Curriculum Vitae. 1. PERSONAL INFORMATION Pilar de Torres Sanahuja 2. PROFESSIONAL EXPERIENCE

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1 Curriculum Vitae 1. PERSONAL INFORMATION Pilar de Torres Sanahuja Sex Female Date of birth 24/01/1956 Nationality Spanish 2. PROFESSIONAL EXPERIENCE Jan to date Profesora Asociada at Universitat Pompeu Fabra (UPF), Barcelona Current teaching assignments: Financial Economics, 2nd year BA in Economics to date CEO Puentis. Barcelona. In the year 2012 Ms. De Torres started Puentis, a crowd-lending platform. During two years she developed the platform, set up the procedures, the credit analysis process, and undertook a marketing campaign to publicise the existence of the platform. The company arranged loans to Spanish SMEs. In the process, more than 200 companies were contacted and analysed, using an algorithm developed internally and based on public information of the companies. The operation was discontinued as the requirements established by the Law 5/2015, of 27 April, were significantly different from expectations. Since she has been doing consultancy work at Puentis. The experience of Puentis allowed Ms. De Torres to update her knowledge of SMEs in Spain, their overall financial situations, their financing needs, and the risks they encountered. The design of the algorithm to analyse SMEs, and to assign a rating automatically to them, implied a detailed analysis of the differences between sectors, the optimal capital structure of each of them, and the difference between capital structure and liquidity. Spain was at the time undergoing a deep crisis, which affected directly the cash flow of SMEs at a moment in which some of them were highly leveraged. Puentis is a privately owned company Ifercat, Infraestructures Ferroviaries de Catalunya, President. Barcelona. Gisa, Gestió d Infraestructures S.A., Vicepresident and Member of the Board. Barcelona. Ifercat was created as the manager of the railway infrastructure company of Page 1 / 8

2 CV Pilar de Torres Sanahuja the Generalitat de Catalunya, singularly the line 9 (L9) Barcelona metro. The public entity was responsible for the planning, design, construction and subsequent management of the metro line. Ifercat, during her time as President, tendered two concessions for the construction and maintenance of two sets of stations of the L9, for a total amount of 2.600milions euros. Ifercat is a public company, 100% owned by the Generalitat de Catalunya Gisa, Gestió d Infraestructures S.A., CEO and President. Barcelona. Ifercat, Board Member. Barcelona. Gisa (now Infrastructures SA) designs and builds public works for the departments of the Generalitat of Catalonia, as well as schools, hospital, courthouses and public buildings in general. The company had 220 employees in The members of the Board are the vice-ministers of the departments involved. Gisa certified works worth 1,550 million in 2006, a significant increase over the 1,100 million certified the previous year. The total amount tendered increased from 1,150 million in 2005 to 2,060 million in Gisa was also responsible for arranging the financing of the buildings and infrastructures when that finance was not provided by the Generalitat de Catalunya own budget. She discussed every year with the Consellers (Ministers) of the different departments (education, security, justice, health and social services), the annual needs, the budget available and, coordinating with the Department of Finance, proceeded to structure alternative finance for the required infrastructures. Once the financial structure was designed, Gisa tendered the construction and financing of the buildings and infrastructures. The structures tendered ranged from simple pay at the end methods to PPP s, mostly with availability payments (shadow tolls in roads). Gisa was a 100% publicly owned company, owned by the Generalitat de Catalunya PricewaterhouseCoopers (now PWC), Director of Corporate Finance in Catalonia, Member of the Financial Sector Committee. Barcelona. She acted as a consultant for SMEs with respect to their finance requirements, undertaking refinancing of their debt, raising new capital via direct investors, or advising on the sale of the company. Her membership of the financial Sector Committee, a project for the whole of Spain and centred in Madrid, involved designing the strategy of the firm for the whole banking and insurance sectors. PWC is a privately owned firm Laboratorios Hipra S.A. Member of the Board of Directors. Girona. She was a member of the Board of this medium sized company, specialised in animal vaccinations. She was also a financial advisor to the company, devising practical methods to lower the risk taken by the company, both financial risks such as currency risk and customer credit risks. Page 2 / 8

