#10'8 Portugal Strategic Growth Fund, FCR October 2020#2Disclaimer This confidential presentation (this "Presentation") is provided for informational and discussion purposes only and is not, and may not, be relied on in any manner as, legal, tax, investment or accounting advice or as an offer to sell or a solicitation of an offer to buy any limited partner interests or other interests in any fund or other investment vehicle including the Portugal Strategic Growth Fund, FCR ("PSGF" or "Fund"). No representation or warranty, express or implied, are made as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the Fund or any other entity. Recipients of this Presentation agree that the sender of this Presentation, its affiliates and their respective partners, members, employees, officers, directors, agents, and representatives shall have no liability for any misstatement or omission of fact, or any opinion expressed herein. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format. Statements in this Presentation are as of the date listed on the cover page unless stated otherwise, and the delivery of this Presentation shall not under any circumstances create an implication that the information contained herein is correct as of any time after such date. The information provided herein will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of the information set forth herein. Each recipient agrees that it will (i) not copy, reproduce, or distribute this Presentation, in whole or in part, to any person or party; (ii) keep permanently confidential all information contained herein that is not already public; and (iii) use this Presentation solely for the purpose set forth in the first paragraph above. In considering any performance data contained herein, each recipient should bear in mind that past or targeted performance is not indicative of future results, and there can be no assurance that the Fund will achieve comparable results or that target returns will be met. Investors may lose investment capital. Past or targeted portfolio characteristics are not indicative of future portfolio characteristics and there can be no assurance that the Fund will have comparable portfolio characteristics or that any target portfolio characteristics will be achieved. Targets are hypothetical, have been prepared and are set out for illustrative purposes only, and do not constitute a forecast. Actual results may differ, perhaps materially, from those presented herein. Information contained herein relating to market trends are based solely on external sources referenced herein, which are inherently subjective in nature. Other market participants may make different determinations relating to sector characterization and size based on the same underlying data. The information relating to market trends presented herein is for illustrative purposes only and is not necessarily indicative of future results. Statements contained in this Presentation (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs. They are ultimately subjective and as such, any recipient should review with such context in mind. Such statements also involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any projections, estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Certain information contained in this Presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will,", "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue," or "believe," or the negatives thereof or other variations thereof or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Any projections or targets stated herein are based on beliefs about what results may be achievable on investments that the Fund's manager, ECS Capital, and the Fund's sub-manager, J.P. Morgan Asset Management, have made in light of ECS Capital's and J.P. Morgan Asset Management's respective experience with similar transactions. Further, any projected or targeted returns stated herein are based on an assumption that economic, market and other conditions will not deteriorate and, in some cases, improve. There are numerous factors related to the markets in general or the implementation of any specific investment that cannot be fully accounted for in the preparation of projected or targeted performance results, all of which can adversely affect actual investment results. Any projected or targeted returns are therefore subject to a number of important risks, qualifications, limitations, and exceptions. Certain information contained in this Presentation has been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purposes of this Presentation, no responsibility is assumed for the accuracy or completeness of such information and such information has not been independently verified. Except where otherwise indicated herein, the information provided in this Presentation is based on matters as they exist as of the date listed on cover page and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. With respect to potential investment opportunities mentioned herein, unless otherwise noted, the Fund has not consummated or entered into an exclusive agreement relating to any such potential investments, and there can be no assurance that any such potential future investment (including any such investment with respect to which an exclusive agreement has been signed will ever be acquired, or acquired on favorable terms, by the Fund or related entity). 