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1. C O T R I L A L I M E N T O S S . A . O C T O B E R 2 0 0 8

2. Beef Industry in Brazil - Overview Overview Heads of Cattle Slaughtered in Brazil (millions) • 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 CAGR = 7.5% Source: IBGE, USDA, CEPEA Note: 1 live arroba = 30 kilograms and 1 dead arroba = 15 kilograms Source: IBGE as of September 12, 2008 Heads of Cattle in Brazil (millions) Heads of Cattle in the 50 Largest Feedlots of Brazil (‘000) According to Assocon estimates, a total of 3 million heads of cattle were fattened in feedlots in 2007 Source: IBGE as of September 12, 2008 Source: Top Beefpoint research of feedlots

3. Beef Industry in Brazil - Location and Density Cattle Herd 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 1995 2006

4. Beef Industry in Brazil - Volumes and Revenues Gross Value of Brazilian Beef Production (R$ billion) Brazilian Beef Exports (US$ mm) CAGR = 27.1% Source: CNA Source: ABIEC Top 4 Beef Companies in Brazil (numbers in R$mm, unless otherwise indicated) Market share in the Brazilian beef market Beef capacity (heads/day) 51,400¹ 12,650 21,100 5,500 Net Revenues 07 6,400 14,142 3,340 1,463 EBITDA 07 591 864 380 121 % Margin 07 4.2% 13.5% 11.4% 8.2% % Exports 07 39.1% 47.0% 49.8% 76.6% Location of plants AC, GO, MT, MS, MG, RO, SP, PR / USA / Argentina / Australia RO, MT, MS, GO, SP, RJ, RS / Chile / Argentina / Uruguay GO, MT, MS, MG, BA, PR, SP / Uruguay SP, GO, MS, TO Paraguay Source: Companies’ filings, USDA, SECEX, news run ¹ Does not consider National Beef, Smithfield Beef and Grupo Tasman

5. Beef Chain Overview Early Breeding Pasture Growing Feedlot Slaughterhouses Meat Packing Sales Domestic & Export Markets 1 year 1 year 75 days 1 day • 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 Note: 1 live arroba weight equals approximately 30 kilograms and 1 dead arroba weight equals approximately 15 kilograms

6. Cotril Alimentos Overview “Integrate the beef chain, attending the most required quality standards with social and environmental responsability” Shareholders Structure 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 Cotril Group 64% 36% Operational assets Capital Integrated beef chain Cattle Feed Early Breeding Pasture Growing Feedlot Slaughterhouses Meat Packing Sales Domestic & Export Markets To be incorporated in Cotril Alimentos by the end of 2008 Note: ¹ As of July 2008. It includes animals in pasture and feedlots

7. RO TO MT GO MG Cotril’s Cattle Herd Tocantins Mato Grosso • Heads of cattle: 168,514 • Pasture Growing: 147,095 • Feedlots: 21,419 • # of farms: 124 • Heads of cattle: 39,050 • Pasture Growing: 28,058 • Feedlots: 10,992 • # of farms: 21 Goiás • Heads of cattle: 420,771 • Pasture Growing: 293,149 • Feedlots: 127,622 • # of farms: 367 Rondônia • Heads of cattle: 19,064 • Pasture Growing: 15,427 • Feedlots: 3,637 • # of farms: 13 Minas Gerais • Heads of cattle: 3,838 • Pasture Growing: 3,838 • Feedlots: 0 • # of farms: 43 Total Heads of Cattle (thousand) • Heads 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

8. TO 4 TO MT MT 8 5 1 7 GO 3 2 GO 6 Largest Feedlot Operator in Latin America 5 1 2 3 3 4 5 6 2 7 8

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 • Cotril’s own agricultural production (harvest 2007/2008) was able to produce approximately 30% of its total feedlot consumption Cotril produces approximately 30% of its own food input needs, which provides an important competitive advantage ¹ Estimated food for fattening 560 thousand animals ² HPA: Henrique Pereira Ávila, who is one of Cotril Alimentos’s shareholders

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. Ongoing Strategic Highlights Beef Chain Integration Strategic Location and Logistics • 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 Capital Raising 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 • 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

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14. Cotril Group The group is formed by the following companies: 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 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 Vision Brazil Investments • Alternative Asset Management Company based in Brazil Assets Under Management • Approximately USD 2.0 billion in assets under management in funds and USD 1.4 billion in equity value for its Private Equity investments Investor Base • Purely institutional: pension funds, private equity and other long term focused investors Agribusiness Investments • 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 Investment Highlights • 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