EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Snapshot Global Category Custodian / Administrator Auditor Domicile UCITS Morningstar Rating 3 Yr Morningstar Rating 5 Yr Fund s Data Inception Date Month End Price Fund Size Management Fee Base Currency ISIN Portfolio Characteristics Avg Eff Duration Avg Credit Quality Avg Coupon Avg Price Fund s Manager Comment Euro Fixed Income Banco Inversis SA KPMG Auditores S.L. EDM Ahorro 2,02 BB 2,89 103,20 Spain Yes ÙÙÙÙ ÙÙÙÙ 01/04/1991 26,22 276.077.914 Euro ES0168673038 After a prolonged absence in virtually all asset classes, volatility returned to the markets in February. Events that preceded the rebound in volatility, such as economic data that triggered a surge in inflation expectations and, subsequently, rebounds in bond yields, persisted in February. Despite this environmental shift and the presence of higher volatility, bonds did not suffer too much relative to the stock market in the last month. After a sharp uptick in January, sovereign bond yields performed more laterally in February. Despite considerable swings in interest rates, the monthly results were relatively benign. US public debt saw the worst performance, shedding -1% over the course of the month, while in Europe, the German Bund gained 0.2% and Spanish debt dipped -0.1%. For corporate credit, however, yield spreads widened on rebounding volatility and the results were generally negative. In the US, HY declined -0.9%, while IG fell -1.6%. In Europe, HY also had negative results, down -0.7% for the B-BB index and unchanged for investment-grade credit. The European high-yield index, BAML BB-B Euro HY, widened its spread against debt 24bps to 273bps with a return of -0.7% for the month. The fund s benchmark, the BAML 1-3yr. Broad Market Index, widened its spread 3bps to 32bps, with a return of 0.04% for the month and -0.033% for the year. Money market interest rates also performed laterally in Europe, but not in the US, where they rebounded considerably, roughly 23bps for 1-year maturities, to 2.06%. Interest rates on 3- and 12-month Spanish T-bills closed the month at -0.45% and -0.41%, respectively. In Germany, the 3-month interest rate closed the month at -0.66% while the 12-month equivalent fell 10bps to -0.66%. In terms of operations, we maintain a defensive approach, which has protected the fund s assets during recent episodes of rate hikes on debt. We continue increasing the weight of floating-coupon bonds and reinvesting monetary assets in promissory notes. We have also bought some corporate bond primaries in companies like Elis and Prosegur, among others, seeking decent returns on the debt of quality firms. We sold the Intrum Justitia bonds after the results, given doubts about the future progress of the company. Sector Breakdown Government % Government Related % Municipal Taxable % Municipal Tax-Exempt % Bank Loan % Convertible % Corporate Bond % Preferred Stock % Agency Mortgage-Backed % Non-Agency Residential Mortgage-Backed % Commercial Mortgage-Backed % Covered Bond % Asset-Backed % Cash & Equivalents % Swap % Forward/Future % Option/Warrant % EDM Category Ahorro Average 2,57 3,81 0,66 65,56 27,40 22,36 4,87 0,02 0,21 46,57 0,29 2,08 0,52 22,77 0,04 0,27 Performance Return 2,75 2,50 2,25 2,00 1,75 1,50 1,25 1,00 0,75 0,50 0,25-0,25-0,50 EDM Ahorro Category Average 5,29 BBB Cash % 3,36 123,92 Equity % 2,43 Asset Allocation Bond % Other % 1,74 0,08 0,08 2014 2015 2016 2017 YTD Maturity Breakdown 