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PRESENTERS
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88
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GLOBAL BEEF TRADE AND CONSUMPTION
69.3
54.6
41.2
37.2
34.7
32.2
24.1
16.0
16.3
9.3
4.7
Argentina
Uruguay
USA
Brazil
Australia
Canada
Mexico
EU
Russia
Japan
China
USA
17%
EU
6%
Russia
15%
Egypt
3%
Canada
4%
Others
33%
South Korea
5%
Japan
10%
Mexico
7%
Brazil
27%
India
10%
USA
11%
Canada
6%
EU
1%
Others
10%
Argentina
5%
Uruguay
5%
Australia
18%
New Zeland
7%
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RELEVANT PLAYERS IN THE GLOBAL BEEF TRADE
(1,500)
(500)
500
1,500
2,500
Brazil
Argentina
Australia
USA
China
European Union
Russia
South Korea
Japan
1999
2008*
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GLOBAL SCENARIO ­ HERD & PRODUCTION
1960 ­ 2009
600,0
700,0
800,0
900,0
1000,0
1100,0
1200,0
19
60
19
62
19
64
19
66
19
68
19
70
19
72
19
74
19
76
19
78
19
80
19
82
19
84
19
86
19
88
19
90
19
92
19
94
19
96
19
98
20
00
20
02
20
04
20
06
20
08
Herd
(m
il
li
on
o
f h
e
a
ds
)
10,0
20,0
30,0
40,0
50,0
60,0
70,0
Produ
c
tio
n
(m
il
li
on
o
f to
ns
)
Total Herd
Production
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WORLD POPULATION GROWTH AND BEEF
CONSUMPTION (1960 ­ 2050)
0,0
1.000,0
2.000,0
3.000,0
4.000,0
5.000,0
6.000,0
7.000,0
8.000,0
9.000,0
10.000,0
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010* 2015* 2020* 2025* 2030* 2035* 2040* 2045* 2050*
P
op
ulat
i
on

(
mi
l
l
i
on
)

