3rd Quarter 2009 Results

JBS S.A.
November 12th, 2009
Investor Relations Contact
Jeremiah OCallaghan: IR Officer
E-mail: ir@jbs.com.br Phone: +55 (11) 3144-4055 Website: www.jbs.com.br/ir

3Q09 Conference Call

Date: Monday, November 16 , 2009 Portuguese: 9:30am (Brazil time) 06:30am (New York time) Phone: +55 (11) 4688 - 8128 No code required English: 12:00pm (Brazil time) 9:00am (New York time) Phone: +1 (877) 554- 2421 No code required
th

In God we trust, Nature we respect

3rd Quarter 2009 Results

In God we trust, Nature we respect

So Paulo, November 12th, 2009 JBS S.A. (JBS) (Bovespa: JBSS3), the worlds largest producer and exporter of beef and beef products announces today its third quarter results for 2009 (3Q09). For purposes of analysis, this report considers the results for the quarter ended June 30, 2009 (2Q09) and September 30, 2008 (3Q08). The consolidated results of JBS are presented in Brazilian Reais (R$) and when separately analyzed each business unit reports its results in the currency of the country in which it operates. The operations of JBS Australia are an integral part of the subsidiary JBS USA and both results refer to the period of 13 weeks ended September 27, 2009 (3Q09).

HIGHLIGHTS
Net profit of R$151.5 million in the quarter. 7.8% net revenue growth, from R$7,771.5 million in 3Q08 to R$8,379.9 million in 3Q09. Operating cash flow of R$317.8 million in the quarter. Despite relevant productivity gains in international operations, the impact of the global crisis in important consumer markets resulted in margin contractions. Efficient working capital management. Announcement of the association with Bertin S.A. and acquisition of Pilgrims Pride Corp. Agreement reached with the Non-governmental organization Greenpeace to respect society and the environment.
R$ million Net Revenue Cost of Goods Sold EBITDA JBS USA Beef (US$) JBS USA Pork (US$) INALCA JBS (Euro) JBS Brasil (R$) JBS Argentina ($ Pesos) Consolidated EBITDA EBITDA margin Net financial income (expense) Net Income (Loss) Net Debt/EBITDA Earnings per Share 108.4 15.3 9.7 94.6 -89.1 291.9 3.5% 7.8 151.5 3.3x 0.11 104.6 24.7 6.6 99.4 -29.2 384.0 4.1% -33.6 172.7 2,6x 0.12 3.6% -38.1% 46.6% -4.8% -24.0% -123.2% -12.3% 140.1 52.6 7.6 95.6 20.7 474.9 6.1% 408.7 694.0 2,3x 0.49 -38.5% -98.1% -78.2% -22.6% -70.9% 27.6% -1.1% 272.7 47.5 21.9 274.5 -151.0 887.4 3.3% -472.4 1.6 3.3x 0.00 259.5 88.1 21.6 300.7 -4.4 898.3 4.3% -129.9 322.9 2,3x 0.23 263.5% -99.5% -99.5% -1.2% 5.1% -46.1% 1.4% -8.7% 3Q09 8,379.9 -7,635.3 2Q09 9,255.0 -8,397.5 % -9.5% -9.1% 3Q08 7,771.5 -6,830.5 % 7.8% 11.8% 9M09 26,902.9 -24,542.7 9M08 20,707.1 -18,565.9 % 29.9% 32.2%

3rd Quarter 2009 Results

MESSAGE FROM THE PRESIDENT

As we progress through 2009 we see signs of gradual improvements in the financial crisis that hit us late last year. Throughout the North American and European summer, animal protein consumption remained below pre-crisis levels, although we can identify some signs of an improvement in these markets. Additionally, with incentives such as Cash for Clunkers in the US, we saw the automobile industry revive the leather industry, an important byproduct for the company. All in all, things are looking brighter as we move forward, although at a very gradual pace. Looking at each market specifically, we regret the fact that our Argentine operation is taking longer than expected to return to profitability but we are absolutely certain that we have taken the best steps to revival. The new management has demonstrated great ability in getting us on track towards running a successful business in that country. Notwithstanding the delay in the release of the Hilton Quota (which represents a relevant part of our business in that country) and the slump in exports of cooked frozen beef from Argentina to traditional customers, we expect a gradual improvement in our domestic distribution while we dedicate increasing efforts to a profound internal restructuring. We, thus, remain confident that we will soon reach the point where our Argentine business will prosper and recuperate its fundamentals. Brazil has demonstrated it is a robust economy in the face of global weakness. Per capita income continues to grow and with it, beef consumption. Our confidence in the strength of this market is helping shape our renewed sales and distribution network, so that, in time, we expect to be closer and closer to the end consumer. On the flip side, the export side of the business continued to suffer from: 1) a strong Real, 2) global crisis and 3) limited exports to Europe. The reduction in our SG&A in the US (and Australian) operations demonstrates that we have made the profound adjustments necessary to be an efficient processor in that market. As drop credits recover (particularly hides) and as consumption gradually picks up, next year promises to look better. It is worth mentioning, however, that there was a slight deterioration in the Australian operations, as approximately 70% of the revenues in that country come from exports and the Australian dollar appreciated considerably during this quarter. Additionally, a significant portion of its exports goes to developed markets such as Japan, which are still experiencing the impacts of the financial crisis. In Europe our Italian JV with Cremonini Group continues to perform well regardless of the recession in the euro zone. The weakness in sales of high value products was amply offset by strong sales in our African depots and as our Russian operation starts up, revenues and margins look to improve in 2010. Much was said about sustainability in the past months. As long-term investors in our sector, we have always given priority to the sustainable pillars of our business. The public commitments we have made to society and, particularly, to the communities where we operate are public manifestations of our priorities. Let there be no doubt, JBS is a leading supporter of measures that preserve our land and our society and, as such, we will be in Copenhagen next month as flag bearers.
2

3rd Quarter 2009 Results

We have recently announced two major transactions, and both are on track to be completed as planned. These deals, once approved by the respective regulators, will help improve our efficiency, thus serving the needs of both suppliers and consumers. As we look to the next phase of building a downstream distribution platform, reaching out to end consumers with a diverse range of animal protein, the dream to become a truly global reference in our sector becomes ever closer. I believe that people make companies and companies make markets. Let me close by paying homage to the tireless dedication of our collaborators the world over, the foundation of our Company. Thank you all for your efforts. I count on you as we move forward together, respecting nature and trusting in God. Joesley Mendona Batista President

