Almacenes Éxito S.A. Operating Margin growth derived mainly from expense efficiencies KEY BUSINESS HIGHLIGHTS

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1 Almacenes Éxit S.A. Cnslidated Financial Results 3Q18 Envigad, Clmbia, Nvember 14, Almacenes Éxit S.A. ( Éxit r the Cmpany ) (BVC: ÉXITO / ADR: ALAXL) annunced its results fr third quarter perid ended September 30, 2018 (3Q18). All figures are expressed in millins f Clmbian Pess (COP) Operating Margin grwth derived mainly frm expense efficiencies Financial Highlights KEY BUSINESS HIGHLIGHTS Cnslidated Net Revenue rse 9.5% (1) driven by slid Net Sales grwth (9.3% (1) ) and strng Other Revenue prgressin (17.6% (1) ). Recurring EBITDA margin gained 40 bps t 5.2%. Net Grup Share imprved frm COP-$31,331 M in 3Q17 t COP-$9,676 M in 3Q18 and grew 4 times in 9M18 versus the same perid last year. Operating Highlights Tp line grwth (2) and peratinal efficiencies, drve the slid margin perfrmance. Cnslidated CAPEX f COP$682,480 M in 3Q18 (46% expansin). Launch f Punts Clmbia (Aug 1). Launch f Exit WOW at Envigad, the hypermarket f the future (Sep 6). Launch f Carulla Fresh Market in Castill Grande, Cartagena (Aug 17). Arrival f the Surtimayrista frmat in Chia, Cundinamarca (Sep 27). Cnstructin f Viva Envigad and Viva Tunja shpping malls in Clmbia (near 110k GLA added in Oct/18). Synergies n track t reach an annual run rate f USD120 M by the end f Outlk Run rate benefits frm synergies f apprximately USD120 M. Mid-term ecnmic recvery expected in Clmbia. Fcus n cst and expense cntrl activities. Expansin fcus n high-return frmats, such as cash and carry, in Brazil and Clmbia. High ptential frm stre cnversins and renvatins f premium stres. Innvatin, is the differentiated strategic fcus that Grup Éxit chse t implement in the 4 cuntries in which the Cmpany perates. In Clmbia, the utcme f new cncepts such as Éxit Ww and Carulla Fresh Market, the fcus n mnichannel and the mnetizatin f traffic thrugh cmplementary businesses, especially real estate, drve net Incme grwth in the first nine mnths f the year. The peratin in Brazil, shwed cnsistent results frm the cntinued imprvement f Multivarej and the slid perfrmance f Assaí. Uruguay grew despite the challenges seen in neighburing cuntries. The business unit in Argentina als psted revenue grwth due t the successful implementatin f cmmercial strategies and the high ccupatin rate f rental spaces. The reginal executin capacity allws us t cntinue fcusing n reaching the target f annual run rates f USD 120 M frecasted by the end f the year, stated Carls Mari Girald Mren, CEO f Grup Éxit. (1) Excluding the negative FX effect f 16.4% at Net Revenue and f 16.2% at Recurring EBITDA levels (2) Variatins in Net Revenues in lcal currency. 1

2 I. Cnslidated Financial and Operatinal Perfrmance (1) Data excluding the tax credits effect. (2) Data excludes the negative FX effect f 16.4% at tp line and f 16.2% at recurring EBITDA level. Nte: Data des nt include Via Varej S.A. (classified as discntinued peratin). (3) In lcal currency. Differences in the 3Q17 base versus the ne reprted in 2017 assciated t reclassificatins at cst and expense level fr cmparisn purpses. Cnslidated Net Revenue in 3Q18 rse 9.5% (2) driven mainly frm net sales grwth (3) f all ur internatinal peratins and the slid perfrmance f ther revenue (17.6% (2) ). Cnslidated net sales ttalled COP$12.5 B in 3Q18, benefitted by the 44 stres pened during the last 12 mnths. Grss Margin psted a slight decrease f 10 bps t 23.3% in 3Q18 versus the same perid last year as a percentage f Net Revenue. Grss margin levels benefitted by strng gains in Clmbia and Argentina (+90 bps and +110 bps respectively) ffset mainly by the levels psted in Brazil. SG&A Expenses cntinue t decrease and psted a reductin f 60 bps as a percentage f Net Revenue in 3Q18 versus the same perid last year. Imprved expenditure levels were derived frm clear actin plans that cntinued increasing prductivity especially in Brazil and Argentina. Recurring Operating Margin expanded fr the secnd cnsecutive quarter by 40 basis pints versus the same perid f 2017 mainly derived frm imprved expenditure levels. Recurring EBITDA reached COP$661,131 M and margin grew 40 bps t 5.2% in 3Q18 while rse 20 bps t 6.1% as a percentage f Net Revenue in the first 9 mnths f the year (+40 bps when excluding the tax credit effect frm Brazil). Recurring EBITDA margin imprved due t a better peratinal perfrmance in Clmbia, Brazil and Argentina. 2

3 Cnslidated Net Grup Share Result imprved frm a lss f COP$31,331 in 3Q17 t a lss f COP$9,676 M in 3Q18. In the first nine mnths f 2018, Cnslidated Net Grup Share grew 4 times t COP$119,312 frm COP$30,339 in 9M17. 37,830 1,240 96,006-28,256 8,921 9,689 2, ,359-9,676-31,331 Net Incme 3Q17 ROI Clmbia ROI Brazil ROI URU + AR Nn-rec. expenses Financial result Incme frm assciates Incme tax Min Net Incme Interest + 3Q18 Disc Oper. The Net Grup Share Result mainly reflected: Imprved peratinal perfrmance frm prductivity effrts and despite negative FX effects. A psitive effect frm decreased nn-recurrent expenses related t a leaner and mre ptimized structure. Lwer financial expenditures frm lesser rep rates in Brazil, by -175 bps (SELIC rate frm 8.25% t 6.50%) and in Clmbia, by -100 bps (rep rate frm 5.25% t 4.25%). A negative effect frm incme tax and perfrmance f discntinued peratins. Earnings per Share (EPS) Diluted EPS was COP-$21.62 per cmmn share in 3Q18 vs COP-$70.0 in 3Q17. Diluted EPS was COP$266.6 per cmmn share in 9M18 vs COP$67.8 in 9M17. CAPEX Cnslidated Capital Expenditures in 3Q18 were COP$682,480 M. Of this amunt, 46% was allcated t retail and real estate expansins as well as t cnversins; the remaining was allcated t maintenance and supprt f peratinal structures, IT systems updates and lgistics. In Clmbia, CAPEX reached COP$111,805 M in 3Q18 f which 46% crrespnded t real estate, including the cnstructin f the Viva Envigad and Viva Tunja prjects. 3

