The document presents a real estate redevelopment project in Lisbon, Portugal. It involves rehabilitating an existing 650 square meter building located near transportation links in an area with growing demand. The building will be converted into 8 one-bedroom units averaging 3,500 euros per square meter in sale price. The acquisition cost is 600,000 euros and the projected return on investment is 42% over 2-3 years. Financial projections show a base case profit of 0.53 million euros and an unleveraged internal rate of return of 21%.

1. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project Presentation
RUA DA BOMBARDA 71
Presentation

2. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project Presentation
RUA DA BOMBARDA 71
HIGHLIGHTS
● Lisbon city center
● Neighborhood with growing
international / local demand
● Near lots of services / transport links
● Intendente Metro station 300m
Location

3. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project Presentation
RUA DA BOMBARDA 71
PROJECT SUMMARY
● RehabilitationTarget: First-
time buyers/ Students
● Building Area: 600m2
● 8 units (1 bedroom housing)
● Average sale pm2: € 3.5K
● Projected ROI: 42%
● Duration: investment of 2-3
years
Project
CURRENT SITUATION
● Existing construction area:
~ 650m2
● Average conservation status
● 9 Apartments
● Acquisition cost: €600k
● Low cost of asset acquisition

4. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project Presentation
RUA DA BOMBARDA 71
Business Plan
PROJECT FINANCIALS € per sqm €m’s
Expected Sales 3500 2,03
Operations & Expenses 175 0,10
Construction 700 0,43
Proj Management 196 0,12
Acquisition, other upfront
costs
1187 0,73
EBITDA 0,65
Profit after Tax 0,53
Fund investment requirement incl construction 0,93
% of Construction funded by sales / IFFRU program 68%

5. Strictly Confidential - CMVM Registration 1614
ROCK CAPITAL INVESTMENT | LINCE CAPITAL
Project Presentation
RUA DA BOMBARDA 71
Financial Projection
SCENARIO ANALYSIS Worst Case Base Case Best Case
Sales, Margin Premium(Disc) (10%) - 10%
Term (years) 3,5 3,0 2,5
ProfitProject Return in €m’s 0,33 0,53 0,74
% over total Project 26% 42% 58%
% over Rock Capital Funds 35% 57% 79%
IRR unleveraged 9% 21% 29%
IRR leveraged 9% 21% 30%