2011 BrandFinance Banking 500 Summary brand valuation report

Prepared for: -

Brand Finance plc, January 2011

Table Of Contents
2011 BrandFinance Banking 500 Summary Brand Valuation Report

1.

Introduction to BrandFinance and Methodology

The Banker Magazine and the Global Banking 500 IVSC Recognised Valuation Approaches IVSC Recognised Valuation Methods Summary of Royalty Relief Method ISO 10668

4. 5.

Comparison of brand valuation approaches About Brand Finance

2.

Global results
Executive Summary Top 10 most valuable global banking brands Top 10 most valuable banking brands in [relevant geographic region] Top 10 most valuable banking brands in [country x] Most valuable banking brand by business segment

Appendix I
A detailed overview of the BrandFinance Methodology

Appendix II
2011 BrandFinance Global Intangibles Financial Tracker (GIFT)

3.

[name of bank] results

Valuation Results Valuation Schedule & Assumptions Brand valuation by region Brand valuation by business segment Brand valuation reconciliation Change in BSI Competitor review Competitor review historical brand values Portfolio value Market cap composition

Contents

sectionone sectionone
Introduction and valuation methodology

The BrandFinance Banking 500

Brand Finance is the worlds leading independent brand valuation consultancy.
The BrandFinance Banking 500, now in its fifth year, directly compares the values of the worlds leading banking brands. It is the only direct comparison of brand value within the banking industry. The BrandFinance Banking 500 provides an opinion on the pointin-time value of the worlds leading banking brands. This report illustrates how our methodology, findings and value-based marketing techniques can be used for decision-making and to determine the impact of brand equity on business performance.

Brand Finance has teamed up with The Banker, the monthly international financial affairs magazine, for the fifth year running to publish the results.

Introduction

Introduction to Royalty Relief methodology

3 2 1 4 5
Discount Rate

RR

tax

NPV

Brand Value

Revenue Forecast

The Royalty Relief approach is based on the assumption that if a company did not own any trademarks it would need to license them from a third party trademark owner instead. Ownership therefore relieves the company from paying a license fee (the royalty) for the use of the third party trademarks The royalty relief method involves estimating likely future sales, applying an appropriate royalty rate to them and then discounting estimated future, post-tax royalties, to arrive at a Net Present Value (NPV). This is held to represent the brand value. Brand Finance uses the Royalty Relief methodology for three reasons: Firstly, it is the approach that is most recognised by technical authorities worldwide and favoured by accounting, tax and legal users because it calculates brand values by reference to comparable, third-party transactions. Secondly, it ties back to the commercial reality of brands - their ability to command a premium in an arms length transaction. Finally, because it can be performed on the basis of publicly available financial information.

Valuation methodology

Full Methodology section intentionally summarised in this version of the report

Additional sections included in the full report :
IVSC Recognised Valuation Approaches IVSC Recognised Valuation Methods ISO 10668 Required Brand Valuation steps

Valuation methodology

sectionone sectiontwo
Global Results

Excluded from sample report

Additional sections included in the full report :
Executive summary Top 10 most valuable banking brands Top 10 most valuable banking brands in relevant geographic region Top 10 most valuable banking brands in relevant country Most valuable banking brand by service line

Global results

sectionone sectionthree
[name of bank] results

XXXX Valuation Results

Parent Company: Domicile: XXXX xxxxx

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

Market Capitalisation
Market Cap $ millions Brand Value $ millions 300,000 250,000 200,000 150,000 100,000 50,000 0 XXXXX XXXXX XXXXX 14,000 12,000 10,000

