JBS S.A. Institutional Presentation

Including 4Q13 and 2013 Results

2

JBS at a Glance

Leadership position in the global food industry

Estimated revenues of around US$50 billion in 2014

Presence in 5 continents and sales to more than 150 countries

Production facilities in the low cost geographies

Founded in the 1950’s in Midwest of Brazil

IPO in 2007

Source: Company

More than 185,000 employees

Production

capacity 12 million birds/day

Chicken

70 thousand hogs/day

Pork

25 thousand lambs/day

Lamb

100 thousand hides/day

Leather

100 thousand heads/day

Beef

3

Market Analysis

4

World’s Food* Surpluses and Deficits

1965

1990

1970

1995

1975

2000

1980

2005

1985

2010

150

100

50

0

50

100

150

North

America

South

America Australia

Eastern Europe

and former

Soviet Union

Western

Europe Asia Middle East

& Africa

Central

America

•Cereals, rice, oilseeds, meals, oils and feed equivalent of meat.

Source: The Economist

Net intra-regional trade, million tonnes

5

Global Protein Trade – Largest Exporters

Canada 3.4%

New Zealand 5.8%

Mercosul** 9.2%

Others 16.6%

USA 11.9%

Brazil 19.2%

India* 17.6%

Australia 16.3%

Turkey 3.5%

Thailand 5.2%

China 4.0%

E.U. 10.5%

Others 10.0%

Brazil 34.5%

USA 32.3%

Chile 2.6%

Brazil 8.5%

China 3.5%

Canada 17.6%

Others 4.1%

USA 32.5%

E.U. 31.2%

*Buffaloes / **Excluding Brazilian exports

Source: USDA 2013

JBS is present in the main exporter markets

Beef Exports

Pork Exports Chicken Exports

6

Meat Consumption Growth Forecast 2011-2020

Emerging

Developed

19%

81%

Source: FAO - OECD

Meat Consumption Forecast (Million tons)

Expected Increase in Meat Demand by Country Groups

Between 2010 - 2020

67.5 95.2

122.5

90.8

105.7

126.7

11.2

12.8

15.6

58.6

64.6

73.6

228.1

278.2

338.4

2001 Avg. 2008-10 2020

Poultry Swine Smalls Beef

7

Consolidated Results

8

3.43 3.40 3.28

4.03 3.70

0

500

1,000

1,500

2,000

2,500

3,000

4Q12 1Q13 2Q13 3Q13 4Q13

21.9

27.2

4Q12 4Q13

1,170.9

1,873.5

5.4 6.9

4Q12 4Q13

60.0%

3.17

Leverage EBITDA (R$ million)

Highlights

Annualizing 4Q13 EBITDA leverage

ended the period at 3.17x.

JBS ended the year with leverage

of 3.70x, considering all debt assumed

with Seara acquisition and only one

quarter of EBITDA.

Consolidated EBITDA was

R$1,873.5 million, an increase of

60.0% over the same period of last

year.

EBITDA margin for the quarter was

6.9%.

Net revenue of R$27.2 billion,

an increase of R$5.4 billion, or

24.6% higher than 4Q12, of which

54% came from organic growth.

24.6%

4Q13 Consolidated Results

Net Revenue - R$ billion EBITDA - R$ million Leverage – Net Debt/EBITDA

EBITDA Margin

Leverage considering annualized 4Q13 EBITDA

Source: Company

9

EBITDA - R$ billion

19.5 21.9 24.2 27.2

75.7

92.9

1Q13 2Q13 3Q13 4Q13 2012 2013

EBITDA

EBITDA margin (%)

EBITDA totaled R$ 6.1 billion in

2013, 39.0% higher than 2012.

EBITDA margin was 6.6%, an

increase of 80 b.p. over the previous

year.

Highlights

JBS net revenue increased 22.7%

compared to prior year and reached

R$92.9 billion.

In 2013, net revenue increased

more than 10% in all quarters.

