3rd Quarter 2008 Results

JBS S.A.November 05th, 2008

“In God we Trust”

PRESENTERS

Rodrigo Gagliardi

Investor Relations Manager

Jeremiah O’Callaghan

Investor Relations Director

Joesley Mendonça Batista

CEO

1

Our Mission

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.

2

Our Values

The Foundation Of Our Culture

Planning

Determination

Discipline

Availability

Openness

Simplicity

3

MANAGEMENT

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

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 the JBS Group since

December 2001.

Mr. Nelson Dalcanale

has been working at JBS since 2001 and is currently the 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. He was appointed CEO of Inalca in 2007.

Mr. Paolo Boniholds 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.

Management

& Controlling

Director

Eliseo

Fernandez

Mr. Eliseo Fernandez holds a degree in business administration and accounting from Universidade Católica de Pernambuco and a master’s degree in business administration from FGV. He joined JBS in August 2005 and is currently the management and controlling director. Before joining JBS Mr Fernandez worked for eight years in the auditing and advisory industry and 10 years in the retail industry.

Wesley

Mendonça

Batista

José

Batista

Sobrinho

José

Batista Jr.

Marcus

Vinicius

Pratini de

Moraes (Independent)

Board of Directors

Demósthenes

Marques (Independent

PROT FIP)

BNDES (Independent)

4

CFO

André

Nogueira

Australia

Iain Mars

Pork

Martin

Dooley

JBS

Packerland

Beef

Richard Vesta

JBS Five

Rivers

Mike

Thoren

Beef USA

David Colwell

CEO

USA/AUSWesleyBatista

MANAGEMENT

Trading

Brent

Eastwood

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 Vice President / Director of JBS Trading USA, the Swift Distribution Centers USA, Australia Trading, Australia Distribution Centers and the Global Trading Business in Brazil.

Mr. Thoren has served as President and 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. David Colwell holds a degree from University of South Florida and has been working for JBS Swift & Company for 11 years. David has been the President of JBS Beef since 2007.

Mr. Richard Vesta joined Smithfield Foods following the acquisition of Packerland in 2001 and now serves as President and CEO of JBS Packerland.

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 and CEO of JBS Australia in 2007, after the acquisition of Swift & Company. He joined JBS in 2005.

5

OUR STRATEGY

Pursue Growth Opportunities

Through Acquisitions

Examples:

- Brazilian Slaughterhouses

- Swift Armour

- Swift & Company

- Inalca

- Tasman

- National Beef *

- Smithfield Beef *

Experienced

management team with

over 50 years of

experience in the beef

processing industry.

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

Create

satisfactory and

consistent return

to shareholders

Mitigate Potential Risksas Sanitary Barriers &

Seasonality

6

0.3 0.4 0.4 0.5 0.5 0.4 0.7 1.2 1.5 1.9

12.7

24.8

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 Sep08 (includes JBS USA, Tasman and 50% of Inalca); National LTM May08; Smithfield Beef LTM Sep07; (1) The closing of this transaction is 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)

R$/US$ end of the year cotation R$/US$: 1.91

7

National Beef

Tasman

Smithfield Beef

Five Rivers

(1)

AGENDA

IMPACT OF THE CRISIS

CONSOLIDATED RESULTS

OUTLOOK

QUESTIONS AND ANSWERS

8

SHORT TERM DEBT PROFILE – 3rd QUARTER 2008

The Administration of the Company is secure that even if the present financial crisis has not abated until the next

quarter the Company will not have difficulties in refinancing its short term debt and believes that in the final

analysis there will be a possible increase in the cost of the debt. The Company did a sensitivity analysis

considering firstly a probable scenario and secondly a pessimistic one in relation to the renewal of its short

term financing facilities.

Obs: The Finame, Finem and Finimp credit lines are automatically liquidated, meaning they are paid on expiry and are not renewable

Trade finance, Working Capital and other credit lines are interchangeable, meaning they can be refinanced but not necessarily in the same category under which they were initially contracted.

*Including Finimp

**Percentage to be paid in the period

***Simulation of the availabilities and applications after the amortizations programmed for the respective quarter without taking into consideration cash to be generated in future quarters.

