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The 2016 Latin America Research Team: Key Facts and Figures

Which team, regardless of sector, is the most popular? Which category attracts the most voter interest?

Here are some of the facts, figures and highlights of the 2016 Latin America Research Team, Institutional Investor’s annual ranking of the region’s leading sell-side analysts.

Most popular squads (as measured by number of votes cast):

Pedro Leduc, Andrea Teixeira & team of J.P. Morgan, Food & Beverages (first place)

David Beker, Claudio Irigoyen & team of Bank of America Merrill Lynch, Economics (first place)

Carlos Constantini & team of Itaú BBA, Brazil (first place)

Domingos Falavina & team of J.P. Morgan, Financials/Banks (first place)

Ilan Goldfajn & team of Itaú BBA, Economics (third place)

Most popular sectors (as measured by number of voters*):

• Economics (winner: David Beker, Claudio Irigoyen & team, Bank of America Merrill Lynch)

• Brazil (Carlos Constantini & team, Itaú BBA)

• Financials/Banks (Domingos Falavina & team, J.P. Morgan)

• Equity Strategy (Guilherme Paiva & team, Morgan Stanley)

• Food & Beverages (Pedro Leduc, Andrea Teixeira & team, J.P. Morgan)

Most popular sectors (as measured by number of votes*):

• Economics (winner: David Beker, Claudio Irigoyen & team, Bank of America Merrill Lynch)

• Financials/Banks (Domingos Falavina & team, J.P. Morgan)

• Brazil (Carlos Constantini & team, Itaú BBA)

• Food & Beverages (Pedro Leduc, Andrea Teixeira & team, J.P. Morgan)

• Retailing (Joaquín Ley, Thiago Capucci Macruz & team, Itaú BBA)

(*Survey participants may cite up to four analysts per sector.)

Five analysts oversee more than one top-ranked team:

Ricardo Cavanagh of Itaú BBA

— Argentina

— Chile

— Also pilots a team that earns a runner-up spot for coverage of North Andean Countries

Domingos Falavina of J.P. Morgan

— Financials/Banks

— Financials/Nonbanks

Claudio Irigoyen of Bank of America Merrill Lynch

— Economics (with David Beker)

— Sovereign Debt (with Jane Brauer)

_ Also manages the No. 3 team in Local Markets Strategy (with David Beker)

César Pérez-Novoa of BTG Pactual

— North Andean Countries (with Alonso Aramburú)

— Pulp & Paper (with Leonardo Correa)

— Also oversees the No. 2 teams in Chile (with Alonso Aramburú) and Metals & Mining (with Leonardo Correa)

Andrea Teixeira of J.P. Morgan

— Food & Beverages (with Pedro Leduc)

— Health Care (with Joseph Giordano)

— Also directs the No. 2 team in Retailing

Fifteen other analysts helm crews that top one sector and rank in at least one other:

Alonso Aramburú of BTG Pactual

— Argentina (with Andres Borenstein), third place

— Chile (with César Pérez-Novoa), second place

— Financials/Banks (with Eduardo Rosman), runner-up

— Financials/Nonbanks (with Eduardo Rosman), runner-up

— North Andean Countries (with César Pérez-Novoa), first place

David Beker of Bank of America Merrill Lynch

— Brazil (with Felipe Hirai), second place

— Economics (with Claudio Irigoyen), first place

— Local Markets Strategy (with Claudio Irigoyen), third place

Gustavo Cambauva of BTG Pactual

— Cement & Construction (with Gordon Lee), first place

— Real Estate (with Gordon Lee), third place

Thiago Capucci Macruz of Itaú BBA

— Health Care, second place

— Retailing (with Joaquín Ley), first place

Leonardo Correa of BTG Pactual

— Metals & Mining (with César Pérez-Novoa), second place

— Pulp & Paper (with César Pérez-Novoa), first place

Sara Delfim of Bank of America Merrill Lynch

— Capital Goods (with Murilo Freiberger), first place

— Transportation (with Ronald Epstein), runner-up

Fernando Ferreira of Bank of America Merrill Lynch

— Agribusiness (with Isabella Simonato), first place

— Food & Beverages (with Isabella Simonato), second place

Adrian Huerta of J.P. Morgan

— Cement & Construction (with Marcelo Motta), second place

— Real Estate (with Marcelo Motta), first place

Gordon Lee of BTG Pactual

— Cement & Construction (with Gustavo Cambauva), first place

— Mexico (with Claudio Ferraz), runner-up

— Real Estate (with Gustavo Cambauva), third place

Frank McGann of Bank of America Merrill Lynch

— Oil, Gas & Petrochemicals (with Vicente Falanga Neto), first place

— Argentina (with Sebastian Rondeau), second place

Marcelo Motta of J.P. Morgan

— Cement & Construction (with Adrian Huerta), second place

— Real Estate (with Adrian Huerta), first place

Guilherme Paiva of Morgan Stanley

— Argentina (with Cesar Medina), runner-up

— Brazil, runner-up

— Equity Strategy, first place

Carlos Peyrelongue of Bank of America Merrill Lynch

— Cement & Construction (with Daniel Gasparete), runner-up

— Equity Strategy (with Felipe Hirai), runner-up

­— Mexico (with Carlos Capistran), first place

— North Andean Countries (with Francisco Rodríguez), third place

— Real Estate (with Daniel Gasparete), runner-up

Isabella Simonato of Bank of America Merrill Lynch

— Agribusiness (with Fernando Ferreira), first place

— Food & Beverages (with Fernando Ferreira), second place

Gregorio Tomassi of Itaú BBA

— Equity Strategy, runner-up

— Mexico, runner-up

— Technology, Media & Telecommunications (with Susana Salaru), first place

Three teams turn in their first sector-topping appearances:

Ricardo Cavanagh & team of Itaú BBA, Chile

Joseph Giordano, Andrea Teixeira& team of J.P. Morgan, Health Care

Adrian Huerta, Marcelo Motta & team of J.P. Morgan, Real Estate

Number of analysts who appear on the roster: 144

Number of firms they represent: 14

Number of analysts who meet the survey’s eligibility criteria: 301**

Number of firms they represent: 38*

Number of analysts making their first appearance on the team: 39 (the full list can be found here)

**Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group; for information please contact Esther Weisz at 212-224-3307 or eweisz@iiresearchgroup.com.

The 2016 Latin America Research Team is based on input from more than 900 representatives of some 450 institutions that manage an estimated $337 billion in Latin American equities and approximately $304 billion in Latin American debt.

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