3 Laboratorios Hipra is a private company Signo Vince, financial advisory. Barcelona. Signo Vince is a consultant company specialised in financial projects, carrying out analysis of the capital structure of companies and advising on how to improve it. It also helps its customers raise financing, either as capital or loans from the banking sector. The companies with which she worked were SMEs, ranging from the information and communication technologies infrastructures to the energy sector. Signo Vince is a privately owned company BBVA Director of SME s business in the Barcelona area. Barcelona. After the merger of BBV and Argentaria, she was held responsible for the promotion of the business of SMEs in Barcelona, coordinating the actions of the managers of SMEs in the offices of the bank. Spain was still growing above 3% per year, and the SME business at the newly merged bank, BBVA, was a priority. BBVA is a privately owned bank Argentaria, Director of Corporate Banking in Catalonia. Barcelona. In Argentaria she was responsible for Corporate Banking in Catalonia, leading a team of 20 people and reporting directly to the Director of Corporate Banking in Madrid. Corporate Banking in Argentaria catered for all the transactions with companies with sales larger than 50 million, as well as special structures such as project financing. Argentaria financed wind farms in the Catalan territory via project finance, structuring the project, leading the financing and arranging the syndicated loans. Project finance was also the structure used for the financing of small hydroelectric centrals, an area in which the Barcelona branch was also very active. As part of the credit approval process, Ms. De Torres participated in the credit committees held at the bank s headquarters in Madrid, defending the proposals made by the Barcelona branch, including loans to the renewal energy sector such as wind farms, which took the form of project financing. She also participated in the design of the strategy of the bank in Spain in Corporate Banking, and was directly in charge of the relationships with consultants such as Greenwich Associates who were drafting a memorandum on Spanish Corporate Banking. Argentaria was a privately owned bank Dresdner Bank, Director of Barcelona s Office. Barcelona. She coordinated the Dresdner relationships, and those of the investment bank Dresdner Kleinwort Benson, with all Catalan companies with which the bank operated. Dresdner catered for the German companies operating in Catalonia, which were numerous, some of them large, but mostly SMEs with small operations in the area of Barcelona. Dresdner Bank is a privately owned bank. Page 3 / 8

4 CV Pilar de Torres Sanahuja Chase Manhattan Bank, N.A., (now JP Morgan) Vice President, Director of Corporate Banking in Spain. Madrid. She was the head of the corporate banking team, financing and advising large Spanish companies. Her department's budget was $10 million, and she reported directly to the Country Manager. She had direct contacts with all the presidents and CFOs of large Spanish corporations as well as with the different Spanish governments at central, regional and municipal levels. She was one of the introducers in Spain of syndicated loans and derivatives, as well as of the first project financing structures for the energy sector. While in Chase she took many courses in financial instruments such as derivatives, pricing of bonds, as well as other training related to team leadership and management. Some of the deals she lead were a $100 million private placement for the City of Barcelona; a $175 million financing of a lease of six planes, MacDonnell Douglas, to Aerolineas Argentinas (then owned by Iberia), financed with an Export-Import Bank of the US guarantee, as well as two deals to finance mini-damps in the Tajo river. Chase Manhattan Bank was a private bank Wells Fargo Bank International Credit Officer. London. During this period she learned to analyse the risk of companies, being trained in credit analysis. She concentrated in European companies (mostly French, Spanish and Italians). Together with the product specialist, she met with customers to discuss the best financing structure required; Wells Fargo was very good at trade financing as well as at syndicated loans and US private placements. Wells Fargo is a private bank. Her position was at the London Branch of the bank, and she worked in deals for Southern European countries. 3. UNIVERSITY DEGREE PDG at IESE Master in Econometrics and Mathematical Economics at the London School of Economics BA in Economics at the University Autonomous of Barcelona (UAB) Page 4 / 8

