Annual Shareholders’ MeetingMay 11, 2011

AGENDA

FY 10 Major Developments

Financial Performance

FY 11 Plans & Expectations

Southeast Asia’s

leading snacks & tea

producer

1

Strong cash generating

capabilities & poised

for growth

6

Profitable sugar and

flour business

5

Ability to ride out

cycles in the agro

industry

4

Strong market position

in the Philippines

2

Compelling

opportunities in the

international branded

foods business

3

FY10 Major Developments

1. Southeast Asia’s Leading Branded Snacks and Tea Producer

Over USD 1 billion in sales under the Jack n’ Jill and C2 brands

In the Philippines, dominant position in salty snacks, chocolates, and candies

Well-entrenched manufacturing and distribution platform in SE Asia and China

URC BCFG in the SE Asia Market

*Malaysia/Singapore, China/HK, and Indonesia have no AC Nielsen subscription.

CakesCandiesWafersBiscuitsChocoSnacksTea

China/Hong Kong

Indonesia

Malaysia/Singapore

Vietnam

Thailand

Philippines #1

#2

#1 #1 #1#3

#3 #1 #1

#3

#2

#3

2. Strong Market Position in the Home Market

CATEGORYMARKET

SHARE#1 #2 #3

Snacks 43% 25% 9%

Candies 44% 11% 10%

Chocolates* 21% 7% 7%

Biscuits 17% 36% 28%

Cookies 33% 22% 13%

Pretzels 53% 18% 9%

Canned Beans* 82% 5% 5%

Cup Noodles* 38% 54% 2%

RTD Tea* 71% 10% 7%

Instant Coffee 17% 80% 2%

Source: AC Nielsen survey MAT by value based on Jul / Aug 10 and Jun/Jul 10 readings

* Chocolates, Canned Beans – Aug/ Sep 10, RTD Tea - Aug 10, Noodles – Sep 10

000 cases

65%

9,229

11,65011,507

9,904

16,318

Leadership in snackfoods and tea allows us to pass on costs

RTD Tea market leadership maintained with sales back on track

Strength in product development and scale in distribution

Philippine Market ShareC2 Sales Volume

2006 2007 2008 2009 2010

-10

-5

0

5

10

15

20

25

30

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008 2009 2010 Q2 2011

3. Compelling Opportunities in International Branded Business

Double-digit top-line growth and is now profitable

Large addressable market, growing snacking culture

Market leadership in biscuits in Thailand,

Tea in Vietnam

81

319

CAGR of 22%

BCFG International Sales BCFG International EBITUS$ MM

US$ MM

+45%

SPLY

29

2003 2004

2005

20062007 2008

2009 2010 Q2

2011

+11%

SPLY

215

17Turning growth

to profits

1H FY

2011

1H FY

2011

43%

22%

40%

31%

33%

0%

10%

20%

30%

40%

50%

2006 2007 2008 2009 2010

4. Ability to ride out cycles in the agro industry

The low cost producer

• #2 in Hogs

• #3 in Animal Feeds

High degree of vertical integrationLow cost producerConsistent high return on capital

• 10% of Philippine sugar supply• 11% of Philippine flour supply

5. Profitable sugar and flour business

Agro-Industrial Sales and EBIT %Php MM

Commodity Foods Group ROCE

5,0835,570 5,846

7,166

5,649

-

5,000

10,000

2006 2007 2008 2009 2010

0%

5%

10%

15%

20%

Sales EBIT %

6. Strong cash generating capabilities and poised for growth

Strong EBITDA Growth

Net cash position to support CAPEX and growth

Consistent dividend payments

EBITDA & Net Income Margin

17,636

21,230

23,037

17,912

16,338 16,430

0

5,000

10,000

15,000

20,000

25,000

FY2009 FY2010 Q2 FY2011

Cash Financial Debt

Cash & Financial Debt

PHP MM

4,6965,468

6,382

7,690

10,959

8.3%

14.6%

8.1%

14%

1%0

2,000

4,000

6,000

8,000

10,000

12,000

2006 2007 2008 2009 2010

0%

2%

4%

6%

8%

10%

12%

14%

16%

EBITDA Net Income Margin

PHP MM

CAGR of 24%

AGENDA

FY 10 Major Developments

Financial Performance

FY 11 Plans & Expectations

3.8 4.8

2.5

1.3

2.8

1.6

0.4

0.9

0.1

FY2009 FY2010 1H FY11

39.2 43.2

24.8

5.4 7.3

5.3

5.8 7.2

3.2

FY2009 FY2010 1H FY11Branded Consumer Foods Group Commodity Foods Group Agro-Industrial Group

