Positivo Informática S.A. Quarterly information (ITR) at June 30, 2013 and report on review of quarterly information

Transcription

1 (A free translation of the original in Portuguese) Positivo Informática S.A. Quarterly information (ITR) at June 30, 2013 and report on review of quarterly information

2 Po (A free translation of the original in Portuguese) Report on review of quarterly information To the Board of Directors and Stockholders Positivo Informática S.A. Introduction We have reviewed the accompanying parent company and consolidated interim accounting information of Positivo Informática S.A., included in the Quarterly Information Form (ITR) for the quarter ended June 30, 2013, comprising the balance sheet as at that date and the statements of operations and comprehensive income (loss) for the quarter and six-month periods then ended, and the statements of changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the parent company interim accounting information in accordance with the accounting standard CPC 21 (R1), Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and of the consolidated interim accounting information in accordance with CPC 21 (R1) and International Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 2

3 Po Positivo Informática S.A. Conclusion on the parent company interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company interim financial information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. Conclusion on the consolidated interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. Emphasis of matter Restatement of comparative amounts As mentioned in Note 4, as a result of the change in the accounting policy related to joint arrangements, the corresponding amounts of the parent company and consolidated interim accounting information referring to the balance sheet at December 31, 2012 and the statements of operations, cash flows and value added (supplementary information), for the six-month period ended June 30, 2012, presented for comparison purposes, were adjusted and are being restated pursuant to CPC 23 - "Accounting Policies, Changes in Estimates and Correction of Errors" and CPC 26(R1) - "Presentation of Financial Statements". Our conclusion is not qualified in respect of this matter. 3

4 Po Positivo Informática S.A. Other matters Statements of value added We have also reviewed the parent company and consolidated statements of value added for the six-month period ended June 30, These statements are the responsibility of the Company's management, and are required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under IFRS, which do not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they have not been prepared, in all material respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a whole. Curitiba, August 8, 2013 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 "F" PR Carlos Alexandre Peres Contador CRC 1SP198156/O-7 "S" PR 4

5 Balance sheet (All amounts in thousands of reais) (A free translation of the original in Portuguese) Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 12/31/ /31/2012 6/30/ /31/2012 6/30/2013 6/30/ /31/2012 6/30/2013 ASSETS Note Restated LIABILITIES AND EQUITY Note Restated CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 5 105, , , ,048 Trade payables , , , ,302 Derivative financial instruments 29 7,924-7,924 - Borrowings - third parties , , , ,421 Trade receivables 6 411, , , ,240 Derivative financial instruments 29-7,465-7,465 Inventories 7 528, , , ,638 Salaries and social charges payable 41,071 37,616 41,984 38,333 Related parties 10 32,264 23,174 16,173 9,106 Provisions 17 82,294 93, , ,942 Taxes recoverable 8 97,647 65,900 98,551 66,512 Provision for tax, labor and civil risks 21 7,221 4,992 7,221 4,992 Sundry advances 9,216 28,717 9,781 29,401 Taxes payable 18 10,130 13,791 11,887 14,716 Other receivables 9 24,265 26,965 25,293 27,037 Dividends payable 22,e 7,548 7,548 7,548 7,548 1,216,832 1,285,119 1,305,314 1,383,982 Deferred revenue 8 and 19 26,593 28,533 27,804 30,273 Related parties 10 37,618 19, Other liabilities 4,173 4,118 4,544 4, , , ,842 1,006,226 NON-CURRENT ASSETS NON-CURRENT LIABILITIES Borrowings - third parties ,251 79, ,251 79,627 Long-term receivables Provisions 17 17,288 12,677 18,438 13,827 Taxes recoverable 8 78,152 78,287 78,153 78,288 Provision for tax, labor and civil risks 21 22,312 19,071 22,611 19,370 Deferred taxes 20 65,901 65,901 71,173 71,173 Net capital deficiency in subsidiaries 11 6,159 5, Other receivables 9 13,559 13,101 13,651 13,192 Other liabilities 5,080 5,080 5,080 5, , , , , , , , ,904 EQUITY Investments 11 57,526 52, Share capital 22,a 389, , , ,000 Investment in joint ventures 12 47,055 39,964 47,055 39,964 Capital reserves 22,c 120, , , ,309 Property, plant and equipment 13 67,209 73,936 68,435 75,164 Carrying value adjustments (1,348) (1,025) (1,348) (1,025) Intangible assets 14 75,224 80,415 97, ,399 Revenue reserves 22,d 170, , , , , , , ,527 Treasury shares 22,h (35,430) (35,430) (35,430) (35,430) 643, , , ,032 TOTAL ASSETS 1,621,458 1,689,407 1,681,447 1,764,162 TOTAL LIABILITIES AND EQUITY 1,621,458 1,689,407 1,681,447 1,764,162 The accompanying notes are an integral part of these financial statements. 1 of 65

6 Statement of operations Six-month periods and quarters ended June 30 (All amounts in thousands of reais unles otherwise stated) (A free translation of the original in Portuguese) Six-month periods ended Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2012 6/30/2012 6/30/2013 6/30/2012 6/30/2013 6/30/2013 6/30/2012 6/30/2013 CONTINUING OPERATIONS Note Restated Restated NET SALES REVENUE 23 1,119, ,930 1,245, , , , , ,622 COST OF SALES AND SERVICES RENDERED 24 (881,042) (631,081) (981,887) (703,497) (450,980) (333,769) (501,098) (374,931) GROSS PROFIT 238, , , , , , , ,691 Selling expenses 24 (174,912) (166,102) (190,565) (177,312) (89,726) (84,972) (98,705) (91,119) General and administrative expenses 24 (50,182) (43,750) (53,424) (45,906) (25,909) (23,967) (27,143) (24,927) Other operating income, net 2, , , , Equity in the results of investees 11 and 12 11,611 6,601 7,262 6,792 7,901 2,737 6,976 3,686 (210,614) (202,986) (233,327) (216,156) (106,375) (106,154) (117,487) (112,306) OPERATING PROFIT BEFORE FINANCE RESULT 28,012 24,863 30,076 25,963 11,251 14,425 13,335 16,385 Finance income 26 14,734 18,568 15,835 19,613 6,878 7,801 7,503 8,783 Finance costs 26 (27,274) (19,429) (28,771) (20,937) (14,239) (8,797) (14,990) (9,738) Foreign exchange variations, net 26 (11,956) (10,709) (13,624) (12,268) (12,075) (11,830) (14,033) (13,628) (24,496) (11,570) (26,560) (13,592) (19,436) (12,826) (21,520) (14,583) PROFIT (LOSS) BEFORE TAXATION 3,516 13,293 3,516 12,371 (8,185) 1,599 (8,185) 1,802 Deferred income tax and social contribution (203) (203) PROFIT (LOSS) FOR THE PERIOD 3,516 13,293 3,516 13,293 (8,185) 1,599 (8,185) 1,599 EARNINGS (LOSS) PER SHARE - R$ Basic and diluted N/A N/A (0.0951) N/A N/A The accompanying notes are an integral part of these financial statements. 2 of 65

7 Statement of comprehensive income (loss) Six-month periods and quarters ended June 30 (All amounts in thousands of reais) (A free translation of the original in Portuguese) Six-month periods ended Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Note 6/30/2013 6/30/2012 6/30/2013 6/30/2012 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Profit (loss) for the period 3,516 13,293 3,516 13,293 (8,185) 1,599 (8,185) 1,599 Other comprehensive income Foreign exchange variations on foreign investments Crounal S.A. 11 (152) (85) (152) (85) (168) (73) (168) (73) Informática Fueguina S.A. 12 (171) 1,018 (171) 1,018 2,013 2,174 2,013 2,174 (323) 933 (323) 933 1,845 2,101 1,845 2,101 Total comprehensive income (loss) for the period 3,193 14,226 3,193 14,226 (6,340) 3,700 (6,340) 3,700 The accompanying notes are an integral part of these financial statements. 3 of 65

8 Statement of changes in equity Six-month periods ended June 30 (All amounts in thousands of reais) (A free translation of the original in Portuguese) Parent Company (BR GAAP) and Consolidated (IFRS and BR GAAP) Revenue reserves Share Capital Options Carrying value Tax incentive Legal Treasury Profit for the Total capital Note reserves granted adjustments reserves reserve shares period equity AT DECEMBER 31, , ,305 2, , (35,430) - 619,172 Profit for the period ,293 13,293 Other comprehensive income: Cumulative translation adjustments 11 and Total comprehensive income ,293 14,226 AT JUNE 30, , ,305 2,004 1, , (35,430) 13, ,398 AT DECEMBER 31, , ,305 2,004 (1,025) 167, (35,430) - 640,032 Profit for the period ,516 3,516 Other comprehensive income: Cumulative translation adjustments 11 and (323) (323) Total comprehensive income (323) ,516 3,193 Revenue reserves 22.d AT JUNE 30, , ,305 2,004 (1,348) 167, (35,430) 3, ,225 The accompanying notes are an integral part of these financial statements. 4 of 65

9 Statement of cash flows Six-month periods ended June 30 (All amounts in thousands of reais) (A free translation of the original in Portuguese) Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Restated CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 3,516 13,293 3,516 13,293 Reconciliation of profit to cash provided by operating activities: Depreciation and amortization 22,964 15,366 23,900 15,694 Equity in the results of investees (11,611) (6,601) (7,262) (6,792) Fair value gain on financial instruments (15,389) (16,185) (15,389) (16,185) Provision for tax, labor and civil risks 8,326 7,252 8,326 7,252 Provision for impairment of trade receivables 1,656 5,133 1,802 4,790 Provision for inventories, net (15,752) (19,924) (15,109) (21,828) Interest on borrowings 12,056 7,889 12,420 8,347 Deferred income tax and social contribution (855) 5,766 6,223 12,204 3,716 (Increase) decrease in assets: Trade receivables 80,535 87, , ,213 Inventories 29,926 (20,984) 19,522 (30,530) Taxes recoverable (31,612) (8,708) (31,904) (8,575) Sundry advances 19,501 (4,186) 19,620 (1,300) Other receivables 2,242 10,035 (5,611) 17,062 Increase (decrease) in liabilities: Trade payables 51,353 41,938 56,187 54,662 Other payables and provisions (9,671) (16,512) (8,427) (19,105) Taxes payable (3,661) (6,587) (2,829) (7,177) Other liabilities 1,516 1,060 1,130 1, ,129 83, , ,940 Net cash provided by operating activities 145,895 89, , ,656 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (2,786) (12,075) (2,922) (12,113) Increase in intangible assets (11,216) (13,555) (12,467) (15,394) Net cash used in investing activities (14,002) (25,630) (15,389) (27,507) CASH FLOWS FROM FINANCING ACTIVITIES New borrowings 463,337 46, ,785 53,768 Borrowings from the National Bank for Economic and Social Development (BNDES) 69,000 2,205 69,000 2,205 Repayments of borrowings (667,994) (187,637) (685,162) (215,810) Payment of interest on borrowings (7,126) (4,156) (8,196) (6,737) Related parties 9,452 6, Net cash used in financing activities (133,331) (136,648) (145,573) (166,574) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,438) (72,931) 841 (70,425) Cash and cash equivalents at the beginning of the period 106, , , ,604 Cash and cash equivalents at the end of the period 105,274 73, ,889 82,179 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,438) (72,931) 841 (70,425) The accompanying notes are an integral part of these financial statements. 5 of 65

10 Statement of value added Six-month periods ended June 30 (All amounts in thousands of reais) (A free translation of the original in Portuguese) Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Restated Revenues Sales of goods and services 1,235, ,778 1,368,961 1,046,898 Returns and commercial discounts (31,168) (19,505) (32,968) (20,036) Provision for impairment of trade receivables (1,656) (5,133) (1,802) (4,790) Other revenues 3,567 1,058 4, ,206, ,198 1,338,290 1,022,845 Inputs acquired from third parties Cost of sales and services rendered (874,680) (626,244) (975,201) (698,024) Materials, energy, outsourced services and other (26,714) (28,488) (32,187) (33,480) Commissions (14,965) (17,053) (16,754) (18,175) Marketing expenses (35,458) (43,960) (41,651) (47,938) (951,817) (715,745) (1,065,793) (797,617) Gross value added 254, , , ,228 Depreciation and amortization (22,964) (15,366) (23,900) (15,694) Net value added generated by the entity 231, , , ,534 Value added received as transfer Equity in the results of investees 11,611 6,601 7,263 6,792 Finance income 14,734 18,568 15,835 19,613 26,345 25,169 23,098 26,405 Total value added to distribute 257, , , ,939 Distribution of value added Personnel Salaries and wages 82,150 68,166 84,536 69,986 Benefits 11,279 7,685 12,177 8,395 Government Severance Indemnity Fund for Employees (FGTS) 7,079 6,014 7,226 6, ,508 81, ,939 84,515 Taxes and contributions Federal taxes 107,462 91, ,021 96,225 State taxes 507 2, ,155 Municipal taxes ,482 94, ,072 98,729 Remuneration of third-party capital Interest 27,274 19,429 28,771 20,937 Rent 6,099 5,590 6,773 6,197 Foreign exchange gains (losses) 11,956 10,709 13,624 12,268 45,329 35,728 49,168 39,402 Remuneration of own capital Profits reinvested 3,516 13,293 3,516 13,293 3,516 13,293 3,516 13,293 Total value added distributed 257, , , ,939 The accompanying notes are an integral part of these financial statements. 6 of 65

