1Focus to Win

INSTITUTIONAL

PRESENTATION June.2014

FOCUS TO WIN

2Focus to Win

Why Marfrig

Focus to Win

• Simpler Company

• Positive Cash Flow

• Expanded Margins

Diversification

• Geographically dispersed

• Presence in 16 countries

• Products in more

than 110 countries

Value Focused

Management

• Incentives aligned with

‘14 guidance

• Experienced local

leadership in several

countries

• Split the roles of CEO

and Chairman

Sustainability

• One of the best

companies in animal

welfare by BBFAW

• Signatory of policies in

social and environmental

critical care

• Monitoring system in the

Amazon Biome

Client Focused

Culture

• Strong partnership with

key QSR´s customers

• Capacity to innovate

3Focus to Win

STRATEGIC

OVERVIEW

4Focus to Win

1Q14 breakdownby business

1Q14 breakdownby currency

1Q14 breakdownby product

Who we are | Marfrig at a glance

Net Revenue(R$ bn)

4.4

4.8

1Q13 1Q14

+ 9.4%

28%

29%

43%

MOY PARKKEYSTONEMARFRIG BEEF

44%

25%

20%

12%

USDEURO/POUNDREALOTHER

48%

43%

9%

FURTHER PROCESSED

FRESH

OTHER

One of the world’s

largest providers of

processed food to

major restaurant

chains

FoodService

One of the largest

poultry-based

processed products

suppliers in the UK

and Europe

Retail and Food Service

World’s 3rd largest

beef producer and

one of South

America’s largest

lamb suppliers

Diversified

DiversifiedAnimal

Protein Player

Strong focuson Food Service

Marfrig Group

Main Sales

Channels

Business

Description

5Focus to Win

Non-financial Highlights

Corporate Governance: conclusion of

the transition process to separate the

roles of Chief Executive Officer and

Chairman of the Board of Directors.

Animal Welfare:

Marfrig was recently elected one the

world’s best companies in animal

welfare (source: Business Benchmark on

Farm Animal Welfare, 2013), which

reflects our firm commitment to

sustainability in our business chain.

Marfrig sustainability coordinator,

Stavros Platon Tseimazides, was

recognized as a Benchmark

Professional in Animal Welfare by the

BeefPoint magazine at the Animal

Welfare BeefSummit.

6Focus to Win

STRATEGIES AND

OBJECTIVES

7Focus to Win

High single digit margins in beef business. Consistent cash generation and stricter cost management

Solid beef business

Who we were

Strong customer focus but keeping a tight grip on margins

Strong customer focus

Rapid growth Focus on profitable growth and margin expansion

Debt financed acquisitions

Accelerated organic growth

Broad based meat company

Easier to connect and to focus

Earnings volatility Earnings stability

Cash consumption Positive free cash flow

Where we are headed What have we

done so far

Uruguay returned to profitability, reduced losses in Argentina

Destination channels are being optimized

Significant margin expansion in both Moy Park and Keystone

Working to finalize JV in Indonesia and in the Middle East (Keystone)

SKU simplification in Beef Brazil, Uruguay makes up 100% ofKeystone China’s South American beef purchases

Results in line over the lastthree quarters

Positive free cash flow in 1Q14

Strategy | Business Transformation

8Focus to Win

Highlights

29% of Marfrig Group sales

One of the world’s leading suppliers

for the food service industry, QSR players

Presence in the US, Asia and Oceania

Leading protein supplier to McDonalds

(60% of Keystone sales in 1Q14)

Employer of over 11,500 people

Keystone | Business Unit Overview

Footprint

Diversified food company, focused on processed meat

products and food service with footprint in US and APMEA

Legend

Slaughter

Processed food

Other

9Focus to Win

Keystone | Business Unit Overview

Geographic Presence

24%

76%

APMEA

US

Geographic Coverage

Production Infrastructure

Sales ChannelsProductsProduction Structure

ProductsSales

Channels

• 13 further processing

plants

• 3 poultry vertical

integration complexes

• 1 primary processing

plant + 1 grain operation

• 1 research &

development facility

• 19 pullet farms + 61

breeder farms + 296

broiler farms

• Focused on food

service channel and

developing retail

channels

• Leading supplier to

McDonald´s

USA: #1 beef, #2

poultry and #2 fish

APMEA: #2 protein

supplier in China, sole

protein supplier to

Malaysia, Thailand

and Korea; #2 in

Australia

• Poultry, beef and fish

processed products

75%

20%5%

Poultry

Beef

Fish

1Q14(%)

