Conference Call Results 3Q07

November 8, 2007

PresentersPresenters

Joesley Mendonça BatistaCEO

José Paulo MacedoInvestor Relations Director

André Gustavo MenezesInvestor Relations Manager

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Period Overview

We concluded the acquisition of Swift Foods Company, now JBS USA, making JBS the world’s largest beef producer ;

Period Overview

JBS the world s largest beef producer ;

During these first 120 days of management, we continued to implement our strategy, centered on recovering of the operating and financial performance of JBS USA beef division: implementation of a second shift at the Greeley plant, JBS USA beef division: implementation of a second shift at the Greeley plant, increasing the volume of cattle slaughtered; intense focus on costs reductions and improvement of the operating efficiency on yields/processes;

Pork division and Australia continue to operate according to our estimates; Pork division and Australia continue to operate according to our estimates;

In the US beef division, we remain confident with the results generated from the initiatives implemented thus far, despite the industry’s current scenario and pressure on margins in the US;pressure on margins in the US;

We continue to focus on growth and consolidation of our position in the Mercosur region: continued investments in the expansion of the slaughtering capacity of our plants in Brazil and the acquisition of meatpacker Col Car in the capacity of our plants in Brazil and the acquisition of meatpacker Col Car in the province of Cordoba, Argentina;

We started operations of the expanded frozen and cooked beef unit in Andradina and of a new container terminal for exports in Cubatão both in the Andradina and of a new container terminal for exports in Cubatão, both in the state of São Paulo, Brazil;

In Brazil, we focused on the maintenance of profitability levels rather than expansion on sales volume given the pressure on raw materials costs during expansion on sales volume, given the pressure on raw materials costs during the quarter.

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3Q07 Results – JBS S.A. (excluding JBS USA)

Total Net Revenue (R$ million)

Q ( g )

6.5%16.9%

12.3%

1,234.6 1,315.5 1,171.2

3,056.6 3,572.8

3Q06 3Q07 2Q07 9M06 9M07

Total Volume (‘000 tons)

15.9% 1.4%21.0%

778.3941.5

281.7 326.6 322.2

3Q06 3Q07 2Q07 9M06 9M07

Average Sales Price (R$/Kg)

-8.0%3 4%

10.8%-3.4%

4.38 4.03 3.64 3.93 3.79

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3Q06 3Q07 2Q07 9M06 9M07

3Q07 Results – JBS S.A. (excluding JBS USA)Domestic Market

Net Revenue – Domestic Market (R$ million)

Domestic Market

40.4% 4.8%30.6%

364.4511.6 487.9

1,117.81,459.7

3Q06 3Q07 2Q07 9M06 9M07

Volume – Domestic Market (‘000 tons)

29.2% 2.7%23.8%

496.6614.7

166.8 215.6 210.0

3Q06 3Q07 2Q07 9M06 9M07

Average Sales Price – Domestic Market (R$/Kg)

8.6% 2.1%5.5%

2.18 2.37 2.32 2.25 2.37

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3Q06 3Q07 2Q07 9M06 9M07

3Q07 Results – JBS S.A. (excluding JBS USA)Exports

Net Revenue – Exports (R$ million)

Exports

-7.6% 17.7%9.0%

870.2 803.9 683.3

1,938.8 2,113.2

3Q06 3Q07 2Q07 9M06 9M07

281.7 326.8

Volume – Exports (‘000 tons)

-3.4% -1.0%16.0%

114.9 111.0 112.2

3Q06 3Q07 2Q07 9M06 9M07

Average Sales Price – Exports (per kilogram)-4.4%

8.3% -6.0%2 6%

18.9%23 0%7 57 7 24 2.6%23.0%7.57 7.24

3.49 3.786.09

3.15 3.236.476.88

3.07

3Q06 3Q07 3Q06 3Q07 2Q07 2Q07 9M06 9M07 9M06 9M07

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Q(R$)

Q(R$)

Q(US$)

Q(US$)

Q(R$)

Q(US$) (R$) (R$) (US$) (US$)

During the quarter, price increases reflected pressure on raw material costs...

