Tobacco 50 2017 The annual report on the world’s most valuable brands March 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 Executive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table 11 accounting. We understand the importance of design, advertising and marketing, but we also Understand Your Brand’s Value 12 believe that the ultimate and overriding purpose of How We Can Help 14 brands is to make money. That is why we connect brands to the bottom line. Contact Details 15

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

2. Brand Finance AustraliaGlobalAirlinesTobacco 500 30 50100 30February March MarchFebruary 2017 20162016 2015 Brand Finance Tobacco 50 March 2017 3. Definitions

Effect of a Brand on Stakeholders E.g. Definitions British + Enterprise Value – the value of the American entire enterprise, made up of Directors Tobacco 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’ 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 Pall Mall business from its brand ‘Brand Value’ Trade Sales Channels + Brand Value – the value of the E.g. trade marks (and relating Pall Mall 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 organisation and its products and services. management. In order to determine the strength Where a company has a purely mono-branded contribution to a business provides powerful However, when looking at brands as business of a brand we have developed the Brand architecture, the business value is the same as insights to help 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 Tobacco 50 March 2017 Brand Finance Tobacco 50 March 2017 5. Methodology League Table Valuation Methodology Brand Finance Typical Project Approach Brand Finance calculates the values of the 2 Determine the royalty rate range for the respective brands in its league tables using the ‘Royalty brand sectors. This is done by reviewing comparable Relief approach’. This approach involves licensing agreements sourced from Brand Finance’s estimating the likely future sales that are extensive database of license agreements and other attributable to a brand and calculating a royalty online databases. Brand Equity Stakeholder Brand Inputs Performance rate that would be charged for the use of the 3 Calculate royalty rate. The brand strength score is Value Drivers Behaviour Contribution brand, i.e. what the owner would have to pay for applied to the royalty rate range to arrive at a royalty the use of the brand—assuming it were not rate. For example, if the royalty rate range in a brand’s already owned. sector is 1-5% and a brand has a brand strength The steps in this process are as follows: score of 80 out of 100, then an appropriate royalty 1 2 3 4 rate for the use of this brand in the given sector will Brand Audit Trial & Preference Acquisition & Valuation Modelling 1 Calculate brand strength on a scale of 0 to 100 based be 4.2%. Retention on a number of attributes such as emotional 4 Determine brand specific revenues estimating a connection, financial performance and sustainability, proportion of parent company revenues attributable Audit the impact Run analytics to Link stakeholder Model the impact of behaviour on to a specific brand. of brand understand how behaviour with core financial performance and among others. This score is known as the Brand key financial isolating the value of the brand 5 Determine forecast brand specific revenues using a management and perceptions link to Strength Index, and is calculated using brand data investment on behaviour value drivers contribution from the BrandAsset® Valuator database, the world’s function of historic revenues, equity analyst forecasts brand equity largest database of brands, which measures brand and economic growth rates. equity, consideration and emotional imagery 6 Apply the royalty rate to the forecast revenues to attributes to assess brand personality in a category derive brand revenues. agnostic manner. 7 Brand revenues are discounted post tax to a net present value which equals the brand value. Brand strength Brand Brand revenues Brand value index ‘Royalty rate’ How We Help to Maximise Value (BSI)

6. Build scale through licensing/franchising/partnerships Brand Strong brand investment 5. Build core business through market expansion

4. Build core business through product development Brand

equity Maximising a strong brand 3. Portfolio management/rebranding Group companies

2. Optimise brand positioning and strength Brand Weak brand performance Forecast revenues 1. Base-case brand and business valuation (using internal data), growth strategy Evaluate ongoing performance formulation, target-setting, scorecard and Brand strength BSI score applied to an Royalty rate applied to Post-tax brand tracker set-up expressed as a BSI appropriate sector forecast revenues to revenues are Current brand and Target brand and score out of 100. royalty rate range. derive brand values. discounted to a net business value business value present value (NPV) which equals the brand value. 6. Brand Finance Tobacco 50 March 2017 Brand Finance Tobacco 50 March 2017 7.

