In a world of radical uncertainty, Brand Equity provides a beacon.

1. POWER OF BRAND IN RADICAL
TIMES OF UNCERTAINTY
S e p t e m b e r 2 0 1 8
1

2. IN A WORLD OF
RADICAL
UNCERTAINTY,
BRAND EQUITY
PROVIDES A
BEACON
2
Brands have mass, they have velocity and
energy, but also inertia and fatigue
Brand Equity has proven links to business
success, pricing power, market-share,
loyalty and even stock price
A business can be measured by revenue,
margins and growth, yet a brand only
exists in the minds of consumers
BAV uniquely and quantifiably captures
the equity and power of brands in culture

3. B R A N D A S S E T ® V A L U A T O R ( B A V ® )
P R O V I D E S A Q U A N T I F I A B L E W I N D O W
I N T O B R A N D S A N D C U L T U R E
THE LARGEST AND LONGEST-RUNNING STUDY AND MODEL OF BRANDS GLOBALLY
3
52
C O U N T R I E S
S U R V E Y E D
$160MM
I N V E S T E D
9B
D A T A P O I N T S
25
Y E A R S O F
L E A R N I N G
56,000
D I F F E R E N T
B R A N D S
75
C O N S I S T E N T
M E T R I C S
S O M E O F O U R A C A D E M I C P A R T N E R S

4. O U R M O D E L I S C A T E G O R Y A G N O S T I C
BAV® can uniquely look at a brand’s equity vs. its peers…
4

5. O U R M O D E L I S C A T E G O R Y A G N O S T I C
Against the dynamics of the broader cultural “brandscape”
5

6. WE MEASURE BRANDS ON FOUR PILLARS
OF BRAND EQUITY AND MOMENTUM
6
D I F F E R E N T I A T I O N R E L E V A N C E E S T E E M K N O W L E D G E
Unique Meaning Appropriateness Regard Understanding
Relates to margins, loyalty
and cultural currency
Relates to market penetration Relates to perception of quality
and respect
Relates to consumer experience
B R A N D S T R E N G T H
F u t u r e G r o w t h P o t e n t i a l
B R A N D S T A T U R E
C u r r e n t O p e r a t i n g V a l u e

7. PROVIDING A SNAPSHOT OF
A BRAND’S HEALTH AND MOMENTUM
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
CURIOSITY COMMITMENT
INDIFFERENCE FATIGUE
DIF REL EST KNO
DIF REL EST KNO
7
DIF REL EST KNO
DIF REL EST KNO

8. BRAND = CRYSTAL BALL
THE EQUITY OF BRAND TODAY IS PREDICTIVE OF ITS
SUCCESS TOMORROW
8
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
PREDICTIVE OF GROWTH:
Brands sitting in this territory
of the BAV PowerGrid grew
11% on usage, and 9% on
top preference in the
following year on average
PREDICTIVE OF FATIQUE:
Brands sitting in this territory
of the BAV PowerGrid declined
1% on usage, and 3% on
top preference in the
following year on average
DIF REL EST KNO
DIF REL EST KNO
DIF REL EST KNO
DIF REL EST KNO

9. BRANDS HAVE INTANGIBLE VALUE
9
BAV demonstrates the power of brand in driving consumer advocacy, brand pricing power and business success
* AS MEASURED BY BAV BRAND STRENGTH METRIC: BAV USA 2018 BRANDSCAPE STUDY
BRAND
EQUITY*
I M P A C T O N
T O P B R A N D
P R E F E R E N C E
D R I V E R
O F B R A N D
U S A G E
I M P A C T O N
C U S T O M E R
A D V O C A C Y
I N F L U E N C E
O N B R A N D
L O Y A L T Y
I N F L U E N C E
O N B R A N D
C O N S I D E R A T I O N
I M P A C T O N
B R A N D P R I C I N G
P O W E R
THE POWER OF “BRAND” ACROSS THE MARKETPLACE
19% 22% 23%
11%25%12%
D R I V E S
E M O T I O N
D R I V E S
B E H A V I O R

10. A B R A N D ’ S E Q U I T Y H A S S I G N I F I C A N T
A N D M E A S U R A B L E I N F L U E N C E O N
M A R K E T S U C C E S S
The compounded annual growth rate of BAV’s BEX Index outperforms the S&P 500 and the NASDAQ
based on half-year returns of a hypothetical $10,000 investment.
10
$0.00
$5,000.00
$10,000.00
$15,000.00
$20,000.00
$25,000.00
$30,000.00
$35,000.00
$40,000.00
$45,000.00
$50,000.00
Jun-02D
ec-02
Jun-03D
ec-03
Jun-04D
ec-04
Jun-05D
ec-05
Jun-06D
ec-06
Jun-07D
ec-07
Jun-08D
ec-08
Jun-09D
ec-09
Jun-10D
ec-10
Jun-11D
ec-11
Jun-12D
ec-12
Jun-13D
ec-13
Jun-14D
ec-14
Jun-15D
ec-15
Jun-16D
ec-16
Jun-17D
ec-17
S&P 500 NASDAQ BEX Top 50 Weighted Index
CAGR:
2.44%
CAGR:
3.15%
CAGR:
4.66% BAV’s Brand
Strength metric is
an indicator of
future performance
and growth
potential
On average,
publicly traded
brands that show
the largest increase
in equity see a
gaining stock
prices, outpacing
market
Base: BrandAsset® Valuator USA All Adults Half Years, 2002-SH2017
*Dollar value based on half year returns of the BEX, NASDAQ and S&P 500 on a hypothetical $10,000 initial investment
*BEX Index returns weighted by change in Brand Strength for each period

11. BAV CAPTURES
THE DIRECTION
AND VELOCITY
OF A BRAND
11
New, Unfocused
or Unknown Commodity or Eroded
Mass Market
2001
2003
2005
2007
2008
2009
2005
2006
2008
2015
2009
2010
2016
CURIOSTY COMMITMENT
Niche or Unrealized
Potential
Leadership
95% stock price
decrease from 2005
to 2010
548% stock price
increase from 2005
to 2010
Base: BAV US 2001–2016 All Adults
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE

12. P I L L A R P A T T E R N S T E L L A S T O R Y O F
B R A N D M O M E N T U M , S T R E N G T H A N D
S T A G N A N C Y
In concert, all four pillars paint a holistic picture of brand challenges and opportunities
12
122% greater brand
Preference
93% greater Advocacy
Brand with higher
Differentiation than Relevance:
RELDIFRELDIF
EST KNO
Brand is better liked than known.
DESIRE TO
FIND OUT MORE
KNOEST
Brand is better known than liked.
LOOKING FOR
BETTER OPTIONS
Brand has captured attention
for its uniqueness.
UNREALIZED POTENTIAL
Price or convenience is the
dominant reason to buy.
COMMODITY BRAND
than Commodity brands
72% greater Loyalty
30% greater Pricing Power
Brand with higher
Esteem than Knowledge are:
than brands with less Esteem
than Knowledge

13. I N A G R O W I N G D I G I T A L R E T A I L E C O N O M Y ,
“ B R A N D ” I S E V E N M O R E I M P O R T A N T T H A N
I T I S I N T H E T R A D I T I O N A L R E T A I L S P A C E
Across categories, brand equity has 16% greater impact on brand loyalty
among online skewing shoppers than in-store shoppers
13 Behavioral Commitment—Brand I use regularly/Brand I use occasionally; BAV: USA 2017SH-2018FH; Online Shoppers, In store shoppers
Online shoppers are 4.4 times more likely to recommend a compelling brand
to a friend than an in-store shopper
vs.

