Companhia Brasileira de Distribuiçao : Presentation 1Q 2021

January 2021

Corporate Presentation

Disclaimer

Statements contained in this release relating to the business outlook of the Company, projections of operating/financial results, growth prospects of the Company and market and macroeconomic estimates are merely forecasts and are based on the beliefs, plans and expectations of Management in relation to the Company's future. These expectations

are highly dependent on changes in the market, Brazil's general economic performance, the industry and international markets, and hence are subject to change.

2

Today's Speakers

• Years in Retail Experience

Jorge Faiçal	Guillaume Gras	Carlos Mario Giraldo
CEO GPA	CFO GPA	CEO Grupo Éxito
+25	+16	+25

3

Agenda

GPA Consolidated

GPA Brazil

Grupo Éxito

4

Agenda

GPA Consolidated

GPA Brazil

Grupo Éxito

5

We Are the #1 Food Retailer in South America, with a Diversified Portfolio of

Leading Brands in Brazil, Colombia, Uruguay and Argentina

Food retailer	Food retailer and	One of the largest retail
in South America1	food e-commerce in	employer in South America
1,502 stores	Brazil and Colombia	97K+ employees
3Q202 LTM
o Stores: 5132	32%	35%

1. Net Revenue: R$15.9 bn o EBITDA: R$1.3 bn
   o EBITDA Margin: 8.3%
   o Market share: 28%

R$48.7 bn		R$3.7 bn (7.5% margin)
3Q20LTM Net Revenue		3Q20LTM EBITDA
		o	Stores: 8732
		o	Net Revenue: R$27.9 bn
58%	55%	o	EBITDA: R$2.0 bn
		o	EBITDA Margin: 7.3%
		o	Market share: 14%

%	%	o	Stores: 252
Share	Share	o	Net Revenue: R$1.3 bn 3%	1%
o	EBITDA: R$22 mm
of Revenue	of EBITDA

o EBITDA Margin: 1.9%

o Market share: 2%

Source: Nielsen and Colombia market share from Supersociedades, as of 2019

Note:

1. Leadership based on sales
2. As of 4Q20

		o	Stores: 912
		o Net Revenue: R$3.6 bn
		o	EBITDA: R$355 mm
7%	9%	o	EBITDA Margin: 9.9%

1. Market share: 43%

6

Successful Management Execution Driving Strong Results: 9M20 vs. 9M19

SSS	Net Revenue	Digital	Adj. EBITDA
Growth	Growth	Penetration	Margin

+10.1%	+6.7%	4.7%2	7.7%
+3 p.p.	+17 bps

+7.0%1	+7.1%1	12.0%3	7.3%
		+8 p.p.	stable

Note:
1.	Constant currency
2.	Gross Sales Digital / Gross Sales Food Category	7
3.	Net Sales Digital / Total GMV; related to Éxito Colombia

Highest Commitment to ESG Principles with Strong Market Recognition

Our Group is Part of Key Sustainability Indexes	Our Recent ESG Initiatives and Achievements
Across the Globe

A

Financial Times Stock Exchange	Morgan Stanley Capital International
(MSCI)
(FTSE4GOOD)

B

B3 Corporate Sustainability Index	Carbon Disclosure Programme
(ISEB3)
(CDP)
The only food retailer

Carbon Efficient Index

(ICO2)

8

Top Management with Unique Experience in Food Retail and a Company with the Highest Governance Standards

Jorge Faiçal	Guillaume Gras Luiz Henrique Costa Laurent Cadillat	Carlos Mario Giraldo	Ruy Souza	Jacky Yanovich
CEO GPA	CFO GPA		COO GPA	CDO GPA	CEO Éxito		CFO Éxito	COO Éxito
# Years in Retail	+25	+16	+7	+20	+25	+5	+20
Experience
	Experienced Board				Governance Highlights
	Arnaud	Hervé	Rafael	Luiz Augusto
	Strasser	Daudin	Russowsky	Castro Neves		Audit Committee		Corporate Governance and
	Co-VP	Member	Member	Independent Member			Sustainability Committee
	+ 2 0	+ 1 7	+ 8	+ 9
Jean-Charles							People and		Financial Committee
						Remuneration Committee
Naouri
President
+ 3 5							Innovation and Digital		Listed on Novo Mercado
							Transformation Committee
	Ronaldo	Christophe	Renan	Eleazar de
	Iabrudi	Hidalgo	Bergmann	Carvalho Filho
# Y e a r s i n R e t a i l	Co-VP	Member	Independent Member Independent Member

