PREDICTIVEANALYTICS

INTEGRATORS

CANBACKBoston, Massachusetts

www.canback.com+1-617-399-1300

A member of The Economist Group

Canback

INTRODUCTION TO THE CANBACK GLOBAL INCOME DISTRIBUTION DATABASE (C-GIDD)

September 2017

2

Agenda

Introduction to Canback

C-GIDD Classic

C-GIDD extensions

Leveraging C-GIDD in consulting work

Appendix: C-GIDD geographic coverage

3

Founded by Dr. Staffan Canback, we are an elite management consulting firm anchored in predictive analytics and consumer knowledge.

We serve clients through five practices: Commercial Strategy, Sources of Growth, M&A Due Diligence, Corporate Finance, and Organizational Performance.

We operate globally with the world’s largest companies as clients. This has taken us to 84 countries since our founding in 2004.

We also offer analytic services with the Canback Global Income Distribution Database (C-GIDD) as our cardinal product.

Canback is a subsidiary of The Economist Group since 2015.

Canback is a global management consulting firm advising mainly consumer-facing clients

4

Canback is the leader in management consulting based on predictive analytics

Perf

orm

ance

1900 1960 1990 2017

Traditional management consulting

Predictive analyticsmanagement consulting

MANAGEMENT CONSULTING INDUSTRY S-CURVE

A new approach with higher performance

Few, if any, break-throughs since the early 1990s

- Conceptually based problem-solving

- Experience preferred over hard analysis

- Datasets at the center of problem-solving

- Repeatability andscalability for efficiency

“The future is already here, it is just unevenly distributed”

5

Canback is often cited in the press, research reports, annual reports, and investor presentations

Quarterly divisional seminar: Africa (2015)Quarterly divisional seminar: South Africa (2014)Quarterly divisional seminar: Asia-Pacific (2013)

Mapping the Path to Future Prosperity: Emerging Markets Growth Index (2014)

Abuja +12: Shaping the Future of Health in Africa (2013)

Contextualising the Mass Market Banking Opportunity (2011)

The Shifting Urban Economic Landscape: What Does it Mean for Cities? (2013)

Annual Results Presentation (2013)

CiMi.COM Award: Global Savory Category Growth & Mix Influencer Analysis (2017)

Year-End Results Presentation (2015)

How being sceptical paid off for Massmart (2017)

The Future of Retailer Brands (2010)

Chinese politics: A crisis of faith (2016)Hot spots: Benchmarking Global City Competitiveness (2012)

Consolidated Annual Report (2012)

2014 New York Analyst Day (2014)

6

Canback has worked on a large variety of projects, usually with a commercial focus

CANBACK PRACTICES

4%

2%

9%

Other

17%M&A Due Diligence

Commercial Strategy

Organizational Performance

17%Sources of Growth

52%

Corporate Finance

Project split

Addressing where to play and how to play across geographies and parts of the value chain

Managing the operational due diligence process across functional teams while completing the commercial evaluation

Forecasting category, brand, and product demand using sophisticated statistical modeling techniques

Evaluating board effectiveness and implementing new organizational structures to improve performance in areas like supply chain and RTM

Creating sources of profitability through statistical analysis of pricing strategies and the evaluation of tax policies

Analyzing economic and socioeconomic trends using the Canback Global Income Distribution Database (includes subscriptions)

Overview

7

Canback has worked on the ground in 84 countries

GLOBAL FOOTPRINT

Offices

Country projects

Consultants’ work travel

Global projects 21%

United States 7%

South America 23%

Mid America 8%

Europe 8%

Africa 25%

Asia-Pacific 8%

8

Canback has eight offices around the world

CANBACK OFFICES

OFFICE CAPABILITIES

Bost

on

Lond

on

Beijin

g

Shan

ghai

Joha

nnes

-bu

rg

Chi

cago

Mex

ico

City

Jaka

rta

Management consulting

Predictive analytics

C-GIDD

9

Actionable outcomes

Impactful insights

Hands-on approach

Top-line expertise

“Hands on approach: You always do trade visits, “get dirty””

“Actionable outcomes and not decks of theory and graphs for the business to interpret how to land”

Gap Identification

“Market, consumer, and top line expertise vs just processes or analysis of hard variables”

“Focus on issues that make a difference vs “boiling the ocean””

“Identify gaps in markets (through disciplined benchmarks) and initiatives to close them”

Canback practical and fact-based approach is appreciated by clients

In the words of Mauricio Leyva, CEO AB InBev Middle Americas, 45,000 employees

10

Agenda

Introduction to Canback

C-GIDD Classic

C-GIDD extensions

Leveraging C-GIDD in consulting work

Appendix: C-GIDD geographic coverage

11

The Canback Global Income Distribution Database is the only commercial database of its kind in the world

C-GIDD benchmark

products and services data

Internal to Canback

C-GIDD economic,

demographic,social and

psychographicdata

Internal to Canback

C-GIDD income

distribution data

Available as a commercial service at cgidd.com

C-GIDD COVERAGE

• The world's only database with complete subnational data series

• GDP, household income, size of income brackets, size of socioeconomic classes, population

• 213 countries, 697 subdivisions and 997 cities

• Subnational: 2002-2027National: 1970-2037

C-GIDD MODULES

EXAMPLES OF C-GIDD USES

• Quantify number of households at specific income or socioeconomic levels

• Compare consumer market sizes across geographies in a uniform way

• Merge with category or sales data to spot new or under-developed opportunities

EXPLANATORY POWER OF C-GIDD Demand variance explained by income above

category-specific thresholds

R2

0.00 0.50 1.00

Televison setsOil consumption

Cellphone subscribersInternet users

Personal computersMcDonald's restaurants

Milk consumptionCash machines (ATMs)

