NOVEMBER 2010

I COMPANY OVERVIEWI . COMPANY OVERVIEW

GRUMA IS THE WORLD’S LARGEST CORN FLOUR AND TORTILLA PRODUCER, WITHOPERATIONS IN THE UNITED STATES, MEXICO, VENEZUELA, CENTRAL AMERICA, EUROPE,ASIA, AND OCEANIA . . .

MAIN OPERATIONS PRODUCTS

00%

GRUMA CORPORATION(USA, EUROPE) • CORN FLOUR

0%

% SALES % EBITDARGB & FAMILY: 52%ADM: 23%

FLOAT: 25%

GRUMA,S.A.B. DE C.V.

10 AZTECA (80% owned)MISSION (100% owned)EUROPE (100% owned)

GRUMA MÉXICO

• TORTILLAS AND CHIPS10

046 50

BMV: GRUMABNYSE: GMK

LTM SEP’10

GRUMA MÉXICO

GRUMA VENEZUELA

• CORN FLOUR• WHEAT FLOUR

GIMSA (83% owned)MOLINERA DE MÉXICO (60% owned)

32 38

OTHER

LTM SEP’10 (DOLLARS IN MILLIONS)1

SALES: 3,774 EBITDA2: 346

GRUMA VENEZUELAMONACA (73% owned)DEMASECA (57% owned)

• CORN FLOUR• WHEAT FLOUR• OTHER PRODUCTS

%

8 (5)

14 17

OTHER

GRUMA OWNERSHIP

AND IT OWNS AN 8 8% STAKE IN GRUPO FINANCIERO BANORTE WHICH HAS A

100% (5)CENTROAMERICA

ASIA-OCEANIAPRODISA TECHNOLOGY

100%

3

. . . AND IT OWNS AN 8.8% STAKE IN GRUPO FINANCIERO BANORTE, WHICH HAS A MARKET VALUE OF AROUND US$750 MILLION

1 CONVENIENCE TRANSLATION AT AN EXCHANGE RATE OF PS.12.60/DOLLAR.2 EBITDA = OPERATING INCOME + DEPRECIATION AND AMORTIZATION AFFECTING OPERATING INCOME.

II MAIN SUBSIDIARIESII. MAIN SUBSIDIARIES

GRUMA CORPORATIONGRUMA CORPORATION

GRUMA CORPORATION IS A WHOLLY OWNED SUBSIDIARY OF GRUMA, RESPONSIBLE FOR OPERATIONS IN THE UNITED STATES AND EUROPE

NET SALES LTM SEPTEMBER 2010 US$1 7 BILLION1NET SALES LTM SEPTEMBER 2010: US$1.7 BILLION1

GRUMACORPORATION

GRUMA CORPORATION

AZTECA MILLINGCORN FLOUR OPERATIONS

MISSION FOODSTORTILLA

• 6 MILLS IN THE U.S. • 16 PLANTS ACROSS THE U.S.

OPERATIONS OPERATIONS

40% VOLUME 60% VOLUME

• 1 MILL IN ITALY

• 1 MILL IN UKRAINE

APPROXIMATELY

• 3 PLANTS IN EUROPE• ENGLAND (2)• THE NETHERLANDS

• APPROXIMATELY 1 2 MILLION• APPROXIMATELY 920,000 TONNES PER YEAR

• TORTILLA CORN FLOUR• CHIP CORN FLOUR

APPROXIMATELY 1.2 MILLION TONNES PER YEAR

• CORN FLOUR TORTILLAS• WHEAT FLOUR TORTILLAS• CORN CHIPS• OTHER RELATED PRODUCTS

6 1 FIGURES IN NOMINAL TERMS AND UNDER US GAAP.

GRUMA CORPORATION HAS A PRESENCE IN MOST OF THE UNITED STATES THROUGHSTRATEGICALLY LOCATED PLANTS

. Fife, WA

McMinnville, OR

Mountain Top, PA

New Brighton, MN

Fresno,CAPueblo, CO Evansville, IN

Henderson,KY Goldsboro, NCL A l CA

Hayward, CAMadera, CA

Panorama City, CA

RanchoCucamonga, CA

Dallas TX

Jefferson, GAAmarillo, TX

Tempe, AZ

Los Angeles, CA

Dallas, TX

TORTILLA PLANTS (16)

CORN FLOUR MILLS (6)Houston, TX

San Antonio, TX

Plainview, TX

7

Edinburg, TX

IN THE UNITED STATES THERE IS STILL GROWTH POTENTIAL FOR THE TORTILLA AND CORN FLOUR INDUSTRIES AS THERE ARE SEVERAL DRIVERS COMMANDING THIS GROWTH

