2013

1. Latin America’s Food Retail Map 2013 ARGENTINATel/Fax: +5411 4954 2001 BRAZILTel: +5511 5686 8789 MEXICOTel: +5255 5525 5200 CENTRAL AMERICATel: + 502 2434 6425

2. Research Objectives and Methodology Objetives • To portray Latin America's food retail distribution with special emphasis being placed in the modern channel of mass consumption goods. • Highlight country's specifications and the most relevant points of the current scenario. • Present the country's Top 10 retailers with up-to-date or estimated key figures. Methodology • Gather information of the industry through different sources: Government organizations, industry associations, consultancy firms, and retail chain's data. • Analyze and assess this information respecting each country's specifications in terms of channels and formats. • Gather and analyze retail chains' data both provided by these companies and through the replies obtained to our Annual Census directed to the key players in the industry, in addition to estimates on the basis of sales per square meters. Version: 2013.1.1 – May 2013

3. Retail Overview in the Region

4. Global and Regional Retailers’ International Participation Mexico Central America Venezuela Colombia Brazil Peru Uruguay Chile Argentina Regional Chain Source: ILACAD World Retail

5. 2012 Data from Latin America’s Key Countries Modern Channel total sales (in millions)Square Meter growthSales per Square Meter (in USD) Mexico USD M 51,903 +6.73% m2USD 3,832 ColombiaUSD M 15,826+8.15% m2USD 5,394 Brazil USD M 99,106+4.75% m2 USD 11,060 PeruUSD M 5,519+8.81% m2USD 7,300 Chile USD M 15,765 + 10.45% m2USD 6,741 Argentina USD M 22,957+ 4.19% m2USD 7,864 Source: ILACAD World Retail

6. Level of concentration of each country’s Top 3 Chains in 2012 Mexico WalmartSorianaChedraui 72.9% Colombia ExitoOlimpicaCencosud 62.5% Brazil CBDWalmartCarrefour 41.5% Peru CencosudSupermercados PeruanosTottus 64.0% Argentina CarrefourCencosudCoto Chile WalmartCencosudGrupo SMU 47.5% 87.7% Source: ILACAD World Retail

7. Fusions and Acquisitions 2011/2012 Source: ILACAD World Retail

8. Fusions and Acquisitions 2011/2012 • Unlike other years, when many more fusions and acquisitions were registered, 2012 was a calm one as far as retail operations. As years before, Chilean retailers were the main actors as far as acquiring new chains and stores. • However, the most important transaction of the year was Cencosud’s acquisition of the Colombian division of Carrefour for a sum of over U$S 2,500 million, which represented the Chilean group’s consolidation in the region –becoming the fourth most important retailer in the continent and the first one of Latin capital. It also represented the chain’s entrance to Colombia, a market that is constantly developing, and reaching a 16% market share and becoming the second most important retailer in the country. Source: ILACAD World Retail

9. Commercial Format Growth in Latin America NOTE: All stores from all of Latin America’s countries are included Source: ILACAD World Retail

10. Top 10 Retailers

11. Top 10 Retailers in Latin AmericaGrocery formats, all formars, consolidated turnover in Latin America. * Each group’s turnover includes 100% of the sales of each country where the chain operates ** Convenience Store Formats*** Cash & Carry Formats Source: ILACAD World Retail

12. Argentina 3.7% Brazil 25.3% Mexico 52.0% Chile 11.4% Central America 7.6% 1 Walmart • Walmart is Latin America’s main retailer and, in 2012, its sales reached a sum of U$S 49,938 million, which meant a 0.8% growth in comparison to the year before, mainly due to the changes in foreign currency exchange. • In 2012, its operations in Mexico represented over 50% of the group’s total turnover in Latin America, the leading country among the company’s operations in the Latin American region, and despite the bribe accusations it received in 2012. This caused a slow-down in openings and a decrease in the expansion of its Bodega Aurrera Express format. By the end of 2012, Walmex did not complete its inauguration expectations and continues to be investigated by both North American and Mexican authorities. • Likewise, during 2012, Walmart opened less stores in Latin America. In 2011, the chain opened a total of 825 new stores, while this past year it inaugurated only 234 (excluding those in Central America). Share per country in Walmart’s turnover in Latin America NOTE: The countries that make up Central America are: Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. Sales based on 100% of the earnings per sales from each country. 2012 Sales(in millions) U$S 49,938 2,832 Total Stores Sources: ILACAD World Retail – Walmart’s Annual Report