1Q14(%)

10Focus to Win

Poultry is the main

focus for growth1Key Accounts

growth2

Geographic

expansion to secure

additional processing

capabilities

3

Grow and diversify

beef business4

Keystone | Key Strategic Goals

11Focus to Win

Poultry is the Main Focus for Growth

0

1

2

3

4

5

6

U.S. Systemwide Sales – Chicken QSRs

($Bn)

0

10

20

30

40

50

60

70

80

90

100

U.S. Per Capita Consumption

(pounds)

Chicken

Fish

Turkey

Pork

Beef

Chicken represents 79% of Keystone’s U.S. net sales

CAGR: (1.0%)

Chicken is Leading Protein Consumption

Source: USDA / National Chicken Council, QSR 50 Report 2012

Chicken QSRs are Among the Fastest Growing

12Focus to Win

Key Accounts Growth

Strong reputation with a diverse and high quality customer base

225 232 273362 402

39 4954

5773

264 281327

419475

2009 2010 2011 2012 2013U.S. APMEA

16.8%

CAGR

15.6%

CAGR

Select

Key

Accounts

Attractive Growth in Key Account Sales

($MM)

13Focus to Win

Geographic Expansion to Secure

Additional Processing CapabilitiesKeystone supplies the rapidly growing QSR industry in APMEA

APMEA Overview: 4,000+ restaurants served; Facilities: 6 further processing plants; 1 primary processing plant

30%

13%12%

12%

11%

8%

6%5%

2%

1% 0%

Japan

Thailand

China

Malaysia

Korea

(%), by End-Market Country 2013

Australia

Singapore

EUOthers

Middle East

Growth Across All Markets

(MM pounds)

0

50

100

150

200

250

300

350

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

109

137

168

196

226239

257

274299

313

APMEA Growth History (Volume)

14Focus to Win

Keystone|Financial Projections

CAGR %

2012-18Revenue

Growth(2)

EBITDA

Margin

7.5 9.0

8.0 9.0

2018 Target range

10.0(2013/2012)

6.4(3)

2013(1)

%

Note:

(1) Growth and margin for full year 2013

(2) Revenues stated in R$, FX rate considered of R$/U$=2.40 in 2014 and flat onwards, no projected inflation

(3) Does not consider non-recurring items

15Focus to Win

LegendSlaughter

Processed food

Other

Moy Park | Business Unit Overview

28% of Marfrig Group sales

One of Europe’s leading poultry companies

Top 20 UK food business and leader in

convenience products

Northern Ireland’s largest company

14 production sites in Northern Ireland,

England, France and Holland

70 years of history

Employer of 12,000 people

HighlightsFootprint

Diversified protein based food company with

presence in poultry, turkey, beef and pork

16Focus to Win

Moy Park | Business Unit Overview

Production Structure

Products

• Poultry, savory, bakery,

pork, agriculture, turkey

and sliced corned beef

Brand Positioning

Premium

Mainstream

Daily

Use

Sales Channels

• Vertical poultry

integration

10 further processing

plants

4 slaughter plants

3 feed plants

7 hatcheries

700 farms

• 235 million chicken heads

per year

• 1.5 million turkey heads

per year

• 0.25 million tons of

processed food per year

1Q14(%)

• Strong presence in retail

and food service:

2012

62%27%

11%

Retail

Fast food / Food Service

Other

1Q14(%)

40%53%

7%

FreshProcessed Poultry/ BeefOthers (Agri + Meat Free)

