2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM...

19
TEAM SMALLCAP 2019 LATIN AMERICA EXECUTIVE

Transcript of 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM...

Page 1: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

TEAM SMALLCAP

2019

LATIN AMERICA

EXECUTIVE

Page 2: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

EMPOWER YOUR IR

BENCHMARKyour IR program

Examine the strengths and challenges of your program relative to your peers across

six specific IR functions

UNCOVER what investors and

analysts really think

Direct commentary from voters offers an insider

perspective on your company, executives and

those of your peers

TARGET investors you want

II’s segmented rankings—by region, AUM, and more— offer insight into your most sought-after investors

BEST PRACTICEinsights from top IR programs across Latin America

Based on feedback from over 127 IROs

With in-depth rankings and voter commentary regarding your

sector’s best CEOs and CFOs

EVALUATE executive performance

IR PERCEPTION STUDY

Empower your IR today:

MOST WELL-INFORMED AND AUTHORITATIVE

IR

FINANCIAL TRANSPARENCY AND DISCLOSURE

ACCESS TO SENIOR

MANAGEMENT

MOST CONSTRUCTIVE

CONFERENCE CALLS

MOST RESPONSIVE AND

THOROUGH IR

MOST USEFUL REPORTS ON ESG/

SRI METRICS

YOUR IR PERCEPTION STUDY INCLUDES RANKINGS IN THESE “BEST PRACTICE” AREAS

USING THE IN-DEPTH FEEDBACK FROM THE 2019 LATIN AMERICA EXECUTIVE TEAM RANKINGS

Ursula KizyDirector of Sales and Product Developement, Americas

1-212-224-3124 / [email protected] www.institutionalinvestor.com

Page 3: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

The commentary herein is intended to highlight results, trends, and patterns. In no event, however, should this text be construed to constitute any type of managerial or organizational recommendation from Institutional Investor. In the course of gathering information for these surveys, Institutional Investor seeks the opinions of senior executives in corporations, fund management groups, and securities firms to develop rankings and evaluations of individual teams and firms. These rankings measure qualitative performance based on voters’ expressed opinions on research, sales, trading, investment banking, and investor relations. While every care has been taken in researching and compiling the information contained in this publication, the publishers and directors of Institutional Investor accept no responsibility for any errors or omissions howsoever arising to the maximum permitted by law. © 2019 Institutional Investor LLC. All rights reserved. All text, design, and content of this survey are the exclusive property of II. No part of this publication may be reproduced, in whole or in part, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recorded, or otherwise, without the prior written permission of Institutional Investor. For reprint permission, please contact Ursula Kizy 212-224-3124.

Institutional Investor1120 Avenue of the Americas, 6th FloorNew York, NY 10036www.institutionalinvestor.com/Investor-Relations

URSULA KIZYDirector of Sales and Product Development, Americas Institutional Investor ResearchT: 212.224.3124 / [email protected] www.institutionalinvestor.com

FOR ADDITIONAL INFORMATION, CONTACT:

1© 2019 Institutional Investor LLC. All rights reserved

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

OVERVIEW

Who participates in the study?Institutional Investor is the industry’s most trusted source for research and rankings among top analysts and portfolio managers. For the 2019 ranking, we collected the opinions of 469 portfolio managers and buy-side

analysts and 255 sell-side analysts.

When is the polling conducted?Polling is conducted anually from January through February.

How are the results tabulated?Voters rank the top-four companies that they believe demonstrate excellence in each of six IR characteristics or performance attributes. Their votes are then weighted by the rank they have assigned each company and aggregated to produce buy-side, sell-side and combined buy- and sell-side rankings for each sector.

How are the results disseminated?The top-three places in each of our IR rankings are announced in July on our website, which enjoys a global audience of more than 115,000 senior-level executives. The rankings presented include Best IR Program, as well as Best CEO, CFO, IR Professional, Analyst Days and ESG/SRI Metrics across 16 sectors.

Best Investor Relations attributes Buy- and sell-side voters separately evaluate the following attributes of IR programs:

• Accessibility of senior executives• Constructive conference calls• IR is well informed and authoritative• Company's website is thorough and easy-to-access investor information• Quick and thorough responses to requests• Timely and appropriate financial disclosure

ABOUT USFor more than 50 years, Institutional Investor has been the undisputed leader in survey-based rankings. Our Research Team rankings identify the top analysts covering the Asian, European, Japanese, Latin American, and U.S. equity markets. For the past 15 years, Institutional Investor has provided independent analyses of companies’ investor-relations programs, in conjunction with our Executive Team rankings.

LATIN AMERICABEST INVESTOR RELATIONS

BEST CEOs, CFOs, AND IR PROFESSIONALS, BEST INVESTOR RELATIONS TEAMS AND IR PROGRAMS, BEST ESG, ANALYST DAYS AND WEBSITE

TEAM SMALLCAP

2019

LATIN AMERICA

EXECUTIVE

Page 4: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP

A total of 214 small-cap companies were nominated in this year’s Latin America Executive Team survey. Of those companies, 44 were distinguished as “Most Honored” for having the most cumulative success in the rankings.

