1. www.lavca.org (c) 2010 - The Latin American Venture Capital Association Mexico PE/VC Industry Context of the Latin America Monterrey, Mexico April 2010 Ariel Muslera, Director of Strategy and Product Development

2. SCORECARD INDICATORS Laws on VC/PE fund formation and operation Tax treatment of VC/PE funds & investments Protection of minority shareholder rights Restrictions on institutional investors investing in VC/PE Protection of intellectual property rights Bankruptcy procedures/creditors' rights/partner liability Capital markets development and feasibility of exits Registration/reserve requirements on inward investments Corporate governance requirements Strength of the judicial system Perceived corruption Quality of local accounting/use of international standards Entrepreneurship 2010 LAVCA Scorecard 2(c) 2010 - The Latin American Venture Capital Association 2010 Results and electronic version released TODAY, april 21 st

3. Total Scorecard ratings, 2006 – 2010 (Select Latin American Countries) Scorecard Results Over Time 3(c) 2010 - The Latin American Venture Capital Association INT’L BENCHMARKS UK 93 Israel 81 Spain 76 Taiwan 61 SCORECARD COUNTRIES Chile 76 Brazil 75 Mexico 63 Colombia 60 Uruguay 57 Trinidad & Tobago 56 Latin America Average 55 Costa Rica 54 Peru 51 Panama 49 Argentina 43 El Salvador 43 Dominican Republic 38 Source: 2010 LAVCA – EIU Scorecard Report.

4. 2010 LAVCA Scorecard Results Rank / Y-o-Y (scores) International Benchmarks Latin America 1 ▲3▲3 2 ↔ 3 ▼2▼2 4 ↔ 5 ↔ 6 ▲5▲5 7 ▼2▼2 8 ▲3▲3 9 ▲3▲3 10 ▼7▼7 11 ▲1▲1 12 ▲1▲1 13 ↔ =14 ▼3▼3 ▼3▼3 16 ▲5▲5 Chile, Brazil and more recently Mexico have been able to break out of the pack and get closer to the international benchmarks from more developed markets. Source: 2010 LAVCA – EIU Scorecard Report.

5. Mexico Scorecard Detail Best in class for each category: Mexico Score y-on-y Max. Score Countries Overall score [1] 63 ▲5 82 Laws on VC/PE fund formation and operation 2 4 BR, CH Tax treatment of VC/PE funds & investments 3 3 BR, CH, CR, SA,MX, TT, UY Protection of minority shareholder rights 3 3 BR, CH, CO, MX Restrictions on institutional investors investing in VC/PE 3 ▲1 4 BR Protection of intellectual property rights 23 CH, CR Bankruptcy procedures/creditors' rights/partner liability 2 ▲1 3 BR, CH, UY Capital markets development and feasibility of exits 2 3 BR, CH Registration/reserve requirements on inward investments 3 4 TT Corporate governance requirements 3 3 BR, CH, CO, DR, MX, PE Strength of the judicial system 2 3 CH, CR, UY Perceived corruption 13 CH, CR, UY Quality of local accounting/use of international standards 34 AR, BR, CR, SA, PE Entrepreneurship 2 3 AR, BR, CH Key: AR Argentina BRBrazil CHChile COColombia CRCosta Rica DRDomincan Rep. SASalvador MXMexico TTTrinidad & Tobago PEPeru UYUruguay Source: 2010 LAVCA – EIU Scorecard Report. Notes: 1. Total score increases may be higher/lower than individual metrics due to weighting

6. 6(c) 2010 - The Latin American Venture Capital Association To learn more about the Scorecard, and to download a full copy of the newly released report, please visit: http://lavca.org/2010/04/21/2010scorecard/