Presentation April, 2019 1. Corporate Profile 2. Results 3. - PowerPoint PPT Presentation

Institutional Presentation April, 2019

1. Corporate Profile 2. Results 3. Corporate Governance and Capital Market 2

Corporate Profile 3

Over 65 years operating in the food sector in Brazil National Leader in the cookies and pasta markets Growth strategy and consistent results Strong acquisition track record 4

2018 5

MISSION We offer high-quality, innovative, healthy, tasty and competitively priced food products for people’s nourishment and enjoyment VISION We contribute to society's development through successful and sustainable partnerships, a global presence and diversified business, and are recognized for our respect for people and the environment, ethics, creativity, willingness to serve, simplicity and passion for everything we do 6

A team with 20 thousand employees focused on sustainable results 55% Production 34% Sales and logistics 11% Administrative 33% women on the Board of Directors 7

Competitive Advantages Recognized Brands Strategically Vertically Located Integrated Plants Financial solidity Qualified and strong cash employees flow generation Integrated Sustainability Distribution Network National 8

A broad and diversified portfolio % of Sales 2018 Cookies & 55% Crackers¹ Pasta 21% Wheat Flour & 16% Bran Margarine & Vegetable 5% Shortening Others ² 3% ¹ Contain Cookies, Crakers and Chocolate covered cookies 9 ² Cakes, snacks, cake mix, and packaged toast

Portfolio with strong national and regional brands 19 brands 7 brands with anual gross income > R$ 500 MM 10

Capacity to make good acquisitions 2003 2008 2011 2012 2018 South and Southeast Northeast Northeast Northeast Southeast % Revenue by Brand - 2018 20% 15% 6% 4% 2% 42% 11% OTHERS BRANDS 58% acquired brands Nota: Gross Revenue excluding discounts 11

...and our brands are awarded and recognized on a regional and national basis VITARELLA was elected in 2018 as one of the “ 60 most valuable brands in Brazil", according to the ranking published by IstoÉ Dinheiro and prepared by Kantar ADRIA was elected in 2016 as one of the "50 most valuable brands in Brazil", according to the ranking published by IstoÉ Dinheiro and prepared by Kantar ISABELA, a brand of pasta, biscuits and toast, was voted the preferred and most remembered brand in the state of Rio Grande do Sul in 2017 . 12

% of total Net Sales by region 90.0% 69.8% 80.0% 63.7% 3.9% 3.7% 70.0% 60.0% N or t e 50.0% 40.0% North 30.0% 20.0% 10.0% 0.0% or N d est e Northeast 3.0% 2.9% 22.9% 16.4% C ent r o -O t e es Midwest Su d est e Southeast 6.4% 6.2% l Su South 13 Note: In 2018 0.6% (0.5% in 2017) of Net Revenue corresponded to exports.

National Market Leadership Market Share Volume Market Share Volume Pastas Cookies & Crackers 36% 34% 40 % 33% 32% 40 % 29% 28% 29% 28% 28% 35 % 29% 28% 35 % 26% 30 % 30 % 25 % % 25 20 % 20 % 15 % % 15 10 % 10 % 5% 5% 0% 0% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 ¹Leadership in Cookies & Crackers in 2018 ¹Leadership in Pasta in 2018 14 ¹ Period: jan-dec/18

Assertive creation of new products, packaging and categories in line with consumer needs, market trends and scenarios Hea ealthy with ith Nutr utrition fla flavor Ind ndulgence and and exp xperience Co Convenience Affordable Af 15

Marketing investments to drive sales and to create strong brands Isabela Vitarella Treloso Adria Vitarella 16

We are also investing on new packages Previous Packages New Packages 17

Our products are sold through a diversified cliente mix % Revenue per Client Mix Other Industry Distribuitors Cash & Carry Key Accounts/ Regional Chains Wholesale Small Retail 18

Exported to 37 Countries in 2018 2018 2 countries 2018 2017 2 country 2018 2 country 2017 1 country 2 country 2017 5 countries 2017 2016 1 country 2018 2018 2 country 2018 6 countries 11 countries 1 country 2017 2017 2017 2018 8 countries 6 countries 0 country 8 countries 2017 5 countries * * 2017 2018 South Africa South África America America Europe Europe Central Central America America Middle East Middle East North America North America Ásia Asia Oceania 19

15 Industrial Plants and 38 Distribution Centers Fábrica Fortaleza State of Ceará Grande Moinho Aratu State of Bahia Gorduras e Margarinas Especiais State ofCeará 20

Robust infrastructure and with high level of verticalization Verticalization Wheat Flour Verticalization Vegetable Fat (% total consumption) (% total consumption) 98.7% 85.0% 63.3% 52.6% 21 2009 2018 2009 2018

Growth strategy with attractive profitability and return for shareholders Growth Drivers Geographies and categories little explored in the core business ▪ Entry into new categories ▪ International markets expansion ▪ Efficiency Drivers Logistic and production footprint optimization ▪ New business and marketing tools (ex: pricing) ▪ Technology at the service of the business model ▪ Innovation as a source of value generation ▪ Strong team with remuneration aligned to short and long term ▪ goals 22