Executive Summary

Rank 2017: 1 2016: 1 Rank 2017: 6 2016: 6 BV 2017: $ 32,471m BV 2017: $ 4,406m 1 +8% 6 +4% BV 2016: $ 29,935m BV 2016: $ 4,224m Brand Rating: AA+ Brand Rating: AA-

Tobacco Rank 2017: 2 2016: 2 Rank 2017: 7 2016: 8 BV 2017: $ 6,427m BV 2017: $ 3,813m 2 +4% 7 +33% BV 2016: $ 6,201m BV 2016: $ 2,868m Brand Rating: AA Brand Rating: AA

Rank 2017: 3 2016: 3 Rank 2017: 8 2016: 7 50 3 BV 2017: $ 5,781m -6% 8 BV 2017: $ 3,535m 4% BV 2016: $ 6,182m BV 2016: $ 3,413m Brand Rating: AA Brand Rating: AA+

Rank 2017: 4 2016: 4 Rank 2017: 9 2016: 10 BV 2017: $ 2,766m 4 BV 2017: $ 5,481m +9% 9 19% BV 2016: $ 5,032m BV 2016: $ 2,334m Brand Rating: AA+ Brand Rating: AA-

Rank 2017: 5 2016: 5 Rank 2017: 10 2016:9 BV 2017: $ 5,290m BV 2017: $ 2,740m 5 +6% 10 +5% BV 2016: $ 4,968m BV 2016: $ 2,602m Brand Rating: AA Brand Rating: AA

Particularly in the last 15 years, an accelerating being offset by growth in other parts of the world tide of regulation has swept over the tobacco such as , Indonesia and Africa where industry. There are now with significant restrictions regulation remains weaker. on when and where consumers can buy and use in most of the OECD and many other However, is also successfully extending markets too. its brand into new products. Many of the major tobacco brands were slow off the mark to embrace The advent of plain packaging is an even more e-cigarettes however Marlboro’s iQOS system and fundamental threat, putting the very existence of Heatsticks are now proving hugely popular, tobacco firms’ brands at risk. In its strictest , it demonstrating the brand’s power. will prevent companies from differentiating themselves and from identifying quality and unique Brand Finance’s CEO David Haigh comments, features to consumers. This would ultimately “Marlboro’s success is by no means an isolated commodify the product, leading to a race to the case, with the brand values of major names such bottom in terms of price and quality. as Pall Mall, L&M, Newport and all growing this year and the likes of , Yet despite the apparently existential threat of this and enjoying double digit growth. regulation, the world’s top tobacco firms are Despite the well-founded health concerns and managing to increase the value of their brands. mounting regulation, the value of these brands for Marlboro, the world’s most valuable tobacco their owners and investors remains robust. The brand, has achieved an all-time record brand value day when the value of tobacco brands goes up in of US$32.4 billion. A decline in Western markets is smoke is a long way off.” 8. Brand Finance Tobacco 50 March 2017 Brand Finance Tobacco 50 March 2017 9. Brand Finance Executive Summary Tobacco 50 (USDm) Brand Value Over Time Top 50 most valuable tobacco brands 1 - 50. 35 Rank Rank Brand name Domicile Brand % Brand Brand Brand 2017 2016 value (USDm) change value(USDm) rating rating Newport 2017 2016 2017 2016 1 1 Marlboro 32,471 8% 29,935 AA+ AAA- 30 2 2 Pall Mall 6,427 4% 6,201 AA AA L&M 3 3 United States 5,781 -6% 6,182 AA AA 4 4 L&M United States 5,481 9% 5,032 AA+ AA 25 5 5 Newport United States 5,290 6% 4,968 AA AA 6 6 Winston United States 4,406 4% 4,224 AA- AA Camel 7 8 Sampoerna Indonesia 3,813 33% 2,868 AA AA- 20 8 7 India 3,535 4% 3,413 AA+ AA+ 9 10 United States 2,766 19% 2,334 AA- AA+ 10 9 2,740 5% 2,602 AA AA+ Pall Mall 11 13 Parliament 15 12 11 13 15 Gudang Garam Marlboro 14 16 Chesterfi eld Brand value (US$bn) 10 15 12 16 14 Grizzly 17 19 Philip Morris 18 18 5 19 17 Rothmans 20 21 Esse 21 23 0 22 22 23 28 Fortune International 2011 2012 2013 2014 2015 2016 2017 24 26 Brand Value Change 2016-2017 (USDm) Brand Value Change 2016-2017 (%) 25 27 Next 26 25 Wills 27 32 LD Marlboro Marlboro $2536 $2536 West 53% 53% 28 35 29 34 Dji Sam Soe Sampoerna Sampoerna $945 $945 Sampoerna Sampoerna 33% 33% 30 41 L&M L&M $449 $449 Virginia Slims 27% 27% 31 33 Natural American Spirit 32 36 Alliance Copenhagen Copenhagen $432 $432 Derby Derby 25% 25% 33 49 Peter Stuyvesant 34 46 Morven Gold Chesterfield Chesterfield $419 $419 Peter StuyvesantPeter Stuyvesant 25% 25% 35 31 U Mild 36 New West Gudang Garam Gudang Garam $398 $398 Chesterfield Chesterfield 23% 23% 37 42 John Player Special 38 48 Newport Newport $322 $322 Gudang Garam Gudang Garam 21% 21% 39 New $-35 Kent $-35 Kent -1% Kent-1% Kent 40 New 41 New Doral $-76 John Player$-76 Special John Player Special -2% Gauloises-2% Gauloises 42 40 Virginia Slims 43 New $-118 Wills $-118 Wills -2% Next-2% Next 44 New MS 45 New Scissors $-145 Rothmans -6% Camel $-145 Rothmans -6% Camel 46 New Yava 47 New $-186 Virginia$-186 Slims Virginia Slims -8% Rothmans-8% Rothmans 48 39 Benson & Hedges $-401 Camel $-401 Camel -9% Wills-9% Wills 49 New Pryluky 50 New $-658 West $-658 West -12% John-12% Player SpecialJohn Player Special -300.000000 314.28571410. Brand928.571429 Finance1542.857143-300.000000 2157.142857Tobacco314.2857142771.428571 50 March928.5714293385.714286 1542.85714320174000.0000002157.1428572771.4285713385.7142864000.000000 -30 -20 -10 0 -3010 -2020 -1030 040 1050 2060307040 50 60 70 Brand Finance Tobacco 50 March 2017 11. Understand Your Brand’s Value

