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LAEP Investments Ltd - Material Fact - Cancellation of the Debentures

    SAO PAULO, Brazil, July 3 /PRNewswire/ -- LAEP Investments Ltd. ("LAEP" or
"Company") (MILK 11) and Parmalat Brasil S/A Industria de Alimentos, Em
Recuperacao Judicial ("Parmalat") (LCSA3/LCSA4), in compliance with the
Brazilian Securities Exchange Commission (CVM)'s Instruction No. 358, of
January 3, 2002, LAEP Investments Ltd. ("LAEP" or "Company") (MILK 11) and
Parmalat Brasil S/A Industria de Alimentos, Em Recuperacao Judicial
("Parmalat") (LCSA3/LCSA4) communicate to the investors and other participants
of the capital market, in complementation of the Material Facts disclosed to
the market on March 26, 2009, April 17, 2009, and June 9 the new terms and
conditions of the agreements related to the early redemption and cancellation
of the totality of the outstanding privately-issued debentures of Parmalat,
with an approximated total R$ 120 million face value ("Debentures"), currently
held by Fundo de Investimento em Direitos Creditorios Nao-Padronizados
Alemanha Multicarteira ("Current Creditor"), managed by Intrag Distribuidora
de Titulos e Valores Mobiliarios Ltda., and administrated by Morgan Stanley
Administradora de Carteiras S.A. ("Transaction").

About LAEP:

    LAEP Investments Ltd. (Bovespa: MILK11, Bloomberg: MILK11 BZ and Reuters:
MILK11.SA) produces, processes, sells and distributes milk and dairy products,
and to capitalize on its structure also produces and distributes cookies,
cakes, juices and teas. LAEP has a nationwide presence and owns well-known
brands in Brazil's milk industry, such as "Parmalat", "Gloria", "Alimba",
"Kidlat", "Lacesa", "Kidlat", "Lady", and "Ibituruna".

    "This release contains forward-looking statements relating to the
prospects of the business, estimates for operating and financial results, and
those related to growth prospects of LAEP. These are merely projections and,
as such, are based exclusively on the expectations of the Company's management
concerning the future of the business and its continued access to capital to
fund its business plan. Such forward-looking statements depend, substantially,
on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in the Company's filed disclosure documents and are, therefore, subject to change without prior notice."

www.laepinvesments.com/ir

SOURCE LAEP Investments Ltd.