Brand Value

XXXXX XXXXX XXXXX

8,000
6,000 4,000 2,000 0

2009

2010

2011

2009

2010

2011

Brand Strength Index

100 Brand Strength Index 80 60 XX XX XX

40
20 0

2009

2010

2011

Valuation results

10

Brand X Valuation Schedule & Assumptions

Parent Company: Domicile: XXXX XXXX

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating
TOTAL BRAND VALUE

$XXXX
$XXXXX XX% XX

XXXX
VALUE IN EXPLICIT PERIOD VALUE IN PERPETUITY CORPORATE VALUE

XXXX
DISCOUNT RATE TAX RATE PERPETUITY RATE

XXXX XXXX XXXX XXXX XXXX XXXX XXXX

XXXXX

REVENUE FORECAST CAGR ROYALTY RATE BRAND SPLIT

2005 BRAND SPLIT % REVENUE

growth %

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

ROYALTY RATE BRAND CONTRIBUTION TAX DISCOUNT FACTOR NPV Valuation results 11

Brand X Valuation Schedule & Assumptions

Parent Company: Domicile: XXXX XXXX

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating
TOTAL CORPORATE BRAND VALUE

$XXXX
$XXXXX XX% XX

XXXX
VALUE IN EXPLICIT PERIOD VALUE IN PERPETUITY

XXXX
DISCOUNT RATE TAX RATE PERPETUITY RATE

XXXX XXXX XXXX XXXX XXXX XXXX XXXX

REVENUE FORECAST CAGR ROYALTY RATE BRAND SPLIT

2005 BRAND SPLIT % REVENUE

growth %

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

ROYALTY RATE BRAND CONTRIBUTION TAX DISCOUNT FACTOR NPV Valuation results 12

Brand X regional brand value segmentation

Parent Company: Domicile: XXXX xxxxx
Brand value $ millions

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

2,000

4,000

6,000

8,000

10,000

12,000

Europe XXX

XXX

South America

North America Rest of the World / Other Pacific

XXX X% XXX

X% X%

Europe South America North America Rest of the World / Other

X%
XXX

Brand X

Pacific

X%

Valuation results

13

Brand X product brand value segmentation

Parent Company: Domicile: XXXX xxxxx
Brand value $ millions 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

Wholesale - Banking / Investment - Banking XXX

XXX

Retail - Banking

Asset Management Banking

XXX

XXX

X% X%

Wholesale - Banking / Investment - Banking Retail - Banking Asset Management Banking

Other - Banking

Brand X
X%

X%

Other - Banking

Valuation results

14

Brand X value reconciliation (2010 to 2011)

Parent Company: Domicile: XXXX xxxxx

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

Valuation Comparison with Last Year

Last Last Historical Forecasted Revenue Revenue

Brand Split

Royalty Rate

Perpetuity Discount Rate Rate

Tax Rate

Corporate Value

Brand Value

Effective Change

% Change

2010 Brand Finance Valuation Change in Revenue Change in Brand Split Change in Royalty Rate Change in Perpetuity Rate

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

X X X X X

Change in Discount Rate

Change in Tax Rate Change in Corporate Value 2011 Brand Finance Valuation

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

X
X X X

Valuation results

15

Change in randeta Index

Parent Company: Domicile: XXXX xxxxx Security/ Risk Measures
Visual Identity Tier 1 Capital Forecasted Growth % Assets Rank Capital Asset Ratio Net Income Real Profit Growth Performance on Average Capital Margin % Return on Assets Credit Rating Loyalty Conduct Emotion

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating
Brand Equity Measures
Function

$XXXX
$XXXXX XX% XX Brand Rating

Financial Measures
Net Revenue

AAA+

Brand X competitor review

Parent Company: Domicile:
400,000 350,000 300,000 Brand value $ millions 250,000
XXX XXX XXX XXX XXX

XXXX xxxxx
Enterprise Value Market Cap
XXX

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating
Brand Value

$XXXX
$XXXXX XX% XX

200,000 150,000 100,000 50,000

XXX XXX XXX

XXX

XXX

XXX

XXX

XXX

0
Your Brand Brand Value Market Cap Global Rank BV/MC Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6

X X X X%

X X X X%

X X X X%

X X X X%

X X X X%

X X X X%
Valuation results

X X X X%
17

Brand X competitor review historical brand values

Parent Company: Domicile:
35,000

XXXX xxxxx

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

30,000

25,000

Brand value $ millions

Your Brand 20,000 Comp 1 Comp 2 15,000

Comp 3
Comp 4

10,000

Comp 5 Comp 6

5,000

0
2007 2008 2009 2010 2011

Year

Valuation results

18

Brand X portfolio value

Parent Company: Domicile: XXXX xxxxx

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

100% 100,000 XXX Brand value $ millions 80,000 60,000 40,000 XXX 20,000 0 Brand 1 Brand 2 Brand 3 Brand 4 Total portfolio XXX XXX XXX XXX XXX 40% 60% XXX 80%

