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Institutional Presentation

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

or 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.

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.

Disclaimer

2

I. Camil Alimentos Overview

II. Key Investment Thesis

III. Key Takeaways

Appendix

A. Financial Highlights

B. Industry Highlights

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

TrustWe honor our commitments with seriousness and discipline. We value transparency in our relationships, and

for that, we aim to gain respect and trust.

EntrepreneurshipWe 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.

EnthusiasmWe express joy, vitality and energy in our everyday life.

Therefore, we inspire people.

ResponsibilityWe 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.

ProximityWe 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

of corporate governance

R$9.00 / sharePriced on September 26, 2017

41.0 million ONs Primary Offering

86.5 million ONsSecondary Offering

R$1.2 billionOffering Size

R$357.0 millionNet proceeds from Primary Offering

As of November, 2018

Camil Investimentos

56%

Warburg Pincus9%

Management and controlling

shareholders5%

Treasury stocks

1%

Free float29%

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)

– #1 player in the canned sardine and #2 in the canned tuna market

in Brazil (Coqueiro and Pescador brands)

23 processing facilities 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

of several brands in rice, beans, sugar and canned fish

Notes:

(1) Santa Cruz plant produces both rice and sugar

(2) Considers both plants operated by Raízen

(3) Shareholder Structure ended on September, 2018

(4) Includes the participation of Quartiero’s as individual holders

(5) Excludes shares on treasury and related parties (1.5%) and includes Franklin Templeton’s shares

(Uruguay)

(Chile)

(Peru)

Rice Processing Facilities: 21 (81

in Brazil)

Fish Processing Facilities: 2

Sugar Packaging Facilities: 41,2

Distribution Centers: 18 (8 in Brazil)

Rice Producing Regions

Beans Producing Regions

Camil

Investimentos4

Free Float

60.6% 8.6% 5.1% 29.3%

LTM

2015 2016 2017 2Q17 2Q18

Net Revenues 4,229 4,948 4,663 4,926 4,426

Growth YoY 15.0% 17.0% -5.8% n.a. -10.2%

Gross Profit 1,034 1,221 1,151 1,154 1,150

Margin 24.5% 24.7% 24.7% 23.4% 26.0%

EBITDA 423 547 490 485 465

Margin 10.0% 11.1% 10.5% 9.8% 10.5%

Net Income 111 202 251 189 261

Margin 2.6% 4.1% 5.4% 3.8% 5.9%

Net Debt 998 1,014 571 1,215 825

Net Debt / EBITDA 2.4 x 1.9 x 1.2 x 2.5 x 1.8 x

Highlights Processing and Distribution Platform

Shareholder Structure³ (%) 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

Foundation, in the city

of 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

20082009

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

8

Timeline

2017

Camill’s

IPO

2017: IPO

Acquisition of canned fish

and Costeño

Acquisition of sugar

category

2013

Acquisition of

in Argentina

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

FishSugar

Grains - InternationalGrains - Brazil

9

Complementary product portfolio composed of high value

added items

Value addedBiscuits

Core

Main products across the segments that Camil operates

Notes:

(1) Market shares referring to total Camil Company brands; (2) Company’s market share in the Rice Market only Nielsen Retail Index Apr18-May18

(3) Nielsen Retail Index – Apr17 - Mar18; (4) Comisión Sectorial del Arroz – Mar17 - Feb18. Local Internal Market Share. Export Market Share is 48% (#1 player)

(5) Nielsen Chile – Jan18 - Ago18; (6) Top of mind – Sugar Kantar Nov16 / Rice and Fish Ipsos Nov17; (7) Kantar Worldpanel Peru – Apr17 - Mar18

Grains Sugar Fish

Brazil1 Uruguay Chile Peru

Grains

Sardine

Top of

Mind6

60% 84%47% Sardine

37% Tunan.a. 50% 72%

Facilities

(# plants)8 4 2 7 2 3

Diversification across 3 products categories

10

EBITDA

LTM 2Q18

(Aug-18)

R$172 mm

(37% of total)

R$293 mm

(63% of total)

Brands

Market Share

2nd

40.1%3

2nd

21.5%3

1st

7.1%2

1st

33.0%3

Tuna

2nd

40.5%4

1st

32.2%5

1st

49.1%7

Fish

Net Revenue

LTM 2Q18

(Aug-18)

