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Jose Cuervo Family (34%) BECLE, S.A.B. de C.V. Board Meeting Bank of America, Investor Lunch Apr 25 2018 October 1st, 2019 Disclaimer This presentation has been prepared by Becle, S.A.B. de C.V. (“Becle”, “Cuervo” or the “Company”) for informational purposes. Nothing in this presentation is intended to be taken by, or should be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. Although the information presented in this presentation has been obtained from sources that Becle believes to be reliable, Becle does not make any representation as to its accuracy, validity, timeliness or completeness for any purpose. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Certain of the information contained in this presentation represents or is based upon forward looking statements or information. These forward-looking statements may relate to Becle’s financial condition, results of operations, plans, objectives, future performance and business, including, but not limited to, statements with respect to general macroeconomic conditions, consumer preferences, competition and availability of raw materials. All statements contained in this presentation that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions are generally intended to identify forward-looking statements. The information in this presentation, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurance as to future results. Becle expressly disclaims any obligation or undertaking to update or revise the information, including any financial data and forward-looking statements, and will not publicly release any revisions they may make to this presentation that may result from events or circumstances arising after the date of this presentation. 2 A leading global Spirits Company and undisputed leader in Tequila worldwide Created in 1758, Cuervo is today an 11th generation managed, the only Latin American public spirits company ✓ Undisputed leader in tequila globally, ~30% Key Figures – Financial Statements 1st Half 2019 market share(1) Volume (9L cases) 10.8mm ✓ Comprehensive portfolio of over 30 brands retailed in Net Sales P$10,893 MM more than 90 countries. EBITDA P$2,538 MM ✓ Track record of innovation and value enhancing/strategic M&A EBITDA Margin 20.7% st ✓ Strong geographic diversification and relevant Net Sales Value Breakdown 1 Half 2019 exposure to the U.S. and Canada, the world’s largest By Region By Category spirits market. ROW Non-Alcoholic & Other ✓ Strong market position in high growth Irish Whiskey 8% Tequila 13% RTDs category with Bushmills, Sexton and Proper 12% Number Twelve Mexico 21% 23% 57% 66% Non- Tequila ✓ Most vertically integrated player in Tequila from U.S. and production to distribution Canada Source: Company information and IWSR 2019 Notes: 1. Based on IWSR total volume 2019 3 Our Company 1 Undisputed leader in tequila worldwide Unique portfolio of iconic brands in key fast-growing spirit categories, built 2 upon an innovation focus and value enhancing M&A Global spirits company with leading presence in most profitable spirits markets 3 with significant upside potential 4 Integrated model with robust route-to-market strategy 5 Track record of sustainable growth 6 Heritage built upon continued value creation and consistent family leadership 4 Undisputed leader in Tequila worldwide Tequila Global Market Share Tequila Market Share by Region As % of volume – 2018 As % of volume – 2018 Total Market Size 32.5mm 9L Cases 1st 29.8% United States (56.3% of Global Volume) 12.4% 24.1% 1st 8.9% 7.1% Rest of the World 2015 5.8% (15.4% of Global Volume) >2x nearest Mexico competitor st 4.7% (28.3% of Global Volume) 31.3% 1 3.0% 40.3% 1st 2.5% 1.9% Cuervo is the owner of 3 of the Top 5 selling Tequila brands by volume globally Jose Jose Jose Gran Jose Familia 1800 Don Julio Cuervo Cuervo Cuervo Cuervo Centenario Platino 1st Marca México / USA / USA / Mercado Global México México México USA México México Segment Super Super Ultra Ultra Ultra Ultra 2018 19.4% 6.5% Premium6.0% 4.8% 4.6% 4.5% 4.1% 3.6% 2.4% 2.2% o Premium Premium Premium Premium Premium Premium Posiciona- Joven Sofisticado Indulgente Indulgente miento Autentico Artesanal Elegante Source: IWSR 2019 Posición de №1 №1 №1 №1 №3 №1 №2 Mercado 5 Tequila portfolio across price points • Most comprehensive tequila portfolio across price segments • Focus on premiumization with a strong portfolio of ultra premium and prestige tequila brands … With a Focus on Fast-Growing Portfolio of Powerful Established Brands… Ultra Premium and Prestige Segments… Focus on brand premiumization Jose Jose Jose Jose Jose JoseGran Jose Gran Jose Familia Familia1800 Don Julio 1800 DonCuervo Julio Cuervo Cuervo Cuervo Cuervo Cuervo Centenario Cuervo Cuervo Centenario