NUTRESA at a Glance GRUPO NUTRESA | corporate presentation

April 04, 2014

2

KEY HIGHLIGHTS

4th largest food company in Latin America by market capitalization

Close to 100 year history

Well diversified business in terms of markets, categories & raw materials.

7 business units: cold cuts, biscuits, chocolates, coffee, ice cream, pasta and TMLUC (PSD &

Snacks).

Presence in 15 countries, with 37 manufacturing plants in 11 of these

Products sold in 72 countries, in 5 continents

No single commodity accounts more than 9% of COGS

Business model based on: People + Brands + Distribution 36.726 employees (12.045 outside Colombia) (dec-2013)

Portfolio of 157 brands with 17 brands selling more than USD 50mm

17 Leading brands in Colombia and Latam

1 million clients attended with more than 11.500 sellers

Publicly listed in Colombia, ADR Level I and a market cap of $6,3 bb (dec-2013)

We understand sustainable development as economic and social progress that lasts over time,

which generates benefits for all and promotes a balance with the environment.

NUTRESA at a Glance

4

Diversification: 7 business units

86.7% 6.1%

49.7% 37.5%

Percentage of total sales of the business unit

42.8% 4.4% 8.7% 27.8%

52.1% 43.0%

94.9%

94.6%

21.6% 39.8%

5

Proforma 2013 GN (TMLUC -12 months USD mm)

5

Cold cuts 28%

Biscuits 17%

Chocolates 16%

Coffees 15%

Ice cream 9%

Pasta 3%

TMLUC 11%

Other -1%

Sales by

business unit 2013 International sales by

business unit 2013 EBITDA by

business unit 2013

$3.424 $476

$1.352 $3.156*

$446* $1.076*

*Grupo Nutresa 2013 official results

Figures calculated at COP/USD 1.868,90

Cold cuts 30%

Biscuits 18% Chocolates

15%

Coffees 12%

Ice cream 7%

Pasta 4%

TMLUC 12%

Other 2%

Cold cuts 23%

Biscuits 20%

Chocolates 12%

Coffees 11%

Ice cream 4%

TMLUC 30%

Other 0%

13,9% 14,1%*

6

Leading regional food company

Production / Distribution over 15 countries

Products sold in 72 countries, in 5 continents

7

Diversification: 15 countries

Production & distribution

Distribution

7.2% USA

1.0% Rep. Dominican & Caribbean

7.2% Venezuela

7.6% Chile

4.0% Mexico

6.9% Central America

60.5% Colombia

1.0% Ecuador

1.8% Peru

Malaysia

SALES BY REGION – 2013 PRO-FORMA WITH TMLUC LAST 12 MONTHS

1.6% Other markets

8

Diversification: raw materials

COGS BREAKDOWN

(1) Other components with individual participations lower than 1%

GRUPO NUTRESA COMMODITIES INDEX (1Q14)

8.0%

Coffee

11.3% Pack. Mat.

9.4% Pork

6.6% Wheat

5.0% Beef

3.6% Sugar 4.0% Cocoa

2% Poultry

4.0% Oils & fats 1.7% Milk

44% Others(1)

Ba

se 1

00

, D

ecem

ber

20

12

Beginning on January 1, 2014, the basket of raw materials included in the GNCI was updated. The technical

specifications of the GNCI may be obtained at: www.gruponutresa.com/webfm_send/398

92 86

107

144

113 95 101

70

80

90

100

110

120

130

140

150

160

2008 2009 2010 2011 2012 2013

GNCI – MARCH 2014

9

Diversification: raw materials

10

Business model: People

11

Business model: Brands

BRAND MANAGEMENT

MODEL

• Portfolio of 157 brands

• 17 brands selling over $50 MM

• 22 brands with #1 market share in key markets

• 44 brands with over 20 years of existence

• 28 brands present in more than one market

12

Business model: Brands

12

54.6% +0.8%

Bicsuits

Chocolate confectionary 67.9% (A) +1.7% Hot chocolate 63.1% (B) -0.1% Milk modifiers 28.9% (C) -1.0% Nuts 46.6% -1.2% (D)

Chocolates

Roast and ground

coffee (A)

56.0,3% -0.8%

Soluble Coffee (B

41.2% -0.6%

Coffee

ICE CREAM

N.D.

