JBS DAY New York 4Q13 and 2013 Results Presentation March 25th, 2014

JBS DAY New York 4Q13 and 2013 Results Presentation March 25th, 2014

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. 2

Management Here Today Wesley Batista CEO of JBS Global André Nogueira CEO of JBS USA Denilson Molina CFO of JBS USA Bill Rupp President and COO of Beef USA Bill Lovette CEO of Pilgrim s 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 O Callaghan Investor Relations Officer 3

JBS at a Glance Founded in the 1950 s in Midwest of Brazil IPO in 2007 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 More than 185,000 employees Production capacity Beef 100 thousand heads/day Chicken 12 million birds/day Pork 70 thousand hogs/day Leather 100 thousand hides/day Lamb 25 thousand lambs/day Source: Company 4

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. 5

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. 6

Market Analysis 7

World s Food* Surpluses and Deficits Net intra-regional trade, million tonnes 150 100 North America South America Australia Eastern Europe and former Soviet Union Central America Western Europe Asia Middle East & Africa 50 0 50 100 150 1965 1990 1970 1995 1975 2000 1980 2005 1985 2010 * Cereals, rice, oilseeds, meals, oils and feed equivalent of meat. Source: The Economist 8

Global Protein Trade Largest Exporters JBS is present in the main exporter markets Beef Exports Others 16.6% Brazil 19.2% Canada 3.4% New Zealand 5.8% India* 17.6% Mercosul** 9.2% USA 11.9% Australia 16.3% Chicken Exports Pork Exports Turkey 3.5% China 4.0% Others 10.0% Brazil 34.5% Chile 2.6% China 3.5% Others 4.1% USA 32.5% Thailand 5.2% Brazil 8.5% E.U. 10.5% Canada 17.6% USA 32.3% E.U. 31.2% Source: USDA 2013 *Buffaloes / **Excluding Brazilian exports 9

Meat Consumption Growth Forecast 2011-2020 Meat Consumption Forecast (Million tons) Expected increase in meat demand by country groups between 2010-2020 338.3 Developed 278.2 73.6 228.1 64.6 15.6 19% 58.6 11.2 12.8 105.7 126.7 81% 90.8 67.5 95.2 122.5 Emerging 2001 Ave 2008-10 2020 Poultry Pork Sheep Beef Source: FAO - OECD 10

Global Protein Consumption Growth by Species Strong Global Industry Fundamentals (MT in mm) 300 250 200 150 100 50 0 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E 2015E 2017E 2019E 2021E Source: USDA FAS and FAO 11

Average global per capita meat consumption, from 1960-2030 Consumption (kg/person/year) 1964-66 1997-99 2030 0 5 10 15 20 25 30 35 40 45 50 Chicken Suine Ovine Bovine Source: FAO 12

Consolidated Results 13

4Q13 Consolidated Results Highlights [ Net Revenue - R$ billion] [ EBITDA - R$ million] [ Leverage Net Debt/EBITDA] 21,9 24.6% 27,2 5,4 1.170,9 60.0% 6,9 1.873,5 3.000 2.500 2.000 1.500 1.000 3.43 3.40 3.28 4.03 3.70 3.17 500 4Q12 4Q13 4Q12 4Q13 0 4Q12 1Q13 2Q13 3Q13 4Q13 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. EBITDA Margin Consolidated EBITDA was R$1,873.5 million, an increase of 60.0% over the same period of last year. EBITDA margin for the quarter was 6.9%. Leverage EBITDA (R$ million) Leverage considering annualized 4Q13 EBITDA 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. Source: Company 14

2013 Consolidated Results Highlights [ Net Revenue - R$ billion] EBITDA [ EBITDA - R$ billion] [Net Income - R$ million] 92,9 75,7 4,5 7,6 7,1 6,9 5,8 6,6 6,1 718,9 926,9 4,4 19,5 21,9 24,2 27,2 22.7% 0,9 1,7 1,7 1,9 39.0% 227,9 338,5 219,8 140,7 28.9% 1Q13 2Q13 3Q13 4Q13 2012 2013 JBS net revenue increased 22.7% compared to prior year and reached R$92.9 billion. In 2013,net revenue increased more than 10% in all quarters. 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA margin (%) EBITDA totaled R$ 6.1 billion in 2013, 39.0% higher than 2012. EBITDA margin was 6.6%, an increase of 80b.p. over the previous year. 1Q13 2Q13 3Q13 4Q13 2012 2013 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. 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. 15