13. Emblems Argentina Brazil Mexico Chile Total * Format Walmart 30 53 227 310 Hypermarkets Walmart Supermercados 2 2 Supermarkets Sam's club 27 142 169 Price Club Todo Dia 171 171 Discount Super Bompreco 61 61 Supermarkets Hiper Bompreco 38 38 Hypermarkets Big 40 40 Hypermarkets Nacional 68 68 Supermarkets Mercadorama 21 21 Supermarkets Hiper Lider 72 72 Hypermarkets Express de Lider 64 64 Supermarkets Ekono 64 64 Discount Bodega Acuenta 127 127 Bodegas Maxxi 58 58 Cash & Carry Bodega Aurrera 412 412 Bodegas Mi Bodega 256 256 Bodegas Bodega Express 755 755 Bodegas Changomas 41 41 Mini-hypermarkets Changomas Express 10 10 Mini-markets Mi Changomas 9 9 Supermarkets Superama 90 90 Supermarkets Total 92 537 1882 327 2838 Walmart: Total Number of Stores in the Region Source: Walmart’s 2012 Annual Report * Walmart’s operations in Central America and Puerto Rico are not included.

14. Argentina Uruguay 2.91% 3.62% Colombia 25.11% Brazil 68,.4% 2 Casino • Once again, Casino holds the second spot in the Top 10 Retailer Ranking in Latin America this year, after reaching sales of U$S 22,014.4 million for its operations in Argentina, Brazil, Colombia and Uruguay. Considering the changes in the currency exchange, sales fell by 4.6% in comparison to 2011. • Like other years, Brazil and Colombia were the two countries that contributed the most towards increasing the group’s turnover in Latin America. However, a share loss was registered in Brazil and an increase in Colombia. Brazil now holds 68.35% of Casino's operations in Latin America, while Colombia has a 25.11% share in the region. • In Brazil, Pao de Acucar was the highlighted format during the year due to the increase in its food sales, driven by the Minimercados Extra and the Cash & Carry stores under the Assai emblem. Share per country in Casino’s turnover in Latin America Casino’s share in local companies • In Colombia, Exito strongly developed the convenience store format Exito Express, besides focusing on expanding its Exito Super, Exito Vecino and Carulla Express emblems, all of them which have small surfaces and operate under a proximity concept. Sources: ILACAD World Retail – Casino’s 2012 Annual Report * Sales based on 100% of the earnings per sales from each country where the retailer operates. 2012 Sales(in millions) U$S 22,014 1,170 Total Stores

15. Casino: Total Number of Stores in the Region Source: Casino’s 2012 Annual Report

16. 3 Carrefour • In 2012, Carrefour kept the third spot in Latin America’s Retail Ranking, after registering sales of U$S 17,526.6 million, including its operations in Argentina, Brazil and Dominican Republic. • Carrefour presented a downfall in its sales in comparison to 2011; however, it is important to mention that it was mostly caused by changes in the foreign currency exchanges. Quarter after quarter, the French group highlighted its performance in Latin America in relation to the company’s sales worldwide. • Within Carrefour’s total turnover in Latin America, Brazil is considered its largest market and holds a 75% share. • It is important to mention that the group’s sales downfall in the region was also caused by the sale of its Colombian division to the Chilean group Cencosud. Colombia was not considered a strategic market and that is why, starting in 2013, its stores will start operating under Cencosud’s formats. 2012 Sales(in millions) U$S 17,526 Total Stores 762 Sources: ILACAD World Retail – Carrefour’s 2012 Annual Report

17. Carrefour: Total Number of Stores in the Region Source: Carrefour’s 2012 Annual Report

18. Colombia 15.5% Argentina 23.8% Brazil 32.2% Peru 12% Chile 32% 4 Cencosud • Cencosud Latin America’s total supermarket sales reached U$S 16,241 million in 2012, over 40% more in comparison to the year before, mainly due to its growth and the consolidation of new operations like the ones in Brazil. • Within Cencosud’s supermarket division, Chile once again lost share in relation to Brazil as it went from holding a 37.7% share two years ago to a 32% share in 2012. In Brazil, it went up by 4.3% this part year, becoming the country with the highest share in the region (32.2%). In this place, Argentina’s operations represented 23.8% of the total sales, followed by Peru, with the remaining 12%. • The most important event for Cencosud in 2012 was the acquisition of Carrefour in Colombia, which not only meant the retailer’s entrance to the country but also becoming the second most important international retailer there. • In the rest of the countries, the Chilean retailer continues to organically expand and remodeling its formats in order to meet the Latin American customers 'needs. Share per country in Cencosud’s turnover in Latin America 2012 Sales(in millions) U$S 16,241 793 Total Stores Sources: ILACAD World Retail – Cencosud’s Annual Report

