JBS S.A.

Results Presentation2Q122Q12

JBS S AJBS S.A.

JBS Ranking1 Market Leader

2 Track Record of successful acquisitions

Largest global beef and lamb producer1st3 Geographic and

market segment diversification

Largest global leather processor1st4 Well-recognized

brands

Largest global chicken producer1st

Largest pork producer 3rd g p pin the US3

3PAGESource: JBS

Our Strategy

RATIONALE

Associating quality and branding to increase client loyalty

Brandingy y

Customized and further processed products for the end usersValue added products

Expanding a global distribution platform to reach end clients

Developed an efficient and

Sales and distribution platform

pdiversified global production platform

Production platform

Financial Structure

ExperiencedManagement

Cost reduction, process

RiskManagement

EBITDA Margin

g poptimization

g

JBS’s Value & Strategy

4PAGE

Well-recognized Brands, symbols of quality1 Market Leader

B il

2 Track Record of successful acquisitions

Brazil

Argentina

3 Geographic and market segment diversification g

4 Well-recognized brands

USA

AustraliaAustralia

5PAGE

Perspectives for the animal protein marketPerspectives for the animal protein market

World’s Food* Surpluses and DeficitsNet intra-regional trade, million tonnes

Western A i

Middle East Central

NorthAmerica

SouthAmerica

Australia

Europe Asia & AfricaAmerica

Eastern Europeand former

Soviet Union

19651990

19701995

19752000

19802005

19852010

7PAGE* Cereals, rice, oilseeds, meals, oils and feed equivalent of meat.Source: The Economist

Global Protein Consumption Growth by SpeciesStrong Global Industry Fundamentals

(MT in mm)

250

200

150

100

50

0

8PAGESource: USDA FAS

1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

Brazil, Australia and the US continue to lead global beef exports

4 5005.0005.500

1.200.000

1.400.000

Brazilian Beef Exports (tons)

-2.7%

2 0002.5003.0003.5004.0004.500

600.000

800.000

1.000.000

1 6%

05001.0001.5002.000

0

200.000

400.000

2006 2007 2008 2009 2010 2011 1S11 1S12

1.6%

2006 2007 2008 2009 2010 2011 1S11 1S12

Australian Beef Exports (tons) US Beef and Veal Exports (tons)

4.5005.0005.500

1.200.000

1.400.000

1.2%5.5006.0006.500

1.200.000

1.400.000

17.0%

2 0002.5003.0003.5004.0004.500

600.000

800.000

1.000.000

2.5003.0003.5004.0004.5005.000

600.000

800.000

1.000.000

-11.4%-0.2%

05001.0001.5002.000

0

200.000

400.000

2006 2007 2008 2009 2010 2011 1S11 1S1205001.0001.5002.000

0

200.000

400.000

2006 2007 2008 2009 2010 2011 1S11 1S12

9PAGEBeef and Veal exports Average Price (US$/Ton)Source: USDA, MLA & Secex

2006 2007 2008 2009 2010 2011 1S11 1S12

Chicken Exports Brazil vs US

Brazilian Chicken Exports (tons) USA Chicken Exports (tons)

1 600

1.800

2.000

2.200

3.500.000

4.000.000

4.500.000

-6.5%

1.400

1.600

1.800

3.500.000

4.000.000

4.500.000

800

1.000

1.200

1.400

1.600

1 500 000

2.000.000

2.500.000

3.000.000

3.4%

600

800

1.000

1.200

1 500 000

2.000.000

2.500.000

3.000.000

13.3%

13.1%

0

200

400

600

800

0

500.000

1.000.000

1.500.000

0

200

400

600

0

500.000

1.000.000

1.500.000

Chicken Exports Average Price (US$/Ton)

2006 2007 2008 2009 2010 2011 1S11 1S12 2006 2007 2008 2009 2010 2011 1S11 1S12

10PAGESource: USDA & Secex

Pork Exports US vs Brazil

Brazilian Pork Exports (tons) USA Pork Exports (tons)

2 500

3.000

3.500

1.500.000

1.800.000

-7.2%

2 500

3.000

3.500

1.500.000

1.800.000

1.8%

1.500

2.000

2.500

600 000

900.000

1.200.000

1.500

2.000

2.500

600 000

900.000

1.200.000

21.2%

0

500

1.000

0

300.000

600.000

0

500

1.000

0

300.000

600.000

0.5%

Pork Exports Average Price (US$/Ton)

2006 2007 2008 2009 2010 2011 1S11 1S12 2006 2007 2008 2009 2010 2011 1S11 1S12

11PAGESource: USDA & Secex

2Q12 Hi hli ht2Q12 Highlights

2Q12 Highlights

JBS posted consolidated net revenue of R$18.5 billion, 26.3% higher than 2Q11.

