#1FOG POINT: 10 Jose Cuervo GAVE H 1795 Sex Etaha Jose Quervo ESPECIAL 100% Jose ABA Quervo TRADICIONAL TEQUILA PLATA CENTENARIO PLATA 的 BOODLES EST. BRITISH GIN LONDON DRY 1845 Hangar 1 VORKA LAP THE Three Olive YOOKA KRAKEN BLACK SPICE RUM BLUE AGAVE TSOML 41.2% ALCYCL THIS G DOBEL BLACK BUSH Hese Jose Cuervol NAESTRO TEQUILERO UL DE ACANE CAMPOS SELECT UCCION AD LITADA Y NUMER PRODUCTO CO DENOMINACI DE ORICED MAESTRO DOBEL DIAMANTE 100% CAVE TEQUILA RESERVA 1800 SILVER PENDLETON LENDED CANADIAN WHI 1608 BUSHMILLS BLACK BUSH IRISH WHISKEY GENUINE QUALITY Stranahan's ILLS, CR ANTIM 750TL 100 AGAVE Plocal brand A-RONI CUT WITH THE FINEST TINCU Colorado. BECLE, S.A.B. de C.V. J.P. MORGAN 2019 Mexico Opportunities Conference September 25th, 2019 TINCUP#2Disclaimer Jose Cuervo 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. BOODLES GIN LONDON DRY Hangar 1 1 Three Olives. VODKA VODKA COLORADO WISEEP KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP 2 TEQUILA#3A leading global Spirits Company and undisputed leader in Tequila worldwide Jose Cuervo Created in 1758, Cuervo is today an 11th generation managed, the only Latin American public spirits company Jose Cuervo Currue ✓ Undisputed leader in tequila globally, ~30% market share(1) Comprehensive portfolio of over 30 brands retailed in more than 90 countries. Track record of innovation and value enhancing/strategic M&A Strong geographic diversification and relevant exposure to the U.S. and Canada, the world's largest spirits market. Strong market position in high growth Irish Whiskey category with Bushmills, Sexton and Proper Number Twelve Most vertically integrated player in Tequila from production to distribution Key Figures - Financial Statements Volume (9L cases) Net Sales EBITDA EBITDA Margin Net Sales Value Breakdown 1st Half 2019 10.8mm P$10,893 MM P$2,538 MM 20.7% 1st Half 2019 By Category By Region Non-Alcoholic ROW & Other 8% Tequila 13% RTDs 12% Mexico 21% 23% 57% 66% Non- Tequila U.S. and Canada Source: Company information and IWSR 2019 Notes: 1. Based on IWSR total volume 2019 BOODLES GIN LONDON DRY Hangar 1 Three Olives VODKA KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL COLORADO WISEEP CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP TEQUILA 3#4Our Company 3 Jose Cuervo 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 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 BOODLES GIN LONDON DRY Hangar 1 1 Three Olives. VODKA VODKA COLORADO WISEEP KRAKEN Jose Cuervo Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP 4 TEQUILA Especial#5Undisputed leader in Tequila worldwide Tequila Global Market Share As % of volume - 2018 Tequila Market Share by Region As % of volume - 2018 Total Market Size 32.5mm 9L Cases Jose Cuervo 29.8% Beam SUNTORY BACARDÍ. 8.9% 7.1% BROWN-FORMAN 12.4% United States (56.3% of Global Volume) DIAGEO 5.8% SAZERAC 4.7% >2x nearest competitor Mexico (28.3% of Global Volume) Pernod Ricard 3.0% 40.3% 1st Jose Cuervo Centinela 2.5% Luxco 1.9% 24.1% 1st Jose Cuervo Cuervo is the owner of 3 of the Top 5 selling Tequila brands by volume globally 1st Jose Cuervo 2018 19.4% Source: IWSR 2019 BOODLES GIN LONDON DRY Hangar 1 VODKA Three Olives VODKA Jose Cuervo Rest of the World (15.4% of Global Volume) 31.3% Jose Cuervo 1st TEQUILA PATRÓN Sauza 1800 TEQUILA CENTENARIO Saquila Don Julio HORNITOS CABRITO amador TEQUILA RIPOSASO 6.5% 6.0% 4.8% 4.6% 4.5% 4.1% KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA IRISH WHISKEY Montezuma TEQUILA' PRODUCT OF NEKO 3.6% 2.4% 2.2% COLORADO WHISEE Stranahan's TINCUP 5#6• Tequila portfolio across price points Most comprehensive tequila portfolio across price segments Jose Cuervo Focus on premiumization with a strong portfolio of ultra premium and prestige tequila brands Portfolio of Powerful Established Brands... Curre Cuervo Focus on brand premiumization Jose Cuervo Especial CENTENARIO Tequila JOSE CUERVO TRADICIONALS Brand With a Focus on Fast-Growing Ultra Premium and Prestige Segments... 1800 1800 1800 1800 1800 TEQUILA MAESTRO Jose Querto Premium Super Premium Super Premium Segment Super Premium/ Ultra Premium Ultra Premium Prestige Source: Company information, IWSR 2019 BOODLES GIN LONDON DRY Hangar 1 VODKA Three Olives VODKA Main Markets Market Position in Segment 0 KRAKENT Jose Cuervo Especial Jose Cuervo TRADICIONAL COLORADO WHISKE CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP TEQUILA 6#7BUSHMILLS Extensive portfolio of leading Spirits brands Jose Cuervo Over 15 brands in other spirits categories BUSHMILLS Irish & American Whiskey Premium / Ultra Premium Seranahan's Stranahan's TINCUP INCU Premium Ultra Premium Hangar Hangar 1 Ultra VODKA Premium Three Olives Premium Vodka ree Olives 1800 1800 RTD's Jose Cuervo MARGARITAS Premium Mid Price 1800 Quervo GÖTLAND VODKA PENDLETON WHISKY KRAKEN BLACK SPICER Rum Premium / Ultra Premium Premium RAKE PENDLETON KRAKEN Premium OSO COTLAND VODKA NEGRO GOLDEN tam GOLDEN OSO NEGRO VODKA Value Premium Jose Gro Source: Company information, IWSR 2019 Note: Company's portfolio includes other brands not displayed above. BOODLES GIN LONDON DRY Hangar 1 VODKA Three Olives VODKA KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL Jose Qure Premium © Castillo Castills IMPERIAL Standard Net Sales by Family/Category 2018 Total Ps$28,158 MM + BOODLES GIN Gin BOODLES BRITISH GIN LONDON DAY Premium Non-alcoholic b:oost_ Premium € Mezcal + CREYENTE Med Joce CREYENTE Ultra Premium Vada de Sánchez Pada de Sánchez Premium -Mezcal 400 CONEJOST Premium Jose Cuervo Family (34%) 1800 Family (13%) Other Tequila (10%) Bushmills (5%) Kraken (4%) Other Spirits (14%) RTDs (8%) Non-Alcoholic & Other (11%) CENTENARIO Jose Cuervo MAESTRO TEQUILERO 1800 BUSHMILLS TEQUILA COLORADO WISEEP Stranahan's TINCUP 7#8Focus on innovation Fast-Growing Recently Developed Brand The KRAKEN BLACK SPICED RUM Jose Cuervo Continuous Brand Development and Rejuvenation Premium Rum Launched in 2009 Key Market Tequila Growing above category average and gaining market share in the U.S. Developed the Cristalino Category Ultra Premium Tequila Launched in 2009 MAESTRO DOBEL TEQUILA Key Markets TEQUILA 1800 CRISTALINO Ultra Premium Tequila Launched in 2015 Key Markets TRADICIONAL CRISTALINO Whiskey Reserva de la Familia 2016 Reserva Prestige Stranahan's Diamond Peak 2015 Ultra Premium Vodka / Mezcal 2016 RTDs Ultra Premium Tequila Launched in 2018 Key Markets Hangar 1 FogPoint Ultra Premium Vodka BUSHNILLS CREVENTE Maestro Tequilero 2005 Ultra Premium Bushmills Steamship (Travel Retail) 2016 Ultra Premium Creyente 2016 Ultra Premium Mezcal JC Especial Cans 2016 Quervo Premium Tequila RTD JC Authentic Margarita 1993 Premium Tequila RTD Cristalino brands were introduced to compete in the ultra-premium segment, the fastest growing tequila segment globally BOODLES GIN LONDON DRY Hangar 1 Three Olives VODKA COLORADO WISEEP KRAKEN Jose Cuervo Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP Especial TEQUILA 00 8#9Value-Enhancing M&A Value-Enhancing M&A Three Olives VODKA 2007 Rang Hangar 1 VODKA 2010 Stranahans Jose Cuervo PENDLETON WHISKY 與 BOODLES BRITISH GIN LONDON DRY 1845 2011 BUSHMILLS 2015 PENDLETON 2018 BOODLES 2010 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 volume in the world by 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: Key Markets: 1) U.S. and Canada, 2) Eastern Europe, 3) Western Europe, 4) UK/Ireland, 5) Global Duty Free Commercial Synergies BOODLES GIN LONDON DRY BSHMILIS Source: Company information ISTILL BUSHMILLS IRISH WHISKEY 2018 figures Volume: 1608 Revenues: CAGR (2016-2018): 857,945 9L Cases Ps$1,526 MM 5% Hangar 1 Three Olives KRAKEN Jose Cuervo VODKA Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO Jose Cuervo 1800 COLORADO WHISEE BUSHMILLS TEQUILERO Stranahan's TINCUP TEQUILA 9#10Right brands / right categories / right markets U.S. Spirits Growth 2013-2018 Volume CAGR 12.9% Jose Cuervo Spirits Categories - Global Market Share % Volume 2018 6.3% 5.6% 1.4% Whiskey: 2.3% -0.3% - Irish Whiskey -0.3% -0.3% -1.3% Tequila Irish U.S. Vodka Gin Scotch Rum Whiskey Whiskey Total Spirits Vodka Global Spirits - Growth 2013-2018 Volume CAGR 5.5% Brandy 8.8% 6.0% 4.6% 4.5% Rum 4.6% 0.2% 0.1% -0.4% Tequila Irish Whiskey U.S. Whiskey -2.7% Vodka Gin Scotch Rum Total (1) Spirits Tequila 1.0% Source: IWSR 2019 Notes: 1. Excludes Baiju BOODLES GIN LONDON DRY Hangar 1 VODKA Three Olives VODKA 14.2% 13.4% Tequila & Irish Whiskey remain underrepresented categories within spirits COLORADO WISEEP KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP TEQUILA 10 10#11Global reach and established U.S. platform Jose Cuervo Continued Geographic Diversification: U.S. and Canada represent ~64% of the Company's Revenues in 2018 Net Sales by Region 2013A ROW 10% 2018 ROW 14% In volume and value: Mexico 33% 57% U.S. and Canada Source: Company information BOODLES GIN LONDON DRY 1 Three Olives. Hangar 1 VODKA VODKA (1) in Tequila Mexico 22% 64% U.S. and Canada 1% of revenues! in U.S. and i Canada I Higher Exposure to Dynamic U.S. Market... % of revenues from North America/Americas (Based on most recent annual financial reporting(1)) 64% 47% 44% 39% 35% 28% Jose Cuervo BROWN-FORMAN CAMPARI 22 REMY COINTREAU DIAGEO Pernod Ricard Source: Company information for Cuervo, most recent publicly available annual financial statements for peers. We cannot assure you of the accuracy of our peers' financial statements 1. Brown-Forman: defined as United States; Campari, Rémy Cointreau and Pernod Ricard: defined as Americas; Diageo: defined as North America (U.S. Spirits, Diageo-Guinness U.S. and Canada) KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA in Irish Whiskey COLORADO WISEEP Stranahan's TINCUP 11#12Tequila's attractiveness in the U.S. Tequila: Among the Fastest Growing Spirits... 13A 18A Volume CAGR in the U.S. Tequila ...Benefiting from Favorable Secular Trends 1 6.3% 2 U.S. Whiskey 5.6% Vodka 1.4% Rum -1.3% Gin -0.3% Source: IWSR 2019 BOODLES GIN LONDON DRY Hangar 1 VODKA Three Olives VODKA KRAKENT 3 Jose Cuervo Younger Consumer Preferences Millennials eager to try and embrace variety and differentiating innovation • Willing to pay a higher price for distinctiveness Craftsmanship and Heritage • Preference for authenticity, heritage and provenance as differentiating factors • Ongoing "craft" trend across alcoholic beverages Premiumization Average $/9L