San Miguel1Q 2018 Earnings Conference Call

May 11, 2018

This presentation contains forward looking statements that are based on our current expectations, assumptions, estimates and projections about usand our industry. These forward looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,”“estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of San Miguel and itsmanagement, including statements with respect to San Miguel’s future financial condition, financial, operating and other ratios, results of operations,business strategy, geographic concentration, business concentration, production and marketed volumes, as well as San Miguel’s plans, expectations orobjectives with respect to future capital expenditures, investments, expansion and other projects, ownership interests, divestments, cost savings anddividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such asfuture fresh fruit and other prices, processing and commercial margins and exchange rates. These statements are not guarantees of future performance,prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond SanMiguel’s control or may be difficult to predict. San Miguel’s actual future financial condition, financial, operating and other ratios, results of operations,business strategy, geographic concentration, business concentration, production and marketed volumes, capital expenditures, investments, expansionand other projects, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions,such as future fresh fruit and other prices, processing margins and exchange rates, could differ materially from those expressed or implied in any suchforward-looking statements. Important factors that could cause such differences include, but are not limited to, fresh lemon, mandarin, orange andother price fluctuations, supply and demand levels, currency fluctuations, production results, success in partnering with third parties, loss of marketshare, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatorydevelopments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters,project delays or advancements and lack of approvals. In light of the foregoing, the forward-looking statements included in this document may notoccur.

The forward looking statements made in this presentation related only to events or information as of the date on which the statements are made inthis presentation. San Miguel undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date onwhich the statements are made or to reflect the occurrence of unanticipated events.

Disclaimer

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Introductory Remarks

Production

• More than average recovery on Tucuman’s production

• Total recovery in the Eastern Cape productivity (RSA)

• In Uruguay and Peru, production in line with our expectations

Market

• Fresh Fruit:

• Wider commercial window in Europe

• Entrance to the US market

• Processed Food: higher volumes with stable prices and demand in oil, and with higher demand in juice

Others

• San Miguel continues to carry out all the necessary measures to reach a satisfactory resolution of the damage caused to our operations by the cyber-attack suffered by the Maersk company

• Significant reduction in our indebtedness

Introductory Remarks

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Changes in Accounting Principles

Changes in Accounting Principles

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Fresh Fruit Revenue Recognition1

• New revenue recognition model, more restrictive, with specific rules and examples.• Replace previous norms (IAS 11, 18, and related norms). • Five-step model framework:

1. Identify the contract/s with a customer2. Identify the performance obligation in the contract3. Determine the transaction price4. Allocate the transaction price to the performance obligation in the contract5. Recognise the revenue when (or as) the entity satisfies a performance obligation

IFRS 15 (into effect: 2018)

Effects in our financial statements versus previous criteria:

• Deferral in the recognition of sales of fresh fruit unit the final liquidation is made with each

client (second semester)

• Higher inventory levels and lower accounts receivables (first semester)

Changes in Accounting Principles

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Fair Value of the Current Biological Asset2

¿What does the norm rules?

The current biological asset (fruit on the tres in our case) that has reached a significant biological growth, must be measure at fair value.E

IAS 41

Effects in our financial statements versus previous criteria:

• In Q1, the estimated present value of the gross margin less the commercial expenses of the

own annual Fresh Fruit business (citric + avocado, grapes are excluded) is recognized.

• The result generated for the revaluation of inventories, is included within the gross margin.

• When the revenue is recognized, a lower margin is generated, as the value of the inventories

include this increase in their values.

• In Q3, the present value of the gross margin less the commercial expense of the grape is

recognized.

