NET REVENUE OF R$5.9 BILLION 23% OVER 1Q14

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1 MARFRIG ENCERRA CONSOLIDATED O ANO RESULTS COM ENTREGA FOR 1Q2015 DE GUIDANCE E NET REVENUE OF R$5.9 BILLION 23% OVER 1Q14 São Paulo, May 8, 2015 Marfrig Global Foods S.A. - Marfrig (BM&FBovespa Novo Mercado: MRFG3 and Level 1 ADR: MRTTY) announces today its results for the first quarter of 2015 (1Q15). Except where stated otherwise, the following operating and financial information is presented in nominal Brazilian real, in accordance with the International Financial Reporting Standards (IFRS), and should be read together with the financial statements (ITR) for the fiscal year ended March 31, 2015 filed at the Securities & Exchange Commission of Brazil. Total capital 520,747,405 shares Share price R$4.36/share (05/07/15) Market cap (R$ '000) R$2,270,000 (05/07/15) Conference Call with Webcast & Presentation: May 8, :30 am (US EST) - Portuguese 10:30 am (US EST) English Dial-in from Brazil: +55 (11) (11) Dial-in from other countries: +1 (786) Investor Relations +55 (11) ri@marfrig.com.br HIGHLIGHTS 23% growth in net revenue, driven by double-digit growth in all business units year-on-year, driven by 83% of overall revenue denominated in currencies other than the BRL. International units reached 70% of the consolidated revenue. Keystone and Moy Park continued to deliver excellent results, accounting for 59% of revenue and 56% of the Adjusted EBITDA. Adjusted EBITDA margin of 7.8%, reflects the good results of international units and the challenges faced in the Beef Brazil operation, as anticipated. Decrease in SG&A expenses by 60 bps from 4Q14 and by 170 bps from 1Q14. Increase in market share of Brazil fresh beef exports in the quarter, by 300 bps in volume and 130 bps in value, compared to 1Q14. Moy Park sales volume grew 8% year-on-year mainly in the UK & Ireland retail and food service channels. Keystone registered 35% year-on-year sales volume growth in APMEA. 1

2 GUIDANCE 2015 Net Revenue 2015 Target Range (1) R$23 to R$25 billion 2015 Actual R$5.9 billion Adjusted EBITDA Margin (2) 8.0% - 9.0% 7.8% CAPEX R$650 million R$149 million Free Cash Flow (3) R$100 to R$200 million (R$88 million) (1) Assumptions based on the exchange rates of R$2.70/US$1.00 and R$4.30/ (2) Excludes non-recurring items. (3) Operational cash flow after capex, net interest expenses and income tax. 1Q15 results are in line with budget in all metrics, including EBITDA e cash flow. The Company maintains the guidance for the year. 2

3 1Q15 OPERATING HIGHLIGHTS NET REVENUE Consolidated net revenue grew 23% on 1Q14 to R$5.9 billion. All business units registered double-digit growth: Marfrig Beef maintained a strong performance in both export and domestic markets, Moy Park increased its sales, especially in the UK and Ireland retail and food service channel, and Keystone increased its sales volume in the APMEA region. 33% 41% 26% Marfrig Beef Moy Park Keystone 1Q15 / 4Q14 3% 17% 14% 37% (11%) 17% 1Q15 / 1Q14 Net Revenue Details Keystone (US$ million) Share of consolidated revenue 29.1% 27.6% 27.0% 28.3% 32.4% Moy Park ( million) Share of consolidated revenue 27.6% 26.1% 25.7% 25.4% 26.2% Marfrig Beef International (US$ million) Share of consolidated revenue 9.0% 10.0% 9.8% 10.0% 11.0% Marfrig Beef Brazil Exports (US$ million) Share of consolidated revenue 14.8% 15.0% 16.7% 16.0% 12.2% Marfrig Beef Brazil Domestic (R$ million) 937 1,089 1,088 1,201 1,066 Share of consolidated revenue 19.5% 21.3% 20.8% 20.3% 18.1% Notes: (1) share of consolidated revenue based on values translated to Brazilian real. (2) Marfrig Beef International values translated from the respective local currencies to U.S. dollars. 3

4 ADJUSTED EBITDA Consolidated adjusted EBITDA grew 14% on 1Q14 to R$461 million. The 1Q15 Adjusted EBITDA margin of 7.8% reflects the challenging start of the year for the Marfrig Beef Brazil operation. However, the outlook for the rest of the year in exports is positive, which is further augmented by the potential opening of the U.S. and Chinese markets to Brazilian fresh beef. By the end of the quarter, cattle prices began to show signs of weakening, while beef prices are adjusting to the new cost levels, all of which if confirmed might improve margins. 30% 44% 26% Marfrig Beef Moy Park Keystone 1Q15 vs. 1Q14 27% 7.8% 26% 7.3% 2% 8.3% Margin EBITDA Reconciliation R$ million Net Income (Loss) (+) Income and social contribution taxes (+) Financial Results ,046.8 (+) Depreciation & Amortization (+) Non-controlling Interest (+) Equity income (loss) EBITDA (+/-) Other income/expenses ADJUSTED EBITDA Adjusted EBITDA Margin % 8.4% 7.8% 8.3% 9.2% 7.8% 4

