Russia 50 2017 The annual report on the most valuable Russian brands April 2017

Foreword. Contents

steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Understand Your Brand’s Value 7 experience across a wide range of disciplines from market research and visual identity to tax and Executive Summary 8 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (RUBm) 12 believe that the ultimate and overriding purpose of Full Table (USDm) 13 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 14

By valuing brands, we provide a mutually intelligible Contact Details 15 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the significance of what they do and boards can use What is the purpose of a strong brand; to attract the information to chart a course that maximises customers, to build loyalty, to motivate staff? All profits. true, but for a commercial brand at least, the first Without knowing the precise, financial value of an answer must always be ‘to make money’. asset, how can you know if you are maximising your returns? If you are intending to license a brand, how Huge investments are made in the design, launch can you know you are getting a fair price? If you are and ongoing promotion of brands. Given their intending to sell, how do you know what the right potential financial value, this makes sense. time is? How do you decide which brands to Unfortunately, most organisations fail to go beyond discontinue, whether to rebrand and how to arrange that, missing huge opportunities to effectively make your brand architecture? Brand Finance has use of what are often their most important assets. conducted thousands of brand and branded Monitoring of brand performance should be the business valuations to help answer these questions. next step, but is often sporadic. Where it does take place it frequently lacks financial rigour and is Brand Finance’s recently conducted share price heavily reliant on qualitative measures poorly study revealed the compelling link between strong understood by non-marketers. brands and stock market performance. It was found that investing in the most highly branded companies As a result, marketing teams struggle to would lead to a return almost double that of the communicate the value of their work and boards average for the S&P 500 as a whole. then underestimate the significance of their brands Acknowledging and managing a company’s to the business. Skeptical finance teams, intangible assets taps into the hidden value that lies unconvinced by what they perceive as marketing within it. The following report is a first step to mumbo jumbo may fail to agree necessary understanding more about brands, how to value investments. What marketing spend there is can them and how to use that information to benefit the end up poorly directed as marketers are left to business. The team and I look forward to continuing operate with insufficient financial guidance or the conversation with you. accountability. The end result can be a slow but

2. Brand Finance AustraliaGlobalAirlinesRussia 50050 30 100 April 30February MarchFebruary 2017 20162016 2015 Brand Finance Russia 50 April 2017 3. Definitions

Effect of a Brand on Stakeholders Definitions E.g. + Enterprise Value – the value of the AVTOVAZ entire enterprise, made up of Directors Potential Middle ‘Branded‘Branded multiple branded businesses Customers Managers Enterprise’Enterprise’

Existing All Other ‘Branded‘Branded + Branded Business Value – the Customers Employees Business’ E.g. Business’ Lada value of a single branded business operating under the subject brand ‘Brand’ Contribution’ Influencers Production + Brand Contribution– The total e.g. Media Brand E.g. economic benefit derived by a Lada business from its brand ‘Brand Value’ Trade Sales Channels + Brand Value – the value of the E.g. trade marks (and relating Lada Strategic marketing IP and ‘goodwill’ Debt Allies & providers attached to it) within the branded Suppliers Investors business

Branded Business Value Brand Contribution Brand Value Brand Strength

A brand should be viewed in the context of the The brand values contained in our league tables In the very broadest sense, a brand is the focus Brand Strength is the part of our analysis most business in which it operates. For this reason are those of the potentially transferable brand for all the expectations and opinions held by directly and easily influenced by those Brand Finance always conducts a Branded asset only, but for marketers and managers customers, staff and other stakeholders about an responsible for marketing and brand Business Valuation as part of any brand valuation. alike, an assessment of overall brand contribution organisation and its products and services. management. In order to determine the strength Where a company has a purely mono-branded to a business provides powerful insights to help However, when looking at brands as business of a brand we have developed the Brand architecture, the business value is the same as optimise performance. assets that can be bought, sold and licensed, a Strength Index (BSI). We analyse marketing the overall company value or ‘enterprise value’. more technical definition is required. investment, brand equity (the goodwill Brand Contribution represents the overall uplift accumulated with customers, staff and other In the more usual situation where a company in shareholder value that the business derives Brand Finance helped to craft the internationally stakeholders) and finally the impact of those on owns multiple brands, business value refers to from owning the brand rather than operating a recognised standard on Brand Valuation, ISO business performance. the value of the assets and revenue stream of the generic brand. 10668. That defines a brand as “a marketing- business line attached to that brand specifically. related intangible asset including, but not limited Following this analysis, each brand is assigned We evaluate the full brand value chain in order to Brands affect a variety of stakeholders, not just to, names, terms, signs, symbols, logos and a BSI score out of 100, which is fed into the understand the links between marketing customers but also staff, strategic partners, designs, or a combination of these, intended to brand value calculation. Based on the score, investment, brand tracking data, stakeholder regulators, investors and more, having a identify goods, services or entities, or a each brand in the league table is assigned a behaviour and business value to maximise the significant impact on financial value beyond combination of these, creating distinctive images rating between AAA+ and D in a format similar returns business owners can obtain from their what can be bought or sold in a transaction. and associations in the minds of stakeholders, to a credit rating. AAA+ brands are exceptionally brands. thereby generating economic benefits/value”. strong and well managed while a failing brand would be assigned a D grade.

