JBS S.A. – A GLOBAL FOOD COMPANY Institutional Presentation Including 1Q19 Results ABOUT JBS In global beef, chicken and #1 leather production

$

~US$49 Billion +275 thousand High performance team Public Company (R$186Bn) in net customers in with +230 thousand since 2007 and its shares are revenue (LTM 1Q19) 190 countries team members traded on the New Market of B3

In global pork and #2 lamb production

2 GLOBAL RANKING 2nd largest food company of the world in revenue

63.8

49.2¹

43.6 41.1

26.2 24.8 23.9 23.8

16.8 15.7 14.5 14.1 13.5 12.1 11.8 11.7 11.1 10.9 9.7 9.0

Source: JBS; Bloomberg, based on net revenue in US$ billion 3 Note1: LTM 1Q19 Net Revenue, including PPC EVOLUTION From a Brazilian beef company in 2006 to a GLOBAL FOOD COMPANY

IPO JBS SA Net Revenue PORK R$14.1 Bn BERTIN Net Revenue 19,000 ~235,000 R$181.7 Bn EMPLOYEES 2007 2009 2013 2015 TEAM MEMBERS 2017 2006 2008 2010 2014 2016 Net Revenue 2018 R$163.2 Bn Net Revenue Net Revenue EXPANSION IN USA AND ACQUISITIONS: TYSON IN R$3.9 Bn R$30.3 Bn AUSTRALIA AND Net Revenue: R$54.7 Bn

4 A UNIQUE GLOBAL PLATFORM

CANADA 3%

EUROPE 5%

USA 51% ASIA 15%

AFRICA & MIDDLE EAST 3% MEXICO 4%

AUSTRALIA & BRAZIL 14% NEW ZEALAND S. AMERICA 4% 1%

Present in Beef Lamb Pork over15 countries With over 400 facilities and Poultry Leather Commercial Offices offices.

5 Note: % of Consolidated Net Revenue –domestic sales and imports. DIVERSIFIED BUSINESS MODEL Diversified business model eliminates volatility that comes from single protein or single geography

Customer Product Geography and Channel

Balanced global portfolio Established presence +275,000 customers across beef, chicken, pork, lamb in 15 countries in 190 countries and prepared foods

 Opportunity to cross-sell to  Reduces exposure to any single  Reduces JBS’ dependence on customers market’s macro environment any one market or customer  Diversifies risk against: Ability to capitalize on fluctuations  Exposure to both traditional and  Industry cycles  in worldwide demand and prices high-growth channels  Impact of species-based diseases and outbreaks  Exports to 190 countries  Changes in consumer on six continents preferences  Increases access to the market

Diversification Delivers Long-Term Growth and Reduces Volatility

6 GLOBAL LEADERSHIP

Gilberto Guilherme André Wesley Marty Jayson Chris Charles Brent Tomazoni Cavalcanti Nogueira Batista Filho Dooley Penn Kirke Von Der Heyde Eastwood Global CEO Global CFO CEO President South President Global President President President JBS S.A. JBS S.A. JBS USA America JBS USA Pork CEO PPC Moy Park PPC Mexico JBS Australia

David Thomas Joanita Renato Guilherme Nelson Al Tim Colwell Lopez Karoleski Costa Motta Dalcanale Byers Schellpeper President President President President President President President President JBS Canada Plumrose USA Seara JBS Brazil Beef JBS Leather JBS Brazil JBS USA JBS USA New Businesses Regional Beef Fed Beef

7 OPERATIONAL STRATEGY Global and diversified production and distribution platform evolving towards value added products with brands

Recognized Brand portfolio, with high value added products and convenience

Value added products and Brands

$

Profitability +275,000 customers and sales to + 190 countries

Production platform Sales and distribution platform +400 units in +15 countries

8 CONSOLIDATED EXPORTS JBS exports destinations

Greater China¹ 23.5%

Japan 12.8%

Africa & Middle East 12.5% 3.1% 23.5% USA 9.8% 6.8% 12.8% South Korea 9.7%

9.8% E.U. 6.8% 9.7% 6.0% Mexico 6.0% South America 3.3%

12.5% Canada 3.1%

Others 12.5% 3.3% Asia corresponded to 46% of total exports LTM 1Q19 total exports: US$12.9Bn

