1Q15 Presentation

1Q15 Results Presentation

May 14th 2015

2This 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 businessand its continued access to capital to fund the Companys business plan. Such forward-looking statementsdepend, 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 fileddisclosure documents and are, therefore, subject to change without prior notice.

Disclaimer

3Consolidated Results

41,750

2,758

6.6%

8.2%

1Q14 1Q15

26,419

33,819

1Q14 1Q15

1Q15 Consolidated Highlights

EBITDA Margin (%)

Consolidated Net Sales (R$ Million) Consolidated EBITDA (R$ Million)

28.0% 57.6%

Highest Revenue and EBITDA in a first Quarter.EBITDA grew more than Revenues.160 bps expansion in EBITDA margin over 1Q14.

570

1,394

0.024

0.482

1Q14 1Q15

505

4,538

1Q14 1Q15


Earnings per share (R$)

Cash Generation (R$ Million) Consolidated Net Income (R$ Million)

Cash generation reached historical high for a first quarter.Free Cash Flow generation of R$3.8 billion prior to acquisitions.Effective hedging strategy to protect results.

1891.6%799.2%

623,679

27,721

5,500

3.3x

2.3x

1Q14 1Q15

10,464

8,641

1,714

1Q14 1Q15


Net Debt (US$ Million) Net Debt (R$ Million) / Leverage

10,356

1.9x

33,221

Leverage (x)Net Debt

Acquisitions

and dividends

Acquisitions

and dividends

US$1.8 billion debt reduction compared to 1Q14 when analyzed before

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

7JBS Historical Performance

LTM, JBS reached R$127.9 billion in net revenue, EBITDA of R$12.1 billion, equivalent

to an EBITDA margin of 9.5%, and net income of R$3.36 billion.

EBITDA Margin(%)EBITDA (R$ billion)Net Revenue (R$ billion)

4.3%3.8% 3.7%

5.5%5.0%

5.8%6.6%

9.2% 9.5%

0.6 1.2 1.3 3.5 3.1

4.4 6.1

11.1 12.1

14.1

30.3 34.3

54.7 61.8

75.7

92.9

120.5 127.9

2007 2008 2009 2010 2011 2012 2013 2014 LTM1T15

Updating the results using FX at the end of 1Q15, net revenue reached R$153.9 billion

and EBITDA LTM was R$14.5 billion.

8Business Units

9379.8

616.013.7%

15.9%

1Q14 1Q15

JBS Foods12%

20%

44%

7%

18%

% NR JBS S.A.

Strong revenue growth, organic and inorganic.Integration success and synergy capture.Continuous improvement in quality indicators, level of service

and execution.Market share gains in several product categories.

EBITDA (R$ Million)Net Revenue (R$ Million)

39.4% 62,2%

Strong appreciation and recognition of Seara brand.

2,780.0

3,874.5

1Q14 1Q15

10

-22.5

186.6-0.5%

3.6%

1Q14 1Q15

4,520.7

5,190.5

1Q14 1Q15

JBS USA Beef (including Australia and Canada)

% NR JBS S.A.

Strong recovery in US cattle herd.Production diversification (Australia, Canada, fed cattle and

regional units) provides greater flexibility and agility to adapt

to market conditions.Acquisition of Primo Group, leader in the production of

processed products in Australia and NZ, expands the

Company's presence in value-added products with brands.

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

14.8%

44%

11

896.9

762.3

1Q14 1Q15

JBS USA Pork

% NR JBS S.A.

Growth in number of animals available for processing and

consequent increase in sales volume.Organic growth in ready to cook and convenience products

segment.

7%

-15.0%12,4%


82.9

93.29.2%

12.2%

1Q14 1Q15

12.4%

12

205.2

363.5

10.2%

17.7%

1Q14 1Q15

2,018.12,052.9

1Q14 1Q15

JBS USA Chicken (Pilgrims Pride Corporation - PPC)% NR JBS S.A.

Focus on operational excellence.Effective strategy in product portfolio and management of sales

channels.Sales growth in value-added products.

