1. 3rd Quarter 2008 Results
November 05th, 2008
JBS S.A.
“In God we Trust”

2. PRESENTERS
Joesley Mendonça Batista
CEO
Jeremiah O’Callaghan
Investor Relations Director
Rodrigo Gagliardi
Investor Relations Manager
1

3. 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

4. Our Values
The Foundation Of Our Culture
Planning
Determination
Discipline
Availability
Openness
Simplicity
3

5. MANAGEMENT
Board of Directors
Marcus
CEO Demósthenes
Wesley José José Vinicius
Chairman Marques BNDES
Mendonça Batista Batista Jr. Pratini de
Joesley (Independent (Independent)
Batista Sobrinho Moraes PROT FIP)
Batista
(Independent)
Management
Italy Financial Investor
Brazil Argentina Legal & Controlling
Luigi Director Relations
Humberto Nelson Francisco Director
Scordamaglia / Sérgio Jerry
Magalhães Dalcanale de Assis e Silva Eliseo
Paolo Boni Longo O’Callaghan
Fernandez
Mr. Humberto de Mr. Nelson Mr. Scordamaglia, Mr. Sérgio Longo, has Mr. Francisco de Mr. Jerry Mr. Eliseo
Campos Dalcanale started his career as been serving JBS as a Assis e Silva, General O’Callaghan holds a Fernandez holds a
Magalhães holds has been working at Professor in the Financial Director since Counsel, holds a law degree in Engineering degree in business
a degree in biology JBS since 2001 and is Veterinary University April 2003 and he has degree and a master from UCC (University administration and
from Universidade currently the CEO of of Perugia and as an been a member of JBS’ degree in College Cork) in accounting from
Federal do Mato the division in advisor in the legal board of executive environmental law from Ireland. He immigrated Universidade Católica
Grosso. He is Argentina. Before and QA departments officers since 2005. Pontifícia Universidade to Brazil in 1979. Mr. de Pernambuco and a
currently the chief joining JBS, he had of Inalca. He was Before joining JBS he Católica at Paraná O’Callaghan entered master’s degree in
operating officer of 21 years of appointed CEO of had over 25 years of State, a master degree the beef sector in 1983 business
the Brazilian experience in the Inalca in 2007. experience working in and joined JBS in 1996 administration from
in corporate law and a
division. Before meat industry. Mr. Paolo Boni financial institutions. to develop FGV. He joined JBS in
master’s degree in
joining JBS in holds a degree in International Trade for August 2005 and is
public law from
1999, he had over accounting. Before the group. He is currently the
Universidade currently our Investor management and
8 years of joining JBS he had
Mackenzie, and an MBE Relations Officer. controlling director.
experience working over 25 years of
in labor economics from Before joining JBS Mr
in the meat experience in the
Universidade de São Fernandez worked for
industry. beef industry sector.
He has been a Board Paulo. He has been a eight years in the
Member of Inalca member of JBS’ board auditing and advisory
since 1996. of executive officers industry and 10 years
since January 2, 2007 . in the retail industry.
He has been working
for the JBS Group since 4
December 2001.

