Creating a Global Leader in Beauty

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Transaction Overview (CFO 5 min.)

Strategic Rationale (CEO 10 min,)

The Body Shop Highlights (VP International 15 min.)

Q & A (30 min.)

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Transaction Overview

José Roberto Lettiere - CFO

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Transaction Overview• Exclusivity Agreement

Following an extensive review of the The Body Shop, Natura submitted a firm offer to L’Oréal, and has entered with an exclusive agreement with L’Oréal to acquire The Body Shop

The proposed transaction values The Body Shop at an enterprise value of EUR 1.0 billion.

• Consideration and Financing

100% cash payment upon closing

Debt financing at Natura level in place for the transaction

• Timing: Closing in 2017

• Conditions

The proposed transaction will be submitted to L’Oréal’s employees representative body and is subject to regulatory approval both in Brazil and the US.

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Strategic Rationale

João Paulo Ferreira - CEO

Highly Compelling Strategic Rationale

› Acquire a leading truly global brand complementary to Natura and Aesop

› Shared value and vision of positive economic, environmental and social impacts: companies committed to building a better world

› In-depth knowledge of sustainable extractive communities

› Transform Natura into a global omnichannel leader in personal care and beauty

› Highly complementary portfolio of products across categories

› 3 brands, 3 channels, global footprint - value creation opportunity from cost and revenue synergies

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+

Natura, Aesop and The Body Shop founded on

similar values and share a common vision

. Inspired by Our Essence and our

proximity with nature, science and technology, we propose to

expand and mobilize our Relationship Network, in

pursuit of creative solutions that promote a life of beauty, pleasure and sustainability,

We value all human endeavours undertaken with

intellectual rigour, vision, and a nod to the whimsical. Every Aesop product is made with

the same attention to detail we believe should be applied

to life at large, taking into consideration a diversity of

needs as well as seasonal and

the pursuit of social and environmental change. To

creatively balance the financial and human needs of our stakeholders employees, franchisees, customers,

Negócios Existentes7

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The Body Shop Highlights

Robert Chatwin

VP International

The Body Shop Highlights

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Strong performing regions account for ~75% of revenues

Strong brand awareness

High repurchase rates from loyal customers

Opportunities to increase digital retail

EMEA51%

APAC26%

North America

21%

Latam2%

Owned Stores

63%

Head Franchise

20%

E-Commerce8%

At-Home3%

Others6%

Global leading cosmetics and beauty branded retailer offering naturally-inspired products

In 2016, generated retail sales of around EUR 1.5 billion and net sales of EUR 921 million

Offers a wide product portfolio addressing almost all beauty market categories with a strong presence in body care, skincare, bath & shower, fragrance and make-up

Multi-channel distribution strategy with majority of revenue generated through owned stores, franchised stores and e-commerce

Presence in more than 60 countries

Total of more than 3.000 branded point of sales

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The Body Shop Overview

Net Sales Breakdown by Channel (2016A)

Net Sales Breakdown by Geography (2016A)

Note: Geography breakdown excludes Global Travel Retail segment

The Body Shop Well Balanced Product Portfolio

Skin Care

Body Care

Gifts and Accessories

Make-up

Bath and Shower

Fragrance

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The Body Shop Diversified Multi-Channel Distribution Strategy

Owned Stores

Network of 1,140 stores located across EMEA, APAC, North America and Latin America

Head Franchise

Network of 1,731 stores

Top countries are Saudi Arabia, Indonesia, South Korea, Japan, Malaysia, India, Switzerland and UAE

Own E-Commerce

Own website with presence in over 10 countries

Top countries are UK, USA, Canada and Australia

At-Home and Wholesale

Direct selling business in the UK and Australia

Wholesale through third-party department stores and e-retailers such as Amazon

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836

921

193 197

2013A 2016A 1Q16 1Q17

CAGR'13A-16A: 3.3%

112

77

13,4%

8,4%

2013A 2016A

+2.3%

13Note: Considers like-for-like figures for 1Q16 and 1Q17

The Body Shop Financial Highlights

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Strong Geographical Complementarity with Global Reach

› Direct Selling through 1.3m consultants

› Growing online platform

› Retail presence through 14 stores and 3,000 drugstores

› Retail presence through 130+ stores

› Broad geographic presence in 21 States

› Established online platform supported by distribution center

16Nota: Numeros referentes ao primeiro trimestre de 2017

The potential acquisition of The Body Shop will be another important step of Natura’s multichannel strategy

Natura will add significant value to The Body Shop given its expertise in branding and manufacturing

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Strong Strategic Fit in Brasil

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• The Body Shop direct selling in Latin America

• Natura international growth acceleration

• Aesop growth acceleration

• Efficiency / scale gains

• Access to global Supply Chain

• Currency and geographic diversification

After closing, further details will be disclosed to the market

Value Creation Opportunities

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Q & A

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thank you