2013 Consolidated Results 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. 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. 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. Source: Company 16

JBS Consolidated Exports Distribution in 2013 and 2012 Other 19,2% Greater China* 21,2% Increase of 19.6% in 2013 exports compared to 2012 Chile 2,7% Canada 3,6% Venezuela 4,4% South Korea 4,9% Russia 5,7% 2013 US$11,760.6 million E.U. 6,1% Japan 8,0% Mexico 14,6% Africa and Middle East 9,8% Other 19,4% Mexico 14,6% Chile 3,1% Venezuela 3,3% Canada 5,4% 2012 US$9,830.2 million Greater China* 14,0% Japan 11,0% South Korea 5,4% E.U. 6,2% Russia 7,4% Africa and Middle East 10,3% *Considers China and Hong Kong 17

Debt Profile 18

Indebtedness Leverage Breakdown by Company 3.000 2.500 2.000 1.500 1.000 500 3,43 3,40 3,28 4,03 3,70 3.17 Subsidaries 37% Parent Company 63% 0 4Q12 1Q13 2Q13 3Q13 4Q13. Leverage EBITDA (R$ million) Leverage considering annualized 4Q13 EBITDA Breakdown by Currency & Average Cost 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. 10.8% per annum R$ 24% USD 76% The reduction of net debt/ebitda reflects the management commitment in improving financial efficiencies, consequently, reducing its leverage. 6.0% per annum 19

Debt Profile JBS ended the year with R$9,013.1 million in cash, corresponding to 96% of short-term debt, approximately. 4Q12 1Q13 30% 28% 70% 72% Considering credit lines of immediate liquidity of US$1.55 billion from JBS USA, availabilities of the Company represents more than 100% of short-term debt. 2Q13 3Q13 35% 35% 65% 65% The percentage of short term debt (ST) in relation to total debt declined from 35% in 3Q13 to 29% in 4Q13. 4Q13 29% Short term 71% Long term Net Debt maturity (R$ million) 4.558 5.030 5.073 418 3.000 1.084 32 2.651 86 1.816 Source: JBS 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20

Stock Performance 21

Stock Performance JBS Stock Performance 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. PPC Stock Performance (Controlled by JBS) During 2013, PPC stocks substantially outperformed the S&P 500 Index, increasing 129%, while the index increased 31%. As of December,31 2013 PPC s market cap was US$4.7 billion. As of December,31 2013 JBS market cap was R$25.8 billion. 160% 140% 120% 100% 80% 60% 300% 260% 220% 180% 140% 100% 60% JBSS3 IBOV PPC SPX Index Source: Bloomberg, 100% = 12/31/2013 22

JBS Mercosul 23

0,0 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% -18,0% -20,0% JBS Mercosul Net Revenue (R$ billion) 25,8 74,6% 18,0 9,2 5,3 5,0 5,4 6,2 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA (R$ billion) 12,6% 11,3% 10,0% 11,1% 10,0% 13,7% 10,5% 2,5 2,7 0,7 0,6 0,5 0,7 0,9 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 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. EBITDA Margin (%) 24

JBS Mercosul Geographic Footprint and Capacity Operation platform¹ BRAZIL ~55,000 head per day 90,000 hides per day PARAGUAY 36 Distribution Centers 09 Related Businesses ARGENTINA URUGUAY 25

JBS Uruguay Footprint Uruguay Beef Exports Canelones Montevideo 600,0 500,0 400,0 300,0 200,0 100,0 0,0 CAGR¹ 14% CAGR² 3.1% 2.000,0 1.800,0 1.600,0 1.400,0 1.200,0 1.000,0 800,0 600,0 400,0 200,0 0,0 JBS Beef Processing Facility 1 beef processing facility 900 head per day JBS Tannery 2 Tanneries 8,400 hides per day Volume ('000 tons) 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) Revenue (MM US$) More than 80% of the Uruguayan land dedicated to livestock 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 m² (or 135,000 square feet) for each animal in the farm. 26

