MÉXICO Tel: +5255 5525 5200

1. Convenience Retail Map ARGENTINATel: +5411 4954 2001 BRASILTel: +5511 5686 8789 MÉXICOTel: +5255 5525 5200 COLOMBIATel: + 571 622 4362 (Ext. 23) 2014 Versión: 2014.1.1 – Mayo 2014

2. Panorama in Latin America

3. Economic Situation Latin America 2013 Mexico PopulationGDP/Population (% variation of GDP) 122.300.000 U$S 10.014 (+3,9% ) Colombia 48.374.000 U$S 7.761 (+4,2%) Brazil 200.400.000 U$S 11.334 (+1,0%) Chile Argentina 17.603.000U$S 15372 (+5,6%) 41.425.000 U$S 11.614 (+1,9%) Source: ILACAD World Retail - CEPAL

4. Modern Channel – Latinamerican Countries Compared Total sales convenience stores in modern channel (in million U$S)Store openings (2012/2013) modern channel Sales evolution in local currency Mexico U$S 8.957 +6.173 Stores + 4,4% Colombia U$S 357 +16 Stores + 5,2% Brazil U$S 2.114 +229 Stores +15% Chile Argentina U$S 474 +80 Stores +11,1% U$S 1.411 +26 Stores + 1,41% Source: ILACAD World Retail

5. Concentration Level Top 3 per Country 2013 Mexico 98,4% Oxxo 7 Eleven Extra Colombia 93,8% Éxito Cencosud La Tienda Brazil 55,9% AM/PM BR Manía Select Chile 67,9% Argentina 88,4% Copec OK Market Select y Upa! Shell Shop YPF Full Esso Shop Source: ILACAD World Retail

6. Regional Convenience Store Ranking (Values expressed in millions of dollars) NOTE: Sales of each group include 100% of the sales of each subsidiary in which it participates Source: ILACAD World Retail

7. Comparative Chart Latin American Countries • Latin American convenience stores began to operate in the region during the 90’s, in most cases as additions to petrol stations, becoming a cross between traditional retail stores and the convenience store format that had already proven to be successful in The United States. • In Latin America, the convenience store format can be found inside petrol stations, as independent units (close to shopping malls, airports, cafeterias and restaurants), or as a format included among the portfolio of supermarket chains. However, all of them share similar attributes that both identify and separate them from other formats. • Amongst these key and distinctive attributes we find, in the first place, location. Generally established in big urban centers, on busy avenues or on corners with great deal of traffic both by cars and pass-byers. Size is another key aspect, with surfaces ranging between 30 and 500 square meters. Time is another distinctive element, opening 24 hours a day, seven days a week it becomes a very flexible and accessible shopping option, which leads us to the last attribute which is speed. NOTE: Values expressed in dollars Source: ILACAD World Retail

8. As far as their product offer goes, convenience stores portfolio centers mainly in the sale of cigarettes –product that in most cases can only be found in these stores-, snacks, candy, ready to eat meals, cold and hot beverages, sandwiches, salads, newspapers and magazines, and first necessity items. Most of these stores have also incorporated a series of services such as ATM’s, billing facilities, mobile phone charge, etc. • The Mexican retailer Oxxo is Latin America’s number one convenience store with 11.200 stores operating by the end of 2013, and with sales that reached 7.140 million dollars, which surpasses the total modern channel sales of each of the other countries in the region. • With 6.173 openings, Mexico was the country that registered the biggest growth in store network, followed by Brazil, with 229 openings and Chile with 80 new stores. Argentina, the third country with the highest number of stores in the modern channel –with 1.866 outlets- opened only 26 new stores while Colombia ranked last both in number of stores, with 153, as in openings ,registering nine. • In terms of sales of the modern channel, Mexico was once again in the top both in growth as in sales, with 8.957 million dollars, and an increase of 3,95% compared to the previous year. Brazil followed, although in spite of reaching sales for 2.114 million dollars it ranked last in growth compared to 2012, registering an increase of only 0,67%. The third most important country in terms of sales was Argentina, with an estimated 1.411 million dollars worth of sales, followed by Chile and Colombia, with 474 and 357 millions each. • Formats vary in each country. In Argentina, Brazil and Chile we find that convenience stores flourish in gas stations, such as Shell, Petrobras and YPF, while in Colombia the market is occupied mainly by convenience stores as a format of supermarkets, such as Éxito and Cencosud, leaving Mexico in the lead of specialized convenience stores such as Oxxo and 7-Eleven. Source: ILACAD World Retail

9. Store Network per Country Source: ILACAD World Retail

10. Country Panorama

11. Main Facts Argentina Exchange rate 12/2012 - AR$4.90 // ExR12/2013 –AR$6.31 Sources: ILACAD World Retail, Estimated sales based on store average