Tequila Case in U.S. Market 306 265 2013 2018 4 Food Shots Long drinks Tequila is a Versatile Category Unlike Any Other Food pairing Release Social enjoyment Source: IWSR Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA COLORADO WHISKE Stranahan's TINCUP 12 12#13Untapped international growth Key Categories Underpenetrated Outside Core Markets Tequila As % of Total Spirits Retail Sales - 2018 (1) $3.6 $51.1 $54.8 -US$511 MM Potential market revenue 66.0% 89.0% 99.1% 34.0% opportunity if penetration increases 1% 11.0% -0.9% Tequila Other Spirits Total Spirits Retail Sales (US$ Bn) Irish Whiskey As % of Global Whisky Retail Sales - 2018 Jose Cuervo Cross-leverage Platforms to Accelerate Expansion Cuervo derived ~86% of its 2018 net sales in value from the U.S., Canada and Mexico... ROW 14% Jose Cuervo U.S., Canada & Mexico 86% while Bushmills brand reported ~67% coming from ROW $70.8 95.2% ~US$708 MM Potential market revenue opportunity if penetration increases 1% BUSHMILLS 4.8% U.S., Canada & Mexico 33% ROW 67% Irish Whiskey Other Whisky Global Whisky Retail Sales (US$ Bn) Marginal growth in the underlying markets represents a significant revenue potential for Cuervo Source: IWSR 2019, Company information BOODLES GIN Hangar 1 LONDON DRY Three Olives KRAKEN Jose Cuervo VODKA Especial Jose Cuervo TRADICIONAL GRAN COLORADO WHISEE CENTENARIO Jose Cuervo MAESTRO 1800 BUSHMILLS Stranahan's TEQUILERO TINCUP TEQUILA 13#14Integrated platform 1 Agriculture Competitive Advantage Resulting from Appellation of Origin for Tequila Nayarit (8 Municipalities) Tamaulipas (11 Municipalities) Guanajuato (7 Municipalities) 2 Production Jose Cuervo Flagship Distilleries and Bottling Facilities Support Route-to-Market Strategy La Rojeña (Tequila) Camichines (Tequila) EDISA Bottling Facility 1800 Distillery (Tequila) In construction Jalisco (125 municipalities) Michoacan (30 Municipalities) • Tequila can only be produced from Agave Azul (Tequilana Weber) Cuervo is the largest Agave Azul producer • Critical element in our supply and quality control strategy Cuervo is involved in full Agave cycle (plant, grow, harvest and freight) Source: Company Information PROXIMO (bottling) Hangar 1 COL09100 815(E VODKA Stranahana BUSHMILLS IRISH WHISKEY Stranahan's (Colorado) Hangar 1 (California) Proximo Bottling (Indiana) Old Bushmills Distillery and Bottling (Northern Ireland) In expansion BOODLES GIN LONDON DRY 1 Three Olives. Hangar 1 VODKA VODKA KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA COLORADO WHISEE Stranahan's TINCUP 14#15Unique Route-to-Market distribution Jose Cuervo 3 Distribution Own Distribution Platform to Control Route-to-Market and Brand Building Strategy Volume through own distribution network from -25% in 2007 to 92% as of 2018 • Vertical integration of profits Benefits • Control and focus of own brands Mexico Proximo: Well thought plan to gain route-to-market ('000s 9Lc) Acquisition of Three Olives Proximo starts to distribute 1800 Tequila in U.S. and Canada Proximo takes over all distribution of Jose Cuervo brands Leading spirits distributor for decades Proximo Spirits founded PROXIMO 600 2007 2008 13,727 10,000 10,000 2013 2014 2015 2017 00 N Source: Company Information BOODLES GIN LONDON DRY Target is to selectively replicate "own distribution" model as market and scale allow 1 Three Olives. Hangar 1 VODKA VODKA KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL COLORADO WHISKE CENTENARIO MAESTRO 1800 