<SEC-DOCUMENT>0001292814-22-000134.txt : 20220118
<SEC-HEADER>0001292814-22-000134.hdr.sgml : 20220118
<ACCEPTANCE-DATETIME>20220118073355
ACCESSION NUMBER:		0001292814-22-000134
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20220118
DATE AS OF CHANGE:		20220118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRF S.A.
		CENTRAL INDEX KEY:			0001122491
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15148
		FILM NUMBER:		22533641

	BUSINESS ADDRESS:	
		STREET 1:		1400 RUA HUNGRIA 5TH FLOOR
		STREET 2:		JARDIM EUROPA 01455 000
		CITY:			SAO PAULO SP BRAZIL
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		551123225061

	MAIL ADDRESS:	
		STREET 1:		8501 AV. DAS NACOES UNIDAS 1ST FLOOR
		STREET 2:		PINHEIROS 05425 070 SAO PAULO SP
		CITY:			BRAZIL
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRF-BRASIL FOODS S.A.
		DATE OF NAME CHANGE:	20090708

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PERDIGAO SA
		DATE OF NAME CHANGE:	20000823
</SEC-HEADER>
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<FILENAME>brfmda3q21_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the month of January 2022<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;Commission File Number 001-15148</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BRF S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>8501, Av. Das Na&ccedil;&otilde;es Unidas, 1st Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pinheiros &ndash; 05425-070, S&atilde;o Paulo &ndash;
SP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(</B>Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form 20-F Form 40-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>EXPLANATORY NOTE</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 49.5pt">Exhibit 1 to this Report on Form 6-K contains
certain information relating to the financial position and financial results of BRF S.A., or the Company, as of September 30, 2021 and
for the nine months ended September 30, 2021 and 2020, and summarizes certain recent developments and other information and updates regarding
the business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 49.5pt">This Report on Form 6-K, including Exhibit
1 hereto, includes certain forward-looking statements that are based principally on current expectations and on projections of future
events and financial trends that currently affect or might affect the Company&rsquo;s business, and are not guarantees of future performance.
These forward-looking statements are based on management&rsquo;s expectations, which involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are beyond the Company&rsquo;s control and any of which could cause the Company&rsquo;s
actual financial condition and results of operations to differ materially from those set out in the Company&rsquo;s forward-looking statements.
You are cautioned not to put undue reliance on such forward-looking statements. The Company undertakes no obligation, and expressly disclaims
any obligation, to update or revise any forward-looking statements, whether because of new information, future events or otherwise. The
risks and uncertainties relating to the forward-looking statements in this Report on Form 6-K, including Exhibit 1 hereto, include those
described under the captions &ldquo;Forward-Looking Statements&rdquo; in the Company&rsquo;s annual report on Form 20-F for the year ended
December 31, 2020 and in the sub-section &ldquo;Risk Factors and Other 2020 Form 20-F Updates&rdquo; of Exhibit 1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.75in">This Report and Exhibit 1 shall be deemed to
be incorporated by reference in our registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission on January
18, 2022, and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent not superseded
by documents or reports subsequently filed or furnished.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the U.S. Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: January 18, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">BRF S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By: <U>/s/ Carlos Alberto Bezerra de Moura</U><BR>
Name: Carlos Alberto Bezerra de Moura<BR>
Title: Chief Financial and Investor Relations Officer<BR>
<BR>
</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><U>Exhibit </U>&#9; <U>Description of Exhibit</U></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="ex99-1a.htm">1.A</A></TD><TD><A HREF="ex99-1a.htm">Certain information relating to the financial position and financial results of the Company as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020, which is derived from our unaudited condensed consolidated interim financial information as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020.</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="ex99-1b.htm">1.B</A></TD><TD><A HREF="ex99-1b.htm">Risk Factors and Other 2020 Form 20-F Updates.</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="ex99-1c.htm">1.C</A></TD><TD><A HREF="ex99-1c.htm">Recent Developments.</A></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 1.A</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Unless the context otherwise requires, all
references in this Exhibit 1.A to &ldquo;BRF S.A.,&rdquo; &ldquo;BRF,&rdquo; the &ldquo;company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;ours,&rdquo; &ldquo;us&rdquo; and similar terms are to BRF S.A. and its consolidated subsidiaries and jointly controlled companies.</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 31.5pt"><I>The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with (i) our audited consolidated financial statements included
in our annual report on Form 20-F for the year ended December 31, 2020, or 2020 Form 20-F, (ii) the information set forth under &ldquo;Item
5. Operating and Financial Review and Prospects&rdquo; in our 2020 Form 20-F and (iii) our unaudited condensed consolidated interim financial
information filed on the Report on Form 6-K which we furnished to the SEC on January 18, 2021, or unaudited condensed consolidated interim
financial information.</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>Results of Operations as a Percentage of
Net Sales for the Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table sets forth the components
of our results of operations in <I>reais</I> and as a percentage of net sales for the nine months ended September 30, 2021 and 2020.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="4">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>Nine
    Months Ended September&nbsp;30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="width: 9%; padding-left: 5.75pt; font-size: 10.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(%)</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="width: 10%; font-size: 10.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(%)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 5.75pt; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net sales&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">34,618,863</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100.0</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">27,995,582</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost of sales&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(27,573,239)</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>79.6)</P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(21,419,255)</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>76.5)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross profit</B>&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>7,045,624</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>20.4</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>6,576,327</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>23.5</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Operating income (expenses)</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Selling expenses&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;(4,624,899)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(</FONT><FONT STYLE="font-size: 8pt">13.4)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;(4,011,692)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(</FONT><FONT STYLE="font-size: 8pt">14.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">General and administrative expenses&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">(573,966)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(</FONT><FONT STYLE="font-size: 8pt">1.7)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;(550,373)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impairment loss on trade receivables&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;(11,627)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;(15,126)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(0.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other operating income (expenses), net&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;103,581</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">0.3</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;91,243</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income before financial results and income taxes</B>&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>1,938,713</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>5.6</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>2,090,379</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>7.5</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial income&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;340,283</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.0</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;267,413</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial expenses&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;(2,470,878)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7.1)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;(1,327,579)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(</FONT><FONT STYLE="font-size: 8pt">4.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign exchange and monetary variations&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(216,381)</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(0.6)</P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(173,025)</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>0.6)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Financial income (expenses), net</B>&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>(2,346,976)</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(</B></FONT><B>6.8)</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>&nbsp;(1,233,191)</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>(4.4)</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income (loss) before taxes</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(408,263)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1.2)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;857,188</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>3.1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income taxes&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(38,818)</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(0.1)</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&nbsp;(234,654)</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>0.8)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income (loss) from continuing operations</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(447,081)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1.3)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;622,534</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2.2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Loss from discontinued operations</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;(47,802) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(0.1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income (loss) for the period</B>&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>(494,883)</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>(1.4)</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>622,534</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>2.2</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Net income (loss) from continuing operations</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Attributable to:</B></P></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Controlling shareholders&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(454,014)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(</FONT><FONT STYLE="font-size: 8pt">1.3)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">609,668</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-controlling interest&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">6,933</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&mdash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">12,866</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&mdash;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>(447,081)</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>(1.3)</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>622,534</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>2.2</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net loss from discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Controlling shareholders&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(47,802)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 5.75pt; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(0.1)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-controlling interest&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&mdash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&mdash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&mdash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&mdash;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>(47,802)</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>(0.1)</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>&mdash;</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: top">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>&mdash;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><I>Presentation of Operating Segments and Net
Sales Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our operating segments include: (i) Brazil;
(ii) International, which concentrates all of our operations outside Brazil; and (iii) Other. These segments include sales through all
of our distribution channels and operations, subdivided according to the nature of the following products: (i) poultry (whole poultry
and in natura cuts), (ii) pork and others (in natura cuts); (iii) processed (processed foods, frozen and processed products derived from
poultry, pork, margarine, vegetables and soybean-based products); and (iv) other sales (flour for food service and others). Other is divided
into commercialization and development of animal nutrition ingredients, human nutrition, plant nutrition (fertilizers), health care (health
and wellness) and pet food, as well as commercialization of agricultural products. See note 24 to our unaudited condensed consolidated
interim financial information for a breakdown of net sales by segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We report net sales after deducting taxes on
gross sales and discounts and returns. Our total sales deductions can be broken down as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>ICMS Taxes</I> &ndash; ICMS is a state value-added tax on our gross sales in the Brazilian market at a rate that varies by state
and product sold. Our average ICMS tax rate for the nine months ended September 30, 2021 was 9.50%. However, exports are not subject to
these taxes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>PIS and COFINS Taxes</I> &ndash; The PIS and the COFINS taxes are federal
social contribution taxes levied on gross revenues from the Brazilian market at the rates of 1.65% for PIS and 7.6% for COFINS for the
nine months ended September 30, 2021. However, (1) exports are not subject to these taxes, (2) we currently benefit from a reduction of
the tax rate to zero with respect to our <I>in natura</I> pork and poultry cuts and (3) our financial revenues are subject to PIS and
COFINS at tax rates of 0.65% and 4.0%, respectively. For more information, see below Risk Factors&mdash;Risks Relating to Brazil&mdash;Changes
in tax laws or changes in their interpretation may increase our tax burden and, as a result, negatively affect our results of operations
and financial condition.&rdquo;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Discounts, Returns and Other Deductions</I> &ndash; Discounts, returns
and other deductions are unconditional discounts granted to customers, product returns and other deductions from gross sales.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Most of our deductions from gross sales are
attributable to the ICMS, PIS and COFINS taxes. As a result, our deductions from gross sales in the domestic market, which are subject
to these taxes, are significantly greater than our deductions from gross sales in our export markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below sets forth our gross sales
and deductions for the nine months ended September 30, 2021 and 2020:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.25pt solid"><B>Nine Months Ended
    September&nbsp;30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%; padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.25pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.25pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.25pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Gross sales</I></B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;21,802,401</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;18,018,393</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">International&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;16,826,837</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;13,440,650</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other segments&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,473,572</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">968,825</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">52.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;40,102,810</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;32,427,868</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Sales deduction</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(4,200,139)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,428,677)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">International&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,129,075)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(908,292)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other segments&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(154,733)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(95,317)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">62.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(5,483,947)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(4,432,286)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Net sales</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;17,602,262</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;14,589,716</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">International&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;15,697,762</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;12,532,358</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.2in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other segments&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,318,839</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">873,508</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;34,618,863</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;27,995,582</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in"><B><I>Nine Months Ended September 30, 2021 Compared
to the Nine Months Ended September 30, 2020</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following provides a comparison of our
results of operations for the nine months ended September 30, 2021 against our results of operations for the nine months ended September
30, 2020, based on our unaudited condensed consolidated interim financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Net Sales </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our net sales increased R$6,623,281 thousand,
or 23.7%, to R$34,618,863 thousand in the nine months ended September 30, 2021 from R$27,995,582 thousand in the corresponding period
in 2020, primarily due to an increase of 3.2% in sales volume in the nine months ended September 30, 2021 compared to sales volume in
the nine months ended September 30, 2020 (particularly in the International and Other segments) and increase in average selling prices
across all segments of 19.8% in the nine months ended September 30, 2021 compared to average selling prices in the nine months ended September
30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Brazil Segment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Net sales from our Brazil segment increased
R$3,012,546 thousand, or 20.6%, to R$17,602,262 thousand in the nine months ended September 30, 2021 from R$14,589,716 thousand in the
corresponding period in 2020, primarily due to an increase of 21.4% in average selling prices in the nine months ended September 30, 2021
compared to average selling prices in the nine months ended September 30, 2020. In addition, in the challenging context of loss of consumer
confidence and pessimist economic outlook, our competitive advantages, such as brand preference, broad distribution and comprehensive
portfolio, among others, are a testament of the effectiveness of our strategy in the Brazilian market, as we successfully conducted price
increases to balance the industry margins especially in the processed food and margarine categories, resulting in higher average selling
prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table provides a breakdown of
our sales volumes and net sales for our Brazil segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Volume Nine Months
    Ended September 30,</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Net Sales Nine
    Months Ended September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 21%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of tons)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Poultry&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">351</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">343</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">2.3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,324,314</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;2,670,960</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Pork and other&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">91</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">93</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">(2.2)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,056,356</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">930,967</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 15pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total in natura meat&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">442</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">436</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,380,670</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">3,601,927</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Processed&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1,237</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1,255</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">(1.4)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,167,042</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">10,966,468</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other sales&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">3</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">1</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">200.0</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">54,550</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">21,321</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">155.9</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,682</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,692</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>(0.6)</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>17,602,262</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>14,589,716</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>20.6</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table sets forth our average
selling prices in our Brazil segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Average Selling
    Prices Nine Months Ended September&nbsp;30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 59%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in reais per kg)</I></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10.47</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8.62</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21.4</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>International Segment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Net sales from our International segment increased
R$3,165,404 thousand, or 25.3%, to R$15,697,762 thousand in the nine months ended September 30, 2021 from R$12,532,358 thousand in the
corresponding period in 2020, primarily due to an expansion of sales volume of 5.6%, a consequence of increased demand for food products,
and an increase of average selling prices of 18.6%, of which a part is due to the depreciation of the <I>real</I> against the U.S. dollar during the
period (approximately 4.5%). We perceive that food demand is growing, which we believe reflects the increased pace of vaccinations against
COVID-19, leading to a more optimistic scenario, growth of economic activity and return of the food service channel, contributing to the
general recovery of the food industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table provides a breakdown of
our sales volume and net sales for our International segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Volume Nine Months
    Ended September&nbsp;30,</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Net Sales Nine
    Months Ended September&nbsp;30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 25%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of tons)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Poultry&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1,116</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1,062</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;11,291,729</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;8,994,799</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Pork and other&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">148</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">143</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">3.5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;1,959,218</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;1,656,655</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 15pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total in natura meat&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1,264</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">1,205</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">4.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,250,947</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,651,454</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Processed&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">194</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">174</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">11.5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;2,162,453</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;1,664,171</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">29.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other sales&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">2</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">3</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(33.3)</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">284,362</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">216,733</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">31.2</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,460</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,382</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>5.6</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>15,697,762</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>12,532,358</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>25.3</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">The following table provides
a further breakdown of the sales volume and net sales of the International segment into Asia, direct exports and delivered duty paid (DDP)
halal.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Volume Nine Months
    Ended September&nbsp;30,</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Net Sales Nine
    Months Ended September&nbsp;30,</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 31%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of tons)</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Asia&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">424</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">415</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">2.2</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">4,819,200</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">4,155,842</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">16.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Direct exports&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">512</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">434</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">18.0</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">4,565,719</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">3,018,041</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">51.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">DDP halal&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">524</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">533</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(1.7)</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">6,312,843</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">5,358,475</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">17.8</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,460</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,382</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>5.6</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>15,697,762</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>12,532,358</B></P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>25.3</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">The following table sets
forth our average selling prices for our International segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Average Selling
    Prices Nine Months Ended September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 62%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in reais per kg)</I></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 47.3pt; padding-left: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">International&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10.75</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.07</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18.6</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Other Segment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Net sales from our Other segment increased
R$445,331 thousand, or 51.0%, to R$1,318,839 thousand in the nine months ended September 30, 2021 from R$873,508 thousand in the corresponding
period in 2020, mainly driven by the expansion of (i) the Ingredients business, which processes our byproducts through the creation of
high value-added and sustainable products, and (ii) the BRF pet business, mainly through an organic expansion in 2021 of our portfolio
of products as well as inorganic growth through the acquisitions of Hercosul and Mogiana, acquisitions which were closed August 2, 2021
and September 1, 2021, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table provides a breakdown of
our sales volumes and net sales for our Other segment.</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Volume Nine Months
    Ended September 30,</B></P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Net Sales Nine
    Months Ended September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 25%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of tons)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 6.45pt; text-align: justify; text-indent: -6.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other Segment&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">244</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">207</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,318,839</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">873,508</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 6.45pt; text-align: justify; text-indent: -6.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">The following table sets
forth our average selling prices for our Other segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Average Selling
    Prices Nine Months Ended September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 65%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in reais per kg)</I></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 61.85pt; padding-left: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other Segment&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.41</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.22</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28.1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Cost of Sales </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Cost of sales totaled R$27,573,239 thousand
in the nine months ended September 30, 2021, an increase of 28.7% compared to R$21,419,255 thousand in the corresponding period in 2020.
This increase in cost of sales for the nine months ended September 30, 2021 is attributable to (i) an increase in volumes; (ii) an increase
of grain prices; (iii) inflation effects on main production inputs, e.g., plastic packaging and cardboard packaging; and (iv) higher costs
of fuel, freight, storage and port services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Gross Profit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our gross profit increased R$469,297 thousand,
or 7.1%, to R$7,045,624 thousand in the nine months ended September 30, 2021 from R$6,576,327 thousand in the corresponding period in
2020, with a gross margin of 20.6% in the nine months ended September 30, 2021 compared to 23.49% in the corresponding period in 2020.
This decrease in gross margin was driven primarily by the unprecedented inflation of commodities on a global scale, which triggered higher
costs of raw materials, packaging and freight, amongst others. By adjusting our average selling prices, we managed to reduce the impact
of these higher costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table provides a breakdown of
our gross profit for our Brazil, International and Other segments with a further breakdown of the International segment into the Asia,
direct export and DDP halal markets.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.45pt; border-bottom: Black 0.5pt solid"><B>Nine
    Months Ended September&nbsp;30,</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.45pt; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 17%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="vertical-align: top; width: 20%">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change (%)</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in&nbsp;thousands of&nbsp;reais, except where indicated)</I></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B> &#9;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; text-indent: 0.45pt"><FONT STYLE="font-size: 8pt"><B>3,702,325</B></FONT></TD>
    <TD STYLE="padding-left: 4.3pt; text-align: right; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-size: 8pt"><B>3,509,205</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt"><B>5.5 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>International</B>&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,960,116</B></FONT></TD>
    <TD STYLE="padding-left: 4.3pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,891,783</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 7.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Asia&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">824,389</FONT></TD>
    <TD STYLE="padding-left: 4.3pt; text-align: right"><FONT STYLE="font-size: 8pt">1,197,878</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 8pt">(31.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 7.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Direct exports&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">562,924</FONT></TD>
    <TD STYLE="padding-left: 4.3pt; text-align: right"><FONT STYLE="font-size: 8pt">417,024</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 8pt">35.0 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 7.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">DDP halal&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,572,803</FONT></TD>
    <TD STYLE="padding-left: 4.3pt; text-align: right"><FONT STYLE="font-size: 8pt">1,276,881</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 8pt">23.2 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other segments</B>&#9;</FONT></TD>
    <TD>
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>383,183</B></P></TD>
    <TD>
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>175,339</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: top">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>118.5 </B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 2pt; padding-left: 5.75pt; font-size: 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B>&#9;</FONT></TD>
    <TD>
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; border-bottom: Black 1.5pt double"><B>7,045,624</B></P></TD>
    <TD>
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; border-bottom: Black 1.5pt double"><B>6,576,327</B></P></TD>
    <TD>
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; border-bottom: Black 1.5pt double"><B>7.1 </B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Operating Income (Expenses) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 14.2pt">Our operating expenses increased by 13.8% in
the nine months ended September 31, 2021, to R$5,106,911 thousand in the nine months ended September 30, 2021 from R$4,485,948 thousand
in the nine months ended September 30, 2020, primarily due to the drivers described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Selling Expenses </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our selling expenses increased R$613,207 thousand,
or 15.3%, to R$4,624,899 thousand in the nine months ended September 30, 2021 from R$4,011,692 thousand in the corresponding period in
2020, primarily as a result of higher freight costs and inflation. Our selling expenses represented 13.4% of the net revenues in the
nine months ended September 30, 2021, a decrease of 0.9 p.p. compared to 14.3% in the nine months ended September 30, 2020.<I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>General and Administrative Expenses </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our general and administrative expenses increased
R$23,593 thousand, or 4.3%, to R$573,966 thousand in the nine months ended September 30, 2021 from R$550,373 thousand in the corresponding
period in 2020. The increase was mainly due to an increase of 11.6% in expenses with salaries and employees&rsquo; benefits. In order
to reduce the impact of these expenses, we implemented an expense control through our expense management matrix, automation of controls
and processes and re-engineering process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Other Operating Income (Expenses), Net </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Other operating income (expenses), net, amounted to
an income of R$103,581 thousand in the nine months ended September 30, 2021 as compared to an income of R$91,243 thousand in the corresponding
period in 2020. This increase is mainly attributable to: (i) lower income from PIS and COFINS taxes recoveries in the amount of R$67,781
thousand in the nine months ended September 30, 2021 compared to R$295,593 thousand in the corresponding period in 2020, (ii) net reversal
of provisions for civil and tax risks in the amount of R$42,518 thousand in the nine months ended September 30, 2021 compared to net expenses
of R$79,238 thousand in the corresponding period in 2020, mainly due to the termination of the lawsuits related to ICMS credits in the
context of the &ldquo;Guerra Fiscal&rdquo; (see note 20.2.1 to our audited consolidated financial statements for the year ended December
31, 2020 included in our 2020 Form 20-F), and (iii) gains on the disposal of non-financial assets in the amount of R$89,775 thousand in
the nine months ended September 30, 2021 compared to losses of R$24,026 thousand in the corresponding period in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Income Before Financial Results and Income
Taxes </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our income before financial results and income
taxes decreased R$151,666 thousand, or 7.3%, to R$1,938,713 thousand in the nine months ended September 30, 2021, compared to income before
financial results and income taxes of R$2,090,379 thousand in the corresponding period in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">The table below sets forth
our income before financial results and income taxes for each segment and for Corporate:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Income (Loss) Before
    Financial Results and Income Taxes</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Nine Months Ended
    September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 54%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Change</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(%)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,015,749</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,282,928</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(20.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">International&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">569,495</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">868,636</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(34.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other Segments&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">282,076</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">122,654</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Subtotal&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,867,320</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;2,274,218</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(17.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corporate&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">71,393</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(183,839)</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">(138.8)</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 2pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; border-bottom: Black 1.5pt double"><B>1,938,713</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; border-bottom: Black 1.5pt double"><B>2,090,379</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="border-bottom: Black 1.5pt double; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: right"><B>(7.3)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Financial Income (Expenses), Net </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Financial expenses, net increased R$1,113,785
thousand, or 90.3%, to R$2,346,976 thousand in the nine months ended September 30, 2021from R$1,233,191 thousand in the corresponding
period in 2020. This increase in financial expenses, net is mainly a result of (i) the negative impact of the remeasurement of the fair
value of the put option granted by us to Qatar Investment Authority to sell its interest in TBQ (owner of Banvit) to BRF Foods GmbH, our
indirect wholly-owned subsidiary, in the amount of R$812,392 thousand; (ii) higher interest expenses mainly due to increasing Extended
National Consumer Price Index (<I>&Iacute;ndice Nacional de Pre&ccedil;os ao Consumidor Amplo</I>), or IPCA, inflation rate (6.9% for
the nine months ended September 30, 2021 compared to 1.34% for the same period in 2020); and (iii) higher net charges on general obligations
and rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the nine months ended September 30, 2021,
expense with income taxes decreased R$195,836 thousand, or 83.5%, to an expense of R$38,818 thousand in the nine months ended September
30, 2021 from an expense of R$234,654 thousand in the corresponding period in 2020. Our effective tax rate in the nine months ended September
30, 2021 represented an expense of 9.5% compared to an effective tax rate that represented an expense of 27.4% in the corresponding period
in 2020. This variation was primarily due to deferred tax assets that we did not recognize in 2021 because we determined that the realization
of these tax assets was not probable, in addition to the composition of the results of foreign subsidiaries that are taxed at different
tax rates, as disclosed in note 10 of our unaudited condensed consolidated interim financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Income (Loss) from Continuing Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Income (loss) from continuing operations amounted
to a loss of R$447,081 thousand in the nine months ended September 30, 2021, a change of R$1,069,615 thousand from an income from continuing
operations of R$622,534 thousand in the corresponding period in 2020, mainly due to the financial results, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Loss from Discontinued Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Loss from discontinued operations amounted
to R$47,802 thousand in the nine months ended September 30, 2021, as compared to no income or loss from discontinued operations in the
corresponding period in 2020, mainly due to the completion, in 2021, of the price adjustment processes related to the sale of Campo Austral
S.A. and Avex S.A., both executed in 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Income (Loss) for the Period</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As a result of the foregoing, we recorded a
loss of R$494,883 thousand in the nine months ended September 30, 2021, as compared to an income of R$622,534 thousand in the corresponding
period in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of September 30, 2021, we held R$6,889,844
thousand in cash and cash equivalents. Of that amount, R$2,685,784 thousand, or 38.98%, was held in jurisdictions outside Brazil. We regularly
review the amount of cash and cash equivalents held outside of Brazil to determine the amounts necessary to fund the current operations
of our foreign subsidiaries and their growth initiatives as well as amounts needed to service our Brazilian indebtedness and related obligations.
If these amounts are moved out of these jurisdictions or repatriated to Brazil, we may be subject to Brazilian tax upon repatriation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our main cash requirements are the servicing
of our debt, capital expenditures relating to expansion programs and acquisitions, and the payment of dividends and interest on shareholders&rsquo;
equity. Our primary cash sources have been cash flows from operating activities, loans and other financings and sales of marketable securities.
Although we have substantial debt that will mature in coming years, we believe that our current cash and cash equivalents, along with
our cash flows from operating activities and plans for the extension of the maturity of a portion of our current indebtedness will be
sufficient to cover our working capital needs and the service of our indebtedness in the ordinary course of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Cash Flows</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 8.05pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Nine Months Ended
    September&nbsp;30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 58%; padding-right: 8.05pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net cash provided by operating activities&#8317;<SUP>1</SUP>&#8318;&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">2,933,654</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,112,523</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net cash used in investing activities&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,688,424)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(923,071)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net cash provided by (used in) financing activities&#8317;<SUP>1</SUP>&#8318;&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(959,579)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">694,605</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effect of exchange rate variation on cash and cash equivalents&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">27,568</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,276,745</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net increase (decrease) in cash and cash equivalents&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: right; border-bottom: Black 1.5pt double">(686,781)</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0 0 2pt">7,160,802</P></TD></TR>
  </TABLE>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(1) In the nine months ended on September 30, 2021, we changed the classification
of payment of interest in the statement of cash flows, reclassifying this item from Operating Activities to Financing Activities. This
change was made for better presentation of our cash flows and convergence with the reports used by our management.</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Cash Flows Provided by Operating Activities </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We recorded net cash flows provided by operating
activities of R$2,933,654 thousand in the nine months ended September 30, 2021, compared to cash flows provided by operating activities
of R$6,112,523 thousand in the corresponding period in 2020. The decrease of R$3,178,869 thousand is mainly due to the higher allocation
of resources to working capital items in the amount of R$816,799 thousand and a decrease of R$1,320,369 thousand in the cash effect of
derivatives for the period.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Cash Flows Used in Investing Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We recorded net cash flows used in investing
activities of R$2,688,424 thousand in the nine months ended September 30, 2021, compared to net cash flows used in investing activities
of R$923,071 thousand in the corresponding period in 2020. The increase of R$1,765,353 thousand is mainly due to increased investments
in fixed, intangible and biological assets in the amount of R$764,607 thousand and to the business combinations in the period with Joody
Al Sharqiya Food Production Factory, Hercosul Group and Mogiana Alimentos S.A. in the amount of R$983,709 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Cash Flows Provided by (Used in) Financing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We recorded net cash flows used in financing
activities of R$959,579 thousand in the nine months ended September 30, 2021, compared to net cash flows provided by financing activities
of R$694,605 thousand in the corresponding period in 2020. This change is mainly due to a decrease in the amount of proceeds from debt
issuance in the nine months ended September 30, 2021 (in the amount of R$850,440 thousand, net of repayments), compared to an amount of
R$2,305,470 thousand in the same period of 2020.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Our Indebtedness</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We use the net proceeds of our indebtedness
primarily for capital expenditures, working capital and purchases of raw materials. The following table sets forth our net indebtedness
(according to the type of debt and currency) net of cash, cash equivalents, marketable securities, restricted cash and derivative financial
instruments for the periods indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 54%; padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 23%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of September
    30, 2021</B></P></TD>
    <TD ROWSPAN="2" STYLE="width: 23%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of December&nbsp;31,
    2020</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -7.4pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais, except where indicated)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -7.4pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total loans and borrowings (current and non-current)&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>&nbsp;(24,178,602)</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>(22,404,426)</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Local currency&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-size: 8pt">(7,912,388)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-size: 8pt">(6,665,292) </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign currency&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 0.5pt solid">(16,266,214)</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>15,739,134)</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash, cash equivalents and marketable securities and restricted cash&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 0.5pt solid"><B>7,633,462</B></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 0.5pt solid"><B>8,259,718</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Local currency&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,585,400</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,131,230 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foreign currency&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 0.5pt solid">3,048,062</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 0.5pt solid">4,128,488</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative financial instruments, net (current and non-current)&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-size: 8pt">(136,941)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">(7,706)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-align: justify; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net Debt<SUP>(1)</SUP></B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 1.5pt double"><B>(16,682,081)</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt; border-bottom: Black 1.5pt double"><B>(14,152,414)</B></P></TD></TR>
  </TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>We define Net Debt as total loans and borrowings (current and non-current) plus derivative financial instruments, net (current and
non-current) minus cash and cash equivalents (including marketable securities, current and non-current, and restricted cash, current and
non-current). Net Debt is a supplemental measure of our financial condition and used in making certain management decisions. It is not
a prescribed measure under IFRS.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">The table below provides
a further breakdown of our indebtedness by type of debt.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of September
    30, 2021</B></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of December&nbsp;31,
    2020</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 33%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current Loans and
    Borrowings</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Non-current Loans
    and Borrowings</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Total Loans and
    Borrowings</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Total Loans and
    Borrowings</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Working capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">316,019</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">11,459</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">327,478</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">368,681</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Certificate of agribusiness receivables &#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">37,435 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">884,199 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">921,634</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">821,093 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Development bank credit lines&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">4,142 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">4,534 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">8,676</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&#11835;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debentures&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">123,205 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">4,003,653 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">4,126,858</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;3,022,005</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Export credit facility&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">19,807</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">2,481,800 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">2,501,607</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">2,408,697</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other&#9;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">26,135</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&#11835;</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">26,135</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">44,816</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total local currency</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>526,743</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>7,385,645</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>7,912,388</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>6,665,292</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bonds&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,526,536 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,514,156 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;15,040,692</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">14,829,993</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Export credit facility&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,640 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157,262 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">306,902</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">392,636</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Advances for foreign exchange rate contracts&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261,984 </FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#11835;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">261,984</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#11835;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Working capital&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; border-bottom: Black 0.5pt solid">396,347</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in; border-bottom: Black 0.5pt solid">260,289</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">656,636</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">516,505</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total foreign currency</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>2,334,507</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>13,931,707</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>16,266,214</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>15,739,134</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>2,861,250</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>21,317,352</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>24,178,602</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>22,404,426</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in">The maturity schedule
of our indebtedness is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of September
    30, 2021</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>(in thousands of reais)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; padding-right: 6.9pt; padding-left: 4.05pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 6.9pt; padding-left: 4.05pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Principal</B></FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Interest</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6.9pt; padding-left: 4.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6.9pt; padding-left: 4.05pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current (October 1, 2021 through September&nbsp;30, 2022)&#9;</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 8pt">2,226,146</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">1,215,423</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 6pt; text-indent: -6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Noncurrent:</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2022 (October 1, 2022 through December 31, 2022)&#9;</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">400,000</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">130,504</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2023&#9;</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">2,839,213</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">1,109,438</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2024&#9;</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">2,054,081</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">957,502</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2025&#9;</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">907,058</FONT></TD>
    <TD STYLE="padding-right: 6.9pt; padding-left: 4.05pt; text-align: right"><FONT STYLE="font-size: 8pt">905,152</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2026 onwards&#9;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">18,569,561</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">8,400,958</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our principal debt instruments as of September
30, 2021 are described below. For more information on these facilities, including information on average interest rates and weighted average
maturities, see our unaudited consolidated interim financial information for the nine months ended September 30, 2021 and see note 15
to our audited consolidated financial statements for the year ended December 31, 2020 included in our 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Local Currency Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Working Capital Facilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Rural Credit Financing</I>. We had rural
credit loans in the amount of R$301,978 thousand as of September 30, 2021 with several commercial banks under a Brazilian federal government
program that offers favorable interest rates of 5.23% per year, as an incentive to invest in rural activities, with maturity dates in
2022. We generally use the proceeds of these loans for working capital. These credit lines are included under &ldquo;Working capital&rdquo;
in the table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Other Working Capital Facilities</I>. We
had other working capital facilities in the amount of R$25,500 thousand as of September 30, 2021 with several commercial banks, with maturity
dates from 2021 through 2025. We generally use the proceeds of these loans for working capital. These credit lines are included under
&ldquo;Working capital&rdquo; in the table above.</P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Certificate of Agribusiness Receivables (CRAs)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 16, 2016, BRF concluded an issuance
of CRAs related to the public offer of distribution of the 1st and 2nd Series of the 1st Issue of Vert Companhia Securitizadora, in the
amount of R$1.5 billion, net of interest. The principal of the CRAs of the 1st Series matured in a single installment on December 16,
2020, with interest payable every eight months. The principal of the CRAs of the 2nd Series matures in a single installment on December
18, 2023, with interest payable every 16 or 18 months. As of September 30, 2021, the balance of these CRAs totaled R$921,634 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Debentures</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 1, 2019, BRF completed a public offering
in Brazil of non-convertible unsecured debentures in the aggregate amount of R$750,000 thousand. R$70,000 thousand aggregate principal
amount of which bear interest based on a rate of CDI plus a spread of 0.8% per year and mature in 2022, R$411,732 thousand aggregate principal
amount of which bear interest based on the Extended National Consumer Price Index (<I>&Iacute;ndice Nacional de Pre&ccedil;os ao Consumidor
Amplo</I>) published by the Brazilian Institute of Geography and Statistics (<I>Instituto Brasileiro de Geografia e Estat&iacute;stica</I>)
rate plus a spread of 5.5% per year and mature in 2026 and R$268,268 thousand aggregate principal amount of which bear interest based
on the CDI rate plus a spread of 1.45% per year and mature in 2026. As of September 30, 2021, the outstanding principal and interest amount
of the debentures was R$815,842 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 14, 2020, we concluded a debenture
issuance in the amount of R$2,200,000 thousand. We issued in two series 2,200,000 non-convertible unsecured debentures with nominal unit
value of R$1,000.00, which were privately placed with VERT Companhia Securitizadora to back its 46th issuance of CRAs. A description of
the series of this debenture issuance is below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>First Series: The principal amount of the 705,000 debentures of the 1st series matures in a single installment on July 15, 2027, with
interest payable every six months. The debentures of the 1st series bear interest equal to IPCA plus 5.30% per year; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Second Series: The principal amount of the 1,495,000 debentures of the 2nd series matures in three installments, the first on July
17, 2028 (33.33% of the updated outstanding principal amount), the second on July 16, 2029 (50% of the updated outstanding principal amount)
and the third on July 15, 2030 (100% of the updated outstanding principal amount), with interest payable every six months. The debentures
of the 2nd series bear interest equal to IPCA plus 5.60% per year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">As of September 30, 2021, the outstanding principal
and interest amount of the debentures was R$2,292,024 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On June 2, 2021, we concluded a debenture issuance
in the amount of R$1,000,000 thousand. We issued 1,000,000 non-convertible unsecured debentures with nominal unit value of R$1,000.00,
which were privately placed with VERT Companhia Securitizadora to back its 60th issuance of CRAs. The principal amount matures in a single
installment on May 14, 2031, with interest payable every six months. The debentures bear interest equal to IPCA plus 4.7843% per year.
As of September 30, 2021, the outstanding principal and interest amount of the debentures was R$1,018,992 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Export Credit Facilities </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Export Credit Notes.</I> We have export
credit notes in local currency, totaling R$2,501,607 thousand as of September 30, 2021. These notes bear interest at CDI rates, and mature
in 2023. These credit lines are included under &ldquo;Export credit facilities&rdquo; in the table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in; background-color: white">See also &ldquo;Recent
Developments&mdash;Export Credit Facilities with Bank of America and Banco do Brasil.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; background-color: white"><I>Other</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>State Tax Incentive Financing Programs</I>.
We also had R$26,135 thousand outstanding as of September 30, 2021 under credit facilities offered by the State of Goi&aacute;s under
tax incentive programs to promote investments in such state. Under these programs, we are granted credit proportional to the payment of
ICMS tax generated by investments in the construction or expansion of manufacturing facilities in that state. The credit facilities have
a 20-year term from 2019 and fixed or variable interest rates based on the IGP-M plus a margin. This credit line is included under &ldquo;Other&rdquo;
in the table above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Investment Fund in Credit Rights Receivables</I>.
On December 18, 2018, we established an investment fund in credit rights receivables (<I>Fundo de Investimento em Direitos Credit&oacute;rios</I>)
or FIDC. We assign to the FIDC, and its sole objective is to acquire, from time to time, our receivables generated from commercial transactions
between us and our customers in Brazil. The FIDC is a closed-ended fund and its quotas shall be repaid within five years. As of September
30, 2021, the FIDC held receivables in the amount of R$770,894 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Foreign Currency Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Bonds</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>2022 Notes. </I>On June 6, 2012, we issued
senior notes in an aggregate principal amount of U.S.$500,000 thousand, or the 2022 Notes. The 2022 Notes bear interest at a rate of 5.875%
per year and mature on June 6, 2022. Later in June 2012, we issued an additional U.S.$250,000 thousand aggregate principal amount of 2022
Notes. In May 2015, we repurchased U.S.$577,100 thousand in aggregate principal amount of the 2022 Notes in a tender offer. In September
2016, we repurchased U.S.$54,200 thousand in aggregate principal amount of the 2022 Notes in a tender offer. In September 2019, we repurchased
U.S.$9,350 thousand in aggregate principal amount of 2022 Notes in a tender offer. In July 2020, we repurchased U.S.$27,190 thousand in
aggregate principal amount of the 2022 Notes in a tender offer. In September 2020, we repurchased U.S.$11,194 thousand in aggregate principal
amount of the 2022 Notes in a tender offer. As of September 30, 2021, the outstanding principal and interest amount of the 2022 Notes
amounted to R$392,757 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>2023 Notes. </I>On May 15, 2013, we issued
senior notes in an aggregate principal amount of U.S.$500,000 thousand, or the 2023 Notes. The 2023 Notes bear interest at a rate of 3.95%
per year and mature on May 22, 2023. In September 2019, we repurchased U.S.$154,011 thousand in aggregate principal amount of the 2023
Notes. In July 2020, we repurchased U.S.$60,567 thousand in aggregate principal amount of the 2023 Notes in a tender offer. In September
2020, we repurchased U.S.$51,389 thousand in aggregate principal amount of the 2023 Notes in a tender offer. As of September 30, 2021,
the outstanding principal and interest amount of the 2023 Notes amounted to R$1,283,410 thousand.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>2024 Notes. </I>On May 15, 2014, we issued
senior notes in an aggregate principal amount of U.S.$750,000 thousand, or the 2024 Notes. The 2024 Notes bear interest at a rate of 4.75%
per year and mature on May 22, 2024. In September 2019, we repurchased U.S.$230,957 thousand in aggregate principal amount of the 2024
Notes in a tender offer. In July 2020, we repurchased U.S.$64,144 thousand in aggregate principal amount of the 2024 Notes in a tender
offer. In September 2020, we repurchased U.S.$158,351 thousand in aggregate principal amount of the 2024 Notes in a tender offer. As of
September 30, 2021, the outstanding principal and interest amount of the 2024 Notes amounted to R$1,633,188 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Euro Notes. </I>On May 29, 2015, we issued
senior notes in the aggregate principal amount of &euro;500,000 thousand, orthe Euro Notes. The Euro Notes bear interest at a rate of
2.750% and mature on May&nbsp;3, 2022. In September 2019, we repurchased &euro;175,219 thousand in aggregate principal amount of the Euro
Notes. In July 2020, we repurchased &euro;119,061 thousand in aggregate principal amount of the Euro Notes in a tender offer. In September
2020, we repurchased &euro;39,048 in aggregate principal amount of the Euro Notes in a tender offer. As of September 30, 2021, the aggregate
outstanding principal and interest amount of the Euro Notes amounted to R$1,060,043 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>2026 Notes. </I>On September 29, 2016, we,
through our wholly-owned subsidiary BRF GmbH, issued senior notes in the aggregate principal amount of U.S.$500,000 thousand, or the 2026
Notes. The 2026 Notes bear interest at a rate of 4.35% per year and mature on September 29, 2026. In September 2020, we repurchased U.S.$718
thousand in aggregate principal amount of the 2026 Notes in a tender offer. As of September 30, 2021, the outstanding principal and interest
amount of the 2026 Notes amounted to R$2,676,797 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>2030 Notes. </I>On September 19, 2019, we
issued senior notes in an aggregate principal amount of U.S.$750,000 thousand, or the 2030 Notes. The 2030 Notes bear interest at a rate
of 4.875% per year and mature on January 24, 2030. In June 2021, we repurchased U.S.$59,402 thousand in aggregate principal amount of
the 2030 Notes in a tender offer. As of September 30, 2021, the outstanding principal and interest amount of the 2030 Notes amounted to
R$3,760,174 thousand.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>2050 Notes. </I>We issued senior notes in
an aggregate principal amount of U.S.$500,000 thousand on September 21, 2020 and additional senior notes in an aggregate principal amount
of U.S.$300,000 thousand on October 26, 2020 (collectively, the 2050 Notes) for an aggregate amount of the series of U.S.$800,000 thousand.
The 2050 Notes bear interest at a rate of 5.750% per year and mature on September 21, 2050. As of September 30, 2021, the outstanding
principal and interest amount of the 2050 Notes amounted to R$4,234,323 thousand.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Export Credit Facility </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Export Prepayment Facilities</I>. We had
an aggregate outstanding amount of R$306,902 thousand as of September 30, 2021 under our export credit facilities. The indebtedness under
these facilities is denominated in U.S. dollars, with maturity dates between 2021 and 2024. Interest under these facilities accrues interest
at LIBOR plus a spread. Under this facility, we receive a loan from one or more lenders secured by the accounts receivable relating to
exports of our products to specific customers. These facilities are generally guaranteed by BRF S.A. The covenants under these agreements
include limitations on liens and mergers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Advances for Foreign Exchange Rate Contracts</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in">In August 2021, we had advances on foreign
exchange contracts to fund exports at a fixed interest rate with maturity in February 2022. As of September 30, 2021, the outstanding
amount under these contracts was R$261,984 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Working Capital </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Working Capital in Foreign Currency</I>.
These are funds obtained from financial institutions, mainly used for working capital and short-term import financing operations of subsidiaries
principally located in Turkey. This funding is denominated in Turkish lira, with maturity dates from 2021 through 2027. As of September
30, 2021, the aggregate principal amount outstanding under these working capital facilities was equivalent to R$656,636 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in"><B><I>Derivatives</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We entered into foreign currency exchange derivatives
under which we had a negative fair value of R$46,258 thousand, commodity derivatives under which we had a negative fair value of R$56,745
thousand and interest rate derivatives under which we had a negative fair value of R$33,938 thousand, in each case as of September 30,
2021. The counterparties include several Brazilian financial institutions and involve interest rate swaps, the purchase and sale of non-deliverable
forwards and options of currencies and commodities. The derivatives mature between 2021 and 2031. These derivatives are recorded in our
statement of financial position as derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in"><B><I>Covenants and Covenant Compliance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.65in">Several of the instruments governing our indebtedness
contain limitations on liens, and some of the instruments governing our indebtedness contain other covenants, such as limitations on mergers
and sales of assets, and transactions with affiliates. As of September 30, 2021,
we were in compliance with the covenants contained in our debt instruments. Our debt instruments include customary events of default.
