Corporate Presentation – Agribusiness Unit

June 2017

0
Disclaimer

This presentation has been prepared by Grupo Gloria(*) and is not intended for general distribution.
It may only be used for informational purposes. This presentation may contain proprietary, trade-
secret, confidential and commercially sensitive information and neither this presentation nor the
information contained herein may be copied, disclosed or provided, in whole or in part, to third
parties without the prior written consent of the respective company of Grupo Gloria. Certain
information contained in this presentation is non-public, proprietary and confidential information.
Although the information presented in this presentation has been obtained from sources that Grupo
Gloria believes to be reliable, Grupo Gloria does not make any representation as to its accuracy,
validity, timeliness or completeness for any purpose. The information set forth herein does not
purport to be complete and Grupo Gloria is not responsible for errors and/or omissions with respect
to the information contained herein.
(*) Grupo Gloria refers to a conglomerate comprised of operating companies. For more information visit www.grupogloria.com

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Grupo Gloria at a glance

 Leading Peruvian economic group:

– Approximately US$ 3.3 billion in
revenues and US$ 679 million EBITDA
in 2016.
– More than 30,000 employees as of
December 2016

 Focused on four core segments:

– Consumer Packaged Goods
– Cement, Nitrates & Lime
– Sugar & Alcohol
– Paper & packaging

 Pan-regional presence:
– Peru, Argentina, Bolivia, Colombia,
Ecuador and Puerto Rico

 Controlled by the Rodriguez family, a

highly respected shareholder group

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 Leading position across its business units

Revenues 2016: US$ 3,306 million

JRR / VRR EBITDA 2016: US$ 679 million
ASSETS 2016: US$ 3.127 million

Consumer
Cement, Nitrates Paper & Transportation
Business Unit Packaged Sugar & Alcohol
& Lime packaging services
Goods

Revenues 20161 1,782 798 564 209 94

(US$ million) 23.1%
16.4% 6.1% 2.7%
51.7%
(% of total revenues)

EBITDA 20161 176 [EM 9.9%] 298 [EM 37.4%] 146 [EM 25.9%] 42 [EM 20.2%] 16 [EM 16.8%]
(US$ million) 26.0% 43.9%
21.5% 6.2% 2.3%

(% of total EBITDA)

 Leading position in
 # 1 dairy  # 1 cement  # 1 sugar
cardboard and
producer in company in producer in Peru
industrial packages
Positioning Peru, Puerto Peruvian
 # 3 sugar
Rico and southern region
Bolivia producer in
Ecuador
1Figures do not include inter-segment eliminations; eliminations within business segments are included
Numbers are expressed in USD considering FX aop
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 Revenues by Country (PEN MM)
Consumer Packaged Goods Cement, Nitrates & Lime -
[US$ 1,782MM]
Revenues by country
[US$ 798MM]
5,982 6,017
5,925 2,693
5,465
5,052 6% 5% 4%
2,301 16%
7% 8% 6% 6%
6%
4% 12% 12% 1,471
5% 11% 35%
12% 16% 17% 18% 34%
13% 17% 1,267 2%
15% 1,091

61% 60% 59% 61% 60% 98% 65%

100% 50%
100%

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016
Peru Bolivia Puerto Rico Colombia Ecuador & Argentina Peru Bolivia Ecuador

Sugar & Alcohol

[US$ 564 MM]
1905
1,462 1,532 6%
1,275 1,345 21%
8% 7%
9% 7% 23%
21% 24%
23%
73%
71% 68% 69% 70%

2012 2013 2014 2015 2016

Peru Ecuador Argentina
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Latest Regional Expansion

Oct 2015 / Nov 2016

Feb 2014 UCEM
California Group US$ 230 MM / US$ 147
US$ 86 MM MM

2012 2013 2014 2015 2016 2017

Nov 2012 Dec 2014

Agrolmos Project SOBOCE
US$ 330 MM US$ 300 MM

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 Consumer Packaged Goods Overview

HALSA
Consolidated 2016
Sales  US$1,852mm
EBITDA  US$192mm
Gloria Foods1 Ebitda %  10.3%
JORBSA (Peru)
Debt  US$517mm
Debt/EBITDA  2.7x

