Portugal Liquid Opportunities

1 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

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