JBS S.A.

Results Presentation

2Q11

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$ 13.8 billion(1)

(1) 31/07/2011

4PAGE

JBS Ranking

2 Geographic and

market segment

diversification

1 Market Leader

3 Well-recognized

brandsLargest 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

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

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

7

134

u Units

2 Geographic and

market segment

diversification

1 Market Leader

3 Well-recognized

brands

6PAGE

Well-recognized Brands, symbols of quality

EUA

Australia

Brazil

Argentina

2 Geographic and

market segment

diversification

1 Market Leader

3 Well-recognized

brands

7PAGE

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

2005 2006 2007 2008 2009 2010 1H10 1H11

+4.3%

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 1H10 1H11

+25.8%

+13.0%

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 1H10 1H11

-16.4%

+31.6%

+3.5%

8PAGE

Chicken Exports Brazil vs US

Source: USDA and 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

2.000

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 1H10 1H11

+21.4%

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 1H10 1H11

+6.4%-1.7%

+10.2%

9PAGE

Pork Exports US vs Brazil

Source: USDA and Secex

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

Pork 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 1H10 1H11

+12.0%

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 1H10 1S11

-1.8%

+14.5%

+7.2%

2Q11 Highlights

11PAGE

Net revenue in 2Q11 was R$14,621.8 million, 3.6% higher than 2Q10.

The Company ended the quarter with R$5.0 billion in cash more than a 100% of the short-term debt.

2Q11 Highlights

The main operating highlights were:

JBS concluded the capitalization of the debentures in shares of JBS S.A. at R$7.04.

The Company raised US$2.0 billion in long-term debt.

All the business units of JBS presented significant organic growth y-o-y.

JBS Mercosul presented EBITDA of R$427.9 million, with a EBITDA margin of 11.8%

JBS USA Pork presented EBITDA of US$83.6 million, 71.7% greater than 2Q10, with EBITDA margin of 9.9%.

12PAGESource: JBS

JBS Consolidated Results – 2Q11

1.000 1.026

866 836

588

7,1 7,36,0 5,7

4,0

-12,0

8,0

0,0

200,0

400,0

600,0

800,0

1000,0

1200,0

1400,0

1600,0

1800,0

2Q10 3Q10 4Q10 1Q11 2Q11

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

14.116,3 14.069,6 14.319,6 14.672,7 14.621,8

2Q10 3Q10 4Q10 1Q11 2Q11

+2.5% -0.3%-0.3% +1.8%

-29.7%

+2.6%-15.6%

-3.5%

EBITDA Margin (%)

13PAGESource: JBS

Semester Analysis

Net sales (R$ billion)

3,43,9

1H10 1H11

6,27,8

1H10 1H11

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

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

JBS Mercosul JBS USA

(Including Australia)

JBS USA JBS USA (PPC)

83,6

188,9

-0,2

-0,15

-0,1

-0,05

0

0,05

0,1

0,15

0

100

200

300

1H10 1H11

187,1

-102,8

-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

1H10 1H11

697,2 736,2

-0,15

-0,13

-0,11

-0,09

-0,07

-0,05

-0,03

-0,01

0,01

0,03

0,05

0,07

0,09

0,11

0,13

0

100

200

300

400

500

600

700

800

900

1000

1100

1H10 1H11

6,37,2

1H10 1H11

365,4314,4

-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

100

200

300

400

500

600

700

800

900

1000

1100

1H10 1H11

1,41,7

0

1H10 1H11

Performance by Business Unit

14PAGESource: JBS

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

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

EBITDA Margin (%)

JBS Mercosul JBS USA

(Including Australia)

JBS USA JBS USA (PPC)

