JBS S.A.PRESENTATION TO THE MARKET

MARCH, 2008

Disclaimer

1

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.

ACQUISITIONS SUMMARYACQUISITIONS SUMMARY

FINANCIAL METRICSFINANCIAL METRICS

FINAL CONSIDERATIONSFINAL CONSIDERATIONS

QUESTIONS AND ANSWERSQUESTIONS AND ANSWERS

AGENDA

2

OUR MISSION - PART OF THE DAY-TO-DAY OF OUR

EMPLOYEES

To be the best at 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 for

all our employees.

3

OUR VALUES - THE FOUNDATION OF OUR CULTURE

Planning

Determination

Discipline

Availability

Openness

Simplicity

4

ACQUISITIONS SUMMARYACQUISITIONS SUMMARY

FINANCIAL METRICSFINANCIAL METRICS

FINAL CONSIDERATIONSFINAL CONSIDERATIONS

QUESTIONS AND ANSWERSQUESTIONS AND ANSWERS

AGENDA

5

JBS’ HISTORY HAS BEEN BUILT THROUGH MORE THAN 30

ACQUISITIONS IN 15 YEARS

Source: JBS

* Pro-Forma JBS S.A. LTM Sept/07 and JBS USA LTM Sept/07

** Pro-Forma JBS S.A. LTM Sept/07 and JBS USA LTM Sept/07; Inalca LTM Sept/07; National FY Aug/07; Smithfield Beef LTM Oct/07; Tasman FY Jun/07

Net Revenue (in R$ million)

Companies and plants 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

Tasman

650 890 1212 1292 19143158 3577 3968

24076

39630

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

6

ACQUISITIONS SUMMARY

The CompaniesThe Companies

100% 100% 100%

Enterprise Enterprise

ValueValue::

~US$970mm~US$970mm

Enterprise Enterprise

ValueValue::

~US$565mm~US$565mm

Enterprise Enterprise

ValueValue::

~US$150mm~US$150mm

Conditions for the acquisitions:

Governmental authorities’approval

Ratification by JBS’ general assembly

+ +

(1)

(1) JBS intends to capitalize US200MM in Five Rivers7

Total Beef Net Revenue (US$ billion)

Total daily slaughter capacity (thousand cattle heads)

Leading beef company in the world in terms of sales

JBS global leadership in terms of slaughtering capacity

JBS WILL BE A LEADING COMPANY IN THE GLOBAL BEEF

INDUSTRY IN SALES AND SLAUGHTERING CAPACITY

Source: JBS S.A. LTM Sept/07, Swift FY May/07; Inalca LTM Sept/07;

National - 10K - FY Aug/07;

Smithfield Beef - 10K, 10Q, company – LTM Oct/07;

Tasman – company - FY Jun/07

19.4

10.6

5.6

0.52.8

TasmanSmithfieldNational BeefJBS BeefJBS Total Beef

54.9

14.07.6 2.7

79.2

TasmanSmithfieldNational BeefJBS BeefJBS Total Beef

1º

1º

8

JBS’ main units and marketsJBS’ main units and markets

JBS HAS A GLOBAL PRODUCTION AND DISTRIBUTION PLATFORM

x =

x=

Legend

Slaughterhouse (Beef)

Slaughterhouse and Industry

Distribution Center

Vegetable Canning Plant

Beef Canning Plant

Beef Jerky Plant (Beef Snack’s)

Slaughterhouse (Pork)

Slaughterhouse (Lamb)

Beef and Pork Processing Plant

Wet Blue Processing Plant

Headquarters Office

Feed Lot

Package Industry

Inland Container Terminal

Commercial Office

9

NATIONAL BEEF PACKING COMPANY, LLC

� In fiscal year 2007, National Beef generated sales of US$ 5.6 billion and processed 3.9 million head of cattle

� National Beef has a slaughtering capacity of 14,000 cattle heads/day in 3 bovine slaughterhouse facilities

� National has also 2 case-ready beef processing plants, specialized in products for retailers and one plant specialized in products for commercial establishments

� The company has 1 carrier with approximately 1,200 vehicles among refrigerated and livestock transportation

Company SummaryCompany Summary

California

Indiana

Kentucky

Michigan

Maryland

New York

PennsylvaniaOhio

West Virginia

Virginia

New England

MississippiAlabama

Georgia

Louisiana

Florida

SouthCaroline

North Caroline

Tennessee

Illinois

Iowa

Wisconsin

Missouri

Minnesota

Nebraska

Kansas6.400

SouthDakota

North Dakota

Oklahoma

Texas

ArkansasNew MexicoArizona

ColoradoUtah

Wyoming

Montana

Idaho

Washington

Oregon

Nevada

National Beef Plants

BrandsBrands FacilitiesFacilities

x National Beef plants of packed and customized meat “case ready”

x

x

x

10

SMITHFIELD BEEF GROUP (beef division of Smithfield

Foods, Inc. - USA) and FIVE RIVERS CF, LLC

Smithfield Beef SummarySmithfield Beef Summary

BrandsBrands

Five Rivers SummaryFive Rivers Summary

FacilitiesFacilities

California

Indiana

Kentucky

Michigan

Maryland

New York

PennsylvaniaOhio

West Virginia

Virginia

New England

MississippiAlabama

Georgia

Louisiana

Florida

SouthCaroline

North Caroline

Tennessee

Illinois

Iowa

Wisconsin

Missouri

Minnesota

Nebraska

Kansas6.400

SouthDakota

North Dakota

Oklahoma

Texas

ArkansasNew MexicoArizona

ColoradoUtah

Wyoming

Montana

Idaho

Washington

Oregon

Nevada

Five Rivers Feedlot

Smithfield Beef Plants

� In fiscal year 2007, generated sales of approximately US$ 2.8 billion and processed 1.9 million head of cattle

