Institutional Presentation Disclaimer Financial data is presented in - - PowerPoint PPT Presentation

Institutional Presentation

Financial data is presented in accordance to the International Financial Reporting Standards and represents the Company’s consolidated results in million reais (R$), unless otherwise indicated. Company fiscal year begins in March and ends in February of the following year (inclusive). The results here presented do not consider the acquisition of SLC Alimentos S.A., concluded by Camil in December 2018, except when specified. 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 of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. This presentation contains resumed information which shall not be considered complete. 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. Operational data are not audited, as they consist in measures which are not recognized by IFRS

• r other accounting standards. Nor this presentation, neither anything here contained, should create basis for any contract
• r commitment.

All information here contained are subject to adjustments and revisions without notice. By creating this presentation, neither the Company, nor any of its affiliated companies, directors, executives or employees assume any obligation to supply the receiver access to any additional information, update this presentation or any information, or correct any inaccuracy in any of these information. This presentation does not contain all of the relevant information about the Company.

Disclaimer

2

I.

Camil Alimentos Overview

II.

Key Investment Thesis

• III. SLC Alimentos Acquisition
• IV. Key Takeaways

Appendix

• A. Financial Highlights (Latest Results: 3Q18)
• 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 February, 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 canned tuna market in Brazil (Coqueiro and Pescador brands)

 27 processing facilities5 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) (5) Includes SLC Alimentos´ acquisition concluded on Dec/2018

(Uruguay) (Chile) (Peru) Grains Processing Facilities: 22 (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

8

Timeline

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

Acquisition of SLC Alimentos; Sale of La Loma 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

2017

Camil’s IPO

2017/2018: Recent Transactions

Acquisition of canned fish and Costeño Acquisition of sugar category

2013

Acquisition of Carreteiro and in Argentina

2018

Private Equity History

1998 – 1st Private Equity: TCW (acquisition of

cooperative’s participation 50%)

2006 – TCW divestment (by leveraging Camil) 2011 – Gávea’s investment (31.75% of Camil) 2016 – Gávea’s divestment (by Warburg Pincus

by same Portfolio Manager)

2016 – Warburg Pincus investment 2017 – Warburg Pincus partial divestment (sale

• f 23% participation on IPO; remains with 9%

stake)

2001 – SAMAN Brazil, in Pernambuco (Brazil) 2002 – Camaquã Plant (Brazil) 2007 – Saman (Uruguay) 2009 – Tucapel (Chile) 2010 - BB Mendes (Brazil) 2011 – Pescador (Canned Fish – Brazil) 2011 – Coqueiro (Canned Fish – Brazil) 2011 – Costeño (Peru) 2012 – União and Da Barra brands (Sugar - Brazil) 2013 – Carreteiro (Brazil) 2013 – La Loma (Argentina) – sold on 2018 2014 – Paisana (Peru) 2018 – SLC Alimentos (Brazil)

Camil Acquisitions

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) 10¹² 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) R$3.1 bn (69% of total)

Business Divisions Overview

2nd 7%2,4

Rice Beans

Notes: (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 Aug18-Sep18; (5) Nielsen Retail Index for Sugar Aug18- Set18; (6) Nielsen Retail Index for Sardine and Tuna Aug18–Sep18; (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only: 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; (12) Includes SLC Alimentos´ acquisition on Dec/18

Rice

1º

9.1%2,3

1º

33.5%5

2º

42.9%6

2º

23.2%6

2º

7.3%2,4

Sugar Canned Fish Grains

Beans Sardines Tuna Sugar

Uruguay7 Chile Peru

1º

48.0%

1º

33.3%8

1º

33.0%9

Brazil International 11

Recognized Brands, Leadership and Innovation

Broad consumer recognition and innovation leads to several awards and market leading positions

& win the award for best brands of Rice and Beans, and Sugar, by Datafolha Camil brands win the award for Top 5 brands of 2018 for Sugar and Tuna, by Super Varejo Magazine

Aug/2018 Aug/2018

• IR Magazine Awards 2018
• Recognitions by Institutional Investor 2018
• As Melhores da Dinheiro Rural 2018
• Valor 1.000 2018
• Melhores e Maiores Exame 2018
• Selo RA 1000 2018 – Reclame Aqui
• Prêmio APAS Acontece 2018 e 2017
• Troféu Carrinho de Ouro 2017