JBS Mercosul recorded net revenue of R$25,820.5 million, up 43.3% when compared to 2012.

The chicken unit in the US (PPC) had the best year in its history in 2013 and posted a net revenue of US$8,411.1 million.

Acquisition of Seara and union with JBS Chicken Brazil forming JBS Foods.

JBS ended the year with R$926.9

million of net income, 28.9% higher

than 2012 and equivalent to R$323.32

per thousand shares.

227.9

338.5

219.8 140.7

718.9

926.9

1Q13 2Q13 3Q13 4Q13 2012 2013

22.7%

Net Revenue - R$ billion

0.9 1.7 1.7 1.9

4.4

6.1 4.5

7.6 7.1 6.9 5.8

6.6

1Q13 2Q13 3Q13 4Q13 2012 2013

39.0%

Net Income - R$ million

28.9%

2013 Consolidated Results

Source: Company

10

Subsidaries

37%

2013 Consolidated Results

*To be approved on General Shareholder Meeting on April 30th, 2014.

Source: Company

0.0

170.7

220.1

2011 2012 2013

JBS ended the year with R$926.9 million of net income, 28.9% higher than 2012

2013 net income was equivalent to R$323.32 per thousand shares.

*JBS declared R$220.1 million in dividends in 2013, equivalent to 25% of net income ex-reserves

*

-75.7

718.9

926.9

2011 2012 2013

28.9%

Net Income - R$ million Dividends - R$ million

Creating Value for Shareholder

11

Adjusted Net Income

Adjusted net income in 2013 was R$1,194.0 million, disregarding the portion of deferred

income tax liabilities, which refers to the goodwill held by the Parent company. Net income for

the year was R$926.9 million, R$323.32 per thousand shares.

Operational Net Cash

In 2013 the company generated net cash from operating activities of R$2,541.0. In 4Q13 net

cash from operating activities was R$357.8 million .

Capital Expenditure

In 2013 the total capital expenditure (CAPEX) was R$1,737.3 million, while in 4Q13 the

expenditure was R$585.2 million. The main investments in 4Q13 in North America were

destined to the units of Brooks in Alberta, Canada, and in Mercosul the main investments were

concentrated on improving productivity and expanding operations in the beef business in Brazil

and JBS Foods.

2013 Consolidated Results

Free Cash Generation

In 2013 company generated free cash flow of R$635.1 million. In 4Q13 negative free cash flow

of R$230.4 million due to an expressive expansion of Mercosul exports in the period.

Source: Company

12

JBS Mercosul

Net Revenue (R$ billion)

EBITDA (R$ billion)

EBITDA Margin (%)

Net revenue was R$9,203.7 million in the quarter, up 74.6%

over 4Q12.

Incorporation of JBS Foods results in 4Q13;

Improvement in the performance of the beef business in

Brazil;

Increase in the number of processed cattle year over year;

Exports 81.8% higher when compared to 4Q12.

4Q13 EBITDA totaled R$ 919.7 with EBITDA margin of 10.0%

Increase in direct distribution and customer base;

Higher demand in the international market in the beef

segment.

5.3 5.0 5.4 6.2

9.2

18.0

25.8

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

74.6%

0.7 0.6 0.5 0.7 0.9

2.5 2.7

12.6% 11.3% 10.0% 11.1% 10.0% 13.7% 10.5%

-20.0%

-18.0%

-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%

0.0

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

Source: Company

13

103.3 -25.1

161.7 125.3 113.9

223.9

375.8

2.1% -0.6%

3.4% 2.7% 2.4% 1.3% 2.0%

-30.0%

-28.0%

-26.0%

-24.0%

-22.0%

-20.0%

-18.0%

-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%

-100

0

100

200

300

400

500

600

700

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

4.9 4.3 4.8 4.7 4.8

17.5 18.6

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

-1.0%

EBITDA Margin (%)

JBS USA Beef (including Australia and Canada)

Net Revenue (US$ billion)

EBITDA (US$ million)

Net revenue of this business unit in 4Q13 was US$4,809.8

million

Increase in domestic sales volume and in exports in a scenario of

stable prices.

