JBS S.A.

Results Presentation3Q11

JBS S.A.JBS S.A.

JBS S.A. at a glance

Founded in the 1950’s in West Central Brazil

IPO in 2007

Leading protein producer in the World

Revenues of over US$27 billion in the first nine months of 2011

EBITDA of US$1.3 billion in the first nine months of 2011

3PAGE

EBITDA of US$1.3 billion in the first nine months of 2011

Net revenue organic growth of 10.6% in local currency in 3Q11 y.o.y.

125,000 employees worldwide

134 production units in 6 continents

Market cap of approximately US$9.3 billion(1)

(1) 11/11/2011

JBS Ranking

3 Geographic and market segment diversification

1 Market Leader

4 Well-recognized brands

2 Track Record of successful acquisitions

Largest global beef and lamb producer1

st

Largest global leather processor1

st

4PAGE

brands

Largest global chicken producer2

nd

Largest dairy producer in Brazil3rd

Largest pork producer in the US3rd

Source: JBS

3 Geographic and market segment diversification

1 Market Leader

4 Well-recognized brands

2 Track Record of successful acquisitions

Presence in more than 100 countries, in 6 continents

Strategic Geographical Distribution

5PAGESource: JBS

brands

Slaughterhouse and Industry

Sales Office

Pork

LeatherBeef

Distribution CenterDairy

Biodiesel

Chicken

Geographic Presence andProductionCapacity

85,825 heads/day

Beef

7.9 mm birds/day

Chicken

50,000 heads/day

Pork

5,400 tons/day

Dairy

24,000 heads/day

Lamb

76,100 hides/day

Leather

3

60

37

20

7

1

58

17

134

u Units

Well-recognized Brands, symbols of quality

3 Geographic and market segment diversification

1 Market Leader

4 Well-recognized brands

2 Track Record of successful acquisitions

Brazil

Argentina

6PAGE

brands

USA

Australia

3Q11 Highlights3Q11 Highlights

Net revenue in 3Q11 was R$15,567.8 million, 10.6% higher than 3Q10.

The Company ended the quarter with R$5.6 billion in cash, more than a 100% of its short-term debt.

3Q11 Highlights

JBS generated net cash provided by operating activities of R$897 million in the quarter.

JBS USA Beef presented EBITDA in 3Q11 of R$184.1 million , an increase of 77.9% over the last

EBITDA margin increased 101 bps to 5.1% in the quarter.

Gross Margin expanded 102bps, compared to 2Q11 and reached 10.9%.

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The main operating highlights were:

Net debt reduced approximately R$530 million, excluding the FX variation effect in the net debt in US

dollar denominated.

JBS Mercosul presented EBITDA of R$453.8 million, with an EBITDA margin of 11.6%.

JBS USA Beef presented EBITDA in 3Q11 of R$184.1 million , an increase of 77.9% over the last quarter.

JBS USA Pork business unit presented cumulative 2011 EBITDA of US$264.8 million, 51.8% higher than in the same period of 2010.

JBS Consolidated Results – 3Q11

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

7.36.0 5.7 5.1

8,0

1600,0

1800,0

14,069.6 14,319.6 14,672.7 14,621.8 15,567.8

9PAGESource: JBS

1,026

866 836

588

787

5.7

4.05.1

-12,00,0

200,0

400,0

600,0

800,0

1000,0

1200,0

1400,0

3Q10 4Q10 1Q11 2Q11 3Q11

14,069.6 14,319.6 14,672.7 14,621.8

3Q10 4Q10 1Q11 2Q11 3Q11

+2.5% -3.8% +6.5%+1.8%

-3.4%

-29.7%+33.9%

-15.7%

EBITDA Margin (%)

Nine Months Analysis

Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion)

JBS Mercosul JBS USA(Including Australia)

JBS USA JBS USA (PPC)

Performance by Business Unit

5.15.7

9.5

12.0

9.811.1 2.2

2.5

0

10PAGESource: JBS

EBITDA (R$ bi) EBITDA (US$ mi) EBITDA (US$ mi) EBITDA (US$ mi)