5 CONSOLIDATED OPERATING HIGHLIGHTS BY BUSINESS UNIT Net Revenue in 1Q15 (R$ million) 2,432 1,543 1,908 Adjusted EBITDA in 1Q15 (R$ million) Adjusted EBITDA Margin in 1Q15 (%) 8.3% 7.8% 7.3% Net Revenue Net Revenue Net Revenue 2,075 2,748 2,365 2,482 2,432 17% 1,321 1,338 1,345 1,504 1,543 17% 1,391 1,414 1,412 1,678 1,908 37% Adj. EBITDA Adj. EBITDA Adj. EBITDA 9.5% 8.6% 10.2% 10.3% 8.3% 7.2% 7.0% 7.1% 8.3% 7.8% 8.0% 7.1% 6.1% 8.3% 7.3% % % % 5

6 CONSOLIDATED OPERATING HIGHLIGHTS Net Revenue (R$ million) Gross Profit and Gross Margin (R$ million and %) 4,788 5,118 5,239 5,929 5,883 23% 12.9% 12.2% 12.4% 13.0% % 631 2% SG&A and SG&A/NOR (R$ million and %) 7.5% 7.2% 6.9% 6.4% % 342-4% Adjusted EBITDA and Margin (R$ million and %) 8.4% % 8.3% % % % 6

7 Over 70 years of tradition and growth A leading food company in the United Kingdom Relationships with leading retailers and food service operators in the United Kingdom and continental Europe Unique and comprehensive poultry production platform with high quality standards Clear opportunities for growth and operational excellence driving margin expansion 7

8 MOY PARK OPERATING HIGHLIGHTS Share in Marfrig Global Foods Net Revenue Adjusted EBITDA 26% 26% Operational Results in BRL Net Revenue (R$ million) 1,321 1,338 1,345 1,504 1,543 17% Gross Profit and Gross Margin (R$ million and %) 11.0% 11.4% 10.7% 11.9% 10.2% % SG&A and SG&A/NOR (R$ million and %) 8.4% 8.9% 8.2% 8.0% 7.3% % Adjusted EBITDA and Margin (R$ million and %) 7.2% 7.0% 7.1% 8.3% 7.8% % 8

9 Net Revenue 1Q15 recorded the highest first-quarter Net Revenue ever, of R$1,543 million ( 353 million), representing increases of 17% on R$1,321 million in 1Q14 ( 338 million) and 3% on R$1,504 million in 4Q14 ( 372 million). Excluding the depreciation in the BRL against the GBP, 1Q15 revenue increased 4% on 1Q14 and decreased 5% on 4Q14 due to seasonality. Compared to 1Q14, the increase was driven by: (1) strong sales volume growth driven by fresh poultry sales across the retail and food service channels; (2) the consolidation of Marfrig s European beef business into Moy Park; and (3) the positive impact from exchange variation due to the 10.8% depreciation in the BRL against the GBP. Despite a positive 8.0% growth in volumes, the revenue result was partly offset by: (I) commodity price input cost deflation; (II) the continuing weakness of the EUR against the GBP, which reduced the value in GBP of European revenues; and (III) lower prices achieved on sales of poultry dark meats and offal partly as a result of trade restrictions to certain export markets, which closed the quarter with a better outlook, in terms of volume and price, due to South African market reopening. Compared to 4Q14, the 5% revenue decrease in GBP was due to the last quarter of the year incorporating sales from the Christmas Turkey campaign. Revenue Profile 79% 21% 51% 42% % Sales in UK & Ireland % Sales in Continental Europe % Processed Products % Fresh Products 17% 7% 9% 1Q15 vs.1q14 % Revenue % Volume % Avg.Price Gross Profit and Gross Margin Gross Profit in the quarter was R$158 million (margin of 10.2%), increasing 9.0% compared to R$145 million (gross margin of 11.0%) in 1Q14 and decreasing 12% compared to R$179 million (gross margin of 11.9%) in 4Q14. Excluding the effect from currency variation, 1Q15 gross profit decreased 3% on 1Q14 and 18% on 4Q14. The main factors contributing to the 80 bps margin drop on 1Q14 were: (1) the reallocation of costs in operational support areas from SG&A to COGS, with 9

10 underlying margin dilution of 50 bps, and (2) the 30 bps reduction from lower prices achieved on export sales of poultry dark meats and offal, partly offset by strong volume growth on fresh poultry sales and ongoing operating efficiencies reducing production costs. Compared to 4Q14, the underlying margin dilution of 170 bps is due to the fourth quarter's stronger seasonal sales. Selling, General and Administrative Expenses SG&A Expenses as a ratio of net revenues stood at 7.3%, compared to 8.4% in 1Q14 and 8.0% in the previous quarter. The new 7.3% baseline is due to the reallocation of costs in operational support areas from SG&A to COGS and to lower marketing expenses and represents underlying dilution of 70 bps compared to 1Q14 and 110 bps compared to 4Q14. ADJUSTED EBITDA and Adjusted EBITDA Margin The Adjusted EBITDA of R$120 million with 7.8% margin was a first-quarter record and represents nominal growth of 27% and margin enhancement of 60 bps on 1Q14. Compared to the seasonally strong quarter of 4Q14, Adjusted EBITDA was down 3% with a 50 bps margin drop. Excluding the effect from currency variation, 1Q15 adjusted EBITDA increased 13% on 1Q14 and decreased 11% on 4Q14. Income Statement R$ million 1Q15 4Q14 Change 1Q14 Change R$ %NOR R$ %NOR Chg. $ Chg. % R$ %NOR Chg. $ Chg. % Net Revenue 1, % 1, % % 1, % % COGS -1, % -1, % % -1, % % Gross Profit % % % % % SG&A % % % % % Selling % % % % % Administrative % % % % % Adj. EBITDA* % % % % % Others income/expenses % % % % % EBITDA % % % % % GBP vs. BRL % % (*) Excludes the effects from other operating income/expenses. 10

