BrasilAgro Companhia Brasileira de Propriedades Agrícolas : Demonstrações Financeiras em Padrões Internacionais - Versão em Inglês

DocuSign Envelope ID: 36A699C3-6880-4563-BEF7-236BC2D9A042

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(A free translation of the original in Portuguese)

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Parent company and consolidated financial statements

at June 30, 2022

and independent auditor's report

DocuSign Envelope ID: 36A699C3-6880-4563-BEF7-236BC2D9A042

(A free translation of the original in Portuguese)

Independent auditor's report

To the Board of Directors and Stockholders

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Opinion

We have audited the accompanying parent company financial statements of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (the "Company"), which comprise the balance sheet as at June 30, 2022 and the statements of operations, comprehensive income, changes in equity and cash flows for the year then ended, as well as the accompanying consolidated financial statements of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas and its subsidiaries ("Consolidated"), which comprise the consolidated balance sheet as at June 30, 2022 and the consolidated statements of operations, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including significant accounting policies and other explanatory information.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas and of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas and its subsidiaries as at June 30, 2022, and the financial performance and the cash flows for the year then ended, as well as the consolidated financial performance and the cash flows for the year then ended, in accordance with accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Basis for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Parent Company and Consolidated Financial Statements section of our report. We are independent of the Company and its subsidiaries in accordance with the ethical requirements established in the Code of Professional Ethics and Professional Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the parent company and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Matters

Why it is a

Key Audit

Matter

How the matter was addressed

PricewaterhouseCoopers Auditores Independentes Ltda., Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o São Paulo, SP, Brasil, 04538-132

T: [phone], www.pwc.com.br

DocuSign Envelope ID: 36A699C3-6880-4563-BEF7-236BC2D9A042

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Why it is a Key Audit Matter	How the matter was addressed in the audit

Disclosure of fair value of investment properties

As of June 30, 2022, the balance of investment properties, comprising land and related farm infrastructure, at cost net of accumulated depreciation, totaled R$159,066 thousand in the Parent Company and R$1,004,380 thousand in the Consolidated (Note 11). As required by accounting standards, the Company has disclosed the estimated fair value for these properties.

Management's estimates of fair value, which was carried out with the support of external appraisers, requires a significant level of judgment in determining assumptions, such as future cash flows, revenue projections (quantity and price), costs and the rate used to discount cash flows.

We treated this as a key audit matter due to the materiality of the asset, as well as its fair value as it was estimated using subjective assumptions requiring a high degree of judgment.

Audit procedures applied, among others, included:

1. We obtained an understanding and testing of the main internal controls related to the evaluation and determination of fair value;
2. Assisted by our valuation specialists we tested the methodology and models used to measure the fair value of investment properties;
3. We assessed the reasonableness of the main assumptions, understanding the principal changes in the period and back testing past projections. We tested the discounted cash flow model, used to measure fair value, as well as its general logical and arithmetic consistency;
4. We performed sensitivity analyses for information that might affect significant assumptions, market values and for the selected methodologies;
5. We reviewed the objectivity, independence and competence of the external appraisal firm; and
6. We reviewed management's disclosures.

We consider the criteria and assumptions adopted by the Company to determine the fair value of investment properties, as well as the disclosures, to be consistent with the evidence we obtained.

Measurement of biological assets at fair value

On June 30, 2022, the biological assets of

R$168,786 thousand in the Parent Company, and R$322,882 thousand in the Consolidated, are classified as current and non-current assets, matching the harvest/cutting period.

Biological assets include cultures of soybean, corn, beans, cotton, sugarcane and head of cattle which are measured at fair value less selling

Audit procedures applied, among others, included:

1. Understanding the main internal controls established by the Company for the measurement of these assets;
2. Assisted by our specialists, we tested the mathematical models, as well as the

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DocuSign Envelope ID: 36A699C3-6880-4563-BEF7-236BC2D9A042

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Why it is a Key Audit Matter	How the matter was addressed in the audit

expenses, using a discounted cash flow methodology (Note 10). Management applies significant judgment in using this methodology by applying internal and external data and assumptions, mainly related to: (i) planted area;

1. expected productivity, (iii) forecast quantity/ volumes; (iv) future prices in active markets;

1. cost of crop treatments, land used, contributory assets, harvesting/cutting, transshipment and transport (CTT); and (vi) the interest rate used for discounting cash flows.

