SECOND QUARTER 2013 RESULTS July 29th, 2013

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Roderick Jones
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1 SECOND QUARTER 2013 RESULTS July 29th, 2013

US$ Millones TRESMONTES LUCCHETTI (TMLUC) Revenues and EBITDA margin (US$mm)* $ 460 $ 440 13,6% $ 440 $ 420 $ 423 $ 400 $ 408 12,6% $ 380 11,7% $ 360 $ 340 $ 320 $ 300 2010 2011 2012 14,0% 13,5%

2 US$ Millones TRESMONTES LUCCHETTI (TMLUC) Revenues and EBITDA margin (US$mm)* $ 460 $ ,6% $ 440 $ 420 $ 423 $ 400 $ ,6% $ ,7% $ 360 $ 340 $ 320 $ ,0% 13,5% 13,0% 12,5% 12,0% 11,5% 11,0% 10,5% 10,0% Breakdown of 2012 sales (US$mm) Snacks $ 21 5% Coffee $ 26 6% Oils $ 39 9% International $ 76 17% By category Others $ 89 20% Pastas $ 73 16% By Region PSD* $ % Mexico $ 89 20% Chile $ % 2 *pro-forma numbers at a FOREX of $479,8 CLP/USD PSD: Powdered Soft Drinks

3 EXPECTED GRUPO NUTRESA ESTRUCTURE Grupo Nutresa Cold Cuts Biscuits Chocolates Coffees Ice Creams Pastas TMLUC 3

US$ millones Miles de millones SALES PER BUSINESS UNIT ACCUMULATED JUNE 2013 700 600 500 400 300 200 100 +2,8% 617,4 Ventas Colombia $1.

YoY - Percentage variation in volume (Q) and prices (P) Cárnicos Galletas Chocolates Café Helados Pastas Q:+9,2 Q:+0,3 Q:+3,4 Q:+3,0 Q:+3,8 Q:+7,0 P:-5,9 P:-1,6 P:-6,1

4 US$ millones Miles de millones SALES PER BUSINESS UNIT ACCUMULATED JUNE ,8% 617,4 Ventas Colombia $1.830,9 +1,2% -1,9% -2,9% 292,3 321,0-1,2% 254,2 Q: +3.5 P: ,8% 184,8 +6,2% 114,0 % chg. YoY - Percentage variation in volume (Q) and prices (P) Cárnicos Galletas Chocolates Café Helados Pastas Q:+9,2 Q:+0,3 Q:+3,4 Q:+3,0 Q:+3,8 Q:+7,0 P:-5,9 P:-1,6 P:-6,1 P:-4,1 P:+9,6 P:-0, ,7% 118,5 Ventas internacionales US$422,1 +9,0% 127,8 +4,2% +14,4% 69,4 Q: +8.1 P: ,9% 78,4 5 International sales organic growth Total: +4,7% ,1% 27,8 Cárnicos Galletas Chocolates Café Q:+5,8 Helados P:-11,2 % chg. YoY

5 Miles de millones Miles de millones 6 SALES PER BUSINESS UNIT ACCUMULATED JUNE 2013 Percentage variation in volume (Q) and prices (P) Sales organic growth Total: +3,2% ,4% 844,3 Ventas totales sin efectos cambiarios +15,1% 913,9 Ventas totales $2.612,6 +4,4% +1,5% 525,9 +0,7% 521,4 +1,9% 447,8 $2.672,5 +6,8% +0,7% 442,6-2,3% 397,5-2,4% 397,3 Q: +4,7 P: -0,3 +27,6% 235,6 +27,7% 235,8 +6,2% 114,0 Cárnicos Galletas Chocolates Café Helados Pastas Q:+8,4 Q:+0,7 Q:+9,2 Q:+3,7 Q:+13.3 Q:+7,0 P:-1,9 P:+0,9 P:-6,7 P:-5,8 P:+12,7 P:-0,7 +6,2% 114,0 Cárnicos Galletas Chocolates Café Helados Pastas % chg. YoY % chg. YoY

6 US$ million Miles de millones SALES PER BUSINESS UNIT SECOND QUARTER ,3% 318,9 Ventas Colombia $950,8 +3,5% -1,0% +1,0% 154,6 167,9 +0,9% 130,6 Q: +6,1 P: ,7% 93,6 +7,0% 59,3 % chg. YoY Percentage variation in volume (Q) and prices (P) - Cárnicos Galletas Chocolates Café Helados Pastas Q:+13,4 Q:+0,7 Q:+11,4 Q:+12,5 Q:+9,3 Q:+7,3 P:-7,1 P:-1,6 P:-9,4 P:-10,3 P:+3,1 P:-0, Ventas internacionales +22,6% +5,4% 68,2 65,7 US$220,8 +13,8% Q: +11,2 P: ,6% 35,2-5,8% 38, ,4% 13,8 % chg. YoY Million dollars 7 International sales organic growth Total: +9,7% 10 0 Cárnicos Galletas Chocolates Café Helados

7 Miles de millones Miles de millones SALES PER BUSINESS UNIT SECOND QUARTER ,0% 454,0 Ventas totales $1.370,5 +8,3% +3,5% 276,8 +6,5% 233,4 +0,1% 201,6 Q: +7,8 P: +0,7 +26,6% 119,2 +7,0% 59,3 % chg. YoY Percentage variation in volume (Q) and prices (P) Cárnicos Galletas Chocolates Café Helados Pastas Q:+11,4 Q:+2,1 Q:+19,3 Q:+13,2 Q:+14,4 Q:+7,3 P:+1,5 P:+1,4 P:-10,8 P:-11,6 P:+10,6 P:-0,2 Ventas totales sin efectos cambiarios ,0% ,1 $1.397,3 +10,4% 8 Sales organic growth Total: +7,1% ,8% +4,6% 272,3 229,3 +0,0% 201,3 +26,1% 118,7 +7,0% 59,3 Cárnicos Galletas Chocolates Café Helados Pastas % chg. YoY

000 mm to US$3.440 (+14.7%). US$1.284 mm in international sales (37,3%). Chile with US$266 mm would have been the 2nd market (7.

8 SALES BY REGION 2Q 2013 COP billion 7,8% USA $203,3 1,0% $27,4 Other regions Total international sales 29,9% $781,7 1,6% Mexico $42,8 7,6% Central America $199,1 1,5% $39,5 Dominican Republic and Caribbean 9 Malaysia $19,0 N.C. pro-forma sales of GN in 2012: with TMLUC it have increased from US$3.000 mm to US$3.440 (+14.7%). US$1.284 mm in international sales (37,3%). Chile with US$266 mm would have been the 2nd market (7.9%) & Mexico would have represented 4,1% of total sales. EBITDA would have incresed US$440 mm, and 15,8% margin. 1,1% $27,6 Ecuador 1,7% $43,5 Colombia 70,1% $1.830,9 Peru 7,6% Venezuela $198,3

9 MARKET SHARE - COLOMBIA COLD CUTS BISCUITS CHOCOLATES COFFEE ICE CREAM PASTA 72,9% 0,1% 53,6% -0,3% Chocolate confectionary 66,8% (A) -0,9% Hot chocolate 62,7% (B) +0,6% Milk modifiers 28,1% (C) +0,7% Roast and ground coffee (A) 55,9% +0,2% Soluble Coffee (B) 40,8% -0,6% N.D. 50,6% +0,1% Nuts 48,6% -0,3% (D) #2 Private labels 6.6% #3 Friko 0,8% #2 Nestlé 13,3% #3 Kraft 10,4% (A) #2 Colombina 8,4% (B) #2 Casa Luker 25,2% (C) #1 Nestlé 65,6% (D) Frito Lay 26,3% (A) #2 Águila Roja 24,5% (B) #1 Nestlé 45,6% #2 La Muñeca 28,9% 10 Source: Nielsen April May 2013 (% share as of april may 2013 in value and change vs. same period last year)

10 Base 100, December 2012 COMMODITIES INDEX (GNCI) 180 ICGN - JUNIO

11 RAW MATERIAL DIVERSIFICATION % COGS Coffee 11,4% Pack. Mat. 11,1% Other* 41,6% Pork 8,7% Milk 1,9% Poultry 2,7% Oils&Fats 3,4% Sugar 3,9% Cocoa 3,7% Beef 5,6% Wheat 6,0% 12 * Includes direct labor costs, indirect costs and minor raw materials

12 EBITDA PER BUSINESS ACCUMULATED JUNE ,9% -0,3% 117,2 11,7% +21,8% 61,7 EBITDA COP $375,8 +20,4% margin 14,4% 16,6% +11,7% 74,2 17,3% +102,2% 68,8 17,9% +50,5% 42,1 12,6% +1,5% 14,4 Cold cuts Biscuits Chocolates Coffee Ice cream Pasta 13 EBITDA margin % chg.

13 Billion Pesos EBITDA PER BUSINESS SECOND QUARTER ,2% +5,3% 59,9 EBITDA COP $196,1 +21,2% margen 14,3% 13,6% 18,9% 14,7% +31,3% +106,7% -4,5% 37,6 34,3 38,1 16,8% +40,2% 20,0 11,0% -15,5% Cold cuts Biscuits Chocolates Coffee Ice Cream Pasta 6,5 14 EBITDA margin % chg.

