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EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
EDM Strategy Fund
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EDM Strategy Fund

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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 …

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 leveraged or 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

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  • 1. EDM Strategy Fund Growth & low volatility European Equities 1 This document is reserved for professional investors only as defined by the MIFIDJanuary 2012
  • 2. EDM Strategy Sicav Index 1- Fund´s Performance 2- Investment Philosophy 3- Portfolio 4- Performance over the crisis 5- Fund Managers 6- European Equities 7- About EDM 8- Summary 2
  • 3. Fund’s Performance 3
  • 4. EDM Strategy Sicav Fund’s Performance Higher return and lower volatility Year EDM STRATEGY STOXX 50 Relative Performance 2000 15,83% 1,88% 13,95% 2001 -8,55% -18,66% 10,11% 2002 -34,36% -35,05% 0,69% 2003 2,35% 10,50% -8,16% 2004 6,96% 4,30% 2,66% 2005 23,96% 20,70% 3,26% 2006 15,98% 10,39% 5,59% 2007 2,55% -0,36% 2,91% 2008 -28,74% -43,43% 14,69% 2009 25,50% 24,06% 1,43% 2010 11,88% 0,04% 11,84% 2011 -5,00% -8,39% 3,39% Total Return 6,67% -50,04% 56,71% Annual Return 0,54% -5,62% 6,16% Annualized Volatility 12,81% 16,45% -3,64% All EDM return data are expressed in euros and are stated net of expenses and fees. 4 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)
  • 5. EDM Strategy Sicav Fund’s Performance Consistent Alpha generation in both bear and bull markets 50% EDM Strategy 30% 10% -10% Stoxx 50 -30% -50% -70% 2007 2000 2010 1999 2004 2006 2008 2008 2009 2005 2005 2003 2002 2002 2001 2011 Stoxx 50 has been selected due to its high concentration (50 weights) in European Equities, including relevant countries such as Switzerland and the UK. 5 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)
  • 6. EDM Strategy Sicav Fund’s Performance Beating all the main european indices 6 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)
  • 7. EDM Strategy SICAV Fund’s Performance Ratings & Ranking Ranking 2011: 32 / 345 EU Equity Funds Ranking Allfunds Bank: 5 YEARS 3 YEARS 1 YEAR YTD VOLATILITY EDM Strategy Sicav -3,2% 29,0% -7,2% -9,1% 15,2% European Equity Funds -27,2% 18,5% -11,5% -15,6% 20,9% Rating Lipper: 7
  • 8. Investment Philosophy 8
  • 9. EDM Strategy Sicav 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 (15% 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) • European currency diversification (EUR, GBP, CHF, DKK) • 100 % currency hedged (we do not predict currency fluctuations) 9
  • 10. EDM Strategy Sicav Investment Philosophy Stock picking methodology • Demanding criteria: High quality of the business (ROE = 31%) • Sustainable EPS growth (11%) • Low debt balance-sheet (Net Debt/EBITDA = 0,9) • Recurrent and solid cash-flows • Companies focused on emerging markets to generate growth (1/3 Sales) • Focus on understandable and predictable businesses at reasonable prices • Management quality & integrity are crucial for us 10
