CONTENTS

Print: Market Indicators of Growth

TV: Trends in Ad Spend & Pay TV

Penetration

Internet: Audience size, future growth, sites with most reach, user attitudes toward

Internet advertising, average CTRs in region

and in major markets

E-commerce: Total sales for 2012, growth since

2003, projected growth in key Latam markets,

most popular products

Mobile Market: Penetration of mobile phones,

smartphones & tablets, the triple-digit growth

of mobile Internet in Latin America and

response to mobile advertising

A Growing Consumer Class:

The surge of the class C

Media Penetration in Latin America

Ad Spend Projections for Latam: 2013 and 2014

Social Media: Use, most popular sites, reach,

influence on consumer purchase decisions

Online Videos: The audience, consumption trends

and advertising potencial

A GROWING CONSUMER CLASS: THE SURGE OF CLASS C

Source: The World Bank, Economic Mobility and the Rise of the Latin American Middle Class

1 in 3

Families in Latin America are middle class

In the past decade, more than 50 million people have joined the

middle class in Latin America.

Sources: 1United Nations, 2World Bank, 3Cetelam report O Observador Brasil 2012, 4Consultora W, 5Departamento Administrativo Nacional de

Estadstica, 6Asociacion Mexicana de Agencias de Investigacion de Mercados y Opinin Pblica, 7Asociacin Peruana de Empresas de

Investigacin de Mercados, 8Novomerc Chile

7%

21%

3%

31%

7%

13%

47%

55% 52%

33% 32% 28%

0%

10%

20%

30%

40%

50%

60%

Argentina Brazil Chile Colombia Mexico Peru

Classes AB

Class C

HAS BECOME A SIGNIFICANT PORTION OF THE POPULATION IN SEVERAL KEY MARKETS.

105,000,000 Brazilians were Class C in 2011

55% of the population

In 2014

58% of the population

will be Class C

40,000,000

Brazilians joined Class C between 2003-2011

Source: Cetelem BGN Observador Brasil, Fecomercio SP, Data Popular

SECOND, CLASS C IS SPENDING HUGELY:

R$1.089 trillion

2012

Sources: IPC Target, FecomercioSP

R$1.4 trillion*

2015

*more than classes A and B combined!

MEDIA PENETRATION IN LATIN AMERICA

Source: IBOPE Media Book 2012

Free TV Pay TV Radio Newspapers Magazines OOH Internet

Argentina 95% 71% 68% 43% 21% 91% 54%

Brazil 97% 35% 76% 34% 40% 86% 44%

Chile 99% 60% 73% 48% 35% 90% 64%

Colombia 94% 78% 68% 39% 32% 91% 63%

Costa Rica 97% 58% 77% 81% 13% 94% 41%

Ecuador 98% 24% 80% 65% 41% 99% 55%

Guatemala 85% 63% 86% 74% 8% 99% 26%

Mexico 97% 36% 54% 27% 27% 98% 48%

Panama 94% 50% 62% 69% 12% 70% 51%

Peru 98% 64% 84% 69% 23% 100% 60%

Puerto Rico 87% 54% 84% 73% 22% 97% 44%

Penetration by Medium, 2011

TV, OUT-OF-HOME AND RADIO HAVE THE DEEPEST

BUT INTERNET IS GROWING SIGNIFICANTLY.

AD SPEND PROJECTIONS FOR LATAM: 2013 AND 2014

Zenith Optimedia projects 10% growth in ad spend for Latin America in 2013twice the growth of North America and triple the growth of Western Europe

2013 2014

Latin America 10% 9%

North America 4% 5%

Western Europe 3% 3%

Central & Eastern Europe 9% 9.9%

Asia Pacific 7% 8%

Middle East, North Africa 2.8% 2.3%

Rest of World 9.3% 10%

FASTEST-GROWING REGION IN AD SPEND.

Argentina: up 19.6% in first 9 months of 2012, 31.6% growth in all of 2011 1

Sources: 1Cmara Argentina de Agencias de Medios, 2WARC, 3Asociacin Chilena de Agencias de Publicidad, 4Asomedios, 5Confederacin de

la Industria de la Comunicacin Mercadotcnica, 6IBOPE Media Panam, 7Compaa Peruana de Estudios de Mercados, 8Asociacin Uruguaya

de Agencias de Publicidad

STRONGLY IN ALL MAJOR MARKETS.

