San Miguel4Q 2017 Earnings Conference Call

March 9, 2018

This presentation contains forward looking statements that are based on our current expectations, assumptions, estimates and projections about us andour 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 as futurefresh 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 San Miguel’scontrol or may be difficult to predict. San Miguel’s actual future financial condition, financial, operating and other ratios, results of operations, businessstrategy, geographic concentration, business concentration, production and marketed volumes, capital expenditures, investments, expansion and otherprojects, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such asfuture fresh fruit and other prices, processing margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, fresh lemon, mandarin, orange and other pricefluctuations, supply and demand levels, currency fluctuations, production results, success in partnering with third parties, loss of market share, industrycompetition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments,economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays oradvancements and lack of approvals. In light of the foregoing, the forward-looking statements included in this document may not occur.

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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3

2017 Context

• In march 2017, San Miguel successfully completed the issue of new shares tofinance its expansion projects

• The Subscription Price defined by the company was $105 ARS for every 10 newshares

• The result of the quotation under the offer: A total of 67,275,000 New Shares wereawarded, which meant 100% of the maximum amount, already increased

• The amount adjudged was $ 706,387,500 Argentine pesos

• The number of received offers reached 123,595,021new shares, or 211.3% of the shares to be issued

2017 – Equity Issuance

6

2017 – Acquisition in Peru

7

The Company & Transaction

• # 1 Mandarin producer in Peru

• 1.704 hectares (38% Mandarin; 25% Avocados; 18% Table Grapes)

• Enterprise Value: USD 64 mm

• Take over date: August 15th, 2017

• Seller: Grupo Breca

EBITDA multiple

paidbetween

4x and 5x of 2018

flows

Selected Metrics

• 2017 Production: 25.000 MT (forecast 2018 +60%)

• 2017 Sales: USD 31 mm (forecast 2018 +75%)

• 2017 EBITDA: USD 5,5 mm (forecast 2018 +3x)

• 2017 Margin: 18%

We expect margins to

reach

33% by

2021

Identified Synergies

• Commercial Synergies including new clients, new markets new categories.

• We can apply best practices learned in existing origins to boost production

• San Miguel will lever its size with suppliers to optimize existing agricultural, operational and SG&A costs

Quick winsachievable

within

1 year window

Production

• Higher production of late variety in Spain due to an extraordinary climate event

• Lower production yields in Argentina, Uruguay and South Africa

• Greater supply from strategic producers

Market

• Fresh Fruit: shorter commercial window from the northern hemisphere

• Processed Food: lower processing volumes, higher prices and a demand that was stable for oil, increasing in juice and adjusting in peel

Contingencies

• Cyber-attack suffered by global shipping line Maersk impacted operations, affecting our business model

2017 – Business Context

4

7

Q4 2017 Results

2017 – Macroeconomic Context

Exchange RateInflation

Full year rate (%)Average year rate vs. USD

5

40%

8% 7%3%

25%

4% 5% 1%

Argentina Uruguay South Africa Peru

2016 2017

14,9

30,2

14,7

3,4

16,6

28,5

13,2

3,3

Argentina Uruguay South Africa Peru

2016 2017

11% -6% -10% -3%

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

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Fourth Quarter 2017 Highlights

• Sales of ARS 3,863 millions - 4% YoY / + 19% QoQ

• EBITDA of ARS 214 millions - 73% YoY / + 16% QoQ

• Net Income of ARS 169 millions - 27% YoY / + 730% QoQ

• Net Debt of ARS 2,759 millions + 148% YoY / + 148% QoQ

• Total Production Volume of 204.377 MT - 18% YoY / - 50% QoQ

Total production includes only our own production and excludes the annual production of Peru (25,122 MT) and from strategic producers

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Consolidated income

VolumesRevenues Breakdown

Breakdown by OriginIn ARS Millions / Margin in %

Total sales for 2017 exclude intercompany sales for ARS 126 MM. Volumes refer to the total volume of fruit operated in our system, including our own production and the one from strategic producers. For Peru includes volumes from August to December 2017

Breakdown by OriginIn thousand MT

2.863

349

812

4.024

2.551

332

882

224

3.863

Argentina Uruguay South Africa Peru Total

2016 2017

-11% -5% 9% n.a. -4%

309

3765

411

271

36

68

13

388

Argentina Uruguay South Africa Peru Total

2016 2017

-12% -3% 5% n.a. -5%

41%

19%

15% 7%

24%

16%

36%

19%

30%

Var. Revenues

Var. Margin

-22% -8% -8% n.a. -17%

Var. Volume

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Fresh Fruit

VolumesRevenues Breakdown

Breakdown by OriginIn ARS Millions

Breakdown by VarietyIn thousand MT

70 66

136

5766

0,68

124

Lemon Soft Citrus Grape Avocado Total

2016 2017

-18% 0% n.a. n.a.

1.334

262

743

2.339

865

296

774

224

2.159

Argentina Uruguay South Africa Peru Total

2016 2017

-35% 13% 4% n.a. -8% -8%Var. Revenues

Var. Volume

12

Processed Foods

VolumesRevenues Breakdown

Breakdown by ProductIn US$ Millions

Breakdown by OriginIn thousand of processed MT

213

3657

306

193

34

68

295

Argentina Uruguay* South Africa* Total

2016 2017

-9% -6% 19% 2%

542648

332

1.522

650723

292

1.665

Oil Juice Other products Total

2016 2017

20% 12% -12% 9%Var.

RevenuesVar.

Volume

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

Selected Financials

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Breakdown by OriginIn ARS Millions

EBITDA EvolutionIn ARS Millions

EBITDA BreakdownEBITDA Evolution

675

3

128

805

59 47108

214

0

100

200

300

400

500

600

700

800

900

Argentina Uruguay y Perú Sudáfrica Total

2016 2017

-91% 1590% -16% -73%

418435

805

21425%

19% 20%

5%

37%

30%

36%

19%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

500

600

700

800

900

2014 2015 2016 2017

EBITDA EBITDA Margin Gross Margin Var. EBITDA

CompositionIn ARS Millions

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Selected Financials

2017 Debt Evolution

Structural Debt Vs. Working Capital DebtIn ARS Millions

Net Financial debt´s evolution

Net Financial DebtEBITDA

• High seasonality in cash flows. • Diversified Debt by Country of Origin and debt instrument.

0,9x 1,8x 1,3x 13x

-1.112

161

-647-364 -292

-1.112

687

-80

-2.759

763599

981

385

1.145 1.074

2.330

1.112

2.073

2.759

0

500

1000

1500

2000

2500

3000

jun-13 dic-13 jun-14 dic-14 jun-15 dic-15 jun-16 dic-16 jun-17 dic-17

The Evolution of Debt includes the effects of the acquisition of Agricola Hoja Redonda issolated

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Summary

We anticipate that 2018 will present a completely different backdrop:

1. Lemons production growth in Tucuman and South Africa, and in mandarins, avocados and grapes in Peru

2. A longer and more favorable commercial window in the northern hemisphereand the inclusion of the United States market will support lemon prices

3. Improvements in the Processed Foods margins, due to higher processing volumes

4. Important reduction of indebtedness

5. Favorable macroeconomic context in Argentina, neutral in Peru and Uruguay, and slightly adverse in South Africa

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Summary2017 was an extraordinary and challenging year in every aspect of our operation, however:

1. San Miguel delivered positive Net Income and EBITDA for the year

2. Achieved two major milestones that support its long term growth strategy and business plan.

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

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Questions & Answers