A Leading Independent Investment Bank in Southern Europe, Latam and China

A leading independent Investment Bank in Southern Europe, Latam and China

CORPORATE PRESENTATION

MADRID BARCELONA VALENCIA LISBON MIAMI NEW YORK BEIJING BOGOTA MÉXICO CITY LIMA QUITO AT A GLANCE

• Founded in 1991 • More than 350 M&A transactions closed • Long-established network • Over 100 professionals • Multifamily Office • Transparency

HISTORY

Constitution of Marco Polo Opening of Lisbon Signature of agreement with US Investments, a venture capital office Foundation of the investment bank Bear Stearns company promoted by GBS Start of GBS Family Founding of the stock broker GBS Finance firm & Co Finanzas Office GBS Finanzas Investcapital AV Portugal

1991 1994 2000 2003 2008 2011

2012 2015 2016 2017 2018

Opening of New York Opening of Miami (GBS Opening of Bogota (Colombia) Opening of México office Opening of GBS Finance office: GBS Finance LLC Finance LLC) and Beijing office: Acquisition of Nogal GBS Finance Mexico Ecuador and GBS Finance (GBS Finance China) offices Peru AWARDS › › › › › ›

Mid-Market Deal of the Continental Independent • M&A Adviser of the Year 2011 Deal Maker of the Year Outstanding contribution European Deal of the Year (Pepe Jeans) Corporate Finance House • Corporate Finance House of 2013 to Corporate Finance Year 2017 (Colonial- of the Year 2011 the Year 2011 Year 2017 Finaccess)

| 2 | LEADING INDEPENDENT INVESTMENT BANK

With 27 years of experience, GBS Finance is a leader in corporate advisory, asset management and investment analysis

BUSINESS LINES

CORPORATE FINANCE FAMILY OFFICE INVESTMENT

High quality service provision based on the Capital preservation through defending the Assistance in the initial stages of start-ups experience of a senior team interests of our clients • Strategic financial advice to start-ups and • Mergers and acquisitions • Wealth advisory new projects • Debt services • Brokerage registered with the CNMV • Searching new equity capital for the • Capital Markets: IPOs • Non-depository services development of existing companies • Strategic advice • Cost control of depository banks • Equity restructuring • Capital increase • Open architecture • Feasibility study

Founded in 1991, the Partners and the mayority of our professional team have previous experience in top-ranked institutions such as Credit Suisse, First Boston, UBS Warburg, Goldman Sachs, Deutsche Bank, Bank of America, Dresdner Bank, JP Morgan, HSBC, BNP Paribas, 3i, Roland Berger and also leading audit firms such as PwC, Arthur Andersen, Deloitte , EY, KPMG and law firms as Uría&Menéndez, Rodés y Sala and Gómez-Acebo y Pombo.

| 3 | OUR OFFICES

Integrating our Knowledge of both local and international markets we have eleven offices around the world to serve the increasingly global needs of our clients

OUR NETWORK ADDED VALUE

• Sector intelligence from around the world. • Access to the leading foreign groups and investors in each country.

Madrid Barcelona Beijing Valencia Lisbon

New York

Miami

Mexico City

Bogota

Quito Lima

| 4 | STRATEGIC ALLIANCES

OUR INTERNATIONAL PARTNERS

BANK WEB FOUNDATION YEAR BUSINESS LINES ADDITIONAL CONSIDERATIONS

Private banking, asset management, private equity, 2,900 professionals worldwide. private banking and asset management with over www.lcf-rothschild.com 1953 institutional & fund services, corporate finance 150 billion Swiss francs in assets under management

Asset management, corporate finance, equities, capital www.metzler.com 1674 The oldest German private bank with an unbroken tradition of family ownership markets, private banking

www.imtrust.cl 1985 Corporate finance, asset management and capital market Main financial institution in Chile

Commercial banking, capital markets and corporate One of the main Nordic countries banks. Over 11,000 employees working in a www.handelsbanken.es 1871 finance total of 24 countries