X% X%

X%

Brand 4 Brand 3 Brand 2

20%
0%

X%

Brand 1

Brand Value Contribution

Valuation results

19

Brand X: composition of market cap

Parent Company: Domicile:
120,000

XXXX xxxxx

Brand Value Market Capitalisation Value Brand Value/Market Capitalisation Brand Rating

$XXXX
$XXXXX XX% XX

100,000
XXX XXX

Undisclosed Value

80,000 $ millions

XXX

Disclosed Intangibles (less GW)

60,000
XXX Disclosed Goodwill XXX XXX Tangible NAV XXX XXX

40,000

20,000

XXX

MC Analyst Mcap Asset Break Down Intangible Asset Value Brand Value

Valuation results

20

sectionone sectionthree
Brand valuation analysis

Why conduct a more detailed brand valuation study

How can brand valuation enhance shareholder value?
Better understand the value of key customer segments (by geography, product, channel and customer type) Understand the relationship between brand equity and key value drivers in the business model Understand the strengths and weaknesses of the brand compared with key competitors Provide a planning framework for long term strategic marketing investment Create a framework for marketing mix modelling Create the framework for better reporting and managing brand performance (brand scorecard or dashboard) Create a body of information about brand performance for use in investor and banking presentations

Brand valuation analysis

22

Brand Finance approach to marketing-oriented projects

Brand Finances approach has been designed to allow clients to manage their brands more intelligently and deliver improved business results Each step in the process is tailored to the clients specific needs and the level of sophistication required, from high level to highly granular

Market Research

Marketing Mix Optimisation Brand Equity Measurement

Brand Discovery Value Mapping

Strategic Brand Valuation

Dynamic Valuation Model

Brand Scorecard
Business Data
Continuous feedback

Brand valuation analysis

23

Brand Discovery & Value Mapping

Brand Equity Measurement

Strategic Brand Valuation

Marketing Mix Optimisation

Brand Scorecard

Dynamic Valuation Model

What is legal & economic status of the brand?

What are key drivers of brand equity? What is the relative importance of each driver to my customers (by segment)? How do I perform versus my competitors on key drivers? How strong is my brand relative to its competitors?

Questions

What financial, competitor & market data is available? What data gaps must be addressed? What are key value drivers (and linkages between drivers) within the business?

What is the value of my brand and what does it contribute to business value?

What is the optimal marketing mix to maximise short term sales?

Which segments of my business are generating most value?

How should I allocate my resources? How does brand equity link to business results and branded business value? Business and brand valuation framework Brand Valued Added Brand Evaluation Matrix Profit pool analysis

What is the return on my promotional marketing spend?

Can we connect marketing investments, drivers, & health indicators to financial KPIs and shareholder value? How can we track performance over time and capture data systematically for improved decision-making and in-depth understanding of value drivers?

Which markets, customers, brands and channels will generate the highest return and maximise shareholder value? How much should we invest and where to maximise that return? What value is at risk if we fail to adequately support the brand?

Services

Market research review Data gap analysis Value map (via interviews or workshops)

Brand Equity Driver analysis Brand Equity analysis Brandeta analysis

Demand Driver analysis Econometric modelling Marketing ROI

Brand Dashboard (high level snapshot for management) Brand Scorecard (in depth diagnostic tool for marketers)

Strategy selection Portfolio management Brand architecture Resource allocation Value at risk analysis

