GrupoGrupo BimboBimboMarch 2006March 2006

Table of ContentsTable of Contents

I.I. Company OverviewCompany Overview

II.II. Strategic OverviewStrategic Overview

MexicoMexicoBimbo Bakeries USABimbo Bakeries USAOrganizacion LatinoamericaOrganizacion Latinoamerica

III. Financial PerformanceIII. Financial Performance

Company OverviewCompany Overview

GrupoGrupo Bimbo Today…Bimbo Today…

• A global leaderglobal leader in the baking industry

•• #1 in the Americas#1 in the Americas; revenues of US$5.2 billion*

• Driving industry consolidationconsolidation in Latin America and the U.S.

Geographic presence: 15 countries+ 81,000 associates

Production capacity: 71 plants

Distribution structure: + 30,000 routes+ 900 depots+ 200 retail bakeries3 trading agencies

Commercial strength: + 5,000 SKU’s+ 100 highly recognized brands+ 1.5 million points of sale

* LTM as of December 31, 2005

Grupo Bimbo Today...Grupo Bimbo Today...

Mexico (Bimbo & Mexico (Bimbo & BarcelBarcel Divisions)Divisions)• Leading producer of packaged sliced

bread and sweet baked goods.

• #2 player in the cookies and crackers market.

• #2 player in salty snacks and confectionery markets.

Bimbo Bakeries USA (BBU)Bimbo Bakeries USA (BBU)• Leading baker in the West.

• Leader in Texas and California.

• #4 player in the country.

Organizacion LatinoamericaOrganizacion Latinoamerica (OLA)(OLA)• Region developed via acquisitions

and new investments.

• Presence in 12 countries in Central and South America.

• Leadership position in 10.

69%

7%

24%

Net Sales = US$ 5.2 billionNet Sales = US$ 5.2 billionBimbo, S.A. de C.V.

Barcel, S.A. de C.V.

7%

3%

90%

EBITDA = US$ 663 millionEBITDA = US$ 663 million

MEXICO BBU OLA

LTM figures as of December 31, 2005

A Global Leader in the IndustryA Global Leader in the Industry

2005 Revenues(US$ millions)5,238

4,584

3,766

3,2973,065 2,926

1,9331,716

1,219

(1)

(2)

(1) Includes Salted Snacks and Confectionary Divisions(2) Figures for Barilla Bakery division (including Kamps AG) reflect most recent public information for fiscal year 2004

Strategic OverviewStrategic Overview

Looking Ahead…Looking Ahead…

The worldThe world’’s leading baking s leading baking

company and one of the top food company and one of the top food

companies globallycompanies globally

We are:

Mexico: 4Q05 resultsMexico: 4Q05 resultsRevenue Growth: 9.6%Revenue Growth: 9.6%

Outstanding sales volume performance

Particularly in sweet baked goods, cookies, chips, cereal bars, salted snacks and confectionery products

Growth stands out in the demand for “healthy”products

Acquisitions: contribution of 4.4 pp to the quarter’s increase

Operating Margin: 15.0%Operating Margin: 15.0%

Favorable price trend for certain raw materials, mainly wheat flour and sugar

FX appreciation

Absorption of fixed costs and expenses

Efficiency of the distribution network

Reduction in advertising and administrativeexpenses

OPERATING MARGIN(%)

12.712.612.2

15.013.3

11.910.4

14.114.411.5

10.4

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

2003

2004

2005

SALES GROWTH(%)

8.47.4

6.2

9.6

8.16.7

9.1

6.57.8

9.3

6.0

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

2003

2004

2005

Figures as of December 2005

Growth Potential: MexicoGrowth Potential: Mexico

• Working women

• Consumer trends: convenience and nutrition

• New categories: cereal bars, “tostadas”, acquisitions

• Synergistic acquisitions: Joyco, La Corona

• Greater export activity

• New products: almost 200 launched in 2005

• Extension of the distribution network in the traditional channel

• Distribution to non-traditional points of sale

• Achieve synergies from our distribution strength

• Optimize the organizational structure

Bimbo Bakeries USABimbo Bakeries USA

BBU’sBBU’s BackgroundBackground

3.7

0.30.7

6.7 6.4

4.11.9 2.3 2.4

(1.0)

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

FourFour--SSTexas: Texas:

distribution distribution conversionconversion

BB

U E

BIT

DA

Mar

gin

(%)