JBS Paraguay Footprint Paraguay Beef Exports Asunción San Antonio 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 1.000,0 900,0 800,0 700,0 600,0 500,0 400,0 300,0 200,0 100,0 0,0 JBS Beef Processing Facility 02 beef processing units 1,300 head per day Source: FAO and SENACSA Volume ('000 tons) Revenue (MM US$) JBS has around 25% of market share in Paraguayan Exports 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. 27

JBS Argentina Footprint Argentina Beef Exports 700,0 1.800,0 600,0 1.600,0 Colonia Caroya Venado Tuerto Rosario Pontevedra Berazategui 500,0 400,0 300,0 1.400,0 1.200,0 1.000,0 800,0 200,0 100,0 600,0 400,0 200,0 0,0 0,0 JBS Beef Processing Facility 5 beef processing units (only 1 active) 1,750 head per day 1 DC in Pillar Source: FAO, IPCVA and USDA Concentration of activities in one plant in order to have efficiency gains Volume ('000 tons) Revenue (MM US$) 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. 28

JBS Brazil Brazil has over 200 million head of cattle, the world s largest commercial herd, with double the size of the second largest country. AC 1 1 6 4 1 3 RO 15 1 MT 5 2 PA MS 2 4 1 2 MA 1 1 3 1 TO BA 9 4 2 2 MG GO 4 3 1 2 3 SP 3 4 RJ 6 2 PR 1 2 2 RS 1 SC 1 ES 1 2 1 PE 1 JBS is present in 17 of 26 states in Brazil, through: 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) JBS increased the number of heads processed by about 20% from 2012 to 2013, while total Brazilian slaughter increased 4%. Beef Processing Feedlot Tannery Distribution Center JBS has 9 businesses related to its Beef Industry that add value to by-products in Brazil. Examples are: biodiesel, collagen, casings, etc. 29

JBS Brazil Domestic Market Highlights Export Market Highlights 35 Distribution Centers (12 large + 23 regional) Successful marketing and advertising campaign Exports and revenue exports growth of 25% in 2013 A further 30% revenue growth in local currency 10,000 new clients in 2013 2014: growth expectations due to important events in Brazil 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 30

JBS Leather Business Overview¹ JBS is the world s 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 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. 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. Note 1. Not considering leather operations in the US and Australia 31

JBS Related Businesses in Brazil Recycling and reducing carbon footprint Largest producer of sausage casings in the world Environmental Recycler Biosiesel Capacity to produce 136,000 tons of biodiesel per year using beef tallow as principal raw material Complementary to JBS Carriers Casings Vehicle Sales JBS Core Business (Meat) Cans Trading 71 MM cans manufactured per month, 100% recyclable 1,200 providing strategic logistics resulting in cheaper freight CARRIERS Carriers Cleaning & Hygiene Collagen Opportunity to leverage new businesses Adding value to beef tallow by producing personal hygiene and also cleaning products COLLAGEN Pioneer in beef based collagen production 32

Closing Remarks JBS Mercosul 33

JBS USA 34

JBS USA at a Glance WHERE WE ARE JBS USA Beef Including Australia and Canada JBS USA Pork JBS USA Chicken (Pilgrim s Pride Corporation PPC ) 35

Why North America / Australia? NATURAL RESOURCES & CAPACITY TO PRODUCE GRAINS/OILSEEDS INFRASTRUCTURE WORKFORCE: QUALITY & AVAILABILITY STRONG DOMESTIC MARKET LOW-COST ENERGY BEST ANIMAL HUSBANDRY PRACTICES 36