6. MANAGEMENT
CEO
USA/AUS
Wesley
Batista
JBS JBS Five
Pork Trading CFO
Australia Packerland Rivers Beef USA
Martin Brent André
Iain Mars Beef Mike David Colwell
Dooley Eastwood Nogueira
Richard Vesta Thoren
Mr. Iain Mars Mr. Martin Mr. Brent Mr. André Mr. Richard Vesta Mr. Thoren has Mr. David Colwell
was born in Dooley Eastwood had Nogueira holds a joined Smithfield served as President holds a degree from
England. Iain has worked for Swift & degree in Economics Foods following the and CEO of Five University of South
Holds a degree of from Universidade acquisition of Rivers since the
been involved in Company for over Florida and has been
Science in Federal Fluminense, Packerland in 2001 Company’s
the beef industry 18 years. working for JBS Swift
Biology/Medical a master degree in and now serves as inception. & Company for 11
for all his life. Mr Technology – He moved to the Capital Markets from President and CEO Mike received his years. David has
Mars was Eastern Illinois USA in 2007 to be FGV – Fundacão of JBS Packerland. Master of Science been the President of
appointed University - 1982 Vice President / Getúlio Vargas, a degree in JBS Beef since 2007.
President and CEO Marty has worked Director of JBS master degree in in Agricultural
of JBS Australia in Trading USA, the Economics from Economics and his
at Swift & Universidade de
2007, after the Company all his Swift Distribution degree in
acquisition of Brasilia in 2003. Agribusiness from
life, having started Centers USA,
Swift & Company. He worked for more Washington State
as a management Australia Trading,
He joined JBS in than 20 years in University.
trainee in 1983. Australia Banco do Brasil and
2005. Distribution
He was appointed joined JBS in 2007,
Centers and the following the bought
in 2007 to be the
Global Trading Swift & Co
President of JBS
Business in Brazil. acquisition.
Pork division.
5

7. OUR STRATEGY
Examples:
- Brazilian Slaughterhouses
- Swift Armour
- Swift & Company
- Inalca
- Tasman
Pursue Growth Opportunities - National Beef *
Through Acquisitions - Smithfield Beef *
* 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 Risks
as Sanitary Barriers &
Seasonality
Create
satisfactory and
consistent return
to shareholders
Experienced
management team with
over 50 years of
experience in the beef
processing industry.
6

8. JBS’ HISTORY HAS BEEN BUILT THROUGH MORE THAN 30
ACQUISITIONS IN 15 YEARS
Inalca National Beef
Swift Foods Co.
Net Sales (in US$ billion) (1)
Maringá (Amambay)
Companies and assets acquired Berazategui Tasman
(Rio Platense) Smithfield Beef
Colonia Caroya Five Rivers
SB Holdings
JV Beef Jerky
Goiânia Barretos (Anglo) Rio Branco Venado
(Anglo) Pres. Epitácio (Bordon) Cacoal 1 Tuerto
Campo Grande (Bordon) Cacoal 2 Pontevedra
Porto Velho (CEPA) 24.8
Vilhena (Frigovira)
Barra do Pedra Preta
Cáceres
Garças (Frigo Marca)
(Frigosol)
(Sadia) Rosário
Iturama
(Swift ARG)
(Frigosol) San Jose
Araputanga
Anápolis Andradina
(Swift ARG)
(Bordon) (Sadia) (Frigoara) 12.7
1.2 1.5 1.9
0.3 0.4 0.4 0.5 0.5 0.4 0.7
1993 1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007* 2008**
R$/US$ end of the year cotation R$/US$: 1.91
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 7

9. AGENDA
IMPACT OF THE CRISIS
CONSOLIDATED RESULTS
OUTLOOK
QUESTIONS AND ANSWERS
8

10. 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.
JBS S.A. Consolida ted (R$ m illion) Proba ble Scena rio Pessim istic Scena rio
Short Term Debt Amortiza tion Amortiza tion
Short Term Debt
4 Q 0 8 1 Q 0 9 2 Q 0 9 3 Q 0 9 Tota l %** 4Q08 1Q09 2Q09 3Q09 %** 4Q08 1Q09 2Q09 3Q09
Fina ncing for purcha se of fix ed a ssets
FIN AME / FIN EM - Enterprise financing 48 12 12 12 84 100% 48 12 12 12 100% 48 12 12 12
N otes 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
Loa ns for w ork ing ca pita l purposes
ACC - Exchange advance contracts 116 174 216 122 628 0% - - - - 20% 23 35 43 24
EXIM - BN DES export credit facility 103 69 0 0 172 0% - - - - 20% 21 14 0 0
Fixed Rate N otes 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 N otes with final maturity February 2016 (144-A) - 10 - - 10 100% - 10 - - 100% 0 10 0 0
N CE / COMPROR 63 245 - 92 400 0% - - - - 20% 13 49 0 18
Sub Total 2 6 2 2 6 4 9 3 5 0 2 4 4 1 .8 6 4 4% 12 26 18 13 20% 100 149 64 58
Tota l 672 661 362 2 5 5 1 .9 5 0 8% 62 38 30 24 23% 150 162 76 70
Amortiza tion of Short Term Debt 155 457
Ca sh, ca sh equiva lents a nd Short-term investments 3 rd Q ua rter 2 0 0 8 *** 2 .2 5 6 2 .1 9 4 2 .1 5 6 2 .1 2 6 2 .1 0 1 2 .1 0 6 1 .9 4 4 1 .8 6 8 1 .7 9 9
EBITDA 3 rd Q ua rter 2 0 0 8 471
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