12. Argentina Convenience Store Ranking • The convenience store business in Argentina has been growing steadily since the 1990’s when a number of kiosks –with small initial investment- multiplied as an alternative to an adverse economic scenario of job losses. These traditional shops were later followed by modern and organized kiosk chains that made their appearance in the Argentine market a few years later. Sources: ILACAD World Retail, Retailer information and estimations based on average store sales

13. It is estimated that in the country there are over 100.000 convenience stores, or kiosks, - a store every 400 Argentineans- that receive at least one visit a week in 7 of every 10 inhabitants. • As opposed to other countries in the region, in Argentina we don’t find specialized retail chains in the form of convenience stores, as can be the case of Oxxo in Mexico. Argentina’s convenience stores are found as kiosk chains such as Open 25, Quioscos Argentinos 365 or Despencity, or stores located in gas stations such as Shell Shop, YPF Full, Esso Shop (soon to be Axion Energy) or Spacio 1, of the Brazilian giant Petrobras. The traditional channel offers small stores catered by their owners. • As for the reasons that the clients choose to buy in a specific store, we find that 79% choose the outlet based on proximity, 24% do so based on convenience, 11%do so by habit, 7% for product and brand variety and barely 4% visit a store based on price. • Although in the last couple of years the visit frequency to these stores fell, due to a lack of cash flow in the population, there was an increase in the average spending ticket which, taking into account the inflation rate, does not result in a significant growth for the sector. The most sold items were candy, cigarettes (being the kiosks the one place authorized for their sale) gum, cookies and beverages. • Change in the industry is expected during 2014 in the segment of convenience stores in gas stations, with the refurbishment of stores as is the case of Oil Combustibles with Punto Oil, the change of image and administration of Esso Shop by AXION Energy, and the sale and expansion plan of franchises of Petrobras’s Spacio 1 stores. Source: ILACAD World Retail

14. Shell Shop 1 • Shell Compañía Argentina de Petróleo S.A. is a company belonging to Royal Dutch Shell, present in the country since 1914. Its core activities are oil refinery, production and distribution of petrol and lubricants. It also explores and extracts gas. The company operates a retail section through 541 Shell Shop convenience stores. • Format: These convenience stores offer ready to go meals, hot and cold beverages, candy and cigarettes amongst others. • Other Facts: • The Dutch company began operating in Argentina in 1914 under the name Diadema, and during this year it will celebrate its 100 anniversary in the country. • The chain focuses its main activities in the commercialization of petrol, oil and gas. It does in addition operate a retail section with the minimarkets Shell Shop, that offer a wide range of snacks, candy, drinks, ready to go meals and cigarettes among other products. • The stores also offer the client the possibility to buy newspapers and magazines and relax in a comfortable setting with tables and restroom. • In the last years there have been rumors about a possible acquisition of the chain by the Chilean retailer Luksic, that acquired the company in Chile. The company has since denied these allegations. Sales 2013 (in millions) U$S 463 541 Store Network Share 32,8% Source: ILACAD y Sector infomation

15. YPF Full 2 • YPF is the most important petrol producer in Argentina, with a market share that surpasses 35% of the oil and gas market in the country. It is one of the most recognizable brands with a store network of 468 FULL convenience stores located in gas stations around the country. • Format: The company has a wide network of petrol stations all through the country. Full convenience stores offer a wide range of candy, snack, food and drinks, as well as cigarettes and newspapers. • Other Facts: • After the Argentinean government reclaimed YPF, event that took place in 2012 when the state expropiated 51% of the company from the Spanish company Repsol, the company relaunched its image with a strong PR campaign in the local media. • Full convenience stores, in addition to a wide range of products offer a selection of services such as Wifi, restrooms, cafeteria, newsstands, and a relaxation area for clients. • The company operates around 1500 gas stations in the country, both in large urban centers and on major Argentinean country roads, with almost 500 of these offering the service of convenience stores. A number of them offer a limited service that includes coffee and cigarettes. Sales 2013 (in millions) U$S 400 468 Store Network Share 28,4% Source: ILACAD y Sector infomation

16. ESSO Shop - AXION Energy 3 Esso gas stations (through ExxonMobil) present Argentina since 1911, operate a total of 450 petrol stations with a network of convenience stores operating under the ESSO Shop or Tiger Market in the capital city and Buenos Aires province. • Format: The chain operates stores of under 500 square meters, with a wide range of products including hot and cold drinks, ready to go meals, an array of sandwiches, burgers and empanadas, in addition to candy, cigarettes, newspapers and magazines. • Other Facts: • On September 27th 2012 Bridas Corp. completed the acquisition of assets including the refinery of crude oil and the retailing of petrol and lubricants of ExxonMobil in Argentina, Paraguay and Uruguay creating AXION Energy, a society with Bridas. • During 2014 it is expected to see changes in the flagship of convenience stores from the ESSO Shop banner to the Axion Energy flag, with a most modern layout and more services for clients. • AXION announced that it intends to add close to 40 new gas stations to its existing network. Sales 2013 (in millions) U$S 385 450 Store Network Share 27,3% Source: ILACAD y Sector infomation