11 Revenue, Volume and Average Price Revenue (R$ Million) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 Domestic Market 1, , , , , % 18.8% FRESH % 22.4% FURTHER PROCESSED % 16.0% OTHERS % 18.2% Exports % 3.0% FRESH % 14.8% FURTHER PROCESSED % -1.1% MOY PARK TOTAL 1, , , , , % 16.8% FRESH % 21.7% FURTHER PROCESSED % 12.9% OTHERS % 18.2% VOLUME ('000 TONS) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 Domestic Market % 6.0% FRESH % 10.6% FURTHER PROCESSED % 5.1% OTHERS % 3.3% Exports % 13.5% FRESH % -2.3% FURTHER PROCESSED % 15.6% MOY PARK TOTAL % 7.5% FRESH % 9.5% FURTHER PROCESSED % 9.4% OTHERS % 3.3% AVERAGE PRICE (R$/KG) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 Domestic Market % 12.1% FRESH % 10.6% FURTHER PROCESSED % 10.4% OTHERS % 14.4% Exports % -9.3% FRESH % 17.5% FURTHER PROCESSED % -14.5% MOY PARK TOTAL % 8.6% FRESH % 11.2% FURTHER PROCESSED % 3.2% OTHERS % 14.4% 11

12 History stretching back over 50 years Leading global supplier of products to the food service industry Serves more than 30,000 restaurants and customers globally Culture built on the highest food safety and quality standards Long-standing history of innovation 12

13 KEYSTONE OPERATING HIGHLIGHTS Share in Marfrig Global Foods Net Revenue Adjusted EBITDA 33% 30% Operational Results in BRL Net Revenue (R$ million) Gross Profit and Gross Margin (R$ million and %) 1,391 1,414 1,412 1,678 1,908 37% 8.0% % 6.0% % 6.8% % SG&A and SG&A/NOR (R$ million and %) 3.0% 1.5% 3.0% 2.6% 2.3% Adjusted EBITDA and Margin (R$ million and %) 8.0% 7.1% 6.1% 8.3% 7.3% % % 13

14 Net Revenue Keystone recorded net revenue of R$1,908 million (US$661 million) in 1Q15, an increase of 37% over R$ 1,391 million in the 1Q14 (US$ 589 million) and 14% over the previous quarter R$ 1,678 million (US$ 658 million). Excluding the exchange variation effect from the BRL depreciation against the USD, 1Q15 revenue increased 12% and 0.5% over 1Q14 and 4Q14, respectively. Compared to 1Q14, the 37% net revenue increase in BRL was driven by: (1) the positive exchange variation impact from the 21% currency depreciation; (2) strong double-digit volume growth in APMEA (35%), with particular strength in China; and (3) the contribution from U.S. to the result with double-digit Key Accounts sales growth (+12%). Compared to 4Q14, the 0.5% increase (in USD) came from volume growth in APMEA due to an uptick in QSR channel volumes related to the Chinese New Year. 70% 30% % Sales USA % Sales APMEA Revenue Profile 37% 8% 27% 1Q15 vs. 1Q14 % Revenue % Volume % Avg. Price Gross Profit and Gross Margin Gross Profit was R$130 million (margin of 6.8%), an increase of 18% over the R$111 million (margin of 8.0%) reported in 1Q14, and a drop of 6.0% from the R$139 million (gross margin of 8.3%) reported in the previous quarter. Excluding the exchange variation effect of the BRL depreciation against the USD, 1Q15 gross profit fell 3% and 16% against 1Q14 and 4Q14, respectively. The gross margin decrease of 120 bps against 1Q14 was due to: (1) an unrealized markto-market (MTM) loss of $0.4 million in the 1Q15 compared to an unrealized MTM gain of $2.7MM in 1Q14, creating a $3.1million negative variance to the year vs year comparison; 2) the 6% increase in outside meat costs per pound; (3) the closing of export markets to U.S. poultry due to the reported cases of high path avian influenza (HPAI) in the country, which led to lower industry-wide prices for leg quarters, with Keystone s average sales price for leg quarters in 1Q15 down approximately 21% from 1Q14; and (4) higher operating costs due to the extreme winter weather in the eastern half of the United States. 14

