Minutes Of A Meeting Of The Executive Board

Data:	19/01/2017
Veículo:	Jornal Monitor Mercantil / DORJ

MONTEIRO ARANHA S.A.
CNPJ 33.102.476/0001-92
Publicly Listed Company
NIRE 33300108611

At 3 p.m. on January 18, 2017, most the members of the Executive Board of MONTEIRO ARANHA S.A. met at the company's headquarters, located at Av. Afrânio de Melo Franco No. 290 – Suite 101A, Leblon, RJ.
Mrs. CELI ELISABETE JULIA MONTEIRO DE CARVALHO presided over the meeting as Chairman, inviting Mr. JOAQUIM PEDRO MONTEIRO DE CARVALHO COLLOR DE MELLO to act as secretary.
The Chairman informed all those present that the meeting had been convened for the purpose of deliberating on, in accordance with the powers granted it by Article 25. sole paragraph, of the company bylaws, subject to a vote at a general shareholders meeting, the distribution of interest-on-equity in the amount of R$ 15,000,000.00 in the ratio of R$ 1,224367759 per share, with income tax retained at source in accordance with the legislation in force, except for those shareholders who are able to provide proof of their exemption or immunity. The amount paid, in the form of interest- on-equity, net of income tax retained at source, will be included as part of the minimum obligatory dividend.
The motion having been put to the vote, the distribution of interest- on-equity to those shareholders holding shares issued by the company as at 23/01/2017, was approved unanimously. The shares will trade ex-dividend on BM&FBOVESPA with effect from 24/01/2017. Distribution of payment will be made starting from 03/02/2017, observing the procedures set out in the ""Notice to Shareholders"", to be shortly published in the press. There being no further business to attend to, and with no one wishing to make any comments, the meeting was declared closed; the meeting minutes, having been duly written up in the record book, were read and approved, and were duly signed by all those Directors present. CELI ELISABETE JULIA MONTEIRO DE CARVALHO, SÉRGIO FRANCISCO MONTEIRO DE CARVALHO GUIMARÃES and JOAQUIM PEDRO MONTEIRO DE CARVALHO COLLOR DE MELLO.

Rio de Janeiro, January 18, 2017.

Celi Elisabete Julia Monteiro de Carvalho
Presided

Joaquim Pedro Monteiro de Carvalho C. de Mello
Secretary