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This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results could differ materially for a variety of reasons. Forward-looking statements speak only as of the date they are made and the Company does not assume any obligation to update them in light of new information or future developments. This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy

• r sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving

investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability

• f the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own

judgment. Certain percentages and other amounts included in this document have been rounded to facilitate its presentation. Thus, numbers presented as total in some tables may not represent the arithmetic sum of the numbers that precede them and may differ from those presented in the financial statements.

Disclaimer

2

I.

Camil Alimentos Overview

II.

Key Investment Thesis

• III. Key Takeaways

Appendix

• A. Financial Highlights
• B. Industry Highlights
• C. Selected Comparable Companies

Table of Contents

Section I

Camil Alimentos Overview

5

Purpose and Values

We believe that each person can make a difference in others lives and we exist to nurture relationships that bring more flavor to the everyday life. Our Purpose Our Values

Trust

We honor our commitments with seriousness and discipline. We value transparency in our relationships, and for that, we aim to gain respect and trust.

Entrepreneurship

We believe in those who dream with the effort and courage of who realize their dreams. This is the driving force for entrepreneurship and growth with profitability.

Enthusiasm

We express joy, vitality and energy in our everyday life. Therefore, we inspire people.

Responsibility

We prioritize ethics and high quality standards in everything we do. This way we seek to ensure the sustainability of our business and of the environment, going beyond results.

Proximity

We build strong partnerships as a way of establishing deep lasting relationships with all stakeholders: consumers, customers, employees and suppliers.

6

Camil’s IPO

Camil successfully completed its Initial Public Offering on September 2017

Ownership Structure IPO Highlights Camil is listed on B3’s

Novo Mercado

segment, the highest level

• f corporate governance

R$9.00 / share

Priced on September 26, 2017

41.0 million ONs

Primary Offering

86.5 million ONs

Secondary Offering

R$1.2 billion

Offering Size

R$357.0 million

Net proceeds from Primary Offering

As of January, 2019

Camil Investimentos 56% Warburg Pincus 9% Management and controlling shareholders 5% Treasury stocks 1% Free float 29%

 Leading position in all operating markets –

#1 processor and distributor of rice in Brazil (Camil brand)

–

#1 processor and distributor of rice in Uruguay (Saman brand)

–

#1 processor and distributor of rice in Chile (Tucapel brand)

–

#1 processor and distributor of rice in Peru (Costeño brand)

–

#1 player in refined sugar in Brazil (União brand)

–

#2 player in the canned sardine and #2 in the canned tuna market in Brazil (Coqueiro and Pescador brands)

 21 processing facilities and 18 distribution centers distributed throughout

LatAm, with operations in 4 countries

 Reaches more than 20,000 direct and 285,000 indirect sales points in

Brazil

 Exports to more than 50 countries

7

Camil at a Glance

Founded in 1963, Camil is a leading food company in Latin America with a diversified portfolio

• f several brands in rice, beans, sugar and canned fish

Notes: (1) Santa Cruz plant produces both rice and sugar; considers both plants operated by Raízen (2) Shareholder Structure ended on January, 2019; Camil Investimentos includes Quartiero’s participation as individual holders; Free float excludes shares on treasury, related parties and Warburg Pincus (3) Data does not include SLC Alimentos, acquisition concluded on December 3, 2018 (4) 3Q18 EBITDA and Net Income includes non-recurring events. Excluding this effects, 3Q18 LTM EBITDA reached R$436mn (9.6% margin) and Net Income of R$245mn (5.4% margin)

(Uruguay) (Chile) (Peru) Grains Processing Facilities: 21 (81 in Brazil) Fish Processing Facilities: 1 Sugar Packaging Facilities: 41,2 Distribution Centers: 18 (8 in Brazil) Rice Producing Regions Beans Producing Regions Camil Investimentos Free Float 60.6% 8.6% 5.1% 29.3%

LTM 2015 2016 2017 3Q17 3Q183,4 Net Revenues 4,229 4,948 4,663 4,809 4,533 Growth YoY 15.0% 17.0%

• 5.8%

n.a.

• 5.7%

Gross Profit 1,034 1,221 1,151 1,154 1,184 Margin 24.5% 24.7% 24.7% 23.8% 26.1% EBITDA 423 547 490 468 487 Margin 10.0% 11.1% 10.5% 9.7% 10.8% Net Income 111 202 251 193 339 Margin 2.6% 4.1% 5.4% 4.0% 7.5% Net Debt 998 1,014 571 743 925 Net Debt / EBITDA 2.4 x 1.9 x 1.2 x 1.6 x 1.9 x

Highlights Processing and Distribution Platform¹,³ Shareholder Structure² (%) Financial Highlights (R$mn)

Leadership positioning in all segments and countries in which it operates, Camil is one of the largest food companies in LatAm

Acquisition of SLC Alimentos Foundation, in the city

• f Itaqui-RS

1963

Pioneer in distributing packed rice (migration from rice in bulk)

1974

Inauguration of the distribution center in SP

1975

Beans commercialization

1987

Acquisition of SAMAN Brazil in Pernambuco

2001

Acquisition of Camaquã plant in RS

2002

Logistics expansion: new subsidiaries in North and Northeast regions

2005

Acquisition of in Uruguay

2007

Acquisition of Rio Grande plant

2008 2009

Acquisition of in Chile Acquisition of the brand Bom Maranhense

2010 2011 2012 2014

Acquisition of in Peru

60’s: Foundation 80’s: Organic Expansion 90’s: Professionalization 2000’s: Acquisitions / International Expansion

8

Timeline

2017

Camill’s IPO

2017/2018: Recent Transactions

Acquisition of canned fish and Costeño Acquisition of sugar category

2013

Acquisition of in Argentina

Present for more than 50 years in the Brazilian everyday life, Camil grew in South America grains segment and expanded its portfolio into new categories

2018

Fish Sugar Grains - International Grains - Brazil

9

Product Portfolio

Complementary product portfolio composed of high value added items

Value added Biscuits Core

Main products across the segments that Camil operates

Value added

Grains Sugar Fish Brazil1 Uruguay Chile Peru Grains

Sardine

Top of Mind10 60% 83% 47% Sardine 37% Tuna n.a. 50% 72% Facilities (# plants) 8 4 1 7¹¹ 2 3

Diversification across 3 products categories

10

EBITDA LTM 3Q18 (Nov-18) R$172 mm (35% of total) R$315 mm (65% of total) Main Brands Market Share

2nd 43%6 2nd 23%6

1st 9%2,3 1st 32%5

Tuna

1st

48%7

1st

33%8

1st

33%9

Sardine

Net Revenue LTM 3Q18 (Nov-18) R$1.4 bn (31% of total Camil) R$3.1 bn (69% of total Camil)

Business Divisions Overview

2nd 7%2,4

Rice Beans

Notas: (1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice Aug18-Sep18; (4) Nielsen Scantrack Index for Beans Aug17-Sep18; (5) Nielsen Scantrack Index for Sugar Aug18-Set18; (6) Nielsen Scantrack Index for Sardine and Tuna Aug18–Sep18; (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only market share = 42% (#2 player); (8) Nielsen Scantrack Chile Jun17-Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18; (10) Top of Mind Camil Ipsos, Jan19; (11) Data does not include Arrozur’s plant in Uruguay; Company which Saman has 49% share.

