RESULTS Q3 2016

Disclaimer

2

This document contains forward-looking statements about intentions, expectations or

predictions of Deoleo SA or its management at the date of drafting.

These forward-looking statements do not constitute guarantees of future performance and are

subject to many risks, uncertainties and other important factors that could cause actual

developments and final results to differ materially from those expressed in these forward-

looking statements.

Deoleo SA undertakes no obligation to release publicly the results of any revisions to these

statements, which may be made to reflect events or circumstances subsequent to this

presentation, including but not limited to changes in the Company's business, its business

development strategy or any other possible unexpected circumstance.

The contents of this statement must be taken into account by all persons or institutions that

may need to take decisions or prepare or release opinions about the securities issued by Deoleo

and, in particular, by analysts or investors who manage this document.

They may consult the documentation and public information filed or registered by Deoleo S.A.

with oversight bodies, and in particular with the Comisión Nacional del Mercado de Valores

(National Stock Market Commission).

This document contains unaudited financial information, therefore it is not definitive and may

be subject to changes in the future.

Contents

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1. Highlights of the Period

2. Raw Materials and Markets

3. Results by business unit

4. Income statement

5. Balance Sheet Data

6. Conclusions

7. Other Information:

• Appointments

• Relevant Facts

• Annexes

• Glossary

1.- Highlights of the Period

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• Deoleo registered net losses of € 26.9 mm up until September due to non-recurring expenses, which amounted to € 26.2 mm

• The accumulated EBITDA at the third quarter of 2016 amounted to € 38 mm with an increase of over 19% compared to the same period of the previous year and also higher than the overall results of year 2015.

• As we have been announcing in previous reports, for fiscal year 2016 we are expecting a gradual increase in the EBITDA/Sales margin; a circumstance which is becoming a reality: in September of 2016 this ratio reached 7.3% against the 5.1% of 2015, which represents an year-on-year growth of 43.1%

• While sales fell by 17.3% due to the strategy of focusing on profitable sales, the Gross Margin improved by 6.5% compared to 2015 and, in terms of unit margins:

• Gross margin grew 42.3%.

• The EBITDA Margin per liter sold is 59.4% higher than in 2015.

• The South European Business Unit, where sales have fallen more sharply, has doubled its EBITDA compared to the poor results of 2015 and it is laying the necessary foundations for the recovery of the profitability levels of past years.

• The North American Business Unit has been affected by the currency effect.

• Modest increase, compared to the previous quarter, in the Net Financial Debt, which stood at € 548 mm.

2.- Raw materials and markets

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• Year-on-year prices have fallen by 13.8 % for VE and have remained virtually unchanged for the lampante oils. There was a small rise in both varieties over the last quarter.

• Olive oil prices have remained above €3/Kg, practically all year.

• At the date of drafting of this report, we continue to estimate that next harvest will be of about 1,400,000 - 1,500,000 Tons for Spain and with sufficient availability.

• Declines in consumption in Spain and Italy remain constant the they are growing at a rate of about 5% in the United States.

(mm liters) Q3 2016 Q3 2015 Var. %

Spain 237,4 245,3 -3,2%

Italy 133,9 149,4 -10,4%

USA 96,3 91,9 4,8%Nielsen

Olive Oil Consumption in Major Markets

€/Tn. sep-16 jun-16 % Quarter sep-15 % Year

Extra Virgin 3.200 3.112 2,8% 3.713 -13,8%

Lampante 3.052 2.937 3,9% 3.141 -2,8%Average Pool Red Prices

Olive Oil Prices in Spain

NORTH AMERICAN UNIT • We maintained the volume decline of 8%, because we

decreased our sales in the least profitable Channel Clubs (Cash & Carry).

• The cost of raw materials, along with the impact of the Euro vs US Dollar and Canadian Dollar exchange rate has negatively impacted this unit during the quarter.

3.-Results by Business Unit

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INTERNATIONAL MARKETS UNIT

• EBITDA for this Business Unit has grown by 9.5% compared to last year.

• Strong business momentum in the Middle East and weakness in South America continues, especially in Brazil.

NORTHERN EUROPE UNIT

• The recovery in this business units is consolidating.

• Performed well during the quarter, with positive EBITDA, still affected by the delisting from earlier this year.

SOUTHERN EUROPE UNIT

• Above-budget results and double the results of the

same period of 2015, thanks to the substantial improvement in unit margins.

• A fall in volumes due to the focus placed on the sales with a better margin and the elimination of promotions and unprofitable sales.

• Significant rise in market share in Italy during the last quarter.

4.- Income Statement

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• The fall in sales is mainly due to the focus places solely on profitably sales.

• Both our gross margin and our unit Ebitda/liter margin continue to grow compared to last year, putting growth at 6.5% and 42.3%, respectively.

• In absolute terms, EBITDA grew almost 20%, continuing the upward trend during the year.

• So has business profitability (Ebitda/Sales), which has grown by 2.2 percentage points.

• Non-recurring expenses for the year amounted to € 26.2 mm, being the main causes of the negative net result for the period. As explained in the last quarter, they are the result of the quality crisis in Italy and the comprehensive redesigning of products, processes, systems and structure.

