JBS S.A.

In God we trust, nature we respect

February, 2010

JBS S.A. JBS S.A.

Our Values
The Foundation Of Our Culture
Planning Determination Discipline Availability

Openness
Simplicity
1

Who we are

8 8

Ownership structure post transactions

Ownership structure post transactions

Batista Family

Bertin Family

Controlling Holding ~60% *

Market including BNDES

~40% *

JBS S.A.
100% 80% - 75%

Investor

Bertin

Other subsidiaries

JBS U.S.A. Includes AUS 64%

20% - 25%

Old shareholders
36%

Pilgrims Pride
* Controlling shareholders estimates

Shareholders Base

Free Float

Institutional 25% BNDESPAR 47% Foreign Investors 26%

Individual 2%
3

Corporate Governance

JBS has embraced a Corporate Governance model with a view to implant the best practices in the Company. The view is that the model demonstrates transparency and confidence to the public, guaranteeing the best products and services for customers, solidity for suppliers, satisfactory return for shareholders and the certainty of a better future for all JBS collaborators. Novo Mercado

JBS is part of the of BM&FBOVESPAs Novo Mercado, is in accordance with all requirements of this market and with the obligations imposed by the current Brazilian legislation.

Management and Board of Directors

Board of Directors - JBS Board of Directors is formed by 7 members a president, a vice-president, 2 effective councils without specific denomination and 3 independent effective councils. Audit Board - The Audit Board shall consist of at least 3 and at most five 5 sitting members and alternates in the same number, shareholders or not, liable to be elected or dismissed at any time of the General Meeting. Board of Executive Officers - The members of the Companys board of executive officers are elected by the board of directors, for three -year terms, and are eligible for reelection.

Board of Directors Committees

The Board of Directors has approved the establishment of the following Committees: Audit, Financial, Personnel Management and Corporate Strategy, that incorporates the Sustainability matters.

Publishing and Use of Information

JBS is completely in accordance with the CVM 358 instruction that revised and consolidated the requirements regarding the disclosure and use of information related to material facts and acts of publicly held companies, including the disclosure of information in the trading and acquisition of securities issued by publicly held companies.

Conduct and Ethic Manual

JBS Executive Officers have developed a Conduct and Ethic Manual according to the corporate governance best practices concept. The conduct code embraces the relationship between the members of the board, shareholders, employees, suppliers and all the other stakeholders.

JBS History
Bertin Association*

JBS History has been built through more than 30 acquisitions in 15 years with appropriated capital structure and management
Net Sales (in US$ billion) Companies and assets acquired

Pilgrims Pride
Inalca Swift Foods Co. Maring (Amambay) Berazategui (Rio Platense) Colonia Caroya SB Holdings JV Beef Jerky Rio Branco Venado Tuerto Pontevedra (CEPA) Tasman Smithfield Beef Five Rivers

JBS Hides 5 new units

Barretos (Anglo) Pres. Epitcio (Bordon) Campo Grande (Bordon)

Cacoal 1 Cacoal 2 Porto Velho Vilhena (Frigovira)

30.3

Barra do Garas (Sadia)

Andradina (Sadia)

Araputanga (Frigoara)

Cceres (Frigosol) Iturama (Frigosol)

Pedra Preta (Frigo Marca) Rosrio (Swift ARG) San Jose (Swift ARG)

19.8

12.7

0.3 1996

0.4 1997

0.4 1999

0.5 2000

0.5 2001

0.4 2002

0.7 2003

1.2 2004

1.5 2005

1.9 2006 2007

(1)

2008

(2)

2009

(3)

R$/US$ end of the year quotation

Source: JBS (1) Pro Forma JBS S.A. LTM Dec07 (2) Pro Forma JBS S.A. LTM Dec08 (3) Pro Forma JBS S.A. LTM Jun09 (including 5 new units and hides operation); Pilgrims Pride Sep09 (Estimated); Bertin LTM J un09 * Transaction subject to customary conditions for this type of business

