Complex environment for making investments. Proof of this is the better balance by investors of varying exit routes. The main divestment mechanisms by volume divested were Other Means2 and Write offs, with €332.2M (24% of the total) and €331.6M (24%), respectively. In both cases, the volume was significantly influenced by two large transactions, ITP Aero and Pronovias, respectively. These were closely followed by Secondary Buyouts (SBO)4, with €301.4M (22%) in 25 transactions among GPs (8%). This remains a good alternative for investor portfolio turnover and to continue promoting the growth of well-performing companies, especially in times of greater uncertainty such as the current one. Trade Sale reached €191M (14% of the total) in 35 divestments5 (11%), the lowest figure for both variables in the last decade. Share buyback by the management team increased considerably to €105M (8%), while divestment by IPO only accounted for 2% of total volume and four transactions (1%). By number of transactions, the primary divestment method was Loan repayment (35%), followed by Write off (22%) and Other means (9%). Divestments by exit route Secondary buy out Others Trade Sale Write off Buyback Loan Repayment Stock market 2023 2019 2020 2021 2022 4,000 3,000 2,000 1,000 0 € Millions Notes