Other Awards Camil

Notes: (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 Aug18-Sep18; (5) Nielsen Retail Index for Sugar Aug18- Set18; (6) Nielsen Retail Index for Sardine and Tuna Aug18–Sep18; (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only: 42% (#2 player); (8) Nielsen Scantrack Chile Jun17- Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18;

• Camil Minuto Caseiro (Instant Rice)
• Rice Biscuit (small package)
• União: Cake mix
• Partnership – Natural Sweetener
• New sardine and tuna fillets

Brands

Awards Leadership¹ Innovation

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

12

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

14 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

15

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)

Notes: (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 Retail Index for Sugar Aug18- Set18; (6) Nielsen Retail Index for Sardine and Tuna Aug18–Sep18; (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only: 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 7.3% #3

Player 3

5.8%

Market Leader with Iconic Brand Recognition

Own Sales Force

33% 36% 26% 6%

Wholesale Retailers Key Accounts Outsourced Sales Force Distributor

#

Indicates the representativeness of direct points of sale by region in Brazil

28% 12% 14% 41% 4% % Sales Fev/2018

• 95% of sales made by the

company’s own sales force and 5% from distributors (canned fish)

• More than 14,000 direct and

300,000 indirect point of sales in Brazil

16 Selected Accounts / Retailers Selected Wholesale Stores Strong distribution network with more than 400,000 points of sale, favoring the business expansion to new segments

Wide Distribution Network Reaching more than 400k POS

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

17 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% CAGR+13%

Solid Business Model with Stable and Resilient Margins

18 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)

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

Solid Business Model with Stable and Resilient Margins

(Cont´d)

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%

19

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

2017 74.0 39.8 1.9x 24.7%

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)

Solid Business Model with Stable and Resilient Margins

(Cont´d)

Rice

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 (take-or-pay)

• Based on a market price derived from

international sugar prices

• Super Barra: project to internalize the

process of packaging by Camil

• Acquisition from fragmented suppliers at

market prices, complemented by import contracts

• Concentrated industry favors price

discipline

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

20

Solid Business Model with Stable and Resilient Margins

(Cont´d)

Main Competitor

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 competitors

Market Leadership 

 Absolute Leadership with 83% of Top of Mind¹  Total Company refined sugar brands have 32%² market share

Market Share



21

Notes: (1) Top of Mind Camil Ipsos, Jan19 (2) Nielsen Retail Index for Sugar Aug18-Sep18 (3) Price Index Nielsen



+15%

115 100

Sugar price³

1º

+5%

105 100

Camil Others

Rice Strategy

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

Rice price³



Others

Premium Price | Sugar Case Study and Rice Strategy

22

Rice | Broad Product Portfolio

Tailored product offering for targeted consumer segments across Brazil

Premium Upper mainstream Mainstream Lower Mainstream Value Priced Products

Notes: (1) White rice price index Nielsen Retail Index - Sep18

• Avg. national prices
• Avg. regional prices

95 111 100 129

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

Avg market selling price

99

112 99

23

Fragmented Industry with high opportunity for expansion and consolidation

Historical Volume

Market Share (in volume)

Market Share¹

Fragmented market: Top 5 players have 25% of mkt share

1º

Rice Market Share

% 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% Brazil – RICE2,3 #1 9.1% #2

Player 2

4.8% #3

Player 3

3.1%

Product Portfolio Mainstream Value pricing brands

583 538 556 600 596 2013 2014 2015 2016 2017 147 147 150 139 143 137 137 121 138 146 137 135 145 159 147 148 168 156 144 128 136 163 134 80 90 100 110 120 130 140 150 160 170 180 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

 Wide and fragmented market  High industry consolidation

• pportunity

Rice Industry

Ton mm Last 5y

Brazil Food Segment | Rice

74 68 69 76 72 2013 2014 2015 2016 2017 17 19 19 20 19 18 17 14 17 19 17 16 16 20 21 19 20 19 16 16 17 19 20 10 12 14 16 18 20 22 24 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

24

Ton mm Last 5y

Fragmented Industry with high opportunity for expansion and consolidation

Historical Volume

Market Share (in volume)

