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Brand Finance Global 500

The annual report on the world’s most valuable brands March 2011

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Foreword
Since it was first released in 2007, the BrandFinance® Global 500 has been the most comprehensive table of published brand values. The study is released annually and incorporates data from all listed companies globally. Each brand has been accorded a brand rating: a benchmarking study of the strength, risk and future potential of the brand relative to its competitor set as well as a brand value: a summary measure of the financial strength of the brand.
The value of the world’s top 500 brands continues its impressive recovery from the drop in 2009 of US$707 billion. The value of the top 500 as a whole grew by 14% to US$3,306 billion. There are several interesting trends to draw out from this. The banking sector continues a steady drive towards rehabilitation in the eyes of consumers, having seen the largest brand value increase of any sector US$90 billion. By contrast, the brands of sectors specialising in consumer goods have not fared so well. The brand value of Coca-Cola has fallen by US$9 billion, reflecting a drop in the beverage sector as a whole. Wal-mart, which has topped the BrandFinance® Global 500 for two years running, has this year fallen to third place. As well as highlighting the declining power of retail, the two companies which have overtaken it, Google and Microsoft, reflect the growing power of technology-led brands. These two companies, along with rival Apple, have all boosted their brand value by over US$8 billion while other technology and telecoms firms have also produced impressive results. Finally, at a regional level, South America continues to perform strongly and has the fastest rate of brand value growth, 61%, for a second consecutive year. Brazil’s Itau and Bradesco have seen bigger brand value gains than almost any other bank, with over US$5 billion of growth each. This report provides an opinion regarding the point in time valuations of the most valuable global brands at 31st December 2010. The sheer scale of these brand values show how important an asset these brands are to their respective owners. As a result, we firmly believe that brand valuation analysis can offer marketers and financiers critical insight into their marketing activities and should be considered as a key part of the decision making process.

“Brands are the most valuable intangible assets in business today. They drive demand, motivate staff, secure business partners and reassure financial markets. Leading edge organisations recognise the need to understand brand equity and brand value when making strategic decisions”
David Haigh, CEO, Brand Finance
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David Haigh, CEO, Brand Finance plc
© Brand Finance plc 2011 © Brand Finance plc 2011

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Executive Summary
Top line findings
• The top 500 most valuable brands in the world have grown in value by 14% to US$3,306 billion • The Enterprise Value of the top 500 has grown by 15% to US$21,624 billion • Google has replaced Walmart as the most valuable brand in the world, increasing its brand value by 22% to US$44.3 billion • Itaú is the fastest growing brand in absolute terms, increasing its brand value by 141% to become the 41st most valuable brand in the world, rising from 116th place last year

Emerging markets continue to boom whilst the west shows recovery...
• Despite contributing only 2% to the Global 500, South America’s total brand value increased significantly by 61% making it the fastest growing region for the second year running. This region is dominated by Brazilian brands which account for 10 out of the 11 South American brands • The European region has seen a slowdown in growth with the region increasing in brand value by 8% and contributing 35% to the overall Global 500. Four European brands dropped out of the Global 500. By contrast, the United Kingdom is the best performing European country with an increase in brand value of US$29 billion and providing three new entrants • North American brands continue to rebound growing in value by 14% and contributing 43% to the total Global 500. USA and Canada provided five and two additional brands respectively, including Facebook and Heinz • Asia continues to perform well growing in brand value by 27% and contributing 18% to the overall Global 500. Three new brands enter the Global 500 from Asia • The Pacific region has grown in brand value by 21% largely spurred on by a strong performance of the banking industry • Africa has seen a 30% fall in its brand value and now contributes a solitary brand to the Global 500, South Africa’s MTN

Technology brands thrive whilst the Banking sector continues its recovery...
• The banking sector once again sees the largest increase in brand value, growing by US$90 billion, highlighting the continued resurgence of the sector following a near systemic failure three years ago • Itaú, Wells Fargo, Chase, Bradesco, Deutsche Bank, ICBC, Credit Suisse and China Construction Bank feature amongst the largest individual brands value increases with all experiencing a rise in brand value of at least US$5 billion • The leading Technology brands, Apple, Microsoft and Google have seen brand value increases in excess of US$8 billion each • The Beverage industry has seen its value fall by 27%. This is underpinned by the performance of Coke whose brand value has fallen by US$ 9 billion. This is a reflection of the erosion of global demand for Coke as sweet, cola carbonates no longer command consumers worldwide

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© Brand Finance plc 2011

© Brand Finance plc 2011

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Contents
Foreword ........................................ 001 Executive Summary .............................. 003 Top 20 Most Valuable Global Brands .... 007 Brand Stories ........................................ 029 ISO 10668: Global standard for brand valuations ... 043 Explanation of Methodology ................. 049 About Brand Finance ............................. 051 Glossary of Terms .................................. 061 Disclaimer .............................................. 062 Contact details ....................................... 064 Appendix: Top 500 Most Valuable Global Brands .. 065

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© Brand Finance plc 2011

© Brand Finance plc 2011

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884 $M ▼9% RATING: AA+ TESCO 10 2010 RANK: 39 20.944 $M ▼32% RATING: AA 2010 RANK: 17 21.294 $M 22% RATING: AAA+ GOOGLE 2010 RANK: 5 42.807 $M ▼26% RATING: AAA+ BANK OF AMERICA 2010 RANK: 6 30.842 $M ▼8% RATING: AAA MCDONALDS 2010 RANK: 20 29.543 $M ▼49% RATING: AAA 21.157 $M 7% RATING: AA+ 14 TOYOTA 2010 RANK: 10 26.632 $M ▼3% RATING: AAA Top 20 Most Valuable Global Brands 7 © Brand Finance plc 2011 02 03 04 IBM MICROSOFT 2010 RANK: 1 36.798 $M ▼50% RATING: AA MERCEDES © Brand Finance plc 2011 8 .805 $M▼27% RATING: AAA+ 11 HSBC 2010 RANK: 8 27.293 $M ▼19% RATING: AA VERIZON 2010 RANK: 9 26.150 $M ▼2% RATING: AAA SANTANDER 2010 RANK: 3 25.152 $M ▼4% RATING: AA+ 05 06 07 GE 2010 RANK: 7 30.674 $M 6% RATING: AAA+ VODAFONE 2010 RANK: 12 30.619 $M 18% RATING: AAA- 15 16 17 18 19 20 2010 RANK: 13 26.01 2010 RANK: 2 44.511 $M ▼14% 2010 RANK: 23 RATING: AA+ 08 APPLE SAMSUNG 2010 RANK: 15 28.220 $M 12% RATING: AA 12 13 HP 2010 RANK: 14 27.756 $M ▼2% RATING: AA WAL-MART 2010 RANK: 4 36.129 $M ▼2% RATING: AAA 09 AT&T WELLS FARGO 2010 RANK: 11 28.504 $M 4% RATING: AA+ COCA COLA 2010 RANK: 18 21.

990 Google has overtaken Walmart as the most valuable brand in the world. Traditional rival Apple has consistently captured increasing market share over the last decade and has come to dominate the smartphone market. Microsoft has come to be seen as almost a laggard in terms of technological innovation. as it came to light that it was being blocked and. while new internet giants Google and Facebook increasingly shape the way people find information. in some cases. having allowed Google and Apple to dominate the smartphone market. continues to have problems in China due to political interference. has gained immense popularity and surpassed Blackberry and Apple’s operating systems in terms of market share. Android. Windows 7. jumping three places to second in this year’s BrandFinance® Global 500. Google has been fine-tuning its Chrome operating system in a bid to create a product that could compete with Microsoft’s Windows and to a lesser extent. Learning from its mistakes. Google.191 AAA+ 2. and recorded steady sales. Since Google released its Chrome web browser in 2008.971 165.805 AAA+ US Software 2010 5 33. Last year.294 AAA+ US Internet 2010 2 36. Still the world’s most popular search engine brand. once dominated by telecommunications companies. the number of app purchased from Android Market is still substantially behind the benchmark of Apple’s App store and is an area that Google will look to improve on. primarily due to the fact that Google only sold it online. Microsoft’s concerted efforts to improve the under-performing Windows Vista PC operating system has been rewarded with positive reviews and healthy sales of its successor. Gmail.016 157.1 billion increase. Most recently controversy surrounded Google’s email service. The mobile sector. the company launched the Google Nexus S in late 2010. it has maintained its strong reputation of innovative ideas to make searching and browsing the internet easy. Apple’s Mac. Sales were not as high as forecasted. Microsoft has surpassed its rivals however. is increasingly being colonised by the tech giants. Google’s brand value rose by 22% which amounts to a US$8. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 1 44. the company branched away from its traditional online services to the ever growing smart phone industry with the launch of the Google Nexus One. Its gaming division has gone from strength to strength. censored by the Chinese government. Google is set to officially launch the operating system on its Chromebooks which are laptops made by Acer and Samsung. it will be interesting to see what impact Google’s foray in the operating system market will have on its brand value next year. This motion-sensing device is Microsoft’s answer to Nintendo’s Wii. with a range of popular titles recently enhanced by the new Xbox Kinect. The company continues to dominate with its online service offerings. Although not reflected in this year’s valuation. the company’s mobile operating system. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 2 42.725 199. Microsoft has had a successful year. Due for release in June 2011. it has become the third most widely used browser capturing 11% of the market as of December 2010. A recent partnership with Nokia to support the Windows 7 mobile operating system is predicted to lead to significant gains but as the embattled Finnish giant faces a series of technical and PR challenges. Microsoft’s Xbox is the most valuable console brand this year. Over the past year. as with many established Western companies. Although the Android mobile operating system has become a success. the wisdom of the deal has yet to be confirmed.604 AAA+ 143.Top 20 Most Valuable Global Brands 1. a title which the retailing giant has held for the past two years. 9 © Brand Finance plc 2011 © Brand Finance plc 2011 10 . bypassing the need for a handheld controller entirely and in 2010 the Kinect became the fastest selling consumer electronics device of all time. Its brand value has increased by over US$9 billion following the rollout of a series of well received products in 2010. This year however. Despite its dominance of the personal computing sector from the 1980s. distributed in conventional retailers and online. communicate and live their online lives. processing 1 billion search queries per day. Microsoft has however been slow off the mark.

However many have argued it has reached a critical mass with little room for domestic expansion.706 AA 154.325 190.157 AA+ US IT services 2010 4 33.718 180. Recently. The extensive work of the Wal-mart Foundation includes. The acquisition of ASDA in the UK was largely seen as a success with discussions of further acquisitions in 2011.145 billion and has fallen from its once unassailable position at the top of the BrandFinance® Global 500. hunger relief and child welfare. such as the invention of the floppy disk.803 189. laser printer and PC and holds more patents than any other technology company.Top 20 Most Valuable Global Brands 3. acquiring more software manufacturers in a variety of fields as part of its “Information Agenda”. 2010 was no exception. IBM is famous for some of the most pioneering developments on technology of the 20th century. technology and IT consulting corporation International Business Machines (IBM).000 retail outlets. As a consequence it has suffered a brand value reduction of US$5. taking on BigFix online security in October and AT&T’s Sterling commerce. risk and compliance. traditionally known as ‘Big Blue’ is the only brand to be a non-mover in the Top 20 2011 valuation. data. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 3 36. Wal-mart could be said to have perfected the retailing of groceries and hardware. operating in 15 countries. while targeted advertising specialist Unica was bought for US$480 million and data analytics appliance manufacturer Netezza for US$1. assisting with education. It has not been immune from the financial crisis and recorded three years of slowing sales growth and five quarters of falling sales at US stores open for over a year. the company has been keen to diversify away from hardware. serving both customers and club members up to 200 million times per week.365 AA 4. As with many of the brands in this year’s Global 500. It remains a powerful brand with a reputation for offering great value to customers. and manages to go from AA to a AA+ brand rating as a result of its brand value increasing by $2.7 billion. Its corporate and social responsibility endeavours serve to support its commercial brand. in thriving industries such as technology. IBM remains at 4th. communication and the technologies that enable them have become people’s most prized possessions. It has over 8. As with many other physically focussed brands. sustainability and health by getting involved with projects involving unemployment. IBM has also focussed on business analytics. web analytics software producer Coremetrics was acquired. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 4 36. opportunity. 11 © Brand Finance plc 2011 © Brand Finance plc 2011 12 .451bn. Wal-mart has been overtaken by more dynamic competitors The multinational computer. which have the potential to define social and shopping habits in the 21st century in the way that major retailers helped to define shopping habits in the late 20th century. Yet as the internet revolution changes the lives of more global consumers. IBM has many opportunities for growth in emerging markets as these economies rapidly develop but its impressive sales growth and profits show that it is already successfully positioning itself as a holistic technology services company.028 Wal-mart Stores Inc is the world’s largest public corporation. including the logistics and supply chains needed to do so.220 AA US Retail-Department Stores 2010 1 41.

13 © Brand Finance plc 2011 © Brand Finance plc 2011 14 .6 billion. Bank of America’s acquisitions in the post-financial crisis period have transformed it from a regional bank into a major international player and it has now inadvertently adopted the financial supermarket model. Merrill Lynch. Its monolithic branding approach brings consistency and cohesion across the group with the goal of uniting local partner markets under the Vodafone umbrella. It has been a mixed year for Bank of America under Brian Moynihan. particularly given concerns over further mortgage-related writedowns.604 120. 2011 Brand Ranking Brand Value (US$) Brand Rating Enterprise Value (US$m) Domicile Industry Group 6 30. Vodafone has maintained its AAA+ brand rating. As such. with the majority of its business stemming from Europe.456 178. Asia and the Middle East through acquisitions and partnerships. its well-executed marketing strategy has pushed the bank into the top 10 for the first time.7 billion. However its proactive strategy to directly tackle negative perceptions of the bank helped to drive up brand value. Vodafone is the most valuable telecoms brand in the world.619 AAAUS Banks 2010 12 26. Growth in the wider developing world has also been partly bolstered by the introduction of the world’s cheapest mobile phone known as the ‘Vodafone 150’. with partners in a further 40 countries. stockholders and the wider market. the company is currently the most valuable banking brand in the world at US$30. Although it still has a tough time ahead. India and South Africa in particular. Secondly. Vodafone has been increasingly serving callers further afield. Vodafone currently serves more than 370 million customers worldwide. against a background of hostile media coverage. Under CEO Vittorio Colao. Operating in over 40 countries and all 50 states. helping to present a more universal alignment of incentives between bankers.995 AAA 6. Underpinned with the slogan ‘Power to you’.Top 20 Most Valuable Global Brands 5.754 Valued at US$ 30. Vodafone has continued its rapid expansion into Africa.195 111. have been key markets in which it has already established leading positions. initially championed by Citigroup. Vodafone continues to sponsor McLaren Mercedes F1 Team which has been extremely successful in terms of exposure and raising awareness of the Vodafone brand worldwide. legal proceedings and write downs that threatened to drag down the value of the brand. BoA also announced that a restructuring of its bonuses for staff– nearly 70% of the total would be paid in deferred stock. the company wishes to drive customers towards the far more profitable smartphone segment by capitalizing on its ability to service the increasing global demand for data roaming services. its campaign to help distressed homeowners by forgiving portions of debt. The British giant operates the largest mobile telecommunication network in the world and is present in over 30 countries. Two examples are worth noting: firstly. which was launched in February 2010 and sells for below $15. Bank of America is the largest bank in the US.047 AAA+ 192. The bank benefitted from a strong performance by its key subsidiary. It has moved from 12th to 6th place in the BrandFinance® Global 500 and despite concerns of further mortgagerelated write-downs. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 5 30. Faced with fierce competition in these core markets however.674 AAA+ UK Telecoms Services 2010 7 28.

