Corporate Presentation Second Quarter 2016

SECTOR OVERVIEW THE COMPANY FINANCIAL AND OPERATIONAL HIGHLIGHTS

APPENDIX

SECTOR OVERVIEW

GLOBAL BEEF MARKET (‘OOO tons carcass weight equivalent)

3

European Union

2016E

Production

7,680

7

Russia

2016E

Production

1,310

Import

360

Import

625

Export

320

Export

10

2 USA

2016E

Production

11,328

Import

1,315

Export

1,114

Global Herd USA 9%

4 5

1

EU 9% Others 18%

South America(1)

2016E

Production

14,885

Asia(2)

2016E

Production

7,581

India

2016E

Import

2,540

Production

4,300

Export

27

Import

-

Export

1,950

6

Oceania(3)

2016E

Production

2,839

Import

512

Import

36

Export

2,865

Export

2,109

(4)

India 31%

China 10%

Brazil 23%

Source: USDA Production: (1) South America: Argentina (2,680), Brazil (9,620), Chile (210), Colombia (855), Paraguay (590), Peru (210), Uruguay (575), Venezuela (145) (2) Asia: China (6,785), Japan (475), Hong Kong (6), Taiwan (7), South Korea (308) (3) Oceania: Australia (2,180) and New Zealand (659) (4) 35% of India’s herd is comprised of buffalo

4

HERD SIZE: PLAYERS IN THE WORLD Shrinking markets globally CANADA (2000-2016E: -9.4%)

RUSSIA (2000-2016E: -32.9%)

16,0

30,0 28,0 26,0 24,0 22,0 20,0 18,0 16,0

15,0

14,0 13,0 12,0 11,0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

10,0

E.U. (2000-2016E: -6.6%)

CHINA (2000-2016E: -21.0%) 130,0 125,0 120,0 115,0 110,0 105,0 100,0 95,0 90,0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

96,0 94,0 92,0 90,0 88,0 86,0 84,0 82,0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

100,0 98,0 96,0 94,0 92,0 90,0 88,0 86,0 84,0 82,0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

UNITED STATES (2000-2016E: -6.3%)

MEXICO (2000-2016E: -34.2%) 28,0 26,0 24,0 22,0 20,0 18,0 16,0 14,0 12,0

AUSTRALIA (2000-2016E: 0.3%) 30,0 29,0 28,0 27,0 26,0

Source: USDA (beginning of the year). Numbers are in million heads l E: Estimates

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

25,0

5

HERD SIZE: PLAYERS IN SOUTH AMERICA A unique region in expansion COLOMBIA (2001-2014: 11.8%)

BRAZIL (2000-2016E: 49.8%) 240,0

23,0

220,0

22,0

200,0

21,0

180,0

20,0

160,0

19,0

140,0

18,0

120,0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

24,0

PARAGUAY (2001-2015: 43.8%)

URUGUAY (2000-2016E: 13.3%)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

13,0 12,5 12,0 11,5 11,0 10,5 10,0 9,5 9,0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

15,0 14,0 13,0 12,0 11,0 10,0 9,0 8,0

ARGENTINA (2000-2016: 3.3%)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

58,0 56,0 54,0 52,0 50,0 48,0 46,0 44,0

Source: USDA (beginning of the year). Numbers are in million heads

6

INDUSTRY OVERVIEW GLOBAL SUPPLY AUSTRALIA

UNITED STATES

• Herd contraction after three consecutive years of drought.

• 2008: Farm Bill – US government encourages investment in biodiesel production through the use of corn

• Meat & Livestock Australia (MLA) Projections

• Rise in grain prices

• Approximately 3 mi heads may be reduced in the herd, a drop of ~10% between 2013 and 2016E. • 2016: the herd may reach 26.2 million heads (lowest level since 1995)

• Livestock farmers migrate to other cultures • Lowest herd drop in history • American industry become net importers of beef

• Exports: drop in 26% between 2015E and 2017E

UNITED STATES – BEEF MARKET

AUSTRALIA – HERD PROJECTION

2013

2014

2015E

2016E

2016E vs 2013

Production

11,751

11,076

10,861

11,328

-4%

Import

1,020

1,337

1,559

1,315

+29%

Export

1,174

1,167

1,035

1,114

-5%

154

-170

-524

-201

(‘000 cwe(1)) 30.000

29.291

29.000 28.000

-10.6%

27.000

26.179

Net

26.000 25.000 24.000 2011

2012

2013

2014

2015E

2016E

Source: Meat & Livestock Australia (end of the year) and USDA | E: Estimate

2017E

(1) cwe = tons of carcass weight equivalent

7

SECTOR OVERVIEW WORLD DEMAND BEEF CONSUMPTION GROWTH (2016E X 2000)

