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CADE Upholds Minerva’s Antitrust Motion

Barretos, January 31, 2008 – Minerva S.A. (BOVESPA: BEEF3), one of the market leaders in Brazil in the production and sale of fresh beef, processed beef and beef byproducts, hereby informs the market that an ordinary session of the CADE, Brazil’s antitrust body, held on January 30, upheld the motion by Minerva, recognizing the need to correct/adapt the parameters used to determine the fine for alleged antitrust conduct – acquisition according to the classification table defined by CADE.

The company pointed out errors in the publication of CADE’s decision and determination of the fine amount and the payment deadline. The Board of CADE accepted the arguments put forth by Minerva and will publish the new decision containing the rectified information. The fine is estimated at R$ 3.97 million, representing 5% of revenues obtained, multiplied by the amount spent to purchase cattle according to the supposed cattle classification table, divided by the total cattle purchases made by the company in general.

The company awaits an official notice from the antitrust body to take administrative or legal measures, including the possibility to contest the aforementioned fine, as the case may be. The decision reflects the Company’s previous projections and does not in any way affect its financial results.

Investor Relations

Carlos Watanabe
CFO and IR Officer

Ronald S. Aitken
IR Superintendent

Phone: +55 (17) 3321-3412

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