JBS S.A.

Results Presentation

1Q12

JBS S.A.

3 PAGE

JBS Ranking 1 Market Leader

2 Well-recognized

brands

Largest global beef and

lamb producer 1 st

Largest global leather

processor 1 st

Largest global chicken

producer 2 nd

Largest dairy

producer in Brazil 3 rd

Largest pork producer

in the US 3 rd

Source: JBS

4 PAGE

Well-recognized Brands, symbols of quality 1 Market Leader

2 Well-recognized

brands

USA

Australia

Brazil

Argentina

Perspectives for the animal protein market

6 PAGE

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2006 2007 2008 2009 2010 2011 1Q11 1Q12

Beef and Veal exports Average Price (US$/Ton)

Australian Beef Exports (tons)

Brazilian Beef Exports (tons)

US Beef and Veal Exports (tons)

Source: USDA, MLA & Secex

Brazil, Australia and the US continue to lead global beef exports

-5.6%

-0.1%

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2006 2007 2008 2009 2010 2011 1Q11 1Q12

-1.0%

2.0%

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

6.000

6.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2006 2007 2008 2009 2010 2011 1T11 1T12

-11.9%

17.1%

7 PAGE Source: USDA & Secex

Brazilian Chicken Exports (tons) USA Chicken Exports (tons)

Chicken Exports Average Price (US$/Ton)

Chicken Exports Brazil vs US

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

2006 2007 2008 2009 2010 2011 1Q11 1Q12

-2.6%

4.5%

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

2006 2007 2008 2009 2010 2011 1Q11 1Q12

13.5%

15.8%

8 PAGE Source: USDA & Secex

Brazilian Pork Exports (tons) USA Pork Exports (tons)

Pork Exports Average Price (US$/Ton)

Pork Exports US vs Brazil

0

500

1.000

1.500

2.000

2.500

3.000

3.500

0

300.000

600.000

900.000

1.200.000

1.500.000

1.800.000

2006 2007 2008 2009 2010 2011 1Q11 1Q12

-3.0%

0

500

1.000

1.500

2.000

2.500

3.000

3.500

0

300.000

600.000

900.000

1.200.000

1.500.000

1.800.000

2006 2007 2008 2009 2010 2011 1Q11 1Q12

3.0% 19.7%

3.7%

1Q12 Highlights

10 PAGE

JBS posted consolidated net revenue of R$16.0 billion, 9.1% higher than 1Q11.

EBITDA was R$696.5 million. Consolidated EBITDA margin was 4.4%.

JBS Mercosul was highlight during the 1Q12 and posted net revenue of R$3,827.4 million, an increase of 6.2% over

1Q11. The EBITDA increased 64.9% over the same period and was R$508.6 million, EBITDA margin was 13.3%.

JBS USA Pork business unit net revenue totaled US$855.4 million, 2.2% higher than 1Q11. The EBITDA was

US$55.8 million.

The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100%

of short-term debt.

(1) 19/03/2012

1Q12 Highlights

Adjusted net Income in the period was R$240.3 million excluding deferred income tax liabilities generated by

goodwill (this only generates effective income tax payment if the company sells the investment that generated

goodwill). Without this adjustment net income was R$116.1 million.

11 PAGE Source: JBS

JBS Consolidated Results – 1Q12

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

835.9

587.7

786.8

940.6

696.5

5.7

4.0 5.1 5.6

4.4

-12,0

8,0

0,0

200,0

400,0

600,0

800,0

1000,0

1200,0

1400,0

1600,0

1800,0

1Q11 2Q11 3Q11 4Q11 1Q12

14,672.7 14,116.3

15,567.8 16,934.5

16,011.1

1Q11 2Q11 3Q11 4Q11 1Q12

-3.8% +10.3% +8.8% -5.5%

-29.7% +33.9% +19.5% -26.0%

EBITDA Margin (%)

12 PAGE

Performance by Business Unit

Source: JBS

Quarterly Analysis

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

EBITDA (R$ million) EBITDA (US$ million) EBITDA (US$ million) EBITDA (US$ million)

EBITDA Margin (%)

JBS Mercosul JBS USA

(Including Australia)

JBS USA JBS USA (PPC)