713 244. which now stands at US$29.504 AA+ US Miscellaneous Manufacturing 2010 6 31. Always forward-thinking. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 7 30. Apple’s extremely successful year follows a series of highly publicised and well received new products. the company’s smallest personal music player. the subsequent release of the iPhone 4 was a further boon to Apple’s fortunes. Apple has surged up the rankings of the Brand Finance Global 500. as well as the new videocalling function further reinforced its perception as innovative and customer-centric. however the iPad’s popularity has eclipsed any previous consumer uptake. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 8 29.4 billion. The device has come to define the genre in the short time it has been on the market. the company quickly sought to remedy the problem. which is a drop of US$1. Apple looks set to build on its impressive performance in the 2011 BrandFinance® Global 500. the world’s biggest maker of jet engines.5 billion. The enhanced speed and processing power. The iPad 2 was released earlier this year. energy and finance units where it underperformed against analyst forecasts.909 AA+ 8. As a result. especially in its technology. 15 © Brand Finance plc 2011 © Brand Finance plc 2011 16 . Apple is mindful of its competitors. offering FaceTime video and faster operating speeds. The multinational conglomerate has been a casualty of the bad economy and tough regulations but is nonetheless on the road to recovery with both long term and short term prospects on the rise. Tablet PCs have existed in a variety of forms for several years.066 528.382 156. which improve reception. The product line includes the latest update of the iPod Nano. rising up to 8th place following a near US$10 billion rise in brand value. which aims to address pressing environmental and operational challenges with commercially viable solutions. GE continues to position itself as a “green” company following the launch of its ecomagination initiative in 2005. It has been widely reported that the company has experienced difficulties. representing 75% of all tablet sales in 2010. free of charge. power-plant turbines and medicalimaging equipment is valued at US$30. With a recently acquired AAA brand rating and some of the most loyal customers of any brand. this year Apple purchased Intrisity. a chip design software firm.543 AAA US Consumer Electronics 2010 20 19. It has become one of the biggest players in the wind power industry and continues to invest heavily in R&D to develop new environment-friendly products. providing thousands of phone covers. Though its debut was somewhat marred by problems with signal strength. As a result GE has dropped from sixth to seventh place in this year’s rankings. the fourth iteration of the most iconic smart-phone and finally the iPad. As more tablet devices flood the market.5 billion. Building upon the success of the iPad. the iPhone 4. Apple’s first tablet computer.829 AAA- 475.Top 20 Most Valuable Global Brands 7. GE holds on to its AA+ Brand Rating.416 General Electric (GE). to support continuing product development.

17 © Brand Finance plc 2011 © Brand Finance plc 2011 18 .884 AA+ US Telecoms Services 2010 11 26. Data security has been a further issue. Warren Buffett’s stockholding in the firm has also helped to add further credibility. including celebrities and politicians. The Wells Fargo brand was shielded from the impact of the banking crisis due to its conservative approach during the boom period. AT&T continued to benefit from its exclusive rights to distribute Apple’s iPhone in the US although this has now ended. The bank gained an impressive US$ 7 billion in brand value. had been exposed. In 2010 it was discovered that some personal information of AT&Ts customers.3 billion. has helped maintain its brand integrity through a tumultuous period. and boasts approximately 95 million customers. AT&T paid US$1.987 229. AT&T has kept is AA+ brand rating.793 Wells Fargo & Co is a diversified financial services company with a global operation. AT&T has lost ground to major rival Verizon in the mobile internet market and the value of its exclusivity deal with Apple is less certain as Google’s Android has become the most popular mobile operating system. and increased its brand value by $2. They also suffered from low stock which impeded the delivery of online orders. The bank completed over 55 acquisitions in the last five years and it became the largest US bank by Market Cap when it surpassed JP Morgan in December 2010.916 AA- 10. Earlier this year the company acquired 1. Both Apple and AT&T were hit with criticism and a law suit after the iPhone 4 was distributed due to a faulty antenna that caused reception problems. particularly within the mortgage market. making it the second most valuable bank in the world after Bank of America. as he envisioned their approach to create a single destination for people’s banking needs. and this year it is 10th based on BrandFinance® Global 500 brand valuation. Wells Fargo’s strong fourth quarter earnings are testament to their strength in the retail banking AT&T is the largest provider of local and long distance telephone services in the U. Throughout 2010.069 131.6 million more rural broadband customers in the US as part of rival Verizon’s forced divestment process following antitrust proceedings. sector. It is the fourth largest bank in the US by assets and third largest by market capital. This is a clear reflection of investor confidence in the firm and its brand.Top 20 Most Valuable Global Brands 9. Its solidity and reliability. The relationship has not been entirely trouble-free however. Now sitting at 10th from last year’s place at 11th. Richard Kovacevic was famously quoted in referring to the Wells Fargo bank branches.585 AA+ 136.944 AA+ US Banks 2010 15 21. revelations that iPhones routinely track location data were also met with concern. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 10 28. a 32% increase from 2010.S. More recently. announcing in October a deal with Microsoft to distribute the Windows Phone 7 handset. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 9 28. which the companies were accused of being aware of and selling nevertheless. which has seen it move into the top 10 for the first time. They reported a 21% rise in income and their strategy to purchase Wachovia at the height of the financial crisis is also beginning to provide better returns.9 billion to Qualcom for wireless spectrum licenses for the coming 4G network and talks are in process over the acquisition of Deutsche Telekom and T-Moblie USA. In 2010 Forbes listed it as the 13th largest company in the world by market value. Its main exposure to the financial crisis came through its ownership of Wachovia bank.“stores”.225 235. AT&T is beginning to step up to the mobile internet challenge. The former CEO. though this latest revelation comes too late to have affected either Apple or AT&T’s brand value is this year’s Global 500.

Verizon provides broadband and telecommunications solutions to consumers. Speculation over an acquisition of Sprint by Verizon has been adamantly denied. increase broadband capacity and gain an edge on cable operators Comcast and Time Warner. introducing Skype’s calling service for owners of Blackberry and Android based smartphones in March 2010.632 AAA UK Banks 2010 8 28. the planned acquisition of T-Mobile by AT&T could mean Verizon loses this position. 2011 Brand Ranking Brand Value (US$) Brand Rating Enterprise Value (US$m) Domicile Industry Group 11 27. HSBC also recently made headlines for completing the first ever Renminbi denominated trade settlement.Top 20 Most Valuable Global Brands 11. Verizon continues to capitalise on its dominance of wireless internet. its ‘’Your Point of View” advertisements continued to convey the bank’s positioning as a global corporation that is sensitive to local nuances.472 AAA+ 12.6 billion paid to Verizon by Frontier Comms for 4 million phone and broadband subscribers. the bank is involved in rugby (Hong Kong Rugby Sevens and the British and Irish Lions). A joint venture with AT&T and T-Mobile has recently been announced. the bank has made further inroads into Asia and HSBC now generates about 30% of its income from Asia which further consolidates its positioning as “The World’s Local Bank”. phones running the Android software outsold the iPhone for the first time. as the combined entity represents a 39% share. The campaign is expected to be seen by more than 150 million air passengers in North America alone. businesses and government customers worldwide. This year. HSBC divides its investment between sport and cultural areas. as well as Apple’s iPad. a drop of US$840 million which has also resulted in its brand rating dropping to AAA. Despite the turmoil. Building on its high profile presence at airports. carriers. For sport. Verizon continued to enhance the appeal of Android phones. since Apple has an exclusive deal with AT&T. called ISIS. tennis (Wimbledon). which will enable mobile purchases that could revolutionise the way brands communicate with consumers and how purchases are made. Due to Verizon’s successful marketing campaign in Q1 of 2010 for phones featuring the Android operating system. it has 90 million US customers and operates 30 million landline accounts.093 196.029 AA 171. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 12 27. This year Verizon moved from 14th to 12th position with a brand value of US$27.6 billion.163 193. Until 2010. this proved to be slightly less of a problem than anticipated. golfing (including The Open Championship) and eventing (exclusive financial services partner to the FEI).293 HSBC loses its position as the world’s most valuable bank after holding it for three consecutive years. as Bank of America and Wells Fargo rise up the rankings. More recently. despite not having been a positive advocate for the iPhone in the past.794 381. where they are the number one US provider. 19 © Brand Finance plc 2011 © Brand Finance plc 2011 20 . Major transactions included US$8. HSBC has managed to maintain the majority of its brand equity throughout the financial crisis. Although in 2011 Verzion are thought to currently hold the leading market share at 31%. Verizon’s best gain this year has come from increasing its share of wifi. As the second largest US telecoms company. In terms of sponsorships. Verizon was however finally able to offer the iPhone. This helped to finance the US$18 billion that has been spent on a new FTTP network to replace copper cabling. Verizon was unable to capitalise on the growth of mobile internet pioneered by Apple’s iPhone. However.3 billion and has maintained its AA brand rating. HSBC’s brand value lies at US$ 27.293 AA US Telecoms Services 2010 14 23. HSBC’s income is predominantly generated in Europe which contributes about 36% of its income.

000 people worldwide.383 AAA100. in addition to providing a welcome boost to Toyota’s income.402 HP is the world’s largest manufacturer of personal computers and also specialises in data storage. his resignation and departure for HP’s rival Oracle will not have boosted the confidence of shareholders or impressed consumers. consumers are likely to forgive them. Toyota’s situation could have been much worse. The series of recalls is thought to have cost Toyota in the region of US$2 billion. with the loss of 9.864 185.319 AAA 204.998 14. Already in early 2011 Toyota has announced that the Prius has gone over the 3million sales mark. Though subsequently cleared. However a disastrous chain of events at the beginning of 2010 has cut over US$1 billion from its brand value and seen it fall to 14th place in this year’s table. with a loss of US$1. reliable and most importantly safe cars. but as David Haigh. headquartered in Japan. There have been less commercial reasons behind the brand value damage. networking hardware and software.152 AA+ Japan Auto Manufacturers 2010 10 27. the cost to its reputation has been almost as significant. There are several reasons behind this fall. upon which HP has traditionally relied. Nevertheless. In last year’s BrandFinance® Global 500 report. This resulted in one of the biggest product recalls in history. dropping out of the top ten and has seen over US$600 million wiped off its brand value. The profitability of laptops. Brand Finance CEO predicted at the time.186 US IT services 2010 9 27.167 billion. and is considered to be the world’s largest automobile manufacturer by both sales value and production volume. employs over 71. CEO Mark Hurd was investigated following allegations of sexual harassment. has saved 18 million tonnes of carbon dioxide emissions. sales of the new Lexus SUV were halted pending investigations into the threat of rollover accidents when handling certain turns. However to cope with the market demands of the coming decade. and the early handling of the fiasco exacerbated the PR disaster that was to follow. The company’s brand has fared poorly this year. Its troubles started following a series of tragic accidents allegedly caused by faulty accelerator pedals in a number of different models. which. 21 © Brand Finance plc 2011 © Brand Finance plc 2011 22 . has been steadily falling as they become almost a commodity. the company has undergone a degree of restructuring. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 14 26. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 13 26. Early in 2010. Lessons have been learnt and provided that Toyota continues to produce innovative.Top 20 Most Valuable Global Brands 13. Toyota was riding high. HP has diversified significantly into networking infrastructure and other business-to-business services. with a position in the top 10 and an AAA brand rating. Later in the year.756 AA+ 84. This multinational automaker.000 jobs and consequent US$1 billion in redundancy pay.

Tennessee. which exceeds the total projected investment for five years. With such opportunities for growth. In 2010 the company spent more than US$2.814 100. Portugal. 23 © Brand Finance plc 2011 © Brand Finance plc 2011 24 . With 1. Argentina and USA. It has maintained it AAA+ brand rating. according to Coke’s Chief Strategy Officer John Farrell. it retains its title as the world’s fastest growing retail bank. In the UK. restaurants and vending machines in over 200 countries. The soft drinks market has become ever more competitive as consumers increasingly in the developed world are turning away from carbonated sweet drinks to vitamin water and fruit juices. Most noteworthy is the bank’s involvement with Formula One. This offers consumers a huge variety of drinks as well as the opportunity to create their own by mixing existing ones. where per capita annual consumption was just three units in the early 1990s. Germany.5%. for instance via the MyCokeRewards programme which offers credits through Facebook for various forms of engagement is one method.9 billion on advertising. Brazil. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 16 25. but now stands at 34. The Spanish bank continues to bolster its international footprint with an aggressive acquisition policy. Farrell points to growth in China. As such. This year however. with the majority of its business now centred in and around its nine major markets: Spain. Santander Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 2011 15 26.5 billion servings a day arising from sales in shops. Alliance & Leicester and parts of Royal Bank of Scotland Group (RBS) under its single brand. Coke may yet recover its position at the very top of the BrandFinance® Global 500. Coca-Cola reported losses on its net income in 2010 of US$2 million. Its brand. underlined by the strapline ‘Together.087 Santander is Europe’s largest bank by market capitalization and the 4th most valuable banking brand with US$26.150 AAA Spain Banks 2010 13 25. Coupled with associated health concerns. Santander has also been actively undertaking sports sponsorships in an effort to consolidate and strengthen its single brand approach. Despite a slight increase of US$574 million in brand value. it has not been enough to retain its position and has consequently dropped from 13th to 15th place in this year’s rankings.807 AAA+ 69. an increase of 4. The second tactic is to effectively target emerging markets. that were thought be based around mark-to-market adjustments on fuel and aluminium. In explaining the drop. There will be two key components for future growth. Since 2007 Santander has been a corporate partner of the Vodafone McLaren Mercedes F1 Team. we are Santander’ and supported by significant marketing investment.844 AAA+ 87. The first is consumer engagement.281 128. has seen the company fall from 3rd place to 16th place this year in the brand ranking. a media specialist agency estimated that Santander made a return on investment of 270 million Euros for its F1 sponsorship. Diet Coke and Coke Zero and Vitamin Water brands.576 AAA+ 16. The machine has the added benefit of supplying Coca-Cola with a raft of data that can be used to hone the products of the future. UK. but its brand value has dropped by US$9 billion since 2010. the Coca-Cola Company is the world’s largest soft drinks company. Brand Finance CEO David Haigh also points to changing consumer tastes worldwide. and the newly released ‘Freestyle’ vending machine.2 billion.508 US Beverages 2010 3 34. the company is increasing focus on its sugar free products. Bradford & Bingley. Mexico. Chile. and asset losses during flooding in Nashville. In 2010.Top 20 Most Valuable Global Brands 15. Santander is already well underway to absorb UK banks Abbey. though not the most valuable this year. is arguably the most recognised trademark worldwide.

