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A FUTURE TOGETHERGrupo Nutresa S. A.

Corporate Presentation 2017

PEOPLE 4Q16

38OF SALES

8,7

ONE OF THE LARGEST FOOD COMPANIES IN AMERICA

MARKET CAP OF

2016 EBITDA MARGIN 11,9%

OUTSIDE

COLOMBIA

BRANDS

45,6KEMPLOYEES

12,3KOUTSIDE COLOMBIA

18BRANDS SELL

MORE THAN

50 USD MM

CONSOLIDATED

MARKET SHARE

IN COLOMBIA

60%

DISTRIBUTION

DIVERSIFICATION

PRESENCE

COUNTRIES

MANIFACTURING

PLANTS

COUNTRIES

IN 5 CONTINENTS

PRODUCTS SOLD IN

No single commodity accounts

for more than 10% of COGS

~ 3,8

YEARS OF HISTORY

100

14

46 81

8 BUSINESS UNITS

SCALE

2016 SALES

KNOWLEDGE

CLOSE TO

USD billion

1,1USD billion

%

1,2CLIENTS SERVED

MILLION 13KSELLERS

COP trillion

11,5COP trillion

~ 2,8USD billion

2 X $5,9 = $11,8 COP trillion

EBITDA MARGIN12% - 14%

BUSINESS MODEL PILLARS

2

7X

SUSTAINABILITY

3

* T

MLU

C =

Tre

sm

onte

s L

ucchetti

Corporate

Structure

4

USD

1,7 BILLION

INVESTED IN 20SUCCESSFUL ACQUISITIONS

Costa

Ric

a

Colo

mb

ia

Colo

mb

ia

Colo

mb

ia

Pu

ert

o R

ico

Chile

Costa

Ric

a

Pa

na

ma

Colo

mb

ia

Me

xic

o

Pa

na

ma

Pa

na

ma

&

Nic

ara

gu

a

Colo

mb

ia

Colo

mb

ia

Colo

mb

ia

Colo

mb

ia

Costa

Ric

a

Costa

Ric

a

Pe

ru

Pa

na

ma

US

A

Dom

inic

an

Rep

ub

lic

Ma

laysia

Biscuits

Nestlé

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

Ma

laysia

Colo

mb

ia

Chocolates

Nestlé

2015

Significant Expansion

since 2000

2016

Colo

mb

ia

Acquisitions (20) Mergers (5) New Businesses (3) Joint Ventures (3)

INTERNATIONAL

36,7%

5

USA

8,4%

DOMINICAN REP.& CARIBBEAN

1,8%

CHILE

8,1%

VENEZUELA

0%

MEXICO

3,7%

CENTRAL AMERICA

9,4%

COLOMBIA

63,3%

ECUADOR

1,4%

PERU2,1%

63,3%COLOMBIA

OTHER COUNTRIES1,8%

Sales by region 3Q17

Market shareColombia + TMLUC

Consolidated market share in Colombia: 59,8%

Biscuits Chocolates CoffeeCold Cuts

#2 Private labels 7,5% #2 Nestlé 11,8%#3 Mondelez 10,4%

#2 La Muñeca 31,8%(A) #2 Ferrero 8,6%(B) #2 Casa Lúker 25,2%(C) #1 Nestlé 70,8%(D) Frito Lay 25,5%

(A) #2 Águila Roja 26,3%(B) #1 Nestlé 44,1%

TMLUC

(A) #2 Carozzi 35,4%(B) #1 Carozzi 41,5%(C) #1 Nestlé 69,4%(D) #1 Frito Lay 57,9%(E) #1 Mondelez 55,3%

*ICB= Instant Cold BeveragesSource: Nielsen twelve month as of September 2017. ** Nielsen market share measurement methodology was updated, thus numbers for previous year can be different from those reported as of 3Q 2016(% share as in value and change vs. same period last year)

Ice Cream Pasta

6

53,7%-1,9%

Chocolate confectionery

69% (A)

0,5%

Hot chocolate63,7% (B)

+0,5%

Milk modifiers23,8% (C)

-0,6%

Nuts55,1%

-1,0% (D)

Roast and ground

coffee (A)

51,6%-2,0%

Soluble coffee (B)

40,3%-1,1%

72.3%-1,5%

ICB*62,9% (A)

-1,5%

Pastas

27,6% (B)-0,3%

Coffee

17,9% (C)+1,3%

Potato Chips

15,2% (D)+1,9%

México ICB*

32,7% (E)-1,0%

ICE CREAM

ND 51,3%

-0.5

Retail Food

# 1 in Hamburguers

and Steakhouses categories in

Colombia

# 1 in Ice cream shops –Rep. Dom. &

CR

23%Supermarket Chains

7%Alternative

53%Traditional

(Mom-and-pop Stores)

