Document:

exv4w1

Exhibit 4.1

FIRST SUPPLEMENTAL INDENTURE

     THIS FIRST SUPPLEMENTAL INDENTURE, dated as of June 29, 2009 (this “Supplemental Indenture”),
between CINEMARK, INC., a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as trustee (the
“Trustee”), to the Indenture, dated as of March 31, 2004 (the “Indenture”), between the Company and
the Trustee.

     WHEREAS, the Company and the Trustee have heretofore executed and delivered the Indenture
providing for the issuance of the Company’s 93/4% Senior Discount Notes due 2014 (the “Notes”);

     WHEREAS, there are now outstanding under the Indenture, Notes in the aggregate principal
amount at maturity of $419,403,000;

     WHEREAS, Section 9.02 of the Indenture provides that the Company and the Trustee may, with the
written consent of the Holders of at least a majority in aggregate principal amount at maturity of
the Notes then outstanding (the “Requisite Consents”), enter into a supplemental indenture for the
purpose of amending the Indenture, including, without limitation, consents obtained in connection
with a tender offer or exchange offer for, or purchase, of the Notes;

     WHEREAS, the Company has offered (the “Offer”) to purchase for cash all of the outstanding
Notes upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent
Solicitation Statement dated June 15, 2009, as the same may be amended, supplemented or modified
(the “Statement”);

     WHEREAS, the Company has received and delivered to the Trustee the Requisite Consents to
effect the proposed amendments described in the Statement;

     WHEREAS, the Company has been authorized by a resolution of its Board of Directors to enter
into this Supplemental Indenture and has requested that the Trustee join the Company in the
execution of this Supplemental Indenture; and

     WHEREAS, all other acts and proceedings required by law, by the Indenture and by the
certificate of incorporation and by-laws of the Company to make this Supplemental Indenture a valid
and binding agreement for the purposes expressed herein, in accordance with its terms, have been
duly done and performed;

     NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained
herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
and for the equal and proportionate benefit of the Holders of the Notes, the Company and the
Trustee hereby agree as follows:

ARTICLE I

AMENDMENTS TO INDENTURE

     Section 1.01 Amendments to Articles Four, Five and Six. Upon written notification to the
Trustee by the Company on June 29, 2009 (the “Early Settlement Date”) that the

 

 

Company has accepted for purchase and payment pursuant to the Offer all of the Notes validly
tendered at or prior to 5:00 p.m., New York City time, on June 26, 2009 in accordance with the
terms and conditions set forth in the Statement (without further act by any Person):

          (a) the Company shall be released from its obligations under the following sections of the
Indenture: Section 4.03 (Reports); clauses (a) and (b) of Section 4.04 (Compliance Certificate);
Section 4.05 (Taxes); Section 4.06 (Stay, Extension and Usury Laws); Section 4.07 (Restricted
Payments); Section 4.08 (Dividend and Other Payment Restrictions Affecting Subsidiaries); Section
4.09 (Incurrence of Indebtedness and Issuance of Preferred Stock); Section 4.10 (Asset Sales);
Section 4.11 (Transactions with Affiliates); Section 4.12 (Liens); Section 4.13 (Business
Activities); Section 4.14 (Corporate Existence); Section 4.15 (Offer to Repurchase upon Change of
Control); Section 4.16 (Future Guarantors); Section 4.17 (Designation of Restricted and
Unrestricted Subsidiaries); clause (iv) of Section 5.01 (Merger, Consolidation, or Sale of Assets)
and Section 5.02 (Successor Corporation Substituted);

          (b) failure to comply with the terms of any of the foregoing sections of the Indenture shall
no longer constitute a Default or an Event of Default under the Indenture and shall no longer have
any other consequence under the Indenture;

          (c) the occurrence of the events described in Sections 6.01(iv), (vi), (vii), (viii) and, with
respect to Significant Subsidiaries only, (ix) of the Indenture shall no longer constitute Events
of Default;

          (d) Sections 8.04(c), (d), (e), (f), (g) and (h) of the Indenture are hereby deleted in their
entirety and any other conditions limiting a legal defeasance or a covenant defeasance set forth in
the Indenture or the Notes (other than Sections 8.04(a) and (b) of the Indenture) are hereby
deleted; and

          (e) all definitions set forth in Section 1.01 of the Indenture that relate to defined terms
used solely in covenants or sections deleted hereby shall be deleted in their entirety and all
references to sections of the Indenture that are used exclusively in the text of the Indenture that
are being otherwise eliminated by this Supplemental Indenture shall be deleted in their entirety.

ARTICLE II

MISCELLANEOUS

     Section 2.01 Instruments To Be Read Together. This Supplemental Indenture is executed as and
shall constitute an indenture supplemental to and in implementation of the Indenture, and said
Indenture and this Supplemental Indenture shall henceforth be read together.

     Section 2.02 Confirmation. The Indenture as amended and supplemented by this Supplemental
Indenture is in all respects confirmed and preserved.

     Section 2.03 Terms Defined. Capitalized terms used in this Supplemental Indenture and not
otherwise defined herein shall have the meanings assigned to such terms in the Indenture.

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     Section 2.04 Trust Indenture Act Controls. If any provision of this Supplemental Indenture
limits, qualifies or conflicts with another provision that is required to be included in this
Supplemental Indenture or the Indenture by the Trust Indenture Act of 1939, as amended, as in force
at the date that this Supplemental Indenture is executed, the provisions required by the Trust
Indenture Act of 1939, as amended, shall control.

     Section 2.05 Headings. The headings of the Articles and Sections of this Supplemental
Indenture have been inserted for convenience of reference only, and are not to be considered a part
hereof and shall in no way modify or restrict any of the terms and provisions hereof.

     Section 2.06 Governing Law. The laws of the State of New York shall govern this Supplemental
Indenture.

     Section 2.07 Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Section 2.08 Effectiveness; Termination. The provisions of this Supplemental Indenture will
take effect immediately upon its execution and delivery by the Trustee in accordance with the
provisions of Sections 9.02 and 9.06 of the Indenture; provided, that the amendments to the
Indenture set forth in Section 1.01 of this Supplemental Indenture shall become operative on the
Early Settlement Date as specified in Section 1.01 hereof. Prior to the Early Settlement Date, the
Company may terminate this Supplemental Indenture upon written notice to the Trustee.

     Section 2.09 Acceptance by Trustee. The Trustee accepts the amendments to the Indenture
effected by this Supplemental Indenture and agrees to execute the trusts created by the Indenture
as hereby amended, but only upon the terms and conditions set forth in the Indenture. In entering
into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision
of the Indenture relating to the conduct or affecting the liability or affording protection to the
Trustee, whether or not elsewhere herein so provided.

     Section 2.10 Responsibility of Trustee. The recitals contained herein shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture.

     Section 2.11 Endorsement and Change of Form of Notes. Any Notes authenticated and delivered
after the close of business on the date that this Supplemental Indenture becomes effective may be
affixed to, stamped, imprinted or otherwise legended by the Trustee, with a notation as follows:

“Effective as of June 29, 2009, certain restrictive covenants of the Company and
certain of the Events of Default and other provisions have been deleted, as provided
in the Supplemental Indenture, dated as of June 29, 2009. Reference is hereby made
to such Supplemental Indenture, copies of which are on file with the Trustee, for a
description of the amendments made therein.”

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     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first written above.

	 	 	 	 	 
	 	CINEMARK, INC.

 	 
	 	By:  	/s/ Michael D. Cavalier
 	 
	 	 	Name:  	Michael D. Cavalier 	 
	 	 	Title:  	Senior Vice President-General Counsel 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

(formerly known as The Bank of New York Trust

Company, N.A.)