+ 8	+ 2 5	+ 2 0	9

Agenda

GPA Consolidated

GPA Brazil

Grupo Éxito

10

Investment Highlights

Focus on Executing Our Food Retail Strategy

Brands

#1 Food Retailer and Food E-commerce,

Nationwide Presence

Digital Platform Strategy

B&M

Digital

Improvement in All KPIs

Website

G7

Customer Data

Platform

Extra

Marketplace

.com

Multiple Levers of Growth and Low Leverage to

Seize Opportunities

Experienced & Engaged Management Team and

High ESG Standards

.com

Cheftime

Social

Media

Search	Push	Casa do
	SMS	Cliente
	E-mail

Qualitá

11

We Serve All Client Profiles Nationwide Through Our Multiformat / Brand / Channel Strategy

Hypermarkets

Supermarkets

Neighborhood

Complementary Businesses

4Q20

Brand Strength

Target Customer Value Proposition

(Frequency / Month)

Assortment

(# of SKUs)

Short-term Strategy

# of Stores

Regional

B-/C		C/D
One-stop-shop	Shopping Experience
1x+		4x+
+25k		+8k
	Conversion of the remaining
Enhance value proposition		Extra Super
New concept rollout	Explore auto service food
		segment
103	141	6	28
	Total: 175

Premium

Top of Mind

Ebit Nielsen

A/B+

Premium Shopping Experience

6x+

+15k

Conclude refurbishments and rollout

of G7 successful concepts

Expand the digital presence

Organic expansion

182

A/B/C

Every Day, Every Hour

8x+

+4k

Organic expansion

Adapt store layout to meet

specific locations

150 86

Total: 236

-

A-E

Complementary Services

2x+

-

Complement

our portfolio / value

proposition

103

2231 / 22

74

• of GPA Brazil Gross Revenue

43%

17%

44%

27%

6%

7%

Geographical Footprint

Note:	12

1. Galleries
2. Shopping centers

Focusing on Four Key Pillars

Increase Hyper

Growth and

Organic Expansion

Scale-up our

Profitability

Maturation of

of Premium

Digital Platform

Super Regional

Formats

13

What is Our Strategy in Each Format?

	Enhancing Value Proposition
	Competitiveness in grocery
Value Proposition	Quality in fresh
	Streamline non-food & specialties

31 closed or converted to Assaí

Portfolio

(2016-2020)

Repositioning

	23 repositioned in 2020
Strategy	80 stores to be repositioned
Format	11%
Performance
Sales Growth
(9M20 vs. 9M19)
Repositioned	Growth above the control group
Stores Performance	on sales and on EBITDA

Regional Positioning	Organic Expansion
Better price positioning	Best shopping experience
Focus on fresh	Increased fresh offer
Store layout similar to regional players	New payment and digital solutions
169 stores conversions (2018-20)	46 G7 stores
6 stores to be converted in 2021	6 stores to be converted in 2021
Format maturation	Accelerated expansion
Regional expansion
Maintenance of high profitability
(organic + M&A)
20%	11%
Sales Growth	Sales Growth
Strong growth in the first year	Relevant growth in its first year
and consistent growth in the	of operation followed by
second year of operation	acceleration in the second year

Organic Expansion

Stores strategically located in areas

with high flow of people

Everyday Neighborhood Format

New stores concepts including coffee shop and wine house

Accelerated expansion

Maintenance of high profitability

7%

Sales Growth

100% success in 2019 openings, with sales level above mature stores and increased profitability