BUSHMILLS Stranahan's Jose Cuervo TINCUP TEQUILERO TEQUILA 15 15#16Route-to-Market control was key to U.S. success Jose Cuervo Jose Sales Turnaround Story in the U.S.: Jose Cuervo Case Study 7799 Quervo ESPECIAL Quervo TRADICIONAL REPOSADO BLUE AGAVE Reserva Muse hervor Jose Cuervo Since Proximo took over the distribution of Jose Cuervo from Diageo, volume grew 7% 2014 to 2018 (CAGR). Key Turnaround Initiatives Enhancing brand health Focused recruitment on 22-34 year old consumers Increased focus on Jose Cuervo Especial silver and Jose Cuervo Tradicional. Volume Impact Since Proximo Took Over Distribution in the U.S. (*000s 9Lc) (8.6%) 4,000 Proximo takes over distribution in U.S. in July 2013 +7.0% 3,750 3,500 3,250 3,000 2,750 2010 2011 2012 2013 2014 2015 2016 2017 2018 Jose Cuervo Brand (Volume) Jose Cuervo Brand Trend (%) 5% 5% 6% 4% 5% 7% 7% 7% Tequila Category Y-o-Y Growth (1) Jose Cuervo Brand (2) (5%) (4%) (0.4%) (10%) 6% 22% 8% (7%) Source: Company information, Internal information. Notes: 1. Considers IWSR volume for U.S. tequila category growth Y-o-Y 2. Refers to Y-o-Y growth rate BOODLES GIN Hangar 1 VODKA Three Olives KRAKEN Jose Cuervo VODKA LONDON DRY Especial Jose Cuervo TRADICIONAL CENTENARIO Jose Cuervo MAESTRO 1800 BUSHMILLS TEQUILERO TEQUILA COLORADO WISEEP Stranahan's TINCUP 16 10#17Track record of sustainable growth Combined Volume (000s of 9 Liter Cases) CAGR 13A-18A: 8.4% 20,424 20,491 21,279 17,274 18,248 14,210 Combined Net Sales (Ps$MM)(1) CAGR 13A 18A: 18.0% Jose Cuervo 28,158 25,958 24,396 18,475 15,314 12,305 2013A 2014A 2015A 2016A 2017A 2018A 2013A 2014A 2015A 2016A 2017A 2018A Combined EBITDA (2) and Margin (Ps$MM) Cash Flow Conversion (3) Margin (21.8% 23.9% 26.3% 24.8% 27.6% CAGR 13A-18A: 17.8% 21.6% (%) Capex (Ps$ MM) $655 $840 $544 $829 $1066 $827 7,161 6,040 6,074 88.8% 86.3% 85.1% 86.0% 4,864 75.5% 77.0% 3,659 2,679 2013A 2014A 2015A 2016A 2017A 2018A 2013A 2014A 2015A 2016A 2017A 2018A Source: Company combined financials statements, Company information Notes: 1. 2015A Considers pro forma 10 months of Bushmills 2. EBITDA calculated as net income plus interest expense, income tax expense and depreciation and amortization, less gain on sale of joint venture available for sale, interest income, foreign exchange loss (gain), net, and equity method in joint venture 3. Calculated as (EBITDA-Capex)/EBITDA BOODLES BRITISH GIN LONDON DRY Hangar Three Olives. KRAKEN Jose Cuervo Jose Cuervo VODKA Especial TRADICIONAL COLORADO WHISKE CENTENARIO MAESTRO 1800 BUSHMILLS Stranahan's Jose Cuervo TEQUILERO TINCUP TEQUILA 17#18Operating Profit Net Sales Above sector growth Income Statement Past Performance - 2013A-2018A CAGR (Fiscal Years, in Reporting Currency) 18.0% 2.8% 2.2% 1.2% 0.8% Jose Cuervo GRUPPO Jose Cuervo CAMPARI DIAGEO BROWN-FORMAN Pernod Ricard REMY COINTREAU 17.5% Jose Cuervo 5.5% 3.9% 1.6% 0.4% GRUPPO CAMPARI BROWN-FORMAN DIAGEO Pernod Ricard -1.2% -1.5% REMY COINTREAU Source: Company Audited Financial Statements and most recent publicly available annual financial statements for our peers for the 2013 to 2018 periods. We have included the information presented in this chart for illustrative purposes only and we cannot assure you of the accuracy or comparability of our peers' financial statements. Operating profit may be measured differently by our peers for many reasons, including the fact that entities may differ in their application of accounting principles. BOODLES GIN