2008 Consolidated Results

3.74

Leverage
2.89 2.77

2.31

JBS lives an intense process of deleverage reducing the net debt / EBITDA ratio from 3.74x in 2007 to 1.95x in 2008.
4Q07 1Q08 2Q08 3Q08

1.95 1.96

4Q08

1Q09

February 20th, 2009

In God we Trust

JBS S.A.

Presenters

Joesley Mendona Batista

CEO

Jeremiah OCallaghan
Investor Relations Director

Rodrigo Gagliardi
Investor Relations Manager
1

Our Values
The Foundation Of Our Culture
Planning Determination Discipline Availability Openness Simplicity
2

Agenda

2008 Highlights

Debt Profile

Consolidated Results

Questions and Answers

2008 Highlights

JBS lives an intense process of deleverage reducing the net debt / EBITDA ratio from 3.74x in 2007 to 1.95x in 2008. Adjusted pro forma net income in 2008 of R$1.05 billion, if adjusted by the exchange variation of foreign investments and excluded the goodwill amortization. Net revenue increased 114.5% YoY from R$14.1 billion in 2007 to R$30.3 billion in 2008. EBITDA YOY increased 95.6% from R$591.1 million in 2007 to R$1,156.1 million in 2008. Proposed dividend distribution has increased threefold from R$17.5 million in 2007 to R$51.1 million in 2008. Integration of the Tasman Group, of Smithfield Beef and the Five Rivers Feedlot grew the global production platform of JBS as well as increasing penetration in the world market while introducing cost cutting synergies. Distribution network of INALCA JBS enhanced the contact with customers in Africa and Eastern Europe. Proven risk control and management policy preserved the financial health of JBS during a period of uncertainty and high volatility particularly during the second semester of 2008.
4

Debt Profile 4Q08

The Administration of the Company is secure that even if the present financial crisis has not abated, the Company will not have

difficulties in refinancing its short term debt and believes that in the final analysis there will be a possible increase in the cost of the debt.
JBS S.A. Consolidated (R$ million)
Short Term Debt Financing for purchase of fixed assets FINAME / FINEM - Enterprise financing Notes Payable Subtotal 1 Loans for working capital purposes ACC - Exchange advance contracts EXIM - BNDES export credit facility Fixed Rate Notes with final maturity in February 2011 Working Capital - American Dollars * Working Capital - Australian Dollars Working Capital - Euros *** Working Capital - Reais Export prepayment Fixed Rate Notes with final maturity February 2016 (144-A) NCE / COMPROR Subtotal 2 Total Amortization of Short Term Debt Cash, cash equivalents and Short-term investments 12/31/2008 Working Capital Short Term Debt 1Q09 2Q09 3Q09 4Q09 11 1 12 11 1 12 11 1 11 59 2 61 Total 91 5 96 %** 100% 100% 100%

Probable Scenario
1Q09 11 1 12 2Q09 11 1 12 3Q09 11 1 11 4Q09 59 2 61

214 72 9 33 86 1 51 160 330 957 969

322 0 71 74 11 16 30 524 536

150 0 0 0 2 16 100 268 279

29 0 0 288 16 37 371 431

715 72 9 104 160 302 51 208 30 467 2.119 2.215 2.215 2.292 2.704

0% 100% 100% 0% 0% 0% 0% 0% 100% 0% 5% 9%

72 9 81 93

30 30 42

0 11

0 61 207

2.199

2.157

2.145

2.085

* Including Finimp ** Percentual to be paid in the period. *** Working Capital due short term and automatically renewable.

2008 Consolidated Results

Net Net Sales Sales Revenue Revenue (R$ (R$ million) million)

EBITDA EBITDA and and EBITDA EBITDA Margin Margin (R$ (R$ million) million)

30,340.3
9.6%

14.2%

1,156.1

4.2%

3.8%

14,141.6
564.9 345.1 591.1

114.5%
3,577.1
10.9%

95.6% 63.7% 4.6%

3,967.6
256.4%

12M05
Source: JBS EBITDA Margin (%)

12M06

12M07

12M08

12M05

12M06

12M07

12M08

2008 Consolidated Results by Quarter

Net Net Sales Sales Revenue Revenue (R$ (R$ million) million)

EBITDA EBITDA and and Margin Margin (R$ (R$ million) million)

6.1% 4.1% 3.0% 1.4%

9,633.2 7,771.5 6,650.7 5,859.1
176.3 470.5

2.8%

7,129.5
290.8 265.9

-11.9%

21.7%

9.0%

24.0%

94.8

86.0%

64.9%

61.8%

-43.5%

4Q07
Source JBS

1Q08

2Q08

3Q08

4Q08

4Q07

1Q08

2Q08
180.5%

3Q08

4Q08

EBITDA Margin (%)

Performance by Business Unit

JBS USA (Beef)
Including Australia (US$ million) (US$ million)

JBS USA (Pork)

(US$ million) (US$ million)

INALCA JBS
Net Net Sales Sales
( million) ( million)

JBS MERCOSUL
(R$ million) (R$ million)

