1. Results Presentation
2012 and 4Q12

2. JBS S.A.

3. Disclaimer
This release contains forward-looking statements relating to the prospects of the business,
estimates for operating and financial results, and those related to growth prospects of JBS.
These are merely projections and, as such, are based exclusively on the expectations of
JBS’ management concerning the future of the business and its continued access to capital
to fund the Company’s business plan. Such forward-looking statements depend,
substantially, on changes in market conditions, government regulations, competitive
pressures, the performance of the Brazilian economy and the industry, among other factors
and risks disclosed in JBS’ filed disclosure documents and are, therefore, subject to change
without prior notice..
PAGE 3

4. JBS S.A. at a Glance
JBS posted consolidated net revenue of R$75.7 billion, an increase of R$13.9 billion, 22.5% higher than 2011
EBITDA of R$4.4 billion, 40.0% above 2011
2012 adjusted net income of R$1.26 billion
Proposed dividends of R$170.7 million in 2012
Positive operating cash flow of R$1.5 billion
Leverage (net debt / EBITDA) decreased to 3.4x at the end of 2012, from 4.3x at 2T12 and 3.7x at 3T12.
JBS ended the year with R$5.4 billion in cash or cash equivalent, corresponding to 90% of short-term debt.
JBS USA has available committed lines of U$1.2 billion
PAGE 4

5. Perspectives for the global animal protein
market

6. 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 6
Source: The Economist

7. Beef Production and Consumption Forecasts - 2000/2021
Global Scenario
76.5
CAGR¹
1.2% 75.9
59.1
58.8
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 7
Note 1. Production and Consumption

8. Poultry Production and Consumption Forecasts - 2000/2021
Global Scenario
127.2
127.0
CAGR¹
2.95%
69.4
69.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E
(million tons)
Poultry Production Poultry Consumption
Source: FAO PAGE 8
Note 1. Consumption CAGR

9. Pork Production and Consumption Forecasts - 2000/2021
Global Scenario
126.2
125.4
CAGR¹
1.6%
90.0
89.5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E
(million tons)
Pork Production Pork Consumption
Source: FAO PAGE 9
Note 1. Consumption CAGR

10. 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 10

11. 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 11
*Buffaloes / **Excluding Brazilian exports

12. Brazil, Australia and the US continue to lead global beef exports
Brazilian Beef Exports (tons)
1.400.000 5.500
-4.4% 5.000
1.200.000
4.500
1.000.000 4.000
3.500
800.000 3.000
600.000 2.500
2.000
15.3%
400.000 1.500
1.000
200.000
500
0 0
2007 2008 2009 2010 2011 2012
Australian Beef Exports (tons) US Beef and Veal Exports (tons)
1.400.000 5.500 1.400.000 6.500
6.000
0.3% 5.000 15.6%
1.200.000 1.200.000 5.500
4.500
5.000
1.000.000 4.000 1.000.000 4.500
3.500 4.000
800.000 800.000
3.000 3.500
2.500 3.000
600.000 600.000
2.000 2.500
-12.3%
400.000 400.000 2.000
1.4% 1.500
1.500
1.000
200.000 200.000 1.000
500 500
0 0 0 0
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012
Beef and Veal exports Average Price (US$/Ton)
Source: USDA, MLA & Secex PAGE 12

13. Chicken Exports Brazil vs US
Brazilian Chicken Exports (tons) USA Chicken Exports (tons)
1.900.000 2.200 4.500.000 1.800
4.000.000 1.600
1.800.000
3.500.000 1.400
10.1%
1.700.000 2.000 3.000.000 1.200
2.500.000 1.000
1.600.000 6.0%
2.000.000 800
1.500.000 1.800 1.500.000 600
-3.4%
4.1%
1.000.000 400
1.400.000
500.000 200
1.300.000 1.600 0 0
1S11 2S11 1S12 2S12 2007 2008 2009 2010 2011 2012
Chicken Exports Average Price (US$/Ton)
Source: USDA & Secex PAGE 13

14. Pork Exports Brazil vs US
Brazilian Pork Exports (tons) USA Pork Exports (tons)
1.800.000 3.500 1.800.000 3.500
3.000 -2.9% 3.000
1.500.000 1.500.000
-8.2%
2.500 2.500
1.200.000 1.200.000
2.000 2.000
900.000 900.000
1.500 1.500
600.000 600.000
1.000 6.4% 1.000
300.000 14.4% 300.000
500 500
0 0 0 0
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012
Pork Exports Average Price (US$/Ton)
Source: USDA & Secex PAGE 14

