Grupo Nutresa S A : Separate Financial Statements Fourth Quarter 2021

Grupo Nutresa S. A.

Separate Financial Statements

as of December 31st, 2021 and 2020

Statutory auditor's report on the separate financial statements

(Free translation from the original in Spanish)

To the Shareholders of Grupo Nutresa S. A.

Opinion

I have audited the accompanying separate financial statements of Grupo Nutresa S. A., which include the separate statement of financial position as at December 31, 2021, and the separate statements of comprehensive income, changes in the shareholders' equity and cash flows for the year then ended, and the notes to the financial statements, including a summary of the significant accounting policies.

In my opinion, the accompanying separate financial statements, faithfully taken from the accounting books, present fairly, in all material aspects, the financial position of Grupo Nutresa S. A. as at December 31, 2021, and the results of its operations and cash flows for the year then ended, in accordance with the accounting and financial reporting standards accepted in Colombia.

Basis for the opinion

I conducted my audit in accordance with the financial reporting auditing standards accepted in Colombia. My responsibilities in accordance with these standards are described below in the section of the Statutory Auditor Responsibilities with respect to the audit of the financial separate statements of this report.

I am independent of Grupo Nutresa S. A. in accordance with the Code of Ethics for Professional Accountants in the International Ethics Standards Board for Accountants (IESBA) together with the requirements of ethics that are applicable to my audit of the separate financial statements in Colombia, and I have complied with the other responsibilities of ethics in accordance with these requirements and with the Code of Ethics of the IESBA.

I believe that the audit evidence that I obtained is sufficient and appropriate to provide a basis for my audit opinion.

Emphasis of matter

I draw attention to Note 22.4 to the financial statements, which states that the Grupo Nutresa, pursuant to Decree 1311 dated October 20, 2021, has chosen to recognize directly in equity the changes in deferred taxes generated by the increase in the income tax rate enacted by Act 2155 - Social Investment Act, datedSeptember 14, 2021, affecting retained profits with an expense amounting to $861 billion and not the income of the period, as set forth in IAS 12 - Income taxes. My opinion is not changed on this matter.

To the Shareholders of Grupo Nutresa S. A.

Other information

The Management is responsible for the other information. The other information includes the business group special report, legal provisions, and evaluation on the performance of the systems of disclosure of information and control of financial information we obtained prior to the date of this audit report, but does not include the financial statements, neither my reports as a statutory auditor, nor the management report on which I pronounce later in the section "Report regarding other legal and regulatory requirements" in accordance with the requirements defined in Article 38 of Act 222 of 1995.

My opinion on the financial statements does not cover the other information and I do not express any form of conclusion that would provide a degree of assurance about it. With regard to my audit of the financial statements, my responsibility is to read the other information and, in so doing, consider whether there is a material inconsistency between the other information and the financial statements or the knowledge I have obtained in the audit or whether there appears to be a material misstatement in the other information for any other reason. If, based on the work I have done, I conclude that there is a material misstatement in this other information, I am obliged to report it. I have nothing to report on this.

Responsibilities of the management and managers on the separate financial statements

The management is responsible for the adequate preparation and fair presentation of these accompanying separate financial statements, in accordance with the accounting and financial reporting standards accepted in Colombia, and for the internal control as the management determined necessary for the preparation of these separate financial statements to be free from material misstatement due to fraud or error.

In the preparation of separate financial statements, the management is responsible for the assessment of the ability of the Group to continue as a going concern, revealing, as appropriate, any matters relating to the ongoing concern principle, and using the accounting going concern principle, except if the management intends to liquidate the Group or to cease its operations, or that there is no more realistic alternative than to do so.

The managers are responsible for the oversight of the financial reporting process of the Group.