19. Argentina EMBLEMS Chile Brazil Peru Total Formats 118 Disco 118 Supermarket 145 Vea 145 Supermarket 22 Jumbo 39 61 Hypermarket Jumbo 3 4 7 Supermarket Santa Isabel 171 171 Supermarket GBarbosa 29 29 Hypermarket GBarbosa 51 51 Supermarket Irmaos Bretas 8 8 Hypermarket Irmaos Bretas 70 70 Supermarket Super Familia 4 4 Supermarket Prezunic 31 31 Supermarket Perini 4 4 Supermarket Mercantil Rodriguez 7 7 Supermarket Wong 19 19 Supermarket Metro 14 14 Hypermarket Metro 54 54 Supermarket 288 Total 214 204 87 793 Cencosud: Total Number of Stores in the Region Source: Cencosud’s 2012 Annual Report

20. 5 • Mexican retailer Soriana, second largest chain in Mexico and the fifth most important one in Latin America, registered sales of U$S 8,016 million, 1.4% more in comparison to the year before. • During 2012, Soriana inaugurated a total of 48 new stores: 15 hypermarkets Soriana Hiper, eleven Mercado Soriana and 25 Mercado Express proximity stores, investing approximately Mex$ 3,000 million. The group ended the year with a network of 606 stores, distributed throughout 208 Mexican cities. • Over half of the chain’s openings correspond to the Soriana Express bodega format, which allowed the retailer to become a strong competitor against Walmart’s Bodega Aurrera Express stores and Oxxo’s convenience stores. • After the Presidential elections took place in Mexico on July 1st of last year, supermarket chain Soriana was accused of buying votes for the Partido Revolucionario Institucional party (PRI) and the Partido Verde Ecologista de Mexico (PVEM) party. Soriana denied being part of such scandal and dismissed any political interest. A few weeks later, the Political Party Tax Resource Department determined the company did not take part in the alleged electoral fraud activity. • In 2013, Soriana plans to invest Mex$ 4,200 million in order to inaugurate 60 new stores, focusing on its Mercado Express proximity format, which –during 2012- registered the highest results within the group. Soriana 2012 Sales(in millions) U$S 8,016 606 Total Stores Sources: ILACAD World Retail – Retailer Information

21. Venezuela Argentina 13.4% 9.6% Peru 5.5% Colombia Brazil 5.9% 65.6% 6 Makro • In 2012, wholesale retailer Makro held the sixth place in Latin America’s Food Retail Ranking, as it has years before, after reaching sales of U$S 7,672 million, including its operations in Argentina, Brazil, Colombia, Peru and Venezuela. Sales increased 4.1% in comparison to 2011. • During the year, Makro’s activity was calmer than in 2011, year in which it strongly expanded its Peruvian division. • In Argentina, even though the group announced a 20-store opening plan, it only inaugurated one center and reached a network of 20 stores. In the other countries, the chain remained stable but did not show significant growth. Share per country in Makro’s turnover in Latin America 2012 Sales(in millions) U$S 7,672 169 Total Stores Sources: ILACAD – Grupo SHV Annual Report

22. 7 Oxxo • Oxxo, the leading chain in Mexico’s convenience store Ranking and the seventh most important retailer in Latin America, registered U$S 6,623 million sales in 2012, 11.1% more in relation to 2011. • During the year, the chain –owned by FEMSA- inaugurated a total of 1,040 new stores and reached a 10,601 store network under its only emblem. • In July of 2012, the country’s largest convenience store chain reached the 10,000 stores after inaugurating one in Chihuahua. Oxxo plans to operate 12,000 stores by 2014, which means it will open over 1,800 stores during the next two years. • Moreover, in 2012, Oxxo partnered with Bancomer and Banamex in order to be able to receive credit card payments and offer other basic banking operations in its stores, expanding its additional convenience store services. • Finally, Oxxo acquired Caffenio, a company that produces and develops different types of coffee, operates processing plans, 17 coffee shops and a distribution center. After that acquisition, Oxxo started selling its new signature coffee, besides the Andatti brand which was already available at the stores. U$S 6,623 2012 Sales(in millions) 10,601 Total Stores Sources: ILACAD World Retail – Grupo Femsa’s Annual Report