The flagship brand. which uses Google’s highly successful Android operating system. It is the first major Tablet contender to use Google’s Android system.327 86.595 US Restaurants 2010 18 20. McDonald’s have also responded to new demands from traditional markets with products such as breakfast oatmeal.or convince new users of the benefits of tablets as a whole remains unclear. in 2010. with product recalls of Happy Meal toys.Top 20 Most Valuable Global Brands 17. Frappes and smoothies. and its brand value has increased by US$1.384 South Korea Consumer Electronics McDonald’s Corporation is one of the largest chains of fast food restaurants in the world. and a reduction in total US sales. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 18 21.000 employees worldwide. Samsung launched the Galaxy Tab to rival Apple’s iPad. The continuing appeal of the core range.140 18.6 billion. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 17 21. serving 27 million people per day. going from US$77 billion to US$89 billion.925 AA+ 113.S. becoming one of the top 20 global brands for the first time. This has not been a trouble-free year for McDonald’s. The retention of the strong AA+ rating is a suitable reward for an impressive performance and caps a successful year.842 AAA 89. 2010 saw the release of Samsung’s latest smartphone handset.192 AAA77. On the other hand. The recession has led to more competition on price with rivals such as Burger King and a increasing reliance on cheaper. Samsung. Unsurprisingly consumers have shied away from more expensive items as overall discretionary spending levels dropped reflecting fears of a double-dip recession. has had a highly successful year with a jump in brand value of US$2. sales of coffee declining by around half.000 locations in the U. low margin items. This year has has seen McDonald’s position move up one place to 17th. Increasing costs of food commodities may prove challenging going forward. More recently. More positively. with 14. the Nexus.511 AA+ 2010 23 18. in emerging markets stand the company in good stead for the future. 25 © Brand Finance plc 2011 © Brand Finance plc 2011 26 .65 billion. European sales have risen whilst growth in emerging markets remains strong. However its ability to either capture market share from the iPad – given the astonishing levels of brand loyalty shown by Apple consumers . The company continues to successfully introduce ‘glocalized’ products that are tailored to regional tastes whilst retaining the core attributes of the McDonald’s brand. product innovation and growing disposable income The Samsung Group is a consumer electronics manufacturer with assembly plants and sales locations in over 65 countries and 165. McDonald’s has suffered less than many other food retailers whose proposition focused on more expensive items.

from mobile phones to banking. a deal valued at €30 million each year (in addition to prize winnings). the brand stuck to its quality. Due to the high level of customer service throughout the period. further indicating that demand for premium car brands has started to pick up again. the luxury automaker is already the fastest growing premium brand in the market. it has maintained its high marketing standards and position as the top British brand.969 20.000 of its products after fears over potential power steering problems in its C and E class sedans. However. Losses have also been reported in China for the second half of 2010 and plans for 80 new shopping malls have been scaled back to 50.883 A+ 114. towards the end of 2010. Mercedez-Benz. At the same time. Waitrose is in rude health but there has also been a significant challenge from newer value-oriented entrants such as Aldi and Lidl. the brand has not been negatively affected in any major way and has improved its brand rating from A+ to AA.654 AAA73. Despite the global downturn in the automotive industry. the German manufacturer of cars. which celebrates its 125th anniversary this year. The company. Competitors BMW and Audi have also fared well.129 AAA 69. Its brand rating has strengthened from AAA. Tesco has replicated its great success in the UK across a number of territories worldwide. The UK supermarket sector has undergone significant change in the last five years with a degree of polarisation.328 78. is a new entry into the top 20. In China. Mercedes also won the hotly contested battle to secure sponsorship of the Malaysian oil company Petronas. coaches and trucks. coupes and convertibles. an increase of 50% on last year’s value. Mercedes-Benz recalled over 85. comfort and safety values by offering free vehicle inspections to customers. 27 © Brand Finance plc 2011 © Brand Finance plc 2011 28 . 2010 also saw the return of Mercede’s return to Formula One under the name Mercedes GP Petronas Formula One Team. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 20 20. 2011 Brand Ranking Brand Value (US$m) Brand Rating Enterprise Value (US$m) Domicile Industry Group 19 21.Top 20 Most Valuable Global Brands 19. markets have started to recover and sales for premium car brands are rising again. Though the brand has dropped two places from last year. Fresh n Easy. announced in the last quarter of 2010 that 13 stores would be closing due to difficult market conditions. At the premium end.057 Tesco is the third and final British brand to appear in the 2011 Brand Finance® Global 500. Throughout the recall. Tesco’s US subsidiary. both seeing significant rises in their brand value. buses. Tesco has sought to continue its rapid growth by extending its brand into a number of different fields. has shot up the rankings with a brand value of US$20. catering to cost-conscious consumers in the wake of the recession. with losses totalling £186 million last year.to AAA and brand value has increased by nearly US$475 million.798 AA Germany Auto Manufacturers 2010 39 13. However the UK operation remains by far the most profitable and efforts in some countries are provide a reasonable financial return.868 UK Retail 2010 17 20.8 billion.

Brand Stories 29 © Brand Finance plc 2011 © Brand Finance plc 2011 30 .

However. However. another has usurped its position in the technology world. initially just as a search engine service. including the acquisition of online video-sharing site YouTube in 2006 for US$1. news. launched in 1998. Founded in 1976 in Cupertino California. translation services and much more besides. iPhone and the iPad. digitised books. the careful cultivation of this image has continued. from socialising and interacting to shopping and banking. who has been central to Apple’s success. just as Apple has bested one rival. but it would help finance the continued growth and spate of acquisitions that Google undertook. Android. Google. US$1. Apple commands the kind of devotion other brands can only dream of. From just a search engine in the late 1990s. It rapidly grew in popularity through the early 2000s.65 billion of stock. summarised neatly by a quote from the UK’s Bishop of Buckingham who stated. Apple now has 46. Google would not instantly seem to be a direct competitor for Apple. Reflecting this dominance. The most high-profile of these rivals is Apple. As Apple’s portfolio of products broadened in the 2000s. with new store openings 31 accompanied by scenes of near hysteria. Google has replaced Wal-Mart at the top of the list and now tussles with other tech giants for dominance. technology brands now define the way developed nations carry out many daily activities. email. capturing market-share from rivals such as Yahoo!. A recent BBC documentary revealed that Apple devotees show brain activity consistent with those who venerate religious iconography when discussing their favourite Apple products.9 billion in contrast to Google’s US$1 billion. The company has fostered a brand image that actively sought to rejects the traditional perception of Microsoft as staid and corporate.600 (as of September 2010) and worldwide annual sales of US$65. whose focus has been mainly on hardware and operating systems. Apple has permeated mainstream society to the point that it has worldwide. Twenty years ago. Not only did this make many of Google’s employees paper millionaires overnight. However. However this is more than hollow marketing spin. The 2011 study clearly illustrates how dramatically this picture has changed in the last two decades. ‘Christianity you have to wait for the second coming…with Apple it happened in 1997’ in reference to the return of Steve Jobs. Google has adopted a more open strategy with fewer restrictions on application developers and a wide range of handset providers. the company moved into a different league. near fanatical fanbase. It is the world’s most visited website.‘Rise of the machines’ Google vs Apple Technology has been the key sector in this year’s BrandFinance® Global 500. Google now offers maps. Google has diversified its own services hugely. © Brand Finance plc 2011 © Brand Finance plc 2011 32 . reports of the iPhone’s decline are almost certainly premature. urban. creative people. with the iPod. In contrast to Apple’s generally tight control. technology brands were very much on the periphery and rarely featured in a consumer-facing context. as in terms of revenue Apple remains unchallenged. However just as Apple has launched the iPhone. This strategy appears to have been hugely successful and Android now has overtaken Apple in terms of handset sales. Google has released its own mobile operating system. following its initial public offering in 2004. Despite its prowess within the technology world.67 billion worth of shares were sold. the most notable being HTC. From work-place tools and entertainment platforms. Its earnings for the last quarter were US$11. Apple overtook its arch rival Microsoft’s market value for the first time. in 2010. giving Google a market capitalisation of over US$25 billion.2 billion. with Apple positioning itself as the lifestyle brand of choice for young.

4 billion. Disney continues to investigate additional revenue streams. In the short-term. Disney has become the world’s most recognisable and valuable entertainment brand. the name of the elite US Navy Seal Team that killed Osama Bin Laden in Pakistan. it is a potentially hazardous departure from the core Disney positioning and could damage the brand value in the short and medium term. by adhering to strict guidelines.Founded in 1923. Disney‘s brand value has increased substantially.” “toys. and then buy the classic films and merchandise for their own sons and daughters. This is partly due to the fact that consumers are actually brand loyal to the Disney brand.” Whilst there is almost certainly a market for these types of products. Disney is a global enterprise consisting of four additional business segments – media. Coinciding with the release of Disney’s latest movie in 2011 ‘Tangled’. the extensions serve to expand the revenue footprint without diluting the core brand equity. theme parks and resorts. games and playthings” and “clothing. footwear and headwear. from innovative digital platforms to the more established outlets of theme parks and character licensing. There has been coverage in the press alleging that Disney has applied for the trademark of “Seal Team 6”. particularly if it is representative of a change in strategy. increasing to US$15. It continues to be a profitable business. The trademark supposedly covers the following areas:”entertainment and education services. Viacom’s MTV or Fox’s The Simpsons. particularly in the computer games and toys sectors. The company actively monetises the equity built up within its brand and is constantly looking to license or extend into new categories. incorporating an increasingly contemporary tone. as opposed to the product brand – e. one of the highest in the BrandFinance® Global 500. However. This mix of high-quality creativity and successful business acumen has enabled Disney to achieve a AAA+ Brand Rating. more recently. The company still leads other entertainment brands. 34 ‘Will there be a happy ending?’ Walt Disney 33 © Brand Finance plc 2011 © Brand Finance plc 2011 . in terms of brand value. The periodical reissuing of its film library means that successive generations grow up listening to Disney songs and watching its animated characters.g. regularly producing contemporary films that are underpinned by messages of positivity and family values and. such as Viacom or Fox. studio entertainment and consumer products.

dwindle or collapse in the face of Facebook’s relentless advance. However there is no denying that the social networking site has had the greatest recent cultural impact of any brand in this year’s BrandFinance® Global 500. apps for the android mobile operating system and iPhone have been developed so that Facebook is regularly used remotely by over 250 million people. valued the company at over US$50 billion and shares in Mail. Started in Mark Zuckerberg’s dorm room just over five years ago. covering all social and work groups across multiple countries. Facebook now has more than 600 million active users around the world and is translated into dozens of language. there is huge public and private interest in a potential IPO. The range of services offered by Facebook has expanded rapidly. Facebook has grown to eclipse all competitors in the social network market place. Its commercial clout and diversified service offerings are beginning to seriously threaten much larger competitors. In time. 35 © Brand Finance plc 2011 © Brand Finance plc 2011 36 . This has enabled the introduction of the Facebook Places feature. Facebook is rapidly becoming a major commercial force. the groups they join and the branded pages they view. partly in a bid to monetise the enormous and growing user base. With a brand value of US$3. Despite this. Through it is based on a traditional web platform. As an example. the site increasingly uses targeted adverts based on their user profiles. Goldman Sachs. the leading investment bank. Pioneers such as Friends Reunited.7 billion it still lags other technology giants. users are expected to be able to redeem discounts at participating retailers for visiting their stores. Meanwhile countless digital marketing companies are cooperating with Facebook to facilitate the relationship between consumers and their clients’ brands. through features such as the ‘like’ button. their activity on the internet. expanding from one IvyLeague campus to another. The site’s user base then broadened. MSN messenger and latterly Bebo and Myspace. Although many exuberant valuations of tech companies are eliciting fears of another tech bubble. the growing rivalry between Facebook and Google was highlighted recently when Facebook admitted hiring PR firm Burson Marstellar to smear Google over privacy policies. where users ‘check in’ to particular locations.Ru performed well on opening. before swiftly leaping the Atlantic to incorporate prestigious universities in other countries in the UK and Europe. More recently.‘Like?’ Facebook This year’s highest new entry is Facebook. Mark Zuckerberg’s elevation to Time Magazine’s man of the year 2010 shows how Facebook has captured the public’s imagination and. The site’s user base grew organically. have all seen their user numbers stall. Major blue-chip companies are realising that Facebook’s colossal user base and high retention rate make it a potentially invaluable marketing and communication tool. in part due to its shareholding in Facebook. more critically.

Firstly. However. the brand was repositioned in the 1950s to target the growing proportion of male smokers who wanted the perceived health benefit of filtered cigarettes. the sector will become increasingly commoditised which has a calamitous impact on brand values. This immediately prevents companies from differentiating their products. And where the liberal. and perhaps most critically in terms of brand value. Although China has a lower per capita number of smokers than most countries. 37 © Brand Finance plc 2011 © Brand Finance plc 2011 38 . Some reports suggest that companies will only be allowed to use the title of their product. ranking 181st. legislators are now considering implementing laws that drastically reduce the amount of on-pack branding that cigarette companies can employ. there is no reason why Marlboro will not hold on to its position in the Global 500. A brand is much more than simply the title of the product or service. Assuming legislation in these countries remains tolerant. healthconscious West Coast goes. As a result. Thirdly. Originally designed as a cigarette for women. many national policy-makers banned conventional cigarette advertising and overt sponsorship activity some time ago. Marlboro and other cigarette companies are now facing an attack on three fronts from legislators. an increasing number of jurisdictions are banning smoking in public places. New Zealand introduced and then abandoned restrictions concerning in-store display of tobacco products after research found there was no correlation between the ban and purchasing habits. Brand loyalty levels remain high. particularly in the consumer goods sector. providing reassurance to male smokers that their masculinity was not undermined by using filters. it will struggle not only to attract new consumers but it will also become harder to charge a price premium.The Top 20 Banking Brands ‘Thank you for smoking’ Marlboro Marlboro is the only tobacco brand in this year’s Global 500 with a brand value of US$5. written in a generic black font on a plain white background. However. many follow. in Ireland.5 billion. with a handful of cities in the US state of California taking the most restrictive policy in prohibiting smoking on beaches and in public parks. If a company is unable to drive awareness or differentiate itself. there are positive signs for manufacturers. thereby further reducing awareness levels. propensity to switch between brands remains static and there are examples that the more aggressive legislation may not be universally implemented. this legislation is now sometimes going further. the government recently banned the display of any tobacco items in retailers. it consumes approximately one third of the world’s cigarettes. It is an indicator of a specific experience for the purchaser. Secondly. Unsurprisingly the developing world offers major opportunities. The initial advertising featured the now iconic imagery of an American cowboy.

This was just US$100 million behind total US box office takings for the same period. This novel and engaging feature. As a result.72 billion. Xbox has emerged ahead of its rivals in this year’s Global 500. Nintendo have traditionally targeted a slightly younger audience. and the number 39 Xbox 360 vs PS3 vs Wii and quality of games soon increased. but has created a huge new market of casual gamers which is less malefocused and more family-oriented than traditional gaming audiences. Xbox’s latest iteration. with 80 million units sold. Xbox Live continues to grow with currently more than 25 million subscribers. was released in 2005. though unchallenged until late 2010. However. Microsoft’s Xbox (207th). The latter has taken motion sensitive controllers to the next level by eliminating the need for a hand-held device. If Sony is able to mitigate the negative customer perception effects of the security breach. which has not only targeted younger gamers. Nintendo are planning on releasing the next iteration of the Wii in 2012 which is rumoured to be more powerful than both the Xbox360 and the PS3 and offer high definition video output. The key question for Nintendo is whether its forecast innovations will be sufficiently appealing to allow it to successfully compete against Xbox and Playstation. or whether it will suffer in the long-term from its lack of appeal to the hard-core gaming audience. As a result. This distinctive approach has been extended with the Wii. Sony envisaged the PS3 as far more than just a games console. shipping over 10 million units and becoming the world’s fastest selling consumer electronics device according to Guinness World Records. which were a unique selling point for four years following the 2006 release. Playstation arrived in the 1990s and ever since the arrival of Xbox in 2001. The Xbox 360 has tended to outsell the PS3 by a small margin. the company made a staggering US$3 billion loss on the first 41 million units sold. was launched in 2006. Though this is not represented in this year’s figures. outsells both Xbox and Playstation. the two brands have competed head-to-head. key to the Wii’s success to date has been its motion sensitive controllers. In 2009. Sony’s Playstation (316th) and Nintendo’s Wii (318th). exclusive to Xbox. Sony were determined it would not happen again given the importance of the high definition DVD market. where more than 70 million users had their personal information stolen. The third player is the Wii. which receives fairly universal praise for its ease and usability. 55 million units compared to approximately 50 million. the Xbox 360. The PS3 has been used as a loss leader to trump the competition in the broader electronic entertainment category. This is due in part to the massively successful Halo franchise. Since its launch. with simpler gameplay and friendly. Having learnt from their mistakes. the PS3. and Microsoft’s online multiplayer gaming service Xbox Live. feature prominently in the 2011 BrandFinance® Global 500.5 billion. Playstation has recently suffered from a major security breach in Sony’s online gaming and digital media distribution service. Sony and Playstation have the monumental task of convincing its users that their personal and financial details are safe in their hands. Sony should not be too disappointed with its performance. Wii’s brand is valued at US$3. a significant revenue stream for Microsoft. Despite marginally losing out to Microsoft. As well as its shrewd identification of new markets. colourful characters such as Mario. © Brand Finance plc 2011 © Brand Finance plc 2011 40 . Crucially however. In this context it is unsurprising that the three largest home console brands.34 billion brand value and challenge Xbox’s position as the number one home gaming console brand over the next year. they will be in a strong position to build on their US$3. the PS3’s initially limited range of desirable game titles and higher price point were considerable disadvantages. while the third outing for Playstation. There is method in the apparent madness. Mindful of having lost the VHS-Betamax format war in the 1980s. it will almost certainly negatively impact its brand value next year. as every PS3 has been a ‘Trojan Horse’ for Sony’s blu-ray disc player. Sony’s blu-ray format has eclipsed Toshiba’s rival HD DVD format. However. It has proved to be a phenomenal success.32 billion which places it just behind PlayStation. particularly for more committed ‘hardcore’ gaming audience. Titles such as Wii Party encourage group participation and a reduced time commitment.‘Game on’ Relatively few people outside the video gaming industry realise the sheer size of this sector. The next couple of years will be a dynamic and interesting time in the home console market. now faces stiff competition from Playstation’s ‘Move’ and Xbox’s ‘Kinect’. computer and video games software sales in the US were US$10. instead relying on a camera and body-movement sensor. produced by veteran console manufacturer. with a brand value of US$4. while the Wii Fit device encourages adults to use the console as part of their fitness regime. game developers have slowly come to grips with the machine’s hardware capabilities.

