1Acquisition of Cargill Pork BusinessJuly 2, 2015

A Global Food Company

2This release contains forward-looking statements relating to the prospects of the business, estimates foroperating 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, theperformance 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

3Agenda

Industry Fundamentals

Acquired Business (Cargill USA Pork Business)

JBS USA Pork

Combined Business Post Acquisition

Transaction Rationale

Estimated Synergies

Transaction Structure

Transaction Multiple and Leverage

490

126

90

125

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E 2021E

Pork Production Pork Consumption

Source: USDA

Strong Demand Growth

Global Outlook for Pork Meat Consumption and Production (million metric tons)

+40%

5*Hog Prices can fluctuate depending on the variation of the input costs for hog productionSource: Companys research

USA is the Most Competitive Pork Producer

Live Hog Prices Comparison by Country (USA = 100)*

100.0108.6

122.4 125.9131.0

144.8155.2

162.1 162.1

206.9217.2

0

50

100

150

200

250

USA Mexico Chile Brazil E.U. Vietnam Russia Korea China Australia Japan

Hog Price (100 basis) Hog Price in the USA (USA = 100)

100.0

6Source: USDA Red Meat and Poultry Forecasts

Strong Growth in USA Pork Exports

Pork Exports from the USA

1,500

3,000

4,500

6,000

'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15E

~32% Market Share in Global Pork Exports

~0%

Million Pounds

7USA32%

E.U.32%

Canada18%

Brazil8%

Others11%

The US is a Leading Pork Exporter

Source: USDA Red Meat and Poultry Forecasts

8Acquired Business Overview

Company Highlights

2 well-invested Pork Processing Facilities.

Slaughter capacity of 38.2 thousand hogs/day.

Bacon production of 2 million pounds/week.

Annual Net Revenue of US$2.56 billion.

Dalhart, TX ~ 22,000 acres, 68,000 Sows and advanced live hog production through Group Housing and antibiotic free (ABF) systems.

5 Feed Mills.

1.1 million metric tons of annual feed capacity annually.

81% Net Revenue in the US and 19% in Exports.

Estimated EBITDA of US$212 million based on JBS USA Pork 5-year average EBTIDA Margin of 8.3%.

4 Genetic Units, ~160 thousand Sows that supply 33% of the total hogs processed by the business.

Pork Processing Facilities

Genetic Units Feed Mills

9Acquired Business Footprint and Production Capacity

Production

Ottumwa, IA

Beardstown, IL

London, AR

Hedrick, IA

Centralia, MO

18,500/ hogs/day

19,700 hogs/day

150K metric tons/year

350K metric tons/year

225K metric tons/year

Pork Processing Facilities

Smithton, MO

Dalhart, TX

Morrilton, AR

130K metric tons/year

250K metric tons/year

4,000 gilts annually

Umpire, AR 300 boars annually

Feed Mills

Cameron, OK 350 boars annually

Dalhart, TX

68,600 sows annually

15,000 weaned pigs weekly

Genetic Units

1

1

1

2

1

12

1

1

IA

IL

MO

AROK

TX

Genetic Units

Processing Facilities

Feed Mills

10

~ 51,300 hogs per day

100% in the US

JBS USA Pork (Pre-Acquisition)Pork production in the United States

United States

IA

KYCA2

03 case ready facilities

Main BrandsSwift Premium

Dry Rubbed Ribs

Swift PremiumRubbed Loin Filet

Products

Swift PremiumBoneless Backrib

Swift PremiumBoneless Pork Chops

Operational Platform

EBITDA LTM Q1/15US$415.9 million11.3% margin

# Team Members +6,000Net Revenue LTM to 1Q15 US$3.7 billion

Convenience products

NC1

MN

03 hogs processing facilities

03 case ready facilities

1

1

1

11

2,957

3,473 3,501 3,5193,827 3,693

2010 2011 2012 2013 2014 LTMQ1/2015

JBS USA Pork Today Performance Highlights

Net Revenue (US$ million) EBITDA and EBITDA Margin (US$ million and %)

Operational Margin (US$ million and %) SG&A (US$ million and %)

277338

188228

406 416

9.4% 9.7%

5.4% 6.5%

10.6% 11.3%

2010 2011 2012 2013 2014 LTMQ1/2015

EBITDA EBITDA Margin (%)

29 31 30 34 37 40

0.98% 0.88% 0.87% 0.97% 0.97% 1.08%

2010 2011 2012 2013 2014 LTMQ1/2015

SG&A % of Net Revenue

248

307

154192

369 381

8.4% 8.9% 4.4% 5.5% 9.6% 10.3%

2010 2011 2012 2013 2014 LTMQ1/2015

EBIT EBIT Margin (%)

Source: JBS

EBTIDA

Margin average last 5 years: 8.3%

12

Combined Business Post Acquisition

Source: JBS

Pro Forma Net Revenue US$6.3 billion.

Pro Forma EBITDA US$565 million(Pre-Synergies).

Note 1: Consider Business to be acquired estimated EBITDA based on the JBS US Pork 5-year EBTIDA Margin average of 8.3%

Production Capacity:

Pork Processing 89,300 head per day

Prepared Products 5 million pounds per week

Bacon Production 2 million pounds per week

13

Combined Business Footprint Post Acquisition

Main Brands

IA

KYCA

NC

MN

MO

AR

TX

OK

IL

JBS USA Pork

03 hog processing facilities

03 consumer ready facilities

Acquired Business

02 hog processing facilities

05 feed mills

04 genetic units

14

Transaction Rationale

Full alignment with JBS strategy.

Further improvement in balance and diversification of JBS product portfolio.

Well located and invested assets.

Expansion of Premium Pork product mix (Group Housing, ABF, Bacon).

15

Transaction Rationale

USA is the lowest cost producer and export leader.

Diversified hog procurement, with no geographic overlap.

Relevant synergies of +US$75 million.

Leverage best-in-class operation.

16

Estimated Synergies

Synergies of +US$75 million:

Synergies in the purchase of non-core materials.

Optimization of administrative structure.

Best practices in operations.

Logistics optimization.

Prepared / Value-added products portfolio expansion.

Maximize JBS export knowledge and capabilities.

17

Transaction Structure

Transaction Value of US$1,450 million, on a debt-free, cash-free basis to be paid in cashat closing, adjusted by Working Capital variation.

Asset Purchase Deal Assets of Cargill Pork business plus its respective WorkingCapital of US$225 million.

Assets purchased by JBS USA LLC.

Tax benefit estimated NPV in US$250 million.

18

Transaction Multiple and leverage

Tax benefit NPV estimated in US$250 Million

Synergies estimated in US$75 million

Based on LTM 1Q15 Net Debt to EBITDA and including the Moy Parkacquisition, JBS leverage will increase ~0.2x due to this transaction, and wouldbe on a proforma basis at the end of 1Q15 around 2.74x.

Without Synergies and Tax

Benefict

With Synergies and Tax

Benefict

11.30% 5.01 3.29 JBS USA Pork LTM EBITDA

8.50% 6.66 4.10 JBS USA Pork last 2 year average EBITDA

8.30% 6.82 4.17 JBS USA Pork last 5 year average EBITDA

Annual Net Revenue of

Acquired Company

(US$ MM)

EBITDA Margin

Multiple of the Transaction (x)

Assumption

2,560

19

Mission

To be the best in all that we do, completely focused

on our business, ensuring the best products and

services to our customers, a relationship of trust with

our suppliers, profitability for our shareholders and the

opportunity of a better future for all of our team

members.