Personal banking, investment banking, life and general India's second-largest bank with total assets of Rs. 4,736.47 billion (US$ 93 www.icicibank.com 1955 insurance, venture capital and asset management billion)

Private banking, institutional management, financial www.degroof.be 1871 Belgium’s premier independent private and investment bank markets, corporate finance, credit & structured finance

Brokerage, corporate finance, institutional services, asset www.isinvestment.com 1996 Part of İşbank. İş group is the largest fund management group in Turkey management

www.pcm.co.il 1990 Investment banking, private equity and capital markets Subsidiary of bank hapoalim, is the Israel's largest financial group

One of the main independent companies specializing in the Italian middle www.vitale-co.com 2001 Corporate finance and capital markets market. Founded by the investment bank Lazard’s team in Italy

| 5 | LEADING INDEPENDENT INVESTMENT BANK

The values that govern GBS Finance are always linked to our long-term vocation to our clients dedication

VALUES

ABILITY TO PROFESSIONALISM 1EXPERIENCE 2 INDEPENDENCE 3 EXECUTE 4 CREATIVITY 5CONFIDENTIALITY 6 AND ETHICS

GBS Finance is We are an Market knowledge Much of the work in It is an essential We are rigorous a reference in independent Direct access through GBS Finance is based factor to maintain and demanding in Southern Europe entity focused on our international on the knowledge of the long-term the performance of and Latin America, maximizing the network of investment our clients and the confidence of our our work, based on with accumulated value delivered to banks to any investor contribution of new clients seriousness, honesty or source for national experience of more our clients, avoiding ideas that fit with their and efficiency, with or international than 350 transactions generation of financing. future development more than 100 completed by its conflicts of interest plans professionals across Experienced team in professional team investment banking the three business lines and private equity (Corporate Finance, Wealth Management and Investments) throughout Spain, Portugal, USA, China and Latin America

| 6 | SOCIAL RESPONSIBILITY IN GBS FINANCE

Our business activities are always guided by ethical and socially responsible criteria

The management of Corporate Social Responsibility at GBS Finance The entities with which GBS Finance regularly collaborates are: Fun- aims to align our economic and social interests. dación Princesa de Asturias, Fundación A.G.H. Invest for Children, Aso- Therefore, in addition to strict compliance with moral, ethical and le- ciación de Antiguos Alumnos de los Colegios de la Guardia Civil, Spe- gal obligations, we voluntarily collaborate with companies that pro- cial Olympics, Unicef, Fundación Fero, Fundación Leucemia y Linfoma. mote the social, cultural and scientific development of society. Since 2015, GBS Finance has been a signatory member of the United Nations Global Compact.

GBS Finance, among other activities: • Has developed internal training programs for its employees. • Makes donations to NGOs.

• Supports organizations that favor medical research. We have worked with the Best Buddies Colombia Foundation since its • Promotes cultural activities. creation, an organization dedicated to promoting social inclusion for people with cognitive disabilities. • Collaborated in the creation of two schools in Africa (Sudan and Tanzania) Our dedication to patronage led us to become International Patrons of the Museo del Prado.

| 7 | GBS Corporate Finance

| 8 | BUSINESS LINES: CORPORATE FINANCE

Over 350 successfully closed transactions since 1991

MAIN ACTIVITIES

MERGERS & ACQUISITIONS DEBT SERVICE

• Divestments and company acquisitions Advise and negotiate independent debt funding solutions in • Leveraged transactions (LBOs, MBOs, MBIs) relation to corporate finance transactions: • Mergers / joint ventures • Acquisition financing • Equity restructuring • Staple financing • Spin-offs • Refinancing • Direct Lendings • Private placements

CAPITAL MARKETS STRATEGIC FINANCIAL ADVICE

• Preparation of companies entering the stock market • Strategic alliances • Capital increases • Corporate Restructuring • Fairness opinions • Takeover defense

| 9 | MAIN CLIENTS BY INDUSTRY

Our clients include many of the major multinationals and family-owned business in every country GBS Finance is present.