17. Open 25 4 • The Argentine kiosk chain Open 25 is a case study of the kiosk as a global business, with its origins in the family run store, operated by the Damián brothers, who saw the potential business of building relations with suppliers to promote their most important brands. • Format: The Drugstore concept, or maxi kiosk Open 25, centers its business in an aesthetic that combines a modern layout as it serves as a showcase to promote a large number of products, mainly candy, drinks and cigarettes. • Other Facts: • The retail chain Open 25 operates a successful franchise business that has taken the brand national, having a presence in nine provinces in addition to the Capital City, the grater Buenos Aires area and the province of Buenos Aires • The retail chain reached great levels of concentration in busy and highly trodden arteries of the city such as the busy Florida Street. It is also the only chain to have presence in the country’s airports. • Open 25 offers more than 4.500 items which include candy, bonbons, cigarettes, pre packaged goods, dairy products, salads, cookies, ice cream, stationary and even cigars. It also offers services such as phone booths, mobile pre paid cards and transportation cards. Sales 2013 (in millions) U$S 42 167 Store Network Share 3,0% Source: ILACAD y Sector infomation

18. Spacio 1 5 • Spacio 1 stores, of Brazilian giant Petrobras, focus on providing a wide range of food and drink products in addition to an array of services that include Wi-Fi zone and ATM’s. • Format: Spacio 1offers a wide range of products, located in a modern and innovative layout with comfortable facilities open to the clients 24 hours a day, seven days a week. • Other Facts: • Petrobras, company which operates over 800 stores in Brazil, Chile, Paraguay, Argentina and Colombia, chose to leave the administration of its stores in Argentina, basing its business in a franchised network where private owners will now operate the stores. • In addition to pre packaged food items, such as sandwiches and salads, the retailer offers a selection of hot meals such as empanadas and hamburgers, cold and hot drinks, cigarettes, basic hygiene products, newspapers and magazines. • The larger number of stores are located in Buenos Aires and the main cities of five provinces. Sales 2013 (in millions) U$S 21 25 Store Network Share 1,5% Source: ILACAD y Sector infomation

19. Main Facts Brazil Exchange Rate12/2012 – R$2.048// ExR 12/2013 –R$2.34 Sources: ILACAD World Retail, SINDICOM.

20. Brazil Convenience Store Ranking • Resembling what happened in neighboring Argentina, the convenience store business in Brazil began during the 1990’s, driven mainly by convenience stores that began operating in side petrol stations. In its early beginnings this format was thought as a complement to the sales of oil and lubricant, but quickly became an interesting an lucrative business on its own. • The Brazilian convenience store market is divided into a modern channel, integrated by stores located on the premises of gas stations, and a traditional channel, catered by its owners with a limited assortment of products and more traditional layouts. Sources: ILACAD World Retail, Retailer information, sector data.

21. Although prices can be up to 15% higher than those found in supermarkets, the convenience store format is becoming one of the most promising segments in Brazilian retail, registering a two digit growth in the last years, driven both by an increase in middle class segments and women visiting its stores, and an increase in the average spending. • According to a recent sector study, and taking into account available data, the convenience store format has extended its penetration as the sixth preferred option for Brazilians when it comes to buying and consuming food outside their homes. This includes both clients that visit the stores while loading petrol in gas stations, as those that visit the convenience store exclusively, on foot or other means. • Brazil has over 40.000 gas stations in the country, of which only 18% have a convenience store operating in its premises. From here we can see the potential growth of this market seeing as it has not penetrated in Brazil in the same way it has done in other Latin American countries, for example Chile, where over 40% of gas stations operate a store under this format. • As for the geographic presence of convenience stores in the country, we find that Sao Paulo is the state with more convenience stores, with around 3.162 stores, followed by Paraná, with 1.091, Rio Grande do Sul, with 938, Santa Catarina with 779, Rio de Janeiro with 572 and Mato Grosso with 539. • During the last year the debate of whether pharmacies could or could not sell food and drink in their stores resurfaced in Brazil. This measure, which is highly resisted by some, yet implemented in countries such as Argentina with Farmacity, could bring about change in the current scenario, with the appearance of new pharmacy retailers that could compete with convenience stores, such as Brazil Pharma and Raia Drogasil, which operate 1.050 and 906 stores in the country. Source: ILACAD World Retail

