figure 364: Chile

2.2 0.03.6 3.0 2.32.2 2.2 0.04.2 3.5 3.8 2.3 3.2 2.7 3.9 3.9 2.1 Reckitt Benckiser 10.1 4.6 3.2 14.1 2.2 2.5 20.0 14.6 3.1 3.8 18.0 11.8 13.3 19.1 Clorox 7.1 7.5 Gtex Brasil Miguel Maritano Industria de Jabones Queruclor 10.4 13.3 12.9 Private Label Ballerina Group Alicorp P&G

69.6 P&G Química Amparo 64.7 64.6 64.8 64.4 P&G 55.4 Unilever 45.4 42.3 43.1 Unilever Unilever

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 365: Colombia Figure 366: Ecuador Figure 367: Mexico

5.9 0.0 4.6 7.9 5.1 3.6 3.8 Ensueño Ltda 7.2 8.9 3.3 6.3 8.6 7.6 8.4 9.5 22.9 6.3 22.5 8.5 9.9 9.5 10.5 15.0 PQP 6.8 Jabonería Wilson 11.9 Colgate-Palmolive 11.3 10.3 Colgate-Palmolive 12.2 Colgate-Palmolive 29.5 29.6 25.3 Henkel 18.3 17.2 Grasco La Fabril 21.2 Unilever P&G Fábrica de Jabón La 6.7 7.0 47.9 P&G 43.2 46.6 Unilever Corona 34.0 32.9 35.4 P&G 21.1 20.6 22.8

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 368: Egypt Figure 369: Saudi Arabia Figure 370: South Africa

2.3 6.9 10.6 7.0 1.50.7 Unilever 3.4 2.9 5.5 8.0 0.0 13.1 0.03.9 0.0 3.4 6.1 2.51.7 Middle East Chemical Bolton Group 9.6 Bliss Chemicals 0.9 2.5 2.0 10.1 30.2 14.9 12.3 6.6 6.1 35.5 Reckitt Benckiser 13.0 P&G Arma For Soap & 9.7 26.5 12.4 Unilever Private Label Detergents 12.6 Henkel Colgate-Palmolive Henkel 13.1 60.6 56.0 47.3 P&G 50.6 Unilever 39.5 32.3 30.8 P&G 23.5 27.7

2006 2010 2015 2006 2010 2015 2006 2010 2015 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 371: Turkey

3.9 5.5 10.7 2.7 10.9 13.0 Private Label 12.6 16.8 Hayat Holding 13.1 Henkel 23.4 17.8 P&G 23.4 Unilever 31.7 35.0 21.4

2006 2010 2015 Source: Deutsche Bank, Euromonitor

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Mass Beauty Market Share

Figure 372: China Figure 373: India Figure 374: Indonesia

4.2 3.8 3.7 4.1 3.7 3.4 3.9 2.1 3.8 3.6 2.8 2.0 4.2 3.8 3.8 5.0 3.9 3.9 8.1 7.2 4.1 5.6 4.9 3.3 3.5 4.4 Shiseido Dabur India 2.7 Kino Sentra Industrindo 2.2 12.5 5.1 5.1 Unilever Reckitt Benckiser 11.9 Oriflame Cosmetics 5.1 8.5 9.6 Mary Kay L'Oréal 12.8 L'Oréal

L'Oréal 42.7 Godrej P&G 38.4 34.6 37.9 19.0 P&G Unilever 35.2 Unilever 16.9 14.6 26.8

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 375: Malaysia Figure 376: Pakistan Figure 377: Philippines

7.1 6.5 2.2 5.5 4.9 2.6 6.5 3.5 7.9 7.2 8.6 6.8 7.3 2.4 10.4 P&G 2.2 2.7 Medora of London 9.7 Johnson & Johnson 2.3 1.4 14.1 11.7 7.0 0.6 8.6 9.5 Johnson & Johnson Beiersdorf 8.7 Colgate-Palmolive 13.7 14.4 Wipro L'Oréal 17.7 Avon 9.5 17.5 9.8 10.5 L'Oréal P&G 19.5 P&G 5.4 Unilever 32.2 Unilever Unilever 23.0 23.0 24.3 14.1 14.1 22.5 11.5 17.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 378: South Korea Figure 379: Thailand Figure 380: Vietnam

2.6 3.2 2.0 4.2 6.5 3.3 4.3 6.2 3.8 7.2 6.2 5.0 5.8 5.6 5.9 8.2 6.2 6.6 Nu Skin Enterprises 7.9 Better Way 6.6 Beiersdorf 1.3 3.6 Johnson & Johnson 8.8 P&G LG Household & Health 3.1 22.3 8.3 7.8 17.0 15.8 14.8 21.0 Able C&C 5.2 L'Oréal Johnson & Johnson 15.8 AmorePacific 7.5 8.7 9.9 Beiersdorf P&G LG Household & Health Unilever Unilever 27.2 27.3 27.8 27.5 23.5 19.4 18.2 17.9 18.1

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 381: Poland Figure 382: Russia Figure 383: Ukraine

2.5 4.7 6.8 5.9 8.5 9.1 14.3 7.5 9.1 7.8 7.2 7.2 Private Label Oriflame Cosmetics 6.4 Oriflame Cosmetics 7.0 8.4 7.0 P&G 4.7 Henkel 4.7 4.2 Unilever 7.6 8.0 8.3 Coty Avon 10.5 10.3 9.9 P&G 10.6 10.1 Avon Unilever Avon 12.7 8.2 8.6 9.7 3.0 10.2 11.4 10.6 L'Oréal 3.6 L'Oréal L'Oréal