Brand valuation analysis

24

sectionone sectionfour
Comparison of brand valuation approaches

Introduction to Royalty Relief methodology

3 2 1 4 5
Discount Rate

RR

tax

NPV

Brand Value

Revenue Forecast

The Royalty Relief approach is based on the assumption that if a company did not own any trademarks it would need to license them from a third party trademark owner instead. Ownership therefore relieves the company from paying a license fee (the royalty) for the use of the third party trademarks The royalty relief method involves estimating likely future sales, applying an appropriate royalty rate to them and then discounting estimated future, post-tax royalties, to arrive at a Net Present Value (NPV). This is held to represent the brand value. Brand Finance uses the Royalty Relief methodology for three reasons: Firstly, it is the approach that is most recognised by technical authorities worldwide and favoured by accounting, tax and legal users because it calculates brand values by reference to comparable, third-party transactions. Secondly, it ties back to the commercial reality of brands - their ability to command a premium in an arms length transaction. Finally, because it can be performed on the basis of publicly available financial information.

Valuation methodology

26

Visual representation of the three leading methodologies

3 2 1 4 5
Discount Rate

RR

tax

NPV

Brand Value

Royalty Relief approach

Revenue Forecast
ROYALTY RELIEF: Determine sales forecast, multiply sales forecast by royalty rate, deduct tax. Net Present Value (NPV) of brand contribution = Brand Value (Favoured by Brand Finance plc)

3 2 1 4

Deduct Charge for Capital Employed

Discount Rate

RoB
Role of Branding

%
1

3 2 4 5

NPV

Brand Value

Earnings split method 1

Forecast Earnings

Brand Contribution (%)

EARNINGS SPLIT (Role of branding): Determine forecast earnings, deduct charge for capital employed to give intangible earnings (EVA), apply role of brand to determine brand contribution. NPV of brand contribution = Brand Value

Corporate Earnings

Intangible Earnings

%
Brand Contribution (%)

Allocated Intangible Earnings

B
Brand Multiple (x)

Brand Value

Earnings split method 2

Intangible Earnings ($M)

EARNINGS SPLIT : Determine current year earnings, deduct charge for capital employed to give intangible earnings (EVA), determine brand contribution. Apply brand multiple = Brand Value

Valuation methodology

27

Methodology summary
Royalty Relief method Earnings split method 1
The dollar value of a brand is calculated as Net Present Value or todays value of the earnings the brand is expected to generate in the future Intangible Earnings

Earnings split method 2

Definition of Brand Value

Brand Value is the Net Present Value of the estimated future cash flows attributable to the brand

The financial value of a brand is defined as the sum of all earnings that a brand is expected to generate

Valuation based on which key financial metric?

Net Sales

Intangible Earnings

Forecast of future Economic Value Added

Royalty Rate study based on third party arms length comparables, brand strength and margin analysis

Based on drivers of demand analysis (Role of Brand Index)

Based on % of committed consumers base

Time scale (modeling)

DCF of five year explicit forecast and perpetuity

DCF of five year explicit forecast and perpetuity

Not explicitly taken into account; Uses current Intangible Earnings

How is risk accounted for?

Discount rate calculated from first principles using Capital Asset Pricing Model (CAPM) producing Weighted Average Cost of Capital (WACC) that takes into account brand specific risk BV = (Si * RR*(1-tax))/(1+r)i Where S = Sales Forecasts; RR = Royalty Rate; r = Discount Rate; i = number of years

Discount rate determined by estimating brand risk using a Brand Strength Index (BSI) and applying the answer to an S curve of possible rates. BV = (EVAi * RBI)/(1+r)i Where EVA = Intangible Earnings; RBI = Role of brand Index; r = Discount Rate (S curve); i = number of years

Multiple (short term growth indicator)

BV Calculation

BV = EVA * (%) * M Where EVA = intangible Earnings; % = Brand Contribution); M = Brand Momentum
Valuation methodology 28

Pros & cons

Royalty Relief
Pros This is an accepted methodology for valuing brands, that is widely used and based in commercial reality. It is commonly used in legal cases and tax disputes; It ties back to the commercial reality of brands - their ability to command a premium in an arms length transaction. The methodology specifically recommended by the IVSC for use in IFRS reporting; It relies on verifiable third party data (licensing agreements) and therefore less judgment is involved; It recognises that brands can have a value even where the underlying business is unprofitable. It can be performed on the basis of publicly available financial information.

