JBS S.A. August / September, 2013

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1 JBS S.A. August / September, 2013

2 Disclaimer 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 Company s 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.. PAGE 2

3 JBS S.A.

4 JBS S.A. at a glance After Seara Brasil acquisition Founded in the 1950 s in Midwest of Brazil IPO in 2007 Leadership position in the global food industry Estimated revenues of around R$100 billion in 2014 Presence in 5 continents and sales to more than 150 countries Production facilities in the low cost geographies 185,000 employees Production capacity Beef 85 thousand heads/day Chicken 12 million birds/day Pork 70 thousand hogs/day Leather 100 thousand hides/day Lamb 25 thousand lambs/day PAGE 4

5 Our Strategy RATIONALE Branding Value added products Associating quality and branding to increase client loyalty Customized and further processed products for end users Sales and distribution platform Expanding a global distribution platform to reach end clients Production platform Developing an efficient and diversified global production platform Financial Structure Experienced Management Cost reduction, process optimization Risk Management JBS s Value & Strategy EBITDA Margin Done PAGE 5

6 JBS Strategic Positioning World s Food* Surpluses and Deficits (Net intra-regional trade, million tonnes) North America South America Australia Central America Western Europe Asia Middle East & Africa Eastern Europe and former Soviet Union * Cereals, rice, oilseeds, meals, oils and feed equivalent of meat. Source: The Economist PAGE 6

7 JBS is present in the main exporter markets Global Protein Trade Largest Exporters Beef Exports Others 14.7% Brazil 18.4% Canada 4.0% New Zealand 6.2% India* 17.0% Mercosul** 9.3% USA 13.4% Australia 17.0% Chicken Exports Pork Exports Turkey 2.8% China 4.1% Others 9.4% Brazil 34.8% Chile 2.5% China 3.2% Others 4.4% USA 33.4% Thailand 5.3% Brazil 9.0% E.U. 10.8% Canada 17.0% USA 32.7% E.U. 30.5% Source: USDA 2012 (Estimated) *Buffaloes / **Excluding Brazilian exports PAGE 7

8 Meat Consumption Growth Forecast Meat Consumption Forecast (Million tons) Expected increase in meat demand by country groups between Developed % 19% Ave Emerging Poultry Pork Sheep Beef Source: FAO - OECD PAGE 8

9 Seara at a Glance and Transaction overview

10 Seara Brasil Successful history Obtains an ISO 9002 certification for the whole chicken production chain Itapiranga, SC (1st. Company in Brazil) 2013 JBS acquisition of Seara Brasil Ceval incorporates Seara Agro Industrial S/A and Seara becomes one of Ceval s brand Acquisition of Frigorífico Seara by Ceval Agro Industrial S.A Seara is acquired by Cargill Marfrig acquires Seara and starts the integration of previously acquired assets in the sector Frigorífico Seara is founded First Brazilian company to export chicken cuts to Europe Seara Brasil: Leading platform resulting from the integration and acquisition of over 20 assets/brands since 2007 PAGE 10

11 Seara Brasil Operations at a glance Company highlights Highly recognized brands 2nd largest producer and exporter of poultry and pork in Brazil 32 production units and 21 distribution centers 45 thousand employees Strong domestic and international presence Global integrated platform with product diversification Revenue by category Revenue by market Export by destination Pork 8% Other 4% Domestic 38% Asia 27% Central & South America 6% Africa 7% Processed 34% Poultry 54% Exports 62% Middle East 27% Russia 8% North America 2% Europe 23% Source: Company PAGE 11

12 Seara Brasil Assets overview Geographic Footprint and Capacity Sizeable operation platform 2.6 million birds per day 16.2 thousand hogs per day 80 thousand tons of processed products per month 10 thousand hides per day Slaughterhouses Industrialized/Processed Products PAGE 12

13 Seara Brasil Strong brand portfolio with more than 2.2 thousand SKU Strong brand awareness at different price points with Seara as a global brand Processed & elaborated Processed & frozen Margarines Processed & elaborated Processed & frozen Processed Processed & elaborated Processed & frozen Light processed & elaborated PAGE 13

