institutional presentation may/june

JBS Institutional Presentation

May/June 2015

2

This release contains forward-looking statements relating to the prospects of the business, estimates for

operating and financial results, and those related to growth prospects of JBS. These are merely projections and,

as such, are based exclusively on the expectations of JBS management concerning the future of the business and its continued access to capital to fund the Companys business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the

performance of the Brazilian economy and the industry, among other factors and risks disclosed in JBS filed disclosure documents and are, therefore, subject to change without prior notice.

Disclaimer

3

JBS Global

3

LTM to 1Q15 Net Revenue of R$127.9 billion

Bovines 40%

Poultry 20%

Pork 10%

Prepared products and

others 30%

Revenue

LTM to 1Q15

R$127.9 bi

Second largest global food company according to Bloomberg ranking

Capacity to process 100,000 bovines per day in 73 units in seven countries

Capacity to process 72,000 hogs per day in 11 units in Brazil and the United States

Capacity to process more than 13 million birds per day in 58 units in the Americas

Capacity to produce more than 100 thousand hides per day in 31

units worldwide

More than 215 thousand employees around the world

Note 1. Based on 2013 Net Sales

4

JBS Historical Performance

LTM to 1Q15, JBS reached R$127.9 billion in net revenue, EBITDA of R$12.1 billion,

equivalent to an EBITDA margin of 9.5%, and net income of R$3.36 billion.

EBITDA Margin(%) EBITDA (R$ billion) Net Revenue (R$ billion)

4.3% 3.8% 3.7%

5.5% 5.0%

5.8% 6.6%

9.2% 9.5%

0.6 1.2 1.3 3.5 3.1

4.4 6.1

11.1 12.1

14.1

30.3 34.3

54.7 61.8

75.7

92.9

120.5 127.9

2007 2008 2009 2010 2011 2012 2013 2014 LTM1T15

Updating the results using FX at the end of 1Q15, net revenue reached R$153.9 billion

and EBITDA LTM was R$14.5 billion.

5

Consolidated Results 1Q15

6

1,750

2,758

6.6%

8.2%

1Q14 1Q15

26,419

33,819

1Q14 1Q15

1Q15 Consolidated Highlights

EBITDA Margin (%)

Consolidated Net Sales (R$ Million) Consolidated EBITDA (R$ Million)

28.0%57.6%

Highest Revenue and EBITDA in a first Quarter. EBITDA grew more than Revenues. 160 bps expansion in EBITDA margin over 1Q14.

7

70

1,394

0.024

0.482

1Q14 1Q15

505

4,538

1Q14 1Q15


Earnings per share (R$)

Cash Generation (R$ Million) Consolidated Net Income (R$ Million)

Cash generation reached historical high for a first quarter. Free Cash Flow generation of R$3.8 billion prior to acquisitions. Effective hedging strategy to protect results.

1891.6%799.2%

8

23,679

27,721

5,500

3.3x

2.3x

1Q14 1Q15

10,464

8,641

1,714

1Q14 1Q15


Net Debt (US$ Million) Net Debt (R$ Million) / Leverage

10,356

1.9x

33,221

Leverage (x) Net Debt

Acquisitions

and dividends

Acquisitions

and dividends

US$1.8 billion debt reduction compared to 1Q14 when analyzed before

acquisitions. Leverage would have been 1.9x, prior to acquisitions. Primos Revenue and EBITDA are not considered in a pro-forma analysis.

9

Africa and Middle East 14.7%

Mexico 12.4%

South America 12.1%

Greater China 11.5%

Japan 9.5%

USA 7.1%

E.U. 7.1%

Russia 6.4%

South Korea 5.4%

Canada 2.5%

Others 11.3%

1Q14

US$3,145.5

million

JBS Consolidated Exports Breakdown in 1Q15 and 1Q14

Note 1. Including China and Hong Kong

South America 14.2%

Africa and Middle East 13.4%

Greater China 11.9%

Mexico 11.9% USA

11.0%

Japan 9.9%

E.U. 6.7%

South Korea 6.2%

Russia 3.7%

Canada 2.3%

Others 8.7%

1Q15

US$ 3,547.3

million

Growth of 13% in 1Q15 exports

compared to 1Q14

10

Capex, Cash Generation and Debt Profile

11

Cash Generation

CAPEX

Capex and Cash Generation

In 1Q15, JBS total CAPEX was R$4,610.3 million, from which:

R$3,905.2 million refers to the acquisitions of Primo Smallgoods Group in Australia

and Big Frango in Brazil, both concluded in 1Q15.

