nielsen - global consumer confidence report - july 2013

C O N S U M E R C O N F I D E N C EConCerns and spending intentions around the WorldQUARTER 2, 2013

2013 CONSUMER CONFIDENCE SERIES | 2ND EDITION

2 Quarter 2 2013 - Global Consumer ConfidenCe report2

GlObal CONSUMER CONFIDENCE REPORTED SlOw bUT STEaDy IMPROvEMENTGlobal consumer confidence indexed at 94 in the second quarter, a

one-point increase from the previous quarter (Q1 2013), according to

consumer confidence findings from Nielsen, a leading global provider

of information and insights into what consumers watch and buy. The

increase is part of a slow but steady upward movement reported in the

first half of the year. Consumer confidence improvements were reported

in Asia-Pacific (+2 to 105), North America (+2 to 96), and Middle East/

Africa (+6 to 91), compared to the previous quarter. Europe’s consumer

confidence index held steady at 71 for three consecutive quarters, and

Latin America’s confidence declined one index point to 93 in Q2.

GLOBALLY • Global consumer confidence increased one index point to 94 in Q2

REGIONALLY• Quarterly confidence rose in all regions except Latin America

• North American recessionary sentiment dropped to lowest level

since the Great Recession

• European respondents remained stuck in a spending holding pattern

• Confidence in Middle East/Africa returned to Q4 2012 levels

• Discretionary spending intentions improved in Asia-Pacific

3Copyright © 2013 The Nielsen Company

The Nielsen Global Survey of Consumer Confidence and Spending

Intentions, established in 2005, measures consumer confidence,

major concerns and spending intentions among more than 29,000

respondents with Internet access in 58 countries. Consumer confidence

levels above and below a baseline of 100 indicate degrees of optimism

and pessimism.

“While confidence in Europe remained largely in a holding pattern

as financial conditions stabilized, perceptions about jobs, personal

finances and spending intentions increased in the world’s three largest

economies, U.S., China and Japan, which is having a beneficial effect

around the world,” said Dr. Venkatesh Bala, chief economist at The

Cambridge Group, a part of Nielsen. “However, concerns remain that

macroeconomic events, such as too sharp a rise in interest rates, can

impair the consumer recovery including lowering the demand for home

purchases and spending on big-ticket items.”

Japan’s consumer confidence index of 78 rose five points in the second

quarter, its highest reading since Q1 2006, amid government stimulus

measures intended to jolt the economy out of almost two decades of

stagnation. In the U.S., a robust rebound in housing and equity markets

has helped to elevate confidence levels to a score of 96, an increase of

three index points in the second quarter. In China, consumer confidence

rose two index points to 110 in the second quarter.

In the latest round of the survey, conducted between May 13 and May 31,

2013, consumer confidence increased in 45 percent of markets measured

by Nielsen, compared to 60 percent in the previous quarter. Indonesia

(124) reported the highest consumer confidence index for the second

consecutive quarter with a two point increase from Q1 2013. Portugal

reported the lowest index of 33. Pakistan reported the biggest quarterly

index increase of 11 points to a score of 98. Israel’s drop of eight index

points to 83 was the biggest quarterly decline.


ABOUT THE GLOBAL SURVEY METHODOLOGYThe findings in this survey are based on respondents with online

access across 58 countries. While an online survey methodology

allows for tremendous scale and global reach, it provides a

perspective only on the habits of existing Internet users, not total

populations. In developing markets where online penetration

has not reached majority potential, audiences may be younger

and more affluent than the general population of that country.

Additionally, survey responses are based on claimed behavior,

rather than actual metered data.