Platino Platino Marca Marca Brand México / USA / México / USA / USA / USA / Mercado Global Mercado GlobalMéxico México México México MéxicoSuper Premium/México Ultra Premium USA SuperMéxico Premium SuperUSA Premium México SegmentMéxico México Prestige Ultra Premium Premium Segment SuperSegment Super Ultra SuperUltra SuperUltra UltraUltra Ultra Ultra Ultra Premium Premium o Premium oPremium PremiumPremiumPremiumPremiumPremium PremiumPremium Premium Premium Premium Main Markets Jose Jose Jose Gran Jose Familia 1800 Don Julio Cuervo Posiciona- Posiciona- Cuervo Cuervo Joven Sofisticado Joven Autentico SofisticadoIndulgente ArtesanalIndulgenteCuervo Elegante CentenarioIndulgente IndulgentePlatino miento Autenticomiento Artesanal Elegante MarcaMarket Position in Posición 1 1 Posición1 2 1 3 5 3 1 México / USA / USA / de №1 №1 №1Mercado SegmentGlobal №1 №3México México№1 México №2 de №1 №1 №1 №1 №3 №1 №2USA México México Mercado Mercado Segment Super Super Ultra Ultra Ultra Ultra Premium Source: Company information, IWSR 2019 o Premium Premium Premium Premium Premium Premium Posiciona- Joven Sofisticado Indulgente Indulgente miento Autentico Artesanal Elegante Posición de №1 №1 №1 №1 №3 №1 №2 Mercado 6 Extensive portfolio of leading Spirits brands Net Sales by • Over 15 brands in other spirits categories Family / Category 2018 Total Ps$28,158 MM Irish & American Whiskey Rum Premium / Ultra Premium Premium Premium / Premium Standard Ultra Premium Ultra Premium Vodka Gin Mezcal Jose Cuervo Family (34%) 1800 Family Ultra Ultra (13%) Premium Premium Value Premium Premium Premium Premium Other Tequila (10%) Bushmills (5%) Kraken (4%) RTD’s Non-alcoholic Other Spirits (14%) Premium Mid Price Premium Premium Premium Premium RTDs (8%) Non-Alcoholic & Other (11%) Source: Company information, IWSR 2019 Note: Company’s portfolio includes other brands not displayed above. 7 Focus on innovation Fast-Growing Recently Developed Brand Continuous Brand Development and Rejuvenation Premium Rum Tequila Launched in 2009 Reserva de la Maestro Tequilero Familia 2005 Key Market 2016 Ultra Premium Prestige Growing above category average and gaining market share in the U.S. Whiskey Stranahan’s Bushmills Steamship Diamond Peak (Travel Retail) Developed the Cristalino Category 2015 2016 Ultra Premium Tequila Ultra Premium Ultra Premium Launched in 2009 Key Markets Vodka / Mezcal Hangar 1 FogPoint Creyente Ultra Premium Tequila 2016 2016 Ultra Premium Launched in 2015 Ultra Premium Mezcal Vodka Key Markets RTDs JC Especial Cans JC Authentic Margarita Ultra Premium Tequila 2016 1993 Launched in 2018 Premium Tequila Premium Tequila RTD Key Markets RTD Cristalino brands were introduced to compete in the ultra-premium segment, the fastest growing tequila segment globally 8 Value-Enhancing M&A Value-Enhancing M&A 2007 2010 2010 2011 2015 2018 Bushmills Irish Whiskey: a Milestone in our M&A Strategy Key Acquisition Criteria ✓ Value Creation Potential: Irish Whiskey Irish Whiskey #3 #3 in the U.S. by in the world by volume volume ✓ Category with Attractive Growth Profile: − 13.9% CAGR 2012-2018 in volume in the U.S. ✓ Premium Brands: well known brands with broad portfolio offering ✓ Global Presence in Key Countries: 2018 figures − Key Markets: 1) U.S. and Canada, 2) Eastern Europe, 3) Western Volume: 857,945 9L Cases Europe, 4) UK/Ireland, 5) Global Duty Free Revenues: Ps$1,526 MM ✓ Commercial Synergies CAGR 5% Source: Company information (2016-2018): 9 Right brands / right categories / right markets U.S. Spirits – Growth Spirits Categories – Global Market Share 2013-2018 Volume CAGR % Volume – 2018 12.9% 6.3% 5.6% Whiskey 14.2% 1.4% 2.3% ~0.3% - Irish Whiskey -0.3% -0.3% -1.3% Tequila Irish U.S. Vodka Gin Scotch Rum Total Vodka 13.4% Whiskey Whiskey Spirits Global Spirits – Growth Brandy 5.5% 2013-2018 Volume CAGR 8.8% 6.0% 4.6% 4.5% Rum 4.6% Tequila & Irish Whiskey remain 0.2% 0.1% underrepresented -0.4% categories within -2.7% spirits Tequila 1.0% Tequila Irish U.S. Vodka Gin Scotch Rum Total (1) Whiskey Whiskey Spirits Source: IWSR 2019 Notes: 1. Excludes Baiju 10 Global reach and established U.S. platform Continued Geographic Diversification: U.S. and Canada represent ~64% of the Company’s Revenues in 2018 Net Sales by Region 2013A ROW 2018 ROW In volume and value: 10% 14% 1 in Tequila 3 in Irish Whiskey Mexico 33% 22% Mexico 57% 64% U.S. and U.S. and Canada Canada Source: Company information Higher Exposure to Dynamic U.S. Market… % of revenues % of revenues from North America / Americas in U.S. and (1) Canada (Based on most recent annual financial reporting ) 64% 47% 44% 39% 35% 28% Source: Company information for Cuervo, most recent publicly available annual financial statements for peers.
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