FOOD TOURISM MEDIA ENERGY

BEVERAGES FINANCIAL HEALTHCARE RESTAURANTS

CONSUMPTION INDUSTRIAL IT&TELECOM REAL ESTATE

CONSTRUCTION SERVICES TRANSPORT PRIVATE EQUITY

| 10 | MAIN RELEVANT DEALS ADVISED BY GBS FINANCE TEAM

IBERDUERO

Merger between Banco Bilbao and Merger of the companies to form Merger of the companies to form Financing by Bank of America in the Reprivatization of more than 250 Banco Vizcaya and creation of Banco Gas Natural Iberdrola merger between the companies: companies of the Group Bilbao Vizcaya Unión Eléctrica and Fuerzas Eléctricas del Noroeste, S.A. (Fenosa)

BANCO CENTRAL

Grupo Aeroportuario del Sureste Sale of 28% stake to Artá Capital and Advisor on the IPO of the company Privatization of Grancolombiano Group, Advisor on failed merger between (Asur) acquires Colombian airport L Capital with more than 50 companies on the banks operator Airplan

Capital increase of €1.263 bn Acquisition of 8.78% of Colonial Merger of the companies Barceló acquires 42% of Sale of the environment division of Occidental Hoteles from minor OHL Group to GS E&C shareholders

| 11 | MAIN RECENTLY ADVISED TRANSACTIONS

Grupo 5 acquires Novaedat Picafort and Advisor to Incofin (Colombia) in the Corpfin Capital acquires Grupo 5, Changyu Pioneer Wine acquires 85% Advisors to Puig family for the Geriátricos Manacor, subsidiaries of sale of Crezcamos, specialized in the devoted to social health services stake in Bodegas Bethia (Chile) acquisition of a large stake in the listed Cleop’s geriatric business provision of microcredits real estate company Financial advisor to the buyer Financial advisor to the buyer Financial advisor to the seller Financial advisor to the buyer Financial advisor to the buyer

Aurica acquires a 19% stake in Flex The private equity fund BlueGem Sale of the Colombian production unit of Sale of an industrial real estate asset to Grupo Faber Halbertsma acquires the acquires a majority stake in the Takeda to the Mexican company Chinoin the construction company Pavasal company El Palet Verde restaurant chain Lateral Financial advisor to the buyer Financial advisor to the buyer Financial advisor Financial advisor to the seller Financial advisor to the buyer

Advisors to Eurona for corporate Sale of the company Brandcare to Grupo Aeroportuario del Sureste Long term structured finance for Non- monetary capital increase in growth financing Grupo Sodalis (Asur) acquires Colombian luxury hotel development Colonial through the transfer of two airport operator Airplan Total project: €135M real estate assets

Financial advisor Financial advisor to the seller Financial advisor to the buyer Financial advisor Financial advisor to the buyer

| 12 | GBS FINANCE CORPORATE FINANCE - PARTNERS

PEDRO GÓMEZ DE BAEZA JUAN ANTONIO SAMARANCH PABLO GÓMEZ DE PABLOS CHAIRMAN FOUNDING PARTNER MANAGING PARTNER • Industrial Engineer from • Industrial Engineer from • Degree in Economics and Escuela Técnica Superior de University of Barcelona and Business Administration from Ingenieros Industriales in MBA from New York University. CUNEF in Madrid. Madrid and an MBA from the • Previous experience: Vice • Previous experience: Senior Wharton School of Finance. President of S.G. Warburg Associate at Arthur Andersen • Previous experience: Managing Director of S.G. Spain, Senior Associate at the & Co. Warburg Spain, Board Member of the S.G. Warburg First Boston Corporation (New York) and Account • Member of Círculo de Empresarios and member of &Co.Bank in London, Managing Director at the First Manager at International Flavors & Fragances. the Board of Directors at Beruby.com and Iplusf. Boston Corporation (New York) and JP Morgan (New • Vice President of International Olympic Committee York). and Real Automovil Club de Cataluña (RACC). • He has been member of the Board of Directors President of the Management Board at Olympic at Petronor, Ebro Foods and Bioserch Life and Channel Services and Member at the Management nowadays is Chairman of LA Organic and of LA Board of Miquel Alimentació. Almazara by Starck and Founding Partner of Círculo Fortuny.

