ARCA Cosméticos 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 NOVEMBER 23, 2015


On November 23, 2015, at 5 p.m., at the Company's head office located in the city of São Paulo, State of São Paulo, at Avenida Alexandre Colares, 1188, Vila Jaguara, CEP 05106-000, in the presence of majority of the members and having Mr. Pedro Luiz Barreiros Passos as chairman of the meeting of the Board of Directors of NATURA COSMÉTICOS S.A., in order to authorize, pursuant to the Article 20, XXII 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 3.1 times the EBITDA of the previous four calendar quarters and consolidated net debt reaching 1.2 time the EBITDA of the previous four calendar quarters The above limits apply to certain hiring financial transactions that result in effective disbursement by the Company. 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.


This document ratify all financial operations already contracted until this moment.


As there were no further matters to be discussed, these minutes were read, approved and executed by all 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, Board: Plínio Villares Musetti; Luiz Ernesto Gemignani; Marcos de Barros Lisboa; Silvia Freire Dente da Silva Dias Lagnado; Giovanni Giovannelli; and Moacir Salzstein, Secretary of the Meeting.


I hereby certify that the present is a true copy of the minutes drawn on proper book.


São Paulo, November 23, 2015.


MOACIR SALZSTEIN

Secretary of the Meeting

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