JBS DAY

Meeting with Senior Management

So Paulo - April 06, 2011

JBS S.A.

Wesley Batista

JBS S.A.
Founded in the 1950s in West Central Brazil IPO in 2007 Leading protein producer and third largest food company in the World Revenues of over R$ 55 billion in 2010

EBITDA of R$ 3.75 billion in 2010

Organic growth of 14.2% in local currency in 2010 125,000 employees worldwide 134 production units in 5 continents

Market cap of approximately USD 11.1 billion(1)

(1) 31/12/2010

PAGE

1 Market Leader 2 Track Record

of successful acquisitions

JBS Ranking

3 Geographic and

market segment diversification

1 1
2

st

Largest global beef and lamb producer

st

4 Well-recognized
brands

Largest global leather processor

nd Largest global chicken

producer

5 Synergies &
Scale

3rd
3
Source: JBS

Largest dairy producer in Brazil

rd Largest pork producer

in the US

PAGE

1 Market Leader 2 Track Record

of successful acquisitions

Merger and Acquisition track record

More than 30 acquisitions in 15 years
2005 2007
JBS went international with the acquisition of Swift Argentina. JBS became the largest beef company in the world and the biggest Brazilian company in the food industry and entered the US pork market. Construction of a sustainable global meat production and sales platform. Diversification of market segments through the acquisition of Pilgrims Pride and merger with Bertin. JBS Swift became the leader in lamb production in Australia.

2008

Inalca Swift Foods Co.

Pilgrims Pride

Rockdale Beef Tatiara Meat (Swift Austrlia)

3 Geographic and

market segment diversification

2009 2010

Maring (Amambay) Berazategui (Rio Platense) Colonia Caroya SB Holdings JV Beef Jerky Rio Branco Venado Cacoal 1 Tuerto Cacoal 2 Porto Velho Pontevedra Vilhena (CEPA) (Frigovira) Pedra Preta (Frigo Marca) Cceres (Frigosol) Iturama (Frigosol) Rosrio San Jose (Swift Argentina)

Merger with Bertin JBS Couros 5 new units 55,1 Tasman Smithfield Beef Five Rivers

4 Well-recognized
brands
Barretos (Anglo)

34,3 30,3

5 Synergies &
Scale
Barra do Garas (Sadia) Andradina (Sadia)

Pres. Epitcio e Campo grande (Bordon)

Araputanga (Frigoara)

14,1

4,3 0,3
1996 Source: JBS

0,4
1997

0,4
1999

0,5
2000

0,5
2001

0,4
2002

0,7
2003

1,2
2004

1,5
2005 2006 2007 2008 2009 2010

Net revenue (R$ billion)

PAGE

1 Market Leader 2 Track Record of

successful acquisitions

Diversified market segments

Beef Transportation Pork

3 Geographic

and market segment diversification

Leather Chicken

4 Well-recognized
brands

5 Synergies &
Scale
Biodiesel Dairy products

Collagen

Lamb

PAGE

1 Market Leader 2 Track Record of

successful acquisitions

Presence in more than 100 countries, in 6 continents

Strategic Geographical Distribution

3 Geographic

and market segment diversification

4 Well-recognized
brands

5 Synergies &
Scale
3
60

Pork Beef

39
23

Chicken Leather

7
1

Dairy Vegetal Oil

58
7

Distribution Center Sales Office

134
u Units

Slaughterhouse and Industry

Geographic Presence and Production Capacity

Source: JBS

Beef
84,800 heads/day

Chicken
7.9 mm birds/day

Pork
50,000 heads/day

Leather
82,300 hides/day

Dairy
5,400 tons/day

Lamb
24,000 heads/day

PAGE

1 Market Leader 2 Track Record of

successful acquisitions

Well-recognized Brands, symbols of quality

Brazil

3 Geographic and

market segment diversification

Argentina

4 Well-recognized
brands

5 Synergies &
Scale
EUA

Australia

PAGE

1 Market Leader 2 Track Record 3 Geographical

of successful acquisitions

Track Record of successful acquisitions

Creating experience to become a leading Company in consolidating the food sector globally.

and market segment diversification

Geographic and market segment diversification

Access to all consumer markets and reduced trade and sanitary barriers risks.