11.6 10.6 10.6 10.4 9.5 8.7 10.7 10.9 11.6

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 384: Argentina Figure 385: Brazil Figure 386: Chile

7.0 4.4 Avon 5.9 4.9 10.3 9.4 5.5 7.2 3.7 2.9 7.4 P&G 5.4 L'Oréal 8.1 7.0 Durandin 1.1 5.3 5.5 5.1 3.8 0.9 4.3 Natura Cosméticos 8.4 12.5 8.6 Natura Cosméticos 7.3 7.8 Botica Comercial 10.4 10.3 L'Oréal 8.8 P&G 11.3 Farmacêutica 11.7 12.2 Avon 12.5 L'Oréal 13.7 Unilever 8.1 9.5 Unilever Unilever 20.8 18.2 16.6 17.6 Natura Cosméticos 17.6 15.5 13.7 16.2 14.6

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 387: Colombia Figure 388: Ecuador Figure 389: Mexico

3.9 6.5 8.1 8.3 6.0 8.9 3.8 7.4 P&G Colgate-Palmolive 7.9 6.9 Colgate-Palmolive 8.0 9.9 9.4 9.5 4.5 11.3 7.2 Unilever 1.6 Belcorp 7.9 7.0 Vorwerk 9.5 10.1 5.2 Unique-Yanbal Group 12.9 Unilever 10.6 Avon 8.2 7.3 17.9 15.8 Avon 12.1 Avon P&G 13.4 11.6 7.0 Belcorp Unique-Yanbal Group 12.4 11.1 11.0 Unilever

14.0 13.6 18.5 18.5 19.0 12.4 10.4 10.3 11.6 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 390: Egypt Figure 391: Saudi Arabia Figure 392: South Africa

4.3 7.6 7.6 4.2 5.5 7.5 4.6 5.3 9.4 9.2 7.5 6.2 6.1 Misr Cosmetics 5.8 Johnson & Johnson 7.3 7.1 P&G 5.4 9.8 9.5 1.0 Avon 9.3 L'Oréal 8.3 7.0 7.2 Revlon Inc 4.9 5.1 P&G Beiersdorf 5.9 8.8 L'Oréal 6.5 18.0 9.7 2.0 4.5 17.7 Oriflame Cosmetics 20.9 P&G 4.0 Avon Unilever Unilever Unilever 12.8 22.6 11.0 11.8 19.6 20.2 18.4 19.7 14.2

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 393: Turkey

6.7 7.7 Beiersdorf 7.4 7.0 9.1 Unilever 6.2 9.1 9.7 P&G 8.7 Avon 15.8 10.2 L'Oréal 12.2

11.1 6.4 8.7 2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Men’s Grooming Market Share

Figure 394: China Figure 395: India Figure 396: Indonesia

2.7 10.2 8.5 0.4 2.91.3 3.0 2.60.0 11.0 5.7 8.8 11.0 13.5 13.9 7.1 7.0 4.9 7.2 Beiersdorf Reckitt Benckiser L'Oréal 12.9 7.2 5.3 6.6 12.2 13.0 0.0 Rohto Pharmaceutical 5.6 SuperMax 31.6 29.1 Kao 37.6 6.7 11.4 Unilever 9.0 Malhotra Shaving Unilever 16.1 19.7 P&G Unilever P&G 36.5 L'Oréal P&G Mandom 30.6 28.8 39.4 41.6 26.3 32.7 16.3 19.7

1.7 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 397: Malaysia Figure 398: Pakistan Figure 399: Philippines

9.9 9.6 7.7 3.1 7.0 8.0 3.7 11.1 12.1 0.0 10.7 4.1 7.6 8.3 2.8 6.5 Marico 3.3 7.4 Reckitt Benckiser Mandom Corp 8.3 9.7 10.2 18.9 9.3 7.4 20.3 22.9 Wipro Darco 5.0 Energizer Holdings 50.3 13.3 Unilever Sté Bic 23.5 22.0 Beiersdorf 7.8 23.5 11.9 20.1 Mandom Treet 34.4 P&G P&G P&G Unilever 37.6 34.4 31.1 28.5 25.4 26.7 29.5 19.1 13.8 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 400: South Korea Figure 401: Thailand Figure 402: Vietnam

4.0 3.1 7.1 4.5 4.5 5.9 6.6 3.3 5.4 4.4 5.7 0.8 8.2 11.3 9.7 5.0 6.0 6.9 KT&G 6.6 Unilever 1.1 Wipro 2.9 17.9 8.6 12.8 Dorco 5.5 6.4 Bio Consumer 10.0 Marico

18.2 17.5 P&G L'Oréal 4.2 9.4 15.8 STADA Arzneimittel 17.3 11.3 10.6 9.4 LG Household & Health P&G Unilever AmorePacific Beiersdorf P&G 35.8 21.3 31.5 28.5 18.2 18.6 19.9 18.3 20.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 403: Poland Figure 404: Russia Figure 405: Ukraine