3rd Quarter 2009 Results

ANALYSIS OF THE CONSOLIDATED RESULTS

Consolidated analysis of the principal operational indicators of JBS
R$ million Net Revenue Cost of Goods Sold Gross Income Gross Margin Selling Expenses General and Adm. Expenses Net Financial Income (expense) Goodwill Amortization Non-recurring Expenses Operating Income Income and social contribution taxes Minority Interest Net Income (Loss) EBITDA EBITDA margin 3Q09 8,379.9 -7,635.3 744.6 8.9% -383.0 -150.5 7.8 0.0 -0.8 218.1 -66.1 -0.4 151.5 291.9 3.5% 2Q09 9,255.0 -8,397.5 857.5 9.3% -394.9 -177.9 -33.6 0.0 11.9 263.0 -90.4 0.1 172.7 384.0 4.1% % -9.5% -9.1% -13.2% -3.0% -15.4% -17.1% -26.8% -12.3% -24.0% 3Q08 7,771.5 -6,830.5 941.0 12.1% -402.4 -120.8 408.7 -44.7 -31.2 750.5 -56.9 0.4 694.0 474.9 6.1% % 7.8% 11.8% -20.9% -4.8% 24.6% -98.1% -97.5% -70.9% 16.2% -78.2% -38.5% 9M09 26,902.9 -24,542.7 2,360.2 8.8% -1,192.4 -543.7 -472.4 0.0 10.5 162.2 -161.3 0.6 1.6 887.4 3.3% 9M08 20,707.1 -18,565.9 2,141.2 10.3% -1,069.3 -342.6 -129.9 -134.2 -27.6 437.6 -115.6 0.9 322.9 898.3 4.3% % 29.9% 32.2% 10.2% 11.5% 58.7% 263.5% -62.9% 39.5% -32.9% -99.5% -1.2%

Number of Head Slaughtered and Sales Volume

3Q09 Heads slaughtered (thousand) Cattle Pork Smalls Volume Sold (thousand tons) Domestic Market Fresh and Chilled Beef Processed Beef Others Exports Fresh and Chilled Beef Processed Beef Others TOTAL 1,387.1 1,232.9 32.1 122.1 415.4 391.1 20.9 3.4 1,802.5 1,374.5 1,223.8 30.6 120.1 469.0 444.2 23.1 1.8 1,843.5 0.9% 0.7% 4.8% 1.6% -11.4% -11.9% -9.4% 92.7% -2.2% 1,148.3 991.0 31.2 126.1 457.1 429.3 24.2 3.6 1,605.4 20.8% 24.4% 2.9% -3.2% -9.1% -8.9% -13.5% -5.1% 12.3% 4,134.9 3,701.5 93.8 339.6 1,306.9 1,232.0 64.9 9.9 5,441.8 3,230.8 2,832.0 92.3 306.4 1,314.2 1,232.1 74.0 8.1 4,545.0 28.0% 30.7% 1.6% 10.8% -0.6% 0.0% -12.3% 22.1% 19.7% 3,258.9 3,160.9 644.8 3,324.3 2,941.9 593.9 -2.0% 7.4% 8.6% 2,954.4 3,124.2 528.8 10.3% 1.2% 21.9% 9,640.2 9,079.7 1,922.1 8,067.8 9,238.9 1,046.9 19.5% -1.7% 83.6% 2Q09 % 3Q08 % 9M09 9M08 %

JBS ended 3Q09 with a revenue growth of 7.8% y-o-y, mainly due to the acquisition of Smithfield Beef in 2008, partially offset by adverse market conditions as a consequence of the global crisis that started in 4Q08. EBITDA contracted 38.5% y-o-y, from R$474.9 million in 3Q08 to R$291.9 million in 3Q09, although the 3Q08 represents a comparison base atypically strong (pre-crisis period). In spite of adverse conditions in our business units in Australia, Argentina and in the US pork segment, EBITDA margin reached 3.5% in quarter. On a q-o-q comparison, the 9.5% revenue decline was mainly a result of the Real appreciation versus the US Dollar. In US$, our revenues were fairly in-line with last quarters, reaching
4

3rd Quarter 2009 Results

US$4,486.8 million in Q3 versus US$4,460.7 million in Q2. Gross margin contracted from 9.3% in 2Q09 to 8.9% in 3Q09. The USD devaluation and a decline in sales prices negatively impacted JBS consolidated EBITDA in 3Q09, which reached R$291.9 million, versus R$384.0 million in 2Q09. EBITDA margin contracted from 4.1% in 2Q09 to 3.5% in 3Q09, mainly due to one-off expenses in Argentina, but also to a deterioration in Australian export sales and US Pork markets. As a result, JBS obtained a net income of R$151.5 million in the period, a 12.3% reduction when compared with the previous quarter.
Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ million)

6.1%

4.1%
2.8%
474.9
384.0

3.5%

2.3%

265.9

291.9 211.5

24.0

-3.8%

-0.1%

-9.5% -44.0% -20.4% 81.6% -24.0%

3T08
Source: JBS
EBITDA Margin (%)

4T08

1T09

2T09

3T09

Operating Cash Flow For the second quarter consecutive, the Company generated positive operating cash flow of more than R$300 million.

CASH FLOW EBIT taxes NOPLAT Depreciation Gross Cash Flow Working Capital Variation CAPEX OPERATING CASH FLOW

3Q09 210.3 -66.1 144.1 81.6 225.8 326.5 -234.4 317.8

2Q09 296.6 -90.4 206.2 87.4 293.6 316.5 -288.0 322.2

Var.% -29.1% -26.8% -30.1% -6.7% -23.1% 3.2% -18.6% -1.3%

3rd Quarter 2009 Results

Indebtedness

R$ Million Net debt Cash and cash equivalents Current Long term Gross debt Net Debt/EBITDA*
* Last 12 months till 09/2009

09/30/09 3,841.9 2,035.3 2,437.4 3,439.7 5,877.1 3.3x

06/30/09 3,927.7 2,298.7 2,411.9 3,814.5 6,226.4 2.6x

Var.% -2.2% -11.5% 1.1% -9.8% -5.6%

Despite a reduction in our net debt, the net debt / EBITDA ratio increased from 2.6x in 2Q09 to 3.3x in 3Q09, reflecting the EBITDA decline when compared with 3Q08. The company expects EBITDA growth to resume in 4Q09 (as the global crisis affected our results in 4Q08) and, as a consequence, projects a reduction in leverage levels by the end of the year. Long-term debt declined 9.8% in the period, mostly impacted by the Real appreciation versus the USD, compensating a reduction of 11.5% on the companys cash position. JBS maintained a similar debt profile when compared with 2Q09. Short-term debt rose slightly from 39.0% of total debt in 2Q09 to 41.0% in 3Q09.

