1. JBS DAY
November 14th, 2012
Earnings Release 3Q12

2. JBS S.A.

3. JBS S.A. at a Glance
Founded in the 1950’s in Midwest of Brazil
IPO in 2007
Leading protein producer in the World
Net Revenue of R$53.8 billion accumulated in nine months of 2012
EBITDA of R$3.2 billion accumulated in nine month of 2012
Organic Growth of 16,0% in first 9 months of 2012 compared to 9M11
140,000 employees worldwide
307 production units in 5 continents
PAGE 3

4. JBS Ranking
1
st Largest global beef and
lamb producer
1
st Largest global leather
processor
1
st Largest global chicken
producer
3 rd Largest pork producer
in the US
Source: JBS PAGE 4

5. Sustainable Growth
Adequate Capital Structure and Qualified Management to Promote Growth
Long
Term
2010 to
2012
2008 to Global Distribution Platform
2009 And Value Added Products
Integration of the Increase in the portfolio
operations and focus on with high value added
cash generation products
Recognition and leadership
2005 to Constructing a global Reduction of Operating in brand and quality
2007 meat production Costs Direct service to retail and
platform Reduction of Working foodservice
Capital Needs Higher margins and cash
Geographic
Capture of Synergies generation
diversification in
Adequate the Capital Reduction of Cost of Investments in Marketing,
regions with low
Structure Debt Research and
production costs
Benchmark between Development.
Debt to finance Protein diversification
production platforms Building Global Brands
Working Capital Access to all consumer
Economies of Scale
 Equity to finance markets
growth Leadership in countries
with production surplus
PAGE 5

6. Our Strategy
RATIONALE
Branding Associating quality and branding to
increase client loyalty
Customized and further processed
Value added products
products for the end users
Expanding a global distribution
Sales and distribution platform
platform to reach end clients
Developed an efficient and
Production platform diversified global production
platform
Financial Experienced Cost reduction, Risk
Structure Management process Management
optimization
EBITDA
Done
JBS’s Value & Strategy Margin
PAGE 6

7. Presence in More Than 100 Countries, in 5 Continents
1 Production Strategic Geographical Distribution – Exports to more than 150 countries and more the 300.000 clients
Platform
2 Sales and
Distribution
Platform
3 Added Value USA
Products 30 DCs
4 Brands
Brazil: Australia
11 DCs 7 DCs
2 Biodiesel Slaughterhouses and
3 Pork 39 Chicken 64 Distribution Center 301
Production Units
61 Beef 6 Lamb 29 Leather 17 Sales Office
Geographic Beef Chicken Pork Leather Lamb
Presence and 81,400 heads/day 8.3 mm birds/day 50,100 heads/day 86,300 hides/day 18,265 heads/day
Production
Capacity
Source: JBS PAGE 7

8. High Value Added Products Portfolio
1 Production Top of Mind Brands
Platform
2 Sales and FRESH BEEF
DEEP FROZEN PRODUCTS
Hamburger
Distribution Swift Black Arab Cuisine Specialties
Platform Swift Orgânico Meatballs
Swift Maturatta Potatoes
Swift Grill Lamb products
3 Added Value Açougue Swift Fish products
Products Swift Linha Profissional
Swift
Friboi
4 Brands
INDUSTRIALIZED
Canned vegetable
Ham
Corned beef
Feijoada
Pâté
Jerky / Jerked Beef
Sausage
PAGE 8

9. Well-recognized Brands, symbols of quality
1 Production
Platform
2 Sales and
Distribution
Platform
Mercosul
3 Added Value
Products
4 Brands
USA
Australia
PAGE 9

10. Perspectives for the animal protein market
Global Scenario

11. World’s Food* Surpluses and Deficits
Net intra-regional trade, million tonnes
150
100
50
Central Western Middle East
America Europe Asia & Africa
0
North South Australia
America America
50
Eastern Europe
and former
100
Soviet Union
150
1965 1970 1975 1980 1985
1990 1995 2000 2005 2010
* Cereals, rice, oilseeds, meals, oils and feed equivalent of meat. PAGE 11
Source: The Economist

12. Beef Production and Consumption Forecasts - 2000/2021
Global Scenario
76.5
CAGR¹
1.2% 75.9
59.1
58.8
CAGR²
1.2%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E
(million tons)
Beef Production Beef Consumption
Source: FAO PAGE 12
Note 1. Production CAGR / Note 2. Consumption CAGR

