JBS : ANNOUNCES US$2.0 BILLION IN LIABILITY MANAGEMENT

MATERIAL FACT

JBS ANNOUNCES US$2.0 BILLION IN LIABILITY MANAGEMENT

JBS S.A. (B3: JBSS3, OTCQX: JBSAY, "JBS") communicates to its shareholders and

the market in general, in accordance with the terms of the Brazilian Securities and Exchange Commission Instruction No. 358, dated January 3, 2002, that through its wholly owned subsidiary JBS Investments II GmbH, issued and priced unsecured senior notes in the total principal amount of US$750 million, with an interest rate of 5.75%

maturing in 2028 ("2028 Notes").

Additionally, JBS USA, through its wholly owned subsidiaries JBS USA Lux S.A., JBS USA Finance, Inc. and JBS USA Food Company, issued and priced unsecured senior notes in an aggregate principal amount of US$1.25 billion, with an interest rate of 5.50%

maturing in 2030 ("2030 Notes" and, jointly with the 2028 Notes, the "Notes").

The Notes will be guaranteed by JBS and are part of its liability management strategy. The Company opted to increase the initial amount of both Notes, due to a combined demand of more than four times the initial offer amount.

Net proceeds from the transactions will be used to prepay two senior notes of JBS S.A. The first tender offer will be up to US$350 million of the outstanding amount of the 6.25% per annum senior notes maturing in 2023 and the second tender offer will be for the full amount of the US$750 million 7.25% per annum senior notes maturing in 2024. The remainder of the proceeds will be used to amortize debt with shorter-term maturity, including debt related to the Normalization Agreement.

São Paulo, July 23rd, 2019

Guilherme Perboyre Cavalcanti

Investor Relations Officer

The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States or to any U.S. persons absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes are being offered only to "qualified institutional buyers" under Rule 144A of the Securities Act or, outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act.

This release does not constitute an offer to sell, or a solicitation of an offer to sell or buy any securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.