4. Brand Finance Russia 50 April 2017 Brand Finance Russia 50 April 2017 5. Methodology Understand Your Brand’s Value League Table Valuation Methodology Drivers of Change Brand Finance calculates the values of the 2 Determine the royalty rate range for the respective Brand Value Dashboard Three key areas impact Brand Value (EURm)

18 131 brands in its league tables using the ‘Royalty brand sectors. This is done by reviewing comparable $707m $882m $10,216m 34 (EUR) [XXX] Brand Value (EUR) Brand Value Enterprise Value (EUR) AA+ 729 729 Relief approach’. This approach involves licensing agreements sourced from Brand Finance’s €650m €729m €9,399m 78/100 616 616 650

Historic brand value performance (EURm) Peer Group Comparison (USDm) $6,265 2015 Brand Strength Business Performance External Changes 2016 extensive database of license agreements and other 800 729 estimating the likely future sales that are $3,031 650 $2,328 $1,913 $707 700 607 Brand Strength Business Outlook Economic Outlook 600 attributable to a brand and calculating a royalty online databases. [XXX] [XXX]’s brand strength has increased compared to last year. Brands drive higher revenues. An investor would therefore All future returns are subject to risk. If the risk of not 500 pay more for a brand that makes more money. receiving the forecast returns is higher (increasing the As the brand continues its sustainability drive, [XXX] has discount rate), the brand’s market is not growing as quickly 320 400 Brand Value by Product Segment been improving across all CSR scores. It now has the [XXX]’s revenue base and the 5 year forecast growth have as expected (lower long term growth rate) or the tax rate in 3 Calculate royalty rate. The brand strength score is 275 highest CSR scores it has had in the last four years across fallen this year, resulting in a loss of $177m USD to total the brand’s regions of operation is higher, then the brand’s rate that would be charged for the use of the 300 213 Environment, Employees and Governance. brand value. value is reduced and vice versa. 37% Nutrition 200 The premium approach is also leading to significant margin However, it is important to note that this has arisen as a advantages – positively affecting “performance”. result of the company divesting a number of divisions. 100 Performance Materials brand, i.e. what the owner would have to pay for applied to the royalty rate range to arrive at a royalty 58% 0 Other Activities 4% 2011 2012 2013 2014 2015 2016 2016 2015 2016 2015 2016 2015