11. LIQUIDITY EVALUATION
Brazilian Peers USA Peers
Balance * JBS S.A.
(average) (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
Source:
* Companies’ last public information 10
** Companie’s Last Twelve Months

12. HIGHLIGHTS
• 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.
4
11

13. JBS CONSOLIDATED RESULTS
NET REVENUE, EBITDA AND EBITDA MARGIN
Net Sales Revenue (R$ million) EBITDA and Margin (R$ million)
14,141.6 EBITDA Margin(%)
6.1%
7,771.5 4.2%
7,129.5 4.1%
3.0%
6,650.7
5,859.1 1.4%
591.1
470.5
-11.9% 21.7% 9.0% 290.8
176.3
94.8
86.0% 64.5% 61.8%
12M07 4Q07 1Q08 2Q08 3Q08 12M07 4Q07 1Q08 2Q08 3Q08
Source: JBS
Without considering National Beef and Smithfield Beef acquisitions.
12

14. PERFORMANCE BY BUSINESS UNITS
JBS USA (Beef)
Including Australia JBS USA (Pork) INALCA JBS MERCOSUL
Net Sales Net Sales Net Sales Net Sales
(US$ million) (US$ million) (€ million) (R$ million)
7,375
4,892
2,630 2,756 521
2,175 1,811
1,976 1,425
1,271
620 682 155 143
536 132
FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08
(1) (2) (3) (1) (2) (3)
EBITDA (US$ mi) EBITDA (US$ mi) EBITDA (€ mi) EBITDA (R$ mi)
margin EBITDA margin EBITDA margin EBITDA margin EBITDA
Margin (%) Margin (%) Margin (%) Margin (%)
7.6% 15.3%
5.1% 5.6%
4.9% 5.6% 5.3%
3.2% 4.8%
3.2% 2.9% 10.4%
0.3% -0.1%
5.6%
692.0 4.1%
155.6
132.9
70.3
52.1 26.0
25.8 15.7 19.9 7.4 7.5 7.6 132.7 102.2
58.2
-0.9
FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08 FY07 1Q08 2Q08 3Q08
(1) (2) (3) (1) (2) (3)
Source: JBS
FY 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. 13

15. JBS: GLOBAL PRODUCTION & DISTRIBUTION PLATFORM
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.
Exchange rates:
US$11,839 R$ / US$ = 1.91 – 09/30/2008
US$ / €$ = 1.41 – 09/30/2008
US$778
5% US$42
76%
Revenue Ebitda
US$265
Revenue Ebitda
US$3,043
19% US$257
Revenue Ebitda
JBS Mercosul JBS USA / Australia Inalca JBS
Source: JBS 14
* JBS S.A. LTM Sep08, Pro forma JBS USA LTM Sep08 (includes Tasman) and Pro forma 50% of Inalca LTM Sep08

16. JBS – NET DEBT/EBITDA
Net Debt / EBITDA Pro Forma per TRIMESTER (R$
million)
JBS’s Net debt in relation to its Ebitda
(last twelve months pro forma) is Net Debt/ EBITDA
affected by weak results in the 4th Exchange rates:
R$ / US$ = 1.91 – 09/30/2008
US$ / €$ = 1.41 – 09/30/2008
quarter 2007 and 1st quarter 2008.
3.7
Good results expected for the 4th
2.9 2.8
quarter 2008 and 1st quarter 2009 will
reduce the relation between Net Debt 2.3
over Ebtida.
471 X
291
176
95
4Q07 1Q08 2Q08 3Q08 4Q08e
Source: JBS
Without considering National Beef and Smithfield Beef acquisitions.
15