23. Emblems Chile Peru Total Formats Unimarc 338 233 Supermarket Mayorista 10/Alvi 94 94 Cash & Carry Maxiahorro 9 9 Cash & Carry Dipac 31 32 Cash & Carry OK Market 91 84 Convenience Food Market 1 1 Supermarket Maxi Bodega 9 9 Cash & Carry Mayorsa 11 11 Cash & Carry Total 564 20 473 8 Grupo SMU • During 2012, SMU held the eighth spot in the Latin American retail Ranking, after reaching sales of U$S 3,925 million, 6.3% more than in 2011. • After acquiring the Supermercados del Sur chain in Chile in 2011, the company concluded the conversion of those stores to the Unimarc banner last year. In January, Chile’s competition authorities determine that the fusion between SMU and SdS could cause concentration risks, for which it established a series of measures that have to be followed by the group. • In Peru, the company did not open any new stores and ended the year with a network of 20 centers, out of which eleven operate under the Mayorsa emblem and the remaining nine under the Maxi Bodega banner. • SMU announced it will invest over a billion dollars during the next five years in order to increase its presence not only in Chile but also in Peru. The group could also enter a third Latin American market, although it is still unknown which one it could be. 2012 Sales(in millions) U$S 3,925 Total Stores 584 Source: ILACAD World Retail

24. 9 Chedraui • Mexican retailer Chedraui once again held the ninth spot in the Latin American Food Retail Ranking in 2012, after reaching U$S 3,842 million sales, which represent a 5.4% increase in comparison to 2011. • During the year, Chedraui inaugurated a total of 15 new stores and ended 2012 with a network of 198 stores under its five emblems: 146 Chedraui hypermarkets, 40 Super Chedraui supermarkets, two Almacenes Chedraui, two Selecto Super Chedraui and eight Selecto Chedraui stores. • In May of 2012, the Mexican group launched Selecto, its latest store concept in the country, focusing on higher income clients. These stores offer a wide assortment of Premium products and a personalized customer service. Chedraui will focus on expanding this new format during the next five years, period in which it plans to inaugurate at least 25 stores per year in cities like Guadalajara, Monterrey, Mexico City, Cuernavaca, Queretaro and Toluca, among others. • On the other hand, the chain acquired –in October of last year- eight stores in southern California, United States, as part of an expansion plan in that country, where it operates 45 stores. 2012 Sales(in millions) U$S 3,842 198 Total Stores Sources: ILACAD World Retail – Retailer Information

25. 10 Comercial Mexicana • Comercial Mexicana held the tenth spot in the Ranking after registering a U$S 3,356 million turnover, which represents a 2.44% downfall in comparison to the year before. • In 2012, Comercial Mexicana sold 100% of its share in Costco Wholesale Corporation for a sum of Mex$ 12,791 million, which was used to make payments on its debt. However, despite the sale of Costco, Comercial Mexicana was not able to reduce its debt more than 50% and had to pause the expansion plans that were set for the year. During 2012, it sold it share in 32 Costco stores and closed down a supermarket, ending the year with a network of 197 stores. • In 2013, Comercial Mexicana plans to invest U$S 168 million to open approximately 12 stores, focusing on expanding its City Market format. Likewise, for 2014, the retailer’s plans include opening 19 stores after investing around U$S 244 million. • In November, the group received a bank credit to pay off the totality of its debt, therefore eliminating the growth restrictions it had in the country. 2012 Sales (in millions ) U$S 3,357 Total Stores 199 Fuente: informe Financiero Comercial Mexicana

26. Comercial Chedraui Grupo SMU Mexicana 2.8% 2.8% Oxxo 2.5% 4.8% Makro Walmart 5.5% 35.9% Organizacion Soriana 6% Cencosud 11.7% Casino Carrefour 15.8% 12.6% Latin America’s Top 10 Food RetailersFood formats, all formats, consolidated turnover in Latin America • Consolidated sales from Latin America’s Top 10 retailers represent almost 60% of the region’s total sales, reaching a sum of U$S 139,232 million. • On a worldwide scale and also in Latin America, Walmart is the leading retailer in the industry. The North American groups represents almost 35.9% of the Top 10 consolidate sales, over a third of all of the groups’ earnings. • As far as number of stores, the Top 10 retailers operate a total of 17,912 stores, over 2.8% more in comparison to 2011. • Oxxo is the leading chain as far as number of stores in the region, followed by Walmart. In Oxxo’s case, its stores are exclusively located in Mexico, while Walmart operates in nine Latin American countries. USD 139.232Millones