and despite setting its sights to overtake the overall market leader.5 billion in 2009. took a leave of absence from the sport after being exposed by multiple media outlets as a serial adulterer. This heavily impacted his commercial appeal. non-performance-related product lines will all play a part.8 billion. the potential customer base is truly global. capitalising on their sporting heritage and treading a delicate path between product innovation and continuing their success of producing more styledriven. they can’ The sports industry is booming. particularly online. While placing at 492nd in the Global 500 this year. Nike. Its brand value has also increased from last year to US$6. 12 wore Adidas. attempting to redeem his status as a family-friendly. When official sponsor Adidas produced its own Star Wars themed World Cup video featuring David Beckham it had 2. has reached its highest Global 500 brand value figure ever of US$2.. That sponsorship has enabled Puma to associate itself with a series of phenomenal athletic performances that have captivated global audiences. 2009 was an eventful year for Nike. When Bolt virtually sauntered to record-breaking 100 and 200 meter world records in 2009 wearing Puma. The commercial polarised audiences. featuring Wayne Rooney and Cristiano Ronaldo it was viewed more than 14 million times in less than a month. golf world no. Its brand value fell to US$1. 42 Nike vs Adidas vs Puma © Brand Finance plc 2011 © Brand Finance plc 2011 . but more importantly for Nike. it was said to be comparable to that of Cristiano Ronaldo’s four year contract with Nike that was worth US$32. with several sponsors – including Accenture. 1 ranking in October 2010 and has continued on a winless streak ever since. however. Unsurprisingly Puma have announced that Bolt will play a vital role in the marketing of the company in the run up to London 2012. rising two places since the previous year. Puma is still a small player relative to Adidas and Nike. the US professional services firm . Another event which brought the two companies directly against each other was the FIFA World Cup 2010. to sponsor a 16-year-old Jamaican athlete called Ussain Bolt.withdrawing their endorsement contracts. In 2010 Puma made history when Bolt signed the biggest sponsorship deal ever recorded in athletics. Adidas is Nike’s main competitor. With rising budgets helping to promote elite athletes and teams to even the remotest markets in the world. Nike employed various ambush marketing techniques. held in South Africa.. the long-reigning. being asked whether he has learnt anything from his mistakes. aspirational sporting icon. While nine of the 32 teams wore kit made by Nike. to drive awareness of its brand. Part of Puma’s rise is attributable to their decision. Despite Adidas being the official sponsor of the event. taken in 2003. and in 2011. who has for many years been the official kit sponsor for Olympic Games for Team Great Britain. the media value for the company alone was over US$105 million. ranking 139th. announced that they would team up with British designer Stella McCartney to make the kit as stylish as possible. Puma has the ingredients and heritage to increase its brand value and rise up the table. the company released a bold TV commercial that incorporated his late father’s voice. Hoping that he would once again regain his title and winning ways. The TV spot.3 billion. 1 and long-term Nike spokesperson.yes. but has crept up in recent years. When Nike launched its World Cup advert.5 million. shown before Woods’ return to play in the 41 US Masters’ tournament. Nike remains the most valuable brand in the apparel industry in the BrandFinance® Global 500. In 2010 Adidas. Although the exact figures for the deal were not released.8 million views in its first week. Woods lost the World No. increasing in both brand value and ranking (31st). The Oregonbased company became the official sponsor of the Vancouver Winter Olympics but faced a difficult decision when Tiger Woods. Selecting the right rising athletic and sports stars. stood by their man. depicted the sportsman staring into the camera. clearly differentiating themselves against Nike and Adidas.‘Can they kick it . Adidas has this year failed to beat Nike in the Global 500.

ISO 10668: Global standard for brand valuations 43 © Brand Finance plc 2011 © Brand Finance plc 2011 44 .

a worldwide federation of national standard setting bodies. ‘IS 10668 gives brand valuation analysis the institutional credibility which it previously lacked. including: accounting and financial reporting. insolvency. the valuation assumptions used and the ultimate valuation opinion. Brand Finance became one of the very few companies in the world to be accredited with the ISO 10668 global standard for brand valuations.ISO 10668: Global standard for brand valuations In December 2010. Requirements of brand valuation an ISO compliant IS 10668 is a summary of existing best practice and intentionally avoids detailed methodological work steps and requirements. Brand Finance plc In 2007 the International Organization for Standardization (‘ISO’). The new IS applies to brand valuations commissioned for all purposes. It applies to all proprietary and non-proprietary brand valuation approaches and methodologies that have been developed over the 45 © Brand Finance plc 2011 © Brand Finance plc 2011 46 . all of which need to be transparent to a user of the final brand valuation report. It professionalises brand management’ David Haigh. CEO. tax planning and strategic planning. was the UK representative on the ISO working party and chaired drafting meetings over a 2 year period to shape ISO 10668 – ‘Brand valuation – Basic requirements for methods of monetary brand valuation’. David Haigh. IS 10668 – Monetary Brand Valuation – was released in Q4 2010. setting out the principles which should be adopted when valuing any brand. set up a task force to draft an International Standard (‘IS’) on monetary brand valuation. Under IS 10668 the brand valuer must declare the purpose of the valuation as this affects the premise or basis of value. ISO 10668 is the international norm that sets minimum standard requirements for the procedures and methods used to determine the monetary value of brands. CEO Brand Finance.

this is not a widely used approach. the premise or basis of value and the characteristics of the subject brand dictate which primary approach should be used to calculate its value.ISO 10668: Global standard for brand valuations year. replace or reproduce an asset of similar utility. to arrive at ‘economic profits’ attributable to total intangible capital employed. Market approach . In practice it is often difficult to identify unbranded comparators. Price Premium and Volume Premium methods estimates the value of a brand by reference to the price premium it commands over unbranded. Financial analysis Brand Valuation Approaches Market Approach Based on an estimate of the price expected to be realised if the brand were to be sold in an open market. covering each geographical jurisdiction and product or service registration category. ‘Cost’ and ‘Income’ approaches. which is more frequently used for strategic purposes. As the value of brands stems from their ability to generate higher profits for either their existing or potential new owners this is the most widely accepted and used brand valuation approach. Other methods go further to explain the value impact of brands on revenue and cost drivers.the ‘Market’.measures value by reference to what other purchasers in the market have paid for similar assets to those being valued. Cost Approach Based on the premise that a prudent investor would not pay more for a brand than the cost to recreate. weakly branded The brand valuer must then understand and form an opinion on likely stakeholder behaviour in each of the geographical. To do this it is necessary to understand: • Market size and trends • Contribution of brand to the purchase decision • Attitude of all stakeholder groups to the brand • All economic benefits conferred on the branded business by the brand 47 © Brand Finance plc 2011 © Brand Finance plc 2011 48 . Income-split method . Behavioural analysis ISO 10668 outlines various methods for conducting the income approach: Royalty Relief method . this is not a widely used approach. Income Approach Based on estimating the expected future. Behavioural analysis is used to identify the percentage contribution of brand to these intangible economic profits. as brands are unique and it is often hard to find relevant comparables. ‘Behavioural’ and ‘Financial’. This method assumes that the brand is not owned by the branded business but is licensed in from a third party. or generic products or services. Cost approach . In the wake of the standard’s launch it is expected that many companies will either value their brands for the first time or revalue them to comply with the standard. Other approaches include Multi-period excess earnings and incremental cash flow method. brands systematically are likely to be more sustainable long term. IS 10668 specifies that valuers must conduct three types of analysis before passing an opinion on the brand’s value: ‘Legal’. the legal owner of each relevant legal right and the legal parameters influencing negatively or positively the value of the brand. Legal analysis IS 10668 specifies three alternative brand valuation approaches . replacing or reproducing the brand. The first requirement is to define what is meant by ‘brand’ and which intangible assets should be included in the brand valuation opinion. This involves estimating the expected future. replace or reproduce an asset of similar utility. The valuer is required to assess the legal protection afforded to the brand by identifying each of the legal rights that protect it. It produces an estimate of the price if the brand were to be sold in the open market.measures value by reference to the cost invested in creating. The purpose of the brand valuation. after-tax cash flows attributable to the brand then discounting them to a present value using an appropriate discount rate. The value of the brand is deemed to be the present value of the percentage of future intangible economic profits attributable to the brand. national and international brands both large and small. Brand Valuation Approaches Market Approach Cost Approach Income Approach Direct Methods Royalty relief method Price Premium & Volume Premium method Incremental cash flow method Indirect or Residual Methods Income-split method Multi-period excess earnings method What will be the impact of ISO 10668? IS 10668 was developed to provide a consistent framework for the valuation of local. The primary concern was to create an approach to brand valuation which was transparent.this starts with net operating profits and deducts a charge for total tangible capital employed in the branded business.the most widely used method used to determine brand cash flows. after-tax cash flows attributable to the brand then discounting them to a present value using an appropriate discount rate. The value is deemed to be the present value of the royalty payments saved by virtue of owning the brand. providing they follow the fundamental principles specified in the standard.measures value by reference to the economic benefits expected to be received over the remaining useful economic life of the brand. product and customer segments in which the subject brand operates. This method is widely used because it is grounded in commercial reality and can be benchmarked against actual transactions. However. The valuer must precisely determine the bundle of Intangible Assets and Intellectual Property Rights included in the definition of ‘brand’. Taken together these methods provide a useful insight into the value a brand adds to revenue drivers in the business model. Income approach . reconcilable and repeatable. To identify the full impact on demand created by a brand the Price Premium method is typically used in conjunction with the Volume Premium method. As the value of brands seldom equates to the costs invested creating them (or hypothetically replacing or reproducing them). This approach is based on the premise that a prudent investor would not pay more for a brand than the cost to recreate.

49 © Brand Finance plc 2011 © Brand Finance plc 2011 50 . brand equity. Brand Ratings These are calculated using Brand Finance’s ßrandßeta® analysis. among others. taking account of its size. market share and profitability. It is conceptually similar to a credit rating. historic royalties paid in that sector and profitability of the company. based on three data sources (IBES. 4. • A five-year forecast period (2011-2015). Royalty Relief Approach Brand Finance uses the royalty relief methodology that determines the value of the brand in relation to the royalty rate that would be payable for its use were it owned by a third party. 5.e. geographical presence. at an appropriate discount rate. gearing and brand rating (see opposite). The royalty relief approach is used for three reasons: it is favoured by tax authorities and the courts because it calculates brand values by reference to documented third-party transactions. historic growth and GDP growth). Model the market to identify market demand and the position of individual brands in the context of all other market competitors. it can be done based on publicly available financial information and it is compliant to the requirement under the International Valuation Standards Committee (IVSC) to determine Fair Market Value of brands. 31st December 2010. Where 2010 results are not available forecast using Institutional Brokers Estimate System (IBES) consensus forecasts are used. Calculate future royalty income stream. Discount future royalty stream (explicit forecast and perpetuity periods) to a net present value – i. • Perpetuity growth. 2. Brand Ratings Definitions AAA AA A BBB-B CCC-C DDD-D Extremely strong Very strong Strong Average Weak Failing Note: The AAA to A ratings can be altered by including a plus (+) or minus (-) sign to show their more detailed positioning. risk and future potential of a brand relative to its competitors on a scale ranging from AAA to D. 6. The brand earnings stream is then discounted back to a net present value. Obtain brand-specific financial and revenue data. according to a number of attributes such as financial. to arrive at a net present value (NPV) of the trademark and associated intellectual property: the brand value. The steps in this process are: 1. annual reports and Brand Finance research. Valuation Date Valuation Date All brand values in the report are for the end of the year. The data used to calculate the ratings comes from various sources including Bloomberg. Establish the royalty rate for each brand. This is done by: • Calculating brand strength – on a scale of 0 to 100. • Use brand strength to determine ßrandßeta® Index score. The royalty rate is determined by a combination of the sector of operations. reputation. Three forecast periods were used: • Historical financial results up to 2010. The royalty rate is applied to future revenue to determine an earnings stream that is attributable to the brand. • Apply ßrandßeta® Index score to the royalty rate range to determine the royalty rate for the brand. based on a combination of growth expectations (GDP and IBES).: the brand value.Explanation of the Methodology The methodology employed in this BrandFinance® Global 500 listing uses a discounted cash flow (DCF) technique to discount estimated future royalties. Calculate the discount rate specific to each brand. 3. which benchmarks the strength.

New York. Toronto and Zagreb. Geneva. IP lawyers and investment banks.About Brand Finance 51 © Brand Finance plc 2011 © Brand Finance plc 2011 Brand Finance is an independent global business focused on advising strongly branded organisations on how to maximize value through the effective management of their brands and intangible assets. Bangalore. Our work is frequently peer-reviewed by the big four audit practices and our reports have also been accepted by various regulatory bodies. Lisbon. Paris. www. including the UK Takeover Panel. thereby bridging the gap between marketing and finance. licensing and joint ventures) involving different forms of intellectual property • Valuations as part of a wider mandate to deliver value-based marketing strategy and tracking.brandfinance. Since it was founded in 1996. Singapore. Sao Paulo. brand and intangible asset valuations worth trillions of dollars. Moscow. Hong Kong. Cape Town. Barcelona. Helsinki.com 52 . tax authorities. Madrid. Brand Finance’s services support a variety of business needs: • Technical valuations for accounting. Colombo. Our clients include international brand owners. Istanbul. divestitures. Brand Finance has performed thousands of branded business. Sydney. tax and legal purposes • Valuations in support of commercial transactions (acquisitions. Dubai. Brand Finance is headquartered in London and has a network of international offices in Amsterdam.

measure the results and articulate the return on brand investment. tax authorities and lawyers. tax planning. resulting in robust valuation methodologies. allocate budgets to activities that have the most impact. Our valuebased marketing service enables companies to focus on the best opportunities. Our services compliment and support each other. We work closely with auditors. Financial reporting Tax and transfer pricing Litigation Investor relations Brand equity drivers Brand strength analysis Brand risk analysis (ßrandßeta®) Brand scorecards Marketing mix modelling Marketing ROI Brand strategy Brand architecture Brand extension Budget setting and allocation Brand value added (BVA®) Brand due diligence Brand licensing Fundraising 53 © Brand Finance plc 2011 © Brand Finance plc 2011 54 . Analytics Our analytical services help clients to better understand the drivers of business and brand value. Strategy We give marketers the framework to make effective economic decisions. Transactions We help private equity companies. we are entirely focussed on quantifying and leveraging intangible asset value.About Brand Finance Brand Finance is an independent global business focused on advising strongly branded organisations on how to maximize value through the effective management of their brands and intangible assets. joint ventures. venture capitalists and branded businesses to identify and assess the value opportunities through brand and market due diligence and brand licensing. IPOs and other transactions. where it is created and the relationship between brand value and business value is a vital input to strategic decision making. At Brand Finance. Understanding how value is created. M&A activities. which are underpinned by an in-depth understanding of revenue drivers and licensing practice. Valuation We perform valuations for financial reporting.

