BRASILAGRO - COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS Corporate Taxpayer’s ID (CNPJ): 07.628.528/0001-59 Corporate Registry (NIRE): 35.300.326.237 Publicly held Company of Authorized Capital

MINUTES OF THE ANNUAL GENERAL ORDINARY AND EXTRAORDINARY SHAREHOLDER’S MEETING HELD ON OCTOBER 2, 2017.

Date, time e venue: The Annual General Ordinary and Extraordinary Shareholders’ Meeting was held on October 2nd, 2017, at 2:30 p.m., at the headquarters of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (“Company”), located at Avenida Brigadeiro Faria Lima, 1.309, 5th floor, in the City and State of São Paulo.

Call Notice and Attendance: Pursuant to item II of the first paragraph of Article 124 and Article 289 of Law 6,404, of December 15, 1976, as amended (“Law No. 6.404/76”), the first call notice was published in the Official Gazzete of the State of São Paulo (Diário Oficial do Estado de São Paulo) on September 1st, 2nd and 6th, 2017, on pages 17, 13 and 30, respectively, and on the local newspaper “O Estado de São Paulo” on September 1st, 2nd and 5th, 2017, on pages B11, B10 and B9, respectively.

Legal Publications: The Chairman of the the meeting informs that the Management Report and Financial Statements of the Company, along with the Report issued by the Fiscal Council and the Independent Auditors’ Report on the fiscal year ended June 30, 2017, were published on the local newspaper “O Estado de São Paulo” on the September 1st, 2017, on page B7 and B8, and the publication of the notices referred to in the head provision of Article 133 of Law No. 6,404/76 were not necessary, in view of the provisions of paragraph five of said article. Moreover, the documents required by the Brazilian Securities and Exchange Commission (“CVM”) Instruction No. 481, enacted on December 17, 2009 (“CVM Instruction 481”) have also been properly disclosed.

Attendance: The Meeting was held on October 2nd, 2017, with the presence of the shareholders representing 72.90% of the shares issued by the Company in an amount sufficient to comply with the legal quorum for purposes of the opening the meeting, pursuant to the records and signatures affixed in the Shareholders' Attendance Book, also registering the presence of the following individuals, namely: Alejandro G. Elsztain, siting member of the Board of Directors; Andre Guillaumon, CEO, and Gustavo Javier Lopez as Administrative Officer and Investor Relations Officer; Fabiano Ferrari and Ivan Luvisotto Alexandre, members of the Fiscal Council and Marcos A. Pupo, a representative of Ernst Young Auditores Independentes ("E&Y").

Presiding Members: Chairman: Alejandro G. Elsztain; Secretary: André Guillaumon.

Agenda: (1) At Annual General Meeting: (1.1) to examine the management accounts, analyze, discuss and, when applicable, to vote on the Company’s Annual Management Report and Financial Statements on the fiscal year ended on June 30th, 2017, along with the Independent Auditors’ opinion and the Fiscal Council Report; (1.2) to resolve on the proposal for the allocation of the net income reported for the year ended on June 30th, 2017, and the relevant distribution of dividends; (1.3) to resolve on the determination of the number of the members to comprise the Company’s Board of Directors, pursuant to the Company’s bylaws, as well as on the election of the sitting and alternate members of the Board of Directors; (1.4) to establish the Company’s management annual overall compensation for the fiscal year initiated on July 1st, 2017; and (1.5) to resolve on the election of the sitting members and the alternate members of the Company´s Fiscal Council, as well as on the fixing of the remuneration of elected members, which, pursuant to the third paragraph of article 162 of Law 6,404/76, may not be less than ten percent (10%) of the average remuneration ascribed to the Company's officers for each member in office. (2) At Extraordinary General Meeting: (2.1) to resolve on the Company's proposed Long-Term Incentive Plan in Shares ("LTI Plan”), as provided for in Article 20, item X, of the Company's Bylaws, in substitution to the Stock Option Plan approved at the Company’s Extraordinary General Meeting held on November 14, 2008, which shall be canceled upon approval of the LTI Plan.

