Investor Presentaiton

*R$ million Equity to book value Equity 12% Debt 88% Managing a Low WACC with a Geared Capital Structure Capital Structure Debt Structure (1Q11) Total Debt Cash 61 Net Debt Short Term 2012 Short term debt: essentially FINAME and PROGREDIR lines Capital Structure reducing WACC and Debt Structure reducing refinancing risks 1,143 1,083 180 2013 2014 C LUPATECH 157 15 31 47 2015 Short Term Long Term 2016 2017 2018 117 117 51 428 Perpetual Convertible Debentures Perpetual Bonds

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