BrasilAgro Companhia Brasileira de Propriedades Agrícolas : Minutes of the Board of Directors Meeting held on May 5, 2020

BRASILAGRO - COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

Publicly Held Company with Authorized Capital

Corporate Taxpayer's ID (CNPJ/MF) Nr. 07.628.528/0001-59

State Registry (NIRE) 35.300.326.237

EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

HELD ON MAY 5, 2020

Date, Time and Place: The meeting was held on May 5, 2020, at 12 p.m., at the headquarters of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas ("Company"), at Avenida Brigadeiro Faria Lima, 1.309, 5th floor, in the City of São Paulo, State of São Paulo.

Call Notice and Attendance: All members of the Board of Directors were properly convened, pursuant to Section 20,

Paragraph 1, of the Company's Bylaws, and, therefore, the meeting was duly started with the attendance of the Board Members that sign these minutes. The attendance of the Board Members via call conference and video conference, respectively, is authorized, as permitted by Section 20, head paragraph, of the Bylaws.

Presiding Board: Chairman: Eduardo S. Elsztain; and Secretary: André Guillaumon.

Agenda: To exam, discuss and resolve on: (i) the ratification of the execution of the financing agreements (bank credit notes) with Banco do Nordeste do Brasil - BNB, in the total aggregate amount of R$77 million; (ii) the approval of the increase in the Company's global financing limit, from R$500 million to R$600 million; (iii) the approval of the Risk Committee's proposal to keep the mismatch limit of the position of derivatives (hedges) between exchange rate and soy in the futures market and to set the mismatch for operations related to 19/20 and 20/21 crops at twenty percent (20%); (iv) the approval of the establishment of Instituto Brasilagro to manage donations and sponsorships to social projects; and (v) the approval of the Company's Donations and Sponsorships Policy.

Resolutions: Beginning the meeting, the Board members examined and discussed the items on the agenda and unanimously approved, without any reservations or restrictions, the following:

1. To ratify the execution of financing agreements (bank credit notes) with Banco do Nordeste do Brasil - BNB, in the total aggregate amount of R$ 77 million, as working capital;

2.

To approve the increase in the Company's global financing limit, from R$ 500 million to R$ 600 million, in order to expressly authorize the Company and/or its subsidiaries (a) to take out loans and financing with financing institutions, up to the global limit of six hundred million Brazilian Reais (R$ 600,000,000.00); and (b) to provide guarantees and contract guarantees with financial institutions up to the global limit of five hundred million Brazilian Reais (R$ 600,000,000.00), provided that such guarantees are provided in order to cover the obligations assumed by the Company or its subsidiaries under the loan or financing agreements entered into under item (a) above;

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• 3. To approve the Risk Committee's proposal to keep the mismatch limit of the derivatives (hedges) position between exchange rate/Dollar and soy in the futures market and to set such mismatch at twenty percent (20%) for operations related to 19/20 and 20/21 crops;

• 4. To approve the establishment of a Third Sector (non-profit civil association) vehicle, called Instituto Brasilagro, to manage the Company's donations and sponsorships for social projects, especially aimed at the locations where the Company operates. The Instituto Brasilagro will have in its Bylaws the following corporate purpose: "to contribute to formal and non-formal education, professional training, health, social well-being and culture, seeking to promote social and economic inclusion, reducing inequalities and the full development of human capacities", and will be managed by a Deliberative Council and an Executive Board, as provided for in its Bylaws. The Instituto Brasilagro will initially have, as (a) Founding Associates, the Company and Jaborandi Agrícola Ltda.; (b) Deliberative Directors, the Company's Directors, Alejandro Casaretto and Bruno Magalhães, the Company's Chief Executive Officer, André Guillaumon, and the Company's Legal and Compliance Officer, Mariana Rezende; and (c) Executive Board, the Company's Investor Relations Manager, Ana Paula Ribeiro; and;

• 5. To approve the Donations and Sponsorships Policy of the Company, as attached to these minutes in the form of Exhibit I, which provides, among other things, the annual allocation to the Instituto Brasilagro, upon approval by the Board of Directors, of up to two percent (2%) of the Company's net income for the previous year.

Closing: There being no further matters to discuss, the minutes were drafted, approved and signed by all members of the Board of Directors attending the meeting, and also by the Chairman and Secretary of the Presiding Board.

Signatures: Chairman of the Presiding Board: Eduardo S. Elsztain. Secretary: André Guillaumon. Board Members: Eduardo S. Elsztain, Alejandro G. Elsztain; Alejandro Gustavo Casaretto; Saúl Zang; Carlos María Blousson; Isaac Selim Sutton; João de Almeida Sampaio Filho, Bruno Magalhães and Camilo Marcantonio.

I certify that the above is a translation of the summarized resolutions of the minutes drawn up in the Book of Minutes of the Meetings of the Board of Directors.

São Paulo, May 5, 2020.

_________________________________

André Guillaumon

Secretary

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EXHIBIT I

Donations and Sponsorships Policy

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