Marfrig Global Foods S A : BDM - Share Repurchase Plan

MARFRIG GLOBAL FOODS S.A.

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

State Registry (NIRE): 35.300.341.031

Publicly Held Corporation

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

HELD ON MARCH 09, 2021

Date, Time and Venue: Meeting of the Board of Directors of Marfrig Global Foods S.A.

("Company"), located at Avenida Queiroz Filho, nº 1.560, Bloco 5, Torre Sabiá, 3rd floor, Room 301, Vila Hamburguesa, Zip Code 05319-000, in the City of São Paulo, State of São Paulo, held on March 09, 2021, at 8:00 a.m.

Call Notice and Attendance: The call notice was duly sent to all Directors of the Company.

The meeting was attended, via conference call, by Messrs. Marcos Antonio Molina dos Santos - Chairman of the Board of Directors, Alain Emilie Henry Martinet, Antonio dos Santos Maciel Neto, Herculano Aníbal Alves, Marcia Aparecida Pascoal Marçal dos Santos, Roberto Faldini, Roberto Silva Waack e Rodrigo Marçal Filho.

Presiding: Chairman of the Meeting: Mr. Marcos Antonio Molina dos Santos; Secretary: Mr. Heraldo Geres.

Agenda: Resolution on 1) Launch of the Share Repurchase Plan.

Decisions: After examining and discussing the matter on the agenda, the Directors of the Company, by a unanimous vote of those present, decided to approve 1) the use of the capital reserve available, in accordance with Paragraph 1, Article 30 of Federal Law 6.404 of

December 15, 1976 ("Brazilian Corporation Law") and Instruction 567 issued by the

Securities and Exchange Commission of Brazil ("CVM") on September 17, 2015 ("ICVM 567/15"), for the acquisition, in a single transaction or series of transactions, of up to nine million, five hundred fifty-four thousand and three hundred and forty-one (9.554.341) book-entry, registered common shares without par value issued by the Company, in accordance with the following terms and conditions ("Share Repurchase Plan"): (i) Objective: The goal

of the Company in executing the Share Repurchase Plan is to maximize the creation of value for shareholders through the efficient management of its capital structure and the use of the available balance of the capital and profit reserves to acquire shares on the stock exchange, at market price, for holding in treasury, cancellation or subsequent sale in the market or for use in any exercise of options under the scope of the Stock Option Plan or direct granting of shares of the Company, without any reduction in the capital stock of the Company, in accordance with Paragraph 1, Article 30 of Brazilian Corporation Law and with ICVM 567/15.

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(ii) Free-float: In accordance with Article 62 of ICVM 480/09, the free-float of the Company, on this date, comprises three hundred and forty-six million, seven hundred and sixty-two thousand and three hundred and seventy-eight (346.762.378) book-entry, registered common shares without par value issued by the Company, excluding from this amount those shares held in treasury ("Free-float"). (iii) Number of shares to be acquired: Considering the number of shares comprising the Free-float and available balance of reserves, the Company may, at its sole discretion and in accordance with this Share Repurchase Plan and with Article 8 of ICVM 567/15, acquire up to nine million, five hundred fifty-four thousand and three hundred and forty-one (9.554.341) shares, corresponding to 1.34% of the total shares of the Company and 2.76% of the shares comprising the free-float of the Company. (iv) Price and acquisition method: The purchase transactions will be carried out on the São Paulo Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão S.A. - Securities, Commodities and Futures Exchange), at market price, with the Officers of the Company responsible for deciding on the timing and number of shares to be acquired, whether in a single transaction or series of transactions, respecting the limits established in the applicable regulations. (v) Duration of the Share Repurchase Plan: The maximum period for effecting the purchase transactions is eighteen (18) months, starting on March 09, 2021 and ending on September 09, 2022. (vi)

Financial institution to act as intermediary: The transactions to purchase shares issued by the Company will be carried out at market price and be intermediated by the following brokerage: Credit Suisse (Brasil) S.A. Corretora de Títulos e Valores Mobiliários, with its registered office located at Rua Leopoldo Couto de Magalhães Jr., nº 700, 10º andar (parte) e 12º a 14º andares (partes), São Paulo/SP - Brazil - CEP (Postal Code): 04.542-000,

