MARFRIG GLOBAL FOODS S.A.

Publicly Held Company

Tax ID (CNPJ/MF): 03.853.896/0001-40

State Registry (NIRE): 35.300.341.031

MINUTES OF THE BOARD OF DIRECTORS' MEETING

HELD ON JANUARY 14, 2021

Date, Time and Venue: On January 14, 2021, at 6:00 p.m., at the registered office of Marfrig Global Foods S.A. ("Company") located at Avenida Queiroz Filho, nº 1560, Bloco 5, Torre Sabiá, 3º andar, Sala 301, Vila Hamburguesa, CEP 05319-000, in the City of São Paulo, State of São Paulo.

Call Notice and Attendance: The call notice was duly sent to all Directors of the Company, in accordance with Federal Law 6,404 and with the Bylaws of the Company. Marcos Antonio Molina dos Santos - Chairman of the Board, Alain Emilie Henry Martinet, Antonio dos Santos Maciel Neto, Herculano Aníbal Alves, Marcia Aparecida Pascoal Marçal dos Santos, Roberto Faldini, Roberto Silva Waack and Rodrigo Marçal Filho attended the Meeting via conference call.

Presiding Board: Chairman: Marcos Antonio Molina dos Santos; Secretary: Ricardo Araújo Rocha.

Agenda: Consider and vote on: (I) the issuance and distribution abroad of Notes with remuneration of 3.95% p.a. and due in 2031, in the amount of up to USD 1,500,000,000.00 ("Notes") by its subsidiary, MARB BondCo PLC ("MARB"), to be placed in the international capital market and offered to qualified institutional investors resident and domiciled abroad, based on the regulation issued by the Securities and Exchange Commission, specifically Rule 144A and, in other countries, not including Brazil and the United States of America, based on Regulation S ("Offer"); (II) the granting of a guarantee by the Company, as parent company, in accordance with the Offer; (III) the authorization of the granting of a guarantee by NBM US Holdings, Inc. ("NBM"), Marfrig Holdings e Marfrig Overseas Limited, subsidiaries of the Company, in accordance with the Offer; (IV) the cash tender offer to be carried out by HSBC Securities (USA) Inc. to purchase for cash up to US$1,750,000,000 (a) the 6.875% Senior Notes due 2025 ("2025 Senior Notes"), originally issued by MARB on January 19, 2018 ("2025 Tender Offer"); and (b) the 7.000% Senior Notes due 2024 ("2024 Senior Notes"), originally issued by MARB on March 15, 2017 ("2024 Tender Offer" and, jointly with the 2025 Tender Offer, the

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"Tender Offers"); (V) the authorization of the engagement of financial institutions to coordinate and render the services required to formalize the Offer and the Tender Offers, namely BNP Paribas Securities Corp., Banco Bradesco BBI S.A., HSBC Securities (USA) Inc., Jefferies LLC, J.P. Morgan Securities LLC, Santander Investment Securities Inc., Banco BTG Pactual S.A. - Cayman Branch, Banco Safra S.A., acting through its Cayman Islands Branch, Itau BBA USA Securities, Inc., Rabo Securities USA, Inc. and UBS Securities LLC (herein together referred to as, the "Managers") and the engagement of the other necessary service providers to carry out the Offer and the Tender Offers.

Resolutions: Following examination and deliberation, the Directors in attendance decided unanimously as follows:

  1. To authorize the Offer by its subsidiary, MARB, of Notes in the amount of up to USD 1,500,000,000.00, with semiannual interest installments starting in July 2021, and with maturity in 10 years, due in January 29, 2031, with remuneration of 3.95% per annum. The Offer is carried out under the coordination of the Managers. The Board of Directors further decided to delegate to the Executive Board of Officers of the Company the powers

to determine the other terms and conditions of the Offer;

  1. to authorize the Company to grant a binding, unconditional and full guarantee to honor

the payment of all obligations related to the Offer;

  1. to authorize NBM, Marfrig Holdings and Marfrig Overseas to grant a binding, unconditional

and full guarantee to honor the payment of all obligations related to the Offer; (IV) to authorize the execution of the Tender Offers;

  1. to authorize the Company, MARB, Marfrig Holdings, NBM and Marfrig Overseas to sign any and all agreements, certificates and other documents required to carry out the Offer and the Tender Offers, including, but not limited to, (a) the Dealer Manager Agreement;
  1. the Purchase Agreement; and (c) the Indenture, and any related amendments and documents; and

(VI) to authorize the engagement of the Managers to coordinate and render the services required to formalize the Offer and the Tender Offers, as well as any other service providers required for the Offer and the Tender Offers.

The Executive Board of Officers is hereby authorized to take all measures and to carry out all acts deemed necessary to implement the decisions approved herein, and the Board of Directors hereby ratifies all acts previously carried out by the Executive Board of Officers with this purpose.

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Closure: There being no further matters to address, these minutes were drawn up, read,

approved and signed by all directors in attendance. Signatures: Presiding Board: Chairman:

Marcos Antonio Molina dos Santos; Secretary: Ricardo Araújo Rocha. Directors: Marcos Antonio Molina dos Santos - Chairman of the Board, Alain Emilie Henry Martinet, Antonio dos Santos Maciel Neto, Herculano Aníbal Alves, Marcia Aparecida Pascoal Marçal dos Santos, Roberto Faldini, Roberto Silva Waack and Rodrigo Marçal Filho.

It is certified that this is a true copy of the original minutes drawn up in the records of the

Company.

São Paulo, January 14, 2021.

__________________________________

Ricardo Araújo Rocha

Secretary

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Marfrig Global Foods SA published this content on 14 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2021 22:07:08 UTC