US$75000000 Lupatech Finance Limited - Banco Best

CAPITALIZATION
The following table sets forth our debt and capitalization as of March 31, 2008 derived from our unaudited
interim financial information on an actual basis and on a proforma as adjusted basis giving effect to the issuance of
the bonds offered hereby and the use of proceeds hereof. You should read this table in conjunction with our
financial statements and the related notes and with the sections entitled “Selected Financial and Other Information”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere
in this offering circular.
At March 31, 2008
Actual As Adjusted (3)
(in millions)
(reais) (US$) (1) (reais) (US$) (1)
Cash equivalents and temporary cash investments... 173.6 99.3 173.6 99.3
Current loans and financing and perpetual bonds..... 107.8 61.6 - -
Long term loans and financing.................................. 249.0 142.4 227.2 129.9
Long term perpetual bonds........................................ 349.8 200.0 479.4 274.1
Total debt (loans and financing) ............................... 706.6 404.0 706.6 404.0
Total shareholders’ equity......................................... 252.7 144.5 252.7 144.5
Total capitalization (2) ................................................. 959.3 548.5 959.3 548.5
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(1) Translated for convenience only using the exchange rate as reported by the Central Bank on March 31, 2008 for reais into U.S.
dollars of R$1.749 to US$1.00. These translations should not be considered representations that any such amounts have been,
could have been or could be converted into U.S. dollars at that or at any other exchange rate as of that or any other date.
(2) Total capitalization corresponds to total current and long-term debt (loans, financing and perpetual bonds) plus total
shareholders’ equity.
(3) This adjustment gives effect to the receipt of the gross proceeds from the offering of the new bonds being offered, which are
accounted for as debt under Brazilian GAAP. Gross proceeds in US dollars have been translated using the exchange rate as
reported by the Central Bank on March 31, 2008 for US dollars into reais of US$ 0.518 to R$1.00.
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