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1Q15Earnings

May 8, 2015

Key Accomplishments in 1Q15

2

23% growth in net revenue, driven by double-digit growth inall business units year-on-year, driven by 83% of overallrevenues denominated in currencies other than the BRL.

International units reached 70% of the consolidated revenue.

Keystone and Moy Park continued to deliver excellent results,accounting for 59% of revenue.

Adjusted EBITDA margin of 7.8%, reflects the good performanceof international units and the challenging first quarter faced in theBeef Brazil operation, as anticipated.

Key Accomplishments in 1Q15

3

Increase in market share of Brazil beef exports in the quarter, by300 bps in volume and 130 bps in value, compared to 1Q14.

Decrease in SG&A expenses by 60 bps from 4Q14 and by 170 bpsfrom 1Q14.

Moy Park sales volume grew 8% year-on-year mainly in the UK &Ireland retail and food service channels.

Keystone registered 35% year-on-year sales volume growth inAPMEA.

Financial Targets| Consolidated

Note: (1) In BRL based on the exchange rates of R$2.70/US$1.00 and R$4.30/£1.00.(2) Adjusted by non-recurring events.(3) Operating cash flow after investments, variations in working capital, interest expenses and income tax.

Target Range2015 (1)

1Q15Achieved

Net RevenueR$23 to25

billion

R$5.9billion

AdjustedEBITDA Margin (2) 8.0% - 9.0% 7.8%

CAPEXR$650million

R$149million

Free CashFlow toShareholders (3)

R$100 to R$200 million

-R$88 million

4

4,788 5,118 5,2395,929 5,883

1T14 2T14 3T14 4T14 1T15

357 369 361 378 342

7.5% 7.2% 6.9%6.4%

5.8%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

Financial Performance| Consolidated

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Net Revenue (R$ million)

Growth vs. 1Q14:

Moy Park: Benefited from exchange rate variation (11%), higher sales of fresh poultry in the retail and food service channel and consolidation of Marfrig Beef Brazil’s business in Europe. Despite lower commodity prices, depreciation in the Euro against the GBP impacting sales value to Europe, and lower export prices.

Keystone: Driven by exchange variation (21%), double-digit growth in sales volume to APMEA (35%), particularly China, and double-digit growth (12%) in volumes sold to Key Accounts in the USA.

Marfrig Beef: Domestic sales growth in Brazil, strong performance registered by the Uruguay/Chile operation, in both domestic and export markets.

Breakdown by Business – 1Q15(%)

26%

33%

41%

MOY PARK KEYSTONE MARFRIG BEEF

23%

+ 17%

+ 37%

+ 17%

619 625 649772

631

12.9% 12.2% 12.4% 13.0%

10.7%

1T14 2T14 3T14 4T14 1T15

357 369 361 378 342

7.5% 7.2% 6.9%6.4%

5.8%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

6

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

Decrease vs. 1Q14:

Moy Park -80 bps: Reallocation of costs with operational support areas from SG&A to COGS, and lower export prices,

partially offset by ongoing initiatives to capture efficiencies and curb operating costs.

Keystone -120 bps: Benefit in 1Q14 from unrealized gain from mark-to-market adjustments to grain hedges, compared

to the unrealized MTM loss in 1Q15; higher outside meat costs per pound, industry-wide lower prices for leg quarters on the closing of export markets to the U.S., higher operating costs due to the extreme winter weather in eastern United States.

Marfrig Beef -340 bps: Higher costs of raw materials (fed cattle), which were partially offset by the decline in production

costs achieved by the many initiatives implemented under the Productivity Agenda Project at production facilities in Brazil.



25%

21%

54%


2%

7

Lower SG&A/NOR compared to 1Q14:

Moy Park -110 bps: Reallocation of operational support costs from SG&A to COGS (as mentioned earlier) and

increased revenue productivity.

Keystone -70 bps: continued focus on cost control and benefited by a non-recurring insurance-related benefit in the

quarter.

Marfrig Beef -230 bps: Ongoing process to improve expense/cost management launched in mid-2Q14 (Productivity

Agenda Project) that involves a series of initiatives at production facilities in Brazil, resulting in R$14 million in savingsin 1Q15.

33%

13%

54%



SG&A and SG&A/NOR(R$ million and %)


357 369 361 378 342

7.5% 7.2% 6.9%6.4%

5.8%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

-4%

403 398 435

548461

8.4%7.8% 8.3%

9.2%7.8%

1T14 2T14 3T14 4T14 1T15

357 369 361 378 342

7.5% 7.2% 6.9%6.4%

5.8%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

Compared to 1Q14:

Moy Park + 60 bps to 7.8%

Keystone - 70 bps to 7.3%

Marfrig Beef - 120 bps to 8.3%

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Adjusted EBITDA and Margin(R$ million and %)

14%

26%

30%

44%


+ 27%

+ 26%

+ 2%

Net Income - Consolidated

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Net Income and Margin(R$ million)

Exchange rate variation impacted net income by R$506 million in 1Q15.

