Consumer Index Western and Northern Europe NEW: AUSTRIA INCLUDED. Consumer Index. MAT Q3 08 vs. MAT Q3 07 Q3 08 vs. Q3 07 CZECH REPUBLIC

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1 Western and Northern Europe Europanel Newsletter Quarter NEW: AUSTRIA INCLUDED Welcome to the Q edition of across eleven of the major Western and Northern European economies, looking at key FMCG category trends and developments within the retail landscape. There are also two separate editions, one for Eastern Europe including eleven countries and one for the United States. Trends % value changes If you have any questions or comments, HUNGARY pleasedonothesitatetocontactususing the details below CROATIA BULGARIA BOSNIA & HERZEGOVINA SERBIA ROMANIA * Please note: Austria MAT includes 3 quarters 2008 vs 2007 As in previous quarters, the shoppers are changing their FMCG purchasing habits as a result of the widely reported financial crisis. Buyers are increasingly moving to cheaper alternatives, seen both in terms of increasing value share for Private Label as well as the further development of, as they go in search of less expensive alternatives as they try to minimise their spending. Food prices continue to rise significantly compared with last year. The Discounter channel is the fastest growing trade channel in almost all Western European countries, Scandinavia being the only exception. While FMCG again shows positive trends in all countries, much of this can be attributed to price increases. In many cases, the Food Price Index (ranging from 5.1% in Portugal to 12.2% in GB) is higher than the rate of FMCG growth (from 3.2% in Ireland to 6.5% in GB), indicating that shoppers are reducing the quantity and/or quality of their purchases. Across Western Europe, the best performing categories, in value terms, are Chilled Foods, Packaged Grocery and Fresh Foods. Inside this issue: MAT vs. MAT Q3 07 vs. Q3 07 CZECH REPUBLIC SLOVAKIA Total Europe Shopping Behaviour p.1 Trade Channel and Category Trends: - Austria p.2 - France p.3 - Great Britain p.4 - Germany p.5 - Republic of Ireland p.6 - Italy p.7 - The Netherlands p.8 - Portugal p.9 - Scandinavia p.10 - Spain p.11 - Source and Definitions p RUSSIA POLAND UKRAINE 47.0 For more information, please contact: Europanel Westgate London W5 1UA United Kingdom Tel: +44 (0) info@europanel.com Europanel GIE

2 Austria Quarter Food Price Index Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Pet Foods Austria - Category Trends % % Since the 3.1% economic growth in 2007, the economy has lost momentum and it is thought that this will continue. While demand and output still proved robust in the first half of 2008, annual GDP looks set to increase by a more modest 2%. Also, most Austrian households give an increasingly negative forecast for their financial situation over the next twelve months, with a direct impact on FMCG expenditure. As in the previous quarters the growth of food and beverage categories in Q3 is mainly driven by price. To compensate for rising prices, Austrian households try to save money most notably to the detriment of Personal Care and (although still higher in value than last year, growth is significantly below the FMCG average). Consumers are also shifting towards Private Label. Compared with the previous year Private Label share within FMCG grew by almost 2 ppt. to 25.9% in Q3, with particularly strong growth for Fresh Foods. Traditional retailers are also trying to respond to the growing price sensitivity amongst consumers and economy Private Label to capitalise on Austria - Trade Channels the growing price sensitivity amongst shoppers. For example, Spar successfully launched a new low-price Private Label range under the umbrella name of S-Budget in Q Austrian households continue to shop at fewer retailers. In MAT, 9.9 different retailers were visited, as opposed to 10.2 for the same period in Almost all traditional grocery retailers attract fewer shoppers than last year Drug Stores FMCG growth of supermarkets in Q3 (+4.0%) is only marginally above the general inflation rate of 3.7% and Symbols considerably below the rate of inflation for food and beverages (+6.5%)., showing the highest growth rate (+11.6%), is the only channel that is also growing in real terms. Within Hard, Lidl is now growing faster than Aldi despite a similar increase in the number of outlets in 2008 (+3%). Growth rates for national brands at Lidl exceed those of its Private Label range, but in absolute figures, the growth in turnover is more or less equal (the share of national brands at Lidl is now 26%). +6.8% Europanel GIE

3 France Quarter Food Price Index France - Category Trends Q % (+0.4pt). Retailers see Private Label as an efficient weapon to fight against discounters. Consumers are also shopping in lowcost channels. Indeed, Soft (for example Ed and Leader Price) as well as Hard (Lidl, Aldi) remain the most dynamic channels. Their growth may also be the consequence of store openings and the listing of national brands in some of them (Lidl, Ed, Netto). bear the pressure of this competition better than supermarkets thanks to growing numbers of stores (as supermarkets are converted into hypermarkets) and the great performance of Leclerc. Carrefour and Auchan face severe difficulties % % The effects of the worldwide financial crisis have been noticed in an already sluggish economic context. The total FMCG market remains positive, helped by price inflation. Fresh Foods The concern of decreasing purchasing power is still rising Chilled Foods among French households and leads them to rationalise their Packaged Grocery consumption, by first buying less and Frozen Foods second, buying cheaper products Thus, French consumers reduce the overall number of visits in shops (-2.9%) and give priority to the most Personal Care essential markets, at the expense of -3.6 the Personal and categories. On the contrary, food Pet Foods markets such as Chilled Foods or Packaged Grocery continue to grow, certainly thanks to price increase of raw materials but also to innovation within the chilled market. benefits from the success of top range products such as high quality whiskies. Soft drinks have also experienced high level of growth thanks to great innovation but also probably thanks to a sunnier summer than in French shoppers are clearly seeking cheaper alternatives: Private Label now constitutes 31% of their FMCG spend % France - Trade Channels value shares % changes vs. previous year Hard Soft Soft Hard Europanel GIE

