Slide 1: Overview of 2nd Quarter of Fiscal 2005 vs Fiscal 2004
te Pilgrim’s Pride Corporation Overview of 2"? Quarter of Fiscal 2005 vs Fiscal 2004 April 25, 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-looking stafements. itis important to note tha
Slide 3: U.S. Meat Supply Growth — Remains Nominal
SM U.S. Meat Supply Growth — Remains Nominal % % % 2002 2003 Change _2004 Change 2005P Change Beef 27990 «28234 -3% «= BAA 8% «= 25.289 3% Pork 19664 19945 1% 20508 3% 20643 1% Total Red Meat 46754 46,179 -1% «= A552 --2% = 45932 2% Chicken 32240 «32749 «2% «= S40B3 4% «= «35732 5% Turkey 5 B60 5589
Slide 4: U.S. Per Capita Consumption
SM U.S. Per Capita Consumption % % % 2003 2004 Change __2005P__Change ©_2006P_Change_ Beet 64.9 664 1.8% 67.9 21% 625 8.0% Pork 51.8 61.3 1.0% 50.4 1.8% 51.5 2.2% Total Red Meat 116.7 74 0.6% 118.3 0.8% 1140 -3.6% Chicken 83.0 864 3.1% ard 1.8% a4 1.9% Turkey a4 17.0 __-2.3% 16.7 1.8% 173 3.6% Total
Slide 5: Top US Chicken Export Markets
7 Top US Chicken Export Markets 2000 2001 2002 2003 2004 2005p ibs ibs sibs SSCS DCIS MIDE bb AD Rusia! 1262 247% BI AAS «SAT ILE MSR 794M 150 SHH 1515 2900% Hong Kong O18 17.99% 70 13.50% os 126% MO G2 25 47% 209 SET Mexico? 351 6.8% BG. BE% a a ee eS eC} China F 1 2.6% 108 1.91% 73 1% = a8 3% OTe
Slide 6: U.S. Industry Outlook
7 U.S. Industry Outlook = Pricing environment during (vs. prior year periods): 2! Qtr FYO5S 2"! Qtr YTD FYO5 oO Darkmeat > -10.26% to $0.30/Ib. -3.99% to $0.30/Ib. oO Wings > -2.31% to $1.15ilb. +4.93%, to $1.07/b. O Breast Meat > 17.66% to $1.54 /Ib. 15.34% to $1.44/lb. O GADock > +2.93% to $0.74/I
Slide 7: Earnings per Share
te Earnings per Share FY2005 FY2004 %Change Actuals 2nd Quarter $ 085 $ 0.50 70.0% 2nd Quarter Year to Date $ 158 $ 0.73 116.4% Proforma 2nd Quarter Year to Date $ 158 $ 0.87 81.6%
Slide 8: Sales by Segment — Actual
SM Sales by Segment — Actual in milions) 2nd Quarter 2nd Quarter YTD. % FY2005 FY2004 _ Change FY 2005 FY2004 _%Change. Total U.S. Chicken $1,0908 $1,068.2 21% $21153 $18122 16.7% Total Mexico Chicken 90.9 89.0 2.1% 187.8 AES 5.6% Total Chicken Sales $11817 $1,157.2 21% $ 2,303.1 $1,990.41 15.7% Tot
Slide 9: Sales by Segment — 2nd Quarter YTD
7 Sales by Segment — 2" Quarter YTD in milions) Actual Proforma Adj. Proforma* FY2005 FY2004 %Change_ FY 2004 %Change Total U.S. Chicken $ 2,115.3 $2,176.7 -2.8% $2,097.4 0.9% Total Mexico Chicken 187.8 177.9 5.6% 171.6 94% Total Chicken Sales $2,303.1 $2,354.6 -2.2% § 2,269.0 1.5% Total Turkey Sale
Slide 10: Chicken Sales - Actual
—_———— Chicken Sales - Actual (Bin mons) 2nd Quarter 2nd Quarter YTD FY2005 — FY2004 %Change Fy2005 FY2004 %Change Prepared Foods: Foodservice $ 4150 $ 4103 11% $ 8137 $ 8980 16.9% Retail 68.0 56.0 21.4% 130.8 108.6 20.0% Total Prepared Foods 483.0 486.3 3.6% 944.0 8048 © 17.3% Fresh Chicken Foodser