LowLow--carbcarbcrazecraze

Economic Economic slowdownslowdownFigures as of December 2005

Situation Assessment: TrinitySituation Assessment: Trinity

Transformation RoadmapTransformation Roadmap

Back to BasicsBusiness

PerformanceRevenue

Generation1

9

4

3

7

2

106 5

8

Turnaround TransformationSustainable, Profitable Growth

Market Execution Operational EfficienciesControl & Accountability

4. Returns reduction5. Allowances rationalization6. Client rationalization7. SKU rationalization8. Hispanic growth

9. Supply chain optimization10. Shared services

1. Organizational restructure2. Financial control & visibility3. Process control

Transformation RoadmapTransformation Roadmap

CONTROL & ACCOUNTABILITYCONTROL & ACCOUNTABILITY

• Simplify, standardize and centralize BBU’sBBU’s structurestructure

•• Financial ReportingFinancial Reporting – increased visibility

•• Process ControlProcess Control: BXXI, Modern Depot, PCS (Product Control), SICOM and Hyperion Planning underway

MARKET EXECUTIONMARKET EXECUTION

•• ReturnReturn improvement

• SKUs, Allowance and Client rationalizationrationalization

•• Hispanic brand growthHispanic brand growth initiative

OPERATIONAL EFFICIENCIESOPERATIONAL EFFICIENCIES

•• ClosingClosing of La Mirada plant

•• ProductionProduction optimization

•• AMDutchAMDutch / PC Data/ PC Data

•• Shared Services CenterShared Services Center

BBU: 4Q05 resultsBBU: 4Q05 results

7.0

2.8

0.81.1

(0.6) (0.2)

2.8

1.7

3.73.4

2.9

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

2003

2004

2005

Revenue Growth: 7.3% in USDRevenue Growth: 7.3% in USDCombination of: US and Hispanic branded and private label volume gains

Continuing increasing market share in bread and baked goods

Relationship with key customers: awarded Category Partner status by Kroger, Target and Albertson’s

Operating Margin: 0.3%Operating Margin: 0.3%

First full year of profits, EBIT margin of 0.6%

Third consecutive quarter of profits

Focus on our plan

Lower commodity prices, excluding energy. Reduction in labor costs due to a lower workers compensation expenses

Higher absorption of fixed costs and expenses

0.6

(3.3)(2.5) (2.4)(2.2)

(1.7)(1.0)

1.51.4

0.3

(2.2)

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

2003

2004

2005

Sales Growth(%)

Operating Margin(%)

Figures as of December 2005

Challenges AheadChallenges Ahead

• Higher commodity prices

• Higher energy prices

• Aggressive competition

• Tougher comparables vs previous year results

Organizacion Organizacion LatinoamericaLatinoamerica

OLA’s OLA’s EnvironmentEnvironment

•• Continued growthContinued growth in the region, primarily in Venezuela, Peru and Chile

• Stable exchange rates in Venezuela, Argentina and Peru; appreciations in Colombia, Brazil and Chile

• Increasing inflation, mainly in Venezuela and Argentina

• Multiple presidential elections in 2006 in the region

OLA: 4Q05 resultsOLA: 4Q05 results

252 274316

372

2002 2003 2004 2005

9%15%

18%

OLA Sales(mm USD)

YTD Volume 2005 vs 2004

7% 8%12% 13%

15% 16%

4%

Col Brazil Arg. CA Chile Peru Ven

1.3

(3.3)

(5.1)

(1.9) (1.3)(0.9)

0.91.1

3.4

(4.6)

(2.3)

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

2003

2004

2005Operating Margin

(%)2005 Highlights2005 Highlights

•• Strong volume increase, particularly in Chile, Strong volume increase, particularly in Chile, Peru and VenezuelaPeru and Venezuela

•• First FY of profits, 4 pp swing from 2004 lossFirst FY of profits, 4 pp swing from 2004 loss

•• Performance improvement in Brazil and Performance improvement in Brazil and ArgentinaArgentina

•• Solid profits in Chile and PeruSolid profits in Chile and Peru

•• 44thth quarter benefited by reduction in quarter benefited by reduction in depreciationdepreciation

Challenges in Latin AmericaChallenges in Latin America

• Low perLow per capita capita consumption of packaged consumption of packaged breadbread