BEEF IMPORTS (000 TONS)

Asia Middle East

Hong Kong

32%

Americas (ex North Am)

825

17%

Africa

646 663

10%

Europe

473 417 412

-5%

North America

-10%

Oceania

-10%

CIS

China

52%

12

-22%

90

2007

BEEF EXPORTS VOLUME

118

154

154

152

6

23

40

29

2008

2009

2010

2011

400

339

241 99 2012

2013

2014

2015

2016E

EVOLUTION GLOBAL CLASS AVERAGE 23.7%

(2016E x 2015E)

(Million of People)

4,884

3,249 5.6%

8.4%

8.5%

3,228

1,845

-17.7% Source: USDA

1,740

Argentina

Brazil

United States

525

Europe Union

-0.3%

Uruguay

Paraguay

Australia

1.9%

664

2009

703

680

2020

2030

North America

Europe

Central and South America Sub-Saharian Africa

Asia Pacific Middle East and North Africa

8

PRODUCTIVITY BRAZIL BRAZIL VS WORLD

PRODUCTIVITY/ ZOOTECHNICAL INDEXES

Performance Cattle herd (‘000 heads)

Slaughtering (‘000 heads)

Production (‘000 cwt(4))

Exports (‘000 cwt(4))

Where

1997

2016(1)

Var

Brazil

144.7

224.9

55%

World

1,038.4

979.7

-6%

Brazil

29.5

38.7

31%

World

231.4

235.0

2%

Brazil

6.1

9.6

59%

World

51.8

59.2

14%

Brazil

0.2

1.8

668%

World

5.8

9.9

70%

Birth rate

Slaughter rate

Carcass weight

Where

1997

2016(1)

Var

Brazil

49.6%

51.2%

1.6 pp

World

68.5%

64.1%

-4.4 pp

Brazil

20.6%

17.7%

-2.9 pp

World

22.2%

24.2%

2.0 pp

Brazil

206.0

248.1

20%

World

225.0

251.9

12%

CONSIDERATIONS

@ / HA / YEAR

 Strong productivity increase, but still far from potential

4,5 4,0 3,5

Indicators

3.1

3.3

3.5

3.6

3.5

3.5

3.6

3.6

3.7

3.8

3.9

3.8

3.9

 Agriculture expansion = opportunity  Technologies: feedlot (10% of slaughtering), IATF(2) (10% of herd), ILP-F(3) (potential: 40 mi ha)

3,0 2,5

2016E

2015E

2014

2013

2012

2011

2010

2009

2008

2007

(1) (2) (3) (4)

2006

1,5 2005

Source: ABIEC / USDA / FAO / IFNP / MAPA / Scot Consultoria

2004

2,0

2016: Estimates IATF: Artificial insemination on fixed time ILP-F: Integration of farmer-livestock-forest cwt: carcass weight equivalent tonnes

9

SECTOR OVERVIEW BRAZIL CALF PRODUCTION AND FEMALE SLAUGHTER (MN HEADS)

BREEDING MARGIN X FEMALE SLAUGHTER Female Slaughter (p.m)

Breeding Margin (p.m)

LTM Moving Average (Female Slaughter)

LTM Moving Average (Breeding Margin)

50%

Female Slaughter 4%

45%

3%

40%

2%

35%

1%

30%

-1%

Calf Production

25

20

44.8 45.0

15

10.5 10

47.1 46.5

12.1

44.0 44.3

13.2 12.4

46.5 47.0

51.0 52.3

54.2 55.9 54.7 55,0 50,0

11.2 10.5 10.6 11.6

13.1

45,0

14.5 14.3

11.9

35,0 30,0

7.7

25,0 20,0

5

15,0 10,0

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

0

2003

Dec-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16

40,0

HIGHLIGHTS

BRAZILIAN CATTLE HERD (MILLIONS HEADS) 224.9

• Strong calf production despite increase in female slaughter

• Female slaughter reduction mitigated by higher availability of males for slaughter 173.8

• Greater use of technology (feedlot, semi- feedlot, ILP, IA, IATF) • Increase of carcass weight of 10% in the last decade