2#3Table of contents Disclaimer Highlights Golden Visa Program 447 Portugal Strategic Growth Fund, FCR Overview ROTEL MUN ECS Capital J.P. Morgan Asset Management 2 4 5 10 19 39 CEL 3#4Highlights The Portugal Strategic Growth Fund, FCR (PSGF) provides investors unique access to Portugal's Golden Visa program through an investment product that is significantly superior to other alternatives Why Portugal's Golden Visa Program? - Portugal boasts one of Europe's highest quality of life, lowest cost of living and best healthcare and educational systems while providing significant global mobility The Golden Visa program offers numerous benefits, including living and working in Portugal, visa-free travel to other EU countries, access to Portugal's healthcare and social security benefits, broad family reunification, and a path to citizenship The Golden Visa application process is straight forward, fast and certain The Golden Visa fund option is superior as it is one of the quickest ways of accessing the program, has a low investment threshold, requires the least investor involvement, and provides the opportunity for capital appreciation Why PSGF? PSGF is managed by ECS Capital, Portugal's #1 private equity and real estate fund manager Up to 40% of PSGF's capital will be invested via JP Morgan's global asset management team The fund's investment strategy is focused on minimizing risk while providing attractive returns With one of the shortest investment terms, PSGF's objective is to return investors' capital as soon as permissible PSGF is supported by the best-in-class service providers and advisors PSGF includes significant additional oversight measures to safeguard investors' interests 4#53447 Golden Visa Program ROTEL MUNDIAL#6Why Portugal? Portugal is one of the most desirable places to live, learn and work; it offers visa-free access to other EU member states and its passport is one of the most desired globally ■ Population: ■GDP (per capita): Size: Currency: ■Language (official): Franc 10.3mm €32,200 92,212 km² € (Euro) Portuguese Friendly culture - Portugal boasts a rich history, a lively culture, an exceptional cuisine, and an idyllic countryside Global mobility - As an EU member, Portugal offers visa-free travel to 25 other countries in the Schengen area; its citizens can freely work and seek education in other member states. The Portuguese passport ranks #7 among best passports to have providing access to 185 destinations globally Great healthcare system - The Portuguese National Health Service provides a network of over 1,500 public hospitals & health centers, and 120,000 health professionals; access is free and universal for all residents of Portugal (including Golden Visa holders) High quality of life - Portugal ranked the 17th best country for living by US News in 2020; one of the safest and most welcoming countries; great air quality and abundant natural resources Low cost of living - Portugal offers one of the lowest cost of living in Western Europe Advanced education system - Portugal ranked among the top 20 countries for education offering various international universities and colleges Diverse language environment - Portuguese is the official language, but English is widely spoken 6#7Golden Visa highlights Having been recently established, Portugal's Golden Visa program has quickly become one of the world's most sought-after global mobility initiatives Portuguese Golden Visa The Golden Visa program enables non-EU citizens to obtain a residency permit for Portugal through investment activities The application process is straightforward, fast and certain Live and work in Portugal with access to the same rights and services as Portuguese citizens Eligibility for permanent residency or citizenship after 5 years (Portugal allows dual citizenships) Visa-free travel in Europe's Schengen Area (25 countries) Broad family reunification (spouse, parents and children, including adult children) Tax benefits ☐ Golden Visa Fund Option investment requirements are simple and straightforward: Low minimum investment of €350,000 for the acquisition of shares in a private equity fund that uses at least 60% of its assets to capitalize companies/entities registered in Portugal Investment in the fund must be maintained for at least 5 years 7#8Golden Visa process overview The Golden Visa process is comprised of three periods: initial application and two renewals with investors becoming eligible to apply for permanent residency and citizenship thereafter Open Bank Account Pre-approval Investment in PSGF Online Submission I I Biometrics Renewal Renewal I I I Approval valid for 2 years Approval valid for 2 years Approval valid for 2 years 14 days-stay I 14 days-stay 14 days-stay I I I Biometrics ~4-5 months Year 1 and 2 Biometrics Year 3 and 4 Year 5 and 6 Golden Visa Benefits Year 5/6 Apply for either: A. Golden Visa renewal B. Regular permanent residency C. Golden Visa permanent residency D. Citizenship 8#9Timeline/Requirements The requirements for the initial application and each renewal are clear cut; the required documentation submissions is streamlined to ease the burden on investors Pre-Application ■ €350,000 investment into a PE or VC fund. ■ Open bank account with a local bank in Portugal ■Investment in GV fund (must be completed before the submission of application) ■ Submit application online with investor's immigration counsel, upon pre-approval by SEF (see detailed "Documentation Checklist" section); pay application fees (see "Fees" section) ■Complete biometrics ☐ Year 1-2 Stay at least fourteen days in Portugal (consecutive or non- consecutive). - Renew residence permit (1st renewal) initiate renewal process approximately one month ahead current visa expiration. Renewal requirements: Retake biometrics Provide updated criminal records Pay renewal fees (see "Fees" section) Year 3-4 ■New visa is valid for two years. During this period investor needs to be in Portugal for at least 14 days (consecutive or non-consecutive). Renew residence permit (2nd renewal) initiate renewal process approximately one month ahead of current residence card expiration (end of Year 4). Renewal requirements: Retake biometrics Provide updated criminal records Pay renewal fees (see "Fees" section) Year 5-6 ■ New visa is valid for two years. During this period investor needs to be in Portugal for at least 14 days (consecutive or non-consecutive). At the end of Year 5, investor can either: Renew Golden Visa (e.g. reinvest in new Golden Visa fund) Apply for regular