169 123 142 209 315 375 361 423 547 490 514 11% 09% 10% 12% 11% 10% 10% 10% 11% 11% 12% 23% 23% 24% 27% 24% 25% 23% 24% 25% 25% 26%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018 EBITDA EBITDA Margin Gross Margin

58 71 56 74 137 124 105 111 202 251 364 3,8% 5,4% 4,0% 4,1% 4,9% 3,5% 2,9% 2,6% 4,1% 5,4% 8,3%

00% 01% 02% 03% 04% 05% 06% 07% 08% 09% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018 Net Income Net Margin

1.513 1.313 1.407 1.784 2.776 3.582 3.676 4.229 4.948 4.663 4.393

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018

Despite the slowdown in the Brazilian economy, Camil posted solid results maintaining EBITDA margin over +10%

Even in a challenging environment, Camil was able to post double-digit growth, maintaining profitability

11

Solid Business Model with Stable and Resilient Margins

CAGR+13% CAGR+18% CAGR+13%

Notes: Company fiscal year begins in March and ends in February of the following year (inclusive).

Camil: Net Revenue (R$mm) Net Revenue by Segment (R$mm) EBITDA Evolution (R$mm) Net Profit Evolution (R$mm)

Excluding non-recurring events, LTM 3Q18 Net Income reached R$245mn (5.6% margin)

2.640 2.601 2.935 3.683 3.331 3.216 942 1.075 1.294 1.265 1.332 1.467 3.582 3.676 4.229 4.948 4.663 4.393 25% 23% 24% 25% 25% 26%

2013 2014 2015 2016 2017 LTM 3Q 2018 Food Products Brazil Food Products International Gross Margin

Section II

Key Investment Thesis

Wide Distribution Network Reaching more than 300k POS

2

Market Leader with Unique Brand Awareness

1

Compelling Business Model with Stable and Resilient Margins

3

Key Investment Thesis

Solid Cash Flow Generation Supported by Strong Operating Results

6

13 Investment Grade Indebtedness Profile

5

Seasoned Management Team and the Highest Standards of Corporate Governance in Place

4

Iconic Brand Recognition… …Leading to a Leadership Position in all Sectors & Regions1

14

Brazil – RICE2,3 #1 9.1% #2

Player 2

4.8% #3

Player 3

3.1% Peru – RICE9 #1 33.0% #2

Player 2

5.1% #3

Player 3

4.5% Chile – RICE8 #1 33.3% #2

Player 2

17.2% #3

Player 3 (PLs)

43.5% Brazil – REFINED SUGAR5 #1 31.6% #2

Player 2

18.7% #3

Player 3

15.2% Brazil – SARDINE6

#1

Player 1

46.5%

#2

42.9% Brazil – TUNA6 #1

Player 1

60.2% #2 23.2% Uruguay – RICE7 #1 48.0% #2

Player 2

40.5%

Percentage values indicate market share in terms of volume.

 Market leader in São Paulo City: Rice 44% market share10  Rice: 60% Top of Mind¹¹ in São Paulo  One of the most complete line of products: More than 10 variations of grains, including ready to eat  One of the most complete line of products: traditional and new segments (i.e. “Fit” sugar, Sucralose, Naturals)  Top of Mind leader (83%)¹¹  “Top-5 Suppliers” Award (#1)  Complete line of products: Tuna, Sardines, Tuna Sauces and Pâtés  65% Top of Mind in Sardine and 56% in Tuna¹¹  “Top-5 Suppliers” Award (Sardine #1; Tuna #2)

Market Leader with Iconic Brand Recognition

Notas: (1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice Aug18-Sep18; (4) Nielsen Scantrack Index for Beans Aug17-Sep18; (5) Nielsen Scantrack Index for Sugar Aug18-Set18; (6) Nielsen Scantrack Index for Sardine and Tuna Aug18–Sep18; (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only market share = 42% (#2 player); (8) Nielsen Scantrack Chile Jun17-Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18; (10) Nielsen Retail Index for Rice Out18-Nov18 Market share Camil + SLC Alimentos (11) Top of Mind Camil Ipsos, Jan19;

Brazil – BEANS2,4 #1

Player 1

7.4% #2 6.0% #3

Player 3

5.8%

Wide Distribution Network Reaching more than 300k POS

Own Sales Force

36% 36% 24% 4%

Wholesale Retailers Key Accounts Outsourced Sales Force Distributor

#

Indicates the number

• f own points of sale

(excluding key accounts)

+110k +57k +65k +54k +19k % Sales 2017A

• 95% of sales made by the

company’s own sales force

• More than 19,000 direct and

285,000 indirect point of sales in Brasil

15 Selected Accounts / Retailers Selected Wholesale Stores Strong distribution network with more than 300,000 points of sale, favoring the business expansion to new segments

209 315 375 361 423 547 490 514

12% 11% 10% 10% 10% 11% 11% 12%

2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018

EBITDA EBITDA Margin 1.513 1.313 1.407 1.784 2.776 3.582 3.676 4.229 4.948 4.663 4.393

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018

10,9% 6,7% 8,4% 4,3% 2,2%

• 4,3%
• 6,3%

2,0% 7,5% 3,9% 1,9% 3,0% 0,1%

• 3,8%
• 3,6%

1,0%

2010 2011 2012 2013 2014 2015 2016 2017 Retail Sales Total GDP

Source: IBGE, BCB, Ministry of Agriculture, Bacen

During 2015-16, the GDP decreased 7.2%

• returning to pre-2010 levels

Camil expanded its market share in the rice market reaching 9.1% in 2018

16

Solid Business Model with Stable and Resilient Margins

Despite the recent slowdown in the Brazilian economy, Camil presented a strong performance in terms of growth and margin stability

Brasil: GDP and Retail Sales (% growth, real terms) Camil: Net Revenues (R$ millions) Camil: EBITDA (R$ millions) and Margin (% of Net Revenues) Margin Profitability Evolution (% of Net Revenues)

CAGR+13%

23% 23% 24% 27% 24% 25% 23% 24% 25% 25% 26% 11% 09% 10% 12% 11% 10% 10% 10% 11% 11% 12% 4% 5% 4% 4% 5% 3% 3% 3% 4% 5% 8%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018

Gross Margin EBITDA Margin Net Margin

CAGR+13%

17 The segments in which Camil operates present active price dynamics, with weekly price pass-through, ensuring stability of margins

Rice - Market vs. Camil’s prices Beans - Market vs. Camil’s prices Sugar - Market vs. Camil’s prices Canned Fish – Camil Gross Price (in R$/kg)

Solid Business Model with Stable and Resilient Margins

(Cont’d)

1.00 2.00 3.00 4.00 5.00 6.00 7.00 50 100 150 200 250 300 nov-16 fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 Camil (R$/kg) Agrolink (RS/60kg) Brazil - Beans Price Camill - Gross Price

Adjusted selling price (1) (CIF - R$/30kg)

Notes: (1) Adjusted by the monthly inflation of the period (Jan/2006 – July/2018)

(Gross margin)

Average sale price (R$/30kg) Average cost (R$/30kg) Sale / Cost Gross margin Year 2006 2007 39.4 22.7 1.7x 27.9% 2008 42.0 24.8 1.7x 25.9% 2009 53.9 34.2 1.6x 24.9% 2010 51.0 30.8 1.7x 24.6% 2011 50.5 28.6 1.8x 25.1% 2012 45.5 25.1 1.8x 27.2% 2013 55.8 34.4 1.6x 26.3% 2014 59.2 35.5 1.7x 22.8% 2015 63.5 36.9 1.7x 24.2% 2016 67.3 37.4 1.8x 24.5% 80.5 46.5 1.7x 24.7%

18

Subtitle Average purchase price (CIF - R$/30kg) Gross margin (% net revenue) Average selling price (CIF - R$/30kg)

– 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% 80,0% 90,0% 100,0%

• 10,00

20,00 30,00 40,00 50,00 60,00 70,00 80,00 90,00 100,00 jan-06 jan-07 jan-08 jan-09 jan-10 jan-11 jan-12 jan-13 jan-14 jan-15 jan-16 jan-17 jan-18

