Management PresentationManagement Presentation

February 2010

2

Legal NoticeLegal Notice

In this presentation we make statements about future events (forward-looking statements) that are

subject to risks and uncertainties. These statements are based on beliefs and suppositions of our

Management and information to which the company currently has access. Statements about future

events include information about our present intentions, beliefs or expectations, and those of the

members of the company’s Board of Directors, and Executive Officers. Reservations in relation to

statements and information about the future also include information about possible or presumed

operational results, and also statements that are preceded or followed by or which include the

words “believe”, “may”, “will”, “continue”, “expect”, “forecast”, “intend”, “plan”, “estimate”, or

similar expressions. Statements and information about the future are not guarantees of

performance. They involve risk, uncertainties and suppositions because they refer to future events,

and thus depend on circumstances which may or may not occur. Future results and the creation of

value for stockholders may differ significantly from those expressed or suggested by forward-

looking statements. Many of the factors that will determine these results and amounts are beyond

Metalfrio Solutions’ capacity to control or forecast.

Information on performance that is not directly derived from financial statements, such as, for

example, information about the market, quantities produced and sold, production capacity, or

calculation of adjustments on our results were not subject of audit by our external auditors.

3

VV50P

Antarctica Sub Zero

Our Business…Our Business…

4

Coca-Cola has set 2015 as the deadline by which 100% of its new coolers will be HFC-free(1)

…in the US Senate…in the US Senate

(1) Statement by Coca-Cola in press conference held together with Greenpeace on the 3rd of December

5

Ownership StructureOwnership Structure

Black Rock

5%

Other 17%

HSBC 26%

BNDES 8%

Merrill Lynch

6%

Allianz 5%

Artesia 39%

(1) Considers Marcelo Faria de Lima, Erwin Russel, Marcio da Rocha Camargo, Maurice Russel, Cambria Equity Investments

(1)

Company OverviewCompany Overview

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Metalfrio at a GlanceMetalfrio at a Glance

Metalfrio Solutions S.A. (Bovespa: FRIO3) is a Brazilian multinational company and one of the fastest growing Ice Cold Merchandiser (ICM) manufacturers in the world

• One of the largest producers of Plug-in commercial refrigerators in the world

• Uncontestable leader in Latin America

• FY 2008: 648.3 thousand units, R$724.9mn net revenue and R$38.9mn adjusted EBITDA (9M09: R$ 47,1mn, 10.2% margin)

• Global footprint, with plants located in Brazil, Russia, Turkey and Mexico

• Distributors and sales agents located in over 80 countries throughout the five continents, own distribution center in Texas, and sales offices in Denmark, Russia and Ukraine

More than three thousand clients in over 150 countries

Who we are

Where we operate

Our products

Our clients

Uprights Horizontals Specials

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• Consolidation of the global cold and frozen food and beverage industry

Metalfrio’s PositioningMetalfrio’s Positioning

Metalfrio’s competitive advantages create barriers of entry andplace the Company in unique position to lead and consolidate the sector

Unique Industry Position

Competitors

New entrants

Industry Growth Drivers

• Global consumption of cold and frozen food and beverages

• Use of plug-in commercial refrigerators as part of marketing strategies

• Emergence of new restaurants, bars, convenience stores and other retail outlets

• Modernization and replacement of installed plug-in commercial refrigerators

• Relationship with key global players

• Global footprint

• Strategically located plants

• Customized products

• High production flexibility

• High scale

• 227 Distributors or commercial representatives across five continents

• Products durability and low energy consumption

• Fast development of new technologies

• Superior after sales services

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Successful Track RecordSuccessful Track Record

Founded in the 1960’s in Brazil, Metalfrio started its

international expansion in 2005

Adj. EBITDA

CAGR 04 - 08

54.7%

Track record of global expansion

2007

Acquisition of Reubly assets

Oct: Beginning of Três Lagoas plant operation

Bosch-Siemens acquires Metalfrio

1960

Beginning operation of Metalfrio

Continental Group acquires 60% of

Metalfrio

Metalfrio change of control

Dec: Acquisition of Coldmotion

Jul: Acquisition of Caravell / Derby

90’s80’s 2005 20062004

Apr: Acquisition of Nieto

Jan: Beginning of production in

Turkey plant

Aug: Acquisition of Enerfreezer

IPO in Bovespa

Mar: Acquisition Senocak

Jun: Phase 2Três Lagoas

Sep: Completion new plant in Manisa

2008

Net Revenues

CAGR 04 - 08

46.8%

Oct: Phase 3 Três Lagoas Investment Kick-off

2009

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Performance Since IPOPerformance Since IPO