4 Quarter 2 2013 - Global Consumer ConfidenCe report

+3-2

-1-2

+2

-1

-1

-4

+4

+1

-2

+11

-7

-4

+5

+1

+3

-1

0

-4+3

0+7

-2-5

-8-2-2+3-1+6+4-1

+3-3

-3

-4

+6

+2

-2

+3

+5

-4

-4

+1

+5

0

+4

-1

0

+2+7

+2-1

-3

+5

81 SOU

TH AFRICA

81 SWED

EN 81 TU

RKEY 83 ISRAEL

84 MEXICO

87 AUSTRIA

ITALY 41

87 COLOMBIA

HUNGARY 41

90 GERMANY

CROATIA 45

GREECE 47

93 NEW ZEALAND

SPAIN 48

94 CHILE

SOUTH KOREA 51

95 SINGAPORE

FRANCE 53

95 VIETNAM

BULGARIA 61

96 UNITED STATES

SLOVAKIA 62

97 DENMARK

ROMANIA 62

98 AUSTRALIA

POLAND 63

98 CANADA

ARGENTINA 68 98 NORWAYVENEZUELA 68

98 PAKISTAN

IRELAND 70

98 SWITZERLAND

CZECH REPUBLIC 70

99 PERU

ESTONIA 71

100 SAUDI ARABIA

LATVIA 71

103 MALAYSIA

UKRAINE 72

107 HONG KONG

BELGIUM 72

107 UNITED ARAB EMIRATES

FINLAND 7

3

110 C

HINA

TAIW

AN

75

110

BRAZIL

EGYPT 77

114

THAILA

ND

JAPA

N 78

118

INDIA

NET

HERL

ANDS

7

9

121

PHI

LIPP

INES

UNIT

ED K

INGD

OM

79

LITH

UAN

IA

80

RUSS

IA

80

0

PORTUGAL 33

+2

124

INDO

NES

IA

IND

EX

COUN

TRY

LESS

CONFIDENT

MORE CONFIDENT

NORTH AMERICA LATIN AMERICA EUROPE

MIDDLE EAST, AFRICA, PAKISTAN ASIA-PACIFIC

94 GLOBAL

AVERAGE( +1 change from Q1-2013 )

INDEXES ABOVE 100 INDICATE OPTIMISM

GLOBAL CONSUMER CONFIDENCE SURVEY

58 COUNTRIES – 3-MONTH TRENDQ2-2013 NIELSEN CONSUMER CONFIDENCE INDEX

*Survey is based on respondents with Internet access. China survey results reflect a mixed

methodology. Index levels above and below 100 indicate degrees of optimism/pessimism.


a DISMal RECESSIONaRy SENTIMENT bRIGHTENED While more than half (55%) of global respondents believed they were in

a recession in the second quarter, it was the lowest level reported in two

years (since Q1 2011). North Americans reported the biggest three-month

recessionary mindset decline of six percentage points to 69 percent, which

is noteworthy considering a level below 70 percent has not been reached

since before the Great Recession.

“The improved recessionary sentiment among North Americans was driven

by positive macro-economic developments in the U.S.,” said Dr. Bala.

Seventy-two percent of U.S. respondents said they were in a recession—a

five percentage point improvement from Q1 and a 15-percentage point

change from a five-year average (2008–2012), when 87 percent of

Americans felt mired in a recession. Concern about the U.S. economy also

reported a marked decline of eight percentage points among American

respondents in the second quarter, dropping to 19 percent.

“There is increasing evidence that the U.S. economy is improving,” said

James Russo, senior vice president, Global Consumer Insights, Nielsen.

“While the unemployment rate is trending steadily downward to the

current 7.6 percent, the biggest drivers of change include the record gains

in equity markets and the housing rebound, which are clearly impacting

household wealth and spending potential.”

Second-quarter recessionary sentiment declines were also reported in

Middle East/Africa, which dropped four percentage points to 73 percent,

in Europe, which fell two points to 74 percent, and in Asia-Pacific, which

declined one percentage point to 40 percent. In Latin America, a growing

recessionary sentiment was reported, increasing three percentage points

since the start of the year to 56 percent.

58 COUNTRIES – 3-MONTH TRENDQ2-2013 NIELSEN CONSUMER CONFIDENCE INDEX


Q1 2

008

Q3

2008

Q1 2

009

Q2

2009

Q3

2009

Q4

2009

Q1 2

010

Q2

2010

Q3

2010

Q4

2010

Q1 2

011

Q2

2011

Q3

2011

Q4

2011

Q1 2

012

Q2

2012

Q3

2012

Q4

2012

Q1 2

013

Q2

2013

70

75

80

85

90

95

100

72%

reCessionary sentiment deClined in all regions exCept latin ameriCa

u.s. reCessionary sentiment is improving

41 40

53 56

75

69

77 73

76 74

56 55

ASIA-PACIFIC LATIN AMERICA

NORTH AMERICA

MIDDLE EAST/AFRICA

EUROPE GLOBAL AVERAGE

Q1 2013

Q2 2013

PERCENT bELIEvINg THEIR COUNTRy IS IN AN ECONOMIC RECESSION

PERCENT OF AMERICANS THAT bELIEvE THEIR COUNTRy IS IN AN ECONOMIC RECESSION

87% AvERAgE (2008-2012)

Source: Nielsen Global Survey of Consumer Confidence, Q2 2013Based on respondents with online access only.



