1. Overview of Private Equity in Brazil in 2011 Cate Ambrose President and Executive Director Latin American Venture Capital Association New York October 7, 2011

2. LAVCA Overview Mission  To spur regional economic growth by advancing venture capital and private equity investment through programs of research, networking, investor education, the promotion of best investment practices, and the advocacy of sound public policy. Members  LAVCA’s membership is comprised over 120 firms which control assets in excess of US$50 billion, directed at capitalizing and growing Latin American businesses.  Some of the best known global and regional fund managers are members of LAVCA: LAVCA is supported by:

3. Research and Products LAVCABase The Latin American Investor Network, is the only comprehensive online database of Latin America private equity and venture capital fund managers. LAVCA Industry Data and Midyear Reports Cited in multiple publications including, WSJ.com, NYTimes.com, Bloomberg BusinessWeek, Reuters, Private Equity International, and peHUB Wire. LAVCA Scorecard Produced in collaboration with the EIU the LAVCA Scorecard ranks 12 countries based on 13 indicators. The Latin America PE VC Report The Latin America PE VC Report is the official newsletter of the Latin American Venture Capital Association.

4. © 2011 LAVCA Industry Data Fundraising in Latin America Note: 1993 - 2007 figures are based on VE-LA reports. 2008 - 2011 figures are based on LAVCA industry surveys. Fundraising Amounts for Latin America

5. © 2011 LAVCA Industry Data Trends in Brazil Fundraising, Investments and Exits (2008-2011)

6. LAVCA Scorecard Countries are ranked based on the following indicators Laws on VC/PE fund formation and operation Tax treatment of VC/PE funds and investments Protection of minority shareholder rights Restrictions on local institutional investors Protection of intellectual property rights Bankruptcy regulation Capital market development and feasibility of local exits Registration/reserve requirements on inward investments Corporate governance requirements Strength of the judicial system Perceived corruption Use of international accounting standards Entrepreneurship

7. LAVCA Scorecard – 2011 Ranking Overall score – 0-100 where 100=best environment

8. Thank You! CHILE FORUM Santiago - June 4-5 2012 Conferences LAVCA SUMMIT New York, NY – Sep 12-13 Cate Ambrose a President & Executive Director Latin American Venture Capital Association cambrose@lavca.org www.lavca.org www.lavca.org Regional Office Av. Figueroa Alcorta 3351, office 001 Buenos Aires, Argentina, 1425 Tel: +54.11.4806.1154 New York Headquarters 589 Eighth Avenue, 18th floor New York, NY 10018 Tel: 1.646.315.6735 Fax: 1.646.349.1047 COLOMBIA FORUM Bogota – Nov 7