Strong Growth and Superior Operational Performance

Track Record of Acquisitions Since IPO

Refrigeración Nieto (Mexico), 2007Refrigeración Nieto (Mexico), 2007 ��

Enerfreezer (Mexico), 2007Enerfreezer (Mexico), 2007 ��

Senocak (Turkey, Ukraine, Russia), 2008Senocak (Turkey, Ukraine, Russia), 2008 ��

Units Sold (‘000s)

Net Revenues

Adjusted EBITDA

2006

282

296

25

LTM Sep09

529

610

46

1.9x

2.1x

1.9x

Transfer of production equipment from Løgstrup(Denmark) to Kaliningrad (Russia), December 2007Transfer of production equipment from Løgstrup(Denmark) to Kaliningrad (Russia), December 2007 ��

Phase 2 of Três Lagoas (Brazil), June 2008Phase 2 of Três Lagoas (Brazil), June 2008 ��

Phase 3 of Três Lagoas (Brazil), kick-off in Oct 2008Phase 3 of Três Lagoas (Brazil), kick-off in Oct 2008 In ProgressIn Progress

Completion of Manisa (Turkey), September 2008Completion of Manisa (Turkey), September 2008 ��

Operational Performance Compared to IPO

Investment in Expansion of Production Facilities Further Growth and Higher Performance

(1) Adj. EBITDA consists of net income before income and social contribution taxes, net financial result, depreciation and amortization, goodwill amortization, non-operating results, tax incentives, acquisitions, capital market transactions and other non-recurring expenses, exchange rate effects on foreign investments, stock option, restructuring expenses and minority interest.

(1)

Expansion into new markets: India and AsiaExpansion into new markets: India and Asia

Regional expansion in Brazil. Penetration into local key-accounts: Mexico and USARegional expansion in Brazil. Penetration into local key-accounts: Mexico and USA

Consolidation of 2009 performance improvements in all plantsConsolidation of 2009 performance improvements in all plants

Margin expansion in Brazil with completion of Três Lagoas - Phase 3 Margin expansion in Brazil with completion of Três Lagoas - Phase 3

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Overview of Recent AcquisitionsOverview of Recent Acquisitions

Target Acquisition Highlights

► Caravell/Derby

► Acquisition in July 2006 and consolidation of the results since December 1st, 2006

► Purchase Price of US$5.9 million

► Acquisition of assets located in Denmark and Russia

► Acquisition in December 2006 and consolidation of the results since December 11th, 2006

► Purchase Price of US$1.3 million

► Acquisition of assets located in the USA (Distribution Center and the Caravell USA brand)

► Acquisition in April 2007 and consolidation of the results since May 1st, 2007

► Purchase Price of US$13.5 million

► Acquisition of assets located in Celaya, Mexico

► Acquisition in August 2007 and consolidation of the results since August 21th, 2007

► Purchase Price of US$3.7 million for 83.3% of the capital stock

► Acquisition of assets located in Queretaro, Mexico

► Acquisition in March 2008 and consolidation of the results since April 1st, 2008

► Purchase Price of €37.7 million for 71.0% of the capital stock

► Acquisition of assets located in Turkey, Ukraine and Russia

► Caravell USA

► Refrigeración Nieto

► Enerfreezer

► Senocak / Klimasan

The Company began its international expansion plan in 2006 and continued since then a track record of successful acquisitions

Investment ThesisInvestment Thesis

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Investment ThesisInvestment Thesis

Global Global Footprint and Footprint and StrategicallyStrategically

Located Located PlantsPlants

Leadership Leadership Position in Position in

Latin AmericaLatin America

Positive Positive Sector Sector

DynamicsDynamicsCustomized Customized and Value and Value

Added Added ProductsProducts

Management Management with Proven with Proven Growth and Growth and

Value CreationValue Creation

Close Close Relationship Relationship

with key with key accountsaccounts

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Global footprintGlobal footprint

Metalfrio is a leading player for plug-in refrigerators sold to the beverage/food industries worldwide

Russia (2008)

• 7% of sales

• Installed capacity 140k units/year

• 47% utilization rate

Turkey (2008)

• 19% of sales

• Installed capacity 400k units/year

• 33% utilization rate

EUA – Boerne

• Own distribution center, with 12k units storage capacity

Mexico (2008)

• 22% of sales

• Installed capacity 200k units/year

• 68% utilization rate

Brazil (2008)

