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EDM Inversión Spanish Equities Return Date: 31/12/2016 Portfolio Date: 30/11/2016 Snapshot Category Custodian / Administrator Auditor Domicile Morningstar Rating Overall UCITS 15 Years Risk-Reward Time Period: 01/01/2002 to 31/12/2016 9,0 7,0 5,0 EAA Fund Spain Equity Bancoval Securities Services SA KPMG Auditores S.L. Spain ÙÙÙÙÙ Yes 11,0 EDM Inversión IBEX 35 Spanish Equity Category Fund s Data Inception Date Month End Price Fund Size ( ) Management Fee Base Currency ISIN Fund s Manager Comment 02/04/1987 61,19 462.096.717 Euro ES0168674036 The Spanish stock market experienced a mini rally in the last month of the year driven by the banking sector. All banks listed on the Ibex 35, with the exception of Bankinter, climbed more than 10% in December, most notably Banco Santander, which rose +14.98%. The sector reflected the rise in US interest rates and higher inflation expectations, as well as improved prospects for economic growth, while sidestepping all of the sector s current challenges (negative Euribor interest rates, stagnation/decline in lending portfolios, more regulation, FinTech threat, etc.). Telefonica recovered 12% in the year-end sprint to enhance its poor annual result (-13.8%, -6.5% including dividends). The Ibex-35 rose +7.6% during the month, which more than offset the 5% correction of the previous month. For its part, EDM Inversión rose 5.04% supported by positive contributions from Acerinox, Técnicas Reunidas, Catalana Occidente, Santander and Grifols. In 2016, EDM Inversión obtained a return of +12.1% compared to a negative return of -2% for the Ibex-35 and -6.6% for the Ibex Medium Cap, representing a positive spread in favour of the fund of more than 14 percentage points over the Ibex-35. Return 3,0 1,0-1,0 0,0 4,0 8,0 12,0 16,0 20,0 24,0 Std Dev The most important development for the fund this month was Grifols announcement of the acquisition of the NAT unit from the American firm, Hologic, for USD 1.85 billion. NAT (Nucleic Acid Testing) technology enables more comprehensive blood and plasma analysis by detecting more virus types. It will join the Grifols Diagnostics division. This marks the second largest acquisition in the company s history, behind Talecris, exceeding its purchase of the Novartis Diagnostic division. The operation makes industrial sense: it contributes USD 160 million of EBITDA, expands the gross operating income of the whole group by more than 350 bps, is a major cash generator, and has an accretive effect on net earnings per share from year one. The most significant movements in the past month included increasing positions in Cellnex, Gamesa and Euskatel positions, and reducing investments in Santander, Técnicas Reunidas and Acerinox Historical Performance vs. Benchmark Time Period: 01/01/2000 to 31/12/2016 300,0 250,0 200,0 150,0 100,0 50,0 0,0 2000 2002 2004 2006 2008 2010 2012 2014 2016 EDM Inversión IBEX 35 Spanish Equity Category Returns Return 450,0 400,0 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0-50,0-100,0 12,1 2,3 12,1 2,3 19,8-2,0-2,0-5,7 6,9 94,0 9,2 YTD 1 year 3 years 5 years 7 years 10 years 15 years 20 years 44,0 65,7 15,7 34,1-21,7-33,9 1,9 216,9 11,4 89,1 425,0 81,4 202,8 EDM Inversión IBEX 35 Spanish Equity Category Statistical Risk Alpha Beta Volatility Correlation Sharpe Ratio Sortino Ratio 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years 20 Years 1,04 7,30 11,94 9,08 5,35 6,47 0,52 0,69 0,61 0,65 0,72 0,70 3,37 12,75 13,68 14,93 16,85 15,43 16,58 0,84 0,86 0,87 0,89 0,90 0,90 0,31 0,53 1,02 0,53 0,18 0,46 0,52 0,83 1,80 0,82 0,25 0,67 All EDM return data are expressed in euros and are stated net of expenses and fees. Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends) This document is reserved for professional investors as defined by Mifid. Past results are not necessarily indicative for future results. This document does not constitute any recommendation or investment proposal. It has no contractual value and may contain errors and/or omissions. Nothing contained herein shall in any way constitute an offer by EDM Asset Management and/or Finaltis to provide any service or product, or an offer or solicitation of an offer to buy or sell any securities or other investment product. Please refer to the prospectus for full information. EDM Asset Management www.edmassetmanagement.com -1- Tel. +34914110398 +34934160143 edm@edm.es