PABLO DÍAZ LLADÓ KEVIN WOODS JAVIER HERRERO PARTNER PARTNER PARTNER • Degree in Economics and • B.A. from Manhattan College • Degree in Law and Economics Business Administration from and an M.A from The Johns from ICADE (Universidad CUNEF in Madrid. Hopkins University. Pontificia de Comillas). • Previous experience: financial • Previous experience: Director • Previous experience: Uría & analyst at Grupo Moneda, a and Head of Corporate Finance Menéndez. brokerage firm based in Mexico at Bank of America in Madrid City. and held various positions in the Corporate Office of Bank of America NT&SA in New York. Previously, he worked for the Chase Manhattan Bank in New York and Milan.

| 13 | GBS FINANCE CORPORATE FINANCE - PARTNERS

MIKEL BILBAO ANA LACASA IGNACIO MARTÍNEZ PARTNER PARTNER PARTNER • Degree in Law, Economics • Degree in Law and Management • Degree in Economics from and Management from ICADE from ICADE (Universidad Universidad Complutense de (Universidad Pontificia de Pontificia de Comillas) and Madrid and International MBA Comillas). MBA from the Stern School of issued in conjunction by IE • Previous experience: Chief Business. Business School and Babson Investment Officer at Cofir, • Previous experience: Spencer College (Boston). Managing Director at BNP Structured Finance and Stuart, S.G. Warburg, First Boston and Dresdner • Previous experience: senior head of the Spanish portfolio at the British private Kleinwort Wasserstein. at the TAS department of Deloitte and began his equity firm 3i PLC. career at PriceWaterhouseCoopers. • Currently a board member at Imaginarium, DCN and Bodegas Marqués de Atrio.

JUAN NAVARRO JAVIER FERNÁNDEZ LABORI PARTNER PARTNER • Degree in Economics and • Degree in Economics and Business Sciences from the Business Sciences from the University of Barcelona and University of Barcelona, along MBA from IESE. He additionally with MBA’s from ESADE and the studied at the London School of Warwick Business School. Economics. • Previous experience: Avant • Previous experience: Banco Santander Central Corporate (Grupo Mazars) and a*capital Corporate Hispano, and also worked in strategic consulting Finance. and M&A projects at Roland Berger, InterBen (Horváth & Partners) and a*capital Corporate Finance.

| 14 | GBS FINANCE CORPORATE FINANCE - DIRECTORS

JUAN D. MARTÍNEZ DE AGUILAR DANIEL GALVÁN JAVIER NAVARRO DIRECTOR DIRECTOR DIRECTOR VALENCIA • Degree from Universidad • MBA from EOI (Escuela de • MBA and a degree in Business Complutense de Madrid. Organización Industrial), from ESADE Barcelona, and • Previous experience: Senior Masters in Financial Markets postgraduate in economics and Banker at HSBC and ABN AMRO, from Centro Internacional finance at Harvard University working with IBEX clients Carlos V (UAM) and and University of New York. from the energy and industrial sectors. Previously Postgraduate degree in • Previous experience: Managing worked at Socgen in charge of multinationals, Marketing from Universidad Autónoma de Madrid. Director at various industrial companies and also Deputy Representative of Banco Exterior de • Previous experience at Banco Santander, Ernst member of the Committee of investments and España, Deputy Director of Grupo Financiero del & Young Corporate Finance and as E-business financial companies. Sureste (investment company, working in projects Intelligence Analyst at Netjuice. He is a professor of • He is also a Member of the Spanish Financial related with equity and debt placements in MSE Strategy and Marketing at EOI Business School and Analysts Institute. and NYSE). Also worked at the currency and wealth Universidad Politécnica de Madrid. management (Trust dpt) of Extebank, N.Y (Banco Exterior de España).

