O C T O B E R 2 0 0 8

O C T O B E R 2 0 0 8

C O T R I L A L I M E N T O S S . A . C O T R I L A L I M E N T O S S . A .

2

Beef Industry in Brazil - Overview

Heads of Cattle Slaughtered in Brazil (millions)

14.9 14.916.8 17.1

18.419.9

21.6

25.928.0

30.4 30.7

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Source: IBGE as of September 12, 2008

Overview

With 169 million heads, Brazil has the largest commercial cattle inventory in the world, considering that India does not commercialize cattle due to its religious beliefs

Brazil is currently the largest beef and veal exporter in the world, with exports totaling 2.19 million tons (28.8% of worldwide exports) in 2007, according to the USDA

Cattle prices in Brazil have increased from lower growth rates of inventory and as a result of higher than average cow slaughtering between 2003 and 2006, as well as from higher costs in 2008

– Average cattle prices in the state of São Paulo increased from R$53 per live arroba weight in Dec 2006 to R$90 per live arroba weight in Aug 2007

Heads of Cattle in the 50 Largest Feedlots of Brazil (‘000)

438.0524.7

666.1801.6

934.0

1,257.1

1,705.6

2002 2003 2004 2005 2006 2007 2008E

Source: Top Beefpoint research of feedlots

Heads of Cattle in Brazil (millions)

78.6

101.7118.1

128.0

153.1169.9

1970 1975 1980 1985 1995 2006

Source: IBGE as of September 12, 2008

CAGR =7.5%

Source: IBGE, USDA, CEPEANote: 1 live arroba = 30 kilograms and 1 dead arroba = 15 kilograms

According to Assocon estimates, a total of 3 millionheads of cattle were fattened in feedlots in 2007

3

Beef Industry in Brazil - Location and Density

The Southern region has seen land value increases because of agricultural activities

Cattle herds are migrating from the Southern to the Northern parts of the country

– Increased importance of plant location due to high logistic costs

Cattle Herd Density

19951995 20062006

Cattle herd breakdown by region (2006) – Total: 169 mm heads

North Northeast Southeast South Middle-West

18.4% 15.3% 20.6% 14.1% 31.6%

4

Beef Industry in Brazil - Volumes and Revenues

Brazilian Beef Exports (US$ mm)

1,049 1,1441,590

2,526

3,060

3,923

4,425

2001 2002 2003 2004 2005 2006 2007

Source: ABIEC

Beef capacity (heads/day)

Net Revenues 07

EBITDA 07

% Exports 07

Location ofplants

Top 4 Beef Companies in Brazil (numbers in R$mm, unless otherwise indicated)

Source: Companies’ filings, USDA, SECEX, news run¹ Does not consider National Beef, Smithfield Beef and Grupo Tasman

CAGR =27.1%

Market share in the Brazilian beef market

14,142

591

4.2%

39.1%

51,400¹

AC, GO, MT, MS, MG,RO, SP, PR / USA /Argentina / Australia

% Margin 07

3,340

380

11.4%

49.8%

RO, MT, MS, GO,SP, RJ, RS / Chile /Argentina / Uruguay

21,100 5,500

1,463

121

8.2%

76.6%

SP, GO, MS, TOParaguay

12,650

6,400

13.5%

47.0%

GO, MT, MS, MG,BA, PR, SP /

Uruguay

864

Gross Value of Brazilian Beef Production (R$ billion)

Source: CNA

32.4 32.8

47.4

2006 2007 2008E

5

Beef Chain Overview

EarlyBreeding

PastureGrowing

FeedlotSlaughterhouses

Meat Packing

SalesDomestic & Export

Markets

1 year 1 year 75 days

As calves reach 6 to 10 months of age, they are weaned from their mothers. Weaned male calves (steers) often graze until about one year old (yearlings) and then are sold to a cattle feeder who will prepare the animal for the feedlot

Calves reach approximately 6 live arrobas weight

These are mostly ranches and farms where cattle graze on pasture or start receiving grain to supplement their diets. Once most cattle reach approximately 12 live arrobas weight, they are taken to a feedlot