EDM Inversión Spanish Equities Return Date: 31/12/2016 Portfolio Date: 30/11/2016 Portfolio Holdings Equity Sectors % Acerinox SA 8,6 CIE Automotive SA 7,0 Grifols SA ADR 6,4 Construcciones y Auxiliar de Ferrocarriles SA 6,2 Tecnicas Reunidas SA 6,2 Bolsas y Mercados Espanoles 5,6 Grupo Catalana Occidente SA 5,3 Distribuidora Internacional De Alimentacion SA 5,2 Repsol SA 4,5 Gamesa Corporacion Tecnologica SA 4,5 Other 40,6 Total 100,0 % Basic Materials 16,0 Consumer Cyclical 11,6 Financial Services 14,1 Real Estate 4,9 Consumer Defensive 7,5 Healthcare 8,3 Utilities 2,7 Communication Services 11,5 Energy 4,4 Industrials 15,8 Technology 3,3 Portfolio construction Long-only traditional investment style (bottom-up) Stock picking. No benchmarking (low overlapping against its benchmark) Stock picking methodology Focus on understandable and predictable businesses at reasonable prices Management quality & integrity are crucial for us Long-term investment horizon (5 years on average) Demanding criteria: High quality of the business (ROE = 16.98%) Low turnover (18% average for the last 6 years) Sustainable EPS growth 5 years (9.08%) High liquidity (93% of the portfolio can be sold within one trading day) Concentrated portfolio, maximum 20 companies Fully invested (never below 80%): competition among stocks Recurrent and solid cash-flows Companies focused on international markets to generate growth Lack of sectors whose profits are not easily foreseen: - Banking - Cyclical sectors Sectors vs. Benchmark Basic Materials % Consumer Cyclical % Financial Services % Real Estate % Consumer Defensive % Healthcare % Utilities % Communication Services % Energy % Industrials % Technology % EDM Inversión 15,95 11,60 14,08 4,90 7,52 8,27 2,69 11,54 4,38 15,81 3,27 EDM-Inversión R FI - Equity Sectors (Morningstar) Time Period: 01/12/2002 to 31/12/2016 120,0 100,0 80,0 60,0 40,0 20,0 0,0 Ibex 35 1,56 14,62 32,29 1,00 1,07 1,76 15,32 9,13 4,12 14,67 4,47 2004 2006 2008 2010 2012 2014 2016 Equity Econ Sector Basic Materials % Equity Econ Sector Consumer Cyclical % Equity Econ Sector Financial Services % Equity Econ Sector Real Estate % Equity Econ Sector Consumer Defensive % Equity Econ Sector Healthcare % Equity Econ Sector Utilities % Equity Econ Sector Communication Services % Equity Econ Sector Energy % Equity Econ Sector Industrials % Equity Econ Sector Technology % Style Box 13,4 0,0 13,1 14,2 14,7 22,8 5,4 10,1 6,3 Value Blend Growth Large Mid Small Holdings-Based Style Map Micro Small Mid Large Giant Deep-Val Core-Val Core Core-Grth High-Grth Market Cap % Market Cap Giant 13,8 Market Cap Large 12,6 Market Cap Mid 51,7 Market Cap Small 15,2 Market Cap Micro 6,6 EDM Inversión 30/11/2016 Ibex 35 31/12/2016 Spain Equity (Category) 30/11/2016 EDM Asset Management www.edmassetmanagement.com -2- Tel. +34914110398 +34934160143 edm@edm.es

EDM Inversión Spanish Equities Return Date: 31/12/2016 Monthly returns 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Cumulative returns EDM Inversión IBEX 35 Annualized returns EDM Inversión IBEX 35 Annualized volatility EDM Inversión IBEX 35 Sharpe Ratio EDM Inversión IBEX 35 Sortino Ratio EDM Inversión IBEX 35 Benchmark correlation Alpha Beta Return Information Ratio (geo) Tracking Error Correlation R2 Statistical risk Up Capture Ratio Down Capture Ratio Longest Down-Streak Start Date Longest Down-Streak End Date Down Number Up Number Best Quarter Worst Quarter Gain/Loss Ratio Max Drawdown Overall Deviation Overall Capture Ratio Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YEAR -6,12 0,54 1,82 3,21 2,00-3,19 6,45 1,11 1,72-0,32-0,16 5,05 12,14 5,56 