EDM Asset Management

1. EDM Inversión
Managing Spanish stocks since 1987
Spanish Equity
Abril 2012 This document is intended exclusively for professional investors, as defined by MiFID

2. EDM Inversión Index
1- Fund´s Performance
2- Investment Philosophy
3- Portfolio
4- Fund Managers
5- About EDM Asset Management
6- Summary
2

3. Fund’s Performance
3

4. EDM Inversión Fund’s Performance
Higher return and lower volatility
EDM Relative
Year IBEX 35
INVERSION Performance
2000 -5,87% -21,75% 15,9%
2001 -0,90% -7,82% 6,9%
2002 -10,81% -28,11% 17,3%
2003 24,95% 28,17% -3,2%
2004 23,59% 17,37% 6,2%
2005 23,91% 18,20% 5,7%
2006 38,46% 31,79% 6,7%
2007 1,49% 7,32% -5,8%
2008 -37,15% -39,43% 2,3%
2009 26,84% 29,84% -3,0%
2010 -9,00% -17,43% 8,4%
2011 -6,10% -13,11% 7,01%
Total Return 52,41% -26,42% 78,83%
Annual Return 3,57% -2,52% 6,09%
Annualized Volatility 16,60% 20,74% -4,14%
All EDM return data are expressed in euros and are stated net of expenses and fees. 4

5. EDM Inversión Fund’s Performance
Consistent Alpha generation in both bear and bull markets
EDM Inversión Spanish equities ( Category) Ibex 35
5

6. EDM Inversión Fund’s Performance
Five years performance
EDM INVERSION IBEX 35 RELATIVE PERFORMANCE
TOTAL ANNUAL TOTAL ANNUAL TOTAL ANNUAL
PERIOD RETURN RETURN RETURN RETURN RETURN RETURN
1998-2002 6,0% 1,2% -16,8% -3,6% 22,8% 4,8%
1999-2003 7,8% 1,5% -21,3% -4,7% 29,1% 6,2%
2000-2004 28,5% 5,1% -22,0% -4,8% 50,5% 9,9%
2001-2005 69,1% 11,1% 17,8% 3,3% 51,3% 7,8%
2002-2006 136,3% 18,8% 68,5% 11,0% 67,8% 7,8%
2003-2007 168,9% 21,9% 151,5% 20,3% 17,4% 1,6%
2004-2008 35,2% 6,2% 18,9% 3,5% 16,3% 2,7%
2005-2009 38,8% 6,8% 31,5% 5,6% 7,3% 1,2%
2006-2010 1,9% 0,4% -8,1% -1,7% 10,0% 2,1%
2007-2011 -30,9% -7,1% -39,5% -9,6% 8,6% 2,4%
All EDM return data are expressed in euros and are stated net of expenses and fees. 6

7. EDM Inversión Fund’s Performance
Ratings & Ranking
Ranking 2011: 9 / 107- Spanish Equity Funds
7

8. Investment Philosophy
8

9. EDM Inversión Investment Philosophy
Portfolio construction
• Long-only traditional investment style (bottom-up)
• Stock picking. No benchmarking (low overlapping against its benchmark)
• Long-term investment horizon (5 years on average)
• Low turnover (18% average for the last 6 years)
• 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
9

10. EDM Inversión Investment Philosophy
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 (ROE = 14,5%)
• Sustainable EPS growth (9,4%)
• 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
10

