MADRID BARCELONA VALENCIA LISBON NEW YORK MIAMI BEIJING BOGOTÁ

CORPORATE PRESENTATION

Independent investment bank in the Iberian Peninsula and Latin America

GBS FINANZAS | 1

AT A GLANCE

• Founded in 1991

• Over 80 professionals

• More than 300 transactions closed

• Multifamily offi ce

• Long term relationships

• Transparency

HISTORY

AWARDS

Deal Maker of the Year 2013

M&A Adviser of the Year 2011Corporate Finance House of the

Year 2011

Continental Independent Corporate Finance House

of the Year 2011

Mid-Market Deal of the Year

(Pepe Jeans)

Iberian M&A Adviser of the

Year 2008

Continental Independent Corporate Finance House of

the Year 2005

Foundation of GBS Finanzas

Signature of agreementwith US investment bank

Bear Stearns & Co

Offi ce opening in Miami and Beijing (China)

Constitution of Marco Polo Investments, a venture capital

company promoted byGBS Finanzas

Start ofReal Estate’s

activity

Start of Family Offi ce’s activity

Start ofAlternative

Investments’activity

Founding of the broker, GBS Finanzas

Investcapital AV

Offi ce opening in New York: GBS Finance LLC

Offi ce opening in Bogota (Colombia): GBS Nogal

Incorporation of GBS Finanzas as registered adviser in the Mercado

Alternativo Bursatil (MAB)

Offi ce openingin Lisbon

1991

1994 2008

20152000

20112002

2003

20162006

2010 2012

GBS FINANZAS | 2

With 25 years of experience, GBS Finanzas is a leader in corporate advisory and asset management

Founded in 1991, the Partners and most of our professionals have had previous experience in top-ranked institutions such as Credit Suisse, First Boston, UBS Warburg, Goldman Sachs, Deutsche Bank, Bank of America, 3i and also leading audit and law fi rms.

Our clients include listed companies, multina-tionals with operations in Spain, family-owned companies, and Spanish and foreign private equity funds.

LEADING INDEPENDENT INVESTMENT BANK

BUSINESS LINES

• Independent wealth advisory

• Broker registered with the CNMV

• No depository services

• Cost control of depository banks

• Open architecture

• Mergers and acquisitions

• Debt services

• Capital Markets

• Strategic advice

FAMILY OFFICE CORPORATE FINANCE

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Th e values that govern GBS Finanzas are always linked to its long-term client vocation

LEADING INDEPENDENT INVESTMENT BANK

With the maximum confi dentiality, GBS Finanzas takes advantage of all of its previous experiences to make each new project unique.

Much of the work of GBS Finanzas is based on the contribution of new ideas to our clients, in investment proposals, divestitures or mergers, and the subsequent execution of such operations.

• Market knowledge

• Direct access through our international network of investment banks to any investor or source of national or international fi nancing.

• Experienced team in investment banking and private equity.

We are an independent entity specialized in advising on mergers and acquisitions.

We focus all our eff orts on maximizing the value delivered to our clients, avoiding the generation of confl icts of interest.

GBS Finanzas is a reference in in Southern Europe and Latin America, with accumulated experience of more than 300 transactions completed by its professional team.

EXPERIENCE INDEPENDENCE ABILITY TO EXECUTE CREATIVITY CONFIDENTIALITY1 2 3 4 5

VALUES

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SOCIAL RESPONSIBILITY IN GBS FINANZAS

Our business activities are always guided by ethical and socially responsible criteria

The management of Corporate Social Respon-sibility of GBS Finanzas aims to align our eco-nomic and social interests.

Therefore, in addition to strict compliance with moral, ethical and legal obligations, we volun-tarily collaborate with companies that promote the social, cultural and scientifi c development of society.

GBS Finanzas, among other activities:

• Has developed internal training programs for its employees.

• Makes donations to NGOs.

• Supports organizations that favor medical research.

• Promotes cultural activities.

• The entities with which GBS Finanzas regularly collaborates are: Fundación Princesa de Asturias, Invest for Children, Asociación de Antiguos Alumnos de los Colegios de la Guardia Civil, Special Olympics, Unicef, Fundación Fero, Fundación Leucemia y Linfoma.

Since 2015, GBS Finanzas is a signatory mem-ber of The United Nations Global Compact.

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• Sector intelligence from around the world.

• Exchange of ideas and investment opportunities.

• Access to the leading foreign groups and investors in each country.

