LATAM RETAIL OVERVIEW MARZO 2012

? RETAIL OVERVIEW QUÉ ES EL Análisis anual de Kantar Worldpanel con los principales KPI’s de canales y distribuidores en Latam RETAIL OVERVIEW

ESCENARIO DE LA DISTRIBUCIÓN EN LA REGIÓN

GRDI PRONOSTICA LOS TOP 30 MERCADOS EMERGENTES PARA EXPANSIÓN DEL RETAIL Riesgo país Saturación del mercado Urgencia en entrar al mercado x Ranking 2011 País vs. 2010 1 Brasil +4 2 Uruguay +6 3 Chile +3 4 India -1 5 Kuwait -3 6 China -5 7 Arabia Saudita 8 Perú +1 9 Emiratos Arabes -2 10 Turqúía +8 El GRDI es un ranking que todos los años realiza la consultora AT Kearney, para presentar el ranking de los 30 mercados emergentes más atractivos para la expansión del retail. South and Central America Economic and political tensions may accelerate or decelerate retailers' entry and expansion decisions, but the overall trend of globalization will continue. South America has survived the recession better than most regions and posted an impressive 6 percent GDP growth in 2010. Rich in natural resources with an increasingly sophisticated and diversified business environment, an abundant labor force and stable relationships with a diverse range of trading partners (from China to Iran), the region has not only attracted attention, but also investment. As mentioned earlier, Brazil leads this year's rankings, thanks to rapid GDP growth. Uruguay followed its neighbor's lead to enjoy explosive growth and earn 2nd place in the Index. The Andean economic region, including Chile and Peru, has recovered from the recession even stronger. Chile is reaping the benefits of a long-term growth strategy based on solid socioeconomic policies and a balance between incentives to domestic businesses and attracting foreign investments. Peru still has room for growth, but it is increasingly becoming the target of international retailers as its formal economy expands. While some South American markets are smaller, taking a regional approach to the Spanish-speaking markets may make sense. Figure 3: 2011 GRDI country attractiveness Brazil: Driven to the top. Brazil—which was 30th in the 2002 GRDI and unranked as recently as 2004—is the leader of the 2011 GRDI, climbing four spots from 2010. Overall, the outlook is positive for Brazil. A GDP growth of close to 5 percent is expected through 2013, and preparations for the 2016 Olympic Games and 2014 FIFA World Cup are expected to generate more than $50 billion in new investment.2 It is clear that Brazil is now one of the developing world's most attractive markets for retailers (see figure 3). The past eight years of center-left government has resulted in a staggering 40 percent increase in GDP per capita, and a growing and more affluent middle class has resulted in increased consumption. Brazil, with a population of 193.3 million, is now the world's eighth-largest economy, and the government is bolstering long-term GDP growth by increasing infrastructure investments.3 However, inflation remains a concern. Recently, Brazil's strong real led to an interest rate increase from 11.25 percent to 12 percent, and a high exchange rate is boosting consumer imports. A growth slowdown is possible as Brazil's central bank adjusts to these challenges. As a testament to Brazil's sizzle, retail investment is on the rise. Household appliance retail chain Magazine Luiza, Brazil's largest women's shoe retailer Arezzo, food services company International Meal and drug store Droga Raia had successful initial public offerings (IPOs) in the past six months. Most investors view Brazil as a relatively stable market compared to other developing economies, with a pro-business government that welcomes foreign investment. Major real estate investments have also driven retail growth. Shopping malls, which account for one-fifth of retail sales, have exploded, with 16 openings in 2010, 25 in 2011 and 30 planned for 2012. More than half have been heavily concentrated in the southeast region, signaling a future opportunity for additional real estate development in the north and east. Those investments are attracting an influx of foreign capital and major international chains. The United Kingdom's Debenhams plans to enter through a partnership or brand licensing, while Burberry entered Brazil in 2010 and now operates two stores. Based on media reports, other possible entrants in the next few years include Sweden's H&M, Japan's Uniqlo and the United Kingdom's Topshop. The main barrier for foreign apparel companies is the seasonal differences between the northern and southern hemispheres and high import taxes. Partnerships with local producers have helped address the latter problem, but these can take time to set up and require greater oversight. Chile-based retailer Cencosud, Mexican beverage company FEMSA and French cosmetics giant L'Oréal have operated in Brazil for years, but are now planning to expand via acquisitions to strengthen their positions against new entrants. Cencosud is planning to enter markets where it does not currently operate to compete with larger chains such as local leader Pão de Açúcar and Carrefour. Competing in Brazil isn't easy for foreign retailers, as the major hypermarket players have found. Early in 2011, Carrefour announced a $722 million loss due to accounting adjustments, while Wal-Mart has faced resistance from local associations due to its aggressive pricing. Drug stores are facing intensified competition after Droga Raia's IPO and the merger of Drogaria São Paulo and Drogão. Germany's Otto Group has recently announced plans to enter through a majority stake in one of its partner companies, in the hopes of replicating its mail-order success in Russia. Uruguay: Riding Brazil's coattails. Uruguay climbs to 2nd place this year, following a 6.5 percent compound annual growth rate (CAGR) since 2006, including 8.5 percent growth in 2010—both in large part a result of Brazil's growth. Uruguay is relatively small, with a population of 3.4 million, and nearly 95 percent of the population has easy access to urban areas. The country's limited scale and positive macroeconomic conditions make it an appealing choice for retailers seeking more "contained" markets, in which they can exercise greater control and test concepts before entering other South American markets. Uruguay's economic success has been tied historically to Brazil and Argentina, and as such it has benefited from Brazil's recent growth. Former president Tabaré Vázquez's "growth plan" has helped Uruguay achieve real GDP growth, diversify its economy and streamline its public sector. As a result, poverty and unemployment decreased significantly while public consumption grew in 2010. A recent J.P. Morgan report cited an influx of foreign investment, a tourist sector boom, real estate bargains, strong export growth and strong appreciation in Brazil's real as factors that will attract many outside investors. Additionally, Moody's Investors Service issued a two-notch upgrade on Uruguay—on the verge of investment-grade territory—citing progress in the nation's debt and fiscal indicators. However, there are a few cautions with Uruguay, including its aging population and the consequent pension pressures. The market for large and international retailers is concentrated in Montevideo and its surroundings. Local brands, with