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EDM Inversión Spanish Equities Return Date: 31/08/2016 Portfolio Date: 31/07/2016 Snapshot Category Custodian / Administrator Auditor Domicile Morningstar Rating Overall UCITS 15 Years Risk-Reward Time Period: 01/09/2001 to 31/08/2016 Return Historical Performance vs. Benchmark Time Period: 01/01/2000 to 31/08/2016 300,0 9,0 7,0 5,0 3,0 1,0-1,0 0,0 4,0 8,0 12,0 16,0 20,0 24,0 Std Dev EAA OE Spain Equity RBC Investor Services España 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 57,54 369.207.262 Euro ES0168674036 Compared to the strong corrections experienced in 2015, August has been a fairly calm month. The Ibex-35 index rose by 1.5%, underpinned by the excellent performance of the banking sector and Telefónica, while the Fund rose by +1.1%. However, it was an increase of little volume, as 50% less cash was traded on the Spanish stock market than in August of the previous year. EDM ended the month with a profit of +5.5% compared to the -8.7% drop of the Ibex-35. Técnicas Reunidas was one of the main contributors to this profit, with a monthly increase greater than 16%, reflecting the positive results obtained during the second quarter of the year, which surpassed market estimates, the visibility of its project portfolio and capacity to obtain new orders. Other industrial companies in the portfolio, such as Gamesa and Caf, also posted notable increases of 8% and 5%, respectively, which also reflects the excellent quality of the results published at the end of July. Accordingly, the healthcare/pharmaceutical industry was one of those hardest hit during the month within the framework of the sector rotation observed during the month towards the financial sector and other sectors with more cyclical components. Grifols was therefore adjusted by more than 5% and once again presents itself as a buying opportunity. The company posted solid results in the first half of the year with a medium/long-term approach. In August, the Fund began investing in Euskaltel, a telecommunications company with a presence in northern Spain (the Basque Country and Galicia) where it has a large share of the market. The company is known for having significant brand recognition, high margins and strong ability to generate cash which will enable it to quickly reduce its gearing ratio. We have entered at attractive prices and expect the company to obtain double-digit growth in profit over the coming years. 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 600,0 500,0 551,0 400,0 Return 300,0 200,0 100,0 0,0-100,0 245,8 217,5 116,5 73,4 60,4 77,5 49,6 5,4 4,6 29,7 5,1 19,5 32,5 14,5 10,8 4,8-8,7-4,5-15,0-8,2 0,0-23,3-28,2 YTD 1 year 3 years 5 years 7 years 10 years 15 years 20 years 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 1,42 7,37 10,73 8,88 5,88 6,74 0,78 0,72 0,62 0,66 0,73 0,71 4,98 13,36 13,90 15,07 16,97 15,73 16,83 0,93 0,89 0,87 0,89 0,90 0,90 0,10 0,71 0,84 0,49 0,23 0,45 0,16 1,16 1,42 0,75 0,33 0,66 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: 31/08/2016 Portfolio Date: 31/07/2016 Portfolio Holdings Equity Sectors % Acerinox SA 16,6 CIE Automotive SA 13,2 Construcciones y Auxiliar de Ferrocarriles SA 10,9 Grifols SA ADR 10,8 Tecnicas Reunidas SA 10,5 Bolsas y Mercados Espanoles 10,3 Distribuidora Internacional De Alimentacion SA 10,0 Grupo Catalana Occidente SA 9,3 Inmobiliaria Colonial SA 8,5 Total 100,0 % Basic Materials 16,2 Consumer Cyclical 11,1 Financial Services 14,6 Real Estate 4,7 Consumer Defensive 11,8 Healthcare 5,9 Utilities 5,4 Communication Services 6,8 Energy 4,4 Industrials 15,9 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 