  • 11. EDM Strategy Sicav Investment Philosophy How do we manage to obtain such a low volatility? • Following certain long-term Macro-trends: Western live style globalization Outsourcing is increasing “Low Cost” trend Population aging Increasing emerging markets exposure • Lack of sectors whose profits are not easily foreseen: Banking & Insurance Cyclical sectors Regulated tariffs Commodities 11
  • 12. EDM Strategy SICAV Investment Philosophy How do we manage to obtain such a low volatility? 60% ∆ BPA S&P 500: +6,4% TAE 50% ∆ BPA DJ Stoxx 600: +3,8% TAE 40% ∆ BPA EDM Strategy: +14,8% TAE 30% 20% 10% 0% -10% -20% -30% -40% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 S&P 500 Growth DJ Stoxx 600 Growth Portfolio Growth 12
  • 13. Portfolio 13
  • 14. EDM Strategy SICAV Portfolio PORTFOLIO TOP HOLDINGS 31-dic-11 (1) (2) (3) (3) (4) (5) 2011-2016 DividendRoche 6,99% ROE EPS Growth P/E 2011 P/E 2012 PEG YieldTesco 6,49% ROCHE HLDG-GENUS 103% 7,5% 11,6 11,5 1,54 4,1%Danone 6,31% STRAUMANN HLDG-R 20% 15,0% 20,7 21,0 1,38 1,2% TELEFONICA 44% 4,0% 9,2 8,5 2,31 11,4%Capita Group 5,93% TEMENOS GROU-REG 16% 15,5% 12,3 11,8 0,80 0,0% CHRISTIAN DIOR 18% 9,0% 13,4 11,8 1,49 2,4%SAP 5,73% EUTELSAT COMMUNI 22% 10,0% 22,0 15,9 2,20 3,0%Grifols 5,19% DANONE 17% 10,0% 16,1 15,2 1,61 2,7% AIR LIQUIDE SA 17% 11,0% 17,6 16,6 1,60 2,5%Eutelsat 4,10% ALSTOM 11% 13,0% 5,6 6,9 0,43 6,0% BRENNTAG AG 16% 12,0% 11,8 11,2 0,98 1,9%Brenntag 4,07% GRIFOLS SA 18% 15,0% 20,3 15,5 1,35 0,0%BME 4,03% INDITEX 30% 10,0% 20,6 18,3 2,06 2,5% BOLSAS Y MERCADO 34% 8,0% 11,0 10,9 1,38 9,5%Coloplast 3,75% ESSILOR INTL 16% 15,0% 21,9 19,7 1,46 1,5% COLOPLAST-B 46% 15,0% 16,3 14,8 1,09 0,0% NOVO NORDISK-B 40% 11,5% 22,8 20,0 1,98 1,5% SAP AG 20% 11,5% 15,1 13,6 1,32 1,5% SODEXO 17% 10,0% 16,9 15,2 1,69 2,4% WINCOR NIXDORF 32% 10,0% 9,9 9,5 0,99 4,9% CAPITA GROUP PLC 49% 10,9% 12,8 11,9 1,18 3,6% INTERTEK GROUP 33% 10,0% 19,5 16,6 1,95 1,6% AGGREKO PLC 30% 11,0% 23,3 20,3 2,12 1,1% RECKITT BENCKISE 35% 10,5% 13,1 12,9 1,25 4,2% TALKTALK TEL 9% 10,0% 8,5 7,8 0,85 5,3% TESCO PLC 17% 10,0% 11,2 10,3 1,12 4,1% LINDT & SPRUE-PC 15% 10,0% 26,1 23,5 2,61 1,6% TOTAL 31% 11,0% 13,9 12,9 1,27 3,1% Source: Bloomberg (1) Profit after taxes/ Equity (2) EDM estimates for 5 years CAGR (3)EDM & Bloomberg data (4) (3) / (2) 14 (5) Dividend/Price
  • 15. EDM Strategy SICAV Portfolio Sector Market Cap Consumer goods Chemicals Small 4% Distribution 4% 8% Food 8% Medical Devices IT 11% 8% Giant 40% Retail Mid Pharma 10% 43% 16% Specialised industries Services 9% Large 24% 13% Country Currency CHF Great Britain Switzerland 15% 15% 24% EUR DKK Germany 53% 8% 14% Denmark GBP France 8% 24% 22% 15 Spain 16%
  • 16. Performance over the crisis period 16
  • 17. EDM Strategy SICAV Performance over the crisis period EDM Strategy vs. Stoxx50 since the beginning of the crisis 10% -38% +45% 0% -10% -5% EDM Strategy -20% -30% -40% -58% Stoxx 50 - 40% -50% -60% +34% 08 09 10 1 11 07 8 9 0 -1 -0 -0 -1 p- p- p- p- p- ar ar ar ar se se se se se m m m m 17
  • 18. EDM Strategy SICAV Performance over the crisis period EDM Strategy vs. Stoxx50 since the beginning of the crisis Higher return... 12m Rolling Return ... and lower volatility 12m Rolling Volatility 18 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)