9

JBS S.A. Consolidated (R$ million)

4Q08 1Q09 2Q09 3Q09 Tota l %** 4Q08 1Q09 2Q09 3Q09 %** 4Q08 1Q09 2Q09 3Q09

Financing for purchase of fix ed assets

FINAME / FINEM - Enterprise financing 48 12 12 12 84 100% 48 12 12 12 100% 48 12 12 12

Notes Payable 2 - - - 2 100% 2 0 0 0 100% 2 0 0 0

Sub Total 1 50 12 12 12 86 100% 50 12 12 12 100% 50 12 12 12

Loans for w ork ing capita l purposes

ACC - Exchange advance contracts 116 174 216 122 628 0% - - - - 20% 23 35 43 24

EXIM - BNDES export credit facility 103 69 0 0 172 0% - - - - 20% 21 14 0 0

Fixed Rate Notes with final maturity in February 2011 7 - - - 7 100% 7 - - - 100% 7 0 0 0

W orking Capital - American Dollars * 7 22 24 17 70 75% 5 16 18 13 75% 5 16 18 13

W orking Capital - Australian Dollars - - 97 - 97 0% - - - - 0% 0 0 0 0

W orking Capital - Euros 218 - - - 218 0% - - - - 0% 0 0 0 0

W orking Capital - Reais 101 - - - 101 0% - - - - 30% 30 0 0 0

Export prepayment 5 130 13 13 161 0% - - - - 20% 1 26 3 3

Fixed Rate Notes with final maturity February 2016 (144-A) - 10 - - 10 100% - 10 - - 100% 0 10 0 0

NCE / COMPROR 63 245 - 92 400 0% - - - - 20% 13 49 0 18

Sub Total 2 622 649 350 244 1 .864 4% 12 26 18 13 20% 100 149 64 58

Tota l 672 661 362 255 1 .950 8% 62 38 30 24 23% 150 162 76 70

Amortiza tion of Short Term Debt

Cash, cash equiva lents and Short-term investments 3 rd Quarter 2008 *** 2 .256 2 .194 2 .156 2 .126 2 .101 2 .106 1 .944 1 .868 1 .799

EBITDA 3rd Quarter 2008 471

Pessimistic ScenarioProbable Scenario

457 155

Amortiza tionAmortiza tion

Short Term Debt

Short Term Debt

LIQUIDITY EVALUATION

Source: * Companies’ last public information

** Companie’s Last Twelve Months

Balance * JBS S.A.Brazilian Peers

(average)

USA Peers

(average)

ASSETS R$ (million) R$ (million) US$ (million)

Cash, cash equivalents and Short-term investments ## 2,256 1,223 57

Trade accounts receivable, net ## 2,169 623 1,017

Inventories ## 2,381 988 2,776

Prepaid expenses and other ## 326 100 215

Total Permanent assets ## 4,995 2,312 3,493

LIABILITIES R$ (million) R$ (million) US$ (million)

Loans and financings Short Term ## 1,950 1,234 297

Payroll, social charges ## 299 192 0

Trade accounts payable ## 1,410 527 1,369

Other current liabilities ## 186 134 384

Loans and financings Long Term ## 2,802 2,072 3,158

Other non-current liabilities ## 114 121 531

Net Sale Revenue ** ## 29,979 5,590 20,187

Ebitda ** ## 1,079 596 653

Ebitda Margin (%) ## 3.60% 10.66% 3.24%

Working Capital ## 2,866 718 1,726

Net Debt ## 2,496 2,083 3,398

( Deficit ) or Surplus ## 370 (1,365) (1,672)

Net Debt / Ebitda** # 2.3x 3.5x 5.2x

Net Debt / Net Sale Revenue (per month)** # 1.0 month 4.5 months 2.0 months

10

• The best quarterly consolidated results in the history of the Company with EBITDA of R$470.5 millions,

and net revenue of R$7,771.5 millions and profit of R$694.0 millions.

• JBS USA Beef also performed at an historic level and confirmed the awaited increase in the EBITDA

margin from 5.1% in the 2Q08 to 5.6% in the 3Q08.

• There was a significant increase in the EBITDA margin in the pork business in the United States from

3.2% in the 2Q08 to 7.6% in the 3Q08.

• In Brazil the net revenues grew 27.6% and underwent a considerable recuperation of the EBITDA

margin of 5.5% in the 2Q08 to 6.2% in the 3Q08.

• An important increase in the export volumes of Argentina, coupled with an increase in local market

sales, resulted in better margins in this respective market. The EBITDA was $19.6 million Argentine

pesos in the 3Q08 compared with -$11.7 million Argentine pesos in 2Q08.

HIGHLIGHTS

4

11

JBS CONSOLIDATED RESULTS

NET REVENUE, EBITDA AND EBITDA MARGIN

591.1

94.8176.3

290.8

470.5

6.1%

3.0%4.1%

1.4%

4.2%

12M07 4Q07 1Q08 2Q08 3Q08

14,141.6

6,650.7

5,859.1

7,129.57,771.5

12M07 4Q07 1Q08 2Q08 3Q08

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

EBITDA Margin(%)

-11.9%

86.0%

Source: JBS

Without considering National Beef and Smithfield Beef acquisitions.