17Focus to Win

Continue expansion of

multi protein retail sales

in markets across UK,

Ireland and

Continental Europe

2

Boost presence in

the food service

distribution channel

in the UK, Ireland

and Continental

Europe

3

Moy Park | Key Strategic Goals

1

Grow core UK &

Ireland retail fresh

poultry and

convenience food

sales ahead of the

market

4Become Marfrig

global distribution

platform in Europe

18Focus to Win

Key Strengths and Investment

Positioned in the attractive UK poultry market…1

... Moy Park is a leading player in both Fresh Poultry and Convenience Food

2The company enjoys strong relationships with UK and European retailers and QSR operators…

3

Most consumed animal protein in the

UK with 728 kton sold in 2013A

Fastest growing animal protein and the

most affordable (£1,300 per ton vs.

£4,420 for Beef)

Preference for local products: 8 out of

10 shoppers would buy British when

available

#1 producer of fresh coated and

ready-to-eat poultry

It is the second largest producer in the

UK

Moy Park has brands covering the full

market

Poultry has higher growth

UK poultry production

Fresh coated poultry

Ready-to-eat poultry

#2

#1

#1

(2012A–17E CAGR in consumption volume) Retail Food Service

Larger market share in “winning”

categories and formats

Supplier to the major UK and French

QSR operators

Fast growing QSR market in France and

UK with 13-17E CAGR of 5.6% and 1.3%

Customized product solutions with Moy

Park personnel located on site of largest

clients’ facilities

1.62% 1.60%

0.13% 0.09%

Poultry Fish Pork Beef and

Veal

19Focus to WinSource: Euromonitor

UK convenience

Agri-fresh

EU convenience

Breeding Grounds

Geographical location of breeding

farms in West-Europe ensures for a

“natural” biosecurity barrier

Track record: 14% sales CAGR

since 2008 / +2.7% EBITDA margin

uplift since 2011

Strong operating cash flows

generated and re-invested to

drive future growth

Combined, the team has over

100 years of food industry

knowledge

InitiativesRelevance for

investors

Leverage poultry and beef footprint in Europe acrossUK franchise

2. Increase Presence inFood Service

Explore an increasing sales channel that will lead to sustainable growth

Tap significant opportunity with low risk and investment

1. Grow Core Business

Grow core retailfresh poultry and conveniencefood sales

3. Innovation and ChannelDevelopment

Outpace competition and increase profitability

Deliver leading consumer insights to customersDrive growth via new channels

Key Strengths and Investment

...underpinned by a strong management team with proven track-record

4Clear strategy of organic growth with multiple levers for further upside…

5…on the back of an efficient and well-invested production base6

integrated production platform

including unique poultry rearing

ensuring integrity of supply

Production footprint in Ireland

acting as natural bio-security barrier

£180m invested over the last 5 years

20Focus to Win

Boost Presence in the Food Service Distribution

Channel in the UK, Ireland and Continental

Europe

9,6

2012A

French Fast Food Market Key considerations

Market value (€bn)

Moy Park supplies all large French and UK Quick Service Restaurant (QSR) operators

Source: Euromonitor

The French fast food market has a size of c €10bn and is expected to grow at a 2.3% CAGR to 2018

Moy Park is well positioned to benefit from future market growth:

28% of Moy Park’s LTM revenues to Foodservice companies

Acquisition of Keystone European assets provides a strong platform and the expertise of a global food supplier

The Group’s strategy is to leverage long-standing relationships with major QSR players in order to develop a distribution platform in the UK and across Continental Europe

The UK Fast Food market has a size of c €18bn and is expected to grow at a 1.3% CAGR to 2017

We believe that Moy Park can benefit from such growth by utilising our poultry production platform in the UK and our multi-product foodservice expertise in Continental Europe

UK Fast Food Market

Market growth

17,6

2012A

Market value (€bn) Market growth

2013 2018

2.3%

2012 2017

1.3%

21Focus to Win

2nd Largest Overall Poultry Producer in the UK

and More Than Twice the Size of the Number 3

25%

B

C

D

E

A

% of total UK average bird processing per week

Market Share of Total UK Poultry Production

Source: DEFRA UK broiler slaughter, rolling 12 months to December 2013, averaged per week

