BRF Day · 30+ in Brazil 40+ distribution centers in the world, 20 in Brazil 80+ years of history and tradition in the Brazilian market 5+ million tons of food produced/year Owner

BRF DayNew York, October 10, 2018

Disclaimer

This presentation may contain statements that express BRF S.A.

(“BRF”) management’s expectations, beliefs and assumptions about

future events or results. Such statements are not historical facts and

are based on currently available competitive, financial and economic

data of the industries in which BRF operates.

The verbs "anticipate", “believe", "estimate", "expect", “forecast",

"plan", "predict", “target”, ”aim”, ”seek” and other similar verbs are

intended to identify these forward-looking statements, which involve

risks and uncertainties that could cause actual results to differ

materially from those projected in this presentation and do not

guarantee any future BRF performance. The factors that might affect

performance include, but are not limited to: (i) market acceptance of

BRF’s products; (ii) volatility related to the Brazilian economy, as well

as the economies of the other countries in which BRF also has

relevant operations, the financial and securities markets and the

highly competitive industries BRF operates in; (iii) changes in

domestic and foreign legislation and taxation, as well as in

government policies related to the domestic and foreign animal

protein and related markets; (iv) increasing competition from

new entrants to the Brazilian and international markets; (v) ability

to keep up with rapid changes in the regulatory and technological

environments; (vi) ability to maintain an ongoing process for

introducing competitive new products and services while

maintaining the competitiveness of existing ones; (vii) ability to

attract customers in domestic and foreign jurisdictions. Other

factors that could materially affect results can be found in BRF’s

Reference Form and in the annual report on Form 20-F, as filed with

the U.S. Securities and Exchange Commission, particularly under

the “Risk Factors“ session.

All forward-looking statements in this presentation are based on

information and data available as of the date they were made and

BRF undertakes no obligation to update them in light of new

information or future development.

This presentation does not constitute an offer to sell or a

solicitation to purchase any security.

3

Safety Golden Rules

» Block sources of

energy before

starting any

intervention in

machinery and

equipment.

» Initiate work

with High-

Potential Risk

only with

Work Permit.

» Position

yourself safely.

» Use Individual

Protection

Equipment - IPE.

» Always work in

environments

under safe

conditions.

» Notify all

accidents.

» Drive vehicles

safely

» Operate industrial

vehicles safely.

» Keep Security

Devices on.

» Do not intervene

in moving

machinery and

equipment.

4

10:55h

Q&A

Agenda

PEDRO PARENTE - OPENING

09:10 h

LORIVAL LUZ – STRATEGIC PLAN

09:30 h

SIDNEY MANZARO - BRAZIL

09:50 h

10:10 h

PATRICIO ROHNER - HALAL

VINICIUS BARBOSA - OPERATIONS

& INTEGRATED PLANNING

10:40 h

PEDRO PARENTE – CLOSING

11:55 h

Q&A

10:25 h

ELCIO ITO - INTERNATIONAL

CLOSING

12:00 hEND

Pedro ParenteGlobal CEO

6

Organizational

Health

Stable and

functional

governance,

focused on culture

and talent retention

Disciplined

Execution

Development of

sound processes

rigorously

executed

Our commitment: Consistent and sustainable value creation and

return to shareholders

Fundamental

Responsibilities

▪Safety,

integrity

and quality

Consistent

Strategy

… adherent to

our business,

leveraging our

strengths

7

Dan Ioschpe(independent)

Flávia Almeida(independent)

Francisco Petros(independent)

José Osorio(independent)

Luiz Furlan(independent)

Roberto Mendes(independent)

Roberto Rodrigues(independent)

Walter Malieni

Chairman

Pedro Parente

Vice-Chairman

Augusto Cruz(independent)

Fully aligned Board of Directors with a key role in defining our strategy

8

Global CEO

Pedro Parente

Global COO

Lorival Luz

Brazil

Sidney Manzaro

International

Simon Cheng

Halal

Patrício RohnerFinance & IR

Elcio Ito

Strategy, Management

& Innovation

Rubens Pereira

Institutional, Legal

& Compliance

Bruno Ferla

HR & Shared Services

Alessandro Bonorino

Operations & Supply

Vinicius Barbosa

Integrated Planning & LogisticsLeonardo Dallorto

Quality, R&D and SustainabilityNeil Peixoto

Highly experienced management, with long term commitment

MarketsOperations, Planning

& QualityCorporate

9

The pillars of our strategy are based on

SAFETY INTEGRITY QUALITY

10Source: Watt Global Media (2015)