100%

80%

53% 61% 60%

59%

40%

20%

47%

39%

41%

0% 1Q09 2Q09
Short term Long term

3Q09

Source: JBS

3rd Quarter 2009 Results

ANALYSIS OF RESULTS BY BUSINESS UNIT

The Beef Business Unit of JBS USA - 64% of JBS S.A.s net revenue, including JBS Australia
Net revenues of JBS USA beef business decreased by 1.7% when compared to the previous quarter, from US$2,891.8 million in 2Q09 to US$2,843.3 million in 3Q09. EBITDA margin increased from 3.6% in the 2Q09 to 3.8% in the 3Q09. In spite of adverse conditions presented in the domestic market, the Company maintained the levels of revenue and EBITDA through SG&A reduction, in addition to a decline in cattle prices. JBS Australia operations were deeply impacted in the period due to the financial crisis in important markets, such as Japan, which represents around 40.0% of Australian exports, and the appreciation of the Australian Dollar vis--vis the USD. Highlights (Numbers are in BRGAAP until 12/31/08. From 1Q09 onwards, numbers are in USGAAP)
US$ million Heads slaughtered (thousand) Net Revenue EBITDA EBITDA margin % 3Q09 2,044.6 2,843.3 108.4 3.8% 2Q09 2,097.5 2,891.8 104.6 3.6% % -2.5% -1.7% 3.6% 3Q08 1,680.2 2,686.1 140.1 5.2% % 21.7% 5.9% -22.6% 9M09 6,121.4 8,415.3 272.7 3.2% 9M08 4,847.4 7,251.2 259.5 3.6% % 26.3% 16.1% 5.1%

Breakdown of Net Revenue

Domestic Market Net Revenue (US$ million) Volume (thousand tons) Average Price (US$/Kg) Exports Net Revenue (US$ million) Volume (thousand tons) Average Price (US$/Kg) 3Q09 2,075.8 767.5 2.70 3Q09 767.5 272.1 2.82 2Q09 2,199.3 778.4 2.83 2Q09 692.5 311.2 2.23 % -5.6% -1.4% -4.3% % 10.8% -12.6% 26.7% 3Q08 1,827.9 575.0 3.18 3Q08 858.2 281.8 3.05 % 13.6% 33.5% -14.9% % -10.6% -3.4% -7.4% 9M09 6,425.2 2,362.0 2.72 9M09 1,990.1 866.6 2.30 9M08 5,013.3 1,668.9 3.00 9M08 2,237.9 813.1 2.75 % 28.2% 41.5% -9.4% % -11.1% 6.6% -16.6%

3rd Quarter 2009 Results

The Pork Business Unit of JBS USA - 12% of JBS S.A.s net revenue JBS USAs pork division posted net revenues of US$559.3 million in the period, 1.0% higher in comparison with 2Q09s revenues of US$553.8 million. EBITDA margin declined from 4.5% in 2Q09 to 2.7% in 3Q09. This variation reflects a seasonal production volume increase combined with a decrease in selling prices due to oversupply of raw material and weaker market conditions. Regarding exports, there was a strong decline in both pricing and volumes on a y-o-y basis, reflecting the global crisis, which is still affecting in some relevant markets, and the adverse effects arising from the outbreak of swine flu. Highlights (Numbers are in BRGAAP until 12/31/08. From 1Q09 onwards, numbers are in USGAAP)
US$ million Animals slaughtered (thousand) Net Revenue EBITDA EBITDA margin % 3Q09 3,160.9 559.3 15.3 2.7% 2Q09 2,941.9 553.8 24.7 4.5% % 7.4% 1.0% -38.1% 3Q08 3,124.2 682.1 52.6 7.7% % 1.2% -18.0% -70.9% 9M09 9,079.7 1,639.4 47.5 2.9% 9M08 9,238.9 1,837.5 88.1 4.8% % -1.7% -10.8% -46.1%

Breakdown of Net Revenue

Domestic Market Net Revenue (US$ million) Volume (thousand tons) Average Price (US$/Kg) Exports Net Revenue (US$ million) Volume (thousand tons) Average Price (US$/Kg) 3Q09 476.8 287.7 1.66 3Q09 82.5 39.0 2.12 2Q09 478.2 274.7 1.74 2Q09 75.6 38.5 1.96 % -0.3% 4.7% -4.8% % 9.2% 1.2% 7.9% 3Q08 576.9 268.9 2.15 3Q08 105.3 41.8 2.52 % -17.4% 7.0% -22.7% % -21.6% -6.7% -16.0% 9M09 1,399.5 832.1 1.68 9M09 239.9 123.8 1.94 9M08 1,539.1 811.1 1.90 9M08 298.5 139.0 2.15 % -9.1% 2.6% -11.4% % -19.6% -10.9% -9.8%

3rd Quarter 2009 Results

The INALCA JBS Business Unit - 5% of JBS S.A.s net revenue Inalca JBS net revenue rose 1.2%, from 144.4 million in 2Q09 to 146.1 million in 3Q09. EBITDA of 9.7million was significantly higher in either comparison: up 47% on a q-o-q basis and 27.6% higher when compared with the same period of last year. The result reflects a good performance of the cured meat segment, which has shown a progressive recovery, and from INALCA JBS foreign companies, mainly Congo, Democratic Republic of Congo and Russia, besides a decline in raw material prices. Notwithstanding the fact that the global financial crisis is still affecting markets such as Europe, the Company has been posting fairly constant revenues over the quarters, benefiting from its strategy of being present in several markets. Highlights
million Heads slaughtered (thousand) Net Revenue EBITDA 3Q09 106.4 146.1 9.7 2Q09 96.5 144.4 6.6 % 10.2% 1.2% 47.0% 3Q08 119.9 143.1 7.6 5.3% % -11.3% 2.1% 27.6% 9M09 307.0 434.5 21.9 5.0% 9M08 340.8 415.3 21.6 5.2% % -9.9% 4.6% 1.4%

EBITDA margin % 6.6% 4.6% Note: The above numbers represent 50% of Inalca JBS owned by JBS S.A.