1.9 2.0 1.9 1.8 1.9

1Q11 2Q11 3Q11 4Q11 1Q12

3.8 4.0

4.2

4.5

4.1

1Q11 2Q11 3Q11 4Q11 1Q12

3.6 3.6

3.9 3.8 3.8

1Q11 2Q11 3Q11 4Q11 1Q12

836.6 846.0 867.1 923.1 855.4

100,0

180,0

260,0

340,0

420,0

500,0

580,0

660,0

740,0

820,0

900,0

980,0

1060,0

1140,0

1220,0

1300,0

1Q11 2Q11 3Q11 4Q11 1Q12

-53.5 -47.6 -31.4 22.6

104.0

-2.8% -2.4% -1.7% 1.2%

5.5%

-25,0%

-23,0%

-21,0%

-19,0%

-17,0%

-15,0%

-13,0%

-11,0%

-9,0%

-7,0%

-5,0%

-3,0%

-1,0%

1,0%

3,0%

5,0%

7,0%

9,0%

-200

-100

0

100

200

300

400

500

1Q11 2Q11 3Q11 4Q11 1Q12

308.3

427.9 453.8 407.7

508.6 8.6%

11.8% 11.6% 10.7%

13.3%

-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

600

700

800

1Q11 2Q11 3Q11 4Q11 1Q12

269.7

44.7

184.1 223.6

-45.4

7.1%

1.1%

4.4% 5.0%

-1.1%

-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%

-100

0

100

200

300

400

500

1Q11 2Q11 3Q11 4Q11 1Q12

101.7 83.6 75.9 77.0

55.8

12.2% 9.9% 8.8% 8.3% 6.5%

-23,0%

-19,0%

-15,0%

-11,0%

-7,0%

-3,0%

1,0%

5,0%

9,0%

13,0%

-0,023

99,977

199,977

1Q11 2Q11 3Q11 4Q11 1Q12

13 PAGE Source: JBS

JBS Consolidated Exports Distribution in 1Q12

Approximately US$ 2.0 billion in 1Q12

US$ 2,039.7

million

Mexico 14.7%

Japan 10.2%

Russia 9.1%

E.U 5.9%

Canada 4.7%

Chile 3.8%

Taiwan 2.5%

Others 20.7%

China, Hong Kong and

Vietnam 14.4%

Africa and Middle East 7.9%

South Korea 6.1%

14 PAGE

27%

28%

28%

27%

30%

73%

72%

72%

73%

70%

1Q12

4Q11

3Q11

2Q11

1Q11

Source: JBS

* subsidiary controlled by JBS with non-recourse debt.

Debt Profile

Net debt to EBITDA, excluding Pilgrim’s Pride Corp. (PPC)* was 3.6x.

Net debt to EBITDA, including Pilgrim’s Pride Corp. (PPC)* was 4.3x.

The Company ended the quarter with R$5.15 billion in cash or cash equivalent, which represents more than 100% of short-term debt.

Short Term Long Term

ST / LT Debt Profile

3.1

3.6

4.0 4.0

4.3x

0

1

2

3

4

-100

100

300

500

700

900

1100

1300

1500

1Q11 2Q11 3Q11 4Q11 1Q12

. Leverage EBITDA

Leverage

. LeverageEx-PPC EBITDA Ex-PPC

3.1 3.2 3.0 3.0

3.6x

0

1

2

3

4

15 PAGE

Amazon

Environmental

Satellite image

Social & Environmental

Purpose: reduce deforestation in the Amazon Biome; avoid

purchasing cattle from Environmentally Protected Areas – EPAs,

Indigenous reserves and protected areas; eradication of slave

labor in Brazil.

JBS Brazil monitors a 100% of its cattle suppliers properties via

satellite geo-referencing (GPS monitoring).

After the property coordinates are collected, the data is keyed into

JBS’s registry of cattle suppliers and is sent to an outsource company

to be analyzed by superimposing on a map constructed from satellite

images and the DETER(1) and PRODES(2) produced by Brazil’s National

Institute for Space Research – INPE.

JBS contains a database of almost 12,000 cattle ranches registered

in the Amazon Biome.

Satellite image monitoring of the Amazon Biome

JBS actions related to cattle traceability and the Amazon Biome Sustainability

Source: JBS Sustainability Policy (1)Real Time Deforestation Detection (2)Legal Amazon Deforestation Monitoring Project

JBS SA participates in CDP - Carbon Disclosure Project.

Also, JBS integrates the Carbon Efficient Index of BOVESPA - ICO2.

Mission

“

”

To be best in 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 to all our employees.