/ Independent

Retail Stores

13.000VENDORSSales by channel Grupo Nutresa

7%Retail food

6%Industrial

7

4% Institutional

+1,2MMPOINTS OF SALE

Business model:Distribution

* TMLUC : Tresmontes Lucchetti

INTERNATIONAL SALES

BY BUSINESS UNIT

EBITDA BY

BUSINESS UNIT

TOTAL SALES BY

BUSINESS UNIT

11,9%$12,3%

38% OF TOTAL SALES

38%

PASTA

ICE CREAM

COLD CUTS

BISCUITS

COFFEE

TMLUC*

CHOCOLATES

RETAIL FOOD

$8.677$7.945

$976$1.029

$1.087$1.098

USD mm

8

COP mm 2016COP mm 2015

+9,2%

+5,5%

23%

20%

16%11%

11%

8%

5%3%

-1,0%**

Ex-Venezuela 4Q 2015

**Total USD +2,0% COP +13,2%

Cold cuts USD +21,8% COP +33,9%(Since October 2016, investments in Venezuela are accounted as financial instruments)

24%

20%

15%

14%

9%

9%

5%

3%

30%

27%16%

12%

9%

6%

2016Sales by Business Units

Our Target Strategy• Current or new categories with a promising strategic fit

• Acquisition processes respectful of existing culture and people

• We prefer control

• Excellent management teams

• Leader brands

• High value added and differentiated products

• Solid and sustainable business models – No turnarounds.

• Go to market/distribution

• Highly innovative companies

• Preference for businesses with a sound strategy towards healthy

and nutritional products

Strategic Region

9

Health and NutritionSupport the growth of our healthy and nutritional products

portfolio with acquisitions:

• "Good for you" products, veggies, supplements, natural juices

and nectars, nuts, oats, soy products, dried fruits, aromatics,

sugar free, fat free reduced sugar/fats/salt , cereals & grains,

enriched or functional products, healthy claim products.

Interested +

Interested

Not interested

Not interested –

not in our region

SOUTHEAST

ASIA

M&A strategy

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

10

2x $5,9 = $11,8 COP trillion8% CAGR

“

“

Double 2013 sales

Main strategic goal

Commercial Risk

AggressiveFinancial and Operating Risks

ModerateReputation Risk

None

Main Risks Mitigating Factors

Volatility in prices of raw

materials

• Hedging policies, with levels of risk clearly defined and administered by a

specialized committee

• A highly trained team dedicated to monitoring and negotiating supplies and the

exchange rate

• Permanent search for new opportunities and schemes for efficient, competitive

global sourcing of raw materials

Involvement of business

due to a highly

competitive environment

• Significant distribution capabilities with a differentiated strategy to address

different segments

• Commercial management supported by the deep, integrated understanding of

the market

• Attractive proposals with a good price/value relation

• Recognized, beloved brands

• Portfolio innovation and differentiation

• Search for entry into new markets

Regulations in nutrition

and health matters in the

countries where Grupo

Nutresa is present

• Vidarium: Nutrition Research Center

• Active participation with governments to discuss regulations

• Monitoring and strict compliance of the regulations of each country

• Innovation to develop new products and improve existing ones

• Support for and participation in programs that promote healthy living

• Responsible management of marketing and advertising

11

Business risk

Board of Directors

FINANCE, AUDIT AND

RISK COMMITTEE

APPOINTMENT AND COMPENSATION COMMITTEE

CORPORATE GOVERNANCE AND

BOARD ISSUES COMMITTEE

STRATEGIC PLANNING AND

SUSTAINABILITY COMMITTEE

Independent Members Non - Independent Members

1 2 3 5

2 5 711

2 3

12

1 7

52

Antonio Mario Celia Martínez – Aparicio

Mauricio Reina Echeverri

Jaime Alberto Palacio Botero

Cipriano López González

1

2

3

4

4

CorporateGovernance

1

2

3

5 6

7

4

5

6

7

David Emilio Bojanini García

Gonzalo Alberto Pérez Rojas

María Clara Aristizábal Restrepo

460.123.458Ordinary shares listed in Colombia | ADR level 1TickerBVC: NUTRESAADR: GCHOY

$4.071 COP mmLast 12 months ADTV

Foreign Investors

14

Shareholder base

35,2%

9,8%8,2%

16,8%

30,0%+13K

SHAREHOLDERSOther

Other funds

Annexes

15

16

Our People

Human talent is one of our most

valuable assets. Our corporate

culture thrives on promoting a

participatory environment in

which skill development,

recognition and work/life

balance are top priorities toward

building a leadership brand.