Market Leader

Greater utilization of market and business opportunities to enhance growth.

Well-recognized brands

Market expansion and strong leadership.

4 Well-recognized
brands

SYNERGY

5 Synergies &
Scale

PRODUCTION SCALE
Production optimization Diluted of fixed costs

IMPROVED PROFITABILITY

PAGE

Our Strategy
RACIONALE Associating quality and branding to increase client loyalty

Branding

Value added products

Customized and further processed products for the end users

Sales and distribution platform Expanding a global distribution platform to reach end clients Production platform Financial Structure Experienced Management Cost reduction, process optimization Risk Management EBITDA Margin Developed an efficient and diversified global production platform

JBSs Value & Strategy

PAGE

10

JBS S.A.
Perspectives for the animal protein market
JBS is well positioned to attend the global demand for animal protein

Jeremiah OCallaghan

Global consumption of animal protein has been increasing

Consumption by region over the past ten years

North Asia North America

+7.5%

E.U. - 27 +3.0% Middle East

+47.7%
+41.4%
+23.7%
East Asia

Central America

+29%

+70.2%
Southeast Asia

+48.7%
Oceania

+32.2%
South America Africa

+23.3%

Source: Rabobank

PAGE

12

Global beef trade

JBS is present in 66,0% of Export markets

Largest Beef Exporters

Others 10.0% Brazil 27.0%

E.U. 1.0%
Uruguay 5.0% Argentina 5.0%

Canada 6.0%

Australia 18.0%

New Zealand 7.0%

India 10.0%

USA 11.0%
PAGE

Source: USDA

13

Global consumption and trade of animal protein over the past 10 years

Consumption
100.000 90.000 80.000 70.000 60.000

Trade
10.000 9.000 8.000 7.000 6.000

50.000
40.000 30.000 20.000 10.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

5.000
4.000 3.000 2.000 1.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

(1000 MT CWE)

(1000 MT CWE)

(1000 MT)

Source: USDA

PAGE

14

Brazil, Australia and the US continue to lead global beef exports

Brazil, Australia and US represent, respectively, 27%, 18% and 11% of global beef trade Brazilian Beef Exports (tons)
1.400.000 1.200.000 1.000.000 800.000 600.000 400.000 200.000 0 2005 2006 2007 2008 2009 2010
+2.7%

5.500 5.000 4.500 4.000

+24.4%

3.500 3.000

2.500 2.000
1.500 1.000 500 0

Australian Beef Exports (tons)

1.400.000 1.200.000 1.000.000 800.000 600.000 400.000 200.000
-1.9% +11.8%

US Beef and Veal Exports (tons)

5.500 5.000 4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 400.000 200.000 0 2005 2006 2007 2008 2009 2010 Average Price (US$/Ton) PAGE 1.400.000 1.200.000
+10.9%

5.500 5.000 4.500 4.000 3.500 3.000

+19.5%

1.000.000 800.000 600.000

2.500 2.000 1.500 1.000

500
0

0
2005 2006 2007 2008 2009 2010

Beef Exports

Source: USDA, MLA and Secex

15

Chicken Exports Brazil vs US

Brazil and US represent, respectively, 39% and 34% of global chicken trade

Brazilian Chicken Exports (tons)

4.500.000 4.000.000 3.500.000 3.000.000 2.500.000 2.000.000 1.500.000 1.000.000 500.000 0 2005 2006 2007 2008 2009 2010 +26.6% +13.4% 1.800 1.600 1.400 1.200 1.000 800 600 400 200 0

US Chicken Exports (tons)

4.500.000 4.000.000 3.500.000 3.000.000 2.500.000 2.000.000 -0.7% 1.500.000 1.000.000 500.000 0 2005 2006 2007 2008 2009 2010 600 400 200 0 -4.3% 1.800 1.600 1.400 1.200 1.000 800

Chicken Exports

Average Price (US$/Ton)

Source: USDA e Secex

PAGE

16

Global Surplus (deficit)

Goldman Sachs forecast for animal protein in 2020

Surplus

Deficit

Beef & Veal Pork Chicken

Source: Goldman Sachs
PAGE

17

JBS USA

Don Jackson

JBS USA - Corporate Structure

(excluding Australia)

JBS S.A.
100%

JBS USA Holdings, Inc.