16,15 11,15 14,56 4,68 11,75 5,93 5,40 6,82 4,39 15,87 3,29 EDM-Inversión R FI - Equity Sectors (Morningstar) Time Period: 01/12/2002 to 31/08/2016 100,0 80,0 60,0 40,0 20,0 0,0 Ibex 35 1,42 14,17 28,42 0,76 1,32 1,93 17,33 10,75 3,82 15,49 4,59 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 17,7 0,0 9,8 9,8 23,1 20,5 3,1 12,7 3,3 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 15,1 Market Cap Large 12,5 Market Cap Mid 53,4 Market Cap Small 13,2 Market Cap Micro 5,8 EDM Inversión 31/07/2016 Ibex 35 31/08/2016 Spain Equity (Category) 31/07/2016 EDM Asset Management www.edmassetmanagement.com -2- Tel. +34914110398 +34934160143 edm@edm.es

EDM Inversión Spanish Equities Return Date: 31/08/2016 Monthly returns 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Cumulative returns EDM Inversión IBEX 35 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 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 8,18-3,44-2,68 6,67-2,37-4,89-3,64-4,16-7,20 7,92 7,41-0,94-0,90 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 5,44-8,67 4,64-15,03 4,01-18,75 29,69 5,14 73,44-0,02 60,43-23,30 49,63-28,23 217,50 4,76 551,03 116,54 Annualized returns EDM Inversión IBEX 35 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 5,44 4,64 1,98 9,05 11,64 6,99 4,11 8,01 9,82-8,67-15,03-9,86 1,69 0,00-3,72-3,26 0,31 3,94 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 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 17,25 20,46 14,83 17,63 13,36 16,69 13,90 19,40 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 0,35-0,69 0,20-0,50 0,71 0,18 0,84 0,08 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 0,55-0,84 0,31-0,62 1,16 0,25 1,42 0,11 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 1,42 9,64 7,37 10,73 8,88 5,88 6,74 0,78 0,75 0,72 0,62 0,66 0,73 0,71 4,64 1,98 9,05 11,64 6,99 4,11 8,01 9,82 10,19 1,63 0,95 1,15 1,15 0,81 0,85 0,58 2,27 8,05 7,64 10,14 9,70 9,39 9,02 9,73 0,93 0,89 0,89 0,87 0,89 0,90 0,90 85,90 79,38 79,87 74,96 79,44 80,89 81,73 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 120,61 100,61 94,45 87,51 88,45 86,48 87,18 83,30 57,16 60,56 61,74 44,64 54,36 63,80 59,84 61,03 01/12/2015 01/12/2015 01/07/2014 01/07/2014 01/05/2011 01/05/2011 01/05/2011 01/05/2011 31/01/2016 31/01/2016 31/10/2014 31/10/2014 30/09/2011 30/09/2011 30/09/2011 30/09/2011 4,00 10,00 12,00 22,00 34,00 50,00 69,00 93,00 8,00 14,00 24,00 38,00 50,00 70,00 111,00 147,00 6,99 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 1,28 1,16 1,68 1,89 1,46 1,27 1,53 1,62-10,40-15,71-15,71-15,71-26,09-48,78-48,78-48,78 2,75 2,11 1,66 1,53 1,96 1,63 1,36 1,46 1,36 EDM Asset Management www.edm.es/en -1- Tel. +34934160143 +34914110398 edm@edm.es 15,07 20,30 0,49-0,11 0,75-0,15 16,97 20,98 0,23-0,12 0,33-0,17 15,73 20,21 0,45 0,02 0,66 0,03 16,83 21,57

EDM Inversión Spanish Equities Return Date: 31/08/2016 Histogram Chart Time Period: 01/01/2000 to 31/08/2016 24,0 20,0 16,0 Drawdown Chart Time Period: 01/01/2000 to 31/08/2016 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 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 03 04 05 06 07 08 2012 2013 2014 2015 2016 EDM Inversión IBEX 35 12M Rolling Annualizede Volatility 40,0 20,0 Volatility 0,0 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 03 04 05 06 07 08 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 09 10 11 12 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 2016 EDM Inversión IBEX 35 3Y Rolling Beta Rolling Window: 3 Years 1 Month shift Beta 1,5 1,0 0,5 09 10 11 12 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 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