Drivers of Change Brand Strength Index 2016 An ideal balanced scorecard of fundamental brand related measures Brand Value Dashboard Three key areas impact Brand Value (EURm) Brand Valuation Assumptions Effective BSI Weighting Attributes 18 131 Underlying economic assumptions used in valuation 34 $707m $882m $10,216m 6.25% Product: R&D expenditure, Widely recognised factors deployed by Brand Capital expenditure Strong brand (EUR) (EUR) Marketers to create brand loyalty and Brand [XXX] Brand Value Brand Value (EUR) Brand value (EURm) Investment Enterprise Value AA+ Investment 25% 6.25% Place: Website Ranking 729 729 Inputs market share. We therefore benchmark 78/100 616 616 650 6.25% People: Number of Employees, €650m €729m €9,399m Employee Growth brands against relevant input measures by Brand 25% Equity 6.25% Promotion: Marketing expenditure sector against each of these factors. % = Historic brand value performance (EURm) Peer Group Comparison (USDm) $650 Brand Performance Forecast revenues $6,265 2015 Brand Strength Business Performance External Changes 2016 5.00% Familiarity 800 729 Weak brand $ $3,031 7.50% Consideration How do stakeholders feel about the brand 650 $2,328 $1,913 $707 700 607 7.50% Preference vs. competitors? Brand Strength Business Outlook Economic Outlook Customer 35% 7.50% Satisfaction 600 [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 7.50% Recommendation/NPS • Brand equity accounts for 50% to reflect Revenue Long Term Growth Rate Tax Rate Discount Rate 500 pay more for a brand that makes more money. receiving the forecast returns is higher (increasing the Brand the importance of stakeholder As the brand continues its sustainability drive, [XXX] has discount rate), the brand’s market is not growing as quickly Equity 5.00% Employee Score Licensing payments for the use of a After the explicit forecasts, the brand Forecasted royalties are reduced by Earnings in the future are worth less 320 Staff 5% perceptions to behaviour 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 brand are derived from revenue. will continue to grow. However, it is the tax rate to reflect the actual than consumption now. This rate 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 300 Increases or decreases in forecasted unlikely that the company will sustain amount that would be received by therefore used to reduce future 213 Environment, Employees and Governance. brand value. value is reduced and vice versa. 50% 2.50% Credit Rating • Brand Equity is important to all 37% Financial 5% revenue increase or decrease the extraordinary returns into the future the brand owner after tax. earnings to their value today. Nutrition 2.50% Analyst Recommendation stakeholder groups with customers being 200 The premium approach is also leading to significant margin However, it is important to note that this has arisen as a final valuation. so forecast industry growth rates are advantages – positively affecting “performance”. result of the company divesting a number of divisions. the most important 100 Performance Materials 1.67% Environment Score applied. 58% External 5% 1.67% Community Score 0 Other Activities 4% 1.67% Governance Score 2011 2012 2013 2014 2015 2016 2016 2015 2016 2015 2016 2015 5 year Compound Annual Growth Rate Long Term Growth Rate Tax Rate Discount Rate Brand 5 Year Forecast 6.25% Revenue (CAGR) 78 76 2.6% 3.4% Discount Rate 9.1% 8.6% Brand Strength Index Strength Growth Quantitative market, market share and 7% Brand 6.25% % Margin financial measures resulting from the Long Term Growth 3.2% 2.6% 2015 2014 2015 2014 2015 2014 2015 2014 Base Year 8,205 9,570 Performance Outputs 25% 6.25% % Forecast Margin Revenue (EURm) strength of the brand. 6.25% % Forecast Revenue Growth Tax 28.9% 30.2% 25% 2.6% 3.4% -0.8% 3.2% 2.6% +0.6% 29% 30% -1.3% 9.1% 8.6% +0.5%