Don Jackson CEO Andr Nogueira CFO 67% 100%

Pilgrims Pride Corporation

Chicken Segment Bill Lovette

JBS USA, LLC

Beef Segment US Beef Bill Rupp Five Rivers Mike Thoren Pork Segment Marty Dooley
PAGE

19

Overview of JBS USA

(excluding Australia)

JBS USA Holdings, Inc.

Financial Information: Net sales: $ 20.35 billion

Beef Segment
Financial Information: Net Sales: $10.45 billion Leading beef processor in the U.S. with ~ 22% market share Five Rivers, the largest feedlot operation in the U.S. Cattle Processed: 6.8 million Market Share:

Pork Segment
Financial Information: Net Sales: $3+ billion Leading pork processor in the U.S. with 13% market share Hogs Processed: 12.8 million Market Share:

Chicken Segment
Financial Information: Net Sales: $6.9 billion Leading chicken processor in the U.S. with 18% market share Leading chicken processor in Mexico Chickens Processed: 1.8 billion Market Share:

Other Statistics:

Other Statistics:

Other Statistics:

Source: JBS; 2010

PAGE

20

Significant Scale Across Multiple Locations

JBS USA Beef (19) JBS USA Pork (3)

Worthington

Malta
Salt Lake City Hyrum Denver

Green Bay Depen

Chicago

JBS USA Rendering (2) Plainwell South Charleston Broadway Seaford Souderton Manalapan Moorefield JBS USA Trucking (2) Pilgrim's Pride Production (30) Pilgrim's Pride Further Processing (9)

Greeley

Marshalltown

Yuma Grand Island Ulysses Keyes

Louisville

JBS USA Case Ready (1)

JBS USA Cattle Feeding (12) JBS USA Distribution Centers (7) JBS USA Tannery (1) Pilgrims Pride Distribution Centers (14)

Mayfield Chattanooga Gainesville Batesville Boaz Ellijay Sanford Hartley Santa Fe Springs DeQueenGuntersville Marshville Cactus Mt. Pleasant Russellville Phoenix Sumter D Arlington D D Elberton McElhaney Natchitoches Dallas Tolleson Athens Carrollton Douglas Waco Nacogdoches Canton San Antonio Lufkin Enterprise D Live Oak Lakeland McAllen Monterrey Puerto Rico D San Luis Potosi D Queretaro DTampico Guadalajara D D Los Cues Tepeji del Rio Tlalnepantla
D D DVeracruz D

Lamar Dalhart

PAGE 21

21

Significant EBITDA Improvements to Come for JBS USA

Division Beef

Opportunities Plant optimization: continued yield improvements and cost reduction

Exports: improved export sales mix and market expansion

Sales mix: increased proportion of value-added/branded products

Chicken

Plant optimization: yield improvements and cost reduction Sales mix: increased proportion of value-added/branded products

Pork

Total Improvements of Over $500MM in JBS USA Projected for 2011

PAGE

22

Beef Division

Bill Rupp

JBS Beef Division

JBS domestic beef production is approximately 29 thousand head per day representing 22% domestic market share

Cargill ~29,000 - 22% market share Tyson ~29,000 - 22% market share JBS ~29,000 - 22% market share

Operate Five Rivers Feeding, the largest feedlot operations in the United States

Manage 12 cattle feed yards with a one time capacity of 950,000/hd Provides a captive cattle supply and flexibility to perform customized feeding programs

