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Fitch Affirms Minerva´s US$ 200 Million Notes at ‘B+’/Outlook Stable

Barretos, December 20, 2007 – Minerva S.A. (BOVESPA: BEEF3), one of the leaders in Brazil in the production and sale of fresh beef, processed beef and beef byproducts, informs the market that Fitch Ratings has affirmed the foreign currency and local currency Issuer Default Ratings - IDRs in the amount of US$ 200 million due 2017.

Fitch has also affirmed Minerva’s national debt rating at “BBB(bra)”. The rating outlook is stable for all ratings.

The Agency underlined that the ratings of Minerva are supported by its solid market position as the third-largest Brazilian exporter of fresh beef, low cost structure, high grade of product customization and diversified and growing export revenue base. The ratings are also supported by the Company’s improved liquidity position due to the proceedings from its IPO, and a capital structure that favors long-term debt.

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