NOURISHING MAGICAL MOMENTS 2019 Management Highlights A LEADING MULTINATIONAL GROUP

FROM ARGENTINA, TO THE WORLD In 1951, a group of young entrepreneurs met in the city of Ice-Creams and Functional Products), Agribusiness and Arroyito, province of Córdoba, Argentina, with the dream Packaging. Thanks to sustainable management – which goes of producing quality food accessible to consumers around through all the areas of the company and our value chain- we the world. Today, Arcor is a leading multinational group that develop leading brands that reach people all over the world. offers food for every moment of the day and occasions of We have commercial offices in the Americas, Europe, Asia, consumption, and reaches more than 100 countries. Currently, and more than 40 industrial plants in Latin America. Arcor Group is made up of three business divisions: Consumer Food Products (Food, Chocolates, Cookies, ,

ARCOR GROUP’S COMPANIES

(1)

(1) 47,4% stake in Mastellone Hnos.

CONSUMER FOOD PRODUCTS

NUTRITIOUS DELIGHTFUL VARIED ENERGETIC FAMILY DELICIOUS BREAKFAST SNACKS LUNCH AFTERNOON DINNER DESSERT SNACK TO SHARE

AGRIBUSINESS PACKAGING OUR PHILOSOPHY

Our Corporate Philosophy OUR VALUES is made up of the Vision, Mission and Values. It reflects our organizational culture and seeks to

guide the actions of all the people DIVERSITY INTEGRITY who are part of the company.

VISION To be a leading food and confectionery company in Latin America, as well as in the international market, ENTREPRENEURIAL HUMAN ENVIRONMENT and to be recognized for our sustainable practices and RELATIONS our ability to venture into new businesses.

PROXIMITY AND COMMITMENT THROUGHOUT THE VALUE CHAIN MISSION To provide people all over the world with the opportunity to enjoy quality, delicious and healthy food and confectionery products that will turn their everyday life into magical moments for gatherings and celebrations.

ARCOR GROUP TODAY

Exports to more than MORE LARGEST 100 countries � LEADING COOKIE, ��� THAN 40 PRODUCER FOR 270 MILLION PRODUCTS of paper in kg of food LAUNCHED INDUSTRIAL Argentina and an MILLION produced daily AND CEREAL annually important model PLANTS in South America DOLLARS COMPANY in Latin America in the region Investments for 1st COMMERCIAL Argentina’s ARGENTINE World-class retail 950 MILLION WORLD OFFICES LEADING LEADER DISTRIBUTION in Argentina, Uruguay, in the production MODEL DOLLARS PRODUCER Paraguay, Bolivia, FOOD of corrugated in the last 10 years of hard Colombia, Ecuador, cardboard Mexico, the United States, COMPANY Spain and China 10 consecutive 1st One of the 1 MILLION ONE OF THE years as a 20,000collaborators LARGEST MILK points of sale LARGEST MAIZE FLOUR reached in REPUTATION PRODUCERS the region PRODUCER in Argentina LEADER in Argentina PRODUCERS in Argentina - in Argentina Merco Ranking OUR BUSINESSES

CONSUMER FOOD PRODUCTS Because we believe that eating means nourishing, gratifying a varied and balanced diet, based on a strategy developed and bonding, we offer more than 1,200 quality, delicious and together with the scientific community for the improvement healthy products to accompany people from all over the world of nutritional profiles and the incorporation of new categories; at every moment of the day, according to their preferences and to raise awareness of the value of a balanced lifestyle for and dietary needs. We promote healthy lifestyles following all our target audiences.

FOOD COOKIES, CRACKERS, SNACKS AND CEREALS It is the main food company in Argentina, with a thorough Leading company in the region through Bagley Latinoamérica selection of raw materials and advanced technological processes, S.A., a partnership made up with Grupo Danone for the cookies, which ensure high quality from the fields, to the table.Featured crackers, alfajores and cereals businesses. It offers a wide variety products of the year: La Campagnola Herbs, Spices and of products in 8 industrial plants. Featured products of the Mixes and Arcor Gluten-Free Premixes. year: Bagley cereal cookies line and mini (little) alfajores Aguila.