R$705.2 million of which 42% was related to expansion and modernization of facilities

and 58% in maintenance.

In 1Q15, the Company generated net cash flow from operations of R$4,538.0 million.

Free cash flow generation after CAPEX and prior to acquisitions was R$ 3,832.8 million.

12

23,679

27,721

5,500

3.3x2.3x

1Q14 1Q15

10,464

8,641

1,714

1Q14 1Q15

Debt Profile

Breakdown by Currency and Costs Breakdown by Company

Net Debt (R$ Million) & Leverage

Breakdown by Source

Net Debt (US$ Million)

US$ 88%

R$ 12%

5.23% p.a.

11.45% p.a.

Capital Market 55.1%

Commercial Banks 44.8%

BNDES 0.1%

JBS S.A. 50%

JBS Foods 14%

JBS USA Holdings

36%

JBS ended 1Q15 with leverage of 2.3x,

compared to 3.3x in 1Q14.

Leverage would be 1.9x if analyzed

before acquisitions and the payment of

extraordinary dividends.

At the end of the period, 88% of JBS

consolidated debt was denominated in

U.S. dollars, with an average cost of

5.23% per year.

Net Debt in

US$ before

acquisitions

and

dividends

1.9x

Leverage before

acquisitions and

dividends

10,356 33,221

13

29%

28%

30%

34%

29%

71%

72%

70%

66%

71%

1Q14

2Q14

3Q14

4Q14

1Q15

Short Term Long Term

-573

4,069

2,067

5,311

680

9,027

3,672

8,969

Short term* 2016 2017 2018 2019 2020 2021 after 2021

The Company ended the quarter with R$14,120.8 million in cash,

equivalent to 104% of short term debt, approximately.

JBS USA has US$1.5 billion fully available under credit

facilities which, if added to the current cash position,

represents 140% of short term debt.

The percentage of short term debt (ST) in relation to total

debt was 29% in 1Q15.

* Net of Cash

Debt Profile and Maturity

Debt Profile

Maturity (R$ million)

14

Business Units 1Q15

15

EBITDA LTM to 1Q15 Net Revenue LTM to 1Q15 R$14.0 billion

JBS Foods

Leading producer of prepared foods (PFPs) and fresh poultry and pork products

+66,000 employees

R$2,288.5 million

16.4% Margin

Brazil

30 slaughterhouses and deboning units

08 slaughterhouses and deboning units

23 PFP units

18 distribution centers

1

MT BA

MG

RJ

PR

RS

MS

DF

5

7

2

SC 8 3 7

SP 4 3

1

2

6 1 1

3

1

1

2 1

2

2 1

1

1

CE 1

PE 1

1

2

3 2

3

Notes. Industrial Complex: location with one or more units of production;

1

1

AM

1

2nd largest producer and exporter of poultry and pork in Brazil

Large production platform, with 61 production units1 and nearly 66,700employees

National distribution platform serving ~79,000 points of sale

Strong international presence, exporting to over 100 countries

Complete product portfolio with leading and well-known brands

Uniquely positioned as the natural consolidator of the sector in Brazil, allowing accelerated growth

5.6 million birds per day

21,200 hogs per day

80 thousand tons per month

Operational Platform


Production units located in the south, southeast and mid-west regions

Production units located in the south and mid-west regions

Production units located in the south, southeast, northeast and mid-west

regions .

In 13 states

16

379.8

616.013.7%

15.9%

1Q14 1Q15

JBS Foods 1Q15 12%

20%

44%

7%

18%

% NR JBS S.A.

Strong revenue growth, organic and inorganic. Integration success and synergy capture. Continuous improvement in quality indicators, level of service

and execution. Market share gains in several product categories.