14

Strong Complementary Business Units

R$5 bn

Credit Portfolio

Business

diversification

			Access to consumer
			data in/out of
Broad Client Base	GPA's stores
+1.9 mm
active accounts

			261k sqm
			GLA
Additional		6th
interactions with the			largest in Brazil
customer

103

Stores

New sources of		74
revenue
		Gas Stations
		1%
			market share

15

Focusing on Four Key Pillars: Scale-upOur Digital Platform

Increase Hyper	Growth and	Organic Expansion	Scale-up Our
Profitability	Maturation of	of Premium	Digital Platform
	Super Regional	Formats

16

We Are in a Large and Expanding Market

Total Addressable Market in Brazil

2020E

R$141 bn

R$7 bn

Only 1P: R$1 bn

Market Share: 14%

2025E

R$351 bn

+20% CAGR E-commerce

(2020E - 2025E)

R$48 bn

From 5% to 14% Food Retail Penetration

in E-commerce

7x Digital Food Retail Market Expansion

1P + 3P + New Initiatives

Massive increase in market share

E-commerce Market

Digital Food Retail Market

GPA Digital Revenue

17

Source: Euromonitor; IBGE

Distinguished B&M Portfolio Creating Economics Moats to Enhance the

Largest Digital Food Retail Platform

Frequency +

Top of Mind Brands

Nationwide

We Already Own the Customer

Recurrence

Logistics in Place

(Massive Database)

Food (mainly fresh) as

+800 Stores / Hubs

22 mm

17 mm

Our Core

Last Mile Capabilities

customers

apps

registered

downloads

Profitability Strategy to		Cashflow Dynamics		People: Our Most
Deliver One-Stop-Shop			Valuable Asset
	Core /		Technology Capex Already		Agile Methodology
Higher Margin = 1P		Deployed		Talent Attraction & Retention
				Reinvest FCF
Fulfillment /
					Partnership with Tech
Take Rate = 3P		Marginal Cost at Stores
		Companies
				Limited CAC (Mainly Retention)

18

CoalitionLoyalty

60+ mm	82%	6.4x
client base	penetration3	avg. ticket4

This is Our

Platform Strategy

Network Effect

240%

growth1

12%

penetration2

R$1.1 bn	E-commerce
+250mm annual visits
GMV

14%

mkt share

Relationship

Customer

Identity

Platform

22+ mm 17+ mm

Loyal Downloads Customers

Digital

Payment

PIX enabled

FIC

Open Banking

		Logistics	Data
	Fulfillment	Services	Monetization
+80 startups and scale-ups plugged	Services

Note:	Click & Collect
1.	E-commerce 9M20 vs 9M19
2.	Sales through digital channels at Pão de Açúcar as of 3Q20		1 hour
3.	Pão de Açúcar sales to loyal customers		delivery
4.	Loyal customer using APP (with My Rewards and My Discounts) vs loyal customer without APP

Insights

Media

19

Expanding Our Digital Platform to Support Market Share Growth

BUILT

We Are Here

Jan/21

ROADMAP

VALUE OF OUR PLATFORM

Multiple delivery

solutions

• 295 stores click & collect
• 29 cities last mile

Insights

Food e-commerce

14% of mkt share

GMV

R$ 1bn

Loyal customers	Launch 3P
22mm
APPs
17mm downloads

Pet Auto

		New payment	Fulfillment
Homeware Toys	Personal Care	services
		solutions:
Enhance 3P:	digital wallet
Huge potential to be captured
			Network
			effect
		+ penetration in existing
Boost 1P categories:	regions and expansion to
new regions
strengthen existing verticals
to expand mkt share	+ new DCs	Data monetization:
		marketing of media - using
		+37 transit points
		purchase frequency and
		+170 same day / click &
Baby Products	Wine	customer base
collect stores
		+9 cities with last mile
Beer	Cleaning	coverage

Products

PLATFORM MATURITY

Market share

expansion

Distinguish B&M assets with food as core (high	Develop and complete our	Customer knowledge platform fully
frequency) contributing to a leading 1P platform	value proposition	integrated generating network effects

