BrandZ Top 50 Most Valuable Latin American Brands 2015 Report

TOTAL VALUE OF LATIN AMERICAN TOP 50 BRANDS

+2% Brand Value Change 2014-2015

US$ 129 Bil.

2014

# 30

# 37

# 7

# 40

# 4

# 6

# 1

# 39

# 34

# 31

+62%

+43%

+28%

+28%

+25%

+22%

+20%

+20%

+19%

+17%

US $1,859 Mil.

US $1,479 Mil.

US $4,315 Mil.

US $1,236 Mil.

US $5,202 Mil.

US $4,423 Mil.

US $8,500 Mil.

US $1,309 Mil.

US $1,636 Mil.

US $1,808 Mil.

Beer

Banks

Banks

Banks

Banks

Communication Providers

Beer

Beer

Banks

Banks

Source: Millward Brown and BrandZ

HIGHEST RISERS% - Brand Value Change 2014-2015# - Ranking Position$ - Brand Value

# 36US $1,533 Mil.Banks

# 38US $1,411 Mil.Retail

# 46

# 49

US $1,069 Mil.

US $997 Mil.


Banks

# 41US $1,197 Mil.Beer

# 42US $1,118 Mil.Banks

NEWCOMERS

MOST VALUABLE COUNTRY BRANDSBRAZIL

2 brands in the Top 50

US$ 2,644 Mil. (2% of Total LatAm Value)



+71% +5%% Brand Value Change 2014-2015 % Brand Value Change 2014-2015

1 US $1,575 Mil. 1 US $8,500 Mil. 1 US $4,709 Mil. 1 1 1US $3,672 Mil. US $8,476 Mil. US $1,808 Mil.

2 US $1,069 Mil. 2 US $5,202 Mil. 2 US $3,107 Mil. 2 2 2US $3,476 Mil. US $6,174 Mil. US $1,678 Mil.

3 US $729 Mil. 3 US $4,315 Mil. 3 US $2,845 Mil. 3 3 3US $2,436 Mil. US $4,423 Mil. US $1,479 Mil.

ARGENTINA

Top 3 Argentinian Brands Top 3 Brazilian Brands

CHILE



-23%% Brand Value Change 2014-2015

Top 3 Chilean Brands Top 3 Colombian Brands Top 3 Mexican Brands Top 3 Peruvian Brands

COLOMBIA MEXICO PERU







-4% +15% +15%% Brand Value Change 2014-2015 % Brand Value Change 2014-2015 % Brand Value Change 2014-2015

Download the Mobile app www.brandz.com/mobile

www.brandz.com

TOP50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1516

1718

1920

2122

2324

25

262728293031323334353637383940

4142

4344

4849

50

2015

US$ 131.9 Bil.

TOP 10 MOST VALUABLE LATIN AMERICAN BRANDS

US $4,709 Mil.

-23%

Retail

US $8,500 Mil.

+20%

Beer

US $5,202 Mil.

+25%

Banks

US $4,315 Mil.

+28%

Banks

US $4,185 Mil.

+17%

Beer

US $8,476 Mil.

+6%

Beer

US $6,174 Mil.

+16%


US $4,423 Mil.

+22%


US $3,604 Mil.

+4%

Beer

US $3,672 Mil.

+3%

Beer

4546

47

% Brand Value Change 2014-2015

6 7

Introduction ........................9 Thought Leadership

The Macroeconomic Environment Gonzalo Fuentes, CEO, Millward Brown Latin America

LatAm vs. Emerging Markets Doreen Wang, Global Head of BrandZ, Millward Brown

Overview

Latin American Economic Context

Headline News

Key Findings and Future Trends

Brand Value Distribution by Country

Performance by Indsutry Sector

Comparison With Other BrandZTM Brand Valuation Rankings

Top 50 Brands

Argentina ........................... 25 Thought Leadership

Argentina Keeps Building its Own Labyrinth Julio Fresno Aparicio, Managing Director, Millward Brown, Argentina

Overview

Key Market Facts

The Top 5 Brands Chart

Brand Stories

Thought Leadership

Change Is Inevitable; Development is Optional Mariana Fresno Aparicio, Client Service Director Millward Brown, Argentina

The Battle of the Table Sebastin Corzo, CS Senior Consultant Millward Brown, Argentina

Mexico ..............................97 Overview


Key Market Facts

Brand Stories

Thought Leadership

A Kaleidoscope of Challenges and Opportunities Ricardo Barrueta, Managing Director, Millward Brown Mexico, Central America and the Caribbean

Evolving Paradigms in an Unpredictable Market Jorge Alagn, Chief Client Solutions Officer Latam, Millward Brown

Constancy Amidst Chaos Fernando Alvarez Kuri, Vice President< Millward Brown Vermeer

How to Grow Great Brands in a Fast Changing Scenario Pedro Egea, President & CEO, Grey Mxico

A Story of David and Goliath in The Digital Media Era Lilia Barroso, CEO, GroupM Mxico

The Role of PR in Building Strong Brands Daniel Karam, President & Managing Director, H+K Strategies Mexico

Creating Great Brands in an Extreme Market Gabriela Lijo, General Manager, Lambie-Nairn, Mxico

Peru ............................ 125 Overview


Key Market Facts

Brand Stories

Thought Leadership

Exporting Peruvian Brands Catalina Bonnet Montoya, Managing Director, Millward Brown, Peru

Has The Slowing Peruvian Economy Impacted Brand Value? Olivia Hernndez, Client Service Director, Millward Brown, Peru

Building Meaningfully Differentiated Brands in Peru Jeanette Yaez Pajuelo, Account Group Director Millward Brown, Peru

What's New in Peru's Local Market? Fidel La Riva Cruz, Country Manager, Kantar Worldpanel, Peru

From Analytical to 'Curiosytical' Eduardo Velasco Maximiliano, Managing Director, MEC Peru

Brazil ............................. 37 Overview


Key Market Facts

Brand Stories

Thought Leadership

How are Brands Adapting to the Economic Shift? Roberto De Napoli, Director of Operations, Millward Brown Vermeer, South America

Challenges for Brands in the Brazilian Market Valkiria Garr, Managing Director, Millward Brown Brazil

Crisis or Opportunity? Aurora Yasuda, Knowledge Management, Millward Brown, Brazil

Neuroscience: Helping Brands Make The Connection Francisco Bayeux, Global Innovations, Millward Brown, Brazil

'Dear Brand, I Recall You. But I Don't Want To Buy You' Renato Duo, Strategic Planning Manager J. Walter Thompson, So Paulo

Chile ..............................65 Overview


Key Market Facts

Brand Stories

Thought Leadership

Making Progress on a Slower Road Mauricio Martnez Vzquez, Managing Director, Millward Brown, Chile

Three New Influences on Chilean Consumers Marcela Prez De Arce, Client Service Director, Millward Brown, Chile and Mauricio Yuraszeck, Client Service Director, Firefly Millward Brown

Chile Amidst The Perfect Storm Claudio Apablaza, Business Development Director, Millward Brown, Chile

"New Media, Old Fashioned Values" Annetta Cembrano Perasso, CEO, MEC Chile

Colombia ............................ 81 Overview


Key Market Facts

Brand Stories

Thought Leadership

Opportunities for Peace Gabriel Enrique Castellanos, Managing Director, Millward Brown, Andean Region

Brands in an Ever-Changing Environment: Time To Be Meaningfully Distinct! Oscar Ladino, Group Account Director, Millward Brown, Colombia

People Hate Our Job Alvaro Melndez Ortiz, Planning Director, Ogilvy & Mather, Colombia

Resources .........................141 Methodology

BrandZTM Publications

BrandZTM Mobile

WPP Company Contributors

The BrandZTM Brand Valuation Contact Details

WPP in Latin America

LATIN AMERICA CONTENTS

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

8 9

LATIN AMERICA WELCOME

A DECADE OF DEVELOPMENT, A YEAR OF CHANGE

2015 marks ten years since the first BrandZ Top 100 Most Valuable Global Brands study was

conducted. In the intervening decade, Millward Brown has researched and valued over 100,000

brands across 50 country markets, to identify the drivers of long-term brand value growth.

With each year and each BrandZ Ranking report published, new insights emerge that help equip brands especially the aspiring

newcomers from the fast-growing markets to learn from the present and build for the future.

GROWING BRANDS IN ALTERED CIRCUMSTANCES For most of the countries featured in the BrandZ Top 50 Most Valuable Latin American Brands 2015, the past year has seen a continuation of the economic challenges that began to emerge in 2013/14. For the past two years, the Latin American region has presented relatively low GDP growth rates of around 2%. Chinas slowing economy and turbulence in the global oil industry have been contributory factors, but political unrest and uncertainty have also played their part.

However, even in these testing times, companies that have strong brands remain more valuable than the average

of the market. This is illustrated by the fact that the Top 50 LatAm portfolio increased 2% in USD, while almost all economic indices such as GDP, Country risk and Companys market value showed a substantial decrease.

So, whats the secret to the strong performance of these brands? There is no single secret, but what is clear from this report is that many of them are applying some or all of the following principles in order to create differentiation and value:

Be close to consumers

Successful brands are not limiting themselves to promoting just their features and benefits but instead are aiming to reflect the same values as their consumers. In looking at life through their customers eyes, they are better able to innovate in ways that will really resonate with them. This may translate into the development of new formats, new sales channels and service centers, or new sizes or varieties that can maintain the loyalty ties that the brand has been building over time.