Breakdown of Net Revenue

Domestic Market Net Revenue ( million) Volume (thousand tons) Average Price (/Kg) Exports Net Revenue ( million) Volume (thousand tons) Average Price (/Kg) 3Q09 120.1 33.9 3.54 3Q09 26.0 6.0 4.33 2Q09 116.0 33.2 3.49 2Q09 28.4 6.0 4.73 % 3.5% 2.1% 1.4% % -8.5% 0.0% -8.5% 3Q08 99.1 24.4 4.06 3Q08 44.0 13.3 3.31 % 21.2% 38.9% -12.8% % -40.9% -54.9% 31.0% 9M09 334.3 103.3 3.24 9M09 100.2 19.2 5.22 9M08 304.0 78.6 3.87 9M08 111.3 30.3 3.67 % 10.0% 31.4% -16.3% % -10.0% -36.6% 42.1%

3rd Quarter 2009 Results

JBS Brazil Business Unit - 17% of JBS S.A.s net revenue Both net revenue and EBITDA declined by 4.8% against the previous quarter, maintaining a flat EBITDA margin of 7.2%. The exchange rate and a decline in cattle prices, due to the anticipation of the rainy season, contributed to this movement. Net revenue went from R$1,370.6 million in 2Q09 to R$1,305.4 million in the 3Q09 and EBITDA from R$99.4 million to R$94.6 million, respectively. On a y-o-y basis, there was a 10.1% increase in volume sold in the domestic market, which was offset by a strong reduction in exports. Net revenue dropped 10.9% while EBITDA declined by only 1.1%, as EBITDA margins expanded 70 bps on a y-o-y basis. Working Capital JBS continues to reduce its working capital needs, which decreased from 37 days in 2Q09 to 33 days in 3Q09. This reduction underpins the efficiency of the Companys management in managing its working capital.

2 Quarter 2009
Clients order to JBS Production & Stock 21 dias Product Delivery CLIENT = 37 days Clients payment to JBS

SUPPLYER = 21 days

37 days

Supplyer payment

WORKING CAPITAL & INTERESTS

3 Quarter 2009
Clients order to JBS Product Delivery CLIENT = 33 days Clients payment to JBS

Production & Stock 21 dias

SUPPLYER = 21 days

33 days

Supplyer payment

WORKING CAPITAL & INTERESTS

10

3rd Quarter 2009 Results

JBS Brazil Business Unit Highlights

R$ million Heads slaughtered (thousand) Net Revenue EBITDA EBITDA margin % 3Q09 896.5 1,305.4 94.6 7.2% 2Q09 893.5 1,370.6 99.4 7.2% % 0.3% -4.8% -4.8% 3Q08 914.7 1,465.6 95.6 6.5% % -2.0% -10.9% -1.1% 9M09 2,567.7 3,800.4 274.5 7.2% 9M08 2,426.2 3,623.5 300.7 8.3% % 5.8% 4.9% -8.7%

Breakdown of Net Revenue

Domestic Market Net Revenue (R$ million) Fresh and Chilled Beef Processed Beef Others TOTAL Volume (thousand tons) Fresh and Chilled Beef Processed Beef Others TOTAL Average Price (R$/Kg) Fresh and Chilled Beef Processed Beef Others

3Q09 716.6 50.4 85.3 852.3

2Q09 685.3 55.2 84.3 824.8

% 4.6% -8.7% 1.2% 3.3%

3Q08 614.7 55.6 106.5 776.8

% 16.6% -9.4% -19.9% 9.7%

9M09 1,984.8 159.7 244.2 2,388.7

9M08 1,311.3 162.2 332.0 1,805.5

% 51.4% -1.5% -26.4% 32.3%

139.0 24.7 90.8 254.5

128.0 23.9 93.4 245.3

8.6% 3.3% -2.8% 3.8%

112.9 22.8 95.5 231.2

23.2% 8.2% -4.9% 10.1%

381.3 72.2 261.6 715.1

250.3 69.6 247.9 567.8

52.4% 3.7% 5.5% 25.9%

5.15 2.04 0.94

5.35 2.31 0.90

-3.7% -11.6% 4.1%

5.44 2.44 1.12

-5.3% -16.2% -15.8%

5.20 2.21 0.93

5.24 2.33 1.34

-0.7% -5.1% -30.3%

Exports Net Revenue (R$ million) Fresh and Chilled Beef Processed Beef TOTAL Volume (thousand tons) Fresh and Chilled Beef Processed Beef TOTAL Average Price (R$/Kg) Fresh and Chilled Beef Processed Beef

3Q09 369.5 83.5 453.0

2Q09 439.9 105.9 412.9

% -16.0% -21.2% 9.7%

3Q08 593.5 95.3 688.8

% -37.7% -12.4% -34.2%

9M09 1,113.9 297.8 1,411.7

9M08 1,495.2 322.8 1,818.0

% -25.5% -7.7% -22.3%

56.7 13.4 70.0

71.1 15.5 65.3

-20.3% -13.8% 7.3%

88.0 13.9 101.9

-35.6% -3.9% -31.3%

179.0 43.0 222.0

240.7 55.0 295.7

-25.6% -21.9% -24.9%

6.52 6.25

6.18 6.83

5.4% -8.5%

6.74 6.86

-3.4% -8.8%

6.22 6.93

6.21 5.87

0.2% 18.1%

11

3rd Quarter 2009 Results

JBS Argentina Business Unit - 2% of JBS S.A.s net revenue JBS Argentina Business unit showed a 5.8% net revenue increase when compared to 2Q09, from $373.1 million pesos to $394.7 million pesos. EBITDA was -$89.1 million pesos and EBITDA margin -22.6% in the period. This unit operations were impacted by $63 million pesos of one-off expenses in this quarter, mainly due to: 1) indemnity expenses related to the internal restructuring of the Company and 2) inventory mark downs, due to adverse market conditions. It is worth mentioning that, even excluding the one-off effects, the unit operation would still present a negative EBITDA margin, partially explained by: 1) delay in the release of Hilton Quota by the Argentine government and 2) strong reduction in exports of industrialized products to the US, reflecting the economic crisis in that country. Highlights
$ Argentinean Pesos million Heads slaughtered (thousand) Net Revenue EBITDA EBITDA margin % 3Q09 211.4 394.7 -89.1 -22.6% 2Q09 236.8 373.1 -29.2 -7.8% % -10.7% 5.8% 3Q08 239.7 388.3 20.7 5.3% % -11.8% 1.6% 9M09 644.1 1082.3 -151.1 -14.0% 9M08 453.4 824.1 -4.4 -0.5% % 42.1% 31.3% -