14. BAV PROVIDES A
LENS TO
HIGHLIGHT VALUE
AND POTENTIAL,
TO HELP GUIDE
DECISIONS
14
MERGERS, ACQUISITIONS AND PORTFOLIO MANAGEMENT
CHANGING CULTURAL VALUES
EVOLVING CATEGORY LANDSCAPE & DYNAMICS
CONSUMER ADVOCACY
BRAND ORIGINS AND HERITAGE
What is the relationship between the corporate brand and its sub-brands? What
assets do each brand bring to a merger?
How do shifting consumers values and attitudes impact the role of brands and their
business performance?
How are industries changing? Where is disruption happening? What is are the
implications to my brand?
How loyal is your target audience? Is there untapped potential among your
advocates? Where do customer acquisition opportunities exist?
How does a brand’s country of origin or cultural ties impact its value and perception
among consumers? What impact does the CEO or Founder’s Personal Brand have on the
company’s brand success? How closely associated is the leader to the brand? What is
the power of celebrity association with a brand?

15. MERGERS, ACQUISITIONS AND
PORTFOLIO MANAGEMENT
What is the relationship between the corporate brand and its sub-brands? What assets do
each brand bring to a merger?
A diversified portfolio isn’t only important in investing. BAV provides an in-depth
understanding of the equity and role of each brand within a portfolio.
15

16. UNDERSTANDING BRAND SYNERGIES AND ASSETS CAN
HELP GUIDE EXPECTATIONS AND CLARIFY OBJECTIVES
16
0
20
40
60
80
100
DIFF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
DRIVING INNOVATION
INTO A CREDIBLE LEADER
EXPANDING INTO
A NEW TERRITORY
BRINGING NEW RELEVANCE TO
UNAPPROACHABLE INSURERS
Base: BAV USA SH17–FH18, All Adults

17. I N V E S T I N G I N M O M E N T U M B R A N D S C A N
D R I V E E N E R G Y F O R E S T A B L I S H E D L E A D E R S
Larger conglomerates offer credibility and reach to their highly differentiated, but less known brand acquisitions
17
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
0
20
40
60
80
100
DIF REL EST KNO
PercentileRank
PARENT BRAND SUB-BRAND
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
Base: BAV USA 2016, All Adults

18. S T R O N G C O R P O R A T E B R A N D S C A N
E L E V A T E S U B - B R A N D S
The mid-tier Hilton brands that adopted the ‘by Hilton’ identity, experienced growth in brand equity and advocacy
18
2013
2013
2013
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
ALL ADULTS
2013 vs 2017
Base: BAV USA 2013-2017, All Adults

19. CHANGING CULTURAL VALUES
How do shifting consumers values and attitudes impact the role of brands and their business
performance?
Brand must be interpreted against the changing dynamics of culture. Cultural shifts have clear business
implications as consumers adjust their expectations.
By measuring thousands of brands in the US each quarter, BAV can identify trends shaping the
marketplace across categories.
19

20. among Millennials
than Boomers with
regard to Purpose
IN AN ERA OF DECLINING BRAND TRUST, CONSUMER
EXPECTATIONS ARE SHIFTING
20 Base: BAV USA All Adults FY 2001-2015, Q2 2018 Base: BAV USA 2014, 2017 FY; All Adults Usage defined as regularly use and occasionally use
2007 TODAY
19%
since 2007
The impact Purpose
on Differentiation
has grown by
18%
more
impactful
Esteem is
70%
of Gen Z girls believe that their
lives need to make A DIFFERENCE
IN THE WORLD
THE POWER OF PURPOSE
ON BRAND EQUITY
INCIDENCE OF HIGHLY TRUSTED
BRANDS IN THE BRANDSCAPE
2001 2003 2005 2007 2009 2011 2013 2015 2016 Q2 2018
50%
40%
30%
20%
10%
0%
%ofbrandswhoreceived
over20onTRUSTWORTHY
*Percent of brands with greater than 20% endorsement on Trustworthy attribute