Why North America / Australia? T O P BEEF EXPORTERS T O P PORK EXPORTERS T O P CHICKEN EXPORTERS Canada 4% Mercosul 10% Others 18% United States 13% Australia 17% Brazil 20% India 19% Canada 18% Brazil 9% Other 9% EU 31% United States 33% Middle East 3% Other 4% United States 32% Source: USDA WASDE March 2014. 37

jan-88 jan-89 jan-90 jan-91 jan-92 jan-93 jan-94 jan-95 jan-96 jan-97 jan-98 jan-99 jan-00 jan-01 jan-02 jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09 jan-10 jan-11 jan-12 jan-13 Why North America / Australia? Exports account for 1 of every 5 pounds produced in the U.S. 20% U.S. Meat Exports as a % of Production (Beef + Pork + Broiler) 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Exports % Production: Beef + Pork + Chicken Exports % Production: Beef + Pork + Chicken, 12 Month Moving Average Source: USDA 38

Why North America / Australia? Examples Where Beef Exports Are Going Greater China (in million metric tonnes) Japan (US Beef exports do Japan in metric tonnes) Growth Rate Australia World 228% 102% 1,03 670,9 449,6 0,51 0,50 0,19 2012 2013 2012 2013 USA +70.4% Australia +259% Source: USDA 39

Why North America / Australia? 2013 EXAMPLES WHERE PORK EXPORTS ARE GOING Colombia +85.4% Chile +41.8% Taiwan +24.7% EXAMPLES WHERE CHICKEN EXPORTS ARE GOING Angola 3rd largest importer in 2013, 456K metric tonnes Iraq + 45% China + 38.1% Source: USDA 40

Our Team ANDRE NOGUEIRA JBS USA BILL LOVETTE JBS USA CHICKEN (PILGRIM S PRIDE CORPORATION PPC) BILL RUPP JBS USA BEEF (CANADA & AUSTRALIA) 71,296 EMPLOYEES IN 4 COUNTRIES & PUERTO RICO Headcount 7,636 DENILSON MOLINA JBS USA CFO MARTY DOOLEY JBS USA PORK 55,610 5,087 2,539 424 United States Australia Mexico Canada Puerto Rico 41

Human Resources Turnover Results Continuously improve employee engagement and drive-down turnover MORE THAN A 50% REDUCTION IN TURNOVER OF HOURLY PRODUCTION E M P L O Y E E S F R O M 2 0 0 7-2013 Company Turnover Hourly 2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013 42

Human Resources Safety Results Meat & Poultry Combined Recordable Rate 6,2 6,9 6,4 6,3 4,60 4,2 2010 2011 2012 JBS Industry Consistently outperform our competitors Source: Company 43

Human Resources Next generation of leaders 200 LEADERSHIP PROGRAM TRAINEES IN 2013 44

Sales Growth Historical Performance JBS USA Holdings Net Sales (US$ Billion) 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 2007 2008 2009 2010 2011 2012 2013 Acquisitions McElhaney Cattle Co. 45

Turn Around + Growth = Value Generation JBS USA EBITDA $ MILLION JBS USA Acquisitions 1.415,0 McElhaney Cattle Co. = BILLION $4.87 63,5 2007 2013 Investments = 3.44 x 2013 EBITDA 46

JBS USA Pork At a Glance 12% MARKET S H A R E 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 BRANDS 1 Case Ready Plant 47

JBS USA Pork Where We Are 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 48 48

4000,0 3500,0 3000,0 2500,0 2000,0 1500,0 1000,0 500,0 0,0 399,977 299,977 199,977 99,977-0,023 9,0% 5,0% 1,0% -3,0% -7,0% -11,0% -15,0% -19,0% -23,0% JBS USA Pork 8% Net Revenue (US$ million) -5,3% 955,5 842,0 868,5 903,3 904,9 3.501,1 3.518,7 Net Revenue was US$3.5 billion, stable over 2012: Lower number of processed animals, which resulted in a decrease of sales volume that was offset by an increase in prices. 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA (US$ million) 4,5% 5,6% 5,8% 4,8% 9,5% 5,4% 6,5% 188,1 227,6 EBITDA was US$227.6 million, increase of 21% over 2012: Increase in selling prices both in the domestic and international markets. 42,7 46,8 50,7 43,8 86,3 21% 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA margin of 9.5% in the 4th quarter 2013. EBITDA Margin (%) 49