9 Note 1: Consider China and Hong Kong Business Units JBS USA BEEF Beef production in the , Canada and Australia Lamb production in Australia USA

Canada Strategic Initiatives WI MI ■ Strengthen and expand business with key customers NE UT PA ■ Increase production of higher value-added products CO ■ Continued expansion of more profitable product mix in domestic markets and exports AZ ■ Increase operating efficiency GA In Australia and New Zealand, investments in innovation and ■ TX in the Primo and Hans brands ~35,500 team members Recent Performance 18 beef processing facilities Net Revenue (billion)  42,400 head of cattle per day

5.6 5.4 5.4 06 feedlots Australia & NZ 5.1 5.0 US$21.4Bn  06 in Australia

43% of LTM 1Q19 02 leather/hides facilities Revenue  12,900 hides per day 08 carrier units 1Q18 2Q18 3Q18 4Q18 1Q19  08 in the US

09 PFP facilities EBITDA (million) and % 08 distribution centers 10.2% 6.1% 8.2% 7.3% 5.0% US$1.7Bn | 7.8%  07 DCs in Australia and 01 in New Zealand 41% of LTM 1Q19 02 lamb facilities 570.1 446.7 393.7 EBITDA 308.2 251.4 01 hog processing facility (Primo)

1Q18 2Q18 3Q18 4Q18 1Q19 11 JBS USA PORK Pork and value added production in the United States

Strategic Initiatives

■ Increase domestic and international commercial partnerships MN ■ Expansion of value-added volume and product mix VT IA ■ Investments in R&D, prepared products and bacon IN IL ■ Continued focus on operational excellence ■ Acquisition of Plumrose in 2017, further enhancing CA KY participation in value-added products OK NC AR Recent Performance MS

Net Revenue (billion)

US$5.6Bn 1.5 1.4 1.4 1.4 1.3 11% of LTM 1Q19 ~11,000 team members Revenue

1Q18 2Q18 3Q18 4Q18 1Q19 05 hog processing facilities Swift Premium Swift Premium  92,200 hogs per day Rubbed Loin Pork Chops EBITDA (million) and % Fillet genetic units 12.1% 02 7.2% 9.9% 8.4% 7.9% US$465Mn | 8.4% 02 distribution centers 14% of LTM 1Q19 Plumrose Plumrose 177.7 PFP facilities 103.4 138.4 117.3 105.4 EBITDA 07 Ham Bacon Example of products:

1Q18 2Q18 3Q18 4Q18 1Q19 12 PILGRIM’S PRIDE Poultry production in the United States, Mexico, Puerto Rico and Europe

Strategic Initiatives US and Puerto Rico ■ Relentless pursuit of operational excellence MN ■ Tailored products to help key customers grow WI ■ Develop online channel ■ Growing in Mexico through acquisitions, Greenfields and brands WA VA ■ Leveraging Moy Park prepared foods platform KY ■ Investments in value-added and branded products AR TN NC Mexico AL GA SC TX Recent Performance LA FL Net Revenue (billion)

2.8 2.7 2.7 2.7 2.7 US$11Bn 22% of LTM 1Q19 Revenue ~60,000 team members Europe 1Q18 2Q18 3Q18 4Q18 1Q19 36 poultry processing facilities EBITDA² (million) and %  8.7 million birds per day

9.9% 10.0% 7.5% 5.8% 4.2% 16 PFP facilities US$754Mn | 6.7%  40,000 tons per month 23 distribution centers 25% of LTM 1Q19  22 in Mexico and 01 in Puerto Rico 271.8 282.5 204.4 156.0 111.0 EBITDA

1Q18 2Q18 3Q18 4Q18 1Q19 13 Note 1: includes Moy Park results in all quarters; Note 2: Adjusted EBITDA in accordance with PPC earnings release SEARA Production of prepared foods and fresh poultry and pork products in Brazil Strategic Initiatives

■ Increase value-added product mix ■ Focus on small retail and increase sales through distributors to broaden presence ■ Develop Seara Gourmet as a premium brand CE ■ Expand export market opportunity with an enhanced go-to market strategy through partnerships with importers / distributors in key destination markets PE

■ Increase distribution in the Middle East and China BA MT Recent Performance DF

Net Revenue (billion) MS MG 5.0 4.6 4.2 4.0 4.1 R$17.9Bn RJ ~71,000 team members SP 9% of LTM 1Q19 PR Revenue SC 30 poultry processing facilities 1Q18 2Q18 3Q18 4Q18 1Q19  5.2 million birds per day RS

EBITDA (million) and % 08 hog processing facilities  26,450 hogs per day 10.3% 10.3% 8.3% 5.5% 6.6% R$1.5Bn | 8.3% 20 PFP facilities  115,000 tons per month 512.1 474.2 10% of LTM 1Q19 330.2 226.7 278.0 EBITDA 14 distribution centers

1Q18 2Q18¹ 3Q18 4Q18 1Q19 14 Note 1: Adjusted EBITDA excluding the R$112.9 million impact from the truckers strike in Brazil at Seara. JBS BRAZIL Beef production in Brazil, in addition to leather and other Related Businesses

Strategic Initiatives ■ Diversified production base across 15 Brazilian states

■ Continued diversification of products and brands PA CE ■ Further strengthen strategic partnerships with key customers in domestic and export markets to improve product mix AC TO PE RO Relentless pursuit of operational excellence ■ BA

MT Recent Performance GO MG Net Revenue (billion) ~50,200 team members MS 7.6 7.5 6.8 R$28Bn RJ 6.3 6.2 35 beef processing facilities 15% of LTM 1Q19  34,200 head of cattle per day PR SP Revenue 03 feedlots

1Q18 2Q18 3Q18 4Q18 1Q19 16 leather/hides facilities¹ RS  60,400 hides per day EBITDA (million) and % 26 distribution centers

PFP facilities 9.3% 07 5.6% 3.9% 2.9% R$1.5Bn | 5.5% -1.6%  19,000 tons per month 706.5 of LTM 1Q19 10% Related businesses 350.0 11 293.1 195.0 EBITDA -100.9

1Q18 2Q18 3Q18 4Q18 1Q19 15 Note 1: Does not consider facilities outside Brazil 1Q19 Consolidated Results 1Q19 HIGHLIGHTS

. N e t revenue was R $ 4 4 . 4 B n , u p 1 1 . 5 %

. Consolidated gross profit grew by 1 3 . 3 % t o R $ 5 . 8 B n , w i t h a 1 3 . 2 % gross margin

. Consolidated EBITDA increased by 1 4 . 4 % t o R $ 3 . 2 B n , w i t h a 7 .2% EBITDA margin

. Reported net income was R $ 1 . 1 B n , a n E P S o f R $ 0 . 4 1

. Operational Cash Flow of R $ 7 4 9 . 6 M n

. Leverage in US$ w a s 3 . 1 0 x

17 1Q19 CONSOLIDATED RESULTS

Net Revenue (R$ million) Gross Profit (R$ million) / Gross Margin (%)

186,267 27,025

13.0% 13.2% 14.5% 14.5%

49,197 39,783 44,370 7,138 11.5% 5,152 13.3% 5,837

1Q 2018 1Q 2019 LTM 1Q19 (R$) LTM 1Q19 (US$) 1Q 2018 1Q 2019 LTM 1Q19 (R$) LTM 1Q19 (US$)

EBITDA (R$ million) / EBITDA Margin (%) Net Income/Loss (R$ million)

1,093 15,253

8.2% 7.0% 7.2% 8.2% 115.7% 611 507

4,032 2,788 14.4% 3,191 151

1Q 2018 1Q 2019 LTM 1Q19 (R$) LTM 1Q19 (US$) 1Q 2018 1Q 2019 LTM 1Q19 (R$) LTM 1Q19 (US$)

18 1Q19 CONSOLIDATED RESULTS

Operational Cash Flow (R$ million)¹ Free Cash Flow (R$ million)²

10,978

5,098

2,878 359% 1,342 750 163 (110) (712)

1Q 2018 1Q 2019 LTM 1Q19 (R$) LTM 1Q19 (US$) 1Q 2018 1Q 2019 LTM 1Q19 (R$) LTM 1Q19 (US$)

Cash flow generated by operational activities increased by Free cash flow in 1Q19 was 359.0% in 1Q19, reaching R$749.6Mn -R$711.8Mn

¹ Cash Flow from Operational Activities net of interest 19 ² Free Cash Flow represents Free Cash Flow after Investments. DEBT PROFILE

Gross Debt Reduction (US$ Bn) Net Debt (million)/Leverage . 1Q19 Ending Cash Balance US$2.54 billion / (R$9.9 billion¹) Net debt (R$) Net debt (US$) was R$7.4Bn Leverage (R$) Leverage (US$) . Additionally, JBS USA has US$1,899.5 million (R$7,401.8 16.9 million)¹ in fully available 3.24 unencumbered line under 3.18 3.20 revolving credit facilities 14.5 14.4 3.13 3.10 . Total liquidity was 3.01

R$14.8Bn 45.5 47.2 48.7 Almost 5.0x higher than short- term debt 13.7 12.2 12.5

1Q181T18 4Q184T18 1Q191T19 1Q18 4Q18 1Q19

Debt profile ST/LT Source breakdown Entity breakdown Currency and cost breakdown

ST Banks 24.6%  8.84% p.a. 5.5% Seara R$ 4.8% 6.2% JBS USA 66.2%

LT 94.5% JBS S.A. US$ 95.2% Capital Markets 27.6% 75.4%  5.88% p.a. ¹ Converted using the prevailing FX rate at the end of the period 20 LIABILITY MANAGEMENT

Debt Amortization Schedule as of March 31st (in US$ million) Debt Amortization Schedule after LM (US$ million)

Cash Cash 3,331 3,425 Revolving credit facilities 2,863 Revolving credit facilities 1,900 2,041 1,891 1,900 1,640 1,650 1,500 1,400 1,185 1,185 855 892 798 855 892 743 1,902 463 1,100 293 69 0 44

CashCaixa ShortCurto 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 CashCaixa ShortCurto 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 TermPrazo TermPrazo Average term: 4.3 years Average term: 6.0 years

Liability Management JBS Bond Yield-To-Maturity Evolution (%)

. On May 10, 2019, JBS concluded the payment of R$2.36 billion (US$600 million) 8.0 related to the amortization of part of the debt covered by Normalization 7.5 Agreement entered with certain financial institutions. 7.0 . Until the end of May, the Company intends to prepay an additional US$400 million

of debts under the Normalization Agreement and other debt, totaling US$1.0 billion 6.5 of debt reduction in the second quarter of 2019, using approximately US$500 6.086 million from the issuance of Senior Notes (Bonds) maturing in 2026, issued on April 6.0 5.807 4th, 2019, and another US$500 million from free cash generation. 5.5 . According to the terms of the Normalization Agreement, the payments made thus far entitle the Company, but do not oblige it, to terminate such agreement. JBS USA 2028 JBS BrazilBrasil 2026 2026 21 ESG and Innovation SUSTAINABILITY HIGHLIGHTS

There was a 29% reduction in the More than 135,000 team The Company invested around R$300Mn number of accidents resulting in lost in the safety of its Team members received Occupational time and 55% reduction in the Members worldwide. Health & Safety training worldwide. number of lost days JBS worldwide.

Over 13.3 Thousand JBS invested R$88.2Mn Team Members and producers JBS is the world’s Largest Organic to improve animal welfare practices across all its global worldwide received animal welfare operations. Chicken Producer training.

In its most recent audit, in 2017, the Around 80 thousand registered Brazilian cattle suppliers are This exclusive JBS monitoring system Company obtained the best result covers over 59 million ha in assessed daily using satellite imagery, farm geo- since auditing began in 2014, with the Amazon region referencing data and information from government agencies. 99.99% of purchases in compliance

81% of the water captured and Worldwide, the Company currently JBS invested more than R$27Mn on management and of its used in JBS’s industrial processes is reuses 3.36% water, measurement and initiatives to reduce water usage and reuse equivalent to more than 6 billion water worldwide. treated and safely returned to the environment. liters

JBS has produced an annual inventory of greenhouse gas The Company reused 1.2Mn emissions in Brazil since 2009, based on the international Globally, more than R$160Mn has GHG Protocol methodology. It is also published an annual tons of waste in 2018 for inventory since 2012, which can be viewed on the Public been invested in energy composting, recycling, energy reuse Emissions Records Platform maintained by the Brazil GHG efficiency projects. and energy cogeneration, equivalent Protocol Program. to 53.58% of all waste generated 23 COMPLIANCE

JBS Compliance Pillars

Whistleblower channel Controls JBS has implemented a number of Training and initiatives to strengthen its compliance Polices and Procedures communication culture, such as the ALWAYS DO IT RIGHT program, where each employee serves as a multiplier of best practices.

Due Diligence JBS received an 8.1 grade on the Risk Assessment Third-Parties Transparency International ranking – the average grade in Brazil is 5.7.

Leadership and EFFECTIVE Assessments, Governance Supervision and The company is a signatory of the Business COMPLIANCE Discipline Integrity and Anticorruption Compact from the Ethos Institute, and has implemented a Global Code of Ethics & Integrity.

24 INNOVATION Globally, JBS innovates across four main food product platforms

Healthy and Natural Family and Choices Connections pleasers Functional products Easy to cook food for with high standards of eating with family traceability and low social and friends and environmental impact

Indulgence and Cook, Sensory Prepare and Eating High-quality foods that Products that are quick enchant the senses and easy to make and and provide unique offer high nutritional experiences performance

As part of a strategic partnership that began in 2017, JBS USA contributed US$ 12.5 million (R$ 45.6 million) to the State University (CSU) to support education and research. US$ 7.5 million was used to build the JBS Global Food Innovation Center which was unveiled on the University campus on April 9, 2019.

25 INNOVATION Breakthrough Ideas From the Global Leader in Protein

S e a r a G o u r m e t launched The Pilgrim’s Mexico launched T r u e Incredible Burger , an option for M e a l s , to deliver a u t h e n t i c meals with v e g a n s with an unmistakable beef flavor, but great flavor and convenience with 100% vegetable ingredients

P r i m o launched Balanced Blend , a line P l u m r o s e U S A launched K n o c k O u t of fresh sausages with 2 5 % M e a t s , a line of fully cooked r i b s with high v e g e t a b l e content for consumers looking to quality meat and unique twists on add more veggies in their diets f l a v o r s consumers love 26 TECHNOLOGY

Scott is an innovative company with capability and proprietary manufacturing and production technology servicing key international customers across a range of sectors including meat and food processing. In the food and meat sectors, Scott is the proven global leader in robotic and x-ray manufacturing technology

Has been a public company since 1997 and its shares are traded on New Zealand Stock Exchange

Provide accuracy required to maximize yield and remove the risks and loss of yield associated with the use of unskilled labor

improve safety to the labor and reduce the risk of serious injuries caused by the handling of the equipment

27 OUR MISSION

“To be the best in all that we do, completely focused on our business, ensuring the best products and services to our customers, a relationship of trust with our suppliers, profitability for our shareholders and the opportunity of a better future for all of our team members.”