the exception of France-based Groupe Casino, control most shopping mall and supermarket environments, and hypermarkets are still limited due to government restrictions on store size in local neighborhoods. Tackling the dynamics of the Montevideo market and seasonal demand in tourist areas are critical success factors. The pressure to enter the market is not particularly high today since there has not been significant investment in retail real estate, but Uruguay is one to watch as the infrastructure catches up to the market's potential. Chile: Growing retail power. Chile rises three spots to 3rd place, after a strong recovery from the 2009 recession. It is now considered one of Latin America's most competitive and promising retail markets. Chile's retail sector is projected to grow 10 percent in 2011 as a result of increased middle-class purchasing power and a younger, urban population. Government incentives to stimulate retail consumption, led to a 5.2 percent GDP growth in 2010 and an expected growth of 6.1 percent in 2011. However, these incentives will decrease throughout 2011, as the government continues to redirect spending to infrastructure development following the 2010 earthquake. Chile's political environment is considered fairly stable, and President Sebastián Piñera, a billionaire businessman, is planning structural reform to increase market competitiveness. The nation of 17.1 million has a heavily concentrated market, with the top five grocery retailers commanding almost 60 percent of sales. As a result, entering this market is fairly difficult, and acquisition is the most viable route for the grocery sector. In 2011, in the apparel sector, Gap, Inc. announced plans for its first South American store through a franchise partner in Santiago. Peru: Retail space needs to catch up. Peru moves into the 8th spot, up one position from 2010. Peru (population 29.5 million) experienced 5 percent year-over-year GDP growth for the past five years. As with most countries in this region, large cities drive economic activity, in this case the capital, Lima. Strong retail growth has intensified the demand for retail space. Investments in commercial real estate will add 10 shopping malls to the current 15 by 2011 and up to a total of 100 by 2015. Interbank acquired real estate firm Millenia—which owns four main locations of its direct competitor Metro—from Cencosud. Interbank also plans to complement its supermarket operations by integrating the recently acquired InkaFarma pharmacy chain. Chile is considered one of Latin America's most competitive and promising retail markets, with a retail sector projected to grow 10 percent in 2011. Foreign retailers are investing heavily in Peru. Cencosud, which runs Peru's Wong chain, has received approval to create Banco Cencosud and also plans to create private label brands. It will also introduce its Paris brand in 2012 to compete with Chilean retailers Falabella and Ripley. Ripley is not standing still, though, as it plans to nearly double its store count by 2013. Subway, present in Peru during the 1990s, is planning to return with 10 stores in 2011. As marketplace competition grows, first movers may have the most success in Peru as they acquire the best locations in the highest-profile cities and offer complementary services, such as credit. Mexico: Back on track. Mexico's economy recovered in 2009, highlighted by a GDP growth rate of 5.5 percent. Unemployment has decreased from an historical high of 5.9 percent in mid-2009 to 5.4 percent. The stronger economy has restored consumer confidence, reflected in retail sales growth. As a result, Mexico is ranked 22nd this year, up three spots. Mexico remains an attractive destination for retailers due to its growing middle class, a retail sector that is expected to expand 12 percent by 2014 and a large population of 110.6 million. Current and new players are seeking to capture market share. The leading retail chains plan to increase their investments significantly, focused mostly on new compact hypermarket stores in tier 2 cities, given the saturation of tier 1 cities. Walmex is planning 365 new stores, while Soriana will open 50 and Chedraui 30. As Comercial Mexicana recovers from last year's bankruptcy, other domestic players are trying to capture additional market share. Two formats are leading the retail expansion in Mexico. Top retailers, including Grupo Elektra, are targeting compact hypermarkets, low-cost "bare-bones" formats that target low-income consumers. Convenience stores are also expanding rapidly, with OXXO, Circulo K and 7-Eleven leading the way. Given the grocery segment's saturation, attention has shifted to specialty retail. U.S. and European retailers are entering mostly through joint ventures or franchises; Sephora, Payless ShoeSource and Luxottica are examples in the apparel and accessories segment. Alsea, Mexico's leading fast-food operator, recently opened P.F. Chang's and is experiencing accelerated growth. It plans to open 500 new locations across its brands over the next five years. A number of international retailers, such as Gap, Inc., Victoria's Secret and CB2 entered the market through e-commerce. Critical to success in Mexico is the ability to secure desirable real estate and to offer credit facilities for low-income consumers. Colombia: Still in recovery. Colombia is in 24th place this year. The country of 45.5 million was affected more deeply by the global economic downturn than some of its neighbors and has not fully recovered. The market is still dominated by small independent retailers, but operators such as Casino and Carrefour are using the hypermarket format to target middle-class customers. Inflation continues to be a concern, but new entrants have still moved in, including Sodimac, Cencosud, Inditex (Bershka, Stradivarius and Massimo Dutti) and Payless ShoeSource. Argentina: Back on the list. Argentina dropped off the Index in 2010 but returns this year in 25th place. It experienced strong 9-plus percent GDP growth in 2010, but its rising inflation rates may be distorting this growth as it leads consumers to make advance purchases. The country of 40.5 million has not experienced significant changes in the inflow or outflow of foreign retailers, with Carrefour, Cencosud and Wal-Mart still the leading international retailers in the country. Panama: A new hub. Panama enters the GRDI in 27th place. Panama's economy is experiencing an economic boom and is one of Latin America's fastest-growing and best-managed markets. In the past five years, Panama's GDP growth of 6.1 percent and GDP per capita growth of 6.9 percent have been among Latin America's highest. While Panama is relatively small (population 3.5 million), a few factors position it as a key retail location: There has been a recent real estate and infrastructure boom, the country is becoming a key financial hub (in addition to being a key transportation and logistics hub), and its economy is based on the dollar. Retailers are entering the market (for example, Juicy Couture), while others that are already present (such as Nautica) are expanding and opening new stores. Fuente: 2011 Global Retail Development Index. Disponible en: http://www.atkearney.com/index.php/Publications/global-retail-development-index.html

