Marfrig Global Foods : Clarifications on CVM/B3 queries

Public Corporation

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

Company Registration (NIRE): 35.216.957.541

MARFRIG GLOBAL FOODS S.A. ("Marfrig" or "Company"), in accordance with Article 157, Paragraph 4 of Federal Law 6,404/76 and with Instruction 358/2000 issued by the Securities and Exchange Commission of Brazil (CVM), in response to Official Letter 1430/2017-SAE dated August 21, 2017 by BM&FBOVESPA S.A. - Securities, Commodities and Futures Exchange requesting clarifications about the news article published in the newspaper Valor Econômico on the same date, entitled "Frigoríficos buscam saídas para reduzir alavancagem" [free translation: Meatpackers seeking alternatives to deleverage] (Appendix I), hereby informs its shareholders and the general market the following:

According to said article: a) the Company wishes to achieve a leverage ratio of 2.5 by the end of 2018; and b) the reduction in Marfrig's leverage ratio would be achieved through the proceeds from the initial public offering of Keystone Foods, expected by the end of 2017.

Regarding the leverage ratio mentioned in the article, the Company reminds that the subject was addressed in the Notice to the Market of March 3, 2015, which informed that the financial leverage ratio (close to 2.5) is a long-term goal that the Company expects to achieve by 2018, which was also disclosed in the Public Meeting with Analysts ("Marfrig Day") held in October 2013. Such information was expressly stated on page 66 of the presentation made in said event and made public through the Regular and Special Information (IPE) system of the Securities and Exchange Commission of Brazil ("CVM"), under 'Notice to the Market', and on the Company's Investor Relations website, as follows:

Said leveraging aspiration was replicated, literally, on page 74 of the presentation for the Public Meeting with Analysts ("Marfrig Day 2015") held on March 2, 2015, jointly with the reporting of results for the fiscal year ended December 31, 2014. Both presentations were broadcast live over the Internet, in audio and video, and are available via webcast on the Company's website. All files pertaining to the Marfrig Day 2015 presentations were also made public through the IPE System and on the Company's IR website. Furthermore, all of the Public Meetings held by the Company are scheduled in advance on the calendar of corporate events, as required by the Novo Mercado Regulations, and were preceded by the sending of invitations to investors and market agents.

Regarding the project of taking Keystone Foods public, the Company informed, in a material fact notice released on May 11, 2017, that its subsidiary Keystone Foods had submitted to the Securities and Exchange Commission (SEC) a confidential Form F-1 to register for the Initial Public Offering ("IPO") of its shares in the United States. Said material fact notice also stated that: a) Marfrig intended to sell part of its equity interest in Keystone in the IPO; and b) the conclusion of the IPO process is subject to review by the SEC and to market conditions.

Therefore, all information concerning the initial public offering of Keystone Foods, the divestment of part of Marfrig's interest in connection with Keystone's IPO, and the Company's long-term goal to reduce its leverage ratio, including in a possible scenario after the IPO, have all been made public and available to the market. Regarding the possible timeframe of the IPO by the end of 2017, that is an aspiration of the Company, but which is - in accordance with the unamended material fact notice of May 11, 2017 - subject to the review of the SEC and to market conditions. Any changes in the conditions presented in the aforementioned material fact will be duly informed to the market through a new material fact notice, as required under CVM Instruction 358 dated January 3, 2002.

São Paulo, August 22, 2017

Chief Financial and Investor Relations Officer