2.9 5.7 2.6 6.2 6.2 2.6 3.6 3.7 4.6 5.2 4.1 2.9 2.5 7.3 1.7 4.9 3.7 7.8 9.8 4.1 5.1 3.5 7.2 8.9 5.3 Energizer Holdings 8.0 6.7 Energizer Holdings Evyap Sabun Yag Gliserin 9.7 8.9 13.9 15.4 15.3 9.4 10.9 Unilever 9.7 L'Oréal Oriflame Cosmetics 11.3 Coty Unilever Unilever Beiersdorf Beiersdorf Beiersdorf 50.7 46.5 51.3 51.7 51.0 36.3 34.2 P&G 40.4 P&G P&G 30.1

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 406: Argentina Figure 407: Brazil Figure 408: Chile

5.1 4.2 6.2 2.8 5.1 Sté Bic 5.4 5.4 2.3 2.4 4.4 4.8 4.7 0.02.7 3.4 12.8 10.0 7.9 10.9 10.0 5.8 10.6 9.0 10.6 Energizer Holdings Botica Comercial 4.7 6.4 8.5 Energizer Holdings 20.0 Farmacêutica Henkel 17.4 18.0 Colgate-Palmolive 32.1 28.3 Natura Cosméticos 30.7 34.2 31.1 35.2 Sté Bic Beiersdorf P&G Unilever Unilever Unilever 41.8 43.2 45.3 P&G 28.5 31.1 P&G 35.3 31.6 33.9 22.7

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 409: Colombia Figure 410: Ecuador Figure 411: Mexico

5.0 3.1 4.5 4.4 6.8 5.9 6.1 6.2 5.9 8.7 7.5 6.4 8.4 8.2 7.9 6.7 0.0 9.2 3.5 6.2 6.7 Corporación Belcorp 7.9 Beiersdorf Sté Bic 7.9 8.3 7.9 6.7 16.4 10.3 Colgate-Palmolive 8.2 Energizer Holdings 17.9 17.2 Colgate-Palmolive 9.9 12.0 Energizer Holdings 27.5 25.6 Sté Bic Quala SA 18.1 Unilever P&G Unilever 43.0 P&G Unilever 43.7 P&G 36.8 34.2 35.9 37.5 27.2 29.8 28.4

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 412: Egypt Figure 413: Saudi Arabia Figure 414: South Africa

5.9 3.5 6.7 5.8 3.4 6.1 7.5 5.5 0.0 5.6 5.0 5.7 2.1 6.2 3.9 10.2 7.0 0.0 0.5 7.2 10.6 Colgate-Palmolive 10.0 8.8 Coty Revlon 7.8 13.8 11.1 8.0 10.0 Marico Henkel Beiersdorf 8.8 17.2 8.2 19.5 18.5 Middle East Chemical 13.7 Beiersdorf Tiger Brands 7.4 17.3 P&G Unilever P&G Lord Precision Industries P&G 41.4 44.4 Unilever 32.2 36.1 29.4 28.1 30.6 32.1 23.5

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 415: Turkey

6.4 5.7 5.2 3.2 5.2 7.7 6.1 7.1 9.1 Evyap Sabun Yag Gliserin 17.1 20.7 14.0 Unilever Beiersdorf Tokai Corp P&G 41.1 44.8 42.6

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Oral Care Market Share

Figure 416: China Figure 417: India Figure 418: Indonesia

3.2 4.3 4.4 3.6 3.9 2.3 5.3 6.7 2.7 2.6 0.8 3.0 4.3 7.7 4.6 11.0 13.8 13.3 2.5 11.7 10.1 5.0 10.6 2.3 10.8 Amway 8.4 Amway 15.9 P&G 0.5 17.4 18.4 Unilever 22.2 18.6 P&G GlaxoSmithKline 19.3 16.8 23.6 19.6 Yunnan Baiyao Group Dabur India Lion Corp P&G Unilever Orang Tua Group 57.8 Colgate-Palmolive Colgate-Palmolive 53.5 52.3 Unilever 45.3 47.7 28.6 39.9 24.3 27.6

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 419: Malaysia Figure 420: Pakistan Figure 421: Philippines

5.0 2.5 3.0 7.0 5.3 4.6 9.7 0.0 10.0 4.4 5.5 5.1 5.2 5.0 4.0 11.0 4.6 14.3 9.8 9.1 Johnson & Johnson Marriana International 13.8 14.6 10.6 13.2 12.0 Lamoiyan Corp GlaxoSmithKline P&G 13.1 15.3 8.7 8.6 15.6 P&G Lion Corp 1.3 GlaxoSmithKline Unilever P&G 9.5 Unilever 55.5 56.7 6.4 Colgate-Palmolive 50.9 Colgate-Palmolive 49.0 Colgate-Palmolive 41.8 45.2 47.3 47.2 23.9

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 422: South Korea Figure 423: Thailand Figure 424: Vietnam

7.9 7.6 2.6 2.9 8.3 8.5 0.0 1.4 3.2 6.5 9.1 6.5 8.1 12.8 11.0 10.1 13.0 11.4 9.1 0.8 Amway 9.9 Amway Johnson & Johnson 10.2 9.8 11.2 12.2 AmorePacific Johnson & Johnson 22.0 23.9 25.5 Amway 15.3 10.0 10.8 10.1 Aekyung Group Lion Corp P&G 23.9 22.0 LG Household & Health P&G Colgate-Palmolive 27.7 P&G Colgate-Palmolive Unilever 34.3 36.1 37.7 47.3 46.3 44.8 22.3 23.6 13.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 425: Poland Figure 426: Russia Figure 427: Ukraine

