Share Buyback Program

Under the first share buyback program, approved on April 15, 2008, a total of 4,451,300 shares were acquired at an average price of R$3.72 per share, of which, 2,562,412 shares were cancelled, without reduction in the capital, and 1,888,888 shares were held in treasury. The program ended on September 3, 2008, as established by the meeting of the Board of Directors which, on the same day, approved a new share buyback program.

Through the second program, the Company may acquire up to 1,900,000 of its common shares. At the time of conclusion of the program on September 3, 2009, 1,552,700 shares were acquired at an average price of R$2.35 per share.

The table below details the purchases made under the buyback programs:

Period (Month) # Shares Average Price (R$) Total (R$)
May 08 35,000 5.71 199,800
Jun 08 175,400 4.69 822,069
Jul 08 840,900 4.29 3,607,813
Aug 08 3,400,000 3.51 11,934,000
Total - 1st Program 4,451,300 3.72 16,563,682
Sep 08 90,700 2.60 236,155
Oct 08 208,300 1.95 406,128
Nov 08 167,500 1.92 322,300
Dec 08 418,400 1.99 831,607
Jan 09 30,400 2.17 65,841
Mar 09 444,100 2.26 1,003,191
Apr 09 50,000 2.56 127,900
Jun 09 143,300 4.60 658,948
Total - 2nd Program 1,552,700 2.35 3,652,070
Total Repurchased 6,004,000 3.37 20,215,752
Shares Canceled (2,562,412)
Shares in Treasury 3,441,588

On January 27, 2011, the Company’s Board of Directors approved the sale of 3,441,588 shares held in treasury and authorized the Executive Board to undertake the operation within 365 days. In fact, it was concluded on April 4, 2011, and all the shares were sold at an average price of R$14.31, generating a gain of R$38.6 million. Consequently, EZTEC now has a free float of 29.1%, corresponding to 42,663,699 shares. In order to increase the liquidity of the shares, they were distributed among individual investors and more than 15 entities (including hedge funds, asset management firms with a long-term focus and proprietary desks of banks), the latter, in lots of around 200,000 shares.

The table below details the sales made under the Program for the Sale of Treasury Shares:

Period (Month) # Shares Average Price (R$) Total (R$)
Feb.11 (1,085,700) 13.95 (15,147,139)
Mar.11 (499,600) 14.06 (7,023,473)
Apr.11 (1,856,288) 14.58 (27,073,582)
Shares Sold (3,441,588) 14.31 (49,244,194)