4 In Brazil, investments fcused n the expansin thrugh Assaí s penings and cnversins and renvatins f Pã de Açúcar and Extra stres. Fd Retail Expansin In 3Q18, Grup Éxit pened 14 stres in the regin and ttalled 44 stres pened in the last 12 mnths. In Clmbia, the Cmpany pened 3 stres under the Surtimayrista banner (2 frm cnversins). In Brazil, the Cmpany pened 4 Assaí stres (1 cnverted frm Extra Hiper), 15 Pã de Açúcar stres were renvated and 6 Extra Super stres cnverted t Mercad Extra. In Uruguay, 1 stre pened under the Devt express banner. Grup Éxit ended the perid with 1,536 fd retail stres, gegraphically diversified as fllws: 549 stres in Clmbia, 870 in Brazil, 88 in Uruguay and 29 in Argentina. Stre cunt in Brazil des nt include pharmacies, gas statins and stres frm the discntinued business unit f Via Varej. The Cmpany s cnslidated selling area reached 2.79 M sqm. Real Estate Expansin In Clmbia during 3Q18, the Cmpany advanced n the cnstructin f Viva Envigad and Viva Tunja. Bth shpping centers finally pened in Octber 2018 and added additinal near t square meters f grss leasable area. Debt Structure Grup Éxit btained a credit facility f EUR 400 M and reduced its grss debt at hlding level by apprximately COP$670,000 M which represented a reductin f apprximately 15%. All the abve is part f Grup Éxit s strategy t cnstantly ptimize its debt structure, financial cst and tenr. Sustainability Achievements Grup Éxit was included in the Dw Jnes Sustainability Emergent Markets index fr the 6th cnsecutive year. The Cmpany received its higher scre (64 pints) since included in the index and ranked 12 th in the verall screcard. Onging Strategic Activities in Latin America Regin Activities t imprve Sales, Operating and Financial perfrmance: Executin f the peratinal excellence prgram acrss cuntries t maintain SG&A expense grwth belw inflatin levels. Executin f the Synergy Plan: Annual run rate frm synergies f USD120 M expected by the end f 2018 (USD100 M btained in 2017) derived frm: 28 Initiatives. 4

5 Jint purchasing activities delivering savings at the cst level. Expansin in key frmats: Cl and Bra: Cash & Carry; Uru: Prximity. Strengthening f the textile mdel in all 4 cuntries. Further implementatin f the Fresh Market mdel at premium stres. Expansin in Key Frmats: Prfitable expansin acrss cuntries. Cash & Carry expansin: 28 stres frm penings and cnversins (8 in Cl, 20 in Bra). Cnvenience expansin in Uruguay (8 t 10 stres). Renvatin activities in Brazil (20 Pã de Açúcar stres). Traffic Mnetizatin Activities: Punts Clmbia alliance in Clmbia (began peratins in august 1 st, 2018). Strengthening f the lyalty prgram in Brazil by further develping the Meu Descnt app. Priritizatin f the Retail - Real Estate dual mdel in Argentina. Expansin f Viva Malls in Clmbia with the pening f Viva Envigad and Viva Tunja. 5

6 Net II. Financial Sales Clmbia and Operatinal Perfrmance by Cuntry Net Sales Clmbia (1) Variatins in Clmbia Net Sales and SSS included the effect f cnversins in bth perids and the calendar effect adjustment f -1.5% in 3Q18 and f 0.2% YTD. (2) Surtimax and Super Inter brands. (3) Sales frm Surtimayrista, Allies, Institutinal and 3rd party sellers. In Clmbia, inflatin remained lw at 3.23% in 2Q18 versus 3.97% in 3Q17, in line with the 3.2% psted in 2Q18. Interest rates have decreased 50 bps during the year t 4.25% as f 3Q18, while reduced 100 bps versus the same perid in During the quarter, the payment f persnal incme tax was dne and its upward adjustment frm the latest tax refrm in 2016, certainly affected cnsumer cnfidence in Clmbia as the index went frm 15.5 in June 2018 t -0.7 in September A new tax refrm was als presented by the new gvernment, in which VAT is expected t be added t several prducts and services in the cuntry. Retail sales was affected in 3Q18 and psted a lwer grwth level f 4.8% excluding gas and vehicles, which cmpares t the 6.2% grwth psted in the previus quarter f the year. Grup Éxit s Net Sales in Clmbia were COP$2.55 billin and grew 0.6% in 3Q18 when adjusted fr the calendar effect. Net Sales included a higher share f the nn-fd categry (+44 bps t 27.5%) benefited by the grwth f the electrnic categry, bsted by the implementatin f the WOW mdel at Éxit Envigad. Net Sales als grew frm the cntributin f 16 stres pened in the last 12 mnths and the imprvement in sales frm mnichannel (+35.2%) and Surtimayrista (+59.2%) in 3Q18 versus the same perid last year. Same-stre sales (SSS) in Clmbia grew 0.5% in 3Q18 when adjusted fr the calendar effect. Net Sales and SSS levels in Clmbia during 3Q18 shwed a cnsistent gradual imprvement when cmpared t the levels seen during the last 6 quarters. The Éxit segment represented apprximately 68% f the sales in Clmbia with a psitive perfrmance mainly in Cali and the Atlantic Cast, and in the city f Medellin driven by the pening f the WOW frmat at Éxit Envigad. This segment psted a grwth f 0.9% and 0.8% in sales and SSS respectively, when adjusted fr the calendar effect. SSS and sales trend psted psitive grwth cmpared t the negative perfrmance experienced in the last 6 quarters. Net sales fr the Éxit segment benefitted by grwth in the nn-fd categries f textiles and electrnics, mainly driven by the implementatin f the WOW mdel at Éxit Envigad which represents near t 6% share f Éxit ttal sales. The Carulla segment represented apprximately 14% f sales in Clmbia and psted sales and SSS grwth f 1.1% and 1.3%, respectively when adjusted fr the calendar effect. Thus, the sales and SSS trends in 3Q18 cntinued t imprve and psted grwth fr the secnd cnsecutive quarter and after shwing negative levels in the previus 5 quarters. Carulla segment grew mainly in Cali and the Cffee regin, and tp line benefited mainly frm the fresh, FMCG and textile categries. The Fresh Market mdel was implemented in Carulla Castill Grande in Cartagena 6