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E Sources: Agroconsult / Informa FNP / IBGE

10

INDUSTRY OVERVIEW BRAZIL HIGHLIGHTS

EXPORT MARKET AND DOMESTIC MARKET

• 2Q16 slaughter volume: +4.3% qoq | Stable yoy

EM: • 2Q16 fresh beef volume: +10% yoy

• Average arroba price: +6% yoy

• Export highlights: Asia (34% of total exports)

• Heavier animals increased the industry’s productivity

DM: • Household consumption is still being impacted by inflationary pressure and unemployment

• Favorable expectation for the 2nd round from feedlots + greater investments in the supplementation of grass cattle

BEEF EXPORTS (% OF REVENUE)

SLAUGHTERING AND AVERAGE CATTLE PRICE

Venezuela 14%

Egypt 13%

Italy 15% Chile 5%

Hong Kong 12%

Iran 12%

147.8

142.4

147.6

153.2

156.8 150

9.000

China 19%

Russia 17% Others 24%

10.000

2Q16

2Q15

• Migration from beef consumers to other proteins / cheaper cuts

Others 27%

8.000 7.000 100

6.000 5.000

Hong Kong 15%

4.000 3.000

6,211

6,206

6,169

5,942

6,246

2Q15

3Q15

4Q15

1Q16

2Q16

50

2.000

Saudi Arabia 4% Chile 5%

1.000 0

Iran 8%

Source: Ministry of Agriculture, Livestock and Supply and Secex

Egypt 13% Russia 8%

0

Slaughter ('000 head)

R$/@

11

BRAZILIAN EXPORTS EVOLUTION • Export more concentrated (2007: 11 major exporters were ~70 % export | 2015 : 3 exporters did ~ 80% of exports) • Increased diversification of Brazilian exports • Reopening of markets in 2015/2016: China Mainland, Saudi Arabia and United States • Brazil increased its access to roughly 60% of the global Beef demand (not considering USA) from less than 50% until 2014 • Potential opening of new markets (Japan, Canada, Mexico, South Korea and others)

% OF TOTAL EXPORT REVENUES

2007: US$ 3.5 billion Middle East 12%

LTM2Q16: US$ 4.8 billlion CIS 29%

Middle East 15%

CIS 9%

Americas 5% Asia 6%

EU 33%

Source: SECEX

Africa 15%

Americas 14%

EU 11%

Asia 35%

Africa 16% 12

BRAZILIAN ACCESS TO INTERNATIONAL MARKET Growing penetration MAIN BEEF IMPORTERS RANK

COUNTRY

1

USA

2

2015*

BRAZIL PENETRATION % of global beef import

1,559

20.6%

Japan

707

9.3%

3

China

663

8.7%

4

Russia

625

8.2%

5

South Korea

414

5.5%

6

European Union

363

4.8%

7

Egypt

360

4.7%

8

Hong Kong

339

4.5%

9

Canada

280

3.7%

10

Chile

245

3.2%

11

Malaysia

235

3.1%

12

Mexico

175

2,3%

13

Venezuela

169

2.2%

14

Saudi Arabia

155

2.0%

15

Iran

148

2.0%

1,146

15.1%

7,583

100%

Rest of the world

TOTAL

Source: USDA * Miillion tonnes combining fresh, frozen and chilled beef ** Formal certification to be approved by September 2016

2014

2015

2016

2017E

 

 

 

 

  

  

  

  

 

 

 

 





 

 

   

   

47%

56%

58%

78%

13

INDUSTRY OVERVIEW PARAGUAY HIGHLIGHTS

SLAUGHTERING AND AVERAGE CATTLE PRICE

• 2Q16 slaughter volume: +28% yoy | +24% qoq

700 600

• 2Q16 average cattle price: -10% yoy

159.7

200,0

156.6

500

139.4

143.5

137.7

160,0

400

• Export volume : +23% yoy and +16% qoq

120,0

300 200

439

80,0

-

• Opening of new markets: Egypt

0,0

3Q15

Slaughter ('000 head)

BEEF EXPORTS (% OF REVENUE)

4Q15

1Q16

2Q16

Average Price (US$/100kg)

FRESH BEEF EXPORTS (US$ MILLION)