5 4. LANGUAGE SKILLS Mother tongues Catalan Spanish Other languages English French Italian UNDERSTANDING SPEAKING WRITING C2 C2 C2 C1 C1 B2 B2 B1 A1 Levels: A1/2: Basic user - B1/2: Independent user - C1/2 Proficient user Common European Framework of Reference for Languages 5. ADDITIONAL INFORMATION Publications "Crowdequity y crowdlending: fuentes de financiación con futuro? ", published under the Observatorio de Divulgación Financiera, from the Instituto de Estudios Financieros (IEF) The discontent of a small Europe, a book by Andreu Ulied and in which she has a chapter on The situation of infrastructures in Europe 01/02/12 Financiando proyectos empresariales CatEconómica 26/08/13 Conferences 20/05/05: Public tender of public Works, Conference delivered to the Association of Civil Engineers, Asinca. 24/05/05: Gisa s role in Catalonia, presentation at Iese within a Conference on Public Works. 26/10/05: Speech at the Railforum conference on Financing Infrastructures, held in Madrid. 4/04/06: Conference organised by SMI on PPPs in Spain, Financing infrastructures in Spain. 31/05/06: Participation at the Metrorail Conference Driving metro innovation in the 21st century, with a conference on: Funding and developing the 21st century metro where will we be in 5 years time? 28/06/06: Participation in a Conference on Management and Financing Public Infrastructures, organised by Recoletos, Speech on The promotion in Catalonia of mix financing of public equipments. 5/10/06: Opening speech at the Conference on Project Management organised by Aedip, with the title From theory to practice. 16/02/07: Conference on PPP in Spain organized by SMI, held in Madrid. She gave a conference on Gisa s experience in working with private investors to build public works and buildings. 17/04/07: Conference on Management of Urban Subsoil, organised by International Research, in Madrid, participating with the presentation on The experience of Gisa in the construction of Barcelona metro. 3/05/07: Participation in the Conference on PPP s in Spain organised by Infranews. 26/06/07: Participation in the Conference organised by the World Bank on Infrastructures, with the presentation Building infrastructures in Catalonia. 14/11/07: Participation in a panel at the Railforum Conference in Valencia on financing infrastructures. 12/05/08: Conference on PPPs in Spain, organised by SMI, in Madrid. Speech on Developing Rail and Light Rail in Catalonia. 12/06/08 Conference in Madrid, organised by Expansion, on Transport Infrastructures, participating with the conference Which is the financial model of the Line 9 of Barcelona? 9/07/08: Conference at Iese, Barcelona, at the Center Public sector-private sector on Private financing of public infrastructures. Page 5 / 8

6 CV Pilar de Torres Sanahuja 30/03/09: Metrorail Conference, participation in a panel session on Upping the bankability and maximising the potential of major metro projects. 20/10/09: Conference on Urban Transport, organised by Terrapin in London, and in which she presented a Case study: Beyond government funding- securing additional financing for Barcelona s metro line 9. 1/12/09: Conference on Innovation in the railway sector, in which she gave a presentation on Innovations in the fully automated L9. 25/05/10: Metrorail 2010 Conference on Investment and development opportunities for operators, giving a speech on An in depth insight into the establishment of a public-private partnership in Spain, held in London. 