PAGE

24

JBS Swift and Packerland Beef Plants

Grand Island, NE Greeley, CO
Souderton, PA Hyrum, UT

Tolleson, AZ

Plainwell, MI
Green Bay, WI

Cactus, TX

PAGE

25

Customized Program Solutions

JBS beef plants are strategically located to optimize customer service and logistical efficiencies The most diverse program offering in the industry with customized programs targeted to each consumer segment Research and development support to optimize core product performance and develop new custom products/programs

Prime Angus

Select Angus

White Fat Cow

PAGE

26

Pork Business Unit

Marty Dooley

Pork Facility/Key Locations Map

JBS is the 3rd largest fresh pork processor in the US, processing 12.8M head per year and representing 13% of the market share, with sales of $3+ billion.

3 Pork Plants Marshalltown, IA 20,000 hd/day Worthington, MN 20,000 hd/day Louisville, KY 10,000 hd/day

1 Case Ready Plant Santa Fe Springs, CA

1 Lamb Plant Greeley, CO

PAGE

28

Strengths & Opportunities

Strengths Opportunities

Long term hog supply contracts 73.5% Capacity to convert a high percentage of loins, hams and bellies Supplier of choice with further processors such as Oscar Mayer and Boarshead Strong partnerships with key customers such as Costco, Kroger, Sysco, Shaws, Delhaize, Weis Markets and AWG Over 200MM pounds of Swift branded product sold at retail

Maintain hog supply Increase automation in the plants to improve yields and reduce labor Adding Freezer/Warehouse in Marshalltown Will be operational in May 2011 Allows for increased space for value added in 2012 Utilize source verified livestock and traceability to improve sales of chilled, frozen pork and diced/ground seasoned pork to Japanese market

Flexibility

Increase sales of converted ribs

Increase sales of value added and branded product Expand our case ready business

PAGE

29

Pork Sales Mix

2010

PAGE

30

Chicken Business Unit

(Pilgrims Pride)

Bill Lovette

Pilgrims Pride Today

JBS ownership creates uniquely positioned company with global distribution focus Net sales of $6.9 billion in fiscal 2010 Adjusted EBITDA of $481.9 million, a margin of 7.0% Produced 7.7 billion pounds of chicken 42,000 employees in the U.S. and Mexico

Major facilities in 12 states, Puerto Rico and Mexico

30 fresh plants and 9 cooking facilities Market cap of nearly $1.6 billion $1.3 billion in debt as of December 26, 2010 JBS USA currently owns 67.3% of PPC common stock

PAGE

32

Strong #2 Player in the Global Chicken Industry

US Market Share by Production

Pilgrims Geographic Sales

Mexico 9.0%

Tyson Foods 21.0%

Others 33.0%

Pilgrims Pride 18.0%

Mountaire Farms 4.0% Wayne Farms 5.0%

Perdue Farms 7.0% Sanderson Farms 7.0% Koch Foods 5.0% USA 91.0%

FY 2010 Net Sales $6.9 billion

Source: Watt Poultry USA February 2011.
PAGE

33

Margin Expansion Through Cost-Saving Initiatives

Production Initiatives
Closed 10 plants or roughly 20% of production capacity 4.8% of industry production

Overhead Initiatives
Consolidated HQ with JBS USA Closed PPC HQ in Pittsburg, offices in Dallas and Atlanta Reduced outside cold-storage warehouses from 51 to 17 Renegotiated professional service fees

Integration with JBS

Consolidated shared services functions across legal, purchasing, logistics, administrative, insurance and IT

Adopted forecasted demand planning model

Reopened Douglas, GA, in January as competitive large bird deboning plant

PAGE

34

Integration with JBS USA Provides Further Benefits

Reduced administrative and corporate expenses as a result of integration with JBS USA 458 corporate positions eliminated in 2010
(1)

Combined Synergies - $170mm (1)

Logistics 19.0%

Leverage combined purchasing power to reduce supplier and logistics expenses Additional opportunities in logistics and exports to be realized in 2011
Suppliers 28.0%

Administrative Expenses 41.0% Corporate 12.0%

(1) Captured in SG&A savings. (2) PPC share of corporate and administrative expenses captured in SG&A savings.

