1 FINOVA – Support Fund to Finance Innovation FIN-EN -Sharing Methodologies on Financial Engineering for Enterprises Lisbon Meeting, 26 September 2013

2 PME Investimentos FINOVA – Holding Fund Financial Engineering Instruments Results CONTENTS

3 PME Investimentos - History Company founded under the name SULPEDIP (SCR) Transformation into an Investment Company under the name PME Investimentos – Sociedade de Investimento, S.A Participation of FINOVA in the funding of the VCF and Business Angels Credit Lines Launch of the PME Investe V, VI, VI Amendment and QREN Investe Credit Lines Launch of the first PME Investe (I and II) Credit Lines under the scope of FINOVA – 2006 Venture Capital Firm Management of Public Funds 2012 Launch of the PME Growth Credit Line jan 2007 Strategic Guidelines for the mandate New role for the Company Relinquishing of retail operations by transferring the portfolio to Inovcapital 2007 Creation of the SAFPRI and the FINOVA Fund - PMEI appointed as manager 2008 Launch of the PME Growth 2013 Credit Line and of the Revitalisation Funds Creation of the Venture Capital Syndication Fund and the Guarantee Fund for Securitisation – PMEI appointed as manager Launch of the PME Investe III and IV Credit Lines

4 Management of Public Funds Fund of funds, to refinance and share risk with venture capital firms Capital = 45.5 M€ Investments: Participation in 5 funds = M€ Participation in 27 venture capital operations (syndicated) = M€ Refinancing of venture capital operations = 2.88 M€ Venture Capital Syndication Fund PME Investimentos Guarantee Fund for Securitisation Manager Fund with the aim of providing guarantees to securitisation operations Capital = 25 M€ Participation: As guarantor in a Securitisation Operation granted to Portuguese SMEs European Investment Fund as an Adviser for the securitisation operation Amount received from the Securitisation Operation (500 M€) went towards granting new loans to SMEs Manager Funding: previous EU Framework (ERDF) Characteristics and investment

5 PME Investimentos – Manager of FINOVA PME Investimentos’ characteristics and its relevant experience made its appointment as manager for FINOVA possible PME Investimentos: A Credit Institution under the supervision of the Bank of Portugal, majority owned by Public Entities Manager of the Funds of Funds, originating from State initiatives Refinances the market, but does not intervene directly in the credit and capital markets Proven experience in the management of public instruments for the refinancing and risk sharing of financing innovation PME Investimentos: A Credit Institution under the supervision of the Bank of Portugal, majority owned by Public Entities Manager of the Funds of Funds, originating from State initiatives Refinances the market, but does not intervene directly in the credit and capital markets Proven experience in the management of public instruments for the refinancing and risk sharing of financing innovation

6 PME Investimentos FINOVA – Holding Fund Financial Engineering Instruments Results

7 FINOVA - Creation FINOVA Strategy / ObjectivesGovernence Centralisation and coordination of efforts and resources related to public interventions intended to support the funding of companies, namely SMEs Encouraging competitiveness by:  Stimulating the participation of venture capital to support SMEs, giving preference to the early- stages of their life cycle and innovative projects;  Reinforcing the system of mutual guarantee;  Promoting the contractualisation of subsidised credit lines. Centralisation and coordination of efforts and resources related to public interventions intended to support the funding of companies, namely SMEs Encouraging competitiveness by:  Stimulating the participation of venture capital to support SMEs, giving preference to the early- stages of their life cycle and innovative projects;  Reinforcing the system of mutual guarantee;  Promoting the contractualisation of subsidised credit lines. General Board (GB): - Made up by the participating public entities and the Manager Competencies: - To define the fund’s investment policy, deciding on the congruity of all investments with said policy -To deliberate on the regulation proposals related to the configuration of the instruments and to the activity of FINOVA - To deliberate on the increase or reduction of FINOVA capital - To approve financial plans and annual budgets, as well as the accounts and implementation reports Advisory Board: - Made up by the members of the GB and by entities with economic relevance Competencies: - To analyse and issue opinions on FINOVA’s investment strategy - To analyse and issue opinions on the broader guidelines related to the proposed objectives, suggesting new areas of action - To suggest measures which could improve the adequacy of FINOVA to its objectives and policies followed Created by national legislation (DL 175/2008 dated 26 August), under the scope of SAFPRI (FEI national regulation) Appointment of PME Investimentos as manager

8 FINOVA - Conceptualisation Managing Authorities FundersParticipantsHolding Fund Financial Engineering Instruments Final Recipients Revitalisation Funds Funding Line for BAs Credit Lines Venture Capital Funds SME FINOVA State Funds Public Entities IAPMEI Turismo de Portugal IEFP AICEP Subsidised interest Guarantee fee Subsidy Granting of funds Participation in share capital Funding Participation in share capital Capitalisation Funding

9 FINOVA - Capital Subscribed Capital M€ Credit Lines 965 M€ Since 2008, the year FINOVA was created, the public entities that subscribed its capital committed to channel M€ to the Fund, IAPMEI stands out for holding 89% of the share capital. As of 30 June 2013, paid-in capital amounted to 953 M€. Since 2008, the year FINOVA was created, the public entities that subscribed its capital committed to channel M€ to the Fund, IAPMEI stands out for holding 89% of the share capital. As of 30 June 2013, paid-in capital amounted to 953 M€. Credit Insurance 30 M€ Venture Capital 161 M€ 1 Amounts include all financial instruments created within the scope of FINOVA, including those that do not have ERDF funding 1

10 PME Investimentos FINOVA – Holding Fund Financial Engineering Instruments Results

11 Financial Engineering Instruments Launched in 2008, within the scope of the anti-crisis measures, they correspond to the concern of the funding public entities in facilitating and improving the conditions for access of companies to bank loans Objectives Subsidised and Guaranteed Credit Lines: State Aid State aid in the form of granting subsidised interest rates and guarantee fees, as well as the issuing of the actual mutual guarantee, by increasing the capital of the Mutual Counter Guarantee Fund (MCGF) Amounts (Credit Lines I and II) - Credit Line I: 750 M€ - Credit Line II: 1,000 M€ (specific sub-lines aimed at the General, Commercial and Catering Sectors) - Credit Line I: 750 M€ - Credit Line II: 1,000 M€ (specific sub-lines aimed at the General, Commercial and Catering Sectors)

12 Financial Engineering Instruments - Competitive Interest Rates - Obtaining a mutual guarantee - Subsidised Interest - Payment in full of the guarantee fees - Competitive Interest Rates - Obtaining a mutual guarantee - Subsidised Interest - Payment in full of the guarantee fees Advantages for SMEs Subsidised and Guaranteed Credit Lines: Conditions for Access Eligible operations Operations aimed at investing in new tangible fixed assets or intangible assets and the increase of working capital related to the increase of activity - Micro, Small or Medium enterprises - Location – company head office in Mainland Portugal - Company activity in line with the SAFPRI - Without unjustified incidents or defaults with banks - All contributions to the Tax Authority and Social Security have been settled - Micro, Small or Medium enterprises - Location – company head office in Mainland Portugal - Company activity in line with the SAFPRI - Without unjustified incidents or defaults with banks - All contributions to the Tax Authority and Social Security have been settled

13 Financial Engineering Instruments To fill market gaps, allowing enterprises, especially smaller ones, to access venture capital so that they may develop strategies for innovation, growth and expansion Objectives Venture Capital Funds: State Aid State aid (FINOVA) in the form of participation in share capital (subscription of units of participation) of Venture Capital Funds, taking up positions of between 50% and 70% Tipology The tenders opened in 2009 were aimed at the creation or reinforcement of the following types of Venture Capital Funds: - Innovation / Internacionalisation (10 VCF) - Corporate Ventures (2 VCF) - Early Stages (4 VCF) - Pre-Seed (3 VCF) The tenders opened in 2009 were aimed at the creation or reinforcement of the following types of Venture Capital Funds: - Innovation / Internacionalisation (10 VCF) - Corporate Ventures (2 VCF) - Early Stages (4 VCF) - Pre-Seed (3 VCF)

14 Financial Engineering Instruments - Innovation / Internationalisation To support projects for investment in innovation or promoted by SMEs which want to internationalise - Corporate Ventures To support projects for the creation of new business units, based on already existing technology-based companies - Early Stages To support investment projects in the Early Stage phase - Pre-Seed To support investment projects in the Pre-Seed phase in which, due to their characteristics and the high risk involved, is difficult to get funding - Innovation / Internationalisation To support projects for investment in innovation or promoted by SMEs which want to internationalise - Corporate Ventures To support projects for the creation of new business units, based on already existing technology-based companies - Early Stages To support investment projects in the Early Stage phase - Pre-Seed To support investment projects in the Pre-Seed phase in which, due to their characteristics and the high risk involved, is difficult to get funding Characteristics / Typology Venture Capital Funds: Total capital amount of Funds / Typology - Innovation / Internationalisation: 132 M€ - Corporate Ventures: 9 M€ - Early Stages: 32 M€ - Pre-Seed : 13 M€ - Innovation / Internationalisation: 132 M€ - Corporate Ventures: 9 M€ - Early Stages: 32 M€ - Pre-Seed : 13 M€

15 Financial Engineering Instruments - Greater access to funding for the development of investment projects - Access to privileged partners, with management, strategic and financial know-how, and more - Greater access to funding for the development of investment projects - Access to privileged partners, with management, strategic and financial know-how, and more Advantages for SMEs Venture Capital Funds: Conditions for Access Eligible operations - Participation, per SME, limited to 1.5M€/12 months, 70% of which must be made in equity or quasi-equity - Investment decisions based on sustainable Business Plans and with the prospect of profitability - May not be operations for consolidation or financial restructuring - Participation, per SME, limited to 1.5M€/12 months, 70% of which must be made in equity or quasi-equity - Investment decisions based on sustainable Business Plans and with the prospect of profitability - May not be operations for consolidation or financial restructuring - Micro, Small or Medium enterprises - Location – company head office in the Northern, Central and Alentejo Regions - Company activity in line with the SAFPRI (Industry, Energy, Construction, Commerce, Tourism, Transportation / Logistics or Services) - Micro, Small or Medium enterprises - Location – company head office in the Northern, Central and Alentejo Regions - Company activity in line with the SAFPRI (Industry, Energy, Construction, Commerce, Tourism, Transportation / Logistics or Services)

16 Financial Engineering Instruments To fill gaps in the market, allowing access for companies who wish to develop strategies for expansion, contributing to the acceleration of economic growth and encouraging the renewal of the national business fabric Objectives Venture Capital Revitalisation Funds: State Aid State aid (FINOVA) in the form of participation of share capital (subscription of units of participation) of the Venture Capital Revitalisation Funds, taking up positions of 50% Tipology The tenders opened in 2012 were aimed at the creation of Regional Venture Capital Revitalisation Funds ( created in August 2013 and yet to perform operations) : - VCF for Revitalization of the Northern Region - VCF for Revitalisation of the Central Region - VCF for Revitalisation of the Southern Region The tenders opened in 2012 were aimed at the creation of Regional Venture Capital Revitalisation Funds ( created in August 2013 and yet to perform operations) : - VCF for Revitalization of the Northern Region - VCF for Revitalisation of the Central Region - VCF for Revitalisation of the Southern Region

17 Financial Engineering Instruments To support investment projects for expansion, innovation and/or modernisation promoted by SMEs and which are in accordance with the requirements foreseen in the regulatory framework of the ERDF. Projects that are starting off or which are in the process of being set up, promoted by SMEs, may also be eligible for funding Characteristics Venture Capital Revitalisation Funds: Total amount available for investment - VCF for Revitalization of the Northern Region : 80 M€ - VCF for Revitalisation of the Central Region: 80 M€ - VCF for Revitalisation of the Southern Region: 60 M€ - VCF for Revitalization of the Northern Region : 80 M€ - VCF for Revitalisation of the Central Region: 80 M€ - VCF for Revitalisation of the Southern Region: 60 M€ Advantages for SMEs - Greater access to funding for the development of investment projects - Access to privileged partners, with management, strategic and financial know-how, and more - Greater access to funding for the development of investment projects - Access to privileged partners, with management, strategic and financial know-how, and more

18 Financial Engineering Instruments Venture Capital Revitalisation Funds: Conditions for Access Eligible operations - Participations, per SME, limited to 1.5M€/12 months, 70% of which must be made in equity or quasi-equity - Investment decisions based on sustainable Business Plans and with the prospect of profitability - May not be operations for consolidation or financial restructuring - Participations, per SME, limited to 1.5M€/12 months, 70% of which must be made in equity or quasi-equity - Investment decisions based on sustainable Business Plans and with the prospect of profitability - May not be operations for consolidation or financial restructuring - Micro, Small or Medium enterprises - Location- company head office in the Northern, Central and Alentejo Regions - Company activity in line with the SAFPRI (Industry, Energy, Construction, Commerce, Tourism, Transportation /Logistics or Services) - May not be “firms in difficulty”, in accordance with the Community concept - Micro, Small or Medium enterprises - Location- company head office in the Northern, Central and Alentejo Regions - Company activity in line with the SAFPRI (Industry, Energy, Construction, Commerce, Tourism, Transportation /Logistics or Services) - May not be “firms in difficulty”, in accordance with the Community concept

19 Financial Engineering Instruments Fill gaps in the market: - Develop the financial market through venture capital investors (Business Angels) - Facilitate the access of enterprises, especially smaller ones and those which are innovation-based, to venture capital so that they may develop their strategies for innovation, growth and expansion. Fill gaps in the market: - Develop the financial market through venture capital investors (Business Angels) - Facilitate the access of enterprises, especially smaller ones and those which are innovation-based, to venture capital so that they may develop their strategies for innovation, growth and expansion. Objectives Financing Line for Business Angels (BAs): State Aid State aid (FINOVA) in the form of granting funding to Vehicle Entities (VE) owned by BAs, with the underlying venture capital investment made by the BAs (funding up to 65% of the amount of each of the venture capital operations) Vehicle Entities (51 VE) - Majority owned and managed by BAs - Minimum amount of share capital paid in by BAs to the VEs may not be less than 35% of the amount of each of the venture capital operations - Majority owned and managed by BAs - Minimum amount of share capital paid in by BAs to the VEs may not be less than 35% of the amount of each of the venture capital operations

20 Financial Engineering Instruments - Medium-term funding, granted to VEs, with a maximum amount of 500 k€, carried out in accordance with venture capital operations - Return on funding set according to the performance of the underlying venture capital operation - Repayment of funding with asymmetric distribution between FINOVA and BAs: - Distribution of repayment 20% (FINOVA)/ 80% (BA), until BAs are repaid the total amount they invested - Subsequent symmetric distribution (50%/50%), until FINOVA is reimbursed the amount funded - Distribution of remaining proceeds 20% (FINOVA)/ 80% (BA) - Medium-term funding, granted to VEs, with a maximum amount of 500 k€, carried out in accordance with venture capital operations - Return on funding set according to the performance of the underlying venture capital operation - Repayment of funding with asymmetric distribution between FINOVA and BAs: - Distribution of repayment 20% (FINOVA)/ 80% (BA), until BAs are repaid the total amount they invested - Subsequent symmetric distribution (50%/50%), until FINOVA is reimbursed the amount funded - Distribution of remaining proceeds 20% (FINOVA)/ 80% (BA) Funding characteristics Financing Line for Business Angels (BAs): Total amount available for investment 43 M€

21 Financial Engineering Instruments - Greater access to funding for the development of investment projects - Access to privileged partners, with management, strategic and financial know-how, and more - Greater access to funding for the development of investment projects - Access to privileged partners, with management, strategic and financial know-how, and more Advantages for SMEs Financing Line for Business Angels (BAs): Conditions of Access Eligible Operations - Participations, per SME, limited to 1.5M€/12 months, 70% of which must be made in equity or quasi-equity - Investment decisions based on sustainable Business Plans and with the prospect of profitability - May not be operations for consolidation or financial restructuring - Participations, per SME, limited to 1.5M€/12 months, 70% of which must be made in equity or quasi-equity - Investment decisions based on sustainable Business Plans and with the prospect of profitability - May not be operations for consolidation or financial restructuring - Micro, Small or Medium enterprises - Location – company head office in the Northern, Central and Alentejo Regions - SMEs activity in line with the SAFPRI (Industry, Energy, Construction, Commerce, Tourism, Transportation / Logistics or Services) - Micro, Small or Medium enterprises - Location – company head office in the Northern, Central and Alentejo Regions - SMEs activity in line with the SAFPRI (Industry, Energy, Construction, Commerce, Tourism, Transportation / Logistics or Services)

22 Results PME Investimentos FINOVA – Holding Fund Financial Engineering Instruments

23 Results 53% Small enterprises Credit Lines PME Investe I & II M€ Total Credit Loans Loans Average operation amount 340 k€ 42% Northern Region 44% Industrial Sector Average duration 4.4 years 62% Investment in Fixed Assets Average number of employees 36 Subsidised and Guaranteed Credit Lines:

24 Results 37% Micro enterprises 33% Medium enterprises 37% Micro enterprises 33% Medium enterprises 19 VCF 22 M€ Invested in SMEs 29 operations Average operation amount 744 k€ 83% Central Region 72% Services Sector Number of employees 21 Venture Capital Funds 1 : 1 Information reported in June 2013

25 Results >50% Micro enterprises 51 Vehicle Entities owned by BAs 109 Financing Operations granted to VEs 14 M€ Invested 78 SMEs supported Average operation amount 180 k€ 56% Northern Region 70% Services Sector Average number of employees 3 Financing Line for BAs 1 : 1 Information reported in June 2013

26 PME Investimentos Contact Information Carlos de Castro Vice-President and CEO   Telephone numbers: (+351) (+351) Additional Information