21. CONSUMERS OFTEN CHOOSE ‘CLEAN’ BRANDS
OVER ‘DIET’ BRANDS
21
CLEAN BRANDS: STAYING SIMPLE & POSITIVE DIET BRANDS: HIGHLIGHTING EVERYTHING THEY’RE NOT
Aidells
Amy`s
Amy`s Organic
Annie`s
Homegrown
BluePrintJuice
Cheerios
Chiquita
Goya
Horizon Organic
Imagine Organic
KashiKIND
LÄRABAR
Luna Bar
Naked Juice
Newman`s Own
Newman`s Own
Organics
Noosa
Odwalla
Organic Valley
Pacific Organic
popchips
Siggi`s
Terra Chips
Balance Bar Benefiber
Crystal Light
Diet Coke
Diet Dr Pepper
Diet Mountain Dew
Diet Pepsi
Ensure
Fiber One
Fiber One
Yogurt
Lean Cuisine
NutraSweet
Slim-Fast
Sweet N Low
Weight
Watchers
Weight Watchers Smart Ones
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
Base: BAV USA 2017, All Adults
Clean brands have seen a 54% increase in advocacy from 2010 to today, while Diet brands have seen a 65% decrease
Curves
Jenny Craig

22. EVOLVING CATEGORY
LANDSCAPE AND DYNAMICS
How are industries changing? Where is disruption happening? What is are the implications to my brand?
The threat of new entrants from surprising places is greater than ever before, changing the competitive landscape
for products that industry leaders once thought were safe, from mattress brands to toothbrushes.
Informed brands can re-establish their role and power in an evolving landscape. Throughout our 25 years of
measuring the impact of brands in culture, we have studied disruptors in every category and continue to learn how
to drive radical growth for our clients.
22

23. THROUGH
MEANINGFUL
DIFFERENTIATION,
BRANDS CAN BREAK
AWAY FROM PEERS
IN EVEN THE MOST
COMMODITIZED
CATEGORIES
23
RELEVANCE
DIFFERENTIATION
Home
cleaning
products
average
Sports
shoes
average
Internet
services
average
Supermarkets
average
Ice cream
average
Airlines average

24. WAVES OF CATEGORY DISRUPTION HAVE CHANGED
HOW CONSUMERS PERCEIVE THE QSR LANDSCAPE TODAY
Base: BAV, USA, All Adults 2017 (Based on Correspondence Analysis)
The average fast casual disruption brand has 2x the differentiation of traditional QSRs
Different
Distinctive
Unique
Dynamic
Innovative
Leader
Reliable
High quality
Authentic
Carefree
Cares about Customers
Charming
Daring
Down to Earth
Energetic
Friendly
Fun
Gaining In Popularity
Glamorous
Good Value
Helpful
High Performance
Independent
Intelligent
Kind
ObligingOriginal
Prestigious
Progressive
Simple
Social
Socially Responsible
Straightforward
Stylish
Traditional
Trendy
Trustworthy
Up To Date
Upper Class
Visionary
Worth More
Healthy
TRADITIONAL QSR FAST CASUAL
NEWER ALTERNATIVES/
ON DEMAND OPTIONS
24

25. CONSUMER ADVOCACY
How loyal is your target audience? Is there untapped potential among your advocates?
Where do customer acquisition opportunities exist?
It’s not just how big a brand is today, it’s also about how deeply it connects with its audience.
BAV measures a continuum of consumer usage and preference, in addition to advocacy, which can
assess the commitment of your target audience and uncover customer conversion opportunities.
25

26. U N D E R S T A N D I N G C O N S U M E R C O M M I T M E N T
F O R A B R A N D C A N I N C R E A S E I N S I G H T I N T O
I T S F U T U R E P O T E N T I A L
Despite competitive brand consideration, Cars.com shows weak commitment relative to peers, highlighting a vulnerability
26 Base: BAV, USA, 2016, All Adults
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0
10
20
30
40
Percent
One I Prefer One of Several Emotional Commitment

27. W H I L E A S M A L L E R , B U T M O R E
C O M M I T T E D A U D I E N C E O F F E R S
H I D D E N V A L U E
NASCAR may not have as many fans as the NFL, but its viewers skew more avid than peers
27 Base: BAV, USA, 2016, All Adults
0
0.2
0.4
0.6
0.8
1
1.2
0
10
20
30
40
50
60
Percent
One I Prefer One of several Emotional Commitment