Taxpayer ID (CNPJ/MF): 42.584.318/0001-07; (vii) Resources available: The transactions carried out under the Share Repurchase Plan will be supported by the balance of capital and profit reserves available, according to ICVM 567/15. (viii) Verification of resources available: The existence of the resources available to secure the transactions to acquire the shares issued by the Company must be verified based on the annual, interim or quarterly accounting statements disclosed most recently by the Company prior to the effective transfer, to the Company, of the ownership of the shares of its own issue; (ix) Sale of shares under the scope of the stock option plan of the Company: The shares acquired in accordance with the Share Repurchase Plan may, at the discretion of the Board of Directors, be used for any exercise of stock options under the scope of the stock option plan and direct granting of shares of the Company. (x) Sale or cancellation of excess shares: The Company will cancel or sell the shares that exceed the balance of the available resources, within a period of six (6) months, as from the publication of the annual or interim accounting statements or the quarterly financial information demonstrating such excess. Lastly, the Directors entered upon the minutes that, when approving the Share Repurchase Plan, the Board of Directors conducted a diligence review and analysis and concluded that, on the date hereof: (a) the financial situation of the Company is compatible with the settlement of the purchases upon their maturity without affecting the performance of the obligations undertaken with creditors

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or the payment of the mandatory dividend; and (b) during the remainder of the fiscal year, there are no foreseeable facts that could cause significant changes in the amount of resources available for carrying out the transactions under the Share Repurchase Plan. An Own Share Trading Notice, prepared in accordance with Appendix 30-XXXVI to ICVM 480/09, the terms of which were approved by the Board, is appended hereto (Appendix I).

Closure: There being no further matters to address, these Minutes were drawn up, read, approved and signed by all Directors in attendance. Signatures: Presiding: Chairman of the Meeting: Mr. Marcos Antonio Molina dos Santos; Secretary: Mr. Heraldo Geres. Directors present: Messrs. 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 e Rodrigo Marçal Filho.

I certify that this is a true copy of the original minutes in the records of the Company.

São Paulo, March 9, 2021

__________________________________

Heraldo Geres

Secretary

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APPENDIX I

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

HELD ON MARCH 9, 2021

Own Share Trading Notice

Marfrig Global Foods S.A. ("Company" or "Marfrig"), in compliance with Instruction 480 issued by the CVM on December 7, 2009, as amended, provides the information required under Appendix 30-XXXVI regarding trading in own shares.

1. Justify in detail the purpose and expected economic effects of the transaction; The goal of the Company in executing the Share Repurchase Plan is to maximize the creation of value for shareholders through the efficient management of its capital structure and the use of the resources available for acquiring shares on the stock exchange, at market price, for holding in treasury, cancellation or subsequent sale in the market or for use in any exercise of options under the scope of the stock option plan or direct grating of shares of the Company, without any reduction in the capital stock of the Company, in accordance with Paragraph 1, Article 30 of Brazilian Corporation Law and with ICVM 567/15.

2. Inform the number of shares (i) comprising the free-float and (ii) held in treasury; (i) The number of shares comprising the free-float, in accordance with Article 62 of ICVM 480/09, is three hundred and forty-six million, seven hundred and sixty-two thousand and three hundred and seventy-eight (346.762.378) book-entry, registered common shares without par value issued by the Company. and (ii) there are nineteen million, four hundred and one thousand and five hundred and eighty-one (19.401.581) shares issued by the Company held in treasury.

3.

Informthenumberofsharesthatmaybeacquiredorsold;

Considering the number of Shares comprising the Free-float, the Company may, at its sole discretion, in accordance with this Share Repurchase Plan and with Article 8 of ICVM 567/15, and by decision of its Board of Executive Officers, acquire in a single transaction or series of transactions, up to nine million, five hundred fifty-four thousand and three hundred and forty-one (9.554.341) shares, corresponding to 1.34% of the total shares of the Company and 2.76% of the shares comprising the free-float of the Company, therefore being less than ten percent (10%) of the free float.