••Low household penetrationLow household penetration50%

40%

Penetration of packaged bread / total bread consumption 72%

20%

3%9%6%2%2%1%1%

Peru Chile Argentina Brazil Venezuela Colombia LA Mexico USA

28%25%

17%10%

Peru Chile Brazil Argentina Venezuela Colombia

Challenges in Latin AmericaChallenges in Latin America

••Low physical distribution (%)Low physical distribution (%)

••Brazil performanceBrazil performance

36%

20%17%

13%11%5%

Brazil Venezuela Peru Argentina Colombia Chile

Operating Income (%)

2003 2004 2005

Strategies 2006Strategies 2006

• Generate Growth

Increase physical distribution (+40%)

Acquisitions

New products

• Reduce distribution costs

IO’s model to accelerate geographic coverage

Opportunity in pre-sales model and warehouse costs

• Improve Brazil’s performance

Strong growth: increase physical distribution, innovation in specialty breads and sweet goods

Distribution model changes

GrupoGrupo Bimbo’s Bimbo’s Financial PerformanceFinancial Performance

4Q05 Financial Performance4Q05 Financial PerformanceOperating income growth: 11.6%

• Gross margin improvement due to lower raw material prices, higher productivity, and strong peso

• Continuous opportunities derived from the information systems

• First full year of operating profits at international operations

Top-line growth: 7.6%

• Ongoing growth trend, as a result of volume gains and selective price increases

• Continued benefits from product launchings and channel segmentation project

• Strong market dynamics in Mexico, UnitedStates, Chile, Peru and Venezuela

• Acquisitions in 2005 accounted for 3.1 pp

Sales Growth(%)

Operating Margin(%)

9.311.2

9.8

8.7

7.0

9.49.4

6.96.2

7.1

8.0

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

2003

2004

2005

6.7

5.23.9

6.5

4.65.0

6.3

5.8

7.0 7.6

5.0

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

2003

2004

2005

Figures as of December, 2005

Sustained Sales GrowthSustained Sales Growth

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Mexico International

7.5 % 7.5 % CAGRCAGR

27,18027,180

56,10256,102

Figures in millions of Mexican pesos as of 2005

89% 87% 86% 76% 73% 74% 75% 68% 66% 67%

11%13%

14%24% 27% 26%

25%32%

34%33%

66%

31%

Strong Cash Flow GenerationStrong Cash Flow GenerationEBITDAEBITDA

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

7,0987,098

2,5862,586

10.6 % 10.6 % CAGRCAGR

Figures in millions of Mexican pesos as of 2005

Operating MarginsOperating Margins

8.2%9.3% 9.7% 10.3% 9.7%

6.7% 7.1%8.0%

9.3%

12.3%13.5% 13.8% 13.7% 14.1% 13.6%

10.0% 10.3%11.1%

12.7%

9.9%

7.0%

9.5%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Operating Margin EBITDA Margin

Launch of the Launch of the technological technological transformationtransformationMrs. Baird’s Mrs. Baird’s

acquisitionacquisition Oroweat Oroweat acquisitionacquisition PEARL PEARL

projectproject

Operational Operational and and

commercial commercial transformationtransformation Int’l operations Int’l operations

EBIT EBIT turnaroundturnaround

Figures as of December 2005

EBITDA Margin by RegionEBITDA Margin by Region

10.3 11.112.713.6

10.0

14.112.3

13.5 13.8 13.7

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

ConsolidatedConsolidated

15.4 15.617.6 17.6 18.2 17.4

14.7 15.3 15.6 16.0

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

MexicoMexico

6.7 6.44.1

2.3 2.4 2.51.9 0.3(1.0)0.7

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

United StatesUnited States

(5.7) (6.0)

3.05.51.90.8

0.13.4

(6.4)(1.2)

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Latin AmericaLatin America

Figures as of December 2005

Financial RatiosFinancial Ratios

14.6%14.8%

7.0% 6.1%

2002 2003 2004 2005

ROEROE ROICROIC

8.9%

12.0%

9.5%11.3%

2002 2003 2004 2005

• Sustained operating recovery in all regions.

• Tax benefits collected registered in 4Q03 and 3Q04.

• Debt prepayments during 2003 and refinancing in 2004.