When cattle arrive at a feedlot, they typically are separated into herds and live in pens that allow about 7 to 8 square meters of room per animal. Cattle usually spend 75 days in a feedlot, during which they are fed a scientifically formulated ration and have constant access to water

Once cattle have reached 17 live arrobas weight, they are typically considered “finished” and are transported to packing plants for slaughter

When cattle arrive at packing plants, the animals are slaughtered and processed within the most exigent standards of sanitary control

The process is oriented for quality excellence in food production for consumption

Final products are sold in domestic and export markets, where retailers and foodservice operators sell beef products in supermarkets and restaurants

1 day

Note: 1 live arroba weight equals approximately 30 kilograms and 1 dead arroba weight equals approximately 15 kilograms

6

Overview

Cotril Alimentos

“Integrate the beef chain, attending the most required quality standards with social and environmental responsability”

Shareholders Structure

Cotril Group

64% 36%

CapitalOperational

assets

PastureGrowing

FeedlotSlaughterhouses

Meat Packing

SalesDomestic & Export

Markets

EarlyBreeding

Cattle Feed

Integrated beef chain

To be incorporated in Cotril Alimentos by the end of 2008

Highlights

Cotril Alimentos is made up of the following operations: feedlots, slaughterhouse/meat packing and sales/distribution

Cotril Alimentos is the largest Brazilian feedlot operator and has approximately 650,000¹ heads of cattle distributed throughout more than 560 farms

– Partnership with Schering-Plough (Intervet) for sanitary control of its cattle inventory

– Largest single supplier of cattle to beef companies in the state of Goiás

Feedlot fixed capacity is expected to reach 210,000 heads of cattle in 2008, consolidating Cotril´s #1 position in Brazil

– Considering an estimated 3x turnover, Cotril Alimentos will be able to fatten approximately 600,000 heads of cattle on its feedlots

In December 2007, Cotril’s slaughterhouse in the city of Inhumas (close to Goiânia) started its operations;

– Currently has a total capacity of 1.200 animals/day

– International standard of quality: This allows them to export to “General List” countries, including the European Union; also licensed to export to Middle East countries

Note: ¹ As of July 2008. It includes animals in pasture and feedlots

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Cotril’s Cattle Herd

GO

RO

MT

MG

TO

► Heads of cattle: 168,514

– Pasture Growing: 147,095

– Feedlots: 21,419

► # of farms: 124

Tocantins

► Heads of cattle: 3,838

– Pasture Growing: 3,838

– Feedlots: 0

► # of farms: 43

Minas Gerais

► Heads of cattle: 39,050

– Pasture Growing: 28,058

– Feedlots: 10,992

► # of farms: 21

Mato Grosso

► Heads of cattle: 19,064

– Pasture Growing: 15,427

– Feedlots: 3,637

► # of farms: 13

Rondônia► Heads of cattle: 420,771

– Pasture Growing: 293,149

– Feedlots: 127,622

► # of farms: 367

Goiás

340391

484 507552

594 616 602630 628 664 661 656 656 668 671 656 651

Feb

-07

Mar

-07

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb

-08

Mar

-08

Apr

-08

May

-08

Jun-

08

Jul-0

8Heads of cattle: 651,237 Male: 570,755 Female: 80,482 (approximately 15,000 heads of cattle on early breeding operations)

Number of farms: 568 Leased: 535 Owned: 33

Total Heads of Cattle (thousand)

8

Largest Feedlot Operator in Latin America

MT

TO

1

GO

5

4

8

6

32

7

Unit NameCapacity

2007 2008E

Mara Rosa 50,000 50,000

Nerópolis 25,000 15,000

Jussara 15,000 45,000

Cariri 15,000 25,000

Campinaçú 10,000 15,000

Mineiros 0 15,000

Água Boa 0 30,000

Comodoro 0 15,000

Total 115,000

210,000

1

2

3

4

5

6

7

8

-20,00040,00060,00080,000

100,000120,000140,000160,000180,000

Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08

Animal Production for Slaughtering Average Number of Animals in the Feedlots

MTTO

GO 3

2

5

9

Slaughterhouse Operation

Overview

Strategically located in the city of Inhumas (GO), close to the main cattle suppliers and 60 Km from Goiânia

