Touching people,

enriching moments

EXPANDING OUR
HORIZONS
INVESTOR
RELATIONS
2Q 2014
 OUR SUCCESS 2012
Aquisition of Burguer
2013
Acquisition of minority
stake in Grupo Axo
2013
Acquisition of Starbucks
2013
Acquisition of VIPS

STORY
King Master Franchise remaining stake in Mexico,
in Mexico Chile and Argentina

2012
Acquisition of
Italianni’s in Mexico
2010s
2005
Casual Dining operations
start with Chili’s

2002 2014
JV with Starbucks (Mexico) •  P.F. Chang’s begins
operations in Brazil
•  The Cheesecake Factory
will begin operations in
1992 Mexico
First Distribution Center in 2000s
operation (DIA)
2009
CPK and P.F. Chang’s begin
1990 operations in Mexico
Alsea becomes master 2002
franchisee of Domino’s Pizza Alsea starts to operate
in Mexico Burger King in Mexico
1999
Alsea’s IPO
1990s

# of Units 500 1,000 2,241

Source: Company filings.
 2,241 UNITS MEXICO
1,943 UNITS
(June 2014)

ARGENTINA
146 UNITS
CORPORATE 1,779
CHILE
SUBFRANCHISE 462 94 UNITS

COLOMBIA
58 UNITS
11 BRANDS COMING SOON
BRAZIL

5 COUNTRIES
COMING
SOON

634 UNITS 563 UNITS 553 UNITS 41 UNITS 20 UNITS 19 UNITS 3 UNITS 63 UNITS 261 UNITS 84 UNITS
Mexico 593 Mexico 439 Mexico 423 Mexico 41 Mexico 20 Mexico 16 Mexico 3 Mexico 63 Mexico 261 Mexico 84
Colombia 41 Argentina 74 Argentina 71 Chile 1
Chile 34 Chile 59 Argentina 1
Colombia 16 Colombia 1

Subfranchises 217 Subfranchises 227 Subfranchises 2 Subfranchises 11 Subfranchises 5

1,197 Units | QRS 553 | Coffee Shops 146 Units | Casual Dining 345 Units | Family Dining
BRAND QSR / Coffee Shops
PORTFOLIO
563 Units
4 Countries
Master Franchisee (20 year agreement).
In Alsea’s portfolio since 2001, in Mexico
634 Units since 1990. It has a 22% share in Alsea’s
consolidated sales. There are more than 120
2 Countries units in South America.

Master Franchisee (20 year

agreement). First brand in the
portfolio since 1989. It has a 17%
share in Alsea´s consolidated
sales. Rights for Sub-franchisee.
553 Units
3 Countries
Joint Venture (20 year
agreement). In Alsea’s
portfolio since 2002. It
has a 32% share in
Alsea’s consolidated
sales.
 Casual Dining
19 Units
5 Countries
41 Units
Master Franchisee (10 year
1 Country agreement). Operation in Mexico
started in October 2009. Average
Franchisee (until 2018). Acquired by Alsea in ticket of $20usd. Exclusivity for
2005; in Mexico since 1994. There are around Mexico, Colombia, Chile, Argentina
100 units in Mexico operated by 2 & Brazil.
franchisors. Territorial Limitation (Mexico City
& surrounded states).

20 Units
1 Country
Master Franchisee (until 2022).
Acquired by Alsea in 2008; in
Mexico since 2007. More than
260 stores worldwide.
Exclusivity for the Mexican
Territory.
 Casual Dining

Master Franchisee (8 year agreement).

Exclusivity for Mexico and Chile.
3 Units* Highest average annual sales per unit
in this segment. Ability to develop in
1 Country Argentina, Brazil, Colombia and Perú.

Master Franchisee (10 year

agreement). First Unit outside
USA. More than 170 stores
worldwide. Exclusivity for the
Mexican Territory.
*Brand in the Fast Casual Segment
63 Units
1 Country
Brand Rights and Exclusivity (30 year
agreement). Acquired by Alsea in 2012; in
Mexico since 1996. Rights for Sub-
franchisee, 11 sub-franchisee units.
Exclusivity for the Mexican Territory.
PROFITABLE
BUSINESS MODEL
(Sinergy/Efficiencies/Economies of Scale)

DIA
(Distribution Center)*
· 4 Distribution Centers
• More than 150 Cities Visited
• 1,596 Points of Sale
• More than 3,500 Weekly Deliveries

