JBS S.A. issued several series of debt securities between 2012 and 2021 totaling over $5 billion. The debt issues ranged from 5 to 10 year terms with coupon rates between 7.25% to 11.625%. JBS S.A. and several of its subsidiaries guarantee the different debt issues. As of the first quarter of 2012, JBS S.A. had a net debt to EBITDA ratio of 3.6x excluding one subsidiary and 4.3x including that subsidiary. The debt was split between long term and short term obligations and denominated in both Brazilian real and US dollars.

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
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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
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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