CRECIMIENTO POBLACIONAL El retail ha tenido un crecimiento explosivo en mercados emergentes durante los últimos 10 años donde: CRECIMIENTO POBLACIONAL +11% ESPACIO DEL RETAIL +225% VENTAS PER CÁPITA +100% ACCESO A INTERNET +400% El GRDI es un ranking que todos los años realiza la consultora AT Kearney, para presentar el ranking de los 30 mercados emergentes más atractivos para la expansión del retail. As the dust settles from a turbulent 2009, retailers in developed markets face a changed landscape that features fewer stores, heavier discounting and more fickle shoppers. In contrast, retail in most developing markets quickly got back on track after the recession. Desirable real estate is still difficult to obtain, competition remains strong both from domestic and foreign players, and the middle class continues to grow. If global retailers ever questioned the wisdom of balancing their domestic holdings with investments in developing markets, the recession certainly reaffirmed its value. Retail executives have learned again that their core markets are not the powerful engines of growth they would like—United States and European GDP growth in 2010 is expected to hover around 3 percent and 1 percent, respectively. Today, reliance on developing countries for future growth is no longer a “nice-to-have,” but is a necessity. This changing competitive environment highlights the need for companies to compare different markets for entry prospects—which A.T. Kearney’s 2010 Global Retail Development Index™ (GRDI) can help them do. The annual study ranks the top 30 emerging countries for retail expansion, based on 25 macroeconomic and retail-specific variables. Los países emergentes representan hoy día un 42% del total de las ventas globales del retail Fuente: 2011 Global Retail Development Index (http://www.atkearney.com/index.php/Publications/global-retail-development-index.html