11/09/10: Euromoney Conference on The European Local and Regional Government Finance Conference, participation in a panel on Infraestructure, together, amongst others, with Luca Lazzarolli, Head of Division, Spain, Infrastructure financing and PPP at EIB. Seminars 29/07/05 UIMP Participation on the UIMP (University Menendez y Pelayo) Seminar on transparency and stability as governing factors in the managements of administrations, giving a Conference on Financing public infrastructures. Participation in the mentor program of Barcelona Activa during the last three years, advising SMEs and orienting them in key strategic decisions. Honours and awards Grant from the March Foundation to study the Master in Econometrics and Mathematical Economics at the London School of Economics Memberships Barcelona Global, member of the Board and of the Executive Committee. Ms. De Torres also heads the committee which is analysing the future development of the Mobile Congress in Barcelona, and how the link to businesses in Barcelona can be reinforced. In particular, how can Barcelona improve in the implementation of new communication technologies and the infrastructures required. Ateneu Barcelonés: she was the Vicepresident from 2011 to 2014, participating and presenting many panels and key speakers, amongst which the Minister of Economy of the Generalitat de Catalunya, Andreu Mas Colell. She was in charge of the financing of the association, and as such got to know the world of cultural ONG. Círculo de Economía: she has been member of the Board from 2010 to 2012, participating in many panels. During those years she was responsible of the Observatory on Infrastructures and environment. The group, with experts form the different sectors, met many times and concluded with a paper with recommendations to both the central and autonomous government. References Xavier Freixas, Professor of Finance at Universitat Pompeu Fabra (xavier.freixas@upf.edu). Salvador Alemany, President Abertis and former CEO (salvador.alemany@abertis.com). Mr. Alemany was the President of the Cercle d Economia during the years , an association of professionals and businesspersons with a significant influence on public opinion on economic issues. Abertis is one of the Spanish leading companies on the administration of toll motorways. Iñaki Badiola, responsible for Public Administrations and Project Finance at CaixaBank (ibadiola@caixabank.com). Mr. Badiola was the Financial Director of Gisa and Ifercat, working with Ms. De Torres in the structure of the various project finance for the infrastructures and public equipment. 6. ANNEXES 1) List of all the articles published in different newspapers, journals, etc. 2) List of all the conferences and seminars. Page 6 / 8

7 Annex 1 List of all the published articles "Crowdequity y crowdlending: fuentes de financiación con futuro? ", published in the Observatorio de Divulgación Financiera, from the Instituto de Estudios Financieros (IEF) The discontent of a small Europe, a book by Andreu Ulied and in which she has a chapter on The situation of infrastructures in Europe 01/02/12 Financiando proyectos empresariales CatEconómica 26/08/13 El plan de las Infraestructuras de la Generalitat de Catalunya centra el 68% de la inversión en el ferrocarril, TecniRail, 01/05/06. El primer tramo de la Línea 9 de Barcelona entrará en funcionamiento a finales de 2009, TecniRail, 01/02/08 La ley impide en el sector público cosas que el sentido común aconseja, Presidenta de Gisa, El país (Cataluña, p. 5) 21/09/05. La Línea 9: una apuesta de futuro, TecniRail, 01/09/08. El Economista, interview 28/10/13 El Punt Avui, interview 7/05/15. Regular participation in the newspaper Expansion Observatory for Catalonia, on economic issues. Regular writer at the digital journal Vía Empresa on macro-economic analysis and issues on financing. Annex 2 List of all conferences, seminars and presentations 3/11/04: M&A: an option for the future of the family owned families, conference at the ASCEF, association of family owned companies. 20/05/05: Tender of public works, Conference delivered to the Associations of Civil Engineers, Asinca. 24/05/05 Gisa s role in Catalonia, presentation at Iese within a Conference on Public Works. 29/07/05 Participation at the UIMP (Universidad Mennedez y Pelayo, Santander) Conference on transparency and stability as governing factors in the managements of administrations, giving a conference on Financing public infrastructures. 26/10/05 Speech at the Railforum conference on Financing Infrastructures, held in Madrid. 4/04/06 Conference organised by SMI on PPPs in Spain, Financing infrastructures in Spain. 