GBS Finanzas is a member of an international network of investment banks formed by premier institutions ensuring global coverage for our clients

STRATEGIC ALLIANCES

OUR NETWORK’S ADDED VALUE

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STRATEGIC ALLIANCES

OUR INTERNATIONAL PARTNERS

BANK WEB FOUNDATION YEAR BUSINESS LINES PRESENCE ADDITIONAL CONSIDERATIONS

www.viabcp.com 1889Commercial Banking, Corporate Banking, Asset Management

Peru and South American countries Main fi nancial institution in the country

www.degroof.be 1871Private Banking, Institutional Management, Financial Markets, Corporate Finance, Credit & Structured Finance

Belgium, France, Luxembourg, Spain, Switzerland, and Hong Kong

Belgium’s premier independent private and investment bank

www.lcf-rothschild.com 1953Private Banking, Asset Management, Private Equity, Institutional & Fund Services, Corporate Finance

America (Bahamas, Chile and Uruguay), Europe, Israel, China, Japan, United Arab Emirates, Taiwan

2,900 professionals worldwide. Private Banking and Asset Management have over 150 billion Swiss francs in assets under management

www.handelsbanken.es 1871Commercial Banking, Capital Markets and Corporate Finance

Sweden, UK, Denmark, Finland, Norway and the Netherlands

Over 11,000 employees working in a total of 24 countries

www.icicibank.com 1955Personal Banking, Investment Banking, Life and General Insurance, Venture Capital and Asset Management

19 countries,such as India, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, United Arab Emirates

India's second-largest bank with total assets of Rs. 4,736.47 billion (US$ 93 billion) 

www.imtrust.cl 1985Corporate fi nance, Asset Management and Capital Market

Chile, Peru and Colombia Main fi nancial institution in the country

www.isinvestment.com 1996Brokerage, Corporate Finance, Institutional Services, Asset Management

Turkey and 13 other countries, most notably Germany, Russia and North Cyprus

It is part of İşbank. İş Group is the largest fund manage-ment group in Turkey

www.metzler.com 1674Asset Management, Corporate Finance, Equi-ties, Capital Markets, Private Banking

Germany, USA, Japan, China and Ireland

Is the oldest German private bank with an unbroken tradition of family ownership

www.pcm.co.il 1990Investment Banking, Private Equity and Capital Markets

Israel, China, India and the U.S.Subsidiary of Bank Hapoalim, is the Israel's largest fi nancial group

www.vitaleeassociati.com

2001 Corporate Finance and Capital Markets ItalyOne of the main independent companies specialized in the middle market. Founded by the investment bank Lazard’s team in Italy

Corporate Finance

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Over 300 transactions successfully closed since 1991

BUSINESS LINES: CORPORATE FINANCE

MAIN ACTIVITIES

• Divestments and company acquisitions

• Leveraged transactions (LBOs, MBOs, MBIs)

• Mergers / joint ventures

• Equity restructuring

• Spin-off s

• Preparation of companies entering the stock market

• Capital increases

• Fairness opinions

• Takeover defense

Advise and negotiate independent debt funding solutions in relation to corporate fi nance transactions:

• Acquisition fi nancing

• Staple fi nancing

• Refi nancing

• Direct Lendings

• Private placements

• Strategic alliances

• Corporate Restructuring

MERGERS & ACQUISITIONS

CAPITAL MARKETS

DEBT SERVICE

STRATEGIC FINANCIAL ADVICE

FOOD TOURISM MEDIA ENERGY

BEVERAGES FINANCIAL HEALTHCARE RESTAURANTS

CONSUMPTION INDUSTRIAL IT&TELECOM REAL ESTATE

CONSTRUCTION SERVICES TRANSPORT PRIVATE EQUITY

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Clients of GBS Finanzas include many publicly listed Spanish companies as well as family-owned business and multinationals with a presence in Spain

MAIN CLIENTS BY INDUSTRY

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MAIN RECENTLY ADVISED TRANSACTIONS

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Consortium by Bright Food and JIC for the acquisition of 100% of

Miquel Alimentació Grup

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Sale of a stake in Marqués de Atrio to Changyu

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of Novaire, OHL’s subsidiary to SARquavitae

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Nutrition & Santé acquires the 100% of Bicentury

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Trea has become the exclusive asset management provider of BBC

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of Instrunet Hospital, the disinfection subsidiary of

Grupo Inibsa, to Laboratoires Anios

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Strategic advisor to the seller

Sale of La Saleta, subsidiary of Geroresidencias group, to the

Belgian group Armonea

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Acquisition of GRUPO SERVISTEEL

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Nonmonetary capital increase in Colonial by the transfer

of two real estate assets

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of a majority stake of Dray Martina to Grupo Larrumba

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor

Capital increase in Wooptix

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Acquisition of two production units of group Abantia

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PEDRO GÓMEZ DE BAEZACHAIRMAN

• Industrial Engineering from Escue-la Técnica Superior de Ingenieros Industriales and an MBA from the Wharton School of Finance.

• Previous experience: Managing Director of S.G. Warburg Spain, Board member of the S.G. Warburg & Co Bank in London, Managing Director at The First Boston Corporation (New York) and JP Morgan (New York).

• Member of the Board of Directors at Biosearch Life and GBS Finanzas Investcapital AV,SA. Chairman of LA Organic and of LA Almazara and founding Partner of Círculo Fortuny.

JUAN ANTONIO SAMARANCH

FOUNDING PARTNER

• Industrial Engineering from the University of Barcelona and an MBA from New York University.

• Vice President of S.G. Warburg Spain, Senior Associate at The First Boston Corporation (New York) and Account Manager at International Flavors & Fragrances.

• Vice-President of International Olympic Committee and Real Automovil Club de Cataluña (RACC). President of the Management Board of Olympic Channel Services, S.L. Member of the Management Board of Miquel Alimentació.

PABLO GOMEZ DE PABLOS MANAGING PARTNER

• Degree in Economics and Business Administration from CUNEF in Madrid.

• Previous experience: Senior Associate at Arthur Andersen & Co.

• Member of Círculo de Empresarios and of the Board of Directors at BeRuby.com and IplusF.

JAVIER HERREROPARTNER

• Degree in Law and Economics from ICADE (Universidad Ponti-fi cia Comillas).

• Previous experience: Uria & Menéndez executing M&A deals, international fi nancing and IPO´s.

KEVIN WOODS PARTNER

• B.A. from Manhattan College and an M.A. from The Johns Hopkins University.

• Previous experience: Managing Director and Head of Corporate Finance at Bank of America in Madrid and held various positions in the Corporate Offi ce of Bank of America NT&SA in New York. Previously, he worked for The Chase Manhattan Bank in New York and Milan.

PABLO DÍAZ LLADÓPARTNER

• Degree in Economics and Business Administration from CUNEF in Madrid.

• Previous experience: fi nancial analyst at Grupo Moneda, a brokerage fi rm based in Mexico City.

GBS FINANZAS CORPORATE FINANCE - TEAM

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MIKEL BILBAOPARTNER

• Degree in Law, Economics and Management from ICADE (Uni-versidad Pontifi ca Comillas).

• Previous experience: Chief In-vestment Offi cer at Cofi r, Mana-ging Director at BNP Structured Finance and head of 3i’s portfolio of Spanish fi rms at the British private equity fi rm.

• Currently a board member at Imaginarium, Hoss Intropia, Bodybell, Grupo Royo and Marqués de Atrio.

ANA LACASA PARTNER

• Degree in Law and Manage-ment from ICADE (Universidad Pontifi cia Comillas) and an MBA from the Stern School of Business .

• Previous experience: Spencer Stuart, S.G. Warburg, First Boston and Dresdner Kleinwort Wasserstein.

GONZALO RODÉS

PPRESIDENT OF GBS FINANZAS CATALUNYA

• Degree in Law from Universi-dad de Barcelona.

• Previous experience: Inter-national tax department of Cuatrecasas Gonçalves Pereira and founding partner of Rodés & Sala Abogados. Partner of Gómez-Acebo &Pombo in charge of Business Development.

• Chairman of Barcelona Global, member of the boards at Accesogroup, Meridia Capital Partners and Member of the Executive Committee of Asepeyo.

GBS FINANZAS CORPORATE FINANCE - TEAM

Family Offi ce

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GBS Finanzas Family Offi ce off ers global wealth management for high net worth clients

The GBS Finanzas Family Offi ce division was founded in 2003, and off ers management and advisory services to high net worth clients.

The business model of GBS Finanzas Family Offi -ce is clear, simple, transparent and global. Fun-damentally, its aim is to preserve capital and to optimize the structure of the investment portfo-

lios of its clients, regardless of the institutions in which their investments are deposited.

Our company is fully owned by the partners, who are professionals with many years of ex-perience in prestigious fi nancial institutions.

GBS Finanzas is registered with regulators in those countries where it operates:

BUSINESS LINES: FAMILY OFFICE

ABOUT US

Spain – GBS Finanzas Investcapital A.V., S.A. – regulated by the Spanish Stock Exchange Commission (CNMV), and registered as “Empresas de Servicios de Inversión” (number 232)

USA – GBS Finance LLC – regulated by the SEC

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GBS FINANZAS FAMILY OFFICE

OPEN ARCHITECTURE: Our “100% open ar-chitecture” enables us to have a broader view and optimize the profi tability of the investment portfolio. We have full access to any institution in its sector, allowing us to work with the best managers without confl icts of interest

WITHOUT ANY DEPOSITARY RISK: GBS Fi-nanzas does not off er depositary services. This means that the client will continue to have its funds deposited at the bank of his/her choice and continue to receive all of the information of those entities. GBS Finanzas will be his/her interlocutor, off ering them a comfortable and unifi ed management with a global reach.

EFFICIENCY: GBS Finanzas consolidates all in-formation regarding investments and compiles a tailor-made report for each client. This full and clear vision of each portfolio is the basis to control profi tability, optimize the portfolio and better monitor the risk.

COST CONTROL: Our goal is to reduce costs to a minimum. The client is the only person who will pay us our fees. Any savings or reba-tes obtained from the product providers or custodians are returned in full to our clients. This scheme breaks with the confl ict of interest that banks and other fi nancial institutions have of receiving commissions based on products or rotation of the portfolio.

BUSINESS MODEL

A professional team specialized in fi nding solutions to family wealth management, centralizing relationship with custodians and consolidating information

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We off er a comprehensive and highly individualized approach to every client

SERVICES OFFERED

BUSINESS LINES: FAMILY OFFICE

• Strategic and Estate Planning

• Protocols

• Orientation and training of legal structures, tax and inheritance

• Tax optimization: VAT, Income Tax, Corporation Tax, Heritage and Inheritance

• Traditional

• Alternatives

• Structured

• Search, analysis and selection of national and international real estate assets

• Consulting and introduction of new products and markets

• Advising on the acquisition of shares in companies

• Search, analysis and selection of companies

• Art

• Alternative energy

• Forest / Water

• Raw materials

• Wealth Management

• Portfolio optimization

• Information

• Costs

SERVICES

FINANCIAL INVESTMENTS REAL ESTATE INVESTMENTS PRIVATE EQUITY ALTERNATIVE INVESTMENTS

FOLLOW UPFFAMILY GROUP

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GBS FINANZAS FAMILY OFFICE

1. Analysis and optimization of the banking structure. The fi rst step is to conduct a com-prehensive analysis of the client’s portfolio, consolidating all investments in a single tai-lor-made report. This overall vision is the basis to obtain and optimize the overall profi tability of the portfolio, and also to monitor the risk.

2. Generate a more effi cient platform. We work with the most effi cient banks for each type of investment, renegotiating the terms / current costs of the portfolio. We can obtain favorable terms thanks to our volume and sy-nergies of the Multifamily Offi ce:

i. SICAV: Conditions of management and custodial services

ii. Brokerage costs, transaction, custody, best execution ...

Rebates and incentives obtained are returned in full to the client, avoiding potential confl icts of interest.

3. Defi ne with the client an investment stra-tegy, based on the optimization of risk-re-turn trade-off .

i. Product selection through thorough independent analysis.

ii. Optimize cash and fi xed income across diff erent entities which off er attractive interest rates and that have recognized solvency.

4. Tax and fi nancial optimization. Tax plan-ning is integrated into our management process.

On the basis of preserving the wealth of our clients, we seek to increase it in line with a personalized and controlled risk

PORTFOLIO MANAGEMENT PROCESS

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JAIME ALONSOPARTNER GBS FINANZAS INVESTCAPITAL AV

• Bachelor of Science in Finance from the Wharton School of Business in the United States.

• Over 20 years of experience in asset management and capital markets.

• Previous experience: he worked at Credit Agricole Indosuez and was a part of the founding team at Credit Suisse in Spain.

• He also managed the implementation and opera-tion of two operating branches for Banesto.

IVAN DOLZ DE ESPEJO PARTNER GBS FINANZAS INVESTCAPITAL AV

• Degree in Business Administra-tion from CUNEF (Madrid) and was number one in his class in the Superior Programme of Portfolio Management of Instituto de Empresa (IE).

• Over 14 years of experience in private banking, asset management and capital markets.

• Previous experience: he worked in the Equity Sales department for Latin America and EMEA of Salo-mon Smith Barney, and also at Deutsche Bank.

JUAN ESQUER RUFILANCHAS PARTNER GBS FINANZAS INVESTCAPITAL AV

• Doctorate in Finance from the Universidad Autónoma in Ma-drid and an International MBA from the Instituto de Empresa.

• Juan has 20 years of experience in private banking, asset management and capital markets.

• Previous experience: he worked at Guggenheim Partners in Madrid and Geneva as Managing Director. Managed Deutsche bank’s fi xed income portfolio and became Manager of the investment portfolio at Deutsche Bank in London. He has also been responsible for investments at Banesto (Grupo SCH) and Argentaria (Grupo BBVA).

SANTIAGO HAGERMAN ARNUS PARTNER GBS FINANZAS INVESTCAPITAL AV

• Bachelor of Science in Economics from New York Uni-versity and a MBA from INSEAD (France).

• Over 20 years of experience in pri-vate banking, asset management and capital markets.

• Previous experience: he worked at Guggenheim Partners in Madrid and Geneva as Director of Investment Management in Europe. He was part of the mergers and acquisitions team at Goldman Sachs and has worked at Salomon Brothers and Deutsche Bank in New York, managing equity portfolios in emerging markets.

GBS FINANZAS FAMILY OFFICE – TEAM

CONTACT

www.gbsfi nanzas.es

MADRIDc/ Velázquez, 53 28001 Madrid (Spain)T. +34 91 576 76 06

BARCELONAPlaza Francesc Macià 608021 Barcelona (Spain)T. +34 93 368 56 37

VALENCIAc/ Universidad, 4 46003 Valencia(Spain)T. +34 96 342 72 20

LISBONRua Castilho, 751250-068 Lisboa (Portugal)T. +35 914 807 085

NEW YORKGBS Finance LLC708 Third Avenue10017 New York (U.S.A.)T. +1 646 571 05 07

MIAMIGBS Finance LLC 1395 Brickell Avenue, 5th fl oor FLA 33131 (U.S.A.)T. +1 786 534 66 81

BEIJINGNo. 19 Zuoanmennei AvenueDongcheng District 100060Beijing, ChinaT. +86 10 6585 2888

BOGOTÁGBS NogalCalle 77 No.11 -19 Of. 401Bogotá D.C., ColombiaT. +57 1 644 9400

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Main recently advised transactions by sector

GBS FINANZAS | 21

FOOD

GBS FINANZAS | 22

FOOD

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Consortium by Bright Food and JIC for the acquisition of 100% of

Miquel Alimentació Grup

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Sale of a stake in Marqués de Atrio to Changyu

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Capital Criativo acquires a stake in Mineraqua

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Nutrition & Santé acquires the 100% of Bicentury

GBS FINANZAS | 23

CONCESSIONS

GBS FINANZAS | 24

CONCESSIONS

GBS FINANZAS | 25

CONSULTING AND SERVICES

EnvironmentalInternationalEngineering

Volja, S.A.

GBS FINANZAS | 26

CONSULTING AND SERVICES

DISTRIBUTION AND RETAIL

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of 25% of Alfaro Supermarkets to private investors

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Acquisition of Vivavoce

GBS FINANZAS | 27

ENERGY

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&

Northeolic, S.A.

Financial advisor to the seller

Sale of the company to E.ON

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Acquisition of two production units of group Abantia

GBS FINANZAS | 28

HOTELS

INDUSTRY

GBS FINANZAS | 29

INDUSTRY

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Acquisition of GRUPO SERVISTEEL

GBS FINANZAS | 30

REAL ESTATE

Atlético de Madrid

Grupo Martin Criado

GBS FINANZAS | 31

REAL ESTATE

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Nonmonetary capital increase in Colonial by the transfer

of two real estate assets

FINANCIAL INSTITUTIONS

GBS FINANZAS | 32

FINANCIAL INSTITUTIONS

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Trea has become the exclusive asset management provider of BBC

MEDIA AND CONTENT

GBS FINANZAS | 33

MEDIA AND CONTENT

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the buyer

Artá Capital acquires a stake in In Store Media Group

RESTAURANTS

Rescot

GBS FINANZAS | 34

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of a majority stake of Dray Martina to Grupo Larrumba

RESTAURANTS

HEALTHCARE

GBS FINANZAS | 35

HEALTHCARE

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of Novaire, OHL’s subsidiary to SARquavitae

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor to the seller

Sale of Instrunet Hospital, the disinfection subsidiary of

Grupo Inibsa, to Laboratoires Anios

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Strategic advisor to the seller

Sale of La Saleta, subsidiary of Geroresidencias group, to the

Belgian group Armonea

GBS FINANZAS | 36

IT

GBS FINANZAS | 37

IT

!"#"$%&'()(*+#%$&,#-&.#(,#,$%&Financial advisor

Capital increase in Wooptix

TELECOM

GBS FINANZAS | 38

TELECOM

TRANSPORT AND LOGISTICS

GBS FINANZAS | 39

TRANSPORT AND LOGISTICS