 	 
	 	By:  	/s/ Mauri J. Cowen
 	 
	 	 	Name:  	Mauri J. Cowen 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page — Supplemental Indenture-93/4% Discount NotesEX-4.01

EXHIBIT 4.01

MERGER AGREEMENT

This Merger Agreement is executed on May 19, 2009 by and between:

I. On the one hand:

PERDIGÃO S.A., a publicly traded company with head offices in the City and State of São Paulo, at
Av. Escola Politécnica, 760, enrolled in the National Registry of Legal Entities (CNPJ/MF) under
No. 01.838.723/0001-27, herein represented in accordance with its Bylaws (hereinafter referred to
as “PERDIGÃO” or, after the resolution referred to in Section 3.2.(iii), “BRF”);

II. And, on the other hand:

HFF PARTICIPAÇÕES S.A., a corporation with head offices in the City and State of São Paulo, at Rua
Fortunato Ferraz, 365, 2nd floor, suite 2, Vila Anastácio, enrolled in the CNPJ/MF under
No. 09.625.992/0001-17, herein represented in accordance with its Bylaws (hereinafter “HFF”); and

SADIA S.A., a publicly traded company with head offices in the City of Concórdia, State of Santa
Catarina, at Rua Senador Attílio Fontana, 86, Centro, enrolled in the CNPJ/MF under No.
20.730.099/0001-94, herein represented in accordance with its Bylaws (hereinafter referred to as
“SADIA”, and, jointly with PERDIGÃO and HFF, the “Original Parties”); and

As Additional Parties, the shareholders of PERDIGÃO listed in Exhibit I (“PERDIGÃO Adhering
Shareholders”) and the shareholders of SADIA that may adhere to this Agreement among those listed
in Exhibit II (“HFF Adhering Shareholders”), and the Original Parties and the Additional Parties
are hereinafter referred to jointly as Parties,

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WHEREAS:

	 	(i)	 	Negotiations took place between representatives of the Original Parties in
order to make feasible a future association between PERDIGÃO and SADIA that would
merge their operations, which shall start upon the merger of HFF shares by PERDIGÃO
(“Merger”);
	 
	 	(ii)	 	The Merger is expected to result in the reduction of redundant costs and in
operating scale gains that will permit higher investments and a higher rate of
sustainable growth;
	 
	 	(iii)	 	This initiative is in line with the strategy adopted by PERDIGÃO and SADIA
of continuous business growth, resulting in increased efficiency and competitiveness
to face the challenges of the domestic and international markets;
	 
	 	(iv)	 	The Merger is expected to benefit shareholders, collaborators, suppliers and,
in particular, consumers of PERDIGÃO and SADIA products;
	 
	 	(v)	 	Within the scope of the Merger set forth in this Agreement, PERDIGÃO shall be
named “BRF – Brasil Foods S.A.,” and the head offices thereof shall be located in the
municipality of Itajaí, State of Santa Catarina;
	 
	 	(vi)	 	In order to complete the Merger, as conceived, several successive steps shall
be implemented, and the HFF shareholders, and, later, the rest of the SADIA
shareholders shall integrate in the shareholding of BRF, the shares of which are
listed in the New Market of BM&FBOVESPA, as well as the American Depositary Receipt
(ADR) traded in the New York Stock Exchange (NYSE);
	 
	 	(vii)	 	SADIA holds 99.99% of the shares issued by Concórdia Holding Financeira S.A.
(CNPJ/MF No. 08.944.820/0001-43) (“Concórdia Financeira”), which itself holds all
shares issued by Concórdia Banco S.A. (CNPJ/MF No. 10.264.663/0001-77) (“Concórdia
Banco”), and 99.99% of the shares issued by Concórdia S.A.

 

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	 	 	 	Corretora de Valores Mobiliários Câmbio e Commodities (CNPJ/MF No.
52.904.364/0001-08) (“Concórdia Corretora”);
	 
	 	(viii)	 	The Merger shall not include the equity interest of SADIA in financial institutions,
so that Concórdia Financeira and its subsidiaries shall not be integrated in the
assets of SADIA by virtue of the Merger of HFF Shares; and
	 
	 	(ix)	 	The negotiations have been successful, and the Original Parties intend to
formalize them in an instrument subject, among other conditions, to the buy-in of
certain PERDIGÃO and HFF shareholders.

THE PARTIES RESOLVE to sign this Merger Agreement (“Merger Agreement”), which shall be governed by
the clauses and conditions below:

I. DEFINITIONS

1.1 Capitalized terms used in this Merger Agreement shall have the following meanings:

“PERDIGÃO Debenture Shareholders” means, for the purposes of this Merger Agreement, the
PERDIGÃO shareholders that have signed the Adhesion Instrument referred to in Section 2.1 within
the term fixed in Section 2.4.

“HFF Debenture Shareholders” means, for the purposes of this Merger Agreement, the SADIA
shareholders that have executed the Adhesion Instrument referred to in Section 2.1 within the term
fixed in Section 2.4.

“HFIN Debenture Shareholders” means, for the purposes of this Merger Agreement, the SADIA
shareholders that have executed the HFIN Adhesion Instrument.

“SADIA Shareholders’ Agreement” means the SADIA Shareholders’ Agreement executed on May 2,
2005, which is on file at SADIA headquarters.

 

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“Merger Agreement” means this Merger Agreement.

“ESM” means the Extraordinary Shareholders’ Meeting of a company.

“Dispose” means to sell, promise to sell, assign, promise to assign or otherwise transfer
or promise to transfer shares and/or economic interests in shares.

“Disposal of Concórdia Financeira Shares” has the meaning ascribed thereto in Section
3.2(ii).

“Merger” has the meaning ascribed thereto in preamble (i).

“Liquid Assets” means the assets and rights with an immediate possibility of being
converted into currency.

“BACEN” means the Central Bank of Brazil.

“BM&FBOVESPA” means BM&FBovespa S.A. – Bolsa de Valores, Mercadorias e Futuros.

“BRF” means BRF — Brasil Foods S.A.

“CADE” means the Administrative Council for Economic Defense.

“HFF Debenture Shareholders Voting Commitment” has the meaning ascribed thereto in Section
10.7.

“PERDIGÃO Debenture Shareholders Voting Commitment” has the meaning ascribed thereto in
Section 10.1.

“Concórdia Financeira” has the meaning ascribed thereto in Preamble (vii).

“Conditions Precedent” has the meaning ascribed thereto in Section 2.1.

“CVM” means the Securities and Exchange Commission of Brazil.

“Regular Course of Business” means the set of activities that, by their nature, purpose or
form of execution, are necessary to attain the corporate purpose of a certain company, considering
the continuity of the business thereof at current

 

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levels, consistent with past practices, policies and directives determined by the management bodies
without any kind of interruption.

“Date of Signature” means this date of signature, May 19, 2009.

“Business Day” means any calendar day, except for Saturdays, Sundays or other days on which
commercial banks in the City of São Paulo, State of São Paulo, are required or authorized by Law to
remain closed.

“Closing” has the meaning set forth in Section 3.2(iii).

“Liens” means any options, agreements, requirements, debts, doubts, burdens, mortgages,
pledges, securities, trusts, usufructs, charges, contractual rights of first refusal, guaranties or
other liens or restrictions of any nature, however special.

“HFIN” has the meaning set forth in Section 2.1.

“Merger of HFF Shares” means the merger of all HFF shares into BRF, as set forth in section
252 and other applicable provisions of the Corporations Law, and the consequent receipt by the HFF
shareholders of the shares issued by BRF, under the terms and conditions hereof.

“Merger of SADIA Shares” means the merger of all SADIA shares into BRF, as set forth in
section 252 and other applicable provisions of the Corporations Law, and the consequent receipt by
the SADIA shareholders of the shares issued by BRF, under the terms and conditions hereof.

“Confidential Information” means all data, materials and other sensitive information
related to the Parties and their respective businesses and obtained under this Merger Agreement or
by virtue of the dealings of the operations contemplated herein. For the purposes of this Merger
Agreement, Confidential Information shall not include information: (i) that was already available
to the public at the time of signing of this instrument; or (ii) that may be disclosed by the
Parties or the signatory of the Adhesion Instrument because of legal, regulatory, administrative,
arbitral or court order.

 

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“Corporations Law” means Law No. 6,404 of December 15, 1976, and all amendments thereto.

“Public Offering of BRF Shares” has the meaning ascribed thereto in Section 8.1.

“Purchase Option” has the meaning ascribed thereto in Section 5.6.1.

“Related Parties” means, in relation to either Party: (i) the companies controlled,
directly or indirectly, by either Party; (ii) the direct or indirect controlled companies of either
Party; (iii) any company that is controlled directly or indirectly by the controllers of either
Party; and (iv) any form of merger, including joint ventures, consortiums and joint associations in
which either Party, their controlling and controlled companies, or any other company that is
controlled directly or indirectly by the controllers of either Party participates.

“Person” means any individual, corporation, company, partnership, association, cooperative,
trust, investment fund, unincorporated association or any other entity or organization.

“Protocol and Justification” has the meaning ascribed thereto in Section 4.1.

“SELIC” means the rate assessed by Selic, obtained by calculating the adjusted weighted
average rate of one-day financing operations, backed by public federal bonds and traded in such
system or in clearance houses and liquidation of assets as committed operations.

“Third-Party Beneficiaries” has the meaning ascribed thereto in Section 10.2.

“Adhesion Instrument” means the HFF Adhesion Instrument, the HFIN Adhesion Instrument or
the PERDIGÃO Adhesion Instrument, as the case may be.

“HFF Adhesion Instrument” has the meaning ascribed thereto in Section 2.1.

“HFIN Adhesion Instrument” has the meaning ascribed thereto in Section 2.1.

 

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“PERDIGÃO Adhesion Instrument” has the meaning ascribed thereto in Section 2.1.

“Securities” means, with respect to any Person, common shares, preferred shares and any
other bonds and Securities issued thereby, regardless of the nomenclature used or the existence of
voting rights, including securities convertible into shares or exchangeable thereby, options,
subscription bonuses, rights of first refusal or of a different nature for purchase, subscription
or receipt of equity interests issued by such Person, or further, any other bonds and Securities
whose yield is determined in whole or in part based on the results, turnover or indicator of
financial performance of such Person.