2 © 2019 Institutional Investor LLC. All rights reserved

LEARN MORE ABOUT YOUR IR PERCEPTION STUDY - A DETAILED ANALYSIS OF THE RANKINGS

MOST HONORED COMPANIES

COMPANY/COUNTRY

Adecoagro (Argentina)

Almacenes Exito (Colombia)

Alupar Investimento (Brazil)

Arezzo Industria e Comercio (Brazil)

Azul (Brazil)

Banco ABC Brasil (Brazil)

BK Brasil Operacao e Assessoria a Restaurantes (Brazil)

Bolsa Mexicana de Valores (Mexico)

Celsia (Colombia)

Cementos Pacasmayo (Peru)

Cemex Latam Holdings (Colombia)

Cia. de Ferro Ligas da Bahia - Ferbasa (Brazil)

Cia. Hering (Brazil)

Corp. Inmobiliaria Vesta (Mexico)

EcoRodovias Infraestrutura e Logistica (Brazil)

COMPANY/COUNTRY

ENGIE Energia Chile (Chile)

Ferreycorp (Peru)

Fibra Prologis (Mexico)

Fleury (Brazil)

Gentera (Mexico)

GeoPark (Chile)

Grupo Cementos de Chihuahua (Mexico)

Grupo Rotoplas (Mexico)

Grupo Supervielle (Argentina)

Inversiones La Construccion (Chile)

Iochpe-Maxion (Brazil)

Linx (Brazil)

Marfrig Global Foods (Brazil)

Minerva (Brazil)

Movida Participacoes (Brazil)

COMPANY/COUNTRY

MRV Engenharia e Participacoes (Brazil)

Nexa Resources (Brazil)

OdontoPrev (Brazil)

Oi (Brazil)

Qualicorp (Brazil)

Randon (Brazil)

Sao Martinho (Brazil)

SLC Agricola (Brazil)

Smiles (Brazil)

SMU (Chile)

Sonda (Chile)

Tupy (Brazil)

Vina Concha y Toro (Chile)

Vista Oil & Gas (Mexico)

Page 5: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

3© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

AGRIBUSINESS

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Aurelio Pavinato, SLC Agricola 1 Aurelio Pavinato, SLC Agricola 1 Aurelio Pavinato, SLC Agricola

2 Fabio Venturelli, Sao Martinho – – 2 Fabio Venturelli, Sao Martinho

– – – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Felipe Vicchiato, Sao Martinho 1 Felipe Vicchiato, Sao Martinho 1 Felipe Vicchiato, Sao Martinho

2 Ivo Marcon Brum, SLC Agricola 2 Carlos Boero Hughes, Adecoagro 2 Ivo Marcon Brum, SLC Agricola

3 Carlos Boero Hughes, Adecoagro 3 Ivo Marcon Brum, SLC Agricola – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Frederico Logemann, SLC Agricola 1 Gabriela Rojas Violic, Hortifrut 1 Frederico Logemann, SLC Agricola

2 Gabriela Rojas Violic, Hortifrut 2 Frederico Logemann, SLC Agricola 2 Aline Reigada, Sao Martinho

3 Aline Reigada, Sao Martinho 3 Juan Ignacio Galleano, Adecoagro 3 Felipe Vicchiato, Sao Martinho

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 SLC Agricola 1 Hortifrut 1 Sao Martinho

2 Sao Martinho 2 SLC Agricola 2 SLC Agricola

3 Hortifrut 3 Adecoagro* Sao Martinho* – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Adecoagro 1 Adecoagro 1 Sao Martinho

2 Sao Martinho 2 Sao Martinho 2 SLC Agricola

3 SLC Agricola 3 Hortifrut* SLC Agricola*

3 Adecoagro

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Adecoagro – – – –

2 SLC Agricola – – – –

3 Sao Martinho – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Adecoagro – – – –

2 Sao Martinho – – – –

3 SLC Agricola – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Adecoagro – – – –

2 SLC Agricola – – – –

3 Sao Martinho – – – –

12 Agribusiness companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

*Tie

Page 6: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

4 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

CAPITAL GOODS

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Marcos de Oliveira, Iochpe-Maxion 1 Marcos de Oliveira, Iochpe-Maxion 1 Marcos de Oliveira, Iochpe-Maxion

2 Mariela Garcia De Fabbri, Ferreycorp 2 Mariela Garcia De Fabbri, Ferreycorp 2 Fernando Cestari de Rizzo, Tupy

3 Fernando Cestari de Rizzo, Tupy – – 3 Mariela Garcia De Fabbri, Ferreycorp

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Augusto Ribeiro Jr., Iochpe-Maxion 1 Augusto Ribeiro Jr., Iochpe-Maxion 1 Augusto Ribeiro Jr., Iochpe-Maxion

