JBS S.A.

Results Presentation

1Q11

JBS S.A.

3PAGE

JBS S.A. at a glance

Founded in the 1950’s in West Central Brazil

IPO in 2007

Leading protein producer and third largest food company in the World

Revenues of over R$ 54 billion in 2010

EBITDA of R$ 3.76 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 R$ 15.1 billion(1)

(1) 31/03/2011

4PAGE

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 producer1st

Largest global leather

processor1st

Largest global chicken

producer2nd

Largest dairy

producer in Brazil3rd

Largest pork producer

in the US3rd

Source: JBS

5PAGE

Merger and Acquisition track record More than 30 acquisitions in 15 years

0,3 0,4 0,4 0,5 0,5 0,4 0,7 1,2 1,54,3

14,1

30,3

34,3

55,1

1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Barra do Garças (Sadia)

Andradina (Sadia)

Barretos (Anglo)

Pres. Epitácio e Campo grande (Bordon)

Araputanga(Frigoara)

Cáceres (Frigosol)

Iturama (Frigosol)

Rio BrancoCacoal 1Cacoal 2Porto VelhoVilhena (Frigovira)

Pedra Preta (Frigo Marca)

Venado

Tuerto

Pontevedra

(CEPA)

JV Beef Jerky

Beef

Five Rivers

Merger with Bertin

JBS Couros

5 new units

Tatiara Meat

(Swift Austrália)

Net revenue (R$ billion)

Tasman

Smithfield

Inalca

SB Holdings

Berazategui (Rio Platense)

Colonia Caroya

Maringá (Amambay)

Swift Foods Co.

JBS went international with the acquisition of Swift Argentina.

Construction of a sustainable global meat production and sales platform.

2005

JBS became the largest beef company in the world and the biggest Brazilian company in the food industry and entered the US pork market.

2007

2008

Diversification of market segments through the acquisition of Pilgrim’s Pride and merger with Bertin.

2009

JBS Swift became the leader in lamb production in Australia.

2010

RosárioSan Jose(Swift Argentina)

Pilgrim´s Pride

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

2 Track Record

of successful

acquisitions Rockdale Beef

Source: JBS

6PAGE

Presence in more than 100 countries, in 6 continents

Source: JBS

Slaughterhouse and Industry

Sales Office

Pork

LeatherBeef

Distribution CenterDairy

Biodiesel

Strategic Geographical Distribution

Chicken

Geographic

Presence and

Production

Capacity

84,800 heads/day

Beef

7.9 mm birds/day

Chicken

50,000 heads/day

Pork

5,400 tons/day

Dairy

24,000 heads/day

Lamb

82,300 hides/day

Leather

3

60

39

23

7

1

58

7

144

u Units

3 Geographic

and market

segment

diversification

1 Market Leader

4 Well-recognized

brands

2 Track Record of

successful

acquisitions

7PAGE

Well-recognized Brands, symbols of quality

Brazil

Argentina

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

2 Track Record of

successful

acquisitions

EUA

Australia

Perspectives for the animal protein market

9PAGE

0

50

100

150

200

250

300

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2019

Global Protein Consumption Growth

Source: Historical figures per USDA FAS. Projected and forecasted data per OECD estimates.

(MT in mm)

Historical Forecast

Strong Global Industry Fundamentals

10PAGESource: USDA FAS.

Global Protein Trade Continues to Grow

13,989 14,28215,074

16,359

17,21917,954

19,750 19,83920,688

22,707

21,714

22,95923,513

7,2187,824

8,7779,543

10,33011,022

12,661 12,828

13,874

15,11214,558 14,587

14,993

0

5,000

10,000

15,000

20,000

25,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010P 2011F

(MT in ‘000s)

JBS

Market

Presence

64%

JBS Has Presence in Markets That Represent Nearly 64% of Global Trade

Historical Forecast

11PAGE

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

Source: USDA, MLA and Secex

Beef Exports Average Price (US$/Ton)

Australian Beef Exports (tons)

Brazil, Australia and US represent, respectively, 27%, 18% and 11% of global beef trade

Brazilian Beef Exports (tons)

US Beef and Veal Exports (tons)

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

+11.1%

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

-18.3%

+15.1%

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2005 2006 2007 2008 2009 2010 1Q10 1Q11

