BRF S A : 2Q19 Results Presentation

2Q19 Earnings

August 9, 2019

Disclaimer

This presentation may contain statements that express BRF S.A. ("BRF") management's expectations, beliefs and assumptions about future events or results. Such statements are not historical facts and are based on currently available competitive, financial and economic data of the industries in which BRF operates.

The verbs "anticipate", "believe", "estimate", "expect", "forecast", "plan", "predict", "target", "aim", "seek" and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future BRF performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of BRF's products;

1. volatility related to the Brazilian economy, as well as the economies of the other countries in which BRF also has relevant operations, the financial and securities markets and the highly competitive industries BRF operates in; (iii) changes in domestic and foreign legislation and taxation, as well as in government policies related to the domestic and foreign animal

protein and related markets; (iv) increasing competition from new entrants to the Brazilian and international markets; (v) ability to keep up with rapid changes in the regulatory and technological environments; (vi) ability to maintain an ongoing process for introducing competitive new products and services while maintaining the competitiveness of existing ones; (vii) ability to attract customers in domestic and foreign jurisdictions. Other factors that could materially affect results can be found in BRF's Reference Form and in the annual report on Form 20-F, as filed with the U.S. Securities and Exchange Commission, particularly under the "Risk Factors" session.

All forward-looking statements in this presentation are based on information and data available as of the date they were made and BRF undertakes no obligation to update them in light of new information or future development.

This presentation does not constitute an offer to sell or a solicitation to purchase any security.

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OPENING REMARKS

LORIVAL LUZ

GLOBAL CEO

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Ongoing Profitability Recovery

2Q19 results reflect adjustments initiated in 2Q18 and the execution of our Strategic Plan

• Net Revenue up 18% y-o-yand Volumes up 0,7% y-o-y
• Ongoing increase of gross margin, reaching 25.1% in 2Q19
• Adjusted EBITDA of ~R$1.5 billion and Adjusted EBITDA margin of 18,6%
• Excluding tax-relatedevents1, Adjusted EBITDA would be ~R$1.2 billion with

Adjusted EBITDA margin of 14,6%

• 2Q19 net income of R$191 million

*Net effect of R$328 million related to the provision for ICMS payment on staple basket products and ICMS exclusion from the PIS/COFINS calculation basis

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Ongoing Profitability Recovery

2Q19 results reflect adjustments initiated in 2Q18 and the execution of our Strategic Plan

• Free cash generation of ~R$1.4 billion, including funds from divestments
• Strong cash position of R$7 billion
• Drop in net leverage to 3.74x
• Revision of net leverage (Net Debt / Adjusted EBITDA LTM) guidance1 to:
• • ~3.15x at the end of 2019
  • ~2.65x at the end of 2020

1 According to Material Fact released on August 9, 2019.

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