February, 2011

Agenda
Company Overview

JBSS3 Stock Performance and Ongoing Actions

Market Overview

3Q10 Highlights

Who We Are

Our Mission
To be the best at 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 for all our employees.

Our Values
Excellence Planning Determination Discipline Availability Openness Simplicity

Corporate Structure
CHAIRMAN JBS S.A. Joesley Batista

CEO President JBS S.A. Wesley Batista

Finance Director Brazil Marcos Bastos

Marcos graduate from Mackenzie University in Business Administration and has a MBA in Finance from San Francisco State University. Worked in many financial institutions in Brazil, primarily in Investment banking, Financial Projects, and Portfolio management. Started in 2008 with JBS.

Corporate Law Department Francisco de Assis e Silva

Francisco is the director of the Law Department. Has a post graduated from the University of Mackenzie.

Investors Relations
Jeremiah OCallaghan / Guilherme Arruda
Jerry has a Engineering Degree from the University of Cork College in Ireland. Immigrated to Brazil in 1979. Started working in the Beef Sector in 1983 and in JBS in 1996 in order to develop the Trade Area and eventually became the Investors Relations Officer. Guilherme graduated in Business and Economics from the University of California. Start in the Company in 2009 after working for 7 years for BTG Pactual.

Corporate And Adm. Controller Eliseo Fernandes

Eliseo has a Business Administration and Accounting Degree from the University Catlica de Pernambuco and a post graduate degree in Business Administration from FGV. He started with JBS in August 2005 and eventually became Director of Administration and Corporate Governance. He has 8 years Experience in Auditing and Consulting and 10 years in the Retail industry.

CEO MERCOSUL Marco Bortolon

Marco has more than 10 years experience in JBS. Initially started as a Production Manager and in 2009 was promoted to Chief Operating Officer of the Brazil Beef Division.

New business Jos Luis Medeiros

Commercial and Distribution International Offices Marco Bichieri

JBS Hides Roberto Motta

Dairy Gilson Teixeira

Gilson has more than 25 years experience in Finance and Controller of business units of Bertin, where he later served as a member of the Board for 5 years.

Started working at JBS in December of 2001 and later became a member of the Executive Board in January of 2007.

Marco has more than 24 Roberto has more than 20 Jos Luiz has a degree years in the Leather in Accounting and has years of experience in the Industry. Was been working in the Beef Protein Sector. Worked responsible for Sector since 1975. 14 for more than 20 years in incorporating BMZ Hides year in Bertin and Bertin. with the JBS Group. started at JBS in 1997. January 2010 became the Director of New Business.

Corporate Structure
CEO President JBS S.A. Wesley Batista

CEO USA Don Jackson

Pilgrim's Pride William W. Lovette

William is the President, CEO and Director of Pilgrims Pride since January 2010. He is bringing to Pilgrims 27 years of experience in the poultry industry. Since 2008, he served as president and COO of Case Foods, Inc . Furthermore, he spent 25 years with Tyson Foods in various senior management roles.

Beef USA Bill Rupp

Pork Martin Dooley

CFO Andr Nogueira

JBS Five Rivers Mike Thoren

Mike is the President and CEO of Five Rivers since the Start of the Company. Has a Masters of Science in Agricultural Economics and has a degree in Agribusiness from the University of Washington State.

JBS Carriers Moe Schroder

Moe has more than 30 years experience in Transportation Sector. Graduated from the University of Ryerson, Toronto, Canada. Occupied the position of Vice President of Sales, Dedicated Operations at KLLM and before that was in various executive positions at CR England . Moe Joined JBS to run the carrier business

Trading Robert Wadland

Robert has 27 years of meat trading experience with 17 years of that at JBS enhancing exports out of Australia and New Zealand. Recently transferred to the US to run the groups trading business unit

Human Resources Bob Daubenspeck

Robert assumed this position in February 2009 and before that was in JBS Packerland from 2002 to 2008.

CEO Australia Iain Mars

Iain was born in England and worked in the Beef Industry for his whole life. He became the President and CEO of JBS Australia in 2007, after the acquisition of Swift. He has worked in JBS since 2005.