2Q15

2Q16 Chile 39%

Kuwait 4%

Others 18%

Chile 29%

Egypt 3%

293

Hong Kong 7%

Vietnam 7% Russia 26%

301 246

245

Israel 6%

Brazil 14%

279

Russia 23%

2Q15 Source: Minerva and SENACSA

563

456

40,0

2Q15

Brazil 10%

477

100

• Main destinations: Chile, Russia and Brazil

Others 14%

482

3Q15

4Q15

1Q16

2Q16 14

INDUSTRY OVERVIEW URUGUAY HIGHLIGHTS

SLAUGHTERING AND AVERAGE CATTLE PRICE

• 2Q16 slaughter volume : -4% yoy | +2% qoq

800,0

177.0

196.1

183.0

700,0

• Reduction in rainfall and cold weather contributed to a higher cattle supply

169.8

200,0

160.1

600,0

150,0

500,0 400,0 300,0

• Average cattle price: -10% yoy and -6% qoq

100,0

564

200,0

516

566

3Q15

4Q15

530

540

1Q16

2Q16

50,0

100,0 -

• Exports revenue: -7% yoy

0,0

2Q15

Slaughter ('000 head)

BEEF EXPORTS (% OF REVENUE)

Italy 3% Brazil 4% Germany 5% Netherlan ds 8%

China 39%

United States 22%

Source: Minerva and INAC

FRESH BEEF EXPORTS (US$ MILLION) 2Q16

2Q15 Others 19%

Average Price (US$/100kg)

Others 18%

China 40%

Brazil 3% Israel 5% Germany 5% Netherland s 11%

United States18%

354

347

351

2Q15

3Q15

4Q15

337

328

1Q16

2Q16

15

THE COMPANY

MINERVA – GEOGRAPHICAL DIVERSIFICATION Colombia

SLAUGHTERING CAPACITY GROWTH

Brazil 15,880

10,480

2011

Paraguay

Uruguay

11,480

11,480

2012

2013

Capacity by country

2014

17,330

17,330

2015

2016

Heads/day

% of total

Brazil

11,880

69%

Paraguay

2,300

13%

Uruguay

2,300

13%

850

5%

Colombia

17

GROSS REVENUES BREAKDOWN

Export

Domestic Market

70%

30%

GROSS REVENUE EVOLUTION (R$ MILLION) 10,237 8,874 30% 35%

6,365 3,828 42%

4,450 37%

5,181

32%

33%

58%

63%

67%

LTM2Q11

LTM2Q12

LTM2Q13 Export

65%

68%

LTM2Q14

LTM2Q15

70%

LTM2Q16

Domestic Market 18

SALES: DOMESTIC MARKET – “ONE STOP SHOP” DISTRIBUTION CENTERS

SALES CHANNELS – 2015 Brazil:

Colombia

Aparecida de Goiania – GO Araraquara – SP Sao Paulo – SP Belo Horizonte – MG Uberlandia – MG Fortaleza – CE Recife – PE Viana – ES

Bogota

Small retailer 20% Mid retailer 21%

Others 7%

Paraguay Asuncion

Chile

Santiago

Food service 52%

FOOD SERVICE – % OF TOTAL SALES

DOMESTIC CUSTOMER BASE (‘000 CLIENTS)

40.8 26.7

41.4

32.2

31%

40%

44%

51%

52%

2014

2015

16.5

2011 Source: Minerva

2012

2013

2014

2015

2011

2012

2013

19

EXPORTS: FOCUS ON EMERGING COUNTRIES HIGHLIGHTS • Primary focus: emerging markets (more than 100 countries) • Niche markets: organic beef for the USA and Europe (USDA approved) • Special cuts (including kosher and halal) for the Middle East and Russia

Russia

USA Lebanon

China Iran

Algeria

Colombia

• 8 international offices (Americas, Europe, Middle East, Africa and Asia) • Sales through 3 distinct channels: Industry | Food Service | Retail

