Corporate Presentation

Our firmZechman Capital is a leading Spanish independent

investment bank, with presence in USA, Mexico and

Colombia, through its strategic allies and a strong

global networking. This international vision enhances

Zechman to provide innovative both strategic and

financial advice to companies, financial sponsors and

investors across all major industry sectors on their most

critical decisions, including M&A, recapitalizations,

restructurings, capital markets and wealth and asset

management. Our unprecedented solutions and global

frame of relationships with key decisions makers allow

us to execute full accurate and successful transactions.

Our firm’s size enables us to offer our clients bespoke

individualized services along with the financial

capabilities of larger financial institutions.

Zechman Capital contributes to its clients’

value by providing full financial advisory

services on their most critical decisions,

at the highest level, based on a world-

class team of partners and professionals

Partners

Prior to founding Zechman

Capital, Francisco lead, since

2005, the Investment Banking

division in Spain and Portugal

for the Rothschild Group. He

has advised in more than 70

transactions throughout

different industries in Europe,

Francisco Sánchez-Rivas, CEO & Founder

Asia and Latam. He also was member of the

Executive Committee of the bank in Spain.

Before joining Rothschild, he was Corporate

Finance Director at Deloitte. He holds an

AMP degree from Harvard, and MBA from

IESE, a Finance degree from the LSE and an

Economics degree from the UCM.

JoséMaría Beneyto, Chairman & Founder

As an international lawyer with

25 years of experience in M&A

and private equity, José María

has worked in the US, Germany

and Spain, and advised in more

than 100 transactions for large

multinationals and mid-market

companies. He has been law

Professor and advisor to the European

Commission, the OECD and the World Bank.

José María holds higher degrees in Law and

Economics, an Ll.M. from Harvard University,

a degree in Business Management from IESE

Business School, and LL.D. and Ph.D. from the

University of Münster.

Javier teaches

Macroeconomics at IESE

Business School. He has been

Economic Advisor in the

Spanish Industry and Energy

Ministry and in the Economic

Office. He is member of the

Javier Díaz-Giménez, Partner

Strategy Committee at Consulnor. He is the

Director of the “Madrid Macroeconomics

Workshop” and evaluator in different

international journals. He has a Ph.D. in

Economics from Minnesota and his thesis was

directed by Edward C. Prescott.

Ignacio Bernar Elorza, Partner

Ignacio has more than 30

years of proven expertise in

Senior private banking and

financial consultancy. He

has hold senior executive

positions at Banque Privée

Edmond de Rothschild,

Ignacio Arias Sancristoval, Partner

Prior to joining Zechman

Capital, Ignacio was Tax partner

in Cuatrecasas and Tax Inspector

from the Alava Regional Council.

He has a wide experience in tax,

fiscal and other legal corporate

matters. He has Law and

Barclays, and Continental Illinois National

Bank. Ignacio is engaged in several non-

executive director positions throughout

different industries. He has a Law Degree

and Advanced Management Program from

IESE Business School.

Economics Degree. He is specialist in indirect

taxation, family-owned companies and

mergers and acquisitions.

We provide the high-touch and conflict-free benefits

of an independent investment bank with the global

reach, sector deepness and product expertise found

at larger financial institutions. This independence

allows us to offer unbound advice from usual

conflicts associated with lending to clients or

trading in their securities. Our focus on advisory

services releases the pressure of cross-selling

products.

Independent mind

Our advisory is focused in providing intellectual

capital based on our judgement, expertise and

relationships, combined with intense senior level

attention to all transactions. Partnership structure

momentum and commitment to an excellence

environment attracts us to retain high quality

talent. Our clients know they can rely on us, not

only for addressing their current financial needs,

but for remaining as a valuable partner through

time. We anticipate future needs of our clients and

actively seek new ideas, using proven strategies to

improve results.

Strong Intellectual Capital Focus on Clients

From large public multinationals to mid-market

private companies or individual entrepreneurs, we

deliver our firm’s full resources along with the

highest senior attention to every client, regardless

of your size or situation. We make business

decisions aimed at creating value with a deep

dialogue around your long term strategy. Operating

under the highest standards of confidentiality and

¨need to know basis¨ enhances our regards to the

extremely sensitive nature of our advice, where

discretion is of paramount importance for the

viability of transactions and other strategic

decisions.

Key Competitive Strenghts

Our process structure is set to fit the client needs,

with full engagement and commitment at each

stage. We are proud of having been successful in

executing private company investment and sale

transactions at premium valuations for numerous

leading companies and private equity firms. We

mainly assist our clients acting as “process project

managers” as well as coordinating it along the

parties involved. In many cases, Zechman Capital

will continue adding value to your business after the

closing and completion of the transaction, providing

the most valuable insight and hands-on support. By

focusing our philosophy on forging long-term

relationships, Zechman Capital helps its clients

achieve their objectives. We work hard to become

our clients most trusted advisor in their decision

making process.

Zechman Capital carefully understands the personal

and emotional connection of business owners in

private companies; the decision signifies a critical

moment for the business. Corporates transactions

are time consuming, and very few middle market

companies have specialists; therefore, by engaging

Zechman Capital, our clients avoid that key

executives loose their focus on the core business.

The process of selling or acquiring a company,

investing in a project or raising capital is

complex, time consuming and disciplined; best

value for our clients is our direction

Investment BankingProlific cross-border deals have given us first-hand

experience through Europe, Asia and Latam. Some of

our specialized services include:

• M&A

• Divestitures, investment and capital structuring

• Private Equity investments

• Private Placements, exit strategies and forecasts

• Recapitalizations

• Leveraged Buyouts and Management Buyouts

• Appraisals, valuations and fairness opinions

• Financial and strategy advisory

• Business plan feasibility studies

• In house due diligence

• Financial planning

Zechman Capital advises and assists companies

seeking to raise capital through the issuance of both

equity and debt securities in international and local

markets.

All of our clients have access to our research team,

which delivers substantial insights to the

macroeconomic trends directly and indirectly

affecting European and Latin American markets.

Zechman has an strategic alliance with BullTick

Capital Markets, a securities brokerage, asset

management and investment banking firm that

provides our clients a variety of tailored financial

solutions. They offer insight, opportunities and top

execution services. BullTick is headquartered in

Miami and has offices in Bogotá and México, thus

holding an optimal geostrategic position.

BullTick is an affiliated FINRA registered broker-

dealer and a SEC Registered Investment Advisor

(RIA).

Research

Through our established networks, we offer

execution in US, Latin American, Canadian, European

and Asian markets. Zechman facilitates institutional

clients (Banks, broker-dealers, pension and

investment funds) to trade on a wide range of equity

securities and equity options, including ETFs and

ADRs, from low frequency electronic orders to large

block trades. We provide, as well, timely analysis,

trading platform access, trade liquidity routing and

other related services.

Sales and Trading

Capital MarketsEquity and Debt Capital Markets

Our solutions include a comprehensive set of

services:

• Risk Management

• Global Asset Management

• Strategic and Succession Planning

• Financial Management

• Tactical Strategies

• Product Due Diligence

• Administration

• Consolidated reporting.

Wealth Management is a full time responsibility that

requires an unbiased and committed team of

professionals using sophisticated tools and processes

working for you without any conflict of interest. We

offer truly independent, client centric, yet

disciplined means for High Net Worth Individuals and

families to plan and invest their assets through a

fee-based advisory.

Our open approach scheme provides clients with a

high level of flexibility in the structuring of any

solution, including decisions to choose their own

custodian(s), selection of asset-based advisory fee,

traditional brokerage commission, and geographic

flexibility. Furthermore, clients’ assets can be

safeguarded in the institution of their choice.

Thanks to the abovementioned strategic alliance

between Zechman and BullTick Capital Markets, we

provide an insightful range of products, strategies

and execution services, assisting our clients with

bespoke solutions.

BullTick is an affiliated FINRA registered broker-

dealer and a SEC Registered Investment Advisor

(RIA).

Family wealth is more than just an investment

portfolio. Decades of experience in managing

family wealth have taught us that main goals of

any family with valuable assets are: the

protection and growth of their family estate, and

a conflict-free succession

Wealth Management

Clients

Advisory case studiesE.on, in its bid for the acquisition of Endesa and in a number of different acquisitions related with its business interests

in Spain

Bertelsmann, in different acquisitions in the Spanish Market conducted through a number of affiliates, such as Arvato,

Grüner + Jahr ( G+J ) and BMG

GDF and Suez Environment, in the acquisition of 33% of Aguas de Valencia an in the acquisition from Criteria of 24.14%

of Aguas de Barcelona ( Agbar)

Cortal Consors, in the acquisition in 2000 of Siaga Sociedad de Valores and in the later sale of the Company to BNP

Paribas

Babcock Borsig, in a number of restructuring deals since 2003, including its acquisition by Babcock Wilcok from the SEPI

(Sociedad Española de Participaciones Industriales) and the sale of its affiliates Babcock Montajes and Isotron

EnBW (Ennergy Baden- Wünttemberg an affiliate of EDF France) in the acquisition of joint control of Hidrocantábrico

together with EDP through the purchase of a 35% of the shares of Hidrocantábrico by EnBW and 40% by EDP, and in the

subsequent reorganization of the company

Vitro Group, in the acquisition, finance and later recap of Cristalglass

Dibaq Group in different transactions such a capital increase, the secondary private equity transaction with GDN, the

divestment of Digesnor and the acquisition of Rodi Group

Nazca Capital in the acquisition of a Spanish winery

SEPI in the divestment of its stake in ITP

Indal Group in the substitution of Diana Capital. “Premio a la Mejor Operación de Capital Expansión 2008” (ASCRI,

Deloitte, IESE)

Aer Lingus, in the sale of the 80% of its charter flights company affiliate, Futura, to Corpfin Capital

Autologic Plc in the divestment of its subsidiary and assets in Spain to Grupo Bergé and Coperfil

Fidequity in the acquisition of the De Grisogono Group

Degsa in the divestment of its subsidiary to Realza Capital

c/Jenner 8, 28010 Madrid

Tel:+34 91 702 39 98

comunicacion@zechmancapital.com

www.zechmancapital.com