Gloria2 Corlasa Leansa Gloria Colombia Suiza Puerto Rico Pil Andina
(Peru) (Argentina) (Ecuador) (Colombia) (Puerto Rico) (Bolivia)

Sales  US$1,079mm  US$49mm  US$22mm  US$110mm  US$219mm  US$336mm

EBITDA  US$146mm  US$3mm  US$2mm  US$9mm  US$23mm  US$10mm

Ebitda %  13.6%  5.6%  7.5%  8.0%  10.4%  3.0%

Debt  US$249mm  US$7mm  US$5mm  US$19mm  US$26mm  US$141mm

Debt/EBITDA  1.7x  2.7x  3.2x  2.2x  1.1x  14.0x

1 Includes Logistic, Transportation services and others.

2 Includes Deprodeca
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 Cement, Nitrates & Lime Overview

Consolidated 2016

Sales US$798mm
Holding Cementero EBITDA US$298mm
del Peru
Ebitda % 37.4%
Debt US$717mm
Debt/EBITDA 2.4x
Consocio
Cementero del Sur
(Peru)

Cal & Industrias Concretos

Yura Soboce UCEM
Cementos Sur Cachimayo Supermix
(Peru) (Bolivia) (Ecuador)
(Peru) (Peru) (Peru)

Sales US$297mm US$58mm US$12mm US$64mm US$ 273mm US$ 119mm

EBITDA US$148mm US$26mm US$1mm US$11mm US$ 85mm US$ 34mm
Ebitda % 49.9% 44.8% 11.2% 17.7% 31.3% 28.6%
Debt US$473mm US$63mm US$0mm US$35mm US$ 148mm --
Debt/EBITDA 3.2x 2.4x -- 3.1x 1.7x --

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Sugar & Alcohol
8
 Sugar & Alcohol Business Overview

Highlights Fields and facilities

 Coazucar is the largest sugar conglomerate in Peru with

Casa Grande Cartavio San Jacinto Agrolmos
presence in Ecuador and Argentina
– Comprised by Casa Grande (Peru), Cartavio (Peru), San
Jacinto, (Peru), Agrolmos (Peru), Ingenio San Isidro
(Argentina) and La Troncal (Ecuador)
– Coazucar has 58,000 Ha. of net cultivated area (equivalent
to 62.1% of total area available for farming) of cane which
allows investments in the land consequently generating San Isidro La Troncal
higher yields per hectare

 Leadership position in a powerhouse sugar production country

– Coazucar is the undisputed leader in the Peruvian sugar
market (52.5% market share) and the industry leader in
sugar cane yields
– Peru ranks among the world’s highest crops yielding
countries, enjoying year-long harvest season Revenues by country (2016) EBITDA by country (2016)

– Advantageous geographic location result in excellent climate Argentina

Arg
6.4% Ecu
conditions driving up productivity. 12.4%
1.4%

Ecuador
22.2%
 Superior quality of assets
– Co-generation used in own operations creates efficiencies
through cost reductions
Peru Peru
71.3% 86.2%

Total: PEN 1,905 million Total: PEN 494 million

9 [US$ 564 million] [US$ 146 million]
 Sugar & Alcohol Business Overview
Corporación Azucarera del Perú

Perú Argentina Ecuador

COA:57.1% COA:87.2% COA:52.0%
GG: 60.9% GG: 87.4% 82.6% GG: 100% 93.5% 69.3%

Casa
Cartavio San Jacinto Agrolmos San Isidro La Troncal
Grande

14.6%

50.0% 57.7%

Chiquitoy Sintuco

Key Highlights

• Largest sugar conglomerate in Peru.

• More than 93,000 Ha available for farming and 58,000 Ha cultivated with cane.

• World leader in yields per hectare of sugar cane.

• Peru’s privileged location allows a year-round harvesting.

• Technical team with large field experience.

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 Major products
Sugar Company producer %
Product Description Ventas

Brown Sugar: Sucrose crystals with a characteristic brown color due

Sugar (89%) to the presence of honey. It is commercialized in local market and in
48%
exports.

White Sugar: High purity sucrose crystals obtained directly by

discoloring cane juice. It is commercialized in the local market, to
27%
some industries and export for final consumption.

