Slide 1: Fiscal 2007 4th Quarter & Year-End Financial Results
Pilgrim’s Pride Corporation Fiscal 2007 4h Quarter & Year-End Financial Results November 13, 2007 ‘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: Market Indices Remain Above Five-year Moving Averages
Five-year Moving Averages UB Boneless Skinless Breast Meat Pricin Market Indices Remain Above their Respective UB Leg Quarter Pricing UB Georgia Dock Pricing eee Pal
Slide 4: Index of PPC's Basket of Commodity Exposures at All-Time Highs
Index of PPC’s Basket of Commodity Exposures at All-Time Highs Led by Agricultural Commodities, but Well-Supported by Energy Prices PPC Index of Commodity Exposures* 20 Basetne: January 2002 = 100 Weighted avg. basket including: Corn, Soybean Meal, Soft Wheat, Soy oif, #2 Diesel And Natural Gas 200
Slide 5: Actuals and Pro forma EPS
Actuals 4th Quarter Fiscal Year Pro forma 4th Quarter Fiscal Year Loss on Early Extinquishment of Debt 4th Quarter Fiscal Year Fy2007* Fy2006** %Change $ $ 0.50 $ (0.11) 0.71 $ (0.51) 0.50 $ (0.25) 0.17 $ (1.71) (0.11) NA (0.24) NA 554.5% 239.2% 300.0% 109.9% (©) Includes a change of $0.13 per share
Slide 6: Sales Segment — 4th Quarter
6 in 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 — 4th Quarter Actual Pro forma FY2007 FY2006 % Change FY2006 % Change $ 1,804.6 $ 1,059.1 704% $ 15986 12.9% 122.9
Slide 7: Sales Segment — Fiscal Year
Sales Segment — Fiscal Year (Bin milions) Actual Pro forma. Fy 2007 FY 2006 % Change FY2007 FY2006 % Change Chicken United States $ 63283 $ 40984 544% $ 68432 $6,1704 10.9% Mexico 488.5, A187 16.7% 488.5, A187 16.7% Total Chicken Sales 68168 4517.1 50.9% 73317 6,589.1 11.3% Total Turkey Sales 1224 1
Slide 8: Results from Operations — 4th Quarter
(Sin matons,exceptper share fours) EPS Net Sales Net Incame (Loss) EBITDA EBITDA Reconciliation Net (Loss) Income Add Incame tax (benefit) expense Interest expense, net Depreciation and amortization Minus Amortization of capitalized financing costs EBITDA - as reported EBITDA Margin -as reported Non
Slide 9: Results from Operations — Fiscal Year
Results from Operations — Fiscal Year Actual Proforma {Sin wins, exoptper sha ures) Ey2007 Ey2006 = %Change Ey2007 Ey2006 EPS $ O71 $ (051) 2392% $ oo17 $ 71) Net Sales $ 7,598.6 $52356 45.1% $ 81264 8 $ 73620 Net (Loss) Income $ 470 $ (84.2) 237.3% $ 108 $ (1139) EBITDA $ 4047 $ 1368 195.9% $ 4147)
Slide 10: Summary Operating Results — Actual
Summary Operating Results — Actual Sina ions) 4th Quarter Fiscal Year FY 2007 FY2006 FY2007 FY2006 Operating (Loss) Income: Chicken United States $ 913 $ 327 $ 1925 $ 286 Mexico 10.0, (78) 13.1 (18.0) Total Chicken 1013 249 205.7 10.6 Total Turkey (5.5) 04 (47) (15.5) Other Products United States 13
Slide 11: Summary Operating Results — Pro forma
Summary Operating Results — Pro forma Sina tions) 4th Quarter Fiscal Year FY2007 FY2006 FY2007 FY 2006 Operating {Loss} Income: Chicken’ United States $ 913 $ 385 $ 1593 $ (22.6) Mexico 10.0 (78) 13.1 (18.0) Total Chicken 1013 307 1724 (40.6) Total Turkey (5.5) 04 (4.7) (15.5) Other Products United
Slide 12: Long-term Debt
Long-term Debt ) Fiscal Guatter Ending Pro forma Fiscal Quatter Endina Girtrousands) September 23, 2007 December 30, 2006°° Final Faciity Final Facity Metuity Outstanding Available Total Maturity Outstanding Available Total Senior subordinated unsecured notes, at interest at 758% ants 400,000 4oqg00
Slide 13: Other Credit Facilities
Other Credit Facilities Fiscal Quarter Ending Proforma Fiscal Quarter Ending (Bin thousands) Septernber 29, 2007 Decerrher 30, 2008 Final Facility Final Facility Maturity Outstanding Available Total Maturity Outstanding Available Total Dorrestic Revowving Creait Fac ity at LIBOR plus 0.875% 2013 6 ~
Slide 14: Summary of Credit Ratios
Summary of Credit Ratios Fy2006 Fy2007 4QFYO7 = 3QFYO?7_ — 2QFYO?_ «= 1Q FYO7 EBITDA! Interest Expense (**) 3.37% 3.34x 4.86x 4.83x 0.83x 2.39x Adj. EBITDA ! Interest Exp. ("**) 3.53x 3.56x 5.26 4.83x 1.22 2.39x Total Debt ! EBITDA (*) 4.13% 3.26x - 5.46x 14.20% 7.80x Net Debt / EBITDA (*) 299x 3.10
