Grupo Nutresa S. A. Quarterly Report – Q2 2016

A future Together July 29th, 2016

Highlights

Acquisition of beef processing facility by the Cold Cuts business unit • Location: Cesar, Colombia • Price: COP$25.000 millions • Next steps: Approval by Manufacturing and Commerce Superintendence • Rational: Vertical integration of the Cold Cuts business unit to strengthen its supply chain and to guarantee the quality of its processes

Merco Talento confirmed Grupo Nutresa as the second best Company to work in Colombia and the most attractive of the food industry 2

2Q16 Sales Colombia and international Colombia sales

+8,6%

COP 1.297,7 mm +9,5% COP BILLION

Cop billion

450 400 350 300 250 200 150 100 50 0

401,9

Q: +0,2 P: +9,6* +11,2%

+14,4%

201,3

216,7

Cop billion

USD MILLION

USD 268,7 mm -0,1% COP 803,4 +19,5%

+6,0%

+5,5%

-0,6%

109,9

+15,4% Percentage variation in volume (Q) and prices (P) 73,2

104,4

% chg. YoY Billion pesos

Q:+1,2 P:+7,3

International Sales

2Q - 2016 139,2

Cold cuts

90 80 70 60 50 40 30 20 10 0

SALES PER BUSINESS UNIT

Biscuits Chocolates

Coffee

Q:-2,2 P:+13,8

Q:+2,3 P:+3,6

Q:+4,6 P:+9,4

Retail Food

Ice cream Pasta Q:+8,8 P:+6,0

Q:-5,1 P:+4,7

* Variation doesn’t include el Corral

-7,8%

83,5

-2,2%

69,1 +8,3% +44,6%

39,8

-13,7%

29,5

28,1

+1,7%

17,5

Cold Cuts

Biscuits

Chocolates

TMLUC*

Coffee

* Tresmontes Luccehtti ** Previously reported as Ice Cream

Retail Food

International sales Ex-Venezuela: -3,5%

% chg. YoY Million dollars

3

Total 2Q16 Sales

TOTAL SALES COP 2.101,1 +13,1%

2Q - 2016

COP BILLION

SALES PER BUSINESS UNIT

600

+15,8%

500

485,2

400

+14,2% 408,0 +19,4% 335,9

300

+10,6% 250,7

+5,0% 227,3

200

+10,2% 162,2

-0,6% 104,4

100

+15,5% 73,4

0 Cold cuts

Biscuits Chocolates TMLUC*

Coffee

Retail Food

Ice cream

Pasta

% chg. YoY Billion pesos

* Tresmontes Lucchetti

4

1H16 Sales Colombia and international Colombia sales COP 2.550,6 mm +12,4%

Organic sales COP 2.481,2 mm +9,4% Cop billion

COP BILLION

Cop billion

900 800 700 600 500 400 300 200 100 0

794,9

390,9

Cop billion

USD MILLION

USD 530,4 mm +0,3% COP 1.654,7 +25,8%

1H - 2016

+12,7%

418,6

+6,1%

273,4

+5,4%

+11,6%

223,4

215,1

138,7

Q:-0,4 P:+8,5

International Sales

Q: -0,2 P: +9,8* +11,1%

Cold cuts

180 160 140 120 100 80 60 40 20 0

SALES PER BUSINESS UNIT

+8,1%

Biscuits Chocolates

Coffee

Q:+0,0 P:+11,0

Q:+3,3 P:+2,7

Q:+1,3 P:+11,3

Retail Food

Percentage variation in volume (Q) and prices (P)