150

130

140

120

130

110

90

100

Rear Price Forequarter Price Ribs de-boning Price Arroba Price

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We focused on the maintenance of profitability levels rather than on the expansion on sales levels rather than on the expansion on sales volume...

Net Debt/EBITDA*EBITDA and EBITDA Margin

EBITDA Margin (%)

3,6x

3 3430 5

493,3

2,8x2,6x

3,1x3,3x430,5

13,8%13,1%

14,1%14,1%13,8%

2,2x 2,3x

1 1 9170,3 171,9 165,2

2002 2003 2004 2005 2006 2Q07 3Q073Q06 3Q07 2Q07 9M06 9M07

7* Consolidated

Swift – EBITDA by DivisionSwift EBITDA by Division

EBITDA by Division

(In thousands of US$) 2003 2004 2005 2006 2007

SWIFT Beef 71,201 44,656 (65,132) (97,082) (19,592)

SWIFT Pork 75,532 132,619 122,091 73,336 70,309

AUSTRALIA 60,324 42,891 106,044 29,465 45,553

OTHERS (2,733) (45) (18) - -

TOTAL 204,324 220,121 162,985 5,719 96,270 , , , , ,

EBITDA Margin 2.52% 2.33% 1.69% 0.06% 1.01%

Source: S&C Holdo 3, Inc. – SEC Filings

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Swift – Pre-Acquisition Status

EBITDA Margin (%) Pre-Acquisition Status

Swift Pre Acquisition Status

EBITDA Margin (%)

Comparable companies

Swift Beef

The US beef division had been operating with margins 2% lower than the industry;

Pre Acquisition Status

3,7%

than the industry;

Stated cattle slaughtering capacity in the US was 17,200 head/day;

2,8%

1 1%1,3%

Greeley plant with a slaughtering capacity for 6,000 head/day in 2 shifts was only operating 1 shift, slaughtering 3,400 head/day;

0,4%1,1%1,0%

-0,4%

0,8% Considering 2 shifts and the optimization of 3 other plants, effective total slaughtering capacity is 20 500 head/day;

-1,7%

-1,2%is 20,500 head/day;

On the acquisition date, the division was slaughtering 14,500 head/day;

2003 2004 2005 2006 2007

Therefore, it was operating at 70% capacity;

With a low focus on cost reductions and efficiencies in the production

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Source: SEC Filings

and efficiencies in the production process.

We began a second shift at the Greeley plant, where 1 100 new employees have been hired where 1,100 new employees have been hired, increasing the volume of cattle slaughtered...

Average cattle slaughtered/Day Average cattle slaughtered/Day

18 500

20,000

15 015 15,28916,389

18,500

14,506 15,015 15,289

Jun Jul Aug Sep Oct Nov Dec

JBS S ift B f USA T t lJBS Swift Beef USA Total

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We have redefined the company’s organizational structure eliminating overlapping positions and structure, eliminating overlapping positions and reducing management levels...

Eliminated positions Savings US$

Beef Division 87 4,500,000

Pork Division 8 400,000

Corporate 93 8,400,000

Total: 188 13,300,000

resulting in an annual savings of …resulting in an annual savings of approximatelyUS$ 13 million in operating and

administrative expenses

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Great part of the planned initiatives have l d b i l t d

IMPLEMENTED ACTIONS

already been implemented...

Elimination of 188 positions – US$13.3 million/year

Reduction in annual insurance costs through renegotiation of existing premiums and deductibles, maintaining all insurance policies required for the adequate continuity of the business – US$ 8.0 million;

Elimination of annual costs with outsourced services from professionals and consultants – US$12.1 million/year;

R d ti t ith t i l t li d d i i t ti US$1 5 Reduction costs with materials, traveling and administrative expenses – US$1.5 million/year;

Increase in volume and greater dilution of fixed costs at the plants - additional g prevenue of US$1.3 billion/year;

…which already generate a reduction of the normalized cost per …which already generate a reduction of the normalized cost per

head of approximately US$40 against the quarter ended in May

and US$28, compared to the FY2007, reducing the “gap” with the

US beef industry12

DisclaimerDisclaimer

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, 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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Thank you

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