Investor Presentaiton

Delivering High Growth with Margin Expansion + (R$ million) CAGR: 26.3% Gross Revenues Gross Margin (R$ million. % of Gross Revenues) 25.9% CAGR: 19.7% 25.0% 24.9% 23.7% 23.3% 3,949.1 984.9 3,382.3 3,435.6 891.3 2,474.2 2,870.4 788.9 718.5 586.3 2008 2009 (% of Gross Revenues) 9M10 9M11 2010 Operational Expenses 20.3% 19.7% 19.4% 19.2% 18.4% 3.5% 3.8% 3.2% 3.3% 3.3% 2008 2009 2010 9M10 9M11 Adjusted EBITDA (R$ million.as a % of Gross Revenues) 6.0% 5.8% 5.6% 4.9% 4.3% 219.3 105.5 15.9% 16.2% 15.2% 16.0% 16.8% 2008 165.1 199.9 170.9 * 2009 2010 9M10 9M11 2008 2009* 2010 9M10 9M11 26 26 * Adjusted for non-recurring events

View entire presentation