SANTIAGO GIL DE BIEDMA ÓSCAR TORRES PABLO ORTEGA DIRECTOR PORTUGAL DIRECTOR COLOMBIA DIRECTOR COLOMBIA • MBA from INSEAD and a degree • Degree in Economics with • Degree in Economics from in Economics and Business Finance option from the Universidad Javeiana and MBA Administration from CUNEF. University of los Andes (Bogotá) from University of Maryland • Since 2007 he is partner of and MBA from ESADE Business • Previous experience: Nexus Iberpartners, a fund with School (Barcelona). Banca de Inversion, Credicorp investments in the food industry, banking, • Previous experience: Criteria Caixa Corp in the area Capital, J.P.Morgan (New York), Fannie Mae construction, forestry, energy (traditional and of investment management, and in BBVA Horizonte (Washington). renewable) and carbon trading. Pensiones y Cesantías, where he was the Risk • Previous experience: Former CEO of AON Portugal Director and a permanent member of the Risk and (2002-2005). Also gained experience working at Investments Committee. He was Risk Director of Mercapital, AIG and Banco Herrero. Gesvalores S.A. Comisionista de Bolsa.

| 15 | GBS FINANCE CORPORATE FINANCE - DIRECTORS

ROBERTO HENRÍQUEZ VIC YUWEI MENG DIRECTOR MÉXICO DIRECTOR CHINA • Degree in Business • Degree in Economics from Administration from University of Peking and MBA Universidad Iberoamericana from Cambridge University. (Mexico) and MBA with Magna • Previous experience: Started Cum Laude honors from Babson his career as Project Manager in College (USA). risk management division of China Industrial Bank, • Previous experience: Associate in Alta Growth in charge of financing to various projects for MNCs Capital and partner responsible for the creation and SOEs. and development of a Venture Fund in 2009. He • Joined International Olympic Committee in 2005 also worked as Vice President in Mediobanca as China Project Manager, responsible for TV and Investment Bank in Mexico. Marketing service for Beijing 2008 Olympic Games. Also worked as China manager Bolaffi SpA and as Deputy Secretary General at Samaranch Foundation.

| 16 | GBS FINANCE CORPORATE FINANCE - SENIOR ADVISORS

ALFONSO MARISTANY GONZALO RODÉS JORGE ALBERTO JIMÉNEZ SENIOR ADVISOR SENIOR ADVISOR PÉREZ SENIOR ADVISOR • Degree in Law and Economics • Degree in Law from Universidad from the University of de Barcelona. • Degree in Economics from the Barcelona, and member of Universidad de los Andes and • Previous experience: Tax Círculo de Economía de an MBA from Wharton School Department of Cuatrecasas Barcelona and the Economists (University of Pennsylvania)). Gonçalves Pereira and Association of Cataluña. founding partner at Rodés & • Previous experience: Executive • Previous experience: Responsible for international Sala Abogados. Partner of Gómez Acebo y Pombo President of Axión. Previously he worked in the development at Caixa de Pensions de Barcelona (La in charge of Business Development. Banco de la República (Banco Central de Colombia), Caixa), General Manager of the Belgian bank, Dexia, he was in charge of the Bankers Trust office for • Chairman of Barcelona Global, Member of the in Italy, and Regional Manager at Bank of America Colombia and International Vicepresident of boards at Accesogroup, Meridia Capital Partners in Spain. Bavaria. and member of the Executive Committee of Asepeyo.

