PRESENTERS

Investor

Relations

Jerry

O’Callaghan

Brazil

Humberto

Magalhães

Argentina

Nelson

Dalcanale

Italy

Luigi

Scordamaglia /

Paolo Boni

Legal

Francisco

de Assis e Silva

Financial

Director

Sérgio

Longo

CEO

Chairman

Joesley

Batista

MANAGEMENT

Mr. Humberto de Campos Magalhães holds a degree in biology from Universidade

Federal do Mato Grosso. He is currently the chief operating officer of the Brazilian division. Before joining JBS in 1999, he had over 8 years of experience working in the meat industry

Mr. Sérgio Longo, has been serving JBS as a Financial Director since April 2003 and he has been a member of JBS’ board of executive officers since 2005.

Before joining JBS he had over 25 years of experience working in financial institutions.

Mr. Francisco de Assis

e Silva, General

Counsel, holds a law

degree and a master

degree in environmental

law from Pontifícia

Universidade Católica at

Paraná State, a master

degree in corporate law

and a master’s degree

in public law from

Universidade Mackenzie,

and an MBE in labor

economics from

Universidade de São

Paulo. He has been a

member of JBS’ board of

executive officers since

January 2, 2007 .

He has been working for

JBS Group since

December 2001.

Mr. Nelson Dalcanale

has been working at JBS since 2001 and is currently CEO of the division in Argentina. Before joining JBS, he had 21 years of experience in the meat industry

Mr. Jerry O’Callaghan holds a degree in Engineering from UCC (University College Cork) in Ireland. He immigrated to Brazil in 1979. Mr. O’Callaghan entered the beef sector in 1983 and joined JBS in 1996 to develop International Trade for the group. He is currently our Investor Relations’ Officer.

Mr. Scordamaglia, started his career as Professor in the Veterinary University of Perugia and as an advisor in the legal and QA departments of Inalca. appointed CEO of Inalca in 2007

Mr. Paolo Boni holds a degree in accounting. Before joining JBS he had over 25 years of experience in the beef industry sector. He has been a Board Member of Inalca since 1996.

CFO

André

Nogueira

Australia

Iain Mars

Pork

Martin

Dooley

Smithfield

Beef

Richard Vesta

Five

Rivers

Mike

Thoren

Beef USA

David Colwell/

Tim Klein

CEO

USA/AUSWesleyBatista

MANAGEMENT

Trading

Brent

Eastwood

** *

* The closing of these transactions are subject to certain closing conditions, including expiration or termination of applicable waiting periods under U.S. antitrust law

Mr. André Nogueira holds a degree in Economics from Universidade Federal Fluminense, a master degree in Capital Markets from FGV – Fundacão Getúlio Vargas, a master degree in in Economics from Universidade de Brasilia in 2003.

He worked for more than 20 years in Banco do Brasil and joined JBS in 2007, following the bought Swift & Co acquisition.

Mr. Brent Eastwood had worked for Swift & Company for over 18 years.

He moved to the USA in 2007 to be head of JBS Trading USA, the Swift Distribution Centers USA and the Global Trading Business (JBS).

Mr. Thoren has served as CEO of Five Rivers since the Company’s inception.

Mike received his Master of Science degree in Agricultural Economics and his degree in Agribusiness from Washington State University. Mr. Thoren will lead the cattle feeding businesses once/if the acquisition of Smithfield Beef is approved by U.S. antitrust authorities.

Mr. David Colwell holds a degree from University of South Florida. David has been the President of JBS Beef since 2007, but will be replaced by Tim Klein, once/if the acquisition of Smithfield Beef is approved by U.S. antitrust authorities.

David Colwell will still have a role as executive in JBS USA, but his new position has yet to be defined.

Mr. Richard Vesta joined Smithfield Foods following the acquisition of Packerland in 2001 and now serves as president and chief operating officer of Smithfield Beef Group.

