JBS S.A.

A GLOBAL
FOOD
COMPANY

Institutional Presentation
Including 4Q16 and 2016 Results
Our Values
DETERMINATION
Be relentless. Deliver superior results.
Adopt a sense of urgency. Make
things happen.
SIMPLICITY
Be practical. Focus on what is
important. Adopt a hands-on
approach. Avoid bureaucracy.
SINCERITY
Be direct, truthful and transparent.
Respectfully express opinion. Know
how to say no, but be positive and
offer solutions.
DISCIPLINE
Be punctual. Fulfill commitments.

AVAILABILITY Deliver results. Do not make excuses.

Be receptive and open. Always be

prepared and motivated to take on
new challenges.
OWNERSHIP
Be committed to results. Focus on
HUMILITY details. Take responsibility.

Listen. Be helpful and thoughtful. Act

with respect. Prioritize the team over
yourself. Value the opinion of others.

2
JBS AT A GLANCE
Net Revenue of R$170.4 billion in 2016

Second largest global food company

Global and diversified platform

Value added product portfolio with brands

High performance team with more than

235 thousand employees

Focus on operational excellence

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Source 1: Bloomberg
A GLOBAL COMPANY
An Exclusive Global Production and Sales Platform

3% CANADA RUSSIA 1%
EUROPE

5%

47% 12%
USA
ASIA

MEXICO 4% AFRICA &

MIDDLE EAST

3%

South Am/ BRAZIL

16%
OTHERS
2%

As % of Total Revenue
7%
OCEANIA
Production footprint

Note 1. Revenues by region include domestic sales and imports. 4

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

IPO JBS SA
BERTIN CARGILL PORK
19,000 Net Revenue: R$14.1 bi
235,000
EMPLOYEES 2007 2009 2013 2015 EMPLOYEES

2006 2008 2010 2014 2016

Net Revenue: R$3.9 bi Net Revenue: R$30.3 bi EXPANSION IN USA AND AUSTRALIA ACQUISITIONS: Net Revenue: R$170.4 bi
TYSON IN BRAZIL
Net Revenue: R$54.7 bi AND MEXICO

Note 1: Pending approval of regulatory authorities 5

STRATEGY
Global and Diversified Production and Distribution Platform progressing towards value added
products with brands

Branding \\\\\\\\\\\\

Value added products

Sales and distribution platform

+350,000 customers and
sales to +150 countries

Production platform
+300 production units in
+15 countries
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CONSOLIDATED EXPORTS
Exports Breakdown in 2015 and 2016 Others Greater China
20.1%
11.5%

Canada
2.6%

Russia
3.9% 2016 Africa & Middle
East
Mexico US$ 13,932.3 13.1%
5.7%
million
South America
Others Greater China 6.4%
17.6% Japan
9.7%
11.9%
Canada E.U.
2.5% 7.6%
South Korea USA
Russia Africa & Middle East 8.1% 9.1%
3.9% 14.3%
Mexico 2015
4.4% US$15,433.4
South Korea million
6.2%
E.U.
6.4% South America
14.0%

USA Japan
10.2% 10.7%

Note 1: Considers China & Hong Kong 8

BUSINESS UNITS

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 SEARA

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

Operational Platform Brazil

72,000 employees
5.7 million birds per day

Production units located in the south, CE

1
southeast and mid-west regions
PE 1 32 slaughterhouses and deboning units
BA
MT 1
21,200 hogs per day
1 DF
1
1
08 slaughterhouses and deboning units
1 1
Production units located in the south 1 MG
and mid-west regions MS 1 3 20 PFP units
1 1 1 2 1
RJ 1 1
117,000 tons per month SP 4 3 3
14 distribution centers
1 1 1 7 PR

RS SC 8 3 5
Production units located in the south,
5 3
southeast, northeast and mid-west
7 2
regions

14 distribution centers

In 11 states
Main Brands

R$1.6 billion
Net Revenue FY 2016 R$18.1 billion EBITDA FY 2016
8.8% Margin

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 JBS MERCOSUL

Beef production in Brazil, Argentina, Paraguay and Uruguay, in addition to leather and other Related Business
Brazil
Operational Platform 56,000 employees
PA
40,600 bovines per day AM 4 MA
1 1 1 1 CE
2 1 1
89% in Brazil, 5% in Argentina, 4% in AC RO MT 1 PE 40 beef processing facilities
Paraguay and 2% in Uruguay 1
1 BA
4 11
1 2
2 3
3 1 4 GO
1
03 feedlots
84,000 hides per day 7 3 2
1 MG
16 facilities in Brazil 8
1
2
16 tanneries
01 facility in Argentina, China, 2 MS
1 1 RJ
Germany, Mexico, Uruguay and 3 PR
3 1 5 SP
33 distribution centers
1 1
Vietnam
02 facilities in Italy 1 SC
1
1
RS Main Brands
34 distribution centers