II. CONDITIONS

2.1 The effectiveness of the commitments set forth in Chapters III, IV, V, VI, VII, IX, X (except
for Section 10.12) and XI (except for Section 11.1) of this Merger Agreement is subject, upon the
terms of sections 121 and 125 and other related provisions of the Civil Code, cumulatively, to: (i)
unrestricted and unconditional adhesion, of an irrevocable and indefeasible character, by the
PERDIGÃO Debenture Shareholders to the terms and conditions of this Merger Agreement, upon
signature of the adhesion instruments that constitute Exhibit III (“PERDIGÃO Adhesion Instrument”);
(ii) unrestricted and unconditional adhesion, of an irrevocable and indefeasible character, by the
shareholders holding at least 51% of the common shares issued by SADIA, among those listed in
Exhibit II, to the terms and conditions of this Merger Agreement, upon signature of the adhesion
instruments that constitute Exhibit IV hereto (“HFF Adhesion Instrument”); (iii) description of the
SADIA shareholders, among those listed in Exhibit II, bound directly or indirectly (by means of the
holding company referred to in this Merger Agreement as “HFIN”), before SADIA, upon execution of
the adhesion instruments that constitute Exhibit V (“HFIN Adhesion Instrument”), in order to
purchase the shares issued by Concórdia Financeira after the ESM set forth in Section 3.2 (ii) is
held, and before consummation of the Merger of HFF Shares (“HFIN Adhering Shareholders”)
(“Conditions Precedent”).

 

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2.2. The HFF Adhesion Instrument to be executed by the HFF Debenture Shareholders and the HFIN
Adhesion Instrument shall contain a power-of-attorney section whereby the respective signatory
appoints Mr. Luiz Fernando Furlan or another HFF Debenture Shareholder as its lawful
attorney-in-fact with specific powers to sign all instruments and perform all acts contemplated in
this Merger Agreement in order to complete the Merger. The PERDIGÃO Adhesion Instrument to be
executed by the PERDIGÃO Debenture Shareholders may contain a power-of-attorney section as set
forth above, without prejudice of compliance with the obligations set forth in this Agreement.

2.3. Once the Conditions Precedent have been verified, the Parties and the signatories of the
Adhesion Instruments shall perform all acts and sign all documents necessary to implement the
Merger, following the terms of this Merger Agreement and the applicable legal and regulatory
provisions.

2.4. This Merger Agreement shall be lawfully terminated in the event the Conditions Precedent are
not verified within fifteen (15) days counted from the Date of Signature. In such an event, no
indemnification shall be due from either party.

III. PURPOSE

3.1 The purpose of this Merger Agreement is to describe the terms, conditions and procedures agreed
to by the Original Parties in order to attain the Merger.

3.2. The Merger shall be consummated upon consecutive execution in the following order of the
events listed below, which are described in greater detail in the subsequent chapters of this
Merger Agreement:

	 	(i)	 	Signing of the Protocol and Justification of the Merger of HFF Shares by the
PERDIGÃO and HFF directors, subject to the termination clause set forth in Section
4.1.1;

 

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	 	(ii)	 	Convening of the ESM of SADIA to vote on the disposal by SADIA to HFIN of all
shares issued by Concórdia Financeira (“Disposal of Concórdia Financeira Shares”);
	 
	 	(iii)	 	Amendment of PERDIGÃO’s bylaws, including to change its corporate name to
“BRF – BRASIL FOODS S.A.”, to modify its governance structure and to transfer its head
offices to the municipality of Itajaí, State of Santa Catarina, and Merger of HFF
Shares (“Closing”);
	 
	 	(iv)	 	Signing of the Protocol and Justification of the Merger of SADIA Shares by
the directors of PERDIGÃO and SADIA;
	 
	 	(v)	 	Convening of the ESM of SADIA in order to elect new members of the Board of
Directors; and
	 
	 	(vi)	 	Merger of SADIA Shares.

3.3 Concurrently with the events listed above, PERDIGÃO shall make a Public Offering of Shares as
set forth in Chapter VIII (“Public Offering of BRF Shares”).

IV. THE PROTOCOL AND JUSTIFICATION OF THE MERGER OF HFF SHARES

4.1 Upon verification of the Conditions Precedent, the PERDIGÃO and HFF directors shall sign the
Protocol and Justification of the Merger of HFF Shares, the terms of which shall comply with the
provisions of this Merger Agreement and the applicable legal and regulatory requirements (“Protocol
and Justification”).

4.1.1 The effectiveness of the Protocol and Justification shall be subject to: a) approval of the
Disposal of Concórdia Financeira Shares, on an unconditional and indefeasible basis, under the
conditions set forth in Section 5.3; b) effective contracting on an unconditional and indefeasible
basis, of the Disposal of Concórdia Financeira Shares; c) evidencing by HFF of the ownership of at
least one hundred and thirty-one million seventy thousand (131,070,000) shares of SADIA common
stock, and, at most two hundred and thirty-one million two

 

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hundred and thirty-six thousand seven hundred and twenty-five (231,236,725) shares of SADIA common
stock, upon the submission of a certificate of the underwriting agent; d) termination, until the
date of the Merger of HFF Shares, under market conditions, of the agreements then in force between
(i) on the one hand, SADIA and/or its subsidiaries and controlled companies, and, on the other
hand, Concórdia Financeira and/or its subsidiaries and/or controlled companies; and (ii) on the one
hand, SADIA and/or its subsidiaries and controlled companies, and, on the other hand, the HFF
shareholders, and/or the respective Related Parties, by virtue of the Merger of HFF Shares, except
for the agreements related to the Disposal of Concórdia Financeira Shares; and e) submission of a
memorandum by acceptable counsel by PERDIGÃO, with an explanation of the impacts that the signing
of the Merger will cause to Sadia Overseas Limited and/or SADIA as a result of the obligations
assumed by such companies by virtue of the issue of bonds, whose indenture is dated May 24, 2007,
as well as the formalities and actions to be taken to safeguard the rights of the issuer and of
SADIA.

V. EXTRAORDINARY SHAREHOLDERS MEETING OF SADIA

5.1 After the signing of the Protocol and Justification, SADIA undertakes to convene its ESM on the
same date as the ESM of PERDIGÃO, as set forth in Section 6.1, and as the ESM of HFF, as set forth
in Section 6.2, to vote on the Disposal of Concórdia Financeira Shares, as set forth in Section
5.3.

5.2 In the event that the ESM of PERDIGÃO does not take place upon first notice, the ESM of SADIA
shall be adjourned until the ESM of PERDIGÃO meets.

5.3 The contracting of the Disposal of Concórdia Financeira Shares is subject to compliance, on a
cumulative basis, with the following conditions: (i) disposal by SADIA of its all shares on the
BM&FBOVESPA; (ii) declaration and payment, in either national legal tender or Liquid Assets at
their market values at the discretion of Concórdia Financeira, of dividends, by Concórdia
Financeira, in the amount of one hundred and five million five hundred and fifty-

 

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three thousand reais (R$105,553,000.00), to be deducted from the profit reserves of the Balance
Sheets of December 31, 2008; and (iii) review of the Balance Sheets of Concórdia Financeira,
Concórdia Banco and Concórdia Corretora, all of which are dated March 31, 2009, by independent
audit, and implementation of the adjustments recommended by such audit, all in accordance with
accounting best practices, in order to produce interim Balance Sheets on April 30, 2009.

5.4 The Parties further agree to submit and await the approval by CVM of the operations described
in Section 5.6(ii) and 5.6.1, in compliance with the applicable regulations.

5.5 Once the conditions set forth in Section 5.3 have been verified, the instrument of Disposal of
Concórdia Financeira Shares shall be signed immediately after the closing of the ESM of SADIA as
contemplated in this Chapter.

5.6 The Disposal of Concórdia Financeira Shares shall occur as follows: (i) contracting by SADIA of
an assessment report of Concórdia Financeira to be drafted by a specialized firm and submitted to
the SADIA shareholders, which shall vote on this operation in a General Meeting (“Assessment
Report”); (ii) payment by way of the delivery of one million nine hundred and ninety-one thousand
two hundred and eleven (1,991,211) shares of BRF common stock, which figure may be supported by the
Assessment Report; and (iii) assumption of the obligation by HFIN to keep SADIA, its controlled
companies and BRF indemnified against any and all complaints and claims related to events, actions
and inactions by Concórdia Financeira prior to the date of contracting of the Disposal of Concórdia
Financeira Shares, even though these may be contested after such date.