The instruments governing a substantial portion of our indebtedness contain cross-default or cross-acceleration clauses, such that the
occurrence of an event of default under one of those instruments could trigger an event of default under other indebtedness or enable
a creditor under another debt instrument to accelerate that indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 1.B</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Unless the context otherwise requires, all
references in this Exhibit 1.B to &ldquo;BRF S.A.,&rdquo; &ldquo;BRF,&rdquo; the &ldquo;company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;ours,&rdquo; &ldquo;us&rdquo; and similar terms are to BRF S.A. and its consolidated subsidiaries and jointly controlled companies.</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0in"><B>RISK FACTORS AND OTHER
2020 FORM 20-F UPDATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.65in">The information below supplements the risk factors
included under &ldquo;Item 3. Key Information&mdash;D. Risk Factors&rdquo; in our 2020 Form 20-F, and should be read in conjunction with
our 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Risks Relating to Our Business and Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Our results of operations are subject to cyclicality and volatility
affecting the prices of commodities, poultry and pork, which could adversely affect our entire business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our business is largely dependent on the cost
and supply of corn, soy meal, soybeans, oil, hogs, packaging (resin, petrol), food ingredients, animal feed ingredients and other raw
materials, as well as the selling prices of our poultry and pork. These prices are determined by supply and demand, which may fluctuate
significantly, and other factors over which we have little or no control. These other factors include, among others, fluctuations in local
and global poultry and hog production levels, environmental and conservation regulations, economic conditions, new variants of COVID-19,
animal and crop diseases, cost of national and international freight and exchange rate and interest rate fluctuations. In addition, prices
are also constantly affected by weather and climate events, fertilizers prices, biofuel policies, export taxes, as well as political and
trade disputes around the world. Any changes in raw material prices have major impact on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our industry, both in Brazil and abroad, is
generally characterized by cyclical periods of higher prices and higher profitability, followed by overproduction, leading to periods
of lower prices and lower profitability or losses. There can be no assurance that we will be able to adequately adapt to any such cyclicality
or volatility, which may have an adverse effect on our operations and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Natural disasters or extreme weather, including
floods, excessive cold or heat, hurricanes or other storms, as well as any interruption at our plants that may require the temporary re-allocation
of plant functions to other facilities could, among other things, impair the health or growth of livestock or interfere with our operations
due to power outages, damage to our production and processing facilities or disruption in transportation channels or information systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Health and food safety risks related to our business and the
food industry could adversely affect our production and shipping processes as well as our ability to sell our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are subject to risks affecting the food industry
generally, including risks posed by contamination or food spoilage, evolving nutritional and health-related concerns, consumer product
liability claims, product tampering and sabotage, the possible unavailability and expense of liability insurance, public perception of
product safety for both the industry as a whole and also our products specifically, but not exclusively, as a result of disease outbreaks
or the fear of such outbreaks, the potential cost and disruption of a product recall and possible impacts on our image and brands. Among
such risks are those related to raising animals, including disease and adverse weather conditions. For example, the perceived risk of
contamination of our food or related packaging by COVID-19 led to production, shipping and sales disruptions in Brazil and our export
markets, particularly in China, in early 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Meat can be subject to contamination
during processing and distribution. In particular, processed meat may become exposed to various disease-producing pathogens,
including <I>Listeria monocytogenes</I>, <I>Salmonella enteritidis, Salmonella tiphimurium</I> and <I>E. coli O157:H7</I>. These
pathogens can also be introduced to our products during production or as a result of improper handling
by third-party food processors, franchisees, distributors, foodservice providers or consumers. Spoilage, especially spoilage due to failure
of temperature-controlled storage and transportation systems, is also a risk. The systems we maintain to monitor food safety risks throughout
all stages of production and distribution could fail to function properly and product contamination could still occur. Failures in our
systems to ensure food safety could result in harmful publicity that could cause damage to our brands, reputation and image and negatively
impact sales, which could have a material adverse impact on our business, results of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On February 13, 2019, we announced a voluntary
recall of approximately 164.7 metric tons of fresh chicken meat for the Brazilian domestic market and approximately 299.6 metric tons
of fresh chicken meat for the international market due to a potential presence of <I>Salmonella enteritidis</I>. Possible future recalls
may result, respectively, in increased costs and could negatively affect our brands&rsquo; reputation. In the future, a product that has
been actually or allegedly contaminated could result in product withdrawals or recalls, disposal of product inventory, negative publicity,
temporary plant closings, substantial cost of compliance or remediation and potentially significant product liability judgments against
us. Any of these events could result in a loss of demand for our products, which may have a material adverse effect on our business, results
of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Even if our own products are not affected by
contamination, our industry may face negative publicity in certain of its markets if the products of other producers become contaminated,
which could result in negative public perception about the safety of our products and reduced consumer demand for our products in the
affected category. Significant lawsuits, widespread product recalls and other negative events faced by us or our competitors could result
in a widespread loss of consumer confidence in the safety and quality of our products. Our sales are ultimately dependent on consumer
preferences, and any actual or perceived health risks associated with our products could cause customers to lose confidence in the safety
and quality of our products and have a material adverse impact on our business, results of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Outbreaks, or fears of outbreaks, of any animal diseases may
lead to cancellation of orders by our customers and create adverse publicity that may have a material adverse effect on consumer demand
for our products. Moreover, outbreaks of animal diseases in Brazil may result in foreign governmental action to close export markets for
some or all of our products, which may result in the loss of some or all of these animals.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our operations involve raising poultry and hogs
and processing their meat, which requires us to maintain certain standards of animal health and disease control. We could be required
to dispose of animals or suspend the sale or export of some of our products to customers in Brazil and abroad in the event of an outbreak
of disease affecting animals, such as the following: (i) in the case of hogs and certain other animals, foot-and-mouth disease, influenza
(H5N1) and African swine fever and (ii) in the case of poultry, avian influenza and Newcastle disease. In addition, if the Porcine Reproductive
and Respiratory Syndrome (PRRS), which has broken out in Europe and the United States in 1990 and 1985, respectively, the Porcine Epidemic
Diarrhea (PEDV), which has broken out in Europe and the United States in 2014 and 2013, respectively, or the African swine fever which
broke out in China in 2018, were to break out in Brazil, we could be required to dispose of hogs. There have been outbreaks of classical
swine fever in Brazil, and an occurrence of such outbreaks in the free zones where we source our hogs for production could require us
to dispose the affected hogs. Disposal of poultry, hogs or other animals would preclude recovery of costs incurred in raising or purchasing
these animals and result in additional expense for the disposal of such animals and loss of inventory. An outbreak of foot-and-mouth disease
or other similar diseases could have an effect on livestock we own and the availability of livestock for purchase. In addition, the global
effects of avian influenza or other similar diseases would impact consumer perception of certain protein products and our ability to access
certain markets, which would adversely affect our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Chicken and other birds in some countries,
particularly in Asia but also in Europe, the Americas and Africa, have on occasion become infected by highly pathogenic avian
influenza in recent years. In a small number of highly publicized cases, avian influenza has been transmitted from birds to humans,
resulting in illness and, at times, death. Accordingly, health authorities in many countries have taken steps to prevent outbreaks
of this viral disease, including disposal of afflicted poultry flocks.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">In recent years, some human cases of avian influenza
and related deaths were reported, according to the World Health Organization. The cases reported were caused by the H5N1 virus. In early
2017, Chile, a neighboring country to Brazil, confirmed the occurrence of avian influenza. In 2019 and 2020, several countries within
Europe, Asia and Africa reported cases of highly pathogenic avian influenza in poultry. Additionally, Mexico reported cases in 2019, the
United States reported cases in 2020 and Japan, China and certain countries within Europe reported cases in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There are concerns that an outbreak of avian
influenza may occur in the country in the future. Any outbreak of avian influenza in Brazil could lead to the required disposal of our
poultry flocks, which would result in decreased sales in the poultry industry, prevent recovery of costs incurred in raising or purchasing
poultry and result in additional expense for the disposal of poultry. In addition, any outbreak of avian influenza in Brazil would likely
lead to immediate restrictions on the export of some of our products to key export markets. Preventive actions adopted by Brazilian authorities,
if any, may not be effective in precluding the spread of avian influenza within Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Whether or not an outbreak of avian influenza
occurs in Brazil, further outbreaks of avian influenza anywhere in the world could have a negative impact on the consumption of poultry
in our key export markets or in Brazil, and a significant outbreak would negatively affect our results of operations and financial condition.
Any outbreak could lead to the imposition of costly preventive controls on poultry imports in our export markets. Accordingly, any spread
of avian influenza, or increasing concerns about this disease, may have a material and adverse effect on our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Pandemics or human disease outbreaks, such as the coronavirus
(COVID-19), may disrupt consumption and trade patterns, supply chains and production processes, which could materially affect our operations
and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pandemics or human disease outbreaks, such as
the coronavirus (COVID-19) originated in late 2019 and declared a global pandemic by the World Health Organization on March 11, 2020,
may adversely affect our business and operations. The worldwide spread of COVID-19 has triggered the implementation of significant measures
by governments and private sector entities that, in turn, have disrupted consumption and trade patterns, supply chains and production
processes on a global scale and specifically relating to our business, including with respect to product shipments. In addition, customers
from certain regions in which we operate continue to be adversely affected, mainly by the measures of social distancing imposed from time
to time by authorities and restrictions on public gatherings or interactions, which may limit the opportunity for our customers to purchase
our products. The consequences of the pandemic could also result in the destabilization of commodity prices or the economies and financial
markets of many countries, resulting in an economic downturn that could affect demand for our products and have a material adverse effect
on our results of operations. Any deterioration in the credit cycle of our customers as a result of the pandemic or the measures implemented
to address it, may adversely affect our results and cash flows in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our operations include global production and
distribution facilities, and if there is an outbreak of a human disease such as COVID-19 in our facilities or the communities where we
operate and distribute our products, our production, operations, employees, suppliers, customers and distribution channels could be severely
impacted. Ports and other channels of entry may be closed or operate at only a portion of capacity, as workers may be prohibited or otherwise
unable to report to work and means of transporting products within regions or countries may be limited for the same reason, along with
the potential for transport restrictions related to travel bans. In addition, countries to which we export our products may institute
bans on the importation of our products, products produced by our partners or on all or some food products from Brazil in general based
on perceived COVID-19 concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Since the beginning of the global pandemic,
except for the Lajeado and Rio Verde plant that were briefly closed in 2020 as a result of the COVID-19 outbreak, we have generally continued
to operate our plants, distribution centers, logistics, supply chain and administrative offices. However, our operations were affected
by the COVID-19 pandemic through reduction of the available labor force, reduction of the productivity of our manufacturing operations, lack of raw materials
and packaging, and maintenance projects due to reduced availability of third-party suppliers and may be further affected. As a result
of the pandemic, we have incurred expenditures that are incremental and directly attributable to the impacts of the COVID-19 pandemic,
mainly related to personnel, prevention, control, logistics and philanthropic donations in the amount of R$235,113 thousand in the nine
months ended September 30, 2021. Other impacts on our financial position and performance that are not incremental and directly attributable
to the impacts of the COVID-19 pandemic and therefore cannot be determined on a non-arbitrary basis are described further below. Currently,
we are working under a hybrid system of remote work and in-office work arrangements in some of our corporate offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Despite having more visibility on the impact
of the pandemic compared to March 2020 (beginning of the impacts of the pandemics for us), new variants, such as the recently identified
Omicron, may still impact our operational performance, which may in turn adversely affect our financial position. We also recognize that
unfavorable operating results may have an adverse impact on our financial metrics, such as leverage. At the same time, we may experience
increases in general customer default rates in connection with the pandemic and, as a consequence, be subject to increasingly higher credit
losses. The possible deterioration of the credit cycle of our customers may adversely affect our results, financial position and cash
flows in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The recent increase in volatility of market
risks resulting from the COVID-19 pandemic has significantly affected the fair value of our assets and liabilities, particularly considering
wide variations in foreign exchange rates. Additionally, the heightened uncertainty of projections has increased the challenge of accurately
measuring certain of our assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The COVID-19 pandemic also destabilized commodity
prices and the economic conditions of many countries, resulting in downturns that could affect the demand for our products and have a
material adverse effect on our results. The current pandemic and any future pandemics could also adversely affect consumer demand, as
restrictions on public gatherings or interactions may limit the opportunity for our customers and consumers to purchase our products in
certain channels. In addition, demand for our products has been affected as a result of the COVID-19 pandemic worldwide, weakening of
global commercial activities, reduction of population income, and changes in consumption habits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Climate change may negatively affect our business and results
of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">According to the 16th Global Risks Report published
by the World Economic Forum in January 2021, risks related to climate change are considered to be the most concerning for the world in
the next 10 years. The 2021 United Nations Climate Change Conference (COP26) in Glasgow brought together governments, businesses and civil
society to discuss the climate agenda. Nations took a range of decisions in the collective effort to limit the rise in global temperature
to 1.5 degrees Celsius. New financial pledges to support developing countries in achieving this goal were made. Additionally, new rules
for international carbon trading mechanisms (Article 6) agreed upon at COP26 will support adaptation funding. New agreements for market
mechanisms, essentially supporting the transfer of emission reductions between countries while also incentivizing the private sector to
invest in climate-friendly solutions. This set of rules lays out how countries are held accountable for delivering their climate action
promises and self-set targets under their Nationally Determined Contributions (NDCs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Having this context in mind, we take into consideration
the potential effects of climate change on our operations and supply chain, and we recognize vulnerabilities associated with natural resources
and agricultural products that are essential for our activities. The main risks to our business that we have identified with respect to
climate change relate to the changes in temperature (global warming) and rainfall, including drought and natural disasters (such as flooding
and storms), which may affect agricultural productivity, animal welfare and the availability of water and energy. These changes may adversely
affect our costs and results of operations, including by raising the price of agricultural commodities as a result of long periods of
drought or excessive rainfall, increasing operating costs to ensure animal welfare, increasing the risk of rationing and raising the price
of electricity. We may fail to effectively implement programs or have proper environmental or sustainability certifications related to
reducing our exposure to climate change, which may adversely affect our business and results of operations in the
future.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are also subject to regulatory changes, such
as carbon pricing or taxation, and changes in legislation for greenhouse gas emissions at the domestic and international levels. Any such
changes may increase our costs and adversely affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our operations are largely dependent on electricity,
and energy-related expenses are one of our highest fixed costs. Energy costs have historically fluctuated significantly over time &ndash;
with significant increases being experienced during droughts or diversion of water for other purposes as the Brazilian energy matrix is
mostly supported by hydroelectric power plants &ndash; and increases in energy costs could result in reduced profits. A significant interruption
in energy supply or outright loss of energy at any of our facilities could also result in a temporary disruption in production and delivery
of products to customers and additional costs, materially adversely affecting our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Any shortage or lack of water, and any failure to comply with
applicable rules and regulations related to water usage and management, could materially adversely affect our business and results of
operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the last century, water use has grown globally.
According to the United Nations Environmental Programme, water scarcity affects more than 40% of the global population and this percentage
is expected to increase. Presently, 2.3 billion people around the world are living in water-stressed areas, and the same will be true
of more than half the world&rsquo;s population by 2050 if no action is taken. Based on projected demand, the world will face a 40% shortfall
in freshwater supply within 10 years. Water is an essential resource for our businesses and is used in the production of grains and other
agricultural inputs required for our production processes. The industrial use of water may also adversely affect its availability. As
a result, the shortage or lack of water, including the increasing risk of droughts in the regions where we operate, represents a critical
risk for our business and may materially and adversely affect our business and results of operations. We are also subject to restrictions
on the volume of water that we can collect from the environment under our water usage permits, which may be lower than the actual water
demands of our business in these areas. In the event we cannot collect enough water to meet our operational demands, due to restrictions
under water permits or otherwise, our business and results of operations may be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The procedures that we have developed to reduce
our water consumption and increase water reuse in order to comply with applicable rules and regulations, and to minimize our impact on
the environment and the community, may prove to be ineffective or insufficient. Additionally, we assess water shortage risks in the locations
where we operate in order to understand the specific impacts of our business on these regions and consequently reduce our water consumption
and exposure to risks of water shortages in the applicable unit. The river basins in the region of industrial activities and the characteristics
of the use of water resources are analyzed in order to understand growth in local demand and anticipate risks. The methods we employ to
analyze the water vulnerability of our industrial plants, as well as our assessments of the micro and macro watersheds in the regions
in which we operate and the industrial activities and characteristics of the use of water resources, may be inaccurate in understanding
local water demand growth. We may also fail to accurately assess the water supply or anticipate water-related risks, and the increased
industrial use of water by water intensive businesses may also adversely affect the continuing availability and quality of water in Brazil.
This may result in us or our key suppliers encountering water shortages. Any of these factors may materially adversely affect our business
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>More stringent trade barriers in key export markets may negatively
affect our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Because of the growing market share of Brazilian
poultry, pork and beef products in the international markets, Brazilian exporters are increasingly being affected by measures taken by
importing countries to protect local producers. The competitiveness of Brazilian companies has led certain countries to establish trade
barriers to limit the access of Brazilian companies to their markets. Trade barriers can consist of both tariffs and non-tariff barriers.
In our industry, non-tariff barriers are of particular concern, especially sanitary and technical restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a result of the regulators&rsquo; inquiries
and the public announcement of allegations of wrongdoing involving us and other companies in the Brazilian meat industry
in the context of the <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I> Operation, some export markets have been temporarily closed,
and our average selling prices for some products and in some markets have decreased. For additional information, see &ldquo;&mdash;Health
risks related to our business and the food industry could adversely affect our ability to sell our products&rdquo; and &ldquo;&mdash;We
have been subject to significant investigations relating to, among other things, food safety and quality control, and an adverse outcome
of any of these investigations could result in penalties, fines or other forms of liability and could have a material adverse effect on
our business, reputation, brand, results of operations and financial condition.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Some countries, such as Russia and South Africa,
have a history of erecting trade barriers on imports of food products. Also, the European Union has adopted a quota system for certain
poultry products and prohibitive tariffs for certain products that do not have quotas in order to mitigate the effects of Brazil&rsquo;s
lower production costs on European producers. More recently, the European Union and the United Kingdom have been discussing or are already
applying certain legislations related to sustainability that may result in trade barriers, such as the Due Diligence on Deforestation
and the Carbon Tax Adjustment Mechanism. Other countries have also imposed trade barriers against our products. For example, in August
2017, the Chinese government initiated an antidumping investigation in connection with Brazilian exports of whole chicken and chicken
parts, including our exports. The investigation ended in February 2019, and Brazilian exporters agreed to certain minimum export prices
for sales to China. In August 2018, Iraq increased the tariff on poultry products from 10% to 60%. In addition, in 2021, the South African
government has opened up an anti-dumping investigation against Brazilian poultry exporters, which may result in the imposition of new
restrictive measures towards Brazilian exporters. In the Middle East, Saudi Arabia, one of our main importers tried to reduce the importation
by reducing the poultry shelf-life from one year to 90 days. The change in the technical rules for the validity of <I>in natura</I> frozen
chicken and its cuts was notified to the World Trade Organization, or WTO, in May 2021, but Saudi Arabia ceased the investigation in August
2021. There are other risks for us from the sanitary perspective. For example, African swine fever in some countries in the Americas carries
along with it the risk of market closures in case of an outbreak in the Brazilian territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Many developed countries use direct and indirect
subsidies to enhance the competitiveness of their producers in other markets. In addition, local producers, importers and even exporters
in some markets may exert political pressure on their governments to prevent some foreign producers from exporting to their market, particularly
during unfavorable economic conditions, such as the COVID-19 pandemic. Any of the above restrictions could substantially affect our export
volumes and, consequently, our export sales and financial performance. If new trade barriers arise in our key export markets, we may face
difficulties in reallocating our products to other markets on favorable terms, and our business, financial condition and results of operations
might be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Trade disputes between other countries also
creates uncertainties that may adversely affect Brazilian exports and our operations. For instance, the United States and China engaged
in a trade dispute for almost 18 months, which has affected the global economy and prices of certain of our raw materials, including corn,
soy meal and soybeans. On January 1, 2020, the United States and China signed the first phase of a trade agreement expected to alleviate
the tensions between the two countries. A second phase of the agreement is expected to be even more difficult to achieve. There can be
no assurances that the trade dispute will be fully resolved and that the global economy (as well as prices of certain of our raw materials)
will not be further affected by it. The United Sates is expected to maintain the 25% tariffs on a wide range of U.S.$250 billion of Chinese
industrial goods and components used by the U.S. manufacturing sector. Both improvements in the countries&rsquo; commercial relations
and new mutually beneficial trade agreements at the expense of other countries may have a material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">However, the current trade deal may not be maintained
by the United States under the Biden administration, especially since it has generally been regarded unfavorably, particularly for U.S.
industry. The U.S. agribusiness sector, on the other hand, has largely benefited from the agreement, with a significant increase in poultry
and pork exports, the reopening of the Chinese market to U.S. poultry exports, which had been halted since 2015 due to an avian influenza
outbreak, and the accreditation of over 1,000 U.S. plants. These factors have positively affected the United States&rsquo; market share
of Chinese agricultural imports, which in turn has negatively affected Brazil&rsquo;s market share. We cannot control whether commercial
tensions between China and the United States will increase again, or whether
our business will be adversely affected as a result.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, in April 2018, Saudi Arabia instituted
a no-stunning requirement for the animal slaughtering process. Saudi Arabia claimed that Brazilian companies&rsquo; chicken slaughtering
practices violated Halal principles due to the use of an electric shock to stun the birds. We, along with other Brazilian companies, were
therefore required to migrate our production processes to non-stunning slaughters in order to supply the Saudi Arabian market. We have
incurred, and expect to incur, additional costs in connection with these requirements for exporting to Saudi Arabia. In January 2019,
the Saudi Arabian Food and Drug Authority published a report authorizing 25 Brazilian facilities to produce chicken meat for the Saudi
Arabian market, which included eight of our plants. One of our plants (Lajeado, Rio Grande do Sul), which had previously produced chicken
meat for the Saudi Arabian market, was not included as an authorized plant. The continuous shifting of our production of chicken meat
for Saudi Arabia to the authorized plants may result in decreased revenues and additional expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In August 2019, Saudi Arabia imposed an embargo
on seasoned chicken meat produced in our Kizad facility, in Abu Dhabi, which was restricted from exporting to Saudi Arabia. The embargo
was a result of Saudi Arabia&rsquo;s Vision 2030 Plan, announced in April 2016 as a national development plan, which included instruments
to reduce the country&rsquo;s dependence on oil, diversify its economy and substitute imports with local production. Saudi Arabia then
expanded the embargo to the other products from our Kizad facility. In October 2019, we announced that we had executed a non-binding Memorandum
of Understanding with the Saudi Arabian General Investment Authority &ndash; SAGIA regarding our construction and operation of a poultry
processing plant in Saudi Arabia. We estimate that the investment amount will be around R$652,728 thousand (U.S.$120,000 thousand, translated
to <I>reais</I> at the exchange rate of R$5.4394 as of September 30, 2021). The development of this project is currently in the technical
specification and financial modelling phase. There can be no assurance that the Saudi Arabian government will not further restrict our
ability to export our products to Saudi Arabia, which may result in a material adverse impact on our business, financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In February 2020, we received notification from
the SFDA, the Saudi Arabian sanitary authority, regarding a report temporarily suspending two of our facilities, the Dois Vizinhos and
the Francisco Beltr&atilde;o plant, both located in the State of Paran&aacute;, from exporting chicken meat to Saudi Arabia. The SFDA
informed us that the measure is temporary and, among other measures, requested that the Brazilian authorities provide more details about
investigations carried out between 2014 and 2018 regarding alleged violations committed by us in the production of animal feed and PREMIX
compound. For more information about these investigations, see &ldquo;&mdash;We have been subject to significant investigations relating
to, among other things, food safety and quality control, and an adverse outcome of any of these investigations could result in penalties,
fines or other forms of liability and could have a material adverse effect on our business, reputation, brand, results of operations and
financial condition.&rdquo; Additionally, the Saudi government has been implementing, since January 2020, a previous import licenses system.
In the future, this system may adversely affect our exports to the country, since it might be used by local authorities as a means to
control the entry of products and thus, artificially affect demand and offer and, consequently, prices, which run counter to basic principles
of international trade rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Further, on May 6, 2021, the SFDA notified the
WTO Committee on Sanitary and Phytosanitary Measures with respect to a change of the regulation for expiration dates, consisting of a
reduction of the shelf-life of in natura frozen chicken from 1 year to 3 months from the date of slaughter. In March 2021, the SFDA started
a reinforced control system on imported meat, resulting in up to 3 months delays in products clearance at WTO ports and thus negatively
affecting our business results. However, the SFDA withdrew the implementation of this measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On August 3, 2021, we became aware through a
publication on the website of the General Administration of Customs of the People's Republic of China of the suspension of the export
to China of pork meat from our Lucas do Rio Verde-MT pork plant as of that date. The alleged reason was the malfunctioning of the refrigerating
system of one single pork meat container, which was later demonstrated through the transporter&rsquo;s system log to be the transporter&rsquo;s
sole responsibility and fault. Despite evidence being sent to the Chinese authorities, the suspension has not yet been reversed,
which may indicate that the country may impose new similar restrictions.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Trade barriers may also be imposed in our key
export markets as a result of the COVID-19 pandemic, for example due to outbreaks of COVID-19 in our plants and restrictions that may
be imposed on our products because of these outbreaks. For more information, see &ldquo;&mdash;Pandemics or human disease outbreaks, such
as the coronavirus (COVID-19), may disrupt consumption and trade patterns, supply chains and production processes, which could materially
affect our operations and results of operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Furthermore, China announced the end of the
8% special pork import tariff, implemented in 2019, and the consequent return to the normal 12% tariff as of January 1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Breaches, disruptions, or failures of our information technology
systems, including as a result of cybersecurity attacks, could disrupt our operations and negatively impact our business and reputation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Information technology is an important part
of our business operations and we increasingly rely on information technology systems to manage business data and improve the efficiency
of our production and distribution facilities and inventory management processes. We also use information technology to process financial
information and results of operations for internal reporting purposes and to comply with regulatory, legal and tax requirements. In addition,
we depend on information technology for digital marketing and electronic communications between our facilities, personnel, customers and
suppliers. We also process personal data of our employees and customers. We depend on cryptography technology and electronic authentication
programs provided by third parties to securely process the collection, storage and transmission of confidential information, including
personal data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our information technology systems may be vulnerable
to a variety of interruptions and cybersecurity threats and incidents. There are numerous and evolving risks related to cybersecurity
and privacy, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, employee malfeasance and human
or technological error. Computer hackers and others routinely attempt to breach the security of information technology systems and to
fraudulently induce employees, customers and other third parties to disclose information or unwittingly provide access to systems or data.
Successful cybersecurity attacks, breaches, employee malfeasance, or human or technological error may result in, for example, unauthorized
access to, disclosure, modification, misuse, loss or destruction of data or systems, including those belonging to us, our customers or
third parties; theft of sensitive, regulated or confidential data including personal information; the loss of access to critical data
or systems through ransomware, destructive attacks or other means; transaction errors; business delays; and service or system disruptions.
We have observed an increase in cybersecurity attacks worldwide in 2020 and 2021, and the remote working arrangements that we have implemented
due to the COVID-19 pandemic have increased our dependence on information technology systems and infrastructure, and they may further
expand our vulnerability to this risk. In the event of such actions, we, our customers and other third parties may be exposed to potential
liability, litigation, and regulatory or other government action, the loss of existing or potential customers, loss of sales, damage to
brand and reputation and other financial loss. In addition, if we are unable to prevent security breaches, we may suffer financial and
reputational damage or penalties because of the unauthorized disclosure of confidential information belonging to us or to our partners,
customers, consumers or suppliers. The cost and operational consequences of responding to cybersecurity incidents and implementing remediation
measures may be significant and may not be covered by insurance. Our cybersecurity risk also depends on factors such as the actions, practices
and investments of customers, contractors, business partners, vendors and other third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our efforts to monitor, identify, investigate,
respond to and remediate security incidents, including those associated with cybersecurity attacks, may not be adequate or sufficient.
The measures that we have implemented regarding technology security and disaster recovery plan may not be adequate or sufficient. There
can be no assurance that these efforts and measures will be successful in preventing a cybersecurity attack, a general information security
incident or a disruption of our information technology systems. The occurrence of any such events may materially adversely affect our
operations, business and reputation. Furthermore, as our business and the cybersecurity landscape evolve, we may find it necessary to
make significant further investments to protect our data and information
technology infrastructure, which may adversely impact our financial condition and results of operations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The regulatory environment regarding cybersecurity,
privacy and data protection issues is increasingly complex and may have impacts on our business, including increased risk, costs and expanded
compliance obligations. For example, on May 25, 2018, the Regulation (EU) 2016/679 of the European Parliament and of the Council of April
27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, or
the General Data Protection Regulation or GDPR, became directly applicable in all member states of the European Union.&nbsp;Violations
of the GDPR carry financial risks due to penalties for data breach or improper processing of personal data (including a possible fine
of up to 4% of total worldwide annual turnover for the preceding financial year for the most serious infringements) and may also adversely
affect our reputation and our activities relying on personal data processing. The Brazilian General Data Protection Law (<I>Lei Geral
de Prote&ccedil;&atilde;o de Dados Pessoais</I>), or LGPD, was signed into law in August 2018 and came into effect on September 18, 2020.
An increased number of data protection laws around the globe may continue to result in increased compliance costs and risks. See &ldquo;&mdash;We
are subject to risks associated with failure to comply with the data protection laws, and we may be negatively affected by the imposition
of fines and other types of sanctions.&rdquo; The potential costs of compliance with or imposed by new or existing regulations and policies
that are applicable to us may affect our business and could have a material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We are subject to risks associated with failure to comply
with the applicable data protection laws, and we may be negatively affected by the imposition of fines and other types of sanctions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are subject to several data protection laws
in the jurisdictions in which we operate including, but not limited to, the LGPD, the GDPR, Turkey&rsquo;s Law on the Protection of Personal
Data No. 6698 dated April 7, 2016, or the LPPD and China&rsquo;s Personal Information Protection Law dated August 20, 2021, or the PIPL.
We seek to make our operations compliant with those laws and enhance the security of our personal data processing activities,&nbsp;and
while we believe our operations comply with the LGPD in Brazil, we cannot guarantee that we will not be subject to fines and other types
of sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Specifically with respect to Brazil, the LGPD
came into effect on September 18, 2020. The LGPD changed the way the protection of personal data is regulated in Brazil. It establishes
a new legal framework to be observed in personal data processing operations and provides, among other things, for the rights of the owners
of personal data, the legal bases applicable to the protection of personal data, the requirements for obtaining consent, obligations,
requirements regarding security incidents, leaks and data transfers, as well as the creation of the Brazilian National Data Protection
Authority, or the ANPD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we do not comply with the LGPD, the GDPR,
the LPPD, the PIPL or any other data protection law to which we are subject, both we and our subsidiaries may be subject to sanctions,
either individually or cumulatively, including warnings, obligations to disclose incidents, temporary blocking or deletion of personal
data, and penalties of up to 4% of our revenue or the revenue of our group. In addition, we may be held liable for material, moral, individual,
or collective damages caused by us, and may be held jointly and severally liable for material, moral, individual or collective damages
caused by our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Failure to protect personal data processed by
us and our subsidiaries, as well as the failure to adjust to the applicable legislation, may result in significant fines for us and our
subsidiaries, disclosure of any incidents in the media, the deletion of personal data from our database, and the suspension of our activities,
which could adversely affect our reputation, business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Increased regulation of food safety and animal welfare could
increase our costs and adversely affect our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our manufacturing facilities and products are
subject to governmental inspections and extensive regulation in the food safety area, including governmental food processing controls
in all countries in which we operate. We incur significant costs in connection with our efforts to comply with applicable food safety
and processing rules. Changes in government regulations relating to food safety, including as a result of the COVID-19 pandemic, or animal welfare could require us to make
additional investments or incur additional costs to meet the necessary specifications for our products. Our products are often inspected
outside of Brazil by foreign food safety officials, and any failure to pass those inspections could result in us being required to return
all or part of a shipment to Brazil, recall certain products, dispose of all or part of a shipment or incur costs because of delays in
delivering products to our customers. We have adopted various international animal welfare standards to address our customers&rsquo; expectations.
Any tightening of food safety or animal welfare regulations could result in increased costs and could have a material adverse effect on
our business, results of operations, financial condition and prospects.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Environmental laws and regulations require increased expenditures
for compliance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We, like other Brazilian food producers, are
subject to extensive Brazilian federal, state and local environmental laws, regulations, authorizations and licenses concerning, among
other things, the interference with protected areas, such as conservation units, archeological sites and permanent preservation areas,
handling and disposing of waste, discharging pollutants into the air, water and soil, atmospheric emissions, noise and clean-up of contamination,
all of which affect our business. Water management is especially crucial and poses many challenges to our operations. In Brazil, water
use regulations impact farming operations, industrial production and hydroelectric power. Any failure to comply with any of these laws
or regulations or any lack of authorizations or licenses could result in administrative and criminal penalties, such as fines, cancellation
of authorizations or revocation of licenses, in addition to negative publicity and civil liability for remediation or compensation for
environmental damage. Administrative penalties may include fines, the suspension of public subsidies and the temporary or permanent shutdown
of activities. Criminal penalties include fines, temporary loss of rights and prison (for individual offenders) and liquidation, temporary
loss of rights, fines and community service (for legal entities). For example, in April 2020, our production unit located in Rio Verde
- GO had its activities suspended for a few days, due to observations raised in the water supply system by the local Federal Inspection
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, if we do not comply with environmental
protection legislation, we may also be subject to direct and indirect, strict and joint and several liability, being obliged to repair
environmental damages, regardless of our fault. The liability of companies does not exclude individuals, offenders, principals or accessories,
often times extending the liability for these acts to the members of management of these companies, who took part in decisions or omitted
themselves, when they could have avoided the resulting losses. Moreover, Article 4 of the Brazilian Environmental Crimes Law (Law No.
9,605/98) provides for the piercing of the corporate veil whenever it represents an obstacle to the redress related to environmental damage.
In this event, shareholders of companies become personally liable for repairing environmental damage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have incurred, and will continue to incur,
in operating expenses and capital expenditure requirements to comply with these environmental laws and regulations. Because of the possibility
of unanticipated regulatory measures or other developments, particularly as environmental laws become more stringent in Brazil, the amount
and timing of future expenditures required to maintain compliance may increase from current levels and may adversely affect the availability
of funds for capital expenditures and other priorities. Compliance with existing or new environmental laws and regulations, as well as
obligations in agreements with public entities, may result in increased costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our plants are subject to environmental and
operational licensing based on their pollution potential and use of natural resources. If one of our plants is built or expanded without
an environmental license, or if our environmental licenses expire, and are not timely renewed or have their request for renewal rejected
by the competent environmental authority, we may incur in fines and other administrative penalties, such as suspension of operations or
closing of the facilities in question, and in some cases, are subject to civil and/or criminal liabilities. Those same penalties may also
be applicable in the case of a failure to fulfill the conditions of validity in the environmental licenses already held by us. Currently,
some of our environmental licenses are in the renewal process, and we cannot guarantee that environmental agencies will approve our requests
for renewal. Brazilian CONAMA (<I>Conselho Nacional do Meio Ambiente</I>) Resolution No. 237 establishes that renewal of environmental
licenses must be requested at least 120 days in advance of their expiration, so that the licenses may be automatically extended until
a final decision from the environmental authority is reached. In addition, the environmental agency may
condition the renewal on expensive facility upgrades if there have been regulatory changes in the environmental standards that the plant
is required to meet, which may result in delays, disruptions or in the denial of the license.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are also subject to similar environmental
laws and restrictions in all jurisdictions where we have plants and operations, which may require us to incur significant costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Deterioration of general economic and political conditions
could negatively impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our business may be adversely affected by changes
in Brazilian and global economic and political conditions, which may result in increased volatility in our markets and contribute to net
losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Global economic downturns and related instability
in the international financial system have had, and may continue to have, a negative effect on economic growth in Brazil. Global economic
downturns reduce the availability of liquidity and credit to fund the continuation and expansion of our business operations worldwide.
While Brazil exports a diversified bundle of products to a variety of countries, a significant decline in the economic growth or demand
for imports of any of Brazil&rsquo;s major trading partners, such as the European Union, China or the United States, could have a material
adverse impact on Brazil&rsquo;s exports and balance of trade and adversely affect Brazil&rsquo;s economic growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Furthermore, because international investors&rsquo;
reactions to the events occurring in one emerging market country sometimes produce a &ldquo;contagion&rdquo; effect, in which an entire
region or class of investment is disfavored by international investors, Brazil could be adversely affected by negative economic or financial
developments in other countries. Such developments may affect the Brazilian economy in the future and, consequently, our results of operations.
For example, the world has been affected by the COVID-19 pandemic, which has triggered negative global economic developments, the severity
of which we cannot quantify. Accordingly, the purchasing power of the Brazilian population, as in many countries affected by the pandemic,
is expected to decrease, which may reduce consumption and investments and adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Uncertainty as to whether the Brazilian government
will implement significant reforms in public policy in the future may contribute to economic uncertainty in Brazil and to heightened volatility
in the Brazilian securities markets and the securities issued by Brazilian companies. As a result, there may be high volatility in the
domestic financial markets in the short term, and economic recovery in the long term may be hindered. Accordingly, improvements in the
labor market and income growth may be limited, which could have an adverse effect on our operations and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 31, 2020, the United Kingdom announced it
had officially exited the European Union, commonly referred to as Brexit, and entered a transition period. Brexit has caused and may continue
to cause political and economic uncertainty, including significant volatility in global stock markets and currency exchange rate fluctuations.
The effects of Brexit will depend on many factors, including any trade deals that the United Kingdom makes to retain access to European
Union markets. Brexit could lead to legal uncertainty and give rise to potentially conflicting national laws and regulations as the United
Kingdom determines which laws of the European Union will be replaced or replicated. There could be increased costs from re-imposition
of tariffs on trade between the United Kingdom and the European Union, shipping delays because of the need for customs inspections and
procedures, and temporary shortages of certain goods. In addition, trade and investment between the United Kingdom, the European Union,
Brazil and other countries will be impacted by the fact that the United Kingdom operated under the European Union&rsquo;s tax treaties.
The United Kingdom will need to negotiate its own tax and trade treaties with countries all over the world, which could take years to
complete. The potential impact of Brexit on our market share, sales, profitability and results of operations is unclear. The economic
conditions in the United Kingdom, the European Union and global markets may be adversely affected by reduced growth and volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have undertaken, in the share purchase agreement
entered into with Tyson International Holding Co., not to do business or otherwise compete in the sale of poultry products for human consumption
in certain jurisdictions in Europe, including the European Economic Area (EEA) and the United Kingdom. The non-compete provision has partially lapsed for certain products and channels,
and in October 2020, we reached a commercial agreement with Tyson International Holding Co. to accelerate our return to the European continent
and regain access to other markets through a phased removal of the non-compete restrictions between 2021 and 2024. While we aim to expand
our sales to Europe and other international markets as part of our strategy and Vision 2030 Plan, continued uncertainty and market volatility
could undermine those expansion plans and have a corresponding adverse effect on our operations and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, on November 7, 2020, Joseph Biden
won the presidential election in the United States and assumed office as the 46th President of the United States on January 20, 2021.
The U.S. president has considerable influence, which may materially and adversely affect global economy and political stability. We cannot
ensure that the Biden administration will adopt policies designed to promote macroeconomic stability, fiscal discipline, as well as domestic
and foreign investment; if such policies are not implemented, the trading price of securities of Brazilian issuers, including our common
shares may be materially and adversely impacted. Growing economic uncertainty and news of a potentially recessive economy in the United
States may also create uncertainty in the Brazilian economy. These developments, as well as potential crises and forms of political instability
arising therefrom or any other yet unforeseen development, may adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In March 2021, in order to allow for payment
of emergency aid for the low-income population, the Brazilian National Congress approved a constitutional amendment that changed the government
budget rules. From 2022 onwards, Brazilian states, cities and municipalities that reach the indebtedness limit of 95% of their income
will have their fiscal and financial incentives granted reduced by 10%. Furthermore, in December 2021, the Brazilian National Congress
approved a constitutional amendment to change the rules of credit payments (<I>precat&oacute;rios</I>) between Brazilian states, cities
and municipalities. The time limit for such payments was postponed for up to fifteen years. Considering the economic and fiscal scenario
in Brazil and the 2022 presidential election, we may not have an increase in federal taxes immediately but the pressure in local government
will occur thus leading to taxes increase in the foreseeable future in federal and local states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As in any electoral year, the political landscape
in Brazil for 2022 may impose uncertainties that might negatively impact our business. We cannot guarantee that the electoral scenario
will not cause difficulties in the economic recovery, including but not limited to volatility in the market, contraction in the amount
of investments as well as uncertainty about the economic policies to be implemented by a new or incumbent federal administration, and
regional political leadership in states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We are subject to third party transportation and logistics
risks, and we rely on a limited number of available third-party suppliers to deliver certain specialized materials that we require for
our production activities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We depend on fast and efficient transportation
and logistics services to, among other things, deliver raw materials to our production facilities, deliver animal feed to our poultry
and pork growers, and distribute our products. Any prolonged disruption of these services may have a material adverse impact on our business,
financial condition and results of operations. For example, on May 21, 2018, a national truckers&rsquo; strike commenced in Brazil regarding
increases in fuel prices. The strike materially disrupted the supply chain of various industries across the country, including the supply
chain of raw materials to our production facilities and the delivery of animal feed to our poultry and pork growers, and, at its peak,
led to the suspension of the operation of all our production facilities located in Brazil. Furthermore, this strike also materially affected
the regular functioning of the ports from where our products are exported. We incurred increased costs in connection with the truckers&rsquo;
strike and were required to dispose of certain animals as a result of the strike. There can be no assurance that the truckers will not
seek to engage in any further strikes &ndash; particularly considering the recent steep rise of fuel prices in Brazil as a result of the
increase of oil prices across the world and the devaluation of the Brazilian currency - and that the Brazilian federal government or any
other relevant party will be able to meet the demands of the truckers in a satisfactory manner or that any such strike will not adversely
affect our supply chain or the operation of our production facilities. In addition, significant increase in fuel prices and transportation
service rates as well as any other reduction in the reliability or availability of transportation or logistics services, including as
a result of, among other things, flooding in ports, warehouse fires, global shipping container shortages, or labor strikes, could adversely
affect our ability to satisfy our supply chain requirements and deliver our products
economically to our customers. Any such disruption to the transportation or logistics services that we depend on could have a material
adverse impact on our results of operations and financial condition.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, some of our production activities
require specialized materials that we acquire from a limited number of available third-party suppliers.&nbsp;For example, we rely on purchases
of genetic material used in our livestock breeding programs from a very small number of livestock genetics companies. If any of these
suppliers is not able to supply the materials in the quantity and at the frequency that we normally acquire them, and we are not able
to replace the supplier on acceptable terms or at all, we may be unable to maintain our usual level of production and sales in the affected
category of product, which may have a material adverse effect on our business and operations and, consequently, on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We may divest or acquire businesses or enter into joint ventures,
which may divert management resources or prove to be disruptive to our company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We regularly assess and pursue opportunities
to focus or generate synergies in our business through divestitures or expansions through acquisitions, joint ventures and other initiatives.
We have completed several divestitures and acquisitions in recent years, including Banvit Foods SRL, OneFoods Malaysia Sdn Bhd, companies
that compose the Hercosul Group, Mogiana Alimentos S.A. and joint ventures with AES Brasil Energia S.A. and Intrepid Participa&ccedil;&otilde;es
S.A. For additional details on certain of these transactions, see &ldquo;Recent Developments&mdash;History and Development of the Company.&rdquo;
Divestments, acquisitions, new businesses, and joint ventures, particularly those involving sizeable businesses, may present financial,
managerial, operational, legal, compliance and reputational risks and uncertainties, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">challenges in realizing the anticipated benefits of the transaction;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">difficulties with managing various macroeconomic variables and their impact on the business;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">difficulties with managing commercial relationships in various countries;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">diversion of management attention from existing businesses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">difficulties with integrating/carving-out personnel, especially to different managerial practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">disruptions when integrating or carving out financial, technological and other systems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">difficulties in identifying suitable candidate businesses or consummating a transaction on terms that
are favorable to us;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">challenges in retaining an acquired company&rsquo;s customers and key employees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">challenges related to the loss of key employees in connection with a divestment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increased compensation expenses for newly hired employees;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exposure to unforeseen liabilities or problems of the acquired companies or joint ventures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">warranty claims and claims for damages which may be limited in content, timeframe and amount;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">legal challenges, including claims for indemnification;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">&nbsp;</P>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">challenges arising from a lack of familiarity with new markets with differing commercial and social
norms and customs, which may adversely impact our strategic goals or require us to adapt our marketing and sales model for specific countries;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">compliance with foreign legal and regulatory systems;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">difficulties in transferring capital to new jurisdictions;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">challenges in receiving the necessary approvals from governments and national and international antitrust
authorities, including the Administrative Council of Economic Defense (<I>Conselho Administrativo de Defesa Econ&ocirc;mica)</I>, or CADE;
and</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">restrictions imposed by local regulators, which were not identified before completion of the transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The strategic benefits from our divestitures
or acquisitions may not materialize in the timeframe we anticipate, or at all. In addition, we may be unable to identify, negotiate or
finance future divestitures, acquisitions or other strategic initiatives successfully or on favorable terms. Any future joint ventures
or acquisitions of businesses, technologies, services or products might require us to obtain additional equity or debt financing, which
may not be available on favorable terms, or at all. Future divestitures, acquisitions and joint ventures may also result in unforeseen
operating difficulties and expenditures, as well as strain our organizational culture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Our failure to continuously innovate and successfully launch
new products that address our clients&rsquo; needs and requirements, as well as maintain our brand image, could adversely impact our operating
results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our financial success depends on our ability
to anticipate changes in consumer preferences and dietary habits and our ability to successfully develop and launch new products and product
variations that are desirable to consumers. The resources that we devote to new product development and product extensions may be insufficient
and we may not be successful in developing innovative new products or our new products may not be commercially successful. For example,
trends towards prioritizing health and wellness present a challenge for developing and marketing successful new lines of products to address
these consumer preferences. Furthermore, a reduction in our investment in product development may negatively affect not only our ability
to generate innovative solutions, but also the in-market success of any such products. Additionally, our employees working on innovation
and research and development may move to one of our competitors, which would compromise our ability to deliver new and innovative products
and may also result in our competitors gaining information we view as proprietary. To the extent that we are not able to effectively gauge
the direction of our key markets and successfully identify, develop, manufacture and market new or improved products in these changing
markets in a timely or cost-effective manner, our products, brands, financial results and competitive position may suffer, which may have
a material adverse effect on our business, results of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We also seek to maintain and extend the image
of our brands through marketing, including advertising and consumer promotions. Due to inherent risks in the marketplace associated with
advertising, promotions and new product introductions, including uncertainties about trade and consumer acceptance, our marketing investments
may not prove successful in maintaining or increasing our market share. A continued global focus on health and wellness, including weight
management, increasing media attention on the role of food marketing and negative press coverage about our quality controls and products,
including in connection with the <I>Carne Fraca </I>Operation and <I>Trapa&ccedil;a</I> Operation, may adversely affect our brand image
or lead to stricter regulations and greater scrutiny of food marketing practices. For instance, new nutritional labeling rules for packaged
foods will require us to change 100% of our packaging labels in Brazil, so that labels present on the front panel the levels that our
products exceed the established daily limits of sodium, added sugars and saturated fats as well as an adjustment to our form of nutritional
table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our success in maintaining, extending and expanding
our brand image also depends on our ability to adapt to a rapidly changing media environment, including increasing reliance on social
media and online dissemination of advertising campaigns. The growing use of social
and digital media increases the speed and extent that information or misinformation and opinions can be shared. Negative posts or comments
about us, our brands or our products on social or digital media could seriously damage our reputation and brand image. If we do not maintain
or improve our brand image, then our sales, financial condition and results of operations could be materially and adversely affected.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We may experience difficulties in expanding our products or
in expanding into new lines of business, industries and/or foreign markets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">We may face challenges in connection with the
expansion of our products as well as our expansion into new lines of business, industries and/or new geographic regions within or outside
of Brazil. In particular, as we expand into new lines of business, such as BRF Pet, we may face challenges associated with entering into
a line of business in which we have limited or no experience and in which we may not be well-known. Offering new products and services
or offering existing products in new industries or new geographic regions may require substantial expenditures and takes considerable
time, and we may not recover our investments in new markets in a timely manner or at all. For example, we may be unable to attract customers,
fail to anticipate competitive conditions or fail to adapt and tailor our services to different markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We have been subject to significant investigations relating
to, among other things, food safety and quality control, and an adverse outcome of any of these investigations could result in penalties,
fines or other forms of liability and could have a material adverse effect on our business, reputation, brand, results of operations and
financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazilian authorities are investigating Brazil&rsquo;s
meat processing industry in the so-called &ldquo;<I>Carne Fraca</I> Operation.&rdquo; The investigation involves several companies in
the Brazilian industry and, among other things, includes allegations relating to food safety and quality control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 17, 2017, we learned of a decision
issued by the 14<SUP>th</SUP> Federal Court of Curitiba in the State of Paran&aacute; authorizing the search and seizure of information
and documents from us, and the detention of certain individuals in the context of the <I>Carne Fraca </I>Operation. Two of our employees
were detained (both of whom have been released) and three others were identified for questioning (of which only two were questioned).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On April 20, 2017, based on an investigation
by the Brazilian Federal Police, Brazilian federal prosecutors filed several charges against two of our former employees (one of our regional
manufacturing officers and one of our corporate affairs managers). One such employee was acquitted by lower courts of all charges on September
28, 2018, while the other employee was convicted on one charge. The Brazilian federal prosecutors and one of our former employees filed
an appeal, which is pending judgment by the court. See &ldquo;Recent Developments&mdash;Legal Proceedings.&rdquo; On January 22, 2018,
the Attorney General&rsquo;s Office of the Third District of the State of Goi&aacute;s filed a complaint against the industrial manager
of our Mineiros plant at the time of the events subject to investigation in the <I>Carne Fraca</I> Operation, and against the former head
of quality control at our Mineiros plant, neither of whom works for us any longer. Both were charged for allegedly committing crimes against
consumers, as provided in article 7, item II of Law 8,137/90. According to the complaint, laboratory tests (dripping tests) detected excessive
levels of water absorbed by the chicken products collected by authorities at our Mineiros plant. The Attorney General&rsquo;s Office of
the Third District of the State of Goi&aacute;s alleges we produced chicken products with higher quantities of water than the limits permitted
by the Brazilian Ministry of Agriculture, Livestock and Food Supply (<I>Minist&eacute;rio da Agricultura, Pecu&aacute;ria e Abastecimento</I>,
or &ldquo;MAPA&rdquo;), with potential damages to customers, considering they would potentially be acquiring chicken meat products with
a weight lower than that indicated on the packaging, since part of the weight of the frozen chicken would consist merely of water contained
therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 5, 2018, we learned of a decision issued
by a federal judge of the First Federal Court of Ponta Grossa in the State of Paran&aacute;, which authorized the search and seizure of
information and documents pertaining to us and certain current and former employees, as well as the temporary detention of certain individuals.
