#1STRICTLY PRIVATE AND CONFIDENTIAL OXY CAPITAL Portugal Liquid Opportunities Golden Visa Eligible Fund 2024 Certified B Corporation This company meets the highest standards of social and environmental impact#2Legal notice This document is a commercial communication related to the Portugal Liquid Opportunities, FCR ("Portugal Liquid Opportunities"), managed and marketed by Oxy Capital - SGOIC, S.A., management company of collective investment undertakings authorized by the CMVM with the registration number 103588, with registered office at Av. Eng. Duarte Pacheco 2, 15B, 1070-102 Lisboa. This communication does not constitute an offer or invitation to subscribe to the fund, and any subscription requires consultation and understanding of the respective prospectus, KIID, and completion of the subscription form with the market entity. The units are not admitted to trading on an organized market. The information disclosed in the presentation may become incorrect or outdated and Oxy Capital reserves the right to amend or update the information without notice. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Oxy Capital, and Oxy Capital and its subsidiaries shall not be liable for any unlawful distribution of the document to third parties, in whole or in part, or for information reconstructed from it. The information on past performance refers to the return on investments in listed assets made through the portfolios of Cometa Fund, FCR, Vesta Fund, FCR, and the Liquid Opportunities funds managed by Oxy Capital, in the first two cases before deduction of tax expenses and management fees. The returns disclosed of these Funds and others represent past data and are not a guarantee of future returns. The amounts disclosed do not imply any taxation borne by the fund, and investors may be subject to other income tax payments. Investment in this investment strategy and therefore in the respective AIFs may result in the loss of the capital invested, in addition to the other risks set out in the prospectus. To the fullest extent permitted by law, Oxy Capital and its subsidiaries, its directors, shareholders, partners, advisors or representatives shall have no responsibility or liability for losses arising from the use of this document to the extent permitted by law. The prospectus and KIID of Portugal Liquid Opportunities is available in Portuguese on CMVM's website (link), at the Management Company's registered office and by request to the Management Company using the email address [email protected]. 1#3Executive Summary Oxy Capital's Public Market Fund eligible to Golden Visa Oxy Capital Overview || ■ The leading Portuguese investment firm, with >€1.4bn AUM under several strategies, ranging from growth/buyout, restructuring, public markets and real estate ■ Invested in more than 80 companies over the last decade with more than 40 exits ■ Main LPs include Portuguese banks, US Foundations, EU entities, HNWI, and Oxy Capital's team ■ Proven track-record of delivering value across strategies - aggregate IRR >30% in growth/buyout funds ■ Oxy Capital is currently fundraising for three Golden Visa-compliant funds, focusing on Private Equity, Public Markets and Private Debt, allowing investors to mix and match strategies in order to adapt to their risk/return profile Public Market Portugal Liquid Opportunities ■ Investment in public equities with >60% allocation to the largest Portuguese listed equities and <40% allocated to Oxy Capital's proprietary international listed equities strategy [available on Dec-23] ■ Open ended perpetual investment fund, allowing for both early redemptions and longer investment periods ■ Solid investment choice for ensuring purchasing power protection, as historical data shows that public markets have consistently outpaced inflation by 6-8% annually 2#4Agenda I Oxy Capital Overview = Public markets (Portugal Liquid Opportunities) 3#5Oxy Capital is the leading Portuguese alternative investment firm managing >€1bn across several strategies over >10 years OXY CAPITAL Active Divesting