Portugal Liquid Opportunities

3 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

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