2017 74.0 39.8 1.9x 24.7%

Solid Business Model with Stable and Resilient Margins

(Cont’d)

Since 2006, Camil maintained gross margin of 22.5% - 28.0%, mainly due to its weekly pricing capacity

Business Model: Proven Cost Transfer Capability (rice case)

Arroz

Brand



Agriculture Origination

    

Sugar Canned Fish

Processing Packaging Distribution Marketing Pricing and Purchasing Strategy

• Weekly purchases at spot price
• Provision of storage to producers

throughout the year: benefits from logistics costs increasing Camil’s bargaining power

• Regulated price system protects Saman’s

margins

• Price paid to producers based on Saman’s

sale price (no FX risk despite the export- led model)

• Local purchases at market price (c. 50%)
• Also imports rice from Saman
• Most part of its rice imported rice from

Saman

• Long term supply contract with Raízen

with guaranteed volume

• Based on a market price derived from

international sugar prices

• Acquisition from fragmented suppliers at

market prices, complemented by import contracts

• Concentrated industry favors price

discipline

                             

19

Solid Business Model with Stable and Resilient Margins

(Cont’d)

União: Brand of strong emotional bond, preferred by consumers and with greater perception of value!

32%

72 %

Unique Footprint

 150,000 points of sale reaching big part of the population  Wide presence across all States of Brazil

Pricing Power

 "Brand of sugar": higher prices compared to the main competitors¹

Market Leadership 

 Absolute Leadership with 83% of Top of Mind¹  Total Company refined sugar brands have 35%² market share

Market Share (1)



20

Premium Price | Sugar Case Study and Rice Strategy

Notes: (1) Top of Mind Camil Ipsos, Jan19 (2) Nielsen Scantrack Index for Sugar Aug18-Set18 (3) Nielsen Retail index



+14%

114 100

Main Competitor

Sugar price

1º

+5%

104 100

Camil Others

Rice Strategy³

 Replicating the sugar model from commodity to brand  Increase premium price

Rice price



Others

21

Rice | Broad Product Portfolio

Tailored product offering for targeted consumer segments across Brazil

Premium Upper mainstream Mainstream Value Priced Products

Notes: (1) White rice price index Nielsen Retail Index - Mar18 (2) Nielsen Scantrack - Mar18 (3) Price index for Pop brand only Mar18

• Avg. national prices
• Avg. regional prices

95³ 111 100 112 129²

Portfolio Camil¹ Product Portfolio - Breakdown

Avg market selling price

129

Avg market selling price

111

Avg market selling price

101

Avg market selling price

93

Product Shelving

25% 11% 10% 6% 5% 5% 4% 4% 4% 3% 23%

SP MG RJ BA RS PR PE CE GO PA Others

Distribution of Grain Sales by Brazilian State (% value)

Metropolitan regions – expansion to countryside

Minas Gerais São Paulo

High potential to consolidate leadership towards countryside

Expansion to white areas… …Coupled with consolidation of the Brazilian grains market

Unique opportunity to consolidate the fragmented Brazilian rice market....

1º

…with additional expansion opportunities in the also fragmented bean market Even in regions where it is the absolute leader, there is still potential for expansion as brand penetration is not homogeneous in each state

22

1

Rice Beans

2º

Unique position to consolidate Brazilian rice and beans markets Backed by Private Equity Acquisitions history

Player 2

 

Player 3

 

Player 4

   

Rice Market Share Beans Market Share

Clear and Tangible Avenues for Expansion

Source: Camil - Considers the amounts accumulated in the 12-month period up to the highlighted date. % of Camil’s rice market share1,2 % of total rice market share

IV III II I V

36% 15% 2% 10% 10% 7% 6% 23% 21% 16%

VII

3% 11%

VI

1% 14%

% of Camil’s beans market share1,2 % of total beans market share

IV III II I V

20% 8% 1% 2% 9% 17% 20% 20% 12% 17%

VII

1% 4%

VI

0,5% 10% Brazil – RICE2,3 #1 9.1% #2

Player 2

4.8% #3

Player 3

3.1% Percentage values indicate market share in terms of volume. Brazil – BEANS2,4 #1

Player 1

7.4% #2 6.0% #3

Player 3

5.8%

Notas: (1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice Aug18-Sep18; (4) Nielsen Scantrack Index for Beans Aug17-Sep18

23

Clear recovery opportunities in the sugar and fish markets and expansion to new categories in South America

Consolidation in the Fish Market in Brazil

3

International Geographic Expansion

5

Entry into new markets and long-term opportunity for entry into new categories Focus Regions for Expansion New Markets

5.4% 2.5% 1.9%

Solid Growth Perspective

Rice sales CAGR 2016-2021

Argentina Peru Colômbia

Notes: (1) Bimonthly Nielsen Retail Index

Expansion to New Categories

4

Pasta - R$8.1 billion Coffee - R$19.7 billion Flour- R$12.5 billion Additional Potential Market Rated at + R$40 billion

2% 6% 4% 88%

Pasta Coffee Farinaceous Camil's unique distribution network enables products to expand into other growing markets Total Market Packaged Foods

R$342bi

Tuna Market Share1 (%) Sardine Market Share1 (%) Fine Sugar Market Share Evolution1 (%) Recovery in the Sugar Market in Brazil

2

Clear and Tangible Avenues for Expansion

48% 42%

jan/12 set/16 nov/16 jan/17 mar/17 mai/17 jul/17 set/17 nov/17 jan/18 mar/18 mai/18 jul/18 set/18 nov/18

Camil record share was 25.9% in Nov 2017. Camil expects to reduce share gap to its main competition, reaching 34.7% until 2020, which represents an additional volume of 5 thousand tones per year Camil record share was 45,5% in May 2017. Camil expects to reach 46.5% market share until 2020, consolidating its leadership position with an additional volume of 10 thousand tones per year

Market Share

42% 42% 43% 42% 42% 42% 40% 40% 34% 37% 36% 38% 40% 37% 36% 35% 35% 37% 36% 33% 36% 34% 32% 32%

jan/15 mar/15 may/15 jul/15 sep/15 nov/15 jan/16 mar/16 may/16 jul/16 sep/16 nov/16 jan/17 mar/17 may/17 jul/17 sep/17 nov/17 jan/18 mar/18 mai/18 jul/18 set/18 nov/18

27% 25%

jan/12 set/16 nov/16 jan/17 mar/17 may/17 jul/17 sep/17 nov/17 jan/18 mar/18 mai/18 jul/18 set/18 nov/18

24

26 26 Luciano Quartiero CEO

• Ex-CFO of Camil Alimentos
• Post-Graduate in Finance from the University of California, USA and

MBA at IBMEC, Brazil

• Graduated in Business Administration from PUC / SP, Brazil

k

10 31

• Previous experience in Casarin, Saman and Josapar companies in

the areas of sales and supplies

• Graduated in Agricultural Engineering from Federal University
• MBA FGV in Business Management and Marketing Management

André Ziglia ¹ Supply Director 6 23 Max Sommerhauzer Vaz da Silva 1 Commercial Director

• Former Commercial Director of Cosan S.A.
• Former Commercial Manager and Marketing of Agricultural

Machines Jacto S.A.

