2Q15 Results PresentationAugust 14th 2015A Global Food Company2Thisreleasecontainsforward-lookingstatementsrelatingtotheprospectsof thebusiness, estimatesforoperating 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 businessanditscontinuedaccesstocapital tofundtheCompanysbusinessplan. Suchforward-lookingstatementsdepend, substantially, onchangesinmarket conditions, government regulations, competitivepressures, 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.Disclaimer3Consolidated Results42,4333,5778.4%9.2%2Q14 2Q1528,96938,9052Q14 2Q152Q15 Consolidated HighlightsEBITDA Margin (%)Consolidated Net Sales (R$ Million) Consolidated EBITDA (R$ Million)Revenue growth of 34.3%.

EBITDA growth of 47.0% (more than Revenues).

80 bps expansion in EBITDA margin over 2Q14.

34.3%47.0%51476752Q14 2Q15254800.090.032Q14 2Q152Q15 Consolidated HighlightsConsolidated Net Income (R$ Million)Cash Generation (R$ Million)Net Income affected by FX hedging expenses.

Cash generation increase of 358.4% over 2Q14.

Hedging strategy continues to be effective, though negative in 2Q15.

Earnings per share (R$)358.4%624,71434,8243.2x2.4x2Q14 2Q1511,221 11,2242Q14 2Q152Q15 Consolidated HighlightsNet Debt (US$ Million) Net Debt (R$ Million) / LeverageStable USD Net Debt over 2Q14 .

Leverage was 2.4x in 2Q15 and adjusted leverage was 2.3x.

*Consideringthepro-formaresultsfromtheacquisitionsmadesince2H14(Tyson in Brazil and Mexico, Big Frango, Cu Azul and Primo Group), of R$1.0billion incremental EBITDA, leverage would be 2.3x.

2.3xLeverage (x) Net DebtAdjusted Leverage*7JBS USA69.8%JBS Mercosul18.7%JBS Foods 11.5%US$48%R$52%US$55%R$45%US$100%Revenue Breakdown by Location and CurrencyRevenue in US$84%Revenue in R$16%84% of JBS net revenue is in US$

Moy Park and Cargill Pork are not included

80.6 1.21.3 3.5 3.1 4.4 6.1 11.1 13.2 14.1 30.3 34.3 54.7 61.8 75.7 92.9 120.5 137.8 2007 2008 2009 2010 2011 2012 2013 2014 LTM2T154.3%3.8% 3.7%5.5%5.0%5.8%6.6%9.2%9.6%JBS Historical PerformanceLTM, JBS reached R$137.8 billion in net revenue, EBITDA of R$13.2 billion, equivalentto an EBITDA margin of 9.6%.EBITDA Margin(%) EBITDA (R$ billion) Net Revenue (R$ billion)Updating the results using FX at the end of 2Q15 and adding pro-forma revenue andresults from recent acquisitions (Tyson in Brazil and Mexico, Big Frango, Cu AzulandPrimoGroup)EBITDA LTMwasR$15.2billionandnetrevenuereachedR$160billion.

9Business Units10JBS Foods12%19%47%% NR JBS S.A.Strong revenue growth, organic and inorganic.44.6%79.3%EBITDA Margin expansion to 17.7% in 2Q15.Revenue growth of 29.9% from PFPs in the domestic Market.Continuous improvement in quality indicators, level of service and execution.Client base enlargement in small and medium retail.Successful international strategy.

Net Revenue (R$ Million)EBITDA (R$ Million)3,084.54,459.62Q14 2Q15440.4789.414.3%17.7%2Q14 2Q1511107115 463 497 163 162 18 18 1S14 1S15Frozen Products Processed Products Margarines PizzasJBS FoodsDomestic MarketSource: AC Nielsen(1) Processed Products + Margarines 1S (Jan-Jun) 2S Jul-Dec / Frozen Products +Pizzas: 1S (Dez-May) 2S (Jul-Nov)(2) Includes Excelsior. Pizzas and Processed Products May/Jun14 x May/Jun15 and Fronzen Products and Margarines Abr//May14 x Apr//Ma15External Market Seara Presence in RetailSize of the Brazilian and its Growth(k tons) (1)Innovation+ 7.5%+ 7.2%-0.4%+0.9%JBS FoodsMarket Share Gain( (2)+9.7 p.p.+1.2 p.p.+2.3 p.p.+10.9 p.p.Launching of 46 new SKUs

12634.3376.810.1%5.2%2Q14 2Q156,291.47,205.42Q14 2Q15JBS Mercosul% NR JBS S.A.Improved supply and demand balance and recovery of exportsto major markets will be positive for the Company inthecoming quarters.