Resolutions: Upon the beginning of the meeting, the Chairman explained that (a) it was approved, by unanimous vote, that the minutes of the shareholders meeting would be drawn up as a summary of the facts, comprising only the transcription of resolutions passed and the publication thereof without the signatures of all shareholders, pursuant to paragraphs 1 and 2 of Article 130 of Law No. 6404/76, and paragraph 10, Article 6 of the Company's Bylaws; (b) documents or proposals, vote explanations, protest or dissent on the matters to be resolved shall be submitted in writing to the Presiding Members, who, for the purpose thereof, would be represented by the Meeting Secretary; and (c) the reading of the documents concerning the matters to be resolved at this Shareholders Meeting was waived by those present by unanimous vote, since the shareholders had total knowledge thereof.

After examining and discussing the matters on the agenda, the shareholders resolved the following:

At the Annual Shareholders Meeting:

1. To approve by majority vote, and with the abstention of those legally prevented, the Management Report, Balance Sheet and Financial Statements, together with the Independent Auditors' Report and the Fiscal Council Report, all related to the fiscal year ended June 30, 2017, and approved at the meeting of the Board of Directors of the Company held on August 29, 2017.

Abstentions: None. Approved by: 41,473,305 votes

Not approved by: 1,402 votes

1.2. To approve by majority vote, the Management Proposal for the net income for the fiscal year ended June 30, 2017, in the amounts of R$ 27,309,809.81, to be allocated as follows:

Net Profit at Year-End: R$ 27,309,809.81 (-) Accumulated losses:

Net Income for the Year: R$ 27,309,809.81 (-) Legal Reserve (5%): (R$ 1,365,490.49)

Adjusted Net Income: R$ 25,944,319.32 Compulsory Dividends (25%): (R$ 6,486,079.83) Proposed Additional Dividends (25%) (R$ 6,486,079.83) Reserve for Investment and Expansion (50%): (R$ 12,972,159.66)

LEGAL RESERVE: Pursuant to article 193 of Law 6,404/76, five per cent (5%) of the Net Income, in the amount of one million, three hundred and sixty-five thousand, four hundred and ninety Brazilian Reais and forty-nine cents (R$ 1,365,490.49) shall be allocated to Legal Reserve.

DIVIDENDS: Pursuant to article 36 of the Company’s By Laws and to Article 202 of Law 6,404/76, the shareholders holding common shares issued by the Company, shall be paid dividends in the total amount of twelve million, nine hundred and seventy-two thousand, one hundred and fifty-nine Brazilian Reais and sixty-six cents (R$ 12,972,159.66) corresponding to twenty four cents (R$ 0,24) per share on 06.30.2017. The payment of dividends shall be carried out in up to thirty (30) days counted as of the date hereof. The dividends shall be paid to those with shareholding position at the Company on the date hereof, at the end of the trading floor operating hours, it being understood that, starting on the subsequent day hereto, the Company’s shares shall be traded “ex” dividends.

RESERVE FOR INVESTMENT AND EXPANSION: The outstanding balance of the Adjusted Net Income, pursuant to article 36, subparagraph (c), of the Company’s By Laws, in the amount of twelve million, nine hundred and seventy-two thousand, one hundred and fifty-nine Brazilian Reais and sixty-six cents (R$ 12,972,159.66) shall be allocated to the Reserve for Investment and Expansion, whose purpose considers investments for development of the Company’s activities, investments in properties and in the acquisition of new properties aiming to the expansion of the Company’s activities, in addition to investments in infrastructure for expansion of the Company’s production capacity. The Reserve for Investment and Expansion may be used to back the acquisition by the Company of its shares issued, subject to the terms and conditions of the repurchase program of shares approved by the Board of Directors.