EBITDA (R$ Million) Net Revenue (R$ Million)

39.4% 62,2%

Strong appreciation and recognition of Seara brand.

2,780.0

3,874.5

1Q14 1Q15

17

EBITDA LTM to 1Q15 Net Revenue LTM to 1Q15 R$27.1 billion

~ 55,000 bovines per day

90,000 hides per day


09 related businesses

92% in Brazil, 3% in Argentina, 3% in Paraguay and 2% in Uruguay

Facilities in Brazil, Argentina, Uruguay, China, Vietnam and Mexico

11 central and 32 regional in Brazil and 01 in Argentina

Biodiesel

Can making

Collagen

JBS Carriers

Trading

Hygiene and Clean

Casings

TRP Complementary to JBS Carriers

Recycling

JBS Mercosul

Beef production in Brazil, Argentina, Paraguay and Uruguay, in addition to leather and other Related Business

Operational Platform +70,000 employees

R$2,099.4 million

7.7% Margin

Argentina

Leadership in beef production

05 beef processing facilities

01 distribution center

01 tannery

Paraguay JBS is the leader in beef processing and has around 25% of market share in

exports of Paraguay

02 beef processing facility 01 tannery

Uruguay

Great access to export markets; the only country to export fresh beef to the US

01 beef processing

02 tanneries

Brazil


06 feedlots

29 tanneries


1

15

9

3

1

1

1 6

4

3

4

4

2 1

1

3

2

1

2

6

2

4

1

8

5

3

2

2

1

1

1

2

1

1

1 2 3 6 3

PA

AM

AC RO MT

MA

PE BA

MG

ES

RJ

SP

SC

PR

RS

MS

1

GO

1 CE

18

596.1

376.4

10.4%

5.6%

1Q14 1Q15

5,725.3

6,782.3

1Q14 1Q15

JBS Mercosul 1Q15

% NR JBS S.A.

Profitability impacted by reduced cattle availability for

processing due to cow retention and a decrease in Brazilian

exports in 1Q15.

Continued investment in Friboi brand for differentiation and

development of its products in the Brazilian market.

EBITDA (R$ Million) Net Revenue (R$ Million)

20%

18.5%-36.8%

Focus on sales expansion of higher value-added products.

19

Australia

Leadership in beef exports

Leadership in the processing of lamb (22,000 lamb per day)

#1st in the Food Industry Ranking

Growth of 17% in revenues from 2013 to 2014

01 beef processing facility

01 feedlot (bovine)

01 trading

15 processing facilities 09 bovine, 05 lamb and 01 hogs

07 feedlots 05 bovine and 02 lamb

01 tannery

14 distribution centers 03 case ready and 03 small goods facilities

~40,000 bovines per day

11,000 hides per day



11 feedlots

01 tannery

06 carriers units

28,000 in the US

4,000 in Canada

8,000 in Australia

5,000 in the US

6,000 in Australia

14 DCs in Australia and 06 carriers units in the US

JBS USA Beef

Beef production in the United States, Canada and Australia

Operational Platform United States

Canada

Growth of 49% in revenues from 2013 to 2014

16 feedlots (bovine)

11 in the US/ Capacity of 1.0 million bovines

01 in Canada / Capacity of 70,000 bovines

05 in Australia / Capacity of 152,000 bovines

Note 1. Source: Food&Drink Business Magazine; Note 2. Includes Primo Smallgoods

+30,000 employees

EBITDA LTM to 1Q15 Net Revenue LTM to 1Q15 US$22.3 billion US$1,125.2 million

5.0% Margin

1

NE 2

1 CO 1

4

1

UT

1

1

TX

1

3

1

2

WI 1

1 MI

1

PA 1

AZ

1

ID 1

KS 1

OK 1

4

2

1

2

2

2

1

1

1

4 1

20

-22.5

186.6-0.5%

3.6%

1Q14 1Q15

4,520.7

5,190.5

1Q14 1Q15

JBS USA Beef (including Australia and Canada) 1Q15

% NR JBS S.A.