27. Overview by Country

28. Introduction to the Retail Industry in Argentina • Argentina is considered the third most important market in Latin America, after Brazil and Mexico. It reached sales of U$S 22,956.93 million in 2012, registering a high growth in local currency and dollars, mainly due to a 25% inflation rate. Its volume growth is still modest (+1.05%). • Even though the first three retailers in the Ranking reach a 47.3% share in Argentina’s modern channel, the country shows little concentration in comparison to Mexico, Central American or Chile. • Argentina was the first country to receive strong investments from foreign retailers and, years later, companies like Carrefour, Cencosud, Casino and Walmart remain strong in the market. • The openings made in 2012 were mainly under the proximity format, of which Carrefour is the indisputable leader but slowly being copies by the rest of the retailers. 40,900,000 U$S 9,700 25.0%* Modern Channel42% Fuente: ILACAD World Retail* Inflación provista por consultoras privadas

29. Argentina’s Modern Channel in 2012 2011 2012 Variation millions millions Annual Sales at Current Price (AR$) 103,994.90 26.31% 82,332.10 Annual Sales at Constant Price (AR$) 102,915.12 103,994.90 1.05% 22,956.93 20,032.14 14.60% Annual Sales in Dollars (U$S) 2,919,159 4.19% 2,801,857 Total Square Meters 116 Stores 1,769 1,885 Total Number of Stores Annual Sales per square meter at Current Price (AR$) 35,624.68 21.23% 29,384.83 Annual Sales per square meter at Constant Price (AR$) 36,731.04 35,624.68 3.00% Sales per square meter in Dollars (U$S) 7,149.59 7,864.22 10.00% CE 2011 U$S1 - $4.11 - CE 2012 U$S1 - $4.53

30. Food Retail Format Denominations in Argentina Traditional Channel Modern Channel Autoservice: Mini supermarkets where the Asian autoservice concentrates a big market share. They are positioned as convenience stores with an emphasis on distance. Hypermarkets: Stores with surfaces that vary between 4,500 and 15,000 square meters. They offer between 30,000 and 50,000 items, including a wide variety of non-food. The main difference is the supply of Private Label products. They also offer leading brands. Minimarkets: Stores with an average size of 250-500 m2. Limited assortment grocery products, beverages, hygiene and toiletries, cleaning products and dairy. Supermarkets: Shops oriented food categories with an area of 4500 square meters and 5000. Currently there Minihypermarkets or small supermarkets in terms of square meters. Neighborhood store: Traditional store located in residential areas, assisted by employees behind the counter. Specialized Formats Kiosks: Small independent stores that sell cigarretes, candy and bevearges. It was expanded greatly during the 90's. Pharmacies: Traditional or in autoservice, they sell medicine, beauty and health products. They may include food items. Cash & Carry: Stores of over 9.000 square meters that sell products by bulk. They are used to provide for smaller stores. Source: ILACAD World Retail Gas Stations: Convenience format still not very developed in the country. Discount: Between 200 and 400 m2. Basic kit at lower prices than other stores.

31. Modern Channel Format Growth * The difference between the hypermarket and supermarket formats, in comparison to 2011, is caused mainly due to the store remodeling and conversions carried out by some chains. Sources: ILACAD World Retail Estimates - INDEC

32. Auto-service Retailer Ranking in Argentina * Only food retail sales, excluding the home center business** Earnings registered until June, 30th 2012 NOTE: Total Stores May 2013 Sources: Retailer Information - INDEC – ILACAD World Retail Estimates

33. Formats and Emblems by Chain • The difference between the hypermarket and the supermarket formats in comparison to 2011 is caused mainly because of the retailers’store conversions. NOTE: Total Stores May 2013 Source: ILACAD World Retail

