September, 2010

2

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.

Agenda

3

2Q10 HighlightsMarket Overview

Company Overview

Short Term Outlook

4

Our MissionTo 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 ValuesExcellencePlanning

DeterminationDiscipline

AvailabilityOpennessSimplicity

Who We Are

Corporate Structure

Investors

RelationsJeremiah

O’Callaghan /

Guilherme Arruda

Finance

Director Brazil

Marcos Cunha

Bastos

Corporate

Law

Department

Francisco

de Assis e Silva

Mr. Marcos Bastos, Graduate from the

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.

Mr. Francisco de Assis e Silva, Director of the

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

Started working at JBS in December of 2001 and later became a member

of the Executive Board in January of 2007.

Mr. Jeremiah O’Callaghan, 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.

Mr. Guilherme Arruda 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

Mr. Eliseo Fernandez Has a Business

Administration and Accounting Degree from

the University Católica de Pernambuco and a post

graduate degree in Business Administration from FGV. Started with

JBS in August 2005 and eventually became

Director of Administration and Corporate

Governance. 8 years Experience in Auditing and Consulting and 10

years in the Retail industry.

Dairy

Gilson

Teixeira

CEO

MERCOSUL

Marco

Bortolon

JBS

Hides

Roberto

Motta

New business

José Luis

Medeiros

Commercial and

Distribution

International

Offices

Marco Bichieri

CEO

President

Joesley

Batista

Mr. Marco Bortolon, 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.

Mr. Marco Bichieri, has more than 24 years of

experience in the Protein Sector. Worked for more than 20 years in Bertin.

Mr. Roberto Motta, has more than 20 years in the Leather Industry. Was responsible for

incorporating BMZ Hides with the JBS Group.

Mr. Gilson Teixeira, 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.

Mr. José Luiz Medeiros, has a degree in

Accounting and has been working in the Beef

Sector since 1975. 14 year in Bertin and

started at JBS in 1997. January 2010 became

the Director of New Business.

5

Corporate Structure

Australia

Iain Mars

Pilgrim's Pride

Don Jackson

Beef USA

Richard Vesta

JBS Five

Rivers

Mike

Thoren

JBS Carriers

Mr. Moe

Schroder

CEO

USA/AUSWesleyBatista

Pork

Martin

Dooley

Mr. Iain Mars, 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.

Mr. Martin Dooley

Has a degree in Biology from the University of

Eastern Illinois. Worked in Swift for his whole life,

having started the company as a manager trainee in 1983. In 2007 was given the position of

president of the Pork Division of JBS USA.

Mr. Moe Schroder 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 for a period

of 15 years;

Mr. Thoren,

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.

Mr. Richard Vesta, joined Smithfield Foods with the Acquisition of

Parkerland in 2001 and now serves as the

president and CEO of JBS Packerland

Mr. Don Jackson is the President, CEO and

Director since January 2009. For 9 years was

the president of the chicken division of Foster Farms and vice president

of Food Services in ConAgra Poultry

Company.

Before this worked at Seaboard farms of

Athens for 22 years, including 4 years as the

CEO of the Chicken Division

Trading

Robert

Wadland

Mr. Robert Wadland 27 years of meat trading experience with 17

years of that at JBS to enhance exports out of

Australia and New Zealand. Recently

transferred to the US to run the group’s trading

business unit

CFO

André

Nogueira

Human

Resources

Bob

Daubenspeck

Mr. André Nogueira has a degree in Economics

from the Federal University Fluminense, a

masters in Capital Markets from FGV –

Fundação Getúlio Vargas, and masters in Economics from

University of Brasilia in 2003. Worked more than 20 years at Bank of Brazil and started at JBS USA in

2007 after the Swift acquisition.

Mr. Robert Daubenspeck

assumed this position in February 2009 and

before that was in JBS Packerland from

2002 to 2008.

6

Shareholders

7

Average daily trade volume of USD 50.4 million in 2Q10

Source: JBS

Controlling Holding55.5%

BNDESPAR17.3%

Market19.1%

PROT - FIP8.1%

Leading, Sizeable and Diversified Business Platform

8

1stRanking

Well-Recognized Brands

Production Units

Geographic Presence

and Installed Capacity

2nd 3rd 1st 3rd 1st

Global Global U.S.A. Global Brazil Global

Beef

41.2

1.1

6.7

28.6

8.7

3.0

1.0

‘000 heads/day:

6.9

0.7

mm heads/day:

48.5

‘000 heads/day: ‘000 hides/day:

1.4

‘000 tons/day:

4.5

23.0

‘000 heads/day:

Total: 90.3 Total: 7.6 Total: 48.5 Total: 91.4 Total: 1.4 Total: 27.5

Chicken Pork Hides / Leather Dairy Lamb

75 33 3 26 7 6

55.6

28.6

6.0

1.2

Our Strategy

9

Production platform

Sales and distribution platform

Value added products

Branding

JBS’ Value & Strategy

EBITDA Margin

Financial structure

Experienced management

Cost reduction, process

optimization

Risk management

• Developed an efficient and diversified global production platform

• Expanding a global distribution platform to reach end clients

• Customized and further processed products for the end users

• Associating quality and branding to increase client loyalty

Rationale

Distribution Platform with Access to Key Markets

101 Real growth of total consumption in tons – 2010E to 2015ESource – OECD-FAO

Distribution Center

Growth 1

2 %

5 %

8 %

Growth 1

7 %

16 %

25 %

Growth 1

9%

8%

13 %

Growth 1

4 %

3 %

-2 %

Sales Offices

Agenda

11

2Q10 HighlightsMarket Overview

Company Overview

Short Term Outlook

World Meat Consumption (million tons cwe)

2000 2009 2018 Growth2009-2018

Pork 89 102 120 18%

Poultry 70 98 120 23%

Beef 60 65 75 15%

TOTAL 219 265 315 19%

2000 2009 2018 Growth2009-2018

OECD 92 100.4 108.5 8%

NON OECD 127 164 205 25%

Source: OECD/FAO Agricultural Outlook 2009-2018

12

Animal protein consumption growth in the last decade

13

3

Source: FAPRI February 2010

7.5%

29%

32.2%

70.2%

41.4%

47.7%

23.7%

23.3%

48.7%

North America

Central America

South America

Sub Saharan Africa

Middle EastSoutheast Asia

East Asia

Former USSR

Oceania

EU - 27

Beef Exports

14Source: USDA and Secex

US Beef and Veal Exports (Tons) Brazilian Beef Exports (Tons)

Rising demand in emerging economies drove export volumes up in the semester both in Brazil and in the US but more importantly, pricing was very strong. As beef production is long cycle, some of this export demand will tend to boost chicken exports, particularly out of the US, in the coming years.

2005 2006 2007 2008 2009 JAN-JUN 09

JAN-JUN 10

3,800

3,900

4,000

4,100

4,200

4,300

4,400

4,500

4,600

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Beef Exports Avg Price in US$ per Ton

24.3%

5.3%

2005 2006 2007 2008 2009 JAN-JUN 09

JAN-JUN 10

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Beef Exports Avg Price in US$ per Ton

7.0%

26.6%

Chicken Exports

15Source: USDA and Secex

Brazilian Chicken Exports (Tons) US Poultry Exports (Tons)

Strong domestic demand in both Brazil and the US limited exports in the first semester although it is clear that prices will tend to push up export volumes from now on particularly taking into account the reopening of the Russian market for US product.

2005 2006 2007 2008 2009 JAN-JUN 09

JAN-JUN 10

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Chicken Exports Avg Price in US$ per Ton

1.1%

17.3%

2005 2006 2007 2008 2009 JAN-JUN 09

JAN-JUN 10

-

200

400

600

800

1,000

1,200

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Chicken Exports Avg Price in US$ per Ton

-6.5%

-2.9%

Agenda

16

2Q10 HighlightsMarket Overview

Company Overview

Short Term Outlook

Highlights for the 2nd Quarter 2010

17

Revenues increased 52.5% y-o-y and 12.5% to R$14,116.3 million

• JBS USA increased 67.6% y-o-y and 12.9% q-o-q

• JBS MERCOSUL increased 123.1% y-o-y and 19.1% q-o-q

• JBS Exports increased 37.0% q-o-q reaching 29% of sales

EBITDA increased 163.3% y-o-y and 16.0% q-o-q.

Leverage remained fairly stable at 3.0x

Consolidated customer base grew by 22.2% q-o-q, reaching more than 300

thousands customers in 2Q10.

JBS Consolidated Results

18Source: JBS

EBITDA Margin (%)

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

9,255.08,379.9

7,408.9

12,550.314,116.3

2Q09 3Q09 4Q09 1Q10 2Q10

69.4%-11.6% 12.5%-9.5%

384.0

291.9

397.8

862.0

1,000.0

4.1%3.5%

5.4%

6.9% 7.1%

2Q09 3Q09 4Q09 1Q10 2Q10

-24.0% 36.3% 116.7% 16.0%

Performance by Business Units

19

Net Sales (US$ billion)

Net Sales (US$ million)

Net Sales (US$ million)

EBITDA (US$ mi) EBITDA margin

EBITDA (US$ mi) EBITDA margin

EBITDA (US$ mi) EBITDA margin

JBS USA BeefIncluding Australia

JBS USA Pork JBS USA Chicken (PPC)

Source: JBS

EBITDA Margin (%)

2.9 2.8 2.8 2.8

3.3

2Q09 3Q09 4Q09 1Q10 2Q10

104.6 108.4126.0

170.5194.9

3.6% 3.8%4.5%

6.0% 5.9%

2Q09 3Q09 4Q09 1Q10 2Q10

554 559 606 646739

2Q09 3Q09 4Q09 1Q10 2Q10

24.7

15.3

28.634.9

48.7

4.5%2.7%

4.7%5.4%

6.6%

2Q09 3Q09 4Q09 1Q10 2Q10

1.71.8

1.6 1.7

1Q09 2Q09 1Q10 2Q10

80.8

164.6

59.5

127.6

4.8%

9.3%

3.6%

7.5%

1Q09 2Q09 1Q10 2Q10

1.7 1.7 1.7

3.0

3.5

2T09 3T09 4T09 1T10 2T10

Net Sales (R$ billion)

