1st Quarter 2009 Results

May 15th, 2009

In God we Trust

JBS S.A.

Presenters

Joesley Mendona Batista

CEO

Jeremiah OCallaghan
Investor Relations Director

Rodrigo Gagliardi
Investor Relations Manager
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Our Values
The Foundation Of Our Culture
Planning Determination Discipline Availability Openness Simplicity
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Agenda

Our Strategy 1Q09 Highlights Consolidated Results Debt Profile Revenue Distribution

Final Considerations
Questions and Answers

Our Strategy

Highlights

Net revenue increased 58.2% from R$5,859.1 million in 1Q08 to R$9,267.9 million in 1Q09. Consolidated EBITDA increased 20.4% when compared with the same period last year from R$175.7 to R$211.5 million. The conclusion of financial and structural adjustments required with a view towards the ongoing growth of the Company as defined in its strategy. 70.0% of the level reached in relation to cost reductions and efficiency increase. Sustained EBITDA margin maintenance in the Beef operation in the US (2.2%) bearing in mind the seasonality. The improvement of the Brazilian market where an EBITDA margin of 7.2% was reached in 1Q09 indicating a positive trend in this market. The consolidation of a Global Production Platform. The consolidation of the strategy to build a sustainable, direct and efficient global distribution platform of meat and meat products both chilled and frozen.

JBS Consolidated Results Net Revenue, EBITDA and EBITDA Margin

Net Sales Revenue (R$ million)

EBITDA and EBITDA Margin (R$ million)

6.1% 4.1% 2.8%

470.5

3.0%
9,633.2 7,771.5

2.3%

9,267.9

7,129.5 5,859.1

290.8

265.9 211.5

175.7

21.7%

9.0%

24.0%

-3.8% 65.5% 61.8% -43.5% -20.4%

1Q08
Source: JBS

2Q08

3Q08

4Q08

1Q09

1Q08

2Q08

3Q08

4Q08

1Q09

EBITDA Margin (%)

Performance by Business Units

JBS USA (Beef)
Including Australia

JBS USA (Pork)

Net Sales (US$ million)

INALCA JBS
Net Sales
( million)

JBS MERCOSUL
Net Sales
(R$ million)

Net Sales
(US$ million)

2.6 2.0

2.8

2.8

2.8 1.4

1.8 1.6 1.4 1.3 620 682 600

536

526

132

140

143

162

144

1 Q08

2Q08

3Q08

4Q08

1 Q09

1 Q08

2Q08

3Q08

4Q08

1 Q09

1 Q08

2Q08

3Q08

4Q08

1 Q09

1 Q08

2Q08

3Q08

4Q08

1 Q09

EBITDA (US$ mi) EBITDA margin

5.6% 2.2% -0.7% 2.2%

EBITDA (US$ mi) EBITDA margin

7.6% 3.2% 4.3% 1 .4% 5.6%

EBITDA ( mi) EBITDA margin

EBITDA (R$ mi) EBITDA margin

5.1 %

1 0.4%

4.7%

5.3%

5.1 % 3.9%
4.1 % 5.6% 4.3% 3.7%

2.9%

132.9

155.6 60.4 59.7

52.1 25.6 7.5

3Q08 4Q08 1 Q09

7.3

6.6

7.6

8.3 5.6
199,1 58.2 58,2

-13.5
1 Q08 2Q08 3Q08 4Q08 1 Q09

15.6

19.9

69.4

53.5

1 Q08

2Q08

1 Q08

2Q08

3Q08

4Q08

1 Q09

1 Q08

2Q08

3Q08

4Q08

1 Q09

Source JBS EBITDA Margin (%)

JBS Net Debt/EBITDA

Net Debt / EBITDA Pro Forma per TRIMESTER

JBS continues its plan to reduce leverage in 2009.

Net Debt = R$ 4,174 MM EBITDA pro forma = R$ 1,658 MM

3.74

= 2.52

2.89

2.77 2.31 1.95

2.52*

Exchange Rate: R$ / US$ = 2.32 03/31/2009 US$ / $ = 1.33 03/31/2009

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

Source: JBS Net Debt/ EBITDA EBITDA pro-forma * LTM including Smithfield Beef pro-forma.

Evolution of the EBITDA Margins of JBS USA (Beef) compared with its local peers
EBITDA Margin (%)
Peers Average Beef USA JBS Beef USA
5.1% 5.6% 3.0% 2.3% 0.9% 1.2% 0.5% -0.9% -0.4% 0.3% -0.6% -3.5% 1.3% 1.3% 3.2% 0.9% 1.1% 2.2% 2.2% 6.4%

-0.9% -0.7%

5.7 p.p Gain

FY04*

FY05*

FY06*

FY07*

3Q07** 4Q07** 1Q08** 2Q08** 3Q08** 4Q08** 1Q09**

Previous Management
Source: JBS and estimates of JBS based upon public data from peers EBITDA margins of the Companies taking into consideration beef business *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

JBS S.A. Management

JBS Consolidated Gross Revenue Distribution

Revenue Distribution by Business Units 1Q09

Revenue Distribution by Market 1Q09

Beef Australia 9%

Beef Italy Beef Argentina 5% 2% Beef Brazil 15%

Exports 22%

Pork USA 12%

Domestic Market 78%

Beef USA 57%

Source: JBS

Source: JBS

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JBS Consolidated Exports Distribution

Exports Distribution 1Q09

T aiwan 2%

Middle Eas t 4% Canada 4% HongK ong 5%

O thers 14%

J apan 16% E.U. 16%

China 5%

SouthK orea 6%

R us s ia 8%

Mexico 9%

USA 11%

JBS Exports 1Q09: US$ 901.4 Million

Source: JBS

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Final Considerations

We are motivated and confident about the Companys performance in

2009
We will continue to take good care of the financials of the Company. In April 2009, JBS USA issued a Senior Unsecured Notes in the principal

amount of US$700 million, with a coupon of 11.625%, due 2014.

Our global production platform will continue to grow in the search for

efficiencies, new synergies between our operations with an eye towards reducing costs.
We will consolidate the strategy of creating a sustainable, direct and

efficient Global distribution platform of meat and meat products both chilled and frozen.
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Questions & Answers

May 15th, 2009

In God we Trust

JBS S.A.

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.

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