15 Compared to 4Q14, gross margin declined 150 bps from 8.3% to 6.8% due to: (1) an unrealized mark-to-market (MTM) loss of $0.4MM in the 1Q15 compared to an unrealized MTM gain of $2.4MM in 4Q14, creating a $2.8 MM negative variance to the quarter vs quarter comparison; (2) the 23% decline in the average sales price for leg quarters due to the closing of certain export markets; (3) a 2% increase in feed cost per ton; and (4) higher operating costs due to the extreme winter weather in the eastern half of the United States. Selling, General and Administrative Expenses SG&A Expenses as a ratio of net revenue stood at 2.3%, compared to 3.0% in 1Q14 and 2.6% in previous quarter. SG&A expenses in the quarter were down US$1.5 million mainly due to our continued focus on cost control and benefited by a non-recurring insurance-related benefit in the quarter. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA amounted to R$140 million (margin of 7.3%), an increase of 26% on R$111 million in 1Q14 (margin 8.0%), driven by higher volumes and better prices and mix in APMEA (particularly in China). Excluding the effect from currency variation, 1Q15 adjusted EBITDA increased 3% over the 1Q14. Against 4Q14, adjusted EBITDA decreased 11%. Compared to 1Q14, the 70 bps drop in EBITDA margin was due to the unrealized loss from MTM adjustments to grain hedge contracts in 1Q15, compared to the unrealized MTM gain in 1Q14 and lower leg quarter (dark meat) price at U.S. Key Accounts. Compared to 4Q14, Adjusted EBITDA margin decreased 100 bps due to an unrealized MTM gain in 4Q14 and higher feed and outside meat costs in the U.S. Key Account operation. 15

16 Income Statement R$ million 1Q15 4Q14 Change 1Q14 Change R$ %NOR R$ %NOR Chg. $ Chg. % R$ %NOR Chg. $ Chg. % Net Revenue 1, % 1, % % 1, % % COGS -1, % -1, % % -1, % % Gross Profit % % % % % SG&A % % % % % Selling % % % % % Administrative % % % % % Adj. EBITDA* % % % % % Other income/expenses % % % % % EBITDA % % % % % USD vs. BRL % % (*) Excludes the effects from other operating income/expenses. Revenue, Volume and Average Price Revenue (R$ Million) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 KEYSTONE - USA 1, , , , , % 30.9% FURTHER PROCESSED 1, , , , , % 30.9% KEYSTONE - ASIA % 54.7% FURTHER PROCESSED % 54.7% KEYSTONE TOTAL 1, , , , , % 37.2% FURTHER PROCESSED 1, , , , , % 37.2% VOLUME ('000 TONS) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 KEYSTONE - USA % 3.2% FURTHER PROCESSED % 3.2% KEYSTONE - ASIA % 35.0% FURTHER PROCESSED % 35.0% KEYSTONE TOTAL % 7.9% FURTHER PROCESSED % 7.9% AVERAGE PRICE (R$/KG) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 KEYSTONE - USA % 26.9% FURTHER PROCESSED % 26.9% KEYSTONE - ASIA % 14.6% FURTHER PROCESSED % 14.6% KEYSTONE TOTAL % 27.1% FURTHER PROCESSED % 27.1% 16

17 One of the world's largest beef and lamb producers Strong expertise in supplying food service chains in Brazil Pioneer in new export markets Geographic diversification in South America helps mitigate sanitary risks Recognized for the high quality of its meats 17

18 MARFRIG BEEF OPERATING HIGHLIGHTS Volume & Average Price Volume (MT) % Average Price (R$/Kg) % Operating Results in Local Currency (BRL) Net Revenue (BRL million) 2,075 2,365 2,482 2,748 2,432 17% Gross Profit and Gross Margin (BRL million and %) 17.5% 16.5% 16.9% 16.5% % 342-6% SG&A and SG&A/NOR (BRL million and %) 9.9% 9.7% % % 7.6% 186-9% Adjusted EBITDA and Margin (BRL million and %) 9.5% % 10.2% 10.3% 8.3% % 18

19 Net Revenue Marfrig Beef recorded net revenue of R$2,432 million in the quarter, up 17% from R$2,075 million in 1Q14, and down 11% from R$2,748 million in 4Q14. The first quarter of 2015 was a very challenging one for the Beef business unit, especially the operations in Brazil. At the start of the year, the Brazilian economy showed signs of a slowdown, with weak consumer spending and a low consumer confidence index. In export markets, the weak performance of the world economy combined with institutional issues in Russia and Venezuela, two of the main destinations for Brazilian beef, led to weak export sales from Brazil and consequently for the business unit as a whole. In view of this scenario, and as a result of certain initiatives taken to mitigate these negative impacts, the unit s consolidated net revenue from the operation in Brazil grew 8% (14% in the domestic market and 1% in export markets) compared to 1Q14. Despite of the challenging export market, Marfrig Beef Brasil was able to increase its market share for fresh beef in volume and in value terms. When compared to 1Q14 the value market share increased 300 bps to 19.7% and the volume market share increased by 130 bps to 18.8%. At the international units, the strong performances of the operations in Uruguay/Chile in both domestic and export markets (growth of 46% and 55%, respectively) supported net revenue growth of 51% on 1Q14. Compared to the prior quarter, the 11% decrease in revenue is mainly explained by the Brazil operation, where the domestic and export markets contracted by 13% and 25%, respectively, which was partially offset by the 10% revenue growth in the international operations. The Company s strategy remains centered on balancing sales between the domestic market and exports, with a gradual expansion in exports to take advantage of the potential increase in international demand for Brazilian beef, mainly due to the challenges faced by major global exporters, such as the United States and Australia. BRAZIL DOMESTIC MARKET: Net revenue from the operations in Brazil's domestic market came to R$1,066 million, up 14% on 1Q14 (R$937 million), due to the 13% increase in the average fresh beef price, coupled with a 4% increase in fresh beef sales volume and a 37% increase in the average price of processed products, which was partially offset by the 34% decrease in the processed product sales volume. Compared to 4Q14, net revenue decreased 11%, due to the 24% drop in sales volume, despite the 17% increase in average sales price. 19

