Queka RP Private Equity Fund 2

Spanish lower mid-market growth buyout fund

September 2024

PRIVATE & CONFIDENTIAL

 Queka Real Partners
Summary

❑ The team has been investing in Spanish buyouts for over 20 years; generating 3.4x MoM on 15 realised investments

❑ Queka’s inaugural fund was oversubscribed; Queka Real Partners PEF 1 (“Fund 1”) raised €151m in November 2020

❑ Invests in majority and control minority investments in lower mid-market companies in Iberia. Targets companies with €2–5m
EBITDA | ticket size €10m–€20m

❑ Deployed 86% of the Fund 1 in 7 investments and has invited LPs to co-invest in 3 of the deals (as of Q4 2023)

❑ Early landmark exit on the €20m investment in Medac, the leading Spanish vocational education company; sold to KKR Global
Impact Fund for €190m generating 6.1x and 87% IRR return

❑ Ideal partners for owners and management teams, bringing together a wealth of investment and CEO operational
experience with a culture built on integrity, trust and respect; results in high number of in-bound calls

❑ 80% of Fund 1 deals were sourced on a proprietary basis. 11 pipeline deals are currently under consideration

❑ Queka Real Partners PEF 2 (Article 8 SFDR fund) with a target size of €175m (€200m hardcap) and 10% GP commitment

❑ Queka Real Partners PEF 2 first investment executed in July 2024

PRIVATE & CONFIDENTIAL 2

 Queka Real Partners
Deep and complementary experienced team

Patrick Gandarias Fernando Elío Enrique Martinavarro Nicolás Maraver Iñigo Resusta
Managing partner Managing partner Managing partner Partner Founding partner
Corpfin Capital ProA Capital Auriga Global Investors 3H Capital Auriga Global Investors
CVC Capital Partners Alantra PE & Nazca PE Citri&Co Acerinox Group KA Internacional

Simón Martí Carmen Álvarez-Novoa Javier Ramos Pablo Lázaro Jesús Velásquez
Director Director Associate Analyst Analyst
Corpfin Capital Deloitte J.P. Morgan IB GBS Investment IE University
Deutsche Bank IB Goldman Sachs Garrigues Lawyer Banking

Cristina López Javier Esteban Ana Fernández-Flores Paloma Sanchez

Analyst COO & Partner Audit, Compliance & ESG Office Manager
Corpfin Capital PwC Corpfin Capital
Deloitte
Deloitte Deloitte Telefónica

PRIVATE & CONFIDENTIAL 3

 Queka Real Partners
Investment strategy

Smart investment targeting

▪ Market leadership in sustainable and non-cyclical growth industries

▪ Fragmented or developing industries with opportunities for consolidation
▪ Attractive competitive dynamics with strong barriers to entry
▪ Robust and clear exit routes

Profitable companies with consistent growth

▪ Sustainable competitive advantages with differentiated products and services

▪ > €2m EBITDA with opportunity to accelerate with operational improvements
▪ High growth potential with possible add-on acquisitions

Strategic alignment with management

▪ Dynamic management teams with vision to accelerate growth and demonstrate good corporate culture, values and ethics
▪ Partnership alignment: 100% of Queka investments involved (i) management teams rolling over their equity and (ii) the
implementation of an exit incentive scheme for the non-equity management team

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 Queka Real Partners
Solid positioning in the less-competitive lower middle market

Spanish Private Equity Landscape

Key observations Funds

24 funds targeting large cap market

o 7 transactions in 2023 Carlyle Apollo Pamplona Capital Towerbrook Apax Partners
o Nº transactions / Nº of funds – 0.29 Large Blackstone Bain Capital Eurazeo Advent International Investindustrial
cap PAI Warburg Pincus CVC Lone Star Funds Permira
o Nº companies / Nº of funds – 45 KKR Providence Equity Cinven BC Partners Ardian
EBITDA €40m+ Peninsula EQT Bridgepoint TPG
1,071 companies

34 funds targeting middle market

o 23 transactions in 2023 Middle market
Abac Springwater ProA Torreal EQT BD Capital
Artá MCH Sun Capital Apheon Corpfin DEA Capital
o Nº transactions / Nº of funds – 0.68
EBITDA €5m-€40m Alantra Portobello Riverside Bluegem Miura Peninsula
o Nº companies / Nº of funds – 167 5,669 companies
Nazca Charme HIG Investindustrial L Catterton Nexxus
Trilantic Waterland Magnum ICG Acon
ABE GPF Aurica Anacap Tikehau