Abstentions: None. Approved by: 41,473,595 votes Not approved by: 1,112 votes

1.3. To approve by majority vote, (a) that the Board of Directors is comprised by nine (9) members; (b) based on the plate proposed at the time of the meeting, by majority vote, (b.1) election to office of members of the Board of Directors, for a term that will end at the Annual Shareholders Meeting that approves the Company's financial statements in regards to the fiscal year ended June 30, 2019, Messrs.: (i) Alejandro G. Elsztain, an Argentine citizen, married, holder of Argentine No. 17.737.414N, resident in , , at Moreno, 877, 23rd floor, 1091, Federal Capital; (ii) Eduardo S. Elsztain, an Argentine citizen, married, holder of Argentine passport No. 14.014.114, resident in Buenos Aires, Argentina, at Bolívar, 108, 1st floor, 1086, Capital Federal; (iii) Saúl Zang, an Argentine citizen, married, holder of passport No. 04533949M, resident in Buenos Aires, Argentina, at Florida 537, 18th floor, 1005, Federal Capital; (iv) João de Almeida Sampaio Filho, Brazilian citizen, married, Secretary of State, bearer of Identity Card (RG) No. 9.559.456/SSP-SP, enrolled with the National Individual Taxpayers Register (CPF/MF) under No. 071.526.218-10, with address in the city of São Paulo, State of São Paulo, at Av. Miguel Stéfano, No. 3900, Água Funda, postal code 04301-903; (v) Isaac Selim Sutton, Brazilian citizen, married, economist, bearer of identity card (RG) No. 7.386.118-2, enrolled with the National Individual Taxpayers Register (CPF/MF) under No. 047.010.738-30, with address in the city of São Paulo, State of São Paulo, at Av. Angelica, No 2510, 9th floor, neighborhood of Consolação, postal code 01228- 200; and (vi) Ricardo de Santos Freitas, a Brazilian citizien, married, lawyer, bearer of Identity Card (RG) No 14.546.235-SSP-SP, enrolled with the National Individual Taxpayers Register (CPF/MF) under No. 121.220.368-26, with address in the city of São Paulo, State of São Paulo, at Rua Leopoldo Couto de Magalhães, 1400, apartment 2002; and (b.2) the election of Messrs. (i) Carlos María Blousson, an Argentine citizen, married, agronomist, bearer of Argentine passport No. AAD606739, resident in Buenos Aires, Argentina, at Rua 3 de febrero 1655, San Isidro, (ii) Alejandro Gustavo Casaretto, an Argentine citizen, married, agronomist, holder of Argentine passport number AAB076925, resident and domiciled in Buenos Aires, Argentina, at Rua Juan Jose Diaz 2113, Becca, and (iii) Robert Charles Gibbins, a Canadian citizen, married, investment manager, bearer of the No. BC272564, with address for the purposes of the provisions of paragraph 2 of CVM Instruction 367/02, at Rue Chalet Brosin dén aut No. 1,874, Champery, Switzerland, for the position of sitting members of the Company's Board of Directors for unified mandates to be closed at the Annual Shareholders' Meeting that approves the Company's financial statements for the fiscal year ended June 30, 2019; and (d) election of Mrs. Carolina Zang, Argentine, lawyer, bearer of Argentine passport No. AAE285337, and Gastón Armando Lernoud, Argentine, lawyer, bearer of Argentine passport No. AAC720943 to the positions of first and second alternate members of members of the Board of Directors, respectively. Mr. João de Almeda Sampaio Filho, Mr. Isaac Selim Sutton, Mr. Ricardo de Santos Freitas and Mr. Robert Gibbins are elected as

Independent Directors for the purposes of the Listing Regulation of B3 S.A. - Brazil Stock Exchange ("B3").

Number of members:

Abstentions: None. Approved by: 41,473,305 votes. Not approved by: 1.402 votes.

Election of members:

Abstentions: 1,450,670 votes. Approved by: 40,022,635 votes. Not approved by: 1,402 votes.

1.3.1. It is registered that the members of the Board of Directors reelected/elected herein already executed/will execute the Managers Deed of Consent to the rules set forth in the Listing Rules of Novo Mercado of BM&FBOVESPA and have signed/will sign their deeds of investiture in office in the proper book, on which occasion they have represented/will represent, for purposes of CVM Ruling 367/02 and paragraphs 1 and 2 of Article 147 of Law No. 6404/76, that they are not under the effects of any of the impediments provided by law for exercise of commercial activity and were not sentenced to the penalty of suspension or temporary disqualification by the Securities Commission, and are eligible for a management position in a listed company.

1.4. To approve, by majority vote, the aggregate annual remuneration of the Board Members, in the amount up to eleven thousand Brazilian Reais (R$11,000,000.00), that is to say, the same amount approved for the previous fiscal year, including benefits of any nature and amounts for representation, for the fiscal year beginning on July 1, 2017, provided that the Board of Directors shall be responsible to subsequently establish the individual amounts that shall be allocated to each manager of the Company, taking into account their responsibilities, the time devoted to their duties, their competence and professional reputation and the market value of their service.

