Slide 1: Fiscal 2008 1st Quarter Financial Results
Pilgrim’s Pride Corporation Fiscal 2008 1st Quarter Financial Results January 29, 2008 ‘www. pilgrimspride. com
Slide 2: Cautionary Notes and Forward-Looking Statements
Cautionary Notes and Forward-Looking Statements Statements contained in this presentation that state the intentions, plans, hopes, belief, anticipations, expectations or predictions of the future of Pilgrim's Pride Comoration and its management, including as ta the expected benefits and synergies as
Slide 3: Overview — Fiscal 1st Quarter 2008
Overview — Fiscal 1st Quarter 2008 1st quarter 2008 net loss per share of ($0.49), a $0.15 improvement vs. last year pro forma net loss of ($0.64) per share* — Includes a non-recurring income tax expense of approximately $13 million, or $0.20 per shate, related to an adjustment in deferred taxes as
Slide 4: 1st Quarter 2008 Market Pricing Shows Strong Year-over-Year Improvements
UB Boneless Skinless Breast Meat Pricin UB Leg Quarter Pricing 1st Quarter 2008 Market Pricing Shows Strong Year-over- Year Improvements —— ———— | ae = Gs cee ag et bine UB Wing Pricing UB Georgia Dock Pricing is = i ase ee i SSE we - =e oo nan 49 ur Psi viene A wee ee a ee ‘aro amroge Hough Janany
Slide 5: Sales Segment — 1st Quarter
im mitions) Chicken: United States Mexico Total Chicken Sales Total Turkey Sales Sale of Other Products: United States Mexico Total Sale of Other Products Total Net Sales Sales Segment — 18 Quarter Actual Pro forma Fy2008 Fy2007 % Change FY2007 % Change $ 1,728.1 $ 1,030.9 67.6% $ 1,545.9 11.8% 121.
Slide 6: Results from Operations — 1st Quarter
Results from Operations — 18* Quarter Actual Pro forma (Bin itkons.exeentper share gure) FY 2008* FY2007 %Change FY2007 % Change EPS $ (049) $ (0.13) 2769% $§ (064) 23.4% Net Sales $2,093.2 $1,337.1 56.5% $1864.9 12.2% Net Income (Loss) $ (323) $ (87) -2713% $ (429) 24.7% EBITDA $ 602 $ 301 1000% $
Slide 7: Summary Operating Results — 1st Quarter
@ in mittons) Operating Income (Loss): Chicken United States Mexico Total Chicken Total Turkey Other Products: United States Mexico Total Other Products GAAP Operating Income (Loss): Operating Margin Summary Operating Results — 1st Quarter Actual Pro forma FY2008 FY2007 FY2007 $ (191) $ (114) $ (42.
Slide 8: Long-term Debt
Long-term Debt Gintrousands) December 29, 2007 September 29, 2007 Final Facilty Final Facility Maturity Outstanding Available Total Maturity Outstanding __Avaitable Total Senior subordinated unsecured notes, at interest at 7 5'8% m5 400,000 aqpoo 2018 400,000 400 poo Senior subordinated notes, inter
Slide 9: Other Credit Facilities
Other Credit Facilities (Sia thousands) December 23, 2007 September 29, 2007 Final Fecity Final Fecity Maturity Outstanding Available sid Maturity Outstanding Available sk Domestic Revolving Credit Facity fat LIBOR plus 0.75% to LIBOR plus 1.75% 213g 86500 § 126,900 $300,000 23g = 215,193 § 300,000
Slide 10: Summary of Credit Ratios
Summary of Credit Ratios FY2007 LTM 12729707 1QFYO?7 1Q FYOB EBITDA/ Interest Expense (*) 3.34x 3.14x 2.39x 2.02x Adj. EBITDA / Interest Exp. (“) 3.56x 3.33x 2.39x 2.02x Total Debt/ EBITDA (*) 3.26x 3.24x * 7 Net Debt /EBITDA (*) 3.10x 3.02x 3 Total Debt? Total Capital 530% 55.3% 39.3% 55.3% Net Deb
Slide 11: Capital Expenditures
Capital Expenditures Million $ laintenance/Other fficiency/Expansion 240 5 $39.4 $427 $18.7 $23 $255 $24.0 rq FvO7 ‘10 Fro? PF 1 Fvos Fror FY 07 PF LIM 12907 *The Company projects FY2008 capital expenditures of approximately $225 - $250 million “
Slide 12: Corn and Meal prices have exploded on acreage battles and demand
Corn and Meal prices have exploded on acreage battles and demand 360 820 5 Weekly CBOT Prices soo + Corn (cents/bu.) 340 Soybean Meal ($/ton) 480 + 320 Since November Investor Call 11/13/07: 460 5 Corn +$1.27/bu. + 300 EB aso Meal +$51.60/ton 2 280 ¢ 260 8 + 240 + 220 200 180 $ POP PPP OPE POE EL OF
Slide 13: Appendix: Reconciliation of Non-GAAP Financial Results and Other Information
Appendix Reconciliation of Non-GAAP Financial Results and Other Information ‘www. pilgrimspride. com
Slide 14: Appendix A — Reconciliation
Appendix A — Reconciliation Summary of Credit Ratios & Other Information EBITDA Reconciliations” LTM Ending LTM Ending FY2007 12130106* 1229107" Net Income $ any $ (8646) $ 23,424 Ade: Income Tax Expense 44,590 (18,811) 58,128 interest expense, net 121,117 44,710 138,838 Depreciation and amortizatio
Slide 15: Appendix B — Reconciliation
Net Income (Loss) Add Income Tax Expense (benefit) Interest expense, net Depreciation and amortization Minus: Amortization of capitalized financing costs EBITDA Adjustments: Loss on early extinguishment of debt Adjusted EBITDA Appendix B — Reconciliation Adjusted EBITDA 102007 202007» 302007. «= 420
Slide 16: Appendix C — Reconciliation
Appendix C — Reconciliation Adjusted LTM EBITDA 202006 302006 ©=4a2008 = 102007 _[ LTMEnding Actual Actual Actual __ Actual 12/30/06 Net Income (Loss) $ (31,954) $(20473) $(7483) $(8.736) |$ (68,646) Add Income Tax Expense (benefit) (15,147) (17501) 19,601 (5,764) (18,811) Interest expense, net 10,0
Slide 17: Appendix D — Reconciliation
Appendix D — Reconciliation Adjusted LTM EBITDA 202007 = 3a2007 «4Q2007 = 142008 [ LTMEnding Actual Actual Actual Actual 12/29/07 Net Income (Loss) $ (40,077) $ 62641 $ 33189 $(82,829)|$ 23,424 Add Income Tax Expense (benefit) (20,040) 36,282 34,112 TTT4 58,128 Interest expense, net 37,611 40,723 30