2 Mario Romero, Grupo Rotoplas 2 Mario Romero, Grupo Rotoplas 2 Thiago Fontoura Struminski, Tupy

3 Fabio Barbanti Taiar, Industrias Romi – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Hugo Zierth, Tupy 1 Hugo Zierth, Tupy 1 Esteban Mario Angeletti, Randon

2 Esteban Mario Angeletti, Randon 2 Mariana Fernandez, Grupo Rotoplas 2 Elizabeth Tamayo, Ferreycorp

3 Elizabeth Tamayo, Ferreycorp* Mariana Fernandez, Grupo Rotoplas*

3 Camila Conrado, Mills Estruturas e Servicos de Engenharia

– –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Randon 1 Randon 1 Randon

2 Tupy 2 Tupy 2 Tupy

3 Fras-le – – 3 Marcopolo

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Randon 1 Tupy 1 Randon

2 Tupy 2 Randon 2 Ferreycorp

3 Iochpe-Maxion 3 Iochpe-Maxion 3 Tupy

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Grupo Rotoplas – – – –

2 Randon – – – –

3 Ferreycorp – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Randon – – – –

2 Tupy – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE

1 Tupy – – – –

2 Randon – – – –

3 Ferreycorp – – – –

16 Capital Goods companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

*Tie

Page 7: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

5© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

CEMENT & CONSTRUCTION

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Hector Enrique Escalante Ochoa, Grupo Cementos de Chihuahua

1 Hector Enrique Escalante Ochoa, Grupo Cementos de Chihuahua

1 Hector Enrique Escalante Ochoa, Grupo Cementos de Chihuahua

2 Jaime Muguiro, Cemex Latam Holdings 2 Humberto Reynaldo Nadal Del Carpio, Cementos Pacasmayo

2 Jaime Muguiro, Cemex Latam Holdings

3 Humberto Reynaldo Nadal Del Carpio, Cementos Pacasmayo

3 Jaime Muguiro, Cemex Latam Holdings– –

RANK BEST CFO RANK BEST CFO RANK BEST CFO1 Luis Carlos Arias Laso, Grupo Cementos de Chihuahua 1 Luis Carlos Arias Laso, Grupo Cementos de Chihuahua 1 Manuel Ferreyros Peña, Cementos Pacasmayo*

Luis Carlos Arias Laso, Grupo Cementos de Chihuahua*

2 Manuel Ferreyros Peña, Cementos Pacasmayo 2 Manuel Ferreyros Peña, Cementos Pacasmayo – –

3 Monica Maria Miloslavich Hart, Grana y Montero 3 Jorge Meruane Boza, SalfaCorp 3 Alicia Enriquez Pimentel, Consorcio ARA

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL1 Ricardo Martinez, Grupo Cementos de Chihuahua 1 Claudia Bustamante Belaunde, Cementos Pacasmayo 1 Ricardo Martinez, Grupo Cementos de Chihuahua

2 Claudia Bustamante Belaunde, Cementos Pacasmayo 2 Ricardo Martinez, Grupo Cementos de Chihuahua 2 Claudia Bustamante Belaunde, Cementos Pacasmayo

3 Alicia Enriquez Pimentel, Consorcio ARA – – 3 Alicia Enriquez Pimentel, Consorcio ARA

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Grupo Cementos de Chihuahua 1 Grupo Cementos de Chihuahua 1 Grupo Cementos de Chihuahua

2 Cementos Pacasmayo 2 Cementos Pacasmayo 2 Cementos Pacasmayo

3 Consorcio ARA – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Grupo Cementos de Chihuahua 1 Grupo Cementos de Chihuahua 1 Cemex Latam Holdings

2 Cementos Pacasmayo 2 Cementos Pacasmayo 2 Cementos Pacasmayo

3 Cemex Latam Holdings 3 Cemex Latam Holdings 3 Grupo Cementos de Chihuahua

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Cementos Pacasmayo – – – –

2 Grupo Cementos de Chihuahua – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS1 Cemex Latam Holdings*

Grupo Cementos de Chihuahua*– – – –

– – – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Cementos Pacasmayo*

Grupo Cementos de Chihuahua*– – – –

– – – – – –

3 Cemex Latam Holdings – – – –

20 Cement & Construction companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 8: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

6 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

ELECTRIC & OTHER UTILITIES

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Axel Leveque, ENGIE Energia Chile 1 Antonio Augusto Torres de Bastos Filho, Omega Geração

1 Ricardo Andres Sierra Fernandez, Celsia* Axel Leveque, ENGIE Energia Chile*

2 Ricardo Andres Sierra Fernandez, Celsia* Antonio Augusto Torres de Bastos Filho, Omega Geração*

2 Axel Leveque, ENGIE Energia Chile– –

– – 3 Paulo Roberto de Godoy Pereira, Alupar Investimento 3 Paulo Roberto de Godoy Pereira, Alupar Investimento

