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Vigor Alimentos S.A.

Quarter Results Presentation – Q3’12

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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.

Disclaimer

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Introduction

Quarterly Results

Strategic View

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Introduction

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Vigor: 94 years of growth in the Brazilian food market

Consumer

Employees 3,427

Net revenues – 9M12 R$ 978.7 MM / +8%1

Gross Profit – 9M12 R$ 281.4 MM / +25%1

Note: 1. Growth compared to same period last year.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Vigor Today Main Brands

Food Service

EBITDA – 9M12 R$ 53.1 MM / +109%1

EBITDA Margin – 9M12 5.4% / +2.6 p.p.

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Resilient market with strong growth potential

Over 50% of total distribution through independent retailers

Vigor: strengths and competitive advantages

Brands with excellent reputation and high expansion potential

Experienced and independent management team, with solid corporate governance standards

Diversified portfolio with high value-added products

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Diversified portfolio with high value-added products

Note: 1. Dairy (yogurt, fermented milk, desserts and petit suisse, “requeijão” cheese spread, parmesan, special cheese, “minas” cheese, cream cheese, fondue and creams) / 2. Spreads (margarines, blend, butter, fats and mayonnaise) / 3. Milk: UHT milk and pasteurized / 4. Others (pastas, sauces, juices, chocolate milk and others).

Dairy1

Higher margins (%) Leading brands in categories Focus in innovation and product launching

Spreads2

High household penetration level Helps diversify the cost matrix Possible to add “brand” equity

UHT Milk3

Low volume Specific channels Margin under strict discipline

Others4

Juices, sauces, chocolate milk and others Total: R$ 978.7 million

Net Revenue – 9M12

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Consumer Food Service

Reference brands in the Consumer and Food Service segments

A / B / C National Brand

Yogurt / Cheese spread

B / C Regional Brand

UHT milk Butter

Chocolate milk

A / B National Brand

Parmesan cheese

A / B National Brand

Cheese / Dessert

A / B National Brand

Special cheese Non-sweet products

Business to Business Segmentation

Main products Pastry and basic

ingredients

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Quarterly Results

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Q3’12 Results Highlights

Volume of 92,4 thousand tons – (3,2%) vs. Q3’11 Volume w/oUHT Milk 2,0% higher in the quarter

Net Revenue of R$ 340,3 million, 4,9% higher than that of the Q3’11 Net Revenue w/oUHT Milk 8,1% higher than that of the Q3’11

Gross Profit of R$ 99,0 million, 29,7% higher vs. Q3’11 Gross Margin of 29,1%, 5,6 p.p. higher than the Q3’11 margins

Lower leverage with pre-payment of the Notes e decrease in the avg. cost of debt - Notes rate: USD+10,3% / Avg. cost of debt 8,7% (Q3’12) - Net Debt of R$ 31,9 million, equivalent to 0,44x LTM EBITDA

EBITDA of R$ 9,7 million, 22,7% above that of the Q3’11

(0,2)% 8,8%

7,5% 12,0%

24,5% 3.9 p.p.

n/a

108,9%

Quarterly Analysis 9M12

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Volume Performance

Growth per Category (Tons)

Volume (Tons)

Volume Q3’12 Q3’11 ∆ % 9M12 9M11 ∆ %

Dairy 33.144 32.201 2,9% 95.624 94.416 1,3%

Spreads 35.025 33.129 5,7% 105.126 87.474 20,2%

UHT Milk 14.782 19.351 -23,6% 44.411 63.419 -30,0%

Others 9.408 10.719 -12,2% 28.756 29.032 -0,9%

Total 92.360 95.400 -3,2% 273.916 274.340 -0,2%

(3,2)%

(0,2)%

2,0%

8,8% Excludes UHT Milk

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Net Revenues Performance

Growth per Category (R$ thousand)

Net Revenues (R$ thousand)

Net Revenues Q3’12 Q3’11 ∆ % 9M12 9M11 ∆ %

Dairy 184.097 173.848 5,9% 532.809 487.020 9,4%

Spreads 109.137 93.166 17,1% 304.164 249.099 22,1%

UHT Milk 25.452 33.325 -23,6% 75.148 103.471 -27,4%

Others 21.636 24.196 -10,6% 66.611 70.640 -5,7%

Total 340.323 324.535 4,9% 978.732 910.229 7,5%

4,9%

7,5%

8,1%

12,0% Excludes UHT Milk

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Net Revenues Breakdown

Net Revenues Breakdown per Segment (In %)

Net Revenues Breadown per Category (In %)

21.2% Food Service segment

growth 21.7%

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Gross Profit and EBITDA Performance

EBITDA and EBITDA Margin (R$ thousand and %)

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

29,7%

24,5%

24.8%

28.7%

Δ = 3.9 p.p

23.5%

29.1%

Δ = 5.6 p.p

22,7%

108,9%

2.8%

5.4%

Δ = 2.9 p.p

2.4% 2.8%

Δ = 0.4 p.p

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SG&A Expenses

Highlights SG&A Expenses (R$ mil e %)

• Investment in marketing and trade marketing doubled compared to the 3Q11

• Increase of personnel costs, including key positions across several areas – Finance, Pricing, Quality Control, Monitoring –corporate governance structure (Officers and Board) and higher warehousing costs

23.6%

11.7%

Selling expenses

G&A expenses

SG&A 3Q12 3Q11 ∆ % 9M12 9M11 ∆ %

Selling 72.809 59.571 22,2% 188.125 172.305 9,2%

G&A 19.481 15.122 28,8% 51.097 41.865 22,1%

Total 92.290 74.693 23,6% 239.222 214.170 11,7%

74,693 92,290

214,170

239,222

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Net Debt (09/30/2012) – R$ million

Cash Flow from Operations1 supported Capex

Cash Flow and Leverage

1.Includes interests from Refis (tax installments) of R$ 3.8 million

Line Avg Rate Due Date Balance

Working Capital CDI + 2,5% a.a. 10/24/13 50,171

EGF 5,5% a.a. 05/03/13 40,222

Working Capital CDI+2,4% a.a 03/26/13 25,012

BNDES Automatic 11,4% a.a. 11/16/12 16,833

FCO 10,0% a.a. 05/02/14 1,450

Finame 7,0% a.a. 11/08/16 1,259

Total 134,947

Gross Debt Breakdown – R$ thousand

Net Debt Cash Gross Debt

Short-term:

70%

39,8

95,2

103,1

31,9

Begining Cash

Cash from Operations

Capex New Debt Debt Payment

Ending Cash

211,9

24,9 9,9

115,0 238,7

103,1

Cash Flow Q3’12 – R$ million

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Strategic View

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What we have done, and our next steps

Initiatives already implemented Next Steps

Strengthening of key brands

Actions taken

Growth of distribution network

Excellence in Management and Corporate Governance

State of art in Production processes

• Review of our go-to-market model

• Merchandising with dedicated team

• Meritocracy in management, with systematic KPI’s tracking

• Majority of Board of Directors members are independent

• People and Finance, Risks and Auditing committees

• Product-specific plants

• Capex in high potential growth categories

• Milk producers loyalty program

• Innovation and new product launching

• New media campaign

• New marketing communication aligned with new product positioning and pricing

• Phase out of non-core produtcts

• Beginning October 2012

• New management of trade marketing team

• Hiring of experienced managers

• Board oversight

• Capex of R$ 38.0 million in product line expansion

• Pay-for-quality program for milk producers

• Greek yogurt • Campaign “recall” SP/RJ • Increase in avg. price • Decrease fresh pasta

• Continue expanding geographic reach to other regions

• Keep investing in our people’s development

• Quality Certification guaranteed in every factory

• Higher productivity

• Launching of “funcionais” yogurts

• Constant innovation in our portfolio

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Our Vision

Big food Company, one of the biggest dairy companies in Brazil

Categories and Segments • Development of innovation according to seasonal waves

• Further development of Food Service segment

Geographic expansion • Improve our presence in markets close to core market (SP)

• Lower the company’s dependence of São Paulo market

Investment Plan • Increase in productive capacity, with continuous investments in key

product lines

EBITDA Margin • Continuously increase in margins to surpass historic levels

Capital Structure

• Increase stock liquidity

• Reduction of cost of capital

• Return on Invested Capital to shareholders Policy