Expansion of global leadership and geographic diversification

Presence in over 23 countries across five continents

Slaughterhouses and Industry Distribution Centers / Commercial Offices

X

Beef Distribution centers Leather Dairy Vegetable fat Pet products

Processed products Pork Ovine Leather Poultry

Source: Companies

Brief Description

Global Production Platform

Production Units JBS Brasil 63 Employees 44,993 Daily Slaughter Capacity 43,400 B

JBS Argentina

5,059

6,700 B 28,600 B 48,500 P 4,500 O 7,200,000 C 8,690 B 15,000 O

JBS USA

16

24,295

Pilgrims Pride

37

41,000

JBS Austrlia

10

6,995

Inalca JBS

2,019

3,000 B 9 0 ,3 9 0 B 4 8 ,5 0 0 P 1 9 ,5 0 0 O

Tota l

140

1 2 4 ,3 6 1

(B) Beef; (P) Pork; (S) Smalls; (C) Chicken

Creation of the largest protein company in the world

Combined company will have a leading position in the global market

Global ranking of protein companies (US$ million)1 largest global protein company

1a
28,725 28,130

12,717

12,488

12,088

10,494

9,457 6,755

Source: Companies, Exame, Valor Econmico and CNN (Global 500) 1 Based in net revenues of 2008 and including Pilgrims Pride in Bertin + JBS

Leader company in the protein industry

Ranking

Presence

Installed capacity

Industrial units
Brazil: 39 Latin America: 8 U.S.A.: 13 Italy: 8 Australia: 10 Total: 82 U.S.A.: 34 Mexico: 3 Total: 37

Beef

Brazil / Argentina Brazil: 43,400 heads/day / Italy / Australia / Latin America: 6,700 heads /day U.S.A. / Uruguay / U.S.A.: 28,600 heads/day Paraguay Italy: 3,000 heads/day Australia: 8,690 heads/day Total: 89,790 heads/day U.S.A. / Mexico U.S.A. / Mexico: 7.2mm birds/day Total: 7.2mm birds/day

Poultry

Pork

U.S.A.

U.S.A.: 48,500 heads/day

U.S.A.: 3

Leather

Brazil / U.S.A. / China

Brazil: 148,500 m2/day

Brazil: 12

Dairy

Brazil

Brazil: 1,266 ton/day

Brazil: 7

3
10

JBS Consolidated Net Revenue Distribution

(Including Bertin S.A. and Pilgrims Pride)

Net Revenue Distribution 9M09

Source: JBS .

11

World Wide Well Known Brands

Beef

Beef

Beef

Beef

Beef

Dairy

Leather

Poultry

12

Our Strategy

8 8

Our Strategy
2005/2006 Adequate Financial Structure 2007/2008 Global Production Platform 2009/2010 Global Sales & Distribution Platform 2011/2012 Value Added Products & Branding

Debt for Working Capital Equity to Finance Growth

-

South America

South America North America

Fresh Products
Cooked Products
Minced Products

North America

Australia
European Union

Cured Products

Australia

Asia Russia Africa

Ready to Eat Products Case Ready Products Global Brands

European Union

Middle East
Integrate the sales and distribution platform to serve efficiently, local and external markets, small retailers, food processors, restaurants, and other customers globally. Sales force distributed over the globe. Efficiency on selling the best product, to the best market, with the best price. Cost reduction on sales and transport. Margin improvements.

Marketing Investments
High technology investments to produce value added products. Increase value added products portfolio. Customized products to each market. Convenience to consumers day to day. Brand and Quality recognition and leadership. Marketing investments to be present in consumer minds. Margin improvements.

High liquidity level. Debt equalized to cash generation. Strong cash position. Access to international capital markets to finance growth. Development of long term financing plan. Use of export platform to grow. Hands-on working capital management.

Access to raw material supply globally. Leader in countries with surplus production. Scale. Leader in exports globally. Access to all meat markets. Exchange of best practices. Efficiency cost gains. Cost reduction opportunities. Margin improvements.

