Latin America Quarterly Report 4Q 2018

LATIN AMERICA QUARTERLY REPORT 4Q 2018

TOP DEAL OF THE QUARTER Energina Compañía Argentina de Petróleo, Shell Compañía Argentina de Petróleo LATIN AMERICA

OVERVIEW PRIVATE EQUITY **

(INCLUDES M&A *, PRIVATE EQUITY & VENTURE CAPITAL) ** EQUITY CAPITAL MARKETS ***

• TOTAL DEAL VOLUME AND VALUE OF TRANSACTIONS • TOTAL DEAL VOLUME AND VALUE OF TRANSACTION • IPOs

• DEAL FLOW SINCE 2016 • Nº, TOTAL VALUE AND TYPE • FOLLOW-ON

• TRANSACTION VOLUME AND TOTAL VALUE BY MAIN COUN- • TOP PLAYERS AND MOST ACTIVE SUBSECTORS

TRIES

• MOST ACTIVE SUBSECTORS BY MAIN COUNTRIES

• CROSS-BORDER DEALS VENTURE CAPITAL **

• TOTAL DEAL VOLUME AND VALUE OF TRANSACTION

• Nº, TOTAL VALUE AND TYPE

• PLAYERS AND MOST ACTIVE SUBSECTORS

DEAL OF THE QUARTER TTR RADAR QUARTERLY RANKING

Energina Compañía Argentina de Petróleo, FORWARD-LOOKING INTELLIGENCE • FINANCIAL ADVISORS Shell Compañía Argentina de Petróleo • LEGAL ADVISORS Identify early stage M&A opportunities with TTR Radar, delivering actionable proprietary and aggregated intelligence.

* Includes acquisition / sales of assets. Does not include Joint Venture. ** Includes announced and completed transactions in which at least one Latin America-based company is involved. *** Includes completed transactions acted by Latin American companies in LATAM or abroad. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

328 76 2,270 [2,282] (1,025)

434 2017 182 USDm 125,308 OVERVIEW 164 46 143 290

2,051 [2,066] (889)

2016 182 USDm 127,790 PRIVATE 233 EQUITY 2,012 [2,039] (856) 365 2015 161 USDm 100,491 1703 197 2121 498 VENTURE 1,945 CAPITAL [1,976] (935) 2014 [2137] -6.35% [508] -19.11% 175 USDm 147,042 241 (908) USDm 333,622 166.24% (214) USDm 259,725 628.47%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 500k

259,725.30 250k M&A TOP DEALS OF 50,131.79 THE QUARTER 35,653.71 Private Equity Venture Capital

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF 27% -2% THE QUARTER 750 ( ) Number of transactions with disclosed value 628 592 614 546 546 USDm Total aggregate value 529 512 528 537 508 500 460 485 % All the percentages represent a variation TTR RADAR relative to the same period the previous year.

250 Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

1% 10% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

DEAL VOLUME IN LATIN AMERICA

Top 6 M&A Markets In Latin America INDEX Year to date

746

OVERVIEW

PRIVATE EQUITY

288

VENTURE 128 Domestic 105 CAPITAL 96 82 Inbound acquisitions * 80 72 81 81 73 66 77 44 47 44 46 41 Outbound acquisitions ** 28 31 27 33 24 30 15 16 18 10 19 5 Sale of foreign subsidiaries *** Divestment - Foreign-owned stake **** Argentina Brazil Chile Colombia Mexico Peru EQUITY CAPITAL MARKETS

TOP DEALS - 04Q 2018 (USDm) TOP DEALS OF THE QUARTER VALUE TARGET COUNTRY SUBSECTOR BUYER COUNTRY SELLER COUNTRY (USDm)

Promotora CMR Falabella Chile Financial and Insurance Banco Falabella Chile - - 239,996.00

DEAL OF THE QUARTER Minera Teck Quebrada Blanca Chile Mining Sumitomo Corporation, Sumitomo Metal Mining Japan Teck Resources Canada 1,200.00

Empresa de Generación Huallaga (Central Hidroeléctrica Chaglla) Peru Electric Private Shareholders Peru I, China Three Gorges Peru, China Odebrecht Latinvest Brazil 1,200.00

CPFL Renováveis Brazil Electric State Grid Brazil Power Participações Brazil Private Shareholders I - 1,070.07 TTR RADAR 1,002.00 Cable Onda Panama Telecoms Millicom International Cellular Luxembourg Private Shareholders I - (Approx.)

* Foreign companies acquiring companies in speciﬁed country. Since December 2018 this analysis includes acquisitions made by local subsidiaries.

RANKINGS ** Companies based in specified country making acquisitions abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries. *** Company from specific country selling interest in targets abroad. Since December 2018 this analysis includes sales made by foreign subsidiaries. **** Foreign companies selling interest in companies based in specific country. Since December 2018 this analysis includes sales made by local subsidiaries. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

DEAL VOLUME, AGGREGATE VALUE AND GEOGRAPHY

ARGENTINA BRAZIL INDEX Year to date Last four years Year to date Last four years

42 89 [218] (103) 244 706 [1,188] (541) 2017 127 USDm 8,076.11 402 475 USDm 60,511.11 OVERVIEW 80 90 [205] (103) 575 [1,044] (414) 2016 114 USDm 17,571.37 467 USDm 55,847.75

116 48 552 2015 [149] (57) [1,074] (433) 746 PRIVATE 101 USDm 2,814.31 520 USDm 42,962.43 EQUITY 156 909 65 498 2014 [205] (98) [965] (428)

[198] -9% 139 USDm 6,061.44 [1153] -3% 464 USDm 67,181.52

(82) USDm 5,013 -38% (497) USDm 52,668 -13% VENTURE CAPITAL CHILE COLOMBIA

42 44 96 [265] (118) 38 61 [181] (73) 2017 82 165 USDm 28,272.53 119 USDm 5,216.81

EQUITY CAPITAL 79 [218] (118) 49 [170] (85) MARKETS 2016 139 USDm 13,296.48 119 USDm 22,660.66

62 [194] (95) 59 [173] (99) 150 2015 132 113 USDm 11,932.25 128 USDm 7,404.48 TOP DEALS OF 192 121 59 41 THE QUARTER 2014 [193] (116) [162] (78)

[234] -12% 134 USDm 29,258.68 [166] -8% 121 USDm 6,664.74

(119) USDm 249,554 783% (58) USDm 6,781 30%

MEXICO PERU DEAL OF THE QUARTER 63 110 [313] (150) 32 46 58 [152] (75) 105 2017 201 USDm 28,552.89 93 USDm 4,936.92

118 [303] (152) 59 [152] (66) 2016 TTR RADAR 184 USDm 30,681.59 92 USDm 5,779.99

137 48 2015 [300] (154) [132] (56) 162 84 235 USDm 37,105.31 109 USDm 7,518.03 280 123 RANKINGS 123 35 2014 [346] (176) [134] (69)

[343] 10% 223 USDm 33,861.49 [155] 2% 99 USDm 11,734.85

(142) USDm 14,379 -50% (78) USDm 9,133 85%

All the percentages represent a variation relative to the same period the previous year. Domestic Cross-border Ongoing Completed [ ] Number of transactions ( ) Number of transactions with disclosed value USDm Total aggregate value TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

31 8 216 [218] (103) 9 42 2017 7 USDm 8,076 OVERVIEW 10 22 4 203 [205] (103)

2016 8 USDm 17,571 PRIVATE 19 EQUITY 148 [149] (57) 2015 31 8 156 USDm 2,814 21 41 VENTURE 196 201 CAPITAL [205] (98) 2014 [198] -9.17% [41] -19.61% 8 USDm 6,061 39 (82) USDm 5,013 -37.93% (16) USDm 618 -85.53%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 20k 11,659.77

10k M&A 4,267.79 TOP DEALS OF THE QUARTER 617.68 Private Equity Venture Capital

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF 524% -54% THE QUARTER 75 ( ) Number of transactions with disclosed value 62 63 59 58 57 55 USDm Total aggregate value 51 49 51 50 40 41 % All the percentages represent a variation 35 TTR RADAR relative to the same period the previous year. 25 Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

38% 6% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

204 37 1,184 [1,188] (541)

244 2017 102 USDm 60,511 OVERVIEW 29 102 80 190

1,041 [1,044] (414)

2016 97 USDm 55,848 PRIVATE 170 EQUITY 1,064 [1,074] (433) 186 2015 94 909 USDm 42,962 149 1150 265 VENTURE 937 CAPITAL [965] (428) 2014 [1153] -2.95% [266] -19.15% 105 USDm 67,182 137 (497) USDm 52,668 -12.96% (113) USDm 10,958 -34.90%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 30k

20k 15,487.93 16,832.19 10,957.81 M&A TOP DEALS OF 10k THE QUARTER Private Equity Venture Capital

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF 30% 8% THE QUARTER 400 ( ) Number of transactions with disclosed value 337 329 311 286 301 288 288 USDm Total aggregate value 267 255 266 236 221 % All the percentages represent a variation TTR RADAR 200 relative to the same period the previous year. Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

-3% 14% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

26 7 263 [265] (118)

10 42 2 12 2017 12 USDm 28,273 OVERVIEW 22

217 [218] (118)

2016 18 USDm 13,296 PRIVATE 10 EQUITY 192 [194] (95) 2015 8 USDm 11,932 46 192 5

VENTURE 234 58 191 CAPITAL [193] (116) 2014 [234] -11.70% [58] -19.44% 15 USDm 29,259 17 (119) USDm 249,554 782.67% (34) USDm 243,761 2,963.48%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 400k 243,760.92

200k M&A TOP DEALS OF Private Equity Venture Capital THE QUARTER 2,084.61 7,957.00

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF 11% 113% THE QUARTER 100 ( ) Number of transactions with disclosed value

USDm Total aggregate value 69 72 71 65 64 65 60 58 54 51 % All the percentages represent a variation TTR RADAR 50 48 40 relative to the same period the previous year. Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

12% 22% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

18 10 178 [181] (73) 8 38 2017 14 USDm 5,217 OVERVIEW 13 23 2 169 [170] (85)

2016 14 USDm 22,661 PRIVATE 10 EQUITY 169 [173] (99) 32 2015 16 128 USDm 7,404 16 45 VENTURE 165 162 CAPITAL [162] (78) 2014 [166] -8.29% [45] -18.18% 19 USDm 6,665 18 (58) USDm 6,781 29.99% (16) USDm 876 -61.32%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 20k 15,357.08

10k M&A TOP DEALS OF 2,265.19 THE QUARTER 876.26 Private Equity Venture Capital

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF 206% -77% THE QUARTER 75 ( ) Number of transactions with disclosed value

54 55 USDm Total aggregate value 48 48 49 50 47 45 42 39 % All the percentages represent a variation TTR RADAR 35 relative to the same period the previous year. 29 26 25 Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

-2% 6% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

72 18 309 [313] (150)

63 2017 44 USDm 28,553 OVERVIEW 20 48 35 295 [303] (152)

10 2016 34 USDm 30,682 PRIVATE 38 EQUITY 286 [300] (154) 53 2015 36 65 USDm 37,105 280 333 22 VENTURE 344 CAPITAL [346] (176) 2014 [343] 9.58% [73] -17.05% 30 USDm 33,861 52 (142) USDm 14,379 -49.64% (33) USDm 2,635 -70.86%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 20k

11,489.42 9,041.40 10k M&A TOP DEALS OF THE QUARTER 2,635.06 Private Equity Venture Capital

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF -17% -7% THE QUARTER 150 ( ) Number of transactions with disclosed value

USDm Total aggregate value 96 100 87 88 93 86 85 81 75 73 73 % All the percentages represent a variation TTR RADAR 65 57 relative to the same period the previous year. 50 Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

1% 3% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX Year to date This quarter Last four years

11 2 152 [152] (75)

10 32 2 2017 5 USDm 4,937 OVERVIEW 6

14 152 [152] (66)

2016 15 USDm 5,780 PRIVATE 3 EQUITY 21 131 [132] (56) 2015 10 USDm 7,518 123 2

VENTURE 152 33 134 CAPITAL [134] (69) 2014 [155] 1.97% [35] -14.63% 7 USDm 11,735 5 (78) USDm 9,133 85.00% (15) USDm 2,164 -22.27%

EQUITY CAPITAL DEAL FLOW SINCE 2016 MARKETS 5k

2,783.49 2,062.65 2,163.59 M&A TOP DEALS OF THE QUARTER Private Equity Venture Capital

Total value (USDm) 0k Ongoing Completed [ ] Number of transactions DEAL OF -23% -15% THE QUARTER 50 ( ) Number of transactions with disclosed value 41 43 38 40 38 39 40 36 36 36 37 35 USDm Total aggregate value

% All the percentages represent a variation TTR RADAR 25 relative to the same period the previous year. Number of transactions RANKINGS 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

15% 0% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

LEADING SUBSECTORS *

INDEX Subsectors with most deals (M&A) **

Change relative to the Change relative to the Number of transactions Year to date Number of transactions Year to date same period in 2017 same period in 2017 OVERVIEW Argentina Brazil

Financial and Insurance 36 -3% Technology 231 24% PRIVATE EQUITY Distribution and Retail 24 60% Financial and Insurance 157 28% Healthcare, Hygiene, Real Estate 23 -34% Medical Aesthetics and 122 28% Cosmetics Internet 22 16% Distribution and Retail 116 0% VENTURE CAPITAL

Chile Colombia

EQUITY CAPITAL Financial and Insurance 39 5% Financial and Insurance 25 -11% MARKETS Healthcare, Hygiene, Distribution and Retail 25 67% Medical Aesthetics and 15 114% Cosmetics Real Estate 23 -43% Distribution and Retail 15 -17%

TOP DEALS OF THE QUARTER Internet 22 47% Food 15 36%

Mexico Peru

DEAL OF

THE QUARTER Financial and Insurance 58 29% Financial and Insurance 17 -19%

Real Estate 54 -4% Mining 14 8%

Distribution and Retail 36 Food 13 TTR RADAR 112% 160%

Internet 32 39% Distribution and Retail 12 33%

RANKINGS * TTR considers the most active subsectors to be those that had the highest number of registered transactions. Should there be a tie between subsectors, the subsector that registered the higher value will dominate. ** The transaction may appear in more than one subsector, given that the same entity may operate in multiple subsectors. % All the percentages represent a variation relative to the same period the previous year. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

OUTBOUND ACQUISITIONS *

INDEX This quarter

OVERVIEW

13 1 8 PRIVATE EQUITY

VENTURE CAPITAL

EQUITY CAPITAL MARKETS * Latin America-based companies acquiring targets abroad.

INBOUND ACQUISITIONS **

This quarter TOP DEALS OF THE QUARTER

DEAL OF THE QUARTER 64 15 72

TTR RADAR

RANKINGS 3

** Foreign companies acquiring Latin America-based companies. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

Argentina

72 CROSS-BORDER DEALS * INDEX Year to date Inbound acquisitions ** Outbound acquisitions *** 28 Ranking per Country **** Ranking per Country ****

OVERVIEW BIDDER COUNTRY No. Total value (USDm) TARGET COUNTRY No. Total value (USDm) United States 19 469.95 Brazil 7 85.53 Brazil 10 1,248.79 Chile 5 22.48 Mexico 8 54.22 Uruguay 4 ND - Non-disclosed PRIVATE EQUITY United Kingdom 6 388.69 Paraguay 3 11.88 Spain 5 50.00 United States 3 ND - Non-disclosed Switzerland 4 409.00 Peru 2 7.50 Chile 4 24.80 Saudi Arabia 1 144.00 VENTURE CAPITAL Canada 3 15.00 Mexico 1 82.01 China 2 237.50 Colombia 1 0.30 Puerto Rico 2 0.75 Bolivia 1 ND - Non-disclosed

EQUITY CAPITAL Brazil MARKETS 288 CROSS-BORDER DEALS * Year to date Inbound acquisitions ** Outbound acquisitions *** TOP DEALS OF 44 Ranking per Country **** Ranking per Country **** THE QUARTER BIDDER COUNTRY No. Total value (USDm) TARGET COUNTRY No. Total value (USDm) United States 108 8,320.94 Argentina 10 1,248.79 France 30 857.78 United States 10 978.19 DEAL OF THE QUARTER United Kingdom 22 1,557.64 Chile 3 143.91 Canada 17 1,119.78 Colombia 3 130.00 Spain 16 1,157.77 Spain 3 124.00 Switzerland 12 846.32 Mexico 3 6.45 TTR RADAR Germany 12 121.62 United Kingdom 2 555.03 Japan 11 1,517.56 Israel 2 4.50 China 10 915.10 Uruguay 2 2.00 RANKINGS Netherlands 8 184.05 Paraguay 2 ND - Non-disclosed

* Any M&A transaction that involves a buyer, seller or target based outside of Latin America. ** Foreign companies acquiring Latin America-based targets. Since December 2018 this analysis includes acquisitions made by local subsidiaries of foreign entities. *** Latin America-based companies acquiring targets abroad. Since December 2018 this analysis includes acquisitions made by foreign subsidiaries of Latin America-based entities. **** The same deal may appear under multiple subsectors and countries based on a companies operations and the number of parties involved in a given transaction. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

Chile

81 CROSS-BORDER DEALS * INDEX Year to date Inbound acquisitions ** Outbound acquisitions *** 47 Ranking per Country **** Ranking per Country ****

OVERVIEW BIDDER COUNTRY No. Total value (USDm) TARGET COUNTRY No. Total value (USDm) United States 16 341.37 Peru 13 515.93 Canada 12 1,433.52 Mexico 9 189.16 Spain 8 117.20 Colombia 9 3.00 PRIVATE EQUITY France 5 509.89 Argentina 4 24.80 Argentina 5 22.48 United States 3 329.50 United Kingdom 4 62.25 Brazil 3 62.60 Japan 3 1,500.00 Spain 3 8.34 VENTURE CAPITAL Brazil 3 143.91 Ecuador 2 ND - Non-disclosed Switzerland 3 135.90 Dominican Republic 1 0.70 Peru 3 37.87 Bolivia 1 ND - Non-disclosed

EQUITY CAPITAL MARKETS Colombia 81 CROSS-BORDER DEALS * Year to date Inbound acquisitions ** Outbound acquisitions *** TOP DEALS OF 24 Ranking per Country **** Ranking per Country **** THE QUARTER BIDDER COUNTRY No. Total value (USDm) TARGET COUNTRY No. Total value (USDm) United States 17 496.06 Peru 8 54.79 Spain 12 20.71 Brazil 4 198.46 DEAL OF THE QUARTER Canada 11 585.22 Mexico 3 2.25 Chile 9 3.00 Spain 3 ND - Non-disclosed Peru 6 435.43 United States 2 ND - Non-disclosed Germany 5 3,380.42 Ecuador 1 36.00 TTR RADAR United Kingdom 5 330.53 Argentina 1 30.00 Mexico 5 5.53 Chile 1 2.60 France 5 ND - Non-disclosed El Salvador 1 ND - Non-disclosed RANKINGS Netherlands 4 35.70 France 1 ND - Non-disclosed

Mexico

128 CROSS-BORDER DEALS * INDEX Year to date Inbound acquisitions ** Outbound acquisitions *** 73 Ranking per Country **** Ranking per Country ****

OVERVIEW BIDDER COUNTRY No. Total value (USDm) TARGET COUNTRY No. Total value (USDm) United States 61 2,653.52 United States 19 1,558.70 Spain 17 200.31 Spain 13 1,690.76 France 10 15.00 Argentina 8 54.22 PRIVATE EQUITY Chile 9 189.16 Brazil 8 5.50 United Kingdom 7 150.00 Peru 7 563.80 Canada 5 0.28 Colombia 5 5.53 Germany 4 134.21 Uruguay 4 285.70 VENTURE CAPITAL United Arab Emirates 4 15.00 Chile 3 2.30 Switzerland 3 434.00 Guatemala 2 178.00 Netherlands 3 12.00 Costa Rica 1 ND - Non-disclosed

EQUITY CAPITAL MARKETS Peru

77 CROSS-BORDER DEALS * Year to date Inbound acquisitions ** Outbound acquisitions *** TOP DEALS OF THE QUARTER 19 Ranking per Country **** Ranking per Country **** BIDDER COUNTRY No. Total value (USDm) TARGET COUNTRY No. Total value (USDm) United States 13 2,368.75 Colombia 6 435.43 Chile 13 515.93 Bolivia 3 293.44 DEAL OF THE QUARTER Spain 8 218.72 Chile 3 37.87 Colombia 8 54.79 Spain 2 ND - Non-disclosed Mexico 7 563.80 Ecuador 1 16.00 Canada 5 1,055.00 Canada 1 ND - Non-disclosed TTR RADAR France 5 20.11 Belgium 1 ND - Non-disclosed Netherlands 4 140.50 Argentina 1 ND - Non-disclosed Germany 3 127.71 Uruguay 1 ND - Non-disclosed RANKINGS United Kingdom 3 122.82

CROSS-BORDER DEALS Year to date INDEX

Buyer Seller

OVERVIEW Targets Targets AR BR CL CO MX PE Other AR BR CL CO MX PE Other * * PRIVATE EQUITY AR 7 5 1 1 2 8 AR 5 2 1 1 - 9

VENTURE CAPITAL BR 10 3 3 3 - 7 BR 5 1 1 1 4 4

CL 4 3 9 9 13 6 CL 1 1 1 4 7 -

EQUITY CAPITAL MARKETS CO 1 4 1 3 8 5 CO 2 1 2 2 6 6

TOP DEALS OF MX 8 8 3 5 7 8 MX 1 - - 1 -- THE QUARTER

PE 1 - 3 6 - 5 PE - - 2 1 - 1

DEAL OF THE QUARTER * Other 54 311 72 77 128 59 * Other 23 103 27 27 62 26

TTR RADAR * Other - Transactions in Latin America where the parties are from other Latin American countries.

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 PRIVATE EQUITY

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX 10k

3,965.90 5k 2,642.92 Domestic Cross-border 1,704.04 OVERVIEW Ongoing Completed

Total value (USDm) 0k [ ] Number of transactions

Number of transactions with disclosed ( ) PRIVATE 27% 15% value EQUITY 75 USDm Total aggregate value 55 51 51 46 50 41 44 44 42 % All the percentages represent a variation 39 39 39 37 relative to the same period the previous year. VENTURE CAPITAL 25 Number of transactions

EQUITY CAPITAL 0 MARKETS 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

13% 0%

TOP DEALS OF DEAL VOLUME, AGGREGATE VALUE AND GEOGRAPHY THE QUARTER

Year to date This quarter Last four years

54 [182] (75) DEAL OF 57 18 2017 USDm 12,684.84 THE QUARTER 34 13 181 59 [182] (68)

2016 USDm 11,040.68 182 TTR RADAR 53 [161] (81) 2015 160 USDm 8,665.39 33 46 65 RANKINGS 163 130 2014 [175] (73) 175 USDm 13,245.63

[164] -10% [46] 5%

(50) USDm 13,364.38 5% (15) USDm 1,704.04 -57% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 PRIVATE EQUITY

LEADING FIRMS AND SUBSECTORS *

INDEX Year to date Change relative to the Value same period in 2017 Pos PRIVATE EQUITY Country Nº Healthcare, Hygiene, (USDm) OVERVIEW Medical Aesthetics and 22 16% United Cosmetics 1 HIG Capital 8 28.30 States

2 Patria Investimentos Brazil 7 35.00 Distribution and Retail 21 5% PRIVATE 3 Aqua Capital Brazil 7 - EQUITY 4 Bozano Investimentos Brazil 6 -

CPPIB - Canada Pension Plan Investment -21% 5 Canada 5 1,473.03 Financial and Insurance 15 Board

VENTURE 6 Vinci Capital Partners III FIP Brazil 4 72.52 CAPITAL Agriculture, 7 CVC Capital Partners Luxembourg 3 3,445.30 Agribusiness, Farming 8 0% United and Fishing 8 Advent International 3 507.76 States EQUITY CAPITAL MARKETS

TOP DEALS OF THE QUARTER 2017 2016 2015 2014

Distribution Financial and Financial and Financial and 20 25 19 16 and Retail Insurance Insurance Insurance DEAL OF THE QUARTER Financial and Distribution Distribution 19 22 Healthcare, … 15 16 Insurance and Retail and Retail

Distribution TTR RADAR Healthcare, … 19 Technology 18 15 Technology 16 and Retail

Transport, Transport, Transport, Electric 14 Aviation and 12 Aviation and 8 Aviation and 11 RANKINGS Logistics Logistics Logistics

* TTR considers the most active subsectors to be those that had the highest number of registered transactions. Should there be a tie between subsectors, the subsector that registered the higher value will dominate. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 VENTURE CAPITAL

TOTAL TRANSACTION VOLUME AND AGGREGATE VALUE

INDEX 1000

500 332.01 720.75 Domestic Cross-border 184.69 OVERVIEW Ongoing Completed

Total value (USDm) 0 [ ] Number of transactions

Number of transactions with disclosed ( ) PRIVATE 36% 113% value EQUITY 100 82 87 88 USDm Total aggregate value 74 74 77 76 73 69 58 % All the percentages represent a variation relative to the same period the previous year. 46 47 VENTURE 50 CAPITAL Number of transactions

EQUITY CAPITAL 0 MARKETS 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018

18% 24%

TOP DEALS OF DEAL VOLUME, AGGREGATE VALUE AND GEOGRAPHY THE QUARTER

Year to date This quarter Last four years

22 11 [290] (151) 168 DEAL OF USDm 1,460.15 2017 THE QUARTER 260 38 176 135 [233] (150)

2016 USDm 684.87 205 TTR RADAR 113 [197] (111) 2015 291 166 USDm 505.22 71 116 RANKINGS 2014 [241] (157) 65 222 306 USDm 635.13

[328] 13% [76] 10%

(199) USDm 2,696.00 85% (42) USDm 720.75 117% TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 VENTURE CAPITAL

LEADING FIRMS AND SUBSECTORS *

INDEX Year to date Change relative to the same period in 2017

OVERVIEW Technology 133 23% Pos VENTURE CAPITAL Country Nº Value (USDm) 1 monashees Brazil 12 99.55

2 Canary Brazil 12 9.88 Internet 89 -6% PRIVATE 3 IGNIA Partners Mexico 10 9.50 EQUITY 4 Wayra Spain 8 0.50

5 Cedro Capital Brazil 7 5.37 Financial and Insurance 69 35% 6 Kaszek Ventures Argentina 6 161.71 VENTURE CAPITAL 7 Mountain Nazca Chile 6 2.27

Distribution and Retail 33 -6% 8 Parallel 18 Ventures Puerto Rico 6 2.20

EQUITY CAPITAL MARKETS

TOP DEALS OF THE QUARTER 2017 2016 2015 2014

Technology 108 Internet 113 Internet 107 Internet 133

DEAL OF THE QUARTER Internet 95 Technology 101 Technology 63 Technology 81

Marketing Financial and Financial and Distribution TTR RADAR 51 22 and 18 23 Insurance Insurance and Retail Advertising Consultancy, Distribution Distribution Financial and 35 Audit and 22 16 13 and Retail and Retail Insurance RANKINGS Engineering

INDEX IPOs * FOLLOW-ON *

OVERVIEW Number of transactions Total value (USDm) Number of transactions Total value (USDm)

PRIVATE EQUITY 7,386.72 Year To Date 18 8,648.01 Year To Date 27

VENTURE CAPITAL 10,531.52 2017 24 10,184.27 2017 36

EQUITY CAPITAL MARKETS 2016 15 2016 42 8,463.67 1,707.39

TOP DEALS OF THE QUARTER 2015 8 2015 23 7,523.08 2,816.32

DEAL OF 2014 12 2014 53 THE QUARTER 4,631.05 21,443.87

TTR RADAR

RANKINGS

* Includes completed transactions acted by Latin American companies in Latin America or abroad. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

MERGER ACQUISITION INDEX Value Target Country Subsector Buyer Seller (USDm)

Consultancy, Audit Bolland y Cía. Argentina PeCom Servicios Energía Private Shareholders I 126.31 and Engineering OVERVIEW Portfolio de activos de almacenamiento y distribución de Argentina Oil and Gas YPF, Dapsa Private Shareholders I 85.00 combustibles General Atlantic, Kaszek Ventures, Ruane, Cunniﬀ & Goldfarb, Qualcomm QuintoAndar Brazil Internet - 66.69 PRIVATE Ventures, QED Investors EQUITY Quickfood Argentina Food Marfrig BRF 60.00

Agriculture, Avex Argentina Agribusiness, Granja Tres Arroyos, Fribel BRF 50.00 Farming and Fishing VENTURE CAPITAL

PRIVATE EQUITY

Value Target Country Subsector Buyer Seller EQUITY CAPITAL (USDm) MARKETS Media, Multimedia Artmed Panamericana Editora Brazil Grupo A Prawick, Belrosa Inversiones 19.37 and Editorial

TOP DEALS OF VENTURE CAPITAL THE QUARTER Value Target Country Subsector Buyer Seller (USDm)

General Atlantic, Kaszek Ventures, QED Investors, Qualcomm Ventures, QuintoAndar Brazil Internet 66.69 Ruane, Cunniﬀ & Goldfarb DEAL OF monashees, Soros Fund Management, Ribbit Capital, Jeﬀeries & Company, THE QUARTER Ualá Argentina Telecoms 34.00 Point72 Ventures, Goldman Sachs Investment Partners

Fitpal Colombia Sports and Leisure InQlab, Patrimonio Autónomo, Condor Inversiones 0.30

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

MERGER ACQUISITION INDEX Value Target Country Subsector Buyer Seller (USDm)

Empresa de Generación Huallaga (Central Hidroeléctrica Peru Electric Private Shareholders Peru I, China Three Gorges Odebrecht Latinvest 1,200.00 OVERVIEW Chaglla)

CPFL Renováveis Brazil Electric State Grid Brazil Power Participações Private Shareholders I 1,070.07

United Ferrous Resources Mining Vale - Companhia Vale do Rio Doce IEP Ferrous Brazil 550.00 PRIVATE Kingdom

EQUITY New Steel Brazil Mining Vale - Companhia Vale do Rio Doce Hankoe FIP 500.00

iFood Brazil Internet Movile, Naspers, Innova Capital, Movile Mobile Commerce Holdings - 500.00

VENTURE CAPITAL PRIVATE EQUITY

Value Target Country Subsector Buyer Seller (USDm)

SABESP, Governo de São Paulo, Companhia Paulista De Parcerias - Cpp, EQUITY CAPITAL CESP Brazil Electric VTRM Energia, SF Ninety Two Participações Societárias Companhia do Metropolitano de São Paulo - Metrô, Dersa Desenvolvimento 437.79 MARKETS Rodoviario, Departamento de Águas e Energia Elétrica - DAEE Tourism, Hotels and 180.97 Madero Brazil Carlyle Private Shareholders Brazil I Restaurants (Approx.) United TOP DEALS OF Moove, Cosan Kingdom, Oil and Gas, Biofuel CVC Fund VII 145.30

THE QUARTER Brazil

Mutant Brazil Technology CPPIB - Canada Pension Plan Investment Board, Adams Street Partners 85.00

Bresco Investimentos Brazil Real Estate Jaguar Growth Partners 80.08 DEAL OF THE QUARTER

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

VENTURE CAPITAL INDEX Value Target Country Subsector Buyer Seller (USDm)

iFood Brazil Internet Naspers, Movile, Movile Mobile Commerce Holdings, Innova Capital 500.00

General Atlantic, Kaszek Ventures, QED Investors, Qualcomm Ventures, OVERVIEW QuintoAndar Brazil Internet 66.69 Ruane, Cunniﬀ & Goldfarb monashees, Soros Fund Management, Ribbit Capital, Jeﬀeries & Company, Ualá Argentina Telecoms 34.00 Point72 Ventures, Goldman Sachs Investment Partners Steel, Metallurgy and PRIVATE MAC Total Ice Brazil Private Shareholders United States I 5.89 Industrial Production EQUITY Financial and Private Shareholders I, Astella Journey III, Innova Global Tech FIP (Innova PP Promotora de Vendas Brazil 5.63 Insurance Capital)

VENTURE CAPITAL

IPO

ISSUER VALUE ISSUER SUBSECTOR STOCK MARKET EXCHANGE COUNTRY (USDm) EQUITY CAPITAL MARKETS Stone Pagamentos Brazil Financial and Insurance 1,399.99

TOP DEALS OF THE QUARTER

DEAL OF THE QUARTER

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

MERGER ACQUISITION INDEX Value Target Country Subsector Buyer Seller (USDm)

Promotora CMR Chile Financial and Insurance Banco Falabella - 239,996.00 Falabella OVERVIEW Minera Teck Quebrada Chile Mining Sumitomo Corporation, Sumitomo Metal Mining Teck Resources 1,200.00 Blanca Agriculture, Agribusiness, Asesorías e Inversiones Benjamín, Inversiones ASF, Inversiones Ruiseñor Australis Seafoods Chile Joyvio 880.00 Farming and Fishing Dos, Inversiones Arlequín Dos PRIVATE EQUITY Mantos Copper Chile Mining HudBay Minerals Private Shareholders Chile I 780.00 Distribuidora Andina de Cars, Motorcycles and Other Colombia Inversiones Primax, Primax Holdings FAP Pegaso II, FAP Pegaso I 231.90 Combustibles Vehicles

VENTURE CAPITAL PRIVATE EQUITY

Value Target Country Subsector Buyer Seller (USDm)

UTEL Universidad Mexico Education Seek Linzor Capital Partners 20.50 EQUITY CAPITAL MARKETS U-Planner Chile Technology Amérigo Chile Early Stage & Growth Fund (Scale Capital) 5.00

TOP DEALS OF VENTURE CAPITAL THE QUARTER Value Target Country Subsector Buyer Seller (USDm)

Kauel Chile Technology Private Shareholders Chile I, Invexor Capital 15.80

DEAL OF Pharmaceutical, THE QUARTER Phage Technologies Chile Parapharmaceutical and Private Shareholders I, Private Shareholders Chile I 4.00 Cosmetics

Jooycar Chile Internet HCS Capital 3.00

Private Shareholders I, Dila Capital, Seaya Ventures, Mountain Nazca, VARIV Miora Global Spain Technology 2.27 TTR RADAR Capital, TheVentureCity, Toro Ventures

SimpliRoute Chile Technology Fondo CLIN Private Shareholders Chile I 0.30

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

MERGER ACQUISITION INDEX Value Target Country Subsector Buyer Seller (USDm)

SURA Asset Colombia Financial and Insurance Caisse de dépôt et placement du Québec (CDPQ) Grupo Bancolombia, Grupo Wiesse 247.00 Management OVERVIEW Distribuidora Andina de Cars, Motorcycles and Other Colombia Inversiones Primax, Primax Holdings FAP Pegaso II, FAP Pegaso I 231.90 Combustibles Vehicles Portfolio de activos de Colombia Electric EPSA - Empresa de Energía del Pacíﬁco Celsia 202.99 generación PRIVATE 105.04 EQUITY Campollo Colombia Food Pollos El Bucanero Private Shareholders Colombia I (Approx.)

Minas Argentinas Argentina Mining Mineros Yamana 30.00

VENTURE CAPITAL PRIVATE EQUITY

Value Target Country Subsector Buyer Seller (USDm)

Odata Brasil, Odata Brazil, Financial and Insurance, Real CyrusOne 12.00 EQUITY CAPITAL Colombia Colombia Estate MARKETS

VENTURE CAPITAL

TOP DEALS OF Value Target Country Subsector Buyer Seller THE QUARTER (USDm) Pharmaceutical, Europa América Peru Parapharmaceutical and MAS EQUITY FUND III COLOMBIA, MEFIII LATAM INVESTMENTS Eurolabs - Europa América Laboratorios 6.16 Laboratorios Perú Cosmetics

DEAL OF Sempli Colombia Financial and Insurance Oikocredit, IDB Invest 5.70 THE QUARTER LentesPlus Colombia Internet IGNIA Partners, InQlab, Private Shareholders Colombia I, Palm Drive Capital 5.00

3.00 Merqueo.com Colombia Distribution and Retail Private Shareholders I, Private Shareholders Colombia I (Approx.)

TTR RADAR Rever Mexico Internet Sequoia Capital, Zetta Venture Partners 2.25

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

MERGER ACQUISITION INDEX Value Target Country Subsector Buyer Seller (USDm)

Tourism, Hotels and 571.60 Grupo Vips Spain Grupo Zena ProA Capital, Private Shareholders I Restaurants (Approx.) OVERVIEW Paquete Carretero Michoacán Mexico Roads and Highways Fibravia BlackRock, Grupo Azvi, Private Shareholders Mexico I 497.45

Steel, Metallurgy and Rassini Mexico GGI INV SPV Private Shareholders I 349.00 Industrial Production

PRIVATE Negocio de Fibra FTTx Mexico Telecoms Televisa Radio Axtel 231.65 EQUITY Tourism, Hotels and Hotel Villa Magna Spain RLH Properties México Dogus Group 210.00 Restaurants

VENTURE CAPITAL PRIVATE EQUITY

Value Target Country Subsector Buyer Seller (USDm)

Tourism, Hotels and 571.60 Grupo Vips Spain Grupo Zena ProA Capital, Private Shareholders I EQUITY CAPITAL Restaurants (Approx.) MARKETS UTEL Universidad Mexico Education Seek Linzor Capital Partners 20.50

Concesionaria Autopista CPPIB - Canada Pension Plan Investment Board, OTPP - Ontario Teachers' 0.24 Mexico Roads and Highways Ideal Guadalajara-Tepic Pension Plan (Approx.)

TOP DEALS OF THE QUARTER VENTURE CAPITAL

Value Target Country Subsector Buyer Seller (USDm)

DEAL OF Cencor - Central de Mexico Financial and Insurance LIV Capital 17.59 THE QUARTER Corretajes

Belanea México Mexico Financial and Insurance Administradora Ignia, InnoCells, Dalus México II (Dalus Capital) 6.50

LentesPlus Colombia Internet IGNIA Partners, InQlab, Private Shareholders Colombia I, Palm Drive Capital 5.00 TTR RADAR Transport, Aviation and VARIV Capital, YCombinator, Sierra Ventures, FJ Labs, EasyPost, Sinai SkyDrop Mexico 5.00 Logistics Ventures, GM Financial de México, Dynamo, Soma Capital

Woonkly Mexico Financial and Insurance Pecunio Venture Capital 3.00

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TOP DEALS OF THE QUARTER

MERGER ACQUISITION INDEX Value Target Country Subsector Buyer Seller (USDm)

Empresa de Generación Huallaga (Central Hidroeléctrica Peru Electric Private Shareholders Peru I, China Three Gorges Odebrecht Latinvest 1,200.00 OVERVIEW Chaglla)

SURA Asset Management Colombia Financial and Insurance Caisse de dépôt et placement du Québec (CDPQ) Grupo Bancolombia, Grupo Wiesse 247.00

Distribuidora Andina de Cars, Motorcycles and Colombia Inversiones Primax, Primax Holdings FAP Pegaso II, FAP Pegaso I 231.90 PRIVATE Combustibles Other Vehicles EQUITY CCNCM Peru Electric Red Eléctrica Internacional Bow Power 204.72

Agrokasa Holdings Peru Food Private Shareholders Peru I Inteligo Bank, Venturi Global Fund 67.20

VENTURE CAPITAL VENTURE CAPITAL

Value Target Country Subsector Buyer Seller (USDm)

Pharmaceutical, EQUITY CAPITAL Europa América Laboratorios Peru Parapharmaceutical and MAS EQUITY FUND III COLOMBIA, MEFIII LATAM INVESTMENTS Eurolabs - Europa América Laboratorios 6.16 MARKETS Perú Cosmetics

IPO TOP DEALS OF THE QUARTER ISSUER VALUE ISSUER SUBSECTOR STOCK MARKET EXCHANGE COUNTRY (USDm)

FIBRA Prime Peru Real Estate 22.50

DEAL OF THE QUARTER

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 DEAL OF THE QUARTER

First Quarter Second Quarter Third Quarter Fourth Quarter INDEX Target: Activos de autogeneración de energía Target: TotalBank Target: Neltume Ports Target: Energina Compañía Argentina de Petróleo, Shell Compañía Argentina de Petróleo Buyer: Grupo Luz y Fuerza Colombia Buyer: City National Bank of Florida Buyer: ATCO Buyer: Raízen Argentina Holdings, Raízen Combustíveis Value: USD 57.55m Value: USD 528.90m USD 346.02m Value: USD 916.00m Value: OVERVIEW (Approx.)

Energina Compañía Argentina de Petróleo, Shell Compañía Argentina de Petróleo PRIVATE Full Transaction Details EQUITY Raízen Energia completes acquisition of Shell's downstream business in Argentina

Parties FINANCIAL DATA

Target: Energina Compañía Argentina de Petróleo Total Value Payment VENTURE Description: Empresa do setor de óleo e gás. USD 916.00m (Cash) USD 916.00m CAPITAL Target: Shell Compañía Argentina de Petróleo Description: Empresa do setor de óleo e gás.

Buyer % Seller % Bank Role

EQUITY CAPITAL Raízen Argentina Holdings - B. V. Dordtsche Petroleum Mandated Lead Arranger / MARKETS - Citigroup Maatschappij Underwriter Raízen Combustíveis - Shell Overseas Investments - Crédit Agricole Corporate and Mandated Lead Arranger / Ultimate Owner (Buyer) Investment Bank Underwriter Ultimate Owner (Seller) TOP DEALS OF Raízen Energia Mandated Lead Arranger / J.P. Morgan THE QUARTER Royal Dutch Shell Underwriter

Mandated Lead Arranger / Bank of Tokyo-Mitsubishi UFJ Underwriter

The Bank of Nova Scotia Mandated Lead Arranger / DEAL OF THE QUARTER (Scotiabank) Underwriter

TTR RADAR Advisors / Due Diligence Parties Legal Advisory People BMA – Barbosa Müssnich Raízen Combustíveis Daniel Abraham Loria (Partner), Fabiana Fagundes (Partner), Luciana Marsal (Partner), Andrea Silva de Oliveira (Associate), Marcos Hime Funari (Associate) Aragão

RANKINGS Raízen Combustíveis Mitrani, Caballero & Ruiz Carlos Trógolo Eliçabe (Partner), Corina Laudato (Senior Counsel), Diego Parise (Partner), Mercedes Rodríguez Giavarini (Associate), Esteban Valansi (Partner), Cecilia Brunelli TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 DEAL OF THE QUARTER

INDEX Advisors / Due Diligence Parties Legal Advisory People Moreno Abogados (Associate), Guillermo Cornejo Bosch (Associate), Juan Manuel Iglesias Mamone (Associate), Magdalena Magnasco (Associate), Mikaela Badaracco (Associate)

OVERVIEW Raízen Energia Raízen Energia Natália Rosa De Sordi (General Counsel), Victor Henrique Briotto de Mello (General Counsel) Royal Dutch Shell Marval O'Farrell & Mairal Diego Chighizola (Partner), Santiago Soria (Partner), Joseﬁna Griot (Associate) Royal Dutch Shell Shell Oil Company Ben Symes (Counsel), Jon Sellars (Senior Counsel), Katherine Armstrong (Counsel) Legal Advisory Parties People PRIVATE Acquisition Finance EQUITY Citigroup TozziniFreire Advogados Alexei Bonamin (Partner), Kenneth Antunes Ferreira (Partner), Luiz Rafael de Vargas Maluf (Senior Associate), Joyce Vicente Martins (Associate) Citigroup White & Case US Donald Baker (Partner), John Guzman (Partner), John W. Anderson (Partner), Lauran San Román Guijarro (Associate), Sasha Young Hudson (Associate) Bruchou, Fernández Citigroup Alejandro Perelsztein (Associate), Emilio Díaz Reynolds (Associate), Facundo Sainato (Associate) Madero & Lombardi VENTURE CAPITAL Crédit Agricole Corporate TozziniFreire Advogados Alexei Bonamin (Partner), Kenneth Antunes Ferreira (Partner), Luiz Rafael de Vargas Maluf (Senior Associate), Joyce Vicente Martins (Associate) and Investment Bank Crédit Agricole Corporate White & Case US Donald Baker (Partner), John Guzman (Partner), John W. Anderson (Partner), Lauran San Román Guijarro (Associate), Sasha Young Hudson (Associate) and Investment Bank

EQUITY CAPITAL Crédit Agricole Corporate Bruchou, Fernández Alejandro Perelsztein (Associate), Emilio Díaz Reynolds (Associate), Facundo Sainato (Associate) MARKETS and Investment Bank Madero & Lombardi J.P. Morgan TozziniFreire Advogados Alexei Bonamin (Partner), Kenneth Antunes Ferreira (Partner), Luiz Rafael de Vargas Maluf (Senior Associate), Joyce Vicente Martins (Associate) J.P. Morgan White & Case US Donald Baker (Partner), John Guzman (Partner), John W. Anderson (Partner), Lauran San Román Guijarro (Associate), Sasha Young Hudson (Associate) Bruchou, Fernández J.P. Morgan Alejandro Perelsztein (Associate), Emilio Díaz Reynolds (Associate), Facundo Sainato (Associate) TOP DEALS OF Madero & Lombardi THE QUARTER Bank of Tokyo-Mitsubishi TozziniFreire Advogados Alexei Bonamin (Partner), Kenneth Antunes Ferreira (Partner), Luiz Rafael de Vargas Maluf (Senior Associate), Joyce Vicente Martins (Associate) UFJ Bank of Tokyo-Mitsubishi White & Case US Donald Baker (Partner), John Guzman (Partner), John W. Anderson (Partner), Lauran San Román Guijarro (Associate), Sasha Young Hudson (Associate) UFJ DEAL OF Bank of Tokyo-Mitsubishi Bruchou, Fernández THE QUARTER Alejandro Perelsztein (Associate), Emilio Díaz Reynolds (Associate), Facundo Sainato (Associate) UFJ Madero & Lombardi The Bank of Nova Scotia TozziniFreire Advogados Alexei Bonamin (Partner), Kenneth Antunes Ferreira (Partner), Luiz Rafael de Vargas Maluf (Senior Associate), Joyce Vicente Martins (Associate) (Scotiabank) The Bank of Nova Scotia TTR RADAR White & Case US Donald Baker (Partner), John Guzman (Partner), John W. Anderson (Partner), Lauran San Román Guijarro (Associate), Sasha Young Hudson (Associate) (Scotiabank) The Bank of Nova Scotia Bruchou, Fernández Alejandro Perelsztein (Associate), Emilio Díaz Reynolds (Associate), Facundo Sainato (Associate) (Scotiabank) Madero & Lombardi Raízen Argentina RANKINGS Davis Polk US Drew Glover (Counsel), Manuel Garciadiaz (Partner), Lourenco Lopes-Sabino (Associate) Holdings Raízen Combustíveis Davis Polk US Drew Glover (Counsel), Manuel Garciadiaz (Partner), Lourenco Lopes-Sabino (Associate) Raízen Energia Davis Polk US Drew Glover (Counsel), Manuel Garciadiaz (Partner), Lourenco Lopes-Sabino (Associate) TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 TTR RADAR

FORWARD-LOOKING INTELLIGENCE

INDEX Opportunities by Intelligence type and volume - 04Q 2018

Advisory Appointment OVERVIEW Takeover Asset Sales / Acquisitions Succession Planning Auction

Strategic Management Change Business expansion Identify early stage

PRIVATE 300 M&A opportunities with EQUITY Regulatory / Compliance Capital Raise TTR Radar, delivering actionable proprietary

Public Tender / Concession Changes in Control and aggregated 200 intelligence. VENTURE CAPITAL Project Finance / Infrastructu.. Companies for Sale

100 TTR RADAR

Privatization Companies looking for Investor.. EQUITY CAPITAL Grupo OMA MARKETS announces retirement 0 of CEO Porﬁrio Private Equity Exit Companies Looking to Buy González Álvarez

TOP DEALS OF THE QUARTER Private Equity / Venture Capit.. Corporate Governance Change

DEAL OF pre-IPO De-listing THE QUARTER Gira - Gestão Integrada de Recebíveis do Partnerships & Alliances Distressed / Restructuring Agronégócio to launch TTR RADAR peer-to-peer lending New Mandate Opportunity Family-owned / Closely held with backing of ﬁnancial partner Merger Follow-on Issuance RANKINGS Market Exit High Growth Market Entry Infrastructure Joint Venture TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018

INDEX RANKING OVERVIEW YEAR TO DATE PRIVATE EQUITY

VENTURE CAPITAL

EQUITY CAPITAL MARKETS

TOP DEALS OF THE QUARTER

DEAL OF THE QUARTER

TTR RADAR Financial Advisors Legal Advisors RANKINGS Dealmakers TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Financial Advisors By total value of transactions

Variation Ranking 2018 Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) OVERVIEW 1 Banco Itaú BBA 110.00 2 9 * 2 Rothschild 30.00 1 * * 2 The Bank of Nova Scotia (Scotiabank) 30.00 1 * *

PRIVATE 3 Econsult 19.48 1 * * EQUITY 4 Vinci Partners 10.42 1 * * 5 Columbus Zuma Investment Banking 5.80 1 * * 5 Condere 5.80 1 9 *

VENTURE CAPITAL By nº of transactions Variation nº Ranking 2018 Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Evercore Partners 3 - * *

EQUITY CAPITAL 2 Banco Itaú BBA 2 110.00 9 1 MARKETS 3 Finanzas y Gestión 2 - * * 4 Rothschild 1 30.00 * * 4 The Bank of Nova Scotia (Scotiabank) 1 30.00 * *

TOP DEALS OF 5 Econsult 1 19.48 * *

THE QUARTER 6 Vinci Partners 1 10.42 * * 7 Columbus Zuma Investment Banking 1 5.80 * * 7 Condere 1 5.80 9 0 8 Altivia Ventures 1 - * * DEAL OF THE QUARTER 8 Atlantic-Paciﬁc Capital 1 - * * 8 Brookline Capital Markets 1 - * * 8 Deloitte Brasil 1 - * * 8 Infupa 1 - 9 0 TTR RADAR 8 Ladenburg Thalmann 1 - * * 8 Landmark Alantra 1 - 9 0 8 RGS Partners 1 - * *

RANKINGS This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Legal Advisors

By total value of transactions

Variation OVERVIEW Ranking 2018 Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Marval O'Farrell & Mairal 1,794.50 14 3 385.39 2 Mitrani, Caballero & Ruiz Moreno Abogados 1,063.30 5 * * PRIVATE 3 MHR Abogados 661.20 4 * * EQUITY 4 Nicholson y Cano Abogados 640.00 3 4 81.05 5 Pérez Alati Grondona Benites & Arntsen 576.35 10 8 320.91 6 Estudio Beccar Varela 350.50 4 1 -38.19

VENTURE 7 Bazán, Cambré & Orts 126.31 1 * * CAPITAL 7 Eppens & Coppola - Abogados Consultores 126.31 1 * * 8 Cueto Rua, Mercau Saavedra & Biritos Abogados 110.30 1 * * 9 Estudio Alegría, Buey Fernández, Fissore & Montemerlo 50.50 1 * * 10 Estudio Garrido Abogados 38.50 3 21 * EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions TOP DEALS OF 1 Marval O'Farrell & Mairal 14 1,794.50 2 7 THE QUARTER 2 Pérez Alati Grondona Benites & Arntsen 10 576.35 3 4 3 Bruchou, Fernández Madero & Lombardi 8 22.00 1 0 4 Mitrani, Caballero & Ruiz Moreno Abogados 5 1,063.30 * *

DEAL OF 5 MHR Abogados 4 661.20 * * THE QUARTER 6 Estudio Beccar Varela 4 350.50 4 -1 7 Nicholson y Cano Abogados 3 640.00 9 1 8 Estudio Garrido Abogados 3 38.50 5 -1

TTR RADAR 9 Baker McKenzie Argentina 3 38.32 18 2 10 Salaverri, Burgio & Wetzler Malbrán Abogados 2 36.40 8 -1

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. RANKINGS In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Financial Advisor

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Jorge Muñoz (Econsult) 19.48 1 * * 2 Felipe Bittencourt (Vinci Partners Assessoria Financeira) 10.42 1 * * PRIVATE 3 Alejandro Dillon (Columbus Zuma Investment Banking) 5.80 1 * * EQUITY 3 Mônica Hojaij Carvalho Molina (Condere) 5.80 1 3 *

By nº of transactions

VENTURE Variation nº Ranking 2018 Dealmakers - Financial Advisor Number of transactions Total value (USDm) Ranking 2017 CAPITAL Of transactions 1 Jorge Muñoz (Econsult) 1 19.48 * * 2 Felipe Bittencourt (Vinci Partners Assessoria Financeira) 1 10.42 * * 3 Alejandro Dillon (Columbus Zuma Investment Banking) 1 5.80 * * EQUITY CAPITAL MARKETS 3 Mônica Hojaij Carvalho Molina (Condere) 1 5.80 3 0 4 Reinaldo Grasson De Oliveira (Deloitte Brasil) 1 - * * 4 Máximo Bronenberg (Infupa) 1 - * * 4 Oscar J. Collazo (Infupa) 1 - * * TOP DEALS OF 4 Guilherme Stuart (RGS Partners) 1 - * * THE QUARTER 4 Firmino Freitas (RGS Partners) 1 - * * 4 Daniel Faccio (RGS Partners) 1 - * *

DEAL OF This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed.

THE QUARTER In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com.

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Diego Chighizola (Marval O'Farrell & Mairal) 1,216.00 3 2 234.99 2 Diego Parise (Mitrani, Caballero & Ruiz Moreno Abogados) 1,060.00 3 * * PRIVATE 3 Carlos Trógolo Eliçabe (Mitrani, Caballero & Ruiz Moreno Abogados) 916.00 2 * * EQUITY 3 Corina Laudato (Mitrani, Caballero & Ruiz Moreno Abogados) 916.00 2 * * 4 Santiago Soria (Marval O'Farrell & Mairal) 916.00 1 2 152.34 4 Esteban Valansi (Mitrani, Caballero & Ruiz Moreno Abogados) 916.00 1 * * VENTURE 5 Fernando S. Zoppi (MHR Abogados) 661.20 4 * * CAPITAL 6 Mariana Guzian (Nicholson y Cano Abogados) 640.00 3 3 81.05 7 Tomás Lanardonne (MHR Abogados) 636.40 2 * * 7 Juan Cruz Azzarri (MHR Abogados) 636.40 2 * *

EQUITY CAPITAL 8 José Alfredo Martínez de Hoz (MHR Abogados) 624.80 2 * * MARKETS 9 Maximiliano Batista (MHR Abogados) 600.00 1 * * 9 Marcela Inés Anchava (Nicholson y Cano Abogados) 600.00 1 3 69.73 9 Nicolás Perkins (Nicholson y Cano Abogados) 600.00 1 3 69.73 10 Hernán Slemenson (Marval O'Farrell & Mairal) 443.00 3 2 22.04 TOP DEALS OF THE QUARTER By nº of transactions

Variation nº Ranking 2018 Dealmakers - Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions DEAL OF 1 Eugenio Aramburu (Pérez Alati Grondona Benites & Arntsen) 5 132.11 13 3 THE QUARTER 2 Fernando S. Zoppi (MHR Abogados) 4 661.20 * * 3 Diego Chighizola (Marval O'Farrell & Mairal) 3 1,216.00 2 -1 4 Diego Parise (Mitrani, Caballero & Ruiz Moreno Abogados) 3 1,060.00 * *

TTR RADAR 5 Mariana Guzian (Nicholson y Cano Abogados) 3 640.00 9 1 6 Hernán Slemenson (Marval O'Farrell & Mairal) 3 443.00 2 -1 7 Carlos Trógolo Eliçabe (Mitrani, Caballero & Ruiz Moreno Abogados) 2 916.00 * * 7 Corina Laudato (Mitrani, Caballero & Ruiz Moreno Abogados) 2 916.00 * * RANKINGS 8 Tomás Lanardonne (MHR Abogados) 2 636.40 * * 8 Juan Cruz Azzarri (MHR Abogados) 2 636.40 * * 9 José Alfredo Martínez de Hoz (MHR Abogados) 2 624.80 * * 10 Diego Serrano Redonnet (Pérez Alati Grondona Benites & Arntsen) 2 130.05 13 0 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Financial Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Banco Bradesco BBI 16,775.53 21 3 174.59 2 Banco Itaú BBA 16,179.52 34 1 88.34 PRIVATE 3 Bank of America 14,243.77 3 4 151.31 EQUITY 4 Riza Capital 12,430.32 3 45 65,322.64 5 Morgan Stanley 12,117.70 3 7 365.96 6 Banco BTG Pactual 6,373.48 38 2 3.74 VENTURE 7 J.P. Morgan Chase International Holdings 2,472.06 2 22 1,540.87 CAPITAL 8 DH Capital 2,025.00 1 * * 9 Banco Santander 1,915.98 7 5 -64.78 10 Banco Credit Suisse Brasil 1,884.59 1 14 126.53

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Banco BTG Pactual 38 6,373.48 2 9 TOP DEALS OF 2 Banco Itaú BBA 34 16,179.52 1 -6 THE QUARTER 3 Banco Bradesco BBI 21 16,775.53 3 0 4 Credit Suisse Group 18 880.98 49 17 5 IGC Partners 13 201.69 4 2 DEAL OF 6 Vinci Partners 11 603.69 8 4 THE QUARTER 7 BR Partners 10 1,231.14 6 3 8 JK Capital 10 - 19 7 9 Setter Investimentos 9 288.67 9 2

TTR RADAR 10 Deloitte Brasil 8 49.47 21 5

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Cescon, Barrieu Flesch & Barreto Advogados 17,350.68 65 5 198.01 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 16,793.85 64 1 1.96 PRIVATE 3 TozziniFreire Advogados 12,874.99 24 8 184.67 EQUITY 4 BMA – Barbosa Müssnich Aragão 8,752.08 57 3 27.01 5 Pinheiro Neto Advogados 6,912.14 74 2 -10.94 6 Lefosse Advogados 5,385.99 26 6 -1.17 VENTURE 7 Demarest Advogados 3,620.65 50 12 6.55 CAPITAL 8 Machado, Meyer, Sendacz e Opice Advogados 2,430.94 34 7 -54.72 9 Yazbek Advogados 1,884.59 1 * * 10 Stocche Forbes Advogados 1,666.59 23 9 -60.60

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Pinheiro Neto Advogados 74 6,912.14 2 25 TOP DEALS OF 2 Cescon, Barrieu Flesch & Barreto Advogados 65 17,350.68 3 20 THE QUARTER 3 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 64 16,793.85 1 -8 4 BMA – Barbosa Müssnich Aragão 57 8,752.08 10 29 5 Demarest Advogados 50 3,620.65 8 14 DEAL OF 6 Derraik & Menezes Advogados 46 35.07 15 26 THE QUARTER 7 Veirano Advogados 43 1,631.68 5 0 8 Machado, Meyer, Sendacz e Opice Advogados 34 2,430.94 6 -7 9 Ferrara Garcia Advogados 30 109.34 11 2

TTR RADAR 10 Lefosse Advogados 26 5,385.99 12 0

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS Dealmakers - Financial Advisor INDEX By total value of transactions

Variation Ranking 2018 Dealmakers - Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) OVERVIEW 1 Marco Gonçalves (Riza Capital) 11,148.70 1 * * 2 Pedro Kassab (Banco Fator) 1,507.86 2 * * 3 Cleomar Parisi Junior (Banco Santander Brasil) 1,070.07 1 * *

PRIVATE 3 Pol Font Marti (Banco Santander Brasil) 1,070.07 1 * *

EQUITY 3 Catherine Wang (Bank of America Merrill Lynch) 1,070.07 1 1 -69.10 3 Camille Faria (Bank of America Merrill Lynch) 1,070.07 1 1 -69.10 4 Felipe Bittencourt (Vinci Partners Assessoria Financeira) 603.69 10 5 81.15 5 Rodrigo Leite (Advisia Investimentos) 288.67 2 * * VENTURE CAPITAL 6 Célio Nunes (Advisia Investimentos) 288.67 1 * * 7 Daniel Faccio (RGS Partners) 139.41 4 6 11.19 8 Firmino Freitas (RGS Partners) 139.41 3 6 11.19 9 Renato Stuart (RGS Partners) 139.41 2 6 11.19 EQUITY CAPITAL MARKETS 10 Tom Mullins (Raymond James) 138.30 1 * *

By nº of transactions

Variation nº Ranking 2018 Dealmakers - Financial Advisor Number of transactions Total value (USDm) Ranking 2017 TOP DEALS OF Of transactions

THE QUARTER 1 Felipe Bittencourt (Vinci Partners Assessoria Financeira) 10 603.69 3 4 2 Reinaldo Grasson De Oliveira (Deloitte Brasil) 8 49.47 32 7 3 Luís Alberto Mazzarella Martins (JK Capital) 7 - 12 5 4 Luiz Penno (Ártica Investimentos) 5 - 7 2 DEAL OF THE QUARTER 4 Diego Batista (Ártica Investimentos) 5 - 7 2 5 Daniel Faccio (RGS Partners) 4 139.41 5 0 6 Guilherme Stuart (RGS Partners) 4 48.20 5 0 7 Firmino Freitas (RGS Partners) 3 139.41 5 -1 TTR RADAR 8 David Panico (Banco ABC Brasil) 3 91.16 2 -3 9 Evandro Bazan de Carvalho Junior (JMB Advisors) 3 50.26 32 2 10 Douglas Carvalho Junior (Target Advisor) 3 18.91 * *

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Maria Cristina Cescon (Cescon, Barrieu Flesch & Barreto Advogados) 14,194.37 10 7 259.34 2 Joyce Honda (Cescon, Barrieu Flesch & Barreto Advogados) 13,583.29 3 7 243.87 PRIVATE 3 Ricardo Lara Gaillard (Cescon, Barrieu Flesch & Barreto Advogados) 13,274.69 7 7 236.06 EQUITY 4 Marcio Dias Soares (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados) 12,325.85 6 1 61.62 5 Hiram Bandeira Pagano Filho (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados) 12,195.03 7 1 59.91 6 Francisco Eumene Machado de Oliveira Neto (TozziniFreire Advogados) 12,112.66 7 26 410.46 VENTURE 7 Mauro E. Guizeline (TozziniFreire Advogados) 12,101.46 5 26 409.99 CAPITAL 8 Moacir Zilbovicius (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados) 11,578.42 7 1 51.82 9 Darkson Delmondes Galvão (Cescon, Barrieu Flesch & Barreto Advogados) 11,353.43 5 7 187.42 10 Ronald Herscovici (Cescon, Barrieu Flesch & Barreto Advogados) 11,288.00 7 7 185.77

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Dealmakers - Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Rodrigo Menezes (Derraik & Menezes Advogados) 42 34.14 2 23 TOP DEALS OF 2 Mário Garcia Junior (Ferrara Garcia Advogados) 30 109.34 1 2 THE QUARTER 3 Ana Carolina Castro Reis Passos (Cescon, Barrieu Flesch & Barreto Advogados) 18 339.83 9 8 4 Carlos Augusto L. Junqueira de Siqueira (Cescon, Barrieu Flesch & Barreto Advogados) 16 1,408.36 9 6 5 Alécia Bicalho (Cescon, Barrieu Flesch & Barreto Advogados) 16 338.29 9 6 DEAL OF 6 Guilherme Peres Potenza (Veirano Advogados) 14 24.41 5 2 THE QUARTER 7 Andrea Bazzo Lauletta (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados) 13 1,064.16 3 -5 8 Fernando Amendola (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados) 13 407.10 3 -5 9 Eduardo Zilberberg (DCA – Dias Carneiro Advogados) 13 20.41 17 4

TTR RADAR 10 Fernanda Ferreira Bastos Buhatem (Cescon, Barrieu Flesch & Barreto Advogados) 12 2,140.62 9 2

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Financial Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Rothschild 1,200.00 1 * * 2 BNP Paribas 346.02 1 20 620.88 PRIVATE 2 Morgan Stanley 346.02 1 25 * EQUITY 3 Banco Itaú BBA 340.81 3 22 1,813.68 4 Bank of America 300.00 1 10 -74.51 5 Banco BTG Pactual 252.20 2 3 -95.35 VENTURE 6 Tyndall Group 231.90 3 25 * CAPITAL 7 Banco Santander 117.20 2 8 -90.98 8 The Bank of Nova Scotia (Scotiabank) 100.00 1 9 -92.31 9 F&K Consultores 69.91 1 * *

EQUITY CAPITAL 10 BBVA 42.30 1 6 -98.37 MARKETS By nº of transactions

Variation nº Ranking 2018 Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions TOP DEALS OF 1 Banco Itaú BBA 3 340.81 22 2 THE QUARTER 2 Tyndall Group 3 231.90 25 2 3 Landmark Alantra 3 - 2 -1 4 Banco BTG Pactual 2 252.20 7 0 DEAL OF 5 Banco Santander 2 117.20 1 -2 THE QUARTER 6 Econsult 2 19.48 11 1 7 Rothschild 1 1,200.00 * * 8 BNP Paribas 1 346.02 21 0

TTR RADAR 8 Morgan Stanley 1 346.02 25 0 9 Bank of America 1 300.00 14 0 10 The Bank of Nova Scotia (Scotiabank) 1 100.00 13 0

MERGERS AND ACQUISITIONS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Philippi, Prietocarrizosa Ferrero DU & Uría Chile 1,770.78 15 4 -48.08 2 Carey 1,688.47 16 1 -91.82 PRIVATE 3 Cariola Díez Pérez-Cotapos 1,668.25 4 5 -43.99 EQUITY 4 Barros & Errázuriz Abogados 1,575.25 9 14 683.54 5 Boﬁll Mir & Álvarez Jana Abogados BMAJ 1,487.70 6 20 3,628.57 6 Philippi, Prietocarrizosa & Uría - Chile 1,200.00 1 10 140.00 VENTURE 7 CMS Carey & Allende 1,168.42 5 8 45.33 CAPITAL 8 Claro y Cía. Abogados 1,156.27 11 3 -74.71 9 Larrain y Asociados 557.20 5 12 88.24 10 Garrigues Chile 444.82 6 2 -95.35

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Carey 16 1,688.47 1 -11 TOP DEALS OF 2 Philippi, Prietocarrizosa Ferrero DU & Uría Chile 15 1,770.78 2 -4 THE QUARTER 3 Claro y Cía. Abogados 11 1,156.27 3 -5 4 Barros & Errázuriz Abogados 9 1,575.25 11 4 5 Guerrero Olivos 8 105.97 12 4 DEAL OF 6 DLA PIPER BAZ/NLD 8 99.76 29 7 THE QUARTER 7 Morales & Besa Abogados 7 21.84 7 0 8 Boﬁll Mir & Álvarez Jana Abogados BMAJ 6 1,487.70 8 -1 9 Garrigues Chile 6 444.82 10 1

TTR RADAR 10 CMS Carey & Allende 5 1,168.42 4 -3

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Financial Advisor

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Juan Ignacio Langlois (Tyndall Group) 231.90 1 * * 1 José Urribarri (Tyndall Group) 231.90 1 * * PRIVATE 2 Jorge Fantuzzi Majlis (F&K Consultores) 69.91 1 * * EQUITY 3 Oscar Molina (Bansud Capital) 40.00 1 * * 3 Augusto F. Barreto (CAPIA) 40.00 1 * * 4 Jorge Muñoz (Econsult) 19.48 2 2 -99.27 VENTURE CAPITAL By nº of transactions

Variation nº Ranking 2018 Dealmakers - Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Jorge Muñoz (Econsult) 2 19.48 2 1 EQUITY CAPITAL MARKETS 2 Juan Ignacio Langlois (Tyndall Group) 1 231.90 * * 2 José Urribarri (Tyndall Group) 1 231.90 * * 3 Jorge Fantuzzi Majlis (F&K Consultores) 1 69.91 * * 4 Oscar Molina (Bansud Capital) 1 40.00 * * TOP DEALS OF 4 Augusto F. Barreto (CAPIA) 1 40.00 * * THE QUARTER 5 Oscar J. Collazo (Infupa) 1 - * * 5 Máximo Bronenberg (Infupa) 1 - * *

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Cristián Eyzaguirre (Carey) 1,363.50 4 1 -89.55 2 Rafael Vergara Gutiérrez (Carey) 1,362.50 3 1 -89.56 PRIVATE 3 Guillermo Infante Cortés (Philippi, Prietocarrizosa Ferrero DU & Uría Chile) 1,317.20 3 8 -53.62 EQUITY 4 Carlos Alberto Reyes Comandari (Philippi, Prietocarrizosa Ferrero DU & Uría Chile) 1,317.20 2 8 -53.62 5 Pablo Mir (Boﬁll Mir & Álvarez Jana Abogados BMAJ) 1,224.00 2 48 2,967.67 6 Francisco Corona (Carey) 1,200.00 1 1 -90.81 VENTURE 6 Ignacio Larraín Jimenez (Philippi, Prietocarrizosa & Uría - Chile) 1,200.00 1 * * CAPITAL 6 Juan José Eyzaguirre (Philippi, Prietocarrizosa Ferrero DU & Uría Chile) 1,200.00 1 8 -57.75 6 Juan Paulo Bombach Salvatore (Philippi, Prietocarrizosa Ferrero DU & Uría Chile) 1,200.00 1 8 -57.75 7 Jorge Allende D. (CMS Carey & Allende) 1,150.05 4 21 68.14

EQUITY CAPITAL 8 Emilio Vasquez M. (Barros & Errázuriz Abogados) 1,109.00 2 37 451.74 MARKETS 9 Rodrigo Ochagavia (Claro y Cía. Abogados) 1,105.50 2 7 -63.81 10 Felipe Larraín (Claro y Cía. Abogados) 915.10 4 7 -70.05

By nº of transactions TOP DEALS OF Variation nº THE QUARTER Ranking 2018 Dealmakers - Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Francisco Guzmán (Carey) 6 168.00 2 -1 2 Matías Zegers (DLA PIPER BAZ/NLD) 5 72.91 * *

DEAL OF 3 Cristián Eyzaguirre (Carey) 4 1,363.50 2 -3 THE QUARTER 4 Jorge Allende D. (CMS Carey & Allende) 4 1,150.05 11 0 5 Felipe Larraín (Claro y Cía. Abogados) 4 915.10 9 0 6 Luis Felipe Merino Risopatrón (Garrigues Chile) 4 442.22 15 1

TTR RADAR 7 Pedro Lyon (Guerrero Olivos) 4 25.60 34 2 8 Federico Grebe Lira (Philippi, Prietocarrizosa Ferrero DU & Uría Chile) 4 15.67 1 -4 9 Andrés Jara (Alster Legal) 4 1.10 * *

10 Rafael Vergara Gutiérrez (Carey) 3 1,362.50 2 -4 RANKINGS

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Financial Advisors

By total value of transactions

Variation OVERVIEW Ranking 2018 Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Goldman Sachs 300.00 1 * * 1 Rothschild 300.00 1 * *

PRIVATE 2 LXG Capital 247.00 1 * * EQUITY 3 Banco Itaú BBA 231.90 1 6 -11.00 3 Tyndall Group 231.90 1 14 * 4 Banco BTG Pactual 200.00 1 10 821.28

VENTURE 5 Rothschild 30.00 1 * * CAPITAL 5 The Bank of Nova Scotia (Scotiabank) 30.00 1 * *

By nº of transactions

Variation nº Ranking 2018 Financial Advisor Number of transactions Total value (USDm) Ranking 2017 EQUITY CAPITAL Of transactions MARKETS 1 Goldman Sachs 1 300.00 * * 1 Rothschild 1 300.00 * * 2 LXG Capital 1 247.00 * *

TOP DEALS OF 3 Banco Itaú BBA 1 231.90 10 0 THE QUARTER 3 Tyndall Group 1 231.90 14 0 4 Banco BTG Pactual 1 200.00 4 -1 5 Rothschild 1 30.00 * *

DEAL OF 5 The Bank of Nova Scotia (Scotiabank) 1 30.00 * *

THE QUARTER 6 Axia IB 1 - 14 0 6 BBVA 1 - 8 0 6 CREA Inversión 1 - * * 6 Credicorp 1 - 8 0 TTR RADAR 6 Eﬁalia 1 - * * 6 Infupa 1 - * * 6 Landmark Alantra 1 - 1 -2 RANKINGS 6 SCI Investment & Merchant Bank 1 - * *

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnan cial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Brigard & Urrutia Abogados 4,054.96 20 2 481.75 2 Garrigues Colombia 779.62 10 8 223.67 PRIVATE 3 DLA Piper Martinez Beltrán 421.00 6 10 202.16 EQUITY 4 Dentons Cárdenas & Cárdenas 381.90 3 3 -41.50 5 Posse Herrera Ruiz 370.00 7 1 -69.12 6 Philippi, Prietocarrizosa Ferrero DU & Uría 312.40 6 9 36.62 VENTURE 7 Durán & Osorio 300.00 1 * * CAPITAL 8 Gómez-Pinzón 231.96 10 12 152.96 9 Tower Consulting Worldwide 150.00 1 * * 10 Baker Mckenzie Colombia 140.00 5 5 -64.46

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Brigard & Urrutia Abogados 20 4,054.96 1 2 TOP DEALS OF 2 Garrigues Colombia 10 779.62 5 0 THE QUARTER 3 Gómez-Pinzón 10 231.96 2 -3 4 Posse Herrera Ruiz 7 370.00 3 -4 5 DLA Piper Martinez Beltrán 6 421.00 6 0 DEAL OF 6 Philippi, Prietocarrizosa Ferrero DU & Uría 6 312.40 4 -5 THE QUARTER 7 Norton Rose Fulbright Colombia 6 115.87 9 2 8 Baker Mckenzie Colombia 5 140.00 10 2 9 Dentons Cárdenas & Cárdenas 3 381.90 8 -2

TTR RADAR 10 Muñoz Romero Asesores 3 0.52 21 2

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Financial Advisor

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Martin Fariña (LXG Capital) 247.00 1 * * 2 Juan Ignacio Langlois (Tyndall Group) 231.90 1 * * PRIVATE 2 José Urribarri (Tyndall Group) 231.90 1 * * EQUITY

By nº of transactions

Variation nº Ranking 2018 Dealmakers - Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions VENTURE CAPITAL 1 Martin Fariña (LXG Capital) 1 247.00 * * 2 Juan Ignacio Langlois (Tyndall Group) 1 231.90 * * 2 José Urribarri (Tyndall Group) 1 231.90 * * 3 José Guillermo Acosta (Axia IB) 1 - * * EQUITY CAPITAL MARKETS 3 Oscar J. Collazo (Infupa) 1 - * * 3 Máximo Bronenberg (Infupa) 1 - * * 3 Juan Carlos Quintero Puerta (SCI Investment & Merchant Bank) 1 - * *

TOP DEALS OF This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. THE QUARTER In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com.

DEAL OF THE QUARTER

TTR RADAR

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Legal Advisors

By total value of transactions

Variation OVERVIEW Ranking 2018 Dealmakers - Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Álvaro Iván Cala (Brigard & Urrutia Abogados) 3,300.00 2 6 1,159.54 2 Andrés Ordóñez Rizo (Garrigues Colombia) 779.62 10 26 7,261.53

PRIVATE 3 Camilo Gantiva (Garrigues Colombia) 709.00 2 26 6,594.69 EQUITY 3 Roberto Borrás Polanía (Garrigues Colombia) 709.00 2 26 6,594.69 4 Camilo Martínez Beltrán (DLA Piper Martinez Beltrán) 421.00 2 10 202.16 5 Bernardo Cárdenas (Dentons Cárdenas & Cárdenas) 381.90 2 1 -26.16

VENTURE 6 Jaime Robledo (Brigard & Urrutia Abogados) 351.90 4 6 34.31 CAPITAL 7 Diego Cardona Baquero (Philippi, Prietocarrizosa Ferrero DU & Uría) 312.40 4 9 42.67 8 Martín Acero (Philippi, Prietocarrizosa Ferrero DU & Uría) 300.00 3 9 37.01 9 Álvaro Gasca (Durán & Osorio) 300.00 1 * * 9 Ignacio Londoño Rivera (Garrigues Colombia) 300.00 1 26 2,732.73 EQUITY CAPITAL MARKETS 9 Juan Fernando Gaviria (Philippi, Prietocarrizosa Ferrero DU & Uría) 300.00 1 9 37.01 10 Darío Laguado Giraldo (Brigard & Urrutia Abogados) 298.02 6 6 13.75

By nº of transactions

TOP DEALS OF Variation nº Ranking 2018 Dealmakers - Legal Advisor Number of transactions Total value (USDm) Ranking 2017 THE QUARTER Of transactions 1 Andrés Ordóñez Rizo (Garrigues Colombia) 10 779.62 15 7 2 Darío Laguado Giraldo (Brigard & Urrutia Abogados) 6 298.02 1 0 3 Ana Cristina Jaramillo (Norton Rose Fulbright Colombia) 6 115.87 7 2 DEAL OF THE QUARTER 4 Sergio Michelsen Jaramillo (Brigard & Urrutia Abogados) 5 105.04 1 -1 5 Jaime Robledo (Brigard & Urrutia Abogados) 4 351.90 1 -2 6 Diego Cardona Baquero (Philippi, Prietocarrizosa Ferrero DU & Uría) 4 312.40 3 -2 7 Andrés Hoyos (Gómez-Pinzón) 4 - 6 -1 TTR RADAR 8 Martín Acero (Philippi, Prietocarrizosa Ferrero DU & Uría) 3 300.00 3 -3 9 Jaime Cubillos (Posse Herrera Ruiz) 3 200.00 4 -2 9 Mariana Posse (Posse Herrera Ruiz) 3 200.00 4 -2

RANKINGS 10 José Alejandro Torres (Posse Herrera Ruiz) 3 20.00 4 -2

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnan cial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Financial Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Lazard 1,742.42 1 10 47.24 2 Goldman Sachs 300.00 2 11 -59.32 PRIVATE 3 Rothschild 300.00 1 * * EQUITY 4 Credit Suisse Group 210.00 1 16 31.25 5 BBVA 80.00 3 1 -97.90 6 Institución de Banca Múltiple 80.00 2 * * VENTURE 7 Dynamic M&A 66.39 1 * * CAPITAL 8 CREA Inversión 37.37 1 * * 9 Grupo Platino 5.50 4 * *

By nº of transactions EQUITY CAPITAL MARKETS Variation nº Ranking 2018 Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 PC Capital 6 - 23 5 2 Grupo Platino 4 5.50 * * TOP DEALS OF 3 BBVA 3 80.00 1 -3 THE QUARTER 4 Evercore Partners 3 - * * 5 Goldman Sachs 2 300.00 14 1 6 Institución de Banca Múltiple 2 80.00 * * DEAL OF 7 RIóN M&A (ex Pablo Rión y Asociados) 2 - 2 -2 THE QUARTER 8 Lazard 1 1,742.42 13 0 9 Rothschild 1 300.00 * * 10 Credit Suisse Group 1 210.00 8 -1

TTR RADAR This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 RANKINGS All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Mijares, Angoitia, Cortés y Fuentes 2,664.78 15 11 155.78 2 Garrigues México 1,748.92 5 14 137.13 PRIVATE 3 Nader Hayaux & Goebel Abogados 1,580.00 6 8 8.32 EQUITY 4 Creel, García-Cuéllar, Aiza y Enríquez 873.95 43 6 -75.84 5 DLA Piper Gallástegui y Lozano Mexico 571.60 3 16 147.45 6 Robles Miaja Abogados 414.07 2 * * VENTURE 7 Ritch Mueller 387.30 7 2 -94.56 CAPITAL 8 Greenberg Traurig México 372.89 6 25 * 9 Cervantes Sainz 349.00 1 3 -94.78 10 Jones Day México 347.68 6 13 -53.40

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Creel, García-Cuéllar, Aiza y Enríquez 43 873.95 1 18 TOP DEALS OF 2 Mijares, Angoitia, Cortés y Fuentes 15 2,664.78 2 -2 THE QUARTER 3 Galicia Abogados 13 140.86 4 3 4 Ritch Mueller 7 387.30 3 -3 5 Nader Hayaux & Goebel Abogados 6 1,580.00 6 0 DEAL OF 6 Greenberg Traurig México 6 372.89 25 5 THE QUARTER 7 Jones Day México 6 347.68 12 3 8 Garrigues México 5 1,748.92 17 3 9 Santamarina y Steta Abogados 5 163.08 20 3

TTR RADAR 10 White & Case México 4 56.00 5 -5

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Financial Advisor

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Guillermo Martorell Nieto (Grupo Platino) 0.30 1 * *

PRIVATE By nº of transactions EQUITY Variation nº Ranking 2018 Dealmakers - Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Luis Coria de Abiega (PC Capital) 5 - 7 4 2 Pablo Coballasi (PC Capital) 2 - 7 1 VENTURE CAPITAL 3 Guillermo Martorell Nieto (Grupo Platino) 1 0.30 * * 4 Reinaldo Grasson De Oliveira (Deloitte Brasil) 1 - * * 4 Oscar J. Collazo (Infupa) 1 - * * 4 Máximo Bronenberg (Infupa) 1 - * * EQUITY CAPITAL MARKETS 4 Iñaki Salazar (Oquendo Corporate) 1 - * * 4 Silvia de la Cuesta (Oquendo Corporate) 1 - * * 4 Ricardo Pérez Vas (RIóN M&A (ex Pablo Rión y Asociados)) 1 - 1 -2 4 Martin Plettner (RIóN M&A (ex Pablo Rión y Asociados)) 1 - 1 -2 TOP DEALS OF 4 Alexander von Griesheim Reimers (RIóN M&A (ex Pablo Rión y Asociados)) 1 - 1 -2 THE QUARTER 4 Eugenio Fernández (RIóN M&A (ex Pablo Rión y Asociados)) 1 - 1 -2 4 Daniel Guiot (RIóN M&A (ex Pablo Rión y Asociados)) 1 - 1 -2 4 Gabriel Millán (Serﬁcor Partners) 1 - * * DEAL OF 4 Gilberto Escobedo (Serﬁcor Partners) 1 - * * THE QUARTER

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. TTR RADAR * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com.