� Smithfield Beef has 4 bovine slaughterhouse facilities; 1 rendering plant; one cattle feedlot; and one carrier, with approximately 120 refrigerated trucks.

� The world Leader company in the cattle feeding;

� Five Rivers owns ten cattle feedlot facilities and has a combined feeding capacity of 811,000 head of cattle with locations in Colorado, Idaho, Kansas, Oklahoma and Texas

11

TASMAN

Company SummaryCompany Summary

� In fiscal year 2007, Tasman generated sales of approximately AUS$ 498 million (approximately US$ 465 million), and processed 2.7 million head of cattle and smallstocks

� Tasman owns six processing facilities; one cattle feedlot unit with a feedlingcapacity of 25,000 head of cattle and 45,000 head of lambs

� The export markets represents 67% of its sales (31% North America; 35% Japan and 8% South Korea)

Tasman Group Services Slaughterhouse

Tasman Group Services Feedlot

Cobram

Brooklyn

King Island

Devonport

Longford

Yarrawonga

Yambinya

BrandsBrands FacilitiesFacilities

12

USA MARKET: CONSTANT CONSUMPTION AND EXPORTS

RECOVERY

EVOLUÇÃO DO CONSUMO DE CARNE BOVINA AMERICANO

12.81512.83412.66312.66712.34012.35112.50212.32512.05112.737

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

WTC

BSE

EVOLUTION OF AMERICAN BEEF CONSUMPTION

12,81512,83412,66312,66712,34012,35112,50212,32512,05112,737

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

September,11

WTC

BSE

“Mad Cow”

Source: USDA

Internet

Bubble

USA Exports

776

519

317209

1142

650

2003 2004 2005 2006 2007E 2008E

(1,000 tons – Weight Equivalent Carcass)

Source: USDA

� Despite crisis, beef consumption levels in

the USA has been constant

� The USA exports are recovering after

the slowdown since the BSE “Mad

Cow” disease, in December, 2003

13

ACQUISITIONS SUMMARYACQUISITIONS SUMMARY

FINANCIAL METRICSFINANCIAL METRICS

FINAL CONSIDERATIONSFINAL CONSIDERATIONS

QUESTIONS AND ANSWERSQUESTIONS AND ANSWERS

AGENDA

14

POTENTIAL SYNERGIES IMPACT

Financing Rational – Synergy Financing Rational – Synergy

EV EV -- synergiessynergies / EBITDA*: 5.4 x/ EBITDA*: 5.4 x

(1)

Quotation:

€$ / US$= 1.43

AU$ / US$ = 0.94

Source: Swift – company –FY07Smithfield Beef - 10K, 10Q, company - Pro-forma LTM Oct07, include Five Rivers 100% LTM Dec07National - 10K, 10Q - LTM Nov07Tasman – company – FY07 July

(1) Present value of synergies after taxes for 5 years, discounted by a rate of 8%* Historical average EBITDA margin from the last 5 years and current net revenues 15

(US$ MM)

ENTERPRISE VALUE 1,459.0 970.0 565.0 150.0 3,144.0Costs Synergies

US$ MM / year35 70 25 2 132

Present Value

Synergies US$MM284 558 199 18 1.059

EV - synergies 1,174.6 412.4 365.9 132.2 2,085.1

Historical EBITDA* 152.9 122.0 85.4 26.8 387.0

EV / Historical Ebitda* 7.7 3.4 4.3 4.9 5.4

CONSOLIDATED

USA and AUSTRALIA

TOTAL ESTIMATED ACQUISITIONS SYNERGIES

Estimated cost reduction of US$132 MMEstimated cost reduction of US$132 MM

Note: Include annual synergies from Swift of US$35MM

132

79

26

20 7

Selling, General and

Administrative Expenses

Purchases, Production and

Supply Chain

Assets Rational Saves with Marketing Total Estimated Synergies

16

ESTIMATED EBITDA MARGIN OF 3%

Financing Rational – Potential MarginFinancing Rational – Potential Margin

EV EV -- synergies / EBITDA*: 5.3 xsynergies / EBITDA*: 5.3 xQuotation:

€$ / US$= 1.43

AU$ / US$ = 0.93

Source: Swift – company – FY May/07

National - 10K – FY Aug/07

Smithfield Beef - 10K, 10Q, company - Pro-forma LTM Oct/07Five Rivers – company – LTM Dec/07