Brazil: up 10.7% in 2012, 9.8% projected growth in 2013 2

Chile: 10.4% increase in all of 2011 3

Colombia: 8.8% growth in 2011 4

Mexico: up 14% in all of 2011 5

Panama: up 7.7% in all of 2011 6

Peru: up 9% in 2012 7

Uruguay: up 5.6% in all of 2012 8

AND BY 2014, BRAZIL WILL BECOME THE #5 AD MARKET IN THE WORLD.

Source: Zenith Optimedia

Rank Country

Ad Spend in 2014 (billions)

#1 United States 173,593

#2 Japan 53,434

#3 China 48,755

#4 Germany 27,548

#5 Brazil 22,216

Source: Cmara Argentina de Agencias de Medios

37.4%

9.4%

35.0%

4.8%

3.2% 5.0%

1.3% 6.1% Free TV

Pay TV

Newspapers

Magazines

Radio

OOH

Cinema

Internet

ARGENTINA AD SPEND SHARE BY MEDIUM, 2011

Source: Projeto Inter-Meios

BRAZIL AD SPEND SHARE BY MEDIUM, 2011

Guides 1.1% OOH 3%

Cinema 0.3%

Radio 3.%

Pay TV 4%

Internet 5.1%

Magazines 7.1%

Newspapers 11.8%

Free TV 63%

Source: Asociacin Chilena de Agencias de Publicidad

44.9%

26.6%

6.8%

1.9%

8.6%

0.3% 4.6%

6.2% Free TV

Newspapers

Radio

Magazines

OOH

Cinema

Pay TV

Internet

CHILE AD SPEND SHARE BY MEDIUM, 2011

Source: Confederacin de la Industria de la Comunicacin Mercadotcnica

56%

8%

7%

8%

6%

8%

Free TV

Radio

Print

Internet

Pay TV

OOH

MEXICO AD SPEND SHARE BY MEDIUM, 2011

Source: Compaa Peruana de Estudios de Mercados y Opinin Pblica

49.68%

16.5%

12.1%

3.5%

18.2%

TV

Newspapers

Radio

Internet

Not specified

PERU AD SPEND SHARE BY MEDIUM, 2011

Source: Comit Certificador de Medios ANDA-FEVAP

26.9%

6%

5.6% 23.5%

5.6% 1.5%

10.2%

12.2%

8.5%

Free TV

Internet

Pay TV

Newspapers

Magazines

Cinema

Radio

Direct mail

OOH

VENEZUELA AD SPEND SHARE BY MEDIUM, 2011

PRINT MEDIA IN LATIN AMERICA

Latin American newspapers will grow in revenue by 5.5% per year through 2016 to reach a total of US$10.4 billion 1

Newspaper circulation went up by 5% in Latin America between 2006 and 2011 2

In 2009 magazine ad spend dropped in every region EXCEPT for Latin America grow through 2016 1

Latin American newspaper revenues went up by 65% between 2006 and 2011 2

Newspaper circulation in Brazil grew by 1.8% in all of 2012 and in 2011 grew by 3.5% to reach 4.4 million copies, a new record 3

11.9% CAGR growth is forecast for newspaper ad spend in Argentina through 2016 1

Magazines grew 33.7% in ad spend in Argentina in 2011 1

Newspapers grew by 50% in circulation in Peru between 2007 and 2012 4

Sources: 1PriceWaterhouseCoopers Global Entertainment Media Outlook 2012-2016, 2WAN-INFRA,, 3Instituto Verificador de Circulao, 4KPMG

PRINT IS STILL A STRONG MEDIUM THROUGHOUT LATIN AMERICA. MARKET INDICATORS THAT SUGGEST THIS INCLUDE:

Sources: Cmara Argentina de Agencias de Medios, Projeto Inter-Meios, Asociacin Chilena de Agencias de Publicidad, Asomedios, Ipsa

Group Latin America, Compaa Peruana de Estudios de Mercados y Opinin Pblica, Comit Certificador de Medios ANDA-FEVAP

Argentina Brazil Chile Colombia Ecuador Peru Venezuela

40%

18%

29%

36%

10%

17%

29%

Print ranks #1 in ad spend share in Argentina and #2 (after free TV) in Brazil, Chile, Colombia, Ecuador, Peru and Venezuela

PRINT ALSO COMMANDS A MAJOR PORTION OF AD SPEND IN MANY LATAM MARKETS.