Insurance premiumsBank deposits

Electricity consumptionAirline passengers

12

C-GIDD was launched in 2008. Here are some of our repeat customers

13

• Population data• GDP• Household income data

UN and national household economic surveys

• Short and medium term economic projections

IMF

• Population projections

UN and US Census Bureau

• Income distributions

WIDER and national surveys

• City and other subdivision data

National statistics offices

• City data

UN, Eurostat, CityPopulation and national censuses

• PPP data

International Comparison Program (ICP)

Sophisticated econometric models to find true income at city

level

Proprietary purchasing power and cost-of-living

adjustments

Proprietary income distribution algorithms

Robust income projection algorithms

C-GIDD

FROM DISCRETE AND INCOMPLETE SOURCES THROUGH PROPRIETARY HARMONIZATION AND PROJECTION

TECHNIQUES

TO UP-TO-DATE, HARMONIZED AND COMPREHENSIVE DATABASE WITH A

SIMPLE AND INTUITIVE INTERFACE

C-GIDD draws on more than 1,600 data sources which are harmonized and econometrically analyzed to extract the most information as possible at the city or subdivision level

14

Millions of households with income higher than PPP$ 20,000 2005 constant values

Millions of middle-class households by location in 2014 Socioeconomic levels A, B, C+ and C

Income per household in Egypt in 2014Egyptian Pounds, 2014 current values

Total GDP in PPP$ trillions2005 constant values

C-GIDD contains detailed income distribution data at varying geographic levels, including 1,000 cities. It allows the user to analyze populations and households in specific cities and at certain income levels – today, in the past, and in the future

4.4

4.1

US

11.7

14.0

13.8

EU

Japan

China

India

2014

6.0

4.3

15.3

17.6

2019

16.1

5.1

3.02.1

1.1

2019201420092004

Shanghai4.0

2.8

1.6

0.7

20092004 20192014

Mumbai

5.5

5.6

2.5

1.2

0.8

3.1

1.8

1.1

0.5 0.1

0.2

0.1

0.7

0.6

Chile

Colombia

Mexico

Brazil

Argentina

0.5

Major Cities RuralOther Urban

49,913

69,209

79,855

88,767

99,097

121,382

Rural

Other Urban

Suez

Alexandria

Cairo

Port Said

* Purchasing power parity dollars

C-GIDD’s data includes values in US dollars, local currency, and PPP*

15

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035

60

40

0

50

10

30

20

110

100

80

70

90

LowerLower middle

Marginalized

MiddleUpper

Upper middle

BRAZILIAN POPULATION BY SOCIOECONOMIC LEVELMillions, 1974 - 2034

forecast

BRAZILIAN HEALTHCARE CONSUMING CLASS

Millions of people, 2014-2024

C-GIDD also contains socioeconomic level population data, used to conduct powerful growth projections of unique consumption classes

Source: C-GIDD; Canback analysis

SocioeconomicLevels (SEL)

We use an international definition developed by AMAI to define socioeconomic levels (SEL) and apply it consistently to all countries (regardless of a country’s own SEL definition). This allows for comparability between countries, subdivisions and cities. Theinternational definition is the most well defined scheme and is independent of climate and culture.

2014

33.4

+64.6%

2024

55.0

Healthcare consuming class is statistically demonstrated to comprise middle class and above

16Source: C-GIDD; Canback analysis

TANZANIAN POPULATION DISTRIBUTION BY SEL

35.6%

33.1%

22.6%

17.2%

11.3%

5.5%

8.6%

4.3%4.2%5.2%

2023

2.0%D

2003

1.6%

E4

E2

26.6%

67.4%

E3

2013

E1

E5

45.9%

ABC+C<1%

D+2.1% 2.4%

Arusha

Tabora

Dar Es Salaam

Zanzibar

Katavi

IringaRukwa

Manyara

Pwani

Lindi

ShinyangaSimiyu

Kilimanjaro

Geita

KageraMbeya

Mara

Singida

Njombe

Tanga

Ruvuma

KigomaDodoma

Morogoro

Mtwara

Mwanza

E5E4E3E2E1

D+D

ABC+C

Lowest economic level

Highest economic level

TANZANIAN SEL DISTRIBUTION BY REGION

In many emerging countries the E class (marginalized) is >90% of the population. For more nuanced analysis, we can break down the E class into five unique economic classes

17

C-GIDD can be used to examine macroeconomic and demographic trends beyond numerical indicators, allowing users to gain both broad and in-depth understanding of economies

COUNTRY DECKS

Completed and available for purchase• Angola• Algeria• Brazil• Cuba• Ethiopia• Ghana• Iran• Mexico• Myanmar• Nigeria• Pakistan• Tanzania

In progress• Egypt• Indonesia• Kenya• Saudi Arabia

Other country decks readily created on-demand

18

Agenda

Introduction to Canback

C-GIDD Classic

C-GIDD extensions

Leveraging C-GIDD in consulting work

Appendix: C-GIDD geographic coverage

19

The first type of C-GIDD extension are customized web portals where we adapt C-GIDD to the needs to large corporate customers. This may mean adding category data, age brackets, and adding organizational cuts to the dataset

CUSTOMIZED WEB PORTALS FOR ENTERPRISES

We work closely with enterprises, including some of the world’s largest corporations, to create customized web portals with seamless access to C-GIDD/customer data. We provide a dedicated support team to meet their needs. Such customers include:

CORPORATE ACCOUNT HOLDERS

We provide subscription-based C-GIDD access and full support to companies of various sizes to meet their needs on an ongoing basis. Corporate account customers include:

INDIVIDUAL CUSTOMERS

In addition to providing data to large corporations on a subscription basis, we also work with smaller entities who have occasional data needs.

We have over 300 active customers who have purchased C-GIDD in the last 2 years. Such purchases are made by credit card over the web.

