Patrocinado Por: BRAZIL

Patrocinado por: BRAZIL

OVERVIEW PRIVATE EQUITY ** EQUITY CAPITAL MARKETS ***

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

• DEAL VOLUME IN LATIN AMERICA • TOTAL DEAL VOLUME AND VALUE OF TRANSACTIONS • IPOs

• TOTAL VOLUME AND VALUE OF TRANSACTIONS • TOTAL NUMBER, VALUE AND TYPE • FOLLOW-ON • DEAL FLOW SINCE 2014 • TOP PLAYERS AND MOST ACTIVE SUBSECTORS

• TRANSACTIONS WITH DISCLOSED VALUE

• MOST ACTIVE SUBSECTORS

• CROSS-BORDER DEALS VENTURE CAPITAL **

• TOTAL DEAL VOLUME AND VALUE OF TRANSACTIONS

• TOTAL NUMBER, VALUE AND TYPE

• PLAYERS AND MOST ACTIVE SUBSECTORS MAIS ATIVOS

DEAL OF THE QUARTER TTR RADAR QUARTERLY RANKING

VONPAR FORWARD - LOOKING INTELLIGENCE • FINANCIAL ADVISORS • LEGAL ADVISORS Coca-Cola Femsa closes acquisition of 100% of Vonpar Identify early stage M&A opportunities with TTR Radar, delivering actionable proprietary and aggregated intelligence.

* Includes assets. ** Includes announced and completed transactions in which at least one Brazil-based is involved. *** Includes transactions in which at least one Brazil-based company is involved or a foreign company quoted on the Brazilian stock exchange.

Reaching the summit is 1,000,000,000 no small feat. PAGES UPLOADED 41,000+ VIRTUAL DATA ROOM PROJECTS SECURED MERRILL DATASITE SINCE 2003

This year, Merrill DataSite reached the 1 billion mark. 31,000+ That’s 1 billion pages uploaded to our award-winning M&A TRANSACTIONS SINCE 2003 virtual data room since 2004.

Thousands of companies worldwide trust us to securely host their confidential information. Our single platform 20 exists to support your rapidly changing needs. TECHNOLOGY AWARDS IN THE PAST 8 YEARS

FINANCIAL TRANSACTIONS & REPORTING | MARKETING & COMMUNICATIONS FOR REGULATED INDUSTRY | CUSTOMER CONTENT & COLLABORATION SOLUTIONS TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

DEAL VOLUME IN LATIN AMERICA

INDEX Main countries Year to date

681

OVERVIEW

PRIVATE EQUITY

239

VENTURE Domestic 139 CAPITAL 93 92 Inbound acquisitions * 77 80 74 74 69 55 62 50 57 28 35 38 27 33 29 38 40 34 Outbound acquisitions ** 8 12 3 8 4 17 8 Sale of foreign subsidiaries *** Divestment - Foreign-owned stake **** Brazil Mexico Chile Argentina Peru Colombia EQUITY CAPITAL MARKETS

TOP DEALS - 04Q 2016 (USDm) TOP DEALS OF THE QUARTER VALUE TARGET COUNTRY SUBSECTOR BUYER COUNTRY SELLER COUNTRY (USDm)

Brookﬁeld Asset Odebrecht Ambiental Brazil Water and Sanitation Canada Odebrecht Brazil 2.502,00 Management DEAL OF THE QUARTER Brazil, Mining, Agriculture, Agribusiness, Farming United Vale - Companhia Vale do Ativos de Potássio, Projeto de Potássio Canadá, Ativos de Fosfatados Mosaic Brazil 2.500,00 Canada and Fishing States Rio Doce Bloco Petrolífero BM-S-8 Brazil Oil and Gas Statoil Brasil Brazil Petrobras Brazil 2.500,00 Campo de Lapa, Usina Térmica Rômulo de Almeida, Usina Térmica Celso Furtado, 2.200,00 Brazil Oil and Gas, Electric Total France Petrobras Brazil TTR RADAR Concessão Petrolífera de Iara (Approx.) 2.000,00 Oil Combustibles Argentina Oil and Gas Gunvor Group Switzerland Grupo Indalo Argentina (Approx.)

* Foreign companies acquiring companies in the speciied country. RANKINGS ** Companies based in speciied country making acquisitions abroad. *** Country from speciic country selling stakes in targets abroad. **** Foreign companies selling stakes in companies based in speciic country.

