Largest Multi-Protein Company in the World

October, 2009

JBS S.A.
In God we trust, Nature we respect

Our Values
The Foundation Of Our Culture
Planning Determination Discipline Availability Openness Simplicity
1

The Global Beef Industry

8 8

Global Market

Largest beef producers

Largest beef consumers

Others 31%

United States 21%

Others 31%

United States 22%

India 4% Argentina 5% EU-27 14%

Brazil 15%
Mexico 4%

EU-27 15%

China 10%

Argentina 5% China 10%

Brazil 13%

Largest beef exporters

Largest beef importers

Others 25%

Brazil 23%

Others 38%

United States 19% Russia 16%

New Zealand 7% Canada 7% India 8%

Australia 19% United States 11% South Korea 4% Mexico 5% EU-27 8% Japan 10%

Source: USDA 2009

Meats Consumption Per capita (including beef, pork and poultry)

140

121
120

Recommended consumption 80Kg/capita

100

Per capita consumption (kg/capita)

88 80 69 62 48

82

80

60

42

40

20

0
S De ve lo pe d ex ic o Ru ss ia EU -2 7 l hi na Br az i or ld W U

Source: FAO

World Population Growth and Beef Consumption (1960 2050)

10000

Population growth, a beef consumption driver.

140

120 8000 100

6000

80

CAGR
4000

2,0%
60

40 2000 20

0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010* 2015* 2020* 2025* 2030* 2035* 2040* 2045* 2050*
Population - Developed countries Population - Developing countries Beef Consumption**

Source: UN (United Nations) and USDA *UN Estimates **Beef consumption trend considering CAGR of 2.0% (from 1960 to 2008)

Consumption (million tons)

Population (million)

Per capita food consumption (Kg / Year)

180
1969/71

160 140 120 100 80 60 40 20 0

1979/81 1989/91 1999/01 2030 2050

Cereals

Roots and Tubers

Beans, Peas and Lentils

Sugar

Oils Crops and its products

Meat

Milk and its products

Source: FAO

Our Strategy

8 8

OUR STRATEGY

Debt for Working Capital Equity to Finance Growth

High liquidity level. Debt equalized to cash generation. Strong cash position. Access to international capital markets to finance growth. Development of long term financing plan. Use of export platform to grow. Hands-on working capital management. -

South America

South America North America Australia

European Union

Fresh Products
Cooked Products

North America

Australia

Asia Russia Africa Middle East

Integrate the sales and distribution platform to serve efficiently, local and external markets, small retailers, food processors, restaurants, and other customers globally. Sales force distributed over the globe. Efficiency on selling the best product, to the best market, with the best price. Cost reduction on sales and transport. Margin improvements. -

Minced Products Cured Products Ready to Eat Products Case Ready Products Global Brands

European Union

Marketing Investments
High technology investments to produce value added products. Increase value added products portfolio. Customized products to each market. Convenience to consumers day to day. Brand and Quality recognition and leadership. Marketing investments to be present in consumer minds. Margin improvements.

Access to raw material supply globally. Leader in countries with surplus production. Scale. Leader in exports globally. Access to all meat markets. Exchange of best practices. Efficiency cost gains. Cost reduction opportunities. Margin improvements.

OUR STRATEGY

50%

12%

8%

4%

Financial Structure

Experienced Management

Cost Reduction, Productivity, Process Optimization

Risk Management

Consolidated Average EBITDA Margin

Foundation

JBS History
Bertin Association*

JBS History has been built through more than 30 acquisitions in 15 years with appropriated capital structure and management
Net Sales (in US$ billion) Companies and assets acquired

Pilgrims Pride*
Inalca Swift Foods Co. Maring (Amambay) Berazategui (Rio Platense) Colonia Caroya SB Holdings JV Beef Jerky Rio Branco Venado Tuerto Pontevedra (CEPA) Tasman Smithfield Beef Five Rivers

JBS Hides 5 new units

Barretos (Anglo) Pres. Epitcio (Bordon) Campo Grande (Bordon)

Cacoal 1 Cacoal 2 Porto Velho Vilhena (Frigovira)

30.3

Barra do Garas (Sadia)

Andradina (Sadia)

Araputanga (Frigoara)

