Disclaimer

The statements included in this report concerning the company's prospective business, projections, and potential growth are merely forecasts based on management's expectations regarding to the future of the company. These expectations are highly dependent on market changes and the general economic performance of the country, the industry, and international markets, and are therefore subject to change.

MESSAGE FROM MANAGEMENT

Dear Shareholders,

I would like to open my message this quarter expressing my condolences regarding the passing of our dear friend at BRF, our former board member Roberto Mendes, who left us on September 7th, 2020. Roberto was a member of our board of directors and directly contributed to BRF's solidity. I would like to express my recognition, gratitude, and extend our deepest sympathies to his wife Fátima, his son Breno, all his family members, and close friends of our dearly missed Roberto.

We ended this complex and volatile third quarter of the year with robust results. These results evidenced the consistency of our processes and management models implemented during the company turnaround. From the very beginning, we took safe and disciplined steps to uphold our leading position and engage our team members. We evolved our organizational culture and the BRF Essence, and reinforced our commitment to integrity, safety, and quality. We invested in the development of our people, and substantially reduced turnover rates.

Within this context, it is worth analyzing our evolution over time. At the end of the third quarter in 2018, we recorded an accumulated loss of R$2.4 billion for continuing operations and a leverage of 6.74x. This year, amid an extremely challenging scenario from Covid-19, we had an accumulated net income of R$488 million in 9M20 for continuing operations, and leverage plunged to 2.90x, despite the appreciation of the US dollar from R$4.02 to R$5.64. Excluding this effect, our leverage would be 2.46x. In the third quarter, we also advanced our capital structure through several measures that reconfirmed the market's confidence in BRF. For example, the issuing of US$800 million for a 30-year term in the bonds international market resulted in a significant extension of our debt average term to 9.5 years.

Our consistent results represent our commitment to stakeholders and sets the groundwork for us to fulfill BRF's purpose. But I would also like to highlight the other relevant information included in this report. First, our figures reflect a dynamic, agile, and resilient company. We fulfill an essential need for the people while simultaneously respecting and caring for our employees from an operational standpoint. We will continue to fight Covid-19 as demonstrated by the approximately R$400 million we made in disbursements since the onset of the pandemic. This quarter, we donated around R$19 million to the communities in which we operate, and we invested in research to fight Covid-19.

What we do is as important as how we do things, with ethics and transparency. BRF has been increasingly committed to a sustainable agenda, from our operational chain management, by guiding our relationships, and our participation within society. Aside from acting as agents, we want to inspire people and organizations to act in the same, with ethical and sustainability centered thinking for every decision made.

We have diligently invested to reduce negative environmental impacts, preserve forests and natural resources such as water and energy, and care for animal welfare by obtaining certifications and building partnerships with renowned institutions. Aside from having a solid and steady corporate governance, we are the only company within Brazil's food sector to be included in B3's Corporate Sustainability Index (ISE), which is a relevant public recognition of our activities.

Since the beginning of our journey, our objective has always been to define management processes and models. This influences the company's medium and long-termdecision-making processes, in line with the nature of our business to manage a long, complex, and active supply chain. Over the past 6 quarters, we reported solid results at levels higher than those previously recorded. Our objective is to increasingly use resources available that bring greater predictability to our results. These concepts are in line with our company's characteristic of generating results derived from the production and sales of value-added food products. These products carry the quality and safety of our brands such as Sadia, Perdigão, Qualy, Banvit, and others.

The consistency and strength of results released herein undoubtedly evidence that BRF is poised for new avenues for growth. We are fully focused on people, customers, and innovation. BRF invests in the launch of new categories and higher value-added products to reinforce our leading position within Brazil, as well as, for international growth. It is a great challenge that fills us with energy.

I want to take this opportunity to invite you to BRF Day, taking place on December 8th. At this event, we will objectively announce our plans and priorities for the coming years.

With this motivation, on the behalf of myself and the executive committee, I would like to highlight the dedication and efforts of our 90,000+ employees, 15,000+ suppliers, nearly 10,000 partners, and 260,000 customers. Everyday each and every one helps us achieve the objective of BRF's core principle: to offer quality, tasty, and practical food to people across the globe. Ultimately, providing a BETTER LIFE for everyone.

I also want to thank our board of directors and shareholders for their continued support and trust in a company that values corporate citizenship. Our partners and suppliers for their collaborative efforts. The communities in which we operate for their responsiveness. And our consumers for their loyalty to our products and brands.

Lorival Nogueira Luz Jr.

Global CEO

HIGHLIGHTS

Key Financial Indicators

• Excludes ICMS contingent tax assets/liabilities over the calculation basis of PIS/Cofins and ICMS over Staple Basket, as reported in 3Q19

Quarter Highlights & Subsequent Events

• Implementation of the Consumer Intelligence Committee: an advisory body to the board of directors. This
  committee is composed of the following board members: Mrs. Flavia Bittencourt (coordinator), Mrs. Flávia Buarque de Almeida, and Mr. Ivandré Silva;
• Implementation of a set of actions to fight the effects of Covid-19, with additional expenses of R$145 million in 3Q20 and R$392 million in 9M20;
• For the Brazil segment, in line with strategic planning, we continue to advance revenue and profitability growth by increasing the value-added mix, innovation, build up our brands, and by improving the level of service to customers. The share of value-added mix soared to 83.5% of sales, up 3.0 p.p. from 3Q19;
• In line with consumer trends, we launched 29 SKUS, and highlighted the Sadia Orgânico line with the Brazil organic seal. The brands included Claybom butter, Hot Pocket, and Salamitos whom also came out with new flavors. It is worth noting that we resumed our partnership with Upfield to produce and sell Becel margarine, and expand our leading position in the domestic market;
• Our growth strategy combined with consistent brand management has delivered relevant results. The Sadia, Perdigão, and Qualy brands were featured in the "Folha S. Paulo - Top of Mind" annual report. Sadia was awarded "the most memorable brand of 2020" with +7p.p. vs. 2019. Perdigão is the brand that has most significantly grown since 2016, with +2p.p. vs. 2019. Qualy sustained undisputed leadership in the category with 32%, and a 4.6p.p. increase was recorded in household brand penetration, according to a study done by Kantar Brand Footprint;
• Digital transformation ("Be & Go Digital"): start and evolution of the structured journey of digital transformation across the entire value chain, from farm to table, with tools such as the BRF Agro app and the SEO Digital platform. Within this context, the digital platform implemented has consolidated as an important business generation lever with brand positioning, both in B2B, B2B2C, and D2C. We also expanded our e-commerceMercato em Casa, with deliveries in major Brazilian capital cities, representing nearly 70% of domestic e-commerce;
• For animal welfare in Brazil's operations, we anticipate to achieve (within 5 years) our commitment to going cage-free (using 100% of cage-free chicken eggs) in industrialized products. We also concluded the

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