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Med Imagem Acquisition

Med Imagem Acquisition. August 2007. Company Overview. Medimagem is the largest imaging company of Niteroi, Rio de Janeiro state. Founded in 1992, it has 8 PSCs, being 6 in Niterói, 1 São Gonçalo (Niterói surroundings) and 1 at Copacabana (Rio de Janeiro);

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Med Imagem Acquisition

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  1. Med ImagemAcquisition August 2007

  2. Company Overview • Medimagem is the largest imaging company of Niteroi, Rio de Janeiro state. Founded in 1992, it has 8 PSCs, being 6 in Niterói, 1 São Gonçalo (Niterói surroundings) and 1 at Copacabana (Rio de Janeiro); • The highly qualified medical team (67 physicians) broght to Medimagem a strong reputation among the local community. This is reflected by the additionnal services the clinic performs on having second oppinion in 100% of the reports issues and the high quality of the tests for prostate and mamography biopsis; • Medimagem is the regional leader in a location where this is a key success factor: 50% of the patients refers to the clinic by medical recomendation; • In LTM May 2007, the Company’s revenues totaled R$ 26.0 million with 43.8% of EBITDA margin. Operational Highlights (Dec.2006) Financial Highlights1 1) Revised by PWC 2) LTM = June’06 to May’07 / YTD = Jan to May’07

  3. Market Overview • Niterói and São Gonçalo are around 15km far from Rio de Janeiro and together has approximately 1.5 million inhabitants (IBGE,Jul/06) and; • Imaging service market is very fragmented in the region. Main players includes Labs and Pro Echo. DASA’s presence Main Competitors Niterói and São Gonçalo (RJ) Source: ANS and Ipasgo

  4. Medimagem Revenues Evolution (R$ Mln) • MedImagem reached R$ 26.0 million revenues and R$ 10.6 million EBITDA (43.8% margin) as of LTM May/07 • Revenues have been growing at a 16% CAGR (2003 to 2006), as a consequence of the investments in new equipments and new PSCs; CAGR: 16% 30 26,03 23,56 25 20,96 26% 18,58 20 14,90 15 11,8 9,4 10 5 0 FY03 FY04 FY05 FY06 LTM 5M06 5M07 Piratininga PSC May/07 Technical Structure

  5. Proposed Deal Down Payment: 30.1 Million Firm Value (FV) R$ 47.0 Million (-) Debt (as of 12/31/06)1 R$ 2.3 Million Equity Value (EV) R$ 44.7 Million At Closing R$ 4.5 Million One year after FV/ EBITDA 2006: 5.2x FV/ EBITDA LTM2: 4.7x = R$ 10.0 million Escrow Account • Schedule of payments • 90% at closing and 10% within 1-year; • Escrow account of R$10.0 million to be retained for the next 6 years. (1) Revised by PWC (2) LTM May 2007

  6. Potencial Sinergies and growth strategy • Med Imagem’s leading position in Niterói and São Gonçalo will leverage DASA’s presence in the region; • The acquisition will complement DASA’s multi-product strategy in Rio de Janeiro increasing imaging services revenues by more than 100%; • Growth Strategy . Integration with DASA’s Reporting Central in Rio; . Platform to increase clinical analysis in the Niteroi region where we currently have 2 PSCs; . Expansion to nearby cities: São Gonçalo, Região dos Lagos, Cabo Frio and Macaé. Bridging the Image gap in Rio (% of tests performed – pro forma)

  7. DASA has a very low market share and believes that there are several expansion targets still to be pursued; After completing its acquisitions guidance, DASA continues the consolidation process in Brazil; Opportunities continues to come both in private and public sector, for clinical and imaging companies. Acquisition Guidance Completion Acquisition Evolution (Million) 333,7 2005 2006 2007 303,7 206,7 165,5 145,0 135,9 128,6 109,8 64,1 42,7 9,7 Vita Alvaro Image Exame Atalaia Pasteur Científica MedLabor Frischmann LabPasteur MedImagem

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