Alpargatas : Minutes of Ordinary Shareholders' Meetings

ALPARGATAS S.A. Corporate Taxpayer's ID (CNPJ/MF): 61.079.117/0001-05 Company Registry (NIRE): 35 3000 25 270 Publicly-Held Company

Excerpt f ro m the Min utes of the Ann ual Sharehold ers' M eeting hel d on April 19, 2017.

Date, Time and Venue: The Meeting was held on April 19, 2017, at 10:00 a.m., at the auditorium of the headquarters of Alpargatas S.A. ("Company"), at Avenida Doutor Cardoso de Melo, nº 1.336, 14º andar - Vila Olímpia, CEP: 04548-004, in the city and state of São Paulo.

Call notice and Legal publications: a) Call notice published in the newspaper Diário Oficial do Estado - São Paulo ("DOESP"), issues of March 18, 21 and 22, 2017, and in the newspaper Valor Econômico - SP, issues of March 20, 21 and 22, 2017; b) Annual Management Report, Balance Sheet and other Financial Statements, and Independent Auditor's Report, related to the fiscal year ended December 31, 2016, published in the newspaper Valor Econômico - SP, issue of March 13, 2017, and in the newspaper Diário Oficial do Estado - São Paulo ("DOESP"), issue of March 14, 2017; and c) Pursuant to Instruction 481 of December 17, 2009, as amended, issued by the Brazilian Securities and Exchange Commission (CVM), the documents pertaining to the matters to be resolved by the Meeting were made available to Shareholders on March 17, 2017 and April 17, 2017 at the Company's headquarters, through the IPE system of the Brazilian Securities and Exchange Commission (CVM) (www.cvm.gov.br), and on the website of BM&F Bovespa S.A - Securities, Commodities and Futures Exchange (www.bmfbovespa.com.br).

Attendance: Shareholders representing 96.22% of common shares, 57.94% of preferred shares and 77.60% of the total capital stock, establishing a quorum higher than the legal quorum required for installation of the Shareholders' Meeting on First Call. Presiding: Having reached the quorum required for installation of the Annual and Extraordinary Shareholders' Meeting on first call, the meeting was presided over by Márcio Luiz Simões Utsch, Chairman; and Adalberto Fernandes Granjo, Secretary.

Waldyr Passetto, representing Ernst & Young Auditores Independentes, company responsible for auditing the financial statements, and the members of Alpargatas S.A.'s Fiscal Council, namely: Demetrius Nichele Macei and Carlos Augusto Reis de Athayde

Fernandes also attended the meeting as invitees.

Agenda:

Annual Sharehold ers' Meeting

1. Acknowledgement, discussion and vote the Annual Management Report and the Financial Statements accompanied by the Independent Auditor's Report for the fiscal year ended December 31, 2016;

2. Approval of the capital budget proposed for 2017 and allocation of the balance of the net income for the fiscal year ended December 31, 2016, as proposed by Management and recorded in the Financial Statements, ratifying the payment of interest on equity, as approved by the Board of Directors ad referendum of the Annual Shareholders' Meeting;

3. Election of the members of the Fiscal Council; and

4. Determination of Management's overall annual compensation.

Resolutions: After the reading of the agenda was waived, all attending shareholders unanimously resolved to draw up the minutes of this Meeting in summary format, pursuant to Article 130, Paragraph 1 of Law 6404/76, providing for the right to make statements and present votes, which, after being received by the presiding board, will be filed at the Company's headquarters.

Shareholders confirmed acknowledging the legal documents related to the Meeting, namely: Agenda, Annual Management Report, Balance Sheet and other Financial Statements, Independent Auditor's Report and the Board of Directors' proposal, consubstantiated in the Minutes of the Board of Directors' Meeting held on March 10, 2017, as well as the previous documents filed at the CVM on March 17, 2017, and April 17, 2017 as per CVM Instructions 480/09 and 481/09.

After presenting the proposals and discussing the matters in the Agenda and the Board of Directors' Proposal related to the Annual and Extraordinary Shareholders' Meeting, shareholders resolved as follows:

ANNUAL SHAREHOLDERS' MEETING:

Item 1 of the Agenda - Shareholders unanimously and without reservations approved the

Annual Management Report, the Financial Statements accompanied by the Independent Auditor's Report and the Fiscal Council's Opinion for the fiscal year ended December 31, 2016, ratifying, therefore, the acts practiced by Management.