22. AM/PM 1 • AM/PM convenience stores, that operate inside petrol stations of the Ipiranga group, have the largest store network in the country, with a total of 1.377 stores, located in 420 cities in the South and Southeast region. • Format: These convenience stores offer a range of ready to go meals, cold and hot drinks, candy and cigarettes, among other products. They also carry their private label with a range of food items. • Other Facts: • The Brazilian retailer, leader in the convenience store segment, has had an impressive and sustained 24% growth rate since 2009. • The stores, which are located in 20% of the gas stations of the group, receive visitors both from clients that load petrol in this stations as those that visit the store exclusively to buy in the convenience store. • In the last year, the retailer added mini bakeries to its portfolio of services in stores of between 50 and 100 square meters. Currently, the group operates 110 mini bakeries which, in turn, brought on a 40% increase in sales in outlets that include them. • During 2013 AM/PM launched new products of its private label selection, including new flavors of energy drinks under the Mood brand. Sales 2013 (in millions) U$S 529 1.377 Store Network Share 25,1% Source: ILACAD y Sector data

23. BR Mania 2 • BR Mania, the convenience store format of the Brazilian petrol giant Petrobras, have great presence in the country with a wide store network both in cities as in the interior of the country which continues to expand under a franchise scheme. • Format: The company operates a wide range of convenience stores in the country. BR Mania convenience stores offer a wide selection of drinks and food both hot and cold, in addition to snacks, cigarettes and other food items. • Other facts: • BR Mania convenience stores, of the Brazilian Petrobras, operate under a franchise regime that has allowed the company to expand its presence in the country in addition to its major cities. • Their product selection includes a range of ready meals, with a variety of sandwiches and hamburgers in addition to a selection of gourmet products through its private label which includes dishes like chicken strogonoff, parmesan chicken breast and a selection of pasta dishes. • The stores also offer a bakery section with an array of fresh goods which are baked daily. Sales 2013 (in millions) U$S 345 900 Store Network Share 16,3% Source: ILACAD y Sector data

24. Select - SHELL 3 Shell petrol stations, present in Brazil for over 100 years, operate a total of 800 convenience stores together with Cosan company which, alongside Shell, form Raizen Group. • Format: The retailer operates stores of less than 500 square meters with a wide selection of cold and hot beverages, ready to go meals, sandwiches, ice cream, candy, cigarettes, newspapers and magazines. • Other Facts: • Shell Select convenience stores began operating in Brazil in the mid 1990’s, in 1995. From that moment on the company began extending this format to the rest of the country becoming a very lucrative business beyond the sale of petrol and lubricants. • Select stores offer a selection of products that include ready to go meals like sandwiches and hot dogs, in addition to snacks, cold drinks and ice cream. • The retailer aims to attract clients by launching promotional schemes that include cinema ticket giveaways for purchases which exceed 15 Reales. • For 2015 the retailer announced that it plans to open 1.500 new stores. Sales 2013 (in millions) U$S 307 800 Store Network Share 14,5% Source: ILACAD y Sector data

25. Entreposto 4 • ALE is a petrol distributor with presence in the whole of the country. It was born as a union between ALE Combustibles and Satélite Distribuidora de Petróleo, of Rio Grande do Norte. Currently the group has 270 convenience operating in its gas stations. • Format: The Entreposto convenience stores focus on a fast turnaround of clients between customers that replenish their gas tank. They offer an array of snacks, candy, coffee, hot and cold drinks, and cigarettes. • Other Facts: • Entreposto, which has been operating in the country for 13 years, has a network of own stores through which they intend to strengthen their presence in large cities. • Of the 1900 gas stations operated by ALE, barely 14% of them have a convenience store on its premise, which gives the group a great expanding potential for the next couple of years. The retailer is currently in fourth place of the Brazilian ranking and it has already announced that it intends to operate around 500 convenience stores by 2016. • The Entreposto stores offer a selection of pre packaged goods, hot meals, coffee, drinks, snacks and cigarettes amongst others. Sales 2013 (in millions) U$S 103 270 Store Network Share 4,9% Source: ILACAD y Sector data

26. Main Facts Chile Exchange rate 12/2012 – CH$480// ExR 12/2013 –CH$524 Sources: ILACAD World Retail, Retailer Data, Sector Data.

27. Chile Convenience Store Ranking • The convenience store market began to develop in Chile in the mid 1990’s, when gas stations began implementing a minimarket format in its stores, both in the major cities as in its road outlets. • At the same time as the first minimarkets appeared in gas stations, the first independent stores of under 500 square meters began operating in the East side of Santiago de Chile, the country’s capital, located on busy commercial roads, in an effort to respond to the increasing customer need of an easy and practical retail option which would include an offer Sources: ILACAD World Retail, Retailer Data, Sector Data.