Bill has learned the Beef Industry from the ground up. Right out of college, he began learning the business at Cargill where he worked for 25 years. He was a general plant manager and eventually went to build a meat processing facility in Canada. He later became the VP of Operations, then was the President of the Beef Business, and eventually became the president of Cargill Meat Solutions. Bill joined JBS in 2010 as the President of the US Beef Business.

Martin has a degree in Andr has a degree in Biology from the Economics from the University of Eastern Universidade Federal Illinois. Worked in Swift Fluminense, a for his whole life, having specialization in started the company as a Marketing from PUC-SP, manager trainee in 1983. a MBA from Fundao In 2007 was given the Don Cabral and a position of president of the masters in Economics Pork Division of JBS USA. from Universidade de Brasilia. Worked more than 20 years in the banking sector and started at JBS USA in 2007 after the Swift acquisition.

Shareholders

Treasury 1.7% PROT - FIP 8.0% Market 18.7%

FB Participaes S.A. 54.5%

BNDESPAR 17.0%

Average daily trade volume of R$ 35.2 million in 4Q10

Source: JBS

Leading, Sizeable and Diversified Business Platform

Beef
Ranking

Chicken

Pork

Hides / Leather

Dairy

Lamb

1st
Global 65
000 heads/day:

2nd
Global 39
mm heads/day:

3rd
U.S.A. 3
000 heads/day:

1st
Global 23
000 hides/day:

3rd
Brazil 7
000 tons/day:

1st
Global 6
000 heads/day:

Production Units

41.7 1.0
Geographic Presence and Installed Capacity

68.3

5.4

5.0

28.8
9.0 3.0 0.9

7.3

49.0

6.0 6.0

4.0
20.0

0.6

2.0

Total:

89.4

Total: 7.9

Total: 49.0

Total: 82.3

Total: 5.4

Total: 24.0

Well-Recognized Brands

Our Strategy

Distribution Platform with Access to Key Markets

Growth 1 -2 % 3% 4% Growth 1 9% 13 % 8% Growth 1 7% 25 %

Growth 2% 8%

16 %
5% Distribution Center Sales Offices

1 Real growth of total consumption in tons 2010E to 2015E Source OECD-FAO

Agenda
Company Overview

JBSS3 Stock Performance and Ongoing Actions

Market Overview

3Q10 Highlights

10

Animal Protein Consumption Growth in the Last Decade

47.7%

EU - 27

North America

7.5%

41.4%

23.7%

East Asia

Central America

29% 70.2%

Middle East Southeast Asia

48.7%

South America

32.2%

Sub Saharan Africa

23.3%

Oceania

Source: FAPRI February 2010

11

Global Consumption by Protein

100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Pork (1000 MT CWE)

Beef (1000 MT CWE)

Chicken (1000 MT)

Source: USDA

12

Global Average Export Price

5.00

4.50

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Pork (US$/MT)

Beef (US$/MT)

Chicken (US$/MT)

Source: USDA

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Global Trade by Protein

9000

8000

7000

6000

5000

4000

3000

2000

1000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Pork (1000 MT CWE)

Beef (1000 MT CWE)

Chicken (1000 MT)

Source: USDA

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Global Supply-Demand for Poultry

GLOBAL SUPPLY-DEMAND FOR POULTRY Choose Year for Chart: Estimates for Chart 2020 GS
Goldman Sachs Estimates

2020 GLOBAL SURPLUS (DEFICIT) OF POULTRY MEAT

Goldman Sachs Estimates
Russia

European Union

Surplus Million tons Deficit

9.1

1.1

0.9

Million tons
3.2

0.6

8.9

3.7

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

United States 1.1 4.1

China 0.2

19.1

21.6
15.1

22.5

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Brazil
0.1

India -

Thailand

7.6
17.0

0.8

3.7 9.4

3.8

1.9

1.1

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Source: Goldman Sachs

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Global Supply-Demand for Pork

GLOBAL SUPPLY-DEMAND FOR PORK Choose Year for Chart: Estimates for Chart 2020 GS
Goldman Sachs Estimates

2020 GLOBAL SURPLUS (DEFICIT) OF PORK MEAT

Goldman Sachs Estimates
European Union 0.1 1.1

Canada

Surplus Million tons Deficit

1.3

0.3

Million tons
22.7

2.2 1.2
Prod. Imports Exports Cons.

21.6

Prod.

Imports

Exports

Cons.

United States

Russia -

0.5

2.5

1.1
9.9

11.9

3.1

4.1

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Mexico
-

Brazil 0.3 1.4 55.8 2.2

4.4

China

0.8
1.6

0.2

56.4 (0.3)

3.0
Prod. Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Source: Goldman Sachs

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Global Supply-Demand for Beef

GLOBAL SUPPLY-DEMAND FOR BEEF & VEAL Choose Year for Chart: Estimates for Chart 2020 GS
Goldman Sachs Estimates

2020 GLOBAL SURPLUS (DEFICIT) OF BEEF & VEAL

Goldman Sachs Estimates
European Union 0.8

United States 1.5 1.6

Surplus Million tons Deficit

12.7

Million tons
8.0

0.2

12.8

8.6

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Brazil

China

0.2

1.2

6.0 15.4
9.5
Prod. Imports Exports Cons. Prod. Imports Exports Cons.

7.3

8.5

Argentina & Uruguay 0.4

India

Australia

0.4

1.6

3.6

3.2

4.1

3.7

2.4
0.8

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Prod.

Imports

Exports

Cons.

Source: Goldman Sachs

17

Beef
Exports Brazil vs USA

Both Brazil and the US continue to lead global beef exports.

Brazilian Beef Exports (Tons)

1,400,000 1,200,000 1,000,000 800,000
24,4%

US Beef and Veal Exports (Tons)

4,500 4,000 3,500 800,000 700,000 600,000
23,1% 9,8%

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

2,7%

3,000 2,500 2,000 1,500 1,000

500,000
400,000 300,000 200,000 100,000 0
2005 2006 2007 2008 2009 Jan-Nov Jan-Nov 2009 2010

600,000
400,000 200,000

500

0
2005 2006 2007 2008 2009 2010

Br Beef Exports (Tons)

Avg. Price (US$/Ton)

USA Beef & Veal Exports (Tons)

Avg. Price (US$/Ton)

Source: USDA and Secex

18

Chicken
Exports Brazil vs USA
The reopening of the Russian market in late August should boost US chicken exports in the latter half of 2010.

Brazilian Chicken Exports (Tons)

2,000 5,000,000
13,4%

US Chicken Exports (Tons)

4,000,000
-4,8%

1,200 1,000
-1,5%

1,800
1,600

3,500,000 3,000,000 2,500,000

4,000,000
6,0%

1,400 1,200

800 600 400 200 -

3,000,000

1,000 800 600

2,000,000

1,500,000
1,000,000 500,000 -

2,000,000

1,000,000

400 200

0 2005 2006 2007 2008 2009 2010

2005

2006

2007

2008

2009

JAN-NOV JAN-NOV 09 10

BR Chicken exports (Tons)

Avg. Price (US$/Ton)

USA Broiler Meat Exports (Tons)

Avg. Price (US$/Ton)

Source: USDA and Secex

19

Agenda
Company Overview

JBSS3 Stock Performance and Ongoing Actions

Market Overview

3Q10 Highlights

20

Highlights - 3Q10
Net revenue for the 3Q10 was R$14,069.6 million, practically stable in comparison to the 2Q10, which was R$14,116.3 million. Consolidated EBITDA increased by 2.6% q-o-q, reaching R$1,026.4 million for the 3Q10. EBITDA margin was 7.3% in the quarter. The main operating highlights were: JBS Mercosul operations presented EBITDA of R$363.7 million and EBITDA margin of 10.4% for the quarter, versus 9.5% in 2Q10, despite challenges such as cost of raw materials and FX-rate. JBS USA Pork presented EBITDA of US$90.8 million and a historical EBITDA margin of 11.8% in 3Q10. JBS USA Chicken (PPC) had an EBITDA of US$170.0 million, 33.2% higher q-o-q, with EBITDA margin of 9.9%. Consolidated customer base grew 15.3% q-o-q, primarily in Mercosul, and now exceeds 350 thousand clients globally.
21

