EARNINGS CONFERENCE CALL

MAY 12, 2017

INVESTOR RELATIONS

1Q17

2

This material is a presentation of general information about Marfrig Global FoodsS.A. and its consolidated subsidiaries (jointly the “Corporation”) on the datehereof. The information is presented in summary form and does not purport to becomplete.

No representation or warranty, either expressed or implied, is made regarding theaccuracy or scope of the information herein. Neither the Corporation nor any of itsaffiliated companies, consultants or representatives undertake any liability forlosses or damages arising from any of the information presented or contained inthis presentation. The information contained in this presentation is up to date as ofMarch 31, 2017, and, unless stated otherwise, is subject to change without priornotice. Neither the Corporation nor any of its affiliated companies, consultants orrepresentatives have signed any commitment to update such information after thedate hereof. This presentation should not be construed as a legal, tax orinvestment recommendation or any other type of advice.

The data contained herein were obtained from various external sources and theCorporation has not verified said data through any independent source. Therefore,the Corporation makes no warranties as to the accuracy or completeness of suchdata, which involve risks and uncertainties and are subject to change based onvarious factors.

This presentation includes forward-looking statements. Such statements do notconstitute historical fact and reflect the beliefs and expectations of theCorporation’s management. The words “anticipate,” “hope,” “expect,” “estimate,”“intend,” “project,” “plan,” “predict,” “aim” and other similar expressions are usedto identify such statements.

Although the Corporation believes that the expectations and assumptionsreflected by these forward-looking statements are reasonable and based on theinformation currently available to its management, it cannot guarantee results orfuture events. Such forward-looking statements should be considered withcaution, since actual results may differ materially from those expressed or impliedby such statements. Securities are prohibited from being offered or sold in theUnited States unless they are registered or exempt from registration in accordancewith the U.S. Securities Act of 1933, as amended (“Securities Act”). Any futureoffering of securities must be made exclusively through an offering memorandum.This presentation does not constitute an offer, invitation or solicitation tosubscribe or acquire any securities, and no part of this presentation nor anyinformation or statement contained herein should be used as the basis for orconsidered in connection with any contract or commitment of any nature. Anydecision to buy securities in any offering conducted by the Corporation should bebased solely on the information contained in the offering documents, which maybe published or distributed opportunely in connection with any security offeringconducted by the Corporation, depending on the case.

Disclaimer

3

Highlights

Start of Keystone’s IPO process

Initial confidential submission to the SEC already executed

BRL appreciation

Beef: Challenging scenario, weak flesh operation and new structure

Keystone: Record EBITDA for a first quarter

New issuance of US$ 750 million

Last mandatory convert´s interest installment of R$ 327 million, paid

in January

4

Beef’s new structure

Simplification of structure, with direct reporting to global CEO

Greater agility for decision making

Better visibility of results

Focus and independence in management

5

222138

9.0%6.7%

1Q16 1Q17

Beef Highlights | 1Q17

Net Revenue(R$ million)

Total Volume ('000 tons)

Adjusted EBITDA & Margin(R$ million and %)

Result of the quarter impacted, mainly, by BRL appreciation and lower sales volume.

Increase in the volume of fresh meat in the domestic market offset by the retraction of exports.

EBITDA affected by lower sales volume and lower spreads, in line with the industry trend.

-17%

-5%

-38%

42%% Food Service /

Brazilian DomesticMarket

1,146 1,052

1,323 989

2,469 2,040

1Q16 1Q17

56 61

105 94

79 74

240 229

1Q16 1Q17

6

264 278

1Q16 1Q17

Keystone Highlights | 1Q17

Net Revenue(US$ million)

Adjusted EBITDA and Margin(US$ million and %)

Total Volume(Thousand Tons)

+5%+10%

+7%

623 667

1Q16 1Q17

Quarter result driven by volume increase

+4.1% in U.S. led by good performance in foodservice and industrial channels

+ 10.6% in APMEA led by Thailand, Malaysia and Australia

First quarter EBITDA record

Market share increase and higher promotion activity in APMEA

Continued solid contribution of NAE products in U.S.

Lower input costs and better by-product export prices in U.S.

57 62

9.1%9.4%

1Q16 1Q17

% KeyAccounts 27% 31%

7

Financial Performance | Consolidated 1Q17

Net Revenue (R$ million)

Keystone’s excellent performance, driven by its higher sales volume, was offset by dollar devaluation(20%) and Beef Division’s lower salesvolume.

-16%

Revenue Breakdown

By

Bu

sin

ess

By

Cu

rren

cy

36%

15%

39%

10%

Keystone USAKeystone APMEABeef BrazilBeef International

60%21%

19%

US$

Real

Other

4,906 4,136

1Q16 1Q17

8

576460

11.7% 11.1%

1Q16 1Q17

443334

9.0% 8.1%

1Q16 1Q17

50%50%

Keystone Beef

59%

41%

Financial Performance | Consolidated 1Q17

Gross Profit & Gross Margin(R$ million and %)

Adjusted EBITDA & Margin(R$ million and %)

EBITDA affected by the retraction ofcattle margins, partially offset by theexpasion of Keystone’s margins andvolumes.

-20%

EB

ITD

A

Breakd

ow

n 1Q16 1Q17

-25%

9

-

200

400

600

800

1.000

1.200

2018 2019 2020 2021-2023 2024

Before*

Avg. Term: 4.2 years

-

200

400

600

800

1.000

1.200

2018 2019 2020 2021-2023 2024

After

Avg. Term: 4.9 years

Liability Management ProcessBonds Maturity Schedule

(pro forma)

In USD

*4Q16

*Proforma May,17

2018 2019 2020 2021 2023 2024

Dec, 2016 Balance 282 m 660 m 485 m 28 m 1 bn

Issuance 750 m

Repurchase 65 m 485 m

Pro-forma Balance 217 m 660 m 28 m 1 bn 750 m

10

Debt Amortization Schedule & IndicatorsR$ million

+5%

Net Debt (R$ and US$ billion)

1.8 1.9US$

1Q16 1Q17

Gross Debt 11,150 11,844

Cash 5,279 5,704

Net Debt 5,872 6,140

Adjusted EBITDA LTM from continuing operations 1,614 1,504

Net Debt / Adj. EBITDA LTM from cont. operations 3.64x 4.08x

Avg. Cost (% p.a.)6.97% vs. 7.64% in 1Q16

Avg. Term4.4 vs. 3.2 years in 1Q16

5.9 6.1

4Q16 1Q17

5,704

1,025 1,146

2,088

9331,256

3,064

2,331

Cash & Equiv. 2017 2018 2019 2020 2021 to 2022 2023 2024

11

Cash Flow | Consolidated 1Q17

1Q17 R$ million

Lower interest and maintenance of investments aligned with the Company's growth plans.

80

(253)

CFO Capex Interests FCFDescontinued

Total FCF

(134)

(213)

14

INVESTOR RELATIONS

www.marfrig.com.br/ir