4Q13 EBITDA was US$113.9 million, with EBITDA margin of

2.4%

Increase in domestic market beef prices, offsetting the increased

costs of raw material.

Good performance of JBS in Australia.

JBS maintained the positive results registered during the year of

2013, a reflection of the focus on operational efficiency, costs

reduction and expansion in deals with key customers

The operation in Australia continues to deliver solid and consistent

results, influenced by strong demand from Asian countries, especially

China.

Source: Company

14

955.5 842.0 868.5 903.3 904.9

3,501.1 3,518.7

0.0

500.0

1000.0

1500.0

2000.0

2500.0

3000.0

3500.0

4000.0

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

-5.3%

42.7 46.8 50.7 43.8

86.3

188.1

227.6

4.5% 5.6% 5.8% 4.8% 9.5%

5.4% 6.5%

-23.0%

-19.0%

-15.0%

-11.0%

-7.0%

-3.0%

1.0%

5.0%

9.0%

-0.023

99.977

199.977

299.977

399.977

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

JBS USA Pork 8%

Net Revenue (US$ million)

EBITDA (US$ million)

EBITDA Margin (%)

Net Revenue was US$904.9 million in 4Q13, a decrease of

5.3% compared to 4Q12

Decrease of 8.8% of processed animals, which resulted in a

decrease of sales volume.

4Q13 EBITDA was US$86.3 million, with EBITDA margin of

9.5%

Increase in selling prices both in the domestic and

international markets.

Source: Company

15

2.2 2.0 2.2 2.1 2.0

8.1 8.4

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

-6.5%

67.4 117.7

265.0 226.1 197.2

402.6

805.4

3.1% 5.8%

12.1% 10.6% 9.6%

5.0%

9.6%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013

JBS USA Chicken (Pilgrim’s Pride Corporation - “PPC”) 17%

Net Revenue (US$ billion)

EBITDA (US$ million)

EBITDA Margin (%)

Net Revenue was US$2,047.3 million in 4Q13, decrease of

6.5% compared to 4Q12.

Reduction in revenues from Mexico, thanks to the devaluation

of Mexican Pesos, coupled with a decrease of 5.0% in the total

volume of birds processed.

4Q13 EBITDA of US$197.2 million, with EBITDA margin of

9.6%:

Improved pricing, improved sales mix, improved yields,

reduction in processing cost and SG&A contributed to improve

PPC results.

Operating net cash was US$281.8 million for the quarter, reaching

US$878.5 million in the year, adding strength to the Company's

balance sheet.

Source: Company

16

Greater China* 21.2%

Mexico 14.6%

Africa and Middle East 9.8%

Japan 8.0%

E.U. 6.1%

Russia 5.7%

South Korea 4.9%

Venezuela 4.4%

Canada 3.6%

Chile 2.7%

Other 19.2%

2013

US$11,760.6

million

Increase of 19.6% in 2013

exports compared to 2012

Mexico 14.6%

Greater China* 14.0%

Japan 11.0%

Africa and Middle East

10.3% Russia 7.4%

E.U. 6.2%

South Korea 5.4%

Canada 5.4%

Venezuela 3.3%

Chile 3.1%

Other 19.4%

2012

US$9,830.2

million

JBS Consolidated Exports Distribution in 2013 and 2012

*Considers China and Hong Kong

Source: Company

17

Debt Profile

18

3.43 3.40 3.28

4.03 3.70

0

500

1,000

1,500

2,000

2,500

3,000

4Q12 1Q13 2Q13 3Q13 4Q13

USD 76%

R$ 24%

Annualizing 4Q13 EBITDA, that includes Seara results,

leverage ended the period at 3.17x.