4 GB Quarter Food Price Index Fresh Foods Great Britain - Category Trends Q % 4.0 The FMCG market has shown healthy growth in terms of value and the growth is even more apparent for Private Label (6.5% growth compared with 8.0% for Private Label). Shoppers are spending more per trip which is key to this development. Chilled Foods Chilled Products is the fastest Packaged Grocery growing category, driven by a very strong performance by Dairy Frozen Foods Products, which accounts for more than half of the spend on the category and had an evolution of +17% (and Personal Care % for Private Label Dairy Products). The strength of the Fresh Foods category is mainly thanks to Fresh Meat, although all have enjoyed Pet Foods increases since the same period last year (but Fresh Fish has increased in NB: GB chart based on local currency value at a slightly slower rate than the FMCG market). Within the Packaged Grocery category, most areas increased but the Savoury Carbohydrates and Snacks as well as Pickles and Condiments showed double digit growth. The increase in turnover for Total Grocers in terms of value compared with last year hides the fact that volumes are largely static. Shoppers are responding to strong low-price messages. Once again, younger larger families are reacting to the squeeze on their housekeeping by driving discounter turnovers up sharply with Aldi and Lidl posting increases of 20.8% and 11.1% respectively. Similarly, Iceland is concentrating on low prices with its 75p Freezer Essentials campaign producing market-beating growth of 12.9%. A consumer reevaluation of the benefits of frozen foods will also have helped. For the Top 4, trends continue largely as before with over 9% growth for Asda and Morrisons and small share dips for Tesco and Sainsbury s. It is worth noting that in terms of 12- weekly Till Roll shares, 17.3% is a record for Asda % +8.0% Top 4 Multiples Multiples Hard Chemists/Drugstores Total Independents/Symbols Great Britain - Trade Channels In the current climate it is perhaps inevitable that Waitrose have come under pressure with growth held back to 3.2% year-on-year resulting in the share dipping by 0.1 points to 3.8%. Price inflation in Grocery increased to 9.0% for Q compared with the same period a year ago. It is believed however that this figure will start to fall towards the end of the year as some of the sharpest price rises drop out of the annual comparisons % Top 4 Multiples Multiples Hard Chem./Drugst. Total Indep Europanel GIE

5 Germany Quarter Food Price Index Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Hard in Germany (Aldi, Lidl, Norma) continue to benefit from the current economic situation. Lidl is No. 1 in terms of growth with a rate of +12.7% this year and Lidl and Aldi are again the trailblazers for price decreases in the dairy sector (Milk and Butter). are further improving their image of being the best in terms of "value for money" and as retailers who become cheaper while others (Super/ ) remain expensive. Drugstores are decreasing vs. the respective period last year (-3.2% in September 2008) suffering as a result of consumers reducing their purchasing in Home and Body Care. Germany - Category Trends -1.9 Q % +6.5% % In the latest quarter the German grocery sector has increased by 6.3% in value terms, and for the first time this year also by 0.4% in volume. Most of the growth is coming from price uplifts since autumn Consumers continue to change their shopping behaviour in response to the higher prices, switching to cheaper products and cheaper channels (). However, during the last 2 months the trend has shifted and in August and September household expenditure was again above price inflation (in September +5% price increase, but +7.6% value growth FMCG) The key drivers of growth are again in the Fresh and Chilled Food categories, Pet Foods in particular yellow and white dairy (cheese, milk, yoghurt, curd) and fresh fruit and vegetables. More recently, seasonal fruit (Oranges, Apples and Grapes) have had a positive impact on the market. A clear growth was also measured in Confectionery with Pralines performing better than the same period last year. In contrast, the Home and Body Care sectors are suffering from the higher costs consumers need to absorb for Food and Beverages. Both sectors are growing only slightly due to the price increases. Private Label shares have also increased again, with a significant growth in all sectors. +5.9% Germany - Trade Channels Hard Soft Hard Soft Europanel GIE

6 Republic of Ireland Quarter Food Price Index Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Pet Foods -9.2 Ireland - Category Trends Q % value growth has slowed significantly and is now well below the level of food price inflation. Shoppers seem to be trying to economise as, at a total FMCG level, Private Label grew significantly faster than the average, +3.9% year on year compared with +3.2%. In terms of value share, the growth seen on the Pet Foods category was particularly strong as Private Label value was up 27% on the same period last year. It was a similar picture for and Packaged Grocery which both showed 16% growth in Private Label value, well above their category average. Pet Food shoppers have also switched to Private Label for its less expensive offerings. Take home alcohol purchases have benefited from the buyers trying to save money, choosing to purchase for in-home consumption rather than going out. The Frozen Foods category has experienced difficulties, particularly the higher end products such as frozen fish. This is partly due to the high level of fresh fish promotions and discounts available lately offering a better value fresh alternative. Shoppers try to be more careful during unstable economic times, have been the main beneficiaries, largely to the detriment of the channel as they are seen as a cheaper alternative. have also listed more branded products and Aldi and Lidl have also opened new outlets (which is planned to continue next year). All of these factors have helped attract more households, explaining the considerable growth seen. Lidl, the larger of the two, has shown the fastest growth. All of the other Retailers (from Tesco to Symbols) have been offering significant promotions in an attempt to get shoppers to spend in their stores. They have also reduced prices on many of their Private Label products. One such promotion has seen Dunnes Stores giving shoppers 25% off all of their groceries % % % Ireland - Trade Channel Trends Symbols Symbols Europanel GIE

7 Italy Quarter Food Price Index +3.9 % Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Soft drinks Personal Care Pet Foods Consumer Confidence declined in the last quarter, hitting the same low point reached in Most recently the decline in the perception of inflation was negated by the worsening of the economic scenario. Households are continuing their search for ways to save money without cutting their consumption level. The increase in frequency of purchase is still the main outcome of this search: the commitment not to spend in each shopping trip means people buy less each time and need to go shopping more often. Italy - Category Trends Q % % FMCG value is again driven by price increases, with volume generally stable. Mild temperatures in the summer affected Beverage and Ice Cream (especially Ice Cream tubs where branded products declined even more, despite innovations, due to PL growth). Total Frozen Food is experiencing a decline after many years of strong growth, due to the increase in Private Label and through consumers switching from high priced products (Frozen Meal Solutions) to better value options (Chilled). Dry Pet food is growing in volume, whilst Wet Pet food volume declines. Wet Pet food value is increasing, being driven by premium offerings (Cat food) and despite the main brands facing strong competition from Private Label. A wide range of Personal Care products are showing growth, with a positive trend in Deodorants, Bath Foam and Liquid Soap (the latter driven by promotions). Innovations push Shampoo, Hand/Body Cream and Toothpaste. Home care value lags behind, but there are some good performers such as Fabric Softeners (growing in penetration thanks to concentrated) and some Small Surface Cleaners (Trigger, Gel) and Toilet Cleaners. Private Label has a smaller share of the category, especially in Added Value segments % Italy - Trade Channel Trends and Private Label are still benefiting from the demand for products at a lower price Europanel GIE