ALFREDO THORNE SANTIAGO CAVIEDES SENIOR ADVISOR SENIOR ADVISOR • Degree in Economics from the • Degree in Economics from University of Cambridge and the Catholic University of PhD from the University of Ecuador and Master in Public Oxford. Administration by Harvard • Previous experience: Economic University. Minister of Perú, Director of Thorne & Associates, • Previous experience: Managing Partner of a Peruvian Coprorate Finance firm. He worked as Humboldt Management, Ecuadorian Corporate Director of Prima AFP and was Managing Director Finance firm. He previously worked for the Ministry of Investment Banking and Analysis of Banorte of Economic Policy, Telefónica and Unifond, S.A. (Mexico), Managing Director of JPMorgan Chase and (Switzerland). Senior Financial Economist of the World Bank.

| 17 | GBS Family Office BUSINESS LINES: FAMILY OFFICE

GBS Finance Family Office offers global wealth management for high net worth clients

ABOUT US

The GBS Finance Family Office division was Our company is fully owned by the partners, founded in 2003, and offers management and who are professionals with many years of ex- advisory services to high net worth clients. perience in prestigious financial institutions. The business model of GBS Finance Family Office GBS Finance is registered with regulators in is clear, simple, transparent and global. Funda- those countries where it operates: mentally, its aim is to preserve capital and to optimize the structure of the investment portfolios of its clients, regardless of the institutions in which their investments are deposited.

Spain – GBS Finance Investcapital A.V., S.A. – regulated by the Spanish Stock Exchange Commission (CNMV), and registered as “Empresas de Servicios de Inversión” (number 232)

USA – GBS Finance LLC – regulated by the SEC

| 19 | GBS FINANCE FAMILY OFFICE

Our professional team specializes in family wealth management solutions, centralizing relationships with depositary institutions and information consolidation

BUSINESS MODEL

OPEN ARCHITECTURE: Our “100% open ar- EFFICIENCY: GBS Finance consolidates all infor- chitecture” enables us to have a broader view mation regarding investments and compiles a and optimize the profitability of the investment tailor-made report for each client. This full and portfolio. We have full access to any institution clear vision of each portfolio is the basis tfor in its sector, allowing us to work with the best controlling profitability, optimizing the portfolio managers without conflicts of interest and better monitoring the risk.

NO DEPOSITARY RISK: GBS Finance does not COST MANACEMENT: The client is the only per- offer depositary services. This means that the son who pays our fees our fees. Any savings or client will continue to have their funds depos- rebates obtained from the product providers or ited at the bank of his/her choice and continue custodians are returned in full to our clients. to receive all of the information from those en- This scheme removes the conflict of interest tities. GBS Finance will act as interlocutor, of- that banks and other financial institutions have fering the client straightforward, unified man- of receiving commissions based on products or agement with a global scope. rotation of the portfolio.

| 20 | BUSINESS LINES: FAMILY OFFICE

We offer every client a comprehensive and highly individualized service

SERVICES OFFERED

SERVICES

• Strategic and Estate Planning • Protocols • Orientation and training on legal structures, tax and inheritance • Tax optimization: VAT, Income Tax, Corporation Tax, Heritage and Inheritance

FINANCIAL INVESTMENTS REAL ESTATE INVESTMENTS PRIVATE EQUITY

• Traditional • Search, analysis and selection • Advising on the acquisition of of national and international shares in companies • Alternatives real estate assets • Structured • Search, analysis and selection • Consulting and introduction of of companies new products and markets

| 21 | GBS FINANCE FAMILY OFFICE

Beyond the primary goal of wealth management, we seek to grow our clients’ capital through investment policies tailored to each individual’s risk profile

PORTFOLIO MANAGEMENT PROCESS

1. Analysis and optimization of the banking 3. Define an investment strategy with the client, structure. The first step is to conduct a com- based on the optimization of risk-return trade- prehensive analysis of the client’s portfolio, off. consolidating all investments in a single tailor- • Product selection through thorough made report. This global vision is the basis to independent analysis. obtain and optimize the overall profitability of the portfolio, and also to monitor the risk. • Optimize cash and fixed income across different entities which offer attractive 2. Generate a more efficient platform. We interest rates and that have recognized work with the most efficient banks for each solvency. type of investment, renegotiating the terms / 4. Tax and financial optimization. Tax planning current costs of the portfolio. We can obtain is integrated into our management process. favorable terms thanks to our volume and sy- nergies of the Multifamily Office: • SICAV: Conditions of management and custodial services • Brokerage costs, transaction, custody, best execution... • Credit facilites and a policies Rebates and incentives obtained are returned in full to the client, avoiding potential conflicts of interest.

| 22 | GBS FINANCE FAMILY OFFICE – TEAM

JAIME ALONSO SANTIAGO HAGERMAN ARNUS IVAN DOLZ DE ESPEJO PARTNER PARTNER PARTNER • Bachelor of Science in Finance • Bachelor of Science in Economics • Degree in Business from the Wharton School of from New York University and a Administration from CUNEF Business in the United States. MBA from INSEAD (France). (Madrid) and was number one • Over 20 years of experience in • Over 27 years of experience in his class in the Superior asset management and capital in private banking, asset Programme of Portfolio markets. management and capital Management at Instituto de Empresa (IE). • Previous experience: worked at Credit Agricole markets. Indosuez and was a part of the founding team at • Previous experience: he worked at Guggenheim • Over 14 years of experience in private banking, Credit Suisse in Spain. Partners in Madrid and Geneva as Director of asset management and capital markets. • He also managed the implementation and Investment Management in Europe. He was part of • Previous experience: he worked in the Equity Sales operation of two operating branches for Banesto. the mergers and acquisitions team at Goldman Sachs department for Latin America and EMEA of Salomon and has worked at Salomon Brothers and Deutsche Smith Barney, and also at Deutsche Bank. Bank in New York, managing equity portfolios in emerging markets.

ALBERTO ROLDÁN LUIS BILBAO ARTURO PERERA DIRECTOR COO COMMERCIAL DIRECTOR • Degree in Economics from the • Degree in Economics and • Degree in Business Carlos III University of Madrid Business from the Universidad Administration and and master in Stock Exchange Autonoma of Madrid and Master Management from Munich and Financial Markets from the in Financial Markets. Business School and Regent’s Universidad Empresa Foundation College (London). and in Value Investing by the • Previous experience: Société Manuel Ayau University. Générale,I NG Direct, Ahorro • Previous experience: Financial Corporación and Crédit Agricole within the operations auditing at Deloitte (FSI) and atl Capital Asset • Previous experience: CIO at Lloyds Investment and and regulatory compliance departments. Management. Head of Funds in Spain. He was the head of analysis and strategy in Inverseguros SVB, and formed part of the Bestinver and BNP Paribas analysis team. He also worked in the management assets division of BBVA.

| 23 | GBS Investments BUSINESS LINES: GBS INVESTMENTS

Support in the search for financial solutions for start-ups and ongoing projects

MAIN ACTIVITIES

• Strategic advice • Debt and equity searching. • Feasibility studies

We participate, with private entities and large institutions, in some of our clients’ investment projects in various sectors such as Biotechnology, IT, Food and Beverages and Tourism.

LA ORGANIC LA EXPERIENCE La Almazara Son Miranda Wooptix Sector: Organic food Sector: Tourism Sector: Tourism Sector: : Tourism, restaurants Sector: Tecnology products

ONGOING PROJECTS/ SECTORS:

• I+D • Tourism • New energies • Healthcare • Sports

| 25 | BUSINESS LINES: GBS INVESTMENTS

We generate investment opportunities, provide access to capital and advise executive teams in the development of expansion plans

Start-ups: Development/ Expansion: GBS Finance Investments supports potential Our team guides our clients during the expan- business projects that are at an early stage sion and internationalization process, offering (start-ups) or ongoing projects that require ad- a wide range of financial solutions: ditional financing to undertake their develop- • Helping to find development capital for ment and growth plans in their sectors. projects with a previously proven business • Provides start-ups with access to a network model, that require funding to drive their of venture capital and angel funds for the growth. implementation of their business. • Guides and advises management teams in • Analysis, structuring and investment/co- executing MBOs, MBIs and BIMBOs, which investment in new projects, creating direct require additional sources of equity than investment opportunities for third parties. they can achieved alone. • We also create our own projects.