Print's Share of Ad Spend in Key Latam Markets, 2011

TV IN LATIN AMERICA

37%

63%

45%

49%

56%

47%

54%

Argentina Brazil Chile Colombia Mexico Peru Uruguay

Percentage of Ad Spend Share, 2011

FREE TV RULES AD SPEND IN MOST OF

Sources (left to right): Cmara Argentina de Agencias de Medios, Projeto Inter-Meios, Asociacin Chilena de Agencias de Publicidad, Asomedios,

Confederacin de la Industria de la Comunicacin Mercadotcnica, Compaa Peruana de Estudios de Mercados, Asociacin Uruguaya de

Agencias de Publicidad

Free TV Ad Spend Share in Major Latam Markets, 2011

Sources: 1Dataxis, 2Anatel, 3Centro de Investigacin en Innovacin en Telecomunicaciones, 4LAMAC, 5IBOPE

pay TV penetration

in Latam by 20171

of homes in Brazil will be subscribed to pay TV by 2018potential audience of 173 million2

8.5 million homes in Argentina have pay TV service4

Projected penetration

of pay TV in Mexico in 20133

4.2 million homes in Colombia have pay TV service5

Percentage of Ad Spend Share, 2011 OF LATAM IN FEB 2012 AND IS GROWING RAPIDLY.

68%

90%

50%

INTERNET IN LATIN AMERICA

Sources: Internet WorldStats, comScore, Subsecretara de Telecomunicaciones, Asociacin Mexicana del Internet

28,000,000

1,985,970

85,000,000

9,086,000

25,000,000

2,000,000

4,000,000

4,000,000

1,200,000

2,200,000

1,000,000

40,600,000

663,000

1,500,000

1,523,000

9,900,000

1,698,000

1,855,000

10,900,000

Argentina

Bolivia

Brazil

Chile

Colombia

Costa Rica

Dominican Republic

Ecuador

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Paraguay

Peru

Puerto Rico

Uruguay

Venezuela

Percentage of Ad Spend Share, 2011

AS OF 2012, INTERNET COMMANDS A HUGE AUDIENCE IN LATIN AMERICA: 232 MILLION.

Growth projections for specific markets:

Sources: 1LACNIC, 2Comit Gestor da Internet, 3Pyramid Group, 4Latin America & Caribbean Network Information Centre, 5Comisin Nacional

de Telecomunicaciones de Paraguay

Percentage of Ad Spend Share, 2011

BY 2015, THERE WILL BE 60% INTERNET PENETRATION IN LATIN AMERICA AND 120 MILLION ADDITIONAL USERS.1

Brazil 168 million by 2014 , up from 85 million in 2012 2

Chile 16.4 million by 2015 , up from 9 million in 2012 3

Ecuador 7.5 million by 2015 , up from 4 million in 2012 4

Mexico 65 million by 2015 , up from 40 million in 2012 4

Paraguay 3.4 million by 2015 , up from 1.5 million in 2012 5

Types of Web Sites with Deepest Reach among

Internautas :

Source: Futuro Digital, comScore, March 2012

97.5% 96.3% 96.7% 96.4%

86.3% 85.3%

Portals Search Entertainment Social Media News Community

Percentage of Ad Spend Share, 2011 INTERNET USERS.

67% of female shoppers in Brazil use the Internet as a source before shopping for products and services1

95% of Brazilian consumers look for information online before buying a car2

68% of Brazilian Internet users say that online ads influence their purchasing decisions3

57% of Brazilian Internet users say that Internet ads motivate them to buy the products that are advertised4

Sources: 1Oh! Panel, 2IDG, 3Deloitte Media Democracy, 4IAB Brasil, 5Asociacin Mexicana de Internet, 6Estudio Colombiano del Internet 2011

75% of Mexican Internet users stop to view online ads5

83% of Mexican Internet users recall online ads5

Product categories with highest recall include computer products (50%), movies (46%), mobile phones (45%), banks (32%) and software (32%)5

53% like seeing ads on social media sites and 61% recall ads they see on social media sites5

Preferred online ad formats for Colombian Internet users are banners (37%), videos (35%) and sponsored links6

7 out of 10 Colombians check opinions and recommendations on social media before buying a product1

Internet is the #2 medium that motivates Colombians to buy products6

LATIN AMERICANS IN KEY MARKETS ARE WELL-DISPOSED TOWARDS INTERNET ADVERTISING.