PAGE

35

Positioned to Capitalize on Export Opportunities

PPC is bullish on 2011 and its long-term export position

JBS ownership has improved access to markets such as Africa and Middle East
Pilgrims goal is to reduce its concentration in Russian export sales by expanding into emerging markets Expansion into key export markets with value-added processed products Leverage JBS international network to grow share in fast-growing export markets

Top Export Markets

Afghanistan Angola Canada China Cuba Hong Kong Iraq Lithuania Mexico Russia Saudi Arabia Taiwan Tajikistan Ukraine Uzbekistan

PAGE

36

JBS Australia

Iain Mars

JBS Australia plants, feedlots and distribution centers

Townsville Plant

Rockhampton Plant
Beef City Plant

7 distribution centres situated in Sydney, Melbourne, Brisbane, Perth, Adelaide, Townsville and Launceston

Dinmore Plant

Riverina
Cobram Plant Bordertown Brooklyn Plan t King Island Plant Longford Plant

6 cattle feedlots located in Queensland and New South Wales

Devonport Plant

11 beef and small stock slaughtering plants located in New South Wales, Queensland, Victoria and Tasmania

PAGE

38

JBS Australia
JBS Australia employees 8,500 people Annual Turnover A$3 billion

Competition analysis - beef

Company JBS Australia Teys Kill Numbers (head/year 000s) 1,988 938 Market Share

27%
13% 7% 6% 4%

Nippon Meat
Cargill

516
425

Bindaree

293

PAGE

39

JBS Australia Lamb (smalls)

Exports and Competition analysis
Middle East 6% E.U. 6% Japan 3% Others 1% USA 59%

China 25%

Company T&R

Kill Numbers (head/year 000s) 4.6

Market Share
15.30% 12.00% 9.33% 6.00% 4.33% 3.67%
PAGE

JBS Australia(1)
Fletcher Southern Meats (closed) Colac (sold) Castricum (closed)

3.5
2.8 1.8 1.3 1.1

(1)Considering the US facility, JBS is the largest global lamb producer.

40

Australia worlds second largest exporter of beef

Australian beef exports by destination

JBS Australia derives of its revenues from exports

China/HK 1.0% Malaysia 1.0% E.U. 1.0% Canada 1.0% Phillipines 2.0% Middle East 3.0% Singapore 1.0% Others 3.0% Japan 39.0%

Indonesia 5.0%
Russia 6.0% Taiwan 3.0%

Korea 14.0%

USA 20.0%

Source: JBS

PAGE

41

Top Ten Views Benefits of JBS Acquisition in Australia

Increased market access- more markets and customers - part of a global business Meat focused owners who have energy, passion and enthusiasm and who truly understand our business Access to capital for greater Capex / Investment spend Openness in sharing of information / ideas between different JBS businesses - benchmarking

Agility and Flexibility

Utilisation of JBS worldwide purchasing power

Focus on better execution of business fundamentals - yields , costs

Availability and access to owners and senior management at all times

Increased opportunities for professional growth

Focus on organisational structure, responsibilities and accountabilities to obtain better results
PAGE

42

JBS Mercosul

Wesley Batista

JBS Mercosul plants, feedlots and distribution centers

Production Facility in14 Brazilian States

2 - beef

34 - beef 20 - leather/ hides 7 - dairy 22 - new business units 15 - distribution centers

6 - beef 1 can making facility

1 - beef

PAGE

44

JBS Mercosul
Merger with Bertin has significantly increased market share in Mercosul Net sales of R$13.3 billion in fiscal 2010 EBITDA of $1.3 billion, a margin of 9.7% Slaughtered 6.8 million heads 54,000 employees in Brazil, Argentina, Paraguay, and Uruguay

64 Production facilities in Brazil, Argentina, Paraguay, and Uruguay

56 in Brazil 6 in Argentina 2 in Paraguay and 1 in Uruguay Organic growth for the year 2010 was 13.7%

PAGE

45

JBS Mercosul
Strengths and opportunities

Further synergy capturing in 2011 (~ R$150 million)

Beef herd gradually growing, especially in Brazil.