Create a dialogue through digital

The voice of the consumer is now clearly heard and amplified through multiple channels: where once brand communications were one-way, now social media gives each individual the power to praise or reproach. This shift from monologue to dialogue creates new possibilities but also pitfalls. The most successful brands are embracing the transparency that these open channels of communications provide and using it to build stronger, longer-term relationships with their customers.

Experience counts

Creating or supporting shared experiences that unite people and make them feel happy build brand equity and encourage consumers loyalty.

The success of this approach is clearly demonstrated by the brand in the number one spot of the BrandZ Top 50 Most Valuable Latin American Brands 2015, Skol. Investment by Skol has been heavily focused on relationship building through the interests of the brands target audience, in particular through sponsorship of music festivals.

Faced with household budget constraints, consumers need good reasons to validate their purchasing decisions. A clearly communicated brand proposition that reflects its understanding of the consumers needs, and respect for their freedom to choose, go a long way towards delivering the reassurance these consumers are looking for.

ABOUT BRANDZTM This report is collaboration by leading brand experts from WPP companies around the LatAm region. Their insights and thought leadership essays provide strategic understanding and tactical advice for brands seeking to grow their presence and improve their brand value.

WPP companies have been working in Latin America for nearly 100 years. Within these companies are specialists in advertising; insight; branding and identity; direct, digital, promotion and relationship marketing; media investment management and data investment management; and public relations and public affairs. All share a passion and determination to use their creativity and resources to establish and build strong, differentiated brands that deliver lasting shareholder value.

Collectively our experts bring global knowledge based on our WPP presence in 112 countries. By connecting all this talent and wisdom, we explore global trends and insights that help our clients in useful and unique ways.

The backbone of all this intelligence remains the WPP proprietary BrandZ database, the worlds largest, customer-focused source of brand equity knowledge and insight, and the BrandZ brand valuation methodology of Millward Brown, a WPP company.

Other titles in our industry leading BrandZ resource library include: the BrandZ Top 100 Most Valuable Global Brands 2015, the BrandZ Top 100 Most Valuable Chinese Brands 2015; the BrandZ Top 50 Most Valuable Indonesian Brands 2015.To download these and other BrandZ reports, please visit www.brandz.com. For the interactive BrandZ mobile apps go to www.brandz.com/mobile.

To learn more, please contact any of the WPP companies that contributed expertise to this report. Turn to the resource section at the end of this report for summaries of each company and the contact details of key executives. Or feel free to contact me directly.

DAVID ROTHCEO The Store WPP, [email protected]: davidrothlondonBlog: www.davidroth.com

INTRODUCTIONINTRODUCTION

GONZALO FUENTESCEO Millward Brown, Latin America [email protected]


THE MACROECONOMIC ENVIRONMENT: A CHALLENGE

TO BE OVERCOMEAt the beginning of this year, I had the chance to take part in an event in Ecuador, attended

by the main entrepreneurs and celebrities of the country. There, a famous economist was talking

about the perfect storm: a decrease in global demand, the collapse in the price of oil

(on which so many countries in our region depend), and the US

dollar high appreciation.

In addition to this challenge shared by the whole region, Mexico and Brazil, the two largest economies in the region, are facing barely positive scenarios. At the end of July, Standard & Poors kept Brazils country risk rating at BBB, but changed its outlook from stable to negative.

In the case of Mexico, the Enrique Pea Nieto administration was confident that last years structural reforms would boost the countrys economic growth. However, the impact of these reforms was strongly affected by a difficult economic and social environment, which led to a very large cut in public investment and expenditure.

WITH CHALLENGE COMES OPPORTUNITY! Although the social and economic environment is challenging, investment in the creation of great brands is needed more than ever. This is evidenced by the fact that in our ranking BrandZ Top 50 Most Valuable Latin American Brands, the joint value of the 50 main brands in the region had a 2% increase against last year. The Brazilian beer brand Skol had a 20% growth, which made it the most valuable brand in our region.

How can brands continue to grow in such adverse scenarios? Brands that grow do so because they adapt to the new rules of the game, they understand how these impact consumers, and based on this they look for solutions considered innovative and relevant by their market. Thus, the secret is simple, but it is the details that count.

A good example of adaptation to a new scenario is the Mexican brand Bodega Aurrer. Seeking to respond to the evolution of demand (consumers with less time to do the shopping, but still looking for inexpensive and local options), in 2008 it created a format called Bodega Aurrer Express. This has helped it to gain share in the informal market, due to its value proposal: low prices and convenience. In 2014, Bodega Aurrer continued this expansion, adding 45 stores in that format. The success is clear: in a sector with brands facing important challenges brand value in the retail sector as a whole decreased 15% Bodega Aurrer had a 10% value increase.

The new challenge for the retail sector will be related to the development of e-commerce in our region. In 2014, 110 million Latin Americans made at least one purchase online, almost 13 million more people than in 2013. This constitutes a challenge not only for this sector for brands from other categories such as Alibaba already present in Brazil but also for brands, since the purchase process and the context are clearly different.

BRANDS AS 'EXPERIENCES' ACTIVATORSThere is no doubt that consumers are human beings first, and that some countries in our region are going through a difficult situation. Brands have the opportunity here to offer playful experiences that unite consumers and allow them to enjoy small pleasures, while building equity and encouraging consumers loyalty.

The digital development allows acceleration of this process and going from brand image building to creating experiences with brand content. The trick is doing this without the brand seeming too intrusive.

Skol is a brand that understands its role is not that of the main character at the party, so to speak, but a vehicle for its consumers to have a great time: it takes advantage of important social events to join the party.

Last years events provided an amazing stage to become this companion: from being the main sponsor of Rock in Rio, to taking part in the traditional Festas Juninas and the Brazilian Carnival, and all the way to the Football World Cup, Skol made great efforts to become part of these playful and high-engagement moments.

For example:

This brand invests in more than 2,000 events so as to stay close to customers.

For the World Cup it created Albergues-Consulados ( Embassy Shelters), where consumers were invited to become Skol ambassadors and receive foreigners in the different host cities.

It also used a digital platform to create what was called Gringo your selfie. In this activity Skol asked Brazilian consumers to take selfies with fans from all the countries competing in the Cup in less than 24 hours. The prize? A trip around the world!

To sum up, the changes and challenges our region is facing constitute opportunities to grow by means of the elements that have always worked: innovation and relevance. My advice is that, now that we are tempted by too much information and all kinds of data, we should not forget the basics: to be close to our consumers. This book and the BrandZ Latin American ranking present 50 brands that seem to understand this quite clearly. Enjoy!

12 13

LATIN AMERICA THOUGHT LEADERSHIP

14 15

LATIN AMERICA LATAM VS. EMERGING MARKETS

DOREEN WANG Global Head of BrandZ

Millward Brown [email protected]

TIPS FOR FUTURE SUCCESS FOR BRANDS IN FAST-GROWING MARKETS

Its getting harder to enter and remain in the BrandZ Global Top

100 Most Valuable Brands. A total of 58 of the brands ranked in 2006 are

still there, while 42 have been replaced.

Many of the new brands within the ranking are from fast-growing markets. The number of Chinese brands in the BrandZ Global Top 100 has risen from just one in 2006 to 14 in 2015, and their total Brand Power has increased 1,004%. Latin American brand Natura appears in the personal care sector rankings, and Skol and Brahma rank in the beer category. The majority of these local brands are not yet truly globalized, but theyre ambitious and growing in value extremely fast and they will change the global competitive landscape.

In the past 10 years Millward Brown has researched and valued over 100,000 brands across 50 country markets, to identify the drivers of long-term brand value growth. It is these lessons that will equip brands especially the aspiring newcomers from the fast-growing markets to be the winners over the next 10 years.

BEING DIFFERENT MAKES A DIFFERENCE In a world of so much product sameness, brands which consumers view as different achieve higher value. Those that have remained in the top half of the BrandZ ranking over the last 10 years are scored very highly on difference by consumers, and have grown 124% in brand value. In contrast, brands in the bottom half of the ranking score lower and have increased only 24% in value.

Difference can enable a brand to command a higher price and yield a higher profit. It isnt just about the product; differentiation can also be found through purpose, personality, values, and design. Category leaders like Coca-Cola and BMW need to guard leadership and keep refreshing their brand messages to be always unique. Compared to the established multinational brands, the local brands from fast-growing markets are relatively weak on difference, how to develop a differentiating proposition that is meaningful to the consumers would be the key question to answer.

CLEAR PURPOSE FAST-TRACKS BRAND EQUITY Its not enough to be different for the sake of it. To be meaningful, brands must have a strong purpose that goes beyond making money, and is inspiring and relevant to consumers. This means striving to improve peoples lives in some way making them easier, healthier or more interesting and if its a higher purpose that contributes to making the world a better place, all the better.

In the digital era in which difference is harder to achieve, for many brands with comparable functionality and emotional appeals, purpose can become a true differentiator and accelerate brand equity growth.

INNOVATION DRIVES SUCCESS Consumers see brands that set trends as different and as leaders, and these perceptions pay dividends. Over 10 years, the brands that scored highest against the BrandZ trend-setting metric increased an average of 161% in brand value, while those that scored lowest increased only 13%. Many of these brands are from the technology sector, but we also see Chipotle, Nike, UPS and PayPal scoring highly.

To be a trendsetter means anticipating the directions consumers will want to go in, identifying the gaps where needs are unmet, and getting there first. This is a risky strategy, which a brand can mitigate by knowing their consumers well.

