2. Q4 2012 | SUMMARY LATAM #Timid2012 Moderate growth in the region, pronounced deceleration in Brazil and Argentina #MoreAccess Lower classes are duplicating consumption using credit card #GotMilk? Dairy is the fastest growing basket (in value) in 5 countries #GoodPerspectives Estimated growth for the next five years in Latin America should be only 3.9%, according to IDB. It can reach 6% if countries adopt structural reforms to their needs Back to the begining Back to the begining

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

4. CHILE ARGENTINA BRAZIL BOLIVIA PERU ECUADOR VENEZUELA COLOMBIA MEXICO CAM BOLIVIA #ModernTrade Even with a low profile, modern is the fastest growing trade in Bolivia (+30%) #2Regions Cochabamba & Santa Cruz, regions that drive consumption in 2012 #mediumSEL, emerging segment expanded by 18% its expenditure levels in 2012 ARGENTINA #EconomySlowedDownIn2012 Consumption stopped growing (0% in volume), decreasing also the mood of consumers #TheInteriorGainedProminence in 2012 (+2%), while the impulse of the the base of the pyramid was reduced #PromotionsWereTheEngineOfModernTrade Thinking about brands, those that triggered their proposals and innovated achieved good results MEXICO #ChangeOfHabits after 4 years, shopping trips are stable, increasing the ticket #UnemploymentDecreases but 60% of the jobs created were in the informal according to INEGI #GreaterRepertoireOfTrades Middle class and large families are the ones who visit the most number of retailers PERU #PositiveMacro GDP ended 2012 at a good pace (6.3%), inflation at established ranges (2.65%) #AtTheSamePace Lima (+6.5%) and Provinces (+6%) #CanalModerno Increase in Households buyers (+ 4%) CHILE #MoreExpenditure basket is going towards a better mix, volumes doesn’t grow but expenditure does #Wholesalers continue to grow, in 2012 reached more than 2.5 million households #MorePrivateLabels, increasingly present in most categories and higher tiers CENTRAL AMERICA #Economy: CAM shows growth in all countries, El Salvador is the country with the smallest growth #GrowingBasket: Driven mainly by Guatemala, Costa Rica and Panama #MediumSEL: the one who contributes more to the growth of the basket COLOMBIA #GoodOverview Colombia ends 2012 with very good economic indexes with very positive expectations for 2013 #MoreExpenditure The new consumer dynamics: more consumption less frequently, has led to increased household spending #Supplying Households buying more volumes in modern trade decreasing purchase frequency in the traditional retail With 1 click on the country you open the most significant insights, with another click you close them BRAZIL #PopularConsumption Consumption stability is in the hands of the lower class. #AccessToAll 1.3 million households using credit card as payment at retailers #IncreasedPocketCompetition new expenses competing for the consumer's pocket. Priority is paying bills with more planning VENEZUELA #LowerTheRate Although the low 2012 official inflation, it is still the highest in Latam #Uncertainty President Chavez leaves government due to his illness in late 2012 #LessOptions Shortages in basic foods was between 21% and 40% ECUADOR #LessRemittances Global crisis impact negatively on remittances. Ecuadorians are returning to the country # BankarizationImpliesConsumption Consumption is duplicated with credit card #SmallerBasket The household tends to spend the same, but to consume less. Mainly less food

5. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining

6. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining BRA

7. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining BOL

8. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining CAM

9. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining CHI

10. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining COL

11. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining ECU

12. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining MEX

13. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining PER

14. VEN PER MEX ECU COL CHI CAM Back to Summary Latam Back to Summary Latam BOL BRA ARG Back to the begining Back to the begining VEN

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