1Moy Park AcquisitionJune 23, 2015

2Processed food51%

Fresh poultry42%

Others7%

4,006

4,723

5,508

2012 2013 2014

Company Overview

Company Description Net Revenue (R$ Million)

Footprint

+70 years of activity.Fresh poultry sales mainly to UK retailers & convenience foods sales to retailers and food service channels.

Vertically integrated poultry producer.Market leader in high value added categories.

13 production units with 11.8 thousand team members.79% of Revenues comes in the UK and 21% in Continental Europe.

+37.5%

Source: Company

Ballymena

DungannonCraigavon

DublinAnwick

AshbourneGrantham Peterborough

Huntingdon

Marquise

Hnin-Beaumont

Schagen

Orleans

Fresh poultry

UK Convenience

EU Convenience

Breeding Grounds

A leading poultry processing company in UK.

3Company Profile

Note 1: Percentage of 2014 Revenues.Note 2: Others includes agricultural customers, customers in the international traded poultry market and purchases of poultry by-products.Source: Company

UK and Ireland (79% of revenues)

Continental Europe(21% of revenues)

Primary Fresh Ready to Eat Coated Convenience & Non Meat

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In Natura In Natura In Natura In Natura

Reino Unido e Irlanda (79% da Receita)

Europa Continental(21% da Receita)

Reino Unido e Irlanda (79% da Receita)

Frango inteiro e em pores

73% 14% 13%

Retail Food Service Others

22% 78%

Retail Food Service

4Innovation Investments

Consumer insights capabilities support innovation and food development. Large variety of new products over the last 10 years, further supported by embedded chefs.

26

76

2011 2014

Food Development Innovation & Insight Headcount

Embedded ChefsNew Product Samples developed

by Moy ParkPrivate Label

Product Development

Source: Company

5Transaction Rationale

Correct moment to enter the European market in a relevant manner, withproduction, innovation and brands.Expansion of prepared food products portfolio, with high added value andbrands.

Benchmarking with JBS North America and Brazilian operations for bestpractices.

Relevant participation in natural and organic poultry products.

Best in class management.

6Synergies in the purchase of non core materials.

Best practices in handling and operations.

Grain Origination and risk management.

Commercialization of products in Europe produced inother JBS platforms:

In 2014, JBS sold more than US$1.0 billion into Europe throughits exports.

Estimated Synergies

Synergies of US$50 million:

7Based on LTM to 1Q15, JBS leverage will increase 0.24x, from 2.30x to 2.54x.

Transaction Structure

Divestment by Marfrig of 100% of the capital in Moy Park.The Enterprise Value was fixed at US$1.5 billion, adjusted by:

a. Assumption of debt, including GBP300 million bond with maturity in05/2021.

b. Cash.c. Working Capital Variation.

Transaction Multiple (EV/EBTIDA) of 7.85x based on 2015E EBITDA.Considering synergies, transaction multiple (EV/ EBITDA) projected 6.5xbased on 2016E EBITDA.

8Mission

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.