Marfrig Global FoodsDecember 2016

2

DisclaimerThis 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 September 30, 2016, 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.

3

Agenda

� Marfrig Overview

� Business Units: Differentials and Strategy

� Keystone Foods

� Beef

� Global scenario

� 3Q16 Financials

� Why Marfrig?

4

Marfrig Track Record

2007 2008 2009 2010 2011 2012 2013 2014 2015

Marfrig IPO“Novo Mercado”

Moy Park Seara Keystone

Growth based on acquisitions International footprint High Leverage Seara

Sale

Optimization of organizational structure without loosing

global footprint

Moy Park Sale

“Focus to Win” “Productivity agenda” Operational improvements at BU’s Liability management and debt

reduction

Diversified geographic presence in animal protein, serving the

retail and food service channels

One of the world’s top

beef producers and one of

South America’s

largest lamb suppliers

One of the world’s largest

suppliers of processed

food to food service

Major Acquisitions

5

Strategic Actions

VA

LUE

LEV

ERA

GE

Continuous operational improvement and

increased operating cash flow

Adjusting the capital structure and reducing

borrowing costs

Profitable growth and global leadership in

foodservice

FOCUS TO WIN

AC

TIO

NS

GR

EATE

R V

ALU

E TO

S

HA

REH

OLD

ERS

• Searching for productivity + synergies

• Streamlining Beef Brazil production units

• Improving Brazil sales mix

• Selling non core assets

• Closing of Moy Park sale

• Implementing ongoing Liability Management

• Prioritizing organic growth opportunities at Keystone

• Consolidating operating improvements at Beef

6

R$ billion*

Market Cap: 3.9Enterprise Value: 10.0

Production Plants

Distribution Centers

Commercial Units

commercial, production anddistribution units

47 Presence incountries in the Americas, Europe, Asia and Oceania

12 Serving global retail and food chainsin close tocountries 100

Marfrig’s strategy is to continue growing globally in value-

added protein products,

increasing its focus on the food service

segment, and taking advantage

of its highly competitive and geographically

diversified basis to supply beef from South America

* As of December, 2016

Marfrig at a glance

7

Corporate Profile

� Revenue Breakdown – 9M16% by Business % by Product

� Net Revenue(1) (R$ billion)

Notes: (1) historical figures include continued and discontinued operations.

% by Currency

1.0 1.3 1.4 2.1 3.3 6.2

9.6

15.9

21.9 23.7

18.8 15.2

18.9

14.3

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 9M16

50%35%

15%

Keystone USA & APMEABeef BrazilBeef International

56%37%

7%

ProcessedFresh BeefOther

53%26%

21%

US$RealOther

Global ScenarioHighlights

9

1.7

9.5

0

2

4

6

8

10

1990 1993 1996 1999 2002 2005 2008 2011 2014 2017E

China Egypt Iran Malaysia Saudi Arabia

417

210

105 205 168

663

213 148

237 178

825

240 155

240 178

950

255

165 245

180

China Chile Iran Malaysia Saudi Arabia2014 2015 2016E 2017E

� Beef consumption growth is expected to be driven by emerging markets, especially in Asia and Middle East, where beef demand should remain robust and is expected to be supported by strong growth in imports

� China has become a relevant beef consumer, going from 1 million tons/year in 1990 to more than 7 million tons/year in 2015, representing 13% of world consumption, and growth is expected to continue

Source: USDA (updated October 25, 2016)

Selected Countries Beef ImportsThousand Tons

Selected Countries Beef ConsumptionMillion tons/year

CAGR 1990-2015: 6.9%

16% ofworld total

Global Beef Growth

128% 21% 57% 20% 7%

10

South America Beef Export Platform

Source: USDA (updated October 25, 2016)

Beef Cattle Herd Beef Production(million heads) (million tons)

� Brazil, Argentina and Uruguay together form the world's largest beef production region with the greatest growth potential Extensive production with strategic use of feedlot operations

Excellent sanitary conditions with tracking

Abundance of land, water and labor

Management expertise, well adapted breeds and growing use of genetic enhancement

� Region is already a major global beef supplier, mainly Brazil and Uruguay

Beef Exports(million tons)

