Quarterly Earnings Release

2010 Earnings Release

Net Revenue: R$783.5mn in 2010 (+21.8% vs. 2009)
Adjusted EBITDA: R$98.1mn in 2010 (+45.1% vs. 2009), with a margin of 12.5% (10.5% in 2009)
Net profit of R$70.8mn in 2010 (+91.6% vs. 2009)

The consolidated financial statements and quarterly information now presented are prepared in accordance with International Financial Reporting Standards (IFRS). Initial adoption of the Technical Statements and International Standards has been implemented backdated to January 1, 2009. As a result, the individual and consolidated accounting statements for the prior business year and period, as originally published, have been adjusted and are being re-presented in accordance with these new standards for the purposes of comparability.

São Paulo, Brazil, February 24, 2011 - Metalfrio Solutions S.A. (FRIO3) (“Metalfrio”), one of the world’s largest manufacturers of plug-in commercial refrigeration equipment, announces its results for the 4th quarter of 2010 (“4Q10”) and the business year ended December 31, 2010. Financial and operational information given is in accord with international accounting standards (IFRS), in Reais (R$). Comparisons are with the fourth quarter of 2009 (“4Q09”), the business year ended December 31, 2009, or as indicated.

Investor Relations Contact

Luiz Eduardo Moreira Caio
(CEO)
Marcelo Moojen Epperlein
(Vice-president Global Operations, and
Investor Relations Director)
Tel.: +55 11 2333-9002
Fax: +55 11 2333-9196
ri@metalfrio.com.br
www.metalfrio.com.br/ri

Conference call in Portuguese

Date: February 25, 2011
Time: 10:30 a.m. São Paulo
8:30 a.m. New York

Call:
+55 11 3127-4971
For replay, dial:
+55 11 3127-4999
Password: 22180555

Conference call in English

Date: February 25, 2011
Time: 11:30 a.m. São Paulo
9:30 a.m. New York

Call:
+1 412 317-6776
Password: Metalfrio
For replay, dial:
+1 412 317 0088
Password: 448588 #1

Av. Abrahão Gonçalves Braga 412,
Vila Livieiro,
04186-220 São Paulo, SP, Brazil

Period Summary

Unit sold: 733.0 thousand units in 2010 (+33.0% vs. 2009). Americas: 449.4 thousand (+16.9% vs. 2009). Europe: 283.6 thousand (+70.3% vs. 2009)

Net revenue: R$783.5mn in 2010 (+21.8% vs. 2009). Americas: R$558.7mn (+16.1% vs. 2009). Europe: R$224.8mn (+38.7% vs. 2009)

Gross profit of R$153.0mn in 2010 (gross margin of 19.5%), compared to gross profit of R$129.0mn in 2009 (gross margin of 20.1%)

Adjusted EBITDA of R$98.1mn in 2010 (+45.1% vs. 2009), margin of 12.5% (10.5% in 2009)

Net profit of R$70.8mn in 2010 (+91.6% vs. 2009), net margin of 9.0% (5.7% in 2009)

Net debt of R$123.5mn in 2010, equivalent to 1.26 times the adjusted EBITDA in 2010 (net debt of R$114.2mn in 2009, equivalent to 1.69 times the adjusted EBITDA of 2009)

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