BRF S A : Announcement to the Market – 2019 Tender Offer - Launch Press Release

BRF S.A.

PUBLICLY-HELD COMPANY

CNPJ 01.838.723/0001-27

NIRE 42.300.034.240

CVM 16269-2

ANNOUNCEMENT TO THE MARKET

BRF S.A. ("BRF" or "Company") (B3: BRFS3; NYSE: BRFS) communicates to its shareholders and the market in general that it announced, on the present date, the commencement of an offer to purchase for cash (i) (a) 5.875% Senior Notes due 2022 ("2022 Notes"), (b) 2.750% Senior Notes due 2022 ("Euro Notes"), and (c) 3.95% Senior Notes due 2023 ("2023 Notes"); and (ii) 3.95% Senior Notes due 2024 up to the Maximum Amount (as defined below) ("2024 Notes" and, together with the 2022 Notes, Euro Notes and 2023 Notes, jointly referred to as "Notes"), all issued by BRF (jointly referred to as the "Offers").

The Offers are made upon the terms and subject to the conditions set forth in the offer to purchase dated as of September 11, 2019 (the "Offer to Purchase") and the notice of guaranteed delivery ("Notice of Guaranteed Delivery" and, together with the Offer to Purchase, jointly referred to as "Offer Documents").

The table below summarizes certain terms and conditions of the Offers.

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								Early
Title of				Principal Amount		Maximum	Tender	Tender	Total
Security		Security Identifiers		Outstanding		Amount	Consideration(1)	Premium(1)	Consideration(1)
		CUSIP Nos.:
		10552T AA5/
5.875% Senior		P1905CAA8		U.S.$118,662,000		Any and All	N/A	N/A	U.S.$1,038.75
Notes due 2022		ISINs:
		US10552TAA51/
		USP1905CAA82
		ISINs:
2.750% Senior		XS1242327325/
	XS1242327168		€500,000,000		Any and all	N/A	N/A	€1,048.75
Notes due 2022
	Common Codes:
	124232732/124232716
		CUSIP Nos.:
		10552T AE7/
3.95% Senior		P1905CAD2		U.S.$500,000,000		Any and all	N/A	N/A	U.S.$1,011.25
Notes due 2023		ISINs:
		US10552TAE73/
		USP1905CAD22
		CUSIP Nos.:
		10552T AF4/
4.75% Senior		P1905CAE0		U.S.$750,000,000		Maximum	U.S.$1,010.0	U.S.$30.00	U.S.$1,040.00
Notes due 2024		ISINs:			Amount(2)

US10552TAF49/

USP1905CAE05

_______________

1. The amount to be paid for each U.S.$1,000 principal amount or €1,000 principal amount, as applicable, in each case, validly tendered and accepted for purchase, excluding accrued and unpaid interest on the Notes.
2. Equals an aggregate amount of 2024 Notes Total Consideration not to exceed U.S.$410.0 million less the cash amount, in U.S. dollars, that BRF is required to spend to purchase the 2022 Notes, the Euro Notes and the 2023 Notes validly tendered and accepted for purchase pursuant to the Offers to purchase 2022 Notes, Euro Notes and 2023 Notes ("Maximum Amount").

The Offers to purchase 2022 Notes, Euro Notes and 2023 Notes will expire at 8:30 a.m. (New York City time) on September 18, 2019, unless earlier terminated or extended by BRF (such time and date, the "Expiration Date"). The Offer to purchase 2024 Notes will expire at 11:59 p.m. (New York City time) on October 8, 2019, unless earlier terminated or extended by BRF (such time and date, the "2024 Notes Expiration Date" and, together with the Expiration Date, the "Expiration Dates").

Holders of Notes who validly tender and do not validly withdraw their Notes on or prior to the respective Expiration Dates will be eligible to receive the total consideration applicable for such Notes. Validly tendered Notes may be withdrawn at any time prior to the respective Expiration Dates, but not thereafter, as applicable.

Completion of the Offers is conditioned on the satisfaction or waiver of certain conditions described in the Offer Documents. BRF has the right, in its sole discretion, to amend or terminate one or more of the Offers at any time, subject to applicable law.

This notice does not constitute or form part of any offer or invitation to purchase, or any solicitation of any offer to sell, the Notes or any other securities in the United States or any other country, nor shall it or any part of it, or the fact of its release, form the basis of, or be relied on or in connection with, any contract therefor. The Tender Offers are made only by and pursuant to the terms of the Offer Documents, and the information in this notice is qualified by reference to the Offer to Purchase and

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the related Notice of Guarantee. None of BRF, the dealer managers or the information agent and tender agent makes any recommendation as to whether holders of Notes should tender their Notes pursuant to the Tender Offers.

The Offers are not, and will not be, subject to registration with the Brazilian Securities Exchange Commission (Comissão de Valores Mobiliários). The Offers may not be executed in Brazil, except in circumstances that do not constitute an unauthorized public offering according to Brazilian laws and regulations.

São Paulo, September 11, 2019.

Lorival Nogueira Luz Jr

Global CEO,

Chief Financial and Investor Relations Officer (Interim)

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