JBS S.A.

Results Presentation

2011 and 4Q11

JBS S.A.

3 PAGE

JBS Ranking

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

2 Track Record

of successful

acquisitions

Largest global beef and

lamb producer 1 st

Largest global leather

processor 1 st

Largest global chicken

producer 2 nd

Largest dairy

producer in Brazil 3 rd

Largest pork producer

in the US 3 rd

Source: JBS

4 PAGE

Well-recognized Brands, symbols of quality

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

2 Track Record of

successful

acquisitions

USA

Australia

Brazil

Argentina

2011 and 4Q11 Highlights

6 PAGE

JBS USA Beef, including Australia, presented revenue of US$16.5 billion in the year, an increase of 25.6% over 2010. The EBITDA

was US$739.1 million, 11.4% higher than 2010.

JBS USA Pork business unit net revenue totaled US$3.5 billion, 17.5% higher than 2010. The EBITDA was US$338.2 million,

22.2% higher when compared to the previous year.

JBS Mercosul posted net revenue of R$14.9 billion, an increase of 11.9% year over year. The EBITDA increased 23.9% over the

same period and was R$1.6 billion.

JBS generated net cash from operating activities in 2011 of R$606.5 million.

EBITDA was R$3.15 billion, a decrease of 16.3% over 2010, due to the negative result from Pilgrim’s Pride. The EBITDA margin

was 5.1%.

JBS posted consolidated net revenue of R$61.8 million, 13% higher than 2010.

2011 Highlights

The Company ended the quarter with R$5.3 billion in cash or cash equivalent, equivalent to 100% short-term debt.

The Indebtedness level remained stable at 3.0x, excluding PPC.

The loss in the period was R$75.5 million, caused by Pilgrim’s Pride (PPC) that represented US$495.7 million in 2011. Excluding

this item, net income would have been R$482.6 million approximately.

7 PAGE Source: JBS

JBS Consolidated Results – 4Q11

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

865.7 835.9

587.7

786.6

940.6

6.0 5.7

4.0 5.1 5.6

-12,0

8,0

0,00

200,00

400,00

600,00

800,00

1000,00

1200,00

1400,00

1600,00

1800,00

4Q10 1Q11 2Q11 3Q11 4Q11

14,319.6 14,672.7 14,116.3

15,567.8 16,934.5

4Q10 1Q11 2Q11 3Q11 4Q11

-3.8% 10.3% +8.8% +2.5%

-29.7% +33.9% +19.5% -3.4%

EBITDA Margin (%)

8 PAGE Source: JBS

Yearly Analysis

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

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

JBS Mercosul JBS USA

(Including Australia)

JBS USA JBS USA (PPC)