11 (A free translation of the original in Portuguese) Positivo Informática S.A. and subsidiaries 1 General information Positivo Informática S.A. (the "Company"), founded in 1989, has a technological complex of three units in the municipality of Curitiba, Paraná, one unit in the municipality of Ilhéus, Bahia, two direct subsidiaries, one in Manaus, Amazonas, and another in Ilhéus, Bahia, and one indirect subsidiary in São Paulo, São Paulo. In December 2010, the Company acquired shared control of Informática Fueguina S.A., in Argentina. In February 2011, the Company acquired control of Crounal S.A., in Uruguay. In April 2012, the Company acquired the direct subsidiary Portal Mundo Positivo Ltda. The Company is primarily engaged in the manufacture, sale and development of projects in the information technology (IT) area; the manufacture, sale and rental of software and hardware; the sale of IT equipment, pedagogic and school management application systems, technical-pedagogical planning and support; representation, sales, implementation, training and support, technical assistance for equipment and technical, technological and scientific teaching systems in several areas, and other related activities. The products manufactured and sold by the Company include: small and medium-sized computers, portable computers, tablets, monitors, electronic boards, computerized educational desks, servers, cell phones, smart phones and educational software systems. The shares of Positivo Informática S.A. are listed on the São Paulo Stock Exchange (BM&FBOVESA) in the New Market Corporate Governance segment. 2 Presentation of the interim condensed consolidated financial statements The issuance of these financial statements was authorized by the Company's Board of Directors on July 30, Basis of preparation The interim consolidated financial statements as at June 30, 2013 have been prepared in accordance with accounting standard CPC 21 - Interim Financial Reporting, issued by the Brazilian Accounting Pronouncements Committee (CPC) and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and contain selected explanatory notes, in order not to duplicate information already disclosed in the financial statements as at December 31, 2012 made available to the public on March 14, Therefore, the interim consolidated financial statements as at June 30, 2013 do not contain all the explanatory notes and disclosures required by the accounting standards applicable to annual financial statements, and, consequently, should be read together with the financial statements prepared in accordance with CPC and IFRS as at December 31, The interim consolidated financial statements have been prepared using accounting policies consistent with those disclosed in Note 2 to the consolidated financial statements as at December 31, 2012, except as described in Note 4 below. 7 of 65

12 2.2. Subsidiaries included in the interim consolidated financial statements The consolidated financial statements include the financial statements of the Company and its subsidiaries: Control is achieved when the Company has the power to determine the financial and operating policies of another entity. The consolidated financial statements comprise the subsidiaries Positivo Informática da Amazônia Ltda., Positivo Informática da Bahia Ltda., Crounal S.A. and Boreo Comércio de Equipamentos Ltda. 3 Critical accounting estimates and assumptions The critical accounting estimates and assumptions used in the preparation of these interim financial statements are those described in Note 3 to the Company's annual financial statements as at December 31, Change in accounting policy The Company and its subsidiaries adopted IFRS 11/CPC 19 (R2) - "Joint Arrangements" on January 1, 2013, considering the following two types of classification for joint arrangements: Joint ventures - when the parties have joint control of the net assets of an arrangement, structured through a separate entity, and the respective results derived from these assets are divided between the parties to the arrangement. In these arrangements, the entity's interest must be accounted for using the equity method and presented in "Investments". Joint operations - when the parties have joint control of the assets and liabilities, regardless of whether these assets are in a separate vehicle, according to the contractual provisions and essence of the transaction. In these arrangements, the assets, liabilities, revenue and expenses are accounted for in the books of each joint operator in the proportion of its rights and obligations. Since January 1, 2013, the Company's investment in Informatica Fueguina S.A., classified as a joint venture, has no longer been consolidated and is presented, therefore, in "Investments" and accounted for using the equity method. This change is reflected retrospectively in these financial statements. Below we present the reconciliation of the restated balance sheet accounts as at December 31, 2012 and the restated statements of income, cash flows and value added for the six-month period ended June 30, 2012: 8 of 65

13 ASSETS Original balance not considering amendments of IFRS 11 (CPC 19R2) Consolidated (IFRS and BR GAAP) December 31, 2012 Balance considering Effect of amendments of amendments IFRS 11 (CPC 19R2) CURRENT ASSETS Cash and cash equivalents 116,020 (5,972) 110,048 Trade receivables 589,502 (27,262) 562,240 Inventories 624,588 (44,950) 579,638 Related parties 7,216 1,890 9,106 Taxes recoverable 68,767 (2,255) 66,512 Sundry advances 29,401-29,401 Other receivables 28,664 (1,627) 27,037 1,464,158 (80,176) 1,383,982 Non-current assets Taxes recoverable 78,288-78,288 Deferred taxes 71,173-71,173 Other receivables 13,947 (755) 13, ,408 (755) 162,653 Investment in joint ventures - 39,964 39,964 Property, plant and equipment 85,467 (10,303) 75,164 Intangible assets 102, , ,866 29, ,527 TOTAL ASSETS 1,815,432 (51,270) 1,764,162 LIABILITIES AND EQUITY Original balance not considering amendments of IFRS 11 (CPC 19R2) Consolidated (IFRS and BR GAAP) December 31, 2012 Balance considering Effect of amendments of amendments IFRS 11 (CPC 19R2) CURRENT LIABILITIES Trade payables 416,577 (34,275) 382,302 Borrowings - third parties 399,511 (2,090) 397,421 Derivative financial instruments 7,465-7,465 Salaries and social charges payable 39,615 (1,282) 38,333 Provisions 123,071 (5,129) 117,942 Provision for tax, labor and civil risks 4,992-4,992 Taxes payable 16,313 (1,597) 14,716 Dividends payable 7,548-7,548 Deferred revenue 30,273-30,273 Related parties 3,698 (2,700) 998 Other liabilities 8,433 (4,197) 4,236 1,057,496 (51,270) 1,006,226 NON-CURRENT LIABILITIES 117, ,904 EQUITY 640, ,032 TOTAL LIABILITIES AND EQUITY 1,815,432 (51,270) 1,764,162 9 of 65

14 STATEMENT OF INCOME Original balance not considering amendments of IFRS 11 (CPC 19R2) Consolidated (IFRS and BR GAAP) Six-month period ended June 30, 2012 Balance considering Effect of amendments of amendments IFRS 11 (CPC 19R2) NET SALES REVENUE 982,443 (36,827) 945,616 COST OF SALES AND SERVICES RENDERED (730,896) 27,399 (703,497) GROSS PROFIT 251,547 (9,428) 242,119 Selling expenses (179,551) 2,239 (177,312) General and administrative expenses (41,544) 648 (40,896) Management compensation (5,010) (5,010) Other operating income, net 271 (1) 270 Equity in the results of investees - 6,792 6,792 (225,834) 9,678 (216,156) OPERATING PROFIT BEFORE FINANCE RESULT 25, ,963 Finance income 21,224 (1,611) 19,613 Finance costs (22,231) 1,294 (20,937) Foreign exchange variations, net (12,268) - (12,268) (13,275) (317) (13,592) PROFIT BEFORE TAXATION 12,438 (67) 12,371 Deferred income tax and social contribution PROFIT FOR THE PERIOD 13,293-13, of 65

15 STATEMENT OF INCOME Original balance not considering amendments of IFRS 11 (CPC 19R2) Consolidated (IFRS and BR GAAP) Effect of amendments Quarter ended June 30, 2012 Balance considering amendments of IFRS 11 (CPC 19R2) NET SALES REVENUE 522,583 (18,961) 503,622 COST OF SALES AND SERVICES RENDERED (388,814) 13,883 (374,931) GROSS PROFIT 133,769 (5,078) 128,691 Selling expenses (92,561) 1,442 (91,119) General and administrative expenses (22,764) 175 (22,589) Management compensation (2,338) - (2,338) Other operating income, net 55 (1) 54 Equity in the results of investees - 3,686 3,686 (117,608) 5,302 (112,306) OPERATING PROFIT BEFORE FINANCE RESULT 16, ,385 Finance income 9,975 (1,192) 8,783 Finance costs (10,655) 917 (9,738) Foreign exchange variations, net (13,628) - (13,628) (14,308) (275) (14,583) PROFIT BEFORE TAXATION 1,853 (51) 1,802 Deferred income tax and social contribution (254) 51 (203) PROFIT FOR THE PERIOD 1,599-1, of 65

16 CASH FLOWS - INDIRECT METHOD Original balance not considering amendments of IFRS 11 (CPC 19R2) Consolidated (IFRS and BR GAAP) Six-month period ended June 30, 2012 Balance considering Effect of amendments of amendments IFRS 11 (CPC 19R2) CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 13,293-13,293 Reconciliation of profit to cash provided by operating activities: Depreciation and amortization 16,030 (336) 15,694 Equity in the results of investees - (6,792) (6,792) Fair value gain on financial instruments (16,185) (16,185) Provision for tax, labor and civil risks 7,252-7,252 Provision for impairment of trade receivables 4,790-4,790 Provision for inventories, net (20,737) (1,091) (21,828) Interest on borrowings 8,347-8,347 Deferred income tax and social contribution (855) - (855) 28,120 (24,404) 3,716 (Increase) decrease in assets: Trade receivables 118,540 (5,327) 113,213 Inventories (21,838) (8,692) (30,530) Taxes recoverable (8,495) (80) (8,575) Sundry advances (1,300) - (1,300) Other receivables 14,249 2,813 17,062 Increase (decrease) in liabilities: Trade payables 38,319 16,343 54,662 Other payables and provisions (18,892) (213) (19,105) Taxes payable (7,220) 43 (7,177) Income tax and social contribution paid Other liabilities 5,623 (3,933) 1, , ,940 Net cash provided by operating activities 147,106 (23,450) 123,656 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (16,530) 4,417 (12,113) Increase in intangible assets (15,394) - (15,394) Net cash used in investing activities (31,924) 4,417 (27,507) CASH FLOWS FROM FINANCING ACTIVITIES New borrowings 54,081 (313) 53,768 Borrowings from the BNDES 2,205-2,205 Repayments of borrowings (231,995) (215,810) Payment of interest on borrowings (6,737) - (6,737) Net cash provided by (used in) financing activities (182,446) 15,872 (166,574) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (67,264) (3,161) (70,425) Cash and cash equivalents at the beginning of the period 156,707 (4,103) 152,604 Cash and cash equivalents at the end of the period 89,443 (7,264) 82,179 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (67,264) (3,161) (70,425) 12 of 65

17 STATEMENT OF VALUE ADDED Original balance not considering amendments of IFRS 11 (CPC 19R2) Consolidated (IFRS and BR GAAP) Six-month period ended June 30, 2012 Effect of amendments Balance considering amendments of IFRS 11 (CPC 19R2) Revenues Sales of goods and services 1,085,979 (39,081) 1,046,898 Returns and commercial discounts (21,184) 1,148 (20,036) Provision for impairment of trade receivables (4,790) (344) (5,134) Other revenues 7,533 (6,416) 1,117 1,067,538 (44,693) 1,022,845 Inputs acquired from third parties Cost of sales and services rendered (725,758) 27,734 (698,024) Materials, energy, outsourced services and other (34,872) 1,392 (33,480) Commissions (18,439) 264 (18,175) Marketing expenses (48,961) 1,023 (47,938) (828,030) 30,413 (797,617) Gross value added 239,508 (14,280) 225,228 Depreciation and amortization (16,030) 335 (15,695) Net value added generated by the entity 223,478 (13,945) 209,533 Value added received as transfer Equity in the results of investees - 6,792 6,792 Finance income 21,224 (1,612) 19,612 21,224 5,180 26,404 Total value added to distribute 244,702 (8,765) 235,937 Distribution of value added Personnel Salaries and wages 76,350 (6,364) 69,986 Benefits 8,395-8,395 Government Severance Indemnity Fund for Employees (FGTS) 6,134-6,134 90,879 (6,364) 84,515 Taxes and contributions Federal taxes 97,332 (1,107) 96,225 State taxes 2,155-2,155 Municipal taxes ,836 (1,107) 98,729 Remuneration of third-party capital Interest 22,231 (1,294) 20,937 Rent 6,195-6,195 Foreign exchange gains (losses) 12,268-12,268 40,694 (1,294) 39,400 Remuneration of own capital Profits reinvested 13,293-13,293 13,293-13,293 Total value added distributed 244,702 (8,765) 235,937 5 Cash and cash equivalents Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Banks 10,054 26,815 15,670 30,150 Financial investments linked to the Interbank Deposit Certificate (CDI) rate 95,220 79,897 95,219 79, , , , ,048 As at June 30, 2013 and December 31, 2012, financial investments are readily convertible into a known 13 of 65

18 amount of cash and are subject to an insignificant risk of change in value. The average yield is disclosed in Note 29 (c). 6 Trade receivables Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Not yet due 317, , , ,408 Up to 30 days past-due 29,636 32,246 32,677 34, to 60 days past-due 19,510 13,828 19, ,35 61 to 90 days past-due 9,315 2,973 9,527 3, to 180 days past-due 19,093 11,304 19,220 11, to 360 days past-due 13,830 7,283 13,797 7,344 Over 361 days past-due 17,359 20,093 17,627 20,489 (-) Provision for impairment of trade receivables (13,504) (11,848) (13,670) (11,868) (-) Adjustment to present value (1,546) (2,171) (2,341) (2,825) 411, , , ,240 The fair values of trade receivables approximate the balances recorded. Past-due balances basically refer to the products sold to government agencies, which are received after the agencies' internal approval process. Historically, payment delays are usual in this sales segment and are considered by management in its business strategy; thus, they have not resulted in material losses for the Company. These past-due balances do not represent a significant risk and provision has been recognized only for those cases in which there was a likelihood of loss for the Company. The receivables from government agencies that are past-due at June 30, 2013 amount to R$ 81,471 (R$ 34,338 at December 31, 2012). At June 30, 2013, the Company has R$ 3,309 referring to lease agreements, recorded in trade receivables in the short term. At December 31, 2012, the amount was R$ 5,096, of which R$ 4,726 was recorded in the short term and R$ 370 in the long term. The average credit period for sales of products is 60 days, except for certain sales to government agencies for which the term may extend to 180 days. Concerning the criteria for estimating provision for impairment of trade receivables - due to the concentration of sales in a small number of customers (the 20 largest customers represented about 75% of total trade receivables as at June 30, 2013, and around 68% as at December 31, 2012), the Company evaluates the need for provision for impairment mainly based on the individual analysis of past-due receivables, and the historical losses on these receivables. As at June 30, 2013, the consolidated balance of this provision totaled R$ 13,670 (R$ 11,868 at December 31, 2012). The adjustment to present value of trade receivables is calculated to reflect the present value of future cash flows. The Company considers the payment term of each credit sale and calculates the discount of this transaction by using the Interbank Deposit Certificate (CDI) rate as a reference. The aging of past-due trade receivables not included in the provision for impairment of trade receivables is as follows: 14 of 65