Cceres (Frigosol) Iturama (Frigosol)

Pedra Preta (Frigo Marca) Rosrio (Swift ARG) San Jose (Swift ARG)

19.8

12.7

0.3 1996

0.4 1997

0.4 1999

0.5 2000

0.5 2001

0.4 2002

0.7 2003

1.2 2004

1.5 2005

1.9 2006 2007

(1)

2008

(2)

2009

(3)

R$/US$ end of the year quotation

Source: JBS (1) Pro Forma JBS S.A. LTM Dec07 (2) Pro Forma JBS S.A. LTM Dec08 (3) Pro Forma JBS S.A. LTM Jun09 (including 5 new units and hides operation); Pilgrims Pride Sep09 (Estimated); Bertin LTM Jun09 * Transactions subject to customary conditions for this type of business

10

Global Production and Distribution Platform

JBS JBS main main units units and and markets markets

Legend
Slaughterhouse (Beef) Slaughterhouse and Industry Distribution Center Vegetable Canning Plant Beef Canning Plant Beef Jerky Plant (Beef Snacks) Slaughterhouse (Pork) Slaughterhouse (Lamb) x Beef and Pork Processing Plant = Wet Blue Processing Plant Headquarters Office Feed Lot Package Industry Inland Container Terminal Commercial Office

11

Brief Description

Global Production Platform

Production Units Employees Daily Slaugther Capacity

JBS Brasil

25

16.993

26.950

JBS Argentina

5.059

6.700

28.600 JBS USA 16 24.295 48.500 4.500 8.690 JBS Australia 10 6.995 15.000

B P S B S

Inalca JBS

2.019

3.000 73.940 48.500 19.500

B B P S

Total JBS

65

55.361

Additional Distribution Platform

United Kingdom
(B) Beef; (P) Pork; (S) Smalls;

Russia

Angola

Congo

Algeria

Dem. Rep. of the Congo

Poland

12

JBS Consolidated Net Revenue Distribution

Revenue Revenue Distribution Distribution by by Market Market 2Q09 2Q09

Australia 11% Pork USA 13%

Italy 4%

Argentina 2% Brazil 16%

Beef USA 54%

Source: JBS

13

Sustainability

Actions Emissions, Effluents and W aste Reduction of Greenhouse Gases emission (GHG)

Sustainability Policies

JBS is aware of its responsibilities as the largest beef Company in the world and all the impacts its operations generates in every region. The Company has a appropriate sustainability program in each of its units including:

Environmental Policy Procedures Adopted Informative Policy Community Relationship and Environmental Investments

Natural Resources Usage Social-environmental Actions Waste Treatment

50% Effluent reutilization 50% Solid waste recycling Energetic Matrix development Use of certified wood 25% Consume reduction 35% Consume reduction (2m3 per head) Flora conservation Animal origination control

Energy

Biodiversity

W ater

JBS is the first and only beef Company to register a CDM project at the UNFCCC (United Nations Framework Convention on Climate Change). The project is in validation phase at the designated national authority.

Sustainability Principles
Ecological feasability Ecological correctness Social concern

Priorities
Sustainable use of materials Partnership with organizations equally

Materials

Focus on environmentally friendly materials

concerned
Health and Quality of Life Climate Waste

Laws

Legislative compliance Environmental awareness Physical activities

Cultural acceptance

Society

Health Care

Formal education

The environmental and social responsibility have always been part of JBSs development and business growth. The Companys extensive experience proves the importance of the reduction of environmental impacts and the improvement of its relations with the community, throughout constant investments that focus these issues.

14

Corporate Governance

JBS has embraced a Corporate Governance model with a view to implant the best practices in the Company. The view is that the model demonstrates transparency and confidence to the public, guaranteeing the best products and services for customers, solidity for suppliers, satisfactory return for shareholders and the certainty of a better future for all JBS collaborators. Novo Mercado

JBS is part of the of BM&FBOVESPAs Novo Mercado, is in accordance with all requirements of this market and with the obligations imposed by the current Brazilian legislation.

