JBS DAY New York

4Q13 and 2013 Results Presentation

March 25th, 2014

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

Management Here Today

Wesley Batista CEO of JBS Global

Andr Nogueira CEO of JBS USA

Denilson Molina CFO of JBS USA

Bill Rupp President and COO of Beef USA

Bill Lovette CEO of Pilgrims Pride

Martin Dooley President and COO of Pork USA

Miguel Gularte CEO of JBS Mercosul

Gilberto Tomazoni CEO of JBS Foods

Eliseo Fernandez Chief Control Officer

Eduardo Maciel Finance Director of JBS S.A.

Jerry OCallaghan Investor Relations Officer

4

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 1950s 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

5

JBS 4Q13 Results Highlights

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.

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%.

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.

6

JBS 2013 Results Highlights

JBS net revenue increased 22.7% compared to prior year and reached R$92.9 billion.

EBITDA totaled R$ 6.1 billion in 2013, 39.0% higher than 2012. EBITDA margin was 6.6%, an increase of 80b.p. over the previous year.

JBS ended the year with Adjusted Net Income of R$1,194.0 and recorded R$926.9 million of net income, 28.9% higher than 2012 and equivalent to R$323.32 per

thousand shares.

JBS generated net cash from operating activities of R$2,541.0 million, with positive free cash flow of R$635.1 million in 2013.

7

Market Analysis

8

Net intra-regional trade, million tonnes

Worlds Food* Surpluses and Deficits

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

Source: The Economist

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

9

Global Protein Trade Largest Exporters

JBS is present in the main exporter markets

Source: USDA 2013

*Buffaloes / **Excluding Brazilian exports

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%

Chicken Exports

Beef Exports

Pork Exports

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%

10

67.595.2

122.5

90.8

105.7

126.7

11.2

12.8

15.6

58.6

64.6

73.6

Poultry Pork Sheep Beef

Meat Consumption Growth Forecast 2011-2020

Meat Consumption Forecast (Million tons)

Expected increase in meat demand by country

groups between 2010 - 2020

Emerging

Developed

Source: FAO - OECD

19%

81%

2020

228.1

Ave 2008-10

278.2

2001

338.3

11

0

50

100

150

200

250

300

1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E 2015E 2017E 2019E 2021E

Global Protein Consumption Growth by Species

Strong Global Industry Fundamentals

Source: USDA FAS and FAO

(MT in mm)

12

Average global per capita meat consumption, from 1960-2030

0 5 10 15 20 25 30 35 40 45 50

2030

1997-99

1964-66

Chicken Suine Ovine Bovine

Consumption (kg/person/year)

Source: FAO

13

Consolidated Results

14

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

15

[ 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 80b.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 USA (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

16

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, in 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

Source: Company

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.

17

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

18

Debt Profile

19

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.

LTM,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

20

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

Net Debt maturity (R$ million)

Source: JBS

21

Stock Performance

22

During 2013, JBSS3 substantially outperformed the

Ibovespa Index, increasing 47%, while the index

decreased 15%.

The Average Daily Traded Financial Volume in the year was

R$34.3 million, an increase of 34.1% compared to 2012.

As of December,31 2013 JBS market cap was R$25.8 billion.

During 2013, PPC stocks substantially outperformed the

S&P 500 Index, increasing 129%, while the index increased

31%.

As of December,31 2013 PPCs market cap was US$4.7

billion.

60%

80%

100%

120%

140%

160%

JBSS3 IBOV

60%

100%

140%

180%

220%

260%

300%

PPC SPX Index

Source: Bloomberg, 100% = 12/31/2013

Stock Performance

JBS Stock Performance PPC Stock Performance (Controlled by JBS)

23

JBS Mercosul

24

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.