Ice Cream

51.1% -0.4%

Pasta

72.9% +0.8%

Cold Cuts

#2 Private labels 7.1% #3 Friko 0.8%

#2 Nestlé 12.4% #3 Mondelez 10.8%

#2 La Muñeca 29.5%

(A) #2 Colombina 8.0% (B) #2 Casa Lúker 25.1% (C) #1 Nestlé 67.1% (D) Frito Lay 27.7%

(A) #2 Águila Roja 23.3% (B) #1 Nestlé 45.1%

TMLUC

Chile PSD* 61.9% (A) Pasta

29.5% (B)

Coffee

16.4% (C)

Mexico PSD*

27.7% (D)

(A) #2 Carozzi 36.1% (B) #1 Carozzi 44.8% (C) #1 Nestlé 71.6% (D) #1 Mondelez 53.1%

MARKET SHARE COLOMBIA (60.2%) + TMLUC

*PSD = Powdered soft drinks Source: Nielsen twelve month as of march 2014. (% share as in value and change vs. same period last year)

13

Business model: Distribution

REVENUE MIX BY CHANNEL

7% Food Service (HORECA)

7% Alternative

22% Supermarket

chains +1mm

Clients

3% Industrial

61% Traditional (Mom-and- pop Stores) / Independent Retail Stores +11.500

sellers

6% 7% 7% 7% 7% 7% 7% 7% 6% 6% 6%

23% 23% 23% 23% 23% 23% 23% 23% 22% 22% 21%

39% 38% 37% 38% 38% 38% 38% 38% 37% 37% 38%

33% 32% 33% 32% 32% 32% 32% 32% 35% 35% 35%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Upper Class mid-Upper Class Middle Class Lower Class

14

COLOMBIA: A UNIQUE DISTRIBUTION CHALLENGE

SOCIAL CLASS EVOLUTION WHERE THEY GO FOR SHOPPING?

CHANNEL EVOLUTION

Base on Nielsen Basket Monitor

Source: Nielsen Homescan

Sou

rce: Nielsen

cps 2

01

3

HOW THEY LOOK?

Business model: Distribution

50% 48% 47% 46% 45% 44% 43% 44%

50% 52% 53% 54% 55% 56% 57% 56%

2006 2007 2008 2009 2010 2011 2012 2013

Supermarkets Mom-and-Pops

67% 43%

32% 27%

14% 40% 52% 58%

19% 17% 16% 15%

Upper Class Mid upper Class Middle Class Lower Class

Supermarkets Mom-and-Pops Others

15

Channel evolution: Colombia

6% 7% 7% 8% 7% 8% 8% 9% 7% 8% 8% 8% 7%

18% 19% 18% 19%

18% 18% 17% 19%

19% 18% 18% 19% 19%

1% 2% 2% 1%

1% 1% 1% 1%

1% 1% 1% 1% 2% 4% 4% 4%

4% 6% 7% 7% 6%

7% 7% 7% 4% 4%

70% 69% 69% 67% 67% 66% 67% 65% 66% 66% 66% 67% 69%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Trim 1 -11

Trim 2 -11

Trim 3 -11

Trim 4 -11

Trim 1 -12

Trim 2 -12

Trim 3 -12

Trim 4 -12

Trim 1 -13

Trim 2 -13

Trim 3 -13

Trim 4 -13

Trim 1 -14

2011 2012 2013 2014

Traditional(Mom-and-pop stores)/independentRetail Stores

Food Service

Industrial

Supermarkets Chains

Alternative

16

Corporate model

17

MAIN STRATEGIC GOAL

STRATEGY FOR OUR FIRST CENTURY 1920-2020

“Our Centennial strategy aims to double our 2013 sales by 2020; with sustained profitability between 12% and 14% of the EBITDA margin. To achieve this, we offer our consumers foods and experiences of recognized and beloved brands, that nourish, generate wellness and pleasure, that are distinguished by the best price/value relation; widely available in our strategic region, managed by talented, innovative, committed and responsible people, who contribute to sustainable development.”

