Slide 1: Overview of 1st Quarter of Fiscal 2005 vs Fiscal 2004
te Pilgrim’s Pride Corporation Overview of 1st Quarter of Fiscal 2005 vs Fiscal 2004 January 24, 2005
Slide 2: Cautionary Notes and Forward-Looking Statements
7 Cautionary Notes and Forward-Looking Statements = Statements contained in this presentation that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim's Pride Corporation and its management are forward loolingstalerments t's ngartantto note thal
Slide 3: U.S. Meat Supply Growth — Remains Nominal
SM U.S. Meat Supply Growth — Remains Nominal % % % 2002 2003 Change _2004P Change 2005P_Change Beef 27090 «26234 -3% «= - 24559 8% «= 2819. B% Pork 19,564 19945 1% 20490 3% 20589 0% Total Red Meat 46754 46,179 1% «= 45059 -2% «= AF,IDB. «5% Chicken 32240 «32749 -2% «= B34D75 A% «= 3H322_ 4% Turkey 5
Slide 4: U.S. Per Capita Consumption
SM U.S. Per Capita Consumption % % % 2002 2003 Change _2004P_Change _2005P_Change_ Beef Gad 649 -4.0% 866 0.9% 869 (0.6% Pork 51.5 S18 0.6% S18 0.0% S17 -0.2% Total Red Meat 1194 67 -2.0% M73 0.8% MTG 0.3% Chicken 824 830 11% 861 3.7% 878 1.8% Turkey ckaa 174 1.7% 474 -1.7% 16.6 -2.9% Total Poultry
Slide 5: Top US Chicken Export Markets
7 Top US Chicken Export Markets 2000 2001 202 2003 2008p. 2005p ibs ibs Mlb bib Ibe ADE Cb Rusia! 1,262 24.73% = 2,304 41.45% 521 ILE 1458 79.42% 1,440 TOR 14d7 29.10% Hong Kong 918 17.99% 750 13.50% 6 126% 309 62% 219 46% 3 7.2% Mexico?! B1 6a Bl 6.8% a a China 1 1 26% 108 1.9% 7] Jee 2 BO 34 OT 2
Slide 6: U.S. Industry Outlook
——— U.S. Industry Outlook = Pricing environment during 1° Qtr FY 2005 vs 15‘ Qtr FY 2004: ODarkmeat > +3.57% to $0.29/lb. oO Wings > +13.03% to $0.99/lb. O Breast Meat > -11.92% to $1.34/lb. OGeorgia Dock > +9.04% to $0.75/Ib. = Export market — recovering from A.|. interruptions = Grain environment
Slide 7: Chicken Sales — 1st Quarter
—_———— Chicken Sales — 1° Quarter in mitions) Actual Proforma FY2005 FY2004 %Change FyY2005 FY2004 %Change Prepared Foods: Foodsenice $ 3986 $ 2857 395% $ 3986 $ 4103 -29% Retail 62.3 526 18.4% 62.3 654 4.7% Total Prepared Foods 460.8 3383 © 36.2% 460.3 F157 8.1% Fresh Chicken Foodservice 337.7 235.
Slide 8: Chicken Sales — 1st Quarter Continued
SM Chicken Sales — 1** Quarter Continued inmitons) Adjusted* Fy2008 = FY2004 Actual Proforma %Change United States Prepared Foods: Foodservice $ 3988 $ 3814 48% Retail 62.3 607 28% Total Prepared Foods 460.9 4418 43% Fresh Chicken Foodservice 337.7 3624 4.2% Retail 150.2 1543 -2.7% Total Fresh Chick
Slide 9: Turkey Sales
7 Turkey Sales in millions) ‘1st Quarter FY2005 FY 2004 %Change Adj FY2004* %Change Prepared Foods: Foodservice $25.0 $ 26.0 3.8% $ 24.1 3.7% Retail 9.2 8.2 12.2% 76 21.1% Total Prepared Foods 34.2 34.2 0.0% 317 7.9% Fresh Turkey Foodservice 33 10.4 ~68.3% a7 ~66.0% Retail 415 45.1 -B8.0% 419 1.0% T
Slide 10: Earnings per Share
te Earnings per Share Actuals 1st Quarter Avg. Number Shares Proforma 1st Quarter Avg. Number Shares FY2005 FY2004 %Change $ 073 $ 0.20 66,555,733 51,757,222 $ 073 $ 0.37 66,555,733 66,555,733 265.0% 97.3% 10
Slide 11: Sales by Segment — 1st Quarter
