1. JBS S.A. announces the acquisition of
Pilgrim's Pride Corp. and association
with Bertin S.A.
Creation of the Largest Multi-Protein Company in the World
Transactions subject to customary conditions for this type of business
September 16, 2009
“In God we trust,
Nature we respect”
0

2. 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.
1

3. Presenters
Joesley Mendonça Batista
CEO
Fernando Antônio Bertin
CEO
Jeremiah O’Callaghan
Investor Relations Officer
2

4. Creation of the largest protein company in the world
 Leader in beef processing in Brazil,  Total revenues of approx. US$30
Australia, Argentina and Italy and one billion
of the leaders in the US
 Global processing capacity:
 Third largest pork processor in the US
- Beef: 90.4 thousand heads/day
 Leading company in the poultry
- Pork: 48.5 thousand heads/day
industry in the US and in the world
- Poultry: 7.2 million birds/day
 Global leader in leather tanning
- Smalls: 19.5 thousand heads/day
- Leather: 148,500 m2/day
- Dairy: 1,266 tons/day
Complementary companies
Source: Companies’ estimates
3

5. Transaction summary
Pilgrim’s Pride acquisition
Pilgrim’s Pride acquisition Association with Bertin S.A.
Association with Bertin S.A.
 Firm value of US$2.8 billion  Bertin and JBS controlling shareholders will
contribute to a new Holding company their
 Initial acquisition by JBS S.A., through its stakes of 73% and 51%, respectively
JBS USA subsidiary, of new issued shares
representing 64% of Pilgrim’s Pride total  It is estimated that the respective equity
capital value of Bertin and JBS should be in a
proportion of approximately 40%-60%
 Estimated synergies of US$200 million/year
 Estimated synergies of R$ 500 million/year
 Customary precedent conditions, including:
- Approval by the competent antitrust  Customary precedent conditions, including:
authority - Approval by the competent antitrust
- Final approval of the Reorganization authority
Plan in the Bankruptcy Court (Chapter - Due Diligence
11 of the United States Bankruptcy
Code)
JBS is in an advanced negotiation for a capital increase of US$2.5
billion in JBS USA, resulting in a maximum stake of 26.3% after the
capitalization
4

6. Ownership structure post transactions
Ownership structures before transactions Ownership structure post transactions
Market
Batista
including
Family BNDES
Batista Bertin
51.4% 48.6%
Family Family
JBS S.A.
Controlling Market including
Holding BNDES
Bertin ~60% * ~40% *
BNDESPAR
Family
73.1% 26.9%
JBS S.A. Investor
Bertin 100% ≥73.7%
Other JBS U.S.A.
Bertin
subsidiaries Includes AUS ≤26.3%
Pilgrim’s
Float 64% Old
shareholders
shareholders
35% 65%
36%
Pilgrim’s
Pilgrim’s
Pride
Pride
* Controlling shareholders’ estimates
5

7. Agenda
Pilgrim’s Pride Corp. acquisition
Association between Bertin S.A. and JBS S.A.
Creation of the Largest Multi-Protein Company in the World
Questions and answers
6

8. Strategic Rationale of Pilgrim’s Pride Acquisition
 Opportunity to enter in the poultry industry as one of the
largest companies in the world (Net revenues of US$8.5bn in FY
2008)
 Integrated distribution of Pilgrim’s Pride is aligned with JBS
direct distribution strategy
 Potentially higher margins
 Traditional brands
 US$200m/year of potential synergies
 Capacity of adding value through turnaround process by the
implementation of better operating and managerial practices
 JBS USA exports growth
7

9. Pilgrim’s Pride overview
Profile
Profile Recent Events
Recent Events
 One of the largest producers of chicken with  Dec. 2006: Acquisition of Gold Kist for US$ 1.1 bn
extremely well-known brands in this industry  May 2008: Public Primary Offering of 7.5 million
 Plants in the US, Mexico and Porto Rico shares at US$24/share (total of US$180m), aiming
 Vertically integrated company to reduce leverage
 Chicken production in 2008:  Nov. 2008: Rating downgraded by S&P
– 3.8 million tons  Dec. 2008: Company files for Chapter 11
 Slaughterhouses: (Bankruptcy protection)
– 33 in the US, 3 in Mexico and 1 in Puerto Rico - Company was delisted from NYSE and started
 Employees: ~ 41 thousand to be traded over-the-counter
 Distribution centers:  Feb. 2009: Shares reach their lowest historical
– 6 in the US, 18 in Mexico and 1 in Puerto Rico price of US$0.15/share
Net revenues (US$ million)
Net revenues (US$ million) EBITDA (US$ million) and margin (%)
EBITDA (US$ million) and margin (%)
5.5%
2.8% 3.2%
8,525
7,499 7,095* 414
143 225 *
5,153
-9.6%
-821
FY06 FY07 FY08 FY09E FY06 FY07 FY08 FY09E
Source: 10K, 10Q and Pilgrim’s Pride Plan of Reorganization
Pilgrim’s Pride fiscal year is from October to September
* Does not include Mexico operations
8
8