Performance by Business Unit

6.9 7.5

2010 2011

13.1

16.5

2010 2011

13.3 14.9

2010 2011

3.0 3.5

-

2010 2011

276.8 338.2

9.4% 9.7%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

-

50,0

100,0

150,0

200,0

250,0

300,0

350,0

400,0

450,0

500,0

550,0

600,0

650,0

700,0

2010 2011

663.7 739.1

5.1% 4.5%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

0,0

100,0

200,0

300,0

400,0

500,0

600,0

700,0

800,0

900,0

1000,0

1100,0

1200,0

1300,0

1400,0

1500,0

1600,0

1700,0

1800,0

1900,0

2000,0

2010 2011

1.3

1.6

9.7% 10.7%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

0,0

0,5

1,0

1,5

2,0

2,5

2010 2011

481.9

7.0%

-2.0%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

(0,6) 1,4 3,4 5,4 7,4 9,4 11,4 13,4 15,4 17,4 19,4 21,4 23,4 25,4 27,4 29,4 31,4 33,4 35,4 37,4 39,4 41,4 43,4 45,4 47,4 49,4 51,4 53,4 55,4 57,4 59,4 61,4 63,4 65,4 67,4 69,4 71,4 73,4 75,4 77,4 79,4 81,4 83,5 85,5 87,5 89,5 91,5 93,5 95,5 97,5 99,5 101,5 103,5 105,5 107,5 109,5 111,5 113,5 115,5 117,5 119,5 121,5 123,5 125,5 127,5 129,5 131,5 133,5 135,5 137,5 139,5 141,5 143,5 145,5 147,5 149,5 151,5 153,5 155,5 157,5 159,5 161,5 163,5 165,5 167,5 169,5 171,5 173,5 175,5 177,5 179,5 181,5 183,5 185,5 187,5 189,5 191,5 193,5 195,5 197,5 199,5 201,5 203,5 205,5 207,5 209,5 211,5 213,5 215,5 217,5 219,5 221,5 223,5 225,5 227,5 229,5 231,5 233,5 235,5 237,5 239,5 241,5 243,5 245,5 247,5 249,6 251,6 253,6 255,6 257,6 259,6 261,6 263,6 265,6 267,6 269,6 271,6 273,6 275,6 277,6 279,6 281,6 283,6 285,6 287,6 289,6 291,6 293,6 295,6 297,6 299,6 301,6 303,6 305,6 307,6 309,6 311,6 313,6 315,6 317,6 319,6 321,6 323,6 325,6 327,6 329,6 331,6 333,6 335,6 337,6 339,6 341,6 343,6 345,6 347,6 349,6 351,6 353,6 355,6 357,6 359,6 361,6 363,6 365,6 367,6 369,6 371,6 373,6 375,6 377,6 379,6 381,6 383,6 385,6 387,6 389,6 391,6 393,6 395,6 397,6 399,6 401,6 403,6 405,6 407,6 409,6 411,6 413,6 415,6 417,7 419,7 421,7 423,7 425,7 427,7 429,7 431,7 433,7 435,7 437,7 439,7 441,7 443,7 445,7 447,7 449,7 451,7 453,7 455,7 457,7 459,7 461,7 463,7 465,7 467,7 469,7 471,7 473,7 475,7 477,7 479,7 481,7 483,7 485,7 487,7 489,7 491,7 493,7 495,7 497,7 499,7 501,7 503,7 505,7 507,7 509,7 511,7 513,7 515,7 517,7 519,7 521,7 523,7 525,7 527,7 529,7 531,7 533,7 535,7 537,7 539,7 541,7 543,7 545,7 547,7 549,7 551,7 553,7 555,7 557,7 559,7 561,7 563,7 565,7 567,7 569,7 571,7 573,7 575,7 577,7 579,7 581,7 583,8 585,8 587,8 589,8 591,8 593,8 595,8 597,8 599,8 601,8 603,8 605,8 607,8 609,8 611,8 613,8 615,8 617,8 619,8 621,8 623,8 625,8 627,8 629,8 631,8 633,8 635,8 637,8 639,8 641,8 643,8 645,8 647,8 649,8 651,8 653,8 655,8 657,8 659,8 661,8 663,8 665,8 667,8 669,8 671,8 673,8 675,8 677,8 679,8 681,8 683,8 685,8 687,8 689,8 691,8 693,8 695,8 697,8 699,8 701,8 703,8 705,8 707,8 709,8 711,8 713,8 715,8 717,8 719,8 721,8 723,8 725,8 727,8 729,8 731,8 733,8 735,8 737,8 739,8 741,8 743,8 745,8 747,8 749,9 751,9 753,9 755,9 757,9 759,9 761,9 763,9 765,9 767,9 769,9 771,9 773,9 775,9 777,9 779,9 781,9 783,9 785,9 787,9 789,9 791,9 793,9 795,9 797,9 799,9 801,9 803,9 805,9 807,9 809,9 811,9 813,9 815,9 817,9 819,9 821,9 823,9 825,9 827,9 829,9 831,9 833,9 835,9 837,9 839,9 841,9 843,9 845,9 847,9 849,9 851,9 853,9 855,9 857,9 859,9 861,9 863,9 865,9 867,9 869,9 871,9 873,9 875,9 877,9 879,9 881,9 883,9 885,9 887,9 889,9 891,9 893,9 895,9 897,9 899,9 901,9 903,9 905,9 907,9 909,9 911,9 913,9 915,9 918,0 920,0 922,0 924,0 926,0 928,0 930,0 932,0 934,0 936,0 938,0 940,0 942,0 944,0 946,0 948,0 950,0 952,0 954,0 956,0 958,0 960,0 962,0 964,0 966,0 968,0 970,0 972,0 974,0 976,0 978,0 980,0 982,0 984,0 986,0 988,0 990,0 992,0 994,0 996,0 998,0 1.000,0

2010 2011

-149.8

9 PAGE

Performance by Business Unit

Source: JBS

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

EBITDA (R$ million) EBITDA (US$ million) EBITDA (US$ million) EBITDA (US$ million)

EBITDA Margin (%)

JBS Mercosul JBS USA

(Including Australia)

JBS USA JBS USA (PPC)