4. Describe the main characteristics of the derivatives used by the Company, if any;

Not applicable, since the Company will not use any derivative instruments in connection with the Repurchase Plan.

5. Describe any agreements or voting instructions that exist between the company and the counterparty in the transactions;

Not applicable, since the repurchases will be carried out on the São Paulo Stock Exchange

(B3 S.A. - Brasil, Bolsa, Balcão S.A. - Securities, Commodities and Futures Exchange) and the Company has no knowledge of the identity of the counterparties in the transactions.

6. In the case of transactions carried out outside of organized securities markets, inform:

Not applicable, since the purchase transactions will be carried out on the B3 S.A. - Brasil, Bolsa, Balcão S.A. - Securities, Commodities and Futures Exchange, at market price.

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a. the maximum (minimum) price for which the shares will be acquired (sold); and

Not applicable, since the purchase transactions will be carried out on the B3 S.A. - Brasil, Bolsa, Balcão S.A. - Securities, Commodities and Futures Exchange, at market price.

b. if applicable, the reasons for carrying out the transaction at prices greater than ten percent (10%), in the case of acquisitions, or less than ten percent (10%), in the case of sales, than the average price, weighted by volume, in the last ten (10) trading sessions;

Not applicable, since the purchase transactions will be carried out on the B3 S.A. - Brasil, Bolsa, Balcão S.A. - Securities, Commodities and Futures Exchange, at market price.

7. Inform, if applicable, the impacts that the trades will have on the composition of the controlling group or the administrative structure of the Company;

Not applicable.

8. Identify the counterparties, if known, and in the case of parties related to the company, as defined by the accounting standards governing this matter, also provide the information required under Article 8 of Instruction 481 issued by the CVM on December 17, 2009;

Not applicable, since the repurchases will be carried out on the São Paulo Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão S.A. - Securities, Commodities and Futures Exchange) and the Company has no knowledge of the identity of the counterparties in the transactions.

9. Inform the use of the proceeds, if applicable;

The Company will not receive proceeds, since the shares acquired shares will be held in treasury to meet the exercise of the stock option programs of the Company, for subsequent sale, in public or private transactions (subject to the pertinent approvals), or cancellation.

10. Inform the maximum period for settlement of the transactions authorized;

The maximum period for effecting the purchase transactions is eighteen (18) months, starting on March 09, 2021 and ending on September 09, 2022.

11. Identify the institutions to act as intermediaries, if any;

Credit Suisse (Brasil) S.A. Corretora de Títulos e Valores Mobiliários, with its registered office located at Rua Leopoldo Couto de Magalhães Jr., nº 700, 10º andar (parte) e 12º a 14º andares (partes), São Paulo/SP - Brazil - CEP (Postal Code): 04.542-000, Taxpayer ID (CNPJ/MF): 42.584.318/0001-07.

12. Specify the resources available to be used, in accordance with Article 7, Paragraph 1 of Instruction 567 issued by the CVM on September 17, 2015.

The available capital and profit reserves were based upon the annual financial information ended December 31, 2020, calculated according to ICVM 567/15, with the amount of R$ 325.884.000,00 (three hundred and twenty-five million, eight hundred eighty-four thousand Brazilian reais).

13. Specify the reasons why the directors believe that the repurchase of shares will not adversely affect the performance of the obligations undertaken with creditors or the payment of the mandatory, fixed or minimum dividends.

The Board of Directors decided that the Share Repurchase Plan would encompass the acquisition of up to nine million, five hundred fifty-four thousand and three hundred and forty-one (9.554.341) shares, corresponding to 1.34% of the total shares of the Company and

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2.76% of the shares comprising the free-float of the Company, figures inferior to 10% (ten percent) of the free-float. Considering the weighted average stock quote in the last 30 days of R$ 15,00 (fifteen Brazilian reais), the amount to be used in the case of the repurchase of all shares would correspond to R$ 143.315.122 (one hundred and forty-three million, three hundred and fifteen thousand and one hundred and twenty-two Brazilian reais). Considering the overall assessment of Management regarding the financial situation of the Company, the Directors believe that the Share Repurchase will not adversely affect the performance of the obligations undertaken with creditors or the payment of the mandatory dividends.

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