5.9 4.1 4.7 6.7 6.4 3.3 1.0 8.6 2.3 11.3 6.2 11.2 12.9 8.2 7.6 9.8 7.5 8.0 Johnson & Johnson Amway Amway 5.3 9.6 1.3 0.0 19.6 Private Label 0.02.6 Splat-Kosmetika 25.6 22.6 17.8 Dr Theiss Naturwaren 23.5 23.4 GlaxoSmithKline 17.2 19.6 17.9 Unilever P&G 6.2 19.1 P&G P&G 16.7 GlaxoSmithKline Colgate-Palmolive Colgate-Palmolive Colgate-Palmolive 35.4 37.3 39.9 27.2 27.0 27.8 31.8 21.9 23.3

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 428: Argentina Figure 429: Brazil Figure 430: Chile

2.8 2.1 2.8 3.0 6.1 1.6 4.1 4.3 0.7 10.3 8.7 1.2 6.1 8.9 8.0 11.7 11.1 4.1 14.0 12.8 16.5 17.7 12.0 11.9 Sunstar Inc 13.0 GlaxoSmithKline 15.2 Johnson & Johnson 18.9 9.5 13.7 Johnson & Johnson 8.1 15.8 15.4 Unilever P&G 10.0 P&G Johnson & Johnson 25.9 GlaxoSmithKline 38.0 26.1 GlaxoSmithKline P&G Unilever 60.6 61.6 53.1 Colgate-Palmolive 48.0 Colgate-Palmolive Colgate-Palmolive 42.4 47.0 31.8 26.4 20.3

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 431: Colombia Figure 432: Ecuador Figure 433: Mexico

2.0 2.5 4.1 3.9 0.0 1.0 1.31.2 3.5 9.6 1.71.1 2.5 8.4 1.4 1.3 2.3 4.3 4.7 5.0 4.0 0.5 5.2 5.4 13.8 14.4 12.7 Quala 0.00.41.1 16.4 18.0 Johnson & Johnson Private Label 28.0 GlaxoSmithKline GlaxoSmithKline 27.8 29.3 GlaxoSmithKline Johnson & Johnson Private Label Johnson & Johnson

P&G 53.5 Quala P&G 53.2 53.2 54.5 47.2 Colgate-Palmolive 46.1 Colgate-Palmolive Colgate-Palmolive 58.5 56.4 53.7

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 434: Egypt Figure 435: Saudi Arabia Figure 436: South Africa

3.8 4.0 4.0 4.2 5.0 5.0 4.7 1.1 4.4 4.6 5.7 11.0 12.1 4.1 4.3 5.4 9.7 5.8 13.6 14.2 9.5 11.7 11.3 13.7 16.7 16.3 Johnson & Johnson 19.1 Trisa Johnson & Johnson GlaxoSmithKline Colgate-Palmolive 15.7 13.4 14.1 Unilever 28.1 16.4 17.2 32.1 32.0 Colgate-Palmolive 12.6 GlaxoSmithKline P&G P&G P&G GlaxoSmithKline Unilever Unilever Colgate-Palmolive 37.0 39.5 39.4 39.4 42.4 43.8 43.9 31.3 33.4

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 437: Turkey

3.8 5.3 2.6 8.8 8.5 9.6 15.2 Private Label 6.2 19.4 Unilever 23.1 24.9 GlaxoSmithKline 26.7 Colgate-Palmolive P&G 37.2 34.6 28.8

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Premium Beauty Market Share

Figure 438: China Figure 439: India Figure 440: Indonesia

4.0 4.8 7.7 7.1 4.4 3.1 5.3 7.0 6.3 7.0 7.8 4.2 Shiseido Co Ltd Coty Kao Corp 5.8 6.2 8.1 3.90.0 10.0 3.2 7.2 8.8 7.5 LVMH 0.6 P&G 13.8 Nu Skin Enterprises 10.3 12.0 Estée Lauder Estée Lauder 20.1 Amway 12.5 22.8 15.8 11.6 15.2 15.6 Amway Amway Estée Lauder 11.0 16.8 L'Oréal L'Oréal 15.8 L'Oréal

14.1 13.7 22.4 13.1 14.6 12.0 17.2 11.8 12.5 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 441: Malaysia Figure 442: Pakistan Figure 443: Philippines

3.5 4.6 9.5 0.0 6.1 5.8 12.6 8.9 4.6 7.5 6.3 8.2 6.1 10.8 10.8 Amway Unilever 5.0 L'Oréal 11.0 4.4 Shiseido Co Ltd Henkel 7.1 Elizabeth Arden 22.7 8.0 11.2 11.9 16.9 7.4 9.2 P&G Estée Lauder 7.8 P&G 8.8 7.1 11.9 13.9 14.1 L'Oréal P&G Coty Estée Lauder L'Oréal Estée Lauder 27.8 27.5 23.0 19.0 21.0 21.5 21.1 20.4

0.00.7 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 444: South Korea Figure 445: Thailand Figure 446: Vietnam

4.8 4.0 3.9 P&G AmorePacific 6.4 6.1 6.9 10.3 4.9 4.4 7.1 6.2 9.3 9.7 5.9 4.8 Estée Lauder 6.3 5.5 LG Household & Health 11.3 Shiseido Co Ltd 10.9 11.0 1.9 7.9 Care Ltd 17.3 22.7 22.3 7.5 L'Oréal L'Oréal 6.1 L'Oréal 13.6 11.9 14.2 13.1 Estée Lauder 5.5 12.9 LG Household & Health Amway Estée Lauder Care Ltd 34.9 32.3 32.1 23.4 22.3 AmorePacific 20.7 22.1 19.7 17.2 Shiseido Co Ltd