14 CONSOLIDATED INCOME STATEMENT ACCUMULATED JUNE 2013 Figures in COP$ MM jun-13 % jun-12 % % var. Total operating revenues ,0% ,0% 4,4% Cost of goods sold ,9% ,1% -1,4% Gross income ,1% ,9% 12,3% Administrative expenses ,3% ,9% 13,5% Sales expenses ,1% ,6% 10,6% Production expenses ,4% ,8% -13,1% Total operating expenses ,7% ,3% 9,0% Operating income ,4% ,6% 23,7% Financial revenues ,2% ,2% 11,9% Financial expenses ,3% ,4% -4,7% Foreign currency exposure ,1% ,5% -81,3% Other revenues (expenditures), net ,9% ,5% 77,3% Dividends (non-food) ,7% ,7% 6,7% Non-recurring capital gains 107 0,0% 35 0,0% N.C. Los gastos de Non-operating, net ,2% ,6% 114,1% Income before tax ,2% ,0% 17,9% Income tax ,5% ,1% 17,1% Minority interest 226 0,0% ,1% -112,7% Net Income ,8% ,9% 19,9% Consolidated EBITDA ,4% ,5% 20,4% 15

15 CONSOLIDATED INCOME STATEMENT SECOND QUARTER 2013 Figures in COP$ MM 2Q13 % 2Q12 % % chg. Total operating revenues ,0% ,0% 8,3% Cost of goods sold ,8% ,6% 3,0% Gross income ,2% ,4% 15,5% Administrative expenses ,4% ,0% 17,7% Sales expenses ,9% ,5% 14,7% Production expenses ,5% ,0% -10,5% Total operating expenses ,8% ,4% 12,8% Operating income ,4% ,0% 24,3% Financial revenues ,2% ,2% 19,5% Financial expenses ,3% ,4% -1,7% Foreign currency exposure ,3% ,1% -69,9% Other revenues (expenditures), net ,1% ,6% 102,2% Dividends (non-food) ,7% ,7% 7,1% Non-recurring Los gastos de administración, capital gains incluyen 107 0,0% 36 0,0% N.C. Non-operating, net ,1% -19 0,0% 81678,9% Income before tax ,3% ,0% 12,0% Income tax ,2% ,0% 16,7% Minority interest -50 0,0% ,1% -94,2% Net Income ,1% ,9% 11,0% Consolidated EBITDA ,3% ,8% 21,2% 16

16 Billion Pesos CONSOLIDATED NET DEBT , ,2 398,5 429,7 369, dic/06 dic/07 dic/08 dic/09 dic/10 dic/11 dic/12 mar/13 jun/13 Ratio dic-06 dic-07 dic-08 dic-09 dic-10 dic-11 dic-12 mar-13 jun-13 Net debt / EBITDA 1,46 1,10 1,20 1,57 1,82 0,86 0,59 0,61 0,50 EBITDA / Interest 10,31 9,78 10,00 6,86 8,60 8,85 12,74 13,68 14,90 Interest / Revenues 1,29% 1,57% 1,42% 1,75% 1,40% 1,27% 0,99% 0,96% 0,91% Note: Sales, EBITDA and interest of the last 12 months 17

17 CONTACT INFORMATION Alejandro Jiménez Investor relations director Tel: (+574) Santiago Escobar Corporate finance director Tel: (+574) For more information regarding Grupo Nutresa's level 1 ADR, please call The Bank of New York Mellon marketing desks: New York New York New York London BNYM-Latin America BNYM-Sell-Side BNYM-Buy-Side BNYM-Sell-Side/Buy-Side Gloria Mata Kristen Resch Angelo Fazio Mark Lewis gloria.mata@bnymellon.com kristen.resch@bnymellon.com angelo.fazio@bnymellon.com mark.lewis@bnymellon.com Telephone Telephone Telephone Telephone

18 EXONERATION OF RESPONSIBILITY 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. 19

19 ANEX CONSOLIDATED BALANCE SHEET SECOND QUARTER 2013 Figures in COP$ MM jun-13 jun-12 % var. ASSETS Cash and temporary investments ,1% Investments ,5% Receivables ,4% Inventories ,7% Property, plant and equipment ,6% Intangibles ,5% Deferred assets ,9% Other assets ,0% Appreciation ,5% Total Assets ,3% LIABILITIES Financial liabilities ,9% Suppliers ,5% Accounts payable ,7% Taxes, duties and tariffs ,3% Labor liabilities ,2% Estimated liabilities and provisions ,6% Deferred liabilities ,3% Other liabilities ,0% Total Liabilities ,2% Minority interest ,5% EQUITY ,3% TOTAL LIABILITIES AND EQUITY ,3% 20

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