LOVE ISN'T ALL YOU NEED - BUT IT'S POWERFUL Love has a multiplier effect. Over the past decade, the rise in value for brands scoring high in the BrandZ love metric was 10 times greater than that of their low-scoring rivals. Love usually follows great performance and a great experience and its amplified by social media. Brands from across categories score highly on love, from Visa to KFC. They have one thing in common: they try to understand the world from the customers point of view.

Innovation and love form a virtuous circle. A true innovation that makes peoples lives easier can quickly generate love, but even the most trendsetting brands swing between periods of intensive innovation and iterative progress, when love provides a cushion until the next wave of creative development. Microsoft, a trendsetter now, could do with a dose of love to balance this out.

To remain competitive through the next decade, brands from fast-growing markets, and those aspiring to join their ranks, should stop seeing brand building as a cost and view it as an investment in future financial success. They need a holistic brand building system that focuses on every aspect from communications to CRM to creating the whole experience to make consumers lives better, build meaningful difference and embrace disruptive technologies. Brands are a fabulous investment, and need to be nurtured and cared for accordingly.



THE LATIN AMERICAN ECONOMIC CONTEXT

In the last two years the Latin

American region presented relatively

low GDP growth rates, around 2%.

Brazil is in bad shape, with political and economic problems in addition to inflation. Argentina also faces political and economic problems, and Venezuela has had serious problems with internal supply, high inflation and political issues.

The deceleration of the economy in the region decreasing steadily since 2010, when it reached a high 6.1% GDP growth, can be explained by the following factors:

1. In the most important countries, much of the growth in 2010 was due to the increase in middle class purchase power and relative stability of public accounts. Also, prices of commodities were high and China grew 2-digits per year China is a huge market for Latin American companies.

2. For the domestic market, factors like the ascension of middle class and stability of public policies failed from 2011-2014 and generated a very small growth in the period. For 2015, the World Bank is forecasting a worse scenario, with a GDP growth for Latin America of merely 0.4%. According to the bank, the region is practically in recession.

3. During the same period, prices of commodities like iron, steel and oil, decreased substantially. Part of the problem is the slowing Chinese economy, but also, in the case of oil, it was strongly influenced by the industry context.

In addition to this unfavorable scenario, Moodys Investors Service has downgraded Brazils government bond rating from Baa2 to Baa3, a clear signal that the country has delivered less than expected in terms of economic performance.

Another important index that reflects the economic instability in Latin America is the Emerging Markets Bonding Index EMBI+, produced by JP Morgan, which tracks emerging markets, government debt and corporate debt asset classes.

As a consequence of all these factors, market capitalization of Latin American public traded companies in the region suffered a substantial decrease, as shown in the chart below

The region has to learn how to deal with the new external context: lower growth of emerging economies, less dynamism of developed economies and lower prices of raw materials. All these factors greatly affect the economic growth and development of the region, which require significant changes to aspects such as investment levels and productivity growth with a long-term perspective.

16 17

LATIN AMERICA OVERVIEW

Source: CEPAL

Latin American GDP growthIt was the first time that Latin America grew less than the average of the 34 countries of The Organization for Economic Cooperation and Development (OECD).

5%

0%1.3%

2.6%3.1%

4.6%

6.1%

-1.8%

5.3%5.3%

4.2%

1.8%

5.7%

3.5%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

GDP growth

20132014

Brazil Argentina Colombia Mexico Peru Chile

This is far removed from the prosperous scenario seen from 2004 to 2012, when the rates reached over 5% in many years, according to CEPAL Economic Commission for Latin America and the Caribbean. In 2014, the region had a 1.3% GDP growth, the second worst performance in the last 10 years (in 2009 the region showed a -1.8% GDP growth, a reflection of the world financial crisis).

The countries that most contributed to the slowdown in the economy performance of the region in 2014 were Brazil, Argentina and Venezuela. Brazil, the largest country with around 50% of participation in the regions GDP, had almost a zero growth of 0.1%, Argentina grew only 0.5% and Venezuela dropped 4.0%. Other important countries in the region such as Colombia achieved a GDP growth rate in 2014 of 4.6%, 2.4% for Peru, while Mexico and Chile registered 2.1% and 1.9% respectively. However, almost all of these countries, with the exception of Mexico, have shown decreasing GDPs in the last two years.

Source: CEPAL

Source: JP Morgan

Source: Bloomberg

1.4%

2.1%

5.8%

2.4%

4.2%

1.9%

1.3%

-4.0%

0.1%

2.7%

4.6%

2.9%

4.9%

0.5%

0%

Venezuela

Country risk - EMBI + Companies Market Value

0%

1%

2%

3%

2013 2014 July 2015

Brazil

Brazil Ibovespa

Peru

Peru BVL

Colombia

Colombia IGBC

Mexico

Mexico IPC

Chile

Chile IGPA

10%

0%

-10%

-20%

-30%

2013 2014 July 2015

Market capitalization of Latin American public traded companies in the region suffered a substantial decrease.

Almost all the main countries in the region have risen in terms of risk (except Chile).


HEADLINE

NEWS

18 19

LATIN AMERICA HEADLINE NEWS

BRAND VALUE

US$ 131.9 BILLIONTotal Value of Latin American Top 50 Brands

+2%Brand Value Change 2014-2015


The total value of the BrandZ Top 50 Most Valuable Latin American Brands 2015 increased 2% in comparison to 2014 (US$ 129.2b in 2014 vs. USD 131.9b in 2015), despite the low economic activity in the region since 2014. This demonstrates that strong brands can better face difficult periods, with less damage to the shareholder value.

If we consider the Top 10 BrandZ LatAm, the variation was +10% in US$ from 2014 to 2015.

Brands from the Financial Institutions, Services and Beer, Food & Personal Care segments performed rather well, with growth rates of 18%, 11% and 9%, respectively.

On the other hand, brands from the B2B and Retail segments performed poorly: they decreased by 34% and 15% in 2015, respectively.

THE TOP FIVE BRANDS For the first time, the most valuable Latin American brand was Skol, the Brazilian beer brand that belongs to Ambev, an AB Inbev company. This performance reflects the consistency in brand positioning of Skol, targeting its products to younger audiences more willing to adopt a brand for a lifetime and supporting its strategy with sponsorships of music festivals, which has strengthened the brand relationship with this audience.

Once again Beer, Retail, Communication Providers and Banks categories took the top 5 positions: Skol (Beer Brazil), Corona (Beer Mexico), Telcel (Communication Providers Mexico), Bradesco (Banks Brazil) and Falabella (Retail Chile).

BEER MAKES THE TOP 10 FOR THE THIRD CONSECUTIVE YEAR The beer category dominated the ranking again in 2015, conquering five of the top ten positions four of the brands belonging to AB Inbev: Skol, Corona, Brahma and Modelo.

Skol, the most valuable Brazilian brand, had a 20% growth to US$ 8,500 million, followed by Corona, the most valuable Mexican brand, with a value of US$ 8,476 million, a 6% growth.

NEW ENTRIES The BrandZ Top 50 LatAm saw six new entrants in 2015:

49 BanksCOLOMBIA

Communication Providers46

ARGENTINA

Banks42BRAZIL

Banks36

Retail38

Beer41

MEXICO

1 US $8,500 Million

2 US $8,476 Million

8 US $4,185 Million

9 US $3,672 Million

10 US $3,604 Million


1

2

3

4

1. Mexico grew its contribution to the BrandZ Top 50 Most Valuable Latin American Brands 2015 for the third consecutive year, from 33% to 37%. The categories Beer, Food & Personal Care, Financial Institutions and Services which combined value grew 15%, led this growth. It is a combination of solid financial performance with an increase in the perception of consumers in that market.

2. Brazil maintained its contribution to the BrandZ Top 50 LatAm at 24%. The country performed well in the categories Beer, Food & Personal Care and Financial Institutions, but this was neutralized by the weak performance in the B2B category that is mainly represented by the oil company Petrobras (decreased in 75%), which suffered with corruption and operational problems in 2014.

3. Chile, with a portfolio of BrandZ Top 50 LatAm based in Retail, decreased from 20% to 15% from 2014 to 2015. This industry, which comprises 9 brands in the Top 15 Chilean ranking and represents almost 60% of the Chilean ranking, dropped 17%. A more detailed analysis of this variation showed that Financial Market Capitalization decreased 22.8%. Apparently, a strong brand helps companies to reduce the impact of financial valuations within the crisis context.

4. Colombia, the fourth on the list, dropped from 16% to 15% due to a decrease in value from an important brand, Ecopetrol. On the other hand, Financial Institutions, the main category in the country, increased by 3%.

20 21

LATIN AMERICA KEY FINDINGS AND FUTURE TRENDS

Even in a crisis context, companies that have strong brands were more valuable than the average of the market: BrandZ Top 50 LatAm portfolio increased 2% in USD, while almost all economic indices such as GDP, Country risk and Companys Market capitalization showed a substantial decrease.

Most popular brands and local icons in the Latin American region like Skol (Brazilian Beer), Telcel (Mexican Communication Provider), Bradesco (Brazilian Bank), Bancolombia (Colombian Bank), Falabella (Chilean Retail) and Televisa (Mexican Communication Provider) are examples of brand strategies focused on the massive middle class and low-end population, exploring emotional attributes that are heavily associated with local needs.

According to The Economist magazine, in Europe the foreign commerce flow inside the European bloc is almost 72%, while in the Latin American region it is less than 30%. This is one reason why the BrandZ Top 50 Most Valuable Latin American Brands 2015 has predominantly local brands. However, this situation represents a great opportunity for local brands to expand their operations overseas, breaking geographical and cultural barriers. Corona (Mexican Beer), Falabella (Chilean Retail), Claro (Latin American Communication Provider) and Ita (Brazilian Bank) are good examples of this movement.

