Minerva : Notice to the Market - Disposal of Shareholding BNP Paribas

Minerva S.A. ("Minerva" or "Company"), one of the leaders in South America in the production and sale of fresh beef, live cattle and cattle byproducts, with operations also in the beef, pork and poultry processing segments, in compliance with Article

12 of CVM Instruction 358 of January 3, 2002, as amended ("ICVM 358/02"), informs its shareholders and the market in general that BNP Paribas Asset Management Brasil Ltda, in the quality of manager of many investment funds and accounts, sent to the Company, in compliance with article 12 of CVM Instruction 358/2002, a letter informing the disposal of a relevant interest in the Company, as presented in Exhibit II attached to this notice. The Exhibit I submits a full transcription of the letter.

Barretos, November 16, 2017.

São Paulo, November 16, 2017. To

Rua Leopoldo Couto de Magalhães Júnior, 758 - 8º andar - Conjunto 82 - Itaim Bibi

CEP 04542-000 - São Paulo - SP

C/O: Eduardo Puzziello - Investors Relations Officer

Dear Sirs,

BNP PARIBAS ASSET MANAGEMENT BRASIL LTDA. ("MANAGER"), headquartered at

Av. Presidente Juscelino Kubitscheck, nº 510, 14º andar, in the city and state of São Paulo, inscribed in the roll of corporate taxpayers CNPJ/MF under number 02.562.663/0001-25, duly authorized to provide securities' portfolio management services in accordance with CVM Declaratory Act no. 5,032, of September 3, 1998, it's the present to inform that in November 14, 2017, the investment funds managed by this institution, reduced their shareholding interest in Minerva S.A., registered under CNPJ n. 67.620.377/00001-14 ("Company") and investment funds together now represent less than 5% (five per cent) of the total of the common shares issued by the Company.

There being no further matters to add, we hereby subscribe this document.

Sincerely,

Publicly-held Company

Corporate Taxpayer's ID (CNPJ): 67.620.377/0001-14 Company Registry (NIRE) 35.300.344.022

BNP PARI BAS

ASSET MANAGEMENT

Sao Paulo, 16 de Novembro de 2017.

A

MINERVA S.A.

Rua Leopoldo Couto de Magalhaes Junior, 758 - 8° andar - Conjunto 82 - ltaim Bibi CEP 04542-000 - Sao Paulo - SP

Att.: Sr. Eduardo Puzziello - Diretor de Relac;ao com lnvestidores

Ref .: Reduao na Participaao Aciona ria Relevante

Prezados Senhores,

A BNP PARIBAS ASSET MANAGEMENT BRASIL LTDA. ("GESTORA"), com sede na Cidade de Sao Paulo,

Estado de Sao Paulo, na Av. Presidente Juscelino Kubitscheck, n° 510, 14° andar, inscrita no CNPJ/MF sob n° 02.562.663/0001-25, devidamente autorizada a prestar os servic;os de administrac;ao de carteiras de valores mobiliarios por meio do Ato Declarat6rio CVM n° 5.032, datado de 03 de setembro de 1998, serve da presente para informar-lhes que, em 14 de novembro de 2017, os fundos de investimento geridos por esta instituic;ao reduziram sua participac;ao acionaria na Minerva S.A., inscrita no CNPJ sob n° 67.620.377/00001-14 ("Companhia") e passaram a representar, em conjunto, menos de 5% (cinco por cento) do total das ac;oes ordinarias emitidas pela Companhia.

Sendo o que nos cumpria ate o momento, subscrevemo-nos.

Atenciosamente,

Claudia Ceconelo

BNP PARIBAS ASSET MANAGEMENT BRASIL LTOA

Frederico Tralli

Av Pres.Juscelino Kub1tschek, 510 - 1°, 10° a 14° andares - lta1m Bibi - CEP 04543-906

Sao Paulo-SP - Brazil ·Tel· +55 113841-3100 - Fax : +SS 113841-3140

www .bnppar lbas.com .br