EU COHESION POLICY SUPPORTS THE SME S ACCESS TO FINANCE – ICF’S WAY

2 ICF GROUP  Institut Català de Finances, ICF, is a financial institution, owned by the Catalan Government, which aim is to provide access to finance to companies in Catalonia, through a wide range of options  Since 2011, ICF has strengthened its focus on the growth and development of the SMEs than are double digit growth mid-caps:

3 ICF GROUP: Deal flow Financial institutions ICF Group Financial markets and Institutional investors Mediation loans Financial Guarantees Direct loans Private equity Investment funds Clients Target Clients Target Companies Financial institutions ICF IFEM AVALIS

4 Over period, ICF has granted more than m€ euros SMEs focus  98% of clients & 80% of total amount Companies financed during period LOANS AND GUARANTEES: SEGMENT TOTAL Clients (Nr.)%m€% SMEs9,21698%1, % Mid-caps 1251% % Private Sector 9,34199%2, % Public Sector 581%89.74% TOTAL9,399100%2, %

5 Per size:Per sectors: SMEs  46% of clientsFocus  innovation, internationalization, enhancing efficiency and productivity, training, employment. 3,512 m€ / 15,478 clients / 276,696 employees PORTFOLIO AT THE END OF 2013 Self-employed Micro enterprises (<2M€) SME (2-10M€) SME (10-50M€) Mid-Cap (>50M€) Public Sector Manufacturing Education, Culture and Sports Construction and infrastructures Trade, tourism and transports Health and social services Food and agriculture Public Sector Energy and supplies Other

6 ICF has launched investment commitments for m€ through 28 capital instruments, 5 of them directly managed by ICF (Co investment with BA, Capital MAB, Capital Expansió, SICOOP, BCN Emprèn) Commitments Risk Capital and Participative Loans Investment Capital instruments Number of Instruments Total commitments (m€) Multiplier ICF / Total Number of investments ICF Other Investors Total Mezzanine Loans, Business Angels Seed Capital Venture Capital Growth Capital Total Risk Capital TOTAL SEGMENT BIO / HealthTIC / E - commerceIndustryServicesTOTAL Nr. Amount (m€) Nr. Amount (m€) Nr. Amount (m€) Nr. Amount (m€) Nr. Amount (m€) Mezzanine loans Seed Venture Growth TOTAL

7 IFEM, our instrument to partner with EU Cohesion Funds IFEM, a subsidiary wholly owned by ICF, manages the JEREMIE funds (Joint European Resources for Micro to Medium Enterprises) in Catalonia, contributed equally by the ERDF and the Catalan Government. The funds are distributed among selected financial intermediaries who in turn distribute them amongst the final beneficiaries. The funds have to be paid back and can be re- invested in new operations. GuaranteesSeed CapitalCo-InvestmentMicro loansTOTAL 20 m€ 15 m€ 12 m€ 3 m€ 50 m€

8 OP Guarantees: 1.- Permanent capital investment and/or technical provision funds to mutual guarantee companies (AVALIS DE CATALUNYA, SGR) Total amount: 4 m€ Induced investment: 40 m€ (x10) 2.- Convertible Debt subscription issued by AVALIS DE CATALUNYA, SGR. Total amount: 16 m€ Induced investment: 240 m€ (x15) 3.- Total investment: 1,340 loans guaranteed Seed capital: Minority stockholding in capital finance instruments in their early stages. Focus on investments on start up projects in R+D and new technologies. Total amount: 15 m€ Investees: Finaves IV, Inveready First Capital I, SI dels Enginyers, Inveready Venture Finance, Inveready Biotech II, Healthequity, Venturcap II Total commitments: 9.6 m€ Total final investment: 56.5 m€, to 42 companies

9 OP Micro loans: Total amount: 3 m€ Loans amount: up to 25,000€. Induced investment : 2 m€ (financing 50 % of the loans) Caixa d’Enginyers, BBVA Participative loans Together with private investors (Business Angels), through capital instruments. Prescription by business angels networks. Total amount: 12 m€ Loans amount: between 50,000 and 200,000€. BA Networks: Keiretsu, IESE, EsadeBan, BANC, SeedRocket, EixTechnova, Know Capital, BCN BA, Necotium, Economistes BA, Antai BA and First Tuesday BAN 31 approved projects, 24 signed loans

10 Multiplier effect of the Program Total estimated investment at the end of the period: 50 m€ to intermediaries 385 m€ operations with intermediaries 512 m€ induced investment

11 Thank you for your attention!