Minutes of the board of directors’ meeting


Atualizado em 2008-06-27T13:21:11
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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NATURA COSMÉTICOS S.A.

 CNPJ/MF n.º 71.673.990/0001-77     Publicly-
     Held Corporation NIRE 35.300.143.183

      Capital Subscribed and Paid up: R$
  390.947.976,28 - 429.029.051 common shares
 Authorized Capital: up to 12.381.074 common
                    shares

  MINUTES OF THE BOARD OF DIRECTORS' MEETING

            HELD ON JUNE 27, 2008

On  June  27,  2008,  at  10:00  am,  at  the
Company's head office located in the city  of
Itapecerica da Serra, state of São Paulo,  at
Rodovia Régis Bittencourt, w/o no.,  Km  293,
Building I, the Board of Directors of  NATURA
COSMÉTICOS S.A. convened, with  the  presence
of the  majority  of  its  members,  and  was
presided by Mr. Pedro Luiz Barreiros  Passos,
in order to, pursuant to  article  20,  items
XI, XII and XXII of the by-laws  and  of  the
laws  in  force,   discuss   and   vote,   in
accordance with  the  proposal  presented  by
the Senior Management: (i)  the  constitution
of   two   companies   controlled   by    the
Corporation, being one in Spain  and  another
in the Netherlands; (ii) the contribution  of
the equity stakes held by the Corporation  in
its directly controlled companies located  in
France  and  in  the  United  States  to  the
company   to   be    constituted    in    the
Netherlands; (iii) the  contribution  of  the
equity stakes held by the Corporation in  its
controlled   companies   located   in   Latin
America to the company to be  constituted  in
Spain; (iv) the  contribution,  after  actual
constitution of the  companies  mentioned  in
item (i) above, of the equity stake  held  by
the Corporation in the Dutch company  to  the
Spanish  company's  capital;  and   (v)   the
authorization for Corporation's  officers  to
constitute attorneys-in-fact  abroad  and  to
Atualizado em 2008-06-27T13:21:11
All the dates of this page are presented in official timezone of Brasilia - Brazil.