15. 2012 and 4Q12 Highlights

16. 2012 Highlights
Net Revenue (R$ billion) EBITDA (R$ million) Net Income* (R$ million)
6500,0 8,0 1400,0 1,259.0
75.7 5500,0 5.1 5.8 1200,0
61.8 4,410.3
4500,0 1000,0
3500,0 3,151.0 800,0
600,0
23% 2500,0
40% 400,0
1500,0 -75.7
200,0
500,0
0,0
2011 2012 -500,0 2011 2012 -12,0 -200,0 2011 2012
-12
EBITDA margin (%)
Gross Profit (R$ million) G&A (R$ million) Operating Cash Flow (R$ million)
4500,0 8,0
15000,0 14,0 4000,0 1800,0
3500,0 1,472.3
13000,0 11.5 12,0 2.8 2.7
10.8 3000,0
11000,0 10,0 1300,0
8,689.8 2500,0
9000,0 8,0 2,057.4
6,696.6 2000,0 1,739.2
7000,0 6,0 800,0 606.5
5000,0 4,0 1500,0
1000,0
3000,0 2,0 300,0
500,0
1000,0 0,0
0,0 -12,0
-1000,0 2011 2012 -2,0 2011 2012 2011 2012
-200,0 -12
Gross Margin (%) G&A / Revenue (%)
Leverage (net debt / EBITDA) decreased to 3.4x at the end of 2012.
PAGE 16
*Adjusted (excluding deferred income tax liabilities generated due to goodwill at the holding Company).

17. 4Q12 Highlights
Net Revenue (R$ billion) EBITDA (R$ million) Net Income* (R$ million)
2000,0 8,0
350,0
21.9 1800,0 5.6 310.4
5.4
1600,0 300,0
16.9 1400,0 250,0
1,170.9
1200,0
1000,0
940.6 200,0
800,0 150,0
29%
600,0
26% 100,0
400,0
50,0
25.6
200,0
0,0 -12,0 0,0 -12
4Q11 4Q12 4Q11 4Q12 4Q11 4Q12
EBITDA margin (%)
 Operating Cash Flow of R$796 million
 R$322.1 million Free Cash Flow
PAGE 17
*Adjusted (excluding deferred income tax liabilities generated due to goodwill at the holding Company).

18. JBS Consolidated Results – 4Q12
EBITDA
Net Revenue (R$ million) EBITDA (R$ million) and EBITDA Margin
21,850.7 1800,0 8,0
7.1
19,366.6 1600,0 5.6 5.5 5.4
18,468.3 4.3 1,378.8
16,934.5 1400,0
16,011.1 1,170.9
1200,0
12.8% 1,012.8
15.3% 4.9% 1000,0 940.6
-5.5%
800,0 696.5 -15.1%
-26.0% 45.4% 36.1%
600,0
400,0
200,0
0,0 -12,0
4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA Margin (%)
Source: JBS PAGE 18

