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Notice of Modification of Offer and Postponement of Distribution Periods

It is informed that, according to Articles 25 and 27 of the Instruction of the Brazilian Securities Commission no. 400 (“Instruction 400) and according to what was agreed upon at the Meeting of the Administration Committee of the Issuer held on January 24, 2005, the Brazilian Securities Commission (CVM – Comissão de Valores Mobiliários) approved in the terms of the official communication CVM/SRE/GER-2 No. 118/2005 of February 11, 2005, an authorization of the reduction of the minimum amount of resources for which will be maintained the offer of Debentures Convertible in Common Shares issued by the company (the “Offer” and the “Debentures”) whose Notice to Shareholders and Announcement of Beginning of Public Distribution was published on August 12, 2004 (the “Announcement”), the Offer having been registered at the Brazilian Securities Commission on August 3, 2004 under the number CVM/SRE/DCA/2004/001.

That way, the company is allowed for the partial distribution of the Offer, if not all the Debentures are allocated, in a total of at least R$ 130,000,000.00.

Due to the reduction mentioned above, the subscribers and/or acquirers of the Debentures will be able to opt, according to the Announcement, item Partial Distribution, between the cessation of their subscription and the payment of the Debentures subscribed till the present date (the “Option for the Cessation of the Subscription and Payment”) receiving their updated nominal value through the mandatary Bank, with no obligation to pay any remuneration for the Debentures or without any added payments related to CPMF (Provisory Contribution for Transaction or Transmission of Values and Credits of a Financial Nature).

The Leading Coordinator will communicate, directly, all subscribers of Debentures about the modification afore mentioned and they will have 5 working days to carry out the Option for Subscription Cessation and Payment by means of a registered letter or, subject to receiving confirmation, by fax or e-mail sent to:

BB Banco de Investimento S.A.
R. Senador Dantas, 105, 28 andar, sala 2803
20031-080 – Rio de Janeiro – R.J. – Brazil
Tel.: +55 21 3808-3773
Fax: +55 21 3808-3239
Care of: Leonardo Silva de Loyola Reis
leoloyola@bb.com.br

As a consequence of the modification afore indicated, the postponement of the Offer distribution period for 90 days was authorized, therefore, the lead-time ends on May 13, 2005.

Additional Information and Debenture Owners Services

The Announcement is available at the headquarters and on the Internet site of the Leading Coordinator of the present Issuance (www.bb.com.br) and the Issuer company (www.tupy.com.br). Further information may be obtained from the Leading Coordinator at the headquarters of the issuing company on Rua Albano Schmidt, 3400, Joinville, SC, Brazil, or at CVM (www.cvm.gov.br), at one of the following addresses: Rio de Janeiro: Rua Sete de Setembro 111, 5o. andar, Centro, ZIP Code 20159-900, Rio de Janeiro, RJ, Brazil, or São Paulo: Rua Formosa, 367, 20o. andar, Centro, ZIP Code: 01049-000, São Paulo, SP, Brazil.

 
   
History of Legal Communications
2005/01/25 Relevant Statement
2004/08/12 Notice to shareholders and announcement of the beginning of public distribution of debentures convertible to shares