Nº investments Volumen Source: SPAINCAP/webcapitalriesgo 4,000 3,000 2,000 1,000 0 2011 2014 2017 2012 2015 2018 2020 2013 2016 2019 2021 2022 Middle market investments 33 23 12 50 51 56 63 75 92 94 29 114 A new record high in the Spanish middle market1. The wide and attractive offer of medium-sized companies in the growth stage offered by the Spanish business fabric, both in traditional and technology-based sectors, together with investor appetite, sustained by the intense fundraising activity in recent years, as well as the growing interest of international funds in this segment, have contributed to a new record high in the middle market in 2022. Specifically, total amount invested in this market segment was €3,088M (compared to €2,436.9M in 2021) across 114 investments (94 in 2021), representing a record high number. Investments in mid-sized companies represented 33.5% of total investment in the Venture Capital and Private Equity sector in Spain (€9,238M). 77% of invested capital was allocated to new companies, a percentage very similar to recent years. Likewise, 78% of investments made were in first-timers, i.e. new companies for Venture Capital and Private Equity GPs, a slightly higher percentage than 20212. International funds led the middle market once again in 2022. Domestic funds, traditionally the main player in the middle market segment, have been losing ground to international funds that in 2022 again increased their activity in this type of transaction to never-before-seen levels in Spain, demonstrating a consistent foreign appetite for Spanish mid-sized companies. Likewise, domestic GPs maintain their commitment to mid-cap companies. Specifically, in 2022, international funds invested €2,033.7M (+30% from 2021) in 68 investments (11 investments more than 2021). The increase in leveraged transactions stood out most, with 18 transactions (double that in 2021), and the commitment to continue promoting scale ups (31 investments in late stage ventures out of a total of 32 investments made in the middle market). Meanwhile, domestic funds invested €1,054.7 million in middle market transactions, representing a 20% increase compared to 2021. Overall, they made a total of 46 investments, 9 more than in the previous year. Notes Middle Market Investments € Millions investments