Our Brands

Our brands are leaders in the

markets in which we do

business. They are recognized,

loved and seen as an integral

part of people's everyday lives.

Our brands are based on

nutritious, reliable products with

an excellent price/value ratio.

Our DistributionNetwork

An extensive network

supported by exclusive

distribution channels,

segments, and specialized

attention teams, allows us to

establish close client

relationships by having

products available at all times.

Excellence Level

Organizational Climate Score

83,4%

18 BrandsWith sales of more than

USD 50 million

+ 1,2 millionPoints of Sale

Differenciating aspectsof our business model

Our people

Human – Talent ManagementMerco Talento confirmed Grupo

Nutresa as the second best Company

to work in Colombia and the most

attractive of the food industry in

Colombia.

THE FAMILY FRIENDLY COMPANY

CERTIFICATION

In Colombia

32,3K

Total

45,6K

Abroad

12,3K

83,4%Organizational climate

17

Human talent is one of our most valuable assets. Our

cultural

platform is supported by promoting participation

environments, developing skills of being and doing,

awarding

the people and building a brand of leadership, as well as a

balanced life for the people.

Business model:People

18

Biscuits

Chocolates

Cold Cuts

Coffee

TMLUC

Ice Cream

Pasta

Retail Food

Business model:Brands

Portfolio of

18 brands

22 brands

44 brands

28

selling over

USD$50 MM

market share in key markets

with #1

with over years of existence 20

present in more

than one marketbrands

19

Business model:Brands

Vision

• Market expansion in the strategic

region – diversification of

destinations

• Long–term objectives

• Autonomy and strategic coherence

Internationalization strategies

• Our own international distribution

• Creation of the brand

• Acquisitions–productive platforms

Our own model -

Developed in house

Consistency in implementationPersistence in the face of difficulties

Humility and a learning attitude Suitable teams

Human quality and basic competencies

Skill-specific people development

20

International expansionmodel

Exportablesurpluses

First steps

Sales bydistributors

Knowledgeof new markets

Lack of knowledge of the markets

Trainingqualified teams

By orderContinuous, more

profitable operation

Marginal profitability

Temporary alliances Value creation

Definion of the strategicregion based on“competitiveness”

Acquisitions inthe strategic region

Creation of Cordialsas Free – tradeagreements

Our exclusivedistribution

Companies withbrands and distribution

Brand developmentVehicle to exchange

platforms

Knowledgeof consumers

Synergies

Value networks

Appropriate portfolio Talent / cultures

Talent / cultures Value creation

PartnershipOur OwnDistribution

ProductivePlatformExports

21

Internationalphases

22

Corporate philosophyand performance

El Reconocimiento Emisores – IR otorgado por la Bolsa de Valores de Colombia S.A.

no es una certificación sobre la bondad de los valores inscritos ni sobre la solvencia del