Brand 5 Year Forecast the use of the brand—assuming it were not rate. For example, if the royalty rate range in a brand’s 78 76 2.6% 3.4% Discount Rate 9.1% 8.6% 7% Strength Growth Long Term Growth 3.2% 2.6% Base Year 8,205 9,570 Revenue (EURm) already owned. sector is 0-5% and a brand has a brand strength Tax 28.9% 30.2% score of 80 out of 100, then an appropriate royalty The steps in this process are as follows: rate for the use of this brand in the given sector will be 4%. 1 Calculate brand strength on a scale of 0 to 100 based 4 Determine brand specific revenues estimating a Brand Strength Index 2016 on a number of attributes such as emotional An ideal balanced scorecard of fundamental brand related measures Brand Investment Effective BSI Proven inputs that drive the Brand Equity and financial results proportion of parent company revenues attributable Weighting Attributes connection, financial performance and sustainability, 6.25% Product: R&D expenditure, Widely recognised factors deployed by Brand Strength Index Capital expenditure Brand Marketers to create brand loyalty and 6.25% Place: Website Ranking to a specific brand. Investment 25% market share. We therefore benchmark Brand Investment Inputs 6.25% People: Number of Employees, Employee Growth brands against relevant input measures by among others. This score is known as the Brand 25% 10.0 6.25% Promotion: Marketing expenditure sector against each of these factors. 9.3 5 Determine forecast brand specific revenues using a 8.0 7.7 5.00% Familiarity Strength Index, and is calculated using brand data 7.50% Consideration How do stakeholders feel about the brand 6.0 6.4 5.3 Customer 35% 7.50% Preference vs. competitors? function of historic revenues, equity analyst forecasts 7.50% Satisfaction 4.0 DSM Best in Class Competitor Average 7.50% Recommendation/NPS [XXX] • Brand equity accounts for 50% to reflect 2.0 from the BrandAsset® Valuator database, the world’s Brand the importance of stakeholder and economic growth rates. Equity Staff 5% 5.00% Employee Score perceptions to behaviour 0.0 50% largest database of brands, which measures brand 2.50% Credit Rating • Brand Equity is important to all Effective Financial 5% Weighting 6.25% 6.25% 6.25% 6.25% 2.50% Analyst Recommendation stakeholder groups with customers being 6 Apply the royalty rate to the forecast revenues to the most important Best in 1.67% Environment Score Class [XXX] Du Pont Multiple Akzo Nobel equity, consideration and emotional imagery External 5% 1.67% Community Score Product Place People Promotion derive brand revenues. 1.67% Governance Score 6.25% Revenue Relative quality of the brand’s investment in Relative quality of a brand’s distribution Relative quality of the human network Relative quality of the brand’s promotions. Brand Strength Index Quantitative market, market share and attributes to assess brand personality in a category 6.25% its products. The measure can include R&D network. It can include the quality of supporting the brand. This may include the Marketing investment, the quality of visual Brand % Margin financial measures resulting from the spend and capital expenditure. logistical infrastructure available to the size of the support network, its likely future identity and the effectiveness of the Performance Outputs 6.25% % Forecast Margin 7 Brand revenues are discounted post tax to a net 25% strength of the brand. brand, the quality of its online presence, or growth or the investment in workforce brand’s social media is covered by this 6.25% % Forecast Revenue Growth the number and quality of its retail outlets. training and human resources. measure. agnostic manner. 25% present value which equals the brand value. Brand strength Brand Brand revenues Brand value index ‘Royalty rate’ A Brand Value Report provides a complete (BSI) breakdown of the assumptions, data Royalty Rates sources and calculations used to arrive at + Transfer pricing your brand’s value. Each report includes + Licensing/ franchising negotiation Brand Strong brand expert recommendations for growing brand + International licensing investment value to drive business performance and offers a + Competitor benchmarking cost-effective way to gaining a better understanding of your position against Cost of Capital competitors. It includes: + Independent view of cost of capital for internal Brand valuations and project appraisal exercises equity Brand Valuation Summary Trademark Audit + Internal understanding of brand + Highlight unprotected marks Brand Weak brand + Brand value tracking + Spot potential infringement performance Forecast revenues + Competitor benchmarking + Trademark registration strategy + Historical brand value Brand strength BSI score applied to an Royalty rate applied to Post-tax brand For more information regarding our League Table Reports, please contact: expressed as a BSI appropriate sector forecast revenues to revenues are Brand Strength Index score out of 100. royalty rate range. derive brand values. discounted to a net + Brand strength tracking Alex Haigh present value (NPV) + Brand strength analysis Director of League Tables, Brand Finance which equals the + Management KPI’s [email protected] brand value. + Competitor benchmarking 6. Brand Finance Russia 50 April 2017 Brand Finance Russia 50 April 2017 7.

Executive Summary

Rank 2017: 1 Rank 2017: 6 BV 2017: 569.5bn BV 2017: ₽ 134.7bn 1 ₽ +23% 6 -15% BV 2016: ₽ 463.7bn BV 2016: ₽ 158.5bn Brand Rating: AAA- Brand Rating: AA-

Russia Rank 2017: 2 Rank 2017: 7 BV 2017: 305.3bn BV 2017: 117.4bn 2 ₽ -6% 7 ₽ BV 2016: ₽ 325.1bn Brand Rating: AA Brand Rating: A

Rank 2017: 3 Rank 2017: 8 BV 2017: 106.4bn 50 3 BV 2017: ₽ 283.9bn -30% 8 ₽ -24% BV 2016: ₽ 407.7bn BV 2016: ₽ 140.8bn Brand Rating: AA Brand Rating: AA-