Breakdown of Net Revenue

Domestic Market Net Revenue (million Arg. Pesos) Fresh and Chilled Beef Processed Beef Others TOTAL Volume (thousand tons) Fresh and Chilled Beef Processed Beef Others TOTAL Average Price (Pesos/Kg) Fresh and Chilled Beef Processed Beef Others 6.84 7.39 0.44 4.92 7.23 0.37 39.0% 2.2% 17.4% 5.52 6.38 1.17 23.9% 15.8% -62.6% 5.78 7.19 0.37 6.39 6.34 1.33 -9.5% 13.4% -72.1% 4.8 7.4 31.2 43.5 9.4 6.7 26.7 42.9 -48.7% 10.2% 17.1% 1.5% 10.0 7.9 30.6 48.5 -51.5% -6.1% 2.0% -10.3% 22.9 21.6 78.0 122.4 23.1 22.7 58.5 104.4 -1.2% -4.8% 33.2% 17.3% 33.1 54.8 13.7 101.7 46.5 48.7 10.0 105.2 -28.7% 12.6% 37.4% -3.3% 55.2 50.4 35.9 141.5 -40.0% 8.8% -61.8% -28.1% 132.2 155.5 29.0 316.6 147.8 144.0 77.9 369.7 -10.6% 8.0% -62.8% -14.4% 3Q09 2Q09 % 3Q08 % 9M09 9M08 %

12

3rd Quarter 2009 Results

JBS Argentina Business Unit Breakdown of Net Revenue

Exports Net Revenue (million Arg. Pesos) Fresh and Chilled Beef Processed Beef Others TOTAL Volume (thousand tons) Fresh and Chilled Beef Processed Beef Others TOTAL Average Price (Pesos/Kg) Fresh and Chilled Beef Processed Beef Others

3Q09 180.0 89.3 23.7 293.0

2Q09 173.8 83.9 10.2 267.9

% 3.6% 6.5% 132.3% 9.4%

3Q08 91.1 136.8 19.0 246.9

% 97.5% -34.7% 24.7% 18.7%

9M09 454.3 255.1 55.8 765.2

9M08 177.9 236.6 40.0 454.5

% 155.3% 7.8% 39.6% 68.4%

17.3 7.6 3.4 28.3

17.3 7.6 1.8 26.7

-0.1% -0.3% 92.7% 6.0%

4.3 10.3 3.6 18.2

301.6% -26.5% -5.1% 55.2%

43.4 21.9 9.9 75.3

9.0 19.0 8.1 36.1

383.1% 15.5% 22.1% 108.4%

10.42 11.80 6.94

10.05 11.06 5.76

3.7% 6.8% 20.5%

21.19 13.28 5.28

-50.8% -11.1% 31.4%

10.47 11.63 5.62

19.80 12.45 4.92

-47.1% -6.7% 14.3%

13

3rd Quarter 2009 Results

CAPITAL EXPENDITURE
The total amount of JBS capital expenditure for property, plant and equipment, excluding acquisitions, was R$ 234.4 million in 3Q09. Below are the relevant investments made by the Company in 3Q09, among which are acquisitions of new equipment and maintenance of manufacturing facilities. JBS USA Beef Business Unit Investments were made in the Grand Island, Dumas and Greeley plants, to improve the processing of by-products, refrigeration structure and equipment to gain efficiency in the deboning activity. JBS USA Pork Business Unit In the USA Pork Business Unit, the Company made investments in the Marshalltown and Worthington plants, in casing plants, improvements to generate production efficiency gains and equipment for packaging of customized products. JBS Australia In Australia, investments were made in the Dinmore, Beef City and Rockhampton plants refrigeration systems, offal processing and maintenance areas. INALCA JBS INALCA JBS made investments in the Odinzovo (Moscow, Russia), Castelvetro and Gazoldo Degli Ippoliti Italy units, to improve food service activities and increase the slicing and production capacity for ham and cured meats, besides a construction of an anaerobic digester in Ospedaletto plant. There were also investments in the distribution center in Angola (Luanda) to increase their portioned product and storage capacity. JBS Brazil In Brazil, investments were made in the plants located in Campo Grande (MS), Tefilo Otoni (MG), Vilhena (RO), Anpolis (GO), Maring (PR) and Goinia (GO), to increase refrigeration, freezing, slaughtering and storage capacity. JBS Argentina The freezing capacity of the distribution center of Pilar, and the sausage and hamburger production capacity of Rosario and Ponte Vedra plants were expanded.

14

3rd Quarter 2009 Results

CORPORATE GOVERNANCE AND SUSTAINABILITY

Since its foundation in the 50s in Central Brazil, JBS has been environmental ly responsible. Its raw material depends on the environment and the preservation of this environment is fundamental to JBS. The Companys commitment to nature represents the continuation of its business. This commitment goes beyond the current regulation and reflects voluntary and pioneering actions in the sector.

Greenpeace Agreement On September 23, 2009 JBS reached an agreement with the Non-governmental organization, Greenpeace with respect to the basic criteria to be followed in its operations in the Amazon biome. These criteria includes the adoption of the Zero Deforestation in the Amazon within the entire supply chain and the rejection of products originated from properties involved in the occupation of indigenous land and protected areas. The Company also agrees that cattle and beef products should be sourced from ranches or rural properties that are committed to the adoption of a reliable production traceability system which besides including the present requirements also includes environmental demands which will eliminate deforestation. JBS is taking steps to support the sustainable development of its suppliers through the dissemination of bulletins aiming at improving productivity and developing an environmental and social consciousness.