5 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TOTAL VALUE AND VOLUME TRANSACTION

INDEX Year to date This quarter Last four years

20 154 813 [1.046] (427) 20 2015 91 BRLm 223.730 OVERVIEW 310 142 84 124 751 [987] (448) 2014 100 BRLm 151.903 PRIVATE 136 182 EQUITY 751 730 [1.005] (506) 2013 104 BRLm 113.408 802 150 266 VENTURE 692 CAPITAL [902] (425) 127 [1040] -0,57% [306] -3,77% 2012 BRLm 174.866 83 (427) BRLm 264.755 18,34% (122) BRLm 95.064 8,85%

EQUITY CAPITAL DEAL FLOW SINCE 2014 MARKETS 100k 95.064,43 87.338,71 50.186,51 M&A 50k TOP DEALS OF THE QUARTER Private Equity Venture Capital

Total value (BRLm) Ongoing Completed 0k [ ] Number of transactions DEAL OF 34% 47% THE QUARTER 400 ( ) Number of transactions with disclosed value 318 290 306 279 BRLm Total aggregate value 252 251 251 261 225 209 209 222 TTR RADAR 200 Number of transactions RANKINGS 0 % All the percentages represent a variation relative to the same 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 period the previous year.

-2% 6% 6 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

TRANSACTIONS WITH DISCLOSED VALUE

INDEX This quarter Year to date

Number of transactions Number of transactions Total value

OVERVIEW

37 87 238.441

44 PRIVATE EQUITY Year to 46 15.285 67 Date 78

294 11.029 VENTURE Large transactions (≥ BRL 500m) CAPITAL 18 Medium-size transactions (≥ BRL 200m < BRL 500m)

Small transactions (< BRL 200m) EQUITY CAPITAL MARKETS Ongoing

Completed This quarter Last four years BRLm Total aggregate value TOP DEALS OF Total value (BRLm) Number of transactions Total value THE QUARTER 57 191.260 85.305 2015 61 19.082 309 13.388 DEAL OF THE QUARTER 68 120.429 2014 47 15.764 333 15.709

53 77.176 TTR RADAR 2013 65 20.339 388 15.892

6.408 63 142.100 3.352 RANKINGS 2012 51 16.362 311 16.404 Large transactions Medium-size Small transactions transactions 7 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

LEADING SUBSECTORS *

INDEX Subsectors with most deals (M&A) ** Change relative to the Number of transactions Year to date same period in 2015

202 OVERVIEW Technology 34%

144 Financial and Insurance 30%

Internet 137 1% PRIVATE EQUITY Consultancy, Audit and Enginee… 105 12%

Number of transactions this quarter VENTURE CAPITAL Financial and Insurance 58

48 Technology

EQUITY CAPITAL 26 MARKETS Distribution and Retail

Consultancy, Audit and Enginee… 26

TOP DEALS OF 2015 2014 2013 2012 THE QUARTER

Technology 151 Technology 134 Internet 131 Technology 102

DEAL OF THE QUARTER Internet 135 Internet 127 Technology 112 Internet 90

Financial and 111 Financial and 96 Distribution 79 80 TTR RADAR Real Estate Insurance Insurance and Retail

Distribution Financial and Distribution 94 Real Estate 88 77 70 and Retail Insurance and Retail 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. 8 % All the percentages represent a variation relative to the same period the previous year. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

CROSS-BORDER DEALS *

INDEX Number of transactions

OVERVIEW US-based acquirers of brazilian companies 85 -12,37% 97 -4,90% 102 -11,30% 115 -8,73% 126

Foreign acquisitions in the technology and internet 57 -26,92% 78 8,33% 72 -8,86% 79 -4,82% 83 subsector

PRIVATE Foreign Private Equity and Venture Capital Funds investing 58 -15,94% 69 -12,66% 79 3,95% 76 10,14% 69 EQUITY in brazilian companies

286 286 VENTURE 280 CAPITAL 269

239 Since 2010, US-based compaies are the most acquisitive in the brazilian market. EQUITY CAPITAL MARKETS Internet and technology companies have been the most attractive to foreign investors by deal volume.

TOP DEALS OF THE QUARTER Inbound acquisitions **

Outbound acquisitions ***

Sale of foreign subsidiaries **** DEAL OF THE QUARTER

44 43 35 38 38 28 22 23 16 18 TTR RADAR

2016 - Year to date 2015 2014 2013 2012

RANKINGS * TTR considers cross-border transactions any M&A transaction that involves a non-Brazilian buyer, seller or target. ** Foreign companies acquiring Brazilian-based companies. *** Brazilian-based companies acquiring targets abroad. **** Brazilian-based companies selling foreign subsidiaries. 9 % All the percentages represent a variation relative to the same period the previous year. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 OVERVIEW (M&A, PRIVATE EQUITY AND VENTURE CAPITAL)

239 CROSS-BORDER DEALS *

INDEX Year to date Inbound acquisitions ** Outbound acquisitions *** 28 Ranking per Country **** Ranking per Country ****