Mr. Vesta will maintain its position running the Smithfield Beef Group/JBS Packerland once/if the acquisition of Smithfield Beef is approved by U.S. antitrust authorities.

Mr. Martin Dooley

Holds a degree of Science in Biology/Medical Technology –Eastern Illinois University - 1982

Marty has worked at Swift & Company all his life, having started as a management trainee in 1983.

He was appointed in 2007 to be the President of JBS Pork division.

Mr. Iain Mars was born in England. Iain has been involved in the beef industry for all his life. Mr Mars was appointed President of JBS Australia in 2007, after the acquisition of Swift & Company. He joined JBS in 2005.

OUR STRATEGY

* 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 Risksas Sanitary Barriers &

Seasonality

0.3 0.4 0.4 0.5 0.5 0.4 0.7 1.2 1.5 1.9

12.7

25.0

1993 1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007* 2008**

JBS’ HISTORY HAS BEEN BUILT THROUGH MORE THAN 30

ACQUISITIONS IN 15 YEARS

Source: JBS* Pro forma JBS S.A. LTM Dec07 (includes JBS USA)** Pro Forma JBS S.A. LTM Jun08 (includes JBS USA, Tasman and 50% of Inalca); National LTM May08; Smithfield Beef LTM Oct07; (1) The closing of these transactions are subject to certain closing conditions, including expiration or termination of applicable waiting periods under U.S. antitrust law

Net Sales (in US$ billion)

Companies and assets acquired

Cáceres

(Frigosol)

Iturama

(Frigosol)Araputanga

(Frigoara)

Barretos (Anglo)

Pres. Epitácio (Bordon)

Campo Grande (Bordon)

Pedra Preta

(Frigo Marca)

Rosário

(Swift ARG)

San Jose

(Swift ARG)

Inalca

Swift Foods Co.

Maringá (Amambay)

Berazategui

(Rio Platense)

Colonia Caroya

SB Holdings

JV Beef Jerky

Venado

Tuerto

Pontevedra

(CEPA)

Rio Branco

Cacoal 1

Cacoal 2

Porto Velho

Vilhena (Frigovira)

Andradina

(Sadia)

Barra do

Garças

(Sadia)

Goiânia

(Anglo)

Anápolis

(Bordon)

National Beef

Smithfield Beef

Five Rivers

Tasman

(1)

R$/US$ end of the year cotation R$/US$: 1.59

AGENDA

HIGHLIGHTS

JBS CONSOLIDATED RESULTSNET REVENUE, EBITDA AND EBITDA MARGIN

345.1

564.9 591.1

176.3290,8

4.1%4.2%

3.0%

14.2%

9.6%

12M05 12M06 12M07 1Q08 2Q08

3,577.1 3,967.6

14,141.6

5,859.17,129.5

12M05 12M06 12M07 1Q08 2Q08

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

JBS: GLOBAL PRODUCTION & DISTRIBUTION PLATFORM

JBS Mercosul JBS USA / Australia Inalca JBS

Revenue Ebitda

Revenue Ebitda

Revenue Ebitda

74%

21%

5% US$46

Source: JBS

* JBS S.A. LTM Jun08, Pro forma JBS USA LTM Jun08 (includes Tasman) and Pro forma 50% of Inalca LTM Jun08

Exchange rates:

R$ / US$ = 1.59 – 06/30/2008

US$ / €$ = 1,57 – 06/30/2008

US$12,214

US$159

US$353

US$3,348

US$866

JBS DEBT PROFILE

566

1,138

1,337

1,191

1,381

2.82.9

3.74.3

3.8

2005 2006 2007 1Q08 2Q08

Source: JBS

Leverage (US$ mm) Cash and Debt Amortization (US$ mm)

Net debt Net debt/EBITDA

Debt per Currency (June 2008)

Foreign currency

60%

Real (R$)40%

Source: JBS

Source: JBS

Exchange rates:

R$ / US$ = 1.59 – 06/30/2008

15511,459

52192

592 637

Cash

&

invest

ments

Less

than 1

year

Jul-D

ec

2009

2010

2011

Aft

er

2011

PERFORMANCE BY BUSINESS UNITS

1,976

7,3757,324

2,630

FY06 FY07 1Q08 2Q08

Net Sales

(US$ million)

EBITDA (US$ mi) margin EBITDA

132.9

-67.6

25.8

-6.0

5.1%

-0.5%0.3%

-0.9%

FY06 FY07 1Q08 2Q08

Margem (%)

Source: JBSFY 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 06/30/2008.