11. Portfolio
11

12. EDM Inversión Portfolio
31-dic-11
Portfolio Top Holdings (1) (2) (3) (3) (4) (5)
2011-2016 Dividend
ROE EPS GROWTH P/E 2011 P/E 2012 PEG Yield
Grifols 11,49%
ABENGOA SA 18,1% 9,0% 8,6 9,1 0,95 1,2%
Técnicas Reunidas 7,93% BOLSAS Y MERCADOS ESPANOLES 34,2% 8,0% 11,4 11,7 1,43 6,7%
CEMENTOS MOLINS SA 25,2% 8,0% 11,6 12,0 1,45 1,1%
Telefónica 6,99% CORPORACION FINANCIERA ALBA 14,6% 7,0% 4,5 6,0 0,65 13,2%
ENAGAS SA 20,1% 10,0% 9,6 9,0 0,96 6,3%
Bolsas y Mercados 6,61% ENDESA SA 25,8% 10,0% 7,8 7,6 0,78 3,3%
GAMESA CORP TECNOLOGICA SA 3,1% 10,0% 12,2 11,1 1,22 0,2%
Grupo Catalana Occidente 6,46% GAS NATURAL SDG SA 10,9% 10,0% 10,5 9,7 1,05 6,9%
GRIFOLS SA 18,3% 15,0% 23,9 15,5 1,60 0,0%
Gamesa 4,60% GRIFOLS SA-B 18,3% 15,0% 24,0 10,2 1,60 0,0%
GRIFOLS SA-ADR 18,3% 15,0% 12,5 9,8 0,84
GRUPO CATALANA OCCIDENTE SA 16,6% 9,0% 6,8 7,1 0,75 4,4%
Obrascon Huarte Lain 4,57% IBERDROLA SA 10,3% 9,0% 9,7 9,2 1,08 7,2%
INDITEX 29,6% 10,0% 20,6 18,3 2,06 2,5%
Enagas 4,36% INDRA SISTEMAS SA 19,6% 11,0% 8,5 8,6 0,77 6,9%
JAZZTEL PLC 3,6% 23,4 14,9
Indra 3,90% MAPFRE SA 14,7% 9,0% 7,8 7,3 0,87 6,1%
OBRASCON HUARTE LAIN S.A. 18,3% 13,0% 8,8 8,1 0,68 2,5%
Gas Nartural 3,47% REPSOL YPF SA 23,4% 13,0 10,5 4,4%
TECNICAS REUNIDAS SA 32,2% 12,0% 11,3 11,0 0,94 4,8%
TELEFONICA SA 47,8% 4,0% 9,2 8,5 2,31 11,4%
TOTAL 14,5% 9,4% 10,0 9,4 1,1 4,9%
Cash Retail Pharma Source: Bloomberg
8% 3% 11%
(1) Profit after taxes/ Equity
BPO Money (2) EDM estimates for 5 years CAGR
4% Market (3) EDM & Bloomberg data
(4) (3) / (2)
Telecom 8% (5) Dividend/Price
8% Construction
6%
Energy Industrials
17% 16%
12
Fin. Services
19%

13. EDM Inversión Portfolio
Internationalization of the Portfolio
Internationalization of companies in the portfolio (2011)
Company International EU OECD Other countries Domestic
Sales (%) (%) (%) (%) Sales(%)
Gamesa 91 31 23 37 9
Grifols 89 11 65 13 11
Técnicas Reunidas 89 21 18 50 11
Abengoa 76 18 18 40 24
Inditex 74 45 12 17 26
Telefónica 72 25 7 40 28
Cementos Molins 64 0 0 64 36
Repsol 53 12 8 33 47
Iberdrola 52 29 16 7 48
Mapfre 50 18 6 26 50
Indra 39 14 7 18 61
Gas Natural 39 6 7 26 61
Endesa 35 4 0 31 65
Catalana Occidente 27 22 4 1 73
Enagás (1) 4 0 0 4 96
Bolsas y Mercados (1) 0 0 0 0 100
Jazztel (1) 0 0 0 0 100
Simple Average Average 50 15 11 24 50
Average excl. (1) 61 18 13 29 39
Weighted Average Average 53 15 14 24 47
Average excl. (1) 64 18 16 30 36 13

14. EDM Inversión Portfolio
Sustainable profit growth … EPS Growth
40%
30%
20%
10%
0%
-10% ∆ BPA EDM Inversión: +11.9% CAGR
∆ BPA Ibex 35: + 5.9% CAGR
-20%
-30%
2005 2006 2007 2008 2009 2010 2011 e
EDM Inversión Ibex 35
… Should be rewarded
P/E EDM INVERSIÓN (12m forward)
25
20
15
10
14
5
2003 2004 2005 2006 2007 2008 2009 2010 2011e

15. EDM Inversión Portfolio
Investment Opportunity
590%
+577,6% ∆ EPS
490% EPS EDM Inversión FI: 12,7% APR
Oportuninity
NAV EDM Inversión FI: 8,8% APR
390%
290%
+284,0% NAV
EDM Inversión
190%
90%
-10%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Aggregate EPS EDM Inversión NAV EDM Inversión (31.12.2010) 15

16. Management Team
16

17. EDM Inversión Management Team
Juan Grau, 66.
Ricardo Vidal, 42.
EDM Inversión Manager
CO-CIO
Chairman of EDM Gestión, SGIIC
Consumption Sector Specialist
Holds an MBA from ESADE University (Barcelona). Worked at
Banco Vitalicio (Insurance Company) and Gesindex SGIIC (Financial
Business education. Graduate in business Services) from 1993 until 1997. Holds the Certified of European
Management from IESE, Graduate in Financial Financial Analyst (CEFA). Joined EDM in July 1997. Es miembro del
Consejo de Administración de EDM Gestión, SGIIC.
Analysis and Tax from EADA and Analysis and
Budget Control from TEA-CEGOS.
Adolfo Monclús, 38.
Mr. Grau began his career as Controller of the CO-CIO
Agrolimen Group Drinks Division. He was Chief Retail, Business Services and
Financial Officer and Board Member at the TMT´s Sector Specialist
textiles group Standard Fil, S.A. and Chief
Financial Officer at Túnel del Cadí CESA.
Graduated in Business Administration by the Universitat
Internacional de Catalunya & in Economics Finance by Bentley
Partner and Founder, in 1989, of EDM Group. College (USA). Holds an International MBA from Instituto de
He is currently Chairman of EDM Gestión, Empresa (Madrid). Worked at Argentaria and BBVA in the Mid-
Corporate Banking area. Joined EDM in July 2005 after finishing
SGIIC and a Board Member of EDM Holding. his MBA.
17

18. EDM Inversión Management Team
Gonzalo Cuadrado, 41 Beatriz López, 34
Pharmacy, construction and infrastructure Medical, Food and Insurance Specialist
Sector Specialist
Graduated in Economics from Universitat
Pompeu Fabra (UPF) in 1999, followed by a
Graduated in Economy by UB. Holds a Master in
Master’s Degree in Finance from CEMFI (Bank of
Finances by the IEF, the CEFA, the CIIA and the
Spain) in 2001. Holds the Chartered Alternative
CAIA. Holds the “Certificado de Experto en
Investment Analyst (CAIA) by the CAIA
Valoración de Empresas”(CEVE) by IEAF. Worked as
Association. She started her career at Banco
a fund manager and analyst in Caixa Penedès.
Sabadell, where she became Senior Equity
Analyst and asset manager in EDM since 2004
Analyst. Joined EDM in 2007 as a Financial
Analyst and Fund Manager.
Alberto Fayos, 39
Specialised industries and Financials
Sector Specialist
Holds a Bachelor’s Degree in Actuarial and •No distinction between analyst & portfolio manager
Finances and a Degree in Statistics from
University of Barcelona (UB). Holds the
Certified European Financial Analyst (CEFA). • Collective discussion & Individual decision
Worked at Gaesco Gestión SCIIC from 1997
until 2005. Worked at Banc Sabadell Gestión
SGIIC from 2006 until 2009. Joined the • Investment Team over the last 6 years:
Investment Department of EDM in March Non-existent staff turnover
2009, where he is analyst and portfolio
manager. 18

19. About EDM Asset Management
19

20. EDM Inversión About EDM Asset Management
• 23 Years´s experience: founded in 1989
• Leading independent manager in Spain: AUM € 1.3 bn
• 100 M€ AUM in spanish equities
• Independent: - Fully owned by the Group´s Management
- Focused exclusively on Asset Management
AUM 1.273 M€
1.300
1.200
1.100
1.000
900
800
700
600
500
400
300
200
100
0
20 7
20 0
20 4
20 6
08
20 9
20 5
20 2
03
19 7
20 1
19 0
20 2 1 0
19 9
19 4
19 6
98
20 9
19 5
19 2
19 3
91
(M 1
)
0
9
ar
0
0
0
0
0
0
0
8
9
9
9
9
9
9
9
1 2 01
20
20
19
19
19
20

21. EDM Inversión About EDM Asset Management
Regulated companies in three European domiciles
EDM
HOLDING, S.A.
100%
EDM SERVICIOS EDM GESTIÓN EDM FUND EDM ASSET
Company
FINANCIEROS S.A. SGIIC MANAGEMENT, S.A. MANAGEMENT, Ltd
S.A. AV
Country SPAIN SPAIN LUXEMBOURG IRELAND
Since 1989 Since 1989 Since 1990 Since 1999
Service Discretionary Domestics Funds International Fuds Fund of
Management SICAV SICAV Hegde Funds
21

22. EDM Inversión About EDM Asset Management
EDM Senior Managers
Eusebio Díaz-Morera, 66 Antonio Estabanell, 52
EXECUTIVE CHAIRMAN CEO
Graduated in Economy from Barcelona Holds an MBA from ESADE University
University and MBA from IESE (Barcelona). (Barcelona). Worked at KPMG and two
Before founding EDM in 1989, he was General international food companies in the Financial
Director of PAS (Fund Management and Area. Joined EDM in 1990 and since then has
Corporate Finance), Chairman of Caja de been involved in all investment management
Barcelona (Savings Bank), Chairman of Banca activity within the company. Until 2010 he was
Catalana, and Chairman of Tunel del Cadí the Managing Director and CIO.
(tollway concession)
Javier Prada, 62 Luis Fortuny , 45
DIRECTOR HEAD OF BACK-OFFICE & COMPLIANCE
Graduated in Law, he holds a Master in Graduated in Economics and Finances from
Finance (University of Paris). He started his UAB. In 2006, he received a BA degree in PDD
career in Banif Private Bank (Santander) where from IESE Business School. He was working at
he was Regional Manager and Former SONY from 1990 to 2000 as Accounting
Managing Director. In 1991 he joined Indosuez- Manager and Control Manager. He was Senior
Credit Agricole where he was Private Banking Consultant at Cap Gemini Ernst & Young. He
General Manager and Regional President. He was also Finance Director at Baker & Mc Kenzie
joined EDM in 2005. (Law firm). He joined EDM in 2008.

