Magnesita Refratarios : 05/09/2017 - Minutes of the Meeting of the Fiscal Board

MAGNESITA REFRATÁRIOS S.A.

Public-Held Company CNPJ nº 08.684.547/0001-65

NIRE 31.300.026.485

MINUTES OF AUDIT COMITEE'S MEETING HELD ON MAY 09, 2017

Date, Time and Place: On May 09, 2017, at 1:00 pm (BrT), via teleconference, under the terms of article 24, §7th, of the Magnesita Refratários S.A. ("Company") Bylaws.

Notice of Meeting, Attendance and Agenda: Call of Notice sent to Audit Committee's Members on May 4, 2017. Attendance of the totality of the members of the Audit Committee, as below and Mrs. Luiz Felipe Monteiro Lemos, Daniel Domiciano Pereira da Silva and Thiago Mendes da Motta Couto as representative of the Company. The agenda is specified in the Call of Notice.

Chairman and Secretary: Chairman - Pedro Wagner Pereira Coelho

Secretary - Lívia Mariz Junqueira

Resolutions: As per the information and clarifications provided by the management of the Company and following the evaluation of the management's accounts, the Company's audited financial statements, related to the preliminary results of the first quarter of 2017, the following resolutions were taken unanimously by the Audit Committee:

1. To approve the drawing up of the minutes of this Audit Committee' Meeting in summary form;

2. To approve the results of the first quarter of 2017 of the Company, as formalized in the favorable report of ITR, according to Exhibit I hereof

Adjournment, Drawing Up and Approval: There being no further business, the meeting was closed with the drawing up of these minutes, which, after being read and approved, were signed by all the members of the Audit Committee attending the meeting. Chairman - Pedro Wagner Pereira Coelho, Secretary - Livia Mariz Junqueira. Audit Committee: Pedro Wagner Pereira Coelho; Ricardo Scalzo; Thiago Costa Jacinto.

I certify that the present version is a true copy of the minutes draft in the book.

São Paulo/SP, May 9, 2017.

Livia Mariz Junqueira

Secretary

Annex I - Report of the Audit Comitee

The Magnesita Refratários S.A.'s ("Company") Audit Committee, in attendance to its statutory and legal functions, analyzed the results of the first quarter of 2017 of the Company.

In the meeting held today, the Audit Committee opines favorably in relation to the approval of the preliminary results of the first quarter of 2017 of the Company.

I certify that this report is a true copy of the report attached to the minutes of the Audit Committee's held on May 9, 2017

São Paulo/SP, May 9, 2017.

Lívia Mariz Junqueira

Secretary