7 and the frmat nw is present at 4 stres. Fresh Market stres cntributed t Carulla s perfrmance as the frmat grew sales by 11.3% during the third quarter f Surtimax & Super Inter represented 13% f sales in Clmbia and psted a sales and SSS cntractin f 8.5% and 8.4%, respectively when adjusted fr the calendar effect. The lw cst segment shwed a trend recvery f near t 200 bps versus the SSS levels psted in the previus quarter benefited frm strategies fcused n pricing, lyalty activities, prduct assrtment and lgistics. Categries such as fresh in Super Inter and the textile in Surtimax cntributed psitively t sales. Sales fr the B2B and Other segment increased their sales mix cntributins in Clmbia by 110 bps t 5.0% in 3Q18. Net sales in this segment rse by 26.2% in the quarter and grew by 44.8% in terms f SSS when adjusted by the calendar effect. Tp line grwth mainly derived frm the expansin f Surtimayrista with 3 stres pened in 3Q18, t a ttal f 15 stres year-t-date. The brand cntinued grwing sales by nearly 2x after cnversin, psting a 59.2% sales grwth with psitive EBITDA margins. Operating Perfrmance in Clmbia Clmbia 3Q18 3Q17 9M18 9M17 In COP M In COP M 3Q18/17 In COP M In COP M 9M18/17 Net Sales 2,550,634 2,573, % 7,658,563 7,688, % Other Revenue 158, , % 428, , % Net Revenue 2,709,381 2,696, % 8,086,960 8,036, % Grss Prfit 664, , % 1,978,999 1,959, % Grss Margin 24.5% 23.6% 24.5% 24.4% SG&A Expense -602, , % -1,773,540-1,755, % SG&A Expense/Net Revenue -22.2% -21.6% -21.9% -21.8% Recurring Operating Incme (ROI) 62,055 53, % 205, , % Recurring Operating margin 2.3% 2.0% 2.5% 2.5% Recurring EBITDA 123, , % 385, , % Recurring EBITDA margin 4.6% 4.3% 4.8% 4.8% Nte: The Clmbian perimeter includes the cnslidatin f Almacenes Exit S.A. and its subsidiaries in the cuntry. Differences in the 3Q17 base versus the ne reprted in 2017 assciated t reclassificatins at cst and expense level fr cmparisn purpses. Quarterly Net Revenue grew by 0.5% in 3Q18 driven by slid ther revenue (+29.2%) that ffset the Net Sales perfrmance (-0.9%). Other Revenue represented 5.9% as a percentage f Net Revenue in 3Q18; the 130 bps gain year ver year mainly reflects the slid perfrmance f the real estate and financial businesses. Cntributin frm cmplementary businesses drve Net Revenue grwth in 3Q18, a cntinuatin frm the trend seen in the first and secnd quarters f 2018 that cmpared t the negative Net Revenue trend seen during

8 % Prg Net Revenues 0.1% 1.3% 0.5% -2.2% -1.9% -2.7% -4.0% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Grss Margin in 3Q18 grew 90 bps as a percentage f Net Revenue benefitting mstly frm the slid cntributin f cmplementary businesses and lwer lgistic csts. Grss Margin 24.9% 24.5% 23.6% 24.5% 3Q15 3Q16 3Q17 3Q18 SGA expense levels in the quarter reflected the effect f real estate and retail expansin. Nevertheless, the utcme seen in the first nine mnths f the year cntinued grwing way belw inflatin (3.23% LTM). Expenditure levels reflected the cmpany s effrts t imprve prductivity by ptimizing the labur base and prcesses related t lgistics and rental expenses. SG&A Evlutin vs Inflatin 13.1% 14.5% 10.4% 9.4% 4.9% 6.3% 3.9% 2.8% 3.3% -0.1% -3.0% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 SG&A Q Ev 12M Inflatin Recurring Operating Margin grew 30 bps t 2.3% and Recurring EBITDA margin grew 30 bps t 4.6% in 3Q18 in Clmbia. Margin grwth reflected the cntinuatin f clear plans t cntrl expenditures and gains at the cst level, as well as the diversificatin f incme frm the strnger cntributin f cmplementary businesses. 8

9 Onging Strategic Activities in Clmbia Activities t imprve Sales, Operating and Financial perfrmance: Implementatin f the WOW frmat at Éxit hypermarket stres. The aim is t develp a new generatin f hypermarkets t jin the best f the physical and virtual wrld in ne place, t have superir custmer service and fcus n fresh prducts and t ffer a shpping experience cnnected t the digital wrld. The target is t bring this new mdel t 2 key Éxit Hypermarkets in 2018, Éxit Envigad and Éxit Cuntry, which represent arund 6% f the sales share f the Éxit segment. Implementatin f the Fresh Market mdel at Carulla stres aiming t innvate in the fresh fd categry, renvate stres and imprve layuts. Furthermre, it includes digital activities, such as apps, imprving custmer service experience and strengthening the ffer f key items like the wine, pasta, cheese, cffee and pera events related t the premium banner. Strengthening the current prtfli f prducts t guarantee the lwest price available with quality and basic gds aimed at cmpeting within the lw-cst market. Executin f the peratinal excellence prgram t maintain SG&A expense grwth at belw CPI levels. Expansin in Key Frmats: Prfitable expansin thrugh cash & carry stres t cmpete versus bth the frmal and infrmal market. A frmat that perates with lw perating csts and CAPEX requirements, driving strng returns which cmpares t the nn-prfitable expansin fllwed by discunters in Clmbia. 8 stres expected t be pened by yearend with a strng sales grwth f near 2x fllwing cnversins. Traffic Mnetizatin Activities: Viva Malls: 14 assets by Ttal GLA f 434,000 sqm by Optimizatin f retail assets. Viva Envigad and Viva Tunja pened in 4Q18. Cmplementary Businesses (yearly data): Financial Retail: near 2.7 millin cards issued. Travel: ver 270,000 clients. Insurance: near 1 millin clients. Mbile: ver 1.3 millin lines. Nn-banking crrespndent: ver 5 millin transactins by year. Lyalty Prgram Punts Clmbia: Launched in August 1st, 2018, as the largest ecsystem f pint issuances and redemptins in Clmbia. First true calitin prgram frmed by a leading retailer and a leading bank in Latam: Grup Éxit and Grup Banclmbia. High ptential fr data mnetizatin: transactinal infrmatin, cnsumptin data and marketing campaigns. 9

10 14.8 M clients enrlled versus 10 M initially expected. An Every Day psitining t increase relevancy and usage amidst diverse categries: Supermarkets & shpping Fast fd, restaurants & entertainment Fuel Credit cards A rbust travel categry: +300 Airlines +300,000 htels wrldwide 50,000 rental car ffices and destinatin activities. Payment ptins with pints r jintly with cash. Omnichannel: Omnichannel Sales (excluding thse frm stres) already represent 3.6% f Grup Éxit ttal sales in Clmbia (+100 bps vs 3Q17) and grew by 32% reaching t COP $250,000 M in the first 9-mnths f the year. Websites: Differentiated websites by genre: exit.cm and carulla.cm fr nn-fd and fd categries; brnzini.cm and arkitect.cm fr apparel. Grup Éxit is the e-cmmerce market leader in Clmbia, it reached 46 millin visits in bth websites, ver 255,000 rders and sales psted an 8.0% grwth in the first 9-mnths f the year. Mbile Apps: with exit.cm and carulla.cm, fcused n fd sales with efficient lgistics. Market Place: t imprve the custmer shpping experience by including multiple vendrs raising the number f transactins thrugh the Cmpany s website. Market place reached ver vendrs, ver 65k prducts and the business unit grew by 58% in GMV (Grss Merchandise Value) in the first 9-mnths f the year. Hme deliveries: fr Carulla and Éxit clients, enhanced with the exclusive alliance frmed recently with the last mile leader Rappi, t guarantee hme deliveries in less than 35 minutes. In the first 9-mnths f the year, the Cmpany prcessed 1.9 M delivery rders (+134.0%) f which near 75% were prcessed by Rappi. Brick and mrtar: a netwrk f 549 stres as f 9M18 t supprt the supply needs f the business. Digital catalgues: available in 149 stres in Clmbia, facilitating the custmer purchasing experience. Sales thrugh this channel grew 5% in the first 9-mnths f the year. Click & cllect: available fr nn-fd prducts at 300 stres. 10