21.7%

64.5%

9.0%

61.8%

12

PERFORMANCE BY BUSINESS UNITS

2,6301,976

7,375

2,756

FY07 1Q08 2Q08 3Q08

155.6

25.8

-0.9

132.9

5.6%5.1%

-0.1%0.3%

FY07 1Q08 2Q08 3Q08

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 06/29/2008. (3) 13 weeks ended 09/28/2008.

620536

2,175

682

FY07 1Q08 2Q08 3Q08

52.1

70.3

15.7 19.9

7.6%

3.2%2.9%3.2%

FY07 1Q08 2Q08 3Q08

155132

521

143

FY07 1Q08 2Q08 3Q08

7.6

26.0

7.4 7.5

5.3%4.8%

5.6%4.9%

FY07 1Q08 2Q08 3Q08

1,4251,271

4,892

1,811

FY07 1Q08 2Q08 3Q08(1) (2) (3)

102.2

692.0

132.758.2

5.6%

4.1%

10.4%

15.3%

FY07 1Q08 2Q08 3Q08

(1) (2) (3)

(1) (2) (3) (1) (2) (3)

Net Sales

(US$ million)

JBS USA (Beef)

Including Australia

Net Sales

(US$ million)

JBS USA (Pork)

Net Sales

(€ million)

INALCA JBS MERCOSUL

Net Sales

(R$ million)

EBITDA (US$ mi) margin EBITDA

Margin (%)

EBITDA (US$ mi) margin EBITDA

Margin (%)

EBITDA (€ mi) margin EBITDA

Margin (%)

EBITDA (R$ mi) margin EBITDA

Margin (%)

13

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

76%

19%

5% US$42

Source: JBS

* JBS S.A. LTM Sep08, Pro forma JBS USA LTM Sep08 (includes Tasman) and Pro forma 50% of Inalca LTM Sep08

Exchange rates:

R$ / US$ = 1.91 – 09/30/2008

US$ / €$ = 1.41 – 09/30/2008

US$265

US$257

US$3,043

US$778

US$11,839

14

95176

291

X471

2.8

2.3

2.9

3.7

4Q07 1Q08 2Q08 3Q08 4Q08e

Net Debt/ EBITDA

Source: JBS

Without considering National Beef and Smithfield Beef acquisitions.

Net Debt / EBITDA Pro Forma per TRIMESTER (R$ million)JBS’s Net debt in relation to its Ebitda

(last twelve months pro forma) is

affected by weak results in the 4th

quarter 2007 and 1st quarter 2008.

Good results expected for the 4th

quarter 2008 and 1st quarter 2009 will

reduce the relation between Net Debt

over Ebtida.

Exchange rates:

R$ / US$ = 1.91 – 09/30/2008

US$ / €$ = 1.41 – 09/30/2008

JBS – NET DEBT/EBITDA

15

EVOLUTION OF THE EBITDA MARGINS OF JBS USA (BEEF)

COMPARED WITH ITS LOCAL PEERS

16

-0.4%

1.3% 1.3%

3.6%

0.9% 0.9%

3.2%

-0.9%

2.3%

-5.3%

-0.7%

-0.4%

-1.7%

4.2%

5.3%

-1.3%-1.2%

0.9%0.7%

FY03* FY04* FY05* FY06* FY07* 3Q07** 4Q07** 1Q08** 2Q08** 3Q08**

Peers Average Beef USA

JBS Beef USA

Source: JBS and estimates of JBS based upon public data from peers

EBITDA margins of the Companies taking into consideration beef only in the US

*Fiscal years for the Companies differ one from the other:

FY Tyson: October to September

FY Smithfield: May to April

FY National Beef: September to August

FY JBS USA: June to May (altered after the acquisition)

**The relevant quarterly period and adjustments made to the calendar year

EBITDA (%)

JBS S.A. ManagementPrevious Management

CONSOLIDATED PRO-FORMA SEPTEMBER 2008

Combined Companies Pro-forma (US$ million)

Exchange rates:

R$ / US$ = 1.91 – 09/30/2008

Source: Company Estimates

JBS – annual report, quartely reports - Pro-forma LTM Sep08 (including JBS USA, Tasman and 50% of Inalca)

