TO THE NATIONAL SECURITIES MARKET COMMISSION

Madrid, 26 July 2017

Ref.: presentation to analysts announced this morning relating to the results of Ebro Foods Group for the first semester 2017.

Find enclosed the presentation to analyst announced this morning, relating to the results for the first semester 2017 that will be held today in the Board Meeting Room located in the second floor of our Head office in Paseo de la Castellana 20th, Madrid.

Yours faithfully,

Luis Peña Pazos

Secretary of the Board of Directors

RESULTS 1H17

1

CONTENTS

BUSINESS UNIT RESULTS 1H17
  1. Rice

  2. Pasta

EBRO FOODS CONSOLIDATED RESULTS 1H17
  1. P&L

  2. Debt Performance

CONCLUSION CORPORATE CALENDAR 2017 LEGAL DISCLAIMER

2

1. BUSINESS UNIT RESULTS 1H17

3

1.1 RICE DIVISION

4

3.1%

-4.6%

633,328 637,484 672,989 5.6%

14,560 16,127 13,247 -17.9%

1H15 1H16 1H17 17/16 CAGR 17/15

RICE

It has been an extremely positive first half for our rice business. During 2Q2017, the prices of the basmati and Jasmine aromatic varieties, experienced heightened volatility, impacted by the reduced planting that came on the back of the low prices from last year. After many months at considerably lower prices, the Jasmine variety has returned to more normalised levels. However, our subsidiaries receive sufficient supplies from our India and Bangkok centres.

Prices have been unusually low in Europe, especially in terms of Japonica rice, and as a result safeguard measures are being considered that would reduce the number of cheap exports from EBA countries. The Texas harvest will return to more normalised levels, which is positive for Freeport..

Our strategy of continued commitment to launching new products is helping us to grow above the market average for the main countries where we operate. The retail segment therefore grew by 3% in Europe and 3% in the USA, a market that actually decreased by 2% overall. Although the volume in traditional segments is down, we compensated for this with double-digit growth in the product ranges with greatest added value (microwave, aromatic and speciality), where we continue to expand on our leading position. We have started to sell organic rice with large retailers into both the USA and Europe.

Regarding the capital investments recorded in previous presentations, it is worth pointing out that in the last quarter, we started to expand our microwave rice plants, and invested heavily in increasing capacity at our plants in India and Thailand.

5

RICE

Revenues were up 5.6% to EUR673 million, with a very favourable sales mix: the largest growth was in value-add products.

The communications strategy that accompanied the latest launches (Ancient Grains, Benefit, Organic and others were all marketed as healthy eating), were centred on digital media (bloggers, websites, collaborations with restaurants and well-known chefs, etc.), which are more efficient and in tune with the modern consumer that we are aiming for. Following a period of robust launch campaigns, temporally we have streamlined our advertising investments, investing EUR13.2 million, EUR3 million less. Our advertising investment will balance out in the second half of the year, as we have a number of major campaigns in the pipeline to boost our new launches.

The Division's Ebitda increased 13.2% to EUR110.4 million, maintaining the same growth rate as in recent quarters, and with a very satisfactory margin of 16.4%. The exchange rate had no major impact on these results.

EUR Thous.

Sales Advertising

Ebitda 85,209 97,445 110,354 13.2% 13.8%

Ebitda Margin 13.5% 15.3% 16.4%

Ebit 71,139 81,926 94,086 14.8% 15.0%

Operating Profit 69,959 90,633 99,676 10.0% 19.4%

6

Ebro Foods SA published this content on 26 July 2017 and is solely responsible for the information contained herein.
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