BRASIL, CHILE, URUGUAY Y PERÚ ENTRE LOS TOP 10 País 2011 2010 2009 2007 2004 Brasil 1 5 3 Uruguay 2 8 -   Chile 6 India 4 10 21 Kuwait 20 China 7 12 Arabia Saudita 18 Perú 9 Emiratos Arabes 22 Turqúía 17 Líbano 11 14 15 Egipto 13 Albania Rusia Kazakhstan 19 Indonesia 16 Marruecos Filipinas Tunez Sri Lanka 30 25 BRASIL, CHILE, URUGUAY Y PERÚ ENTRE LOS TOP 10 Brasil, Perú y Uruguay en sólo 6 años ganaron las miradas del mundo y entraron al Top10 Turquía y Egipto ganan atracción China, India, Rusia pierden posiciones Fuente: 2011 GRDI

RANKING DE MERCADOS EMERGENTES PARA LA EXPANSIÓN DEL RETAIL MERCADOS EN EL RADAR Y PARA CONSIDERAR Fuente: 2011 Global Retail Development Index (http://www.atkearney.com/index.php/Publications/global-retail-development-index.html

RANKING DE MERCADOS EMERGENTES PARA LA EXPANSIÓN DEL RETAIL MERCADOS DE BAJA PRIORIDAD Fuente: 2011 Global Retail Development Index (http://www.atkearney.com/index.php/Publications/global-retail-development-index.html

ARGENTINA, COLOMBIA Y MÉXICO CONSIDERADOS DE BAJA PRIORIDAD Fuente: 2011 Global Retail Development Index (GRDI) - ATKearney * Basado en el score ponderado de atracción del mercado, saturación del mercado y presión del tiempo

GUATEMALA Y URUGUAY APARECEN EN EL CUADRANTE DE “OPENING” GUATEMALA Y URUGUAY APARECEN EN EL CUADRANTE DE “OPENING”. BRASIL EN LA CIMA Fuente: 2011 Global Retail Development Index

LOS CRECIMIENTOS ACOMPAÑAN LAS PROYECCIONES DE GRDI EN CONSUMO DE LA CANASTA KANTAR WORLDPANEL LOS CRECIMIENTOS ACOMPAÑAN LAS PROYECCIONES DE GRDI BRASIL Y PERÚ DESTACAN POSITIVAMENTE MÉXICO Y ARGENTINA CON ESTABILIDAD BRASIL PERÚ MÁS ALTOS ECUADOR BOLIVIA COLOMBIA VARIACIÓN EN CONSUMO MEDIOS CHILE CAM MÉXICO MÁS BAJOS ARGENTINA VENEZUELA

MÉXICO CAM ECUADOR COLOMBIA PERÚ VENEZUELA BRASIL BOLIVIA CHILE ARGENTINA MÉXICO ECUADOR PERÚ BOLIVIA CHILE Var% en Valor MATQ2’11 vs. año anterior Var% en Volumen MATQ2’11 vs. año anterior Fuente: Kantar Worldpanel Latam - Total categorías medidas en cada país

EN UN ESCENARIO CON REALIDADES MUY DIVERSAS EL RETAIL EN LATAM TIENE TODAVÍA UN CAMINO PARA DESARROLLARSE

BAJA IMPORTANCIA DEL CANAL MODERNO PARA LOS HOGARES LATINOS DESTINAN ALLÍ MENOS DE LA MITAD DE SU GASTO EN FMCG % VALUE CANAL MODERNO El canal moderno mantiene desarrollo en Europa, EE.UU. y Taiwán. Latinoamérica se comprime ligeramente, queda similar a China y Tailandia Contexto en LatAm Menor concentración del gasto en un retailer Pulverización de canales Compleja extensión geográfica Canastas diferentes por canal Proximidad como driver para el tradicional Fuente: Europanel & Kantar Worldpanel Latam - Value share% MAT Q2 2011 – Total categorías medidas en cada país

más próximo EN 2011 EL CANAL MODERNO BAJA SU PARTICIPACIÓN EN 4 PUNTOS BRASIL: CERCANÍA DEL PEQUENO VAREJO PRESIONA EL DESCENSO % VALUE CANAL MODERNO ALTO DESARROLLO MEDIANO DESARROLLO BAJO DESARROLLO El canal tradicional ratifica su presencia en la región con su principal cualidad: proximidad Así multiplica sus formatos: desde ferias, bodegas, almacenes hasta panaderías, tortillerías y autoservicios orientales Canal moderno busca hacerse más próximo Crece en formatos más pequeños Pequeno varejo estabelece relação de proximidade e torna-se preferência dos brasileiros: 2,4 milhões de novos lares comprando no canal. Fuente: Consumer Insights Brasil, Kantar Worldpanel Q2 2011. Fuente: Kantar Worldpanel Latam - Value share% MAT June 2011 – Total categorías medidas en cada país. Base: Total Mercado

1 2 3 4 LOS MÁS DESARROLLADOS CRECEN MENOS EN GASTO: BRASIL Y CHILE ARGENTINA, PERÚ Y VENEZUELA DESTACAN POR SU INCREMENTO DESARROLLO POSITIVO EN EL CANAL MODERNO: GRAN CRECIMIENTO EN GASTO, BAJO SHARE VALUE SHARE DEL CANAL MODERNO 2011 (%) VARIACIÓN DEL GASTO MEDIO POR HOGAR EN EL CANAL MODERNO (%) 1 2 3 4 Fuente: Kantar Worldpanel Latam - Variación del gasto medio por hogar MAT June 2011 vs. SPYA y Participación del Canal Moderno MAT June 2011 –Total FMCG. Base: Total mercado