Market shares are Company estimates based on third-party industry sources

Total: 17.4m birds per week

Key observations

#2 UK poultry producer provides scale and efficiency benefits which enhance Moy Park’s competitive position

Integrated supply of British-produced poultry into the convenience retail and foodservice markets provides a competitive advantage as well as a driver for growth, as end consumers value British-sourced meat

Our market share in the sale of fresh poultry to retailers offers attractive opportunities for future growth

22Focus to Win

Leading Market Shares in the Highest

Value, Growing Retail Segments in Poultry

UK Market Growth of Chilled Ready-to-Eat Poultry UK Market Share Chilled Ready-to-Eat Poultry

UK Market Growth of Chilled Fresh Coated Poultry UK Market Share Chilled Fresh Coated Poultry

Source: Kantar Worldpanel, year-end April

Historical strong growth in core categories in which Moy Park is twice as large as the second largest competitor

UK market value (£m)

52%

Others

A

46%

Others

A

UK market value (£m)

Source: Company estimates based on third-party sources, for the

year ended December 2013

225254

281301

325

10A 11A 12A 13A 14A

237 232256

277 287

10A 11A 12A 13A 14A

23Focus to Win

Moy Park | Financial Projections

%

CAGR %

2012-18Revenue

Growth(2)

EBITDA

Margin

8.5 10.0

7.5 8.5

2018 Target Range

17.9(2013/2012)

6.5(3)

2013(1)

Note:

(1) Growth and margin for full year 2013

(2) Revenues stated in R$, FX rate considered of R$/£=3.80 in 2014 and flat onwards, no projected inflation

(3) Does not consider non-recurring items

24Focus to Win

Marfrig Beef | Business Unit Overview

Highlights

43% of Marfrig Group sales

(c.34% in Brazil)

Focus on beef and lamb

Products sold in the local and

international markets

31 production sites in Brazil, Argentina,

Uruguay and Chile

2nd largest beef operation in Brazil

Leader in Uruguay slaughter

#1 Chilean meat importer

+21,000 employees

Legend:

Slaughter

Processed food

Other

25Focus to Win

Marfrig Beef| Business Unit Overview

Beef and lamb, fresh and

processed

Sale of potatoes,

vegetables, fish and other

imported foods

Uruguay: 62% export, 38%

domestic

Argentina: 86% export, 14%

domestic

Chile: biggest supplier of

local catering companies

43%

33%

24%

20 plants in Brazil

(16 slaughtering,

4 processing)

3 plants in Argentina

(3 slaughtering)

5 plants in Uruguay

(slaughtering and

processing)

2 plants in Chile

(slaughtering)

Production Structure

ProductsBrand

PositioningSales

Channels

Super

Premium

Premium

Daily

Use

Processed

Beef

Export

Domestic Market

Food Service

In Natura

Processed

Lamb, leather and other

1Q14(% Brazil)

2013(%)

74%17%

9%

26Focus to Win

Improve cash

conversion – drive

efficiencies and asset

optimization

1Top line profitable

growth – focus on

strategic distribution

channels

2

Leverage our beef

sourcing potential in

South America to

increase sales to US,

Europe and Asia

3

Marfrig Beef|Key Strategic Goals

Grow in the

value added

product segment4

27Focus to Win

Marfrig Beef |Financial Projections

%

CAGR %

2012-18

Revenue

Growth(2)

EBITDA

Margin

7.0 9.0

8.0 10.0

Faixa Alvo 2018

X.X%(2013E/2012A)

X.X

2013E

13.5(2013/2012)

9.2(3)

2013(1)

7.0 9.0

8.0 10.0

2018 Target Range

Note:

(1) Growth and margin for full year 2013

(2) Revenues stated in R$, FX rate considered of R$/U$=2.40 in 2014 and flat onwards, no projected inflation

(3) Does not consider gains from asset sales (Zenda) and non-recurring items

28Focus to Win

1Q14

FINANCIAL

PERFORMANCE

29Focus to Win

EBITDAMargin

Notes:

(1) 2014 target range revenues stated in BRL based on FX rates of R$/U$=2.40 and R$/₤=3.80.

