Marfrig Global Foods S A : Fiscal Council Report - 2020 Financial Statements Approval

MARFRIG GLOBAL FOODS S.A.

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

Company Registry (NIRE) 35.300.341.031

Publicly Held Company

FISCAL COUNCIL´S OPINION

The Fiscal Council analyzed the Financial Statements and corresponding Explanatory Notes, the Annual Management Report, and the Independent Auditors' Report for the fiscal year ended on December 31, 2020. Throughout the year, the Fiscal Council followed up the Company's reporting work through interviews and requests for clarification on the understanding of relevant accounting, equity and management issues, in sessions with representatives of the Company's Management about: a) the disclosures to shareholders, including the quarterly reports with the presence of the Independent Auditors; b) evaluation of the assumptions and judgments made by Management regarding possible impacts of COVID-19 on the Financial Information; c) the assumptions and calculations related to the impairment evaluations; d) the partnership between Marfrig and Archer-Daniels-Midland Company "ADM" in the incorporation of PlantPlus Foods LLC, a joint venture for production and commercialization of vegetable-based products through the retail and food service channels in the South and North American markets; e) advances in sustainability with: i) the launch of the Marfrig Green+ Plan, whose goal is to ensure that 100% of the production chain is sustainable and deforestation-free over the next ten years; ii) joining B3's Corporate Sustainability Index (ISE) and Carbon Efficient Index (ICO2); iii) joining the group of signatories of the United Nations (UN) Global Compact, an initiative aimed at encouraging companies to adopt corporate social responsibility and sustainability policies; f) at the end of 4Q20 the Company had a leverage ratio measured by the ratio between net debt and EBITDAAj (last 12 months) of 1.60x in dollars and 1.57x in reais; g) issuance of US$ 1.5 billion in senior notes (bonds) with maturity in 2031 were issued with an interest rate of 3.95% p.a. CONCLUSION: Based on this work and evidence and in view of the understandings held and the Report issued by Grant Thornton Auditores Independentes, the members of the Fiscal Council are of the opinion that the Financial Statements and corresponding Explanatory Notes and the Annual Management Report for the fiscal year ended on December 31, 2020, are adequately presented and in conditions to be appreciated by the Company's shareholders, at the Annual General Meeting.

São Paulo, March 08, 2021.

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MARFRIG GLOBAL FOODS S.A.

Supervisory Board's Opinion - Financial Statements of 2020

_______________________________	_______________________________
Eduardo Augusto Rocha Pocetti	Axel Erhard Brod
President	Effective Member

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Ricardo Florence dos Santos

Effective Member

MARFRIG GLOBAL FOODS S.A.

Supervisory Board's Opinion - Financial Statements of 2020

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