13. US Cattle Herd and Beef Production
Substantial Recovery starting in 2014
120 14
US Cattle Herd (million head) US Annual Beef Production (million tonnes cwt)
115 Forecast
13
110
12
105
100 11
95
10
90
9
85
80 8
1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012E 2014E 2016E 2018E 2020E
Source: USDA and JBS PAGE 13

14. World Average Meat Consumption per Person, 60’s to 2030
Consumption (kg/capita/year)
1964-66
1997-99
2030
0 5 10 15 20 25 30 35 40 45 50
Poultry Pork Lamb Beef
Source: FAO PAGE 14

15. Meat Consumption Growth Forecast 2011-2020
Expected increase in meat demand by country groups
Meat Consumption Forecast (Million tons) between 2010 - 2020
338.3
Developed
73.6
278.2
15.6
228.1 64.6
19%
58.6 12.7
126.6
11.2
105.7
81%
90.8
122.5
95.1
67.5
2001 Ave 2008-10 2020 Emerging
Poultry Pork Sheep Beef
Source: FAO - OECD PAGE 15

16. Protein Consumption in the World Today is Half That Recommended by FAO
Per Capita Meat Consumption (Kg/per capita)
The population growth coupled with rising living standards around the world will drive an
increase in demand for proteins in the emerging middle class
121
88
80 82
62 69
48
42
China Russia
Rússia Mexico
México EU - 27
UE-27 Brazil
Brasil USA
EUA World
Mundo Developed
Desenvolvidos
Source: FAO PAGE 16

17. Global Protein Trade – Largest Exporters
JBS is present in the main exporter markets
Beef Exports
Others 13% India* 20%
Canada 5%
Brazil 17%
New Zealand 6%
Mercosul** 9%
USA 14% Australia 17%
Chicken Exports Pork Exports
Others 7%
Others 4%
Turkey 3 % Brazil 36%
Chile 2%
Argentina 3% USA 34%
China 4%
Thailand 5% Brazil 9%
E.U. 12% Canada 17%
E.U. 30%
USA 34%
Source: USDA 2012 (Estimated) PAGE 17
*Buffaloes / **Not considering Brazilian exports

18. 3Q12 Highlights

19. 3Q12 Highlights
Net Revenue (R$ billion) EBITDA (R$ million) Net Income (R$ million)
2000,0 8,0
7.1 600,0
1800,0 495.4
19.4 5.1
500,0
1600,0
1,378.8
15.6 1400,0
400,0
1200,0
1000,0 300,0
786.8
800,0
24% 200,0
600,0
75%
400,0 100,0 -67.5
200,0
0,0 -12,0 0,0
3Q11 3Q12 3Q11 3Q12 3Q11 3Q12
-100,0 -12
EBITDA margin (%)
 Positive Operating Cash Flow of R$630 million
 R$157 million Free Cash Flow
 Leverage decreased significantly and was 3.68x at the end of the quarter
PAGE 19

20. 9M12 Highlights
Net Revenue (R$ billion) EBITDA (R$ million) Net Income (R$ million)
5000,0 8,0
4500,0 6.0
53.8 4.9 948.6
4000,0 1000,0
3500,0 3,239.4
800,0
3000,0
2500,0 2,210.4 600,0
2000,0
44.9 400,0
1500,0
20% 47%
1000,0
200,0
500,0 -101.3
0,0 -12,0 0,0
9M11 9M12 9M11 9M12 9M11 9M12
-200,0 -12
EBITDA margin (%)
PAGE 20

21. Strategic Events
JBS entered the Canadian beef market through the signature of an agreement to manage and operate assets of XL
Foods in Canada, including a purchase option (2 plants, 1 feedlot and a farm) and XL Foods assets in the United
States (2 plants).
The Company also signed a term sheet to acquire 100% of the shares of Agrovêneto S.A. a company specialized in
the production of chicken products which operates out of Nova Veneza in the southern Brazilian state of Santa
Catarina. The plant has capacity to process 140,000 birds per day.
JBS is scheduled to open 6 new beef plants in Brazil in the coming months as follows: Rolim de Moura, state of
Rondonia which is due to initiate operations on 19.Nov.2012, Nova Andradina (Mato Grosso do Sul) with start-up
scheduled for 03.Dec.2012, Pontes e Lacerda and Vila Rica, both in the state of Mato Grosso, scheduled to start on
07.Jan.2013, Senador Canedo (Goiás) scheduled for 04.Feb.2013 and Castelo dos Sonhos, in the Northern state of
Pará, scheduled for 08.Apr.2013. These plants will add a total capacity of 1.2 million head of cattle by 2013, which
represents a 15% increase over the current capacity in Brazil.
PAGE 21