Net Net Sales Sales

Net Net Sales Sales

Net Net Sales Sales

2.6 2.3 1.9

2.8

2.8

598

536

620

682 600
132 140 143

162

1.8 1.3 1.3 1.4 1.6

4Q07

1 Q08

2Q08

3Q08

4Q08

4Q07

1 Q08

2Q08

3Q08

4Q08

1 Q08

2Q08

3Q08

4Q08

4Q07

1 Q08

2Q08

3Q08

4Q08

EBITDA EBITDA (US$ (US$ mi) mi) margin EBITDA margin EBITDA
5.1 %

EBITDA EBITDA (US$ (US$ mi) mi) margin EBITDA margin EBITDA
7.6% 4.3% 2.9% 3.2%

EBITDA EBITDA ( ( mi) mi) margin EBITDA margin EBITDA

EBITDA EBITDA (R$ (R$ mi) mi) margin EBITDA margin EBITDA

5.6% 2.2%

6.8%

5.6%

4.7%

5.3%

5.1 %

1 5.1 % 1 0.4% 4.1 % 5.6% 4.3%

-0,1 % -3.7%

132.9

155.6

52.1
60.4

40.5 25.6 15.7 19.9

7.4

6.6

7.6

8.3

199,1 132.7 58,2 102.2

-0.9 -84.5
4Q07 1 Q08 2Q08 3Q08 4Q08

69.4

4Q07

1 Q08

2Q08

3Q08

4Q08

1 Q08

2Q08

3Q08

4Q08

4Q07

1 Q08

2Q08

3Q08

4Q08

Source JBS EBITDA Margin (%)

Debt Profile

JBSs Net debt in relation to its EBITDA (last twelve months pro forma) is affected by weak results in the 4th quarter 2007 and 1st quarter 2008. Good results expected for 1st quarter 2009 will reduce the relation between Net Debt over Ebtida.

Net Debt / EBITDA Pro Forma per TRIMESTER

Net Debt = R$ 3,325 MM Net Debt = R$ 3,325 MM EBITDA pro forma = R$ 1,706 MM EBITDA pro forma = R$ 1,706 MM

1.95 = 1.95 1,95 =

3.74

2.89 2.77 2.31 1.95

Exchange Rate: R$ / US$ = 2.34 12/31/2008 US$ / $ = 1.39 12/31/2008

4Q07
Source: JBS

1Q08

2Q08

3Q08

4Q08

1Q09

Net Debt / EBITDA

JBS USA Beef EBITDA Margin Evolution

EBITDA EBITDA Margin Margin (%) (%)

Peers Average Beef USA JBS Beef USA

4.2% 3.6% 2.3% 1.3% 0.9% 0.7% 0.9% -0.4% 3.2% 1.3% 0.9%

6.4%

5.3%

2.0%

1.1%
-0.4% -1.2% -1.7% -0.7% -0.9% -1.3%

7.3 p.p Gain

-5.3%

FY03*

FY04*

FY05*

FY06*

FY07*

3Q07**

4Q07**

1Q08**

2Q08**

3Q08**

4Q08**

Previous Management
Source: JBS and estimates of JBS based upon public data from peers EBITDA margins of the Companies taking into consideration beef only in the US *Fiscal years for the Companies differ one from the other: FY Tyson: October to September FY Smithfield: May to April FY National Beef: September to August FY JBS USA: June to May (altered after the acquisition) **The relevant quarterly period and adjustments made to the calendar year

JBS S.A. Management

10

Consolidated Gross Revenue Distribution

Revenue Revenue Distribution Distribution by by Business Business Units Units 12M08 12M08 Revenue Revenue Distribution Distribution by by Market Market 12M08 12M08

Beef Italy 5% Beef Australia 12% Pork USA 14% Beef USA 47%

Beef Argentina 3% Beef Brazil 19%

Exports 32% Domestic Market 68%

Source: JBS

Source: JBS

11

Consolidated Exports Distribution

Exports Exports Distribution Distribution 12M08 12M08

China USA 3% 3% Taiwan 4% South Korea 4% Hong Kong 5%

Others 15%

Mexico 18% Russia 13%

Middle East 7%

Canada 8%

Japan 9%

E.U, 11%

Source: JBS

Exports JBS 12M08: US$ 5.6 billion

12

Enterprise Value and EBITDA Multiple

SMITHFIELD SMITHFIELD BEEF BEEF ACQUISITION ACQUISITION

SWIFT SWIFT USA USA ACQUISITION ACQUISITION

US$565.0 mm

EV / EBITDA

US$1,458.8 mm

EV / EBITDA

15.1x 8.1x 3.5x 3.9x

370.5

163.1 96.3 70.0

133%
Oct-07
Source: JBS

285%
Dec-08 Jul-07 Dec-08

13

Final Considerations

Commitment from the Management to reduce the leverage of the

Company.
Appropriate liquidity level. We will continue to grow. We see the present crisis as an immense

opportunity.
Regardless of the negative aspects of the present macroeconomic

scenario, the Management of this Company forecasts substantially improved consolidated operational results for 2009.
Planning and discipline contributed to risk reduction.
14

Questions & Answers

3.74

Leverage
2.89 2.77

2.31

JBS lives an intense process of deleverage reducing the net debt / EBITDA ratio from 3.74x in 2007 to 1.95x in 2008.
4Q07 1Q08 2Q08 3Q08

1.95 1.96

4Q08

1Q09

February 20th, 2009

In God we Trust

JBS S.A.

Disclaimer

The forward-looking statements presented herein are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future operating results, financial condition, strategies, market share and values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict. Forward-looking statements also include information concerning our possible or assumed future operating results, as well as statements preceded by, followed by, or including the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,' ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions.