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2. GDP Growth Inflation Unemployment 6.5% 2016 | LATAM KEY INDICATORS 5.8% LATAMWORLD SOURCE: >GDP & Inflation- FMI, database April 2016 >Unemployment Latam - ILO - Forecast 2016 - 2017 -0.47% 5.67% 3.16% 2.82%

3. 201 6 2015 | LATAM KEY INDICATORS

4. 201 6 Q1 2016 | SUMMARY LATAM #PositiveBeginning First quarter with positive outlook, CAM and Ecuador with the highest consumption growth in Latam driven by Food, Home Care and Personal Care. In third place Brazil driven by Food. #DairyRecovers After a weak year end, Dairy basket becomes relevant in 6 of the 10 countries in Latam. Increase seen in Brazil and CAM. In contrast, Beverages basket is affected, growing only in 4 countries in the region. #ColombianWeakStart The first quarter was not the most favorable for Colombia, due to the country’s economic had an impact on the consumption of Colombian FMCG basket.

5. 201 6 Q1 2016 | SUMMARY LATAM #PositiveBeginning First quarter with positive outlook, CAM and Ecuador with the highest consumption growth in Latam driven by Food, Home Care and Personal Care. In third place Brazil driven by Food. #DairyRecovers After a weak year end, Dairy basket becomes relevant in 6 of the 10 countries in Latam. Increase seen in Brazil and CAM. In contrast, Beverages basket is affected, growing only in 4 countries in the region. #ColombianWeakStart The first quarter was not the most favorable for Colombia, due to the country’s economic had an impact on the consumption of Colombian FMCG basket.

6. 201 6 MOV Q1’16 | SUMMARY LATAM #SlowStart The first quarter of year does not offset the FMCG trend of 2015, even though it remains more stable, the consumption does not grow in main Latam economies. #FromHeadToToe Personal Care is the basket with the best consumption index in the last 12 months. This index increases in 9 countries of region. #AgainstForecasts Although forecasts for Ecuador’s economic growth are not very encouraging, their FMCG consumption has the best performance in region, driven by Personal and Home Care.

7. 201 6 MOV Q1’16 | SUMMARY LATAM #SlowStart The first quarter of year does not offset the FMCG trend of 2015, even though it remains more stable, the consumption does not grow in main Latam economies. #FromHeadToToe Personal Care is the basket with the best consumption index in the last 12 months. This index increases in 9 countries of region. #AgainstForecasts Although forecasts for Ecuador’s economic growth are not very encouraging, their FMCG consumption has the best performance in region, driven by Personal and Home Care.

8. 201 6 LATAM IN 10 CLIKS Click on each country to display or hide Insights

9. 201 6 CHILE ARGENTINA BRASIL BOLIVIA PERÚ ECUADORCOLOMBIA MÉXICO CAM VENEZUELA BOLIVIA #BackToBasics Households become more basic in their consumption. RTE and complementary products lose shoppers. #LessFocusOnUtensils Supplementary Home Care products lose relevance in a more basic basket cleaning. #TicketControl A new shopper stands out: more cautious and rational, with a ticket more controlled. ARGENTINA #FMCG2016 FMCG market will be lower that previous year, we expect a recovery in newly 2017. ##2016Strategies Households will search for ways to make their budget last such as: promotions, low prices brands and refill & economical formats. #FMCGOutlets Discounts are increasing their volume while the Hypermarket is the most affected outlet with less clientele and loyalty. BRAZIL #BasicNeeds Foods and Beverages pulling up consumption. #Cash&Carry Is still consumption growth driver. #FewerVisits Households still further reduce the purchase frequency. COLOMBIA #TradicionalChannelLeader Traditional channel is the leader, modern channel growth of independent channel. #MiddleLevelIsTheKey Middle classes increasing volume and value. #PersonalCareDecreases Personal care with the higher decrease, mainly by Fragrances. MEXICO #TryingNewChannels Traditional trade has more loyalty than any other channel, but it's dropping while Supermarkets, Wholesalers and Bodegas are gaining ground. #RedistributingBudget Personal Care impulse the spend in premium products: households don't have more money, they are just redistributing it to have some indulgences. #AtTheRightMoment Fuller trolleys in Mexico, but less trips to the point of purchase; less moments to conquer the shopper. PERU # TraditionalPeruvian Every year, grocery stores become more important on among other channels. # PrivateLabel Increase the spending on retailer brands driven by more frequent visits to the channel. # GrowingMiddleSEL The growth gap is shortened between Middle and High SELs. VENEZUELA #DamagedFoodBasket Food Basket is the one which loses most volumes over the last 12 months as a result of shortages and high inflation rate situation. #SubstitutesEmerge Oats and Milk modifiers are the only categories with positive results in the Drinks Basket. #Low-blowToTheBeverages Although soft drinks has being strongly affected by PET, caps and sugar shortages, It remains stable but with negative tendency (-1,3%). CENTRAL AMERICA #SpendIsUp In the first months of 2016, a better picture is displayed, households start spending more in the basket. #DairyStandsOut The impulse beverage stops, giving way to the growth of dairy, additional basket of food and personal care begins to recover. #ThePyramidIsAligned We continue to see the trend of the ends of the pyramid to grow, especially low levels, although we see the center of the pyramid spend more. ECUADOR #InHomeExperience The shopper prefers to save out of home in categories such as Beer, Cookies, Hair dyers and takes this experience in home. #TraditionalReturns The Traditional trade sees a recovery; however, the Modern trade is still the growth driver. #PrioritizingBaskets Food & Beverages are prioritized, reducing the spending in Personal Care (sumptuary products), shrinking the catalog. CHILE #ProximityAndTradition Street markets are growing 9% during the last year, mainly because alternative liquid products of laundry. #HigherVolumeHigherSpend SEL C3 are expending more in FMCG basket (+7%), mainly because they’re taking more volume per day. #MoreVisitsToTheModernChannel Purchase frequency in continuous growth. North and Bio shows this movement in Modern channel.

10. 201 6 VEN PER MEX ECU COL CHI CAM Volver a Summary Latam Volver a Summary Latam BOL BRA ARG

11. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

12. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

13. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

14. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

15. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

16. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

17. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

18. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG

19. 201 6 Volver a Summary Latam Volver a Summary Latam VEN PER MEX ECU COL CHI CAM BOL BRA ARG VAR VAL%VAR VOL% VAR% VAL Biscuits Milk modifier Rice Chocolate spread Tomato Sauce Fabric Softener Culinary Milk Air freshener Malta Makeup VAR(p.p.) PEN Blades & Razors Milk modifier Cereal for children Femcare Powdered Desser t Makeup Fabric Softener Beer Cleaners Culinary Milk VAR% VOL Blades & Razors Milk modifier Biscuits Toothbrush Cereal for children Culinary Milk Makeup Malta Spices/ Condiments Cleaners TOP 5+ BOTTOM 5- MOV Q1.16 MOV Q1.15 MOV Q1.14 BASKET TRENDS – Q1.16 vs. Q1.15 CATEGORIES – MOV Q1.16 vs MOV Q1.15 NSE – VOL VARIATIONS - TOTAL FMCG CHANNELS – VOLUME SHARE ModernTraditionalD2DOther Decrease ≤ -0.5% -0.5% < Growth ≤ 5% Growth > 5%

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