% chg. YoY Billion pesos

Ice cream Pasta Q:+2,4 P:+9,0

Q:-2,4 P:+7,9

* Variation doesn’t include el Corral

-9,0% +0,5%

159,1

138,1 -2,3%

+42,3%

-4,5%

73,3

64,2

58,7

+6,4%

34,9

Cold Cuts

Biscuits

Chocolates

TMLUC*

Coffee

* Tresmontes Luccehtti ** Previously reported as Ice Cream

Retail Food

International sales Ex-Venezuela: -3,2%

% chg. YoY Million dollars

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Total 1H16 Sales

TOTAL SALES COP 4.205,3 +17,4% Organic growth: +15,4%

1.200

SALES PER BUSINESS UNIT COP BILLION

1H - 2016

1.000

+16,5% 976,6

+18,6% 822,5

800

+16,0% 647,1

600

+14,1%

+11,9%

495,7

475,1

400

324,3

+5,4% 223,4

200

+11,4% 138,9

0 Cold cuts

Biscuits Chocolates TMLUC*

Coffee

Retail Food

Ice cream

Pasta

% chg. YoY Billion pesos

* Tresmontes Lucchetti

6

Sales by Region, 1H 2016 USA

8,3% DOMINICAN REP. & CARIBBEAN

MEXICO

3,5%

60,7%

COLOMBIAN SALES

1,7%

CENTRAL AMERICA

VENEZUELA

9,8%

3,0% ECUADOR

1,4%

COLOMBIA

60,7% PERU

39,3% INTERNATIONAL SALES

1,7%

CHILE

8,4%

OTHER COUNTRIES 1,5%

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Market share Colombia + TMLUC Consolidated market share in Colombia: 61,2% +0,3% Cold Cuts

Biscuits

73,7%

56,0%

+0.4%

+0.6%

Chocolates

Coffee

Chocolate Roast and ground confectionery coffee (A) 67,7% (A) 53,7% +0,8%

-1,3%

Hot chocolate 62,3% (B)

TMLUC

Ice Cream

ICB* 63,7% (A)

ICE CREAM ND

+1,0%

Pasta

51,9% -0.4%

Pastas 27,3% (B)

Soluble coffee (B)

42,1%

Milk modifiers 24,7% (C)

+0.5%

Coffee 16,3% (C) -0,2%

Potato Chips 13,2% (D)

-0,3%

# 1 in Ice cream shops – Rep. Dom. & CR

-0,3%

Nuts 56,1%

México ICB* 31,6% (E)

+3,7% (D)

#2 Nestlé 11,3% #3 Mondelez 10,2%

(A) (B) (C) (D)

#2 Ferrero 7,4% #2 Casa Lúker 26,5% #1 Nestlé 69,9% Frito Lay 25,3%

# 1 in Hamburguers and Steakhouses categories in Colombia

-1,2%

-0,3%

#2 Private labels 7,1%

Retail Food

+1,0% (A) #2 Águila Roja 24,9% (B) #1 Nestlé 42,9%

*ICB= Instant Cold Beverages Source: Nielsen twelve month as of may 2016. (% share as in value and change vs. same period last year)

(A) #2 Carozzi 34,0% (B) #1 Carozzi 46,4% (C) #1 Nestlé 70,2% (D) #1 Frito Lay 62,9% (D) #1 Mondelez 55.5%

#2 La Muñeca 30,2%

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Raw materials

GRUPO NUTRESA COMMODITIES INDEX

COGS BREAKDOWN

GNCI 165

3,4% Oils & fats

150

4,1% Sugar 4,1%

144

135 120 107

113

105 90

82

75 2009

2010

2011

2012

2,3%

Milk

1,8%

Beef

5,5% Cocoa

44,1%

6,7%

Other

Pork

2013

7,0%

Wheat

8,0%

Coffee

87

86 2008

Poultry

112 95

92

(1H16)

2014

20152016

13,3% Packaging mat.

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EBITDA 2Q16

15,4% +38,6%

EBITDA COP 253,2 +13,1% MARGIN 12,1%

74,8

70 COP BILLION

Billion pesos

80

60

11,4% +20,3%

50

46,4

17,0% +15,4%

40

8,0% +10,1%

30

26,8

10,6% +8,7%

38,7

26,5

13,5% -15,3%

21,9

20

7,8% -26,8%

8,2

10

11,1% +8,8%

8,1

0 Cold cuts

Biscuits Chocolates TMLUC* Coffee

Retail Food

Ice cream

Pasta

Convention:

* Tresmontes Lucchetti

10

EBITDA 1H16

EBITDA COP 534,2 +16,4% MARGIN 12,7%

COP BILLION

Billion pesos

160

15,2% +34,9%

148,2

140

12,2%

120

+14,9%

18,8% +13,6%

100,1

100

8,7% +2,3%

80

56,2

60

89,3 10,7% +12,2%

52,8

13,8% N/A

44,8

40

12,0% +3,5%

26,8

9,4% -13,1%

13,0

20 0 Cold cuts

Biscuits Chocolates TMLUC* Coffee

Retail Food

Ice cream

Pasta

Convention:

* Tresmontes Lucchetti

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Consolidated Income statement 2Q16 2015-2Q Operating revenue Cost of goods sold Gross profit Administrative expenses Sales expenses Production expenses Exchange differences on operating assets and liabilities Other operating expenses, net Operating profit Financial income Financial expenses Portfolio dividends Exchange differences on non-operating assets and liabilities Loss on net monetary position Share of profit of associates and joint ventures Other income, net Income before tax and non-controlling interest Current income tax Deferred income tax Profit after taxes from continuous operations Discontinued operations, after income tax Net profit for the year Non-controlling interest Profit for the period attributable to controlling interest EBITDA

% Revenues

2015-2Q

% Revenues

%Var

2.101.067 (1.202.985) 898.082 (96.978) (580.720) (34.612) 11.938 7.387 205.097 2.482 (82.107) 41 (2.615) (7.486) 619 116.031 (42.183) 6.703 80.551 (83) 80.468 1.056 79.412

-57,3% 42,7% -4,6% -27,6% -1,6% 0,6% 0,4% 9,8% 0,1% -3,9% 0,0% -0,1% -0,4% 0,0% 0,0% 5,5% -2,0% 0,3% 3,8% 0,0% 3,8% 0,1% 3,8%

1.857.181 (1.044.465) 812.716 (86.819) (519.884) (32.185) (286) (115) 173.427 1.921 (59.360) 494 6.965 (3.172) 758 62 121.095 (38.427) 1.408 84.076 (4.010) 80.066 773 79.293

-56,2% 43,8% -4,7% -28,0% -1,7% 0,0% 0,0% 9,3% 0,1% -3,2% 0,0% 0,4% -0,2% 0,0% 0,0% 6,5% -2,1% 0,1% 4,5% -0,2% 4,3% 0,0% 4,3%

13,1% 15,2% 10,5% 11,7% 11,7% 7,5% N/A N/A 18,3% 29,2% 38,3% -91,7% -137,5% 136,0% -18,3% -100,0% -4,2% 9,8% 376,1% -4,2% -97,9% 0,5% 36,6% 0,2%

253.208

12,1%

223.967

12,1%

13,1%

For further details please check the notes of the financial statements on the following link: http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2016-2

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Consolidated Income statement 1H16 2016-Acum Operating revenue Cost of goods sold Gross profit Administrative expenses Sales expenses Production expenses Exchange differences on operating assets and liabilities Other operating expenses, net Operating profit Financial income Financial expenses Portfolio dividends Exchange differences on non-operating assets and liabilities Loss on net monetary position Share of profit of associates and joint ventures Other income, net Income before tax and non-controlling interest Current income tax Deferred income tax Profit after taxes from continuous operations Discontinued operations, after income tax Net profit for the year Non-controlling interest Profit for the period attributable to controlling interest EBITDA

4.205.283 (2.399.295) 1.805.988 (193.987) (1.128.655) (69.304) 15.786 8.556 438.384 4.647 (152.953) 50.494 (12.353) (18.527) 804 310.496 (98.207) 20.959 233.248 (247) 233.001 1.917 231.084 534.203

% Revenues

2015-Acum

% Revenues

% Var

-57,1% 42,9% -4,6% -26,8% -1,6% 0,4% 0,2% 10,4% 0,1% -3,6% 1,2% -0,3% -0,4% 0,0% 0,0% 7,4% -2,3% 0,5% 5,5% 0,0% 5,5% 0,0% 5,5%

3.583.401 (2.017.246) 1.566.155 (183.084) (956.200) (64.634) 7.880 2.091 372.208 4.956 (110.270) 46.962 12.914 (7.366) 1.148 62 320.614 (89.863) 4.815 235.566 (4.314) 231.252 968 230.284

-56,3% 43,7% -5,1% -26,7% -1,8% 0,2% 0,1% 10,4% 0,1% -3,1% 1,3% 0,4% -0,2% 0,0% 0,0% 8,9% -2,5% 0,1% 6,6% -0,1% 6,5% 0,0% 6,4%

17,4% 18,9% 15,3% 6,0% 18,0% 7,2% 100,3% 309,2% 17,8% -6,2% 38,7% 7,5% -195,7% 151,5% -30,0% -100,0% -3,2% 9,3% 335,3% -1,0% -94,3% 0,8% 98,0% 0,3%

12,7%

458.883

12,8%

16,4%

For further details please check the notes of the financial statements on the following link: http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2016-2