Results 23

Net Revenue (R$ million) 6,025 5,328 5,415 CAGR 2010-2018: 11.9% 4,312 4,580 4,622 3,545 2,444 2,911 2010 2011 2012 2013 2014 2015 2016 2017 2018 24

Sales Volume by Product Line Pasta – Sales (‘ 000 tonnes) Cookies and Crackers – Sales (‘000 tonnes) CAGR 2010-2018: 6.2% CAGR 2010-2018: 4.9% 489.3 527.4 525.4 503.8 521.8 528.8 556.9 354.7 359.8 340.2 358.1 356.8 388.8 241.1 273.4 309.9 380.0 418.3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 Wheat Flour and Bran – Sales (‘000 tonnes) Margarine and Vegetable Shortening – Sales (‘000 tonnes) CAGR 2010-2018: 9.6% CAGR 2010-2018: 3.4% 597.1 623.8 664.8 737.5 764.0 769.3 827.7 850.7 781.2 83.6 80.0 53.9 57.9 61.9 65.9 70.0 38.5 40.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 25

Net Average Price by Product Line Cookies and Crackers – Sales (R$/Kg) Pasta – Sales (R$/Kg) CAGR 2010-2018: 4.6% CAGR 2010-2018: 6.8% 5.98 5.26 5.43 3.54 3.79 3.97 4.38 4.57 4.75 2.15 2.28 2.52 2.77 2.94 3.07 3.36 3.25 3.28 0. 00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 Margarine and Vegetable Shortening – Sales R$/Kg) Wheat Flour and Bran – Sales (R$/Kg) CAGR 2010-2018: 5.3% CAGR 2010-2018: 6.2% 2.39 2.77 2.97 3.38 3.33 3.34 3.72 3.91 3.99 0.81 0.93 0.94 1.06 1.13 1.15 1.21 1.08 1.22 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 26

Gross Profit (R$ million) and Gross Margin (%) 2,249 2,294 CAGR 2010-2018: 10.7% 2,086 1,630 1,725 1,666 1,423 1,020 1,099 41.7% 41.5% 40.1% 39.1% 38.1% 37.7% 37.8% 37.7% 35.8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 27

EBITDA (R$ million) and and EBITDA Margin (%) 966.4 CAGR 2010-2018: 9.1% 933.0 919.4 770.4 686.6 673.8 621.6 481.2 466.3 19.1% 17.8% 17.5% 17.3% 16.8% 16.5% 15.6% 15.5% 14.9% 2010 2011 2012 2013 2014 2015 2016 2017 2018 28

Net Profit (R$ million) and Net Margin (%) 844.3 784.4 CAGR 2010-2018: 9.4% 723.5 603.9 599.3 524.4 470.5 366.5 351.7 15.6% 14.7% 14.4% 13.3% 13.1% 13.1% 12.6% 12.2% 12.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 29

Capex (R$ million) and Capex/Net Revenue (%) 456.9 CAGR 2010-2018: 10.5% 407.9 307.1 301.1 287.9 263.9 142.5 135.3 117.2 9.9% 8.9% 5.0% 6.7% 5.7% 5.0% 5.5% 4.9% 3.3% 2010 2011 2012 2013 2014 2015 2016 2017 2018 * Excluding acquisitions 30

Operational Cash Generated (R$ million) and Operational Cash/Net Revenue (%) 964.2 870.8 CAGR 2010-2018: 10.8% 779.9 646.1 572.6 490.5 431.5 343.3 334.7 18.1% 16.1% 14.8% 13.3% 14.1% 14.0% 13.0% 9.4% 10.6% 2010 2011 2012 2013 2014 2015 2016 2017 2018 31

Net Cash (R$ million) and Net Cash/EBITDA (unit) 596.6 70 0 0. 60 0. 0 50 0. 0 212.8 40. 0 0.6 30 0 0. 20 0. 0 0.2 10 0. 0 0. 0 -0.2 -0.5 -0.4 100 - . 0 -0.6 -0.6 -0.7 - 200 . 0 -1.0 -176.0 -211.2 -261.7 - 300 . 0 - 400 . 0 -396.2 500 - . 0 -427.1 -468.4 - 600 . 0 700 - . 0 800 - . 0 -763.5 - 900 . 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 32

Corporate Governance and Capital Market Shareholder Position as of 12/28/2018. ✓ Listed in the “Novo Mercado” Free Float ✓ Free Float composed by: 25.8% local investors 25.00% 74.2% foreign investors 03 independent ✓ members on the Board of Directors. Board of Directors and Controlling Audit Committee ✓ Officers shareholder composed by 3 DIBRA independent members 11.68% 63.32% ✓ Ordinary stocks ( 339 millions) ✓ National Long-Term Rating 'AAA (bra)' 33