MORE SPaRE CaSH=INCREaSED SPENDING On average, discretionary spending intentions for new clothes, holidays/

vacations, out-of-home entertainment, and new technology products

increased around the world in the second quarter. Forty-seven percent

of global respondents saved their spare cash, 19 percent invested and 11

percent saved for retirement. Globally, 14 percent said they had no spare

cash, a slight decrease from 15 percent reported in Q1.

Respondents in the Asia-Pacific region reported the most significant

three-month spending increase compared to the other regions (+4pp) on

holidays/vacations (43%), new clothes (39%), out-of-home entertainment

(38%) and new technology products (34%). They were also the most avid

savers, with six-in-10 (61%) putting money into savings accounts and one-

third (32%) investing in shares of stocks and mutual funds.

In the Middle East/Africa region, discretionary spending intentions for

out-of-home entertainment (21%) and holidays/vacations (18%) increased

in the second quarter four and five percentage points, respectively.

Marginal spending increases for clothing, technology, decorating and

vacations were reported in Latin America compared to three months ago.

Saving and spending intentions among European respondents remained

in a holding pattern in the second quarter, with little variation reported

over the past 12 months.

47% OF GLOBAL RESPONDENTS SAVED THEIR SPARE CASH

19% INVESTED

SAVED FOR RETIREMENT11%


saving / investing intentions Q2 2013

spending intentions Q2 2013

16

18

21

22

28

17

18

27

17

25

17

17

21

18

24

20

16

23

28

30

23

34

38

43

39

HOME IMPROVEMENTS

NEW T ECHNOLOGY

OUT-OF-HOMEENTERTAINMENT

HOLIDAYS/VACATIONS

NEW CLOTHES

ASIA-PACIFIC EUROPE

MIDDLE EAST/AFRICA LATIN AMERICA

NORTH AMERICA

21

11

7

39

19

4

8

27

22

4

9

39

21

8

5

33

6

14

32

61

NO SPARE CASH

RETIREMENT

INVESTMENT

SAVINGS

ASIA-PACIFIC EUROPE

MIDDLE EAST/AFRICA LATIN AMERICA

NORTH AMERICA



PERCENT UTLIZINg SPARE CASH

PERCENT UTLIZINg SPARE CASH


bElT-TIGHTENING MEaSURES lOOSENED IN THE UNITED STaTESOne-fifth (21%) of North Americans reported having no spare cash, which was an improvement from 26 percent reported in the first quarter. With more discretionary income to spend, North Americans loosened the reins on actions taken to save on household expenses, albeit cautiously. Declining four percentage points from the first quarter, fewer North American respondents said they saved on gas and electricity (55%), out-of-home entertainment (52%) and vacation (29%) expenses. Less than half (49%) said they were switching to cheaper grocery brands, a decline of five percentage points from three months ago. Fewer respondents also cut down on take-away meals (47%) and delayed the replacement of major household items (28%).

“In the U.S., improved sentiment is converting to dollar sales at the cash register,” said Russo. “For the period ending May 11, 2013, dollar and unit sales were both up, rising 3.4 percent and 2 percent, respectively, compared to year-ago performance. There is a watch-out, however. While U.S. confidence in the economy has shown improvement, more than half of respondents (55%) still believe the recession will live on for another year.”

In Canada, consumer confidence declined four index points in the second quarter to a score of 98. “The recent decline in Canadian sentiment is a testimony of the consumer volatility that still exists and we’re still not out of the woods,” said Carman Allison, director, Shopper and Industry Insights, Nielsen Canada. “Based on economic projections, we expect 2013 to be a relatively slow growth year for Canada’s economy. Record high consumer debt, stabilized home prices and a slowing equities market have restrained household spending power. As consumers continue to focus on spend control, expect a repeat performance of 2012, when consumer package goods growth stalled and more consumers shopped at discount retailers.”


