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JBS S.A.
Debt Issuance
 October 2012
Debt Securities Issued

      Description                    Principal               Total Term                           Coupon                Maturity
2016 Notes: JBS S.A.                 USD 300 MM                10 years                           10.500% p.a.           Aug, 2016
2016 Notes: Bertin                   USD 350 MM                10 years                           10.250% p.a.           Oct, 2016
2014 Notes: JBS USA                  USD 700 MM                 5 years                           11.625% p.a.           May, 2014
2018 Notes: JBS S.A.                 USD 900 MM                7.5 years                           8.250% p.a.           Jan, 2018
2018 Notes: PPC                      USD 500 MM                 8 years                            7.875% p.a.           Dec, 2018
2021 Notes: JBS USA                  USD 650 MM                10 years                            7.250% p.a.           Jun, 2021
2020 Notes: JBS USA, LLC             USD 700 MM                   8 years                         8,250% p.a.            Feb, 2020




               JBS S.A. / JBS USA
                     Agency               Scale             Rating                 Outlook              Last Update
              Fitch                       Global             BB-                       Negative            08/16/2012

              Moody’s                     Global             B1                        Stable              12/06/2011

              Standard & Poors            Global             BB                        Stable              11/04/2011


                              Pilgrim’s Pride
                                 Agency            Rating               Outlook                 Last Update
                           Moody’s                  B2                      Negative              11/16/2011

                           Standard & Poors         B                   Negative                   08/22/2012


                                                                                                                                     PAGE   2
Corporate Structure and Guarantors

                                                                                                        USD350mm Notes due 2016 (ex-Bertin)
                                                                                                        USD300mm Notes due 2016
                                   JBS S.A.
                                                                                                        USD900mm Notes due 2018




                           JBS Hungary Holdings Kft



                               JBS USA Holdings                                                          USD500mm Notes due 2018

                                                      75.0%
                                                                   Pilgrim’s Pride
                                         100.0%

JBS USA Finance, Inc.            JBS USA, LLC
                                                                                                         USD700mm Notes due 2014
                                                                                                         USD650mm Notes due 2021
                                                                                                         USD700mm Notes due 2020
                  100.0%                  100.0%                        100.0%

        JBS USA Beef             JBS USA Pork                 JBS Australia

                  100.0%

        JBS Five Rivers              Bond                                                     Guarantor
                           Notes 2016 - JBS S.A.      JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company
                           Notes 2016 - Bertin        JBS Hungary
                           Notes 2014 - JBS USA       JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries
                           Notes 2018 - JBS S.A.      JBS S.A., JBS Hungary
                           Notes 2018 - PPC            Pilgrim’s Pride Corporation of West Virginia, Inc.
                           Notes 2021 - JBS USA       JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries
                           Notes 2020 - JBS USA LLC   JBS S.A., and each of wholly-owned U.S. restricted subsidiaries                         PAGE   3
Debt Profile

2Q12 Net debt to EBITDA was 4.27x.

The Company ended the quarter with R$5.475 billion in cash or cash equivalent, which represents more than 110% of short-term debt.

The percentage of short term debt decreased from 27% in 1Q12 to 23% in 2Q12



 Leverage                                                        ST / LT Debt Profile

 1500                                          4.30   4.27
                                                                                   28%                           72%
 1300
                     4.04      4.00                            4      3Q11

              3.60
 1100

  900
                                                               3      4Q11          28%                          72%

  700
                                                               2      1Q12         27%                           73%
  500

  300
                                                               1
  100                                                                 2Q12       23%                           77%
  -100        2Q11   3Q11      4Q11            1Q12   2Q12     0
     .   Leverage                     EBITDA                                  Short Term                 Long Term
     .