OVERVIEW BIDDER COUNTRY No. Total value (BRLm) TARGET COUNTRY No. Total value (BRLm) United States 85 23.474,49 United States 6 40,26 France 23 12.409,85 Argentina 5 1.090,89 Canada 14 32.699,65 Chile 3 8.246,10 PRIVATE EQUITY Luxembourg 14 6.026,45 Colombia 3 43,94 Spain 12 1.422,74 Netherlands 1 296,69 United Kingdom 12 600,00 Oman 1 129,31 China 10 40.436,64 Canada 1 13,30 VENTURE CAPITAL Argentina 9 349,36 China 1 7,99 Germany 9 165,00 Uruguay 1 4,50 Australia 7 63,54 Paraguay 1 0,16

EQUITY CAPITAL Leading subsectors **** Leading subsectors **** MARKETS

US FR CA LU ES UK CN AR DE AU US AR CL CO NL OM CA CN UY PY Total Total

TOP DEALS OF Technology 23 2 1 4 3 2 38 Internet 1 1 1 1 7 THE QUARTER Internet 21 4 6 1 28 Technology 1 1 1 6 Consultancy, Audit and Engineering 12 4 1 1 3 2 1 26 Financial and Insurance 1 2 1 1 4 Distribution and Retail 11 1 1 20 Food and Beverage 1 3 DEAL OF Financial and Insurance 10 2 1 2 1 1 1 19 Oil and Gas 1 2 THE QUARTER Mining 2 8 2 1 1 1 17 Tourism, Hotels and Restaurants 1 2 Transport, Aviation and Logistics 5 1 2 2 3 15 Chemical and Chemical Materials 2 2 Glass, Ceramic, Paper, Plastics, Wood and Transport, Aviation and Logistics 1 2 1 1 1 13 TTR RADAR Timber Education 1 1 Food 5 1 2 1 1 1 13 Real Estate 1 1 Healthcare, Hygiene, Medical Aesthetics and 5 2 4 1 13 Cosmetics RANKINGS * TTR considers cross-border transactions any M&A transaction that involves a non-Brazilian buyer, seller or target. ** Foreign companies acquiring Brazilian-based companies. *** Brazilian-based companies acquiring targets abroad. **** 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. 10 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 PRIVATE EQUITY

TOTAL VALUE AND VOLUME TRANSACTION 10k INDEX 7.370,96 5.846,70 Domestic Cross-border 5k 1.757,32 OVERVIEW Ongoing Completed

Total value (BRLm) 0k [ ] Number of transactions ( ) Number of transactions with disclosed value PRIVATE 81% -28% EQUITY 40 33 BRLm Total aggregate value 32 28 26 25 21 21 22 20 VENTURE 20 16 16 CAPITAL 15 Number of transactions EQUITY CAPITAL 0 MARKETS 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016

-4% -9%

TOP DEALS OF DEAL VOLUME, AGGREGATE VALUE AND GEOGRAPHY THE QUARTER Year to date This quarter Last four years

[91] (41) 51 DEAL OF 2 BRLm 16.605,37 2015 THE QUARTER 19 40

8 48 [100] (46) 38 2014 52 BRLm 23.062,99

TTR RADAR 46 69 [104] (54) 12 2013 35 BRLm 12.714,06 65 18 77 [127] (55) RANKINGS 2012 50 BRLm 14.817,65

[84] -8% [20] -23% % All the percentages represent a variation relative to the same 11 (36) BRLm 15.047 -9% (5) BRLm 1.757 -76% period the previous year. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 PRIVATE EQUITY

LEADING FIRMS AND SUBSECTORS *

INDEX Year to date Change relative to the same period in 2015

14 OVERVIEW Distribution and Retail -7% PRIVATE EQUITY Country Nº Mubadala United Arab Emirates 4

HIG Capital (Global) United States 3 Financial and Insurance 8 0% PRIVATE Axxon Group Brazil 3 EQUITY Pátria Investimentos Brazil 2

Transport, Aviation and GP Investments (Global) Bermuda 2 8 300% Logistics Carlyle (Global) United States 2 VENTURE CAPITAL Venrock United States 2

Education 6 100% Capital Group United States 1

EQUITY CAPITAL MARKETS

TOP DEALS OF 2015 2014 2013 2012 THE QUARTER

Distribution Distribution 15 12 Healthcare,… 12 Internet 12 and Retail and Retail DEAL OF THE QUARTER Financial and Financial and Distribution 8 11 Education 10 11 Insurance Insurance and Retail

Chemical and Transport, TTR RADAR Chemical 6 Technology 11 Constructio… 6 Aviation and 9 Materials Logistics Transport, Distribution Financial and Technology 6 Aviation and 9 6 9 and Retail Insurance RANKINGS 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. 12 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 VENTURE CAPITAL

TOTAL VALUE AND VOLUME TRANSACTION

INDEX 1000

Domestic Cross-border 500 199,22 OVERVIEW 147,14 132,88 Ongoing Completed

Total value (BRLm) 0 [ ] Number of transactions ( ) Number of transactions with disclosed value PRIVATE 9% 4% EQUITY 75 BRLm Total aggregate value 57

50 45 38 35 37 40 34 32 VENTURE 32 32 30 CAPITAL 20 25 Number of transactions EQUITY CAPITAL 0 MARKETS 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016

-9% 4%

TOP DEALS OF DEAL VOLUME, AGGREGATE VALUE AND GEOGRAPHY THE QUARTER Year to date This quarter Last four years

[142] (74) 92 DEAL OF 40 6 1 BRLm 1.231,10 THE QUARTER 2015 50 7 94 [136] (81) 2014 42 BRLm 1.189,40

TTR RADAR 94 [150] (97) 2013 56 13 BRLm 1.092,54

114 42 148 19 [83] (40) RANKINGS 2012 41 BRLm 751,00

[154] 8% [20] -43% % All the percentages represent a variation relative to the same 13 (103) BRLm 1.624 32% (10) BRLm 133 -33% period the previous year. TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 VENTURE CAPITAL

LEADING FIRMS AND SUBSECTORS *

INDEX Year to date Change relative to the same period in 2015

86 OVERVIEW Technology 83% VENTURE CAPITAL Country Nº Redpoint e.Ventures Brazil 10

Bossa Nova Investimentos Brazil 10 Internet 77 -1% PRIVATE Cotidiano Brazil 10 EQUITY Monashees Capital Brazil 7

Consultancy, Audit and Kaszek Ventures Argentina 7 17 42% Engineering Oxigênio Aceleradora Brazil 6 VENTURE CAPITAL Wayra (Global) Spain 6

Marketing and 15 -6% Valor Capital Group United States 6 Advertising

EQUITY CAPITAL MARKETS

TOP DEALS OF 2015 2014 2013 2012 THE QUARTER

Internet 78 Internet 83 Internet 92 Internet 53 DEAL OF THE QUARTER

Technology 47 Technology 36 Technology 41 Technology 18

Marketing Marketing Distribution TTR RADAR and 16 and 11 Education 10 12 and Retail Advertising Advertising Media, Distribution Education 12 9 Multimedia 10 Education 4 and Retail RANKINGS and Editorial

* 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. 14 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 EQUITY CAPITAL MARKETS

INDEX IPOs * FOLLOW-ON *

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

PRIVATE EQUITY 674,19 10.638,55 Year To Date 1 Year To Date 21

VENTURE CAPITAL 2.878,49 5.874,31 2015 2 2015 17

EQUITY CAPITAL 363,46 MARKETS 2014 1 2014 31 28.240,74

TOP DEALS OF 10 40 THE QUARTER 2013 17.027,10 2013 11.813,32

DEAL OF 3 24 THE QUARTER 2012 3.932,96 2012 16.206,76

TTR RADAR

RANKINGS

* Includes transactions in which at least a Brazilian company is involved or a foreign company quoted on Brazil stock exchange.

15 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 TOP DEALS OF THE QUARTER

MERGER ACQUISITION

Value INDEX Target Country Subsector Buyer Seller (BRLm)

Mining, Agriculture, Ativos de Potássio, Projeto de Potássio Brazil, Agribusiness, Mosaic Vale - Companhia Vale do Rio Doce 8.443,90 Canadá, Ativos de Fosfatados Canada OVERVIEW Farming and Fishing Bloco Petrolífero BM-S-8 Brazil Oil and Gas Statoil Brasil Petrobras 8.358,53 Water and Odebrecht Ambiental Brazil Brookﬁeld Asset Management Odebrecht 7.844,88 PRIVATE Sanitation EQUITY Campo de Lapa, Usina Térmica Rômulo Oil and Gas, 7.331,16 de Almeida, Usina Térmica Celso Brazil Total Petrobras Electric (Approx.) Furtado, Concessão Petrolífera de Iara Petro Vista Energy Brasil Brazil Mining Maha Energy Petro Vista Energy 6.543,17

VENTURE CAPITAL PRIVATE EQUITY

Value Target Country Subsector Buyer Seller (BRLm)

Parnaíba Gás Natural Brazil Oil and Gas Eneva OGX Petróleo e Gás, Cambuhy I FIP 1.160,37 EQUITY CAPITAL Companhia Metro Norte Brazil Real Estate REC 2015 Empreendimentos e Participações JHSF Participações 418,00 MARKETS Construction Brasil Desenvolvimento Urbano Brazil (Materials and BREOF III - Fundo de Investimento em Participações - 100,00 Machinery) Financial and Rio Bravo Investimentos Brazil Fosun Group Sagres 46,68 TOP DEALS OF Insurance THE QUARTER United Distribution and Hickies Sforza Holding, Private Shareholders, Endeavor Catalyst - 32,27 States Retail

VENTURE CAPITAL DEAL OF Value THE QUARTER Target Country Subsector Buyer Seller (BRLm)

Marketing and Resultados Digitais Brazil TPG Growth, Redpoint e.Ventures, Endeavor Catalyst, DGF investimentos - 61,99 Advertising QuintoAndar Brazil Internet Kaszek Ventures, Qualcomm Ventures, Acacia Partners - 42,00 TTR RADAR Rocket.Chat Brazil Technology New Enterprise Associates (NEA) - 16,00 Semantix Brazil Technology Banco Bradesco - 3,50 Pismo Brazil Technology FIP RPEV1BRAZIL - 3,00

RANKINGS IPO

ISSUER VALUE ISSUER SUBSECTOR STOCK MARKET EXCHANGE COUNTRY (BRLm)

Alliar Médicos à Frente Brazil Healthcare, Hygiene, Medical Aesthetics and Cosmetics BM&FBOVESPA 674,19 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 DEAL OF THE QUARTER

First Quarter Second Quarter Third Quarter Fourth Quarter INDEX Target: Novita Target: XP Investimentos Target: STP Serviços e Tecnologia de Pagamentos Target: Vonpar Buyer: Coty Buyer: General Atlantic Buyer: DB Trans Buyer: Spal Industria Brasileira De Bebidas Value: BRL 3.800,00m Value: BRL 300,00m Value: BRL 4.086,00m Value: BRL 3.508,00m

OVERVIEW Vonpar Full Transaction Details Coca-Cola Femsa closes acquisition of 100% of Vonpar

PRIVATE Parties FINANCIAL DATA EQUITY Target: Vonpar Total Value Payment Vonpar 2015-12-31 (BRL) Description: Beverage manufacturer and distributor of brands Coca-Cola, Kaiser, and Agua Mineral Charrua. BRL 3.508,00m (Cash) BRL 3.508,00m Revenue BRL 2.092,75m EBITDA - VENTURE Multiples - Vonpar - 2015-12-31 CAPITAL Buyer % Seller % EBIT - Enterprise Equity Value Total value Spal Industria Brasileira De Bebidas 100,00% Private Shareholders 100,00% Value (Implied) (Transaction) Earnings BRL 142,47m

Ultimate Owner (Buyer) Revenue 1,68 x 1,68 x 1,68 x Net Debt - EQUITY CAPITAL Coca-Cola Femsa EBITDA - - - MARKETS EBIT - - -

Earnings 24,62 x 24,62 x 24,62 x

TOP DEALS OF Advisors / Due Diligence THE QUARTER Parties Financial Advisory Vonpar Trust & Co Sérgio Maia (Managing Partner), André Teixeira Sá (Senior Partner), Eduardo Palma Dullius (Senior Partner), Juliano Tondo Pereira (Senior Partner), Luiz Fialho (Associate) Vonpar EmparGroup Ricardo Hungria

DEAL OF Parties Legal Advisory THE QUARTER Luis Renato Ferreira da Silva (Partner), Andreia de Andrade Gomes (Partner), Daniel Oliveira Andreoli (Partner), Francisco Eumene Machado de Oliveira Neto (Partner), Luiz Fernando Visconti (Partner), Maurício Braga Chapinoti (Partner), Paulo Augusto Furtado Mendonça (Partner), Rafael Mallmann (Partner), Roberto Pierri Bersch (Partner), Alberto Esteves Ferreira Vonpar TozziniFreire Advogados Filho (Associate), Eduardo Petry Terra Werneck (Associate), Guilherme Manier Carneiro Monteiro (Associate), Jackson de Freitas Ferreira (Associate), Luis Felipe Soares da Cunha Euzebio (Associate), Maria Medeiros Boﬁll (Associate), Rafael Balanin (Associate), Vivian Anne Fraga do Nascimento Arruda (Associate)

TTR RADAR Vonpar Vonpar Lucio Cintra Soares (General Counsel) Spal Industria Brasileira Pinheiro Neto Fernando Alves Meira (Partner), Camila Carvalho Gomes (Associate), Tiago Rocha De Bebidas Advogados Spal Industria Brasileira Spal Industria Brasileira Camila Amaral (General Counsel), Carmem Bea (General Counsel), Eduardo Lacerda Fernandes (General Counsel), Fabiana Meira (General Counsel), Wlado Justo (General Counsel) De Bebidas De Bebidas RANKINGS Creel, García-Cuéllar, Acionistas Particulares Jean Michel Enriquez Dahlhaus (Partner), Luis Gerardo García Santos Coy (Partner), Omar Zuñiga (Partner), Diego Barrera Pieck (Associate), Eduardo Michan (Associate) Aiza y Enríquez Carlos Luiz Díaz Saens (General Counsel), Carmen Meza (General Counsel), Gerardo Castaneda (General Counsel), Mariana Icaza (General Counsel), Marlene Castillo (General Counsel), Coca-Cola Femsa Coca-Cola Femsa Matias Molina (General Counsel), Norman Navarrete (General Counsel) TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 TTR RADAR

FORWARD-LOOKING INTELLIGENCE

INDEX Opportunities by Intelligence type and volume - 04Q 2016

Acquisition Finance OVERVIEW Takeover Advisory Appointment Strategic Management Change Asset Sales / Acquisitions

Roadshow Auction PRIVATE 75 Identify early stage EQUITY Regulatory / Compliance Capital Raise M&A opportunities with TTR Radar, delivering actionable proprietary Public Tender / Concession 50 Changes in Control VENTURE and aggregated CAPITAL intelligence.

Public Takeover Offer Companies for Sale 25 EQUITY CAPITAL TTR RADAR MARKETS Project Finance / Infrastructure Projects Companies looking for Investors Amper announces 0 divestment in Argentina, Brazil, and TOP DEALS OF Privatization Companies Looking to Buy THE QUARTER Venezuela

Private Equity / Venture Capital Corporate Governance Change DEAL OF THE QUARTER

pre-IPO Distressed / Restructuring Sentient Energy in talks with Brazilian utilities to expand to South TTR RADAR Partnerships & Alliances Family-owned / Closely held America - IIICorp

New Mandate Opportunity High Growth

RANKINGS Merger Infrastructure Market Exit Joint Venture Market Entry

18 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016

INDEX Quarterly OVERVIEW Report PRIVATE EQUITY 1ST, 2ND, 3RD & 4TH Quarter

VENTURE CAPITAL

EQUITY CAPITAL MARKETS

TOP DEALS OF THE QUARTER

DEAL OF THE QUARTER

TTR RADAR

RANKINGS Financial Advisors Legal Advisors TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 QUARTERLY RANKING

MERGERS AND ACQUSITIONS

INDEX Financial Advisors

By total value of transactions

OVERVIEW Variation Ranking 2016 Financial Advisor Total value (BRLm) Number of transactions Ranking 2015 Total value (%) 1 Banco Bradesco BBI 71.633,83 26 1 110,94 2 Banco Itaú BBA 57.611,85 28 3 96,14 PRIVATE 3 Bank of America 28.068,37 8 6 129,43 EQUITY 4 Banco BTG Pactual 26.829,11 18 2 -19,61 5 Banco Santander 22.904,67 6 8 121,23 6 Morgan Stanley (Global) 17.633,95 4 20 1.872,87 VENTURE 7 Rothschild (Global) 12.263,23 3 5 -26,61 CAPITAL 8 Goldman Sachs 11.077,50 4 10 94,01 9 BNP Paribas (Global) 7.185,21 6 18 600,01 10 J.P. Morgan Chase International Holdings 4.889,78 4 4 -72,45

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2016 Financial Advisor Number of transactions Total value (BRLm) Ranking 2015 Of transactions 1 Banco Itaú BBA 28 57.611,85 1 -16 TOP DEALS OF 2 Banco Bradesco BBI 26 71.633,83 3 8 THE QUARTER 3 Banco BTG Pactual 18 26.829,11 2 -14 4 Cypress Associates 11 71,40 29 9 5 Vinci Partners 10 634,28 5 0 DEAL OF 6 Bank of America 8 28.068,37 4 -3 THE QUARTER 7 Banco Santander 6 22.904,67 13 2 8 BNP Paribas (Global) 6 7.185,21 14 2 9 Morgan Stanley (Global) 4 17.633,95 23 2

TTR RADAR 10 Goldman Sachs 4 11.077,50 8 -2

TTR Rankings are generated with transactions announced between 1 January and 31 December 2016. The transactions may be closed or remain as announced during this period. Sales and acquisitions of shares are taken into account. The Rankings do not include acquisitions/sales of assets and joint venture. RANKINGS In case of draw, the adopted criteria will be the following: before a draw of number of transactions, the total deal value prevails; before a draw of deal value, the number of transactions prevails. When a draw of both deal number and deal value occurs, the original position will be maintain and the deals will be arranged alphabetically. * Not registered in 2015 All transactions and ﬁnancial data are available at www.TTRecord.com.

20 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 QUARTERLY RANKING

MERGERS AND ACQUSITIONS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2016 Legal Advisor Total value (BRLm) Number of transactions Ranking 2015 Total value (%) 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 75.052,91 59 4 231,83 2 Veirano Advogados 49.150,10 27 11 750,42 PRIVATE 3 Pinheiro Neto Advogados 43.792,62 54 1 -8,94 EQUITY 4 Barbosa, Müssnich, Aragão 25.796,91 31 7 77,03 5 TozziniFreire Advogados 25.420,12 32 12 546,97 6 Demarest Advogados 21.159,51 22 10 132,70 VENTURE 7 Machado, Meyer, Sendacz e Opice Advogados 13.524,67 40 2 -67,27 CAPITAL 8 Souza, Cescon, Barrieu & Flesch Advogados 8.186,87 35 6 -56,64 9 Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Reﬁnetti Sociedade de Advogados 6.740,76 24 13 100,97 10 L. O. Baptista, Schmidt, Valois, Miranda, Ferreira, Agel 5.364,58 2 * *

