BTG PactualLatin America Opportunities

April, 2015

Our Profile

Marfrig is one of the largest and most diversified global food companies

One of the largest poultry-based

processed products suppliers in the UK

and Europe

World’s 3rd largest beef producer and

one of South America’s largest lamb suppliers

Diversified geographic presence

in animal protein, serving the Retail and Food Service

Channels

One of the world’s largest providers of processed food to

major QSRs

Presence incountries in the Americas, Europe, Asia and Oceania

16 Serving global retail and food chains in overcountries

More than

employees

45,000 78 commercial production anddistribution units 110

2

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Corporate Profile

Net Revenue(R$ billion)

3

Revenue Breakdown - 2014

Marfrig Beef

Keytone

Moy Park

46% 28% 26%

USDEUR/GBPBRLOther

42% 26% 20% 12%

Processed

Fresh

Other

46% 45% 9%

% by Business % by Currency % by Product

1.0 1.3 1.43.3

2.1

6.2

9.6

15.9

21.923.7

18.821.1

23.0 – 25.0

2014 Guidance Achievement

Note: (1) Revenue calculated in R$ billion based on FX rate of R$2.40/US$ in 2014 and stable going forward, with no projected inflation.(2) Excludes non-recurring items.

2014Target Range (1)

2014Actual

Net Revenue R$21.0bn to R$23.0bn

R$21bn

EBITDA Margin (2) 7.5% - 8.5% 8.5%

Investment(CAPEX)

R$600Mn R$639Mn

Free Cash Flow to Shareholders

Breakeven to R$100Mn

R$56Mn

4

Moy Park

6

Net Reveues Breakdown - 2014

% by Market % by Protein

Operational Profile

Processed

Fresh Meat

Other

UK

Continental Europe

Other

53% 40% 7%78% 22%1%

Moy Park at-a-Glance

Moy Park

Plants 14

Employees 12.3 k

Annual Capacity (slaughter) 240 Mn

Annual Processing 270 MT

Share of Marfrig Global Foods

26% 23%

Net Revenues EBITDA

Moy Park at-a-Glance

7C

usto

mers

Pro

du

cts

Primary Fresh Convenience & Meat Free

Ch

an

nel

Mix

UK & Ireland

(78% of revenues)

Continental Europe

(22% of revenues)

75% 12% 13%

Retail Food Service Other¹

18… 82…

Retail Food Service

Ready to Eat Coated

Note: Percentage of 2014revenues ¹ Other includes agricultural customers, customers in the international traded poultry market and purchasers of poultry by-products

v

Strategic Take outs

Leading player in a unique market with attractive structural growth trends

Operational excellence delivering consistent margin growth

Productivity agenda to continue in Moy Park, focusing more intensely on SG&A expenses

reduction

Subject to market conditions Company will IPO in 2015

8

Moy Park | Financial Projections

9

Adjusted EBITDA Margin

2014A 2018 Target

7.4%

Net Sales R$ 5.5 bn8.5% - 10.0%

CAGR 14-18

2013A

6.5%

R$ 4.7 bn

7.5% - 8.5%

Note: Values stated in R$ million, except when stated otherwise Projections considered FX rate of R/£$ = 4.30 in 2015 and flat onwards, no projected inflation Projected Adjusted EBITDA does not consider non-recurring items

Keystone Foods

Keystone at-a-Glance

11

Net Revenues Breakdown - 2014

EUA

APMEA

74% 26%

Processed Poultry

Processed Beef

Other

73% 23% 4%

% by Market % by Protein

Operational Profile

USA APMEA

Plants 11 7

Employees 6.3 k 5.1 k

Annual Capacity (slaughter) 196 Mn 40 Mn

Annual Processing 470 MT 150 MT

Share of Marfrig Global Foods

28%25%

Net Revenues EBITDA

Key Accounts to Accelerate Growth and Margin

12

Significant business with global brand owners in the QSR, Foodservice, Retail and Industrial channels

Key Account Further Processing and Value Added Sales (US$ millions)

225 232 273373

458 48539 4954

57

7378

264 281327

430

531 563

2009 2010 2011 2012 2013 2014

U.S. APMEA

Select

Key

Accounts

CAGR +16.4%

Growth in APMEA

13

Keystone is uniquely positioned in APMEA

Malaysia

Malaysia, Middle East, Singapore

Retail & export, Halal certification

Korea

Domestic focus

Global QSR, local food service

Australia

Beef focus

Global QSR

Thailand

Export-oriented, Japan, UK, EU, Singapore

Retail, Food Service, QSR

Slaughter Processed food Other

China

Complete country coverage

Global QSR, local QSR, Food Service, Retail

APMEA 2014 Key Account Volume

(2014 volume)