28. centered on sandwiches, ready meals, drinks, cigarettes, in addition to ample serving hours, most of them with a 24/7 open policy, these became and increasingly popular option. • The Chilean convenience store market is divided between a modern channel, focused on stores inside petrol stations, and independent retailers, as well as a traditional channel made up from small neighborhood stores, catered by their owners, with a more limited assortment of products. The modern channel has registered a sales increase of two digits in the last couple of years, and has seen an expansion in the number of stores present in the country. • Although the convenience store format began in Santiago, today we can find that it has extended to other regions. Despite the fact that the Chilean capital still concentrates 60% of all the stores found in the country, the regions of Valparaiso and Biobio are currently fighting for the second place with 50 stores each. • Within Santiago, the comunas, or neighborhoods, with the highest concentration of stores are those of Las Condes, Maipú, Providencia, Ñuñoa and La Florida. This confirms the recurring trend found along the region that locates convenience stores in affluent areas. • A recent change worth noting is the launch of Copec stores to the market, no longer as a store associated to a gas station but as an independent business unit. The retailer began the roll out of stores and aims to continue the expansion of the Ciudad banner to other strategic areas of the capital. • Select convenience stores, of petrol giant Shell, began an ambitious expansion and revamping plan under the new banner UPA! which will entice clients with a modern and cozy design in its road stores which will later expand to their urban outlets. Source: ILACAD World Retail

29. Copec 1 • Copec convenience stores operate under six different banners that are thought and designed to satisfy the need of all it range of customers, from a restaurant format to a self catered format with vending machines. Currently the group operates 303 stores. • Format: These stores offer a wide selection of hot and cold drinks, sandwiches and ready meals, in addition to cigarettes and snack. The group operates through the Puente Restaurante, Pronto Kiosco, Pronto Barra, Pronto Ciudad , Punto banner and the recently Dpaso. • Other Facts: • The Chilean retailer was a pioneer in the market, with the launch of its first store in 1987. Three years later the expansion of the Pronto banner took place along the country. • During the last years the group launched two new formats, Puente Restaurante with a wider selection of more elaborate meals in a comfortable and ample area with extra services, and Dpaso a new format store 100% self catered with vending machines and an ATM, opened 24hours a day. • During 2013 the group began the construction of 22 new stores, in addition to increasing the number of products in stores. The group also launched new in store services such as mobile phone recharge, ATM’s, and the new vending machines that do not require a clerk. Sales 2013 (in millions) U$S 179 303 Store Network Share 37,9% Source: ILACAD y Sector data

30. OK Market 2 • OK market convenience stores, which belong to the SMU retail group, have great presence in the metropolitan areas of Valparaiso, and in de los Rios. Currently the group operates 121 stores. • Format: These stores have an easy and well thought layout close to residential and commercial areas, with long opening hours and array of products of 3.000 articles which include drinks, ready meals, snacks and candy. • Other Facts: • OK Market, which began activities in 2002, is the leader of the convenience store segment outside of the petrol station segment. • In 2010 the retailer was acquired by the Chilean retail giant SMU, which incorporated this banner –and format- to its portfolio which already included supermarkets and wholesalers of the country. • Since the acquisition the group has set out to develop the OK Market brand and announced its plans of expansion for the next couple of years during which they expect to surpass the 300 stores but 2017. • OK Market is one the most well-known brands by Chileans and their stores receive between 500 and 3.00 daily clients. Sales 2013 (in millions) U$S 72 121 Store Network Share 15,1% Source: ILACAD y Sector data

31. Select – UPA! 3 • Shell, the Dutch company which in 2011 transferred its business to Quiñeco group S.A in Chile, operate a network of 470 gas stations of which 120 operate an in house convenience store. • Format: The retailer operates stores of around 500 square meters, both in the city as in the roads, with an array of products which include cold and hot drinks, ready meals, sandwiches, ice creams, candy and cigarettes. Currently the group operates under the Select and UPA! banner.s. • Other Facts: • Shell petrol stations, of Quiñeco group S.A, operate the Select convenience stores in Chile which are currently immersed in a revamping process ad banner change to the new UPA! Image, in an effort to expand their product and service portfolio and do so in a new modern yet cozy environment. • According to company sources, the revamp of its store network from Select to the new UPA! will demand an investment of over 30 million dollars in the next five years. • This expansion plan includes the launch of 18 new stores, with estimated net sales of USD$7 million. In a second stage of the revamping plan the group expects to extend the format to the rest of the outlets already operating. Sales 2013 (in millions) U$S 71 120 Store Network Share 15% Source: ILACAD y Sector data

32. Spacio 1 4 • The leading petrol company in Brazil, Petrobras,oeprates in Chile since 2009, when it entered the market with the acquisition of the Exxon gas stations where the retailer launched its Spacio 1 stores. Curretnly the group operates 117 stores in the country. • Format: The Spacio 1 concept focuses on an easy and practical buying experience for its clients, both those that do so by car and by foot It offers a variety of items such as snacks, candy, coffee, cold drinks and cigarettes. • Other Facts: • Of the 243 petrol stations that Petrobras operates in Chile, 47% of them have a Spacio 1 convenience store in its premises, which gives us a total of 117 stores in the country. • Of these Spacio 1 stores, 45 of them are own stores while the 72 remaining are operated under a franchise scheme. This has now been followed in other markets such as Argentina where the company operates. • Spacio 1 in Chile generates close to 22% of the total sales of the convenience stores of the group, behind Brazil where the company operates close to 900 stores. • Spacio 1 stores register between 700 and 1.200 transactions per day. Sales 2013 (in millions) U$S 69 117 Store Network Share 14,6% Source: ILACAD y Sector data