20 BRAZIL EXPORT MARKET: Net revenue from exports from Brazil was R$717 million (US$251 million), advancing 1% from 1Q14, or R$708 million (US$300 million), reflecting the challenging scenario for Brazilian exports, as mentioned above. Sales volume decreased 7% (compared to the 24% decrease in the export market in the same period, according to Secex), while the average sales price decreased 10% in U.S. dollars (compared to the 3% decrease in the average export price, according to Secex). Net revenue from exports in U.S. dollar in 1Q15 fell by 16% and 33% from 1Q14 and 4Q14, respectively. Beef exports from Brazil improved in March and accounted for 41% of revenues in 1Q15, compared to 44% in 4Q14 and 43% in 1Q14. The following chart presents the main export destinations of Marfrig Beef Brazil: Exports by Destination (% of Marfrig Beef Brazil Export Revenue) 3% 4% 5% 5% 5% 16% 16% 8% 7% 17% 19% 13% 25% 23% 13% 20% 15% 11% 8% 19% 15% 17% 16% 18% 18% 26% 29% 31% 37% 40% Europa Ásia Central/South America Middle East Russia Others Exports by Destination (% of Marfrig Beef Brazil Export Volume) 5% 9% 10% 9% 8% 8% 11% 6% 17% 18% 21% 10% 13% 24% 27% 8% 3% 10% 6% 13% 30% 32% 21% 20% 23% 27% 26% 29% 31% 24% Europa Ásia Central/South America Middle East Russia Others 20

21 INTERNATIONAL UNITS The international units posted net revenue of R$648 million (US$225 million), up 51% on net revenue of R$430 million (US$182 million) in 1Q14, which is explained by the solid performance of the operations in Uruguay and Chile, the stability of the operations in Argentina and the 46% sales volume growth in the various domestic markets. Compared to R$592 million (US$234 million) in 4Q14, net revenue grew 9%, reflecting the 19% growth in export revenue. Excluding the depreciation in the Brazilian real against the U.S. dollar, 1Q15 revenue increased 24% on 1Q14 and decreased 4% on 4Q14. Gross Profit and Gross Margin Gross Profit in the quarter was R$342 million (gross margin of 14.1%), down 6% from R$363 million (gross margin of 17.5%) in 1Q14. Compared to R$455 million (gross margin 16.5%) in 4Q14, gross profit decreased by 25%. The 340 bps gross margin compression from 1Q14 is basically attributed to higher raw material costs (fed cattle). According to ESALQ, fed cattle prices in Brazil rose 17% year over year, which were partially offset by the decline in production costs and SG&A expenses achieved by the many initiatives implemented under the Productivity Project at production units in Brazil since 2Q14. Compared to 4Q14, gross margin contracted 240 bps, from 16.5% to 14.1%, reflecting the higher raw material costs in the quarter (according to ESALQ, fed cattle prices in Brazil rose 3% on the prior quarter), combined with a 19% decrease in volumes, which led to lower dilution of fixed costs. Selling, General and Administrative Expenses SG&A Expenses as a ratio of net revenues stood at 7.6% in 1Q15, down from 9.9% in 1Q14 and in line with prior quarter. The decrease of 230 bps on 1Q14 reflects the ongoing process to better manage expense and costs, launched in mid-2q14 (Productivity Agenda Project) that involves implementing a series of initiatives at units in Brazil. In 1Q15, the savings generated by the project amounted to around R$14 million, compared to savings of R$18 million in 4Q14. Since its launch, the project has captured total savings of R$45 million. ADJUSTED EBITDA and Adjusted EBITDA Margin Adjusted EBITDA amounted to R$201 million in 1Q15 (margin of 8.3%), up by 2% from R$197 million (margin of 9.5%) in 1Q14. Compared to R$284 million (margin of 10.3%) in 4Q14, Adjusted EBITDA decreased by 29%. 21

22 By the end of the quarter, we have noticed margin recovery due to the increase of prices in beef and the stability in cattle prices with a light downward trend. Income Statement 1Q15 4Q14 Change 1Q14 Change R$ %NOR R$ %NOR Chg. $ Chg. % R$ %NOR Chg. $ Chg. % Net Revenue 2, % 2, % % 2, % % COGS -2, % -2, % % -1, % % Gross Profit % % % % % SG&A % % % % % Selling % % % % % Administrative % % % % % Adj. EBITDA* % % % % % Other income/expenses % % % % % EBITDA % % % % % (*) Excludes the effects from other operating income/expenses. 22