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COP BILLION

Consolidated net debt

3.500 3.000 2.500

2.714

2.863

2.872

2.808

jun/15

sep/15

dic/15

2.923

2.966

mar/16

jun/16

2.000 1.500

1.581

1.749

1.000 500 486

399

dic/11

dic/12

0

RATIO Net debt / EBITDA EBITDA / Interest Interest / Sales

dic-11 dic-12 0,86 0,59 8,85 12,74 1,27% 0,99%

dic/13

dic/14

dic-13 1,90 10,38 1,36%

dic-14 2,02 6,36 2,10%

mar/15

mar-15 3,21 5,80 2,20%

jun-15 3,29 5,01 2,49%

sep-15 3,08 4,93 2,53%

dic-15 mar-16 2,88 2,86 4,70 4,54 2,61% 2,71%

jun-16 2,82 4,25 2,89%

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Contact Details

Alejandro Jiménez Moreno Investor Relations Director Tel: (+574) 3258731 email: [email protected] www.gruponutresa.com This presentation and further detailed information can be found in the following link in our section "Grupo Nutresa Valuation Kit": http://www.gruponutresa.com/es/content/gruponutresa-valuation-kit-gnvk

For more information regarding Grupo Nutresa´s level 1ADR, please call The Bank of New York Mellon marketing desk NEW YORK

NEW YORK

NEW YORK

LONDON

BNYM – Latin America Gloria Mata [email protected] Telephone 212 815 5822

BNYM – Sell-Side Kristen Resch [email protected] Telephone 212 815 2213

BNYM – Buy-Side Angelo Fazio [email protected] Telephone 212 815 2892

BNYM – Sell-Side/Buy-Side Mark Lewis [email protected] Telephone 44 207 964 6415

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Balance sheet 1H 2016 June 2016 ASSETS Current assets Cash and cash equivalents Trade and other receivables Inventories Biological assets Other current assets Non-current assets held for sale Total current assets Non-current assets Trade and other receivables Non-current, biological assets Investments in associated and joint ventures Other financial non-current assets Property, plant and equipment, net Investment properties Goodwill Other intangible assets Deferred tax assets Other assets Total non-current assets TOTAL ASSETS

206.643 819.646 1.083.821 59.385 279.691 65.702 2.514.888 26.190 6.491 161.255 3.756.035 3.312.068 77.368 2.018.384 1.155.162 365.896 44.171 10.923.020 13.437.908

Var.

-27,8% -6,7% 4,9% 11,8% 26,7% -8,3% -1,1% -2,0% 13,9% 47,9% 9,9% -2,1% -6,1% -0,7% -2,1% 2,9% 8,7% 2,7% 2,0%

December 2015

286.064 878.280 1.032.969 53.119 220.762 71.679 2.542.873 26.729 5.699 109.021 3.418.149 3.383.722 82.393 2.033.403 1.179.957 355.461 40.645 10.635.179 13.178.052

LIABILITIES Current liabilities Financial obligations Trade and other payables Tax charges Employee benefits liabilities Current provisions Other liabilities Total current liabilities Non-current liabilities Financial obligations Trade and other payables Employee benefits liabilities Deferred tax liabilities Other liabilities Total non-current liabilities TOTAL LIABILITIES SHAREHOLDER EQUITY Equity attributable to the controlling interest Non-controlling interest TOTAL SHAREHOLDER EQUITY TOTAL LIABILITIES AND EQUITY

June 2016

Var.

December 2015

862.246 861.844 205.184 129.825 2.901 22.619 2.084.619

-18,6% 4,4% 19,1% -19,2% -34,3% -15,1% -7,3%

1.059.660 825.435 172.323 160.628 4.415 26.641 2.249.102

2.309.966 159 226.813 636.888 801 3.174.627 5.259.246

13,5% 0,0% 7,2% -0,5% 0,0% 10,0% 2,4%

2.034.604 159 211.533 639.810 2.886.106 5.135.208

8.143.026 35.636 8.178.662 13.437.908

1,7% 3,7% 1,7% 2,0%

8.008.485 34.359 8.042.844 13.178.052

For further details please check the notes of the financial statements on the following link: http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2016-2

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Disclaimer

This document can contain forward looking statements related to Grupo Nutresa S.A. and its subordinated companies, under assumptions and estimations made by company management. For better illustration and decision making purposes Grupo Nutresa’s figures are consolidated; for this reason they can differ from the ones presented to official entities. Grupo Nutresa S.A. does not assume any obligation to update or correct the information contained in this document.

“The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Securities Exchange) is not a certification of the registered securities or the solvency of the issuer.”

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