Late stage venture LBO/MBO/MBI/LBU Growth Start-up + other early stages Others Stage distribution of middle market investments 3,000 2,000 1,000 0 2019 2020 2021 2022 Source: SPAINCAP/webcapitalriesgo € Millions Seed The new landscape which arose in the first quarter of 2022 has evidenced the ability of Venture Capital and Private Equity to adapt by continuing to close deals in a complex framework and reaching record highs in the different investment segments, including the middle market, demonstrating its role in revitalizing the economy in times of uncertainty. Activity in this segment was maintained in the first quarter of 2023, recording 23 investments compared to 21 in the same period in the previous year. The quality and variety of the supply of Spanish mid-cap companies looking to expand has without a doubt been a determining factor in the growing size and importance of the Spanish middle market. Looking ahead to the coming months, Venture Capital and Private Equity GPs are expected to focus on supporting and managing portfolio companies to create value through different strategies, including the so-called “buy and builds”6, digitization and energy transition/sustainability, as well as on reinforcing the capital of mid-sized companies that, in the new and complex economic framework, seek to boost their growth, thus guaranteeing activity in the Spanish middle market. Notes Notes 6 Acquisition of companies that serve as a platform for both organic and inorganic growth.