Combining market intelligence.Our Services Valuation We conduct valuation and analytics assignments for branded enterprises and branded businesses. negotiations. intangible assets and intellectual property in many jurisdictions for accounting. We also provide advice on best practice in licensing agreements. corporate finance and marketing purposes. provides a strategic overview of the risks and returns associated with each market segment Strategic Optimisation: We help branded businesses increase their value. venture capitalists. creating and reinforcing brand and professional corporate image. Naming and Visual Identity Management: We work together with clients to help develop research-based naming strategies that are aligned with the overall business objectives of the company. The initial valuations and subsequent impairment reviews generally require the opinion of an independent valuation expert. Commercial Transactions: We help clients to determine the value of their intangible assets and enterprise value for mergers and acquisitions. extract maximum value in mergers and acquisitions as well as private equity investments. Brand Finance works for both fiscal authorities and brand owners on transfer pricing and capital gains tax issues. we provide greater depth and insights into our clients’ strategies. joint ventures. 55 © Brand Finance plc 2011 © Brand Finance plc 2011 56 . Resources can then be allocated and prioritised based on the overall impact on financial value. brand analytics. including licensing. tax. We value brands. Brand Licensing and Franchising: We help maximise earnings and provide greater brand presence and knowledge by identifying the best opportunities for licensing and franchising. Understanding how value is created. private equity firms. market sizing. feasibility studies. In addition. brand owners and businesses identify and assess the value of opportunities through brand due diligence and brand strategy option. we assist in securing finance against brands by using a mixture of financial. brand architecture changes. where it is created and the relationship between brand value and business value is a vital input to strategic decision making. Using brand valuation techniques. Some of our key Transaction Services include: Support Brand and Market Due Diligence: We help clients by valuing branded businesses. Accounting standards in most developed markets allow for capitalisation of purchased intangible assets. We also provide litigation support work for various legal firms and IP companies. franchise and licensing and deal structuring to ensure that they make informed decisions. Communications Strategy: We help companies develop effective results-oriented communication strategies. Analytics Our analytical services help clients to better understand the drivers of business and brand value. Some of our key analytical services include: Brand Dashboards and Scorecards: We help companies improve brand performance management and reporting by integrating market research. legal. We also assist private equity companies. this identifies potential addition or loss of economic value under alternative brand architecture options and enables informed decision making. Using sensitivity analysis. entering or exiting new segments or markets and other transactions. Brand Architecture and Portfolio review: We help companies evaluate different branding architecture scenarios. Value Drivers Analysis: We help businesses understand the relationship between brand attributes and key value drivers in the business model. informing and creating positive perceptions and assisting in the introduction of new products to market. All communication strategies are driven by market research with the aim of meeting clients key objectives including building goodwill across customer base. Combined with brand valuation results. Budget Determination: We help clients identify which products or services and brands create or destroy the most value. tax authorities and work closely with lawyers. brand audits and brand portfolio evaluation. Our work is frequently peer-reviewed by independent audit practices and our approach has been accepted by regulatory bodies worldwide. Competitor Benchmarking: We conduct a benchmarking study of the strength. Brand Finance is able to help clients’ leverage brand value and ultimately maximise shareholder value. This is achieved by creating a framework for measuring brand equity and connecting it to value driving behaviour in each stakeholder group. In addition. risk and future potential of a clients brand relative to its competitor set. This helps understanding the strengths and weaknesses of the client brand compared with key competitor brands. both internally and externally. Clients can use this to allocate resources and budgets across their marketing activities to yield the best returns. investment. This helps identify the value optimising allocation of marketing investment. and investment banks. marketing and commercial due diligence. Transactions Our transaction support services help companies evaluate and mitigate risks. we help manage the entire visual identity process to help ensure that new and refreshed brand identities are implemented efficiently and effectively. brands and other intangible assets for purchase or sale providing reassurance to the investment and management teams. The model guides the mix and combination of future marketing activities Marketing ROI: We help clients improve decisionmaking by providing insights which assist with budget optimisation. We act on behalf of intellectual property owners. Our valuation services have assisted many companies to understand and improve the value of their intangible assets. Purchasing & Sales: We provide clients with an understanding of the financial potential of their intellectual property to help inform negotiation of rates and terms to strike the best deals. investment. Reasons for Reporting: Brand Valuation Financial Some of our key Brand Strategy Advisory Services include: Brand Strategy Evaluation: We help clients make disciplined choices about how to maximise economic value. Demand Forecasting: We provide clients with a market demand forecasting framework for long term strategic planning. generating sales. Marketing Mix Modelling: We help improve the efficiency of brand campaign planning and targeting by isolating and quantifying the impact of different marketing activities. Marketing & Brand Management: There is an increasing demand from investors and analysts for information on brand value and brand performance. Tax Planning: The growing importance of intangible assets has significant tax planning implications. we help clients determine the financial impact of different strategic brand options such as licensing. Market Entry and New Product Development: We work together with companies to develop successful market entry and new product strategies. Strategy We conduct market studies. Brand Finance advises clients on both the external disclosures and required brand metrics. brand performance and evaluation of marketing activities. resource allocation. Dispute Resolution: We have helped clients protect the commercial value of their brands through a range of licensing and trademark disputes that have been settled both in and out of court. our analytical service creates the framework for better corporate reporting and brand performance management. by providing a framework for optimal resource allocation and strategy selection. market and financial metrics into a single insightful model to track performance over time and against competitors and to uncover the most important drivers of overall brand and business value. Our role also includes the identification of potential purchasers and execution of the sales process. divestment. market research and financial assessment. By furthering knowledge of this relationship.

innovation. and focused on making the best financial impact. driven by real customer insight. 57 © Brand Finance plc 2011 © Brand Finance plc 2011 58 . Airlines. engaging your leaders and colleagues. centrally located between Piccadilly Circus and Trafalgar Square in the very centre of London. in that we have a roster of leading experts in different aspects of branding from around the world. Richard has worked with international brand owners from Durex to Diamonds. As well our established Banking. speaker and advisor on marketing. This provides expert advice and support to clients. This means that we can give objective. Beer brands. Peter is a business innovator. based in the new Haymarket offices. Advertising Agencies and many more. BrandGenius has a different way of working from other brand consultancies and design agencies. innovation. addressing and resolving a whole range of branding issues including brand positioning. Microsoft and Virgin. the brand strategy and innovation service line. 1 > Moving to new offices. BrandGenius® BrandGenius Ltd is a company within the Brand Finance group. David has written many articles and contributed to books on branding and business strategy. In his early career he worked as a marketer for Shell. Richard is the former President of Global Brands at Allied Domecq and now works with a range of businesses and entrepreneurs to help them get the most out of their budgets to achieve creative and successful turnaround programmes. Consumer Genius and Creative Genius. This complements and extends Brand Finance’s capabilities to build brand value for clients. the strategy and brand growth expert. the brand and business strategist. strategist and marketer. Cosmetics brands. which provides a full range of expert branding services. the well-known author. covering all aspects of consulting. Our experts each have decades of experience. 2 > Expanding our range of brand league tables to include more Sector and Country league tables. Our global headquarters is now at 56 Haymarket. David worked for McKinsey & Company before becoming European Director of Consulting at FutureBrand and then Senior Partner at Lippincott in London before founding his own branding practice. Cars. They include: Peter Fisk.Brand Finance continues to develop and expand In the last year Brand Finance has made three important developments. communications and design. and are recognised as leaders in their fields. as well as winning awards for creative brand design work. we have now produced the rankings for the top Wines and Spirits brands. Hensley Partners. David Hensley. yet also have the breadth of expertise to address branding issues of any complexity. Peter is author of the best-selling books Marketing Genius. Insurance and Telecoms league tables. communication and implementation. We bring together creative magic with commercial logic. having spent many years working with the likes of American Express and Coca Cola. and bring them into client situations as needed. impartial advice as we don’t have to keep our teams of experts or designers busy. design. and as a strategist for Carlton Communications. 3 > Growing BrandGenius®. BrandGenius combines the yin and yang of brand building. branding and innovation. We can help resolve any sort of branding issue. Richard Gowar.

To find out more visit www. To find out more visit www. trademark histories and the latest marketing news are compiled and shared. brand building and brand valuation come together to share their experiences and to better understand the process by which valuable brands are created. Switzerland The Brand Finance Forum has progressively become one of the definitive events in the area of brand valuation and should not be missed by anyone who is serious about maximising the value of their brands and intangible assets. As part of this process.com Brandirectory is an online encyclopedia of brands where financial results.brandfinanceforum. “Understanding the role of the brand in the generation of profit is vital to all businesses.” Ex-Chairman.com 59 © Brand Finance plc 2011 © Brand Finance plc 2011 60 . visual identities. we organise a series of events and forums around the world where leading practitioners in the area of brand strategy.brandirectory. Our league tables are the most comprehensive table of published brand values in the world.Brand Finance ® Forums Brand Finance is committed to the development of theoretical and practical issues surrounding brands. offering detailed brand profiles and comparative analysis across all major commercial sectors. • Brand league tables • Brand valuation reports • Brand profiles • Brand comparison tool It is an invaluable resource for brand managers. Shell Brands International. The Brand Finance Forum helped to create a breakthrough for my company.

The BrandFinance® Global 500 brand valuations follow IVSC guidance but will only comply with ISO 10668 Monetary Brand Valuation Standard when accompanied by detailed Legal and Behavioral analysis. is assigned a required rate of return. similar to a credit rating. patents) Undisclosed Intangible Value Fair market value (FMV) The price at which a business or assets would change hands between a willing buyer and a willing seller. and other debt. minus any intangible assets such as goodwill. and then these required rates of return are weighted in proportion to the share each source of capital contributes to the company’s capital structure 61 © Brand Finance plc 2011 © Brand Finance plc 2011 62 . neither of whom are under compulsion to buy or sell and both having reasonable knowledge of all relevant facts at the time Weighted average cost of capital (WACC) Global Intangible Finance Tracker (GIFT) The Brand Finance ‘Global Intangible Finance Tracker is the most extensive report ever compiled into intangible assets and covers over 5. Each source of capital.Glossary of Terms Brand A brand is a trademark and associated Intellectual Property Disclaimer System Brand Finance has produced this study with an independent and unbiased analysis. Goodwill. patents and trademarks. Holding company A company controlling management and operations in another company or group of other companies ßrandßeta® Brand Finance’s proprietary method for adjusting a weighted average cost of capital (WACC) to arrive at a specific discount rate for each brand (based on its Brand Rating) Institutional (IBES) Brokers Estimate A system that gathers and compiles the different estimates made by stock analysts on the future earnings for most of the major publicly traded companies Branded business The whole business trading under particular brands. The conclusions expressed are the opinions of Brand Finance and are not intended to be warranties or guarantees that a particular value or projection can be achieved in any transaction. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. No independent verification or audit of such materials was undertaken.g. The values derived and opinions produced in this study are based only on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. on a brand based on its strength as measured by Brand Finance’s ßrandßeta® analysis The present value of an asset’s net cash flows (minus any initial investment) Market Capitalisation (Market Cap) Brand value The net present value of the estimated future cash flows attributable to the brand (see Explanation of Methodology for more detail) Current price per share multiplied by the number of shares in issue Perpetuity Growth Compound Annual Growth Rate (CAGR) Is the stable growth rate assumed to be effective in perpetuity following the last explicit forecast period The year-over-year growth rate of an investment over a specified period of time Royalty Rate Discounted cash flow (DCF) A method of evaluating an asset value by estimating future cash flows and taking into consideration the time value of money and risk attributed to the future cash flows The rate at which usage-based payments are made by one party (the licensee) to another (the licensor) for ongoing use of the licensor’s asset. the associated goodwill and all the other tangible and intangible elements at work within the business Intangible asset An identifiable non-monetary asset without physical substance Brand rating Net present value (NPV) A summary opinion. less all liabilities and the par value of preferred stock Discount rate The interest rate used in discounting future cash flows Disclosed Intangibles This represents the value of acquired intangible assets as reported in a group’s financial statements Tangible Value Enterprise value The combined market value of the equity and debt of a business less cash and cash equivalents The fair market value of the monetary and physical assets of a business This represents the value of the intangible assets which are not separately reported in a group’s financial statements (e. The opinions expressed in the report are not to be construed as providing investment advice. such as stocks. sometimes an intellectual property right Royalty Relief Method Tangible Net Assets Please see methodology section Calculated as the total assets of a company. bonds. Brand Finance does not intend the report to be relied upon for technical reasons and excludes all liability to any organisation.000 companies in 25 countries An average representing the expected return on all of a company’s securities.

tavares@brandfinance. For further enquiries please contact: relating to this report.eremenko@brandfinance. Australia For further information on Brand Finance®’s services and valuation experience.com m.rocha@brandfinance.com s. please contact your local representative as listed below: Name of contact Tim Heberden Gilson Nunes Mike Rocha Borut Zemljic Richard Yoxon Marc Cloosterman Rupert Purser Unni Krishnan Email address t.cloosterman@brandfinance.com m.com w.gunewardene@brandfinance.com u.mcdonald@brandfinance. helping companies to manage their brands more intelligently for improved business results.dixit@brandfinance.com m.barker@brandfinance.nunes@brandfinance.com m.com r.com www.com Russia Singapore South Africa Spain Sri Lanka Professor Malcolm McDonald Chairman UK Pedro Tavares p.com 63 © Brand Finance plc 2011 © Brand Finance plc 2011 64 .com France Holland Hong Kong India Portugal Mike Rocha Managing Director Pedro Tavares p.krishnan@brandfinance.com David Haigh CEO Brazil Canada Croatia david.schmitz@brandfinance. please email: enquiries@brandfinance.com o.heberden@brandfinance.ilguner@brandfinance.com Ruchi Gunewardene Mike Rocha Muhterem Ilguner Willian E Barker r.com m.rocha@brandfinance.com b.haigh@brandfinance.com r.zemljic@brandfinance.yoxon@brandfinance.Contact Details Brand Finance plc is the leading independent intangible asset valuation and brand strategy firm.com g.rocha@brandfinance.brandfinance.com m.com Alexander Eremenko Samir Dixit Ollie Schmitz a.tavares@brandfinance.com Switzerland Turkey USA For all other countries.purser@brandfinance.

Appendix 65 © Brand Finance plc 2011 © Brand Finance plc 2011 66 .

455 17.368 70.862 16.866 153.140 86.083 11.508 89.342 98.340 11.442 41.805 36.358 17.514 19.066 244.144 82.473 20.178 13.400 16.355 16.049 52.585 229.805 19.155 225.655 16.464 15.129 20.319 56.087 87.754 528.885 102.041 60.317 AAA AA AA+ AA+ AAA AAA+ AAA AA+ AAA AA AA AAAA+ AA+ AA 171.605 18.883 17.170 14.543 28.012 16.152 26.089 92.576 34.402 128.709 12.664 31.674 30.319 25.150 25.078 18.678 18.643 16.069 26 27 28 29 30 31 32 33 34 35 40 28 43 25 27 33 42 66 45 54 36 55 44 35 51 116 37 46 62 34 50 19 73 30 65 Chase Intel Bradesco Orange Shell Nike Amazon Nestlé Barclays ICBC Citi China Construction Bank UPS Siemens Ford Itaú BNP Paribas Honda Chevron Target American Express Walt Disney Deutsche Bank AXA TATA Banks Consumer Electronics Banks Telecoms Services Oil&Gas Apparel Internet Food Banks Banks Banks Banks Transportation Miscellaneous Manufacture Auto Manufacturers Banks Banks Auto Manufacturers Oil&Gas Retail-Department Stores Diversified Finan Serv Media Banks Insurance Iron/Steel United States United States Brazil France Netherlands United States United States Switzerland Britain China United States China United States Germany United States Brazil France Japan United States United States United States United States Germany France India 90.132 105.132 66.220 36.194 17.829 21.901 95.619 30.169 15.087 Brand Rating 2011 AAAA+ AAA AA+ AAAAAA AA AA AA AA AA AA AA+ AA+ AA+ AA AAAAAAAA AA AA AAA+ AA+ AAAAAEnterprise Value Brand Value / Enterprise Value (%) 21% 21% 27% 17% 8% 58% 28% 26% 34% 8% 16% 8% 23% 16% 15% 17% 26% 18% 10% 30% 34% 30% 29% 37% 15% Brand Value 2010 13.844 20.756 26.642 13.105 208.652 6.504 29.543 16% 7% 32% 13% 26% 37% 24% 19% 30% 18% 10% 34% 22% 25% 11% 28.564 73.998 185.842 21.149 170.962 39.794 196.616 15.604 106.925 20.323 205.583 120.798 20.191 33.776 54.435 9.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 44.077 15% 12% 27% 15% 20% 40% 26% 22% 28% 18% 8% 37% 18% 36% 12% AAA+ AA AAA- 39 AAA AAA+ AAA+ AAA43 AA+ 44 AAA45 A+ 46 AA+ 47 AAAAAAA+ AA+ 48 49 50 40 41 42 67 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 68 .706 28.632 27.662 16.383 27.590 64.505 52.377 159.157 19.911 14.076 91.403 11.150 19.969 78.527 92.265 15.814 77.472 23.769 16.654 13.288 50.294 42.803 180.092 17.539 58.134 12.013 16.043 44.029 27.224 12.225 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 23% 17% 22% 19% 16% 23% 6% 13% 17% Brand Rating 2010 AAA+ AAA+ AA AA AAA AAA+ AA+ AAAAA Rank 2011 Rank 2010 Brand Value 2011 19.437 17.604 41.683 218.869 10 11 AT&T Fixed Line United States 28.057 231.808 13.300 103.293 26.984 43.618 52.923 64.882 90.868 114.299 18.546 69.119 208.325 189.673 193.718 192.990 190.163 381.382 136.694 45.269 103.529 15.622 18.028 178.186 204.192 18.157 30.117 61.216 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 19% 17% 24% 15% 8% 64% 24% 28% 23% 5% 20% 6% 21% 14% 13% 12% 21% 16% 7% 29% 30% 30% 23% 37% 18% Brand Rating 2010 AA AA+ AAAAA AAAAAA AA AAAAA AA+ A+ AA+ AA+ AA+ AA AAAAA AA+ AA AA AA AAA AAAAAAA- Brand Industry Domicile Brand Industry Domicile 1 2 3 4 5 6 7 8 9 2 5 1 4 7 12 6 20 15 Google Microsoft Wal-Mart IBM Vodafone Bank of America General Electric Apple Wells Fargo Internet Software Retail-Department Stores IT services Telecoms Services Banks Miscellaneous Manufactur Consumer Electronics Banks United States United States United States United States Britain United States United States United States United States 143.854 24.713 156.770 108.326 63.791 222.909 19.991 18.944 Brand Rating 2011 AAA+ AAA+ AA AA+ AAA+ AAAAA+ AAA AA+ Enterprise Value Brand Value / Enterprise Value (%) 31% 26% 23% 19% 16% 25% 6% 12% 21% Brand Value 2010 36.352 16.416 131.658 169.327 69.604 111.423 20.511 21.793 12% AA+ 36 37 38 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 8 14 9 10 13 3 18 23 17 39 26 22 29 31 24 HSBC Verizon HP Toyota Santander Coca-Cola McDonalds Samsung Tesco MercedesBenz Mitsubishi The Home Depot BMW Pepsi-Cola China Mobile Banks Telecoms Services IT services Auto Manufacturers Banks Beverages Retail-Restaurants/ Pubs Consumer Electronics Retail-Food Auto Manufacturers Distribution/ Wholesale Retail-Department Stores Auto Manufacturers Beverages Cellular Telecoms Britain United States United States Japan Spain United States United States South Korea Britain Germany Japan United States Germany United States Hong Kong 27.316 56.076 13.273 44.384 73.588 67.916 199.995 26.093 84.456 120.099 15.365 33.328 195.047 31.060 13.989 15.170 44.807 21.083 14.424 15.721 69.195 475.939 97.998 51.987 12% 26.133 17.293 100.884 AA+ 235.268 51.780 17.737 13.873 79.997 15.016 165.595 113.725 154.864 100.678 42.362 12.281 69.

