May 1Liked by Giro Lino

Hi. Thanks for your writeup. Appreciate the idea.

A couple of questions remaining. Firstly, when is the LDT to be eligible for the spin? Secondly, will Exito be relisted in depository receipt form like CBD? If so, when will this listing be?

A couple of comments as well. I don't really get a sense of how Exito is valued on a relative basis. It might be overvalued at $0.8 and it appears that it will suffer from a share overhang issue until Casino is able to get its leverage issues solved. Further, I don't get a clear picture what businesses remain in CBD, i.e. are there many, are they fully owned or are there minorities, is there debt at the centre etc.

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