(2) Operating cash flow after capex, working capital changes, interest expenses and income tax.

Revenues (1) 21.0 – 23.0

2014

Target Range

7.5 – 8.5

%

Achieved

%

R$ billion

Financial Targets |Consolidated

1Q14

23% - 21%

112% - 99%

4.8

8.4

CAPEX

Breakeven

to 100

R$ million

Free Cash Flow toShareholders (2)

16

600 24%143

R$ million

30Focus to Win

1Q14 Highlights

Solid performance across all businesses - FOCUS TO WIN - Marfrig showing

consistency of improved operational performance for a third consecutive quarter.

We are pleased to deliver a critical milestone: FREE CASH FLOW (after Capex and

Interest Expense).

Working Capital Management: another quarter where we signal our attention and

focus to this critical lever. We continue to improve in many fronts (inventory

management in the fourth quarter) but this quarter, lower trade receivables,

decreasing our DSO1 from 36 days to 31 days – helped us to manage our working

capital.

Hitting the high end of our margin goal despite 1st quarter being seasonally weaker,

as evidenced by revenues.

Most balance sheet ratios reasonably unchanged, with our liquidity and debt

repayment schedule continuing on a very positive trend.

Note:

(1) DSO = Days of Sales Outstanding

31Focus to Win

1Q14 Highlights

Performance of Business Units

The international operations recorded one of the best first quarters in the Group’s

recent history:

Moy Park recorded the highest first-quarter EBITDA margin of recent years,

explained by strong growth in added value convenience products in the UK,

operating efficiencies and better carcass utilisation.

Keystone was impacted in the US in 1Q14 by one of the most extreme winters in

the country's history, with lower food service consumption and weaker sales and

orders by clients, offset by lower raw material costs. In Asia and the Middle East,

sales and prices benefitted from the increased activity in the food service

segment.

Marfrig Beef was impacted by the drought in the period, and, even though

cattle supply has remained stable, producers have held the supply of finished

cattle. However, this had little impact on margins, due to the effective

management of sales channels and the recovery in the Uruguay operations.

Adjusted EBITDA in 1Q14 was R$403.3 million (up 9.4% from 1Q13), with margin of 8.4%,

in line with 2014 Guidance.

32Focus to Win

Net Revenue(R$ million)

Keystone: + 14.7%

Moy Park: + 27.3%

Marfrig Beef: - 2.3%

Growth vs. 1Q13:

+ 9.4%

Financial Performance | Consolidated

4.3754.455

4.944 4.9784.788

1Q13 2Q13 3Q13 4Q13 1Q14

33Focus to Win

Breakdown by Business(%)

Adjusted EBITDA & Margin(R$ million and %)

1Q13 1Q14

Financial Performance | Consolidated

Adjusted EBITDA Margin of 8.4%, near to the top of the FOCUS TO WIN Guidance.

In relation to 1Q13:

120 bps increase at Keystone to 8.0%.

130 bps increase at Moy Park to 7.2%.

110 bps decrease at Marfrig Beef to 9.5%.

17%

22%

61%

MOY PARK

KEYSTONE

MARFRIGBEEF

369

280

375

422403

8.4%

6.3%

7.6%8.5% 8.4%

1Q13 2Q13 3Q13 4Q13 1Q14

24%

28%

49%

34Focus to Win

Liquidity & Debt | Consolidated

Net Debt - 4Q13 x 1Q14(R$ million)

7,128

6,862 143

249

(408)

(234) (15)

Net Debt4Q13

Cash Flowbefore Capex

Capex AccruedInterest

ExchangeRate Changes

in Debt &Cash

Other Net Debt1Q14

35Focus to Win

Liquidity & Debt | Consolidated

Debt(R$ million)