14 Strategic rationale of the acquistion 1 2 Consolidates JBS leadership position in the global food industry Creates the second largest processed meats platform in Latin America Consolidates global leadership position in the poultry sector Expands portfolio of branded, value added products and enhances brand awareness 3 4 Expands national distribution platform, providing access to additional 60 thousand points of sale Potentializes the expansion into the international market of branded further processed products 5 Substantial value creation through synergies and performance improvements PAGE 14

15 Potential value creation from multiple differential Illustrative analysis of Seara Brasil firm value at different scenarios Firm value of Seara Brasil (R$bn) 1 FV of Seara Brasil at Packaged food Companies trading multiple (10.1x EBITDA) Potential value creation of R$8.5bn (Seara Brasil with same margin of Packaged food Companies and evaluated at same multiple) FV of Seara Brasil at transaction multiple (5.6x EBITDA) Normalized EBITDA margin Implied normalized EBITDA of Seara Brasil Normalized EBITDA margin of Seara Brasil (assuming normalized sales of R$10.0bn) 10.0% 11.0% 12.0% 13.0% 14.0% R$1.0 bn R$1.1 bn R$1.2 bn R$1.3 bn R$1.4 bn Sensitivity analysis at different normalized EBITDA projection of Seara Brasil EBITDA margin of Packaged Food companies Source: Company filings and Bloomberg as of June 11, Considers enterprise value of R$5.6bn for Seara Brasil, normalized sales of R$10.0bn and normalized EBITDA margin of 10% PAGE 15

16 JBS successful track record of turnaround and integrating operations Proven management team with experience to integrate and extract synergies Swift acquisition (2007) Pilgrim s Pride acquisition (2009) Key initiatives ] \ ] \ Cost reduction Efficiency improvement ] \ ] \ Margin improvement Integration of processes ] \ ] \ SG&A control Brand repositioning Example: JBS value creation in Pilgrim s Pride acquisition Total JBS investment in PPC 3,624 JBS stake in PPC 64.0% 67.3% 68.0% 75.6% ,095 2,529 Dec-09 Nov-10 Jan-12 Mar-12/Nov-12 Total JBS investment Value creation to Increase ownership JBS to 67.3% JBS USA acquisition of 64% stake in PPC JBS USA oversubscription in PPC rights offering Acquisition of additional shares from Lonnie Bo Pilgrim and Don Jackson 1 Current market value 2 of JBS in PPC 1 JBS USA acquired 18.7 mm shares from Lonnie Bo Pilgrim, the founder and former controlling shareholder of PPC (US$107.2 mm) and thousand shares from Don Jackson, JBS USA s former CEO (US$2.7 mm) 2 PPC market value of US$4,813.8mm (as of August 15, 2013) PAGE 16

17 2Q13 Financials

18 2Q13 Highlights Net revenue of R$21.9 billion, an increase of R$3.5 billion compared to 2Q12, or 18.7% 70% of this increase in net revenue came from Organic Growth Consolidated EBITDA was R$1,667.7 million, an increase of 64.7% over 2Q12. EBITDA margin was 7.6% compared to 5.5% in 2Q12 Adjusted net income of R$482.5 million Free cash flow of R$563.0 million Operating cash flow of R$886.7 million JBS ended the quarter with R$7.2 billion in cash and cash equivalent, corresponding to 85% of short-term debt. In addition, JBS USA has available committed lines of US$1.2 billion Leverage ended the period in 3.28x, including the anticipation of the assumption of R$324.7 million in debt from Seara acquisition. Excluding this amount, the leverage was 3.21x Leverage considering debt and results in dollar and excluding the debt assumed in Seara acquisition, ended the quarter in 3.03x PAGE 18

19 2Q13 Highlights Net Revenue (R$ billion) EBITDA (R$ million) Net Income* (R$ million) Q % Q , Q , % 2Q Q % Q13-12 EBITDA Margin (%) Source: JBS *Adjusted, excluding deferred income tax liabilities due to goodwill at the parent Company of R$35.9 million and the NOLs of R$108.1 million at JBS USA, both of which don t represent cash disbursement. PAGE 19