Slide 11: Chicken Sales — 2nd Quarter Proforma YTD
7 Chicken Sales — 2"? Quarter Proforma YTD in mitions) Fy2005 Fy2004 % Fy2004* Actual Proforma _ _Change Adj Proforma _% Change United States Prepared Foods: Foodservice § 8187 § 87 09% § 7913 2.8% Retail 1303 1214 7.3% 116.8 11.6% Total Prepared Foods 944.0 942.1 0.2% 908.1 4.0% Fresh Chicken Foods
Slide 12: Summary Operating Results - Actual
—_———— Summary Operating Results - Actual ($ In Millions) Three Months Ended Six Months Ended 2QFY05 2QFYD4 2QFYO5 20 FY04 Sales: Chicken and Other Products United States $ 1.2389 $ 12350 $ 24288 $ 2,092.4 Mexico 99.4 95.8 197.7 189.4 Sub Total $ 13380 $ 13308 $ 26285 $ 22818 Turkey 37.3 541 7A 147.
Slide 13: Summary Operating Results
7 Summary Operating Results Proforma Adj. Proforma ($ in millions) Six Months Ended Six Months Ended 2QFYO5 20 FYO4 2QFYOS 2QFYO4 Sales: Chicken and Cther Products United States $ 24288 $ 2,553.2 $ 24288 $ 2,459.1 Mexico 197.7 1994 197.7 182.7 Sub Total $ 26265 $ 2.7428 $ 26265 $ 26418 Turkey 74 147
Slide 14: Results from Operations — 2nd Quarter
te Results from Operations — 2" Quarter Actual EY2005 FY2004 — 9%Change Net Sales $ 13753 $ 13849 -07% Net Income $54 30 70.9% EBITDA $ 1931 $ 92.7 43.8% EPS $085 $ o50 © 70.0% EBITDA Reconciliation Net Income $584 $ 330 Add: Incorre Tax Expense 342 13.6 Interest expense, net 93 13.8 Depreciation an
Slide 15: Results from Operations — Quarter YTD
SM Results from Operations — 24 Quarter YTD (Ginmllons except per share fgues) Actual Proforma Ey20ns Fy2004 %Change Ey20D4 %Change Net Sales §27436 $24293 129% §28901 5.2% Net Income § 1049 § 432 1428% § 577 828% EBITDA § 247 § 1491 708% § 1838 369% EPS § 158 § 073 116.4% § 087 816% EBITDA Reconcil
Slide 16: Long Term Debt
Long Term Debt (Sinthousands) Senior unsecured notes, irtrest at 9 78% Senior unsecured nots, irarest a 36% Note payable fo anireuranoe como ary 3t6.80% Nols payable anireuranoe comp ry atUBOR plus 22078% Revohing trmicredifaciy at LUBOR plus 1 00%6 Industalrevenue bond avaiable rate Inductiatrevenu
Slide 17: Other Credit Facilities
Other Credit Facilities (Sinthousands) DomestoRevohing Credit Faciy “LIOR plis 0.375% DomestoRevohina Credit Faciy “HLIBOR plis 100% Medco Revohing Credit Faclity Total levohing Credit Facies Total Debt Receivables Purchase Agreement Fiscal Quarter Ending Fiscal Year Ending ‘April2, 2006 Ooteber2, 2
Slide 18: Summary Credit Ratios & Other Information
7 Summary Credit Ratios & Other Information FYE 2004 202004 202005 6-MoFY04 6-MoFYOS EBITDA? Interest Expense 7.15 14.29x 5.74x 11.83x Total Debt? EBITDA F} 1.46x 2.11 1.11x Net Debt! EBITDA (*) 1.36x 1.95x 0.80x Total Debt! Total Capital 37.1% 43.7% 34.1% Net Debt?! Total Capital 365.4% 41.8% 27.2%