  • 19. EDM Strategy SICAV Performance over the crisis period EDM Strategy vs. Competitors since the beginning of the crisis Allianz Annualized Fund/ Benchmark/Category Volatility Return EDM Strategy -1,99 13,97 Franklin Carmignac Portf Grande Europe A -7,19 16,10 EDM LFP Europe Impact Emergent R -5,37 16,50 Bestinver Franklin European Growth A -0,74 16,56 Invesco Invesco European Growth A -3,70 16,77 LFP Fidelity Tocqueville Value Europe P -7,47 17,15 Agressor Fidelity European Dynamic Grth A -5,15 19,49 Category Carmignac Allianz RCM Europe Eq Growth AT 2,50 20,13 Agressor -6,20 23,54 Tocqueville Bestinver Internacional -2,69 23,97 STOXX 50 -10,11 18,49 Stoxx EDM EURO STOXX 50 EDM ED -13,14 22,29ED ED Euro Stoxx Europe Large-Cap Growth Equity Category M -5,39 18,02M M 19
  • 20. Fund Managers 20
  • 21. EDM Strategy Sicav Fund Managers Ricardo Vidal, 42. CO-CIO Fund Manager of EDM Strategy and Consumption Sector Specialist Holds an MBA from ESADE University (Barcelona). Worked at Banco Vitalicio (Insurance Company) and Gesindex SGIIC (Financial Services) from 1993 until 1997. Holds the Certified of European Financial Analyst (CEFA). Joined EDM in July 1997. Adolfo Monclús, 38. CO-CIO. Retail, Business Services and TMT´s Sector Specialist for EDM Strategy Graduated in Business Administration by the Universitat Internacional de Catalunya & in Economics Finance by Bentley College (USA). Holds an International MBA from Instituto de Empresa (Madrid). Worked at Argentaria and BBVA in the Mid-Corporate Banking area. Joined EDM in July 2005 after finishing his MBA. Beatriz López, 34. Fund Manager of EDM Strategy and Medical, Food and Insurance Specialist Graduated in Economics from Universitat Pompeu Fabra (UPF) in 1999, followed by a Masters Degree in Finance from CEMFI (Bank of Spain) in 2001. Holds the Chartered Alternative Investment Analyst (CAIA) by the CAIA Association. She started her career at Banco Sabadell where she became Senior Equity Analyst. Joined EDM in 2007. 21
  • 22. EDM Strategy Sicav Fund Managers Juan Grau,66 Gonzalo Cuadrado,41 Spanish Stocks Specialist for EDM Pharmacy, construction and Strategy infrastructure Sector Specialist for EDM Strategy He worked in several industrial companies as CFO during 16 years. Joined EDM in 1989 where he Graduated in Economy by UB. Holds a has always worked on Investment Management Master in Finances by the IEF, the CEFA, as a fund manager. Holds a degree in Economics the CIIA and the CAIA. Holds the and a PDE IESE Business School. Manager of “Certificado de Experto en Valoración de EDM Inversion since 1989. Empresas”(CEVE) by IEAF. Worked as a fund manager and analyst in Caixa Penedès. Analyst and asset manager in EDM since 2004. Alberto Fayos,39 Specialised industries and Financials • No distinction between analyst & portfolio manager Sector Specialist for EDM Strategy Holds a Bachelor in Actuarial and Finances and • Collective discussion & Individual decision a Degree in Statistics from University of Barcelona (UB) . Holds the CEFA Certified. Worked at Gaesco Gestión SCIIC from 1997 until • Investment Team over the last 6 years: 2005. Worked at Banc Sabadell Gestión SGIIC Non-existent staff turnover from 2006 until 2009. Joined EDM in March 2009 as an Analyst and Portfolio Manager. 22
