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

2. Introduction Moderator: Suzanne Miller Senior Writer The Deal LLC

3. REMINDER: The audience is in listen-only mode Please e-mail 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 866-229-3239

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

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

6. Source: Dealogic Cross-border M&A: Brazilian targets 2005-2011 (85)(126)(179)(172)(115) (229 )( 145) Number of deals $B

7. Cross-border M&A/Brazilian targets 2005-2011 based on deal values Less than $100M$100M-$500M Value $MDealsValue $MDeals 2005713.98303,841.6317 20061,090.69344,642.6619 20071,110.03487,316.4929 20081,672.39573,243.0314 20091,252.95444,296.2918 20101,959.02675,863.7825 2011 YTD1,467.94433,011.6813 Total since 2005 9,267.0132332,215.56135 Source: Dealogic

8. Cross-border M&A/Brazilian targets 2005-2011 based on deal values Source: Dealogic $500M-$1B$1B-$10B Value $MDealsValue $MDeals 2,886.61400 2,973.9849,364.783 4,782.5076,803.275 2,912.98411,577.235 1,447.9327,226.964 7,617.301048,169.3713 3,306.2656,286.623 25,927.563689,428.2233 2005 2006 2007 2008 2009 2010 2011 YTD Total since 2005

9. 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

10. Keys to sourcing and finding deals in Brazil

11. Source: Dealogic PE Acquisitions Domestic and Foreign 1022393093220 Number of deals $B

12. 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

13. Brazilian inflation rate 2002-2010

14. Near-term outlook for dealmaking in Brazil

15. Top 5 Targeted Sectors in Brazil since 2005 Target industry Value $ millions Number of deals 1Telecom26,038.845 2Oil & Gas20,551.455 3Metal & Steel18,107.747 4Mining18,006.7144 5Chemicals8,635.847 Subtotal91,340.4338 Total156,838.41,051 Source: Dealogic

16. AUDIENCE POLL QUESTION What sector do you expect will experience the highest level of M&A activity in Brazil over the next 12-18 months? A.Natural resources B.Energy C.Agriculture D. Financial services E. Technology, media and telecom F. Construction and infrastructure G. Other

17. 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

18. AUDIENCE Q&A

19. thank you for joining our webcast and