BrasilAgro Companhia Brasileira de Propriedades Agrícolas : Complementary 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 Private Instrument of Commitment to Purchase and Sell Rural Properties and Other Covenants, executed on April 20, 2020, subject to certain resolutive conditions ("Resolutive Conditions"), having as object the acquisition of a given real property, located in the municipality of Baixa Grande do Ribeiro, State of Piauí, with a total area of 4,489.4065ha and arable area of 2,904ha, entitled Fazenda Serra Grande ("Properties"), ("Fazenda Serra Grande") and ("Serra Grande Commitment"); (ii) the authorization of the granting of public power of attorney, by the Company, on behalf of the employee Kim Marchesoni Mello, for legal representation purposes, along with the Company's Chief Executive Officer, of the Company, as guarantor of the obligations of Imobiliária Cremaq Ltda. ("Cremaq"), in the execution of the public deed of amendments reg. the novation of the promissory note used to settle the purchase price of the Properties; (iii) the ratification of the execution of the Private Instrument of Acknowledgment of Debt followed by Novation of Debt and Other Covenants with Suspensive Condition, executed on April 29, 2020, between CHS Agronegócio - Indústria e Comércio Ltda. ("CHS"), as Creditor, and Cremaq, as Assignee ("Private Instrument of Acknowledgment of Debt"), having as object the debt arising from Rural Product Notes (CPR) issued by the sellers of the Properties on behalf of CHS ("CHS Debt").

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 Serra Grande Commitment, for the acquisition, by Cremaq, of Fazenda Serra Grande, for the amount of R$ 8,625 per useful hectare, totaling R$ 25,047,000.00 ("Price"), it being understood that, from the amount of the Price, it will be discounted, by the Buyer, the amount of R$ 17,000,000.00, by way of assumption, by the Buyer, of the entire CHS Debt and the balance of R$ 8,047,000.00 of the Price ("Balance of the Price") will be paid to Sellers. From the balance of the Price, the amounts necessary to release any other charges that may be identified by Cremaq during the term of effectiveness of Serra Grande Commitment mayalso be discounted. Accordingly, the Board of Directors authorized the Company's Executive Board to, provided that the Resolution Conditions are fully met, perform any and all acts and/or to execute any and all documents, including but not limited to private instruments, contracts, powers of attorney and/or public deeds related to the Serra Grande Commitment and necessary for the respective implementation of the business transaction (acquisition of Fazenda Serra Grande) approved under this document.

2. To authorize the granting of a public power of attorney, by the Company, on behalf of the employee Kim

Marchesoni Mello, Brazilian, single, lawyer, holder of Identity Card No. 30.092.501-3 SSP/SP, enrolled under Taxpayer No. CPF/ME 317.821.028-84, with business address in the municipality of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 1.309, 5th floor, Jardim Paulistano, Zip code 01452-002, for legal representation purposes, along with the Company's Chief Executive Officer, of the Company, as guarantor of the obligations of Cremaq, in the execution of the public deed of amendment reg. the novation of the promissory note used to settle the purchase price of the Properties; and

3.

To ratify the execution of the Private Instrument of Acknowledgment of Debt, having as object the CHS Debt.

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