Consolidated Performance by Protein

1

R$ Millions Beef Pork Chicken Others Total

Net Income 8,624.2 1,350.8 2,994.1 1,100.5 14,069.6

EBITDA 448.2 158.8 309.5 109.8 1,026.4

Margin EBITDA 5.2% 11.8% 10.3% 10.0% 7.3%

Export Growth
4,500.0 4,000.0 3,500.0 400.0 350.0

Customer Base Evolution

3,000.0
2,500.0 2,000.0 1,500.0 1,000.0 500.0 4Q09 1Q10 2Q10 Exports (mil tons) 3Q10

300.0
250.0 200.0 150.0

100.0
50.0 4Q09 1Q10 2Q10 3Q10

Exports (R$ Millions)

(1) in Local GAAP

Customers (thousand)

22

JBS Consolidated Results

Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ million)
6.9% 5.4% 3.5% 7.1% 7.3%

1,000.0 862.0

1,026.4

14,116.3

14,069.6

12,550.3

8,379.9

397.8
7,408.9

291.9

-11.6%

69.4%

12.5%

-0.3%

36.3%

116.7%

16.0%

2.6%

3Q09

4Q09
Source: JBS

1Q10

2Q10

3Q10

3Q09

4Q09

1Q10

2Q10

3Q10

EBITDA Margin (%)

23

Performance by Business Units

JBS MERCOSUL JBS USA Beef
Including Australia

JBS USA Pork

JBS USA Chicken (PPC)

Net Sales (R$ billion)

Net Sales (US$ billion)

Net Sales (US$ million)

Net Sales (US$ billion)

3.5 3.0

3.5

3.3

3.4

1.8
606

1.7

2.8
1.7 1.7

2.8

2.8

559

646

739

772

1.7

1.7

3Q09

4Q09

1Q10

2Q10

3Q10

3Q09

4Q09

1Q10

2Q10

3Q10

3Q09

4Q09

1Q10

2Q10

3Q10

2Q09

3Q09

2Q10

3Q10

EBITDA (R$ mm) EBITDA margin

11.9% 9.5% 6.6% 10.4%

EBITDA (US$ mm) EBITDA margin

EBITDA (US$ mm) EBITDA margin

11.8%

EBITDA (US$ mm) EBITDA margin

10.6% 9.3% 7.5% 9.9%

6.0% 3.8% 4.5%

5.9% 3.1% 2.7% 4.7% 5.4% 6.6%

352.6
2.9%

334.5

363.7
194.9 170.5 108.4 126.0

90.8

184.4 164.6 127.6

170.0

103.5

48.7 28.6 15.3 34.9

112.2 47.3

3Q09

4Q09

1Q10

2Q10

3Q10

3Q09

4Q09

1Q10

2Q10

3Q10

3Q09

4Q09

1Q10

2Q10

3Q10

2Q09

3Q09

2Q10

3Q10

Source: JBS EBITDA Margin (%)

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Revenue Distribution by Market

Revenue Distribution by Market 3Q10
Chicken Pork Exports 1% Exports 2%

Revenue Distribution by Market 2Q10

Pork Exports 2% Chicken Exports 2%

Beef Exports 25%

Beef Domestic 44%

Beef Exports 25%

Beef Domestic 44%

Chicken Domestic 20% Pork Domestic 8%

Chicken Domestic 20% Pork Domestic 7%

Exports = 28%

Domestic Market = 72%

Exports = 29%

Domestic Market = 71%

Revenue Distribution by Business Units 3Q10

Revenue Distribution by Business Units 2Q10

USA Chicken 22% USA Pork 9%

Mercosul 27%

USA Beef 42%

Source: JBS * Including Australia

25

EBITDA Distribution by Business Units

3Q10

2Q10

Mercosul 36.4%

USA BEEF * 18.1% USA PORK 15.9% Mercosul 43.9%

USA BEEF* 36.1%

USA Chicken 29.7%

USA Chicken 12.6%

USA PORK 7.4%

Source: JBS * Including Australia

26

JBS Consolidated Exports Distribution

JBS Exports 3Q10 JBS Exports 2Q10

China 4% South Korea 5%

Taiwan Canada 2% 4%

Others 12%

Africa and Middle East 19% Mexico 12%

USA 7%

E.U. 7%

Russia 10%

Hong Kong 8%

Japan 10%

US$2,326.9 Millions

US$2,3331.0 Millions

Source: JBS

27

Debt Profile

The ratio of net debt to EBITDA was 2.9x in the quarter, slightly less than 3.0x in 2Q10.
It is important to note that the liquidity of the balance sheet continues to improve, as the cash position amounted to R$4,402.5 million (25.2% higher than 2Q10), almost 90% of short-term debt, compared to 70.0% in the previous quarter and 55.0% in 1Q10. Additionally, the debt profile also improved. ST debt reached 33.0% of total debt in the 3Q10, compared to 36.0% in the 2Q10 and 40.0% in the 1Q10.

