Barretos, March 4, 2011 – Minerva (BOVESPA: BEEF3; Bloomberg: BEEF3.BZ; Reuters: BEEF3.SA), one of the leaders in Brazil in the production and sale of fresh beef, live cattle and cattle byproducts, with operations also in the beef, pork and poultry processing segments, announces today its results for fiscal year 2010. Except where stated otherwise, the financial and operating information is presented in BRGAAP and Brazilian real (R$), in accordance with IFRS standards.

ü Minerva reported record-high Gross Revenue of R$3,570 million in 2010, up 29% from 2009. Domestic sales revenue grew 33%, while export revenue grew 27%.

ü Minerva has focused on its cash conversion cycle, which increased 29% without any need for additional working capital. Minerva's credibility allows for better payment conditions to cattle producers. Planning between demand and production based on continuous analysis of the market optimizes inventory management. In addition, the adequate management of the receivables portfolio supported reductions in the cash conversion cycle.

ü EBITDA was R$266.2 million in 2010, up 42.5% from 2009. ü EBITDA margin was 7.8% in the period, versus 7.2% in 2009, thanks to the location of production plants in regions with higher cattle

supply, the various programs to continually improve operational indicators, the improvements in the sales and distribution channels, especially in the domestic market, and the risk management practices.

ü Minerva’s financial policy is focused on deleveraging. The Net Debt/EBITDA ratio fell from 4.32x in 2009 to 3.97x at the close of 2010, based on the company’s estimates.

ü Minerva ended 2010 with a cash balance of R$576.5 million. Less than 15% of the debt is short-term and 48.5% is denominated in local currency. Minerva has a policy of maintaining a cash cushion.

ü One of Minerva's major advantages is its risk management, which, supported by the company's research area, coordinates the purchase of inputs, the sales of products and any market opportunities, anticipating market trends and guiding the decision making process to maintain Minerva’s margins.

ü ROIC was 18.2% in 2010, versus 10.9% in the previous year. The improvement in this ratio confirms the efficient risk and projects management and the constant quest to add value to shareholders.

ü Return for shareholders: The positive results in 2010 allowed Minerva to pay R$6,55 million in dividends, which will be detailed later.

ü Minerva implements continuous improvement processes in its industrial and corporate areas, through programs involving the redesign of industrial processes, product planning and control, the rationalization of personnel and cost reductions. Minerva implemented SAP, a business management software that will generate important managerial information flows to help consolidate data in the corporate segment, conferring greater agility and security to the decision-making process.

ü Minerva has various programs to strengthen its relationship with livestock producers. The company's successful financial products targeting cattle producers promotes loyalty and allows for locking in margins, improving the regularity of cattle supply for slaughter.

Main Indicators (R$ million) 2010 2009 Var. % Head of Cattle Slaughtered (thousands) 1,437,1 1,290,8 11,3% Sales Volume (thousand tons) 353.2 303.3 16.4% Gross Revenue 3,570.2 2,772.4 28.8% Domestic 1,196.4 898.4 33.2% Export 2,373.7 1,874.0 26.7% Net Revenue 3,408.2 2,602.1 31.0% EBITDA 266.2 186.6 42.5% EBITDA Margin 7.8% 7.2% 0.6 p.p Net Income 22.9 72.9 -68.6% Net Margin 0.7% 2.8% -2.1 p.p Net Debt/ Adjusted EBITDA 3.97x 4.32x -8.1%

Key Indicators

2010 Highlights

2010 Results

2

The year 2010 posed many challenges for the meatpacking industry, especially on the operational front. Brazilian companies faced a period of cattle shortages and changes in demand patterns, with the export market losing ground to the domestic market, which required greater flexibility and efficiency from companies to allow them to redirect their production in order to capture bigger margins and grow their operations. Minerva constantly sought new tools to improve its internal controls in order to sustain its growth and ensure solid operating and financial results. As a result, and despite this scenario, Minerva posted growth of 30% without increasing its working capital needs, demonstrating that its growth was achieved rationally and was the fruit of sound and conscientious management. The various programs to improve controls and management that supported this achievement included the implementation of a SAP system, which will increase the visibility of the company's figures, accelerate the decision-making process and improve the establishment of managerial targets, adding greater agility to the company's processes. Another highlight was the program to create the Shared Services Center, which aims to reduce administrative costs by centralizing the corporate areas, which function as service providers to the company's operations, helping to make processes more efficient. Another program redesigned the manufacturing processes, which led to improvement in the operating indicators. Adopting better structured processes for managing indicators and regular employee training allowed for major advances, such as higher cut yields, lower recutting, a reduction in the dressing-out percentage and better quality control. In the commercial scenario, Brazil's consumer market made significant advances last year, which translated into stronger demand and higher prices. Minerva anticipated this trend and adjusted its operations to benefit from this new pattern. We opened three new Distribution Centers, which led the share of domestic beef sales revenue in total sales revenue to reach 40%, considering only the Beef Division. The aim is to further strengthen Minerva’s presence in the small and medium retailers segment in Brazil's metropolitan areas located outside highly competitive centers, like São Paulo and Rio de Janeiro, by tapping a market niche characterized by high demand and high purchasing power that is still largely unexplored, by adopting a one-stop-shop concept. In addition to the DCs, in 2010, Minerva inaugurated its slaughter and deboning units in Campina Verde, Minas Gerais and in Rolim de Moura, Rondônia, which expanded its installed capacity by 32.6%, diversified and increased its national presence in Brazil, reduced the sanitary risks of its operations and increased the flexibility of its operations and logistics. In 2010, Minerva increased its equity interest in Minerva Dawns Farms from 50% to 80%. MDF's operations are advancing in accordance with the expected ramp-up in capacity utilization. MDF is a company with business-to-business sales that specializes in ready-to-eat products with high value added. MDF’s clients are mostly global food service companies and manufacturers experiencing accelerated growth that use proteins in their products, with the company's strategy based on supplying their Brazilian arms as well as their operations in the rest of the world. Minerva has several programs to strengthen its relationship with livestock producers. These include forward cattle purchases, minimum prices, forward contracts for agricultural commodities (CPRs), partnerships for feedlot operations and the Producer Relations Program (Falando de Pecuária) that promotes the exchange of information through lectures and debates, while strengthening relations with cattle suppliers, providing a better payment structure for raw material purchases and better utilization of installed capacity.

