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Glossary

Arbitration Chamber: Market Arbitration Chamber established by the Bovespa for resolution of disputes between companies and its investors.

BM&FBovespa: Brazilian Stock Exchange.

BR GAAP: Accounting practices adopted in Brazil , or Brazilian GAAP or Brazilian Corporation Law.

CAPS: Calf Processing Aid Scheme.

CBLC: The Brazilian Settlement and Custodial Company ( Companhia Brasileira de Liquidação e Custódia ).

Company or Minerva: Refers to Minerva S.A.

CVM: The Brazilian Securities Commission ( Comissão de Valores Mobiliários ).

Real, Reais or R$: refers to the Brazilian real, the official currency of Brazil

Regulation S: Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to institutional and other investors outside the United States and Brazil that are not U.S. persons.

Rule 144A: Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to qualified institutional buyers of the United States .

SEC: Securities and Exchange Commission.

U.S. dollar, U.S. dollars or US$: refers to U.S. dollars