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MEXICO Phone Number: +5255 5525 5200

Latin America’s Food Retail Map. ARGENTINA Phone Number: +5411 4954 2001. BRAZIL Phone Number: +5511 5686 8789. MEXICO Phone Number: +5255 5525 5200. COLOMBIA Phone Number + 571 622 4362 (Ext. 23). 2014. Version: 2014.1.2 – May 2014. Research Objectives and Methodology. Objectives.

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MEXICO Phone Number: +5255 5525 5200

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  1. Latin America’s Food Retail Map ARGENTINAPhone Number: +5411 4954 2001 BRAZIL Phone Number: +5511 5686 8789 MEXICO Phone Number: +5255 5525 5200 COLOMBIA Phone Number + 571 622 4362 (Ext. 23) 2014 Version: 2014.1.2 – May 2014

  2. Research Objectives and Methodology Objectives • To summarize the current situation of the retail industry in Latin America, focusing on the modern channel of mass consumption products. • To highlight each country’s specific characteristics on the sector and its important facts. • To detail each country’s Top 10 Retailers, reporting or estimating their key financial data. Methodology • To gather information on the sector through different sources: government organizations, associations within the industry, consulting agencies and retailer data. • To summarize this information respecting each country’s nomenclature on the definition of channels and formats. • To compile data from the main chains through published information and results, our Annual Census on the sector or our own estimates based on turnover projections per square meters. This report belongs to ILACAD World Retail, for which according to the Law 11,723 prohibits the transfer, copy, publication, translation or adaptation is subject to ILACAD World Retail’s previous authorization. Modern channel income by sales Population Modern channel percentage in the country GDP per capita Sales per square meter Inflation

  3. Overview of the Retail industry in the region

  4. Economic Situation in Latin America in 2013 Mexico PopulationGDP per capita (% GDP variation) 119,321,000 U$S 8,611 (+3.9% ) Colombia 48,374,000 U$S 4,203 (+4.2%) Brazil Peru 199,985,000 U$S 5,691 (+1.0%) 30,297,000 U$S 4,210 (+6.3%) Chile Argentina 17,603,000U$S 9,373 (+5.6%) 41,425,000 U$S 6,795 (+1.9%) Source: ILACAD World Retail - CEPAL

  5. Latin America’s main countries’ data in 2013 Mexico Modern channel’s total stores (in millions) Square meter evolution Square meter turnover in dollars U$S 53,533.3 +4.32% sq m U$S 3,788.7 Colombia U$S 15,247.6 +4.80% sq m U$S 4,890.5 Peru U$S 5,884.8 +8.78% sq mU$S7,156.1 Brazil Chile U$S 97,626.1 +3.11% sq m U$S 10,566.6 U$S 15,569.0 +1.27% sq m U$S 6,574.1 Argentina U$S 20,294.3 +4.01% sq m U$S 6,684.1 Source: ILACAD World Retail

  6. Top 3 level of concentration by country in 2013 Mexico 74.9% WalmartSoriana Chedraui Colombia 61.4% ExitoCencosud Olímpica Brazil 42.2% Peru 60.9% CBDCarrefour Walmart CencosudSupermercados PeruanosTottus (Falabella) Argentina 52.1% Chile 87.2% CarrefourCencosudCoto WalmartCencosudGrupo SMU Source: ILACAD World Retail

  7. Traditional Channel v. Modern Channel Share (%)Mass consumption products’ turnover distribution Source: Estimates by ILACAD World Retail 2008-2013 and retailer data

  8. Store Openings by Country *Stores up to April2014 Source: ILACAD World Retail

  9. Store Openings by Format Discount: stores that have a sales area of less than 800 square meters Maxi Discount: stores that have a sales area of 801 square meters and more * Corresponds to Exito's “Aliados Surtimax” stores in Colombia Source: ILACAD World Retail

  10. Number of Stores by Country 2009 - 2013 *Total Stores up to April 2014 Source: ILACAD World Retail

  11. Population per Store Mexico 23,022 Colombia 38,576 Brazil Peru 25,629 101,328 Argentina Chile 12,830 20,139 Source: ILACAD World Retail

  12. Top 10 Food Retailers in Latin AmericaEach group’s turnover contemplates 100% of each subsidiary for which the retailer participates The Ranking includes all Hypermarket, Supermarket, Mini-market, Discount Store, Bodega and Cash & Carry stores and excludes convenience stores. Source: ILACAD World Retail

