JBS S.A.

March

2011

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

Global consumption of animal protein has been increasing

Consumption by region over the past ten years

North Asia North America

+7.5%

E.U. - 27 +3.0% Middle East

+47.7%
+41.4%
+23.7%
East Asia

Central America

+29%

+70.2
+32.2%

%
Southeast Asia

+48.7%
Oceania

South America Africa

+23.3%

PAGE

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

Brazil, Australia and US represent, respectively, 24%, 18% and 15% of global beef trade Brazilian Beef Exports (tons)
1.400.000 1.200.000 1.000.000 800.000 600.000 400.000 200.000 0 2005 2006 2007 2008 2009 2010
+2.7%

5.500 5.000 4.500 4.000

+24.4%

3.500 3.000

2.500 2.000
1.500 1.000 500 0

Australian Beef Exports (tons)

1.400.000
+11.8%

US Beef and Veal Exports (tons)

5.500 5.000 4.500 4.000
-1.9%

1.400.000 1.200.000
+10.9%

5.500 5.000 4.500 4.000 3.500 3.000

+19.5%

1.200.000 1.000.000 800.000 600.000 400.000 200.000

1.000.000 800.000 600.000 400.000 200.000 0 2005 2006 2007 2008 2009 2010

3.500 3.000 2.500 2.000 1.500 1.000 500

2.500 2.000 1.500 1.000

500
0

0
2005 2006 2007 2008 2009 2010

Beef Exports

Average Price (US$/Ton) PAGE

Source: USDA, MLA and Secex

Chicken Exports Brazil vs US

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

Brazilian Chicken Exports (tons)

4.500.000 4.000.000 3.500.000 3.000.000 2.500.000 2.000.000 1.500.000 1.000.000 500.000 0 2005 2006 2007 2008 2009 2010 +26.6% +13.4% 1.800 1.600 1.400 1.200 1.000 800 600 400 200 0

US Chicken Exports (tons)

3.500.000 3.000.000 2.500.000 2.000.000 600 1.500.000 1.000.000 500.000 0 2005 2006 2007 2008 2009 2010 400 200 0 -4.3% -0.7% 1.200 1.000 800

Chicken Exports

Average Price (US$/Ton)

Fonte: USDA e Secex

PAGE

JBS Competitive Advantages

Factors to understand the Companys sustained growth

JBS Ranking

1 1
2

st

Largest global beef and lamb producer

st

Largest global leather processor

nd Largest global chicken

producer

3rd
3
Source: JBS

Largest dairy producer in Brazil

rd Largest pork producer

in the US

PAGE

Our Strategy

RACIONALE Associating quality and branding to increase client loyalty

Branding

Value added products

Customized and further processed products for the end users

Sales and distribution platform Expanding a global distribution platform to reach end clients Production platform Financial Structure Experienced Management Cost reduction, process optimization Risk Management EBITDA Margin Developed an efficient and diversified global production platform

JBS Value & Strategy

PAGE

Transparent Strategy

through Growth Process Improvement Expand distribuion network Product Diversification

Organic Growth & Acquisitions Efficiency in production and logistics

investing in
New products Information Tecnology New markets Qualified Professionals

To achieve
Improved Scale Cost reduction and increased profitability Retain margins from the value added chain Increase profit margins and reduce price volatility

Global direct distribution Increased further processed, industrialized and branded products

Sales Team

Logistics (leased or own fleet)

Marketing

New production facilities

Selection, Development and Retention of qualified Profissionalization professionals

Training

Development

Formation of future leaders

PAGE

Performance
4Q10 Highlights showing organic growth and an increase of 294.3% in 2010 EBITDA compared to 2009

4Q10 and 2010 Highlights

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

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

Consolidated EBITDA was R$3,756.2 million in 2010, almost triple compared to 2009. EBITDA margin was 6.8%. In 4Q10, the net revenue was R$14,319.6 million, EBITDA was R$865.9 million and EBITDA margin was 6.0%.

The main operating highlighs were:

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.

PAGE

11

JBS Consolidated Results 4Q10

Net Revenue (R$ million)

14.116,3 12.550,3
-0.3%

EBITDA EBITDA and EBITDA Margin (R$ million)

14.069,6 14.319,6
1800,0 1600,0 1400,0 1200,0 1000,0 800,0 600,0 400,0 200,0 0,0 5,4 6,9 7,1 7,3 6,0 8,0 7,0 6,0 5,0 4,0 3,0 2,0

+1.8%

7.408,9
-69.4% +12.5%

862
+ 16.0%

1.000
+2.6%

1.026 866
-15.7%

398
+ 116.7%

1,0
0,0
1Q10 2Q10 3Q10 4Q10

4Q09

1Q10

2Q10

3Q10

4Q10

4Q09

EBITDA Margin (%)

