San Miguel 4Q 2017 E Earnings Conference Call ll March 9, 2018 - PowerPoint PPT Presentation

San Miguel 4Q 2017 E Earnings Conference Call ll March 9, 2018

Disclaimer This presentation contains forward looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions. These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of San Miguel and its management, including statements with respect to San Miguel’s future financial condition, financial, operating and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, as well as San Miguel’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future fresh fruit and other prices, processing and commercial margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond San Miguel’s control or may be difficult to predict. San Miguel’s actual future financial condition, financial, operating and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, capital expenditures, investments, expansion and other projects, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future fresh fruit and other prices, processing margins and exchange rates, could differ materially from those expressed or implied in any such forward- looking statements. Important factors that could cause such differences include, but are not limited to, fresh lemon, mandarin, orange and other price fluctuations, supply and demand levels, currency fluctuations, production results, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals. In light of the foregoing, the forward-looking statements included in this document may not occur. The forward looking statements made in this presentation related only to events or information as of the date on which the statements are made in this presentation. San Miguel undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. 2

2017 Context 3

2017 – Equity Issuance • In march 2017, San Miguel successfully completed the issue of new shares to finance its expansion projects • The Subscription Price defined by the company was $105 ARS for every 10 new shares • The result of the quotation under the offer: A total of 67,275,000 New Shares were awarded , which meant 100% of the maximum amount , already increased • The amount adjudged was $ 706,387,500 Argentine pesos • The number of received offers reached 123,595,021 new shares , or 211.3% of the shares to be issued 6

2017 – Acquisition in Peru EBITDA • # 1 Mandarin producer in Peru multiple • 1.704 hectares (38% Mandarin; 25% Avocados; 18% Table paid Grapes) between • Enterprise Value: USD 64 mm 4x and The Company • Take over date : August 15 th , 2017 5x of 2018 & Transaction • Seller: Grupo Breca flows We expect • 2017 Production: 25.000 MT (forecast 2018 +60% ) margins to • 2017 Sales: USD 31 mm (forecast 2018 +75% ) reach • 2017 EBITDA: USD 5,5 mm (forecast 2018 +3x ) 33% by • 2017 Margin : 18% Selected Metrics 2021 • Commercial Synergies including new clients, new markets Quick wins new categories. achievable • We can apply best practices learned in existing origins to within boost production 1 year • San Miguel will lever its size with suppliers to optimize window Identified Synergies existing agricultural, operational and SG&A costs 7

2017 – Business Context Production Market Contingencies • Higher production of • Fresh Fruit: shorter • Cyber-attack suffered late variety in Spain commercial window by global shipping line due to an from the northern Maersk impacted extraordinary climate hemisphere operations, affecting event our business model • Processed Food: lower • Lower production processing volumes, yields in Argentina, higher prices and a Uruguay and South demand that was Africa stable for oil, increasing in juice and • Greater supply from adjusting in peel strategic producers 4

Q4 2017 Results 7

2017 – Macroeconomic Context Inflation Exchange Rate Full year rate (%) Average year rate vs. USD 11% -6% -10% -3% 40% 30,2 28,5 25% 16,6 14,9 14,7 13,2 3% 8% 1% 7% 4% 5% 3,4 3,3 Argentina Uruguay South Africa Peru Argentina Uruguay South Africa Peru 2016 2017 2016 2017 Sources: Ámbito Financiero, INE Uruguay, Inflation.eu, Reuters, finanzas.com, BCRP 5

Fourth Quarter 2017 Highlights • Sales of ARS 3,863 millions - 4% YoY / + 19% QoQ • EBITDA of ARS 214 millions - 73% YoY / + 16% QoQ • Net Income of ARS 169 millions - 27% YoY / + 730% QoQ • Net Debt of ARS 2,759 millions + 148% YoY / + 148% QoQ • Total Production Volume of 204.377 MT - 18% YoY / - 50% QoQ Total production includes only our own production and excludes the annual production of Peru (25,122 MT) and from 9 strategic producers

Consolidated income Revenues Breakdown Volumes Breakdown by Origin Breakdown by Origin In ARS Millions / Margin in % In thousand MT 411 4.024 3.863 388 309 2.863 271 2.551 36% 41% 19% 882 19% 68 812 65 37 36 24% 349 332 224 13 16% 15% 7% 30% Argentina Uruguay South Africa Peru Total Argentina Uruguay South Africa Peru Total 2016 2017 2016 2017 Var. Var. -11% -5% 9% n.a. -4% -12% -3% 5% n.a. -5% Revenues Volume Var. -22% -8% -8% n.a. -17% Margin Total sales for 2017 exclude intercompany sales for ARS 126 MM. Volumes refer to the total volume of fruit operated in our system, 10 including our own production and the one from strategic producers. For Peru includes volumes from August to December 2017

Fresh Fruit Revenues Breakdown Volumes Breakdown by Origin Breakdown by Variety In ARS Millions In thousand MT 2.339 2.159 136 124 1.334 70 66 66 57 865 774 743 296 224 262 0,68 Argentina Uruguay South Africa Peru Total Lemon Soft Citrus Grape Avocado Total 2016 2017 2016 2017 Var. Var. -35% 13% 4% n.a. -8% -18% 0% n.a. n.a. -8% Revenues Volume 11

Processed Foods Revenues Breakdown Volumes Breakdown by Product Breakdown by Origin In US$ Millions In thousand of processed MT 1.665 306 295 1.522 213 193 723 650 648 542 68 332 292 57 36 34 Oil Juice Other products Total Argentina Uruguay* South Africa* Total 2016 2017 2016 2017 Var. Var. 20% 12% -12% 9% -9% -6% 19% 2% Revenues Volume *Processed volumes in Uruguay and South Africa correspond to operations in which San Miguel participates through Joint Ventures 12

Selected Financials EBITDA Evolution EBITDA Breakdown EBITDA Evolution Breakdown by Origin In ARS Millions In ARS Millions 900 60% 900 805 805 800 800 50% 675 700 700 418 600 40% 600 435 500 500 37% 36% 30% 400 400 30% 214 25% 300 20% 300 214 20% 19% 19% 200 200 128 10% 108 59 100 100 47 3 5% 0 0% 0 2014 2015 2016 2017 Argentina Uruguay y Perú Sudáfrica Total 2016 2017 EBITDA EBITDA Margin Gross Margin Var. -91% 1590% -16% -73% EBITDA 13

Selected Financials 2017 Debt Evolution Net Financial debt ´ s evolution Composition Structural Debt Vs. Working Capital Debt In ARS Millions In ARS Millions 2.759 687 3000 2.330 161 2500 2.073 2000 -80 -364 -292 1500 1.145 1.074 1.112 -647 981 763 1000 599 -1.112 -1.112 385 500 0 jun-13 dic-13 jun-14 dic-14 jun-15 dic-15 jun-16 dic-16 jun-17 dic-17 -2.759 Net Financial Debt 13x 0,9x 1,8x 1,3x EBITDA • High seasonality in cash flows. • Diversified Debt by Country of Origin and debt instrument. The Evolution of Debt includes the effects of the acquisition of Agricola Hoja Redonda issolated 14

Summary 15