north ameriCans Cautiously relaxed aCtions to save on household expenses

59 55

56 52

54 49

50 52

50 47

40 39

33 29

32 30

32 29

31 28

26 27

22 25

21 17

14 16

12 10

SAVE ON GAS AND ELECTRICITY

CUT DOWN ON OUT-OF-HOME ENTERTAINMENT

BUY CHEAPERGROCERY BRANDS

SPEND LESS ONNEW CLOTHES

CUT DOWN ONTAKE-AWAY MEALS

USE CAR LESS OFTEN

CUT OUT ANNUALVACATION

DELAY UPGRADINGTECHNOLOGY

CUT DOWN ONHOLIDAYS/SHORT BREAKS

DELAY THE REPLACEMENTOF MAJOR HOUSEHOLD ITEMS

CUT DOWN ONTELEPHONE EXPENSES

CUT DOWN ONAT-HOME ENTERTAINMENT

LOOK FOR BETTER DEALS ON HOME LOANS,INSURANCE, CREDIT CARDS ETC

CUT DOWN ON OR BUY CHEAPERBRANDS OF ALCOHOL

CUT DOWN ON SMOKING

Q1 2013

Q2 2013


PERCENT CHANgINg SPENDINg TO SAvE


SPENDING IN EUROPE STaGNaTED; aCTIONS TO SavE INCREaSED Europeans were in a spending holding pattern in the second quarter and actions to save on household expenses increased as unemployment rates in many European markets were high and confidence in the economic outlook for the rest of the year remained weak.

Fewer European respondents planned to spend discretionary income on holidays/vacations, out-of-home entertainment, home improvements, and new technology products, declining one percentage point each from three months ago. One-third of European respondents planned to put spare cash into savings, and 21 percent had no spare cash to spend.

Looking for ways to save, half of European respondents spent less on new clothes (56%), cut down on out-of-home entertainment (54%), switched to cheaper grocery brands (50%), and tried to save on gas and electricity (48%). Four in 10 respondents cut back on holidays (43%) and take-away meals (41%). Roughly one-third spent less on telephone expenses (36%), delayed upgrading technology (36%)/major household items (33%), used their car less often (32%) and did not take an annual vacation (31%). Consumer confidence in Germany, the world’s fourth-largest economy, held steady with an index of 90 for two consecutive quarters. Confidence increased in the United Kingdom by four index points to a score of 79. Second-quarter confidence declines were reported in Russia (80), France (53), and Italy (41), declining one, one, and three index points, respectively.

“German economic indicators in May 2013 had an impact on consumer confidence, which remains stable in Germany,” said Ingo Schier, managing director, Nielsen Germany. “While the number of registered job-seekers declined for the first time in five months below the mark of three million, recent wage and salary negotiations between trade unions and employers led to salary rises in many sectors. Additionally, the German DAX registered an unprecedented record high in May. But Germans’ consumer confidence stands on shaky ground. According to predictions, economic growth may continue to decline with the Euro zone stuck in recession.”


europeans remained in a spending holding pattern

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

NEW CLOTHES

31 30

31 30 30

HOLIDAYS / VACATIONS

29 28

25 29

28

OUT-OF-HOME ENTERTAINMENT

23 24

23 24

23

HOME IMPROVEMENTS

22 22

21 21

20

NEW TECHNOLOGY PRODUCTS

16 16

15 17

16

Source: Nielsen Global Survey of Consumer Confidence , Q2 2013Based on respondents with online access only.

PERCENT UTILIZINg SPARE CASH AFTER COvERINg ESSENTIAL LIvINg EXPENSES


REaDINESS TO SPEND waS EvIDENT IN aSIa-PaCIFICOverall consumer confidence in the Asia-Pacific region remained high, with seven markets reporting indexes above the 100 baseline. Indonesia (124), the Philippines (121), and China (110) reported increases in the second quarter of two, three and two points, respectively. India (118), Thailand (114), Hong Kong (107), and Malaysia (103) declined two, one, one and four index point(s), respectively.

Spending intentions increased in 10 of 14 Asia-Pacific markets, with respondents from Indonesia, Hong Kong, India and the Philippines leading the shopping spree. More than half of respondents from these markets indicated that spending on items wanted and needed over the next 12 months would be good or excellent.

“Indonesian consumers are keen about the future and spending should remain robust as Indonesians continue to become more affluent and sophisticated in their needs,” said Catherine Eddy, managing director, Nielsen Indonesia. “Earlier this year, we saw significant increases in minimum wages and this is no doubt fueling the consumption and optimism we are observing. We expect that this will continue throughout the year; however, the government’s decision to decrease fuel subsidies has the potential to dampen consumption and confidence.”

