NOTICE TO SHAREHOLDERS
DIVIDEND PAYMENT

We hereby inform our shareholders that the Company's Annual General Meeting of April 17, 2014, approved Management's proposal for the payment of mandatory dividends, subject to the following conditions:

1. Shareholders registered as such on April 17, 2014, the date on which the dividend payment was approved by Company's Annual General Meeting, shall be entitled to said payment.

2. The total dividend amount is R$ 20,305,781.73 (twenty million, three hundred and five, seven hundred and eighty-one Reais and seventy-three centavos), equivalent to R$ 0.10944582 per share.

3. Payment Date: as of May 7, 2014.

4. Company shares will be traded ex-dividend as of April 18, 2014, inclusive.

5. Payment will be credited to the bank accounts of those shareholders whose bank details are registered with Banco Bradesco S.A., the depository institution for the Company's shares, as of the initial payment date.

6. Those shareholders whose registration does not contain their corporate or individual taxpayer's numbers (CPF/MF or CNPJ/MF, respectively), or their Bank/Branch/Current Account details will only be credited as of the third business Day following the updating of said information in the electronic files of Banco Bradesco S.A., which may be effected in any Bradesco branch, or by correspondence addressed to Banco Bradesco S.A..

7. In the case of shareholders whose shares are held in custody by the CBLC (Brazilian Clearing and Depository Corporation), the dividends will be paid to the CBLC, who will transfer the funds to the shareholders through their respective brokers.

To access the Notice to Shareholders, click here.

For further information, contact Investor Relations:

Investor Relations:
Phone: +55 (11) 2109-3121 / 6269
E-mail: dri@marisa.com.br
Website: www.marisa.com.br/ir

About Marisa:
Marisa is the largest women fashion retailer in Brazil focused on the Brazilian emerging middle class. The Company has 410 stores and sales area of 416,7 thousand square meters, with presence in all Brazilian States. Founded over 60 years ago, Marisa is a strongly recognized brand in the market. The Company's business model is based on multi-format stores - Marisa Expanded Mix, Marisa Feminine, Marisa Lingerie - evenly distributed between street stores and shopping mall stores, which provide great flexibility for growth, besides e-commerce and direct sales channels that contributes to reach our customer all over the country. Additionally, Marisa operates a financial services platform that provides financing to its retail customers.

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