5,56 2,71-0,87 0,81-3,55 0,27-5,98-7,24 9,37 2,50-4,56 3,21 2,32 1,90 2,47 0,54 1,75 2,53-3,04-0,34-1,99-2,09 3,00-3,31 3,50 3,28 4,25-0,24 5,26 0,49-0,51 8,08-1,31 6,52 6,54 0,66 0,80 38,82 2,16 0,08-0,34-3,97-8,91 9,42-0,07 5,95 4,89 3,81-2,45 6,36 16,64 5,99 1,98 1,93 2,78-1,87-2,06-3,09-6,37-4,72 1,23-2,72 1,36-6,10-3,04-3,33 3,41-3,51-9,09-3,42 8,84-1,74 2,98 4,06-10,87 8,48-9,00-3,47-7,61-0,55 17,87 5,64 0,65 6,68 3,92 3,71-5,11 0,97 3,60 26,84-8,86 3,00 2,05 2,16 0,16-8,83-3,25 0,41-11,16-16,07-4,09 1,25-37,14 2,68 0,43 4,16-0,84 3,70-3,04-0,20-3,35-1,85 6,61-2,64-3,57 1,47 5,61 5,92 1,39 0,95-3,82 0,79 3,26 1,81 5,36 4,77 4,13 3,24 38,45 4,11 1,25-1,06-1,11 5,14 4,61 2,93 1,06 6,49-3,92 0,85 1,77 23,91 4,21 4,55-0,88 1,92-0,46 1,25-0,21 0,60 1,32 2,66 1,65 4,96 23,59 0,77-1,57-2,21 7,68 2,02 3,90 4,14 0,54-2,48 3,37 2,35 4,46 24,95-0,10 1,36 3,66 1,24-0,42-6,07-5,25-0,27-8,93 5,39 6,13-6,76-10,81 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 12,14 12,14-2,01-2,01 15,73-9,02 19,78-5,69 93,96 9,17 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 12,14 12,14-2,01-2,01 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 11,67 18,65 14,65 18,67 12,75 15,88 13,68 19,59 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 1,06-0,01 0,58-0,16 0,53-0,05 1,02 0,17 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 1,79-0,01 0,92-0,21 7,58-4,62 0,83-0,06 6,20-1,94 1,80 0,26 14,17 1,77 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 1,04 10,46 7,30 11,94 9,08 5,35 6,47 0,52 0,68 0,69 0,61 0,65 0,72 0,70 12,14 7,58 6,20 14,17 7,49 2,98 7,99 8,64 4,58 1,38 1,01 1,18 1,13 0,76 0,79 0,55 3,16 9,30 8,19 10,32 10,01 9,59 9,13 9,83 0,84 0,87 0,86 0,87 0,89 0,90 0,90 70,23 75,97 73,72 75,13 78,95 80,17 80,77 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 81,46 94,00 92,84 86,28 85,29 83,29 85,64 81,46 34,39 54,39 59,05 39,57 51,33 62,78 59,14 60,48 01/10/2016 01/10/2016 01/07/2014 01/07/2014 01/05/2011 01/05/2011 01/05/2011 01/05/2011 30/11/2016 30/11/2016 31/10/2014 31/10/2014 30/09/2011 30/09/2011 30/09/2011 30/09/2011 4,00 9,00 14,00 22,00 35,00 52,00 69,00 95,00 8,00 15,00 22,00 38,00 49,00 68,00 111,00 145,00 9,49 14,45 14,45 14,45 14,45 25,32 25,32 37,86-3,89-12,55-12,55-12,55-15,28-18,49-18,49-22,53 2,24 1,52 1,48 2,18 1,50 1,22 1,54 1,55-6,12-15,71-15,71-15,71-26,09-48,78-48,78-48,78 3,20 2,37 1,73 1,57 2,18 1,66 1,33 1,45 1,35 EDM Asset Management www.edm.es/en -1- Tel. +34934160143 +34914110398 edm@edm.es 14,93 20,55 0,53-0,09 0,82-0,12 65,75-21,67 7,49-3,43 16,85 21,01 34,11-33,89 0,18-0,16 0,25-0,21 2,98-4,05 216,88 11,37 7,99 0,72 15,43 19,96 0,46 0,05 0,67 0,06 425,01 81,43 8,64 3,02 16,58 21,47

EDM Inversión Spanish Equities Return Date: 31/12/2016 Histogram Chart Time Period: 01/01/2000 to 31/12/2016 24,0 20,0 16,0 Drawdown Chart Time Period: 01/01/2000 to 31/12/2016 0,0-7,5-15,0-22,5 Number Of Period 12,0 8,0 4,0 0,0-18,0-14,0-10,0-6,0-2,0 2,0 6,0 10,0 14,0 18,0-30,0-37,5-45,0-52,5-60,0-67,5 2000 2002 2004 2006 2008 2010 2012 2014 2016 EDM Inversión IBEX 35 EDM Inversión IBEX 35 12M Rolling Annualized Return 50,0 0,0 Return -50,0 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 2012 2013 2014 2015 2016 EDM Inversión IBEX 35 12M Rolling Annualizede Volatility 40,0 20,0 Volatility 0,0 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 2012 2013 2014 2015 2016 EDM Inversión IBEX 35 3Y Rolling Alpha Rolling Window: 3 Years 1 Month shift 15,0 7,5 Alpha 0,0 01 02 03 04 05 06 07 08 09 10 11 12 2014 01 02 03 04 05 06 07 08 09 10 11 12 2015 01 02 03 04 05 06 07 08 09 10 11 12 2016 EDM Inversión IBEX 35 3Y Rolling Beta Rolling Window: 3 Years 1 Month shift Beta 1,5 1,0 0,5 01 02 03 04 05 06 07 08 09 10 11 12 2014 01 02 03 04 05 06 07 08 09 10 11 12 2015 01 02 03 04 05 06 07 08 09 10 11 12 2016 EDM Inversión IBEX 35 All EDM return data are expressed in euros and are stated net of expenses and fees. Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends) EDM Asset Management www.edm.es/en -2- Tel. +34934160143 +34914110398 edm@edm.es