Corporate Presentation. First Quarter 2018

Transcription

1 Corporate Presentation First Quarter 2018

2 Sector Overview The Company Financial and Operational Highlights Appendix

3 Sector Overview

4 Global Beef Market ( OOO tons carcass weight equivalent) USA Production 12,601 Import 1,379 European Union Production 7,855 Import 340 Export 370 Russia Production 1,300 Import 400 Export 15 Export 1,372 Global Herd South America (1) Production 15,302 India Production 4,300 Import - Export 1,900 Asia (2) Production 8,083 Import 3,346 Export 20 Others 19% India 30% (4) Import 389 Export 3,230 Oceania (3) Production 2,902 USA 9% EU 9% China 10% Brazil 23% Source: USDA Production: (1) South America: Argentina (2,915), Brazil (9,900), Chile (210), Colombia (760), Paraguay (630), Peru (212), Uruguay (570), Venezuela (105) (2) Asia: China (7,325), Japan (470), Hong Kong (6), Taiwan (7), South Korea (275) (3) Oceania: Australia (2,280) and New Zealand (622) (4) 36% of India s herd is comprised of buffalo according to the last country s census Import 25 Export 2,170 4

5 E E E E E E E CANADA (2000-: -11.9%) Herd Size: Players in the World Shrinking Markets Globally RUSSIA (2000-: -34.5%) 16,0 15,0 14,0 13,0 12,0 11,0 10,0 E.U (2000-: -6.9%) 30,0 28,0 26,0 24,0 22,0 20,0 18,0 16,0 100,0 98,0 96,0 94,0 92,0 90,0 88,0 86,0 84,0 82,0 UNITED STATES (2000-: -3.9%) 96,0 94,0 92,0 90,0 88,0 86,0 84,0 82,0 130,0 125,0 120,0 115,0 110,0 105,0 100,0 95,0 90,0 CHINA (2000-: -23.7%) 28,0 26,0 24,0 22,0 20,0 18,0 16,0 14,0 12,0 MEXICO (2000-: -34.2%) 30,0 29,0 28,0 27,0 26,0 25,0 24,0 23,0 22,0 AUSTRALIA (2000-: -7.6%) Source: USDA Cattle Herd: Numbers in mm heads l E: Estimates 5

6 E E E Colombia Herd Size: Players in South America Only Region in Expansion Brazil 24,0 23,0 22,0 21,0 20,0 19,0 18,0 COLOMBIA ( : 16.2%) 58,0 56,0 54,0 52,0 50,0 48,0 46,0 44,0 ARGENTINA (2000-: 6.8%) Paraguay 15,0 14,0 13,0 12,0 11,0 10,0 9,0 8,0 PARAGUAY ( : 39.8%) 13,0 12,5 12,0 11,5 11,0 10,5 10,0 9,5 9,0 URUGUAY (2000-: 11.3%) Argentina Uruguay BRAZIL (2000-: 58.8% ) Source: USDA and SENACSA Cattle Herd: Numbers in mm heads E: Estimates 240,0 220,0 200,0 180,0 160,0 140,0 120,0 6

7 Sector Overview Global Supply AUSTRALIA Meat & Livestock Australia (MLA) Projections Approximately 2 million heads was reduced in the herd, a drop of 6.4% in the past three years 2018: the herd may reach a 27,5 million heads Exports: drop in 26% between 2015 and UNITED STATES 2008: Farm Bill US government encourages investment in biodiesel production through the use of ethanol Rise in grain prices Livestock farmers migrate to other cultures Lowest herd drop in history American industry become net importers of beef AUSTRALIA HERD PROJECTION UNITED STATES BEEF MARKET , % 27,916 27,550 27, E 2019E ( 000 cwe (1) ) E vs 2014 Production 11,075 10,817 11,507 11,938 12,601 13,8% Import 1,337 1,529 1,367 1,358 1,379 3,1% Export 1,167 1,028 1,159 1,298 1,372 17,6% Net Source: Meat & Livestock Australia and USDA (1) cwe = tons of carcass weight equivalent E: Estimates 7