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 447: Poland Figure 448: Russia Figure 449: Ukraine

6.3 5.4 5.6 6.4 7.2 5.2 6.9 7.9 8.2 8.5 14.2 9.0 LVMH 9.4 Estée Lauder 11.5 6.6 5.3 P&G 8.7 2.8 11.8 9.8 Chanel 6.2 8.1 P&G 12.2 11.9 Amway Coty Chanel 13.2 8.5 15.4 13.9 LVMH 16.8 12.0 12.4 Estée Lauder L'Oréal 11.3 L'Oréal L'Oréal 14.0 LVMH 23.3 22.0 19.1 21.1 15.4 16.0 18.4 12.4 12.2 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 450: Argentina Figure 451: Brazil Figure 452: Chile

6.3 7.9 6.3 6.1 5.2 6.5 6.5 0.0 7.3 6.1 11.9 6.9 6.7 0.0 8.1 6.8 7.3 9.4 15.3 GlaxoSmithKline 6.5 Coty 7.1 0.0 Coty 5.9 0.0 LVMH 14.0 15.3 17.1 Puig 23.9 4.0 7.8 19.9 23.7 Puig 6.6 Puig LVMH LVMH L'Occitane International Estée Lauder L'Oréal 35.7 L'Oréal L'Oréal 32.9 33.0 37.8 37.5 36.8 29.5 28.7 31.0

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 453: Colombia Figure 454: Ecuador Figure 455: Mexico

P&G 2.4 1.6 5.6 6.2 4.7 0.0 3.8 7.3 1.7 1.7 4.4 1.9 9.7 7.9 7.0 7.8 Richemont SA, Cie 5.2 Financière 1.6 LVMH Puig 13.7 3.4 9.3 Henkel LVMH Coty 4.0 13.5 18.7 3.1 14.0 P&G 15.3 Estée Lauder 7.8 9.4 Puig 0.0 L'Oréal L'Oréal 5.9 18.1 L'Oréal 4.9 4.8 14.0 14.7 17.6 16.7 11.1

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 456: Egypt Figure 457: Saudi Arabia Figure 458: South Africa

Estée Lauder 6.2 4.6 5.4 5.0 5.8 Elizabeth Arden 3.5 5.8 7.8 3.5 Chanel 6.2 7.8 L'Oréal 5.9 4.6 5.3 6.3 Chanel 7.5 Puig 6.0 9.0 6.3 8.1 8.4 LVMH 10.5 7.2 Clarins 2.3 L'Oréal 8.8 1.90.0 10.6 14.9 L'Oréal 12.6 Coty 15.0 2.8 10.2 11.5 12.3 Arabian Oud Co 12.9 P&G LVMH Estée Lauder 19.9 21.5 15.9 18.5 21.5 Abdul Samad Al Qurashi 17.6 12.9 15.8 Co 13.7 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 459: Turkey

4.9 5.4 5.5 Chanel 7.1 7.0 7.4 Estée Lauder 2.9 6.0 7.3 8.7 Pierre Fabre SA, Laboratoires 8.4 8.2 LVMH

20.9 16.2 15.7 L'Oréal

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Skin Care Market Share

Figure 460: China Figure 461: India Figure 462: Indonesia

2.5 3.4 3.3 2.3 1.21.6 2.9 4.3 4.9 3.4 3.6 4.5 5.5 1.7 3.5 3.4 1.0 6.4 4.9 4.6 7.5 3.4 Estée Lauder 7.5 Himalaya Drug Co 7.3 Vitapharm 13.7 7.2 5.6 Mary Kay Oriflame Cosmetics 11.8 Kao Corp 10.4 5.7 P&G Amway L'Oréal 6.7 Shiseido Co Ltd 60.9 56.9 L'Oréal 7.1 P&G 48.5 8.1 49.5 4.6 L'Oréal Unilever 44.6 Unilever 4.3 12.6 1.6 10.6 6.8 15.2 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 463: Malaysia Figure 464: Pakistan Figure 465: Philippines

4.5 5.4 4.0 7.4 8.2 8.3 7.5 6.4 7.6 Shiseido Co Ltd 7.2 Olivia Cosmetics 8.4 8.8 P&G 5.2 Wipro 9.2 Care International Ltd 0.9 Splash Corp 8.1 8.6 10.6 8.9 2.8 10.4 14.5 0.0 Estée Lauder 2.4 2.3 Laboratories VS Beiersdorf 2.2 3.9 9.1 4.2 4.8 11.4 11.9 P&G 9.6 Beiersdorf Avon Products 8.0 L'Oréal 41.3 Unilever 10.9 Unilever 10.0 31.3 27.5 15.7 21.4 24.3 15.1 14.2 8.9 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 466: South Korea Figure 467: Thailand Figure 468: Vietnam

Estée Lauder 7.2 7.0 Beiersdorf 3.5 3.1 5.7 3.3 4.2 6.3 5.9 5.3 7.7 3.7 5.9 4.9 7.2 2.5 Able C&C Co Ltd 8.2 P&G 8.4 Shiseido Co Ltd 3.7 8.5 Amway 12.0 8.2 8.0 27.4 26.8 L'Oréal LG Household & Health 11.5 Unilever 6.4 27.2 12.0 3.8 Care Ltd L'Oréal AmorePacific 12.8 8.2 11.5 5.8 7.6 L'Oréal 8.4 Beiersdorf 26.8 27.7 LG Household & Health Unilever 19.3 14.1 10.7 10.8 11.6 Care Ltd 9.9 12.2 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 469: Poland Figure 470: Russia Figure 471: Ukraine