JBS USA (Beef)

Including Australia

536

2,1752,070

620

FY06 FY07 1Q08 2Q08

(US$ )

EBITDA (US$ mi) margin EBITDA

19.9

73.3 70.3

15.7

3.2%2.9%3.2%3.5%

FY06 FY07 1Q08 2Q08

Margem (%)

JBS USA (Pork)

132

521522

155

FY06 FY07 1Q08 2Q08

(€ )

EBITDA (€ mi) margin EBITDA

7.5

25.0 26.0

7.4

4.8%5.6%4.9%4.8%

FY06 FY07 1Q08 2Q08

Margem (%)

INALCA JBS

1,271

4,892

3,968

1,425

FY06 FY07 1Q08 2Q08

EBITDA (R$ mi) margin EBITDA

Margem (%)

MERCOSUL

(1) (2) (1) (2)

(1) (2) (1) (2)

565.0

692.0

132.7

58.2

11.4%15.3%

10.4% 4.1%

FY06 FY07 1Q08 2Q08

(R$ )

HOW JBS IMPROVED SWIFT’S MARGINS

Source: JBS USA

* Cost per head includes packing costs, plant costs, SG&A, depreciation e interest.

Turnaround Financial Impacts (US$ mm)

9,350 9,505

2,588 2,871 2,4623,157

FY06 FY07 3Q07 4Q07 1Q08 2Q08

Net Sales (US$ million) (USGAAP)

5.7

95.9

-41.1

3.8 14.7

152.8

4.8%

0.1% 1.0% 0.1%-1.4%

0.6%

FY06 FY07 3Q07 4Q07 1Q08 2Q08

EBITDA (US$ mi) EBITDA Margin

212,3

164,2

2Q07 2Q08

Fixed Cost* per Head Beef USA (US$)

Margin (%)

12/7/2007 29/06/2008

Potencial Increase in Revenue (second shift and optimization

of installed capacity)1,100 800

Cost Reduction 169.5 135.1SG&A (Consulting, Reduction of

Organizational Structure, Insurance) 28.8 20.7

Variable Costs

(Packing, Suplies, Eletricity, Gas) 45.0 60.0Improvement in Carcass Yield

(Rear De-boning, Ribs De-Boning, Pork

Intestines) 95.7 54.4

Preliminary

Estimates

Amount

Realized

Cost reduction of

US$48.1 per head

JBS USA BEEF EXPORT VOLUMES

BEEF PRICE VS. CATTLE PRICE IN USA

JBS CONSOLIDATED – SALES DISTRIBUTION

Bee f USA43%

Beef Brazil20%

Pork USA16%

Bee f Australia14%

Beef Italy5%

Beef Argentina2%

Domestic Market63%

Exports37%

JBS CONSOLIDATED – EXPORTS DISTRIBUTION

Hong Kong3%

Others16%

Japan18%

E.U.16%

Russia10%

Mexico10%

South Korea6%

China6%

Canada6%

USA5%

Taiwan4%

BRAZIL PRESUMING MARGINS PER HEAD IN DOLLAR

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2005 2006 2007 1S08

USD

pe

r K

g

USD

pe

r H

ead

EBITDA per Head (US$) Cattle Price (US$/Kg)

GLOBAL CATTLE PRICES US$/Kg

1.25

1.75

2.25

2.75

3.25

3.75

4.25

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08

BRA AUS ARG USA URU

FINAL CONSIDERATIONS

DISCLAIMER