In what media reports have identified as the &ldquo;<I>Trapa&ccedil;a</I> Operation,&rdquo; eleven of our current and former employees
were temporarily detained for questioning, including former Chief Executive Officer Pedro Faria and former Vice President for Global Operations Helio Rubens.
All such current and former employees were released from custody and those who are still our employees are on leave of absence. A number
of our current and former employees were identified for questioning. The primary allegations in the <I>Trapa&ccedil;a</I> Operation involve
alleged misconduct relating to quality violations, improper use of feed components and falsification of tests at certain BRF manufacturing
plants and accredited labs.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a result of the <I>Trapa&ccedil;a </I>Operation,
on March 5, 2018, we were notified by MAPA that it immediately suspended exports from our Rio Verde/Goi&aacute;s, Carambe&iacute;/Paran&aacute;
and Mineiros/Goi&aacute;s plants to 13 countries with specific sanitary requirements related to Salmonella spp. As a precautionary measure,
MAPA also suspended exports from 10 other of our plants to the European Union on March 15, 2018. On May 14, 2018, the European Union announced
the decision to suspend 12 of our production facilities in Brazil by revoking the export approval of meat products from such facilities
to the European Union&rsquo;s countries due to increasing pressure from domestic producers&rsquo; organizations, supposedly demanding
the measure for local market protection<I>.</I> The European Union generally has stricter requirements related to salmonella levels and
other food safety standards compared to Brazil and the international markets in which we operate. Given the import ban applied to our
production facilities, we are unable to export meat from such facilities to the European Union. Our results of operations may be further
adversely affected due to the need to redirect the production capacity of such facilities, originally destined for the European Union,
to other markets at similar prices or margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In June 2018 and in May 2019, we learned of
administrative proceedings commenced against us by the Brazilian Comptroller General of the Union (<I>Controladoria-Geral da Uni&atilde;o)</I>,
or CGU, which is primarily related to alleged irregularities in connection with conduct that could represent harmful acts to the public
administration under the Brazilian Anti-Corruption Law and other applicable laws, as described in <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I>
Operation. The CGU is an internal control body of the Brazilian federal government responsible for carrying out activities related to
the defense of public property and the increase of management transparency, through actions of public audit, correction, prevention and
combat of corruption, among others. These CGU administrative proceedings against us remain pending without any adverse decision against
us as of September 30, 2021. At the administrative proceedings related to the <I>Trapa&ccedil;a</I> Operation, when we are subpoenaed,
we intend to present our defense in this matter. At the administrative proceedings related to the <I>Carne Fraca</I> Operation, BRF was
subpoenaed and presented its defense in September 2021, and the proceeding is currently in the investigative phase. We will continue to
discuss a possible resolution of these proceedings with CGU, and to cooperate with all applicable governmental authorities. The outcome
of the CGU proceedings and any other proceedings instituted by authorities may result in penalties, fines, compensation, sanctions from
governmental authorities or other forms of liabilities, which may have a material adverse impact on our reputation, brand, results of
operations, financial position and cash flows. Currently, any losses related to this matter cannot be estimated, and, as a result, no
provision has been recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On October 15, 2018, the Brazilian Federal Police
issued a report on the investigation of the <I>Trapa&ccedil;a</I> Operation, which contained accusations against 43 people, 23 of whom
are current or former BRF employees, including former Chief Executive Officer Pedro Faria, former chairman of our board of directors Abilio
Diniz, and three former vice presidents. Those who are still our employees are on leave of absence. Allegations against these senior employees
generally focused on communications relating to alleged dioxin contamination. Since then, the police investigation has been under review
by the Brazilian Federal Prosecutor responsible for the case to determine whether to bring criminal charges. See &ldquo;Recent Developments&mdash;Legal
Proceedings.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 4, 2019, in the context of the <I>Trapa&ccedil;a</I>
Operation, criminal charges were brought against former BRF employees for allegedly committing, with respect to the manufacture of animal
feed and PREMIX compound (supplement added to animal feed), aggravated larceny by fraud, false representation, wrapper or container with
false labelling, forgery of substance or food product, forgery of product intended for therapeutic or medicinal purposes and criminal
association, at least during the period between 2012 and 2018. The complaint was received by the lower court on January 21, 2020. There
was no negative decision against any of the defendants during 2021. The defendants have presented their response to the complaint. On
November 4, 2020, also in the context of the <I>Trapa&ccedil;a</I> Operation, a second complaint was filed by the Federal Public Prosecutor&rsquo;s Office against former and inactive employees
of ours for allegedly committing aggravated larceny by fraud, false representation, selling products harmful to health and criminal association,
between the years 2012 and 2017, related to the presence of Salmonella on food products. The complaint was received by the lower court
on November 20, 2020 and the defendants have presented their response. These proceedings are still pending. For additional information,
see &ldquo;Recent Developments&mdash;Legal Proceedings.&rdquo;</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On February 11, 2020, the Saudi Food &amp; Drug
Authority, or the SFDA, temporarily suspended the export authorization of two of our plants (Dois Vizinhos, SIF 2518, and Francisco Beltr&atilde;o,
SIF 1985) due to the <I>Trapa&ccedil;a</I> Operation. The Saudi Arabian government agency based its decision on news reports relating
to the investigations. The case has been brought by Brazil as a Specific Trade Concern, or the STC, in the 4<SUP>th</SUP> meeting of the
WTO Committee on Sanitary and Phytosanitary Measures in November 2020. For additional information, see &ldquo;&mdash;More stringent trade
barriers in key export markets may negatively affect our results of operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any of these existing investigations and proceedings,
as described under &ldquo;Recent Developments&mdash;Legal Proceedings,&rdquo; or any other ongoing or future investigation or proceeding
could result in penalties, fines or other forms of liability and could have a material adverse effect on our business, reputation, brand,
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We may fail to ensure compliance with relevant anti-fraud,
anti-corruption, anti-money laundering and other international laws and regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are subject to anti-fraud, anti-corruption,
anti-money laundering and other international laws and regulations. We are required to comply with the laws and regulations of Brazil
and various jurisdictions where we conduct operations. In particular, we are subject to the Brazilian Anti-Corruption Law n&ordm; 12,846,
the U.S. Foreign Corrupt Practices Act of 1977, or FCPA and the United Kingdom Bribery Act of 2010. The FCPA prohibits providing anything
of value to foreign officials for the purposes of obtaining or retaining business or securing any improper business advantage. As part
of our business, we may deal with entities and employees that are considered foreign officials for purposes of the FCPA. In addition,
we participate in certain public tenders and competitive bidding rounds for contracts involving public authorities in Brazil and potentially
in other markets where we operate, which activities are typically subjected to heightened regulatory scrutiny and often require compliance
with specific anti-fraud, anti-corruption, anti-money laundering and other international laws and regulations.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Although we
have internal policies and procedures designed to ensure compliance with applicable anti-fraud, anti-corruption, anti-money laundering
and other international laws and regulations, potential violations of law have been identified on occasion as part of our compliance and
internal control processes. In addition, we were notified of allegations involving potential misconduct by some of our employees in the
context of the <I>Carne Fraca</I> Operation, <I>Trapa&ccedil;a </I>Operation and other investigations. For more details, see &ldquo;&mdash;We
have been subject to significant investigations relating to, among other things, food safety and quality control, and an adverse outcome
of any of these investigations could result in penalties, fines or other forms of liability and could have a material adverse effect on
our business, reputation, brand, results of operations and financial condition&rdquo; and &ldquo;Recent Developments&mdash;Legal Proceedings.&rdquo;
As a result of the <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I> Operation and related matters, we incurred expenses in the total
amount of R$8,554 thousand for the </FONT>nine months <FONT STYLE="font-size: 10pt">ended September 30, 2021 and R$28,097 thousand for
the same period in 2020, which negatively impacted our results of operations. Additionally, these or other proceedings may result in penalties,
fines, sanctions or other forms of liability. Furthermore, any negative reflection on our image or our brand from these or other activities
could have a negative impact on our results of operations, as well as our ability to achieve our growth strategy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Given the size of our operations and the complexity
of our production chain, there can be no assurance that our internal policies and procedures will be sufficient to prevent or detect all
inappropriate or unlawful practices, including fraud or violations of law or violations of our internal policies and procedures by our
employees, directors, officers, partners or any third-party agents or service providers. Furthermore, there can be no assurance that such
persons will not take actions in violation of our policies and procedures (or otherwise in violation of applicable laws and regulations)
for which we or they may ultimately be held responsible. Violations of anti-fraud, anti-corruption, anti-money
laundering or other international laws and regulations could have a material adverse effect on our business, reputation, brand, selling
prices, results of operations and financial condition, including as a result of the closure of international markets. We may be subject
to one or more enforcement actions, investigations or proceedings by authorities for alleged infringement of these laws. These proceedings
may result in penalties, fines, sanctions or other forms of liability. Potential negative developments in the <I>Carne Fraca</I> Operation,
<I>Trapa&ccedil;a</I> Operation and other investigations may also negatively affect the market price of our common shares and American
Depositary Receipts, or ADRs.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We are subject to antitrust and competition laws and regulations
and we may fail to ensure compliance with such laws and regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are subject to antitrust and competition
laws and regulations in the jurisdictions in which we operate. Consequently, we may be subject to regulatory scrutiny in certain of these
jurisdictions. For instance, on March 14, 2019, the Turkish Competition Authority (&ldquo;TCA&rdquo;) announced a decision regarding its
investigation into our Turkish subsidiary Banvit and other producers for alleged anticompetitive practices in connection with chicken
meat production in Turkey. The TCA imposed an administrative fine equivalent to R$22,507 thousand (TRY30,518 thousand, translated to <I>reais</I>
at the exchange rate of R$0.7375 as of September 30, 2019), against Banvit. The decision was confirmed on September 17, 2019, and Banvit
anticipated the payment of the fine to benefit from a 25% discount available under Turkish law. For additional information, see &ldquo;Recent
Developments&mdash;Legal Proceedings.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There can be no assurance that our internal
policies and procedures designed to ensure compliance with applicable antitrust and competition laws and regulations will be sufficient
to prevent or detect all inappropriate or unlawful practices. As a result, we may be subject to one or more enforcement actions, investigations
or proceedings by authorities for alleged infringement of these laws. These proceedings may result in penalties, fines, sanctions or other
forms of liability and could have a material adverse effect on our business, reputation, brand, selling prices, results of operations
and financial condition, including as a result of the closure of international markets. Furthermore, there can be no assurance that the
introduction of new competition laws in the jurisdictions in which we operate, the interpretation of existing antitrust or competition
laws, the enforcement of existing antitrust or competition laws by authorities or civil antitrust litigation by private parties, or any
agreements with antitrust or competition authorities, against us or our subsidiaries will not have a material adverse impact on our business,
results of operations or financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>A failure to comply with export control or economic sanctions
laws and regulations could have a material adverse impact on our results of operations, financial condition and reputation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We operate on a global basis and face risks
related to compliance with export control and economic sanctions laws and regulations, including those administered by the United Nations,
the European Union and the United States, including the U.S. Treasury Department&rsquo;s Office of Foreign Assets Control. Economic sanctions
programs restrict our dealings with certain sanctioned countries, individuals and entities. However, we have conducted, and may in the
future seek to conduct, business in certain countries that are subject to sanctions under the laws of the United States or other countries.&nbsp;Although
we have pursued these transactions, and intend to pursue any future transactions, in full compliance with applicable laws and regulations,
we may not be successful in ensuring compliance with limitations or restrictions on business with companies in any such countries. If
we are found to be in violation of applicable sanctions laws or regulations, we may face criminal or civil fines or other penalties, we
may suffer reputational harm and our results of operations and financial condition may be adversely affected. Additionally, there can
be no assurance that our employees, directors, officers, partners or any third parties that we do business with, including, among others,
any distributors or suppliers, will not violate sanctions laws and regulations. We may ultimately be held responsible for any such violation
of sanctions laws and regulations by these persons, which could result in criminal or civil fines or other penalties, have a material
adverse impact on our results of operations and financial condition and damage our reputation.</P>

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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Political and economic risks in regions and countries where
we have exposure could limit the profitability of our operations and our ability to execute our strategy in these
regions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Since we have business operations around the
world, we are subject to a variety of risks that may adversely affect our financial results. In the regions where we have production and
distribution activities, we are subject to the following risks, among others:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">political instability;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">geopolitical risks and conflicts, such as war, terrorism and civil unrest;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the imposition of exchange or price controls;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the imposition of restrictions on exports of our products or imports of raw materials necessary for
our production processes, including embargoes from countries where we undergo production or distribution activities;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the fluctuation of global currencies against the <I>real</I>;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the nationalization of our property;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">political influence by local governments in communities where we operate requiring investments or other
expenditures;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increases in export tax and income tax rates for our products;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increases on non-tariff barriers;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">free trade agreements between countries and regions excluding Brazil;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">change in regulations of the markets to which we export;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">lack of transparency and/or bribery or any illegal gains&rsquo; attempted by foreign officials; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">institutional and contractual changes unilaterally imposed by governments, including controls on investments
and limitations on new projects.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a result of these factors, our results of
operations and financial condition in the regions where we have production and distribution activities may be adversely affected, and
we may experience significant variability in our revenue from those operations. This risk may be heightened as a result of the COVID-19
pandemic, for example due to outbreaks of COVID-19 in our plants and restrictions that may be imposed on our products because of these
outbreaks. For more information, see &ldquo;&mdash;Pandemics or human disease outbreaks, such as the coronavirus (COVID-19), may disrupt
consumption and trade patterns, supply chains and production processes, which could materially affect our operations and results of operations.&rdquo;
In another trade-related development in 2020, certain member states of the European Union negotiating a trade agreement with the Mercosul
trade bloc, of which Brazil is the largest member, indicated that progress would slow in light of concerns over Brazilian environmental
protection policies and enforcement in connection with fires in the Amazon rainforest. Such delays could undermine efforts to expand our
access to European markets. Additionally, several countries in Asia currently do not tax the importation of poultry and pork meat, which
increases our products&rsquo; competitiveness in these countries. However, we understand that this import tax regulation may be changing
in the near future. We are unable to control any such change in import tax regulation, which may have a material adverse effect on our
products&rsquo; competitiveness. The impact of these changes on our ability to deliver our planned projects and execute our strategy cannot
be ascertained with any degree of certainty, and these changes may adversely affect our operations and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, specific trade deals between key
markets and other competing exporting countries may negatively affect our results of operations and competitiveness.
For example, the U.S.-South Korea free trade agreement will significantly reduce the import tariff of U.S. agricultural products into
Korea in 2022 which may adversely impact our exports to this country.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Our external market sales are subject to a broad range of
risks associated with cross-border operations.</I></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">External market
sales account for a significant portion of our global net sales, and represented 45.3% of our net sales in the </FONT>nine months <FONT STYLE="font-size: 10pt">ended
September 30, 2021, 43.7% of our net sales in 2020 and 44.5% of our net sales in 2019. Our external market is reported within our International
business segment, which comprises Islamic markets (including Turkey, North of Africa, Gulf Cooperation Council (GCC) and Malaysia), Asia,
Europe, Eurasia, Africa and Americas, where we are subject to many of the same risks described herein in relation to Brazil. Furthermore,
we may seek to expand sales of our products to additional international markets. Our future financial performance depends, to a significant
extent, on the economic, political and social conditions in those regions as well as on our supply conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our future ability to conduct business operations
in external markets could be adversely affected by factors beyond our control, such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exchange rate and interest rate fluctuations and the impact of hyperinflation;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">commodities price volatility;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">deterioration in global economic conditions;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">political risks, such as turmoil and instability, foreign exchange controls and uncertainty regarding
government policies;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">decreases in demand, particularly from large markets such as China and Saudi Arabia;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">imposition of increased tariffs, anti-dumping duties or other non-tariff trade barriers;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">restrictions on international trade and financial flows imposed due to balance of payments deficits;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">strikes or other events affecting ports and other transport facilities;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">unpredictable international border closings that restrict products, materials and people;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">compliance with differing foreign legal and regulatory regimes;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">strikes, not only of our employees, but also of port employees, truck drivers, customs agents, sanitary
inspection agents and other government agents at the Brazilian ports from which we export several of our products;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">access to adequate infrastructure, which could be affected by flooding or similar events;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">damage to our products;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">negative media exposure related to the Brazilian agriculture or meat processing industries, particularly
in connection with the <I>Carne Fraca</I> Operation, <I>Trapa&ccedil;a</I> Operation or other investigations; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">negative preconceptions influenced by Brazil&rsquo;s worsening international reputation due to deforestation
and other environmental and sustainability issues.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We face significant competition from Brazilian and foreign
producers, which could adversely affect our financial performance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We face strong competition from other Brazilian
producers in both the domestic and external markets. In addition, we compete with foreign producers in our external markets. The Brazilian
market for whole poultry, poultry and pork cuts is highly fragmented. Small producers, some of which operate in the informal economy,
are able to offer lower prices by meeting lower quality standards. With respect to exports, we compete with other large, vertically integrated
producers that have the ability to produce quality products at similarly low costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, the size and growth potential of
the Brazilian market for processed food, poultry, pork and beef, combined with Brazil&rsquo;s low production costs are attractive to international
competitors. The main barrier impeding these companies from entering the Brazilian market has been the need to build a comprehensive distribution
network, including a network of outsourced farmers, known as outgrowers. Nevertheless, foreign competitors with significant resources
could undertake to build or acquire such capabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Brazilian poultry and pork cuts markets,
in particular, are highly price-competitive and sensitive to product substitution. Even if we remain a low-cost producer, with strong
brands, consumers may choose to purchase other products or brands. We expect to continue to face strong competition in all of our markets
and anticipate that existing or new competitors may broaden their product lines and extend their geographic scope. Any delay or failure
by us in responding to product, pricing and other strategies by competitors may negatively affect our financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Our business depends on the supply of raw materials produced
by farmers and integrated producers, and our performance depends on our ability to attract and retain a network of qualified farmers and
integrated producers.</I></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are a vertically
integrated producer of food products, and we depend on a large number of raw materials of animal origin, or animal byproducts, to conduct
our business. A substantial portion of the animal byproducts we use to conduct our business is produced by a network of integrated farmers
and producers with whom we have entered into integrated production contracts. Such integrated producers are responsible for managing and
raising the poultry and pork that we, as integrators, supervise. For the </FONT>nine months <FONT STYLE="font-size: 10pt">ended September
30, 2021, we acquired 3,570 tons of animal byproducts from our integrated producers, corresponding to 97.9% of the raw materials we used
during the course of our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The selection and retention of farmers and producers
is highly competitive, and such competition between integrators has intensified in recent years. Our integrated producers are primarily
located near our industrial units, where competing integrators conduct activities similar to the activities we conduct. We may be unable
to select and retain such farmers and producers, particularly as a result of greater competition, or we may be obligated to pay higher
prices for such byproducts or offer greater benefits to retain such farmers and producers. Our inability to retain an adequate number
of such farmers and producers may negatively impact our strategic plans and operational performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, our integrated producers are
mostly financed through rural credit financing that they contract directly with financial institutions. Such rural credit financing
are offered in the context of financial collaboration agreements that we enter into with the respective financial institutions,
which establish obligations related to: (i) selecting integrated producers suitable for obtaining financing; (ii) maintaining a
sufficient payment stream to such integrated producers to amortize and settle the financial installments granted within the scope of
such financial collaboration agreements; and (iii) supervising the application of the financial resources granted to such integrated
producers. In exceptional cases, such as the operational suspension, sale or lease of one of the industrial units that we use to
purchase the production of our integrated producers financed through such financial collaboration agreements, we may be obligated to
prepay the financing obtained by our integrated producers, or we may be required to maintain a sufficient payment stream to such
integrated producers to amortize and settle the financial installments until a new integrator succeeds the affected industrial unit
with respect to the integrated production contracts, which may adversely affect our results.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Our performance depends on favorable labor relations with
our employees, our compliance with labor laws and the safety of our facilities. Any deterioration of those relations, increases in labor
costs or injuries at our facilities could adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, we had approximately
100,000 employees worldwide. Our production employees in Brazil and in countries where organized labor is prevalent are generally represented
by labor unions. Upon the expiration of existing collective bargaining agreements or other collective labor agreements, we may be unable
to reach new agreements with the labor unions and any such agreements may not be on terms satisfactory to us, which could result in higher
payments of wages or benefits to union workers. Additionally, if we are unable to negotiate acceptable collective bargaining agreements,
we may become subject to work stoppages or strikes.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt"><FONT STYLE="font-size: 10pt">Labor costs are among
our most significant expenditures. Such costs represented 11.6% of our cost of sales in the </FONT>nine months <FONT STYLE="font-size: 10pt">ended
September 30, 2021. In the event of a review of our employee contract structure, additional operational expenses could be incurred. Additionally,
in the ordinary course of business, we outsource some of our labor force, which subjects us to claims that may arise from these relationships.
In the event that a significant amount of these claims results in an unfavorable outcome against us, we may be held liable for amounts
higher than our provisions, which may have a material adverse effect on our business, financial and operational condition and results
of operations. In addition, if the outsourced activities are deemed by the authorities as employment relationships, outsourcing may be
considered illegal and the outsourced workers may be considered our employees, which would result in a significant increase in our costs
and could subject us to administrative and judicial procedures by the relevant authorities and fines. We are also subject to increases
in our labor costs due to Brazilian inflation and increases in health insurance costs. Material increases in our labor costs could have
a material adverse effect on our business, results of operations and financial condition and prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, we face risks related to the safety
of our facilities. If we fail to implement safety procedures or if the procedures, we implement are ineffective or are not followed by
our employees or others, our employees and others may be injured, which could result in costs for the injuries and lost productivity.
Any of the foregoing could have an adverse impact on our business, results of operations and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We cannot guarantee that our suppliers will not engage in
irregular practices. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cannot guarantee that our suppliers will
not have issues regarding working conditions, sustainability, outsourcing of the production chain and improper safety conditions and/or
corruption. If any of our suppliers engage in these practices, our reputation may be harmed and, consequently, our customers&rsquo; perception
of us may be adversely affected. Also, depending on the irregularity attributed to the supplier, if it has acted for our benefit, whether
exclusively or not, we may be subject to the sanctions provided for in the applicable anti-corruption law. Although we have an internal
integrity system that follows the best national and international compliance practices, which is applicable to all our suppliers and busines
partners; there is no assurance that we will be able to timely identify and/or prevent any such violations by our suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We may be liable for environmental damage caused by our suppliers.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the companies that provide us outsourced
services do not meet the requirements of the applicable legislation, we may be considered liable for the environmental damage caused by
these companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, environmental damage in Brazil implies strict and
joint liability. This means that the obligation to repair the degradation caused may affect all those who, directly or indirectly, contributed
to the occurrence of environmental damage, regardless of the agents' guilt, which may adversely affect our results and activities. Also,
the hiring of third parties to carry out any management of our activities, such as management of contaminated areas, renovations or final
disposal of waste, does not exempt us from liability for any environmental damage caused by a supplier engaged by us. If we are held liable
for any such damages, our results and image may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We depend on the operating results of our subsidiaries.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">In addition to having our own operations, we
hold equity interests in other companies. Therefore, in addition to the results generated by our own operation, we also depend on the
operating results of our subsidiaries and controlled companies. Our ability to meet our debts and other obligations depends not only on
our cash flow generation, but also on the cash flow generation of our subsidiaries, controlled companies and affiliates and their ability
to make cash available to us in the form of payment of interest on equity, payment of debt, dividends, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">Any adverse change in the financial condition
or results of operations of our subsidiaries, controlled companies and affiliates could materially and adversely affect our business,
financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">Also, the income tax exemption on the distribution
of dividends provided for in current Brazilian legislation may be reviewed and dividends may become taxable in the future, negatively
impacting us, as a holding company, given that taxes may be due on the distribution of dividends by our subsidiaries to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">In addition to the risk factor above, subsidiaries
that carry out our significant operations are subject to the same risks applicable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Unfavorable outcomes in administrative and legal proceedings
may reduce our liquidity and negatively affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We and some members of our management are defendants
in civil, administrative, regulatory, environmental, labor and tax proceedings and we are also subject to consent agreements (<I>Termo
de Ajustamento de Conduta</I>, or TAC). Unfavorable decisions in such legal proceedings may reduce our liquidity and have a material adverse
impact on our business, results of operations, financial condition and prospects. In addition, our management and employees may be subject
to judicial, arbitral and/or administrative investigations, inquiries, proceedings and claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With regard to tax contingencies, we are currently
defendants in a number of cases, which include, for example, disputes regarding the offset of tax credits and the use of tax incentives
in several states that have not yet reached a final ruling in the Brazilian courts. In addition, we may face risks arising from potential
impairment of input state value-added tax, or VAT, that we accumulate on exports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, we have R$1,558,541
thousand in provisions for contingencies, of which R$411,289 thousand are for civil and other contingencies (including administrative,
regulatory and environmental), R$530,210 thousand are for tax contingencies and R$617,042 thousand are for labor contingencies. Proceedings
classified as possible losses, as of September 30, 2021, totaled R$15,122,141 thousand, which could adversely affect our financial situation
in the event of change in circumstances in the classification of probability of loss, due to the complexity and discretion involved in
the assessment, measurement and definition of the time of recognition and disclosure of legal claims between the various spheres in which
they are processed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are also currently being investigated
in the <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I> Operation, and administrative proceedings commenced against us by the
CGU, which may result in penalties, fines and sanctions from governmental authorities or other forms of liability. For more
information about the &ldquo;<I>Carne Fraca</I> Operation,&rdquo; &ldquo;<I>Trapa&ccedil;a</I> Operation&rdquo; and &ldquo;CGU
Proceedings,&rdquo; see &ldquo;Recent Developments&mdash;Legal Proceedings<I>&mdash;Trapa&ccedil;a</I> Operation.&rdquo; We will
continue to cooperate with all applicable governmental authorities, including the CVM. Any investigation from governmental
authorities currently unknown to us with respect to any potentially unlawful business practice may also result in penalties, fines and
sanctions or other forms of liability.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 12, 2018, a shareholder class action
lawsuit was filed against us, some of our former managers and a current officer of ours in the U.S. Federal District Court in the Southern
District of New York. On July 2, 2018, the Court appointed the City of Birmingham Retirement and Relief System lead plaintiff in the action,
or the Lead Plaintiff. On December 5, 2018, the Lead Plaintiff filed an amended complaint that sought to represent all persons and entities
who purchased or otherwise acquired our ADRs during the period from April 4, 2013, through and including March 2, 2018. The class action
alleged, among other things, that we and certain officers or directors of ours engaged in securities fraud or other unlawful business
practices related to the regulatory issues in connection with the <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I> Operation. On
December 13, 2019, we and the other defendants filed a motion to dismiss. On January 21, 2020, the Lead Plaintiff filed an opposition
motion, and, on February 11, 2020, we and the other defendants filed our response. While the court&rsquo;s decision on the motion to dismiss
was still pending, the parties reached an agreement on March 27, 2020 to settle this class action for an amount equivalent to R$204,436
thousand (U.S.$40,000 thousand, translated to <I>reais</I> at the exchange rate of R$5.1109 as of March 27, 2020). The court approved
this settlement on October 23, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, in 2020 we received a final and
unappealable judicial decision regarding the exclusion of ICMS from the tax basis of the social contributions of PIS and COFINS, which
permitted us to recognize a significant amount of recoverable taxes, which are described in note 9.1 to our unaudited condensed consolidated
interim financial information. For a number of procedural reasons involved in finalizing the settlements for these judgments, it could
take an extended period of time for us to receive these amounts, either as compensation or through obtaining a court ordered financial
obligation (<I>precat&oacute;rio</I>). In 2021, we started to use these tax credits to offset federal taxes payable and the total amount
used up to September 30, 2021 was R$554,287 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In March 2020, three confidential arbitration
proceedings were brought against us in the Market Arbitration Chamber (<I>C&acirc;mara de Arbitragem do Mercado</I>) of the B3 S.A. &ndash;
Brasil, Bolsa, Balc&atilde;o, or the B3 or the S&atilde;o Paulo Stock Exchange, in Brazil by investors that had purchased our shares traded
on the B3, seeking recovery from alleged losses incurred by them, due to the price fall of our shares, during the period starting from
April 4, 2013 and afterwards. In September 2020, the Chairman of the Market Arbitration Chamber of B3 decided to consolidate these three
arbitrations into a single arbitration proceeding. Because this arbitration proceeding is in its initial stage, we believe the possible
loss or range of losses, if any, cannot be estimated. In the event that this litigation or arbitration proceeding is decided against us,
or we enter into an agreement to settle, there can be no assurance that an unfavorable outcome or settlement would not have a material
adverse impact on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cannot guarantee that the results of these
proceedings or investigations and/or that new proceedings or new investigations will have favorable outcomes for us and our management.
With respect to proceedings to which we are a party, we cannot guarantee the dimension of the impacts that the results may have on our
business, financial condition and/or reputation, or that we maintain or will maintain provisions in sufficient amount to cover all liabilities
that may arise from these proceedings. In addition, we cannot guarantee that any person, directly or indirectly related to us, whether
shareholder, employee, officer, director, supplier, service provider, subcontractors or alike, will not be involved in legal, administrative
or arbitration proceedings, investigations or police inquiries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="background-color: white"><B><I>Our inability or failure
to protect our intellectual property and any intellectual property infringement against us could have a negative impact on our operating
results.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our principal intellectual property consists
of our domestic and international brands. Our ability to compete effectively depends in part on our rights to trademarks, logos and other
intellectual property rights we own or license. We have not sought to register or protect every one of our trademarks in every country
in which they are or may be used, which means that third parties may be able to limit or challenge our trademark rights there. Furthermore,
because of the differences in foreign intellectual property or proprietary rights laws, we may not receive the same level of legal protection
in every country in which we operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Litigation may be necessary to enforce our intellectual
property rights, and if we do not prevail, we could suffer a material adverse impact on our business, goodwill, financial position, results
of operations and cash flows. Further, third parties may allege that our intellectual property or business activities infringe their own
intellectual property or proprietary rights, and any litigation in this regard would be costly, regardless of the merits. If we are unsuccessful
in defending any such third-party claims, or settling such claims, we could be required to pay damages or enter into license agreements,
which might not be available under favorable terms. We may also be forced to rebrand or redesign our products to avoid the infringement,
which could result in significant costs in certain markets. If we are found
to infringe on any third party&rsquo;s intellectual property rights, we could suffer a material adverse impact on our reputation, business,
financial position, results of operations and cash flows.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Damages not covered by our insurance policies might result
in losses for us, which could have an adverse effect on our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Certain kinds of losses cannot be insured against
via third-party insurance, and our insurance policies are subject to liability limits and exclusions. For example, political risks, environmental
and climate events, fraud, strike, product recalls, fines and penalties, terrorism, the livestock itself, ammonia leakage, financial risks
such decrease in stock prices, cybersecurity risks, sabotage, industrial espionage, natural disasters or other catastrophic events may
cause damage or disruption to our operations, international commerce and the global economy, and thus could have a material adverse effect
on us. Additionally, we are exposed to certain product quality risks, such as criminal contamination, avian influenza, swine fever, salmonella
and other livestock diseases that can impact our operations and which are not covered under insurance. If an event that cannot be insured
occurs, or the damages are higher than our policy limits, we may incur significant costs. In addition, we could be required to indemnify
parties affected by such an event. Furthermore, even where we incur losses that are ultimately covered by insurance, we may incur additional
expenses to mitigate the loss, such as shifting production to different facilities. These costs may not be fully covered by our insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On occasion, our facilities may be affected
by fires and explosions, such as the fires in our facilities in Arroio do Meio, State of Rio Grande do Sul in 2019 and the explosion that
occurred in our facilities in Uberl&acirc;ndia, State of Minas Gerais in 2021, by flooding, such as the flooding in our facility in Bandirma,
Turkey in 2018, and by collapse in our substation facility in Concordia, State of Santa Catarina in 2021, as well as by electrical damages
or explosion in substations, or widespread truck driver strikes. In addition, our operations were adversely affected by the COVID-19 pandemic,
and we may not be able to recover compensation for the resulting losses under our insurance policies. For more information on the effects
of COVID-19 on our business, see &ldquo;&mdash;Pandemics or human disease outbreaks, such as the coronavirus (COVID-19), may disrupt consumption
and trade patterns, supply chains and production processes, which could materially affect our operations and results of operations.&rdquo;
Our business interruption insurance may not cover all of our direct and indirect costs and intangible costs in connection with disruptions
to our operations. For example, the negative impacts on our business from the 2018 Brazilian truckers&rsquo; strike, including the suspension
of operations at our production facilities and increased transportation and logistics costs, were not covered by any of our insurance
policies. Any similar events in the future could have a material adverse effect on our business, results of operations, financial condition
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Moreover, our insurance policies may not cover
legal costs in general incurred to defend ourselves against legal and administrative proceedings. We have incurred, and expect to continue
to incur, significant costs in connection with the <I>Carne Fraca</I> Operation and the <I>Trapa&ccedil;a</I> Operation. The costs associated
with these investigations and the costs of defending ourselves against legal and administrative proceedings may not be covered by our
insurance policies. Furthermore, there can be no assurance that we will be able to obtain insurance coverage in the future, related to
the foregoing or any other matters, on terms acceptable to us. As a result, we may incur significant additional expenses which may adversely
impact our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We depend on members of our senior management and on our ability
to recruit and retain qualified professionals to implement our strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">We depend on members of our senior management and
other qualified professionals to implement our business strategies. Efforts to recruit and retain professionals may result in significant
additional expenses, which could adversely affect our results. In addition, loss of key professionals may adversely affect our ability
to implement our strategy, as well as expenses associated to these losses can impact our results. In 2017 and 2018, we experienced a significant
number of departures of senior management, including two of our previous CEOs, our CFO, our Chief Human Resources Officer, or CHRO, our
Brazil General Manager and our Vice President of Operations. However, since 2019 the stability of our Senior Staff improved significantly,
with one departure in 2019 &ndash; Mr. Ivan de Souza Monteiro, Chief Financial Officer, one departure on October 9, 2020 &ndash; Mr. Rubens Pereira, who resigned
as Strategy, Management and Innovation Vice President and one departure in 2021 &ndash; Mr. Neil Hamilton dos Guimar&atilde;es Peixoto
Junior who left the position of Quality, Research &amp; Development Vice President. These changes, and other
potential changes, in the composition of our senior management team and our board of directors may result in modifications to our business
strategy and have a material adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Failure to maintain adequate internal controls could adversely
affect our reputation and business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our management is responsible for establishing
and maintaining adequate internal controls over financial reporting that provide reasonable assurance of the reliability of the preparation
and reporting of our financial statements for external use. Inadequate internal controls may result in our failure to meet public reporting
requirements accurately and on a timely basis and harm our reputation. The internal controls over financial reporting may not prevent
or detect all misstatements or fraud, regardless of the adequacy of those controls, and, therefore, we cannot assure that material weaknesses
will not be identified in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Part of our activities are carried out in third-party properties.
If we are unable to maintain or renew our lease agreements or to enter into new agreements under conditions that are commercially adequate
for us, we may be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Part of our activities are developed in third-party
real estate properties which are subject to lease agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In accordance with applicable law, generally,
either party may request in a judicial lawsuit the review of the rental price after the third year of the effectiveness term of the agreement
or of the last renegotiation of the rental price. A significant increase in the amount of the rent as a result of such lawsuits review
could adversely affect our financial position and our operating result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, our lease agreements provide that
the rents will be annually adjusted by an official inflation index. In a scenario of hyperinflation, such adjustments may adversely affect
our financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If, for any reason, we are unable to (i) maintain
our lease agreements; (ii) enter into new agreements; or (iii) renew them under conditions that we deem appropriate, we may have our activities
interrupted and/or be adversely impacted, due to (i) costs arising from the reallocation of our operations, and (ii) loss and/or decrease
in revenue, including if we are not able in a timely manner to relocate our activities to suitable properties and/or take a long time
to rent any such properties or if we rent them at high prices. In any such cases, our financial condition and results of operations may
be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Failure to comply with, obtain or renew the licenses required
of the real estate properties where we develop our activities may have a material adverse effect on us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our activities depend on several registrations,
authorizations, federal, state and municipal licenses and permits, including inspection records issued by Fire Departments (<I>Autos de
Vistoria do Corpo de Bombeiros</I>), certificates of occupancy (<I>habite-se</I>) of the facilities we use and operating licenses issued
by the respective municipalities in order to carry out our operations. Most of these licenses have an expiration term and must be timely
renewed, and may be subject to the payment of renewal fees. In addition, any irregularities or alterations to the facilities of the properties
may also have an adverse effect on the maintenance of such real estate licenses. The expansion of our operations and/or changes in applicable
legislation may also require new licenses, grants, authorizations, permits and/or registrations to be requested before the competent authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cannot assure that such licenses have been
or will be obtained with respect to each property whereby we carry out our activities or that they have been or will be regularly maintained
in force or timely renewed. The lack or the irregularity of our licenses could result in the imposition of infraction notices and fines
by the competent authorities. If we are unable to remedy any irregularities in our licensing process in a manner that leads to an interruption
or suspension of our operations or that would require us to make significant and unexpected investments, this could result in a material
adverse effect on our business, financial situation, reputation and results of operations. Also, we may have to incur with unexpected
costs with the reallocation of establishments, in case of the impossibility to
obtain or renew any of these licenses. These scenarios may negatively affect our business.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>We may face situations of conflict of
interest in transactions with related parties. Non-observance of commutative conditions in these transactions may adversely affect our
results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have contracts with relevant shareholders
and subsidiaries involving, for example, the purchase and sale of goods. Situations may arise in which conflicts of interest occur in
the relationship between us and such related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the contracts between us and our related
parties do not observe commutative conditions, our results of operations may be adversely affected. Furthermore, if the rules applicable
to transactions with related parties are not complied with by us, our operations and management involved may be subject to questioning
and penalties by applicable authorities and competent governmental bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For more information regarding our transactions
with related parties, see &ldquo;Item 7. Major Shareholders and Related Party Transactions&#11835; B. Related Party Transactions&rdquo;
in our 2020 Form 20-F and note 29 of our unaudited condensed consolidated interim financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Risks Relating to Our Indebtedness</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; background-color: white"><B><I>The occurrence of a change of control
may result in the default, acceleration, cross-default, cross-acceleration or termination of certain of our financing agreements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt; background-color: white">We are party to certain
financing agreements containing default, acceleration, cross-default, cross-acceleration and/or termination provisions in case of a change
in control. In the event of a change in control, we may not be able to timely obtain waivers of such provisions from the respective contractual
counterparties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt; background-color: white">Default, acceleration,
cross-default, cross-acceleration and/or termination of a relevant number of our financing agreements may adversely affect our financial
condition and may materially adversely affect us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; background-color: white"><B><I>We have substantial indebtedness,
and our leverage could negatively affect our ability to refinance our indebtedness and grow our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, our total consolidated
debt (comprised of loans and borrowings) was R$24,178,601 thousand, and while we have not incurred significant increases in indebtedness
resulting from the COVID-19 pandemic since it was declared, an increase in our leverage could result in adverse consequences for us, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">requiring that a substantial portion of our cash flows from operations be used for the payment of principal
and interest on our debt, reducing the funds available for our operations, capital expenditures or other capital needs;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">limiting our flexibility in planning for, or reacting to, changes in our business and the industry in
which we operate because our available cash flow after paying principal and interest on our debt might not be sufficient to make the capital
and other expenditures necessary to address these changes;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increasing our vulnerability to general adverse economic and industry conditions because, during periods
in which we experience lower earnings and cash flows, we would be required to devote a proportionally greater amount of our cash flows
to paying principal and interest on debt;</FONT></TD></TR></TABLE>



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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increasing our expenditures due to depreciations of the Brazilian real, which can lead to an increased
amount of capital needed to service indebtedness that are denominated in U.S. dollars; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">making it difficult for us to refinance our indebtedness or to refinance such indebtedness on terms
favorable to us, including with respect to existing accounts receivable securitizations.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If one or more of these consequences or limitations
were to materialize, they could adversely affect our results of operations and financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Our cost of funding is affected by our credit ratings and
any risks may have an adverse effect on our credit ratings and our cost of funds. Any downgrade in our credit rating, would likely increase
our cost of funding and adversely affect our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Credit ratings affect the cost and other terms
upon which we are able to obtain funding. Rating agencies regularly evaluate us, and their ratings of our long-term debt are based on
a number of factors, including our financial strength, conditions that generally affect the meat processing industry and the economic
environment in which we operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In view of our current credit metrics and according
to the policies and guidelines set by rating agencies in order to evaluate a company&rsquo;s creditworthiness, as well as other factors,
our credit rating is currently rated below &ldquo;investment grade&rdquo; by all of the rating agencies that rate us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cannot assure you that those rating agencies
that have a negative outlook with respect to us will revise such outlooks upward. Our failure to maintain favorable ratings and outlooks
would likely increase our cost of funding and adversely affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We have substantial debt that matures in each of the next
several years.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, we have R$2,226,146
thousand outstanding in principal amount of loans and borrowings that matures from October 1, 2021 through September 30, 2022, R$400,000
thousand outstanding in principal amount of loans and borrowings that matures from October 1, 2022 through December 31, 2022, R$2,839,213
thousand outstanding in principal amount of loans and borrowings that matures in 2023, R$2,054,081 thousand outstanding in principal amount
of loans and borrowings that matures in 2024, R$907,058 thousand outstanding in principal amount of loans and borrowings that matures
in 2025 and R$18,569,561 thousand outstanding in principal amount of loans and borrowings that matures in 2026 and thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A substantial portion of our outstanding loans
and borrowings is denominated in foreign currencies, primarily U.S. dollars. As of September 30, 2021, we have R$16,266,214 thousand outstanding
in principal and interest of foreign currency loans and borrowings, of which R$2,334,507 thousand is classified as short-term debt. Our
U.S. dollar-denominated loans and borrowings must be serviced by funds generated from sales by our subsidiaries, the majority of which
are not denominated in U.S. dollars. Consequently, when we do not generate sufficient U.S. dollar revenues to cover that debt service,
we must use revenues generated in <I>reais</I> or other currencies to service our U.S. dollar-denominated debt. As of September 30, 2021,
the real depreciated against the U.S. dollar by 4.67%. Depreciation in the value of the real or any of the other currencies of the countries
in which we operate, compared to the U.S. dollar, could adversely affect our ability to service our debt. Foreign currency hedge agreements
may not be effective in covering these currency-related risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any future uncertainty in the stock and credit
markets could also negatively impact our ability to access additional short-term and long-term financing, which could negatively impact
our liquidity and financial condition. If, in coming years:</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the pressures on credit return as a result of disruptions in the global stock and credit markets;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our operating results worsen significantly;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we are unable to complete any necessary divestitures of non-core assets and our cash flow or capital
resources prove inadequate; or</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we are unable to refinance or repay any of our outstanding debt that becomes due, which could have a
material adverse effect on our consolidated business and financial condition.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The terms of our indebtedness impose significant restrictions
on us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The instruments governing our existing indebtedness
impose significant restrictions on us, and the instruments governing any indebtedness we may incur in the future may also impose the same
or additional restrictions on us. The existing restrictions limit, and any future restrictions may limit, directly or indirectly, our
ability, among other things, to undertake the following actions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">borrow money;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">make investments;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">sell assets, including capital stock of subsidiaries;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">guarantee indebtedness;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">enter into agreements that restrict dividends or other distributions from certain subsidiaries;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">enter into transactions with affiliates;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">create or assume liens; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">engage in mergers or consolidations.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although the covenants to which we are currently
subject have exceptions and qualifications, the breach of any of these covenants could result in a payment default under the terms of
other existing debt obligations. Upon the occurrence of such an event of default, all amounts outstanding under the applicable debt instruments
and the debt issued under other debt instruments containing cross-default or cross-acceleration provisions, together with accrued and
unpaid interest, if any, might become or be declared immediately due and payable. If such indebtedness were to be accelerated, we may
have insufficient funds to repay in full any such indebtedness. In addition, in connection with the entry into new financings or amendments
to existing financing arrangements, our subsidiaries&rsquo; financial and operational flexibility may be further reduced as a result of
the imposition of covenants that are more restrictive, the requirements for additional security and other terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Risks Relating to Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazilian economic, political and other conditions, and Brazilian
government policies or actions in response to these conditions, may negatively affect our business, results of operations and the market
prices of our common shares and ADRs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Brazilian economy has historically been
characterized by interventions by the Brazilian government and unstable economic cycles. The Brazilian government has often changed monetary,
price controls, taxation, credit, tariff and other policies to influence the course of Brazil&rsquo;s economy. Our business, results of
operations, financial condition and prospects as well as the market prices of our common shares and ADRs may be adversely affected by, among others, the following
factors:</P>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exchange rate fluctuations;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">expansion or contraction of the Brazilian economy;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">inflation rate fluctuations;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">changes in fiscal or monetary policies;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">commodities price volatility;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">increases in interest rates;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">volatility and liquidity of domestic capital and credit markets;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">natural disasters and changes in climate or weather patterns;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">energy or water shortages or rationing;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">changes in environmental regulation;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">social and political instability, particularly in light of the upcoming the upcoming presidential election
in Brazil;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">strikes, not only of our employees, but also of port employees, truck drivers, other transport facilities,
customs agents, sanitary inspection agents and other government agents; and</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">other economic, political, diplomatic and social developments in or affecting Brazil, including with
respect to alleged unethical or illegal conduct of certain figures in the Brazilian government and legislators, which are currently under
investigation.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Following a two-year contraction of 3.5%
in GDP both in 2015 and 2016, the Brazilian economy posted moderate increases of 1.0% and 1.1% in 2017 and 2018, respectively, and
again of 1.1% in 2019. Due to the global economic downturn triggered by the COVID-19 pandemic, the Brazilian economy in 2020
contracted by 4.1% of GDP. As of September 30, 2021, the Brazilian economy showed signs of recovery as measured by its GDP, which
increased 4% year-on-year according to IBGE, and inflation, increased to 10.25% accumulated over the last twelve months prior to
September 30, 2021, from 4.52% in 2020 and 4.31% in 2019, as measured by the Extended National Consumer Price Index
(<I>&Iacute;ndice Nacional de Pre&ccedil;os ao Consumidor Amplo</I>), or IPCA, published by the Brazilian Institute of Geography and
Statistics (<I>Instituto Brasileiro de Geografia e Estat&iacute;stica</I>), or IBGE. As of September 30, 2021, interest rates
increased to 6.25%, from 2.0% in 2020, and 4.5% in 2019. As of September 30, 2021, unemployment increased from 11.9% in 2019, to
13.9% in 2020 and decreased to 12.6% in 2021, according to the National Household Sample Survey (<I>Pesquisa Nacional por Amostra de
Domic&iacute;lio</I>) published by the IBGE.</P>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, various investigations into allegations
of money laundering and corruption being conducted by the Office of the Brazilian Federal Prosecutor, including the largest such investigation,
known as the &ldquo;<I>Lava Jato</I> Operation,&rdquo; have indirectly negatively impacted the Brazilian economy and political environment
and are still ongoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A number of senior politicians, including current
and former members of Congress and the Executive Branch, and high-ranking executive officers of major corporations and state-owned companies
in Brazil were arrested, convicted of various charges relating to corruption, entered into plea agreements with federal prosecutors or have resigned or been removed from their
positions as a result of these Lava Jato investigations. These individuals are alleged to have accepted bribes by means of kickbacks on
contracts granted by the government to several infrastructure, oil and gas and construction companies. The profits of these kickbacks,
which were not publicly disclosed, allegedly financed the political campaigns of political parties forming the previous government&rsquo;s
coalition that was led by former President Dilma Rousseff. These funds were also allegedly used for the personal enrichment of certain
individuals. The effects of Lava Jato as well as other ongoing corruption-related investigations resulted in an adverse impact on the
image and reputation of those companies that have been implicated as well as on the general market perception of the Brazilian economy,
political environment and the Brazilian capital markets. We have no control over, and cannot predict, whether such investigations or allegations
will lead to further political and economic instability or whether new allegations against government officials will arise in the future.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Amidst this background of political uncertainty,
in August 2016, the Brazilian Senate approved the removal from office of Brazil&rsquo;s then-president, Ms. Dilma Rousseff, following
a legal and administrative impeachment process for infringement of budgetary laws. Mr. Michel Temer, the former vice president, who assumed
the presidency of Brazil following Rousseff&rsquo;s ouster, was first arrested on March 2019, having been convicted of the crimes of cartel
involvement, active and passive corruption, money laundering and public auction fraud. He was released and arrested again four days later,
in May 2019, and then released once again six days later. He continues to be under investigation on corruption allegations. In addition,
the former president, Mr. Luiz In&aacute;cio Lula da Silva, began serving a 12-year prison sentence on corruption and money laundering
charges in April 2018, but he was released from prison in November 2019 following a Federal Supreme Court ruling. The Brazilian Supreme
Court has recently annulled the criminal convictions against Mr. Lula da Silva, and subsequently reinstated his political rights, which
may further deepen political tensions in Brazil and enable him to run for president in the next elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The current Brazilian president, Mr. Jair Bolsonaro,
a former member of the military and three-decade congressman, was elected on October 28, 2018 and took office on January 1, 2019. During
his presidential campaign, the new Brazilian president was reported to favor the privatization of state-owned companies, economic liberalization
and social security and tax reforms. However, there is no guarantee that certain reforms will be approved or even presented to Congress
for review, which may further deteriorate the fiscal condition of Brazil and worsen the uncertainty regarding the Brazilian economic.