9M10 9M119M10 9M119M10 9M11

0

9M10 9M11

174.4

261.5

-0,2

-0,15

-0,1

-0,05

0

0,05

0,1

0,15

0

100

200

300

9M10 9M11

357.1

-172.4

-0,9

-0,88

-0,86

-0,84

-0,82

-0,8

-0,78

-0,76

-0,74

-0,72

-0,7

-0,68

-0,66

-0,64

-0,62

-0,6

-0,58

-0,56

-0,54

-0,52

-0,5

-0,48

-0,46

-0,44

-0,42

-0,4

-0,38

-0,36

-0,34

-0,32

-0,3

-0,28

-0,26

-0,24

-0,22

-0,2

-0,18

-0,16

-0,14

-0,12

-0,1

-0,08

-0,06

-0,04

-0,02

0

0,02

0,04

0,06

0,08

0,1

0,12

0,14

0,16

0,18

0,2

-200

-100

0

100

200

300

400

500

600

700

800

900

1000

9M10 9M11

1.1

1.2

-0,15

-0,13

-0,11

-0,09

-0,07

-0,05

-0,03

-0,01

0,01

1000

1100

1200

9M10 9M11

468.9 515.5

-0,3

-0,28

-0,26

-0,24

-0,22

0

100

200

300

400

500

600

700

800

900

1000

1100

9M10 9M11

Performance by Business Unit

Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion)

JBS Mercosul JBS USA(Including Australia)

JBS USA JBS USA (PPC)

Quarterly Analysis

1.7 1.8 1.9 2.0 1.9

3.4

3.6

3.8

4.0

4.2

3.53.4

3.6 3.6

3.9772 799 837 846 867

100

180

260

340

420

500

580

660

740

820

900

980

1060

1140

1220

1300

11PAGE

Source: JBS

EBITDA (R$ mi) EBITDA (US$ mi) EBITDA (US$ mi) EBITDA (US$ mi)

EBITDA Margin (%)

3Q10 4Q10 1Q11 2Q11 3Q113Q10 4Q10 1Q11 2Q11 3Q113Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11

170124.8

-55.2 -47.6-31.4

9.9%6.9%

-2.9%

-2.4%

-1.7%

-30,0%

-28,0%

-26,0%

-24,0%

-22,0%

-20,0%

-18,0%

-16,0%

-14,0%

-12,0%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

20,0%

-200

-100

0

100

200

300

400

500

3Q10 4Q10 1Q11 2Q11 3Q11

373.7

238.8308.6

427.9 453.8

10.7%

7.1%8.6%

11.8% 11.6%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

0

100

200

300

400

500

600

3Q10 4Q10 1Q11 2Q11 3Q11

103.5

194.8

269.7

44.7

184.1

3.1% 5.4%7.1%

1.1%4.4%

-30,0%

-28,0%

-26,0%

-24,0%

-22,0%

-20,0%

-18,0%

-16,0%

-14,0%

-12,0%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

0

100

200

300

400

500

3Q10 4Q10 1Q11 2Q11 3Q11

90.8102.4 105.3

83.6 75.9

11.8% 12.8% 12.6% 9.9% 8.8%

-23,0%

-19,0%

-15,0%

-11,0%

-7,0%

-3,0%

1,0%

5,0%

9,0%

13,0%

0

100

200

3Q10 4Q10 1Q11 2Q11 3Q11

45.3%

25.1%20.3%

9.3%

Revenue and EBITDA Distribution by Business Unit

Net Revenue - 3Q11

12PAGE

Source: JBS

59.6%

39.6%

16.3%

-15.6%

EBITDA – 3Q11

Organic Growth

Each business unit presented double digit organic growth in their local currency, for the analyzed period.

