Camil Alimentos Institutional Presentation February 2020

Financial data is presented in accordance to the International Financial Reporting Standards and represents the Company’s
consolidated results in million reais (R$), unless otherwise indicated. Company fiscal year begins in March and ends in
February of the following year (inclusive). The results here presented includes recent transactions data as of its conclusion,
except when specified.
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.
This presentation contains resumed information which shall not be considered complete. 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. Operational data are not audited, as they consist in measures which are not recognized by IFRS
or other accounting standards. Nor this presentation, neither anything here contained, should create basis for any contract
or commitment.
All information here contained are subject to adjustments and revisions without notice. By creating this presentation,
neither the Company, nor any of its affiliated companies, directors, executives or employees assume any obligation to
supply the receiver access to any additional information, update this presentation or any information, or correct any
inaccuracy in any of these information. This presentation does not contain all of the relevant information about the
Company.
Disclaimer
2

I. Camil Alimentos Overview
II. Key Investment Thesis
III. Successful Transactions
IV. Environmental, Social and Governance
V. Financial Highlights
Appendix
A. Financial Highlights: Recent Results
B. Industry Highlights
C. Selected Comparable Companies
Table of Contents

Section I
Camil Alimentos Overview

Shareholder Structure² (%) Financial Highlights (R$mn)4
 Leading positions in all operating markets with strong recognized
brands:
– #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)
– #2 player in the canned sardine and canned tuna market in Brazil
(Coqueiro brand)
 Reaches more than 20,000 direct and 235,000 indirect sales points in
Brazil
 Exports to more than 60 countries
5
Camil at a Glance
Notes:
(1) Nielsen and Company data disclosed up to the last earnings release
(2) Camil Investimentos represents Quartiero’s family ownership and includes individual ownership; Free float excludes shares on treasury and related parties
(3) Does not include pet food business in Chile from LDA acquisition, which is under analysis by the chilean Anti-trust (FNE) (closing expected for April 2020)
(4) Company fiscal year begins in March and ends in February of the following year (inclusive)
2015 2016 2017 2018
3Q19
LTM
Net Revenues 4,229 4,948 4,663 4,749 5,236
Growth YoY +15.0% +17.0% -5.8% +1.8% +15.5%
Gross Profit 1,034 1,221 1,151 1,222 1,236
Margin 24.5% 24.7% 24.7% 25.7% 23.6%
EBITDA 423 547 490 483 420
Margin 10.0% 11.1% 10.5% 10.2% 8.0%
Net Income 111 202 251 362 256
Margin 2.6% 4.1% 5.4% 7.6% 4.9%
Net Debt 998 1,014 571 1,032 1,566
Net Debt / EBITDA 2.4 x 1.9 x 1.2 x 2.1 x 3.7x
Founded in 1963, Camil is one of the largest food company in LatAm with a diversified portfolio of several brands with leadership
positions
Highlights¹ Processing and Distribution Platform
Camil
Investimentos
Other Free
Float
62.1% 5.1% 5.6% 27.2%
Management
and Related
Parties
Free Float 32.8%
24 processing facilities and
16 distribution centers
distributed throughout LatAm,
with operations in 4 countries
and multiple categories
Uruguay
Chile
Peru
Brazil
Grains Processing Facilities: 22
- 10 in Brazil
- 12 International
Fish Processing Facilities: 1
Sugar Packaging Facilities: 1
Distribution Centers: 16
Rice Producing Regions
Beans Producing Regions
Camil’s Facilities³
Main brands
November, 2019

6
Timeline
Present for more than 50 years in the Brazilian everyday life, Camil grew in Brazil expanding its portfolio into new categories and
operating in another countries in LatAm
Acquisition of SLC Alimentos
Sale of La Loma (Argentina)
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
Saman in Uruguay
2007
Acquisition of Rio
Grande plant (Brazil)
20082009
Acquisition of
Tucapel (Chile)
Acquisition of Bom
Maranhense (Brazil)
2010 2011 2012 2014
Acquisition of
Paisana (Peru)
60’s: Foundation 80’s: Organic Expansion 90’s: Professionalization
2000’s: Acquisitions / International Expansion
Camil’s
IPO in B3
2017-2020: Recent Transactions
Acquisition of canned fish
(Brazil) and Costeño (Peru)
Acquisition of
sugar category
(Brazil)
2013
Acquisition of
Carreteiro (Brazil) and
La Loma (Argentina)
Warburg Pincus
divestment (Buyback)
2017 2018 2019 2020
Acquistion of Pet Food
Business (Chile)¹
Notes:
(1) Under analysis by the chilean Anti-trust (FNE) - closing expected for April 2020
Transactions Overview
Private Equity History
1998 – 1st Private Equity: TCW
(acquisition of cooperative’s part. 50%)
2006 – TCW divestment
2011 – Gávea’s investment (31.75%)
2016 – Gávea’s divestment and Warburg
Pincus investment (same PM)
2017 – Warburg Pincus partial divestment
(23% sale on IPO, remaining a 9% stake)
2019 – Warburg Pincus total divestment
(Partially via Camil Repurchase Program)
Acquistions
2001 – SAMAN Brazil in Pernambuco
2002 – Camaquã Plant (Brazil)
2007 – Saman (Uruguay)
2009 – Tucapel (Chile)
2010 - BB Mendes (Brazil)
2011 – Pescador and Coqueiro brands
(Canned Fish – Brazil)
2011 – Costeño (Peru)
2012 – União and Da Barra brands
(Sugar - Brazil)
2013 – Carreteiro (Brazil)
2013 – La Loma (Argentina)
2014 – Paisana (Peru)
2018 – SLC Alimentos (Brazil)
2018 – Sale of La Loma (Argentina)
2019 - Warburg Pincus divestment (Buyback)
2020 - Acquistion of Pet Food Business
(Chile)¹

Rice
32%
Beans
8%
Sugar
19%
Fish
10%
Uruguay
16%
Chile
8%
Peru
7%
Rice
38%
Beans
5%Sugar
26%
Fish
2%
Uruguay
21%
Chile
4%
Peru
4%
InternationalBrazil
Business Divisions Overview
7
Top of
Mind10
Facilities
(# plants)
EBITDA LTM
3Q19¹²
Main
Brands
Market Share
Leading positions in 4 countries in LatAm operating markets with strong recognized brands
n.a.
50% 72%
7¹¹ 2 3
R$178mn
(40% of total)
1st
42%7
1st
33%8
1st
40%9
Uruguay Chile Peru
59% Rice
46% Beans
83% 50% Sardine
44% Tuna
10¹² 1 1
R$270mn
(60% of total)
Grains Sugar Fish
1st
36%5
Rice Beans
1st
9%2,3
2nd
8%2,4
Sardine Tuna
2nd
39%6
2nd
24%6
Volume and
Net Revenue
Breakdown
3Q19 LTM¹²
Rice
38%
Beans
5%Sugar
26%
Fish
2%
Uruguay
21%
Chile
4%
Peru
4%
Rice
32%
Beans
8%
Sugar
19%
Fish
10%
Uruguay
16%
Chile
8%
Peru
7%
Volume
(% k ton)
70%
Net
Revenue
(% R$mn)
69%
Volume
(% k ton)
30%
Net
Revenue
(% R$mn)
31%
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Oct19-Nov19); (4) Nielsen Scantrack Index for Beans (AS Aug19-Sep19). Considering Data with
Cash and Carry, Camil is #2 player; (5) Nielsen Retail Index (INA Oct19-Nov19 for 1kg – represents 91% of refined market); (6) Nielsen Retail Index for Sardine and Tuna (INA Oct19-Nov19); (7) Uruguay: market share Consecha
Comision Sectorial del Arroz (Dec19); (8) Nielsen Scantrack Chile (Dec19) - Does not include pet food business in Chile from LDA acquisition, which is under analysis by the chilean Anti-trust (FNE) (closing expected for April 2020); (9)
Kantar Worldpanel Peru (Dec19); (10) Top of Mind in Brazil from Ipsos (Nov-Dez19); (11) Data does not include Arrozur’s plant in Uruguay; Company which Saman has 49% share; (12) Includes SLC Alimentos´ up to its acquisition
(Dec18)

and other value
priced brands
Canned Fish
Grains - International
8
Product Portfolio
Complementary product portfolio composed of strong recognized brands, high value added items and value priced brands
Rice
Value added
Beans
Value added
and other value
priced brands
Other products
Grains - Brazil
Sugar

Rice
Brand

Agriculture Origination





SugarCannedFish
Processing Packaging Distribution Marketing
Pricing 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 (take-or-pay)
 Based on a market price derived from
international sugar prices
 Super Barra: project to internalize the
process of packaging by Camil
 Acquisition from fragmented suppliers at
market prices, complemented by import
contracts
 Concentrated industry favors price
discipline






