334 69.898 10.468 5.662 11.316 149.750 12.108 AA AA+ A+ AAAAAA AAA+ AAAAA- 37.360 47.497 13.136 11.660 64.731 203.908 8.915 9.395 102.421 7.532 10.653 139.787 16.588 6.756 13.487 9.430 13.247 9.412 8.058 42.887 9.209 18.503 13.684 146.298 8.784 7.213 35.683 10.959 73.876 11.983 11.952 Brand Rating 2011 AA AAA BBB AA+ AAAAAAAAAAA+ AAAAAAA A+ AA AA+ AA134.406 13.707 11.729 9.379 134.283 9.608 64.638 46.917 8.226 15% 18% 13% 45% 27% 8% 36% 19% 40% 17% 40% 7% 17% 9.648 12.233 54.304 9.435 35.502 128.467 43.213 AA AAAAA AA AAAA AA+ AA+ A+ AA AA+ AAAAA AA AA+ AAAAAA AA AA+ AA AAAAAA+ AA 35.187 7.526 9.347 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 112 107 74 99 21 118 84 126 101 75 48 67 81 88 160 122 103 64 71 89 95 94 Olay Dell Allianz Bbva ASDA Fedex Unitedhealth 3M E.240 45.066 10.061 25.199 25.588 5.070 27% 18% 4% 35% 10% 7% AA+ AA+ AAAAAA+ AA AAA 23.261 8.689 10.551 7.ON NTT Avon KPMG UBS H&M NTT Docomo DHL Lowe's EDF Nokia Banco do Brasil Generali Canon CVS Agricultural Bank of China Boeing Cosmetics/Personal Care IT services Insurance Banks Retail-Department Stores Transportation Healthcare-Services Miscellaneous Manufactur Electric Telecoms Services Cosmetics/Personal Care Commercial Services Banks Retail-Clothing & Footwear Fixed Line Transportation Retail-Department Stores Utilities Peripherals Banks Insurance Office/Business Equip Retail-Drug Store Banks Aerospace/Defense United States United States Germany Spain United States United States United States United States Germany Japan United States Netherlands Switzerland Sweden Japan Germany United States France Finland Brazil Italy Japan United States China United States 11.658 9.395 90.732 12.302 12% 43% 3% 16% 17% 15% 6% 11% 41% 9% 14% 30% 23% 32% AA+ A+ AA AA AA AAA+ AA AAAAA A+ AA+ AA AA+ A+ Brand Value 2010 9.881 6.679 131.676 14.306 26.445 11.218 9.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 14.843 49 82 76 68 91 38 78 57 52 47 61 158 58 80 Oracle Hitachi ExxonMobil Nissan Credit Suisse Goldman Sachs Bank of China JP Morgan Sony GDF Suez VW (Volkswagen) Panasonic Sberbank Sam's Club 67 68 69 70 71 72 73 74 75 79 56 109 70 60 69 72 83 63 Carrefour Comcast Total Walgreens Cisco T-Mobile PwC Toshiba Heineken France United States France United States United States Germany United States Japan Netherlands 11.505 60.253 79.606 10.338 10.005 27.902 12.832 69.750 165.983 10.471 105.425 30.828 11.468 93.678 50.257 29.297 6.131 82.649 Enterprise Value Brand Value / Enterprise Value (%) 10% n/a 11% 29% 4% 20% 29% 16% 10% 20% 46% 10% 15% 28% 19% 39% 12.012 11.894 11.558 6.438 11.481 55.565 23.922 19.144 21.329 30.824 16% 62.447 44.876 28.697 9.615 28.836 10.543 65.372 9.997 20.666 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 5% Brand Rating 2010 AA+ Rank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) 31% 58% 21% 21% 46% 38% 30% 16% 10% 17% 64% n/a 67.787 50.442 82.953 50.720 10.134 53% 22% 16% 30% 32% 30% 11% 11% 14% 61% AAAAA AAAA AAAA AA AAAA+ AAAAAAAAAABrand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) Brand Rating 2010 Brand Industry Domicile Brand Industry Domicile 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 77 Movistar IKEA Cellular Telecoms Retail Software Electrical Compo&Equip Oil&Gas Auto Manufacturers Banks Banks Banks Banks Home Furnishings Electric Auto Manufacturers Home Furnishings Banks Retail-Department Stores Retail-Department Stores/ Mixed Goods variety stores Media Oil&Gas Retail-Drug Store Telecoms Services Cellular Telecoms Commercial Services Electronics Beverages Spain Sweden United States Japan United States Japan Switzerland United States China United States Japan France Germany Japan Russia United States 142.679 17.091 329.793 64.553 11.590 11.686 10.878 11.979 7.727 9.108 29.937 51.875 9.233 23.446 75.801 9.646 48.751 9.473 33.569 311.775 9.730 55.436 11.779 35.241 13.398 105.257 13.777 18.705 13.667 11.744 13% 18% 13% 36% 27% 6% 40% 15% 29% 14% 31% AAAAAA+ AAAAA+ AA AA+ AAA+ AA 18.628 35.645 81.525 12.126 9.572 68.032 7.602 14.358 51.526 57.122 8.908 49.314 48% 44% 23.976 31% 16% 8% 35% 13% 15% n/a 9.135 40.194 21.615 11.629 73.480 10.935 14.778 9.171 10.849 26.693 147.499 66.949 11.490 38% 39% AA AAA- 69 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 70 .513 10.634 110.507 8.994 132.160 9.286 9.438 23.705 12.280 57.194 12.134 30.003 140.334 15.095 9.252 65.

470 139.826 11% 7% 26% 13% 2% 27% 10% AA+ AA+ AAAAAAAAAAAAAAA AA Brand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 3% 24% 31% 7% 26% 2% 26% 29% Brand Rating 2010 Rank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) n/a 6% 11% 14% 5% 9% 11% 8% 20% n/a 36.714 8.250 7.765 57.139 114.801 7.221 8.685 8.835 262.630 7.702 6.746 6.848 6.037 6.143 25.232 21.754 6.466 59.779 14.317 53.323 36.758 6.972 10.037 6.407 48.866 4.548 8.080 60.469 5.600 31.982 7.424 6.277 4.315 8.135 7.663 86.784 7.612 40.728 7.811 35.983 76.470 40.485 5.612 63.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) 4% 28% 28% 7% 21% 3% 21% 21% 15% 14% 15% 27% 13% 4% 45% 10% n/a 40.805 24% 32% 24% 23% AAAAAA+ AA AA AA+ 8.697 85.987 31.607 46.575 8.117 5.824 175.982 203.463 7.393 7.769 30.347 55.678 71.703 8.757 19.633 3.237 18.534 6.967 6.879 5.159 16.042 42.844 18.003 5.610 245.061 9.460 32.182 17.657 11.051 5.756 64.170 8.092 n/a 19% 38% 43% 32% 32% 24% 24% n/a 5.069 7.555 6.993 66.788 18% 5% 6% 64% 28% 34% 27% 10% 48% 65% 15% 13% 46% 18% 25% 6.322 87.788 6.962 13.994 6.992 53.880 16% 83.332 6.037 8.584 4.911 142.230 AA AA 126 127 128 106 119 127 115 202 165 86 108 100 124 168 481 128 144 130 192 92 164 129 251 137 173 140 Standard Chartered TEPCO MUFJ China Telecom Sinopec Royal Bank of Canada Johnson & Johnson Reliance Morgan Stanley Ernst & Young Yahoo! NTT Data Enel Adidas FOX Peugeot UniCredit TorontoDominion Bank Sainsbury Nivea O2 Visa Best Buy Saint Gobain Banks Electric Banks Telecoms Services Oil&Gas Banks Healthcare-Products Oil&Gas Banks Commercial Services Internet Computers Electric Apparel Media Auto Manufacturers Banks Banks Retail-Food Cosmetics/Personal Care Cellular Telecoms Commercial Services Retail-Consumer Electronics Building Materials Food Britain Japan Japan China China Canada United States India United States United States United States Japan Italy Germany United States France Italy Canada Britain Germany Spain United States United States France France 7.840 27.189 7.053 56.521 30.284 20.095 178.653 6.571 8.212 9.769 28.809 7.627 24.002 7.423 AAAA+ AAA BB AA AA+ AA+ AA+ AA AA+ AA+ AAAAAAA AAA AA+ AAA AA AAAAAAAAAAAA+ AA AA AA- 209.160 6.187 36.631 23.931 AAAAAA+ AA+ AAA AA+ AAA+ AAA- AA+ 129 AA+ 130 AA A+ AA+ AA 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 123 85 183 59 104 175 166 135 105 114 Telecom Italia Iberdrola Société Générale SAP PetroChina eBay Caterpillar Deloitte Renault Gillette McKinsey 17.346 3.240 27.697 8.507 6.804 6.480 5.807 131.817 17.224 40.514 24.569 6.065 131.368 58.595 6.178 10.544 35.715 7.809 217.507 7.152 5.841 7.114 7.148 6.857 6.205 24.754 7.031 8.116 1.322 33.948 25.321 12.725 29.758 45.754 8.380 257.179 6.171 66.022 7.907 6.407 31.818 10.185 23.027 4.464 18% AAABrand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 14% 11% 11% 15% 2% 7% 10% 8% 17% Brand Rating 2010 Brand Industry Domicile Brand Industry Domicile 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 222 87 93 53 113 148 90 171 China Life Insurance Company BT Philips BP ING Petrobras Time Warner DIRECTV Mclane Company Insurance Telecoms Services Electronics Oil&Gas Insurance Oil&Gas Media Media Retail Wholesale Telecoms Services Electric Banks Software Oil&Gas Internet MachineryConstr&Mining Commercial Services Auto Manufacturers Cosmetics/Personal Care Commercial Services Cosmetics/Personal Care Food Insurance Food Banks China Britain Netherlands Britain Netherlands Brazil United States United States United States Italy Spain France Germany China United States United States United States France United States United States France United States Switzerland Australia Netherlands 9.325 5.911 7.000 51.458 AAAAA A+ AABBB AA+ AA A+ AAAAAAAAA AA AAAAA AAAAAAA+ AA+ AAAAAAA+ AA AAA- n/a 115.635 7.303 58.604 6.711 76.178 44.625 6.592 8.511 122.261 7.524 50.228 30% 19% 5% 51% 30% 19% 19% 10% 50% 43% 3% 9% 37% AA AA AA AAAAA AA A+ AA+ A+ AA AA+ AAAA+ 32 98 111 139 146 L'Oréal Kellogg's Zurich Woolworths Rabobank Danone 71 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 72 .153 8.621 6.336 7.558 6.000 23.380 5.374 7.033 8.528 8.443 7.935 23.315 63.365 7.419 7.040 12.

446 9.070 24.945 15% 3.230 16% AA 73 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 74 .449 5.553 17.722 25.162 5.S.654 176 177 178 179 250 167 Eni NEC Mitsui Oil&Gas Electronics Distribution/ Wholesale Home Furnishings Italy Japan Japan Japan 85.125 5.984 48.553 5.112 41.036 15.459 3.262 13.693 30.268 13.867 43.628 143 156 China Unicom Vinci 177 Sharp Sumitomo Mitsui Financial Group Marlboro Ericsson Bank Of Starbucks Randstad Kroger U.877 A+ A+ AA AA AA AAAAAAAAAA181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 179 134 198 247 260 405 110 273 163 286 172 220 231 230 246 Brand Value 2010 5.782 5.057 35% 10% AA AA+ AA 5.153 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 5% 33% Brand Rating 2010 A+ AARank 2011 Rank 2010 Brand Value 2011 5.109 10% 22% AA AA- 4.663 432.476 5.876 15.868 8% 23% 10% 35% 56% 57% 13% n/a 5.027 6.342 24.383 14.085 4.143 23.060 21.105 26.856 12.913 17% AA 3.315 6.208 6.387 50.046 5.775 9.609 17.435 45.501 2.085 6.120 140. Bank Petronas Jardines Union Pacific Oi Itochu China State Construction PNC Bombardier Heinz RWE Nescafé NBC International MTN Banks Japan 5.716 16.922 23.670 5.594 19.034 5.462 5.660 6.101 6.462 33.530 56.805 18.743 62.351 36.383 2.920 AA+ AAAAAA AA+ AAAA AAAAAAA AA+ AA A AA A+ AAA+ AA A AAA 65.417 17.169 6.551 5.512 A+ 37.515 40.857 10% A Tobacco Telecoms Services Banks Retail-Restaurants/ Pubs Commercial Services Food Banks Oil&Gas Holding CompaniesDivers Transportation Cellular Telecoms Distribution/ Wholesale United States Sweden China United States Netherlands United States United States Malaysia Hong Kong United States Brazil Japan China 5.923 4.194 4.767 5.111 6.341 39.697 3.353 15% 34% 8% AA+ AA AAA+ AA3.587 5.685 5.352 5.157 25.269 5.572 35.297 59.882 5.372 54.741 5.236 9.634 5.382 19.720 43.259 4.098 6.851 30.149 4.392 6.870 5.585 Brand Rating 2011 AAAAAAA A+ AA+ AA A+ AA AAAA A+ AAAAAAAAAA+ AAAA+ AA+ AA+ AAAAAAAAAAA 15.935 203.774 37.587 5.785 34.599 14.423 14.171 8.215 12.006 5.337 17.952 4.504 5.872 12.880 4.967 94.100 107.416 5.164 6.539 4.571 5.077 16% 13% 34% 21% 21% 2% 41% 30% 4% 25% 33% 12% A+ AA 180 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 133 187 155 188 277 203 191 141 154 315 210 150 178 136 131 189 195 Aviva Accenture Thomson Reuters BHP Billiton Morrison Metro T-Home Costco Macy's Honeywell Schneider Electric Sky LG Nordea Lancôme State Bank of India Fujitsu Softbank The cooperative Motorola Insurance IT services Media Mining Food Retail Wholesale Telecoms Services Retail-Department Stores Retail-Department Stores Miscellaneous Manufactur Electrical Compo&Equip Media Electrical Compo&Equip Banks Cosmetics/Personal Care Banks IT services Telecoms Services Food Telecoms Services Britain Ireland United States Britain Britain Germany Germany United States United States United States France Britain South Korea Sweden France India Japan Japan Britain United States 15.510 5.279 26% AA Brand Value 2010 3.350 6.578 3.517 Brand Rating 2011 AA A+ AA AAEnterprise Value Brand Value / Enterprise Value (%) 7% 43% 10% 31% 4.375 38.545 42.338 14.275 64.809 16.222 42.002 56.187 3.121 6.300 46.899 11.368 6.175 6.993 4.467 44.509 11.342 18% 15% 25% AAAAA+ Banks Miscellaneous Manufactur Food Utilities Beverages Media Telecoms Services United States Canada United States Germany Switzerland United States South Africa 6.163 5.146 30% 5% 35% 34% 57% 8% 7% 21% AA AA AAA+ AAAA AAA AA- 24.581 4.231 4.254 16.377 27.049 3.318 19.782 13.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 6.704 5.098 39% 29.129 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 4% 41% Brand Rating 2010 AA AA- Brand Industry Domicile Brand Industry Domicile 151 152 153 154 155 169 201 ConocoPhillips Aeon Neutrogena Oil&Gas Retail-Department Stores Healthcare-Products Telecoms Services United States Japan United States China France 111.067 6.765 27.440 5.551 5.045 5.610 13.776 6.980 4.442 5.927 4.451 5.201 52.497 4.928 4.777 3.716 19.030 21.818 45.018 4.861 9.418 36.810 21% 10% 20% 13% 23% 18% 44% 26% 13% 21% 9% 14% 4.946 15.533 4.733 23.359 Enterprise Value Brand Value / Enterprise Value (%) 6% 44% 44% 14% 14% 40% 22% 16% 1% 43% 40% 17% 23% 39% 15% 14% 26% 19% 13% 46% 12% 32% 9% n/a 36% 4.