5.6.1. Concurrently with the Disposal of Concórdia Financeira Shares, SADIA shall grant HFIN an
irrevocable, indefeasible and unconditional option to purchase the same one million nine hundred
and ninety-one thousand two hundred and eleven (1,991,211) shares of BRF common stock for the price
of

 

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thirty-three reais and sixty-five cents (R$33.65) per common share, as adjusted from the date of
delivery of the shares set forth in Section 5.6, by SELIC (“Purchase Option”), and the shares
subject to the Purchase Option shall be kept in the treasury by SADIA during the term of exercise
of the Purchase Option. The Purchase Option may be exercised, at the discretion of the grantee, as
follows: (i) for the purchase of up to 50% of the shares during the 180 days following the date of
contracting thereof, and (ii) for the purchase of up to the 50% remaining shares during the 360
days following the date of contracting thereof. The Purchase Option shall bind the successors of
SADIA and shall benefit the successors of the grantee.

VI. MERGER OF HFF SHARES AND AMENDMENT TO THE BYLAWS OF PERDIGÃO

6.1 Upon the signing of the Protocol and Justification, PERDIGÃO undertakes to convene the ESM of
PERDIGÃO within the minimum legal term, and, in the event that the minimum quorum is not reached
upon first notice, it shall immediately issue a second notice to convene the ESM, also within the
minimum legal term, in order to vote on:

	 	(i)	 	Change of the corporate name of PERDIGÃO to “BRF – BRASIL FOODS S.A.”;
	 
	 	(ii)	 	Transfer of the head offices of BRF to the municipality of Itajaí, State of
Santa Catarina;
	 
	 	(iii)	 	Amend the Bylaws of PERDIGÃO in order to establish: a) that the Board of
Directors shall be comprised of 9 to 11 members; and b) a Co-Chairman structure for
the Board of Directors, as set forth in Section 10.4 of this Merger Agreement;
	 
	 	(iv)	 	Election of three (3) members and respective alternates for the Board of
Directors, one of whom shall be the Co-Chairman;
	 
	 	(v)	 	Increase in the company’s authorized capital limit in order to support the
value of the Public Offering of BRF Shares, as set forth in Section 8.1, with the
Board of Directors of PERDIGÃO authorized to decide on the issuance of shares; and

 

13

	 	(vi)	 	Merger of HFF Shares.

6.2 HFF undertakes to convene the ESM in order to vote on the Merger of HFF Shares on the same day
as the ESM of PERDIGÃO is convened to vote on the issue. In the event that the ESM of PERDIGÃO does
not take place upon first notice, the ESM of HFF shall be adjourned until the ESM of PERDIGÃO
meets.

6.3 HFF shall become a wholly-owned subsidiary of BRF upon approval by the PERDIGÃO and HFF
shareholders of the Merger of HFF Shares.

6.4 The Merger of HFF Shares shall observe a substitution relationship of 0.166247 shares of BRF
common stock per each share issued by HFF (“Substitution Relationship of the Merger of HFF
Shares”), considering the premises set forth in Section 10.9.

6.5 The shareholders holding shares of HFF common stock that disagree with the Merger of HFF Shares
may exercise the right of compensation which they are entitled to under the Corporations Law.

6.6 If the Merger of HFF Shares is approved at the PERDIGÃO and HFF Extraordinary Shareholders
Meetings, the Officers of HFF shall underwrite the capital increase of BRF on account of the HFF
shareholders on the day that the ESM of PERDIGÃO approves the Merger of HFF Shares.

6.7 After the Merger of HFF Shares, BRF may, at its discretion, complete the merger of the
wholly-owned subsidiary HFF.

VII. EXTRAORDINARY SHAREHOLDERS MEETING OF SADIA TO ELECT NEW MEMBERS OF THE BOARD OF DIRECTORS

7.1 After the signing of the Protocol and Justification, SADIA undertakes to call its ESM (to be
held on the same date, but after the ESM set forth in Section 5.1) in order to vote on: (i)
Amendment of the Bylaws of SADIA to establish that

 

14

the Board of Directors shall comprise up to 12 members and be presided over by two Co-Chairmen;
(ii) Election of directors of SADIA, so that such body shall be comprised of the same Persons who
constitute the Board of Directors of BRF, in addition to the director elected in a separate vote by
the holders of preferred shares at the Annual General Meeting of April 27, 2009.

VIII. PUBLIC OFFERING OF BRF SHARES

8.1 After the new authorized capital of BRF is fixed, BRF shall make a Public Offering of Shares in
order to raise approximately four billion reais (R$ 4,000,000,000.00), through the public
distribution of common shares (“Public Offering of BRF Shares”).

8.2 PERDIGÃO shall employ its best efforts to ensure that the Public Offering of BRF Shares, upon
approval by ANBID and CVM, contemplates, without prejudice to other usual characteristics of public
offerings of shares: (i) priority in the allocation of shares for all PERDIGÃO shareholders; (ii)
priority in the allocation of shares for all shareholders of SADIA, up to the limit of the equity
interest they would be entitled to if the Merger of Sadia Shares had already occurred, if it has
not already; and (iii) in the institutional offering, priority in the allocation to BNDES
Participações S.A. – BNDESPAR, in the event that such entity is interested in underwriting the
shares.

8.3 The Public Offering of BRF Shares shall comply with the rules issued by the CVM and the U.S.
Securities and Exchange Commission – SEC.

IX. MERGER OF SADIA SHARES

9.1 After the Merger of HFF Shares, PERDIGÃO shall proceed with the Merger of SADIA Shares in order
to complete the Merger of the companies.

9.2 The Merger of SADIA Shares shall observe a substitution relationship corresponding to 0.132998
shares of BRF common stock per each common or

 

15

preferred share issued by SADIA (“Substitution Relationship of the Merger of SADIA Shares”).

9.3 The holders of SADIA common stock that disagree with the Merger of SADIA Shares may exercise
their right of compensation, which they are entitled to under the Corporations Law.

X. OBLIGATIONS OF THE PARTIES

10.1 The PERDIGÃO Debenture Shareholders undertake to vote in favor of, at the ESM contemplated in
Section 6.1 (“PERDIGÃO Debenture Shareholders Voting Commitment”): a) changing of the corporate
name from PERDIGÃO to “BRF – Brasil Foods S.A.”; b) transferring the head offices of BRF to the
municipality of Itajaí, State of Santa Catarina; c) increasing the limit of the company’s
authorized capital in order to support the value of the Public Offering of BRF Shares, as set forth
in Section 8.1; d) amending the Bylaws of PERDIGÃO to establish that the Board of Directors shall
be composed of 9 to 11 members; and implementing a co-chairmen structure for the Board of
Directors, as set forth in Section 10.4 of this Merger Agreement; e) electing three (3) new members
of the Board of Directors of PERDIGÃO appointed by the HFF Debenture Shareholders, one of whom
shall be the Co-Chairman and the other external, who is understood to be the one that is not part
of the list contained in Exhibit II, and the respective alternates; f) approving the Merger of HFF
Shares and the Protocol and Justification; e) ratifying the contracting of the company that drafted
the HFF assessment report; g) approving the HFF assessment report; h) increasing the capital of BRF
by issuing new common shares to be underwritten by the HFF manager, on account of the shareholders
thereof; i) authorizing the management board of BRF to execute all agreements and instruments, and
perform all other acts necessary to carry out the Merger of HFF Shares and other resolutions passed
in the ESM.

10.2 The PERDIGÃO Debenture Shareholders Voting Commitment shall benefit all HFF Debenture
Shareholders that may become BRF shareholders by virtue of the Merger of HFF Shares (“Third-Party
Beneficiaries”).

 

16

10.3 The PERDIGÃO Debenture Shareholders Voting Commitment shall cease to be effective on the day
before the Annual General Meeting of BRF is held to vote on the financial statements of the fiscal
year ended on December 31, 2010. Until such date, the PERDIGÃO Debenture Shareholders Voting
Commitment shall ensure:

	 	(i)	 	the maintenance of (a) the 9-to-11-member size of the BRF Board of Directors, and (b)
the wording of Section 19 of the Bylaws of PERDIGÃO, as in force on the Execution Date;
	 
	 	(ii)	 	the successive election, removal or replacement, as the case may be, of three of the
members of the Board of Directors of BRF, and their respective alternates, as indicated
and directed by the Third-Party Beneficiaries, who shall, in the event there is a new
election for the entire Board of Directors of BRF during that period, be part of the slate
to be submitted by the board of directors of BRF; and
	 
	 	(iii)	 	the maintenance of the co-chairmen structure of the Board of Directors, as set forth
in Section 10.4 of this Merger Agreement.

10.4 The PERDIGÃO Debenture Shareholders, HFF and the HFF Debenture Shareholders undertake to
implement a structure of two (2) co-chairmen for the Board of Directors of PERDIGÃO and SADIA, with
identical privileges and duties. In the resolutions of the Board of Directors of PERDIGÃO and
SADIA, in the event of ties, the co-chairmen will not cast a vote of quality but will only cast
their respective individual votes.