11 Net Sales - Brazil 3Q18 Adjusted by calendar ( 1) YTD18 Adjusted by calendar ( 1) In COP M Net Sales % Var. Net Sales %Var. SSS % Var. Ttal % Var. SSS Net Sales Var. Net Sales Var. SSS Var. Net Sales Var. SSS Ttal Brazil 9,154, % 6.4% 12.9% 7.0% 28,279, % 4.9% 9.9% 4.7% (1) Variatins in sales and SSS in lcal currency include the effect f cnversins and the calendar effect adjustment (60 bps in 3Q18 and 20 bps YTD). Brazil s fd figures include: Multivarej + Assaí. Via Varej registered as a discntinued peratin. (2) Grwth frm May t August 2018 as reprted by Nielsen. Net Sales at GPA related t the fd business grew in 3Q18 by 12.9% (1) and 7.0% (1) in terms f same-stre-sales versus the same perid last year. The psitive utcme reflected the cntinuus imprvement f Multivarej and anther quarter f strng perfrmance f Assaí. In Brazil, 4 Assaí stres pened in 3Q18 (1 frm cnversins), 15 Pã de Açúcar stres were renvated and 6 Extra Super stres cnverted t Mercad Extra. Net sales in Brazil als benefited frm the 19 stres pened during the last 12 mnths. The Assaí banner nce again psted strng sales (25.8% (1) ) and SSS (8.2% (1) ) grwth in 3Q18 versus the same perid last year. Tp line perfrmance in the quarter benefited frm the 18 new stres added frm penings and cnversins in the last 12 mnths that delivered the best perfrmance per square meter in the last 5 years; cnsistent vlume and traffic gains driven frm cmmercial activities; and the strng psitining f the Passaí card that reached clse t 500,000 cards issued. The banner increased its sales cntributin t 47.8% f ttal net sales at GPA fd and its cmpetitiveness imprved as the brand registered market share gains (+190 bps (2) ). In terms f expansin, 4 Assaí stres pened in 3Q18 (1 cnversin frm Extra Hiper) and the brand expanded int 2 new Brazilian states, Bel Hriznte and Curitiba. Assaí ttalled 19 penings in the LTM while 10 stres are currently under cnstructin and ne is pending t be cnverted int this brand. Multivarej psted psitive sales (3.2% (1) ) and SSS (6.0% (1) ) grwth in 3Q18 versus the same perid last year driven by innvative cmmercial strategies, digital transfrmatin and private label repsitining with a review f prduct prtfli and pricing plicies. The segment btained 140 bps f market share gains (2), with all banners psting grwth especially the Extra Hiper and Prximity frmats. The Cmpany created the Digital Transfrmatin Executive Area t strengthening its digital transfrmatin prject. Lyalty activities als benefitted the cntinuus imprvement f the segment as the app My Discunt registered a recrd number f dwnlads reaching 6.5 millin. The Extra Hiper banner perfrmance reflected SSS grwth (7.4% (1) ) in 3Q18 and reached the highest market share gains s far in The psitive utcme f the banner resulted frm grwth f the fd categry and the duble digit increase f the nn-fd categry. The Extra Super frmat psted SSS and traffic grwth, reversing the negative trend shwed in the last few quarters. The Cmpany cncluded the cnversin f 6 Extra Super t Mercad Extra stres, ttalling 10 bxes as f 3Q18. Furthermre, the cnversin prcess at 13 ther Cmpre Bem stres int Mercad Extra was accelerated t ensure the penings by 4Q18. Stres under the banner Mercad Extra, psted duble-digit grwth in terms f sales, tickets and vlumes. The Pã de Açúcar banner cntinued recrding market share gains benefitted by the psitive result frm the My Discunt app and the renvatin f 15 stres with a fcus n service quality and imprved assrtment. 32 stres are expected t benefit frm activities t imprve quality f perishables, differentiated assrtment and service t ffer custmers a high-end experience. 11

12 The prximity frmats recrded imprtant SSS and market share gains mainly frm imprved prduct assrtment, pricing and the slid perfrmance f cmmercial activities. Operating perfrmance in Brazil (1) Data excluding the tax credits effect. (2) Variatins in lcal currency include the effect f cnversins. Nte: Brazil s fd figures include: Multivarej and Assaí; Via Varej S.A is nt included and classified as discntinued peratin. Differences in the 3Q17 base versus the ne reprted in 2017, are assciated t reclassificatin dne fr cmparisn purpses. Net Revenue in Brazil in 3Q18 grew by 12.4% (2) frm the slid sales grwth f Assaí (25.8% (2) ) and the cntinued imprvement at Multivarej. Tp line results in Clmbian pess were strngly affected by a negative 20.0% FX effect. Grss Margin decreased 40 bps t 22.0% in 3Q18 and 70 bps t 23.6% as a percentage f Net Revenue in the first 9 mnths f 2018 versus the same perid last year. Quarterly grss margin reflected stable levels at Multivarej and margin gains at Assaí supprted by its successful rganic expansin and cnversin plan ffset by the higher cntributin t sales f the Assaí brand. SG&A Expense psted a 90 bps decrease in 3Q18 and a 100 bps decrease in 9M18 as a percentage f Net Revenue versus the same perid last year. Imprved expenditure levels derived mainly frm cst discipline and prductivity gains at stres. Recurring Operating margin (ROI) grew 50 bps t 3.7% in 3Q18 and 30 bps t 4.7% in 9M18 versus the same perid last year. Recurring EBITDA margin expanded 30 bps t 5.3% in 3Q18 versus the same perid last year. The margin gained 30 bps t 6.5% in 9M18 and 50 bps t 5.3% in the same perid when excluding the tax credits effect frm Brazil. Margin gains in Brazil resulted frm the cnsistent utcme f Multivarej, the slid perfrmance f Assaí and 12

13 imprved expenditure levels frm prductivity gains. Recurring EBITDA in Clmbian pess was sharply affected by a negative 20.0% FX effect. Onging Strategic Activities in Brazil Activities t imprve Sales, Operating and Financial perfrmance: Cnversins t Assaí stres cntinue t pst a revenue grwth f near 2.5x versus the previus banner. Executin f the peratinal excellence prgram t maintain SG&A expense grwth at belw CPI levels. Imprve prfitability by reviewing stcking, adjusting assrtment t the cnsumer prfile and ptimizing cmmercial activities thrugh the lyalty prgram. Expand the implementatin f the textile mdel at Extra hypermarkets. Maturity f prjects fr ptimizing and repsitining the prtfli (Cmpre Bem and Mercad Extra). Implementing new cncepts: stres revitalizatin and stre-in-stre at Extra and Pã de Açúcar banners. Expansin in Key Frmats: Stre prtfli ptimizatin and prfitable expansin thrugh the pening f cash & carry Assaí stres frm rganic penings and cnversins f Extra Hiper stres. Renvatin activities at Pã de Açúcar stres t a ttal f 20 stres in Traffic Mnetizatin Activities: Strengthening f the lyalty prgram in Brazil by further develping the app Meu Descnt with the launch f My Rewards, t imprve custmer service, reinfrce lyalty and increase share f wallet. 13

