JBS has an experienced management team with over 50 years of experience in the beef processing industry. The team is led by CEO Wesley Mendonça Batista and Chairman Joesley Batista. They have pursued an acquisition strategy of more than 30 acquisitions over 15 years to grow the company globally. Key members of the management team have decades of experience in the meat/beef industry and complementary educational backgrounds.

1. JBS S.A.
JBS DAY NY - ADR Program
December 4th, 2008
“In God we Trust”

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. Our Mission
To be the best at 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 for all our employees.
2

4. Our Values
The Foundation Of Our Culture
Planning
Determination
Discipline
Availability
Openness
Simplicity
3

5. JBS American Depositary Receipt (JBSAY)
The Bank of New York Mellon, has been selected by JBS S.A. as the depositary bank for its
American depositary receipt (ADR) program. Each JBS ADR represents two common shares and
they are traded on the over-the-counter market under the symbol “JBSAY“.
 The new program did not represent an increase in the share capital or issuance of new shares.
 This step represents an opportunity to increase the liquidity, visibility and value of JBS shares.
 We believe that the program will help readjusting the share price to its reasonable currency level,
considering that more than 80% of the Company’s revenue is in American Dollars and Real has
depreciated significantly.
4

6. JBS American Depositary Receipt (JBSAY)
5

7. The Global Beef Industry
8
8

8. GLOBAL BEEF TRADE AND CONSUMPTION
Largest Beef Exporters Largest Beef Importers
Others
USA
EU 10% Others
Brazil 17%
Uruguay 1% 33%
27%
5%
Russia
Argentina 15%
5%
Egypt
C anada
3%
6%
Australia C anada Japan
New Zeland 18% 4% 10%
7% Mexico
India South Korea EU 7%
USA
10% 5% 6%
11%
Source: USDA – 2008 Estimate Source: USDA – 2008 Estimate
Beef per Capita Consumption (in kg/year)
69.3
54.6
41.2 37.2 34.7 32.2
24.1
16.0 16.3
9.3 4.7
Argentina Uruguay USA Brazil Australia Canada Mexico EU Russia Japan China
Source: USDA – 2008 Estimate
7

9. RELEVANT PLAYERS IN THE GLOBAL BEEF TRADE
Global Beef Trade Balance (Thousand tons)1
JBS Global Leadership
1999 2008*
 Leader in countries with surplus production.
Brazil
 Leader in exports to the main beef import
Argentina
countries.
Australia
 Access to all global beef markets.
USA
 Sustainable and long term relationship with
C hina
its global customer base.
European Union
Russia
South Korea
Japan
(1,500) (500) 500 1,500 2,500
1 Production- Consumption
Source: USDA
* 2008 Estimate
8

10. Herd (million of heads)
19
600,0
700,0
800,0
900,0
1000,0
1100,0
1200,0
60
19
62
19
64
Source: USDA
19
66
19
68
19
70
19
72
19
1960 – 2009
74
19
76
19
78
19
80
Total Herd
19
82
19
84
19
86
19
88
19
90
19
92
Production
19
94
19
96
19
98
20
00
20
02
GLOBAL SCENARIO – HERD & PRODUCTION
20
04
20
06
20
08
10,0
20,0
30,0
40,0
50,0
60,0
70,0
Production (million of tons)
9

11. WORLD POPULATION GROWTH AND BEEF
CONSUMPTION (1960 – 2050)
10.000,0 160,0
9.000,0 Population growth, a beef 140,0
consumption driver.
8.000,0
120,0
7.000,0
Consumption (million tons)
100,0
Population (million)
6.000,0
5.000,0 80,0
4.000,0
60,0
3.000,0
40,0
2.000,0
Developed countries
20,0
1.000,0
0,0 -
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010* 2015* 2020* 2025* 2030* 2035* 2040* 2045* 2050*
Beef Consumption World Population Population - More developed regions Population - Less developed regions
Beef consumption trend considering CAGR of 2,0% (from 1960 to 2008)
Source: UN (United Nations) and USDA
*UN Estimates
10

12. BEEF MARKET
USA 1991 – 2009 (thousand tons)
14.000
Exports Recovering
3500
after BSE in 2003.
13.000
3000
12.000
2500
Production, Consumption
Stocks, Import, Export
11.000
2000
10.000 1500
9.000 1000
8.000 500
7.000 0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ending Stocks Production Consumption Imports Exports
Source: USDA
11

