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Monday, January 06, 2020 4:53:03 PM
under the terms and conditions of the Protocol and Justification;
• under the Protocol and Justification, the exchange ratio of the Merger of 0.600 common
shares issued by Natura &Co or 0.300 American Depositary Receipts (“ADR”) of Natura
&Co was confirmed (each ADR represents 2 common shares of the Company), at the
discretion of each shareholder, in each case, in replacement for each one (1) common share
issued by Nectarine Merger Sub I, Inc. held by them immediately before the Merger;
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