Dear Clients and Friends,

Happy 2014!

We have just recently received news that TTR has, once again, been selected as a Finalist for Best Financial & Market Data Information Solution in the upcoming 2014 CODiE Awards - New York!

It has been an amazing year for us, having continued to develop our deals platform based on client needs and market feedback. We also launched several new products, including TTR Radar (Business Opportunities) and People Track Record.

Moreover, 2013 was also a positive year overall in our own Portuguese and Spanish-speaking markets.

While our Research & Business Intelligence team is reviewing and analysing all M&A data and the league tables for our upcoming 2013 - ANNUAL REPORT, here is a quick overview of how the three largest Latin American M&A markets, as well as the Iberian market faired last year.

Thank you once again for your trust and support!

Miguel Cortez

LATIN AMERICA Largest M&A Markets – 2013 Trends   BRAZIL +18%* US$ 125,87bn MOST ACTIVE SECTORS COMPANIES Most Active Buyers       No. Acquisitions BNDES 13 Grupo Abril 8 Aliansce 6     >Most Active Sellers     No. Sales Petrobras 8 Vale - Companhia Vale do Rio Doce 7 Grupo Positivo 3 MEXICO +40%* US$ 60,11bn MOST ACTIVE SECTORS COMPANIES Most Active Buyers       No. Acquisitions Alsea 6 Sigma Alimentos 4 Mitsui & Co 4     Most Active Sellers     No. Sales Grupo Modelo 3 Starbucks 3 Grupo Kuo 2 CHILE +6%* US$ 14,79bn MOST ACTIVE SECTORS COMPANIES Most Active Buyers       No. Acquisitions Joyvio Spain 5 Red Salud 3 Echeverría Izquierdo 3     Most Active Sellers     No. Sales Grupo Angelini 2 CSAV 2 Isapre Colmena Golden Cross 2   IBERIAN MARKET Largest M&A Markets – 2013 Trends   SPAIN +29,57%* EUR 70.955m MOST ACTIVE SECTORS COMPANIES Most Active Buyers       No. Acquisitions Telefónica 6 Joyvio Spain 5 Mitsui & Co 4     Most Active Sellers     No. Sales FCC 8 RENFE 6 Telefónica 5 PORTUGAL +1,28%* EUR 21.560m MOST ACTIVE SECTORS COMPANIES Most Active Buyers       No. Acquisitions Grupo Inapa 4 EDP - Energias de Portugal 3 Altice 2     Most Active Sellers     No. Sales Portuguese Government 5 Galp Energia 2 PT - Portugal Telecom 1 * Variation in total number of deals compared to 2012

Third-time Finalist at CODiE Awards! TTR - Transactional Track Record, is pleased to announced that was named a finalist for the SIIA CODiE Awards 2014 for Best Financial & Market Data Information Solution. About the SIIA CODiE™ Awards The SIIA CODiE™ Awards, originally called the Excellence in Software Awards, were established in 1986 by the Software Publishers Association (SPA), now the Software & Information Industry Association (SIIA), so that pioneers of the then-nascent software industry could evaluate and honor each other’s work. Since then, the CODiE Awards program has carried out the same purpose – to showcase the software and information industry’s finest products and services and to honor excellence in corporate achievement.