Quarterly Analysis

1.8 1.9 2.0 1.9 1.8

4Q10 1Q11 2Q11 3Q11 4Q11

3.6 3.8

4.0

4.2

4.5

4Q10 1Q11 2Q11 3Q11 4Q11

3.4

3.6 3.6

3.9 3.8

4Q10 1Q11 2Q11 3Q11 4Q11

799.4 837.0 846.0 867.1

923.1

100,0

180,0

260,0

340,0

420,0

500,0

580,0

660,0

740,0

820,0

900,0

980,0

1060,0

1140,0

1220,0

1300,0

4Q10 1Q11 2Q11 3Q11 4Q11

124.8

-55.2 -47.6 -31.4 22.6

6.9%

-2.9% -2.4% -1.7% 1.2%

-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%

-200

-100

0

100

200

300

400

500

4Q10 1Q11 2Q11 3Q11 4Q11

238.8

308.6

427.9 453.8 407.7

7.1% 8.6%

11.8% 11.6% 10.7%

-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

4Q10 1Q11 2Q11 3Q11 4Q11

194.8

269.7

44.7

184.1 223.6

5.4% 7.1% 1.1%

4.4% 5.0%

-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

4Q10 1Q11 2Q11 3Q11 4Q11

102.4 105.3 83.6 75.9 77.0

12.8% 12.6% 9.9% 8.8% 8.3%

-23,0%

-19,0%

-15,0%

-11,0%

-7,0%

-3,0%

1,0%

5,0%

9,0%

13,0%

-0,023

99,977

199,977

4Q10 1Q11 2Q11 3Q11 4Q11

10 PAGE Source: JBS

Revenue and EBITDA Distribution by Business Unit 2011

Net Revenue - 2011

EBITDA – 2011

45%

25% 20%

10%

50%

41%

19%

-10%

11 PAGE Source: JBS

Organic Growth

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

4.200

4.400

4.600

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

1.600

1.700

1.800

1.900

2.000

2.100

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

500

550

600

650

700

750

800

850

900

950

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

2.800

3.000

3.200

3.400

3.600

3.800

4.000

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

12 PAGE Source: JBS

JBS Consolidated Exports Distribution in 2011

Taiwan 2.0%

Canada 3.3 %

South Korea 4.6%

Russia 8.4%

Others 18.0%

E.U 8.8%

Africa and Middle East 17.4%

China, Hong Kong and

Vietnam 12.5%

Mexico 10.9%

Japan 10.2%

US$ 9,581.0

million

Approximately US$ 9.6 billion in 2011

13 PAGE Source: JBS

* subsidiary controlled by JBS with non-recourse debt.

Debt Profile

Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)*, remained stable from 3Q11 at 3.0x.

Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)*, remained stable from 3Q11 at 4.0x.

The Company ended the quarter with R$5.3 billion in cash or cash equivalents, equivalent to 100% of the Company’s short-term debt.

Short Term Long Term

ST / LT Debt Profile

33%

30%

27%

28%

28%

67%

70%

73%

72%

72%

4Q10

1Q11

2Q11

3Q11

4Q11

The Company generated R$606,5 million of operating cash flow in 2011.

3.0 3.1

3.6

4.0 4.0x

0,0

1,0

2,0

3,0

4,0

-100

100

300

500

700

900

1100

1300

1500

4Q10 1Q11 2Q11 3Q11 4Q11

3.0 3.1 3.2 3.0 3.0x

0,0

1,0

2,0

3,0

4,0

. EBITDA . Leverage

Leverage

. Leverage Ex-PPC EBITDA Ex-PPC

14 PAGE

Amazon

Environmental

Satellite image

Social & Environmental

Purpose: reduce deforestation in the Amazon Biome; avoid

purchasing cattle from Environmentally Protected Areas – EPAs,

Indigenous reserves and protected areas; eradication of slave

labor in Brazil.

JBS Brazil monitors a 100% of its cattle suppliers properties via

satellite geo-referencing (GPS monitoring).

After the property coordinates are collected, the data is keyed into

JBS’s registry of cattle suppliers and is sent to an outsource company

to be analyzed by superimposing on a map constructed from satellite

images and the DETER(1) and PRODES(2) produced by Brazil’s National

Institute for Space Research – INPE.

JBS contains a database of almost 12,000 cattle ranches registered

in the Amazon Biome.

Satellite image monitoring of the Amazon Biome

JBS actions related to cattle traceability and the Amazon Biome Sustainability

Source: JBS Sustainability Policy (1)Real Time Deforestation Detection (2)Legal Amazon Deforestation Monitoring Project

JBS SA participates in CDP - Carbon Disclosure Project.

Also, JBS integrates the Carbon Efficient Index of BOVESPA - ICO2.

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.