Adjusting the effect of the Corporate Units

Adjusting the effect of the Corporate Units

thousands of Euro 30.09.2016 % 30.09.2015

Sales 519.978 -17,3% 628.743

Gross Margin 88.381 6,5% 82.967

EBITDA 38.012 19,3% 31.856

EBITDA/Sales 7,3% 5,1%

PROFIT/LOSS BEFORE TAX (26.959) 67,3% (16.112)

PROFIT/LOSS FOR FISCAL YEAR (26.871) 8,8% (24.708)

28,72%

4,21%

21,73%

32,38%

-0,35%

13,32%

16,88%

6,76%

23,68%

61,48%

0,56%

-9,36%

South Europe

North Europe

Intern. mkts

N. America

BtB

Corporate

Contribution to EBITDA by region

Q3 2016 Q3 2015

South Europe North Europe Intern. mkts N. America BtB

45,73%

15,11% 15,07%

23,38%

0,72%

50,39%

14,04% 12,91%

19,67%

2,99%

Contribution to sales by region

Q3 2016 Q3 2015

0 €

5 €

10 €

15 €

1Q15 2Q15

3Q154Q15

1Q16

2Q16

3Q16

12,90

10,108,90

3,70

9,60

14,4014,00

mil

lio

ns

of

Eu

ro

Quarterly performance EBITDA

5.- Balance Sheet Data

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• We continued to improve in working capital

management, reaching an average of approximately € 130 mm during the year.

• Net Financial Debt has grown slightly compared to the same period of last year.

• We have adequate cash levels for business performance, with the revolving credit line practically available.

millions of Euro 30.09.2016 % 30.09.2015

Non-Current Assets 1.091,0 -3,6% 1.131,7

Working Capital 125,6 -4,5% 131,5

Net Worth 477,2 -12,0% 542,4

Net Financial Debt 547,9 4,5% 524,3

ROCE 1,8% 2,7%

450 €

500 €

550 €

sep-14dec-14mar-15 jun-15 sep-15dec-15

mar-16jun-16

sep-16

493,5489,5

525,1

542,9

524,3 524,9

548,4543,5 547,9

mill

ion

s

Quarterly performance Net Financial Debt

Quarterly Average Average last 12m

128,9138,7149,8

165,6

Non-financial working capital 2016-2015(mm euro)

2016 2015

6.- Conclusions

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• The significant improvement in the gross margin shows that the strategy of restoring unit margins is adequate and, in addition, provides the basis for a trade policy that will gradually increase the volume.

• Recovering these volumes and achieving more competitive costs are the basis for future business development.

• The recent appointments made by the Board of Directors are defining and accelerating the plans for savings and efficiency, the results of which will begin to show in the short term

• Based on the business developments of the recent months and our estimates and actions on the prices of raw materials, the 2016 year-end forecast will show a significant EBITDA growth compared to 2015.

• Efficiency measures and supply management for the next season will result in additional investments, the effects of which have been considered in our financial estimates. Deoleo has adequate and sufficient cash levels for business performance.

7.Other Information

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• The corporate governance structure of the Company was changed at the Board of Directors held on September 7 in order to begin a new phase with the goal to motivate management, for this purpose giving priority to the efficiency and quality of production processes and the structures of the organization.

• In order to meet this goal, we have found that it was necessary for the executive president of the Company to be more specialized in the efficient management of procedures and cost control and, for this purpose, the Board of Directors has agreed on the appointment of D. Pierluigi Tosato as a co-opted director and his appointment as the Company's Managing Director, replacing D. Manuel Arroyo Prieto, who later resigned as member of the Board of Directors.

• At the same meeting and after the resignation presented by Vilas Advisory Group S.L, represented by D. José Máría Vilas, Ms. Rosalía Portela de Pablo was appointed as the new Executive Chairman of the Board of Directors of the Company following her resignation from Estrategias Porgy and Bess S.L., which she previously represented, and the appointment of Mrs. Portela as co-opted director.

Appointment of Executive Chairman and CEO

7.- Other Information

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In the Relevant Fact, notified on 28 October, Deoleo communicates it is carrying through a series of measures aimed at adapting the industrial structure of the Group to the new competitive scenario faced by certain business units, which comprise investing in increasing the industrial capacity of it´s facilities at Tavarnelle (Italy) and at Alcolea in Cordoba. Coincident with, and as part of this reorganization it is necessary adopt other measures to adjust the group´s industrial structure (presently running at 36% of potential capacity) and organization to the requirements of the business units in order to improve their competitive position. As such, on that day i. The dossier regarding the closing of the Inveruno facility was filed with

the relevant Italian authorities and ii. The Antequera facility was sold The potential impact of these measures in P&L will be reflected in the fourth quarter of the present FY.

Relevant Fact

Annex: Olive Oil Price History

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Source: Pool Red

2,60 €

2,80 €

3,00 €

3,20 €

3,40 €

3,60 €

3,80 €

4,00 €

4,20 €

4,40 €

sep-15 oct-15 nov-15 dec-15 jan-16 feb-16 mar-16 apr-16 may-16 jun-16 jul-16 aug-16 sep-16

€ / Tn

Olive Oil price evolution 2015/2016

Lampante B 1º 'Virgin Olive Oil 'Extra Virgin Olive Oil

Glossary

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EBITDA Operational results + Depreciation and amortization +- Impairment and results of disposals of tangible fixed assets and other non-current assets held for sale +- impacts related to non-recurring expenses.

Net Financial Debt Financial liabilities from issuance of bonds and other securities + Long-term debt with credit institutions + Other financial liabilities + Short-term debt with credit institutions - Levies collected in other current financial assets - Cash and cash equivalents - Other assets of the same type recorded in non-current assets held for sale.

Working capital Inventories + Trade and other receivables - Trade and other payables.

• Deoleo S.A. presents its results in accordance with the generally accepted accounting principles (IFRS), however, management believes that certain Alternative Performance Measures (hereinafter APMs) provide useful additional financial information which should be considered when assessing its performance. The Management uses the APMs described in detail below, when making financial, operational and planning decisions, as well as to assess the Group's performance