Management and Board of Directors

Board of Directors - JBS Board of Directors is formed by 7 members a president, a vice-president, 2 effective councils without specific denomination and 3 independent effective councils. Audit Board - The Audit Board shall consist of at least 3 and at most five 5 sitting members and alternates in the same number, shareholders or not, liable to be elected or dismissed at any time of the General Meeting. Board of Executive Officers - The members of the Companys board of executive officers are elected by the board of directors, for three-year terms, and are eligible for reelection.

Board of Directors Committees

The Board of Directors has approved the establishment of the following Committees: Audit, Financial, Personnel Management and Corporate Strategy, that incorporates the Sustainability matters.

Publishing and Use of Information

JBS is completely in accordance with the CVM 358 instruction that revised and consolidated the requirements regarding the disclosure and use of information related to material facts and acts of publicly held companies, including the disclosure of information in the trading and acquisition of securities issued by publicly held companies.

Conduct and Ethic Manual

JBS Executive Officers have developed a Conduct and Ethic Manual according to the corporate governance best practices concept. The conduct code embraces the relationship between the members of the board, shareholders, employees, suppliers and all the other stakeholders.

15

JBS American Depositary Receipt (JBSAY)

The Bank of New York Mellon, has been selected by JBS S.A. as the depositary bank for its American depositary receipt (ADR) program. Each JBS ADR represents two common shares and they are traded on the over-the-counter market under the symbol JBSAY.
The new program did not represent an increase in the share capital or issuance of new

shares.
This step represents an opportunity to increase the liquidity, visibility and value of JBS

shares.
The Company believes that the program will help readjusting the share price to its reasonable

currency level, considering that more than 80% of the Companys revenue is in American Dollars.
In May 2009, JBS became the first Brazilian Company to have its ADRs traded under de

OTCQX, a kind of Novo Mercado of the North American over-the-counter market. This pioneer step reflected as an increase of 331% in the average daily traded volume of JBS (JBSAY) stocks in New York.
100.000 80.000 60.000 40.000 20.000 0 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 11.000 12.900 16.300 18.800 28.800

ADRs traded volume (JBSAY) 70.770

85.370

16

JBS American Depositary Receipt (JBSAY)

17

Acquisition of Pilgrims Pride Corp. and Association with Bertin S.A.

8 8

Combined Financials

JBS S.A

Pilgrim's Pride

Bertin S.A.

Combined

logo R$ million Results Net Sales LTM Ebitda LTM Ebitda Margin Gross Indebtedness Cash and cash equivalents Net Debt Net Debt / Ebitda
(4)

logo FY09E 14,778 469

(3) (2)

logo Jun 2009 7,224 776 10.7% 4,628 702 3,926 5.1 5.1 TOTAL 60,683 2,727 4.5% 15,768 3,496 12,272 4.5 2.7

Jun 2009 38,680 1,482 3.8% 6,226 2,299 3,928 2.6

(5)

(1)

(3)

(1)

3.2% 4,914 496 4,418 9.4 9.4

Net Debt Pro Forma / Ebitda

Source: Companies (1) Pro forma figures (2) Fiscal year from October to September (3) Does not include Mexican operation (4) Does not include capital increase

-0.6

(5) Considering US$2.5 billion capital increase in JBS USA

19

Creation of the largest protein company in the world

Combined Combined company company will will have have a a leading leading position position in in the the global global market market

Global ranking of protein companies (US$ million)1 largest global protein company

1a
28,725 28,130

12,717

12,488

12,088

10,494

9,457 6,755

Source: Companies, Exame, Valor Econmico and CNN (Global 500) 1 Based in net revenues of 2008 and including Pilgrims Pride in Bertin + JBS

20

Leader company in the protein industry

Ranking Ranking

Presence Presence

Installed Installed capacity capacity

Industrial Industrial units units

Brazil: 39 Latin America: 8 U.S.A.: 13 Italy: 8 Australia: 10 Total: 82 U.S.A.: 34 Mexico: 3 Total: 37

Beef Beef

Brazil / Argentina Brazil: 43,400 heads/day / Italy / Australia / Latin America: 6,700 heads /day U.S.A. / Uruguay / U.S.A.: 28,600 heads/day Paraguay Italy: 3,000 heads/day Australia: 8,690 heads/day Total: 89,790 heads/day U.S.A. / Mexico U.S.A. / Mexico: 7.2mm birds/day Total: 7.2mm birds/day

Poultry Poultry

Pork Pork

U.S.A.