Lower middle market 11 funds targeting lower middle market

o 11 transactions in 2023
GED Espiga Realza
o Nº transactions / Nº of funds – 1.0 Suma Henko
EBITDA €2m-€5m Nazca
Talde Ufenau
o Nº companies / Nº of funds – 669 7,364 companies
Tresmares
Formentor

o Over time, companies Micro cap

with solid business Primarily search funds, family
models and strong offices, individual investors
EBITDA €1m-€2m and VC firms willing to
growth will move into
the lower middle market, 10,484 companies assume higher risk
becoming Queka’s
target

PRIVATE & CONFIDENTIAL 5

Add-Ons not considered for number of transactions
 Queka Real Partners
Fund 1 Track Record: 6.1x & 87% IRR in realised investment – Medac

Date of Date of Stake Gross Expected

Investments Sector Entry Exit Acquired MoC MoC

Medac(1) Education Nov-18 Aug-21 66.6% 6.1x 6.1x

2022 Best Private Equity deal
in Spain (Middle Market)
Lipotrue Cosmetics / Healthcare Oct-19 31.5%(2) 2.0x >6.0x

MN Program Software Apr-21 21.6% 2.1x >3.0x

Juan Navarro Food Ingredients Nov-21 73.7% 2.0x >3.5x

Madrid HiFi E-Commerce Nov-21 72.0% 1.3x >3.0x

Factory Colchón Retail Aug-22 68.5% 1.0x >3.5x

Cerería Mollá(1) Affordable Luxury Dec-22 75.0% 1.2x >3.0x

Total 7 companies 2.4x >3.5x

(1) Includes co-investment (€10m in total, included divested co-investment)
(2) Acquisition of a 18.5% stake by Queka PEF 2, refer to page 10 for returns details
DPI: 1.0x
Legend Realised Unrealised

PRIVATE & CONFIDENTIAL 6

Sources: Queka Q1 2024 Portfolio valuation; Medac Exit Information and Queka
 Queka Real Partners
Top-quartile track record (ALL transactions led by the Queka team member) across
12 sectors: 3.4x MoM

Retail & Services &

Education Healthcare Food Software
E-commerce TMT

2022 Best Private Equity deal

in Spain (Middle Market)

Cosmetics & Leisure &

Industrial Aerospace Engineering Agriculture
Home care Tourism

Managing Partner Realised MoM (1) Total MoM - Realised and Unrealised (2)
Patrick Gandarias 3.3x 3.3x
Fernando Elío 3.6x 3.6x
Enrique Martinavarro & Iñigo Resusta 8.9x 4.3x

TOTAL 3.4x 3.4x

(1)
Realised track prior to Queka (Appendix) + realised Queka investments
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(Medac); (2) Does not include Queka unrealized investments
 Queka Real Partners
Proprietary deal sourcing

Strong focus on deal sourcing; only 2 deals out of 7 originated in a competitive process

Proprietary Competitive processes

Deal sourcing –
Typology
Direct With advisors involved(1) Limited auction(2)

Preliminary
24% of total opportunities 47% of total opportunities 29% of total opportunities
analysis

Closed deals 3 out of 7 deals – Fund 1 2 out of 7 deals – Fund 1 2 out of 7 deals – Fund 1

Pipeline of 653 opportunities leading to 7 completed deals; 11 deals under consideration, 7 in advanced stage

Deal analysis – Number of deals assessed Since 2018 Last Twelve Months

Preliminary analysis 653 101

Internal due diligence 118 25

External due diligence 43 7

Closed 7 1
(1) Either hired by Queka or contacted Queka for a direct approach
(2) Obtained exclusivity before engaging in due diligence

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 QRP PEF 1 QRP PEF 2 2022 Best Private Equity deal
in Spain (Middle Market)

Queka Real Partners

Deal 1 PEF 1 – MEDAC: Exited at 6.1x MoC to KKR Global Impact
Investment overview Operational achievements

Sourcing Queka proprietary network In less than three years sales grew from €10m to €42m, students from
3,300 to 18,700 and EBITDA from €3m to €14m. This growth mainly arose
Investment date November 2018 from the following initiatives, all analysed in depth at entry:

66.7% (including 15% co-investment to two ❖ Increase in centres from 9 to 27

Ownership
LPs) ❖ Development of the online business (176.8% sales CAGR 2018 – 2022)
Headquarters Málaga, Spain ❖ Expansion in course offerings from 15 to 30 courses

Business Leading institute of Vocational Education (VET) Key financials (€m)

description in Spain

Investment rationale

❑ Second largest VET company in Spain with 10 centres

in 3 regions and plans to have national presence with
more than 40 centres by 2023
❑ Profitable and cash generating business: 33% EBITDA # centers 9 12 21 27
margin and 80% cash flow conversion # students 3,300 5,225 9,850 18,700

❑ VET is a non-cyclical sector with 77% growth1 between Realised returns

2008 and 2021
❑ Fragmented sector with consolidation opportunity: Top 3 ❑ Sold to KKR Global Impact Fund in September 2021 at €190m EV
players only hold 2.9% market share1 ❑ 6.1x & 87% IRR generated for the fund in < 3 years
❑ Entry EV 8.9x EBITDA significantly below comparable ❑ At investment, Queka’s target return was 6.7x & 37% IRR in 6 years
transactions average 15.2x and trading multiples
❑ Unsolicited offers at 3.1x MoC (Jan ‘20) and 2.7x MoC (Oct ’19) were
average 14.7x
rejected by Queka

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Source: Queka and Medac management
Notes: (1) Spanish ministry of Education (2) Medac’s fiscal year follows academic calendar: starts in September and finishes in August
 QRP PEF 1 QRP PEF 2

Queka Real Partners

Deal 2 PEF 1 | Deal 1 PEF 2 – Lipotrue
Investment overview Operational achievements and target return
Sourcing Queka proprietary network Since Queka's entry, the following milestones have been
achieved:
Investment date PEF 1 October 2019 | PEF 2 July 2024
❖ Reinforcement of Lipotrue's commercial capability with 8
Ownership 50.1% (31.6% Queka PEF 1 & 18.5% Queka PEF 2)(1) sales professionals
❖ Accelerating international expansion by opening offices in
Transaction structure Growth Equity France, Italy, Singapore and US
❖ Enhanced product development and expanded product
Headquarters Barcelona, Spain portfolio – 50 products being marketed and 7 products in the
pipeline – 4 will be launched in 2024
Development and supply of active cosmetic ❖ Reinforced the financial department with the hiring of a new
Business description ingredients (ACI) for the leading cosmetics companies
CFO
(like LVMH, Filorga, Thalgo)
❖ Target return PEF 2: >3.0x
Investment rationale
Key financials (€m)
❑ Led by serial entrepreneurs who previously sold Lipotec to
# products : 48
Lubrizol (owned by Berkshire Hathaway) at a €168m EV (19.8x
EBITDA) 15.5

❑ €3.5b market growing >5% CAGR22-26 per year even through 40

economic downturns 10.8
34
❑ 26 products and further 4-5 launches per year (3x larger than 30 7.6
sector average) leveraging expertise, faster proprietary research 6.3
and internal big data capability 5.4
3.8
❑ Client diversification: blue chip ACI buyers, cosmetics and luxury
1.9
groups and Client lock-in: changing product formula is very complex 0.7
and takes 3 years on average
2020A 2021A 2022A 2023A
❑ Full control of the exit with drag along rights
Revenue EBITDA

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(1) Queka has the right to acquire up to a 1.06% additional stake in 2025
 QRP PEF 1 QRP PEF 2

Queka Real Partners

Deal 3 PEF 1 – MN Program

Investment overview Operational achievements

Sourcing Queka proprietary network Since Queka’s Investment, the Company achieved the
following milestones:
Investment date April 2021
❖ Expanded salesforce, support and product development
teams with >40 new FTEs hirings to boost growth
Ownership 21.6%(1) with full exit ownership ❖ Completed development of 6 new business verticals:
education, architecture, engineers, consulting, advisory
Transaction structure: Controlling minority stake with 2.2x MOIC preferred return and NGOs
❖ Increased prices with no impact on attrition rates
Headquarters A Coruña, Spain
❖ Completed transition to a SaaS business model
Development and commercialisation of a SaaS ❖ Reinforced the financial department with the hiring of a
Business description management platform focused on the legal, healthcare & new CFO
professional services sectors ❖ On track for target return: >3.0x

Investment rationale

❑ Favourable industry dynamics: Spanish SaaS market is expected to

grow 14% CAGR 22-26E driven by the increasing digitalisation of SMEs
seeking to improve their productivity
❑ Diversified and broad customer base (at investment date): more Key financials (€m)
than 7.7k clients in the SME segment across different industries
(companies with ≈10 employees or less, and up to €10m revenue) 8.9
9.7
7.8
❑ Low attrition rates: top of the class software in terms of product 5.9
usability with a low customer sensitivity to price increases 5.0
3.1 3.6
❑ Management team with +20 years of experience and a robust sales 2.2

force capable to untap and develop new markets

❑ Opportunity to develop and expand into new customer verticals: 2020A 2021A 2022A 2023A
education, architecture, engineers, consulting, advisory and NGOs Annual Recurring Revenue EBITDA
ARR

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(1) 21.6% ownership stake includes treasury stocks that belong to Queka (20% of the existing 8% treasury stocks)
 QRP PEF 1 QRP PEF 2

Queka Real Partners

Deal 4 PEF 1 – Juan Navarro
Investment overview Operational achievements and target return
Sourcing Queka proprietary network
❖ Reinforced the financial department with the hiring of a CFO
Investment date November 2021 ❖ Joined the ASTA (American Spice Trade Association)
after completing several quality audits and expanded its
Ownership 74%
footprint across industry events in the US: ASTA and IFT(3)
Transaction structure Leveraged Management Buyout ❖ Customer base expansion: New clients % of total sales
expected to increase to 14.3% in 2027E (4)
Headquarters Murcia, Spain
❖ Implemented the new ERP system (Microsoft Dynamics) to
increase efficiency by streamlining day-to-day operations
Successful capsicum processor with expertise in the
Business description production and distribution of paprika powder, ❖ M&A: Conducted various screenings within the Spanish
cayenne and oleoresin ingredients industry and held discussions with 9 different
targets
Investment rationale ❖ On track for target return: >3.0x

❑ Positive industry outlook supported by underlying healthy food

trends and natural ingredients winning share over artificial food
additives | Global dry capsicum market sized at 4.3m tonnes expected
to grow at 4% CAGR 2020-25
❑ Fully aligned management team with over 25 years experience Key financials (€m)
❑ Diversified blue-chip client base: clients are loyal top multinational for 23.5
21.3
whom paprika represents a small percentage of the total cost of their
17.5
final product, but its quality is of paramount importance 15.1

❑ High barriers to entry: company protected by high-quality standards

3.9 5.5
demanded by the industry, regulatory compliance, long-standing 3.4 3.7
relationships with existing clients and unique access to raw materials
❑ Consistent historic financial performance: capable of passing 2020A 2021A 2022A 2023A
through increases in raw material prices to clients Revenue EBITDA
(1)Including co-investors | (2) Botanic name for the fruit family that consists of bell and chili peppers | (3) Institute of Food Technologies | (4) Total new clients acquired from 2023 onwards
| Source: LEK research and analysis, FAO, Comtrade
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 QRP PEF 1 QRP PEF 2

Queka Real Partners

Deal 5 PEF 1 – MH Group
Investment overview Operational achievements and target return
Sourcing M&A advisor ❑ Launch of Proprietary Brands with higher margins and
top price-to-value quality
Investment date November 20211
❑ Development of B2B segment – targeting customers
Ownership 72% with products tailored to customers’ needs
❑ State-of-art Showroom: In June 2023, the company
Transaction Structure Management Buyout
relocated to a >10,000m2 showroom and warehouse.
❑ Internationalization – Attending to the largest audiovisual
Headquarters Madrid, Spain international trade shows and currently developing the
French version of the website
Leading Spanish musical instrument and audiovisual e-
❑ Rebranding from Madrid Hifi to MH Group to
Business description distinguish the e-commerce business line from the B2B
commerce and distributor.
segment and distribution of proprietary brands
Investment rationale ❑ Inorganic growth: In Nov. 2023, the company signed the
acquisition of Siluj Iluminación, a leading Spanish
professional lighting player
❑ #1 Iberian vertical e-Commerce platform for musical instruments and ❑ Target return: >3.0x
accessories with 6.5m site visits in 2020 and 1.8% conversion rate
❑ 16% Sales CAGR and 19% EBITDA CAGR (2019-2021)
❑ 45k products from 385 brands across: sound (46%), instruments
(27%), music production (17%), lighting (3%) & other (9%)
❑ New 10,000m2 state of the art warehouse & showroom | high tech
logistics enabling Madrid Hifi’s 48-hour delivery commitment Key financials (€m)
❑ Positive sector outlook with the Spanish B2C e-commerce market: €68b
40.0
(2020) & 27% CAGR (2015-2020) 28.6
20.8
❑ Launch of proprietary brands products and a broad portfolio of the 4.3
2.7 3.0
best 3rd party brands of the music and audiovisual equipment industry.
(1)
❑ Inorganic growth potential with the execution of an add-on in November 2021A 2022A 2023A
2023 & +10 targets identified
Revenue EBITDA

PRIVATE & CONFIDENTIAL 13

(1) Considering the acquistion of Siluj Iluminacion (signed in Nov. 2023)
 QRP PEF 1 QRP PEF 2

Queka Real Partners

Deal 6 PEF 1 – Factory Colchón
Investment overview Operational achievements and target return
❖ Geographical national expansion from regional hub in
Sourcing Queka proprietary network
Valencia region. Successful roll-out of tested business
Investment date July 2022 model into Madrid, Pais Vasco, Cantabria, La Rioja,
Navarra and Burgos
Ownership 69%
❖ Worked hand on hand with the Company to open 46 stores
Transaction structure Leveraged Management Buyout since our investment; 77 stores by end of 2023

Headquarters Valencia, Spain ❖ Streamlined store format and opening processes

enables Factory Colchon to launch 25 stores per year
Independent specialized retailer of mattresses and
Business description bedding products with an omnichannel strategy that ❖ Enhancing e-commerce platform to accelerate customer
includes own stores and an e-commerce platform acquisition; leading to higher in-store sales
❖ Diversified the supplier base (from 7 to 16) to secure
Investment rationale product supply and to increase competition

❑ Fast growing and scalable business with 37 stores at time of entry; 6 of ❖ On track for target return: >3.5x
which opened during due diligence process in 2022
❑ Profitable, replicable and scalable store model with consistent
performance across different demographics and regions
❑ Professional and aligned management team that demonstrated
nationwide roll-out capacity, launching 25 stores per year with limited
CAPEX per store (avg. €65k per store | < 14 months payback period)
❑ Tight cost control (>60% gross margin) based on a close relationship Key financials (€m)
with suppliers and on the ability to move production among
16.7
factories depending on prices and service conditions
❑ Favorable structural market dynamics: Specialized retailers gaining 8.2 9.6 9.8 10.3
market share over a very fragmented universe of traditional multi-brand
1.4 2.2 2.0 2.0 1.8
stores
❑ Clear exit strategy: Global leaders in the industry with large
2019A 2020A 2021A 2022A 2023A
manufacturing capacity but limited retail presence seeking to gain
distribution capacity Revenue EBITDA

PRIVATE & CONFIDENTIAL 14

 QRP PEF 1 QRP PEF 2

Queka Real Partners

Deal 7 PEF 1 – Cerería Mollá
Investment overview Operational achievements and target return

Sourcing M&A advisor ❖ Strong internationalization focus to drive margin

improvements over the next years
Investment date December 2022
❖ Recruitment of solid executive profiles to support new
Ownership 75% (including co-investment) commercial developments
Transaction structure Growth equity ❖ Technological consultancy support to enhance the
professionalization and automation of the Company’s
Headquarters Albaida (Valencia), Spain
operations
Manufacturer of scented candles and reed diffusers as ❖ Development of an e-commerce DTC platform
Business description well as other home fragrance products, focused on
represents a strong marketing tool to support brand
branded, private label and custom-made categories
awareness and will drive further revenue increase

Investment rationale ❖ Target return: >3.0x

Highly profitable player, with strong growth, led by a team that has
developed a winning strategy in a market with favorable dynamics
❑ Strong candle market growth in Spain (c.10% CAGR18-21) and US
(c.5% CAGR17-21). Spain is the 5th largest producer in the EU and is
gaining momentum
❑ Superior quality products and excellent value for money offering are
Cereria Molla's key differentiating factors
Key financials (€m)
❑ Financially outperformed main peers due to strong
12.7
internationalization and tight control of manufacturing processes 11.1
8.8
❑ Compared to high-end peers, the Company has demonstrated portfolio 4.6 5.0 3.9 4.6 4.9
comprehensiveness and stronger quality performance 1.0 1.8

❑ Achievable revenue growth projections given diversified distribution 2019A 2020A 2021A 2022A 2023A
network and potential gain of new accounts based on historical track
record Revenue EBITDA

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 Prior Track Record: 3.1x in 14 realised investments
Pre-2010

Date of Date of Stake Cost Realised Unrealised Gross Gross

Investments Sector Entry Exit acquired (€m) Value (€m) Value (€m) MoC IRR

Patrick Isolux Logistics Jun-99 Aug-02 8.0% 3.7 11.9 0.0 3.2x 48.0%

Patrick Undesa Manufacturing Dec-00 Apr-07 29.0% 5.5 15.1 0.0 2.7x 18.0%

Patrick TMA Logistics Apr-01 Jul-06 55.0% 16.8 35.4 0.0 2.1x 16.0%

Patrick Futura Aerospace Nov-02 Oct-07 67.0% 10.0 50.4 0.0 5.0x 40.0%

Patrick SMS TMT Dec-03 Feb-07 50.0% 10.3 16.7 0.0 1.6x 12.0%

Patrick Sinaer/Volotea Aerospace Apr-09 Apr-18 81.0% 6.0 2.5 0.0 0.4x -14.0%
Consumer
Patrick Ingesport May-09 Apr-16 84.0% 33.4 141.3 0.0 4.2x 29.0%
Services
Fernando Palacios Food & Beverages Jul-09 Mar-15 56.0% 36.7 73.7 0.0 2.0x 13.0%
Consumer
Patrick Catai Jun-07 Dec-16 50.0% 18.6 13.3 0.0 0.7x -5.0%
Services
Grupo
Iñigo & Enrique Manufacturing Jan-06 N/A 100.0% 6.3 3.4 24.0 4.3x 14.0%
Cablerías
Total 10 companies 147.3 363.7 24.0 2.6x

Financials all in €m

Legend Realised Unrealised

PRIVATE & CONFIDENTIAL 16

Source: Queka I Investor Presentation as of 30/06/2021
 Prior Track Record: 3.1x in 14 realised investments (cont’d)
2010-2018 (Queka RP PEF 1 inception in 2018)

Date of Date of Stake Cost Realised Unrealised Gross Gross

Investments Sector Entry Exit acquired (€m) Value (€m) Value (€m) MoC IRR

Fernando Eugin Healthcare Sep-10 Feb-15 75.0% 28.1 152.3 0.0 5.4x 40.0%
Fernando Saba Infrastructure Oct-11 Jul-18 11.0% 41.6 102.4 0.0 2.5x 15.0%
Patrick Kiwoko Retail Feb-12 Jun-16 79.0% 10.8 38.7 0.0 3.6x 50.0%
Iñigo & Enrique Aernova Aerospace Mar-14 Jan-18 10.0% 3.0 31.2 0.0 10.4x 88.0%
Iñigo & Enrique Natra Consumer Goods Dec-14 Jun-15 10.0% 0.9 3.4 0.0 3.8x 4951.0%
Iñigo & Enrique Srec I & II Energy Aug-14 N/A 80.0% 9.4 16.9 40.1 6.1x 115.0%
Iñigo & Enrique Amper TMT Jul-16 N/A 4.0% 14.8 28.0 15.0 2.9x 944.0%
Iñigo & Enrique & Prop Tech
Okuant May-17 N/A 100.0% 5.7 1.4 7.9 1.6x 95.0%
Patrick Business
Fernando Moyca Consumer Goods Feb-17 N/A 49.0% 32.8 XX XX XX XX

Consumer
Patrick Marjal Dec-17 N/A 50.0% 12.6 XX XX XX XX
Services
Total 8 companies (1) 114.3 374.3 63.0 3.8x

Financials all in €m (1) Moyca & Marjal not included in Totals

Legend Realised Unrealised

PRIVATE & CONFIDENTIAL 17

Source: Queka I Investor Presentation as of 30/06/2021; (1)Total numbers do not consider the investments in Moyca and Marjal
 Queka Real Partners
Avenida de Alberto Alcocer, 13 – 6D
28036 Madrid, Spain

PRIVATE & CONFIDENTIAL 18