Deutsche Bank 8th Annual Global Consumer Conference June 2011 l Paris - London

NATURA´S ESSENCE

2

REASON FOR BEING

Our Reason for Being is to create and sell products and services that promote well-being/ being-well

WELL-BEING

is the harmonious, pleasant relationship of a person with oneself, with one’s body

BEING-WELL

is the empathetic, successful, and gratifying relationship of a person with others, with nature and with the whole

3

Life is a chain of relationships nothing in the universe exists alone everything is interdependent.

It is our belief that the appreciation of the importance of relationships is the foundation of an enormous human revolution in the search for peace, solidarity and life in all of its manifestations.

The continuous search for improvement promotes the development of individuals, organizations, and society.

Commitment to the truth.

BELIEFS

The greater the diversity, the grater the wealth and vitality of the whole system.

The search for beauty, which is the genuine aspiration of every human being, must be free of preconceived ideas and manipulation.

The company, a living organism, is a dynamic set of relationships. Its value and longevity are connected to its ability to contribute to the evolution of society and it sustainable development.

4

3.192

TIME LINE

657

170 5

70s 80s 90s 00s

1969: a small laboratory

and two passions:

cosmetics and

relationship

1974: decision to use

direct sales

Proposal to use natural

ingredients in formulas

Program Crer para Ver

(See to believe)

Strong growth, based on

regional expansion and the

product portfolio

Operation in Chile

Cosmetic products

with refill

Merger of companies that

formed the Natura System

Reason for Existence and Beliefs Operations in Argentina and Peru Board of Administration

Ekos Line (2000)

Natura Space Cajamar (2001)

Initial Public Offering Bovespa (2004) Follow on (2009) Carbon Neutral Program

Leadership in Brazil (2004)

Operations in Mexico and Colombia

Evolution of

management model

Revenue (USD millions)

5

VALUE PROPOSITION

6

VALUE PROPOSITION

Social

Wealth creation to consultants

R$ 70 millions invested in CSR1

Benefits extended to extractives

communities

Economic

Strong cash flow generation

Attractive growth and

profitability

Consistent dividend payments

Environmental

Carbon neutral operations

Utilization of refill packages

Sustainable extraction

Use of recycled and recyclabe

materials

1 Corporate and Social Responsibility

Channel Products

Corporate behavior

Brand Essence

Attractive market with differentiated growth profile

Delivery of “Triple Bottom

Line”:

7

Countries 2010 CAGR % ‘05- ‘10

United States 60 1.1%

Japan 44 0.2%

Brazil 37 13.3%

Mexico 9 7.5%

Argentina, Chile, Colombia and Peru

10 10.9%

Countries in which Natura operates 56 11.8%

World 382 5.1%

Size of CF&T market (in US$ billion)

Source: Euromonitor 2010

The markets in which Natura operates represent 14.8%

of the global CF&T market and have a growth rate of 2.3x

that of the total market

RELEVANT MARKET WITH DIFFERENTIATED GROWTH

Direct sales share in the CF&T Market

Region Direct Sales

(%) 10x09 (pp)

Latin America 27.9% + 1.1

Brazil 27.0% + 1.6

Argentina 24.8% + 0.4

Chile 18.1% + 0.7

Colombia 28.9% + 1.4

Mexico 32.2% + 0.3

Peru 44.2% + 0.8

Eastern Europe 20.7% - 0.3

Asia Pacific 11.5% 0.0

Australasia 9.1% - 0.1

North America 8.4% - 0.7

Western Europe 3.4% 0.0

Africa / Middle East 2.5% 0.0

Source: Euromonitor 2010

8

Market

GDP growth

Core market growth in real

terms

2002 2.7% 2.5%

2003 1.1% 7.0%

2004 5.7% 12.2%

2005 3.2% 9.6%

2006 3.8% 10.1%

2007 5.4% 8.3%

2008 5.1% 10.8%

2009 -0.2% 10.4%

2010 7.5% 7.9%

CAGR ‘02- ‘10 4.0% 8.8%

Core market growth in real terms vs. GDP in Brazil

Source: IBGE, Abihpec, FGV and Celetem (BNP Paripas Group)

Demand drivers in Brazil

Increasing purchasing power of C and D income classes

Greater participation of women in the labor market

Cultural emphasis on personal and aesthetic treatments

R$ 2.983 R$ 1.338 R$ 809

9

INDUSTRY WITH A HIGH GROWTH RATE Market

51%

25%

34,0%

53,0%

15,0%21,0%

2005 2010

Brazil- Social Income Classes

Class AB Class C Class DE

Average Income:

Macro Economic Drivers in Brazil

36 million people will move up to Classes A, B and C (FGV) until 2020

20 million people left poverty since 2003 (FGV)

Only in 2010, almost 19 million people left classes D and E (Celetem)

Natura is the leader in Brazil Market Share Total CF&T (Euromonitor)

(Percentage)

Natura Market Share per Segment

2010

14.4%

T: 8.1%

CF: 23.1%

Source: Euromonitor 2010

CF: Cosmetics and Fragrances

T: Toiletries

BRAZIL

10,5

14,4

12,6

9,8

7,9

9,7

2,9

6,8

6,36,57,3

6,25,0

2003 2004 2005 2006 2007 2008 2009 2010

Natura Unilever Avon

Procter & Gamble O Boticário Colgate

L'Oréal

10

4,7

Market

INTERNATIONAL OPERATIONS

¹Argentina, Chile and Peru ²Mexico and Colombia

1,0%

3,5%

0,1%

0,7%

2003 2004 2005 2006 2007 2008 2009 2010

Operations in Consolidation¹ Operations in Implementation²

11

Market Share Total CF&T (Euromonitor)

(Percentage)

Source: Euromonitor 2010

Market

BRAND PREFERENCE1

2008 2009 2010

46 47

49

International operation:

We strengthened brand awareness in all countries

Argentina and Peru: we are among the top three preferred brands

CF&T Brand Preference in Brazil (%)

1 Source: Brand Essence / Ipsos

12

Brand

Enjoyment

Brazilian-ness

Naturalism

Quality

Innovation

Biodiversity

Philosophic Attributes

Linked to the our Essence

Emotional Attributes

Linked to human relations

and affecting emotions

Functional Attributes Linked to the concrete offer

of the brand in the market

Sustainable

development

Development

Opportunity

Take care of

relationships

Raise

Awareness Commitment to

truth

13

BRAND ATTRIBUTES

13

Brand

2008 2009

PRODUCT INNOVATION

68

.8

67

.3

65

.7

2010

123 113 191

2.8% NR 2.6% NR 2.8% NR

Number of products launched

Innovation index1

1 Percentage of products launched in the last 24 months in the company´s revenue

Products with funcional, emocional and philosofical benefits

Open Innovation exceeded 50% of the projects

Sustainable use of Brazilian biodiversity - Ekos, Chronos, Una

14

Products

OUR PRODUCTS

15

Products

2009

2008

2010

+ 17.5%

+ 19.8% + 33.9%

+ 20.8%

731

875

1,0

29

119

159

192

849

1,0

34

1,2

21

+ 21.8 %

+ 18.0%

high productivity

focus on training

Growth of CNs in Brazil (thousands) 1Q11: 1,033 (+16,7%)

Growth of CNs in IOs (thousands) 1Q11: 197 (+24,0%)

Total (thousands) 1Q11: 1,230 (+17,8%)

OUR CHANNEL

• Consultants are Natura´s first consumers

• Driver sales through personal relationship

• Channel disseminate Natura´s values with consultants acting as

agents of social transformation

high satisfaction

low turn over

16

Channel

Triplle Bottom Line Results

Generating value for all steakholders by transforming social and

environmental challeges into business opportunities

Sustainable management model

CORPORATE BEHAVIOR

17

Corporate Behavior

SOCIAL AND ENVIRONMENTAL RESULTS 2010

18

CO2 emissions (CO2 emitted / Kg of

product sold)

Corporate Behavior

3,82 3,55

3,30

2008 2009 2010

- 7,0% • Carbon Free since 2007

• Relative Greenhouse Gases reduction since 2006: - 21%

• Reduce of water consume at the units in 2010: -10%

• R$ 13 million of “Crer pra Ver” products selling

• Distribution of resources with our Consultants : R$ 2,738

per consultant per year

• In 2010, our network of relationships involved 25 supplier

communities comprising 2,301 families

• Distribution of resources with supplier communities: R$

8.44 million (57% up 2009)

ECONOMICS

19

Net Revenues (R$ million)

Net Income and Margin (R$ million)

EBITDA and Margin (R$ million)