R$1.3 bn

(30% of total Camil)

R$3.1 bn

(70% of total Camil)

49%

of total Brazil

32%

of total Brazil

19%

of total Brazil

Business Divisions Overview

58 71

56 74

137 124

105 111

202

251 261

3.8%

5.4%

4.0% 4.1%

4.9%

3.5%

2.9%2.6%

4.1%

5.4%

5.9%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

Net Income Net Margin

169

123142

209

315

375 361

423

547

490465

11.1%

9.4%

10.1%

11.7%11.3%

10.5%

9.8% 10.0%

11.1%

10.5% 10.5%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

EBITDA EBITDA Margin

2,640 2,601 2,935

3,683 3,331 3,087

942 1,075

1,294

1,265 1,332

1,338

3,582 3,676

4,229

4,948 4,663

4,426

24.5%

23.2%

24.5% 24.7% 24.7%

26.0%

2013 2014 2015 2016 2017 LTM 2Q18

Food Products Brazil Food Products International

1,513 1,313 1,407

1,784

2,776

3,582 3,676

4,229

4,948

4,663 4,426

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

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

11

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).

26%

74%

29%

71%

31%

69%

26%

74%

29%

71%

30%

70%

Camil: Net Revenue (R$mm) Net Revenue by Segment (R$mm)

EBITDA Evolution (R$mm) Net Profit Evolution (R$mm)

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

13

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

14

Brazil – RICE2

#1 8.1%

#2 Player 2 5.1%

#3 Player 3 4.5%

Peru – RICE3

#1 49.1%

#2 Player 2 5.1%

#3 Player 3 4.5%

Chile – RICE5

#1 32.9%

#2 Player 2 17.2%

#3 Player 3 (PLs) 43.5%

Brazil – REFINED SUGAR2

#1 35.2%

#2 Player 2 18.5%

#3 Player 3 12.0%

Brazil – SARDINE2

#1 Player 1 45.4%

#2 43.8%

Brazil – TUNA2

#1 Player 1 58.6%

#2 24.3%

Uruguay – RICE4

#1 48.0%

#2 Player 2 40.5%

Percentage values indicate market

share in terms of volume.

Market leader in São Paulo City:

Rice 36.2% market share

Rice: 65% Top of Mind 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 (84%)

“Top-5 Suppliers” Award (#1)

Complete line of products: Tuna,

Sardines, Tuna Sauces and Pâtés

47% Top of Mind in Sardine and

37% in Tuna

“Top-5 Suppliers” Award

(Sardine #1; Tuna #2)

Market Leader with Iconic Brand Recognition

Notes:

(1) Market shares referring to total Camil Company brands

(2) Nielsen Retail Index – Apr17 - Mar18

(3) Kantar Worldpanel – Apr17 - Mar18

(4) Comisión Sectorial del Arroz – Mar17 - Feb18. 40,5% for Local Internal Market Share (#2 player)

(5) Nielsen – Mar17 - Feb18. Player 3 includes private label volumes

1

Wide Distribution Network Reaching more than 300k

POS

Ow

n Sales Fo

rce

36%

36%

24%

4%

Whole

sale

Retailers

Key A

ccounts

Ou

tso

urced

Sales

Fo

rce

Dis

trib

utor

#

Indicates the number

of own points of sale

(excluding key

accounts)

+110k

+57k

+65k

+54k

+19k

% Sales

2017A

95% of sales made by the

company’s own sales force

More than 19,000 direct and

285,000 indirect point of

sales in Brasil

15

2

Selected Accounts / Retailers

Selected Wholesale Stores

Strong distribution network with more than 300,000 points of sale, favoring the business expansion to new segments

1,784

2,776

3,582 3,676

4,229

4,948

4,663 4,426

2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

10.9%

6.7%

8.4%

4.3%

2.2%

(4.3)%

(6.3)%

2.0%

7.5%

3.9%

1.9%3.0%

0.1%

(3.8)% (3.6)%

1.0%

2010 2011 2012 2013 2014 2015 2016 2017

Retail Sales Total GDP

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 from 7.3% in 2011 to 17.0% in 2017

