Overview

1. Rock Update Report
Rua de São Sebastião da Pedreira 82 | September 2021
1

2. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Investment
SUMMARY:
● Acquisition cost: €2.4m
● Rental Yield plus Price
Appreciation
● Central Lisbon Location
● Projected ROI of 78%
● Investment Cycle of 5 years

3. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Rental Income & Yield - Existing
SUMMARY:
● 5 Occupied Units: rented
● 5 Vacant Units: in refurbishing
process
● Monthly Rental Income: 8 905€
● Profitability: 3.17 €/sq.m

4. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Rental Income & Yield - Target RCI
SUMMARY:
● 10 Occupied Units: rented
● Monthly Rental Income: 16 230€
● Profitability: 11.36 €/sq.m

5. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Strategy: Phase 1 - Immediate Profitability
SUMMARY:
● Create profitability by renting the
vacant apartments
● Minimum fit-outs to maximize
space and profitability, converting 2
bed apartments into 3 bedroom
apartments
● Maintenance of the lease contracts
with the current basement, ground
and first floor tenants.
● Remove all the illicit structures to
reinstate the backyard courtyards
in order to add value to these units.

6. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Strategy: Phase 2 - Licensing, Construction & Valuation
SUMMARY:
● Add value by potentially increasing
the property selling value
● Basement floor: conversion into car
parking and storage units for all
apartments
● 2nd floor: create a communal
backyard
● 5th floor: total refurbishing and
potential roof increase area

7. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Exit Strategy & Timeline
PHASE
MONTH
STAGE
start finish
Due Diligence June. 2021 Completed
Purchase of
Building
Aug. 2021 Completed
Signing of Deeds Aug. 2021 Oct.2021 In Progress
Architecture /
Engineering
Sep.2021 Oct.2021
In Progress
Interior
Refurbishing Works
Out.2021 Dec.2021 In Progress
City Licensing Nov.2021 Jul.2022
Rental Agreement Jan.2022 Jan.2026
Refurbishing Works Jan.2026 Aug.2026
Sales & Exit Jan.2026 Aug.2026
● Convert all units independent into separate units
(propriedade total => propriedade horizontal)
● Apartments to be marketed for exit at the end of
year 2026
● Potential to sell whole multi-family unit with
Approved Project

8. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Rock Capital Update Report, September 2021
RUA SÃO SEBASTIÃO DA PEDREIRA 82
Exit Strategy & Timeline