• Post-Graduate in Business Administration from FIA / USP
• Graduated in Agronomy from Universidade Estadual Paulista UNESP
• Jaboticabal

19 37 Jaime Ghisi ¹ Logistics Director

• Former Commercial Manager Mercosul Ferrovia ALL
• Former Regional Superintendent of AGEF - General Warehouse

Customs Brokers

• Graduated in Civil Engineering from PUC / RS, Brazil

Flavio Vargas, CFA CFO and IR Director

• Ex-CFO of Smiles S.A.
• Ex-Director of Fleet and Treasury of Gol Linhas Aéreas S.A.
• MBA, with honors, in Finance from NY University, Stern, EUA
• Graduated in Mechanical Engineering from Escola Politécnica,

Universidade de SP, Brazil

2 21 Renato Gastaud 1 LatAm Director

• Former Superintendent and Industrial Director of Josapar
• He has relevant experience in rice, market in which it has been

inserted for 39 years, of which 15 in Camil

• Graduated in Agricultural Engineering at UFPEL / RS

16 40 Renato Costa 1 Industrial Director

• Former Industrial Director of Kraft Heinz
• He has relevant experience in the industrial area, having passed

through Suzano and Ambev, where for 16 years he held various positions in logistics and management

• Graduated in Mechanical Engineering from UMC and holds an MBA

in Marketing from FGV and in business management from IBMEC / SP

2 20

Notes: (1) Non statutory directors.

Leadership with Wide Experience in the Sector

All Camil's directors have experience in their respective areas of expertise

Christina Larroude ¹ Marketing Director

• Experienced marketing leader in FMCG market
• 2nd line leadership positions in Companies such as P&G and J&J in

multiple segments (Laundry, Beauty, Personal and Baby Care, OTC)

• Graduated and MBA in Business Adminstration in FGV/EAESP, major

Marketing

5 20 Erika Magalhães ¹ Human Resources Director

• Ex - HR Vice President at Estacio Participações
• Ex – Director at Allied Tecnologia
• 20 years of HR experience, having passed trough in Ambev, Noble

and Grupo Libra.

• MBA in Finance from ESAMC, with graduate in Administration at

UNIFEV, and Psychology at UNP-PB.

1 Claudio Giglio Legal Officer

• Camil’s former Tax Officer;
• Graduated in Accounting and Law from the Federal University of RS;
• Knowledge in corporate reorganizations and in direct and indirect

taxes.

8 20 25

Years of experience in Camil Legend Years of experience in the market

25

Jairo Quartiero (Chairman) Piero Minardi (Warburg Pincus) Alain Belda (Warburg Pincus) Thiago Quartiero Jacques Quartiero José Fay (Board Member at J.Macedo former CEO of BRF) Carlos Júlio (Former CEO of Tecnisa and HSM do Brasil)

Founding Family Warburg Pincus Independent Members

 Listing on Novo Mercado, highest

Corporate Governance standard at B3

 Common voting shares only  100% Tag along  2 or 20% of independent Board

Members

 Minimum Free Float of 25%  OPA by fair value  Evaluation of Board of Directors,

Management, and Committees

 Minimum dividend/JCP of 25% of

the net profit (after legal reserves and contingencies – in compliance with Law No 6.404)

 Since 2008, the Board of Directors

is responsible for general strategic policies

 2 independent Board Members  12 meetings/year on average  Election for unified terms of 2 years  Re-election is permitted.

(+) 4 Committees elected:

 Financial Committee  Audit Committee  Personnel Management Committee;

and

 Ethics Committee

(+) Fiscal Council

 Corporate body that freestands

from the Company’s management and its independent auditors

 Monitoring, accomplishment of

legal and statutory responsibilities, review of quarterly financial statements, etc

Solid Corporate Governance

Camil has high levels of controls and corporate governance, being supported by independent board members for +10 years and being audited for +15 years (big 4)

Board of Directors Corporate Governance

26

• Elaborate and recommend the approval of the Company’s financial policies, as well as monitoring and analysis of its

effectiveness and implementation

• Periodically analysis of the company’s budget, monthly; quarterly and annual results; investment plan, etc
• Periodically analysis of the impact of the company’s investment and financing plan on its capital structure
• Define parameters to maintain the company’s capital structure and liquidity; among other responsibilities
• Total members: 3 to 5, with at least 1 member from the BoD
• Assist the Board of Directors in respect to accounting, internal controls, financial reports, auditing and compliance

matters

• Support in the hiring and/or destitution of independent auditors
• Supervision and monitoring of the company’s internal audit area activities; among other responsibilities
• Total members: 3 to 5, with at least 1 member from the BoD
• Composed by the CEO, Vice-President, CFO in addition to Legal, Audit and Human Resources personnel
• The Ethics Committee is mainly engaged in the reinforcement and monitoring of transparency and best practices by

shareholders, board, suppliers, clients, third parties, employees, etc

• Main monitoring activities: protection of confidential information (including third parties), gifts and entertainment,

sexual and moral harassment, conflicting interests, sustainability, safety, among others

Financial Audit Ethics

• Analysis and recommendation of changes in remuneration policies, including salary adjustments, personnel goals, etc
• Analysis and report on special conditions for hiring and dismissal of directors
• Continuously contribute to the company’s succession plan (president and directors); among others responsibilities
• Total members: minimum of 4 members, with at least 1 members from de BoD

Personnel Management

Solid Corporate Governance

(Cont’d)

Well-defined committees structure aiming to enhance the company’s organizational policies and comply with the best corporate practices

Committees Main Responsibilities/Guidelines

27

The Company concluded its important initiatives to improve its capital structure, including the reduction of the cost of debt and better amortization profile.

Notes: (1) Excludes SLC Alimentos, acquisition concluded on December, 2018.

Investment Grade Indebtedness Profile

Net Financial Expense (in R$mm) Indebtedness Overview (R$ mm) Cash Position and Debt Schedule (R$ mm)¹ Liability Management

Debt (in R$mn) 3Q17 2Q18 3Q18 3Q18 vs 3Q18 vs Closing Date 30-nov-17 31-ago-18 31-nov-18 3Q17 2Q18 Total Debt 1,170.0 1,491.2 1,386.0 18.5%

• 7.1%

Loans and financing 360.1 512.8 404.3 12.3%

• 21.2%

Debentures 809.9 978.4 981.7 21.2% 0.3% Short Term 179.3 362.2 275.9 53.9%

• 23.8%

Long Term 990.7 1,129.0 1,110.1 12.1%

• 1.7%

Currency breakdown R$ 766.9 1,131.6 1,026.4 33.8%

• 9.3%

USD 216.0 216.8 216.8 0.4% 0.0% CLP 57.6 42.1 42.1

• 26.9%

0.0% PEN 129.5 100.7 100.7

• 22.2%

0.0% Leverage Gross Debt 1,170.0 1,491.2 1,386.0 18.5%

• 7.1%

Cash and Cash Equivalents + financial applications 426.5 666.1 461.4 8.2%

• 30.7%

Net Debt 743.5 825.1 924.6 24.4% 12.1% Net Debt/EBITDA LTM 1.6x 1.9x 1.9x 0.3x 0.0x

Historical quarterly reduction in Net Financial Results due to liability management initiatives 3Q18 impacted by R$41.5mm non-recurring revenues in monetary restatements from tax credits

28

Notes: (1) Financial covenant of 3.5x Net Debt / EBITDA refers to the debentures issued in Nov/2016, May/2017 and Dec/2017

Stable outlook by S&P mainly backed by better expectations on enhanced credit metrics, leverage reduction and stable margins, all supported by solid financial policies

We expect that Brazil-based food processor Camil will post stronger credit metrics and improved liquidity following its recent IPO and sustain EBITDA margins consistently around 10%. (…) The ratings affirmation reflects our expectation that Camil will reduce debt and sustain improved liquidity following the company's IPO, where it raised R$357 million in the primary offering. Camil's liquidity is also supported by its well-established relationships with banks, its transparency levels, and its ability to raise funds through credit and capital markets, as evidenced by its recent IPO, CRAs, and bank refinancing. Standard & Poor’s, November 1st, 2017 Constant monitoring of the company’s liquidity situation by the implementation of a minimum cash position policy

P

Maximum indebtedness defined by financial covenant

• f 3.5x Net Debt / EBITDA LTM1

P

1

Investment Grade Indebtedness Profile

(Cont.)