9
Business Model
Camil is not engaged in any step of the production process

Section II
Key Investment Thesis

Leadership Positions
and Brand
Awareness
2
Wide Distribution
Network
1
Iconic Brand
Recognition
and Premium Prices
3
Key Investment Thesis
Solid Leadership
and ESG Standards
6
11
Acquisitions and
Tangible Growth
Opportunities
5
Solid Business
Model with Stable
and Resilient
Margins
4

OwnSalesForce
34%
33%
26%
7%
WholesaleRetailersKeyAccounts
OutsourcedSales
Force
Distributor
#
Indicates the
representativeness of
direct points of sale
by region in Brazil
28%
12%
14%
41%
4%
% Sales
Fev/2018
 95% of sales made by the
company’s own sales force
and 5% from distributors
(canned fish)
 More than 14,000 direct and
300,000 indirect point of
sales in Brazil
12
Accounts / Retailers
Wholesale Stores
Strong distribution network with more than 400,000 points of sale, favoring the business expansion to new segments
Wide Distribution Network

Iconic Brand Recognition… …Leading to a Leadership Position in all Sectors & Regions1
13
Brazil – RICE2,3
#1 9%
#2 Player 2 5%
#3 Player 3 3%
Peru – RICE9
#1 40%
#2 Player 2 6%
#3 Player 3 5%
Chile – RICE8
#1 33%
#2 Player 2 16%
#3 Player 3 (PLs) 47%
Brazil – REFINED SUGAR5
#1 36%
#2 Player 2 15%
#3 Player 3 15%
Brazil – SARDINE6
#1 Player 1 47%
#2 39%
Brazil – TUNA6
#1 Player 1 57%
#2 24%
Uruguay – RICE7
#1 42%
#2 Player 2 13%
Percentage values indicate market
share in terms of volume.
 Market leader in São Paulo City:
Rice 38% market share10
 Rice: 59% Top of Mind¹¹
 Beans: 46% Top of Mind¹¹
 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 (80%)¹¹
 “Top-5 Suppliers” Award (#1)
 Complete line of products: Tuna,
Sardines, Tuna Sauces and Pâtés
 50% Top of Mind in Sardine and
44% in Tuna¹¹
 “Top-5 Suppliers” Award
(Sardine #1; Tuna #2)
Brazil – BEANS2,4
#1 Player 1 9%
#2 8%
#3 Player 3 5%
Leadership Positions and Brand Awareness
Notes:
(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Oct19-Nov19); (4) Nielsen Scantrack Index for Beans (AS Aug19-Sep19); (5) Nielsen Retail Index
for Sugar (INA Oct19-Nov19 for 1kg – represents 91% of refined market); (6) Nielsen Retail Index for Sardine and Tuna (INA Out19–Nov19); (7) Uruguay: market share Consecha Comision Sectorial del Arroz (Fev19-Mar19); (8) Nielsen
Scantrack Chile (Dec19) - Does not include pet food business in Chile from LDA acquisition, which is under analysis by the chilean Anti-trust (FNE) (closing expected for April 2020); (9) Kantar Worldpanel Peru (Dec19); (10) Nielsen Retail
Index for Rice INA Oct-Nov19 Market share Camil + SLC Alimentos in São Paulo (11) Top of Mind Camil Ipsos, Nov-Dez19.

Main Competitor
Unique Footprint
 150,000 points of sale
reaching big part of the
population
 Wide presence across all
States of Brazil
Pricing Power
 "Brand of sugar": higher
prices compared to the
main competitors
Market Leadership

 Absolute Leadership with
80% of Top of Mind¹
 Total Company refined
sugar brands have 36%²
market share
Market Share

14
 115
100
Sugar price³
1º
+5%
105
100
Camil Others
Rice Strategy
 Replicating the sugar model
from commodity to brand
 Increase premium price
Rice price³

Others
Iconic Brand Recognition and Premium Prices
Sugar Successful Case and Rice Strategy
+15%
36%
União: Brand of strong emotional bond, preferred by consumers and with greater perception of value
Notes:
(1) Top of Mind Camil Ipsos, Nov-Dez19; (2) Nielsen Retail Index for Sugar (INA Oct19-Nov19 for 1kg – represents 91% of refined market); (3) Price Index Nielsen

15
Premium
Upper
mainstream
Mainstream
Value Priced Products
Notes:
(1) White rice price index Nielsen Retail Index
Avg. national prices
Avg. regional prices
95
100 100
115
Portfolio Camil¹Product Portfolio - Breakdown
Avg market
selling price
115
Avg market
selling price
105
Avg market
selling price
100
Avg market
selling price
95
Product Shelving
105
Tailored product offering for targeted consumer segments across Brazil
Complete Product Portfolio
Rice Case

2.640 2.601 2.935
3.683 3.331 3.346
3.818
942 1.075
1.294
1.265
1.332 1.402
1.418
3.582 3.676
4.229
4.948
4.663 4.749
5.236
24,5%
23,2%
24,5% 24,7% 24,7%
25,7%
23,6%
2013 2014 2015 2016 2017 2018 3T19 LTM
Food Products Brazil Food Products International Gross Margin
169
123 142
209
315
375 361
423
547
490 483
420
11,1%
9,4% 10,1%11,7%11,3%10,5% 9,8% 10,0%11,1%10,5%10,2%
8,0%
22,9%22,8%24,2%
27,1%
24,1%24,5%23,2%24,5%24,7%24,7%25,7%
23,6%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3T19
LTM
EBITDA EBITDA Margin Gross Margin
1.513
1.313 1.407
1.784
2.776
3.582 3.676
4.229
4.948
4.663 4.749
5.236
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3T19
LTM
Despite the slowdown in the Brazilian economy, Camil posted solid operating results
Even in a challenging environment,
Camil was able to post double-digit
growth, maintaining profitability
16
Solid Business Model with Stable and Resilient Margins
CAGR+11%
CAGR+8%
Notes:
(1) Company fiscal year begins in March and ends in February of the following year (inclusive); (2) BCB, Focus
Net Revenue (R$mm)
Net Revenue by Segment (R$mm)EBITDA (R$ millions) and Margin (% of Net Revenues)
During 2015-16, the GDP decreased 7.2%
- returning to pre-2010 levels
Brasil: GDP and Retail Sales2
(% growth, real terms)
10,9%
6,7%
8,4%
4,3%
2,2%
(4,3)%
(6,3)%
2,0% 2,3% 1,3%
7,5%
3,9%
1,9%
3,0%
0,1%
(3,8)% (3,6)%
1,0% 1,1% 1,2%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e
Retail Sales Total GDP

17
The segments in which Camil operates present active price dynamics, with weekly price pass-through, ensuring stability of margins
Rice – Market¹ vs. Camil’s prices Beans – Market² vs. Camil’s prices
Sugar – Market³ vs. Camil’s prices Canned Fish – Camil Gross Price (in R$/kg)
(Cont´d)
Notes:
(1) CEPEA; rice indicator Esalq/Senar-RS 50kg; (2) Agrolink; beans indicator Sc 60kg; (3) CEPEA; Cristal Sugar indicator Esalq-SP 50kg
2,0
2,1
2,2
2,3
2,4
2,5
2,6
2,7
2,8
32
34
36
38
40
42
44
46
48
50
52
54
Mar-16 Jul-16 Nov-16Mar-17 Jul-17 Nov-17Mar-18 Jul-18 Nov-18Mar-19 Jul-19 Nov-19
Camil(R$/kg)
EsalqSenar(RS/50kg)
Brazil - Rice Price Camil - Gross Price
-
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
50
100
150
200
250
300
350
400
450
500
Camil(R$/kg)
Agrolink(RS/60kg)
Brazil - Beans Price Camil - Gross Price
16
17
18
19
20
21
22
23
mar-16 jul-16 nov-16 mar-17 jul-17 nov-17 mar-18 jul-18 nov-18 mar-19 jul-19 nov-19
Camil - Gross Price
0,6
1,1
1,6
2,1
2,6
3,1
40
50
60
70
80
90
100
110
120
Camil(R$/kg)
EsalqCEPEASP(RS/50kg)
Brazil - Sugar Price Camil - Gross Price

Adjusted selling price (1) (CIF - R$/30kg)
Notes:
(1) Adjusted by the monthly inflation of the period, since Jan/2006
(Grossmargin)
Average
sale price
(R$/30kg)
Average
cost
(R$/30kg)
Sale / Cost
Gross
margin
Year
2006
2007
39.4 22.7 1.7x 27.9%
2008
42.0 24.8 1.7x 25.9%
2009
53.9 34.2 1.6x 24.9%
2010
51.0 30.8 1.7x 24.6%
2011
50.5 28.6 1.8x 25.1%
2012
45.5 25.1 1.8x 27.2%
2013
55.8 34.4 1.6x 26.3%
2014
59.2 35.5 1.7x 22.8%
2015
63.5 36.9 1.7x 24.2%
2016
67.3 37.4 1.8x 24.5%
80.5 46.5 1.7x 24.7%
18
Subtitle
Average purchase price (CIF - R$/30kg)
Gross margin (% net revenue)Average selling price (CIF - R$/30kg)
2017 74.0 39.8 1.9x 24.7%
Historically Camil has maintained resilient gross margins, mainly due to its weekly pricing capacity
Business Model: Proven Cost Transfer Capability (rice case)
(Cont´d)
2018 75.9 41.2 1.8x 25.1%

