• Partnership with keyinternational investors forfunds creation &management.

• Capital deploymentstrategy focused onattractive periods of creditcycle.

•Strong managementcapacity to identify &execute investmentopportunities.

• Cutting edge & real timeinformation and reportingsystems.

• Qualified relationships with

al l major Spanish financial

institutions.

• Extensive access to NPLs

intermediaries and traders.

• Focus on fundamentals

and collateral valuation.

• Inclusion of exit strategy

parameters as a part of the

valuation and pricing

process.

• Dedicated and skil ledoperation team with proventrack record an focus onexit.

• Extensive network of highlyqualified lawyers/sol icitorswith strong coordination withoperations team.

• Continuouslyreassessment and earlydetection of plan deviations

• Multi-alternativesapproach to the servicingprocess.

• Partnership with CBRE

Richard Ell is for real estate

assets & collateral valuation

and appraisals.

• Exit strategy and assets

sale plan included in the

interactive multidiscipl ines

analysis & valuation process.

• Strong focus on recurrent

cash generating assets and

fundamental ’s under valuated

real estate assets used as a

collateral.

Distressed DebtSourcing,Analysis

& Valuation

Distressed DebtServicing &Monitoring

Exit Strategy &Assets

Liquidation

InvestorsRelationship

& FundManagement

Manel Guillen, Founder &Chief Executive Officer - CEO

Manuel Guillen founded Mediterranean Capital

Management in 2005, acting as CEO until today.

Manuel is a financial and legal expert in

turnaround situations with broad experience in

distressed assets investment both in Spain and

Latin America, research, valuation, negotiation,

due diligence development and execution of

distressed debt deals. Interested in new

opportunities for investing in distressed assets,

real estate transactions, corporate turnaround

processes and venture capital. Throughout his

career he has been responsible or supervisor of

more than five hundred investment decisions on

high-yield assets & distressed assets,

maintaining the returns for funds invested

consistently above the market average for

investments ofequivalent risk.

Manel Guillen received a J.D in Law from the

LawSchool of the University ofBarcelona in

1991 and a MBA from the IESE Business

School, University ofNavarra in 1995. He is an

active memberof the Il•lustre Col•legi d'Advocats

de Barcelona, memberof the Loan Syndication

and Trading Association (LSTA), the Turnaround

Management Association (TMA) and also

memberof the Cercle d'Economia de Barcelona.

© 201 3 Mediterranean Capital Management. All Rights Reserved.

This document does not contain any data, analysis or criteria used by MCM to produce its market analysis and/or investment strategy. No investment guidel ines

should be assumed from this document. No investment commitments from MCM wil l be made based on the opinions and/or analysis included in this document.

MCM may fol low or may not any strategic direction reflected here. MCM'S investment decisions are strictly confidential . No part of this document may be

reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the

express prior permission of Mediterranean Capital Management S.L. Reference to any information, opinion or other material in this document should clearly state

Mediterranean Capital Management as its source.

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