CHOCOLATES CONFECTIONERY Current leader of the Argentine market, present in all 1st confectionery exporter in Argentina, Chile and Peru and categories, with long track record brands that are highly valued the leading company in the region in terms of production by consumers. Featured products of the year: Assorted capacity, sales and brand development. Featured products Boxes, Arcor Tablets, Rockleton and Aguila Nut. of the year: Watermelon Mogul Extreme, Topline Menthol, Fiber Nougat , Berries Natural Break Bar. ICE-CREAMS The company leads the category with a varied, playful and FUNCTIONAL PRODUCTS innovative proposal. Much of the portfolio has the endorsement Arcor follows the growing trend of consumers that proactively of chocolate sweets and cookies brands preferred by consumers, take care of their health with the dietary supplements segment. which adds a great differential value. Featured products of It has different options in practical formats to incorporate, the year: Chocolinas Cofler, Arcor Super Water Gun and on a daily basis, nutrients for a comprehensive well-being. Mogul Extreme. Featured products of the year: Protein and Energy Bars, new Doypack presentation in the Simple line.

PRODUCTS FOR EVERYONE GLUTEN-FREE PRODUCTS - LOW OR REDUCED IN SODIUM AND - REDUCED IN SATURATED FATS - SOURCE OF FIBER, OMEGA 9 AND VITAMINS AND MINERALS - DIETARY SUPPLEMENTS - IN THE RIGHT PORTION SIZE.

OUR BRANDS AGRIBUSINESS The Agribusiness Division seeks to add value to the agro- the aim of promoting the Business, in 2019, the Common and industrial processes in order to offer new and better solutions Muscovado fractionated sugars were launched on the market, to different industries driven by a commitment to quality in being Muscovado sugar the only one of its kind in Argentina all of their products. The Group has five production units and and second worldwide with Bonsucro certification, a global seven industrial dairy farms. At Ingenio La Providencia, the platform that promotes economic, social and environmental production capacity is 150,000 tons of sugar, and we generate sustainability in the sector. 11 MW of renewable energy through sugar cane . With

PRODUCTS: common and muscovado sugar, milk, ethyl alcohol from cereals, , , , corn starch, corn flour, semolina, corn oil and a significant number of corn by-products used for animal feeding.

1.4 MILLION TONS 1.800 TONS 85 THOUSAND 50 THOUSAND OF MILLED SUGAR CANE OF GROUND CORN LITERS LITERS PER YEAR. PER DAY. OF ALCOHOL OF MILK PRODUCED PRODUCED PER DAY. PER DAY.

PACKAGING The Packaging division of Arcor Group leads the cardboard, innovative and sustainable packaging solutions at the forefront paper and flexible packaging market in Argentina and has of world market trends. It stands out for its special emphasis a strong presence in the region- it is the most important on customer service, ongoing innovation, productivity, quality, packaging solutions company in the Southern Cone. Through and environment conservation. Cartocor, Converflex and Zucamor, Arcor offers its customers

PRODUCTS: corrugated cardboard, recycled paper, virgin paper, cardboard packaging, paper bags, flexible packaging, plastics and bioplastics extrusion, POP material, forestry.

260,000 TONS 900 MILLION M2 12,000 TONS 23,000 HECTARES OF PAPER OF CORRUGATED OF FLEXIBLE MATERIAL OF OUR OWN FOR PER YEAR. CARDBOARD PER YEAR. PER YEAR. FORESTRY DEVELOPMENT. MORE THAN �� INDUSTRIAL PLANTS IN LATIN AMERICA

BRASIL ARCOR BAGLEY ARCOR Recife, Ipojuca, Contagem, Rio das Pedras, MÉXICO Pernambuco Minas Gerais San Pablo MUNDO DULCE BAGLEY ARCOR Toluca, Est. Campinas, Bragança de México San Pablo Paulista, San Pablo PERÚ ARCOR CHILE Chancay, BAGLEY ARCOR CARTOCOR Huaral Santiago, Región Santiago, Región San Francisco de Metropolitana Metropolitana Mostazal, VI Región

