Summary Overview March 2021 Patron Capital Overview • Established European property investor over 21 years ➢ Operations across Europe with advisory offices in the UK, Luxembourg and Spain with major operating partners in most markets including in Germany, France, Poland and Portugal ➢ Experienced 70-person team including 28 investment professionals, supported by 12 advisers, with regional and product focused expertise o Average of 20 years experience across the investment team ➢ Hybrid owner operator model supporting local partners across Europe ➢ 7 Fund Vehicles closed over 21 years, raising ca. €4.3 bn from SWFs, pension plans, endowments, and charities ➢ 87 Investments closed in 16 countries ➢ Strong ESG focus, including lead donors for disabled veterans, teacher development, and recently launched a dedicated housing Fund for women suffering domestic abuse. 2 Patron Capital Fund History • Seven Funds raised over 21 years, with combined capital of over €4.3 billion, including co-invest vehicles 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 co-investment capital ) up to €45,000,000) and apx. €220,000,000 of co- investment capital within investments) PATRON CAPITAL PATRON CAPITAL I PATRON CAPITAL II PATRON CAPITAL III PATRON CAPITAL IV PATRON CAPITAL V CAPTIVE FUND DEDICATED FUND RAISE Pan-European value Pan-European value-oriented Pan-European value-oriented Pan-European opportunistic TARGETING OPPORTUNISTIC FOR THE ACQUISITION OF oriented property and asset property and asset-based property and asset-based distressed property and asset DISTRESSED AND UNDERVALUED OCWEN UK (RENAMED based corporate investments PROPERTY AND PROPERTY IGROUP A LEADING based corporate investments corporate investments 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 PATRON CAPITAL VI WOMEN IN SAFE HOMES FUND In December 2020, Patron closed €844m for Fund VI and related pools • £200m Fund, launched Dec. 2020, seeded with ca. £17m • 83% of capital re-invested from existing investors and relationships • Provides housing for women suffering domestic abuse • Fund size of €716m plus co-invest pools of €128m and ex-offenders • Core UK Residential Strategy 3 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% 2020-2024 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 4 Deep Value Investment Strategy Focus on Investments below Intrinsic Value Target % Value Add Non-Core and Property assets below intrinsic value deemed non- 40-50% Distressed Property core by parent/owner Companies with strong cash flow and value supported by underlying real estate assets, Operational Real Estate 20-30%50% properties that have operational-tied variable cash flow CALA Banner Challenged situations solved by repositioning assets Complex Positions 10-30% or platforms for broader market appeal Financial securities (e.g., loans, equity release) Real Estate Portfolios / 10-20% Credit backed by real estate, typically residential • Target levered return: 16%-20% IRR, 1.6x-2.0x+ equity multiple • Over 21 years, average 15% IRR in main opportunistic strategy 5 Patron Platform – Integrated and Interactive (40) • Dedicated 70-person team including 40 investment professionals averaging 20 years of experience and Senior Team averaging 26 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 Leonardo Kutova Ashish Kashyap * Alejandro Pasquin Nate Kornfeld * Vicente Conesa * Nicolò Benzi Clothilde Guittard Christoph Ignaczak Stephen Green Julius Kühn Julian Rosenberg Gareth Henry KEY Matteo Busà Matthew Utting Senior Team Member Sir David Capewell * * 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 (30) 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 In Recruitment Andrew Haig Managing Director COO William Davies-Humphreys Caroline McGrath Group Financial Accountant Financial Accountant/ Legal Associate Investment & Closing Fund Modeller Michael Haydon Andreas Blom Halim Mekbel Moses Kim Denise Goodwin Richard Carter Senior Accountant Senior Accountant Accountant Transaction Assistant Investment & Tax Assistant Fund Accountant Senior Advisers Suchilla Dillon Sylvie Nucera Jonathan Paganelli Lorane Gehin Daniel Cohn Farhod Moghadam Accountant Accountant Senior Corporate Corporate Officer Senior Legal Counsel Senior Legal Counsel Officer Administration Floella Johnson Lisa Dave Chloe Wilson Hayley St Ange Kalie Coveley Charlene Carr Victoria Collins Meritxell Gonfaus Stephanie Erpeldinger 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 83 investments totalling €3.0 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 effects 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 77 €2,710m €2,955m €1,210m €4,165m 15% 1.5x (primary strategy) Post GFC 51 €1,862m €1,978m €1,183m €3,162m 19% 1.7x Note: Performance figures as at December 31, 2020 8 Patron Strong Involvement in Social Responsibility • Patron has had a strong social responsibility DNA since its inception and is now a signatory of the PRI To date, Patron Charitable Initiatives have helped… £200m, £3.0m+ 10,000+ 35+ Raise for RMC UK teachers Villages in 750+ homes & in kind given impacted Nepal & Women in 700,000+p.a 4,000+ Safe Homes to 220+ Fund, school children school children servicemen launched 2021 WORKING HARD TO HELP CHANGE THE WORLD 9 Awards - Past Year 2021 2021 2020 Property Manager Property Manager 2020 Opportunistic Fund of of the Year of the Year Social Impact Award the Year Shortlisted Shortlisted * Winner not announced yet * Winner not announced yet 2019 2019 2020 2019 Best Delivered Corporate Social Property Manager Healthcare Scheme outside of Responsibility Award of the Year London under Property Developer of 35,000sq/ft the Year 10 Specific Investment Review Selected Opportunities (ordered by Fund and by investment size within each Fund) 11 Saxon Court (Fund VI) Transaction Summary: • Acquisition of an existing office building plus adjacent land on a 2.35 acre site in Central Milton Keynes, UK. The business plan envisages the refurbishment and extension of the existing office building and development of a new residential scheme on the adjacent plot. • This is an interesting investment opportunity due to (i) limited supply of new Grade A office, and (ii) the strong local economy in Milton Keynes supported by the new Milton Keynes University (15,000 student capacity) and the development of Santander HQ (5,000 employees), Business Plan / Strategy: • Refurbish and extend the existing office component by 2.5 floors to deliver 242,965 sqft (GIA) of new Class A office; • Develop 285 residential units across 3 blocks comprising BTR (197 units) and DMR (88 units). 12 Benelux Aramis (Fund VI) Transaction Summary: • Acquisition of a distressed 10-story A- office building comprising c.19,600 sqm of high-quality space • Located in the Brussels Airport District, a sub-market that benefits from low municipal taxes and strong infrastructure links via the Brussels airport and convenient access to Belgium’s major highways • This is an attractive investment opportunity due to (i) established office location, with limited supply of Grade A office space, (ii) good quality asset (11 years old and the youngest building within the surrounding