Rank 2017: 4 Rank 2017: 9 BV 2017: 93.1bn 4 BV 2017: ₽ 180.1bn -8% 9 ₽ -18% BV 2016: ₽ 194.7bn BV 2016: ₽ 114.2bn Brand Rating: AA+ Brand Rating: AA

Rank 2017: 5 Rank 2017: 10 5 BV 2017: ₽ 153.0bn 10 BV 2017: ₽ 89.6bn Brand Rating: AAA- Brand Rating: AA

Sberbank is Russia’s most valuable brand. It is aspirations and dreams. This has been a key Europe’s 6th most valuable banking brand and driver behind our success”. the 24th globally. Strengths include its credit portfolio, carefully managed risk but more Gazprom, Lukoil and Rosneft occupy 2nd, 3rd importantly its ambitious and innovative and 4th places respectively, highlighting Russia’s approach. Sberbank is determined to be a strength in oil and gas. Lower Oil & Gas prices in young, innovative, technology-based bank, and the early part of 2016, in addition to the impact of is building tech platforms to sell internationally. In sanctions, has suppressed the brand value 2016 it announced plans to build a ‘national growth of many of Russia’s oil majors this year. ecommerce system’ to be used in both B2C and Though macroeconomic conditions such as B2B contexts, using its vast resources and these will always determine the overall direction infrastructure. Sberbank is in discussions with of business and brand value performance for Alibaba Group to help make the plan a reality. commodity-led fi rms, the approach they take to Brand value is up 23% to 569 billion RUB. the management of their brand will determine the extent of the impact. The impact on Gazprom, for On the brand’s performance, Sberbank’s Alexey example, has been less pronounced than it might Zabrodin commented, “Sberbank is rapidly have been thanks in part to its brand building transforming into one of the world’s largest activities. For a primarily upstream (ie production ecosystems. Our main priority is to make people’s focused) brand, Gazprom invests signifi cant lives better by inspiring them to fulfi ll their amounts in marketing. In particular, it has

8. Brand Finance Russia 50 April 2017 Brand Finance Russia 50 April 2017 9.

Executive Summary

Brand Value Over Time cultivated a vast array of sponsorships, most The 10 Most Powerful Brands notably in football, with partners including Shalke These are the most powerful Russian brands, whose rating 650 04, Zenit St Petersburg, the UEFA Champions is based on Brand Finance’s Brand Strength Index (BSI). Magnit 600 League and next year’s FIFA World Cup, to be held on its home turf. Such brand building creates 550 positive brand associations with a wide range of BSI Score Rosneft 500 stakeholders. Extractive industry brands are in the unusual position where customers may not the 450 most important stakeholder group. Instead the 88.8 Lukoil 400 benefits of a strong brand may be felt more keenly BSI Score in relationships with staff and potential employees, 350 with local communities, with strategic partners Gazprom 82.8 300 and with government, where a strong brand can make the difference to whether a firm can secure BSI Score 250 both the formal and informal ‘license to operate’. Sberbank 200 Brand ae Biin e e Biin ae Brand Aeroflot is Russia’s most powerful brand, with a 80.0 150 Brand Strength Index score of 88.8. This also BSI Score 100 makes Aeroflot the world’s most powerful airline brand. The news may come as a surprise to those 50 in Europe and North America more familiar with 76.3 0 Western or Gulf flag carriers. Aeroflot’s brand BSI Score 2011 2012 2013 2014 2015 2016 2017 strength stems in part from dominance of its domestic market. Its brand equity scores for metrics such as familiarity, consideration, 74.8 preference and loyalty are formidable, both when BSI Score compared against other Russian airlines and against foreign ones within their home markets. This is all the more impressive given that there are 74.4 no air routes for which Aeroflot has exclusive access, demonstrating that its strength is BSI Score underpinned by competitive advantage rather than monopoly. Investment in the brand, which 73.9 lays the foundations for future resilience and growth, is another key component of brand BSI Score strength in which Aeroflot excels. It has the youngest fleet of any major airline and is investing 73.5 heavily in marketing promotion, particularly in Asia. This is reinforced by its sponsorship of BSI Score Manchester United (the world’s most valuable football brand), which helps Aeroflot reach a vast 72.6 audience across East Asia in particular. The approach is clearly paying off; this year Moscow BSI Score overtook Dubai as the top hub for travel between China and Europe. 71.1

10. Brand Finance Russia 50 April 2017 Brand Finance Russia 50 April 2017 11. Brand Finance Brand Finance Russia 50 (RUBm) Russia 50 (USDm)

Top 50 most valuable Russian brands 1 - 50. Top 50 most valuable Russian brands 1 - 50.