Consolidated EBITDA was R$1,012.8 million which represents an increase of 72.3% compared to 2Q11. EBITDA, p pmargin was 5.5%.

JBS Mercosul was highlight during the quarter reporting net revenue of R$4,317.7 million, an increase of 19.4%JBS Mercosul was highlight during the quarter reporting net revenue of R$4,317.7 million, an increase of 19.4%over 2Q11. EBITDA increased 47.3% over the same period and was R$630.3 million, EBITDA margin was 14.6%.

JBS USA Chicken (Pilgrim’s Pride Corporation) posted net revenue of US$2.0 billion and EBITDA of US$125.7JBS USA Chicken (Pilgrim s Pride Corporation) posted net revenue of US$2.0 billion and EBITDA of US$125.7million in the period, reversing the negative result presented in 2Q11.

Adjusted net Income in the period was R$212.9 million excluding deferred income tax liabilities generated by Adjusted net Income in the period was R$212.9 million excluding deferred income tax liabilities generated by goodwill (this only generates effective income tax payment if the company sells the investment that generated goodwill). Consolidated reported net income was R$169.5 million.

The Company ended the quarter with R$5.475 billion in cash or cash equivalent, corresponding to more than 110% of short-term debt.

13PAGE

JBS Consolidated Results – 2Q12

EBITDANet Revenue (R$ million) EBITDA and EBITDA Margin (R$ million)

4.05.1 5.6

4.35.5

8,0

1200 0

1400,0

1600,0

1800,0

14,116.3 15,567.8

16,934.5 16,011.1

18,468.3

+10 3% +8 8%

587.7786.8

940.6

696.5

1,012.8

600,0

800,0

1000,0

1200,0+15.3%+10.3% +8.8% -5.5%

+45.4%+33.9% +19.5% -26.0%

-12,00,0

200,0

400,0

2Q11 3Q11 4Q11 1Q12 2Q122Q11 3Q11 4Q11 1Q12 2Q12

45.4%33.9% 19.5% 26.0%

EBITDA M i (%)EBITDA Margin (%)

14PAGESource: JBS

Performance by Business Unit Quarterly Analysis

JBS Mercosul JBS USA(I l di A t li )

JBS USA JBS USA (PPC)

Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion)

(Including Australia)

4.54 3

4.3

923.1 855 4 844 01060,0

1140,0

1220,0

1300,0

2.0 1.9 1.8 1.9 2.04.0

4.24.1

4.3

3.6

3.9 3.8 3.8 846.0 867.1 923.1 855.4 844.0

100,0

180,0

260,0

340,0

420,0

500,0

580,0

660,0

740,0

820,0

900,0

980,0

EBITDA (R$ million) EBITDA (US$ million) EBITDA (US$ million) EBITDA (US$ million)

2Q11 3Q11 4Q11 1Q12 2Q122Q11 3Q11 4Q11 1Q12 2Q122Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12

12

-2.4% -1.7%1.2%

5.5% 6.4%

-5 0%

-3,0%

-1,0%

1,0%

3,0%

5,0%

7,0%

9,0%

200

300

400

500

427.9 453.8 407.7508.6

630.311.8% 11.6% 10.7% 13.3% 14.6%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

