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IPI Tax Credits on Exports

Barretos, August 14, 2009 – Minerva S.A. (BOVESPA: BEEF3; Bloomberg: BEEF3.BZ; Reuters: BEEF3.SA), one of the market leaders in Brazil in the production and sale of fresh beef, leather and live cattle exports, hereby informs its shareholders and the general market that on January 23, 2004, it filed a claim to receive IPI tax credits related to exports made between 1995 and 2003. The claim amount of R$237 million was never recognized on our Balance Sheet. However, since the decision on the IPI tax credits made by the Brazilian Federal Supreme Court (STF) on August 13, 2009 was in favor of the federal government, the Company may have to pay a maximum of R$5,000.00 (five thousand Brazilian Reais) in court costs related to the unfavorable decision.

To access the Notice to the Market, click here.