Consolidation of the Brazilian grains market coupled with geographical expansion
5.4%
2.5% 1.9%
R$342bi
Chile
Recent
expansion
to new
categories;
Still ready
for new
categories
19
Consolidation
New Categories
1
2
Rice sales Growth
(CAGR 2016-2021)
New markets and long-term opportunities in new regions
Regions with focus
on expansion
New markets
ArgentinaPeru Colombia
High growth opportunities
Pasta - R$8.1 bi
Coffee - R$19.7 bi
Flour - R$12.5 bi
2%
6%
4%
88%
Camil's wide distribution network allows synergies in expansion to
other categories
Packaged Market
Rice
Beans
New Geographies3
1º
Rice Market Share
Brazil – RICE1,2
#1 9%
#2 Player 2 5%
#3 Player 3 3%
2º
Beans Market Share
Acquisitions and Tangible Growth Opportunities
Brazil – BEANS1,2
#1 Player 1 9%
#2 8%
#3 Player 3 5%
IV III
II
I
V
38%
14%
2%
11%
11%
7%
8%
23%
20%
16%
VII
1% 12%
VI4% 13%
% rice market share² - Camil
% rice consumption by region
IV III
II
I
V
21%
4%
1%
3%
15%
14%
24%
19%
11%
17%
VII
4% 3%
VI8% 12%
% beans market share² - Camil
% beans consumption by region
Notes:
(1) Market share Camil + SLC Alimentos; (2) Nielsen Retail Index for Rice (INA Oct19-Nov19); (3) Nielsen Scantrack Index for Beans (AS Aug19-Sep19) Considering Data with Cash and Carry, Camil is #2 player

20
26 26
Luciano Quartiero¹
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
10 31
 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
6 23
Max Sommerhauzer Vaz da Silva
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
Flavio Vargas, CFA¹
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
2 21
Renato Gastaud
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
16 40
Renato Costa
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 /
SP2 20
Notes:
(1) Statutory directors.
Leadership with Wide Experience in the Sector
Christina Larroude
Marketing Director
 Experienced marketing leader in FMCG market
 2nd line leadership positions in Companies such as P&G and J&J in
multiple segments (Laundry, Beauty, Personal and Baby Care, OTC)
 Graduated and MBA in Business Administration in FGV/EAESP, major
Marketing5 20
Erika Magalhães
Human Resources Director
 Ex - HR Vice President at Estacio Participações
 Ex – Director at Allied Tecnologia
 20 years of HR experience, having passed trough in Ambev, Noble
and Grupo Libra.
 MBA in Finance from ESAMC, with graduate in Administration at
UNIFEV, and Psychology at UNP-PB.1 20
Years of experience in Camil
Key
Years of experience in the market

Section III
Successful Transactions

Historical Transactions
1998 - 2010 2011 - 2016
1998 - 2006
2011 - 2016
2016 - 2019
2017 - 2020
(sold in 2018)
Camil’s M&A history reflects its capacity of identifying opportunities and deliver succesful transactions
CapitalMarketTransactions
Private Equity History
1998 – 1st Private Equity: TCW
(acquisition of cooperative’s part.
50%)
2006 – TCW divestment
2011 – Gávea’s investment
(31.75%)
2016 – Gávea’s divestment and
Warburg Pincus investment (same
PM)
2017 – IPO and Warburg Pincus
partial divestment (23% sale,
remaining a 9% stake)
2019 – Warburg Pincus total
divestment (Partially via Camil
Repurchase Program)
Acquisitions
2001 – SAMAN Brazil in
Pernambuco
2002 – Camaquã Plant (Brazil)
2007 – Saman (Uruguay)
2009 – Tucapel (Chile)
2010 - BB Mendes (Brazil)
2011 – Pescador and Coqueiro
brands
(Canned Fish – Brazil)
2011 – Costeño (Peru)
2012 – União and Da Barra brands
(Sugar - Brazil)
2013 – Carreteiro (Brazil)
2013 – La Loma (Argentina)
2014 – Paisana (Peru)
2018 – SLC Alimentos (Brazil)
2018 – Sale of La Loma
(Argentina)
2019 - Warburg Pincus
divestment (Buyback)
2020 - Acquistion of Pet Food
Business (Chile)¹
M&A
¹
¹
Notes:
(1) Acquisition under approval by FNE (anti-trust authority in Chile). Conclusion expected for April/2020
22

Camil
Investimentos;
62,1%
Franklin
Templeton;
5,6%
Related
Parties; 5,1%
Free float²;
27,2%
Substantial Growth in Number of
Investors to 30.5k on Nov.19
from 2.0k Investors on Nov.17
23
Camil’s IPO
Camil successfully completed its Initial Public Offering on September 2017
IPO Highlights Ibovespa vs. Camil
Corporate Governance Shareholder’s Profile
Notes:
(1) Broadcast; (2) Camil Investimentos represents Quartiero’s family ownership and includes individual ownership; Free float excludes shares on treasury and related parties
R$9.00 / share
Priced on September 26, 2017
41.0 million ONs
Primary Offering
86.5 million ONs
Secondary Offering
R$1.2 billion
Offering Size
R$357.0 million
Net proceeds from Primary Offering
Camil is listed on B3’s
Novo Mercado
segment, the highest
level of corporate
governance
Price Base 100 as of Camil’s IPO (September 28, 2017)¹
November, 2019
Investors
Breakdown
# of
Investors
# ON
(mn)
%
ON
Institutional 82 81 32%
Controlling holders
& Related Parties
9 249 67%
Pension Funds 22 11 3%
Retail/Ind. Holders 30,242 30 8%
Total 30,355 370 100%60%40%
Number of
Investors (%)
 Common voting shares only
 100% Tag along
 2 or 20% of independent Board
Members
 Minimum Free Float of 25%
 OPA by fair value
 Minimum dividend/JCP of 25% of
the net profit (in compliance with
Law No 6.404)
R$0
R$10
R$20
R$30
R$40
R$50
R$60
R$70
R$80
R$90
50
60
70
80
90
100
110
120
130
140
150
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Milhões
Volume (R$mn) CAML3 Ibovespa
IBOV
30-nov-19
108k pnts (+51%)
CAML3
30-nov-19
R$7,52 (-16%)
R$2.7bn MktCap
Base 100 Volume

Date
24
Share Repurchase Programs
Program #1
Program #3
(Private
Acquisition)
5,821,571 ON
% Acquired
100%
R$7.77
Launch
Dec. 2017
Conclusion
Jun. 2018
Treasury
5.8mn ON
Total ON
410mn ON
Program #2
3,565,275 ON
% Acquired
100%
R$7.02
Launch
Apr. 2019
Conclusion
Aug. 2019
30,665,030 ON
from Warburg Pincus
% Acquired
100%
R$6.25
Launch
Nov. 2019 - ESM
Conclusion
Nov. 2019
Number of Shares
Average
Share Price Total shares
Treasury
9.3mn ON
Total ON
410mn ON
Treasury
-
Total ON
370mn ON
Camil
Investimentos
Free Float
62.1% 5.1% - 32.8%
Management
and Related
Parties
Shareholder Structure - After 3rd Program
Total ON
370mn
Camil
Investimentos
Free Float
56.0% 4.6% 2.3% 37.1%
Management
and Related
Parties
Shareholder Structure – Before 3rd Program
Total ON
410mn
November, 2019October, 2019
TreasuryTreasury
Warburg Pincus
8.6%
Warburg Pincus
-

25
Debt Issuances | Agribusiness Receivables Certificate
Emissions 1st CRA 2nd CRA 3rd CRA 4th CRA
Emission Date Dec/2016 Jul/2017 Dec/2017 Apr/2019
Emission 5th Debenture Issuance 6th Debenture Issuance 7th Debenture (ICVM 476) 8th Debenture Issuance
Securitization Company Eco Securitizadora Eco Securitizadora Eco Securitizadora Eco Securitizadora
Total Amount R$402.255k R$405.000k R$168.050k R$600.000k
Cost
1st series: 99% CDI p.a.
2nd series: 100% CDI p.a.
Single serie: 98% CDI p.a.
Amortization
Bullet
1st series: 3 years (Dec/19)
2nd series: 4 years (Dec/20)
Bullet
1st series: 3 years (Jul/20)
2nd series: 4 years (Jul/21)
Bullet
4 years (Dec/21)
Bullet
1st series: 4 years (Apr/23)
2nd series: 6 years (Apr/25)
Interest Payment Semester Semester Semester Semester
Financial Covenant Net Debt/EBITDA LTM < 3.5x Net Debt/EBITDA LTM <3.5x Net Debt/EBITDA LTM <3.5x Net Debt/EBITDA LTM <3.5x
Liability Management: reduction on cost of debt and amortization profile schedule
Agribusiness Receivables
Certificate (CRA) is an instrument
used by Camil since the
beginning of our efforts in debt
management, with costs near
100% of the DI Rate, allowing the
Company to
replace loans with less
expensive ones and to stretch
our amortization profile.
Agribusiness Receivables Certificate (CRA)
Constant monitoring of the
company’s liquidity situation
by conservative policies
P
S&P RatingAmortization Schedule
Source: Bloomberg
915
418
194
280
3
331
828
393
201
295
4
330
R$0
R$100
R$200
R$300
R$400
R$500
R$600
R$700
R$800
R$900
R$1.000
2020 2021 2022 2023 2024 Após 2024
ago-19 nov-19