Private Equity Real Estate R&D Financing Public Equities SMEs Capitalization RE/Hospitality Corporate Restructuring 4 Investment mandate Flexible equity and debt instruments in growing Iberian companies Defensive and opportunistic real estate investments in Portugal Financing SMEs' R&D (grants LPs tax benefit) High conviction public equities' investments Minority buyouts and growth financing (execution-focused) Bad bank real estate/ hospitality Bad bank industrial Fund size (launch year) c. €240mln (2014, 2018, 2021) c. €20mln (2021) €44mln (2018) €15mln (2018, 2023) €80mln (2013) €545mln (2014) €440mln (2012) Limited Partners • ⚫ Institutional Investors Family Offices & Private Investors Oxy Capital & Team FITNESS HUT SYNERGYM. FIT TOBITVED Selected Investments Non-exhaustive LLingote saphety Cloudware inmho CarPro jimpisoft V vizelpas Flexible Films vidrariamortágua victos & espehas do CEREJO VIDROS BUILDING WITH GLASS stone bystone RCN • Private • Golden Visa investors Investors Oxy Capital • VERDELAGO RESORT proef R. de Inglaterra Cork Supply ⚫ Private Investors Oxy Capital E.U. Structural Funds Portuguese Banks Portuguese Banks Portuguese Banks Concentrated, long-term investment style, with a focus on poorly followed companies and sectors where Oxy Capital already has experience feedzai Socem medicineone MICRO campotec blue & Läke Vilalara meckp blue & Greenly TREVIPAPEL BeAnywhere METALUSA CERAM RUPE Brio supermercado budge MERTUS PAPER PRIME MESA CERAMICS Tróia DESIGN HOTE PRAIA DEL REY CHIOS GOLPRESENT Marriott 88 QUINTA DAS LÁGRIMAS SINCE 1 >prio ENERGIAS TOP LOW COST PIEDADE CABELTE MOTA CERAMIC SOLUTIONS ENP 4#6Oxy Capital has a strong track record of growing its portfolio companies and performing successful exits Portfolio companies sold in recent years to international players Company PIEDADE Sector Year Cork & Wine Stoppers 2015 Purchaser OENEO Non exhaustive EBITDA Entry (€mln) EBITDA Exit (€mln) ~6 ~7 FITNESS HUT Health and Fitness 2017 VI♥A GYM backed by Ventures Bridges ~1 ~10 Aluminum backed LLingote 2019 CVC CAPITAL PARTNERS ~8 ~8 aluminios Extrusion CORIALIS by blue & green Läke SPA RESORT Hospitality 2020 HIP backed by Blackstone ~2 ~5 >prio Oil & Gas 2020 ~16 ~33 DISA saphety E-billing 2021 SOVOS backed by *Hg ~1 ~4 TA ASSOCIATES blue & green Vilalara THALASSA RESORT Hospitality 2021 a AZORA ~1 ~4 Strong operational experience, acquired through years of supporting portfolio companies' growth 5#71 Private Equity: Strong performance across all 3 funds, with pooled gross IRR of 33% Fund Mezzanine (may-14) Main indicators Performance¹ (Q3 2023) Portfolio Size (€m) Called Distributed Net IRR Net MM (% subscribed) (% called) Equity Hybrid Industrial Services Software Other² Debt 33% 99 22% 66 89% 157% 15% 1,5x 67% 61% 7% 11% 02 (oct-18) 73 83% 100%³ 43% 2,5x4 44% 37% 18% 31% 32% 20% 17% 03 (dec-21) 105 68% 22% 1,2x 17% 23% 60% 53% 47% 1. Includes amounts received and in the portfolio. 2. Financing backed by a Real Estate Portfolio in 02. 3. Includes €4,6m distribution in December 22nd 2023. 4. Considers investors' peak investment (net of previous distributions resulting from the sale of portfolio companies). 6#82 Public Equities: Strong track record in public markets, >2.5x the MSCI all Country World Index Cumulative return¹ 2.5x Annual performance¹ OXY CAPITAL MSCI All Country World Index (in euros, with dividends reinvested) 193% Equivalent to c. 11% annual alpha since inception, based on monthly excess 76% returns vs MSCI ACWI in euros 4% 1% 47% 29% 7% 79% 28% 13% 15% 0% OXY CAPITAL MSCI All Country World Index² -5% -13% Annualized return 24% 12% Dec 2018 2019 2020 2021 2022 Dec/23 Oxy Capital and its partners³ have a track record of successful investments in public markets 1. Calculated as time-weighted return, i.e. it corresponds to the chain product of returns between redemption dates and capital increases, removing the impact of these movements on the rate of return, and is gross of fees for the period during which Oxy invested through Fundo Cometa FCR (Dec 2018 until 2022, inclusive); Disclosed performance represents past data and is not a guarantee of future performance. Investment in this investment strategy and consequently in the respective funds may entail the loss of the capital invested; 2. In euros, with reinvested dividends; 3. Partner involved in the initiative generated a return of 22.1% p.a. over the last 12 years (vs 8.5% MSCI World Total Return EUR) by investing in public markets | Source: Bloomberg 7#93 SMEs Capitalization: Superior execution and performance vis-à- vis local competitors within the Revitalizar initiative • • Revitalizar Centro (FRC) Execution-focused regional fund set-up in partnership with Portuguese banks and the government 3 funds were launched to deploy €220mln A Oxy Capital was the only management company that deployed >100% of committed capital in 2 years Capital deployed 2013-15 (€mln) 75 81 49 divided by North (€80mln), Center (€80mln) and South (€60mln), managed by independent management companies • Substantial investment restrictions with maximum deployment of €1.5mln per year per company • Oxy Capital won the Center and South Funds and selected the Center region¹ A 1st investment period (2013-15): 2 years to fully invest the Funds B 2nd investment period (2016-19): 3 years to deploy capital that had been divested in the meantime North South Oxy Capital deployed more capital in the 2nd investment period than its two competitors combined B Capital deployed 2016-19 (€mln) 25 16 North 40 44 3 South 26 Oxy Capital was the fastest to distribute capital to investors, being responsible for 60% of total capital returned Divestments until 2018² (€mln) 38 €45mln distributed to date (as at Dec-21) 13 10 Revitalizar Centro's returns are expected to be superior to competitor funds based on qualitative data of the portfolios North 1. 2. Each management company could only manage one of the funds. Latest publicly available data. X South # of investments (1st and 2nd investment periods) 8#10Restructuring: Proven track record in implementing operational and financial restructurings across a wide range of distressed assets • 4 Real Estate Restructuring (Aquarius) 5 Corporate Restructuring (FRE) Overleveraged but viable companies with high exposure to Portuguese banks, which are Limited Partners Strategy Highlights • Increasing recovery value (low target returns) through debt-to-equity conversions and operational improvement programs • 5 deals executed (2014-15) in distressed tourism and real estate assets 2 divestments of 5-star hotels amid the pandemic (2020 and 2021), after strong increase on the level of quality and profitability 5 deals executed (2012-14) in overleveraged industrial companies 3 divestments concluded to date, of which one with IRR >40% and other with MOIC >2.0x Portfolio Sales (€mln) 29 Entry (2014) Portfolio EBITDA (€mln) 5 +77% 51 755 2019/Exit Entry (2012-14) +190% 15 20 20 +85% 1.395 +195% 2021 YE/Exit 58 59 Entry (2014) 20191/Exit Entry (2012-14) 2021 YE/Exit 9 1. Aggregate EBITDA of the hotels exceeded break-even in 2020 and 2021, despite COVID-19. Zoom-in in the next slide#114 Oxy Capital has extensive experience in implementing value-add initiatives in real estate and touristic assets in Portugal Asset Description Rating¹ Sales² (€mln) EBITDA² (€mln) 1. 2. blue & green Tróia DESIGN HOTEL 5-star hotel located in Tróia acquired in jun/2014 M ***** MARRIOTT RESORT PRAIA D'EL REY 5-star hotel located in Óbidos acquired in jun/2014 8 QUINTA DAS LÁGRIMAS SINCE 1326 5-star hotel located in Coimbra acquired in dec/2014 blue & green Läke SPA RESORT 5-star hotel located in Vilamoura acquired in Jun/2014, sold in 2020 Divested Main Initiatives Developed group/events segment seeking usage of the facilities of the hotel in the low season 10 6 8.6 9.0 17 Extensive refurbishment Development of a rental pool and F&B outlets 7 8.8 9.2 0 0 2 4 5 1 Hotel refurbishment 3 enabled its repositioning 1 8.3 9.0 as the only 5-star hotel in Coimbra 12 5 Untap unexplored target segments such as golf Professionalization of yield management 7 9.0 9.2 2 blue&green Vilalara THALASSA RESORT Portfolio 5-star hotel located in Algarve acquired in Jun/14 and sold in Oct/21 Divested Oxy Capital also manages 2 golf course and 2 greenfield projects for the development of 5-star resorts 11 4 Construction of several apartments (for rental) Extensive Hotel revamp 6 1 8.9 9.4 2014 20221 55 16 Identification of reposi- tioning/improvement opportunities Strong focus on quality and customer experience Constant monitoring of quality indicators 29 5 Pre Oxy Post Oxy Pre Oxy Post Oxy Rating from booking.com (reference date 31/12/2022, except for divested assets). Pre-COVID 19 figures. Aggregate EBITDA exceeded break-even in 2020 and 2021. 10#12Fundo Reestruturação Empresarial Fundo Cometa Exit Portfolio Exits 5 Oxy Capital invested in 8 Portuguese groups implementing operational and financial measures to improve results Portfolio Companies Description Production of energy cables in CABELTE copper and aluminium Date Participation Sales (Єmln) EBITDA (€mln) 94.5% + Mar-13 shareholder loans 172 188 12 86 13 Extraction of raw-materials for the 50% + 8 40 MCS ceramic industry and produces Aug-13 shareholder PORTUGAL ceramic bodies Distribution and sale of fuel (gas >prio stations); (ii) production and sale of Aug-13 shareholder biofuel and (iii) fuel storage loans 100% + 1.182 33 501 16 loans PIEDADE Production and distribution, in the world market, cork closures produced from selected materials 60% + 39,6 44,0 7 6 Feb-14 shareholder loans 30% + 1,5 1,6 ENP Construction and repair of naval ships Nov-14 shareholder loans -1 -1 Agricultural Assets >800 ha of super intensive Olive Grove >1.000 ha of Avocados and Tangerines May-18 Nov-21 31 11 FLATLANTIC Aquaculture Production of turbot 16 Jul-17 100% 3 SEASTAINABLE PLATFISH VILLACE PORTAL 29 2 ALELUIA CERÂMICAS Production and decoration of wall and floor ceramic tiles 22 -3 Jan-16 >90% Pre Post Pre Post 11 n.a. n.a.#13Oxy Capital has a team of +25 investment professionals with extensive financial and operational experience Miguel Lucas Managing Partner ■ Managing Partner at McKinsey & Company ■ Executed 6 turnarounds in family businesses MBA, HBS1; Management, UCP2 ■ Gonçalo Mendes Partner ■ Principal at ECS Capital ■ Senior Associate at Millennium Global SSA Fund ■ MBA, HBS¹; Economics, UNL³ Marco Henriques Partner Igor Pereira Partner ■ Business Analyst at McKinsey & Company ■ Master in Finance, UNL³; Management, UNL³ Analyst at ECS Capital, Consultant at BCG ■ Master in Finance, UNL³; Economics, UNL³ Guilherme Valadares Carreiro Senior Associate Pedro Sousa Senior Associate Bernardo Gomes Associate ■ Head of Golden Visa Initiatives ■ Involved in >10 deals, including the restructuring process of an industrial Mid Cap ■ Consultant at Kaizen Institute ■ Master in Engineering and Management, FEUP4 ■ Head of Portugal Liquid Opportunities (Public Markets Golden Visa Fund) ■ Former Senior Associate at Bain & Co's PE Group ☐ Completed all three levels of the CFA program ■ Co-Head of Golden Visa Initiatives ■ Involved in >5 deals, including Oxy's first cross-border merger transaction ▪ Led the M&A expansion of an investee company with the acquisition of >20 add-ons ■ Master in Engineering and Management, FEUP4 20+ Analysts/Associates/Principals working in pool M ■ Up to 7 years of experience in Oxy Capital High drive, professional and academic excellence and strong work ethic 1. HBS (Harvard Business School). 2. UCP (Universidade Católica Portuguesa). 3. UNL (Universidade Nova de Lisboa). 12 4. FEUP (Faculdade de Engenharia da Universidade do Porto)#14Agenda - II A Oxy Capital Overview B Public markets (Portugal Liquid Opportunities) Investment Strategy Portfolio 13#15The Portugal Liquid Opportunities fund will be split between an allocation to Portuguese and international equities >60% of Fund: Portuguese large and mid cap equities Leading national "champions" including: edp Jerónimo Martins 6 galp Sonae Millennium altri bcp S Semapa N S AMORIM 5.7x average EV/EBITDA 17% average EBITDA margin 9% 5-year revenue CAGR <40% of Fund: Oxy international equities strategy Accumulated returns¹ +2.5x 193% Equivalent to c. 11% annual alpha since inception, based on monthly excess returns vs MSCI ACWI in euros 76% OXY CAPITAL MSCI All Country World Index 13% Annualized return 26% 1 Oxy returns correspond to the aggregate of the vehicles it manages in the public markets (which mainly includes the "Liquid Opportunities" funds since 2023), measured in time-weighted returns as of August 31, 2023. 14#16Key tenets of Oxy Capital's international equities strategy (<40% allocation) Focus on structural alpha in limited capacity niches Targets small/micro caps value and special sits to achieve high returns, not AuM growth; Most commissions based on performance and heavy team co-investment. Concentrated in 8-15 highest conviction ideas Exhaustive fundamental analysis on each position supported by 23 investment professionals with complementary PE and public markets expertise; Access to C-level network and proprietary data across +80 private PortCos. "PE-like" approach to investing Isolated from quarterly pressures due to redemption conditions and stable investor base; Frequent and potentially activist/"constructivist" interaction with management, aided by focus on smaller companies with fragmented shareholder bases. - Targeting private equity-type return profile with higher liquidity Higher liquidity given open ended format – redemption without restrictions after 2-3 years; "PE-like" return profile – high expected returns and low correlation to broader markets given concentrated, idiosyncratic small cap focus and investment style shaped by our PE heritage. - We believe our private equity experience and ability to leverage a large investment team across limited capacity niches can create significant alpha in public markets 15#17Agenda - II A Oxy Capital Overview B Public markets (Portugal Liquid Opportunities) Investment Strategy Portfolio 16#18Portuguese large and mid cap equities (>60% allocation): Portuguese equities have delivered reasonable returns historically Annual performance of the last five years for PSI 20 and MSCI ACW index PSI 20 (in USD, with dividends reinvested) MSCI All Country World Index (in USD, with dividends reinvested) -10% -10% 15% 27% -3% 17% 18% 19% 7% 14% 23% -18% 2018 2019 2020 2021 2022 2023 17#19International equities strategy (<40% allocation): Current portfolio focus on underfollowed markets in sectors where Oxy is experienced Positions by region Positions by capitalization Positions by sector 100% 100% 100% Other 4% Industrials 11% 9% Iberia €500-750m 21% B2B services 13% Germany 11% €250-500m 12% Holding/investment 14% Nordics 16% companies Consumer retail UK 28% 32% €100-250m 46% (incl low-cost gyms) Canada 31% B2B software 30% Sub €100m 20% Portfolio Portfolio Note: Calculations for Fund B - similar distribution for Fund A (PPR), although more diversified Portfolio As of September 27th 2023 18#20Current positions International equities strategy (<40% allocation): Examples of past and current positions of the Liquid Opportunities strategy Company Investment thesis Further detailed on the Current Portfolio and I Case Studies section Divested basware adecoagro ◉ c. €300m Finnish e-invoicing provider (peer of past Oxy PE investment) Oxy invested after validating accelerating traction masked by shift to SaaS; ~2x in <1 year after Accel-KKR take private ☐ c. €900m LATAM agricultural producer first analyzed by Oxy partner in 2007 as a potential private investment Oxy invested in two downturns leveraging market overreaction to Argentina exposure, ~2x returns on both investments Company implementing buybacks initially suggested by Oxy Fitness chain European fitness chain at ~4x normalized EBITDA Peer of current and past Oxy PE investments in the sector Accounting software " ☐ ☐ Canadian accounting software provider, peer of past Oxy PE investment At ~15x FCF despite double digit organic growth and low churn Oxy pushed for improved disclosures and increased buybacks 19