Strong recovery in US cattle herd. Production diversification (Australia, Canada, fed cattle and

regional units) provides greater flexibility and agility to adapt

to market conditions. Acquisition of Primo Group, leader in the production of

processed products in Australia and NZ, expands the

Company's presence in value-added products with brands.

EBITDA (US$ Million) Net Revenue (US$ Million)

14.8%

44%

21

~ 51,300 hogs per day

03 hogs processing facilities

02 case ready facilities

01 lamb processing facility

100% in the US

JBS USA Pork

Pork production in the United States

United States

CO

1

IA 1

KY 1

CA

1

1


~3,000 lamb per day

Main Brands

Swift Premium

Dry Rubbed Ribs

Swift Premium

Rubbed Loin Filet

Products

Swift Premium

Boneless Backrib

Swift Premium

Boneless Pork Chops

Operational Platform +6,000 employees

EBITDA LTM to 1Q15 Net Revenue LTM to 1Q15 US$3.7 billion US$415.9 million

11.3% Margin

Convenience products NC

1

MN

22

896.9

762.3

1Q14 1Q15

JBS USA Pork 1Q15

% NR JBS S.A.

Growth in number of animals available for processing and

consequent increase in sales volume. Organic growth in ready to cook and convenience products

segment.

7%

-15.0%12,4%


82.9

93.29.2%

12.2%

1Q14 1Q15

12.4%

23

United States Operational Platform

~ 7.5 million birds per day

6.5 million in the US

250,000 in Porto Rico

800,000 in Mexico

JBS USA Chicken (Pilgrims Pride Corporation - PPC)

Poultry production in the United States, Porto Rico and Mexico

TX

Nota *. Inclui 01 unidade de processamento de ovinos no Colorado


Located in Mexico

Mexico

With Tyson acquisition, PPC will have an additional of three

facilities, adding 600,000 birds per day of capacity and 9,000

employees

03 poultry processing facilities


4

1

3

AL

AR 1

NC 2

FL 1

GA 7

KY 1

LA

Porto Rico

SC 1

TN 1

VA 1

WV 1

01 processing facility

+ de 3,500 contract growers

36 hatcheries

28 feed mills

+39,000 employees

EBITDA LTM to 1Q15 Net Revenue LTM to 1Q15 US$8.6 billion US$1,505.3 million

17.5% Margin

24 processing facilities


1

1

1 1

1

24

205.2

363.5

10.2%

17.7%

1Q14 1Q15

2,018.12,052.9

1Q14 1Q15

JBS USA Chicken (Pilgrims Pride Corporation - PPC) 1Q15 % NR JBS S.A.

Relentless focus on operational excellence. Effective strategy in product portfolio and management of sales

channels. Sales growth in value-added products.

1.7%

77.2%

18%


25

Market Analysis

26

Worlds Food* Surpluses and Deficits

Cereals, dairy, fish, meat, oilseeds and sugar.

Source: OECD-FAO Agricultural Outlook 2014-2023

Net intra-regional trade, million tonnes

-300,000

-250,000

-200,000

-150,000

-100,000

-50,000

0

50,000

100,000

150,000

200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

North America Latin America

and Caribbean

Oceania

Developed Europe

Other

Developed Africa Asia

27

USA 17%

Brazil 13%

E.U. 11%

China 10% Argentina

4%

Others 45%

USA 16%

Brazil 15%

E.U. 11%

China 10%

India* 5%

Others 43%

Global Beef Consumption

Sector Overview: Beef

Global Beef Production

Source: USDA

*Buffaloes

Total 2013: 67.7 mm tons cwe

2013

Beef Trade Commerce in 2014 (mm tons cwe)

# Largest exporters Largest importers

1 India* 2,082 21% USA 1,337 17%

2 Brazil 1,909 19% Russia 919 12%

3 Australia 1,851 19% Japan 739 9%

4 USA 1,167 12% Hong Kong 646 8%

5 New Zealand 579 6% China 417 5%

Total: 67.2 mm tons cwe

Brazil and the U.S. are responsible for 31% of the worlds beef production

Per Capita Consumption

Global Beef Production Forecasts

(mm tons cwe)

