展覽11.1

行爲準則

brasilagro - 巴西農業財產公司

brasilagro應以誠信和誠實的方式開展業務活動，這要求其業務和日常關係必須嚴格遵守所有適用的法律法規，符合最高的道德標準。

brasilagro必須致力於持續改進，並遵守當前的環保母基法律法規。

這段代碼靈感來源於內部和外部關係中的誠信、透明度和互惠原則，通過廣泛有效的溝通強調其價值觀，並遵循國家和國際標準及規定。

brasilagro的董事會成員、高級管理人員和員工在與客戶、投資者、供應商、政府機構和傳媒代理以及任何其他實體或個人的互動中，均應誠實、正直和負責任地開展工作。

本準則提供了一系列關於被接受和預期的個人或業務行爲的廣泛指導；但是，考慮到企業關係中可能面臨的所有可能情況是不可能的。因此，該準則並不取代每個人謹慎行事並在必要時尋求有關應遵循的最佳行爲的諮詢的責任。

如果有任何疑問，brasilagro董事會成員、高級管理人員和僱員必須向倫理委員會成員尋求指導。除了定期提供關於遵守本行爲守則規定的培訓外，倫理委員會還將爲您提供答疑解惑，爲您提供建議，同時也會接收關於可疑違規行爲的報告。與本行爲守則有關的倫理委員會的溝通必須直接進行，或通過公司提供的保密方式進行。

根據這個法規，brasilagro的董事會成員、高級管理人員和僱員需要：

有一些具有機密性質的信息，例如與業務相關的信息、業務前景的投資、尚未披露的基本報表、任何類型重要資產的購買和出售、可能導致對基本報表產生重大影響的訴訟的數據和事實、我們客戶的數據、內部流程、政策和組織問題等，應該被保護並妥善使用。這些信息只能用於擬議的目的，並且不應該與不需要它來完成任務的外部人員或任何員工分享。應該避免意外的泄露。

brasilagro與媒體之間的關係應建立在透明、可靠和信任的基礎上，始終考慮道德價值觀。brasilagro的廣告和促銷活動應該傳達清晰誠實的信息，不能被投資者、客戶和/或供應商誤解。

brasilagro的董事、高管和員工有責任保護公司的資產，確保其有效利用，不得擅自將這些資產用於不當方式或與工作任務無關的目的，除非得到直接上級的明確授權。brasilagro的資產只能用於合法和恰當的目的。

任何因爲與brasilagro的關聯或工作關係或提供給brasilagro的服務而產生的發明、模型、文章、演示文稿、備忘錄、軟件或網站均爲brasilagro的專屬財產。

brasilagro的董事會成員、高管和員工必須遵守公司的政策、程序和內部控制。此類控制程序包括但不限於：密碼的使用（個人且不可轉讓）；信息的訪問、使用和提供；授權和批准；資源和其他自有資源的管理；操作記錄；以及涉及對第三方承擔義務的事項。

巴西聯邦法第12,846號， 所謂的反腐敗法，於2013年8月1日獲得批准，旨在打擊腐敗，鼓勵採取 確保公司透明度的做法。該法詳細規定了法人主體在行政和民事領域的客觀責任， 因違反國內或國外公共管理而採取的措施。

《反腐敗法》自2014年1月29日生效以來，認爲以下行爲有害於公共行政：(i) 主動腐敗；(ii) 對非法行爲的資助；(iii) 政治競選資金的不正當行爲；(iv) 公共投標中的欺詐行爲；(v) 從與公共行政機關訂立的協議中獲取不當優勢或利益；以及(vi) 操縱與公共行政機關訂立的協議的經濟財務平衡。

所有員工必須立即通過公司提供的機密途徑，或直接向道德委員會通報，一旦了解到由brasilagro的任何員工、執行官、董事會成員、顧問、供應商或業務夥伴所犯的上述反腐敗法和/或本行爲準則規定的任何違規行爲。

儘管反腐敗法和本準則的規定，但是員工如果違反其中規定，可能在行政、民事和刑事領域承擔個人責任。

brasilagro致力於簽訂合同並促進員工，考慮到職位所需的資格和經驗，旨在通過平等、可靠、寬容和尊重促進其員工的發展。

brasilagro致力於通過採用最佳實踐創新來發展其業務，在環境保護方面做出承諾。它致力於在資源效率和增加生產力之間取得平衡。它重視與員工和所在地區社區的關係。它進行長期規劃，旨在以可持續的方式發展，致力於爲後代保存。brasilagro參與了一場文化變革過程，並與其互動的人們共享這一過程。

Brasilagro is also committed to promote secure and hygienic working conditions to its employees. It is each employee’s duty, however, to comply with security standards and procedures, labor health and hygiene, assuming with responsibility the necessary guidelines to protect his coworkers and himself. All the employees must immediately inform Brasilagro’s Ethics Committee of any accident, unsecure labor practice and/or condition, either directly or through the confidential means made available by the Company.