23. EDM Inversión About EDM Asset Management
EDM performance with other asset types
European Equities Credit Short Duration (Investment Grade)
EDM Strategy EDM Ahorro
Relative Relative
Year EDM STRATEGY STOXX 50 Year EDM AHORRO INFLATION
Performance Performance
2000 15,83% 1,88% 13,95% 2000 2,39% 2,48% -0,09%
2001 -8,55% -18,66% 10,11% 2001 4,49% 2,05% 2,45%
2002 -34,36% -35,05% 0,69% 2002 2,19% 2,28% -0,09%
2003 2,35% 10,50% -8,16% 2003 2,22% 1,97% 0,25%
2004 6,96% 4,30% 2,66% 2004 1,61% 2,36% -0,75%
2005 23,96% 20,70% 3,26% 2005 1,18% 2,22% -1,05%
2006 15,98% 10,39% 5,59% 2006 0,01% 1,92% -1,91%
2007 2,55% -0,36% 2,91% 2007 1,58% 3,07% -1,49%
2008 -28,74% -43,43% 14,69% 2008 3,15% 1,58% 1,56%
2009 25,50% 24,06% 1,43% 2009 6,94% 0,93% 6,01%
2010 11,88% 0,04% 11,84% 2010 1,73% 2,21% -0,48%
2011 -5,00% -8,39% 3,39% 2011 2,00% 2,01% -0,01%
Total Return 6,67% -50,04% 56,71% Total Return 33,60% 28,10% 5,50%
Annual Return 0,54% -5,62% 6,16% Annual Return 2,44% 2,10% 0,34%
Annualized Volatility 12,81% 16,45% -3,64% Annualized Volatility 1,29% 1,50% -0,21%
23
All EDM return data are expressed in euros and are stated net of expenses and fees.

24. EDM Inversión About EDM Asset Management
EDM performance with other asset types
20 Years 15 Years 10 Years 7 Years 3 Years 2 Years 2011
FUND CATEGORY Inception Date ISIN
RETURN RETURN RETURN RETURN RETURN VOLATILITY RETURN
EDM Strategy Europe Equity Large Cap 241,68 81,18 0,70 40,15 28,54 11,28 -5,00 31/10/1995 LU0028445327
EDM Ahorro Euro Corporate Credit 115,95 48,55 25,23 17,64 9,29 1,81 2,00 01/04/1991 ES0168673038
EDM Inversión Spanish Equity 331,87 170,68 63,37 18,62 6,94 17,25 -6,10 01/04/1991 ES0168674036
EDM Renta Euro Fixed Income 47,62 23,82 16,27 4,10 0,63 1,60 22/12/1994 ES0127795039
EDM American Growth (USD) US Equity Large Cap Growth -24,22 3,19 45,70 12,58 4,01 31/05/1999 LU0095539242
EDM Cartera Global Equity Large Cap 10,09 11,60 -5,15 11/07/2008 ES0128331008
EDM American Growth (EUR) US Equity Large Cap Growth 41,91 18,24 0,22 10/09/2008 LU0388590050
EDM Credit Portfolio High Yield Fixed Income 43,65 7,89 4,24 08/10/2008 LU0028445590
EDM Emerging Markets Emerging Markets Equity 12,72 -17,80 21/12/2009 LU0051440435
EDM High Yield Short Duration High Yield Fixed Income 1,52 06/10/2011 LU0146855530
24
All EDM return data are expressed in euros and are stated net of expenses and fees.