10. Footprint expansion in North America
Pilgrim’s Pride Acquisition will strengthen JBS’ presence in North America
Pilgrim’s Pride Acquisition will strengthen JBS’ presence in North America
WA MT ND
MN
ME
SD WI VT
OR ID
WY MI NH
NY
IA MA
NE D CTRI
D D
OH PA
NV IL IN NJ
UT D CO M D
KS MO WV D DE
CA KY VA
TN
OK NC
AR
AZ NM
D D MS
D D SC
AL GA
D
TX
LA
D
D
D
FL
D
D
MEXICO
D D
DD D
D
Subtitle D
D
D D
D D D
JBS USA production units DD
D
D JBS USA distribution center D
Pilgrim’s Pride production units
9
D Pilgrim’s Pride distribution center

11. Agenda
Pilgrim’s Pride Corp. acquisition
Association between Bertin S.A. and JBS S.A.
Creation of the Largest Multi-Protein Company in the World
Questions and answers
10

12. Strategic rationale for the Bertin association
 Diversification into new segments with significant presence in
the dairy industry
 Creation of the largest leather processing company
 Potential gains of scale, with estimated synergies of R$ 500
million / year
 Expansion of distribution channels (Retail and Food Service)
 Optimization of the industrial assets due to its geographic
complementarity
11

13. Bertin has presented a track record of success and
growth since its beginning in 1977
Bertin’s track record
Bertin’s track record
Beginning of activities Internationalization:
100% of VIGOR
Construction Slaughterhouse Quality
Meat (Paraguay) Processed Bresaola
Acquisition Rigamonti (Italy)
Slaughterhouse Canelones
Implementation (Uruguay)
Tannery Trump (China)
Gross Sales (R$ million)1
Bertin Modernization 7,544
Slaughter of 20 head/day Tannery Distribution Center
(Lins/SP) (Redenção/PA) (Rio de Janeiro/RJ)
Processed beef
plant Tin plant 5,935
Tannery
(Lins/SP) (Lins/SP)
Tannery (S. Luis M. Belo/GO)
(Lins/SP) Tannery
Pet products plant (Rio Brilhante/MS)
Processed beef (Guaiçara/SP)
Fresh beef exports exports to Europe 3,742
to Europe Tannery
Terminal of Conteiners (Naviraí/MS) 2,918 3,117
Modernization 2,164
Tannery Tin plant
Slaughterhouse 1,732
(Lins/SP) (Lins/SP) 1,473
(Naviraí/MS)
1,166
879
1977 1984 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slaughterhouse
Slaughterhouse
Hygiene & Beef Shopping Beef Jerky plant (Marabá/PA) (Campo Grande/MS)
Slaughterhouse
Cleaning (Ituiutaba/MG) (Alphaville/SP) (Lins/SP) Pouch plant
Slaughterhouse
(Lins/SP) (Lins/SP)
Água Boa/MT, Redenção,
Beef Shopping Tannery Santana do Araguaia
(Lins/SP) (Cacoal/RO) and Tucumã/PA)
Tannery
(Aguaí/SP) Modernization Slaughterhouse Distribution Centers Controlling stake
Tannery (Mozarlândia/GO) Brasília/DF, of VIGOR
(Estância Velha/RS) Belo Horizonte/MG
Pet Products plant Establishment of
(S. Luis M. Belo/GO) and Curitiba/PR BERTIN S.A.
Slaughterhouse Slaughterhouse
Beef Shopping
(Itapetinga/BA) (Diamantino/MT)
(Ribeirão Preto/SP)
Source: Bertin
1 2007 consolidated results include Vigor sales, acquired in November of that year, as if the transaction had occurred in January’ 2007
12

