Investor Presentaiton

Fund 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

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