33. Big John 5 Big John convenience stores was one of the first big players in the market having close to 60% of the market share in 2010. Currently the group operates 54 stores. • Format: Big John convenience stores offer an easy and convenient way of shopping in the urban centers, with a selection of sandwiches, ready meals, cold and hot beverages, snacks, candy, biscuits, dairy products, etc., in a 500 square meter surface and wide opening hours. • Other Facts: • The minimarket Chilean chain, property of Juan Pablo Correa, was leader in the convenience market when in 2010 it had 60% market share in this developing segment. • With the arrival of OK Market, in 2011, Bog Johns supremacy was affected as it lost to the new acquisition of SMU retail group. • Still some Chilean regions such as the metropolitan area, Valparaiso and Valdivia still have great presence of this chain. Sales 2013 (in millions) U$S 49,4 54 Store Network Share 10,4% Source: ILACAD y Sector data

34. Main Facts Colombia Exchange Rate 12/2012 – Col$1770// ExR 12/2013 –Col$1927 Sources: ILACAD World Retail, Retailer Data, Sector Data.

35. Colombia Convenience Store Ranking • The convenience store market in Colombia has had a slower development compared to other countries in the region, as a result of the preeminence that local neighborhood stores still have in the country, reaching a total of close to 12.000 stores. • However, similar to what happened in other countries in Latin America, the further development of the convenience format began to extend once the first retailers launched their model stores, such as Éxito, with the launch in 2010 of their first Éxito Express store. Sources: ILACAD World Retail, Retailer Data, Sector Data.

36. The Colombian convenience modern channel is centered in big retailing supermarkets chains, such as Éxito –under its Éxito Express and Carulla Express banners- Cencosud (former Carrefour) and Colsubsidio, with La Tienda. Oxxo, Mexico’s convenience store leader, entered the market and chose Colombia as the first country for its international expansion. Convenience stores are also found in petrol stations such as Terpel, which is currently undergoing a revamping process. • Colombian convenience stores are located mainly in busy commercial and urban areas, or busy city centers. These stores offer a wide selection of products in selling surfaces of between 50 to 450 square meters. Customers can opt for an array of hot and cold drinks, ready meals, salads and sandwiches. In addition, stores like Éxito, offer extra services such as ATM’s and service payment among others. • As for geographical distribution, most of the convenience tore network in the country is located in the cities of Barranquilla, Bogotá, Cartagena, Ghía, Girardot and Medellín. However, with positive results in this segment and a good reception by Colombian clients it is expected that this segment will continue growing to other intermediate cities of between 100.000 and 300.000 inhabitants. • This expansion would also be favored by the positive results that the segment experience with regards to sales, that during the last year reached an estimated value of Col$688.378 million, which represented an increase of 5% compared to the values of 2012. Source: ILACAD World Retail

37. Éxito Group 1 • Convenience stores of the Éxito Group operate under two banners, Éxito Express and Carulla Express, each aiming to respond to different client needs. Currently the group operates 91 stores in the country. • Format: These stores offer a wide selection of products of between 2.500 and 7.000 items that include drinks, sandwiches, ready meals, in addition to cigarettes and snacks. The retailer also offer its clients the possibility to withdraw cash from its ATMs, and pay services in their tills. • Other Facts: • Éxito group was a pioneer in the convenience store format in Colombia, launching its first Éxito Express store in 2010. Nowadays the group operates 91 stores in over 12 cities in Colombia. • The retailer operates under the Éxito Express banner, with 74 stores, and Carulla Express with 17 stores. • During 2013 the chain opened nine new Express stores and three new Carulla Express. • In addition to selling ready meals and drinks, the Éxito Express banner offers a wide selection of fresh produce such as fruit, vegetables, baked products such as bread and pastries, as well as meat. Sales 2013 (in millions) U$S 250 91 Store Network Share 70% Source: ILACAD y Sector data

38. Cencosud 2 • The Chilean retailer Cencosud recently entered the Colombian market with the acquisition of stores previously owned by the French retailer Carrefour, which include 16 convenience stores that will now begin to change its banner to fit the new chain. • Format: The former Carrefour stores are characterized by an easy layout that facilitates the customers shopping experience. They are located in residential or commercial areas, with wide opening hours and an ample selection of categories including drinks, ready meals, snacks, candy, and fresh produce such as dairy products and bakery. • Other Facts: • The Chilean retailer Cencosud acquired Carrefour’s stores in Colombia in 2012, and since then has began a slow process of conversion and revamping of its stores under the Jumbo banner for it hypermarkets and Metro for its supermarkets. • This purchase, which included 16 convenience stores of the French group, meant the entry of Cencosud into the convenience store segment in the country. • According to Eric Basset, Manager of Colombia’s operations, the convenience store format will take an important place in the group’s expansion strategy in the upcoming years. • Cencosud’s convenience stores operate under the Metro banner. Sales 2013 (in millions) U$S 47 16 Store Network Share 13,4% *Estimated Sales Source: ILACAD y Sector data