8 The Netherlands Quarter Food Price Index Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Pet Foods The Netherlands - Category Trends Q The growth in value of Chilled Foods can largely be explained by the increased prices of raw commodities, especially cheese and milk, as the total volume of this category has remained stable. It is also a consequence of the trend towards convenience foods, which are generally more expensive. Such a move by Dutch consumers towards convenience foods (e.g. ready to eat meals) has put pressure on the Fresh Foods category, to the detriment of fresh meat. In the market also, a year-on-year decline can be observed in Q308, largely due to the heavy promotion of dishwasher detergents, leading to a reduction in the price paid per kilogram. Hard continue to extend their value share, thanks to an increase in the number of customers, but also a higher average spend per shopper. In other words, the Hard are attracting more buyers who are more loyal to the channel. Indeed, the lull in confidence in the economy, the recession and the price increase of raw commodities has driven consumers away from other channels and towards the Hard. This growth had been spearheaded by Lidl up until now. In Q308, we also see for the first time the resurgence of Aldi. Within, the middle segment (i.e. those that are not discount supermarkets and not highly oriented towards customer service) have been hit particularly hard by the growth of Hard. Albert Heijn (a supermarket with a high level of customer service) has done especially well in maintaining its position in the market % +4.4% +5.8% The Netherlands - Trade Channels Hard % Hard Europanel GIE

9 Portugal Quarter Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care -4.7 Pet Foods Q4 07 Private Label continued to grow, now representing 24.3% of the FMCG total, its highest level ever, outperforming branded products as their prices are increasing at a faster rate, thus closing the gap between Private Label and brands but remaining a cheaper alternative to brands. We are seeing some shoppers trading down. The volume of Private Label is increasing also due to retailers widening their range of Portugal - Trade Channels Private Label products although value shares % changes vs. previous year this is not the case in as more brands are listed within their stores Two key changes to the retail landscape are Continente taking over Carrefour and Pingo Doce taking over Plus. While all retailers are focusing their strategies on price and loyalty, have increased their share with particularly strong performances from Lidl and Dia as they widened their range of branded products. Shoppers are visiting a larger number of retail stores, now making smaller and more frequent shopping trips. As a result, spend is moving away from mainly to the benefit of Portugal - Category Trends Food Price Index +2.1% +2.6% +4.2% According to INE (National Statistic Institute), the Portuguese economy escaped recession in Q3 although the end of the year is expected to be very difficult. VAT has been reduced in an attempt to stave off recession although higher interest rates result in a rise in the cost of borrowing, affecting around 30% of Portuguese households. Private households FMCG consumption increased, influenced by higher frequency of purchase due to two main tendencies: firstly, shoppers are more active in their search for deals. Secondly, people are switching to in-home consumption as, during the same period, the sales in the Hotels, restaurants and cafes sector decreased by about 30% according to ARESP, the sector s national association, with some shoppers treating themselves to premium brands so they can enjoy a good experience while dining at home Traditionals and two supermarket chains, Modelo and Pingo Doce. These two are performing better due to the increase of their Private Label offering and also because of new stores. The Traditional channel continues to lose market share % Traditionals Europanel GIE

10 Scandinavia Quarter (Denmark & Sweden) Total FMCG Food Price Index Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Q % Most are experiencing higher penetration and the average shopper has a larger basket size. Which other format is losing out as a result? The Supermarket format is losing traffic (frequency) and loyalty (value per buyer). The fascias Føtex and Bilka (belonging to the Danish retailer Dansk Supermarked) are especially suffering from consumers change in behaviour. Today, the Discount sector addresses all groups of consumers - it has become public property with a penetration of almost 100%. In addition, more and more Discount stores are opening, while the number of Supermarket stores remains almost unchanged-another factor behind the growth. Scandinavia - Category Trends % % Scandinavian consumers are now more conscious in their choice of food purchases. They have more focus on healthy, convenient and organic foods. Aware of this behaviour, food suppliers and retailers aim to give Scandinavian consumers higher perceived value through a wide assortment in many categories, which fulfils the increasing complexity of consumer needs. For the first time, Private Label is positioned in the premium segment with a strong cross-category strategy. The retailer Føtex, for example, has strengthened their "Princip" line, setting the standard for premium Private Label in Denmark. Organic foods in particular are becoming a larger part of the retailers assortment. Retailers and food suppliers are however aware that ecology is only one dimension adding value to the product. The financial crisis has started to affect Scandinavian consumers. Scandinavians are trying to maintain their standard of living in their purchase of FMCG, despite considerable price increases. Thus they are more oriented towards, which has had a negative effect on % Scandinavia - Trade Channels Europanel GIE

11 Spain Quarter Food Price Index Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Spanish shoppers continue to increase their average trip spend and towards higher overall shopping frequency than this time last year. As for the development of the various commercial formats, while and remained stable, the shift towards continues. Spearheaded by Lidl, Hard in particular continue not only to attract more buyers to their stores, but also to increase shoppers spend once they are inside. Spain - Category Trends Q % +7.0% +6.8% 1.5 The rate of food inflation in Spain has decreased in Q308 compared with previous quarters. As the effects of the financial crisis are felt in Q308, Spanish shoppers have consumed less volume than in the same period last year (-0.3% on Q307). Of course, last year the financial crisis had not set in. As a result, Spanish consumers have had to redistribute their spending to more basic food categories, where we see a volume stagnation. As a non-essential category for the consumer, Personal Care has experienced the sharpest decrease in value. The largest segments in this category, such as facial cosmetics and perfumes, declined considerably this period. categories have grown. For example, the growth observed on Chilled Food is mainly driven by price, increasing spend on milk, eggs, pastry and fresh bread, categories which show a growth of over 10%. The category also increased in all segments. There was a marked increase on lower alcoholic drinks, especially on sparkling Cava, which was subject to high increases in spend Spain - Trade Channels % Hypermarket Supermarket Hard Soft Hard Soft Europanel GIE