Chile

International offices

MINERVA – EXPORTS BY DESTINATION (% REVENUE) LTM2Q15 NAFTA 5%

EU 12%

Africa 17%

NAFTA 4%

Americas 13%

Middle East 17%

Source: Minerva

LTM2Q16

CIS 17%

Asia 19%

EU 13%

Africa 16%

Americas 13% Middle East 21% CIS 5%

Asia 28% 20

FINANCIAL AND OPERATIONAL HIGHLIGHTS

THE BEEF DESK SUCCESSFUL APPROACH Cattle Purchase

Production Logistics

Market Risk

Commercial Domestic

Commercial Domestic

Market Research

Slaughtering schedule

Commodities Management 

Financial products



Farmers relationship



Forward purchase deals

Sales Mix DM/EM

Commercial



Basis Arbitrage

PP&C Strategy

Strategy 

Participants: CEO CFO Commercial Officer Industrial Officer

Beef Desk

Choice Meeting

Treasury

Carry Arbitrage

Inventory Management

Long/Short Play

Cash Flow Management

Sales Mix DM/EM



Slaughtering/deboning



Quantity of products



Liquidity cushion

Mix of products



Production schedule



Quality of products



Liability management

FX Risk Management 

Hedging of flows

22

OPERATING AND FINANCIAL RESULTS NET REVENUE (R$ MILLION) – 2Q16

EBITDA (R$ MILLION) AND EBITDA MARGIN (%) -2Q16

9.7%

2,227

2,388

2,754

2,338

3Q15

4Q15

1Q16

2Q16

NET REVENUE (R$ MILLION) – LTM2Q16

2Q15

4,178

4,876

LTM 2Q13

278

3Q15

337

4Q15

10.7%

10.7%

LTM 2Q15

252

239

1Q16

2Q16

9.4%

11.4%

1,105

5,993

LTM 2Q14

10.7%

9,700

383 LTM 2Q12

10.8%

EBITDA (R$ MILLION) AND EBITDA MARGIN (%)-LTM2Q16

9.2%

8,316

12.2%

2,221 217

2Q15

11.7%

LTM 2Q16

LTM 2Q12

522

641

LTM 2Q13

LTM 2Q14

809

LTM 2Q15

LTM 2Q16

23

OPERATING AND FINANCIAL RESULTS NET DEBT / LTM EBITDA (x)

GROSS DEBT / LTM EBITDA (x) -2.7x

-1.7x 9.0

4.8 4.4

7.9

4.1

6.9 2.9

2Q15

3Q15

4Q15

1Q16

6.1 2.7

2Q16

25.1%

2Q15 1ROIC:

2Q15

3Q15

4Q15

1Q16

2Q16

CAPACITY UTILIZATION RATE (%)

ROIC (%)1

19.8%

5.2

27.7%

28.9%

22.2%

3Q15

4Q15

1Q16

2Q16

LTM EBITDA/(total assets – cash – (short-term liabilities – short-term debt))

68.6%

68.1%

67.3%

67.6%

2Q15

3Q15

4Q15

1Q16

68.8%

2Q16

24

ADJUSTED NET RESULT

R$ Million

2Q16

LTM2Q16

Net Income (Loss)

89.0

-244.3

(+) Impairment

0.0

23.5

(+) FX Variation

-299.6

2.3

(+) FX Hedge Result

179.0

263.5

(+) Income Tax and Social Contribution

54.2

165.8

Adjusted Net Income (Loss)

22.5

210.8

25

OPERATING CASH FLOW

R$ Million

2Q16

LTM2Q16

Net Income (Loss)

89.0

-244.3

(+) Adjustments to Net Income

-73.5

957.8

(+) Variation in Working Capital Needs

76.3

399.2

Operating Cash Flow

91.8

1,112.6

26

FREE CASH FLOW 2Q16 (R$ MILLION)

238.5

76.3

(40.8)

(169.9) 104.1 (159.0)

EBITDA

Capex (cash)

Working capital variation

1

Financial Result (cash)

Reccuring Free Cash Flow

(54.9)

FX hedge FCF after FX impact (cash) hedge impact

LTM2Q16 (R$ MILLION) 1,105.3

(217.9)

(853.0)

399.2

433.6

EBITDA 1Working

Capex (cash)

1

Working capital variation

capital excludes equity valuation and cumulative translation adjustments

Financial result (cash)

Free cash flow 27

CAPITAL STRUCTURE HIGHLIGHTS • Net Debt/LTM EBITDA: 2.7x

• Gross Debt/LTM EBITDA: 5.2x • Cash Position: R$2.8 billion • At the end of 2Q16, approximately 72% of total debt was exposed to the dollar variation • Debt Duration: 4.8 years • Shareholder’s Equity: R$613.4 million • Redemption of Notes 2019 announced on August 1, 2016

DEBT AMORTIZATION SCHEDULE (R$ MILLION) – JUN/16 2,776.9 2,418.5

Debt Duration= 4.8 years

953.3 607.1 325.2

299.9

89.0

Cash

3Q16

4Q16

1Q17

2Q17

349.9 103.1

2017

2018

348.0

241.4

2019

23.3

22.5

2020

2021

2022

2023

...