Message from Management

2010 Results

3

A dynamic and responsible financial strategy plays a fundamental role in supporting Minerva’s healthy growth. In 2010, we worked intensely to better manage the operational accounts and brought the cash conversion cycle to levels that are unmatched in the industry. Minerva also implemented various initiatives to improve its debt profile, which included the international issue of US$250 million in notes maturing in 2019, the local issue of R$200 million in debentures maturing in 2015 and the Notes Exchange Offer, in which 80% of the holders of notes maturing in 2017 agreed to exchange them for new bonds maturing in 2019. As a result, today the company has an adequate debt profile, with less than 15% of debt maturing in the long term, and a stable cash position. Our Net Debt/EBITDA ratio stands at 3.97x, and we expect to deleverage consistently and naturally in step with the maturation of our investments. In 2011, the cattle cycle should begin to reverse, which should lead to a period of high productivity in the industry. Domestic demand should remain robust with very competitive profit margins in the export operations. In the export market, the Brazilian Association of Meat Exporters (ABIEC) forecasts growth in sales abroad, particularly to China, Russia and Chile. Weather problems and political obstacles in countries that compete in beef exports should put Brazil, Paraguay and Uruguay in an advantageous position to meet the higher world demand for animal protein. Minerva's objectives are to continue growing sustainably by inaugurating new distribution centers, concluding the acquisition of Frigorífico Pul in Uruguay, advancing the Redenção greenfield project, accelerating the ramp-up of Minerva Dawn Farms, deleveraging the company, increasing penetration in more profitable markets and further strengthening the financial policy are also goals of this administration. Brazil’s beef industry will experience further consolidation, in which Minerva plans to continue to be part, always in a conservative and disciplined manner, with the aim of always create more value for its shareholders and investors.

Fernando Galletti de Queiroz, CEO

2010 Results

4

Table of Contents Industry Overview - Brazil........................................................................................................................................... 5

Cattle Prices ........................................................................................................................................................... 6

Domestic Market .................................................................................................................................................... 7

Export Market ........................................................................................................................................................ 8

Minerva – Analysis of Results ................................................................................................................................... 10

Slaughter .............................................................................................................................................................. 10

Consolidated Gross Revenue ................................................................................................................................ 10

Beef Division ........................................................................................................................................................ 13

Consolidated Net Revenue .................................................................................................................................. 13

Cost of Goods Sold ............................................................................................................................................... 14

Gross Income ....................................................................................................................................................... 14

SG&A Expenses .................................................................................................................................................... 14

EBITDA ................................................................................................................................................................. 15

EBIT (Operating Income) ....................................................................................................................................... 16

Financial Result .................................................................................................................................................... 16

Net Income .......................................................................................................................................................... 16

Capital Structure ....................................................................................................................................................... 17

Return on Invested Capital .................................................................................................................................. 18

Stock and Bond Performance ................................................................................................................................... 18

Investments .............................................................................................................................................................. 19

Subsequent Events ................................................................................................................................................... 19

Acquisition of Frigorífico Pul ................................................................................................................................. 19

ADR Program ........................................................................................................................................................ 19

About Minerva.......................................................................................................................................................... 20

Income Statement (Appendix 1) ............................................................................................................................... 21

Balance Sheet (Appendix 2) ...................................................................................................................................... 22

Cash Flow Statement (Appendix 3) ........................................................................................................................... 23

2010 Results

5

Cattle Supply

Source: Ministry of Agriculture, Livestock and Supply (MAPA) on January 3, 2011

The year 2010 was marked by contraction in total slaughter volume in Brazil. The lower cattle supply was due to weather problems resulting from the La Niña phenomenon (which caused prolonged droughts that delayed the harvest), the reduction of approximately 20% in the number of feedlot cattle from the prior year and, especially, the current phase of the cattle cycle. To analyze how the cattle cycle works, first you must understand that a key factor is the destination of cows. If cows are slaughtered, calf production falls and within two or three years the number of cattle for slaughter declines. In contrast, lower cow slaughter rates lead the cattle herd to grow. However, the factor that determines the destination of cows is the profit that producers will earn from them in any given period. If calf prices are high, it is more lucrative for producers to retain cows for breeding. If calf prices are low, producers will profit more by slaughtering cows and being paid by the arroba.

Source: AgraFNP; *forecast

1. Low cycle: • High supply of cattle for slaughter – peak in total slaughter • Low arroba and calf prices • Low profits for producers – lower investments in production to replace animals • Disincentive to retain cows for reproduction • Slaughter of cows • Higher number of cattle for slaughter and lower arroba price.

5.042

5.3265.470

5.566

5.273

5.4765.315

4.919

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Brazil Slaughter Volume (thousand head of cattle)

16,1 17,3 17,9 19,121,6 23,6

20,6 18,1 18,2 18,9

42,044,3 44,1 45,0

47,1 46,544,0 44,3

46,548,1

25,0

30,0

35,0

40,0

45,0

50,0

0,05,0

10,015,020,025,030,0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

Slaughter of Cows vs. Calf Production (million head of cattle)

Abate de Fêmeas Produção de Bezerros

55%

53%54% 54%

51%

49%

51%

54%55%

54%

45%

47%46% 46%

49%

51%

49%

46%45%

46%43%

48%

53%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

Slaughter

Abate de Machos Abate de Fêmeas

Industry Overview - Brazil

Slaughter of Cows Calf Production Slaughter of CowsSlaughter of Oxes

2010 Results

6

When cows are slaughtered, calves are not born, which leads to: 2. High cycle: • Low supply of cattle for slaughter • High arroba and calf prices • High profits for producers – higher investments in production to buy animals to rebuild the herd • Incentive to retain cows for reproduction • Lower slaughtering of cows • Lower number of cattle for slaughter and higher arroba price

In 2010, the cattle cycle experienced its most challenging phase: lower cattle supply and higher arroba and calf prices resulting from the higher cow slaughter rates in recent years. Following the increased slaughtering of cows, calf production fell, leading to a lower supply of finished cattle for slaughter between 2009 and 2011. Uruguay and Paraguay are currently in the herd-rebuilding phase, and therefore have the conditions to benefit from the growing world demand for beef, given their competitive advantages in relation to other producers outside of South America, such as a better cost structure, the potential to increase productivity, the availability of water, etc.