Highlights
12M17
(Dec. 31, 2017)
Net Revenues (R$mn) 512
Gross Profit (R$mn) 112
Gross Margin (%) 21.9%
EBITDA (R$mn) 32
EBITDA Margin (%) 6.2%
Net Income (R$mn) 12
Net Margin (%) 2.7%
Volume (k ton) 221
Rice (k ton) 205
Beans (k ton) 16
26
M&A Recent Transactions | SLC Acquisition (Brazil)
Acquisition
Investment
Overview
Acquisition of 100% of
SLC Alimentos Ltda. on Dec/2018
Total R$308mn (R$140mn in cash + R$40mn of retention
+ R$128mn of net debt as of Dec. 2017)
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
• Portfolio 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
• Potential synergies of R$10mn/year in COGs and G&A and R$80mn in Tax Credits
Highlights
Brands
Combo
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%
37%
4%
10%
10%
2%
21%
2%
Camil SLC Alimentos
Notes:
(1) Camil Alimentos and SLC Alimentos Market Share Data Nielsen (Retail + Wholeretail)
Rice Market Share
by Region (%)¹

• Expansion of Chilean operations into new categories
• One of the leading supplier of branded pet food products with significant market share and growth
potential in Chile
• Strengthening competitiveness in Chile, which Camil already has a track record of delivering a
constant profitable growth through its subsidiary Tucapel
• Positive industry trends with capacity to expand
• Industrial, operational and commercial potential synergies
27
M&A Recent Transactions | Pet Food (Chile)
Acquisition
Investment
Overview
100% of LDA SpA - Empresas Iansa’s Pet Food Business Unit
from ED&F Man (Closing estimated for Apr/2020)
Total CLP37 billion
(US$48mn or R$200mn)¹
Acquisition aligned to the Company’s strategy and an important step to expand Camil’s chilean operations into new categories
Highlights
Brands
Notes:
(1) Based on December 2018 Figures. CLP 37 billion equivalent to approx. US$48mn or R$200mn as of January 22, 2020
Highlights
12M18
(Dec. 31, 2018)
Net Revenues (R$mn) 136
Gross Profit (R$mn) 46
Gross Margin (%) 33.3%
EBITDA (R$mn) 20
EBITDA Margin (%) 14.9%
Net Income (R$mn) 13
Net Margin (%) 9.8%
Volume (k ton) 42
6,0% 7,0% 7,0% 8,0% 10,1% 10,9%
0%
2%
4%
6%
8%
10%
12%
14%
2014 2015 2016 2017 2018 May-19 YTD
Dog Food: Cannes
3rd largest
Market Share Growth (%)¹
0,0% 0,6% 1,6% 2,0% 1,8% 1,8%
2,9% 2,5%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
Jul-18 Aug-18 Sept-18 Oct-18 Nov-18 Dec-18 May-19 May-19
YTD
Cat Food: Felinnes
Launched in 2018

Commitment to environmental and social practices towards the Companies Purpose and Values
• Financing Program for the Smaller Producers
(education, assistance with agronomists and
monitoring)
• Monthly Donation of Staple Baskets Products
• Product Portfolio and Communication focused
on Health
• Education for Healthy Eating in Social Media
• AACD campagin among employees for direct
salary donation
• HACCP
• Biomass - Thermoelectric Plant in Itaqui and Capão do Leão
• Effluent Treatment (Industrial Process)
• Fish - Dolphin Free
29
Environmental & SocialPurpose & Values
ESG | Environmental & Social Commitment
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
Trust
We honor our commitments with seriousness and discipline.
We value transparency in our relationships, and for that, we
aim to gain respect and trust.
Entrepreneurship
We 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.
Enthusiasm
We express joy, vitality and energy in our everyday life.
Therefore, we inspire people.
Responsibility
We 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.
Proximity
We build strong partnerships as a way of establishing deep
lasting relationships with all stakeholders: consumers,
customers, employees and suppliers.
Environmental
Social
Purpose
Values

30
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
ESG | Solid Corporate Governance
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

ESG | Solid Corporate Governance
(Cont´d)
31
 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
Well-defined committees structure aiming to enhance the company’s organizational policies and
comply with the best corporate practices
Committees Main Responsibilities/Guidelines

Section V
Financial Highlights

401
414
443
494
525
583
538
556
600 596
630
769
250
350
450
550
650
750
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19
LTM
80.000
100.000
120.000
140.000
160.000
180.000
200.000
220.000
1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19
2
2,0
2,1
2,2
2,3
2,4
2,5
2,6
2,7
2,8
32
34
36
38
40
42
44
46
48
50
52
54
Camil(R$/kg)
EsalqSenar(RS/50kg)
Brazil - Rice Price Camil - Gross Price
Camil Historical Annual Volume (k ton)
33
Brazil Food Segment | Rice
Substantial Historical Growth in a Fragmented Industry, with high Opportunity for Expansion and Consolidation
CAGR+5.6%
•Wide and
fragmented market
•High industry
consolidation
opportunity
•Stable consumption
Industry
Market Share
#1 9%
#2 Player 2 5%
#3 Player 3 3%
Market Prices vs. Camil Gross Prices (%) Camil Historical Quarterly Volume (k ton)
Industry Highlights¹
Active price dynamics with weekly
price pass-through to customers
Through Organic and
Inorganic Growth, Camil
is an Undisputed Market
Leader in Rice Brazil
Short term growth
pushed by SLC
Alimentos Acquisition
IV III
II
I
V
38%
14%
2%
11%
11%
7%
8%
23%
20%
16%
VII
1% 12%
VI4% 13%
% rice market share² - Camil
% rice consumption by region
market share in
São Paulo City
Notes:
(1) Nielsen Retail Index for Rice (INA Oct19-Nov19); (2) CEPEA; rice indicator Esalq/Senar-RS 50kg

53
60
62
66
62
74
68 69
76
72
80
96
40
50
60
70
80
90
100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19
LTM
10.000
12.000
14.000
16.000
18.000
20.000
22.000
24.000
26.000
28.000
1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19
-
1,00
2,00
3,00
4,00
5,00
6,00
7,00
8,00
50
100
150
200
250
300
350
400
450
500
Camil(R$/kg)
Agrolink(RS/60kg)
34
Brazil Food Segment | Beans
Fragmented Industry, with high Opportunity for Expansion and Consolidation
•Wide and
fragmented market
•High industry
consolidation
opportunity
•High Price Volatility
(3 crops/year)
Industry
Market Share
#1 Player 1 9%
#2 8%
#3 Player 3 5%
2
Wide and fragmented
market with High Growth
Opportunity
Short term growth
pushed by SLC
Alimentos Acquisition
CAGR+5.1%
Notes:
(1) Nielsen Scantrack Index for Beans (AS Ago19-Set19); (2) Agrolink; beans indicator Sc 60kg
IV III
II
I
V
21%
4%
1%
3%
15%
14%
24%
19%
11%
17%
VII
4% 3%
VI8% 12%
% beans market share² - Camil
% beans consumption by region

610
591
545 553 541 526 523
-
100
200
300
400
500
600
700
800
900
2013 2014 2015 2016 2017 2018 3Q19 LTM
Sugar
100.000
110.000
120.000
130.000
140.000
150.000
160.000
170.000
1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19
0,6
1,1
1,6
2,1
2,6
3,1
40
50
60
70
80
90
100
110
120
Camil(R$/kg)
35
Brazil Food Segment | Sugar
Iconic Brand Recognition in a Resilient and Consolidated Industry
CAGR-2.2%
•Consolidated industry
•Concentrated on one
supplier – long term
contract, take-or-pay
•Vertically integrated
competitors
Industry
Market Share
#1 36%
#2 Player 2 15%
#3 Player 3 15%
2
Undisputed Market
Leader in a resilient and
consolidated industry
115
100
+15%
Main Competitor
 “Brand of sugar" higher prices
compared to the main competitors
Sugar premium price
Camil is focused on recovering
volumes from supply issues and
challeging competitive scenarios
Notes:
(1) Nielsen Price Index for União brand; Nielsen Retail Index for Sugar (INA Oct19-Nov19 for 1kg – represents 91% of refined market); (2) CEPEA; Cristal Sugar indicator Esalq-SP 50kg.