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Eduardo Milligan Wenzel, ENGIE Energia Chile 1 Eduardo Milligan Wenzel, ENGIE Energia Chile 1 Eduardo Milligan Wenzel, ENGIE Energia Chile

2 Jose Luiz de Godoy Pereira, Alupar Investimento 2 Jose Luiz de Godoy Pereira, Alupar Investimento 2 Jose Luiz de Godoy Pereira, Alupar Investimento

3 Esteban Piedrahita Montoya, Celsia 3 Esteban Piedrahita Montoya, Celsia 3 Leandro Carlos Montero, Empresa Distribuidora y Comercializadora Norte

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Marcela Munoz, ENGIE Energia Chile 1 Marcela Munoz, ENGIE Energia Chile 1 Marcela Munoz, ENGIE Energia Chile

2 Luiz Coimbra, Alupar Investimento 2 Luiz Coimbra, Alupar Investimento – –

3 Flavia Heller, Eneva – – – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 ENGIE Energia Chile 1 Alupar Investimento 1 ENGIE Energia Chile

2 Alupar Investimento 2 ENGIE Energia Chile 2 Celsia

3 Celsia 3 Light 3 Alupar Investimento

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 ENGIE Energia Chile 1 Alupar Investimento 1 ENGIE Energia Chile

2 Alupar Investimento 2 ENGIE Energia Chile 2 AES Tiete Energia

3 AES Tiete Energia 3 Celsia 3 Celsia

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 ENGIE Energia Chile – – – –

2 AES Tiete Energia – – – –

3 Celsia – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Omega Geração – – – –

2 Alupar Investimento – – – –

3 AES Tiete Energia – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 ENGIE Energia Chile – – – –

2 AES Tiete Energia – – – –

3 Celsia – – – –

16 Electric & Other Utilities companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 9: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

7© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

FINANCIALS/BANKS

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Jorge Oscar Ramírez, Grupo Supervielle 1 Jorge Oscar Ramírez, Grupo Supervielle 1 Jorge Oscar Ramírez, Grupo Supervielle

2 Anis Chacur Neto, Banco ABC Brasil* Enrique Majos Ramirez, Gentera*

2 Anis Chacur Neto, Banco ABC Brasil 2 Manuel Rivero Santos, Regional

– – 3 Enrique Majos Ramirez, Gentera – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Alejandra Naughton, Grupo Supervielle 1 Alejandra Naughton, Grupo Supervielle 1 Enrique Navarro Ramirez, Regional

2 Enrique Navarro Ramirez, Regional 2 Enrique Navarro Ramirez, Regional 2 Sergio Ricardo Borejo, Banco ABC Brasil

3 Sergio Ricardo Borejo, Banco ABC Brasil – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Ana Bartesaghi, Grupo Supervielle 1 Marcela Villafana Ferrer, Grupo Security 1 Ana Bartesaghi, Grupo Supervielle

2 Emerson Faria, Banco ABC Brasil* Enrique Barrera Flores, Gentera*

2 Emerson Faria, Banco ABC Brasil 2 Enrique Barrera Flores, Gentera

– – 3 Ana Bartesaghi, Grupo Supervielle 3 Alejandro Lobeira Galvez, Regional

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Grupo Supervielle 1 Banco ABC Brasil 1 Grupo Supervielle

2 Banco ABC Brasil 2 Grupo Security 2 Gentera

3 Gentera 3 Grupo Supervielle 3 Regional

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Grupo Supervielle 1 Grupo Supervielle 1 Grupo Supervielle

2 Gentera 2 Banco ABC Brasil 2 Gentera

3 Banco ABC Brasil 3 Grupo Security 3 Banco ABC Brasil

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Gentera* Grupo Supervielle*

– – – –

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Grupo Supervielle – – – –

– – – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Grupo Supervielle – – – –

2 Gentera – – – –

3 Banco ABC Brasil – – – –

6 Financials/Banks companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 10: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

8 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

FINANCIALS/NONBANKS

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Pablo Gonzalez Figari, Inversiones La Construccion 1 Pablo Gonzalez Figari, Inversiones La Construccion 1 Pablo Gonzalez Figari, Inversiones La Construccion* Leonel Dias de Andrade Neto, Smiles*

2 Leonel Dias de Andrade Neto, Smiles 2 Leonel Dias de Andrade Neto, Smiles – –

3 Jose Oriol Bosch Par, Bolsa Mexicana de Valores 3 Jose Oriol Bosch Par, Bolsa Mexicana de Valores 3 Jose Oriol Bosch Par, Bolsa Mexicana de Valores

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Marcos Antonio Pinheiro Filho, Smiles 1 Marcos Antonio Pinheiro Filho, Smiles 1 Marcos Antonio Pinheiro Filho, Smiles

2 Carlos Enrique Ochoa Valdes, Credito Real – – – –

– – – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL1 Trinidad Valdes, Inversiones La Construccion – – 1 Trinidad Valdes, Inversiones La Construccion

