1Q17 EARNINGS

PRESENTATION

A GLOBAL
FOOD
COMPANY

So Paulo, May 16th, 2017

CONSOLIDATED RESULTS
1Q17
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1Q17 CONSOLIDATED HIGHLIGHTS
NET SALES (R$ MILLION) GROSS PROFIT (R$ MILLION)
Gross Margin (%)

43,912 -14.3%
37,616
10.8% 11.8%

4,764 -7.2%
4,421

1Q16 1Q17 1Q16 1Q17

| Net revenue of R$37.6 billion in 1Q17, a reduction of 14.3% over 1Q16, impacted by FX
effect.

| Gross profit of R$4.4 billion, with gross margin increasing from 10.8% in 1Q16 to 11.8%
in 1Q17.
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1Q17 CONSOLIDATED HIGHLIGHTS
EBITDA (R$ MILLION) NET INCOME (R$ MILLION)
EBITDA Margin (%)

4.9% 5.7%

422
2,137 0.2% 2,141
1Q16 1Q17

-2,741
1Q16 1Q17

| EBITDA was R$2.1 billion, with EBITDA margin increasing from 4.9% in 1Q16 to 5.7% in
1Q17.

| Net income was R$422 million, with an EPS of R$0.15.

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1Q17 CONSOLIDATED HIGHLIGHTS
NET DEBT (R$ MILLION) / LEVERAGE
Leverage

4.10x 4.32x 4.16x 4.20x | The Company ended the quarter with
3.84x
R$10.7 billion in cash.
48,745 49,178 48,855
46,905 47,806
| JBS net debt was R$47.8 billion at the
end of 1Q17.

| Adjusted leverage including the LTM

1Q16 2Q16 3Q16 4Q16 1Q17 results of GNP was 4.20x.

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DEBT PROFILE 1Q17
BREAKDOWN BY CURRENCY
AND COST BREAKDOWN BY SOURCE BREAKDOWN BY COMPANY
12.45% p.a.
R$
7.8% Commercial
Banks JBS USA JBS S.A.
62.1% 47.0% 41.5%
Capital
US$ Markets
92.2% 37.8%

5.11% p.a. BNDES 0.1% Seara

11.5%

DEBT PROFILE ST/LT SHORT TERM DEBT BREAKDOWN BY TYPE

Short Term Long Term
Bonds
Others
2%
8%
1Q16 33% 67% Working
Capital
2Q16 32% 68% 16%
3Q16 31% 69% Trade
4Q16 32% 68% Finance
74%
1Q17 31% 69%

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BUSINESS UNITS
1Q17
7
SEARA 1Q17
NET REVENUE (R$ MILLION) EBITDA (R$ MILLION)

4,286.6 13.5%
-4.7% 4,085.2
5.3%
579.5
-62.8%
215.8

1Q16 1Q17 1Q16 1Q17

| Appreciation of 24.4% of the Real against US dollar impacted net
revenue.
| Increase of volumes in all segments in the domestic market,
specially in the Prepared Foods category (+11.5%).
| Growth of the customer base, reaching 152,000 in the domestic
market.
| Lower exported volumes.
| Reduction in EBITDA due to the impact of the Real appreciation and
cost of grains.
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JBS MERCOSUL 1Q17
NET REVENUE (R$ MILLION) EBITDA (R$ MILLION)

6,983.4 10.9%
-11.1%
6,211.4
761.4
761.4 1.0%

-92.2%

59.4

1Q16 1Q17 1Q16 1Q17

| Net revenue impacted by a decrease in sales prices in the domestic

and export markets.
| Impact of the exchange rate variation, which was R$3.91 in 1Q16
and R$3.14 in 1Q17.
| EBITDA was pressured by increase in costs.
| Exchange rate variation in the period impacted the exports
profitability.

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JBS USA BEEF 1Q17
INCLUDING AUSTRALIA AND CANADA
NET REVENUE (US$ MILLION) EBITDA (US$ MILLION)
5.8%
4,919.6 3.7%
4,649.6

-4.6%
183.4
-214.8
Swift 1Q16 1Q17 1Q16 1Q17
(bolinha) e
Primo | Increase in sales volumes in both markets, domestic and
international.
| Greater cattle availability during the quarter favored a reduction in
cost per head higher than the decrease in beef prices.
| Beef exports grew more than 25% in the period, positively impacting
results of the North America operation.
| Increase in prices in the australian domestic market as a result of
operations and brand investments at Primo and Andrews Meats.

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JBS USA PORK 1Q17
NET REVENUE (US$ MILLION) EBITDA (US$ MILLION)

1,396.9
11.2%
1,256.6
11.4%
8.1%

159.4
56.1%
102.1

1Q16 1Q17 1Q16 1Q17

| Increase in the number of animals processed.

| Higher sales prices in both markets, domestic and international.
| Growth in EBITDA due to continuous improvements in production,
product mix and customer relationships.
| Conclusion of the Plumrose USA acquisition.

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JBS USA CHICKEN (PPC) 1Q17
NET REVENUE (US$ MILLION) EBITDA (US$ MILLION)

1,962.9 2,020.5
2.9% 11.9%
10.1%

233.5 -12.6% 204.0

1Q16 1Q17 1Q16 1Q17

| Increase in net revenue due to higher poultry sales prices, as well as

the inclusion of net revenues from GNP, which was acquired in
January.
| EBITDA impacted by costs and G&A expenses related to GNPs
assets in the US, and higher marketing expenses associated to the
launching of new PFP in the US.
| Lower operational costs in Mexico.
| Additional US$ 10.0 million synergies already identified from GNP
integration, increasing total annualized run-rate to $30 million.
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JBS EUROPE (MOY PARK) 1Q17
NET REVENUE ( MILLION) EBITDA ( MILLION)

8.8%
370.4 8.2%
347.5 6.6%

30.6 -1.1% 30.2

1Q16 1Q17 1Q16 1Q17

| Volume growth and strong operational performance.

| Reduction in EBITDA due to non-recurring SOX compliance costs.
| Focus on cost control, strong customer relationships and constant
innovation culture.

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DISCLAIMER
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and
financial results, and those related to growth prospects of JBS. These are merely projections and, as such, are based
exclusively on the expectations of JBS management concerning the future of the business and its continued access to
capital to fund the Companys business plan. Such forward-looking statements depend, substantially, on changes in
market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the
industry, among other factors and risks disclosed in JBS filed disclosure documents and are, therefore, subject to
change without prior notice.

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 Mission
To be the best in what
we set out to do,
completely focused on
our business, ensuring the
best products and
services for our
customers, consistency
for our suppliers,
profitability for our
shareholders and the
opportunity of a better
future for all our team
members. 15