22. JBS Consolidated Results – 3Q12
EBITDA
Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ million)
1800,0 8,0
19,366.6 7.1
18,468.3 1600,0 5.6 5.5
16,934.5 5.1 1,378.8
16,011.1 4.3
15,567.8 1400,0
+4.9%
+15.3% 1200,0
+8.8% -5.5% 1,012.8
1000,0 940.6
786.8
800,0 696.5
+36.1%
600,0 +19.5%
+45.4%
-26.0%
400,0
200,0
0,0 -12,0
3Q11 4Q11 1Q12 2Q12 3Q12 3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA Margin (%)
Source: JBS PAGE 22

23. JBS Mercosul
Performance by Business Unit
24%
% Net Revenue JBS S.A.
Net Revenue (R$ billion)
 Net revenue at JBS Mercosul came in at R$4,597.8 million in 3Q12,
YoY
17.7% 4.6
increase of 17.7% in comparison with 3Q11.
4.3
3.9 3.8
3.8
 EBITDA totaled R$665.6 million in 3Q12, an increase of 46.7% over
the same quarter last year.
3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA (R$ million)
850
13.3% 14.6% 14.5% 16,0%
 EBITDA margin at JBS Mercosul was 14.5% in the quarter.
750
11.6% 10.7% 14,0%
665.6
12,0%
650
630.3 10,0%
508.6 8,0%
550
453.8
407.7
 The result of this business unit reflects an improved cattle cycle in
6,0%
450
4,0%
2,0%
350
Brazil, the Company’s efforts to enhance operational efficiencies and to
0,0%
250
-2,0%
-4,0%
150
-6,0%
capture synergies in addition to the Company’s strategy.
50
-8,0%
-50 -10,0%
3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA Margin (%)
Source: JBS PAGE 23

24. JBS USA Beef (including Australia)
45%
Performance by Business Unit
% Net Revenue JBS S.A.
Net Revenue (US$ billion)
YoY
 Net revenue for this business unit was US$4,275.9 million in the
1.6% quarter.
4.5
4.2 4.3 4.3
4.1
 This quarter was the turning point when margins became
positive in 2012. EBITDA at JBS USA Beef unit totaled US$175.1
million in the period, with an EBITDA margin of 4.1%.
3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA (US$ million)
 The improvement in the dynamics of the sector in the U.S., due
500 16,0%
14,0%
12,0%
to the better balance between supply and demand, permitted an
10,0%
400
4.4% 5.0% 4.1% 8,0%
6,0%
-0.2%
improvement in margins at JBS USA.
-1.1%
4,0%
2,0%
300
0,0%
223.6 -2,0%
184.1
-4,0%
200
175.1 -6,0%
-8,0%
 Furthermore, the successful outcome of the operation in
-10,0%
-12,0%
-14,0%
100
-16,0%
-45.4 -9.1
Australia contributed to the results of this business unit.
-18,0%
-20,0%
-22,0%
0
-24,0%
3Q11 4Q11 1Q12 2Q12 3Q12 -26,0%
-28,0%
-100 -30,0%
EBITDA Margin (%)
Source: JBS PAGE 24

25. 9%
JBS USA Pork
Performance by Business Unit
% Net Revenue JBS S.A.
Net Revenue (US$ million)
YoY  Net revenue in the pork business for the quarter was US$846.1
1300,0
-2.4%
million, 2.4% lower than 3Q11.
1220,0
1140,0
1060,0
923.1 844.0 846.1
980,0
867.1 855.4
900,0
820,0
740,0
660,0
580,0
 EBITDA was US$40.4 million in 3Q12 with an EBITDA margin of
500,0
420,0
340,0
260,0
4.8%.
180,0
100,0
3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA (US$ million)
199,977
 The quarterly result was influenced by the reduction of average
8.8%
13,0%
8.3%
6.5% 5.8% 4.8% 9,0%
5,0%
selling prices in general, compared to last year, due to oversupply
1,0%
99,977
75.9 77.0
-3,0%
-7,0%
of finished products in the period.
55.8 49.2 40.4 -11,0%
-15,0%
-19,0%
-0,023 -23,0%
3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA Margin (%)
Source: JBS PAGE 25