Legend

CAGR 2011-2017 (%)

+17.4%

LegendEven in a challenging scenario, Camil was able to

grow maintaning its profitability and market share CAGR 2011-2017 (%)

16

Solid Business Model with Stable and Resilient Margins 3

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)

209

315

375 361

423

547

490465

11.7%11.3%

10.5%9.8% 10.0%

11.1%10.5% 10.5%

2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

EBITDA EBITDA Margin

+15.2%

Margin Profitability Evolution (% of Net Revenues)

27.1%

24.1% 24.5%

23.2%

24.5% 24.7% 24.7%

26.0%

11.7% 11.3%10.5%

9.8% 10.0%11.1%

10.5% 10.5%

4.1%4.9%

3.5%2.9% 2.6%

4.1%

5.4%5.9%

2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

Gross Margin EBITDA Margin Net Margin

17

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)

2.0

2.1

2.2

2.3

2.4

2.5

2.6

2.7

2.8

30.0

35.0

40.0

45.0

50.0

55.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Cam

il G

ro

ss Price (R

$/kg

)

Rice Price -Esalq

Sen

ar (R

$/5

0kg

)

Brazil - Rice Price Camil - Gross Price

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

30.0

80.0

130.0

180.0

230.0

280.0

330.0

380.0

430.0

480.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Cam

il G

ro

ss Price (R

$/kg

)

Bean

s Price -A

gro

lin

k (R

$/6

0kg

)

Brazil - Beans Price Camil - Gross Price

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

May-16

Aug-1

6

Nov-1

6

Feb-17

May-17

Aug-1

7

Nov-1

7

Feb-18

May-18

Aug-1

8

Cam

il G

ro

ss Price (R

$/kg

)

Su

gar Prices -Esalq

C

EPEA

SP

(R

$/5

0kg

)

Brazil - Sugar Price Camil - Gross Price

17.4

16.6

19.2

18.6

21.9

20.3

15.0

16.0

17.0

18.0

19.0

20.0

21.0

22.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Solid Business Model with Stable and Resilient Margins

(Cont’d)

3

Adjusted selling price (1)

(CIF - R$/30kg)

Notes:

(1) Adjusted by the monthly inflation of the period (Jan/2006 – July/2018)

(G

ro

ss m

arg

in

)

Average

sale price

(R$/30kg)

Average

cost

(R$/30kg)

Sale / CostGross

marginYear

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%

18

Subtitle

Average purchase price (CIF - R$/30kg)

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

–

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

-

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

90,00

100,00

jan-06

jan-07

jan-08

jan-09

jan-10

jan-11

jan-12

jan-13

jan-14

jan-15

jan-16

jan-17

jan-18

2017 74.0 39.8 1.9x 24.7%

3 Solid Business Model with Stable and Resilient Margins

(Cont’d)

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)

Arro

z

Brand

Agriculture Origination

Su

gar

Can

ned

Fish

Processing Packaging Distribution MarketingPricing 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

Based on a market price derived from

international sugar prices

Acquisition from fragmented suppliers at

market prices, complemented by import

contracts

Concentrated industry favors price

discipline

19

3 Solid Business Model with Stable and Resilient Margins

(Cont’d)

União: Brand of strong emotional bond, preferred by consumers and with greater perception of value!

35.2%

72%

Unique Footprint

150,000 points of sale

reaching big part of the

population

Wide presence across all

States of Brazil

Pricing Power3

"Brand of sugar": higher

prices compared to the

main competitors³

Market Leadership Absolute Leadership

Total Company refined

sugar brands have 35%¹

market share

Unique Brand One of the most

traditional and valuable

brands in Brazil

84%² of Top of Mind

Market Share(1)

20

Sugar | Case Study

Notes:

(1) Nielsen | Retail Index – Apr17 – Mar18

(2) Top of mind – Kantar – Nov16

(3) União Refinado 1kg. Source Nielsen | Retail index – Feb/Mar18

+14%

114

100

Main Competitor

Sugar price

One of the most recognized

brands in Brazil

One of the 30 most loved brands

in 2013

1º

3

8,1

5,14,5

3,5

Camil Player 1 Player 2 Player 3

105,2

100

Camil Others

Premium Price Compared to Competitors2SP

26%

MG

11%

RJ

10%BA

6%

RS

5%

Others

42%

National

Grains

Market

Camil is Market Leader in Brazil

Camil has 8.1%1

of

the Brazilian rice

market, which is

highly fragmented

Notes:

(1) Nielsen Retail Index - Apr17 - Mar18

(2) Nielsen Retail Index - Mar18. Considers only non-premium brands21

Market share of rice in the Brazilian market (%)

Camil´s unique brand awareness leads to a

Unusual combination of market leadership and pricing power

+5,2%

Rice price in Brazil (base 100)

Rice | Case Study3

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....