* Current Ratio = Current Assets / Current Liabilities

** Not included interest paid by mandatory convertible

debentures

Indicators 4Q13 1Q14

Gross Debt/ EBITDA LTM 3.77x 4.07x

Net Debt/ EBITDA LTM 3.00x 3.02x

Net Debt/ Adj. EBITDA

Annualized 4.22x 4.25x

Net Debt/ Total Assets 0.4x 0.4x

Cash and Eq. / Short

Term Debt1.61x 1.85x

Current Ratio * 2.0 2.1

Duration (months) 54 52

Average Cost ** (p.y.) 8.0% 7.9%

Short Term (%) 12.6 % 14.0%

Long Term (%) 87.4% 86.0%

BRL (%) 4.5% 3.8%

Other Currencies(%) 95.5% 96.2%

3,6412,169 1,492 1,123 1,295

6,862

9,357

8,9287,635 7,817 7,960

2,393

12,998

11,097

9,127 8,940 9,255

Gross Debt1Q13

Gross Debt2Q13

Gross Debt3Q13

Gross Debt4Q13

Gross Debt1Q14

Cash andEquivalent

Net Debt1Q14

Long Term

Short Term

36Focus to Win

1,813

503

125 155340

685 582

1,578

2,473

9

1,597

893

Caixa 1T14 2T14 3T14 4T14 2015 2016 2017 2018 2019 2020 2021

Liquidity & Debt | Consolidated

Maturity Schedule – 1Q14(R$ million)

Short Term: R$ 1.1 bn

Maturity Schedule – 4Q13(R$ million)

Cash 1Q14 2Q14 3Q14 4Q14 2015 2016 2017 2018 2019 2020 2021

Short Term: R$ 1.3 bn

*Liability Management - Bonds Repurchased (April 2014)2017 – US$ 74.7 million2021 – US$ 57.7 million

Total – US$ 132.4 million

*2,094

*1,401

* 695

6

2,393

452 227

393 222

499 571

1,533

2,325

6

2,162

864

Cash 2Q14 3Q14 4Q14 1Q15 2015 2016 2017 2018 2019 2020 2021

37Focus to Win

(96)

424

261

(99)(34) (11)

(38)

408

(143)

265

(249) 16

Net Income/Loss

Notaffecting

cash items

Tradeaccount

receivables

Inventories Tradeaccountpayables

Other Taxes Op. CashFlow beforeInvestiments

Capex Op. CashFlow

Financialexpense

Free cashflow

Cash Flow Bridge – 1Q14 (R$ million)

Improvement in working capital management due to lower trade account receivables,

triggering a R$261 million reduction in working capital needs in 1Q14.

Cash Flow | Consolidated

38Focus to Win

Cash Flow | Consolidated

Free Cash Flow (after CAPEX & Interests)

(R$ million)

(628)

(932)

(295)

(135)

16 1Q13 2Q13 3Q13 4Q13 1Q14

Positive Free Cash Flow after Interest and Capex, reaching R$16 million in 1Q14.

+

39Focus to Win

Net revenue grew 15% compared to 1Q13, driven by the positive effect of exchange variation.

Positive EBITDA performance in US Proteins, in spite of extreme winter weather throughout the US, isdue to the lower cost of outside meat purchases and lower feed costs.

In Asia, Keystone sales increased by favorable customer and product mix in Korea and Thailandand strong exports to Middle East and the UK.

Reduction in SG&A expenses due to continued cost reduction and efficiency initiatives.

Adjusted EBITDA in 1Q14 grew to R$111.1 million, with margin of 8.0%, 120 bps higher than in 1Q13.

Keystone 1Q14 HighlightsNet Revenue(R$ million)

Adjusted EBITDA & Margin (R$ million and %)+15%

1,213 1,286

1,4831,390 1,391

1Q13 2Q13 3Q13 4Q13 1Q14

8268

95 96111

6.8%

5.3%

6.4%6.9%

8.0%

1Q13 2Q13 3Q13 4Q13 1Q14

40Focus to Win

Sales revenue growth driven by the positive effect of exchange variation in the period and UK

and Ireland sales including strong growth in added value convenience products.

Increase of 55% in Adjusted EBITDA and 130 bps in margin in relation to 1Q13.