Market Share¹

 Wide and fragmented market  High industry consolidation

• pportunity

Product Portfolio Mainstream Value pricing brands

Beans Industry

Fragmented market: Top 5 players have 23% of mkt share

2º

Beans Market Share

% 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 – BEANS2,4 #1

Player 1

7.4% #2 6.0% #3

Player 3

5.8%

Brazil Food Segment | Beans

610 591 545 553 541 2013 2014 2015 2016 2017 148 155 163 145 151 161 149 129 137 153 144 111 138 142 148 125 152 138 132 118 123 132 135

100 110 120 130 140 150 160 170 180 190 200

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

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

25

Sugar: wide, resilient and consolidated industry

Historical Volume Market Share and Pricing Power Product Portfolio Mainstream Value pricing brands

Brazil – REFINED SUGAR5 #1 31.6% #2

Player 2

18.7% #3

Player 3

15.2%

1º

Sugar Market Share

Main Competitor

+15%

115 100

Sugar price³

Pricing Power Consolidated Industry: top 3 players have 65% of the market

 Consolidated industry  Concentrated on one supplier – long

term contract, take-or-pay

Sugar Industry

Ton mm Last 5y

Brazil Food Segment | Sugar

7 7 8 11 6 5 8 12 7 6 11 12 8 8 9 14 8 6 11 11 5 8 10

• 2

4 6 8 10 12 14 16 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

26

Canned Fish: consolidated industry, with growth in consumption and seasonality on Lent period

Historical Volume Market Share Product Portfolio Mainstream Value pricing brands

2º

Sardine Market Share Consolidated Industry: top 2 players have 90% of the market

 Consolidated industry  Growth in consumption of canned fish  Seasonality on lent period

Canned Fish Industry

Brazil – SARDINE6

#1

Player 1

46.5%

#2

42.9% Brazil – TUNA6 #1

Player 1

60.2% #2 23.2%

2º

Tuna Market Share Consolidated Industry: top 2 players have 83% of the market Ton mm Last 5y

33 32 37 40 36 2013 2014 2015 2016 2017

Brazil Food Segment | Canned Fish

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

27

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

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%

Notes: (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

Clear and Tangible Avenues for Expansion

28

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

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

Clear and Tangible Avenues for Expansion

(cont´d)

29

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 Administration 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

30

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

31

• 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

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 Listed 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)

• Financing Program for the Smaller

Producers (education, assistance with agronomists and monitoring)

• Monthly Donation of Staple Baskets

Products

• Product Portfolio and Communication

focused on Health

• Education for Healthy Eating in Social

Media

• HACCP
• Biomassa - Thermoelectric Plant in Itaqui and Capão do Leão
• Effluent Treatment (Industrial Process)
• Fish - Dolphin Free
• Amyris Partnership – Sustainability in R&D in future initiatives

Solid corporate governance focused on value creation for shareholders and commitment to environmental and social practices 32

Environmental Governance Social

Environmental, Social and Governance (ESG)

Section III

SLC Alimentos Acquisition

34

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
• Portfolio 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 commercial potential synergies

Approvals and 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

35

SLC Acquisition: Overview

 Ex-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

 5 industrial facilities (closing of 3 facilities in 2019) and 8

DCs in Brazil

 SLC

Alimentos Incorporated by Camil Alimentos

• n

March/2019, as approved by the Shareholders’ Meeting

Source: 1- SLC Alimentos; 2- Nielsen Retail Index Monthly, Acum. Ago-Set/18; 3- Nielsen Scantrack, Acum. Ago-Set/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

36

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

37

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 + Wholesale)

Market Share Brazilian Rice per Region

SLC Acquisition: Pro-forma

Estimated Synergies

 Synergies by COGS and G&A:

• approx. 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 IV

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

39

40

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

41

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

Latest Results: 3Q18

43

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) 3Q18 Volume and Revenue Breakdown (%)

Source: Company Source: Company

Volume Net Revenues

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%

44

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

45

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

46

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 present low fishing volume

47

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

48

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%

49

3Q18 Financial Highlights

SG&A Other operating Revenues(Expenses)

R$231.1 million (+22.8% YoY) 18.2% of the Net Revenue Growth in SG&A Brazil (+22.0% YoY) with increase in freight expenses and exports; Increase in international SG&A (+24.6% YoY) due to Exchange rate depreciation; SG&A as a % of Net Revenue decreased in -1,6pp