14. Bertin Overview
Description
Description Net Sales Breakdown (R$ million)
Net Sales Breakdown (R$ million)
Established in 1977, Bertin has 38 2008
production units and 28 thousand
employees 7%
- Present in the beef, dairy, leather and pet 12%
product segments with several nationwide
well-known brands, e.g. Bertin, Vigor,
Leco and Danúbio 13%
- Units in Brazil, Uruguay, Paraguay and
China 68%
- Exports to more than 110 countries
Production Capacity:
- 16,450 head/day (2009E) Beef Leather Dairy Others
- 21,400 hides/day (2009E)
Net Sales (R$ million)
Net Sales (R$ million) EBITDA (R$ million) and margin (%)
EBITDA (R$ million) and margin (%)
13.2%
7,224 10.5% 10.7%
6,626
5,188
687 694 776
2007 2008 LTM 2007 2008 LTM
Jun09 Jun09
Source: Bertin
13

15. South America production base
The combined production units places JBS at the forefront in South America
The combined production units places JBS at the forefront in South America
PA
AC
RO
MT
BA
GO MG Brazil
Paraguay MS
RJ
PR SP
SC
SF
CO ER
Uruguay
BA
Argentina
Combined companies
14

16. Agenda
Pilgrim’s Pride Corp. acquisition
Association between Bertin S.A. and JBS S.A.
Creation of the Largest Multi-Protein Company in the World
Questions and answers
15

17. Creation of the largest protein company in the world
Combined company will have a leading position in the global market
Combined company will have a leading position in the global market
Global ranking of protein companies (US$ million)1
largest global protein
1a
company
28,725 28,130
12,717 12,488 12,088
10,494 9,457
6,755
Source: Companies, Exame, Valor Econômico and CNN (Global 500)
1 Based in net revenues of 2008 and including Pilgrim’s Pride in Bertin + JBS
16

18. Expansion of global leadership and geographic
diversification
Presence in over 23 countries across five continents
Presence in over 23 countries across five continents
Slaughterhouses and Industry Beef
Distribution Centers / Commercial Offices Distribution centers
X Processed products Leather
Pork Dairy
Ovine Vegetable fat
Leather Pet products
Poultry
Source: Companies
17

19. Leader company in the protein industry
Ranking
Ranking Presence
Presence Installed capacity
Installed capacity Industrial units
Industrial units
 Brazil / Argentina  Brazil: 43,400 heads/day  Brazil: 39
/ Italy / Australia /  Latin America: 6,700 heads /day  Latin America: 8
U.S.A. / Uruguay /
 U.S.A.: 28,600 heads/day  U.S.A.: 13
Beef
Beef 1 Paraguay
 Italy: 3,000 heads/day  Italy: 8
 Australia: 8,690 heads/day  Australia: 10
 Total: 89,790 heads/day Total: 82
 U.S.A. / Mexico  U.S.A. / Mexico:  U.S.A.: 34
Poultry 7.2mm birds/day  Mexico: 3
Poultry 2
 Total: 7.2mm birds/day Total: 37
 U.S.A.  U.S.A.: 48,500 heads/day  U.S.A.: 3
Pork
Pork 3
 Brazil / U.S.A. /  Brazil: 148,500 m2/day  Brazil: 12
Leather
Leather 1 China
 Brazil  Brazil: 1,266 ton/day  Brazil: 7
Dairy
Dairy 3
18

20. Combined Financials
JBS S.A Pilgrim's Pride Bertin S.A. Combined
logo logo logo
R$ million Jun 2009 FY09E (2) Jun 2009 TOTAL
Results
Net Sales LTM 38,680 (1) 14,778 (3) 7,224 60,683
Ebitda LTM 1,482 (1) 469 (3) 776 2,727
Ebitda Margin 3.8% 3.2% 10.7% 4.5%
Gross Indebtedness 6,226 4,914 4,628 15,768
Cash and cash equivalents 2,299 496 702 3,496
Net Debt 3,928 4,418 3,926 12,272
Net Debt / Ebitda (4) 2.6 9.4 5.1 4.5
Net Debt Pro Forma / Ebitda (5) -0.6 9.4 5.1 2.7
Source: Companies
(1) Pro forma figures
(2) Fiscal year from October to September
(3) Does not include Mexican operation
(4) Does not include capital increase
(5) Considering US$2.5 billion capital increase in JBS USA
19

21. Final remarks
 Complementary activities and consolidation of the global
leadership in the protein industry will be strengthened
through the association between JBS S.A. and Bertin S.A.
 Entry in the poultry industry through one of the leading
companies in the US industry
 Acceleration of direct distribution strategy through the IPO of
JBS USA
 Appropriate capital structure
 Significant opportunity of adding value through synergy
gains
 Proven track record in acquisitions, integration and
restructuring of companies
 Resuming growth through acquisitions and partnerships
20

22. Questions and Answers
Creation of the Largest Multi-Protein Company in the World
September 16, 2009
“In God we trust,
Nature we respect”
21