13. BEEF MARKET
European Union 1997 – 2013 (thousand tons)
9.000 1600
EU - 15 EU - 25
8.000 1400
7.000
1200
Increased dependence
Production, Consumption
6.000
Stocks, Import, Export
1000
on imports.
5.000
800
4.000
600
3.000
400
2.000
1.000 200
0 0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013*
Ending Stocks Production Consumption Import Export
Source: EU Commission / DG AGRI
*Estimates
12

14. BEEF MARKET
RUSSIA 1991 – 2009 (thousand tons)
5000
4000 44.4% of Russian
consumption comes
from imports.
3000
2000
1000
0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ending Stocks Production Import Export Consumption
Source: USDA
13

15. Our Strategy
8
8

16. OUR STRATEGY
Examples:
- Brazilian Slaughterhouses
- Swift Armour
- Swift & Company
- Inalca
- Tasman
Pursue Growth Opportunities - National Beef *
Through Acquisitions - Smithfield Beef *
* The closing of these transactions are subject to certain closing
conditions, including expiration or termination of applicable
waiting periods under U.S. antitrust law
Mitigate Potential Risks
as Sanitary Barriers &
Seasonality
Create
satisfactory and
consistent return
to shareholders
Experienced
management team with
over 50 years of
experience in the beef
processing industry.
15

17. JBS’ HISTORY HAS BEEN BUILT THROUGH MORE THAN 30 ACQUISITIONS IN 15
YEARS WITH APROPRIATED CAPITAL STRUCTURE AND MANAGEMENT
Inalca National Beef
Swift Foods Co.
Net Sales (in US$ billion) (1)
Maringá (Amambay)
Companies and assets acquired Berazategui Tasman
(Rio Platense) Smithfield Beef
Colonia Caroya Five Rivers
SB Holdings
JV Beef Jerky
Goiânia Barretos (Anglo) Rio Branco Venado
(Anglo) Pres. Epitácio (Bordon) Cacoal 1 Tuerto
Campo Grande (Bordon) Cacoal 2 Pontevedra
Porto Velho (CEPA) 24.8
Vilhena (Frigovira)
Barra do Pedra Preta
Cáceres
Garças (Frigo Marca)
(Frigosol)
(Sadia) Rosário
Iturama
(Swift ARG)
(Frigosol) San Jose
Araputanga
Anápolis Andradina
(Swift ARG)
(Bordon) (Sadia) (Frigoara) 12.7
1.2 1.5 1.9
0.3 0.4 0.4 0.5 0.5 0.4 0.7
1993 1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007* 2008**
R$/US$ end of the year cotation R$/US$: 1.91
Source: JBS
* Pro forma JBS S.A. LTM Dec07 (includes JBS USA)
** Pro Forma JBS S.A. LTM Sep08 (includes JBS USA, Tasman and 50% of Inalca); National LTM May08; Smithfield Beef LTM Sep07;
(1) The closing of this transaction is subject to certain closing conditions, including expiration or termination of applicable waiting periods under U.S. antitrust law 16