• vs. 2Q18, due to the Company´s cost reduction

actions. R$38.8 million in other revenues and earnings from controlled subsidiary. R$36.0mm non-recurring revenues: +R$84.5mm in IRPJ e CSLL tax credits over ICMS subsidy with 5 year retroactive effect; +R$38.1mm in PIS/COFINS credits with exclusion of ICMS from the assessment bases;

• R$42.5mm due to the adhesion to Rural Tax

Regularization Program (Funrural);

• R$44.1mm in provision for losses of São Gonçalo (RJ)

industrial unit SG&A and other expenses as a % of Net Revenues

3Q17 3Q18 3Q18 vs 3Q17 3Q18 3Q18 vs 3Q17 3Q18 3Q18 vs Closing Date 30-Nov-18 31-nov-18 3Q17 30-Nov-18 31-nov-18 3Q17 30-Nov-18 31-nov-18 3Q17 Net Revenues 818.9 857.5 4.7% 340.2 409.3 20.3% 1,159.2 1,266.8 9.3% (-) SG&A Expenses (626.3) (648.0) 3.5% (246.9) (298.9) 21.1% (873.2) (946.9) 8.4% Gross Profit 192.6 209.5 8.8% 93.3 110.4 18.3% 285.9 319.9 11.9% (-) SG&A (128.0) (156.2) 22.0% (60.1) (74.9) 24.6% (188.1) (231.1) 22.8% (+/-) Other operating income (expenses) and Equity (Earnings)/Losses in Uncons. 8.2 39.3 n.a. (0.4) (0.4) n.a. 7.8 38.9 n.a. EBIT 72.8 92.6 27.1% 32.8 35.1 6.9% 105.7 127.7 20.9% (+/-) Finacial Result (8.0) 22.7 n.a. (4.5) (3.9)

• 14.1%

(12.6) 18.8 n.a. Pre-Tax Income 64.8 115.3 77.9% 28.3 31.2 10.3% 93.1 146.5 57.3% Total Income Taxes (16.3) 8.0

• 149.1%

(4.9) (4.2)

• 14.2%

(21.2) 3.8

• 117.9%

Net Income 48.5 123.3 154.1% 23.4 27.0 15.4% 71.9 150.3 109.0% EBITDA 85.8 108.2 26.1% 43.1 43.2 0.3% 128.9 151.4 17.5% Margins Gross Margin 23.5% 24.4% 0.9pp 27.4% 27.0%

• 0.5pp

24.7% 25.3% 0.6pp EBITDA Margin 10.5% 12.6% 2.1pp 12.7% 10.6%

• 2.1pp

11.1% 12.0% 0.8pp Net Margin 5.9% 14.4% 8.5pp 6.9% 6.6%

• 0.3pp

6.2% 11.9% 5.7pp Consolidated Food Products International Result Statements Food Products Brasil

50

Profitability Evolution: Net Income, EBITDA and Margins

Quarterly Profitability Evolution (in R$mn) Quarterly Margin Evolution (%)

Source: Company Source: Company

3Q18 remarked by margins expansions YoY: Gross margin (25.3%, +0.6pp YoY), EBITDA margin (12.0%, +0.8pp YoY); and net margin (11.9%, +5.7pp YoY)

Net Financial Expenses of +R$18.8 million

(vs. -R$12.6mn YoY) R$41.5mm non-recurring revenues in monetary restatements from tax credits from IRPJ and CSLL of ICMS subsidy recognition and PIS and COFINS credits generated by the exclusion of ICMS from assessment bases; Compensated by R$19.4mm in expenses with interest over loans and financing. 51

3Q18 Financial Result and Debt

Source: Company

Net Financial Result

Liability Management: Debt cost reduction

Debt (R$mn)

Source: Company

Debt Amortization Schedule (R$mn)

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

362.2 513.4 416.0 190.1 9.5 275.9 458.0 462.2 182.4 7.5 R$0 R$100 R$200 R$300 R$400 R$500 R$600 2019 2020 2021 2022 After 2022 ago-18 nov-18

52

Notes: (1) Financial covenant of 3.5x Net Debt / EBITDA LTM

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

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)%

53

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

54

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

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

56

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)

57

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

58

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

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

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

59

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

60 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

62

Selected Comparable Companies

(figures in R$ mm1)

Brazil LatAm (ex-Brazil)

2

Investor Relations Phone: +55 11 3039-9238 +55 11 3039-9237 E-mail: ri@camil.com.br