Source: JBS                                                                                                                      PAGE   4
Debt Maturity Schedule and Profile
           Net Debt: 15,276.9 (R$ million)


           Short Term Net
               of Cash          2013           2014    2015    2016           2017     2018       2019 and after

               656

                                                                              169
                                883
                                                       1,381
                                                               2,567                                 2,738
                                                                                       3,726
                                              4,469




           Breakdown by Currency and Company                           Bonds / Other


                     JBS S.A.           Subsidiaries
    2Q12
                       57%                 43%

                                                                               Bonds      Other
                                                                       2Q12
                                                                                37%       63%

    2Q12     R$ 25%               USD 75%




Source: JBS Financial Statements 2Q12                                                                              PAGE   5

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Presentation jbs bonds fixed income ingl

  • 1. JBS S.A. Debt Issuance October 2012
  • 2. Debt Securities Issued Description Principal Total Term Coupon Maturity 2016 Notes: JBS S.A. USD 300 MM 10 years 10.500% p.a. Aug, 2016 2016 Notes: Bertin USD 350 MM 10 years 10.250% p.a. Oct, 2016 2014 Notes: JBS USA USD 700 MM 5 years 11.625% p.a. May, 2014 2018 Notes: JBS S.A. USD 900 MM 7.5 years 8.250% p.a. Jan, 2018 2018 Notes: PPC USD 500 MM 8 years 7.875% p.a. Dec, 2018 2021 Notes: JBS USA USD 650 MM 10 years 7.250% p.a. Jun, 2021 2020 Notes: JBS USA, LLC USD 700 MM 8 years 8,250% p.a. Feb, 2020 JBS S.A. / JBS USA Agency Scale Rating Outlook Last Update Fitch Global BB- Negative 08/16/2012 Moody’s Global B1 Stable 12/06/2011 Standard & Poors Global BB Stable 11/04/2011 Pilgrim’s Pride Agency Rating Outlook Last Update Moody’s B2 Negative 11/16/2011 Standard & Poors B Negative 08/22/2012 PAGE 2
  • 3. Corporate Structure and Guarantors USD350mm Notes due 2016 (ex-Bertin) USD300mm Notes due 2016 JBS S.A. USD900mm Notes due 2018 JBS Hungary Holdings Kft JBS USA Holdings USD500mm Notes due 2018 75.0% Pilgrim’s Pride 100.0% JBS USA Finance, Inc. JBS USA, LLC USD700mm Notes due 2014 USD650mm Notes due 2021 USD700mm Notes due 2020 100.0% 100.0% 100.0% JBS USA Beef JBS USA Pork JBS Australia 100.0% JBS Five Rivers Bond Guarantor Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company Notes 2016 - Bertin JBS Hungary Notes 2014 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries Notes 2018 - JBS S.A. JBS S.A., JBS Hungary Notes 2018 - PPC Pilgrim’s Pride Corporation of West Virginia, Inc. Notes 2021 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries Notes 2020 - JBS USA LLC JBS S.A., and each of wholly-owned U.S. restricted subsidiaries PAGE 3
  • 4. Debt Profile 2Q12 Net debt to EBITDA was 4.27x. The Company ended the quarter with R$5.475 billion in cash or cash equivalent, which represents more than 110% of short-term debt. The percentage of short term debt decreased from 27% in 1Q12 to 23% in 2Q12 Leverage ST / LT Debt Profile 1500 4.30 4.27 28% 72% 1300 4.04 4.00 4 3Q11 3.60 1100 900 3 4Q11 28% 72% 700 2 1Q12 27% 73% 500 300 1 100 2Q12 23% 77% -100 2Q11 3Q11 4Q11 1Q12 2Q12 0 . Leverage EBITDA Short Term Long Term . Source: JBS PAGE 4
  • 5. Debt Maturity Schedule and Profile Net Debt: 15,276.9 (R$ million) Short Term Net of Cash 2013 2014 2015 2016 2017 2018 2019 and after 656 169 883 1,381 2,567 2,738 3,726 4,469 Breakdown by Currency and Company Bonds / Other JBS S.A. Subsidiaries 2Q12 57% 43% Bonds Other 2Q12 37% 63% 2Q12 R$ 25% USD 75% Source: JBS Financial Statements 2Q12 PAGE 5