10.5 Compliance with the provisions of the PERDIGÃO Debenture Shareholders Voting Commitment may be
required by BRF or any Third-Party Beneficiaries, following the terms of Sections 118 of the
Corporations Law and 436 et seq. of the Civil Code, and PERDIGÃO undertakes to file this Merger
Agreement for all legal purposes and direct the institution that is the depository of the shares
thereof to make all relevant annotations in the company’s records.

 

17

10.6 The members of the Board of Directors of BRF that may be appointed by the HFF Debenture
Shareholders shall execute the Adhesion Instrument under the rules of the New Market upon the terms
of the Regulations of the New Market of BM&FBOVESPA.

10.7 The HFF Debenture Shareholders undertake, at the ESM of HFF described in Section 6.2, to vote
in favor of (“HFF Debenture Shareholders Voting Commitment”): (i) approving the Merger of HFF
Shares and the Protocol and Justification; (ii) ratifying the contracting of the company that
drafted the HFF assessment report; (iii) approving the HFF assessment report; (iv) authorizing the
management board of HFF to execute all agreements and instruments and perform all other acts
required to make the Merger of HFF Shares and other resolutions taken at the ESM effective.

10.8 HFF undertakes, at the ESM of SADIA described in Section 7.1, to vote in favor of (i)
amendment to the Bylaws of SADIA, establishing that the Board of Directors shall be composed of up
to 12 members and presided over by two co-chairman; and (ii) election of the directors of SADIA, so
that such body is formed by the same Persons that constitute the Board of Directors of BRF in
addition to the director elected in a separate vote by the holders of preferred shares in the
Annual General Meeting of April 27, 2009.

10.9 The HFF Debenture Shareholders undertake to: (i) cause the capital stock of HFF to be divided
exclusively in common shares and in the same number as the aggregate number of common shares issued
by SADIA and held by HFF; (ii) cause HFF, by virtue of the Merger of HFF Shares, to hold at least
one hundred and thirty-one million seventy thousand (131,070,000), and at most two hundred and
thirty-one million two hundred and thirty-six thousand seven hundred and twenty-five (231,236,725)
share of SADIA common stock, free and clear of any Liens, including those specified in the HFF
Adhesion Instruments, except for any usufructs, which shall be subrogated in HFIN shares, HFF
shares, and, later, BRF shares, upon submission of a certificate of the underwriting agent; and
(iii) cause HFF neither to incur any liabilities nor purchase any assets other than the shares
issued by SADIA. The HFF

 

18

Debenture Shareholders further represent that on the Date of Signing, HFF has no liabilities, and
its assets do not exceed eight hundred reais (R$800.00).

10.10 The Additional Parties and HFF undertake to: (i) vote in favor of the approval of any and all
corporate acts related to the implementation of the Merger; (ii) recommend that the members of the
board of directors of PERDIGÃO, HFF and SADIA, appointed thereby, as the case may be, always
exercise their voting rights in favor of implementing the Merger; (iii) take any and all actions
required to complete the Merger; (iv) employ their bests efforts to implement, within the terms set
forth herein, all phases of the Merger by signing all documents and performing all acts that may be
reasonably required or convenient to comply with the provisions of this Agreement and complete the
Merger set forth herein; and (v) employ their best efforts to obtain, in a timely fashion, any and
all pieces of information or documents required to approve the acts related to the Merger, as
described in Section 3.2, with the CVM, the SEC and related bodies of other jurisdictions in which
PERDIGÃO and SADIA have their Securities traded.

10.11 The Original Parties, including their respective subsidiaries, officers, employees,
consultants and auditors (including counsel and accountants), and other representatives, undertake
to use their best efforts to take, or cause others to take all actions required and advisable, in
accordance with the applicable law, to assist and cooperate with the Parties in order to implement
the Merger and other transactions set forth herein, including, but not limited to: i) attend
meetings, presentations (including those made by the management), roadshows, drafting sessions and
due diligence meetings; ii) assist in the preparation of registration statements with the SEC
(including the registration statement in the form F-3 related to the Public Offering of BRF Shares,
described in Section 8.1, as well as an information statement or registration statement in the form
F-4 intended for holders of ADRs of SADIA and American holders of SADIA preferred shares, a Form CB
statement to be filed with the SEC regarding the American holders of shares of SADIA common stock,
as well as any other offering memoranda or other offering documents required under the laws of
Brazil, the United States or any other countries related to this

 

19

Merger Agreement, including the operations set forth in Section 3.2; iii) provide PERDIGÃO and the
advisors thereof (including underwriters of any public or private offerings of Securities) with the
financial statements or financial data related to SADIA in the same form regularly used to disclose
public offerings of Securities in the United States, Brazil and other applicable jurisdictions,
including all history and pro forma financial statements, and other financial information required
by Regulation S-X and S-K, as set forth in the Securities Act of 1933; iv) employ their best
efforts to obtain comfort and consent letters from accountants, opinions from counsel, statements
of managers and other documents required to implement the Merger; and v) provide any and all
documents and information reasonably required by PERDIGÃO related to the Merger, in accordance with
the restrictions imposed by antitrust authorities.

10.12 For the duration that this Merger Agreement remains in force, the Parties agree that they
will consult with each other before they disclose any notices to the market or make statements to
the public regarding this Merger Agreement and the transactions contemplated herein, and they shall
not disclose any notice to the market or make public statements without the prior consent of the
other Parties (which may not be unreasonably denied or withheld). Each Party undertakes to comply
with all obligations related to the regulation of Securities set forth in the laws of Brazil, the
United States and any other countries in which the Securities of such Party are traded, including,
but not limited to, the records under Form 6-K, as set forth in the Exchange Act of 1934.

10.13 The beneficiaries of options to purchase shares issued by SADIA under the Share Purchase
Option Plan approved in the ESM of Sadia dated April 29, 2005, with the amendments approved in the
ESM of Sadia dated November 23, 2007, and Programs in force, shall be entitled, alternatively, to
exercise the options up to the date of the Merger of SADIA Shares or to migrate to a new Share
Purchase Option Plan to be submitted to the BRF Shareholders.

 

20

XI. OTHER PROCEDURES TO BE TAKEN BY THE ORIGINAL PARTIES

11.1 The Original Parties and SADIA undertake to: (i) submit the terms of the Merger Agreement to
the PERDIGÃO Debenture Shareholders and the HFF Debenture Shareholders; (ii) obtain adhesion on an
unrestricted and unconditional basis to the terms and conditions of the Merger Agreement upon
execution by such shareholders of the respective Adhesion Instruments; and (iii) disclose
immediately the joint Relevant Fact related to the execution of this Merger Agreement and the
transactions described therein.

11.2 HFF, the HFF Debenture Shareholders and the PERDIGÃO Debenture Shareholders undertake, on an
unrestricted and indefeasible basis, until the date of the Merger of HFF Shares, not to create any
Liens on SADIA Shares, HFF Shares or PERDIGÃO Shares, respectively, which they may hold, and, in
the event of liens arising from court decisions, use their best efforts to immediately replace the
shares for assets of equal value.

11.3 HFF, the HFF Debenture Shareholders and the PERDIGÃO Debenture Shareholders undertake, on an
irrevocable and indefeasible basis, until the date of the Merger of HFF Shares, not to Dispose in
any way of the common shares issued by SADIA, HFF or PERDIGÃO, respectively, which they may hold,
or perform and/or allow any other actions and/or inactions affecting directly or indirectly in any
way this Agreement, except for the Disposal of shares (i) issued by HFF among the HFF Debenture
Shareholders, or (ii) issued by PERDIGÃO among the PERDIGÃO Debenture Shareholders.

11.4 Once the Closing takes place, BRF and SADIA shall commence procedures to merge the respective
defined-contribution complementary pension plans and take the actions set forth in the laws for the
settlement, closing or continuity of the plan as defined benefit, currently managed by the Attilio
Francisco Xavier Fontana Foundation (FAF Benefit Plans, CNPB 1.790.006-38), and migrate, as the
case may be, to a multi-sponsored open pension fund, in compliance with specific regulations and
the need for prior

 

21

approval by the Secretariat of Complementary Pension Funds, and employ their best efforts to obtain
it.

XII. REPRESENTATIONS AND WARRANTIES OF THE PARTIES

12.1 The Original Parties, the HFF Debenture Shareholders and the PERDIGÃO Debenture Shareholders
represent and warrant to each other, severally, that:

12.1.1. Authority and Powers. They have full powers to execute or adhere, as the case may
be, to the terms and conditions of this Merger Agreement, and carry out all transactions set forth
herein, regardless of any other authorization, and they have taken all corporate and other actions
eventually required for such.