8,1%

5,1%4,5%

3,5%

Player 2 Player 3 Player 4

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

Notes:

(1) Camil & Nielsen/ Rice Nielsen Retail Index Apr17 - Mar18

(2) Camil & Nielsen/ Beans Nielsen Scantrack Apr17 - Mar18 (P04’17-P03’18) 22

1

Rice

Bean

s

8,0%

6,9%

5,3%4,9%

Player 1 Player 3 Player 4

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

Clear and Tangible Avenues for Expansion

Source: Camil - Considers the amounts accumulated in the 12-month period up to the highlighted date.

% of Camil’s rice market share1

% of total rice market share1

IV III

II

I

V

36%

15%

2%

10%

10%

7%

6%

23%

21%

16%

VII3% 11%

VI1% 14%

% of Camil’s beans market share1

% of total beans market share1

IV III

II

I

V

20%

8%

1%

2%

9%

17%

20%

20%

12%

17%

VII1% 4%

VI0,5% 10%

3

23

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

ArgentinaPeru ColômbiaNotes:

(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

market share

Tuna Market Share1

(%)Sardine Market Share1

(%)

Fine Sugar Market Share Evolution1

(%)

Recovery in the

Sugar Market in

Brazil

2

Clear and Tangible Avenues for Expansion

48,4%

41,8% 41,8%

42,1%

jan/12 set/16 nov/16 jan/17 mar/17 mai/17 jul/17 set/17 nov/17 jan/18 mar/18

27,2%

23,1%25,0%

22,9%

jan/12 set/16 nov/16 jan/17 mar/17 may/17 jul/17 sep/17 nov/17 jan/18 mar/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

41,7% 41,7% 42,5%41,5%

42,4%41,5%

39,7% 39,7%

34,0%

36,5% 36,1%37,7%

40,2%

36,7% 36,2%34,8% 34,5%

37,0%36,0%

33,0%

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

3

24

25 25

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

9 30

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

Supply Director

5 22

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

Years of experience in Camil

Legend

Years of experience in the market

18 36

Jaime Ghisi

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

1 20

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

15 39

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 /

SP1 19

Notes:

(1) Non statutory directors.

Leadership with Wide Experience in the Sector4

All Camil's directors have experience in their respective areas of expertise

25

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 Governance4

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

26

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 BoDPersonnel

Management

Solid Corporate Governance

(Cont’d)

4

Well-defined committees structure aiming to enhance the company’s organizational policies and

comply with the best corporate practices

Committees Main Responsibilities/Guidelines

120 128

156 158

74

121

44

3.5%

2.9%2.6%

4.1%

5.4%

3.8%

5.9%

2013 2014 2015 2016 2017 LTM 2Q17 LTM 2Q18

Net Financial Expense Net Margin

27

Net Financial Expenses decreased 77% vs. 2Q17

Decrease in SELIC rate

Increase in total liquidity (cash and equivalents and

financial applications) of +58.1% vs. 2Q17

o from R$421 mm (Aug/17) to R$666 mm (Aug/18)

Positive results with derivatives

The Company concluded its important initiatives to improve its capital structure, including the reduction of the cost of debt and better

amortization profile.