Leverage
3.3 3.1 3.1 3.0 2.9x*

ST / LT Profile

60%

64%

67%

40%
1Q10

36%
2Q10

33%
3Q10

3Q09

4Q09

1Q10

2Q10

3Q10

Short term

Long term

Source: JBS *LTM including Bertin and Pilgrims Pride pro-forma. EBITDA Margin EBITDA

28

Agenda
Company Overview

JBSS3 Stock Performance and Ongoing Actions

Market Overview

3Q10 Highlights

29

Stock Performance

JBS shares fell 7.5% when compared with the 2nd Quarter closing price. The Ibovespa and the
S&P 500 Indexes increased 13.4% and 11.1% respectively, in 3rd Quarter 2010.

The sector, in general, was impacted by factors such as FX-Rate and rising input cost.

The Company continues to focus on measures to enhance the share price.

JBS vs Ibovespa in the 3Q10

130.0 125.0 120.0 115.0 110.0 105.0 100.0

95.0 90.0 85.0

80.0 Jul-10
Source: Bloomberg (Base 100 = 01/07/10)

Aug-10
JBSS3 IBOV

Sep-10

30

Ongoing Actions
Pending issues

Actions

INALCA JBS

JBS bought 50% of Inalca JBS in 2008 paying a total of 218.5 million.

JBS filed a request at the International Chamber of Commerce

in Paris to guarantee the right to nominate the CFO, which has been denied JBS from the outset. The Company requested Ernst & Young to conduct a full audit, which in progress.
The Company closed 3 plants and concentrated its production in a

Argentina

more efficient industrial complex. Laid off 1,500 employees from 4 plants. Negotiated commercial agreements that will increase plants utilization and deficiencies as well as maximizing the Pilar Distribution Center. Transferred headquarters from Buenos Aires to Rosario, reducing administrative expenses. 3Q10 income already reflects an improvement over the previous quarter due to these actions.

31

Ongoing Actions
Pending issues

Actions
JBS paid a premium of R$ 521,940,000.00 to its Debenture holders
on December 23rd, 2010. JBS communicated that it is in advanced stages of negotiation with

Convertible Debentures

its main Debenture holder for the 2nd issuance of mandatorily

convertible Debentures. The new Debentures will have the following characteristics:
Amount: R$4 billion Period: 5 years Interest:8.5% per annum, paid quarterly Mandatorily convertible into JBS S.A. shares at the end of the 5th year. Conversion price of R$ 9.50 per share (JBSS3), plus interest paid on the debentures, net of taxes, minus the remuneration paid to shareholders in the period (dividends, interest on equity, etc).

Debt Distribution and Income Tax Rate

The management is in advanced studies supported by specialized consultants, aiming to rebalance the Company's debt, according to the cash flow of each region.

The Company believes that a solution will be implemented during the

first half of 2011, which should reduce the cost of capital and maximize the goodwill amortization, increasing the Company's profitability

32

Coverage by Equity Analysts

The Company continues to work on increasing coverage by equity analysts. Please find here below the list of present analysts covering JBS.

Institution
Banco do Brasil Bradesco BTG Pactual Goldman Sachs HSBC Merrill Lynch BofA Santander Safra UBS Votorantim

Analyst
Mariana Peringer Ricardo Boiati Fbio Monteiro Gustavo Wigman Pedro Herrera Fernando Ferreira Luis Miranda Erick Guedes Gustavo Oliveira Luiz Carlos Cesta

Recommendation
Buy Market Perform Buy Neutral Overweight Neutral Buy Outperform Neutral Neutral

Target Price
13.18 8,80 9.30 7,30 9.50 8.00 9.60 10.35 8.80 8.80

Source: Bloomberg and Company

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IR Contacts: ir@jbs.com.br +55 11 3144 4447 www.jbs.com.br/ir

In God We Trust, Nature We Respect

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