31/05/06: Participation at the Metrorail Conference Driving metro innovation in the 21st century, with a conference on : Funding and developing the 21st century metro where will we be in 5 years time?. 28/06/06: Participation in a Conference on Management and Financing Public Infrastructures, organised by Recoletos. Speech on The promotion in Catalonia of mix financing of public equipment. 3/10/06 Conference to the Gremio de Contratistas, Barcelona. 5/10/06 Opening speech at the Conference on Project Management organised by Aedip, with the title From theory to practice. 24/10/06 Conference at the Association of Civil Works Engineers, Barcelona. 8/11/06 Barcelona Meeting Point Conference on: Promoters Constructors: what they expect from the city planners. 16/02/07 Conference on PPPs in Spain organized by SMI, held in Madrid. She gave a conference on Gisa s experience in working with private investors to build public works and buildings. 17/04/07 Conference on Management of Urban Subsoil, organised by International Research, in Madrid, participating with the presentation on The experience of Gisa in the construction of Barcelona metro. 3/05/07 Participation in the Conference on PPP s in Spain organised by Infranews. 26/06/07: Participation in the Conference organised by the World Bank on Infrastructures, with the presentation Building infrastructures in Catalonia. 14/11/07 Participation in a panel at the Railforum Conference in Valencia on financing infrastructures. 12/05/08: Conference on PPP in Spain, organised by SMI, in Madrid. Speech on Developing Rail and Light Rail in Catalonia. 12/06/08 Conference in Madrid, organised by Expansion, on Transport Infrastructures, participating with the speech Which is the financial model of the Line 9 of Barcelona?. 9/07/08, Conference at Iese, Barcelona, at the Center Public sector-private sector on Private financing of public infrastructures. 17/7/08 Conference on The infrastructures as a development engine at the II meeting between the Círculo de Economía and the Asociación de Empresarios Valencianos. Page 7 / 8

8 CV Pilar de Torres Sanahuja 4/11/08 Public Private Collaboration for the development of public equipment s and infrastructures, organised by the specialised journal IEX Nova. 30/03/09 Metrorail Conference, participation in a panel session on Upping the bankability and maximising the potential of major metro projects. 20/10/09 Conference on Urban Transport, organised by Terrapin in London, and in which she presented a Case study: Beyond government funding: securing additional financing for Barcelona s metro line 9. 1/12/09 Conference on Innovation in the railway sector, in which she gave a presentation on Innovations in the fully automated L9 at Fira de Barcelona. 12/05/10: Madrid, Investructuras 2010, participation in a panel on Tendencies and models on financing railways and tramways infrastructures in Spain. 25/05/10 Metrorail 2010 Conference on Investment and Development Opportunities for Operators, giving a speech on An in depth insight into the establishment of a public-private partnership in Spain, held in London. 11/09/10 Euromoney Conference on The European Local and Regional Government Finance Conference, participation in a panel on Infraestructure, together, amongts others, with Luca Lazzarolli, Head of Division, Spain, Infraestructure financing and PPP at the EIB. 21/10/10: Círculo de Economía Participation on a panel on Women at the top of companies. 17/5/11 Speech on The regulation of the Public Contracts and the sectors efficiency", at Andorra s contractor s organization. 6/06/11 Presenter and Moderator of the debate with the Minister of Economics at the Generalitat de Catalunya, Andreu Mas Colell with the title La fortalesa económica at Ateneu Barcelonés. 23/5/13 Conference organised by Esade and Group 7, on Youth and entrepreneurship, in which she participated in a panel on new financial instruments, held at Esade, Barcelona. 27/09/13 Inaugural speech of the Academic year at the Ateneu Barcelonés, with a conference on The discreet presence of women at the Ateneu Barcelonés. 12/11/13 Participation in the event at Iese Entrepreneurship in a new capital markets with a speech on A new channel to provide funds to SMEs. 19/11/13 Conference on new financing instruments at Acció10. 3/03/14 Event on feminine leadership, with a conference on Financing is never an insurmountable barrier, organized by ForoEcofin. Page 8 / 8