Strong Domestic consumption across the region

Exports continue strong Pricing power continue robust after average price increases (domestic and exports) of 20% last year

Direct Distribution continues to grow, having captured more than 100,000 new clients in the region in 2010

PAGE

46

Corporate Governance & Sustainability

Corporate Governance
JBS is listed on the Novo Mercado, a segment in which companies are committed to following a series of rules that provide better transparency and security to investors

Transparency Good Governance Practices Confidence Best services and products Solidity Profitability Future
*

Management and Board of Directors

Board of Directors Fiscal Council 4 members
Consist of shareholders or not, liable to be elected or dismissed at any time of the General Meeting.

11 members
1 president 5 permanent directors 5 permanent independent directors

Board of Executive Officers

Elected by the board of directors, for three-year terms, and are eligible for reelection.

Committees 4 committes
Audit Finance Human Resource Corporate Strategy / Sustainability

PAGE

48

Social, economic and environmental responsibility has always been a part of the development and business growth of JBS
Foundation

Economic
Risk and Crises Management Corporate Direction Knowledge Management Stakeholders Engagement

Social
Citizenship and Education Good Practices of Human Resource Human Capital Development

Environmental
Environmental Management Eco-efficiency Sustainable Cattle Breeding Climate Changes

Premises
Ecologically viable Ecologically correct Socially responsible Culturally acceptable

Priorities
Sustainable use of the materials Partnership with reputable organizations Health and Quality of life Climate Residue Treatment
* Clean Development Mechanism **United Nations Framework Convention on Climate Change

Source: JBS Sustainability Policy

PAGE

49

Strong action with appropriate programs for each one of JBS facilities
Principal initiatives

Human Resources
Variable Compensation (goal oriented) Title and Salary Policy Benefit Policy PSAG (Programa de segurana de auto-gesto) Safety Program 360 Performance Evaluation (all the levels of hierarchy of the Company) Exercises for laborers Programa Gente Nossa Mold and develop new talents through contracting trainees

Social Projects
Creation of JBS Institute Germinare School is a social initiative of the JBS Institute that views education as the principal instrument of transforming any society

Cultural support in regional and local events

Philanthropy actions Germinare School

Program of monitored plant visits (Community, Schools, Universities and Associations)

Source: JBS Sustainability Policy

PAGE

50

Strong action with appropriate programs for each one of JBS facilities
Principal initiatives

Eco-efficiency

Recycling facility at the Lins-SP and Barretos-SP plants Production of energy through sugarcane bagasse, guaranteeing lower emissions of carbon dioxide gases and reducing the consumption of non-renewable energy sources Implementation of a system to burn ingesta in 7 units and plans to expand to more units Bring all acquired units into line with JBS environmental criteria

Biodigestors at the Andradina SP unit

Relations with Suppliers

Take part in SLWGs (Sustainable Livestock-Raising Working), made up of producers, NGOs, financial institutions and retailers Signing of the international Pact on the Eradication of Child Slavery UN (2005) Partnership with Luiz de Queiroz Agricultural College (ESALQ) to minimize the emission of greenhouse gases in the production chain Signing of the Livestock Raising Pact, an Ethos Institute Initiative entitled Sustainable Connections Sao Paulo Amazon (2008) Field Day Partnership with EMBRAPA (the Brazilian Agriculture Institute) to provide technical support to the suppliers

Source: JBS Sustainability Policy

PAGE

51

Mission

To be best in what we set out to do, totally focused on our business, ensuring the best products and services for our customers, solidity for our suppliers, satisfactory profitability for our shareholders and the certainty of a better future to all our employees.