-10.5%

+35.5%

+12.2%

12PAGE

Chicken Exports Brazil vs US

Source: USDA e Secex

Brazilian Chicken Exports (tons) US Chicken Exports (tons)

Chicken Exports Average Price (US$/Ton)

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

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

2005 2006 2007 2008 2009 2010 1Q10 1Q11

+18.2%

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

2005 2006 2007 2008 2009 2010 Jan-Feb 10

Jan-Feb 11

+10.2%

+6.1%

+1.7%

13PAGE

Pork Exports US vs Brazil

Source: USDA e Secex

Brazilian Pork Exports (tons) US Pork Exports (tons)

Chicken Exports Average Price (US$/Ton)

US and Brazil represent, respectively, 32% and 11% of global pork trade

0

500

1.000

1.500

2.000

2.500

3.000

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2005 2006 2007 2008 2009 2010 1Q10 1Q11

+12.7%

0

500

1.000

1.500

2.000

2.500

3.000

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2005 2006 2007 2008 2009 2010 Jan-Feb 10

Jan-Feb 11

-7.1%

+13.4%

+8.0%

1Q11 Highlights

Net income was R$147.0 million in the period

15PAGE

Net revenue in 1Q11 was R$14,672.7 million, 20.2% higher than 1Q10.

Net income in 1Q11 was R$147.0 million, an increase of 47.9% compared to the 1Q10.

1Q11 Highlights

The main operating highlighs were:

JBS USA Beef presented EBITDA of US$269.7 million, 58.2% superior than 1Q10 and EBITDA margin of 7.4%.

JBS Mercosul presented EBITDA of US$308.3 million and EBITDA margin of 8.6%.

JBS USA Pork presented EBITDA of US$105.3 million, 201.7% superior than 1Q10 and EBITDA margin of 12.6%.

Exports increased more than 17% in 1Q11 compared to 1Q10, reaching US$2.45 billion for the period.

EBITDA was R$ 835.9 million with an EBITDA margin of 5.7%.

16PAGESource: JBS

JBS Consolidated Results – 1Q11

8621.000 1.026

866 836

7,1 7,1 7,36,0 5,7

-12,0

8,0

0,0

200,0

400,0

600,0

800,0

1000,0

1200,0

1400,0

1600,0

1800,0

1Q10 2Q10 3Q10 4Q10 1Q11

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

12.207,3

14.116,3 14.069,6 14.319,6 14.672,7

1Q10 2Q10 3Q10 4Q10 1Q11

+2.5%

+15.6%

-0.3% +1.8%

+ 116.7%

+ 16.0%+2.6%

-3.4%

EBITDA Margin (%)

17PAGE

JBS Mercosul

Source: JBS

Net sales (R$ billion) EBITDA (R$ mi) EBITDA margin

362,7334,5

363,7

238,8

308,6

12,8%

9,5%10,4%

7,1%8,6%

-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

1Q10 2Q10 3Q10 4Q10 1Q11

2,8

3,5 3,5 3,43,6

1Q10 2Q10 3Q10 4Q10 1Q11

EBITDA Margin (%)

25% of JBS S.A. Net Revenues.

R$ million 1Q11 4Q10 ∆% 1Q10 ∆%

Heads slaughtered (thousand) 1,747.1 1,585.0 10.2% 1,722.4 1.4%

Net Revenue 3,604.2 3,362.8 7.2% 2,822.7 27.7%

EBITDA 308.3 238.8 29.1% 362.7 -15.0%

EBITDA margin % 8.6% 7.1% 12.8%

18PAGE

JBS USA Beef (including Australia)

2,8

3,3 3,43,6

3,8

1Q10 2Q10 3Q10 4Q10 1Q11

Net sales (R$ billion) EBITDA (R$ mi) EBITDA margin

170,5194,9

103,5

194,8

269,7

6,0%5,9%

3,1%5,4%

7,1%

-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

1Q10 2Q10 3Q10 4Q10 1Q11

Source: JBS

EBITDA Margin (%)

43% of JBS S.A. Net Revenues.