33%

28%

24%

13%

2%Retail

Wholesale

QSR

Food

Service

도니버거숙대점-Doni Burger

Strategic Take Outs

14

Growth and expansion prospects for 2015 and beyond

Our success with Key Accounts continues and we will strengthen this business with “wins” in

both the U.S. and APMEA

Our innovation and food safety & quality track record will be key in our effort to grow

market share and strengthen our existing customer relationships

Keystone | Financial Projections

15

AdjustedEBITDA Margin

2014A 2018 Target

7.4%

Net SalesR$ 5.9 bn

7.5% - 9.0%CAGR 14-18

2013A

6.4%

R$ 5.3 bn

8.0% - 9.0%

Note: Values stated in R$ million, except when stated otherwise Projections considered FX rate of R$/US$ = 2.70 in 2015 and flat onwards, no projected inflation Projected Adjusted EBITDA does not consider non-recurring items

Marfrig Beef

Marfrig Beef at-a-Glance

17

Net Revenues Breakdown - 2014

Brazil Uruguay/Chile Argentina

79% 17%4%

Fesh Meat

Processed

Lamb, Leather, Other

76%7% 17%

% by Country % by Protein

Operational Profile

BRA UY+CH ARG

Plants 22 7 2

Employees 17.2 k 3.3 k 900

Annual Capacity(slaughter)

3.7 Mn 880 k cattle

2.1 Mn lamb

340 k

Share of Marfrig Global Foods

46% 52%

Net Revenues EBITDA

Strategic Take outs

The international demand for beef to sustain margins at reasonable levels despite of the

cattle price pressures

Continued exports growth, increasing even further participation in total sales (already rose to

45.5% in 2014 from 36.9% in 2012)

We expect further savings from Brazil’s Productivity Agenda and the implementation of this

agenda in Uruguay, Argentina and Chile

Uruguay should maintain strong performance

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Marfrig Beef | Financial Projections

19

AdjustedEBITDA Margin

2014A 2018 Target

9.7%

Net Sales R$ 9.7 bn7.0% - 9.0%

CAGR 14-18

2013A

9.2%

R$ 8.7 bn

8.0% - 10.0%

Note: Values stated in R$ million, except when stated otherwise Projections considered FX rate of R$/US$ = 2,70 in 2015 and flat onwards, no projected inflation Projected Adjusted EBITDA does not consider non-recurring items

4Q14 & FY2014Results

Financial Performance | Consolidated

21

Net Revenues(R$ million)

+ 19%

Main factors for growth compared to 4Q13:

Moy Park +13%: (i) a positive impact from exchange variation of 9% in the period; (ii) strong sales volume growth of

fresh poultry and convenience coated products across the Retail and Food Service channels in the United Kingdom andIreland; (iii) the consolidation of Marfrig Beef Brazil’s European beef business into Moy Park

Keystone +21%: (i) the positive effect from exchange variation in the period (12%); (ii) double-digit growth in China

reflecting volume share gains and overall market recovery from the 2013 China A.I. outbreak

Marfrig Beef +22%: (i) group’s stronger exports from Brazil and international operations; (ii) increase in sales volume in

the Brazilian Domestic Market, partially offset by the drop in average price resulting from the shift in the product mix, withmore-premium products directed to export markets

+ 12%

Adjusted EBITDA Margin compared to 4Q13:

Moy Park + 70 bps to 8.3%

Keystone + 140 bps to 8.3%

Marfrig Beef + 30 bps to 10.3%

Financial Performance | Consolidated

22

Adjusted EBITDA and Margin(R$ million and %)

Breakdown by business – 4Q14(%)

+ 23%+ 30%

Consolidated Adjusted EBITDA Margin in 4Q14 of 9.2%, surpassing the higher

target of the “FOCUS TO WIN” strategy

Liquidity and Debt | Consolidated

23

4Q14 Maturity Schedule(R$ million)

Short-term: R$ 1.7 bi

Debt maturity profile structuraly stretched , with first large maturity due only in 2018

Liquidity and Debt | Consolidated

24

Indebtedness R$ million

Gross Debt 11,061

Cash & Equiv. (2,659)

Net Debt 8,402

Indicators 3Q14 4Q14

Net Debt / Annualized Adjusted EBITDA

4.33x 3.83x

Net Debt / EBITDA LTM (1) 4.84x 4.98x

Net Debt / Total Assets 0.37x 0.42x

Cash and Equivalents / Short-Term Debt

2.47x 1.60x

Current Liquidity (*) 2.18 1.79

Duration (months) 50 49

Average Cost ** (p.a.) 7.6% 7.7%

Short Term (%) 11.7% 15.0%

Long Term (%) 88.3% 85.0%

In BRL (%) 5.8% 8.4%

Other Currencies (%) 94.2% 91.6%

* Current Liquidity = Current Assets / Current Liabilities** Excludes the interest paid on the mandatorily convertible debentures(1) Closing R$/US$ 2.66 for Debt. EBITDA FX R$/US$ 2.35

