Presentation jbs bonds fixed income ingl

JBS S.A.

Debt Issuance July 2012

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E

Debt Securities Issued

Description

2016 Notes: JBS S.A.

2016 Notes: Bertin

2017 Notes: Vigor

2014 Notes: JBS USA

2018 Notes: JBS S.A.

2018 Notes: PPC

2021 Notes: JBS USA

2020 Notes: JBS USA, LLC

Principal Total Term Coupon Maturity

USD 300 MMUSD 350 MM USD 100 MM

USD 700 MM USD 900 MMUSD 500 MMUSD 650 MMUSD 700 MM

10 years10 years10 years

5 years 7.5 years8 years

10 years8 years

10.500% p.a. 10.250% p.a.9.250% p.a.

11.625% p.a. 8.250% p.a.7.875% p.a.7.250% p.a.8,250% p.a.

Aug, 2016Oct, 2016 Feb, 2017

May, 2014 Jan, 2018Dec, 2018Jun, 2021Feb, 2020

AgencyGlobal

Global

BB-

BB

Fitch

Standard & Poors

Global B1Moody’s

Scale Rating Outlook DateStable

Stable

Stable

11/18/2011

11/04/2011

12/06/2011

JBS S.A. / JBS USA

Agency

B Standard & Poors

B2Moody’s

Rating Outlook Date

Develop

Negative

08/16/2011

11/16/2011

Pilgrim’s Pride

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E

Corporate Structure and Guarantors

JBS S.A.

JBS USA Pork

100.0%

100.0%100.0%100.0%

100.0%

67.3%

100.0%

JBS Five Rivers

JBS Australia

USD700mm Notes due 2014

USD650mm Notes due 2021

USD700mm Notes due 2020

JBS USA Beef

JBS Hungary Holdings Kft

JBS USA Holdings

Pilgrim’s Pride

JBS USA, LLCJBS USA Finance, Inc.

Vigor

Subsidiary of JBS S.A.

USD350mm Notes due 2016 (ex-Bertin)

USD300mm Notes due 2016

USD900mm Notes due 2018

USD500mm Notes due 2018

USD100mm Notes due 2017

Bond Guarantor

Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef CompanyNotes 2016 - Bertin JBS HungaryNotes 2017 - Vigor S.A. Fábrica de Produtos Alimentícios VigorNotes 2014 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiariesNotes 2018 - JBS S.A. JBS S.A., JBS HungaryNotes 2018 - PPC Pilgrim’s Pride Corporation of West Virginia, Inc.Notes 2021 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiariesNotes 2020 - JBS USA LLC JBS S.A., and each of wholly-owned U.S. restricted subsidiaries

4PAG

E

Source: JBS* subsidiary controlled by JBS with non-recourse debt.

Debt Profile

Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)* was 3.6x.

Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)* was 4.3x.

The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100% of short-term debt.

Short Term Long Term

ST / LT Debt Profile

. Leverage EBITDA

Leverage

. LeverageEx-PPC EBITDA Ex-PPC

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Debt Maturity Schedule and Profile*

R$ USD Bonds Other

Bonds / Other

Source: JBS Financial Statements 1Q12

JBS S.A.55%

Subsidiaries45%

Gross Debt: 18,686 (R$ million)

Breakdown by currency