• 52% of sales

• Installed capacity 325k units/year in SP 204k units/ year in MS

• 59% utilization rate

Plants

Distributors

Total Capacity 1,270k units

Denmark

Sales Office and Distribution Center

Três Lagoas - Brazil

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Celaya - Mexico

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Manisa - TurkeyManisa - Turkey

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Sales Offices / Distribution Centers Aalestrup-Denmark and Boerne-USA

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Leadership Position in Latin AmericaLeadership Position in Latin America

� One of the five largest manufacturers of plug-in commercial refrigerators in the world

� Metalfrio is the Brazilian Market Leader with 38.4% of floor share(2)

� 90.0% penetration in points of sale in Brazil(2)

� The global ICM market is fragmented with the 5 largest companies accounting for 8%(1)

� Strong and well-known brand and a wide portfolio of loyal customers in Latin America

� Received in Mexico a prize from Cervejaria Modelo for best supplier in the commercial refrigeration sector

Fragmented Market(1)

5 largest plug-in display case refrigerator players by revenues

8%

Brands with High Value Recognition

Metalfrio is the leading Company in the plug-in commercial refrigeration industry in Brazil and Latin America…

…and is strategically positioned to capitalize on the consolidation of the fragmented ICM industry

(1) Source: Freedonia, 2007

(2) Source: Oxygen trade, 2007

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Global Consumption Of Chilled And Frozen Food And BeverageGlobal Consumption Of Chilled And Frozen Food And Beverage

Ice Cream Market (2008)Soft Drinks Market (2008)Beer Market (2008)

Europe

27.0%

Other

Countries

8.0%

Asia /

Pacific

25.1%

America

39.9%

Europe

32.8%

Other

Countries

7.7%

Asia /

Pacific

26.0%

America

33.5%

Increases in disposable income, improvements in quality of life generally and change in consumer habits fuel the demand for chilled and frozen food and beverages

Gobal market of US$70.1 billion (2008)

CAGR 03-08 = 7.1%

Gobal market of US$414.3 billion (2008)

CAGR 03-08 = 9.5%

Gobal market of US$563.9 billion (2008)

CAGR 03-08 = 7.8%

The global market for ice cream, beer and soft drinks reached a combined US$1,048.3 billion in total sales in 2008(1)

Europe

43.5%

Other

Countries

6.0%

Asia /

Pacific

19.8%

America

30.8%

(1) Source: EuromonitorBeer, on/off-trade; Softdrinks, off-trade; Ice-cream, off-trade

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…provides Metalfrio differentiated products portfolio

• Differentiated products with high value added

• Market niches

Customized and Value Added ProductsCustomized and Value Added Products

TargetMarket

ProductPortfolio

Uprights Horizontal Special

Product Strategy

• Design, marketing and innovation

• Cost effective focus on high volume

• Design, marketing and innovation

• Cost effective focus on high volume

• Supermarket and home use• Beverages, ice creams, dairy

products, ice companies

• Ice cream, beverages and frozen food companies

• Multi-function for bars, restaurants and supermarket

Innovative and customized design combined with advanced technology…

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Coca-Cola Heineken Ambev - Inbev Modelo

Danone – Bonafonte Unilever Pepsi – USA Anheuser Busch

Close relationship with global clients Close relationship with global clients

• Anchor supplier for decades in Latam and Turkey.

• Development of Class D product.

• Replacement of equipments base in Turkey.

• Alpha tester of CO2 gas in USA.

• Metalfrio qualified as global supplier.

• Distribution in 20 European countries and the Caribbean.

• Development of USA market with first batch already in field

• Exclusive supplier to Latin America.

• Development of products in line with penetration strategies.

• Promoting the low-temperature concept to new geographies in Western and Eastern Europe.

• Exclusive supplier for replacement of whole installed base in Mexico.

• Development of Life Cycle project for Mexican operation.

• Prize: “best supplier of the year” in Mexico in 2007.

• Development of new product in Mexico to replace imports.

• Successful low pull-down product with energy savings.

• Direct delivery to sales point.

• Imports and development of local plant to attend high domestic demand in Mexico.

• Direct delivery to sales point.

• Development of special size models to USA market.

• Alpha test started in 2009.

• Alpha test in the USA started in 2009.