17. EVOLUTION OF THE EBITDA MARGINS OF JBS USA (BEEF)
COMPARED WITH ITS LOCAL PEERS
EBITDA (%)
5.3%
3.6%
4.2%
2.3%
3.2%
1.3% 1.3%
0.9% 0.9% 0.9%
0.7%
-0.4%
-0.4%
-0.7% -0.9%
-1.2% -1.3%
-1.7%
Peers Average Beef USA
JBS Beef USA
-5.3%
FY03* FY04* FY05* FY06* FY07* 3Q07** 4Q07** 1Q08** 2Q08** 3Q08**
Previous Management JBS S.A. Management
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 16

18. CONSOLIDATED PRO-FORMA SEPTEMBER 2008
Combined Companies Pro-forma (US$ million)
INTEGRATED
and Five Rivers
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
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

19. JBS USA BEEF EXPORT VOLUMES
JBS USA EXPORTS
55
50
45
40
Million pounds
35
30
25
20
JBS Beef exports up
15 64%; industry up 33%
10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: JBS
2007 2008
12
18

20. JBS CONSOLIDATED – GROSS REVENUE
DISTRIBUTION
Revenue Distribution by Business Units 3Q08 Revenue Distribution by Market 3Q08
Beef Italy
5% Beef Argentina
3%
Beef Australia
13% Exports
Pork USA Beef Brazil
22%
36%
14% Domestic
Market
64%
Beef USA
43%
Source: JBS Source: JBS
19

21. JBS CONSOLIDATED – EXPORTS DISTRIBUTION
Exports Distribution 3Q08
Exports JBS 3Q08
US$ 1.7 billion
Others Russia
25% 18%
Japan
Taiwan 15%
3% Mexico
E.U. 10%
Hong 10%
Kong
3% USA
3% China
4% South Korea
4% Canada
5%
Source: JBS
20

22. CUTOUT PRICE VS. CATTLE PRICE IN USA
C utout P ric e vs . C attle P ric e in T he US
5.3
4.2 %
175 % 100
90
80
165 -0.7% -1.3% 70
60
-5.3% 50
155 40
Marg in (US $ / Head)
US $ / 100 pounds
30
20
145 10
0
-10
135 -20
-30
-40
125 -50
-60
E B IT D A Margin of J B S US A B eef -70
(excluding Aus tralia)
115 -80
J ul-07 Aug-07 S ep-07 O ct-07 Nov-07 D ec-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
Margin/H ead C attle P rice B eef P rice
12
Source: Bloomberg 21

23. GLOBAL CATTLE PRICES US$/Kg
Converging Prices
3.75
3.25
2.75
2.25
1.75
1.25
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 D ec-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
BR A AUS AR G US A UR U
Source: Bloomberg, IPCVA (ARG) and INAC (URU).
Converging Margins 22

24. ENTERPRISE VALUE AND EBITDA MULTIPLE
SMITHFIELD BEEF ACQUISITION SWIFT USA ACQUISITION
EV / EBITDA US$1,458.8 mm EV / EBITDA
US$565.0 mm
15.1x
8.1x
5.5x
4.1x
264.8
139.3
96.3
70.0
99% 175%
Oct-07 Sep-08 Jul-07 Sep-08
Source: JBS
23

25. 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

26. Questions & Answers
November 05th, 2008
JBS S.A.
“In God we Trust”

27. PUBLIC MEETING WITH ANALYSTS AND INVESTORS
Schedule Location
November 18th, 2008 (Tuesday) Radisson Hotel
8h00 – Welcome Coffee Jacarandá Room
9h00 – Presentation 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
26

28. 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