Strategy BUY Maintain 70% contract supply Increase supply from medium/smaller producers Increase programs, such as paylean free, marbled, weight sorted MAKE Continue to focus on: Safety Turnover Labor efficiency All expenses elements Yields Additional automation SELL Increase Japan chilled Improve converted products volume and margin Expand case ready Expand value-added 50

US Pork - Added Value Products Swift Premium Dry Rubbed Loin Filet Swift Premium Dry Rubbed Ribs Swift Premium Saddle Pack Boneless Pork Chops Swift Premium Dry Rubbed Boneless Backrib Swift Premium Ground Pork 51

JBS USA Beef At a Glance MARKET SHARE 22% 34% 27% U.S. CAN AUS F O O T P R I N T U.S. 9 Beef Plants 27,000 Head per Day 11 Feedlots / 1M Head Capacity 1 Hide Plant / 5,000 Hides per Day BRANDS CANADA AUSTRALIA 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 52

JBS USA Beef Where We Are AUSTRALIA 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 U.S. & CANADA 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. Daily Processing Capacity: 31,000 Daily Processing Capacity: 8,300 53

700 600 500 400 300 200 100 0-100 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) Net Revenue (US$ billion) Net revenue was US$18.6 billion, increase of 6.3% compared 17,5 18,6-1,0% 6.3% 4,9 4,3 4,8 4,7 4,8 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA (US$ million) 2,1% 3,4% 2,7% 2,4% 1,3% 2,0% -0,6% 375,8 223,9 161,7 125,3 113,9 103,3 68% -25,1 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA Margin (%) 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 4 th 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. 54

Marketing Conditions 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. 55

Strategy 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. 56

JBS USA Chicken Pilgrim s Pride Co. 19% MARKET S H A R E F O O T P R I N T U.S. 31 Chicken Plants 6.5M Birds per Day BRANDS MEXICO PUERTO RICO 3 Chicken Plants 800,000 Birds per Day 1 Chicken Plant 57 57

JBS USA Chicken Where We Are PILGRIM S 25 U.S. & Puerto Rican Processing Facilities 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 3 Mexican Processing Facilities Queretaro San Luis Potosi Tepeji Del Rio 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 Daily Processing Capacity: 7.5 Million birds 58

1500 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 15,0% 10,0% 5,0% 0,0% -5,0% -10,0% -15,0% -20,0% -25,0% -30,0% JBS USA Chicken (Pilgrim s Pride Corporation - PPC ) 17% Net Revenue (US$ billion) Net Revenue was US$8.4 billion, increase of 3.6% compared 8,1 8,4-6,5% 2,2 2,0 2,2 2,1 2,0 3.6% 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 to 2012. Growth in sales resulting primarily from an increase in industry prices associated with good demand for poultry products combined with a tight supply. EBITDA (US$ million) 5,8% 12,1% 10,6% 9,6% 9,6% 5,0% 3,1% 805,4 67,4 117,7 265,0 402,6 226,1 197,2 100% 4Q12 1Q13 2Q13 3Q13 4Q13 2012 2013 EBITDA Margin (%) 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. 59

Strategy 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 Best of class quality management systems Employ greater use of category management Execute effective operator strategy Accountability and ownership culture Be the best managed & most respected company in our industry Relentless pursuit of operational excellence Export dedicated assets Export tailored products Development of new markets Strategically grow valued added exports Best of class yields Best of class live cost and processing costs Optimal sales mix and price Quality, safety and turnover 60

On a Path Toward Growth Operational Efficiency Improved commitment to quality Mix and Rationalization Customer Products Capacity We re Ready Renewed Sales & Brand Focus 61

What s Next Continue Pushing Operational Efficiencies Generate Superior Returns & Optimize Capital Structure Capture Growth Opportunities Higher, Less Volatile Earnings SHAREHOLDER VALUE 62

What s 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 63

JBS Foods 64

JBS Foods at a Glance JBS Foods is a leading platform with a strong brand portfolio across value added food products in Brazil JBS Foods is the branded convenience poultry and pork business of JBS in Brazil 2 nd largest meat based packaged food Company in Latin America JBS Foods 2 nd 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 Source: Company Nota 1. Pending regulatory approval 65