12 Source & Definitions Methodology A consumer panel is a permanent, syndicated and representative sample of consumers, who provide ongoing details of the fast moving consumer goods they purchase. Using the scanning methodology, each panel member records the details of every item they purchase. Sample sizes in number of households: Austria: 2,800, GB: 25,000 ; Germany: 20,000 ; France: 20,000; Ireland : 2,650 (2,000 Republic N.I.); Italy: 8,000 ; Portugal: 2,500; Spain: 8,000 ; Netherlands: 6,000, Sweden: 3,000, Denmark: 3,000. Categories Universe: FMCG: Fast Moving Consumer Goods (includes foods, personal care and home care; excludes clothes, white goods etc...) is not necessarily the sum of the categories shown below it. Categories: Fresh Foods: fresh fish, fresh meat, fresh poultry/game, fresh fruit, vegetables, salads Chilled Foods: chilled deli products, chilled dairy products, chilled bakery products Packaged Grocery: bread, biscuits, canned goods, hot beverages, packet breakfast, pickles, sauces, condiments, savoury carbohydrates and snacks, home cooking ingredients, take home confectionery and savouries : carbonated soft drinks, chilled drinks and mineral water : softeners, detergents and rinse conditioners Personal Care: bathroom toiletries, hair care, healthcare, oral care, other toiletries Trade Channels: Top 4 Multiples (GB) Tesco, Asda, Sainsbury's, Morrisons Multiples (GB) All multiples excluding top 4 Symbols (IR) Convenience stores (All) Retailer - selling area> 2500 m² (excl. Hard ) (Austria) Retailer - selling area> 2000 m² France, Spain, Italy: selling area: 400 m² to 2500 m² (excl.hd); Ireland: typical multiple (no ), Netherlands: all retailers excluding Soft Discounter, Portugal: selling area: less that 2500m² Germany: selling area up to 1500m² Hard Austria: Hofer,Lidl, / GB: Lidl, Aldi, Netto / France: Lidl, Aldi, Norma, Colruyt / Netherlands: Aldi, Lidl, Detailconsult FM, / Germany: Aldi, Lidl, Norma, / Portugal: Lidl, Dia, Plus / Ireland: Aldi, Lidl / Spain: Aldi, Lidl, Plus, Familia (Eroski Group) / Italy: Lidl / Scandinavia: Aldi, Lidl Soft Austria: Penny, Plus, Zielpunkt, France: Ed ( recently bought Penny ), Leader Price, Netto, Le Mutant, Ireland: no soft discounters, Spain: Día, Maxi Día, Día Market, Germany: Penny, Plus, Netto Food price index: Average based on Eurostat Food Prices Indices Country Key Facts: Country Individual Population Number of Households GDP per capita (in 000 s) (in 000 s) (2007 est.) Autria 8,312 3,538 $39,300 Denmark 5,476 2,532 $37,400 France 60,470 26,130 $33,800 Germany 82,315 38,477 $34,400 Great Britain 60,600 25,000 $35,300 Ireland 4,240 1,484 $45,600 Italy 57,993 21,686 $31,000 Netherlands 16,358 7,190 $38,600 Portugal 10,599 3,772 $21,800 Spain 44,474 16,340 $33,700 Sweden 9,000 4,300 $36,900 Source: CIA World Fact Book Europanel GIE

13 Europanel Newsletter - Eastern Europe - Quarter Welcome to the Q3 2008, designed to keep you up-to-date with the latest FMCG and trade channels trends across 11 Eastern European countries. This edition is also available for 11 Western and Northern European countries as well as the United States. MAT vs. MAT Q3 07 vs. Q3 07 CZECH REPUBLIC Trends % value changes HUNGARY Please use the details shown below if you have any comments or questions BOSNIA & HERZEGOVINA 9.6 ROMANIA CROATIA BULGARIA SERBIA Note: FMCG trends based on local currency Like Western Europe, Eastern Europe has started feel the effects of the economic crisis. Indeed the key driver for the growth of the FMCG market is price inflation, as well as the strength of many local currencies. Chilled Foods and Packaged Grocery remain the categories with the strongest growth. The share of Private Label is increasing in most countries. While traditional trade is still an important channel, hypermarkets continue to develop as they offer a good alternative to consumers with cheaper prices and wider assortments. International retailers (Western or Eastern European ones) continue to expand. Inside this issue: Total Europe Shopping Behaviour p.1 Trade Channel and Category Trends: - Bosnia p.2 - Bulgaria p.3 - Croatia p.4 - Czech Republic p.5 - Hungary p.6 - Poland p.7 - Romania p.8 - Russia p.9 - Serbia p.10 - Slovakia p.11 - Ukraine p.12 - Source & Methodology p.13 - Category and Channel Definitions p SLOVAKIA RUSSIA POLAND UKRAINE For more information, please contact: Europanel Westgate London W5 1UA United Kingdom Tel: +44 (0) info@europanel.com Europanel GIE

14 Bosnia & Herzegovina Quarter Total FMCG Chilled Foods Packaged Grocery -4.6 Soft drinks Personal Care Home Care -4.4 Bosnia & Herzegovina - Category Trends Q There are several important factors contributing to their growth. To start with, by continually selling part of their range at a discount, have now become even cheaper than open-air markets. have also taken over some, which has helped them to continue the positive trend over the last two quarters, while the value share of has simultaneously decreased. Also, the wider range of food available (e.g. out of season fruit and vegetables) has attracted more shoppers to the channel. Nevertheless, Channels still account for over half of the Bosnian retail market although they are continuing to lose share compared with last year The FMCG market is experiencing growth overall, partly due to inflation, when compared with Q3 07, although this has diminished compared with. and Personal Care show the most significant decreases. Personal Care, for example, is in decline due to the fall in spend on facial care, body lotions, feminine protection and deodorants. Meanwhile, Chilled Foods and Packaged Grocery are growing considerably. The growth on Chilled Foods was boosted by increased spend on dairy desserts and yoghurts. Packaged Grocery has progressed largely thanks to rising prices of edible oil and milk, thereby increasing spend in these segments (UHT long-life milk in particular). Also contributing to the increased spend on Packaged Grocery is pasta, which has also experienced price rises this quarter. The most obvious change on the Bosnian market compared to last year is the development of over, which began last quarter, largely thanks to the lower food prices available to consumers in Bosnia & Herzegovina - Trade Channels Trends value share % changes vs. previous year Europanel GIE