Main Financial Policies and Indebtedness Evolution (R$ mm, except otherwise indicated) Camil Alimentos Credit Rating by S&P S&P Recent Quotes on Camil Alimentos

468 616 793 625 764 915 913 893 923 959 1.068 899 986 1.149 1.330 998 1.003 1.260 1.170 1.014 1.074 1.215 744 571 604 829 925 2,0 2,4 2,7 2,0 2,2 2,5 2,5 2,4 2,5 2,6 2,8 2,5 2,7 3,1 3,4 2,4 2,2 2,4 2,1 1,9 2,0 2,5 1,6 1,2 1,4 1,8 1,9 3,5 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Net Debt Net Debt / EBITDA LTM Covenant

Period 2013 2014 2015 2016 2017 LTM 3T18 Funds from Operations 381.0 388.8 488.5 579.6 529.9 603.2 (+/-) Change in Working Capital (291.4) 59.8 (150.2) (285.3) (41.9) (395.3) Operating Cash Flow 89.6 448.7 338.3 294.3 488.0 207.9 (+) Asset Disposal 17.2 6.3 8.5 9.6 8.1 8.0 (-) Total Capex (231.3) (210.1) (209.8) (88.9) (104.5) (165.0) Additions to Intagible Assets (1.1) (1.1) (3.1) (2.5) (4.8) 0.3 Additions to Investments (121.8) (142.5) (125.1) (15.4)

• (36.5)

Capital Expenditures (108.6) (70.1) (81.6) (71.0) (99.7) (78.8) Cash from AcTuisitions 0.3 3.6

• (50.0)

Free Cash Flow (124.4) 244.8 137.0 215.0 391.6 50.8 FCF as % of EBITDA (33.2)% 67.8% 32.4% 39.3% 80.0% (5.7)%

29

Notes: (1) Accounts for pre-tax income, net result of unconsolidated subsidiaries, accrued financial charges, allowance for doubtful accounts, provisions, D&A, write-offs and other non-cash charges (2) Excluding cash flow from change in short-term investments 1 2

Breakdown of FCF Generation – In R$ mm

1

1 2 3

Strong operating cash flow generation mainly as a result of relevant top-line growth and stable margins FCF generation also impacted by the historical capex spent in M&A Solid historical EBITDA conversion into FCF

Main considerations

2 3

Solid Cash Flow Generation Supported by Strong Operating Results

Solid EBITDA conversion into Free Cash Flow

30

Notes: (1) Excluding cash flow from change in short-term investments (2) Excludes SLC Alimentos, acquisition concluded on December, 2018.

The company’s seasonal cash flow is mainly explained by (i) its working capital seasonality and (ii) the historical capex spent in assets acquisitions (M&A)

Breakdown of FCF1 (R$ mm) and EBITDA-to-FCF conversion (%) Quarterly Working Capital Evolution (R$ mm) Quarterly Capex Breakdown Evolution Breakdown (R$ mm)²

Solid Cash Flow Generation Supported by Strong Operating Results (Cont.)

• 68
• 124

13 54 38 3

• 37

242

• 13
• 53
• 137

340 15

• 237

208 230 86

• 119

159 266 39

• 184
• 70
• 64

13

• 81

37 20 134

• 51
• 56
• 35

80

• 217

242

• 148

24

• 66

355

• 320

98 4 289 44

• 95
• 195

(63)% (133)% 15% 58% 36% 3% (42)% 315% (12)% (50)% (126)% 322% 11% (134)% 143% 235% 67% (104)% 123% 223% 47% (137)% (45)% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 FCF Total Cash Flow FCF as % EBITDA 72 31 94 34 22 18 140 30 28 58 98 25 13 16 34 26 15 32 26 32 31 51 52

• 20,0

40,0 60,0 80,0 100,0 120,0 140,0 160,0 180,0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Capex - M&A Capex - Maintenance

31

M&A: SLC Acquisition - Transaction Summary

Acquisition Investment Overview Acquisition

100% of SLC Alimentos Ltda. from Grupo SLC Participações Total: R$308mn, divided by R$140mn in cash (+) R$40mn of retention (+) R$128mn of net debt¹

Acquisition aligned to the Company’s expansion strategy and an important step towards the consolidation of the grain market in Brazil

• Consolidation of the grain market in Brazil
• Potfolio composed with relevant brands in the value pricing segment and

brand

• Increase in volumes on rice and beans category, strengthening Camil’s competitiveness
• Growth acceleration on South, Southeast and Northeast regions in Brazil
• Complementarity of logistics and distribution platforms
• Operational and comercial potential synergies

Approvals ans Closing

Concluded:

• Oct. 26, 2018: Board of Directors Approval
• Oct. 26, 2018: Signature of the SPA

Next steps (Estimated):

• Nov/2018: CADE’s analysis
• Dec/2018: Closing

Brands

Industrial Facility and Distribution Center

Simões Filho/BA Caucaia/CE Conceição do Araguaia/PA Porto Alegre/RS Jandira/SP

Dis istrib tributio tion Ce Cente nters rs 1 2 3 4 5

1 2 3 4 5 1 2 3 4 5

Jaboatão dos Guararapes/PE Paraíso do Tocantins/TO Tatuí/SP Alegrete/RS Capão do Leão/RS

1 2 3 4 5 Ind ndustri strial l Fa Facil iliti ities es

Commercial

• ffice

Headquarters Porto Alegre/RS 6

32

SLC Acquisition: Overview

 Subsidiary of SLC Participações Group  Founded in December 2000 

and three other brands in the portfolio.

 Brand was awarded prizes for top of mind  Net Revenue reached R$512mn and EBITDA R$32mn in

20174

 Approx. volume of 205k tons in rice and 16k tons in

beans in 2017

 511 employees in 2017  5 industrial facilities and 8 DCs in Brazil, being:

Source: 1- SLC Alimentos 2- Nielsen Retail Index Monthly, Acum. Jun-Jul/18 3- Nielsen Scantrack, Acum. Jun-Jul/18 4- Calculated based on Financial Statements which were audited by E&Y from January to December 2017.

Overview¹ Market share

Rice - Market share (%)² Company 7.3% 1.6% Main Brand Beans - Market share (%)³ 5.5% 1.3%

Brands¹

Namorado

• Rice: white, parboiled, whole-grain
• Beans: black, carioca, red and white
• Lentils

Namorado Gourmet

• Rice
• Export: Angola, Cape Verde, Canada,

USA, England, Uruguay Butuí

• Rice: white e parboiled
• Beans: black and carioca
• Present in Northern region, SP and MG

Bonzão

• Rice: white rice and rice for dogs
• Present in the northern region

Americano

• Rice: white rice
• Main markets: Tocantins, southern Pará

and southern Maranhão Brands Camil and Namorado combined hold approx. 9% of the rice market and 7% of the beans Market in Brazil

Brasília/DF

6

33

SLC Acquisition: Financial and Operational Highlights

Source 1- SLC Alimentos – audited data from Jan-17 to Dec-17; Camil data from Mar-17 to Feb-18

12M17

Period ended on

• Feb. 28, 2018
• Dec. 31, 2017

12M17 12M17 12M17 Audited Audited Pro-forma Volume Grains Brazil (k ton)