– – – – – –

– – – – – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Inversiones La Construccion* Qualitas Controladora*

1 Smiles 1 Inversiones La Construccion

– – – – – –

– – – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Smiles 1 Smiles 1 Smiles

2 Bolsa Mexicana de Valores 2 UNIFIN Financiera 2 Inversiones La Construccion

3 Inversiones La Construccion 3 Bolsa Mexicana de Valores 3 Bolsa Mexicana de Valores

RANK BEST ESG RANK BEST ESG RANK BEST ESG– – – – – –

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ESG RANK BEST ESG

1 Credito Real* Inversiones La Construccion*

– – – –

– – – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Smiles – – – –

2 Inversiones La Construccion – – – –

3 Credito Real – – – –

14 Financials/Nonbanks companies companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 11: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

9© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

FOOD & BEVERAGES

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Eduardo Guilisasti Gana, Vina Concha y Toro 1 Eduardo Guilisasti Gana, Vina Concha y Toro 1 Iuri de Araujo Miranda, BK Brasil Operacao e Assessoria a Restaurantes

2 Iuri de Araujo Miranda, BK Brasil Operacao e Assessoria a Restaurantes

2 Fernando Galletti de Queiroz, Minerva– –

3 Fernando Galletti de Queiroz, Minerva 3 Iuri de Araujo Miranda, BK Brasil Operacao e Assessoria a Restaurantes – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Osvaldo Solar, Vina Concha y Toro 1 Osvaldo Solar, Vina Concha y Toro 1 Clayton de Souza Malheiros, BK Brasil Operacao e Assessoria a Restaurantes

2 Clayton de Souza Malheiros, BK Brasil Operacao e Assessoria a Restaurantes – – – –

3 Marco Antonio Spada, Marfrig Global Foods – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Claudia Cavada Sossa, Vina Concha y Toro 1 Claudia Cavada Sossa, Vina Concha y Toro 1 Claudia Cavada Sossa, Vina Concha y Toro

2 Eduardo Pirani Puzziello, Minerva 2 Eduardo Pirani Puzziello, Minerva 2 Eduardo Pirani Puzziello, Minerva

3 Vitor Pini, International Meal Co. Alimentacao 3 Guilherme Salem, Camil Alimentos – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Vina Concha y Toro 1 Vina Concha y Toro 1 Vina Concha y Toro

2 Minerva 2 Minerva 2 Minerva

3 Camil Alimentos 3 Camil Alimentos – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Vina Concha y Toro 1 Vina Concha y Toro 1 Vina Concha y Toro

2 Minerva 2 Minerva 2 BK Brasil Operacao e Assessoria a Restaurantes

3 Marfrig Global Foods 3 International Meal Co. Alimentacao 3 Minerva

RANK BEST ESG RANK BEST ESG RANK BEST ESG

– – – – – –

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Vina Concha y Toro – – – –

2 Camil Alimentos – – – –

3 Minerva – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE

1 Vina Concha y Toro – – – –

2 Marfrig Global Foods – – – –

3 Camil Alimentos – – – –

12 Food & Beverages companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 12: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

10 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

HEALTH CARE

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Carlos Alberto Iwata Marinelli, Fleury 1 Carlos Alberto Iwata Marinelli, Fleury 1 Carlos Alberto Iwata Marinelli, Fleury

2 Rodrigo Bacellar Wuerkert, OdontoPrev 2 Rodrigo Bacellar Wuerkert, OdontoPrev 2 Rodrigo Bacellar Wuerkert, OdontoPrev

– – – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Grace Cury de Almeida Goncalves Tourinho, Qualicorp 1 Grace Cury de Almeida Goncalves Tourinho, Qualicorp 1 Grace Cury de Almeida Goncalves Tourinho, Qualicorp

2 Antonio Zamora Galland, Genomma Lab Internacional 2 Antonio Zamora Galland, Genomma Lab Internacional 2 Antonio Zamora Galland, Genomma Lab Internacional

3 Fernando Augusto Rodrigues Leao Filho, Fleury 3 Fernando Augusto Rodrigues Leao Filho, Fleury – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Jose Roberto Pacheco, OdontoPrev 1 Jose Roberto Pacheco, OdontoPrev 1 Jose Roberto Pacheco, OdontoPrev

2 Rodrigo Penido Paes Manso, Fleury 2 Rodrigo Penido Paes Manso, Fleury 2 Pedro Henrique Rocha Nocetti, Qualicorp

3 Pedro Henrique Rocha Nocetti, Qualicorp – – – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 OdontoPrev 1 OdontoPrev 1 OdontoPrev

2 Fleury 2 Fleury – –

3 Qualicorp – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Fleury 1 Fleury 1 OdontoPrev

2 OdontoPrev 2 OdontoPrev 2 Fleury

3 Qualicorp 3 Qualicorp 3 Qualicorp

RANK BEST ESG RANK BEST ESG RANK BEST ESG1 OdontoPrev – – – –

2 Fleury – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS1 Fleury – – – –

– – – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Fleury – – – –

2 OdontoPrev – – – –

– – – – – –

10 Health Care companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 13: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

11© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

METALS & MINING

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Marcio Barros, Cia. de Ferro Ligas da Bahia - Ferbasa 1 Marcio Barros, Cia. de Ferro Ligas da Bahia - Ferbasa 1 Tito Botelho Martins, Nexa Resources

2 Tito Botelho Martins, Nexa Resources – – – –

– – – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Mario Antonio Bertoncini, Nexa Resources 1 Mario Antonio Bertoncini, Nexa Resources 1 Mario Antonio Bertoncini, Nexa Resources

2 Diego Molina Henriquez, Minsur – – 2 Diego Molina Henriquez, Minsur

– – – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Leandro Cappa, Nexa Resources 1 Leandro Cappa, Nexa Resources – –

2 Carlos Henrique Temporal, Cia. de Ferro Ligas da Bahia - Ferbasa

– – – –

– – – – – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Nexa Resources 1 Nexa Resources – –

2 Cia. de Ferro Ligas da Bahia - Ferbasa – – – –

– – – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Nexa Resources 1 Nexa Resources 1 Nexa Resources

2 Cap 2 Cap – –

3 Cia. de Ferro Ligas da Bahia - Ferbasa – – – –

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Minsur – – – –

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Nexa Resources – – – –

– – – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE

1 Nexa Resources – – – –

– – – – – –

– – – – – –

9 Metals & Mining companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 14: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

12 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

OIL, GAS & PETROCHEMICALS

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Miguel Galuccio, Vista Oil & Gas – – 1 Miguel Galuccio, Vista Oil & Gas

2 Javier Gremes Cordero, Transportadora de Gas del Sur – – – –

– – – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Pablo Manuel Vera Pinto, Vista Oil & Gas – – 1 Pablo Manuel Vera Pinto, Vista Oil & Gas

– – – – – –

– – – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Alberto Balderas Calderon, Cydsa* Stacy Steimel, GeoPark*

1 Alberto Balderas Calderon, Cydsa – –

– – 2 Stacy Steimel, GeoPark – –

– – – – – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 GeoPark 1 GeoPark – –

2 Cydsa 2 Cydsa – –

– – – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 GeoPark 1 GeoPark – –

2 QGEP Participacoes 2 QGEP Participacoes – –

3 Vista Oil & Gas – – – –

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 GeoPark – – – –

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

– – – – – –

– – – – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE– – – – – –

– – – – – –

– – – – – –

8 Oil, Gas & Petrochemicals companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 15: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

13© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

REAL ESTATE

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Luis Gutierrez, Fibra Prologis 1 Luis Gutierrez, Fibra Prologis 1 Rodrigo Osmo, Construtora Tenda

2 Rodrigo Osmo, Construtora Tenda 2 Rodrigo Osmo, Construtora Tenda 2 Luis Gutierrez, Fibra Prologis

3 Eduardo Fischer Teixeira de Souza, Rafael Nazareth* Menin Teixeira de Souza, MRV Engenharia e Participacoes*

3 Luis Eduardo Barrios Sanchez, Hoteles City Express* Mauricio Varela Labbe, Socovesa*

3 Eduardo Fischer Teixeira de Souza, Rafael Nazareth* Menin Teixeira de Souza, MRV Engenharia e Participacoes*

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Juan Felipe Sottil Achutegui, Corp. Inmobiliaria Vesta 1 Juan Felipe Sottil Achutegui, Corp. Inmobiliaria Vesta 1 Juan Felipe Sottil Achutegui, Corp. Inmobiliaria Vesta

2 Jorge Girault, Fibra Prologis 2 Jorge Girault, Fibra Prologis 2 Antonio Emilio Clemente Fugazza, EZ TEC Empreendimentos e Participacoes

3 Antonio Emilio Clemente Fugazza, EZ TEC Empreendimentos e Participacoes

3 Cristina Betts, Iguatemi Empresa de Shopping Centers 3 Jorge Girault, Fibra Prologis

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Guillermo Bravo, FibraHotel 1 Guillermo Bravo, FibraHotel 1 Paulo Sousa, Direcional Engenharia2 Paulo Sousa, Direcional Engenharia 2 Montserrat Chavez, Fibra Prologis*

Santiago Mayoral Alvarez, Hoteles City Express*2 Francisco Martínez Garcia, Terrafina

3 Gabriel Barcelos De Oliveira, BR Properties* Iuri Zanutto De Jesus Campos, Cyrela Brazil Realty* Montserrat Chavez, Fibra Prologis* Francisco Martínez Garcia, Terrafina*

– –

3 Iuri Zanutto De Jesus Campos, Cyrela Brazil Realty

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Corp. Inmobiliaria Vesta 1 FibraHotel 1 Direcional Engenharia

