Overview Key strengths Key risks More than 50% ownership of BRF provides business diversification and increased brand recognition. Exposure to commodity-price and exchange rate volatility, as well as sanitary controls on exports. Healthy margins in South America (including BRF) with lower cattle and grain costs, which are improving profitability in those businesses. Low margins in National Beef due to higher cattle costs. Sound liquidity, including a revolving credit facility at National Beef. Higher leverage and interest burden in the past 12 months. Shareholders' commitment to reduce leverage. History of aggressive mergers and acquisitions (M&A). Marfrig started acquiring BRF?s shares in May 2021, and since then it spent more than R$13 billion to achieve a 50.06% controlling stake in BRF. It