Additionally, statements made by Mr. Bolsonaro during 2020 and 2021, such as the announcement to replace the Chief Executive Officer of
Petrobras following disagreements over fuel price policies, contributed to significant market volatility in Brazil and also indicate possible
deviations from his campaign promises in favor of liberal economic policies. In addition, the current minister of the economy proposed
during the presidential campaign the revocation of the income tax exemption for the payment of dividends, which, if enacted, would increase
the tax expenses associated with any dividend or distribution by Brazilian companies. This could impact our ability to receive, from our
subsidiaries, future cash dividends or distributions net of taxes and also our ability to make distributions to our shareholders net of
taxes, which could have a material adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Moreover, Mr. Bolsonaro was generally a polarizing
figure during his campaign for presidency, particularly in relation to certain of his social views, and we cannot predict the ways in
which a divided electorate may continue to impact his presidency and the implementation of policies and reforms, all of which could have
a negative impact on our business and the price of our common shares and ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, Mr. Bolsonaro is under criminal
investigation due to allegations by former minister of justice Sergio Moro that he had unduly interfered in the activities of the Brazilian
Federal Police. According to the former minister, the president asked him to appoint certain officials to positions in the Brazilian Federal
Police force. In case Mr. Bolsonaro is determined to have committed such crimes or impeachable offenses, any resulting consequences, including
a potential impeachment, could have significant adverse effects on Brazil&rsquo;s political and economic environment, as well as on businesses
operating in Brazil, including our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Furthermore, Mr. Bolsonaro&rsquo;s COVID-19
responses have been criticized in Brazil and abroad. COVID-19 disruptive effects have enhanced political uncertainty and instability in
Brazil, particularly considering political discussions that culminated in the dismissal
or after the resignation of highly ranked federal ministers as well as the emergence of corruption allegations against Mr. Bolsonaro.
On April 27, 2021, the Brazilian Senate established a parliamentary commission of inquiry (<I>Comiss&atilde;o
Parlamentar de Inqu&eacute;rito</I>)<I>, </I>or CPI, to investigate the alleged mishandling of public funds assigned to combat COVID-19
effects in Brazil. The CPI&rsquo;s purpose was to investigate actions and omissions by the Federal Government while fighting the pandemic,
as well as the healthcare system collapse in the State of Amazonas in early 2021. The CPI&rsquo;s final report, which was approved by
a majority of CPI members, was presented to the Brazilian Public Prosecutor's Office (<I>Procuradoria-Geral da Rep&uacute;blica</I>) and
the Brazilian Supreme Court (<I>Supremo Tribunal Federal</I>) in October 2021. The report recommended the indictment of 78 individuals
and 2 companies, including that of President Jair Bolsonaro for allegedly committing at least 9 crimes while handling the COVID-19 pandemic.
If President Jair Bolsonaro is indicted by the Brazilian Attorney General&rsquo;s Office (<I>Advocacia-Geral da Uni&atilde;o</I>), there
may be an impeachment proceeding or trial by the Brazilian Supreme Court, which may have material adverse effects on Brazil&rsquo;s political
and economic environment.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In November 2019, the Brazilian government passed
a pension reform after almost nine months of negotiations with Congress. In addition, the Brazilian federal government is expected to
propose the general terms of a fiscal reform to stimulate the economy and reduce the forecasted budget deficit for 2021, but it is uncertain
whether any such reform would suffice to reduce this budget deficit and improve the Brazilian fiscal condition. Brazil is also expected
to continue to run a budget deficit for 2021 and the years going forward. The 2021 budget bill, which was introduced in July 2020, was
approved with a deficit of R$247.1 billion. We cannot predict the impact of this budget deficit on the Brazilian economy. The political
and economic instability in 2020 has negatively affected consumer confidence in Brazil. The Funda&ccedil;&atilde;o Get&uacute;lio Vargas
Consumer index presented a decrease of 13.1 points, from 91.6 points in 2019 to 78.5 points in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cannot predict which policies the Brazilian
federal government may adopt or change or the effect that any such policies might have on our business or on the Brazilian economy. Any
such new policies or changes to current policies may have a material adverse impact on our business, results of operations, financial
condition and prospects. Worsening political and economic conditions in Brazil may increase production and supply chain costs and adversely
affect our results of operations and financial condition. Uncertainty as to whether the Brazilian government will implement changes in
policies or regulations affecting these or other factors in the future may contribute to economic uncertainty in Brazil and to heightened
volatility in our production operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Inflation and government measures to curb inflation may adversely
affect the Brazilian economy, the Brazilian securities market, our business and operations, financial condition and the market prices
of our common shares and ADRs.</I></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil has experienced high rates of inflation
in the past, while recent downward inflationary pressures caused the Brazilian consumer price inflation rates to reach 4.31% in 2019,
4.52% in 2020 and 10.25% accumulated over the last twelve months prior to September 30, 2021, according to the IPCA, published by the IBGE.
See &ldquo;Item. 5. Operating and Financial Review and Prospects&mdash;A. Operating Results&mdash;Principal Factors Affecting Our Results
of Operations&mdash;Brazilian and Global Economic Conditions&rdquo; and &ldquo;&mdash;Effects of Exchange Rate Variations and Inflation&rdquo;
in our 2020 Form 20-F.</P>
<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There can be no assurance that inflation rates
will decrease nor stabilize. Although inflation levels have been relatively stable in 2018 and 2019, Brazil experienced an abrupt increase
in inflation levels during 2021, reaching the highest levels since 1994. Periods of higher inflation slow the growth rate of the Brazilian
economy, which may lead to lower growth in consumption of food products. High inflation also puts pressure on industry costs of production
and expenses, which may force companies to search for innovative solutions in order to remain competitive. We may not be able to pass
any such increase in costs onto our customers and, as a result, it may adversely impact our results of operations and financial condition.
In addition, high inflation generally leads to higher domestic interest rates, and, as a result, the costs of servicing our debt may increase.
Furthermore, inflation and its effect on domestic interest rates can lead to reduced liquidity in the domestic capital and lending markets,
which could affect our ability to refinance our indebtedness and may have an adverse effect on our business, results of operations, financial
condition and the market prices of our common shares and ADRs.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Fluctuations in interest rates may have an adverse effect
on our business, financial condition and the market prices of our common shares and ADRs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Brazilian Central Bank uses interest rates
to attempt to keep inflation under control or to stimulate the economy. If interest rates decrease, there is generally greater access
to credit and consumption of goods typically increases. This increase in demand can in turn result in inflation. On the other hand, if
interest rates go up, the cost of borrowing increases which may inhibit consumption and additional investments. Another consequence of
a rising interest rate is that a greater return is paid in respect of government securities, which may impact other investments by making
them less attractive by comparison. As a result, there may be additional investment in public debt, which absorbs money that could otherwise
fund the private sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, 23.3% of the outstanding
amount of principal and interest of our loans and borrowings of R$24,178,602 thousand was either: (i) denominated in (or swapped into)
<I>reais</I> and bears interest based on Brazilian floating interest rates, such as the Interbank Deposit Certificate Rate (<I>Certificado
de Dep&oacute;sito Interbanc&aacute;rio</I>), or CDI, an interbank certificate of deposit rate that applies to our foreign currency swaps
and some of our other real-denominated indebtedness, or the IPCA; or (ii) U.S. dollar-denominated and bears floating interest based on
the London Interbank Offered Rate, or LIBOR. Any increase in the CDI, IPCA or LIBOR rates may have an adverse impact on our financial
expenses and our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Exchange rate fluctuations may adversely affect our financial
condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">From time to time, there have been significant
fluctuations in the exchange rate between the Brazilian currency and the U.S. dollar and other currencies. The <I>real</I> appreciated
16.5% in 2016, and depreciated 1.5%, 17.1%, 4.0%, 22.4% and 4.7%, in 2017, 2018, 2019, 2020 and as of September 30, 2021, respectively,
against the U.S. dollar. Following the start of the COVID-19 pandemic, the <I>real</I> depreciated significantly against the U.S dollar,
reflecting low interest rates, a deteriorating economic environment and a political crisis. As of September 30, 2021, the <I>real</I>/U.S
dollar exchange rate was R$5.44 and as of January 14, 2022, the real/U.S dollar exchange rate was 5.5349.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Appreciation of the Brazilian real against the
U.S. dollar may lead to a dampening of export-driven growth. Our production costs are denominated in <I>reais</I>, but our international
sales are mostly denominated in U.S. dollars. Revenues generated by exports are reduced when translated to <I>reais</I> in the periods
in which the real appreciates in relation to the U.S. dollar. Any appreciation could reduce the competitiveness of our exports and adversely
affect our net sales and our cash flows from exports. On the other hand, a depreciation of Brazilian <I>real</I> against the U.S. dollar
may lead to higher exports and revenues, but costs may be higher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Costs are also directly impacted by exchange
rates. Any depreciation of the <I>real</I> against the U.S. dollar could create additional inflationary pressures in Brazil by increasing
the price of imported products and requiring deflationary government policies. In addition, the prices of soy meal and soybeans, which
are important ingredients for our animal feedstock, are closely linked to the U.S. dollar, and many of the mineral nutrients added to
our feedstock must be purchased in U.S. dollars. The price of corn, another important ingredient for our feedstock, is also linked to
the U.S. dollar, but to a lesser degree. In addition to feedstock ingredients, we purchase sausage casings, breeder eggs, packaging and
other raw materials, as well as equipment for use in our production facilities, from suppliers located outside Brazil whom we must pay
in U.S. dollars or other foreign currencies. When the <I>real</I> depreciates against the U.S. dollar, the cost in <I>reais</I> of our
U.S. dollar-linked raw materials and equipment increases, and these increases could materially adversely affect our results of operations.
We have established policies and procedures to manage our sensitivity to such risks included in our Financial Risk Management Policy.
This policy, however, may not adequately cover our revenue and cost exposure to exchange rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We had total foreign currency-denominated loans
and borrowings in an aggregate amount of R$16,266,214 thousand as of September 30, 2021, representing 67% of our total consolidated indebtedness
at that date. Although we manage a portion of our exchange rate risk through foreign currency derivative instruments and future cash flows
from exports in U.S. dollars and other foreign currencies, our foreign currency debt obligations are not completely hedged. A significant
devaluation of the <I>real</I> in relation to the U.S. dollar or other currencies would increase the amount of <I>reais </I>that we would
need in order to meet debt service requirements of our foreign currency-denominated obligations.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Changes in tax laws or changes in their interpretation may
increase our tax burden and, as a result, negatively affect our results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Brazilian government regularly implements
changes to tax regimes that may increase our and our suppliers&rsquo; and customers&rsquo; tax burdens, which may in turn increase the
prices we charge for the products we sell, restrict our ability to do business in our existing markets and, therefore, materially adversely
affect our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">These changes include modifications in the tax
rates and, on occasion, enactment of temporary taxes, the proceeds of which are earmarked for designated governmental purposes. In the
past, the Brazilian government has presented certain tax reform proposals, which have been mainly designed to simplify the Brazilian tax
system, to avoid internal disputes within and between the Brazilian states and municipalities, and to redistribute tax revenues. The tax
reform proposals provide for changes in the rules governing the federal Social Integration Program (<I>Programa de Integra&ccedil;&atilde;o
Social</I>) or PIS, and Contribution for Social Security Funding (<I>Contribui&ccedil;&atilde;o para o Financiamento da Seguridade Social</I>),
or COFINS, taxes, ICMS and certain other taxes, such as increases in payroll taxes and in the withholding tax over dividend distributions.
The proposals are being discussed by the Brazilian National Congress which has increased the pressure on the Brazil government to advance
on tax reforms. Other tax regimes, such as the research and development tax incentive program (<I>Lei do Bem</I>) and the deduction of
interest on shareholders&rsquo; equity, may be revoked to increase the government&rsquo;s revenues in light of a possible reduction in
the income tax rate, which has been and is being discussed in the Brazilian National Congress. The effects of these proposed tax reform
measures and any other changes that could result from the enactment of additional tax reforms have not been, and cannot be, quantified
yet due to the uncertainty of whether any changes will be implemented. Some of these measures, if enacted, may result in increases in
our overall tax burden, which may adversely affect our overall financial performance. Moreover, certain tax laws may be subject to controversial
interpretation by tax authorities. In the event that tax authorities interpret tax laws in a manner that is inconsistent with our interpretations,
we may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Risks Relating to Our Common Shares and Our ADRs </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Holders of ADRs may find it difficult to exercise voting rights
at our shareholders&rsquo; meetings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders of ADRs may exercise voting rights with
respect to our common shares represented by American Depositary Shares, or ADSs, and evidenced by ADRs only in accordance with the deposit
agreement governing the ADRs. Holders of ADRs face practical limitations in exercising their voting rights because of the additional steps
involved in our communications with ADR holders. For example, we are required to publish a notice of our shareholders&rsquo; meetings
in specified newspapers in Brazil. Holders of our common shares are able to exercise their voting rights by attending a shareholders&rsquo;
meeting in person or virtually (whenever the shareholders&rsquo; meeting is held under a partial or 100% digital format), by means of
the distance voting form (<I>boletim de voto a dist&acirc;ncia) </I>or by voting by proxy. By contrast, holders of ADRs will receive notice
of a shareholders&rsquo; meeting by mail from the ADR depositary if we give notice to the depositary requesting the depository to do so.
To exercise their voting rights, holders of ADRs must instruct the ADR depositary on a timely basis. This voting process necessarily takes
longer for holders of ADRs than for holders of our common shares. If the ADR depositary fails to receive timely voting instructions for
all or part of the ADRs, the depositary will assume that the holders of those ADRs are instructing it to give a discretionary proxy to
a person designated by us to vote their ADRs, to the extent permitted by the New York Stock Exchange rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders of ADRs also may not receive the voting
materials in time to instruct the depositary to vote our common shares underlying the ADSs that are evidenced by their ADRs. In addition,
the depositary and its agents are not responsible for failing to carry out voting instructions of the holders of ADRs or for the manner
of carrying out those voting instructions. Accordingly, holders of ADRs may not be able to exercise voting rights, and they have little, if any, recourse if the common shares
underlying the ADSs that are evidenced by their ADRs are not voted as requested.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Non-Brazilian holders of ADRs or common shares may face difficulties
in protecting their interests because we are subject to different corporate rules and regulations as a Brazilian company, and our shareholders
may have less extensive rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders of ADRs are not direct shareholders
of our company and may be unable to enforce the rights of shareholders under our bylaws and Brazilian Corporate Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our corporate affairs are governed by our bylaws
and Brazilian Corporate Law, which differ from the legal principles that would apply if we were incorporated in a jurisdiction in the
United States, such as the State of Delaware or New York, or elsewhere outside Brazil. Even if a holder of ADRs surrenders its ADRs and
becomes a direct shareholder, its rights as a holder of our common shares under Brazilian Corporate Law to protect its interests relative
to actions by our board of directors or executive officers may be limited compared to the laws of those other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although insider trading and price manipulation
are crimes under Brazilian law, the Brazilian securities markets are subject to different levels of regulations and supervision compared
to the U.S. securities markets or the markets in some other jurisdictions. In addition, rules and policies against self-dealing or for
preserving shareholder interests may be less well defined and enforced in Brazil than in the United States and certain other countries,
which may put non-Brazilian holders of our common shares or ADRs at a potential disadvantage. Corporate disclosures also may be less complete
or informative than for a public company in the United States or in certain other countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Non-Brazilian holders of ADRs or common shares may face difficulties
in serving process on or enforcing judgments against us and other persons.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are a corporation (<I>sociedade an&ocirc;nima</I>)
organized under the laws of Brazil, and all of our directors and executive officers and our independent public accountants reside or are
based in Brazil. Most of the assets of our company and of these other persons is located in Brazil. As a result, it may not be possible
for non-Brazilian holders of ADRs or common shares to effect service of process upon us or these other persons within the United States
or other jurisdictions outside Brazil or to enforce against us or these other persons judgments obtained in the United States or other
jurisdictions outside Brazil. Because judgments of U.S. courts for civil liabilities based upon the U.S. federal securities laws may only
be enforced in Brazil if certain conditions are met, non-Brazilian holders of ADRs or common shares may face greater difficulties in protecting
their interests in the case of actions by us or our directors or executive officers than would shareholders of a U.S. corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Judgments of Brazilian courts with respect to our common shares
may be payable only in reais.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If proceedings are brought in the courts of
Brazil seeking to enforce our obligations in respect of the common shares, we may not be required to discharge our obligations in a currency
other than <I>reais</I>. Under Brazilian exchange control limitations, an obligation in Brazil to pay amounts denominated in a currency
other than <I>reais </I>may only be satisfied in Brazilian currency at the exchange rate, as determined by the Central Bank, in effect
(1) on the date of actual payment, (2) on the date on which such judgment is rendered or (3) on the date on which collection or enforcement
proceedings are commenced. The then prevailing exchange may not afford non-Brazilian investors with full compensation for any claim arising
out of or related to our obligations under the common shares or the common shares represented by ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Holders of ADRs and non-Brazilian holders of our common shares
may be unable to exercise preemptive rights and tag-along rights with respect to our common shares underlying the ADSs evidenced by their
ADRs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Holders of ADRs and non-Brazilian holders of
our common shares may be unable to exercise the preemptive rights and tag-along rights relating to our common shares (including common
shares underlying the ADSs evidenced by their ADRs) unless a registration statement
under the U.S. Securities Act of 1933, as amended, or the &ldquo;Securities Act,&rdquo; is effective with respect to those rights or an
exemption from the registration requirements of the Securities Act is available. We are not obligated to file a registration statement
with respect to the shares relating to these preemptive rights, and we cannot assure you that we will file any such registration statement.
Unless we file a registration statement or an exemption from registration is available, a holder may receive only the net proceeds from
the sale of his or her preemptive rights or tag-along rights, or if these rights cannot be sold, they will lapse and the holder will receive
no value from them.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Provisions in our bylaws may prevent efforts by our shareholders
to change our control or management.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our bylaws contain provisions that may discourage,
delay or make more difficult a change in control of our company or removal of our directors. These provisions require any shareholder
that acquires shares representing 33.3% or more of our share capital, or the Equity Percentage Threshold, to disclose such information
immediately through a filing with the Securities and Exchange Commission of Brazil (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>),
or CVM, and, within 30 days from the date of such acquisition or event, commence a public tender offer, or the Public Takeover Tender
Offer, with respect to all of our shares for a price per share that may not be less than the greater of: (i) 140% of the average trading
price on the stock exchange trading the greatest volume of shares of our capital stock during the last 120 trading sessions prior to the
date on which the public offer became obligatory; and (ii) 140% of the average trading price on the stock exchange trading the greatest
volume of shares of our capital stock during the last 30 trading days prior to the date on which the public offer became obligatory. This
provision is subject to limited exceptions. Particularly, our bylaws does not require the launch of a Public Takeover Tender Offer if
the ownership of our shares by any given shareholder equals or exceeds the Equity Percentage Threshold upon the acquisition of shares
as a result of either (a) statutory succession, to the extent the relevant shareholder sells the shares exceeding the Equity Percentage
Threshold within 60 days, (b) merger of another legal entity into the Company, (c) merger of shares of another legal entity into the Company,
or (d) the subscription of newly issued shares of the Company, in a single primary issuance approved by the Company&rsquo;s general shareholders
meeting, in accordance with the applicable regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">These provisions of our bylaws may delay, defer
or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We do not have a controlling shareholder or control group,
which may make us susceptible to the emergence of shareholders with relevant stakes, alliances between shareholders, possible conflicts
between shareholders and other events arising from the absence of a controlling shareholder or control group, and that may lead to changes
in our corporate policies and strategies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We currently do not have a controlling shareholder
or control group. We are subject to the emergence of controlling shareholders, control groups or even shareholders with relevant stakes
or agreements between our shareholders, which could subject us to a situation analogous to the existence of a control group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If a shareholder or group of shareholders with
relevant participation arises and exercises decision-making powers and prevails in general meetings, we may undergo changes in our corporate
policies and strategies, including with respect to the composition of our management. Any relevant change in the composition of our management,
business policy or strategic direction, as well as any process of acquisition of control, or any dispute between shareholders regarding
their respective rights, may affect our business, strategy and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For more information, see &ldquo;&mdash;Provisions
in our bylaws may prevent efforts by our shareholders to change our control or management.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Holders of ADRs could be subject to Brazilian income tax on
capital gains from sales of ADRs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Historically, any capital gain realized on a
sale or other disposition of ADRs between non-Brazilian holders outside Brazil was not subject to Brazilian income tax. However, a December
2003 Brazilian law (Law No. 10,833, of December 29, 2003) provides that the acquirer,
individual or legal entity resident or domiciled in Brazil, or the acquirer&rsquo;s attorney-in-fact, when such acquirer is resident or
domiciled abroad, shall be responsible for the retention and payment of the income tax applicable to capital gains earned by the individual
or legal entity resident or domiciled abroad who disposes of property located in Brazil. The Brazilian tax authorities have issued a normative
instruction confirming their intention to assess income tax on capital gains earned by non-Brazilian residents whose assets are located
in Brazil. It is unclear whether ADSs representing our common shares and evidenced by ADRs, which are issued by the ADR depositary outside
Brazil, will be deemed to be property located in Brazil for purposes of this law. Accordingly, we cannot determine whether Brazilian tax
authorities will attempt to tax any capital gains arising from the sale or other disposition of the ADRs, even when the transaction is
consummated outside Brazil between non-Brazilian residents.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazilian taxes may apply to a gain realized by a non-Brazilian
holder on the disposition of common shares to another non-Brazilian holder.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The gain realized by a non-Brazilian holder
on the disposition of common shares to another non-Brazilian holder (other than a disposition of shares held pursuant to Resolution No.
4,373, as amended of the Brazilian National Monetary Council (<I>Conselho Monet&aacute;rio Nacional</I>), or CMN is generally viewed as
being subject to taxation in Brazil. Pursuant to Article 26 of Law No. 10,833/03, Brazilian tax authorities may assess income tax on capital
gains earned by non-Brazilian residents in transactions involving assets that are located in Brazil. In case of a non-Brazilian holder
selling common shares on the Brazilian stock exchange, the withholding tax rate would be 0% (in the case of a non-Brazilian holder registered
as such before Brazilian Central Bank, or Bacen, under the rules of the CMN, or Registered Holder, and not a resident of a tax haven,
or Tax Haven Resident, 15% (in the case of a non-Brazilian holder that is not a Registered Holder and not a Tax Haven Resident), or 25%
(in the case of a non-Brazilian holder that is a Tax Haven Resident).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any other gains realized on the disposition
of common shares that are not carried out on the Brazilian stock exchange:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">are subject to income tax at the following progressive rate when realized by any non-Brazilian holder
that is not a Tax Haven Resident, whether or not such holder is a Registered Holder:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt">15% upon the portion of capital gains not exceeding R$5,000,000.00;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD><FONT STYLE="font-size: 10pt">17.5% upon the portion of capital gains that exceeds R$5,000,000.00 but not exceeding R$10,000,000.00;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">iii.</FONT></TD><TD><FONT STYLE="font-size: 10pt">20% upon the portion of capital gains that exceeds R$10,000,000.00 but not exceeding R$30,000,000.00;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">iv.</FONT></TD><TD><FONT STYLE="font-size: 10pt">22.5% upon the portion of capital gains that exceeds R$30,000,000.00.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">are subject to income tax at a rate of 25% when realized by an individual or legal entity that is a
Tax Haven Resident, whether or not such holder is a Registered Holder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>The relative volatility and limited liquidity of the Brazilian
securities markets may negatively affect the liquidity and market price of our common shares and ADRs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Brazilian securities markets, including
the B3 exchange, are substantially smaller, less liquid and more volatile than major securities markets in the United States. The Brazilian
securities markets are also characterized by considerable share concentration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The ten largest companies in terms of market
capitalization represented approximately 41% of the aggregate market capitalization of the S&atilde;o Paulo Stock Exchange as of September
30, 2021. In addition, the ten most widely traded stocks in terms of trading volume accounted for approximately 30.7% of all shares traded
on the S&atilde;o Paulo Stock Exchange as of September 30, 2021. These market characteristics may substantially limit the ability of holders
of ADRs to sell common shares underlying ADSs evidenced by ADRs at a price and at a time when they wish to do so and, as a result, could
negatively impact the market prices of these securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Developments and the perception of risks in other countries,
especially emerging markets, may adversely affect the market price of our common shares and ADRs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The market for securities issued by Brazilian
companies is influenced, to varying degrees, by economic and market conditions in other emerging markets. Although economic conditions
are different in each country, the reaction of investors to developments in one country may cause the capital markets in other countries
to fluctuate. Developments or adverse economic conditions in other emerging markets have at times resulted in significant outflows of
funds from, and declines in, the amount of foreign currency invested in Brazil. In addition, economic and political crises in Latin America
or other emerging markets may significantly affect perceptions of the risk inherent in investing in the region, including Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Brazilian economy, as well as the market
for securities issued by Brazilian companies, is also affected, to varying degree, by international economic and market conditions generally,
especially economic and market conditions in the United States. Share prices on the S&atilde;o Paulo Stock Exchange, for example, have
historically been sensitive to fluctuations in U.S. interest rates as well as movements of the major U.S. stock indexes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The COVID-19 pandemic added a new source of
uncertainty to global economic activity and has resulted in significantly increased volatility in both Brazilian and international financial
markets and economic indicators, including exchange rates, interest rates and credit spreads. For example, as a result of heightened volatility,
the B3&rsquo;s circuit breaker was triggered eight times in the month of March 2020. Any significant change in the global financial markets
or the Brazilian economy may decrease the interest of investors in assets from Brazil and other countries in which we do business, including
our common shares, which may adversely affect the trading price of our common shares and ADRs, or decrease liquidity of our common shares
and ADRs generally in addition to hindering our access to the equity capital markets and to financing in the future on acceptable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, governmental authorities around
the world, including Brazil, have taken measures to try to contain the spread of COVID-19. Restrictions will likely remain in place, suppressing
social and economic activity, if the contagion does not subside or is not addressed through vaccination efforts. It is uncertain how long
it will take to vaccinate substantial portions of the world&rsquo;s population as well as the Brazilian population, and delays in vaccination
efforts may further increase risks relating to the COVID-19 pandemic. We are unable to estimate or quantify all economic and operational
consequences of the COVID-19 pandemic, or the micro and macroeconomic effects this pandemic will continue to have on our business. The
materialization of these risks has significantly affected global growth. Measures taken by governmental authorities worldwide, including
Brazil, to stabilize markets and support economic growth may not be sufficient to control high volatility or to prevent serious and prolonged
reductions in economic activity. In addition, the social distancing measures imposed by governmental authorities to contain the COVID-19
pandemic have resulted in a sharp drop or even a halt in certain activities and economic output. At this moment, there is no way to predict
how long these measures will remain in force. These policies and measures have influenced the behavior of the consumer market and the
population in general, the demand for services, products and credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Developments in other countries and securities
markets could adversely affect the market prices of our common shares and ADRs and could also make it more difficult for us to access
the capital markets and finance our operations in the future on acceptable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We may become a passive foreign investment company, which
could result in adverse U.S. tax consequences to U.S. investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based on our financial statements, relevant
market and shareholder data, and the projected composition of our income and valuation of our assets, including goodwill, we do not believe
that we were a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for 2021, and we do not expect to be
a PFIC for 2022, although we can provide no assurances in this regard. If we become a PFIC, U.S. holders of our common shares or ADRs
may become subject to increased tax liabilities under U.S. tax laws and regulations and will become subject to burdensome reporting requirements.
The determination of PFIC status is fact-specific and will depend on the composition
of our income and assets from time to time, and a separate determination must be made each taxable year as to whether we are a PFIC (after
the close of each such taxable year). Specifically, for any taxable year we will be classified as a PFIC for U.S. tax purposes if either
(i) 75% or more of our gross income in that taxable year is passive income or (ii) the percentage of our assets (which includes cash)
by value (determined on the basis of a quarterly average) in that taxable year which produce or are held for the production of passive
income is at least 50%. The calculation of the value of our assets (including goodwill and certain intangible assets) will be based, in
part, on the quarterly market value of our common shares and ADRs, which is subject to change. Accordingly, it is possible that we may
become a PFIC for 2022 or future taxable years due to changes in our income or asset composition.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We may need to raise additional funds in the future and may
issue additional common shares or convertible securities, which may result in a dilution of your interest in our common shares underlying
the ADSs. In addition, a dilution of your interest in our common shares underlying the ADSs may occur in the event of our merger, consolidation
or any other corporate transaction of similar effect in relation to companies that we may acquire in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0; background-color: white">We may
have to raise additional funds in the future through private or public offerings of shares or other securities convertible into shares
issued by us. The funds we raise through the public distribution of shares or securities converted into shares may be obtained with the
exclusion of right of first refusal of our existing shareholders, including investors in our common shares underlying the ADSs, as provided
by the Brazilian Corporate Law, which may dilute the interest of our then-existing investors. In addition, a dilution of your interest
in our common shares underlying the ADSs may occur in the event of merger, consolidation or any other corporate transaction of similar
effect in relation to companies that we may acquire in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in; background-color: white"><B><I>Our shareholders
may not receive dividends or interest on capital.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to our bylaws, we must pay our shareholders at least 25% of our annual net income, calculated and adjusted in accordance with the Brazilian
Corporation Law, in the form of dividends or interest on equity. Our net income may be capitalized, used to offset losses or retained,
and may not be fully available for the payment of dividends or interest on equity, pursuant to the Brazilian Corporate Law. In addition,
the Brazilian Corporation Law allows a company not to make such mandatory distribution of dividends in a given fiscal year, if it is incompatible
with its financial situation. For more information, see &ldquo;Item 10. Additional Information&ndash;&ndash;B. Memorandum and Articles
of Association&ndash;&ndash;Description of Share Capital&rdquo;, &ldquo;&mdash;Allocation of Net Income and Distribution of Dividends&rdquo;
and &ldquo;&mdash;Payment of Dividends and Interest on Shareholders&rsquo; Equity&rdquo; </FONT>in our annual report on Form 20-F for
the year ended December 31, 2020<FONT STYLE="font-family: Times New Roman, Times, Serif">. In the last 4 fiscal years, we did not distribute
dividends. Furthermore, based on our financial information as of September 30, 2021, our accumulated loss was R$</FONT>3,062,798 thousand<FONT STYLE="font-family: Times New Roman, Times, Serif">.
We may only distribute dividends after offsetting the accumulated losses with operating profits or using reserves. In the event of such
events, holders of our common shares may not receive dividends or interest on shareholders' equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Finally, the income tax exemption on the distribution
of dividends and the taxation currently levied on the payment of interest on equity provided for in current legislation may be reviewed
and both received and distributed dividends may become taxed and/or or, in the case of interest on equity, have its taxation increased
in the future, impacting the net amount to be received by our shareholders as profit sharing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>If you surrender your ADSs and withdraw common shares, you
risk losing the ability to remit foreign currency abroad and certain Brazilian tax advantages.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As an ADS holder, you benefit from the electronic
certificate of foreign capital registration obtained by the custodian for our common shares underlying the ADSs in Brazil, permitting
the custodian to convert dividends and other distributions with respect to our common shares into non-Brazilian currency and remit the
proceeds abroad. If you surrender your ADSs and withdraw common shares, you will be entitled to continue to rely on the custodian's electronic
certificate of foreign capital registration for only five business days from the date of withdrawal. Thereafter, upon the disposition
of distributions relating to our common shares, unless you obtain your own electronic certificate of foreign capital
registration, or you qualify under Brazilian foreign investment regulations that entitle certain foreign investors to buy and sell shares
on Brazilian stock exchanges without obtaining separate electronic certificates of foreign capital registration, you would not be able
to remit abroad non-Brazilian currency. In addition, if you do not qualify under the foreign investment regulations, you will generally
be subject to less favorable tax treatment of dividends and distributions on, and the proceeds from any sale of, our common shares.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>We and the depositary are entitled to amend the deposit agreement
and to change the rights of ADS holders under the terms of such agreement, and we may terminate the deposit agreement, without the consent
of the ADS holders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We and the depositary are entitled to amend
the deposit agreement and to change the rights of the ADS holders under the terms of such agreement, without the consent of the ADS holders.
We and the depositary may agree to amend the deposit agreement in any way we decide is necessary or advantageous to us. Amendments may
reflect, among other things, operational changes in the ADS program, legal developments affecting ADSs or changes in the terms of our
business relationship with the depositary. In the event that the terms of an amendment are disadvantageous to ADS holders, ADS holders
will only receive 30 days&rsquo; advance notice of the amendment, and no consent of the ADS holders is required under the deposit agreement.
Furthermore, we may decide to terminate the ADS facility at any time for any reason. For example, terminations may occur when we decide
to list our shares on a non-U.S. securities exchange and determine not to continue to sponsor an ADS facility or when we become the subject
of a takeover or a going-private transaction. If the ADS facility is to be terminated, ADS holders will receive prior notice, but no consent
is required from them. In the event that we decide to make an amendment to the deposit agreement that is disadvantageous to ADS holders
or terminate the deposit agreement, the ADS holders may choose to sell their ADSs or surrender their ADSs and become direct holders of
our underlying common shares, but will have no right to any compensation whatsoever.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.65in">The information below supplements the information
set forth under &ldquo;Item 4. Information on the Company&rdquo; in our 2020 Form 20-F, and should be read in conjunction with our 2020
Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B>History and Development of the Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are a publicly held company in Brazil and
is therefore subject to the requirements of Brazilian Corporate Law and the rules and regulations of the CVM and the B3. Our commercial
name is &ldquo;BRF.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We were founded as Perdig&atilde;o by the Brandalise
and Ponzoni families in 1934 as Ponzoni, Brandalise e Cia. in the southern State of Santa Catarina and remained under the Brandalise family&rsquo;s
management until September 1994. In 1940, we expanded our operations from general trading, with an emphasis on food and food-related products,
to include pork processing. During the 1950s, we entered the poultry processing business. During the 1970s, we broadened the distribution
of our products to include export markets, starting with Saudi Arabia. From 1980 through 1990, we expanded our export markets to include
Japan in 1985 and Europe in 1990. We also undertook a series of acquisitions in the poultry and pork processing business and made investments
in other businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">From 1990 through 1993, we suffered substantial
losses because of increased financial expenses, underinvestment in product development, limited capacity and modest marketing of our products.
By September 1994, we faced a liquidity crisis, as a result of which the Brandalise family sold their interest in our company, consisting
of 80.68% of our common shares and 65.54% of our preferred shares, to eight Brazilian pension funds. Upon acquiring control of our company,
the eight original pension funds hired a new team of executive officers who restructured management and implemented capital increases
and modernization programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our principal executive offices are located
at Av. das Na&ccedil;&otilde;es Unidas, 8501 &ndash; 1<SUP>st</SUP> Floor, Pinheiros, 05425-070, S&atilde;o Paulo, SP, Brazil, and our
telephone number at this address is +55-11-2322-5000/5355/5048. The U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) maintains
a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding registrants, such
as us, that file electronically with the SEC. Our internet address is https://www.brf-global.com/. On occasion, we may use our website
as a channel of distribution of material company information. Financial and other material information regarding us is routinely posted
on and accessible at https://ri.brf-global.com. The information posted on our website or that could be accessed through our website is
not an integral part of, or attached to or incorporated by reference into, this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Business combination with Sadia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On May&nbsp;19, 2009, we signed a merger agreement
with Sadia for a business combination of Sadia S.A. and Perdig&atilde;o S.A. The business combination became fully effective on September&nbsp;22,
2009, and Sadia became our wholly owned subsidiary. On December&nbsp;31, 2012, we merged Sadia S.A., then a wholly owned subsidiary, into
BRF, and Sadia ceased to exist as a separate legal entity. In connection with the business combination, we changed our name from Perdig&atilde;o
S.A. to BRF &ndash; Brasil Foods S.A. On April 9, 2013, we changed our name from BRF &ndash; Brasil Foods S.A. to our current name, BRF
S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Corporate Reorganization of One Foods</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On January 11, 2017, we established a new wholly
owned subsidiary, One Foods Holdings Limited, based in Dubai International Financial Centre, which is focused on Halal markets. The formation
of this subsidiary involved a restructuring of certain of our operations in Malaysia and some countries in the Middle East and Africa,
including (i) the sale and purchase agreement pursuant to which One Foods acquired equity interests in entities that serve the Halal market
from BRF GmbH, a BRF wholly-owned subsidiary, and (ii) the contribution of the equity interest in SHB Ind&uacute;stria e Com&eacute;rcio
de Alimentos S.A. (&ldquo;SHB&rdquo;) to One Foods. SHB held grain storage facilities, feed mills, outgrower agreements, hatcheries and
eight slaughtering and processing plants in Brazil. In addition, we entered into certain agreements with One Foods that provided for the
licensing of certain brands, operational and corporate activities, cost sharing and supply of raw materials and finished goods.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On September 1, 2018, we executed a Share Sale
and Purchase Agreement with two of our subsidiaries, BRF Foods GmbH and One Foods Holding Ltd., to acquire all common shares of SHB. On
December 12, 2018, at our extraordinary shareholders meeting, the merger of SHB with and into BRF was approved. The merger took effect
on December 31, 2018, following its approval at the extraordinary shareholders meeting of SHB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Investment into TBQ and Acquisition of Banvit &ndash; Turkey
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="background-color: white">On May
25, 2017, our subsidiary TBQ Foods GmbH, or TBQ, a joint venture formed by us (60% equity interest) with the Qatar Investment Authority,
or QIA, (40% equity interest) in May 2017, completed a transaction for the acquisition of 79.48% of the shares issued by Banvit Bandirma
Vitaminli Yem Sanayi Anonim &#350;irketi, or Banvit, which is the largest poultry producer in Turkey, has fully integrated operations
and owns one of the most recognized brands in Turkey. </FONT>Through a subsequent tender offer process completed on August 17, 2017, TBQ&rsquo;s
ownership of Banvit increased to 91.71%. The total value of the transaction (including the purchase price paid in connection with the
tender offer) was R$1,277 million. As of the date hereof, TBQ continues to hold 91.71% of Banvit&rsquo;s equity interest. On November
30, 2021, we began negotiations with QIA for the renewal of certain terms and conditions with respect to our TBQ partnership. Within the
context of these negotiations, we and QIA executed a term sheet extending the exercise period of QIA&rsquo;s put option that would grant
QIA with rights to sell its interest in TBQ to us. On December 13, 2021, we executed an amendment to TBQ&rsquo;s joint venture and shareholders&rsquo;
agreement providing for new terms and conditions for our partnership in TBQ while terminating the put option then available to QIA and
granting further alternatives to liquidate its investment in Banvit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Sale of Quickfood</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 7, 2018, we executed a Share Sale
and Purchase Agreement with Marfrig Global Foods S.A., or Marfrig, for the sale of our total ownership interest in Quickfood (which constituted
91.89% of the capital stock of Quickfood). Quickfood was our subsidiary in Argentina and operated three beef slaughtering plants with
a capacity of 620 heads per day and a processing capacity of approximately 6,000 metric tons per month of hamburgers, franks, cold products
and frozen vegetables. The transaction closed on January 2, 2019, for an amount equivalent to R$191,291 thousand (U.S.$49,937 thousand,
translated to reais at the exchange rate of R$3.8306 as of January 2, 2019). On December 21, 2021, we executed a settlement agreement
with Marfrig, whereby Marfrig, upon the payment of US$8,958 thousand by us (&ldquo;Global Indemnification Amount&rdquo;), discharged us
from any indemnification obligations in connection with the sale of Quickfood, except if such obligations derive from any direct or indirect
claims related to Avex S.A. and Campo Austral S.A. US$650 thousand of the Global Indemnification Amount was paid in cash by us and the
remaining amount was paid by offsetting this amount against the purchase price payable by Marfrig to us for the December 21, 2021 sale
of the remainder Varzea Grande properties to Marfrig, as described immediately below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Sale of V&aacute;rzea Grande Plant</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 7, 2018, we executed an agreement
with Marfrig for the consideration of R$100 million in both real estate assets and equipment from our plant located in V&aacute;rzea Grande
in the State of Mato Grosso, which produces, among other items, hamburgers, meatballs and kibbehs (a type of Middle Eastern beef patty
popular in Brazil). This transaction closed on January 23, 2019 and, on April 1, 2019, a Supply Agreement with Marfrig became effective,
under which Marfrig agreed to provide us with finished goods produced in the V&aacute;rzea Grande plant, such as hamburgers, meatballs,
kibbehs, chicken meat and processed chicken breast products for 60 months. On December 21, 2021, we executed another agreement with Marfrig
for the sale in the amount of R$45,000 thousand of the remaining real estate properties located in the city of V&aacute;rzea Grande, all
of which neighbor the plant that was sold to Marfrig in December 2018. These real estate properties are non-operational.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Sale of Avex</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 19, 2018, we entered into a Share
Sale and Purchase Agreement whereby we agreed to sell all of the issued and outstanding shares of our Argentinian subsidiary, Avex S.A.,
to Granja Tres Arroyos S.A. and Fribel S.A. Avex S.A. operates three facilities located in Llavalol, Villa Mercedes and Rio Cuarto, in
Argentina, for the production of poultry and margarine. This transaction closed on February 4, 2019, for an amount equivalent to R$169,726
thousand (U.S.$44,824 thousand, translated to <I>reais</I> at the exchange rate of R$3.7865 as of February 4, 2019<I>).</I> In 2021, the
parties determined a price adjustment related to the sale of Avex S.A., reducing the price paid in the amount equivalent to R$33,727 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Sale of Assets in Europe and Thailand</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On February 7, 2019, we agreed to sell to Tyson
International Holding Co. most of our subsidiaries in Europe, including our Wrexham (UK) and Oosterwolde (Netherlands) processing plants,
and our food processing and poultry slaughtering operation in Thailand. This transaction closed on June 3, 2019, for an amount equivalent
to R$1,488,033 thousand (U.S.$382,106 thousand, translated to <I>reais</I> at the exchange rate of R$3.8943 as of June 3, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Other Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 6, 2018, we were notified by VDG
Holding S.A. that it was exercising its right to terminate Minerva S.A.&rsquo;s shareholders&rsquo; agreement entered into on November
1, 2013, as a result of us holding less than 6% of the outstanding shares issued by Minerva S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 18, 2018, we created a Brazilian
receivables investment fund (&ldquo;FIDC&rdquo;) to acquire trade receivables of commercial transactions entered into by us and our customers
in Brazil. The fund has three distinct classes of quotas and may reach an aggregate total volume of R$875 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On January 10, 2019, we executed an Asset Sale
and Purchase Agreement with BOGS S.A. for the sale of its facility located in the city of Florencio Varela, Argentina, and all assets
and liabilities related to it, including the brands &ldquo;Bocatti&rdquo; and &ldquo;Calchaqu&iacute;&rdquo;. The transaction closed on
February 28, 2019, for an amount equivalent to R$95,036 thousand (U.S.$26,753 thousand, translated to <I>reais</I> at the exchange rate
of R$3.5523 as of February 28, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On January 10, 2019, we executed a Share Sale
and Purchase Agreement with La Piamontesa de Averaldo Giacosa y Compa&ntilde;&iacute;a S.A. for the sale of all of the capital stock of
our Argentine subsidiary, Campo Austral S.A., including its facilities in San Andr&eacute;s de Giles and Pilar and the brand &ldquo;Campo
Austral.&rdquo; The transaction closed on March 11, 2019 for an amount equivalent to R$29,359 thousand (U.S.$7,619 thousand, translated
to <I>reais</I> at the exchange rate of R$3.8534 as of March 11, 2019). In 2021, the parties completed the price adjustment process, reducing
the price paid in the amount equivalent to R$25,617 thousand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On August 20, 2019, our wholly-owned subsidiary
Badi Limited executed a Share Purchase Agreement with Al Takamul International Company for Commercial Investment Limited for the purchase
of the remaining 25% of the capital stock that it did not own in Al Wafi Al Takamul International Company for Food Products Limited (&ldquo;Wafi&rdquo;),
a company incorporated in the Kingdom of Saudi Arabia responsible for distributing our products in that country. The transaction closed
on April 21, 2020 for an amount equivalent to R$100,390 thousand (U.S.$19,000 thousand, translated to <I>reais</I> at the exchange rate
of R$5.2837 as of April 20, 2020), at which point Wafi became a wholly owned subsidiary of Badi Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On September 5, 2019, we executed a Share Sale
and Purchase Agreement with Sats Food Services Pte Ltd, providing for the terms and conditions for the sale of our interest in Singaporean
food company Sats BRF Food Pte Ltd., equivalent to 49% of its capital stock. The transaction was concluded on September 5, 2019, for an
amount equivalent to R$51,197 thousand (SGD17,000 thousand, translated to <I>reais</I> at the exchange rate of R$3.0116 as of September
30, 2019) and also encompassed the execution of a new contract for the distribution and licensing of brands owned by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On May 7, 2020, our indirect wholly owned subsidiary
Badi Limited executed a Share Purchase Agreement with Hungry Bunny Limited and others, setting forth the terms and conditions for the
acquisition of 100% of the capital stock of Joody Al Sharqiya Food Production
Factory, a food processing company in Dammam, Saudi Arabia. The transaction was closed on January 18, 2021,
and the initial fair value of the consideration transferred was equivalent to R$41,620 thousand (SAR29,793 thousand, translated to <I>reais</I>
at the exchange rate of R$1.3967 as of January 18, 2021) paid in cash, and from this date, Joody Al has become a wholly-owned subsidiary
of Badi. The consideration paid may be adjusted according to certain conditions established in the purchase agreement.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On June 24, 2020, our indirect wholly owned
subsidiary BRF FOODS GmbH agreed to sell 70% of the outstanding shares of FFM Further Processing Sdn. Bhd., a company incorporated in
Malaysia and owner of a food processing plant in that country, to FFM Berhad, which previously held the remaining 30% of those shares.