Average Click-Thru Rate Latin America North America

Standard banner (overall) 0.14% 0.10%

728X90 0.14% 0.09%

120X600 0.12% 0.07%

160X600 0.15% 0.08%

Mobile banner 0.48% 0.86%

Rich media 0.34% 0.15%

Source: MediaMind Global Benchmarks Report H1 2012

LATIN AMERICANS HAVE SIGNIFICANT HIGHER CTRS THAN NORTH AMERICANS FOR STANDARD BANNERS AND ALSO FOR RICH MEDIA.

Source: MediaMind Global Benchmarks Report H1 2012

Average Click-Thru Rate Argentina Brazil Central America Chile Colombia Mexico Peru

Standard banner (overall) 0.13% 0.14% 0.15% 0.12% 0.13% 0.15% 0.19%

728X90 0.13% 0.15% 0.13% 0.13% 0.14% 0.13% 0.25%

120X600 0.11% 0.13% 0.10% 0.12% N/A 0.10% N/A

300X250 0.13% 0.15% 0.17% 0.23% 0.19% 0.17% 0.21% 160X600 0.14% 0.12% 0.17% 0.23% 0.17% 0.17% 0.18%

Rich Media 0.42% 0.22% 0.45% 0.25% 0.72% 0.44% 0.58%

Enhanced std. banner 0.07% 0.11% 0.09% N/A N/A 0.09% N/A

728X90 N/A N/A 0.08% N/A N/A 0.08% N/A

120X600 N/A N/A 0.06% N/A N/A 0.06% N/A

300X250 0.07% N/A 0.17% N/A N/A 0.17% N/A

Polite Banner 0.18% 0.11% 0.15% 0.17% 0.16% 0.15% N/A

Floating Ad 1.93% 0.44% 2.59% N/A 3.23% 2.59% 1.01% Expandable Formats 0.43% 0.31% 0.54% 0.23% 0.61% 0.53% 0.68%

234X60 0.54% 0.55% 0.69% 0.50% 0.96% 0.69% 0.86%

728X90 0.27% 0.40% 0.48% n/A N/A 0.43% 0.99%

160X600 N/A 0.23% 0.32% n/A N/A 0.32% N/A

300X250 0.42% 0.20% 0.55% 0.43% N/A 0.56% 0.36%

PushDownBanner 0.36% 0.17% 0.27% n/A 0.26% 0.27% 0.26%

IN SEVERAL KEY LATAM MARKETS, FLOATING ADS PERFORM WELL & 300 X 250 STANDARD BANNERS GENERALLY HAVE HIGHER THAN AVERAGE CTRS.

Source: IAB Brasil

42% 55%

3%

Display

Search

Other

BREAKDOWN OF 2011 ONLINE AD SPEND, BRAZIL

Source: IAB Chile

49% 51% Search, Directories,Social

Display

BREAKDOWN OF 2011 ONLINE AD SPEND, CHILE

Source: IAB Colombia

70%

17%

8%

2.50% 1.16% 1.01%

Display

Search

Social media

Video

Mobile

Email marketing

BREAKDOWN OF 2011 ONLINE AD SPEND, COLOMBIA

Source: IAB Mxico

61% 28%

12%

Display

Search

Classified

BREAKDOWN OF 2011 ONLINE AD SPEND, MEXICO

Source: IAB Per

53% 47% Display

Search

BREAKDOWN OF 2011 ONLINE AD SPEND, PERU

Source: IAB Uruguay

36%

35.60%

19%

3% 3%

2%

5% Display

Search

Production ofmaterialsEmail marketing

Mobile

Services

Other

BREAKDOWN OF 2011 ONLINE AD SPEND, URUGUAY

SOCIAL MEDIA IN LATIN AMERICA

Of Latin American Internet users are on

social media11

Sources: 1comScore, 2Socialbakers

Social media have deep penetration and heavy engagement in the region.

Growth in Facebook users in 2011 in Latin America: more

than 168 million users around the region2

Of total time spent online in Latam is spent on social

media sites1

95% 50% 28%

73% of Latin Americans regularly read comments about brands on social media 66.9% trust these comments 62% say these comments influence their purchase decisions

Source: Oh! Panel study, May 2011

Social media influence the purchase decisions of 62% of Latin Americans.