Hangar 1 Three Olives KRAKEN Jose Cuervo Jose Cuervo LONDON DRY VODKA Especial TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA COLORADO WHISKE Stranahan's TINCUP 18#19Value of Heritage and Corporate Governance Jose Cuervo A True Mexican Success Story Lasting Over 250 Years 1758 Supported by Robust Corporate Governance 2019 Post IPO Ownership 1795 First license ever to sell tequila JOSE FABRICANTE VINO MEZCAL Independent Board GUERVO 15% 1812 Oldest distillery in Mexico 1852 First export to the U.S. 1880 First distiller to bottle tequila in glass bottles 1945 Margarita invented using Jose Cuervo tequila Selected Medals and Awards POSICION INTERNA 19.07 KING GEORGE CIUDAD DE MADRID La Rojena TEQUILA CUERVO همهمه DE JANEIR 85% Beckmann Family Public Float 66% 44% Independent Non-Independent Led by the 11th generation of the Beckmann family Independent and experienced Board of Directors Experienced management team, with over 140 years of combined experience leading Cuervo Madrid (1907) London (1910) Paris (1909) Spain Barcelona (1907) (1912) Rome (1923) Rio de Janeiro (1923) BOODLES GIN LONDON BY Hangar 1 Three Olives VODKA KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 COLORADO WHISKEY BUSHMILLS Jose Cuervo TEQUILERO TEQUILA Stranahan's TINCUP 19#20BOODLES GIN LONDON DRY Hangar 1 1 Three Olives. VODKA VODKA Financial Results Jose Cuervo KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA COLORADO WISEEP Stranahan's TINCUP 20 20#21Statement of comprehensive income - Unaudited Jose Cuervo Six months ended June 30, 2019 Six months ended June 30, 2018 Year over year variance (U.S. $)(1) (Pesos) % of net sales (Pesos) % of net sales $ 69 % (Figures in millions, except per share amounts) Net sales 639 12,247 11,483 763 6.6 Cost of goods sold 295 5,657 46.2 4,452 38.8 1,206 27.1 Gross profit 344 6,589 53.8 7,032 61.2 (442) (6.3) Advertising, marketing and promotion 139 2,667 21.8 2,551 22.2 116 4.5 Distribution 24 454 3.7 504 4.4 (50) (10.0) Selling and administrative 74 1,416 11.6 1,313 11.4 103 7.8 Other (income) expenses, net (9) Operating profit 117 Financial results, net Profit before income taxes Total income taxes Consolidated net income Non-controlling interest Controlling net income 110 @༤ ༤ ༅ 8 ཆབྱེ (181) -1.5 46 0.4 (227) (496.2) 2,234 18.2 2,618 22.8 (384) (14.7) 125 1.0 412 3.6 (287) (69.7) 2,109 17.2 2,206 19.2 (97) (4.4) 548 4.5 613 5.3 (65) (10.6) 1,561 12.7 1,593 13.9 (32) (2.0) (1) 0.0 0 0.0 NM NM 82 1,561 12.8 1,592 13.9 1371 (31) (1.9) Depreciation and amortization EBITDA 16 304 244 1 132 2,538 20.7 2,861 24.9 (324) (11.3) (1) U.S. dollars translated at 19.1587 Mexican pesos solely for the convenience of the reader Source: Combined and consolidated financial statements BOODLES GIN Hangar 1 1 Three Olives KRAKEN Jose Cuervo VODKA Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO LONDON DRY TEQUILA COLORADO WISEEP Stranahan's TINCUP 21 21#22IFRS 16 adoption effect 1H19 without IFRS 16 effect 1H19 with IFRS 16 effect (Figures in millions) (Pesos) % of net sales (Pesos) % of net sales Jose Cuervo Effects in profit from IFRS 16 Operating profit 2,234 18 2,234 19 0 Financial results, net 80 1 125 1 45 Consolidated net income 1,606 13 1,561 14 -45 Depreciation and amortization EBITDA 246 2,480 22 304 3 20 2,538 22 $$ 58 58 The Company adopted IFRS 16 initially on January 1, 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 was recognized as an adjustment to the opening balance (increase in assets and liabilities). BOODLES GIN LONDON DRY Hangar 1 VODKA 1 Three Olives. KRAKEN Jose Cuervo VODKA Especial Jose Cuervo TRADICIONAL COLORADO WISEEP CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO Stranahan's TINCUP TEQUILA 22 22#23H1 2019 Statement of financial position - Unaudited (Figures in millions) Assets (U.S. $)(1) June 30, 2019 (Pesos) December 31, 2018 (Pesos) Cash and cash equivalents 454 8,704 12,028 Inventories, net Accounts receivable, net Other current assets 290 5,556 8,536 599 11,490 8,162 168 3,229 2,502 Total current assets 1,512 28,979 31,228 Non-current inventories 379 7,263 6,859 Property, plant and equipment, net 311 5,965 5,506 Right-of-use assets 101 1,942 0 Deferred income tax 74 1,417 1,454 Intangible assets and trademarks, net 744 14,263 14,664 Goodwill 323 6,192 6,354 Other assets 33 639 Total non-current assets 1,966 37,681 646 35,483 Total assets 3,478 66,660 66,711 Liabilities & stockholders' equity Current installment of notes payable to Banks 2 47 48 Trade accounts payable 120 2,293 Current lease liabilities 6 106 Accruals 87 1,658 2,594 0 2,348 Other liabilities 31 589 102 Total current liabilities 245 4,694 5,092 Long term debt, excluding current installment 495 9,498 9,745 Non-current lease liabilities 93 1,775 0 Environmental reserve 6 118 121 Other long-term liabilities 15 294 314 Deferred income taxes Total long-term liabilities Total liabilities 192 3,679 3,568 801 15,364 13,748 1,046 20,057 18,840 Total controlling interest Non-controlling interest Total stockholders' equity Total liabilities and stockholders' equity 2,428 3 2,431 3,478 46,536 47,805 66 46,603 66,660 67 47,872 66,711 (1) U.S. dollars translated at 19.1685 Mexican pesos solely for the convenience of the reader BOODLES GIN LONDON DRY Hangar 1 Three Olives VODKA KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL GRAN CENTENARIO Jose Cuervo MAESTRO TEQUILERO 1800 BUSHMILLS TEQUILA Jose Cuervo COLORADO WISEE Stranahan's TINCUP 23 23#24H1 2019 Summarized Cash flow statement - Unaudited (Figures in millions) Operating activities (U.S. $)(1) Jose Cuervo Six months ended June 30, 2019 Six months ended June 30, 2018 (Pesos) (Pesos) Income before income taxes 110 Items relating to investing activities: Items relating to financing activities: Subtotal Changes in working capital 11 = 8 62 2,109 209 1,191 2,206 177 280 183 3,509 2,663 (123) (2,365) (4,099) Net cash from operating activities 60 1,144 (1,437) Investing activities Net cash used in investing activities (39) (742) (3,177) Financing activities Net cash used in financing activities (180) (3,447) (2,084) Net decrease in cash and cash equivalents Impacts due to the fx rate on cash (159) (3,045) (6,698) (15) (279) 140 Cash and cash equivalents: At beginning of the period At end of period 627 12,028 19,996 454 8,704 13,438 (1) U.S. dollars translated at 19.1685 Mexican pesos solely for the convenience of the reader BOODLES GIN LONDON DRY Hangar 1 VODKA Three Olives KRAKEN Jose Cuervo VODKA Especial Jose Cuervo TRADICIONAL CENTENARIO MAESTRO 1800 BUSHMILLS Jose Cuervo TEQUILERO TEQUILA COLORADO WISEEP Stranahan's TINCUP 24 24#25Investor relations contact BOODLES GIN LONDON DRY Hangar 1 1 Three Olives. VODKA VODKA Mariana Rojo [email protected] Alfredo Rubio [email protected] KRAKEN Jose Cuervo Especial Jose Cuervo TRADICIONAL CENTENARIO Jose Cuervo Jose Cuervo COLORADO WISEEP MAESTRO 1800 BUSHMILLS TEQUILERO Stranahan's TINCUP TEQUILA 25