Laboratorium Kosmetyczne Dr Irena Eris SA 4.1 6.0 4.7 6.0 8.8 Beiersdorf 4.2 6.8 5.4 5.2 6.4 6.7 10.7 6.7 4.5 Oriflame Cosmetics Avon Products 14.1 9.2 5.2 6.5 7.1 Mary Kay 6.5 Oriflame Cosmetics Avon Products 4.2 19.6 13.3 Avon Products 6.3 9.3 Beiersdorf 8.8 7.9 7.4 11.7 7.6 0.4 Unilever 0.1 Unilever 0.0 0.4 Cederroth AB 0.0 0.3 L'Oréal L'Oréal 24.2 22.4 23.5 16.9 17.1 14.5 14.0 11.8 13.9 L'Oréal 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 472: Argentina Figure 473: Brazil Figure 474: Chile

6.3 Hypermarcas Avon Products 4.8 6.8 4.6 0.0 7.4 7.1 4.7 5.8 4.9 15.2 9.6 6.0 7.1 Naturel SA 7.9 Beiersdorf Durandin SAI, 6.3 17.2 5.2 13.8 Laboratorios L'Oréal 19.6 5.7 6.3 11.8 8.0 7.9 Avon Products 1.4 Natura Cosméticos 8.9 Beiersdorf 6.1 4.5 15.6 Avon Products 12.7 17.5 14.0 Botica Comercial Beiersdorf 9.3 21.5 16.0 Natura Cosméticos Farmacêutica Ltda 25.9 27.2 19.3 Natura Cosméticos 18.8 19.5 L'Oréal 10.2 17.2 6.2 2.6 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 475: Colombia Figure 476: Ecuador Figure 477: Mexico

7.2 7.3 8.7 5.8 8.7 7.2 6.4 6.1 11.1 8.9 9.4 7.1 9.7 5.8 Beiersdorf 9.0 12.5 Beiersdorf 6.6 Mary Kay 9.7 16.2 12.1 Unilever 12.5 Unilever 8.1 Beiersdorf 10.3 11.7 8.7 10.4 Corporación Belcorp 2.5 23.2 Corporación Belcorp Avon Products 7.8 11.9 14.4 Johnson & Johnson 11.2 Avon Products 9.5 L'Oréal 6.3 8.4 11.4 Avon Products Unique-Yanbal Group Unilever 23.9 21.6 23.6 23.6 24.2 13.1 13.0 14.3 14.2

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 478: Egypt Figure 479: Saudi Arabia Figure 480: South Africa

6.9 6.6 3.2 5.6 7.3 0.8 6.5 8.6 8.9 7.6 8.1 6.8 8.2 7.7 7.5 7.5 Avon Products Kao Corp 8.0 Johnson & Johnson 3.7 6.7 13.8 10.7 13.4 11.6 12.3 Johnson & Johnson P&G 10.6 Tiger Brands 8.9 9.7 19.5 Oriflame Cosmetics L'Oréal Beiersdorf 12.0 11.6 14.4 15.8 15.9 8.5 12.5 Unilever 12.2 Unilever Avon Products Armanious Group Beiersdorf Unilever 24.6 21.0 23.7 23.5 17.5 16.2 14.8 19.3 20.7

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 481: Turkey

2.7 5.8 0.0 6.4 13.8 16.4 9.5 Henkel 8.5 Avon Products 8.0 20.4 Johnson & Johnson 18.1 17.2 Beiersdorf L'Oréal

21.7 15.7 17.7

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Spirits Market Share

Figure 482: China Figure 483: India Figure 484: Indonesia

1.30.7 2.3 6.5 Capital Wine 4.5 4.3 1.3 Pernod Ricard 5.1 1.8 4.7 4.5 2.6 2.4 3.6 3.2 Jing Brand 6.4 10.3 Jagatjit Industries 3.9 Diageo 0.0 5.9 24.2 1.6 0.0 5.0 8.1 19.3 3.7 11.2 Radico Khaitan Sujiu Group Uto NV Allied Blenders & Distillers 21.8 4.7 Pernod Ricard 3.9 Luzhou Lao Jiao Orang Tua Group 44.2 43.4 Diageo 2.7 37.5 31.8 30.5 0.70.0 0.0 Beijing Shunxin 22.9 Sumber Sari Mekar 1.7 4.4 2.6 Agriculture Perkasa 1.4 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 485: Malaysia Figure 486: Pakistan Figure 487: Philippines

0.4 1.70.7 0.4 1.30.5 3.7 4.0 3.8 21.3 3.8 4.0 3.4 0.04.9 27.4 23.4 3.4 5.4 Suntory Holdings 4.8 LVMH 4.8 6.2 Russian Standard Destilería Limtuaco 6.9 Luen Heng 29.1 6.1 Lucas Bols London Birmingham Diageo 6.9 44.8 6.9 78.3 Murree Brewery 47.8 Tanduay Distillers 6.1 Thai Seng 75.9 76.8 Companies San Miguel Corp Pernod Ricard 43.6 16.8 Alliance Global 13.7 14.9 15.9 20.2 0.0 0.0 0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 488: South Korea Figure 489: Thailand Figure 490: Vietnam

