Translation: Conference Call Transcription - 2Q08


Atualizado em 2008-08-14T12:24:54
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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Local Conference Call
                 NATURA Nac.
                 2Q08 Results
                July 25, 2008

         Question and Answer Session

Operator: Ladies and gentlemen, we  will  now
start our question  and  answer  session.  To
ask a question, please dial  star  one  (*1).
To remove your question from the  list,  dial
star two (*2). Our first question comes  from
Ms. Júlia Rizzo from Itaú Asset.

Ms. Júlia Rizzo: Hello  everyone,  thank  you
for  giving  this  opportunity   to   ask   a
question. I have a few questions.  The  first
is on the tax issue. Would it be  correct  to
say  that  you  are   being   successful   at
reducing the amount of taxes paid? And  would
it be sustainable or is it just  a  momentary
thing that you would have to go back and  pay
later on? Or has the  percentage  not  really
been  defined  yet   because   of   the   tax
substitution in São Paulo?

The other question I have is in  relation  to
the   Ebitda   guidance   margin-whether   it
includes  the  part  that   would   be   non-
recurring of taxes, of the 30 million it  had
this quarter.

Finally, about operational hedge,  which  had
a drop; whether we should adjust  this  hedge
in relation to the CMV, to COGS. Maybe  there
was a  gain  that  you  had  in  COGS,  whose
counterpart was a loss in hedge? Hello?

Mr. José David Uba: Hello, hi Julia. This  is
David.

Ms. Rizzo: Hello David.

Mr. Uba: Let's get  to  your  questions.  The
first on taxes: with regard to taxes,  it  is
too early to say whether this  tax  structure
that  we  have  been  seeing  in  the  second
quarter will be  valid  for  the  long  term;
Atualizado em 2008-08-14T12:24:54
All the dates of this page are presented in official timezone of Brasilia - Brazil.