23 Revenue, Volume and Average Price Revenue (R$ million) VOLUME ( 000 tons) Chg.% 1Q15 / 4Q14 MARFRIG BEEF - BRAZIL 1, , , , , % 8.4% Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 Domestic Market , , , , % 13.8% FRESH % 17.9% FURTHER PROCESSED % -9.1% LAMB, LEATHER AND OTHERS % 15.2% Exports % 1.2% FRESH % -4.3% FURTHER PROCESSED % 13.8% LAMB, LEATHER AND OTHERS % 27.3% MARFRIG BEEF - INTERNATIONAL OPERATIONS % 50.7% Domestic Market % 45.7% FRESH % 45.9% FURTHER PROCESSED % 26.3% LAMB, LEATHER AND OTHERS % 50.0% Exports % 54.9% FRESH % 55.9% FURTHER PROCESSED % 50.7% OTHERS % 46.6% MARFRIG BEEF TOTAL 2, , , , , % 17.2% FRESH 1, , , , , % 17.4% FURTHER PROCESSED % 0.9% LAMB, LEATHER AND OTHERS % 25.3% Chg.% 1Q15 / 1Q14 MARFRIG BEEF - BRAZIL % -22.3% Domestic Market % -27.1% FRESH % 4.5% FURTHER PROCESSED % -33.7% LAMB, LEATHER AND OTHERS % -40.7% Exports % -7.3% FRESH % -10.6% FURTHER PROCESSED % 4.6% LAMB, LEATHER AND OTHERS % 3.1% MARFRIG BEEF - INTERNATIONAL OPERATIONS % 38.0% Domestic Market % 45.9% FRESH % 43.8% FURTHER PROCESSED % 13.9% LAMB, LEATHER AND OTHERS % 48.9% Exports % 23.5% FRESH % 24.7% FURTHER PROCESSED % -7.5% OTHERS % 20.9% MARFRIG BEEF TOTAL % -12.4% FRESH % 4.5% FURTHER PROCESSED % -18.7% LAMB, LEATHER AND OTHERS % -25.4% 23

24 AVERAGE PRICE (R$/KG) Chg.% 1Q15 / 4Q14 Chg.% 1Q15 / 1Q14 MARFRIG BEEF - BRAZIL % 39.5% Domestic Market % 56.2% FRESH % 12.8% FURTHER PROCESSED % 37.0% LAMB, LEATHER AND OTHERS % 94.4% Exports % 9.2% FRESH % 7.0% FURTHER PROCESSED % 8.8% LAMB, LEATHER AND OTHERS % 23.5% MARFRIG BEEF - INTERNATIONAL OPERATIONS % 9.2% Domestic Market % -0.1% FRESH % 1.5% FURTHER PROCESSED % 10.8% LAMB, LEATHER AND OTHERS % 0.7% Exports % 25.4% FRESH % 25.0% FURTHER PROCESSED % 62.9% OTHERS % 21.3% MARFRIG BEEF TOTAL % 33.8% FRESH % 12.3% FURTHER PROCESSED % 24.1% LAMB, LEATHER AND OTHERS % 67.8% 24

25 Consolidated Results 1Q15 Highlights Net Revenue Adjusted EBITDA Financial Result Net Income/Loss (R$ MM) (R$ MM) (R$ MM) (R$ MM) 5, (1,047) (571) Income Statement 1Q15 4Q14 Change 1Q14 Change R$ %NOR R$ %NOR Chg. $ Chg. % R$ %NOR Chg. $ Chg. % Net Revenue 5, % 5, % % 4, % 1, % COGS -5, % -5, % % -4, % -1, % Gross Profit % % % % % SG&A % % % % % Selling % % % % % Administrative % % % % % Adj. EBITDA* % % % % % Other income/expenses % % % % % EBITDA % % % % % D&A + Equity income (loss) % % % % % EBIT % % % % % Financial Results -1, % % % % % Financial income/expenses % % % % % Exchange variation % % % % % Non-controlling interest % % % % % EBT % % % % % Taxes % % % % % Net Income % % % % % P&L - USD vs. BRL % % P&L - GBP vs. BRL % % BS - USD vs. BRL % % BS - GBP vs. BRL % % 25

26 Consolidated Results Financial Results Excluding currency translation effects, the financial result was an expense of R$541 million, representing an increase of 6% compared to the R$511 million in 4Q14. Currency translation generated a loss of R$506 million in the period, influenced by the non-cash effects from the growth in gross debt and other dollar-denominated liabilities resulting from the depreciation of the BRL against the USD over the quarter. FINANCIAL INCOME/EXPENSES (R$ million) 1Q15 4Q14 1Q14 FINANCIAL INCOME Interest income, income from marketable securities Market transactions Other revenues FINANCIAL EXPENSES Interests provisioned, debentures and lease Market transactions Bank fees, commissions, finance. disc. and other EXCHANGE VARIATION NET FINANCIAL RESULT -1, Net Income (Loss) The effects of exchange variation combined with the challenging scenario in 1Q15 for the Beef Brazil operation, resulted in a higher net loss compared to 4Q14. (96) 2.0% (55) 1.1% (303) (285) 5.8% 4.8% (571) -9.7% 26

