Natura & S A : Minutes of the Board of Directors' Meeting (27.04)

	NATURA COSMÉTICOS S.A.
CNPJ/ME No.	Publicly-Held Company	NIRE 35.300.143.183
71.673.990/0001-77

Minutes of the Board of Directors' Meeting

Held on April 27, 2021

1. Date, Time and Place: April 27, 2021, at 9 a.m., through conference call.

1. Call Notice: Waived due to the attendance, by conference call, of all members of the Board of
   Directors of Natura Cosméticos S.A. (the "Company"), under paragraph 2, article 12 of the Company's
   Bylaws.

1. Quorum: All members of the Company's Board of Directors were in attendance, namely:
   Roberto de Oliveira Marques, chairman of the Board of Directors, Itamar Gaino Filho, José Antonio de Almeida Filippo and João Paulo Brotto Gonçalves Ferreira. Mr. Moacir Salzstein, secretary of the meeting, was also present.

IV. Presiding Board: Mr. Itamar Gaino Filho presided over the meeting, and invited Mr. Moacir Salzstein to act as secretary.

1. Agenda: To resolve on the following:

1. Approval of the dividends statement of the existing profits account in the balance sheet ended on December 31, 2020, as authorized by the Bylaws.
2. To recommend the approval by the Company's shareholder, Natura &Co Holding S.A. - in the annual and extraordinary general meetings to be held on April 30, 2021 ("AEGM"), of the capital budget proposal for 2021.
3. To recommend the approval, by the Company's shareholder, Natura &Co Holding S.A., at the
   AEGM, of the allocation of net profits of the fiscal year ended on December 31, 2020.
4. To recommend the approval, by the Company's shareholder, Natura &Co Holding S.A., at the AEGM, of the proposal of global compensation for the Company's Directors and Officers, to be paid by the annual general meeting which approves the Company's accounts related to the fiscal year ending on December 31, 2021.
5. To recommend the approval, by the Company's shareholder, Natura &Co Holding S.A., at the
   AEGM, of the proposal for the rectification and ratification of the global compensation of the Company's managers paid until the AEGM, established at the Company's annual general meeting held on July 6, 2020.

VI. Resolutions: After discussions related to the matters included in the Agenda, and considering the information received by the Company, the members of the Board of Directors unanimously and without any reservation resolved:

1. To approve the declaration of dividends of the existing profits account in the balance sheet ended on December 31, 2020, in the total amount of one hundred and sixty-eight million, six hundred and

eleven thousand, five hundred and eighty-three Reais and fifty-two centavos (R$168,611,583.52), to be paid to the Company's shareholder, Natura &Co Holding S.A., on April 28, 2021.

1. To recommend, under article 196 of Law No. 6,404/76 and article 15(xi) of the Company's bylaws, the approval, by the Company's shareholder, Natura &Co Holding S.A., at the ASGM, of the capital budget proposal for 2021, which, encompassing property, plant and equipment and working capital, shall be one billion and three hundred million Reais (R$1,300,000,000.00), with the following origins: (i) six hundred and ninety-five million, seven hundred and thirty-seven thousand, four hundred and ninety-five Reais and thirty-two centavos (R$695,737,495.32) arising from the Profits Withholding Reserve; and (ii) six hundred and four million, two hundred and sixty-two thousand, five hundred and four Reais and sixty-eight centavos (R$604,262,504.68), arising from third-party funds. The capital budget funds will serve to compensate the necessary investments in property, plant and equipment and intangible assets (capex) for consolidation of the Company's growth plans.
2. To recommend, under article 22, paragraph 2 of the Company's bylaws, the following proposal of allocation of net profits of the fiscal year ended on December 31, 2020, corresponding to one billion, one hundred and two million, two hundred and seventy thousand, eight hundred and ninety-one Reais and twenty centavos (R$1,102,270,891.20), as follows: (i) allocation at a gross sum of one hundred and twenty-eight million, one hundred and seventy-nine thousand, nine hundred and seven Reais and three centavos (R$128,179,907.03) as interest on net equity, already distributed to the shareholder of the Company, Natura &Co Holding S.A., on February 10, 2021, as per the resolution of the Board of Directors taken at a meeting held on December 31, 2020, at 10 a.m., and one hundred and sixty-eight million, six hundred and eleven thousand, five hundred and eighty-three Reais and fifty-two centavos (R$168,611,583.52), as distribution of dividends, as per the resolution of item "1", above, constituting the mandatory dividend amount of 30% of the Company's adjusted net profit; (ii) six hundred and ninety-two million, five hundred and thirteen thousand, four hundred and seventy-seven Reais and ninety-six centavos (R$692,513,477.96) to constitute a Profits Withholding Reserve, based on the capital budget proposal for 2021; and (iii) one hundred and twelve million, nine hundred and sixty-five thousand, nine hundred and twenty-two Reais and sixty-nine centavos (R$112,965,922.69) to constitute a tax incentive reserve.
3. To recommend, pursuant to article 152 of Law 6,404/76 and article 15, item (xi) of the Company's Bylaws, the approval, at the AEGM, by the Company's shareholder, Natura &Co Holding
   S.A., of the proposal for global compensation of the Company's Directors and Officers, in the total amount of up to thirty-five million, fifty-one thousand, eight hundred and twenty-one Reais and ninety- two centavos (R$35,051,821.92), to be paid by the annual general meeting where the Company's shareholder votes on the financial statements of the fiscal year ending on December 31, 2021.
4. To recommend, under article 152 of Law No. 6,404/76 and article 9, item (ii) of the Company's bylaws, the approval by the Company's shareholder, Natura &Co Holding S.A., of the proposal for the rectification and ratification of the global compensation of the Company's managers paid until the
   AEGM, established at the Company's annual general meeting held on July 6, 2020, in the amount of thirty-one million, three hundred and eighty-seven thousand, nine hundred and eighty-two Reais and ninety-two centavos (R$31,387,982.92), to forty-one million, two hundred and forty-three thousand, nine hundred and ninety-one Reais and nine centavos (R$41,243,991.09), therefore, a difference of nine million, eight hundred and fifty-six thousand, eight Reais and seventeen centavos (R$9,856,008.17), equal to an increase of 31.4%, in order to incorporate into the compensation of the year the total payments as variable compensation (profit sharing, long-term incentives and applicable charges).

Itamar Gaino Filho;

VII. Adjournment: The Chairman thanked everyone for being present and declared the meeting adjourned, but first suspended the meeting so that these minutes could be drawn up, which, after being read, discussed and found to be in order, were approved, according to votes cast by e-mails and signed by the board and by the attending board members. São Paulo, April 27, 2021. Presiding Board: (sgn) Itamar Gaino Filho - Chairman; Moacir Salzstein - Secretary. Attending Board Members: (sgn) Roberto

de Oliveira Marques;João Paulo Brotto Gonçalves Ferreira; and José Antonio de Almeida Filippo.

São Paulo, April 27, 2021.

The above matches the original minutes drawn up in the proper book.

Presiding Board:
____________________________	____________________________
Itamar Gaino Filho	Moacir Salzstein
Chairman	Secretary