Current cash position (2Q18) covering nearly

1.6 years of debt

Average cost of debt: 5.8%2

Notes:

(1) Considers cash and equivalents and financial applications

(2) Calculated based on the average cost of debt of each Loans, Financing and Debentures, weighted by each debt position as of 2Q18 and considering average CDI 18E of 6.5%

1

Investment Grade Indebtedness Profile

2Q18 and LTM 2Q18 Results

5

Net Financial Expense (in R$mm) Indebtedness Overview (R$ mm)

Cash Position and Debt Schedule (R$ mm)

758

230276

478

368

12

666

362

513

416

190

10

Cash

Position

2019 2020 2021 2022 After 2022

31-May-18 31-Aug-18

Indebtedness Overview 2Q17 1Q18 2Q18 2Q18 vs 2Q18 vs

Date 31-Aug-17 31-May-18 31-Aug-18 2Q17 2Q18 vs

Total Debt 1,636 1,362 1,491 (8.9)% 9.5%

Loans and Financing 507 384 513 1.2% 33.7%

Debentures 1,129 979 978 (13.4)% (0.1)%

Short Term 472 230 365 (22.6)% 58.9%

Long Term 1,165 1,126 1,129 (3.1)% 0.3%

Indebtedness per Currency

R$ 1,233 1,044 1,026 (16.8)% (1.7)%

USD 216 143 260 20.3% 82.0%

CLP 58 56 63 9.0% 12.1%

PEN 130 120 143 10.1% 19.0%

ARS - 11 - - -

Leverage

Gross Debt 1,636 1,362 1,491 (8.9)% 9.5%

Cash and Equivalents 421 758 666 58.1% (12.2)%

Net Debt 1,215 604 825 (32.1)% 36.6%

EBITDA LTM 485 444 465 (4.2)% 4.6%

Net Debt / EBITDA 2.5 x 1.4 x 1.8 x (0.7)x 0.4 x

2Q18 Liability Management

28Notes:

(1) Financial covenant of 3.5x Net Debt / EBITDA refers to the debentures issued in Nov/2016, May/2017 and Dec/2017

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 policyP

Maximum indebtedness defined by financial covenant

of 3.5x Net Debt / EBITDA LTM1P

1

Investment Grade Indebtedness Profile (Cont.)

Indebtedness Evolution and Credit Rating Overview

5

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

2.0 x

2.4 x2.7 x

2.0 x2.2 x

2.5 x 2.5 x2.4 x 2.5 x 2.6 x

2.8 x

2.5 x2.7 x

3.1 x3.4 x

2.4 x 2.2 x2.4 x

2.1 x1.9 x 2.0 x

2.5 x

1.6 x

1.2 x1.4 x

1.8 x

3.5 x

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

Net Debt Net Debt / EBITDA LTM Covenant

Period 2013 2014 2015 2016 2017 LTM 2Q18

Funds from Operations 381.0 388.8 488.5 579.6 529.9 509.2

(+/-) Change in Working Capital (291.4) 59.8 (150.2) (285.3) (41.9) (101.6)

Operating Cash Flow 89.6 448.7 338.3 294.3 488.0 407.6

(+) Asset Disposal 17.2 6.3 8.5 9.6 8.1 10.1

(-) Total Capex (231.3) (210.1) (209.8) (88.9) (104.5) (138.7)

Additions to Intagible Assets (1.1) (1.1) (3.1) (2.5) (4.8) (3.6)

Additions to Investments (121.8) (142.5) (125.1) (15.4) - (30.7)

Capital Expenditures (108.6) (70.1) (81.6) (71.0) (99.7) (104.4)

Cash from Acquisitions 0.3 3.6 - - - -

Free Cash Flow (124.4) 244.8 137.0 215.0 391.6 279.0

FCF as % of EBITDA (33.2)% 67.8% 32.4% 39.3% 80.0% 60.0%

29

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 EBITDA conversion into FCF, posting a 60% conversion as of LTM 2Q18

Main considerations

2

3

Solid Cash Flow Generation Supported by Strong

Operating Results

6

Solid EBITDA conversion into Free Cash Flow

30Notes:

(1) Excluding cash flow from change in short-term investments

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)

Solid Cash Flow Generation Supported by Strong

Operating Results (Cont.)