15

3rd Quarter 2009 Results

RECENT EVENTS
Association with Bertin S.A. The management of both Bertin S.A. (Bertin) and JBS S.A. inform to the public that on the date hereof they were informed by their controlling shareholders that an Association Agreement was executed on this date, establishing, among others, several transactions in order to make feasible the unification of operations of Bertin and JBS, as follows: Pursuant to the Association Agreement, the controlling shareholders of JBS, J&F Participaes S.A. (J&F) and ZMF Fundo de Investimento em Participaes (ZMF) have agreed to contribute to a holding company (New Holding) the totality of the shares held by such shareholders in JBS. The controlling shareholders of Bertin, on the other side, have agreed to contribute to the New Holding shares representing 73.1% of the capital of Bertin. The Parties are analyzing the best structure for the integration of the operations of Bertin and JBS. In any event, the transaction shall respect the necessary legal proceedings. There is an estimative that the equity values of Bertin and JBS shall hold a ratio of approximately 40%-60%, respectively (as of June 30, 2009). JBS is in an advanced process of negotiating a USD 2.5 billion capitalization through private subscription in JBS USA Holdings, Inc. (JBS USA). Such transaction shall result in a participation of, at most, 26.3% of the capital of JBS USA post-capitalization. The obligation of J&F and ZMF to conclude the transaction established in the Association Agreement is subject to the obtainment of the abovementioned capitalization in JBS USA, in order to maintain JBS leverage at its current levels. Moreover, the obligation of the Parties to conclude the transaction established in the Association Agreement is subject to the approval of antitrust authorities in Brazil and abroad, as applicable, to customary conditions, such as the inexistence of material adverse effect on the assets to be contributed, and to the conclusion, in a satisfactory manner, of the due diligence related to such assets. On October 22th, it was published that the Board of Directors of Bertin and JBS, with the desire to comply with the highest standards of Corporate Governance, created the Independent Special Committee referred to in the PO 35, consisting of non-managers of the company with sole and exclusive purpose of analyzing the conditions of an association of Bertin and JBS, or a merger of shares involving Bertin and JBS, as per the structure to be accepted, submitting its recommendations to the Board of Directors of JBS, in accordance with the orientations established in PO 35. Therefore, the Board of Directors of JBS has also approved, on the date hereof, the submission of a proposal of modification of the Articles of Association of JBS to a general shareholders meeting of JBS to be opportunely convened.

16

3rd Quarter 2009 Results

The managers of JBS believe that the integration of the operations of Bertin and JBS is a transaction that will be advantageous to the shareholders of JBS, creating a company that will be the world leader in the animal protein sector and reaffirming the position of Brazil in a highly competitive and globalized market. Acquisition of Pilgrims Pride On September 16, JBS has entered into a Stock Purchase Agreement (SPA) through its subsidiary JBS USA Holdings, Inc. (JBS USA), whereby, through the subscription of newly issued shares, JBS USA will hold shares representing 64% of the total and voting capital stock (Shares) of Pilgrims Pride Corporation (Pilgrims Pride). Pilgrims Pride is a company headquartered in Pittsburgh, Texas, United States of America, operating in the raising, harvesting, processing and commercializing of poultry meat. If consummated, the transaction described herein will represent a landmark step in the diversification and expansion strategy of JBS. Pilgrims Pride is currently under a judicial recovery proceeding in the U.S. Bankruptcy Court for the Northern District of Texas (Bankruptcy Court), under the terms of Chapter 11 of the United States Bankruptcy Code. The transaction reported herein is supported by the reorganization plan (Reorganization Plan) submitted by Pilgrims Pride to the Bankruptcy Court. The negotiation has considered an Enterprise Value of approximately USD 2.8 billion. JBS USA will initially detain 64% of the capital stock of Pilgrims Pride and, as a result, the former shareholders of Pilgrims Pride will hold the remaining capital stock, corresponding to 36%. The conclusion of the transaction established in the SPA is subject to customary conditions, including the final approval of the Reorganization Plan by the Bankruptcy Court. Upon its conclusion, the transaction will count on credit facilities sufficient to finance a debt at approximately USD 1.5 billion. The transaction reported herein is expected to be consummated in December, 2009. Pilgrims Pride has 33 processing plants in the United States of America, 3 processing plants in Mexico and 1 processing plant in Puerto Rico, and employs approximately 41 thousand workers. On the date hereof, Pilgrims Pride is one of the largest poultry meat companies in the USA, with a significant presence also in Puerto Rico and Mexico, with exports to over 80 countries. Pilgrims Pride has a capacity to process approximately 9 billion pounds (approximately 4.1 million tons) of chicken per year. In the 2008 fiscal year, Pilgrims Pride reported net revenues of approximately USD 8.5 billion.

On October 14, the U.S. Department of Justice announced that it was terminating its investigation into JBS USA Holdings Inc.s acquisition of Pilgrims Pride allowing the transaction to proceed. The conclusion of the acquisition is subject to the final approval of the reorganization plan by the Bankruptcy Court, which is expected to take place before the end of the year.

17

3rd Quarter 2009 Results

Tax Reduction in the Brazilian beef sector In October, the Brazilian Federal Government published a decree in its Official Journal which exempts the whole beef chain from paying a local tax known as PIS/PASEP and COFINS which represented 9.25% of gross sales on the domestic Brazilian market. This decree has been in place since November 01, 2009. JBS believes that this exemption represents a very positive move on the part of the Brazilian Authorities and benefits the whole production chain.

18

3rd Quarter 2009 Results

STOCK PERFORMANCE (JBSS3)

160
150

150

Stock Performance of JBSS3 vs. Ibovespa

140

Stock Performance of JBSS3 (US$) vs. S&P 500

140
130

130
120

120
110

110

100

100

90

90

80

80

Jul-09

Aug-09

Sep-09

Jul-09

Aug-09

Sep-09

Ibov

JBS

JBSS3 (US$)

S&P

Source: Bloomberg (Scale 100 = 07/01/09)

In the chart above, it is possible to observe the JBS stock performance during 3Q09. JBS share price increased in the period by 32.7% while the Bovespa Index showed a 19.4% increase. When compared with the S&P 500, JBS stock in US dollars increased in value by 45.1% against an increase in the S&P 500 of 14.5% in the period. The average daily volume traded in the period of JBS shares and of the Bovespa Index decreased 21.8% and 19.3% respectively. JBS shares represented by the JBSS3 ticker make up part of a number of the indexes of the BM&FBovespa, such as Ibovespa, IBrX-50, Corporate Governance Index (IGC) as well as The Consumer Index (ICON). Besides, the Companys stock is traded in the US through an OTC ADR (American Depositary Receipt) program under the JBSAY ticker ADRs traded volume (JBSAY)
140,000 11.51 $12.00

10.51 120,000
$10.00 99,075 7.92 7.26 7.95

100,000

$8.00

80,000 6.00 60,000 4.23

40,000 4.13 3.96

6.08 $6.00 60,827

4.60 41,970 $4.00

23,730

20,000
11,000

$2.00
14,600

10,000 1,300 500 Feb-09 1,500 Mar-09 Apr-09 May-09 Jun-09 Jul-09 4,500 $0.00 Aug-09 Sep-09 Oct-09

0 Dec-08 Jan-09

Volume

Closing Price (U$)

Source: JBS

On May 2009, JBS became the first Brazilian Company to have its ADRs traded under the OTCQX, a kind of Novo Mercado of the North American over-the-counter market. Since then, the JBS ADRs (JBSAY) appreciated in value by 172.1%.