JBS USA Beef – Net Revenue (US$ million) JBS USA Chicken – Net Revenue (US$ million)

3.000

3.200

3.400

3.600

3.800

4.000

4.200

1.700

1.800

1.900

2.000

2.100

13PAGE

Source: JBS

JBS USA Pork – Net Revenue (US$ million) JBS Mercosul – Net Revenue (R$ million)

2.600

2.800

3.000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

1.600

1.700

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

500

550

600

650

700

750

800

850

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

2.800

3.000

3.200

3.400

3.600

3.800

4.000

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

JBS Consolidated Exports DistributionApproximately US$2.4 billion in the 3Q11 and US$7.2 billion in 9M11

Taiwan 2.4%

Others 17.9%

Mexico 14.5%

Africa and Middle East 14.0%

Vietnam 1.6%

US$ 2,374.2

14PAGE

Source: JBS

Taiwan 2.4%

China 4.4%

Canada 5.5%

Sulth Korea 6.0%

Russia 7.0% Hong Kong 7.2%

Japan 11.7%

E.U. 7.8%

US$ 2,374.2 million

4

Leverage

Debt Profile

ST / LT Profile

Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)*, reduced from 3.2x in 2Q11 to 3.0x in 3Q11.

Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)*, went from 3.6x in 2Q11 to 4.0x in 3Q11.

The Company ended the quarter with R$5.6 billion in cash or cash equivalents, more than a 100% of the Company’s short-term debt.

28% 72%3Q11

The Company generated R$897 million of operating cash flow and R$620 million of net cash flow.

4.0x 41500

15PAGE

2.9 3.0 3.1 3.23.0x

0

1

2

3

4

. EBITDA. Leverage

Source: JBS* subsidiary controlled by JBS with non-recourse debt.

Short Term Long Term

33%

33%

30%

27%

67%

67%

70%

73%

3Q10

4Q10

1Q11

2Q11

2.9 3.0 3.1

3.6

4.0x

0

1

2

3

4

-100

100

300

500

700

900

1100

1300

1500

3Q10 4Q10 1Q11 2Q11 3Q11

. Leverage Ex-PPC EBITDA Ex-PPC

Sell-side analyst recommendation

Institution Analyst Recommendation Target Price (R$)

Henrique Koch

Ricardo Boiati / Alan Cardoso

Thiago Duarte / Fábio Monteiro

Pedro Herrera / Diego Maia

Hold

Market Perform

Buy

Neutral

In revision– 10.20 (last)

5.20

6.20

5.00

Banco do Brasil

Bradesco

BTG Pactual

HSBC

$

Carlos Albano Hold 7.40Citi

Gabriel Vaz Lima Overweight 5.50Barclays Capital

16PAGESource: Bloomberg and JBS

Fernando Ferreira / Isabella Simonato

Erick Guedes / Fernando Labes

Gustavo Oliveira / Flavio Barcala

Underperform

Outperform

Neutral

5.00

7.29

5.10

Luis Miranda Hold 7.00

Merrill Lynch BofA

Safra

UBS

Santander

Luiz Cesta /Marco Richieri Buy 5.70Votorantim

Marketing Campaign

JBS started in October, in the state of Sao Paulo, an unprecedented marketing campaign in the media

17PAGE

The construction of a brand aims at selling a product with higher added value

Environmental

Purpose: reduce deforestation in the Amazon Biome; avoidpurchasing cattle from Environmentally Protected Areas – EPAs,Indigenous reserves and protected areas; eradication of slavelabor in Brazil.

Satellite image monitoring of the Amazon Biome

JBS actions related to cattle traceability and the Amazon BiomeSustainability

JBS SA participates in CDP - Carbon Disclosure Project.Also, JBS integrates the Carbon Efficient Index of BOVESPA - ICO2.

18PAGE

Amazon

Satellite image

Social & Environmental

labor in Brazil.

JBS Brazil monitors a 100% of its cattle suppliers properties viasatellite geo-referencing (GPS monitoring).

After the property coordinates are collected, the data is keyed intoJBS’s registry of cattle suppliers and is sent to an outsource companyto be analyzed by superimposing on a map constructed from satelliteimages and the DETER(1) and PRODES(2) produced by Brazil’s NationalInstitute for Space Research – INPE.

JBS contains a database of almost 12,000 cattle ranches registeredin the Amazon Biome.

Source: JBS Sustainability Policy(1)Real Time Deforestation Detection(2)Legal Amazon Deforestation Monitoring Project

Mission

“ To be best in what we set out to do, totally focused onour business, ensuring the best products and services for our customers, solidity for our suppliers,

”

for our customers, solidity for our suppliers,

satisfactory profitability for our shareholders and the

certainty of a better future to all our employees.