Slide 19: Summary Credit Ratios & Other Information — Continued
7 Summary Credit Ratios & Other Information — Continued EBITDA Recontiliation of FY2004 and LTM Periods EBITDA Proform LT LI™ umm F204 Ending 4703104 Ending 4m304__Ending 410205 Net Inoome mes F ea 8 e728 so0,cc2 A Income Tax Expene 80,195, rad 21608 seaee8 Interest expense, net a2 Ce onset 47.708,
Slide 20: Capital Expenditures
a Capital Expenditures 120 100 40 Million $ ‘mEXpansion = Maintenance/Other r $91.8 $03.6 $13.4 $136 $20.0 $19.4 | Gs $15.0 zQFw4 = 2 FY0S—G-AMoF¥04 Fro om ‘The Company projects FY 2005 capital expenditures of approximately $180 - $175 million (approximately §90 milion will be us Proforma maintenanc
Slide 21: Other Information
i Other Information
Slide 22: Turkey Sales - Actual
7 Turkey Sales - Actual in millions) 2nd Quarter 2nd Quarter YTD FY2005 FY2004 %Change FY2005 FY2004 %Change Prepared Foods: Foodservice $175 $ 174 0.6% $426 $ 433 1.6% Retail 8.2 V7 6.5% 17.3 15.9 8.8% Total Prepared Foods 25.7 25.1 24% 59.9 59.2 1.2% Fresh Turkey Foodservice 39 8.1 -§1.9% 7.2 18.4
Slide 23: Turkey Sales — Adjusted YTD
SM Turkey Sales — Adjusted YTD Ginmilons) Adj. Profoma* Actual 2005, Fy2004 % Change Prepared Foods Foodservice $ 426 $ 415 2.7% Retail 17.3 153 13.1% Total Prepared Foods 59.9 56.8 5.5% Fresh Turkey Foodservice 72 177 -59.3% Retail 485 61.2 -20.8% Total Fresh Turkey 55.7 78.9 -29.4% Export and Oth
Slide 24: Sales by Segment — 2nd Quarter YTD
SM Sales by Segment — 2" Quarter YTD 12004 1o2004* 2e2004 Fy2004* Proforma Adj, Profonma Actual Adj Profonna Total U.S. Chicken $1,108.4 $1,029.2 $1,068.2 $2,097.4 Total Mexico Chicken 88.9 82.6 89.0 171.6 Total Chicken Sales $ 11973 $ 11118 $ 116572 $ 2,269.0 Total Turkey Sales 93.4 86.7 54.1 140.8
Slide 25: Chicken Sales — 2nd Quarter Proforma YTD
7 Chicken Sales — 2"¢ Quarter Proforma YTD Reconciliation of 2004 Adjusted Proform: in milions) 102004 192004" 202004 Fy2004" Proforma Adj. Proforma Actual Adj. Proforma United States Prepared Foods: Foodservice 8 03° § seo § 03 § 7913 Retall 655 08 56.0 1168 Total Prepared Foods 4758 4418 4663 908.
Slide 26: Summary Operating Results
7 Summary Operating Results Reconciliation of 2004 Adjusted Proforma inmiions) 1q2004 1q2004* 202004 Fy2004" Proforma Adj. Proforma Actual Adj. Proforma Sales: Chicken and Other Products: United States $ 13183 0 $ (1,224.1 $1,235.0 $ 2459.41 Mexico 93.5 86.9 95.8 1827 Sub Total $ Tas $ Taio $ras08 S
Slide 27: Turkey Sales — Adjusted YTD
Turkey Sales — Adjusted YTD Reconciliation of 2004 Adjusted Proforma io mitons) 102004 12004" 202004 Fy2004* Proforma Adj. Proforma Actual Adj. Proforma Prepared Foods: Foodservice $ 26.0 $ 241 $ 74 $ 415 Retail 8.2 7.6 iad 15.3 Total Prepared Foods 34.2 307 25.1 56.8 Fresh Turkey Foodservice 10.4 9