CAGR `08 -`10 = 19.8% CAGR `08 -`10 = 20.9% CAGR `08 -`10 = 19.8%

21.1%

13.0%

24.6%

8.4%

8.8%

6.3%

3.576

4.242

5.137

1.014 1.146

2008 2009 2010 1Q10 1Q11

860

1.008

1.257

243 264

2008 2009 2010 1Q10 1Q11

860

1.008

1.257

243 264

24,1% 23,8% 24,5% 24,0% 23,0%

2008 2009 2010 1Q10 1Q11

518

684 744

142 151

2008 2009 2010 1Q10 1Q11

860

1.008

1.257

14,5%

16,1%

14,5% 14,0%13,1%

2008 2009 2010 1Q10 1Q11

ECONOMICS

20

Capex (in R$ million)

Dividends paid and pay-out ratio (in R$ million)

500

598

719

96,0% 87,0% 95,0%

2008 2009 2010

Dividends Pay Out Ratio

103

141

237

300

2008 2009 2010 2011E

500

598

719

2008 2009 2010

ECONOMICS

21 21

Opera

tions in c

onsolidation (

R$ M

illion)

(Arg

entina,

Chile,

Peru

)

Opera

tions in im

ple

menta

tion (

R$ M

illion)

(Mexic

o a

nd C

olo

mbia

)

Net revenues (in R$ million)

EBITDA (in R$ million)

30.3% in local currency 55.7% in local currency 164

219

256

49 60

2008 2009 2010 1Q10 1Q11

44

66

98

19

30

2008 2009 2010 1Q10 1Q11

(1)

9

13

(4)

1

2008 2009 2010 1Q10 1Q11

(38)

(42)

(32)

(6) (7)

2008 2009 2010 1Q10 1Q11

LOOKING AHEAD

22

Management Model

Organizational culture

Leadership

development

Latin America (excluding Brazil)

Ambition to be among the top brands in

the market

Leverage current “infrastructure” with

innovation in the channel , category

strategy, local production and corporate

behavior

Ongoing investment

in infrastructure:

IT (commercial and

logistical process)

Logistical model

Production capacity

Brazil

Expand market leadership through

new value proposals in white spaces

Intensify regional activity and

customization of consumer

experience

Innovation

Products and concepts

Commercial models

Digital technologies

LOOKING AHEAD

23

Presti

ge

Massti

ge

Massiv

e

Source: Booz & Company research, 2009

DEMOCRATIC AND ASPIRATIONAL BRAND

24

99.5

%

90.8

%

89.1

%

89.7

%

66.4

%

58.4

%

37.8

%

100.0

%

Market Natura

23

.9 %

10

.9%

11

.1%

25

%

20

.9%

3.0

%

6.3

%

21.5

% 25

.7 %

3%

18.0

%

10

.8%

54

.8%

21.5

%

¹ Number of households that purschase at least one product in the last 12 months

Source: Kantar Panel Research 2010

Categories Penetration¹

BRAZIL: STILL PLACE FOR GROWTH

25

INTERNATIONAL OPERATIONS

26

Natura Ranking Evolution 2009 -> 2010

8º -> 8º 6º -> 6º 23º -> 17º 23º -> 22º 8º -> 8º

Total CFT Market (USD)

(global ranking)

3,381 (22º)

8,650 (11º)

2,059 (35º)

3,426 (21º)

1,699 (37º)

Main competitors Retail

P&G

Unilever

Colgate

Colgate

Main competitors Direct sales Avon

Jafra

Fuller

Avon

Amodil

Avon

Belcorp

Oriflame

Avon

Belcorp

Unique

Belcorp

Unique

Avon

P&G

Unilever

Colgate

L´Oréal

P&G

Unilever

P&G

L´Oréal

Unilever

Unilever

P&G

CFT growth 05-10 (%) CAGR

8% 7% 20% 8% 10%

Source: Euromonitor 2010

Colombia Mexico Chile Peru Argentina

Tsu

INVESTMENT IN INFRASTRUCTURE

Investment in Distribution Centers (DCs): Brazil:

New DCs in Uberlândia and Castanhal municipalities Doubled the capacity of the Canoas distribution center Two new Hubs in Brasil (Belém and Salvador)

International Operations:

expansion in Chile and Peru modernization of picking lines in Argentina and Colombia.

Local production through partnerships: 2010 in Argentina and 2011 in Colombia and in Mexico; Increased investments in Information Technology.

