2Q16 EARNINGS

PRESENTATION

A GLOBAL
FOOD
COMPANY
So Paulo, August 11th, 2016

DISCLAIMER
On August 5, 2016, we filed a Registration Statements on Forms F-1 and F-4 with the SEC and we filed a
request to register as a Foreign Issuer allied with a BDR Program with the CVM in Brazil. Please refer to those
documents for more information regarding the proposed corporate reorganization.
During the course of this call, we will make forward-looking statements. All statements that address
expectations or projections about the future are forward looking statements. Although they reflect our current
expectations, these statements are not guarantees of future performance, but involve a number of risks and
assumptions. We urge you to review JBS filings with the CVM for a discussion of some of the factors that
could cause actual results to differ materially. During this call we will also refer to certain non-IFRS financial
measures. These non-IFRS financial measures do not have any standardized meaning under IFRS and may
not be comparable with other non-US GAAP or other non-IFRS financial measures publically available.

GLOBAL PROTEIN SECTOR

AND JBS OVERVIEW
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GLOBAL PROTEIN SECTOR AND JBS OVERVIEW

North America (Supply, Demand and Competitiveness)

Beef / Pork / Chicken

South America (Supply, Demand and Competitiveness)

Beef / Pork / Chicken

Australia / Asia (Supply, Demand and Competitiveness)

Beef / Lamb

Europe (Supply, Demand and Competitiveness)

Chicken

CONSOLIDATED RESULTS
2Q16
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2Q16 CONSOLIDATED HIGHLIGHTS

| Expansion in net revenue of 12.3% compared to 2Q15.

| Reduction in gross profit over 2Q15.

2Q16 CONSOLIDATED HIGHLIGHTS

| Reduction in EBITDA impacted by an increase in grain costs and exchange rate variation in
Brazil, in addition to Beef operations in North America, which are in a transitional phase.
| Expressive increase in Net Income.
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2Q16 CONSOLIDATED HIGHLIGHTS

| Operational cash flow negative R$558 million and free cash flow negative R$1.6 billion.

2Q16 CONSOLIDATED HIGHLIGHTS

| Leverage was impacted by the payment of R$1,101.8 million in dividends to JBS shareholders,
R$570.1 million in dividends to PPCs minority and the payment of R$2,656.3 million related to
derivatives position.
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DEBT PROFILE 2Q16

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BUSINESS UNITS
2Q16
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SEARA 2Q16

| Growth in revenue due to increase in sales prices in the domestic

market.
| Increase in corn costs impacted EBITDA margin in ~6 percentage
points.
| Further price increases are still necessary to offset the increase in
costs that have occurred throughout the year.
| Improvement in service level, reaching approximately 139,000
customers.
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JBS MERCOSUL 2Q16

| Increase in volumes sold in international markets.

| Pass-through prices in the domestic market and reduction in volume
sold.
| Increase in cattle prices and the Real appreciation in relation to
1Q16 impacted EBITDA.
| Opening of the American market for fresh beef, region with strong
presence of JBS.
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JBS USA BEEF 2Q16

Swift
(bolinha) e
Primo

| Under performance of regional units in the U.S., caused by lower

availability of cattle seasonally.
| Higher production costs related to the initial phase of operation at the
recently expanded plant in Hyrum, UT
| Reduction in cattle prices in the US at the end of this quarter indicates
a better dynamic for the second half of the year.
| In Australia, cattle prices remained elevated due to strong cow and
heifer retention which contributed to compressed margins.
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JBS USA PORK 2Q16

| Expansion of revenue due to incorporation of acquired assets.

| Management has continued to capture synergies from the
acquisition and has recorded US$80 million of the US$150 million
synergy target.
| Strong demand in the international market.
| Good results in the bacon and consumer ready operations.
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JBS USA CHICKEN (PPC) 2Q16

| Reduction in volumes due to the implementation of operational

improvements in a prepared and convenience products facility.
| Reduction in chicken prices compared to same period last year.
| Better performance of the Mexican operations due to lower chicken
availability and higher sales price.

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JBS EUROPE (MOY PARK) 2Q16

| Increase in volumes sold of fresh chicken in the domestic market

and prepared products in exports.
| Improved operational efficiencies and better product mix.
| Continuous progress in operational results, with sales growth.

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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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