  13. Fussions and Acquisitions in 2013 Source: ILACAD World Retail

  14. Fussions and Acquisitions in 2013 Source: ILACAD World Retail

  15. Overview by Country

  16. Argentina’s Main Events • The Argentinean retail sector registered a 1.35% fall in 2013, considering a decrease in annual sales in local currency and at constant prices. On the other hand, sales in dollars fell by 11.60% due to strong currency exchange changes. • Argentina’s society, economy and politics faced a complicated situation in 2013, which contributed to the industry’s fallback. Among other things, there was a much more pronounced social gap –which caused many protests and riots-, a progressive and general increase on taxes, a higher inflation rate and currency exchange changes. 41,425,000 U$S 11,335 28.3% U$S 20,294 42% U$S 6,684 • During the year, Argentina’s supermarket modern channel remained concentrated among the same players as in 2012. • The Argentinean retail market is considered to be going through a growth stage, since there is still available market to open up stores and satisfy the clients’ demands. Source: Estimates by ILACAD World Retail - INDECNote : The country’s inflation is taken from private sources

  17. Argentina’s Modern Channel in 2013 Source: ILACAD World Retail – Retailer data - INDEC CE 2012 1 U$S - $4.53 / CE 2013 1 U$S - $6.49

  18. Store Evolution by Format Source: ILACAD World RetailNOTE: Discount stores include the Discount and Maxi Discount formats * Stores up to April 2014

  19. Argentina’s Retailer Ranking Source: Estimates by ILACAD World Retail based on square meters – Retailer data - INDEC

  20. Formats and Emblems By Chain Source: ILACAD World Retail – Retailer data – INDEC * The difference between the total stores is caused by the reorganization of formats and not the closure of stores. ** Stores up to April 2014 – The total number of stores include the first 68 retailers in Argentina

  21. Brazil’s Main Events • The Brazilian retail market grew by 6.53% in 2013 as it registered an increase in its annual sales in local currency at constant prices. In dollars, sales decreased by 1.49% during the year. • Brazil’s economic situation contributed to the moderate performance in sales within the retail sector in 2013. Among other causes, Brazil registered the highest inflation rate since 2003, loss of credibility among the government, a great economic uncertainty sensation, mistrust for investing in the country, higher debts, an increase in cost of living and a decrease in consumption. 199,985,000 U$S 5,691 6.0% U$S 97,626 42% U$S 10,567 • During 2013, Brazil’s supermarket modern channel stayed concentrated among the same players as the year before. • The Brazilian retail market is considered to be going through a growth stage. Source: Estimates by ILACAD World Retail - ABRAS

  22. Brazil’s Modern Channel in 2013 Source: ILACAD World Retail – Retailer data - ABRAS CE 2012 1 U$S - $2.05 / CE 2013 1 U$S - $2.35

  23. Store Evolution by Format * Stores up to April 2014 Source: ILACAD World Retail

  24. Brazil’s Retailer Ranking Source: Estimates by ILACAD World Retail based on square meters – Retailer data - ABRAS

  25. Formats and Emblems By Chain Source: Estimates by ILACAD World Retail NOTE: The total number of stores belong to the first 500 chains that make up the ABRAS ranking.

  26. Formats and Emblems By Chain (cont.) Source: Estimates by ILACAD World Retail NOTE: The total number of stores belong to the first 500 chains that make up the ABRAS ranking.

  27. Chile’s Main Events • The Chilean retail market grew by 4.95% in 2013, considering annual sales in local currency at constant prices. Meanwhile, sales in dollars fell by 1.24%. • Some events that helped increase sales within the retail industry in 2013 were a dynamism in consumption, a low inflation rate, improvements in the job market, higher salaries, etc. 17,603,000 U$S 9,373 3.0% U$S 15,569 63% U$S 6,574 • During 2013, Chile’s supermarket modern channel remained concentrated among the sector’s four main players: Walmart, Cencosud, SMU and Falabella. • The Chilean retail market remains under maturity stage, mainly due to the space saturation that complicates the opening of more stores. Source: Estimates by ILACAD World Retail - INE

  28. Chile’s Modern Channel in 2013 Source: ILACAD World Retail – Retailer data - INE CE 2012 1 U$S - $479.80 7 / CE 2011 1 U$S - $525.141

  29. Store Evolution by Format Source: ILACAD World Retail * Stores up to April 2014

  30. Chile’s Retailer Ranking * Sales from the 124 OK Market convenience stores are included. Source: Estimates by ILACAD World Retail based on square meters – Retailer data - INE