33
32
37
40
36
35 35
20
30
40
50
2013 2014 2015 2016 2017 2018 3Q19 LTM
Fish
3.000
5.000
7.000
9.000
11.000
13.000
15.000
1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19
16
17
18
19
20
21
22
23
mar-16 jul-16 nov-16 mar-17 jul-17 nov-17 mar-18 jul-18 nov-18 mar-19 jul-19 nov-19
Camil - Gross Price
36
Brazil Food Segment | Canned Fish
Very Consolidated Industry with Opportunity of Consumption Growth
•Very Consolidated
industry
•Industry Consumption
Growth
Industry
Active price dynamics – increases
may impact protein consumption
Market Share
#1 Player 1 47%
#2 39%
Market Share
#1 Player 1 57%
#2 24%
TunaSardine
 Trend of healthier consumption habits
switching other proteins for fish
Seasonality during
pre-lent period
CAGR+0.3%
Notes:
(1) Euromonitor; Nielsen Retail Index for Sardine and Tuna (INA Out19–Nov19)

Leadership Positions in Several of the Most Attractive Countries in Latin America
37
International Food Segment | LatAm Branded Platform
Domestic
Market
Domestic
Market
Export
Market
•Restricted domestic market
•Export Market
•~90% of rice produced in Uruguay is exported
•Uruguayan rice presents a price premium when
facing it’s main competitors
Uruguay
Industry
Historical Annual
Volume (k ton)
Historical Quarterly
Volume (k ton)#1 42%¹
Market Share
•Mature Market with great retail store chains
•Solid brand recognition and wide market share;
•Supply dependent of imports (~50%)
•Recently expanded operations for new categories
(Pet Food Acquisition)²
Industry
Historical Annual
Volume (k ton)
Volume (k ton)#1 33%²
Market Share
Chile
•Great growth potential referring to the migration
from bulk to packaged commercialization
•Costeño is prepared to absorb this change rapidly
(leader brands, agile supply)
•Wide and fragmented domestic market
Industry
Historical Annual
Volume (k ton)
Volume (k ton)#1 40%³
Market Share
Peru
Volume
21%
Net Revenue
16%
Volume
4%
Net Revenue
8%
Volume
4%
375 401
530 548
458
431
2014 2015 2016 2017 2018 3Q19 LTM
Net Revenue
7%
CAGR+2.4%
12.000
16.000
20.000
24.000
1Q14 1Q15 1Q16 1Q17 1Q18 1Q19
67
78
72
76
79
83
50
55
60
65
70
75
80
85
90
95
2014 2015 2016 2017 2018 3Q19 LTM
CAGR+3.7%
10.000
15.000
20.000
25.000
30.000
1Q14 1Q15 1Q16 1Q17 1Q18 1Q19
92 94
86
94
84
88
40
50
60
70
80
90
100
110
120
130
140
2014 2015 2016 2017 2018 3Q19 LTM
CAGR-0.6%
Notes:
(1) Uruguay: market share Consecha Comision Sectorial del Arroz (Dec19); (2) Nielsen Scantrack Chile (Decv19) - Does not include pet food business in Chile from LDA acquisition, which is under analysis by the chilean Anti-trust (FNE)
(closing expected for April 2020); (3) Kantar Worldpanel Peru (Dec19)
12.000
16.000
20.000
24.000
1Q14 1Q15 1Q16 1Q17 1Q18 1Q19

2.640 2.601 2.935
3.683 3.331 3.346
3.818
942 1.075
1.294
1.265
1.332 1.402
1.418
3.582 3.676
4.229
4.948
4.663 4.749
5.236
24,5%
23,2%
24,5% 24,7% 24,7%
25,7%
23,6%
2013 2014 2015 2016 2017 2018 3T19 LTM
Food Products Brazil Food Products International Gross Margin
169
123 142
209
315
375 361
423
547
490 483
420
11,1%
9,4% 10,1%11,7%11,3%10,5% 9,8% 10,0%11,1%10,5%10,2%
8,0%
22,9%22,8%24,2%
27,1%
24,1%24,5%23,2%24,5%24,7%24,7%25,7%
23,6%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3T19
LTM
EBITDA EBITDA Margin Gross Margin
1.513
1.313 1.407
1.784
2.776
3.582 3.676
4.229
4.948
4.663 4.749
5.236
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3T19
LTM
Despite the slowdown in the Brazilian economy, Camil posted solid operating results
Even in a challenging environment,
Camil was able to post double-digit
growth, maintaining profitability
38
Profitability Evolution | Stable and Resilient Margins
CAGR+11%
CAGR+8%
Notes:
(1) Company fiscal year begins in March and ends in February of the following year (inclusive); (2) BCB, Focus
Net Revenue (R$mm)
Net Revenue by Segment (R$mm)EBITDA (R$ millions) and Margin (% of Net Revenues)
During 2015-16, the GDP decreased 7.2%
- returning to pre-2010 levels
Brasil: GDP and Retail Sales2
(% growth, real terms)
10,9%
6,7%
8,4%
4,3%
2,2%
(4,3)%
(6,3)%
2,0% 2,3% 1,3%
7,5%
3,9%
1,9%
3,0%
0,1%
(3,8)% (3,6)%
1,0% 1,1% 1,2%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e
Retail Sales Total GDP

39
Quarterly Profitability Evolution (in R$mn)
Quarterly Margin Evolution (%)
Even in challenging environments, Camil was able to maintain historical growth and profitability throughout the years, with an active
price dynamic, focus in efficiency and expansion through organic and inorganic growth
Profitability Evolution | Net Income, EBITDA & Margins
25%
23%
22%
21%
26%
24%24%23%
29%30%
25%25%25%25%
23%24%
26%
24%
22%
21%
24%24%24%25%
26%
28%
23%22%
24%24%25%26%26%
28%
25%
24%
23%23%24%
11%10%
7%
10%
12%
9% 9%
11%
13%13%
11%11%
13%12%
11%10%
11%
10%10%
8%
11%10%10%10%
11%
14%
11%
8%
10%10%
11%11%
8%
12% 12%
9%
7% 7%
9%
8%
8%
3% 3%
7%
3% 4%
2%
7%
2%
4% 4%
5%
6%
4% 5% 4% 4%
2%
1%
3% 3% 2% 2%
4% 5% 5%
2%
5%
3%
6% 7%
3%
7%
12%
8%
4% 3%
5%
0%
5%
10%
15%
20%
25%
30%
35%
1T09 2T09 3T09 4T09 1T10 2T10 3T10 4T10 1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Gross Margin EBITDA Margin Net Margin

Indebtedness Evolution (R$mn)
Indebtedness Profile
40
Notes:
(1) Financial covenant of 3.5x Net Debt / EBITDA LTM measured annually on February
Leverage and stable margins supported by solid financial policies and cheap financing alternatives
Maximum indebtedness defined by financial covenant
of 3.5x Net Debt / EBITDA LTM1
P
Source: Bloomberg
Camil Credit Rating (by S&P)Debt Amortization Schedule
Approx. 50% of the amortization
schedule for 2020 represents
Working Capital needs
Camil Alimentos S.A. 'BB-' And 'brAAA' Ratings Affirmed;
Global Scale Outlook Remains Positive On Sovereign Cap
Standard & Poor’s, February 2020
468
616
793
625
764
915 913 893 923 959
1.068
899
986
1.149
1.330
998 1.003
1.260
1.170
1.014
1.074
1.215
744
571 604
829
925
1.032 1.057
1.273
1.566
2,0 x
2,4 x
2,7 x
2,0 x
2,2 x
2,5 x 2,5 x
2,4 x 2,5 x 2,6 x
2,8 x
2,5 x
2,7 x
3,1 x
3,4 x
2,4 x 2,2 x
2,4 x
2,1 x
1,9 x 2,0 x
2,5 x
1,6 x
1,2 x
1,4 x
1,8 x 1,9 x
2,1 x 2,2 x
2,9 x
3,7 x
3,5 x
1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18 4T18 1T19 2T19 3T19
Net Debt Net Debt / EBITDA LTM Covenant
R$
82%
USD
13%
CLP
0%
PEN
5%
915
418
194
280
3
331
828
393
201
295
4
330
R$0
R$100
R$200
R$300
R$400
R$500
R$600
R$700
R$800
R$900
R$1.000
2020 2021 2022 2023 2024 Após 2024
ago-19 nov-19Capital de giro
555
473
354
359
Liability Management Program: ~2bn in Agribusiness
Receivables Certificate Issuances, costing near 100% of DI RateP