18. MANAGEMENT
Board of Directors
Marcus
CEO Demósthenes
Wesley José José Vinicius
Chairman Marques BNDES
Mendonça Batista Batista Jr. Pratini de
Joesley (Independent (Independent)
Batista Sobrinho Moraes PROT FIP)
Batista
(Independent)
Management
Italy Financial Investor
Brazil Argentina Legal & Controlling
Luigi Director Relations
Humberto Nelson Francisco Director
Scordamaglia / Sérgio Jerry
Magalhães Dalcanale de Assis e Silva Eliseo
Paolo Boni Longo O’Callaghan
Fernandez
Mr. Humberto de Mr. Nelson Mr. Scordamaglia, Mr. Sérgio Longo, has Mr. Francisco de Mr. Jerry Mr. Eliseo
Campos Dalcanale started his career as been serving JBS as a Assis e Silva, General O’Callaghan holds a Fernandez holds a
Magalhães holds has been working at Professor in the Financial Director since Counsel, holds a law degree in Engineering degree in business
a degree in biology JBS since 2001 and is Veterinary University April 2003 and he has degree and a master from UCC (University administration and
from Universidade currently the CEO of of Perugia and as an been a member of JBS’ degree in College Cork) in accounting from
Federal do Mato the division in advisor in the legal board of executive environmental law from Ireland. He immigrated Universidade Católica
Grosso. He is Argentina. Before and QA departments officers since 2005. Pontifícia Universidade to Brazil in 1979. Mr. de Pernambuco and a
currently the chief joining JBS, he had of Inalca. He was Before joining JBS he Católica at Paraná O’Callaghan entered master’s degree in
operating officer of 21 years of appointed CEO of had over 25 years of State, a master degree the beef sector in 1983 business
the Brazilian experience in the Inalca in 2007. experience working in and joined JBS in 1996 administration from
in corporate law and a
division. Before meat industry. Mr. Paolo Boni financial institutions. to develop FGV. He joined JBS in
master’s degree in
joining JBS in holds a degree in International Trade for August 2005 and is
public law from
1999, he had over accounting. Before the group. He is currently the
Universidade currently our Investor management and
8 years of joining JBS he had
Mackenzie, and an MBE Relations Officer. controlling director.
experience working over 25 years of
in labor economics from Before joining JBS Mr
in the meat experience in the
Universidade de São Fernandez worked for
industry. beef industry sector.
He has been a Board Paulo. He has been a eight years in the
Member of Inalca member of JBS’ board auditing and advisory
since 1996. of executive officers industry and 10 years
since January 2, 2007 . in the retail industry.
He has been working
for the JBS Group since 17
December 2001.

19. MANAGEMENT
CEO
USA/AUS
Wesley
Batista
JBS JBS Five
Pork Trading CFO
Australia Packerland Rivers Beef USA
Martin Brent André
Iain Mars Beef Mike David Colwell
Dooley Eastwood Nogueira
Richard Vesta Thoren
Mr. Iain Mars Mr. Martin Mr. Brent Mr. André Mr. Richard Vesta Mr. Thoren has Mr. David Colwell
was born in Dooley Eastwood had Nogueira holds a joined Smithfield served as President holds a degree from
England. Iain has worked for Swift & degree in Economics Foods following the and CEO of Five University of South
Holds a degree of from Universidade acquisition of Rivers since the
been involved in Company for over Florida and has been
Science in Federal Fluminense, Packerland in 2001 Company’s
the beef industry 18 years. working for JBS Swift
Biology/Medical a master degree in and now serves as inception. & Company for 11
for all his life. Mr Technology – He moved to the Capital Markets from President and CEO Mike received his years. David has
Mars was Eastern Illinois USA in 2007 to be FGV – Fundacão of JBS Packerland. Master of Science been the President of
appointed University - 1982 Vice President / Getúlio Vargas, a degree in JBS Beef since 2007.
President and CEO Marty has worked Director of JBS master degree in in Agricultural
of JBS Australia in Trading USA, the Economics from Economics and his
at Swift & Universidade de
2007, after the Company all his Swift Distribution degree in
acquisition of Brasilia in 2003. Agribusiness from
life, having started Centers USA,
Swift & Company. He worked for more Washington State
as a management Australia Trading,
He joined JBS in than 20 years in University.
trainee in 1983. Australia Banco do Brasil and
2005. Distribution
He was appointed joined JBS in 2007,
Centers and the following the bought
in 2007 to be the
Global Trading Swift & Co
President of JBS
Business in Brazil. acquisition.
Pork division.
18

20. JBS HAS A GLOBAL PRODUCTION AND DISTRIBUTION PLATFORM
JBS’ main units and markets
x =
Legend
Slaughterhouse (Beef)
Slaughterhouse and Industry
Distribution Center
Vegetable Canning Plant
Beef Canning Plant
Beef Jerky Plant (Beef Snack’s)
Slaughterhouse (Pork)
Slaughterhouse (Lamb)
x Beef and Pork Processing Plant
= Wet Blue Processing Plant
Headquarters Office
Feed Lot
Package Industry
Inland Container Terminal
Commercial Office
19