We treated this as a key audit matter due to the risks inherent in the estimation process that require management to apply its judgment in determining assumptions which may have a significant impact on estimates of fair value and, consequently, on the results for the year.

consistency of the information and main assumptions used in the cash flow projections, by comparing these with key market indicators, the Company's officially approved data and other available market information; and

1. We matched management's valuation data with the respective disclosures, including the description of the main factors affecting the determination and changes to the fair value of the biological assets.

We consider the criteria and assumptions adopted by the Company to determine the fair value of biological assets, as well as the disclosures, to be consistent with the evidence we obtained.

Recognition of revenue from the sale of agricultural properties

In the year ended June 30, 2022, the Company and its subsidiaries recognized gains on sales of agricultural properties of R$251,534 thousand (Notes 2.1 and 22).

The recognition of revenue from the sale of agricultural properties relies on assumptions and data that require significant judgment of management, including the determination of future prices of agricultural commodities. Future sales proceeds are realized through receipt of commodities based on volumes and prices to be determined in future periods. The receivable balance is adjusted by factors including changes in discount rates. The sale of land is conditioned to contractual clauses and conditions affecting the transfer of control and title to the land. This requires an assessment of the correct period for recognition of such revenues.

We treated this as a key audit matter due to the significance of the amounts involved, including the receivables from sale of land, and an analysis of changes in assumptions affecting the measurement of transactions and, consequently, the determination of balances and results of operations.

Audit procedures applied, among others, included:

1. Obtaining an understanding and testing of the main internal controls related to revenue recognition on the sale of land and determining the sales value;
2. Analysis of the sales contracts, together with evidence and analysis of the transfer of control;
3. Tests of accounts receivable balances and of payments received in the year;
4. Recoverability assessment of accounts receivable and testing of the adjustments applied in updating balances based on the underlying indexes;
5. Requesting confirmation letters from counterparties to confirm the existence of the transaction and the contractual terms;
6. Revenue cut-off testing; and
7. Reviewing management's disclosures.

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"This document will be signed electronically using DocuSign (www.docusign.com.br), pursuant to art. 10, § 2, of Medida Provisória (Provisional Decree) No. 2200-2/2001 and was prepared on the date indicated, being valid for all legal purposes."

DocuSign Envelope ID: 36A699C3-6880-4563-BEF7-236BC2D9A042

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Why it is a Key Audit Matter	How the matter was addressed in the audit
	We consider the criteria and assumptions
	adopted by the Company for measuring and
	recognizing revenue from the sale of land, as well
	as the disclosures, to be consistent with the
	underlying data examined.

Other matters

Statements of Value Added

The parent company and consolidated Statements of Value Added for the year ended June 30, 2022, prepared under the responsibility of the Company's management and presented as supplementary information for IFRS purposes, were submitted to audit procedures performed in conjunction with the audit of the Company's financial statements. For the purposes of forming our opinion, we evaluated whether these statements are reconciled with the financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in Technical Pronouncement CPC 09 - "Statement of Value Added". In our opinion, these Statements of Value Added have been properly prepared in all material respects, in accordance with the criteria established in the Technical Pronouncement, and are consistent with the parent company and consolidated financial statements taken as a whole.

Presentation of prior year balances

The audits of the financial statements for the year ended June 30, 2021 were conducted by other independent auditors who issued an unqualified audit report dated August 31, 2021.

Other information accompanying the parent company and consolidated financial statements and the auditor's report

The Company's management is responsible for the other information that comprises the Management Report ("Earnings Release 4Q22 | FY22").

Our opinion on the parent company and consolidated financial statements does not cover the Management Report, and we do not express any form of audit conclusion thereon.

In connection with the audit of the parent company and consolidated financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the Management Report, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the parent company and consolidated financial statements

Management is responsible for the preparation and fair presentation of the parent company and consolidated financial statements in accordance with accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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"This document will be signed electronically using DocuSign (www.docusign.com.br), pursuant to art. 10, § 2, of Medida Provisória (Provisional Decree) No. 2200-2/2001 and was prepared on the date indicated, being valid for all legal purposes."