8 Uruguay European Union United States Paraguay Australia Brazil Argentina Sector Overview World Demand BEEF CONSUMPTION GROWTH ( X 2000) BEEF IMPORTS (000 TONS) Asia Middle East Americas (ex North America) Africa European Union North America Oceania CIS -3% -6% -13% -26% 16% 11% 47% 57% China Hong Kong , E BEEF EXPORTS VOLUME ( X 2017) 19.5% EVOLUTION GLOBAL CLASS AVERAGE (Million of People) 4, % 0.8% 5.7% 5.8% 8.3% 9.1% 3,249 3,228 1,845 1, North America Europe Central and South America Asia Pacific Sub-Saharian Africa Middle East and North Africa Sources: USDA e OECD 8

9 Exports more concentrated (2007: 11 major exporters were ~70 % exports 2017 : 3 exporters did ~ 70% of exports) Brazil: Exports Evolution Increased diversification of Brazilian exports Potential opening of new markets (Japan, Canada, Mexico, South Korea and others) Reopening of markets in 2015/2016: China Mainland, Saudi Arabia and United States In 2016, Brazil increased its access to roughly 60% of the global Beef demand (not considering USA) from less than 50% until 2014 % OF TOTAL EXPORTS REVENUES Others 36% Russia 28% Others 23% Hong Kong 20% Venezuela 4% Germany 4% Iran 4% Italy 7% Egypt 10% Netherland 9% Saudi Arabia 3% Chile 5% Russia 9% Egypt 10% Iran 11% China 18% 2007: US$3.5 billion 2017: US$5.1 billion Source: SECEX 9

10 BEEF EXPORTS* Countries E Δ / 2017E Brazil 1,705 1,698 1,760 1, % Uruguay % Argentina % Paraguay Mercosur 2,645 2,724 2,852 2, % Australia 1,854 1,480 1,450 1, % New Zealand Oceania 2,493 2,067 2,020 2, % USA 1,028 1,159 1,285 1, % Canada Mexico % NAFTA 1,654 1,860 2,040 2, % India 1,806 1,764 1,825 1, % E.U % Others % TOTAL 9,545 9,422 9,791 10, % 2018 USDA Estimates BEEF IMPORTS* Countries E Δ / 2017E USA 1,529 1,367 1,341 1, % China , % Japan % South Korea % Russia % Hong Kong % E.U % Egypt % Chile % Canada % Mexico % Others 1,964 1,879 1,897 1, % TOTAL 7,631 7,691 7,748 7, % HIGHLIGHTS Exports: Global exports: +3% vs 2017E Main exporters: India Brazil Australia USA Mercosur: +4% vs 2017E Brazil (+4%) Argentina (+25%) Main global beef exporter region Imports: Main importers: EUA China Japan South Korea Asia ( vs 2017E): China + Hong Kong: +6% Japan: +4% Source: USDA * 000 tons carcass weight equivalent E: Estimates 10

11 02/01/ /03/ /05/ /07/ /09/ /12/ /02/ /04/ /06/ /08/ /11/ /01/ /03/ /05/ /08/ /10/ /12/ /02/ /04/ /07/ /09/ /11/ /01/ /04/ /06/ /08/ /10/ /12/ /03/ /05/ /07/ /09/ /11/ /02/ /04/2018 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar % 55% 35% 15% SLAUGHTER COMPOSITION Oxes Cows + Heifers Sector Overview Brazil CALF PRODUCTION AND FEMALE SLAUGHTER Female Slaughter Million heads Calf Production ,0 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 AVERAGE CATTLE PRICE (R$/@ - SP STATE) BRAZILIAN CATTLE HERD (MILLIONS HEADS) Sources: Agroconsult, Informa FNP, IBGE, Cepea and USDA 11