The transaction was concluded on the same date and BRF FOODS GmbH received the purchase price equivalent to R$38,546 thousand (U.S.$7,350
thousand translated to <I>reais</I> at the exchange rate of R$5.2444 as of June 24, 2020).</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On December
17, 2020, Nutrinvestment BV and Banvit, companies indirectly controlled by us, executed a Sale and Purchase Agreement with Aaylex System
Group S.A. that provides for the sale to Aaylex System Group S.A. of 100% of the shares that the companies hold in Banvit Foods SRL, </FONT>a
company <FONT STYLE="font-size: 10pt">which produces animal feed and manages an egg hatchery in Romania. The transaction closed on May
4, 2021, for an amount equivalent to R$132,425 thousand (EUR 20,300 thousand translated to <I>reais</I> at the exchange rate of R$6.5234
as of May 4, 2021). In June 2021, the parties established a price adjustment due to net debt and working capital changes, increasing the
purchase price by an amount equivalent to R$13,059 thousand (EUR2,157 thousand translated to <I>reais</I> at the average exchange rate
of R$6.0542 as of June 2021).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 9, 2021, we acquired the remaining minority
stake in Al Yasra Food K.S.C.C., or BRF AFC, located in Kuwait, through our wholly-owned subsidiary One Foods Holdings Ltd., representing
25% of BRF AFC&rsquo;s capital stock, for the amount equivalent to R$238,421 thousand (U.S.$40,828 thousand translated to <I>reais</I>
at the exchange rate of R$5.8391 as of March 9, 2021). Following that acquisition, BRF AFC became our wholly-owned subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 25, 2021, our board of directors approved
the liquidation of OneFoods Malaysia Sdn Bhd in Kuala Lumpur, Malaysia and the merger of BRF Austria GmbH into BRF GmbH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In a step toward our plan to become one of the largest
and most significant players in the Brazilian pet food market by 2025, on June 18, 2021, our subsidiary BRF Pet S.A., or BRF Pet, entered
into an agreement to acquire 100% of the capital stock of the companies dedicated to the development, production and distribution of dry
and wet food for dogs and cats that compose the Hercosul Group, or Hercosul, which acquisition closed on August 2, 2021. Upon the closing
of the transaction, BRF Pet became owner of 100% of Gewinner Participa&ccedil;&otilde;es Ltda. and 99% of Hercosul International S.R.L.
and BRF S.A. became owner of 1% of Hercosul International S.R.L. The initial fair value of the consideration transferred was of R$794,535
thousand, of which R$675,355 thousand was paid in cash and R$119,180 thousand will be paid in the next four years. According to the conditions
established in the purchase and sale agreement, which are common to transactions of this nature, the value of the consideration may be
adjusted based on the net debt and working capital changes as well as on the contingent assets of Hercosul.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, on June 25, 2021, BRF Pet entered into
an agreement to acquire 100% of Paraguassu Participa&ccedil;&otilde;es S.A. and Affinity Petcare Brasil Participa&ccedil;&otilde;es Ltda.,
the holders of 100% of the capital stock of Mogiana Alimentos S.A., or Mogiana Alimentos, which specializes in animal nutrition products
for dogs and cats. The Mogiana Alimentos transaction closed on September 1, 2021. From this date, Paraguassu and Affinity became wholly-owned
subsidiaries of BRF Pet. The initial fair value of the consideration transferred was of R$435,773 thousand of which R$290,225 thousand
was paid in cash and R$145,548 thousand will be paid in the next six years. In addition, R$60,000 thousand of the consideration transferred
will be deposited in an escrow account after the first anniversary of the acquisition, as a guarantee for BRF Pet in case of eventual
indemnities provided for in the purchase and sale agreement. According to conditions established in this agreement, which are common to
transactions of this nature, the value of the consideration may be adjusted based on the net debt and working capital changes as well
as on the contingent assets of Mogiana Alimentos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2021, we executed a memorandum of
understanding with Aleph Farms, Ltd, or Aleph, an Israeli start-up company that develops laboratory proteins from animal cells. The
agreement contemplates: (i) the development and production of cultivated meats using the patented production of Aleph
(BioFarm&trade;); and (ii) the distribution of cultivated proteins from Aleph, with exclusivity, in Brazil. On July 7, 2021, we
participated in the round of investments (Series B) promoted by Aleph, in the amount equivalent to R$13,599 thousand (U.S.$2,500
thousand, translated to reais at the exchange rate of R$5.4394 as of September 30, 2021), of which the equivalent to R$6,799
thousand (U.S.$1,250 thousand, translated to reais at the exchange rate of R$5.4394 as of September 30, 2021) was paid in cash in
2021 and the difference will be paid in 2022. In connection with this investment and the capital allocated by other investors, the
funds will be destined to the large-scale global marketing of products made from cultivated meat, as well as expansion of
Aleph&rsquo;s portfolio<I>. </I>In connection with our Vision 2030 Plan, which includes growing in the &ldquo;meat
substitutes&rdquo; segment, the investment in Aleph is the first one made in the form of <I>venture capital</I> by us and marks our
participation in a pioneering sustainable initiative in the global food chain. With this move, we advance in our plan to meet the
growing consumer demand for new and alternative sources of protein, bringing innovative technologies to Brazil, in line with its
commitments to sustainability, innovation and food safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In line with our long-term sustainability goals, on
August 16, 2021, we executed an agreement with a subsidiary of AES Brasil Energia S.A. to form a joint venture for the construction of
a self-generated wind energy farm complex in Caju&iacute;na, State of Rio Grande do Norte, Brazil, with an installed capacity of 160 Megawatts
mechanical, or MWm, half of which would be sold to us in accordance with a 15-year power purchase agreement (&ldquo;AES Energy Project&rdquo;).
The estimated investment is approximately R$5.2 million per MW installed, and we will directly invest approximately R$80,000 thousand
over the course of the development of the AES Energy Project. The energy farm complex is expected to become fully operational by 2024.
The closing of this joint venture is subject to regulatory approval and the satisfaction of certain customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, on September 16, 2021, we executed a power
purchase agreement and a call option agreement with Intrepid Participa&ccedil;&otilde;es S.A. (&ldquo;Intrepid&rdquo;) to form a joint
venture for the construction of a self-generated solar energy plant in Mauriti and Milagres, State of Cear&aacute;, Brazil, with an installed
capacity of 320MWp (megawatt-peak), on average half of which would be sold to us<B><I>, </I></B>in accordance with a 15-year power purchase
agreement. The estimated investment is approximately R$1.1 billion (R$3.7 million/MWp installed), and we will directly invest approximately
R$50,000 thousand over the course of the development of the project. The solar energy plant is expected to be fully operational by 2024.
The closing of the call option agreement is subject to the satisfaction of certain customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Also, on January 13, 2022, we announced to the market
that we entered into a non-binding memorandum of understanding, or MOU, wih the Public Investment Fund, or PIF, Saudi Arabia&rsquo;s sovereign
wealth fund and one of the world&rsquo;s largest sovereign wealth funds. The MOU aims at the incorporation of a joint venture that will
act in the complete chain of chicken production in Saudi Arabia and promote the sale of fresh, frozen and processed products. The joint
venture will be 70% owned by us and 30% by PIF and will include a Halal Business Hub in Saudi Arabia. The MOU foresees an investment of
approximately US$350 million and reinforces the commitment we have with our strategic plan, in particular with food security in the Gulf
region. This transaction is subject to the results of the negotiations of definitive agreements. We cannot assure you that we and PIF
will reach satisfactory terms for the execution of final agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Significant changes in our Major Shareholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Between May and June 2021, Marfrig and its affiliates
acquired the beneficial ownership of a significant percentage of our common shares and ADSs. Pursuant to a Schedule 13D filed by Marfrig
with the SEC on October 25, 2021, Marfrig beneficially owns in the aggregate 269,734,803 of our common shares, representing 33.2% of our
outstanding common shares, which includes 78,263,625 ADSs, representing 9.6% of the outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Carne Fraca</I> Operation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are currently being investigated in connection
with the <I>Carne Fraca</I> Operation. For more information, see &ldquo;Legal Proceedings&mdash;<I>Carne Fraca</I> Operation.&rdquo;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Trapa&ccedil;a</I> Operation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are currently being investigated in connection
with the <I>Trapa&ccedil;a</I> Operation. For more information, see &ldquo;Legal Proceedings&mdash; <I>Trapa&ccedil;a</I> Operation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Capital Expenditures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The table below sets forth our capital expenditures
with respect to operations for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>For the nine months
    ended September 30,</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>For the year ended
    December 31,</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2019</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><I>(in thousands
    of reais)</I></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Property, plant and equipment&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">1,050,838</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">804,609</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">417,165</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Biological assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 10pt">922,801</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,006,222</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">837,930</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Intangible assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">133,436</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">96,181</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">64,320</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Total capital expenditures</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,107,075</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,907,012</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,319,415</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the nine months ended September 30, 2021,
we focused on pursuing our commitment to maximizing the use of our assets by making investments to help eliminate production constraints
and increase overall efficiency. Moving forward, we expect to increase investments to expand our operations in the markets we serve and
take advantage of new commercial opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2020, we resumed our investment trajectory
in growth and innovation projects, in addition to maintaining investments related to compliance with standardization and quality standards
of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2019, as in the previous year, investments
were made a priority to meet the regulation and adaptation of our asset base to safety and quality principles in line with our organizational
culture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2018, we focused our investments on our quality
and security standards rather than acquisitions, reflecting the policies of our new board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Key investments, including portfolio strategy
segments, such as the acquisition of Brazilian pet food brands, Mogiana Alimentos and Hercosul Group, were made as part of our 2030 Vision
Plan. With such new names combined with our existing portfolio and sales channel, we expect to increase our share of the Brazilian pet
food market, strengthen our business platform and continue to grow until we achieve our long-term goals in the industry with competitive
advantages in cost and quality. Within this context, prior to these acquisitions, we were already present in the Brazilian pet food market
with premium brands, such as Balance and the G&uuml;d.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our continued efforts in innovation, efficiency
and high value-added industrialized products have led to the inauguration of our Serop&eacute;dica plant, in the State of Rio de Janeiro,
which was built upon the concept of Industry 4.0 (automation and data exchange in manufacturing). Additionally, we have expanded internationally
with strategic investments in Turkey and Saudi Arabia in order to enhance our footprint in the region. See &ldquo;History and Development
of the Company&mdash;Investment into TBQ and Acquisition of Banvit &ndash; Turkey&rdquo; and &ldquo;History and Development of the Company&mdash;Other
Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B>Business Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">BRF S.A. is one of the largest producers of
fresh and frozen protein foods in the world in terms of production capacity, according to WattAgNet, with a portfolio of approximately
7,500 stock keeping units (&ldquo;SKUs&rdquo;) as of December 31, 2021. We are committed to operating our business and delivering products
to our global customer base in line with our core values: quality,
safety and integrity. Our processed products include marinated and frozen chicken, <I>Chester</I>&reg; rooster
and turkey meats, specialty meats, frozen processed meats, frozen prepared entrees, portioned products and sliced products. We also sell
margarine, butter, cream cheese, sweet specialties, sandwiches, plant-based products, animal feed and pet food. We are the holder of brands
such as <I>Sadia, Perdig&atilde;o, Qualy, Perdix</I>, <I>Confidence</I> and <I>Hilal</I>. For the nine months ended September 30, 2021,
we were responsible for 11.5% of the world&rsquo;s poultry trade, according to USDA. </P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our portfolio strategy is focused on creating
new, convenient, practical and healthy products for our consumers based on their preferences. We seek to achieve that goal through strong
innovation to provide us with increasing value-added items that will differentiate us from our competitors and strengthen our brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With 38 industrial facilities in Brazil, as
of December 31, 2021, we have among our main assets a distribution network that enables our products to reach Brazilian consumers through
more than 524,500 average monthly deliveries and 27 distribution centers in the domestic market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have been a public company since 1980. Our
shares have been listed on the <I>Novo Mercado</I> of the S&atilde;o Paulo Stock Exchange as BRFS3 since 2006, and ADRs representing our
common shares are traded on the New York Stock Exchange, or &ldquo;NYSE&rdquo; (ADR level III).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A breakdown of our products is as follows, which
are sold both in Brazil and to our international customers:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Meat Products</I></B>, consisting of <I>in natura</I> meat, which we define as frozen whole chicken
and cut chicken, as well as frozen pork; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Processed Food Products</I></B>, including the following: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">marinated, frozen, whole chicken and cut
chicken, roosters (sold under the <I>Chester</I><SUP>&reg;</SUP> brand) and turkey;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">specialty meats, such as sausages, ham
products, bologna, frankfurters, salami, bacon and other smoked products; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">frozen processed meats, such as hamburgers,
steaks, breaded meat products, kibbeh and meatballs;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Other Processed Products</I></B> including the following: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">Halal products for Islamic markets in
accordance with the Halal method of animal slaughtering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">margarine, butter and cream cheese and
cheese bread;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">frozen prepared entrees, such as lasagna,
macaroni and cheese, pies, ready-to-eat meals, and pizzas, as well as other frozen foods;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">plant-based products, such as nuggets,
pies, vegetables and burgers; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">snacks (salamitos);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in">frozen desserts;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Other</I></B>, consisting of soy meal, refined soy flour, animal feed and pet food. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In Brazil, as of December 31, 2021, we operated
35 meat processing plants, three margarine processing plants, three pasta processing plants, three feed meal plants, one dessert processing
plant and three soybean crushing plants. All of these industrial facilities are
located near our raw material suppliers or main consumer centers. We have an advanced logistics system in our domestic market, with 27
distribution centers, five of which are owned by us and 22 of which are leased from third parties, all of which serve supermarkets, retail
stores, wholesale stores, restaurants and other clients.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In our international market, as of December
31, 2021, we operated six industrial facilities for meat processing. Additionally, after giving effect to the divestitures made in connection
with our financial and operational restructuring plan, we operate 18 distribution centers and 11 warehouses located in Asia, the Southern
Cone and the Middle East, as well as commercial offices on four continents.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are also
focused on addressing the impact of climate change on the environment and our business. Among the initiatives that we have taken to reduce
our exposure to climate change and to maintain our competitiveness in terms of costs is the monitoring of grain stocks and purchases and
the constant monitoring of the weather in agricultural regions to guide our purchasing decisions, as well as anticipating price movements
in the commodity markets. Other initiatives include technological innovations in our animal-raising facilities to improve efficiency and
safeguard animal welfare. In addition, we recognize that consumers, investors and other stakeholders are more conscious of social and
environmental aspects of the production chain. The commitment assumed by us to achieve Net Zero by 2040, established in 2021, was an important
step in the climate agenda. We have taken initiatives to address this aspect, such as the Sustainable Grain Purchase Policy, which establishes
guidelines with regard to commitments and principles to be applied in the business, with a focus on incorporating environmental, social
and sustainable practices to manage BRF's production chain and investments in clean energy, in partnership with AES Brasil Energia and
</FONT>&Iuml;ntrepid Participa&ccedil;&otilde;es S.A.<FONT STYLE="font-size: 10pt">, with which it will be possible to reach almost 90%
of electricity from clean sources in BRF's operations in Brazil. From 2014 until 2021, we allocated R$1,258.2 million (&euro;360.1 million)
to projects with environmental benefits, and we planted a renewable forest covering 30 thousand hectares (the amount referring to the
investments made in 2021 is still subject to a second opinion from an external certifier, which may result in an adjustment of this amount).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>A Fully Integrated Platform</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are a fully integrated food platform present
in all stages of the complex value chain in which we operate, involving a number of partners selected based on sustainable criteria as
well as our integrated farmers and outgrowers, production facilities, distribution centers, and omnichannel sales. Our robust operations
include approximately 100,000 employees, 9,989 integrated farmers, 55 production facilities across the Americas, Africa, Asia, and the
Middle East, 45 logistics centers, 114 countries, and sales channels that varies between traditional retail and other innovative omnichannel
formats, such as Mercato em Casa, Sadia Market, online marketplaces and store-within-a-store concept.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Efficiency and Cost Control</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We believe that we encourage a culture of excellence
and for that reason we seek to constantly challenge ourselves to ensure operational efficiency using our programs and action plans. We
seek to minimize our losses and improve our procurement and industrial process in order to consistently deliver profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Such pursuit for high-precision cost
control culture is increasingly important in order to navigate periods of exacerbated cost pressure and ensure profitability
throughout the cycle. As an example, according to CEPEA/ESALQ, corn and soybean prices, which have a direct impact in our cost of
goods sold, have increased over 100% in the last 2 years in Brazil, on average, an unprecedented variation for the sector, while we
managed in the same period to keep operating at margins considered adequate according to our evaluation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">An important tool to perpetuate our pursuit
for excellence is what we call &ldquo;SEO&rdquo; &ndash; <I>Sistema de Excel&ecirc;ncia Operacional</I> (Operational Excellence System).
The SEO intends to improve productivity and reduce costs worldwide as it is replicable in several geographies and ties into our digital
processes by monitoring crops and estimating timing for potential price increases. As of September 2021, with the support of our SEO,
we have been able to reduce our losses in the production process by 73%, idleness in farming and industry by 43%, loading time of finished products in factories
by 49% and accidents by 25%, in relation to the same period in 2018. We believe the information provided by the SEO combined with our
expanding grain storage capacity provide opportunities to have greater inventory during times of higher prices, which promotes a smaller
margin decrease that would be expected from more expensive raw material.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As a result,
we have improved our profitability, which can be measured by: (i) the increase of R$3,105,879 thousand, or 1,505%, in our income (loss)
before financial results and income taxes, comparing the twelve months ended September 30, 2021 to the year ended December 31, 2018,
and (ii) the increase of R$2,997,037 thousand, or 122% in our Adjusted EBITDA for the twelve months ended September 30, 2021 compared
to the Adjusted EBITDA for the year ended December 31, 2018, a period when the accumulated evolution of the industry&rsquo;s main cost
indexes was 60%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt">while
ours increased by only 41%. Efficiency is an important part of our business and we intend to continuously put our efforts in finding
new ways to improve our processes across more than 114 countries that are covered by our sales channels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>House of Strong Brands</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2021, BRF has reached 87 years of operations
in the consumer food industry. We have decades of accumulated experience on consumer trends and behavior, providing us the knowledge to
operate in the global food market. We seek to offer increasingly practical high added-value products within a strong portfolio of brands
aiming to offer quality food in a way that improves people&rsquo;s life, delivering products from farm to table. We believe that such
expertise has contributed to the development of our brands in the Brazilian and international markets, reaching millions of households
with Sadia, Qualy and Perdig&atilde;o in Brazil and Sadia Halal and Banvit across the globe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We believe our brands have contributed to the
improvement of our results in 2021 due to increased awareness, which translated to over 300 thousand active clients purchasing BRF brands
in Brazil over the months of July to September 2021. We calculate active clients as the number of clients who purchased our products (directly
or indirectly, through distributors) at least once during the last three months as of any given reference date. Such awareness contributed
to promoting Sadia as the most valuable food brand in Brazil in 2020, according to Kantar BrandZ, while also increasing net revenue by
23.7% in the nine months ended September 30, 2021, compared to the nine months ended September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There has also been a strategic improvement
in our portfolio, which now comprises a variety of high added-value products, including new categories, boosted by improved consumer experience,
healthy options and an omnichannel approach. Brazil has played a key role as these new products and categories now represent over 80%
of our revenues in Brazil and 45% of our total revenues, each as of September 2021. As for our international segments, such as Halal,
Asia, and Direct Sales, the high added-value products have still plenty of room for growth with 5% of revenues coming from these products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, we believe the improvement in
innovation during 2021 was in part due to our robust and seasoned management team, which sought to create clear guidelines to promote
flexibility in order to allow for quick decision-making throughout our organizational structure.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 12pt; text-align: left"></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 12pt; text-align: left"><sup>1</sup> Considers the evolution of the price of corn, soybean meal, main
plastics for rigid and flexible packaging, variation of inflation indexes, IPCA, IGP-FGV, diesel (ANEP) and US$.</P>



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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><IMG SRC="brfmda3q216k_001.jpg" ALT=""><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Omnichannel Strategy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We aim to continuously improve our collaborations
with brick-and-mortar and digital initiatives, while advancing with our marketplace, bringing custom-made solutions to improve our level
of service. By understanding our customers even more and exceeding their expectations, we intend to provide the best experience with our
products, services and brands. As an example of such initiatives for greater proximity with customers, we opened a concept store (the
Sadia Market) with digital solutions and a completely integrated online brand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Ultimately, we aim for the consumer to be the
central point of our sales strategy not only by being provided with added-value products, but also by having a stronger direct-to-consumer
relationship through our own channels, whether digital or physical. In addition to Sadia Market and Mercato em Casa, we expect our partnerships
with online marketplaces to play a key role in leveraging their current number of customers into having exposure to the BRF brands. Ongoing
partnerships include iFood, Rappi, Magalu, Bees and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additionally, our store-within-a-store concept
holds more than 40 partnering stores in large retail chains in Brazil, which is complementary to our e-commerce that already serves the
majority of the national metropolitan areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Environmental, Social and Governance (ESG) &ndash; Sustainability
in Everything We Do</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our intention to offer quality food in a way
that improves people&rsquo;s lives is connected to our commitment to society and the planet. We expect our growth in the coming years
to be aligned with a positive change in sustainability. One of our principles is to ensure the sustainable growth of our chain and we
expect our efforts toward sustainability to be stronger by 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">According to an IBM Research involving 19,000
people in 28 countries released in early 2020, 57% of consumers were willing to change their purchasing habits to reduce negative environmental
impact, and 71% were willing to pay an additional premium for companies offering full transparency and traceability. Therefore, adopting
policies and guidelines for sustainable practices can be essential for the growth in the long run.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We expect that by 2024 approximately 90% of
our energy requirement in Brazil will be supplied by clean and renewable sources (wind and solar). Additionally, in partnership with Banco
do Brasil, we have committed to provide solar energy and panels to integrated farmers with whom we trade, representing an expected investment
of more than R$200 million. We are confident that our producers and partners will remain devoted to this project, and together with Banco do Brasil,
we expect to build solar farms to meet our own demand, as well as to ensure that in the long-term we will have 100% of our energy requirement
supplied by renewable sources. For instance, in August and September 2021, we entered into certain agreements for the implementation of
clean energy projects, including a joint venture for the construction of a self-generated wind energy farm complex and a power purchase
agreement with an option to form a joint venture for the construction of a self-generated solar energy plant.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As to social aspects, we seek to maintain
transparent dialogs with society, and expect to keep developing the communities where we operate and encouraging innovation and
knowledge. We value education and inclusion, and we expect to invest at least R$400 million in social initiatives by 2030,
contributing to the development of communities where we operate. We have also donated approximately R$100 million to communities
where we operate in Brazil and abroad to combat the COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With respect to governance practices, we seek
to maintain a clear link between ESG targets and our variable compensation programs, especially for the senior executives that are driving
our long-term strategy. New policies are already in place to ensure that we comply with human rights, sustainability and the sustainable
purchase of grains moving forward. Such is our commitment with governance that we have already been awarded with the Transparency Award
for our Integrated Report, IIA and ISO 37,001 certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">From 2019 to 2021, we have invested in actions
that reinforce the respect to the environment in all production chain. We are a signatory of the Global Pact of U.N. and are also listed
in B3 in the corporate sustainability index (ISE), being the only food company in the food sector in Brazil that is included in this index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Aiming to increase our transparency, we have
established global commitments to ESG aspects, related to BRF's Vision for 2030, in harmony with the world&rsquo;s largest corporate sustainability
initiative (UN Global Compact), of the size BRF wants to be. Such commitments are highlighted below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Animal Welfare</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt; line-height: 107%">o</FONT></TD><TD><FONT STYLE="font-size: 10pt; line-height: 107%">Certify
by third-party audits 100% of the plants in Animal Welfare by 2025.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"><SUP>2</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Only use cage-free chicken eggs in the industrial food process globally by 2025. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Ensure that no antibiotics growth promoter is used in the livestock chain. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Ensure that 100% of the poultry in the integration system are cage-free globally by 2023. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">BRF is strictly committed to zero tolerance to animal mistreatment, whether through abuse or neglect.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Use environmental enrichment in 100% of the integration of poultry by 2025. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Science and Innovation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">100% adherence of new product innovation projects to BRF&acute;s sustainability indicator by 2022. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0"><sup>2</sup> Respecting the religious and/or cultural requirements demanded by
our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Commodities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt; line-height: 107%">o</FONT></TD><TD><FONT STYLE="font-size: 10pt; line-height: 107%">Ensure 100% traceability of grain acquired from the Brazilian Amazon and the Brazilian
Cerrado by 2025.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"><SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Communities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt; line-height: 107%">o</FONT></TD><TD><FONT STYLE="font-size: 10pt; line-height: 107%">Invest
R$ 400 million in communities by 2030.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"><SUP>4</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Food Waste</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Promote
education to reduce food waste to 1.5 million people globally by 2030.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Diversity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Achieve 30% of women in top leadership by 2025. We joined the Equity is Priority movement, which is
part of the UN Brazil Global Compact Network that reinforces this commitment. <SUP></SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">The public sector&acute;s commitment to combat racism. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Packaging</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Have
100% recyclable, reusable or biodegradable packaging by 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Greenhouse Gases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Implement a carbon neutral product line by 2021. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Net Zero by 2040. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Natural Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Increase electricity from clean sources by 50% by 2030. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Reduce
BRF&acute;s water consumption indicator by 13% by 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Our Industry </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We manage our business to target both the Brazilian
market and export markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazilian Market </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a Brazilian company, with a significant portion
of our operations in Brazil, we are acutely affected by local economic conditions. Because of our significant operations in Brazil, fluctuations
in Brazilian demand for our products affect our production levels and revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Real GDP in Brazil increased at an average annual
rate of 9.0% from 2005 through 2020. For two consecutive years, in 2015 and in 2016, Brazil&rsquo;s GDP decreased by 3.5%. Reacting to
this weak economic environment, the Central Bank lowered the Special System for Settlement and Custody (<I>Sistema Especial de Liquida&ccedil;&atilde;o
e de Cust&oacute;dia</I>, or SELIC) interest rate, which is the short-term benchmark interest rate. Overall, the long-term trend remains
downward, from 18% as of December 31, 2005 to 6.25% as of September 30, 2021. For the nine-months ended September 30, 2021, the IPCA inflation
index increased to <FONT STYLE="font-size: 10pt">6.9% in comparison to 1.34% for the same period in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
ESG targets linked to our variable compensation system (includes bonus-eligible and executives in accordance with the collective bargaining
agreement in effect on the payment date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><sup>4</sup> Increase our shared value generation by investing its own resources
in the communities, especially in social development and economic inclusion agendas.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The unemployment rate and consumer confidence
levels also have an impact on consumption levels in Brazil. The average unemployment rate in the 3rd quarter of 2021 was 12.6%, a decrease
of 2.3 percentage points when compared to the 3rd quarter of 2020 (14.9%). The Consumer Confidence Index for September 2021 was 75.3%,
8.1 percentage points below that of 83.4% in September 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">According to the Brazilian Association of Supermarkets
(<I>Associa&ccedil;&atilde;o Brasileira de Supermercados</I>, or ABRAS), in December 2020, supermarket sales in real terms (adjusted using
the IPCA inflation index), increased 11.54% compared to December 2019. For the full year, supermarket sales in real terms rose 9.36% in
2020 as compared to 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Export Markets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The information set forth in this &ldquo;Export
Markets&rdquo; subsection is derived from SECEX and relates to Brazilian exports as a whole and not only to exports of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazilian chicken exports increased by 8.4%
from January until September of 2021, compared to the same period in 2020, in terms of volume. Pork exports registered an increase of
13.3% in volume sold from January until September of 2021, compared to the same period in 2020. Beef exports recorded an increase of 2.2%
in volume from January until September of 2021, compared to the same period in 2020, in spite of China&rsquo;s ban of beef imports from
Brazil from September 4th until December 15<SUP>th</SUP>, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazilian chicken exports in the nine months
ended September 30, 2021 totaled 3.366 million tons on sales of R$29.3 billion (equivalent to U.S.$5.504 billion). China has been the
main destination for these exports (14.8%), followed by Japan (9.5%), Saudi Arabia (8.7%) and the United Arab Emirates (7.8%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The volume of pork exports in the nine months
ended September 30, 2021 totaled 0.857 million tons, representing R$10.9 billion (US$2.048 billion). The leading importers, China, Hong
Kong and Chile represented 51.8%, 14.2% and 5.6%, respectively, of total exports from Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Beef shipments in (U.S.$. 2.048 billion) totaled
1.465 million tons, with sales of R$ 39.3 billion (equivalent to U.S.$7.368 billion). This increase in volume was driven by exports to
China (48%), Hong Kong (11%) and USA (5%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For a discussion on the global economic conditions
and further information on the conditions on our export markets and the Brazilian market, see &ldquo;Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations&mdash;Results of Operation&rdquo; and &ldquo;Item 5. Operating and Financial
Review and Prospects&mdash;D. Trend Information&rdquo; in our 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are a food company that focuses on the production
and sale of branded processed food, poultry and pork products. As of June 2021, we have also dedicated resources to grow in our offering
of pet food products, in line with our Vision 2030 Plan to increase our presence in pet markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Poultry </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce fresh/frozen whole and cut poultry.
In 2021, we slaughtered approximately 1.69 billion heads of poultry, a 1.2% increase compared to 1.67 billion in 2020. We sold 2,010 thousand
tons of fresh and frozen chicken and other poultry products in 2021, compared to 1,904 thousand tons in 2020, excluding our discontinued
operations. Most of our poultry sales are to our export markets. As a result of the trade barriers imposed by the European Union, we have
significantly reduced our production of turkey since 2018, as the European Union was our main consumer market for this product. For additional
information, see &ldquo;Risk Factors and Other 2020 Form 20-F Updates&mdash;Risks Relating
to Our Business and Industry&mdash;More stringent trade barriers in key export markets may negatively affect our results of operations.&rdquo;</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Pork and Beef </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2021, we slaughtered approximately 10.26
million hogs compared to 10.21 million in 2020. We raise hogs but do not raise cattle at our facilities. Although most of the hogs that
we slaughter are used for processed products in the domestic Brazilian market, we also produce frozen pork and beef cuts, such as loins
and ribs, and whole carcasses. In January 2019, following the closing of the transaction in which Marfrig acquired our beef slaughtering
facility, we and Marfrig signed a supply agreement under which Marfrig agreed to provide us with finished goods from the V&aacute;rzea
Grande plant. In 2021, we sold 340 thousand tons of pork and beef cuts, excluding our discontinued operations, compared to 319 thousand
tons of pork and beef cuts in 2020. We are also further developing our international customer base for pork and beef cuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Processed Food Products </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce processed foods, such as marinated
and frozen chicken, <I>Chester</I>&reg; rooster and turkey meat, specialty meats, frozen processed foods, frozen prepared entrees, portioned
products and sliced products. Part of our strategy is to develop additional processed food products in these and other categories because
these products tend to be less price-sensitive than our frozen poultry and pork products. We sold 1,841.4 thousand tons of processed foods
in 2021, compared to 1,832.4 thousand tons in 2020, excluding our discontinued operations. Most of our sales of processed foods are to
our domestic market. We believe that there are opportunities to market value-added products like these to targeted regions and other market
segments in Brazil as well as to expand our sales in the export market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our processed food products strategy relies
on accurate brand management, a varied product portfolio with strategic pricing and innovation and service excellence, which we believe
will allow our products to expand their reach both in the Brazilian market and international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Specialty Meats</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We process pork to produce specialty meats,
such as sausages, ham products, bologna, frankfurters, salami, bacon and cold meats. We also process chicken and other poultry to produce
specialty meats, such as chicken sausages, chicken hot dogs and chicken bologna.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Frozen Processed Meats</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce a range of frozen processed poultry,
pork and beef products, including hamburgers, steaks, breaded meat products, kibbeh and meatballs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Marinated Poultry</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce marinated and seasoned chickens,
roosters (under the <I>Chester</I>&reg; brand) and turkeys. We originally developed the <I>Chester</I>&reg; breed of rooster to maximize
the yield of breast and leg cuts. In 2004, we sold our rights to the <I>Chester</I>&reg; breed of rooster to Cobb Vantress, a U.S. poultry
research and development company engaged in the production, improvement and sale of broiler breeding stock, and we entered into a technology
agreement under which Cobb Vantress manages the <I>Chester</I>&reg; breed of rooster. We continue to oversee the production of <I>Chester</I>&reg;
roosters in Brazil from hatching to distribution, and we own the trademarks for the <I>Chester</I>&reg; line of products. In 2020, Perdig&atilde;o
launched a new edition of <I>Chester</I>&reg; to celebrate the brand&rsquo;s 40<SUP>th</SUP> anniversary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Halal Products</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We offer poultry products for Islamic markets
in accordance with the Halal method of animal slaughtering.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Margarine</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We sell margarine under the <I>Qualy</I>, <I>Deline</I>
and <I>Claybom</I> brands and also distribute margarine products of the third-party brand <I>Becel</I>. We maintain our leading market
position with the <I>Qualy</I> brand by bringing innovation to the Brazilian market. For example, in 2014, we introduced the first aerated
margarine in Brazil and, in 2016, we improved the <I>Qualy</I> portfolio by adding a proprietary mix of vitamins and minerals to our products,
which is called the Q-Mix. Additionally, in 2017, we introduced the first margarine with whole grains, <I>Qualy Multigr&atilde;os</I>.
This technology to add grains inside the margarine is protected under a patent in partnership with our equipment supplier. In 2018, we
launched Qualy Light Zero Lactose, the first zero lactose margarine in the Brazilian market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Butter, Cream cheese and Cheese bread</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Qualy</I>, a notable margarine brand in Brazil,
expanded its portfolio in 2020 by offering new products such as butter and curd and introducing a line of cheese breads. These new products
have been available since December 2020 and are consistent with <I>Qualy&rsquo;</I>s pursuit to become the leading brand in breakfast
and afternoon meals, which are relevant markets for the brand. <I>Qualy&rsquo;</I>s cheese bread line also offers the options of buttered
cheese bread and buttered cheese bread with pieces of <I>Sadia</I> ham.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Frozen Prepared Entrees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce a range of frozen prepared entrees,
some of which contain poultry, beef and pork meat that we produce, including those listed below.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Pastas and Pizzas</I>. We produce several varieties of lasagna, pizza and other ready-to-eat meals.
We produce the meat used in these products and buy other raw materials in the domestic market. In 2019, we expanded our portfolio in this
category by launching new products, such as the Mac&rsquo;n Cheese under the <I>Sadia</I> brand. We believe that this new product is an
innovative product in the Brazilian market, with greater added value to the ready-to-eat meals sub-category. Inspired by one of the favorite
dishes in the United States, the <I>Sadia </I>Mac&rsquo;n Cheese was launched in October 2019 with three variants: Mac&rsquo;n Cheese
Cheddar, Mac&rsquo;n Cheese Cheddar with Bacon and Mac&rsquo;n Cheese Cheddar with Sausage. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>French Fries.</I> We sell frozen French fries, which are imported from Belgium where they are produced
and packaged for us by third parties. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Pies and Pastries</I>. We produce a variety of pies and pastries, such as chicken and heart-of-palm
pies. We produce the meat, sauces and toppings used in our pies and pastries, and we purchase other raw materials, such as heart-of-palm,
lime and other fillings from third parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Plant-based products</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2020, we launched <I>Sadia Veg&amp;Tal</I>,
our brand for vegan and vegetarian frozen food, including hamburgers, nuggets and pies categories. We also started to expand the <I>Veg&amp;Tal</I>
frozen food portfolio in 2020 and launched frozen vegetables, including broccoli, cauliflower, peas and French beans. Our sales represented
25% of the vegan nuggets sales in Brazil in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2021, we executed a memorandum of understanding
with Aleph Farms, Ltd, or Aleph, an Israeli start-up company that develops laboratory proteins from animal cells. The agreement contemplates:
(i) the development and production of cultivated meats using the patented production of Aleph Farms (BioFarm&trade;); and (ii) the distribution
of cultivated proteins from Aleph Farms, with exclusivity, in Brazil. In July 2021, we announced our participation in the round of investments
(Series B) promoted by Aleph. We will invest US$2,500 thousand in this round, of which US$1,250 thousand was paid in cash in 2021 and
the difference will be paid in 2022. In connection with this investment and the capital allocated by other investors, the funds will be destined to the large-scale global marketing
of products made from cultivated meat, as well as expansion of Aleph&rsquo;s portfolio. In connection with our Vision 2030 Plan, which
includes a &ldquo;meat substitutes&rdquo; growth segment, the investment in Aleph Farms is the first one made in the form of&nbsp;venture
capital&nbsp;by us and marks our participation in a pioneering sustainable initiative in the global food chain. With this movement, we
advance in our plan to meet the growing consumer demand for new and alternative sources of protein, bringing innovative technologies to
Brazil, in line with its commitments to sustainability, innovation and food safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Frozen desserts</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have produced and sold Miss Daisy desserts
since 1999. We believe the Miss Daisy brand has a leading market position and has been highly resilient to market changes. We offer a
wide variety of products under the Miss Daisy brand, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Mousse pie, lemon pie, chocolate and vanilla pie, and mousse pie with chocolate shavings; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Dutch pie.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Inspired by seasonal flavors, the Miss Daisy
brand also launched three new flavors as a limited edition: condensed milk fudge mousse pie with caramelized nuts and two new hot pie
desserts, hazelnut cream and guava paste with cream cheese.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Pet Products </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In 2021, we concluded the acquisition of Mogiana and Hercosul, adding
strong and traditional brands, robust industrial facilities and expertise in the specialized pet products. With these acquisitions, we
became top three in market share in terms of revenue in Brazil&rsquo;s pet food segment, market leaders in Uruguay and the number two
player in Paraguay. Our portfolio includes dry and wet food, snacks in a wide range of standard to super premium brands such as: Biofresh,
Guabi Natural, GranPlus, Three Dogs, Three cats, Faro e Primoc&atilde;o and our native brand Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Other</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">We produce animal feed mainly to feed poultry and hogs raised by
us, although we also sell a small portion to our integrated outgrowers and to unaffiliated customers. As of September 30, 2021, we produced
7,451 thousand tons of feed and PREMIX in Brazil, compared to 9,669 thousand tons in 2020, and 606 thousand tons in Turkey. We also produce
a limited range of soy-based products, including soy meal and refined soy flour.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Vision 2030 Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We announced in December 2020 our Vision 2030
Plan, which is a growth strategy currently in place. While abiding to a strict discipline with regards to our financial leverage, to accomplish
this goal we expect under this plan make over R$55 billion in investments, primarily funded from our own cash flow and debt refinancing,
focusing on strengthening our leadership position as a global food company with a high added-value portfolio, strong brands, high-quality
products, and becoming even more admired by consumers as well as providing increased return and expanded margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will also target the establishment of a local
presence internationally in some of the world&rsquo;s largest added-value consumer centers, and to expand our share of the Brazilian market
in ready meals, increasing our presence in the high-added value pork and pet markets, in addition to the production of meat substitutes
and new sources of protein, in which significant food industry transformation is expected. Within this context, we expect that by the
end of this decade approximately 70% of our revenue will be derived from our portfolio of high added-value products.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Vision 2030 Plan also includes a macro-sustainability
plan with public commitments involving ESG features. Beginning in 2021, our management has started setting ESG-related goals, and in January
2021, we named a new vice president for Institutional Relations, Reputation and Sustainability to support the advancement of our ESG agenda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">One of our key objectives under our Vision 2030
Plan is to become one of the two largest food companies for pets in Brazil by 2025. Brazil is the second-largest market in the world for
pet products, after the United States, with a market value of R$20 billion in 2020. It is estimated that the market potential for pet
products will total approximately R$40 billion by 2030. This growth is driven mainly by the verticalization of cities and by the humanization
of animals that brings about different needs for the feed. Premium brands for pet food are expected to be favored the most by consumers.
We are already present in that segment for both of the key retail channels, including supermarkets (roughly 30% of the market), and the
specialized trade channel (remaining 70% of the market). In 2021, we concluded the acquisition of Mogiana and Hercosul, adding strong
and traditional brands, robust industrial facilities and expertise in the specialized channel. With the operation, we became value share
top 3 in Brazil&rsquo;s Pet Food segment, market leaders in Uruguay and the #2 player in Paraguay. To serve this segment, the synergies
with our production chain provide us with competitive advantages as to costs and quality. In furtherance to our Vision 2030 Plan, on August
2, 2021 and September 1, 2021, we completed the acquisition of Hercosul Group, which produces and distributes dry and wet pet food for
dogs and cats, and Mogiana Alimentos, which specializes in animal nutrition products for dogs and cats. Also, we are already the second-largest
producer of animal feed in the southern hemisphere. We are already a producer of the main ingredients for the formulation of feeds. We
expect this fact will assist us with higher efficiency and lower production costs, because of both the scale of our grain purchases and
our access to specific materials, such as hydrolyzed protein and special oils, which we produce and distribute to the pet food market.
We believe that these synergies provide us with advantages in the pet food market that are difficult for other companies to replicate.