6

-

200

400

600

800

1,000

1,200

1,400

1,600

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

Total Working Capital Accounts Receivable

Inventories Adv. to Suppliers

Suppliers

72

31

94

34

22 18

140

30 28

58

98

25

13 16

34 26

15

32 26

32 31

51

-

20

40

60

80

100

120

140

160

180

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

Capex - M&A Capex - Maintenance

(63)% (133)%15% 58% 36% 3% (42)%

315%

(12)% (50)% (126)%

322%11%

(134)%

143% 235%67%

(104)%

123%223%

47%(137)%

(68)(124)

13 54 38 3

(37)

242

(13)(53)

(137)

340

15

(237)

208 230

86

(119)

159

266

39

(184)

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

Funds from Operations Change in WK Asset Disposal Capex EBITDA-to-FCF conversion

31

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

• Potfolio 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 comercial potential synergies

Approvals ans

Closing

Concluded:

• Oct. 26, 2018: Board of Directors Approval

• Oct. 26, 2018: Signature of the SPA

Next steps (Estimated):

• Nov to Dec/2018: CADE’s analysis

• Up to Dec/2018: Closing

Brands

Source:

1- Based on Calculados baseado nos Demonstrativos Financeiros auditados pela E&Y de dezembro de 2017

7

Industrial Facility and

Distribution Center

Simões Filho/BA

Caucaia/CE

Conceição do Araguaia/PA

Porto Alegre/RS

Jandira/SP

Distribution Centers

1

2

3

4

5

12

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

Industrial Facilities

Commercial

office

Headquarters

Porto Alegre/RS

6

32

SLC Acquisition: Overview

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 tonnes in rice and 16k tonnes in

beans in 2017

511 employees in 2017

5 industrial facilities and 8 DCs in Brazil, being:

Source:

1- SLC Alimentos

2- Nielsen Retail Index Monthly, Acum. Jun-Jul/18

3- Nielsen Scantrack, Acum. Jun-Jul/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/DF6

7

33

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

12M17Period ended on Feb. 28, 2018 Dec. 31, 2017

12M17 12M17 12M17Audited 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%

+

7

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

34

Combined Historical Financial Highlights1

(R$mn)

SLC AlimentosCamil

10.6%

10.1%

3.9%

5.1%

ComboC 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%

Fin

an

cial In

dicato

rs

Deb

t

Net R

evenues

EBITD

A /

margin

Net P

rofit/

margin

Leverage

(DL/EBITDA 17)

Valu

e

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 + Wholeretail)

Market Share Brazilian Rice per Region

SLC Acquisition: Pro-forma

Estimated Synergies

Synergies by COGS and

G&A: 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%

ComboCombo

37%

4%

10%

10%

2%

21%

2%

3,465

4,686

5,511

5,175

458

584

522

135

212

263

879²

7

Section III

Key Takeaways

Camil

Market leader with unique brand awareness4

Wide distribution network reaching more than 300k POS5

Compelling Business Model with Stable and Resilient Margins6

Seasoned management team and the highest standards of corporate governance in place7

Strong Cash Position and Investment Grade Indebtedness Profile8

Access to cheap financing Alternatives and Local DCM9

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

operations and capacity to capture synergies

11

36

37

EBITDA Evolution (R$mm) Profitability Evolution (R$mm)

Net Profit Evolution (R$mm) Margin Profitability Evolution (% of Net Revenues)

Key Financial highlights

Camil Consolidated Profitability Evolution1

Notes:

(1) Company fiscal year begins in March and ends in February of the following year (inclusive).