14 Net Sales and Operating Perfrmance in Uruguay Uruguay 3Q18 3Q17 9M18 9M17 In COP M In COP M 3Q18/17 In COP M In COP M 9M18/17 Net Sales 572, , % 1,862,951 1,884, % Other Revenue 5,892 3, % 18,097 15, % Net Revenue 578, , % 1,881,048 1,899, % Grss Prfit 191, , % 638, , % Grss margin 33.1% 33.2% 33.9% 33.7% SG&A Expense -164, , % -508, , % SG&A expense/net revenue -28.4% -27.8% -27.0% -27.0% Recurring Operating Incme (ROI) 27,354 33, % 130, , % Recurring perating margin 4.7% 5.4% 6.9% 6.7% Recurring EBITDA 34,068 39, % 149, , % Recurring EBITDA margin 5.9% 6.4% 8.0% 7.7% (1) Variatins in lcal currency (2) Data adjusted fr the calendar effect (3) Data excludes the negative FX effect f 10.2%. In Uruguay LTM inflatin was 8.26% versus 5.75% in 3Q17 and in line with the 8.11% psted in 2Q18. Fd inflatin was 9.31% in 3Q18 versus the 10.6% level psted in the previus quarter and way higher versus the 2.10% level seen in the 2Q17. Unemplyment increased frm 7.6% in 3Q17 t 9.0% in 3Q18. The challenging macr cmps in Uruguay, certainly affected the Cmpany perfrmance during the third quarter f Net Sales in Uruguay grew by 4.7% (1,2) in 3Q18 and by 6.4% (1,2) in the first 9 mnths f 2018 versus the same perids last year, driven by the supermarket and cnvenience frmats and benefited frm the 9 stres pened in the last 12 mnths. The fd sales mix in Uruguay was 88.0% in 3Q18 and increased its share by 30 bps versus the same perid last year. Same-stre-sales levels in the cuntry grew by 4.0% (1,2) in the quarter and by 5.4% (1,2) in the first 9 mnths f the year bsted by the fresh and textile categries in bth perids. Net Revenue in Uruguay grew by 4.6% in lcal currency, benefited mainly by the slid perfrmance f the Disc and the Devt Express frmat as well as frm the 64.9% grwth f ther incme (1) driven by cmplementary businesses. Uruguay tp line results in Clmbia pess were strngly affected by a negative 10.2% FX effect. Grss Margin was 33.1% as a percentage f Net Revenue, a reductin f 10 bps mainly frm the effect f increased cmmercial activities; hwever, grss margin grew 20 bps in 9M18 frm ptimizatin f shrinkage levels and activities t cntrl csts. SG&A expenses increased in 3Q18 as a percentage f Net Revenue reflected the lwer dilutin frm lesser sales levels. 14

15 Recurring perating margin was 4.7% as a percentage f Net Revenue in 3Q18. Recurring EBITDA margin was 5.9% as a percentage f Net Revenue in 3Q18 and gained 30 bps in 9M18 frm tp line grwth (1, 2, 3) and efficiencies gained at cst and expense levels. Quarterly tp line (1) (3) and margin perfrmance in Uruguay were negatively affected by the weak macr envirnment f main cmmercial partners Brazil and Argentina. Onging Strategic Activities in Uruguay Activities t imprve Sales, Operating and Financial perfrmance: Expanding the Fresh Market mdel at Disc stres t innvate in the fresh fd categry and imprve layuts and the shpping experience. T cntinue implementing the textile mdel at 10 stres. T cntinue the executin f the peratinal excellence prgram t maintain SG&A expense grw belw CPI levels. Expansin in Key Frmats: T cntinue with the expansin in cnvenience thrugh Devt Express premium stres (8 t 10 stres in 2018). Net Sales and Operating Perfrmance in Argentina Argentina 3Q18 3Q17 9M18 9M17 In COP M In COP M 3Q18/17 In COP M In COP M 9M18/17 Net Sales 234, , % 830, , % Other Revenue 14,552 21, % 51,494 59, % Net Revenue 248, , % 882,387 1,041, % Grss Prfit 86, , % 303, , % Grss margin 34.7% 33.6% 34.4% 34.1% SG&A Expense -77, , % -284, , % SG&A expense/net revenue -31.1% -33.5% -32.2% -32.9% Recurring Operating Incme (ROI) 9, % 19,416 12, % Recurring perating margin 3.6% 0.1% 2.2% 1.2% Recurring EBITDA 11,694 4, % 29,062 24, % Recurring EBITDA margin 4.7% 1.2% 3.3% 2.3% (1) Variatins in lcal currency (2) Data adjusted fr the calendar effect (3) Data excludes the negative FX effect f 44.6%. Nte: 3Q18 figures d nt include the IAS 29 adjustment, expected t be dne by 4Q18. 15

16 Argentina was affected by the lagged perfrmance f its neighbur cuntries Brazil and Uruguay and macrecnmic variables changed dramatically during the third quarter f Inflatin went t 40.1% in 3Q18 frm the 25.1% reprted in 3Q17 and cmpared t 29.9% seen in the 2Q18. In the third quarter, interest rates rse again t 50% cmpared t the 40% seen in 2Q18 and the 25% psted in 3Q17. Retail sales remained weak and cntracted by 4.3% YT-September 2018 (accrding t CAME) versus the same perid last year. Net Sales in the cuntry grew 23.5% (1, 2) while SSS rse 24.0% (1, 2) driven mainly by FMCG, fresh and hme categries. There was an increase f the fd categry that reached 78% (+310 bps) in 3Q18 versus the same perid last year driven by the FMCG categry. Regarding the nn-fd categry, hme gds drve a slid perfrmance (+37.0%). Tp line perfrmance in Argentina cnslidated in Clmbian pess included a negative 44.6% exchange rate effect. Net Revenue in 3Q18 grew 23.8% in lcal currency while cntracted in Clmbian Pess. Nevertheless, the business unit cntinued utperfrming the retail market and benefitted frm the cntributin f ther revenue that grew by 20.6% (1) mainly frm the real estate business. Grss Margin in 3Q18 grew 110 bps benefited mainly frm the strng cntributin f the real estate business and a rapid valrizatin f inventry in a midst f an inflatinary cntext. SG&A expense decreased 240 bps as a percentage f Net Revenue in Clmbian Pess. Recurring Operating margin and recurring EBITDA margin rse 350 bps t 3.6% and t 4.7% respectively, as percentage f Net Revenue. Margin imprvement resulted frm peratinal efficiencies at cst and expense levels, the strng cntributin f real estate and benefitted frm the inflatinary effect seen during the quarter. Onging Strategic Activities in Argentina Activities t imprve Sales, Operating and Financial perfrmance: Executin f the peratinal excellence prgram t maintain SG&A expense grw at belw CPI levels. Traffic Mnetizatin Activities: Priritizatin f the Retail - Real Estate dual mdel t enable the develpment f bth real estate and retail areas. 16