328 16.613 31.962 24% 15% 11% A AAAAAA 2.205 12.546 15.409 78.390 174.924 27.711 52.084 31.564 11% 17% 27% AAAAAA2.335 11.536 12.890 16.176 4.405 15.168 3.308 5.155 33.836 16.393 4.697 8.742 25.689 9% 16% 19% 9% 25% AA+ AAA A+ A+ AA 3.447 4.350 52.521 4.439 28.461 4.286 4.388 4.066 4.172 55.021 11.927 20% 32% 8% 47% 19% 3% 35% 23% 39% 7% A+ AAAAA+ AA+ AA+ AA A+ AAAA 182 197 159 142 145 437 227 349 219 CBS Telstra Safeway Xbox Gazprom Kraft Swiss Re Kohls Medtronic Loblaws 303 204 Emerson BlackBerry Indian Oil 375 282 Mizuho Suzuki Chevrolet Budweiser 174 278 426 233 DZ Bank Erste Vivo Veolia Sumitomo 430 199 Warner Bros.953 3.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) 24% 14% n/a 20% 29% 12% 46% 29% 3% 20% 26% 28% 11% 46% 23% 33% 52% 13% 14% 33% 28% 16% 14% 27% 29% 3.675 4.433 4.229 2.303 4.744 4.715 35.268 4.473 13.302 28.963 3.851 16.214 32.122 4.501 4.630 2.306 9.305 30.440 15.447 4.156 4.858 16.889 3.074 2.599 3.185 13.720 4.989 25.510 4.320 4.570 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 33% Brand Rating 2010 AA- Brand Industry Domicile Brand Industry Domicile 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 209 248 186 Kimberly-Clark EMC2 Publix Super Markets Prudential Household Products/Wares Consumer Electronics Retail .497 4.300 10.441 23% 6% 29% AA AAAABrand Value 2010 4.255 37.736 n/a 16.293 4.116 4.688 15.557 4.148 22.582 6.956 4.260 2.175 27.558 AA+ AA AA- 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 184 Sysco Marubeni Food Distribution/ Wholesale Chemicals Iron/Steel Auto Manufacturers Cosmetics/Personal Care Electrical Compo&Equip Computers Oil&Gas Banks Auto Manufacturers Auto Manufacturers Beverages Banks Banks Cellular Telecoms Water Distribution/ Wholesale Telecommunications Retail-Office Supplies Telecommunications Banks Banks Retail-Consumer Electronics Banks United States Japan Germany Luxembourg South Korea United States United States Canada India Japan Japan United States Belgium Germany Austria Brazil France Japan Switzerland United States Russia Australia United States Germany Canada 14.780 4.689 13% 35% 16% 11% 7% 36% 6% AAAAAAA+ A+ A+ A 4.362 4.215 43.277 15.556 4.744 5.610 4.217 4.939 14.853 240 176 213 Basf ArcelorMittal Hyundai Colgate 20.559 13.579 30.Food Specialists Insurance Media Telecoms Services Retail-Food Software Oil&Gas Food Insurance Retail-Department Stores Healthcare-Products Food Media Retail-Department Stores Toiletries/Personal Care Insurance Retail-Clothing & Footwear Electrical Compo&Equip Insurance Cellular Telecoms Consumer Electronics Auto Manufacturers Auto Manufacturers United States United States United States Britain United States Australia United States United States Russia United States Switzerland United States United States Canada United States Britain Britain United States Spain Japan Germany Japan United States France Italy 4.161 25.314 4.252 31.905 15.721 33.517 4.429 28.508 3.182 18.385 14.848 3.553 40.376 4.565 10.260 4.226 10.487 4.833 4.537 4.235 42.240 3.327 2.285 1.521 13.120 Brand Rating 2011 A+ AAAA+ AAAA+ A+ AA AAAAAA+ AA AAAA+ AAAA AAA+ AA AA AAAA+ AAAAAAAAEnterprise Value Brand Value / Enterprise Value (%) 30% 13% 5% 6% 16% 27% 10% 22% 14% 13% 37% 28% 27% n/a 27% 14% 15% 8% 14% 41% 18% 12% 13% 47% 8% 3.477 3.189 4.399 29.850 20.775 16.349 4.214 11.345 87.828 4.373 4.134 4.255 4.318 5.582 4.039 13.519 4.536 4.402 4.829 4.351 4.694 2.173 4.623 3.045 3.387 30.481 15.129 33.645 16.784 20.505 4.250 35.715 4.748 n/a 23.073 2.124 8.937 4.447 AA+ AA A A+ A+ AA AAAAAAA+ AA A+ AAAA+ AAAAAA AA AAA+ AAAAA+ AAAAA+ 20.078 30.440 27.304 4.656 20% 30% 31% 13% 16% 28% 23% AAAA+ AA AAAAAAAABrand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 20% 12% Brand Rating 2010 Rank 2011 Rank 2010 Brand Value 2011 4.072 33.859 21. M&S Dove 229 212 256 121 Metlife Zara Sanyo Munich Re au 216 208 205 207 382 266 360 Swisscom Staples Beeline National Australia Bank BNY Mellon Media Markt & Saturn Scotiabank 275 308 194 Texas Instruments Citroën Fiat 75 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 76 .345 23.498 6.644 4.882 80.237 6.032 42.130 4.479 4.741 4.211 34.250 4.857 17.863 9.833 52.898 30.840 19.796 4.456 4.366 4.551 188.

157 21.990 Enterprise Value Brand Value / Enterprise Value (%) 16% 14% 41% 35% 17% 23% 20% n/a 39% 4% 9% 16% 73% 15% 36% 20% 19% 49% 20% 294 Insurance Banks Raytheon Ping An Lufthansa BMO Financial Group Aerospace/Defense Insurance Airlines Banks Netherlands Australia United States China Germany Canada 36% 7% 22% 5% 44% 12% 3.029 41% AA+ AAA 2.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 4.355 Enterprise Value Brand Value / Enterprise Value (%) 5% 31% 2% 16% 28% 12% 10% n/a 13% 10% 33% 38% 12% 28% 27% n/a 2% 48% 17% 21% 20% 8% 8% 20% 3.536 10% 14% 41% 11% 28% A+ AA AAAA+ AAA3.758 3.702 64.692 3.319 90.690 3.739 3.205 15.592 32.036 7.737 36.585 38.080 4.749 3.412 18.560 Brand Rating 2011 A+ AAAA+ AAAAAA AAA AAAAAA AA+ AA+ AA A AAAAAA AAAA AAAA AA+ A+ 157.885 24.632 3.614 13.193 12.622 3.058 4.076 34% 6% 18% 5% 39% 11% AA 295 271 272 273 274 275 244 237 276 243 334 AA+ AA AAAAA+ 300 323 Sprint Telecommunications United States 3.716 12.654 1.890 24.996 3.870 28.653 17.525 2.613 3.862 11.949 3.736 54.629 3.251 31.518 2.683 3.694 3.980 26.131 2.882 3.449 21.950 3.564 13.990 3.866 17.160 27.101 4.355 8.929 15% 2.461 7.767 11.731 13% 26% A+ A+ 3.377 93.272 17.399 8.579 3.521 23.843 27.858 3.922 3.573 19.706 3.690 3.048 57.435 20.097 11.918 3.418 193 EDP Facebook Bharti Airtel 288 KEPCO Nokia Siemens Telecoms Services Network 373 402 314 Carlsberg Rogers Aetna Bank of America Merrill Lynch Emirates 324 Rio Tinto Champion Beverages Telecoms Services Healthcare-Services Banks Airlines Mining Retail-Department Stores/ Mixed Goods variety stores Food Miscellaneous Manufactur Banks Electric Electric Utilities Healthcare-Services Transportation Commercial Services Toys/Games/ Hobbies Media Telecoms Services Retail-Department Stores Beverages Germany Germany United States Japan Ireland Norway Japan United States 77 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 78 .281 153.702 3.158 185.237 3.991 24.937 3.266 45.019 3.719 32% 9% 23% 15% 29% 2% AA AA AAA+ AAAA+ 3.854 10.443 23.746 17.648 3.099 4.514 3.027 2.407 25.646 3.949 3.293 8.801 3.861 38.664 3.084 71.148 9.307 2.905 3.931 3.450 20.415 22.927 19.042 4.117 10.753 11.784 28.398 4.584 3.605 5.162 5.477 2.892 3.078 44.344 2.838 7.228 8.986 3.160 10% AA296 297 298 299 336 414 300 Capital One CHUBU Endesa British Gas 449 Fujifilm 268 Kit Kat 3.159 3.608 22% 11% 11% Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 4% 36% 1% Brand Rating 2010 A+ AAA A AAA+ AAAA Brand Industry Domicile Brand Industry Domicile 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 211 218 410 120 224 294 312 270 385 353 161 SFR Purina Airbus CNP Assurances Coles Allstate BAE Systems BBC Louis Vuitton SPC ABB Fresenius Medical Care Deutsche Post Mastercard Nintendo WPP Telenor 7-Eleven Mountain Dew / Mtn Dew Aegon Media Nutrition Aerospace/Defense Insurance Retail-Food Insurance Aerospace/Defense Media Holding CompaniesDivers Oil&Gas France Switzerland Netherlands France Australia United States Britain Britain France China Switzerland 24.986 2.393 15% 20% 15% 10% 5% 15% AAAA A AA AAA+ 2.929 12.885 2.454 21.535 AA 22.830 7.758 2.617 3.827 3.364 4.937 46.416 9.045 4.455 13.351 11% 9% AA A+ Brand Value 2010 3.302 30.594 3.076 31.272 5.989 17.757 3.137 36.475 3.717 18% AA2.813 2.056 19.874 3.549 16.138 23.829 3.186 6.643 3.973 50% 33% A+ AABrand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) Brand Rating 2010 Rank 2011 Rank 2010 Brand Value 2011 3.056 4.413 16.586 3.285 2.928 3.569 3.797 Brand Rating 2011 AA+ A AA A+ AA AAAAAAAAAA AAAA AA A AA+ AA+ A+ AAAA AA AAAAAAA AA AA+ A+ 10.131 160.686 3.387 3.922 41.603 3.124 28.928 10.046 13.561 30.665 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 259 225 488 257 181 STATOIL Singapore Airline Vale Audi Crédit Agricole Bell Oil&Gas Airlines Mining Auto Manufacturers Banks Telecom Services Electric Internet Telecoms Services Electric Norway Singapore Brazil Germany France Canada Portugal United States India South Korea Finland Denmark Canada United States United States Uae Britain France Switzerland Japan United States Japan Spain Britain 72.575 59.

531 14.384 3.477 12.909 22.250 3.998 19.228 3.967 2.162 12.847 52.869 3.271 3.511 3.803 7% 2.250 3.223 204.003 2.387 7.563 35% 5% 13% AAA+ AA 2.100 3.402 2.963 23% AA3.698 17. Robinson Forest Products&Paper Transportation Transportation 79 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 80 .280 23.814 2.415 5.332 3.256 25.288 37% 4% A+ ABrand Value 2010 2.116 31.047 8.713 7.471 20.162 3.304 3.263 3.332 3.698 11.974 3.918 7.458 3.346 3.777 13.461 3.945 3.598 2.356 40% AA2.604 41.149 n/a 7.567 22% A 2.497 20.101 3.366 3.355 17.404 3.H.406 2.447 3.922 55.212 49.410 9.089 3.391 3.334 3.231 18% AA+ 2.148 3.868 24.441 19.952 24.411 3.165 3.373 3.595 11.303 3.341 3.407 10.071 16.170 3.405 52.054 84.143 20% A 2.415 3.992 22.189 A+ 43.902 16.697 2.269 15% 56% A+ AA- 325 RBS Playstation 357 Lloyds TSB Wii 310 Cigna MTV Networks Media 249 International Paper NYK 471 C.090 3.709 8.534 3.397 17.201 337 429 Amstel Maersk PSEG 258 Nestlé Pure Life China Merchants Bank Lux Southern Company Sony Ericsson Polo Ralph Lauren Berkshire Hathaway Hermes MAPFRE Asahi Wellpoint John Deere Conagra Wilmar Delta OMV Bharat Petroleum Lukoil Thermofisher Scientific 333 432 Banks Toiletries/Personal Care Electric Communications Apparel Insurance Apparel Insurance Beverages Healthcare-Services MachineryDiversified Food Agriculture Airlines Oil&Gas Oil&Gas Oil&Gas Electronics China 3.902 48.765 9.432 6.803 4% AA- Britain United States Sweden United States United States France Spain Japan United States United States United States Singapore United States Austria India Russia United States 3.276 3.483 9.255 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 10% Brand Rating 2010 A+ Brand Industry Domicile Brand Industry Domicile 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 322 264 267 280 302 318 263 279 255 354 301 217 417 272 271 TNT QVC Bridgestone Gatorade Alcatel-Lucent MTS Claro Michelin MOL State Street Adecco Johnson Controls Nippon Steel Westpac JR-East DISH Network Transportation Internet Auto Parts&Equipment Food Telecoms Services Cellular Telecoms Telecommunications Auto Parts&Equipment Transportation Banks Commercial Services Auto Parts&Equipment Iron/Steel Banks Transportation Media Banks Gaming Banks Toys/Games/ Hobbies Healthcare-Services Netherlands United States Japan United States France Russia Mexico France Japan United States Switzerland United States Japan Australia Japan United States Britain Japan Britain Japan United States United States United States Japan United States 11.277 Brand Rating 2011 AA A AAAAA+ AAAAAAAA AAAAAAAA AA AA AAA A A AAAAAAAA AA AAEnterprise Value Brand Value / Enterprise Value (%) 30% 37% 18% 17% 38% 15% 7% 19% 21% 18% 33% 14% 8% 8% 14% 27% 8% 116% 14% 26% 43% 22% 19% 20% 28% 2.080 AAAA+ A+ AAAA AA+ A AA+ AA AA+ AAAA AA A+ AA AA AA 4.094 8.505 3.526 3.067 326 327 328 329 330 331 332 422 CIBC Chanel CAP GEMINI Banks Cosmetics/Personal Care Computers Beverages Transportation Electric Baby Food Canada France France Netherlands Denmark United States Switzerland 29.020 16.721 15.021 20.281 9.134 3.272 3.159 3.520 14% ABrand Value 2010 2.579 8.497 59.292 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 22% 39% 16% 18% 38% 16% 4% 19% 22% 12% 32% 18% 5% 6% 11% Brand Rating 2010 AAAAAA AAA AAA+ AA+ AAAAAAAA AA AA+ AA 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 306 287 361 378 296 330 221 305 Rank 2011 Rank 2010 Brand Value 2011 3.372 53.151 3.816 11.214 72% 6% 22% 51% 2% 13% 34% 40% 26% 6% 25% 13% 15% 17% 35% 6% 15% 2.406 54.953 11% AA3.125 3.951 15.512 20.161 2.847 3.304 3.399 21.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 3.306 18.213 Brand Rating 2011 A+ AAA AA AA AA+ A A Enterprise Value Brand Value / Enterprise Value (%) 11% n/a 46% 39% 6% 13% 16% 3.177 3.101 20% 21% 41% AAAAAAA3.325 3.557 46.799 3.393 3.020 8.450 24.085 19.886 24.374 21.122 3.762 17.576 42.498 21.437 3.788 18.438 55.225 2.115 3.269 3.324 3.280 3.512 24.721 2.310 3.734 14.222 7.096 3.140 12.098 43.398 19.838 20.665 20.813 7.202 8.609 12.

