Shareholders agreement


Atualizado em 2007-08-14T15:13:58
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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SHAREHOLDERS AGREEMENT OF
            NATURA COSMÉTICOS S.A.

The  parties  to  this   agreement   are   as
follows:

I.        As     "Corporate     Shareholder",
      hereinafter designated when referred to
      jointly:

      Lisis S.A., headquartered in  the  city
      and state of São Paulo, at  Rua  Amauri
      255,   4°   andar,   parte,   Corporate
      Taxpayer's      ID      (CNPJ)      no.
      05.561.628/0001-80, hereby  represented
      by  its  Articles   of   Incorporation,
      hereinafter  designated  "Lisis"   when
      referred to individually;

      Utopia       Participações        S.A.,
      headquartered in the city and state  of
      São Paulo, at Rua Amauri 255, 4° andar,
      parte, Corporate Taxpayer's  ID  (CNPJ)
      no.     04.819.657/0001-36,      hereby
      represented by its Bylaws,  hereinafter
      designated "Utopia"  when  referred  to
      individually;

      Passos       Participações        S.A.,
      headquartered in the city and state  of
      São Paulo, at Rua Amauri 255, 4° andar,
      parte, Corporate Taxpayer's  ID  (CNPJ)
      no.     05.561.635/0001-81,      hereby
      represented by its Bylaws,  hereinafter
      designated "Passos"  when  referred  to
      individually;

      RM    Futura    Participações     S.A.,
      headquartered in the city and state  of
      São Paulo, at Rua Diógenes  Ribeiro  de
      Lima 2001, bloco 45, apto. 8, Corporate
      Taxpayer's      ID      (CNPJ)      no.
      05.490.725/0001-29, hereby  represented
      by  its  Articles   of   Incorporation,
      hereinafter   designated   "RM"    when
      referred to individually; and

Atualizado em 2007-08-14T15:13:58
All the dates of this page are presented in official timezone of Brasilia - Brazil.