19. Quarterly Analysis
Performance by Business Unit
JBS Mercosul JBS USA JBS USA JBS USA (PPC)
(Including Australia and Canada)
Net sales (R$ billion) Net sales (US$ billion) Net sales (US$ million) Net sales (US$ billion)
4.9
1300,0
5.3
1220,0
1140,0
955.5
4.5 923.1
855.4 844.0 846.1
1060,0
2.1 2.2
4.3 4.3 980,0
2.0
4.6 900,0
1.8 1.9
4.1 820,0
4.3 740,0
660,0
3.8 3.8 580,0
500,0
420,0
340,0
260,0
180,0
100,0
4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA (R$ million) EBITDA (US$ million) EBITDA (US$ million) EBITDA (US$ million)
500 16,0% 500 10,0%
5.5% 6.4% 5.1%
14,0%
13.3% 14.6% 14.5% 12,0% 200,0
12.6%
900,0 16,0%
3.1%
10,0% 13,0%
10.7% 400
5.0% 4.1% 8.3% 1.2%
5,0%
6.5%
14,0% 8,0% 400
5.8% 4.8% 4.5%
800,0
2.1%
9,0%
6,0%
12,0%
700,0
630.3 665.6 664.8 10,0% -0.2% 4,0%
5,0%
-1.1%
0,0%
2,0%
508.6 8,0% 300
0,0% 300
600,0
223.6
1,0%
6,0% -2,0%
500,0
407.7 4,0%
-4,0%
-3,0%
-5,0%
400,0
2,0% 200
175.1
-6,0%
-8,0%
100,0
77.0 -7,0% 200
0,0%
-10,0%
55.8 49.2 104.0 125.7 105.6
300,0
-2,0% 103.3 -12,0%
40.4 42.7 -11,0%
-10,0%
67.4
-14,0%
-4,0% 100
200,0 -15,0%
-16,0% 100
-45.4 -9.1
-6,0%
22.6
-15,0%
-18,0%
100,0 -19,0%
-8,0%
-20,0%
-22,0%
0,0 -10,0% 0 0,0 -23,0%
-24,0% 0 -20,0%
4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 1Q12 2Q12 3Q12 4Q12 -26,0%
4Q11 1Q12 2Q12 3Q12 4Q12
-100
-28,0%
-30,0%
4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA Margin (%)
Source: JBS PAGE 19

20. 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$5,270.2 million in 4Q12,
39.5%
5.3 increase of 39.5% in comparison with 4Q11.
4.6
4.3
3.8 3.8  EBITDA totaled R$664.8 million in 4Q12, stable over the last quarter.
4Q11 1Q12 2Q12 3Q12 4Q12  EBITDA margin at JBS Mercosul was 12.6% in the quarter.
EBITDA (R$ million)
13.3% 14.6% 14.5%
 The Positive results of this business unit in 2012 reflect the
12.6%
900,0 16,0%
10.7%
operational improvements and efficiencies implemented by the
14,0%
800,0
12,0%
700,0
630.3 665.6 664.8 10,0%
508.6
8,0%
600,0
management and reinforces the strategic view adopted.
6,0%
500,0
407.7 4,0%
2,0%
400,0
0,0%
300,0
-2,0%
-4,0%
200,0
-6,0%
100,0
-8,0%
0,0 -10,0%
4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA Margin (%)
Source: JBS PAGE 20

21. JBS USA Beef (including Australia and Canada)
46%
Performance by Business Unit
% Net Revenue JBS S.A.
Net Revenue (US$ billion)
 Net revenue for this business unit was US$4,856.0 million in the
8.1% quarter.
4.9
4.5
4.3 4.3
4.1
 EBITDA at JBS USA Beef unit totaled US$103.3 million in the
period, with an EBITDA margin of 2.1%.
4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA (US$ million)  Despite adverse market conditions, the Company improved its
500 16,0%
14,0%
operating metrics through better management of working capital
and efficiency gains and is strengthened to operate in a more
12,0%
10,0%
400
5.0% 4.1% 8,0%
2.1%
favorable supply and demand scenario.
6,0%
-0.2% 4,0%
300 -1.1% 2,0%
0,0%
223.6 -2,0%
-4,0%
175.1
-6,0%
200
 The reduction of restrictions imposed by Japan to import U.S.
-8,0%
-10,0%
103.3 -12,0%
beef will promote U.S. exports and contribute to increase the
-14,0%
100
-16,0%
-45.4 -9.1 -18,0%
-20,0%
profitability per animal processed.
-22,0%
0
-24,0%
4Q11 1Q12 2Q12 3Q12 4Q12 -26,0%
-28,0%
-100 -30,0%
EBITDA Margin (%)
Source: JBS PAGE 21

22. 9%
JBS USA Pork
Performance by Business Unit
% Net Revenue JBS S.A.
Net Revenue (US$ million)
3.5%  Net revenue in the pork business for the quarter totaled
1300,0
US$955.5 million, an increase of 3.5% year on year. Compared to
1220,0
1140,0
955.5
1060,0
923.1 846.1
980,0
900,0
855.4 844.0
3Q12, there was a 12.9% growth.
820,0
740,0
660,0
580,0
500,0
420,0
 EBITDA was US$42.7 million in 4Q12 with an EBITDA margin of
340,0
260,0
180,0
100,0
4Q11 1Q12 2Q12 3Q12 4Q12
4.5%.
EBITDA (US$ million)
 This quarter's results reflect an increase in the number of
200,0
animals slaughtered and better inventory management. 2012 result
13,0%
8.3% 6.5% 5.8% 4.8% 4.5%
9,0%
5,0%
1,0%
-3,0%
was impacted by increased sales volumes and lower sales prices.
100,0
77.0 -7,0%
55.8 49.2 40.4 42.7 -11,0%
-15,0%
 The highlight of the operation was exports, which increased by
-19,0%
0,0 -23,0%
5.1% in 2012 compared to 2011.
4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA Margin (%)
Source: JBS PAGE 22