FY 2010: An outstanding year with strong sales and income from all divisions

50.557.7

33.3

Record year for URC in

both Revenues and EBIT

Low commodity prices in

FY 10 boosted margins

from 9% to 13%

As of 1H FY11, sales

growth still strong but

margins are pressured

due to commodity price

hikes

Net Sales (Php Billions)

EBIT (Php Billions)

4.7*

7.7*

3.8* Q2 FY11 11.5%

FY10 13.3%

FY09 9.2%

EBIT Margin

*Totals net of corporate expenses

FY10 1H FY11

BCFG 10% 17%

CFG 34% 31%

AIG 23% -8%

Total 14% 16%

Growth % (YoY)

FY10 1H FY11

BCFG 27% -5%

CFG 112% 7%

AIG 145% -85%

Total 65% -12%

Growth % (YoY)

26.6 27.7

14.6

3.3 3.6 1.7

FY2009 FY2010 1H FY11

FY 2010

Beverage grew at 21% but tempered by

flattish Snackfoods sales in the domestic

business

Stellar International sales performance at

+26% driven primarily by Vietnam and

Thailand

Low commodity prices and stable forex

resulted to high margins

1H FY 2011

BCF International continues its sales

growth while moderate growth for BCF

Domestic

Margins squeezed due to high commodity

prices

BCFG: International business driving the growth

BCF Domestic (in Php Billions)

BCF International (in Php Billions)

FY 2010 URCI Sales by Country

Thailand

Malaysia/Singapore

Indonesia

Hongkong/China

Vietnam

11.5

14.6

9.4

0.7 1.3

0.8

FY2009 FY2010 1H FY11

Net Sales

EBIT

FY10 1H FY11

Net Sales 4% 5%

EBIT 12% -12%

Growth % (YoY)

FY10 1H FY11

Net Sales 27% 37%

EBIT 101% 4%

Growth % (YoY)

2.0

3.9 3.4

0.9

1.6

1.0

FY2009 FY2010 1H FY11

3.5 3.4

1.9

0.4

1.1

0.6

FY2009 FY2010 1H FY11

FY 2010

High sugar prices resulted to

strong sales for Sugar while

Flour sales declined due to

price rollbacks

EBIT was healthy as sugar

prices remained high and

wheat prices were low

1H FY 2011

Sugar prices remained buoyant

sustaining sales growth while

flour sales slightly increased

EBIT margins are lower due to

higher subsidies for sugar and

higher cost of wheat

CFG: Robust operating margins

Flour (in Php Billions)

Sugar (in Php Billions)

*Sales figures are net of intercompany transfers

FY10 1H FY11

Net Sales -1% 4%

EBIT 192% 8%

Growth % (YoY)

FY10 1H FY11

Net Sales 97% 52%

EBIT 78% 6%

Growth % (YoY)

3.1

4.2

1.6

(0.0)0.5

(0.0)

FY2009 FY2010 1H FY11

2.7 3.0

1.6

0.4 0.5 0.1

FY2009 FY2010 1H FY11

AIG: Banner year in FY10 with strong performance from Farms

FY 2010

Strong FY10 due to election

spending and lower cost of

inputs

Farms grew double-digit while

Feeds affected by lower

selling prices

1H FY 2011

Lower selling prices and

volumes affecting Farms while

Feeds managed a double-digit

growth

EBIT down due to higher input

cost for Feeds and depressed

prices for Farms

Farms (in Php Billions)

Feeds (in Php Billions)FY10 1H FY11

Net Sales 8% 20%

EBIT 16% -33%

Growth % (YoY)

FY10 1H FY11

Net Sales 35% -25%

EBIT 3887% -106%

Growth % (YoY)

AGENDA

FY 10 Major Developments

Financial Performance

FY 11 Plans & Expectations

Plans and Expectations

Branded Consumer Foods Group Philippines

Increase prices to protect margins

Recover lost market shares in the Extruded/Pelletized snacks segment

Commission new PET and Snacks lines and add capacities for Biscuits

Strengthen organizational capabilities in Sales and Supply Chain

Chumbos

Chicharron niMang Juan

Vega OMJ!

Quake Quezo Bars

Cream-O Cakewich

Cloud 9 Dark Choco

Strategic product launches in the Extruded/Pelletized salty snacks

segment

New RTD Juice in PET format targeted for kids

Product and brand extensions to excite the

market

Branded Consumer Foods Group International

Accelerate growth by expanding product range

Operate new lines and add capacities

Protect margins through price increases and profit improvement measures

Commodities Food Group

Maintain margins in Flour through price increases

Sugar prices to remain buoyant resulting to healthy margins

Agro-Industrial Group

Reduced margins for Feeds and Farms with low selling prices and high input

costs

Total URC

Sales to grow at mid-teens with income flat

Total CAPEX estimated at US$100-110 MM mainly for BCFG Domestic and

International

Plans and Expectations

Thank You!