7 Sales by Segment — 1° Quarter in milions) Actuals Proforma FY2005 FY2004 %Change FY2004 —%Change Total U.S. Chicken $ 1,024.5 $ 743.9 37.7% $ 1,108.4 7.6% Total Mexico Chicken 96.9 89.0 8.9% 89.0 8.9% Total Chicken Sales = $ 1,121.4 $ 8329 34.6% $ 1,197.4 6.3% Total Turkey Sales 79.8 93.3 14.5% 93
Slide 12: Sales by Segment — 1st Quarter
7 Sales by Segment — 1° Quarter in milions) 4st Quarter Adj. Proforma Actual F¥2005 FY 2004* %Change Total U.S. Chicken $ 1,024.5 $1,029.3 0.5% Total Mexico Chicken 96.9 82.6 17.3% Total Chicken Sales $ 1,121.4 $ 1,111.9 0.9% Total Turkey Sales 79.8 86.6 -79% Sale of Other Products 167.0 199.1 “16.1
Slide 13: Summary Operating Results - Actual
te Summary Operating Results - Actual (In Milions) Sales: Chicken and Other Products: United States Mexico Sub Total Turkey Total Growth ‘Three Morths Ended TOFS QF Ya § 11099 § 8875 986 936 § 12085 § 9614 797 933 § 13682 § 1p4sa 31.0% Operating Income: Chicken and Other Products: United States Mesi
Slide 14: Summary Operating Results - Proforma
SM Summary Operating Results - Proforma in nitions) ‘st Quarter Rawal 1G FOS Proforma 10 FOS _Ag. 10 FO Sales: (Chicken and Other Products: United States S if § 13183 $ 12244 Mexico 985 935 6.9 Sub Tetal S tmes § tas S130 Tukey ror 933 265 Total 3 13882 § 18052 $ 13978 Growth “9.1% 255.5% ‘Operating
Slide 15: Results from Operations — 1st Quarter
SM Results from Operations — 1st Quarter Actual Proforma Ey2005 Ey2004 %Change Ey2004 Change Net Sales §13682 $1044 31.0% § 1505.2 -91% Net Income § 485 § 103 370.9% § 27 98.4% EBITDA § 1218 § 564 115.6% § 912 333% EPS § 073 $§ 0.20 265.0% § 037 973% EBITDA Reconciliation Net Income § 485 § 103 § UT
Slide 16: Long Term Debt
Long Term Debt Fiscal Quarter Ending FiccalYear Ending (Ginthoussnds} Jaman tober 2.2004 Fa rey Fal iy Malurty_Oustandng Available eat Maluity__ Outstanding avaible Te Serior ueecued rotes, intrest atasiex 2011 $0231 3 spi Zot § S038 F ns018 Serior ueecuted rotes,inkrest at 20130000 so0p00 201s teo.
Slide 17: Other Credit Facilities
Other Credit Facilities (Gin thousands) Domestic Revoing Credit aciy “LIBOR pus 0.575% Domestic Revohing Credit Facility {t LIBOR plus 1.00%, pavable Marico Revohing Credit city Total Revoling Creda aotibes Total Debt Reotivables Purchase Agreement Fisoal Quarter Ending FisealYear Ending January 1,
Slide 18: Capital Expenditures
a Capital Expenditures 120 100 80 60 40 20 BExpandon ons mMaintenance/other $79.6 $83.6 $83.2 $136 $13.6 $16.2 S266 $24.2 $650 $700 $670 $20.6 oe $14 $4.0 $192 SEE $202 1G F¥04—1QFYO4 Proforma 10 F¥OS FY04 FY O4Proforma «LTH ‘The Company projects FY 2005 capital expenditures of approximately $175 -
Slide 19: Summary Credit Ratios & Other Information
7 Summary Credit Ratios & Other Information FYE 2004 1Q 2004 102005 EBITDA! Interest Expense 7.18 454x 9.95x Adj. EBITDA}? Interest Exp. “ B.44x - - Total Debt! EBITDA 1.46x 3.61x 1.22x Net Debt EBITDA™ 1.36x 3.13x 0.83x Total Debt! Total Capital 71% 47.3% 36.5% Net Debt! Total Capital 36.4% 43.7% 2
Slide 20: Summary Credit Ratios & Other Information — Continued
—_———— Summary Credit Ratios & Other Information — Continued EBITDA Reconeliliation of FY2004 and LTM Periods EBITDA Proforrres LT um™ LI™ Fy2004 Ending 170304 Ending 103104 Ending 1701705 Net Income won 8 sam 8 come 8 05,068 A Income Tax Experee 20,105 ge 16.205 saz Interest experce, net 2.18 71388