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 CARGILL 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 BRAZIL AND MEXICO 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 United States, 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 .