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JBS S.A.

A GLOBAL

FOOD

COMPANY

Institutional Presentation Including 3Q16 Results

DETERMINATIONBe relentless. Deliver superior results.

Adopt a sense of urgency. Make

things happen.

SIMPLICITYBe practical. Focus on what is

important. Adopt a hands-on

approach. Avoid bureaucracy.

AVAILABIL ITYBe receptive and open. Always be

prepared and motivated to take on

new challenges.

HUMILITYListen. Be helpful and thoughtful. Act

with respect. Prioritize the team over

yourself. Value the opinion of others.

SINCERITYBe direct, truthful and transparent.

Respectfully express opinion. Know

how to say no, but be positive and

offer solutions.

DISCIPLINEBe punctual. Fulfill commitments.

Deliver results. Do not make excuses.

OWNERSHIPBe committed to results. Focus on

details. Take responsibility.

Our Values

2

Global and diversified platform

Value added product portfolio with brands

Focus on operational excellence

High performance team with more than

235 thousand employees

Net Revenue of R$176 billion LTM 3Q16

Second largest global food company¹

JBS AT A GLANCE

3Source 1: Bloomberg

GLOBAL LEADERSHIP TEAM

Wesley BatistaGlobal CEO

JBS

4

Russ Colaco

CFO JBSFI

Janet McCollum

CEO Moy Park

Joanita Karoleski

CEO Seara

André Nogueira

CEO JBS USA

Gustavo Kahl

CEO JBS Southern¹

Marcus O’Sullivan

JBS UK & Toledo

Note 1: Excluding JBS Brazil.

Vincent Trius

Global

President of

New Projects

Gilberto

Tomazoni

CEO

JBSFI

Tarek Farahat

Global

Marketing and

Innovation

President

5

A GLOBAL COMPANYAn Exclusive Global Production and Sales Platform

As % of Total Revenue¹

Production footprint

Note 1. Revenues by region include domestic sales and imports.

CANADA3%

USA

51%

BRAZIL15%South Am/

OTHERS

EUROPERUSSIA

ASIA

AFRICA &

MIDDLE EAST

OCEANIA

5%

1%

MEXICO

12%

4%

3%

3%

3%

6

IPO JBS SA

Net Revenue: R$14.1 bi

2007

2008


2009

BERTIN

2010

EXPANSION IN USA AND AUSTRALIA


2013

ACQUISITIONS: TYSON IN BRAZIL

AND MEXICO

2014

CARGILL PORK

Net Revenue 2015:

R$163 bi

2015

230,000

EMPLOYEES

From a Brazilian beef company in 2007 to a Global food company

EVOLUTION

2006

19,000

EMPLOYEES


7

STRATEGYGlobal and Diversified Production and Distribution Platform progressing towards value added

products with brands

Production platform

Branding

Value added products

Sales and distribution platform

\\\\\\\\\\\\

+300 production units in +15 countries

+350,000 customers and sales to +150 countries

CONSOLIDATED EXPORTSExports Breakdown in LTM 3Q15 and LTM 3Q16

Note 1: Considers China & Hong Kong 8

Greater China¹17.55%

Africa & Middle East13.60%

South America13.56%

Japan11.39%

USA10.89%

South Korea6.27%

E.U.5.93%

Russia4.71%

Mexico4.50%

Canada2.44%

Others9.16%

LTM 3Q15

US$15,870.9

million

Greater China¹19.85%

Africa & Middle East

13.56%

Japan11.51%

South America9.02%

USA8.99%

E.U.7.93%

South Korea7.13%

Mexico5.09%

Russia3.59%

Canada2.70%

Others10.63%

LTM 3Q16

US$14,205.2

million

BUSINESS UNITS

9

EBITDA LTM 3Q16 Net Revenue LTM 3Q16 R$18.8 billion

Leading producer of prepared foods (PFPs) and fresh poultry and pork products

72,000 employees

R$2.2 billion

11.8% Margin

Brazil

32 slaughterhouses and deboning units

08 slaughterhouses and deboning units

20 PFP units

14 distribution centers

5.7 million birds per day

21,200 hogs per day

117,000 tons per month

Operational Platform


Production units located in the south,

southeast and mid-west regions

Production units located in the south

and mid-west regions

Production units located in the south,

southeast, northeast and mid-west

regions

In 11 states

1

MT

BA

MG

RJ

PR

RS

MS

DF

5

7

3

SC 8 3 5

SP 4 3

1

1

711

3

1

1

21

1

1

1

1

CE1

PE 1

1

1

3

1

2

SEARA

1

1

Main Brands

10

40,600 bovines per day

84,000 hides per day


08 related businesses

89% in Brazil, 5% in Argentina, 4% in

Paraguay and 2% in Uruguay

10 central and 23 regional in Brazil

and 01 in Argentina

Biodiesel

Can making

Collagen

JBS Carriers / TRP

Trading

Hygiene and Clean

Casings

Recycling

Beef production in Brazil, Argentina, Paraguay and Uruguay, in addition to leather and other Related Business