∞ 28

APPENDIX

INVESTMENT PLAN (2012 basis)

Brazil



Expansion of distribution  Opening 2 DCs in Brazil

Colombia Slaughtering and deboning plant  Aug/15: Conclusion of the acquisition of frigorifico Red Cárnica

 Opening 1 DC in Paraguay

Expansion to Mato Grosso state





Slaughtering and deboning plant



 Oct/14: Acquisition of Mirassol D'Oeste and Várzea Grande plants

Paraguay Slaughtering and deboning plant 

Aug/15: Rental of Expacar



Uruguay Slaughtering and deboning plant  May/14: acquisition of Carrasco plant 30

CORPORATE GOVERNANCE SHAREHOLDERS’ STRUCTURE

BOARD OF DIRECTORS Board of Directors

Shareholders’ Agreement

19.95% SALIC UK

Edivar Vilela de Queiroz

Shareholders’ Agreement

26.31%

12.09%

VDQ Holding

58.35%

BRF S.A

Free Float

41.65%

Title

Chairman(1)

Antonio Vilela de Queiroz

Vice-Chairman(1)

Abdullah Ali Aldubaikhi

Vice-Chairman(2)

Ibar Vilela de Queiroz

Member(1)

Sérgio Carvalho Mandim Fonseca

Member(1)

Alexandre Mendonça de Barros

Member(1)

Roberto Rodrigues

Member(3)

José Luiz Rêgo Glaser

Member(3)

Salman Abdulrahman Binseaidan

Member(2)

Mohammed Abdulaziz Alsarhan

Member(2)

New Composition of the Board of Directors :  10 members:  5 members appointed by VDQ  3 members appointed by SALIC UK LIMITED  20% independent members (According to Novo Mercado Regulation) (1) Appointed by VDQ ; (2) Appointed by SALIC; (3) Independent Member

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DISCLAIMER “This presentation provides general information about Minerva S.A. and its subsidiaries ("Minerva" or "Company") and was prepared on the date of its presentation by Minerva. Information herein is provided in summary form and is not intended to be complete or to be interpreted as advice to potential investors. We do not make any declaration or guarantee, express or implied, regarding the veracity, suitability, impartiality, completeness or scope of the information contained herein. Information obtained from public sources, contained in this presentation, has not been independently verified. This presentation contains forward-looking statements which were carefully prepared by management and are intended to indicate possible future tendencies in relation to Minerva in accordance with management’s reasonable expectations. The use of such terms as “project", "estimate", "anticipate", "envisage", "plan" and "expect", among others, should not be interpreted as “projections“ or “guidance” in accordance with the prevailing legislation, but should be regarded as mere tendencies which clearly involve risks and uncertainties. These statements are based on various factors and assumptions, including market conditions, government regulations, pressures from competitors, and the performance of the industry and the global and Brazilian economy, among others, as well as the risks mentioned in the disclosure documents filed by Minerva with the Brazilian Securities and Exchange Commission (CVM). Any alterations to these factors or assumptions may lead actual results to differ from current tendencies. We advise not placing undue trust in these forward-looking statements, the Company’s past performance being no indicator of future results. Although Minerva believes that the forward-looking statements contained herein are reasonable and based on data currently available to management, it cannot guarantee future results or events. The information and statements contained in this presentation apply only to the date on which they were prepared and Minerva is in no way obliged to update them in the light of new information or future developments. Neither should this presentation or its contents be considered an offer or invitation to an offer to subscribe to or acquire any securities. The information contained in this presentation should not serve as the basis of any agreement or commitment. Minerva takes no responsibility for transactions or investment decisions based on the information herein. No one is authorized to provide any information or make any representation that is inconsistent and not coherent with this presentation. If any such information has been provided or representation made, it should not be construed as having been authorized by or on behalf of the Company. This presentation is strictly confidential and is presented to a select audience. It may not be reproduced, fully or partially, distributed or transmitted to any other person without prior written consent from Minerva. This presentation is not meant for distribution or use by any person or entity in any jurisdiction or country where such distribution or use is against law or regulations.”

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Investor Relations Eduardo Puzziello Kelly Barna Tamires Ferreira

Email: [email protected] Phone: +55 11 3074-2444 www.minervafoods.com/ir