42

33

30

25

24

3.4

Argentina

Uruguai

Brasil

EUA

Austrlia

China

(kg/capita) 2013

Global avg.: 6.6 Kg

2013

Both Brazilian and American beef production should increase approximately

1mm tons until 2023, reaching 10.3 mm and 11.3 mm tons, respectively

JBS is present in the main beef exporting countries

Source: FAO

*cwe = carcass weight equivalent

Source: FAO

*Buffaloes

Source: FAO

67.2 67.4 68.2 68.7 69.8 71.0 72.1 72.9 73.9 74.8 75.6

0.0

25.0

50.0

75.0

100.0

2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E

Others USA Brazil

CAGR (%)

2013 - 2023

Brazil 1.4% USA 0.1%

World 1.2%

28

107.4 110.0 112.6 115.3 117.8 120.5 123.3 126.3

129.0 131.8 134.5

0.0

30.0

60.0

90.0

120.0

150.0

2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E

Others USA Brazil

50

48

45

34

32

10

Global Poultry Production Forecasts

Sector Overview: Poultry

USA 18%

China 16%

Brazil 12% E.U.

12%

Russia 4%

Mexico 3%

Others 35%

Total 2013A: 107.4 mm tons rtc

Global avg:12,8Kg

(mm tons rtc)

Poultry Trade Commerce in 2014 (mm tons rtc)

China 17%

USA 15%

E.U. 11%

Brazil 9% Russia

4%

Mexico 3%

India 2%

Others 39%

Total 2013: 107.4 mm tons rtc

Poultry production should increase around 25% in the period from 2013 to 2023, reaching 134.5 mm tons

Brazil and the U.S. are responsible for 30% of the worlds beef production


1 Brazil 3,558 34% Japan 888 10%

2 USA 3,313 32% Saudi Arabia 761 9%

3 E. U. 1,134 11% Mexico 722 8%

4 Thailand 546 5% Iraq 722 8%

5 China 430 4% E.U. 706 8%

China should

reach 14kg/capita

by 2023

2013

Global Poultry Production

Global Poultry Consumption Per Capita Consumption

(kg/capita) 2013

JBS is present in the main poultry exporting countries

Source: FAO Source: FAO

Source: USDA

Source: FAO

*rtc = ready to cook

CAGR (%)

2013 - 2023


World 2.3%

29

China 48%

E.U. 18%

USA 7%

Russia 3%

Vietnan 3%

Brazil 3%

Others 18%

(mm tons cwe)

Global Pork Production Forecasts

Global Pork Consumption

Sector Overview: Pork

China 48%

E.U. 19%

USA 9%

Brazil 3%

Vietnan 3%

Others 18%

Total 2013A: 115.2 mm tons cwe

Global Pork Production

Total 2013A: 115.4 mm tons cwe

Pork production should increase 12% in the period from 2013 to 2023, reaching 129.4 mm tons in 2023

Brazil and the US are two of the worlds largest pork producers

Per Capita Consumption

61

40

27

22

14

(kg / capita) 2013

Global avg. 2013A: 14.9Kg

Pork Trade Commerce in 2014 (mm tons cwe)


1 USA 2,204 32% Japan 1,332 21%

2 E.U. 2,177 32% Mexico 818 13%

3 Canada 1,219 18% China 761 12%

4 Brazil 556 8% Russia 515 8%

5 China 277 4% South Korea 480 8%

2013

115.4 116.9 118.8 120.3 121.4 122.7 123.8 125.2 126.7 128.1 129.4

0.0

30.0

60.0

90.0

120.0

150.0

2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E

Others USA Brazil

JBS is present in the main pork exporting countries

Source: FAO Source: FAO

Source: USDA

Source: FAO

*cwe = carcass weight equivalent

CAGR (%)

2013 - 2023


World 1.2%

Mission

To be the best in what we set out to do, completely

focused on our business, ensuring the best products

and services for our customers, consistency for our

suppliers, profitability for our shareholders and the

opportunity of a better future for all our team

members.

institutional presentation may/june

Documents

ebitda of r

net revenue r

consolidated ebitda

1q15 r

net debt r

1q15 net revenue of

net sales r

net income of r