“The healthy growth of Chinese consumer confidence in the latest quarter and the stronger willingness to spend go hand in hand,” said Yan Xuan, president of Nielsen Greater China. “Today, Chinese consumers’ aspirations for a better and higher quality life can be found in all city tiers and in the countryside thanks to the continued increase in personal and household income and ongoing urbanization. The policies of the Chinese government to boost domestic consumption will only further push ahead such momentum.”


62

34

60

37

59

37

57

39

56

40

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013

BAD/NOT GOOD GOOD/EXCELLENT


asia-paCifiC spending intentions over next 12 months shoWed sloW but steady inCrease

PERCEPTIONS OF gOOD/bAD TIME TO bUy OvER THE NEXT 12 MONTHS

“In India, the devaluation of the rupee and continuing inflation are the key drivers of the drop in confidence for Indian consumers,” said Piyush Mathur, president, Nielsen India Region. “Discretionary spending is the first to take the hit, but the maximum impact of the change in spending is seen on families cutting down on out-of-home expenditure. In addition, consumers are being cautious while spending on essentials. The trend is also seasonal as the second quarter is the post incentive, post bonus period, when the consumer might actually be looking to control spending.”


117122

121120

119118

115115

85108

103107

95

9593

8896

9490

6678

5973

51

95

108108

RETICENT laTIN aMERICaNS SHOwED EaGERNESS TO SPENDConsumer confidence in Latin America decreased for the second consecutive quarter, declining one index point from Q1 2013 to a score of 93. Brazil led the region with the highest index of 110, which decreased two points in the second quarter. Positive consumer confidence performance in Peru (99) and Colombia (87) reported increases of one and seven index points, respectively. Consumer confidence in Venezuela (68) reported declines for three consecutive quarters, and Chile (94), Argentina (68), and Mexico (84) each dropped for the second straight quarter.

The overall regional consumer confidence decline in the second quarter did not negatively impact discretionary spending intentions, however, with marginal increases reported across most spending categories measured. Spending plans for new clothes (25%) increased two percentage points, and intent to spend on new technology (18%), home improvement projects (17%), and holidays/vacations (17%) inched up by one percentage point each.

“Current economic conditions in Brazil, especially low GDP growth and high inflation, are affecting consumer confidence,” said Eduardo Ragasol, country manager, Nielsen Brazil. “Government efforts, such as temporary tax reductions and credit stimulus measures aimed to reignite investments, have failed to fuel economic growth at the pace needed to keep infrastructure and supply side of the economy, thus producing price increases.”


87

84

68

68

94

99

112

98

PERU

98

CHILE

80

COLOMBIA

89

MEXICO

72

VENEZUELA

72

ARGENTINA

Q2 2013 Q1 2013

BRAZIL

110

latin ameriCa Consumer ConfidenCe deClined in 5 of 7 marKets


INDEX


CONSUMER CONFIDENCE REbOUNDED IN MIDDlE EaST/aFRICa REGIONConsumer confidence increased in four of six Middle East/Africa markets, boosting the regional average by six index points in the second quarter, which came after an 11-point regional index decline in the first quarter. Pakistan (98) reported the biggest three-month increase of 11 index points, followed by a rise of four points in Saudi Arabia (100), three points in Egypt (77) and South Africa (81). Confidence declines were reported in United Arab Emirates (107) and Israel (83), which declined one and eight points, respectively.

“Pakistan’s consumer confidence increase was a rebound from a six-point decline reported in the first quarter amid tumultuous extremist activity that ensued during that time,” said Mustafa Moosajee, managing director, Nielsen Pakistan. “Yet, the resilience of the Pakistani people, and the capabilities of its large and growing urban middle class is reflected in the steady increase over the previous five quarters and in the latest quarter, which was boosted by a sense of excitement among Pakistani’s who participated in landmark national and provincial elections. The historical significance of their vote represented the country’s first transition between an elected government fulfilling its term, to another, in a country that has been ruled by the military for more than half of its turbulent history.” Saudi Arabia’s consumer confidence increase of four points came after a 12-point index decline reported in the first quarter. “One major development that impacted consumer confidence during Q1 was a new law that made it illegal for export workers to work for any person/business/institution other than their own sponsors,” said Arslan Ashraf, managing director, Nielsen Saudi Arabia. “However, at the start of April, a three-month grace period was granted, which eased the overall situation a bit in the second quarter. A looming deadline could negatively impact the economy, as it is expected that inflation will increase and service levels will go down.”