169

123142

209

315

375 361

423

547

490465

11.1%9.4% 10.1%

11.7% 11.3%10.5% 9.8% 10.0%

11.1% 10.5% 10.5%

22.9% 22.8%24.2%

27.1%

24.1% 24.5%23.2%

24.5% 24.7% 24.7%26.0%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

EBITDA EBITDA Margin Gross Margin

169123

142

209

315

375 361

423

547

490465

58 71 56 74

137 124 105 111

202

251 261

11.1%

9.4%10.1%

11.7% 11.3%10.5%

9.8% 10.0%11.1%

10.5% 10.5%

3.8%

5.4%

4.0% 4.1%4.9%

3.5%2.9% 2.6%

4.1%

5.4%5.9%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

EBITDA Net Income EBITDA Margin Net Margin

58 71 56 74

137 124 105 111

202

251 261

3.8%

5.4%

4.0% 4.1%4.9%

3.5%2.9% 2.6%

4.1%5.4% 5.9%

11.1%

9.4%10.1%

11.7% 11.3%10.5%

9.8% 10.0%11.1%

10.5% 10.5%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

Net Income Net Margin EBITDA Margin

22.9% 22.8%

24.2%

27.1%

24.1% 24.5%

23.2%

24.5% 24.7% 24.7%

26.0%

11.1%

9.4%10.1%

11.7% 11.3%10.5%

9.8% 10.0%11.1%

10.5% 10.5%

3.8%

5.4%

4.0% 4.1%4.9%

3.5%2.9% 2.6%

4.1%

5.4%5.9%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM

2Q18

Gross Margin EBITDA Margin Net Margin

38

Breakdown of Cash Flow Generation in the Last 5 years (R$ mm)

Operating Cash Flow

R$1,692 mm

Investing Cash Flow

R$(770) mm

Financing Cash Flow

R$(652) mm

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

95

2,404 (711)

1241 (388)

(435)

2 (678)

(386)

443 (33 )366

Cash

Aug/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

Aug/18

Appendix

A. Financial highlights

80

90

100

110

120

130

140

150

160

170

180

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

1Q

13

3Q

13

1Q

14

3Q

14

1Q

15

3Q

15

1Q

16

3Q

16

1Q

17

3Q

17

1Q

18

40

Volume: 163 thousand tons

• +19.6% vs. 1Q18

• +4.4% vs. 2Q17

Raw material - average market prices: R$41.70 / bag¹

• +16.3% vs. 1Q18

• +4.6% vs. 2Q17

Gross Price Camil: R$2.49 / kg

• +9.5% vs. 2Q18

• +4.1% vs. 2Q18

Sequential volume recovery growth during this quarter

¹Source: CEPEA; Esalq/Senar-RS 50kg.

Volume Breakdown Brazil 2Q18 (%)

Rice – Brazilian Market (in R$/bag) Rice - Market vs. Camil’s prices

Rice – Main Highlights 2Q18 Rice - Volume Evolution (mm tons)

41.8

50.5

49.5

49.0

42.3

39.0

40.2

37.3

36.8

36.8

44.2

30.0

35.0

40.0

45.0

50.0

55.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

2.0

2.1

2.2

2.3

2.4

2.5

2.6

2.7

2.8

30.0

35.0

40.0

45.0

50.0

55.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Cam

il G

ro

ss Price (R

$/kg

)

Rice Price -Esalq

Sen

ar (R

$/5

0kg

)

Brazil - Rice Price Camil - Gross Price

Brazil Food Segment | Rice

Rice

50.4%

Beans

6.0%

Sugar

41.0%

Fish

2.5%

Camil highlights sequential volume recovery growth compared to 1Q18 in Brazil

10

12

14

16

18

20

22

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

1Q

13

3Q

13

1Q

14

3Q

14

1Q

15

3Q

15

1Q

16

3Q

16

1Q

17

3Q

17

1Q

18

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

30.0

80.0

130.0

180.0

230.0

280.0

330.0

380.0

430.0

480.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Cam

il G

ro

ss Price (R

$/kg

)

Bean

s Price -A

gro

lin

k (R

$/6

0kg

)

Brazil - Beans Price Camil - Gross Price

41


• +13.2% vs. 1Q18

• -0.1% vs. 2Q17


• +3.9% vs. 1Q18

• -38.6% vs. 2Q17


• +2.0% vs. 1Q18

• -25.7% vs. 2Q17


¹Source: Agrolink; Sc 60kg.

Beans – Brazilian Market (in R$/bag) Beans - Market vs. Camil’s prices


Rice

50.4%

Beans

6.0%

Sugar

41.0%

Fish

2.5%

222.9

437.9

280.1

137.6

142.7

199.1

118.6

98.8

101.7

30.0

80.0

130.0

180.0

230.0

280.0

330.0

380.0

430.0

480.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Brazil Food Segment | Beans

Beans – Main Highlights 2Q18 Beans - Volume Evolution (mm ton)


100

110

120

130

140

150

160

170

180

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

Cam

il G

ro

ss Price (R

$/kg

)

Su

gar Prices -Esalq

C

EPEA

SP (R

$/5

0kg

)

Brazil - Sugar Price Camil - Gross Price

42


• +7.1% vs. 1Q18

• -4.5% vs. 2Q17


• +2.4% vs. 1Q18

• -12.5% vs. 2Q17


• +7.9% vs. 1Q18

• -7.7% vs. 2Q17


¹Source: CEPEA; Cristal Sugar Esalq-SP 50kg.