Moy Park 1Q14 Highlights

Net Revenue(R$ million)

Adjusted EBITDA & Margin (R$ million and %)

+27%

61 6678

101 95

5.9% 5.9%6.4%

7.6% 7.2%

1Q13 2Q13 3Q13 4Q13 1Q14

1,0381,132

1,2221,332 1,321

1Q13 2Q13 3Q13 4Q13 1Q14

41Focus to Win

Net Revenue(R$ million)

Net revenue decrease of 2%, explained by the lower production and sales in Brazil, due to higher

cost of raw material in Brazil, not yet fully reflected in prices during the quarter and partially offset

by higher exports from Uruguay and by the improved performance of Brazil's food service market.

Continuous improvement in the Uruguay business, since 4Q13, demonstrating a reversal in the

adverse scenario of the first half of 2013.

Adjusted EBITDA decrease of 12% with a margin reduction of 110 bps from 1Q13.

Marfrig Beef 1Q14 Highlights

Adjusted EBITDA & Margin (R$ million and %)

- 2%

225

145

202

226

197

10.6%

7.1%

9.0%10.0%

9.5%

1Q13 2Q13 3Q13 4Q13 1Q14

2,124 2,0382,240 2,256

2,075

1Q13 2Q13 3Q13 4Q13 1Q14

42Focus to Win

BONDS AND

EQUITY

43Focus to Win

0.5%

0.7%

Shareholder Structure|April, 2014

Total capital

520,747,405 shares47% Free float

244,766,309 shares

Source: Marfrig

BNDES

19.6%

MMS Part.

33.2%

Treasury0.1%

Board/Management

0.1%

6.3%

Other

40.7%

32.0%

25.8%

16.4%

1.4%

9.7%

5.7%

2.2%

0.4%

0.3%

Others

1.1%

3.3%

0.5%

44Focus to Win

99

100

101

102

103

104

105

106

107

108

109

110

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14

99

101

103

105

107

109

111

113

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-1499

101

103

105

107

109

111

113

115

117

119

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14

98

100

102

104

106

108

110

112

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14

Bond Performance | 2014

9.9%11.0%

18.1%12.8%

1.0% 1.8%

3.1%

3.8%

2017 2018

20212020

Source: Bloomberg - Until May 22nd

* Peers: based on average of bond issues by JBS, BRF and Minerva for same maturities

Marfrig Peers

45Focus to Win

70

80

90

100

110

120

130

Jan-14 Feb-14 Mar-14 Apr-14 May-14

Share Price Performance |2014

MRFG3 Ibovespa Peers

-1.4%

19.5%

Source: BM&Fbovespa

Until May 22nd,2014

* Peers: based on average of JBS, BRF and Minerva

2.5%

46Focus to Win

FINAL REMARKS

47Focus to Win

Final Remarks

General

This quarter is particularly important as we deliver a critical milestone - Free Cash Flow.

Despite the seasonality aspect of this quarter (first quarters are often weaker), 1st quarter

reaffirms (in line with the last two quarters) our strategic goals: margin expansion and

organic growth, all underpinned by better operational performance in the three

businesses.

Our actions to improve the profitability of both Keystone and Moy Park are paying off.

Beef

Our Beef businesses continue to strengthen their performance: high margins, better control

of its working capital as evidenced in the last two quarters, improved performance in most

industrial KPI´s, closer alignment with our supply chain partners – cattle farmers, optimizing

our destination channels (higher margins with smaller retailers).

As mentioned in the third quarter of 13, Uruguay Beef posted a strong performance, having

not only produced high margins but a strong cash flow generation.

Our Argentina operation is running smoothly, moving towards break-even as we re-open a

second plant in the second quarter.

48Focus to Win

Final Remarks

Keystone

Our more recent focus on growing Key Accounts business is yielding good results.

We will continue to focus on and put additional resources on accelerating our growth in

APMEA. We are close to finalizing a joint venture in Indonesia, and are moving quickly to

establish a local manufacturing presence in the Middle East.

We continue to build risk management skills within the business, embedding this capability

as a value of our business model and customers we serve.

