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NATURA COSMÉTICOS S.A.
CNPJ/MF nº 71.673.990/0001-77
Publicly Held Company
NIRE 35.300.143.183
MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD ON DECEMBER 9, 2011

On December 9, 2011, at 2 p.m., at the Company's head office located in the City of Itapecerica
da Serra, State of São Paulo, at Rodovia Régis Bittencourt, s/nº, Km 293, Edifício I, all the
members of the Board of Directors of NATURA COSMÉTICOS S.A. met, having Mr. Pedro
Luiz Barreiros Passos as chairman of the meeting, in order to authorize, pursuant to the Article
20 of the company's by-laws, and replacing other limits previously approved by this Board of
Directors, the contracting, by the Board of Officer of the Company and/or its subsidiaries, of
financial operations (including, for example, loans, financings, operations involving derivatives
and collateral or bails related to these operations), until the gross debt reaches one and a half
times the EBITDA of the previous four calendar quarters, in accordance with the Article 22, IV
of the company's by-laws. Once this limit is reached, all and any operation of this nature must
be submitted to the previous approval of this Board of Directors. For the resolution herein
approved, EBITDA must be understood as the net profit of the period, plus the income tax,
financial net profit and the depreciation and amortization.
As there were no further matters to be discussed, these minutes were read, approved and
executed by all present.
Itapecerica da Serra, December 9, 2011.

PEDRO LUIZ BARREIROS PASSOS
Chairman of the Meeting
Co- Chairman of the Board

ANTONIO LUIZ DA CUNHA SEABRA
Co- Chairman of the Board

GUILHERME PEIRÃO LEAL
Co- Chairman of the Board

LUIZ ERNESTO GEMIGNANI
Director

JULIO MOURA NETO
Director
MARCOS DE BARROS LISBOA
Director
MOACIR SALZSTEIN
Secretary of the Meeting