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Vigor Alimentos S.A.

Quarter Results Presentation – 4Q12

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This presentation contains forward-looking statements relating to the prospects of the business,

estimates for operating and financial results, and those related to growth prospects of Vigor

Alimentos. These are merely projections and, as such, are based exclusively on the expectations of

Vigor’s management concerning the future of the business and its continued access to capital to

fund the Company’s business plan. Such forward-looking statements depend, substantially, on

changes in market conditions, government regulations, competitive pressures, the performance of

the Brazilian economy and the industry, among other factors and risks disclosed in Vigor’s filed

disclosure documents and are, therefore, subject to change without prior notice.

Disclaimer

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Introduction

Quarterly Results

Investment in Itambé S.A.

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Introduction

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Vigor: 94 years of growth in the Brazilian food market

Consumer

Employees 3,423

Net revenues – 9M12 R$ 1.330,2 MM / +8%1

Gross Profit – 9M12 R$ 394,7 MM / +27%1

Note: 1. Growth compared to same period last year.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Vigor Today Main Brands

Food Service

EBITDA – 9M12 R$ 68,0 MM / +54%1

EBITDA Margin – 9M12 5,1% / +1,5 p.p.

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Quarterly Results

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4Q12 Results Highlights

Volume of 85,5 thousand tons – (7,0%) vs. 4Q11 Volume w/oUHT Milk 5,7% lower in the quarter

Net Revenue of R$ 351,4 million, 10,1% higher than that of the 4Q11 Net Revenue w/oUHT Milk 11,7% higher than that of the 4Q11

Gross Profit of R$ 113,3 million, 32,0% higher vs. 4Q11 Gross Margin of 32,2%, 5,3 p.p. higher than the 4Q11 margins

Lower leverage with payment of Notes and decrease in the avg. cost of debt - Avg. cost of debt 8,2% (4Q12) - Net Debt of R$ 83,9 million, equivalent to 1,23x LTM EBITDA

EBITDA of R$ 14,9 million, compared to R$ 18,8 million in the 4Q11

(1,9)% 4,9%

8,2% 11,9%

26,5% 4,3 p.p.

n/a

53,8%

Quarterly Analysis: 4Q12

359,721 tons 302,547 tons

R$ 1.330,2 R$ 1.231,5

R$ 394,7 n/a

n/a

R$ 68,0

2012 Amount (R$ M) Change %

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Volume Performance

Growth per Category

(Tons)

Volume (Tons)

Volume 4Q12 4Q11 ∆ % 2012 2011 ∆ %

Dairy 38.442 33.485 14,8% 134.065 127.901 4,8%

Spreads 29.970 33.653 -10,9% 135.095 121.127 11,5%

UHT Milk 12.763 14.832 -13,9% 57.174 78.250 -26,9%

Others 4.631 10.329 -55,2% 33.387 39.361 -15,2%

Total 85.805 92.299 -7,0% 359.721 366.639 -1,9%

(7,0)%

(1,9)%

(5,7)%

4,9% Excludes UHT Milk

359.721366.639

85.80592.299

12M1212M114Q124Q11

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Net Revenues Performance

Growth per Category (R$ thousand)

Net Revenues (R$ thousand)

Net Revenues 4Q12 4Q11 ∆ % 2012 2011 ∆ %

Dairy 216.667 179.928 20,4% 749.476 666.948 12,4%

Spreads 95.138 91.862 3,6% 399.303 340.961 17,1%

UHT Milk 23.520 25.608 -8,2% 98.667 129.080 -23,6%

Others 16.120 21.916 -26,4% 82.731 92.555 -10,6%

Total 351.445 319.314 10,1% 1.330.177 1.229.543 8,2%

10,1%

8,2%

11,7%

11,9% Excludes UHT Milk

1.330.1771.229.543

351.445319.314

12M1212M114Q124Q11

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Net Revenues Breakdown

Net Revenues Breakdown per Segment (In %)

Net Revenues Breadown per Category (In %)

18,9% Food Service segment

growth 20,9%

56%54%62%56%

30%28%

27%29%

7%10%7%8%

6%8%5%7%

12M1212M114Q124Q11

Dairy Spreads UHT Milk Others

76%79%75%78%

24%21%25%22%

12M1212M114Q124Q11

Consumption Food Service

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68.022

44.232

14.89218.793

12M1212M114T124T11

394.681

311.903

113.32985.886

12M1212M114T124T11

Gross Profit and EBITDA Performance

EBITDA and EBITDA Margin (R$ thuosand and %)

Gross Profit and Gross Margin (R$ thuosand and %)

32,0%

26,5%

25,4%

29,7%

Δ = 4.3 p.p

26,9%

32,2%

Δ = 5.3 p.p

(20,8)%

53,8%

3,6%

5,1%

Δ = 1.5 p.p 5,9% 4,2%

Δ = (1.6) p.p

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SG&A Expenses

Highlights SG&A Expenses (R$ mil e %)

• Increase on investment in marketing and trade marketing

• Increase of personnel costs, including key positions across several areas – Finance, Pricing, Quality Control, Monitoring –corporate governance structure (Officers and Board)

46.3%

20.2%

Selling expenses

G&A expenses

SG&A 4Q12 4Q11 ∆ % 2012 2011 ∆ %

Selling 79.168 56.203 40,9% 267.293 228.508 17,0%

G&A 23.124 13.727 68,5% 74.221 55.592 33,5%

Total 102.292 69.930 46,3% 341.514 284.100 20,2%

69,930

102.292

284.100

341.514

267.293 228.508

79.168 56.203

74.221

55.592

23.124 13.727

12M1212M114Q124Q11

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Net Debt – R$ million

Cash Flow and Leverage

1. Includes interests from Refis (tax installments)

Cash Flow in 2012 – R$ million

Line Rate Due Date Amount

Working Capital CDI + 2,5% 08/17/15 79.766

EGF 5,5% 06/19/14 56.060

Progeren BB TJLP+ 3,35% year 10/15/15 48.706

Finame 8,7% 04/14/21 2.360

FCO 10% 05/02/14 1.273

BNDES_Aut. 0,97% to 1,18% month 02/16/16 365

Total 188.530

Gross Debt Breakdown – R$ thousand

Net Debt Cash Gross Debt

188,5

Short term:

56%

82,7

105,9

104,6

83,9

Initial Cash

Cash from Op

Working Capital

Capex Funding Debt Payment

End Cash

321,7

54,6 17,2 69,0

173,6 359,1

104,6

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Investment in Itambé S.A.

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Shareholding Structure Main Considerations

•CCPR (selling shareholders) created Itambé S.A.

(Equity of R$410 MM)

• Enterprise value (EV): R$960 MM

•Net Debt: R$550 MM

• Equity value: R$410 MM

•Vigor will capitalize Itambé S.A. in R$410 MM in

exchange for 50% of the equity

• Financial resources will be used to reduce debt to

R$140 MM

•Transaction is subject to the approval of the

Brazilian anti-trust agent (CADE) Itambé S.A.

Vigor S.A.

50%

CCPR

50%

Itambé S.A.

100%

CCPR

Itambé S.A.

R$410 MM

Vigor S.A.

Shares

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Investment in Itambé S.A.

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Contatos:

ri@vigor.com.br

Obrigado!