34. Tendencias del retail argentino en el 2012 Enfoque en las pequeñas superficies y la incorporación de tecnologías • Ten years after the economic crisis shook Argentina to its core, the retail sector looked for optimization and growth opportunities but lacked to show firm investment initiatives in the country.   • The Argentinean retail modern channel, which it is still exposed to a great competition against traditional channels -mainly composed by Asian auto-service stores that are still growing and restructuring their concept (introduction of private brands and credit cards, for instance)- accelerated its expansion through proximity stores. This was the case of Carrefour, Jumbo Retail and Casino, three groups which strongly bet on the expansion of smaller surfaces through the Carrefour Express, Jumbo Supermarket and Super Vea banners, and also through Caisno's newest Mini Libertad format.  • In a market that is saturated with commercial promotions, most of the retailers that operate in Argentina focused on transforming, adapting and improving its formats, in order to meet the needs and expectations of the customers, which are always looking for lower prices, more comfortable stores and benefits when doing their shopping.  • The intensity of the promotional activity seen in the Argentinean retail industry is still a main characteristic of the market, which offers great discounts (20% off on the total or 70% off on the second unit). This trend began after the crisis of 2003 and was encouraged by the government and private banks, who proposed important discounts when paying with debit or credit cards. The main retailers took advantage of this proposal as a strategy to increase the client traffic at its stores. It 2012, the chains focused on offering the same benefit with their own payment methods and financing services.  Fuente: ILACAD World Retail

35. Another tendency found in 2012 was the introduction of new technologies in the supermarket industry, launched in order to offer better services and a more comfortable space for its customers, who are slowly getting used to the new technological innovations. A clear example of this trend was the launching of the self scanning check out lanes at some Carrefour, Jumbo and Walmart stores. In addition, there was a strong competition in the e-commerce and m-commerce sectors, driving the main retailers to launch new applications so the clients can shop through their smartphones (code reading and product scanning, for example).   • One of the Argentinean retail sector's main moments this year was Carrefour's significant growth. The country's leading chain increased the number of stores through the acquisition of 129 Eki stores and the opening of new ones. Besides, the French company focused on its small surfaces, the most important format of the year, and also modernized its hypermarkets, making them look more similar to the European Planet stores.   • Cencosud also focused on improving their formats according to their customers' needs by expanding their Vea supermarkets, which combine low prices with proximity. It also drove its Jumbo supermarket format, launched in 2011, in order to offer a quality and proximity choice for the Jumbo hypermarket clients.  •  As far as Walmart, it is important to mention that the company continued inaugurating Changomas stores and also worried about offering a better electronic commerce service and introducing technological solutions, like the self scanning and mobile applications initiatives. Likewise, the Spanish retailer Dia focused on modernizing its Dia Market stores in order to offer its traditional low prices at a more comfortable and modern space. Moreover, it kept inaugurating larger stores Dia Maxxi and launched the Expert Club, a group of customers that get together with representatives from the chain and let them know their needs, ideas and expectations. This allows Dia to have a better knowledge of their client base and; therefore,  better serve their needs. Fuente: ILACAD World Retail

36. Introduction to the Retail Industry in Brazil • With a population of around 194,933,000 people, Brazil is the country where the highest sales are registered in Latin America, which represent around 40% of the region’s food retail total sales. • Brazil is considered one of the most promising markets in the future, due to the fact that it has significantly grown during the past couple of years and the Brazilian’s purchasing power has also increased. • The food retail sector in Brazil shows a great variety of formats –hypermarkets, supermarkets, discount stores, Price Clubs, mini-markets and wholesale-, allowing the customer to have a wide range of possibilities, styles and offers while doing their shopping. The supermarket concept is the leading one in Brazil and holds 80% of the country’s total stores, followed by the discount format. • An interesting fact of the Brazilian retail market is its little concentration level. While in other countries the leading three retailers gather around 50% of the sector’s share, in Brazil, the 10 first chains concentrate 60% of Brazil’s modern channel. 194,933,000 U$S 11,700 5.84% Modern Channel 42% Sources: IMF and CIA World Factbook

37. Brazil’s Modern Channel in 2012 2011 2012 Variation millions millions Annual Sales at Current Price (R$) 203,168,96 10.92% 183,164,21 Annual Sales at Constant Price (R$) 193,860.99 203,168.96 4.80% 98,475.38 99,106.80 0.64% Annual Sales in Dollars (U$S) 8,960,526 8,553,466 4.75% Total Square Meters 7,082 576 Stores 6,506 Total Number of Stores Annual Sales per square meter at Current Price (R$) 21,414.00 22,673.77 5.88% Annual Sales per square meter at Constant Price (R$) 22,673.77 0.04% 22,664.61 Sales per square meter in Dollars (U$S) 11,512.92 11,060.40 3.93% CE 2011 1 U$S - $1.86 / CE 2012 1 U$S - $2.05

