BrasilAgro Companhia Brasileira de Propriedades Agrícolas : Minutes of the Board of Directors Meeting held on September 05, 2023

BRASILAGRO - COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

Publicly held company with authorized capital

Corporate Taxpayer's ID (CNPJ/MF) No. 07.628.528/0001-59

Company Register Identification Number (NIRE) 35.300.326.237

EXCERPT OF THE MINUTES OF THE BOARD OF DIRECTORS' MEETING

HELD ON SEPTEMBER 05, 2023

Date, Time, Location: On September 05, 2023, at 11:00 a.m., at the headquarters of Brasilagro - Companhia Brasileira de Propriedades Agrícolas, located in the city of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, No. 1.309, 5th floor, CEP 01452-002 ("Company").

Call and Attendance: All of the members of the Company's Board of Directors ("Directors") having been duly summoned pursuant to article 20, paragraph 1, of the Company's Bylaws, the meeting was installed with the presence of the Directors who subscribe to these minutes. e participation of Directors via conference call and/or video conference, respectively, as provided for in article 20, caput, of the Bylaws, is acknowledged. The meeting was also attended by Ms. Carolina Zang and Janine Meira, as alternate members of the Board of Directors.

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

Agenda: Examine, discuss and resolve on: (i) the approval, based on the Risk Committee's recommendation, for the contracting of financing by the Company and/or its subsidiary Agrifirma Agro Ltda. with Caixa Econômica Federal, in the total amount of up to R$ 30 million; (ii) approval of the Annual Management Report and the Financial Statements for the fiscal year ended on June 30, 2023 ("Financial Statements for 2022/2023"), accompanied by the Explanatory Notes and the Independent Auditors' Opinion; (iii) approval of the proposal for the allocation of net profits for the fiscal year ended on June 30, 2023 and the corresponding proposal for the distribution of dividends to be submitted to the Annual Shareholders' Meeting of the Company; and also (iv) approval of the allocation of a percentage of the adjusted net profits for the fiscal year ended on June 30, 2023 to the Brasilagro Institute.

Resolutions: The Directors examined the items on the agenda and resolved unanimously, without any reservations or restrictions, to:

1. Approve, based on the Risk Committee's opinion, the contracting of financing by the Company and/or its subsidiary Agrifirma Agro Ltda. with Caixa Econômica Federal, in the total amount of up to R$ 30 million and for a term of up to 10 years.
2. Approve, ad referendum of the Annual Shareholders' Meeting, the Annual Management Report and the Financial Statements for the fiscal year ended on June 30, 2023. It is noted that the opinions of the Independent Auditors and of the Fiscal Council, referred to in items II, III, and VII of Article 163 of Law No. 6,404, dated December 15, 1976, as amended ("Corporate Law"), will be submitted, together with the documents approved herein, for

resolution by the Company's shareholders at the Annual Shareholders' Meeting to be held on October 24, 2023.

1. Unanimously approve, ad referendum of the Annual Shareholders' Meeting, the proposal for the allocation of net profits for the fiscal year ended on June 30, 2023, and the corresponding proposal for the distribution of dividends, as outlined in Exhibit Ito these minutes.
2. Approve (i) the disclosure, as of this date, of the Annual Management Report and the Financial Statements, accompanied by Explanatory Notes and the Independent Auditors' Opinion, for the fiscal year ended on June 30, 2023, to the Brazilian Securities Commission, B3 S.A. - Brasil, Bolsa, Balcão, and the market in general; (ii) the legal publication, in the newspaper O Estado de São Paulo; and also (iii) the submission of said documents for the shareholders' resolution at the Annual Shareholders' Meeting.
3. Approve the allocation of the amount of R$ 3 million, representing 1.1% of the Company's net profits for the fiscal year of 2022/2023, to the Brasilagro Institute.

Closing: There being no further business to discuss, the minutes were drawn up, approved and executed by all the members of the Board of Directors present at the meeting and by the Chairman and Secretary of the Presiding Board.

Signatures: (a) Presiding Board: Eduardo S. Elsztain - Chairman; and André Guillaumon -

Secretary; (b) Directors: Eduardo S. Elsztain, Alejandro G. Elsztain, Saúl Zang, Alejandro Gustavo Casaretto, Efraim Horn, Isaac Selim Sutton, Eliane Aleixo Lustosa de Andrade and Isabella Saboya de Albuquerque.