28. BRAND ORIGINS AND HERITAGE
What impact does the CEO or Founder’s Personal Brand have on the company’s brand success? How
closely associated is the leader to the brand?
How does a brand’s country of origin or cultural ties impact its value and perception among consumers?
Founders and CEOs vary in their connection to and impact on their brand, and measuring this relationship can help
understand the implications of their actions in the event of a personal crisis. Alternatively, a human connection can
be a building block to brand trust, and the CEO or country of origin can be one such connection point to the brand.
BAV can analyze the perceptions of business leaders and countries in tandem with brands, enabling us to
understand their influence and risk.
28

29. P E R C E P T U A L S I M I L A R I T Y B E T W E E N A
C E O A N D I T S C O M P A N Y V A R I E S
Mark Zuckerberg today is less similar to Facebook, protecting the Facebook brand image in light of the
Cambridge Analytica scandal.
29
Similarity Uniqueness
Base: BAV, USA, 2018, All Adults

30. C o u n t r i e s h a v e t h e i r
o w n b ra n d e q u i t y, a n d
t h e r e i s a n o p p o r t u n i t y
f o r b ra n d s t o l e v e ra g e
t h e i r c o u n t r y o f o r i g i n .
B ra n d U S A i s a g l o b a l
l e a d e r, a n d b ra n d s c a n
t a k e a d va n t a g e o f t h e i r
A m e r i c a n h e r i t a g e i n
m a n y m a r k e t s a r o u n d
t h e w o r l d .
30
UK
Spain
Colombia
Brazil
Thailand
Italy
China
Mexico
France
Germany
THE EQUITY OF BRAND USA AROUND THE WORLD
BRANDSTRENGTH
DIFFERENTIATION&RELEVANCE
BRAND STATURE
ESTEEM & KNOWLEDGE
Base: BAV, Global, 2018, All Adults

31. WE SEE A CLEAR POSITIVE IMPACT OF
“MADE IN GERMANY” ON PERCEPTIONS OF
THE OPEL AUTO BRAND
31
Opel Austria
Opel Belgium
Opel France
Opel Netherlands
Opel Hungary
Opel Italy
Opel Poland
Opel Spain
Opel Turkey
Opel UK
R² = 0.758
0
10
20
30
40
50
60
70
80
90
100
40 50 60 70 80 90 100
OPELBRANDEQUTYBYMARKET
OPEL ASSOCIATION WITH GERMAN TRAITS
Brand Strength vs. Level’s of “German-ness*” by Market
Germanic Traits = Leader, Prestigious, Dynamic, Best Brand, High Quality, Stylish, High Performance, Innovative, Visionary,
Progressive, Intelligent, Up-to-Date
WE SEE A CLEAR POSITIVE IMPACT OF
”GERMAN-NESS” ON THE EQUITY OF THE
OPEL BRAND ACROSS EUROPE
STRONGEST LINK TO
GERMANY QUALITIES
STRONG ASSOCIATION
WITH “GERMANY”
WEAK ASSOCIATION
WITH “GERMANY”
WEAKEST LINK TO
GERMANY QUALITIES
Base: BAV, Europe, 2018, All Adults

32. SOME OF THE WAYS WE HELP OUR CLIENTS
32
BRAND PARTNERSHIP &
SPONSORSHIP ANALYSIS
BRAND MONITORING
BRAND POSITIONING
& OPTIMIZATION
PORTFOLIO
ARCHITECTURE
BRAND EQUITY
AUDIT
SHOPPING
BEHAVIOR INSIGHTS
SOCIAL EQUITY
ANALYTICS
DEALS & ACQUISITIONS
EVALUATION
LOVE HATE
CULTURAL INSIGHTS &
TRENDS
CUSTOM RESEARCH
AND TRACKING

33. Thank You!
M i c h a e l S u s s m a n
C E O , B A V G r o u p
M i c h a e l . S u s s m a n @ b a v g r o u p . c o m
33