Working Capital SeasonalityHistorical Free Cash Flow (R$mn)
Cash Flow Generation
41
Notes:
(1) Financial covenant of 3.5x Net Debt / EBITDA LTM
Seasonal cash flow mainly explained by working capital seasonality and Capex from acquisitions
Capex Evolution (R$mn)Quarterly Historical Free Cash Flow Breakdown (R$mn)
-3000,0%
-2500,0%
-2000,0%
-1500,0%
-1000,0%
-500,0%
0,0%
500,0%
1000,0%
-350
-150
50
250
450
650
Free Cash Flow Operating Cash Flow FCFF as % EBITDA
Expansion Capex
includes Company’s
acquisitions
Highest Working
Capital Seasonality on
2Q, released by 4Q
-181
30
-256
23
272
-171
-233
50
243
-49
109
372
35
-5
-48,1%
8,4%
-60,5%
4,2%
55,5%
-35,4%
-55,5%
-250,0%
-200,0%
-150,0%
-100,0%
-50,0%
0,0%
50,0%
(350,0)
(150,0)
50,0
250,0
450,0
650,0
12M13 12M14 12M15 12M16 12M17 12M18 3T19 LTM
Free Cash Flow Operating Cash Flow FCFF as % EBITDA
109
70 82 71
100
61 68
122
143 125
15
144
160
R$40
R$90
R$140
R$190
R$240
R$290
12M13 12M14 12M15 12M16 12M17 12M18 3T19 LTM
Maintenance Capex Expansion Capex
230
212 206
86
100
205
227

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
Our category markets present active price dynamics, with weekly price pass-through, ensuring stability of margins.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
42

R$66 million Net Income ( -56.0% YoY)
vs. 3Q181 Adjusted Net Income ( -7.9%Y oY)
4.6% Net Margin ( -7.3pp YoY)
vs. 3Q181 Adjusted Net Income Margin ( -1.1pp YoY)
Sequential margin growth ( +1.3pp QoQ)
December-2019
• Camil Day and Super Barra Site Visit. Investor anual event
took place in a Cinema in São Paulo and the visit to our new
sugar packaging plant in Barra Bonita (SP).
• IOE Payment. Payment of R$15 million, or approximately
R$0.04 per share, made in December 23rd.
November-2019
• Conclusion of the Company´s 3rd Share Buyback Program
• Buyback of 30.7 million shares previously held by
Warburg Pincus for the price of R$6.25/share.
• Cancelling of treasury shares resulting in total capital
stock of 370 million shares.
3Q19 Financial Highlights
YoY and QoQ comparisons
44
Highlights
R$1.4 billion Net Revenue ( +13.9% YoY)
R$1 billion Brazil Food Segment ( +16.9% YoY)
R$441 million International Food Segment ( +7.8% YoY)
3.7x Net Debt/EBITDA
Quarter highlighted by grains volume increase,
QoQ marked by sales recovery in the international segment, sugar and margins recovery
R$343 million Gross Profit ( +7.1% YoY)
23.7% Gross Margin ( -1.5pp YoY)
R$133 million EBITDA ( -12.2% YoY)
vs. 3Q181 AdjustedEBITDA ( +15.2% YoY)
9.2% EBITDA Margin ( -2.7pp YoY)
vs. 3Q18¹ Adjusted EBITDA Margin ( +0.1pp YoY)
Shareholder Structure (nov/19)
1) 3Q18 Adjusted Result excludes the effect of non-recurring revenues and expenses acknowledged in Other Operating Revenues and Financial Revenues in the quarter.
Latest News
and subsequent events

45
Main Indicators
Quarter remarked by the sequential margins recovery
1 SLC Alimentos Results consolidated as of the conclusion of the acquisition (December 3, 2018).
Highlights 3Q18 2Q19 3Q19 3Q19 vs 3Q19 vs
Closing Date 30-nov-18 31-aug-19 30-Nov-19 3Q18 2Q19
Net Revenues 1,266.7 1,223.6 1,443.5 14.0% 18.0%
Food Products Brasil 857.5 886.4 1,002.2 16.9% 13.1%
Food Products International 409.3 337.1 441.3 7.8% 30.9%
Gross Profit 319.9 283.7 342.7 7.1% 20.8%
Gross Margin (%) 25.3% 23.2% 23.7% -1.5pp 0.6pp
EBITDA 151.4 88.8 133.0 -12.2% 49.8%
EBITDA Margin (%) 12.0% 7.3% 9.2% -2.7pp 2.0pp
Net Income 150.3 40.1 66.1 -56.0% 64.8%
Net Margin (%) 11.9% 3.3% 4.6% -7.3pp 1.3pp
Capex 42.7 38.2 56.1 31.4% 46.9%
Operational Highlights - Volume (in thousand ton)
Volume - Brazil
Grains 153.7 216.9 216.1 40.6% -0.4%
Rice 133.6 190.4 193.7 45.0% 1.7%
Beans 20.1 26.5 22.4 11.5% -15.6%
Sugar 134.7 119.5 130.5 -3.1% 9.2%
Canned Fish 10.1 6.1 10.0 -1.5% 63.6%
Volume - International 179.1 145.2 176.2 -1.6% 21.4%
Uruguay 136.5 101.6 129.1 -5.4% 27.1%
Chile 20.4 21.6 22.7 10.8% 4.8%
Peru 22.2 21.9 24.4 9.9% 11.3%

46
Operational Highlights
Quarter Volume and Revenue Breakdown (%)
11.6% increase in the quarterly consolidated volume, driven by grains volumes
+11.6% YoY
Canned Fish 10k
-1.5% YoY
+63.6% QoQ
Sugar 131k
-3.1% YoY
+9.2% QoQ
Beans 22k
+11.5% YoY
-15.6% QoQ
Rice 194k
+45.0% YoY
+1.7% QoQ
0
100.000
200.000
300.000
400.000
500.000
600.000
1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16
Arroz Brasil Feijão
0
100.000
200.000
300.000
400.000
500.000
600.000
1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16
Arroz Brasil Feijão Açúcar
0
100.000
200.000
300.000
400.000
500.000
600.000
1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T
Arroz Brasil Feijão Açúcar Pescados In
0
100.000
200.000
300.000
400.000
1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17
Arroz Brasil Feijão Açúcar Pescados Internaciona
0
100.000
200.000
300.000
1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18
Arroz Brasil Feijão Açúcar Pescados InternacionalInternational 176k
-1.6% YoY
+21.4% QoQ
3Q19
Quarterly Volume Evolution (k ton)
Quarter Volumes (k ton)
Volume Net Revenue
+9.2% QoQ
0
100,000
200,000
300,000
400,000
500,000
600,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Highlights 3Q18 2Q19 3Q19 3Q19 vs 3Q19 vs
Volumes (in thousand tons) 30-nov-18 31-aug-19 30-Nov-19 3Q18 2Q19
Volume - Brazil
Grains 153.7 216.9 216.1 40.6% -0.4%
Rice 133.6 190.4 193.7 45.0% 1.7%
Beans 20.1 26.5 22.4 11.5% -15.6%
Sugar 134.7 119.5 130.5 -3.1% 9.2%
Canned Fish 10.1 6.1 10.0 -1.5% 63.6%
Volume - International 179.1 145.2 176.2 -1.6% 21.4%
Uruguay 136.5 101.6 129.1 -5.4% 27.1%
Chile 20.4 21.6 22.7 10.8% 4.8%
Peru 22.2 21.9 24.4 9.9% 11.3%

47
Brazil Food Segment | Rice
Sales Volume: 193.7 thousand tons
+45.0 % YoY
+1.7% QoQ
Average raw material price¹: R$45.98/bag
+4.5% YoY
+5.4% QoQ
Gross Price Camil: R$2.53/kg
-2.9% YoY
+2.1% QoQ
Source: Company Source: Esalq Senar¹, Company
We highlight this quarter´s volumes increase YoY and QoQ
Rice – Camil’s Volume and Net Prices Rice – Market Prices vs. Camil’s Gross Prices
Rice – Product PortfolioRice – Quarterly Highlights
¹Source: CEPEA; rice indicator Esalq/Senar-RS 50kg.
Source: Company
MainstreamValuePricing
Brands
Sales recovery for Camil and value pricing brands
SLC Alimentos Acquisition, with grains volume increase
147,254 139,079 142,413 139,500
147,055 144,294
133,599
139,500
50,442
48,148 47,956 54,200 54,200
2.14 2.09 2.19 2.26 2.38
2.04
2.27 2.26
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
4Q18 1Q19 2Q19 3Q19 3Q16 3Q17 3Q18 3Q19
Rice SLC Alimentos Net Prices (R$/kg)
187,227 190,369 193,700 193,700197,696
2.0
2.1
2.2
2.3
2.4
2.5
2.6
2.7
32
34
36
38
40
42
44
46
48
50
52
Feb-17May-17Aug-17 Nov-17 Feb-18May-18Aug-18 Nov-18 Feb-19May-19Aug-19 Nov-19
Camil(R$/kg)
EsalqSenar(RS/50kg)
Brazil - Rice Prices Camil - Gross Price