19 Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Up to 30 days 29,636 32,246 32,677 34, to 60 days 19,510 13,828 19,841 14, to 90 days 9,315 2,973 9,527 3, to 180 days 19,090 11,304 19,220 11, to 360 days 12,569 5,978 12,536 6,039 Over 361 days 5,119 9,550 5,218 9,926 95,239 75,879 99,019 79,657 Changes in the provision for impairment of trade receivables are as follows: Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Opening balance 11,848 6,603 11,868 6,607 Provision for impairment of trade receivables 1,656 5,245 1,802 5,261 Closing balance 13,504 11,848 13,670 11,868 7 Inventories Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Materials 309, , , ,764 Finished products 173, , , ,430 Imports in progress 43,471 72,207 48,509 79,863 Advances to suppliers 45,916 37,648 55,844 43,414 Provision for obsolete inventory (43,756) (59,508) (44,724) (59,833) 528, , , ,638 Provision for obsolete inventory is made based on the assessment of raw materials, inventory for resale and finished goods which do not have any clear expectation of use or sale. The main basis for this assessment is the inventory turnover, segregating goods for production from those for technical assistance. Management expects inventories to be realized in less than 12 months. The decrease in inventories due to use and/or losses is stated in Note Taxes recoverable Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 ICMS 97,990 82,178 98,066 82,406 Social Contribution on Revenues (COFINS) 28,004 18,294 28,573 18,556 Income tax 26,151 25,073 26,224 25,146 Excise Tax (IPI) 13,062 12,095 13,184 12,147 Social Integration Program (PIS) 5,910 2,608 6,033 2,665 Social contribution 2,178 1,884 2,179 1,884 Other taxes recoverable 2,504 2,055 2,445 1, , , , ,800 Current portion 97,647 65,900 98,551 66,512 Non-current portion 78,152 78,287 78,153 78, of 65

20 ICMS The Company has the following benefits of ICMS: (i) State Law 13,214/2001, confirmed by State Law 15,542/2007, which establishes a reduction to 7% of the tax rate on IT products for sale inside the state; (ii) State Decree 5,375/2002, confirmed by the Special Taxation Agreement, which allows the utilization of a deemed ICMS tax credit, resulting in a tax rate of 3% for specific products sold by the Company (the effective period of Article 3 runs through to July 31, 2011); and (iii) State Decree 1,922/2011, which became effective on August 1, 2011, revoking Article 3 of State Decree 5,375/2002, and grants a deemed ICMS credit equivalent to the amount due on the sale, resulting in a tax rate of 0% for specific products sold by the Company. As a result of the tax benefits above, in the period ended June 30, 2013, the Company recorded R$ 126,814 (R$ 97,457 at June 30, 2012) related to investment grants as sales deductions - taxes on sales, with respect to the sale of manufactured goods, and maintained R$ 26,593 in liabilities, under the caption Deferred revenue (R$ 28,533 at December 31, 2012), which will be allocated to the results of operations according to the amortization of the related assets and fulfillment of the obligations required as consideration for such a tax benefit, as established in CPC 7 and disclosed in Note 14.a. This tax benefit has an indefinite term. IPI The IPI credit is due to the utilization of the tax benefit established by Law 8,248/1991, which granted IPI exemption, later converted into progressive reduction, on the shipment of new equipment, machinery, apparatus and instruments, including industrial automation and data processing equipment produced in Brazil, combined with the maintenance and utilization of the IPI tax credit, related to raw materials, intermediate products and packaging materials used in the manufacture of goods. The progressive reduction in percentages of the benefit, established by law, follows the schedule below:. Reduction of 95% of the tax due, from January 1, 2004 to December 31, Reduction of 90% of the tax due, from January 1, 2015 to December 31, Reduction of 70% of the tax due, from January 1, 2016 to December 31, 2019, after which the benefit will be abolished. To be eligible for such a benefit, the Company must invest annually about 5% of the gross revenue from sales of IT products and services with tax incentives in IT research and development activities calculated in accordance with Law 8,248/1991 and subsequent amendments. The Company must present annually to the Ministry of Science and Technology evidence that it is complying with this investment requirement. 16 of 65

21 9 Other receivables Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Prepaid expenses (a) 23,624 26,417 24,555 26,417 Judicial deposits 12,264 10,954 12,310 11,001 Others 1,936 2,695 2,079 2,811 37,824 40,066 38,944 40,229 Current portion 24,265 26,965 25,293 27,037 Non-current portion 13,559 13,101 13,651 13,192 (a) At June 30, 2013, the Company has credits to be offset against advertising expenses amounting to R$ 8,299 (R$ 10,490 at December 31, 2012), recorded under the caption "Prepaid advertising expenses". Management considers that the realization will occur by 2014 and recorded the adjustment to present value of the balance. 10 Related parties Trading transactions Parent company (BR GAAP) Asset Liability Sales and services Purchases and services 6/30/ /31/2012 6/30/ /31/2012 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Current Centro de Estudos Superiores Positivo Ltda. 1,296 1 (a) , (f) Sociedade Educacional Positivo Ltda (a) ,326 (j) Editora Positivo Ltda. 2,143 2,482 (a) 2 -(d) 5,218 4,896 (c) (d) Gráfica e Editora Posigraf S.A (a) (b) (b) Positivo Educacional Ltda (a) Rosch Administração de Bens Ltda (e) - - 5,655 5,168 (e) Positivo Informática da Bahia Ltda. 16,323 16,190 (k) Positivo Informática da Amazônia Ltda. 11,897 4,284 (g) 36,657 18,078 (i) 21,541 10,404(h) 895 7,298 (i) 32,264 23,174 37,618 19,076 28,068 17,099 6,881 14,432 Consolidated (IFRS and BR GAAP) Asset Liability Sales and services Purchases and services 6/30/ /31/2012 6/30/ /31/2012 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Current Centro de Estudos Superiores Positivo Ltda. 1,296 1 (a) , (f) Sociedade Educacional Positivo Ltda (a) ,326 (j) Editora Positivo Ltda. 2,143 2,482 (a) 2 -(d) 5,218 4,896 (c) (d) Gráfica e Editora Posigraf S.A (a) (b) (b) Positivo Educacional Ltda (a) Rosch Administração de Bens Ltda (e) - - 5,655 5,168 (e) Informática Fueguina S.A. 12,129 6, ,266 10,404 7,687 7,298 16,173 9, ,793 17,099 13,673 14,432 Related-party transactions are made at prices and terms in accordance with those practiced in the market. (a) Sale of microcomputers These transactions relate to sales of microcomputers manufactured by the Company, which sells to all its related parties. (b) Printing products and services - Gráfica e Editora Posigraf S.A. Refer to purchases of printing products and services and sales of computers and IT equipment produced by the Company. 17 of 65

22 (c) Copyrights - Editora Positivo Ltda. Copyrights refer to permission from Positivo Informática S.A. to access the websites named "Portal Positivo" and "Portal Aprende Brasil" for the customers indicated by Editora Positivo Ltda., as well as to the supply of CD-ROM matrices with educational content. The Company permits access to "Portal Positivo" to all institutions linked through Editora Positivo to Sistema Positivo de Ensino (SPE), and access to "Portal Aprende Brasil" for all institutions linked through Editora Positivo to Sistema de Ensino Aprende Brasil (SABE). Pursuant to independent agreements, the Company receives specific remuneration for access to "Portal Positivo" in the amount of R$ 4,638 per year, divided into 12 monthly installments, and for access to "Portal Aprende Brasil", R$ 2,861 per year, divided into four quarterly installments. (d) Publishing services Refer to contracting of publishing services. These publishing services are used in graphics products produced by Gráfica e Editora Posigraf S.A. and other printing firms contracted by the Company. (e) Rental - Rosch Administradora de Bens Ltda. The Company has a lease agreement for manufacturing units with a related party, which expires every six years and specifies a monthly rental of R$ 919 adjusted annually based on the index established in the agreement. The amount can be renegotiated, through an amendment to the agreement, in the event of expansion in area to increase production capacity or of improvements made by the landlord. (f) Arrangement - Centro de Estudos Superiores Positivo The Company entered into an arrangement with Universidade Positivo related to the cooperation and scientific and technology interchange program, supported by Brazilian legislation (Law 11,077/2004 and Decree 5,906/2006), for the empowerment and competitiveness of the IT industry, encompassing research, development and scientific and technology services activities, human resource development and training, technology absorption and transfer, and the improvement and optimization of the use of the laboratory infrastructure. (g) Current account - Positivo Informática da Amazônia Ltda. The Company has a current account with Positivo Informática da Amazônia Ltda., for the purpose of controlling the multiple, credits and debits between the parties arising from trading transactions. This current account does not have an established date for settlement. (h) Sales The Parent company sells production inputs to its subsidiaries. (i) Purchases The Parent company purchases finished products from the subsidiaries for resale to customers. 18 of 65

23 (j) Apportionment of expenses There exist an apportionment of administrative expenses and shared services between the Company and Sociedade Educacional Positivo Ltda., Gráfica e Editora Posigraf S.A. and Editora Positivo Ltda. These expenses refer to the shared use of the purchasing, personnel and IT departments, and the reimbursement of the rental, electricity, water and telephone expenses of the premises where the Educational Technology area operates. The apportionment is calculated based on the actual cost, in accordance with the use of the available resources. (k) Current account - Positivo Informática da Bahia Ltda. The Company has a current account with Positivo Informática da Bahia Ltda., for the purpose of controlling the multiple, credits and debits between the parties arising from trading transactions. This current account does not have an established date for settlement. Management compensation The amount recognized at June 30, 2013 as management remuneration was R$ 5,244 (R$ 5,010 at June 30, 2012), referring to short-term benefits. The Annual and Extraordinary General Meeting of Stockholders held on April 30, 2013 approved, for the year 2013, maximum overall management compensation of R$ 11,500 (R$ 11,500 for 2012). 11 Investments Balance at 12/31/2011 Parent company (BR GAAP) Equity in the results of Carrying value investees adjustments Balance at 6/30/2012 Investments Positivo Informática da Amazônia Ltda. (a) 44, ,130 44, ,130 Provision for capital deficiency Positivo Informática da Bahia Ltda. (b) (3,617) (321) - (3,938) Crounal S.A. (c) (445) (501) (85) (1,031) (4,062) (822) (85) (4,969) Investments Balance at 12/31/2012 Parent company (BR GAAP) Equity in the results of Carrying value investees adjustments Balance at 6/30/2013 Positivo Informática da Amazônia Ltda. (a) 52,684 4,842-57,526 52,684 4,842-57,526 Provision for capital deficiency Positivo Informática da Bahia Ltda. (b) (4,266) (132) - (4,398) Crounal S.A. (c) (1,248) (361) (152) (1,761) (5,514) (493) (152) (6,159) 19 of 65

24 Investments in subsidiaries Ownership interest - % 6/30/ /31/2012 Direct subsidiaries Positivo Informática da Amazônia Ltda Positivo Informática da Bahia Ltda Portal Mundo Positivo Ltda Crounal S.A Indirect subsidiary Investee of Positivo Informática da Bahia Ltda. Boreo Comércio de Equipamentos Ltda Investee of Positivo Informática da Bahia Ltda. Portal Mundo Positivo Ltda Joint venture Informática Fueguina S.A The Company's investments in assets, liabilities, equity and in the results of the direct and indirect subsidiaries, all of them closely-held, are as follows: Assets Liabilities Equity Net revenues Profit (loss) June 30, 2013 Positivo Informática da Amazônia Ltda. 148,465 90,940 57, ,039 4,842 Positivo Informática da Bahia Ltda. 18,078 22,477 (4,399) - (133) Portal Mundo Positivo Ltda Crounal S.A. 19,387 21,147 (1,759) 32,026 (361) Boreo Comércio de Equipamentos Ltda ,381 (5,958) - - December 31, 2012 Positivo Informática da Amazônia Ltda. 126,245 73,561 52, ,012 8,186 Positivo Informática da Bahia Ltda. 18,078 22,344 (4,266) - (649) Portal Mundo Positivo Ltda Crounal S.A. 26,315 27,562 (1,247) 46,808 (732) Boreo Comércio de Equipamentos Ltda ,379 (5,958) - (334) (a) Positivo Informática da Amazônia Ltda. On December 6, 2007, the Company established the direct subsidiary Positivo Informática da Amazônia Ltda., which started operations in October 2008, with the same corporate purpose as the Company. The entire decision-making process is centralized and financial, administrative, accounting and control services are provided by the Company. The capital of Positivo Informática da Amazônia Ltda. is R$ 8,100. (b) Positivo Informática da Bahia Ltda. On April 8, 2008, the Company established the direct subsidiary Positivo Informática da Bahia Ltda., which started operations in In that year, this direct subsidiary acquired Boreo Comércio de Equipamentos Ltda. The capital of Positivo Informática da Bahia Ltda. is R$ 10. (c) Crounal S.A. In February 2011 the Company acquired the direct subsidiary Crounal S.A., which is headquartered in Montevideo - Uruguay and the capital is R$1. This subsidiary has the same corporate purpose as the Company. 20 of 65

25 (d) Portal Mundo Positivo Ltda. On April 9, 2012 the Company, in partnership with its subsidiary Positivo Informática da Amazônia Ltda., acquired Portal Mundo Positivo Ltda., the capital of which is R$ 1. No goodwill was paid on this acquisition. 12 Investment in joint venture On December 3, 2010, the Company established a joint venture with the Argentine company BGH Sociedad Anónima (BGH), to manufacture and sell IT products (desktops, notebooks, all-in-ones, e- books and tablets) in Argentina and Uruguay. In order to establish the joint venture, the Company acquired 50% of the share capital in the Argentine company Informática Fueguina S.A., which was directly and indirectly owned by BGH. The amount paid on the acquisition was R$ 21 without payment of any premium. Joint venture Balance at 12/31/2011 Parent company (BR GAAP) Equity in the Carrying results of value investees adjustments Balance at 6/30/2012 Informática Fueguina S.A. 27,150 6,792 1,018 34,960 27,150 6,792 1,018 34,960 Joint venture Balance at 12/31/2012 Parent company (BR GAAP) Equity in the Carrying results of value investees adjustments Balance at 6/30/2013 Informática Fueguina S.A. 39,964 7,262 (171) 47,055 39,964 7,262 (171) 47,055 As described in Note 4, since January 1, 2013, the Company's investment in Informatica Fueguina S.A., classified as a joint venture, has no longer been proportionally consolidated and is presented, therefore, in "Investments" and accounted for using the equity method. The Company's interest in assets, liabilities, equity and results of the joint venture is as follows: Assets Liabilities Equity Net revenues Profit June 30, 2013 Informática Fueguina S.A. 122,582 75,527 47,055 98,746 7,262 December 31, 2012 Informática Fueguina S.A. 94,437 54,473 39, ,915 14, of 65

26 13 Property, plant and equipment Parent company (BR GAAP) 12/31/2011 Additions 12/31/2012 Additions 6/30/2013 Cost Machinery and equipment 43,216 9,540 52, ,878 Leasehold improvements 15,420 1,939 17, ,815 Computer hardware 23,795 8,551 32,346 1,438 33,784 Furniture and fixtures 5, , ,428 Industrial facilities 4,319 1,839 6, ,424 Buildings 2,000-2,000-2,000 Other property, plant and equipment ,093 94,917 22, ,636 2, ,422 Depreciation Machinery and equipment (10,709) (5,072) (15,781) (3,788) (19,569) Leasehold improvements (2,914) (1,749) (4,663) (1,133) (5,796) Computer hardware (11,697) (6,138) (17,835) (3,608) (21,443) Furniture and fixtures (2,243) (854) (3,097) (339) (3,436) Industrial facilities (1,249) (683) (1,932) (603) (2,535) Buildings (307) (80) (387) (40) (427) Other property, plant and equipment (1) (4) (5) (2) (7) (29,120) (14,580) (43,700) (9,513) (53,213) Net 65,797 8,139 73,936 (6,727) 67,209 Consolidated (IFRS and BR GAAP) 12/31/2011 Additions 12/31/2012 Additions 6/30/2013 Cost Machinery and equipment 43,915 9,544 53, ,581 Leasehold improvements 15,994 1,972 17, ,434 Computer hardware 24,207 8,582 32,789 1,460 34,249 Furniture and fixtures 5, , ,629 Industrial facilities 4,544 1,840 6, ,684 Buildings 2,000-2,000-2,000 Other property, plant and equipment ,094 96,953 22, ,749 2, ,671 Depreciation Machinery and equipment (10,919) (5,147) (16,066) (3,824) (19,890) Leasehold improvements (2,988) (1,817) (4,805) (1,163) (5,968) Computer hardware (11,924) (6,229) (18,153) (3,653) (21,806) Furniture and fixtures (2,273) (873) (3,146) (355) (3,501) Industrial facilities (1,318) (706) (2,024) (614) (2,638) Buildings (307) (80) (387) (40) (427) Other property, plant and equipment (1) (3) (4) (2) (6) (29,730) (14,855) (44,585) (9,651) (54,236) Net 67,223 7,941 75,164 (6,729) 68,435 As at June 30, 2013 and December 31, 2012 the Company did not have property, plant or equipment items given in guarantee of loans or financing. 22 of 65

27 14 Intangible assets Parent company (BR GAAP) 12/31/2011 Additions 12/31/2012 Additions 6/30/2013 Cost Development projects 76,945 28, ,740 10, ,864 System projects - ERP 41,453 3,446 44, ,237 Software 11,260 1,142 12, ,156 Software licenses 6,026-6,026-6, ,684 33, ,067 11, ,283 Amortization Development projects (38,298) (10,530) (48,828) (9,969) (58,797) System projects - ERP (17,645) (8,837) (26,482) (4,358) (30,840) Software (5,310) (3,156) (8,466) (1,559) (10,025) Software licenses (3,834) (1,042) (4,876) (521) (5,397) (65,087) (23,565) (88,652) (16,407) (105,059) Net 70,597 9,818 80,415 (5,191) 75,224 Consolidated (IFRS and BR GAAP) 12/31/2011 Additions 12/31/2012 Additions 6/30/2013 Cost Development projects 78,374 28, ,690 10, ,034 System projects - ERP 41,453 3,088 44, ,879 Software 11,302 1,142 12, ,198 Software licenses 6,026-6,026-6,026 Others 4,442 4,604 9,046 1,031 10,077 Goodwill in subsidiary 14,173-14,173-14, ,770 37, ,920 12, ,387 Amortization Development projects (38,298) (10,888) (49,186) (10,081) (59,267) System projects - ERP (17,645) (8,479) (26,124) (4,358) (30,482) Software (5,345) (3,163) (8,508) (1,560) (10,068) Software licenses (3,834) (1,042) (4,876) (521) (5,397) Others (1,398) (429) (1,827) (680) (2,507) (66,520) (24,001) (90,521) (17,200) (107,721) Net 89,250 13, ,399 (4,733) 97,666 (a) Project development costs The Company benefits from tax incentives granted for the IT and automation segments by Law 8,248/1991, known as the Information Technology Law, regulated by Decree 792 of October 23, This law was amended by Law 10,176 of January 11, 2001, regulated by Decree 3,800 of April 20, 2001, which was amended again in 2004 by Law 11,077 of December 30, 2004, regulated by Decree 5,906/2006 of September 26, To be entitled to the benefit, a company engaged in the development or sale of IT products and services must invest a minimum percentage of its revenue in IT development activities in Brazil. The minimum percentage to be invested is calculated at 5% of the gross revenue from sales in the domestic market of IT products and services entitled to the incentives pursuant to the law, after deducting from gross revenue the resale of products, the related taxes, and the purchase costs of products entitled to the incentives. The percentages to be invested have their bases reduced by 20% through 2014, plus an additional reduction of 25% through December 31, The investment obligation relating to the year 2013 is R$ 49,613. From January to June 2013, R$ 23,883 was invested and the total amount of the obligations must be fulfilled up to the first quarter of The amounts are invested in the improvement of existing products and development of new products and comprise basically: direct and indirect labor, payroll charges, software, consulting services, materials, infrastructure, travel and other related costs. The amortization period was set at three years based on an assessment of useful life. 23 of 65

28 The amortization of these projects was recorded under cost of sales. (b) Goodwill In December 2009, the subsidiary Positivo Informática da Bahia Ltda. completed the acquisition of Boreo Comércio de Equipamentos Ltda., generating goodwill of R$ 14,173, recorded in the books of the acquirer and based on expected future earnings. The recoverable amount of the goodwill is determined on the basis of its value in use derived from cash flow projections based on a financial budget of five years approved by management and the discount rate of 8.48% per year. 15 Trade payables Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Trade payables - foreign market 306, , , ,823 Trade payables - domestic market 49,595 41,847 52,957 44,694 Copyrights and licenses payable 27,687 36,225 29,614 38,896 Adjustment to present value of trade payables (2,132) (1,849) (2,520) (2,111) 381, , , ,302 Copyrights and licenses payable represent obligations for the acquisition of Microsoft software licenses. These licenses are supported by license agreements entered into between the parties and are renewed periodically. The average payment term for trade payables is 60 days. The adjustment to present value of trade payables is calculated based on the estimated future cash flow discounted to present value. The Company considers the payment term of each credit sale and calculates the discount of this transaction by using the Interbank Deposit Certificate (CDI) rate as a reference. 16 Loans At amortized cost Current liabilities Working capital Working capital Working capital Average Average Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) contractual swap rate rate (p.a.) in % CDI Maturity Guarantee 6/30/ /31/2012 6/30/ /31/2012 From 1.24% to 1.25% + exchange variation 99.66% 1.22 to 1.25 % + exchange variation % From 0.98% to 1.43% + exchange variation % From 0.98% to 1.35% + exchange variation % From 2.05% to 21.75% N/A From 7/1/2013 to 7/8/2013 From 8/12/2013 to 8/27/2013 From 1/4/2013 to 1/29/2013 Promissory note 34,884-37,088 - Promissory note 120, ,659 - Promissory note - 130, From 2/1/2013 to Promissory Working capital 2/26/2013 note - 209, From 1/21/2013 to Promissory Working capital 5/14/2013 note Working capital 1.95% N/A 9/20/ ,214 - Finance leases (a) CDI+3.80% N/A 36 months - 2,006 2,537 2, BNDES - Government Agency for Machinery and Equipment Financing (FINAME) 2.50% N/A 1/15/2014-4,111-4,111 - BNDES (b) 4.82% N/A Up to 4/15/2019 Non-current liabilities BNDES (b) 5.43% N/A 2/15/2016 Letter of guarantee 37,566 36,983 37, , , , Letter of guarantee 130,251 79, , ,251 79, , Total borrowings , , , of 65

29 As at June 30, 2013 and December 31, 2012, the Company has credit facilities in the form of unsecured overdraft accounts, renewed annually and with payment on demand in the amount of R$ 8,000. The Company did not use these credit lines. There is no covenant requiring compliance with financial indicators in the Company's borrowing agreements. The Company's loan and financing book values approximate their market values, except for the credit lines obtained from BNDES, which have specific conditions with regard to terms and costs. (a) Finance leases Refer to finance leases of equipment and related services to be used in the ERP project. The equipment was recorded in the Company's property, plant and equipment at fair value and is being depreciated over its useful life. The agreement establishes the option to purchase the equipment for a token amount at the end of the lease term. (b) BNDES In 2010, the Company entered into an agreement for special credit lines with BNDES in the amount of up to R$ 147,000, which will be used in innovative activities. The book value at June 30, 2013 for this financing facility is R$ 98,002 and its fair value is R$ 94,711. During 2013 the Company obtained a new financing facility from the BNDES, in the amount of up to R$ 173,093 with a total repayment term of 6 years. The funds will be mainly used for to the Company's innovation plan, focused on research and development activities, new products, digital convergence and smartphones. Additionally, part of these funds will be used in the modernization of the industrial and IT structures of the Company. The funds will be released in tranches, in accordance with the progress of the projects and related support filed with the BNDES, with grace period during the 24 first months. During the period ended June 30, 2013 the Company received the first tranche in the amount of R$ 69,000. The maturities of the long-term borrowings are as follows: Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Year R$ , , , , , ,750 Total 130, of 65

30 17 Current and non-current provisions Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Current liabilities Provision for warranties and technical assistance (a) 49,271 55,090 61,624 64,660 Provision for commission (c) 15,510 16,088 16,864 17,490 Provision for cooperative advertising (b) 6,686 2,902 15,141 14,527 Provision for freight 4,717 3,575 5,343 3,860 Provision for rebates (d) 5,453 5,608 5,541 5,608 Other provisions ,512 3,247 11,797 82,294 93, , ,942 Non-current liabilities Provision for warranties and technical assistance (a) 17,288 12,677 18,438 13,827 99, , , ,769 (a) Provision for warranties and technical assistance Based on the number of computers under warranty and the warranty period for such equipment, as well as the recent history of service frequency per machine and the average cost per technical assistance service, an estimate was made at the end of the reporting period of the provision required to settle the total obligation assumed in respect of the equipment under warranty. (b) Provision for cooperative advertising The amounts provided for cooperative advertising are calculated based on the percentages agreed between the parties and relate to the promotion and advertising of the Company's products. The percentages are negotiated individually with each customer. (c) Provision for commission Provision for commission is calculated based on the individual percentage of commission recorded in the sales orders. (d) Provision for rebates The amounts provided for rebates are calculated based on historical percentages and other factors, negotiated individually with each customer. These amounts represent adjustments to the price, made to stimulate retail sales. 18 Taxes payable Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 National Institute of Social Security (INSS) 3,639 3,571 3,663 3,606 Withholding Income Tax (IRRF) 3,145 2,912 3,180 2,946 Excise Tax (IPI) 1,635 1,361 1,635 1,365 Value-added Tax on Sales and Services (ICMS) 1,040 1,393 1,065 1,423 Social Contribution on Revenues (COFINS) 142 2,353 1,225 2,780 Other taxes and contributions 529 2,201 1,119 2,596 10,130 13,791 11,887 14, of 65

31 19 Deferred revenue This refers to the portion of the investment grant for which the investment obligation has not yet been fulfilled, as mentioned in Note 8. As a result of the use of the ICMS tax benefits, in the period ended June 30, 2013, the Company recorded the amount in liabilities, under the caption Deferred Revenue, as presented in the table below. This amount will be allocated to the results of operations according to the amortization of the related assets and fulfillment of the obligations required for the tax benefit, as established in CPC 7 and disclosed in Note 14(a). Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 6/30/ /31/2012 Deferred revenue 26,593 28,533 27,804 30, Income tax and social contribution (a) Deferred taxes Deferred income tax and social contribution assets and liabilities were calculated at the rates in effect as at June 30, 2013 and December 31, 2012 and are comprised as follows: Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Assets 6/30/ /31/2012 6/30/ /31/2012 Deferred income tax and social contribution Provision for obsolete inventories 26,904 33,371 27,990 34,180 Provision for warranties 23,862 26,478 27,017 28,446 Provision for tax, labor and civil risks 10,041 8,181 10,041 8,181 Provision for labor obligations 7,477 4,115 7,537 4,184 Provision for commission 5,274 5,470 5,734 5,947 Provision for impairment of trade receivables 4,642 4,695 4,698 4,702 Adjustment to present value 3,691 2,478 3,829 2,604 Provision for cooperative advertising 2, ,276 4,869 Provision for rebates 1,854 1,907 1,942 1,907 Other temporary differences 5,413 21,328 5,617 22,160 Income tax and social contribution losses 205, , , ,619 Deferred taxes not recognized (215,107) (211,687) (223,358) (216,083) 81,525 76,505 87,936 82,716 Liabilities Deferred income tax and social contribution Product development projects (15,624) (10,604) (16,763) (11,543) (15,624) (10,604) (16,763) (11,543) Deferred taxes 65,901 65,901 71,173 71,173 The recognition of the deferred tax assets is supported by the Company's business plans, which consider the expansion of the commercial activities resulting in taxable profits in future years, in amounts sufficient to realize of these assets, as well as management's decision to distribute dividends at levels similar to the amounts historically distributed, using part of the revenue from investment grants, which will generate sufficient taxable profit to offset these deferred tax credits. Technical feasibility studies, analyzed and approved by the Board of Directors, indicate the full recovery of the amounts of deferred taxes recognized, as defined in CVM Instruction 371, of June 27, 2002, and refer to management's best estimates of the future evolution of the Company and the market in which it operates. The expected realization of tax credits is as follows: 27 of 65

32 Parent company (BR GAAP) Expected realization Total Income tax 11,659 15,956 18,324 10,026 55,965 Social contribution 4,197 5,744 6,597 3,609 20,147 Total 15,856 21,700 24,921 13,635 76,112 Management reviews the actual results of these business plans for the generation of taxable profits each year and, accordingly, reassesses the expected realization of the tax credits. As the taxable basis for income tax and social contribution on net income arises not only from the profit that may be generated, but also from the existence of non-taxable revenue, non-deductible expenses, tax incentives and other variables, there is no immediate correlation between the Company's and its subsidiaries' profit and the income tax and social contribution expense. Therefore, the expected utilization of tax credits should not be taken as the sole indication of the future profitability of the Company and its subsidiaries. Deferred tax liabilities refer to: (i) the deferral of receivables from government agencies, and (ii) the tax incentive introduced by Law 10,637/2002 and subsequently amended by Law 11,196/2006, which allows the deductibility of expenses on development projects on a cash basis for income tax and social contribution purposes. This incentive is applicable to the Company's business activity and relates to the expenses of product development projects that are recorded in intangible assets. The amount of deferred taxes will be reversed as the projects are amortized. (b) Tax benefit (expense) in the statement of operations Reconciliation of the income tax and social contribution on net income benefit (expense): Six-month periods ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2012 6/30/2013 6/30/2012 6/30/2013 Restated Profit before income tax and social contribution 3,516 13,293 3,516 12,371 Combined statutory rate 34% 34% 34% 34% Income tax and social contribution at the statutory rate (1,195) (4,520) (1,195) (4,206) Exclusion of investment grant 45,968 33,136 50,435 36,949 Exclusion of equity in the results of investees 1,478 (65) 1,478 - Other permanent differences (877) Tax losses and temporary differences for which deferred taxes were not recorded (46,251) (28,877) (50,718) (30,944) Tax benefit (expense) recorded of 65

33 Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2012 6/30/2013 6/30/2012 6/30/2013 Restated Profit (loss) before taxation (8,185) 1,599 (8,185) 1,802 Combined statutory rate 34% 34% 34% 34% Income tax and social contribution at the statutory rate 2,783 (544) 2,783 (613) Exclusion of investment grant 25,190 17,121 27,639 18,935 Exclusion of equity in the results of investees 363 (323) Other permanent differences (526) Tax losses and temporary differences for which deferred taxes were not recorded (28,336) (16,931) (30,785) (17,999) Tax benefit (expense) recorded (203) 21 Provision for tax, labor and civil risks The Company has contingencies that are being discussed in court, including tax, labor and civil lawsuits. The Company's management believes that the outcome of these lawsuits will not have an effect significantly different from the amount provided for, which corresponds to the amounts of litigation considered as involving "probable losses". These basically refer to: Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Civil Tax Labor Total Civil Tax Labor Total At December 31, ,493 7,354 1,233 17,080 8,792 7,354 1,233 17,379 Provisions recorded 4,261 1,239 9,317 14,817 4,261 1,239 9,317 14,817 Reductions through payments (5,974) (1,213) (647) (7,834) (5,974) (1,213) (647) (7,834) At December 31, ,780 7,380 9,903 24,063 7,079 7,380 9,903 24,362 Provisions recorded 3,321 2,406 2,599 8,326 3,322 2,406 2,599 8,327 Reductions through payments (1,092) (1,122) (642) (2,856) (1,092) (1,122) (643) (2,857) At June 30, ,009 8,664 11,860 29,533 9,309 8,664 11,859 29,832 The amount recorded in current liabilities is R$ 7,221 (R$ 4,992 at December 31, 2012) and the amount recorded in non-current liabilities is R$ 22,312 (R$ 19,071 at December 31, 2012). Civil Lawsuits involving commercial and civil matters relating to consumers' complaints about products and services provided by the Company. Tax Administrative proceedings and lawsuits discussing the legality or constitutionality of municipal, state and federal taxes and contributions. Labor Lawsuits discussing labor issues and employment relationships. 29 of 65

34 Possible losses The amounts of contingencies assessed as involving only possible losses by the Company's legal counsel, for which no provision was recorded in accordance with the accounting practices adopted, are as follows: Tax Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/ /31/2012 Tax ICMS ( a ) 53,212 49,799 Other ( b ) 153, ,249 Labor Employees ( c ) Civil Government agencies ( d ) 30,227 28,206 Consumers ( e ) 2,578 3, , ,328 (a) ICMS: The Company takes ICMS credits on shipments of products by taxpayers located in tax-incentive areas to the Curitiba unit, pursuant to articles 22 and 23 of the Paraná State ICMS Regulation, approved by State Decree 1,980/2007. The Company, together with its legal counsel, believes that there are strong legal arguments to sustain the taking of credits in accordance with prevailing legislation and prior court decisions that could be maintained in the event of a challenge by the tax authorities. (b) (i) (ii) (iii) (c) Tax - Other: CIDE - Tax assessment notice requiring the payment of the Economic Intervention Contribution (CIDE) on remittances overseas of amounts related to royalties on software made in Import tax (II) and IPI - Tax assessment notice claiming differences between II and IPI, arising from the reclassification of the Mercosur Common Nomenclature (MCN) on imports of microprocessors carried out by the Company in the last five years. This reclassification arose from the change in tax classification criteria made by the Federal Revenue Service. II and IPI - Tax assessment notice relating to differences of Import and Excise taxes, arising from the reclassification of the MCN on imports of LCD screens carried out by the Company's branch located in Ilhéus, Bahia, in the last three years. This reclassification arose from the change in tax classification criteria made by the Federal Revenue Service. Labor Employees: lawsuits discussing labor amounts and indemnities. 30 of 65

35 (d) (i) Civil Government agencies: Federal Audit Court: Audit of Accounts Process in which the Federal Audit Court is analyzing the legality or otherwise of the economic and financial rebalancing granted by Companhia de Correios e Telégrafos - ECT (the Brazilian Postal Service) to the Alpha Consortium, formed by the Company and Novadata Sistemas e Computadores S.A. Public Prosecution Office of Araras, São Paulo: Administrative Misconduct Lawsuit filed by the Public Prosecution Office of the State of São Paulo, challenging the legality of the Administrative Act issued by the Municipal Mayor of Araras, São Paulo, in relation to the acquisition of Interactive Educational Boards through an Onsite Bidding process. São Paulo State Audit Court (TCE-SP): Audit of Accounts Process in which TCE-SP is analyzing the legality or otherwise of the agreement entered into in March 2008 with Education Development Foundation also involving the Data Processing Company of the City of São Paulo (PRODAM). São Paulo State Audit Court (TCE-SP): Administrative Procedure considering the irregular absence of a bidding process for the realization of the second agreement signed with the Municipal Authorities of the city of Paraguaçu Paulista in the state of São Paulo, with the purpose of acquiring educational desks and software produced by the Company. São Paulo State Audit Court (TCE-SP): Administrative Procedure relating to the bidding process for the acquisition of servers and microcomputers between Positivo Informática S.A. and the State of São Paulo Data Processing Company through the Minute of Prices Registration 001/2009. São Paulo State Audit Court (TCE-SP): Administrative Procedure related to the adhesion of the city of São Bernardo do Campo to the One Computer per Student Program (PROUCA) in connection with the acquisition of Positivo Informática S.A. educational laptops for government-funded schools in the states, Federal District and cities. São Paulo State Audit Court (TCE-SP): Administrative Procedure relating to the contracting of computers by Casa Foundation - the Foundation Center for Social and Educational Services for the Adolescent - through adhesion to the minutes of PRODAM. São Paulo State Audit Court (TCE-SP): Administrative Procedure relating to the contracting of educational laptops by the Municipal Authorities of the city of Cubatão, in the state of São Paulo, through adhesion to the Ministry of Education's PROUCA. (ii) Consumer: These are Administrative Procedures and Lawsuits relating to end consumers' complaints about products sold and services provided by the Company, claiming the replacement of the product or the refunding of amounts paid. In the case of administrative procedures, these are filed by consumer protection agencies, with analysis of the existence of infringements of consumer relations and the possibility of receiving fines as determined in Decree 2,181/ of 65

36 22 Equity (a) Share capital Capital is R$ 389,000. The Company's shares total 87,800,000, all of them common shares, held as follows: Number of shares (in units) Stockholders 6/30/ /31/2012 Controlling interests and related parties 62,093,094 62,093,094 Non-controlling interests, related parties and officers 37,892 37,892 Treasury shares 1,695,508 1,695,508 Shares outstanding in the market 23,973,506 23,973,506 87,800,000 87,800,000 Based on the Minutes of the Stockholders' Meeting held on August 17, 2006, the Company is authorized to increase its capital, regardless of amendments to the bylaws and stockholders' resolutions, upon determination of the Board of Directors, up to the limit of the Company's authorized capital of 4,500,000 new common shares, without par value. The Company's direct controlling stockholders are as follows: Number of common Direct controlling stockholders shares (in units) Hélio Bruck Rotenberg 12,418,619 Ruben T.C. Formighieri 12,418,619 Cixares Líbero Vargas 12,418,618 Sofia Guimarães Von Ridder 4,139,540 Samuel Ferrari Lago 4,139,540 Paulo Fernando Ferrari Lago 4,139,540 Lucas Raduy Guimarães 4,139,539 Giem Raduy Guimarães 4,139,539 Thais Susana Ferrari Lago 4,139,539 Oriovisto Guimarães 1 62,093,094 (b) Capital reserves This refers to tax incentives received by the Company that were recorded in this account up to December 31, After Law 11,638/07, these benefits were recorded under the caption "Revenue reserves". (c) Purchase options granted under the employee stock option plan As at December 31, 2010, selected officers and managers, as well as other participants designated by the Board of Directors, held 145,638 options to purchase the Company's common shares; 130,644 of these options expired on December 31, 2011 and 14,994 expired on December 31, In the period ended June 30, 2013, there were no outstanding options granted to selected officers or managers, as well as other participants designated by the Board of Directors. Purchase options granted under the employee stock option plan do not confer voting rights or dividends. Further details on the employee stock option plan are described in Note 31 to these financial statements. 32 of 65

37 (d) (i) Revenue reserves Tax incentive reserve As mentioned in Note 8, the amounts recorded in this account relate to the ICMS tax incentive, in conformity with State Decree 5,375/2002 (the effective period of Article 3 runs through to July 31, 2011), and State Decree 1,922/2011 effective from August 1, Pursuant to income tax legislation, this tax incentive reserve can only be utilized to increase capital, and cannot be distributed as dividends since it relates to a benefit granted by the State to the Company for a specific activity. (ii) Legal reserve The legal reserve is credited annually with 5% of the profit for the year and cannot exceed 20% of the capital. The purpose of the legal reserve is to protect the integrity of capital and it can be used only to offset losses and increase capital. (e) Dividends According to the minutes of the Annual and Extraordinary General Meeting of stockholders held on March 25, 2008, the Company may prepare semiannual or interim financial statements; decide on the distribution of dividends from the profit determined in these financial statements; declare interim dividends from retained earnings or revenue reserves existing in these financial statements or in the last annual financial statements. The Company may also pay or credit interest on capital, subject to ratification at the Annual General Meeting that approves the financial statements for the year in which such interest was paid or credited. Interim dividends and interest on capital must always be attributed to the mandatory dividend. (f) Allocation of profit/loss Accumulated losses must be deducted from the profit for the year, before any allocation. Management profit-sharing will be calculated on the remaining profit, up to the maximum legal limit, as set forth in Article 152, paragraph 1 of Law 6,404/76, after appropriation of the legal reserve of 5%, the balance of which cannot exceed 20% of capital. (g) Treasury shares The Board of Directors' meeting held on May 28, 2008 approved a plan for the repurchase of 600,000 Company shares to be held in treasury and subsequently sold without capital reduction. The purpose of these authorized transactions is to maximize the generation of value to the stockholders. To comply with the stock option plan for executives, the Company holds a total of 1,695,508 treasury shares, purchased under the repurchase program, at the average price of R$ If the shares were sold for R$ 3.87 on June 30, 2013, the effect on equity would have been a loss of R$ 28,875 (loss of R$ 26,891 as at December 31, 2012). 33 of 65

38 23 Revenue The analysis of the Company's revenue in the periods ended June 30, 2013 and 2012 is as follows: Six-month periods ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Revenue from sale of products 1,203, ,783 1,336,945 1,015,903 Revenue from services 32,016 30,995 32,016 30,995 1,235, ,778 1,368,961 1,046,898 Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Revenue from sale of products 610, , , ,085 Revenue from services 15,695 17,457 15,695 17, , , , ,542 The reconciliation between gross revenue and the net revenue reported in the statements of operations for the periods ended June 30, 2013 and 2012 is as follows: Six-month periods ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Gross revenue 1,235, ,778 1,368,961 1,046,898 Less: Taxes on sales (211,506) (172,113) (231,998) (188,663) Investment grant 126,814 95, , ,417 Returns and rebates (31,168) (19,505) (32,969) (20,036) Net revenues 1,119, ,930 1,245, ,616 Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Gross revenue 625, , , ,542 Less: Taxes on sales (107,671) (90,221) (118,863) (98,393) Investment grant 64,600 48,426 72,454 53,891 Returns and rebates (14,318) (9,237) (15,469) (9,418) Net revenues 568, , , , Expenses by nature The Company classified expenses according to their function in the statement of operations. The information on the nature of these expenses is as follows: Six-month periods ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Raw materials and consumables used 831, , , ,540 Personnel expenses 90,859 77,495 94,837 83,811 General expenses 31,204 38,524 34,654 33,051 Third-party services 21,684 22,413 23,106 24,268 Cooperative advertising expenses 19,382 18,223 23,997 20,776 Commissions 14,965 17,052 16,756 18,573 Depreciation and amortization 22,964 15,366 23,900 15,694 Other operating expenses, net 73,254 61,796 80,917 72,002 1,106, ,933 1,225, ,715 Cost of sales 881, , , ,497 Selling expenses 174, , , ,312 General and administrative expenses 50,182 43,750 53,424 45,906 1,106, ,933 1,225, , of 65

39 Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Raw materials and consumables used 425, , , ,449 Personnel expenses 48,437 36,627 50,384 44,213 General expenses 14,674 23,227 15,579 16,778 Third-party services 10,326 9,056 11,039 10,273 Cooperative advertising expenses 9,326 8,457 11,818 10,835 Commissions 8,852 9,120 9,788 9,272 Depreciation and amortization 12,051 7,775 12,511 7,937 Other operating expenses, net 37,737 35,207 42,871 39, , , , ,977 Cost of sales 450, , , ,931 Selling expenses 89,726 84,972 98,705 91,119 General and administrative expenses 25,909 23,967 27,143 24, , , , ,977 The depreciation of property, plant and equipment items and the amortization of intangible assets were charged as follows: Six-month periods ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Cost of sales 6,362 4,837 6,686 5,138 Selling expenses 8,814 2,880 9,378 2,880 General and administrative expenses 7,788 7,649 7,836 7,676 22,964 15,366 23,900 15,694 Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Cost of sales 3,504 2,378 3,652 2,531 Selling expenses 4,670 1,548 4,952 1,548 General and administrative expenses 3,877 3,849 3,907 3,858 12,051 7,775 12,511 7, Segment information To manage its business and make decisions, the Company uses information that focuses on product and service sales channels, which are the basis on which it reports primary information by segment. The Company's main operating segments are: sales to retail customers and sales to government entities. The information by reportable segment of these units is presented below: Revenue and profit by segment Retail Six-month periods ended Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 Government Reportable segments Retail Government Reportable segments Net sales revenue of the Company 756, ,988 1,075, , , ,620 Cost of services (586,949) (268,665) (855,614) (539,554) (76,124) (615,678) Gross Profit 169,358 50, , ,431 32, ,942 Operating expenses (146,692) (43,714) (190,406) (172,706) (26,745) (199,451) Profit before finance result 22,666 6,609 29,275 15,725 5,766 21,491 Finance result, net (20,138) (5,809) (25,947) (5,982) (4,397) (10,379) Profit before taxation 2, ,328 9,743 1,369 11,112 Income tax and social contribution (current and deferred) Profit for the period 2, ,328 10,218 1,382 11, of 65

40 Quarters ended Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 Retail Government Reportable segments Retail Government Reportable segments Net sales revenue of the Company 385, , , ,335 55, ,501 Cost of services (287,910) (138,452) (426,362) (286,483) (40,088) (326,571) Gross profit 97,774 21, , ,852 15, ,930 Operating expenses (85,764) (21,234) (106,998) (100,273) (10,391) (110,664) Profit before finance result 12, ,695 9,579 4,687 14,266 Finance result, net (16,365) (4,072) (20,437) (6,621) (4,604) (11,225) Profit (loss) before taxation (4,355) (3,387) (7,742) 2, ,041 Income tax and social contribution (current and deferred) (98) (128) (226) Profit (loss) for the period (4,355) (3,387) (7,742) 2,860 (45) 2,815 The reconciliation between the revenue of reportable segments and the Company's total revenue is as follows: Six-month periods ended Quarters ended Consolidated (IFRS and BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Net sales revenue of the Company Net sales revenue of reportable segments 1,075, , , ,501 Net sales revenue of non-reportable segments 169, ,996 22,551 2,847 1,245, , , ,348 The reconciliation between profit for the quarter of the reportable segments and the Company's total results is as follows: Six-month periods ended Quarters ended Consolidated (IFRS and BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Profit (loss) for the period Profit (loss) for the period of reportable segments 3,328 11,600 (7,742) 2,815 Profit (loss) for the period of non-reportable segments 188 1,693 (443) (1,216) 3,516 13,293 (8,185) 1,599 The revenue of the segments presented above includes the revenue generated by foreign customers. The relevant accounting policies for reportable segments are the same as those of the Company. The profit or loss of the segments corresponds to that of each segment, after allocation of all revenue, costs and expenses. (a) Revenue from main products and services The breakdown of net revenue by product is as follows: Six-month periods ended Quarters ended Consolidated (IFRS and BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Products Notebooks 644, , , ,874 Desktops 386, , , ,818 Tablets 111,057 12,060 50,111 6,611 Others 103,388 61,306 45,797 36,319 1,245, , , ,622 (b) Assets and liabilities per segment Although the Company's assets and liabilities are allocated to certain segments, they are not managed independently as they refer mainly to the production of computers for the designated sales segments. 36 of 65

41 (c) Geographical information In the period ended June 30, 2013, the Company and its subsidiaries recorded sales in the foreign market of R$ 32,086 (R$12,317 in the period ended June 30, 2012). The remaining sales were made in the domestic market. (d) Information on major customers Two of the Company's customers individually represented more than 10% of the total net revenue in the period ended June 30, Finance result Six-month periods ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Finance income Adjustment to present value - trade receivables 10,725 13,918 11,719 14,912 Income from financial investments 2,522 4,392 2,522 4,392 Other finance income 1, , ,734 18,568 15,835 19,613 Finance costs Interest on borrowings (12,056) (7,889) (12,420) (8,347) Adjustment to present value - trade payables (11,164) (9,949) (12,217) (10,959) Discount - payment in advance (838) - (838) - Tax on financial transactions (590) (494) (591) (494) Other finance costs (2,626) (1,097) (2,705) (1,137) (27,274) (19,429) (28,771) (20,937) Finance income and costs, net (12,540) (861) (12,936) (1,324) Foreign exchange gains (losses) Gains on currency hedge 13,127 2,712 13,127 2,712 Losses on currency hedge (7,589) (6,519) (7,589) (6,519) Gains on foreign exchange variations 19,451 20,026 20,695 21,940 Losses on foreign exchange variations (36,945) (26,928) (39,857) (30,401) (11,956) (10,709) (13,624) (12,268) Finance result, net (24,496) (11,570) (26,560) (13,592) 37 of 65

42 Quarters ended Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Finance income Adjustment to present value - trade receivables 5,270 6,682 5,868 7,637 Income from financial investments 1, , Other finance income ,878 7,801 7,503 8,783 Finance costs Interest on borrowings (6,055) (2,554) (6,261) (2,726) Adjustment to present value - trade payables (5,590) (5,940) (6,083) (6,684) Discount - payment in advance (556) 300 (555) 300 Tax on financial transactions (328) (494) (329) (494) Other finance costs (1,710) (109) (1,762) (134) (14,239) (8,797) (14,990) (9,738) Finance income and costs, net (7,361) (996) (7,487) (955) Foreign exchange gains (losses) Gains on currency hedge 10,853 1,180 10,853 1,180 Losses on currency hedge (266) (1,960) (266) (1,960) Gains on foreign exchange variations 10,097 9,028 10,613 9,898 Losses on foreign exchange variations (32,759) (20,078) (35,233) (22,746) (12,075) (11,830) (14,033) (13,628) Finance result, net (19,436) (12,826) (21,520) (14,583) 27 Insurance - consolidated As at June 30, 2013, the insurance cover established by the Company's management against losses and civil liability is summarized as follows: Line Insurance by event Insured amount Effective period Named perils and operating risks Fire, explosion, vehicle collision and sundry risks 277,970 4/1/2013 to 4/1/2014 Named perils and operating risks Robbery and theft of assets and inventories 215,620 4/1/2013 to 4/1/2014 Civil liability Civil liability - directors and officers 15,000 10/30/2012 to 10/30/2013 Loss of profits Sale of computers and provision of services 2,000,000 10/1/2012 to 10/1/ Earnings (loss) per share Basic earnings (loss) per share are calculated by dividing the profit attributable to stockholders of the Company by the weighted average number of common shares in issue during the year, excluding common shares purchased by the Company and held as treasury shares. Diluted earnings (loss) per share are calculated by adjusting the weighted average number of outstanding common shares for potential dilution. Six-month periods ended Quarters ended Parent company (BR GAAP) Parent company (BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Basic Basic numerator Profit (loss) allocated to common shares 3,516 13,293 (8,185) 1,599 Basic denominator Weighted average number of common shares (in thousands) 86,104 86,104 86,104 86,104 Earnings/(loss) per share Basic (R$) (0,0951) of 65

43 Six-month periods ended Quarters ended Parent company (BR GAAP) Parent company (BR GAAP) 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Diluted Diluted numerator Profit (loss) allocated to common shares 3,516 13,293 (8,185) 1,599 Diluted denominator Weighted average number of common shares (in thousands) 86,104 86,104 86,104 86,104 Earnings/(loss) per share Basic (R$) (0,0951) Financial risk management 29.1 Financial risk factors The Company's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk), credit risk and liquidity risk. The Company manages the global risks focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on its financial performance. The Company uses derivative financial instruments to hedge certain risk exposures, without the purpose of speculation to leverage its finance results. The quantitative information of each type of risk arising from financial instruments is described in the sections below, which represent the concentrations of risk monitored by the Company's management. Risk management is carried out by the Company's treasury department under guidelines determined by the Officers and the Board of Directors. (a) (i) Market risk Foreign exchange risk The Company mainly operates in the domestic market, but carries out significant imports of input materials from the foreign market, being therefore exposed to foreign exchange risk basically with regard to the U.S. dollar. The main transactions refer to trade payables - foreign suppliers (Note 15) and working capital loan operations (Note 16). Management has established a policy to require the Company to manage its foreign exchange risk against its functional currency. The Company is required to hedge its foreign exchange risk exposure in accordance with the guidelines of the finance department. Its main objective is to hedge its U.S. dollardenominated commitments against future price fluctuations, so as to provide greater predictability in its operations. The Company enters into U.S. dollar options and also non-deliverable forwards (NDF) to hedge against exchange rate fluctuations, covering only the foreign exchange exposure over the payment terms granted by suppliers for the purchase of imported components. Additionally, the Company carries out swap operations to hedge its borrowings in foreign currency against the fluctuations in future prices. The main analyses made by the finance department to contract derivative financial instruments are: Based on the analysis of payables for imports, either in regard to materials already in inventory or materials in transit, the derivative contracts are reviewed and/or changed on a weekly basis. 39 of 65

44 The amount and type (U.S. dollar option or NDF) to be contracted are defined in light of the specifics of each in relation to the volatility of the U.S. dollar and future prospects of the economy. Based on the sensitivity analysis of U.S. dollar volatility against the types of hedge contracted over time, it is possible to measure possible cash requirements to cover the results of NDF transactions. June 30, 2013 Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Foreign currency Real Foreign currency Real Liabilities Trade payables - foreign market U.S. dollar (150,902) (334,338) (175,145) (388,052) Loans U.S. dollar (69,963) (155,010) (76,711) (169,961) Derivative financial instruments Swap - U.S. dollar NDFs - U.S. dollar Net exposure (119,612) (265,012) (143,855) (318,726) December 31, 2012 Parent company (BR GAAP) Consolidated (IFRS and BR GAAP) Foreign currency Real Foreign currency Real Liabilities Trade payables - foreign market U.S. dollar (142,134) (290,450) (166,244) (339,719) Loans U.S. dollar (166,638) (340,524) (175,141) (357,901) Derivative financial instruments Swap - U.S. dollar NDFs - U.S. dollar Net exposure (113,334) (231,597) (137,444) (280,866) The results were comparatively less sensitive to the variation in the U.S. dollar exchange rates at June 30, 2012 than at December 31, 2012 because of the lesser amount of the Company s U.S. dollardenominated borrowings. The sensitivity analysis with the projected scenarios and related impacts on equity and results are presented in item "d" of this Note. (ii) Cash flow and fair value interest rate risk The Company has no significant interest-earning assets. The Company's interest rate risk arises from long-term borrowings as detailed in Note 16. Borrowings at floating rates expose the Company to cash flow interest rate risk. Borrowings at fixed rates expose the Company to fair value interest rate risk. At June 30, 2013 and December 31, 2012, the Company's borrowings at floating rates were maintained in reais and U.S. dollars. The sensitivity analysis with projected scenarios and related impacts on equity and results are presented in item "d" of this Note. (b) Credit risk Credit risk is managed on a corporate basis. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposure to customers in the government and retail segments. For banks and other financial institutions, only independently rated parties usually classified as first-tier entities are accepted. For the customers, the credit analysis area evaluates the quality of the customer's credit, taking into consideration financial position, past experience and other factors, as detailed in Note 40 of 65

45 6, which additionally discloses the customer's credit risk. Individual risk limits are set based on internal or external ratings in accordance with limits approved by the Board of Directors. The utilization of credit limits is regularly monitored. Sales to retail customers are settled in cash. No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by these counterparties. (c) Liquidity risk Final responsibility for liquidity risk management lies with the Board of Directors, which has prepared an appropriate liquidity risk management model to manage funding requirements and short-, mediumand long-term liquidity. The Company manages liquidity risks by maintaining adequate reserves, bank credit lines and other credit lines for obtaining borrowings, as deemed appropriate, through the ongoing monitoring of forecast and actual cash flows, as well as through the combination of maturity profiles for financial assets and liabilities. Note 16 includes the disclosure of unused credit lines that are available to the Company to reduce further the liquidity risk. The following tables show details of the contractual maturity terms remaining for the Company's nonderivative financial liabilities and the contractual period of repayment. The tables were prepared according to the undiscounted cash flow method for financial liabilities based on the estimated date on which the Company should settle the respective obligations. The tables include interest and principal cash flows. To the extent that the interest flows are at floating rates, the undiscounted amount was obtained based on the interest curves at the end of the reporting period. The contractual maturity is based on the estimated date on which the Company should settle the respective obligations: Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. Financial liabilities Parent company (BR GAAP) Three Less than one month One to three months months to one year One to five years Over five years Total R$ R$ R$ R$ R$ R$ June 30, 2013 Trade payables 195, ,753 85, ,933 Borrowings at floating interest rates 37, ,522 30, ,482 14, ,627 Related parties - 37, , , , , ,482 14, ,178 December 31, 2012 Trade payables 99, ,316 98, ,297 Borrowings at floating interest rates 136, ,474 27,759 84, ,232 Derivative financial instruments 2,697 4, ,465 Related parties - 19, , , , ,914 84, , of 65

46 Consolidated (IFRS and BR GAAP) Three Less than one month One to three months months to one year One to five years Over five years Total R$ R$ R$ R$ R$ R$ June 30, 2013 Trade payables 218, ,484 98, ,009 Borrowings at floating interest rates 37, ,522 30, ,482 14, ,627 Related parties , , , ,482 14, ,597 December 31, 2012 Trade payables 130, , , ,413 Borrowings at floating interest rates 136, ,579 27,759 84, ,337 Derivative financial instruments 2,697 4, ,465 Related parties , , ,797 84, ,213 Financial assets Parent company (BR GAAP) Weighted average effective interest rate Less than one month One to three months Three months to one year Total % of CDI R$ R$ R$ R$ June 30, 2013 Cash and banks 10, ,054 Financial investments at floating interest rates , ,220 Derivative financial instruments ,189 3,735-7,924 Trade receivables , ,890 11, ,048 Related parties ,264 32, , ,625 43, ,510 December 31, 2012 Cash and banks 26, ,815 Financial investments at floating interest rates , ,897 Trade receivables , ,882 2, ,864 Related parties ,174 23, , ,882 26, ,750 Consolidated (IFRS and BR GAAP) Weighted average effective interest rate Less than one month One to three months Three months to one year Total % of CDI R$ R$ R$ R$ June 30, 2013 Cash and banks 15, ,670 Financial investments at floating interest rates , ,219 Derivative financial instruments ,189 3,735-7,924 Trade receivables , ,760 11, ,868 Related parties ,173 16, , ,495 27, ,854 December 31, 2012 Cash and banks 30, ,150 Financial investments at floating interest rates , ,898 Trade receivables , ,823 3, ,065 Related parties - - 9,106 9, , ,823 12, , of 65

47 (d) Additional sensitivity analysis required by the Brazilian Securities Commission (CVM) The table below presents the impacts that would arise from changes in significant risk variables to which the Company is exposed at the end of the period. The risk variables significant to the Company, taking into consideration a period of up to 12 months for this analysis, are its exposure to foreign currency fluctuation, mainly the U.S. dollar, and its exposure to interest rate fluctuation. Management believes that the probable scenario reflects the Brazilian Central Bank (BACEN) expectation of U.S. dollar exchange rates for the period ended June 30, The other risk factors were considered immaterial to the result of financial instruments. Consolidated (IFRS and BR GAAP) Balances June 30, 2013 December 31, 2012 June 30, 2013 December 31, 2012 Scenarios Assets Liabilities Assets Liabilities Notional Notional Risk Closing Probable 25% 50% -25% -50% Derivative financial instruments Interest rate swap - held for trading US$ to R$ (CDI) , ,141 Loans In US$ - (169,961) - (357,901) (76,711) (175,141) Increase in CDI 2,251 1,688 1,126 2,814 3,377 Net exposure - (169,961) - (357,901) - - 2,251 1,688 1,126 2,814 3,377 Derivative financial instruments Forward foreign exchange contracts - held for trading (NDF) R$ to US$ ,290 28,800 5,673 8,563 11,655 2,379 (713) Other financial liabilities Trade payables - Appreciation of the U.S. dollar foreign currency US$ to R$ - (388,052) (339,719) (175,145) (166,244) - (89,219) (184,673) 101, ,143 Net exposure - (388,052) - (339,719) (143,855) (137,444) 5,673 (80,656) (173,018) 104, ,430 Impact on the result (Effect appropriated to the result in the NDF' contracts) 5,538 (78,968) (171,892) 106, , Fair value estimation The carrying values of trade receivables and payables, less impairment provision in the case of trade receivables, are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Company for similar financial instruments. The fair value of derivative instruments is calculated based on quoted prices. When these prices are not available, an analysis of the cash flow discounted through the yield curve is used, applied over the life of the instruments for derivatives without options. Foreign exchange futures contracts are measured using foreign exchange rates and yield curves obtained based on quotations and for the same maturities of contracts. Swaps are measured at the present value of estimated future cash flows and discounted based on applicable yield curves, on the basis of interest rate quotations. For the Company's derivative financial instruments (currency futures contracts and cross-currency interest rate swaps) fair value measurements of Level 2 are used, through variables other than quoted prices included in Level 1, which are observable for the asset or liability directly (that is, as prices) or indirectly (that is, based on prices). 43 of 65

48 30 Financial instruments by category Parent company (BR GAAP) Assets at fair value through profit or loss Loans and receivables Consolidated (IFRS and BR GAAP) Assets at fair value Loans and through profit or loss receivables June 30, 2013 Assets as per balance sheet Derivative financial instruments 7,924-7,924 - Trade and other receivables, excluding prepayments - 449, ,471 Related parties - 32,264 16,173 Cash and cash equivalents - 105, ,889 7, ,864 7, ,533 December 31, 2012 Assets as per balance sheet Trade and other receivables, excluding prepayments - 533, ,240 Related parties - 23,174-9,106 Cash and cash equivalents - 106, , , ,394 Parent company (BR GAAP) Liabilities at fair value through profit or loss Other financial liabilities Consolidated (IFRS and BR GAAP) Liabilities at fair value through profit or loss Other financial liabilities June 30, 2013 Liabilities as per balance sheet Loans - 328, ,644 Trade and other payables, excluding legal obligations - 391, ,113 Related parties - 37, , ,718 December 31, 2012 Liabilities as per balance sheet Derivative financial instruments 7,465-7,465 - Loans - 459, ,048 Trade and other payables, excluding legal obligations - 339, ,618 Related parties - 19, , ,393 7, , Derivative financial instruments Parent Company (BR GAAP) and Consolidated (IFRS and BR GAAP) Notional (US$ thousand) 6/30/ /31/2012 6/30/ /31/2012 Current assets Current liabilities Non-deliverable forwards (NDF) 31,290 28,800 5,673 - Interest rate swaps 76, ,594 2,251 7, , ,394 7,924 7,465 The Company operates with derivative financial instruments exclusively to hedge against certain exposures to risks without, therefore, speculative characteristics. (a) Forward foreign exchange contracts To protect itself against the volatility of the liability exposure in U.S. dollars, due to the total exposure (cash flows), up to June 30, 2013, the Company entered into NDF contracts, in U.S. dollars, in the following amounts and under the following conditions: 44 of 65

49 Contracting date Expiration date Counterparty Underlying amount (US$ thousand) Average target quotation 5/ 13/05 and 5/24 From 8/6 to 9/24 VOTORANTIM 13, /12/13 From 7/2 to 7/30 ITAU 8, /15 to 5/22 From 7/2 to 7/30 SANTANDER 7, /6/13 02/2012 to 27/08 BRADESCO 2, ,290 At June 30, 2013 the Company recognized R$ 5,538 as a gain in the results, referring to settled and outstanding contracts in the period (June 30, loss of R$ 3,442). (b) Interest rate swaps - CDI x US$ Interest rate swaps are settled according to the maturities stipulated in the contracts. The swapped interest rate is in line with the interbank deposit certificate rate. As at June 30, 2013, the contracted average rate of CDI was % (at December 31, 2012, %). The Company will settle the contracts for the net value of the difference between swapped interest rates and the foreign exchange variations. All contracts that swap foreign exchange variation for a fixed interest rate were contracted to reduce the Company's cash flow exposure resulting from the foreign exchange variations of borrowings. The settlement of swap contracts and the payment of interest on borrowings occur simultaneously and the amount is recognized in the statement of operations for the period. At June 30, 2013 the Company did not have outstanding U.S. dollar options. At June 30, 2012, the underlying amount in swap transactions was US$ 8,500 thousand and the net receivable was R$ Stock option plan On November 3, 2006, the Company's stockholders approved at the Extraordinary General Meeting the general conditions of the Company's Share Option Plan ("Plan"), as detailed below. The Plan established that the beneficiaries of the Plan may be the managers, employees and service providers of the Company ("Beneficiaries"). It was also determined that the options granted will not exceed 2% (two per cent) of the total share capital of the Company existing on the date of their concession, plus the existing shares had all options granted under the terms of the Plan been exercised. Once the options have been exercised by the Beneficiary, the corresponding shares are issued by means of a capital increase. Treasury share options may also be offered. The plan is administered by the Board of Directors or, at its option, by a Committee comprised of three members, of which at least one would be on the Board of Directors (a member or an alternate). The Board of Directors or Committee, according to the case, will have full powers, provided that the terms of the Plan are followed, and, in the case of the Committee, the guidelines of the Company's Board of Directors for the organization and management of the Plan and of the grants of options. It may also, at any time: (i) alter or extinguish the Plan; (ii) establish the regulation applicable to unforeseen circumstances; (iii) postpone, but never anticipate, the deadline for the exercise of the options in effect; and (iv) anticipate the vesting period of the options in effect. 45 of 65

50 The Board of Directors or the Committee, as the case may be, may create, periodically, Share Option Programs ("Programs") for the Company, in which the following will be defined: (i) beneficiaries, (ii) total number of the Company's shares granted; (iii) acquisition price; (iv) the initial vesting period during which the option cannot be exercised; (v) the terms and deadlines for the exercise of the option, as well as the dates on which the rights resulting from the option will expire, subject to the Plan regulation; (vi) possible restrictions to the shares received upon the exercise of the option; and (vii) provisions on penalties. On August 16, 2007, the Board of Directors' meeting approved the first Program ("Program I"), on August 12, 2008, the second Program ("Program II"). In the case of both Programs, there are no outstanding options, and therefore the Programs are terminated. In conformity with the Company's strategy, the current participants in the related Programs were the statutory officers, non-statutory officers, managers and some employees whose retention in the long term management believes to be significant for the Company. The Company granted to these beneficiaries the option of purchasing a predetermined number of common shares issued by it. This option is divided into three batches, each equivalent to one third of the total options granted. Options were not granted to the CEO, who is a member of the Board of Directors and one of the controlling stockholders. When options are granted under the Plan, each Beneficiary should enter into, with the Company, a Share Option Agreement, which has the specific and individual conditions of each grant, such as the quantity of shares to which the Beneficiary is entitled to acquire upon the exercise of the option, the exercise price and the term in which the options can be exercised. As described above, currently the Company does not have any Programs in effect. However, the Board of Directors may approve new share option grants, in accordance with the general conditions approved by the Stockholders' Meeting of November 3, * * * 46 of 65

51 Comments on the performance for the quarter ended at June 30, 2013 Positivo Informática records adjusted EBITDA of R$28.4 million in 2Q13, 16.9% up Curitiba, August 8, 2013 Positivo Informática S.A. (BM&FBOVESPA: POSI3), the largest manufacturer of computers in Brazil and the leader in the educational technology segment, announces today its results for 2Q13. The following financial and operating information refers to the consolidated results of Positivo Informática S.A. and is presented in IFRS and in Brazilian reais (R$). All comparisons herein refer to 2Q12 and 1H12, except where otherwise indicated. 2Q13 & 1H13 HIGHLIGHTS Record quarterly sales volume of 819,600 items of equipment under the Positivo and Positivo BGH brands (+36.8%): +60.9% in the corporate market; % in the government market; +1,305.5% in tablets, which accounted for 15.8% of total hardware sales volume; Gross profit of R$130.8 million (+1.1%); Adjusted EBITDA of R$28.4 million (+16.9%), accompanied by an adjusted EBITDA margin of 4.5%; Operating cash flow of R$72.8 million in 2Q13 and R$164.8 million in 1H13 (+25.3%); Quarter-on-quarter improvement of 19 days in the cash conversion cycle; Reduction in net debt of R$149.4 million in 1H13 in relation to the close of 2012; Launches: Tablet Positivo Ypy L700, with 7-inch screen and suggested retail price of R$479; New Positivo Union all-in-one computer line, in versions with embedded TV and touch screen. 47 of 65

52 Comments on the performance for the quarter ended at June 30, ) FINANCIAL HIGHLIGHTS Income Statement Highlights % Chg. % Chg. % Chg. (R$ million) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 Net Revenue , Gross Profit Net Income (Loss) (8.2) EBITDA Adjusted EBITDA Gross Margin 25.7% 21.6% 20.7% -5.0 p.p p.p. 25.5% 21.2% -4.4 p.p. Net Margin 0.3% 1.9% -1.3% -1.6 p.p p.p. 1.4% 0.3% -1.1 p.p. EBITDA Margin 4.1% 4.5% 3.0% -1.1 p.p p.p. 3.7% 3.8% +0.1 p.p. Adjusted EBITDA Margin 4.8% 5.1% 4.5% -0.3 p.p p.p. 4.4% 4.8% +0.4 p.p. 2) HARDWARE INDUSTRY AND POSITIVO INFORMÁTICA CURRENT SCENARIO In 2Q13, the Brazilian PC market recorded fairly satisfactory sales volumes, in line with 1Q13. Lower demand from retail consumers and the existence of inventory in the retail channel hampered sales from manufacturers to the retail chains (sell-in) in the opening weeks of the quarter. This effect, however, was partially offset by the significant volume of sales to the government market. Consequently, the PC market recorded some retraction in relation to 2Q12. But adding tablets to the hardware category, sales grew in the second quarter, according to the preliminary analyzes of the main institutes that monitor the market. The main event in the period was the 10% increase in the exchange rate as of the end of May, thus impacting the market dynamics, since approximately 90% of computer costs are pegged to the U.S. dollar. In fact, costs were already pressured by the moderate appreciation of the U.S. dollar against the Brazilian real as of 2H12, as well as the higher costs of some components in the international market. The lower consumption in the domestic market increased the level of complexity of negotiations between manufacturers and sales channels. From one side, manufacturers tried to move fast and increase prices to recover margins, while the sales channels, in particular the retail chains, sought to keep products at price points, especially entry-level products, which account for the largest share. One of the solutions applied by the parties involved the revision of commercial conditions, with lower cooperated marketing expenses, as well as the use of PCs with simpler configuration. In the supply chain, we have observed an increase in the prices of some components, especially memory cards. The supply of memory cards was globally readjusted after a period of financial losses in the industry, which led to the concentration of the production in a small 48 of 65

53 Comments on the performance for the quarter ended at June 30, 2013 number of manufactures. Additionally, strong demand for tablets and smartphones has driven part of the production capacity of these suppliers to manufacturing memory cards for mobile devices. In the period, Positivo Informática focused on fulfilling its commitments with clients, as well as maintaining its profitability by adjusting commercial conditions and its product portfolio. Thanks to its solid portfolio of government clients, the Company posted a quarterly record in 2Q13, with a total of 713,100 PCs and tablets sold in Brazil (+27.1%) and 106,400 units sold in Argentina (+181.6%). Even in the retail market, which was affected by weaker demand and adjustments to commercial conditions, year-to-date growth reached 0.3%, totaling 476,700 units. As a result, the Company expects to have increased its market share in both countries year on year, as its sales performance was well above the industry projections for the period. In 3Q13, smartphones manufactured by Positivo Informática in Brazil will start being sold, taking advantage of the new tax structure that stimulates domestic production. Soon the Company will announce a new mobile phone line, which is expected to leverage the Company s results in this segment. It is also expected that the growth pace of the mobile phone segment will remain strong in the coming years, thus generating important opportunities to the Company for revenue diversification and creation of synergies. 3) VOLUMES In 2Q13, sales of desktops, notebooks and tablets under the Positivo and Positivo BGH brands grew by 36.8% over 2Q12, a new quarterly record. In 1H13, sales volume came to 1.6 million units, 44.6% higher than in 1H12. Once again, the increase was mainly led by the government market, which recorded sales volume of 286,900 units in 2Q13 (+223.1%). This upturn was driven by the delivery of tablets and netbooks for education projects in Brazil and Argentina. In retail, the Company recorded a volume of 476,700 units in 2Q13, up 0.3% over 2Q12, despite a less favorable macroeconomic scenario and the holding back of some sales at the end of the quarter, due to renegotiations between the Company and its clients, in view of the appreciation of the U.S. dollar against the Brazilian real. 49 of 65