Rank Brand name Sector Brand % Brand Brand Brand Rank Brand name Sector Brand % Brand Brand Brand 2017 value change value rating rating 2017 value change value rating rating (RUBm) 2017 (RUBm) 2016 2017 2016 (USDm) 2017 (USDm) 2016 2017 2016 1 Sberbank Banks 569,467 23% 463,658 AAA- AAA- 1 Sberbank Banks 9,075 33% 6,807 AAA- AAA- 2 Gazprom Oil & Gas 305,315 -6% 325,104 AA AA 2 Gazprom Oil & Gas 4,865 2% 4,773 AA AA 3 Lukoil Oil & Gas 283,943 -30% 407,665 AA AA+ 3 Lukoil Oil & Gas 4,525 -24% 5,985 AA AA+ 4 Rosneft Oil & Gas 180,066 -8% 194,712 AA+ AA 4 Rosneft Oil & Gas 2,869 0% 2,858 AA+ AA 5 Magnit Retail 153,001 AAA- 5 Magnit Retail 2,438 AAA- 6 Surgutneftegas Oil & Gas 134,742 -15% 158,485 AA- AA 6 Surgutneftegas Oil & Gas 2,147 -8% 2,327 AA- AA 7 Russian Railways Logistics 117,371 A 7 Russian Railways Logistics 1,870 A 8 VTB Bank Banks 106,375 -24% 140,849 AA AAA- 8 VTB Bank Banks 1,695 -18% 2,068 AA AAA- 9 MTS Telecoms 93,110 -18% 114,237 AA AAA- 9 MTS Telecoms 1,484 -12% 1,677 AA AAA- 10 Tatneft Oil & Gas 89,556 AA 10 Tatneft Oil & Gas 1,427 AA 11 Novatek 11 Novatek 12 Aerofl ot 12 Aerofl ot 13 Beeline 13 Beeline 14 Pyaterochka 14 Pyaterochka 15 Megafon 15 Megafon 16 Alfa Bank 16 Alfa Bank 17 Lenta 17 Lenta 18 Atomenergoprom 18 Atomenergoprom 19 Gazprombank 19 Gazprombank 20 Inter Rao 20 Inter Rao 21 Rostelecom 21 Rostelecom 22 Yandex 22 Yandex 23 Russian Helicopters 23 Russian Helicopters 24 Nornickel 24 Nornickel 25 Rosseti 25 Rosseti 26 DIXY 26 DIXY 27 Sibur 27 Sibur 28 Bashneft 28 Bashneft 29 Rushydro 29 Rushydro 30 Slavneft 30 Slavneft 31 Lada 31 Lada 32 Transneft 32 Transneft 33 United Aircraft Corporation 33 United Aircraft Corporation 34 Rusal 34 Rusal 35 Promsvyazbank 35 Promsvyazbank 36 GAZ 36 GAZ 37 Lsr Group 37 Lsr Group 38 TMK 38 TMK 39 M.Video 39 M.Video 40 Kamaz 40 Kamaz 41 Severstal 41 Severstal 42 Detsky Mir 42 Detsky Mir 43 Otkritie FC Bank 43 Otkritie FC Bank 44 NLMK 44 NLMK 45 Irkutskenergo 45 Irkutskenergo 46 Metalloinvest 46 Metalloinvest 47 Mostotrest 47 Mostotrest 48 MMK Group (Magnitogorsk) 48 MMK Group (Magnitogorsk) 49 S7 Airlines 49 S7 Airlines 50 Russneft 50 Russneft Differences in % change in the RUB and USD tables are the result of changing foreign exchange rates during the year.

12. Brand Finance Russia 50 April 2017 Brand Finance Russia 50 April 2017 13. How we can help Contact details

1. Valuation: What are my intangible assets 2. Analytics: How can I improve marketing worth? effectiveness? Contact us Our offices Valuations may be conducted for technical purposes Analytical services help to uncover drivers of demand For brand value report and to set a baseline against which potential strategic and insights. Identifying the factors which drive enquiries, please contact: brand scenarios can be evaluated. consumer behaviour allow an understanding N 2. IO AN of how brands create bottom-line impact. Alex Haigh T A A L Director of League Tables U Y L T Brand Finance A I V C • Branded Business Valuation • Trademark Valuation [email protected] . S • Market Research Analytics • Brand Audits 1 • Intangible Asset Valuation • Brand Contribution Brand & • Brand Scorecard Tracking • Return on Marketing Investment