Source: Senacsa and Inac

Cattle Price (in arroba)

Finished Cattle – Average Price (R$/@)

Source: CEPEA/ESALQ The lower supply of cattle for slaughter increased the cattle price in Brazil. The average price of finished cattle in Brazil increased by 12% in 2010 in relation to 2009. Compensating this effect, the beef price in both the domestic and export markets increased in line with the increase in the cattle arroba price, with prices rising by 13% in the local market according to the Center for Advanced Studies

527612 571 615 579 643

408574

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Uruguay Slaughter Volume (thousand head of cattle)

287 329 302 302352

409 366 328

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Paraguay Slaughter Volume (thousand head of cattle)

80.5 80.1 78.5 75.0 77.6 81.6 90.1106.2

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

2010 Results

7

on Applied Economics (CEPEA) and by 24% in the international market according to Brazil's Foreign Trade Secretariat (SECEX), which guaranteed stable margins.

Domestic Market Domestic demand for beef increased, driven by the higher purchasing power, which in turn was made possible by the higher employment and income levels and by social programs, which allowed people to eat better, increasing the percentage of red meat as a source of protein. This higher demand for beef led to a sharp increase in beef prices, with prices stabilizing at a new level. According to data from Nielsen, the consumer goods sector in Brazil is forecast to expand at least 4% in 2010, almost twice as much as in 2009 (2.2%). A highlight of the survey, which includes 159 product categories, is the food sector, in particular perishables (estimated growth of 6.5%). Income group C accounted for 60% of this increase in demand, the D and E income groups 21%, while the wealthier groups (A and B) represented 18% (approximate amounts). For 2011, the consulting firm estimates growth in sales volume of between 4% and 6% in Brazil, due to the fundamentals that enabled the performance of the retail sector in 2010 remaining in place. In addition, the survey from Nielsen showed that consumers want fast, convenient and practical shopping and prefer to shop in smaller stores located near their homes (neighborhood stores). Therefore, small supermarkets (5 to 9 checkout aisles) recorded sales growth of 7%, while medium-sized supermarkets (20 to 49 checkout aisles) recorded growth of 9.3%. In contrast to the positive performance of smaller stores, hypermarkets (over 50 checkout aisles) suffered a decline in sales volume of 6.4% in the categories analyzed. Export Market Following the sharp drop in the average price of beef exported by the main countries at the close of 2008, as a result of the global economic crisis, prices gradually recovered, as the following chart shows. Data for 2010 are more positive for exporters. Brazil not only returned to pre-crisis prices, but registered a further increase of 10%, which is above the increases obtained by Argentina, Australia and the United States. Despite the drop in export volume, which occurred due to market conditions, impacted primarily by the European crisis, revenue has registered very strong growth. According to Brazil’s Foreign Trade Secretariat (SECEX), Brazil’s fresh beef exports in 2010 totaled 951,000 tons and US$3.861 million, up 3% and 28% from the volume and revenue registered in 2009, respectively, as the following chart shows. Russia remained the primary market for Brazilian exports in the period, accounting for 27% of exports in the quarter, followed by Iran (21%) and Egypt (11%). In 2011, according to Brazilian Association of Meat Exporters (Abiec), beef exports in 2011 should grow by between 8% and 10%, while beef exports should reach approximately 2 million tons (in carcass equivalent), which would represent growth of 7%. Growth in external demand should come mainly from developing countries, like Russia, Chile and China.

2010 Results

8

Fresh Beef Revenue and Exports Destination of Brazilian Exports in 2010

Source: SECEX Fresh Beef Sales Volume

Fresh Beef Average Price

Source: SECEX In line with the trend observed in the beef market, leather exports were impacted by the global financial crisis, since the largest consumers of Brazilian leather reduced their demand, especially in China, which uses leather to produce vehicle seating and furniture for the U.S. market, which are two segments that were severely affected by the crisis. After July 2009, the recovery in consumption in these countries led to a rebound in leather exports, which drove prices higher. The level of inventories held by wet-blue leather importers, which had increased during the crisis since demand had waned for manufactured products, has already fallen, which bodes well for exports, especially in terms of volume. In 2010, leather exports posted a solid recovery, particularly in terms of prices, which points to a solid and promising market. Revenue and sales volume increased 28% and 3%, respectively, while average prices rose x%.

205 250 232 239 222 265 274 190

588771 811 852 799

1,043 1,120899

2,872 3,0843,497 3,564 3,605

3,934 4,0814,732

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10Export (thousands of tons) Revenue (US$ million)Average Price (US$)

Russia 26.5%

Iran 20.9%

Egypt 10.6%

Hong Kong 6.1%

Venezuela 4.8%

Italy 3.7%

Saudi Arabia 3.2%

Algeria 2.7%

Others 21.6%

67,0 74,3 80,2 78,490,4 96,4 101,7 95,9

76,9 76,455,2 58,6

Volume (thousand ton)

3,57 3,65 3,83 3,97 3,99 4,01 4,09 4,17 4,52 4,87 4,87

6,57 6,52 6,72 7,20 7,20 7,10 7,19 7,16 7,62 8,35 8,25

US$/Kg R$/Kg

2010 Results

9

Source: SECEX Another segment in which Brazil gained room for exports was live cattle, which registered sales volume growth of 26% to 633,000 head This level of growth is above the world average. According to the U. S. Department of Agriculture (USDA), 4.5 million head of cattle were exported worldwide in 2010, which represents growth of 3%. Among the world’s largest exporters, Brazil ranks fourth, with Canada and Australia recording drops in exports of 35% and 4%, respectively, while Mexico posted growth of 7%. As a result, Brazil’s share of world trade rose from 11% in 2009 to 14%.

