Summary Overview February 2020 Patron Capital Overview • Established European property investor over 20 years ➢ Operations across Europe 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 investment 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 investments) 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