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MERIDIA CAPITAL PARTNERS Corporate Overview December 2019 Meridia Capital Partners Leading independent Spanish alternative investment manager • Partner of reference in Spanish private markets for some of the world’s largest and most noteworthy institutional investors. • Established manager, founded in 2006. • Close to €1bn of Assets Under Management. • Various investment vehicles across two main business divisions: Real Estate and Private Equity. • Proven track record: achieved above average returns successfully investing/divesting across cycles. • Experienced and multidisciplinary team: 26 people across two offices: Barcelona and Madrid. • Socially responsible: committed to creating a positive impact in the community through our investments. Firm of the Year: Member of: Southern Europe Regulated by CNMV (Spanish Securities Market Commission) 2 Mission and Values INTEGRITY SOCIAL IMPACT Our investments are analysed and Responsibility is embedded into every managed in accordance with the highest decision we make. We believe careful ethical values. Transparency is a must in management of ESG factors is of the utmost everything we do. importance to the firm, our investments and community. ENTREPRENEURSHIP EXCELLENCE An agile and flexible professional We seek to be the best in everything we do. environment allows us to differentiate We set the greatest working and moral ourselves through creative thinking. We standards and aim to surpass them in all strongly encourage personal accountability our actions. across every level of the organisation. 3 Our Businesses MERIDIA CAPITAL PARTNERS MERIDIA ADVISORY SERVICES REAL ESTATE PRIVATE EQUITY ADVISORY ACCOUNTS c.€500M AUM €100M+ AUM €250M+ AUA Advising: Meridia I Meridia II Meridia Private Equity I Meridia III Meridia IV 4 Our History 2001 2007 2015 2018 Acquired Hotel Arts Launched Meridia I (Hospitality) Launched Mnext (VC) Agreement Franklin Templeton Social Infra Fund 2006 2014 2016 2019 • Sold Hotel Arts • Launched Meridia II (RE) • Launched Meridia III (RE) • Partnership with Partners Group AG • Founded Meridia Capital Partners • Exited Meridia I (Hospitality) • Launched Meridia PE I • Launched Meridia IV (RE) 5 MERIDIA II Real Estate 12 deals • Launched 2014 • Equity of €150M • Value-add CRE • Spain (focus Mad/Bcn) Overview • Already in liquidation • Returns above underwriting €1.2bn €900M Invested globally Invested in Spain since inception 30+ +700,000 MERIDIA III Deals Sqm 12 deals • Launched 2016 Investment breakdown(1) • Equity of €220M (incl. discret. co-inv.) • Value-add CRE • Spain (focus Mad/Bcn) • Fully invested/exits soon • On track 3% 17% 6% 8% 46% 52% 69% MERIDIA IV Office Hotel Logistics Other Barcelona Madrid Other 2 deals so far • Launched 2019 • Equity of €250-300M • Value-add CRE Well balanced diversification across asset types and strategies with • Spain and Portugal concentration in Spain’s most liquid markets. • Investing (1) Based on equity for all assets in Meridia II, III and IV 6 • Investment: Sep 2016. • Leading producer and distributor of technical food ingredients for the Private Equity gastronomy segment. • Savencia Gourmet (French leading food group) entered Sosa in Nov 2016. Meridia Private Equity I • Investment: Jan 2017. • Restaurant and hotel operator with 28 restaurants and 5 hotels. Proven business models with significant growth potential • Investment: May 2018. • Spanish multi-channel supplier of football equipment. • Equity of €105M • Strong online presence. • Launched in 2016 • Spain • Multi-sector (lifestyle) • Investment: Jun 2018. • Spanish-based low-cost airline connecting small-mid sized European cities. • Investment: Apr 2019 • Leading integrated pet-care specialist in Spain and Portugal with growing. network of over 125 specialised pet stores, 75 veterinary clinics and 8 hospitals. • Investment: Dec 2019. • Global incumbent in the design, manufacture and commercialization of automatic fresh fruit juice extraction machines. 7 Advisory Accounts PROJECT FORTE 2019 – Present • Managing a Spanish portfolio owned by global private markets investment manager Partners Group AG (sold in April 2019). • 18 buildings with a GLA of over 90,000 sqm located mainly in Bcn and Mad. • Meridia acts as advisor to specific vehicles through operating and management agreements. • Meridia provides experienced perspective and support in areas such FRANKLIN TEMPLETON SOCIAL INFRASTRUCTURE FUND as origination, investment and asset 2018 – Present management. • Exclusive advisor to Franklin Templeton’s pan-European Social Infrastructure Fund in Spain and Portugal. • The Fund invests in real estate assets with the objective of making a positive social and environmental impact in the community while also achieving financial returns. • First acquisition in Iberia closed in 2018. MNEXT VENTURE CAPITAL 2015 – Present • 6 portfolio companies. • Supporting the local entrepreneurial ecosystem. 8 Crowne Plaza Ritz Carlton W + Apple Store Previous Track MERIDIA I Santiago, Chile Santiago, Chile Paris, France - Launched 2007; liquidated 2014. Record - Equity of €150M. - Hospitality. - Global (focus Latin America, Europe). Four Seasons Intercontinental Six Senses - Rated by Preqin top 10% performer Mexico City, Mexico Sao Paulo, Brasil Phuket & Hua Hin, Thailand amongst 2007 global real estate funds; fourth best performing fund in Europe. HOTEL ARTS - 2001: Mr. Faus assembled consortium for €235M acquisition of real estate portfolio HOVISA, owner of Hotel Arts (Ritz-Carlton) in Barcelona. - 2006: led disposal to ABP, Host Hotels & Resorts and GIC (Government of Singapore) for €417M. - Disposal achieved highest price ever paid for a single real estate asset in Spain. Transaction used as case study in some of the world’s most renowned business schools. 9 Team Management Company Real Estate Private Equity Javier Faus Chairman Cristina Badenes Juan Barba David Torralba Partner – Head of IR & Corp. Dev. Partner – Head of Real Estate Partner – Head of Private Equity Jose Luis Raso Investment Asset Management Project Management Guillermo Galmés CFO Director Victor Iborra Alberto González Adrian Clarke Director Director Director Elisabet Gómez Head Investment Head Asset Mgmt. Head Project Mgmt. Rodrigo Hervás Legal Counsel & Compliance Officer Associate Marta de Azlor Rita Torres Jaime Monzó Senior Associate Senior Associate Associate Carlos Giménez Jose María Mateu Associate - Finance Associate Claudia Dalla-Chiesa Zulema Canosa Associate Senior Associate Paula Piera Associate - IR & Corp. Dev Roberto Vargas Sanda López Analyst Associate Ester Gallegos Assistant Marina Breda Arina Butorina Associate Assistant Jorge Romero Luciana Orellano Associate Assistant 10 Team – Key Senior Members • Founder of Meridia Capital Partners. • Juan Barba joined Meridia Capital in September 2014 from SAREB (management company of • Prominent investment professional. Has managed c.3 billion euros of investments/divestments real estate loans and REOs from troubled Spanish financial entities), where he was Head of since 2001, mostly in Real Estate in Spain, France and Latam and in Private Equity in Spain. Transactions, leading the divestment of SAREB’s portfolio – around 50 billion euros. At Meridia • Mr. Faus chairs the Board of Directors of Meridia Capital and all its Investment Committees. Capital he is responsible for implementing the real estate business strategy, with special • Since 2019 serves as President of Círculo de Economía, a leading economic think tank based in emphasis on origination, deal execution, asset management and exit optimisation. Barcelona. • Prior to that, he was Principal at Doughty Hanson, a London-based private equity group, where • 2010 – 14: served as Director of Colonial, the largest public Spanish Real Estate company. he worked for six years covering Spain & Portugal. He mainly focused on value-add strategies • Since 2016 serves as Director of Indukern, a leading Spanish pharmaceutical company. for commercial real estate. Prior to that he was General Manager at Aareal Bank AG, a German Javier Faus • 2010 – 15: served as Vice Chairman at FC Barcelona where, from a non-executive role, he Juan Barba specialised property lender, where he worked for seven years. He was responsible for banking Chairman oversaw different areas such as Strategy, Finance and Marketing. Partner operations in Spain & Portugal. Transactions included senior debt, mezzanine and equity • 2001-06: CEO and minority shareholder of HOVISA, real estate company owner of Hotel Arts. finance. Before that, he had been at Principal Financial Group, where he worked in the US for • 2003-06: Iberian Managing Partner for Patron Capital. Real Estate nearly two years, and worked with the Arthur Andersen Real Estate team in Madrid. • Prior to that he was M&A lawyer at Garrigues (New York) and Cuatrecasas (Barcelona). • Double degree in Law and Business Administration from Universidad Pontificia Comillas (ICADE • Mr. Faus is also active in the academic sector. Has worked with different professors at Harvard, E-3). Professor of Real Estate Finance in the Real Estate Master Programme at Instituto de IESE and ESADE Business Schools, imparting cases based on his own experience. Empresa (IE Business School) since 2000. Participated as professor in the real estate • Received Law degree from Universidad Autónoma de Barcelona, Masters in International Law programme at Options & Futures Institute. from Georgetown University and MBA from ESADE Business School. • Ms. Badenes has been at Meridia Capital since inception back