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JBS S.A.

Debt Issuance October 2012

Debt Securities Issued


Description
2016 Notes: JBS S.A. 2016 Notes: Bertin 2014 Notes: JBS USA 2018 Notes: JBS S.A. 2018 Notes: PPC 2021 Notes: JBS USA 2020 Notes: JBS USA, LLC

Principal
USD 300 MM USD 350 MM USD 700 MM USD 900 MM USD 500 MM USD 650 MM USD 700 MM

Total Term
10 years 10 years 5 years 7.5 years 8 years 10 years 8 years

Coupon
10.500% p.a. 10.250% p.a. 11.625% p.a. 8.250% p.a. 7.875% p.a. 7.250% p.a. 8,250% p.a.

Maturity
Aug, 2016 Oct, 2016 May, 2014 Jan, 2018 Dec, 2018 Jun, 2021 Feb, 2020

JBS S.A. / JBS USA


Agency
Fitch Moodys Standard & Poors

Scale
Global Global Global

Rating
BBB1 BB

Outlook
Negative Stable Stable

Last Update
08/16/2012 12/06/2011 11/04/2011

Pilgrims Pride
Agency
Moodys Standard & Poors

Rating
B2 B

Outlook
Negative Negative

Last Update
11/16/2011 08/22/2012
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Corporate Structure and Guarantors


USD350mm Notes due 2016 (ex-Bertin)

JBS S.A.

USD300mm Notes due 2016 USD900mm Notes due 2018

JBS Hungary Holdings Kft

JBS USA Holdings


75.0% 100.0%

USD500mm Notes due 2018

Pilgrims Pride
USD700mm Notes due 2014 USD650mm Notes due 2021 USD700mm Notes due 2020

JBS USA Finance, Inc.

JBS USA, LLC

100.0%

100.0%

100.0%

JBS USA Beef


100.0%

JBS USA Pork

JBS Australia

JBS Five Rivers

Bond Notes 2016 - JBS S.A. Notes 2016 - Bertin Notes 2014 - JBS USA Notes 2018 - JBS S.A. Notes 2018 - PPC Notes 2021 - JBS USA Notes 2020 - JBS USA LLC

Guarantor JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company JBS Hungary JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries JBS S.A., JBS Hungary Pilgrims Pride Corporation of West Virginia, Inc. JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries JBS S.A., and each of wholly-owned U.S. restricted subsidiaries

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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
1500 1300 1100 900 700 500 300

ST / LT Debt Profile
4.30 4.00 4.27

4.04
3.60

4 3 2 1

3Q11

28%

72%

4Q11

28%

72%

1Q12

27%

73%

100
-100 2Q11 3Q11 4Q11 1Q12 2Q12

2Q12

23%

77%

0
Short Term Long Term

. .

Leverage

EBITDA

Source: JBS

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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 4,469 3,726 2,738

Breakdown by Currency and Company

Bonds / Other

2Q12

JBS S.A. 57%

Subsidiaries 43%
2Q12

Bonds 37%

Other 63%

2Q12

R$ 25%

USD 75%

Source: JBS Financial Statements 2Q12

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