0

50

100

150

200

250

1992 1997 2002 2007 2012 2017E

Argentina Australia BrazilUS Uruguay

0

5

10

15

1992 1997 2002 2007 2012 2017E

Argentina Australia BrazilUS Uruguay

0.0

0.5

1.0

1.5

2.0

1992 1997 2002 2007 2012 2017E

Argentina Australia BrazilUS Uruguay

11

Global Poultry Growth

1.5%

2.3%

2.7%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0%

Developed

World

Developing

� Poultry is the fastest growing protein in developed and emerging markets

- Growth in developing markets is expected to be 2x the growth in developed markets

� Strong consumer demand due to poultry’s lean / low fat profile, adaptability / versatility in preparation and relative cost advantage versus other proteins

Source: USDA (updated October 25, 2016), National Chicken Council and OECD-FAO Agricultural Outlook 2014-2023 via Watt Global Media

Poultry Meat Consumption2014-2023 CAGR %

U.S. Chicken ConsumptionMillion Tons

7.7

15.7

5

7

9

11

13

15

17

1990 1995 2000 2005 2010 2011 2012 2013 2014 2015 2016E 2017E

12

Global QSR Industry� The Global Fast Food market is expected to grow from a US$635 billion market in 2013 to

US$860 billion market in 2018, a 6.2% CAGR

� North America is the largest market in the industry and is projected to remain the largest by 2018

� Asia-Pacific share of the global market is set to rival North America in size by 2018

Source: Euromonitor International, November 2014

Global Fast Food Market

(2018E US$860 billion)

Global Fast Food Market

2013 – 2018 CAGR %

35%

9%3%12%

2%

34%

4%North America

Latin America

Eastern Europe

Western Europe

Australasia

Asia Pacific

Middle East & Africa

11.6%

10.3%

7.4%

7.2%

6.2%

4.9%

4.4%

1.5%

Middle East & Africa

Eastern Europe

Asia-Pacific

Latin America

Global

North America

Western Europe

Australasia

Keystone Foods

14

76% 19% 5%

Poultry Beef Other

Keystone | Profile� Diversified food company focused on value-

added protein to the Food Service industry(US/APMEA)

- Revenues of US$2.0 billion in 9M16

- Focus on QSR

- Poultry, beef, pork, fish and other (bakery, etc.)

� Key partner of several leading brands

- 40 year relationship with McDonald’s

- Strategic supplier for Wendy’s, Subway, Iceland Foods,Campbell’s amongst other

� Poultry vertical integration in the U.S. covering70%+ of the supply, largely through contractgrowers

- Global slaughtering capacity of over 4.5 million head perweek

% by Market

% by Protein

71% 29%

USA APMEA

� Revenue Breakdown – 9M16

% by Customer

57% 43%

McD Key Accounts

15

Keystone | Production StructureUnited States

APMEA

3 integrated poultry complexes and 7 processing plants

1 R&D facility

198 million birds/year

390,000 tons of processed food/year

Countries: Australia, China, Malaysia, South Korea and Thailand

Further processing plants (5 multi-protein, 3 poultry and 1 beef) and 1 primary processing plant

2 innovation centers

55 million birds/year

195,000 tons of processed food/year

OtherProcessed food

Slaughtering

OtherProcessed food

Slaughtering

16

Keystone US | Vertical Integration

Supply ControlKeystone sources 70%+ of its U.S. poultry needs from vertically integrated system; purchases remainder from the market

Keystone Farm System

19 Pullet Farms3 owned by Keystone

61 Breeder Farms1 owned by Keystone

296 Broiler Farms1 owned by Keystone

17

Keystone US | Poultry Key Categories

Tenders, filets, patties, wings and nuggetsLargest product typePrimarily marketed to QSR chains like McDonald’s, Wendy’s

Diced chicken, strips, filets, patties, wingsSecond largest product typeMarketed to branded consumer companies like Campbell’s, Nestlé and ConAgra Frozen Food

Ready-to-CookPar Fried Poultry

Fully Cooked/ Frozen Poultry

Whole chickens without giblets, 8-piece cut-upIncludes other value-added marinated products for QSRs like Zaxby’sMarketed to major retailers and club stores like Publix, Sam’s Club and Wegmans

Fresh/Deli Rotisserie

18

Keystone US | Beef & Fish Key Categories

Leading supplier to McDonald’sKeystone has the largest beef patties plant in US

Strategic supplier to McDonald’s

Beef Patties Fish Patties

19

Keystone APMEA | Key Categories

Bacon produced in non-Halal facilities; also manufacture Halal substitutes for baconFish patties and bakery items