19

3rd Quarter 2009 Results

TABLES AND CHARTS

Graph I JBS Consolidated Net Revenue Distribution 3Q09
Revenue Distribution by Market 3Q09

Revenue Distribution by Business Units 3Q09

Exports 24%

Australia 14%

Italy 5%

Argentina 2%

Pork USA 12%

Brazil 17%

Domestic Market 76%

Beef USA 50%

Source: JBS

Graph II JBS Consolidated Exports Distribution 3Q09

JBS Exports 3Q09 US$ 1,127.4 Million

Indonesia 3% China 4%
South Korea 4% Hong Kong 5%

Others 18%

Japan 19% E.U. 12% Mexico 7%

USA 8%

Russia 9%

Africa and Middle East 6%

Canada 6%

Source: JBS

20

3rd Quarter 2009 Results

Chart I Breakdown of Production Costs by Business Units (%)

3Q09 (%) Raw material (Cattle) Processing (including ingredients and packaging) Labor Cost
Source: JBS

Consolidated 83.8% 6.6% 9.6%

JBS Brasil 84.3% 9.0% 6.8%

Argentina 85.7% 5.6% 8.6%

USA Beef 83.9% 6.5% 9.6%

USA Pork 78.6% 7.9% 13.4%

Inalca JBS 89.0% 2.3% 8.7%

Chart II Exchange rates to Real (R$)

Currencies Argentinean Peso - ARS End of period Average Euro - EUR End of period Average American Dollar - USD End of period 2.1380 1.7713 2.3370 2.3152 1.9516 1.7781 Average 2.1761 1.9479 1.8346 2.3113 2.0748 1.8677 Source: Banco Central do Brasil To obtain the value in local currency, multiply the amount in the currency informed by the respective exchange rate. 1.7781 2.0846 2.8202 2.7347 2.6086 2.6647 3.2382 2.6734 3.0783 3.0136 2.7399 2.8261 2.6011 2.6711 2.6011 2.8369 0.6998 0.7081 0.5625 0.6257 0.6774 0.5783 0.6240 0.6529 0.5141 0.5570 0.4628 0.4880 0.4628 0.5660 2006 2007 2008 1Q09 2Q09 3Q09 9M09

Chart III Stockholders

Shareholders J & F Participaes S.A. ZMF Fundo de Investimentos em Participaes Treasury Shares Shares outstanding
BNDES Participaes S.A. - BNDESPAR PR O T - FIP Minority shareholders

Number of Shares 632,781,603 87,903,348 39,156,300

186,891,800 205,365,101 285,980,774 13.0% 14.3% 19.9%

% 44.0% 6.1% 2.7%

Total shares outstanding TO TAL

Position as of 09/30/2009.

678,237,675 1,438,078,926

47.2% 100.0%

21

3rd Quarter 2009 Results

INDEX

CONTACTS

Head Office Avenida Marginal Direita do Tiet, 500 CEP: 05118-100 So Paulo SP Brazil Phone: (55 11) 3144-4000 Fax: (55 11) 3144-4279 www.jbs.com.br Investor Relations Phone: (55 11) 3144-4055 E-mail: ir@jbs.com.br www.jbs.com.br/ir

22

3rd Quarter 2009 Results

CONSOLIDATED FINANCIAL STATEMENT JBS S.A.

JBS S.A. Balance sheets (In thousands of Reais) Company September, June, 2009 2009 ASSETS CURRENT ASSETS Cash and cash equivalents Trade accounts receivable, net Inventories Recoverable taxes Prepaid expenses Other current assets 1,673,854 470,359 296,352 260,967 8,724 50,067 1,916,361 513,786 285,585 434,201 3,213 53,589 2,035,252 1,763,022 1,835,312 377,420 72,152 393,338 2,298,658 1,888,639 1,941,171 539,535 65,352 307,948 Consolidated September, June, 2009 2009

TOTAL CURRENT ASSETS

2,760,323

3,206,735

6,476,496

7,041,303

NON-CURRENT ASSETS Long-term assets Credits with related parties Judicial deposits and others Deferred income taxes Recoverable taxes Total long-term assets

34,614 30,621 312,797 378,032

17,284 29,292 109,257 155,833

356,047 114,624 371,176 376,570 1,218,417

338,041 98,662 437,791 185,272 1,059,766

Permanent assets Investments in subsidiaries Other investments Property, plant and equipment, net Intangible assets, net Deferred charges

4,491,789 10 2,111,590 899,230 -

4,798,622 10 2,021,209 912,299 -

4,449 4,839,461 1,861,278 1,493

4,520 4,852,604 1,873,031 1,551

Total Permanent assets TOTAL NON-CURRENT ASSETS

7,502,619 7,880,651

7,732,140 7,887,973

6,706,681 7,925,098

6,731,706 7,791,472

TOTAL ASSETS

10,640,974

11,094,708

14,401,594

14,832,775

23

3rd Quarter 2009 Results

JBS S.A. Balance sheets (In thousands of Reais) Company September, June, 2009 2009 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Trade accounts payable Loans and financings Payroll, social charges obligation Other current liabilities 262,816 1,843,082 and tax 125,873 141,023 102,441 96,416 400,266 350,713 379,199 281,136 260,591 1,900,295 1,472,595 2,437,396 1,377,565 2,411,857 Consolidated September, June, 2009 2009

TOTAL CURRENT LIABILITIES

2,372,794

2,359,743

4,660,970

4,449,757

NON-CURRENT LIABILITIES Loans and financings Deferred income taxes Provision for contingencies Debits with related parties Debit with third parties for investment Other non-current liabilities 2,176,101 100,263 52,338 777,567 169,070 50,120 2,327,507 86,145 49,891 874,607 178,090 49,125 3,439,714 701,717 64,204 169,070 426,715 3,814,513 732,332 61,298 178,090 430,811