ESTIMATED U.S. TORTILLA AND CORN FLOUR MARKETS

GROWTH DRIVERS

• HISPANIC POPULATION GROWTH– 15% OF TOTAL U.S. POPULATION– MEXICANS AND CENTRAL AMERICANS ACCOUNT

FOR 76%, GROWING AT 5% ANNUALLYTORTILLAS /

TORTILLA CHIPSUS$5 BILLION

,

• INCREASING POPULARITY OF MEXICAN FOOD– NON-HISPANICS ACCOUNT FOR THE MAJORITY OF

MEXICAN FOODSERVICE PURCHASES– THE NUMBER OF MEXICAN FOOD RESTAURANTS

CONTINUES TO GROW CORN FLOUR1

US$600 MILLIONCONTINUES TO GROW

– MORE RESTAURANTS ARE INCLUDING ITEMS WITH TORTILLAS AND CHIPS IN THEIR MENUS

– TORTILLAS ARE BECOMING A MAINSTREAM FOOD (E.G., WRAPS, BURRITOS, ETC)PRODUCT INNOVATION (E G CARB BALANCE– PRODUCT INNOVATION (E.G., CARB-BALANCE TORTILLAS, MULTIGRAIN TORTILLAS, ETC)

8 1 INCLUDES TRADITIONAL METHOD.

GRUMA CORPORATION HAS EXPERIENCED DYNAMIC GROWTH DESPITE GENERAL ECONOMIC CONDITIONS…

U.S. ANNUALGROWTH RATE1

GRUMA CORPORATIONNET SALES2

(US$ IN MILLIONS)

$1 7506%

CAGR:‘00 – LTM SEP‘10: 8%

$1,250 $1,500 $1,750

0%2%4%6%

$500 $750 $1,000

-4%-2%0%

$0 $250

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09-8%-6%

LTM SEP’10

9 1 SOURCE: BUREAU OF ECONOMIC ANALYSIS2 FIGURES IN NOMINAL TERMS AND UNDER US GAAP.

GRUMA CORPORATION

. . . AND, ON AVERAGE, ITS CASH GENERATION HAS INCREASED AT SIMILAR RATES

$250

GRUMA CORPORATIONEBITDA1

(US$ IN MILLIONS)

CAGR:

$200

$250

12%

14%

16%CAGR:

‘00 – LTM SEP’10: 8%

$100

$150

8%

10%

12%

$50

$100

2%

4%

6%

$0 0%

2%

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09LTM

SEP’10

10 1 FIGURES IN NOMINAL TERMS AND UNDER US GAAP.

GIMSA AND GRUMA VENEZUELAGIMSA AND GRUMA VENEZUELA

GIMSA AND VENEZUELA ARE GRUMA’S SECOND AND THIRD LARGEST SUBSIDIARIESGIMSA

• NET SALES LTM SEP’10: US$919 MILLION1

• 17 CORN FLOUR PRODUCTION PLANTS WITH TOTAL ANNUAL CAPACITY OF 2.8 MILLION

GIMSA

TONNES

• GIMSA HOLDS A MARKET SHARE OF APPROXIMATELY 75%

GRUMA VENEZUELA

• NET SALES LTM SEP’10: US$513 MILLION1

• 17 PLANTS WITH A CAPACITY OF 909,000 TONNES (6 CORN FLOUR MILLS, 5 WHEAT F OUR MI S 3 RICE P ANTS 1 PASTA P ANT

GRUMA VENEZUELA

FLOUR MILLS, 3 RICE PLANTS, 1 PASTA PLANT, 1 OAT PLANT, 1 SPICE PLANT)

• MARKET SHARE:– CORN FLOUR: 14%

WHEAT FLOUR: 26%

12 1 CONVENIENCE TRANSLATION AT AN EXCHANGE RATE OF Ps.12.60/DOLLAR.

– WHEAT FLOUR: 26%

GIMSA CONTINUES TO GROW AT A STABLE RATE AND IMPROVE ITS CASH GENERATION

GIMSANET SALES

(PESOS IN MILLIONS)

GIMSAEBITDA

(PESOS IN MILLIONS)

CAGR’06 – LTM SEP’10: 12%

CAGR’06 – LTM SEP’10: 7%

1,145 1,034

1,622 1,561 1,492

7,6669,012 9,142

10,348 11,583

2006 2007 2008 2009 LTM SEP'102006 2007 2008 2009 LTM SEP'10

EBITDA 11 5 15 117 7 12 914 9EBITDAMARGIN (%) 11.5 15.117.7 12.914.9

13

IN GRUMA VENEZUELA, RESULTS SHOW AN UPWARD TREND DUE TO PRICE INCREASES REFLECTING THE RISE IN RAW-MATERIAL PRICES, HIGHER SALES VOLUMES, AND BETTER ABSORPTION OF COSTS, HOWEVER, THE BOLIVAR DEVALUATION HAS AFFECTED THE RESULTS DURING 2010

GRUMA VENEZUELANET SALES

GRUMA VENEZUELAEBITDANET SALES

(PESOS IN MILLIONS)

CAGR’06 – ’LTM SEP’10: 15%

EBITDA(PESOS IN MILLIONS)