Smithfield Beef – Managerial numbers LTM Sep08 and 100% of Five Rivers LTM Sep08

*ABL – Asset Based Loan contracted by JBS USA

17

Net Revenue (US$ mm) 15.660 3.033 18.694

EBITDA (US$ mm) 564 139 703

EBITDA Margin 3,6% 4,6% 3,8%

Cash (US$ mm) 1.178 10 1.188

Short Term Debt (US$ mm) 1.019 0 1.019

Long Term Debt (US$ mm) 1.464 400 1.864

Net Debt (US$ mm) 1.304 0 1.694

Net Debt / Ebitda 2,3x 0,0x 2,4x

Slaughter Capacity (thousand head/day) 57,6 7,6 65,2

Units 98 16 114

Employees 48.991 6.370 55.361

INTEGRATED

and Five Rivers

*

JBS USA BEEF EXPORT VOLUMES

12

Source: JBS

18

10

15

20

25

30

35

40

45

50

55

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

Millio

n p

ou

nd

s

2007 2008

JBS Beef exports up

64%; industry up 33%

JBS USA EXPORTS

JBS CONSOLIDATED – GROSS REVENUE

DISTRIBUTION

Revenue Distribution by Business Units 3Q08 Revenue Distribution by Market 3Q08

Source: JBS Source: JBS

19

Domestic Market

64%

Exports36%

Beef Italy5% Beef Argentina

3%

Beef Brazil22%

Beef USA43%

Pork USA14%

Beef Australia13%

JBS CONSOLIDATED – EXPORTS DISTRIBUTION

Exports Distribution 3Q08

Source: JBS

20

Russia18%

Japan15%

Mexico10%E.U.

10%

Canada5%

South Korea4%

China4%

USA3%

Hong Kong

3%

Taiwan3%

Others25%

Exports JBS 3Q08US$ 1.7 billion

CUTOUT PRICE VS. CATTLE PRICE IN USA

12

Source: Bloomberg 21

C utout P ric e vs . C attle P ric e in T he US

115

125

135

145

155

165

175

J ul-07 Aug-07 S ep-07 O ct-07 Nov-07 Dec-07 J an-08 F eb-08 Mar-08 Apr-08 May-08 J un-08 J ul-08 Aug-08 S ep-08 O ct-08

US

$ /

10

0 p

ou

nd

s

-80

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

Ma

rgin

(U

S$

/ H

ea

d)

Margin/Head C attle P rice B eef P rice

4.2%

5.3%

-5.3%

-1.3%-0.7%

E B IT DA Margin of J B S US A B eef

(excluding Aus tralia)

GLOBAL CATTLE PRICES US$/Kg

Source: Bloomberg, IPCVA (ARG) and INAC (URU).Converging Margins

Converging Prices

22

1.25

1.75

2.25

2.75

3.25

3.75

J an-07 F eb-07 Mar-07 Apr-07 May-07 J un-07 J ul-07 Aug-07 S ep-07 O ct-07 Nov-07 Dec-07 J an-08 F eb-08 Mar-08 Apr-08 May-08 J un-08 J ul-08 Aug-08 S ep-08 O ct-08

B R A AUS AR G US A UR U

ENTERPRISE VALUE AND EBITDA MULTIPLE

Source: JBS

96.3

264.8

5.5x

15.1x

Jul-07 Sep-08

SWIFT USA ACQUISITION

EV / EBITDA

175%

US$1,458.8 mm

SMITHFIELD BEEF ACQUISITION

70.0

139.3

4.1x

8.1x

Oct-07 Sep-08

EV / EBITDA

99%

US$565.0 mm

23

FINAL CONSIDERATIONS

• The consolidated results in the history of the Company.

• Planning and discipline contributed to risk reduction.

• Consistent improvement in the consolidated results of the Company.

• Commitment from the Management to reduce the leverage of the

Company.

• Appropriate liquidity level.

• We will continue to grow. We see the present crisis as an immense

opportunity.

• Regardless of the negative aspects of the present macroeconomic

scenario, the Management of this Company forecasts substantially

improved consolidated operational results for 2009.

24

Questions & Answers

JBS S.A.November 05th, 2008

“In God we Trust”

PUBLIC MEETING WITH ANALYSTS AND INVESTORS

26

Schedule

November 18th, 2008 (Tuesday)

8h00 – Welcome Coffee

9h00 – Presentation

Location

Radisson Hotel

Jacarandá Room

Av. Cidade Jardim, 265

Jardim Europa – São Paulo – SP

Brazil

RSVP

To confirm your participation contact us at:

55 11 3144 4447 or,

ir@jbs.com.br

DISCLAIMER

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.

27