15 Bulgaria Quarter Total FMCG Chilled Foods Packaged Grocery Personal Care Homecare Kaufland, continuing its aggressive country expansion policy, opened its 19th store in August, reaching almost 7% FMCG market share. The retail landscape continued to develop with international players following the further expansion of the T-Market (Maxima Group, Lithuania) by opening its 23rd store in the countryside, Piccadilly (bought in September 2007 by Delta M Group, Serbia), CBA by acquiring the local Black Sea located retailer Burlex. The construction of Carrefour hypermarkets continued and it is expected they will open next year with 4 stores - two in Sofia, one in Bourgas and one on Varna. As for all large chains, recruitment of buyers through expansion looks set to drive their growth. retailers are to enter the market next year - Lidl, Plus and Penny Market - all of them hard discounters. Bulgaria - Category Trends Q Food Price Index % +22.1% % Bulgarian households continued to increase their spend significantly in Q3 2008, compared with the same period a year ago. This can partly be explained by the considerable impact of inflation which between June and September ranged from 15.3% yearto-year to 11.0% in September. High inflation was determined by global price rises of a wide range of raw materials, including oil, metals and basic food products. The agricultural sector, however, had a good period and increased the supply of food compared with last year, reflected in the drop in food prices. Packaged Grocery continued to show the fastest growth, mainly in spreads and cooking fats, milk and yellow cheese and biscuits. In terms of volume, has increased +0.5% compared with last year, driven by the volume growth seen in Packaged Grocery (+1.0%), (+2.4%) and (+6.3%) while all other categories have in fact decreased in volume terms compared with the same period last year % Bulgaria - Trade Channel Trends Hyper/ Small Grocery Shops Street Vendors + open markets Hyper & Supermarket Small Grocery Shops Street Vendors + open markets Europanel GIE

16 Croatia Quarter Chilled Foods Packaged Grocery Soft drinks Personal Care Pet Foods are increasing their share from period to period and we can expect this trend to continue in the current climate. The continued fall in share held by has caused some changes to the Croatian market. During 2008 a new association was founded with Billa joining the existing alliance between Mercator and Plodine. The main goal of this alliance is to achieve better supply conditions in order to be more competitive in the Croatian market and try to defend their position in the market. Most other channels are following the same trend as is seen across the FMCG market: consumption has increased only within. are losing share but are managing to maintain their position. " channels" managed to maintain their position and have seen a small increase in share since Q Croatia - Category Trends Q The FMCG market has decreased in comparison to the previous period but increased when versus last year, partly due to inflation. The categories that are causing this decline are: Chilled foods,, Personal Care and, with the latter decreasing the most. The only growing segment within this category is Bleaches, all other segments are showing negative results. Hair Colorants and Feminine Protection are two important segments causing the decline within Personal Care whilst reduced consumption of Mineral Water is the main cause of the decline within Soft Drinks, with consumers switching to tap water in light of the economic situation. Within Chilled Foods the most important factors are Creams and Fresh Milk. Private Label continued to grow although not within and are still marking a decrease but not as much as in the previous period Croatia - Trade Channel Trends value shares % changes vs. previous year Europanel GIE

17 Czech Republic Quarter The value of sales within increased by 31% versus last year, far above the FMCG market average, allowing them to enjoy a rise in their share of the FMCG market. Tesco supermarket in particular expanded its share partly due to new store openings. Billa is stabilising after the Delvita store remodelling. Small Grocery Shops experienced an increase of 26.5%. This is partly explained by the opening of a new chain of small grocery shops, Žabka, owned by the Penta Group. Twelve stores opened in Prague up to September and thirty more shops should be opened by the end of the year. Czech Republic - Category Trends FMCG growth - local currency Q4 07 FMCG Food Price Index Chilled Foods Packaged Grocery Personal Care % +11.4% +10.1% % Q was another period of growth for the Czech economy despite the European crisis. The inflation rate increased from 5.8% in July to 6.6% in October, a higher increase than what the Czech National Bank had predicted. Unemployment rate is stable, at 5.2%. FMCG categories are showing sound growth in Q3 2008, mainly due to price inflation and a strong local currency.. This is most noticeable in Chilled Foods and Packaged Grocery. Dairy products, Frozen Food and Petfood showed an increase in volume too. Private Label also increased in value, +23.9% at total FMCG level compared with last year. Czech Republic - Trade Channel Trends Small Grocery Shops Street Vendors + open markets FMCG growth - local currency Small Grocery Shops Street Vendors+open markets Europanel GIE

18 Hungary Quarter Indeed, the value and volume share of Private Label increased in the total FMCG market as a whole in the same period. The average price of Private Label has increased by 14% on Q307. have driven value growth on FMCG as a whole. Thanks to new store openings, the market share of increased from 14% to 16% in value in compared to Q307. Lidl continued to grow (its value and volume share grew by 11% points on Q3 2007), contributing to the rise of the Private Label segment as a whole. However Profi, Plus and Penny Market lost out to the competition. The market share of therefore decreased. Since the takeover by Spar Hungary of the Plus network in July 2008, some thirty Plus shops will be rebranded as Hungary - Category Trends FMCG growth - local currency Q4 07 Food Price Index Chilled Foods Packaged Grocery Frozen Foods Personal Care % % +13.6% +10.6% The inflation rate in Hungary was 5.7% in September The Hungarian currency, the Forint (HUF), was relatively strong in Q308, which contributes to a higher market value in Euros. Calculated on HUF base, the size of FMCG market grew at a slower rate than inflation in Q308 vs. Q208. On Packaged Grocery and Frozen Foods, volume consumption decreased while the value has actually grown when compared to Q307. This is due to considerable price increases. For Packaged Grocery, the price of edible oil is up 78%. On Frozen Foods, the price of take-home ice cream has jumped by 8% and deep-frozen vegetables by 10% On again, less volume has been purchased whereas year-on-year Pet Foods spend has increased. Wine has the largest share increase in the category, both in volume and value, owing to a change in penetration (+16%). Both volume and value have grown in Pet Foods as a consequence of price increases and higher penetration. The share of Private Label in this category continues to grow (with the volume share up by 4% points and the value share up by 3% points compared to the same period last year) Hungary - Trade Channel Trends Spar shops in the first run. The Plus trade name can be used for three years, when the fascias will be replaced. As far as are concerned, Interspar has increased its volume share, while its value share is up by 2% on Q Small Grocery Shops Street Vendors + open markets FMCG growth local currency Small Grocery Shops Street Vendors + Open Markets Europanel GIE