Source: SECEX

Slaughter Volume Despite the shortage of animals for slaughter, Minerva’s capacity utilization rate ended 2010 at 77%, significantly higher than the industry average. The lowest slaughter volume was registered in October, reflecting the prolonged dry winter season and the reduction in the number of feedlot cattle due to the high grain prices. Supported by its programs to strengthen its relations with cattle producers, Minerva was able to offset this downward trend, closing the quarter with a capacity utilization rate of 71%.

4 6 6 8 7 8 8 9

34 38 4358 58

68 63 70

8.760

6.903 6.8237.574

8.177 8.217 8.0867.531

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Brazil Leather Revenue and Exports

Export (thousand ton)Revenue (US$ million)Average Price (US$)

49 62 59 54 63 7652 5758 67 75 88

117152

105 106

1.180 1.0761.270

1.6271.861

2.004 2.0131.854

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Brazil Wet Blue Leather Revenue and Exports

Export (thousand ton)Revenue (US$ million)Average Price (US$)

59 54 67 75 73 7298

7892 91 107129 131 139

199163

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Live Cattle Revenue and Exports

Export (thousand ton) Revenue (US$ million)

Minerva – Analysis of Results

2010 Results

10

Source: Minerva

Consolidated Gross Revenue

R$ Million 2010 2009 Var. % 4Q10 3T10 Var.% 4Q09 Var. % Gross Revenue 3,570.2 2,772.4 28.2% 948.1 953.6 -0.6% 727.3 30.4% Domestic Market 1,196.4 898.4 33.2% 378.8 326.7 16.0% 274.0 38.3% % Gross Revenue 33.5% 32.4% 1.1 p.p 40.0% 34.3% 5.7 p.p. 37.7% 2.3 p.p. Beef Division – DM 1,038.7 793.0 31.0% 330.5 278.8 18.5% 237.0 39.5% Other 157.8 105.4 49.7% 48.4 47.9 1.0% 37.0 30.6% Export Market 2,373.7 1,874.0 26.7% 569.3 626.9 -9.2% 453.2 25.6% % Gross Revenue 66.5% 67.6% -1.1 p.p. 60.0% 65.7% -5.7 p.p. 62.3% -2.3 p.p. Beef Division – EM 1,593.0 1.357.2 17.4% 334.3 417.0 -19.8% 317.6 5.3% Other 780.8 516.8 51.1% 235.0 209.9 12.0%. 135.7 73.2%

Minerva posted gross revenue growth of 28% in relation to 2009. Sales to the domestic market, which accounted for 34% of gross revenue, grew by 33% from 2009. Meanwhile, exports expanded by 27%.

The revenue mix varies in accordance with the weekly exercise conducted by the company, which analyzes the matrix with the sales channel options for each cut, which are compared on the same basis, with the objective of maximizing the return on production as a whole.

Breakdown of Consolidated Gross Revenue in 2009 Breakdown of Consolidated Gross Revenue in 2010

Source: Minerva

82,9%70,0%

59,0%

72,7%81,4%

71,0%76,5%

4Q09 3Q10 Oct-11 Nov-10 Dec-10 4Q10 2010

Capacity Utilization (%)

Beef DM 28,6%

Other DM 3,8%

Beef EM 49,0%

Other EM 18,6%

Beef DM 29,1%

Other DM 4,4%

Beef EM 44,6%

Other EM 21,9%

2010 Results

11

Beef Division

Total Revenue (R$ Million) 2010 2009 Var. % 4Q10 3Q10 Var.% 4Q09 Var. % Fresh Beef – EM 1,511.5 1,269.3 19.1% 317.7 397.8 -20.1% 296.3 7.2% Processed Beef – EM 12.9 27.9 -53.7% 0.0 0.0 0.0% 7.3 -100.0% Other – EM 68.5 60.0 14.3% 16.6 19.3 -14.0% 14.0 18.8% Sub-Total – EM 1,593.0 1,357.2 17.4% 334.3 417.0 -19.8% 317.6 5.3% Fresh Beef – DM 884.5 663.9 19.5% 281.7 242.9 21.2% 194.6 12.5% Processed Beef – DM 10.8 9.1 18.5% 5.4 0.2 N.R. 3.8 41.5% Other – DM 143.3 120.0 19.5% 43.3 35.8 21.2% 38.5 12.5% Sub-Total – DM 1,038.7 793.0 31.0% 330.5 278.8 18.5% 237.0 39.5% Total 2,631.6 2,150.2 22.4% 664.8 695.9 -4.5% 554.5 19.9% Volume (Thousand Tonnes) 2010 2009 Var. % 4Q10 3Q10 Var.% 4Q09 Var. % Fresh Beef – EM 192.7 172.7 11.6% 33.3 52.6 -36.8% 42.2 -20.9% Processed Beef – EM 1.3 2.6 -50.4% 0.0 0.0 0.0% 0.6 -100.0% Other – EM 13.6 11.7 15.5% 3.1 4.3 -28.5% 2.7 13.4% Sub-Total – EM 207.6 187.1 19.4% 36.3 56.9 -35.9% 45.5 66.5% Fresh Beef – DM 121.7 100.7 20.8% 31.4 34.3 -8.4% 28.4 10.7% Processed Beef – DM 1.4 1.2 19.4% 0.8 0.0 0.0% 0.5 66.5% Other – DM 22.6 14.4 57.1% 5.4 6.0 -10.4% 6.4 -15.4% Sub-Total – DM 145.6 116.3 25.3% 37.6 40.3 -6.8% 35.2 6.8% Total 353.2 303.3 16.4% 74.0 97.2 -23.9% 80.8 -8.3% Average Price – EM (US$/Kg) 2010 2009 Var. % 4Q10 3Q10 Var.% 4Q09 Var. % Fresh Beef – EM 4.46 3.45 29.1% 5.61 4.32 29.8% 4.04 39.0% Processed Beef – EM 5.69 5.04 12.9% 3.57 N.R. N.R. 6.50 -45.1% Other – EM 2.87 2.40 -17.4% 3.17 2.55 -3.0% 2.95 -2.4% Total 4.36 3.41 28.0% 5.41 4.19 29.0% 4.01 34.9% USD Average (source: BACEN) 1.76 2.13 -17.4% 1.70 1.75 -3.0% 1.74 -2.4% AveragePrice – EM (R$/Kg) 2010 2009 Var. % 4Q10 3Q10 Var.% 4Q09 Var. % Fresh Beef – EM 7.84 7.35 6.7% 9.53 7.57 25.9% 7.03 35.6% Processed Beef – EM 10.01 10.73 -6.7% 6.06 N.R. N.R. 11.32 -46.4% Other – EM 5.06 5.11 -1.1% 5.38 4.47 20.3% 5.13 4.7% Total 1,160 1.179 -1.7% 9.18 7.33 25.1% 6.97 31.6% Average Price – DM (R$/Kg) 2010 2009 Var. % 4T10 3T10 Var.% 4T09 Var. % Fresh Beef – DM 7.27 6.59 10.3% 8.96 7.08 26.6% 6.86 30.7% Processed Beef – DM 7.86 7.91 -0.7% 6.96 8.49 -18.0% 8.19 -15.0% Other – DM 6.34 8.34 -23.9% 8.05 5.95 35.2% 6.05 33.1% Total 7.13 6.82 4.6% 8.79 6.91 27.2% 6.73 30.6%

