BrasilAgro – Companhia Brasileira de Propriedades Agrícolas
Corporate Taxpayer’s ID (CNPJ) 07628528/0001-59
Corporate Registry (NIRE) 35330326237
Minutes of the Board of Directors Meeting
held on April 25, 2006
Date, Time and Venue: On April 25, 2006 at 10.00 am, at the
headquarters of BrasilAgro - Companhia Brasileira de Propriedades
Agrícolas (“Company”), located at Avenida Brigadeiro Faria Lima, 3,400,
9º andar, in the city and state of São Paulo. Call and Attendace: The
call was dispensed with, under the terms of article 124, paragraph 4 of
Law 6,404/76 (the “Law”), given that all the Company’s shareholders
were present, as per the signatures in the Attendance Book. Presiding:
Chairman: Alejandro Elsztain; Secretary: Pedro de Andrade Faria.
Agenda: Amendment of the minutes of the Extraordinary Shareholders’
Meeting held on March 15, 2006, in order to include the resolutions
taken on that date as to the management’s remuneration, pursuant to
the information in Prospectus for the Primary Offering of Shares,
registered with the CVM. Resolutions: The shareholders amend the
minutes of the Extraordinary Shareholders’ Meeting held on March 15,
2006 to ensure that the management’s remuneration shall not exceed
R$696,000.00 in the fiscal year ending June 30, 2006. This amendment
is in compliance with the terms in said Prospectus, in the
“Management” section, “Remuneration” subsection. The other terms in
the minutes are ratified. Minutes and Publication: The attending
shareholders unanimously approved the drafting of these minutes in
summary format, under the terms of article 130, paragraph 1, of the
Law. Closure: There being no further issues to address, the Chairman
offered the floor, and as nobody made use of it, he closed the meeting
and these Minutes were drawn up, read, found in compliance and
signed by all the shareholders, the Chairman and the Secretary.
Members of the Board in Attendance: Tarpon Investimentos S.A.,
Cresud S.A.C.I.F. y A., Tarpon Agro LLC, Cape Town LLC, Agro
Managers S.A., José Carlos Reis de Magalhães, Elie Horn, Luiz Alves
Paes de Barros, Eduardo Elsztain, Alejandro G. Elsztain, Saul Zang,
Luiz Gonzaga Murat, Ivoncy Brochmann Ioshcpe, Mário Alves Barbosa
Neto and Ricardo Frank Semler.
São Paulo, April 25, 2006
Pedro de Adrade Faria
Secretary