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Source of Photo: Philippine Inquirer We will win this fight, because kindness is infectious. #TheFilipinoCan CNPF FIRST QUARTER 2020 RESULTS PRESENTATION MAY 2020

LATEST FINANCIAL PERFORMANCE

Q1 2020 Financial Results Highlights BRANDED REVENUE TOTAL REVENUE GROSS PROFIT GROWTH GROWTH GROWTH +24% +31% +43% 1Q 1Q 1Q OPERATING INCOME EBITDA NET INCOME GROWTH GROWTH GROWTH +30% +27% +31% 1Q 1Q 1Q 3

Q1 2020 Summarized P&L In PHP Mill Q1 2019 Q1 2020 Change YoY Revenue growth driven by • Net Revenues 9,744 12,110 24% BRANDED OUTPERFORMANCE Cost of Sales 7,564 8,992 19% Significant increase in branded • Gross Profit 2,180 3,118 43% sales due to HEIGHTENED Operating Expenses 1,172 1,710 46% DEMAND DURING COVID-19 ECQ* Operating Income 1,116 1,448 30% EBITDA 1,323 1,686 27% Favorable inventory hedges • Financing Cost - Net 91 77 -16% and subdued costs improve Income before Tax 1,025 1,372 34% gross profit but ONE-OFF Income Tax 232 334 44% COVID-19 COSTS drive operating expense higher Net Income 793 1,038 31% Lower financing cost driven by • Earnings per Share 0.22 0.29 31% PARTIAL REPAYMENT OF Margins (%) DEBT Gross Profit 22.4% 25.7% +3.3 pps Operating Expenses 12.0% 14.1% +2.1 pps Net income growth • Operating Income 11.4% 12.0% +0.6 pps ACCELERATES TO +31% , EBITDA 13.6% 13.9% +0.3 pps exceeding normal target of 10-15% Net Income 8.1% 8.6% +0.5 pps 4 * Enhanced Community Quarantine

Branded Growth Accelerates to +31%; March Sales Surge Amidst ECQ Pantry-Stocking Q1 Revenue Growth Split Q1 Branded Revenue Trend Revenue Breakdown In PHP Bill 40-50% March Sales 31% 1% vs January & 17% 12.11 21% February Average OEM Exports 9.74 Branded 25% OEM Export 83% 79% +24% YoY Q1 2019 Q1 2020 Q1 2019 Branded OEM Growth Q1 2020 1Q19 1Q20 Jan-20 Feb-20 Mar-20 Revenues Revenues Revenues Growth Revenues Branded OEM Exports VOLUME-DRIVEN revenue increase across all three branded units – Marine, Meat, and Milk • ECQ demand spike in March benefitting SHELF-STABLE FOOD PRODUCTS CONSUMED AT • HOME particularly tuna, sardines, and canned meat Flat OEM exports sales due to SUBDUED PASS-ON COMMODITY PRICES AND CAPACITY • PRIORITIZATION 5

Branded Continues to Outperform; Sustains Healthy Double-Digit Growth Even Pre-COVID-19 Revenue Growth Trend Market Shares* 81% 82% 82% #1 31% Canned Tuna 9M19 FY19 1Q20 20% 12% 11% 46% 46% 45% 5% #1 1% 5% Corned Meat 1Q19 2Q19 3Q19 4Q19 1Q20 9M19 FY19 1Q20 -5% -10% 36% 35% 34% #1 -14% Branded Revenue YoY Growth Emulsified OEM Exports Revenue YoY Growth Loaves 9M19 FY19 1Q20 MARINE AND MEAT revert back to double-digit growth in January and February, even • before the COVID-19 impact Market leadership in core categories maintained given STRONG BRAND RECOGNITION • AND EXTENSIVE DISTRIBUTION ; Familiar and trusted brands expected to benefit during the ECQ 6 * Source: Nielsen, March 2020

Milk Maintains Strong Challenger Position; Sales Uplift for Product Innovations During ECQ Powdered Milk Market Share Trend New Product Developments FLAGSHIP powdered (drinking) milk product majority of total milk 22% #2 8 % March 2020 Powdered Milk* CURRENT Jan '18 Jun '18 Dec '18 Jun '19 Dec '19 CURRENT POWDERED MILK SUSTAINS STRONG GROWTH before and during ECQ • New product innovations also seeing UPTICK IN DEMAND - choco milk leveraging on Birch • Tree momentum and Coco Mama benefitting from increased trial amidst lockdown 7 * Source: Nielsen

Favorable Input Costs and Hedging Strategies Drive Profit Margin Higher Consolidated Gross Margins versus Skipjack Tuna Prices 1Q20 Net Income Margin Bridge monthly with 3-month delay 3.3pps 2.1pps 2000 40.0% 0.3pps 1.0pps 8.6% 8.1% Operating 1500 30.0% Interest Expenses Gross USD Other Income, Margin Taxes & 1000 20.0% Others +0.5 pps 500 10.0% Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Current 18 18 18 18 19 19 19 19 20 Q1 2019 Q1 2020 Q1 2019 Gross Opex Interest Tax Q1 2020 Skipjack Tuna Price per Ton* Consolidated Gross Margin** Net Income Net Income Net Margin Margin Growth Growth Growth Net margin Margin Margin Growth SUBDUED INPUT PRICES AND INVENTORY HEDGES drive increase in gross margin YoY • Partial repayment of interest-bearing debt result in LOWER INTEREST COST • NET INCOME MARGIN IMPROVES despite higher OpEx from one-off COVID-19 costs • *Source: http://investor.thaiunion.com/raw_material.html 8 **Source: CNPF

Increase in Operating Expenses Primarily from One-Off COVID-19 Costs, As Well As Brand Investments in Early Q1 Operating Expenses COVID-19 Expenses as % of Sales* 11.8% 12.5% 13.2% 14.1% 13.9% FY16 FY17 FY18 FY19 1Q20 One-off COVID-19 costs mainly from stricter HEALTH AND SAFETY PROTOCOLS, AS WELL • AS EMPLOYEE SUPPORT AND FINANCIAL ASSISTANCE 9 * All figures are post-IFRS 15.

Increase in Operating Expenses Primarily from One-Off COVID-19 Costs, As Well As Brand Investments in Early Q1 Operating Expenses Early Q1 Marketing Campaigns as % of Sales* Biennial Century Tuna New Product Superbod Event Launched in 2019 11.8% 12.5% 13.2% 14.1% 13.9% FY16 FY17 FY18 FY19 1Q20 BRAND-BUILDING INVESTMENTS continued for core products and new products • pre-COVID-19 demand spike 10 * All figures are post-IFRS 15.

Higher Margins Year-on-Year Across Gross, Operating, and Net Income Levels Gross Margin Operating Margin EBITDA Margin Net Margin 25.7% 22.4% 13.9% 13.6% 12.0% 11.4% 8.6% 8.1% + 3.3pps + 0.6pps + 0.3pps + 0.5pps 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 1Q19 1Q20 Improvement in gross margin driven by SUBDUED INPUT PRICES AND INVENTORY HEDGES • Moderate increase in operating margin due to JUMP IN OPERATING EXPENSES from one-off • COVID-19 costs and early brand investments DECLINE IN FINANCING COSTS brings net margin higher year-on-year • 11

Positive Operating and Free Cash Flows; Excess Cash Used for Debt Repayment Free Cash Flow Bridge Interest-Bearing Debt In PHP Mill In PHP Mill FREE CASH FLOW 26% PHP2.0B YoY in 1Q20 Q1 2020 6,530 4,855 1,156 257 540 2,509 1,969 238 1,372 Profit before Tax Depreciation & Working Capital Income Tax & Operating Cash CapEx Free Cash Flow 1Q19 1Q20 Amortization Others Flow • Healthy free cash flow generation due to LOWER INVENTORY LEVELS • PARTIAL REPAYMENT OF SHORT-TERM DEBT to bring down interest expense • c.PHP1.5 BILLION 2020 CAPEX program remains unchanged 12

COVID-19 UPDATE & LATEST OUTLOOK

Continuing to Operate and Supply Products Amidst Government- Implemented Community Quarantine COVID-19 Update Our production, distribution, and The HEALTH, SAFETY, AND warehouse facilities, alongside other FINANCIAL PROTECTION of our critical functions, are OPERATIONAL workforce remain paramount. ROUND THE CLOCK. Tagged as an ESSENTIAL ! INDUSTRY , along with our suppliers and trade distributors Stricter security and Free transportation, safety protocols accommodation, and Maintaining a decent across all worksites meals as needed CUSTOMER SERVICE LEVEL amidst an uptick in demand Ensuring our products are READILY AVAILABLE together Advanced release of Distributed free with the Department of Trade payroll and pro-rated canned products and Industry and the Inter 13 th month pay and vitamins Agency Task Force 14

Positioned to Benefit from the Emergence of New Consumer Trends Consumer Trends Cooking at Home Health & Safety Non-Traditional Channels Value for Money 15

Joining the Nation in Its Fight Against COVID-19 Employee & Community Outreach Served Serving 126 VARIOUS COMMUNITIES HOSPITALS with AND FACILITIES 1 MILLION with 157,590 ASSORTED FOOD PACKS SNACKS Providing our employees Earmarking financial with care and financial aid, Ensuring enough affordable support to employees, especially to our frontliners products are available to communities, and various who ensure that our products those who need them most institutions are always available 16

Increased Efforts in Addressing the Needs of a Wider Group of Stakeholders Corporate Communications 17

Situation Remains Dynamic Though Full-Year Expectations Upside Likely Relative to 10-15% Target COVID-19 Update TOP LINE • Heightened demand primarily in canned food during ECQ due to the nature of products • Higher than usual sales continues through April, albeit at a more tempered pace relative to March • Demand post-ECQ remains uncertain, though replenishment of trade inventory levels expected even if consumer demand may soften BOTTOM LINE • May largely follow top line • Aiming for high teens growth 18

OTHER FINANCIALS