JBS S.A.

JBS S.A.

JBS S.A.February, 2010

“In God we trust, nature we respect”

JBS S.A.

Our Values

The Foundation Of Our Culture

Planning

Determination

Discipline

Availability

Openness

Simplicity

1

88

Who we are

Batista

Family

Bertin

Family

Controlling

HoldingMarket including

BNDES

JBS S.A.

BertinJBS U.S.A.

Includes AUS

Pilgrim’s

Pride

Ownership structure post transactions

Ownership structure post transactions

Investor

Other

subsidiaries

~60% ~40% **

* Controlling shareholders’ estimates

100% 80% - 75%

20% - 25%

64% Old

shareholders

36%

3

Free Float

Shareholders Base

3

BNDESPAR47%

Individual2%

Foreign Investors

26%

Institutional25%

Novo Mercado

JBS is part of the of BM&FBOVESPA´s 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 Company’s 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.

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.

5

• JBS’ History has been built through

more than 30 acquisitions in 15 years

with appropriated capital structure and

management

JBS’ History

Cáceres

(Frigosol)

Iturama

(Frigosol)

Araputanga

(Frigoara)

Barretos (Anglo)

Pres. Epitácio (Bordon)

Campo Grande (Bordon)

Pedra Preta

(Frigo Marca)

Rosário

(Swift ARG)

San Jose

(Swift ARG)

Inalca

Swift Foods Co.

Maringá (Amambay)

Berazategui

(Rio Platense)

Colonia Caroya

SB Holdings

JV Beef Jerky

Venado

Tuerto

Pontevedra

(CEPA)

Rio Branco

Cacoal 1

Cacoal 2

Porto Velho

Vilhena (Frigovira)

Andradina

(Sadia)

Barra do

Garças

(Sadia)

Tasman

Smithfield

Beef

Five Rivers

R$/US$ end of the year quotation

Bertin Association*

Pilgrim’s Pride

JBS Hides

5 new units

(1) (2) (3)

Net Sales (in US$ billion)

Companies and assets acquired

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); Pilgrim’s Pride Sep09 (Estimated); Bertin LTM Jun09* Transaction subject to customary conditions for this type of business

0.3 0.4 0.4 0.5 0.5 0.4 0.7 1.2 1.5 1.9

12.7

19.8

30.3

1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

6

Slaughterhouses and Industry

Distribution Centers / Commercial Offices

Processed products

Pork

Ovine

Leather

Poultry

Beef

Distribution centers

Leather

Dairy

Vegetable fat

Pet products

Source: Companies

X

Presence in over 23 countries across five continents

Expansion of global leadership and geographic diversification

7

Production Units Employees

28,600 B

48,500 P

4,500 O

8,690 B

15,000 O

90 ,390 B

48 ,500 P

19 ,500 O

CPilgrims Pride 37 41,000 7,200,000

6,700 5,059

124 ,361

Daily Slaughter Capacity

2,019

6,995

24,295

B

B

B

JBS Argentina

JBS USA

JBS Austrália

Inalca JBS

6

16

10

8

Tota l

JBS Brasil 63 44,993 43,400

140

3,000

Global Production Platform

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

Brief Description

8

Combined company will have a leading position in the global market

Creation of the largest protein company in the world

1a largest global protein

company

28,725 28,130

12,717 12,488 12,08810,494 9,457

6,755

Source: Companies, Exame, Valor Econômico and CNN (Global 500)

1 Based in net revenues of 2008 and including Pilgrim’s Pride in Bertin + JBS

Global ranking of protein companies (US$ million)1

9

Brazil / Argentina

/ Italy / Australia /

U.S.A. / Uruguay /

Paraguay

Brazil: 43,400 heads/day

Latin America: 6,700 heads /day

U.S.A.: 28,600 heads/day

Italy: 3,000 heads/day

Australia: 8,690 heads/day

Total: 89,790 heads/day

Brazil: 39

Latin America: 8

U.S.A.: 13

Italy: 8

Australia: 10

Total: 82

U.S.A. / Mexico

U.S.A. / Mexico:

7.2mm birds/day

Total: 7.2mm birds/day

U.S.A.: 34

Mexico: 3

Total: 37

U.S.A.