Total capacity of 1.200 animals/day

– Under the company’s business plan total meat production derived from the meat packing plants will reach full capacity by 2011

Due to Cotril’s integrated operations, slaughterhouses are expected to work at full capacity

– From 2009 the feedlot operation will be responsible for providing almost 100% of the meat packing plant needs minimizing supply risk between the harvest (December through May) and in between harvest (June through November) periods of the year

International standard of quality: allows for export to “General List” countries, including the European Union; also licensed to export to Middle East countries

The products and carcass are cut and classified according to the client’s specific demands

Innovative traceability system

10

Agricultural Production

Unit Farm State Company Product Area (ha) Tons Market Value (R$)

Nerópolis Cambará GO Alimentos Grass (Silage) 500 30,000 1,200,000

Jussara Canadá GO Alimentos Corn (Silage) – 1st Crop 3,000 180,000 14,400,000

Jussara Canadá GO Alimentos Corn (Grains) – 2nd Crop 3,000 21,600 8,640,000

Mara Rosa Sta. Luzia GO Alimentos Corn (Silage) 560 33,600 2,688,000

Mara Rosa Sta. Luzia GO Alimentos Corn (Grains) 300 2,160 864,000

Mara Rosa Sta. Luzia GO Alimentos Sorghum (Grains) 700 5,040 1,596,000

Mara Rosa Jatobá GO Alimentos Grass (Silage) 750 45,000 1,800,000

Cariri São Vicente TO Alimentos Corn (Silage) 1,200 72,000 5,760,000

Cariri Itália TO Alimentos Corn (Grains) 1,200 8,640 3,456,000

Campinaçú São José GO Alimentos Corn (Silage) 600 36,000 2,880,000

Campinaçú Bom Jesus GO HPA² Corn (Grains) 2,000 14,400 5,760,000

Campinaçú Bom Jesus GO HPA² Sorghum (Silage) 500 30,000 1,500,000

Água Boa Água Ba MT HPA² Corn (Silage) 720 43,200 3,456,000

Comodoro Comodoro MT HPA² Corn (Silage) – 1st Crop 460 27,600 2,208,000

Comodoro Comodoro MT HPA² Corn (Silage) – 2nd Crop 460 27,600 2,208,000

Barreiras NA BA HPA² Corn (Grains) 1,900 13,680 5,472,000

Cotril Total Production       17,850 590,520 63,888,000

Cotril total production R$64mm

Total food consumption by feedlot operation in 2008¹

R$198mm

Cotril produces approximately 30% of its own food input needs, which provides an important competitive advantage

¹ Estimated food for fattening 560 thousand animals² HPA: Henrique Pereira Ávila, who is one of Cotril Alimentos’s shareholders

Cotril’s own agricultural production (harvest 2007/2008) was able to produce approximately 30% of its total feedlot consumption

11

PE Investment Impact on the Cotril Group

Vision has been actively involved in providing finance and asset backed loans since 2006 to the Cotril Group, and in 2007 obtained a 36% equity stake in Cotril Alimentos S.A.