The Financial Institution category had the most impressive performance in the ranking, growing 18% from 2014 to 2015. The Brazilian financial market showed a significant recovery with the M&A operations, which favored the perception of the current players, together with the reduction in the credit costs of the Stated-Owned Enterprises (SOE) banks, mainly Banco do Brasil and Caixa Econmica Federal. Another outstanding performance was Bancolombia, which increased its value by 16% in the period. The bad news in the category came from the Chilean banks, due to the economic instability of the country.

BRAND VALUE DISTRIBUTION BY COUNTRY

The value distribution by country in the BrandZ Top 50 Most Valuable Latin American Brands 2015 was a repeat of what happened in 2014: Mexico dominated the ranking, growing from 33% to 37% share. Brazil remained in second position, with a steady contribution of 24%.

PeruLatAm

ArgentinaBrazilMexico

ColombiaChile

2014

33%1%

24%20%

16%

4%3%

2015

37%

2%

24%

15%

15%

5%2%



22 23

LATIN AMERICA PERFORMANCE BY INDUSTRY SECTOR

BEER, FOOD & PERSONAL CARE The category has been the main contributor to the BrandZ Top 50 LatAm for the third consecutive year, representing 35% of the total value in 2015 (against 33% in 2014). Beer, the main sub-category, represented 82% of the category in 2015, against 78% in the previous year. Brazil, the main contributor in the sub-category Beer with participation of 42%, grew 25% in brand value, followed by Mexico, with participation of 35% and 15% growth. This good performance is once again justified by the capital markets financial performance of the owners of the beer brands of these countries (Anheuser Busch, Grupo Modelo and Heineken). The segment has benefited from the boost in consumption of popular brands in the region. According to Euromonitor, since 2008 the consumption of beer in Latin America has increased by 6% per year.

RETAIL This category, which showed the highest growth in 2014 (14%), decreased 15% in 2015.

Chile, one of most mature retail markets in the region, showed a weak performance in its brands Falabella and Sodimac the Top 2 most valuable brands in the country. These decreased 23% and 24%, respectively.

In Brazil the retail segment as a whole had in 2014 the worst performance in the last 11 years: it increased 2.2% in 2014 in comparison to 2013 as a reflection of the crisis and a complete review of the hypermarket model. Cash&Carry model retailers like Atacado and Assai have gained substantial market share compared to hypermarkets format.

Looking at the evolution from 2014 to 2015, we can see that Technology has gained importance in both Chinese and Global rankings. In China the category grew 50% (from 16% to 24%), due to important portal and media companies that have enhanced

their operations in the country. In the Global ranking, Technology, the most important category, grew 15% (from 27% to 31%). Even in Brazil, the Technology category is starting to appear in the ranking the search engine Buscap makes its debut here this year.

FINANCIAL INSTITUTIONS (BANKS AND INSURANCE)

The Financial Institutions category enhanced its contribution to the BrandZ Top 50 LatAm, from 22% in 2014 to 25% in 2015. In terms of brand value, the category had the largest growth in the ranking (18%). All the countries that make up the category showed growth in brand value.

Brazil became the leader of the Financial Institutions category, with a participation of 34% (30% in 2014), a 41% growth in terms of brand value. Part of this increase is because this is the first time that BTG Pactual is on the list. Also, we could see the results from a consolidation in this market (mergers that happened in 2010-2013) and also some recovery of spreads caused by SOE (Stated-Owned Enterprises) banks (Banco do Brasil and Caixa) in 2012/2013.

Colombia, the second largest in the category, saw its participation decreasing from 39% in 2014 to 33% in 2015. However, the brand value of Financial Institutions in Colombia increased 3% in the period.

Both Mexico and Peru had a growth in share in the category (from 20% to 21% and from 10% to 11%, respectively). Mexico grew 32% and Peru 28% in brand value.

SERVICES (COMMUNICATION PROVIDERS AND AIRLINES)

The Service category (which had a 4% fall in 2014) increased 11% in 2015, despite the decrease of Claro (LatAm communication Provider, -12%) and LAN (Chilean Airline, -22%). It benefited mainly from the Mexican Communication Provider brands Telcel, Televisa and Telmex the Top 3 of the category which grew 16%, 22% and 15%, respectively. The good performance of these three Mexican brands was mainly due to financial reasons.

B2B (ENERGY / OIL AND INDUSTRIAL)

B2B showed again the worst performance in 2015, a 34% fall (-19% in 2014), mainly dominated by the subcategory Energy/Oil, which decreased 44% due to the fall in the commoditys price, exchange rate depreciation and problems in terms of corporate governance. The Mexican cement company Cemex had an 11% growth, which compensated for part of this fall.

20152014

33% 35%

22% 25%19%16%

11% 7%

15% 16%

Performance by industry sector

Retail Services B2B Beer, Food & Personal Care Financial Institutions


COMPARISON WITH OTHER BRANDZTM BRAND VALUATION RANKINGSThe distribution of the Latin American rankings by category is very distinct in comparison to the Chinese and the Global rankings, due to the economic specificity of each region. While in the Latin America rankings generally the most important category is Beer, Food & Personal Care mainly explained by the growth of the consumption of popular brands, in both China and Global rankings, Technology appears as one of the most important categories.

2015 Brand Valuation Summary Category Latam* Brazil* Mexico* Chile* Colombia* Peru* Argentina* China** Global***

Technology 2% 24% 31% B2B 7% 3% 6% 12% 9% 3% 34% 6% 8% Beer, Food & Personal Care 35% 47% 37% 2% 33% 48% 16% 6% 11% Financial Institutions 25% 25% 12% 15% 44% 42% 14% 28% 16% Retail 16% 11% 19% 61% 3% 5% 0% 14% 8% Services 16% 12% 26% 10% 10% 2% 36% 19% 13% Others 3% 12%Source: Millward Brown and BrandZ * BrandZ Top 50 Most Valuable Latin American Brands 2015** BrandZ Top 100 Most Valuable Chinese Brands 2015 (considering the Top 50)*** BrandZ Top 100 Most Valuable Global Brands 2015 (considering the Top 50)

2014 Brand Valuation Summary Category Latam* Brazil* Mexico* Chile* Colombia* Peru* Argentina* China** Global***

Technology 16% 27% B2B 11% 12% 6% 11% 15% 2% 43% 7% 10% Beer, Food & Personal Care 33% 41% 38% 2% 33% 56% 18% 8% 12% Financial Institutions 22% 21% 10% 15% 41% 39% 6% 40% 17% Retail 19% 12% 21% 61% 3% 2% 0% 1% 7% Services 15% 13% 24% 11% 9% 2% 33% 24% 13% Others 3% 15%Source: Millward Brown and BrandZ

Cars, Motor Cycles, Motor Fuels, Lubricants, Detergents, Jewelry, Paints, Mosquito Repellents, Real State, Home Appliances, Tobacco, Apparel.

# BrandBrand Value

(US$ Mil.) Brand Contribution

Index

Brand Value

Change 2014-20152015 2014

1 8,500 7,055 4 20%Beer

2 8,476 8,025 4 6%Beer

3 6,174 5,308 3 16%Communication Providers

4 5,202 4,177 2 25%Banks

5 4,709 6,084 4 -23%Retail


7 4,315 3,376 2 28%Banks

8 4,185 3,585 4 17%Beer

9 3,672 3,565 5 3%Beer

10 3,604 3,477 4 4%Beer


12 3,476 3,006 4 16%Banks

13 3,107 4,107 5 -24%Retail

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

40 1,236 969 2 28%Banks

41 1,197 - 4NEW

ENTRY

Beer

42 1,118 - 1NEW

ENTRY

Banks

43 1,108 1,076 5 3%Beer

44 1,107 1,058 2 5%Retail

45 1,072 1,103 3 -3%Retail

46 1,069 - 2NEW

ENTRY


47 1,042 1,182 2 -12%Food & Dairy

48 1,039 931 3 12%Communication Providers

49 997 - 2NEW

ENTRY

Banks

50 985 1,262 4 -22%Retail

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

27 2,017 3,446 1 -41%Oil & Gas

28 1,940 1,759 1 10%Banks

29 1,867 2,084 3 -10%Banks

30 1,859 1,145 3 62%Beer

31 1,808 1,540 3 17%Banks

32 1,700 2,236 5 -24%Personal Care

33 1,678 1,630 5 3%Beer

34 1,636 1,379 4 19%Banks

35 1,575 1,545 1 2%Oil & Gas

36 1,533 - 2NEW

ENTRY

Banks

37 1,479 1,037 3 43%Banks

38 1,411 - 1NEW

ENTRY

Retail

39 1,309 1,094 4 20%Beer



BRANDZTM TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

LATIN AMERICA TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015

24 25

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

14 3,091 2,804 2 10%Retail

15 3,039 2,748 1 11%Industry

16 3,008 3,426 1 -12%Communication Providers

17 2,845 2,486 4 14%Retail

18 2,795 2,608 3 7%Food & Dairy

19 2,758 3,181 4 -13%Oil & Gas

20 2,757 2,466 2 12%Food & Dairy

21 2,595 3,175 3 -18%Banks

22 2,557 2,687 3 -5%Retail

23 2,436 2,365 4 3%Beer

24 2,398 3,058 4 -22%Airlines

25 2,207 2,494 2 -12%Banks

26 2,198 2,457 3 -11%Banks

Brazil MexicoColombiaChileArgentina Peru

ARGENTINAARGENTINA

JULIO FRESNO APARICIOManaging Director Millward Brown, [email protected]


ARGENTINA KEEPS BUILDING ITS

OWN LABYRINTHWe are sure about one thing:

after twelve years managing the country from the Pink House, the Kirchner family is leaving the government in December,

after the general elections that will be held in October. But are

they going to give up power?