TOTAL NON-CURRENT LIABILITIES

3,325,459

3,565,365

4,801,420

5,217,044

MINORITY INTEREST

(3,517)

(3,626)

SHAREHOLDERS' EQUITY Capital stock Capital reserve Revaluation reserve Profit reserves Valuation adjustments to shareholders' equity Accumulated translation adjustments Accumulated income (losses) TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES SHAREHOLDERS' EQUITY AND 10,640,974 11,094,708 14,401,594 14,832,775 4,495,581 762,340 113,845 18,696 (1,365) (452,263) 5,887 4,942,721 4,495,581 777,844 115,340 18,696 (619) (90,139) (147,103) 5,169,600 4,495,581 762,340 113,845 18,696 (1,365) (452,263) 5,887 4,942,721 4,495,581 777,844 115,340 18,696 (619) (90,139) (147,103) 5,169,600

24

3rd Quarter 2009 Results

JBS S.A. Statements of income for the three months period ended September 30, 2009 and 2008 (In thousands of Reais) Company 2009 GROSS OPERATING REVENUE Sales of products Domestic Sales Foreign Sales 2008 Consolidated 2009 2008

1,011,127 454,356 1,465,483

910,975 720,771 1,631,746

6,493,559 2,105,677 8,599,236

5,143,431 2,850,894 7,994,325

SALES DEDUCTIONS Returns and discounts Sales taxes (43,852) (116,252) (160,104) NET SALE REVENUE Cost of goods sold GROSS INCOME OPERATING INCOME (EXPENSE) General and administrative expenses Selling expenses Financial income (expense), net Equity in subsidiaries Goodwill amortization Other (expense) income, net (51,117) (124,318) 45,053 49,361 1,026 (32,767) (145,230) 416,142 275,867 (44,733) (31,597) (150,537) (383,000) 7,797 (767) (120,790) (402,358) 408,690 (44,733) (31,249) 1,305,379 (1,061,099) 244,280 (72,648) (93,479) (166,127) 1,465,619 (1,212,848) 252,771 (78,668) (140,662) (219,330) 8,379,906 (7,635,346) 744,560 (105,815) (117,048) (222,863) 7,771,462 (6,830,491) 940,971

(79,995)

437,682

(526,507)

(190,440)

NET INCOME BEFORE TAXES Current income taxes Deferred income taxes

164,285 770 (13,560) (12,790) 151,495 151,495 108

690,453 884 2,642 3,526 693,979 693,979 492

218,053 (284) (65,830) (66,114) 151,939 (444) 151,495

750,531 824 (57,738) (56,914) 693,617 362 693,979

RESULT BEFORE MINORITY INTEREST Minority interest (expense) income NET INCOME OF THE PERIOD NET INCOME PER THOUSAND SHARES Statement of EBITDA (Earnings before income taxes, interest, depreciation and amortization)

Income (loss) before taxes Financial income (expense), net Depreciation and amortization Equity in subsidiaries Non-recurring expenses Goodwill amortization AMOUNT OF EBITDA

164,285 (45,053) 24,723 (49,361) 94,594

690,453 (416,142) 16,761 (275,867) 35,691 44,733 95,629

218,053 (7,797) 81,609 291,865

750,531 (408,690) 52,684 35,691 44,733 474,949

25

3rd Quarter 2009 Results

JBS S.A. Statements of cash flows for the three months period ended September 30, 2009 and 2008 (In thousands of Reais) Company 2009 Cash flow from operating activities Net income of the period Adjustments to reconcile net income (loss) to cash provided . Depreciation and amortization . Allowance for doubtful accounts . Goodwill amortization . Minority interest . Equity in subsidiaries . Write-off of fixed assets . Deferred income taxes . Current and non-current financial charges . Provision for contingencies . Adjustment of assets and liabilities to present value 2008 Consolidated 2009 2008

151,495 24,723 1,200 (49,361) 1,686 13,560 (189,046) 2,447 1,242 (42,054)

693,979 16,761 2,160 44,733 (275,867) 783 (2,642) (153,652) (2,893) 323,362 (168,131) 7,542 (31,867) (4,871) (577,310) (6,807) 47,188 -

151,495 81,609 4,779 444 5,276 65,830 159,980 4,175 1,242 474,830 (18,708) 374 (35,060) (131,075) (43,136) 172,013 124,490 (371,889)

693,979 52,684 4,211 44,733 (362) 2,178 57,738 152,943 (7,502) 1,000,602 (253,313) (217,637) (42,381) (167,107) (7,341) 100,167 181,693 -

Variation in operating assets and liabilities Decrease (increase) in trade accounts receivable Decrease (increase) in inventories Increase in recoverable taxes Increase in other current and non-current assets Decrease (increase) in credits with related parties Increase (decrease) in trade accounts payable Increase in other current and non-current liabilities Valuation adjustments to shareholders equity

8,766 (10,767) (30,353) (19,319) 156 1,459 67,154 -

Net cash provided by (used in) operating activities Cash flows from investing activities Additions to property, plant and equipment and intangible assets Increase in deferred charges Increase in investments

(24,958)

(410,894)

171,839

594,683

(116,790) (1,519)

(169,031) (1,284) (6,671)

(325,840) (157)

(226,567) (1,267) (3,130)

Net cash used in investing activities Cash flows from financing activities Loans and financings Payments of loans and financings Increase in capital stock Shares acquisition of own emission Net cash provided by (used in) financing activities Effect of exchange variation on cash and cash equivalents Decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period

(118,309)

(176,986)

(325,997)

(230,964)

266,405 (350,141) (15,504) (99,240)

588,210 (467,819) (36,772) 83,619

444,153 (509,176) (15,504) (80,527)

680,764 (1,222,022) (36,772) (578,030)

(242,507.00) 1,916,361

(504,261.00) 2,128,754

(28,721) (263,406) 2,298,658

(214,311) 2,469,887

Cash and cash equivalents at the end of the period

1,673,854

1,624,493

2,035,252

2,255,576

26

3rd Quarter 2009 Results

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of JBS. These are merely projections and, as such, are based exclusively on the expectations of JBS management concerning the future of the business and its continued access to capital to fund t he Companys business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in JBS filed disclosure documents and are, therefore, subject to change without prior notice.

27