1. MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005

2. about us...  Founded 1999, Brazil  US$48 million under management  18 Portfolio Companies in 3 Brazilian cities  3 Exits (1999, 2002 and 2005)  24 Associates – Senior Associates include native speakers of Portuguese, English, Italian, Spanish and German  Senior Associates hold advanced degrees (PhD, JD, LLM & MBA) from Carnegie Mellon, INSEAD, Northwestern, Stanford, UCLA, Wharton, and from top Brazilian schools  14 pro-active Private Investors, successfull entrepreneurs themselves  Our DNA and upbringing for M&A and Entrepreneurial Partnerships  Guilherme Emrich & Marcus Regueira, Senior Partners

3. FundoTec I & II - Venture Capital Funds: FundoTec II R$ 60,000,000 MANAGED BY: FIR Capital Partners CLOSE: December 2005 LEAD INVESTORS: FINEP PETROS (PETROBRAS) FundoTec I R$ 30,000,000 MANAGED BY: FIR Capital Partners CLOSED: June 2001 LEAD INVESTORS: Sumitomo Corporation Inter-American Development Bank IADB

4. Portfolio: innova Alvos Information Technology Biotechnology

5. Our Model = Tailored Involvement … because Distinct Investments have Distinct Needs. Senior Associates: Marketing & Sales Human Capital Financial / Tax / Fiscal General Counsel Corporate Controller Technology The Periscope R&D Partners Universities, Excellence Centers Corporate Management Training PAEX-Tec, Dom Cabral Company 1Company 2 Company... n

6. The Periscope, 24x7 scanning for: Co-Investors Strategic Partners Competition, incl. as Potential Business Partners Consolidation Plays Technology & Market Trends, in Brazil & Abroad

7. General Profile Prior to Investment: The Company Strategy Management Process Structure Generally Undefined Inadequate:  Product Format  Commercial Plan  Goals & Objectives  Financial Metrics  Dissonant Financial and Commercial Plans Inadequate:  Processes to support Strategy  Cost Benefit Analysis  Communication between Management and Board / Shareholders Inadequate:  Capital  Management  Managers  Financial Controls  Accounting  Market Intelligence Corporate Governance Does Pay. Absolutely Essential.

8. Our Corporate Governance Model: The Company PEOPLE PROCESS STRUCTURE  Align Vision and Values and Interests = Investors / Board / Managers  Hands-on Board  PAEX tec  Hire Controller and (at times) CEO  Controller: Strong Financial Background  CEO: Strong Management Background and (specially) Marketing&Sales  Efficient Communication = Mgmt / Board / Sharehldrs  Vision and Values Transparent to the Organization  ConsensusDriven Decision Making  GAAP and Independent Auditors  Proprietary Management Reporting System (SAE)  Formal Discipline Investor-Investee x Teamwork Immediately Prior to Investing:  Adequate the Structure to the Avaliable Investment  Adequate the Structure to the Strategy THE FORMALITIES OF THE INVESTOR-INVESTEE RELATIONSHIP MUST BE ADHERED TO. AT THE SAME TIME, THE KIND OF OPEN BUSINESS ENVIRONMENT THAT IS CONDUCIVE TO INNOVATION MUST EXIST.

9. Our Proprietary Reporting System (SAE): The Company FIR Capital Analyst Fund Investors FIR Capital Controller WEB BASED MANAGEMENT REPORTING (SAE) & INVESTOR RELATIONS

10. Our Investment Management > Controller Due Diligence Action Plan Controller = Hiring + PAEXtec Job Plan Defining Structure & Processes Periodic Reporting Controllers’ Meetings = Feedback Adherence Analysis Board Meetings = Feedback External Auditors

11. Our Investment Management > CEO CEO = Hiring + PAEXtec Business Review & Analysis Business Plan, Budget and Periodic Reports Adherence Analysis Board Meetings = Feedback External Auditors Board Meetings = Feedback

12. Successful Exits: Acquired by NovoNordisk 2002 Acquired by UOL Universo Online 1999 Acquired by Google 2005

13. Successful Exits Require: –a Flexible Strategy, Designed Prior to Entry, –Rigorous Execution from day one. In addition, –Entrepreneurs Focused on the Business in order to secure Attractive Local Market Share and/or World Class Technology –Our Analysis of our investment from Acquirer’s Viewpoint, –and, fundamentally, Adequate Corporate Governance.

14. The Akwan Case: FOUNDERSStanford StudentsUFMG Professors OPERATIONAL MODEL Search Engine Computer Clusters Search Engine Computer Clusters FOUNDED19982000 INVESTMENTSAngels + VCs FIR Capital was Angel & VC ENTERPRISE VALUEUS$ BillionsUS$ Millions REVENUE MODELInnovative Media CompanyWeb & Corporate SearchEngine THE FUTURE“Perennially re-inventing itself ” Google R&D Center in Latin America

15. Akwan Investment Cycle: Stock-options issued to engineers 200020032005 Cumulative Cashflow 2001 FIR Capital Product Creation Liquidity Event Sales “It wasn’t a question of choosing Brazil. We chose Akwan that happened to be in Brazil.” Alan Eustace VP de Engineering, Google (Exame/2005)

16. Marcus Regueira - mregueira@fircapital.com TEL: 55 (31) 3074-0020 please visit us @ www.fircapital.com