0.60.2 4.8 1.2 2.1 6.7 5.6 5.8 7.5 0.0 7.5 1.4 5.9 7.0 9.6 8.2 0.1 Bacardi 0.0 7.4 14.3 0.8 0.70.2 8.2 8.2 9.1 Bohae Brewery Aroma 7.9 1.8 Rémy Cointreau 12.5 1.8 12.0 9.2 Kumbokju Diageo 13.0 15.2 Regency Thai Muhak 4.5 3.3 Avina Diageo Lotte Group 81.2 Sabeco Pernod Ricard 64.4 56.2 49.9 Hite Jinro 52.4 Habeco 46.8 46.1 Thai Beverage 73.7 74.6

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 491: Poland Figure 492: Russia Figure 493: Ukraine

4.2 1.6 9.7 8.4 Bashspirt 9.3 2.1 1.8 1.1 10.2 10.6 3.5 3.5 11.0 17.9 17.4 Private Label Alkogolnaya Sibirskaya Nemiroff Gruppa 8.2 10.9 Pernod Ricard 3.0 5.2 Olimp Tatspirtprom 10.6 29.0 22.6 Belvédère Krymska Vodochna 28.7 20.0 Stock Spirits 9.8 6.5 Global Spirits Russian Standard 18.6 0.0 8.6 Russian Standard Bayadera Holding 1.7 26.7 30.1 0.0 Synergya 18.8 21.5 2.0 7.8 22.9 0.4 6.2 16.7 2.6 2.40.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 494: Argentina Figure 495: Brazil Figure 496: Chile

5.6 2.5 2.4 4.7 6.5 Licores Mitjans 0.0 4.3 6.0 4.6 4.2 4.7 2.8 1.3 3.7 5.8 4.8 Campari Milano 3.8 Destilados Argentinos 8.4 4.6 7.0 Diageo 3.0 7.5 Indústria de Bebidas Paris 24.9 8.6 19.5 Diageo 4.0 8.0 33.5 6.7 28.0 4.8 9.4 Engarrafamento Pernod Ricard Campari Milano 7.9 20.6 5.8 Diageo 17.5 Pernod Ricard 7.3 9.5 5.1 Indústrias Reunidas Cía Cervecerías Branca Distillerie 43.7 35.4 Cia Muller 27.2 24.9 16.2 17.4 16.8 26.8 27.7 Cooperativa Agrícola Pisquera de Elqui 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 497: Colombia Figure 498: Ecuador Figure 499: Mexico

Industria de Licores del 5.3 Valle del Cauca Licores San Miguel 3.0 4.0 12.0 7.7 1.4 12.8 Diageo 5.4 7.2 2.3 6.5 14.6 8.5 Diageo Grupo Corona 15.7 3.5 8.9 8.3 9.0 14.1 4.9 Industria Licorera de 4.6 Diageo 7.6 15.1 Caldas Industría Licorera 9.2 8.7 16.3 10.2 9.7 Bacardi Empresa de Licores de Iberoamericana 12.2 Grupo Cuervo Cundinamarca 8.9 Embotelladora Azuaya 7.8 9.6 10.8 45.5 47.2 Fábrica de Licores y Pernod Ricard 37.3 Alcoholes de Antioquia 23.6 18.9 20.7 Azende 16.6 13.4 12.6 Companies 0.0 0.0 0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 500: Egypt Figure 501: South Africa Figure 502: Turkey

3.0 0.7 3.31.7 6.4 1.9 2.0 1.8 2.30.00.1 5.5 4.9 0.03.3 4.2 4.8 5.1 3.8 3.8 5.6 10.6 13.4 10.1 10.9 10.5 0.03.3 Campari Milano KWV Group Brown-Forman 12.5 Suntory Holdings Pernod Ricard Efe Alkollu 22.6 26.4 21.6 32.6 Pernod Ricard 34.3 Snell & Co, Edward Antalya Alkollu 14.1 83.7 Diageo Distell Group 75.3 76.3 Pernod Ricard Heineken Diageo Diageo 31.8 30.6 34.2 26.3 26.8 28.1

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Wine Market Share

Figure 503: China Figure 504: India Figure 505: Indonesia

0.1 1.7 2.90.2 1.5 1.80.20.1 5.0 1.3 0.20.1 2.2 8.6 1.0 1.5 Jiangsu Zhangjiagang John Distilleries Campari Milano 3.4 Yantai Changyu 9.4 Grover Zampa Bacardi 2.6 1.5 1.5 Bright Food Heritage Grape LVMH 1.8 9.0 9.7 65.4 67.6 2.3 2.3 Kuai Ji Shan Diageo 56.3 Arpan Bali Utama 1.2 4.3 0.0 2.0 Zhejiang Guyue Longshan 6.9 Samant Soma Orang Tua 0.03.1 24.7 4.2 3.8 20.6 2.9 12.3 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 506: Malaysia Figure 507: Philippines Figure 508: South Korea

1.8 3.1 2.9 6.3 3.6 3.2 3.0 4.8 4.3 4.4 1.1 3.9 11.2 3.6 Viña Concha y Toro Conrad 3.7 Daegu Takju Association 11.8 1.8 2.9 4.7 7.5 E&J Gallo Winery 2.7 Félix Solís Avantis 3.8 Pusan Takju Association 3.2 19.5 3.6 4.2 8.1 19.5 5.0 Constellation Brands The Wine Group 18.0 Lotte Group