Brands
48
Brazil Food Segment | Beans
Source: Company Source: Agrolink, Company
We highlight volumes increase YoY
Beans - Camil’s Volume and Net Prices Beans - Market Prices vs. Camil’s Gross Prices
Beans– Product Portfolio
¹Source: Agrolink; beans indicator Sc 60kg
Source: Company
Sales volume: 22.4 thousand tons
+11.5% YoY
-15.6% QoQ
Average raw material price: R$166.91/saca
+67.5% YoY
+16.3% QoQ
+27.5% YoY
+8.0% QoQ
SLC Alimentos acquisition, with grain volumes increase
Beans – Quarterly Highlights
Decrease in Camil and value pricing brands volume (ex-SLC Alimentos)
19,397 18,458
20,265
15,900
20,513
16,066
20,081
15,900
4,071 4,882
6,268
6,488 6,488
4.32 4.60
3.62 3.81
5.49
3.24 2.99
3.81
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
2,000
7,000
12,000
17,000
22,000
27,000
32,000
37,000
4Q18 1Q19 2Q19 3Q19 3Q16 3Q17 3Q18 3Q19
Beans SLC Alimentos Net Prices (R$/kg)
23.468 23.339
26.533
22.388 22.388
(0.50)
0.50
1.50
2.50
3.50
4.50
5.50
6.50
7.50
8.50
0
50
100
150
200
250
300
350
400
fev-17 mai-17ago-17nov-17 fev-18 mai-18ago-18nov-18 fev-19 mai-19ago-19nov-19
Camil(R$/kg)
Agrolink(RS/60kg)

49
Brazil Food Segment | Sugar
Source: Company Source: Esalq-Senar; Company
We highlight the sequential growth in volumes
Sugar - Camil’s Volume and Net Prices Sugar - Market Prices vs. Camil’s Gross Prices
Sugar – Product PortfolioSugar – Quarterly Highlights
Source: Company
¹Source: CEPEA; Cristal Sugar indicator Esalq-SP 50kg.
Brands
Sales Volume: 130,5 mil tons
-3,1% YoY
+9,2% QoQ
Average raw material price¹ : R$63.91/bag
-0.5% YoY
+5.2% QoQ
+11.9% YoY
+9.3% QoQ
The supply of raw material was normalized and sales recovered QoQ
União sales increase and value pricing brands volumes reduction YoY
135,207 137,464
119,540
130,548
147,905
132,321
134,676
130,548
1.72 1.68
1.89
2.04
2.29
1.84 1.80
2.04
0.0
0.5
1.0
1.5
2.0
70,000
90,000
110,000
130,000
150,000
170,000
190,000
4Q18 1Q19 2Q19 3Q19 3Q16 3Q17 3Q18 3Q19
Sugar Net Prices (R$/kg)
0.6
1.1
1.6
2.1
2.6
3.1
40
50
60
70
80
90
100
fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 fev-19 mai-19 ago-19 nov-19
Camil(R$/kg)

50
Brazil Food Segment | Canned Fish
Source: Company Source: Company
We highlight the sequential sales increase during the pre-lent period
Canned Fish - Camil’s Volume and Net Prices Canned Fish - Camil’s Volume and Net Prices
Canned Fish – Product PortfolioCanned Fish – Quarterly Highlights
Source: Company
Brands
-1.5% YoY
+63.6% QoQ
+1.6% YoY
+0.5% QoQ
Continued struggle in local sardine fishing
Improvement in local tuna fishing
11,965
7,045
6,099
9,976
9,214
10,925
10,130 9,976
15.33
14.55
15.75 15.95
13.48
14.43
15.36
15.95
6.0
8.0
10.0
12.0
14.0
16.0
1,000
3,000
5,000
7,000
9,000
11,000
13,000
15,000
17,000
4Q18 1Q19 2Q19 3Q19 3Q16 3Q17 3Q18 3Q19
Fish Net Prices (R$/kg)
16
17
18
19
20
21
22
23
fev-17 mai-17 ago-17nov-17 fev-18 mai-18 ago-18nov-18 fev-19 mai-19 ago-19nov-19
Camil - Gross Price

51
International Food Segment
Chile
Uruguay
Domestic
Market
Domestic
Market
Export Market
Peru
Source: Company, excludes La Loma (Argentinian operation sold in 2Q18)
Source: Company
International Operational Performance – Quarterly Evolution (‘000 ton)
International – Breakdown 3Q19 (%)
We highlight volumes increase in Chile and Peru and sequential sales recovery in Uruguay
International - Main Considerations
By CountryBy Segment
• -5.4% YoY
• +27.1% QoQ
Gross price in R$: 2.12
• +0.0% YoY
• +12.4% QoQ
+10.8% YoY
+4.8% QoQ
• +0.4% YoY
• +3.3% QoQ
Good
profitability
maintainance
Gross price in CLP/ton:
• +2.6% YoY
• +3.2% QoQ
+9.9% YoY
+11.3% QoQ
• +3.9% YoY
• +2.0% QoQ
Gross price in PEN/ton:
• -1.6% YoY
• -2.9% QoQ
Sales recovery
Gross price in US$/ton:
• -6.2% YoY
• +6.2% QoQ
Exports Recovery
0
50,000
100,000
150,000
200,000
250,000
1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
Uruguay Chile Peru
Brazil
67%
International
33%
Uruguay
73%
Chile
13%
Peru
14%

52
Statements (in R$ millions) 3Q18 2Q19 3Q19 3Q19 vs 3Q19 vs
Net Revenues 1,266.8 1,223.6 1,443.5 13.9% 18.0%
(-) Cost of Sales and Services (946.9) (939.9) (1,100.8) 16.3% 17.1%
Gross Profit 319.9 283.7 342.7 7.1% 20.8%
(-) SG&A (231.1) (227.7) (244.3) 5.7% 7.3%
(+/-) Equity (Earnings)/Losses in Uncons. Subs. (0.3) (1.8) (0.9) 215.0% -48.6%
Other Operating Income 39.2 0.8 (0.5) -101.3% -162.2%
EBIT 127.7 55.0 97.0 -24.1% 76.4%
(+/-) Finacial Result 18.8 (18.2) (19.4) -203.2% 6.6%
Pre-Tax Income 146.5 36.8 77.6 -47.0% 111.0%
(-) Total Income Taxes 3.8 3.3 (11.5) -402.0% -443.0%
Net Income 150.3 40.1 66.1 -56.0% 64.8%
EBITDA Reconciliation
Net Income 150.3 40.1 66.1 -56.0% 64.8%
(-) Net Finacial Result (18.8) 18.2 19.4 -203.2% 6.6%
(-) Income Taxes (3.8) (3.3) 11.5 -402.0% -443.0%
(-) Depreciation and Amortization 23.7 33.8 36.0 51.9% 6.5%
(=) EBITDA 151.4 88.8 133.0 -12.2% 49.8%
Margins
Gross Margin 25.3% 23.2% 23.7% -1.5pp 0.6pp
EBITDA Margin 12.0% 7.3% 9.2% -2.7pp 2.0pp
Net Margin 11.9% 3.3% 4.6% -7.3pp 1.3pp

Statements (in R$ millions) 3Q18 3Q19 3Q19 vs 3Q18 3Q19 3Q19 vs 3Q18 3Q19 3Q19 vs
Closing Date 30-nov-18 30-nov-19 3Q18 30-nov-18 30-nov-19 3Q18 30-nov-18 30-nov-19 3Q18
Net Revenues 857.5 1,002.2 16.9% 409.4 441.3 7.8% 1,266.8 1,443.5 13.9%
(-) Cost of Sales and Services (648.0) (771.0) 19.0% (298.9) (329.8) 10.3% (946.9) (1,100.8) 16.3%
Gross Profit 209.5 231.2 10.4% 110.5 111.5 0.9% 320.0 342.7 7.1%
(-) SG&A (156.2) (165.1) 5.7% (74.9) (79.2) 5.8% (231.1) (244.3) 5.7%
(+/-) Other Reevenues (expenses) 39.3 0.0 N/D (0.4) (1.5) 266.5% 38.9 (1.4) N/D
EBIT 92.6 66.2 -28.5% 35.2 30.8 -12.4% 127.8 97.0 -24.1%
(+/-) Finacial Result 22.7 (15.2) N/D (3.9) (4.2) 7.9% 18.8 (19.4) N/D
Pre-Tax Income 115.3 51.0 -55.8% 31.2 26.6 -14.7% 146.5 77.6 -47.0%
Total Income Taxes 8.0 (6.7) N/D (4.2) (4.8) 14.8% 3.8 (11.5) N/D
Net Income 123.3 44.3 -64.0% 27.0 21.8 -19.2% 150.3 66.1 -56.0%
(=) EBITDA 108.2 90.3 -16.5% 43.2 42.7 -1.1% 151.4 133.0 -12.2%
Margins
Gross Margin 24.4% 23.1% -1.4pp 27.0% 25.3% -1.7pp 25.3% 23.7% -1.5pp
EBITDA Margin 12.6% 9.0% -3.6pp 10.6% 9.7% -1.0pp 12.0% 9.2% -2.7pp
Net Margin 14.4% 4.4% -10.0pp 6.6% 4.9% -1.7pp 11.9% 4.6% -7.3pp
Food Products Brasil Food Products International Consolidated
53
Cost of sales and services
R$1,1 billion (+16.3% YoY)
76.3% of Net Revenue (+1.6pp YoY)
SLC Alimentos Acquisition;
Grains sales increase in Brasil;
Increase in grains average Market prices;
Sales increase in Chile and Peru.
Gross Profit of R$343 million with Gross Margin
of 23.7% (-1.5pp)
R$244.3 million (+5.7% YoY)
16.9% of Net Revenues (-1.3pp YoY)
Increase of Brazil SG&A (+5.6% YoY):
Increase of International SG&A (+5.8% YoY):
Reduction of the impact of SG&A on Net
Revenues (1,3pp YoY)
Initiatives of costs and expenses reduction
EBITDA of R$133 million (-12.2% YoY)
vs. 3Q18 Adjusted EBITDA1: +15.2%
EBITDA Margin of 9.2% (-2.7pp YoY)
vs. 3Q18 Adjusted Margin1: +0.1pp
1 Resultado Ajustado 3T18 exclui o efeito de receitas e despesas não recorrentes reconhecidas em Outras Receitas Operacionais e Receitas Financeiras no trimestre.
SG&A Financial Result
Net Financial Result of -R$19.4 million
(-14.5% YoY)
Acknowledgement of interests over leases
Totaled R$11.5 million
Exclusion of R$11.5 million relative to
ICMS subventions
Income Tax and Social Contribution
Net Income of R$66 million (-56.0% YoY)
vs. 3Q18 Adjusted Net Income1: -7.9%
Net Margin of 4.6% (-7.3pp YoY)
vs. 3Q18 Adjusted Margin1: -1.1pp
Net Margin sequential improvement
(+1,3pp QoQ)
EBITDA Margin sequential improvement
(+2,0pp QoQ)
Gross Margin sequential improvement
(+0,6pp QoQ)
- modest and gradual improvement of
transfering raw material cost increase to
prices