Argentina

Brazil

Chile

Peru

Mexico

Colombia

France

DC

Production

27

A B C D

São Paulo

Mid West1

North/Northeast

South

Regio

nal U

nit

Channels

Business Units Management by Category and Brands

A B C D

Argentina

Chile

Colombia

France

Mexico

Peru

Regio

nal U

nit

Channels

Business Units Management by Category

and Brands

Brazil Int´l

Consolidation of process management;

Development of leaders;

Strengthening of the organizational culture.

MANAGEMENT MODEL

28

Because of its corporate behavior, the

quality of the relationships it establishes

and the quality of its products and

services, Natura will be an international

brand, identified with the community of

people who are committed to the

construction of a better world, based on

a better relationship with themselves,

with others, with nature of which they

are part, with the whole.

Vision

29

Investor Relations

Roberto Pedote

Helmut Bossert

Patrícia Anson

Bruno Caloi

Bruno Compagnoli 30

31

Employees: 294 (132 SF)

CNs: 31 thousand

Source: Euromonitor 2010

Chile

8.6

3.4

1.7

2.0

3.4

37.4

Argentina

Employees: 329 (174 SF)

CNs: 53 thousand

Mexico

Employees: 341 (250 SF)

CNs: 41 thousand

Colombia

Employees: 172 (110 SF )

CNs: 19 thousand

Available Consultants (C12): 197 thousand

Employees: 1,465 (860 SF)

International France

Employees: 48 (20 SF)

CNs: 3 thousand

Brazil

Employees: 4,821 (877 SF)

CNs: 1.029 thousand

Employees: 281 (174 SF)

CNs: 46 thousand

Peru

Total CFT Market

Our Operations

15,7

32

Key Brands

Children Care

Body

Anti - Wrinkles

Deodorant

Hair

Men's grooming

Facial Make Up

Sunscreen

Fragrances

Oils

Soaps

Main Competitors

Johnson & Johnson Procter and Gamble

Avon NIVEA

Hypermarcas NIVEA

Avon O Boticário

Procter and Gamble Unilever

L’Oreal Unilever

Johnson & Johnson NIVEA

Unilever Avon

O Boticário Avon

Colgate Unilever

Unilever Bertin

1º 2º

33

CONSOLIDATION OF THE CNO MODEL IN BRAZIL

1 CNO : up to 150 CNs

1 GR: up to 15 CNOs

1 GR: up to 2,250 CNs

Brazil (2010)

1 GR 13 CNOs

1 CNO 90 CNs

1 GR 1,111 CNs

By the end of the 4h cycle.

GR – Relationship Manager CNO – Natura Super Consultant CN – Natura´s Consultant

CNO model in Brazil: first complete cycle of operations in 2010

Focus on training and welcome programs for new consultants

Reduction in turnover - both total turnover and consultants who have been with the

company for less than a year

CN CN

CN

CNO

CN

CN CN CN

CN

CN

CNO CNO

GR

34

Commitment to truth

Be authentic and ethical, committed to yourself and others.

Defend your beliefs and act in accordance with them.

Take care of relationships

Doing things together is better, open up to each other with generosity and empathy, creating an environment of trust with quality connections.

Recognize that others are different from you, listen without judging, respect others’ opinions, combining differences to better the whole.

Continuous improvement

Keep improving, evolve in all dimensions: material, emotional, intellectual and spiritual.

Keep seeking self-knowledge, admitting your own talents and limitations.

Create an environment that promotes learning, continuous improvements and recognize high performance.

Do things well

Focus on doing everything with simplicity, but with beauty and quality, paying attention to detail.

Be disciplined and honor your commitments.

Innovation

Engage, lead and do what has never been done before. Take risks.

Constantly question the old and be stimulated by seeking the new.

Sustainable development

Always deliver superior results and significant economic, social and environmental value.

Manage the short term with the commitment to build the company’s future.

Pleasure and Joy

Face daily challenges with optimism, lightness and good spirits.

Celebrate achievements, nourish enthusiasm and energy that encourage us to evolve and keep doing more and better.

Be realized by your work, which should have an affinity with your purpose in life, and find meaning in everything you do.

