Investor Presentaiton

Consistent Earnings Growth Depreciation (R$ million, as a % of Gross Revenues) 1.9% 1.9% 2.0% 1.7% 1.8% 46.3 56.4 73.6 52.1 67.3 2008 2009 2010 9M10 9M11 Net Financial Expenses (R$ million, as a % of Gross Revenues) Net Profit (R$ million, as a % of Gross Revenues) 0.9 13.1 21.5 17.6 + 3.1% 2.3% 2.3% 2.4% 1.7% 107.4 41.1 2008 2009 2010 9M10 9M11 76.2 90.7 69.6 2008 2009 2010 9M10 9M11 (24.2) 27 27

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