TRADICIONAL FUERTE PRESENCIA EN EL DUELO POR LA CANASTA FMCG ENTRE EL MODERNO Y TRADICIONAL CUANTO MÁS DESARROLLO EN UNO, MENOS EN EL OTRO VALUE% - MAT JUNE2011 FACTURACIÓN CRECE EN 2 DÍGITOS EN EL CANAL MODERNO ¿EL DRIVER? ¡TICKET! D2D ECUADOR Y BOLIVIA DE CADA U$10 GASTADOS EN FMCG, U$1 VA A ESTE CANAL EN AR, BR Y CAM DONDE CRECE A MAYOR RITMO TRADICIONAL FUERTE PRESENCIA EN VENEZUELA, ECUADOR, COLOMBIA Y BOLIVIA Fuente: Kantar Worldpanel Latam – Value Share% - Total FMCG – MAT June 2011 vs. SPYA. Base: Total mercado.

16% DEL GASTO REALIZADO SE MANTIENE EN OTROS CANALES MAYORISTAS CONTINÚAN SU PRESENCIA EN CHILE Y ARGENTINA % VALUE Otros incluye: Mercado Informal Pet Shops Tiendas departamentales Depósitos de bebidas Panaderías Tortillerías en México, Pañaleras en Argentina, Farmacias y Droguerías, Perfumerías, Tiendas de artículos de limpieza Fuente: VALUE SHARE% TOTALFMCG – MAT June 2011. OBS RESTO: Chile incluye Ferias y Mexico Tortillerias. Base: Total mercado

CADENAS LOCALES MANTIENEN LIDERAZGO SON MÁS EN UNA COMPLEJA GEOGRAFÍA % VALOR LATAM LAS CADENAS LOCALES SE ADUEÑAN DEL MAYOR GASTO GRACIAS A LA FRECUENCIA DE COMPRA US$308 Gasto en GLOBAL US$314 Gasto en REGIONAL US$628 Gasto en LOCAL Fuente: Kantar Worldpanel Latam – MAT June 2011 vs SPYA – Canasta FMCG – Base: Canal moderno

GLOBAL REGIONAL Cencosud: WALMART N°1 EN LATAM LAS CADENAS LOCALES DOMINAN EN CASI TODOS LOS PAÍSES EL SUR ES LA EXCEPCIÓN DE LA REGLA % VALOR GLOBAL WALMART N°1 EN LATAM REGIONAL Cencosud: Perú, Chile y Argentina con la mayor presencia Fuente: Kantar Worldpanel Latam – Value Share% - Base: Canal Moderno. Total FMCG – MAT June 2011 vs. SPYA.

GRUPO WALMART GRUPO CARREFOUR GRUPO CENCOSUD GRUPO CASINO TOP RETAILERS EN LATAM CRECEN EN SHARE DURANTE 2011 PERO SÓLO REPRESENTAN EL 11% DEL GASTO EN FMCG EN LA REGION GRUPO WALMART GRUPO CARREFOUR GRUPO CENCOSUD GRUPO CASINO 2,8% 2,0% 1,6% 4,7% PENETRACIÓN: 31% 20% 11% 17% Fuente: Kantar Worldpanel Latam – Value Share% Base: Total mercado, total FMCG – MAT June 2011 vs. SPYA

¿Y LAS MARCAS PROPIAS? 6 DE CADA 10 INCLUYE UNA MARCA PROPIA EN EL CARRITO SÍ ELIJO MARCAS PROPIAS ¿POR QUÉ…? NO, NO LAS COMPRO 52% Encuentran una buena relación calidad - precio 28% Dice que el precio no justifica la calidad NSE Altos los que más compran (69%) BdP quienes menos las prefieren (56%) Fuente: Top2Box: Siempre + A veces.¿Con qué frecuencia compra marcas privadas / propias? ConsumerWatch Latam 2011

¿POR QUÉ PREFERIMOS MARCAS PROPIAS?POR AL MENOS DOS MOTIVOS BUENA RELACIÓN PRECIO Y CALIDAD 52% DONDE ACOSTUMBRO COMPRAR, HAY MARCAS PROPIAS 20% OFRECE UNA AMPLIA VARIEDAD DE PRODUCTOS 15% Fuente: Kantar Worldpanel Latam - ConsumerWatch 2011 Base de cálculo: Quienes consumen marcas propias.

