MERIDIA CAPITAL PARTNERSCorporate Overview

March 2018

I.FIRM OVERVIEW

II.MERIDIA CAPITAL TODAY

III.TRACK RECORD

Table of contents

Firm overview

I.

“At Meridia Capital Partners time has seen us evolve, opening up new boundaries for us. Throughout the last 11 years we have been successful at identifying good investment opportunities while building a reputable, trustworthy, agile and driven platform that has enabled us to deliver above-average returns for our investors.”

Javier Faus - Founding Partner & CEO

Firm of the Year:

Southern Europe

A LEADING ALTERNATIVE INVESTMENT FUND MANAGER IN SPAIN

Who we are

Solid track-recordExperienced and

multidisciplinary

team

Regulated by

CNMV (Spanish

Securities Market

Commission)

Multi-sector and

multi-fund

investment firm

Above average GP

commitment

Over 10 consecutive

years successfully

investing and divesting

in bull and bear markets

globally

Socially responsible

International /

Institutional investor

base

Global investment

experience

Experienced and

multidisciplinary

team

Our history

2001• Acquisition Hotel Arts

2014• Launch Meridia II

• Exit Meridia I - Top 10%

performer globally (Preqin)

2006• Exit Hotel Arts

• Meridia Capital founded

2007• Launch Meridia I

2015• CNMV Regulation

2016• Launch Meridia Pr. Eq I

• Launch Meridia III

Meridia Capital Partners

Real Estate

Our team / talent

Beto Cordoncillo

Partner, CFO

& Fund Admin.

Javier Faus

Founding Partner

& CEO

Cristina Badenes

Partner

IR & Corp. Dev.

Rosa Casas

Senior Fin. Acc.

Fund Admin.

Real Estate

Juan BarbaPartner, MD

Víctor Iborra

Inv. Director

Adrian Clarke

Director, Pr Mgmt

Marta de Azlor

Senior Associate

Private Equity

David TorralbaPartner, MD

Rodrigo Hervás

Associate

Laura Salazar

Mktg Manager

Carlos Giménez

Fin. Acc.

Fund Admin. & RE

Rita TorresAssociate

Alberto González

Director, Asset Mgmt

Plus:

2 Financial Accounting (Fund Admin.)

1 Assistant (Fund Admin.)

Luis Jaime de Antonio

Associate

Sandra López

Manager

Borja DaudíAssociate

ACQUISITIONS ASSET MANAGEMENT

Guillermo Galmés

Director

PROJECT MGMT

Jose María Mateu

Associate

Elisabet GómezHead Legal CounselChief Compliance Officer

Marina Breda

Manager

Our team: extensive experienceM

ER

IDIA

CA

PIT

AL

PA

RTN

ER

SR

EA

L ESTA

TE

Name Position Location Year joinedYears

experiencePrevious employers

Javier FausFounding Partner

& CEO Barcelona 2006 30 Patron Capital Partners, HOVISA, J&A Garrigues, Cuatrecasas

Cristina BadenesPartner -

Inv. Rel & Corp. DvlptBarcelona 2006 22

UBS Investment Bank, Dresdner Kleinwort, Salomon Brothers, JP Morgan

Beto Cordoncillo Partner – CFO, Fund Admin. Barcelona 2006 37 HOVISA, Data-Comp

Elisabet GómezHead Legal Counsel – Chief

Compliance OfficerBarcelona 2017 19 Mixta Africa, BBVA, Uría Menéndez

Rosa Casas Senior Financial Accounting Barcelona 2006 22 HOVISA, Hotusa, Hotel Connect, Data-Comp

Carlos Giménez Financial Accounting Barcelona 2016 6 Alter Domus Alternative Asset, PwC

Laura Salazar Marketing Manager Barcelona 2015 7 Dow Jones, Metropolis

Juan Barba Partner Madrid 2014 22SAREB, Doughty Hanson, Aareal Bank, Principal Financial Group,

Arthur Andersen

Adrian Clarke Director, Project Management Barcelona 2006 28 HOVISA, Shimizu Construction, Bovis Intl

Víctor Iborra Director, Investment Barcelona 2007 12 Zurich Insurance, Amazon, JP Morgan, Grupo Abrisa, Unilever

Marta de Azlor Senior Associate Barcelona 2014 8 Bank of America Merrill Lynch

Borja Daudí Associate Barcelona 2017 4 Crédit Suisse, Banco Sabadell Private Equity, Deloitte

Alberto González Director, Asset Management Madrid 2015 16 Falcon II, British Land, Unibail Rodamco

Luis Jaime de Antonio Associate Barcelona 2015 11 Drago Capital, CBRE

Rita Torres Associate Madrid 2016 13 CBRE, Blanco, Tous, Jesús del Pozo, Roberto Verino

Sandra López Manager Barcelona 2016 5 CBRE, Peñaroja-Palés’s office, Commercial Registry of Barcelona

Marina Breda Manager Barcelona 2017 4 Jones Lang LaSalle

PR

IVA

TE E

QU

ITY

David Torralba Partner Barcelona 2015 15 Doughty Hanson, JP Morgan

Guillermo Galmés Director Madrid / Barcelona 2016 12 Magnum Capital, ENA Capital, Mercapital, Morgan Stanley

Rodrigo Hervás Associate Barcelona 2016 6 PwC, Europraxis

Jose María Mateu Associate Barcelona 2017 3 Bank of America Merrill Lynch

AC

QU

ISI-

TIO

NS

ASSET

MA

NA

GEM

EN

T

Meridia Capital today

II.

Our businesses

REAL ESTATE

over €350M(1)

Meridia II Meridia III

€250 M

PRIVATE EQUITY

€110M

Barcelona

based firm

established

in 2006

An

independent

investment

company

Meridia Private Equity IMeridia III

(1) Including co-investment

Meridia II (Value Add, Real Estate, Spain, €150M, 2014 vintage)

InvestmentsInvestments

Strategy

• A fund focused on the Spanish real estate sector

• Primary focus on Madrid / Barcelona

• Investor base 70% institutional / 30% private

• Acquisition, refurbishment and/or reconversion

• All segments: Office, Retail, Hotel, Logistics, Residential, etc.

MADRID

Acqua

MADRID

Tandem

Henkel’s formerHQ

BARCELONA

Albufera Plaza

MADRID

Consum

VALENCIA

Horizon I & II

BARCELONA & MADRID

Avalon

MADRID

Miramadrid

MADRID

Aecus

MADRID

Nestlé’s SpanishHQ

BARCELONA

Ribarroja

VALENCIA EXIT: HORIZON II

Meridia III (Value Add, Real Estate, Spain, €215M(1), 2016 vintage)

InvestmentsInvestments

Strategy

• A fund focused on the Spanish real estate sector

• Primary focus on Madrid / Barcelona

• SOCIMI structure

• Acquisition, refurbishment and/or reconversion

• All segments: Office, Retail, Hotel, Logistics, Residential, etc.

• Investor base mostly institutional

(1) Incl. co-investment.

Bcn / Pamplona:

PROJECT ALTA

September 2016

Barcelona:

PROJECT VILA

October 2016

Madrid:

PROJECT SESEÑA

June 2017

Madrid / Bcn:PROJECT INSURANCE

April 2016

Madrid:

PROJECT LIGHT

July 2017

Barcelona:

PROJECT SEA

July 2017

Barcelona:

PROJECT BEATLE

November 2017

Madrid region:

PROJECT GEL

March 2018

Meridia Private Equity I (Private Equity, Spain, €110M, 2016 vintage)

InvestmentsInvestments

Strategy

• 7-8 companies

• Majorities and minorities

Target Investments

• International expansion

• Multi-sector approach

• Proven business model

• Industrial focus

• Proprietary deals

• Limited leverage

• Outstanding

management team

SOSA INGREDIENTS

• Leading producer and distributor of technical food ingredients for

the gastronomy segment.

• Nov 2016: Savencia Gourmet enters the shareholding of SosaIngredients. Savencia Groumet provides French meat specialties,

seafood products and premium chocolate.

www.sosa.cat

City: Moià (Barcelona)

Entry: September 2016

Sector: Gastronomy

Employees: 180

GRUPO ANDILANA

• Restaurant and hotel operator with 25 restaurants and 5 hotels

under management. It also has 7 restaurant franchises under “La

Mary” brand.

www.grupandilana.com

City: Barcelona

Entry: January 2017

Sector: Hospitality

Employees: 645

Socially responsible

Committed to responsible investment

Currently affiliated to

Track record

III.

Meridia I (Hospitality, Global, €150M, 2007 vintage)

2008 2009 2010 2011 2012 2013 2014

06/07:

Acquisition

Crowne Plaza,

Santiago

08/07:

Acquisition

Ritz-Carlton,

Santiago

02/08:

Acquisition

W + Apple,

Paris

06/08:

Acquisition Six

Senses,

Thailand

11/09:

Acquisition

Four Seasons,

Mexico

09/09:

Acquisition

InterContinental,

Sao Paulo

12/10:

Sale Six

Senses,

Thailand

06/12:

Sale Apple

Store, Paris

02/12:

Opening W,

Paris

05/13:

Sale Four

Seasons,

Mexico

Q3/13: Sale RC

and CP Chile

Q1/14: Sale

InterContinen

tal, Sao Paulo

12/14

Sale W,

Paris

06/10:

Opening

Apple Store,

Paris

According to Preqin, a top 10% performer amongst global real estate funds with 2007 vintage; fourth best performer in Europe

Source: Meridia Capital

2007

Hotel Arts, a success story

• Javier Faus, Deutsche Bank

and Patron Capital acquired

HOVISA, a Barcelona-based

110,000 sqm real estate

portfolio by the seaside:

• Portfolio breakdown:

o Hotel Arts (a Ritz-

Carlton hotel with 485

keys and apartments)

o Blue Building (12,374

sqm of office space)

o Retail area (13,084

sqm)

o Plot of land (3,611

sqm)

o Parking (600 slots)

• Acquisition price €235M

• Blue Building sold to

Meag Munich Ergo

• Patron Capital and

Deutsche Bank sold their

stakes to Spanish HNWIs

• Faus keeps his 5% stake

as equity partner and

becomes the only

general partner

• HOVISA sells Hotel Arts

and retail area to a JV

formed by Host Hotels &

Resorts (NYSE: HST, a

company that belongs

to S&P 500 and Fortune

500), GIC Real Estate

(Government of

Singapore) and

Stichting Pensioenfonds

ABP

• Selling price €417M – at

the time, the highest

price ever paid for a

single real estate asset

in Spain

… …

Hotel Arts and Javier

Faus, a Harvard Business

School case study

2001 2002 2004 2006

MCP