-
20,0
40,0
60,0
80,0
100,0
120,0
140,0
160,0
180,0
200,0
C
on
su
mpt
i
on

(
mi
l
l
i
on

t
on
s)
World Population
Population - More developed regions
Population - Less developed regions
Beef Consumption
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BEEF MARKET
USA 1991 ­ 2009 (thousand tons)
7.000
8.000
9.000
10.000
11.000
12.000
13.000
14.000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
P
r
o
d
u
ctio
n
,
Co
n
sum
p
t
ion
0
500
1000
1500
2000
2500
3000
3500
S
t
o
ck
s,
Imp
o
r
t
,
E
xpo
r
t
Ending Stocks
Production
Consumption
Imports
Exports
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BEEF MARKET
European Union 1997 ­ 2013 (thousand tons)
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009* 2010* 2011* 2012* 2013*
P
r
o
d
u
ctio
n
,
Co
n
sum
p
t
ion
0
200
400
600
800
1000
1200
1400
1600
S
t
o
ck
s
,
Imp
o
r
t
,
E
xpo
r
t
Ending Stocks
Production
Consumption
Import
Export
EU - 25
EU - 15
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BEEF MARKET
RUSSIA 1991 ­ 2009 (thousand tons)
0
1000
2000
3000
4000
5000
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Ending Stocks
Production
Import
Export
Consumption
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88
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OUR STRATEGY
* 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
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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
WITH APROPRIATED CAPITAL STRUCTURE AND MANAGEMENT
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
National Beef
Tasman
Smithfield Beef
Five Rivers
(1)
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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 Boni
holds 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)
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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/AUS
Wesley
Batista
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.
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JBS' 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
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* The closing of this transaction are subject to certain closing conditions, including expiration or termination of applicable waiting periods under U.S. antitrust law. (B) Beef; (P) Pork; (S) Smalls;
Production Units
Employees
28.100
B
47.900
P
4.000
S
8.500
B
16.500
S
65.200
B
47.900
P
20.500
S
79.200
B
47.900
P
20.500
S
3.000
6.700
5.059
Daily Slaugther Capacity
2.019
6.995
24.295
B
B
B
6
18
10
8
Total JBS
64
55.361
JBS Argentina
JBS USA
JBS Australia
Inalca JBS
JBS Brazil
22
16.993
18.900
Total Consolidated
70
64.161
B
National Beef
6
8.800
14.000
BRIEF DESCRIPTION
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Brief Description
JBS Brazil's operations are distributed thru 22 production plants, with a total slaughter
capacity of 18,900 heads of cattle per day and more than 16,900 employees.
JBS's clients in Brazil are primarily large retailers, restaurants, and tanneries, JBS's
portfolio currently includes more than 6,000 domestic market companies.
JBS is Brazil's largest exporter of beef products, with revenues of US$ 1.1 billion in
2007, according to the SECEX (Brazilian Secretariat of Foreign Trade). It is also 22nd
among the main Brazilian exporters from all sectors.
Platform Structure
In Brazil the Company's plants are distributed as follows:
­
19 slaughtering plants located in the Brazilian states of Acre, Goiás, Mato Grosso, Mato Grosso
do Sul, Minas Gerais, Rondônia, São Paulo and Paraná, five of which also have processed beef
production plant;
­
1 canned beef production plant located in the state of Rio de Janeiro, Brazil;
­
1 canned vegetable plant located in the state of Minas Gerais, Brazil;
­
1 cattle feed lot located in the state São Paulo, Brazil; and
­
1 beef jerky plant located in São Paulo state, Brazil.
JBS BRAZIL
Slaughtering Plant
Slaughtering and Industrial Plant
Distribution Centers
Canned Vegetable Plant
Canned Beef Plant
Administrative Headquarters
Container Yard
Feedlot
Customers
In 2008 JBS Brasil served 11,240 customers supplied in the domestic market and 436 customers in the
international market, supplying more than 100 countries, highlighting Russia, the European Union, Middle
East, Hong Kong and South Arabia.
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Brief Description
In 2005, it was acquired by JBS and is currently known as JBS Argentina, it has a total slaughter capacity of
6,700 heads of cattle per day and more than 5,000 employees.
The Company was first meatpacker in Argentina to meet the regulations established by ISO 9001:2000 in its
entire production process.
In Argentina, the company is the absolute leader in the canned meat segment of the domestic market,
having a share of 77% of all sales in 2007. The Argentina client portfolio is comprised of 786 companies.
In the last year, JBS Argentina accounted for 87% of processed beef exports in Argentina, which were
shipped to the United States and Europe, and includes approximately 190 clients.
Platform Structure
In Argentina the Company's plants are distributed as follows:
6 slaughtering plants located in four provinces of Argentina (Buenos Aires, Entre Rios, Santa Fé and
Córdoba), 5 of which also have processed beef production plants; and
1 metal package producing factory in the province of Buenos Aires, Argentina.
JBS Argentina has more than 650 customers in the domestic market and approximately 140 customers in the
international market, supplying 43 countries, highlighting The European Union, USA, Uruguay, Middle East
and Canada.
JBS ARGENTINA
Slaughtering Plant
Slaughtering and Industrial Plant
Plant and Offices