* Through organic growth

17

18

Corporate Philosophy and Performance

19

Differentiating Aspects of our Business Model

20

Business Risks

21

The Structure of the Business Group

22

Corporate governance

Board of directors

23

Sustainable growth

24

Internationalization model

25

Significant Expansion since 2000

Cost

a R

ica

Colo

mbia

Colo

mbia

Colo

mbia

Puert

o R

ico

Chile

Cost

a R

ica

Panam

a

Colo

mbia

Mexic

o

Panam

a

Panam

a &

Nic

ara

gua

Colo

mbia

Colo

mbia

Colo

mbia

Colo

mbia

Cost

a R

ica

Cost

a R

ica

Peru

Panam

a

USA

Dom

inic

an

Republic

Mala

ysi

a

Acquisitions (18) Mergers (5) New businesses (6)

Biscuits

Nestlé

Chocolates

Nestlé

2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Mala

ysi

a

26

Sales evolution

643 655 614 563 663 794 951

1,241 1,471 1,434

1,699 1,869

2,120 2,056

45 50 132 121 155

196 267

419

568 694

645

834

844 1,076

0

500

1,000

1,500

2,000

2,500

3,000

USD

MM

International Colombia

Total: 12,4% CAGR International: 27.7% CAGR Colombia: 9.4% CAGR

27

Internationalization phases

28

International expansion model

29

Effective innovation

30

Innovation model

31

Financial highlights

32

2013 results

33

Business performance

34

Increasing value generation

CAGR last 10 yr: 16% CAGR last 10 yr: 15,3%

EBITDA SALES

663 794 951 1,241

1,471 1,434 1,699

1,869 2,120 2,056

155 196

267

419

568 694

645

834

844 1,076

0

500

1,000

1,500

2,000

2,500

3,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

USD

MM

International

Colombia

123 141 162

254 290

256 283 304

375

442

15.0%

13.3% 14.2%

12.1%

12.6%

14.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0

50

100

150

200

250

300

350

400

450

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

USD

MM

EBITDA

Margin

35

Stock information

34.9%

33.1%

16.3%

9.8%

5.8%

Stock details Shareholder base

15.069 Shareholders

Other Investors

Grupo Argos

International Investors (132)

Colombian Funds

Grupo Sura

Updated 1Q14 Updated 1Q14 TRM 2,004.05$

Share price (US$) 13.61$

Shares outstanding (MM) 460

Market cap (US billions) 6.26$

3 Mo. ADTV (US millions) 2.11$

12 Mo. ADTV (US millions) 2.20$

Value of Investments (US billions) 1.96$

12.7% of Grupo Sura 1.08$

12.4% of Grupo Argos 0.82$

Other investments 0.06$

Implied Market Cap (Ex. Investments) 4.30$

EBITDA 12M (1) 0.44$

Net Debt (1) 0.82$

Cash 0.18$

Adjusted Enterprise Value (US billions) 5.12$

Enterprise Value / EBITDA 11.8 Deuda Neta / EBITDA 1.88

(1) Food companies, ex cluding inv estments

in unconsolidated companies / 12 months

36

Contact details

Alejandro Jiménez Moreno Investor Relations Director Tel: (+574) 3258731 email: ajimenez@gruponutresa.com www.gruponutresa.com

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 212 815 5822 Telephone 212 815 2213 Telephone 212 815 2892 Telephone 44 207 964 6419

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/grupo-nutresa-valuation-kit-gnvk