20

Key Takeaways

Focus on Executing Our Strategy

Strategically Focused on Food Retail

#1 Food Retailer and Food E-commerce,Nationwide Presence

Serving All Client Profiles Through Our Multiformat Strategy

Digital Platform Strategy

Integration of Our Top and Diversified B&M Portfolio with a Massive Loyal Customer Base, Boosting Growth

Improvement in All KPIs

Operational Excellence, Continuous Innovation and

Strengthening Value Proposition in Selected Formats

Multiple Levers of Growth and Low Leverage to Seize Opportunities

Strong Organic Growth of Premium and Neighborhood Formats

Experienced & Engaged Management Team and High ESG Standards

21

Agenda

GPA Consolidated

GPA Brazil

Grupo Éxito

22

Grupo Exito Investment Highlights

Leading food retail		Comprehensive ecosystem,		Pioneering innovation
	including relevant
platform in Colombia			with new models and
	complementary businesses
and Uruguay			private label
	and monetization strategies
Leadership & Diversification		Brick & Mortar		Exito WOW
Top-of-mind brands		Omnichannel		Carulla Fresh Market
Lean financial structure		Viva Malls, Tuya, Puntos		Surti Mayorista
Strong cash flow generation		Colombia		Taeq, Frescampo
		Others		Arkitect, Finlandek

Well-established

platform with

omnichannel and digital capabilities

Solid platform

High digital penetration

Significant value upside from ongoing initiatives

23

Grupo Exito: an absolute food retail market leader in Colombia and Uruguay

Leading market position, with a comprehensive coverage of customers and markets		Top-of-mind with customers
Brands and formats for all segments of the population		Reputable brand, with strong recognition

Highlights (LTM 3Q20)

Revenues (R$bn)

EBITDA margin

15.9	3.6	1.3
8.3%	9.9%	1.9%

45.8

Source: Follow Brand

1

Brand Awareness

Highest score among food retailers in Colombia (~2x the second highest)

Cash flow conversion1

Sales area ('000 sqm)

Market shares

Retail2

Real estate4

	78%		81%	70%
	839		90	106
1	28%	1	43%	2%3
	32%		N/A	12%

7,800

/10,000

Source: Merco

1

Corporate reputation

#1 in corporate reputation among retailers in Colombia. #8 overall

Brand portfolio

Premium

Mainstream

Low Cost

Diversified with a large footprint		Sizeable operations		Dual retail/real estate model
Absolute market leader		Absolute market leader
		Diversified real estate portfolio
#1 private employer in Colombia		Strong cash generation

Comprehensive ecosystem

Notes: 1. Calculated as (EBITDA-Capex)/EBITDA; 2. Colombia market share from Supersociedades, including discounters, as of 2019. Uruguay market share from IDretail/GDU, as of 2019. Argentina market share from Nielsen, as of February 2019;	24
3. Refers to market share in the country. The market share for the areas Grupo Exito is present in is 15%; 4. Market share based on real estate AUM; 5. Includes: Tuya Pay, Paseo, Media business venture, Vehicle Rental business venture, Exito Móvil, among others

Comprehensive Ecosystem with Strong Synergies

Complementary businesses and monetization activities contribute ~20-30% of Colombia's EBITDA over time

Absolute market leader, with 28% retail market share

#1 food retailer, high margins and strong cash flow generation

Dual Retail / Real

Estate model

Unmatched digital penetration in the region

Including click &

collect, digital

catalogue

735 vendors with

82% GMV growth in

2020

Brick & Mortar

Omnichannel

#1 loyalty coalition in Colombia with over 105 allied brands

Loyalty Coalition

Complementary

Businesses & Traffic

Monetization

Omniclient

Others

#1 shopping mall

operator in Colombia

#3 real estate

player in

Argentina

#1 card issuer

in Colombia

Launched inMarch 2020 with ~200k digital accounts

#1 seller of

micro insurance

in Colombia

#4 travel agency in Colombia

25

Grupo Exito has pioneered innovation in Colombia

Exito Wow	Carulla Fresh Market
Innovating Hypermarket - "WOW" experience model	Premium - Fresh & sustainable proposal