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

25

Geographic Footprint and Capacity

Operation platform

90,000 hides per day

~55,000 head per day

36 Distribution Centers

09 Related Businesses

ARGENTINA

BRAZIL

URUGUAY

PARAGUAY

JBS Mercosul

26

0,0

200,0

400,0

600,0

800,0

1.000,0

1.200,0

1.400,0

1.600,0

1.800,0

2.000,0

0,0

100,0

200,0

300,0

400,0

500,0

600,0

Volume ('000 tons) Revenue (MM US$)

JBS Uruguay

JBS Beef Processing Facility

European Cattle Breed: Major breeds - Hereford and Angus (British).

Focus On Niche Markets: Quality rather than quantity.

Market Access: Access to all major beef importing markets.

Uruguay has about 15,000 m (or 135,000 square feet) for each animal in the farm.

More than 80% of the Uruguayan land dedicated to livestock

Uruguay Beef Exports Footprint

JBS Tannery

Canelones

Montevideo

1 beef processing facility 900 head per day

2 Tanneries 8,400 hides per day

Source: FAO and INAC Uruguay

Note 1: Exports revenue compound annual growth rate (2003-2013)

Note 2: Exports volume compound annual growth rate (2014-2022)

CAGR

14%

CAGR

3.1%

27

0,0

100,0

200,0

300,0

400,0

500,0

600,0

700,0

800,0

900,0

1.000,0

0,0

50,0

100,0

150,0

200,0

250,0

300,0

350,0

Volume ('000 tons) Revenue (MM US$)

JBS Paraguay

JBS Beef Processing Facility

Herd Growth of 8.0% in 2013, the highest in South America.

Paraguay also registered the highest growth in beef exports, with revenue growing from US$67.7 million to US$904.3 million in the last decade, an increase of 1,237%.

High capacity utilization of processing facilities.

Production costs are very competitive.

JBS has around 25% of market share in Paraguayan Exports

Paraguay Beef Exports Footprint

02 beef processing units 1,300 head per day

Source: FAO and SENACSA

Asuncin

San Antonio

28

0,0

200,0

400,0

600,0

800,0

1.000,0

1.200,0

1.400,0

1.600,0

1.800,0

0,0

100,0

200,0

300,0

400,0

500,0

600,0

700,0

Volume ('000 tons) Revenue (MM US$)

JBS Argentina

JBS Beef Processing Facility

Argentina's exports are restricted by the government due to the "Meat For All program, created in 2011 by the present government.

Concentration of activities in one plant in order to have efficiency gains, increasing productivity levels in order to reduce operation costs.

Production focused on the domestic market due to tariffs on exports. Change in product mix and creation of customized and branded products such as beef nuggets to attend local demand.

Argentina has one of the largest beef consumption.

Concentration of activities in one plant in order to have efficiency gains

Argentina Beef Exports Footprint

5 beef processing units (only 1 active) 1,750 head per day 1 DC in Pillar

Source: FAO, IPCVA and USDA

Rosario

Venado Tuerto

Pontevedra

Berazategui

Colonia Caroya

29

42 beef processing facilities with capacity to process 45,000 head of cattle per day

06 feedlots with capacity to feed 284,000 head of cattle per period

19 hide facilities with capacity to process 73,000 hides per day

35 Distribution Centers (12 large + 23 regional)

1

1

4

15

5

3

4

6

2

1

2

2

6

2

2

2

1

1

1

1

1

2 1 3

3 1

2

2

3

3

1

4

1

1

AC

RO

PA

MA

PE

BA TO

GO

MT

MS

MG

SP

PR

SC

RS

ES

RJ

JBS is present in 17 of 26 states in Brazil, through:

JBS increased the number of heads processed by

about 20% from 2012 to 2013, while total Brazilian

slaughter increased 4%.

Beef Processing

Feedlot

Distribution Center

Tannery

JBS has 9 businesses related to its Beef Industry that

add value to by-products in Brazil.

Examples are: biodiesel, collagen, casings, etc.

Brazil has over 200 million head of cattle, the worlds largest commercial herd, with double the size of the

second largest country.