37

Most recent results

483.4

282.8 236.2

184.0

128.4

54.9

171.8

0

100

200

300

400

500

600

Cold cuts Biscuits Chocolates Coffee Ice cream Pasta TMLUC

Bill

ion

pes

os

Total sales COP $1.572,8 +26,6%

38

Accumulated sales - Total

Sales per

business unit

FIRST QUARTER

2014

Sales organic growth Total: +12,8%

% chg. YoY

Billion pesos

+0,2%

+23,8%

+13,6% +10,1%

+10,3%

-6,1%

75.8

64.5

35.3 30.9

14.4

85.7

0

10

20

30

40

50

60

70

80

90

100

Cold cuts Biscuits Chocolates Coffee Ice cream TMLUC

Mill

ion

do

llars

International sales US$306,8 +52,5%

334.1

153.5 165.5

122.0 99.5

54.9

0

50

100

150

200

250

300

350

400

Cold cuts Biscuits Chocolates Coffee Ice cream Pasta

Bill

ion

pe

sos

Colombia sales COP $960,6 +9,2%

39

Accumulated sales - Colombia and International

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

International sales organic growth Total: +9,9%

+11,9%

+8,1%

-1,3%

+3,9%

+50,8%

+9,1%

+0,2%

+3,1% -23,4%

+2,7%

Q:+8,3P:+3,4

Q: +8,3 P: +0,8

Q:+11,5 P:0,0

Q:+8,0 P:+0,1

Q:+5,3 P:-6,3

Q:+10,2 P:-1,0

Q:+0,9 P:-0,7

+11,4%

% chg. YoY

Billion pesos

% chg. YoY

Million dollars

40

Sales by region – Q1 2014

6.9% USA

1.3% Dominican Rep. & Caribbean

8.4% Venezuela

8.1% Chile

2.6% Mexico

7.3% Central America

61.1% Colombia

0.9% Ecuador

1.3% Peru

2.1% Other countries

38.9% International

sales

Production & distribution

Distribution

57.9

40.3

32.8

44.6

19.0

6.0

15.1

0

10

20

30

40

50

60

70

Cold cuts Biscuits Chocolates Coffee Ice cream Pasta TMLUC

Bill

ion

pe

sos

EBITDA COP $219,0 +21,8%

margin 13,9%

41

EBITDA by business unit - First quarter 2014

EBITDA margin % chg. Billion pesos

12,0%

14,3%

13,9%

24,3%

14,8%

11,0%

-17,7%

-14,1%

+1,1%

+67,9% +45,1%

-23,4%

8,8%

42

Consolidated income statement – Q1 2014

Figures in COP$ MM mar-14 % mar-13 % % var.

Total operating revenues 1.572.825 100,0% 1.242.052 100,0% 26,6%

Cost of goods sold -875.730 -55,7% -682.801 -55,0% 28,3%

Gross income 697.095 44,3% 559.251 45,0% 24,6%

Administrative expenses -103.109 -6,6% -64.873 -5,2% 58,9%

Sales expenses -400.920 -25,5% -325.559 -26,2% 23,1%

Production expenses -29.371 -1,9% -27.738 -2,2% 5,9%

Total operating expenses -533.400 -33,9% -418.170 -33,7% 27,6%

Operating income 163.695 10,4% 141.081 11,4% 16,0%

Financial revenues 7.447 0,5% 2.375 0,2% 213,6%

Financial expenses -39.145 -2,5% -16.818 -1,4% 132,8%

Foreign currency exposure 7.445 0,5% -1.758 -0,1% -523,5%

Other revenues (expenditures), net -8.069 -0,5% -7.981 -0,6% 1,1%

Dividends (non-food) 9.657 0,6% 8.803 0,7% 9,7%

Non-operating, net -22.665 -1,4% -15.379 -1,2% 47,4%

Income before tax 141.030 9,0% 125.702 10,1% 12,2%

Income tax -54.819 -3,5% -46.692 -3,8% 17,4%

Minority interest -1.156 -0,1% 276 0,0% -518,8%

Net Income 85.055 5,4% 79.286 6,4% 7,3%

Consolidated EBITDA 218.965 13,9% 179.705 14,5% 21,8%

43

consolidated balance sheet

march 2014

Figures in COP$ MM mar-14 mar-13 % var.