39. La Tienda 3 • The caja de compensación familiar Colsubsidio operates a network of supermarkets and pharmacies, in addition to operating 17 convenience stores under the La Tienda banner. • Format: La Tienda convenience stores offer a wide selection of products, with up to 1.800 references of fresh produce, drinks, and ready meals. These stores have an operating floor of between 200 and 500 square meters. • Other Facts: • Colsubsidio conveniences stores focus their product selection in a basic family basket, reaching a total of 1.800 references in its stores. • As for the location of its stores, this is decided based in the concentration of its affiliates, giving priority to areas with higher numbers, as well as areas where there is no competition of other stores of the company. • The group’s affiliates which purchase in this stores will receive additional benefits such as a 5% discount in the bill and the addition of points to access further discounts and promotions. • The retailer has already invested Col$ 20.000 million in the development of this format. Sales 2013 (in millions) U$S 36 17 Store Network Share 10,2% Source: ILACAD y Sector data

40. Oxxo 4 • Oxxo convenience stores, of FEMSA -the largest bottler in Mexico-, and the absolute leader in this segment, chose Colombia to begin its international expansion plan. Currently the group operates 36 stores in Bogotá. • Format: Oxxo convenience stores operate only with own stores as they do in Mexico. They have a selling surface of no more than 150 square meters, with an assortment of products that reaches 1.000 references including drinks, both alcoholic and non-alcoholic, groceries and non perishable goods. • Other Facts: • The Mexican multinational company began operating in Colombia in 2009, with the launch of its first specialized convenience stores launched in this market. • According to group executive’s, Colombia was the market of choice for its international expansion due to the similarities between the Mexican en Colombian market. The international expansion is expected to continue with Brazil. • In addition to food products, the retailer offers a selection of services which include a system of payment of public services such as electricity and water, ticket sales for shows, transportation card top ups, international money transference and pick up of online goods. Sales 2013 (in millions) U$S 22 36 Store Network Share 6,3% Source: ILACAD y Sector data

41. Main Facts Mexico Exchange Rate 12/2012 – Mx$12.988/ ExR 12/2013 –Mx$13.051 Sources: ILACAD World Retail, Retailer Data, Sector Data.

42. Mexico Convenience Store Ranking • The convenience store format finds its home in the Mexican market, where it has great presence with close to 19 thousand stores in the modern channel, of which Oxxo is the number one player with 11.200 stores, reaffirming the company as the leader not just in Mexico but in the whole of America. • The Mexican convenience store segment begins as a combination of the traditional neighborhood store and the convenience format already in place in the United States . This format has series of distinctive characteristics that include Sources: ILACAD World Retail, Retailer Data, Sector Data.

43. proximity, with most of its stores located in busy centers of large cities, and heavily trodden corners close to commercial centers and highways; size, with stores that range from 50 to 300 square meters; opening hours, most of them with service 24/7, and speed, with a streamlined shopping experience that allows for minimal time in the store. • During 2013 Mexican convenience store segment reached total sales for $8.957 million dollars, which represented and increase of 3,94% compared to the previous year. This value also represents the highest in the region, followed in a far second place by Brazil with sales in dollars that reached $2.144 million. • The traditional neighborhood stores still have great presence in the country and, due to its low levels of specialization, it is still expected for the convenience stores to expand in the country, in a market that is still far from saturated. It is estimated that Mexico has a convenience store every 8000 inhabitants and, due to the expected expansion, it is forecasted that sales will reach an increase of 36% in their sales by the year 2017. • As for the opening pace, Mexico is by far the most dynamic market with only one chain, Oxxo, opening more than 1000 stores per year. • For 2014 we expect to see changes in the ranking, with the stabilizing of position number 3 which will grant Circulo K a place in the podium from the acquisition of the 878 stores of Extra of Grupo Modelo. With close 1.100 stores the group will compete with 7-Eleven. Source: ILACAD World Retail

44. Oxxo 1 • Oxxo convenience store of Mexican bottler FEMSA are the undoubted leader in the convenience store format in Latin America with a store network of more than 11.200 stores in Mexico and Colombia. • Format: Oxxo convenience stores, which only operate own stores, have a selling floor of no more than 150 square meters, with a selection of products that reaches 1.000 references including alcoholic and non-alcoholic drinks, groceries and up to 10 perishable goods. • Other Facts: • Oxxo convenience stores offer a centralized and ever expanding system for its stores. In Mexico, the retailer has, in addition to 11.200 stores, 13 exclusive distribution centers. • The retailer offers a wide selection of products of private label in the categories of non-alcoholic drinks, with the Chévere, Bioleve and Andatti brands; pre packaged meals, with Luna and Bitz; cleaning product under the Olimpo brand; pet food, with Nutradog, and ready to go meals under the Vikingo brand. • While some analysts expect that in 2014 Oxxo will become the second most important retailer in Mexico after Walmart, others venture the possibility of the retailing giant to enter into the pharmaceutical business with the sale of medicine in its stores. Sales 2013 (in millions) U$S 7.140 11.200 Store Network Share 79% Source: ILACAD y Sector data