Net debt/EBITDA was 3.70x in 4Q13, compared to

4.03x in 3Q13, even after the integration of a relevant

acquisition and strong foreign exchange variation.

The reduction of net debt/EBITDA reflects the

management commitment in improving financial

efficiencies, consequently, reducing its leverage.

Parent Company

63%

Subsidaries

37%

10.8% per annum

6.0% per annum

3.17

.

Leverage EBITDA (R$ million)

Leverage considering annualized 4Q13 EBITDA

Indebtedness

Leverage Breakdown by Company

Breakdown by Currency & Average Cost

Source: Company

19

29%

35%

35%

28%

30%

71%

65%

65%

72%

70%

4Q13

3Q13

2Q13

1Q13

4Q12

Short term Long term

JBS ended the year with R$9,013.1 million in

cash, corresponding to 96% of short-term debt,

approximately.

Considering credit lines of immediate liquidity of

US$1.55 billion from JBS USA, availabilities of the

Company represents more than 100% of short-term

debt.

The percentage of short term debt (ST) in relation

to total debt declined from 35% in 3Q13 to 29% in

4Q13.

418

3,000

4,558

1,084

5,030

32

5,073

2,651

86

1,816

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Debt Profile

Debt Maturity (R$ million)

*Net of cash

Source: Company

*

20

JBS Foods

21

JBS Foods is the branded convenience poultry and

pork business of JBS in Brazil

2nd largest meat based packaged food Company in

Latin America

2nd largest producer and exporter of poultry and pork

in Brazil

53 productive units, 20 distribution centers and

45,000 employees

Strong domestic and international presence with

high growth potential

Integrated platform with diversified product portfolio

Fully integrated pork and poultry business

JBS Foods at a Glance

JBS Foods is a leading platform with a strong brand portfolio across value added food products in Brazil

Note 1. Pending regulatory approval

Source: Company

JBS

Foods 1

1

22

Industrial Footprint Industrial Capacity per Product Line

JBS Foods: Footprint

National footprint with a production capacity of 4.4 mm bird / day and 85,000 tons of further processed products /

month

22,200 hogs / day

4.4 mm birds / day

80,000 tons of value added further processed

products / month

Distribution Centers

Production Facilities Footprint

Further Processed Products

Pizza

Lasagna

Hamburger

Refrigerated

Pasta

Breaded

Products

Ready-to-eat

Meals

Source: Company

23

JBS Foods focus on 5 pillars to make a strong and fast turnaround of Seara

Turnaround Under Way

Management

Market Orientated

Performance

Growth Culture of

Excellence

Source: Company

24

Our Team and Our Culture Makes the Difference

JBS has built an exceptional team with deep knowledge in the industry

Our Values

Determination

Simplicity

Discipline

Sincerity

Meritocracy

What We Believe

Best people in the right place

Ownership attitude

Leadership by Example

Team Work

Focus on Details

Culture of Excellence Our Team

Gilberto Tomazoni – CEO (30 years)

James Cleary – International Market (24 years)

Sérgio Sampaio – Production (20 years)

Ivo Dreher – Financial/Adm (17 years)

Osório Dal Bello – Live Production (34 years)

Joanita Karoleski – Supply Chain (10 years)

Almir Peruk – Human Resources (25 years)

Ronaldo Muller – Quality and R&D (27 years)

Ivan Siqueira – Industrial (15 years)

Eduardo Bernstein – Marketing (26 years)

Nelson Teixeira – Domestic Sales (26 years)

( Years of experience, occupying leadership positions in the industry)

Source: Company

25

International Growth Strategy Revenue Breakdown per Category – 4Q13 (%)

JBS Foods: Global Positioning and International Growth Strategy

Comprehensive strategy to explore opportunities in further processed foods and international markets

Strategic approach Instead of transactional

approach

Revenue Breakdown per Region – 4Q13 (%)