3,33,4

3,6

3,8

4,0

2Q10 3Q10 4Q10 1Q11 2Q11

3,5 3,53,4

3,6 3,6

2Q10 3Q10 4Q10 1Q11 2Q11

48,7

90,8102,4 105,3

83,6

6,6%

11,8% 12,8% 12,6%9,9%

-10,0%

-5,0%

0,0%

5,0%

10,0%

0

100

2Q10 3Q10 4Q10 1Q11 2Q11

127,6170

124,8

-55,2 -47,6

7,5% 9,9%6,9%

-2,9%

-2,4%

-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%

18,0%

20,0%

-100

0

100

200

300

400

500

2Q10 3Q10 4Q10 1Q11 2Q11

334,5363,7

238,8

308,6

427,9

9,5% 10,4%

7,1%8,6%

11,8%

-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

2Q10 3Q10 4Q10 1Q11 2Q11

194,9

103,5

194,8

269,7

44,7

5,9%3,1%

5,4% 7,1%

1,1%

-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

2Q10 3Q10 4Q10 1Q11 2Q11

1,7 1,7 1,8 1,9 2,0

2Q10 3Q10 4Q10 1Q11 2Q11

739 772 799837 846

100

180

260

340

420

500

580

660

740

820

900

980

1060

1140

1220

1300

2Q10 3Q10 4Q10 1Q11 2Q11

Quarterly Analysis

Performance by Business Unit

15PAGESource: JBS

Revenue and EBITDA Distribution by Business Unit

Revenue

EBITDA

43.5%

25.4%21.5%

9.6%

2Q11

73.4%

12.7%

26.5%

-12.6%

2Q11

16PAGESource: USDA

Organic Growth

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)

2.600

2.800

3.000

3.200

3.400

3.600

3.800

4.000

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

1.600

1.700

1.800

1.900

2.000

2.100

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

2.800

2.900

3.000

3.100

3.200

3.300

3.400

3.500

3.600

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

500

550

600

650

700

750

800

850

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

17PAGESource: 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$ 2,363.6 million

2Q11

US$ 2,450.3 million

1Q11

JBS Consolidated Exports Distribution

Vietnam1.2%

Taiwan 2.7%

China 4.1%

Canada 4.8%

South Korea 7.7%

Hong Kong 6.8%

Others 16.0%

E.U. 6.9%

Mexico 13.0%

Africa and Middle East 13.6%

Russia 9.5%

Japan 13.7%

18PAGE

. Leverage EBITDA

Leverage

Source: JBS

* non-recourse subsidiary controlled by JBS

Debt Profile

Short Term Long Term

ST / LT Profile

3 2,9 3 3,1

3.6x

0

1

2

3

-100

100

300

500

700

900

1100

1300

1500

2Q10 3Q10 4Q10 1Q11 2Q11

36%

33%

33%

30%

27%

64%

67%

67%

70%

73%

2Q10

3Q10

4Q10

1Q11

2Q11

Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)*, went from 2.9x in 1Q11 to 3.2x in 2Q11

Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)*, went from 3.1x in 1Q11 to 3.6x in 2Q11

The Company ended the quarter with R$5.0 billion in cash or cash equivalents, more than a 100% of the Company’s short-term debt

Stock MarketIn 2007, JBS was the first Company in the beef industry to trade its

shares on the stock market

20PAGE

Average daily

traded volume

of R$ 22.7

million in

2Q11

Shareholders

Source: JBS

3.0%

21PAGE

Sell-side analyst recommendation

Source: Bloomberg and JBS

Institution Analyst Recommendation Target Price (R$)

Mariana Peringer

Ricardo Boiati / Alan Cardoso

Fábio Monteiro / Thiago Duarte

Gustavo Wigman / Claudio Lensing

Pedro Herrera / Diego Maia

Fernando Ferreira / Isabella Simonato

Erick Guedes / Fernando Labes

Gustavo Oliveira / Flavio Barcala

Hold

Market Perform

Buy

Neutral

Neutral

Neutral

Outperform

Neutral

10.20

8.80

9.30

7.30

6.40

6.50

10.35

7.40

Luis Miranda Hold 7.00

Banco do Brasil

Bradesco

BTG Pactual

Goldman Sachs

HSBC

Merrill Lynch BofA

Safra

UBS

Santander

$

Carlos Albano Hold 7.40Citi

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.