No. investments Volumen Source: SPAINCAP/webcapitalriesgo 4,000 3,000 2,000 1,000 0 2023 2014 2017 2012 2015 2018 2020 2013 2016 2019 2021 2022 Middle market investments 74 23 12 50 51 56 63 75 92 94 29 114 The middle market1 remained active in 2023, although investment volumes were lower than in recent years. The middle market has reached record highs in consecutive years since 2017, strengthening the position of this segment as one of the main drivers of Venture Capital and Private Equity activity. However, the current environment (tighter debt market conditions, economic uncertainty and differing company valuations by buyers and sellers) together with the retreat in investments by international investors have slowed down momentum of the middle market, returning to pre-pandemic levels. The total amount invested in this market segment was €1,736.9M (compared to €3,088.4M in 2022) across 74 investments (114 in 2022). Investments in mid-sized companies represented 26% of total investment in the Venture Capital and Private Equity sector in Spain (€6,709M). 78.6% of invested capital was allocated to new companies, a percentage very similar to recent years. Likewise, 74% of investments focused on first-timers, i.e. new companies for Venture Capital and Private Equity GPs, a lower percentage than 20222. Domestic funds reclaimed their spot as the leader of middle market investments in 2023. Following a period of international funds leading the middle market (2020-2022) due to investor appetite for mid-cap companies in traditional sectors, as well as in technology companies large enough for larger funding rounds, domestic GPs have reclaimed the leading role. Specifically, domestic GPs invested €965.5M in middle market transactions in 2023, representing a slight decrease of 8.5% from 2022. Overall, they made 45 investments, 1 less than in the previous year. The momentum of domestic Venture Capital and Private Equity GPs in a complex environment highlights the commitment to mid-sized Spanish companies thanks to their experience in this segment, dry powder available for investment and the attractive offer of mid-sized companies in the Spanish market. International funds invested €771.5M (-62% from 2022) in 45 investments (39 investments less than in 2022). The largest decrease was in financing of scale ups (late stage venture3), totaling €196.6M across 12 investments, compared to €810M in 31 transactions in 2022. Notes Middle Market Investments € Millions investments