Source: JBS

PAGE

12

Performance by Business Unit

JBS Mercosul
Net sales (R$ billion)
3,5 3,0 1,5 3,5 3,4

JBS USA (Including Australia)

Net sales (US$ billion)
3,3 2,8 2,8 3,4 3,6

JBS USA
Net sales (US$ million)
739 606 646 772 799

JBS USA (PPC)

Net sales (US$ billion)

1,6

1,6

1,7

1,7

1,8

4Q09

1Q10

2Q10

3Q10

4Q10

4Q09

1Q10

2Q10

3Q10

4Q10

4Q09

1Q10

2Q10

3Q10

4Q10

4Q09

1Q10

2Q10

3Q10

4Q10

EBITDA (R$ mi) EBITDA margin

600 500 400 12,0%400 7,1% 10,0% 8,0% 6,0% 300 352,6 334,5 363,7 4,0% 238,8 2,0% 0,0% 200 -2,0% 117,6 -4,0% 100 -6,0% -8,0% -10,0% 0 7,7% 9,5% 4Q09 1Q10 2Q10 3Q10 4Q10 11,9% 10,4%

EBITDA (US$ mi) EBITDA margin

EBITDA (US$ mi) EBITDA margin

11,8% 6,6% 4,7% 5,4% 48,7 28,6 34,9 90,8 12,8% 102,4

EBITDA (US$ mi) EBITDA margin

400 10,0% 300 5,0% 200 0,0% -5,0%100 -10,0% 0 7,5% 4,0% 3,6% 170 127,6 64,9 59,5 124,8 9,9% 6,9% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% -2,0% -4,0% -6,0% -8,0% -10,0%

300
200 100 0

12,0% 10,0% 5,4% 8,0% 4,5% 6,0% 5,9% 6,0% 3,1% 100 194,9 194,8 4,0% 2,0% 170,5 0,0% 126 103,5 -2,0% -4,0% -6,0% -8,0% -10,0% 0 4Q09 1Q10 2Q10 3Q10 4Q10

4Q09 1Q10 2Q10 3Q10 4Q10

4Q09 1Q10 2Q10 3Q10 4Q10

EBITDA Margin (%)

Source: JBS

PAGE

13

Revenue Distribution by Market

Revenue Distribution by Business Unit
22.6%
22.5%

4Q10
10.0% 44.9%
*

Revenue Distribution by Market

24% 76%

4Q10

3Q10

28%

72%

2Q10

29%

71%

21.7%

25.8%
1Q10

23%

77%

3Q10
9.8%
42.7%
*

Exports

Domestic Market

Source: JBS / *including Australia

PAGE

14

EBITDA Distribution by Business Unit

EBITDA Distribution 4Q10
21.6% 27.0%

17.7%

33.7%
*

EBITDA Distribution 3Q10

29.7% 36.3%

15.9%

18.1%
*

Source: JBS / *including Australia

PAGE

15

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)

3.700 3.500 3.300 3.100 2.900 2.700 2.500 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1.700 1.650 1.600 1.850 1.800 1.750

JBS USA Chicken Net Revenue (US$ million)

1Q10

2Q10

3Q10

4Q10

JBS USA Pork Net Revenue (US$ million)

800
750 700 650 600 550 500 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 3.600 3.500 3.400 3.300 3.200 3.100 3.000 2.900 1Q10

JBS Mercosul Net Revenue (R$ million)

2Q10

3Q10

4Q10

Source: JBS

PAGE

16

JBS Consolidated Exports Distribution

Others 11.9%
Indonesia 1.2% Taiwan 2.2% China 3.9% US 3.5% Canada 4.3% South Korea 5.0% Hong Kong 6.8% E.U. 7.7% Russia 10.4% Japan 11.6% Mexico 13.7% Africa and Middle East 17.8%

2010
US$ 8,506.8 million

Others 13.4% Vietnam 1.5% Taiwan 2.3% China 3.5% Canada 4.0% South Korea 4.7% Hong Kong 6.8% E.U. 9.2%
Source: JBS

Mexico 15.0%

Africa and Middle East 14.9%

4Q10
US$ 2,087.9 million

Russia 12.5%

Japan 12.2%
PAGE

17

Debt Profile
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.

Profile
Capital Markets (Bonds) 28.0%

Leverage
1500

4T10

Banks
3,1
1300 1100 900 700 500 300 100 -100

67.0%

BNDES

5.0%

3,1

* 3

2,9

3.0x

ST / LT Profile
33% 67%

2 4Q10 1 3Q10
4Q09
Leverage

33%

67%

1Q10

2Q10
EBITDA

3Q10

4Q10

2Q10

36%

64%

1Q10

40%

60%

Short Term

Long Term
PAGE

Source: JBS / * LTM including Bertin , Pilgrims Pride pro-forma and Inalca

18

Mission

To be best in what we set out to do, with absolute focus in 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.