-96-55

-303 -285

-562

-2.0%-1.1%

-5.8%-4.8%

-9.6%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

Moy Park | 1Q15 Highlights

10

Exchange variation (11% vs. 1Q14).

Growth of fresh poultry sales volume in the retail and food service channels.

Consolidation of the Marfrig Beef Brazil’s operations in Europe.

Negative impact from lower export prices, which, on the other hand, gained a brighter outlook for volumesand prices at the end of the quarter with the reopening of the South African market.

Net Revenue(R$ million)


1,321 1,338 1,3451,504 1,543

1Q14 2Q14 3Q14 4Q14 1Q15

17%

95 94 96 125 120

7.2% 7.0% 7.1% 8.3% 7.8%

1Q14 2Q14 3Q14 4Q14 1Q15

27%

Keystone Foods | 1Q15 Highlights

11

Exchange variation (21% vs. 1Q14).

Strong double-digit growth in volumes sold in APMEA (35%), primarily China.

Increase in volumes sold to Key Accounts in the USA.

Negative impact on EBITDA from unrealized loss from MTM adjustments to gain hedges contract, lowerleg quarter price (dark meat) at U.S. Key Accounts.



1,391 1,414 1,412

1,6781,908

1Q14 2Q14 3Q14 4Q14 1Q15

37%

111 100 87

140 140

8.0% 7.1%6.1%

8.3% 7.3%

1Q14 2Q14 3Q14 4Q14 1Q15

26%

2,0752,365 2,482

2,7482,432

1T14 2T14 3T14 4T14 1T15

357 369 361 378 342

7.5% 7.2% 6.9%6.4%

5.8%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

197 203253

284

202

9.5%8.6%

10.2% 10.3%8.3%

1T14 2T14 3T14 4T14 1T15

357 369 361 378 342

7.5% 7.2% 6.9%6.4%

5.8%

1T14 2T14 3T14 4T14 1T151Q14 2Q14 3Q14 4Q14 1Q15

Marfrig Beef | 1Q15 Highlights

12

Revenue growth in the Brazilian domestic market.

Strong domestic and export performance registered by the Uruguay/Chile operation.

Higher raw-material costs (fed cattle).

Ongoing process to improve expense/cost management launched in mid-2Q14 in Brazil (ProductivityAgenda Project), resulting in R$14 million in savings in 1Q15.

Potential opening of U.S. and Chinese markets.



17%

2%

Liquidity and Debt| Consolidated

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Debt(R$ million)

Strong BRL depreciation at end-1Q15 increased net debt, with no cash effect.

BRL depreciation of 21% from R$2.66/US$ at end-4Q14 vs. R$3.21/US$ at end-1Q15.

The operating result has yet to capture the steady weakening of the BRL in the quarter. The average exchange rate in 1Q15 was R$2.86/US$, down 13% from the rate at the end of the previous quarter of R$3.21/US$.

1,295 1,054 1,242 1,661 2,174

10,7327.960 8.3369.359 9.400

11.226

2,668

9,255 9,39010,600 11,061

13,400

1Q14 GrossDebt

2Q14 GrossDebt

3Q14 GrossDebt

4Q14 GrossDebt

1Q15 GrossDebt

1Q15 Cash &Equiv

1Q15 Net Debt

Long Term

Short Term

Leverage ratio for banking andmarket related financings, whichexcludes the effects of exchangerate variation, ended 1Q15 at 3.36x.

The operating result has yet tocapture the steady weakening of theBRL in the quarter.

The average exchange rate in1Q15 was R$2.86/US$, down13% from the rate at the end of theprevious quarter of R$3.21/US$.

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Indicators 4Q14 1Q15

Leverage:

Net Debt / EBITDA LTM (Xfx) 3.42 3.36

Net Debt / Annualized Adjusted EBITDA***

3.83 5.82

Net Debt / EBITDA LTM *** 4.98 6.20

Net Debt / Total Assets 0.42x 0.49x

Liquidity:

Cash and Equivalents/ Short Term Debt

1.60x 1.23x

Current Liquidity* 1.79 1.59

Duration and Cost:

Duration (months) 49 47

Average Cost** (p.a.) 7.7% 7.7%

Debt:

Short Term 15.0% 16.2%

Long Term 85.0% 83.8%

In BRL 8.4% 6.5%

Other Currencies 91.6% 93.5%

*Current Liquidity = Current Assets / Current Liabilities

** Excludes the interest paid on the mandatorily convertible debentures

***Operating result has yet to capture the steady weakening of the BRL in last twelve months and in the quarter.


15

Maturity Schedule in 1Q15(R$ million)

Short Term: R$ 2.2 bn

Short-term debt as a ratio of total debt remained within planned levels: 16.2%.