EBITDA (R$ mi) EBITDA margin

82.647.3

112.2

352.6334.5

4.9% 2.9%

6.6%

11.9%

9.5%

2T09 3T09 4T09 1T10 2T10

JBS MERCOSUL

Revenue Distribution by Market

20

Revenue Distribution by Market 2Q10 Revenue Distribution by Market 1Q10

Revenue Distribution by Market 2Q10 Revenue Distribution by Market 1Q10

Beef Domestic 44%

Pork Domestic 7%

Chicken Domestic 20%

Beef Exports 25%

Pork Exports 2%

Chicken Exports 2%

Exports = 29% Domestic Market = 71%

Beef Domestic 47%

Pork Domestic 8%

Chicken Domestic 22%

Beef Exports 20%

Pork Exports 1%

Chicken Exports 2%

Exports = 23% Domestic Market = 77%

Source: JBS

Mercosul27%

USA Beef42%

USA Pork9%

USA Chicken22%

Mercosul23%

USA Beef42%

USA Pork10%

USA Chicken25%

EBITDA Distribution by Business Units

21

2Q10 1Q10

USA BEEF34.7%

USA POR

K8.7%

USA Chicken22.7%

Mercosul33.5%

USA BEEF36.1%

USA POR

K7.4%

USA Chicken12.6%

Mercosul43.9%

Source: JBS

JBS Consolidated Exports Distribution

22

JBS Exports 2Q10 JBS Exports 1Q10

US$2,3331.0 Million US$1,765.4 Million

Source: JBS

Africa and Middle East 16%

Mexico 14%

Japan 12%Hong Kong

9%Russia

8%

E.U. 8%

USA 7%

South Korea 4%

China 4%

Canada 4%

Taiwan 2% Others

12%Africa and Middle East19%

Mexico12%

Japan10%Hong Kong

8%Russia

10%

E.U.7%

USA7%

South Korea5%

China4%

Canada4%

Taiwan2% Others

12%

Debt

23

While JBS leverage remained fairly constant in the quarter (at 3.0x LTM EBITDA), the liquidity of the balance sheet improved significantly.

The company’s cash position increased 17,5% when compared with 1Q10 (which represents 70% of the company’s ST debt, from 55% in the previous quarter), while ST debt decreased 7,7% in the same period.

Considering the US$700mm bond issuance in July, ST debt on a pro-forma basis would represent roughly 33% of total debt, closer to the company’s target of having less than 30% of its total debt maturing in the ST.

Source: JBS*LTM including Bertin and Pilgrim’s Pride pro-forma.** Pro-Forma takes into account senior unsecured notes issued July, 2010

2.6

3.3 3.1 3.1 3.0x

2Q09 3Q09 4Q09 1Q10 2Q10

39% 40% 36% 33%

61% 60% 64% 67%

2Q09 1Q10 2Q10 (Pro-Forma)*

Short term Long term

*

**

Leverage ST / LT Profile

Agenda

24

2Q10 HighlightsMarket Overview

Company Overview

Short Term Outlook

A Closer look at synergies – Pilgrim’s Pride

25

JBS already captured US$ 150 million in synergies with Pilgrim’s Pride acquisition of a

total estimated amount of US$ 220 million.

The illustration bellow the origins of the captured synergies.

Captured Synergies

US$ 150 MillionLogistics Optimization Efficiency gains in the average

load factor for trucksUS$50mm

Total US$70mm

Descrição

2 years

On going Synergies

ExportsReaching final customers through the JBS current sales structure.

US$20mm 2010

Size Time

Source: JBS

Logistics23%

Suppliers20%Corporate

23%

Admin-strative

expenses33%

A Closer look at synergies – Bertin S.A.

26

Captured Synergies

R$154 MillionExports

Maximization of sales channels and reviewing contracts for freight

R$31mm

Total R$331mm

Descrição

2010

On going Synergies

Hides Capturing value with the greatest volume of processed

R$45mm 2010

Size Time

Suppliers Review of terms of contract non-core suppliers (ex packaging)

R$10mm 2010

Industrial ProcessesOptimization of fixed costs and streamlining of existing contracts

R$245mm 2 Years

Source: JBS

JBS already captured R$ 154 million in synergies due to the merger with Bertin of a total

estimated amount R$ 485 million.

The next graphic shows the origin of the captured synergies.

Administrative expenses

26%

Exports45%

Logistics13%

Suppliers16%

27“In God We Trust, Nature We Respect”

IR Contacts:ir@jbs.com.br

+55 11 3144 4447www.jbs.com.br/ir