Media release

Spanish Fibre business Onivia doubles in size, with new rural fibre
network investment
Macquarie Capital (Macquarie), Aberdeen Standard Investments (ASI) and Daiwa
Energy & Infrastructure (DEI), investors behind Spain’s Onivia Network have acquired amajority stake in a large rural Fibre-to-the-Home network from MasMovil.
Onivia will commercialize this fibre to the home network – meaning Onivia’s coverage
has more than doubled in size to over 2.1m homes. The agreement means that thisindependent bitstream wholesaler now covers rural as well as urban areas. MasMovilwill be the network’s technological partner, carrying out both the deployment of newhouseholds and the operation and maintenance of the fibre optic network sold.
As part of the agreement, MasMovil retains full ownership for its existing customers inthe sold network and will continue to use it to support its customers. Another major
Spanish internet service provider, Orange, is also an anchor customer on the network
Macquarie Capital acted as sponsor, lead equity investor, sole debt arranger and solefinancial advisor in the acquisition. ASI and DEI are also sponsors in the acquisition.

Madrid, 04 May 2021 – Onivia, Spain’s first independent fibre network operator, is to
double in size following the acquisition of a majority stake in a rural fibre-to-the-home(FTTH) network by Onivia’s investors. Macquarie, with co-investors ASI and DEI, havecompleted the acquisition of a majority stake in a large Spanish rural fibre to the homenetwork. This fibre network, which will cover around 1.1m building units in well over a
thousand Spanish rural communities, was previously wholly owned by telecoms
operator MasMovil.
This rural network currently provides wholesale access services in rural areas spread
across Spain. MasMovil will retain a minority stake in the rural network and fullownership for its existing customers in the sold network. Roughly two thirds of the totalplanned size of the network has already been built out and the full rural network isexpected to be completed by 2022.
This rural network will be commercialized by Onivia, an independent wholesale network
operator, launched by Macquarie and ASI in early 2020, and joined by DEI in May
2020. MasMovil will be the network’s technological partner, carrying out both thedeployment of new households and the operation and maintenance of the fibre optic
network sold. Onivia provides an alternative, independent source of wholesale fibre
capacity for all internet service providers (ISPs) and smaller broadband businesses.
The new network will complement Onivia’s current coverage in Spain’s five largest
cities (Madrid, Seville, Valencia, Barcelona and Malaga), and provide Onivia with anational presence.
Spain has one of the most mature fibre markets in Europe with fibre-to-the-home(FTTH) coverage of 85% expected to grow to 95% by 2022, driven by ruraldeployments. Demand for ultrafast, reliable broadband in rural parts of Spain, isexpected to grow significantly over the next few years, as more workers take theopportunity to work remotely. In addition, the Spanish Government has put in place
regulatory measures to encourage faster rural broadband deployment and requires
operators to guarantee coverage of 30 Mbps or higher for at least 90% of citizens living
in population units of less than 5,000 inhabitants1.
MasMovil, Spain’s fourth largest internet ISP, will continue to use the fibre network toserve its own customers. Another major Spanish ISP, Orange, is also an anchor
customer of this independent fibre network.
Mark Bradshaw, Head of Infrastructure Projects, Europe & Americas at Macquarie
Capital said: “This transaction is another major investment from our expanding digital
infrastructure development business, doubling the size of the Onivia network and giving
the business a national footprint. The project provides us and our partners with anotheropportunity to deploy flexible balance sheet capital to grow this business – to help meetthe constantly growing demand for reliable, ultra-fast internet connectivity acrossEurope, especially from rural communities.”
Gershon Cohen, Global Head of Infrastructure at Aberdeen Standard
Investments, said: “The pandemic has accelerated the need to ensure that people andbusinesses are connected, particularly in more rural communities. Investing in fibre
optic projects is crucial not only as we drive towards economic recovery, but also inseeking to redress the imbalance of social inequality. We are delighted to continue tosupport this significant investment opportunity in the Spanish fibre network, allowing us
to expand our commitment to seek long term stable returns for our investors, whilst
improving IT efficiency and sustainability thereby contributing to a greener future.”Morimasa Matsuda, Representative Director at Daiwa Energy & Infrastructure
said: “This project is representing dynamic evolution in Spanish telecom market. An
independent and sizable FTTH wholesaler is essential for Spanish market to encourage
broadband development. From this aspect, the transaction is also a very important stepfor Onivia. It is foreseeable that digital sector is growing fast and DEI will continuously
make investments to the sector. Daiwa securities Group has strong initiatives towards
Sustainable Development Goals (SDGs). With providing the faster internet access topeople in Spain, the acquiring asset can definitely contribute to SDGs.
-ENDS-Notes to Editors
About Macquarie Capital
Macquarie Group Limited is a diversified financial group providing clients with asset
management and finance, banking, advisory and risk and capital solutions across debt,
equity and commodities. Founded in 1969, Macquarie employs 16,356 people in 31markets. At 30 September 2020, Macquarie had assets under management of £308.7billion. For further information, visit www.macquarie.com.

1Source: European Commission, “State aid: Commission approves €400 million of public support for very high-speed networks in Spain”

Macquarie Capital specialises in infrastructure development with £18 billion currently
under construction or development globally. Macquarie Capital’s Infrastructure Principaland Projects business specialises in the development / construction of projects andinvesting in infrastructure businesses across transportation, social and digital
infrastructure. The team also offers flexible, partnership capital to infrastructurecompanies to help fund capital expenditure, business expansion and acquisitions.
Over the past two years, the business has significantly increased its expertise in thedigital infrastructure sector – and most recently increased its investment in the UK rural
broadband business Voneus.

About Aberdeen Standard Investments

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Aberdeen Standard Investments is a global asset manager dedicated to creating
long-term value for our clients. With over 1,000 investment professionals, wemanage £456.9 billion* of assets worldwide and have clients in c.80 countries.
(*as of 31 December 2020)
We are high-conviction, long-term investors who believe teamwork andcollaboration are the key to delivering repeatable, superior investment
performance.
Standard Life Aberdeen plc is headquartered in Scotland. It has over 1 million
shareholders and is listed on the London Stock Exchange.
You can access the Aberdeen Standard Investments media centre here:
https://www.aberdeenstandard.com/news-and-media

About Daiwa Energy & Infrastructure
DEI is a core strategic subsidiary of Daiwa Securities Group Ltd., for exploring further
investment opportunities in infrastructure assets, renewable energy and resource. Thebalance of investment is JPY 1,176 million (About EUR 900 million) at the end of March
2021.
Daiwa Securities Group has been a driving force for initiatives in addressing social
issues through its continuous efforts in product development and provision for morethan ten years. To accelerate our initiatives, Daiwa established the SDGs Promotion
Committee chaired by Seiji Nakata (President and CEO of Daiwa Securities Group Inc.)and recently assigned Keiko Tashiro (Deputy President) as the Head of SDGs. DEI willcontinue to invest to digital infrastructure sector to promote these Goals. For further
information, visit https://www.daiwa-ei.jp/en/ .