EBITDA (R$ Million) Net Revenue (R$ Million)19%Investments in marketing and product portfolio innovation.Margin compression due to shortage of cattle supply andexpressive reduction in Brazilian exports. Highlight of the quarter was the industrialized/furtherprocessedcategory, whichpostedincrease in volume andprices in both the domestic and external markets.

14.5%-40.6%13108.6228.52.0%3.8%2Q14 2Q155,331.45,941.92Q14 2Q15JBS USA Beef (including Australia and Canada)% NR JBS S.A.Volumeandpriceimprovement bothindomesticMarket andexports. EBITDA (US$ Million) Net Revenue (US$ Million)12%19%47%6%16%Primo Group Results consolidation in JBS Australia.

Resilient USdemandforbeef withgrowthinimports, mainlyfrom Australia.

Strong cow retention for herd rebuilding in the US, cowinventories growing 2.5% and heifer growth of 6.5%.

Increase in Australia exports.11.5%110.4%14113.864.611.1%8.1%2Q14 2Q151,028.3795.02Q14 2Q15JBS USA Pork% NR JBS S.A.Growth in number of animals available for processing andconsequent increase in sales volume.

Growth in exports volume.

6%EBITDA (US$ Million) Net Revenue (US$ Million)Increase in sales of higher value added products.

-22.7%-43.2%15338.6425.815.5%20.7%2Q14 2Q152,186.82,053.92Q14 2Q15JBS USA Chicken (Pilgrims Pride Corporation - PPC)% NR JBS S.A.Focus on operational excellence.

Effective strategy in product portfolio and management of saleschannels. Geographic, portfolio and sales channels diversification,optimization of risk management and product pricing. 16%EBITDA (US$ Million) Net Revenue (US$ Million)Integration ofthePPCand TysonMexico progressing asperschedule. -6.1%25.7%16Exports17Greater China 18.5%South America 12.6%Africa & Middle East12.4%Mexico 10.7%Japan 9.5%E.U. 6.6%Russia 6.5%South Korea 4.1%Canada 2.5%Others 16.6%2Q14US$4,305.1 millionJBS Consolidated Exports Breakdown in 2Q15 and 2Q14Note 1. Including China and Hong KongGreater China14.7%Africa & Middle East14.1%South America11.7%Mexico10.4%Japan10.4%USA10.2%South Korea7.1%E.U.5.2%Russia4.6%Canada2.5%Others9.2%2Q15US$ 3,970.8million18Capex, Cash Generation and Debt Profile19Cash Generation Cash GenerationCAPEX CAPEXCapex and Cash Generation In 2Q15, JBS total CAPEX was R$2,090.6 million, from which: R$1,092.3 million refers to the acquisition of Tyson in Mexico. R$998.3 million from Additions to property, plant and equipment and intangible assets, ofwhich approximately 50% was related to expansion and modernization of facilities and 50%in maintenance. In 2Q15 , the Company generated net cash flow from operations of R$675.1 million. Free cash flow generation, after Capex, was negative in R$ 1,415.5 million, due to payment for theacquisition of Tyson Mexico of US$400 million.2024,71434,8243.2x2.4x2Q14 2Q15Debt ProfileBreakdown by Currency and Costs Breakdown by CompanyNet Debt (R$ Million) & LeverageBreakdown by SourceNet Debt (US$ Million)US$87%R$13% 4.92% p.a. 13.14% p.a.Capital Market47.3%Commercial Banks52.6%BNDES0.1%JBS S.A.49%JBS Foods13%JBS USA Holdings38% JBS ended 2Q15 with leverage of 2.4x,compared to 3.2x in 2Q14. Considering the pro-forma resultsfromthe acquisitions made in the2H14(TysoninBrazil andMexico, BigFrango, Cu Azuland Primo Group), ofR$1.0 billion incremental EBITDA,leverage would be 2.3x.

2.3x11,221 11,2242Q14 2Q152128%30%34%29%33%72%70%66%71%67%2Q143Q144Q141Q152Q15Short Term Long Term2,075 2,8662,771 3,017 734 8,361 3,529 11,471 Short term* 2016 2017 2018 2019 2020 2021 after 2021 The Company ended the quarter with R$13,907.7 million in cash,equivalent to 87% of short term debt, approximately. JBSUSAhas US$1.6billionfullyavailableunder creditfacilities which, if added to the current cash position,represents 118% of short term debt. The percentage of short term debt (ST) in relation to totaldebt was 33% in 2Q15.* Net of CashDebt Profile and Maturity

Debt ProfileMaturity (R$ million)MissionTo 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.