Develop strategic partnerships with

importers/distributors in our key markets

Develop Seara into a recognized global brand for

quality poultry, pork and further processed products

Increase our presence in the supply of FPP to

global QSR customers

Improve our product mix by increasing sales of

retail packs

Specific strategies for new markets (eg. Pork for

Japan)

Middle East 31%

Asia / Oceania 14%

Japan 12%

Africa 11%

North Africa 10%

Europe 10%

Americas 8%

CIS / Balkans 4%

Fresh Exports

48%

FPP Exports 6%

Domestic Market 46%

Source: Company

26

Improved Performance from Farm to Market

Efficiency gains in live costs, manufacturing and distribution

Main Initiatives Stage of Value Chain

Improved Distribution Network

Integrated demand planning

Renewed logistics network

Live Costs and Efficient Feed Conversion

Cycle optimization through revision of practices and improved feed conversion

Implementing best practices in feed nutrition and livestock handling

Increase in Yields and Optimization of

Product Mix Focus on operational excellence with new operational standards

Optimization of product mix per industrial unit

Product mix more aligned with availability and quality of raw materials, increasing

revenue generation

Renewed Go-To-Market Strategy

Marketing strategy focused on profitability and portfolio simplification

Simplification of brand architecture

Category management

Source: Company

27

JBS Foods has identified total potential gains of R$1.2 billion through internal management initiatives

Value Creation Through Management Initiatives in 2014

Live Animal

Total Value of Opportunities: R$1.2 billion

Price and Sales

Strategy

Industrial Domestic and

International

Logistics

Finance and

Administration

Non Core Supplies

R$287 mm R$207 mm R$472 mm R$118 mm R$30 mm R$87 mm

Value of Opportunities Identified in JBS Foods (R$ mm)

Source: Company

28

JBS 17%

Player A 32%

Others 51%

JBS 14%

Player A 29%

Others 57%

Growth Opportunities Through Organic and Inorganic Growth

Capacity Expansion Increase processing capacity and geographical

diversification

Product Mix Diversification Increase category diversification

Additional growth opportunities through capacity expansion and product mix diversification

Leasing of BR Frango’s production unit in North

of Paraná

Acquisition of Massa Leve in 2013

Main products include pastas, ready-to-eat

meals, pizzas and pastry based products

Rationale Recent Movements

Strategies for Inorganic Growth

Share of Pig Slaughter in Brazil – 2013 (%) Share of Birds Slaughter in Brazil – LTM Until Sep’13 (%)

Idle Capacity We have around 40% in idle capacity of FPP

Numerical Distribution We are servicing direct 58,000 customers and have potential to increase to 140,000

Source: Company, SIF, SECEX, IBGE, JBS

29

800 42

144 110 1,095

2,730

3,825

Dec-09 Nov-10 Jan-12 Mar-12/Nov-12 Total JBS Investment

Value Creation Current Market Value of JBS

Stake

Cost reduction

Margin improvement

SG&A control

Efficiency improvement

Integration of processes

Brand repositioning

Extensive experience in integrating and extracting synergies in acquisitions

We Are Confident That We Will Continue to Deliver Value to Our Stakeholders as Our Track Record Shows

Key Initiatives Value Creation in the Acquisition of Pilgrim’s Pride (US$ mm)

Pilgrim’s Pride

acquisition (2009)

Swift acquisition

(2007)

JBS USA

acquisition of 64%

stake in PPC

Increase

ownership to

67.3%

JBS USA

oversubscription in

PPC rights

offering

Acquisition of

additional shares

from Lonnie “Bo”

Pilgrim and Don

Jackson1

64.0% 67.3% 68.0% 75.5%

JBS stake 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 455.3 thousand shares from Don Jackson, JBS USA’s former CEO

(US$2.7 mm)

2 PPC market value of US$4,958 mm (as of March 14, 2014)

Value Creation

of 250%

Mission

“

”

To be the 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.