Debt (in R$mn) 3Q18 2Q19 3Q19 3Q19 vs 3Q19 vs
Total Debt 1.386,0 2.141,8 2.052,0 48,1% -4,2%
Loans and financing 404,3 555,6 473,6 17,1% -14,8%
Debentures 981,7 1.586,2 1.578,4 60,8% -0,5%
Short Term 275,9 915,4 827,7 200,0% -9,6%
Long Term 1.110,1 1.226,4 1.224,3 10,3% -0,2%
Currency breakdown
R$ 1.026,4 1.714,1 1.695,1 65,2% -1,1%
USD 216,8 275,2 259,9 19,9% -5,6%
CLP 42,1 36,4 1,4 -96,6% -96,1%
PEN 100,7 116,1 95,6 -5,0% -17,7%
Leverage
Gross Debt 1.386,0 2.141,8 2.052,0 48,1% -4,2%
Cash and Cash Equivalents +
financial applications
461,4 869,0 486,5 5,4% -44,0%
Net Debt 924,6 1.272,8 1.565,5 69,3% 23,0%
Net Debt/EBITDA LTM 1,9x 2,9x 3,7x 1,8x 0,8x
54
Debt Profile
Debt (R$mm)
Debt Amortization Schedule (R$mm)
Liability Management: Debt cost reduction
Total Debt of R$2.1 billion (+48.1% YoY)
Net Debt of R$1.6 billion (+69.3% YoY)
Dec/18: SLC Alimentos Acquisition;
Nov/19: Conclusion of the Company´s 3rd Share
Buyback Program.
Buyback of 30.7 million shares held by Warburg
Pincus for the price of R$6.25/share.
Cancelling of treasury shares resulting in total
capital stock of 370 million shares.
Apr/19: R$600 million debentures emission (CRA)
This instrument is used since the beginning of
our efforts in debt management, with costs near
100% of the DI Rate, allowing us to replace loans
with less expensive ones and to stretch our
amortization profile.
Total Liquidity of R$486.5 million (+30.5% YoY)
Net Debt/EBITDA LTM of 3.7x (+1.8pp YoY)
Amortization
Schedule Aug-19 Nov-19
2020 915,4 827,7
2021 418,4 392,7
2022 193,5 201,5
2023 280,2 295,4
2024 3,1 4,3
After 2024 331,1 330,5
Total 2.141,8 2.052,0
915
418
194
280
3
331
828
393
201
295
4
330
R$0
R$100
R$200
R$300
R$400
R$500
R$600
R$700
R$800
R$900
R$1.000
2020 2021 2022 2023 2024 After 2024
Aug-19 Nov-19WorkingCapital
555,6
473,6

Appendix
B. Industry Highlights

135.0
77.7
69.2 65.1
39.9
12.4 12.0 8.6
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
56
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
12.3
3 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)
57
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
58
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-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
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
Notes:
(1) CONAB; Agrolink; 15/16 crop registered significant drop in productivity due to rainfall scarcity during the period

58 57 57
54
50
40 39 39 37
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 59
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 9.3 7.8 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 60
65.5
37.9
33.5
25.5 22.0 21.5 20.8
13.2 9.7 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

Appendix
C. Selected Comparable Companies

Source: Company Filings, 06-Jun-2019
(1) Assumes FX rates of 5.06 and 836.72 for MXN/BRL and COP/BRL, respectively
(2) Calculated based on the debt amortization schedule for each company 62
Selected Comparable Companies
(Figures in R$ mm1)
Brazil LatAm (ex-Brazil)
2
Ratings (Fitch/Moody´s/S&P) NA /NA /BB- BB- /NA /BB- BB /Ba2 /BB- BB- /Ba3 /BB- BB- /B2 /BB- AAA /NA / NA BBB /Baa2 /BBB AAA /WR /BBB AA- /NA /AA- NA /NA /NA NA /NA /NA BBB /Baa3 / BBB-
Ticker B3: CAML3 B3: BEEF3 B3: BRFS3 B3: JBSS3 B3: MRFG3 B3: MDIA3 BMV: BIMBOA BMV: GRUMAB BMV: HERDEZ BMV: LALAB BVC: NCH BVL: ALI
Market Capitalization $2,694 $2,000 $18,630 $7,821 $3,454 $14,509 $36,389 $18,501 $3,500 $10,320 $12,923 $7,671
TEV/EBITDA 9.22x 5.20x 13.09x 16.19x 3.37x 16.37x 8.40x 9.51x 6.35x 9.73x 11.79x 11.11x
LTMPeriod 28/02/2019 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018
Consolidated Figures
Financials:
Revenues $4,749 $16,215 $34,529 $181,700 $41,400 $6,025 $56,970 $14,633 $4,144 $14,905 $10,776 $7,203
Adjusted EBITDA 404 1,550 2,616 14,800 3,400 933 6,266 2,320 695 1,538 1,344 847
Adj. EBITDA Margin 8.5% 9.6% 7.6% 8.1% 8.2% 15.5% 11.0% 15.9% 16.8% 10.3% 12.5% 11.8%
Net Interest Expense $16 $2,484 $3,497 $8,282 $2,309 $46 $339 $250 $97 $485 $277 $184
Operating Cash Flow $94 $1,330 $1,533 $11,467 $1,519 $66 $4,209 $1,524 $274 $1,506 $1,008 $759
Capex $397 $189 $1,632 $2,897 $4,344 $301 $2,978 $811 $98 $481 $281 $193
Balance Sheet:
Cash & Equivalents $365 $4,397 $4,870 $8,935 $2,459 $464 $1,499 $679 $401 $504 $415 $901
Total Debt 1,429 10,468 22,556 56,154 14,857 1,249 17,747 4,248 1,312 5,237 3,332 2,639
Net Debt 1,032 6,063 15,610 47,218 8,000 764 16,248 3,569 911 4,643 2,917 1,738
Credit Ratios
Total Debt/EBITDA 3.54x 6.75x 8.62x 3.79x 4.37x 1.34x 2.83x 1.83x 1.89x 3.41x 2.48x 3.11x
Net Debt / EBITDA 2.6 3.9 6.0 3.2 2.4 0.8 2.6 1.5 1.3 3.0 2.2 2.1
Net Debt / (EBITDA-CAPEX) 151.8 4.5 15.9 4.0 -8.5 1.2 4.9 2.4 1.5 4.4 2.7 2.7
EBITDA / Net Interest Expense 25.4 0.6 0.7 1.8 1.5 20.2 18.5 9.3 7.2 3.2 4.8 4.6
(EBITDA-CAPEX) / Net Interest Expense 0.4 0.5 0.3 1.4 -0.4 13.6 9.7 6.0 6.2 2.2 3.8 3.6
EBITDA / Operational Cash Flow 4.3 1.2 1.7 1.3 2.2 14.2 1.5 1.5 2.5 1.0 1.3 1.1
% of Debt in USD 20% 74% 53% 95% 99% 46% 59% 59% 4% 0% 2.5% 16.2%
Debt Duration (years) 2.0 4.9 3.0 3.9 4.0 - 10.6 4.1 5.4 4.4 3.0 2.7

Investor Relations
Phone:
+55 11 3039-9238
+55 11 3039-9237
E-mail: ri@camil.com.br

Camil Alimentos Institutional Presentation February 2020

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Camil Alimentos Institutional Presentation February 2020