Either Buenos Aires Province Governor Daniel Scioli, a follower of Kirchner policies, or Buenos Aires City Mayor Mauricio Macri the main representative of the opposition to the government will assume the Presidency of the Republic in a few months. And even though the main question should be whether they will change the current policies or not, the real issue is whether they will have the capacity to get rid of the inherited way of doing politics in Argentina.

The main macroeconomic indicators (GDP, employment, exports/imports) are not showing a clear reaction. The industrial activity has been declining for several periods in a row, and the private sector is not creating many new jobs. The monetary expansion is not followed by an increase in the level of reserves at Central Bank, so the currency price is slowly trickling day by day. On top of that, tax pressure and the growth in raw material and conversion costs are shrinking the margins. In spite of the stagnation of consumption, inflation rates remain amongst the highest in the world, forcing consumers to boost creativity in order to protect their purchasing power.

Consumers have been struggling with high inflation rates since 2008, continuously adapting their consumption patterns and habits. Nonetheless, the defensive techniques have evolved and behaviors have become even more unpredictable.

CONSUMERS ARE SAVING, NOT SPENDINGUnder this political and economic uncertainty, consumers are much more selective in their spending, and they look for special prices and promotions before deciding on a purchase. In 2012 and 2013 there was an impressive demand for cars, electronic devices and big-ticket items in general as a defensive strategy for fighting inflation, the devaluation of the local currency and the reduced financing options. But in 2014 and during the first half of 2015, consumers have been choosing to save more. In other words, they have turned from spendthrift to thrifty.

Actually, we are observing two apparently contradictory trends: more shoppers buying only what they need for the next few days (careful consumers) and at the same time, more shoppers buying a large amount of items in wholesalers, since they recognize that they can save up to 30% by buying in bulk compared to supermarkets and hypermarkets. As a consequence of these changes, we are starting to naturalize peculiar behaviors: a consumer, even from a high socioeconomic level, might buy a pack of frozen hamburgers in a hard discount shop, a bottle of Malbec wine in a Chinese-around-the-corner store, and a six-pack of Coke in a wholesaler or another supermarket just to save a few pesos.

QUALITY STILL COUNTSHowever, looking for the best deal does not necessarily mean that quality is less relevant. Argentinian consumers want no substitutes for self-indulgence and reward; they want to enjoy the money now, but in a clever and convenient way. And tourism is a great example of this: many people are spending money on expensive trips to exotic or glamorous destinations, but they wait for the right moment to buy the tickets, in general, after an exhaustive search for promotions (and of course, paying in twelve installments in local currency, expecting a devaluation of the peso after the elections.)

In conclusion, despite the negative context you can never be pessimistic about the long term development of this market. Regardless of the current difficulties, there are signs of a great hidden potential: Argentina holds the highest broadband and smartphone penetration levels in Latin America, and it ranks third globally in the use of social media networks, according to ComScore. There are forces merely sleeping out there, and islands of underdeveloped talent that only need an initial spark and predictable game rules to get connected and expand.

28 29

ARGENTINA THOUGHT LEADERSHIP

KEY FACTS

ANNUAL GDP AT CURRENT PRICESTotal at current prices: US$ 540 million (2014)

GDP per capita (annual dollars): US$ 12,922 (2014)

Growth rate: 0.5% (2014)

Countrys share in regional GDP: 11.3% (2014)

Net foreign direct investment: US$7.9 billion (2014) US$4.5 billion (2015)

Capital City Buenos Aires

Currency ARGENTINE NEW PESO

Area 2.78 million km2

Population (THOUSAND) 418,000 (2014)

Population growth rate (ANNUAL) 0.8% (2010-2015)

Life expectancy 76 years (2013)

Literacy rate of 15-24 year olds 99.2% (2012)

Unemployment rate 7.1% (2013) 7.4% (2014)

Sources: CEPAL, Comisin Econmica ONU CEPASTAT Database and Statistical Publications Financial Times Latin America & Caribbean World Bank Unesco



BRANDZTM TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

1 1,575 1,545 1 2%Oil & Gas

2 1,069 766 3 40%Communication Providers

3 729 649 5 12%Beer

4 656 - 3NEW

ENTRY

Banks

5 613 439 3 40%Communication Providers

ARGENTINA KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015

30 31

BRAND VALUE

US$ 4.6 BILLIONTotal Value of Argentinian Brands


Source: Millward Brown Vermeer

1 2

YPF is Argentinas leading energy company and largest fuel producer.

It operates a fully integrated oil and gas business with leading market positions across the domestic upstream and downstream segments. Upstream operations include the exploration, development and production of crude oil, natural gas and propane. Downstream operations are focused on refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, propane and bio-fuels. YPF operates a network of more than 1,600 filling stations and has the ability to produce 530,000 barrels of oil daily from 91 production areas transported by 2,700 kilometers (1,677 miles) of pipeline. The company was founded in 1922 and operated as a state run enterprise until 1993 when a public offering reduced the governments ownership stake to a minority position. In 1999, Spains Repsol acquired majority ownership of YPF, but early in 2012 the government reasserted ownership with a presidential decree to nationalize YPF.

Personal is the mobile brand of The Telecom Group.

Personal has 18.2 million customers in Argentina and nearly 70% of those rely on the companys prepaid service. Personal drives brand awareness through sponsorship of signature events, such as the annual Personal Fest musical festival that draws roughly 70,000 attendees over two days. The company offers products for different segments of the market, from the high end Personal Black handset to the more value priced Personal Touch smartphone offering. The brand also seeks to drive loyalty through its Club Personal program. Personals parent company The Telecom Group was created in 1990 when the government allowed public ownership of the previously state run enterprise. Its shares are traded on the New York Stock Exchange under the symbol TEO

PARENT COMPANY YPFHEADQUARTERS Buenos AiresINDUSTRY Oil & GasYEAR OF FOUNDATION 1922WEBSITE www.ypf.comBRAND VALUE US $1,575 million

PARENT COMPANY The Telecom GroupHEADQUARTERS Buenos AiresINDUSTRY Communication ProvidersYEAR OF FOUNDATION 1990WEBSITE www.telecom.com.arBRAND VALUE US $1,069 million

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015ARGENTINA KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015

32 33

3 4 5

Quilmes is Argentinas best-known beer brand.

Cervecera y Maltera Quilmes is the top brewer in Argentina and part of the Anheuser-Busch InBev groups extensive portfolio of more than 200 brands. Within the Anheuser-Busch InBev brand hierarchy, Quilmes is regarded as a local champion due to its leadership position within Argentina. The company has 4,850 employees and operates five plants and eight distribution centers. The brand is active in promoting social initiatives such as Vivamos Responsablemente, focused on encouraging responsible drinking and the Futuro Posible campaign which provides student scholarships and donations to hospitals and educational institutions.

Macro is a private bank that has undergone enormous growth in the last ten years.

Founded in 1988 as a commercial bank, Macro acquired capital stock in numerous privatized provincial banks such as Banco Misiones, Banco Salta, Banco Jujuy, Banco Bansud. It also acquired some branches of Scotiabank Quilmes, Nuevo Banco Suqua, Banco Nuevo Bisel, and Banco Privado de Inversiones Banco Tucumn. This ambitious acquisition program has resulted in its becoming the third-ranking private Argentine bank in terms of net assets, the fourth in terms of deposits and the fifth in terms of credit outstanding to the private sector. Macro Bank was listed in the New York Stock Exchange (NYSE) in 2006, becoming the first Argentine company to be listed abroad since the end of the 1990s.

Telecom Argentina is one of the main national telecommunication companies in Argentina.

Telecom Argentina offers local and long distance fixed-line telephony, cellular, data transmission and Internet services. The company offers mobile service through its Personal brand and Internet broadband services through its Arnet brand, which in 2013 launched a video streaming service called Arnet Play. The increased bundling of services, coupled with new products and service introductions, has helped the company achieve a record low level of customer turnover. Telecom Argentina is one of the largest employers in the country with over 15,600 employees nationwide. It began operations in 1990 after the Argentinian government completed a transaction allowing for public ownership of the company, which now trades on the New York Stock Exchange under the symbol TEO.

PARENT COMPANY Cervecera y Maltera QuilmesHEADQUARTERS Buenos AiresINDUSTRY BeerYEAR OF FOUNDATION 1890WEBSITE www.cerveceriaymalteriaquilmes.comBRAND VALUE US $729 million

PARENT COMPANY Macro GroupHEADQUARTERS Buenos AiresINDUSTRY BanksYEAR OF FOUNDATION 1988WEBSITE www.macro.com.arBRAND VALUE US $656 million

PARENT COMPANY The Telecom GroupHEADQUARTERS Buenos AiresINDUSTRY Communication ProvidersYEAR OF FOUNDATION 1990WEBSITE www.telecom.com.arBRAND VALUE US $613 million

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015ARGENTINA THOUGHT LEADERSHIP

CHANGE IS INEVITABLE;

DEVELOPMENT IS OPTIONAL

We are living in a liquid age, since nothing seems to be stable, nothing lasts forever. Suddenly, those things that were safe turned into something unstable, while some new trends arose and changed the rules. We all live and work in the same environment, and in the jungle of business, those who best adapt to the current context are the ones who thrive and survive.