21. BRIEF DESCRIPTION
Global Production Platform
Production Units Employees Daily Slaugther Capacity
JBS Brazil 22 16.993 18.900 B
JBS Argentina 6 5.059 6.700 B
28.100 B
JBS USA 18 24.295 47.900 P
4.000 S
8.500 B
JBS Australia 10 6.995
16.500 S
Inalca JBS 8 2.019 3.000 B
65.200 B
Total JBS 64 55.361
47.900 P
20.500 S
Additional Distribution Platform
Russia Angola Congo Argeria Dem. Rep. of the Congo Poland
(B) Beef; (P) Pork; (S) Smalls;
20

22. JBS BRAZIL
Brief Description
 JBS Brazil’s operations are distributed thru 22 production plants, with a total
slaughter capacity of 18,900 heads of cattle per day and more than 16,900
employees.
 JBS’s clients in Brazil are primarily large retailers, restaurants, and tanneries,
JBS’s portfolio currently includes more than 6,000 domestic market companies.
 JBS is Brazil’s largest exporter of beef products, with revenues of US$ 1.1 billion
in 2007, according to the SECEX (Brazilian Secretariat of Foreign Trade). It is
also 22nd among the main Brazilian exporters from all sectors.
Platform Structure
In Brazil the Company’s plants are distributed as follows:
– 19 slaughtering plants located in the Brazilian states of Acre, Goiás, Mato Grosso, Mato
Grosso do Sul, Minas Gerais, Rondônia, São Paulo and Paraná, five of which also have
processed beef production plant;
– 1 canned beef production plant located in the state of Rio de Janeiro, Brazil;
– 1 canned vegetable plant located in the state of Minas Gerais, Brazil; and Legend
Slaughtering Plant
– 1 beef jerky plant located in São Paulo state, Brazil.
Slaughtering and Industrial Plant
– Beside that, it has 1 cattle feedlot located in the state São Paulo, Brazil. Distribution Centers
Canned Vegetable Plant
Canned Beef Plant
Administrative Headquarters
Container Yard
Feedlot
21

23. JBS ARGENTINA
Brief Description
 In 2005, it was acquired by JBS and is currently known as JBS Argentina, it has a total slaughter
capacity of 6,700 heads of cattle per day and more than 5,000 employees.
 The Company was first meatpacker in Argentina to meet the regulations established by ISO
9001:2000 in its entire production process.
 In Argentina, the company is the absolute leader in the canned meat segment of the domestic
market, having a share of 77% of all sales in 2007. The Argentina client portfolio is comprised of
786 companies.
 In the last year, JBS Argentina accounted for 87% of processed beef exports in Argentina, which
were shipped to the United States and Europe, and includes approximately 190 clients.
Platform Structure
 In Argentina the Company’s plants are distributed as follows:
 6 slaughtering plants located in four provinces of Argentina (Buenos Aires, Entre Rios,
Santa Fé and Córdoba), 5 of which also have processed beef production plants.
 1 can making factory in the province of Buenos Aires, Argentina.
Legend
Slaughtering Plant
Slaughtering and Industrial Plant
Plant and Offices
22

24. JBS USA
Brief Description
 JBS USA’s operations are distributed thru 18 production plants, with a total
slaughter capacity of 28,100 heads of cattle, 47,900 heads of pork per day
and 4,000 heads of smalls per day and 11 Feed Yards with a one time
capacity to fatten 820,000 head of cattle . The company has more than
24,200 employees.
 The Company, has been a recognized provider of beef and pork quality
products for more than 150 years.
Platform Structure
 At present, in the USA the Company’s plants are distributed as follows:
 8 cattle slaughtering plants in the U.S. states of Colorado, Utah, Texas, Nebraska, Wiscosin,
Michigan, Pennsylvania and Arizona;
 3 pork slaughtering plants in the U.S. states of Minnesota, Iowa, and Kentucky;
 1 case-ready beef plant in the U.S. state of California;
 1 lamb plant in the U.S. state of Colorado;
 1 Wet Blue leather producing plant in the U.S. state of Texas.
 2 beef jerky plants located in the U.S. states of Minnesota and Texas; and
 2 rendering located in the U.S. state of Pennsylvania. Legend
Slaughtering Plant
 Beside that, it has 11 feed yard in the U.S. states of Colorado, Texas, Oklahoma, Kansas, Ohio e Distribution Centers
Idaho;
Pork Plant
Beef and Pork Plant
Lamb Plant
Administrative Headquarters
Plant and Offices
23