38. Food Retail Format Denominations in Brazil Traditional Food Formats Modern Food Formats Hipermarket: Surfaces above 5,000 square meters and over 50 check out lines. Stores offer around 45,000 SKUs under all food and non-food categories, like electronics, appliances, etc. Supermarket: The stores have surfaces between 750 and 5,000 square meters, where they sell between 7,000 to 20,000 SKUs, depending on the store’s size. Wide assortment of food and non-food products. Neighborhood Stores: Small proximity stores with surfaces of around 100 square meters. Limited product assortment. Specialized Stores: Butchery, bakery, etc. Discount Store: Sales area vary between 200 to 400 square meters. The stores offer a basic product assortment and lower prices. Focis on private labels. Price Club: Format that sells large volumes of products under a membership system. Low operational costs, small assortment and low prices. A Modern Channel store has got to have at least two check out lines, considering the 500 chains that make up the ABRAS ranking total 7,082 stores. The total number of stores registered by ABRAS –which include traditional auto-service stores- total 76,490 stores. According to ABRAS, there are a total 83,572 stores in the country. Wholesale / Cash & Carry: Surfaces above 9,000 square meters. Stores sell under a wholesale system and usually supply smaller chains. Mini-Market: 250 square meter surfaces. These stores offer an average of 1,000 items, most of them under food categories. Atacarejo: Final client (Varejo) and wholesale (Atacado) sales. Sources: ILACAD World Retail - ABRAS

39. Modern Channel Format Growth Sources: ILACAD World Retail Estimates- ABRAS

40. Auto-service Retailer Ranking in Brazil * CBD’s data was taken from the Food Retail earnings and sales information (GPA Alimentar)** Includes Prezunic’s stores that were acquired by Cencosud Sources: ABRAS – Retailer Information

41. Formats and Emblems by Chain Source: ILACAD World Retail

42. The Brazilian retail industry in 2012:The retail sector continues growing and being the leading market in Latin America • Brazil’s food retail sector, the most important one in Latin America and followed by Mexico and Argentina, registered sales of approximately U$S 85,495.61 million in 2012, which represents a 4.73% increase in comparison to the year before. • In Brazil, the market’s four main retailers controlled 20% of the modern channel’s total stores. However, the concentration level as far as stores is much lower in comparison to turnover, since the Ranking’s first four retailers –Pao de Acucar, Carrefour, Walmart and Cencosud- controlled over 50% of the channel by the end of 2012. • During the year, the Brazilian retail sector –which includes hypermarkets, supermarkets, Price Clubs, Cash & Carry stores, convenience stores, mini-markets and discount stores- grew by 5% at a current exchange rate, while it fell by 0.79% at a constant rate in comparison to the year before. • Within the modern channel, the largest retailer was –for the fourth year in a row- Pao de Acucar, which controls 17.4% of the market, followed by the French group Carrefour, which has a 15.6% market share. Walmart holds the third spot in the Ranking, with a 14.1% share, and Cencosud, in fourth place, with 5.1% of the channel’s share. • During 2012, a year after Pao de Acucar almost partnered with Carrefour Brazil, the Brazilian company made some changes in its organizational structure: Casino increased its share within the company and ended the year with a 70.4% control over the total capital and 52.2% over the voting one. Source: ILACAD World Retail

43. Introduction to the Retail Industry in Chile • Chile, with a population of approximately 17,399,000 people, registered an increase of 12.42% in its annual retail sales in 2012, reaching a U$S 15,764.75 million turnover. • An important characteristic in the Chilean retailer sector is the high share of the modern channel in comparison to the traditional one. It controls around 63% of the total sector, making Chile one of the most developed and organized markets in Latin America. • Likewise, it is important to mention the high levels of concentration registered in the country, since almost all of the market is controlled by only four retailers. • Another important fact to mention is the high saturation in the metropolitan areas, which is making it more and more difficult for the chains to expand due to the lack of space. This has also caused the companies to start expanding their presence in other cities throughout the country. 17,399,000 U$S 16,000 1.5% Modern Channel 63% Sources: ILACAD World Retail Estimates - INE