emisor

23

7X

3X

Sustainablegrowth

24

Increasing valuegeneration

• 2/3 organic• 1/3 inorganic

Growth

18,1%

9,1%

11,7%

7,8% organic

Colombia

International

LAST 10 YR

Total

2.872

8.677

1.740 1.843 2.243 2.578 2.893 3.092 3.233 3.496 3.795 3.872 4.204629 8711.116

1.496 1.2261.561 1.511

2.0262.258

3.0303.314

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

CO

P M

ILIO

N

International

Colombia

Sales evolution

383529 570 551 538 568

671833 864

976 1.029

13%

15%14%

12% 12%11%

13%

14%13%

12% 12%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

200

400

600

800

1.000

1.200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CO

P M

ILLI

ON

EBITDA

Margin

LAST 10 YR

10,4%

CAGR

Ebitda evolution

26

Multiples as of September

10,0

14,2

10,2 10,112,6

16,7

12,9 12,0 12,1 12,5

9,8 10,0 9,9

17,0

20,3

14,713,1

18,1

23,8

18,5 18,016,5 17,3

13,4 14,0 14,1

0

5

10

15

20

25

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

EV/EBITDA

EV/EBITDA Alimentos - food EV/EBITDA Total

As of September 30, 2017

Closing price 26.840 Dividend Yield (3) 2,0%

Closing price 12 months prior 25.340 Share Price Return (3) 5,9%

Max. 52 weeks 27.280 Total Return (3) 8,0%

Min. 52 weeks 22.820 Change in COLCAP (3) 11,1%

Market Cap. (COPMM) 12.349.714

Return on Assets (2) 7,9%

Intrinsic value (1) 19.126 Return on Equity (2) 8,0%

P/E Ratio (2) 22,7 Return on Invested Capital (2) 8,2%

P/BV (2) 1,8

EV / EBITDA (2) 10,6 Outstanding Shares 460.123.458

Earnings per Share (3) 884 Number of Shareholders 12.125

Bursatility High

Dividend per share-month 44,5

FIGURES IN COP$ MM

(1) Calculated over total shareholder equity

(2) Food companies / 12 months

(3) Last 12 months

Consolidated net debt3Q 2017

27

993

487399

1.5811.752

2.8082.906

3.0202.893 2.892

0

500

1.000

1.500

2.000

2.500

3.000

3.500

Dic-10 Dic-11 Dic-12 Dic-13 Dic-14* Dic-15* Dic-16* Mar-17* Jun-17* Sep-17*

CO

N B

ILLI

ON

Dic-10 Dic-11 Dic-12 Dic-13 Dic-14* Dic-15* Dic-16* Mar-17* Jun-17* Sep-17*

Net debt 993 487 399 1.581 1.752 2.808 2.906 3.020 2.893 2.892

Net debt / EBITDA 1,85 0,86 0,59 1,90 2,10 2,88 2,82 2,98 2,83 2,81

EBITDA / Interess 8,60 8,85 12,74 10,38 5,83 4,70 3,52 3,34 3,54 3,94

Interest / sales 1,40% 1,27% 0,99% 1,36% 2,21% 2,61% 3,37% 3,52% 3,35% 3,02%

* IFRS

Raw materials

GRUPO NUTRESA

COMMODITIES INDEX

28

38,7%

14,5%10,5%

7,3%

6,5%

5,2%

4,8%

4,8%

3,9%

1,7%

2,1%

COGS BREAKDOWN (3Q17)

Packaging mat.Coffee

Pork

Wheat

Cocoa

Beef

Oils & fats

Sugar

Milk

Other

Poultry

The basket of raw materials included in the GNCI was updated as o f January 1st, 2017. The technical specifications of the GNCI may be obtained at:http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2017-3

9286

107

144

113

95

112

8787

87

74

89

104

119

134

149

164

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

http://www.gruponutresa.com/inversionistas/resultados-y-publicaciones/resultados-trimestrales/?lang=en#2017-3

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

Catherine ChaconInvestor Relations Director

Tel: (+574) 3258731

email: [email protected]

www.gruponutresa.com

For more information regarding Grupo Nutresa´s level 1ADR, please call

The Bank of New York Mellon marketing desk

NEW YORK

BNYM – Latin America

Gloria Mata

[email protected]

Telephone 212 815 5822

BNYM – Sell-Side

Kristen Resch

[email protected]


BNYM – Buy-Side

Angelo Fazio

[email protected]


BNYM – Sell-Side/Buy-Side

Mark Lewis

[email protected]

Telephone 44 207 964 6415

NEW YORK NEW YORK LONDON

29

Contact details

http://www.gruponutresa.com/es/content/grupo-nutresa-valuation-kit-gnvk

mailto:[email protected]




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 Issuers Recognition – IR granted by the Colombian Stock Exchange is not a certification about thequality of the securities listed at the BVC nor the solvency of the issuer”

30

Disclaimer

3Q17 RESULTS

SALES PERBUSINESS UNIT

3Q - 2017

Colombia salesCOP 1.395,9 mm +1,7%Cop billion

32

International SalesEx-Venezuela 3Q 2016

USD 281,1 mm +6,4%

COP 836,4 +7,3%Cop billion

3Q17 Sales

Colombia and international

Percentage variation in

volume (Q) and prices (P)

% chg. YoY Million dollars

% chg. YoY Billion pesos

Retail Food

Cold cuts Biscuits Chocolates Coffee

Cold Cuts Biscuits Chocolates CoffeeTMLUC*

RetailFood

PastaIce cream

* Variation doesn’t include

Retail Food

(Since October 2016, investments in

Venezuela are accounted as financial

instruments)