25. JBS AUSTRALIA
Brief Description
 JBS Australia’s operations are distributed thru 10 production plants,
with a total slaughter capacity of 8,500 heads of cattle per day and
more than 6,900 employees.
 JBS Australia is the largest and broadest Australian meat processor and
exporter, maintaining commercial relations with more than 30
countries, especially in the Pacific Coast and in North America.
Platform Structure
 In Australia the Company’s plants are distributed as follows:
 10 cattle and smalls slaughtering plants.
 5 cattle feedlots located in the Australian states of Queensland and New South Wales.
Legend
Slaughtering Plant
Distribution Centers
Administrative Headquarters
Feedlot
24

26. INALCA JBS ITALY ‘
Company Summary Platforms Structure
 Responsible for fresh beef production, industrialized, smoked and snacks  Broad Distribution
beef from Cremonini Group;
Moscow
 Revenue of €$1,039 million and assets of €$771 million;
Saint Petersburg
 The division is composed by 2 companies; INALCA S.p.A. and Montana
Alimentari S.p.A.; Luanda (Angola)
 Largest beef producer in Italy; Lobito (Angola)
 Largest industrialized beef producer in Europe; Melangje (Angola)
 Largest hamburger producer in Italy; Brazzaville (Congo)
 Only not American company supplier of hamburger to McDonald’s; Kinshasa (Congo)
 Distribution capillarity in Europe, Africa and Russia; Point-noir (Congo)
 Benchmark in technology to the beef slaughter market; Algiers (Algeria)
 Production Facilities
 10 production plants;
Poland – Slaughtering facility
 Processing capacity of 800,000 cattle head/year;
Moscow – Logistic and distribution platform
 40,000 tons of hamburger/year;
Legend
 2,019 employees. Slaughtering Plant
Customers
INALCA JBS has more than 8,000 customers in the domestic market and 660
in the international market, supplying 65 countries, highlighting France,
Spain, Greece, England and Germany.
50% 50%
Inalca JBS
25

27. BRIEF DESCRIPTION – CUSTOMERS BASE
Customers Base by Business Units
Customers Nº of Countries Main Customers
11.240 DM Russia
JBS Brasil 102
436 IM European Union
European Union
653 DM
JBS Argentina 46
137 IM USA
3.978 DM Mexico
JBS USA 37
507 IM Canada
185 DM South Korea
JBS Austrália 35
396 IM China
8.061 DM France
Inalca JBS 65
665 IM England
DM – Domestic Market; IM – International Market
2626

28. JBS LAUNCHS
 In middle of October JBS launched the new Swift product
“Assa Fácil”, produced in Presidente Epitácio/SP.
 The new line has three options of beef: rib eye, rump tail
and eye round.
 The prices goes from R$17.00 to R$19.00 per kilo.
 The packaging is made of polyethylene and can be
placed in the freezer for up to 12 months and ranges
from 950g to 2.7 kilos depending on the cut.
27

29. LANÇAMENTOS JBS
LAUNCHS JBS
 With five options of flavors (manioc with beef, cheese, beef
with veggies, champignon and broccolis), the line of ready
soups Swift Moments was launched in May, 2008.
 The soup comes ready to eat and has a stand-up pouch
packaging, a sachet which maintains the product quality
without storage in the fridge.
 With individual portions of 200 grams, the price suggested is
R$2.50.
 On September 9, 2008, the soup line received the “IS
Awards”, organized by ABIA (Brazilian Association of the food
industry) and by Nielsen Business Media, as the most
innovative food product of the year.
38
28

