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January 25 th , 2010

January 25 th , 2010. Market Position. Caixa Capital is the Private Equity/Venture Capital industry leader and part of Portugal’s largest financial group. State owned Portugal’s largest financial group (Banking & Insurance) ‏

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January 25 th , 2010

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  1. January 25th, 2010

  2. Market Position Caixa Capital is the Private Equity/Venture Capital industry leader and part of Portugal’s largest financial group. • State owned • Portugal’s largest financial group (Banking & Insurance)‏ • Long-term debt risk rating of AA- by Fitch, Aa2 by Moody’s and A+ by S&P • Investment banking arm • Ranked “Best Investment Bank in Portugal” by Euromoney (2007 and 2008)‏ • The CGD Group’s Private Equity/Venture Capital (PE/VC) arm • Industry leader with Assets under Management of € 515 million and 36 portfolio companies Source: 2007 CMVM (Portuguese Securities and Exchange Commission) Report (latest available as of September 2009)‏

  3. Corporate Strategy Providing necessary capital and financing to support strategic initiatives aimed at creating competitive advantages in participated companies. • Sponsor entrepreneurship, M&A, growth and internationalisation • Expanding offering and presence in complementary business segments • Target of € 1 billion Assets under Management in the medium term Promotion of competitive advantages Corporate Strategy Core Business 2009 Future Caixa Desenvolvimento • Generalist SPV • Net assets: € 29 million CGD Group Fund • Generalist Fund • Net assets: € 340 million Renewable Energies Fund • Renewable Energies Fund • Net assets: €53 million Caixa Empreender+ VC Fund • Innovation and Entrepreneurship • Net assets: € 25 million Caixa Mezzanine PE Fund • SMEs • Net assets: € 100 million Fund of PE/VC Funds Golden Assets Clean Tech … Venture Capital Mezzanine New Initiatives Private Equity

  4. Governance Structure Governance structure consists of 3 levels with clearly defined responsibilities for each functional area. Board of Directors Investment Committee Executive Board • Alfredo Antas Teles (CEO)‏ • José Manuel Carrilho • José Furtado • Alcides Aguiar (Chairman)‏ • Vasco d’Orey • + Members of the Executive Board • Faria de Oliveira (CGD Chairman)‏ • Francisco Bandeira (CGD V. Pres.)‏ • Jorge Tomé (CGD Board Member)‏ • + Members of the Board of Directors Deal Teams Portfolio Team Private Equity • Pedro Rangel • Walter Palma Venture Capital Mezzanine • Carlos Cruz • Hugo Silva Support Services

  5. CGD Group Fund Renewable Energy Fund Caixa Empreender+ VC Fund Caixa Mezzanine PE Fund Focus • All sectors • Expansion and business development Renewable energy producers Early stage investments • Medium-sized enterprizes • Growth Launch Date 1995 2005 March 2009 June 2009 Capital 340 M€ 50M€ 25M€ 100 M€ Avg. Investment Amount > 10M€ > 5M€ 50k€ - 1M€ 3M€ - 5M€ Avg. Holding Period 4 - 6 years 4- 8 years 3 – 5 years 5 – 7 years Equity Component Up to 25% Up to 25% Up to 30% Up to 20% Fund Participants CGD (100%)‏ CaixaBI (91%)‏ FEI CG En.Renov. (9%)‏ CGD (100%)‏ CGD (100%)‏ Fund Portfolio

  6. Fund Overview The Caixa Empreender+VC Fund is dedicated towards financing emerging and recently created businesses (early stage investments), with a particular emphasis on knowledge-based and applied technology companies. Capital € 25 million Term 10 years FundParticipants Currently 100% held by Caixa Geral Depósitos, but with the possibility of being opened up to other investors Investment Policy Investment Selection Criteria: • Portuguese origin • Global reach • Satisfaction of a clear market need in an original and innovative manner • Motivated and competent management team Investment Amount : 20k€ - 1M€ Holding Period : 3-5 years Equity Component : up to 30%

  7. Activities Origination Investment Exit Monitoring • Caixa Empreender+ Challenge • Business Angel Side-car • Corporate Venturing Partnering • Specialized Funds • Individual investments • Investment syndicates • Investments in specialized funds “Coaching & Control”: • Management reporting systems • Interim executives / Controller • Partnerships w/ BA’s • Specialized Funds • Trade Sale / M&A • IPO • MBO • Liquidation

  8. Seed Follow-on Start-up Deal Flow Early Stage Investment Phases Caixa Empreender+ Challenge Business Angels Side-Car Origination Sources Corporate Venturing Partners Specialized Funds

  9. Strategic Partnerships • Public Agencies (ex. INPI, AdI, IAPMEI)‏ • Technology Tranfer Accelerators (ex. Cotec)‏ • Business Angel Networks (FNABA, APBA)‏ • Universities • Other VC Operators • Corporate Venturing Units (ex. Critical Software)‏

  10. The Caixa Empreender+ Challenge Objectives • Promote the regular flow of investment opportunities in an efficient and effective manner; • Stimulate the entrepreneurial spirit of young entrepreneurs and qualified managers, through the provision of start-up and development capital at reasonable terms; • Strengthen the CGD Group’s institutional presence within innovation and entrepreneurship community.

  11. The Caixa Empreender+ Challenge Opportunity Screening and Investment Process Proposal Gathering Due Diligence and Deal Structuring Opportunity Screening Presentation of detailed business plan Submission of investment proposal GO INVESTMENT DECISION Due diligence MOU Gathering of project summary proposals from CE+ mini-site Pre-screening by Caixa Capital’s analyst team NO GO Reply letter to promotor(s) communicating CxCap’s decision 10 days + 20 days + 90 – 120 days

  12. Current Status 34 31 22 13 Total =100 projects (2009)‏ 13

  13. Current Status 69 14 10 5 2

  14. Current Status 15

  15. Current Status 55 11 10 11 11 2 16

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