JBS Institutional Presentation June/July 2015

2JBS Global

2

LTM to 1Q15 Net Revenue of R$127.9 billion

Bovines40%

Poultry20%

Pork10%

Prepared products and

others30%

0%

Revenue LTM to 1Q15R$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 producemore 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

3Presence in 20+ countries, Exports to 150+ countries and more than300,000 clients

Note 1. It considers only domestic salesNote 2. Includes beef and lamb operations in the USA and AustraliaNote 3. Includes leather and hides operations in Brazil, Uruguay, Mexico, Germany, Vietnam and China and also Rigamonti operations in Italy.

JBS Global

Tokyo

Hong Kong

Shanghai

Taipei

Santiago

Dubai

Moscow

London HamburgGhent

ChicagoToronto

So Paulo(headquarter)

Sales officeSales office presenceProduction Platform

North America

~49% of JBS revenue,

South America

~17,6% of JBS revenue,3

Seoul

Caracas Exports

~30,7% of JBS revenue17% of JBS

Revenue is denominated in

R$

83% of JBS Revenue is

denominated in US$

4JBS Historical Performance

LTM to 1Q15, JBS reached R$127.9 billion in net revenue, EBITDA of R$12.1 billion,equivalent to an EBITDAmargin 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 billionand EBITDA LTM was R$14.5 billion.

5JBS Performance Since IPO in 2007*

Market CapitalizationMultiplied by

since 2007

7.7x

30xSales Growth

to R$128 billion

Net Income CAGR

36%

EBITDAImprovement

520bpsfrom 4.3% to 9.5% margin

*LTM to 1Q15

6Value Creation

EBITDA and EBITDA margin

Proven M&A and turnaround track recordMore than 50 acquisitions in the last 10 years

2007Pre JBS

LTMQ1/2015

2009Pre JBS

LTMQ1/2015

LTMQ1/2015

2013Pre JBS

2,288.5M

1,506M

1,486M

7Step 3: Develop leading consumer brands

Step 2:Expand global distribution platform to reach clients; sell direct to customers in foreign markets

Step 1:Develop efficient and diversified global processing platform; optimize mix

Processing platform

Branding

Value added products

Sales and distribution platform

4+%

8+%

10+%

JBS has created an integrated platform that increasingly capturesmaximum value across the value chain

JBS Strategy

80,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

2000 2005 2010 2015E

Strong Global Industry Fundamentals

The Global Middle Class is Growing(1)

1.8 Billion 3.2 Billion

4.9 Billion

2009 2020 2030

Supporting Global Consumption Growth(2)

228,1 278,2

338,3

2001 2008-2010 2020

Meat Consumption Forecast (tons in mm)

22%

____________________

(1) Source: OECD.(2) Source: FAO OECD.(3) Source: Foreign Agricultural Service, Official USDA Estimates. Expressed in millions of MT.

Global Protein Trade(3) MT in 1000s

LambBeefPorkPoultry

14,296

28,714

21.6%

19,86823,358

9Australia24%

India21%

Brazil19%

USA12%

Mercosul9%

Canada4%

Other11%

USA32%

EU32%

Canada18%

Brazil8%

Other11%

Global Protein Trade Largest Exporters & Importers

(1) May contain meat of other bovines.Source: USDA FAS; Company defined regional grouping.Note: Bolded countries indicate JBS presence.

Brazil33,9%

USA31,6%

EU10,8%

Asia9,9%

Middle East4,6%

Mercosul3,5%

Other5,6%

Asia36%

Middle East14%Russia

8%

USA8%

Africa8%

Mexico7%

Other19%

Top Beef Exporters in 2014 (68% JBS Presence) Top Chicken Exporters in 2014 (65% JBS Presence)

Top Pork Exporters in 2014 (40% JBS Presence) Total Imports in 2014

10

Why JBS?

GLOBAL LEADERCONSISTENT GROWTH AND MARGIN EXPANSION

OPERATIONAL EXCELLENCE

DIVERSIFICATION

BEST-IN-CLASS MANAGEMENT

GEOGRAPHY

PROTEIN

PRODUCT PORTFOLIO

CONSISTENT AND MORE

STABLE EARNINGS

BEST-IN-CLASS COST STRUCTURE

11

Consolidated Results1Q15

12

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.

13

70

1,394

0.024

0.482

1Q14 1Q15

505

4,538

1Q14 1Q15

1Q15 Consolidated Highlights

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%

14

Africa and Middle East14,7%

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%

1Q14US$3,145.5

million

JBS Consolidated Exports Breakdown in 1Q15 and 1Q14

Note 1. Including China and Hong Kong

South America14,2%

Africa and Middle East13,4%

Greater China11,9%

Mexico11,9%USA

11,0%

Japan9,9%

E.U.6,7%

South Korea6,2%

Russia3,7%

Canada2,3%

Others8,7%

1Q15US$ 3,547.3

million

Growth of 13% in 1Q15 exports compared to 1Q14

15

23,679

27,721

5,500

3.3x

2.3x

1Q14 1Q15

10,464

8,641

1,714

1Q14 1Q15

1Q15 Consolidated Highlights

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

16

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)

17

JBS Credit Ratings

Source: Moodys, Fitch and Standard & Poors.