The political and economic context poses short-term challenges and mid-term uncertainties. But all-level management is used to facing changes, and brands in Argentina have mastered the skills of elasticity. As a result, we see a lot of examples of brands that look ahead, despite the success of their past.

CREATING EVER CLOSER RELATIONSHIPS Technological development and its cascade to a larger population have enabled a dramatic change, since the new media environment is shaping the way we communicate with our friends and family. By using different applications and platforms, we are able to talk with someone who is in China, at no cost, while sharing files and videos. In this context, the notion of distance and closeness has to be redefined. And this also applies to the relationship between brands and consumers: What does it mean for a brand to be close to its consumers? How can we foster the technical advancement to get closer? What does it take to remain meaningful?

Lets consider some concrete examples of brands that are surfing the new trends while tackling specific consumers issues:

In Argentina, Unilever is the undisputed leader in the personal care market in general, and in antiperspirant deodorants for women in particular, is managing two well-known brands: Rexona and Dove. While taking care of the environment is an established trend, consumers are not so willing to spend more money in favor of eco-friendly products, since many of them could not meet the basic functional needs of the category. But Unilever is challenging this pattern, because they are launching smaller packaging which saves raw materials (less aluminum and others) but keeps the protective power of the product, promising to last the same as the original pack. This bold initiative requires a clear communication using a wide range of touchpoints in order to convey the message in a believable way. We are confident that with this Unilever will reaffirm its leadership by offering a technical solution that keeps protecting you against perspiration while setting new trends in the category.

Ford Argentina is another illustration of a brand clearly focused on using technology as a way to differentiate from competitors and to command a premium price. All the recent launches have endorsed the idea of Kinetic Design, which allowed the parent brand to leverage all the efforts made by each model in each segment. The last campaign successfully introduced

specific features (automatic opening, push-bottom star, active park assist, lane-keeping system, automatic brake at low speed) using an impactful and synergetic communication that promoted both the vehicles and the brand. As a result, Ford remain close to their customers and challenges the status quo of the category by implementing high-end technology.

There is a preconception that traditional media such as newspapers or TV channels are the most concerned about the development of new platforms. However, successful companies are able to see the opportunity in every crisis, and TV channel Telef is proof of that. Instead of fighting the alternative screens, they look for ways of integrating them into their content, thus they can create a new experience for the audience. They have launched a mobile app (Mi Telef) that allows people to see exclusive content that enriches the experience of watching a TV show, by giving the chance to participate and to follow behind the scenes. TV Series Aliados was a hit among teenagers, because they could interact with the story wherever and whenever they wanted, and they could watch webisodes before aired.

In conclusion, the key to success is to embrace technological change in a way that creates value for the consumers, making their lives easier and more enjoyable. Following Socrates principle, the secret of change is to focus all the energy not on fighting the old, but on building the new.

MARIANA FRESNO APARICIOClient Service Director

Millward Brown, [email protected]

34 35

SEBASTIN CORZOCS Senior Consultant Millward Brown, [email protected]

THE BATTLE OF THE TABLE

Try to visualize this for a moment: an independent teenager, aiming to give the impression of being irreverent and careless, walks down the street listening to music with an icy can of a soft drink in his hand. This could be the stereotyped key visual of an ad for Coke or Pepsi, couldnt it?

Well, back to the current reality of the Argentinian market, I bet you wont easily find any ad like this for Coke nor for any other soft drink in the frenetic, hectic and multiscreen media environment.

SIZE MATTERS The numbers speak for themselves: off-trade channels account for 93% of soft drinks volume, and that explains why the companies are focusing their efforts on in-home consumption. In order to increase revenues by selling more liters, major players have developed complex price-pack architectures, and launched bigger bottles. This is the case with Danones Villa del Sur Levit, that pushed 2.25 liters bottles instead of the traditional 1.5lt pack. This is great news for a savvy consumer who looks for the best deal, because this change in the bottle size means a higher out of pocket, but a lower price per liter.

From the communication perspective, its one thing to develop formats targeted to social occasions, but creating advertising platforms to win the battle of everyday lunches and dinners is a totally different story. Forget about the celebrities, forget about the epic music and the majestic scenery! Now is the time of ordinary people, sharing an ordinary meal in a middle-class living room, with a large bottle of something colorful and tasty on the table.

Sounds dull? Definitely not! The resource that most of the companies have chosen to stand out and gain differentiation is humor: a wide variety of jokes and funny situations that everyone can relate to.

EARNING THEIR PLACEI could give you lots of different examples, but Id like to highlight the ones that best identify a distinctive insight:

We by Ser, a non-sugar flavored water brand managed by Danone, launched the campaign The angel of the tables under the claim tables have changed. The idea is that in every group of young-adult friends, you can find someone with very special preferences, so disagreements become a special ingredient of each meeting. H2Oh!, Pepsicos flagship in the flavored water market is adopting a similar strategy: they developed a campaign (Silver Effie Award in 2014) in which a very particular member of a conservative family causes trouble in his attempt to bring new flavors of H2oh! to the table.

Coca-Cola has been working hard with a Meals platform for a couple of years. The last campaign shows a rebel rocker girl sitting at the table complaining about her family. Then her mom brings her an electric-guitar shaped fried egg and changes her mood, helping her to recognize that in the end family is really important to her, but in a witty way.

Tang, the leader of powder juices, was challenged by the presence of new players and substitutes on the table. With La mesa de Lucas (Lucas table) campaign, Mondelezs brand tried to reinstate the role of the kids during lunch or dinner, since they are the ones who bring joy to the table. Thanks to a creative game, Lucas turns a dull moment into an interactive and dynamic one, changing the mood of the family. Tangs main competitor, the local brand Arcor, is also attacking the table but a with more edgy approach, using an acid humor that focuses on the conflicts that arise between the father and his mother-in-law every time they sit at the table.

To sum up, although many players may look for ways to increase their presence during meals so they can gain market share, not all of them will be victorious in the battle of the table. It is necessary to convey relevant messages to meet the needs of a more demanding consumer, while commanding a fast pace of innovation in order to maintain differentiation. And, as everyone knows, winning a battle doesnt guarantee that youll win the war

36 37

TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015ARGENTINA THOUGHT LEADERSHIP

1

2

3

BRAZILBRAZIL

BRAZIL TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2015

40 41

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

1 8,500 7,055 4 20%Beer

2 5,202 4,177 2 25%Banks

3 4,315 3,376 2 28%Banks

4 4,185 3,585 4 17%Beer

5 2,757 2,466 2 12%Food & Dairy

6 1,859 1,145 4 62%Beer

7 1,700 2,236 5 -24%Personal Care

8 1,309 1,094 4 20%Beer

9 1,118 896 1 25%Banks

10 1,072 1,103 4 -3%Retail

11 941 791 1 19%Payments

12 843 845 2 0%Retail

13 821 3,252 1 -75%Oil & Gas

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

40 244 - 2NEW

ENTRY

Retail

41 224 231 2 -3%Travel Agencies

42 219 278 1 -21%Stock Market

43 218 343 4 -36%Apparel

44 210 245 3 -14%Food & Dairy

45 205 227 1 -10%Airlines

46 198 - 2NEW

ENTRY

Retail

47 198 - 3NEW

ENTRY

Food & Dairy

48 193 235 3 -18%Apparel

49 188 - 2NEW

ENTRY

Retail

50 176 199 3 -12%Airlines

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

27 436 287 2 52%Food & Dairy

28 401 345 2 16%Loyalty Programs

29 395 - 2NEW

ENTRY

Technology

30 381 609 2 -37%Retail

31 374 328 1 14%Airlines

32 369 360 3 3%Car Rental

33 320 275 2 16%Retail

34 312 320 1 -2%Health Care

35 310 329 3 -6%Retail

36 301 260 2 16%Education

37 268 - 1NEW

ENTRY


38 256 134 3 91%Retail

39 254 - 4NEW

ENTRY

Food & Dairy



BRANDZTM TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2015

40 41

# BrandBrand Value


Index

Brand Value

Change 2014-20152015 2014

14 779 665 2 17%Insurance

15 709 422 2 68%Banks

16 607 - 2NEW

ENTRY

Beer

17 605 915 1 -34%Retail

18 558 702 2 -21%Retail

19 541 555 1 -3%Communication Providers

20 540 1,005 2 -46%Food & Dairy

21 493 278 2 78%Loyalty Programs

22 472 509 1 -7%Health Care

23 472 449 3 5%Retail

24 467 862 1 -46%Mining

25 457 326 2 40%Education

26 439 434 3 1%Technology

BRAND VALUE

US$ 48.4 BILLIONTotal Value of Brazilian Brands




42 43

BRAZIL KEY FACTS AND BRAND STORIES

KEY FACTS

Capital City Braslia

Currency REAL

Area 8.51 million km2

Population (THOUSAND) 202,000 (2014)

Population growth rate (ANNUAL) 0.8% (2010-2015)

Life expectancy 74 years (2013)

Literacy rate of 15-24 year olds 98.6% (2012)

Unemployment rate 5.4% (2013) 4.9% (2014)

ANNUAL GDP AT CURRENT PRICESTotal at current prices: US$ 2.3 trillion (2014)

GDP per capita (annual dollars): US$ 11,612 (2014)

Growth rate: 0.1% (2014)

Countrys share in regional GDP: 49.2% (2014)

Net foreign direct investment: US$ 67.5 billion (2013) US$ 66 billion (2014)

Sources: CEPAL, Comisin Econmica ONU CEPASTAT Database and Statistical Publications Financial Times Latin America & Caribbean World Bank Unesco

1

3

2

4

Skol is Brazils most popular beer. Its marketing emphasizes enjoyment of life and appeals especially to young people.