Determining the Royalty Rate Brand Performance Brand Investment In order to apply the Brand Strength Index, a hypothetical royalty rate range needs to be set Competitor Royalty Rates An ideal balanced scorecard of fundamental brand related measures Proven inputs that drive the Brand Equity and financial results Following the OECD guidelines, Brand Finance sets the hypothetical brand royalty rate ranges by reference to three tests: Competitor royalty rates will be different based on different strengths of the brand, having Brand Strength Index Brand Strength Index different operating segments and company-specific long term affordability • Comparable Agreements: A search of comparable licensing agreements for brands in each industry is conducted every year. The margin analyses Brand Investment Brand Performance are then compared against the royalty rates found in these agreements to analyse the importance of brand in the industry and set an appropriate 1.2% average industry royalty rate. 10.0 1.0% 10.0 9.3 • Industry Margins: An analysis of 25% to 40% of margins, generally accepted as rules of thumb for licensing rates for all intangible assets in a 8.9 8.9 8.0 7.7 company. These rates are adjusted to take into account the importance of brand in a given industry. 8.0 8.1 0.8% 0.8% 0.8% 0.8% 6.4 6.0 • Affordability: Thirdly, an analysis of the brand’s specific royalties is conducted. If the brand has been able to sustain extraordinary profits over an 0.7% 6.0 5.3 0.6% extended time it is likely that hypothetical brand owners would be willing to pay closer to the company’s margins than the industry average. In the 0.6% 0.6% 0.6% 5.0 4.0 case of Brand Finance’s League Table models, affordability will be based on the forecast EBIT. 4.0 [XXX]DSM Best in Class Competitor Average 0.5% DSM[XXX] Best in Class Competitor Average 2.0 • Average industry royalty rate ranges can be seen below 2.0 0.0 High 0.0 Effective Effective Weighting 6.25% 6.25% 6.25% 6.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Weighting 6.25% 6.25% 6.25% 6.25% DSM BASF Dow Du Pont Akzo Nobel Akzo Nobel Best in Best in Class [XXX] Du Pont Multiple Akzo Nobel Mid Class Akzo Nobel Dow Akzo Nobel Du Pont Product Place People Promotion [XXX] Revenue Margin % Forecast Revenue Growth % Forecast Margin % Low 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. 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 Akzo Nobel – Paints and spend and capital expenditure. logistical infrastructure available to the size of the support network, its likely future identity and the effectiveness of the [XXX] BASF Dow Du Pont Akzo Nobel - Corporate The brand’s ability to drive a The brand’s ability to drive a The brand’s ability to improve Coatings brand, the quality of its online presence, or growth or the investment in workforce brand’s social media is covered by this volume premium. Implied by price premium. Implied by business prospects across the number and quality of its retail outlets. training and human resources. measure. 78 78 80 80 82 82 current and future revenue. current and future margins. various KPIs