[I hereby certify that the above resolutions were drawn up from the minutes recorded in the

Company's Board of Directors' Minutes Book]

São Paulo, September 05, 2023.

[remainder of the page intentionally left blank]

[signature page to follow]

[signature page of the Minutes of the Meeting of the Board of Directors of Brasilagro - Companhia

Brasileira de Propriedades Agrícolas, held on September 5, 2023]

São Paulo, September 05, 2023.

André Guillaumon

Secretary

* * *

BRASILAGRO - COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

Publicly held company with authorized capital

Corporate Taxpayer's ID (CNPJ/MF) No. 07.628.528/0001-59

Company Register Identification Number (NIRE) 35.300.326.237

EXHIBIT I TO THE EXCERPT OF THE MINUTES OF THE BOARD OF DIRECTORS' MEETING

HELD ON SEPTEMBER 05, 2023

MANAGEMENT PROPOSAL FOR THE ALLOCATION OF NET PROFITS

FOR THE FISCAL YEAR

ENDED ON JUNE 30, 2023 AND FOR THE DISTRIBUTION OF DIVIDENDS

Dear Shareholders,

Pursuant to Article 36 of the Company's Bylaws and Article 192 of the Corporate Law, we hereby submit to your analysis, at the Annual Shareholders' Meeting, the proposal for the allocation of the net profits of Brasilagro - Companhia Brasileira de Propriedades Agrícolas for the fiscal year ended on June 30, 2023 and the corresponding proposal for the distribution of dividends, as approved by the Board of Directors at a meeting held on this date, as follows:

	30/06/2023		30/06/2022
Net profits for the fiscal year	268,536	520,100
(-) Constitution of legal reserve (5% of net profits)	(13,427)		(26,005)
Adjusted net profits	255,109		494,095
(-) Mandatory dividends - 25% of adjusted net profits	(63,777)	(123,524)
(-) Proposed additional dividends - 75% of adjusted net profits	(191,332)		(96,476)
Proposed dividends on profits	(255,109)		(320,000)
(-) Additional dividends based on balance of profit reserve	(64,891)		-
Total dividends	(320,000)		(320,000)
Constitution of an investment and expansion reserve	-		174,095
Total paid-in capital shares (batch of a thousand)	102,377	102,377
(-) Treasury shares (batch of a thousand)	(3,571)		(3,533)
(-) Shares in the market (batch of a thousand)	98,806		98,844
Dividends per share (R$)	3.24		3,24

1 LEGAL RESERVE

Under the terms of article 193 of the Corporate Law, 5% of the Net Profits, corresponding to R$ 13,426,806.48, will be allocated amount of to the formation of the Legal Reserve.

2 DIVIDENDS

Pursuant to Article 37 of the Company's Bylaws and Articles 201 and 202 of the Corporate Law, dividends in the total amount of R$ 320,000,000.00 shall be paid to shareholders holding common shares issued by the Company - corresponding on June 30, 2023 to R$ 3.2387 per share. The payment of dividends must be made within thirty (30) days as from the date of its declaration in the Annual Shareholders' Meeting. The dividends will be paid to those who hold a shareholding position on the Company's capital stock at the end of the trading session on the date on which the Annual Shareholders' Meeting approving the financial statements for the fiscal year ended on June 30, 2023 is held, and from the day after, the Company's shares will be traded "ex" dividends.

Considering that the Company earned R$ 268,536,129.64 of profits in the 2022/2023 fiscal year, the dividends will be paid using: (i) after deducting 5% for the legal reserve referred to in item "1" above, 100% of the profits for the year, as mandatory dividends (R$ 63.7 million) and additional dividends (R$ 191.3 million), under the terms of article 35 of the Company's Bylaws, and (ii) the amount of R$ 64.9 million from the Company's statutory profit reserve, as additional dividends.

We also hereby inform that the proposed allocations are reflected in the Financial Statements for the fiscal year ended on June 30, 2023, approved on this date.

We therefore submit to the Shareholders at the Annual Shareholders' Meeting the proposed allocation of profits and distribution of dividends described above.

* * *