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EDM Strategy European Equities Return Date: 28/02/2018 Portfolio Date: 28/02/2018 Snapshot Category Custodian / Administrator Auditor Domicile UCITS 5 Years Risk-Reward Time Period: 01/03/2013 to 28/02/2018 10,0 8,0 6,0 4,0 2,0 Europe Equity Large Cap RBC Investor Services Bank SA Deloitte SA Luxembourg Yes EDM Strategy STOXX 50 EURO STOXX 50 Europe Large-Cap Growth Equity (Category) Fund s Data Inception Date Month End Price Fund Size ( ) Base Currency Average Market Cap (mil) (Long) ISIN Fund s Manager Comment 31/10/1995 383,64 267.143.142 Euro 22.175 LU0028445327 Volatility reappeared on equity markets in February and stocks suffered major corrections, cancelling the gains accumulated in January. In light of strong global economic growth, the end of the hyper-expansionary monetary policies of recent years will inevitably precipitate the return of volatility to the markets. EDM Strategy declined -4.24% in February, in line with the MSCI Europe, which fell -4.08%. In the year thus far, the fund has corrected -3.58% vs. a -2.58% correction for the index. Inditex and Reckitt were the largest detractors from the fund s performance, shedding -13.5% and -15%, respectively. However, we believe this is an opportunity to strengthen positions in these top quality companies at very attractive prices. Inditex has been adversely affected by the healthy euro, both in terms of sales and profitability. Nevertheless, the core business is strong and very different from that of its competitors. Inditex has a fully integrated model, wherein the risks are greatly mitigated by its scale, diversification, and flexibility. It continues to gain shares in its more than 90 markets: in many, like the US, Inditex has a small presence, offering high potential for long-term growth. The company currently holds more than 9% of its market capitalisation in net cash. Reckitt Benckiser reported results consistent with the expectations of the consensus, with a marked improvement in the business in the fourth quarter of the year. Mead Johnson, a recently acquired infant formula company, returned to positive growth after several years of declining sales. The price, however, did not reflect the improvement of results, but rather the fear among investors that Reckitt may offer an elevated price for Pfizer s Consumer Healthcare business. We do not believe that Reckitt s management team will do anything to jeopardise value for shareholders, and the company s potential for appreciation currently exceeds 30%. The highest single contributor to the fund in February was Dassault Systèmes, which gained +14.5% thanks to the publication of outstanding results, which included sharp growth in new licences, indicating the acceleration of the product sales cycle, with more than 20 signed agreements to use the new 3DEXP platform. The CEO has mentioned the positive momentum in the sale of this latest version for years to come and its tremendous potential for different industries. Return 0,0 0,0 3,0 6,0 9,0 12,0 15,0 18,0 In the wake of the recent corrections there are major opportunities in top quality European companies, like those that comprise EDM Strategy. We believe it is an excellent time for investors willing to withstand volatility and focused on long-term profitability to increase positions in the fund. Std Dev Historical Performance vs. Benchmark Time Period: 01/01/2000 to 28/02/2018 180,0 160,0 140,0 120,0 100,0 80,0 60,0 40,0 20,0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 EDM Strategy STOXX 50 EURO STOXX 50 Europe Large-Cap Growth Equity (Category) Returns 200,0 150,0 163,1 Return 100,0 50,0 0,0-50,0 56,3 42,9 22,6 30,6 2,0 3,6 14,8 12,0 14,1-3,6-4,4-1,9-1,0-4,5-10,7-4,4-4,7-7,7 YTD 1 year 3 years 5 years 7 years 10 years 15 years 40,3 60,6 EDM