JBS Foods: Footprint National footprint with a production capacity of 4.4 mm bird / day and 85,000 tons of further processed products / month Industrial Capacity per Product Line Industrial Footprint 4.4 mm birds / day 22,200 hogs / day 80,000 tons of value added further processed products / month Further Processed Products Pizza Refrigerated Pasta Lasagna Hamburger Breaded Products Ready-to-eat Meals Distribution Centers Production Facilities Footprint Source: Company 66

Turnaround Under Way JBS Foods focus on 5 pillars to make a strong and fast turnaround of Seara Management Growth Culture of Excellence Market Orientated Performance 67

Our Team and Our Culture Makes the Difference JBS has built an exceptional team with deep knowledge in the industry 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) Culture of Excellence 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 ( Years of experience, occupying leadership positions in the industry) 68

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 Access / Regional Source: Company 69

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 Decentralized, with lack of standard pricing process and management Centralized, with standard and structured process Defined roles and responsibilities Responsible for Price Management Fragmented, mostly commercial department Dedicated pricing department Focus Volumes, with low commitment to pricing and consequently financial results Financial results, based on mathematical modeling Commercial Team Autonomy High commercial team concentrated pricing strategy Medium focus on policy execution Source: Company, Nielsen 70

JBS Foods: Global Positioning and International Growth Strategy Comprehensive strategy to explore opportunities in further processed foods and international markets Revenue Breakdown per Category 4Q13 (%) International Growth Strategy Revenue Breakdown per Region 4Q13 (%) Europe 10% North Africa 10% Domestic Market 46% Americas 8% Africa 11% FPP Exports 6% CIS / Balkans 4% Japan 12% Fresh Exports 48% Middle East 31% Asia / Oceania 14% Japan) Strategic approach Instead of transactional approach 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 Source: Company 71

Improved Performance from Farm to Market Efficiency gains in live costs, manufacturing and distribution Stage of Value Chain Live Costs and Efficient Feed Conversion Main Initiatives 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 Improved Distribution Network Integrated demand planning Renewed logistics network Renewed Go-To-Market Strategy Marketing strategy focused on profitability and portfolio simplification Simplification of brand architecture Category management 72

Value Creation Through Management Initiatives in 2014 JBS Foods has identified total potential gains of R$1.2 billion through internal management initiatives Value of Opportunities Identified in JBS Foods (R$ mm) Price and Sales Strategy Live Animal 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 Total Value of Opportunities: R$1.2 billion 73

Growth Opportunities Through Organic and Inorganic Growth Additional growth opportunities through capacity expansion and product mix diversification 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 Strategies for Inorganic Growth Rationale Recent Movements Capacity Expansion Increase processing capacity and geographical diversification Leasing of BR Frango s production unit in North of Paraná Product Mix Diversification Increase category diversification Acquisition of Massa Leve in 2013 Main products include pastas, ready-to-eat meals, pizzas and pastry based products Share of Birds Slaughter in Brazil LTM Until Sep 13 (%) Share of Pig Slaughter in Brazil 2013 (%) Others 51% Others 57% Player A 32% Source: Company, SIF, SECEX, IBGE, JBS JBS 17% Player A 29% JBS 14% 74

We Are Confident That We Will Continue to Deliver Value to Our Stakeholders as Our Track Record Shows Extensive experience in integrating and extracting synergies in acquisitions Key Initiatives Value Creation in the Acquisition of Pilgrim s Pride (US$ mm) JBS stake in PPC 3,825 64.0% 67.3% 68.0% 75.5% Swift acquisition (2007) Pilgrim s Pride acquisition (2009) Cost reduction Margin improvement SG&A control Efficiency improvement Integration of processes Brand repositioning 800 42 JBS USA acquisition of 64% stake in PPC 144 110 1,095 Dec-09 Nov-10 Increase Jan-12 Mar-12/Nov-12 Total JBS Investment ownership to 67.3% JBS USA oversubscription in PPC rights offering Value Creation of 250% Acquisition of additional shares from Lonnie Bo Pilgrim and Don Jackson 1 2,730 Value Creation Current Market Value of JBS Stake 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) 75

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.