19 Poland Quarter The total FMCG market increased by 29% in versus Q3 07. There were two main drivers of it: inflation 4.7% and the exchange rate 12.7% (3.31 in versus 3.79 in Q3 07). There was also an organic increase mainly due to an increase of trip size (+28%). Comparing food and nonfood categories we see higher increase in absolute value of food categories. was the fastest growing category in terms of value (+32%) mainly due to a higher frequency of purchase (+5%). was the category which noted the smallest growth in value terms (+20%), driven mainly by a fall in frequency (-6%) and fewer category buyers (penetration -1 p.p.) balanced by an increase in value per purchase act (+30%). Private Label products are growing faster (+42%) than branded products (+26%) in value terms. Private Label share increased by 1.7 p.p. and reached 17.8% in Q An increase in frequency of purchase (+6%), higher trip spend (+32%), penetration (+1p.p.) and loyalty (+2 p.p.) all contribute to this. For Private Label, growth was particularly strong for the food categories, among them Chilled Foods had the highest increase (+50.6%) followed by (41.1%). All channels increased in terms of value but the highest increase was noted for the channel (+44%) and then (+38%), largely to the detriment of Cash and Carry, Smaller Grocery Shops and Street Vendors and Open Markets. The growth of was driven by new buyers in the channel (penetration increased by +3p.p.), increase of loyalty (coverage of demand +2 p.p.), increase of buying frequency (+6.8%) and value per purchase act (+29%). enjoyed a higher penetration, loyalty and spend per trip (+38%) but a drop in buying frequency. Poland - Category Trends FMCG growth - local currency Q4 07 Food Price Index +7.0 % Chilled Foods Packaged Grocery Personal Care % % % Poland - Trade Channel Trends Small Grocery Shops Street Vendors + open markets FMCG growth - local currency Small Grocery Shops Street Vendors+open markets Europanel GIE

20 Romania Quarter Food Price Index Chilled Foods Packaged Grocery Personal Care Modern trade maintained its 40% share of total sales, thanks to the evolution of the and channels. Kaufland remains the main retailer within hypermarkets, followed by Real Hypermarket and Carrefour in tight competition. Real Hypermarket s value share has grown by around 80% versus the same period last year. The key driver of the growth of the FMCG market is the increase in value of the consumer s shopping basket, an increase of 22% compared with Q The Private Label segment now contributes over 4% of the total expenditure, an increase of 64%. They are performing particularly well within grocery categories. Romania - Category Trends Q NB: Romania chart based on local currency % % % +9.0 % The Romanian FMCG market continues to show a double digit growth rate in terms of value. The international economic crisis first impacted on food and beverages and the increased prices put pressure on the volume growth. Grocery products had the most significant growth rates (edible oil, mayonnaise, wafers, chocolate bars, traditional cocoa, cappuccino, breakfast cereals and ketchup). An increase is still showing in the consumption of non-food categories, on which the economic context had less influence: (water softeners, bleaches, toilet blocks, carpet cleaners, toilet cleaners) as well as Personal Care (hair shampoo, facial creams, feminine protection) although the latter had a lower increase than the previous quarters. Romania - Trade Channel Trends value shares % changes vs. previous year Small Grocery shops Street Vendors + open markets NB: Romania chart based on local currency Small Grocery Shops Street Vendors + open markets Europanel GIE

21 Russia Quarter Modern trade channels continue to gain share. The fastest growing channels in Q were and. Perekrestok was behind the growth of while increased mainly thanks to Pyaterochka and Kopeyka. In general consumers visited these stores more often and purchased more at each trip. The same trend was noticed in Small Grocery Shops and (Sibiriada in particular). Amongst hypermarkets, Auchan is the most successful. It continues to develop multi-format outlets and is expanding regionally. Street vendors and open markets continue to lose share. Russia - Category Trends FMCG growth - local currency Q Food Price Index % +17.8% % Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Pet Foods % In Q consumer spending increased slightly due to trip size growth despite a slight decline in purchase frequency. Personal Care decreased in value but remained stable in volume, explained by consumers switching to cheaper brands. The market share held by Private Label remained small and stable (0.6%); as yet, they do not constitute a threat for branded products. Russia - Trade Channel Trends Small Grocery Shops Street Vendors + open markets FMCG growth - local currency Small Grocery Shops Street Vendors+open markets Europanel GIE

22 Serbia Quarter FMCG growth - local currency 15.8 Total FMCG Chilled Foods Packaged Grocery Soft Drinks Personal Care Home Care Pet Foods -4.2 Major accounts continue their strategy of geographical expansion and their market share continues to grow. Delta in addition continues expansion abroad, while it also announced bidding for a big stake of shares in Slovenian Mercator. Although traditional trade is still the most important channel, Cash and Carry is growing steadily, mainly as a result of offering the most affordable prices. Also, show a good growth as they continue to increase their number of outlets. This can be largely attributed to the following retailers: Croatian Idea and KTC, Slovenian Tus and domestic DIS during Q Vs Q Tus is a new player on the market in Serbia - Category Trends Q The economic crisis is also becoming a key topic in Serbia. Although the troubled economy successfully avoided the first wave of the crisis (mainly due to the fact it is not a major recipient of the main international investors), the forecast is very cloudy, if not stormy. The value share of food, beverages and tobacco in the household budget (according to official statistics) continues to increase due to price increases of agricultural and basic goods. Chilled Foods showed the fastest growth (mainly due to dairy products and mayonnaise), followed by Packaged Grocery (thanks to edible oil, cereals, dried pasta, tuna). Low income buyers suffer the most from price increases. Many producers are downsizing their packages, on average by 10%, however their prices are remaining unchanged thus disguising inflation (for example: creams, yogurts, snacks, biscuits, candies, chocolate tablets and bars) Serbia - Trade Channel Trends value shares % changes vs. previous year Small Grocery Shops Street Vendors + open markets FMCG growth - local currency Small Grocery Shops Street Vendors+open markets Europanel GIE