27 Indebtedness and Debt Profile Net debt ended the period at R$10.7 billion (US$3.3 billion), compared to R$8.4 billion (US$3.1 billion) in 4Q14. Short-term debt as a ratio of total debt remained within planned level: 16.2%. In April Moy Park did a re-tap of 100 million on its bond in the UK market and Marfrig refinanced its working capital lines. The noncash impact of local-currency depreciation does not affect the calculation of the leverage ratio for financing on out capital market issuances. Long Term Short Term 9,255 9,390 10,600 11,061 13,400 2,668 7,960 8,336 9,359 9,400 11,226 10,732 1,295 1,054 1,242 1,661 2,174 1Q14 Gross Debt 2Q14 Gross Debt 3Q14 Gross Debt 4Q14 Gross Debt 1Q15 Gross Debt 1Q15 Cash & Equiv 1Q15 Net Debt Short Term 84% Long Term 16 % In R$ Other Currencies 6% 94% 6.20x 5.82x 3.36x Net Debt/ EBITDA LTM Net Debt/ Adj. EBITDA Annualized Net Debt/EBITDA ex-fx Avg. Cost (% p.a.) Duration (months) Current Liquidity Net Debt/ Total Assets Cash & Equiv./ Short-Term Debt 7.7% x 1.2x 27

28 Maturity Schedule (R$ million) Short Term R$ 2.2 bn Cash 2Q15 3Q15 4Q15 1Q Gross Debt and Debt Profile The leverage ratio (net debt/ebitda LTM) ended the period at 6.20x, exclusively due to the noncash impacts from exchange variation, with the USD/BRL exchange rate ending 1Q15 at R$3.21/US$, compared to R$2.66/US$ at the end of 4Q14, which represents localcurrency depreciation of 21% that impacts mainly the net debt in the indicator. The operating result has yet to capture the steady weakening of the BRL in the quarter. The average exchange rate in 1Q15 was R$2.86/US$, down 13% from the rate at the end of the previous quarter of R$3.21/US$. It is important to note that the bond agreements and market financing transactions include provisions that allow the exclusion of exchange variation effects from the calculation of the leverage ratio. This ratio ended 1Q15 at 3.36x, in line with the 3.42x ratio at the end of 4Q14. For more information, see Note 32.6 to the financial statements. 28

29 Cash Flow The Company registered negative free cash flow of R$88 million in 1Q15, mainly due to decrease in working capital needs resulting from the R$108 million increase in trade payables, which contributed to a temporary 5-day increase in the cash conversion cycle. Cash Flow Bridge (R$ million) Capital Expenditure R$ million Investments in fixed assets Fixed Assets Breeding stock Investments in intangible assets TOTAL

30 CLOSING REMARKS The Focus to Win strategy remains unchanged, that is, we continue to pursue operating efficiency gains and margin expansion with a focus on free cash flow generation. Our consistent message, clear market communication and commitment to delivering on our promises is reaffirmed. We achieved the budget for the quarter, which indicates that we are in line to deliver the Guidance for the year. We continue to focus on delivering our guidance, including free cash flow of R$ million. 1Q15 proved challenging for the Brazil Beef operation, which was pressured by raw material prices (fed cattle) and by a domestic environment not conducive to the full pass-through of price increases, which improved only in late 1Q15, early 2Q15. Moreover, major export destinations reduced their purchases in the period, followed by a gradual volume upturn during 2Q15. We see important opportunities for strengthening export demand by the end of this year, and, as of end-march, part of the volumes held back in January and February had resumed to Russia and certain countries in the Middle East. The potential opening of the United States and China to Brazilian beef could represent a significant volume driver in the medium term, while providing access to other destinations, such as Korea, Japan, Mexico and Canada. We believe our global platform puts us in a good position to seize these opportunities. Our international operations (Moy Park, Keystone, Argentina, Uruguay and Chile), which already account for 70% of the Group s net revenue, continued to post topline growth coupled with gains in operating performance and resilient margins, attesting to the strength of our diversified geographic footprint. Moy Park sales grew mainly in the UK & Ireland retail and food service channels. Keystone registered sales volume growth in APMEA. We continue to believe there is excellent potential for further grow in the region. We were once again successful in reducing SG&A expenses this quarter and continue to pursue further reductions in costs and expenses through our Productivity Agenda in Brazil, Uruguay, Argentina and Chile, as well as at Moy Park. This quarter, we reduced our SG&A expenses at the Beef Brazil operations by R$14 million. We continue to work to strengthen our capital structure and, subject to market conditions, we will carry out the Moy Park IPO in the latter half of

31 EARNINGS CONFERENCE CALL Date: May 08, 2015 Portuguese: 9:30 a.m. (Brasília) English: 11:30 a.m. (Brasília) Dial-in from Brazil: +55 (11) / Dial-in from other countries: +1 (786) Code: Marfrig Live audio webcast with slide presentation. Replay available for download on our website: ABOUT MARFRIG Marfrig Global Foods is a global food company operating in the food service, retail and export segments that offers innovative, safe and healthy food solutions to its clients. With a diversified and comprehensive product portfolio, Marfrig is committed to excellence and quality and to ensuring the presence of its products in the largest restaurant chains and supermarkets, as well as consumers' homes, in over 110 countries. 31

32 DISCLAIMER This material is a presentation of general information about Marfrig Global Foods S.A. and its consolidated subsidiaries (jointly the Corporation ) on the date hereof. The information is presented in summary form and does not purport to be complete. No representation or warranty, either expressed or implied, is made regarding the accuracy or scope of the information herein. Neither the Company nor any of its affiliated companies, consultants or representatives undertake any responsibility for any losses or damages arising from any of the information presented or contained in this presentation. The information contained in this presentation is up to date as of March 31, 2015, and, unless stated otherwise, is subject to change without prior notice. Neither the Corporation nor any of its affiliated companies, consultants or representatives have signed any commitment to update such information after the date hereof. This presentation should not be construed as a legal, tax or investment recommendation or any other type of advice. The data contained herein were obtained from various external sources and the Corporation has not verified said data through any independent source. Therefore, the Corporation makes no warranties as to the accuracy or completeness of such data, which involve risks and uncertainties and are subject to change based on various factors. This presentation includes forward-looking statements. Such statements do not constitute historical fact and reflect the beliefs and expectations of the Corporation s management. The words anticipates, hopes, expects, estimates, intends, projects, plans, predicts, projects, aims and other similar expressions are used to identify such statements. Although the Corporation believes that the expectations and assumptions reflected by these forwardlooking statements are reasonable and based on the information currently available to its management, it cannot guarantee results or future events. Such forward-looking statements should be considered with caution, since actual results may differ materially from those expressed or implied by such statements. Securities are prohibited from being offered or sold in the United States unless they are registered or exempt from registration in accordance with the U.S. Securities Act of 1933, as amended ( Securities Act ). Any future offering of securities must be made exclusively through an offering memorandum. This presentation does not constitute an offer, invitation or solicitation to subscribe or acquire any securities, and no part of this presentation nor any information or statement contained herein should be used as the basis for or considered in connection with any contract or commitment of any nature. Any decision to buy securities in any offering conducted by the Corporation should be based solely on the information contained in the offering documents, which may be published or distributed opportunely in connection with any security offering conducted by the Company, depending on the case. 32

33 BALANCE SHEET (R$ 000) ASSETS 4Q14 1Q15 LIABILITIES 4Q14 1Q15 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 1,091,685 1,510,756 Trade payables 2,028,303 2,253,663 Marketable securities 1,567,112 1,157,682 Accrued payroll and related charges 341, ,390 Accounts receivable from domestic 200, ,111 Taxes payable clients 941,277 1,061,960 Trade accounts receivable intern. 1,470,237 2,134,985 Loans and financing clients 677, ,443 Inventories 2,027,919 2,231,582 Leasing payable 69,229 76,021 Biological assets 352, ,815 Notes payable 129, ,497 Recoverable taxes 1,361,635 1,469,121 Prepaid accounts from clients 72, ,928 Prepaid expenses 167, ,559 Interest on Debentures - Convertible 190,582 39,188 Notes receivable 58,261 74,802 Other payables 159, ,099 Advances to suppliers 57,204 63,946 Other receivables 66,711 75,869 8,368,517 9,075,535 NON CURRENT 4,662,465 5,695,882 Loans and financing 9,400,106 11,226,246 Leasing payable 70,745 83,521 Taxes payable 706, ,985 NON CURRENT Deferred taxes 635, ,938 Marketable securities Demand deposits 64,972 28,967 Notes receivable 345, ,029 Deferred taxes 1,708,437 2,026,840 Provisions 40,448 45,201 Notes payable 353, ,071 Mandatory convertible instruments 2,121,470 2,115,992 Other 123, ,715 Recoverable taxes 1,509,169 1,480,802 13,451,718 15,493,669 Other receivables 42,773 50,203 3,671,985 3,987,796 NON-CONTROLLING INTEREST 118, ,216 CONTROLLING SHAREHOLDERS' EQUITY Share Capital 5,276,678 5,276,678 Share issue expenses (108,210) (108,210) Investment 36,934 39,895 Capital reserve 184, ,642 Property, plant and equipment 4,961,623 5,367,492 Profit reserves 36,449 36,561 Biological assets 142, ,753 Other comprehensive income (438,071) (1,162,988) Intangible assets 3,004,709 3,375,164 Accumulated losses (2,258,551) (2,995,909) 8,145,406 8,939,304 Net income (loss) for the year (739,472) (570,906) 2,071, ,084 TOTAL ASSETS 20,185,908 22,002,635 TOTAL LIABILITIES 20,185,908 22,002,635 33

34 Cash Flow (R$ million) Net income (92) (50) (299) (279) (562) Non Cash Items Depreciation & Amortization Foreign Exchange Variation 31 (10) Accrued Interest Expenses Equity Earning/Loses Other (9) 57 (134) (9) (214) Working Capital Variation Clients Account Receivables 261 (17) Stocks & Biologic Assets (99) (26) (150) Suppliers & Advancements (34) 229 (42) 10 (108) Other Working Capital Variation (49) (180) 225 (145) 153 Other (11) (128) 192 (19) 198 Current and deferred taxes (38) (52) 33 (126) (45) Operational Cash Flow Before CAPEX CAPEX (143) (177) (127) (193) (149) Operational Cash Flow Financial Revenues/Expenses (249) (230) (252) (258) (295) Free Cash Flow 16 (30) 84 (14) (88) 34