Additionally, we have access to the distribution channel of the traditional retail segment, and we plan on developing our capabilities
in the specialized retail market and the technical products market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We also believe that this new growth path anticipated
for Brazil can be replicated in other regions and geographies in which we operate, which we expect will offer us new opportunities and
new growth avenues in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">There can be no assurance that we will be able
to meet the targeted goals in our Vision 2030 Plan so undue reliance should not be placed with respect to our targeted goals in this plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Growth Avenues Mapped at Vision 2030 Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Pet Market</I></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We believe that
a key growth avenue for us is diving deeper into the untapped potential of the pet food market. By 2030, we expect that the pet food market
in Brazil reaches over R$40 billion in revenues in Brazil according to Euromonitor. We expect to become the second largest player in Brazil
by 2025. As indicated in our Vision 2030 Plan, there are important opportunities to explore cost synergies and to leverage our distribution
network, which includes the large volumes of our purchases, ability to store large amounts of raw material, and strong penetration in
the traditional retail chains and e-commerce. After our recent acquisitions of Hercosul Group and Mogiana Alimentos, we have already become
the Top 3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10.5pt"><SUP>5</SUP></FONT> <FONT STYLE="font-size: 10pt">brand
in the segment in Brazil.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Added-Value Swine Market</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil has seen important changes in consumer
behavior and continues to be impacted by the growing needs for practicality, convenience, and healthiness. According to Mintel, the majority
of the national population does not enjoy cooking. Additionally, According to FAOstat, OCDE and Euromonitor, Brazil has a much lower consumption per capita of pork, 14 kg
per inhabitant in 2020, when compared to more mature markets, such as the USA with 41 kg per inhabitant in 2020. Thus, there is likely
a significant opportunity to increase our penetration in the added-value swine market. Further, in accordance with our internal analysis using data from the Food and Agriculture Organization of the United
Nations and from Kantar, the added-value swine market has the potential to reach R$23 billion until 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt"></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt"><sup>5</sup> According to estimates based on data provided by ABINPET (Brazilian
Association of the Industry of Pet Food).</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Ready Meals</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a result of shifts in habits and changes
in the lifestyle of consumers, the demand for ready meals is growing worldwide, according to Euromonitor. Everyday convenience can drive
consumers, representing a growth opportunity for us. According to Mintel, in 2019, 53% of Brazilian working citizens do not have time
to cook, and 61% of Brazilians declare they do not like cooking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Therefore, one of our strategic priorities through
2030 is to expand our ready meal options to customers, employing our knowledge of food options in order to create new lines of products,
always seeking to maintain our high quality. A successful example of such priority was the launch of the Mac&rsquo;n Cheese in early 2020,
which proved to be a milestone for our value-added strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We expect to continue offering good quality,
user-friendly food. We believe in our ability to have a great impact and lead the ready meals market, whose demand is growing, considering
the trend of consumption habits of our consumers. According to Euromonitor, the ready-meals global market has potential to reach R$16
billion per year, more than 4x its current size.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Meat Substitutes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The penetration of our new product lines in
meat substitutes is a key component to our Vision 2030 Plan. According to Euromonitor, this market could reach R$13 billion by 2030. As
a result, we are consistently seeking to increase variety in the meat substitutes segment and expect to innovate our offerings, including
plant-based food and cultivated meat. We believe to be one of the first Brazilian players to access the cultivated meat technology with
our partnership with Aleph Farms. See &ldquo;History and Development of the Company&mdash;Other Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We hold more than 10 Sadia Veg&amp;Tal products
in our portfolio and believe to also be national pioneers in the meat-like chicken cut lines, including Brazil&rsquo;s first plant-based
carbon neutral chicken (i.e., Veg Chicken) and our ready-to-eat Veg&amp;Tal snack.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>International Markets Expansion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We believe in our potential to be part of two-thirds
of the global consumption markets (North America, Europe and Asia, markets with greater opportunities) by 2030 and aim to be a global
food company present in the main consumption centers, with leadership in relevant markets. Our foods are already present in the lives
of families worldwide through Sadia and Perdix, which are particularly the leading brands in the Middle East and currently hold 36.3%
of market share, according to Nielsen in September 2021. Our Banvit brand in Turkey has experienced significant growth in the recent past
and now amounts to a market share of 23.6% according to Nielsen. Our strategy is supported by 3 levers focused on adding value, which
are the competitive export platform we have developed through continuous development of the market and product mix optimization, ownership
of necessary qualifications, consolidation of the Halal market important presence, and our global expansion to markets that represent
more than 50% of high value-added consumption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Digitalization</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Digital transformation is part of our daily
lives at BRF, with technology having the potential to transform our culture, processes and tools and ultimately accelerate our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We increased our investments in technology by
40% in 2020 and by 20% in 2019, having invested R$450 million in digital initiatives between 2017 and 2021. For the next four years, we
have built a solid roadmap of investment in digital initiatives, together with each of our departments, and digitalization is expected
to be a key investment vertical for us. Further, from 2021 to 2025, we have identified investment opportunities amounting to R$700 million.
In addition, we have 65 ongoing digital projects and 50 projects already delivered.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As we start to carry out such ambitious plan,
we have already trained more than 1,200 employees in agile methodologies, including cloud, design thinking, amongst others. We have promoted
the digital inclusion of more than 70,000 employees that started to access online services and information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have created a digital lab to increase the
connection with startup partners and the number of pilot projects we develop. More than 50 projects are already underway, which could
improve the productive strategy and growth of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Another relevant topic for us in the digitalization
process is the concept of innovation in Industry 4.0. We believe that the adoption of new technology could generate significant gains
and be replicated across our value chain. There are two fronts of the Industry 4.0 concept being implemented &ndash; the digital plant
and the intelligent plant. Our concept of a digital factory is intended to provide greater speed in our internal processes. Our concept
of a smart factory intends to integrate our plants with Industry 4.0 systems such as online integrations, providing insights into advanced
analytics models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In our egg farms, our Industry 4.0 processes
currently collect data which was previously collected manually. Additionally, with investments of approximately R$300 million, we have
expanded our production capacity with our new plant in Serop&eacute;dica, in the State of Rio de Janeiro, Brazil. This is our 40th production
site; the first exclusively dedicated to the production of franks and one of the most advanced in the concept of Industry 4.0, using clean
energy, generates minimal solid waste, and promotes water reuse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We already have our commodities smart center
in operation with the analysis of images retrieved through satellites and software that already runs a large part of our processes. Our
operational transport control center allows us to monitor 100% of our fleet. Our planning is supported by optimization models. We are
making headway in implementing our logistics 4.0, in using artificial intelligence and data science.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Overview of Brazil&rsquo;s Poultry, Pork and Beef Position in
the World </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Poultry </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil was the second largest producer and the
leading exporter of poultry in the world in 2021 based on estimates calculated by the United States Department of Agriculture, or the
&ldquo;USDA.&rdquo; Brazil&rsquo;s production, consumption and export volumes for poultry have increased significantly over the past several
years. This growth has been driven by the increase of Brazilian companies&rsquo; production dedicated to exports as well as by the competitiveness
of Brazilian poultry.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">According to
the USDA, global poultry trade might decrease 0.5% in 2021 compared to 2020, mainly due to lower exports from the European Union (which
might decrease 13% in comparison to 2020), and U.K. (which might decrease 23% in comparison to 2020). </FONT>According to the Brazilian
Association of Animal Protein (<I>Associa&ccedil;&atilde;o Brasileira de Prote&iacute;na Animal, or ABPA</I>), exports of poultry parts
increased 1.2% in 2020 compared to 2019, representing 68.7% of the total poultry exported volumes. Whole chicken, which represented 25.3%
of the total volume, decreased 2.5% in 2020 compared to 2019. The main destinations in 2020 were China, Saudi Arabia, Japan and United
Arab Emirates. In comparison to 2019, in 2020 Saudi Arabia decreased total imports from Brazil by 0.3%, China increased total imports
from Brazil by 15.0%, Japan decreased total imports from Brazil by 3.2% and United Arab Emirates decreased total imports from Brazil by
11.2%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following tables identify Brazil&rsquo;s
position within the global poultry industry for the years indicated:</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>World Chicken Production</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Primary Chicken Producers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; &ldquo;ready to cook&rdquo; equivalent)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">20,310</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">20,255</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">19,941</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>14,350</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>13,880</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>13,690</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">China &#9;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">14,000</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">14,600</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">13,800</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries) &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">10,930</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">11,020</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">10,836</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Russia&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,600</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,680</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,668</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Mexico&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,815</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,725</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,600</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Thailand&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,280</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,250</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,300</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Argentina&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,290</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,215</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,171</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Turkey&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,170</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,136</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,138</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Japan&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,765</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,765</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,723</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">United Kingdom&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,760</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,785</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,726</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">19,833</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">19,768</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">19,614</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>99,103</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>99,079</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>97,207</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Primary Chicken Exporters </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; &ldquo;ready to cook&rdquo; equivalent)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>4,055</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>3,875</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>3,939</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,421</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,376</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,259</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries) &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,775</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,033</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,148</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Thailand &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">990</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">941</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">961</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Turkey &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">470</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">440</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">402</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,285</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,399</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,320</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>12,996</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>13,064</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>13,029</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Primary Chicken Consumers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; &ldquo;ready to cook&rdquo; equivalent)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,989</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,994</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,702</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">China &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">14,450</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">15,211</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">13,952</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>10,300</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>10,010</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>9,756</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries) &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9,695</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9,642</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9,448</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Mexico &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,989</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,994</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,702</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Russia &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,620</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,688</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,712</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Japan &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,796</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,773</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,789</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Thailand &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,290</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,299</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,389</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Argentina &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,150</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,063</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">United Kingdom &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,035</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,995</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,054</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">South Africa &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,868</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,891</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,829</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">24,703</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">24,623</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">24,562</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>96,594</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>96,749</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>94,683</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5in 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Source: USDA, October 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Pork </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil is the fourth largest producer and exporter
and the fifth largest consumer of pork in the world in 2021, according to the USDA estimates. Brazil&rsquo;s production and consumption
of pork has increased since 2009. The USDA expects a decrease in global production of 1.8% and a decrease in pork consumption of 1.8%
in 2022. According to the USDA, global pork exports might reach 12.5 million tons in 2021. Brazilian pork breeding and slaughtering companies
continue to increase their efficiency of production. Research and development have also helped to reduce fat, cholesterol and calories
in pork produced in Brazil. These enhancements allow for more efficient production of prime cuts, more meat per carcass and more nutritious
and healthier meat. Improved genetic potential of breeders has also contributed to the production increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">According to the ABPA, as of December 2020,
China was Brazil&rsquo;s primary destination for pork followed by Hong Kong, representing 50.7% and 16.4%, respectively, of total Brazilian
pork exports. Chinese and Hong Kong imports from Brazil increased 106% and 2.4%, respectively,
from December 31, 2019 to December 31, 2020.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following tables identify Brazil&rsquo;s
position within the global pork industry for the years indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>World Pork Production</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Main Pork Producers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; weight in equivalent carcass)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">China&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">46,000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">36,340</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">42,550</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">23,680</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">23,219</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">22,996</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,559</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,845</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,543</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>4,325</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>4,125</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>3,975</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Russia&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,700</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,611</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,324</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Vietnam&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,590</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,467</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,430</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">13,249</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">13,148</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">13,211</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>106,103</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>95,755</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>101,029</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 5.75pt; padding-left: 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Main Pork Exporters</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: left; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; weight in equivalent carcass)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5,167</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,266</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,265</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,302</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,867</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Canada&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,550</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,544</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,284</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>1,295</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>1,178</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>861</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Mexico&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">375</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">344</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">234</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">United Kingdom&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">300</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">348</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">338</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Chile&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">280</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">295</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">223</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">433</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">376</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">294</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>12,498</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>12,554</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>10,367</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Main Pork Consumers </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; weight in equivalent carcass)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">China&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">50,400</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">41,521</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">44,866</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">18,780</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">18,211</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">18,894</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9,799</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">10,034</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">10,066</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Russia&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,528</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,468</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,363</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>3,032</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2,949</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>3,116</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Vietnam&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,884</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,687</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,493</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,822</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">16,193</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">17,077</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>105,245</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>95,063</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>99,875</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5in 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Source: USDA, October 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Beef </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil was the second largest producer, the
third largest consumer and the largest exporter of beef in the world in 2021, according to the USDA estimates. From 2021 to 2022, the
USDA estimates that there will be an increase in global beef production, consumption and exports of approximately 0.6%, 0.6% and 1.6%,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following tables identify Brazil&rsquo;s
position within the global beef industry for the years indicated:</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>World Beef Production</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Main Beef Producers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; weight in equivalent carcass)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,684</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,389</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,385</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil &#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>9,500</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>10,100</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>10,200</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries) &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,840</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,883</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,964</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">China &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,830</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,720</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,670</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">India &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,100</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,760</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,270</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Argentina &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,045</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,170</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,125</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Mexico &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,120</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,079</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,027</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Australia &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,915</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,125</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,432</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Canada &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,450</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,314</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,342</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Russia &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,380</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,378</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,374</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">7,913</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">7,742</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">7,853</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>57,777</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>57,660</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>58,642</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Main Beef Consumers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; weight in equivalent carcass)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S. &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,615</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,531</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">12,409</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">China &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9,810</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9,486</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">8,826</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>6,997</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>7,609</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>7,929</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">European Union (27 countries) &#9;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,475</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,521</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6,698</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">India &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,550</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,476</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,776</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Argentina &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,333</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,365</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2,379</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others &#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">15,214</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">15,081</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">15,359</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>55,994</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>56,069</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>56,376</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>Main Beef Exporters</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>(in thousands of tons &ndash; weight in equivalent carcass)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazil&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2,575</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2,539</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2,314</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">India&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,550</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,284</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,494</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">U.S&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,549</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,339</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,373</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Australia &#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,290</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,473</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">1,739</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Argentina&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">720</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">819</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">763</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Others&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">4,040</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,783</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3,696</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>11,724</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>11,237</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>11,379</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5in 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Source: USDA, October 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following graphic is a simplified representation
of our meat production chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Processed and Pet Food Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Aligned with our Vision 2030, we are enhancing
our processed food products portfolio and expanding operations in the pet food segment. These are strategic markets for us due to their
positive growing perspectives. See &ldquo;Vision 2030 Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">According to WMStrategy (WMS), the Ready Meal
segment in Brazil is expected to reach US$2.4 billion in 2025, which represents a CAGR of 6.6% from 2020 to 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Global Pet Food Segment also has positive market
trends, which are shown by Allied Market Research. Its market size was valued at US$87 billion in 2020, and is expected to reach US$133
billion in 2030, which represents a CAGR of 4.6% between 2021 and 2030. Regarding the Pet Food market in Brazil, it has potential to triple
size by 2030, reaching R$40 billion, according to Euromonitor.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Production Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are a vertically integrated producer of poultry
and pork products. We raise poultry and hogs, produce animal feed and pet food, slaughter the animals, process poultry and pork to produce
processed food products and distribute unprocessed and processed products throughout Brazil and in our export markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following graphic is a simplified representation
of our meat production chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>Meat Production Chain</U></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><IMG SRC="brfmda3q216k_002.jpg" ALT=""><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Poultry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At the beginning of the broiler production cycle,
we purchase day-old grandparent&rsquo;s breeder chicks from Aviagen of Brazil. We send these birds to our grandparent stock farms, forming
our grandparent breeding stock. With respect to turkeys, we purchase hatched grandparent&rsquo;s eggs and then send those eggs to our
grandparent stock hatchery, where the eggs are hatched, and the chicks are raised, forming our grandparent breeding stock. The eggs produced
by our grandparent breeding stock are then hatched, and our parent breeding stock is produced. We also buy a small percentage of our parent
stock from another supplier, Cobb Vantress. The parents produce the hatchable eggs that result in day-old chicks that are ultimately used
in our poultry products. We produced 1.58 billion day-old chicks and 11.1 million day-old turkeys in 2021. We hatch these eggs in our
26&nbsp;hatcheries (23 broiler, 1 turkey, 2 breeders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We send the day-old chicks, which we continue
to own, to outgrowers, whose operations are integrated with our production process. The farms operated by these outgrowers vary in size
and are near our slaughtering facilities. These integrated outgrowers are responsible for managing and growing the poultry in their farms
under the supervision of our veterinarians. The payments to outgrowers are based on performance rates determined by bird mortality, the
feed-to-meat conversion ratio and the quantity of meat produced and are designed to cover their production costs and provide net profits.
We provide feed, veterinary and technical support to the outgrowers throughout the production process. We have business arrangements with
approximately 6,700&nbsp;integrated poultry outgrowers. Many of these outgrowers also produce and sell corn that we use to produce animal
feed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of December&nbsp;31, 2021, we have a fully
automated slaughtering capacity of 36.9 million heads of poultry per week and 300 thousand heads of turkey per week.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Pork </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce the vast majority of the pork we
use in our products. We also purchase pork on the spot market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Piglet producers either purchase parent breeder
hogs produced by us or from producers such as Agroceres and DanBred. We generally purchase piglets from integrated outgrowers near our
production facilities, which raise the piglets until they reach a specified weight, or we purchase young piglets from farmers who own
breeder hogs. We transfer these piglets to separate integrated outgrowers, who raise the hogs until they reach slaughtering weight, and
then transport the hogs from these outgrowers to our slaughtering facilities. We have agreements with a total of 3,262 integrated outgrowers,
including piglet producers and hog raisers. We monitor the production of the hogs by these outgrowers and provide support from our veterinarians.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The local producers from whom we purchase a
portion of our pork needs are also located near our production facilities but are not parties to partnership agreements with us. These
producers generally raise the hogs from birth until they reach slaughtering weight, but we provide limited technical support. We purchase
the hogs raised by these local producers pursuant to contracts with the local producers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We slaughter the hogs raised by our outgrowers
or purchased from local producers or on the spot market. After they are slaughtered, the hogs are immediately cut in half. The half-carcasses
are then separated based on their intended use. These parts become the raw material for the production of pork cuts and specialty meats.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of December&nbsp;31, 2021, we had a pork
slaughtering capacity of 238 thousand heads per week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Beef </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We had a beef slaughtering capacity of 14,400
heads per week until October 1, 2014, when we signed an Investment Agreement with Minerva, pursuant to which we allocated our beef slaughtering
plants in V&aacute;rzea Grande and Mirassol, as well as our employees involved in these activities, to a closed capital company that was
incorporated within Minerva. We received an equity interest in Minerva in connection with this transaction. The transaction closed on
October 1, 2014. On December 7, 2018, we executed an agreement with Marfrig for its acquisition in the amount of R$100 million of real
estate and equipment from our plant located in V&aacute;rzea Grande in the State of Mato Grosso, which produced approximately 69,000 tons
of hamburger meat per year. This transaction closed on January 23, 2019 and, on April 1, 2019, a Supply Agreement with Marfrig became
effective, under which Marfrig undertook to provide us with finished goods produced in the V&aacute;rzea Grande plant, such as hamburgers,
meatballs, kibbehs, chicken meat and processed chicken breast products for 60 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Processed Foods </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We sell a variety of processed foods, some of
which contain poultry and pork meat that we produce. We have a total production capacity of 194 thousand tons/month across 17 production
units in Brazil (Chapec&oacute;, Marau, Capinzal, Toledo, Videira, Lucas do Rio Verde, Rio Verde, Uberl&acirc;ndia, Conc&oacute;rdia,
Tatu&iacute;, Vit&oacute;ria de Santo Ant&atilde;o, Herval d&rsquo;Oeste, Lajeado, Ponta Grossa, Paranagu&aacute;, Serop&eacute;dica and
Duque de Caxias) processing meat products (such as mortadella, franks, sausage, hamburger and breaded meat) and non-meat products (such
as lasagna, ready-to-eat meals and pizzas) for both the domestic and international markets. The company completed the construction of
one plant in Serop&eacute;dica, in the State of Rio de Janeiro, and began its operations in July 2021. In Tatu&iacute;, in the State of
S&atilde;o Paulo, we produce ready-to-eat sandwiches, lasagnas, pizzas, cheese breads and other pasta and bakery items. In Ponta Grossa,
in the State of Paran&aacute;, we produce pizzas, pastas, desserts (such as <I>Miss Daisy</I>) and other processed products. Our Rio Verde
plant is adjacent to our Rio Verde poultry and pork slaughtering facilities, and we transport pork from other production facilities to
be used as raw materials. We purchase most of the remaining ingredients for our lasagnas, pizzas, pies and pastries in the domestic market
from third parties. Such seasonings and secondary raw materials are applied to each product type or line according to established criteria
and procedures to ensure consistency of color, texture and flavor. The presentation of final products is achieved
by shaping, casing, cooking and freezing in special machines. Products are then subjected to quality controls and distributed to the consumer
market after having been packaged, labeled and boxed.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In November 2014, we opened our first plant
in the Middle East, with a total capacity of 70 thousand tons/year, aiming to supply the local Middle Eastern market, Europe and Asia.
This plant produces franks, breaded meat, hamburger, mortadella and marinated chicken breast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In January 2021, BRF concluded the acquisition
of Joody Al Sharqiya Food Production Factory, its first production plant in Saudi Arabia with a total capacity of 3.6 thousand tons/year.
We have an expansion plan to grow the capacity to 18 thousand tons/year of processed chicken products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We also sell frozen French fries, which are imported from Belgium where
they are produced and packaged for us by third parties. In addition, we produce soy-based products, such as soy meal and refined soy flour,
at our plants in Videira, located in the State of Santa Catarina, Dois Vizinhos, in the State of Paran&aacute;, and in Toledo, also in
the State of Paran&aacute;. In 2020, we launched <I>Sadia Veg&amp;Tal</I>, our brand for vegan and vegetarian frozen food, including hamburgers,
nuggets, and pies categories. We also started to expand the <I>Veg&amp;Tal</I> frozen food portfolio in 2020 and launched frozen vegetables,
including broccoli, cauliflower, peas and French beans. Our sales represented 11.8% of the vegan nuggets sales in Brazil in 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The raw material for margarine is crude soybean
oil, which is subjected to refining and bleaching processes. We produce margarines in our plants in Paranagu&aacute;, State of Paran&aacute;,
Uberl&acirc;ndia, State of Minas Gerais and Vit&oacute;ria de Santo Ant&atilde;o, under the <I>Qualy, Deline </I>and <I>Claybom and Becel</I>
brands and in the State of Pernambuco under the brands <I>Qualy</I> and <I>Deline</I>. We sell these products as part of our strategy
to diversify our product lines and to take advantage of our distribution network for refrigerated products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We also sell halal food, which is the food allowed
for Islamic consumption. The halal poultry needs to undergo a specific religious and technical procedure of slaughtering and processing,
assuring that it was produced according to the Islamic requirements and that it had no contact with prohibited foods or ingredients. In
addition, the Brazilian Federal Inspection Service (<I>Servi&ccedil;o de Inspe&ccedil;&atilde;o Federal</I>, or &ldquo;SIF&rdquo;) of
MAPA may establish additional requirements for halal food production that we must comply with. We are assisted by Islamic entities that
are responsible for slaughtering and certifying all of our halal products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Feed </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We produce most of the feed consumed at the
farms operated by our integrated poultry and hog outgrowers. We provide feed to most of our integrated poultry and hog outgrowers as part
of our partnership arrangements with them. We also sell animal feed to local hog producers at market rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We own 24 feed and PREMIX production plants
in Brazil and three feed production plants in Turkey. Additionally, we lease three feed plants from third parties that are 100% dedicated
to our operations and one PREMIX production plant that is not 100% dedicated to our operations. The basic raw materials used in animal
feed production are corn and soy meal mixed with preservatives and micronutrients. In 2019 and 2020, we also purchased corn from rural
producers and small merchants, through cooperatives and from trading companies such as Coamo, Bunge, Cargill and others. The corn is grown
primarily in the states of Paran&aacute;, Santa Catarina, Rio Grande do Sul, Goi&aacute;s, Mato Grosso, Mato Grosso do Sul and Minas Gerais.
We buy soy meal from major producers such as Bunge, Cargill and Amaggi, primarily pursuant to long-term contracts. The prices of corn,
soybeans and soy meal fluctuate significantly, influenced by international quotes and local currency rates. See &ldquo;Item 5. Operating
and Financial Review and Prospects&mdash;A. Operating Results&mdash;Principal Factors Affecting our Results of Operations&mdash;Commodity
Prices&rdquo; in our 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Other Raw Materials </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We purchase other materials required for our
products, such as prepared animal intestines (for sausage casings), cardboard boxes and plastic (for packaging), micronutrients (for animal
feed), spices and veterinary drugs from third parties, both in the domestic and international markets.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Suppliers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">One of our strategies is to build more efficient
relationships with our suppliers by using selection criteria to assess suppliers based on the quality of the product, the product performance
and reliability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We have a Chain Monitoring System that is structured
to strengthen social and environmental risk control, support an ethical and responsible business model and develop sustainable partnerships.
We seek to accomplish this by undertaking quality audits, distributing and requiring supplier adherence to our Suppliers&rsquo; Code of
Conduct, following the Policy for Related-Party Transactions, consulting public data and also including certain related obligations in
our contracts with suppliers. Our Suppliers&rsquo; Code of Conduct, which is posted on our website and agreed to in advance by our suppliers,
regulates our relationship and focuses on ethical behavior, social and environmental responsibility. We are focused on a stronger risk
management approach, especially with respect to quality, integrity and safety, as well as sustainability and compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2019, we created the internal process for
suppliers to comply with our Suppliers&rsquo; Code of Conduct and established internal procurement standards setting forth this process
(&ldquo;Procurement Standards&rdquo;). The process was led by an internal working group focused on ensuring effective Suppliers&rsquo;
Code of Conduct implementation, mitigating our risks and strengthening our relationships with our stakeholders. Beginning in September
2019, all new suppliers were required to confirm compliance with our Suppliers&rsquo; Code of Conduct before being registered on our internal
systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Procurement Standards provide for certain
exceptions to the rule requiring suppliers to accept our Suppliers&rsquo; Code of Conduct. For example, suppliers are not required to
accept our Suppliers&rsquo; Code of Conduct if they are a public entity connected to the government or if they have their own code of
conduct, in which case they may fill out a short form indicating the website where their code of conduct is available or attaching it
to the form. If a supplier refuses to accept our Suppliers&rsquo; Code of Conduct and does not fall into the exceptions set forth by the
Procurement Standards, the situation will be directed to our internal critical committee for analysis. Our critical committee consists
of members from the legal, compliance and procurement departments. If our critical committee is unable to reach a decision, the matter
is referred to our executive committee for resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For cases of conflicts of interest with suppliers,
we have a specialized team that analyzes the risk of maintaining or replacing the specified supplier. Additionally, through biweekly reviews
of publicly available data in Brazil, we identify suppliers that do not comply with legal requirements or our standards. When evaluating
suppliers, we regularly analyze, among other things, the following: environmental practices, labor relations and practices and general
compliance with laws and regulations. We are in the process of standardizing our monitoring program across all of our departments, but
all of our new suppliers are required to follow the Suppliers&rsquo; Code of Conduct and the Policy for Related-Party Transactions, whether
in connection with a contract or spot purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The evaluation and appropriate selection of
suppliers and maintaining relationships with those suppliers is critical to our market competitiveness. The supplier assessment process
often involves the simultaneous consideration of various aspects of the supplier&rsquo;s performance, including price, innovation, delivery
time, quality and post-sales support, along with its social and environmental policies and performance. Our process follows established
guidelines, supported by systems and rules to be followed by all members of our procurement team. In 2018, we implemented our purchasing
system &ndash; Ariba SAP, which is an advanced purchasing tool intended to strengthen our compliance function. In 2019, we implemented
a new module within the purchasing system, called Ariba Network, which is focused on the relationship between our contract managers and
suppliers. This improvement reinforces our commitment to compliance and transparency in our routine processes by ensuring an accurate
evaluation of our contracted services and facilitating robust communication between our suppliers and our systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Tracking and auditing are continually monitored
through internal and external audits to ensure that our processes are constantly improving and aligned with our norms and codes, compliance
and sustainability efforts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Brazilian Market </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil is the fifth largest country in the world
in terms of land and has the sixth largest population on the globe. As of September 30, 2021, Brazil had an estimated population of 213,317
million people, according to figures from the IBGE. During the nine months ended September 30, Brazil&rsquo;s GDP amounted to R$5.46 trillion
in 2019, R$5.45 trillion in 2020 and R$6.42 trillion in 2021. In the nine months ended September 30, 2021, GDP increased by 18% in nominal
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Inflation measured by the National Amplified
Consumer Price Index (known as the IPCA - <I>&Iacute;ndice Nacional de Pre&ccedil;os ao Consumidor Amplo</I>), published by the IBGE,
was 4.31% in 2019, 4.52% in 2020 and 10.25% as of September 30, 2021, following a trend of relatively high rates. The end-of-period exchange
rate, as measured by the Brazilian Central Bank, was R$4.03/U.S.$1.00 in 2019, R$5.20/U.S.$1.00 in 2020 and R$5,44/U.S.$1.00 as of September
30, 2021, with the real depreciating by 4.46% as of September 30, 2021, compared to 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil is one of the largest meat consumers
in the world, with per capita consumption in 2020 of 97.23 kilograms, including beef, chicken and pork products, according to the USDA,
an increase of 2.7% compared to 2020. Demand for poultry and pork products in the domestic market is directly affected by the country&rsquo;s
economic conditions. Given the GDP contraction, meat consumption decreased in 2021 compared to 2020. A slight economic improvement is
expected for 2022 in comparison to 2021. As of December 31, 2021, market analysts consulted by the Central Bank expected that GDP will
increase by 0.36%, while IPCA is expected to remain at 5.03%. Brazil&rsquo;s domestic market is highly competitive, particularly for fresh
food and frozen poultry and pork products. Besides us, there are many large producers, including Seara Alimentos S.A. (&ldquo;Seara&rdquo;)
(which was acquired from Marfrig by JBS in 2013), Cooperativa Central Aurora Alimentos (&ldquo;Aurora&rdquo;) and JBS. The main producers
in the fresh food market face strong competition from a large number of small producers which operate in the informal economy and sometimes
offer low quality products at lower prices than those of the large producers. We seek to develop quality products, focusing on innovative
solutions that meet clients&rsquo; needs and capture value for the strong brands we own, such as <I>Sadia</I> and <I>Perdig&atilde;o</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The processed food sector is more concentrated
than the fresh food sector in terms of the number of competitors. Consumption of processed products is influenced by a number of factors,
including the level of consumer income and marketing efforts directed at meeting consumer demand for more value-added products. We believe
that processed foods also represent an opportunity for growth in the coming years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We estimate the following market information
based on available data from A.C. Nielsen, which is reported to them by us and by some of our competitors, as of the 5th bimester of each
year:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Brazilian industrialized food market had revenues of approximately R$25,805 million in 2021 compared
to R$21,699 million in 2020;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Brazilian frozen food market had revenues of approximately R$5,887 million in 2021 compared to R$4,682
million in 2020; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Brazilian margarine market had revenues of R$4,247 million in 2021 compared to R$3,545 million in
2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">These figures do not include BRF data by region
or category of products that are not covered by the A.C. Nielsen figures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>International Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil is a leading producer in global export
markets due to its natural advantages (land, water and climate), competitive inputs, costs and increasing efficiencies in animal production.
Like other large Brazilian producers, we have capitalized on these advantages to develop the scope and scale of our business.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Global demand for Brazilian poultry, pork and
beef products is significantly affected by trade barriers, including: (i) tariff barriers, which ultimately protect certain domestic markets;
and (ii) non-tariff barriers, mainly including import quotas, sanitary barriers and technical/religious barriers. See &ldquo;Item 5. Operating
and Financial Review and Prospects&mdash;A. Principal Factors Affecting our Results of Operations&ndash;&ndash;Effects of Trade and Other
Barriers&rdquo; in our 2020 Form 20-F for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Sales </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We sell our products both in the domestic and
export markets around the world. Net sales to the Brazilian market, including most of our processed foods, accounted for 50.9%, 52.1%
and 51.3% of our net sales in the nine-month period ended 2021, 2020 and 2019, respectively. Net sales to international markets, including
most of our frozen whole and cut chickens and other poultry and frozen pork cuts and beef cuts, accounted for 45.3%, 44.7% and 45.5% of
our net sales in the nine-month period ended 2021, 2020 and 2019, respectively.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The table below sets forth the percentage
of our net sales by category in the Brazilian segment, International segment, and Other segments for the periods indicated:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>For
    the nine months ended September 30,</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 64%; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>2020</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in; border-bottom: Black 0.5pt solid"><B>2019</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.15in; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Brazilian Market</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Poultry&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9.6%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">9.5%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">11.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Pork/Beef&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.1%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.3%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">2.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Processed food products&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">38.0%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">39.2%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">37.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Other Sales&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">0.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">0.1%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Total Brazilian market&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">50.9%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">52.1%</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">51.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify; text-indent: -0.1in"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in; text-align: justify; text-indent: -0.1in"><B>International Markets</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Poultry&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">32.6%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">32.1%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">34.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Pork/Beef&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5.7%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5.9%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Processed food products&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5.9%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Other Sales&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">0.8%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">0.8%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">0.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Total International markets&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">45.3%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">44.7%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">45.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Other Segments</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.8%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">3.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: -2.25pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Seasonality</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">See &ldquo;Item 5. Operating and Financial Review
and Prospects&mdash;B. Liquidity and Capital Resources&mdash;Seasonality&rdquo; in our 2020 Form 20-F for information regarding seasonality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Overall Comparison of Our Net Sales for the nine months ended
September 30, 2021 and Years Ended December&nbsp;31, 2020 and 2019</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazil</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We cover substantially all of the Brazilian
population through a nationwide distribution network. In the domestic market, we sell our products directly to supermarkets, wholesalers,
retail stores, food services and other institutional buyers. The graphs below set forth our Brazilian net sales to supermarkets, retail
stores, wholesalers and food services buyers as a percentage of total domestic net sales for the periods indicated.</P>


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<P STYLE="font: 10.5pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10.5pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="brfmda3q216k_003.jpg" ALT=""></P>

<P STYLE="font: 10.5pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt">(1) The data for 2021 refers to the nine month period ended September
30, 2021.</P>
<P STYLE="font: 10.5pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 200%"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Note</B>: There may be small variations in the percentages presented
in the chart above when compared with past reports due to rounding and migration of customers between the sales channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our domestic distribution network consists of
27 distribution centers in several Brazilian states.&nbsp;Refrigerated trucks transport our products from our processing plants to the
distribution centers and from the distribution centers to our customers. We have 28 transit points, previously referred as cross-docking
points, in several areas of the country that enable us to unload products from large refrigerated trucks onto smaller trucks or vans for
transportation to our customers. We own five of our distribution centers and lease the remaining 22 centers, which are listed below under
&ldquo;&mdash;Property, Plant and Equipment.&rdquo; We do not own the vehicles used to transport our products&mdash;we contract with carriers
to provide this service for us on an exclusive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>International </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We operate in three business segments, which
primarily reflect our geographical structure: Brazil, International (including Halal markets in the Middle East, North Africa, Malaysia
and Eastern Europe, as well as Africa, Asia, Europe, Eurasia and the Americas) and Other Segments. The graphs below set forth a breakdown
of our  net sales by segment:</P>

<P STYLE="font: 10.5pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -21.3pt"><IMG SRC="brfmda3q216k_004.jpg" ALT=""></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 8pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: -21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 200%"></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt">(1) The data for 2021 refers to the nine month period ended September
30, 2021.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazil</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazil&rsquo;s domestic market is highly competitive,
particularly for fresh food and frozen poultry and pork products. We endeavor to develop quality products, focusing on innovative solutions
that meet clients&rsquo; needs and capture value for the strong brands we own, such as <I>Sadia</I> and <I>Perdig&atilde;o</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the processed meat and margarine categories,
the most recently available percentage of our market share in Brazil in 2020 as reported by A.C. Nielsen shows that we have significant
representation in the domestic market, as demonstrated in the graph below, which is separated by retail categories:</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><IMG SRC="brfmda3q216k_005.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Source</B>: A.C. Nielsen Bimonthly Retail &ndash; Margarines
and Frozen Meals (September/October 2020 survey); Filled and Cold Cuts (September/October 2021 survey)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Because A.C. Nielsen gathers data from those
in the industry who report to it voluntarily in the areas of the country and categories covered by it, the overall market sizes on which
these percentages were based are smaller than our own internal estimates of the market sizes that we describe above under &ldquo;&mdash;Brazilian
Market.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Nationally, our main competitor within the Brazilian
market for the processed meat segment is JBS (which owns the brands Seara and Rezende) followed by Aurora. The remainder of the market
is represented by several small producers, such as Pif Paf Alimentos S.A. (&ldquo;Pif Paf&rdquo;) and Frimesa, which have relevant performance
in the Southeastern and Southern regions of the country, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the margarine market, we maintained a leading
position with the Qualy brand by a wide margin. Our main competitor is also JBS, which acquired Bunge&rsquo;s margarine operation (consequently
becoming the owner of the brands Delicia and Primor, as well as their previous brands, such as Doriana) followed by Vigor Alimentos S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the Brazilian market for <I>in natura</I>
meat (whole poultry, poultry and pork cuts), we face competition from small producers, some of which operate in the informal economy and
offer lower quality products at lower prices. The <I>in natura</I> meat market is volatile and cyclical (higher costs and protein offer).
In order to prevent low margins by competing with small producers and keep a stronger market presence, we have changed our price strategy
and developed a high aggregate value and innovative portfolio. The initiative has increased our revenue on this portfolio from 5.1% in
2020 to 6.7% in 2021, and we captured opportunities focused on consumer needs for healthy, premium and ready-made products with 27 new
products released in 2020 and 90 new products released in 2021. In line with our goal of building stronger margins for <I>in natura</I>
meat, we are aiming to increase the per capita consumption of pork cuts in the Brazilian market with a high aggregate value and premium
portfolio, capturing bovine meat share of Brazilian consumers.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 35.4pt">As mentioned earlier, BRF also has operations
of pet food, which is part of the Pet Industry in Brazil. This industry is composed by, other than pet food, veterinary medicines and
pet general care, which encompasses pet health care and hygiene, which have been rapidly growing in the past years.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 35.4pt">The global pet food market size was valued
at R$13 billion in 2020, and is projected to reach $40 billion by 2030, according to Euromonitor, tripling its size during the period,
with Brazil playing a key role in this growth. The country has the second largest population of dogs and cats in the world and is the
third largest country in total pet population, which market represents
0.36% of total Brazilian GDP, according to data from the Associa&ccedil;&atilde;o Brasileira da Ind&uacute;stria de Produtos para Animais
de Estima&ccedil;&atilde;o, or Abinpet,.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 35.4pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We believe we are well positioned on this market,
being the largest pet food provider in Brazil, with 10% market share and potential to become the second largest in the coming years, according
to our estimates based on data from Abinpet. Brazil leads in the natural pet food segment, derived from animal ingredients in their natural
state. The unpenetrated market is favorable for strong brands, such as the ones we own, to consolidate and lead the national market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>International</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We face significant competition in our international
markets, both from Brazilian producers and from producers in other countries. Cooperatives are increasingly relevant competitors, as they
have tax advantages and certain mobility to reassign their production to foreign markets at times when exports become more attractive
than the domestic market. In addition, JBS is one of our direct competitors in the international market that has many of the same competitive
advantages that we have over producers in other countries, including natural resources and competitive input costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our chicken and pork cuts, in particular, are
price-sensitive and sensitive to substitution with other products. Customers sometimes seek to diversify their sources of supply in different
countries, even though we often have a lower cost of production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Protectionist measures among Brazil&rsquo;s
trading partners are also an important competitive factor. Brazilian exports of poultry and swine are increasingly affected by actions
taken by other countries to protect local producers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our net sales in the international market reached
R$15,697,762 thousand in the nine-month period ended 2021, an increase of 25.3% from 2020. Despite the still-challenging international
market environment in 2021, we believe we export more than our main Brazilian competitors, as we are one of the largest poultry exporters
in the world. In 2021, we accounted for 11.5% of the world&rsquo;s poultry trade, according USDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In our international markets, our competition
is based on quality, cost, prices and service to our customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Distribution of Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazilian Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white">As of December&nbsp;31,
2021, we operated 27 distribution centers and 28 transit points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>International Markets </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We export our products mainly through the ports
of Itaja&iacute;, Navegantes and Itapo&aacute; in the State of Santa Catarina. We also export our products through Rio Grande in the State
of Rio Grande do Sul and Paranagu&aacute; in the State of Paran&aacute;. We store our products in refrigerated storages that are owned
and operated mainly by third parties located at ports in the states of Paran&aacute;, Santa Catarina and Rio Grande do Sul. In 2021, we
packed more than 52% of our export containers at plants, referred to as loading &ldquo;fresh frozen products.&rdquo; We contract with
exclusive third-party carriers to transport our products from our production facilities to the ports, and we ship our products to export
markets through independent shipping companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All the ports that we use to load our cargo
are private terminals from third parties. We have occasionally experienced disruptions at the ports as a result of logistics challenges,
including flooding, strong currents, small drafts, strong winds/waves and winter fog.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our sales and distribution efforts abroad are
coordinated through offices in Austria, Russia, Singapore, South Korea, China, Japan, Vietnam, Saudi Arabia, the United Arab Emirates,
Qatar, Oman, Kuwait, South Africa, Uruguay, Chile, and Turkey. We coordinate
our marketing efforts and provide sales support to customers in our main international markets through these offices. Our distribution
arrangements in our international markets vary according to the market.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Europe</I>.</B> On May 14, 2018, the European
Union released its decision to remove 12 of our production facilities in Brazil from the list that permits imports of animal products
by the countries in the European Union. Given the ban of imports from our production facilities, we were no longer able to sell our products
from such embargoed production plants in the European Union. This suspension on certain products from Brazilian producers caused challenges
for our operations in Europe and required us to reorganize our sales and distribution network by strengthening our partnerships with other
food processors, food service operators and local distributors. Furthermore, we leveraged our global sourcing network to supply the European
market with products produced outside of Brazil. On February 7, 2019, we agreed to sell to Tyson International Holding Co. most of our
subsidiaries in Europe, including our Wrexham (UK) and Oosterwolde (Netherlands) processing plants, and our food processing and poultry
slaughtering operation in Thailand. This transaction closed on June 3, 2019 for the amount equivalent to R$1,488,033 thousand (U.S.$382,106
thousand, translated to <I>reais</I> at the exchange rate of R$3.8943 as of June 3, 2019). We have undertaken, in the share purchase agreement
entered into with Tyson International Holding Co., not to do business or otherwise compete in the sale of poultry products for human consumption
in certain jurisdictions in Europe, including the European Economic Area (EEA) and the United Kingdom. That non-compete provision has
partially lapsed for certain products and channels. In October 2020, after reaching a commercial agreement with Tyson International Holding
Co., we resumed the export of poultry breast cuts to Europe, accelerating our return to the continent. The arrangements with Tyson include
a phased removal of the non-compete restrictions in three stages, including our access to (i) B2B, CFR (cost and freight) and wholesalers
in Europe by June 2021, (ii) the retail channel in the European market from 2022 and (iii) the Thai market in 2024. By June 2022, we may
also invest in businesses that hold import quotas to Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Asia</I>.</B> Asia is a highly diverse
continent, both in terms of cultural and economic development characteristics, where we serve over 16 countries, from mainland China to
the islands in the South Pacific region. In 2021, China continued to be our largest market in Asia, thanks to local production capacity
increase and despite country restrictions due to the COVID-19 pandemic. Our local distribution operation in Shanghai expanded partnerships
with retailers, O2O platforms and Sadia&rsquo;s own ecommerce store by selling Sadia frozen chicken and pork cuts to develop our brand
presence. In Japan, our local level of service, coupled with quality standards and product range have made us a preferred supplier of
chicken products in the market. In South Korea, we were the first Brazilian producer to export pork cut providing new business opportunities.
In Singapore, we consolidated the Sadia brand with a diverse portfolio and brand campaigns, maintaining our presence in modern retails
in key products categories. Furthermore, we started our own local distribution model to strengthen even more our brand presence in Singapore.
Additionally, in Southeast Asia, we expanded to new countries and clients, serving these markets with a diverse portfolio of chicken,
pork and processed meat. In 2020, we concluded the sale of our stake in the joint venture &ldquo;FFM Further Processing Sdn. Bhd.,&rdquo;
in Malaysia, while maintaining the export leadership to this country.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Middle East. </I></B>In the Middle East and Turkey we
sell to wholesalers, retailers, small stores (traditional trade), food service providers and processors. In these markets, we primarily
sell frozen chicken in three categories: whole, cuts and processed products. We have as well launched new products adjacent of the chicken
category, such as Frozen French Fries and Frozen Vegetables. We believe we are one of the preferred suppliers of these products in this
region due to our quality standards and our long-standing customer relationships. Our biggest brand, <I>Sadia</I> is recognized as the
leading food brand in the Middle East and enjoys the highest preference level within the chicken category, according to a study made by
Ipsos Research, a third-party consulting firm in 2020. In 2017, we created separate Halal business operations, which was focused 100%
in the Halal market. We also announced the completion of the acquisition of Banvit in Turkey, through TBQ Foods GmbH, a joint venture
formed with the Qatar Investment Authority in May 2017. Banvit is the number one brand in Turkey in the chicken category, leading with
a preference score of 54% according to a study made by Ipsos in 2020. In December 2021, we and QIA have agreed on the termination of the
put option available to QIA under the original shareholders&rsquo; agreement and agreed to provide QIA with further alternatives to liquidate
its investment in Banvit. In any event, we no longer have financial liabilities with respect to QIA.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">See &ldquo;History and Development of the Company&mdash;Acquisition
of Banvit &ndash; Turkey.&rdquo; In 2019, our Halal operations were reincorporated into BRF as part of our International operating segment,
and they are currently operating similarly to how they operated prior to 2017. In 2021, we concluded the acquisition of a food processing
plant in Dammam, Saudi Arabia. See &ldquo;History and Development of the Company&mdash;Other Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Africa</I>.</B> Our strategy in Africa
has focused on unlocking a number of in-market opportunities that fall under the attractive and affordable processed foods category, but
also value-added opportunities in key markets. In 2021, we focused on strengthening our partnerships in the region, further improving
our leadership position in exports of processed foods to the continent. Our approach to exports in Africa targets sales to distributors
with the widest possible distribution. The <I>Sadia</I> and <I>Perdix </I>brands are the primary brands that we have focused on distributing
in the region. Angola remains our main market for chicken cuts and processed food, such as franks and mortadella. We also expanded the
supply of processed food to South Africa and Mauritius through our facilities in Turkey. Going forward, we will continue to carefully
consider future growth markets. Furthermore, our next phase of development will emphasize more control over the interactions between the
brands and the consumers by gaining additional insight into consumer preferences to strengthen our value proposition and distribution
opportunities, for example by expanding our portfolio of breaded items in South Africa&rsquo;s main retailers, which we started in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Americas and Other Countries</I>.</B>
We sell our products in the Americas through direct sales to key distributors. Additionally, in 2021, we continued selling chicken cuts,
including breasts and wings, to processing companies in Canada, and processed items to the Caribbean. Additionally, <I>Sadia</I> and <I>Qualy</I>
are established brands that enjoy significant market shares in Chile and Uruguay, where we maintain local distribution operations, and
in Paraguay, where we operate through consolidated local distributors. An example of our commercial strength in the Americas is our leadership
in the margarine segment in Chile with our brand <I>Qualy</I> and in the breaded and ready meals segments in Chile and Uruguay with <I>Sadia</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.3pt">Our principal intellectual property consists
of our domestic and international brands. We sell our products mainly under the &ldquo;Sadia,&rdquo; &ldquo;Qualy&rdquo; and &ldquo;Perdig&atilde;o&rdquo;
brands in the Brazilian market and mainly under the &ldquo;BRF Ingredients,&rdquo; &ldquo;Perdix,&rdquo; &ldquo;Perdig&atilde;o,&rdquo;
&ldquo;Sadia,&rdquo; &ldquo;Confidence,&rdquo; &ldquo;Qualy,&rdquo; &ldquo;Borella,&rdquo; &ldquo;Sahtein,&rdquo; &ldquo;Unef,&rdquo;
&ldquo;Hilal,&rdquo; &ldquo;Halal &amp; Design,&rdquo; &ldquo;Amineau,&rdquo; &ldquo;Natvie,&rdquo; &ldquo;Gud,&rdquo; &ldquo;Onefoods,&rdquo;
and &ldquo;Deline&rdquo; brands in our international markets, as described below under &ldquo;&mdash;Marketing.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.3pt">We also own several brands for specific products
or product lines. In the Brazilian market, these brands include, but are not limited to, &ldquo;Sadia Bio,&rdquo; &ldquo;Sadia Salamitos,&rdquo;
&ldquo;Sadia Ve&amp;Tal,&rdquo; Sadia Livre&amp;Lev,&rdquo; &ldquo;Sadia Hot Pocket,&rdquo; &ldquo;Perdig&atilde;o Ouro,&rdquo; &ldquo;Chester
Perdig&atilde;o,&rdquo; &ldquo;Perdig&atilde;o NaBrasa&rdquo; and &ldquo;Claybom.&rdquo; The &ldquo;Sadia&rdquo; trademark is registered
in various forms in more than 110 countries. In the Middle East, &ldquo;Sadia&rdquo; is registered in various forms in countries such
as Saudi Arabia, the United Arab Emirates, Egypt, Jordan, Bahrain, Yemen, Iran, Lebanon, Qatar, Kuwait, and Oman, as well as in countries
in Europe, the Caucasus, Asia and Latin America. The <I>Sadia</I> mascot is protected both as a registered trademark and copyright pursuant
to a registration with the Brazilian National Library, and such protection extends to countries other than Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.3pt">In addition, we have patents registered in
Brazil and more than 10 other countries. We have applied to have the <I>Sadia</I>, <I>Perdig&atilde;o</I> and <I>Qualy</I> trademarks
recognized as &ldquo;well known trademarks&rdquo; by the Brazilian National Institute for Industrial Property (<I>Instituto Nacional de
Propriedade Industrial</I> &ndash; INPI), which granted us that recognition for <I>Sadia</I> and <I>Perdig&atilde;o</I> in June 2011,
renewed the recognition in September, 2018 and for <I>Qualy</I> in August 2019. We have also applied for our corporate trademark &ldquo;BRF&rdquo;
(and accompanying design) to be registered in over 100 countries in North and South America, Europe, Asia, Africa and the Middle East.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.3pt">Lastly, we own several internet domain names,
registered with the competent authorities, such as &ldquo;perdigao.com.br,&rdquo; &ldquo;claybom.com.br,&rdquo; &ldquo;qualy.com.br,&rdquo;
&ldquo;sadia.com.br,&rdquo; &ldquo;brf.com,&rdquo; &ldquo;brf-foodservices.com.br&rdquo; and &ldquo;brf-global.com.&rdquo;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Marketing </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">As one of Brazil&rsquo;s leading food companies
our ambition is to expand to new categories and consumption categories with high added value, recognized and desired brands. With this
in mind our marketing efforts are based on: (i) adding value to existing categories and diversifying our product lines; (ii) increasing
convenience with respect to our <I>in natura</I> meat and processed products; (iii) ensuring that our brands are recognized and associated
with high quality products; and (iv) strengthening our reputation for quality by emphasizing high quality service to our customers. Furthermore,
we intend to consolidate our brands, while continuing to tailor our appeal to specific export markets and domestic market segments. We
also have an active marketing program using several channels, including television, video, digital, print and brand experiences</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In the Brazilian market, we sell our products
primarily under the <I>Sadia, Perdig&atilde;o and Qualy </I>master brands. Apart from these major brands, we also sell our products under
various <I>Sadia</I> lines, including<I>: </I>Sadia Veg&amp;Tal, Sadia Bio, Sadia Org&acirc;nico, Sadia Livre&amp;Lev and <I>Sadia Speciale</I>.