Procter & Gamble – C-GIDD includes the traditional variables provided in the public site, plus P&G specific data on consumer profiles and category spending with a 5-year outlook. The site matches P&G’s organizational structure and aggregates cities and countries thereafter. (pg.cgidd.com)

Mondelez - C-GIDD site covers the public variables plus food consumption data and demographic data relevant to Mondelez. The site has a 5 year horizon. (mondelez.cgidd.com)

20

The second type of extension is to build more detailed datasets. Our sub-Saharan Africa database (sold separately) illustrates this

Sub-Saharan Africa (SSA) is one of the fastest growing and most attractive regions in the world:

“Across Sub-Saharan Africa, consumer demand is fueling the continent’s economies in new ways… ‘The future is about that lower middle class that’s expanding quickly,’ said Staffan Canback”

-New York Times, July 2014

Given Sub-Saharan Africa’s rapid growth, large corporations are shifting their focus and devoting more resources to the region. This includes the need to prioritize investment among countries and even cities. These needs led Canback to develop the SSA database.

SUB-SAHARAN AFRICA (SSA) DATABASE

ADVANTAGES OF THE SSA DATABASE With a dataset that includes 393 cities, we offer a wider and more in-depth view of Sub-Saharan African cities. This in turn allows for more accurate as-is evaluations and better-informed to-be projections:

• Gross domestic product• Household spending • Income distribution• Socioeconomic levels • Population

1

Data on specific business categories, ranging from number of ATMs to international hotels in each city, allows for more precise strategies and clearer awareness of the playing field

2

21

The third type of extension is to use C-GIDD together with customer category data from various syndicated sources to model the size of markets today and into the future

ORAL CARE DATABASE

In 2005, we were commissioned by a client to analyze the manual and rechargeable toothbrush market. Forecasting models, a specialized C-GIDD dataset, and analysis of market dynamics formed the basis for our recommendations

C-GIDD

Client shipment data for 27 countries

Market research data from Nielsen and Euromonitor

Economic, demographic, and social indicators provided by the UN, IMF, and World Bank

BUILDING THE ORAL CARE DATABASE

Insights, adjustments, and additional information provided by regional teams

Using the oral care database, we were able to estimate demand, measured by disposable income per capita, price, and population. This in turn was used to explain growth with a high degree of accuracy

PREDICTED VERSUS ACTUAL UNITS SOLD2004 - log-log scale

8

10

12

14

Pred

icte

d

8 10 12 14Actual

R2=0.97

22

Agenda

Introduction to Canback

C-GIDD Classic

C-GIDD extensions

Leveraging C-GIDD in consulting work

Appendix: C-GIDD geographic coverage

23

Canback leverages a variety of statistical methods to model demand growth, calculate elasticities and analyze commercial opportunities

POOLED CROSS-SECTIONAL TIME SERIES ANALYSIS

What is it?

The pooled cross-sectional time series is the hybrid of two traditional methods of comparative research; time series analysis and cross-sectional analysis. A pooled cross-sectional time series is a dataset which has observations of multiple cross-sectional units such as countries (X) over time (T)

PRAIS-WINSTEN REGRESSION

What is it?

Classic regression study with standard correction for autoregressive or lagged time variable errors. The Prais-Winsten approach is most often the choice for explanatory time series analysis

META ANALYSIS

What is it?

Collect and compare results from different analyses. Meta analysis constitutes an important scientific approach to elasticity calculation. By analyzing results, and not only data, a broader understanding of market movements is achieved

ARMAX

What is it?

A combination of regression and time series. Armax works best for predictions, but the inclusion of time series methods distorts the elasticities. No autoregressive problems

CLASSIC TIME SERIES

What is it?

Predicts the future based on the past behavior of the dependent variable. Time series do not work on explanatory models since they have no independent variables

CONJOINT

What is it?

A choice model to determine which attributes are most influential on respondent choices. Conjoint analysis models trade-offs that are only loosely linked to elasticities

COMMONLY USED STATISTICAL MODELS

Using C-GIDD in combination with other data (from client, local statistics agency, etc.) enables powerful analysis. Our analysts regularly create advanced statistical models in our consulting services, and C-GIDD provides the foundation for many of these predictive analytics

24

In one project, Canback leveraged C-GIDD and our management consulting practice for a market sizing and product launch effort in healthcare

A large US company seeks to quantify the market potential of parasitic worm prevention/treatment and to understand how it can best capture the opportunity OBJECTIVE

PARASITIC WORM PREVALENCE

SANITATION CONDITIONS

QUALITY OF HOUSING

DISPOSABLEINCOME

ACCESS TO HEALTH CARE

MATERNALEDUCATION

PRIMARY DRIVERS

SECONDARY DRIVERS

DRIVERS OF REDUCED INTESTINAL PARASITE PREVALENCE

17%23% 23%

32%

13,364 17,700 22,50812,188

87% 96% 98% 79%

44%

75% 79% 72%

36%55% 65%

41%

Disposable income per Household-equivalent in 2005 PPP$

% of women with tertiaryeducation

% of children getting DPT3 vaccination

% of population with sustained access to improved sanitation

% of population livingwith durable floors, walls,and roofs; water, and electricity

China Brazil Mexico Philippines

TARGET COUNTRIES C-GIDD database was complemented with data from WHO, UNESCO, and similar databases

25

Canback identified three clear stages of parasite prevention and visited four countries for consumer insights, health perspectives, and to understand distribution capabilities.