30. 3Q08 Results
8
8

31. SHORT TERM DEBT PROFILE – 3rd QUARTER 2008
The Administration of the Company is secure that even if the present financial crisis has not abated until the next
quarter the Company will not have difficulties in refinancing its short term debt and believes that in the final
analysis there will be a possible increase in the cost of the debt. The Company did a sensitivity analysis
considering firstly a probable scenario and secondly a pessimistic one in relation to the renewal of its short
term financing facilities.
JBS S.A. Consolida ted (R$ m illion) Proba ble Scena rio Pessim istic Scena rio
Short Term Debt Amortiza tion Amortiza tion
Short Term Debt
4 Q 0 8 1 Q 0 9 2 Q 0 9 3 Q 0 9 Tota l %** 4Q08 1Q09 2Q09 3Q09 %** 4Q08 1Q09 2Q09 3Q09
Fina ncing for purcha se of fix ed a ssets
FIN AME / FIN EM - Enterprise financing 48 12 12 12 84 100% 48 12 12 12 100% 48 12 12 12
N otes Payable 2 - - - 2 100% 2 0 0 0 100% 2 0 0 0
Sub Total 1 50 12 12 12 86 100% 50 12 12 12 100% 50 12 12 12
Loa ns for w ork ing ca pita l purposes
ACC - Exchange advance contracts 116 174 216 122 628 0% - - - - 20% 23 35 43 24
EXIM - BN DES export credit facility 103 69 0 0 172 0% - - - - 20% 21 14 0 0
Fixed Rate N otes with final maturity in February 2011 7 - - - 7 100% 7 - - - 100% 7 0 0 0
W orking Capital - American Dollars * 7 22 24 17 70 75% 5 16 18 13 75% 5 16 18 13
W orking Capital - Australian Dollars - - 97 - 97 0% - - - - 0% 0 0 0 0
W orking Capital - Euros 218 - - - 218 0% - - - - 0% 0 0 0 0
W orking Capital - Reais 101 - - - 101 0% - - - - 30% 30 0 0 0
Export prepayment 5 130 13 13 161 0% - - - - 20% 1 26 3 3
Fixed Rate N otes with final maturity February 2016 (144-A) - 10 - - 10 100% - 10 - - 100% 0 10 0 0
N CE / COMPROR 63 245 - 92 400 0% - - - - 20% 13 49 0 18
Sub Total 2 6 2 2 6 4 9 3 5 0 2 4 4 1 .8 6 4 4% 12 26 18 13 20% 100 149 64 58
Tota l 672 661 362 2 5 5 1 .9 5 0 8% 62 38 30 24 23% 150 162 76 70
Amortiza tion of Short Term Debt 155 457
Ca sh, ca sh equiva lents a nd Short-term investments 3 rd Q ua rter 2 0 0 8 *** 2 .2 5 6 2 .1 9 4 2 .1 5 6 2 .1 2 6 2 .1 0 1 2 .1 0 6 1 .9 4 4 1 .8 6 8 1 .7 9 9
EBITDA 3 rd Q ua rter 2 0 0 8 471
Obs: The Finame, Finem and Finimp credit lines are automatically liquidated, meaning they are paid on expiry and are not renewable
Trade finance, Working Capital and other credit lines are interchangeable, meaning they can be refinanced but not necessarily in the same category under which they were initially contracted.
*Including Finimp
**Percentage to be paid in the period
***Simulation of the availabilities and applications after the amortizations programmed for the respective quarter without taking into consideration cash to be generated in future quarters.
30

32. LIQUIDITY EVALUATION
Brazilian Peers USA Peers
Balance * JBS S.A.
(average) (average)
ASSETS R$ (million) R$ (million) US$ (million)
Cash, cash equivalents and Short-term investments ## 2,256 1,223 57
Trade accounts receivable, net ## 2,169 623 1,017
Inventories ## 2,381 988 2,776
Prepaid expenses and other ## 326 100 215
Total Permanent assets ## 4,995 2,312 3,493
LIABILITIES R$ (million) R$ (million) US$ (million)
Loans and financings Short Term ## 1,950 1,234 297
Payroll, social charges ## 299 192 0
Trade accounts payable ## 1,410 527 1,369
Other current liabilities ## 186 134 384
Loans and financings Long Term ## 2,802 2,072 3,158
Other non-current liabilities ## 114 121 531
Net Sale Revenue ** ## 29,979 5,590 20,187
Ebitda ** ## 1,079 596 653
Ebitda Margin (%) ## 3.60% 10.66% 3.24%
Working Capital ## 2,866 718 1,726
Net Debt ## 2,496 2,083 3,398
( Deficit ) or Surplus ## 370 (1,365) (1,672)
Net Debt / Ebitda** # 2.3x 3.5x 5.2x
Net Debt / Net Sale Revenue (per month)** # 1.0 month 4.5 months 2.0 months
Source:
* Companies’ last public information 31
** Companie’s Last Twelve Months