Additionally, we sell products under various <I>Perdig&atilde;o </I>lines, including <I>Chester, Ouro, Na Brasa </I>and <I>Meu Menu.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Sadia</I> is the Brazilian most valuable
food brand according to Kantar - Brand Z 2020 and holds a leading position in the market. <I>Perdig&atilde;o</I> leads core volumetric
occasions in the Brazilian food market, including in the processed food segment. <I>Chester</I> is a <I>Perdig&atilde;o</I> line well-known
for its Christmas products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We sell spreads under the <I>Qualy, Deline</I> and
<I>Claybom</I> brands. We maintain our leading market position with <I>Qualy </I>by pioneering the margarine market for the last 30 years
with consumer centric innovations and progressive positioning that generates consumer connection. In the past decade, we have introduced
the first aerated margarine in Brazil, improved the <I>Qualy Cremosa</I> by adding a proprietary mix of vitamins and minerals to our products
(Q-Mix), we launched the first zero lactose margarine in the Brazilian market, <I>Qualy Vita</I>, a margarine enriched with Omega 6 and
vitamins A, D and E, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2019, we introduced a new positioning concept
for our <I>Sadia</I> brand based on consumer perception of quality, superiority and transparency. <I>Sadia</I> is the preferred protein
brand in the Brazilian food market according to Kantar Insights &ndash; Brand Equity Tracking 2021. <I>Sadia</I> and <I>Perdig&atilde;o</I>,
together, hold 42.8% of the food market preference in Brazil. <I>Qualy</I>, Deline and Claybom together have more than 60% of the margarine
market preference in Brazil, also according to Kantar Insights &ndash; Brand Equity Tracking 2021. Our brands are also amongst the consumers
most chosen FMCG brands, Perdig&atilde;o holds the 4th most preferred position (1st in protein brands), Sadia 9th and Qualy 13th according
to Kantar Brand Footprint 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The pandemic has brought about important changes
to our customer&rsquo;s routines, which have required significant shifts in our brand strategy. Among them, we highlight the development
of a website designed as a recipe hub, which registered 42.8 million online visits in 2021, and which featured more than 1,200 different
recipes for our customers who needed to migrate from eating out to preparing home cooked meals. In addition, the visibility of our brands
significantly increased on our commercial partners&rsquo; e-commerce platforms as well as on delivery platforms through partnerships.
The number of interactions on social networks in 2021 significantly increased, by 25.5%, compared to the same period in 2020. Even with
such substantial growth, we maintained generally positive feedback on these initiatives, with an average NPS of 8.63. We have made important
improvements in actively listening to our customers through several consumer and market insight initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2021, <I>Sadia</I> launched new products
to enhance occasions for culinary indulgence, Coxinhas das Asas (Breaded Buffalo wings) and Burritos, expanded the plant based line Sadia
Veg&amp;Tal, including ready to consume hamburgers and meat like chicken, the first zero carbon of the segment. A new clean label line
was also introduced in 2021, Sadia Livre&amp;Lev which is composed by ready to consume portioned frozen meals, frozen wraps and ham made
with less ingredients. To help consumers in their daily routine, Sadia continued to improve its recipe platform in television and digital.
The brand is also a new sponsor of the National Basketball Association, or NBA.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2021, Perdig&atilde;o had a robust always-on
brand strategy, both online and offline. The brand started the year with a strong campaign for Mortadela Ouro, celebrating the City of
S&atilde;o Paulo&rsquo;s birthday with Sampadoca activation. The brand also announced its new ambassador, Ivete Sangalo, a famous and
prize-winning Brazilian singer, launching the new 360 core campaign, entitled &ldquo;o Sabor de Perdig&atilde;o tem Poder&rdquo;. Finally,
Perdig&atilde;o launched two new lasagna flavors with Chester brand specially developed for Christmas time. Chester communication campaign
is celebrating &ldquo;generosity day&rdquo;, highlighting the six years of partnership for donations with MESA SESC BRASIL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Late in 2020, Qualy expanded its portfolio to
include new spreads categories by adding Butter and Requeij&atilde;o (Brazilian cream cheese) and entering in the frozen snacks category
with the launch of Qualy buttery &lsquo;P&atilde;es de queijo&rsquo; line (cheese bread balls). Through our technical knowledge combined
with a deep understanding of consumers&rsquo; preferences, we seek to maintain our leading market positions. Besides the portfolio expansion,
Qualy has also embraced the sustainability pillar. First by reinforcing the reuse of margarine package with the launch of more attractive
and resistant collectible versions of containers and recently has committed to the recycling of 100% of the Polypropylene material used
in its packs. This is viable due to partnership with &lsquo;eureciclo&rsquo; and the process is certified by an independent audit firm.
The brand is also supporting homemade pastries and cakes entrepreneurs by offering and online platform that offers training, professional
techniques and business management skills for free, called &ldquo;Tudo de Bolo&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Claybom was relaunched in 2020 with modern looks
and portfolio extension by launching a butter-flavored margarine. Deline is our local margarine brand exclusive for North and Northeast
regions, developed to deliver local flavors and specificities of the regions culture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Miss Daisy is our frozen dessert product line.
We have produced and sold Miss Daisy deserts since 1999. We offer a wide variety of sweetie pies under the Miss Daisy brand, including
chocolate mousse pie, lemon pie, chocolate and vanilla pie, chocolate shavings pie, and Dutch pie. In addition, Miss Daisy develops specific
products for Christmas as limited edition: dulce de leche mousse frozen pie with caramelized nuts, and two new hot pie desserts: hazelnut
cream and guava paste with cream cheese.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">MAPA, which is the principal governmental authority
overseeing our business, is responsible for the regulation and inspection of activities related to animal health, technical components
(including labeling) and quality criteria related to the production&nbsp;of animal food products in all industrial units in Brazil. MAPA
also oversees our activities through the Department of Agriculture Defense (<I>Secretaria de Defesa Agropecu&aacute;ria</I>) and the Department
of Inspection of Animal Products (<I>Departamento de Inspe&ccedil;&atilde;o de Produtos Animais</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The inspection activity is performed by placing
teams from SIF/MAPA in our facilities. Their scope of work includes all stages of the production process (including receipt of raw materials,
production, labeling and storage) and they can identify noncompliance with applicable rules, with penalties ranging from a warning to
permanent suspension of business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are also subject to oversight from a number
of other international and Brazilian governmental authorities at the federal, state and municipal levels, which include multiple environmental
agencies and the National Agency for Sanitary Surveillance (<I>Ag&ecirc;ncia Nacional de Vigil&acirc;ncia Sanit&aacute;ria</I>, or &ldquo;ANVISA&rdquo;),
which is responsible for supervising, among other matters, the food safety of products sold across Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Organizational Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are an operating company incorporated under
Brazilian law, and we conduct business through our operating subsidiaries. The following table sets forth our significant subsidiaries.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Entities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Country</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Main Activity</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Interest in Equity as <BR>
of September 30, 2021</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">BRF GmbH</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Austria</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Holding</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 21.3pt"><FONT STYLE="font-size: 9pt">BRF Global GmbH</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Austria</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Holding and Trading</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 21.3pt"><FONT STYLE="font-size: 9pt">One Foods Holdings Ltd.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">UAE</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Holding</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 0.5in"><FONT STYLE="font-size: 9pt">Badi Ltd.</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">UAE</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Holding</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 49.65pt"><FONT STYLE="font-size: 9pt">Al-Wafi Al-Takamol International for Foods Products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Saudi Arabia</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Import and commercialization of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 0.5in"><FONT STYLE="font-size: 9pt">BRF Al Yasra Food K.S.C.C. (&quot;BRF AFC&quot;)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Kuwait</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Import, commercialization and distribution of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 0.5in"><FONT STYLE="font-size: 9pt">BRF Foods GmbH</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Austria</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Industrialization, import and commercialization of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 49.65pt"><FONT STYLE="font-size: 9pt">Al Khan Foodstuff LLC (&quot;AKF&quot;)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Oman</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Import, commercialization and distribution of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">70.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 49.65pt"><FONT STYLE="font-size: 9pt">TBQ Foods GmbH</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Austria</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Holding</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">60.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 70.9pt"><FONT STYLE="font-size: 9pt">Banvit Bandirma Vitaminli</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Turkey</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Import, industrialization and commercialization of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">91.71%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 0.5in"><FONT STYLE="font-size: 9pt">Federal Foods LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">UAE</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Import, commercialization and distribution of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">49.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 49.65pt"><FONT STYLE="font-size: 9pt">Federal Foods Qatar</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Qatar</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Import, commercialization and distribution of products</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">49.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The chart below shows our simplified corporate
structure.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><IMG SRC="brfmda3q216k_006.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For a complete list of all of our direct and
indirect subsidiaries, see note 1.1 to our consolidated financial statements and note 1.1 to our unaudited condensed consolidated interim
financial information.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B>Property, Plant and Equipment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Production</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our activities are organized into two regions:
Brazil and International (consisting of the Middle East, North Africa, Malaysia, Africa, Asia, Europe, Eurasia and the Americas).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In Brazil, as of December 31, 2021, we operated
35 meat processing plants, three margarine processing plants, three pasta processing plants, three soybean crushing plants, three feed
meal plants and one dessert processing plant, all of which are located near our raw material suppliers or the main consumer centers. We
have an advanced logistics system in our domestic market, with 27 distribution centers, five of which are owned by us and 22 of which
are leased from third parties, all of which serve supermarkets, retail stores, wholesale stores, restaurants and other clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In our international market, as of December
31, 2021 we operated six industrial facilities for meat processing. Additionally, we operated 18 distribution centers located in Asia,
the Southern Cone, and the Middle East as well as commercial offices on four continents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The table below sets forth our production facilities
in Brazil.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Production Plant</B></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>State of Location</B></P></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Activities</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 22.95pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B><I>Meat Products:</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Buriti Alegre<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Goi&aacute;s</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Campos Novos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork slaughtering and animal feed</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Capinzal</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering and industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Carambe&iacute;<B>**/****</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, animal feed and hatchery</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Chapec&oacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering (including turkey), industrialized products processing, animal feed and hatcheries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Conc&oacute;rdia</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork and poultry slaughtering, industrialized products processing, animal feed and hatcheries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Dois Vizinhos<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, animal feed and hatcheries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Dourados</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Mato Grosso do Sul</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, animal feed and hatchery</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Duque de Caxias</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio de Janeiro</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Francisco Beltr&atilde;o<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, animal feed and hatcheries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Garibaldi<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio Grande Sul</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Herval D'Oeste</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork slaughtering, industrialized products and hatchery.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Jata&iacute;<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Goi&aacute;s</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, animal feed and hatchery</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Jundia&iacute; </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Lajeado</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio Grande do Sul</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork, poultry slaughtering and industrialized products</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: justify">Lucas de Rio Verde*****</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Mato Grosso</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork and poultry slaughtering, industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Marau</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio Grande Sul</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork and poultry slaughtering, industrialized products, animal feed and hatcheries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Mineiros***/****</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Goi&aacute;s</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry and special poultry (Chester&reg;) slaughtering and processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Nova Maril&acirc;ndia*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Mato Grosso</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Nova Mutum<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Mato Grosso</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, animal feed and hatchery</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paranagu&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Ponta Grossa</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Ribeir&atilde;o da Neves</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Minas Gerais</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio Verde****</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Goi&aacute;s</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork and poultry slaughtering, industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Serafina Corr&ecirc;a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio Grande Sul</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Serop&eacute;dica</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio de Janeiro</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Sausage Factory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Tatu&iacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Toledo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pork and poultry slaughtering, industrialized products processing, animal feed and hatcheries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Uberl&acirc;ndia<B>**</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Minas Gerais</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry and pork slaughtering, industrialized products processing and hatcheries</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Videira</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Poultry slaughtering, industrialized products, animal feed and hatcheries.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Vit&oacute;ria de Santo Ant&atilde;o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pernambuco</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Industrialized products processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 22.95pt; text-align: center"><FONT STYLE="font-size: 9pt"><B><I>Soybean and Margarine Products:</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Paranagu&aacute;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Margarine processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Uberl&acirc;ndia</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Minas Gerais</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Margarine processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Vitoria de Santo Ant&atilde;o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pernambuco</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Margarine processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Dois Vizinhos<B>**</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Soybean crushing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Videira</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Soybean crushing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Toledo</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Soybean crushing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 22.95pt; text-align: center"><B><I>&nbsp;</I></B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 22.95pt; text-align: center"><B><I>Soybean and Margarine Products:</I></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Paranagu&aacute;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Margarine processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Uberl&acirc;ndia</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Minas Gerais</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Margarine processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Vitoria de Santo Ant&atilde;o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Pernambuco</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Margarine processing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Dois Vizinhos<B>**</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Soybean crushing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Videira</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Santa Catarina</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Soybean crushing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Toledo</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Paran&aacute;</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Soybean crushing</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 22.95pt; text-align: center"><B><I>&nbsp;</I></B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 0"><B><I>Pet Food/Feed Meal:</I></B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Bastos</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;S&atilde;o Paulo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Feed meal / pet food (Mogiana)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Campinas</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Feed meal / pet food (Mogiana)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Ivoti</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.05pt; padding-left: 5.05pt; text-align: justify"><FONT STYLE="font-size: 9pt">Rio Grande do Sul</FONT></TD>
    <TD STYLE="padding-right: 5.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Feed meal / pet food (Hercosul)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.25in; text-indent: -0.25in">*&nbsp;&#9;Production facilities owned
and operated by third-party producers who produce according to our specifications.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>Operates in accordance with the Halal requirements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">***</TD><TD>The activities of the Mineiros plant were suspended by the MAPA on March 17, 2017 in connection with the <I>Carne Fraca</I> Operation.
The plant resumed operations on April 11, 2017. For more details, see &ldquo;Legal Proceedings&mdash;<I>Carne Fraca</I> Operation.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">****</TD><TD>Exports of the Rio Verde and Mineiros plants were suspended by MAPA on March 5, 2018 in connection with <I>Trapa&ccedil;a</I> Operation.
For more details, see &ldquo;Legal Proceedings&mdash; <I>Trapa&ccedil;a</I> Operation&rdquo;. In 2020, Rio Verde plant was withdrawn from
the suspension list and started to export again in April 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.25in; text-indent: -0.25in">***** Exports of pork meat from the
Lucas do Rio Verde-MT plant&nbsp;to China have been suspended by the General Administration of Customs of the People's Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Part of our real estate assets are subject to
liens incurred in connection with financing agreements, payment of taxes and lawsuits, as described in note 13 to our consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Distribution Centers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We operate 27 distribution centers throughout
Brazil, as set forth in the table below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 45%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid"><B>Location</B></P></TD>
    <TD STYLE="vertical-align: top; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>State</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 30%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Owned or Leased</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Aparecida de Goi&acirc;nia </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Goi&aacute;s</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Bel&eacute;m </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Par&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Belford Roxo </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rio de Janeiro</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Bigua&ccedil;u</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Santa Catarina</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Campinas</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cuiab&aacute; </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mato Grosso</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Duque de Caxias </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rio de Janeiro</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Embu </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Exporta&ccedil;&atilde;o Ponta Grossa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Paran&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Owned</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 45%; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fortaleza</FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cear&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 30%; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Itaja&iacute; </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Santa Catarina</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Itapevi</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Jundia&iacute; </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">S&atilde;o Paulo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Owned</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Londrina</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Paran&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Manaus </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Amazonas</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Marau </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rio Grande do Sul</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Owned</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Maringa</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Paran&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nova Santa Rita </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rio Grande do Sul</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Paranagua</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Paran&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ribeir&atilde;o das Neves </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Minas Gerais</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rio Verde </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Goi&aacute;s</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Owned</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Salvador </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Bahia</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.85pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">S&atilde;o Jos&eacute; dos Pinhais </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Paran&aacute;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Uberl&acirc;ndia </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Minas Gerais</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Viana </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Esp&iacute;rito Santo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Videira </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Santa Catarina</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Vit&oacute;ria de Santo Ant&atilde;o</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pernambuco</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Leased</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Environment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our activities are subject to strict environmental
laws and regulations at the municipal, state and federal levels, which regulate aspects related to water, effluents, solid waste, atmospheric
emissions, noise and smells. Our operations are also subject to environmental licensing procedures at the federal, state or municipal
levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Failure to comply with the environmental laws
and regulations can result in civil and criminal penalties against the offender, in addition to indemnification payments for environmental
damages. Civil penalties may include fines, the suspension of subsidies by public bodies and the temporary or permanent shutdown of commercial
activities. Criminal penalties include fines, temporary loss of rights and prison (for individual offenders) and liquidation, temporary
loss of rights, fines and community service (for legal entities). Fines for operating without a license vary from state to state in accordance
with the environmental damages caused. Furthermore, under Brazil&rsquo;s environmental legislation, the corporate form of a company will
be disregarded if necessary, to guarantee the payment of costs related to environmental damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In our Sustainability Policy, our Health, Safety
and Environmental Policy (SSMA Policy) and the Sustainability Pillar of the BRF Operational Excellence System (&ldquo;SEO&rdquo;), we
established guidelines for environmental management based on national and international references. These instruments seek to ensure that
our activities and growth are carried out in accordance with applicable environmental regulations. We have established a set of standards
to be used in our environmental management. The monitoring of implementation of these standards is undertaken through technical indicators,
such as the Environmental Sustainability Index (ISA) applied to agricultural and industrial plants, with targets that are established
on an annual basis. Corrective actions are established to resolve deviations that have been found. An assessment is carried out to make
sure that the environmental management system is being observed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2021, we maintained four plants with ISO
14001 certification, all of which are located in Brazil. These plants were audited by regulatory bodies and undergo regular recertification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Environmental management is part of our daily
operations. Our internal controls are built to improve sustainability in our operations. We also develop projects and take part in initiatives
to monitor and control environmental matters, and we focus on developing alternative technologies for the generation and use of sustainable
energy and the sustainable use of water. The diversification of the energy matrix through the inclusion of clean energy sources, such
as solar and wind, is among our most relevant initiatives to mitigate the possible negative impact of climate change on energy availability.
Additionally, we analyzed the water vulnerability of our industrial plants by applying two complementary analytical approaches: an internal
operational analysis, related to the operations, and an environmental, external analysis, linking the characteristics of the hydrographic basin where the plant is located
to the multiple uses of water in the region. Ultimately, the indicators from these approaches are integrated, allowing us to quantitatively
review the plant&rsquo;s water vulnerability.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2021, BRF announced the commitment to be
Net Zero in greenhouse gas (GHG) emissions by 2040, both in its operations and in its chain. Actions will be implemented to reduce, by
2030, emissions generated by the Company's operations (Scope 1 &amp; 2) and indirect emissions in the chain (Scope 3), in addition to
neutralizing residual emissions by 2040. With the advancement of this journey, BRF joined Science Based Targets (SBTi), a global initiative
that provides guidelines for setting science-based targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company identified a set of initiatives
on four priority fronts in the value chain, which include the Sustainable Purchase of Grains, promotion of Low-Carbon Agriculture, increased
use of Renewable Energy and increased Operational Efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We use our partnerships with integrated producers
to leverage standards in our activities and those of our suppliers. We provide technical support and guidance to help our integrated producers
to properly address environmental issues. Additionally, we have structured a program with our integrated producers to collect animal health
waste.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">We have professional environmental technicians
and have trained them in the main aspects of environmental regulations. Our plants are built in line with the applicable environmental
regulations. Our environmental structure is composed of experts, engineers and environmental analysts to assist with the implementation
and monitoring of legal requirements and internal guidelines. We also have the support of our environmental legal department for legal
assistance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Despite our efforts to comply with the legislation
and the environmental regulations, we have occasionally been required to sign environmental agreements with the Brazilian federal and
local government related to the non-compliance with environmental licensing requirements. We are required under these agreements to, among
other things, address the environmental infraction and remediate any environmental damage. If we do not comply with these obligations,
we will be subject to the payment of fines accrued on a daily basis. See &ldquo;Legal Proceedings&mdash;Civil, Commercial and Other Proceedings&rdquo;
for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Health and Safety</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are committed to the safety of our facilities.
All of our employees and contractors in Brazil and abroad must follow our safety protocols. In addition, we have hired a consulting firm
to assist with further strengthening our health and safety structure, including with respect to ammonia cooling systems, fire prevention
and other health and safety improvements. Our health and safety policies aim to reduce lost time and non-lost time accidents, occupational
illnesses and material loss incidents. Between 2019 and 2020, we began to create the framework for and implemented the Health and Safety
Pillars applicable to our employees and third-party personnel. These pillars are part of the BRF Operational Excellence System. In this
way, we continue reducing the accident frequency rate, calculated based on the Occupational Safety and Health Administration (&ldquo;OSHA&rdquo;)
requirements, by 56% in three years (2020 to 2023), which we believe demonstrates our commitment to safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Insurance Coverage </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We purchase insurance to cover our plant assets,
equipment and inventory. Our insurance coverage includes comprehensive general liability insurance coverage for operations, executives
and employer&rsquo;s liability, products liability and other claims in connection with the manufacture, production, distribution and sale
of our products. We consider the amounts of our insurance coverage to be typical for a company of our size and adequate to meet the foreseeable
risks associated with our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">The information below supplements the information
set forth under &ldquo;Item 7. Major Shareholders and Related Party Transactions&mdash;A. Major Shareholders&rdquo; in our 2020 Form 20-F,
and should be read in conjunction with our 2020 Form 20-F.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B>Major Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">Our capital stock is comprised of common shares.
As of January 14, 2022, we had outstanding 812,473,246 common shares, or 99.38% of our total common shares (excluding 5,053,554 common
shares held in treasury), of which 154,126,518, or 18.97%, correspond to ADRs. As of January 14, 2022, we had approximately 65,043 shareholders,
including approximately 179 registered U.S. resident holders of our common shares (including The Bank of New York Mellon, as depositary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">The following table sets forth certain information
as of January 14, 2022 (except to the extent disclosed below), with respect to: (i) any person known to us to be the beneficial owner
of more than 5% of our common shares (including treasury shares); and (ii) certain other shareholders who disclose their share ownership
in Brazil.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 76%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; "><B>Major
    Shareholders</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in; "><B>Quantity</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in; "><B>%</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Marfrig Global Foods S.A.<SUP>(1)</SUP>&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">269,734,803</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in">33.20<FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Funda&ccedil;&atilde;o Petrobras de Seguridade Social &ndash; PETROS<SUP>(2)</SUP>&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">56,947,828</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Caixa de Previd&ecirc;ncia dos Funcion&aacute;rios do Banco do Brasil &ndash; PREVI<SUP>(2)</SUP>&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">49,792,952</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">6.13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 0.1in; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Kapitalo Investimentos Ltda. &#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">43,354,053</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">5.34</FONT></TD></TR>
  </TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Based on a statement on Amendment No. 2 to Schedule 13D, filed on October 25, 2021, by Marfrig Global Foods S.A., the date of the
last available Schedule 13D filed by such person with the SEC. Includes 78,263,625 ADRs, representing 9.63% of our common shares, held
by Marfrig Overseas. The address for Marfrig Global Foods S.A. is Avenida Queiroz Filho, n. 1.560, Bloco 5 (Torre Sabi&aacute;), 3&ordm;
andar, sala 301, Vila Hamburguesa, S&atilde;o Paulo, SP, 05319-000, Brazil.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">These pension funds are controlled by participating employees of the respective companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Our major shareholders
do not have differing voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Changes in Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There has been no significant
change in the percentage ownership held by any major shareholder since January&nbsp;1, 2019, except as described below.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On February 12, 2019, Standard Life Aberdeen plc. filed a Schedule 13G/A
reporting beneficial ownership of 39,027,817 common shares or ADRs, representing approximately 4.8% of our share capital.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On May 31, 2019, GIC Private Limited informed us that its aggregate shareholding
position had reached 40,776,747 common shares or other securities and derivatives referred in such shares, representing approximately
5.02% of our share capital as of May 31, 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On August 14, 2019, GIC Private Limited informed us that its aggregate shareholding
position had reached 40,408,499 common shares or other securities and derivatives referred in such shares, representing approximately
4.97% of our share capital as of August 12, 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On August 29, 2019, Caixa de Previd&ecirc;ncia dos Funcion&aacute;rios do
Banco do Brasil &ndash; PREVI informed us that its aggregate shareholding position had reached 81,121,752 common shares or other securities
and derivatives referred in such shares, representing approximately 9.4% of our share capital as of August 28, 2019. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On September 10, 2020, Kapitalo Investimentos Ltda., on behalf of some of
its clients and as their investment fund manager, informed us that it had acquired our common shares, and that, on September 10, 2020,
their interests in us reached, on an aggregated basis, 40,760,522 common shares and ADSs, representative of
common shares, corresponding to approximately 5.02% of our share capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On December 23, 2020, Kapitalo Investimentos Ltda., on behalf of some of
its clients and as their investment fund manager, informed us that it had sold our common shares, and that, on December 22, 2020, their
interests in us reached, on an aggregated basis, 40,126,298 common shares and ADSs, corresponding to approximately 4.94% of our share
capital.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On January 22, 2021, Kapitalo Investimentos Ltda., on behalf of some of
its clients and as their investment fund manager, informed us that it had acquired our common shares, and that, on January 21, 2021, their
interests in us reached, on an aggregated basis, 40,784,398 common shares and ADSs, representative of common shares, corresponding to
approximately 5.02% of our share capital.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On January 27, 2021, Funda&ccedil;&atilde;o Petrobras de Seguridade Social
(Petros) informed us that it had sold our common shares, and that, on January 27, 2021, its interests in us reached 80,447,828 common
shares and ADSs, representative of common shares, corresponding to approximately 9.90% of our share capital.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On May 25, 2021, JPMorgan Chase &amp; Co. informed us that its aggregate
shareholding position had reached 58,109,075 common shares or other securities and derivatives referred in such shares, representing approximately
7.15% of our share capital as of May 20, 2021. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Between May and June 2021, Marfrig and its affiliates acquired the beneficial
ownership of a significant percentage of our common shares and ADSs. Pursuant to the Schedule 13D filed by Marfrig with the SEC on October
25, 2021, Marfrig beneficially owned in the aggregate 269,734,803 of our common shares, representing 33.2% of our outstanding common shares,
which included 78,263,625 ADSs, representing 9.6% of the outstanding common shares. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">&nbsp;</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">The information below supplements the information
set forth under &ldquo;Item 8. Financial Information&mdash;A. Consolidated Statements and Other Financial Information&mdash;Legal Proceedings&rdquo;
in our 2020 Form 20-F, and should be read in conjunction with our 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Legal Proceedings </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are involved in certain legal proceedings
arising from the regular course of business, which include civil, commercial, administrative, regulatory, environmental, tax, social insurance
and labor lawsuits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We classify the risk of adverse decisions in
the legal suits as &ldquo;remote,&rdquo; &ldquo;possible&rdquo; or &ldquo;probable.&rdquo; We record provisions for probable losses in
our financial statements in connection with these proceedings in an amount determined by our management on the basis of legal advice and
statistical models. We disclose the aggregate amounts of these proceedings that we have judged possible or probable, to the extent those
amounts can be reasonably estimated, and we record provisions only for losses that we consider probable. However, the amounts involved
in certain of the proceedings are substantial, and the losses to us could, therefore, be significantly higher than the amounts for which
we have recorded provisions, if any. Even for the amounts recorded as provisions for probable losses, a judgment against us would have
an adverse impact on our cash flow if we are required to pay those amounts. See &ldquo;Risk Factors&mdash;Risks Relating to Our Business
and Industry&mdash;Unfavorable outcomes in legal proceedings may reduce our liquidity and negatively affect us.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Tax Proceedings </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Contingencies for Probable Losses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are engaged in several legal proceedings
with Brazilian tax authorities for which we have recorded provisions for probable losses. As of September 30, 2021, our provision for
such tax proceedings is R$427,886 thousand, compared to R$427,302 thousand as of December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The tax contingencies classified as probable
losses involve the following main legal proceedings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>ICMS</I>: We are involved in a number of administrative
and judicial tax disputes regarding the recording or use of amounts paid for ICMS taxes, mainly related to the maintenance of credits
on acquisition of products which subsequent exit is made with a calculation reduction (staple basket products), materials for use and
consumption, property and equipment, electricity, disallowance of presumed credit, tax substitution, isolated fines, differential rate
of tempered products and others. The provisioned amount is R$106,190 thousand as of September 30, 2021 (R$248,560 thousand as of December
31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>PIS and COFINS</I>: We are involved in administrative proceedings
related to the use of federal PIS and COFINS tax credits to offset other taxes, in the amount of R$142,240 thousand as of September 30,
2021 (R$149,945 thousand as of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>Other tax contingencies</I>: We recorded other provisions
for lawsuits related to the payment of social security contributions under various Brazilian government programs (INCRA, FUNRURAL, SESI/SENAI/SEBRAE),
debts included in a refinancing program (<I>REFIS</I>) with deposits that await consolidation and conversion into payment, in addition
to debts arising from divergence in accessory obligations, import tax, IOF, industrialized products tax and others. The provisioned amount
is R$179,456 thousand as of September 30, 2021 (R$75,360 thousand as of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Contingencies for Possible Losses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The amount of tax contingencies for which the
probability of loss is classified as &ldquo;possible&rdquo; is R$13,187,530 thousand as of September 30, 2021 (R$12,536,528 thousand as
of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The most significant of these tax cases for
which the risk of loss is classified as possible are described below:</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>PIS and COFINS</I>: We are involved in administrative proceedings
regarding the use of PIS and COFINS credits arising from a divergence in the definition of inputs in the non-cumulative tax system and
their use as important and essential products in our industry. We are also involved in proceedings concerning PIS and COFINS that discuss
(i) tax revenues for purposes of ICMS credits as a tax benefit, (ii) liabilities relating to the tax classification of seasoned meats,
(iii) Decrees-Law Nos. 2,445/88 and 2,449/88, which were considered unconstitutional by the Federal Supreme Court as they established
different basis and rates of calculation, as well as determined different timing for payment (semi-annual), among others. Such proceedings
amount to R$6,196,417 thousand as of September 30, 2021 (R$5,549,431 thousand as of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>ICMS: </I>We are involved in a number of disputes relating
to the ICMS tax, including: (i) the alleged improper granting of ICMS tax credits generated by states of origin (known as the <I>guerra
fiscal </I>dispute) in a total amount of R$259,736 thousand as of September 30, 2021 (R$416,238 thousand as of December 31, 2020). The
decrease in this amount occurred with the publication of Conv&ecirc;nio Confaz 190/17 and LC 160/17, which validated the tax benefits
and allowed the remission of these credits; (ii) the absence of evidence to prove the balances of exports in the amount of R$81,934 thousand
as of September 30, 2021 (R$265,590 thousand as of December 31, 2020); (iii) tax assessment notices from the State of Rio de Janeiro,
received on October 1, 2019 and February 11, 2020, referring to the period from 2014 to 2018, due to alleged non-compliance with the Term
of Agreement (TARE), which provided for a tax benefit in the State of Rio de Janeiro, in the amount of R$560,776 thousand on September
30, 2021 (R$550,367 thousand on December 31, 2020); (iv) ACP/MP/RJ due to the use of tax benefits, in the amount of R$246,134 thousand
on September 30, 2021 (R$239,845 thousand on December 31, 2020); (v) ICMS tax assessment notice from the State of Goi&aacute;s referring
to the exclusion of the credit from the PROTEGE calculation base, in the amount of R$205,157 thousand on September 30, 2021 (R$105,866
thousand on December 31, 2020) and (vi) R$2,289,228 thousand on September 30, 2021 (R$2,228,462 thousand on December 31, 2020) related
to other tax lawsuits regarding ICMS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>Profits earned abroad: </I>We were assessed by the Brazilian
Federal Revenue (<I>Receita Federal do Brasil</I>) for alleged underpayment of income tax and social contribution on profits earned by
subsidiaries established abroad. The total amount is R$632,719 thousand as of September 30, 2021 (R$629,341 thousand as of December 31,
2020). We have presented our defense based on the fact that our subsidiaries located abroad are only subject to full taxation in the countries
in which they are based as a result of treaties regarding double taxation. The Superior Administrative Court (CSRF) issued a final decision
unfavorable to us, the tax enforcement has started and we have offered a guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>Income tax and social contribution</I>: We are involved
in administrative disputes regarding the use of income tax and social contribution losses, refunds and credits to offset other federal
tax debts, including credits generated by legal disputes related to the <I>Plano Ver&atilde;o</I>, an economic stabilization plan from
1989. In addition, on February 5, 2015, we received a tax assessment notice related to the compensation of tax loss carryforwards and
negative calculation basis up to a limit of 30% from when we incorporated one of the group&rsquo;s entities during calendar year 2012.
The Superior Administrative Court (CSRF) issued a final decision unfavorable to us, the tax enforcement has started and we have offered
a guarantee. The income tax and social contribution disputes total R$1,369,103 thousand as of September 30, 2021 (R$1,249,062 thousand
as of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>IPI</I>: We are involved in administrative proceedings
relating to the failure to permit the use of credits under the sales tax for industrial products (<I>Imposto sobre Produtos Industrializados</I>),
or IPI, generated from purchases of goods not taxed or intermediate products. The amount involved in such proceedings was R$186,402 thousand
as of September 30, 2021 (R$209,314 thousand as of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>Social security charges: </I>We are involved in disputes
related to social security charges on payroll compensation, our profit-sharing plan, additional payments
of GILRAT to finance employee&rsquo;s special retirement, SAT/RAT as well as joint responsibility claims in connection with the acquisition
of GALE. We also have disputes involving civil construction service providers and others in the aggregate
amount of R$401,013 thousand as of September 30, 2021 (R$418,957 thousand as of December 31, 2020).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>Other contingencies</I>: We are involved in other tax contingencies
involving a variety of matters, including cases related to the requirement of a 50% fine over the amount of PIS/COFINS and IRPJ compensation
not ratified but pending final judgment before the compensation proceedings, the tax basis for calculating social contribution on net
income, tax assessment notice referring to taxes on services, drawback evidence, IPTU, import tax, IOF as well as an isolated fine resulting
from alleged inaccuracies in EFD (accessory obligation) totaling R$758,910 thousand as of September 30, 2021 (R$674,055 thousand as of
December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As noted above, we are involved in other lawsuits
for which we classify our risk of loss as remote, and the amounts involved in certain of those proceedings are substantial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Exclusion of VAT (ICMS) from PIS and COFINS Tax Base</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 15, 2017, the Federal Supreme Court
decided in the judgment of the Extraordinary Appeal, or RE, No. 574.706/PR, brought by the Import, Export and Oil Industry, or IMCOPA,
that the amount of ICMS levied on the sale of products or services should not be included in the taxable basis of PIS/COFINS. In October
2020, December 2020 and July 2021, the Federal Supreme Court issued final decisions in favor of Eleva Alimentos S.A. (a former subsidiary
of ours merged into us), Batavia (a former subsidiary of ours merged into us) and UP! Alimentos Ltda. (an entity that is no longer operational
and jointly controlled by us), respectively, related to the exclusion of ICMS from the PIS/COFINS tax base. The effects of these proceedings
are disclosed in note 9.2 to our consolidated financial statements and note 9.1 to our unaudited condensed consolidated interim financial
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Interests on Late Tax Refund</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On September 24, 2021, the Brazilian Federal
Supreme Court (STF) ruled that interest received by a taxpayer on a late tax refund from the National Treasury should not be included
in the calculation basis of the corporate income tax (IRPJ) or the social contribution on net profit (CSLL) &ndash; Theme 962. The interest
was calculated based on the Brazilian federal funds rate (or SELIC rate). Also, BRF held the final decision in her own case, to exclude
from its corporate tax income over the past years payments over any type of interests &ndash; not only SELIC. According to the decisions
these interests received cannot be consider as a result in capital or asset increase, but only redress for the damages and losses suffered
for the late tax refund. Given that this is a final decision, we began the work to determine the amount to which we are entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>FAP Rate of 2015</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 3, 2021, BRF obtained a final court
decision granting the right to recalculate the &ldquo;FAP rate of 2015&rdquo; for each existing business establishment, as well as the
payback arising from the overpayment of the social security contribution that has occurred due to the centralized calculation. Given that
this is a final decision, we began the work to determine the amount to which we are entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Labor Proceedings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, we are involved
in 11,781 labor claims ongoing in the total amount of R$1,077,024 thousand (which amount includes risks deemed &ldquo;remote,&rdquo;
&ldquo;possible&rdquo; and &ldquo;probable&rdquo;), compared to R$957.3 million as of December 31, 2020. These cases are mainly
related to overtime, work in hazardous conditions, rest breaks, set forth in
article 253 of the Labor Code (Consolidation of Labor Laws), illnesses allegedly contracted at work and work accidents. Labor claims
are being processed mainly at the Brazilian lower court level and our provisions for &ldquo;probable&rdquo; losses from these labor
claims are recorded in the amount R$617,042 thousand on September 30, 2021, compared to R$634,706 thousand on December 31, 2020.
These provisions were recorded based on our past historical payments, and the opinions of our legal counsel.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Included in these proceedings is a series
of judicial proceedings filed by the Office of the Public Labor Prosecutors or workers unions related to overtime, mandatory rest
breaks and other labor-related issues. Of the 78 cases pending, some have no assigned value and the largest has a value of
approximately R$57,206 thousand, which is included in the total amounts disclosed above as of September 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Civil, Commercial and Other Proceedings </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of September 30, 2021, we are defendants
in 4,244 civil, commercial and other proceedings (administrative, environment, regulatory and other matters) amounting to total claims
of R$3.3 billion (such amount includes risks deemed &ldquo;remote,&rdquo; &ldquo;possible&rdquo; and &ldquo;probable&rdquo;). We were
defendants in several civil, commercial and other proceedings related to, among other things, alleged breach of contracts, alleged breach
of civil and commercial law, traffic and other accidents, consumer claims and alleged infringement of environmental and regulatory standards.
We have recorded provisions for probable losses in the amount of R$411,289 thousand in connection with our pending civil, commercial and
other proceedings as of September 30, 2021 (R$343,530 thousand as of December 31, 2020). We recorded these provisions based on our historical
payments and on the opinions of our legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The most significant of these civil, commercial
and other proceedings are described below. We are involved, or may become involved, in other legal proceedings from time to time and the
amounts involved in certain of those other proceedings could be substantial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On May 18, 2001, a declaratory action together
with a condemnatory request was filed by Texaco do Brasil S/A Produtos de Petr&oacute;leo (currently Ipiranga Produtos de Petr&oacute;leo
S/A), where the plaintiff claimed that we (previously Perdigao S/A) did not comply with the three contracts executed by the parties (the
Tax Incentives Implementation Commitment and Promise of Share Purchase and Sales, the Share Purchase and Sale Contract and Resale Promise
and the Private Instrument of Tax Incentives Implementation Commitment and Promise of Share Purchase and Sales). Such contracts were related
to the structuring and acquisition of common and preferred shares of Perdig&atilde;o Amaz&ocirc;nia S.A, whose project would be financed
by Texaco via tax incentives. The case ended with an unfavorable lower court decision against us, and an order to indemnify Ipiranga for
the damages related to the project. The S&atilde;o Paulo Court of Appeals reversed the trial court&rsquo;s judgment only to establish
different criteria of liquidation of damages. In June 2009, Ipiranga started the liquidation stage, and an accounting expert was initially
named to analyze the parameters set forth in the final judgment. However, considering there were unaccounted items to be calculated by
the expert, the forensic accountant informed of his inability to perform these tasks. Afterwards, an engineering expert was indicated
to proceed with the asset liquidation. The opinion of the court-appointed engineering has already been presented, but Ipiranga contested
the results. The appeal filed by Ipiranga aimed at the revision of the expert report was partially granted by the Court, which determined
the calculation review of some unaccounted items. We have filed an appeal to be submitted directly to the Superior Court of Justice in
order to grant a special appeal requiring the maintenance of the expert report. We recorded a provision with respect to this dispute,
which is based on the opinion of a valuation and accounting expert hired by us to calculate an estimate of the damages amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On October 6, 2004, a public civil action was
filed by the Federal Public Prosecutor Office seeking moral and material damages resulting from the integrated production contracts executed
with public resources of an agricultural fund. We ordered to pay an award with respect to the material damages, but this decision was
suspended by the Court of Appeals. We filed an appeal to the Superior Court of Justice and, since September 8, 2015, the admissibility
of such appeal has been pending. Based on the report of our outside counsel, we have not included any provision for this lawsuit regarding
the material damages (the amount of which will be determined in a future procedure). On March 13, 2020, our appeal was dismissed and,
on April 24, 2021, we filed a new appeal, which awaits judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 2008, 2012 and 2018, the Federal Public Prosecutor&rsquo;s
Office filed three public civil actions in order to obtain a judicial decision compelling BRF not to use overweight trucks on federal
highways and sought indemnification for collective damage. The
first two proceedings resulted, at first, in favorable decisions for us in the Court of Appeals and Superior Courts, with no provisions
recorded. With respect to the 2012 public civil action, on September 3, 2019, however, the Superior Court of Justice, by a majority decision,
granted the special appeal filed by the Federal Public Prosecutor&rsquo;s Office and found that the public civil action had grounds and
ordered (i) BRF to pay indemnification for collective damages in an amount to be determined; and (ii) BRF not to use overweight trucks
on federal highways, subject to a penalty of R$20,000 (twenty thousand Brazilian <I>reais</I>) for each new infringement. BRF filed appeals
against such decision, which were denied by the Superior Court of Justice and the Federal Supreme Court. The decision rendered by the
Superior Court of Justice with respect to the 2012 public civil action against us became final and unappealable. As of the date hereof,
the Federal Public Prosecutor&rsquo;s Office has not initiated the proceeding to calculate the damages or possible penalties that BRF
was ordered to pay. With respect to the public civil action filed in 2008, in March 2020, the Superior Court of Justice, by a majority
decision, denied the appeal filed by the Federal Public Prosecutor&rsquo;s Office to maintain the action as groundless. This decision
also became final and unappealable. With respect to the public civil action filed in 2018, the first instance decision was favorable to
us and we are currently awaiting a decision by the Court of Appeals on the appeal filed by the Federal Public Prosecutor&rsquo;s Office.
</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On August 20, 2008, the Federal Public Prosecutor&rsquo;s
Office filed a public civil action against us due to alleged damages to consumers related to the excess of water absorbed by the chicken
products manufactured at Francisco Beltr&atilde;o, State of Paran&aacute; and Dois Vizinhos, State of Paran&aacute;. The Federal Public
Prosecutor&rsquo;s Office requested that we individually indemnify all consumers who acquired products with any quality issues related
to water in excess, that we pay collective damages and that we publicly disclose this problem via newspaper, radio and other means. On
September 10, 2009, an unfavorable judgment was issued ordering us and the other defendants to: (i) indemnify consumers for the irregularity
of the products; (ii) pay R$700 thousand as collective damages; and (iii) publicly disclose a message describing this matter via local
media (newspaper, radio and other means). We, along with the other defendants, filed our respective appeals, which the Court of Appeal
rejected in 2011. On January 30, 2012, we filed an appeal to the Superior Court. The case is currently awaiting judgment at the Superior
Court. We recorded a provision with respect to this dispute based on the opinion of our legal advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On January 28, 2009, Valore Participa&ccedil;&otilde;es
e Empreendimentos Ltda. and Ama Participa&ccedil;&otilde;es e Empreendimentos filed an execution proceeding based on an extrajudicial
title requesting the payment of the fifth and sixth installments (R$175 million, in total) of their industrial plant sales contract signed
with us. On June 2018, the process was suspended by the lower court for producing evidence. On November 2021, the court ordered that it
was not necessary to wait any longer, as the related evidence was already produced and the process was resumed. Following closing arguments,
the final decision remains pending.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On September 21, 2011, the Association of the
Villagers of Para&iacute;ba and Mudau River Ares filed an action seeking indemnification for moral and material damages due to the &ldquo;A&ccedil;ude
das Na&ccedil;&otilde;es&rdquo; dam rupture. The case is in the pre-trial phase and evidence is being produced. This action is still at
its preliminary stages and we have classified the risk of loss as possible, with no provisions recorded. As of September 30, 2021, the
amount at issue in the case is estimated to be R$186 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 7, 2011, we executed a consent agreement
(&ldquo;TAC&rdquo;) with the Public Prosecutors&rsquo; Office of Rio Grande do Sul State. The objective is to fill the non-vegetated areas,
provide adequate soil cover with native tree species and seek to minimize the effects of erosion near the facility located in Lajeado.
Satisfaction of the TAC is in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We had a leasing contract with WJ Produtos Aliment&iacute;cios
Ltda., or WJ, for an industrial plant, which was terminated by us. On April 11, 2012, WJ filed a lawsuit to require our compliance with
the leasing contract and pay an early termination fine of R$3.7 million and material damages of up to R$5 million. The expert report indicated
that the industrial plant was destroyed and calculated a loss value of R$28 million. The court decided in favor of WJ and ordered us to
pay for the losses and damages caused by the early termination of the leasing contract, which are not limited to the R$28 million calculated
by the expert since part of the alleged losses and damages still need to be estimated due to their nature. The court ruled that another
expert assessment is necessary to determine the total loss value in the execution stage of the proceeding. We filed an appeal against such decision, which was rejected by the S&atilde;o
Paulo State Court. The full content of the decision was not yet issued and another appeal may be filed at the appropriate time. The risk
of loss in this proceeding has been classified as possible. The amount at issue in the case is currently estimated in R$84
million. Such amount does not consider the losses and damages that still need to be estimated in the execution stage, depending on the
terms of the S&atilde;o Paulo State Court&rsquo;s decision of the appeal filed by us and any other appeal that may be filed to the Superior
Court of Justice. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On October 10, 2013, a lawsuit for damages was
filed by Attilio Fontana&rsquo;s heiresses in order to require that we pay damages for the destruction or concealment of Sadia S.A.&rsquo;s
statutory books. Such books were not exhibited in the preliminary proceeding, which would have prevented the plaintiffs from discovering
potentially illegal donations made by Mr. Fontana to his other heirs and their other siblings. On December 12, 2018, the case was dismissed
on the grounds that the lack of the statutory books did not cause any harm to the plaintiffs since they could investigate the existence
of any potential illegal donations through other statutory documents that were available to them. The plaintiffs filed an appeal to the
Court of Appeals and we subsequently filed our response. The plaintiffs&rsquo; appeal was dismissed. The plaintiffs filed an appeal to
the Superior Court of Justice and to the Federal Supreme Court. At first, the Superior Court of Justice promptly denied the special appeal
judgment due to lack of legal requirements. However, after the plaintiffs filed a new appeal, on November 9, 2021, the Superior Court
of Justice decided to submit the special appeal for judgment. Since the plaintiffs&rsquo; claims were dismissed by the trial court judge
and the Court of Appeals, and plaintiffs&rsquo; special appeal is pending with the Superior Court of Justice, we have classified the risk
of loss as remote, with no provisions recorded.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In recent years,
we have been sued by ex-carriers seeking indemnification for the absence of previous payment for road toll fees, as established under
Brazilian federal law. We currently have ten ongoing cases related to this matter: six cases have initially resulted in unfavorable decisions
for us (one of such cases is being processed before the Court of Small Claims) and four cases are pending decisions. For all ten cases,
we recorded a provision with respect to the disputes based on the opinion of our legal advisers</FONT><I>. </I></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On October 17,
2013, Mr. Marcus Macedo Cazarr&eacute; filed an indemnification action as a result of our alleged exploitation of his Patent MU 8300298-7
in the biodigesters used in farms. Mr. Cazarr&eacute; requested damages of over R$300.0 million. An expert report favorable to us was
issued, which indicated that there was no violation of Mr. Cazarr&eacute;&rsquo;s patent. On September 22, 2017, the lower court judge
dismissed the requests made by Mr. Cazarr&eacute;. On December 1, 2017, Mr. Cazarr&eacute; filed an appeal and we presented our counterarguments
on February 2, 2018. On June 20, 2018, the Court of Appeals ruled and granted the appeal on the merits and, therefore, the trial decision
was overturned. As a result, Mr. Cazarr&eacute;&rsquo;s requests were granted and we were ordered to pay material damages (in an amount
to be calculated in the execution proceedings) and R$150,000 for moral damages. On February 20, 2019, we filed an appeal with the Court
of Appeals to elevate the proceeding to the Superior Court of Justice, and on March 27, 2019, Mr. Cazarr&eacute; responded to such appeal.
On April 15, 2019, the Court of Appeals ruled dismissing our appeal. On May 13, 2019, we filed an appeal directly to the Superior Court
of Justice and on June 29, 2019, Mr. Cazarr&eacute; presented his defense. On July 11, 2019, the Court of Appeals reviewed its decision
and admitted our appeal, determining that the proceeding&rsquo;s records be sent to the Superior Court of Justice. Our appeal is pending
before the court. On April 13, 2020, we filed a petition requesting the suspension of the lawsuit until the decision on the merits of
the nullity action filed by us against Mr. Cazarr&eacute; and Instituto Nacional de Propriedade Industrial-INPI</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(</FONT><FONT STYLE="font-size: 10pt">BPTO)
before the Federal Court of Rio de Janeiro becomes final. On June 18, 2020, we filed a petition repeating the request for suspension and
informing that BPTO had presented its opinion in the nullity action agreeing with our arguments for the nullity of Mr. Cazarr&eacute;&rsquo;s
patent. On April 30, 2021, the court rendered a decision staying the infringement action for a year, due to the ongoing invalidity lawsuit.
On November 17, 2021, BRF filed a new brief informing the court that a decision was published in the Official Gazette n. 2.652 dated November
3, 2021, in which the Brazilian PTO invalidated patent MU8300298-7 during the post-grant opposition procedure. Considering the patent
in question is no longer valid, BRF requested the decision to be overruled in order to reject the Mr. Cazarre&rsquo;s infringement pleads.
Currently, BRF is awaiting a decision regarding its November 17 brief. We have classified the risk of loss as possible, with no provisions
recorded for this case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On April 24, 2014, we executed a TAC with the
Public Prosecutors&rsquo; office of the State of Goi&aacute;s because of irregularities in our treatment of soil resulting from
approximately 300 tons of solid material, which did not have proper treatment in the facility located in Rio Verde. Fullfilment
of the TAC&rsquo;s obligations is in progress.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 24, 2014, we executed a TAC with the
Consumer Protection Agency of the Municipality of Rio de Janeiro, or Procon Carioca, due to problems with the distribution of skimmed
UHT milk in Rio de Janeiro. Because of that agreement, we paid a fine of R$150,000 and undertook other obligations that have already been
fulfilled by us. On October 23, 2014, the Consumer Protection Agency of the State of Rio de Janeiro, or Procon Estadual, filed a civil
action against us related to a similar claim with respect to the distribution of skimmed milk. In May 2016, a judgment was issued recognizing
that we had diligently taken all necessary actions to mitigate damages on this case, including executing a TAC on the matter. Nevertheless,
the lower court determined that any consumers that manage to prove they suffered material losses as a result of the milk shall be reimbursed.
The Procon Estadual appealed the decision and their appeal was dismissed, but they filed a Special Appeal which was granted, and we were
ordered to pay R$100,000. On October 28, 2020, we paid R$216,069 related to the condemnation plus monetary remeasurement and penalty interest,
as well as legal fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On October 23, 2015, Perdue Foods LLC, or Perdue,
filed an enforcement lawsuit against us. Perdue sought an order for us to comply with the obligations undertaken in the Coexistence Agreement,
as amended, entered into by both parties related to the trademarks of Perdue and our trademark Perdix. In the event that we do not comply
with these obligations, Perdue also seeks the imposition of a daily fine, in the amount of R$50,000 for each day of delay. We have presented
our defense in the case and the case is currently pending judgment in the lower court. In September 2021, we filed an appeal to the Court
of Appeals against the decision which denied BRF's argument regarding the occurrence of the statute of limitations.&nbsp;On November 23,
2021, our appeal was dismissed. Since the enforcement lawsuit has no measurable economic value, no provisions have been recorded for these
proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On August 20, 2015, a city councilor filed a
popular action against us in connection with alleged irregularities identified on a competitive bid for the supply of school meal to the
Municipality of S&atilde;o Paulo. We have filed our defense. On December 9, 2019, a court-appointed expert presented a technical report
informing that there was no evidence of irregularity. The plaintiff and the Public Prosecutors&rsquo; Office of the State of S&atilde;o
Paulo filed motions against the technical report and requesting that it be complemented. On September 11, 2020, due to a request from
the Public Prosecutors&rsquo; Office of the State of S&atilde;o Paulo, the trial court judge determined the Health Surveillance Coordination,
or COVISA/SP, to be notified in order to clarify whether there is any difference between the school meal (sausages) described in the bid
procedure and the one regularly sold in supermarkets. On April 20, 2021, COVISA/SP filed its response confirming there were differences
between the products. The plaintiff, BRF and the Public Prosecutor&rsquo;s Office of the State of S&atilde;o Paulo then filed their opinion
for the claim to be deemed groundless. All parties filed their closing arguments, and the case is awaiting trial since then. We have classified
the risk of loss as possible, with no provisions recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On September 18, 2015, we executed a TAC with
the Public Prosecutors&rsquo; Office of Rio de Janeiro State, in order to restore an environmental license of our facility located in
Duque de Caxias. Fullfilment of the TAC&rsquo;s obligations is in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 14, 2015, the Public Prosecutors&rsquo;
Office of the State of Pernambuco filed a public civil action against us in connection with alleged irregularities identified on dairy
products sold by us. On March 19, 2019, the plaintiff&rsquo;s claims were partially granted and we were ordered to: (i) pay collective
damages in the amount of R$1 million; (ii) under the penalty of payment of a R$5 million fine for each instance of non-compliance, (a)
recall the batches of sausages that presented risk to consumers&rsquo; health and (b) provide a public notice regarding such recall on
our website and social media; (iii) publish the trial court decision in a newspaper of general circulation in the city of Recife, under
the penalty of a R$1 thousand daily-fine for non-compliance; and (iv) pay 50% of the court fees. On April 23, 2019, we filed an appeal
to the Pernambuco Court of Appeals. On June 12, 2019, the court granted an interim relief to stay the trial&rsquo;s court decision. The
appeal is still pending a decision on its merits. We have classified the risk of loss as possible, with no provisions recorded.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 14, 2016, a public civil action was
filed by Abracon-Sa&uacute;de &ndash; Associa&ccedil;&atilde;o Brasileira de Defesa dos Consumidores de Plano de Sa&uacute;de, an association
for health insurance customers, seeking to require us to insert the following warning on the package of its products: &ldquo;CONTAINS
GLUTEN &ndash; gluten is harmful to celiac patients&rdquo; or another similar alert to demonstrate how gluten can be harmful to consumers.
After we presented our defense, a judgment was issued on September 14, 2016 ordering us to include such information on the package of
all of our products that contain gluten. We filed an appeal and on December 20, 2019, the Federal Regional Court (TRF3) ruled that the
Superior Court of Justice is the competent authority to rule on this proceeding. No substantial provisions were deemed necessary for this
proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On April 4, 2016, we executed a TAC with the
Public Prosecutor Office of the State of Goi&aacute;s in order to compensate for the environmental damage caused by the disposal of industrial
waste without proper treatment in the &ldquo;C&oacute;rrego Lageado&rdquo; by the Jata&iacute; facility. Satisfaction of the TAC is in
progress. On May 9, 2018, the Public Prosecutors&rsquo; Office of the State of Pernambuco filed a public civil action against us in connection
with alleged irregularities identified in meat products (sausages) sold by us. We filed our defense on May 3, 2019. On February 15, 2019,
the court rendered a decision granting the injunction requested by the Public Prosecutors&rsquo; Office to order us to, under the penalty
of a R$5 million fine for each instance of non-compliance: (i) cease commercialization of sausages with irregularities; (ii) comply with
the legislation on sausage manufacturing; (iii) cease using deteriorated or mislabeled ingredients in sausage manufacturing; (iv) recall
the batches of sausages that present risk to consumers&rsquo; health; (v) provide a public notice regarding such recall on our website
and social media. On April 24, 2019, we filed an interlocutory appeal with a request for an interim relief in order to stay the injunction.
The court decided to evaluate the suspensive effects after Public Prosecutors&rsquo; Office of the State of Pernambuco filed its counterarguments.
On May 5, 2019, we filed our defense. On September 13, 2021, The Public Prosecutors&rsquo; Office of State of Pernambuco has filed an
opinion in favor of partially granting the interlocutory appeal to reduce the amount of the fine for non-compliance with the court order
for R$5,000. The case is pending trial. We have classified the risk of loss as possible, with no provisions recorded.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have also
executed three more TACs with administrative authorities of the states of </FONT>Rio Grande do Sul, Goi&aacute;s, Rio de Janeiro and the
municipality of Rio Verde, State of Goi&aacute;s seting forth certain obligations involving reforestation of certain areas, proper disposal
of solid waste, and regularizing an environmental license in one of our facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We also have regulatory liabilities
corresponding to 1,256 cases, for which the possibility of loss is classified as probable and we have recognized a provision of
R$32,717 thousand as of September 30, 2021. The cases refer to MAPA fines and other administrative sanctions (especially the
suspension of a plant&rsquo;s activities for a period of some days), for alleged noncompliance with the sanitary legislation and,
individually, they do not represent significant losses. These fines are a result of routine inspections of the quality processes by
MAPA. The cases are addressed directly with MAPA, and when we do not successfully defend against these penalties, the payments are
made to MAPA. Alternatively, we may initiate a legal proceeding against MAPA to attempt to nullify the penalties imposed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 14, 2019, the Turkish Competition Authority,
or the TCA, announced a decision regarding its investigation into Banvit and other producers for alleged anticompetitive practices in
connection with chicken meat production in Turkey. The TCA imposed an administrative fine equivalent to R$22,507 thousand (TRY30,518 thousand,
translated to <I>reais</I> at the exchange rate of R$0.7375 as of September 30, 2019) against Banvit. The decision was confirmed on September
17, 2019, reaffirming that the alleged anticompetitive practices took place before the acquisition of Banvit&rsquo;s control by us. Banvit
anticipated the payment of the fine to benefit from a 25% discount, under the terms of the Turkish law. We were substantially reimbursed
for the fine paid and for certain associated costs based on the insurance policy and contractual provisions for indemnity for losses relating
to the period prior to the acquisition of Banvit by us under the terms of the share purchase and sale agreement entered into with the
former controlling shareholders of Banvit. Banvit continues to discuss judicially the imposition of the penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On May 16, 2019, we executed the Commitment
Term no. 009/2019 with the Rio Verde Municipal Secretariat for the Environment for the purpose of granting a deadline for us to fulfill
our obligation contained in the Technical Opinion 340/2019 regarding the intervention in aerated lagoon. Fullfilment of the Commitment Term&rsquo;s obligations is in progress.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 27, 2020, we filed confidential arbitration
proceedings against two energy generation companies and one energy trading company with Funda&ccedil;&atilde;o Get&uacute;lio Vargas (FGV)
Arbitration Chamber (<I>C&acirc;mara de Media&ccedil;&atilde;o e Arbitragem da FGV</I>). The proceedings involve two electric power purchase
agreements, executed in 2007 and expiring in 2025, and the amount at issue in the case related to possible losses and damages will depend
on the decision of the arbitral tribunal. The arbitration proceeding is currently pending. In the executory proceedings, all amounts (R$42
million) have been deposited and may be reimbursed in case the Arbitral Chamber rules in our favor. We have classified the risk as possible,
with no provisions recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In March 2017, an administrative proceeding
was filed by the National Consumer Secretariat (SENACON &ndash; Minist&eacute;rio da Justi&ccedil;a)&nbsp;in order to ascertain whether
there were violations of consumer law by us, in view of the findings by the MAPA, in 2017, regarding excess of water in frozen chicken
carcasses. In May 2017, we presented our preliminary defense motion, and in December 2020, we presented our final brief in our defense.
In January 2021, the Secretariat ruled against us, finding that we breached consumer law, and it imposed a fine of approximately R$5.3
million. On February 8, 2021, we filed an administrative appeal, which is still pending review. In July 2021, we filed a petition expressing
interest to execute a Consent Decree (<I>Termo de Ajustamento de Conduta</I> &ndash; TAC), in which we commit to pay a certain amount,
with no admission of guilt or liability in that proceeding. On September 30, 2021, we filed a non-binding draft of a Consent Decree, along
with a judicial decision given by the Federal Regional Court in Goi&aacute;s in our favor against MAPA. The Consent Decree is currently
under review by SENACON, with its decision being subject to judicial review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Pasteur Operation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazilian authorities are investigating Brazil&rsquo;s
dairy industry in the so-called &ldquo;Pasteur Operation.&rdquo; The Federal Police announced the operation on December 27, 2014 with
the purpose of investigating improper payments and bribery to the MAPA auditors. One of such auditors and a former employee of BRF entered
into plea bargains with the Brazilian authorities confirming that such improper payments were made between 2009 and 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On November 29, 2019, the Chief of the Federal
Police filed criminal charges against two public servants for supposedly requesting bribes and also against former employees of BRF and
other individuals for allegedly seeking to bribe the Ministry&rsquo;s public auditors from 2009 to 2013. We are not a party to such proceedings
and investigations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On January 19, 2020, the Federal Court of Lajeado
in the State of Rio Grande do Sul transferred the case to the Federal Court of Caxias do Sul, also in the State of Rio Grande do Sul.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On May 3, 2021, the Federal Prosecution Office
charged five former employees of the Company with the crimes of active and passive corruption and criminal association under the Brazilian
Penal Code. The court has accepted the charges on July 2, 2021, with such employees presenting their plea of not guilty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The analyses of the court of the plea presented
by the defendants is still pending. This analyses should decide whether the case will continue or not. This investigation was related
to the dairy industry, and the business unit was sold in 2015. We are monitoring the case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Civil Inquiry - Public Prosecutor&rsquo;s Office of the State
of Rio de Janeiro (Tax Benefits involving dairy factory in Barra do Pira&iacute;, State of Rio de Janeiro)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Public Prosecutor&rsquo;s Office of the
State of Rio de Janeiro opened a civil inquiry to investigate alleged acts by the government by means of which tax benefits would have
been irregularly granted to us and another competing company, through irregular electoral donations. The investigation is being conducted
by the Public Prosecutor&rsquo;s Office of the State of Rio de Janeiro (Specialized Acting Group to Combat Tax Evasion and Illicit Acts
against the Tax Order &ndash; GAESF).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">With respect to us, the inquiry is investigating
the concession of tax benefits granted based on the future construction of a dairy factory by us in Barra do Pira&iacute;, in the State
of Rio de Janeiro. The city government of Barra do Pira&iacute; assigned the land for the facility, but based on an internal decision,
we chose to terminate the project although the tax benefit had already been granted. The land and initial construction by us, amounting
to R$26 million, were returned in 2014 to the city government free of charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Since the inquiry is investigating the conduct
relating to two competing companies, this legal proceeding and related documentation are confidential, and we do not have access to most
of the documents. We are cooperating with and providing all requested clarifications to the authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Confidential Proceeding in Connection with Civil Inquiry Described
Above</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In May 2020, the Rio de Janeiro State Prosecutor
filed a lawsuit against us seeking (i) to freeze assets in the amount of R$235.6 million associated with alleged improper tax benefits
obtained in Rio de Janeiro, (ii) additional payments of other amounts in tax benefits that had been received by us associated with the
matter, if any, and (iii) that we be prohibited from receiving incentives, subsidies, grants, donations or loans from public agencies
or entities and public financial institutions or those controlled by the government. Before we had a chance to present a defense, an injunction
was granted by the trial court. A requirement to suspend the injunction was presented and granted in our favor by the Court of Appeals
on July 10, 2020. The case is still at an early stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Police Inquiry - Superintendence of the Federal Police of Rio de
Janeiro (dairy factory in Barra do Pira&iacute;, State of Rio de Janeiro) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On October 29, 2018, the Federal Police of Rio de Janeiro
opened an investigation into possible illegal payments made by a third-party competitor of ours to the former governor of the State of
Rio de Janeiro, S&eacute;rgio Cabral, and another person. On January 6, 2020, an excerpt from a report issued by the Specialized Acting
Group to Combat Tax Evasion and Illicit Acts against the Tax Order &ndash; GAESF within the Public Prosecutor&rsquo;s Office of the State
of Rio de Janeiro became publicly available. Information in that document indicated that the inquiry is investigating benefits granted
to the J&amp;F Group, including a 400,000 m&sup2; land in Barra do Pira&iacute;, State of Rio de Janeiro, where a factory of VIGOR (a
company of J&amp;F Group) was built. The report also mentions how the land was previously granted to us and later transferred by the government
to VIGOR. In this context, a notice was sent to us on December 23, 2019 seeking our clarification on how the land in Barra do Pira&iacute;,
State of Rio de Janeiro was granted to us, returned to the city of Barra do Pira&iacute;, State of Rio de Janeiro and then transferred
by the city government to VIGOR (a company of J&amp;F Group). In our response, filed on February 27, 2020, we provided all the requested
clarifications to the authorities, but this motion was not analyzed yet. In addition, Joesley Mendonca Batista (of the J&amp;F Group)
has already testified to the Federal Police of Rio de Janeiro and filed another motion providing for additional explanations about the
investigated facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Carne Fraca Operation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brazilian authorities are investigating Brazil&rsquo;s
meat processing industry in the so-called &ldquo;<I>Carne Fraca</I> Operation.&rdquo; The investigation involves a number of companies
in the Brazilian industry and, among other things, includes allegations relating to food safety, quality control and misconduct related
to improper offers or promises made to government inspectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 17, 2017, we learned of a decision
issued by the 14<SUP>th</SUP> Federal Court of Curitiba in the State of Paran&aacute; authorizing the search and seizure of information
and documents from us, and the detention of certain individuals in the context of the <I>Carne Fraca </I>Operation. Two of our employees
were detained (both of whom have been released) and three others were identified for questioning (of which only two were questioned).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, our Mineiros plant was temporarily
suspended by MAPA on March 17, 2017, so that MAPA could conduct an additional audit on its production process. After conducting an audit,
MAPA authorized the Mineiros plant to resume operations as of April 8, 2017. The Mineiros plant reopened on April 10, 2017 and resumed its operations on April 11, 2017.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On April 20, 2017, based on the Brazilian Federal
Police investigation, Brazilian federal prosecutors filed several charges against two of our employees (one of our regional manufacturing
officers and one of our corporate affairs managers). One such employee was acquitted by lower courts of all charges on September 28, 2018,
while the other employee was convicted on one charge. The Brazilian federal prosecutors and one of our former employees filed an appeal,
which is pending judgment by the court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On January 22, 2018, the Attorney General&rsquo;s
Office of the Third District of the State of Goi&aacute;s filed a criminal complaint against the industrial manager of our Mineiros plant
at the time of the events subject to investigation in the <I>Carne Fraca</I> Operation. The employee was charged for allegedly committing
crimes against consumers, as provided in article 7, item II of Law 8,137/90. The complaint does not contain any allegations of corruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We informed certain regulators and governmental entities
of the <I>Carne Fraca</I> Operation, including the SEC and the U.S. Department of Justice (DOJ). On February 25, 2021, we were informed
by the SEC that it had concluded its investigations with respect to the <I>Carne Fraca</I> Operation, and based on the information reviewed,
the SEC Division of Enforcement did not recommend any enforcement action against us. On May 5, 2021, we were informed by the DOJ of the
conclusion of its investigations against us pursuant to the <I>Carne Fraca </I>Operation and <I>Trapa&ccedil;a </I>Operation, based on
the information it had received until that date. No enforcements or remedies were imposed against us. We continue to cooperate with all
applicable authorities, including the CVM, and there has been no adverse action taken against any of our employees as of September 30,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Currently, the decision of the appeal presented by
the defendants and the Federal Prosecution Office by the Tribunal Regional Federal da 4&ordf; Regi&atilde;o &ndash; TRF4 is pending.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our Audit and Integrity Committee initiated
an investigation with respect to the allegations and related conduct involving our employees in the <I>Carne Fraca</I> Operation. The
investigation involves external legal counsel and is still in progress. The effects of the <I>Carne Fraca</I> Operation had operational
consequences for us, which are disclosed together with the <I>Trapa&ccedil;a</I> Operation below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The outcome of the <I>Carne Fraca</I> Operation,
including any potential future developments therefrom, may result in penalties, fines and sanctions from applicable governmental authorities
or other forms of liabilities, which may have a material adverse impact on our reputation, brands, results of operations, financial position
and cash flows. Currently, the losses related to this matter are not possible to be estimated, and, as a result, no provision has been
recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For information about the risks related to this
investigation, see &ldquo;Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;We may fail to ensure compliance with relevant
anti-fraud, anti-corruption, anti-money laundering and other international laws and regulations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Trapa&ccedil;a Operation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 5, 2018, we learned of a decision issued
by the 1<SUP>st</SUP> Federal Court of Ponta Grossa in the State of Paran&aacute;, which authorized the search and seizure of information
and documents from us and certain current and former employees and the temporary detention of certain individuals. In what media reports
have identified as the &ldquo;<I>Trapa&ccedil;a</I> Operation,&rdquo; 11 of our current and former employees were temporarily detained
for questioning, including former Chief Executive Officer Pedro Faria and former Vice President for Global Operations Helio Rubens. All
such current and former employees were released from custody and those who are still our employees were placed on leave of absence. A
number of our other employees and former employees were identified for questioning. The primary allegations in the <I>Trapa&ccedil;a</I>
Operation involve alleged misconduct relating to quality violations, improper use of feed components and falsification of tests at certain
of our manufacturing plants and accredited labs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As a result of the <I>Trapa&ccedil;a</I> Operation,
on March 5, 2018, we received notice from MAPA that it immediately suspended exports from our Rio Verde, State
of Goi&aacute;s, Carambe&iacute;, State of Paran&aacute; and Mineiros, State of Goi&aacute;s plants to 13 countries with specific sanitary
requirements related to Salmonella spp. As a precautionary measure, MAPA also suspended exports from 10 of our other plants to the European
Union on March 15, 2018, which was lifted on April 18, 2018. On May 14, 2018, the European Union released its decision to remove 12 of
our production facilities in Brazil from the list that permits imports of animal products by the countries in the European Union. The
European Union generally has stricter requirements related to salmonella levels and other food safety standards compared to Brazil and
the other international markets in which we operate. Given the ban of imports from our production facilities, we are no longer able to
sell our products from such embargoed production plants in the European Union and, therefore, our results of operations may be further
adversely affected if we are not able to direct excess production capacity resulting from such suspension to other markets at similar
prices or margins. </P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On October 15, 2018, the Brazilian Federal Police
issued the final report on the investigation of the <I>Trapa&ccedil;a</I> Operation with accusations against 43 people, among which 23
are our current or former employees, including former Chief Executive Officer Pedro Faria, former chairman of the board of directors Abilio
Diniz, and three former vice presidents. Those who are still our employees were placed on leaves of absence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 4, 2019, in the context of the <I>Trapa&ccedil;a
</I>Operation, a complaint was filed by the Federal Public Prosecutor&rsquo;s Office against our former employees for allegedly committing,
in&nbsp;the manufacturing of animal feed and PREMIX compound (a supplement added to the animal feed), aggravated larceny by fraud, false
representation, wrapper or container with false indication, forgery of substance or food product, forgery of product intended for therapeutic
or medicinal purposes and criminal association between the years 2012 and 2018. The complaint was received by the lower court on January
21, 2020. There was no negative decision against any of the defendants during 2020. As of September 30, 2021, some of the defendants&rsquo;
have presented their response and the proceedings are still pending, without an adverse decision against the defendants. Our employee
who is involved in this proceeding is on a leave of absence and, therefore, has been relieved from his duties in our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On November 4, 2020, also in the context of
the <I>Trapa&ccedil;a</I> Operation, a second complaint was filed by the Federal Public Prosecutor&rsquo;s Office against our former and
inactive employees for allegedly committing aggravated larceny by fraud, false representation, selling products harmful to health and
criminal association, between the years 2012 and 2017, related to the presence of Salmonella on food products. The complaint was received
by the lower court on November 20, 2020. As of September 30, 2021, some of the defendants&rsquo; have presented their response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We informed certain regulators and governmental
entities of the <I>Trapa&ccedil;a</I> Operation, including the SEC and the DOJ. On February 25, 2021, we were informed by the SEC that
it had concluded its investigations with respect to the <I>Trapa&ccedil;a </I>Operation, and based on the information reviewed, the SEC
Division of Enforcement did not recommend any enforcement action against us. On May 6, 2021, we were also informed by the DOJ that it
also had concluded its investigations and did not recommend enforcement action against us or our executives. We continue to cooperate
with all applicable authorities, including the CVM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our Audit and Integrity Committee has initiated
an investigation with respect to the allegations and related conduct involving our employees in the <I>Trapa&ccedil;a</I> Operation. The
investigation involves outside counsel and is still in progress. The effects of the <I>Carne Fraca</I> and <I>Trapa&ccedil;a</I> Operations
had operational consequences for us, as we incurred expenses in the amount of R$28,004 thousand in 2020 mainly with law firms, recorded
as other operating expenses (R$79,207 thousand in 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The outcome of the <I>Trapa&ccedil;a</I> Operation,
including any potential future developments therefrom, may result in penalties, fines and sanctions from applicable governmental authorities
or other forms of liabilities, which may have a material adverse impact on our reputation, brands, results of operations, financial position
and cash flows. Currently, the losses related to this matter are not possible to be estimated, and, as a result, no provision has been
recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">See &ldquo;Risk Factors&mdash;Risks Relating
to Our Business and Industry&mdash;Health risks related to our business and the food industry could adversely affect our ability
to sell our products&rdquo; and &ldquo;Risk Factors&mdash;Risks Relating to Our Business and Industry&mdash;We have been subject to significant
investigations relating to, among other things, food safety and quality control, and an adverse outcome of any of these investigations
could result in penalties, fines or other forms of liability and could have a material adverse effect on our business, reputation, brand,
results of operations and financial condition.&rdquo;</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Controladoria-Geral da Uni&atilde;o (CGU) Proceedings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In June 2018 and in May 2019, we learned of
administrative proceedings commenced against us by the Brazilian Comptroller General of the Union (<I>Controladoria-Geral da Uni&atilde;o)</I>,
or CGU, which is primarily related to alleged irregularities in connection with conduct that could represent harmful acts to the public
administration under the Brazilian Anti-Corruption Law and other applicable laws, as described in <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I>
Operation. The CGU is an internal control body of the Brazilian federal government responsible for carrying out activities related to
the defense of public property and the increase of management transparency, through actions of public audit, correction, prevention and
combat of corruption, among others. These CGU administrative proceedings against us remain pending without any adverse decision against
us as of September 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At the administrative proceedings related to
the <I>Trapa&ccedil;a</I> Operation, when we are subpoenaed, we intend to present our defense in this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At the administrative proceedings related to
the <I>Carne Fraca</I> Operation, BRF was subpoenaed and presented its defense in September 2021, and the proceeding is currently in the
investigative phase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will continue to discuss a possible resolution
of these proceedings with CGU, and to cooperate with the governmental authorities. The outcome of the CGU proceedings may result in penalties,
fines, compensation, sanctions from governmental authorities or other forms of liabilities, which may have a material adverse impact on
our reputation, brand, results of operations, financial position and cash flows. Currently, any losses related to this matter cannot be
estimated, and, as a result, no provision has been recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Romanos Operation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On October 1, 2019, we became aware of a decision
held by a federal judge of the 1st Federal Court of Ponta Grossa in the State of Paran&aacute;, which authorized a search and seizure
operation of information and documents to be carried out against federal inspectors from MAPA in several of our production locations.
A limited number of inspectors were still located in our production units. None of our employees were involved in this search and seizure
operation which was labeled as the 4th phase of the <I>Carne Fraca</I> Operation, and neither we nor our employees are a party to such
operation and investigation. On July, 27, 2021, the court overturned the federal judge&rsquo;s decision made on October 1, 2019 and the
proceeding governing the search and seizure operation was filed and dismissed on August 17, 2021. However, the police investigation is
still ongoing and we will continue to cooperate with the relevant authorities on this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>U.S. Class Action</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On March 12, 2018, a shareholder class action
lawsuit was filed against us, some of our former managers and a current officer of ours in the U.S. Federal District Court in the Southern
District of New York. On July 2, 2018, the Court appointed the City of Birmingham Retirement and Relief System lead plaintiff in the action
(the &ldquo;Lead Plaintiff&rdquo;). On December 5, 2018, the Lead Plaintiff filed an amended complaint that sought to represent all persons
and entities who purchased or otherwise acquired our ADRs during the period from April 4, 2013, through and including March 2, 2018. The
class action alleged, among other things, that we and certain officers or directors of ours engaged in securities fraud or other unlawful
business practices related to the regulatory issues in connection with the <I>Carne Fraca</I> Operation and <I>Trapa&ccedil;a</I> Operation.
On December 13, 2019, we and the other defendants filed a motion to dismiss. On January 21, 2020, the Lead Plaintiff filed an opposition
motion, and, on February 11, 2020, we and the other defendants filed our response. While the court&rsquo;s decision on the motion to dismiss
was still pending, the parties reached an agreement on March 27, 2020 to settle this class action for an amount equivalent to R$204,436
thousand (U.S.$40,000 thousand, translated to <I>reais</I> at the exchange rate of R$5.1109 as of March 27, 2020). On May 27, 2020, the
amount was transferred to an escrow account in the name of the lawyers of the lead plaintiff and there is not any additional amount payable
by us in connection with this lawsuit. The court approved this settlement on October 23, 2020.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Brazilian Investor Arbitrations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In March 2020, three confidential arbitration
proceedings were brought against us in the Market Arbitration Chamber (<I>C&acirc;mara de Arbitragem do Mercado</I>) of the B3 in Brazil
by investors that had purchased our shares traded on the B3, seeking recovery from alleged losses incurred by them, due to a drop in our
share price. In September 2020, the Chairman of Market Arbitration Chamber of B3 decided to consolidate these three arbitrations into
a single proceeding. Because this arbitration proceeding is in its initial stage, we believe the possible loss or range of losses, if
any, arising from this arbitration cannot be estimated. In the event that this proceeding is decided against us, or we enter into an agreement
to settle, there can be no assurance that an unfavorable outcome or settlement would not have a material impact on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>COVID-19 Arbitration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">We initiated an arbitration procedure before the
Center for Arbitration and Mediation of the Chamber of Commerce Brazil-Canada, or CAM-CCBC, in order to solve a dispute against our insurers
regarding the coverage of damages caused by the events inflicted in the context of the ongoing COVID-19 global pandemic. The accurate
amount of losses will be precisely calculated further on in the subsequent phase of the proceedings, after the prejudgment process. On
December 17, 2021, we submitted our Statement of Claim. The proceedings are still in their early stages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt"><B><I>Requests for information by the CVM with respect
to transactions with our common shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">In October 2021, we received a letter from the CVM
inquiring as to whether we or any of the members of our management, employees or agents had been informed about Marfrig's intention to
acquire our common shares in the market, prior to the press release issued on May 21, 2021, announcing the acquisition, by Marfrig Global
Foods S.A., of an equity interest equivalent to approximately 24.23% of our capital stock (the &ldquo;Press Release&rdquo;). In November
2021, the CVM requested, from one of the members of our management, information about transactions carried out with our common shares
before the Press Release was issued. The letters from the CVM were timely answered, and there have been no new communications from the
CVM on the matter as of the date hereof. We cannot assure that the CVM will not send additional communications or take any other action in connection with
the matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">The information below supplements the information
set forth under &ldquo;Item 11. Quantitative and Qualitative Disclosures about Market Risk&mdash;Interest Rate Risk&rdquo; in our 2020
Form 20-F, and should be read in conjunction with our 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Interest Rate Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are exposed to risk
from changes in interest rates, which may be caused by factors related to the global economy, changes in monetary policy in the Brazilian
and foreign markets, and other factors. Our interest rate exposure under our indebtedness is primarily to the LIBOR rate, the TJLP rate,
the UMBNDES rate and the CDI rate. We also have indebtedness denominated in <I>reais </I>and U.S. dollars that bear interest at fixed
rates. With respect to our marketable securities, our principal exposure is to the CDI rate for investments in the Brazilian market. Our
marketable securities in foreign markets are generally U.S. dollar instruments at a fixed coupon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The table below provides
information about our financial instruments that are sensitive to changes in interest rates as of December 31, 2020. For debt obligations,
the table presents principal cash flows and related weighted average interest rates by expected maturity dates. The information is presented
in <I>real </I>equivalents. The instruments&rsquo; actual cash flows are denominated in U.S. dollars, euro and <I>reais, </I>as applicable,
once these currencies are subject to interest rate risks. See also &ldquo;&mdash;Foreign Exchange Risk&rdquo; in our 2020 Form 20-F, which
describes our foreign exchange derivatives. Even though these derivatives were entered into primarily to manage foreign exchange risk,
they may also have an interest rate risk component because certain derivatives are linked to variable interest rates such as the CDI rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To facilitate the analysis
of market risk, the table below includes cash, cash equivalents and debt (amounts in millions of <I>reais, </I>except weighted average
annual interest rates).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Financial Instruments</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>All-in weighted<BR>
    average annual<BR>
    interest rate</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Short<BR>
    Term</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2022</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2023</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2024</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2025</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Thereafter</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
    <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Fair value</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt"><B>Assets -<BR>
Short/Long-term</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>7,890.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>66.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>302.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>8,259.7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Fixed rate</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,792.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>287.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,080.3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In US dollar&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">0.77%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,419.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">287.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,706.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In US dollar&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">Overnight rate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,320.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,320.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">Other currencies&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">1.09%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">53.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">53.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Variable rate</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,975</B>.<B>0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>24</B>.<B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,999</B>.<B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">97.04% of CDI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">3,662.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">24.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">3,686.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">100.00% of SELIC</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">312.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">312.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Floating rate</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>4</B>.<B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>15</B>.<B>0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>19</B>.<B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">Floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">4.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">15.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">19.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>MTM</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>42</B>.<B>0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>42</B>.<B>0</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">Other currencies&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">42.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">42.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Without rate</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>118</B>.<B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>118</B>.<B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">112.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">112.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Euros&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">6.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">6.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">Other currencies&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 8pt"><B>Liabilities -<BR>
Short/Long-term</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,060</B>.<B>0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,390</B>.<B>3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,082</B>.<B>6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,530</B>.<B>7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(15,340</B>.<B>8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(22,404</B>.<B>4)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Fixed rate</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(855</B>.<B>8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,661</B>.<B>9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,259</B>.<B>9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,530</B>.<B>7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(10,451</B>.<B>6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(15,760</B>.<B>0)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In US dollar&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">4.97%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(196.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(362.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,207.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,530.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(10,451.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(13,748.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Euros&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">2.74%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(18.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,062.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,081.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">3.16%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(413.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(413.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Turkish Lira&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">10.98%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(227.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(237.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(52.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(516.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Variable rate</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(204.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(728.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(822.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(4,889.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(6,644.4)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">100% of CDI+1.62%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(22.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(468.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,256.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,747.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In Reais&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">IPCA+5.59%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(49.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(822.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,632.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,504.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt">In US dollar&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 8pt">LIBOR6M+0.23%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(132.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(259.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt">(392.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt"><FONT STYLE="font-size: 8pt"><B>Net</B>&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,830.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,324.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,780.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,530.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(15,340.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(14.144.7)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 1.C</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Unless the context otherwise requires, all
references in this Exhibit 1.C to &ldquo;BRF S.A.,&rdquo; &ldquo;BRF,&rdquo; the &ldquo;company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;ours,&rdquo; &ldquo;us&rdquo; and similar terms are to BRF S.A. and its consolidated subsidiaries and jointly controlled companies.</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0in"><B>RECENT DEVELOPMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white"><B><I>Export Credit Facilities with
Bank of America and Banco do Brasil</I></B></FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.65in">On December 3, 2021, we entered into an export credit
note in the amount of R$390,000 thousand with Bank of America Merrill Lynch Banco M&uacute;ltiplo S.A. This note bears interest at 1.50%
per annum and matures on December 29, 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.65in">On December 22, 2021, we entered into an export
credit note in the amount of R$550,000 thousand with Banco do Brasil S.A. This note bears interest at the average rate of the CDI plus
1.4% per annum and matures on December 22, 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="background-color: white"><B><I>Certain Preliminary
Results for the Fourth Quarter of 2021 and the Year Ended December 31, 2021</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our financial results for the three months ended
and the year ended December 31, 2021 are not yet finalized. The following information reflects our preliminary estimates for this period
as expected by our management. The estimates below have not been audited by our indpendent auditors.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>For the three months
    ended December 31,</B></P></TD>
    <TD COLSPAN="3">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>For the year ended
    December 31,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 37%; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 8pt">Low (estimated)</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 4.15pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 8pt">High (estimated)</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 8pt">Unaudited</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 8pt">Low (estimated)</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 8pt">High (estimated)</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt"><I>(in millions of reais)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 8pt"><B>Continuing Operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 8pt">Net sales&#9;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,073</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">13,759</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,474</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-size: 8pt">47,691</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,378</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,470</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 8pt"><B>Gross profit</B>&#9;</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,835</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,148</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,895</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>9,881</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>10,194</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>9,471</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 8pt"><B>Operating income (loss) from continuing operations</B>&#9;</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>969</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,076</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>961</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>2,908</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,015</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,051</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-size: 8pt"><B>Income (loss) from continuing operations</B>&#9;</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>873</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>969</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>902</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>426</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>522</B></P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>1,525</B></P></TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10.5pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-size: 7.5pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 7.5pt">As presented in our audited consolidated financial statements for the year ended December 31, 2020</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our net sales for the three months ended December
31, 2021 is expected by our management to be between R$13,073 million and R$13,759 million, representing an increase of approximately
13.9% to 19.9% as compared to the three months ended December 31, 2020, primarily due to better mix of processed products (i.e., an increase
in the volume of sale of products with higher prices), price adjustments and performance of year-end seasonal products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our gross profit for the three months ended
December 31, 2021 is expected by our management to be between R$2,835 million and R$3,148 million, representing a change of approximately
negative 2.1% to positive 8.8%, as compared to the three months ended December 31, 2020, primarily due to the net sales as aforementioned,
<I>minus</I> the increase of operating costs such as feed, raw materials and other input costs affected by the inflation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our operating income for the three months ended
December 31, 2021 is expected by our management to be between R$969 million and R$1,076 million, representing an increase of approximately
0.9% to 12.0%, as compared to the three months ended December 31, 2020, primarily due to the gross profit as aforementioned, as well as
our expense management matrix designed to control selling, general and administrative expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our income for the three months ended December
31, 2021 is expected by our management to be between R$873 million and R$969 million, representing a change of approximately negative
3.3% to positive 7.4%, as compared to the three months ended December 31, 2020,
primarily due to the operating income, financial results, net and income taxes credit.</P>


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<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; background-color: white"><B><I>Cautionary Statement Regarding Preliminary
Results </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 24.5pt; background-color: white">While our preliminary
results above have been prepared in good faith and based on information available at the time of preparation, no assurance can be made
that actual results will not change as a result of our management&rsquo;s review of results and other factors. The preliminary results
presented above are subject to finalization and closing of our accounting books and records (which have yet to be performed) and should
not be viewed as a substitute for full quarterly and/or year-end financial statements prepared in accordance with IFRS. The preliminary
results above depend on several factors (as described under &ldquo;Risk Factors&rdquo; set forth under our Third Quarter MD&amp;A Report).
In addition, the estimates and assumptions underlying the preliminary results and financial condition include, among other things, economic,
competitive, regulatory and financial market conditions and business decisions that may not be accurately reflected and that are inherently
subject to significant uncertainties and contingencies, including, among others, risks and uncertainties described in the section entitled
&ldquo;Risk Factors&rdquo; set forth under our Third Quarter MD&amp;A Report and &ldquo;Forward-Looking Statements&rdquo; set forth herein,
all of which are difficult to predict and many of which are beyond our control. There can be no assurance that the underlying assumptions
or estimates will be realized; in particular, while we do not expect that our estimated preliminary results will differ materially from
our actual results as of and for the three months ended or the year ended December 31, 2021, we cannot assure you that our estimated preliminary
results for the three months ended or the year ended December 31, 2021 will be indicative of our financial results for future interim
periods. As a result, the preliminary results above cannot necessarily be considered predictive of actual operating results for the periods
described above, and this information should not be relied on as such. You should read this information together with the section entitled
&ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; set forth under our Third Quarter
MD&amp;A Report and our interim financial information as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020
set forth under our Third Quarter Financial Statement Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 24.5pt; background-color: white">The preliminary results
presented above were prepared by and are the responsibility of our management. No independent registered public accounting firm or independent
accountant has examined, compiled or otherwise performed any procedures with respect to the financial information contained in these preliminary
results. Accordingly, no independent registered public accounting firm or independent accountant has expressed any opinion or given any
other form of assurance with respect thereto and no independent registered public accounting firm or independent accountant assumes any
responsibility for the preliminary results. The reports of the independent registered public accounting firm and independent accountant
included under our Third Quarter Financial Statement Report relate to our interim financial information as of September 30, 2021 and for
the nine months ended September 30, 2021 and 2020. Such reports do not extend to the above preliminary results and should not be read
to do so.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">By including herein a summary of certain preliminary results
regarding our financial and operating results, neither we nor any of our respective advisors or other representatives have made or make
any representation to any person regarding our ultimate performance compared to the information contained in the preliminary results and
actual results may materially differ from those described above and we do not undertake any obligation unless required by applicable law
to update or otherwise revise the preliminary results set forth herein to reflect circumstances existing since their preparation or to
reflect the occurrence of unanticipated events or to reflect changes in general economic or industry conditions, even in the event that
any or all of the underlying assumptions are shown to be in error.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