STAGES OF PARASITE PREVENTION

Interest in prevention of parasitic infections

Income

INTERPRETATION

Interest in preventing parasites peaks when there is a high level of socioeconomic readiness and a moderate level of prevalence

Three preconditions determine whether a branded anthelmintic food product is viable:(1) Socioeconomic readiness to

prevent parasitic worms(2) Branded food products

consumption(3) Maternal perception of infection

riskAlgeria

Argentina

BangladeshBotswana

Burkina FasoBurundi

CambodiaCameroon

Colombia

Costa Rica

Dominican Republic

El Salvador

Ethiopia

GhanaGuinea

Guyana

Honduras

India

Indonesia

Iran

JordanKenya

South Korea

Laos

Madagascar

Malaysia

MaliMauritaniaMongolia

Morocco

Namibia

NepalNigeria

Oman

Pakistan

Panama

Paraguay

Peru

Saudi Arabia

South Africa

Tanzania

Thailand

Uganda

Uruguay

Viet Nam

Yemen

BrazilChina Mexico

Philippines

High prevalenceLow socioeconomic readiness

High to moderate prevalenceHigh socioeconomic readiness

Low prevalenceHigh socioeconomic readiness

Statistically fittedtrendline

Current state of 4 countries under review

State of 4 countries under review in 10 years time

None of the four countries will reach a stage where prevention is unnecessary for at least another generation

COUNTRY PROFILE

• Largest infested population in the world; prevalence declined due to socioeconomic development, but no concerted effort to reduce levels of infection

• About 60% of survey respondents expressed high-level concern about parasites

• Prevention has higher appeal than treatment

• Relative ignorance regarding sources and symptoms of infection

Low penetration of powdered beverages and negative brand image impacts the new product perception

Believability of the product is a concern

FINDINGS FROM CONSUMER ENGAGEMENT

Milk has wide appeal as a substitute carrier product

Respondents are willing to pay a premium for a new product that fights parasite infection

26

Finally, Canback delivered specific recommendations for a distribution and marketing strategy as well as provided “to-be” market projections for each country

Large supermarkets

Given at schools for free

Primarily shelved with “health food”

Primarily shelved with “regular food”

Doctors’ clinics and hospitals

PharmacyTraditional stores

WHERE TO SELL OR DISTRIBUTEMean score on a scale of 1 (strongly disagree) to 5 (strongly agree)

3.98

3.91

3.74

3.73

3.08

2.94

2.37

PROJECTED GROWTH OF FOOD RETAILBillion CNY

0

200

400

600

800

1000

1200

1400

1600

1800

2006 2011

1,063

1,615

23%

77%

56%

44%

cagr: 9%

cagr: 26%

cagr: 2% Traditional

Modern

RECOMMENDATIONS

Product Distribution Marketing Price PossibleOutcome

A: Extension of pre-existing product

B: Milk-centric product

Small pack sizes for affordability and large pack sizes to give lower unit cost with sustained use

• Skewed to modern trade

• Initial focus on greater Shanghai area where modern trade is well-developed

• Shelved with regular food

• Social network-driven: Word-of-mouth

• Address believability issues

20-30% premium above current product price

• $100M in retail revenue 4-6 years after launch

• Contribution to brand image + distribution footprint

27

Agenda

Introduction to Canback

C-GIDD Classic

C-GIDD extensions

Leveraging C-GIDD in consulting work

Appendix: C-GIDD geographic coverage

28Note: Countries in green have subdivisions, see next page

Afghanistan Central African Republic Greece Liechtenstein Palau SurinameAlbania Chad Greenland Lithuania Palestine SwazilandAlgeria Chile Grenada Luxembourg Panama SwedenAndorra China Guatemala Macao Papua New Guinea SwitzerlandAngola Colombia Guinea Macedonia Paraguay SyriaAnguilla Comoros Guinea-Bissau Madagascar Peru TaiwanAntigua and Barbuda Congo-Brazzaville Guyana Malawi Philippines TajikistanArgentina Congo-Kinshasa Haiti Malaysia Poland TanzaniaArmenia Cook Islands Honduras Maldives Portugal ThailandAruba Costa Rica Hong Kong Mali Puerto Rico Timor-LesteAustralia Cote d'Ivoire Hungary Malta Qatar TogoAustria Croatia Iceland Marshall Islands Romania TongaAzerbaijan Cuba India Mauritania Russia Trinidad and TobagoBahamas Curacao Indonesia Mauritius Rwanda TunisiaBahrain Cyprus Iran Mexico Saint Kitts and Nevis TurkeyBangladesh Czech Republic Iraq Micronesia Saint Lucia TurkmenistanBarbados Denmark Ireland Moldova Saint Vincent and the Grenadines Turks and Caicos IslandsBelarus Djibouti Israel Monaco Samoa TuvaluBelgium Dominica Italy Mongolia San Marino UgandaBelize Dominican Republic Jamaica Montenegro Sao Tome and Principe UkraineBenin Ecuador Japan Montserrat Saudi Arabia United Arab EmiratesBermuda Egypt Jordan Morocco Senegal United KingdomBhutan El Salvador Kazakhstan Mozambique Serbia United StatesBolivia Equatorial Guinea Kenya Myanmar Seychelles UruguayBosnia and Herzegovina Eritrea Kiribati Namibia Sierra Leone UzbekistanBotswana Estonia Korea, North Nauru Singapore VanuatuBrazil Ethiopia Korea, South Nepal Sint Maarten VenezuelaBrunei Fiji Kosovo Netherlands Slovakia Viet NamBulgaria Finland Kuwait New Caledonia Slovenia Virgin Islands, BritishBurkina Faso France Kyrgyzstan New Zealand Solomon Islands Western SaharaBurundi French Polynesia Laos Nicaragua Somalia YemenCambodia Gabon Latvia Niger South Africa ZambiaCameroon Gambia Lebanon Nigeria South Sudan ZimbabweCanada Georgia Lesotho Norway SpainCape Verde Germany Liberia Oman Sri LankaCayman Islands Ghana Libya Pakistan Sudan