Tasman – company – FY Jul/07

(1) Considering the hypothesis of addition of Five Rivers’ revenue

*Estimated EBITDA Margin in the middle term 17

(US$ MM)

ENTERPRISE VALUE 1,459.0 970.0 435.0 130.0 150.0 3,144.0

Net Revenue

(US$ MM)9,504.8 5,578.5 2,795.3 1,520.4 464.7 19,863.7

EBITDA (3%) 285.1 167.4 83.9 45.6 13.9 595.9

EV / Ebitda (3%) 5.1 x 5.8 x 5.2 x 2.9 x 10.8 x 5.3 x

CONSOLIDATED

USA and AUSTRALIA

(1)

JBS: A BRAZILIAN GLOBAL COMPANY WITH SALES OF

US$21.5 BILLION

Combined Companies Pro-formaCombined Companies Pro-forma

Quotations:

R$ / US$ = 0.54 – 28/09/2007

€$ / US$= 1.42 – 28/09/2007

AU$ / US$ = 0.86 - 30/06/2007

Source:JBS – DFP, ITR - Pro-forma LTM Sep07, include JBS SA, JBS USA, InalcaSmithfield Beef - 10K, 10Q, company - Pro-forma LTM Oct07, include Five Rivers 100% LTM Dec07National - 10K, 10Q - LTM Nov07Tasman – company – FY07 July

18

Net Revenue (US$ MM) 12,712.7 5,578.5 2,795.3 464.7 21,551.2

EBITDA (US$ MM) 425.9 93.1 69.6 26.8 615.3

EBITDA Margin 3.4% 1.7% 2.5% 5.8% 2.9%

Slaughter Capacity 54.9 14.0 7.6 2.7 79.2

Units 91 6 16 7 120

Employees 46,840 8,800 6,370 1,887 63,897

CONSOLIDADO

J & FFIPFrom ~US$821 MM up to US$1,000 MM

From ~US$197 MM up to ~US$531 MMMarket

US$1,500 MM

USA

From ~US$148 MM Up to ~US$303 MM

ACQUISITION’S FINANCIAL STRUCTURE

US$1,500 MM

EV: ~US$150 MM

Net Debt: ~US$50 MM

Equity: ~US$100 MM

EBITDA: US$ 21.4 MM

EV: US$565MM

Debt: US$0,00

Smithfield: ~US$435MM

Five Rivers: ~US$130MM

Five Rivers: US$200MM (K increase)

EBITDA: US$44.2MM + US$25.4MM

Cash

Use

EV:~US$970MM

Net Debt: ~US$410MM

Equity: US$560MM

EBITDA: US$93.5MM

Acquisitions Financial StructureAcquisitions Financial Structure

Cash

Use

Creditors Shareholders Shareholders Creditors Shareholders

US$290 MM

US$95 MM

~US$50 MM ~US$100 MM US$565 MM ~US$200 MM ~US$410 MM ~US$ 465 MM

~US$95 MM in Shares

~US$1,790 MM

Five Rivers increase Capital

1

3

2

4

56 78

9

All these values are estimated and can be changed at closing of the transactions 19

ACQUISITION’S FINANCIAL STRUCTURE

Description of the Acquisitions`Main PointsDescription of the Acquisitions`Main Points

1. Capital Increase in JBS S.A. of US$1,500 million;

2. Capital Increase of JBS S.A. (JBS USA) of US$1,500 million;

3. Payment of approximately US$95 million in JBS S.A. shares to the National Beef current shareholders ;

4. Payment of approximately US$465 million in cash to the National Beef current shareholders;

5. Net debt repayment from National Beef of approximately US$410 million;

6. Payment of US$565 million in cash to the Smithfield Beef and the Five Rivers current shareholders;

7. Capital Increase of US$200 million in Five Rivers;

8. Payment of approximately US$100 million in cash to the Tasman current shareholders;

9. Net debt repayment from Tasman of approximately US$50 million.

All these values are estimated and can be changed in the closing of the transactions 20

ACQUISITIONS SUMMARYACQUISITIONS SUMMARY

FINANCIAL METRICSFINANCIAL METRICS

FINAL CONSIDERATIONSFINAL CONSIDERATIONS

QUESTIONS AND ANSWERSQUESTIONS AND ANSWERS

AGENDA

21

JBS IS A GLOBAL LEADER IN THE MEAT SECTOR WITH

COMBINED REVENUES OF US$21.5 BILLION, 63 THOUSAND

EMPLOYEES AND PRESENCE IN 6 CONTINENTS

� The acquisitions represent the conclusion of the investment plan in the USA and

Australia, initiated in July 2007 through the Swift & Co acquisition

� In the coming years JBS will be focused in improving efficiency, capturing

synergies and growing organically

� Acquisitions were made in a 5x – 6x EBITDA multiple range or 60% of the

replacement cost generating value to JBS’ shareholders

� A US$1.5 billion equity issuance will support an adequate capital structure for

the acquisitions

� The combination of the acquired companies management with the JBS team

guarantees the integration of the business

22

RECOGNIZED BRANDS IN ALL THE WORLD

23

QUESTIONS & ANSWERS

24