11 stores		21.0% of total banner		+16.5 p.p. sales growth vs.		13 stores		28.3% of total banner		+12.5 p.p. sales growth vs.
	sales (3Q20)		non-converted stores			sales (3Q20)		non-converted stores

Recognized by the British Institute of Grocery Distribution

as the "Store of the Month" for October 2020 (Exito Wow Laureles)

Recognized by the British Institute of Grocery Distribution

among "16 best supermarkets to visit in 2019"

Year 1 post-conversion metrics1

		+30%
+20%	+15%
Sales Growth	EBITDA Growth	ROI

Potential to reach 43 stores converted into Exito Wow

and +101 Exito WOW Econo format

Year 1 post-conversion metrics1

+20%		+15%
	+15%
Sales Growth	EBITDA Growth	ROI

Potential to reach 34 stores converted into Carulla Fresh Market

and +46 Carulla Fresh Market Midi format

Sustainable Growth: Stores continue to grow double digit in the second year post conversion

26

Note: 1. Considers standard format stores only

Strong and growing private label portfolio, with cross-synergies among our businesses in different countries

Food categories

Taeq

Positioned as the 3rd most important healthy brand in Colombia

Frescampo

Relevant low-cost brand in the Colombian market

Non-Food categories

Apparel

Arkitect, Bronzini and People are among the top 10 apparel brands in Colombia

Homegoods

Relevant homegoods brand, with international presence

Over 5 thousand SKUs	Over 46 thousand SKUs
as of 3Q20	as of 3Q20
	~34% Private Apparel & Homegoods Penetration
~17% Private Label Penetration in Food Products
in 9M20	in 9M20

27

There is no other Latin American player with such omnichannel penetration as Grupo Exito in Colombia

R$2.0bn1	2.7x
2020 sales via	Omnichannel
omnichannel	sales growth2

Unmatched omnichannel penetration

Omnichannel share of sales (%)

	12%
4%
2019	2020

Exito to continue strengthening the

omnichannel business in 2021

1	Increase platform monetization
2	Maintain double digit growth and high
penetration into 2021
3	Increase apparel category penetration

Positive contribution to the margin of the B&M business

				Omnichannel highlights (2020)
				2.8x food / 2.6x non-food
				growth in 2020
E-commerce	Marketplace	Digital Catalogue	9% food / 20% non-food
+240% in traffic	735 vendors	+3.6% in sales	penetration as of 2020
				More than 8.5mm orders
				in 2020
Last Mile & Delivery	Click & Collect	164mm website visits
in 2020, vs. 86mm in 2019
85% of total orders in	800k+ orders in
2020			2020

	Continue investing CAPEX in innovation
4	and omnichannel (c. 30% of our total
	CAPEX in 2020)

28

Notes: Data refers to Colombia. 1. Converted at a BRLCOP average FX rate for 2020 of 716.86; 2. 2020 vs. 2019

Undisputed digital presence, with significant upside from initiatives and digital transformation in Colombia

Excelling digital presence

Carulla SmartMarket: the first smart retail lab in Colombia

Exito.com and Carulla.com website visits (mm)

	164
86
2019	2020

Strong positioning in the e-commerce

space, with ~70% of omnichannel sales made with own logistics and picking

Mi Descuento initiative with ~568k registered customers1

Continuous investment in data analytics

to improve customer experience

Succesful initiatives developed in the lab roll out to other stores

	Co-work with			Located in
	12 startups			Bogotá
Paga			Smile ID		Electronic			3D Sales
Conmigo			Labels			Circuit
Check & Go		E-sommelier		Enhanced			Ready to Go
		Reality

Most popular retailer on the internet (Google)

Search interest relative to Exito (LTM average as of January 7, 2021)

100

43

32 30

16 11 8

Retailer 1 Retailer 2 Retailer 3 Retailer 4 Retailer 5 Retailer 6

Source: Google Trends (Colombia)