12.1.2. No Breach and Valid Obligations. The execution of or adhesion to this Merger
Agreement and the assumption of the obligations set forth herein (a) do not breach any provisions
of the Bylaws of PERDIGÃO, HFF and SADIA and other corporate documents of such companies (or, in
the case of legal entity shareholders, their respective organizational documents), (b) do not
breach or in any way constitute or cause a default upon the terms of any provisions of any
agreement or commitment or other obligation of such party, (c) do not breach any provisions of the
law, decrees, rules or regulations, administrative or court order to which the party may be
subject, and (d) do not require consents, approvals or authorizations, notice or filings with any
legal entity or individual, court or governmental authority of any jurisdiction, except for the
approval of the Merger by CADE and other antitrust authorities, which, upon the terms of the
respective laws, should analyze and approve the transaction under this Merger Agreement.

12.1.3. Binding Effect. This Merger Agreement shall constitute a legal, valid and binding
obligation against the party.

 

22

12.1.4. Ownership of the Shares. Each PERDIGÃO Debenture Shareholder and each HFF Debenture
Shareholder represents that it is the legitimate owner and holder of the shares indicated in the
respective Adhesion Instrument, and it has powers and the right to sell, assign, transfer and
deliver any such shares, free and clear of any Liens, except for the PERDIGÃO Shareholders Voting
Agreement on March 06, 2006, the SADIA Shareholders’ Agreement, or the Liens specified in each
Adhesion Instrument, and further exercise the voting right related thereto.

XIII. REQUEST FOR AUTHORIZATION OF THIRD PARTIES

13.1. PERDIGÃO and SADIA shall request, before the Closing, the consent for the Merger and all acts
set forth in this Merger Agreement by the financial institutions with which they have relevant
financial agreement subject to statement of accelerated maturity in case any of the acts set forth
in this Merger Agreement are performed, beyond employing their best efforts to obtain the consent
of such financial institutions and creditors before the Closing.

XIV. CONDUCT OF THE BUSINESS BEFORE THE CLOSING

14.1. In the period from the Date of Signing of this Merger Agreement and the Closing Date,
PERDIGÃO and SADIA, as reasonably possible, undertake, on a irrevocable and indefeasible basis, to
conduct their respective businesses within the Regular Course of Business, and they do not assume
or allow that any commitments or obligations are assumed which, due to their exceptional nature,
may harm or frustrate the Merger agreed upon herein. The provisions of this Section do not prevent
PERDIGÃO or SADIA from acting in the market in an independent and competitive manner without
interference of one party towards the other.

XV. NOTICE OF THE TRANSACTION TO ANTITRUST AUTHORITIES

15.1. Within 15 Business Days, counted from the date of signature of the Merger Agreement, PERDIGÃO
and SADIA shall jointly submit to CADE a

 

23

request for approval of the Merger. PERDIGÃO and SADIA shall provide and be responsible for the
timely and accurate delivery of information and documents required therefrom for such approval to
be granted under the applicable law.

15.2 The fees and any penalties related to or arising out of the notice mentioned above, as well as
all other costs incurred in submiting the transaction that is the object of this Merger to the
Brazilian antitrust authorities shall be equally divided by PERDIGÃO and SADIA, except in the case
that penalties refer to an act imputable to either Party alone, in which case the party that causes
such penalty shall be severally responsible for paying it.

15.3 In the event that the Brazilian antitrust authorities believe that it is necessary to take
certain measures to approve this Merger, PERDIGÃO and SADIA shall employ their good-faith efforts
to meet such requirements and make the Merger effective as soon as possible, with the least harm to
the Original Parties and SADIA, and, in any event, the costs shall be equally borne by the Original
Parties.

15.4 The Original Parties undertake to take jointly all actions necessary to obtain such antitrust
consents required to approve this transaction with the competent antitrust authorities of other
jurisdictions under the respective applicable laws.

15.5 All pieces of information and documents required to draft the mandatory notices under the
applicable regulations in force shall be exchanged by the Parties in strict confidentiality and not
used for any purposes other than the mandatory notice under the applicable laws and regulations
related to this Merger. Any pieces of market information required to draft the notices and to which
the other party should not have access shall be exchanged solely and exclusively among the counsel
and advisors of the Parties.

XVI. SPECIFIC PERFORMANCE AND ENFORCEABILITY

 

24

16.1. Compliance with any of the obligations contemplated in this Merger Agreement or related
thereto may be ordered to be specifically performed by the creditor of the obligation under
the provisions of Sections 461, 632 and 639 et seq. of the Code of Civil Procedure.

16.2. The Original Parties signing this Adhesion Instrument acknowledge that this Merger Agreement
is enforceable out of court upon the terms of section 585, II, of the Code of Civil Procedure.

XVII. GENERAL PROVISIONS

17.1 The quantities of shares, prices or substitution relationships set forth in this Merger
Agreement shall be agreed proportionally, (i) in the event of grouping, breaking down, bonuses
or other events that change the number of shares divided into the capital stocks of SADIA and
PERDIGÃO, with no changes to the stockholder’s equity of the companies, or (ii) for the
amounts declared or paid to the shareholders as dividends or other income.

17.2. Notices: All notices or communications related to this Merger Agreement shall be
deemed as duly received by each of the Original Parties if delivered personally or sent by
registered letter, return receipt requested, or transmitted by fax to the following addresses
or any other that either Original Party may at any time communicate in writing to the others:

If to PERDIGÃO

Attention: Leopoldo Saboya

Fax: (11) 3768-5251 with a copy by e-mail

E-mail: leopoldo.saboya@perdigao.com.br with a fax confirming submission of the e-mail

If to SADIA

Attention: Alfredo Felipe da Luz Sobrinho

Fax: (11) 2113-1729 with a copy by e-mail

E-mail: felipe.luz@sadia.com.br with a fax confirming submission of the e-mail

 

25

If to HFF

Attention: Alfredo Felipe da Luz Sobrinho

Fax: (11) 2113-1729 with a copy by e-mail

E-mail: felipe.luz@sadia.com.br with a fax confirming submission of the e-mail

17.3. Notices to the Debenture Shareholders shall be sent to the fax numbers and electronic
addresses stated in the respective Adhesion Instruments.

17.4. Expenses. Each Original Party or signatory of an Adhesion Instrument shall bear the
expenses and costs incurred thereby with counsel, advisors, consultants and any other professionals
retained to assist in the Merger.

17.5. Waiver. No tolerance or tacit consent by either Original Party or signatory of an
Adhesion Instrument, or even omission thereof in requiring compliance with any provision hereof,
shall affect, reduce or harm the right of such Original Party or signatory of the Adhesion
Instrument to require future compliance with such provision. Similarly, any waiver or acceptance by
either Original Party or signatory of the Adhesion Instrument or of successive or continued
breaches of any provision agreed upon herein shall not be construed as a waiver or acceptance of
any other future breach or persistence thereof, nor shall it cause a waiver, amendment to such
provision or novation, or even a waiver to such right, as set forth herein or raising hereof,
acceptance or acknowledgment of positions and/or rights other than those expressly set forth in
this Merger Agreement.

17.6. Severability. This Merger Agreement and the Exhibits hereof, which are for all
intents and purposes deemed to be an integral part hereof, contain the terms and conditions related
to the Merger, and they supersede any other Agreement among the Original Parties and the
signatories of the Adhesion Instrument, whether oral or in writing. In the event any provision of
this Merger Agreement is deemed unenforceable, illegal or invalid because of breach of any public
rules, the remaining provisions shall not be affected and shall remain in full force and effect, in
which case the Original Parties and the signatories of the

 

26

Adhesion Instrument shall be required to replace the unenforceable, illegal or invalid provision
with another or others that favor the same ends as the initial provision.

17.7. Assignment. No assignment of rights and obligations contained in this Merger
Agreement may be made without the prior and express consent of all Original Parties and the
signatories of the Adhesion Instrument.

17.8. Partial Invalidity. The declaration of nullity, invalidity or ineffectiveness of any
provision contained in this Merger Agreement shall not affect the validity and effectiveness of the
others, which shall continue to bind the Original Parties and the signatories of the Adhesion
Instrument, as if the null, invalid or ineffective provision had never been separated or excluded,
and the Original Parties and the signatories of the Adhesion Instrument undertake to employ their
best efforts to attain the purposes of the null, invalid or ineffective provision by mutual
Agreement, including by adding an alternate provision.

17.9. Successors. This Merger Agreement irrevocably and indefeasibly binds the Original
Parties and the signatories of the Adhesion Instrument and their respective heirs, successors or
authorized assignees in any way.

17.10. Confidentiality. The Original Parties and the signatories of the Adhesion Instrument
assume the obligation to keep Confidential Information in absolute secrecy, and they may not
disclose or transfer such information to third parties in any way, or use it for purposes other
than those contemplated in this Merger Agreement.

