Investor Presentaiton

Improvements in Cash Flow - R$ million Operating Cash Flow x EBITDA 0.8x 0.1x (0.5)x 0.2x 1.3x 1.8x 63 50 41 5 210 125 Working Capital x Net Revenues 54.7% 53.9% 47.7% 43.0% 42.3% 39.7% 98 97 77 68 551 542 553 582 572 585 47 2005 2006 2007 2008 2009 2010 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 WK (LTM) % WK over Net Revenues (LTM) (51) ■ OCF EBITDA C LUPATECH

View entire presentation