Strategy STOXX 50 EURO STOXX 50 Statistical Risk 1 year 3 years 5 years 7 years 10 years 15 years Alpha 0,25 1,79 1,74 3,81 4,53 4,46 Beta Volatility Correlation 0,88 2,64 0,90 0,87 11,98 0,92 0,86 11,00 0,91 0,80 11,36 0,86 0,70 12,09 0,84 0,68 11,22 0,82 Sharpe Ratio Sortino Ratio 0,09 0,13-0,05-0,07 0,43 0,65 0,48 0,73 0,36 0,52 0,50 0,73 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 Strategy is available on the following fund platforms: Allfunds Bank, Inversis, RBC and MFEX. EDM Asset Management www.edmassetmanagement.com -1- Tel. +34914110398 +34934160143 edm@edm.es

EDM Strategy European Equities Return Date: 28/02/2018 Portfolio Date: 28/02/2018 Portfolio Holdings Equity Sectors Equity Country Exposure Portfolio Date: 31/01/2018 % Industria De Diseno Textil SA 6,9 Novo Nordisk A/S B 6,8 Grifols SA ADR 5,4 Reckitt Benckiser Group PLC 5,3 Coloplast A/S B 5,0 Dassault Systemes SE 4,5 Air Liquide SA 4,3 Elis SA 4,2 Roche Holding AG Dividend Right Cert. 4,2 Brenntag AG 3,7 Cie Generale des Etablissements Michelin SA 3,6 Essentra PLC 3,5 Deutsche Post AG 3,4 Dufry AG 3,3 Unilever NV DR 3,2 DSV A/S 2,9 Other 29,6 % Basic Materials 8,9 Consumer Cyclical 28,2 Financial Services 2,4 Real Estate 0,0 Consumer Defensive 12,6 Healthcare 26,3 Utilities 0,0 Communication Services 0,0 Energy 0,0 Industrials 16,0 Technology 5,7 % Belgium 1,3 Denmark 17,8 France 23,0 Germany 9,0 Netherlands 3,0 Spain 17,8 Sweden 1,5 Switzerland 10,2 United Kingdom 16,4 Total 100,0 Portfolio construction Long-only traditional investment style (bottom-up) Stock picking. No benchmarking (low overlapping against its benchmark) Long-term investment horizon Low turnover (18% average for the last 6 years) High liquidity (92% of the portfolio can be sold within one trading day) Restricted investment universe: only 100 companies globally Concentrated portfolio, maximum 30 companies Always fully equity invested (competition among stocks) Stock picking methodology Focus on understandable and predictable businesses at reasonable prices Management quality & integrity are crucial for us Demanding criteria: High quality of the business (Average Portfolio ROE = 25.6%) Sustainable EPS growth (5Y Average EPS Growth = 11.1%) Low debt balance-sheet (Net Debt/EBITDA = 1,2) Recurrent and solid cash-flows Companies focused on emerging markets to generate growth (1/3 Sales) Following certain long-term Macro-trends Lack of sectors whose profits are not easily foreseen 100% currency hedged (we do not predict currency fluctuations) Equity Sectors vs benchmarks Style Box Basic Materials Consumer Cyclical Financial Services Strategy Stoxx 50 8,89 6,41 28,16 3,84 2,41 24,33 Euro Stoxx 7,35 11,83 23,24 0,0 12,3 60,1 7,6 7,6 9,4 3,0 0,0 0,0 Large Mid Small Market Cap % Market Cap Giant 41,1 Market Cap Large 31,3 Market Cap Mid 24,6 Market Cap Small 3,0 Market Cap Micro 0,0 Real Estate Consumer Defensive Healthcare Utilities Communication Services Energy Industrials Technology 0,00 12,63 26,29 0,00 0,00 0,00 15,96 5,66 0,00 19,23 18,91 0,79 3,96 10,63 7,71 4,18 0,82 Value Blend Growth 10,24 10,01 4,88 4,62 6,55 12,91 7,55 Holdings-Based Style Map Micro Small Mid Large Giant Deep-Val Core-Val Core Core-Grth High-Grth EDM Strategy STOXX 50 EURO STOXX 50 Category EDM Asset Management www.edmassetmanagement.com -2- Tel. +34914110398 +34934160143 edm@edm.es

