1. 1 VC Funding Programs at national level. Innvierte

2. 2 Strengths and weaknesses of the Spanish ecosystem Good level of basic research but with problems to translate it into a product / service that reaches the market. Few companies that carry out R & D activities, resulting in low private spending in this area. Difficulty in the growth and internationalization of the new technology companies: – Deficiencies in the management and lack of market orientation. – Difficulties in accessing foreign markets. – Few success stories that may put Spain on the map of international investors although i Little robust ecosystem that is not able to feed themselves. No secondary market that makes good initiatives grow fast.

3. 3 Current Public Programs to foster VC at national level. Fond-ICO global (ICO). €1.5 billion public fund of funds for promoting VC and PE. The target is promoting private Venture Capital and Private Equity, catalyzing the creation of private funds mainly invested in by private investor and managed by professional managers. Innvierte (CDTI – Experience of Neotec Capital Riesgo). Venture capital program which aims to promote investment in technological Spanish SMEs with high potential for return and strengthen the ecosystem. Main objectives: Accelerate growth and access to international markets for Spanish technology companies. Have a sufficient number of investment vehicles that can meet the Spanish technology companies.

4. 4 Performance criteria of Innvierte Majority of private commitment in each investment vehicle. Selection of specialized vehicles: investing in technology- based businesses requires highly specialized managers. Managers with experience, knowledge of the market and of the problems associated with technological projects. Attracting international investors (directly into the investment vehicle or accompanying in investment rounds in companies): – Facilitate access to other markets in a direct way. – Attract knowledge and best practices to be adopted. Promote growth (organic or not) to create leading companies in its sector. Innvierte acts as an anchor investor, taking commitments that are activated to raise additional private funds.

5. 5 Summary of Innvierte’s activity 14 investment vehicles supported by Innvierte – 140 M€ committed by Innvierte – 405 M€ committed by the investment vehicles supported by Innvierte to invest in technological companies – Up to now: 96 investments in companies 120 M€ invested. 3 investment vehicles in process to be active (foreseen in Q2 2016).

6. 6 Summary of Innvierte’s activity by area AreaInvestor Vehicle Investment in companies (Number) Investment in companies (M€) TIC Amerigo Innvierte Spain Technologies FCR 4670,25 Amerigo Innvierte Spain Ventures FCR Alma Mundi Innvierte Fund FCRE IndustryCaixa Innvierte Industria SCR1213,56 BIO Caixa Innvierte Biomed II FCR 2929,69 Inveready Innvierte Biotech II SCR Ysios Biofund II Innvierte FCR Healthequity SCR Energy & Environment Co-investment agreement with Iberdrola 74,80 Co-investment agreement with Repsol Co-investment agreement with AGBAR Seed Caixa Innvierte Start Be Able Innvierte Kets Columbus Innvierte Life Science 21,80

7. 7 Main challenges Attract new private money to these types of investments: pension funds, insurance companies, leading companies in its sector, more family offices or financial institutions. Fundraising processes extremely long. VC Managers need to devote too much time Lack of important venture rounds. Funding is always short and the company is always stressed by the necessity of a new round. Lack of VC funds in series B, C or late stage funds. Are there enough “investable” companies? More success stories