US$ million 1Q11 4Q10 ∆% 1Q10 ∆%

Heads slaughtered (thousand) 2,003.1 2,047.3 -2.2% 1,880.0 6.5%

Net Revenue 3,793.3 3,588.7 5.7% 2,827.7 34.1%

EBITDA 269.7 194.8 38.5% 170.5 58.2%

EBITDA margin % 7.1% 5.4% 6.0%

19PAGE

JBS USA Pork

Net sales (R$ billion) EBITDA (R$ mi) EBITDA margin

34,9

48,7

90,8102,4 105,3

5,4%

6,6%

11,8%12,8% 12,6%

-10,0%

-5,0%

0,0%

5,0%

10,0%

0

100

1Q10 2Q10 3Q10 4Q10 1Q11

646739 772 799 837

0

100

200

300

400

500

600

700

800

900

1000

1100

1Q10 2Q10 3Q10 4Q10 1Q11

Source: JBS

EBITDA Margin (%)

10% of JBS S.A. Net Revenues.

US$ million 1Q11 4Q10 ∆% 1Q10 ∆%

Animals slaughtered (thousand) 3,303.6 3,587.2 -7.9% 3,115.6 6.0%

Net Revenue 836.6 799.4 4.7% 645.9 29.5%

EBITDA 105.3 102.4 2.8% 34.9 201.7%

EBITDA margin % 12.6% 12.8% 5.4%

20PAGE

JBS USA Chicken

1,6 1,7 1,7 1,8 1,9

1Q10 2Q10 3Q10 4Q10 1Q11

Net sales (R$ billion) EBITDA (R$ mi) EBITDA margin

59,5

127,6170

124,8

-55,2

3,6%7,5%

9,9%6,9%

-2,9%

-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%

-100

0

100

200

300

400

500

1Q10 2Q10 3Q10 4Q10 1Q11

Source: JBS

EBITDA Margin (%)

22% of JBS S.A. Net Revenues.

US$ million 1Q11 4Q10 ∆% 1Q10 ∆%

Net Revenue 1,892.5 1,811.3 4.5% 1,642.9 15.2%

EBITDA (55.2) 124.8 - 59.5 -

EBITDA margin % -2.9% 6.9% 3.6%

21PAGESource: JBS

Revenue and EBITDA Distribution by Business Unit

Revenue

EBITDA

36.8%

53.9%

21.0%

-11.6%

43.1%

25.2%21.9%

9.7%

1Q11

1Q11

22PAGESource: USDA

2.500

2.700

2.900

3.100

3.300

3.500

3.700

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

1.600

1.650

1.700

1.750

1.800

1.850

1.900

1Q10 2Q10 3Q10 4Q10 1Q11

500

550

600

650

700

750

800

850

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

2.800

2.900

3.000

3.100

3.200

3.300

3.400

3.500

3.600

1Q10 2Q10 3Q10 4Q10 1Q11

Organic Growth 2009 / 2010

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

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

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

23PAGESource: JBS

Philippines 1.3%

Taiwan 2.5%

China 4.0%

Canada 4.4%

E.U. 5.2%

Hong Kong 6.8%

Others 14.0%

Russia 8.4%

Africa and Middle East 15.9%

Mexico 14.4%

Japan 13.1%

South Korea 10.1%

US$ 2,450.3 million

1Q11

Vietnam 1.5%

Taiwan 2.3%

China 3.5%

Canada 4.0%

South Korea 4.7%

Hong Kong 6.8%

Others 13.4%

E.U. 9.2%

Mexico 15,0%

Africa and Middle East 14.9%

Russia 12.5%

Japan 12.2%

US$ 2,087.9 million

4Q10

JBS Consolidated Exports Distribution

24PAGE

The ratio of net debt to EBITDA was 3.1x in the 1Q11, compared with 3.0x in 4Q10.

The slight increase in debt refers to the working capital needs of the Company.

. Leverage EBITDA

Leverage

Source: JBS

Debt Profile

Short Term Long Term

ST / LT Profile

3,13

2,93

3.1x

0

1

2

3

-100

100

300

500

700

900

1100

1300

1500

1Q10 2Q10 3Q10 4Q10 1Q11

40%

36%

33%

33%

30%

60%

64%

67%

67%

70%

1Q10

2Q10

3Q10

4Q10

1Q11

It is important to note that the Company’s Cash and Equivalents is equal to 80% of the short term debt, and more than 70% of the debt is

long term.

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.