1. Q2 2013 Back to the beginning Back to the beginning

2. Q2 2013 | SUMMARY LATAM #ConsumptionRecovery After a difficult first quarter, a more positive Q2 for FMCG, except for Bolivia, Mexico and Peru #HomeSweetHome Home Care basket is the one with best performance in the region #LatamGrowsLessButStable Latam growth projection lowered to 3%¹ in July vs. the 3.5% reported in April. USA continues to recover and Europe is still struggling. (1) Source: IMF – July 2013 (1) In some countries this basket is not measured separately from food and beverage, it was built for CI LatAm. (2) Volume Variations calculated in units Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5% Back to the beginning Back to the beginning % Value Change FMCG – MAT Q2 2013 vs. Year ago

3. LATAM IN 10 CLIKS Click on each country to display or hide Insights Back to the beginning Back to the beginning

4. CHILE ARGENTINA BRAZIL BOLIVIA PERU ECUADOR VENEZUELA COLOMBIA MÉXICO CAM BOLIVIA #MediumSEL increase growth in value #GotMilk? Powdered Milk Consumption is strengthened #ModernStrengthens Modern Trades are the largest growing ARGENTINA #Positive1stSemesterForFMCGbasket Vol. var. +2,6%, which all NSE increased its consumption #TrendOfMoreSpaced&LargerPurchasesRemains All baskets contribute to growth, except beverages #TipsForProximityMarkets Payment facilities and similar expenditure to supermarkets. The focus will be to increase the frequency BRAZIL #PositiveProtests Brazilians are optimistic about the protests that happened in the country #LowerLevelsMorePremium Lower SEL directs consumption to non- basic products #TradesTakingUpPositions Multichannel and Cross Channel Shopper mixing physical and virtual stores With 1 click on the country you open the most significant insights, with another click you close them COLOMBIA #PersonalBasket Personal Care basket gets all the expenditure! More consumption results in a more spaced repurchase of Foods and Beverages baskets #AtlanticRegion Households stop consuming the basic basket spending more on added value categories #AmoreCriticalShopper Households are not very happy with the new format of Cencosud and migrate to Éxito, Minimarkets and Independent VENEZUELA # MacroScenario Inflation and shortages reached levels never seen before - 6.1% and 21.3%, respectively #CurrencyDevaluation brought changes in shopping habits of households. During the first half consumers stopped purchasing, on average, 57 units CHILE #ModernTrade Wal-Mart stops growing, especially in the Dairy basket #PrivateLabels continue to grow but at a slower pace, in fact, they shrink their importance in Home Care #EfficientPurchases does not stop, shopping trips fall by 4.4% but the ticket grows by 3.6% PERU #SlowConsumptionLevel Generated by a lower household purchase occasion #LookingGood Personal care basket with the best performance in Q2'13 #ModernTrade increasing the base of buying households ECUADOR #HouseholdsPayMore Market growth as households increasingly visit the POS and pay more for the same amount of units #SophisticatedProductsDevelopment Pasta, especially instant ones, drive growth of Average Consumption & Expenditure #ModernTradeDevelopmentContinues Supermarkets drive development, there are fewer households buying in stores and Self Services CENTROAMÉRICA #T.FMCGkeepsGrowing at a slower rate versus the previous year, Guatemala and Panama are the countries with the highest growth #2GrowignBaskets Beverages & Dairy Products grow in this period. Personal Care categories contract, but with short-term recovery #Modern&TraditionalinTheSameRhythm Costa Rica & Nicaragua grows the importance of Modern Trade, while in other countries Traditional grows MÉXICO #EconomicGrowth lower than expected #HomeSweetHome Home Care - basket most affected by inflation # SpendLess Households decrease their expenditure on Traditional Trade

5. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0 ModernTraditionalD2DOthers BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN ARGENTINA (by penetration points growth)

6. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG Back to Summary Latam Back to Summary Latam MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0% < Crecimiento < 5% * Basket specially built for CI LatAm; Brazil typically measures Dairy within Foods and Beverages ModernTraditionalD2DOthers BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN BRAZIL (by penetration points growth)

7. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG Back to Summary Latam Back to Summary Latam MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0 * Basket specially built for CI LatAm; Brazil typically measures Dairy within Foods and Beverages ModernTraditionalD2DOthers BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN BOLIVIA (by penetration points growth)

8. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5% ModernTraditionalD2DOthers Back to Summary Latam Back to Summary Latam BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN CAM (by penetration points growth)

9. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0% ModernTraditionalD2DOthers Back to Summary Latam Back to Summary Latam BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN CHILE (by penetration points growth)

10. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG Back to Summary Latam Back to Summary Latam MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5% * Basket specially built for CI LatAm; Brazil typically measures Dairy within Foods and Beverages ModernTraditionalD2DOthers BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN COLOMBIA (by penetration points growth)

11. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0% ModernTraditionalD2DOthers Back to Summary Latam Back to Summary Latam BASKET TRENDS – %Value Change MAT Q2´13 vs. YA Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN ECUADOR (by penetration points growth)

12. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG BASKET TRENDS - VAL Q2.13 vs. Q2.12MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0% ModernTraditionalD2DOthers Back to Summary Latam Back to Summary Latam Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN MEXICO (by penetration points growth)

13. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG Back to Summary Latam Back to Summary Latam BASKET TRENDS - VAL Q2.13 vs. Q2.12MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5% * Basket specially built for CI LatAm; Brazil typically measures Dairy within Foods and Beverages ModernTraditionalD2DOthers Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN PERU (by penetration points growth)

14. Back to the beginning Back to the beginning VEN PER MEX ECU COL CHI CAM BOL BRA ARG BASKET TRENDS - VAL Q2.13 vs. Q2.12MAT Q2.13MAT Q2.12MAT Q2.11 SEL – VOL VARIATIONS Growth ≤ -0,5%-0,5% < Growth ≤ 5%Growth > 5%0% ModernTraditionalD2DOthers Back to Summary Latam Back to Summary Latam Source: MAT Q213 vs YA Category Penetration% TOP 10 RECRUITERS IN VENEZUELA (by penetration points growth)

15. Q1 2013 | KEY INDICATORS (1) Source: IMF (2) Source: IPC Congreso (3) Source: INDEC ARG (1) Source: IBGE (2) Source: IPC-A BRA (1) Source: Banco Central de Bolivia (2) Source: Ministerio de Trabajo BOL (1) Source: IMF (2) Source: Banco Central de cada país (3) Source: Instituto de estadísticas de cada país (average of the 6 countries) CAM (1) Source: Banco Central Chile (2) Source: INE CHI Back to the beginning Back to the beginning

16. Q1 2013 | KEY INDICATORS (1) Source: Banco de la Republica (2) Source: DANE Colombia COL (1) Source: Banco Central del Ecuador ECU (1) Source: INEGI MEX (1) Source: BCR (2) Source: IMF PER (1) Source: Banco Central de Venezuela (2) Source: INE VEN Back to the beginning Back to the beginning