17 III. Financial Perfrmance at Hlding (1) Level (1) Hlding: Almacenes Exit S.A results withut Clmbian r internatinal subsidiaries. Nte: IBR 3M (Indicadr Bancari de Referencia) Market Reference Rate: 4.132%, Libr 3M %. Net Financial Debt at the hlding level In 3Q18, the NFD at the hlding level reached apprximately COP$3.2 B, representing a 17.2% decrease versus September 2017, an imprvement f COP$ 672,000 M. Grss debt reductin at the hlding level f COP$ M. Rep rate was 100 bps lwer in 3Q18 (4.25%) vs 3Q17 (5.25%). Interest rates remained belw IBR3M + 3.5% in COP and belw LIBOR3M % in USD. 17

18 IV. Internatinal Strategy and Synergy Prcess Grup Éxit s Internatinal Strategy and Synergy Prgram In 3Q18, Grup Éxit cntinued delivering psitive results frm its synergy strategy thrugh the 28 activities executed acrss the regin. The Cmpany expects t meet the annual run rate f USD120 M. Grup Éxit reached USD100 M in recurring gains in 2017 at the cnslidated level. The cash & carry mdel in Clmbia added 3 Surtimayristas t the stre base in 3Q18 and arrived fr first time t the city f Chia. The banner ttalled 15 stres perating in the cuntry and nearly 19,000 square meters f sales area. Cnverted stres grew sales arund 2x versus the levels psted frm the previus banner. The expansin in Clmbia cntinues and the Cmpany expects t have 17 stres perating by year-end t reach sales f ver USD100 M. The Fresh Market cncept was implemented at 7 stres in 3Q18: at 6 stres in Brazil and at the Carulla Castill Grande stre in Clmbia. T date, 31 stres have implemented the Fresh Market mdel in 4 cuntries with a very psitive respnse in sales and while the Cmpany cntinued leading the value frmat prpsal in the regin. Onging deplyment f the textile business mdel lead t the partial manufacturing f apparel under the Arkitect & Brnzini brands in Argentina. The recgnized brands cntinued increasing their participatin within the sales mix. Activities in Brazil regarding digital transfrmatin included a new feature n Meu Descnt t allw custmers t buy thrugh the app. Furthermre, the app reached 6.5 millin dwnlads. In Clmbia, the Cmpany prepared the launch f Éxit and Carulla apps. In jint cmmdity purchasing activities, the vlume negtiated in 3Q18 grew 1.4x versus the same perid last year with 600 fd cntainers mved acrss the regin. Savings btained almst tripled versus last year thanks t strngest integratin between fd surcing teams. 18

19 V Outlk Clmbia Retail expansin f 12 t 15 stres (+20k sqm f grss sales area), including 8 Surtimayrista stres. Fresh Market cncept implemented at 5 stres and best perfrming initiatives t be rlled ut at Carulla stres. Punts Clmbia t begin peratins during 1H18. SG&A expense t grw belw CPI, benefitted by nging prductivity plans. Viva Malls expansin f 160k sqm f GLA with the penings f Viva Envigad and Viva Tunja. CAPEX: apprximately COP$300,000 M. Brazil Retail expansin: 20 Assaí stres (including cnversins). Renvatins: 20 Pã de Açúcar stres. Gradual implementatin f the Fresh Market Mdel at Pa de Açúcar stres. CAPEX: apprximately R$1.6 B. Uruguay Strengthening the cnvenience frmat with 8 t 10 Devt Express stre penings. Fcus n maintaining slid margin levels. CAPEX: apprximately UYU$700 M. Argentina Cntinue develping dual retail real estate business. CAPEX: apprximately ARS$160 M. LatAm Platfrm Run rate benefits frm synergies f apprximately USD120 M, frm 28 initiatives acrss the 4 cuntries, mainly related t: The further expansin f business mdels: Cash & Carry in Clmbia, Prximity in Uruguay, Fresh Market in the regin, Lyalty in Brazil and Textiles in the regin. Efficiencies at cst level and in capital expenditures. Benefits frm ecnmies f scale and jint purchasing. 19

20 VI. Additinal Infrmatin Cnference Call Details Almacenes Éxit S.A. Crdially invites yu t participate in its Third Quarter 2018 Results Cnference Call Date: Thursday, Nvember 15, 2018 Time: 9:00 a.m. Eastern Time 9:00 a.m. Clmbia Time Presenting fr Grup Éxit: Carls Mari Girald Mren, Chief Executive Officer Manfred Gartz, Chief Financial Officer Jsé Laiza, VP f Internatinal Business María Fernanda Mren, Investr Relatins Manager T participate, please dial: U.S. Tll Free: Clmbia Tll Free: Internatinal (utside U.S. dial): Cnference ID Number: Q18 results will be accmpanied by a webcast presentatin and audi webcast that will be available n the cmpany s website at under Investrs r: Upcming Financial Publicatins Furth Quarter & FY 2018 Earnings Release February 28,

21 IR and PR cntacts María Fernanda Mren R. Investr Relatins Directr + (574) ext maria.mrenrdriguez@grup-éxit.cm Cr 48 N. 32B Sur 139 Envigad, Clmbia Claudia Mren B. PR and Cmmunicatins Directr + (574) ext claudia.mren@grup-éxit.cm Cr 48 N. 32B Sur 139 Envigad, Clmbia Cmpany Descriptin Grup Éxit is ne f the largest multinatinals in Clmbia and a relevant fd retailer in Latin America. The Cmpany has clear cmpetitive advantages derived frm its strength in bricks and mrtar and the value f their brands, supprted by the quality f its human resurce. Grup Éxit als leads an e-cmmerce strategy and diversifies its Revenue with a sund set f cmplementary businesses t enhance its retail ffering. In 2017, Cnslidated Net Revenue ttalled COP$56.4 billin derived frm retail sales and its strng prtfli f cmplementary businesses: credit card, travel, insurance and real estate with shpping malls in Clmbia, Brazil and Argentina. The Cmpany perates near t stres: in Clmbia with Grup Éxit; in Brazil with Grup Pã de Açúcar; in Uruguay with Grup Disc and Grup Devt, and in Argentina with Libertad. Grup Éxit is als the e- cmmerce leader in Clmbia with exit.cm and carulla.cm. Grup Éxit s slid mni-channel mdel and multi-frmat and multi-brand strategies make it the leader in all mdern retail segments. The Cmpany s hypermarkets perates under the Éxit, Extra, Geant and Libertad brands; in premium supermarkets under the Carulla, Pã de Açúcar, Disc and Devt brands; in prximity under the Carulla, Éxit, Devt and Libertad Express and Minut Pã de Açúcar brands. In lw-cst markets, the Cmpany perates with Surtimax and Super Inter brands and in Cash and Carry with Assai and Surtimayrista. 21