Grains 668,5 221,0 889,5 Rice 596,1 205,0 801,1 Beans 72,4 16,0 88,4 Financial Statements (R$mn) Net Revenues 4,663 512 5,175 (-) Cost of Sales and Services (3,513) (400) (3,913) Gross Profit 1,151 112 1,263 (-) SG&A (782) (86) (868) (+/-) Other Operating Income and Result in Uncons. Subs. 31

• 31

EBIT 400 26 426 (+/-) Finacial Result (74) (13) (87) Pre-Tax Income 325 13 338 (-) Total Income Taxes (75) (1) (76) Net Income 251 12 263 EBITDA Reconciliation Net Income 251 12 263 (-) Net Finacial Result 74 13 87 (+) Income Taxes 75 1 76 (+) Depreciation and Amortization 90 6 96 (=) EBITDA 490 32 522 Margins Gross Margin 24.7% 21.9% 24.4% EBITDA Margin 10.5% 6.2% 10.1% Net Margin 5.4% 2.7% 5.1%

+

3.157 4.229 4.948 4.663 423 547 490 111 202 251 571 308 457 563 512 35 37 32 24 10 12 128 180 Firm Value 2015A 2016A 2017A 2015A 2016A 2017A 2015A 2016A 2017A Net Debt 2017

34

Combined Historical Financial Highlights1 (R$mn)

SLC Alimentos Camil

10.6% 10.1% 3.9% 5.1%

Combo

C S

91% 9% 90% 10% 90% 10% 90% 10% 92% 8% 94% 6% 94% 6% 82% 18% 95% 5% 95% 5% 72% 28% 9.8% 2.9% 11.1% 6.5% 10.5% 6.2% 6.4% 5.4% 1.2x 4.0x 1.7x

Combo

10.0% 7.7% 5.4%

Financial Indicators Debt

Net Revenues EBITDA / margin Net Profit/ margin

Leverage (DL/EBITDA 17)

Value

1.7% 2.4% 5.2%

Source: 1- SLC Alimentos – audited data from Jan-17 to Dec-17; Camil data from Mar-17 to Feb-18 2- SLC Alimentos was bought by leverage increase (R$308mn being R$180mn Equity and R$128mn SLC Debt) 3- Camil Alimentos S.A. and SLC Agrícola Ltda. Market Share Data Nielsen (Retail + Wholeretail)

Market Share Brazilian Rice per Region

SLC Acquisition: Pro-forma

Estimated Synergies

 Synergies by COGS and

G&A: R$10 million/year (+)

 Synergies by tax credits:

R$80 million Supplies

1 2 3 4 5 6

Industrial Logistics Administrative Capital Structure Sales

 Main sources of synergies:

7% 32% 1% 8% 8% 2% 21% 2% 2% 5% 3% 2% 2% 0% 0% 0% Total Brazil Greater São Paulo South NE

• Int. São Paulo

SE (ex-SP RJ) Rio de Janeiro Midwest 9%

Combo Combo

37% 4% 10% 10% 2% 21% 2% 3,465 4,686 5,511 5,175 458 584 522 135 212 263 879²

Section III

Key Takeaways

Camil Market leader with unique brand awareness

4

Wide distribution network reaching more than 300k POS

5

Compelling Business Model with Stable and Resilient Margins

6

Seasoned management team and the highest standards of corporate governance in place

7

Strong Cash Position and Investment Grade Indebtedness Profile

8

Access to cheap financing Alternatives and Local DCM

9

Key Takeaways

Market Resilient demand

The Company’s main market proves resilient to economic downturns as the consumption of rice and beans has a strong cultural appeal, being a pillar of the Brazilians’ typical diet

1

Low exposure to fluctuations in commodities prices

The market dynamics differ materially from the general commodity market, as the quality perception and brand awareness are key factors in customers’ buying decision process

2

Weekly price pass-through

The grains and sugar retail markets present active price dynamics, with weekly price pass-through, ensuring stability of margins. The canned fish market is going through a change in its price dynamics, in which price pass-through is becoming more frequent

3

Growth Avenues Consolidated platform uniquely positioned for sustained organic growth

Camil has a consolidated and scalable distribution platform, positioning the company to leverage on the development of new segments and change in consumers habits

10

High potential for inorganic growth

Leadership position across all segments the Company operates, coupled with its distribution platform, enabling fast and efficient integration of new

• perations and capacity to capture synergies

11

36

37

Key Financial highlights

Camil Consolidated Profitability Evolution1

169 123 142 209 315 375 361 423 547 490 514 11% 09% 10% 12% 11% 10% 10% 10% 11% 11% 12% 23% 23% 24% 27% 24% 25% 23% 24% 25% 25% 26%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018 EBITDA EBITDA Margin Gross Margin

58 71 56 74 137 124 105 111 202 251 364 3,8% 5,4% 4,0% 4,1% 4,9% 3,5% 2,9% 2,6% 4,1% 5,4% 8,3%

00% 01% 02% 03% 04% 05% 06% 07% 08% 09% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018 Net Income Net Margin

1.513 1.313 1.407 1.784 2.776 3.582 3.676 4.229 4.948 4.663 4.393

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 3Q 2018 Even in a challenging environment, Camil was able to post double-digit growth, maintaining profitability

CAGR+13% CAGR+18% CAGR+13%

Notes: Company fiscal year begins in March and ends in February of the following year (inclusive).

Camil: Net Revenue (R$mm) Net Revenue by Segment (R$mm) EBITDA Evolution (R$mm) Net Profit Evolution (R$mm)

Excluding non-recurring events, LTM 3Q18 Net Income reached R$245mn (5.6% margin)

2.640 2.601 2.935 3.683 3.331 3.216 942 1.075 1.294 1.265 1.332 1.467 3.582 3.676 4.229 4.948 4.663 4.393 25% 23% 24% 25% 25% 26%

2013 2014 2015 2016 2017 LTM 3Q 2018 Food Products Brazil Food Products International Gross Margin

171 2.493 (711) 42 (388) (435) 2 (678) (386) 443 (33 ) 160

Cash Nov/13 Funds from Operations Change in WK ST Invest. Asset Disposal Capex (M&A) Capex (Maintenance) Change in Debt Interest Paid Dividends Paid Capital Increase Others Cash Nov/18

38

Breakdown of Cash Flow Generation in the Last 5 years (R$ mm)

Operating Cash Flow Investing Cash Flow Financing Cash Flow

Consistent cash flow generation mainly backed by strong operating cash flow (relevant EBITDA growth with stable margins) and also impacted by working capital seasonality and historical capex spent in M&A

Key Financial highlights (Cont.)

Breakdown of Cash Flow Generation

Appendix

• A. Financial highlights

40

3Q18 Operating Performance

Sequential growth in sales volume in all categories, except for rice in Brazil

Source: Company

Historical Operating Performance (‘000 ton) 3Q18 Sales Volumes (‘000 ton) 2Q18 Volume and Revenue Breakdown (%)

Source: Company Source: Company

Volume Receita Líquida

International 179k +23.7% QoQ +1.1% YoY Canned Fish 10k +24.7% QoQ

• 7.3% YoY

Sugar 135k +1.8% QoQ +1.8% YoY Beans 20k +3.2% QoQ +25.0% YoY Rice 134k

• 17.9% QoQ
• 7.4% YoY

A

F

A P I 3Q18

Highlights 3Q17 2Q18 3Q18 3Q18 vs 3Q18 vs Volumes ('000 ton) 30-Nov-18 31-aug-18 31-nov-18 3Q17 2Q18 Volumes - Brazil Grains 160.4 182.2 153.7

• 4.2%
• 15.6%

Rice 144.3 162.7 133.6

• 7.4%
• 17.9%

Beans 16.1 19.5 20.1 25.0% 3.2% Sugar 132.3 132.3 134.7 1.8% 1.8% Canned Fish 10.9 8.1 10.1

• 7.3%

24.7% Volumes - International 177.2 144.8 179.1 1.1% 23.7% Uruguay 132.0 104.0 136.5 3.3% 31.2% Chile 19.4 19.9 20.4 5.6% 2.6% Peru 25.8 20.9 22.2

• 13.9%

6.4%

41

Brazil Food Segment | Rice

Sales volume: 133.6 thousand tons

• 17.9% QoQ
• 7.4% YoY

Average raw material price : R$44.01/bag¹

• +5.5% QoQ
• +18.9% YoY

Gross price Camil: R$2.60/kg

• +4.5% QoQ
• +11.8% YoY

Average market price for rice in Nov-18 vs. Oct-18 decreased in -6.7%¹: Price reduction leads to a decrease in purchases by retail stores in Nov-18

Source: Company Source: Esalq Senar, Company

Challenging environment for rice sales in Brazil this quarter. The Company continues focused on volume recovery.