Refined Sugar: High purity sucrose crystals obtained by successive

purification processes in a refinery. It is mainly commercialized in the
12%
industrial market.

Organic Sugar: Sucrose crystals obtained without the use of

synthetic chemicals in their manufacture. It is mainly sold to organic
2%
producers such as: Della Natura, Candico, Sunprojuice, Pronatec
and Avafina

Refined, ethyl and industrial: Product obtained from the distillation

Alcohol (7%) of must (fermentable molasses and water), from sugar cane honeys.
It can be used for industries or for fuel; Mainly it is sold in exports. 7%

Others (4%) Molasses: Final by-product of cane sugar production process.

Generally used in the production of alcohol. It can be commercialized
2%
in the local market or abroad

Bagasse: Woody residue of the sugar cane. It is used in the paper

and fiber industry; As well as in the generation of energy
1%

Energy and others: Energy generated in the bagasse production is

used in the sugar mills. 1%

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Sustainability
SOCIAL & ENVIROMENTAL RESPONSIBILITY

Coazucar has Develop

developed several environmental
programs of assistance programs audited by
to the community, labor the national authority.
development and
environmental
protection:

QUALITY CERTIFICATIONS

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Operating Results
Full Year 2016

Perú La Troncal San Isidro Total

Total farming area (Ha.) 68,473 21,005 3,835 93,313
Cultivated area with cane (Ha.) 39,621 15,659 2,662 57,943
Harvested area with cane (Ha.) 27,702 14,549 3,137 45,388
Milling Capacity (MT / day) 22,200 11,000 4,500 37,700
Harvested Cane (MT/Ha) 136 71 83 111
Sugar / crushed cane (%) 10.5% 9.0% 8.5% 10.0%
Own cane / total crushed cane (%) 77.1% 60.6% 37.6% 69.5%
Sugar production from cane (TM ‘000) 515 153 59 726
Alcohol production (LT ‘000) 41,635 – 14,805 56,439
Sugar sales volume (TM ‘000) 654 176 35 865
Market Share (%) 52.5% 28% - -
Number of employees 9,260 3,534 690 13,484

Revenues (US$ Million) 402 125 36 564

EBITDA (US$ Million) 126 18 2 146

EBITDA Margin (%) 31.3% 14.4% 5.6% 25.9%

Contribution (%) 86% 12% 2% 100%

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 Coazucar well positioned in Industry
EBITDA (US$ MM) y Margen EBITDA (%)
39.5% International Companies Local companies Coazucar
25.9% 23.7% 26.6%
23.6%
15.4%
9.5% 7.5% 7.9% 7.7%
506 2.6% 4.2% 2.4% 2.8%

304

146
66 88
46 41 34 21
24 20 11 6 3

Sao Balrampur Mitsui MSM Campos Khonburi

Biosev SRS KTIS Laredo Paramonga Iansa Pomalca
Martinho Chini Mills Sugar Malaysia Chilenos Sugar

Debt / EBITDA

International company Local companies Coazucar

35.1x
29.2x

14.1x
Promedio: 8.2x
7.9x
4.5x 3.9x 3.7x 3.7x 3.5x 3.1x 2.6x 1.8x 1.0x 0.0x
Khonburi Campos Balrampur São MSM Mitsui
SRS Iansa KTIS Biosev Paramonga Laredo Pomalca
Sugar Chilenos Chini Mills Martinho Malaysia Sugar

* Incluye Agrolmos 14
Fuente: Capital IQ. Información financiera LTM a Diciembre 2016 excepto SRS a Marzo 2016 LTM
Sugar & Alcohol Summary
Crushing capacity and crushed cane (million MT) – Coazucar Geographic footprint – Argentina, Ecuador and Peru