A Brand Value Report provides a complete + Internal understanding of brand Royalty Rates Trademark Audit breakdown of the assumptions, data + Brand value tracking sources and calculations used to arrive at + Competitor benchmarking Analysis of competitor royalty rates, industry Analysis of the current level of protection for the your brand’s value. + Historical brand value royalty rate ranges and margin analysis used to brands word marks and trademark iconography Each report includes expert recommendations determine brand specific royalty rate. highlighting areas where the marks are in need for growing brand value to drive business of protection. performance and offers a cost-effective way to Brand Strength Index + Transfer pricing gaining a better understanding of your position + Licensing/ franchising negotiation + Highlight unprotected marks against competitors. A breakdown of how the brand performed on + International licensing + Spot potential infringement various metrics of brand strength, benchmarked + Competitor benchmarking + Trademark registration strategy A full report includes the following sections against competitor brands in a balanced which can also be purchased individually. scorecard framework. For more information regarding our League Cost of Capital Table Reports, please contact: + Brand strength tracking Brand Valuation Summary + Brand strength analysis A breakdown of the cost of capital calculation, Alex Haigh + Management KPI’s including risk free rates, brand debt risk Director of League Tables, Brand Finance Overview of the brand valuation including + Competitor benchmarking premiums and the cost of equity through CAPM. executive summary, explanation of changes in [email protected] brand value and historic and peer group + Independent view of cost of capital for internal comparisons. valuations and project appraisal exercises +44 (0)207 389 9400

12. Brand Finance Tobacco 50 March 2017 Brand Finance Tobacco 50 March 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 brand scenarios can be evaluated. consumer behaviour allow an understanding enquiries, please contact: N 2. IO AN of how brands create bottom-line impact. Alex Haigh T A A L U Y Director of League Tables L T A I Brand Finance V C • Branded Business Valuation • Trademark Valuation . S • Market Research Analytics • Brand Audits [email protected] 1 • Intangible Asset Valuation • Brand Contribution Brand & • Brand Scorecard Tracking • Return on Marketing Investment

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deal? Can I leverage my S the value of my branded business? Robert Haigh T

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intangible assets? R Marketing & Communications

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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 Mark Crowe [email protected] Pedro Tavares [email protected] MARKETING FINANCE TAX LEGAL linkedin.com/company/ 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 Victoire Ruault [email protected] return on investment (ROI) of brand and intangible asset tax, transfer pricing and brand independent expert advice in- .com/brandfinance Dr. Holger Mühlbauer h.mü[email protected] brand based decisions and valuations. ownership arrangements. and outside of the courtroom. 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 Massimo Pizzo [email protected] + Trademark Valuation + Trademark Valuation + Trademark Valuation + Trademark Valuation 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 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 Pedro Tavares [email protected] + Brand Transition + Brand Transition that Brand Finance used where such Alexander Eremenko [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 Samir Dixit [email protected] Portfolio Management Portfolio Management publicly available information relied upon is subsequently found to be Jeremy Sampson [email protected] + Brand Positioning & + Brand Positioning & inaccurate. 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 Victoire Ruault [email protected] Finance Raising Due construed as providing investment or Diligence business advice. Brand Finance does 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. Lai Tien Manh [email protected]

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