2 Fibra Prologis 2 Corp. Inmobiliaria Vesta 2 Corp. Inmobiliaria Vesta

3 Direcional Engenharia 3 Fibra Prologis 3 Cyrela Brazil Realty

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Corp. Inmobiliaria Vesta 1 Corp. Inmobiliaria Vesta 1 Corp. Inmobiliaria Vesta

2 Fibra Prologis 2 MRV Engenharia e Participacoes 2 Fibra Prologis

3 MRV Engenharia e Participacoes 3 Fibra Prologis 3 Cyrela Brazil Realty

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Corp. Inmobiliaria Vesta – – – –

2 Cyrela Brazil Realty – – – –

3 Fibra Prologis – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 MRV Engenharia e Participacoes – – – –

2 EZ TEC Empreendimentos e Participacoes – – – –

3 BR Properties – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Fibra Prologis – – – –

2 Corp. Inmobiliaria Vesta – – – –

3 BR Properties – – – –

36 Real Estate companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 16: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

14 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

RETAILING

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Alexandre Cafe Birman, Arezzo Industria e Comercio 1 Alexandre Cafe Birman, Arezzo Industria e Comercio 1 Alexandre Cafe Birman, Arezzo Industria e Comercio

2 Gonzalo Irarrazaval del Campo, Empresas Hites 2 Marcelo Galvez Saldias, SMU 2 Carlos Mario Giraldo Moreno, Almacenes Exito

3 Carlos Mario Giraldo Moreno, Almacenes Exito* Marcelo Galvez Saldias, SMU* – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Manfred Heinrich Gartz, Almacenes Exito 1 Rafael Bossolani, Cia. Hering 1 Manfred Heinrich Gartz, Almacenes Exito

2 Rafael Bossolani, Cia. Hering – – – –

– – – – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Aline Penna Peli, Arezzo Industria e Comercio 1 Carolyn McKenzie, SMU 1 Aline Penna Peli, Arezzo Industria e Comercio

2 Carolyn McKenzie, SMU 2 Aline Penna Peli, Arezzo Industria e Comercio 2 Maria Fernanda Moreno Rodriguez, Almacenes Exito

3 Luis Felipe Bresaola, Via Varejo 3 Luis Felipe Bresaola, Via Varejo 3 Jesus Arturo Velazquez Diaz, Grupo Comercial Chedraui

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Arezzo Industria e Comercio 1 SMU 1 Arezzo Industria e Comercio

2 SMU 2 Arezzo Industria e Comercio 2 Almacenes Exito

3 Via Varejo 3 Via Varejo 3 Grupo Comercial Chedraui

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Arezzo Industria e Comercio 1 Arezzo Industria e Comercio 1 Arezzo Industria e Comercio

2 Cia. Hering 2 Cia. Hering 2 Almacenes Exito

3 Almacenes Exito 3 SMU* Via Varejo*

3 Grupo Comercial Chedraui* La Comer*

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Arezzo Industria e Comercio – – – –

2 Almacenes Exito* Cia. Hering*

– – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS1 Arezzo Industria e Comercio – – – –

2 Cia. Hering – – – –

3 Almacenes Exito – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Arezzo Industria e Comercio – – – –

2 Cia. Hering – – – –

3 Forus – – – –

21 Retailing companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 17: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

15© 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 Alberto Menache, Linx 1 Alberto Menache, Linx 1 Alberto Menache, Linx

2 Eurico de Jesus Teles Neto, Oi – – – –

3 Rolando Shetler, Axtel – – – –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Pedro Holmes Monteiro Moreira, Linx 1 Pedro Holmes Monteiro Moreira, Linx – –

2 Carlos Augusto Machado Pereira de Almeida Brandão, Oi

2 Rita Cristiane Ribeiro Carvalho, Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao

– –

3 Rafael Osorio Pena, Sonda* Rita Cristiane Ribeiro Carvalho, Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao*

– – – –

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Alexandre Kelemen, Linx 1 Alexandre Kelemen, Linx* Thiago Almeida Ribeiro da Rocha, Senior Solution*

1 Patricio Garreton Kreft, Sonda

2 Thiago Almeida Ribeiro da Rocha, Senior Solution – – – –

3 Patricio Garreton Kreft, Sonda – – – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Linx 1 Linx 1 Sonda

2 Senior Solution 2 Senior Solution – –

3 Sonda – – – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Linx 1 Linx 1 Sonda

2 Sonda 2 Sonda 2 Axtel* Linx*

3 TOTVS 3 TOTVS – –

RANK BEST ESG RANK BEST ESG RANK BEST ESG

1 Sonda – – – –

– – – – – –

– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS

1 Linx – – – –

2 Sonda – – – –

3 Globant – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Sonda – – – –

2 Linx – – – –

3 TOTVS – – – –

13 Technology, Media & Telecommunications companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 18: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