58.9% of Latin Americans go on social media to find product information 36.8% of Latin Americans follow brands on social media 78.6% follow brands to learn about new products offered by that brand

Source: comScore

social media site but other sites have grown hugely in the region.

5,000% 2,500%

97% 86% 43%

Increase in Unique Visitors, November 2011 to November 2012

ONLINE VIDEOS IN LATIN AMERICA

11.5 million videos watched every month in Argentina, Brazil, Chile and Mexico

Source: comScore

Online video consumption has spiked significantly in Latin America.

96%: online videos have the deepest reach in Argentina, followed by Chile (92%), Brazil (84%) and Mexico (81%)

172 online videos a month are watched by Chileans, while Mexicans watch 155 per month, Brazilians watch 125 per month and Argentines watch 117 per month

Advertisers fail to reach 30% of the audience via just TV but can gain 16% of effective reach by combining TV and online video advertising1

Sources: 1comScore, 2YouTube

Besides growth, online video offers major opportunities for ROI.

Average growth of 37.5%

In online videos watched in Argentina, Brazil, Chile and Mexico

between 2011 and 20121

Brazil is the

6th largest market in the world for

in terms of videos watched2

In 2011, video views on

YouTube grew 67% in Brazil2

E-COMMERCE IN LATIN AMERICA

Source: Amrica Economa & Visa Latin America E-Commerce study, 2012

26% projected

growth in 2012

E-COMMERCE IN LATIN AMERICA HAS GROWN BY 27 TIMES SINCE 2003.

E-commerce sales in Latam

in 2003: US$1.6 billion

E-commerce sales in Latam in 2011:

US$43 billion

US$69 billion Projected e-commerce sales for

Latin America in 2013

Clothes

Computer electronics

Music, movies or videos

Appliances

Computer hardware

Source: comScore

OVERALL, CLOTHES ARE THE PRODUCT THAT LATIN AMERICANS BUY THE MOST ONLINE.

A 2012 comScore e-commerce study of Latin America revealed the most popular products among online shoppers in the region:

1

2

3

4

5

6

7

8

9

10

Entertainment tickets

Vacation/travel

Health and beauty care

Books and magazines

Sports and fitness

Sources: 1Amrica Economa & Visa E-Commerce Study, Latin America, 2012, 2e-bit

The percentage of e-commerce sales in

Latin America that are generated in Brazil1

2012 e-commerce sales in Brazil2

Projected 2013 e-commerce sales in Brazil2

BRAZIL IS THE LEADING E-COMMERCE MARKET

59% US$11 billion

US$14 billion

ARE POSTING STRONG E-COMMERCE NUMBERS.

Sources: 1Amrica Economa & Visa Latam E-commerce study, 2012, 2Asociacin Mexicana del Internet, 3Cmara Argentina de Comercio

Electrnico, 4Cmara Colombiana de Comercio Electrnico,

Mexico #2 e-commerce market in Latam1

US$6.2 billion in sales in 2012, 46% growth2

Top 5 selling products are (#1) plane/ train tickets, (#2) tickets to shows, (#3) hotel reservations, (#4) electronics, (#5) clothes2

Argentina US$3.3 billion in sales in 2012, 32% growth compared to 20113

5 best-selling products are (#1) smartphones, (#2) clothes, (#3) car accessories, (#4) clothes, (#5) home decor3

Colombia US$2 billion in sales in 20124

Chile US$1.7 billion in sales in 20121

14% growth compared to 20111

MOBILE MARKET

MOBILE PENETRATION IN LATIN AMERICA IS AT 105% AND WILL REACH 130% BY 20151.

