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Vigor Alimentos S.A.

Quarter Results Presentation – 1Q13

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This presentation contains forward-looking statements relating to the prospects of the business,

estimates for operating and financial results, and those related to growth prospects of Vigor

Alimentos. These are merely projections and, as such, are based exclusively on the expectations of

Vigor’s management concerning the future of the business and its continued access to capital to

fund the Company’s business plan. Such forward-looking statements depend, substantially, on

changes in market conditions, government regulations, competitive pressures, the performance of

the Brazilian economy and the industry, among other factors and risks disclosed in Vigor’s filed

disclosure documents and are, therefore, subject to change without prior notice.

Disclaimer

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1Q13 Results Highlights

(7.0)% 85.1 mil tons

Value (R$ MM) Change

11.7% 352.4

20.1% 85.4

27.4% 111.0

(42.4)% 13.8

152.4 / 2.8x EBITDA LTM

8.0%

Volume • Impact of reduction in volume of UHT Milk becomes smaller as of this quarter

Total Net Revenue • Growth in sales of the Grego yoghurt / launching of functional yoghurts

Food Service Net Revenue • Food Service gained 1,0 p.p. of revenues share in the quarter

Gross Profit • Growth emerging from better product mix, pricing and cost control

EBITDA • Impact from marketing, trade marketing, new areas and warehousing

Net Debt • Gross debt of R$210,1 million, 55% short-term and 45% long-term

Avg. Cost of Debt • Reduction since pre-payment of Notes and new funding

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Vigor: 94 years of growth in the Brazilian food market

Note: 1. Dairy (yogurt, fermented milk, desserts and petit suisse, “requeijão” cheese spread, parmesan, special cheese, “minas” cheese, cream cheese, fondue and creams) / 2. Spreads (margarines, blend, butter, fats and mayonnaise) / 3. Milk: UHT milk and pasteurized / 4. Others (pastas, sauces, juices, chocolate milk and others).

Dairy1

Higher margins (%) Leading brands in categories Focus in innovation and product launching

Spreads2

High household penetration level Helps diversify the cost matrix Possible to add “brand” equity

UHT Milk3

Low volume Specific channels Margin under strict discipline

Others4

Juices, sauces, chocolate milk and others

Segmento Food Service

Segmento Consumo

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Volume Performance

Volume - Tons 1Q13 1Q12 ∆ %

Dairy 31.354 32.716 -4,2%

Spreads 30.804 34.416 -10,5%

UHT Milk 14.167 14.551 -2,6%

Others 8.738 9.747 -10,4%

Total 85.063 91.430 -7,0%

Growth per Category

(Tons)

Volume (Tons)

85.063

91.430

1Q131Q12

(7,0)%

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Net Revenues Performance

Net Revenue - R$ Thousand 1Q13 1Q12 ∆ %

Dairy 196.673 176.289 11,6%

Spreads 107.846 92.862 16,1%

UHT Milk 26.185 24.132 8,5%

Others 21.655 22.221 -2,5%

Total 352.359 315.504 11,7%

Growth per Category (R$ thousand)

Net Revenues (R$ thousand)

352.359

315.504

1Q131Q12

11,7%

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Net Revenues Breakdown

Food Service Growth: 20.1%

Net Revenues Breakdown per Segment (In %)

Net Revenues Breadown per Category (In %)

Dairy56%

Spreads31%

UHT Milk7%

Others6%

76%77%

24%23%

1Q131Q12

Consumption Food Service

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Gross Profit and EBITDA

EBITDA and EBITDA Margin (R$ thousand and %)

Gross Profit and Gross Margin (R$ thuosand and %)

111.004

87.161

1Q131Q12

27,4% 7,2%

3,9%

13.817

23.973

1Q131Q12

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Cash Flow and Leverage

Line Rate Due Date Balance

Working Capital CDI + 2,5% 08/17/15 94.047

EGF Juros 5,5% 06/19/14 57.629

Working Capital TJLP+ 3,35% a.a 10/15/15 49.693

BNDES Automatic Juros de 8,7% 04/14/21 7.509

FCO Juros de 10% 05/02/14 866

BNDES_Aut. Juros de0,97% a 1,18% am 02/16/16 327

Total 210.071

Net Debt Cash Gross Debt

210.1

Short-term:

55%

93.9

116.2

57.7

152.4

Net Debt – R$ million

Cash Flow in 1T13 – R$ million

Gross Debt Breakdown – R$ thousand

93,0

16,5 52,0

18,028,5 10,3

57,7

Beginning Cash

Cash from Op

Working Capital

Capex Funding Debt Payment

Ending Cash

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Contact:

ri@vigor.com.br

Thank you!