7. Expenses 3.5% 66.4 65.1 2Q06 2Q07 1.9% Adjusted for taxes Restructuring on going -0.2% 62.9 65.1 127.0 126.7 2Q06 2Q07 1H06 1H07 General and Administrative Expenses (R$ millions) General and Administrative Expenses (R$ millions)
8. EBITDA and Net Income 9.7 9.9 2Q06 2Q07 2.1% 4.6% 4.7% 0.9 2.5* 2T06 2T07 0.5% 1.5% (7.3) 9.9 2T06 2T07 (3.6%) 4.7% 4.3* 2T07 0.6% Adjusted for PROUNI 166.0% * excluding IPO expenses (16.1) 2T06 7.7% EBITDA (R$ millions) Net Income (R$ millions) Adjusted for taxes 44.2 51.1 1H06 1H07 15.6% 11.9% 10.5% 7.9 45.2 1H06 1H07 2.0% 10.6% 23.7 28.4 1H06 1H07 5.6% 6.5% 20.1 1H07 4.7% 19.8% (12.6) 1H06 377.8% ( 3.1%) 472,2% Adjusted for taxes Adjusted for PROUNI * excluding IPO expenses
9. Debt and Capex Total Debt (R$ million) 31.2 2.0 2Q06 2Q07 -93.7% Short term Long Term 96.3% 3.7% 93.1% 6.9% Net Cash (R$ million) (18.1) 41..2 2Q06 2Q07 Capex (R$ million) 11.0 14.5 1H06 1H07 31.8% 2005 2004 2006 22.2 22.5 25.1
10. Final Remarks Following our strategy, we continued commited with Organic Growth and acquisitions Capture scale gains and synergies between operations Focus Growing Synergies Excellence Continuous improvement