JBS S A : 2021 Management Report and Financial Statements

Management

Report

2021

MESSAGE FROM THE CEO

The past year included several great achievements for JBS. We have excelled in our purpose to feed people around the world, providing the best products in a sustainable way. At the same time, we invested in strengthening the foundation that will fuel the company's growth in the coming years.

JBS, previously a Brazil-focused company specializing in one type of protein, has evolved into a global food company with a diversified footprint that includes a vast portfolio of strong brands and value-added products.

Within this context, 2021 has set the stage for JBS's trajectory in the coming years. We made strategic acquisitions that allowed us to increase our relevance in segments and businesses where we see significant growth opportunities. The purchase of Vivera, for example, has positioned us as a leader in Europe's plant-based market, providing a structure to leverage growth and synergies within our global plant-based operations.

In Australia, the acquisition of Huon signaled our entry into the aquaculture market with an industry leader that will provide a solid foundation for global expansion. Also, in Australia, the purchase of Rivalea has not only made us leaders in the country's pork farming and processing industry, but also offered a boost to our Primo Foods business.

In Europe, the acquisition of Kerry Consumer Foods' Meats and Meals business has added valuable brands to our portfolio, in addition to a wide-ranging prepared foods platform to our UK and Irish operations. Similarly, the purchase of King's Group, in Italy, has allowed us to access high-value markets in Europe and the United States with artisanal charcuterie products and specialties. With Sunnyvalley Smoked Meats, we've also added high-value branded product capabilities in North America. On top of all of this, the year also marked our entry into the cultured meat space with the purchase of a controlling stake in Biotech Foods. Our investments in research and the construction of a production facility in Spain will help accelerate the development of the cultivated protein market.

As we grow through acquisitions, we're also reinforcing our organic and greenfield investments in our brands and value-added products. In Brazil, Seara introduced new products, continuing to expand choices for consumers. To meet growing demand, we accelerated efforts to expand and modernize 15 Seara production units, a process that is now in its final stage. In the United States, with Swift Prepared Foods, we focused on the potential for growing our margins and invested in the construction of two specialty plants in the state of Missouri - one for Italian products in Columbia and another for cooked bacon in Moberly.

While we were increasing our production capacity, we were also transforming customer and consumer relations. Over the past two years, we have experienced unprecedented growth in e-commerce, through both direct sales platforms and with our partners. For instance, Friboi Online, Loja Seara, Comer Bem, and Swift Online allow our brands to be delivered to consumers in various regions of Brazil. In the United States, Wild Fork Foods offers consumers the opportunity to purchase ready-to-eat meals and various types of protein online, all available for immediate delivery.

At the same time, we have strengthened our relationship with commercial partners, introducing Swift to important Brazilian retail chains. We also doubled down on the growth of the already established Açougue Nota 10 from Friboi and Seara, which support the fresh meat category for large supermarket groups.

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MESSAGE FROM THE CEO

All the while, we greatly improved JBS's financial profile. Our liability management moves were essential to achieve the healthiest financial standing in our company's history, with a debt extension secured through successful bond issuances that included a November 2021 issuance marking the lowest spread in history for a Brazilian corporation. With this, our leverage fell to its lowest level, 1.52 in reais and 1.46 in dollars. This has been crucial in paving the way for future growth.

As a result of our expansion efforts, we recognize that our global responsibility has also increased. Our recent acquisitions have brought 7,500 team members and their families into our fold - families who rely on JBS's strength for their livelihoods. We have more than 250,000 team members around the world and have solidifed our position as the largest employer in Brazil, our home country, with more than 150,000 team members. With this, we have strengthened our position as the main force driving wealth generation and economic development in nearly all cities and regions in which we operate.

Undoubtedly, building our future is based on our strong ESG standards. Our dedication to society and the future of the planet is constant. In 2021, we took on what I consider to be JBS's most important commitment: to be Net Zero by 2040. Accordingly, we have already taken decisive steps, like launching our Transparent Livestock Platform and the Green Offices program - both aimed at addressing sustainability challenges in Brazil's livestock supply chain, our most pressing industry challenge. We have also made progress in reducing methane emissions associated with cattle production by testing dietary additives, as well as supporting additional research.

In the social sphere, we continue to offer direct support to vulnerable people in the regions in which we operate. This is evident in Brazil, where the "Fazer o Bem Faz Bem" program has given more than R$400 million to highly vulnerable regions, and the JBS Fund for the Amazon is already funding initiatives to promote sustainable socioeconomic development in both the Amazon region and the communities within it.

The same applies in our operations around the world, particularly in the United States, where, over the past two years, Hometown Strong has committed $100 million to initiatives supporting the communities surrounding JBS's operations. During the two-year period, we have partnered with local rural communities to invest in more than 200 projects across the United States and donated more than $10 million worth of in-kind contributions of meat and poultry products to food banks and others in need around the country. In addition, our support for the Germinare School in Brazil, which has 800 students full time, and the Better Futures program in the United States, which offers a free community college education to all of our U.S. team members and their children, furthers our commitment to encouraging education, entrepreneurship, and the development of future generations.

To that end, changes we've made to our governance structure have resonated with our main stakeholders. In 2021, we reached a majority of independent directors on our Board of Directors - seven out of nine members. Moreover, we're incredibly proud that we earned the Women on Board certification last year.

In conclusion, we ended 2021 with unprecedented recognition, such as the Full Investment Grade achievement, record operating results, consolidated revenue of R$ 350.7 billion, EBITDA of R$45.7 billion and a net income of R$ 20.5 billion. These results demonstrate our operational excellence, the excellent work of our 250,000 team members and our capacity to deliver GROWTH and VALUE at the same time.

Gilberto Tomazoni, Global CEO JBS

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About JBS & 2021 Highlights

COMPANY

PROFILE

JBS S.A. is a food company with more than 60 years of tradition and a global leader in the processing of animal protein. With operations in 20 countries, the Company serves more than 275,000 clients in approximately 190 countries through a diversified portfolio of products and brands.

Headquartered in Brazil, it has more than 250,000 employees

• in production platforms and commercial offices around the world. The structure includes beef, pork, lamb, poultry and leather processing facilities, in addition to cattle and sheep feedlots.

In addition to the food sector, the Company also operates in segments related to the value chain, such as leather, personal care and cleaning products, collagen, metal packaging, casings, biodiesel, transportation, waste management and recycling.

JBS operates through five business units throughout the world, as follows:

• JBS Brasil: beef and leather production in Brazil; and New Businesses operations in Brazil.
• Seara: poultry and pork processing and production of prepared products in Brazil.
• JBS USA Beef: beef processing and prepared foods production in the United States, Australia and Canada.
• JBS USA Pork: pork processing and prepared foods production in the United States.
• Pilgrim's Pride: poultry and pork processing and prepared foods production in the United States, Europe and Mexico.

GLOBAL PRODUCTION AND	More than 500 production units and sales
SALES PLATFORM
offices in more than 20 countries

3% CANADA

7%

51%	EUROPE
	15%
USA
4%	AFRICA &
MEXICO	MIDDLE EAST	ASIA
	3%
12%
BRAZIL		4%
1%
SOUTH		AUSTRALIA AND
AMERICA		NEW ZEALAND

Percentage of Total Revenue¹

Note 1. Revenue by region considers domestic sales and imports.

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