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NATURA COSMÉTICOS S.A.
CNPJ/MF n°.71,673,990/0001-77
Public Company
NIRE 35,300,143,183

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD ON NOVEMBER 21, 2011

On November 21, 2011 at 6 p.m., at the registered office of the Company located in the
City of Itapecerica da Serra, State of São Paulo, at Rodovia Régis Bittencourt, s/nº, Km
293, Edifício I, there was held a meeting of the Board of Directors of NATURA
COSMÉTICOS S.A., with the majority of the Board members in attendance and Mr.
Pedro Luiz Barreiros Passos acting as chairman of the meeting, in order to homologate
the substitution of Mr. Adilson Antonio Primo to the position of member of the Strategy
Committee, electing Mr. Plínio Villares Musettie, Brazilian, married, civil engineer and
business manager, bearer of the Identity Card RG nr. 4140800-7, enrolled with the
Individual Tax Payer Registration (CPF/MF) under nr. 954.833.578-68, resident and
domiciled in the city of São Paulo, State of São Paulo, at Rua Timor nº 96, Jardim
Lusitania, CEP 04031-100, to occupy the vacancy position and complete the the term of
office in force. Therefore, the Strategy Committee shall have the following
composition:

Strategy Committee

Julio Moura Neto
Pedro Luiz Barreiros Passos
Alessandro Carlucci
Plínio Villares Musetti

As there was no more business to be transacted, these minutes were read, approved and
then executed by the present. Signatures: Pedro Luiz Barreiros Passos, Chairman of the
meeting and 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, Board member; Julio Moura Neto, Board member; Marcos de Barros
Lisboa, Board member and Moacir Salzstein, Secretary of the meeting.
I hereby certify that this is a true copy of the minutes drawn on the respective corporate
book
MOACIR SALZSTEIN
Secretary of the Meeting