As a long term equity investor with aligned interests, Vision has worked closely with the Avila family and the Cotril Group to provide financial, strategic and governance input for its operations. This has included:

– Allocating a new CFO to the company and restructuring the financial business model and originating more efficient lines of financing for working capital

– Developing alternative fiscal structures to reflect the importance of evolving from a more family oriented personal tax planning overlay into more robust corporate tax and company structures

– Providing input at the strategic planning level through the installation of a Board of Directors

– Introducing Strategic Partners to the Group to position the company for further growth

– Preparing Cotril Alimentos for alternative capital raising events such as an IPO or listing through the implementation of new corporate governance and management controls, efforts to increase transparency, and inputting environmental and labor risk awareness and strategy

12

Beef Chain Integration

Ongoing Strategic Highlights

Cotril Alimentos’s main strategic goal is to incorporate early breeding and pasture growing activities by the end of 2008. This objective is to integrate the complete beef chain of production, thus achieving an innovative vertical integration model for the beef chain in Brazil. Cotril will thus combine its cattle supply capacity from the feedlot operation with the slaughterhouses/meat packing units and sales activities. This will provide competitive edge through a differentiated logistic and large scale driven operation, unique among the major Brazilians meat packers

The company will be developing in essence a new business model for the beef sector (only achieved so far in Brazil by the major pork and poultry integrated producers, i.e. Sadia and Perdigão) that would minimize supply and quality risks throughout the chain

Cotril´s business units are located close to the Norte-Sul railroad (today up to Barrôlandia city in the state of Tocantins) playing an important role in future logistics efficiency. Once this railway is finalized, their products for export can then flow through the large northern ports (Belém, Itaqui) saving almost 3,700KM when considering the alternative of the Santos port in the State of São Paulo

Feedlot operations and meat packing plants are being concentrated in a logistic efficient distribution in order to minimize transportation costs. In the first year of slaughtering operation (beginning 2008) the average distance per animal between feedlots and meat packing plants will be approximately 88Km and, for the second year 94Km. This compares favorably to the distance of up to 350Km that competitors need to transport cattle

Strategic Location and Logistics

Capital Raising

A potential equity injection of US$ 100 million would help to accelerate the company’s growth in the following way

– US$ 60 million would be routed to the acquisition of calves. The remaining would be allocated as working capital in building up feed stocks in the confinements, allowing higher bargaining power in the acquisition of feed stocks during harvest season

Implementation of Management Controls

Going forward Vision is helping Cotril Alimentos in its installation of management and financial controls systems, including SAP

Terco Grant Thornton was recently hired to perform the first auditing of Cotril Alimentos as a stand alone company

13

Appendix

14

Cotril Group

Cotril Máquinas e Implementos

Exclusive dealer for New Holland heavy duty construction equipment

Ranked number 1 dealer, responsible for 30% of New Holland heavy equipment total sales

Cotril Motors

Exclusive dealer of Mitsubishi cars, pick-ups and SUVs in Goiâna

Ranked 3rd largest Brazilian dealer

Cotril Rental

Rent of heavy duty construction equipment

Manufacturer’s integral support: New Holland, Randon, Terex, Roadbuilding and Proton Muller

Cotril Agropecuária

Concentrates the early breeding and pasture growing operations for cattle

Founded back in March 1982, it is expected to produce approximately 560,000 heads of cattle for slaughtering in 2008

Cotril Alimentos

Feedlot and slaughterhouse operations Expected to reach 200,000 heads of cattle capacity in

2008

The group is formed by the following companies:The group is formed by the following companies:

Cotril was founded in 1965 and has become a diverse group of companies with

strong performance in the mid-west region of Brazil.

The Cotril Group has more than 800 employees across its five principal companies

15

Vision Brazil Investments

Alternative Asset Management Company based in BrazilVision Brazil Investments

Approximately USD 2.0 billion in assets under management in funds and USD 1.4 billion in equity value for its Private Equity investments

Assets Under Management

Purely institutional: pension funds, private equity and other long term focused investorsInvestor Base

Currently holds in excess of USD 900 million of agricultural financing and equity in the following segments: Cattle / Beef, Sugar / Ethanol, Soy / Corn / Cotton and Timber

Agribusiness Investments

Top private originator in Brazil of exchange tradable agricultural securities

Has developed outstanding relationships over the past years with the top agricultural producers in Brazil

Partnership owned with a staff of 75 people and a network of more than 30 service providers in the agricultural sector (collateral control / monitoring, advisory), involving more than 1,000 people controlling / monitoring its investments

Agribusiness Investment Highlights