Summary Overview February 2020 Patron Capital Overview

• Established European property investor over 20 years ➢ Operations across with advisory offices in the UK, Luxembourg and Spain with major operating partners in most markets including in Germany, France and Portugal ➢ Experienced 73-person team including 30 professionals, supported by 11 advisers, with regional and product focused expertise o Average of 19 years experience across the investment team ➢ Hybrid owner operator model supporting local partners across Europe

C. £62,000,000 $109,700,000 €303,000,000 €895,000,000 €1,100,000,000 €948,632,391 (including €100,000,000 dedicated (including €143,000,000 of (with GP commitment of (C. €96,000,000) discretionary co-investment pool and co-investment capital ) up to €45,000,000) apx. €220,000,000 of co-investment capital within ) PATRON CAPITAL PATRON CAPITAL L.P., I PATRON CAPITAL L.P., II PATRON CAPITAL L.P., III PATRON CAPITAL L.P., IV PATRON CAPITAL, V L.P. CAPTIVE FUND

EDICATED FUND RAISE D TARGETING OPPORTUNISTIC OR THE ACQUISITION OF Pan-European value Pan-European value-oriented Pan-European value-oriented Pan-European opportunistic F DISTRESSED AND UNDERVALUED OCWEN RENAMED oriented property and asset property and asset-based property and asset-based distressed property and asset UK ( PROPERTY AND PROPERTY IGROUP A LEADING based corporate investments corporate investments corporate investments based corporate investments ) RELATED INVESTMENTS ACROSS PLAYER IN THE SUB PRIME - EUROPE MORTGAGE MARKET

October 1999 October 2002 October 2004 March 2007 July 2012 July 2016

2 Deep Value Investment Strategy

• Identify granular and/or complex Value opportunities and properties within Indicator Classic Investment Path corporates Multiple/IRR Net Margin • Value-add through asset management, 2.2x/20-25% improved strategy and introduction of clear +50% Opportunistic Zone focus, sell into domestic market once asset stabilised 1.8x/17-20% +35% • Drive net equity multiple of 1.6x+ over 3-5 years 1.5x/17-20% +20% ➢ Target unlevered p.a. return of 11%-13%; approximate net profits of 35%-45% on total cost >1.0x/5-10% Patron Zone +10% (less leverage) ➢ Use leverage 50%-65% LTC debt to move levered returns to 16%+ and 1.6x+ equity 0% multiple

• Ensure fund/capital pools properly diversified; limited development risk

• Limit leverage as tail risk protection 6m 1y 2y 3y 4y 5y Time

3 Deep Value Investment Strategy

Focus on Investments below Intrinsic Value

Target %

Institutional Non-Core and Property assets below intrinsic value deemed non-core 40-50% Distressed Property by parent/owner

Companies with strong cash flow and value supported Corporate Acquisitions and by underlying real estate assets, properties that have 2020--30%40% Operational Real Estate operational-tied variable cash flow

CALA Banner

Challenged situations solved by repositioning assets or Complex Positions 10-30% platforms for broader market appeal

Financial securities (e.g., loans, equity release) backed Real Estate Credit by real estate, typically residential 10-20%

4 Origination - Geographic Focus

• Western Europe remains the prime focus with increasingly more granular smaller opportunities dominating our activities

Total Evaluated Opportunities (1) : 1999-2019 Total Evaluated Opportunities (1) : AGM 2018 - AGM 2019 Total Evaluated Opportunities : AGM 2018 - AGM 2019 3,047 Opportunities - $123.2bn 254 Opportunities - $7.2bn 254 Opportunities - $7.2bn Other Eastern Europe Germany / Other0% Central Europe 1% Other 0% 3% 1% Switzerland 15%

UK / Ireland Germany / UK / Ireland 34% SwitzerlandGermany / 34% Switzerland33% 33%

UK / Ireland 44%

Western Europe 36% Western Europe Western33% Europe 33%

(1) Where at least one day a week required of investment team Note: The % in the above charts represent proportion by capital

5 Patron Platform – Integrated and Interactive (41)

• Dedicated 73-person team including 41 investment professionals averaging 19 years of experience and Senior Team averaging 24 years of experience Keith M. Breslauer Shane Law

COUNTRY FOCUS PRODUCT FOCUS GENERALISTS Mark Collins Irina Stamate-Rocha ACROSS EUROPE, ACROSS PRODUCTS Daniel Weisz Fei Xie Pedro Barcelo Tim Street * Wiktor Lesinski Juan Du Arnau Osorio Danny Kay * Yolanda Leal Tim Swift Roy Binkowicz Ashish Kashyap Alejandro Pasquin Nate Kornfeld * Vicente Conesa * Nicolò Benzi Clothilde Guittard

Christoph Ignaczak Stephen Green Julius Kühn Leonardo Kutova Julian Rosenberg

Vanessa Sloan KEY Matteo Busà Matthew Utting Sir David Capewell * Senior Team Member * Senior Adviser Healthcare Development Jonatas Szkurnik Kevin Cooke Pubs Education Richard Sykes Strategy & Business Rafael Fitoussi Corporate Emilio Cereijo Development DVISERS Home Building Commercial Credit & A Distressed Residential & Consumer Bertrand Schwab Jason Meads Robert Booth Distressed Hotels & Leisure Rod MacKinnon Michael Capaccio Guillaume Lefort Social Impact (WISH Fund) Project Management

6 Patron Support Team, Risk and Compliance (32)

Senior Team

Keith M. Breslauer Investment Team Managing Director

Shane Law Chief Operating Officer

Jackie Burn * Human Resource

Legal Finance & Tax Luxembourg Kendall Langford Mark Parnell General Counsel/Compliance Finance Director Geraldine Schmit Steve Van Den Broek Mark Harris Andrew Haig Managing Director COO William Davies-Humphreys Caroline McGrath Group Financial Accountant Financial Accountant/ Legal Associate Investment & Closing Fund Modeller Michael Haydon Andreas Blum Halim Mekbel Moses Kim Denise Goodwin Richard Carter Senior Accountant Senior Accountant Accountant Transaction Assistant Investment & Tax Assistant Fund Accountant Senior Advisers Sylvie Nucera Jonathan Paganelli Alexis Tabary Daniel Cohn Farhod Moghadam Stuart Ansher Suchilla Dillon Seemone Cheung Accountant Senior Corporate Senior Corporate Senior Legal Counsel Senior Legal Counsel Financial Accountant Accountant Financial Accountant Officer Officer

Administration Amelia Carter Lisa Dave Floella Johnson Hayley St Ange Kalie Coveley Charlene Carr Victoria Collins Meritxell Gonfaus Stephanie Bohler PA to Keith M. Breslauer Senior Team PA Senior Team PA Team PA Team Support Legal PA Finance PA Admin, Spain Admin, Lux

* Senior Adviser

7 Investment Performance – Overall

• Since 1999, Patron has invested in 80 investments totalling €2.9 billion of equity and over €12 billion of gross asset value predominantly across Western Europe

➢ The primary strategy, comprising 87% of invested equity, is towards opportunities in Western Europe. Notwithstanding the effect of the GFC, these investments have seen very positive returns ➢ Patron’s overall performance since the GFC has been significantly higher

Invested & Total Realised Number of Identified Realised Unrealised & Unrealised Gross Equity Past Eighteen Years Investments Equity Proceeds Proceeds Proceeds Gross IRR Multiple Western Europe 71 €2,430m €2,776m €1,108m €3,884m 17% 1.60x (primary strategy)

Post GFC 44 €1,570m €1,826m €1,039m €2,865m 22% 1.83x

Note: Performance figures as at September, 2019

8 To date, Patron Charitable Initiatives have helped…

WORKING HARD TO HELP CHANGE THE WORLD Recent Awards - Selection

Property Fund Manager Property Fund of Corporate Social of the Year the Year Deal of the Year 2018 Responsibility Award Best Places to Work 2019 in Property

Healthcare Deal of the Year Responsible Investor Financial Services Property Developer of of the Year 2016 the Year

10 Specific Investment Review

Selected Opportunities (ordered by Fund and by investment size within each Fund)

11 UK Consumer – Retirement Bridge (Fund V)

Opportunity • Grainger, a listed residential property company, changed its focus to developing PRS units and decided to sell its non-core Retirement Solutions (RS) business. The business comprises a portfolio of over 3,800 ‘Home Reversion’ equity release assets. • On 31st December 2015, Patron exchanged contracts with Grainger to acquire the RS Business. • Completion took place in May 2016 post regulatory approval – renamed Retirement Bridge Group. • June 2017 – acquired Sovereign Reversions (c. 700 assets) Home Reversion • Home reversion is an equity release product where the homeowner sells part or all of the equity in his home in exchange for a discounted appraisal value of the equity and a right to live in the property until it is vacated upon the occupant’s death or move into long term care. • The industry underwent a significant improvement in market perception after home reversions were regulated by the FCA since 2007. Portfolio (as at May 2015 cut-off date) • 3,839 properties located across the whole of the UK, with concentration in the south of England. • Very seasoned portfolio (over 10 years on average) with average age of tenant of 82 years. Business Plan • As part of the acquisition, Patron acquired the platform, including staff, systems, regulatory licences, brand and any other intellectual property. • Strategy assumes no new origination or acquisition and sale of the business in 4 years.

12 UK Consumer Leisure Program (Fund V)

• The acquisition of Punch Taverns Plc in August 2017, following Competition and Mergers Authority approval. The acquisition was funded in part by the simultaneous back to back sale of a substantial portfolio of Punch’s assets to Heineken. • A total of 3,254 pubs were acquired, of which 1,879 were sold to Heineken. Patron retained ownership of 1,375 pubs and the head office operations, of which 1,323 are held in a securitisation structure and 52 pubs and the head office operations held at TopCo. • Add-on acquisition of Laine in 2018 with 55 pubs and other single assets, small portfolios • The business plan is predicated on ➢ strategic capex across the core estate to improve the underlying quality of the portfolio ➢ continued roll-out of a hybrid tenanted / managed operating model ➢ sale of the non-core pubs

13 EastPoint, Ireland – sold (Fund V)

• Acquisition of 4 multi-let office buildings with gross internal area of c.153,000 sq. ft. on EastPoint Business Park in Dublin, Ireland.

• EastPoint is c.40 acres in size, with approx. 1.5 million square feet of primarily office space (grade B) across 35 buildings. EastPoint has been developed in phases since the site was originally acquired and developed by Earlsfort Developments in the 1990s. The park is located adjacent to Dublin Docklands (where a lot of central Dublin office development is taking place, including the new Central Bank HQ), and in close proximity to the traditional core CBD area. The park has attracted a concentration of TMT tenants.

• The assets were acquired in joint-venture with O’Callaghan Properties (“OCP”) and Earlsfort Developments (“Earlsfort”). OCP are Fund IV’s existing JV partner on Project Drive, including acting as asset manager on Northside Shopping Centre, where there is a strong working relationship. Earlsfort originally developed EastPoint and are the existing part-owner and asset manager for several units on the Park, demonstrating their good knowledge of the Assets / local market. Both OCP and Earlsfort are investing alongside Patron.

• Strategy is to lease up vacant space and regear/release existing let space, where appropriate.

• Further 80,000 sqft acquired early 2017 - 3 assets - J, K and U on map

• Sold in September 2018 to Madison International Realty

14 Project Green, Spain (Fund V)

• Acquisition of 43 retail units (32 supermarkets, 5 Cash&Carry and 6 high street units) across Spain, comprising 41,567sqm of GLA. Main tenant is El Árbol/DIA (#2 chain in Spain), with 31 leases, and other individual tenants (including ING, Sanitas, Cortefiel).

• Purchased from Blackstone who acquired the portfolio within a larger €23bn transaction from GE in 2015.

• Strategy comprises lease up of vacant space and sale over a 3-4 year investment period, with some capex across portfolio as appropriate.

• Business plan undertaken by Patron team working with key local brokers with extensive experience in each region, as well as Aguirre Newman, CBRE and Vicente Conesa (Patron’s long term advisor and local partner in the Fund III Poblenou investment).

15 GSPP – Cologne, Germany – sold (Fund V)

• Acquisition of a 14,372 sqm office building on the border of Cologne’s city centre, with significant and unique redevelopment potential in an economically strong and affluent city with a good micro location and excellent connections to public transport.

• Seller was Patrizia who shifted strategy from a direct investor to primarily a Spezialfonds manager. As a result the asset became non-core for them.

• JV partner is Development Partner AG, an experienced office and retail developer and investor with a strong track record.

• Strategy to reposition the asset as a good building and a cheaper alternative within the premium segment which is undersupplied in the local market, supported by an extensive capex program and lease up of the asset.

• Sold in July 2019 to AEW

16 UK Care Home Program (Fund V / IV / III)

• In late 2009 strategy initiated to take advantage of: ➢ imbalance between demand for high quality accommodation, care and services and current old/poor supply ➢ impact of an ageing population ➢ current market conditions – led to overleveraged larger players or smaller poorly capitalised operators unable to take advantage of new • Strategy to build platform of at least 15-20 care homes within approximately 4 regional clusters in the UK • Achieved through acquisition of land and subsequent development and acquisition of existing operational premium care homes • Management team established at Opco level to manage homes and program • As of August 2014 - across both funds ➢ 10 sites operating and 1 under development – “core” ➢ 10 sites acquired or exchanged subject to planning for construction over the next 18 months – “pipeline” • In August 2014 sold the core portfolio and the operations to Health Care REIT (HCN) and Sunrise Senior living • Partnership with HCN agreed to develop out current 10 site pipeline plus additional opportunities • Current portfolio of 42 sites / homes (Fund V and IV) ➢ 11 acquired, and sold as part of original HCN/Revera partnership - now ended ➢ 31 outside of agreement acquired / exchanged subject to planning / site sales / operating homes, of which 2 sold and 4 forward sold

17 CALA Homes - sold (Fund IV)

• Acquisition in March 2013 of CALA Homes, a leading UK premium volume house builder from Lloyds Banking Group (“LBG”) as part of bank’s non-core asset disposal strategy and subsequent add-on acquisition in March 2014 of Banner Homes • CALA is a national house builder with a 15,846 plot land bank equivalent to c.6.8 years of production. CALA achieves the highest average selling price (“ASP”) among the UK volume house builders, £509k vs. average of £233k • CALA focuses on 3+ bedroom, single family homes in affluent districts of the UK, with customers who are generally equity rich, with average LTVs of 65% • For strategic as well as capital diversification reasons, Patron brought Legal & General CALA (“L&G”) and Electra Partners into the investment with Patron at 37%, L&G holding 47.5%, Electra 10.5%, management 5% - from a governance perspective Patron retains Banner operational control, with both Patron and L&G having board seats and Electra having a passive role subject to material matters above a 10% of EV threshold • Management team includes 21 professionals led by Alan Brown, CEO and Graham Reid, CFO, who successfully turned around the CALA after the downturn and the LBG debt for equity swap • Business plan is predicated on the build out of the land bank acquired during the downturn at attractive terms and the build out of “legacy” sites acquired pre-recession improving gross margin from 16% at the time of acquisition to 21%. Profits generated from developments are sufficient to replenish the land bank and position the business for exit • In March 2014 CALA acquired Banner Homes, a leading premium house builder operating in the South East and Midlands with a land bank of 2,360 plots and turnover of c.£140 million ➢ Banner greatly increased CALA’s exposure to more affluent areas in the South East of England and the increased scale will improve the combined business margins through operational leverage • March 2018 – sale of Patron interest to Legal & General

18 Motor Fuel Group - sold (Fund IV)

• 89% equity share in the property assets and business of Motor Fuel Group (“MFG”), the 2nd largest Asset Location Map – MFG & Target Portfolio independent owner & operator of convenience retail / petrol filling stations (“Forecourts”) in the UK ➢ Total of 373 operational Forecourt assets – pro forma 333 (89%) freeholds and 40 (11%) leaseholds, with unexpired lease terms typically in excess of 25 years • Joint venture with Alasdair Locke, high-net-worth veteran of the oil, property and industries, and new management team ➢ Highly specialist and experienced partner with over 450 previous successful forecourt acquisitions, turnarounds and asset managements to their credit ➢ Management team includes several experienced executives ex Murco UK (the UK subsidiary of Murphy Oil) • Initial MFG Platform investment completed Dec 2011 – corporate acquisition of the business and portfolio of 47 Forecourts, MFG then being the 5th largest independent forecourt owner /operator in the UK. ➢ Intrinsically high quality assets, significantly underperforming against industry average and historic performance ➢ Business plan focussed on enhancing operations and profitability of retail assets via conversion to efficient ‘Commission Operator’ management structure, systemic shop rebranding, dedicated capex programme and improved supply agreements • Enhanced returns from bolt-on acquisitions of additional PFS assets/portfolios - key ones include: ➢ “Scorpion Portfolio” acquisition, July 2013 - freeholds of 53 sites, let on long leases to Murco Petroleum Limited (“Murco”) ➢ Murco Business acquisition, Sept 2014 - entire UK retail business of Murco, primarily consisting of a

portfolio of 223 high-quality Forecourt assets (including the Scorpion leaseholds), acquired by MFG

effectively off-market MFG (288) Shell (90) ➢ “Project Strawberry” - contracts exchanged 10th April 2015 for the acquisition of a portfolio of 90 MFG (288) Shell (90) Forecourts from Shell. Final completion October 2015, funded by senior debt refinance plus cash on MFG’s balance sheet - no new equity required • July 2015 – sale of platform to Clayton, Dubilier & Rice

19 UK Mortgage Investments – sold (Fund IV)

Opportunity • Deleveraging by UK high street banks has resulted in a significant undersupply of secured credit, creating an opportunity to create a high yield secured lending platform, focusing on products like second charge (2nd mortgage) loans, short-term (bridge) loans and shared equity mortgages and achieve 8%+ unlevered yield • In July 2013, Patron backed the senior management team of Nemo Principal Finance, the only mainstream UK second charge mortgage lender to survive the credit crisis, to setup a new platform and originate second charge loans, leveraging their significant credit experience and deep broker relationships Business Plan Second Charge Mortgage Product • Target product segment - Prime credit with 65-70% average • Loan to homeowner secured through a second charge on the property, LTV typically for debt consolidation and home improvement; consolidation • Mid 2017 - launched near prime product up to 75% LTV results in lower monthly outgoings • Funding through senior debt from banks at significant Shared Equity Product advance rate and through capital markets and sales • Shared equity mortgages are loans from housebuilders to new home • Securitisation of loan book completed July 2017 buyers which are secured through a second charge and have an equity • Explore optionality in the platform - (a) additional secured share in the underlying property loan products and (b) secondary loan portfolio acquisitions – acquired and further being explored • Acquisition of loan portfolios, using established Optimum platform for asset management • December 2018 – sale of platform to Pepper Group

20 UK Small Property Program (Fund IV)

• Investment program targeting acquisition of undervalued commercial properties in strong regional commercial centres in the United Kingdom • Program is primarily carried out in JV with Alliance Property Asset Management Limited - a UK asset manager with significant experience in UK commercial markets and extensive existing asset management/asset work relationships with UK banks and institutions • Program Strategy: ➢ Targeting commercial or mixed use assets sub £20m lot size with value-add potential or undervalued opportunities; ➢ UK focus, with particular emphasis on 2nd and 3rd tier centres still to be impacted by positive inflows from institutional market

• First Investment - April 2014 - Thorpe Park, Leeds; (3% of program) - SOLD ➢ 21,000 sqft fully let office building located on out of town Leeds business park. Single tenanted office space with ground floor retail element • Second Acquisition - December 2014 - Crossways, Dartford; (9% of program) - SOLD ➢ 42,600 sq ft office in two Grade A detached office buildings located on Crossways Business Park in Dartford, South East of , with 25,500 sqft /60% vacancy in one building • Third Acquisition - March 2015 - Arlington Business Park, Reading; (54% of program) ➢ 330,000 sqft in ten office buildings (with industrial asset sub-sold in April 2015) located on Arlington Business Park in the Thames Valley / out of town Reading market - a key established office market (West of London), with c. 105,000 sqft vacancy / 30% of space – subsequent 29,500 sqft 100% leased add-on asset in November 2015 • Fourth Acquisition - April 2015 - The Mint, Leeds; (27% of program) - SOLD ➢ 118,000 sqft modern office building located in Central Leeds, 94% let on acquisition to two tenants, Asda and Dart PLC • Fifth Acquisition - Sep 2015 – Quattro (Basingstoke, Cardiff, Luton); (7% of program) - SOLD ➢ 68,000 sqft in three office buildings with 35% vacant space across to assets

21 Merin – sold (Fund IV)

• Effectively a portfolio of 202 office and industrial buildings totaling 1.1 million sqm across The Netherlands, along with its management business • The acquisition was facilitated through the default of the CMBS vehicle (Opera- Finance) in February 2012 which in turn led to the acquisition of the Class A bonds (€360m), the subsequent enforcement of the senior loan and ownership of the underlying assets, with the equity shares of the company Uni-Invest to follow • Acquired in a joint-venture with TPG Capital, and financed by 60% vendor loan from the existing Class A noteholders • The 202 assets comprise of: ➢ ca 590,000 sqm of B-Class office space, with ca 47% vacancy ➢ ca 500,000 sqm of industrial and logistics space, with ca 20% vacancy • Strategy includes: ➢ Disposal of well-let element of portfolio (14% by sqm) in the medium term ➢ Disposal of approximately (20% by sqm) of assets for land value less demolition costs ➢ Increasing occupancy across 64% of the assets through selected refurbishment of between €100-€300 psqm and lease up at rents of of €85 - €100 psqm p.a. for offices and c. €40 psqm p.a. for industrial space, which represents ca 15 - 20% discount to comparable assets • First add-on acquisitions closed in December 2013 (MSREF - 3 properties, 43,000 sqm) and December 2014 (Trois - 3 properties, 18,000 sqm); other value enhancing opportunities involving other large Dutch office operators are being explored • July 2017 – sale of platform to Dream Global REIT

22 German Small Property Program – sold (Fund IV)

• Similar to prior funds’ programs, the focus is on building a balanced portfolio of smaller buildings and sub-portfolios of smaller assets that are typically a mixture of partially vacant, vacant or fully let, but requiring active asset management, including refurbishment and redevelopment, re-letting of vacancy and exiting

• First Investment: Mollstrasse; 23% of program SOLD

➢ Acquired in September 2011, a 15,900 sqm primarily vacant office and retail building in the attractive central “Mitte” district of Berlin from a distressed developer

• Second Investment: Ridlerstrasse; 17% of program SOLD

➢ Acquired in April 2014, a 11,200 sqm office building in 's West End district with 40% vacancy and capex requirements

• Third Investment: Campus West; 30% of program SOLD

➢ Acquired in October 2014, a 36,700 sqm office complex also in Munich but further west in an established B-office hub, with a diversified tenant base and 20% vacancy

• Fourth Investment: Franklinstrasse; 30% of program SOLD

➢ Acquired in May 2015, a 51,000 sqm office complex in Berlin Charlottenburg adjoining Ernst-Reuter-Platz with the Technical University of Berlin in close proximity. Business plan envisages redevelopment and lease up of 37,000 sqm of office space (95% of total lettable space)

23 Mercury - sold (Fund IV)

• Acquisition of 24 office, industrial and retail properties for a total consideration of £184m located principally in London and South East England. • Assets acquired from a distressed CMBS vehicle which reached maturity in October 2012 and was in LTV breach since 2007, owned by Henderson Casper LP, a fund managed by Henderson Global Investors. • Acquired in a 50:50 Joint Venture with Mountgrange Real Estate Opportunity Fund with new senior debt financing from Santander. Freehold • Simultaneously completed 9 asset sub-sales of assets to institutional investors. Leasehold • Total 15 assets post sub sales at acquisition ➢ Offices (60%), Retail Warehousing (8%), Distribution Warehouse (25%), High Street Retail (2%), Multi-let Industrial Property (5%). • Transaction Strategy: ➢ Maintain and improve strong cash flow yields and lease up of the lettable vacant space amounting to c.a. 100,000 sq. ft. of total area, including select capex investments, to drive gross income yield improvement – in progress and significantly completed ➢ Disposal program for stable and stabilized assets over a 4 year period • All assets now sold

24 The Spencer - sold (Fund IV)

• Acquisition of the Clarion Hotel in Dublin, Ireland. The Hotel had been in administration for nearly 3 years and was underinvested with a poorly motivated management team and a poorly performing brand. The Hotel was financed by a loan owned by the National Asset Management Agency (“NAMA”), the Irish-state-owned ‘bad bank’, who was the ultimate seller. • Hotel is a modern (opened in 2001) purpose-built 165-room (consisting of 15 suites / family rooms and 150 standard rooms) 4-star hotel fronting the River Liffey in the International Financial Services Centre (“IFSC”) in Dublin. The Hotel benefits from 10 conference rooms (catering for between 10 and 150 delegates), a leisure club (including an 18m heated swimming pool; the leisure club has c.1000 members), two dining options and a bar. • The Hotel is held on a long lease (184 years remaining) from the Dublin Docks Authority. The Hotel was previously managed by Choice Hotels Ireland and traded under the Clarion brand. The Hotel benefits from a strong location in the IFSC (a successful financial services hub). • The operating partner in the transaction is Fitzpatrick Lifestyle Hotels (“Fitzpatrick”), an experienced local owner and manager of mid-market hotels. Hotel is being run on an independent basis, managed by Fitzpatrick, and rebranded as part of the Fitzpatrick collection as The Spencer (as announced and launched in March 2014). • A key part of the business plan was the investment within the first six months of ownership to refresh the guest rooms, update the health club and the public areas, including full relaunch of the food & beverage outlets – completed and full launch took place in July 2014 • Sold November 2016

25 Badby Park – sold (Fund IV)

• In 2012 Patron acquired the Badby Park Care Facility which is set within a 57-acre estate located in Daventry (Midlands, UK). Badby Park comprises a 68 bed facility dedicated to acquired brain injury, complex care and neurological disorders providing specialist nursing and rehabilitation services. • A further development in Stoke-on-Trent was acquired (75 bed specialist facility, 24 apartments and 60 bed care home) in March 2015. The 75 bed specialist unit opened in October 2015 and is currently in “fill” mode • Worcester (Worcestershire) exchanged in April 2016 subject to planning • Middlesbrough (40 beds) and Darlington (54 beds) acquired Q4 2016 • 2 further sites, Southampton and Basingstoke, exchanged in November 2016 subject to planning

Strategy Includes: • Increasing revenue and managing staff agency costs at Badby Park at mature occupancy • Exploring the development potential from the excess land on the site and bolt-on acquisitions - planning consent for 17 bed extension was granted in 2015 • Fill Stoke, Middlesbrough and Darlington facilities and achieve planning on exchanged sites • Operating facilities (Badby, Stoke, Middlesbrough and Darlington) sold April 2017 – pipeline sites transferred to UK Care Home Program

26 Generator Hostel Program – sold (Fund III)

Avg Beds • Acquisition of budget youth hostel accommodation portfolio and the Location Tenure Opening Beds Rooms Per Room management operations from family owned business based in London FH 1994 872 212 4.1 London, with properties in London and Berlin: Berlin East LH 2002 892 235 3.8 Copenhagen FH 2011 662 175 3.8 ➢ The Generator Hostels Ltd: operating company and all Dublin FH 2011 539 106 5.1 intellectual property including brand name “Generator Hostels” Venice FH 2011 684 161 4.2 Hamburg FH 2012 235 29 8.1 ➢ London Freehold: 872 Beds (60,000 ft²), which has now Barcelona FH 2013 727 154 4.7 completed a full refurbishment to bring rooms and public areas Berlin Mitte FH 2013 568 146 3.9 FH 2015 917 199 4.6 in-line with newer properties. Amsterdam FH 2016 566 168 3.4 Stockholm LH Jul 2016 826 233 3.5 ➢ Berlin Leasehold: 892 Beds (80,000 ft²) Rome FH Q3 2016 244 75 3.3 • Further hostels acquired since initial acquisition and now operating: Madrid FH H2 2017 532 128 4.2 Miami FH H2 2017 358 101 3.5

Copenhagen, Dublin, Hamburg, Barcelona, Berlin Mitte, Venice and Total 8,622 2,122 4.1 Paris • Newest assets Amsterdam and Stockholm opened in H1 2016 ➢ Rome in Q3 2016 • Sites recently acquired: Madrid and Miami – both under development to open in 2017 • Active pipeline of hostels within Europe and North America – includes freehold, leasehold and management contracts • Sale exchanged March 2017, completed May 2017

27 Capital Park - sold (Fund III / Fund II)

• Capital Park platform was acquired in 2005 with the acquisition of Neptune portfolio (42 assets including redevelopment of selected assets as retail / residential) • Portfolio expanded to encompass 100 assets with a variety of strategies including ➢ Retail – program to acquire small assets on high streets in Polish cites to refurbish, relet and exit ➢ Opportunistic – property assets, including land, for refurbishment and development for residential and office use (including Wilanow – 37,000 sqm) ➢ Eurocentrum (69,000 sqm) ➢ Norblin (centre Warsaw, > 64,000 sqm) • After disposals, Portfolio now comprises over 62 assets, representing 249,000 sqm (inc. development potential) • Platform restructured in 2011 to create independent Polish corporate entity, called Capital Park SA • Company comprises over 60 staff, encompassing all aspects of investment management, and property development including origination, financing, project management, and tenanting. • IPO on Warsaw Stock Exchange in December 2013 raising over €30 million in primary capital for growth and business plan execution • Focus on improving share prices through business plan execution • In May 2019, sold 90% of position to Madison International Realty; residual portion held with a deferred put option

28 Jupiter Hotels - sold (Fund III)

• Acquisition of portfolio of mid market regional UK hotels (2,861 rooms) from the administrators to Jarvis Hotels Limited by a newly established entity, Jupiter Hotels Limited • Acquired: ➢ 21 properties on a freehold basis and 5 leaseholds and the operating company ➢ Post re-structuring; now branded Mercure (Accor franchised hotels) • Acquired in joint venture (50:50) with West Register, Royal Bank of Scotland’s vehicle for acquiring real estate assets from defaulted RBS loans. ➢ First joint venture deal undertaken by West Register • Jarvis had been in financial distress for 3 years. The acquisition of the business via a pre- packaged administration sale addressed a number of these issues immediately, i.e.: ➢ Over leveraged balance sheet: debt reduced by half (via write-off and cash equity) and provided on attractive terms - post re-structuring LTC: 64% ➢ Loss-making leasehold properties: 15 leases not transferred to Jupiter (handed back to landlords) and 3 transferred with lower rents ➢ Poorly performing brand (Ramada): new franchise agreed by Jupiter with Accor, under the Mercure brand • Strategy includes: Leasehold Asset* ➢ Using the Mercure brand to produce an uplift in hotel performance ➢ Significant head office cost savings achievable in the short term by restructuring the head office given reduced size of portfolio under management and a much smaller Freehold Asset sales and marketing function due to far higher sales support from Accor ➢ Capex program of £9m over next 2 years to address property related issues in addition to ongoing FF&E expenditure to support performance growth • Sold October 2015

*Bristol asset now freehold

29 Manchester Arena Complex - sold (Fund III)

Car Park • Acquisition of a complex of 5 connected commercial real estate Martin House (Office) assets in central Manchester, UK, held on a long leasehold basis City Square (Retail) • Complex includes: MEN Arena Arena Point (Office) ➢ The world renowned 21,000 person capacity MEN entertainment arena, the second largest indoor arena in the world based on 2009 ticket sales ➢ 149,000 ft2 of office area in two buildings ➢ Retail elements ➢ c.a. 1,250 space car park structure • Very strong local partner Development Securities PLC (publically listed property company) with considerable experience and first rate reputation • Strategy Includes: ➢ Renegotiation of the main Arena lease with the current tenant creating a more stable and safe income stream – completed ➢ Agreement of a new Naming Rights deal to replace the current deal at a higher level – completed • Sold in October 2013 to UK property fund

30 Poblenou - sold (Fund III)

• Acquisition of 3 residential blocks of apartments in Barcelona from local developer Habitat (recently emerged out of insolvency proceedings), comprising: ➢ 208 flats of 1, 2 and 3 bedrooms (14,700 sqm) ➢ 6 retail units (600 sqm) ➢ 230 parking spaces and 14 storage rooms • Strategy is to sell individual units to tenants, new occupiers and investors at a significant discount to market prices (20%-35%%) • Asset liquidity provided by (i) very good product quality; (ii) strong location within Barcelona; (iii) micro market with favourable supply/demand dynamics; and (iv) attractive sale prices • Asset management team has proven track record (same base team as Patron’s Fund II BCN-2 deal)

31 Jesta / Vectrane - sold (Fund II)

• Acquisition in mid 2005 of a portfolio of eight buildings / assets in France • Office portfolio – three in and around Paris, one in Lille • Leisure portfolio – two large Center Parcs, and two smaller hotels in Courchevel • Taken public as Vectrane, a French SIIC • Investment activity included: • Acquisition of additional office building in Lille and leisure

complex on the Alps • 2 smaller assets (French Alp Hotels) sold to tenant (Pierre & Vacances) • Commencement of major renovation of Tour Anjou • Sold entire shareholding (78%) to Eurosic in March 2007

32 Simon Storage - sold (Fund I)

• UK’s leading independent bulk liquids and gas terminal operator and manager – warehousing

• Operated out of 7 sites with 500 bulk liquid and gas tanks and 1 million m3 capacity, handling in excess of 4 million tonnes per annum

• Customers primarily blue chip international oil & petrochemical companies

➢ Majority of income (approximately 70%) operating under Immingham Terminal long-term agreements (up to 10 years), or stable relationships (many over 20 years)

• Traditional US risks either non-existent (non-practical) in UK or Seal Sands Terminal covered by insurance

Tyne Cumbria Seal Sands • Approximately 400 employees Riverside

• Transformed largely dormant chemical business to become the Immingham leading provider of storage and infrastructure in the UK for Shannon Rotterdam biofuels Antwerp

Legend • Exited the business late 2005 to Inter Pipeline Fund Refinery Simon Storage Facility

33 Arts Hotel Complex - sold (Fund I)

• Parent company (Sogo) went bankrupt forcing liquidation • Assets trapped in complex corporate structure with management ApartmentsApartments contract on hotel • Considered to be one of the best Ritz Carlton’s in the world HotelHotel ArtsArts • Via corporate investment, acquisition of mixed use portfolio of approx. 1.2 million square feet) consisting of: OfficeOffice BuildingBuilding ➢ 44-story, 482-room, 5-Star Hotel Arts LandLand PlotPlot ➢ 12,375 sq.m Office Building ➢ 13,084 sq.m Retail Building ➢ 3,611 sq.m Land Parcel • Deal won “International Hotel Deal of the Year” in 2001 • Harvard Business School case study notes its success despite adversity • Over 400 employees • Majority sold in 2004, while retaining minority stake

• Final Exit in August 2006 to a Host Hotels & Resorts led investor RetailRetail && casinocasino consortium areaarea

34 igroup – sold (Fund I)

• One of the leading players in the subprime UK mortgage market • One of the largest MBOs in the UK for 1999 • Growth from £450m to £1.6 billion in assets; growth from £30m to £105m+ a month in originations at sale • Company grew from 300+ to 800+ employees • Equity partners include Royal Bank of Scotland (£76m) and management • Sold to GE Capital in 2001 and continues to be leading performer • Exit won “British Association Deal of the Year in 2001”

35 Contact Details

Patron Capital Partners One Vine Street London W1J 0AH Tel: +44-20-7629-9417 [email protected] www.patroncapital.com

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