Appendix AC-GIDD countriesUpdated September 2017

29

Argentina Austria Brazil China ColombiaCatamarca Eastern Austria Parana Anhui AmazoniaChaco Southern Austria Pernambuco Beijing Andina NorteChubut Western Austria Piaui Chongqing Andina SurCiudad Autonoma de Buenos Aires Rio de Janeiro Fujian AtlanticaCordoba Bangladesh Rio Grande do Norte Gansu BogotaCorrientes Barisal Rio Grande do Sul Guangdong OrinoquiaEntre Rios Chittagong Rondonia Guangxi PacificaFormosa Dhaka Roraima GuizhouJujuy Khulna Santa Catarina Hainan FinlandLa Pampa Rajshahi Sao Paulo Hebei AlandLa Rioja Rangpur Sergipe Heilongjiang Mainland FinlandMendoza Sylhet Tocantins HenanMisiones Hubei FranceNeuquen Belgium Bulgaria Hunan Bassin ParisienProvincia de Buenos Aires Brussels-Capital Region North Bulgaria Inner Mongolia Center-EastRio Negro Flemish Region South Bulgaria Jiangsu EastSalta Walloon Region Jiangxi Ile de FranceSan Juan Canada Jilin MediterraneeSan Luis Brazil Alberta Liaoning Nord-Pas-de-CalaisSanta Cruz Acre British Columbia Ningxia Overseas departmentsSanta Fe Alagoas Manitoba Qinghai South-WestSantiago del Estero Amapa New Brunswick Shaanxi WestTierra del Fuego Amazonas Newfoundland and Labrador ShandongTucuman Bahia Northwest Territories Shanghai Germany

Ceara Nova Scotia Shanxi Baden-WurttembergAustralia Distrito Federal Nunavut Sichuan BavariaAustralian Capital Territory Espirito Santo Ontario Tianjin BerlinNew South Wales Goias Prince Edward Island Tibet BrandenburgNorthern Territory Maranhao Quebec Xinjiang BremenQueensland Mato Grosso Saskatchewan Yunnan HamburgSouth Australia Mato Grosso do Sul Yukon Territory Zhejiang HesseTasmania Minas Gerais Lower SaxonyVictoria Para Mecklenburg-VorpommernWestern Australia Paraiba North Rhine-Westphalia

Appendix BC-GIDD subdivisionsUpdated September 2017

30

C-GIDD subdivisions, continued

Germany India Indonesia Japan JapanRhineland-Palatinate Himachal Pradesh East Jawa Aichi SagaSaarland Jammu and Kashmir East Kalimantan Akita SaitamaSaxony Jharkhand East Nusa Tenggara Aomori ShigaSaxony-Anhalt Karnataka Gorontalo Chiba ShimaneSchleswig-Holstein Kerala Jakarta Raya Ehime ShizuokaThuringia Lakshadweep Jambi Fukui Tochigi

Madhya Pradesh Lampung Fukuoka TokushimaGreece Maharashtra Maluku Fukushima TokyoAegean Islands and Crete Manipur North Kalimantan Gifu TottoriAttica Meghalaya North Maluku Gunma ToyamaCentral Greece Mizoram North Sulawesi Hiroshima WakayamaNorthern Greece Nagaland North Sumatera Hokkaido Yamagata

Orissa Papua Hyogo YamaguchiHungary Puducherry Riau Ibaraki YamanashiCentral Hungary Punjab Riau Islands IshikawaGreat Plain and North Rajasthan South Kalimantan Iwate Korea, SouthTransdanubia Sikkim South Sulawesi Kagawa Busan

Tamil Nadu South Sumatera Kagoshima ChungcheongbugdoIndia Telangana Southeast Sulawesi Kanagawa ChungcheongnamdoAndaman and Nicobar Islands Tripura West Jawa Kochi DaeguAndhra Pradesh Uttar Pradesh West Kalimantan Kumamoto DaejeonArunachal Pradesh Uttarakhand West Nusa Tenggara Kyoto Gang'weondoAssam West Bengal West Papua Mie GwangjuBihar West Sulawesi Miyagi GyeonggidoChandigarh Indonesia West Sumatera Miyazaki GyeongsangbugdoChhattisgarh Aceh Yogyakarta Nagano GyeongsangnamdoDadra and Nagar Haveli Bali Nagasaki IncheonDaman and Diu Bangka Belitung Islands Italy Nara JejudoDelhi Banten Center Niigata JeonrabugdoGoa Bengkulu Islands Oita JeonranamdoGujarat Central Jawa North-East Okayama SeoulHaryana Central Kalimantan North-West Okinawa Ulsan

Central Sulawesi South Osaka

31

C-GIDD subdivisions, continued

Mexico Netherlands Nigeria Philippines South AfricaAguascalientes Eastern Netherlands Ondo Northern Mindanao Eastern CapeBaja California Northern Netherlands Osun SOCCSKSARGEN Free StateBaja California Sur Southern Netherlands Oyo Western Visayas GautengCampeche Western Netherlands Plateau Zamboanga Peninsula KwaZulu-NatalChiapas Rivers LimpopoChihuahua Nigeria Sokoto Poland MpumalangaCoahuila Abia Taraba Central Northern CapeColima Adamawa Yobe East North-WestDistrito Federal Akwa Ibom Zamfara North Western CapeDurango Anambra North-WestGuanajuato Bauchi Pakistan South SpainGuerrero Bayelsa Azad Kashmir South-West Canary IslandsHidalgo Benue Balochistan CenterJalisco Borno Federally Administered Tribal Areas Portugal EastMexico Cross River Gilgit-Baltistan Azores MadridMichoacan Delta Islamabad Continental Portugal NortheastMorelos Ebonyi Khyber Pakhtunkhwa Madeira NorthwestNayarit Edo Punjab SouthNuevo Leon Ekiti Sindh RomaniaOaxaca Enugu Macroregion 1 SwedenPuebla Federal Capital Territory Philippines Macroregion 2 EasternQueretaro Gombe ARMM Macroregion 3 NorthernQuintana Roo Imo Bicol Macroregion 4 SouthernSan Luis Potosi Jigawa Cagayan ValleySinaloa Kaduna CALABARZON Russia TaiwanSonora Kano Caraga Central CentralTabasco Katsina Central Luzon Far East EasternTamaulipas Kebbi Central Visayas North Caucasus NorthernTlaxcala Kogi Cordillera Northwest SouthernVeracruz Kwara Davao SiberiaYucatan Lagos Eastern Visayas SouthZacatecas Nassarawa Ilocos Ural

Niger MIMAROPA VolgaOgun National Capital Region

32

C-GIDD subdivisions, continued

Thailand United Kingdom United StatesBangkok and Vicinities South East MichiganCentral South West MinnesotaEastern Wales MississippiNortheastern West Midlands MissouriNorthern Yorkshire and the Humber MontanaSouthern NebraskaWestern United States Nevada

Alabama New HampshireTurkey Alaska New JerseyAegean Arizona New MexicoCentral Anatolia Arkansas New YorkEastern Black Sea California North CarolinaEastern Marmara Colorado North DakotaIstanbul Connecticut OhioMediterranean Delaware OklahomaMideastern Anatolia District of Columbia OregonNortheastern Anatolia Florida PennsylvaniaSoutheastern Anatolia Georgia Rhode IslandWestern Anatolia Hawaii South CarolinaWestern Black Sea Idaho South DakotaWestern Marmara Illinois Tennessee

Indiana TexasUnited Kingdom Iowa UtahEast Midlands Kansas VermontEast of England Kentucky VirginiaLondon Louisiana WashingtonNorth East Maine West VirginiaNorth West Maryland WisconsinNorthern Ireland Massachusetts WyomingScotland

33

Afghanistan Australia Brazil Brazil Central African Republic ChinaKabul Sydney Aracaju Vale do Aco Bangui Dalian

Baixada Santista Vitoria DandongAlbania Austria Belem Chad DaqingTirana Vienna Belo Horizonte Bulgaria N'Djamena Datong

Blumenau Plovdiv DeyangAlgeria Azerbaijan Brasilia Sofia Chile DezhouAlgiers Baku Campinas Concepcion DongguanConstantine Campo Grande Burkina Faso Santiago de Chile DongyingOran Bangladesh Cuiaba Bobo Dioulasso Valparaiso Ezhou

Chittagong Curitiba Ouagadougou FoshanAngola Dhaka Feira de Santana China FulingHuambo Khulna Florianopolis Burundi Anqing FushunLuanda Rajshahi Fortaleza Bujumbura Anshan Fuxin

Sylhet Goiania Anyang FuyangArgentina Joao Pessoa Cambodia Baoding FuzhouBuenos Aires Belarus Joinville Phnom Penh Baoji GanzhouLa Plata Minsk Juiz de Fora Baotou GuangzhouMar del Plata Jundiai Cameroon Beijing GuigangMendoza Belgium Londrina Douala Bengbu GuilinRosario Antwerp Maceio Yaounde Benxi GuiyangSalta Brussels Manaus Binzhou HaichengSan Miguel de Tucuman Gent Maringa Canada Changchun HaikouSanta Fe Liege Natal Calgary Changde Handan

Porto Alegre Edmonton Changsha HangzhouArmenia Benin Recife Hamilton Changshu HarbinYerevan Abomey-Calavi Ribeirao Preto Montreal Changzhi Hefei

Cotonou Rio de Janeiro Ottawa Changzhou HegangAustralia Salvador Quebec Chaozhou HengyangAdelaide Bolivia Sao Jose dos Campos Toronto Chengde HezeBrisbane Cochabamba Sao Luis Vancouver Chengdu HohhotGold Coast La Paz Sao Paulo Winnipeg Chenzhou Huai'anMelbourne Santa Cruz Sorocaba Chifeng HuaibeiNewcastle Teresina Chongqing HuainanPerth Uberlandia Cixi Huangshi

Appendix C C-GIDD citiesUpdated September 2017

34

China China China China China Congo-KinshasaHuizhou Luoyang Shaoguan Xi'an Zhaoqing KisanganiHuludao Luzhou Shaoxing Xiangtan Zhengzhou LubumbashiHuzhou Ma'anshan Shaoyang Xiangyang Zhenjiang Mbuji-MayiJiamusi Maoming Shenyang Xiantao Zhongshan TshikapaJiangyin Mianyang Shenzhen Xianyang ZhoushanJiaozuo Mudanjiang Shijiazhuang Xiaogan Zhucheng Costa RicaJiaxing Nan'an Shiyan Xinghua Zhuhai San JoseJieyang Nanchang Siping Xingtai ZhujiJilin Nanchong Suining Xining Zhuzhou Cote d'IvoireJimo Nanjing Suqian Xintai Zibo AbidjanJinan Nanning Suzhou Xinxiang Zigong BouakeJingzhou Nantong Suzhou Xinyang ZouchengJinhua Nanyang Taian Xinyu Zunyi CroatiaJining Neijiang Taixing Xuzhou ZagrebJinzhou Ningbo Taiyuan Yancheng ColombiaJiujiang Panjin Taizhou Yangquan Barranquilla CubaJixi Panzhihua Taizhou Yangzhou Bogota HavanaKaifeng Pingdingshan Tangshan Yantai BucaramangaKunming Pingxiang Tengzhou Yibin Cali Czech RepublicLaiwu Pizhou Tianjin Yichang Cartagena BrnoLangfang Puning Tianmen Yichun Cucuta OstravaLanzhou Putian Tianshui Yinchuan Ibague PragueLeshan Qingdao Tongliao Yingkou MedellinLianyungang Qingyuan Urumqi Yiwu Pereira DenmarkLiaocheng Qinhuangdao Wanzhou Yongzhou CopenhagenLiaoyang Qiqihar Weifang Yueqing Congo-BrazzavilleLinfen Qitaihe Weihai Yueyang Brazzaville Dominican RepublicLinyi Quanzhou Wenling Yulin Pointe-Noire Santiago de los CaballerosLiu'an Rizhao Wenzhou Yuyao Santo DomingoLiupanshui Rugao Wuhan Zaozhuang Congo-KinshasaLiuyang Rui'an Wuhu Zhangjiakou Bukavu EcuadorLiuzhou Shanghai Wuxi Zhangzhou Kananga GuayaquilLufeng Shangqiu Wuzhou Zhanjiang Kinshasa QuitoLuohe Shantou Xiamen