Leverage ratio of banking and marketfinancing transactions, excluding theeffects of exchange variation, ended 4Q14at 3.42x

LTM EBITDA has yet to fully capture thedepreciation in the BRL

LTM Average Exchange Rate wasR$2.35/US$, compared to the rate ofR$2.66/US$ at the end of 4Q14 used inthe debt calculation

Cash Flow | Consolidated

25

Free Cash Flow (after CAPEX and Interest)(R$ milhões)

Free cash flow in the year was R$56 million, delivering the guidance provided to themarket of positive free cash flow in 2014

Final Remarks

Final Remarks

How we see 2015

Lean and experienced management team focused on quality execution of our mid-long

term strategy

Focus on organic and profitable growth on the back of current positive trends in the animal

protein space

Financial discipline: strict working capital and capex management

Moy Park: IPO subject to market conditions

Marfrig Beef: continued exports growth, increasing even further participation in total sales

(already rose to 45.5% in 2014 from 36.9% in 2012)

Keystone: Focus on increase Key Accounts client base. APMEA taking the lead

27

Final Remarks

For 2018:

Revenues to grow at a CAGR in the high single digit

International operations to account for more than 60% of the Groups profitability

Leverage around 2.5x, supported by free cash flow in excess of R$650 mm/year

Highly experienced management team leading a global food platform

Sound strategy and quality execution to increase market capitalization

We see ourselves as a multi-year deleveraging story marked by (i) improved operating

performance; (ii) lower interest expenses (and consequently expanding FCF); and (iii)

attracting equity through the subsidiaries to accelerate debt reduction in absolute terms

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Financial Projections

29

Adjusted EBITDA Margin

2014A 2015E 2018 Target

8.5% 8.0% to 9.0% 8.5% to 9.5%

Net Sales R$ 21.0 bnR$ 23.0 -

R$ 25.0 bn

7.5% - 9.5% CAGR 14-18

(over R$ 28 bn)

Capex R$ 639 R$ 650 n/a

Free Cash Flow R$ 56R$100 toR$200

R$ 650 to R$850

2013A

7.7%

R$18.7 bn

R$ 811

(R$1,945 )

Note: Values stated in R$ million, except when stated otherwise Projections considered FX rate of R$/US$ = 2.70 and R$/£=4.30 in 2015 and flat onwards, no projected inflation Projected Adjusted EBITDA does not consider non-recurring items

This material is a presentation of general information about Marfrig GlobalFoods S.A. and its consolidated subsidiaries (jointly the “Corporation”) on thedate hereof. The information is presented in summary form and does notpurport to be complete.

No representation or warranty, either expressed or implied, is made regardingthe accuracy or scope of the information herein. Neither the Company nor anyof its affiliated companies, consultants or representatives undertake anyresponsibility for any losses or damages arising from any of the informationpresented or contained in this presentation. The information contained in thispresentation is up to date as of December 31, 2014, and, unless statedotherwise, is subject to change without prior notice. Neither the Corporationnor any of its affiliated companies, consultants or representatives have signedany commitment to update such information after the date hereof. Thispresentation should not be construed as a legal, tax or investmentrecommendation or any other type of advice.

The data contained herein were obtained from various external sources andthe Corporation has not verified said data through any independent source.Therefore, the Corporation makes no warranties as to the accuracy orcompleteness of such data, which involve risks and uncertainties and aresubject to change based on various factors.

This presentation includes forward-looking statements. Such statements donot constitute historical fact and reflect the beliefs and expectations of theCorporation’s management. The words “anticipates,” “hopes,” “expects,”“estimates,” “intends,” “projects,” “plans,” “predicts,” “projects,” “aims” andother similar expressions are used to identify such statements.

Although the Corporation believes that the expectations and assumptionsreflected by these forward-looking statements are reasonable and based onthe information currently available to its management, it cannot guaranteeresults or future events. Such forward-looking statements should beconsidered with caution, since actual results may differ materially from thoseexpressed or implied by such statements. Securities are prohibited from beingoffered or sold in the United States unless they are registered or exempt fromregistration in accordance with the U.S. Securities Act of 1933, as amended(“Securities Act”). Any future offering of securities must be made exclusivelythrough an offering memorandum. This presentation does not constitute anoffer, invitation or solicitation to subscribe or acquire any securities, and nopart of this presentation nor any information or statement contained hereinshould be used as the basis for or considered in connection with any contractor commitment of any nature. Any decision to buy securities in any offeringconducted by the Corporation should be based solely on the informationcontained in the offering documents, which may be published or distributedopportunely in connection with any security offering conducted by theCompany, depending on the case.

Disclaimer

IR Contacts

E-mail

ri@marfrig.com.br

Website

www.marfrig.com.br/ri

Endereço

Avenida

Chedid Jafet, 222

Bloco A 5º andar -

São Paulo - SP SP: +55 (11) 3792-8994

Telefone

@