EDM Strategy European Equities Return Date: 28/02/2018 Monthly returns 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Cumulative returns EDM Strategy STOXX 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YEAR 0,68-4,24-3,58 0,97 4,00 3,36 4,04 1,37-2,95-2,00-0,51 2,95 1,08-2,38 0,99 11,11-6,24-1,31 0,17 0,77 3,52-4,78 3,72-1,24-3,20-4,05 0,91 4,31-7,81 5,71 6,52 1,80-0,62 2,01-3,66 2,81-7,13-2,19 7,99 2,28-5,75 8,83-0,87 4,27-1,84-0,01 2,92 0,27-3,11 1,25-1,98-1,53 3,26-0,79 1,56 2,65 0,30 3,49 1,41-0,11-3,13 3,79-0,30 1,63 2,08 1,73 1,26 15,61 0,80 6,53 0,53-0,41-3,20 0,97 7,65 0,26 2,61-0,63 2,01 2,43 20,82-0,45 1,84-0,30 3,52 0,39-2,57-1,27-7,84 0,67 4,97-6,97 3,78-5,00 1,08 0,25 5,72 0,98-2,85 0,45 0,22-0,57 3,60 0,99-1,71 3,42 11,88-0,07-4,36-2,37 11,95 3,28 1,97 5,04 1,95 2,42-0,96 0,75 4,24 25,50-9,86 2,90-2,83 0,39 0,81-7,99 1,45 2,81-3,88-10,11-6,81 1,10-28,74 4,12-1,47 1,85 3,76-1,30-1,69 0,32 0,01 1,55-0,98-2,01-1,40 2,55 2,80 2,48 0,74 0,38-4,07 0,99 4,16 1,49 1,22 1,35 0,98 2,62 15,98-0,16 3,58 1,56 1,11 3,44 0,37 4,53-1,36 4,69-3,27 3,49 4,04 23,96 3,71 3,80-2,56 1,00 0,64 1,03-2,73-0,97-0,26-0,47 2,84 0,98 6,96-5,54-5,88 2,00 5,14-1,67 4,66 0,98 4,02-1,66 2,33 0,40-1,73 2,35 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years -3,58-4,40 2,02-1,00 6,74 8,57-4,54-10,68 22,58 14,77 42,87 11,96 56,27-4,73 163,11 40,30 Annualized returns EDM Strategy STOXX 50 Annualized volatility EDM Strategy STOXX 50 Sharpe Ratio EDM Strategy STOXX 50 Sortino Ratio EDM Strategy STOXX 50 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 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years -3,58-4,40 1 year 2 years 3 years 5 years 7 years 10 years 15 years 9,16 9,34 9,94 8,96 11,98 12,56 11,00 11,68 1 year 2 years 3 years 5 years 7 years 10 years 15 years 0,30-0,03 0,41 0,54-0,05-0,22 0,43 0,30 1 year 2 years 3 years 5 years 7 years 10 years 15 years 0,45-0,04 2,02-1,00 0,61 0,89 3,31 4,20-0,07-0,29-1,54-3,69 0,65 0,43 1 year 2 years 3 years 5 years 7 years 10 years 15 years 0,25-0,51 1,79 1,74 3,81 4,53 4,46 0,88 0,95 0,87 0,86 0,80 0,70 0,68 2,02 3,31-1,54 4,16 5,23 4,57 6,66 2,55-0,16 0,45 0,27 0,56 0,64 0,55 1,20 5,20 5,03 4,85 6,36 7,93 7,79 0,90 0,85 0,92 0,91 0,86 0,84 0,82 80,96 72,89 84,11 82,87 73,29 71,01 67,18 1 year 2 years 3 years 5 years 7 years 10 years 15 years 115,54 109,66 106,87 97,25 101,02 85,59 84,76 91,86 121,62 93,50 87,78 78,80 61,45 58,20 01/06/2017 01/06/2017 01/06/2017 01/06/2017 01/06/2017 01/06/2017 01/10/2007 31/08/2017 31/08/2017 31/08/2017 31/08/2017 31/08/2017 31/08/2017 31/01/2008 5,00 9,00 16,00 26,00 34,00 47,00 66,00 7,00 15,00 20,00 34,00 50,00 73,00 114,00 2,35 8,53 8,53 14,63 14,63 17,90 17,90-0,35-0,85-7,31-7,31-8,40-15,31-15,31 1,20 1,29 0,95 1,35 1,45 1,39 1,61-6,41-9,41-17,97-17,97-17,97-28,31-37,10 1,17 1,26 0,90 1,14 1,11 1,28 1,39 1,46 4,16 2,79 11,36 12,15 0,48 0,17 0,73 0,24 5,23 1,63 12,09 14,60 0,36-0,02 0,52-0,03 4,57-0,48 6,66 2,28 11,22 13,49 0,50 0,12 0,73 0,17 EDM Asset Management www.edm.es/en -1- Tel. +34934160143 +34914110398 edm@edm.es

Enter Text EDM Strategy European Equities Return Date: 28/02/2018 Histogram Chart Time Period: 01/01/2000 to 28/02/2018 40,0 36,0 Drawdown Chart Time Period: 01/01/2000 to 28/02/2018 0,0-7,5 Number Of Period 32,0 28,0 24,0 20,0 16,0 12,0 8,0 4,0 0,0-15,0-11,0-7,0-3,0 1,0 5,0 9,0 13,0 15,0-15,0-22,5-30,0-37,5-45,0-52,5-60,0-67,5 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 EDM Strategy STOXX 50 EDM Strategy STOXX 50 12M Rolling Annualized Return 40,0 20,0 0,0 Return -20,0 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 01 02 2014 2015 2016 2017 EDM Strategy STOXX 50 12M Rolling Annualizede Volatility 20,0 15,0 10,0 Volatility 5,0 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 01 02 2014 2015 2016 2017 EDM Strategy STOXX 50 3Y Rolling Alpha Rolling Window: 3 Years 1 Month shift 7,5 0,0 Alpha -7,5 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 2016 01 02 03 04 05 06 07 08 09 10 11 12 2017 01 02 2018 EDM Strategy STOXX 50 3Y Rolling Beta Rolling Window: 3 Years 1 Month shift Beta 1,0 0,8 0,6 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 2016 01 02 03 04 05 06 07 08 09 10 11 12 2017 01 02 2018 EDM Intern. SICAV Strategy R STOXX 50 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