23 Slovakia Quarter Food Price Index Chilled Foods Packaged Grocery Personal Care Pet Foods Q % As the market share held by modern trade continued to gain, traditional grocers still represent more than one quarter of the market. The trend of shopping less often but spending more per trip also continued with the purchasing frequency considerably decreasing this quarter. Domestic channel Coop Jednota remained the biggest retail chain (almost 24% share, over 2300 outlets) followed by Tesco, who along with Lidl and Billa increased their share of the market. In particular Lidl and Tesco gained new buyers as they have been opening new outlets recently. In November Tesco has introduced its first Tesco Express store as a concept of convenient small grocery nearby home. Slovakia - Category Trends % % Prices continued to rise in Q and average prices of FMCG grew by almost 14% and household expenditures increased by 5% compared with the same period last year. Slovak households spent more on Chilled Foods, particularly hard cheese, milk desserts and bryndza (traditional sheep cheese). Hard cheese and milk desserts gained new buyers and spend per trip increased as the average price increased. Packaged Grocery attracted higher household expenditure than previous quarters. The fastest price increase was once again seen for edible oils (above 30%) further contributing to the decreasing consumption. On other hand pralines and chocolate bars grew in value thanks to more category buyers and higher intensity. Among hot drinks, tea and instant coffee gained value thanks to higher spend per trip whereas ground and bean coffee lost. Due to the decreasing buying intensity, continued to decline this quarter, both in value and volume. Private Label represents almost 26% of FMCG spend but the rate of growth slowed this quarter to 14.5% compared with 20% last quarter caused by overall decrease of buying intensity. Nevertheless within Private Label, yogurts, milk cream, hard cheese, wafers and chocolate confectionary marked the fastest growth in value % Slovakia - Trade Channel Trends Small Grocery Shops Street Vendors * -8.9* open markets Small Grocery Shops Street Vendors + open markets *Please note the Street Vendors and open markets only represent 0.1% Q1-Q * Europanel GIE

24 Ukraine Quarter Total FMCG Fresh Foods Chilled Foods Packaged Grocery Frozen Foods Personal Care Modern trade channels increased their share compared with the same period last year, especially and (although they both remain fairly small in terms of value share, in the latest quarter representing 2.4% and 12.0% respectively). in particular drive their growth by recruiting new buyers to the channel. Open market and Street Trade decreased slightly but nevertheless remained in the leading position, accounting for just under half of total FMCG spend in Q3 2008, a drop since the same period last year but a recovery since the beginning of Ukraine - Category Trends Q Small Grocery Shops Street Vendors + open markets In Q FMCG value continued to grow and reached a record-breaking growth rate of 47% compared with the same period last year. This was partly due to the very high level of inflation (+26%). Such high inflation made saving less attractive, bank confidence decreased and, in turn, FMCG consumption grow although many households are seeing their savings and their purchasing power dwindle. The highest growth in both volume and value terms was seen for Packaged Grocery (Coffee, Tea, Pralines, Biscuits, Chocolate Bars and Tablets, Salty Snacks, Sauces), Chilled Food (Milk, Kefir and Cheese) and (all categories). Average weight of purchase grew significantly due to an increase in purchase frequency as consumers seek the most affordable and best value options. Ukraine - Trade Channel Trends Small Grocery Shops Street Vendors + open markets Europanel GIE

25 Source & Methodology Methodology A Consumer Panel is a permanent, syndicated and representative sample of consumers, who provide ongoing details of the FMCG they purchase. Using the diary methodology, each panel member records the details of every item they purchase. Sample sizes: Russia: 7,000 HHs; Poland: 5,000 HHs; Ukraine: 5,000 HHs; Czech Republic: 2,000 HHs; Hungary: 2,000 HHs; Bulgaria: 2,500 HHs; Romania: 2,200 HHs; Croatia:1,500 HHs; Slovakia: 1,500 HHs; Serbia: 1,500 HHs; Bosnia&Herzegovina: 1,000 HHs FMCG: Fast Moving Consumer Goods (includes foods, personal care and home care; excludes clothes, white goods etc) Please note, unless otherwise stated, trends shown are based on spend in Euros Food price index: Average based on Eurostat Food Prices Indices Country Individual Population Number of Households GDP per Capita (in 000 s) est. (in 000 s) (2007 est.) Bulgaria 7,680 2,908 $11,800 Bosnia & Herzegowina 3,900 1,114 $6,600 Croatia 4,439 1,477 $15,500 Czech Republic 10,349 4,423 $24,400 Hungary 10,051 3,811 $19,500 Poland 38,115 13,350 $16,200 Romania 21,680 7,320 $11,100 Russia Federation 142,221 52,700 $14,600 Serbia (2005) 7,498 2,521 $7,700 Slovakia 5,400 1,900 $19,800 Ukraine 46,424 18,200 $6,900 Source: CIA World Fact Book Europanel GIE

