1Q11 Conference Call Transcription

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Good morning everyone,  and  welcome  to  JBS
S.A.'s conference call. During this call,  we
will present and analyze the results for  the
1Q11. As requested  by  JBS,  this  event  is
being  recorded.  The   recording   will   be
available to  listeners  this  afternoon  and
can   be   accessed    by    following    the
instructions posted on the Company's  website
at www.jbs.com.br/ir.

Taking part in this call we have  Mr.  Wesley
Batista, President and CEO  of  JBS  SA;  Mr.
Jeremiah O'Callaghan,  Director  of  Investor
Relations; Mr. Eliseo Fernadez,  Director  of
Management  and  Control;   and   Mr.   André
Nogueira, CFO of JBS USA.

Now, I will turn the conference over  to  Mr.
Jeremiah  O'Callaghan,  who  will  begin  the
presentation.    Please,     Mr.     Jeremiah
O'Callaghan, you may begin your conference.

Jeremiah O'Callaghan:

Thank you  very  much.  Thank  you  and  good
morning to all.  Thank  you  for  being  here
with us today as we  review  our  performance
for  the  1Q11.  Last  night,  we   filed   a
document with the Brazilian  CVM,  equivalent
to the Securities  and  Exchange  Commission,
in which we  summarized  the  highlights  for
the quarter.

This document is available on our website  at
www.jbs.com.br/ir where you  will  also  find
an   updated   version   of   our   Company's
presentation,  which  includes  the   results
presented here  today.  Today,  we  will  not
only analyze the result for the quarter,  but
we will also analyze  the  main  drivers  for
our   business    in    2011.    After    our
presentation, we will open  the  call  for  a
Q&A session where we will be happy to  answer
your questions.

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