12 jan-03 mai-03 set-03 jan-04 mai-04 set-04 jan-05 mai-05 set-05 jan-06 mai-06 set-06 jan-07 jun-07 out-07 fev-08 jun-08 out-08 fev-09 jun-09 out-09 fev-10 jun-10 out-10 fev-11 jun-11 out-11 mar-12 jul-12 nov-12 mar-13 jul-13 nov-13 mar-14 jul-14 nov-14 mar-15 jul-15 nov-15 mar-16 jul-16 dez-16 abr-17 ago-17 dez-17 abr-18 Jan-08 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 CATTLEY CYCLE Phase 1: Female Slaughter Decrease in breeding profitability results in an increase in the supply of females for slaughter, creating a market imbalance Phase 1 Calves prices decrease Sector Overview Brazil 50% 45% 40% 35% 30% BREEDING MARGIN X FEMALE SLAUGHTER Female Slaughter (p,m) LTM Moving Average (Female Slaughter) Breeding Margin (p,m) LTM Moving Average (Breeding Margin) 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% -0,5% Sources: Cepea and IBGE Rise in cattle prices Female retention Phase 2 Calves prices increase Drop in cattle prices Phase 2: Female Retention Reduction in females results in decreased calf production and reduced cattle supply in the near future BREEDING MARGIN X LOCAL INTEREST RATE Breending Margin 3,50% Selic Rate Annual Rate 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% -0,50% 12

13 Sector Overview South America FRESH BEEF EXPORTS ( 000 CWT*) MERCOSUR CATTLE HERD (MILLIONS HEADS) % 28% 29% 30% ,659 2,738 2,866 2, E E Exports Share of World Total HIGHLIGHTS Share increase in world exports Better numbers of cattle herd growth Higher volume and export revenue growth More capable region to supply the higher world demand OPENING OF NEW MARKETS IN SOUTH AMERICA Expectation of the opening of Indonesia market and the reopening of the United States to Brazilian beef Also expected the opening of the United States to Argentina s beef Opening of the Japanese market to Uruguayan producers in the coming months Expectation of greater access to the world s main consumer markets in the world Sources: USDA, SENCASA, IPCVA, SENASA, INAC and SECEX E: Estimates *cwt = carcass weight equivalent 13

14 BRAZIL Sector Overview Mercosur PARAGUAY 1Q18 Slaughter volume: +4% yoy -5% qoq Good availability of cattle ready to slaughter and strong exports performance, although weak consumption (seasonal) 1Q18 Exports volume: +21% yoy -7% qoq Strong demand from Asia and Middle East Higher volumes to Chilean market 1Q18 Domestic Market: Seasonal: low demand Higher supply of substitutes proteins and calendar effect impact URUGUAY 1Q18 Slaughter volume: +8% yoy +7% qoq Slaughtering anticipation due to dry season ( La niña ) 1Q18 Exports volume: +16% yoy +17% qoq 1Q18 Highlights: China (39% of total) +3 p.p. yoy Russia: +19% yoy its participation in Uruguayan exports 1Q18 Slaughter volume: -17% yoy -11% qoq Female retention for reproduction Weather conditions affected animals transportation 1Q18 Exports volume: -11% yoy -20% qoq 1Q18 Highlights: Russia (44% of the total) +12 p.p. yoy Higher volumes to Russian market after ban for Brazilian beef ARGENTINA 1Q18 Slaughter volume: +8% yoy -2% qoq Slaughtering anticipation due to dry season ( La niña ), as in Uruguay 1Q18 Exports volume: +56% yoy China (35% of the total) +10 p.p. yoy Higher volumes to China, Russia and Chile 1Q18 Domestic Market: Strong consumption blocked seasonality impact Sources: Minerva, Ministry of Agriculture, Livestock and Supply, SECEX, SENACSA and INAC. 14

15 The Company

16 Current Geographical Diversification Colombia SLAUGHTERING CAPACITY GROWTH Brazil +52% 26,380 15,880 17,330 17,330 10,480 11,480 11,480 Paraguay CAPACITY BY COUNTRY # OF SLAUGHTERING PLANTS HEADS/DAY % OF TOTAL Argentina Uruguay Slaughter Units Processing Plants Brazil 11 11, % Paraguay 6 5, % Argentina 5 5, % Uruguay 3 3, % Colombia % Total 26 26, % 16