1.7%

77.2%

18%


13

596.1

376.4

10.4%

5.6%

1Q14 1Q15

5,725.3

6,782.3

1Q14 1Q15

JBS Mercosul

% NR JBS S.A.

Profitability impacted by reduced cattle availability for

processing due to cow retention and a decrease in Brazilian

exports in 1Q15.

Continued investment in Friboi brand for differentiation and

development of its products in the Brazilian market.

EBITDA (R$ Million)Net Revenue (R$ Million)

20%

18.5%-36.8%

Focus on sales expansion of higher value-added products.

14

Exports

15

Africa and Middle East14.7%

Mexico 12.4%

South America 12.1%

Greater China 11.5%

Japan 9.5%

USA 7.1%

E.U. 7.1%

Russia 6.4%

South Korea 5.4%

Canada 2.5%

Others 11.3%

1Q14

US$3,145.5

million

JBS Consolidated Exports Breakdown in 1Q15 and 1Q14

Note 1. Including China and Hong Kong

South America14.2%

Africa and Middle East13.4%

Greater China11.9%

Mexico11.9%USA

11.0%

Japan9.9%

E.U.6.7%

South Korea6.2%

Russia3.7%

Canada2.3%

Others8.7%

1Q15

US$ 3,547.3

million

Growth of 13% in 1Q15 exports

compared to 1Q14

16

Capex, Cash Generation and Debt Profile

17

Cash Generation

CAPEX

Capex and Cash Generation

In 1Q15, JBS total CAPEX was R$4,610.3 million, from which R$3,905.2 million refers to to the net

effect of working capital of acquired company, due to the acquisitions of Primo Smallgoods Group in

Australia and Big Frango in Brazil, both concluded in 1Q15.

Additions to property, plant and equipments and intangible assets totaled R$705.2 million, from

which approximately 42% was related to expansion and modernization of facilities and 58% in

maintenance.

In 1Q15 , the Company generated net cash flow from operations of R$4,538.0 million.

Free cash flow generation, after Capex, was R$ 3,832.8 million.

18

23,679

27,721

5,500

3.3x2.3x

1Q14 1Q15

10,464

8,641

1,714

1Q14 1Q15

Debt Profile

Breakdown by Currency and Costs Breakdown by Company

Net Debt (R$ Million) & Leverage

Breakdown by Source

Net Debt (US$ Million)

US$88%

R$12%

5.23% p.a.

11.45% p.a.

Capital Market55.1%

Commercial Banks44.8%

BNDES0.1%

JBS S.A.50%

JBS Foods14%

JBS USA Holdings

36%

JBS ended 1Q15 with leverage of 2.3x,

compared to 3.3x in 1Q14.

Leverage would be 1.9x if analyzed

before acquisitions and the payment of

extraordinary dividends.

At the end of the period, 88% of JBS

consolidated debt was denominated in

U.S. dollars, with an average cost of

5.23% per year.

Net Debt in

US$ before

acquisitions

and dividends

1.9x

Leverage before

acquisitions and

dividends

10,35633,221

19

29%

28%

30%

34%

29%

71%

72%

70%

66%

71%

1Q14

2Q14

3Q14

4Q14

1Q15

Short Term Long Term

-573

4,069

2,067

5,311

680

9,027

3,672

8,969

Short term* 2016 2017 2018 2019 2020 2021 after 2021

The Company ended the quarter with R$14,120.8 million in cash,

equivalent to 104% of short term debt, approximately.

JBS USA has US$1.5 billion fully available under credit

facilities which, if added to the current cash position,

represents 140% of short term debt.

The percentage of short term debt (ST) in relation to total

debt was 29% in 1Q15.

* Net of Cash

Debt Profile and Maturity

Debt Profile

Maturity (R$ million)

20

A Global Food Company

What we did, who we are and our future

21

Q&A

Mission

To be the best in what we set out to do, completely

focused on our business, ensuring the best products

and services for our customers, consistency for our

suppliers, profitability for our shareholders and the

opportunity of a better future for all our team

members.

Documents

1Q15 Presentation