March2011

JBS S.A.

Results Presentation

4Q10 and 2010

Perspectives for the animal protein market

JBS is well positioned to attend the global demand for animal protein

A promising sector to invest in

3PAGE

Global consumption of animal protein has been increasing

Consumption by region over the past ten years

North America

Central America

South America

E.U. - 27

Middle East

North Asia

East Asia

Oceania

Southeast Asia

Africa

+70.2%

+3.0%

+41.4%

+47.7%+7.5%

+29%

+32.2%

+23.7%

+48.7%

+23.3%

4PAGE

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)

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

+11.8%

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

+19.5%

+10.9%

Brazil, Australia and US represent, respectively, 24%, 18% and 15% of global beef trade

Brazilian Beef 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

+2.7%

+24.4%

-1.9%

US Beef and Veal Exports (tons)

5PAGE

Chicken Exports Brazil vs US

Fonte: USDA e Secex

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

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

+13.4%

0

200

400

600

800

1.000

1.200

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

2005 2006 2007 2008 2009 2010

Chicken Exports Average Price (US$/Ton)

+26.6%-0.7%

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

-4.3%

JBS

Competitive AdvantagesFactors to understand the Company’s sustained growth

7PAGE

JBS Ranking

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

8PAGE

EBITDA

Margin

Our Strategy

RACIONALE

Associating quality and branding to

increase client loyalty

Customized and further processed

products for the end users

Expanding a global distribution

platform to reach end clients

Developed an efficient and

diversified global production

platform

Production platform

Sales and distribution platform

Value added products

Branding

Financial

Structure

Experienced

Management

Cost reduction,

process

optimization

Risk

Management

JBS’ Value & Strategy

9PAGE

Growth Organic Growth & Acquisitions Improved Scale

Transparent Strategy

New products New markets

ProcessImprovement

Efficiency in

production and logistics

Cost reduction and

increased profitability

Information

TecnologyQualified

Professionals

Expand distribuion network

Global direct

distribution

Retain margins

from the value

added chainSales Team

Logistics (leased or

own fleet)

Product Diversification

Increased further

processed, industrialized

and branded products

Increase profit margins

and reduce price

volatilityMarketing

New production

facilities

Profissionalization

through investing in To achieve

Formation of future

leadersTraining Development

Selection, Development and

Retention of qualified

professionals

Performance4Q10 Highlights showing organic growth and an increase of 294.3% in

2010 EBITDA compared to 2009

11PAGE

4Q10 and 2010 Highlights

JBS USA Beef presented EBITDA of US$194.8 million and EBITDA margin of 5.4%.

JBS USA Pork presented EBITDA of US$102.4 million, 258.0% higher than the 4Q09, and a record EBITDA margin of 12.8% in 4Q10.

The main operating highlighs were:

In 4Q10, the net revenue was R$14,319.6 million, EBITDA was R$865.9 million and EBITDA margin was

6.0%.

Consolidated EBITDA was R$3,756.2 million in 2010, almost triple compared to 2009. EBITDA margin was

6.8%.

JBS presented an organic growth of 14.2% in net sales in their local currency.

Net revenue in 2010 was R$55,055.8 million.

12PAGESource: JBS

JBS Consolidated Results – 4Q10

398

8621.000 1.026

866

5,4

6,9 7,1 7,3

6,0

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

0,0

200,0

400,0

600,0

800,0

1000,0

1200,0

1400,0

1600,0

1800,0

4Q09 1Q10 2Q10 3Q10 4Q10

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

7.408,9

12.550,3

14.116,3 14.069,6 14.319,6

4Q09 1Q10 2Q10 3Q10 4Q10

-69.4%+12.5%

-0.3%

+1.8%

+ 116.7%

+ 16.0%

+2.6%-15.7%

EBITDA Margin (%)

13PAGESource: JBS

Performance by Business Unit

Net sales (R$ billion)