Item 2 of the Agenda - Shareholders unanimously approved the allocation of net income for the year ended December 31, 2017, as per the Management proposal recorded at the Financial Statements, totaling three hundred and sixty-one million, five hundred and sixty-six thousand, nine hundred and twenty-nine reais and eleven centavos (R$361,566,929.11), as follows: (i) eighteen million, seventy-eight thousand, three hundred and forty-six reais and forty-six centavos (R$18,078,346.46) were allocated to the legal reserve; (ii) one hundred and eighty-one million, seven hundred and thirty-four thousand, one hundred and forty-nine reais and sixty-seven centavos (R$181,734,149.67) were allocated to the tax incentive reserve; (iii) one hundred and thirty-two million and six hundred thousand reais (R$132,600,000.00) were allocated to the payment of interest on equity, in the amount of R$0.2732905712 per common share and R$0.3006196283 per preferred share, arising from the profit account of 2016, subject to withholding income tax, pursuant to the applicable law, and include all book-entry shares composing the Company's capital stock, excluding the shares held in treasury. The first resolution, totaling twenty-one million and three hundred thousand reais (R$21,300,000.00) was paid on April 13, 2016 to shareholders registered on March 11, 2016; the second resolution, totaling seventeen million and six hundred thousand reais (R$17,600,000.00) was paid on July 13, 2016 to shareholders registered on May 13, 2016; the third resolution, totaling thirty-one million and nine hundred thousand reais (R$31,900,000.00) was paid on October 05, 2016 to shareholders registered on August 12, 2016; and the fourth resolution, totaling sixty-one million and eight hundred thousand reais (R$61,800,000.00) was paid on December 14, 2016 to shareholders registered on November 11, 2016; (iv) twenty-nine million, one hundred and fifty-four thousand, four hundred and thirty-two reais and ninety-eight centavos (R$29,154,432.98) were allocated to the investment reserve account to cover new investments and strengthen the Company's working capital.

Shareholders also discussed and unanimously approved the Capital Budget for 2017, totaling one hundred and sixty-eight million, eight hundred and sixty-eight thousand, five hundred thirteen reais and sixty-nine centavos (R$168,868,513.69) for investments in the industrial area, the purchase of machinery, information technology, security and environment and other projects.

Item 3 of the Agenda: The Presiding Board proposed to the Shareholders the election of the members of the Fiscal Council, which shall be composed of five (5) sitting members and an equal number of alternates. The shareholders present elected the members of the Fiscal Council as provided for in Law. The minority shareholders holding common shares by a majority vote elected as sitting member of the Fiscal Council Carlos Augusto Reis de Athayde Fernandes, Brazilian citizen, married, attorney, bearer of identification

document (RG) no. 29.496.156-2 SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 293.525.618-21, domiciled at Praça General Gentil Falcão, n.º 108, 12º andar, Brooklin Novo, in the city and state of São Paulo; and, as his alternate, Massao Fábio Oya, Brazilian citizen, married, accountant, bearer of identification document (RG) no. 34.872.970-4 SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 297.396.878-06, domiciled at Alameda Arara Azul, n.º 157, lote D-26, Parque Residencial Shambala II, in the city of Atibaia, state of São Paulo. The representatives of shareholders holding preferred shares elected, by a majority vote, as sitting member of the Fiscal Council, Marcos Reinaldo Severino Peters, Brazilian citizen, divorced, accountant, bearer of identification document (RG) no. 8.767.135-9 SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 023.120.398-50, domiciled at Rua Caramuru, nº295, ap. 113, - Centro, in the city of Mairiporã, state of São Paulo and, as his alternate, Fábio Gallo Garcia, Brazilian citizen, married, business administrator, bearer of identification document (RG) no. 7.684.239-3 SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 931.918.128-49, domiciled at Rua Nanuque, n.º 473, ap. 71, in the city and state of São Paulo. The controlling shareholder elected as members of the Fiscal Council: (i) as sitting member, Demetrius Nichele Macei, Brazilian citizen, married, attorney, bearer of identification document (RG) no.

19.526.517 SESP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 787.870.509-78, domiciled at Rua Mateus Leme, n.º 1111, Centro Cívico, in the city of Curitiba, state of Paraná; and, as his alternate, Marcos Godoy Brogiato, Brazilian citizen, married, accountant, bearer of identification document (RG) no. 7.469.921-0 SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 949.583.438-49, domiciled at Rua Isette Caiubi Ariane, n.º 54, in the city and state of São Paulo; (ii) as sitting member, Adrian Lima da Hora, Brazilian citizen, married, business administrator, bearer of professional identification document (CRA-PE) no. 3.789, inscribed in the roll of individual taxpayers (CPF/MF) under no. 372.365.394-49, domiciled at Rua Padre Carvalho, n.º 295, ap. 122, in the city and state of São Paulo; and, as his alternate, Sandro Domingues Raffai, Brazilian citizen, married, accountant, bearer of identification document (RG) no. 13.541.060 SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 064.677.908-71, domiciled at Rua Santa Francisca, n.º 155, Vila Jaguara, in the city and state of São Paulo; (iii) as sitting member, José Paulo da Silva Filho, Brazilian citizen, married, accountant, bearer of identification document (RG) no. 55.837.704-X SSP/SP, inscribed in the roll of individual taxpayers (CPF/MF) under no. 386.730.294-49, domiciled at Alameda Dourado, n.º 206, Residencial 11, Alphaville, in the city of Santana de Parnaíba, state of São Paulo; and, as his alternate, Antonio da Silva Barreto Junior, Brazilian citizen, married, business administrator, bearer of identification document (RG) no. 4356528 SSP/GO, inscribed in the roll of individual taxpayers (CPF/MF) under no. 003.245.181-45, domiciled at Avenida Marginal Direita do Tietê, n.º 500, Bloco I, 3º andar, Vila Jaguara, in the city and state of São Paulo. The compensation of the Fiscal Council was established at the minimum limit, as provided for in paragraph 3, Article 162 of Law 6404/76.