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