In April, Moy Park re-tapped its bond issue in the UK market with an additional£100 million placement and Marfrig´s credit facilities maturing in 2Q15 havealready been refinanced.


2,668

956

310 689

220

757 781

3,065

2,453

3,090

1,081

Caixa 2T15 3T15 4T15 1T16 2016 2017 2018 2019 2020 2021Cash 2Q15 3Q15 4Q15 1Q16

Negative free cash flow of R$88 million in 1Q15, mainly due to the weakeroperating results contributed by Marfrig Beef.

Cash Flow| Consolidated

16

Cash Flow Bridge – 1Q15 (R$ million)

17

Free Cash Flow (after CAPEX and Interest)(R$ million)

Consolidated Cash Flow

Negative free cash flow of R$88 million in 1Q15 was in line with expectations.

Our 2015 guidance includes improvements in operating performance and gainson working capital.

Final Remarks

The Focus to Win strategy remains unchanged.

We achieved the budget for the quarter, which indicates that we are in line todeliver the Guidance for the year.

Despite the negative cash flow in the quarter, we continue to focus on deliveringour guidance, including free cash flow.

1Q15 proved challenging for the Brazil Beef operation.

We see important opportunities for strengthening export demand by the end ofthis year.

The potential opening of the United States and China to Brazilian beef couldrepresent a significant volume driver in the medium term, while providing accessto other relevant destinations.

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Final Remarks

Our international operations continue to post top-line growth coupled withgains, attesting to the strength of our diversified geographic footprint.

Moy Park registered sales volume growth mainly in the UK & Ireland retailand food service channels.

Keystone registered sales volume growth in APMEA. We continue to believethat there is excellent potential for further growth in the region.

We were once again successful in cutting SG&A expenses this quarter andcontinue to pursue further reductions.

We continue to work to strengthen our capital structure and, subject tomarket conditions, we will carry out the Moy Park IPO in the second half of2015.

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This material is a presentation of general information about Marfrig GlobalFoods S.A. and its consolidated subsidiaries (jointly the “Corporation”) on thedate hereof. The information is presented in summary form and does notpurport to be complete.

No representation or warranty, either expressed or implied, is made regardingthe accuracy or scope of the information herein. Neither the Company nor anyof its affiliated companies, consultants or representatives undertake anyresponsibility for any losses or damages arising from any of the informationpresented or contained in this presentation. The information contained in thispresentation is up to date as of March 31, 2015, and, unless stated otherwise,is subject to change without prior notice. Neither the Corporation nor any of itsaffiliated companies, consultants or representatives have signed anycommitment to update such information after the date hereof. Thispresentation should not be construed as a legal, tax or investmentrecommendation or any other type of advice.

The data contained herein were obtained from various external sources andthe Corporation has not verified said data through any independent source.Therefore, the Corporation makes no warranties as to the accuracy orcompleteness of such data, which involve risks and uncertainties and aresubject to change based on various factors.

This presentation includes forward-looking statements. Such statements donot constitute historical fact and reflect the beliefs and expectations of theCorporation’s management. The words “anticipates,” “hopes,” “expects,”“estimates,” “intends,” “projects,” “plans,” “predicts,” “projects,” “aims” andother similar expressions are used to identify such statements.

Although the Corporation believes that the expectations and assumptionsreflected by these forward-looking statements are reasonable and based onthe information currently available to its management, it cannot guaranteeresults or future events. Such forward-looking statements should beconsidered with caution, since actual results may differ materially from thoseexpressed or implied by such statements. Securities are prohibited from beingoffered or sold in the United States unless they are registered or exempt fromregistration in accordance with the U.S. Securities Act of 1933, as amended(“Securities Act”). Any future offering of securities must be made exclusivelythrough an offering memorandum. This presentation does not constitute anoffer, invitation or solicitation to subscribe or acquire any securities, and nopart of this presentation nor any information or statement contained hereinshould be used as the basis for or considered in connection with any contractor commitment of any nature. Any decision to buy securities in any offeringconducted by the Corporation should be based solely on the informationcontained in the offering documents, which may be published or distributedopportunely in connection with any security offering conducted by theCompany, depending on the case.

Disclaimer

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E-mail

[email protected]

Website

www.marfrig.com.br/ri

Address

Avenida

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Bloco A 5º andar -

São Paulo - SP SP: +55 (11) 3792-8650

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