JBS S.A.

January / February, 2012Presentation for Debt Investors

Net revenue in 3Q11 was R$15,567.8 million, 10.6% higher than 3Q10.

The Company ended the quarter with R$5.6 billion in cash, more than a 100% of its short-term debt.

3Q11 Highlights

JBS generated net cash provided by operating activities of R$897 million in the quarter.

JBS USA Beef presented EBITDA in 3Q11 of R$184.1 million , an increase of 77.9% over the last

EBITDA margin increased 101 bps to 5.1% in the quarter.

Gross Margin expanded 102bps, compared to 2Q11 and reached 10.9%.

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The main operating highlights were:

Net debt reduced approximately R$530 million, excluding the FX variation effect in the net debt in US

dollar denominated.

JBS Mercosul presented EBITDA of R$453.8 million, with an EBITDA margin of 11.6%.

JBS USA Beef presented EBITDA in 3Q11 of R$184.1 million , an increase of 77.9% over the last quarter.

JBS USA Pork business unit presented cumulative 2011 EBITDA of US$264.8 million, 51.8% higher than in the same period of 2010.

JBS Consolidated Results – 3Q11

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

7.36.0 5.7 5.1

8.0

1600.0

1800.0

14,069.6 14,319.6 14,672.7 14,621.8 15,567.8

3PAGESource: JBS

1,026

866 836

588

787

5.7

4.05.1

-12.00.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

3Q10 4Q10 1Q11 2Q11 3Q11

14,069.6 14,319.6 14,672.7 14,621.8

3Q10 4Q10 1Q11 2Q11 3Q11

+2.5% -3.8% +6.5%+1.8%

-3.4%

-29.7%+33.9%

-15.7%

EBITDA Margin (%)

Performance by Business Unit

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

JBS Mercosul JBS USA(Including Australia)

JBS USA JBS USA (PPC)

Quarterly Analysis

1.7 1.81.9

2.0 1.9

3.4

3.6

3.8

4.0

4.2

3.5

3.4

3.6 3.6

3.9772 799

837846

867

100

180

260

340

420

500

580

660

740

820

900

980

1060

1140

1220

1300

4PAGE

Source: JBS

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

EBITDA Margin (%)

3Q10 4Q10 1Q11 2Q11 3Q113Q10 4Q10 1Q11 2Q11 3Q113Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11

170124.8

-55.2 -47.6-31.4

9.9%

6.9%

-2.9%

-2.4%

-1.7%

-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

3Q10 4Q10 1Q11 2Q11 3Q11

373.7

238.8

308.6

427.9453.8

10.7%

7.1%8.6%

11.8% 11.6%

-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

3Q10 4Q10 1Q11 2Q11 3Q11

103.5

194.8

269.7

44.7

184.1

3.1% 5.4%7.1%

1.1%4.4%

-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

3Q10 4Q10 1Q11 2Q11 3Q11

90.8102.4 105.3

83.675.9

11.8% 12.8% 12.6% 9.9% 8.8%

-23.0%

-19.0%

-15.0%

-11.0%

-7.0%

-3.0%

1.0%

5.0%

9.0%

13.0%

0

100

200

3Q10 4Q10 1Q11 2Q11 3Q11

Debt Maturity Schedule and Profile

3Q11 Gross Debt: 19,235 (R$ million)

236

372

1,928

4,190

9681,592

198

3,411

1,232

Short Term Net of Cash 2012 2013 2014 2015 2016 2017 2018 2019 and after

5PAGE

R$ USD

29% 71%3Q11

Bonds Other

Bonds / Other

34% 66%3Q11

Source: JBS Financial Statements and Internal Reports

JBS S.A.62%

Subsidiaries38%

4,190

R$ / USD

4.0x 41500 4

Leverage

Debt Profile: 3Q11

ST / LT Profile

Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)*, reduced from 3.2x in 2Q11 to 3.0x in 3Q11.

Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)*, went from 3.6x in 2Q11 to 4.0x in 3Q11.