EM - Export Market, DM – Domestic Market The Beef Division, which includes fresh beef, prepared beef and other beef products (byproducts), posted gross revenue growth of 22% in the year, led by sales to the domestic market (31%). This was due to Minerva’s strategy to increase its access to beef consumer markets in Brazil through its Distribution Centers, benefitting from the trend in Brazil of higher demand and more sophisticated consumption habits.

2010 Results

12

Although Brazilian beef exports grew only 3% in the period, Minerva posted growth of 19%, thanks to its strategy to diversify and strengthen its relationship with clients. Gross revenue from beef exports rose 17%, despite the lower demand for Brazilian beef from countries suffering crises and the stronger Brazilian real in relation to the U.S. dollar. The price of beef exports in USD terms rose by 28% in 2010.

Source: Minerva The charts below show the main destinations of Minerva’s exports in 2010 compared with 2009. The company's commercial strategy is focused on seeking the best markets for each of its products and in the diversifying of the client base to mitigate the risk posed by a high concentration of sales destinations. In 2010, African and South American countries increased significantly. In relation to the Middle East, where a crisis began in early 2011, the company’s exposure fell from 33% in 2009 to 13% in 2010, in line with the strategy of diversifying markets to mitigate potential risks of concentration in a country or group of clients. Minerva does not own production plants and distribution operations in these countries, and therefore it enjoys great agility in reallocating sales to its export destinations. The company also believes that export levels from these countries should not change significantly, given that local production is not enough to meet the entire demand. During times of crisis, it is common to use food storage strategies to reduce instability.

Source: Minerva

23,4

36,644,5

49,442,2

53,5 53,452,6

33,4

20,524,9 21,5

25,9 28,4 26,1 29,834,3 31,4

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

Fresh Beef Sales Volume

EM Volume (thousand ton)

DM Volume (thousand ton)

7,7

6,4 6,5 6,6 6,9 6,5 6,47,1

9,0

8,6

7,2 7,3 7,77,0 7,2

7,77,6

9,5

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

Fresh Beef Average Price

R$/Kg - DM R$/Kg - EM

Africa 19,1%

Middle East 25,2%

Americas 9,9%

Asia 9,1%

Europe 9,3%

Others 0,2%

CIS 27,2%

Export Breakdown Fresh Beef - 2009 (U$)

Saudi Arabia 4,0%

Algeria 8,7%

Egypt 7,3%

Lybia 3,0%

Iran 8,6%

Jordan 1,6%

Breakdown Middle East and North Africa - 2009

Africa 14,9%

Middle East 26,1%

Americas 19,0%

Asia 5,3%

Europe 8,7%

Othes 0,1%

CIS 25,8%

Export Breakdown Fresh Beef - 2010 (U$)Saudi Arabia

3,0%

Algeria 5,2%

Egypt 7,4%Lybia 1,9%

Iran 12,2%

Jordan 1,1%Breakdown Middle East and North Africa- 2010

2010 Results

13

Minerva's market share of fresh beef exports (US$ FOB) reached 20.2% in 2010, up 2.4 p.p. from a year earlier.

Market share (Gross Revenues US$ million)

Source: Secex and Minerva Consolidated Net Revenue Net Revenue in 3Q10 increased 31% from the same quarter a year earlier to R$3.408 million.

R$ Million 2010 2009 Var. % Gross Revenue 3,570.2 2,772 28.8% Sale Tax and Returns (162.0) (170.3) -4.9% Net Revenue 3,408.2 2,602.1 31.0%

Net Revenue (R$ million)

Source: Minerva

Cost of Goods Sold Cost of Goods Sold in 2010 was R$2.758 million, corresponding to 80.9% of Net Revenue, versus 81.9% in 2009. This improvement was achieved through risk management, which with the help of the search company's anticipated market trends for more accurate decision-making, while preserving the margins of Minerva, even in the year that the cost of the main raw material, cattle, has reached record levels. In addition, the programs of cattle forward purchase, minimum price, cattle certificate of receivables, confinement in partnership and relationship programs to exchange information through lectures and discussions, promote closer ties with the cattle supplier, resulting in better payment conditions and greater availability of raw material, with consequent increase in capacity utilization.

3.0213.861

537780

17,8%20,2%

2009 2010Brazil Minerva Share Minerva (%)

2.602,13.408,2

2009 2010

31.0%

2010 Results

14

Gross Income R$ Million 2010 2009 Var. % Net Revenue 3,408.2 2,602.1 31.0% Cost of Goods Sold (2,758.3) (2,131.8) 29.4% % Net Revenue 80.9% 81.9% -1.0 p.p Gross Profit 649.9 470.3 38.2% Gross Margin 19.1% 18.1% 1.0 p.p

Gross Income was R$649.9 million in the year, up 38.2% from 2009. Gross margin expanded by 1.0 p.p. in the period.