54 Comments on the performance for the quarter ended at June 30, 2013 Hardware Sales % Chg. % Chg. % Chg. Volume (units) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 1 Hardware* 598, , , ,096,678 1,585, Tablets 9, , , , , Desktops 174, , , , , Notebooks 414, , , , , Netbooks 85, , , , , Channel* 598, , , ,096,678 1,585, Retail 475, , , , , Government 88, , , , , Corporate 34,749 49,127 55, , , Brand* 598, , , ,096,678 1,585, Positivo 561, , , ,019,365 1,362, Positivo BGH 37, , , , , *Includes 46,260 and 1,384 netbooks sold by the Argentinean company BGH S.A. under the Positivo BGH brand in 1Q13 and 2Q13, respectively. Equipment Share in Hardware Sales (units) 1.5% 3.0% 10.1% 18.8% 15.8% 69.3% 77.0% 65.4% 58.2% 63.6% 29.2% 20.0% 24.5% 23.0% 20.6% 2Q12 3Q12 4Q12 1Q13 2Q13 Tablets Notebooks Desktops Breakdown of Hardware Sales per Quarter (units) Product Channel NB 69.3% TB 1.5% TB 15.8% NB 63,6% Retail 79.4% Gov. 14.8% Gov. 35.0% Retail 58.2% 2Q12 DT 29.2% DT 20.6% Corp. Corp. 2Q13 2Q12 5.8% 6.8% 2Q13 NB: Notebook TB: Tablet DT: Desktop Corp: Corporate Gov.: Government 50 of 65

55 Comments on the performance for the quarter ended at June 30, 2013 Retail: 59.0% of Hardware sales in 1H13 935,800 units (+4.3% over 1H12) In 2Q13, the Company sold 476,700 units in the retail market, a slight increase of 0.3% over 2Q12. This performance can be considered satisfactory, due to weaker demand in the period. It is also worth noting that sales could have reached higher levels if we had not held back some sales at the end of the quarter due to negotiations between the Company and its clients, as a result of the increase in the exchange rate. As a result, the Company closed 2Q13 with inventory at higher levels than the usual. The 476,700 units sold in 2Q13 comprise 452,000 computers (-4.2%) and 24,700 tablets (+629.6%). In 1H13, hardware sales volume came to 935,800 units, comprising 882,300 computers (-0.8%) and 53,500 tablets (+618.1%). Mobile phone sales continued to increase and should pick up even more speed with the sale of smartphones manufactured by the Company, as of 3Q13, under the new tax structure. Government: 34.4% of Hardware sales in 1H13 545,100 units (+315.4% over 1H12) In 2Q13, 286,900 PCs and tablets were sold in the government market, up 223.1% over 2Q12. In Brazil, the Company maintained a strong pace of tablet delivery to a project developed by the Ministry of Education (MEC), as well as convertible netbooks to educational projects of the state government. In Argentina, hardware sales were led by notebooks under the Positivo BGH brand for educational projects in 2Q13. In 1H13, hardware sales totaled 545,100 units, of which 355,900 were computers (+78.1%). In 2013, the Company expects to deliver more than 600,000 PCs to the government 350,000 units in Brazil and 250,000 in Argentina. The delivery of tablets for the project developed by the Ministry of Education should record lower volumes in 2H13 in relation to 1H13. Corporate: 6.6% of Hardware sales in 1H13 105,000 units (+53.1% over 1H12) In 2Q13, corporate sales recorded a significant growth of 60.9% year on year, totaling 55,900 units. In the period, the Company recorded an increase in the delivery of tablets for large companies and private educational institutions, as well as an upturn in hardware sales through its own service platform comprising over 5,000 registered resellers. In 1H13, corporate sales reached 105,000 units, of which 74,500 were PCs (+24.3%) and 30,500 were tablets (+253.7%). 51 of 65

56 Comments on the performance for the quarter ended at June 30, ) AVERAGE PRICES AND REVENUE 4.1) AVERAGE PRICES In 2Q13, average desktop prices in Brazilian reais decreased by 9.1% over 1Q13, due to a lower share of desktop sales in the corporate and government markets, which usually receive better configurations and more comprehensive after-sales services. In addition, there was an increase in the share of desktop computers without monitor in the sales mix. Average notebook prices fell by 2.7% over 1Q13, mainly due to the higher volume of sales of netbooks for educational projects. Considering conventional notebooks alone, average prices dropped by 1.9% in the quarter-on-quarter comparison, reflecting the higher share of secondary brands and entry-level configurations in the sales mix. Average tablet prices declined by 9.8% over 1Q13, reflecting the larger share of units sold under the agreement with the Ministry of Education at prices that are lower than retail prices. Avarage Positivo % Chg. % Chg. % Chg. Price (1) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 Dollar Average for the Period (2) Desktops In R$ 1, , , , , In US$ Notebooks In R$ In US$ Conventional notebooks In R$ 1, , In US$ Tablets In R$ In US$ ¹Computers sold in Brazil only. ² Calculated by the Company, weighted by monthly sales to reduce seasonal distortions, based on the sell PTAX of the Central Bank of Brazil. 4.2) GROSS REVENUE Gross revenue totaled R$693.8 million in 2Q13, 24.4% up on 2Q12. In 1H13, gross revenue amounted to R$1,369.0 million, an increase of 30.8%. This significant increase is chiefly due to the upturn in sales volume in the government and corporate segments, in addition to the growth of new business lines, such as games, mobile phones, and online advertising. 52 of 65

57 Comments on the performance for the quarter ended at June 30, 2013 Gross Revenue % Chg. % Chg. % Chg. (R$ million) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 Total Gross Revenue , , Hardware - Product , , Tablets Desktops Notebooks Netbooks Others Hardware - Channel , , Retail Government Corporate Educational Technology ) DEDUCTIONS FROM GROSS REVENUE Deductions from gross revenue, comprising taxes and returns, totaled R$61.9 million in 2Q13, or 8.9% of gross revenue, 0.6 p.p. down on 2Q12, due to higher direct sales to government clients, which are exempt from PIS and COFINS taxes. 4.4) NET REVENUE Net revenue totaled R$631.9 million in 2Q13, 25.3% up on 2Q12. In 1H13, net revenue totaled R$1,245.3 million, 31.9% up year on year. Net Revenue % Chg. % Chg. % Chg. (R$ million) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 Total Net Revenue , Hardware - Product , Tablets Desktops Notebooks Netbooks Others Hardware - Segment , Retail Government Corporate Educational Technology of 65

58 Comments on the performance for the quarter ended at June 30, ) FINANCIAL PERFORMANCE 5.1) COST OF GOODS SOLD (COGS) AND GROSS PROFIT Cost of Goods Sold % Chg. % Chg. % Chg. (R$ million) 2Q12 1Q13 2Q13 2Q13 X 2Q13 X 1H12 1H13 1H13 X 1H12 Inputs (352.4) (454.8) (473.0) 2Q Q (658.5) (927.7) 40.9 Depreciation and Amortization (2.5) (3.0) (3.7) (5.1) (6.7) 30.1 Others (20.0) (23.0) (24.5) (39.8) (47.5) 19.3 Total (374.9) (480.8) (501.1) (703.5) (981.9) 39.6 Cost of Goods Sold (% of Net Revenue) 74.3% 69.9% 77.6% 75.1% 73.4% 71.1% 78.4% 79.3% 74.1% 74.8% 4.0% 3.7% 3.5% 3.8% 3.9% 2Q12 3Q12 4Q12 1Q13 2Q13 COGS Inputs Others COGS represented 79.3% of net revenue in 2Q13, moving up 5.0 p.p. and 0.9 p.p. in relation to 2Q12 and 1Q13, respectively. COGS was chiefly impacted by the appreciation of the U.S. dollar against the Brazilian real and the large volume of delivery of netbooks and tablets for educational projects, whose component costs account for a larger share of their cost structure. Inputs Raw materials and components represented 74.8% of net revenue in 2Q13, 5.0 p.p. up on 2Q12 and 0.7 p.p. up on 1Q13. The average imported input dollar price stood at R$2.06 in 2Q13, up 5.1% and 2.2% over 2Q12 and 1Q13, respectively. The appreciation of the U.S. dollar in the second half of the quarter affected the Company s cost structure, especially in components with high inventory turnover ratio, such as processors, hard drives and operating systems. In addition to exchange-related factors, this line was affected by higher prices of memory cards in the international market, as well as by the upturn in the sales of netbooks and tablets for educational projects of the government, since raw material and component costs account for a larger share of their cost structure, offset by lower selling expenses. 54 of 65

59 Comments on the performance for the quarter ended at June 30, 2013 Other Other costs represented 3.9% of net revenue in 2Q13, virtually flat in relation to 2Q12 and 1Q13. Efficiency gains offset the impact from the collective bargaining agreement on labor costs, as of March, which had a full effect in 2Q13. Gross Profit Gross profit totaled R$130.8 million in 2Q13, an increase of 1.1% over 2Q12 and a decrease of 1.3% over 1Q13. Gross margin stood at 20.7%, dropping 5.0 p.p. and 0.9 p.p. over 2Q12 and 1Q13, respectively. In 1H13, gross profit came to R$263.4 million (+9.4%), accompanied by a gross margin of 21.2% (-4.4 p.p.). 5.2) OPERATING EXPENSES Operating Expenses % Chg. % Chg. % Chg. (R$ million) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 Selling Expenses (91.1) (91.9) (98.7) (177.3) (190.6) 7.5 General and Administrative Expenses (24.9) (26.3) (27.1) (45.9) (53.4) 16.2 Financial Result (14.6) (5.0) (21.5) (13.6) (26.6) 95.4 Other Revenue (Expenses) (0.6) Total (131.3) (121.2) (146.0) (235.3) (267.1) 13.5 Selling Expenses Selling expenses totaled R$98.7 million in 2Q13, equivalent to 15.6% of net revenue, 2.4 p.p. lower than in 2Q12, as a result of the larger share of sales to government clients, a market that usually generates less selling expenses, adjustments to marketing expenses and efficiency gains in the post-sales structure. Selling Expenses % Chg. % Chg. % Chg. (R$ million) 2Q12 1Q13 2Q13 2Q13 X 2Q12 2Q13 X 1Q13 1H12 1H13 1H13 X 1H12 Marketing (35.8) (34.3) (34.3) (68.3) (68.6) 0.4 Tech. Assistance and Warranties (32.1) (32.5) (34.0) (56.9) (66.5) 16.8 Deprec. and Amortization (1.5) (4.3) (4.8) (2.7) (9.2) Others (21.7) (20.7) (25.6) (49.3) (46.3) -6.1 Total (91.1) (91.9) (98.7) (177.3) (190.6) 7.5 % of Net Revenue p.p p.p p.p. 55 of 65

60 Comments on the performance for the quarter ended at June 30, 2013 Selling Expenses (% of Net Revenue) Marketing Expenses (% of Net Revenue) 18.1% 16.4% 17.1% +0.6 p.p. 15.0% 15.6% 7.1% 6.0% 7.0% -0.2 p.p. 5.6% 5.4% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Technical Assistance and Warranty Expenses (% of Net Revenue) Other Selling Expenses (% of Net Revenue) 6.4% 5.6% 4.5% +0.1 p.p. 5.3% 5.4% 4.3% 4.2% 5.2% +0.7 p.p. 3.4% 4.1% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Marketing Marketing expenses totaled R$34.3 million, representing 5.4% of net revenue in 2Q13, the lowest level recorded by the Company in six years. This reduction reflected the higher shares of sales to government clients, as well as the revision of commercial conditions regarding retail chains after the appreciation of the U.S. dollar to adjust the profitability of sales in highervolume price ranges. In 2Q13, the Company expanded its tablet family by launching Positivo Ypy L700, with 7- inch capacitive multi-touch screen with 5 simultaneous-detection points and suggested price of R$479 in retail. The new tablet runs Android 4.1, has two cameras, one front and one rear and more than 50 embedded apps. This product focuses on the entry-level segment, in view of the fact that today approximately half of all tablets sold in Brazil cost less than R$500. Another launch in the period was the new all-in-one computer line Positivo Union. With prices starting at R$1,299.00, in models with LED 18.5-inch widescreen, Windows 8, Intel Celeron or Intel Core processor, with optional embedded TV. The Company included touch screen devices, with capacitive 21.5-inch widescreen, full HD, and 10 simultaneous-detection points. 56 of 65

61 Comments on the performance for the quarter ended at June 30, 2013 Positivo Ypy L700 Positivo Union Technical Support and Warranties Technical support and warranty expenses totaled R$34.0 million in 2Q13, or 5.4% of net revenue, virtually flat over 1Q13 and down 1.0 p.p. over 2Q12, due to better operational efficiency, lower component scrapping expenses and improved fixed cost dilution between the periods. General and Administrative Expenses General and administrative expenses totaled R$27.1 million in 2Q13, 8.7% and 3.1% higher than in 2Q12 and 1Q13, respectively. The year-on-year increase was mainly due to the effect from higher labor costs due to collective bargaining agreement as of March. In addition, the Company recognized non-recurring amounts related to termination expenses and consulting services focused on efficiency-enhancing projects, which, if excluded (both in 2Q13 and 2Q12), general and administrative expenses would record R$22.1 million, up 4.7%. General and administrative expenses represented 4.3% of net revenue, virtually flat in relation to 1Q13 and lower by 0.7 p.p. year on year, due to higher dilution of the fixed structure reflecting the strong revenue growth. Due to accounting pronouncement CPC04, the Company recognized R$2.6 million spent on R&D projects and the mandatory transfer of funds to the National Scientific and Technological Development Fund (FNDTC) in 2Q13, in compliance with the Basic Production Process (PPB). It is worth noting that the mandatory R&D investment schedule throughout the year is the result of ongoing projects and is therefore not uniformly proportional to quarterly gross revenue. 57 of 65