U.S.A.: 48,500 heads/day

U.S.A.: 3

Leather Leather

Brazil / U.S.A. / China

Brazil: 148,500 m2/day

Brazil: 12

Dairy Dairy

Brazil

Brazil: 1,266 ton/day

Brazil: 7

3
21

Expansion of global leadership and geographic diversification

Presence Presence in in over over 23 23 countries countries across across five five continents continents

Slaughterhouses and Industry Distribution Centers / Commercial Offices

X

Beef Distribution centers Leather Dairy Vegetable fat Pet products

Processed products Pork Ovine Leather Poultry

Source: Companies

22

Strategic Rationale

Pilgrims Pride Acquisition

Bertin S.A. Association

Opportunity to enter in the poultry industry as one of the largest companies in the world (Net revenues of US$8.5bn in FY 2008) Integrated distribution of Pilgrims Pride is aligned with JBS direct distribution strategy Potentially higher margins Traditional brands

Diversification into new segments with significant presence in the dairy industry Creation of the largest leather processing company Potential gains of scale, with estimated synergies of R$ 500 million / year Expansion of distribution channels (Retail and Food Service) Optimization of the industrial assets due to its geographic complementarity

US$200m/year of potential synergies Capacity of adding value through turnaround process by the implementation of better operating and managerial practices JBS USA exports growth

23

Creation of the largest protein company in the world

Leader in beef processing in Brazil,

Australia, Argentina and Italy and one of the leaders in the US

Total revenues of approx. US$30

billion

Third largest pork processor in the US Leading company in the poultry Global leader in leather tanning

Global processing capacity:

- Beef: 90.4 thousand heads/day - Pork: 48.5 thousand heads/day - Poultry: 7.2 million birds/day - Smalls: 19.5 thousand heads/day - Leather: 148,500 m2/day - Dairy: 1,266 tons/day

industry in the US and in the world

Complementary companies
Source: Companies estimates

24

Transaction summary

Pilgrims Pilgrims Pride Pride acquisition acquisition Firm value of US$2.8 billion Initial acquisition by JBS S.A., through its JBS USA subsidiary, of new issued shares representing 64% of Pilgrims Pride total capital Estimated synergies of US$200 million/year Customary precedent conditions, including:

Association Association with with Bertin Bertin S.A. S.A. Bertin and JBS controlling shareholders will contribute to a new Holding company their stakes of 73% and 51%, respectively It is estimated that the respective equity value of Bertin and JBS should be in a proportion of approximately 40%-60% Estimated synergies of R$ 500 million/year Customary precedent conditions, including: - Approval by the competent antitrust authority - Due Diligence

- Approval by the competent antitrust

authority

- Final approval of the Reorganization

Plan in the Bankruptcy Court (Chapter 11 of the United States Bankruptcy Code)

JBS is in an advanced negotiation for a capital increase of US$2.5 billion in JBS USA, resulting in a maximum stake of 26.3% after the capitalization
25

Ownership structure post transactions

Ownership structures before transactions

Ownership structure post transactions

Batista Family
51.4%

Market including BNDES

48.6%

Batista Family

Bertin Family

JBS S.A.
Controlling Holding
Market including BNDES

Bertin Family
73.1%

BNDESPAR
26.9%

~60% *

~40% *

JBS S.A. Bertin

100% 73.7%

Investor

Bertin Pilgrims shareholders

35%

Other subsidiaries

JBS U.S.A. Includes AUS 64%

26.3%

Float
65%

Old shareholders
36%

Pilgrims Pride

Pilgrims Pride
* Controlling shareholders estimates

26

Pilgrims Pride overview

Profile Profile

Recent Recent Events Events

One of the largest producers of chicken with extremely well-known brands in this industry Plants in the US, Mexico and Porto Rico Vertically integrated company Chicken production in 2008: 3.8 million tons Slaughterhouses: 33 in the US, 3 in Mexico and 1 in Puerto Rico Employees: ~ 41 thousand Distribution centers: 6 in the US, 18 in Mexico and 1 in Puerto Rico