44. Chile’s Modern Channel in 2012 2011 2012 Variation millions millions Annual Sales at Current Price (CH$) 7,563,925.17 12.65% 6,714,737.00 Annual Sales at Constant Price (CH$) 7,563,925.17 11.00% 6,815,458.00 15,764.75 12.42% 14,023.00 Annual Sales in Dollars (U$S) 2,338,695 10.45% 2,117,350 Total Square Meters 1,233 1,319 86 Stores Total Number of Stores Annual Sales per square meter at Current Price (CH$) 3,171,292.80 3,234,250.30 1.99% Annual Sales per square meter at Constant Price (CH$) 3,218,862.20 3,234,250.30 0.48% Sales per square meter in Dollars (U$S) 6,622.87 6,740.83 1.78% CE 2011 1 U$S - $478.84 / CE 2012 1 U$S - $479.80

45. Food Retail Format Denominations in Chile Modern Food Formats Specialized Formats Hypermarkets: Surfaces vary between 6,000 to 12,000 square meters. The stores offer between 25,000 to 30,000 items under all food and non-food categories. Usually located in suburban areas. Bodegas: Format that focuses on price and proximity. They offer a complete product assortment and target lower income clients. Pharmacies: FA very developed format in Chile, leaded by Farmacias Ahumada. It sells prescription drugs, some groceries and beauty supplies. Wholesale / Cash & Carry: Surfaces of over 9,000 square meters that sell products under a wholesale system and supply smaller chains and stores. Supermarkets: The stores have sales areas of between 3,000 to 6,000 square meters, where they offer between 1,500 to 10,000 SKUs, focusing on groceries. Known as a proximity format. Traditional Food Formats Neighborhood Stores: Small stores with limited daily needed products. Convenience store: Surfaces of around 500 square meters or less. They offer a limited assortment of groceries and beverages. They remain open longer hours than a traditional supermarket. Discount: Surfaces of between 250 to 1,200 square meters. Limited product assortment under basic categories. Focus on private labels and economy lines. Botelleria: Exclusively dedicated to selling wine. Source: ILACAD World Retail

46. Modern Channel Format Growth Sources: ILACAD World Retail - ASACH -INE

47. Auto-service Retailer Ranking in Chile Sources: INE – Retailer Information – ILACAD World Retail

48. Formats and Emblems by Chain Source: ILACAD World Retail

49. The Chilean retail industry in 2012:A year with little activity in organic expansion and acquisitions • During 2012, the Chilean retail industry reached sales of U$S 15,769 million, 12.45% more in comparison to 2011. In local currency, the turnover grew by 12.68%. • Unlike other years, the Chilean retail industry was not so dynamic as far as fusions and acquisitions in the country. In 2012, the four main supermarket chains in Chile focused on consolidating its own stores, defining and adjusting its formats or those acquired recently. • In the beginning of 2012, most retailers that operate in Chile announced ambitious investment and expansion plans that were not completed by the end of the year. A perfect example was Cencosud, which announced the opening of 33 stores in January and by September had only opened less than half of them. Same happened with Falabella, which informed it was going to invest U$S 888 million in order to open eight Tottus supermarkets and, by September 2012, inaugurated only one. • In a country with such high concentration levels and where there have been many fusions and acquisitions between supermarket chains during the past years, in 2012 the National Economic Public Prosecution offices (FNE, for its name in Spanish) was stricter than before and, as an example, determined that the fusion between SMU and Supermercados del Sur could cause concentration risks and, therefore, established a series of policies that SMU will have to follow –such as selling some stores and not being able to buy any other in determined cities-. Source: ILACAD World Retail

50. Introduction to the Retail Industry in Colombia • Colombia, the fourth most important country in Latin America as far as its retail industry, reached sales of Col$ 27,532.21 million in 2012, 3.55% more in comparison to the year before and at a constant currency exchange. • The Ranking’s first three chains gather 62.7% of the organized channel’s share, which holds around 53% of the total sector. Colombia has a developed modern channel, in which local chains invest and have a leading position against foreign competition. • Out of the Ranking’s ten main retailers, eight are Colombian companies. Likewise, it was said that Walmart was going to enter the market but has not done so yet. Meanwhile, with the sale of Carrefour Colombia, the market welcomed the Chilean group Cencosud in the country –which, from now on, will be a key player in the industry and a strong competition for other local retailers, like Olimpica and Éxito-. 45,239,079 U$S 10,200 2.44% Modern Channel53% Source: ILACAD World Retail