Gross income and gross margin

Source: Minerva

SG&A Expenses

R$ Million 2010 2009 Var. % Selling Expenses (355.9) (266.5) 33.2% % Net Revenue 10.4% 10.2% 0.2 p.p G&A Expenses (71.2) (62.3) 14.3% % Net Revenue 2.1% 2.4% -0.3 p.p Other Operating Expenses (4.9) 0.1 N.R. % Net Revenue 0.1% 0.0% 0.1 p.p

Selling Expenses Selling expenses in 2010 totaled R$356 million, or 10.4% of net revenue. This figure is in line with 2009, despite the higher distribution to the domestic market, which reflects the more efficient control of costs by the company’s commercial team. Minerva’s one-stop-shop strategy, under which the company distributes not just beef, but also third-party products, including poultry, fish, pork and vegetables, assures unparalleled logistics efficiency by reaching small and midsized retailers across Brazil and offering delivery frequency that surpasses the industry average.

470,3

649,9

18,1% 19,1%

2009 2010Gross Profit (R$ million) Gross Margin (%)

38.2%

2010 Results

15

General and Administrative Expenses In 2010, G&A expenses represented 2.2% of net revenue from sales, which also was in line with 2009. This confirms that the 30% growth in the company’s top line occurred in an organized and controlled manner, reflecting the improvement in operational and administrative management, through programs of rationalization of staff, reduction of absenteeism, overtime and staff turnover, continuing training and management tools such as SAP and CSC. The SAP system will increase the reliability of our figures, both operational and managerial, and enable more agile data analyses to increase the efficiency of corporate decisions. Another highlight was program to create the Shared Services Center, which aims to reduce administrative costs by centralizing the corporate areas, which function as service providers to the company's operations, making its processes more efficient.

EBITDA EBITDA was R$266.2 million in 2010, growing 42.5% from 2009. EBITDA margin stood at 7.8%, up 0.6 p.p. from 2009, due to the location of production plants in regions with higher cattle supply, the various programs to continually improve operational indicators, the improvements in the sales and distribution channels, especially in the domestic market, and the adequate risk management made by the Company.

R$ Milion 2010 2009 Var. % Net (Loss) Income 22.9 72.9 -68.6% (+) Deferred Income tax (44.4) (4.6) 856.6% (+) Financial Income, Net 240.4 75.1 220.1% (+) Depreciation and Amortization 28.8 43.4 -33.6% (+) Non-recurring Expenses 18.5 - - EBITDA 266.2 186.7 42.5% EBITDA Margin 7.8% 7.2% 0.6 p.p

EBITDA and EBITDA Margin

Source: Minerva

186,7

266,2

7,2% 7,8%

2009 2010

EBITDA (R$ million) EBITDA Margin (%)

42.5%

2010 Results

16

EBIT (Operating Income)

EBIT, or operating income before financial expenses, was R$237.4 million in 2010, increasing by 63.8% from 2009.

R$ Million 2010 2009 Var. % EBITDA 266.2 186.7 42.5% Depreciation (28.8) (43.4) -33.6% EBIT 237.4 143.3 65.7% EBIT Margin 7.0% 5.5% 1.4 p.p

Financial Result We recorded a financial expense of R$240 million in 2010. The key factors that led to a change in financial expenses were: the interest expenses, the expenses with operations in the capital markets, the expenses with the prepayment of debt as part of the policy to efficiently manage liability and lengthen the debt profile, and the expenses with currency hedging for the debt denominated in USD.

R$ Million 2010 2009 Var. % Financial Revenues (266.1) (263.7) 0.9% Financial Expenses 29.8 53.5 -44.3% Financial Result (4.2) 135.1 -103.0% % Net Revenue (240.4) (75.1) 220.1% Financial Revenues -26.4% -8.3% -18.2 p.p

Net Income Minerva recorded Net Income of approx. R$ 23 million, which will enable the distribution of approximately R$ 6.55 million in dividends related to fiscal year 2010.

R$ Million 2010 2009 Var. % Net (Loss) Income 22.9 77.2 -68,6% Net Margin (%) 0.7% 2.8% -2.1 p.p

2010 Results

17

The company ended 2010 with cash and cash equivalents of R$576,5 million and a debt profile with maturities concentrated in the long term. Minerva maintains policies the minority of its debt in the short term, of maintaining the share of debt denominated in foreign currency equal to the share of exports in its revenue and of maintaining a cash cushion corresponding to two months of inputs acquisition costs. On December 31, 2010, 85.5% of the company’s debt was long-term and 48.5% of loans were pegged to foreign currencies. The ratio of net debt to EBITDA in the last 12 months declined to 3.97x, confirming our deleveraging process. R$ Million 4Q10 3Q10 Var. % 4Q09 Var. % Short Term Debt 236.9 101.4 133.6% 291.1 -18.6% % Short Term Debt 14.5% 7.0% 7.5 p.p 23.8% -9.3 p.p Local Currency 172.4 31.2 451.8% 79.9% 115.8% Foreign Currency 64.5 70.2 -8.1% 211.2 -69.5% Long Term Debt 1,397.2 1,339.9 4.3% 932.3 49.9% % Long Term Debt 85.5% 93.0% -7.4 p.p 76.2% 9.3 p.p Local Currency 670.3 529.8 26.5% 345.0 94.3% Foreign Currency 726.8 810.1 -10.3% 587.3 23.8% Total Debt 1,634.0 1,441.3 13.4% 1,223.4 33.6% Local Currency 842.7 561.0 50.2% 424.9 98.3% Foreign Currency 791.3 880.3 -10.1% 798.5 -0.9% (Cash and Cash Equivalents) (576.5) (427.7) 22.0% (424.0) 36.0% Net Debt 1,057.6 968.6 9.2% 799.4 32.3% Net Debt/EBITDA 3.97x 4.23x -0.3x 4.28x -0.5x