| 26 | GBS FINANCE INVESTMENTS – TEAM

PEDRO GÓMEZ DE BAEZA PABLO DÍAZ LLADÓ OLIVIA MOSSAY CHAIRMAN PARTNER VICE PRESIDENT • Industrial Engineer from • Degree in Economics and • Degree in Law & Business Escuela Técnica Superior de Business Administration from Administration from Colegio Ingenieros Industriales in CUNEF in Madrid. Universitario de Estudios Madrid and an MBA from the • Previous experience: financial Financieros (CUNEF). Wharton School of Finance. analyst at Grupo Moneda, a • Previous experience: Corporate • Previous experience: Managing Director of S.G. brokerage firm based in Mexico & Investment Banking department of Banco Warburg Spain, Board Member of the S.G. Warburg City. Santander in New York. &Co.Bank in London, Managing Director at the First Boston Corporation (New York) and JP Morgan (New York). • He has been member of the Board of Directors at Petronor, Ebro Foods and Biosearch Life and nowadays he is Chairman of LA Organic and of LA Almazara by Starck and Founding Partner of Círculo Fortuny.

CÉSAR FERNÁNDEZ TAJES LUIS DE LOS RISCOS CASILDA GÓMEZ DE BAEZA VICE PRESIDENT ASSOCIATE ANALYST • Naval Engineer graduated • Degree in Business and Law • Degree in Business with Honours, Specialized from Universidad Complutense Administration and in Industrial Organization de Madrid, and Master in Management from the American from UAX, Madrid. Master European Business from ESCP University of Paris. in Corporate Finance and Europe, specializing in Finance. • Previous experience: Corporate Investment Banking from IEB, • Previous experience: Internships at Rentokil Finance at GBS Finanzas and at where he is currently an Associated Corporate (London) and Indra (Madrid). Cranemere, LLc Private Equity (New York). Finance professor. • Previous experience: Corporate Finance Associate at Confivendis, and Corporate Strategy Analyst at Accenture.

| 27 | GBS FINANCE INVESTMENTS – TEAM

PAULA MARTÍNEZ ANALYST • Degree in Law and Business Administration from CEU San Pablo University. Master in International Business Law at Centro de Estudios Garrigues. Course in Business Law at Fordham University (New York). • Previous experience: Real Estate at Lener Legal and Economic Advisors.

| 28 | CONTACT

MADRID BARCELONA VALENCIA LISBOA NEW YORK MIAMI GBS Finance Spain GBS Finance Spain GBS Finance Spain GBS Finance Portugal GBS Finance LLC GBS Finance LLC c/ Velázquez, 53 Plaza Francesc Macià 6 c/ Universidad, 4 Rua Castilho, 75 708 Third Avenue 1395 Brickell Avenue, 28001 Madrid (España) 08021 Barcelona 46003 Valencia 1250-068 Lisboa 10017 New York (U.S.A.) 5th floor T. +34 91 576 76 06 (España) (España) (Portugal) T. +1 646 571 05 07 FLA 33131 (U.S.A.) T. +34 93 368 56 37 T. +34 96 342 72 20 T. +35 914 807 085 T. +1 786 534 66 81

BEIJING BOGOTÁ MÉXICO CITY ECUADOR PERÚ GBS Finance China GBS Finance Colombia GBS Finance México GBS Finance Ecuador GBS Finance Perú No. 19 Zuoanmennei Calle 80 Ed.Ochenta81 Of. Aristóteles, 77, 5º Col. José Orton N30-54 Av. La Mar 662, of 601, Avenue Dongcheng District 301 Polanco 11560 Edificio Mokai Miraflores, Lima 100060 Bogotá D.C., Colombia México, D.F. Quito EC-17051 T. +51 1 631 82 00 Beijing, China T. +57 1 644 9400 T. +52 1 (55) 885 11 406 T. +593 2353 0482 T. +86 10 6585 2888

www.gbsfinance.com

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