17 Gross Revenues Breakdown BRAZILIAN INDUSTRY DIVISION INTERNATIONAL INDUSTRY DIVISION TRADING DIVISION Colombia Brazil Colombia Brazil Colombia Brazil Paraguay Paraguay Paraguay Argentina Uruguay Argentina Uruguay Argentina Uruguay 14% of Consolidated Gross Revenue New Zealand 46% of Consolidated Gross Revenue 40% of Consolidated Gross Revenue Australia Gross Revenues 1Q18 % of 1Q18 Gross Revenue DM % of 1Q18 Gross Revenue EM 1, % 66.4% Gross Revenues 1Q18 % of 1Q18 Gross Revenue DM % of 1Q18 Gross Revenue EM 1, % 68.9% Gross Revenues 1Q18 % of 1Q18 Gross Revenue DM % of 1Q18 Gross Revenue EM % 31.9% DM: Domestic Market EM: Export Market 17

18 Sales: Domestic Market One Stop Shop DISTRIBUTION CENTERS SALES CHANNELS % OF REVENUE 2017 Colombia Bogota Brazil: Aparecida de Goiania GO Araraquara SP Brasilia - DF Belo Horizonte MG Cariacica - ES Taboão da Serra - SP Uberlandia MG Fortaleza CE Recife PE Paraguay Assuncion Mid Retailer 18% Others 8% Food Service 50% Chile Santiago Concepcion Argentina Pilar Small Retailer 23% FOOD SERVICE - % OF TOTAL SALES HIGHLIGHTS 31% 40% 44% 51% 52% 53% 50% Focus on small and medium retailers and the food service segment Improvement of the Go to Market strategy Result: expansion of the One stop Shop client portfolio Changes to the logistic network

19 Sales: Exports Market Focus on Emerging Countries HIGHLIGHTS Primary focus: emerging markets (more than 100 countries) Niche markets: organic beef for the USA and Europe (USDA approved) Special cuts (including kosher and halal) for the Middle East and Russia USA UK Italy Lebanon Egypt Argelia Russia China China Hong Kong Singapore 13 international offices (Americas, Europe, Middle East, Africa, Oceania and Asia) Sales through 3 distinct channels: Industry Food Service Retail Chile Brazil +2 International Trading Australia International Offices New Zealand Americas 8% EU 15% BRAZIL DIVISION BREAKDOWN OF EXPORTS (% OF REVENUE) CIS 4% LTM1Q17 NAFTA 1% Middle East 28% EU 10% Americas 10% CIS 7% LTM1Q18 NAFTA 2% Middle East 31% INTERNATIONAL DIVISION BREAKDOWN OF EXPORTS (% OF REVENUE) Middle East 12% EU 12% LTM1Q17 Africa CIS 1% 6% Americas 33% Middle East 10% CIS 10% LTM1Q18 Africa NAFTA 2% 8% Americas 29% Africa 18% Source: Minerva Asia 27% Africa 16% Asia 25% NAFTA 14% Asia 22% EU 13% Asia 28% 19

20 Share of Exports Colombia¹ Market Share Minerva 71% Largest exporter in South America Brazil South America Paraguay Market Share Minerva 40% Market Share Minerva 19% Minerva 22% Argentina Market Share Minerva 16% Uruguay Market Share Minerva 21% Growth of 43% of the exports revenue on LTM1Q18 (YoY) Sources: Minerva, Secex, INAC, SENACSA and ABC Consórcio 1 Exports of Colombia: Nov/17 Jan/18 20

21 Minerva Access To International Market MINERVA S FOOTPRINT TRACK RECORD With current footprint, Minerva manage to access virtually all markets MAINLY BEEF IMPORTERS % of Global Beef Country Import * MINERVA S CURRENT PENETRATION BR PY UY AR USA 17.9% China 10.8% Japan 9.3% Russia 7.6% South Korea 6.7% Hong Kong 4.9% European Union 4.8% Egypt 4.4% Canada 3.4% Chile 3.1% Malaysia 3.1% Mexico 2.3% Saudi Arabia 2.3% Philippines 2.3% Iran 2.0% Others 15.0% Sources: Minerva and USDA * Million tonnes combining fresh, frozen and chilled beef, reference:

22 Financial and Operational Highlights

23 Risk Management Differentiated Strategy Cattle Purchase Futures Market Domestic Market Export Market FX Risk Logistics & Taxes Business Intelligence Choice Meeting Beef Desk Pricing Meeting Booking scale Mix of Sales DM/EM Basis Arbitrage Carry Arbitrage Long/Short Play 23

24 Operating and Financial Results GROSS REVENUE BRAZILIAN INDUSTRY DIVISION (R$ MILLION) GROSS REVENUE INTERNATIONAL INDUSTRY DIVISION (R$ MILLION) +21.6% % 1,425 1,620 1,855 1,994 1, ,112 1,471 1,490 1Q17 2Q17 3Q17 4Q17 1Q18 CAPACITY UTITLIZATION BRAZILIAN INDUSTRY DIVISION 1Q17 2Q17 3Q17 4Q17 1Q18 CAPACITY UTITLIZATION INTERNATIONAL INDUSTRY DIVISION 69.9% 78.3% 84.1% 81.0% 80.1% 70.4% 70.7% 68.6% 68.6% 71.5% 1Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 24

25 Operating and Financial Results (cont d) GROSS REVENUE - TRADING DIVISION (R$ MILLION) +68.3% DIVISIONS BREAKDOWN (% OF GROSS REVENUE) 1Q18 Trading Division 14% Q17 2Q17 3Q17 4Q17 1Q18 International Industry Division 40% Brazilian Industry Division 46% NET REVENUE (R$ MILLION) EBITDA (R$ MILLION) AND EBITDA MARGIN (%) +64.9% 9.2% 10.8% 9.1% 9.2% 8.1% 2,142 2,579 3,418 3,965 3, Q17 2Q17 3Q17 4Q17 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 25

26 Free Clash Flow LTM1Q18 (R$ MILLION) 1,237.5 (258.5) (795.5) (460.4) (276.9) 1 EBITDA Capex (cash) Financial Result (cash) Working Capital Var Free Cash Flow 1Q18 (R$ MILLION) (48.4) (217.9) EBITDA Capex (cash) Financial Result (cash) Working Capital Var Free Cash Flow 1 Working capital excludes equity valuation adjustments and accumulated conversion amounts. 26

27 Capital Structure HIGHLIGHTS Net Debt/LTM EBITDA ratio: 4.53x Cash Position: R$ 3.9 billion At the end of March, approximately 79,5% of total debt was exposed to the dollar variation Debt Duration: 5.7 years DEBT AMORTIZATION SCHEDULE (R$ MILLION) MAR/18 3,877.3 Short-term debt 3, , , , Cash 2Q18 3Q18 4Q18 1Q

28 Guidance & Sensitive Analysis FROM JULY 2017 TO JUNE 2018 R$ Million Minerva JBS Mercosur Minimum (-5%) Average Maximum (+5%) Net Revenue 10,500 3,200 13,000 13,700 14,400 (1) Considering average dollar in the period of R$3.20. (2) Considering recognition from JBS Mercosur operations starting from Jul 1 st, FROM * Net Debt JANUARY is based on2018 the 1Q17 TO results DECEMBER 2018 R$ Million Minimum Maximum Net Revenue 14,500³ 15,000³ (3) Considering average dollar in the period of R$

