ABLE OF ONTENTS
Brazilian Beef Processors......................................................................................................... 1
Brazilian Beef Industry Highlights........................................................................................... 3
Domestic Demand and Recent Acquisitions Support Growth.......................................... 3
Export Recovery Continues after Bottoming Out in February ......................................... 4
Brazilian Cattle Costs Are Falling YoY…………………………………………………5
Comparative Operating & Valuation Data........................................................................ 7
JBS........................................................................................................................................... 9
Marfrig................................................................................................................................... 19
Minerva ................................................................................................................................. 27
Important Disclosures............................................................................................................. 34