35

20

2

3

9

8

11

1

5

1

1

4

11

1

51

1

1

1

One of the most relevant international food companies with a global reach

50+ plants

in the world,

30+ in Brazil

40+ distribution

centers in the world,

20 in Brazil

80+ years of history and tradition

in the Brazilian market

5+ million tonsof food produced/year

Owner of the

most valuable

food brands in Brazil

Largest exporterof chicken in the world

2nd largest

chicken producercompany in the world

Largest producer of pork, turkey and

chicken in BrazilInternational Operations

Productivity units

Distribution centers

11

50+ plants where the

optimization and

synchronism of the

entire value chain

and livestock is

crucial

Agricultural

OperationIndustrial

Operation

External

Markets

Brazilian

Market

Long and live

chain with

~12,000

integrated

livestock producers

Our strategy focuses on strengthening our business pillars

~50%

of revenues,

leader in

key categories, with

iconic brands

Sales to

+140 countries,

mainly to

Halal and Asian markets

12

» Integration

between

strategic

planning and

budget

» Deployment of

methodologies and

processes such as

ZBB, operational

excellence and lean

organization

» Cascading

down budget

targets up to

the

execution

level

» Discipline and rigor in

the execution of the

annual plan

» Target-Driven

Management System

» Monthly monitoring

on all execution levels

» Ensure the strategy

will be known at all

levels

» Knowledge

management and

process

innovation

Our Management System will be critical for the strategy implementation

13

Our strategy will be executed in waves

Seek inorganic growth while

maintaining rigorous execution and

delivering margins above historical

levels

Consolidate fundamentals,

combining leadership,

innovation and financial strength,

reverting margins to historical levels

Focus on operational excellence and

development of a high-performance

organization aiming at reversing declining

margins

With safety, integrity and quality

2020 2021-20232019

Lorival LuzGlobal COO

15

The strategy has 5 levers to deliver consistent and sustainable value

creation and return to shareholders

» Financial

discipline

» Operational

excellence

» End-to-end

value chain

optimization

» Addressable

markets

» High

performance

organization

With safety, integrity and quality

16

Resume Dividend

payments

Gross

and EBITDA

margins

above historical

levels

Net leverage at

1.5x – 2.0x

ROIC

above

cost of

capital

Resilience to cycles

Financial discipline

17

» Focus on brands, innovation and commercial/operational excellence

» Potentialize processed foods and achieve profitability in in natura

Transform food service into a strategic platformBra

zil

Ha

lal

Inte

rna

tio

na

l

Addressable markets

» Consolidate leadership in Saudi Arabia and GCC

» Scale up our successful local production in Turkey

» Expand access to markets

» Globalize - consolidate local presence

» Develop the Ingredients business

1 Gulf Cooperation Council

Volume growth with margin expansion

18

End-to-end value chain optimization

SUPPLY DEMAND

» In natura cuts

» Whole chicken

» FPP

» Cooked

» Baked

» Brazil

» Asia

» Halal

» Americas

» Africa

Maximize the results of our value chain extracting the full value of each

animal through the "push and pull" management,

in which the whole prevails over the parts

19

Operational excellence

Procurement as a key tool for value generation

Strengthen processes to reduce direct and indirect costs

Reduce losses

Optimize capacity utilization

Routine management focused on safety, quality and integrity

Be a global benchmark in operations

20

High-performance organization

Be a benchmark in governance and management

practices

Develop and retain talents and knowledge

Executive compensation aligned with shareholders

interests

Stability and strengthening of the culture

Sidney ManzaroVP Brazil

22

6 opportunities in Brazil

Brands Processed and

Margarines

In Natura Food Service InnovationExcellence

in Execution

23

Increase preference, define brand positioning and

expand the portfolio of our brands

“The best is inside”*

“A table plentiful of people is joyful,

and a plentiful table is Perdigão”*

“BRF quality”* “Everything good deserves to be

spread”*

Sadia is for

everyone

For those who see

food as a way of

bringing people

together

Smart choice where

Sadia and Perdigão

are not present

Incomparable flavor

+ variety

Brands

* Marketing slogans – free translation

24

Sadia is for everyone

For everyone who values food as a

moment of care, who is concerned

with quality and convenience

For those who believe that eating together nurtures delightful

relationships. For those who are concerned with the best food

can offer: pleasure and togetherness

Brand positioning

19%

BALANCE

SUSTAINER

18%

PLEASURE

EATER

27%

CONVENIENCE

SEEKER

19%

LEISURE

COOKING

17%

FRESH & NATURAL

MAXIMIZER

100%

64%

Brands

For those who see food as a way of

bringing people together

25

Cold cuts

Frozen food

Processed

Margarines

Processed &

margarines

Bolster growth

in categories in

which we operate,

with brands and

innovation

» Grow volume and triple the share of

sliced products to ~25% of portfolio

» 51% market share

» Evolve through innovation,

reaching 20% of revenue» 50% market share

» Increase profitability through

growth leveraged by new products

» 59% market share

» Grow with value added insausages and franks

» 40% market share

26

Add convenience with focus on

higher value-added packages

Stimulate consumption and innovate

with value-added products

Boost growth with new value-added

products such as Assa Fácil ready-to-

bake line

In Natura

Poultry

“Easy Bake”

Pork

Consolidate

leadership

and achieve

profitability in

in natura

20% market share

27

Food service

Transform

Food Service

into a

strategic

platform

Lead Regional Key Accounts strengthening branding,

trade and innovation

Grow at the small food-cart operators through business

capillarity and commercial execution

Expand partnerships and develop new channels

offering a full solution at the point of sale

Increase our participation in Global Accounts focused on

innovation and service level

Integrate food service as an alternative to optimize

supply chain

28

Reach

300,000 clients

Commercial Excellence

Increase

client productivity

by 25%+

Commercial

efficiency as

competitive

advantage

» Qualify the team and

retain knowledge

» Cutting-edge

technology for best

pricing and execution

» Strengthen our

culture of excellence

29

Achieve higher

efficiency in

transportation,

storage and

logistics network

Secondary Logistics

» Improvelogistics and

tax efficiency

» Increase

asset

turnover through

productivity

» Raise

service

level

» Redesign direct

sales process to

reduce cost to serve

» More

efficient

and

streamlined

operation through lean

methodology

30

Reach ~10% of

revenue until 2023

Innovation

Ensure

innovation as a

core directive at

all business

levels

Be the leader in our

categories and have our

clients and consumers at

the center of everything

we do

Patricio RohnerVP Halal

32

Middle East

and North of

Africa

~450MM

GCC1

~50 MM

The rest of

the world

~600 MM

South and

East of

Asia

~900 MM

The Halal market is a region of a fast-growing population and accounts for

~2 billion people around the world

1 Gulf Cooperation Council

Source: Pew Research Center (2015); team analysis

Population growth

Bn, number of peopleCAGR

2000-2030

2010

21%

79%

2000

Non-Muslims

2020

Muslims27%

73%

2030

6.1

8.3

1% p.a.

1.8%

0.8%

GDP per capita

K USD/year

CAGR

10-2020

13,5

18,6

10,4

15,1

2010 2012 2014 2016 2018 2020

Non-MuslimsMuslims

3.8%

3.3%

33

Recent changes in the region created a new dynamic in the GCC

BRF is the largest

exporter to GCC...

Local production

increased due to

advance of

technology and

government

incentives...

…food security

generates

investments to

expand capacity

in the poultry

segment

34

BRF is well established with relevant competitive advantages

in the Halal market

~40% to come from local production

~7,000 people in local

operations

6 plants(Turkey)

1 plant(UAE)

1 plant (Malaysia)