• Ex-Venezuela 3Q 2016

Including Venezuela 3Q 2016

USD -1,4%

COP -0,6%

404,7

229,6 238,3

149,2122,3 109,3

77,0

050

100150200250300350400450

CO

P B

ILL

ION

-1,1%

-1,1%

+1,7%-1,8%

+3,6%

Q: -1,1P: +1,9*

+0,5%

Q:-4,0

P:+3,0

Q: +1,3

P: - 0,8

Q:-4,8

P:+3,8

Q:+0,7

P: +0,9Q:-5,7

P:+4,1

Q:+6,6

P: -2,8

+11,6%

13,8

79,6

51,7

82,2

35,2

18,5

0

10

20

30

40

50

60

70

80

90

US

D M

ILLIO

N

+6,0%

+2,7%

-0,5%

+4,4%

+25,3%

+36,7%*


COP 2.232,3 +3,7%

33

Total

3Q17 Sales

% chg. YoY

Billion pesos


3Q - 2017

TOTAL SALES

Cold cuts Biscuits Chocolates CoffeeTMLUC* PastaRetailFood

Ice cream

Billion pesos

Including Venezuela 3Q 2016: +0,8%


445,9 466,4

391,8

244,6 254,0

177,3

109,3 77,2

0

50

100

150

200

250

300

350

400

450

500

CO

P B

ILL

ION

+3,6%

+0,6%

+1,5 %*

-1,8%

+0,5% +10,6%

+3,6%

+9,6%


3Q - 2017

Colombia salesCOP 4.046,0 mm +3,1%Cop billion

34

International SalesEx-Venezuela 3Q 2016

USD 797,7 mm +5,8%

COP 2.345,4 +1,6%Cop billion

Accumulated sales

Colombia and international

Percentage variation in

volume (Q) and prices (P)

% chg. YoY Million dollars

% chg. YoY Billion pesos

Retail Food

Cold cuts Biscuits Chocolates Coffee

Cold Cuts Biscuits Chocolates CoffeeTMLUC*

RetailFood

PastaIce cream

* Variation doesn’t include

Retail Food

(Since October 2016, investments in

Venezuela are accounted as financial

instruments)


Including Venezuela 3Q 2016

USD -2,2%

COP -6,0%

Q:-2,1

P:+2,6

Q: -6,4

P:+13,4

Q:-0,5

P:+8,9

Q:+7,9

P: -0,1Q:-14,7

P: +8,8

Q:+0,9

P: +2,3

1.203,3

644,6 691,9

443,6351,6

316,6220,2

0

200

400

600

800

1.000

1.200

1.400

CO

P B

ILL

ION

38,1

220,9

126,1

250,7

107,6

53,8

0

50

100

150

200

250

300

US

D M

ILLIO

N

-0,1%

+4,9%

+5,6%

-5,4%+3,4%

Q: -2,8P: +5,6*

+4,1%

+3,6%

+2,0%

+3,7%

+2,2%

Q:-2,8

P:+2,7

Q: -3,8

P:+8,2

Q:-2,0

P:+7,1

Q:+5,4

P: +0,2

+16,6%

Q:-11,8

P: +7,3

Q:+2,9

P: +0,4

+8,3%

+36,0%*


COP 6.391,4 +2,6%

35

Total

Accumulated sales

% chg. YoY

Billion pesos


3Q - 2017

TOTAL SALES

Cold cuts Biscuits Chocolates CoffeeTMLUC* PastaRetailFood

Ice cream

Billion pesos

Including Venezuela 3Q2016: -0,4%


1.315,3 1.294,1

1.062,8

736,9 759,9

509,9

316,6

220,6

0

200

400

600

800

1.000

1.200

1.400

CO

P B

ILL

ION

+1,7%

+2,5%

-5,4%

-0,3% +7,8%

+3,4%

+4,9%

+2,0%*

EBITDA

3Q17

EBITDA


COP 273,0 +3,8%Billion pesos

MARGIN 12,2%

36

Convention:

Cold cuts Biscuits Chocolates CoffeeTMLUC PastaRetail Food

Ice cream

Including Venezuela 3Q

2016: +2,6%


50,5

62,4 58,6

32,0 30,6

21,3

11,5

6,1

0

10

20

30

40

50

60

70

CO

P B

ILL

ION

14,9%

+9,5%

12,0%

-8,3%

11,3%

+17,6%*

13,4%

+4,4%

13,1%

+46,1%

10,5%

-25,4%

12,0%

-19,1%

7,9%

-15,3%

EBITDA

Accumulated 3Q17

EBITDA


COP 800,2 +3,0%Billion pesos

MARGIN 12,5%

37

Convention:

Cold cuts Biscuits Chocolates CoffeeTMLUC PastaRetail Food

Ice cream

Including Venezuela 1H

2016: 0%


157,8 164,1

153,1

99,8 101,6

64,5

31,6 23,7

0

20

40

60

80

100

120

140

160

180

CO

P B

ILL

ION

14,4%

+39,7%

12,6%

-5,2%

12,0%

-7,4%*

12,7%+2,6%

13,5%

+33,6%

10,0%

-25,1%

13,4%

-20,0%

10,8%

+17,3%

Comprehensive

Income statement 3Q17

38For 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#2017-3

2017 - 3Q % Revenues 2016 - 3Q % Revenues % Var.