Rice – Camil’s Volume and Net Prices Rice – Market Prices vs. Camil’s Gross Prices Rice – Product Portfolio² Rice – Quarterly Highlights

¹Source: CEPEA; rice indicator Esalq/Senar-RS 50kg. ²After SLC Alimentos´ acquisition, the Company adds the following brands to it´s portfolio: Namorado, Butuí, Bonzão and Americano.

Source: Company

Mainstream Value pricing brands

Sales volume: 20.1 thousand tons

• +3.2% QoQ
• +25.0% YoY

Average raw material price: R$99.64/bag¹

• 2.1% QoQ
• 13.6% YoY

Gross price Camil: R$3.28/kg

• 2.2% QoQ
• 6.1% YoY

Remarks to sequential and annual sales recovery Camil and value pricing brands sales increase Mainstream

Value Pricing Brands

42

Brazil Food Segment | Beans

Source: Company Source: Agrolink, Company

Sequential and annual volume growth

Beans - Camil’s Volume and Net Prices Beans - Market Prices vs. Camil’s Gross Prices Beans– Product Portfolio² Beans – Quarterly Highlights

¹Source: Agrolink; beans indicator Sc 60kg. ²After SLC Alimentos´ acquisition, the Company adds the following brands to it´s portfolio: Namorado e Butuí.

Source: Company

1.00 2.00 3.00 4.00 5.00 6.00 7.00 50 100 150 200 250 300 nov-16 fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 Camil (R$/kg) Agrolink (RS/60kg) Brazil - Beans Price Camill - Gross Price

43

Brazil Food Segment | Sugar

Sales volume : 134.7 thousand tons

• +1.8% QoQ
• +1.8% YoY

Average raw material price : R$64.27/saca¹

• +17.5% QoQ
• +12.8% YoY

Gross price Camil: R$2.09/kg

• 0.9% QoQ
• +0.1% YoY

Sequential and annual volume growth Cristal sugar and value pricing brands volume growth

Source: Company Source: Esalq-Senar; Company

Sequential and annual volume growth

Sugar - Camil’s Volume and Net Prices Sugar - Market Prices vs. Camil’s Gross Prices Sugar – Product Portfolio Sugar – Quarterly Highlights

Source: Company

¹Source: CEPEA; Cristal Sugar indicator Esalq-SP 50kg.

Mainstream Value Pricing Brands

Sales volume: 10.1 thousand tons

• +24.7% QoQ
• 7.3% YoY

Gross price Camil: R$20.04/kg

• 0.7% QoQ
• +5.6% YoY

Coqueiro sardines and tuna sales growth Sequential seasonal sales growth in the period before lent Brazilian coast continues to presente low fishing volume

44

Brazil Food Segment | Canned Fish

Source: Company Source: Company

Sequential volume growth

Canned Fish - Camil’s Volume and Net Prices Canned Fish - Camil’s Gross Prices Canned Fish – Product Portfolio Canned Fish – Quarterly Highlights

Source: Company

Mainstream Value Pricing Brands

45

International Food Segment

Chile Uruguay

Domestic Market Domestic Market Export Market

Peru

Sales volume: 136.5 thousand tons

• +31.2% QoQ
• +3.3% YoY

Gross price in R$: 2.12

• +5.7% QoQ
• +24.2% YoY

Source: Company Source: Company

International Operational Performance – Quarterly Evolution (‘000 ton)

International – Breakdown 3Q18 (%)

Sequential and annual volume growth

International - Main Considerations Gross price in US$/ton:

• +4.6% QoQ
• +2.5% YoY

Sales volume: 20.4 mil tons +2.6% QoQ +5.6% YoY Gross price in R$: 5.62

• 5.1% QoQ
• +10.8% YoY

Gross Price in CLP/ton:

• 1.5% QoQ
• 1.5% YoY

Sales volume: 22.2 mil tons +6.4% QoQ

• 13.9% YoY

Gross price in R$: 4.81

• +3.0% QoQ
• +22.3% YoY

Gross price in SOL/ton:

• +4.0% QoQ
• 3.8% YoY

Volume Net Revenue Sales recovery Profitability growth Political instability Uruguai 60% Chile 20% Peru 20% Uruguai 76% Chile 12% Peru 12%

Appendix

• B. Industry highlights

135.0 77.7 69.2 65.1 39.9 12.4 12.0 8.6

Notes: (1) FAO / Estimated paddy production for 2017 (2) Rice husk represents ~32% of the grain’s total weight

Resilient Demand and Favorable Market Dynamics

Rice Industry | Brazil

Ton mm

World’s 9th largest rice producer

China India Indonesia Peru Uruguay

9º

Brazil kg/year Indonesia China India Peru Brazil USA Chile Uruguay Ton mm

Rice is highly penetrated in Brazil, being part of the country’s cultural identity

47

Consumption Historically Stable Production Historically Stable

Colombia Ton mm

Largest Producers in the World1 National Production Per capita Consumption by Country1 National Consumption of Paddy2

210.3 166.5 73.9 12.3 3 2.7 1.4 11.6 11.8 12.1 12.4 10.6 12.3 12.1 11/12 12/13 13/14 14/15 15/16 16/17 17/18E 11.7 12.6 12.0 11.5 11.4 12.0 12.0 11/12 12/13 13/14 14/15 15/16 16/17 17/18E

The rice industry in Brazil is characterized by a combination of (i) resilient demand based on cultural identity and (ii) high and stable production levels

Chile - Total Consumption (‘000 tons) Uruguay – Total Consumption3 (‘000 tons)

48

Growth Potential: migration to packaged rice

P

CAGR13-17 : 1.6% CAGR13-17 : 4.6% CAGR13-17: 0.4%

Broad market

P

Resilient market

P

Export market

P

Domestic Market Domestic Market Export Market

Source: Company filings, Kantar WorldPanel; AC Nielsen; MINAGRI; Odepa; Annual rice harvest report (Uruguai); Asociación Cultivadores de Arroz; Ministerio da Agricultura (Brazil) Note: (1) Considers the sum of imports and total production; (2) Considers production data

Peru – Total Consumption1 (‘000 tons)

Resilient Demand and Favorable Market Dynamics (Cont’d)

Rice Industry | Peru, Chile and Uruguay

1,273 1,095 1,390 1,359 1,287 79 79 79 79 86 1,352 1,174 1,469 1,438 1,373 2013 2014 2015 2016 2017

Exports Total Consumption

2

3,189 3,054 3,306 3,482 3,402 2013 2014 2015 2016 2017 161 156 204 196 193 2013 2014 2015 2016 2017

Peru, Chile e Uruguay present: (i) resilient market e (ii) potential to consolidate