Chicken Nugget Chicken Patty Chicken Strips

Middle Wing Wing Stick Spicy Wing

Broad range of chicken productsPrimarily marketed to western QSR chains and local APMEA clients

Beef produced all facilitiesProducts marketed to western QSRs and local APMEA clients

Poultry Products Beef Products

Pork, Fish & Other

Beef Patties Beef Patties

Fish Patties CheesecakeHalal Bacon Substitute

20

Keystone | Strategic Goals

Leverage Global Poultry

Demand

Key Account Penetration

Geographic Expansion

21

264 281 327

430

531 561

681 754

2009 2010 2011 2012 2013 2014 2015 3Q16LTM

Key Accounts | Accelerate Growth� Significant business with global brand players in the QSR, foodservice, retail and industrial

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

SelectKey

Accounts

APMEAUSA

22

APMEA | Differentiated Positioning

� Keystone is well positioned to capture growth in the region with operations in the high-growth markets

Slaughtering Processing Others

local production

over 20 years present in the region

food safety acknowledgement in the industry

도니버거숙대점-Doni Burger

SelectClients

23

APMEA | Differentiated Positioning

Local QSR

QSR Global

Food Service

Local Food Service

Retail

Exports

ChinaComplete country coverage

Global QSR, local QSR, Food Service, Retail

ThailandExport-oriented, Japan, UK, EU, Singapore

Retail, Food Service, QSR

South KoreaDomestic focus

Global QSR, local food service

MalaysiaHalal hub for the region

Malaysia, Middle East, Singapore

Retail & export, Halal certification

AustraliaBeef focus

Global QSR

24

Food Safety & Quality | Strong ReputationFood safety expectations continue to increase around the world, and Keystone’s program is among the best

Recognized Leadership in Food Safety

Leader in Anticipatory Issue Management

Award Winning Product Quality

25

Keystone | Other DifferentialsResearch & Development of New

Product / Innovation

� Partnership with our customers to develop customized and innovative food solutions

� A USDA-inspected, state-of-the-art R&D facility in the U.S.

� Establishing 2 innovation centers in Shanghai (China) and Thailand to continue to develop new tastes and products for our customers

Beef

27

Beef | Profile� Beef and lamb-based meatpacker with wide

footprint in South America- Revenues of R$7.3 billion (51% of Marfrig Group) in

9M16

- Vast brand portfolio, with increasing export focus

� One of the world’s top beef producers, 2nd

in Brazil and 1st in Uruguay

� Unique South American footprint- 27 production sites and 7 distribution centers in Brazil,

Uruguay, Argentina and Chile

- Unique positioning in the South American beef region,enhances local and international competitiveness andsanitary risk control

� Revenue Breakdown – 9M16

% by Channel/ Market

% by Protein

71% 29%

Beef Brazil Beef International

76% 10% 14%

Fresh BeefProcessedLamb, Leather and Other

28

Beef | Production Structure

10 production units

2.7 million cattle heads/year of operating

authorized capacity

2.2 million cattle heads/year of effective

capacity

380 thousand heads of lamb/year

Brazil

Uruguay, Argentina and Chile 8 production units

1.1 million heads of cattle/year

2.0 million heads of lamb/year

Slaughtering

Processed food

Slaughtering/Processing

Distribution Center

Other

29

Beef | Key Strategic Goals

Grow volume and average

prices

Maximize South

America’s exporting platform

30

1518

25 27

2012 2013 2014 2015

� Food service� Strategy to optimize the sales team with a

view to boost productivity implemented

� Improvements in service quality level in allsegments (OTIF, on-time delivery, etc.)