26. JBS USA Poultry (Pilgrim’s Pride Corporation) 22%
Performance by Business Unit
% Net Revenue JBS S.A.
Net Revenue (US$ billion)
 Net revenue in the 3Q12 for this business unit came in at
YoY US$2,068.5 million, 9.4% higher than the same period of 2011.
9.4%
2.0 2.1
1.9 1.8 1.9
 EBITDA in the 3Q12 was US$105.6 million, reversing the negative
US$31.4 million in 3Q11.
3Q11 4Q11 1Q12 2Q12 3Q12
EBITDA (US$ million)
 EBITDA in the 3Q12 was US$105.6 million, reversing the negative
US$31.4 million in 3Q11.
500
6.4%
9,0%
5.5% 5.1% 7,0%
400 5,0%
1.2% 3,0%
300
-1.7% 1,0%
-1,0%
-3,0%
104.0 125.7
 Reduction in the PPC’s net debt to US$1.1 billion at the end of
200 -5,0%
105.6 -7,0%
-9,0%
22.6
September, as a consequence primarily of the US$75.6 operating cash
100
-31.4 -11,0%
-13,0%
flow.
0 -15,0%
3Q11 4Q11 1Q12 2Q12 3Q12
-17,0%
-19,0%
-100
-21,0%
-23,0%
-200 -25,0%
EBITDA Margin (%)
Source: JBS PAGE 26

27. JBS Consolidated Exports Distribution in 3Q12
Approximately US$2.53 billion, an increase of 7,9% in relation to 2Q12
Others 18.6% Africa and Middle East 14.5%
Taiwan 1.6% Mexico 13.7%
Venezuela 2.0%
US$2,534.4
Chile 2.9% million China, HK and Vietnam 12.7%
Canada 4.3%
Japan 11.6%
South Korea 4.6%
E.U 6.7% Russia 6.8%
Source: JBS PAGE 27

28. Debt Profile

29. Debt Profile
3Q12 Net debt to EBITDA was 3.68x, substantially lower than the 2Q12.
The Company ended the quarter with R$5,0 billion in cash, which represents more than 90% of short-term debt.
The percentage of short term debt increased from 23% in 2Q12 to 27% in 3Q12.
Leverage ST / LT Debt Profile
1500 5 4Q11 28% 72%
1300 4.30 4.27
1100
4.04 4.00
3.68
4
1Q12 27% 73%
900
3
700
500 2 2Q12 23% 77%
300
1
100 3Q12 27% 73%
-100 3Q11 4Q11 1Q12 2Q12 3Q12 0
. Leverage EBITDA (R$ million) Short Term Long Term
.
Source: JBS PAGE 29

30. Debt Maturity Schedule and Profile
Net Debt: 15,243.9 (R$ million)
Short Term Net
of Cash 2013 2014 2015 2016 2017 2018 2019 and after
-202 -172
-472
-1,454
-2,081
-2,727
-3,743
-4,393
Breakdown by Currency and Company Bonds / Other
JBS S.A. Subsidiaries
3Q12
59% 41%
Bonds Other
3Q12
39% 61%
3Q12 R$ 27% USD 73%
Source: JBS Financial Statements 3Q12 PAGE 30

31. Sustainability and
Social Responsability

32. JBS actions related to cattle traceability and the Amazon Biome
Sustainability
Environmental
JBS SA participates in CDP - Carbon Disclosure Project.
Also, JBS integrates the Carbon Efficient Index of
BOVESPA - ICO2.
Satellite image monitoring of the Amazon Biome.
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.
Amazon
Social & Environmental
JBS Brazil monitors a 100% of its cattle suppliers properties via
satellite geo-referencing (GPS monitoring).
JBS contains a database of almost 12,000 cattle ranches registered
in the Amazon Biome.
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
Satellite image Institute for Space Research – INPE.
Source: JBS Sustainability Policy
(1)Real Time Deforestation Detection
PAGE 32
(2)Legal Amazon Deforestation Monitoring Project

33. JBS Institute funds Germinare School
Social Responsibility
Social GERMINARE SCHOOL
Started in 2010.
Germinare School is a social initiative of the JBS Institute which
looks at Education as the principal instrument to transform society.
Purpose: to prepare well-educated and well-rounded citizens with a
broad cultural repertoire, sound ethical values and a positive
attitude toward life and society.
Classroom
Social
Number of students: 360 (2012)
Capacity of 630 students.
Top Brazilian professors.
Area: 6,000 m2
Sport complex, swimming pool, computer lab and chemistry lab.
Selection process: tests and group dynamics.
Amount invested: R$15 million Laboratory
Source: JBS PAGE 33

34. 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.