February 14, 2014

In the São Paulo Stock Exchange (BM&FBovespa), JBS SA's shares were up 47.61% in local currency (up 27% in US$) in 2013.

The company's stock was one of the four most valued on Brazilian Stock Exchange index (Ibovespa) and the top performer in the food segment. JBS shares substantially outperformed the Ibovespa index itself which suffered a reduction of 15.5% last year.

The incremental value of the company's shares last year reflects the overall improvement of the results of JBS. Publicly available data up to the third quarter of 2013 shows a continuous improvement in cash generation as well as constant earnings before interests, taxes, depreciation and amortisations (EBITDA) and net income growth. These factors helped demonstrate the solidity of the group to the investor community. The positive results were mirrored in the increase in value of the shares but also in the increase in the market cap of JBS which was up more than 45% in 2013.

The increase in the share value was also partially impacted by two important transactions announced during 2013, both in the value added segment. The acquisitions of Seara and Massa Leve increases the company's presence in the category of ready to eat food products serving a growing demand for convenience and practicality in the kitchen. These two transactions tend to continue generating value for JBS shareholders in 2014 as the new businesses are being incorporated.

Vigor Alimentos S.A. and JBS S.A., announced the conclusion of the public tender offer (PTO) for the acquisition, by FB Participações S.A., the controlling shareholder of Vigor and JBS, of common shares issued by Vigor through a swap for JBS shares.

As a result of the PTO, whose auction was held on January 21, 2014, FB articipações Acquired 50,917,322 common shares issued by Vigor, representing 34.01% of Vigor's capital stock, and now held 117,724,472 common shares issued by Vigor, representing 78.63% of Vigor's capital stock.