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

U.S.A.: 3

Brazil / U.S.A. /

China

Brazil: 148,500 m2/day

Brazil: 12

Brazil

Brazil: 1,266 ton/day

Brazil: 7

Beef

Poultry

Pork

Leather

Dairy

1

Ranking Installed capacity Industrial units

Leader company in the protein industry

2

3

1

3

Presence

10

JBS Consolidated Net Revenue Distribution(Including Bertin S.A. and Pilgrim’s Pride)

Source: JBS

.

Net Revenue Distribution 9M09

11

Poultry

World Wide Well Known Brands

Beef

Dairy

Beef Beef Beef

Beef

Leather

12

88

Our Strategy

Our Strategy

2005/2006Adequate Financial

Structure

2007/2008Global Production

Platform

2009/2010Global Sales &

Distribution Platform

2011/2012Value Added Products &Branding

- 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.

- 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.

- 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.

South America

North America

Australia

European Union

Asia

Russia

Africa

Middle East

South America

North America

Australia

European Union

Debt for

Working

Capital

Equity

to

Finance

Growth

Cooked Products

Case Ready

Products

Global Brands

Marketing

Investments

Minced Products

Fresh Products

Cured Products

Ready to Eat

Products

- 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.

14

Our Strategy

Branding

Value Added

Products

Sales & Distribution

Platform

Production Platform

Foundation

Financial

Structure

Experienced

Management

Cost Reduction,

Productivity,

Process

Optimization

Risk

Management

Consolidated

Average

EBITDA

Margin

4%

8%

12%

50%

15

88

The Global Beef Industry

Global Market

Largest beef importers

Others

38%

South Korea

4% EU-27

8%

Japan

10%Mexico

5%

United States

19%

Russia

16%

Source: USDA 2009

Largest beef consumers

Others

31%

Mexico

4%

China

10%

Brazil

13%

Argentina

5%

United States

22%

EU-27

15%

Largest beef exporters

Others

25%

New Zealand

7%

India

8%United States

11%

Canada

7%

Brazil

23%

Australia

19%

Largest beef producers

Others

31%

India

4%

China

10%

EU-27

14%

Argentina

5%

United States

21%

Brazil

15%

17

Source: UN (United Nations) and USDA

*UN Estimates

**Beef consumption trend considering CAGR of 2.0% (from 1960 to 2008)

World Population Growth and Beef Consumption (1960 – 2050)

0

2000

4000

6000

8000

10000

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010* 2015* 2020* 2025* 2030* 2035* 2040* 2045* 2050*

Po

pu

lati

on

(m

illi

on

)

0

20

40

60

80

100

120

140

Co

nsu

mp

tio

n (

mil

lio

n t

on

s)

Population - Developed countries Population - Developing countries Beef Consumption**

Population growth, a beef

consumption driver.

18

Per capita food consumption (Kg / Year)

19

0

20

40

60

80

100

120

140

160

180

Cereals Roots and

Tubers

Beans, Peas

and Lentils

Sugar Oils Crops

and its

products

Meat Milk and its

products

1969/ 71

1979/ 81

1989/ 91

1999/ 01

2030

2050

Source: FAO

US Beef and Veal Exports (Million Pounds)

20

Source: USDA ERS

17521698

1,698

1,888

1,433

1,146

697

461

2,5202,449

2,269

2,4672,412

0

500

1,000

1,500

2,000

2,500

3,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Mexico Canada South Korea Japan Vietnam China Hong Kong Netherlands Others Until November

US Pork Exports (Million Pounds)

21

Source: USDA ERS

4,355

3,764

3,764

4,667

3,1422,995

2,667

2,181

1,7171,6121,560

1,2871,278

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Japan China Hong Kong Mexico Russia Canada South Korea Australia Others Until November

US Poultry Exports (Million Pounds)

22

Source: USDA ERS

6,377

7,109

6,070

5,3675,333

4,9975,0134,942

5,738

5,1384,980

6,3776,579

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Russia China (Mainland) Iraq Mexico Canada Cuba Other Chicken Others Until November

Brazilian beef exports (USD billion)

Source Secex

23

88

3rd Quarter 2009 Results

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

25

Source: JBS

EBITDA Margin (%)

-9.5%

-24.0%

24.0%

-44.0%

-3.8%

-20.4%

-0.1%

81.6%

JBS Consolidated Results

9,255.0

8,379.9 4.460.7 4.486.8

2Q09 3Q09 2Q09 3Q09

Net Revenue (Million)

0.6%

Source: JBS

Source: Banco Central

26

Currency effects in the net revenue

R$ US$

Exchange rate

average of the period:

2Q09 – 2.0748

3Q09 – 1.8677

-9.5%

• Excluding the exchange rate effect in

the period, net revenue increased

0.6% over 2Q09.