Sugar – Brazilian Market (in R$/bag) Sugar - Market vs. Camil’s prices

75.7

86.7

98.1

88.0

74.3 61.2

52.4

68.6

51.3

57.8

40.0

50.0

60.0

70.0

80.0

90.0

100.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18


Rice

50.4%

Beans

6.0%

Sugar

41.0%

Fish

2.5%

Brazil Food Segment | Sugar

Sugar – Main Highlights 2Q18 Sugar - Volume Evolution (mm ton)



• +62.2% vs. 1Q18

• +31.5% vs. 2Q17


• -6.3% vs. 1Q18

• +6.3% vs. 2Q17

High Prices of sardine and tuna per kilo in Brazil when compared to

other proteins

Challenging sardine and tuna fishing locally – import high levels

FX Devaluation

43

Canned Fish - Volume Evolution (mm ton) Canned Fish – Camil Gross Price (in R$/kg)

17.4

16.6

19.2

18.6

21.9

20.3

15.0

16.0

17.0

18.0

19.0

20.0

21.0

22.0

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

3

5

7

9

11

13

15

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

Rice

50.4%

Beans

6.0%

Sugar

41.0%

Fish

2.5%

Brazil Food Segment | Canned Fish

Canned Fish – Main Highlights 2Q18 Canned Fish –Volume Breakdown Brazil (%)

We highlight FX devaluation combined with challenging sardine and tuna fishing in Brazil

44

Chile

Uruguay

Domestic

Market

Domestic

Market

Export Market

Peru

Volume: 104 Thousand tons

• +21.0% vs. 1Q18

• -34.2% vs. 2Q17

Gross Price in R$: 2.01

• +9,6% vs. 1Q18

• +13.6% vs. 2Q17

Gross Price in US$:

• -1.8% vs. 1Q18

• -5.0% vs. 2Q17


-2.4% vs. 1Q18

+2.9% vs. 2Q17

Gross Price in R$: 5.92

• +2.1% vs. 1Q18

• +22.3% vs. 2Q17

Gross Price in CLP:

• -2.8% vs. 1Q18

• +1.5% vs. 2Q17


+6.9% vs. 1Q18

-9.7% vs. 2Q17

Gross Price in R$: 4,67

• +8.4% vs. 1Q18

• +20.0% vs. 2Q17

Gross Price in SOL:

• -2.0% vs. 1Q18

• +1.2% vs. 2Q17

-

50

100

150

200

250

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

Uruguay Chile Peru

Uruguay

71.8%

Chile

13.8%

Peru

14.4%

Notes:

(1) Excludes Argentina operations which were recently divested in 2Q18

International Food Segment

International – Operational Highlights 2Q18 International Performance – Quarterly Evolution (mm ton)1

International – Volume Breakdown (%)

Price growth in local currency impacted by FX devaluation during the period

Appendix

B. Industry highlights

135.0

77.7

69.265.1

39.9

12.4 12.08.6

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

46

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

12.33 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)

47

Growth Potential:

migration to packaged ricePCAGR13-17

: 1.6%

CAGR13-17

: 4.6%

CAGR13-17

: 0.4%

Broad marketP

Resilient marketP

Export marketP

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

Notes:

(1) CONAB; Agrolink; 15/16 crop registered significant drop in productivity due to rainfall scarcity during the period48

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




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

0

100

200

300

400

500

Aug-12

Nov-1

2

Feb-13

May-13

Aug-13

Nov-1

3

Feb-14

May-14

Aug-14

Nov-1

4

Feb-15

May-15

Aug-15

Nov-1

5

Feb-16

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

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

58 57 5754

50

40 39 3937

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 49

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




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 9.37.8

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 50

65.5

37.933.5

25.522.0 21.5 20.8

13.29.7

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


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

Flavio Vargas

Chief Finance and IR Officer

Guilherme Salem

IR and Financial Planning

Investor Relations

Phone:

+55 11 3039-9238

+55 11 3039-9237

E-mail: [email protected]

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