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

4Q09 1Q10 2Q10 3Q10 4Q10

606 646739 772 799

4Q09 1Q10 2Q10 3Q10 4Q10

2,8 2,83,3 3,4 3,6

4Q09 1Q10 2Q10 3Q10 4Q10

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)

28,6 34,948,7

90,8102,4

4,7%5,4%

6,6%

11,8%12,8%

-10,0%

-5,0%

0,0%

5,0%

10,0%

0

100

4Q09 1Q10 2Q10 3Q10 4Q10

64,9 59,5

127,6170

124,8

4,0% 3,6%

7,5%

9,9%

6,9%

-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

4Q09 1Q10 2Q10 3Q10 4Q10

117,6

352,6 334,5363,7

238,8

7,7%

11,9%9,5%

10,4%

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

600

4Q09 1Q10 2Q10 3Q10 4Q10

1,5

3,03,5 3,5 3,4

4Q09 1Q10 2Q10 3Q10 4Q10

126170,5

194,9

103,5

194,8

4,5% 6,0% 5,9%3,1%

5,4%

-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

4Q09 1Q10 2Q10 3Q10 4Q10

14PAGESource: JBS / *including Australia

Revenue Distribution by Market

25.8%

42.7%

9.8%

21.7%

44.9%

22.5%22.6%

10.0%

Revenue Distribution by Business Unit

3Q10

4Q10

23%

29%

28%

24%

77%

71%

72%

76%

1Q10

2Q10

3Q10

4Q10

Revenue Distribution by Market

Exports Domestic Market

*

*

15PAGE

EBITDA Distribution by Business Unit

EBITDA Distribution 4Q10

36.3%

18.1%

29.7%

15.9%

EBITDA Distribution 3Q10

27.0%

33.7%

21.6%

17.7%

Source: JBS / *including Australia

*

*

16PAGESource: JBS

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

Organic Growth 2009 / 2010

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

2.500

2.700

2.900

3.100

3.300

3.500

3.700

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

1.600

1.650

1.700

1.750

1.800

1.850

1Q10 2Q10 3Q10 4Q10

500

550

600

650

700

750

800

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

2.900

3.000

3.100

3.200

3.300

3.400

3.500

3.600

1Q10 2Q10 3Q10 4Q10

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

17PAGE

JBS Consolidated Exports Distribution

Source: JBS

Indonesia 1.2%

Taiwan 2.2%

China 3.9%

US 3.5%

Canada 4.3%

South Korea 5.0%

Hong Kong 6.8%

Others 11.9%

E.U. 7.7%

Africa and Middle East 17.8%

Mexico 13.7%

Japan 11.6%

Russia 10.4%

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$ 8,506.8 million

2010

US$ 2,087.9 million

4Q10

18PAGE

3,1 3,13

2,93.0x

0

1

2

3

-100

100

300

500

700

900

1100

1300

1500

4Q09 1Q10 2Q10 3Q10 4Q10

The ratio of net debt to EBITDA was 3.0x in the 4Q10, compared with 2.9x in 3Q10.

It is important to note that the company incurred in non-recurring costs in the period such as: premium paid to debenture holders and

R$212.3 million use to repurchase shares of the Company. Excluding these items, the leverage would have reduced to 2.8x.

. Leverage EBITDA

Leverage

Source: JBS / * LTM including Bertin , Pilgrim’s Pride pro-forma and Inalca

Debt Profile

*

Profile

Banks 67.0%

Capital Markets (Bonds) 28.0%

BNDES 5.0%

40%

36%

33%

33%

60%

64%

67%

67%

1Q10

2Q10

3Q10

4Q10

Short Term Long Term

ST / LT Profile

4T10

Mission

“

”

To be best in what we set out to do, with absolute focusin our activities, ensuring the best products and services

to customers, stability to suppliers, reasonable return to shareholders, and the certainty of a better

future to all employees.