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Y T . 4 owners of branded businesses get a better deal modelling will identify the best opportunities, [email protected] by leveraging the value of their intangibles. ensuring resources are allocated to those activities which have the most impact on brand and business value. For all other enquiries, please contact: • M&A Due Diligence • Franchising & Licensing • Brand Governance • Brand Architecture & Portfolio Management • Tax & Transfer Pricing • Expert Witness • Brand Transition • Brand Positioning & Extension [email protected] +44 (0)207 389 9400 For further information on Brand Finance®’s services and valuation experience, please contact your local representative: Country Contact Email address Australia Mark Crowe [email protected] Brazil Pedro Tavares [email protected] MARKETING FINANCE TAX LEGAL linkedin.com/company/ Canada Bill Ratcliffe [email protected] brand-finance China Minnie Fu [email protected]

We help marketers to connect We provide financiers and We help brand owners and We help clients to enforce and Caribbean Nigel Cooper [email protected] their brands to business auditors with an independent fiscal authorities to understand exploit their intellectual East Africa Jawad Jaffer [email protected] performance by evaluating the assessment on all forms of the implications of different property rights by providing France Victoire Ruault [email protected] return on investment (ROI) of brand and intangible asset tax, transfer pricing and brand independent expert advice in- facebook.com/brandfinance Germany Dr. Holger Mühlbauer h.mü[email protected] brand based decisions and valuations. ownership arrangements. and outside of the courtroom. Greece Ioannis Lionis [email protected] strategies. Holland Marc Cloosterman [email protected] India Ajimon Francis [email protected] + Branded Business Valuation + Branded Business Valuation + Branded Business Valuation + Branded Business Valuation twitter.com/brandfinance Indonesia Jimmy Halim [email protected] + Brand Contribution + Brand Contribution + Brand Contribution + Brand Contribution Italy Massimo Pizzo [email protected] + Trademark Valuation + Trademark Valuation + Trademark Valuation + Trademark Valuation Malaysia Samir Dixit [email protected] + Intangible Asset Valuation + Intangible Asset Valuation + Intangible Asset Valuation + Intangible Asset Valuation Disclaimer + Brand Audit + Brand Audit + Brand Audit + Brand Audit Mexico Laurence Newell [email protected] Brand Finance has produced this study LatAm (exc. Brazil) Laurence Newell [email protected] + Market Research Analytics + Market Research Analytics + Market Research Analytics + Tax & Transfer Pricing with an independent and unbiased + Brand Scorecard Tracking + Brand Scorecard Tracking + Franchising & Licensing + Expert Witness analysis. The values derived and Middle East Andrew Campbell [email protected] opinions produced in this study are Nigeria Babatunde Odumeru [email protected] + Return on Marketing + Return on Marketing + Tax & Transfer Pricing based only on publicly available Investment Investment + Expert Witness information and certain assumptions Portugal Pedro Tavares [email protected] + Brand Transition + Brand Transition that Brand Finance used where such Russia Anna Shubina [email protected] data was deficient or unclear . Brand + Brand Governance + Brand Governance Finance accepts no responsibility and Scandinavia Alexander Todoran [email protected] + Brand Architecture & + Brand Architecture & will not be liable in the event that the Singapore Samir Dixit [email protected] Portfolio Management Portfolio Management publicly available information relied upon is subsequently found to be South Africa Jeremy Sampson [email protected] + Brand Positioning & + Brand Positioning & inaccurate. Spain Lorena Jorge ramirez [email protected] Extension Extension Sri Lanka Ruchi Gunewardene [email protected] + Franchising & Licensing + Mergers, Acquisitions and The opinions and financial analysis expressed in the report are not to be Switzerland Victoire Ruault [email protected] Finance Raising Due construed as providing investment or Diligence business advice. Brand Finance does Turkey Muhterem Ilgüner [email protected] not intend the report to be relied upon UK Alex Haigh [email protected] + Franchising & Licensing for any reason and excludes all liability + Tax & Transfer Pricing to any body, government or USA Ken Runkel [email protected] + Expert Witness organisation. Vietnam Lai Tien Manh [email protected]

14. Brand Finance Russia 50 April 2017 Brand Finance Russia 50 April 2017 15. Contact us.

The World’s Leading Independent Branded Business Valuation and Strategy Consultancy T: +44 (0)20 7389 9400 E: a.shubina@brandfi nance.com www.brandfi nance.com

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