US$75000000 Lupatech Finance Limited - Banco Best

PRESENTATION OF FINANCIAL AND OTHER INFORMATION
All references in this offering circular to “real,” “reais” or the symbol “R$” are to the Brazilian real, the
legal currency of Brazil. All references to “U.S. dollars,” “dollars,” “dollar” or “US$” are to the U.S. dollar, the
legal currency of the United States. All references in this offering circular to “peso” or “pesos” are to the Argentine
peso, the legal currency of Argentina.
Unless otherwise indicated, all financial information relating to us that is presented in U.S. dollars in this
offering circular has been translated from reais using the PTAX-800 exchange selling rate of R$1.749 to US$1.00 as
of March 31, 2008, as published by the Brazilian Central Bank (Banco Central do Brasil), or the Central Bank,
through its electronic system SISBACEN. PTAX-800 is the average of all rates traded on the commercial exchange
market during a day as calculated by the Central Bank at market closing. These translations should not be
considered representations that any such amounts have been, could have been or could be converted into U.S.
dollars at that or at any other exchange rate as of that or any other date. The real/dollar exchange rate may fluctuate
widely, and the exchange rate as of March 31, 2008 may not be indicative of future exchange rates. See “Exchange
Rates” for information regarding exchange rates for the Brazilian currency since January 1, 2003.
Financial Statements
Our consolidated financial statements for periods through December 31, 2007 have been prepared in
accordance with accounting practices adopted in Brazil, or Brazilian GAAP, which are based on:
• Brazilian Law No. 6,404/76, as amended by Brazilian Law No. 9,457/97, Brazilian Law No.
10,303/01, Brazilian Law No. 11,638/07 and by other laws from time to time, which we refer to
hereinafter as the Brazilian Corporate Law;
• the rules and regulations of the CVM; and
• the accounting standards issued by the Brazilian Institute of Independent Accountants (Instituto dos
Auditores Independentes do Brasil), or the IBRACON, and the Brazilian Federal Accounting Council
(Conselho Federal de Contabilidade), or the CFC.
As described in note 2 to our unaudited consolidated financial information for the three-month period
ended March 31, 2008, the Brazilian Corporate Law was amended in December 2007 by Law No. 11,638, effective
January 1, 2008, which introduced changes to accounting practices adopted in Brazil. Although the law is already
effective, the main changes introduced by it still depend on specific regulation by the different regulatory bodies.
During this transition phase, the CVM is not requiring the implementation of all the changes introduced by the law
in financial statements filed with it for interim periods during 2008, but certain specific changes are still required, as
established in CVM Instruction No. 469. As a result, our unaudited consolidated financial information as of and for
the quarter ended March 31, 2008 and the comparative financial information for the three-month period ended
March 31, 2007, which have been prepared in accordance with the instructions of the CVM, do not reflect the
effects of all the changes to accounting practices adopted in Brazil that were introduced by Law No. 11,638/07. For
purposes of this offering circular, therefore, “Brazilian GAAP” refers to accounting practices adopted in Brazil for
periods through December 31, 2007 and “CVM Instructions” refers to the accounting practices prescribed by the
CVM for the presentation of quarterly financial information for interim period during 2008, including the
corresponding comparative period for 2007.
Brazilian GAAP and CVM Instructions differ in certain significant respects from the accounting principles
generally accepted in the United States, or U.S. GAAP. Argentine GAAP, which is the basis of the presentation of
the separate financial statements of Delta included herewith also differs in certain significant respects from U.S.
GAAP. Such differences might be material to the financial information herein. The company has made no attempt
to identify or quantify the impact of those differences. In making an investment decision, investors must rely upon
their own examination of the Company, the terms of the offering and the financial information of the Company and
of the businesses acquired included in this offering circular. Potential investors should consult their own
professional advisors for an understanding of the differences between Brazilian GAAP and Argentine GAAP and
United States GAAP, and how those differences might affect the financial information herein.
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