DESARROLLO EN ARGENTINA Y COLOMBIA: BUENA RELACIÓN PRECIO - CALIDAD MUCHOS PRUEBAN MARCAS PROPIAS PERO POCO GASTAN EN ELLAS ¿Con qué frecuencia compra productos de marca propia…? %Siempre + A veces DESARROLLO EN ARGENTINA Y COLOMBIA: BUENA RELACIÓN PRECIO - CALIDAD VENEZUELA: FALTA DE CONOCIMIENTO (20%) CAM (31%) Y BRASIL: PRECIO NO JUSTIFICA CALIDAD Fuente: Consumer Watch 2011

CONO SUR, MÉXICO Y BRASIL MARCAS PROPIAS SIGUEN SUBDESARROLLADAS MUCHO RUIDO Y POCAS NUECES MARCAS PROPIAS SIGUEN SIN SER UNA AMENAZA PARA LAS 1ERAS. MARCAS CONO SUR, MUY DE MARCA PROPIA CHILE CON SÓLIDO CRECIMIENTO MÉXICO Y BRASIL MARCAS PROPIAS SIGUEN SUBDESARROLLADAS Fuente: %Value share . Base: Canal moderno

MUCHOS SHOPPERS ONLINE LLENANDO LA DESPENSA CON UN CLICK: ARGENTINA, LA MÁS EXPERTA ECUADOR Y COLOMBIA APORTAN AL DESARROLLO LATAM ¿Qué productos ha comprado en el último año vía internet? Alimentos y bebidas. EN ARGENTINA CANAL MODERNO APUESTA AL E- COMMERCE + OTROS DETALLISTAS Y PRODUCTORES COMO LE SHOP QUE SÓLO VENDEN VÍA WEB BRASIL Y CHILE MUCHOS SHOPPERS ONLINE PERO POCOS LO HACEN PARA LLENAR LA ALACENA Fuente: Base 100 Quienes compran por internet. Consumer Watch 2011 | LATAM

4 NO TIENE ACCESO LA LIMITACIÓN MÁS IMPORTANTE: ACCESO A INTERNET DESCONFIANZA LA SEGUNDA RAZÓN ¿Por qué motivos no compra por internet? DE CADA 10 LATINOS QUE NO COMPRAN POR INTERNET, 4 NO TIENE ACCESO LOS COLOMBIANOS CON EL MAYOR MIEDO A DAR EL N°DE TARJETA DE CRÉDITO A MAYOR EDAD DEL AMA DE CASA, MENOR CONOCIMIENTO PARA HACER COMPRAS ONLINE

BRASIL Limpieza (+6%) y Bebidas (+4%) las canastas que más aumentaron en Volumen MÉXICO Shampoo, Detergente para ropa y Galletas las categorías con más lanzamientos VAR% en Volumen MAT Q3’10 – Total Canasta

COLOMBIA El consumo crece un 7,2%, destacaron Alimentos (+10,6%) y Aseo Personal (+5,5%) CAM Alimentos crece (+6,6%), mientras Bebidas muestra una ligera caída (-0,5%) en su Volumen VAR% en Volumen MAT Q3’10 – Total Canasta

VENEZUELA Caída del 4,3% en el consumo; impacto de la disminución en Bebidas (-2,5%) ECUADOR Aumento de precios afectó a las canastas: NSE DE: Jugos y Cuidado Personal NSE AB Y C: Cuidado Personal VAR% en Volumen MAT Q3’10 – Total Canasta