25. Summary
25

26. EDM Inversión Summary
10 reasons for investing in EDM Inversión
1. Consistent returns above benchmark (+6% annual outperformance)
2. Very small volatility for an equity fund (-4% annual bellow benchmark)
3. Excellent relative performance throughout the financial crisis (2007-2011)
4. Stable investment philosophy all over 23 years
5. Unique and tested investment process developed by an experienced management team
6. Very high quality (ROE) and liquid concentrated portfolio
7. Defensive strategy: focus on "ensured growth" without cyclical sectors
8. Portfolio valuation at historial minimum levels
9. Poor overlapping and low correlation with other fund managers
10. Complementary with other equity styles
26

27. EDM Inversión Summary
EDM INVERSION
CURRENCY Euro IDENTITY
NAV 32,26 € German Tax Transparency
FUND AUM 30.264.000 € UCITS
SPANISH PORTFOLIO AUM 100.000.000 € LEGAL STRUCTURE ES & PT- FI
INCEPTION DATE 21/02/1987 INCOME DISTRIBUTION Retained
MANAGEMENT FEE (Private) 2,25%
CUSTODIAN FEE 0,15%
TOTAL EXPENSE RATIO 2,40%
FUND MANAGERS Juan Grau
MANAGER EDM Gestión SGIIC EU TAX DIRECTIVE
CUSTODIAN Bankinter, S.A. Eu Tax Directive Start Date 01/05/2012
AUDITOR KPMG Auditores, S.L. Eu Tax End Date 30/04/2013
DOMICILE Spain Eu Tax Directive Status Out of Scope
DEALING Daily Eu Tax Directive 15% Threshold No
CATEGORY Spanish Equities Eu Tax Directive 40% Threshold No
SPANISH CNMV CLASSIFICATION Euro Equity Prospectus vs Asset Allocation No
SPANISH INVERCO CLASSIFICATION Spanish Equities NAV Taxable Interest Income Accrued No
LIPPER CLASSIFICATION Equity Spain Dividend Taxable Interest Incime Accrued No
COUNTRIES REGISTERED FOR SALE DISTRIBUTION PLATFORMS
Spain ("Traspasable") Inversis Banco
CROSS REFERENCES CROSS REFERENCES
ISIN ES0168674036 F&E FUND CODE 37769
ISIN CURRENCY CLASS ES0168674036.EUR F&E GROUP CODE 21028
CNMV CODE 46 PERM ID 18060016055
BLOOMBERG EDMINVE SM RIC 0168674036.ES
REUTERS 0168674036.ES RIC LP60016055
LIPPER 60016055 VALOR 430798 27
WKN- GERMAN A0MXS7

28. www.edm.es
Ignacio Pedrosa
Head of Investor Relations
+34 636814186
+34 914110398
ipedrosa@edm.es
http://es.linkedin.com/in/ipedrosa
LEGAL NOTICE
1) This information represents disclosure by EDM and is intended merely to inform those to whom it is addressed in compliance with the code of cunsuct applying to all investment services in Spain. For this reason
efforts have been made to ensure that it is sufficient and understandable to anybody likely to receive it.
Given that the information may refer to or include separate additional documentation, the recipient is invited to request this from EDM.
If, within the body of information in this notification, there should be any offer regarding products, financial instruments or services, the recipients thereof also have at their disposition supplementary or additional
documentation which will enable them to authorise all the terms and conditions pertaining to the offer of interest to them.
2) EDM is a securities broker registered in Spain (Avda. Diagonal 399 3º 1ª, 08008 Barcelona) and is authorised to provide investment services with regard to securities and financial instruments for clients, in relation
to whom it is subject to the supervision of the Comisión Nacional del Mercado de Valores (National Securities Market Commission) (CNMV, Paseo de la Castellana 19, 28046 Madrid), where it is registered under
number 139. The broker is a member of the Fondo de Garantía de Inversiones (FOGAIN, the Investment Guarantee Fund).
3) The recipients of this information should bear in mind that any results or data provided may be subject to fees, commission, taxes, expenses or duties, which could lead to a reduction in the gross return, which
will depend on the particular nature of each case.
4) It is here left on record that the instruments described in this information are subject to the impact of various common causes, such as:
i- Alterations to the markets due to unforeseen circumstances
i- Liquidity risks and others which affect the progress of the investment.
5) Within this information here figures appear that refer to past returns for the products mentioned. It is obvious that such information should be used as a reference and as valid background data to reach one’s
own conclusions, but under no circumstances should it be employed as an indicator guaranteeing future performance.
By the same token, the information contained that might simulate future trends for any product and its performance must, for identical reasons as those cited for past data, be considered as a valid reference to
reach one’s own conclusions but in no way seen as a guarantee of returns that will be obtained.
6) Within this documentation there may be figures based on currencies other than those used by recipients hereof. For this reason consideration should be given to any possible change upwards or downwards in the
value of the currency and how this affects the results for the products or instruments proposed.
This document is reserved for professional investors only as defined by the MIFID