2

1

4

4

1

9

JBS Brazil

30

Export Market Highlights

JBS Brazil

Domestic Market Highlights

35 Distribution Centers (12 large + 23 regional)

Big demand from emerging markets; i.e. Greater China

Fresh Brazilian Beef to the US

JBS unique position due to its US and Brazilian footprint

Exports and revenue exports growth of 25% in 2013

A further 30% revenue growth in local currency

Successful marketing and advertising campaign 10,000 new clients in 2013 2014: growth expectations due to important events in

Brazil

31

JBS is the worlds largest hides/leather processor with capacity to process more than

91,000 hides per day with 26 tanneries and

finishing units in:

Brazil, Argentina, China, Germany, Italy,

Mexico, South Africa, Vietnam and Uruguay

Note 1. Not considering leather operations in the US and Australia

JBS has been adding value internally, reducing the sale of wet blue (first stage of production) and

boosting its sales of finished and semi-finished

leather, which contributes to an increase of the

profitability of this operation.

JBS projects processing 15 million hides in 2014,

generating revenues of more than US$1.5 billion.

JBS is the main leather supplier to the automotive industry, which shows excellent growth

perspectives. More than 90% of our production is

directed to the international market.

Overview

JBS Leather Business

32

Biosiesel

Cans

Trading

Collagen

Cleaning & Hygiene

Carriers

Vehicle Sales

Casings

Environmental Recycler

JBS Core Business

(Meat)

Capacity to produce

136,000 tons of

biodiesel per year

using beef tallow as

principal raw material

71 MM cans

manufactured

per month,

100%

recyclable

Opportunity to

leverage new

businesses

Pioneer in beef

based collagen

production

COLLAGEN Adding value to beef

tallow by producing

personal hygiene and

also cleaning products

1,200 providing

strategic logistics

resulting in cheaper

freight

CARRIERS

Complementary

to JBS Carriers

Largest producer

of sausage

casings in the

world

Recycling and reducing

carbon footprint

JBS Related Businesses in Brazil

33

Closing Remarks JBS Mercosul

34

JBS USA

35

JBS USA at a Glance

JBS USA Beef Including Australia and Canada

JBS USA Pork

JBS USA Chicken (Pilgrims Pride Corporation PPC)

WHERE

WE ARE

36

Why North America / Australia?

STRONG DOMESTIC MARKET

NATURAL RESOURCES & CAPACITY TO PRODUCE

GRAINS/OILSEEDS

WORKFORCE: QUALITY & AVAILABILITY

INFRASTRUCTURE

LOW-COST ENERGY BEST ANIMAL HUSBANDRY PRACTICES

37

Brazil20%

India19%

United States13%

Mercosul10%

Canada4%

Others18%

Source: USDA WASDE March 2014.

United States 33%

Brazil 9%

EU

31%

Canada

18%

Other

9%

T O P EXPORTERS BEEF

T O P EXPORTERS PORK

T O P EXPORTERS

CHICKEN

United

States

32%

Middle

East 3% Other 4%

Australia

17%

Why North America / Australia?

38

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

jan-8

8

jan-8

9

jan-9

0

jan-9

1

jan-9

2

jan-9

3

jan-9

4

jan-9

5

jan-9

6

jan-9

7

jan-9

8

jan-9

9

jan-0

0

jan-0

1

jan-0

2

jan-0

3

jan-0

4

jan-0

5

jan-0

6

jan-0

7

jan-0

8

jan-0

9

jan-1

0

jan-1

1

jan-1

2

jan-1

3

U.S. Meat Exports as a % of Production (Beef + Pork + Broiler)

Exports % Production: Beef + Pork + Chicken Exports % Production: Beef + Pork + Chicken, 12 Month Moving Average

Why North America / Australia?

Exports account for 1 of every 5 pounds produced in the U.S.

Source: USDA

39

449,6

670,9

2012 2013

0,19

0,50 0,51

1,03

2012 2013

Japan (US Beef exports do Japan in metric tonnes) Greater China (in million metric tonnes)

Why North America / Australia?