ARGENTINA Decrece la canasta FMCG, salvo en Cuidado del Hogar (+3.3%) CHILE El consumo de 1ra necesidad estable. Caída en Bebidas (-3,7%) y en Lácteos (-0,7%) VAR% en Volumen MAT Q3’10 – Total Canasta

PERÚ BOLIVIA La Canasta FMCG crece a menor ritmo (+5%) Crecen Cuidado Personal (+7,5%) y Limpieza (+8,2%) VAR% en Volumen MAT Q3’10 – Total Canasta

7 IDEAS desarrolladas en el FOCUS PANEL 2011 de países de la Región UN PORTFOLIO AMPLIO Ofrecer opciones para todos los targets. PACKAGING ATRACTIVO Si está a la vista su consumo aumenta. EXTENSIÓN DE MARCA Capitalizar la fuerza de las marcas. NUEVOS MOMENTOS Expandirse a nuevas situaciones de consumo. NUEVOS USOS Comunicar otras funcionalidades. INNOVACIÓN REAL Reinvención. Generar nuevas necesidades. SALIR DE LA GÓNDOLA Explorar nuevos canales de venta.

QUE CONDICIONAN AL BOLSILLO ¿CÓMO PROYECTAMOS NUESTRAS FINANZAS PARA EL 2012? DE CARAS AL 2012, 3 PREGUNTAS BÁSICAS QUE CONDICIONAN AL BOLSILLO ¿AHORRAMOS? ¿QUÉ TANTO NOS PREOCUPA LA INFLACIÓN?

COLOMBIA, PERÚ Y BRASIL MANTIENEN 2012:¡TODAVÍA BIEN PROYECTADO! ¿Cómo piensa que estará su situación económica personal el próximo año? %Mejor COLOMBIA, PERÚ Y BRASIL MANTIENEN EL ESPÍRITU OPTIMISTA ARGENTINA Y VENEZUELA RECUPERAN EL ÁNIMO Fuente: ConsumerWatch Latam 2011

CON LAS MAYORES EXPECTATIVAS LA ESPERANZA DE AHORRAR BAJA A 64% ARGENTINA ROMPE EL CHANCHITO: RETROCEDE A NIVELES 2009 ¿Pretende ahorrar este año? % Sí COLOMBIA Y CHILE CON LAS MAYORES EXPECTATIVAS ¿CÓMO ATRAER ESE DISPOSABLE INCOME? Fuente: ConsumerWatch Latam 2011

SÓLO SUPERADA POR INSEGURIDAD: Argentina (83%) Ecuador (69%) SÍ, NOS PREOCUPA LA INFLACIÓN ¡A LA MAYORÍA! ¿Cuáles son sus tres principales preocupaciones en 2011 - % Inflación? AUMENTO DE PRECIOS, EL MAL LATINO ¡Es la 2da. preocupación! SÓLO SUPERADA POR INSEGURIDAD: Argentina (83%) Ecuador (69%) Fuente: ConsumerWatch Latam 2011

¿Qué oportunidades ofrece el Retail en LatAm? Proximidad Es de las características más valoradas por el latino en el canal tradicional Cada vez más retailers se suman a hacerla parte de su oferta en formatos E-commerce Su mayor barrera : acceso a internet y desconfianza, mercados como el argentino dan cuenta que accesos mayores, arriesgarse y generar cultura al usuario lo colocan como un canal de alto potencial Confianza El optimismo financiero aún se proyecta bien en Latinoamérica para 2012, la mayoría espera ahorrar, ¡la disposición al consumo sigue en un buen momento! Innovaciones, estar cerca de la necesidad en el momento justo en tamaño y lugar serán bien recibidas

LATAM RETAIL OVERVIEW MARZO 2012 Para más información, contacta a tu equipo CS local o escribe a: Info.latam@kantarworldpanel.com MARZO 2012