4.9 4.2 Pernod Ricard 17.5 E&J Gallo Winery 17.1 Kooksoondang Brewery Treasury Wine Estates 30.8 Bel Mondo Italia Seoul Takju 10.3 21.9 30.0 26.5 8.1 8.5 11.6 18.9 0.0 0.0 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 509: Thailand Figure 510: Vietnam Figure 511: Poland

Henkell & Co 3.1 2.0 4.8 2.1 1.2 1.6 1.8 Warwin 16.8 2.0 5.8 CPK Plantation 10.7 6.9 8.0 Grands Chais de France 3.7 5.9 Treasury Wine Estates 9.3 Private Label Pernod Ricard 0.02.4 21.1 9.7 10.5 Accolade Wines 8.0 15.8 LamDong Foodstuffs Sektkellerei Schloss 0.2 Pernod Ricard Wachenheim Thang Long Liquor 9.5 11.4 11.7 21.3 Siam Winery 20.7 18.9 Janton 34.5 0.0 0.02.4 28.1 12.8 8.1 12.6 11.9 Bartex-Bartol 4.9 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 512: Russia Figure 513: Ukraine Figure 514: Argentina

Moskovskiy Mezhrespublikanskiy Vinodelcheskiy 2.1 5.2 3.5 3.5 3.2 Gerrus Group 6.1 5.2 Logos 6.1 2.3 2.1 Bodegas Valentin Bianchi 11.1 Odessavynprom 6.2 3.5 6.2 11.8 Bodegas y Viñedos Garbin 3.1 Igristye Vina 2.4 Cotnar 4.9 12.4 7.0 13.1 RPB Alef-Vinal 13.2 6.0 FeCoVitA 3.2 2.6 Viktoria 2.5 Kronos-Invest 10.2 7.9 Grupo Peñaflor 3.8 5.2 Alcohol Traditions 25.2 2.4 1.6 6.1 22.0 3.2 16.2 7.7 8.6 0.6 1.2 Alvisa 3.4 0.3 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

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Figure 515: Brazil Figure 516: Chile Figure 517: Colombia

3.5 1.80.5 1.4 6.6 3.2 Vinícola Miolo 4.5 0.3 5.8 4.6 3.6 3.7 3.2 28.0 3.1 Antônio Basso & Filhos 30.4 Viña Valdivieso 4.4 Prorivinos 1.4 7.0 7.7 3.8 26.8 Viña Santa Carolina Casa Grajales 2.5 4.5 7.4 Casa Di Conti Viña Concha y Toro Vinos de la Corte 28.3 9.9 9.2 5.1 24.7 7.7 5.8 4.6 Cía Cervecerías Unidas Hijos de Antonio Barceló Russell Hobbs 20.1 0.0 Viña Santa Rita Bodegas del Rhin 7.6 Cooperativa Vinícula 17.7 17.8 16.1 6.1 6.6 24.9 29.2 28.9 Aurora

2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 518: Mexico Figure 519: Egypt Figure 520: South Africa

1.1 8.7 0.40.3 0.90.2 1.6 9.1 1.4 1.8 1.2 9.2 8.0 0.60.20.1 1.4 2.4 Al Ahram Beverages 5.4 2.2 8.8 32.7 Viña Concha y Toro 30.2 4.9 Co of Wine People 7.8 LVMH 16.9 E&J Gallo Winery DGB 9.1 Groupe Laurent-Perrier 2.00.0 8.1 Vinícola LA Cetto 1.1 Van Loveren Wines Campari Milano 4.9 89.1 11.9 La Madrileña 33.5 KWV Group 15.3 15.8 Egyptian International 31.0 Pernod Ricard 65.8 62.5 Distell Group Heineken 18.8 15.2 9.9 9.6 2005 2010 2014 2005 2010 2014 2005 2010 2014 Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor Source: Deutsche Bank, Euromonitor

Figure 521: Turkey

0.9 6.2 Diren Sarapcilik 0.0 12.7 1.0 2.3 5.9 5.5 Yazgan Sarapçilik 0.0 12.6 21.0 Diageo

14.2 49.0 Doluca Bagcilik ve Sarapcilik 28.3 22.1 Kavaklidere Saraplari

2005 2010 2014 Source: Deutsche Bank, Euromonitor

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Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Bill Schmitz/Faiza Alwy

Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 500 50 % share-holder return (TSR = percentage change in 450 47 % share price from current price to projected target price 400 350 plus pro-jected dividend yield ) , we recommend that 300 52 % investors buy the stock. 250 43 % 200 Sell: Based on a current 12-month view of total share- 150 100 3 % holder return, we recommend that investors sell the 50 25 % stock 0 Buy Hold Sell Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not Companies Covered Cos. w/ Banking Relationship recommend either a Buy or Sell. North American Universe Newly issued research recommendations and target

prices supersede previously published research. Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2.Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com.

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Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

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Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the website please contact your Deutsche Bank representative for a copy of this important document.

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Group's analysts with the coverage companies specified by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan.

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Deutsche Bank Securities Inc. Page 81

David Folkerts-Landau Chief Economist and Global Head of Research

Raj Hindocha Marcel Cassard Steve Pollard Global Chief Operating Officer Global Head Global Head Research FICC Research & Global Macro Economics Equity Research

Michael Spencer Ralf Hoffmann Andreas Neubauer Regional Head Regional Head Regional Head Asia Pacific Research Deutsche Bank Research, Germany Equity Research, Germany

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