LOCAL CURRENCY FOREIGN CURRENCY 4Q10 3Q10 4Q10 3Q10

4Q10 - 4,357 4Q10 - 35,826 1Q11 33,460 11,488 1Q11 36,411 24,047 2Q11 7,435 5,771 2Q11 9,230 - 3Q11 9,695 9,627 3Q11 5,950 10,265 4Q11 121,811 8,442 4Q11 12,900 6,471 2012 93,101 63,902 2012 23,893 100,885 2013 319,793 205,304 2013 23,772 19,428 2014 96,090 93,376 2014 9,256 4,591 2015 97,161 87,994 2015 4,081 2,266 2016 20,116 24,077 2016 - - 2017 14,907 13,580 2017 54,125 265,324 2018 7,571 7,995 2018 - - 2019 6,580 7,493 2019 611,681 411,143 2020 6,580 7,493 2020 - - 2021 6,104 7,334 2021 - - 2022 2,339 2,795 2022 - - Total 842,743 561,030 Total 791,297 880,264

Capital Structure

2010 Results

18

Return on Invested Capital

ROIC was 18.2% in 2010, versus 10.9% in the previous year. The improvement in this ratio confirms the efficient risk and projects management and the constant quest to add value to shareholders.

The chart above shows the performance of Minerva stock in 2010, which registered a gain of 19.73% in the year. Meanwhile, the Ibovespa gained 1.04%. Minerva stock posted the best performance among industry stocks in 2010.

576,5

69,916,7 15,6

134,7

236,9

Cash 1Q11 2Q11 3Q11 4Q11 Total

Short-Term Debt Amortization (R$ Million)

576,5

117,0

343,6

105,3 101,220,1

69,07,6

618,3

15,0

Cash 2012 2013 2014 2015 2016 2017 2018 2019

Long-Term Debt Amortization (R$ Million)

80,00

90,00

100,00

110,00

120,00

130,00

140,00

Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

Stock Performance (Basis 100)

Ibovespa BEEF3

In % a.a. 2010 2009 ROIC 18.2% 10.9%

Stock and Bond Performance

After 2009

2010 Results

19

Minerva’s industrial complexes are among the most modern in Brazil. The bulk of Capex for scheduled organic expansion has already been invested, with a new phase of growth now beginning with the maturation of these investments. The investments made in 2010 totaled R$206 million, of which $ 50 million were non-cash investments related to the increasing of participation in the MDF. The Investments were allocated to:

• MDF: Acquisition of additional 30% of the capital stock • Implementation of distribution centers in Viana, Espírito Santo; Brasília, Federal District; and Bauru, São

Paulo. • Rolim de Moura: preparation to start operations • Palmeiras de Goiás: installation of the biodiesel production plant • Campina Verde: reform of the slaughter line and cold rooms • Goianésia: improvement in the slaughter line and treatment of effluents • Araguaína: adjustment of the slaughter and offals line • José Bonifácio: expansion of the slaughter and deboning line • Barretos: automation of operations • Batayporã: renovation of the slaughter and deboning line • Palmeiras de Goiás: adjustment in the slaughter and deboning line • Feedlot Operations: structural improvements • General investments in the Live Cattle Division • General maintenance investments at all production units • Implementation of SAP • Implementation of new administration systems

Acquisition of Frigorífico Pul in Uruguay On January 18, 2011, Minerva signed a Promise to Contract Subject to Conditions, which stipulated the general conditions for the acquisition of 100% of the capital of PULSA S.A. (Frigorifico Pul) in Uruguay, which owns a slaughter and deboning unit in the city of Cerro Largo, near the capital Melo. When concluded, the transaction should amount to approximately US$65,000,000.00, which includes investments in modernization and expansion. Part of the payment for the acquisition (around US$14 million) should be made through the issue and transfer of 2,704,000 shares (BEEF3) at the unit price of R$8.75. Frigorífico Pul will have total slaughter capacity of 1,400 head/day after the conclusion of the ongoing investments. It is one of the three largest meatpacking plants in Uruguay, with estimated revenue in 2011 ranging from US$125 million to US$145 million and with 85% of sales directed to more than 40 countries. It is located in a privileged region in Uruguay, with access to breeding stock comprising more than 2 million head of cattle within a radius of 200 km, composed mainly of Hereford and Angus cattle. It holds ISO 9000 and ISO 22000 certifications, approval to export organic beef to the European Union and the United States and permission to use the USDA seal in the United States. ADR Program On February 21, 2011, Minerva approved the launch of the Level I American Depositary Receipts (ADRs) Program (“ADR Program”). Minerva's objectives with this ADR Program are to boost the liquidity of its stock in the United States and in Brazil, to facilitate access to its stocks by U.S. investors, to boost its stock price and to increase Minerva’s visibility worldwide.

Subsequent Events

Investments

2010 Results

20

Minerva S.A. is one of the leading producers and sellers of beef, leather, live cattle exports and cattle byproducts in Brazil, and one of the country’s three largest exporters in the industry in terms of gross sales revenue, exporting to some 100 countries. Minerva also produces beef, pork and poultry products. Minerva has daily slaughter capacity of 8,940 head of cattle and beef deboning capacity of 1,730 tons, which is equivalent to approximately 10,900 head. With a presence in the Brazilian states of São Paulo, Rondônia, Goiás, Tocantins, Mato Grosso do Sul and Minas Gerais, as well as in Paraguay, Minerva operates nine slaughter and deboning plants, one tannery and seven distribution centers. From December 2009 to December 2010, Minerva recorded net sales revenue of R$3.2 billion, for growth of 31.0% on the previous 12-month period.

This release contains forward-looking statements concerning the business outlook, operating and financial estimates and prospects for Minerva’s growth. These statements are merely projections and as such are based exclusively on management’s expectations for the Company concerning the future of the business and its continuous access to capital finance its business plan. These forward-looking statements depend materially on changes in market conditions, government regulations, pressures from competitors, and the performance of the industry and the Brazilian economy, among other factors, as well as the risks mentioned in the disclosure documents filed by the Company, and as such are subject to change without prior notice. All mentions to sources herein were prepared by MINERVA S.A.