33. JBS – NET DEBT/EBITDA
Net Debt / EBITDA Pro Forma per TRIMESTER (R$
million)
JBS’s Net debt in relation to its Ebitda
(last twelve months pro forma) is Net Debt/ EBITDA
affected by weak results in the 4th Exchange rates:
R$ / US$ = 1.91 – 09/30/2008
US$ / €$ = 1.41 – 09/30/2008
quarter 2007 and 1st quarter 2008.
3,7
Good results expected for the 4th
2,9 2,8
quarter 2008 and 1st quarter 2009 will
reduce the relation between Net Debt 2,3
over Ebtida.
471 X
291
176
95
4Q07 1Q08 2Q08 3Q08 4Q08e
Source: JBS
Without considering National Beef and Smithfield Beef acquisitions. 32

34. JBS CONSOLIDATED RESULTS
NET REVENUE, EBITDA AND EBITDA MARGIN
Net Sales Revenue (R$ million) EBITDA and Margin (R$ million)
14,141.6 EBITDA Margin(%)
6.1%
7,771.5 4.2% 4.1%
7,129.5 3.0%
6,650.7
5,859.1 1.4%
591.1
470.5
-11.9% 21.7% 9.0% 290.8
176.3
94.8
86.0% 64.5% 61.8%
12M07 4Q07 1Q08 2Q08 3Q08 12M07 4Q07 1Q08 2Q08 3Q08
Source: JBS
Without considering National Beef and Smithfield Beef acquisitions. 33

35. PERFORMANCE BY BUSINESS UNITS
JBS USA (Beef)
Including Australia JBS USA (Pork) INALCA JBS MERCOSUL
Net Sales Net Sales Net Sales Net Sales
(US$ million) (US$ million) (€ million) (R$ million)
7,375
4,892
2,630 2,756 521
2,175 1,811
1,976 1,425
1,271
620 682 155 143
536 132
FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08
(1) (2) (3) (1) (2) (3)
EBITDA (US$ mi) EBITDA (US$ mi) EBITDA (€ mi) EBITDA (R$ mi)
margin EBITDA margin EBITDA margin EBITDA margin EBITDA
Margin (%) Margin (%) Margin (%) Margin (%)
7.6% 15.3%
5.1% 5.6%
4.9% 5.6% 5.3%
3.2% 4.8%
3.2% 2.9% 10.4%
0.3% -0.1%
5.6%
692.0
155.6 4.1%
132.9
70.3
52.1 26.0
25.8 15.7 19.9 7.4 7.5 7.6 132.7 102.2
58.2
-0.9
FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08
(1) (2) (3) (1) (2) (3)
Source: JBS
FY of Swift used to be from June to May and INALCA period is from January to December.
(1) 13 weeks ended 03/30/2008. (2) 13 weeks ended 06/29/2008. (3) 13 weeks ended 09/28/2008. 34

36. JBS: GLOBAL PRODUCTION & DISTRIBUTION PLATFORM
The geographic diversification of its operations allows it to source meat efficiently, serve its
customers cost-effectively, capitalize on increasing international trade opportunities and helps
to mitigate the potential impacts of sanitary barriers.
Exchange rates:
US$11,839 R$ / US$ = 1.91 – 09/30/2008
US$ / €$ = 1.41 – 09/30/2008
US$778
5% US$42
76%
Revenue Ebitda
US$265
Revenue Ebitda
US$3,043
19% US$257
Revenue Ebitda
JBS Mercosul JBS USA / Australia Inalca JBS
Source: JBS 35
* JBS S.A. LTM Sep08, Pro forma JBS USA LTM Sep08 (includes Tasman) and Pro forma 50% of Inalca LTM Sep08