26 Category and Channel Definitions Categories Universe: Fresh Foods: fresh fish, fresh meat, fresh poultry/game, fresh fruit, vegetables, salads Chilled Foods: chilled deli products, chilled dairy products, chilled bakery products Packaged Grocery: bread, biscuits, canned goods, hot beverages, packet breakfast, pickles, sauces, condiments, savoury carbohydrates and snacks, home cooking ingredients, take home confectionery and savouries : carbonated soft drinks, chilled drinks and mineral water : softeners, detergents and rinse conditioners Personal Care: bathroom toiletries, hair care, healthcare, oral care, other toiletries Trade Channel Definitions: Bosnia Bulgaria Croatia Czech Republic Hungary Poland Romania Russia Serbia Slovakia Ukraine Street Vendors + open Small Grocery Shops markets Offering a broad food and Mainly food assortment; n/a n/a n/a n/a Smaller food/grocery outlets up to 400 m2, C&Cs non-food assortment. over 400 m2 (Bakmaz, Billa, selling to licensed customers (Getro, Metro), Usually offering large car Biljemerkant, Boso, Diona, Specialist stores (including pet shops, fruit shops, parks.(interspar, IperCoop, Idis, Jolly, Kerum, KTC, chocolate shops and butchers), kiosks, open Kaufland, Mercator hypers, Maxi Konzum, Mercator, market places, door-to-door, producer/farmer, Super Konzum) Pemo, Plodine, Presoflex, mail order, gas stations, news stands, (Local Studenac, Tommy, etc.) convenience stores, Bakmaz, Billa (Minaco), Boso, Diona, Idis, Kerum, Konzum, KTC, Mercator, Pemo, Prehrana, Presoflex, Studenac, Tommy, etc.) HIT, Ramstore Hypermakets, Billa, Boila, Bonjour, Kaufland Fantastico C&C, Metro C&C ARO, CBA Minimarkets, Street Vendors, Open Agro & Food stores, specialized stores: bakeries, Burlex, CBA, ENA, Familia, Fantastico Fantastico Minimarkets, Markets Vendors butchers, chemists, etc, door-to-door, kiosks, mail, Oazis, Piccadilly, Ramstore Magazin 345, T-Market, order houses / subscr., petrol stations,, Minimarkets, Market Halls, tobacconists, etc. Mixed Assortment Offering a broad food and Mainly food assortment; Limited range of food, often n/a n/a n/a Offering a broad food and non-food assortment; non-food assortment. over 400 m2 (Bakmaz, Billa, selling directly from pallets, selling to licensed customers (Getro, Metro); Usually offering large car Biljemerkant, Boso, Diona, focused on price (Lidl) Specialist stores: pet shops, fruit shops, chocolate parks.(interspar, IperCoop, Idis, Jolly, Kerum, KTC, shops and butchers, kiosks, open market places, Kaufland, Mercator hypers, Maxi Konzum, Mercator, door-to-door, producer/farmer, mail order, gas Super Konzum) Pemo, Plodine, Presoflex, stations, news stands; Smaller food/grocery Studenac, Tommy, etc.) outlets up to 400 m2 (Local convenience stores, Bakmaz, Billa (Minaco), Boso, Diona, Idis, Kerum, Konzum, KTC, Mercator, Pemo, Prehrana, Presoflex, Studenac, Tommy, etc.) Globus, Kaufland, Interspar, Albert, Billa, Tesco diskont, Lidl, Penny Market, Plus, Makro, Hopi C&C Small self-service grocers: Street Vendors, Open Family Frost, petrol station, etc. Hypernova/Hyperalbert, COOP / Jednota Tempo, Norma, COOP Diskont, Spar, COOP / Jednota, COOP Markets Vendors Tesco hypermarket, COOP COOP / Jednota Tip, COOP Diskont / Jednota Tuty Terno, Hypermarket Supermarket; independents Over-the-counter specialists > 2,500 m2, more than 400-2,000 m2, food and non 400-1,000 m2, food and near-metrfood range, cosmetics and m2, 1 or 2 cash registers, Markets Vendors Selling area less than 400 Street Vendors, Open Mail order, direct marketing, D.I.Y etc. 10,000 articles, at least 30% food, 3-10 cash registers non-food, more than 10 (Kaiser's, Match, Spar, chemical products, 3-10 range of food and non-food cash registers (Auchan, bigger Coop, CBA and Real) cash registers (Lidl, Penny articles, belonging to Cora, Interspar, Tesco) Market, Plus, Profi, Aldi) named key account (small Coop, small CBA, small Real, small Honiker and Heliker shops) or being independent. Auchan, Kaufland, Tesco, ABC, Aldik, Alma, Asort, Aldi, Biedronka, Lidl, Netto, Eurocash, Makro, Selgros Food and non-food, less Street Vendors, Open Petrol stations, Pharmacies, Drugstores, Intermarche, Carrefour, Billa, Bomi, Carrefour Plus Discount than 3 cash desks Markets Vendors Cosmetics shops, Kiosks, Wholesalers, etc Real, E.Leclerc Minut, Carrefour Express, Dino, Duzy Sklep Wielobranzowy, Eko, Elea, E.Leclerc, Euro Sklep, Grosik, Jedynka, Marcpol, Piotripawel, Polomarket, Rossmann, Sano, Savia, Seic 34, Spar, Stokrotka, Tesco Carrefour Hypermarket, Food and non food products: Lower prices for food and Metro, Traditional shops, selling Street Vendors, market hall Shops: specialists stores, gas stations; Cora, Auchan Hypermarket, Carrefour Express, Auchan non food products: Penny Selgros food and non food products, and open market vendors drugstores; Economat stores, etc. Spar Hypermarket, Real, Supermarket, Spar Market, Penny Market XXL, kiosks and agro & food (open spaces for trade, Trident, Pic, Interex, Supermarket, Mega Image, MiniMax Discount, Plus, stores (traditional over-thecounter shops for food, products). especially for food Kaufland. Billa, G market, Angst, etc Profi and independents where you can also buy personal and household care products). Ramstore, O'Key, Auchan Sedmoy Kontinent, Stolitsa, Kopeyka, Magnit, Metro Cash&Carry Limited food and non-food Street Vendors and Open Drugstores, Petrol stations, etc. BIN, etc Pyaterochka, Kopeyka assortment Markets 1000s m2, food and nonfood assortment C Market, Pekabeta, M Over 400m2 Mercator, Interex, Super Rodić, Maxi, Jabuka, Si Vero, M Rodić, Idea extra, Market, Univerexport, Super Maxi, Tus Interex, Ziper 024, Impex Promet, IDEA Super, DIS, Tus, etc Food and non-food Food assortment. Billa, assortment, minimal sales Terno, COOP/Jednota area 2500 sqm, usually offering large car parks (examples: HM Tesco, Hypernova, Carrefour, Kaufland). More than 400m2. Silpo, Furshet, Billa, Velyka Kyshenya, Karavan, ProStor, Tam-Tam, Auchan, etc. n/a Limited range of food Selling to licenced assortment, often selling customers only (retailers, directly from pallets, small entrepreneurs focused on price (Lidl, Rema (examples: Metro). 1000, etc.) 400-1,500 m2. ATB, Fora, Barvinok, etc. Stores with specific Up to 400m2, minimaxi, C Street Vendors, Open payment regulation and/or Market, Pekabeta, M Rodić, Markets Vendors specific membership cards Univerexport, Idea, Jabuka, Tempo, Metro, Roda, Figrad, Si Market, Višnjica, DIS, Luki etc Komerc, etc Selgros & Makro for households and Metro for businesses Small food-self service: Sama, Coop Small food retailers overthe-counter: Bala Selling mainly food, less than 3 cash registers, counter or self- service Street Vendors, Open Markets Vendors n/a Specialist stores Drogeries (DM, Lilly), Perfumeries, Pharmacies, Door-to-Door, Bakeries, Coffee Shops, Beverages discounts, Dairy Shops, Candy Shops, Kiosks, etc Gas stations, tobacconist s/newsstands, etc. Direct sales, specialized stores, etc Europanel GIE

27 Europanel Newsletter - United States of America - Quarter MAT vs. MAT Q3 07 vs. Q WEST South Western Northeast North central Welcome to the Q3 2008, tracking the quarterly movements on the FMCG markets, including category and trade channel trends. is also available for Western and Eastern Europe, covering more than twenty countries. TOTAL US Please do not hesitate to contact us if you have any questions or comments. Trends % value changes 4.0 NORTH CENTRAL NORTH EAST SOUTH For more information, please contact: Europanel Westgate London W5 1UA United Kingdom Tel: +44 (0) info@europanel.com Europanel GIE