45. 7-Eleven 2 • The 7-Eleven Mexico distribution group was funded in Monterey in 1976, as an association between Grupo Iconn and 7-Eleven Inc. With a large concentration of stores in the center and Northwest of the country, by the end of 2013 the retailer operated 1.500 stores. • Format: 7-Eleven convenience stores offer an attractive layout, opened 24 hours a day, seven days a week, with a wide selection of products which include beverages, snacks, ready to go meals, and a series of services for its clients such as public service payment. • Other Facts: • 7-Eleven convenience stores are Oxxo’s closest competitor, with a store network that stretches in the states of Baja California, Coahuila, Mexico City, Estado de México, Jalisco, Nueva León, Sonora, Tamaulipas, Yucatán and Quintana Roo. • The retailer offers a wide selection of products of private label which include fast food categories under the Big Bite, Big Lunch and Big Donuts brands; prepackaged meals with 7-Eleven and non-alcoholic drinks with Café Select and Frozt. • During the last year the company also began to accept the virtual currency bitcoin as a payment method in its stores, allowing its clients to pay for their purchases and bills through the use of their mobile phones. Sales 2013 (in millions) U$S 1.146 1.500 Store Network 13% Share Source: ILACAD y Sector data

46. Extra 3 • Extra convenience stores were until the end of 2013 part of the Grupo Modelo group, that launched these stores in 1993. By the end of last year and beginning of 2014 the retailer confirmed the sale of its stores to Circulo K. • Format: Extra convenience stores offer a wide selection of fresh produce, drinks and ready to go meals. The stores have a selling surface of between 200 and 500 square meters, and ample opening hours. • Other Facts: • Extra convenience stores ceased to be a part of the Modelo group in early 2014, to join the Circulo K group. Although the selling price has not transcended, it is known that the878 stores will now leave Circulo K closer to competing with it’s main rivals: 7-Eleven and Oxxo. The purchase still needs to be approved by the Federal Anti-Trust Commission. • Modelo Group is one of the main breweries in the country and has said it decided to sell its convenience store segment in an effort to concentrate in their core business: the production and distribution of beer. • With the acquisition of Extra stores, Circulo K will not only extend its presence but will also expand it geographical presence with stores now at a national level. Sales 2013 (in millions) U$S 528 878 Store Network Share 6% Source: ILACAD y Sector data

47. Mambo 4 • Mambo convenience stores, part of the Alta Group, began operating in 2011 with the launch of its first store in Monterrey. Currently the group operates 360 stores, both privately held as franchised, concentrated around metropolitan areas. • Format: Mambo convenience stores offer a wide selection of groceries, hardware, stationary and gifts in addition to beverages and ready meals. The retailer offers close to 5.000 references in a selling surface of 100 square meters. • Other Facts: • Mambo convenience stores began operating in 2011, with the first launched registered in Monterrey. The group later launched new stores in Los Cabos, Cancún and Mexico City. • During 2013 the retailer began to develop its expansion plan through the launch of franchises. It is estimated that currently Mambo operates 210 own stores and 150 franchised outlets. • Salvador Abascal, founder and president of Alta Group, owners of Mambo, said that regarding its expansion plan, the retailer aims to reach 10.000 franchises during the next 10 years. • As for sales, the group targets to reach 500 million Mexican pesos during 2014. Sales 2013 (in millions) U$S 26 360 Store Network Share 0,3% Source: ILACAD y Sector data

48. Super City 5 • Super City convenience stores are, since 2006, the smallest format on offer by the Mexican retail giant Soriana. They are present in Mexico City and metropolitan areas, and operate solely with privately owned store and no franchised stores. • Format: Super City convenience stores offer a wide selection of food products, beverages, snacks, basic cleaning and hygiene items, in addition to recently launching a new fast food line. • Other Facts: • During 2013 the Super City convenience banner of Soriana group began a revamping process and an expansion of the services available to clients in its stores. • Since 203 the company launched a new segment of fast food in its stores, including both prepackaged items as sandwiches, salads, and more elaborate dishes such as grilled chicken and pastas. • In 2012 the retailer abandoned its franchise system, which represented close to 25% of its store network, which were reabsorbed by the group and began to operate as an integrated and centralized unit. Sales 2013 (in millions) U$S 16 216 Store Network Share 0,2% Source: ILACAD y Sector data