“The eight-point consumer confidence decline in Israel is not surprising,” said Sagit Attar, client service director, Nielsen Israel. “Since the summer of 2011, the high cost of living in the country has resulted in a new normal, which has strengthened the discounter retail channel.”

While consumer confidence increased across most of the region and those saying they had no spare cash decreased four percentage points to 22 percent, respondents largely did not change their discretionary spending intentions from three months ago, with the exception of two categories. Plans to spend on out-of-home entertainment expenses (21%) increased four percentage points from Q1 2013, and intentions to take a holiday/vacation (18%) increased five percentage points.

middle east/afriCa Consumer ConfidenCe inCreased in four of six marKets


74

78

91

87

96

108

77

81

83

98

100

EGYPT

SOUTH AFRICA

ISRAEL

PAKISTAN

SAUDI ARABIA

UNITED ARAB EMIRATES 107

Q2 2013 Q1 2013

INDEX


Source: Internet World Stats, June 30, 2012

MARKET INTERNET PENETRATION

ARGENTINA 66%

AUSTRALIA 89%

AUSTRIA 80%

BELGIUM 81%

BRAZIL 46%

BULGARIA 51%

CANADA 83%

CHILE 59%

CHINA 40%

COLOMBIA 60%

CROATIA 71%

CZECH REPUBLIC 73%

DENMARK 90%

EGYPT 36%

ESTONIA 78%

FINLAND 89%

FRANCE 80%

GERMANY 83%

GREECE 53%

HONG KONG 75%

HUNGARY 65%

INDIA 11%

INDONESIA 22%

IRELAND 77%

ISRAEL 70%

ITALY 58%

JAPAN 80%

LATVIA 72%

LITHUANIA 65%

MARKET INTERNET PENETRATION

MALAYSIA 61%

MEXICO 37%

NETHERLANDS 93%

NEW ZEALAND 88%

NORWAY 97%

PAKISTAN 15%

PERU 37%

PHILIPPINES 32%

POLAND 65%

PORTUGAL 55%

ROMANIA 44%

RUSSIA 48%

SAUDI ARABIA 49%

SINGAPORE 75%

SLOVAKIA 79%

SOUTH AFRICA 17%

SOUTH KOREA 83%

SPAIN 67%

SWEDEN 93%

SWITZERLAND 82%

TAIWAN 75%

THAILAND 30%

TURKEY 46%

UNITED ARAB EMIRATES 71%

UNITED KINGDOM 84%

UKRAINE 34%

UNITED STATES 78%

VENEZUELA 41%

VIETNAM 34%

INDEX


abOUT THE NIElSEN GlObal SURvEy The Nielsen Global Survey of Consumer Confidence and Spending

Intentions was conducted between May 13–31, 2013, and polled more

than 29,000 online consumers in 58 countries throughout Asia-Pacific,

Europe, Latin America, the Middle East, Africa and North America. The

sample has quotas based on age and sex for each country based on

their Internet users, and is weighted to be representative of Internet

consumers and has a maximum margin of error of ±0.6%. This Nielsen

survey is based on the behavior of respondents with online access only.

Internet penetration rates vary by country. Nielsen uses a minimum

reporting standard of 60 percent Internet penetration or 10M online

population for survey inclusion. The China Consumer Confidence Index

is compiled from a separate mixed methodology survey among 3,500

respondents in China. The Nielsen Global Survey, which includes the

Global Consumer Confidence Index, was established in 2005.

ABOUT NIELSEN Nielsen Holdings N.V. (NYSE: NLSN) is a global information and

measurement company with leading market positions in marketing

and consumer information, television and other media measurement,

online intelligence and mobile measurement. Nielsen has a presence in

approximately 100 countries, with headquarters in New York, USA and

Diemen, the Netherlands.

For more information, visit www.nielsen.com.

Copyright © 2013 The Nielsen Company. All rights reserved. Nielsen and

the Nielsen logo are trademarks or registered trademarks of CZT/ACN

Trademarks, L.L.C. Other product and service names are trademarks or

registered trademarks of their respective companies. 13/6610

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