Marketing Tool for Clients

Financial HighlightsFinancial Highlights

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Recent HistoryRecent History

Poised to capture new growth opportunities with improved operating performance

(in R$ mn) 1Q08 2Q082 3Q08

Net Revenues 156.7 234.0 129.9

Gross Profit Margin 14.2% 17.2% 12.0%

SG&A 17.5 27.3 27.0

Other op. income (1) 2.7 (0.0) 5.8

Adjusted EBITDA 10.3 20.4 9.8

Adj. EBITDA Margin 6.6% 8.7% 5.4%

1Q09 2Q09 3Q09

129.9 189.0 140.7

14.5% 22.0% 21.7%

20.8 26.7 23.7

5.2 5.3 3.5

7.3 24.6 15.3

5.7% 13.0% 10.8%

9M08

574.3

14.7%

71.8

8.5

40.5

7.1%

9M09

459.6

19.8%

71.1

14.0

47.2

10.3%

Gross Profit Margin improvements

�Global procurement savings in Turkey and Mexico

�Full transfer of vertical production line to 3 Lagoas, Brazil, in 3Q08

� Internal production of key components

SG&A improvements

�Consolidation of production facilities in Turkey and Mexico

�Closing down of vertical production line in Russia

(1) Adjusted in 2008 to include tax benefits and exclude intercompany FX variations (in line with new accounting regulation 11.638). 2009 excludes stock option plan

(2) Consolidation of Klimasan, Turkey, as of 2Q08

Income Statement Highlights

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Recent HistoryRecent History

Operational metrics

% of Net Revenues

Gross Profit

SG&A

Other op. income(1)

D&A

Adjusted EBITDA(2)

9M08

14.7%

-12.5%

1.5%

3.4%

7.1%

9M09

19.8%

-15.5%

3.0%

3.0%

10.3%

Gross Profit Margin

�Global procurement

�Phase 2 Três Lagoas, Brazil

� Internal production of key components

(1) Mainly tax benefit

(2) Adjusted in 2008 to include tax benefits and exclude intercompany FX variations (in line with new accounting regulation 11.638). 2009 excludes stock option plan

(3) Considering 2 shifts

Var.

5.1pp

-3.0pp

1.5pp

-0.4pp

3.2pp

Working Capital

Invested Capital

40.7%

60.1%

21.9%

46.5%

-18.8pp

-13.6pp

Production capacity utilization(3) 56% 46% -10pp

Gross Profit Margin

�Absorption of production capacity

�Phase 3 Três Lagoas, Brazil, 4Q10

SG&A 2009

�Consolidation of plants

SG&A 2010 on

�Dilution of fixed expenses (60% o SG&A in 9M09)

Other operating income

�Phase 2 Três Lagoas, Brazil

Other operating income

�Phase 3 Três Lagoas, Brazil

3Q08 4Q09

A/R 89 days 52 days

A/P 40 days 42 days

Inventory 84 days 63 days

Drivers for performance gains

Focus on operational metrics and performance drivers

2009 2010 on

A/R�Reduction of lead time�Process controlA/P�Negotiation and sourcingInventory� Internal production; planning

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Financial Highlights (Consolidated)Financial Highlights (Consolidated)

Adjusted EBITDA (R$ million) (1) Net Income (R$ million)

Units Sold (‘000) Net Revenues (R$ million)

CAGR 06-0851.7%

295.9

576.2

724.9

459.6

2006 2007 2008 9M 2009

CAGR 06-0856.5%

24.8

35.739.0

47.1

6.2%

5.4%

10.2%

8.4%

2006 2007 2008 9M 2009

Adjusted EBITDA Adjusted EBITDA Margin (%)

CAGR 06-0825.4%

17.0

1.5

(87.9)

16.8

2006 2007 2008 9M 2009

Strong historical growth and recent improvement in margins

(1) 1 EBITDA adjusted for non-recurring expenses, restructuring expenses, stock option plan, exchange rate variation, minority interest and tax incentive adjustments.

281.7

511.9

648.3

392.1

2006 2007 2008 9M 2009

Final RemarksFinal Remarks

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� Listed on the Novo Mercado

of the BM&FBovespa Stock

Exchange

– Under the symbol “FRIO3”

� 25% minimum dividend payout ratio

� Board of Directors

– 3 directors indicated by Artesia shareholders

– 3 independent directors

– 8 annual board meetings

� 25% minimum dividend payout ratio

� All employees are eligible to participate in profit sharing

plan

– Over 40 associates eligible to participate in stock

option plan

Superior Governance Standards

• Investor Relations team and Investor Relations Website

• Simultaneous release in Portuguese and in English

High Standards of Corporate Disclosure

Corporate Governance and TransparencyCorporate Governance and Transparency