Investor Presentaiton

ECS 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

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