Earnings Split
Also a generally accepted methodology for valuing brands With sufficient market research, it can provide insight into impact of drivers of demand on the value of different intangible assets in the business

Cons

At times it is difficult to source comparable license agreements for a particular sector. Unless the Royalty Range is analysed carefully, it could lead to a conservative or even an aggressive brand valuation.

Highly judgmental, particularly when done without specific, detailed market research into drivers of demand

Calculations based on profit can lead to volatile results which do not reflect the underlying value of the brand; businesses that are loss-making will have zero or negative brand value, which is inappropriate in many cases Approach to determining discount rate has been criticised as lacking transparency and not being applicable to all situations

Generic approach for brand strength may lack cohesion with particular sectors Calculations of EVA are notoriously complex and hard to audit. E.g. Stern Stewart claim to make 167 adjustments between accounting profits and EVA (EVAs of many brands from time to time can be negative)

Valuation methodology

29

sectionone sectionfive
About Brand Finance

Our Services
At Brand Finance, we are entirely focussed on quantifying and leveraging intangible asset value. Our services compliment and support each other, resulting in robust valuation methodologies, which are underpinned by an in-depth understanding of revenue drivers and licensing practice.

Valuation
We perform valuations for financial reporting, tax planning, M&A activities, joint ventures, IPOs and other transactions. We work closely with auditors, tax authorities and lawyers.

Analytics
Our analytical services help clients to better understand the drivers of business and brand value. Understanding how value is created, where it is created and the relationship between brand value and business value is a vital input to strategic decision making.

Strategy
We give marketers the framework to make effective economic decisions. Our value-based marketing service enables companies to focus on the best opportunities, allocate budgets to activities that have the most impact, measure the results and articulate the return on brand investment.

Transactions
We help private equity companies, venture capitalists and branded businesses to identify and assess the value opportunities through brand and market due diligence and brand licensing.

About Brand Finance

31

Selection of financial services clients

About Brand Finance

32

Selection of other global clients

33
About Brand Finance 33

Our international network

Finland

France

Russia

U.K. (HQ)
Canada Belgium Switzerland Portugal Holland Croatia Dubai

USA

Greece
Spain Turkey Sri Lanka East Africa Singapore India

Hong Kong

Brazil South Africa Australia

About Brand Finance

34

Contact details
Brand Finance plc is the leading independent intangible asset valuation and brand strategy firm, helping companies to manage their brands more intelligently for improved business results. For further enquiries relating to this report, please contact:

Country
Australia Belgium Brazil Canada Croatia Dubai East Africa

Name of Contact
Tim Heberden Valerie Herdlicka Gilson Nunes Andrew Zimakas Borut Zemljic Gautam Sen Gupta Jawad Jaffer Xander Bird Marc Cloosterman Rupert Purser Unni Krishnan Pedro Tavares Alexander Eremenko Bernard Lee Oliver Schmitz

Email address
t.heberden@brandfinance.com v.herdlicka@brandfinance.com g.nunes@brandfinance.com a.zimakas@brandfinance.com b.zemljic@brandfinance.com g.sen-gupta@brandfinance.com info@brandfinance.co.ke x.bird@brandfinance.com m.cloosterman@brandfinance.com r.purser@brandfinance.com u.krishnan@brandfinance.com p.tavares@brandfinance.com a.eremenko@brandfinance.com b.lee@brandfinance.com o.schmitz@brandfinance.com

David Haigh CEO

France Holland Hong Kong

d.haigh@brandfinance.com

India Portugal Russia

Mike Rocha Managing Director

Singapore South Africa

Spain
m.rocha@brandfinance.com

Pedro Tavares
Ruchi Gunewardene Mike Rocha Muhterem Ilguner James Park Bill Barker

p.tavares@brandfinance.com
r.gunewardene@brandfinance.com m.rocha@brandfinance.com m.ilguner@brandfinance.com j.park@brandfinance.com w.barker@brandfinance.com
Brand Finance 35

Sri Lanka Switzerland

For further information on Brand Finances services and valuation experience, please contact your local representative.