Foundations for next years CULTURE DRIVERS

35

INNOVATION PLATAFORM

Senses and experience

designs

Integrality Sciences

Classical Sciences

Sustainable technologies

Integrality

Actio

n V

iew

Sense 36

Foundations for next years

• 1.2 million of consultants;

• 7,037 Employees;

• Ebitda: R$1,257 millions

(24.5%)

• Net Revenue: R$ 5.1 billion

• Investments in innovation:

(2.8% on net revenue);

• Relative Greenhouse Gases reduction

since 2006: - 21%

• Reduce of water consume at the

units in 2010: -10%

TRIPLE BOTTOM LINE RESULTS 2010

• R$ 13 million of “Crer pra Ver” products selling

• Distribution of resources with our Consultants :

R$ 2,738 per consultant per year

• Market Share: 24% in Brasil (+ 1.1 p.p.)

• Brand preference Natura: 49%

• Distribution of resources with supplier communities:

R$ 8.44 million (57% up 2009);

• “BioQlicar” Program: 3.7 of max 5.0

(supplier community evaluation)

• Consultants Satisfaction : 90%

37

Corporate Behavior

Financial Results Consolidated Results (R$ 000)

2008 2009 2010 10x09 CAGR 1Q10 1Q11 10x11

Net Revenue 3,576 4,242 5,137 21.1% 19.8% 1,014 1,146 13.0%

Gross Margin 68.9% 69.5% 69.7% 69.3% 70.0%

EBITDA 860 1,008% 1,257 24.6% 20.9% 244 264 8.4%

EBITDA Margin 24.1% 23.8% 24.5% 24.0% 23.0%

Net Income 518 684 744 8.8% 19.8% 142 151 6.3%

Net Margin 14.5% 16.1% 14.5% 14.0% 13.1%

CAPEX 102.7 140.6 236.9 68.5% 51.9% 12.8 22.9 78.9%

Leverage 0.1 0.2 0.1

Dividends 500 598 719 20.3% 19.9%

Pay-out ratio 96% 87% 95%

Free Cash Flow 484.4 418.6 716.3 71.1% 21.6% 153.9 67.5

Brazil 2008 2009 2010 10x09 CAGR 1Q10 1Q11 10x11

Net Revenue 3,364 3,949 4,765 20.6% 19.0% 942 1,053 11.7%

Gross Margin 69.3% 69.9% 70.4% 70.1% 71.0%

EBITDA 860 1,086 1,335 23.0% 24.6% 267 288 7.7%

EBITDA Margin 25.6% 27.5% 28.0% 28.3% 23.7%

International Operations

Operations in Consolidation 2008 2009 2010 10x09 CAGR 1Q10 1Q11 10x11

Net Revenue 164 219 256 17.0% 24.7% 49 60 22.3%

EBITDA (1) 9 13 (3.5) 1.2 n/a

Consultants (000) 90 114 130 14.1% 20.0% 112 132 17.1%

Operations in Implementation

Net Revenue 44 66 98 47.8% 49.5% 19 30 53.5%

EBITDA (38) (42) (32) (6.4) (6.7) n/a

Consultants (000) 28 44 60 36.3% 46.1% 45 63 39.5%

Other International

Investments (43) (44) (59) (14) (18)

38

Operating Data

39

Consolidated Results 2008 2009 2010 10x09 CAGR 1Q10 1Q11 10x11

Consultants (000) 850 1,034 1,221 18.0% 19.9% 1,044 1,230 17.8%

CO2 emissions (CO2 emitted/Kg of product

sold)

3.82 3.63 3.30 -9.1%

CSR Investments 55 60 77

Brazil 2008 2009 2010 1Q10 1Q11 10x11

Brand Preference 47% 46% 49%

Market Share (ABIHPEC/SIPATESP)*

21.8% 22.9% 24.0%

CF Market Share 33.1% 33.7% 34.9%

T Market Share 11.5% 12.9% 13.3%

Core Market Growth 16,2% 14,4% 13,5%

CF Growth 18.1% 15.8% 16.8%

T Growth 14.5% 13.2% 10.4%

Market Share (Euromonitor) 12.9 13.9% 14.4%

Innovation Index 68.8% 67.6% 65.7% 67.1% 62.6%

Launches 123 113 191 14 16

Consultants (000) 731 875 1,029 885 1,033 16.7%

CNO (000) 5.8 9.1 11.2 9,364 11,820 26.2%

International Operations

Operations in Consolidation 2008 2009 2010 1Q10 1Q11 10x11

Consultants (000) 90 114 130 112 132 17.1%

Operations in Implementation

Consultants (000) 28 44 60 45 63 39.5%

Other International

Consultants (000) 0.7 1.4 2.5 1.4 2.5 77.7% 39