About Minerva S.A

2010 Results

21

ANNEX 1 - CONSOLIDATED INCOME STATEMENT

Domesti c Sa les 1.196.427 898.436 33,2%Export Sa les 2.373.738 1.873.966 26,7%Gross Sales Revenues 3.570.165 2.772.402 28,8%

Sa les Ta xes (161.960) (170.283) -4,9%

Net Sales Revenues 3.408.205 2.602.119 31,0%

Cost of Goods Sold (2.758.349) (2.131.840) 29,4%Bi ol ogical Assets (1.860) 1.642 -213,3%

Gross Profit 647.996 471.921 37,3%

Sel l ing Expenses (355.068) (266.468) 33,2%General a nd Adminis tra tive Expens es (71.187) (62.271) 14,3%Fina ncia l Income (Expenses), net (266.069) (263.703) 0,9%Other Operating Revenues (Expens es ) 29.825 53.501 -44,3%Excha nge Ra te (4.151) 135.110 -103,1%Other Operating Revenues (Expens es ) (4.895) 121 -4145,5%Operating Revenue (Expenses) (671.545) (403.710) 66,3%

Operating Income (23.549) 68.211 -134,5%

Profit Before Income Tax (23.549) 68.211 -134,5%

Corporate Ta xa tion - Current (1.524) (9.564) -84,1%Corporte Ta xa tion - Deferred 45.948 14.208 223,4%

Minori ty Interest 2.023 45 4395,6%

Net Income 22.898 72.900 -68,6%0 0

EBITDA 266.188 186.800 42,5%EBITDA Ma rgin 7,8% 7,2% 0,6 p.p

2010 Results

22

ANNEX 2 – CONSOLIDATED BALANCE SHEET

ASSETS 12.31.10 12.31.09Current AssetsCa sh and Ca sh Equiva lents 576.464 424.009Trade Accounts Recei va ble from Cus tomers 79.780 198.682Inventori es 233.378 271.788Ta xes Recoverable 330.267 304.492Other Recei vables 72.592 18.632Total Current Assets 1.292.481 1.217.603

Non-current AssetsRel ated Parti es 6.241 19.319Ta xes Recoverable 109.106 38.624Deferred Taxa s 62.552 3.445Other Credits 12.059 8.606Judicia l Depos its 13.353 9.470Long-term Assets 203.311 79.464Fi xed Ass ets 950.650 773.335Intangibles 181.908 15.754Fixed Assets 1.132.558 789.089Total non-current Assets 1.335.869 868.553Total Assets 2.628.350 2.086.156

LIABILITIES 12.31.10 12.31.09Current liabilitiesLoa ns and Financi ng 236.891 291.071Trade Accounts Pa ya bl e to Suppl iers 232.174 196.199Pa yrol l and Ta x Pa ya bl e 41.994 39.444Other Lia bi l i ti es 29.723 7.783Total do passivo circulante 540.782 534.497

Non-current LiabilitiesLong Term LiabilitiesLoa ns and Financi ng 1.397.150 932.302Deferred Taxes 55.829 43.527Pa yrol l and Ta x Pa ya bl e 53.980 29.334Provis ion for conti ngenci es 34.978 20.961Rel ated Parti es - - Other Lia bi l i ti es 5.358 - Total non-current Liabilities 1.547.295 1.026.124

Minority Equity 33.779 670

Ca pi ta l Stock 251.642 247.728Trea sury Stock 184.367 304.643Ca pi ta l Res erves 78.335 81.283Reval ua ti on Reserves 31.375 - Bal ance sheet convers i on adjus tments - (105.587)Profits Reserve (10.132) (1.755)Retai ned Ea rnings (29.093) (1.447)Shareholders' Equity 506.494 524.865Total Liabilities and Shareholders’ Equity 2.628.350 2.086.156

2010 Results

23

ANNEX 3 - CONSOLIDATED CASH FLOW STATEMENT

Cash Flow 2010 2009Net Income (Loss) 22.898 72.900 Adjustments to reconcile net income (loss) and cash from operating activities:Depreciation and Amortization 28.819 43.452 Value Biological Assets 1.860 (1.642) Goodwill - - Gains on fixed asset disposals - - Increase in deferred taxes - temporary differences (45.948) (13.087) Decrease in deferred tax liabilities - revaluation of assets (3.805) 3.345 Equity accounting - - Good will on combination of businesses (166.113) Financial charges 130.718 130.101 Foreign Exchange Variation - Not Realized (57.738) (251.010) Contingency allowances 14.017 (2.109) Receivable from customers 118.902 18.352 Inventories 25.303 21.820

11.247 4.994 Taxes recoverable (96.783) (44.232) Accounts Receivables - Related Parties 18.436 (1.021) Sundry credits (57.413) (9.192) Trade accounts payable 35.975 55.491 Labor and tax obligations 27.196 20.943 Deposits in Court - - Provision for lost investments (3.883) (6.145) Accounts Payable 21.940 (29.208)

Net Cash Flow from operating activities 25.628 13.752 Net Cash Flow from operating activities

Intangible (53) (305) Additions to investments (206.122) (146.851)

Net Cash Used in Investment Activities (206.175) (147.156) Net Cash From Financing Activities

Loan repayments (787.506) (600.231) Interest accrued (126.665) (106.119) New Loans 1.251.899 640.709 Net Cash From Financing Activities 337.728 (65.641) Related to Shareholders

Variation in minority interest 33.109 347 Balance Sheet conversion adjustment (35.194) (2.832) Dividends Payable (6.555) - Paid up Capital 3.914 158.999 Net Cash Flow from shareholder related activities (4.726) 156.514

Net cash / cash equivalent Decrease 152.455 (42.531) Cash and Cash equivalents

Beginning of Period 424.009 466.540 End of Period 576.464 424.009 Net cash / cash equivalent Decrease 152.455 (42.531)