THE LEADERS: LATIN AMERICA’S BEST CEOs, CFOs, IR PROFESSIONALS, IR TEAM, IR PROGRAMS, ESG , ANALYST DAYS AND WEBSITEMeeting the challenge: Listed below are the top-ranked companies for CEO, CFO, IR Professional, IR Team, IR Program, ESG, Analyst Days and Website

2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS

16 © 2019 Institutional Investor LLC. All rights reserved

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

*Tie

TRANSPORTATION

OVERALL BUY-SIDE SELL-SIDERANK BEST CEO RANK BEST CEO RANK BEST CEO

1 John Peter Rodgerson, Azul 1 John Peter Rodgerson, Azul 1 John Peter Rodgerson, Azul

2 Renato Horta Franklin, Movida Participacoes 2 Luis Fernando Memoria Porto, Cia. de Locacao das Americas

2 Renato Horta Franklin, Movida Participacoes

3 Luis Fernando Memoria Porto, Cia. de Locacao das Americas

3 Renato Horta Franklin, Movida Participacoes– –

RANK BEST CFO RANK BEST CFO RANK BEST CFO

1 Alexandre Malfitani, Azul 1 Alexandre Malfitani, Azul 1 Alexandre Malfitani, Azul

2 Edmar Prado Lopes Neto, Movida Participacoes 2 Edmar Prado Lopes Neto, Movida Participacoes 2 Edmar Prado Lopes Neto, Movida Participacoes

3 Marcello Guidotti, EcoRodovias Infraestrutura e Logistica 3 Marcello Guidotti, EcoRodovias Infraestrutura e Logistica

3 Marcello Guidotti, EcoRodovias Infraestrutura e Logistica

RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL RANK BEST IR PROFESSIONAL

1 Andrea Bottcher, Azul 1 Andrea Bottcher, Azul 1 Andrea Bottcher, Azul

2 Andrea Fernandes, EcoRodovias Infraestrutura e Logistica

2 Andrea Fernandes, EcoRodovias Infraestrutura e Logistica

2 Andrea Fernandes, EcoRodovias Infraestrutura e Logistica

3 Fabio Costa, Movida Participacoes 3 Fabio Costa, Movida Participacoes – –

RANK BEST IR TEAM RANK BEST IR TEAM RANK BEST IR TEAM

1 Azul 1 Azul 1 Azul

2 EcoRodovias Infraestrutura e Logistica 2 EcoRodovias Infraestrutura e Logistica 2 EcoRodovias Infraestrutura e Logistica

3 Movida Participacoes 3 Movida Participacoes – –

RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM RANK BEST INVESTOR RELATIONS PROGRAM

1 Azul 1 Azul 1 Azul* Movida Participacoes*

2 Movida Participacoes 2 EcoRodovias Infraestrutura e Logistica – –

3 EcoRodovias Infraestrutura e Logistica 3 Movida Participacoes 3 EcoRodovias Infraestrutura e Logistica

RANK BEST ESG RANK BEST ESG RANK BEST ESG

– – – – – –– – – – – –– – – – – –

RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS RANK BEST ANALYST DAYS1 Movida Participacoes – – – –

2 Azul* Sociedad Matriz SAAM*

– – – –

– – – – – –

RANK BEST WEBSITE RANK BEST WEBSITE RANK BEST WEBSITE1 Azul – – – –

2 Movida Participacoes – – – –

3 Controladora Vuela Cia. de Aviacion (Volaris)* Sociedad Matriz SAAM*

– – – –

21 Retailing companies nominated I Not ranked in the top three? Contact II to get your rankings for each category.

Page 19: 2019 LATIN AMERICA - Euromoney Institutional Investor PLC...2019 LATIN AMERICA EXECUTIVE TEAM SMALLCAP: THE LEADERS OVERVIEW Who participates in the study? Institutional Investor is

Results are based on votes from 469 portfolio managers and buy-side analysts, and 255 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 6 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, (5) constructive conference calls and (6) company's website is thorough and easy-to-access investor information. All votes are weighted by place (first, second, third, fourth).

R+R

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 127 IROs

The IR Perception Study - A detailed analysis of the rankings

Results are based on votes from 595 portfolio managers and buy-side analysts, and 329 sell-side analysts. For Best Investor Relations Program, companies were evaluated on 5 performance attributes: (1) senior management access, (2) a well informed and empowered/authoritative IR team, (3) timely and appropriate financial disclosures, (4) quick and thorough responses to requests, and (5) insight and useful reporting on ESG/SRI metrics. All votes are weighted by place (first, second, third, fourth).

• Sector Analysis: your detailed rankings compared to peers• Rankings by voter location, asset size, institution type and more

• Voter commentary from the buy side and sell side• Best practice report from 000 IROs

The IR Perception Study - A detailed analysis of the rankings

Don’t see your company? Contact us to learn more about your position.Ursula Kizy [email protected] +1 212 .224. 3124

17 © 2018 Institutional Investor LLC. All rights reserved

R+R

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