welcome you to our webcast: Destination Brazil: Evaluating and Sourcing the Hottest M&A Deals and

Introduction Moderator: Suzanne Miller Senior Writer The Deal LLC

REMINDER: The audience is in listen-only mode Please questions via the Q&A panel box Select questions will be answered during the last 10 minutes of the program Please answer poll questions Webex customer support at

Marcelo Di Lorenzo Partner, Managing Director and Head of Brazil 3i Group plc EXPERT PANEL Karyn Koiffman Partner Kirkland & Ellis LLP

Marcello Hallake Partner Thompson & Knight LLP EXPERT PANEL Hans Lin Managing Director Bank of America Merrill Lynch

Source: Dealogic Cross-border M&A: Brazilian targets (85)(126)(179)(172)(115) (229 )( 145) Number of deals $B

Cross-border M&A/Brazilian targets based on deal values Less than $100M$100M-$500M Value $MDealsValue $MDeals , , , , , , , , , , , YTD1, , Total since , , Source: Dealogic

Cross-border M&A/Brazilian targets based on deal values Source: Dealogic $500M-$1B$1B-$10B Value $MDealsValue $MDeals 2, , , , , , , , , , , , , , , YTD Total since 2005

AUDIENCE POLL QUESTION How many deals does your firm expect to conduct in Brazil over the next 12 months? A.1-2 B.3-4 C.5 or more D. None

Keys to sourcing and finding deals in Brazil

Source: Dealogic PE Acquisitions Domestic and Foreign Number of deals $B

AUDIENCE POLL QUESTION What is the greatest perceived risk in conducting M&A in Brazil? A.Appreciation of the real B.Ability to conduct proper due diligence C.Government uncertainty D. Premium valuations E. Inflation F. Other

Brazilian inflation rate

Near-term outlook for dealmaking in Brazil

Top 5 Targeted Sectors in Brazil since 2005 Target industry Value $ millions Number of deals 1Telecom26, Oil & Gas20, Metal & Steel18, Mining18, Chemicals8, Subtotal91, Total156,838.41,051 Source: Dealogic

AUDIENCE POLL QUESTION What sector do you expect will experience the highest level of M&A activity in Brazil over the next months? A.Natural resources B.Energy C.Agriculture D. Financial services E. Technology, media and telecom F. Construction and infrastructure G. Other

AUDIENCE POLL QUESTION For the remainder of 2011, how much does your company expect to spend on acquisitions in Brazil? A. $10 billion or more B. Between $2.5 billion and $9.9 billion C. Between $1 billion and $2.49 billion D. Between $500 million and $999 million E. Between $250 million and $499 million F. Under $249 million G. None

AUDIENCE Q&A

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