Examples Where Beef Exports Are Going

USA +70.4%

Australia +259%

102%

228%

Growth Rate

Australia

World

Source: USDA

40

Why North America / Australia?

Colombia +85.4%

Chile +41.8%

Taiwan +24.7%

Angola 3rd largest importer in

2013, 456K metric tonnes

Iraq + 45%

China + 38.1%

EXAMPLES WHERE PORK

EXPORTS ARE GOING

EXAMPLES WHERE CHICKEN

EXPORTS ARE GOING

2013

Source: USDA

41

55,610

7,636

5,087

2,539

424

Headcount

United States Australia Mexico Canada Puerto Rico

Our Team

71,296 EMPLOYEES IN 4 COUNTRIES & PUERTO RICO

ANDRE NOGUEIRA JBS USA

BILL RUPP JBS USA BEEF

(CANADA & AUSTRALIA)

MARTY DOOLEY JBS USA PORK

BILL LOVETTE JBS USA CHICKEN

(PILGRIMS PRIDE CORPORATION PPC)

DENILSON MOLINA JBS USA CFO

42

Human Resources

Continuously improve employee engagement and drive-down turnover

Turnover Results

REDUCTION

MORE THAN A

50% IN TURNOVER

OF HOURLY PRODUCTION E M P L O Y E E S

F R O M 2 0 0 7 - 2 0 1 3

2007 2008 2009 2010 2011 2012 2013

Company Turnover Hourly

2007 2008 2009 2010 2011 2012 2013

43

Human Resources

6,2

4,60 4,2

6,9 6,4 6,3

2010 2011 2012

JBS Industry

Safety Results Meat & Poultry Combined Recordable Rate

Consistently outperform our competitors

Source: Company

44

200 LEADERSHIP

PROGRAM

TRAINEES IN 2013

Human Resources

Next generation of leaders

45

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

2007 2008 2009 2010 2011 2012 2013

Sales Growth Historical Performance

McElhaney

Cattle Co.

Acquisitions

JBS USA Holdings Net Sales (US$ Billion)

46

Turn Around + Growth = Value Generation

63,5

1.415,0

2007 2013

JBS USA EBITDA $ MILLION

JBS USA Acquisitions

McElhaney

Cattle Co. = BILLION $4.87

Investments

2013 EBITDA = 3.44 x

47

JBS USA Pork At a Glance

12%

MARKET S H A R E

BRANDS F O O T P R I N T 3 Pork Plants

51,300 Head per Day

1 Lamb Plant

2,800 Head per Day

1 Case Ready Plant

48

48

PORK

3 Processing Facilities; 1 Case

Ready

Louisville, Kentucky Marshalltown, Iowa Worthington, Minnesota Santa Fe Springs, California (case ready)

Daily Processing Capacity: 51,300

LAMB

1 Processing Facility

Greeley, Colorado Daily Processing Capacity: 2,800

Plant

Case Ready

JBS USA Pork Where We Are

49

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$3.5 billion, stable over 2012:

Lower number of processed animals, which resulted in a

decrease of sales volume that was offset by an increase in

prices.

EBITDA was US$227.6 million, increase of 21% over 2012:

Increase in selling prices both in the domestic and

international markets.

EBITDA margin of 9.5% in the 4th quarter 2013.

21%

50

Strategy

BUY

Continue to focus on:

MAKE

Increase Japan chilled

Improve converted products volume

and margin

Expand case ready

Expand value-added

SELL

Safety

Turnover

Labor efficiency

All expenses elements

Yields

Additional automation

Maintain 70% contract supply

Increase supply from medium/smaller producers

Increase programs, such as paylean free, marbled, weight sorted

51

US Pork - Added Value Products

Swift Premium

Dry Rubbed Ribs

Swift Premium

Dry Rubbed

Boneless Backrib

Swift Premium Dry

Rubbed Loin Filet

Swift Premium

Saddle Pack

Boneless Pork

Chops

Swift Premium

Ground Pork

52

22%

MARKET

BRANDS F O O T P R I N T

CANADA

AUSTRALIA

9 Beef Plants

27,000 Head per Day

11 Feedlots / 1M Head Capacity

1 Hide Plant / 5,000 Hides per Day

1 Beef Plant

4,000 Head per Day

1 Feedlot / 70,000 Head Capacity

8 Beef Plants

8,300 Head per Day

5 Feedlots / 152,000 Head Capacity

5 Lamb Plants / 22,000 Head per Day

1 Hide Plant / 6,000 Hides per Day

JBS USA Beef At a Glance

34% 27%

U.S. CAN AUS

U.S.

SHARE

53

10 beef and small stock

slaughtering plants located in

New South Wales, Queensland,

Victoria and Tasmania

7 distribution centers situated in

Sydney, Melbourne, Brisbane,

Perth, Adelaide, Dinmore &

Townsville

5 cattle feedlots located in

Queensland and New South Wales

AUSTRALIA

10 beef and small stock slaughtering plants

located in Brooks, AB CA; Cactus, TX;

Grand Island, NE; Greeley, CO; Green Bay,

WI; Hyrum, UT; Omaha, NE; Plainwell, MI;

Souderton, PA; and Tolleson, AZ.

11 cattle feedlots located in Brooks,

AB, CA; Dalhart TX; Hartley, TX;

Kersey, CO; Lamar, CO; LaSalle,CO;

Malta, ID; Texhoma, OK; Ulysses,

KS; Wellton, AZ; and Yuma, CO.

U.S. &

CANADA

Daily Processing Capacity: 31,000 Daily Processing Capacity: 8,300

JBS USA Beef Where We Are

54

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 was US$18.6 billion, increase of 6.3% compared

to 2012:

Increase in domestic sales volume and in exports in Australia.

EBITDA was US$375.8 million, increase of 67.8% compared to

2012:

Increase in domestic market beef prices during the 4th quarter,

offsetting the increased costs of raw material.

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.

6.3%

68%

55

Tight supplies forecast in North America as strong signs of heifer

retention & rebuilding occur due to much improved moisture conditions

Global trade for North American and Australian Beef continues to be

strong.

Higher prices will impact demand for North American beef but a

downturn in protein supplies should support.

Marketing Conditions

56

Capital investments in multiple ground beef capabilities and value

added production will improve top line revenue opportunities.

Continued alignment of cattle supplies with plants will lessen the impact

of tight supplies.

Strong plant focus on yield improvement in plants.

Continued success in aligning with customers to jointly

optimize value with the consumer.

Strategy

57

57

19%

MARKET S H A R E

BRANDS F O O T P R I N T U.S.

MEXICO

PUERTO RICO

31 Chicken Plants

6.5M Birds per Day

3 Chicken Plants

800,000 Birds per Day

1 Chicken Plant

JBS USA Chicken Pilgrims Pride Co.

58

PILGRIMS

25 U.S. & Puerto Rican Processing Facilities

3 Mexican Processing Facilities Queretaro San Luis Potosi Tepeji Del Rio

Daily Processing Capacity: 7.5 Million birds

Aibonito, PR Athens, GA Broadway, VA Canton, GA Carrollton, GA Chattanooga, TN De Queen, AR Douglas, GA Elberton, GA Ellijay, GA Enterprise, AL Gainesville, GA

Guntersville, AL Live Oak, FL Lufkin, TX Marshville, N.C. Mayfield, KY Moorefield, WV Mt. Pleasant, TX Nacogdoches, TX Natchitoches, LA Russellville, AL Sanford, N.C. Sumter, SC Waco, TX

JBS USA Chicken Where We Are

59

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 (Pilgrims Pride Corporation - PPC) 17%

Net Revenue (US$ billion)

EBITDA (US$ million)

EBITDA Margin (%)

Net Revenue was US$8.4 billion, increase of 3.6% compared

to 2012.