1-3 Yr % 3-5 Yr % 5-7 Yr % 7-10 Yr % 10-15 Yr % 15-20 Yr % 20-30 Yr % 30+ Yr % EDM Ahorro 27,29 0,37 71,68 0,66 Category Average 19,71-0,11 79,53 0,87 % Government 6,4 Municipal 0,0 Corporate 66,2 Securitized 0,0 Cash & Equivalents 27,4 Derivative 0,0 Total 100,0 EDM Ahorro 11,98 33,29 41,80 7,35 Category Average 51,70 28,24 6,56 0,64 0,56 0,12 0,66 1,97 2,50 0,67 1,45 0,25 Europe Diversified Bond - Short Term (Category) Morningstar Style Box -0,08 Morningstar Fixed Income Style Box Fixed-Income Stats Ltd Mod Ext Top 10 Holdings Ford Motor Credit Co FRN Goldman Sachs Grp FRN At&T FRN Grifols Sa 3.2% Parpublica 3.75% High Med Low Obligaciones portuguese Ot Pgb 0,804 2022-08-02 Telecom Italia Spa 5.25% Petrobras Glob Fin 4.25% Petroleos Mexicano 2.5% -0,12 Average Eff Duration 1,7 Average Eff Maturity - Average Coupon 4,4 Average Price 102,0 Average Credit Quality Maturity Date Coupon % Position Market Value (mil) BBB Portfolio Weighting % 01/12/2024 6,06 2,23 26/09/2023 6,05 2,22 04/09/2023 4,10 1,51 01/05/2025 3,20 4,08 1,50 05/07/2021 3,75 3,89 1,43 02/08/2022 0,80 3,73 1,37 10/02/2022 5,25 3,60 1,32 02/10/2023 4,25 3,33 1,22 21/08/2021 2,50 3,15 1,16 EDM Asset Management www.edmassetmanagement.com -1- Tel. +34914110398 +34934160143 edm@edm.es

EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Investment Growth Time Period: 01/01/2014 to 28/02/2018 107,5 106,8 106,0 105,3 104,5 103,8 103,0 102,3 101,5 100,8 100,0 08/2014 02/2015 08/2015 02/2016 08/2016 02/2017 08/2017 02/2018 EDM Ahorro Europe Diversified Bond - Short Term (Category) Historical Asset Class Breakdown Time Period: 01/03/2009 to 28/02/2018 120,0 100,0 80,0 60,0 40,0 20,0 0,0 2009 2010 2011 2012 2013 2014 2015 2016 2017 Government % Municipal % Corporate % Securitized % Cash & Equivalents % Derivative % Country Exposure -10,0 0,0 10,0 20,0 30,0 40,0 Statistical Risk % Czech Republic 2,3 Denmark 2,1 Finland 1,3 France 7,7 Germany 2,9 Italy 6,6 Mexico 1,4 Netherlands 14,7 Portugal 8,2 Spain 31,8 Sweden 2,7 United Kingdom 3,5 United States 14,7 Unknown 0,0 Total 100,0 Credit Quality % AAA 7,9 AA 5,9 A 47,5 BBB 36,0 BB 1,6 B 0,0 Below B 0,0 Not Rated 1,0 Total 100,0 Time Period: 01/01/2014 to 28/02/2018 Alpha Beta Std Dev Tracking Error Sortino Ratio Correlation Sharpe Ratio EDM Ahorro -5,59 0,31 1,42 10,47-0,29 0,36-1,30 Category Average -5,95 0,26 0,68 10,76-0,43 0,31-4,04 EDM Asset Management www.edmassetmanagement.com -2- Tel. +34914110398 +34934160143 edm@edm.es

EDM Ahorro Corporate Bonds 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 Ahorro Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YEAR 0,12-0,20-0,08 0,08 0,47 0,37-0,06 0,14-0,07 0,26 0,03 0,12 0,25-0,02-0,11 1,45-0,47 0,05 0,99 0,96 0,27-0,08 0,72 0,19-0,16 0,12-0,62 0,53 2,50 0,36 0,52-0,05-0,02-0,07-0,52 0,32-0,45-0,93 1,16 0,43-0,65 0,08 0,62 0,40 0,32 0,21 0,37 0,34-0,05 0,28 0,01 0,04 0,23-0,37 2,43-0,22 0,53 0,35 1,14 0,10-0,71 0,56 0,13 0,48 0,78 0,27 0,06 3,50 1,72 1,13 0,25-0,35-1,11-0,89 1,12 1,96 0,80 1,11 0,60 0,67 7,20-0,20 0,52-0,06 0,16 0,41-0,31-0,08 0,73-0,03 0,63-1,29 1,53 2,00 0,41 0,42 0,38-0,19-0,04 0,01 0,44 0,63-0,23-0,01-0,33 0,23 1,73 0,60 0,52 0,44 1,03 0,43 0,83 1,29 0,38 0,34 0,35 0,63-0,10 6,94 0,34 0,23 0,20 0,30 0,20 0,11 0,51 0,36 0,09-0,45 0,58 0,66 3,15 0,03 0,28-0,07 0,03-0,26 0,02 0,39 0,43 0,17 0,24 0,19 0,13 1,58-0,21-0,02-0,43-0,19 0,15-0,13 0,48 0,34 0,10 0,03 0,10-0,20 0,01 0,25-0,15 0,11 0,48 0,43 0,36-0,16 0,34-0,08-0,41-0,14 0,14 