RANKINGS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Ricardo Maldonado Yañez (Mijares, Angoitia, Cortés y Fuentes) 2,116.42 4 25 676.41 2 Luis Gerardo Lemus Burguete (Garrigues México) 1,742.42 3 18 136.25 PRIVATE 3 Roberto Torres Velasco (Garrigues México) 1,742.42 1 18 136.25 EQUITY 4 Yves Hayaux-du-Tilly (Nader Hayaux & Goebel Abogados) 1,500.00 3 12 11.11 4 Luciano Pérez (Nader Hayaux & Goebel Abogados) 1,500.00 3 12 11.11 5 Edgar Romo Reynoso (DLA Piper Gallástegui y Lozano Mexico) 571.60 1 28 147.45 VENTURE 6 Pablo Mijares (Mijares, Angoitia, Cortés y Fuentes) 489.00 3 25 79.39 CAPITAL 7 Gerardo Pérez Chow (Robles Miaja Abogados) 414.07 2 * * 8 Martín Sánchez Bretón (Mijares, Angoitia, Cortés y Fuentes) 409.00 2 25 50.04 9 Jorge Montaño Valdés (Creel, García-Cuéllar, Aiza y Enríquez) 354.42 14 9 -77.37

EQUITY CAPITAL 10 Jean Michel Enriquez Dahlhaus (Creel, García-Cuéllar, Aiza y Enríquez) 350.01 6 9 -77.65 MARKETS By nº of transactions

Variation nº Ranking 2018 Dealmakers - Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions TOP DEALS OF 1 Jorge Montaño Valdés (Creel, García-Cuéllar, Aiza y Enríquez) 14 354.42 1 6 THE QUARTER 2 Eduardo González (Creel, García-Cuéllar, Aiza y Enríquez) 10 251.00 1 2 3 Jean Michel Enriquez Dahlhaus (Creel, García-Cuéllar, Aiza y Enríquez) 6 350.01 1 -2 4 Francisco Peniche (Creel, García-Cuéllar, Aiza y Enríquez) 6 31.00 1 -2 DEAL OF 5 Humberto Botti O. (Creel, García-Cuéllar, Aiza y Enríquez) 5 178.00 1 -3 THE QUARTER 6 Horacio M. de Uriarte (Mijares, Angoitia, Cortés y Fuentes) 5 59.36 5 1 7 Begoña Cancino G. (Creel, García-Cuéllar, Aiza y Enríquez) 5 31.00 1 -3 8 Ricardo Maldonado Yañez (Mijares, Angoitia, Cortés y Fuentes) 4 2,116.42 5 0

TTR RADAR 9 Mauricio Castilla (Jones Day México) 4 - 41 3 10 Luis Gerardo Lemus Burguete (Garrigues México) 3 1,742.42 24 1

MERGERS AND ACQUISITIONS

INDEX Financial Advisors

By total value of transactions

Variation OVERVIEW Ranking 2018 Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 The Bank of Nova Scotia (Scotiabank) 1,050.00 2 3 381.65 2 LXG Capital 670.59 7 12 *

PRIVATE 3 Banco BTG Pactual 473.00 3 9 3,053.33 EQUITY 4 EFIC Partners 432.52 4 * * 5 Banco Itaú BBA 231.90 1 * * 5 Tyndall Group 231.90 1 * *

VENTURE 6 Banco Santander 204.72 1 * * CAPITAL 7 CAPIA 198.00 3 4 46.99 8 BNP Paribas 115.17 1 * * 8 Lazard 115.17 1 * * 9 BBVA 42.30 1 8 96.74 EQUITY CAPITAL MARKETS 10 Bansud Capital 40.00 1 * *

By nº of transactions

Variation nº Ranking 2018 Financial Advisor Number of transactions Total value (USDm) Ranking 2017 TOP DEALS OF Of transactions THE QUARTER 1 LXG Capital 7 670.59 4 5 2 EFIC Partners 4 432.52 * * 3 APOYO Finanzas Corporativas 4 - 14 3

DEAL OF 4 Banco BTG Pactual 3 473.00 12 2

THE QUARTER 5 CAPIA 3 198.00 2 1 6 UNE Asesores Financieros 3 25.59 3 1 7 The Bank of Nova Scotia (Scotiabank) 2 1,050.00 7 1 8 Banco Itaú BBA 1 231.90 * * TTR RADAR 8 Tyndall Group 1 231.90 * * 9 Banco Santander 1 204.72 * * 10 BNP Paribas 1 115.17 * * RANKINGS 10 Lazard 1 115.17 * *

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnan cial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Estudio Muñiz 3,168.32 24 4 190.88 2 Payet, Rey, Cauvi, Pérez Abogados 1,756.89 7 6 317.89 PRIVATE 3 Rodrigo, Elías & Medrano Abogados 1,499.47 15 1 -1.17 EQUITY 4 Garrigues Perú 1,452.42 7 8 905.48 5 Miranda & Amado Abogados 1,006.84 8 2 -32.37 6 Rebaza, Alcázar & De Las Casas Abogados Financieros 682.73 15 5 36.57 VENTURE 7 Estudio Rubio Leguía Normand 650.50 4 19 * CAPITAL 8 Estudio Fernández & Vargas Abogados 506.80 1 * * 9 Philippi, Prietocarrizosa, Ferrero DU & Uría Perú 375.29 12 9 453.12 10 Estudio Gálvez 133.00 1 * *

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Estudio Muñiz 24 3,168.32 1 4 TOP DEALS OF 2 Rodrigo, Elías & Medrano Abogados 15 1,499.47 2 -2 THE QUARTER 3 Rebaza, Alcázar & De Las Casas Abogados Financieros 15 682.73 5 4 4 Philippi, Prietocarrizosa, Ferrero DU & Uría Perú 12 375.29 8 5 5 Estudio Echecopar 9 111.72 7 0 DEAL OF 6 Miranda & Amado Abogados 8 1,006.84 4 -4 THE QUARTER 7 Hernández & Cía Abogados 8 67.70 12 5 8 Payet, Rey, Cauvi, Pérez Abogados 7 1,756.89 3 -7 9 Garrigues Perú 7 1,452.42 6 -4

TTR RADAR 10 Estudio Rubio Leguía Normand 4 650.50 15 2

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Financial Advisor

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Financial Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Javier Zavala (LXG Capital) 398.59 5 6 * 2 Marcos Quiroz (EFIC Partners) 392.52 3 * * PRIVATE 3 Jose Antonio Blanco (Banco BTG Pactual) 273.00 1 * * EQUITY 3 Cristhian Escalante (Banco BTG Pactual) 273.00 1 * * 4 Martin Fariña (LXG Capital) 272.00 2 6 * 5 Juan Ignacio Langlois (Tyndall Group) 231.90 1 * * VENTURE 5 José Urribarri (Tyndall Group) 231.90 1 * * CAPITAL 6 Augusto F. Barreto (CAPIA) 198.00 3 2 133.77 7 Aurelien Nicolás (BNP Paribas) 115.17 1 * * 7 Farid Bencheikh (Lazard) 115.17 1 * *

EQUITY CAPITAL 8 Oscar Molina (Bansud Capital) 40.00 1 * * MARKETS 9 Ian Fry Cisneros (UNE Asesores Financieros) 25.59 1 5 190.82

By nº of transactions

Variation nº TOP DEALS OF Ranking 2018 Dealmakers - Financial Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions THE QUARTER 1 Javier Zavala (LXG Capital) 5 398.59 6 4 2 Marcos Quiroz (EFIC Partners) 3 392.52 * * 3 Augusto F. Barreto (CAPIA) 3 198.00 3 2 DEAL OF 4 Martin Fariña (LXG Capital) 2 272.00 6 1 THE QUARTER 5 Eduardo Peláez Santillán (UNE Asesores Financieros) 2 - 1 0 6 Jose Antonio Blanco (Banco BTG Pactual) 1 273.00 * * 6 Cristhian Escalante (Banco BTG Pactual) 1 273.00 * *

TTR RADAR 7 Juan Ignacio Langlois (Tyndall Group) 1 231.90 * * 7 José Urribarri (Tyndall Group) 1 231.90 * * 8 Aurelien Nicolás (BNP Paribas) 1 115.17 * * 8 Farid Bencheikh (Lazard) 1 115.17 * * RANKINGS 9 Oscar Molina (Bansud Capital) 1 40.00 * * 10 Ian Fry Cisneros (UNE Asesores Financieros) 1 25.59 1 -1 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018 RANKING YEAR TO DATE

MERGERS AND ACQUISITIONS

INDEX Dealmakers - Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2018 Dealmakers - Legal Advisor Total value (USDm) Number of transactions Ranking 2017 Total value (%) 1 Mauricio Olaya Nohra (Estudio Muñiz) 1,677.49 12 4 66.65 2 José Antonio Payet (Payet, Rey, Cauvi, Pérez Abogados) 1,558.59 3 11 538.77 PRIVATE 3 Andrés R. Kuan-Veng Cabrejo (Estudio Muñiz) 1,428.10 3 4 41.88 EQUITY 4 Juan Carlos Vélez (Estudio Muñiz) 1,155.42 8 4 14.79 5 Iván Chu (Payet, Rey, Cauvi, Pérez Abogados) 950.00 1 11 289.34 6 Jean Paul Chabaneix (Rodrigo, Elías & Medrano Abogados) 928.57 4 2 -21.11 VENTURE 7 Sergio Amiel (Garrigues Perú) 843.72 4 18 648.64 CAPITAL 8 José Talledo Vinces (Rodrigo, Elías & Medrano Abogados) 765.40 4 2 -34.97 9 Ricardo de la Piedra (Estudio Muñiz) 624.35 5 4 -37.97 10 Óscar Arrus (Garrigues Perú) 608.70 3 18 440.11

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2018 Dealmakers - Legal Advisor Number of transactions Total value (USDm) Ranking 2017 Of transactions 1 Mauricio Olaya Nohra (Estudio Muñiz) 12 1,677.49 1 0 TOP DEALS OF 2 Juan Carlos Vélez (Estudio Muñiz) 8 1,155.42 1 -4 THE QUARTER 3 Felipe Boisset (Rebaza, Alcázar & De Las Casas Abogados Financieros) 7 309.73 9 3 4 Óscar Trelles de Belaunde (Estudio Echecopar) 7 111.72 4 1 5 Ricardo de la Piedra (Estudio Muñiz) 5 624.35 1 -7 DEAL OF 6 Luis Miguel Elías (Rebaza, Alcázar & De Las Casas Abogados Financieros) 5 273.00 9 1 THE QUARTER 7 Guillermo Ferrero Álvarez-Calderón (Philippi, Prietocarrizosa, Ferrero DU & Uría Perú) 5 125.00 19 3 8 Jean Paul Chabaneix (Rodrigo, Elías & Medrano Abogados) 4 928.57 2 -3 9 Sergio Amiel (Garrigues Perú) 4 843.72 10 0

TTR RADAR 10 José Talledo Vinces (Rodrigo, Elías & Medrano Abogados) 4 765.40 2 -3

This ranking was generated with transactions announced in 2018 Year-to-Date. The Rankings do not include acquisitions/sales of assets and joint ventures. At least one party in the transaction must be from the country analyzed. In case of a draw, the adopted criteria will be the following: for a draw of the number of transactions, the total deal value prevails; for a draw of the deal value, the number of transactions prevails. When a draw of both deal number RANKINGS and deal value occurs, the original position will be maintained and the deals will be arranged alphabetically. * Not registered in 2017 All transactions and ﬁnancial data are available at www.TTRecord.com. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Latin America - 04Q 2018

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURE CAPITAL

EQUITY CAPITAL MARKETS

For more information: [email protected] www.TTRecord.com TOP DEALS OF THE QUARTER

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TTR RADAR

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