Jan-06 Jul-10 Mar-13 Apr-15 May-15

Ba1 / BB+

Ba2 / BB

Ba3 / BB-

S&PMoodys

B1 / B+

JBS Credit Ratings have been upgraded consistently

Current Ratings: Moodys Ba2 and S&P BB+

Fitch

May-15 Outlook STABLE STABLE POSITIVE

18

JBS SA Shares Performance

JBSS3 vs IBOV

Period JBSS3 IBOV

2014 30.2% -0.7%

Jan-May 2015 46.8% 14.4%

19

Business Units

20

EBITDA LTM to 1Q15Net 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 million16.4% Margin

Brazil

30 slaughterhouses and deboning units

08 slaughterhouses and deboning units

23 PFP units

18 distribution centers

1

MTBA

MG

RJ

PR

RS

MS

DF

57

2

SC 8 3 7

SP 4 3

12

611

3

11

212

21

1

1

CE1

PE 1

1

23

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

18 distribution centers

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

21

379.8

616.013.7%

15.9%

1Q14 1Q15

JBS Foods 1Q1512%

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 serviceand 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

22

EBITDA LTM to 1Q15Net Revenue LTM to 1Q15 R$27.1 billion

~ 55,000 bovines per day

90,000 hides per day

44 distribution centers

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 million7.7% Margin

Argentina

Leadership in beef production

05 beef processing facilities01 distribution center01 tannery

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

02 beef processing facility01 tannery

Uruguay

Great access to export markets; the only country to export fresh beef to the US01 beef processing02 tanneries

Brazil

47 beef processing facilities

06 feedlots

29 tanneries

43 distribution centers

1

15

9

3

1

11

6

43

4

42 1

1

32

1

2

6

2

4

1

8

5

3

2

21

1

1

21

1

1 23 63

PAAM

AC RO MT

MA

PEBA

MG

ESRJ

SP

SC

PR

RS

MS

1

GO

1 CE

23

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 forprocessing due to cow retention and a decrease in Brazilianexports in 1Q15.

Continued investment in Friboi brand for differentiation anddevelopment 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.

24

Australia and New Zealand

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 facility01 feedlot (bovine)01 trading

15 processing facilities 09 bovine, 05 lamb and 01 hogs

07 feedlots 05 bovine and 02 lamb

01 tannery14 distribution centers03 case ready and 03 small goods facilities

~41,000 bovines per day

11,000 hides per day

14 distribution centers

09 beef processing facilities

11 feedlots

01 tannery

06 carriers units

28,000 in the US

4,000 in Canada

9,000 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 1Q15Net Revenue LTM to 1Q15 US$22.3 billion US$1,125.2 million5.0% Margin

1

NE 21

CO 141

UT11

TX1312

WI11 MI

1

PA1

AZ

1

ID 1

KS1

OK1

4

2

1

2

2

2

1

1

1

4

1

1

1

1

25

-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 andregional units) provides greater flexibility and agility to adaptto market conditions.Acquisition of Primo Group, leader in the production ofprocessed products in Australia and NZ, expands theCompany's presence in value-added products with brands.

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

14.8%

44%

26

~ 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

IA1

KY 1CA1

1

02 case ready facilities

~3,000 lamb per day

Main Brands

Swift PremiumDry Rubbed Ribs

Swift PremiumRubbed Loin Filet

Products

Swift PremiumBoneless Backrib

Swift PremiumBoneless Pork Chops

Operational Platform+6,000 employees

EBITDA LTM to 1Q15Net Revenue LTM to 1Q15 US$3.7 billion US$415.9 million11.3% Margin

Convenience products NC1

MN

27

896.9

762.3

1Q14 1Q15

JBS USA Pork 1Q15% NR JBS S.A.

Growth in number of animals available for processing andconsequent increase in sales volume.Organic growth in ready to cook and convenience productssegment.

7%

-15.0%12,4%

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

82.9

93.29.2%

12.2%

1Q14 1Q15

12.4%

28

United StatesOperational Platform

~ 8.1 million birds per day

6.5 million in the US

250,000 in Porto Rico

1,4 million in Mexico

JBS USA Chicken (Pilgrims Pride Corporation - PPC)Poultry production in the United States, Porto Rico and Mexico

TX17 distribution centers

Located in Mexico

Mexico

With Tyson acquisition, PPC now have an additional of three facilities, adding 600,000 birds per day of capacity and 5,400 employees

06 poultry processing facilities17 distribution centers

4

1

3

AL

AR1

NC 2

FL1

GA7

KY 1

LA

Porto Rico

SC1

TN 1

VA1

WV1

01 processing facility

+ de 3,500 contract growers

36 hatcheries

28 feed mills

+44,000 employees

EBITDA LTM to 1Q15Net Revenue LTM to 1Q15 US$8.6 billion US$1,505.3 million17.5% Margin

24 processing facilities

05 case ready facilities

1

1

11

1

6

1

29

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 saleschannels.Sales growth in value-added products.

1.7%

77.2%

18%

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

30

JBS Mission

To be the best in all that we do, completely focused

on our business, ensuring the best products and services

to our customers, a relationship of trust for our suppliers, profitability for

our shareholders and the opportunity

of a better futurefor all of our teammembers.

31

JBS Values

DETERMINATIONBe relentless. Deliver superior results. Adopt a sense of urgency. Make things happen.

SIMPLICITYBe practical. Focus on what is important. Adopt a hands-on approach. Avoid bureaucracy.

AVAILABILITYBe receptive and open. Always be prepared and motivated to take on new challenges.

HUMILITYListen. Be helpful and thoughtful. Act with respect. Prioritize the team over yourself. Value the opinion of others.

SINCERITYBe direct, truthful and transparent. Respectfully express opinion. Know how to say no, but be positive and offer solutions.

DISCIPLINEBe punctual. Fulfill commitments. Deliver results. Do not make excuses.

OWNERSHIPBe committed to results. Focus on details. Take responsibility.