permanent residency Apply for Golden Visa permanent residency Apply for citizenship 9#10Portugal Strategic Growth Fund, FCR Overview 105#11PSGF highlights PSGF offers investors a superior investment opportunity to participate in Portugal's Golden Visa program ☐ PSGF conforms with Portugal's Golden Visa Program's as well as CMVM's (Portuguese market regulator) requirements Managed by ECS Capital, Portugal's preeminent private equity and real estate fund manager ☐ Up to 40% of the Fund's capital will be managed by JP Morgan's global asset management team PSGF is supported by a best-in-class team of service providers and advisors, significantly superior to any other Golden Visa fund currently in the market ☐ Investment strategy focused on minimizing risk while providing attractive returns ☐ PSGF is registered with and under the supervision of by Portugal's market regulator (CMVM) The Fund includes significant additional oversight and control provisions to protect investors' interest With one of the shortest investment terms, PSGF's objective is to return investors' capital as soon as permissible Fund-distributed dividends and capital gains are tax-exempt for non-resident investors¹ 1Exceptions apply to certain countries 11#12PSGF overview Each investor commits €350,000 to purchase participation units in PSGF SPV 1 SPV 2 (€350,000 ea.) Investors PSGF ... SPV X Portfolio Diversified ☐ ☐ ☐ Minimum investment per investor: €350,000 The initial term of PSGF is 7 years; however, each investor's capital contribution will be held for only 5 years (the minimum requirement under the Golden Visa program) PSGF's will deploy the investors' capital in accordance with the Golden Visa regulations: Portugal Portfolio (at least 60% of capital): commercial entities (SPVS) registered in Portugal whose underlying collateral is commercial real estate Diversified Portfolio (up to 40% of capital): publicly and non-publicly traded, global fixed income securities that offer stable returns and risk diversification Investors' return will come through dividend payments to PSGF from as well as capital appreciation of the underlying investments Under no circumstance will investors be required to invest in excess of their original commitment (i.e., €350,000) >60% of capital allocated to Portugal Portfolio (underlying collateral: real estate) <40% of capital allocated to fixed income products 12#13PSGF structure The structure is designed to best position PSGF to meet its objectives while minimizing the risk to investors Investors will become limited partners through purchasing Participant Classes B-H units Participant Class A Participant Classes B-H (Investors @ €350,000 each) Fund Manager oversees overall operation of the Fund; actively manages all aspects of the Portugal Portfolio Fund Manager ECS CAPITAL Portugal Strategic Growth Fund, FCR Sub-Manager actively manages investment activities related to Diversified Portfolio Sub-Manager JPMorgan Golden Visa Qualifying Investments - Portugal Portfolio (>60%) Other Investments - Diversified Portfolio (<40%) Legend: Service Providers Depositary Bank Bison Bank Auditor EY Tax Advisor pwc Legal Advisor Indicates day to day management responsibility 13#14Fund manager/Sub-manager The investors' capital is overseen by ECS Capital, Portugal's leading private equity and real estate fund manager, in partnership with JP Morgan Asset Management, one of the world's largest financial institutions Role Qualifications ECS CAPITAL ■ PSGF Fund Manager - Overall administration and management of the Fund Actively manages Portugal Portfolio (>60% of capital) Participates on Fund's Oversight and Investment Committee Portugal's top real estate fund manager (#1 based on AUM) and top PE fund manager (#1 based on AUM) ■ 14-year history specializing in private equity and real estate ■ ~€2.4bn assets under management across 8 funds Unparalleled access to proprietary deal flow (have analyzed 1,000+ opportunities in Portugal) Inhouse operational servicing platforms (hospitality and commercial real estate) One of the largest and most experienced leadership teams See pages 19+ for additional detail on ECS Capital J.P.Morgan Asset Management ■ PSGF Sub-Manager - actively manages Diversified Portfolio of fixed income investments (<40% of capital) ■ One of the world's largest financial institution with more than $3 trillion assets ■ JP Morgan Asset Management is one of the world's leading asset managers with 1,000+ employees globally and a 150-year history ■ The investors' capital allocated to this strategy will be actively managed by JPM's Global Fixed Income team overseen by JPM's Global Chief Investment Officer ■ JPM employs a globally integrated, research-driven approach to deliver consistently strong risk-adjust returns See page 39+ for additional detail on JP Morgan Asset Management 14#15Service providers and advisors Best-in-class team of service providers and advisors that is superior to other funds in the market EY Auditor ■ Global leader in real estate among Big 4 firms Highly experienced in auditing real estate fund entities with dedicated practice in Portugal pwc Tax advisor ■ World's largest professional services organization Dedicated team led by partner specializing in international taxation and investment structures in Portugal Bison Bank PL MJ Depository bank ■ Provides banking services to individuals and institutions through a seamless platform connecting European, Asian and other global markets ■ Wide range of banking services, including wealth management and investment banking Legal advisor Portugal's preeminent commercial law firm Significant experience with fund advisory in general and Golden Visa funds in particular 15#16PSGF investment strategy PSGF's investment strategy focuses on providing superior risk-adjusted returns while mitigating risk exposure to the investors; the Fund's investment strategy will be executed by industry leading managers Portugal Strategic Growth Fund, FCR