23. JBS USA Poultry (Pilgrim’s Pride Corporation) 21%
Performance by Business Unit
% Net Revenue JBS S.A.
Net Revenue (US$ billion)
 Net revenue in the 4Q12 for this business unit came in at
US$2,189.7 million, 19.7% higher than the same period of 2011.
19.7%
2.1 2.2
1.9 2.0
1.8
 Adjusted EBITDA in 4Q12 was US$67.4 million, 198.2% higher than
4Q11.
4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA (US$ million)
500 10,0%  Net income in the 4Q12 was US$22.8 million, reversing the negative
400
5.5% 6.4%
5.1%
8,0%
6,0%
US$85.4 million in 4Q11.
3.1% 4,0%
300
1.2% 2,0%
0,0%
200
104.0 125.7 105.6
-2,0%
-4,0%
 23% reduction in the PPC’s net debt between December 2011 to
100
22.6
67.4 -6,0%
2012, as a consequence primarily, from the US$200 million operating
cash flow.
-8,0%
0 -10,0%
4Q11 1Q12 2Q12 3Q12 4Q12
EBITDA Margin (%)
Source: JBS PAGE 23

24. JBS Consolidated Exports Distribution in 2012
Approximately US$9.8 billion, an increase of 22.7% in relation to 2011
Mexico 14.6%
Others 17.4%
Taiwan 2.0% China, Hong Kong e
Vietnan 14.0%
Chile 3.1% US$9,830.2
Venezuela 3.3% million
Japan 11.0%
Canada 5.4%
Korea 5.4%
Africa e Middle East
10.3%
E.U. 6.2% Russia 7.4%
Source: JBS PAGE 24

25. Debt Profile

26. Debt Profile
JBS’ net debt to EBITDA decreased to 3.4x in the 4Q12, substantially lower than in the first semester
In January 2013, JBS issued a US$500.0 million Bond, due in 2023 and with a yield of 6.5%
Leverage ST / LT Debt Profile
1500 5
1Q12 27% 73%
1300 4,30 4,27
1100
4,00
3,68
4
3,43
2Q12 23% 77%
900
3
700
500 2 3Q12 27% 73%
300
1
100
4Q12 30% 70%
-100 4Q11 1Q12 2Q12 3Q12 4Q12 0
. Leverage EBITDA (R$ million) Short Term Long Term
Breakdown by Currency and Company Bonds / Other
JBS S.A. Subsidiaries
4Q12
59% 41%
Bonds Others
4Q12
40% 60%
4Q12 R$ 26% USD 74%
Source: JBS PAGE 26

27. Sustainability and
Social Responsability

28. Cattle Traceability System
Responsible Purchase
JBS is committed to purchase cattle only
from suppliers who respect and comply
with the Company's social and
environmental criteria.
 We reject deforestation
 We reject the invasion of indigenous lands
and protected areas
JBS’s Traceability System
 We reject to working conditions analogous
JBS has been developing, since 2010,
to slavery
an environmental system to monitor
 We reject violence and conflicts in rural its cattle suppliers located in the
areas Amazon bioma which is based on
satellite images, geospatial data of
farms and official information in order
to analyze more than 30,000 cattle
suppliers located in this region of the
country.
PAGE 28

29. Stakeholders
JBS actively participates in
the main discussion
forums on
sustainable
livestock
Stakeholders
engagement
JBS received top marks in 7 units of leather for
environmental and sustainability practices in the
production process by the international organization
Leather Working Group (LWG). Totaling 7 units
received gold medal and 2 Silver, all with "A" grade
on traceability.
PAGE 29

30. JBS Institute funds Germinare School
Social Responsibility
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.
Social
Number of students: 450 (2013)
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 30

31. 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.