37. EVOLUTION OF THE EBITDA MARGINS OF JBS USA (BEEF)
COMPARED WITH ITS LOCAL PEERS
EBITDA (%)
5.3%
3.6%
4.2%
2.3%
3.2%
1.3% 1.3%
0.9% 0.9% 0.9%
0.7%
-0.4%
-0.4%
-0.7% -0.9%
-1.2% -1.3%
-1.7%
Peers Average Beef USA
JBS Beef USA
-5.3%
FY03* FY04* FY05* FY06* FY07* 3Q07** 4Q07** 1Q08** 2Q08** 3Q08**
Previous Management JBS S.A. Management
Source: JBS and estimates of JBS based upon public data from peers
EBITDA margins of the Companies taking into consideration beef only in the US
*Fiscal years for the Companies differ one from the other:
FY Tyson: October to September
FY Smithfield: May to April
FY National Beef: September to August
FY JBS USA: June to May (altered after the acquisition)
**The relevant quarterly period and adjustments made to the calendar year 36

38. CONSOLIDATED PRO-FORMA OCTOBER 2008
Combined Companies Pro-forma (US$ million)
INTEGRATED
and Five Rivers
Net Revenue (US$ mm) 15.660 3.033 18.694
EBITDA (US$ mm) 564 139 703
EBITDA Margin 3,6% 4,6% 3,8%
Cash (US$ mm) 1.178 10 1.188
Short Term Debt (US$ mm) 1.019 0 1.019
Long Term Debt (US$ mm) 1.464 400 * 1.864
Net Debt (US$ mm) 1.304 0 1.694
Net Debt / Ebitda 2,3x 0,0x 2,4x
Slaughter Capacity (thousand head/day) 57,6 7,6 65,2
Units 98 16 114
Employees 48.991 6.370 55.361
Exchange rates:
R$ / US$ = 1.91 – 09/30/2008
Source: Company Estimates
JBS – annual report, quartely reports - Pro-forma LTM Sep08 (including JBS USA, Tasman and 50% of Inalca)
Smithfield Beef – Managerial numbers LTM Sep08 and 100% of Five Rivers LTM Sep08
*ABL – Asset Based Loan contracted by JBS USA
37

39. JBS USA BEEF EXPORT VOLUMES
JBS USA EXPORTS
55
50
45
40
Million pounds
35
30
25
20
JBS Beef exports up
15 64%; industry up 33%
10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: JBS
2007 2008
12
38

40. CUTOUT PRICE VS. CATTLE PRICE IN USA
C utout P ric e vs . C attle P ric e in T he US
5.3
4.2 %
175 % 100
90
80
165 -0.7% -1.3% 70
60
-5.3% 50
155 40
Marg in (US $ / Head)
30
US $ / 100 pounds
20
145 10
0
-10
135 -20
-30
-40
125 -50
-60
E B IT DA Margin of J B S US A B eef -70
(excluding Aus tralia)
115 -80
J ul-07 Aug-07 S ep-07 O ct-07 Nov-07 D ec-07 J an-08 F eb-08 Mar-08 Apr-08 May-08 J un-08 J ul-08 Aug-08 S ep-08 O ct-08 Nov-08
Margin/H ead C attle P rice B eef P rice
12
Source: Bloomberg 39

41. JBS CONSOLIDATED – GROSS REVENUE
DISTRIBUTION
Revenue Distribution by Business Units 3Q08 Revenue Distribution by Market 3Q08
Beef Italy
5% Beef Argentina
3%
Beef Australia
13% Exports
Pork USA Beef Brazil
22% 36%
14% Domestic
Market
64%
Beef USA
43%
Source: JBS Source: JBS
40

42. JBS CONSOLIDATED – EXPORTS DISTRIBUTION
Exports Distribution 3Q08
Exports JBS 3Q08
US$ 1.7 billion
Others Russia
25% 18%
Japan
Taiwan 15%
3% Mexico
E.U. 10%
Hong 10%
Kong
3% USA
3% China
4% South Korea
4% Canada
5%
Source: JBS
41

43. ENTERPRISE VALUE AND EBITDA MULTIPLE
SMITHFIELD BEEF ACQUISITION SWIFT USA ACQUISITION
US$565.0 mm EV / EBITDA US$1,458.8 mm EV / EBITDA
15.1x
8.1x
5.5x
4.1x
264.8
139.3
96.3
70.0
99% 175%
Oct-07 Sep-08 Jul-07 Sep-08
Source: JBS
42

44. Ibovespa Index
43
8
8

45. JBS S.A.
Investor Relations
THANK YOU ir@jbs.com.br
+ 55 11 3144 4055
“In God we Trust”
www.jbs.com.br