Minerva S A : Notice to the Market - Bond 26 Make Whole and Liability Management Settlement

Notice to the Market

Minerva S.A.('Minerva Foods' or 'Company'),the South American leader in beef exports, informs its shareholders and the market in general that in addition to the Notice to the Market released on April 1st, it redeemed through the make-wholeoption, on 04/30/2021, all and any outstanding 2026 Notes.

This procedure is part of the liability managementprocess at Minerva Foods, aimed at extendingthe debt profile, reducinggross debt and the cost of the Company's capital structure. This process began with the tender offering of bonds abroad, in the total amount of US$1.0 billionwith maturity in 2031and an interest rate of 4.375% p.y.The resources of this issue were used for the anticipated repurchaseof 75.81%of the outstanding balanceof the 2026 Notes, which had an interest coupon of 6.500% p.y. This movement implied a reductionof more than 200 bps, in US dollars, in the annual cost of this portion of the debt. The remaining 24.19%outstanding was redeemed on 04/30/2021, through the make-wholeoption.

Additionally, and as announced in the Notice to the Market of 04/19/2021, in another initiative of liability management, we concluded the 10th simple Debenture issuein the amount of R$1.6 billion. The 1st seriestotaled R$1.2 billion, maturing in 7 years, with remuneration of 5.5034% p.y., adjusted by the IPCA consumer price index, and the 2nd seriestotaled R$400 million, maturing in 10 years, with remuneration of 5.5780%p.y., adjusted by the IPCA consumer price index. The Company chose to swapthe index, so the instrument's final cost will be approximately 128% of the CDI ratefor both series. The proceeds of this transaction will be used to reinforce Minerva Foodscapital structure, focusing on reducinghigh-cost debt in foreign currency. Therefore, we expect an additional reduction of approximately 250 bpsper year in the debt cost of this installment.

As a result of these initiatives, Minerva FoodsManagement reiterates its commitment to financial discipline and to pursuing a healthier capital structure, less expensive and with a lower risk profile, in line with our strategy of generating value.

The Company maintains its commitment to inform shareholders and the market in general about the progress of this and any other matters of interest.

To access the full Notice to the Market, click here.