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Brief Description
JBS USA's operations are distributed thru 18 production plants, with a total
slaughter capacity of 28,100 heads of cattle, 47,900 heads of pork per day
and 4,000 heads of smalls per day and 11 Feed Yards with a one time
capacity to fatten 820,000 head of cattle . The company has more than
24,200 employees.
The Company, has been a recognized provider of beef and pork quality
products for more than 150 years.
Platform Structure
At present, in the USA the Company's plants are distributed as follows:
8 cattle slaughtering plants in the U.S. states of Colorado, Utah, Texas, Nebraska,
Wisconsin, Michigan, Pennsylvania and Arizona;
3 pork slaughtering plants in the U.S. states of Minnesota, Iowa, and Kentucky;
1 case-ready beef plant in the U.S. state of California;
1 lamb plant in the U.S. state of Colorado;
11 feed yard in the U.S. states of Colorado, Texas, Oklahoma, Kansas, Ohio e Idaho;
1 Wet Blue leather producing plant in the U.S. state of Texas.
2 beef jerky plants located in the U.S. states of Minnesota and Texas; and
2 rendering located in the U.S. state of Pennsylvania.
JBS USA
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Brief Description
JBS Australia's operations are distributed thru 10 production plants,
with a total slaughter capacity of 8,500 heads of cattle per day and
more than 6,900 employees.
JBS Australia is the largest and broadest Australian meat processor and
exporter, maintaining commercial relations with more than 30
countries, especially in the Pacific Coast and in North America.
Platform Structure
In Australia the Company's plants are distributed as follows:
10 cattle and smalls slaughtering plants; and
5 cattle feed lots located in the Australian states of Queensland and New South Wales.
JBS AUSTRALIA
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`
INALCA JBS ITALY
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24
DM ­ Domestic Market; IM ­ International Market
BRIEF DESCRIPTION ­ CUSTOMERS BASE
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88
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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.
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LIQUIDITY EVALUATION
Source:
* Companies' last public information
** Companie's Last Twelve Months
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95
176
291
X
471
2,8
2,3
2,9
3,7
4Q07
1Q08
2Q08
3Q08
4Q08e
Exchange rates:
R$ / US$ = 1.91 ­ 09/30/2008
US$ / $ = 1.41 ­ 09/30/2008
JBS ­ NET DEBT/EBITDA
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JBS CONSOLIDATED RESULTS
NET REVENUE, EBITDA AND EBITDA MARGIN
591,1
94,8
176,3
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
7.129,5
7.771,5
12M07
4Q07
1Q08
2Q08
3Q08
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PERFORMANCE BY BUSINESS UNITS
2.630
1.976
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: 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.
620
536
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
155
132
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
1.425
1.271
4.892
1.811
FY07
1Q08
2Q08
3Q08
(1) (2) (3)
102,2
692,0
132,7
58,2
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
(US$
)
JBS USA (Pork)
(
)
INALCA JBS
MERCOSUL
(R$
)
EBITDA (US$ mi)
margin EBITDA
Margin (%)
EBITDA (US$ mi)
margin EBITDA
Margin (%)
EBITDA ( mi)
margin EBITDA
Margin (%)
EBITDA (R$ mi)
margin EBITDA
Margin (%)
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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$11,839
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EVOLUTION OF THE EBITDA MARGINS OF JBS USA (BEEF) COMPARED
WITH ITS LOCAL PEERS
-0,4%
1,3%
1,3%
3,6%
0,9%
0,9%
3,2%
-0,9%
2,3%
-5,3%
-0,7%
-0,4%
-1,7%
4,2%
5,3%
-1,3%
-1,2%
0,9%
0,7%
FY03*
FY04*
FY05*
FY06*
FY07*
3Q07**
4Q07**
1Q08**
2Q08**
3Q08**
Peers Average Beef USA
JBS Beef USA
Source: JBS and estimates of JBS based upon public data from peers
EBITDA margins of the Companies taking into consideration beef only in the US
*Fiscal years for the Companies differ one from the other:
FY Tyson: October to September
FY Smithfield: May to April
FY National Beef: September to August
FY JBS USA: June to May (altered after the acquisition)
**The relevant quarterly period and adjustments made to the calendar year
EBITDA (%)
JBS S.A. Management
Previous Management
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CONSOLIDATED PRO-FORMA SEPTEMBER 2008
Combined Companies Pro-forma (US$ 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
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
*
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JBS USA BEEF EXPORT VOLUMES
10
15
20
25
30
35
40
45
50
55
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
M
i
l
l
i
o
n

p
o
u
n
d
s
2007
2008
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JBS CONSOLIDATED ­ GROSS REVENUE DISTRIBUTION
Domestic
Market
64%
Exports
36%
Beef Italy
5%
Beef Argentina
3%
Beef Brazil
22%
Beef USA
43%
Pork USA
14%
Beef Australia
13%
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JBS CONSOLIDATED ­ EXPORTS DISTRIBUTION
Russia
18%
Japan
15%
Mexico
10%
E.U.
10%
Canada
5%
South Korea
4%
China
4%
USA
3%
Hong Kong
3%
Taiwan
3%
Others
25%
Exports JBS 3Q08
US$ 1.7 billion
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ENTERPRISE VALUE AND EBITDA MULTIPLE
Source: JBS
96.3
264.8
5.5x
15.1x
Jul-07
Sep-08
70.0
139.3
4.1x
8.1x
Oct-07
Sep-08
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40
88
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DISCLAIMER
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Investor Relations
ir@jbs.com.br
+ 55 11 3144 4055
www.jbs.com.br