C-GIDD cities, continued

35

Egypt France Germany India India IndiaAlexandria Toulon Wurzburg Aligarh Jabalpur RaurkelaCairo Toulouse Allahabad Jaipur SaharanpurPort Said Ghana Amravati Jalandhar SalemSuez Gabon Accra Amritsar Jammu Sangli

Libreville Kumasi Asansol Jamnagar SiliguriEl Salvador Sekondi Takoradi Aurangabad Jamshedpur SolapurSan Salvador Georgia Bangalore Jhansi Srinagar

Tbilisi Greece Bareilly Jodhpur SuratEritrea Athens Belgaum Kannur ThiruvananthapuramAsmara Germany Thessaloniki Bhavnagar Kanpur Tiruchirappalli

Aachen Bhiwandi Kochi TiruppurEstonia Augsburg Guatemala Bhopal Kolhapur UjjainTallinn Berlin Guatemala City Bhubaneswar Kolkata Vadodara

Bonn Bikaner Kota VaranasiEthiopia Bremen Guinea Bokaro Steel City Kozhikode VijayawadaAddis Ababa Cologne Conakry Chandigarh Lucknow Visakhapatnam

Dresden Chennai Ludhiana WarangalFinland Dusseldorf Haiti Coimbatore MaduraiHelsinki Erfurt Port-au-Prince Cuttack Malegaon Indonesia

Frankfurt Dehra Dun Mangalore BalikpapanFrance Freiburg Honduras Delhi Meerut Bandar LampungBordeaux Hamburg San Pedro Sula Dhanbad Moradabad BandungGrenoble Hannover Tegucigalpa Durgapur Mumbai BanjarmasinLille Heidelberg Durg-Bhilai Nagar Mysore BatamLyon Karlsruhe Hong Kong Erode Nagpur DenpasarMarseille Kiel Hong Kong Firozabad Nanded JakartaMontpellier Leipzig Gorakhpur Nashik JambiNantes Mannheim-LudwigshafenHungary Gulbarga Nellore MakassarNice Munich Budapest Guntur Patna MalangParis Nuremberg Guwahati Puducherry MedanRennes Osnabruck India Gwalior Pune PadangRouen Ruhr Area Agra Hubli-Dharwad Raipur PalembangSaint-Etienne Saarbrucken Ahmadabad Hyderabad Rajkot PekanbaruStrasbourg Stuttgart Ajmer Indore Ranchi Pontianak

C-GIDD cities, continued

36

Indonesia Israel Japan Kuwait Malawi MexicoSamarinda Be'er Sheva Osaka Kuwait City Blantyre Mexico CitySemarang Haifa Sapporo Lilongwe MonterreySerang Jerusalem Sendai Kyrgyzstan MoreliaSurabaya Tel Aviv-Jaffa Shizuoka Bishkek Malaysia OaxacaTasikmalaya Tokyo Ipoh Pachuca

Italy Utsunomiya Laos Johor Bahru Poza RicaIran Bari Vientiane Kuala Lumpur-Klang Valley PueblaAhvaz Bologna Jordan Kuching QueretaroEsfahan Catania Amman Latvia Penang ReynosaHamadan Florence Riga SaltilloKaraj Genoa Kazakhstan Mali San Luis PotosiKerman Milan Almaty Lebanon Bamako TampicoKermanshah Naples Astana Beirut TijuanaMashhad Padova Shymkent Mauritania TlaxcalaOrumiyeh Palermo Liberia Nouakchott TolucaQom Rome Kenya Monrovia TorreonRasht Turin Mombasa Mexico Tuxtla GutierrezShiraz Venice Nairobi Libya Acapulco VeracruzTabriz Verona Benghazi Aguascalientes VillahermosaTehran Korea, North Misratah Cancun XalapaZahedan Jamaica Chongjin Tripoli Celaya

Kingston Hamhung Chihuahua MoldovaIraq Pyongyang Lithuania Cuernavaca ChisinauBaghdad Japan Vilnius CuliacanBasra Fukuoka Korea, South Durango MongoliaErbil Hamamatsu Busan Luxembourg Guadalajara UlaanbaatarKarbala Himeji Changwon Luxembourg HermosilloKirkuk Hiroshima Cheongju Juarez MoroccoMosul Kobe Daegu Macao Leon AgadirNajaf Kumamoto Daejeon Macao Merida CasablancaSulaymaniyah Kyoto Gwangju Mexicali Fes

Nagoya Jeonju MadagascarIreland Niigata Seoul AntananarivoDublin Ulsan

C-GIDD cities, continued

37

Morocco Nigeria Pakistan Poland Russia Saudi ArabiaMarrakech Aba Multan Bydgoszcz Lipetsk JeddaMeknes Abuja Peshawar Gdansk Makhachkala MeccaRabat Benin City Quetta Katowice Moscow MedinaTangier Enugu Rawalpindi Krakow Naberezhnye Chelny Riyadh

Ibadan Sargodha Lodz Nizhny Novgorod TabukMozambique Ilorin Sialkot Lublin Novokuznetsk Ta'ifMaputo Jos Poznan NovosibirskMatola Kaduna Palestine Warsaw Omsk SenegalNampula Kano Gaza Wroclaw Orenburg Dakar

Lagos Penza ToubaMyanmar Maiduguri Panama Portugal PermMandalay Nnewi Panama City Lisbon Rostov SerbiaNay Pyi Taw Onitsha Porto Ryazan BelgradeRangoon Osogbo Paraguay Saint Petersburg

Owerri Asuncion Puerto Rico Samara Sierra LeoneNepal Port Harcourt San Juan Saratov FreetownKathmandu Uyo Peru Tolyatti