The brand was launched in 1964 in Europe and in 1967 in Brazil. By 1988, it had risen to become the market leader for beer in Brazil, a position it still retains.

A pioneer of innovation, in 1971 Skol was the first canned beer in the market, in 1989 it launched the first aluminum can and in 1993 the long necked bottle.

Its brand positioning is focused on young people: Skol has promoted various music festivals throughout Brazil, which has strengthened the brand with this audience.

Ita is the largest Brazilian private bank in terms of total assets, the largest financial conglomerate in Latin America and the worlds twenty-third largest bank in terms of market value in 2014.

Established 70 years ago, Ita evolved to its current size as a result of the 2008 merger of Banco Ita and Unibanco. The bank, which operates in South America, Europe, Asia and the United States, has almost 4,200 branches and almost 28,000 ATMs in Latin America. Following the merger, Ita is building on its reputation for innovation and efficiency, emphasizing personal service with the tagline Feito para Voc (Made for You). Like its competitor Bradesco, Ita is also aiming to attract new customers from Brazils rising middle class, by offering credit cards to individuals who, until now, lacked access to bank credit.

With the acquisition of HSBC operations in Brazil, Bradesco became the second largest private bank in terms of total assets. The bank is the worlds thirty-second largest in market capitalization in 2014.

Bradesco offers online banking, insurance, pension plans, credit card services, savings bonds, and personal and commercial loans. The bank continues with its strategy to become Brazils most accessible bank, mainly by having its own branches around the country. It also intends to reach potential new customers among the countrys rising middle class.

Bradesco pioneered the sale of insurance and pension plans through its subsidiary Bradesco Seguros.

Brahma is well known for its innovative and witty advertising that relies heavily on sex appeal.

Brazils second-largest beer in market share (after Skol), Brahma is marketed in a total of 31 countries. Founded in 1888 by Companhia Cervejaria Brahma, the brand is owned by AB InBev, the worlds largest brewer.

In 2007, Brahma launched the Brahma Fresh in the Northeast region, in order to compete with low-price beers.

PARENT COMPANY Companhia de Bebidas das Amricas AmBevHEADQUARTERS So Paulo INDUSTRY BeerYEAR OF FOUNDATION 1964WEBSITE www.skol.com.brBRAND VALUE US $8,500 million

PARENT COMPANY Ita Unibanco HoldingHEADQUARTERS So Paulo INDUSTRY BanksYEAR OF FOUNDATION 1945WEBSITE www.itau.com.brBRAND VALUE US $4,315 million

PARENT COMPANY Banco Bradesco SAHEADQUARTERS Osasco INDUSTRY BanksYEAR OF FOUNDATION 1943WEBSITE www.bradesco.com.brBRAND VALUE US $5,202 million

PARENT COMPANY Companhia de Bebidas das Amricas AmBevHEADQUARTERS So Paulo INDUSTRY BeerYEAR OF FOUNDATION 1888WEBSITE www.brahma.com.brBRAND VALUE US $4,185 million


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BTG Pactual is the leading investment bank in Latin America.

It was established in 1983 as a brokerage in Rio de Janeiro. In May 2006, UBS AG purchased Pactual, creating UBS Pactual, the division of UBS in Latin American countries. In October 2008, a group of partners left UBS Pactual and joined with Persio Arida to create BTG, a global investment company with offices in So Paulo, Rio de Janeiro, London, New York and Hong Kong. In 2009, BTG acquired UBS Pactual, resulting in the creation of BTG Pactual. BTG Pactual specializes in investment banking, wealth management and asset management.

Sadia is a leading producer of processed and frozen foods such as hamburger patties and pizza. It exports to more than 65 countries.

Founded in 1944 and listed on the stock market in 1971 as Sadia Concrdia SA Indstria e Comrcio, Sadia also produces dairy products and serves both consumers and commercial customers, including fast-food chains. Sadia is part of BRF, a public company formed in 2009 by the merger of Sadia with another food giant, Perdigo. Exporting activities began in the 1970s with the sale of frozen halal-certified chicken to the Middle East.

Cielo is the leader in persuading merchants to join a credit card network, and in handling the payment process.

Formed in 1995 by several financial organizations, including Visa International, Bradesco, Banco do Brasil, Banco Real and the now obsolete Banco Nacional, Cielo was initially known as Visanet. The company was renamed in advance of its initial public offering (IPO), which was one of the largest in Brazils history. In an industry challenged by deregulation, Cielo surpasses its competition in profitability thanks to its competitive pricing and reputation for good customer service.

Natura is Brazils leading manufacturer and marketer of cosmetics.

Formed in 1969 and first publicly traded in 2004, Natura has used a direct sales approach for more than 30 years, and now has more than 1.6 million sales representatives (consultants) in Argentina, Australia, Brazil, Chile, Colombia, United States, France, Mexico, Peru and Venezuela.

One of the first cosmetics companies to market natural and environmentally friendly products, Natura has a reputation for social responsibility. The company is also known for its emphasis on research and development and its use of ordinary people rather than supermodels in its advertisements.

Ipiranga is Brazils largest private fuel distribution company, with a network of approximately 7,100 service stations.

After expanding in rural Brazil during the 1960s and 70s, Ipiranga became a national brand through its acquisition of Atlantic in 1993. In 2008, Grupo Ultra bought both Ipiranga (in most regions), and Texaco, as Chevron was known in Brazil. The collection of gas stations began to consolidate under the Ipiranga name.

The brand, with its slogan Passionate about cars, like every Brazilian (Apaixonados por carro, como todo brasileiro) is well known by Brazilians. This strong equity plays a role in swaying consumer decisions in a highly commoditized category where convenience is often the key driver.

Antarctica is a leading Brazilian beer and soft drink.

Launched in 1885 in So Paulo, Antarctica adopted the image of two penguins as its logo in 1935. This logo continues to symbolize the brand. Antarctica beer is positioned as the beer for the good moments of life. The brands most popular soft drink is a soda called Guaran Antarctica made from the tropical guaran berry.

In 1999, Antarctica combined with Brazils other large beer brand, Brahma, to form AmBev, which subsequently joined with Belgiums Interbrew to become the worlds largest beer marketer, now called AB InBev.

Lojas Americanas operates a national chain of discount department stores.

One of Brazils largest non-food retailers, Lojas Americanas sells over 60,000 items in categories including apparel, health and beauty, home furnishings, and toys. With distribution centers in So Paulo, Rio de Janeiro, and Recife, the company has approximately 950 stores in Brazil as well as an online presence. The brand has a long heritage in Brazil it was established in 1929 and is popular with consumers from all income groups.

Bohemia is a leading premium beer in Brazil.

Established in 1853, Bohemia enjoys the distinction of being the oldest beer brand in Brazil as well as the leader in the premium segment, thanks to a strategy of limiting distribution to select locations and introducing limited edition offers. The Bohemia brand is available in four variations, including wheat and dark beers.

Bohemia was acquired by Brazilian brewer Antarctica Paulista in 1961. The brand became part of an even larger brewer in 1999 when Antarctica Paulista and Brahma brewery merged to created Ambev. Then in 2004, Belgium-based InterBrew acquired a majority interest in AmBev to form a new global brewing giant known as InBev. In 2008 Bohemia became part of a still larger company known as Anheuser-Busch InBev.

PARENT COMPANY BTG Pactual SAHEADQUARTERS So Paulo INDUSTRY BanksYEAR OF FOUNDATION 1981WEBSITE www.btgpactual.comBRAND VALUE US $1,118 million

PARENT COMPANY BRF Brasil Foods SAHEADQUARTERS Itaja INDUSTRY Food & DairyYEAR OF FOUNDATION 1944WEBSITE www.sadia.com.brBRAND VALUE US $2,757 million

PARENT COMPANY Cielo SAHEADQUARTERS Barueri INDUSTRY PaymentsYEAR OF FOUNDATION 2009WEBSITE www.cielo.com.brBRAND VALUE US $941 million

PARENT COMPANY Natura Cosmticos SAHEADQUARTERS Itapecerica da Serra INDUSTRY Personal CareYEAR OF FOUNDATION 1969WEBSITE www.natura.com.brBRAND VALUE US $1,700 million

PARENT COMPANY Ultrapar Participaes SAHEADQUARTERS So Paulo INDUSTRY RetailYEAR OF FOUNDATION 1937WEBSITE www.ipiranga.com.brBRAND VALUE US $1,072 million

PARENT COMPANY Companhia de Bebidas das Amricas AmBevHEADQUARTERS So Paulo INDUSTRY BeerYEAR OF FOUNDATION 1885WEBSITE www.antarctica.com.brBRAND VALUE US $1,859 million

PARENT COMPANY Lojas Americanas SAHEADQUARTERS Rio de Janeiro INDUSTRY RetailYEAR OF FOUNDATION 1929WEBSITE www.lojasamericanas.com.brBRAND VALUE US $843 million

PARENT COMPANY Companhia de Bebidas das Amricas AmBevHEADQUARTERS So Paulo INDUSTRY BeerYEAR OF FOUNDATION 1853WEBSITE www.bohemia.com.brBRAND VALUE US $1,309 million


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A retail chain specializing in furniture and home appliances, Casas Bahia was acquired in 2009 by Grupo Po de Acar.