Beef | Brazilian Market

Growth in Revenue per Sales Rep(R$ million/salesman)

� Retail� Focus to grow volume on small/medium

retail channel

� Partnership with large retailers inportioned cuts products

� New strategically located DCs andcommercial partnerships inNorth/Northeast regions

� Innovation and brand managementdedicated to higher-margin products

31

� 9M16 Export destinationsBeef Brazil (% on revenues)

Beef | Brazil Exports� The opening of new markets promotes

growth in exports for Brazilian beef

� Share of ExportsBeef Brazil (% on revenues)

40%

1%22%

18%

16%

Main Importers Status for BrazilianExports

USA Newly openedRussia OpenJapan Closed

Hong Kong OpenChina Newly opened

South Korea ClosedE.U. Open / Hilton

Canada ClosedMexico ClosedEgypt Open

Venezuela OpenSaudi Arabia Newly opened

3%

44% 48%44%

2014 2015 2016LTM

32

� 9M16 Export destinationsBeef Uruguay (% on revenues)

28%

31%13%

20%

Beef | Uruguay Exports� Uruguay has access to the main beef

import markets

� Share of ExportsBeef Uruguay (% on revenues)

7%

Main Importers Status for UruguayanExports

USA OpenRussia OpenJapan In Negotiation

Hong Kong OpenChina Open

South Korea OpenE.U. Open/Hilton

Canada OpemMexico OpenEgypt Open

Venezuela OpenSaudi Arabia Open

1%

62% 58% 60%

2014 2015 2016LTM

33

Beef | Relationship programs

34

• Marfrig was the pioneer in Brazil to sell products with the Rainforest Alliance Certified seal. The certificate attests that the beef was produced in accordance with sustainable environmental, social and economic practices as well as good animal welfare and production management practices

Beef | Sustainability• Marfrig club promotes the production of sustainable, safe and legal beef• 4,146 farm members as of December 2015

• Marfrig is a signatory of the Criteria for Industrial Scale Cattle and Beef Products Operations in the Amazon Biome

• Monitor regularly by satellite all the suppliers located in the Amazon Biome to ensure that animals do not come from newly deforested areas, indigenous land and conservation areas

• 26 million hectares monitored by Marfrig

• Marfrig Tacuarembó plant started the Organic Meat Program in 2000• Meat is free from synthetic fertilizers, anabolic hormones and growth

stimulants. Cattle is grass-fed only

35

Beef | Animal Welfare

� In line with EU Regulation 1099/09

� Written procedures for Animal Welfare assurance within our production plants

� Infra-structural and handling techniques improvements

� Continuous communication and reporting to farmers on bruise occurrence

� Investing in continuous training

� Marfrig Club Check-List

Dedicated in-house Department for Animal Welfare

Training of people handling animals

Modern fleet for Cattle Transportation

Animal Welfare Officers in all slaughtering plants

Stunning Box and Pistol in all the plants

Marfrig improved one tier in the rankingpublished by the BBFAW, which recognizescompanies with the world’s best animal welfarepractices. In the BBFAW’s 2015 Report, theCompany was classified as Tier 2 and is the best-positioned Brazilian multinational company.

Financial Results

3Q16

37

Guidance 2016 - Revision

Original Target 2016 (1)

Revised Target 2016 (4)

Net Revenue R$22 to R$24billion

R$19 to R$20 billion

Adjusted EBITDAMargin(2) 8.5% - 9.5% 8.5% – 9.0%

CAPEX R$450 to R$600million

R$450 to R$550million

Free Cash Flow(3) R$100 toR$250 million

R$0 to R$100million

(1) Assumptions based on exchange rate of R$4.10/US$1.00.

(2) Excludes non-recurring items.

(3) Operating cash flow after capital expenditures, interest expenses and income tax.

(4) Assumptions based on the exchange rate of R$3.47/US$1.00 (average exchange rate: 1Q16 - R$3.91; 2Q16 - R$3.51; 3Q16 -

R$3.25; 4Q16e - R$3.20/US$1.00).

38

Guidance 2016 and 9M16

Revised Target 2016 (1) 9M16

Net Revenue R$19 a 20 billion

R$14 billion

Adjusted EBITDAMargin(2) 8.5% – 9.0% 8.4%

CAPEX R$450 to R$550million

R$344million

Free Cash Flow(3) R$0 to R$100million

R$(29)million

(1) Assumptions based on exchange rate of R$3.47/US$1.00.

(2) Excludes non-recurring items.

(3) Operating cash flow after capital expenditures, interest expenses and income tax.

39

Financial Performance | Consolidated� Net Revenue

(R$ million)

� The decline in net revenue was due to the effects from the 8.5% Brazilian real appreciation against the U.S. and lower volume, partially offset by better prices in Brazilian domestic market.

