The document is a company presentation for ATENA CAPITAL, which provides mergers and acquisitions (M&A) advisory services for mid-sized companies. It summarizes that (1) the M&A market is very competitive and difficult for mid-caps due to lack of advisory options, (2) ATENA CAPITAL aims to fill this need by partnering with clients to advise on strategic and financial M&A transactions, and (3) they offer 5 advisory services and have experience working with a range of clients.

1. Company Presentation 2009

2. The Company
Current Context is Very Competitive
There is a Lack of Advisory to Mid-Caps
ATENA CAPITAL Advises Mid-Caps
Global or Partial M&A Advisory Provision
Advisory Reflected in 5 M&A Services
Work in Partnership with Clients
Clients’ List
ATENA CAPITAL as Your M&A Partner
Company Presentation 2

3. Current Context is Very Competitive
Market
Globalization
Continuous Rapid Shareholder Value
Technological Adaptation is Increasingly
Evolution Needs Harder to Achieve
Fundraising is
Becoming More
Difficult
Company Presentation 3

4. There is a Lack of Advisory to Mid-Caps
Strategic Consulting Mergers & Acquisitions (M&A)
Revenues
Revenues
Mckinsey
National and
BCG
Foreign
A.T.Kearney
Investment
ADL
Banks
Bain
Few
renowned Market segment not
companies adequately served
Not attractive Not attractive
Profitability Profitability
Potential Potential
Company Presentation 4

5. ATENA CAPITAL Advises Mid-Caps
Positioning
• ATENA CAPITAL offers entrepreneurs and mid-cap companies Strategic and
Financial Advisory in Mergers and Acquisitions (M&A) operations.
• ATENA CAPITAL, as an independent entity, works in partnership with its clients in
order to provide a high-quality service through:
– Analysis of the situation, not only from the financial but also from the strategic
perspective,
– Definition of the best approach to the existing situation,
– Identification and negotiation with the most adequate target-entities,
– Execution of the company’s equity transaction.
Company Presentation 5

6. Global or Partial M&A Advisory Provision
Intervention in part or all of the companies’ / assets’ acquisitions, sales and
mergers processes
• The mergers & acquisitions (M&A) process is complex, demanding time and specific skills.
The support of specialized advisory is important to avoid that company resources lose their
focus from daily operational activities to work on M&A related activities. In this context, our
services comprise part or all of the companies acquisitions, sales and mergers processes.
Evaluation
Strategic Identification Negotiation
Process
Definition of and Transaction
Analysis of the of Potential with Selected
Investor Profile Company Execution
Situation Investors Investors
Presentation
Analysis of an • Investor for • Presentation • Investors’ Short-
• Investor 1 Sales operation of
Example
entrepreneur’s 100% of the Memorandum list
• Investor 2 100% of
holding and equity and Evaluation • Negotiation with
• Investor 3 Company A’s
decision to sell • Interested in that • First Selection of Preferred
• Investor ... equity
company A economic sector Investors Investors
Company Presentation 6

7. Advisory Reflected in 5 M&A Services
INVESTORS’ SEARCH - We have a vast contact network of national and international investors, from
business angels to private equity companies, that allows us to quickly identify the type of investor that a
company or entrepreneur is searching in each specific situation. In a previous phase to investors’ search, we
develop analysis exercises with the shareholders in order to validate the characteristics of the investor that
they really need.
CORPORATE GROUPS’ RESTRUCTURING - We provide corporate groups’ restructuring advisory services,
evaluating its group logic and positioning in terms of cash-flow matrix perspective. In that context, we also
provide advisory on acquisitions, sales and mergers operations and on shareholders’ composition changes
within those groups.
SUPPORT TO COMPANIES TARGETED BY ACQUISITION OFFERS - We have the evaluation technical
know-how and the negotiation skills that allow us to provide a strong support to companies that are faced with
the perspective of a total or partial equity sale when approached by potential buyers.
MERGERS AND ACQUISITIONS-LED GROWTH STRATEGY - For companies that want to enter a new
business or grow in the business where they are present through mergers or acquisitions, we have the
strategic consulting experience that allows us to provide an effective support to the most relevant strategic
decisions and their implementation through companies and/or assets merger or acquisition.
INTRA-SHAREHOLDERS TRANSACTIONS AND RELATIONSHIPS - In a context of shareholders' difference
of opinion on the company's key objectives, we have the negotiation and value generation skills, in addition to
the company evaluation and equity transactions technical skills, that allow us to identify and implement the
short and medium-term solutions adequate to the individual interests of each shareholder.
Company Presentation 7

8. Work in Partnership with Clients
ATENA CAPITAL shares success with its clients
• Success Fee: part of the remuneration is only paid if the investment/transaction occurs, in addition to a fixed
fee depending on the activities to be developed.
Target-Clients
• Size:
• Mid-cap companies, with annual revenues between € 5 and € 100 million
• Geography:
• Strong presence in Portugal (or a serious interest in a strong presence in Portugal)
• Economic Sector of Activity:
• No limitations
• Financial Data:
• Positive EBITDA
Company Presentation 8

9. Clients’ List
Since 2004, Atena Capital - Assessores Empresariais has been or is involved in
projects with different clients
PARTNER
Biotech company
Principal
B-B Services
company Tourism & Wine
project
Bottled Water B-B Services
company company
Packages industrial
company
Legal services Retail company
company
Very Large industrial
company (PSI-20)
Company Presentation 9

10. ATENA CAPITAL as Your M&A Partner
Atena Capital - Assessores Empresariais aims to become the independent leader in strategic
and financial advisory services in Mergers & Acquisitions for mid-cap companies and
entrepreneurs
This goal is based on a unique combination of 6 Key Success Factors:
• Specialization in advising mid-cap companies and entrepreneurs
• Flexibility and independence from economic and/or financial groups
• Strong clients’ needs strategic analysis capabilities
– Arthur D. Little
• Vast national and international network of contacts
– Harvard Business School
– Arthur D. Little
• Solid technical know-how
– BCP Investimento
– Partnership with Cemaf/ISCTE Business School
• Sophisticated negotiation skills in transactions
– PhD in Negotiation
Company Presentation 10