Moy Park

Another quality quarter, reinforcing EBITDA margin growth and attractive returns.

The investments made in the last five years, are paying off as poultry continues to be the

fastest growing protein option in the UK today.

Our leadership position in both ready-to-eat products (number # 1) and fresh coated

(number # 1) should benefit with changing demographics: singles, workforce participation.

49Focus to Win

Final Remarks

Financials

The performance of our bonds and more recently our share price, give us confidence that

we are on the right track.

During 2014, short term working capital lines have been re-priced at lower levels – in most

cases 1% to 2% lower than the average cost during 13. The meager decline of our average

interest cost to 7.9% should intensify over time.

We remain strongly focused on control of working capital and cash generation.

The re-tap of our 20 bond is a small testimony of the fixed income support to our story, for

which we are thankful.

Nothing to report on the possible listing of both subsidiaries.

50Focus to Win

EBITDA

Margin

Note:

(1) Revenues stated in R$, FX rate considered of R$/U$=2.40 and R$/₤=3.80 in 2014 and flat onwards, no projected inflation

(2) Operating cash flow after capex, working capital changes, interest expenses and income tax

Revenues(1) 21.0 – 23.0

2014Target Range

7.5 – 9.5(CAGR% 2012-18)

7.5 – 8.5 8.5 – 9.5

2018Target Range

Free Cash

Flow to

Shareholders (2)

600 –

%

R$ billion

R$ millionCAPEX

Breakeven

to 100600 – 850 R$ million

Consolidated Financial Projections

51Focus to Win

Disclaimer

This material is a presentation of general information about MarfrigGlobal Foods S.A. and its consolidated subsidiaries (jointly the“Corporation”) on the date hereof. The information is presented insummary form and does not purport to be complete.

No representation or warranty, either expressed or implied, ismade regarding the accuracy or scope of the information herein.Neither the Corporation nor any of its affiliated companies,consultants or representatives undertake any responsibility for anylosses or damages arising from any of the information presented orcontained in this presentation. The information contained in thispresentation is up to date as of March 31, 2014, and, unless statedotherwise, is subject to change without prior notice. Neither theCorporation nor any of its affiliated companies, consultants orrepresentatives have signed any commitment to update suchinformation after the date hereof. This presentation should not beconstrued as a legal, tax or investment recommendation or anyother type of advice.

The data contained herein were obtained from various externalsources and the Corporation has not verified said data throughany independent source. Therefore, the Corporation makes nowarranties as to the accuracy or completeness of such data,which involve risks and uncertainties and are subject to changebased on various factors.

This presentation includes forward-looking statements. Suchstatements do not constitute historical fact and reflect the beliefsand expectations of the Corporation’s management. The words“anticipates,” “hopes,” “expects,” “estimates,” “intends,”“projects,” “plans,” “predicts,” “projects,” “aims” and other similarexpressions are used to identify such statements.

Although the Corporation believes that the expectations andassumptions reflected by these forward-looking statements arereasonable and based on the information currently available to itsmanagement, it cannot guarantee results or future events. Suchforward-looking statements should be considered with caution,since actual results may differ materially from those expressed orimplied by such statements. Securities are prohibited from beingoffered or sold in the United States unless they are registered orexempt from registration in accordance with the U.S. SecuritiesAct of 1933, as amended (“Securities Act”). Any future offering ofsecurities must be made exclusively through an offeringmemorandum. This presentation does not constitute an offer,invitation or solicitation to subscribe or acquire any securities, andno part of this presentation nor any information or statementcontained herein should be used as the basis for or considered inconnection with any contract or commitment of any nature. Anydecision to buy securities in any offering conducted by theCorporation should be based solely on the information containedin the offering documents, which may be published or distributedopportunely in connection with any security offering conductedby the Corporation, depending on the case.

52Focus to Win

IR Contacts

E-mail

ri@marfrig.com.br

Website

www.marfrig.com.br/ir

Address

Avenida

Chedid Jafet, 222

Bloco A - 5th floor

São Paulo - SP - Brasil

+55 (11)

3792-8650

3792-8600

Telephone

@