35

Our competitive advantages in the Halal market

» Fully integrated supply chain

» Focus on value added

» Brands’ strength

» Fully owned distribution

» Local management

36

Strengthen

global leadership

in Halal proteins

Consolidate our leadership in Saudi Arabia,

through local production

Leverage our leadership in GCC through

value added products

Consolidate our leadership in Turkey,

growing our local production

37

We will increase our leadership in GCC through value-added products

Processed products

volume should double

by 2023

» IQF

» Frozen-thaw, portioned,

seasoned, calibrated

» Cooked & Breaded

» Burger

% share of

processed products,

increase by 2023

Reach

leadership

in FPP

Trade-up of

in naturaproducts

» Trays

2023LTM2Q18

10% 20%

38

» Strengthen

local operation

» Capture chilled

food market

Keys to preserve

our leadership in

Saudi Arabia

▪ 40% of total

consumption

▪ Growing faster

than frozen market

Significant price

premium

compared to

frozen market

Chilled market in

Saudi Arabia

Leverage our brand with innovation, distribution and expertise in local

production, which will lead the expansion in the Saudi Market

84% 80% 82%

22202017 18 19 202321

51%

Local production Imports

49% 43%

2017

57%

18 19 20 21 22

40%

60%

2023

Saudi Arabia imports vs local production %

Brazil’s share in Saudi Arabia imports %

39

EBITDA and EBITDA Margin, TL million

92130 106

262

2013A 2014A

469

2Q18LTM2015A 2016A 2017A

EBITDA

6%

x Average EBITDA in the period344

14%

Turkey accounts for

~20% of

BRF Halal’s

revenues

The Turkish market

is the world’s

largest Halal

market,

and offers

growth potential

(~3.4% p.a.)

Turkey

Egypt

Iraq

Well-executed integration in Turkey

Elcio Ito - CFO

International Markets

41

Present over 90 countries

International Brazil Halal

» Optimize value chain• Higher profitability

• Lower risk

» Profitable growth• New Categories and Channels

• Local presence

42

Expand market

access

Develop

Ingredientsbusiness

4 key levers

▪Developportfolio of

▪value-addedproducts

Consolidatebasis for future

growth with local

presence

1 2 3 4

43

Expand

market

access

Optimize portfolio

» Leverage synergies across all markets: Brazil,

Halal and International

» Develop products and specifications for the

broadest number of markets

» Establish flexible production lines to allow for

agility of allocation across markets

Markets access

» Open new markets and certify plants and

portfolio1

44

Develop

portfolio of

value-added

products

Qualify and increase product portfolio, focusing on

growth and differentiation in selected categories and

markets, e.g.

» Pork meat cuts to end-user

» Cooked and coated chicken

» Margarines and read-to-eat

2

45

» Get ready for a new international expansion

moving downstream

» Expand processing and distribution operations

via partnerships with local operators

Grow local

footprintDistribution Local sales

3

Consolidate

basis for

future

growth with

local

presence

46

11

3

5

2017 Global

MarketUSD billion

CAGR 2018-2023

%Segments

Feed

Food

Fertilizers

9Pharma

4

Source: BRF and QY Research

Ingredients price → 7-10 times higher than other alternatives

» Profitable Growth

» Innovation &

Differentiation

» Optimization &

Flexibility

» Sustainability

Develop

Ingredients

business27

7

8

98

Vinicius Barbosa VP Operations & Procurement

48

Grains

Direct and

indirect

procurement

Manufacturing:

excellence in

operations

Integrated

Planning

To pursue operational excellence as a competitive advantage,

we will work on four coordinated fronts

1 2 3 4

49

Results

People

En

vir

on

me

nt

Sa

fety

Qu

ali

ty

Ma

inte

na

nc

e

Op

era

tio

ns

Management

Management system implementation» Ensure Safety, Quality and Integrity

for 67,000+ employees in operations

» Reduce Losses/Energy up to 20%

» Improve production efficiency

up to 30%

» Implement and execute

ZBB in all operational stages

(agriculture and industry)

» Excellence in the partnership with

integrated producers

Operational management system, supported by technology,

to be one of the main efficiency leverages

Increase automation and technology

1

‘

50

» Implement Value

Engineering and Global

Sourcing

» Increased use of e-auction

(greater than 50% of items

purchased via auction)

» Increase payment terms

and optimize inventory

control of materials

» Increase

procurement

coverage

Procurement

Reduce

procurement

costs by

improving our

current practices

and seeking cost

efficiencies

» Ensure ZBB implementation

and execution to ensure cost

reduction with control of

prices and demand

2

» Reduce negotiations

with restricted and

exclusive suppliers

51

» Broaden alternative sources for our feed

» Increase storage capacity in specific

regions

» Increase logistics productivity

Grains

Efficiency in the grain

procurement

process,

leveraging our

footprint geography

while seeking

commercial and

logistics excellence

3

» Use of advanced technological

commercial tools

52

Integratedplanning

process to

maximize end-

to-end value

chain

» Dynamic S&OP

to ensure

push AND pull

execution at the

inventory level

» Productivity and

efficiency gains

Integrated

Planning

» Optimize the

planning model

(demand,

production and

supply) to ensure

both a superior

service level and

profitability

4

Integration and visibility of the entire

value chain

Service

LevelsInventories Logistics

Q&A

Pedro ParenteGlobal CEO

Thank you