29 Appendix

30 Corporate Governance Shareholders Agreement SALIC UK SHAREHOLDERS STRUCTURE 21.40% 28.22% 11.63% VDQ Holding Shareholders Agreement BRF S.A Free Float BOARD OF DIRECTORS BOARD OF DIRECTORS TITLE PROFESSIONAL SUMMARY Ibar Vilela de Queiroz Chairman (1) Member of the Board since 2007 Minerva s co-founder, was Supplies Director of the Company from 2010 to Frederico Alcântara de Queiroz Vice-Chairman (1) Started his professional life in 1998, working in the financial market. Since 2003, it has been working in the Livestock export area of the Company. Mathew James Jansen Vice-Chairman (2) 1999 to 2015, Mr. Jansen as President-grain worked for Archer Daniels Midland Company. Matthew James holds the executive director of SALIC. Prior to SALIC. From 61.25% 38.75% Noberto Lanzara Júnior Member (1) Founder and CEO of Rico Investimentos, current partner of Yellow Ventures, Neon of payments, Agropecuária San Francisco and Blu Empreendimentos Imobiliários. He is a member of the Board of Directors of Bolsa Brasileira de Mercadorias Sérgio Carvalho Fonseca Member (1) Planning Director of Martins Com. e Distribuição Former CEO of BRF S.A and Vice-President of Sadia S.A. Additionally, he was Alexandre Mendonça de Barros Member (1) Partner of MB Agro, member of the Boards of Directors of Grupo Schoenmaker/Terra Viva, Grupo Otávio Lage and former member of the Board of Fosfértil. Additionally, he is member of the Agribusiness Superior Council of FIESP New Composition of the Board of Directors : 10 members: 5 members appointed by VDQ 3 members appointed by SALIC UK LIMITED 20% independent members (According to Novo Mercado Regulation) Salman Abdulrahman Binseaidan Member (2) Vice-President of Investments of SALIC. He held executive posts at King Abdullah City for Atomic and Renewable Energy, Saudi Industrial Development Fund, Industrialization & Energy Services Company and Saudi Basic Industries Corporation Abdulaziz Saleh Al-Rebdi Member (2) Member of the Board of Directors of SALIC and Chairman at ASR Consulting José Luiz Rêgo Glaser Member (3) Former CEO of Noble Agri Unit, from Noble Group Gabriel Jaramillo Sanint Member (3) Colombia and Citibank Mexico Former President and Chairman of Banco Santander Brasil, Banco Santander (1) Appointed by VDQ ; (2) Appointed by SALIC; (3) Independent Member 30

31 Disclaimer This presentation provides general information about Minerva S,A, and its subsidiaries ("Minerva" or "Company") and was prepared on the date of its presentation by Minerva. Information herein is provided in summary form and is not intended to be complete or to be interpreted as advice to potential investors. We do not make any declaration or guarantee, express or implied, regarding the veracity, suitability, impartiality, completeness or scope of the information contained herein. Information obtained from public sources, contained in this presentation, has not been independently verified. This presentation contains forward-looking statements which were carefully prepared by management and are intended to indicate possible future tendencies in relation to Minerva in accordance with management s reasonable expectations. The use of such terms as project", "estimate", "anticipate", "envisage", "plan" and "expect", among others, should not be interpreted as projections or guidance in accordance with the prevailing legislation, but should be regarded as mere tendencies which clearly involve risks and uncertainties. These statements are based on various factors and assumptions, including market conditions, government regulations, pressures from competitors, and the performance of the industry and the global and Brazilian economy, among others, as well as the risks mentioned in the disclosure documents filed by Minerva with the Brazilian Securities and Exchange Commission (CVM). Any alterations to these factors or assumptions may lead actual results to differ from current tendencies. We advise not placing undue trust in these forward-looking statements, the Company s past performance being no indicator of future results. Although Minerva believes that the forward-looking statements contained herein are reasonable and based on data currently available to management, it cannot guarantee future results or events. The information and statements contained in this presentation apply only to the date on which they were prepared and Minerva is in no way obliged to update them in the light of new information or future developments. Neither should this presentation or its contents be considered an offer or invitation to an offer to subscribe to or acquire any securities. The information contained in this presentation should not serve as the basis of any agreement or commitment. Minerva takes no responsibility for transactions or investment decisions based on the information herein. No one is authorized to provide any information or make any representation that is inconsistent and not coherent with this presentation. If any such information has been provided or representation made, it should not be construed as having been authorized by or on behalf of the Company. This presentation is strictly confidential and is presented to a select audience. It may not be reproduced, fully or partially, distributed or transmitted to any other person without prior written consent from Minerva. This presentation is not meant for distribution or use by any person or entity in any jurisdiction or country where such distribution or use is against law or regulations. 31

32 Investor Relations Eduardo Puzziello Kelly Barna Matheus Oliveira Luiza Puoli Phone: