1. JBS S.A.
Debt Issuance
July 2012

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
2017 Notes: Vigor USD 100 MM 10 years 9.250% p.a. Feb, 2017
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 Date
Fitch Global BB- Stable 11/18/2011
Moody’s Global B1 Stable 12/06/2011
Standard & Poors Global BB Stable 11/04/2011
Pilgrim’s Pride
Agency Rating Outlook Date
Moody’s B2 Negative 11/16/2011
Standard & Poors B Develop 08/16/2011
PAGE 2

3. Corporate Structure and Guarantors
USD350mm Notes due 2016 (ex-Bertin)
USD300mm Notes due 2016
JBS S.A.
USD900mm Notes due 2018
Vigor
USD100mm Notes due 2017
100.0% Subsidiary of JBS S.A.
JBS Hungary Holdings Kft
JBS USA Holdings USD500mm Notes due 2018
67.3%
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%
Bond Guarantor
JBS Five Rivers
Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company
Notes 2016 - Bertin JBS Hungary
Notes 2017 - Vigor S.A. Fábrica de Produtos Alimentícios Vigor
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
Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)* was 3.6x.
Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)* was 4.3x.
The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100% of short-term debt.
Leverage ST / LT Debt Profile
. Leverage EBITDA Short Term Long Term
. LeverageEx-PPC EBITDA Ex-PPC
Source: JBS PAGE 4
* subsidiary controlled by JBS with non-recourse debt.

5. Debt Maturity Schedule and Profile*
Gross Debt: 18,686 (R$ million)
Breakdown by currency Bonds / Other
JBS S.A. Subsidiaries
55% 45%
R$ USD Bonds Other
Source: JBS Financial Statements 1Q12 PAGE 5