Dec. 2006: Acquisition of Gold Kist for US$ 1.1 bn May 2008: Public Primary Offering of 7.5 million shares at US$24/share (total of US$180m), aiming to reduce leverage Nov. 2008: Rating downgraded by S&P Dec. 2008: Company files for Chapter 11 (Bankruptcy protection) - Company was delisted from NYSE and started to be traded over-the-counter Feb. 2009: Shares reach their lowest historical price of US$0.15/share

Net Net revenues revenues (US$ (US$ million) million)

EBITDA EBITDA (US$ (US$ million) million) and and margin margin (%) (%)
5.5%

7,499 5,153

8,525 7,095*

2.8% 414 143 -9.6%

3.2% 225 *

-821
FY06 FY07 FY08 FY09E

FY06

FY07

FY08

FY09E

Source: 10K, 10Q and Pilgrims Pride Plan of Reorganization Pilgrims Pride fiscal year is from October to September * Does not include Mexico operations

27

Footprint expansion in North America

Pilgrims Pilgrims Pride Pride Acquisition Acquisition will will strengthen strengthen JBS JBS presence presence in in North North America America
WA MT ND MN OR ID SD WY NE
D D D

WI MI IA IL MO KY OK TN AR
D D

ME NY PA M VA NC SC VT NH MA CTRI
D

NV CA

UT

CO

IN

OH WV

NJ D DE

KS

D D

AZ

NM
D D

MS AL LA GA

TX
D

FL
D D

MEXICO
D D

Subtitle
D

D D D

DD D D D DD

D D D D D

JBS USA production units JBS USA distribution center Pilgrims Pride production units Pilgrims Pride distribution center

28

Bertin Overview

Description Description

Net Sales Net Sales Breakdown Breakdown (R$ (R$ million) million)

Established in 1977, Bertin has 38

Production Capacity:

production units and 28 thousand employees - Present in the beef, dairy, leather and pet product segments with several nationwide well-known brands, e.g. Bertin, Vigor, Leco and Danbio - Units in Brazil, Uruguay, Paraguay and China - Exports to more than 110 countries

2008
7% 12%

13% 68%

- 16,450 head/day (2009E) - 21,400 hides/day (2009E)

Net Net Sales Sales (R$ (R$ million) million)

Beef

Leather

Dairy

Others

EBITDA EBITDA (R$ (R$ million) million) and and margin margin (%) (%)
13.2%
7,224

6,626 5,188

10.5% 694

10.7% 776

687

2007
Source: Bertin

2008

Jun09

LTM

2007

2008

Jun09

LTM

29

South America production base

The The combined combined production production units units places places JBS JBS at at the the forefront forefront in in South South America America

PA AC RO MT BA

Paraguay

MS

GO

MG RJ

Brazil

PR

SP SC

SF CO ER

BA

Uruguay

Argentina
Combined companies

30

Final remarks of the Transactions

Complementary activities and consolidation of the global leadership in the protein industry will be strengthened through the association between JBS S.A. and Bertin S.A. Entry in the poultry industry through one of the leading companies in the US industry Acceleration of direct distribution strategy through the IPO of JBS USA Appropriate capital structure Significant opportunity of adding value through synergy gains Proven track record in acquisitions, integration and restructuring of companies Resuming growth through acquisitions and partnerships
31

2st Quarter 2009 Results

8 8

JBS Consolidated Results

Net Net Revenue Revenue (R$ (R$ million) million)

EBITDA EBITDA and and EBITDA EBITDA Margin Margin (R$ (R$ million) million)

6.1% 4.1% 2.8%

9,633.2 7,771.5
295.0 265.9 211.5 470.5 384.0

4.1% 2.3%

9,267.9

9,255.0

7,129.5

9.0%

24.0%

-3.8%

-0.1% 59.5% -43.5% -20.4% 81.5%

2Q08
Source: JBS

3Q08

4Q08

1Q09

2Q09

2Q08

3Q08

4Q08

1Q09

2Q09

EBITDA Margin (%)

33

Performance by Business Units

JBS USA (Beef)
Including Australia (US$ (US$ million) million)

JBS USA (Pork)

Net Net Sales Sales (US$ million) (US$ million)

INALCA JBS
Net Net Sales Sales
( ( million) million)