SUPPORT AREAS
(Shared Services)
Support Areas Supply Chain
• Administration and Finance • Purchasing
• Human Resources • Production
• Technology and Information • Logistics
• Real Estate and Development • Distribution *As of June 2014
MARKETS &
ECONOMY ENVIRONMENT
MEXICO – SOUTH AMERICA
POTENTIAL
MARKET Mexico POP1 120 million
GDP2 $1,276 USDbn
1,943 units
ACTUAL MARKET
2,241 UNITS Argentina
146 units
POP1
GDP2
43 million
$494 USDbn

POPULATION (1)
430 million
Chile
94 units
POP1
GDP2
17 million
$274 USDbn

GDP (2) Colombia POP1 46 million
USD $4,592 BILLION 58 units GDP2 $378 USDbn

142 MILLION CLIENTS

SERVED IN 1H14
Brazil
Coming soon
POP1
GDP2
203 million
$2,245 USDbn

1 US. Census Bureau, 2014e

2 HSBC Database July 2014, National GDP(USDbn)
STRATEGY AND
GUIDANCE
LONG TERM Organic Growth

GROWTH DRIVERS Maximize business potential
(SSS, organic growth).

Regional Expansion

Continue growing our brands in new
markets.

New Segments

Continue the search for new concepts
complementing our portfolio mix within
the Retail Segment, capitalizing on the
competitive advantages of our Alsea
Business Model.

New Markets

Growth into new markets, leveraging
our Business Model.
 
 Popular A/B C+ C C-/D+ D/E
Segment

GROWTH
STRATEGY

Served by the Informal Sector

DIVERSIFICATION CONSUMER-RETAIL

+ COUNTRIES
Casual
Dining

Without operation
With operation
QRS
Business oportunity
Diversification
ORGANIC TOTAL
EXPANSION PLAN(1) CORPORATE UNITS

^I 14%
CAGR
MEXICO LATAM NET
GROWTH

2,354
2,037

2,193
1,883
1,408

2013
2014E
179
427
79
48
258
475

2016E
2015E
2014E

2017E
2013
2015E 93 61 154
2016E 88 68 156
2017E 87 74 161

ANNUAL GROWTH BY BRAND

2013 11 112 109 3 7 4 11 0 0

2014E 13 21 75 4 4 8 4 1 345
2015E 14 25 86 3 4 14 6 2 3
2016E 14 25 93 3 3 6 5 4 3
2017E 14 25 94 3 3 8 5 6 3

* Growth of units compound by region

** Organic growth does not include sub-franchises of associates
*** Vips information includes El Portón
ALSEA 2014
GUIDANCE
· SSS (mid-single digit)
· Run-Rate ´13 Openings
· 2014 Units Openings
TOP-LINE = MID THIRTIES(1)
· Revenue Mix Growth (Higher growth in Casual Dining)
· Effect from acquisitions (Starbucks Chile, BK Units & Vips)

EBITDA= LOW TO MID THIRTIES(1) · Negative Effects · Positive Effects

· Commodities price inflation · Operating leverage (+ Units, + SSS)
· Fiscal Reform (VAT, non-deductibles) · Business Mix

CAPEX= ( MILLION PESOS )

+1,900 (1)

+ 58% Openings and acquisition

-
+ 32% Maintenance
-
CORPORATE UNIT GROWTH 35.0%
+ 9% Others
- (1) According to Company estimates
VIPS
ACQUISITION
TRANSACTION
OVERVIEW

PURCHASE · Purchase price of Ps.$8,200 mm

· Implied 8.4x LTM EV / EBITDA MULTIPLE
PRICE · Transaction on a debt free and cash free basis

· Alsea funded the transaction with

FUNDING peso-denominated debt instruments.
· On June 30, 2014, prepayments were made
representing 82% of the total amount of the acquisition

· Since May 9, 2014, Alsea officially acquired Vips

TIMING · Transition service agreement with Walmart:
· 6 months for back-office processes
· 12 months for supply chain processes
LEVERAGE
IMPACT
Consolidated Net Debt / EBITDA
below 3.0x by 2014

$13,311
· Alsea seeks an efficient leverage structure with debt

$5, 111

$7,271
at Alsea and at VIPS levels.

· Intended package fully denominated in Pesos from Total Pro Forma
Debt Total Debt
Total
Debt
a solid group of local and international banks. Mar 14 including Vips Jun 14
· Alsea ́s intention to promptly reach historical
Lev. Ratio 2.4x 4.4x 2.0x
leverage levels.
Note: As of June, 2014. Figures in Ps. $ million,
- The Company is considering different alternatives except for multiples.

to achieve desired leverage level below 3.0x

Net Debt/EBITDA.
- Strong cash conversion.
PERFECT FIT,
ALSEA CONTINUES ON THE RIGHT PATH

A Accelerated Growth Complement Alsea’s strong

organic and inorganic proven growth.