Responsibilities of the statutory auditor regarding the audit of the separate financial statements

My objective is to obtain a reasonable assurance that the separate financial statements, as a whole, are free from material misstatement, due to fraud or error, and to issue an audit report that contains my opinion. "Reasonable assurance" is a high degree of assurance, but it does not guarantee an audit conducted in accordance with the financial reporting auditing standards accepted in Colombia always detects a material misstatement when it exists. The misstatements may be due to fraud or error and are considered material if, individually or in aggregate, it is possible to anticipate that they influence the economic decisions made by users based on the separate financial statements.

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To the Shareholders of Grupo Nutresa S. A.

As part of an audit in accordance with the financial reporting auditing standards accepted in Colombia, I apply my professional judgment and maintain an attitude of professional skepticism throughout the audit. I also:

• Identify and assess the risks of material misstatement in the separate financial statements, due to fraud or error; design and apply audit procedures to respond to these risks; and obtain sufficient and appropriate audit evidence to provide a basis for my opinion. The risk of not detecting a material misstatement due to fraud is higher than a material misstatement due to error, because fraud may involve collusion, counterfeiting, deliberate omissions, intentionally wrong manifestations or internal control circumvention.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
• Assess the appropriateness of accounting policies applied, reasonableness of accounting estimates and the corresponding disclosures performed by the management.
• Conclude on the appropriateness of the use by the management of the accounting going concern principle and, based on the audit evidence obtained, I conclude on whether or not there is a material uncertainty related to events or conditions that can generate significant doubts about the ability of the Group to continue as a going concern. If I conclude that there is a material uncertainty, it is required to draw the attention on my audit report on the related information disclosed in the separate financial statements or, if those disclosures are not adequate, I express a modified opinion. My conclusions are based on the audit evidence obtained up to the date of my audit report. However, facts or future conditions may cause the Group to cease being a going concern.
• Assess the overall presentation, structure and content of the separate financial statements, including the information disclosed, and whether the separate financial statements represent transactions and underlying facts so that the fair presentation is achieved.
• I communicate to the managers, any issues related to scope and timing planned of the audit and significant findings of the audit, as well as any significant internal control weaknesses I identify in the course of the audit.

Report regarding other legal and regulatory requirements

The management is also responsible for complying with certain regulatory requirements in Colombia, related to the management of accounting documentation, the preparation of management reports, and thetimely and proper payment of contributions to the Integral Social Security System. My responsibility as statutory auditor in these matters is to perform review procedures to issue an opinion on its appropriate compliance with them.

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To the Shareholders of Grupo Nutresa S. A.

Accordingly, in my opinion:

1. The Company's accounting records for the year ended on December 31, 2021 have been kept in conformity with legal regulations and accounting technique, and transactions therein recorded conform to the bylaws and decisions of the Shareholders' Meeting and Board of Directors.
2. The correspondence, accounting vouchers, books of minutes and partner register are properly kept and safeguarded.
3. Due concordance exists between the accompanying separate financial statements and the report prepared by the management. The managers have stated in such management report that they did not hinder the free circulation of invoices issued by the vendors or suppliers.
4. The information contained in the returns for self-computation of contributions to the Integral Social Security System, particularly regarding the affiliates and their income basis for contribution, has been taken from the accounting records and supporting documents. At December 31, 2021, the Company is not in arrears regarding the payment of contributions to the Integral Social Security System.
5. The Entity has implemented the System to Prevent and Control the Risk of Money Laundering and Terrorism Financing, in accordance with that established in External Circular 062 of 2007, issued by the Superintendency of Finance.

In compliance with the statutory auditor's responsibilities stated in sections 1 and 3 of Article 209 of the Code of Commerce, in connection with assessment of whether the acts of the management of Grupo Nutresa S. A. conform to the bylaws, orders and instructions of the Shareholders' Meeting, and whether appropriate measures of internal control, safekeeping and custody of the Company's assets or those of third parties in its possession are in place, I have issued a separate report dated February 24, 2022.

Juber Ernesto Carrión

Statutory Auditor

Professional card No. 86122-T

Appointed by PwC Contadores y Auditores S.A.S.

February 24, 2022

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