CAGR’06 – LTM SEP’10: 34%

975 1,125 735

3 874 3 862

8,727 9,0256,470

246 149

2006 2007 2008 2009 LTM SEP'10

3,874 3,862

2006 2007 2008 2009 LTM SEP'10

EBITDA MARGIN (%) 3.9 12.511.2 11.46.4

14

NEW MARKETSNEW MARKETS

GRUMA HAS IMPORTANT MID-TERM GROWTH OPPORTUNITIES IN EUROPE, ASIA AND OCEANIA

• THE ESTIMATED TORTILLA MARKET SIZES ARE:

US$850 MILLION FOR EUROPE– US$850 MILLION FOR EUROPE

– US$500 MILLION FOR ASIA AND OCEANIA

• MAIN GROWTH DRIVERS:

– FAST-FOOD RESTAURANT CHAINS ARE OPENING THE MARKET FOR TORTILLAS AND CHIPS

– TORTILLAS CAN BE USED AS A SUBSTITUTE FOR SIMILAR FLAT BREADS (PITA BREAD, CHAPATTI, NAAN)

– CONSUMERS ARE ADOPTING WRAPS IN THEIR EATING HABITS, AND THE CONSUMPTION OF CORN CHIPS IS VERY POPULARCORN CHIPS IS VERY POPULAR

– IN CHINA, THE TREND TOWARD EATING OUT MEANS THAT YOUNG PEOPLE ARE TRYING NEW TYPES OF FOOD

16

IV . FINANCIAL STRUCTUREIV . FINANCIAL STRUCTURE

GRUMA’S DEBT TOTALS APPROXIMATELY US$1.7 BILLION, AND MOST OF THE MATURITIES WILL BE BETWEEN 2013 AND 2016

300.0DEBT AMORTIZATION SCHEDULE

(US$ IN MILLIONS)

168 6191.2 194.5

176 8 176.7168.6 157.5176.8 176.7

17.246.2

18.8 17.8 7.7

36.451.7 53.4

40.1

4Q10 2011 2012 2013 2014 2015 2016 2017 2018 2019 20204Q10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020AND BEYOND

REVOLVING DEBT

18

MAJOR CREDIT FACILITIES

• US$300 MILLION PERPETUAL BOND AT 7 75% FIXED RATE• US$300 MILLION PERPETUAL BOND AT 7.75% FIXED RATE

• US$170 MILLION 5-YEAR CREDIT FACILITY (60% USD AND 40% MXN) AT LIBOR/TIIE + 2.875%, +50 BP FROM OCTOBER 2012 THROUGH SEPTEMBER 2013 (3.375%), +50 BP FROM OCTOBER 2013 THROUGH OCTOBER 2014 (3.875%), WITH EQUAL QUARTERLY PAYMENTS ON THE PRINCIPAL

• BANCOMEXT Ps.3.367 BILLION 10 YEAR CREDIT FACILITY AT TIIE + 6.21% WITH PRINCIPAL PAYMENT AS FOLLOWS:

2012 – 10% 2014 – 10% 2016 – 10% 2019 – 20%2013 – 20% 2015 – 10% 2017 – 20%

• US$643 MILLION 7.5-YEAR CREDIT FACILITY AT LIBOR +2.875% UNTIL JULY 2012, +50 BP FROM JULY 2012 UNTIL JULY 2013 (3.375%), +50 BP FROM JULY 2013 UNTIL JULY 2014 (3.875%), AND +100 BP FOR EACH OF THE FOLLOWING YEARS UNTIL JULY 2017 (ENDING AT 6.875%), WITH ( ),SEMIANNUAL ESCALATING PRINCIPAL PAYMENTS STARTING ON JULY 21ST, 2010

COLLATERAL PACKAGE FOR ALL THESE CREDIT FACILITIES, EXCLUDING BANCOMEXTBANCOMEXT

• TRUSTS CONSISTING OF GRUMA’S OWNERSHIP OF GRUPO INDUSTRIAL MASECA, GRUMA CORPORATION, AND MOLINERA DE MÉXICO

19

FINANCIAL COVENANTS

FINANCIAL COVENANTS1

2010 2011 2012 2013 2014 2015 2016 20172010 2011 2012 2013 2014 2015 2016 2017

DEBT / EBITDA < 5.60 5.00 4.50 4.00 3.60 3.00 2.50 2.50

ACTUAL2

EBITDA / INT. EXP > 2.50 2.75 2.75 2.75 2.75 2.75 2.75 2.75

SEP’10 SEP’10 EXCLUDING VENEZUELA 1

ACTUAL2

DEBT / EBITDA 4.47 5.13

EBITDA / INT. EXPENSE 3.18 2.99

20 1 ACCORDING TO THE CREDIT AGREEMENTS, CONSOLIDATED FINANCIAL COVENANTS DO NOT CONSIDER THE GRUMA VENEZUELA OPERATIONS.2 LAST TWELVE MONTHS

IR CONTACT:ROGELIO SANCHEZ

TEL: (52 81) 8399-3312rsanchezm@gruma.com

IR CONTACT:LILIA GOMEZ

TEL: (52 81) 8399-3324lgomez@gruma.com