22 VII. Appendices Ntes: Numbers expressed in COP billin represent Grwth and variatins expressed versus the same perid last year, except when stated therwise. Sums and percentages may reflect discrepancies due t runding f figures. All margins are calculated as percentage f Net Revenue. Glssary Adjusted sales: sales excluding the calendar effect. Clmbia results: includes the cnslidatin f Almacenes Éxit S.A. and its subsidiaries in the cuntry. Cnslidated results: includes Almacenes Éxit results, Clmbian and internatinal subsidiaries. EBIT: Recurring Operating Incme adjusted fr the Other Nn-Recurring Operatinal Incme/Expense result. EBITDA: Earnings befre Interest, Taxes, Depreciatin and Amrtizatin. EPS: Earnings Per Share calculated n an entirely diluted basis. Financial Result: impacts f interests, derivatives, financial assets/liabilities valuatin, FX changes and ther related t cash, debt and ther financial assets/liabilities. GMV: Grss Merchandise Value. Hlding results: includes Almacenes Éxit results withut Clmbian and internatinal subsidiaries. Net Grup Share Result: Net result attributable t Grup Éxit s Sharehlders. Net Revenue: ttal Revenue related t Ttal Net Sales and Other Revenue. Other Revenue: Revenue related t cmplementary businesses (real estate, insurance, financial services, transprtatin business unit, etc.) and ther Revenue. Recurring EBITDA: measure f prfitability that includes Recurring Operating Incme adjusted fr Depreciatin and Amrtizatin (D&A). Recurring Operating Incme (ROI): includes the Grss Prfit adjusted by SG&A expense and D&A. SSS: same stre sales levels include the effect f stre cnversins. Ttal Net Sales: sales related slely t the retail business. 22

23 1. Cnslidated P&L Cnslidated Incme Statement 3Q18 3Q17 9M18 9M17 In COP M In COP M 3Q18/17 In COP M In COP M 9M18/17 Net Sales 12,509,571 13,692, % 38,626,888 40,079, % Other Revenue 236, , % 743, , % Net Revenue 12,746,030 13,919, % 39,370,408 40,713, % Cst f Sales -9,781,357-10,659, % -29,712,199-30,542, % % f Net revenue -76.7% -76.6% -75.5% -75.0% Grss Prfit 2,964,673 3,259, % 9,658,209 10,170, % % f Net revenue 23.3% 23.4% 24.5% 25.0% SG&A Expense -2,303,542-2,589, % -7,237,387-7,767, % % f Net revenue -18.1% -18.6% -18.4% -19.1% Depreciatin and Amrtizatin -225, , % -716, , % % f Net revenue -1.8% -1.8% -1.8% -1.8% Ttal SG&A Expense -2,529,396-2,845, % -7,954,252-8,517, % % f Net revenue -19.8% -20.4% -20.2% -20.9% Recurring Operating Incme (ROI) 435, , % 1,703,957 1,652, % % f Net revenue 3.4% 3.0% 4.3% 4.1% Nn - Recurring Incme and Expense -27, , % -180, , % % f Net revenue -0.2% -0.9% -0.5% -0.8% Operating Incme (EBIT) 407, , % 1,523,800 1,332, % % f Net revenue 3.2% 2.1% 3.9% 3.3% Net Financial Incme -212, , % -657, , % % f Net revenue -1.7% -1.8% -1.7% -2.0% Incme frm Assciates & Jint Ventures -6,857-8, % -29,285-41, % % f Net revenue -0.1% -0.1% -0.1% -0.1% EBT 188,169 31, % 837, , % % f Net revenue 1.5% 0.2% 2.1% 1.2% Incme Tax -67,069-38, % -185, , % % f Net revenue -0.5% -0.3% -0.5% -0.3% Net Result 121,100-6, % 651, , % % f Net revenue 1.0% 0.0% 1.7% 0.8% Net Result f Discntinued Operatins -45,879 57,072 N/A 132, , % % f Net revenue -0.4% 0.4% 0.3% 0.4% Nn-Cntrlling Interests -84,897-81, % -664, , % % f Net revenue -0.7% -0.6% -1.7% -1.2% Net Grup Share Result -9,676-31, % 119,312 30, % % f Net revenue -0.1% -0.2% 0.3% 0.1% Recurring EBITDA 661, , % 2,420,822 2,403, % % f Net revenue 5.2% 4.8% 6.1% 5.9% EBITDA 633, , % 2,240,665 2,082, % % f Net revenue 5.0% 3.9% 5.7% 5.1% Nte: Data des nt include Via Varej S.A, classified as discntinued peratin. Differences in the 3Q17 base versus the ne reprted in 2017 assciated t reclassificatins at cst and expense level fr cmparisn purpses. 23

24 2. Cnslidated Balance Sheet Cnslidated Balance Sheet (In COP M) Sep 2018 Dec 2017 Var % Assets 54,088,394 64,515, % Current assets 26,701,369 33,960, % Cash & cash equivalents 2,819,814 5,281, % Inventries 5,776,542 5,912, % Accunts receivable 1,268,293 1,172, % Assets fr taxes 389, , % Nn-current assets held fr sale 16,128,412 20,452, % Others 319, , % Nn-current assets 27,387,025 30,555, % Gdwill 4,884,543 5,559, % Other intangible assets 4,574,060 5,544, % Prperty, plant and equipment 10,694,519 12,505, % Investment prperties 1,460,440 1,496, % Investments in assciates and JVs 676, , % Deferred tax assets 1,766,631 1,553, % Assets fr taxes 1,973,327 1,575, % Others 1,356,723 1,502, % Liabilities 37,868,729 44,783, % Current liabilities 24,582,803 32,289, % Trade payables 8,570,090 12,665, % Brrwing-shrt term 2,400,092 1,906, % Other financial liabilities 499, , % Nn-current liabilities held fr sale 12,453,523 16,271, % Liabillities fr taxes 201, , % Others 457, , % Nn-current liabilities 13,285,926 12,493, % Trade payables 18,492 47, % Brrwing-lng term 4,916,330 4,070, % Other prvisins 2,043,537 2,457, % Deferred tax liabilities 2,860,886 3,004, % Liabillities fr taxes 371, , % Others 3,074,742 2,392, % Sharehlders equity 16,219,665 19,732, % Nn-cntrlling interests 9,801,443 11,892, % Sharehlders equity 6,418,222 7,839, % 24

25 3. Cnslidated Cash Flw Summary Cnslidated Cash Flw Statement (In COP M) Sep 2018 Sep 2017 % Var Prfit (lss) 784, , % Adjustment t recnciliate Net Incme 3,375,283 3,185, % Cash Net prvided (used) in Operating Activities (3,600,165) (4,797,404) -25.0% Cash Net prvided (used) in Investment Activities (1,763,246) (1,146,322) 53.8% Cash net prvided (used) in Financing Activities 970,110 (1,432,541) % Increase (decresase) Net f cash and cash equivalents befre the FX rate changes - 4,393,301-7,376, % Effects n FX changes n cash and cash equivalents (961,218) 103, % Increase (decresase) net f cash and cash equivalents - 5,354,519-7,272, % Opening balance f cash f nn-current assets held fr sale 3,210,708 3,710,833-13% Opening balance f cash and cash equivalents 5,281,684 6,117, % Ending balance f cash f nn-current assets held fr sale - 318, , % Ending balance f cash and cash equivalents 2,819,814 2,059, % 25