The operations of Brasilagro are conducted in accordance with the international ethical standards, regulations and principles, including, among others, responsibility, honesty, and integrity. Brasilagro provides its shareholders transparent, true and accurate information of its results, financial statements, and other information that allows them to follow the Company’s activities and the performance, always in strict conformity with the standards of the Brazilian Securities and Exchange Commission - CVM, of SEC - Securities and Exchange Commission and other applicable regulations.

Should any board member, executive officer employee, service provider or client become aware or suspect of any breach to applicable law or regulation, of the Code or any policies, procedures or internal control of Brasilagro, such breach/infringement or questionable conduct shall be immediately reported to the Ethics Committee directly or by means of the Reporting Channel. It is an additional channel to send reports or complaints, wherein anonymity is guaranteed, if the whistleblower so wishes, through a telephone exchange or the Internet, coordinated by an outsourced company specifically contracted for this purpose. Reports submitted by the contracted company are processed and a report is sent to the Ethics Committee.

Nobody will be subject to retaliation due to a report in a good faith, which respects the right and the right to privacy of those people involved, under suspicious of infringement or questionable conduct.

All the reported infringements shall be promptly inspected and treated as confidential. It is essential that those reporting infringements do not conduct their own preliminary investigation. Investigations about alleged infringements may involve complex legal issues, and by acting on his own may commit the integrity of the investigation and adversely affect both the one reporting the fact and Brasilagro.

Board members, executive officers and employees who have and/or trade shares or any other security issued by Brasilagro, of competitor companies and/or companies with which Brasilagro maintains business relationship should strictly notice the Trading Policy with Marketable Securities Issued by Brasilagro.

Divergences and disputes resolutions among the board members, executive officers, and/or employees of Brasilagro arising from this Code are the Ethics Committee competence, which is also responsible, in cases of breach to the Code, for determining the applicable disciplinary sanctions.

The Ethics Committee is composed by two instances, as follows: (a) the First Instance is responsible for the resolution of issues related to the Code involving employees of the Company; and (b) the Second Instance is responsible for the solution of issues related to the Code involving board members and executive officers of the Company.

The members of the second instance of the Ethics Committee shall be appointed by the Board of Directors, while the members of the first instance of the Ethics Committee shall be appointed by the second instance of the Ethics Committee.

Any change to this Code should be proposed by the First Instance of the Ethics Committee and submitted to the approval of the Second Instance of the Ethics Committee.

Renouncements to the Code may only be granted by the Second Instance of the Ethics Committee.

The introduction to Brasilagro’s code of conduct is made by the occasion of the hiring of an employee and at each amendment to said Code. In addition, on a yearly basis, the code of conduct is electronically sent to employees and made available on the Company’s website so that other affected members have knowledge thereof.

All Brasilagro employees are required to read the Code and sign the delivery receipt, whereby they accept and undertake to act in accordance with the Code.

Violations to the Code are subject to sanctions under labor law, including termination of employment contract by fair dismissal, without prejudice to civil or criminal actions applicable to the behavior.

No board member, executive officer or employee of Brasilagro shall:

Only in the following situations may board members, executive officers and employees accept or offer benefits to or from other board members, executive officers and employees, suppliers, clients, government authorities: Christmas, social event or special occasion, such as: promotion, graduation, anniversary, wedding, child’s birth, retirement, etc., provided that such benefits do not exceed in their whole the amount established in the fiscal year, according to Annex I hereto, or that their acceptance/ offer be an usual practice among the employees of the organization.

Non-compliance with this Code will be judged by the Ethics Committee and violators will be subject to due punishment.

ANNEX I TO THE CONDUCT CODE OF

BRASILAGRO COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

The benefits, individually or in its aggregate value, cannot exceed the amount of five hundred Brazilian Reais (R$ 500, 00), which limit shall be effective during the financial year of the Company.

ANNEX II TO THE CONDUCT CODE OF

BRASILAGRO COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

Members of the Ethics Committee

First Instance:

Gustavo Lopez

Mariana Rezende

Wender Vinhadelli

Second Instance:

Alejandro Gustavo Elsztain

Saul Zang

André Guillaumon