400

500

600

700

800

184.1223.6

1.1% 4.4% 5.0%

-1.1% -0.2%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

200

300

400

500

83.6 75.9 77.055 8 49 2

9.9% 8.8% 8.3% 6.5% 5.8%

-7,0%

-3,0%

1,0%

5,0%

9,0%

13,0%

99,977

199,977

-47.6 -31.422.6

104.0 125.7

-25,0%

-23,0%

-21,0%

-19,0%

-17,0%

-15,0%

-13,0%

-11,0%

-9,0%

-7,0%

-5,0%

-200

-100

0

100

200

2Q11 3Q11 4Q11 1Q12 2Q12-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

0

100

200

300

2Q11 3Q11 4Q11 1Q12 2Q12

44.7-45.4 -9.1

-30,0%

-28,0%

-26,0%

-24,0%

-22,0%

-20,0%

-18,0%

-16,0%

-14,0%

-12,0%

-10,0%

-100

0

100

2Q11 3Q11 4Q11 1Q12 2Q12

55.8 49.2

-23,0%

-19,0%

-15,0%

-11,0%

-0,023

2Q11 3Q11 4Q11 1Q12 2Q12

15PAGESource: JBS

EBITDA Margin (%)

JBS Consolidated Exports Distribution in 1S12Approximately US$4.4 billion

Mexico 15.5%

Others 15.1%

China, Hong Kong and Venezuela 1.9%

US$4,387 Chile 3.6%

Taiwan 2.1%China, Hong Kong and

Vietnam 14.6%

millionJapan 11.7%Canada 4.8%

Chile 3.6%

Russia 9.3%E.U 6.1%

Africa and Middle East 9.1%

South Korea 6.2%

16PAGESource: JBS

Debt Profile

2Q12 Net debt to EBITDA was 4.27x.

The Company ended the quarter with R$5.475 billion in cash or cash equivalent, which represents more than 110% of short-term debt.

Leverage ST / LT Debt Profile

The percentage of short term debt decreased from 27% in 1Q12 to 23% in 2Q12

3.60

4.04 4.004.30 4.27

41300

1500

g

28% 72%3Q11

2

3

500

700

900

1100

27%

28%

73%

72%

1Q12

4Q11

0

1

-100

100

300

500

2Q11 3Q11 4Q11 1Q12 2Q12

23% 77%2Q12

. Leverage EBITDA

.Short Term Long Term

17PAGESource: JBS

Debt ProfileAnalysis of Consolidated Net Debt in USD

Converting the Company's total net debt from Real to U.S. Dollar to analyze the evolution of debt without the effects of exchange rate variations, considering that a significant portion of the debt and revenues come from JBS's overseas operations, a reduction of 3.0% of debt in USD can be observed in the last twelve monthsdebt in USD can be observed in the last twelve months.

R$ million 2Q11 3Q11 4Q11 1Q12 2Q12

Consolidated Net Debt in R$ 12.164,1 13.654,4 13.584,0 13.924,7 15.276,9

Exchange Rate 1,5611 1,8544 1,8758 1,8221 2,0213

Consolidated Net Debt in US$ 7.792,0 7.363,2 7.241,7 7.642,1 7.558,0

18PAGESource: JBS

JBS actions related to cattle traceability and the Amazon BiomeSustainability

EnvironmentalJBS SA participates in CDP - Carbon Disclosure Project.

Satellite image monitoring of the Amazon Biome

Also, JBS integrates the Carbon Efficient Index of BOVESPA - ICO2.

Purpose: reduce deforestation in the Amazon Biome; avoidpurchasing cattle from Environmentally Protected Areas – EPAs,Indigenous reserves and protected areas; eradication of slavelabor in Brazil.

AmazonSocial & Environmental

JBS Brazil monitors a 100% of its cattle suppliers properties viasatellite geo-referencing (GPS monitoring)satellite geo referencing (GPS monitoring).

Af h di ll d h d i k d i

JBS contains a database of almost 12,000 cattle ranches registeredin the Amazon Biome.

S lli i

After the property coordinates are collected, the data is keyed intoJBS’s registry of cattle suppliers and is sent to an outsource companyto be analyzed by superimposing on a map constructed from satelliteimages and the DETER(1) and PRODES(2) produced by Brazil’s NationalI tit t f S R h INPE

19PAGE

Satellite image Institute for Space Research – INPE.Source: JBS Sustainability Policy(1)Real Time Deforestation Detection(2)Legal Amazon Deforestation Monitoring Project

Mission

“ To be best i h t t t t d totally focused on“ To be best in what we set out to do, totally focused onour business, ensuring the best products and services

for our customers, solidity for our suppliers

”for our customers, solidity for our suppliers,

satisfactory profitability for our shareholders and the certainty of a better future to all our employees.”