27

Net Sales(US$ billion)

EBITDA (US$ mi) EBITDA margin

JBS USA (Beef)Including Australia

Net Sales

(US$ million)

EBITDA (US$ mi) EBITDA margin

JBS USA (Pork)

Net Sales(€ million)

EBITDA (€ mi)

EBITDA margin

INALCA JBS

Net Sales(R$ billion)

EBITDA (R$ mi) EBITDA margin

JBS MERCOSUL

Source JBS

EBITDA Margin (%)

2.72.8

2.7

2.9 2.8

3Q08 4Q08 1Q09 2Q09 3Q09

59.760.4104.1

104.6 108.4

5.2%

2.2% 2.2%3.6% 3.8%

3Q08 4Q08 1Q09 2Q09 3Q09

144162

143 144 146

3Q08 4Q08 1Q09 2Q09 3Q09

9.7

6.67.6

8.3

5.6

6.6%4.6%

3.9%

5.1%5.3%

3Q08 4Q08 1Q09 2Q09 3Q09

1.81.6

1.41.7 1.7

3Q08 4Q08 1Q09 2Q09 3Q09

47.382.6

199,169.4

58,2

4.3%5.6%

2.9%3.7%

4.9%

3Q08 4Q08 1Q09 2Q09 3Q09

Performance by Business Units

• 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.

2.32.0

2.5 2.6

3.3

3Q08 4Q08 1Q09 2Q09 3Q09

Net Debt / EBITDA Pro Forma per Quarter

*

Source: JBS

Net Debt/ EBITDA EBITDA pro-forma

* LTM including Smithfield Beef pro-forma.

Gross debt Profile (R$ million)

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Debt

5,971.8 6,226.45,877.1

1T09 2T09 3T09

Short term Long term

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

to 33 days in 3Q09.

29

Working Capital

Production & Stock

21 diasCLIENT = 33 days

SUPPLYER = 21 days

Product

Delivery

Supplyer

payment

Client’s payment

to JBS

WORKING CAPITAL &

INTERESTS

33 days

3º Quarter 2009

Client’s order

to JBS

Production & Stock

21 diasCLIENT = 37 days

SUPPLYER = 21 days

Product

Delivery

Supplyer

payment

Client’s payment

to JBS

WORKING CAPITAL &

INTERESTS

37 days

2º Quarter 2009

Client’s order

to JBS

Exports Distribution 2Q09

Source: JBS

JBS Consolidated Exports Distribution

Revenue Distribution by Market 2Q09

Exports Distribution 3Q09

Revenue Distribution by Market 3Q09

Japan18%

E.U.15%

USA9%

Africa and Middle East

8%

Russia7%

Mexico7%

South Korea6%Canada

5%

Hong Kong5%

China4%

Taiwan2%

O thers14%

JBS Exports 2Q09

US$ 1,169.1 Million

30

Domestic

Market

74%

Exports

26%

Domestic Market

76%

Exports

24%

Japan19%

E.U.12%

Russia9%USA

8%Mexico

7%

Canada6%

Africa and Middle East

6%

Hong Kong5%

South Korea4%

China4%

Indonesia3%

Others18%

JBS Exports 3Q09US$ 1,127.4 Million

Sustainability Policies

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

Sustainability

Sustainability Principles

• Ecological feasability

• Ecological correctness

• Social concern

• Cultural acceptance

Priorities

• Sustainable use of materials

• Partnership with organizations equally

concerned

• Health and Quality of Life

• Climate

• Waste

Actions

50% Effluent reutilization

50% Solid waste recycling

Energetic Matrix development

Use of certified wood

25% Consume reduction

Flora conservation

Animal origination control

Laws Legislative compliance

Environmental awareness

Physical activities

Health Care

Formal education

Em

issi

ons,

Efflu

ents

and

Wa

ste

Energ

y

Reduction of Greenhouse

Gases emission (GHG)

Wa

ter 35% Consume reduction

(2m3 per head)

So

cie

tyB

iod

ivers

ity

Ma

teri

als Focus on environmentally

friendly materials

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.

The environmental and social responsibility have always been part of JBS´s development and business growth.

The Company’s 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. 31

Thank You!

IR Contacts:

ir@jbs.com.br

+55 11 3144 4055

www.jbs.com.br/ir

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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