Continuing operations

Operating revenue 2.232.343 2.214.012 0,8%

Cost of goods sold (1.236.124) -55,4% (1.279.858) -57,8% -3,4%

Gross profit 996.219 44,6% 934.154 42,2% 6,6%

Administrative expenses (97.458) -4,4% (99.902) -4,5% -2,4%

Sales expenses (656.668) -29,4% (596.608) -26,9% 10,1%

Production expenses (35.038) -1,6% (37.705) -1,7% -7,1%

Exchange differences on operating assets and liabilit ies 1.107 0,0% 1.152 0,1% -3,9%

Other operating expenses, net (43) 0,0% 8.885 0,4% -100,5%

Operating profit 208.119 9,3% 209.976 9,5% -0,9%

Financial income 3.436 0,2% 3.061 0,1% 12,3%

Financial expenses (71.811) -3,2% (85.697) -3,9% -16,2%

Exchange differences on non-operating assets and liabilit ies (10.725) -0,5% 3.685 0,2% N/A

Loss on net monetary posit ion - 0,0% (14.419) -0,7% -100,0%

Share of profit of associates and joint ventures (1.075) 0,0% 1.350 0,1% -179,6%

Income before tax and non-controlling interest 127.944 5,7% 117.956 5,3% 8,5%

Current income tax (49.440) -2,2% (37.516) -1,7% 31,8%

Deferred income tax 11.262 0,5% 2.620 0,1% N/A

Profit after taxes from continuous operations 89.766 4,0% 83.060 3,8% 8,1%

Discontinued operations, after income tax (141) 0,0% 55 0,0% N/A

Net profit for the period 89.625 4,0% 83.115 3,8% 7,8%

Non-controlling interest 1.046 0,0% 1.122 0,1% -6,8%

Profit for the period attributable to controlling interest 88.579 4,0% 81.993 3,7% 8,0%

EBITDA 273.008 12,2% 266.125 12,0% 2,6%


Comprehensive Income Statement

Accumulated 3Q17

39For 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#2017-3

January-

September

2017

% Revenues

January-

September

2016

% Revenues % Var.

Continuing operations

Operating revenue 6.391.409 6.419.295 -0,4%

Cost of goods sold (3.569.154) -55,8% (3.679.153) -57,3% -3,0%

Gross profit 2.822.255 44,2% 2.740.142 42,7% 3,0%

Administrative expenses (293.049) -4,6% (293.889) -4,6% -0,3%

Sales expenses (1.845.163) -28,9% (1.725.263) -26,9% 6,9%

Production expenses (101.420) -1,6% (107.009) -1,7% -5,2%

Exchange differences on operating assets and liabilit ies 1.330 0,0% 16.938 0,3% -92,1%

Other operating expenses, net 21.549 0,3% 17.441 0,3% 23,6%

Operating profit 605.502 9,5% 648.360 10,1% -6,6%

Financial income 10.280 0,2% 7.708 0,1% 33,4%

Financial expenses (239.784) -3,8% (238.650) -3,7% 0,5%

Portfolio dividends 54.321 0,8% 50.494 0,8% 7,6%

Exchange differences on non-operating assets and liabilit ies (15.534) -0,2% (8.668) -0,1% 79,2%

Loss on net monetary posit ion - 0,0% (32.946) -0,5% -100,0%

Share of profit of associates and joint ventures 141 0,0% 2.154 0,0% -93,5%

Other income (expenses), net 3.313 0,1% - #¡VALOR! -

Income before tax and non-controlling interest 418.239 6,5% 428.452 6,7% -2,4%

Current income tax (119.877) -1,9% (135.723) -2,1% -11,7%

Deferred income tax 29.939 0,5% 23.579 0,4% 27,0%

Profit after taxes from continuous operations 328.301 5,1% 316.308 4,9% 3,8%

Discontinued operations, after income tax (1.175) 0,0% (192) 0,0% N/A

Net profit for the period 327.126 5,1% 316.116 4,9% 3,5%

Non-controlling interest 2.868 0,0% 3.039 0,0% -5,6%

Profit for the period attributable to controlling interest 324.258 5,1% 313.077 4,9% 3,6%

EBITDA 800.218 12,5% 800.328 12,5% 0,0%


Statement of FinancialPosition 3Q 2017

40

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#2017-3

September 2017 December 2016 % Var.

ASSETS

Current assets

Cash and cash equivalents 244.514 219.322 11,5%

Trade and other receivables 997.236 889.197 12,2%

Inventories 1.041.736 1.028.417 1,3%

Biological assets 85.823 75.677 13,4%

Other current assets 295.692 246.832 19,8%

Non-current assets held for sale 40.926 100.330 -59,2%

Total current assets 2.705.927 2.559.775 5,7%

Non-current assets

Trade and other receivables 24.864 23.495 5,8%

Biological assets 8.823 7.433 18,7%

Investments in associated and joint ventures 171.711 164.510 4,4%

Other f inancial non-current assets 4.186.276 3.885.206 7,7%

Property, plant and equipment, net 3.340.223 3.383.513 -1,3%

Investment properties 72.352 71.842 0,7%

Goodwill 2.061.972 2.034.454 1,4%

Other intangible assets 1.158.978 1.163.671 -0,4%

Deferred tax assets 380.851 356.994 6,7%

Other non-current assets 97.870 48.661 101,1%

Total non-current assets 11.503.920 11.139.779 3,3%

TOTAL ASSETS 14.209.847 13.699.554 3,7%


41

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#2017-3

Statement of FinancialPosition 3Q 2017

September 2017 December 2016 % Var.

LIABILITIES

Current liabilities

Financial obligations 782.255 847.689 -7,7%

Trade and other payables 866.238 888.840 -2,5%

Tax charges 227.088 163.362 39,0%

Employee benefits liabilit ies 200.062 161.592 23,8%

Current provisions 1.139 2.734 -58,3%

Other current liabilit ies 52.321 49.746 5,2%

Total current liabilities 2.129.103 2.113.963 0,7%

Non-current liabilities

Financial obligations 2.353.842 2.277.429 3,4%

Trade and other payables 158 158 0,0%

Employee benefits liabilit ies 234.802 216.744 8,3%

Deferred tax liabilit ies 690.887 705.700 -2,1%

Other non-current liabilit ies 613 600 2,2%

Total non-current liabilities 3.280.302 3.200.631 2,5%

TOTAL LIABILITIES 5.409.405 5.314.594 1,8%

SHAREHOLDER EQUITY

Equity attributable to the controlling interest 8.760.740 8.346.719 5,0%

Non-controlling interest 39.702 38.241 3,8%

TOTAL SHAREHOLDER EQUITY 8.800.442 8.384.960 5,0%

TOTAL LIABILITIES AND EQUITY 14.209.847 13.699.554 3,7%


42

Channel Evolution

Colombia

*SOURCE: NIELSEN

50% 48% 47% 46% 45% 44% 43% 44%36% 35% 36%

50% 52% 53% 54% 55% 56% 57% 56%64% 65% 64%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Supermarkets Mom-and-Pops

43

16 41 47 55

54

36 32 27

10 8 8 5

UPPER CLASS MID - UPPER CLASS MIDDLE CLASS LOWER CLASS

WHERE THEY BUY

TRADITIONAL CASH&CARRY HOME DELIVERY

SELFSERVICES DISCOUNTERS OTHERS

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

23% 23% 23% 23% 23% 23% 23% 23% 22% 22% 21%24% 23% 23%

39% 38% 37% 38% 38% 38% 38% 38% 37% 37% 38% 37% 36% 36%33% 32% 33% 32% 32% 32% 32% 32%

35% 35% 35%

30%33% 33%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SOCIAL CLASS EVOLUTION

Upper Class Mid-Upper Class Middle Class Lower Class

*SOURCE: NIELSEN

50% 48% 47% 46% 45% 44% 43% 44%36% 35% 36%

50% 52% 53% 54% 55% 56% 57% 56%64% 65% 64%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CHANNEL EVOLUTION

Supermarkets Mom-and-Pops

Business Model

Distribution

HOW THEY LOOK

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.”

44

45

,000 ,2000 ,4000 ,6000 ,8000 1,000 1,2000 1,4000

BR

ESP

COL

FRA

MEX

PE

CR

CL

USA

UK

,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

FRA

PE

CL

ESP

UK

BR

CR

COL

USA

MEX

,000 ,5000 1,000 1,5000 2,000 2,5000 3,000 3,5000 4,000

BR

USA

FRA

CR

ESP

COL

UK

PE

MEX

CL

,000 2,000 4,000 6,000 8,000

UK

USA

FRA

CL

ESP

BR

PE

CR

MEX

COL

,000 2,000 4,000 6,000 8,000 10,000 12,000

UK

USA

ESP

CL

BR

FRA

CR

MEX

PE

COL

,000 5,000 10,000 15,000 20,000

CL

USA

FRA

UK

ESP

CR

MEX

COL

BR

PE

Hot Chocolate

PER CAPITA CONSUMPTION

Country within Grupo Nutresa'sStrategic Region

Units in kg/year

Chocolate Candy

Instant

2016

Cereal Bars

Roasted and Ground

,000 ,2000 ,4000 ,6000 ,8000 1,000

UKMEX

CLESPCOLFRA

PEBR

USACR

,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

USA

CL

ESP

UK

FRA

BR

CR

COL

PE

MEX

,000 ,2000 ,4000 ,6000 ,8000 1,000

USAUK

MEXESPFRA

CLBRCRPE

COL

Biscuits

Cold Cuts

Chocolates

Coffee

Ice Cream

Chocolates

Chocolates

Coffee

Pasta

Sustainable Development

History ofsustainable growth

46

Recognition as“Sector Mover” Yearbook

2011

Bronze Class distinction Yearbook 2012

Bronze Class distinction Yearbook 2014

Recognition as“Industry Mover”

Yearbook 2015

Runner Up Yearbook 2013

Inclusion in the DJSI World Index 2011



January 2011 January 2012 January and February 2013

January 2014 January 2015 January 2016

September 2011 September 2012 September 2013 September 2014 September 2015

Inclusion in DJSI Emerging Markets Index

2013



Inclusion in the New Emerging Markets Index DJSI 2012


2014


2015

Silver Class distinction Yearbook 2015


September 2016



2016

January 2017


http://yearbook.robecosam.com/

http://yearbook.robecosam.com/

Strategic Goals2020

Strategy

SDG Priorization

49

Success Stories

by priority and SDG

51

Coffee wet-processing central plant

The increase in the water demand underlines the conflicts over water and reinforces the regulations regarding water consumption and the quality of the used water disposal discharges. The identification of the water footprint and risks across the value chain, as well as the work with suppliers and allies reduce the impact on water resources.

52

Coffee wet-processing central plant

Strategy

Construction of a new processing plant to unify thecoffee pulping, washing and drying process.

Strategy

Freeing coffee growers of the duties of removing thepulp from the coffee beans and washing them at theirplantations.

Reduction of the amount of water used in coffeeprocessing by up to 90%, and improvement of thequality of the water disposed with the waste watertreatment plant.

Achievements

312 tons/monthReduction in water

consumption

19.500 m3/year

Coffee growersbenefited

600Processing capacity

53

Infant Obesity Prevention

Concern about the health conditions of the population, particularly about obesity. Governments design intervention policies to achieve changes in the life habits of the population.

54

Infant Obesity Prevention

Creation of healthy lifestyle programs in schools withthe purpose of preventing obesity and improving bothhealth and quality of life in the adult age.

Strategy

43,5% 55.2%

7.600

2.182

1.863

Decrease of the prevalence of obesity (transition fromoverweight to normal weight) with the comprehensivemodel used (“Kiosco Saludable” [healthy kiosk] andNutritional Food Education + Optimized physicalactivity).

Reduction of the market loss risk by adapting theportfolio to the laws that regulate the critical nutrientsin the products, particularly those sold at schools.

Achievements

Decrease of the prevalence of

obesity (Chile)

1.200

1.819

288

Number of teenagers and kids in the program in

2016

55

Fostering Cocoa Program

Grupo Nutresa’s inclusive business strategy is the route for the eradication of poverty in base-level communities and, at the same time, it generates benefits for the fulfillment of the business goals.

56

Fostering Cocoa Program

Purchase of cocoa to associations and cooperatives

By means of inclusive businesses, the Organizationsupports cocoa-growing projects in which farmersreceive technical, social and business advisory, apartfrom the commitment of purchasing their products.

Strategy

Reduction of the dependence on cocoa imports and decrease in the risk of raw materials shortage.

Increase in farmers’ income and implementation of initiatives regarding access to food, alliance management and volunteer support.

Decrease in the risk of violations to Human Rights.

Capture of carbon for compensating the emissions ofgreenhouse gases.

Achievements

t

7.034

Social and agricultural development alliances

121

Families benefited

12.28112.206

57

Mom Entrepreneurs

When there are inequalities, the Organization puts its reputation on the line and it can be the subject of claims of discrimination. The specialized networks that directly address the consumers allow to create income options in base-level populations, and to expand the commercial networks in order to reach difficult-access audiences and diversify the portfolio.

58

Mom Entrepreneurs

Creation of an entrepreneurship-based program inwhich mostly women (who generally are head ofhousehold) have their own business through directsales.

Strategy

Improvement of the personal and family developmentthrough training in nutrition, childhood, adolescence,healthy relationships, sexuality, healthy lifestyle habits,among other matters.

Logistics operating costs streamlined in the productdistribution process.

Greater knowledge of the market and skills to focusefforts on specific micro-markets.

Market micro-segmentation.

Achievements

129.207

(COP billion)

115.660

314.56

27.809 Moms head of household

4.638 Men

Number of entrepreneurs

Sales through the entrepreneur network

364.28

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