Crushing capacity Cane crushed

9.8 10.0 10.1
9.3 9.5
7.9 7.8
7.1 7.1 7.3 Guayaquil
Olmos Ecuador

Peru

La Libertad

Ancash

2012 2013 2014 2015 2016

Salta
Lima

Tons Cane / Ha (Own cane / Harvested land) – Peru1 Argentina

172 177
161 158
136

~781

2012 2013 2014 2015 2016

1 Brazil’s average yield for 2014 period

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Sugar Price Evolution

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
15.5% 23.4% 11.0% 19.8% 25.5% 17.9% 32.8% 40.6% 48.3% 77.9% 129.0% 59.0% 60.5% 48.1% 27.1% 23.1% 40.6%
3.1 4.3 1.9 3.5 4.2 3.1 5.2 6.4 6.8 9.7 14.6 8.7 8.7 8.2 5.5 4.8 8.0

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
7.0% 0.8% 2.3% 12.8% 14.7% 7.6% 21.1% 24.0% 25.6% 34.7% 58.0% 30.7% 25.0% 19.8% 7.3% 5.8% 20.8%
35.7 3.9 11.2 60.2 65.9 35.7 91.0 98.9 97.4 125.6 203.5 122.6 104.1 95.2 40.3 31.9 110.6

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 Dynamics of the Peruvian Sugar Market
SUGAR OFFER AND DEMAND (MT ´000)

Sugar Imports (MT ´000)

300 In 2016, Coazucar imported 8.9
245.6 250.6
thousands tonnes of white sugar
250 215.3 and 84.4 thousands tonnes of
200 169.3 155.1 raw sugar
145.2
150
102.6
100
55.0
50
2.5 7.5
0
2012 2013 2014 2015 2016
Brown Sugar White Sugar
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Sugar & Alcohol Finance Overview
Revenues (PEN million) EBITDA (PEN million)

[US$ 564] [US$ 146]

503
1,905 494

1,462 1,532
1,275 1,345 342
279 268

34.4%
21.9% 25.9%
20.0% 22.6%
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Total Debt (PEN million) Gross Debt / EBITDA

[US$ 461]
1,548
1,459 1,446
1,331
1,168 5.4x
4.8x
4.2x
3.1x
2.3x

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Source: 2013, 2014, 2015 & 2016 Audited Financial Statement

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 Coazucar Bonds
In 2012, Coazucar successfully issued a 144ª / RegS Bond by US$ 325 million wich major purpose was to finance Agrolmos Project. In
2015, as a consequence of the appreciation of USD denomination against PEN, Coazucar made a Tender Offer wich was financed by a
bridge loan in PEN denomination from two local banks to reduce Fx risk. In 2016, Coazucar issued a local bond (in two tranches), mainly to
prepay and refinance the bridge loan.

1 144A / RegS International Bond 2 Tender Offer 3 Local Bond

Amount • PEN 150 million
Amount US$ 325 million • In 2015, Coazucar made a Tender Offer of
• PEN 145 million
International bonds by US$ 82.2 millions
Amortization Bullet Amortization • Amortized, 5 years of grace
• The remain of international bond is US$ 242.8
Coupon 6.375% million period
• Amortized, 10 years of
Term 10 years grace period
Maturity August 2022 Coupon • 8.125%
Covenants • Debt / EBITDA <= 3.50x • 9%
(Incurrence) • EBITDA / Finance expenses Term • 8 years
> 2.50x • 15 years
Use of Funds • Agrolmos Project Maturity • August 2014
• Other corporate purposes • August 2031
Covenants • Debt / EBITDA <= 3.50x
(Incurrence) • EBITDA / Finance
expenses > 2.50x
Use of Funds • Prepaid bridge loan
• Other corporate purposes

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Coazucar International Bond

Source: Bloomberg

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 Agrolmos
Overview
 Agrolmos is a Project developed by Coazucar to become the most  Technology: Pivot irrigation
efficient sugar mill in Peru.  Pipe System: Greater efficiency in the use of water with less labor
force.
 Total area: 18,600 Has
 Strategic Design: Factory located in the center of the fields, wich allows
 Total farming area: 14,500 Has
lower costs for the transportation of cane.
 Total area for sugar cane in the project: 13,500 Has
 It will be the most modern sugar mill in South America in technology with
 As of December 2016, the total cultivated area with cane was 9,234 Has. automatic and programmable processes from a computer.

 The milling capacity is 6,500 tones of crushed cane per day.  It is expected to have a total production of 160,000 tones of sugar in a
full year operation.