ASSETS

Cash and temporary investments 353.987 268.522 31,8%

Investments 376.030 356.520 5,5%

Receivables 901.396 721.224 25,0%

Inventories 759.576 565.079 34,4%

Property, plant and equipment 1.481.507 1.130.203 31,1%

Intangibles 1.979.821 1.030.021 92,2%

Deferred assets 110.933 53.810 106,2%

Other assets 18.237 6.387 185,5%

Appreciation 4.881.634 4.924.714 -0,9%

Total Assets 10.863.121 9.056.480 19,9%

LIABILITIES

Financial liabilities 1.990.883 698.237 185,1%

Suppliers 224.001 166.315 34,7%

Accounts payable 440.450 349.442 26,0%

Taxes, duties and tariffs 114.252 103.109 10,8%

Labor liabilities 75.652 67.660 11,8%

Estimated liabilities and provisions 223.600 156.784 42,6%

Deferred liabilities 224.405 160.397 39,9%

Other liabilities 2.502 4.320 -42,1%

Total Liabilities 3.295.745 1.706.264 93,2%

Minority interest 19.809 5.700 247,5%

EQUITY 7.547.567 7.344.516 2,8%

TOTAL LIABILITIES AND EQUITY 10.863.121 9.056.480 19,9%

44

Consolidated net debt

Note: Sales, EBITDA and interest of the last 12 months

685

863

978

486 399 430

370

1,676 1,581

1,637

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

dic/08 dic/09 dic/10 dic/11 dic/12 mar/13 jun/13 sep/13 dic/13 mar/14

Bil

lio

n p

es

os

Ratio dic-08 dic-09 dic-10 dic-11 dic-12 mar-13 jun-13 sep-13 dic-13 mar-14

Net debt/EBITDA 1,20 1,57 1,82 0,86 0,59 0,61 0,50 2,21 1,90 1,88

EBITDA / Interest 10,00 6,86 8,60 8,85 12,74 13,68 14,90 13,14 10,38 8,62

Interest / Revenues 1,42% 1,75% 1,40% 1,27% 0,99% 0,96% 0,91% 1,04% 1,36% 1,62%

45

Debt breakdown

COP 79.3%

CLP 12.6%

PEN 4.0%

USD 3.3%

Others 0,9%

BY CURRENCY

Long term (>5 Yr.) 51,3%

Mid term (1-5 Yr.) 31,0%

Short term (<1 Yr.) 17,7%

BY PAYMENT PROFILE

IPC 29.4%

IBR 24.7%

DTF 24.6%

TAB Nominal*

8,1%

TAB UF** 4,4%

Fixed rate 7,8%

Others 1,1%

BY REFERENCE RATE

* TAB Nominal: Reference bank rate in Chile ** TAB UF: Reference bank rate in Chile indexed to inflation

46

IFRS Implementation timeline

• According to current regulations, Grupo Nutresa must prepare its opening balance sheet with a cutoff

date of January 1, 2014; beginning in 2015, it must

carry the comparable Financial Statements under the

International Financial Reporting Standard (IFRS)

• The Grupo Nutresa timeline for this implementation is

the following:

– January to April 2014: Definition and approval of the accounting

policies under the IFRS. Advice from Ernst & Young

– April to June 2014: Concept of the Fiscal Auditor (PWC)

– June 30, 2014: Presentation of the opening balance to the

Colombian Financial Superintendent (Superfinanciera)

– December 31, 2014: Close of the transition period

– January 2015 onwards: Financial statements under the new IFRS

regulations

47

Thank you !

48

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.”