Note: 1. As of Sep 2020

2020 App downloads in Colombia

1,900,000					Rappi is Exito's
							exclusive
							last-mile partner
			806,662
						592,767	422,729
								228,697
	Rappi		Éxito	App 1	App 2	App 3

Check & Go		Virtual Assistant

29

Viva Malls: Largest shopping mall operator in Colombia

Business overview		Selected assets

Highlights		Innovation initiatives

Occupancy rate over		763k sqm GLA
92% in 2020		as of 2020

Online marketplace

and omnichannel

More than 23% EBITDA CAGR from 2017 to 2020

Viva Envigado	Viva Tunja
Almost 94% occupancy rate	Almost 99% occupancy rate
+31.8mm visitors since opening	+4.9mm visitors since opening
in 2018	in 2019
Largest mall in Colombia	Gold Award in the Design and
	Development

Viva Barranquilla	Viva Laureles
More than 93% occupancy rate	More than 99% occupancy rate
Opening in 2016	Opening in 2012

Market leadership allows Viva Malls to be the way into

the Colombian market for international brands

30

Tuya and Puntos Colombia: Traffic monetization and loyalty program

Consumer finance subsidiary of Exito, offering credit card and mobile wallet solutions; 50%/50% joint venture with Bancolombia

Program to monetize customer loyalty. A winning partnership between the largest retailer and the largest bank in Colombia

2.7mm credit card

stock with more than 320k new cards issued in 2020

~R$6.2bn in Billing in 20201

Penetration close

to 18% of Exito sales FY20

Strong credit

portfolio with nearly 18% of cards rated B or higher in 2020

Powerful initiative

Potential to become the second "currency" of Colombia

Massive data				Points redeemed (COP$bn)
Habeas data2 from 4.7mm
customers
	84	100	105
Growing with Exito
Exito represents c. 75% of
2018	2019	2020
total redemption

Digital wallet service offered by Grupo Exito in alliance with

Bancolombia, and integrated with Exito's POS systems

~200k users as of December 2020

quickly expanding since its launch in March 2020

Note: 1. Converted at a BRLCOP average FX rate for 2020 of 716.86; 2. Habeas Data refers to data that customers have agreed to share

Over 100 allies

strengthen the ecosystem and help boost the company's growth

Relevant and growing marketplace

improves user experience and increases loyalty monetization

31

Uruguay and Argentina: enhancing diversification

Grupo Exito in Uruguay

Highly profitable business driven by differentiation

Consistent	Consistently	High cash		Absolute market
growth in sales	high margins	generation		leader
with a ~5.5% CAGR	of ~9-10% since	of U$60mm per		with 43% of market
('16-'19)	2018	year		share

Exito has the #1 presence in the most high-end market of Latin America

Differentiation

			Pioneered the Fresh Market concept in the
			region, with a differentiated purchasing experience
Omnichannel			Focus on premium brands
◼ devoto.com and		◼ Investments towards Fresh Market
	will be the main focus to support
	geant.com
		sales evolution
◼ Self check-out: 66 stores
	◼	Store renovations	◼	High-end
◼	Shop & Go: 56 stores		◼	Frictionless			Fresh
◼ Click & Collect: 41 stores			payments			products
	◼		◼ Top meat
				Ready-to-eat
◼ Platform stores: 3
◼ ~3% omnichannel sales
	penetration in 2020

Grupo Exito in Argentina

Diversified real estate portfolio and resilient retail platform

Retail

Market share - Libertad Zone of Influence

23.2%

14.7% 14.5% 14.3%

6.9%

Dual	Player 1	Player 3	Player 4	Player 5
model

Positive EBITDA and compelling asset hedge

Real estate

3rd real estate		15 shopping
player in the		centers in 9
country		provinces
169k sqm of GLA	~90% occupancy
(2020)

32

Key takeaways

Solid food retail leadership in Colombia and Uruguay, with robust operations and profitability

Unmatched omnichannel penetration and digital transformation

Pioneer in innovation, including hypermarket, fresh market, and real estate

Robust ecosystem, with clear customer monetization opportunities

Strong and growing private label portfolio

33

Q&A

34