Since its establishment in 1952, Casas Bahia has appealed to low-income customers by offering in-store credit and a reputation for quality and affordability. The acquisition by Grupo Po de Acar meant the company was then well placed to benefit from increased consumer spending by Brazils rising middle class. Since 2010 Casas Bahia has reached customers throughout Brazil, with more than 500 stores and a web presence.

Petrobras is Latin Americas fourth largest company in market value and the worlds fourth-largest energy company in terms of production of oil and gas.

Controlled by the Brazilian government, Petrobras is publicly traded and operates in 28 countries. The brand is highly regarded for its deep-sea exploration and is credited with enabling Brazil to achieve energy self-sufficiency. The company also operates oil refineries and a network of gas stations. This national presence contributes to the brands stature in Brazil, which is also enhanced by its reputation for social responsibility and high-profile sponsorships of sporting and cultural events. Since 2014 the company has suffered problems with falling oil prices, exchange rate depreciation and corporate governance.

Vivo is the largest telecommunications company in Brazil, with over 106 million users: 82.7 million in mobile (in which it holds the largest market share 29.3% - June/15), and 23.7 million fixed-line users.

As the result of a joint venture between Telefnica, the Spanish telecommunications provider, and Portugal Telecom (PT), Vivo invests heavily in advertising to deliver its message, Best coverage in Brazil. In 2010, Telefnica bought PTs shares, and Vivo has since advanced Telefnicas strategy by building brands around the convergence of phone, TV, and Internet communication.

Banco do Brasil is the oldest active bank in Brazil and one of the oldest financial institutions in the world. It is also the largest Latin American bank in terms of total assets (considering both SOE and private banks).

Banco do Brasil played an important role during the global financial crisis in 2008-2009, providing credit at affordable rates to small- and medium-sized companies. Founded in 1808 by Prince Regent Joo VI to fund the debt of a kingdom that included Portugal, Brazil, and the Portuguese colonies in Africa, Banco do Brasil is a publicly traded company that is controlled by the Brazilian government.

Po de Acar is a neighborhood supermarket with a focus on the middle class consumer.

Po de Acar is part of the giant retail conglomerate Group Po de Acar, which began as a pastry shop in 1948 and now includes more than 180 stores. The brand is known for quality, innovation, and strong customer service. The chain enjoys high levels of shopper loyalty, and was among the first supermarkets to offer imported products during the 1990s.

One of Brazils leading insurance companies, Porto Seguro offers a comprehensive portfolio.

With products spanning vehicle, health, accident, life and personal injury insurance, Porto Seguro offers policies to individuals, families, companies, and government agencies in Brazil and Uruguay through direct and indirect subsidiaries. Since the company established an alliance with Ita in 2009, Porto Seguro products have been available at the banks branches.

The 2009 merger of Perdigo and Sadia into BRF, created the worlds largest poultry company.

Perdigo is one of Brazils largest food producers, specializing in frozen and chilled products. Its range of about 3,000 items is distributed throughout Brazil and to more than 100 countries. The companys scale enables it to pursue a low-cost producer strategy. Established in 1934 as Brandalise, Ponzonie & Cie, the company changed its name to Perdigo SA in 1958. It began exporting in 1975 and went public in 1980.

The Schin brand is one of the most popular beers in the country, with a significant presence in So Paulo State and the northeast region.

The story began with a small and simple plant in 1939 in So Paulo. At that time, the production line was limited to soft drinks; it only started producing its first Pilsen beer in 1989. Today the brands product line consists of beer, draft beer, soft drinks and mineral water. These are distributed throughout Brazil, as well as several countries of Mercosur, Asia and Europe.

Japanese Kirin Holdings acquired the Schincariol Group in 2011.

PARENT COMPANY Grupo Po de AcarHEADQUARTERS So Paulo INDUSTRY RetailYEAR OF FOUNDATION 1952WEBSITE www.casasbahias.com.brBRAND VALUE US $605 million

PARENT COMPANY Petrleo Brasileiro SAHEADQUARTERS Rio de Janeiro INDUSTRY Oil & GasYEAR OF FOUNDATION 1953WEBSITE www.petrobras.comBRAND VALUE US $821 million

PARENT COMPANY Vivo Participaes SAHEADQUARTERS So Paulo INDUSTRY Communication ProvidersYEAR OF FOUNDATION 2003WEBSITE www.vivo.com.brBRAND VALUE US $541 million

PARENT COMPANY Banco do Brasil SAHEADQUARTERS Braslia INDUSTRY BanksYEAR OF FOUNDATION 1908WEBSITE www.bb.com.brBRAND VALUE US $709 million

PARENT COMPANY Grupo Po de AcarHEADQUARTERS So Paulo INDUSTRY RetailYEAR OF FOUNDATION 1948WEBSITE www.paodeacucar.com.brBRAND VALUE US $558 million

PARENT COMPANY Porto Seguro SAHEADQUARTERS So Paulo INDUSTRY InsuranceYEAR OF FOUNDATION 1945WEBSITE www.portoseguro.com.brBRAND VALUE US $779 million

PARENT COMPANY BRF Brasil Foods SAHEADQUARTERS Itaja INDUSTRY Food & DairyYEAR OF FOUNDATION 1934WEBSITE www.perdigao.com.brBRAND VALUE US $540 million

PARENT COMPANY Brasil Kirin SAHEADQUARTERS So Paulo INDUSTRY BeerYEAR OF FOUNDATION 1939WEBSITE www.schin.com.brBRAND VALUE US $607 million


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Anhanguera Educacional is one of Brazils largest private education companies.

Founded in 1994 by a group of professors, Anhanguera Educacional Participaes provides post-secondary education to prepare individuals for productive roles in Brazils fast-developing economy. With more than 73 campuses and hundreds of long-distance learning centers, Anhanguera serves more than 400,000 students, many of who come from lower income and rural backgrounds. In 2013 Anhanguera was acquired by Kroton Educacional, creating the worlds largest educational group with more than 1.4 million students.

Smiles is engaged in loyalty rewards. It was initially developed in 1994, as a part of Varig (a Brazilian airline company that went bankrupt in 2010).

Today Smiles is an independent business unit that administers, manages and operates exclusively The Smiles Programs GOL Linhas Areas

The company has partnerships with companies and various branches of the market providing benefits, products and services institutions, in addition to rewards for air services. The Smiles Program has over 10 million members and 150 air and non-air partners.

Seara is Brazils largest exporter of pork meat.

The story began in 1956 in the city of Seara City, in Santa Catarina (a state in Brazil), with the inauguration of the first large fridge in the region. The expansion of business and investments in quality processes and products made the Seara brand synonymous with quality in poultry and pigs, both in natura and processed.

Seara is controlled by JBS Group, a world leader in processing and exporting of bovine, ovine meat and poultry.

Iguatemi is one of the largest shopping mall operators in Brazil.

The company designs, develops and operates regional centers throughout the country. Formed in 1979, the company initiated its shopping center activity with the acquisition of Construtora Alfredo Matias SA. The transaction included an ownership interest in Iguatemi So Paulo, which was constructed in 1966 as the first shopping center in Brazil. The company also developed the first shopping center in the Brazilian countryside Iguatemi Campinas and the first shopping center in the southern region of Brazil Iguatemi Porto Alegre.

TOTVS is Brazils largest provider of integrated information technology solutions and the second largest in Latin America.

Known for its innovation and high level of customer service, TOTVS has been growing rapidly and delivering strong financial results. The companys origins date back to a service bureau called SIGA (Sistemas Integrados de Gerncia Automtica Ltda, formed in 1969. In 2006, in advance of an IPO, the company changed its name from Microsiga Software SA to TOTVS SA. It is currently the leader in ERP in Brazil, with 50 percent of market share.

Amil is the largest provider of managed health care in Brazil.

From its beginnings in 1972 with the acquisition of Casa de Sade So Jos (a small maternity clinic in the city of Duque de Caxias), Amil has expanded both organically and through strategic acquisitions and now has about five million members. The company provides medical plans for both individuals and businesses, and its network of providers includes more than 3,300 hospitals, 11,000 clinics and 12,000 laboratories. UnitedHealth Group, the giant Amercian healthcare company, bought Amil operations in 2012.

Multiplus provides a network of loyalty programs across diverse business sectors and currently has almost 13.8 million participants.

The sectors include airlines, hotels, rental cars, retail, banking and gas stations. Multiplus members enjoy the flexibility of earning and redeeming points without restriction within the network. TAM Airlines formed the company in 2009 to expand and strengthen its own frequent flyer program. In addition to TAM, the list of partnerships includes Oi (telecommunications), Livraria Cultura (bookstore), Accor (hotels), Peugeot (cars) and Apple (technology). Multiplus also provides services for managing, interconnecting and operating customer loyalty programs.

Vale is the third-largest mining company in the world and the largest producer of iron ore and nickel.

The company gains more than 50 percent of its revenue from iron ore. Diverse mining operations including copper, bauxite, potash and aluminum generate the balance of revenues. One of Brazils largest logistics companies with railroads, ports and fleets of ships, Vale also operates in the electric energy sector, participating in several consortia and running nine hydroelectric plants. Originally government-owned, Vale became a private company in 1997.

PARENT COMPANY Kroton EducacionalHEADQUARTERS Belo Horizonte INDUSTRY EducationYEAR OF FOUNDATION 1993WEBSITE www.anhanguera.comBRAND VALUE US $457 million

PARENT COMPANY Smiles SAHEADQUARTERS Barueri INDUSTRY Loyalty ProgramsYEAR OF FOUNDATION 1994WEBSITE www.smiles.com.brBRAND VALUE US $493

Marketing

BrandZ Top 50 Most Valuable Latin American Brands 2015 Report