Growth in sales resulting primarily from an increase in industry

prices associated with good demand for poultry products

combined with a tight supply.

EBITDA of US$805.4 million, increase of 100% over 2012 and

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 flow was US$878.5 million for the full year,

adding strength to the Company's balance sheet.

3.6%

100%

60

Strategy

Best of class quality

management systems

Employ greater use of

category management

Execute effective operator

strategy

Export dedicated assets

Export tailored products

Development of new markets

Results- oriented culture

consistent with JBS values

Delayering and downsizing

management driving lower

SG&A

Growing talent internally and

developing people

Be a valued partner with our key customers

Relentless pursuit of

operational excellence

Strategically grow valued

added exports

Accountability and ownership

culture

Be the best

managed & most

respected

company in

our industry

Best of class yields

Best of class live cost and

processing costs

Optimal sales mix and price

Quality, safety and turnover

61

On a Path Toward Growth

Were Ready Renewed Sales

& Brand Focus

Mix and

Rationalization Customer

Products

Capacity

Operational

Efficiency Improved

commitment

to quality

62

Whats Next

Continue Pushing Operational

Efficiencies

Generate Superior Returns

& Optimize Capital Structure

Capture Growth Opportunities

Higher, Less Volatile Earnings

SHAREHOLDER

VALUE

63

Whats Next

Leverage Existing Assets

Expand actual plants and

lines with high-ROIC

investment opportunities

$150 million of CapEx

expected

About half directed to

growth / increase

efficiency

Accretive Acquisitions

Chicken: Complementary

Geographies or Differentiated

Branded chicken

Prepared/ Packaged Foods:

Branded and differentiated

products

Increase Footprint in

Attractive Mexico Chicken Industry

Current footprint only covers

a portion of the country

Opportunity to expand

geographically

Evaluate bolt-on acquisitions

or greenfield opportunities

Fast

Growing Value-Added Exports

Leverage JBS capabilities to

sell direct to customers in

foreign markets

Develop brands / products

designed for local preferences

Focus on value-added

products, not just commodity

dark meat

Capture significant expected

growth in chicken demand in

foreign markets

64

JBS Foods

65

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

Source: Company

Nota

1. Pending regulatory approval

JBS

Foods

66

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

Source: Company

Distribution Centers

Production Facilities Footprint

Further Processed Products

Pizza

Lasagna

Hamburger

Refrigerated

Pasta

Breaded

Products

Ready-to-eat

Meals

67

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

68

Our Team and Our Culture Makes the Difference

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

( Years of experience, occupying leadership positions 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)

Srgio Sampaio Production (20 years)

Ivo Dreher Financial/Adm (17 years)

Osrio 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)

69

Market Orientated: Streamlining and Repositioning of Brands

JBS Foods is currently rationalizing its brand portfolio and focusing on the quality of its products and services

JBS Foods Brands Pre-Acquisition JBS Foods Brands Repositioning

Premium

Mainstream

Source: Company

Access / Regional

70

Market Orientated: Improved Pricing Strategy

New pricing strategy, focused on results rather than volumes, with strict controls and defined responsibilities

Previous Model New Model

Structure

Commercial Team

Autonomy

Focus

Responsible for Price

Management

Decentralized, with lack of standard pricing process and management

High commercial team concentrated pricing strategy

Volumes, with low commitment to pricing and consequently financial results

Fragmented, mostly commercial department

Centralized, with standard and structured process

Defined roles and responsibilities

Medium focus on policy execution

Financial results, based on mathematical modeling

Dedicated pricing department

Source: Company, Nielsen

71

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 (%)

Source: Company

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%

72

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

73

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)

74

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 Frangos production unit in North of Paran

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 Sep13 (%)

Source: Company, SIF, SECEX, IBGE, JBS

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

75

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 Pilgrims Pride (US$ mm)

Pilgrims 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 USAs 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.