Warri Arequipa Qatar Tomsk SingaporeNetherlands Zaria Chiclayo Doha Tula SingaporeAmsterdam Lima TyumenEindhoven Norway Trujillo Romania Ufa SlovakiaHague, The Oslo Bucharest Ulyanovsk BratislavaRotterdam Philippines VladivostokUtrecht Oman Antipolo Russia Volgograd Slovenia

Muscat Bacolod Astrakhan' Voronezh LjubljanaNew Zealand Cagayan de Oro Barnaul YaroslavlAuckland Pakistan Cebu Chelyabinsk Yekaterinburg Somalia

Bahawalpur Dasmarinas Irkutsk HargeysaNicaragua Faisalabad Davao Izhevsk Rwanda MogadishuManagua Gujranwala General Santos City Kazan Kigali

Hyderabad Manila Kemerovo South AfricaNiger Islamabad Zamboanga Khabarovsk Saudi Arabia Cape TownNiamey Karachi Krasnodar Dammam Durban

Lahore Krasnoyarsk Hufuf-Mubarraz Emfuleni

C-GIDD cities, continued

38

South Africa Syria Turkey United Arab Emirates United StatesJohannesburg Aleppo Adana Sharjah Boise CityPort Elizabeth Al-Raqqa Ankara BostonPretoria Damascus Antalya United Kingdom Buffalo

Hamah Bursa Belfast CharlestonSpain Homs Diyarbakir Birmingham CharlotteBarcelona Latakia Eskisehir Bournemouth ChattanoogaBilbao Gaziantep Bristol ChicagoCordoba Taiwan Gebze Cardiff CincinnatiGranada Hsinchu Istanbul Coventry ClevelandLas Palmas Kaohsiung Izmir Edinburgh Colorado SpringsMadrid Taichung-Changhua Kayseri Glasgow ColumbiaMalaga Tainan Konya Kingston-upon-Hull ColumbusMurcia Taipei-Keelung Mersin Leeds-Bradford Dallas-Fort WorthPalma di Mallorca Taoyuan-Jhongli Leicester DaytonSeville Turkmenistan Liverpool Deltona-Daytona Beach-Ormond BeachValencia Tajikistan Ashgabat London DenverVigo Dushanbe Manchester Des MoinesZaragoza Uganda Newcastle Detroit

Tanzania Kampala Nottingham DurhamSri Lanka Dar es Salaam Portsmouth El PasoColombo Mwanza Ukraine Sheffield Fort Myers

Dnipropetrovs'k FresnoSudan Thailand Donetsk United States Grand RapidsKhartoum Bangkok Kharkov Akron GreensboroNyala Chiang Mai Kiev Albany Greenville

Samut Prakan Krivoi Rog Albuquerque HarrisburgSweden Lvov Allentown HartfordGothenburg Togo Mykolaiv Atlanta HonoluluMalmo Lome Odessa Augusta HoustonStockholm Zaporizhzhya Austin Indianapolis

Tunisia Bakersfield JacksonSwitzerland Safaqis United Arab Emirates Baltimore JacksonvilleGeneva Tunis Abu Dhabi Baton Rouge Kansas CityZurich Dubai Birmingham Knoxville

C-GIDD cities, continued

39

United States United States UzbekistanLakeland Richmond TashkentLancaster Riverside-San BernardinoLas Vegas Rochester VenezuelaLittle Rock Sacramento Barcelona-Puerto La CruzLos Angeles Saint Louis BarquisimetoLouisville Salt Lake City CaracasMadison San Antonio Ciudad GuayanaMcAllen San Diego MaracaiboMemphis San Francisco MaracayMiami San Jose ValenciaMilwaukee SarasotaMinneapolis-Saint Paul Scranton Viet NamModesto Seattle Bien HoaNashville Spokane Can ThoNew Haven Springfield Da NangNew Orleans Stamford HaiphongNew York Stockton HanoiOgden Syracuse Ho Chi Minh CityOklahoma City TampaOmaha Toledo YemenOrlando Tucson AdenOxnard Tulsa Sana'a'Palm Bay Virginia Beach TaizPhiladelphia WashingtonPhoenix Wichita ZambiaPittsburgh Winston-Salem KitwePortland Worcester LusakaPortland YoungstownProvidence ZimbabweProvo-Orem Uruguay BulawayoRaleigh Montevideo Harare

C-GIDD cities, continued

40

C-GIDD contact information

C-GIDDBoston Canback

210 Broadway, Suite 303Cambridge MA 02139+1-617-399-1300 ext. 210

Bobo Shenbshen@canback.com

41

Canback contact information

AMERICASBoston Canback Headquarters

210 Broadway, Suite 303Cambridge MA 02139+1-617-399-1300

Alyssa Vergunavergun@canback.com

Mexico City Canback MexicoBosque de Ciruelos 194, PH3Bosques de las Lomas11700 Ciudad de México, D.F.+52-55-4164-8500

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Chicago Canback USA500 N. Michigan Ave.Suite 1925Chicago IL 60611+1-312-853-3716 or 3823

Ivan Izus Torossianitorossian@canback.com

ASIABeijing Canback China

Unit 1711, 17/F, Block 1Taikang Financial Tower38 East 3rd Ring Rd. NorthChaoyang District 100026+86-10-8571-2188

Alex van Kemenadealexandervankemenade@eiu.com

Shanghai Canback ChinaRm 2508A, 25/F, Rui Jin Bldg205 Mao Ming South Rd,Shanghai 200020+86-21-6473-7128

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Jakarta Canback SE AsiaJl. Tiang Bendera 5 no. 2ADKI Jakarta 11230+62-812-8743 7578

Teddy Purnomotpurnomo@canback.com

EUROPE, MIDDLE EAST AND AFRICALondon Canback Europe

20 Cabot SquareLondon E14 4QW+44-20-7576-8181

Caleb Darschcdarsch@canback.com

Johannesburg Canback SA & SSAInanda Greens Business ParkBuilding 854 Wierda Road WestWierda Valley, Sandton, 2196+27-83-786 2450

Arshad Abbaarshad_abba@canback.com