Dear friends,

We’ve said goodbye to the second year of the Covid-19 pandemic, which has continued relentlessly and meant this time was not free of difficulties, forcing us to learn to live with its consequences. So our first wish is that you and your loved ones are in good health.

At Suma Capital we firmly believe that the situation we’ve been living through these past two years confirms that the investment community must take responsibility for doing our part to build a better future. A future that, thanks to our investments, is also more responsible, more sustainable and more inclusive.

Please allow us to start with a special thanks to all the partners and teams at each of our 18 current investee companies, and previous ones that we divested in the past, for their passionate management of each of their companies, joining the generous intention of building more solvent, more sustainable assets.

In 2022, the whole Suma Capital team remains committed to bringing about this better future, working to help our investee companies roll out ambitious ESG policies. Our goal is for these companies, while we are partners, to become more admired and loved by their clients, employees and collaborators, thus making them more valuable.

At Suma Capital we are proud to look back on a year full of achievements we can be happy about and that encourage us to kick off 2022 with the desire to continue ‘growing together’. Of these, we must highlight the most recent one for having been recognized as the best European ESG manager in the small cap category by the French institutional investor accredited in responsible investments, Swen Capital Partners.

Furthermore, we are happy to share with all of you three milestones we reached in 2021, which all of us at Suma Capital are extremely proud of, and wouldn’t have been possible without your trust:

• Full divestment of our first Sustainable Infrastructures Impact fund. Investment and divestment in 10 investee companies in a record 7 years, with a net investor IRR 12%, a 1.8x fold increase of the funds committed, and achieving a very relevant environmental and social positive impact. A success that demonstrates the quality of our investment strategy and encouraged us to persevere with it by launching, late last year, our SC Climate Impact Fund III, with a target of €300 million.

• The successful commercialization of the SC Growth Fund II, with €160 million at its close in June 2021, 30% more than the initial goal. A show of trust from the investment community, national and international, in our management team to both achieve attractive financial returns and ensure each investee company, of which there are currently three, has a sustainable impact.

• On the corporate level, we are pleased to welcome five new members to our team, all brilliant, talented, passionate and committed to doing their part to further responsible investment. Plus, we are very happy to have inaugurated our new offices in October, with twice as much space, giving us the perfect infrastructure for addressing future challenges over the coming years.

At Suma Capital we believe this coming year will be one of great opportunities, although it is true that taking advantage of them will not always be easy. The threat of new variants and waves of the pandemic, along with the reality of rising inflation driven by the increasing price of natural gas and, as a result, electricity, with its possible impact on interest rates, stand to pose adversities we will have to manage.Our team will remain committed to promoting, through hard work and humility, investment in mega-trends that are fortunately consolidating to build a better society. In this regard, we would like to highlight two priorities that will guide our actions over the coming year.

On the one hand, prioritizing personal wellness in areas like health, food, personal development, quality of life and digitalization through our investments.

And on the other, using our investments to help protect the environment, fighting determinedly to roll back the advance of climate change through investments in infrastructures associated with the energy transition and the circular economy.

We would like to finish off by thanking you again for your trust, also in this new year, and reasserting that at Suma Capital we will continue working enthusiastically to pool our efforts with yours to continue growing together and helping build the future we believe in.