20 JBS Consolidated Results 2Q13 Net Revenue (R$ million) EBITDA EBITDA (R$ million) and EBITDA Margin , , , , , , , , , % 12.8% -10.6% 12.3% % -15.1% -24.9% 89.6% Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q EBITDA Margin (%) Source: JBS PAGE 20

21 % 16.0% 14.0% 12.0% 10.0% 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% -18.0% -20.0% -22.0% -24.0% -26.0% -28.0% -30.0% -32.0% -34.0% -36.0% -38.0% -40.0% JBS Mercosul Performance by Business Unit 25% % JBS S.A. Net Sales Net Revenue (R$ billion) 25.8% Net revenue of R$5,432.8 million, 25.8% superior to 2Q12: Increase of 14.3% in volume of animals processed; Ramp up of facilities acquired or leased over the last year in Brazil; Growth of 63.3% in exports of Fresh and Frozen Products. 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA (R$ million) 14.6% 14.5% 12.6% 11.3% 10.0% Q12 3Q12 4Q12 1Q13 2Q13 EBITDA of R$543.5 million and EBITDA Margin of 10.0%: JBS Brasil had EBITDA Margin of 11.2%. Challenging environment in Uruguay; Ramp up process of new facilities in Brazil, which have not yet reached their optimum level of efficiency; Increase in raw material costs, which have come before the devaluation of the Real in the export market. EBITDA Margin (%) Source: JBS PAGE 21

22 % 14.0% 12.0% 10.0% 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% -18.0% -20.0% -22.0% -24.0% -26.0% -28.0% -30.0% JBS USA Beef (including Australia and Canada) Performance by Business Unit 46% % JBS S.A. Net Sales Net Revenue (US$ billion) 12.6% Net revenue of US$4,806.2 million, outperforming 2Q12 by 12.6%: Increase in sales prices in both domestic and export markets; Higher capacity utilization in JBS operations in Canada. EBITDA of US$161.7 million and EBITDA Margin of 3.4%: 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA (US$ million) Better balance between supply and demand, which could be observed by the stability of cattle prices. -0.2% 4.1% 2.1% -0.6% 3.4% Increase in export volumes, especially to the Japanese market, which grew 40% compared to 1Q13; -9,1 175, Increase in Australian exports, with emphasis on an increase of 22% in exports to the Chinese market compared with the previous quarter. 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA Margin (%) Source: JBS PAGE 22

23 % 9.0% 5.0% 1.0% -3.0% -7.0% -11.0% -15.0% -19.0% -23.0% JBS USA Pork Performance by Business Unit 8% % JBS S.A. Net Sales Net Revenue (US$ million) 2.9% Net revenue totaled US$868.5 million, an increase of 2.9% year on year: Increase in prices in both domestic and export markets, partially offset by a decrease in export volume. 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA of US$50.7 million and EBITDA Margin of 5.8%: EBITDA (US$ million) Higher prices in the domestic market and in exports. 5.8% 4.8% 4.5% 5.6% 5.8% Increase in demand for the period; Gradual increase in sales prices; Increase in hogs prices in a period of seasonally reduced availability. 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA Margin (%) Source: JBS PAGE 23

24 % 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% JBS USA Poultry (Pilgrim s Pride Corporation) Performance by Business Unit 21% % JBS S.A. Net Sales Net Revenue (US$ billion) 10.6% Net revenue of US$2,184.3 million, 10.6% higher than 2Q12: Increase of 8.2% in revenues from the United States, coupled with an increase of 32.6% in revenues from the PPC operation in Mexico; The increase in chicken prices is primarily due to the growth in demand, boosted by promotional activities at retail and foodservice in the U.S. 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA of US$265.0 million and EBITDA Margin of 12.1%: EBITDA (US$ million) Favorable Industry scenario; Internal improvements at the Company, such as efficiency gains and 6.4% 5.1% 3.1% 5.8% 12.1% operational improvements, in addition to a decrease of 3.5% in Sales, General and Administrative expenses (SG&A). Focus on key customers; Ability to adapt to changing market conditions; Significant business gain in strategic channels and the improvement of sales mix. 2Q12 3Q12 4Q12 1Q13 2Q13 EBITDA Margin (%) Source: JBS PAGE 24