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2016 Legal Advisor Number of transactions Total value (BRLm) Ranking 2015 Of transactions 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 59 75.052,91 3 2 TOP DEALS OF 2 Pinheiro Neto Advogados 54 43.792,62 1 -11 THE QUARTER 3 Machado, Meyer, Sendacz e Opice Advogados 40 13.524,67 4 -3 4 Souza, Cescon, Barrieu & Flesch Advogados 35 8.186,87 2 -23 5 TozziniFreire Advogados 32 25.420,12 8 4 DEAL OF 6 Barbosa, Müssnich, Aragão 31 25.796,91 5 -9 THE QUARTER 7 Veirano Advogados 27 49.150,10 6 -12 8 Derraik & Menezes Advogados 25 138,96 9 2 9 Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Reﬁnetti Sociedade de Advogados 24 6.740,76 15 7

TTR RADAR 10 Demarest Advogados 22 21.159,51 7 -12

21 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016

QUARTERLY RANKING

PRIVATE EQUITY & VENTURE CAPITAL

INDEX Financial Advisors

By total value of transactions

OVERVIEW Variation Ranking 2016 Financial Advisor Total value (BRLm) Number of transactions Ranking 2015 Total value (%)

1 Banco BTG Pactual 5.885,57 4 1 -43,50 2 Banco Itaú BBA 3.359,20 4 2 -55,41 PRIVATE 3 Banco Bradesco BBI 3.019,37 5 3 68,65 EQUITY 4 Crédit Agricole 1.514,73 1 * *

5 Banco Safra 1.431,00 1 * * 6 Rothschild (Global) 1.160,37 1 12 84,44 VENTURE 7 Vinci Partners 589,27 5 6 -61,28 CAPITAL 8 IGC Partners Assessoria Empresarial 226,00 3 17 96,52

9 Moelis & Company 72,32 1 7 -92,77 10 Cypress Associates - 1 * *

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2016 Financial Advisor Number of transactions Total value (BRLm) Ranking 2015 Of transactions 1 Banco Bradesco BBI 5 3.019,37 3 0 TOP DEALS OF 2 Vinci Partners 5 589,27 4 0 THE QUARTER 3 Banco BTG Pactual 4 5.885,57 2 -3

4 Banco Itaú BBA 4 3.359,20 1 -11 5 IGC Partners Assessoria Empresarial 3 226,00 8 1 DEAL OF 6 Crédit Agricole 1 1.514,73 * * THE QUARTER 7 Banco Safra 1 1.431,00 * *

8 Rothschild (Global) 1 1.160,37 7 -1 9 Moelis & Company 1 72,32 10 0

TTR RADAR 10 Cypress Associates 1 - * *

22 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 QUARTERLY RANKING

PRIVATE EQUITY & VENTURE CAPITAL

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2016 Legal Advisor Total value (BRLm) Number of transactions Ranking 2015 Total value (%) 1 Pinheiro Neto Advogados 4.521,79 14 8 194,76 2 Machado Associados 4.086,00 1 * * PRIVATE 3 Mundie e Advogados 4.086,00 1 22 2.624,00 EQUITY 4 Porto Lauand Advogados 4.086,00 1 * * 5 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3.891,55 19 2 -33,88 6 Barbosa, Müssnich, Aragão 2.735,69 6 1 -56,20 VENTURE 7 Souza, Cescon, Barrieu & Flesch Advogados 1.695,87 8 3 -57,40 CAPITAL 8 TozziniFreire Advogados 1.639,00 7 12 53,10 9 Veirano Advogados 1.577,22 3 10 25,06 10 Motta, Fernandes Rocha – Advogados 1.431,00 1 27 4.108,82

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2016 Legal Advisor Number of transactions Total value (BRLm) Ranking 2015 Of transactions 1 Derraik & Menezes Advogados 24 129,79 1 6 TOP DEALS OF 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19 3.891,55 4 8 THE QUARTER 3 Pinheiro Neto Advogados 14 4.521,79 2 0 4 Machado, Meyer, Sendacz e Opice Advogados 9 1.032,88 5 -1 5 Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Reﬁnetti Sociedade de Advogados 9 850,75 20 6 DEAL OF 6 Souza, Cescon, Barrieu & Flesch Advogados 8 1.695,87 8 1 THE QUARTER 7 TozziniFreire Advogados 7 1.639,00 19 4 8 Barbosa, Müssnich, Aragão 6 2.735,69 9 0 9 Pinheiro Guimarães Advogados 4 472,32 10 -2

