JBS S.A.

CORPORATE TAXPAYERS ID (CNPJ) No. 02.916.265/0001-60

STATE REGISTRY (NIRE) No. 35.300.330.587
Publicly-Held Company with Authorized Capital
SUMMARY OF THE MINUTES OF THE BOARD OF DIRECTORS' MEETING
HELD ON MAY 11, 2016 AT 10:30 AM
Date, Time and Venue: May 11, 2016, at 10:30 a.m., at the headquarters of JBS S.A., Avenida
Marginal Direita do Tiet, n 500, Bloco I, 3 Andar, Vila Jaguara, CEP 05118-100, in the state of So
Paulo (Company).
Call notice: Call notice sent by email to the members of the Board of Directors pursuant to Article 18
of the Company's Bylaws.
Attendance: The majority of the members of the Company's Board of Directors, therefore verifying the
quorum required for the installation of the Meeting of the Company's Board of Director.
Attended also Messrs. Gilberto Tomazoni, Eneas Cesar Pestana Neto, Russell Colaco, Jeremiah
Alphonsus OCallaghan; Eliseo Perez Fernandez; and Khalil Kaddissi, both members of the
Company's management, and, partially, Messrs. Marcel Vasconcellos FonsecaCompany's
management member, Mr. Fabio Sandri, Chief Financial Office (CFO) of Pilgrim's Pride Corporation
(Pilgrim's).
Presiding Board: Joesley Mendona Batista, Chairman; and Daniel Pereira de Almeida Araujo,
Secretary.
Agenda:
For information only: (i) presentation of an overview of the market and of the operations of the
Company and its subsidiaries for the year ended pn 31 March 2016; (ii) presentation of the work
carried out by the Audic Committee of the Company; (iii) presentation of the work carried out by the
Sustainability Committee of the Company; (iv) presentation of the work carried out by the Financial
and Risk Management Committee of the Company; (v) presentation of the work in the area of
Compliance of the Company; (vi) presentation on the voluntary recall of chicken products announced
by Pilgrim's in April 2016 Voluntary Recall); and (vii) presentation on the corporate restructuring of
the Company to strengthen its position as a brazilian leader company in the global food industry
("Reestructuring").
To be resolved on: resolve on the approval of the consolidated interim financial statements of the
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Company for the period ended on March 31, 2016 ( "Financial Statement").
Resolutions:
For information only:
(i)

the Investor Relations Officer, Mr. Jeremiah Alphonsus OCallaghan, presented the

overview of the operations of the Company and its subsidiaries concerning the period ended on March
31, 2016;
(ii)

the Chairman of the Company's Fiscal Council, Mr. Humberto Junqueira de Farias briefly

presented the works carried out by the Company's Audit Committee with JBS Australia/Primo
Smallgoods;
(iii)

the Chairman of the Company's Sustainability Committee, Mr. Joo Carlos Ferraz, briefly

presented the works carried out by the Company's Sustainability Committee, commenting on the main
points of the Sustainability Work Plan for 2016;
(iv)

The Chairman of the Finance and Risk Management Committee, Mr. Joesley Mendona

Batista, briefly presented the works carried out by the Company's Finance and Risk Management
Committee, commenting on the main financial indicators of the Company;
(v)

the Company's Compliance Officer, Mr. Marcel Vasconcellos Fonseca, briefly presented the

works carried out by the Company's Compliance area, commenting on the implementation of the
Company's integrity program and the Compliance Work Plan for 2016;
(vi)

the Pilgrim's CFO, Mr. Fabio Sandri, presented the circumstances and the information on the

voluntary recall , emphasizing that no consumer was affected and that the quality control processes
have been redesigned and disseminated to all plants so that such events do not recur;
(vii)

the Company's management jointly presented the Reestructuring.

To be resolved on:
After the facts above, the Board of Directors unanimously resolved: to approve the Financial
Statement, without any reservations or comments;
The Member of the Board of Directors, Mr. Joo Carlos Ferraz, requested to be registered in the
minutes the recognition of the excellent work done by the Company's management members
concerning the organization of the Reestructuring.
Minutes in Summary Form: It was authorized by the Board of Directors to draw up these minutes as
a summary and its publication without the signatures, in accordance with Paragraphs 1 and 2 of Article
130 of the Brazilian Corporations Law.
Closure:There being nothing else to be discussed, the floor was offered to anyone who intended to
use it and, as no one did, the meeting was suspended for the time necessary to draw up these
minutes, which, after reopening the meeting, were read, approved by all present and signed.
Attending Board Members: Joesley Mendona Batista; Wesley Mendona Batista; Jos Batista
Sobrinho; Humberto Junqueira de Farias; Joo Carlos Ferraz; Marcio Percival Alves Pinto; and
Tarek Mohamed Noshy Nasr Mohamed Farahat.
I certify that this is a free English translation of the original Minutes of the Board of Directors' Meeting
drawn up in the Companys proper book.
So Paulo, May 11, 2016.

Daniel Pereira de Almeida de Araujo

Secretary of the Presiding Board