  31. Formats and Emblems By Chain Source: ILACAD World Retail - Retailer data * Stores up to April 2014

  32. Colombia’s Main Events • The Colombian retail sector grew by 2.79% in 2013, considering an increase in annual sales in local currency at constant prices. In dollars, on the other hand, annual sales fell by 3.65%. • Some factors that contributed towards an increase in sales within the retail industry in the country in 2013, we can take into consideration an increase in jobs, a growth in the investment rate, a low inflation, an increase in internal consumption, etc., which makes Colombia the Latin American economy that is growing the most and the fastest. • During 2013, the retailers’ ranking incorporated discount store chain D1, owned by Grupo Koba, which held the tenth position, while Almacenes YEP left the list. 48,374,000 U$S 4,203 1.94% U$S 15,247 53% U$S 4,891 • An important even during 2013 was Exito's new proposal through a collaboration agreement with neighborhood stores. Under this agreement, the “Aliados Surtimax” stores maintain their autonomy and freedom to negotiate with other suppliers and the small merchant continues being the only owner and manages its store. This allows Éxito to expand fast even in areas where it did not have any present. Today, there are more than 285 Aliados Surtimax stores. • The Colombian retail market is under a growth stage. Source: Estimates by ILACAD World Retail - DANE

  33. Colombia’s Modern Channel in 2013 Source: Estimates by ILACAD World Retail – Retailer data - DANE CE 2012 1 U$S - $1,770/ CE 2013 1 U$S - $1,925

  34. Store Evolution by Format * Stores up to April 2014 Source: ILACAD World Retail NOTE 1: For 2013/2014, the 285 Exito’s “Aliados Surtimax” stores are not included within the Discount Stores format NOTE 2: The decrease of stores under the Mini-market format was caused since the Carulla Express mini-markets are now included under the Supermarket format

  35. Colombia’s Retailer Ranking NOTE: Sales from the 285 Aliados Surtimax stores are not included in Éxito’s total sales. * Cencosud’s turnover is made up by sales from Carrefour’s first three quarters and Cencosud’s fourth and last period, after the acquisition was completed. Source: Estimates by ILACAD World Retail based on square meters – Retailer data - DANE – Superintendencia de Sociedades

  36. Formats and Emblems By Chain Source: ILACAD World Retail NOTE: Éxito does not include the 285 stores under the “Aliados Surtimax” banner. * Stores up to April 2014

  37. Mexico’s Main Events 119,321,000 • The Mexican retail sector fell by 0.64% in 2013, taking into consideration annual sales in local currency and at constant prices. On the other hand, annual sales in dollars increased by 3.14% during the year. • Some factors that have to be considered about the complex economic and social situation seen in Mexico today contributed to the moderate sale performance registered in the market in 2013. Among other factors, one can see the reduction of public spending, the consequences of a slower economy in the United States, growing social protests and natural disasters. U$S 8,611 3.97% U$S 53,533 42% U$S 3,789 • During 2013, the Tiendas Netto chain entered the Mexican Retail Ranking, after it acquired the Super Precio firm, which abandoned the list. • The Mexican retail market is considered to be going through a growth stage. Source: Estimates by ILACAD World Retail - ANTAD

  38. Mexico’s Modern Channel in 2013 Source: Estimates by ILACAD World Retail – Retailer data - ANTAD CE 2012 1 U$S - $13.05 / CE 2013 1 U$S - $13.07

  39. Store Evolution by Format * Stores up to April 2014 NOTE 1: Discount stores include the Discount and Maxi Discount formats Source: ILACAD World Retail NOTE 2: The 2013/2014 variation in the supermarket format was caused by the entrance of Tiendas Netto to the country’s Top 10

  40. Mexico’s Retailer Ranking Source: Estimates by ILACAD World Retail based on square meters – Retailer data - ANTAD

  41. Formats and Emblems By Chain Source: ILACAD World Retail - Retailer data * Stores up to April 2014

  42. Peru’s Main Events • The Peruvian retail sector grew by 9.39% during 2013, considering its annual sales in local currency and at a constant price. Likewise, annual sales increased by 6.63% in dollars. • In 2013, the Peruvian economy registered a fall in relation to the growth seen in 2012, showing moderation signs in investments, a slower development of the job market and a decrease in consumption. However, despite this trend, Peru’s economy continues to grow and its current situation could be defined as a 30,297,000 U$S 4,210 3.08% U$S 5,885 30% U$S 7,156 • moderation process, which –after years of registering advances- positions the country as the second nation within Latin America’s overall growth during 2013. • During 2013, Peru’s supermarket modern channel remained concentrated among Cencosud, Supermercados Peruanos, Falabella, Makro and SMU. • The Peruvian retail market is considered to be going through a growth stage. Source: Estimates by ILACAD World Retail - INEI

  43. Peru’s Modern Channel in 2013 Source: Estimates by ILACAD World Retail – Retailer data - INEI CE 2012 1 U$S – S/$ 2..61 / CE 2011 1 U$S – S/$ 2.76

  44. Store Evolution by Format Source: ILACAD World Retail * Stores up to April 2014

  45. Peru’s Retailer Ranking Source: Estimates by ILACAD World Retail based on square meters – Retailer data - PRODUCE

  46. Formats and Emblems By Chain Source: Estimates byILACAD World Retail * Stores up to April 2014

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