Operational Platform 56,000 employees

Argentina

Leadership in beef production

01 beef processing facilities

02 case ready facilities

01 distribution center

01 tannery

ParaguayJBS is the leader in beef processing and has around 25% of market share in

exports of Paraguay

02 beef processing facility

Uruguay

Great access to export markets

01 beef processing

01 tannery

Brazil


03 feedlots

16 tanneries


1

11

7

3

1

1 4

3

2

4

2

1

1

2

1

1

4

1

3

1

8

3

2

2

2

1

1

1

1

1

1 13 51

PA

AM

AC RO MT

MA

PEBA

MG

RJ

SP

SC

PR

RS

MS

1

GO

1 CE

JBS MERCOSUL

EBITDA LTM 3Q16 Net Revenue LTM 3Q16 R$28.5 billionR$2.5 billion

8.7% Margin

1

1

1

Main Brands

11

16 facilities in Brazil

01 facility in Argentina, China,

Germany, Mexico, Uruguay and

Vietnam

02 facilities in Italy

Australia and New Zealand

Leadership in beef exports

Leadership in the processing of lamb

(23,800 lamb per day)

#1st in the Food Industry Ranking¹

01 beef processing facility

01 feedlot (bovine)

01 trading

15 processing facilities

09 bovine, 05 lamb and 01 hogs

05 feedlots

01 tannery



07 in Australia and 01 in New Zealand

~43,400 bovines per day

12,900 hides per day



11 feedlots

01 tannery

06 carriers units

~29,000 in the US

~4,200 in Canada

~10,200 in Australia

5,000 in the US

7,900 in Australia

07 DCs in Australia, 01 in New

Zealand and 06 carriers units in the

US

Beef production in the United States, Canada and Australia

Operational PlatformUnited States

Canada

Growth in revenues from 2014 to 2015

17 feedlots (bovine)

11 in the US/ Capacity of 900,000

bovines

01 in Canada / Capacity of 75,000

bovines

05 in Australia / Capacity of 150,000

bovines

Note 1. Source: Food&Drink Business Magazine

+34,000 employees

1

NE 2

1CO 1

4

1

UT1

1

TX

1

3

1

2

WI1

1 MI

1

PA1

AZ

1

ID 1

KS1

OK1

4

2

1

2

2

2

1

1

1

41

JBS USA BEEF

EBITDA LTM 3Q16 Net Revenue LTM 3Q16 US$20.5 billionUS$56.9 million

0.3% Margin

1

1

Main Brands

12

7

1

~ 90,000 hogs per day

100% in the US

Pork production in the United States

United States


Main BrandsSwift Premium

Dry Rubbed Ribs

Swift Premium

Rubbed Loin Filet

Products

Swift Premium

Boneless Backrib

Swift Premium

Boneless Pork Chops

Operational Platform+11,000 employees

Convenience products CA

2

TX

1

AR

1

1

OK

MO

2

IA2

1

1

MN

IL1

KY1

NC1

05 hog processing units

03 consumer ready facilities

05 feed mills

02 genetic units

JBS USA PORK


11.2% Margin

1

13

United StatesOperational Platform

~ 7.3 million birds per day

6.2 million in the US

66,000 in Porto Rico

1.0 million in Mexico

Poultry production in the United States, Porto Rico and Mexico

TX21 distribution centers

20 located in Mexico

Mexico

With Tyson acquisition, PPC now have an additional of three

facilities, adding 600,000 birds per day of capacity and 5,400

employees

06 poultry processing facilities


4

1

3

AL

AR1

NC 2

FL1

GA6

KY1

LA

Porto Rico

SC1

TN 1

VA1

WV

1

01 processing facility

+ 3,500 contract growers

39 hatcheries

36 feed mills

+40,000 employees

23 processing facilities


12

6

1

JBS USA CHICKEN (PPC)