249 7.067 3.070 2% A+ Brand Value 2010 3.821 2.434 2.510 25.066 39.014 3.458 11.207 5.904 2.835 2.618 12.711 12% 32% 9% 6% 67% 32% AA A+ AAAAA+ A+ A+ Brand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) Brand Rating 2010 Rank 2011 Rank 2010 Brand Value 2011 2.324 2.970 2.961 52.908 2.156 12% AA 2.246 27.182 50.253 19.196 21.941 2.972 2.542 19% A+ 2.153 17.521 3.944 164.937 23.948 2.865 3.014 3.856 2.679 7.096 22.915 7.625 17.849 44.416 43.574 17.632 16.342 66.942 2.963 4.020 30.629 28.999 4.406 321 T-Systems Bayer 424 Infosys Schwarzkopf 328 Virgin Media Geico Black & Decker HESS ABC Telecoms Services Insurance Hand/Machine Tools Oil&Gas Media Insurance Banks Auto Parts&Equipment Beverages Banks United States United States United States United States United States Canada United States Germany United States Italy United States Japan United States South Korea South Korea United States United States United States Electric Cellular Telecoms Miscellaneous Manufactur Computers Banks Cosmetics/Personal Care Peripherals Hand/Machine Tools Electric Insurance Banks Oil&Gas Agriculture Auto Manufacturers Auto Manufacturers Britain Uae Switzerland Taiwan Australia Japan Taiwan Sweden Britain United States Denmark Russia Japan Sweden Japan 235 Manulife Financial SunTrust Bank 455 Continental Tropicana Beverages 362 Prudential JR-Central Insurance Transportation Fixed Line Iron/Steel Auto Manufacturers Confectionery Insurance Computers 383 343 418 274 Qwest POSCO Kia Cadbury Aflac 307 CSC 81 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 82 .837 2.264 3.813 2.095 6.586 11.851 21.784 2.788 2.800 6.810 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 291 420 Telcel Marathon Enbw Energie Bad Cellular Telecoms Oil&Gas Electric Telecoms Services Chemicals Consumer Electronics Mexico United States Germany Germany Germany India Germany 46.912 2.261 1.577 13.647 15.002 2.833 75.795 2.724 2.901 2.956 2.247 25.928 2.545 1.249 24.240 15.434 17.823 2.031 3.594 8.461 14.037 3.968 2.418 41.558 13.472 11.881 2.943 2.497 6.463 2.873 2.493 24.931 3.932 AA AA+ AA+ AAAAAAAA A AA AAAAAA AAAA+ AAAA+ AA+ A AA A+ AAA+ A+ A A+ AA- 8.012 3.755 37.823 90.530 20.958 2.274 16% 18% 17% AA A+ AA2.578 13.805 2.916 2.033 3.659 2.564 20.788 2.054 3.847 140.380 30.336 22.292 13.130 6.541 106.579 36.977 2.568 84.860 23.265 9.943 19.794 2.815 2.694 8.821 2.025 2.430 21.987 2.415 8.597 2.808 16.818 16.069 2.448 13.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) 35% 18% 40% 8% 2% 60% 48% 23% 54% 10% 5% 15% 14% 42% 6% 62% 18% 15% 12% 12% 18% 3% 35% 17% 33% 2.917 2.851 2.539 12.528 5.042 41% 7% 26% AAAA AA2.870 2.014 107.575 29.531 2.886 16.120 15% 23% 11% 17% 2% 36% A+ AAA+ A+ A+ A 2.257 2.804 27% AA2.112 8% AA+ 2.893 18.783 2.037 3.537 10.391 24.652 9.607 19.130 17% 11% A AA 3.808 14.323 13% 6% 26% 15% 9% 29% AAAA+ A+ AAAA A+ 2.951 13% AA 3.261 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 4% 7% Brand Rating 2010 A+ A+ Brand Industry Domicile Brand Industry Domicile 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 345 355 319 295 327 404 364 331 316 450 352 245 465 236 241 132 372 445 Weston (George) BB&T Commerzbank Holcim Pfizer Estee Lauder Casino ESPN Biore ACS National Grid Etisalat Tyco ACER ANZ Shiseido HTC Sandvik Scottish & South Travelers Danske Bank Rosneft (▼▼▼▼▼▼▼▼) Camel Volvo Mazda Food Banks Banks Building Materials Pharmaceuticals Cosmetics/Personal Care Retail Wholesale Media Cosmetics/Personal Care Canada United States Germany Switzerland United States United States France United States Japan Spain 3.429 8.930 2.067 3.056 3.075 3.779 Brand Rating 2011 A AAA AAAAAA+ A AAAA AA+ AAAA AA AAA+ AA A A+ AA AAAA AA AAAAAAEnterprise Value Brand Value / Enterprise Value (%) 6% 9% 16% 21% 4% 8% 63% 18% 12% 24% 12% 23% 13% 21% 21% 19% 24% 11% 5% 12% 7% 18% 18% 11% 32% 2.982 2.807 12.797 2.468 30.054 8.

216 2.393 2.667 2.564 8.506 2.838 5.675 2.164 19.203 9.631 2.723 2.559 2.509 2.897 14% 19% 15% 7% 20% 4% A+ AA AA ABB AA2.610 2.722 28% 5% AAA+ AA 449 450 394 2.078 1.007 14% AA2.577 2.540 2.872 21.777 14.632 2.781 16.739 21% 8% 2.583 2.439 62.412 12.161 5.669 2.576 2.553 2.505 2.427 10.714 63.987 12.479 2.575 2.538 12.715 2.696 2.606 17.290 18.381 25.482 2.607 426 427 428 429 430 442 GAP Retail-Clothing & Footwear Pharmaceuticals United States Britain United States United States Austria Germany United States United States Canada Switzerland China Australia United States United States Brazil France Germany Netherlands India Switzerland France South Korea Spain China Saudi Arabia 2.682 434 435 436 437 438 439 440 441 442 443 444 445 446 447 440 459 397 460 2.580 10.066 9.803 27% 22% 7% AAAA AA+ 2.000 15.526 2.796 32.686 121.792 15.596 5.530 2.746 6.700 12.809 47.807 11% AA2.042 34% A+ A2.116 26.274 28.755 2.440 14.738 2.612 11.477 29.475 11.840 15.468 2.C Penney Crédit Mutuel Norfolk Lipton ACE Kyocera SK telecom Nomura Halifax Qualcomm Man SUEZ Bouygues Magnit HarleyDavidson BlackRock Retail-Food Oil&Gas Retail-Department Stores Banks Transportation Beverages Insurance Electronics Telecoms Services Diversified Finan Serv Banks Telecoms Services MachineryDiversified Water Taiwan United States France United States Britain Switzerland Japan South Korea Japan Britain United States Germany France France Russia 29.706 2.754 8.589 2.938 20.553 8% AA433 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 309 317 332 431 441 416 339 304 FPCC J.496 2.162 2.985 2.638 15.535 19% 20% A A 1.026 18.849 18.387 11.439 35.055 17.729 29% 19% AA A Brand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 42% Brand Rating 2010 Brand Industry Domicile Brand Industry Domicile 401 402 403 404 405 406 407 371 Pearson Empresas Copec Pao de Açucar Genting Media Holding CompaniesDivers Food Lodging Aerospace/Defense Hand/Machine Tools Food Britain Chile Brazil Malaysia Britain Switzerland United States 11.519 2.767 1.683 2.BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 2.158 7.651 2.515 9.643 2.717 2.856 21.561 2.493 2.213 27.606 2.001 11.071 1.714 10.538 12.809 12.592 2.524 2.955 8.851 7.282 1.651 2.141 AA+ Lay’s Potato Chips 461 Marriott Raiffeisen Bank International Ergo Bed Bath & Beyond Lockheed Martin CN Tyco Electronics China South Optus 7UP Adobe Eletrobras Sodexo Postbank Stop & Shop ICICI Bank Arcon Garnier Korea Gas Corp CEPSA COSCO STC Food Lodging Banks Insurance Retail-Home Furnishings Aerospace/Defense Transportation Electronics Airlines Cellular Telecoms Beverages Software Electric Commercial Services Banks Retail-Food Banks Healthcare-Products Cosmetics/Personal Care Gas Oil&Gas Transportation Telecoms Services 347 408 Rolls-Royce Schindler Hersheys 83 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 84 .866 20.677 2.371 12% AA 2.230 33% 22% AAAAAA+ 431 432 408 453 CSX Transportation United States 29.673 20.587 2.720 2.398 32.740 2.087 396 Brand Value 2010 2.388 2.608 2.468 AA AAAA+ AA AAAAA AA AA+ AA AAAA AA AAAAAAAAA AA AA AA A A AAA+ 3.660 2.306 7.108 25.501 2.690 2.487 28.071 8.591 Brand Rating 2011 AAAAA+ AAAAAAA AAAA A A+ AAAA A AAAAAA A+ AAAAA A+ AA A AA AA+ Enterprise Value Brand Value / Enterprise Value (%) 25% 10% 25% 17% 17% 24% 22% 9% 9% 30% n/a 10% 45% 13% 16% 17% 13% 14% 4% 15% 13% 21% 24% 448 Leisure Time Diversified Finan Serv United States United States 12.928 1.555 2.721 2.620 7.671 8.635 19.535 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 26% Brand Rating 2010 AARank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) 70% 2% 12% 30% 32% 23% 27% 27% 7% 18% 14% 9% 19% 20% 14% 20% 33% 46% 9% 5% 39% 17% 32% 13% 9% 544 266 2.031 9.533 2.601 7.632 24.832 n/a 27.382 2.676 30.632 2.111 15.132 8.735 10.607 21% 1% 7% BBB AA A+ 2.

994 41.291 2.617 19.463 10.086 1.775 9.286 2.455 28.536 14.279 2.466 2.964 1.883 n/a 15.013 15.084 29.956 2.760 27.480 8.783 28.114 10% 28% AA AA 1.544 15.283 2.649 21.325 2.472 11.019 23.352 8.351 2.683 10.704 44% 21% 16% 13% AA AAA AA2.898 25.786 46% 25% 9% A+ AAAA 1.313 10.701 12.319 2.545 1.591 5.713 2.368 1.371 2.354 2.441 2.837 1.291 2.888 9.417 18.081 28.308 2.208 12.630 21.180 19.925 5.604 17.889 24.378 1.277 17.342 2.662 4.406 2.856 12% 10% 9% 37% AA A+ A+ A+ Brand Value 2010 2.210 18.722 3.280 2.872 33.475 7% AA 1.139 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 18% 8% 6% 20% 13% 40% 14% 12% Brand Rating 2010 BBB AAA+ A+ A+ A A A+ A+ Rank 2011 Rank 2010 Brand Value 2011 Brand Rating 2011 Enterprise Value Brand Value / Enterprise Value (%) 10% 15% 23% 15% 8% 17% 17% 21% 22% 10% 12% 26% 22% 13% 11% n/a 47% 26% 18% 12% 29% 18% 60% 8% 26% 1.300 10.433 2.828 20.838 8.293 2.641 22.020 16.020 40.299 2.904 11.407 2.262 1.013 10.452 2.421 2.383 2.087 11.267 A+ AAAAAAA A+ AA AAAAAA A+ AA A+ AAAA AAAAA+ AAAA AA AAAAAA AA+ A+ 24.571 57.930 2.380 12.504 12% AA2.499 14.374 2.357 2.286 20.552 19.710 19.221 7.356 2.137 8.315 1.844 13.348 13.537 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 500 475 261 313 482 413 419 Wipro Technologies Telia Turner Luxottica China CITIC Kuehne & Nagel Progressive Legrand Aveeno Denso ADP Colruyt Dairy Farm BD Zain Shoppers Drug Mart Puma Universal Music Group Ameriprise Financial Isbank "K"Line Natura Gucci Komatsu Vestas Computers Cellular Telecoms Media Healthcare-Products Banks Transportation Insurance Electrical Compo&Equip Healthcare-Products Auto Parts&Equipment Commercial Services Food Food Healthcare-Products Cellular Telecoms Retail Apparel Media Diversified Finan Serv Banks Transportation Cosmetics/Personal Care High End Fashion MachineryConstr&Mining Electrical Compo&Equip India Sweden United States Italy China Switzerland United States France United States Japan United States Belgium Hong Kong United States Kuwait Canada Germany France United States Turkey Japan Brazil France Japan Denmark 2.782 2.349 2.329 2.912 18.996 6% 9% 39% AAAAA 2.967 2.393 2.179 11.926 8.974 5.866 2.274 2.283 16.864 1.065 6.137 7.360 2.447 19.380 1.738 15.446 2.555 4.972 42.492 2.416 2.592 20.330 2.390 2.498 1.715 13.518 8.459 22.352 2.352 Brand Rating 2011 A AAAAAAAA A A AA A AAAA A+ AAA AA+ AA+ AAA+ AA AAA AAAA A+ AAEnterprise Value Brand Value / Enterprise Value (%) 15% 13% 4% 21% 12% 35% 16% 11% 45% 20% 15% 13% 10% 18% 21% 27% 29% 14% 8% 12% 8% 24% 6% 11% n/a 2.355 2.693 24.990 3.310 2.295 2.453 2.464 2.405 2.177 11.451 2.170 12% AA1.507 11.743 14.168 AA AA 486 398 492 399 KANSAI CHS Telus Winston PICC 483 DnB NOR Dia MURPHY KT Banamex 358 152 Agip AIG Cathay Pacific 311 338 462 Air France Thales BYD Danaher 433 JR-West Astra International HBO 395 456 479 Ferrovial Sa Eiffage United Airlines Airlines United States 85 All values in USD $ Millions © Brand Finance plc 2011 All values in USD $ Millions © Brand Finance plc 2011 86 .BrandFinance ® Global 500 2011 Rank 2011 Rank 2010 Brand Value 2011 2.377 2.193 n/a 4.270 2.347 2.846 12.367 2.382 2.272 2.307 6% 20% 17% A+ AA+ AABrand Value 2010 Enterprise Value 2010 Brand Value / Enterprise Value 2010 (%) 12% 5% Brand Rating 2010 Brand Industry Domicile Brand Industry Domicile 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 320 KBC Centurylink Banks Telecoms Services Electric Healthcare-Services Telecoms Services Agriculture Insurance Banks Retail-Department Stores/ Mixed Goods variety stores Oil&Gas Telecoms Services Banks Oil&Gas Insurance Airlines Airlines Aerospace/Defense Auto Manufacturers Miscellaneous Manufactur Transportation Retail-Automobiles/ Auto Parts Media Belgium United States Japan United States Canada Japan China Norway France United States South Korea United States Italy United States Hong Kong France France China United States Japan Indonesia United States Spain France 16.399 30.300 2.909 2.302 16.909 14.

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