-13%

� 3Q16 Revenue Breakdown

By

Bu

sin

ess

By

Cu

rren

cy

5,120 4,451

3Q15 3Q16

50%35%

15%

Keystone USA & APMEABeef BrazilBeef International

53%26%

21%

US$RealOther

40

Financial Performance | Consolidated� Gross Profit and Gross Margin

(R$ million and %)

� Gross Profit impacted by the margin retraction and volume of Beef Division, partially offset by the strong Keystone result.

� Adjusted EBITDA and Margin(R$ million and %)

-27%

EBIT

DA

B

reak

dow

n

3Q15 3Q16

-17%

584487

11.4% 10.9%

3Q15 3Q16

468341

9.1% 7.7%

3Q15 3Q16

41%

59%

Keystone Beef

59%

41%

41

Net Income/Loss | Consolidated

� Net Loss(R$ million)

� In 3Q16, the net result of continued operations* posted a net loss of R$170 million, improving R$573 million from the same quarter last year.

� On the same basis, the accumulated loss for the year was R$485 million, improving R$867 million from the same period of 2015.

*Results from Continued Operations exclude the results from asset and equity interest divestments.

(743)

(170)

3Q15 3Q16

(1,352)

(485)

9M15 9M16

42

278 283

3Q15 3Q16

Keystone Highlights� Net Revenue

(US$ million)� Adjusted EBITDA and Margin

(US$ million and %)

% KeyAccounts 26% 31%

� Total Volume(Thousand Tons)

+16%

+2%

-1%

� Double digit EBITDA growth: � Continued Key Accounts expansion growth

and improved product mix (NAE) in the U.S.;� Improved U.S. export sales price;� Strong growth in Australia and Malaysia.

� Net revenue impacted by lower US beef prices.

697 688

3Q15 3Q16

53 62

7.7% 9.0%

3Q15 3Q16

43

278139

10.5%6.3%

3Q15 3Q16

193 202

91 57

285 259

3Q15 3Q16

1,315 1,453

1,316 762

2,631 2,215

3Q15 3Q16

Beef Highlights� Net Revenue

(R$ million)

-16%

� Total Volume(Thousand Tons)

-9%

� Adjusted EBITDA and Margin(R$ million and %)

% food serviceBrazil

40%42%

-50%

� The negative impact of the appreciation of realand the lower sales volumes were partially offsetby domestic market prices.

� Reduction of the pace of exports to seek priceimprovement.

� EBITDA negatively impacted by the retraction ofthe sector's export spreads and lower salesvolume.

% sales to Asia40%27%

44

5.8 5.9

2Q16 3Q16

11.0 11.6

2Q16 3Q16

5,731

1,159 883 1,007

2,102 2,0201,285

3,129

Cash & Equiv. 2016 2017 2018 2019 2020 2021-22 2023

Debt Maturity Schedule & Ratios

R$

mill

ion

Ratios 2Q16 3Q16Leverage:

Net Debt / adj. EBITDA LTM – Continued Operations (excl. capital gains) 3.1x 3.4x

Net Debt / EBITDA LTM (Excl. FX Variation) 1.1x 2.3x

Managerial Indicators:Average Cost (p.a.) 7.3% 7.4%

Current Liquidity 1.7 1.7

Duration (years) 4.0 4.0

Gross Debt(R$ and US$ billion )

+1%

+6%

3.4 3.6US$

Net Debt(R$ and US$ billion )

1.8 1.8US$

45

537

39

(175)

(292)(31)

CFO Capex Interests FCFDescontinued

Total FCF

3Q16 Cash Flow | ConsolidatedR$ million

46

Bonds & Rating

Maturity Currency Notion Cupom

2018 USD 281.9 mm 8.375%

2019 USD 660.3 mm 6.785%

2020 USD 484.7 mm 9.500%

2021 USD 27.8 mm 11.250%

2023 USD 1.0 bn 8.000%

� Issued Bonds � Rating

Agency NationalScale

Int´lScale Perspective

S&P br BBB B+ Positive

FitchRatings A bra BB- Stable

Moody´s - B2 Stable

Why Marfrig?