CATAMARCA ARCOR Recreo 3

TUCUMÁN MISIONES ARCOR ZUCAMOR La Reducción 2 Puerto Leoni

ARCOR ENTRE RÍOS Río Seco CARTOCOR Paraná SAN JUAN LA CAMPAGNOLA CÓRDOBA Villa Krause CARTOCOR ARCOR 5 ZUCAMOR Arroyito Rawson ARCOR SAN LUIS Colonia Caroya ZUCAMOR San Luis BAGLEY Córdoba ARCOR San Luis CARTOCOR BAGLEY 2 LA CAMPAGNOLA Villa del Totoral Villa Mercedes BUENOS AIRES BAGLEY ARCOR Villa Mercedes San Pedro 3 MENDOZA CARTOCOR Luján LA CAMPAGNOLA San Rafael BAGLEY Salto ZUCAMOR Mendoza LA CAMPAGNOLA Mar del Plata RÍO NEGRO ZUCAMOR LA CAMPAGNOLA Quilmes Choele-Choel ZUCAMOR 2 Ranelagh

FOOD CHOCOLATES COOKIES CONFECTIONERY AGRIBUSINESS ENERGY CARDBOARD/ FLEXIBLE INDUSTRIAL COMPLEXES WITH AND CRACKERS PAPER PACKAGING PLANTS MORE THAN ONE INDUSTRIAL PLANT ARCOR GROUP’S EVOLUTION

TURNOVER MILLION DOLLARS Alliance with Laboratorios Bagó Partnership with Alliance with and investment in 4,000 The Coca Cola Mastellone Hnos Company Acquisition of Joint venture with Zucamor Danone Group to set up Bagley Launch of Grupo Bimbo, Arcor’s Latinoamérica Kamay Venture manufacturing partner 3,400 3,300 3,000 3,200 3,200 3,100 3,100

2,800 2,800 Acquisition of 2,600 La Campagnola 2,480 2,300 2,000 2,200

1,900

1,500 1,000 1,300

900

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

���� INSTITUTIONAL MILESTONES

TOP 3 AMONG KAMAY VENTURE, Start of the construction THE BEST BRANDS creation of the first Argentine capital of an INDUTRIAL in Argentina, chosen by consumers - fund to finance and advise startups PLANT IN ANGOLA SEL Consultores in alliance with Coca Cola in conjunction with Webcor Group

1st place, for 10 consecutive INCREASE OF STAKES 10 YEARS OF THE ARCOR years, in CORPORATE in Mastellone Hnos. to 47.4% INNOVATION AWARD REPUTATION in Argentina More than 250 cases presented, with a total of 12 winners SUSTAINABILITY

The conviction that economic development must be in harmony with well-being and social inclusion, and with the value, conservation and defense of the environment, has been present in Arcor since its earliest days. Throughout our history, we have taken this conviction to the daily management of our businesses, through different strategies, governance and action models. With the aim of strengthening the sustainability advantage for the business and consolidating its integration in a cross-sectional way, in 2010 we created the Arcor Sustainability Policy, in which we assumed one general commitment and five specific commitments to sustainable development for the most relevant and priority issues of our business and our stakeholders:

RATIONAL ENERGY RATIONAL USE RESPECT FOR AND ACTIVE LIFE USE OF WATER EFFICIENCY AND OF PACKAGING PROTECTION OF HUMAN AND HEALTHY CLIMATE CHANGE MATERIALS AND LABOR RIGHTS NUTRITION

The Strategy that we are SUSTAINABLE OPERATIONAL DEMAND currently pursuing seeks to IDENTITY CONTINUITY GROWTH increase our corporate value To strengthen the To guarantee the continuous To promote business through the sustainable company's identity, based improvement of our operations models and strategies, management and on our values and culture through the promotion of products and brands that governance of businesses as distinctive features. sustainable management generate sustainable links. based on 3 pillars: in all our processes.

���� MANAGEMENT HIGHLIGHTS

��� SUSTAINABILITY �� CORPORATE 3,746 MORE THAN 15 CONTRIBUTION INITIATIVES PROJECTS led by the COLLABORATORS AWARDS AND to the 17 United included in Arcor Sustainability with sustainability RECOGNITIONS Nations Sustainable business plans Committee performance goals for our sustainability Development Goals management

MORE THAN 23,193 100% OF MORE THAN 22 COMMUNITY US$ 4,450,000 PEOPLE OUR SITES $ 355,180,000 aimed RELATIONS invested in the visited our are certified at social investment Committees sustainable management plants under international and community impact of our operating bases management management standards

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