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Our Strategy

50%

Branding Value Added Products Sales & Distribution Platform Production Platform
Cost Reduction, Productivity, Process Optimization

12%

8%

4%

Consolidated

Financial Structure

Experienced Management

Risk Management

Average
EBITDA Margin

Foundation

15

The Global Beef Industry

8 8

Global Market

Largest beef producers

Largest beef consumers

Others 31%

United States 21%

Others 31%

United States 22%

India 4% Argentina 5%

Brazil 15% Mexico 4% China 10% EU-27 14% Argentina 5% China 10% Brazil 13%

EU-27 15%

Largest beef exporters

Largest beef importers

Others 25%

Brazil 23%

Others 38%

United States 19% Russia 16%

New Zealand 7% Canada 7% India 8%

Australia 19% United States 11% South Korea 4% Mexico 5% Japan 10%

EU-27 8%

Source: USDA 2009

17

World Population Growth and Beef Consumption (1960 2050)

10000

Population growth, a beef consumption driver.

140

120 8000 100

6000

80

60 4000

40 2000 20

0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010* 2015* 2020* 2025* 2030* 2035* 2040* 2045* 2050*
Population - Developed countries Population - Developing countries Beef Consumption**

Source: UN (United Nations) and USDA *UN Estimates **Beef consumption trend considering CAGR of 2.0% (from 1960 to 2008)

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Consumption (million tons)

Population (million)

Per capita food consumption (Kg / Year)

180
1969/ 71

160 140 120 100 80 60 40 20 0

1979/ 81 1989/ 91 1999/ 01 2030 2050

Cereals

Roots and Tubers

Beans, Peas and Lentils

Sugar

Oils Crops and its products

Meat

Milk and its products

Source: FAO

19

US Beef and Veal Exports (Million Pounds)

3,000 2,520

2,500

2,412

2,467 2,269

2,449

2,000

1,888 1,698

1,500 1,146 1,000 697 500 461

1,433

1752

1698

0 1999 Mexico 2000 Canada 2001 South Korea 2002 Japan 2003 Vietnam 2004 China 2005 Hong Kong 2006 2007 Others 2008 2009

N etherlands

Until N ovember

Source: USDA ERS

20

US Pork Exports (Million Pounds)

5,000 4,500

4,667

4,355

4,000 3,500 2,995 3,000 2,500 2,000 1,560 1,500 1,000 500 0 1999 Japan 2000 China 2001 Hong Kong 2002 Mexico 2003 Russia 2004 Canada 2005 South Korea 2006 Australia 2007 Others 2008 1,278 1,287 1,612 1,717 2,181 2,667 3,142

3,764
3,764

2009

Until N ovember

Source: USDA ERS

21

US Poultry Exports (Million Pounds)

8,000 7,109 7,000 6,070 6,000 4,980 5,000 4,000 3,000 2,000 1,000 0 1999 Russia 2000 2001 2002 Iraq 2003 2004 Canada 2005 Cuba 2006 Other Chicken 2007 Others 2008 2009 5,138 5,738 5,333 4,942 5,013 4,997 5,367
6,579

6,377
6,377

China (Mainland)

Mexico

Until N ovember

Source: USDA ERS

22

Brazilian beef exports (USD billion)

Source Secex

23

3rd Quarter 2009 Results

8 8

JBS Consolidated Results

Net Revenue (R$ million)

EBITDA and EBITDA Margin (R$ million)

24.0%

-3.8%

-0.1%

-9.5% -44.0%

-20.4%

81.6%

-24.0%

Source: JBS EBITDA Margin (%)

25

Currency effects in the net revenue

Net Revenue (Million) R$ US$

Exchange rate average of the period: 2Q09 2.0748 3Q09 1.8677

Excluding the exchange rate effect in

the period, net revenue increased 0.6% over 2Q09.