01 beef processing facilities

10 central and 23 regional in Brazil Argentina 02 case ready facilities
and 01 in Argentina
Leadership in beef production 01 distribution center
01 tannery
08 related businesses
Paraguay
Biodiesel JBS is the leader in beef processing and has around 25% of market share in 02 beef processing facility
exports of Paraguay
Can making
Collagen Uruguay 01 beef processing
JBS Carriers / TRP Great access to export markets 01 tannery
Trading
Hygiene and Clean R$1.7 billion
Casings Net Revenue FY 2016 R$28.2 billion EBITDA FY 2016
6.0% Margin
Recycling

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 JBS USA BEEF

Beef production in the United States, Canada and Australia

United States
Operational Platform
+34,000 employees
~43,400 bovines per day WI
1
1 MI
ID 1 1
~29,000 in the US NE 2
UT 1
PA 09 beef processing facilities
1
~4,200 in Canada 1 CO 1
4 KS
~10,200 in Australia
1
1 1 11 feedlots
AZ OK
1
1 01 tannery
12,900 hides per day 1
1
3
06 carriers units
5,000 in the US TX
1

7,900 in Australia 2
Main Brands

17 feedlots (bovine)
Australia and New Zealand 15 processing facilities
11 in the US/ Capacity of 900,000 4 09 bovine, 05 lamb and 01 hogs
1
bovines 1 Leadership in beef exports 05 feedlots
01 in Canada / Capacity of 75,000 1
7
Leadership in the processing of lamb 01 tannery
2
bovines 1
4 (23,800 lamb per day) 08 distribution centers
05 in Australia / Capacity of 150,000 2 1 1 #1st in the Food Industry Ranking 08 case ready facilities
bovines 2 2
07 in Australia and 01 in New Zealand

Canada 01 beef processing facility

08 distribution centers 1
1
Growth in revenues from 2014 to 2015 01 feedlot (bovine)
01 trading
07 DCs in Australia, 01 in New
Zealand and 06 carriers units in the US$472.2 million
US Net Revenue FY 2016 US$20.6 billion EBITDA FY 2016
2.3% Margin

Note 1. Source: Food&Drink Business Magazine 12

 JBS USA PORK

Pork production in the United States

Operational Platform United States
+11,000 employees
~ 90,000 hogs per day
MN
1
100% in the US
IA
2
1
IL
03 case ready facilities 1 05 hog processing units
MO
1
NC
2 KY
Convenience products CA 1
03 consumer ready facilities
2
OK AR
1 1
1 05 feed mills
TX
Products 02 genetic units
1

Swift Premium Swift Premium Main Brands

Dry Rubbed Ribs Boneless Backrib

Swift Premium Swift Premium

Rubbed Loin Filet Boneless Pork Chops
US$612.7 million
Net Revenue FY 2016 US$5.3 billion EBITDA FY 2016
11.5% Margin

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 JBS USA CHICKEN (PPC)

Poultry production in the United States, Porto Rico and Mexico

Operational Platform United States
+40,000 employees
~ 7.3 million birds per day

6.2 million in the US

66,000 in Porto Rico WV 23 processing facilities
1
1 VA
1.0 million in Mexico 1
KY 1 04 case ready facilities
AR TN 1 NC 2
1
AL SC
21 distribution centers GA 1
TX 3
4 LA 6
1
20 located in Mexico 2 1

1 located in Porto Rico

Main Brands
FL
1

+ 3,500 contract growers

39 hatcheries Mexico
36 feed mills With Tyson acquisition, PPC now have an additional of three
06 poultry processing facilities
6
facilities, adding 600,000 birds per day of capacity and 5,400
employees 20 distribution centers

Porto Rico 01 processing facility

01 distribution center
1

US$899.2 million
Net Revenue FY 2016 US$7.9 billion EBITDA FY 2016
11.3% Margin

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 JBS EUROPE

Poultry and Convenience Products in Europe

Operational Platform Europe
10,000 employees
760,000 birds per day

100% in UK In Natura
Convenience and Value Added UK
240,000 tons of products Convenience and Value Added Europe
per year Poultry Breeding Grounds

Presence in UK, France, Netherlands Rigamonti

and Ireland

+ 750 contract growers

Main Brands

131.9 million
Net Revenue FY 2016 1.4 billion EBITDA FY 2016
9.2% Margin

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CONSOLIDATED RESULTS
4Q16
15
4Q16 CONSOLIDATED HIGHLIGHTS
NET SALES (R$ MILLION) GROSS PROFIT (R$ MILLION)

12.1% 14.3%
47,161
41,631 5,936
5,694
-11.7%
4.3%

4Q15 4Q16 4Q15 4Q16

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

EBITDA Margin (%)

6.6% 7.5%
694
3,132 3,113
-0.6%
-275

4Q15 4Q16 4Q15 4Q16

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4Q16 CONSOLIDATED HIGHLIGHTS
OPERATIONAL CASH FLOW (R$ MILLION) FREE CASH FLOW (R$ MILLION)

2,909
4,006

1221.8%

303

4Q15 4Q16 4Q15 4Q16

-1,098

| Cash provided by operating activities was R$4.0 billion, an expansion of 1,221.8%.

| Free cash flow generation of R$2.9 billion.

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4Q16 CONSOLIDATED HIGHLIGHTS
| The Company ended the quarter with NET DEBT (R$ MILLION) / LEVERAGE
R$9,355.6 million in cash. Alavancagem

| JBS USA has a US$1,670.0 million fully 4.10x 4.32x

3.84x 4.16x
available unencumbered line under its 3.18x
revolving credit facilities equivalent to 48,745 49,178 48,855
47,039 46,905
R$5,442.7 million at the exchange rate at
the end of the quarter.

| Reduction of R$2.0 billion in net debt for

the quarter over 3Q16.

| Leverage reduced from 4.32x in 3Q16 to 4Q15 1Q16 2Q16 3Q16 4Q16
4.16x for 4Q16.

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DEBT PROFILE 4Q16
BREAKDOWN BY CURRENCY
AND COST BREAKDOWN BY SOURCE BREAKDOWN BY COMPANY
14.02% p.a.
R$
8.5% Commercial
Banks JBS USA JBS S.A.
Capital 59.04% 43.8% 46.8%
US$ Markets
91.5% 40.90%

5.32% p.a. BNDES

Seara
0.06%
9.4%

DEBT PROFILE ST/LT SHORT TERM DEBT BREAKDOWN BY TYPE

Short Term Long Term
Bonds
Others
2%
4Q15 32% 68% Working 7%
Capital
1Q16 33% 67% 16%
2Q16 32% 68%
Trade
3Q16 31% 69% Finance
75%
4Q16 32% 68%

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CONSOLIDATED RESULTS
2016
20
2016 CONSOLIDATED HIGHLIGHTS
NET SALES (R$ MILLION) GROSS PROFIT (R$ MILLION)
170,381 13.9% 12.5%
162,915
4.6% 22,590 21,314
-5.7%

2015 2016 2015 2016

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

EBITDA Margin (%) EPS (R$)

8.2% 1.60
6.6%

13,300 0.14
11,287 4,640
-15.1%

-91.9% 376

2015 2016 2015 2016

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EVOLUTION BY BUSINESS UNIT

22
 Seara (R$) JBS Mercosul (R$)
Net Revenue (billion) EBITDA (million) and % EBITDA Net Revenue (billion) EBITDA (million) and % EBITDA
5.4 17.3% 13.5% 12.3%
10.9%
4.6 4.6 4.7 8.3% 7.3% 6.4% 7.5
4.3 7.2 7.2
7.0 6.3%
6.8 5.0%
926.4 921.1 2.0%
761.4
579.5
382.0 334.8 298.9 457.2
339.0
143.7

4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16

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

Net Revenue (billion) EBITDA (million) and % EBITDA Net Revenue (billion) EBITDA (million) and % EBITDA
5.3 5.2 5.4 5.3 7.3% 1.4 1.4 1.4
5.0% 1.3 13.0% 14.0% 12.5%
4.6 1.1 8.1% 10.0%
-0.5% 0.5%
-4.6% 188.9 171.5
387.6 141.3
269.9 136.9
102.1
-25.2 -214.8 27.0

4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16

JBS USA Chicken PPC (US$) JBS Europe - Moy Park ( - pounds sterling)
Net Revenue (billion) EBITDA (million) and % EBITDA Net Revenue (million) EBITDA (million) and % EBITDA

11.9% 13.9% 10.4% 9.0%

7.6%
2.0 2.0 2.0 2.0 378.1 347.5 364.7 352.8 372.3 7.9% 8.8% 9.2% 8.9% 9.8%
1.9

233.5 282.7 210.8 30.0 30.6 33.5 31.4 36.5

150.0 172.2

4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16

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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. 24