Turkey United Kingdom USA

sectionone appendixone
A detailed overview of the BrandFinance Methodology

Introduction to Royalty Relief methodology

3 2 1 4 5
Discount Rate

RR

tax

NPV

Brand Value

Revenue Forecast

Five Steps - Royalty Relief Valuation

1. Determine forecast revenues
Determine future revenues attributable to the Aeroflot passenger brand over a five year explicit forecast period. This is done by referencing historic trends, market growth estimates, competitive forces , analyst projections and company forecasts. Review comparable licensing agreements. Analyse margins and value drivers. Establish average royalty rate range for airline sector. Determine the strength of the brand using the randeta Index. Apply randeta Index to royalty rate range to determine royalty rate for the brand (see next slide) Determine discount rate to calculate the net present value (NPV) of future brand earnings (accounting for the time value of money and the associated risk).

2. Establish Royalty Rate Range

3. Assess the Brand Strength

4. Determine the Discount Rate

5. Brand Valuation Calculation

The NPV of post-tax royalties equals the brand value

Valuation methodology

37

randeta Index determination - EXAMPLE

MEASURE
KPI
NET REVENUE

WEIGHT
8.3%

PROVIDED BY
BRAND FINANCE

SCORE
2.5

FORECASTED GROWTH %

8.3%

BRAND FINANCE

2.5

FINANCIAL MEASURES 50

randeta INDEX

NET INCOME

8.3%

BLOOMBERG

2.5

MARGIN %

8.3%

BLOOMBERG

2.5

VISUAL IDENTITY

11.0%

VI360 (see next slide)

2.5

SECURITY/RISK MEASURES 50

DISTRIBUTION

11.0%

BRAND FINANCE

2.5

CREDIT RATING

11.0%

BLOOMBERG

2.5

FUNCTION

8.3%

BRAND FINANCE

2.5

50

EMOTION

8.3%

BRAND FINANCE

2.5

BRAND EQUITY MEASURES 50

CONDUCT 8.3% BRAND FINANCE 2.5

LOYALTY

8.3%

BRAND FINANCE

2.5

Valuation methodology

38

Visual Identity determination VI360

VI360 is a specialist visual identity management company and is part of the Brand Finance group. We have a close and formal working relationship driven by the recognition that there is a strong link between visual identity management and brand value. VI360 works with national and international organisations to implement, monitor and control the visual elements of their brands and manage the holistic view of their visual identities. Our aim is to maximize the value of the visual identity as a business asset and to ensure that the all round visual impression leads to a comparative advantage. We do this by working to ensure that all aspects of the visual brand identity are managed properly and performing as intended.

Holistic visual identity management requires a practical, process driven approach. At the heart of this is the visual identity management cycle. A brand or visual identity is rarely static and whether a company is undertaking a large scale transition or a series of evolutionary changes, the phases of the visual identity management cycle always apply.

Improvements can be made that will deliver greater brand performance no matter what phase of the cycle a company is in.

Valuation methodology

39

Further details of methodology excluded from sample report

Valuation methodology

40

sectionone appendixtwo
2011 BrandFinance Global Intangibles Financial Tracker

BrandFinance Global Intangibles Financial Tracker 2011 (GIFT 2011)

Annual review of global intangible value: Banks and Diversified Financial Services
Global Banks % DFS Enterprise Value Breakdown
$USD billion
500 1,000 1,500 2,000 -20% 0% 20% 40% 60% 80% 100% 120%

United States China Britain Japan Brazil Canada Australia France Spain Switzerland

United States China Britain Japan

Tangible Net Assets

Brazil

Disclosed Intangible Assets (ex g/w) Disclosed Goodwilll Undisclosed Value

Canada Australia France Spain Switzerland

Tangible Net Assets Disclosed Intangible Assets (ex g/w) Disclosed Goodwilll Undisclosed Value

BrandFinance GIFT 2011

42

Excluded from sample report

Included in full report Further analysis taken from GIFT 2011

BrandFinance GIFT 2011

43

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

Disclaimer

44

Brand Finance plc (London) is the worlds leading independent brand valuation consultancy. We have a global footprint with offices in more than 20 countries. For more information please refer to our website: www.brandfinance.com

45