9,255.0 8,379.9 4.460.7 4.486.8

-9.5%

0.6%

2Q09
Source: JBS Source: Banco Central

3Q09

2Q09

3Q09

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Performance by Business Units

JBS USA (Beef)
Including Australia

JBS USA (Pork)

Net Sales (US$ million)

INALCA JBS
Net Sales
( million)

JBS MERCOSUL
Net Sales
(R$ billion)

Net Sales
(US$ billion)

2.7

2.8

2.9 2.7

2.8

143

162

144

144

146

1.8

1.6

1.4

1.7

1.7

3Q08

4Q08

1Q09

2Q09

3Q09

3Q08

4Q08

1 Q09

2Q09

3Q09

3Q08

4Q08

1 Q09

2Q09

3Q09

EBITDA (US$ mi) EBITDA margin

EBITDA (US$ mi) EBITDA margin

EBITDA ( mi) EBITDA margin

EBITDA (R$ mi) EBITDA margin

5.2% 3.6% 2.2% 2.2% 3.8%

5.3%

5.1 % 3.9%

4.6%

6.6%

5.6%

4.3% 3.7%

4.9% 2.9%

9.7
104.6 108.4 104.1 60.4 59.7

7.6

8.3 5.6 6.6

199,1 69.4 58,2 82.6 47.3

3Q08

4Q08

1 Q09

2Q09

3Q09

3Q08

4Q08

1 Q09

2Q09

3Q09

3Q08

4Q08

1 Q09

2Q09

3Q09

Source JBS EBITDA Margin (%)

27

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 projects a reduction in leverage levels by the end of the year. The gross and net debt reduced 5.6% and 2.2%, respectively, over 2Q09.

Net Debt / EBITDA Pro Forma per Quarter

Gross debt Profile (R$ million)

5,971.8

6,226.4

5,877.1

3.3 * 2.3 2.5 2.0 2.6

3Q08

4Q08

1Q09

2Q09

3Q09

1T09 Short term

2T09 Long term

3T09

Source: JBS Net Debt/ EBITDA * LTM including Smithfield Beef pro-forma.

EBITDA pro-forma

28

Working Capital

JBS Brazil continues to reduce its working capital needs, which decreased from 37 days in 2Q09 to 33 days in 3Q09.
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

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JBS Consolidated Exports Distribution

Revenue Distribution by Market 3Q09

Revenue Distribution by Market 2Q09

Exports 24%

Exports 26%

Domestic Market 76%

Domestic Market 74%

Exports Distribution 3Q09

JBS Exports 3Q09 US$ 1,127.4 Million

Exports Distribution 2Q09

JBS Exports2Q 09 US$ 1,169.1 Million

Indonesia 3% China 4% South Korea 4% Hong Kong 5% Africa and Middle East 6%

Others 18%

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

China 4% Hong Kong 5% Canada 5%

Taiwan 2%

O thers 14%

Japan 18% E.U. 15%

USA 8%

Russia 9%

South Korea 6%

Russia 7%

Mexico 7%

Africa and Middle East 8%

USA 9%

Canada 6%

Source: JBS

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Sustainability

Actions
Emissions, Effluents and W aste

Sustainability Policies

Reduction of Greenhouse Gases emission (GHG)

JBS is aware of its responsibilities as the largest beef Company in the world and all the impacts its operations generates in every region. The Company has a appropriate sustainability program in each of its units including:

Environmental Policy Procedures Adopted Informative Policy Community Relationship and Environmental Investments

50% Effluent reutilization 50% Solid waste recycling Energetic Matrix development Use of certified wood 25% Consume reduction 35% Consume reduction (2m3 per head) Flora conservation Animal origination control

Energy

Biodiversity

W ater

JBS is the first and only beef Company to register a CDM project at the UNFCCC (United Nations Framework Convention on Climate Change). The project is in validation phase at the designated national authority.

Sustainability Principles
Ecological feasability Ecological correctness Social concern

Priorities
Sustainable use of materials Partnership with organizations equally

Materials

Focus on environmentally friendly materials

concerned
Health and Quality of Life Climate Waste

Laws

Legislative compliance Environmental awareness Physical activities

Cultural acceptance

Society

Health Care

Formal education

The environmental and social responsibility have always been part of JBSs development and business growth. The Companys extensive experience proves the importance of the reduction of environmental impacts and the improvement of its relations with the community, throughout constant investments that focus these issues.

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IR Contacts: ir@jbs.com.br +55 11 3144 4055 www.jbs.com.br/ir

Thank You!

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.

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