 Agrolmos has already started cane harvesting and it will produce sugar
in the next weeks.

Sugar
Revenues
Production
(2018)
PEN 300 (2018)
million 160,000 MT

EBITDA High field

(2018) yieds
PEN 90 (2018)
Million 150 Tm/Ha

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Consequences of El Niño Phenomenon in Coazucar

 Our Peruvian sugar mills haven´t suffered any mayor consequences due to the preventive actions taken in 2016.

 In our 4 sugar mills in Peru, we lost less than 2% of total sugar cane plantations.

 In March, operations stopped in our 4 mills because cane harvesting was difficult to make because of the heavy rains. In case of Cartavio, we
had a maintenance stop as scheduled in our annual Budget. In April, operations started in all our mills in Peru.

 No damage was detected in the sugar mills and other equipment.

 As our inventory levels were high enough and our imports arrived as scheduled, we did not stop supplying sugar to the market.

 We did experience problems in the road accesses delaying somewhat the shipments. Alternatively, we have used other means of
transportation.

 Strong Group’s CSR actions:

 Coordination with governmental authorities to help people in need.

 Correcting riverbeds to avoid bigger damage surrounding.

 Collecting fresh milk from producers and donating it.

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P&L Coazucar & Subsidiaries*
2016 (US$
(PEN Million) 2015 2016 Δ%
Million)
Net sales 1,532 1,905 24.4% 564
Gross Profit 348 459 31.8% 136
Gross Margin % 22.7% 24.1% 6.0% 24.1%
Selling Expenses 70 93 32.0% 28
Administrativ e Expenses 94 101 7.5% 30
Other Income / Expenses (24) 24 -198.2% 7
Operating Profit w/o total effects of bio. Assets 160 289 80.7% 86

Oper. Marg. w/o effects in P&L of bio. Assets % 10.4% 15.2% 15.2%

Total Effect for Changes in fair v alue of biological assets 36 49 35.2% 15

Operating Profit 196 338 72.2% 100

Operative Margin % 12.8% 17.7% 17.7%
Finance income 60 2 3.4% 1
Finance expenses (148) (135) 91.1% (40)
Net Finance Income / Expenses (88) (133) 51.1% (39)
Exchange difference, net (182) 9 -104.7% 3
Incomes for interest on related companies 7 15 109.6% 4
Profit before income tax (68) 228 -437.6% 67
Income tax expense 32 94 191.5% 28
Profit for the Period (100) 134 -234.1% 40
Net Margin % -6.5% 7.0% 7.0%

Operating Profit w/o total effects of bio. Assets 160 289 80.7% 86
Depreciation 180 203 12.7% 60
Amortization 2 3 26.3% 1
EBITDA 342 494 44.5% 146
EBITDA Margin % 22.3% 26.0% 26.0%

Sugar Sales Volume ™ 762,695 865,453 13.5% 865,453

Debt 1,446 1,548 7.0% 461
Deuda/Ebitda 4.2x 3.1x 3.1x

Av erage Fx (PEN / USD) 3.184 3.376

Source:2015 & 2016 Audited Financial Statement

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Productivity
Harvested Cane (MT/Ha) Twelve Months Ended Dec, 31
2015 2016 Δ%

Peru 158 136 -13.8%

Argentina 78 83 6.6%
Ecuador 88 71 -19.7%
Total 133 111 -15.9%

Total crushed cane (MT 000) Twelve Months Ended Dec, 31

2015 2016 Δ%

Peru 5,358 4,889 -8.8%

Argentina 654 693 5.9%
Ecuador 1,755 1,703 -2.9%
Total 7,767 7,284 -6.2%

Sugar / crused cane (%) Twelve Months Ended Dec, 31

2015 2016 Δ%

Peru 10.2% 10.5% 0.3%

Argentina 8.6% 8.5% -0.1%
Ecuador 8.2% 9.0% 0.8%
Total 9.6% 10.0% 0.3%

Production from sugar cane (MT 000) Twelve Months Ended Dec, 31
2015 2016 Δ%

Peru 548 515 -6.2%

Argentina 56 59 4.4%
Ecuador 144 153 6.2%
Total 749 726 -3.0%

24