The Company ended the quarter with R$5.6 billion in cash or cash equivalents, more than a 100% of the Company’s short-term debt.

28% 72%3Q11

The Company generated R$897 million of operating cash flow and R$620 million of net cash flow.

6PAGE

2.9 3.0 3.1

3.6

4.0x

0

1

2

3

4

-100

100

300

500

700

900

1100

1300

1500

3Q10 4Q10 1Q11 2Q11 3Q11

2.9 3.0 3.1 3.23.0x

0

1

2

3

4

. EBITDA. Leverage

Source: JBS* subsidiary controlled by JBS with non-recourse debt.

Short Term Long Term

33%

33%

30%

27%

67%

67%

70%

73%

3Q10

4Q10

1Q11

2Q11

. Leverage Ex-PPC EBITDA Ex-PPC

Corporate Structure and Guarantors

JBS S.A.

100.0%

67.3%

100.0%

JBS Hungary Holdings Kft

JBS USA Holdings

Pilgrim’s Pride

Vigor

Subsidiary of JBS S.A.

USD350mm Notes due 2016 (ex-Bertin)

USD300mm Notes due 2016

USD900mm Notes due 2018

USD500mm Notes due 2018

USD100mm Notes due 2017

7PAGE

JBS USA Pork

100.0%100.0%100.0%

100.0%

JBS Five Rivers

JBS Australia

USD700mm Notes due 2014

USD650mm Notes due 2021

USD700mm Notes due 2020

JBS USA Beef

JBS USA, LLCJBS USA Finance, Inc.

Bond Guarantor

Notes 2016 - JBS S.A. JBS Hungary, JBS USA Holdings, JBS USA and Swift Beef Company

Notes 2016 - Bertin JBS Hungary

Notes 2017 - Vigor S.A. Fábrica de Produtos Alimentícios Vigor

Notes 2014 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries

Notes 2018 - JBS S.A. JBS S.A., JBS Hungary

Notes 2018 - PPC Pilgrim’s Pride Corporation of West Virginia, Inc.

Notes 2021 - JBS USA JBS, JBS Hungary, JBS USA Holdings and all JBS USA's U.S. restricted subsidiaries

Notes 2020 - JBS USA LLC JBS S.A., and each of wholly-owned U.S. restricted subsidiaries

Debt Securities Issued

Description

2016 Notes: JBS S.A.

2016 Notes: Bertin

2017 Notes: Vigor

2014 Notes: JBS USA

2018 Notes: JBS S.A.

2018 Notes: PPC

2021 Notes: JBS USA

2020 Notes: JBS USA, LLC

Principal Total Term Coupon Maturity

USD 300 MM

USD 350 MM

USD 100 MM

USD 700 MM

USD 900 MM

USD 500 MM

USD 650 MM

USD 700 MM

10 years

10 years

10 years

5 years

7.5 years

8 years

10 years

8 years

10.500% p.a.

10.250% p.a.

9.250% p.a.

11.625% p.a.

8.250% p.a.

7.875% p.a.

7.250% p.a.

8,250% p.a.

Aug, 2016

Oct, 2016

Feb, 2017

May, 2014

Jan, 2018

Dec, 2018

Jun, 2021

Feb, 2020

JBS S.A. / JBS USA

8PAGE

Agency

Global

Global

BB-

BB

Fitch

Standard & Poors

Global B1Moody’s

Scale Rating Outlook Date

Stable

Stable

Stable

11/18/2011

11/04/2011

12/06/2011

JBS S.A. / JBS USA

Agency

BStandard & Poors

B2Moody’s

Rating Outlook Date

Develop

Negative

08/16/2011

11/16/2011

Pilgrim’s Pride

Mission

“ To be best in what we set out to do, totally focused onour business, ensuring the best products and services for our customers, solidity for our suppliers,

”

for our customers, solidity for our suppliers,

satisfactory profitability for our shareholders and the

certainty of a better future to all our employees.