Portugal Portfolio (at least 60% of capital) Diversified Portfolio (up to 40% of capital) Invested by ECS ■Invest in commercial companies/entities that are registered in Portugal in accordance with the Golden Visa requirements ■The Fund will invest across real estate segments, focusing on high quality, cash-flowing assets in prime locations The Fund will benefit from ECS significant experience, expertise and and proven track-record across real estate asset classes in Portugal ECS will leverage its unique access to proprietary investment opportunities (ECS already has identified several potential targets for the Fund) Invested by JP Morgan Asset Management Diversified portfolio of publicly and non-publicly traded securities with the objective of achieving a targeted return at relatively low levels of risk Focus on fixed-income products that offer stable income streams Diversify the risk related to the Portuguese portfolio See pages 33+ for additional detail on the investment strategy for the Portugal Portfolio See pages 43+ for additional detail on the investment strategy for the Portugal Portfolio 16#17Key terms Key parameters/terms Commitment (per investor) €350,000 Fund size Term Supervision €105,050,000 7+1+1 (investment period for each investor is ~5 years; it is the expressed objective of the fund manager to return each investor's principal as close to their fifth anniversary in the fund as possible; any extension requires investor approval) The Fund is registered with and supervised by the Portuguese Stock Exchange Commission (CMVM) [Fund Number: 1658] Investor return 2.00% (preferred return) + 55% of residual profit 17#18Fund registration - CMVM The Fund was approved by the Portuguese market regulator (CMVM) in September 2020 CMVM PONDSAU DO MIRENGO · DE VALMORE MONELİNDE DEPARTAMENTO DE AUTORIZAÇÕES ESTOS BALEMALGROYONGGAR CMVM COMISSÃO DO MERCADE BE VALORE CHILIANDE DEPARTAMENTO DE AUTORIZAÇÕES E REGISTOS 541-EMAILADDR Anotação de decreta Premivel ECS-Socc SA HOMES/DAT Comunica UE no de 11 deseo de 3000 Cao de A Comic do Mercador Mobili CMM) dost o "I do ago 7 to Regine Junco do Capa de sod 10,4 miro, na Gth Fund, Poff (fundo"), doplicatus, a juta pa do fundo Portugal prido pela BCS-Sociedade de Gators Fundo de hasquinado espion SCMVMaconic do Funda logo que se veque, belli consormiente a esta Carmado a resuelvi, sunen de keção hoon" ITCHES, toples Carta Rodrgate ca Me Drators 18#19ECS CAPITAL 19#20ECS Capital is the leading alternative investment manager based in Portugal, with €2.4 billion of assets under management ~€2.4B 8 27 Assets Under Management Funds in Portugal and Luxembourg Professionals 19 Staff Deal-making Capacity 68 transactions and 20 exits completed since 2007 Knowledge and access to proprietary deal-flow >1.000 opportunities analyzed in Portugal 20#21ECS is by far the largest private equity firm in Portugal, as well as the market's leading real estate fund manager Private Equity firms operating in Portugal by AUM AUM (Є'M) | Market Share (%) 35% 2.351 20% 18% 7% 5% 4% 3% 3% 5% 1.300 1.145 451 340 266 203 194 324 ECS Capital Player #2 Player #3 Player #4 Player #5 Player #6 Player #7 Player #8 Other Top Real Estate Fund Managers in Portugal by AUM AUM (Є'M) | Market Share (%) 19% 15% 15% 14% 11% 6% 5% 5% 10% 1.880 1.440 1.414 1.300 1.086 947 552 504 469 ECS Capital Player #2 Player #3 Player #4 Player #5 Player #6 Player #7 Player #8 Other Note: Dec-19 data. Includes Private Equity funds based in Portugal and estimates for Luxembourg-based funds managed by Portuguese fund managers; Source: CMVM, APFIPP and ECS analysis 21 21#22ECS's senior management team has an average of 30 years' experience in financial services and has worked together for close to 15 years António de Sousa Chairman & Founding Partner ■JP Morgan, Senior Advisor CGD, Chairman & CEO Portugal Central Bank, Governor PHD, Wharton School Fernando Esmeraldo CEO & Founding Partner PCapital, Executive Director Lehman Brothers, Executive Director ■ Salomon Smith Barney, Senior Vice-President MBA, London Business School Gonçalo Batalha Board Member & Partner ■PCapital, Director Sandler Capital Management, Senior Associate ■ Bear Stearns & Co, Analyst MA, Lisbon Universidade Católica Gracinda Raposo Board Member & Partner ■ Banco Santander, Senior Advisor CGD, Board Member Banco Central Hispano, Board Member MBA, Harvard Business School Manuel Noronha Andrade Board Member & Partner ■CGD, Director Citigroup, Associate Salomon Smith Barney, Analyst MBA, London Business School Renato Arié Non-Exec. Board Member & Partner ■ Arié SGPS, Board Member ▪ BTM and HE, Board Member Dim Portugal, General Director BA, Lisbon Universidade Católica 22#23ECS's real estate investment team is one of the largest across private equity firms in Portugal, with an average of 14 years experience Real Estate team with an average tenure with the firm of over 9 years Manuel Noronha Andrade Partner ■ Led multiple RE and Hospitality investments in value add, turnaround and restructuring situations Gonçalo Batalha Partner Led multiple RE and Hospitality investments in value add, turnaround and restructuring situations Gonçalo L. Fernandes Director David Santos Director João Martins CFO ■ ECS Capital, CFO PCapital, Senior Analyst Millennium BCP Investment Bank, Analyst ■ BA Lisbon Nova SBE Nuno Espírito Santo Principal João Fonseca Director Experience in RE investment, restructuring, management, licensing and development Previously at Orey BEng IST, Msc ISEG, MBA AESE Luís Filipe Pires Principal " Hospitality and RE investments across several types of transaction structures Previously at Riverside/Deloitte MBA, IE Spain Margarida Mourão-Ferreira Principal ▪ Transactions and monitoring of Hospitality and RE investments Secretary of State for Tourism Advisor; M&A at EDP ■ MS Economics, NOVA SBE Execution and operational management, mainly in the Hospitality sector Previously at BCG MBA, Insead France Teresa Montalvão Associate ■ Transactions and monitoring of Hospitality and RE investments Previously at UBS ■MS Civil Engineering, IST Lisbon ■ Execution of complex transactions and operational management in the Hospitality sector ■ MS Economics, NOVA SBE Lourenço Mayer Associate ■ Real Estate transactions, licensing, development and operations ☐ Previously at KPMG ■ MS Economics, NOVA SBE ■ Transactions and operational Π management of hospitality and RE investments Previously at Deloitte ■ MS Economics, ISCTE Lisbon João Antunes Analyst ■ Transactions and monitoring of Hospitality and RE investments Previously at European Central Bank and KPMG ■ MS Finance, NOVA SBE 23 23#24ECS's portfolio is exposed to all real estate sectors, including major investments in hospitality, residential and commercial real estate HOSPITALITY & LEISURE 20 hotels & resorts 2.909 rooms/units 5 golf courses 240k sqm developed in touristic projects COMMERCIAL & RESIDENTIAL RE 200k sqm residential GCA 70k sqm retail GCA 90k sqm office and industrial GCA 1.000k sqm development area in real estate projects INDUSTRY & SERVICES €650M aggregate sales volume €1.350M total assets 4.000 employees (FTEs) 28 corporate groups 24#25ECS has acquired numerous hospitality assets across Portugal over the past 10 years Recognized player with track-record, resources, domestic and international partnerships and a strong expertise throughout 10 years, in the promotion, management and exit of various projects 28 acquired assets and/or under management Acquisition of +7 units, of which 2 to be concluded Reopening of 8 hotels; conclusion and opening of 1 CONRAD unit HOTELS & RESORTS Launching of the brand NAU (10 units) Conclusion and opening of 1 hotel 13 new or (re)openings 8 exits +8 exits ongoing 1st acquisition of 1 hospitality asset Management control of the 1st hotels Hilton Conclusion of the 1st emblematic hotel PESTANA HOTEL GROUP Acquisition of +16 units, of which 11 were closed Sale of 3 hotels and acquisition of 1 unit Acquisition of 1 hotel; legal turnaround of 2 units 2013 2014 2010 2011 2012 Sale of +2 assets Conclusion and opening of +2 units; 3 sale processes underway Sale of 3 units concluded and acquisition of an integrated resort 2015 2016 17-19 25#26Unparalleled hospitality and leisure expertise with luxury hotels and resorts in Portugal's leading tourism destinations Conrad Algarve 5-star hotel in Algarve Holiday Inn Gaia Hotel and Aparthotel COHEAD Cascade Resort NAU Group 5-star hotel in Algarve 9 hotels in Algarve, Lisbon and Douro Hilton Vilamoura 5-star hotel in Algarve Colombos Resort 5-star hotel in Porto Santo, Madeira Vivamarinha 5-star hotel in Cascais- 26#27ECS's portfolio of hospitality assets is one of the largest in Portugal position alongside household names in the global hospitality industry ECS ranks fourth in hotel establishments and fifth in accommodation units Accommodation units | Hotel Establishments 73 23 32 16 20 19 12 13 12 10 8.137 4.463 3.339 2.933 2.909 2.767 2.521 2.120 2.066 1.736 Pestana Hotels Vila Galé Hotels Accor Hotels Minor Hotels ECS Capital Meliá Hotels Marriott Hotels SANA Hotels VIP Hotels HIG ECS is the third major player in the luxury segment in Portugal¹ Accommodation units | Hotel Establishments 33 23 20 10 5.270 4.463 2.909 1.274 1.112 1.028 941 916 842 721 Pestana Hotels Vila Galé Hotels ECS Capital Savoy Dom Pedro Hotels VIP Hotels MGM Hotels TRYP Hotels IHG AP Hotels 27 1 - 4* and 5* Hotels only. Dec-19 data. Source: Deloitte, RNET, ECS#28ECS launched its own proprietary hospitality brand, NAU Hotels & Resorts, to boost the value of its portfolio for its investors NAU HOTELS & RESORTS Based on an analysis of the market, the following axis were defined for the brand positioning: Reviving; Energetic; Relaxing Main idea: "Leading Guest Happiness" Brand registered at the EU level Development of the Brand: Launching of NAU H&R in December 2014 Licensing and rebranding of 10 units in 2014/2015 Opening of Palácio do Governador, in Lisbon, in October 2015, under the NAU H&R brand Opening of NAU Salema Beach Village in 2016 Decisions regarding the brand development are based on potential value added for a given asset and fit with the brand positioning NAU HOTELS & RESORTS NAU 28#29Over that past 11 years, ECS complete several of Portugal's marquee transactions in commercial and residential real estates Experienced player in the acquisition, development, turnaround and operation across all Real Estate classes 35 executed transactions of assets and portfolios Acquisition of a residential asset Acquisition of a participation in a real estate fund 1st acquisition of a real estate portfolio, including 2 plots of land, 5 offices units and 1 parking space 2009/2010 Acquisition of 1 residential building and a mixed-use real estate asset 2011 Conclusion of a residential building and beginning of sales Acquisition of +2 offices assets, 2 plots of land, 1 logistics asset and a share in a RE fund Sale of 1 plot of land Launch of Widerproperty, a dedicated asset and property manager Obtained approval for GCA increase and architecture project of landmark office WIDER WIDER building PROPERTY Acquisition of a large mixed-use real estate portfolio 5 partially completed exits 5 exits concluded +3 exits ongoing 2012 Acquisition of a mixed-use real estate asset 2013 Acquisition of 3 retail units, 1 residential asset and sale of an office asset 2014 Launch of the "La Vie" brand, implemented in the 3 shopping centers within the ECS portfolio LaVie SHIPP HC 2015 Office complex achieved 90% occupancy rate (from 45% since acquisition) Residential asset ~60% sold and 22% leased 2016-19 29 29#30ECS's led some of the highest profile commercial and residential transactions in Portugal over the past decade FPM41 Prime office project in Lisbon Dolce Vita Funchal Retail in Funchal, Madeira EIPA2 Industrial Park Campo Pequeno 81 Luxury apartments in Lisbon Torres de Lisboa Office Complex in Lisbon Porto Prime Residences, Offices