Magazine Luiza : Notice to Shareholders - Payment of Dividends Apr, 27 2017

MAGAZINE LUIZA S.A.

Publicly-Held Company

CORPORATE TAXPAYER'S ID (CNPJ/MF): 47.960.950/0001-21 COMPANY REGISTRY (NIRE): 35.3.0010481.1

NOTICE TO SHAREHOLDERS Payment of Dividends

MAGAZINE LUIZA SA ("Company") hereby informs its shareholders and the market in general that, it will pay the dividends approved at the Annual General Meeting on May 05, 2017, for the fiscal year ended in December/2016, in the total amount of R $ 21,641,152.92 (twenty one million, six hundred and forty one thousand, one hundred and fifty two reais and ninety two cents). The gross amount per share for the payment of dividends will be R$ 1.01726149661654, based on the shareholding position of 04/25/2017, and shares being traded "ex" dividends as of 04/26/2017, included.

Instructions related to the credit of the payments:

• The amounts will be credited to the shareholders as of the initial distribution date at the banking information provided to Banco Itaú S/A, the Depository bank;

• For shareholders whose registration data is incomplete (do not provide their individual or corporate taxpayer number CPF/CNPJ or bank, branch and current account data), will have their rights credited after 3 business days after the required information has been provided to any branch of Banco Itaú S/A and

• Further information can be obtained through Banco Itaú S.A. branches specializing in shareholder services during regular banking hours.

São Paulo, April 27, 2017.

Roberto Bellissimo Rodrigues

CFO and Investor Relations Director