B Become a leader in the Mexican

Full-Service Restaurant Industry
Acquire the largest restaurant chain in Mexico.

C Acquire Iconic Brand One of the highest recognized brands within the
Mexican restaurant consumer space.



D to Alsea´s Concepts
Complementary Business -Mexican concept.
-Attack lower-middle class.

E
-Cross fertilization and best practices adoption.
Upside Potential -Clear strategy to deliver returns to Alsea.
 
FINANCIAL
SITUATION
 2% 1%
5%

FINANCIAL
5%

5%

RESULTS 26%
SALES Consolidated EBITDA*
13%

11.9%
BY

13.9%
Net Consolidated Sales* BRAND

36%

13.4%
13.2%
13.2%
23%

10.6%
22%

12.6%
20%

11.8%
17%

17%
12%

11.0%
26%

24%
31%

14%

3% 1%

6%
$3,399

$4,082
$3,502

$3,821

$5,203
$3,628

$3,992
$3,427

$4,417

$505
$373

$546

$618
$431

$424
$479

$614
$412
6% 29%
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 3Q13 4Q13 2Q14
8% EBITDA
Annual growth BY Margin
* Million pesos.
10% BRAND

14% 23%

Vips information
includes El Portón
STRONG
FINANCIAL POSITION 22% 78%
Debt structure 2Q14

Capital structure 2Q14 Bond Debt 34%

2Q13 2Q14 Long Term Debt
Bank Debt 66%
Net Debt / EBITDA 1.6x 2.0x Short Term Debt
EBITDA / Interest paid 8.5x 7.2x

$1,130
$642
Weighted average
cost of debt (2) 4.55% Year % Maturity

$2,821

$6,141
Leverage (3) 35.3%
2014 16% $1,180
2015 12% $850
Stockholders equity 11,243 mdp 2016 17% $1,227 2Q13 2Q14

2017 15% $1,080 Net Debt

(1)  According to bank loan covenants 2018 40% $2,934 Cash
(2)  Considers Mexican pesos credit loans and TIIE of 3.81%
(3)  Leverage = Net debt / (Net debt + Stockholders Equity).
STORE ECONOMICS
AVG. LMT
Average Investment (000´s USD$) Annual Revenues / Investment
2000 3.0

2.5
1600
2.0
1200
1.5
800
1.0

400 0.5

0 0.0

EBITDA Margin – Store Level ROI – Store Level (1)

30% 50%

40%

20%
30%

20% Figures as of June 2014

10%
Considers an exchange rate of
10% $13.03 pesos

(1) ROI = EBITDA at store level
0% 0% divided by investment

ATRACTIVE AVERAGE
DAILY
VALUATION LIQUIDITY(2)
6.3mdd
3rd YEAR
IN A ROW
IPC INDEX

Alsea Price per Share(1)

STOCK INFORMATION
June 30, 2014
Price 46.67
Shares Outstanding 838.6
EV 45,507

KEY STATISTICS
June, 2014
Aug 2013

Oct 2013

May 2014
Jun 2013

Dec 2013

Mar 2014
Nov 2013

Feb 2014

Jun 2014
Sep 2013

Apr 2014
Jan 2014
Jul 2013

EV/ EBITDA 14.9 x

P/E 37.6 x
Alsea ROIC 9.6%
(1)  Stock Market Information
ROE 10.4%
(2)  Information 2Q-2014
INVESTMENT
HIGHLIGHTS
1. Leader QSR, Coffee Shop & Casual Dining operator in Latin America
2. High potential growth industry in Mexico and South America

3. Strategic regional partner for global leader brands

4. Competitive advantage and operating leverage through our Share Services
Business Model (SCA)

5. Diversified portfolio of leader brands with presence in four countries

6. Proven track record based on profitable growth

7. Experienced executive team and highly trained personnel

8. Solid financial position ready to capture growth opportunities

9. Solid, transparent and institutional Corporate Governance
INVESTOR INFORMATION HEADQUARTERS
Diego Gaxiola Cuevas AlSEA S.A.B. DE C.V.
CFO Av. Paseo de la Reforma #222 – 3rd. Floor
ri@alsea.com.mx Tower 1 Corporativo
Phone: +52 (55) 5241-7151 Col. Juárez, Del. Cuauhtémoc
Zip Code 06600, México D.F
Phone: +52 (55) 5241-7100

The slides of this presentation, contains forward-looking statements regarding the Company’s results and
prospects. Actual results could differ materially from these statements. The forward-looking statements in
this press release should be read in conjunction with the factors described in the risks summary in the
Company’s annual report, which, among others, could cause actual results to differ materially from those
contained in forward-looking statements made in this press release and in oral statements made by
authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise.
Touching people,
enriching moments