TTR RADAR 10 Lobo & de Rizzo Advogados 4 457,00 12 0

23 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 QUARTERLY RANKING

EQUITY CAPITAL MARKETS

INDEX Financial Advisors

By total value of transactions

OVERVIEW Variation Ranking 2016 Financial Advisor Total value (BRLm) Number of transactions Ranking 2015 Total value (%) 1 Banco Bradesco BBI 7.098,55 6 8 -59,89 2 Banco Santander 6.801,15 7 10 -57,11 PRIVATE 3 Banco Itaú BBA 6.236,78 5 1 -68,78 EQUITY 4 Bank of America 4.731,15 6 3 -74,39 5 Citigroup 4.135,96 2 13 81,75 6 Banco do Brasil 3.891,00 2 15 332,33 VENTURE 7 Banco BTG Pactual 3.668,55 4 2 -81,26 CAPITAL 8 HSBC 2.600,00 1 11 -83,54 9 Banco Modal 1.291,00 1 * * 10 Morgan Stanley (Global) 1.230,00 2 7 -93,20

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2016 Financial Advisor Number of transactions Total value (BRLm) Ranking 2015 Of transactions 1 Banco Santander 7 6.801,15 10 5 TOP DEALS OF 2 Banco Bradesco BBI 6 7.098,55 3 2 THE QUARTER 3 Bank of America 6 4.731,15 4 3 4 Banco Itaú BBA 5 6.236,78 1 0 5 Banco BTG Pactual 4 3.668,55 2 0 DEAL OF 6 J.P. Morgan Chase International Holdings 3 - 5 1 THE QUARTER 7 Citigroup 2 4.135,96 13 1 8 Banco do Brasil 2 3.891,00 15 1 9 Morgan Stanley (Global) 2 1.230,00 8 0

TTR RADAR 10 HSBC 1 2.600,00 11 0

24 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016 QUARTERLY RANKING

EQUITY CAPITAL MARKETS

INDEX Legal Advisors

By total value of transactions

OVERVIEW Variation Ranking 2016 Legal Advisor Total value (BRLm) Number of transactions Ranking 2015 Total value (%) 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 9.073,11 9 1 -47,37 2 Souza, Cescon, Barrieu & Flesch Advogados 5.371,64 5 3 81,43 PRIVATE 3 Lefosse Advogados 5.018,63 5 8 402,47 EQUITY 4 Pinheiro Neto Advogados 2.928,45 2 6 81,01 5 Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Reﬁnetti Sociedade de Advogados 2.335,96 5 4 -18,59 6 Tauil & Chequer Advogados 2.132,59 2 * * VENTURE 7 Barbosa, Müssnich, Aragão 2.033,36 3 5 18,89 CAPITAL 8 Cascione, Pulino, Boulos & Santos Advogados 1.732,59 1 * * 9 Shearman & Sterling Brasil 1.732,59 1 * * 10 Dias Carneiro, Flores, Sanches, Turkienicz, Amendola, Waisberg e Thomaz Bastos 1.300,00 1 * *

EQUITY CAPITAL MARKETS By nº of transactions

Variation nº Ranking 2016 Legal Advisor Number of transactions Total value (BRLm) Ranking 2015 Of transactions 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 9 9.073,11 1 5 TOP DEALS OF 2 Souza, Cescon, Barrieu & Flesch Advogados 5 5.371,64 2 1 THE QUARTER 3 Lefosse Advogados 5 5.018,63 7 3 4 Stocche, Forbes, Padis, Filizzola, Clapis, Passaro, Meyer e Reﬁnetti Sociedade de Advogados 5 2.335,96 3 2 5 Barbosa, Müssnich, Aragão 3 2.033,36 4 0 DEAL OF 6 Pinheiro Neto Advogados 2 2.928,45 5 0 THE QUARTER 7 Tauil & Chequer Advogados 2 2.132,59 * * 8 Machado, Meyer, Sendacz e Opice Advogados 2 590,27 8 1 9 Pinheiro Guimarães Advogados 2 424,99 6 0

TTR RADAR 10 Cascione, Pulino, Boulos & Santos Advogados 1 1.732,59 * *

25 TTR - Transactional Track Record www.TTRecord.com Quarterly Report Brazil - 04Q 2016

INDEX

OVERVIEW

PRIVATE EQUITY

VENTURE CAPITAL

EQUITY CAPITAL MARKETS

Perguntas da mídia e pedidos: [email protected] www.TTRecord.com TOP DEALS OF THE QUARTER

The contents of this report may be re-published in any format without prior authorisation from ZUVINOVA, as long as it includes a reference to "TTR - Transactional Track Record" DEAL OF (www.TTRecord.com). THE QUARTER

TTR RADAR

RANKINGS TTR is a premium business intelligence service and deals database that helps transactions professionals and corporate business development teams identify opportunities in high-growth markets globally.

To find out more or to request a free trial to TTR’s database email us at [email protected] or visit www.TTRecord.com today. www.TTRecord.com