0.9 0.9 1.0 1.1 0.9 1.1 1.0 11/12 12/13 13/14 14/15 15/16 16/17 17/18E

Notes: (1) CONAB; Agrolink; 15/16 crop registered significant drop in productivity due to rainfall scarcity during the period

49

1

CAGR11/12-17/18E: 1.4%

Ton mm Ton/hectare

3 annual crops in Brazil and only 1 in other producing countries Price volatility due to beans perishability

R$/60 Kg sack Ton mm

Consumption Historically Stable Production Historically Stable

Resilient Demand and Favorable Market Dynamics (Cont’d)

Beans Industry | Brazil

National Production Average Productivity Historical Price National Consumption

2.9 2.8 3.5 3.2 2.5 3.4 3.1 11/12 12/13 13/14 14/15 15/16 16/17 17/18E 3.5 3.3 3.4 3.4 2.8 3.3 3.3 11/12 12/13 13/14 14/15 15/16 16/17 17/18E 100 200 300 400 500 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18

With stable production levels, the beans market in Brazil is also characterized by a combination of: (i) resilient demand based on cultural identity and (ii) supply stability

58 57 57 54 50 40 39 39 37 21

Cuba Australia Brazil Guatemala European Union South Africa Mexico Colombia Thailand Global Median

11.2 11.3 11.4 10.9 10.9 11.0 12/13 13/14 14/15 15/16 16/17 17/18E

Notes: (1) USDA; CONAB; ISO/ Larges producers data refers to 2016 and per capita consumptions refers to average between 2013 and 2015 (2) Considers consumption of industrialized products

50

CAGR15/16-17/18E: 6.8%

kg/year Ton mm Ton mm Ton mm

Largest producer in the world

1º

Brazil is one of the largest sugar consumers in the world

Production Historically Stable Consumption Historically Stable

Resilient Demand and Favorable Market Dynamics (Cont’d)

Sugar Industry | Brazil

Largest Producers in the World1 National Production Per Capita Consumption1 National Consumption2

38.2 37.6 35.6 33.8 38.7 38.6 12/13 13/14 14/15 15/16 16/17 17/18E 39.0 24.8 15.5 10.0 9.3 7.8 6.1 5.8 5.6 4.6

Brazil India European Union China Thailand United States Mexico Russia Pakistan Australia

Brazil has a leading position in sugar production and consumption, presenting: (i) resilient demand and (ii) supply stability

(2.7)% (0.7)% 1.7% 2.4% 392 474 483 507 485 2013 2014 2015 2016 2017 1,745 1,893 1,933 1,967 2,020 2013 2014 2015 2016 2017E

Notes: (1) IBGE; ABPA; ABIEC; FAO; Euromonitor/ In 2017 (2) 2013 data

51 65.5 37.9 33.5 25.5 22.0 21.5 20.8 13.2 9.7 7.5 19.7

Hong Kong China France Italy Peru United States United Kingdom Chile Brazil Uruguay Global Median

CAGR 13-17 (%) kg/year Ton ‘000

Wide space to increase penetration Strong growth in the last years

Resilient Demand and Favorable Market Dynamics (Cont’d)

Fish Industry | Brazil

National Production Per Capita Protein Consumption Growth

Ton ‘000

Beef Pork Poultry Fish

The fish industry in Brazil is consistently growing, driven by the trend of the diversification of protein sources and increase in the consumption of food with higher nutritional value

Per Capita Consumption2 National Sales

Appendix

• C. Selected Comparable Companies

Ratings (Fitch/Moody's/S&P) NA / NA / BB- BB- / B1 / BB- BBB- / Ba2 / BBB- BB- / WR / BB- A / NA / NA BBB / Baa2 / BBB AAA / WR / BBB AA- / NA / AA- NA / NA / NA NA / NA / NA Ticker BOVESPA:CAML3 BOVESPA:BEEF3 BOVESPA:BRFS3 BOVESPA:JBSS3 BOVESPA:MRFG3 BMV:BIMBO A BMV:GRUMA B BMV:HERDEZ * BMV:LALA B BVC:NUTRESA Market Capitalization $ 3,153 $ 1,146 $ 16,527 $ 26,209 $ 3,740 $ 33,367 $ 18,056 $ 3,201 $ 9,275 $ 13,120 TEV / EBITDA 8.6 x 5.9 x 12.4 x 5.4 x 9.7 x 8.1 x 9.3 x 7.2 x 9.1 x 13.4 x LTM Period 8/31/2018 6/30/2018 6/30/2018 6/30/2018 6/30/2018 6/30/2018 9/30/2018 6/30/2018 6/30/2018 6/30/2018 Financials: Revenues $ 4,425 $ 14,650 $ 34,017 $ 168,838 $ 22,422 $ 53,299 $ 14,160 $ 1,966,061 $ 13,508 $ 10,700 Adjusted EBITDA 465 1,360 2,759 14,544 2,252 6,256 2,282 839 1,571 1,221

• Adj. EBITDA Margin

10.5 % 9.3 % 8.1 % 8.6 % 10.0 % 11.7 % 16.1 % 0.0 % 11.6 % 11.4 % Net Interest Expense $ 44 $ 858 $ 1,848 $ 4,510 $ 760 $ 1,270 $ 203 $ 91 $ 319 $ 176 Operating Cash Flow $ 408 $ 1,087 $ 1,364 $ 6,274 $(937) $ 3,434 $ 1,391 $ 307 $ 995 $ 1,154 Capex $ 90 $ 8,800 $ 1,466 $ 2,526 $ 943 $ 1,992 $ 696 $ 92 $ 645 $ 277 Balance Sheet: Cash & Equivalents $ 666 $ 4,199 $ 6,164 $ 13,112 $ 6,249 $ 1,560 $ 753 $ 352 $ 472 $ 390 Total Debt 1,494 11,068 23,235 63,562 22,520 17,928 4,018 1,360 5,357 3,531 Net Debt 827 6,869 17,071 50,450 16,271 16,368 3,265 1,008 4,884 3,141 Credit Ratios: Total Debt / EBITDA 3.2 x 8.1 x 8.4 x 4.4 x 10.0 x 2.9 x 1.8 x 1.6 x 3.4 x 2.9 x Net Debt / EBITDA 1.8 5.1 6.2 3.5 7.2 2.6 1.4 1.2 3.1 2.6 Net Debt / (EBITDA-CAPEX) 2.2 (0.9) 13.2 4.2 12.4 3.8 2.1 1.4 5.3 3.3 EBITDA / Net Interest Expense 10.6 1.6 1.5 3.2 3.0 4.9 11.2 9.2 4.9 6.9 (EBITDA-CAPEX) / Net Interest Expense 8.6 (8.7) 0.7 2.7 1.7 3.4 7.8 8.2 2.9 5.4 EBITDA / Operational Cash Flow 1.1 1.3 2.0 2.3 (2.4) 1.8 1.6 2.7 1.6 1.1 % of Debt in USD 17 % 84 % 56 % 96 % 99 % 59 % 73 % N.A. N.A. N.A. Debt Duration (years) 2.3 5.9 3.4 4.5 4.9 11.5 3.9 5.6 6.8 2.5 Consolidated Figures Source: Company Filings, Capital IQ, Bloomberg as of 19-Oct-2018 (1) Assumes FX rates of 5.18 and 828.36 for MXN/BRL and COP/BRL, respectively (2) Calculated based on the debt amortization schedule for each company

53

Selected Comparable Companies

(figures in R$ mm1)

Brazil LatAm (ex-Brazil)

2

Flavio Vargas Chief Finance and IR Officer Guilherme Salem IR and Financial Planning Investor Relations Phone: +55 11 3039-9238 +55 11 3039-9237 E-mail: ri@camil.com.br