Slide 15: Capital Expenditures
Capital Expenditures Million $ 240 220 200 180 160 140 120 100 80 HB BB Maintenance/other $234.3 eS 5 fficiency/Expansion $22.0 $20.3 agree = aq FYOE PF ag ror FY 06 FY 06 PF Fo? FYOTPF *The Company projects FY2008 capital expenditures of approximately $225 - $250 million 15
Slide 16: Appendix: Reconciliation of Non-GAAP Financial Results
Appendix Reconciliation of Non-GAAP Financial Results and Other Information ‘www. pilgrimspride. com
Slide 17: Appendix A — Reconciliation
Appendix A — Reconciliation Summary of Credit Ratios & Other Information EBITDA Reconciliations* FY2006 FY2007 Q4 FY2007 Net Income $ (34.282) 47017 $ 33,187 Addl Income Tax Expense (2,085) 44,590 34112 Interest expense, net 40,553 121,117 30,177 Depreciation and amortization 135,193 198,586 62,908
Slide 18: Appendix B — Reconciliation
Appendix B — Reconciliation Adjusted EBITDA 102006 202006 + «©3a2006 ~=— 442006 Fiscal Actual Actual Actual Actual Year Net Income (Loss) $25,678 $ (81,954) $(20.473) $ (7.483) | $ (84,232) Add Income Tax Expense (benefit) 10,962 (15,147) (17,501) 19,601 (2,085) Interest expense, net 8,448 10,057 11
Slide 19: Appendix C — Reconciliation
Appendix C — Reconciliation Adjusted EBITDA 1Q2007 202007 += 3Q2007_-=S 42007 Fiscal Actual Actual Actual Actual Year Net Income (Loss) $ (8,736) $ (40.077) $ 62,641 $ 33,189 |$ 47.017 Add Income Tax Expense (benefit) (5.764) (20,040) 36,282 34,112 44,590 Interest expense, net 12,605 37611 40,724 30
Slide 20: Appendix D — Reconciliation
Appendix D — Reconciliation Adjusted LTM EBITDA 402006 102007 202007» 3Q2007- [ LTMEnding Actual Actual Actual Actual 6/30/2007 Net Income (Loss) $ (7483) $ (8,736) $(40,077) $ 62,641 /$ 6,346 Add Income Tax Expense (benefit) 19,601 (5.764) (20,040) 36,282 30,079 Interest expense, net 10,580 12,605
Slide 21: Appendix E — Reconciliation
Appendix E — Reconciliation Adjusted LTM EBITDA 3a2006 402006 ©=1a2007 = 202007: [ LTMEnding Actual Actual Actual Actual 3131107 Net Income (Loss) $ (20,473) $ (7.483) $ (8,736) $ (40,077) |$ (76,769) Add Income Tax Expense (benefit) (17,501) 19,604 (5.764) (20,040) (23,704) Interest expense, net 11
Slide 22: Appendix F — Reconciliation
Appendix F — Reconciliation Adjusted LTM EBITDA 202006 © 302006 «= 4a2006 §=1a2007_[ LTMEnding Actual Actual Actual __ Actual 1280/06 Net Income (Loss) $ (31,954) $(20,473) $(7483) $(8.736) |$ (68,646) Add Income Tax Expense (benefit) (15,147) (17,501) 19,601 (5,764) (18,811) Interest expense, net 1
Slide 23: Appendix G - Reconciliation
Appendix G - Reconciliation 4th Qtr. F¥Y2006 Adjusted Earnings Per Share (S$ in thousands except per share figures) Withrepatriation © Remove repatriation Without repatriation tax effects tax effects tax effects Net Sales $ 1,338,398 § - $ 1,338,398 Costs and Expenses: Cost of sales 1,239,095 : 1,23
Slide 24: Appendix H - Reconciliation
(S inthousands except per share figures) Net Sales Costs and Expenses: Cost of sales Selling, general and administrative Operating income Other Expense (Income): Interest expense, net Foreign exchange gain Miscellaneous, net Income before income taxes Income tax expense Net income Net income per com
Slide 25: Appendix I - Reconciliation
($ in thousands except per share figures) Net Sales Costs and Expenses: Cost of sales Selling, general and administrative Operating income Other Expense {Income}: Interest expense, net Loss on early extinguishment of debt Foreign exchange gain Miscellaneous, net Income before income taxes Income tax
Slide 26: Appendix J - Reconciliation
Appendix J - Reconciliation FY2007 Adjusted Earnings Per Share (Sin thousands except per share figures) With loss on early Remove loss oneary Without loss on early extinguishment of debt extinguishment of debt _ extinguishment of debt Net Sales $ 7.59599 § - 8 7,538,599 Costs and Expenses: Cost of s