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Vigor Alimentos S.A.

Quarter Results Presentation – 2Q13

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Disclaimer

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

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

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

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

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

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

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

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

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Highlights

Volume •15,4% increase in Dairy Volume

Total Net Revenue • Growth of Dairy category and improved sales mix

Dairy Net Revenue • Innovation, promotion and quality-improvement efforts fueled growth

Gross Profit • Improved sales mix and costs control

Gross Margin •0.4 p.p. expansion in Gross Margin compared with 2Q12

EBITDA (1) •Includes negative goodwill from the investment in Itambé Alimentos S.A

EBITDA (2) • Excludes negative goodwill from the investment in Itambé Alimentos S.A

Net Debt • Gross Debt of R$ 821.4 milhões, 79.0% long-term

86.6 mil tons

(3.9)% 171.7

mil tons (5.4)%

377.3 16.1% 729.7 13.9%

219.2 26.3% 415.9 18.9%

114.2 17.4% 224.7 18.1%

553.5

30.3% 30.8%

118.5 132.3

3.7 17.5

Var. x2Q12

Var. x1H12

2Q13 (R$ MM)

1H13 (R$ MM)

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Volume Performance

Growth per Category (Tons)

Volume (Tons)

Volume 2Q12 2Q13 ∆ % 1H12 1H13 ∆ %

Dairy 29,764 34,341 15.4% 62,480 65,695 5.1%

Spreads 35,684 29,571 (17.1)% 70,101 60,376 (13.9)%

UHT Milk 15,077 14,358 (4,8)% 29,628 28,525 (3.7)%

Others 9,601 8,345 (13.1)% 19,348 17,082 (11.7)%

Total 90,126 86,615 (3.9)% 181,556 171,678 (5.4)%

90,126 86,615

181,556171,678

2Q12 2Q13 1H12 1H13

(3.9)%

(5.4)%

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Net Revenue Performance

Growth per Category (R$ thousand)

Net Revenue (R$ thousand)

Net Revenue 2Q12 2Q13 ∆ % 1H12 1H13 ∆ %

Dairy 173,571 219,217 26.3% 349,860 415,890 18.9%

Spreads 102,796 106,521 3.6% 195,658 214,367 9.6%

UHT Milk 25,725 30,924 20.2% 49,857 57,110 14.5%

Others 22,901 20,647 (9.8)% 45,122 42,302 (6.2)%

Total 324,993 377,310 16.1% 640,497 729,669 13.9%

324,993377,310

640,497

729,669

2Q12 2Q13 1H12 1H13

13.9%

16.1%

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Net Revenue Breakdown

Net Revenue Breakdown per Segment (In %)

Net Revenue Breakdown per Category (In %)

Net Revenue growth per segment

57%55%58%53%

29%31%28%32%

8%8%8%8%

6%7%5%7%

1H13 1H12 2Q13 2Q12

Dairy Spreads UHT Milk Others

76%77%76%76%

24%23%24%24%

1H13 1H12 2Q13 2Q12

Retail Food Service

13.1% 16,5%

13.1%17,0%

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Gross Profit and SG&A Performance

SG&A Expenses (R$ thousand and %)

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

Selling Expenses

G&A Expenses

97,255114,181

190,313

224,668

2Q12 2Q13 1H12 1H13

17.4%

18.1%

29.9%30.3%

29.7%

Δ=0.4 p.p.

Δ=1.1 p.p.

30.8%

67,377 90,985

125,312 170,026 17,522

24,662

33,810

46,409

2Q12 2Q13 1H12 1H13

36.2%

36.0%

84,899

115,647

159,122

216,435

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EBITDA Performance

Itambe Pro forma EBITDA (R$ thousand)

Vigor EBITDA (R$ thousandl)

17.8 3.7

41.7

17.5

114.7

114.7

2Q12 2Q13 1H12 1H13

Negative Goodwill

EBITDA VIGOR

132.2

118.4

118.4 132.2

28.6

65.8

2Q13 1H13

EBITDA ITAMBE

EBITDA 198.0

147.0

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170.2

267.9 651.2

553.5

Net Debt (06/30/2013) – R$ million

Cash Flow and Leverage

Cash Flow in 2Q13

( Parent Company in R$ million)

Gross Debt Breakdown– R$ thousand

Net Debt Cash Gross Debt

Long-Term :

79%

Line Rate Due Date Amount

Working Capital CDI + 2.0% to 16.0% 06/27/17 301,684

FGPP Juros 5.5% 06/19/14 50,442

Progeren TJLP+ 3.3% 10/15/15 50,710

Finame Juros de 2.5% to 8.7% 03/15/23 13,459

FCO Juros de 10.0% 05/02/14 680

Debentures 100% CDI+ 2.4% to 2.7% 04/26/20 404,419

Total 821,394

821.4

57.4 110.6

26.1

603.6

477.5

268.0

Beginning Cash Cash from Op Working Capital Net Amount Capex Ending Cash

03/31 06/30

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Contacts:

ri@vigor.com.br

Obrigado!