48

6.6x5.7x

12.2x

6.6x 6.2x5.0x

12.6x

16.3x

9.9x

11.5x

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10

Peers | Potential catch up (SOTP valuation)

Average*: 8.9x

� Marfrig is trading 39% below its EV/EBITDA peers average;

� Potential upside:� Interest savings (BNDES conversion + cost reduction)

� Competitive assets with broad position in South America

� Keystone: a large protein player in the global market – highly diversified (geographic and productportfolio)

* 50% Beef’s peers + 50% Keystone peers

EV/EBITDA 2016e

49

Why Marfrig? | Leading Player

� One of the largest and most diversified protein player worldwide;

� Solid position, strategic and diversified supplier of protein in the US

QSR, foodservice and retail channels; and

� Leading protein supplier for APMEA region and well positioned to

capture market increase in Asia and Middle East;

� One of the dominant players in South America: main region to

support the growing international demand with grass fed, hormon-

free beef;

� Largest player in Uruguay, already supplying in the US market, with

high quality, organic and fully traceable meat.

Attached files

51

Andrew Murchie

Beef Brazil

Marcelo Secco

Beef SouthernCone

Corporate Structure

Martin SeccoCEO - Marfrig Global Foods

CEOs - Business Units

Eduardo MironVP – Finance - CFO

& IRO

Heraldo GeresVP – Legal & HR

Marcos MolinaChairman of the Board

CorporateVice-Presidents

Frank Ravndal

KeystoneFoods

Audit CommitteeMarcelo Correa

Finance CommitteeCarlos Langoni

HR and Corporate Governance Committee

Antonio Maciel

52

Shareholder structure

MMS BNDES Participações

Brandes Investments Skagen AS Float-Others

35.8% 19.6% 10.4% 4.8% 0.0% 29.4%

Management+Treasury

As of December 2016

53

Guidance 2015

Target 2015 (1)

2015Combined(4)

Net Revenue R$ 23 to R$ 25billion

R$ 25 billion

Adjusted EBITDAMargin (2) 8.0% - 9.0% 8.5%

CAPEX R$ 650million

R$ 556million

Free Cash Flow (3) R$ 100 toR$ 200 million

R$ 213 million

(1) Assumptions based on exchange rates of R$2.70/US$1.00 and R$4.30/£1.00.

(2) Excludes non-recurring items.

(3) Operating cash flow after capital expenditures, interest expenses and income tax.

(4) Pro-forma non-audited values, including the discontinued operations: Moy Park, Argentina Marfood and MFG Agropecuária. Excludes the capital gain from theMoy Park divestment. Combined net revenue only includes nine months of Moy Park (Januray to September 20115)

2014

2015

2013

For the third consecutive year

54

Sales | Beef Brazil

+73% +90%

� Growth in Premium Brands sales volume

� Exponential growth of export sales to China

14x

+Demand Planning

+Routing

+Sales

Process

+Proper

Variable Compensation

+Field

Technology

+Management

System

In December 2015, China (ex-Hong Kong) accounted for 15% of

exports and was our 2nd main destination

55

Liability Management Process (1/3)

� Initiatives

US$375m

Tender Offer

US$59m

US$406m US$64m

Spot Market

Face Value Face Value

Bond Repurchase – 4Q15 � The total face value of the senior notesrepurchased amounted to US$470 million, ofwhich US$64 million have not been canceledyet and therefore are still part of theCompany’s gross debt.

� Compared to the 3Q15, gross debt wasreduced by US$684 million.

56

Liability Management Process (2/3)

� Keystone credit lines

Values in U$ millionLimit: + USD 270 millionMaturity: + 2 years

4Q15 - Amendment and extension of existing credit lines:

� Pool of 20 Banks, with Rabobank as the lead arranger.

LineLimit Maturity Rate

From To From To From To

Revolver 430 530 2018 2020 Libor+ 150 to 250 bps

Libor+125 to 225 bps

Term Loan 200 370 2020 2022 Libor+ 175 to 275 bps

Libor+150 to 250 bps

Total 630 900

57

Liability Management Process (3/3)Bonds Maturity Schedule

(pro forma)Before* After

Avg. Term: 2,7 years Avg. Term : 4.7 years

In USD

2016 2017

184m

2018

153m

2020

285m

Opening Balance

185mRepurchase

Closing Balance

Issuance

2023

1.0bn

184m 153m 567m 670m

2019

660m

2021

28m

282m 485m660m 28m 1.0bn

Call

*1Q16

0

200

400

600

800

1,000

1,200

2016 2017 2018 2019 2020 2021 20230

200

400

600

800

1,000

1,200

2016 2017 2018 2019 2020 2021 2023

Investor Relations

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