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1Q 2018 Results

1Q 2018 – Macroeconomic Context

Exchange RateInflation

Interannual and accumulated (%) Average year rate vs. USD

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7%4% 1% 0,5%

25%

7%4%

1,4%

Argentina Uruguay South Africa Peru

Q1 2018 12 months

15,6

28,4

13,1

3,3

19,7

28,5

11,9

3,2

Argentina Uruguay South Africa Peru

Q1 2017 Q1 2018

26% 0,1% -9% -0,8%

Source: Ámbito Financiero, INE Uruguay, Inflation.eu, Reuters, finanzas.com, BCRP

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1Q 2018 Highlights

• Revenues of ARS 258 millions + 121% QoQ

• EBITDA of ARS 335 millions + 411% QoQ

• Net Income of ARS 81 millions + 196% QoQ

• Net Debt of ARS 4.322 millions + 56% QoQ

• Total Production Volume of 19.707 MT + 136% QoQ

Total production includes only our own production and excludes the production from strategic producers

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Consolidated income

VolumesRevenue Breakdown

Breakdown by OriginIn ARS Millions / Margin in %

Volumes refer to the total volume of fruit operated in our system, including our own production and the one from strategic producers

Breakdown by OriginIn thousand MT

88

1910

117136

7

35

80

258

Argentina Uruguay South Africa Peru Total

Q1 2017 Q1 2018

56% -63% 150% n.a. 121%

11

0,6 0,8

12

19

0,3 0,12

21

Argentina Uruguay South Africa Peru Total

1Q 2017 1Q 2018

72% -50% -88% n.a. 75%

41%

144%

6% 90%

24%

264%

26%

202%

242%

Var. Revenues

Var. Margin

111% 85% 275% n.a. 176%

Var. Volumes

33%

12

0,2

0,4

0,6

0,10,1

1,3

1,5

Lemon Soft Citrus Grape Avocado Total

Q1 2017 Q1 2018

Fresh Fruit

VolumesRevenue Breakdown

Breakdown by OriginIn ARS Millions

Breakdown by VarietyIn thousand MT

-50% -75% n.a. n.a.

102

1210

30

80

93

Argentina Uruguay South Africa Peru Total

Q1 2017 Q1 2018

n,a, -70% -100% n.a. 675% 150%Var. Revenues

Var. Volumes

13

6 6

17 17

Argentina Uruguay* South Africa* Total

1Q 2017 1Q 2018

Processed Foods

VolumesRevenue Breakdown

Breakdown by ProductIn US$ Millions

Breakdown by OriginIn thousand of processed MT

166% n.a. n.a. 166%

42

59

2

102

82

65

15

161

Oil Juice Other Total

1Q 2017 1Q 2018

95% 10% 650% 58%Var.

RevenuesVar.

Volumes

*Processed volumes in Uruguay and South Africa correspond to operations in which San Miguel participates through Joint Ventures

45

8370

147

76

116 118

215

14-15 15-16 16-17 17-18

Q4 Q1

Selected Financials

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EBITDA EvolutionIn ARS Millions

EBITDA

-27 -108

335-14%

-92%

129%

27% 26%

202%

-150%

-100%

-50%

0%

50%

100%

150%

200%

250%

-150

-100

-50

0

50

100

150

200

250

300

350

400

Q1 2016 Q1 2017 Q1 2018*

EBITDA EBITDA Margin Gross Margin

*The Q1 2018 EBITDA is affected for the adoption of IFRS 15 and IAS 41

Net Financial debt´s evolution

40% 68% 46%

Quarterly ComparisonIn US$ millions

68%

Summary

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Summary• In general, the first quarter shows little activity with a level of sales that represents less

than 5% of the total annual.

• From 2018 and on, changes in accounting principles are adopted in:

1. Fresh Fruit revenue recognition

2. Fair value of the current biological asset

In line with our perspectives stated at the beginning of the current year:

1. We confirm an increase in the production of lemon in Tucuman and South Africa, as well as in mandarin, avocado, and grape in Peru

2. We expect a more extensive and favorable commercial window in the Northern Hemisphere, which should support the prices of Fresh Fruit

3. We made the first shipment of lemon from Tucuman to the United States and of avocado to the European Union

4. The greater availability of fruit, will result in greater efficiencies, increasing business margins

We reiterate our commitment to become the leading company of fresh citrus fruit in theSouthern Hemisphere and of processed fruit and vegetable products with added value

Questions & Answers