17.10.1. In case the Merger is not consummated for any reason:

	 	a)	 	the Original Parties and the signatories of the Adhesion Instrument undertake to keep
confidential any and all pieces of Confidential Information, and they further undertake to
destroy (and confirm such destruction in writing) all original documents, work papers and
other material related to the transactions contemplated in this Merger

 

27

	 	 	 	Agreement, obtained either before or after the execution of this Merger Agreement, except
for the information actually included by mutual agreement in a relevant fact published or
to be published under this Merger Agreement; and
	 
	 	b)	 	all records, applications and other requests made hereunder shall, to the extent
possible, be interrupted or cancelled.

17.11. Arbitration. Any dispute, litigation or conflict arising from or related to the
validity, interpretation, compliance or execution of this Merger Agreement shall be resolved at a
single and unappealable level by arbitration in accordance with the rules of the Chamber of
Arbitration of the BM&FBOVESPA Market, which shall be in charge of conducting the arbitral
proceeding. In the event that the arbitration regulations of the Chamber of Arbitration of the
BM&FBOVESPA Market are silent in any procedural aspect, the Original Parties and the signatories of
the Adhesion Instrument agree to additionally apply, in such order, the Brazilian procedural laws
set forth in Law No. 9,307/96 and the Brazilian Code of Civil Procedure.

17.11.1. The Arbitral Tribunal shall comprise three (3) arbitrators, (i) one appointed by the
Original Party or signatory of the Adhesion Instrument relating to which the dispute arose, (ii)
one appointed by the Original Party or signatory of the Adhesion Instrument which is in the
opposite position, and (iii) the third arbitrator, who shall act as chairman of the Arbitral
Tribunal, appointed by the two arbitrators appointed by the Parties. The choice of the third
arbitrator shall be made within ten (10) days, counted from the appointment of the first
arbitrator.

17.11.2. The arbitration shall be conducted in the city of São Paulo, State of São Paulo, and the
language of the arbitration shall be Portuguese.

17.11.3. The arbitrators shall issue their decision based on the applicable Brazilian laws then in
force, without application of the principle of equity.

 

28

17.11.4. The Original Parties and the signatories of the Adhesion Instrument agree to employ all of
their efforts to reach a prompt, economical and fair agreement on any dispute submitted for
arbitration.

17.11.5. The arbitral report shall be deemed final and shall bind the parties involved, which
expressly waive any form of challenge to the arbitral report and the effects thereof.

17.11.6. The Original Parties and the signatories of the Adhesion Instrument may appeal to the
Judiciary exclusively in the cases listed below, and such conduct shall not be deemed an act of
waiver of the arbitration as sole means to resolve disputes related to this Merger Agreement: (i)
to ensure commencement of the arbitration; (ii) to obtain injunctions to protect rights prior to
the formation of the Arbitral Tribunal; (iii) to obtain specific performance of the provisions of
this Merger Agreement; or (iv) to enforce any decision of the Arbitral Tribunal, including, but not
limited to, the arbitral report.

17.11.7. Refusal by the Original Party or any of the signatories of the Adhesion Instrument to
accept the decision of the arbitral report shall be deemed a breach thereby with the obligations
assumed herein, and it may further result in application of the respective penalties, and
responsibility for the damages arising from non-compliance with such decision.

17.11.8. All costs and expenses arising from the submission of the dispute of this Merger Agreement
to the arbitral tribunal shall be borne by the non-victorious party. In the event of a decision
that is partially favorable to all litigating Parties, the costs and expenses shall be divided
proportionally among them.

17.12. Cooperation and Contractual Good-Faith. Each Original Party and each signatory of
the Adhesion Instrument shall cooperate with the others, to the extent possible, and shall provide
any information related to the Merger, as it may reasonably be requested in writing for perfect
completion of the Merger, as set forth in this Merger Agreement.

 

29

17.13. Applicable Law. The interpretation and application of this Merger Agreement and all
matters related thereto shall be governed by the laws of the Federative Republic of Brazil.

17.14. Effectiveness. This Merger Agreement shall remain in force until the date of
consummation of the operations set forth herein (except for the effects of the Voting Commitments)
or until verification of the termination condition set forth in Section 2.4.

17.14.1 In the event that the Closing fails to occur within one (1) year, the Merger Agreement
shall be legally terminated.

17.15. Venue. For the purposes of the provisions of Section 17.11.6., the Original Parties
and the signatories of the Adhesion Instrument elect the Judicial District of São Paulo, State of
São Paulo, as the sole competent venue.

IN WITNESS WHEREOF, the Parties sign this instrument in three (3) copies of equal content and form
for one single purpose, in the presence of two (2) undersigned witnesses.

São Paulo, May 19, 2009

	 	 	 
	/s/ José Antônio do Prado Fay
	 	/s/ Gilberto Tomazoni
	/s/ Leopoldo Viriato Saboya
	 	/s/ Alfredo Felipe da Luz Sobrinho
	PERDIGÃO S.A.
	 	SADIA S.A.
	By José Antônio do Prado Fay and
	 	By Gilberto Tomazoni and
	Leopoldo Viriato Saboya
	 	Alfredo Felipe da Luz Sobrinho

/s/ Luiz Fernando Furlan

/s/ Alfredo Felipe da Luz Sobrinho

HFF PARTICIPAÇÕES S.A.

By Luiz Fernando Furlan and

Alfredo Felipe da Luz Sobrinho

Witnesses:

	 	 	 
	1.
	 	2.
	Name:
	 	Name:
	RG:
	 	RG:
	CPF/MF:
	 	CPF/MF:

 

30

EXHIBIT I

PERDIGÃO DEBENTURE SHAREHOLDERS

1. Caixa de Previdência dos Funcionários do Banco do Brasil — Previ

2. Fundação Sistel de Seguridade Social

3. Fundação de Assistência e Previdência Social do BNDES — Fapes

4. Fundação Petrobrás de Seguridade Social — Petros

5. Fundação Vale do Rio Doce de Seguridade Social – Valia

 

31

EXHIBIT II

HFF DEBENTURE SHAREHOLDERS

1. ALEX RENATO DE MAURA FONTANA

2. ALEXANDRE FONTANA SCHMIDT

3. ALFREDO FELIPE DA LUZ SOBRINHO

4. AMPERES ADMINISTRACAO E PARTICIPACOES LT

5. ANA MARIA GONCALVES FURLAN

6. ANDRÉ BELEZA FONTANA

7. ANDRE FONTANA CARVALHO

8. ANDRE MONEGAGLIA

9. ANTIGUA ADMINISTRACAO E PARTICIPACOES LT

10. ATTILIO FONTANA NETO

11. AUGUSTO ESCOREL FONTANA

12. CARLA MARIA CARVALHO FONTANA

13. CAROLINA FURLAN UCHOA CAVALCANTE

14. CRISTIANO FONTANA KHEIRALLAH

15. DANIEL BOTURAO D’AVILA

16. DANIEL FONTANA SCHMIDT

17. DANIELLE FONTANA D AVILA TRANCHESI

18. DENISE FONTANA D AVILA FONTANA

19. DIOGO LEAL FONTANA

20. DIVA HELENA FURLAN

21. EDUARDO FONTANA D AVILA

22. FELIPE BOTURAO D’AVILA

23. FELIPE MONEGAGLIA

24. FLAVIA THAIS FONTANA GEMIGNANI

25. FLAVIO FONTANA MINCARONI

26. FLAVIO RIFFEL SCHMIDT

27. GABRIELLA FURLAN VILLARES

28. GUILHERME PEREIRA FONTANA CIPRIANI

29. GUSTAVO FONTANA STRIKER

30. HENRIQUE FONTANA STRIKER

31. ITALIA BORDIN FONTANA

 

32

32. JOAO DOMINGOS FONTANA

33. JOAO FURLAN DA SILVA TELLES

34. JOSE CARLOS FONTANA

35. JULIANA FONTANA PUSSET

36. LEILA MARIA FURLAN DA SILVA TELLES

37. LIANA FILARDI FONTANA

38. LIANEX PARTICIPACAO LTDA

39. LUCILA MARIA FURLAN

40. LUCY FONTANA FURLAN

41. LUIZ FELIPE FONTANA LISBOA

42. LUIZ FERNANDO FURLAN

43. LUIZ GOTARDO FURLAN

44. MANOELA MONEGAGLIA

45. MARCELA PASSOS FURLAN

46. MARCELO FONTANA

47. MARIA APARECIDA CUNHA FONTANA

48. MARIA APARECIDA FONTANA MINCARONI

49. MARIA FURLAN DA SILVA TELLES

50. MARIA TEREZINHA FONTANA DOS REIS

51. MARINA FONTANA

52. MARISE PEREIRA FONTANA CIPRIANI

53. MELISSA PEREIRA FONTANA CIPRIANI

54. NELSON FELIPE KHEIRALLAH FILHO

55. ODEON ANTONIO FONTANA

56. ODILA SPERANDIO

57. ODYLLA FONTANA D AVILA

58. OLD PARTICIPACOES LTDA

59. OLGA MARIA DE CARVALHO LUZ

60. OLINPAR PARTICIPACOES LTDA

61. OLIVER FONTANA

62. OMAR FONTANA

63. OMAR FONTANA DOS REIS

64. ONEIDA MARIA SCHNITZER FONTANA

65. OSORIO HENRIQUE FURLAN JUNIOR

 