1,18 0,12 0,44 0,31-0,01-0,06 0,04 0,15 0,15 0,03 0,28 0,15 1,61 0,18 0,28 0,43 0,45 0,21-0,11-0,03 0,53-0,28 0,04 0,50 2,22 YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years -0,08 0,83 4,35 3,08 9,91 20,16 34,50 43,75 62,41 Europe Diversified Bond - Short Term (Category) -0,12 0,08 0,96 0,20 3,89 8,91 13,81 25,37 49,01 Annualized returns EDM Ahorro Annualized volatility EDM Ahorro 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 0,59 1,27 1,57 1,48 2,01 1,82 1,58 1,55 Europe Diversified Bond - Short Term (Category) 0,36 0,53 0,68 0,74 1,05 1,04 0,91 0,91 Sharpe Ratio EDM Ahorro Europe Diversified Bond - Short Term (Category) Sortino Ratio EDM Ahorro Europe Diversified Bond - Short Term (Category) YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years -0,08 0,83 2,15 1,02 1,91 2,66 3,01 2,45 2,45 Europe Diversified Bond - Short Term (Category) -0,12 0,08 0,48 0,07 0,77 1,23 1,30 1,52 2,01 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 2,01 0,87 0,36-0,02 0,02-0,01 0,14 0,06 1,90 0,69 0,25-0,16-0,13-0,16 0,06 0,02 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 4,62 1,56 0,56-0,02 0,03-0,02 0,20 0,08 4,33 1,18 0,38-0,21-0,17-0,21 0,08 0,02 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 0,74 2,62 3,29-0,64 0,25 0,94 0,59 0,77 0,37 0,46 0,31 0,36 0,42 0,42 0,41 0,29 0,83 2,15 1,02 1,91 2,66 3,01 2,45 2,45 0,71-0,23 0,43-0,08 0,09 0,25 0,01 0,16 2,59 8,45 11,48 10,72 11,35 13,99 13,12 15,70 0,66 0,64 0,50 0,56 0,67 0,74 0,69 0,52 42,92 41,39 25,48 31,41 45,56 54,50 48,15 26,66 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years 6,68 10,93 10,99 12,68 18,07 14,36 10,55 8,00 0,08-5,56 3,42 2,18 3,20-0,87-2,42-3,55 01/11/2017 01/11/2017 01/03/2015 01/03/2015 01/03/2015 01/03/2015 01/03/2015 01/03/2015 31/12/2017 31/12/2017 30/06/2015 30/06/2015 30/06/2015 30/06/2015 30/06/2015 30/06/2015 5,00 8,00 16,00 19,00 28,00 36,00 56,00 74,00 7,00 16,00 2 41,00 56,00 84,00 124,00 166,00 0,41 1,15 1,15 1,35 3,93 3,93 3,93 3,93 0,01 0,01-1,06-1,06-2,33-2,33-2,33-2,33 2,79 4,22 1,68 2,69 2,86 3,59 3,53 3,47-0,21-0,67-1,71-1,71-2,33-2,33-2,33-2,33 2,48 81,89-1,96 3,21 5,82 5,65-16,58-4,36-2,25 EDM Asset Management www.edm.es/en -1- Tel. +34934160143 +34914110398 edm@edm.es

Enter Text EDM Ahorro Corporate Bonds Return Date: 28/02/2018 Return Distribution Time Period: 01/03/2003 to 28/02/2018 140,0 120,0 100,0 80,0 Drawdown Chart Time Period: 01/01/2014 to 28/02/2018 0,0-0,2-0,4-0,6-0,8 Number of Periods 60,0 40,0 20,0 0,0-2,0-1,0 0,0 1,0 2,0-1,0-1,2-1,4-1,6-1,8 08/2014 02/2015 08/2015 02/2016 08/2016 02/2017 08/2017 02/2018 EDM Ahorro EAA Fund EUR Diversified Bond - Short Term EDM Ahorro Europe Diversified Bond - Short Term (Category) 12M Rolling Annualized Return 10,0 5,0 0,0 Return -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 Ahorro Europe Diversified Bond - Short Term (Category) 12M Rolling Annualized Volatility 4,0 2,0 Volatility 0,0 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 Ahorro Europe Diversified Bond - Short Term (Category) 3Y Rolling Alpha Rolling Window: 3 Years 1 Month shift 5,0 0,0-5,0 Alpha -10,0 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 Ahorro Europe Diversified Bond - Short Term (Category) 3Y Rolling Beta Rolling Window: 3 Years 1 Month shift 0,6 0,4 Beta 0,2 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 Ahorro Europe Diversified Bond - Short Term (Category) EDM Asset Management www.edm.es/en -2- Tel. +34934160143 +34914110398 edm@edm.es