Figures as of December, 2005

ROIC: Return on invested capital

ROE: Return on equity

Financial RatiosFinancial RatiosOroweatOroweat

acquisitionacquisition

279 206409

218

456

905

641

420 395

-32

0.60.8

1.5

2.1

1.2

0.7 0.5

-0.1

0.9

1.2

-100

100

300

500

700

900

1,100

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005(0.1)

0.4

0.9

1.4

1.9

Net Debt Net Debt / EBITDA

Stock Buy BackStock Buy Back

Debt Debt prepayments prepayments

US$263 millionUS$263 million

MrsMrs BairdBaird’’s s acquisitionacquisition

Int’l Int’l operations operations

EBIT EBIT turnaroundturnaround

Figures as of December 2005

Debt ProfileDebt ProfileAmortization ScheduleAmortization Schedule

2005 2006 2007 2008 2009 2010 2011 2012

IFC Local Bonds Revolver Facility EBITDA

663 663 (a)(a)

12

265

183

106 125

69

Figures in USD millions as December 2005(a) EBITDA for 2005

BIMBOA vs. Mexican BolsaBIMBOA vs. Mexican BolsaIPC component since 2/1999; among Mexico’s top 20 in revenues anIPC component since 2/1999; among Mexico’s top 20 in revenues and market capd market cap

Oroweat Oroweat acquisitionacquisition

VO

LUM

E (m

illion shares)V

OLU

ME

(million shares)

YIEL

D (B

ase=

2000

)YI

ELD

(Bas

e=20

00)

Extraordinary Extraordinary dividend dividend paymentpayment

Tax recovery Tax recovery Ps.1.6 Ps.1.6 bllnblln

Tax recovery Tax recovery Ps.240 mmPs.240 mm

International International turnaroundturnaround

Local Bonds Local Bonds OfferingOffering

-50%

0%

50%

100%

150%

200%

250%D

ec-0

0

Mar

-01

Jun-

01

Sep-

01

Dec

-01

Mar

-02

Jun-

02

Sep-

02

Dec

-02

Mar

-03

Jun-

03

Sep-

03

Dec

-03

Mar

-04

Jun-

04

Sep-

04

Dic

-04

Mar

-05

Jun-

05

Sep-

05

Dic

-05

$ BIMBO MEXICAN BOLSA

March 17, 2006: BIMBOAMarch 17, 2006: BIMBOA Ps. 37.4Ps. 37.4, , Maket CapitalizationMaket Capitalization US$ 4.1 bllnUS$ 4.1 blln, , Average Daily TradingAverage Daily Trading US$ 1.7 mmUS$ 1.7 mm

This presentation contains certain statements that are neither reported financial results nor other historical information. These estimates are forward-looking statements within the meaning of the safe-harbor provisions of the Mexican securities laws. These forward-looking estimates are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Grupo Bimbo’s ability to control or estimate precisely, such as future market conditions, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Grupo Bimbo does not undertake any obligation to publicly release any revisions to these forward-looking estimates to reflect events or circumstances after the date of this presentation.

Net Sales Outpacing GDP GrowthNet Sales Outpacing GDP GrowthBase 100 = 1980Base 100 = 1980

0

100

200

300

400

500

600

70019

80

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

GB Sales Mexico GDP US GDP

Premium Brand RecognitionPremium Brand Recognition

All trademarks are licensed by Grupo Bimbo, S.A. De C.V. Entenmann’s, Thomas’ and Boboli brands licensed by George Weston LTD.

Market ExecutionMarket Execution

• Return Improvement

Focus on driving down returns while maintaining in-stock conditionsthroughout the retail market

• Allowance Rationalization

Optimize and reduce trade marketing promotion spending

• Client Rationalization

Improve and optimize profitability of Restaurant and Institutionalaccounts by increasing net prices

• Profitable capture of new business in Texas and California

• Hispanic Brand Growth Initiative

Drive sales in core Bimbo and Marinela brands

• Contributing 25% of 2005e BBU sales growth

Operational EfficienciesOperational Efficiencies

• Closing of La Mirada plant• Slow and inefficient plant, product quality improved, 55 positions

eliminated, $4.2 mm annual savings

• Production Optimization• “Caps Logistics” software, 508 SKU’s considered, 24 production lines

impacted, $1.7 mm annual savings

• AmDutch / PC Data• Improved: Order accuracy, on-time delivery, product accountability,

product allocations, space utilization• 20% labor reduction: $700K

• Shared Services Center

• Leveraging the size and strength of the Group, R&D

• Financial Services: elimination of 38 FTE’s, annual savings of $2.0mm before charges from SSC