33

66. OTTONI ROMANO FONTANA FILHO

67. PATRÍCIA BELEZA FONTANA

68. PAULO PUSSET

69. PEDRO ALBERTO FONTANA

70. RAUL MENA BARRETO DOS REIS

71. RENATA FONTANA PUSSET

72. ROBERTO HOPPNER FONTANA

73. ROBERTO PUSSET

74. ROMANO ANCELMO FONTANA FILHO

75. RUTH ESCOREL FONTANA

76. RUTH MARIA CARVALHO LUZ MALZONI

77. SANDRA MARIA FONTANA

78. SERGIO FONTANA DOS REIS

79. SIMONE MARIA FONTANA DOS REIS

80. SOELY MACHADO FONTANA

81. SOFIA ESCOREL FONTANA

82. SUNFLOWER PARTICIPACOES S.A.

83. TIAGO GUITIAN DOS REIS

84. VANIA CUNHA FONTANA

85. VERA LUCIA FONTANA

86. VERA LUCIA PEREIRA FONTANA

87. VICTOR BAYARD DE MAURA FONTANA

88. VICTOR FONTANA

89. VICTOR FUGANTI

90. ZOE SILVEIRA D’AVILA

 

34

EXHIBIT III

PERDIGÃO ADHESION INSTRUMENT

[CORPORATE NAME], [full identification] (“ADHERING PARTY”), as shareholder of PERDIGÃO
S.A., a company with head offices in the city and State of São Paulo, at Av. Escola Politécnica,
760, enrolled in the CNPJ/MF under No. 01.838.723/0001-27 (“PERDIGÃO”), which holds on the
date hereof [—] common shares issued by the company, HEREBY ADHERES, on an unrestricted and
unconditional basis, to all terms and conditions of the Merger Agreement entered into on May 19,
2009 by and between, on the one hand, PERDIGÃO; and, on the other hand, HFF PARTICIPAÇÕES S.A., a
company with head offices in the city and State of São Paulo, at Rua Fortunato Ferraz, 365,
2nd floor, suite 2, Vila Anastácio, enrolled in the CNPJ/MF under No. 09.625.992/0001-17
(“HFF”), and SADIA S.A., a company with head offices in the city of Concórdia, State of
Santa Catarina, at Rua Senador Attílio Fontana, 86, Centro, enrolled with the CNPJ/MF under No.
20.730.099/0001-94 (“SADIA”) (“Merger Agreement”).

By virtue of the adhesion formalized hereunder:

	 	(i)	 	the ADHERING PARTY shall have the rights and obligations given to the PERDIGÃO
Debenture Shareholders in the Merger Agreement, and it hereby declares that it is aware of
and agrees with all such rights and obligations, and further undertakes to comply with
them; and
	 
	 	(ii)	 	all such references made in the Merger Agreement to the PERDIGÃO Debenture
Shareholders shall be deemed as references further to the ADHERING PARTY.

[date]

[signature]

 

35

EXHIBIT IV

ADHESION INSTRUMENT HFF

[NAME/CORPORATE NAME], [full identification] (“ADHERING PARTY”), as shareholder of SADIA
S.A., a company with head offices in the city of Concórdia, State of Santa Catarina, at Rua Senador
Attílio Fontana, 86, Centro, enrolled in the CNPJ/MF under No. 20.730.099/0001-94
(“SADIA”), which holds on the date hereof [—] common shares issued by the company,
HEREBY ADHERES, on an unrestricted and unconditional basis to all terms and conditions of the
Merger Agreement entered into on May 19, 2009 by and between, on the one hand, PERDIGÃO S.A., a
company with head offices in the city and State of São Paulo, at Av. Escola Politécnica, 760,
enrolled in the CNPJ/MF under No. 01.838.723/0001-27 (“PERDIGÃO”); and, on the other hand,
HFF PARTICIPAÇÕES S.A., a company with head offices in the city and State of São Paulo, at Rua
Fortunato Ferraz, 365, 2nd floor, suite 2, Vila Anastácio, enrolled with the CNPJ/MF
under No. 09.625.992/0001-17 (“HFF”), and SADIA (“Merger Agreement”).

By virtue of the adhesion formalized hereunder:

	 	(iii)	 	the ADHERING PARTY shall have the rights and obligations given to the HFF Debenture
Shareholders in the Merger Agreement, and it hereby declares that it is aware of and
agrees with all such rights and obligations, and further undertakes to comply with them;
and
	 
	 	(iv)	 	all such references made in the Merger Agreement to the HFF Debenture Shareholders
shall be deemed as references further to the ADHERING PARTY.

The ADHERING PARTY hereby irrevocably and indefeasibly constitutes [name and identification]
(“Grantee”) as its lawful attorney, with powers required to execute all instruments,
including, for instance, corporate books and share

 

36

transfer instruments, as well as attend any and all General Meetings of HFF, with powers to vote on
the matters described in the agenda, as well as perform all the acts (a) set forth in the Merger
Agreement, including receipt of notices as set forth in Section 17.2 of the Merger Agreement, on
its behalf and order, or (b) required to attain the Merger (as defined in the Merger Agreement),
including, for instance, contribution of the shares issued by SADIA and part of the capital of HFF,
and agrees that:

	 	(i)	 	SADIA, HFF and PERDIGÃO are entitled to assume that the Grantee has at all times full
authority to act on behalf and on account of the ADHERING PARTY in respect of the rights
and obligations set forth in the Merger Agreement; and
	 
	 	(ii)	 	the acts performed by the Grantee under this power of attorney shall bind the
ADHERING PARTY.

In addition, the ADHERING PARTY represents that [—] of the [—] common shares issued by SADIA
and owned thereby are recorded by [—].

The power of attorney granted herein shall remain in force for the term set forth in Section 17.14
of the Merger Agreement.

[date]

[signature]

 

37

EXHIBIT V

HFIN ADHESION INSTRUMENT

[NAME/CORPORATE NAME], [full identification] (“ADHERING PARTY”), as shareholder of SADIA
S.A., a company with head offices in the city of Concórdia, State of Santa Catarina, at Rua Senador
Attílio Fontana, 86, Centro, enrolled in the CNPJ/MF under No. 20.730.099/0001-94
(“SADIA”), which holds on the date hereof [—] common shares issued by the company,
HEREBY ADHERES, in an unrestricted and unconditional basis to all terms and conditions of the
Merger Agreement entered into on May 19, 2009 by and between, on the one hand, PERDIGÃO S.A., a
company with head offices in the city and State of São Paulo, at Av. Escola Politécnica, 760,
enrolled in the CNPJ/MF under No. 01.838.723/0001-27 (“PERDIGÃO”); and, on the other hand,
HFF PARTICIPAÇÕES S.A., a company with head offices in the city and State of São Paulo, at Rua
Fortunato Ferraz, 365, 2nd floor, suite 2, Vila Anastácio, enrolled with the CNPJ/MF
under No. 09.625.992/0001-17 (“HFF”), and SADIA (“Merger Agreement”).

By virtue of the adhesion formalized hereunder:

	 	(v)	 	the ADHERING PARTY shall have the rights and obligations given to the HFIN Debenture
Shareholders in the Merger Agreement, and it hereby declares that it is aware of and
agrees with all such rights and obligations, and further undertakes to comply with them;
and
	 
	 	(vi)	 	all such references made in the Merger Agreement to the HFIN Debenture Shareholders
shall be deemed as references further to the ADHERING PARTY.

The ADHERING PARTY hereby irrevocably and indefeasibly constitutes [name and identification]
(“Grantee”) as its lawful attorney, with powers required to execute all instruments,
including, for instance, corporate books and share

 

38

transfer instruments, as well as attend any and all General Meetings of HFIN, with powers to vote
on the matters described in the agenda, as well as perform all the acts (a) set forth in the Merger
Agreement, including receipt of notices as set forth in Section 17.2 of the Merger Agreement, on
its behalf and order, or (b) required to attain the Merger (as defined in the Merger Agreement),
including, for instance, contribution of the shares issued by SADIA and part of the capital of
HFIN, and agrees that:

	 	(iii)	 	SADIA, HFIN, HFF and PERDIGÃO are entitled to assume that the Grantee has at all
times full authority to act on behalf and on account of the ADHERING PARTY in respect of
the rights and obligations set forth in the Merger Agreement; and
	 
	 	(iv)	 	the acts performed by the Grantee under this power of attorney shall bind the
ADHERING PARTY.

In addition, the ADHERING PARTY represents that [—] of the [—] common shares issued by SADIA
and owned thereby are recorded by [—].

The power of attorney granted herein shall remain in force for the term set forth in Section 17.14
of the Merger Agreement.

[date]

[signature]

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