25 JBS Consolidated Exports Distribution in 2Q13 Approximately US$3.0 billion, an increase of 26.8% in relation to 2Q12 Others 15.9% China, Hong Kong and Vietnam 27.5% Venezuela 0.8% Increase of 26.8% in 2Q13 exports compared to 2Q12 Chile 1.9% Taiwan 2.2% Japan 3.9% Canada 4.2% South Korea 4.9% 2Q13 US$2,975.7 million Mexico 18.0% E.U. 5.1% Russia 5.5% Africa and Middle East 10.1% Others 13.8% Taiwan 1.8% Chile 3.4% Canada 4.9% E.U. 6.3% Russia 9.5% Mexico 16.2% 2Q12 US$2,347.3 million China, Hong Kong and Vietnam 14.8% Japan 13.0% South Korea 6.3% Africa and Middle East 10.1% Source: JBS PAGE 25

26 Debt Profile

27 Debt Profile Leverage (Net Debt/EBITDA) 2, JBS leverage (net debt / EBITDA), including the anticipation of the assumption of R$324.7 in debt from Seara Brasil and Zenda acquisitions, reduced from 3.40x in 1Q13 to 3.28x at the end of 2Q13. 1, , Excluding the debt from Seara Brasil and Zenda acquisitions, JBS leverage was 3.21x * 2Q12 3Q12 4Q12 1Q13 2Q13 Leverage EBITDA (R$ million) Considering the results converted to dollars, the leverage was 3.09x and, excluding the debt from Seara Brasil and Zenda acquisition, the leverage reduced to 3.03x. Source: JBS PAGE 27

28 Debt Profile At the end of the period 80% of JBS consolidated debt was denominated in U.S. dollars, with an average cost of 6.95% per annum. The proportion of debt denominated in reais, 20% of consolidated debt, has an average cost of 8.00% per annum. The Company ended the quarter with R$7.2 billion in cash or cash equivalent, corresponding to 85% of short-term debt. JBS has available committed lines of US$1.2 billion, all of which demonstrates comfortable liquidity. Breakdown by Currency & Average Cost ST / LT Debt Profile R$ 20% 8.00% annum 2Q12 23% 77% 3Q12 27% 73% USD 80% 6.95% annum 4Q12 30% 70% Breakdown by Company and Debt Types 1Q13 28% 72% 2Q13 JBS S.A. 59% Subsidiaries 41% 2Q13 35% 65% 2Q13 Bonds 44% Others 56% Short term Long term Source: JBS PAGE 28

29 Sustainability and Social Responsability

30 Cattle Traceability System Responsible Purchase JBS is committed to purchase cattle only from suppliers who respect and comply with the Company's social and environmental criteria. We reject deforestation We reject the invasion of indigenous lands and protected areas We reject to working conditions analogous to slavery We reject violence and conflicts in rural areas JBS s Traceability System JBS has been developing, since 2010, an environmental system to monitor its cattle suppliers located in the Amazon bioma which is based on satellite images, geospatial data of farms and official information in order to analyze more than 30,000 cattle suppliers located in this region of the country. PAGE 30

31 JBS Institute funds Germinare School Social Responsibility GERMINARE SCHOOL Started in Germinare School is a social initiative of the JBS Institute which looks at Education as the principal instrument to transform society. Purpose: to prepare well-educated and well-rounded citizens with a broad cultural repertoire, sound ethical values and a positive attitude toward life and society. Number of students: 450 (2013) Capacity of 630 students. Social Top Brazilian professors. Area: 6,000 m 2 Sport complex, swimming pool, computer lab and chemistry lab. Selection process: tests and group dynamics. Amount invested: R$15 million Laboratory Source: JBS PAGE 31

32 Mission To be best in what we set out to do, totally focused on our business, ensuring the best products and services for our customers, solidity for our suppliers, satisfactory profitability for our shareholders and the certainty of a better future to all our employees.

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