11.0% Margin

1

Main Brands

14

01 distribution center

1 located in Porto Rico

EuropeOperational Platform

760,000 birds per day

Poultry and Convenience Products in Europe

240,000 tons of products

per year

10,000 employees

In Natura

Convenience and Value Added UK

Convenience and Value Added Europe

Poultry Breeding Grounds

Rigamonti

100% in UK

Presence in UK, France, Netherlands

and Ireland

+ 750 contract growers

JBS EUROPE

Main Brands

15

EBITDA LTM 3Q16 Net Revenue LTM 3Q16 £1.4 billion£125.4 million

8.7% Margin

CONSOLIDATED RESULTS3Q16

16

3,441

887

1.19

0.32

3Q15 3Q16

3,8343,144

8.9% 7.6%

3Q15 3Q16

6,2455,344

14.5% 13.0%

3Q15 3Q16

43,029 41,166

3Q15 3Q16

17

3Q16 CONSOLIDATED HIGHLIGHTSNET SALES (R$ MILLION) GROSS PROFIT (R$ MILLION)

-4.3%

EBITDA (R$ MILLION) NET INCOME (R$ MILLION)

-74.2%

-18.0%

-14.4%

Gross Margin (%)

EPS (R$)

3,015

1,832

3Q15 3Q16

18

NET OPERATING CASH FLOW (R$ MILLION) FREE CASH FLOW (R$ MILLION)

3Q16 CONSOLIDATED HIGHLIGHTS

NET DEBT (R$ MILLION) / LEVERAGE

-39.2%

Leverage

-8,508

782

3Q15 3Q16

41,707.147,038.7 48.745,4 49,177.7 48,855.2

2.55x3.18x

3.84x 4.10x 4.32x

3Q15 4Q15 1Q16 2Q16 3Q16

Bonds4.0%

Trade Finance73.0%

Working Capital17.0%

Others6.0%

29%

32%

33%

32%

31%

71%

68%

67%

68%

69%

3Q15

4Q15

1Q16

2Q16

3Q16

Short Term Long Term

19

BREAKDOWN BY CURRENCY

AND COST BREAKDOWN BY COMPANY

DEBT PROFILE 3Q16

BREAKDOWN BY SOURCE

Capital Markets40.5%

Commercial Banks 59.4%

BNDES 0.1%

14.45% p.a.

5.20% p.a.

DEBT PROFILE ST/LTSHORT TERM DEBT BREAKDOWN BY TYPE

US$91.7%

R$8.3%

JBS S.A.46.8%

Seara9.0%

JBS USA44.2%

EVOLUTION BY BUSINESS UNIT

20

21

Net Revenue (billion) EBITDA (million) and % EBITDA Net Revenue (billion) EBITDA (million) and % EBITDA

Net Revenue (billion) EBITDA (million) and % EBITDA Net Revenue (billion) EBITDA (million) and % EBITDA

Net Revenue (billion) EBITDA (million) and % EBITDA Net Revenue (million) EBITDA (million) and % EBITDA

Seara (R$) JBS Mercosul (R$)

JBS USA Pork (US$)JBS USA Beef (US$)

JBS USA Chicken – PPC (US$) JBS Europe - Moy Park (£ - pounds sterling)

5.05.4

4.3 4.6 4.6

3Q15 4Q15 1Q16 2Q16 3Q16

1,040.0926.4

579.5382.0 334.8

20.7% 17.3% 13.5%8.3% 7.3%

3Q15 4Q15 1Q16 2Q16 3Q16

7.17.5

7.07.2

6.8

3Q15 4Q15 1Q16 2Q16 3Q16

640.8

921.1761.4

457.2339.0

9.0%

12.3%10.9%

6.3%5.0%

3Q15 4Q15 1Q16 2Q16 3Q16

5.85.3

4.65.2 5.4

3Q15 4Q15 1Q16 2Q16 3Q16

196.8

-25.2-214.8 27.0

269.9

3.4%-0.5%

-4.6%

0.5%

5.0%

3Q15 4Q15 1Q16 2Q16 3Q16

0.8

1.11.3

1.4 1.4

3Q15 4Q15 1Q16 2Q16 3Q16

48.4

141.3102.1

136.9188.9

6.2%13.0%

8.1% 10.0%14.0%

3Q15 4Q15 1Q16 2Q16 3Q16

2.12.0 2.0 2.0 2.0

3Q15 4Q15 1Q16 2Q16 3Q16

274.3150.0

233.5 282.7210.8

13.0%7.6%

11.9%13.9%10.4%

3Q15 4Q15 1Q16 2Q16 3Q16

350.7 352.8

3Q15 3Q16

26.8 31.4

7.6% 8.9%

3Q15 3Q16

22

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.

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