00

1st Quarter 2010 ResultsMay 14th, 2010

Presenters

Jeremiah O’Callaghan

Investor Relations Director

Joesley Mendonça Batista

Chief Executive Officer

Guilherme Arruda

Investor Relations

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.

2

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 ValuesExcellence

Planning

Determination

Discipline

Availability

Openness

Simplicity

3

Agenda

Company Overview

Market Overview

1Q10 Highlights

Short Term Outlook

4

Company Overview

5

JBS S.A. at a Glance

• Founded in the 1950’s in Central West Brazil

• IPO in 2007

• Ibovespa ticker: JBSS3

• ADR ticker: JBSAY

• Leading protein producer in the World

• Production platform in South America, North America, Europe and

Oceania

• 125,000 employees worldwide

• Market cap of approximately R$19 billion

*Source: Bloomberg 13/05/2010

*

6

Shareholders

7

Controlling Holding 55.5%

BNDESPAR 17.3%

Market 19.1%

PROT - FIP 8%

8

EBITDA (R$mm)

.

Bertin Merger

Pilgrim’s Pride

JBS Hides

5 new units

Tasman

Smithfield Beef

Five RiversInalca

Swift Foods Co.

SB Holdings Venado Tuerto Pontevedra(CEPA)

CAGR (2001-2009): 62%

2001 2006 – pre IPO 2009

% of total revenues of R$1,212mm % of total revenues of R$4.3bn % of total revenues of R$55.2bn

Beef Beef

Industrialized/Further

Processed

Beef

Poultry

Industrialized/Further

Processed

Pork

100%

23%

77%

52%

13%6%

29%

JBS S.A. Growth Through Acquisitions

Global Low Cost Production Platform

9

World Beef Producers World Pork Producers World Chicken Producers

Total Number of Plants

65

33

3

6

3

10 544

OthersBrazil

EU

34%16%

14%

21%

10% China

5%

IndiaUS

OthersBrazil

EU

17%3%

10%48%

China

22%

US

Others

Brazil

EU

34%

15%

22%

17% China

12%

US

8 33 3 1

10

1st

Ranking

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 PorkHides / Leather

Dairy Lamb

65 33 3 26 7 6

55.6

28.6

6.0

1.2

Leading, Sizeable and Diversified Business Platform

11

Our Strategy

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

12

Protein Consumption in Key Markets (millions of Ton, 2009E)

53 Distribution Centers

Growth 1

2 %

5 %

8 %

Growth 1

7 %

16 %

25 %

Growth 1

9%

8%

13 %

Growth 1

4 %

3 %

-2 %

Total: 46 mm ton Total: 74 mm ton Total: 86 mm ton

Asia & Middle East

13

North America

15

Europe

8

Latin America

10

28%17%

22%

33%

Asia & Middle East

30

North America

21

Europe

12

Latin America

1141%

16%

15%

28%

Asia

51

North America

11

Europe

21

Latin America

359%

24%

3%

13%

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

Distribution Platform with Access to Key Markets

Market Overview

13

Market Highlights

• Domestic growth in Brazil remains strong

• Grain prices are competitive

• Signs of growing importance of international trade with increased

demand in all major importing markets

• Increase in US Exports

• Declining production in Europe

14

Per capita food consumption curve

(Kg / Year)

Source: FAO

15

Source: Secex

* Until March

Brazilian Beef exports

(Thousand Tons)

16

780

1,095

1,263

1,425 1,491

1,218

1,086

258 231

0

200

400

600

800

1,000

1,200

1,400

1,600

2003 2004 2005 2006 2007 2008 2009 2010

E.U. Russia Egypt Venezuela Algeria USA Hong Kong Others Until March

*

Source: USDA ERS

* Until March

US Beef and Veal Exports (Million Pounds)

17

*

2,412 2,467

2,269

2,449 2,520

461

697

1,146

1,433

1,888 1,867

478 384

0

500

1,000

1,500

2,000

2,500

3,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

Source: USDA ERS

* Until March

US Pork Exports (Million Pounds)

18

*

1,278 1,287

1,560 1,612 1,717

2,181

2,667

2,995 3,142

4,667

4,128

1,047

1,034

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 2010

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

Source: USDA ERS

* Until March

US Poultry Exports (Million Pounds)

19

*

4,980 5,138

5,738

4,942 5,013 4,997

5,333 5,367

6,070

7,109 6,906

1,508

1,754

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 2010

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

20

Beef & Veal – Supply and Demand in 2020

Source: Goldman Sachs

14.3

0.2

9.4

5.1

4.1

0.5

3.6 2.40.8

1.6

12.7

1.5 1.2

13.0 8.6

0.5

8.18.0

0.8 0.2

8.6

India

Europe

Australia

China

Brazil

Argentina & Uruguay

Global Surplus (Deficit) of Beef & Veal (Million metric tons)

USA

3.6

0.4

3.2

Production Imports Exports ConsumptionProduction Imports Exports ConsumptionProduction Imports Exports Consumption

Production Imports Exports Consumption

Production Imports Exports Consumption Production Imports Exports Consumption Production Imports Exports Consumption

21

Chicken – Supply and Demand in 2020

1.91.0

0.8

19.1 15.1

4.1

8.9

1.1 0.9

9.119.2

0.2

20.02.2

3.41.2

India

Russia

Thailand

China

Brazil

USA

Global Surplus (Deficit) of Chicken (Million metric tons)

Europe

Production Imports Exports Consumption

3.7 3.7

Deficit

Surplus

Production Imports Exports ConsumptionProduction Imports Exports Consumption

Production Imports Exports Consumption

Production Imports Exports Consumption Production Imports Exports Consumption Production Imports Exports Consumption

16.29.4

6.9

Source: Goldman Sachs

22

Pork – Supply and Demand in 2020

1.6 2.1

0.2

4.2 3.056.9 56.4

0.8

11.9 9.9

2.5

2.2

0.3

1.21.3 2.7

3.822.7 21.6

0.1

Brazil

Europe

China

Russia

Mexico

USA

Global Surplus (Deficit) of Pork Meat (Million metric tons)

Canada

1.11.1

0.5

0.7 1.2

0.3

Deficit

Surplus

Production Imports Exports ConsumptionProduction Imports Exports ConsumptionProduction Imports Exports Consumption

Production Imports Exports Consumption

Production Imports Exports Consumption Production Imports Exports Consumption Production Imports Exports Consumption

Source: Goldman Sachs

1Q10 Highlights

23

Highlights for the 1st Quarter 2010

• Net Revenue increased by 35.4%, from R$9,267.9 million in 1Q09 to R$12,550.3

million in 1Q10, mainly due to the incorporation of Bertin and acquisition of Pilgrim’s

Pride.

• The 1Q10 consolidated EBITDA increased 307.5% compared to the same period in

2009, from R$211.5 million to R$862.0 million. The EBITDA margin was 6.9% for the

period, compared with 2.3% for 1Q09.

• Net Profit of R$99.4 million in 1Q10, compared to a net loss of R$322.7 million in

1Q09.

• Beef US posted EBITDA of US$170.5 million, on margin of 6.0%, a record for 1Q.

• In Mercosul, JBS posted EBITDA of R$352.6 million, with 11.9% margin.

24

JBS Consolidated Results

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

Source: JBS

EBITDA Margin (%)

-11.6%

36.3%

-0.1%

81.6%

-9.5%

-24.0%

25

69.4%95,2%

Performance by Business Units

Source JBS

EBITDA Margin (%)

Net Sales(R$ billion)

EBITDA (R$ mi) EBITDA margin

JBS MERCOSUL

26

Net Sales(€ million)

EBITDA (€ mi)

EBITDA margin

INALCA JBS

Performance by Business Units

Source JBS

EBITDA Margin (%)

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)

27

Net Sales(US$ million)

EBITDA (US$ mi) EBITDA margin

JBS USA Poultry

Debt

• Net debt / EBITDA ratio remained at 3.1x q-o-q. Gross debt declined 5.7%, while Net Debt

increased 12.2%, reflecting working capital requirements to ramp up recent acquisitions, as well

as investments in fixed assets, further impacted by FX fluctuations.

• The vast majority of the company’s ST debt is composed of revolving trade finance credit

lines.

• As demonstrated below, the percentage of short term debt was 40% in 1Q10, compared with

37% in 4Q09 and 47% in 1Q09.

Net Debt / EBITDA Pro Forma per Quarter

Source: JBS

Net Debt/ EBITDA EBITDA pro-forma

* LTM including Bertin and Pilgrim’s Pride pro-forma.

Gross debt Profile (R$ million)

28

*

Revenue Distribution by Market

1Q10 1Q09

Source: JBS Source: JBS

29

Domestic

Market77%

Exports 23%

Domestic

Market78%

Exports 22%

JBS Consolidated Exports Distribution

JBS Exports 1Q10

Source: JBS

JBS Exports 1Q09

30

US$ 1,765.4 Million

Japan16%

E.U.16%

USA11%Mexico

9%

Russia8%

South Korea6%

China5%

Hong Kong5%

Canada4%

Middle East4%

Taiwan2%

Others14%

US$ 901.4 Million

Short Term Outlook

31

A Closer look at synergies – Pilgrim’s Pride

32Source: Bloomberg

US$35mn

US$30mn

US$50mn

US$50mn

US$35mn

US$20mn

US$220mn

Description Size Timing

Transportation

Suppliers

G&A

Logistics optimization

Corporate

Exports

Total

Review of contract terms with carriers

Review of contract terms with packaging and other suppliers

Review of service contracts (e.g. Legal, insurance and IT)

Increase efficiency in average weight per truck

Streamlining of corporate structure and headquarters closure

Reach-out to end clients through JBS existing sales network 2010

1H10

Pilgrim’s Pride Acquisition: Synergies of over US$220mm/year

1H10

2 years

A Closer look at synergies – Bertin S.A.

33

R$45mn

R$20mn

R$40mn

R$35mn

R$245mn

R$100mn

Hides / Leather

Logistics

Corporate/G&A

Suppliers

Industrial Processes

Exports

Total R$485mn

Value enhancement through further processing

Review of transportation contracts

Offices, personnel, services contracts and third parties

Review contract terms of non core suppliers (e.g. packaging)

Optimization of fixed costs and rationalization of existing contracts

Maximization of the combined sales channels and review of freight contracts

Description Size Timing

1H10

1H10

2 years

2010

Association with Bertin: Synergies to Achieve at Least R$485mm/year

3434

Final Considerations “In God We Trust, Nature We Respect”

IR Contacts:

ir@jbs.com.br

+55 11 3144 4055

www.jbs.com.br/ir34

3535

Q & A“In God We Trust, Nature We Respect”

IR Contacts:

ir@jbs.com.br

+55 11 3144 4055

www.jbs.com.br/ir35