Abstentions: 8,012 Approved by: 40,046,959 votes Not approved by: 1,419,736 votes

1.5. To approve, by majority vote, the re/election of three sitting members and three alternate members for the Company's Fiscal Council for unified mandates that shall end at the Annual Shareholders Meeting that approves the Company's financial statements in regards to the fiscal year ended on June 30, 2018, as follows: reelection of Messrs. (i) Fabiano Nunes Ferrari, Brazilian citizen, married, lawyer, enrolled with the São Paulo Chapter of the Brazilian Bar Association

(OAB/SP) under No. 172.581, bearer of Identity Card (RG) No. 25.260.606-1 SSP/SP, enrolled with the National Individual Taxpayers Register (CPF/MF) under No. 186.583.958-20, with address in the city of São Paulo, State of São Paulo, at Rua Augusta, No. 1819, 24th floor, postal code 01413- 000; (ii) Débora de Souza Morsch, Brazilian citizen, married, business administrator, bearer of Identity Card (RG) No. 2019451364 SSP/RS, enrolled with the National Individual Taxpayers Register (CPF/MF) under No.393.791.320-34, resident and domiciled in the city of Porto Alegre, state of Rio Grande do Sul, at Av. Carlos Gomes, No. 1492, room 1208, and (iii) Mr. Ivan Luvisotto Alexandre, Brazilian citizen, married, lawyer, enrolled with São Paulo Chapter of the Brazilian Bar Association (OAB/SP) under No. 258.946, bearer of Identity Card (RG) No. 29.023.152-8, enrolled with the National Individual Taxpayers Register (CPF/MF) under No. 307.599.448-06, resident and domiciled in the city of São Paulo, state of São Paulo, at Rua Augusta, No. 1819, 24th floor, postal code 01413-000, as sitting members of Fiscal Council, as well as (b) the reelection of (i) Mrs. Daniela Gadben, Brazilian citizen, married, lawyer, enrolled the São Paulo Chapter of the Brazilian Bar Association under No. 206.659, bearer of Identity Card (RG) No. 30.599.367-7 SSP/SP, enrolled with the Individual Taxpayers Register (CPF/MF) under No. 223.422.038-61, resident and domiciled in the city of São Paulo, State of São Paulo, at Rua José Maria Lisboa, No. 1745, apt. 81, Jardim Paulista, postal code 01423-00, (ii) Marcos Paulo Passoni, enrolled with the São Paulo Chapter of the Brazilian Bar Association (OAB/SP) under No. 173372, the bearer of identity document No. 21.992.195-7 SSP, enrolled with the Individual Taxpayers Register (CPF/MF) under No. 121.746.898-63, resident and domiciled in the city of São Paulo, State of São Paulo, at Ruados Caetes, 878, apartament 11, and (iii) Luciana Terezinha Simão Villela, enrolled with the São Paulo Chapter of the Brazilian Bar Association (OAB/SP) under No. 113314, the bearer of identity document No. 14.666.048-1,enrolled with the Individual Taxpayers Register (CPF/MF) under No. 093.781.248-01, as alternate members of the Fiscal Council.

Abstentions: 1,586,646 votes. Approved by: 39,881,409 votes Not approved by: 6,652 votes

1.5.1 It is registered that the members of the Fiscal Council reelected/elected herein already executed/will execute the propert Deed of Consent to the rules set forth in the Listing Rules of Novo Mercado of B3 and have signed/will sign their deeds of investiture in office in the proper book, on which occasion they have represented/will represent, for purposes of CVM Ruling 367/02 and paragraphs 1 and 2 of Article 147 of Law No. 6,404/76, that they are not under the effects of any of the impediments provided by law for exercise of commercial activity and were not sentenced to the penalty of suspension or temporary disqualification by the Securities Commission, and are eligible for a management position in a listed company.

1.5.2. To approve, by majority vote, the fixing of the compensation of elected members of the Fiscal Council, pursuant to paragraph three of Article 162 of Law No. 6,404/76, in an amount

equivalent, for each member, to ten percent (10%) of the average compensation paid to the members of the Company's Executive Board.

Abstentions: 148,576 votes. Approved by: 41,319,479 votes Not approved by: 6,652 votes

At Extraordinary General Meeting:

2.1 To approve, by majority vote, the proposal for the Company’s Long-Term Incentive Plan in Shares (“LTI Plan”), presented at the Management Proposal, in substitution to the Stock Option Plan approved at the Company's Extraordinary Shareholders' Meeting held in November 14, 2008 (“Stock Option Plan”) and hereby expressly canceled for all legal purposes.

Abstentions: 8,000 votes. Approved by: 40,186,785 votes Not approved by: 1,279,922 votes

Closing: There being no further matter to be discussed, the meeting was closed and these minutes were drafted as summary, which, after being read and approved, were duly signed by all attending members.

Signatures: Alejandro G. Elstain – Chairman and andre Guillaumon – Secretary. Shareholders: AGRO MANAGERS S.A. (by proxy Anna Cecília R. da Costa Buff), CRESUD SOCIEDAD ANONIMA COMERCIAL INMOBILIARIA FINANCEIRA Y AGROPECUARIA (by proxy Anna Cecília R. da Costa Buff), ELIE HORN (by proxy André Guillaumon), CAPE TOWN LLC, (by proxy André Guillaumon), THE BANK OF NEW YORK ADR DEPARTMENT (by proxy Anderson Carlos Koch), HEDGE COMMODITIES FIM CRÉDITO PRIVADO (by proxy Carlos Eduardo Oliveira Vasconcellos), ANDRÉ LUIZ DE SANTOS FREITAS (by proxy Carlos Eduardo Oliveira Vasconcellos), JULIO CESAR DE TOLEDO PIZA NETO, JULIO CESAR DE TOLEDO PIZA JÚNIOR (by proxy Julio Cesar de Toledo Piza Neto), LUIZ CARLOS WAIHRICH, AUTONOMY LUXEMBOURG ONE SARL (by proxy Mauro Cesar Leschziner), CLUBE DE INVESTIMENTO CONTINUENTAL (by proxy Débora de Souza Morsch), CLUBE DE INVESTIMENTO DO GASTÃO (by proxy Débora de Souza Morsch), CLUBE DE INVESTIMENTO GIATECH (by proxy Débora de Souza Morsch), CLUBE DE INVESTIMENTO HOPE (by proxy Débora de Souza Morsch), CLUBE DE INVESTIMENTO LYNDOS (by proxy Débora de Souza Morsch), CHARLES RIVER FUNDO DE INVESTIMENTO DE AÇÕES (by proxy André Guillaumon), THE BORD OF ADMINISTRATION OF THE LOS ANGELES CITY EMPLOYEES’ RETIREMENT SYSTEM (by proxy Anderson Carlos Koch), TEACHER RETIREMENT SYSTEM OF TEXAS (by proxy Anderson Carlos Koch), TIFF MULTI-ASSET FUND (by proxy Anderson Carlos Koch), ADVANCED SERIES TRUST – AST GOLDMAN

SACHS MULTI-ASSET PORTFOLIO (by proxy Anderson Carlos Koch), THE TIFF KEYSTONE FUND, L.P. (by proxy Anderson Carlos Koch), KOPERNIK GLOBAL ALL CAP FUND, L.P. (by proxy Anderson Carlos Koch), KOPERNIK GLOBAL UNCONSTRAINED MASTER FUND, L.P. (by proxy Anderson Carlos Koch), KOPERNIK GLOBAL ALL CAP MASTER FUND, L.P. (by proxy Anderson Carlos Koch), KOPERNIK GLOBAL REAL ASSET FUND, L.P. (by proxy Anderson Carlos Koch), KOPERNIK GLOBAL ALL-CAP EQUITY FUND (by proxy Anderson Carlos Koch), OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM (by proxy Anderson Carlos Koch), GUSTAVO JAVIER LOPEZ, LEGATO CAPITAL MANAGEMENT INVESTIMENTS (by proxy André Guillaumon), ANDRÉ GUILLAUMON.

I hereby represent that the content hereof is identical to the original version of the minutes drawn up in the proper book.

São Paulo, October 2, 2017.

[signature] ______ANDRE GUILLAUMON SECRETARY