and Retail in Oporto Chamartín Group A diverse set of real estate assets 30#31Wider Property is ECS's in-house property and asset management company covering all real estate segments WIDER PROPERTY PROPERTY VALUATION STRATEGY INVESTMENT STRATEGY CONSULTING 17 _90 OFFICES EMPLOYEES 131 PROJECTS more than 1 million sqm under management ASSEMBLY AND MANAGEMENT OF INVESTMENT VEHICLES LEGAL, FISCAL AND FINANCIAL ADVISORY REAL ESTATE SERVICING Art OF 100 LUGSTE 31#32ECS has an unparalleled track record of generating strong performance for its investors The following are examples of ECS's recent investments. ■ Premier assets ■ Prime locations Superior results FPM41 | Exit in 2019 16-storey office and retail building located in Lisbon's Prime CBD, which stands as a new landmark in the city. Completed in 2019, it has Energy Class A certification and LEED Gold Certification Circa 1.350 sqm per floor, practically in open space Golden Residence | Exit in 2017 Golden Residence is a 4-star hotel with 172 rooms in an axcellent location on the south coast of Madeira The hotel benefits from a modern and luxurious design, including several open spaces to make the most out of natural light República 81 | Exit in 2018 República 81 is an office building located in the Lisbon's Prime CBD. It comprises 9 floors above ground of offices, a retail unit at ground floor level and 3 basement floors for parking, totaling circa 3,400 sqm Total Return¹ 61% Annual Return¹ (IRR) 12.6% 63% Total Return¹ Annual Return¹ (IRR) 7.1% Total Return¹ 35% Annual Return¹ (IRR) 11.7% Hotel Raga | Exit in 2017 Hotel Raga is a 4-star hotel with 170 rooms, fully refurbished in 2006, located on the hillside at the heart of Madeira's renowned Lido area. Rooms have been designed to offer maximum comfort while enhancing guest experience. EIPA2 | Exit in 2017 A modern logistic platform located in close proximity to the A1 motorway offering state of the art conditions, a 12m floor to ceiling free height and 81 unloading docks Total 50,000 sqm GCA with a long term lease agreement with a Portuguese leading retail group Note: (1) Gross returns on invested capetal Total Return¹ 57% Annual Return¹ (IRR) 9.9% Total Return¹ 40% Annual Return¹ (IRR) 7.3% 32#33PSGF Portugal Portfolio investment strategy: Benefiting from ECS's expertise, the Fund will focus on investing in quality yielding assets across real estate segments Broad opportunity set across segments Portugal is a developed market, with all real estate segments offering alternative investment opportunities across the entire value chain Quality assets with a clear path to yield In a context of market volatility, yielding assets in good locations guarantee a steady return with potential upside, while offering downside protection Significant expertise and track record ECS has significant experience investing in all real estate segments, with a hands-on approach bringing financial and operational expertise to the assets Generalist approach across asset classes, building upon specific investment theses that result from our research Focus on core and core- plus opportunities, taking advantage of market timing Proven track record across all real estate asset classes in Portugal, with a cumulated ~€3b invested in the past 10 years 33#34PSGF's Portugal Portfolio will be diversified yet targeting primarily revenue-generating assets with low-risk profiles and high marketability (1/2) Residential Property ownership levels in Portugal are decreasing and, inversely, the demand for medium and long-term rentals is picking up ▪ This behavioural change generated an unaddressed market in Lisbon for private rented sector (PRS), with new affordable residential developments ■ Additionally, with the decrease in tourism driven by the pandemic, many of the short-term renting apartments located in the Lisbon and Oporto's city centres will be available in the market, at competitive prices ■ These conditions are creating room for an acquisition strategy of portfolios of short-term renting apartments in prime locations hit by the decrease in tourism and shift to residential use until market recovery Office Lisbon and Oporto have become hotspots for international companies looking to establish their operations ■ Due to the strains on liquidity following the financial crisis, the pipeline for new office developments in the last decade was fairly small ■ These two drivers combined have generated huge pressure on demand for office buildings, which has not been matched by a surge in supply ■ This created an opportunity for strategies focused on (i) acquiring underinvested office buildings to improve lease terms and (ii) forward funding of pre-leased buildings Additionally, companies looking to raise funding in a time of credit constraints can provide sale & leaseback opportunities for assets in prime locations Hospitality ■ The global tourism industry has been hit harshly by the Covid-19 ■ pandemic, and Portugal is no exception Despite the support provided by public incentive schemes, many properties will not have enough liquidity to cope with the decline in demand ■ This could provide an opportunity for the acquisition of otherwise profitable assets that are facing problems due to Covid-19 at prices below their normal value ■ These could then be sold at a later stage, when tourism demand returns to pre-crisis levels, at a higher price Moreover, there is also room for the acquisition of underperforming properties for repositioning to new lifestyle concepts and brands with a long-term lease 34#35PSGF's Portugal Portfolio will be diversified yet targeting primarily revenue-generating assets with low-risk profiles and high marketability (2/2) Logistics ■ The logistics segment has been considered the most resilient facing the pandemic ■ Covid-19 and the restrictive measures taken to restrain public contact accelerated the trend towards online shopping and e-commerce, driving demand for online retailers and the opening of on-line channels for otherwise physical-only stores ■This will increase demand for warehouses and logistics platforms, particularly those close to densely populated areas ■ Thus, an opportunity arises for new development and also for the acquisition or reconversion of warehouses for last mile logistics ■ The upside is particularly high in Portugal, as the current stock is quite low and the new supply over the last decade has been almost irrelevant Retail In recent years the shopping centre segment has been quite active in Portugal ■ An unloved sector in most of the western world, shopping centres have nonetheless performed generally well in Portugal Recently a fairly large stock of modern shopping centres in densely populated areas have been put for sale at attractive prices. We expect this trend to continue ■ We view the retail sector as an opportunistic play, i.e. securing reasonably stable assets, which have performed well throughout various market cycles, at an attractive risk adjusted return Alternative Portugal has become not only a popular destination for travellers, but also for those seeking to live, study, retire or invest ■ The number of international students has risen exponentially, and so has the demand for specialized student housing ■ The existing supply is outdated and insufficient to accommodate current needs, and demand is likely to increase in the coming years Furthermore, as the global population gets older, Portugal is attracting a growing number of seniors looking for quality of life, competitive prices and friendly tax regimes ■ Investments in senior living facilities may yield high returns driven by future demand and low current offer 35#36ECS has already identified targets that fit the Fund's investment profile (1/3) Prime office building in Lisbon 7,000 sqm Shopping centre in Greater Lisbon metropolitan area 12,000 sqm Hotel near Lisbon's airport 7,668 sqm Residential building in Lisbon's riverside 4,000sqm Office building in Lisbon's CBD 5,000 sqm 36#37ECS has already identified targets that fit the Fund's investment profile (2/3) Office building in Oporto 4,000 sqm Office building in Lisbon 8,023 sqm Residential building in Lisbon 6,000 sqm Office building in Lisbon's Historic District 3,000 sqm 37#38ECS has already identified targets that fit the Fund's investment profile (3/3) Co-living/Student accommodation comprising more than 600 studios Office building in Lisbon Prime office building in Lisbon's CBD 7,000 sqm 6,343 sqm 精 口 Warehouse/Office in Lisbon's metropolitan area 3,000 sqm Office building in a modern office park in Lisbon 7,000 sqm 38#39J.P.Morgan Asset Management 39#40JPM - Global Fixed Income, Currency & Commodities overview FIDUCIARY We are lenders of our clients' money TEAM OF EXPERTS We believe bond portfolios managed by a globally integrated, research driven team of experts CONSISTENT REPEATABLE PROCESS ...using deep proprietary research grounded in a common language Fundamental, quantitative, technical (FQT) inputs form our foundation Culture of teamwork MULTI-LEVEL RISK MANAGEMENT ...wrapped by rigorous risk management, embedded at multiple levels TAPPING INTO PROVEN SUCCESS ...leveraging the full breadth of JPMC's expertise and resources SUPERIOR CLIENT OUTCOMES to deliver consistently strong risk-adjusted returns 40#41JPM's investment philosophy: Globally integrated. Research driven 278 FIXED INCOME INVESTMENT PROFESSIONALS 1 127 Portfolio Managers, 31 Traders and 52 Investment Specialists leveraging the insights of 68 Fundamental & Quantitative Research Analysts 20 INVESTORS' AVERAGE YEARS OF EXPERIENCE 9 LOCATIONS IN 5 COUNTRIES COMMON LANGUAGE CENTRALIZED RESEARCH TEAM TRADING PLATFORM MULTI-LEVEL RISK MANAGEMENT PROCESS Source: JP Morgan Asset Management. As of March 31, 2000 1 Includes portfolio managers, research analysts, traders and investment specialists with VP title and above 41#42- JPM Global fixed income, currency & commodities assets under management Customized Broad Market Liability Driven Investing Stable Value Соге Core Plus Short Duration Government, US Global Fixed Income Mortgages, Broad Inflation Linked 700 Markets Intermediate Solutions USD 154bn FIXED INCOME USD163bn 600 500 ■Global Fixed Income Solutions Municipals Global High Yield ■US Broad Markets Unconstrained Speciaty Emerging Market Dat Global Broad Mats 410 406 400 961 367 277 300 225 192 200 Unconstrained Commodities Currency Unconstrained Speciony USD 50bm Municipals USD 583bn AUM Global Broad Markets USD Billions EMD Global High Yield USD 94bn Global Credit Sovereign USD 35bn USD 44bm Global Aggregate Global Rates 100 Local Currency Corporate Debt Blended Loans Distressed Debt Broad 445 003 583 500 485 0 00 09 10 11 12 13 14 15 16 17 18 19 '20 ASSET & WEALTH MANAGEMENT JPMORGAN CHASE & CO. Source: J.P. Morgan Asset Management. Data as of March 31, 2020, AUM figures are representative of assets managed by the Global Fixed Income, Currency & Commodities group and include AUM managed on behalf of other JP Morgan Asset Management investment teams. Excludes tax aware assets USD 17.9bn Global in Liquidity and USD 8.7bn in Insurance accounts. 42#43PSGF's Diversified Portfolio investment strategy: Invest alongside JPM's Global Bond Opportunities investment strategy Key Features Benchmark-agnostic, "best ideas actively managed global bond funds Diversified opportunity set across all global fixed income sectors and currency markets Dynamic sector management, aiming to only take risk when compelling investment opportunities are identified Strategy Objective ESG integration Total return Global Strategic Bond Focus on mitigating downside risk Global Bond Opportunities Opportunistic, strategic approach Sustainability approach ESG integration 3% above cash 1.5-5% 0 to 9 years 50% Return target Risk target Duration range Max below IG-rated debt Max non-base currency Strategy inception date Strategy AUM 20% May 2009 USD 4.0 billion 5-10% 75% 50% September 2012 USD 9.2 billion Global Bond Opportunities Sustainable Opportunistic, strategic approach Sustainable integration, exclusions, positive tilt) Total return 5-10% -2 to 8 years 75% 50% November 2019 USD 601 million Source. J.P. Monjan Asset Management. Data as at 31 May 2020. IG Investment grade. Inception date shown for the longest running fund in the strategy. Strategy AUM represents all vehicles following that strategy. The stated targets are the investment manager's internal guidelines only to achieve the objectives of the Strategies. The targets are gross of fees. There is no guarantee that these targets will be met. Investment Strategy: To achieve a return in excess of the benchmark by investing opportunistically in an unconstrained portfolio of debt securities and currencies, using derivatives where appropriate. 43#44JPM's unconstrained portfolio managers leverage a broad global investment platform of 278 professionals managing USD 583 billion Unconstrained portfolio managers-Top-down asset allocation Global Bond Opportunities strategy execution is directly overseen by JPM's Global CIO, Bob Michele Bob Michele Global Chief Investment Officer Lead Portfolio Manager 39 years experience New York Roger Hallam Gummy 19xp London 14 investors Seamus Mac Gorain Cobal R 19 jos expl Endon 15 investors INVESTMENT SPECIALIST TEAM Marika Dysenchuk 10 sex. London Liam Moore TE London 7 investors lain Stealey International CIO Portfolio Manager 17 years experience London SECTOR SPECIALISTS-BOTTOM-UP SECURITY SELECTION Lisa Coleman Rob Cook High Yeld Investment Grade 20 GAD 37ws exp Rick Taoming Municipals 30yx New York New York 25 investors Drew Headley Secured 26 Pierre-Yves Bareau Local/Extem Corpor 29 AD London 33 investors 35 investors 26 investors 23 investors SUSTAINABLE INVESTING TEAM Jennifer Wu 20 yrs exp London 38 members (ESG Data & Research / S.I. Client Strategy) QUANTITATIVE RESEARCH GROUP Frederick Bourgoin 24 London 7 analysts Bhupinder Bahra 26 London Numbers indicate years of industry experience as at May 2020. Assets Under Management (AUM) as at 31 March 2020 Number of investors as at May 2020. Sustainable Investment Leadership Team as of 31 March 2020, investors indicate portfolio managers/traders and research analysts who are VP-level and above. Please note that the above chart reflects investors with dual roles. There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional's future performance or success 44#45JPM's Global Bond Opportunities Strategy overview As at 31 May 2020 Key Characteristics Geographic Distribution Currency Exposure Duration 5.59 years (% market value) 100% (% market value deviation from 100% USD) USD -3.8% Empirical interest rate duration 3.99 years CNH 80% TRY Yield to Maturity 3.67% 60% 51.2% BRL Average Rating BBB 34.2% DOP 40% EUR Fund Size USD 5.18 billion 20% 9.1% 5.6% RUB CNY Inception Date IG/HY Breakdown 22 February 2013 63%/37% 0% JPY North America EMEA Asia Pacific LatAm 0% -0.9% -0.5% 0.1% 0.2% 1.0% 3.9% 6% Sector Distribution (% Market Value) Cash/Gov't 17.9% 30% Credit: 39.9% 23.3% 20% 15.3% 7.9% (Net)* 5.7% (Net)* 10% 2.6%, 3,0% 1.0% -10% Cash Govt US HY Non-US Convert. IG Corp. Corp. HY Corp. Bonds EMD: 13.7% Securitised: 16.8% 6.7% (Net) 4.2% 6.2% 3.4% 2.8% 2.4% 1.9% 1.3% EMO EMD Local Sov EMD Corp ABS Non-Ag Agency CMBS Covered CLO MBS MBS Bonds Source: J.P. Morgan Asset Management. The Fund is an actively managed portfolio Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the investment manager without notice. 1.Empirical interest rate duration calculated on daily rolling 1 year data, EMD Emerging Market Debt, MBS: Mortgage Backed Securities, CMBS: Commercial Mortgage Backed Securites, ABS: Asset Backed Securities, CLO: Collateralized Loan Obligation, 10: Investment Grade, HY: High Yield. "Net exposure consists of cash bonds and Credit Default Swap/Credit Default Swap Index. **Govt includes: Australia, Canada, Germany, Cyprus, Greece, Italy, Portugal, Spain, and United States. Yield is not guaranteed and may change over time. 45#46JPM's Global Bond Opportunities Strategy investment performance (net of fees) As at 31 May 2020 Rolling performance (USD, Net of fees) Global Bond Opportunities Fund 8% 6% Bloomberg Barclays Multiverse Index (Hedged to USD) 6.75% 4.80% 3.77% 4.14% 4.11% 4.10% 4.19% 4.03% 2.98% 3.58% 3.45% 4% 2.45% 2% 0.49 % 0.12% 0% -0.74% -2% -1.17% 1 Month 3 Months YTD 1 Year 3 Year pa 5 Year p.a. 7 Year p.a. Volatility Global Bond Opportunities Fund Bloomberg Barclays Multiverse Index (Hedged to USD) Calendar year performance (USD, Net of fees) 1 Year 3 Year p.a. 7.66% 4.87% 4.11% 2.91% 5 Year p.a. 4.49% 2.84% 7 Year p.a. 4.23% 2.75% Since Inception p.a. Since inception p.a. 4.19% 2.79% 15% 10% 7.30% 7.53% 4.22% 5.15% 6.50% 52% 3.40% 5% 10.35% 0.00% 0.91% 0% -5% 2013 2014 2015 2016 2017 1.58% -2.08% 2018 10.85% 8.47% 2019 Global Bond Opportunities Fund Bloomberg Barclays Multiverse Index (Hedged to USD) Source: J.P. Morgan Asset Management. "Fund Inception date: 22 February 2013. Performance returns are shown based on the official Net Asset Value (NAV) of share class C (acc) in USD. All calculations are net of any applicable charges and taxes incurred by the share class, but gross of any entry/exit fees or taxes charged to the shareholders. Fund performance shown before C Share Class launch on 29 August 2014 has been simulated based on the gross performance of the default Share Class of the Fund since inception with the addition of the maximum ongoing charges applicable to the C Share Class as set out in the Prospectus with gross income reinvested. Retums for penods greater than one year are annualised. Volatility is calculated using monthly returns. Please refer to the fund's prospectus for a description of the other available classes of shares, the performance of which will differ from that shown above. Past performance is not an indication of current and future performance. 46#47048 Portugal Strategic Growth Fund, FCR