Presentation3[ C L I E N T N A M E ]Conference CallFourth Quarter 2014Financial ResultsFebruary 17, 2015 1[ C L I E N T N A M E ]Agenda2Presentation3[ C L I E N T N A M E ]Oening Re!ar"s4Q14 #ighlightsF$ 2014 #ighlights % &ey 'ilestonesOerating and Financial Re(ie)Agenda12*45+uidance,Q-A3Presentation3[ C L I E N T N A M E ]24Q14 #ighlightsRevenue and Volume increased !"# and 1!3# $o$% res&ectivel'! Consumer (oodsrevenuesremainedsta)le$o$% *2**randedProductsdecreased"!+#$o$andAnimalNutritionrevenues increased,!#maintainin- t.e e/traordinar'-ro0t. in &revious 1uarters! Main contri)utors 0ere2 sauces% &anettones%cereals%3a)ricso3teners% edi)leoils%industrialmar-arines%3ro4en&roductsands.rim& and 5s. 3eed6e launc.ed and re7launc.ed 18 ne0 &roducts 3or Consumer (oods and *2* &roducts(rossPro5tincreased8!3#e/&lained)'mar-ine/&ansioninConsumer(oodsPeruandAnimalNutritionE*IT9AandE*IT9Amar-in0ere:;! 1"!+millionand1,!8#res&ectivel'%13?NetIncomereac.ed7:;!1@A!@ milliondue to.i-.er5nanciale/&enses relatedtocommodit' .ed-in- o&erations% .i-.er 3inanciale/&enses -enerated )' Ar-entina.i-.er level o3 de)t and .i-.er interest rates% and .i-.er e/c.an-e currenc' lossesAlicor& issued :;! 11@!, million 18 8>188>128>138>182,12 2,132,18"Presentation3[ C L I E N T N A M E ]347.89/A and 7.89/A 'argin 123 $ear4o(er4$ear 15$o$637.89/A - 7.89/A 'argin 7.89/A - 7.89/A 'argin182>18 3>188>188>12 8>13 8>182,122,13 2,181E*IT9A and E*IT9A mar-in 0it.out t.e ta/ )ene5ts 3rom REGI: &ro-ram in *ra4il 0ould .ave )een :;! 1A!" million and 11!@#2E*IT9A and E*IT9A mar-in 3or 8>18 0it.out e/traordinar' e/&enses 0ould .ave )een :;! 211!1 million and 12!#3Includes E*IT9A 3rom ac1uisitions 3or :;! !1 million8E*IT9A and E*IT9A mar-in 3or 2,13 0it.out e/traordinar' )ene5ts 3rom REGI: 0ould .ave )een :;! @+ million and 12!,# A

E*IT9A and E*IT9A mar-in 3or 2,18 0it.out e/traordinar' e/&enses 0ould .ave )een :;! "2@! million and 11!@#Presentation3[ C L I E N T N A M E ]42014 :erfor!ance by .usiness ;nit - RegionsAlicor see"s to continue its geograhic di(ersi131>182>18 3>188>188>128>138>182,12 2,132,18124Ani!al =utrition 15A=63#ighlights Revenue and Volume increased ,!# and 8,!8# $o$% due to an increase in sales o3 s.rim& 3eed in Ecuador and.i-.er sales o3 3is. 3eed in C.ile E*IT9A increased 38!1# $o$ to :;! ,! million on t.e )acD o3 stron- sales increase and sta)le -ross mar-ins E*IT9A mar-in decreased 1,!+# $o$% mainl' due to an increase in :(IA e/&ensesRe(enues - 7.89/A 'argin182>18 3>188>188>128>138>182,12 2,13 2,18Presentation3[ C L I E N T N A M E ]13Presentation3[ C L I E N T N A M E ]5C *27*2B2,,BB1,BC,4Consolidated /ebt=et /ebt % 7.89/A'ain /ri(ers of /ebt 7(olution13(lo)al AlimentosPlantRecover'Ar-entina6orDin- Ca&ital 9e)t 8>18/ebt .rea"do)n by currency2>133>138>131>182>183>188>181122,2C:9PEN*RL572AR:18Presentation3[ C L I E N T N A M E ]4For"ing Caital, CaeE and >+-A 7EensesFor"ing Caital1CA:7G%A 752A,''>%A ,B2A2''12AB211A027.89/A 201*+ross :ro+-AOther =et Oerating7EensesR7F8>7Etraordinary7Eenses7.89/A 20141"Presentation3[ C L I E N T N A M E ]4=et 8nco!e 'ain /ri(ers'ain dri(ers 1$o$30A520A,20A222AC2 1AC2 1A121A520A72>%A **0A,'' >%A 1CAB''5A720A*2=et8nco!e201*Oerating:rofit=etFinancial7Eenses7EchangeRate?ossesResultsfor#edgingOerations8nco!e9aE8nco!efro!/iscontinuedOerations1R7F8>7Etraordinary7Eenses=et8nco!e20141Includes :.are in Pro5ts 3rom associates 1APresentation3[ C L I E N T N A M E ]5+uidance+uidance 2014 2014+uidance 2015Re(enues gro)th :7=7A02 4 CA02CA02CA02 4 10A02CA:7G >%A *00 4 **0''>%A *2* ''>%A *00 4 **0 ''7.89/A 'argin12A52 4 1*A02111A0211A2 4 12A02=et 'argin40A*24A02 4 ,A02=et /ebt % 7.89/A2A00E H *A00E*A70E22AC0E 4*A20E1E*IT9A mar-in 0it.out considerin- o&erations in Ar-entina 3or 2,18 0ould .ave )een 12!A#2Net 9e)t;E*IT9A resulted in 3!,/ assumin-27 E/clusion o3 (lo)al Alimentos 1+7 2,13 E*IT9A o3 Conosur )usinessQ-A2,