JBS MERCOSUL
(R$ (R$ million) million)
1.8 1.6 1.4 1.4

Net Net Sales Sales

Net Net Sales Sales

2.9 2.8 2.6 2.8 2.8 620 682 600 526 554

1.7

140

143

162

144

144

2Q08

3Q08

4Q08

1 Q09

2Q09

2Q08

3Q08

4Q08

1 Q09

2T09

2Q08

3Q08

4Q08

1 Q09

2T09

2Q08

3Q08

4Q08

1 Q09

2T09

EBITDA EBITDA (US$ (US$ mi) mi) EBITDA margin EBITDA margin
5.1 % 5.6% 2.2% 2.2% 3.6%

EBITDA (US$ (US$ mi) mi) EBITDA EBITDA margin EBITDA margin
7.6% 4.3% 1 .4% 4.5% 4.7%

EBITDA EBITDA ( ( mi) mi) EBITDA margin EBITDA margin

EBITDA EBITDA (R$ (R$ mi) mi) EBITDA margin EBITDA margin
5.6%

5.3%

5.1 %

3.2%

3.9%

4.6%

4.1 %

4.3%

3.7%

4.9%

155.6 132.9 104.6 60.4 59.7

52.1 6.6 19.9 25.6 7.5 24.7

7.6

8.3 5.6

6.6
102.2 199,1 58,2 82.6 53.5
1 Q09 2T09

2Q08

3Q08

4Q08

1 Q09

2T09

2Q08

3Q08

4Q08

1 Q09

2T09

2Q08

3Q08

4Q08

1 Q09

2T09

2Q08

3Q08

4Q08

Source JBS EBITDA Margin (%)

34

Debt

Considering the seasonality with the production increase in a high moment of high demand for beef, the Company maintained its leverage on the same levels of the preview quarter. The Company has improved its net debt in comparison to the 1Q09. The short term debt decreased 47% in 1Q09 to 39% in 2Q09 against the total debt.

Net Debt / EBITDA Pro Forma per Quarter

Net Debt = R$ 3,928MM EBITDA pro forma = R$ 1,482 MM = 2.6
100%

Debt Profile

2.8

2.3

2.5 2.0

2.6 *

80%

50%

53%

61%

60%

40%

20%

50%

47%

39%

2Q08

3Q08

4Q08

1Q09

2Q09

0%

2Q08

1Q09
Short term Long term

2Q09

Source: JBS Net Debt/ EBITDA * LTM including Smithfield Beef pro-forma.

EBITDA pro-forma

35

Cash and Availabilities

R$ Million Net indebtedness Cash and cash equivalents Current Long term Gross indebtedness

06/30/09 3,927.7 2,298.7 2,411.9 3,814.5 6,226.4

03/31/09 4,173.8 1,798.0 2,780.0 3,191.8 5,971.8

Var.% -5.9% 27.8% -13.2% 19.5% 4.3%

Besides the cash and cash equivalents noted above, the US and Australia subsidiaries of the Company has availabilities of approximately US$ 560 million under their existing credit facilities that provide additional liquidity. Therefore the Companys total liquidity including the availabilities under its credit facilities:
R$ Million Additional availability Cash and cash equivalents Total Liquidity 06/30/09 1,092.9 2,298.7 3,391.6

36

JBS Consolidated Exports Distribution

Revenue Distribution by Market 1Q09

Revenue Distribution by Market 2Q09

Exports 22%

Exports 26%

Domestic Market 78%

Domestic Market 74%

Exports Distribution 1Q09

Exports Distribution 2Q09

JBS Exports2Q 09 US$ 1,169.1 Million

Taiwan 2% Middle East 4% Canada 4% Hong Kong 5%

O thers 14%

Japan 16% E.U. 16%

China 4% Hong Kong 5% Canada 5%

Taiwan 2%

O thers 14%

Japan 18% E.U. 15%

China 5%

South Korea 6%

Russia 8%

Mexico 9%

USA 11%

South Korea 6%

Russia 7%

Mexico 7%

Africa and Middle East 8%

USA 9%

JBS Exports 1Q09: US$ 904.1 Million

Source: JBS

JBS Exports 2Q09: US$ 1,169.1 Million

37

Investor Relations www.jbs.com.br/ir ir@jbs.com.br +55 11 3144 4055

Thank you!

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.

39