26 4. Debt by Cuntry- Currency and Maturity Net debt breakdwn by cuntry 30 Sep 2018, (millins f COP) Clmbia Uruguay Brazil Argentina Cnslidated Shrt-term debt 1,067, ,499 1,382,455 64,539 2,899,547 Lng-term debt 2,926,581-5,025,961-7,952,542 Ttal grss debt (1) 3,993, ,499 6,408,416 64,539 10,852,089 Cash and cash equivalents 691, ,393 1,949,050 50,093 2,819,814 Net debt 3,302, ,106 4,459,366 14,446 8,032,275 Hlding Grss debt by maturity 30 Sep 2018, (millins f COP) Nminal amunt (3) Nature f interest rate Maturity Date 30/09/2018 (3) Lng term 1,850,000 Flating August ,362,525 Mid term COP 838,000 Flating December ,985 Mid term - Bilateral 158,380 Fixed April ,380 Mid term USD 1,337,481 Flating December ,337,481 Revlving credit facility - Syndicated 500,000 Flating August Revlving credit facility - Bilateral 100,000 Flating August ,000 Shrt term - Bilateral USD 80,249 Flating Nvember ,249 Ttal grss debt 4,864,109 3,803,620 (1) Debt withut cntingent warranties and letters f credit. (2) Debt at the nminal amunt. (3) The lans in USD were cnverted t COP using the Central Bank's clsing exchange rate as f September 30th, 2018 (2,972.18). (4) With ptin t extend up t Nvember

27 5. P&L and CAPEX by Cuntry Nte: Cnslidated figures include eliminatins and adjustments. Clmbia Brazil Uruguay Argentina Cnslidated In COP M 3Q18 3Q18 3Q18 3Q18 3Q18 Net Revenue 2,709,381 9,213, , ,816 12,746,030 Grss Prfit 664,452 2,023, ,468 86,372 2,964,673 % Net revenue 24.5% 22.0% 33.1% 34.7% 23.3% SG&A Expense -541,059-1,531, ,400-74,678-2,303,542 % Net revenue -20.0% -16.6% -27.2% -30.0% -18.1% Depreciatin and Amrtizatin -61, ,145-6,714-2, ,854 Ttal SG&A Expense -602,397-1,686, ,114-77,335-2,529,396 % Net revenue -22.2% -18.3% -28.4% -31.1% -19.8% Recurring Operating Incme (ROI) 62, ,831 27,354 9, ,277 % Net revenue 2.3% 3.7% 4.7% 3.6% 3.4% Nn- Recurring Incme and Expense -2,260-44, ,152-27,455 Operating Incme (EBIT) 59, ,493 27,345 28, ,822 % Net revenue 2.2% 3.2% 4.7% 11.3% 3.2% Recurring EBITDA 123, ,976 34,068 11, ,131 % Net revenue 4.6% 5.3% 5.9% 4.7% 5.2% EBITDA 121, ,638 34,059 30, ,676 % Net revenue 4.5% 4.9% 5.9% 12.4% 5.0% Net Financial Incme -91, ,715 2,671-13, ,796 CAPEX In COP 111, ,456 12,666 1, ,480 In Lcal Currency 111, SOTP Analysis (in COP M) LTM net revenues (1) LTM recurring EBITDA LTM ROI Net debt (Last quarter) (2) Éxit stake Market Value f the Stake (3) Clmbia 11,161, , ,995 3,302, % Brazil 40,051,424 2,728,441 2,031,532 4,459, % 3,236,932,700 Uruguay 2,594, , , , %-100% (4) Argentina 1,307,610 68,524 54,560 14, % Ttal 55,115,449 3,635,640 2,650,061 8,032,275 (1) D nt includes intercmpany eliminatins. (2) Grss Debt (withut cntingent warranties and letters f credit) Cash. (3) Market Capitalizatin f GPA as at 30/09/2018. (4) Éxit Owns 100% f Devt and 62.5% f Disc. 27

28 7. Almacenes Éxit (1) P&L Incme Statement Almacenes Éxit 3Q18 3Q17 9M18 9M17 In COP M In COP M 3Q18/17 In COP M In COP M 9M18/17 Sales 2,546,788 2,563, % 7,655,190 7,666, % Other Revenue 109,449 80, % 286, , % Net Revenue 2,656,237 2,643, % 7,942,028 7,886, % Grss Prfit 613, , % 1,837,384 1,839, % Grss margin 23.1% 22.5% 23.1% 23.3% SG&A Expense -593, , % -1,721,461-1,712, % SG&A expense/net revenue -22.3% -21.7% -21.7% -21.7% Recurring Operating Incme (ROI) 19,631 22, % 115, , % Recurring perating margin 0.7% 0.9% 1.5% 1.6% Operating Incme (Ebit) 17,599 20, % 67,261 73, % Operating margin 0.7% 0.8% 0.8% 0.9% Net Grup Share Result -9,676-31, % 119,312 30, % Net margin -0.4% -1.2% 1.5% 0.4% Recurring EBITDA 70,861 75, % 267, , % Recurring EBITDA margin 2.7% 2.9% 3.4% 3.6% EBITDA 68,829 74, % 218, , % EBITDA margin 2.6% 2.8% 2.8% 3.0% (1) Hlding: Almacenes Exit S.A. results withut Clmbian r internatinal subsidiaries. 28

29 8. Almacenes Éxit (1) Balance Sheet Hlding Balance Sheet (In COP M) Sep 2018 Dec 2017 Var % Assets 13,095,063 15,962, % Current assets 2,458,492 3,273, % Cash & cash equivalents 568,229 1,619, % Inventries 1,338,863 1,111, % Accunts receivable 145, , % Assets fr taxes 118, , % Others 287, , % Nn-current assets 10,636,571 12,689, % Gdwill 1,453,077 1,453, % Other intangible assets 146, , % Prperty, plant and equipment 2,051,956 2,382, % Investment prperties 202, , % Investments in assciates and JVs 6,665,628 8,287, % Others 117,075 70, % Liabillities 6,676,841 8,123, % Current liabilities 3,759,042 4,667, % Trade payables 2,327,495 3,301, % Brrwing-shrt term 948, , % Other financial liabilities 96, , % Liabillities fr taxes 30,467 41, % Others 356, , % Nn-current liabilities 2,917,799 3,455, % Trade payables 2,869,667 3,292, % Other prvisins 17,654 19, % Deferred tax liabilities - 68, % Others 30,478 74, % Sharehlders equity 6,418,222 7,839, % (1) Hlding: Almacenes Exit S.A. results withut Clmbian r internatinal subsidiaries 9. Financial indicatrs Indicatrs at Cnslidated Level Indicatrs at Hlding Level September 2018 December 2017 September 2018 December 2017 Assets / Liabilities Liquidity (Current Assets / Current Liabilities) Indicadres a nivel cnslidad Indicadres a nivel hlding Septiember 2018 Diciembre 2017 Septiember 2018 Diciembre 2017 Activs / Pasivs Liquidez (Activ Crriente / Pasiv Crriente)

30 10. Stres and Selling Area Nte: ttal stres in Brazil d nt include pharmacies, gas statins r stres frm the discntinued business unit f Via Varej. Nte: Ttal stres d nt include Allies in Clmbia r in Brazil. 30