Sources: 1GSMA, Comisin Nacional de Comunicaciones de Argentina, Anatel, Subsecretara de Telecomunicaciones, Ministerio de Tecnologas de la

Informacin y las Comunicaciones, Ministerio de Ambiente, Energa y Telecomunicaciones, Superintendencia de Telecomunicaciones, Pyramid

Research, Superintendencia de Telecomunicaciones, Unin Internacional de Telecomunicaciones, Everis, Oficina de Desarrollo de las

Telecomunicaciones de la UIT, El Ministerio de Transportes y Comunicaciones, Instituto Nacional de Estadsticas, Comisin Nacional de

Telecomunicaciones, Vision Mobile, Google, 3D Chile, LG Mobile Colombia, IDC, Futuro Labs

142%

124% 129%

100% 101%

89% 98%

20% 14%

30%

7% 10% 20%

11%

0%

20%

40%

60%

80%

100%

120%

140%

Argentina Brazil Chile Colombia Costa Rica Mexico Peru

Mobile penetration Smartphone penetration

Mobile & Smartphone Penetration in Major Latam Markets

Argentina: 43% increase in tablet sales in 2012: 340,000 units sold 1

Sources: 1IDC, 2IT Data, 3GfkChile, 4Gremial de Empresas de Informtica, 5Dominio Consultores

TABLET ADOPTION IS LOW COMPARED TO OVERALL POPULATION BUT SALES ARE SPIKING IN SEVERAL LATAM MARKETS.

Brazil: Tablet sales reached 3.1 million in 2012 and are projected to reach 5.1 million in 2013 2

Chile: 27,300 tablets sold in first quarter of 2012, 11.5% share of portable PC market in the country 3

Guatemala: 40,000 tablets sold during Jan -June 2012, 52% more than Jan -June 2011 4

Peru: Tablet sales increased by 334% in the first half of 2012 5

Mexico: Tablet sales reached 2.2 million in 2012 and will reach 4.3 million units by 2016 1

Sources: 1Huawei, 2Convergencia Research, 3COFETEL, 4Ministerio de Transportes y Telecomunicaciones, 5Nokia, 6Unidad Reguladora de los

Servicios de Comunicacin

Increase in mobile broadband

subscribers, 2010-20122

Growth in mobile broadband subscribers,

2010-20121

growth in mobile broadband connections, 20114

growth in mobile broadband subscriptions,

2011-20123

Increase in mobile

Internet use, 20115

growth in broadband

connections in 20116

MOBILE INTERNET IS GROWING HUGELY IN LATIN AMERICA.

421% 194% 107%

105% 69% 60%

LATIN AMERICANS ARE SHOWING STRONG RESPONSE TO MOBILE ADS.

Sources: 1MediaMinds, 2Hunt Mobile Ads

Average CTR for mobile banners in Latin America, higher than that of Australia, Eastern Europe and most of Asia1

Of Latam mobile device users respond favorablly to geo-targeted ads1

Mobile ad CTR for Colombia2

Mobile ad CTR for Mexico2

Mobile ad CTR for Brazil2

Mobile ad CTR for Argentina2

.60% .56% .61% .52%

33% .48%

Key Trends, Data Points and Impact on Consumer Purchase Decisions

CONTENTS

Print Media in Brazil: growth and consumption

TV: growth, usage and penetration

Radio: penetration, listener profile, reach

Internet in Brazil: growth, usage, influence of Internet ads on purchases

E-commerce: buying patterns and hottest-selling products

Social Media: usage, top sites, influence on consumer purchase decisions

Online Video: consumption and potential for advertisers

Mobile Market: Shopping habits and attitudes towards mobile ads of Brazilian smartphone users

Ad Spend in Brazil 2005-2012 , fastest-growing media, future projections

Media Penetration in Brazil

EXECUTIVE SUMMARY

Ad spend has grown over 100% since 2005 and Brazil will be the #5 ad market in the world by 2014 Internet and Pay TV are the fastest-growing media in ad spend: they have grown by 15% and 13% in 2012 Print is NOT dead in Brazilprint media growing in circulation (4.4 million in 2011 + 2% gain in 2012), penetration and earning record revenues (magazines earned 1.3 billion reais in 2011) TV and radio retain strong penetration and influence, and pay TV will have 90% penetration by 2018 There are 85 million Internet users in Brazil 68% of Brazilian women research online before buying products 68% of Brazilians say Internet ads influence their purchases and Internet affects their views of products Brazilians are shopping online more than ever and buy 4 key products the most Mobile penetration is 130%, 2.5 million tablets sold in Brazil in 2012 94% smartphone owners view mobile ads and over 66% make mobile purchases

A GROWING CONSUMER CLASS: THE SURGE OF CLASS C

CLASS B IS RESPONSIBLE FOR THE

Source: FecomercioSP

A1, 3%

A2, 16%

B2, 26%

B1, 25%

C1, 17%

C2, 9%

D, 4% E; 0.1%