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MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005

FIR Capital, founded in 1999, is a venture capital firm with a portfolio of 18 companies in Brazil. With a focus on M&A and entrepreneurial partnerships, FIR Capital provides tailored involvement for distinct investment needs. The firm's corporate governance model emphasizes aligning vision, values, and interests among investors, board members, and managers. FIR Capital's successful exits demonstrate its approach to flexible strategies and rigorous execution for sustainable growth.

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MIF VC Meeting Marcus Regueira Buenos Aires – October, 2005

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

  4. innova Portfolio: Information Technology Biotechnology Alvos

  5. Our Model = Tailored Involvement … becauseDistinct 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 ... n Company 1 Company 2

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

  8. Our Corporate Governance Model: 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. PEOPLE • 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 STRUCTURE The Company • 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 PROCESS

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

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

  11. 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.

  12. The Akwan Case:

  13. Akwan Investment Cycle: Sales Cumulative Cashflow “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) Stock-options issued to engineers 2001 2000 2003 2005 Liquidity Event Product Creation FIR Capital

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

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