  • 23. European Equities 23
  • 24. EDM Strategy Sicav European Equities European Equities valuation reaching 30 years low P/E Source: SocGen 24
  • 25. EDM Strategy Sicav European Equities Divergences between profits and prices during 2010 & 2011 Source: Bloomberg 25
  • 26. About EDM 26
  • 27. EDM Strategy Sicav About EDM • 23 Years´s experience: founded in 1989 • Leading independent manager in Spain: AUM € 1.2 bn • 400 M€ AUM in european equity portfolios • Independent: - Fully owned by the Group´s Management - Focused exclusively on Asset Management AUM M€ 1.300 1184 M€ 1.200 1.100 1.000 900 800 700 600 500 400 300 200 100 0 20 7 00 04 06 20 8 09 20 5 02 20 3 19 7 20 1 19 0 11 10 19 9 19 4 96 98 20 9 95 19 2 93 91 i c) 0 9 0 0 0 0 8 9 9 9 9 27 20 19 20 20 20 20 20 19 19 19 19 19 (D
  • 28. EDM Strategy Sicav About EDM Regulated companies in three European domiciles EDM HOLDING, S.A. 100% EDM SERVICIOS EDM GESTIÓN EDM FUND EDM ASSETCompany FINANCIEROS S.A. SGIIC MANAGEMENT, S.A. MANAGEMENT, Ltd S.A. AVCountry 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 28
  • 29. EDM Strategy Sicav About EDM 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 international food companies in the Financial General Director of PAS (Fund Management Area. Joined EDM in 1990 and since then has and Corporate Finance), Chairman of Caja de been involved in all investment management Barcelona (Savings Bank), Chairman of activity within the company. Until 2010 he was Banca Catalana, and Chairman of Tunel del the Managing Director and CIO. Cadí (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) from IESE Business School. He was working at where he was Regional Manager and Former SONY from 1990 to 2000 as Accounting Managing Director. In 1991 he joined Manager and Control Manager. He was Senior Indosuez-Credit Agricole where he was Private Consultant at Cap Gemini Ernst & Young. He Banking General Manager and Regional was also Finance Director at Baker & Mc President. He joined EDM in 2005. Kenzie (Law firm). He joined EDM in 2008. 29
  • 30. EDM Strategy Sicav About EDM EDM performance with other asset typesSpanish Equities Credit Short Duration (Investment Grade)EDM Inversión EDM Ahorro EDM Relative Relative Year IBEX 35 Year EDM AHORRO INFLATION INVERSION Performance Performance 2000 -5,87% -21,75% 15,9% 2000 2,39% 2,48% -0,09% 2001 -0,90% -7,82% 6,9% 2001 4,49% 2,05% 2,45% 2002 -10,81% -28,11% 17,3% 2002 2,19% 2,28% -0,09% 2003 24,95% 28,17% -3,2% 2003 2,22% 1,97% 0,25% 2004 23,59% 17,37% 6,2% 2004 1,61% 2,36% -0,75% 2005 23,91% 18,20% 5,7% 2005 1,18% 2,22% -1,05% 2006 38,46% 31,79% 6,7% 2006 0,01% 1,92% -1,91% 2007 1,49% 7,32% -5,8% 2007 1,58% 3,07% -1,49% 2008 -37,15% -39,43% 2,3% 2008 3,15% 1,58% 1,56% 2009 26,84% 29,84% -3,0% 2009 6,94% 0,93% 6,01% 2010 -9,00% -17,43% 8,4% 2010 1,73% 2,21% -0,48% 2011 -6,10% -13,11% 7,01% 2011 2,00% 2,01% -0,01%Total Return 52,41% -26,42% 78,83% Total Return 33,60% 28,10% 5,50%Annual Return 3,57% -2,52% 6,09% Annual Return 2,44% 2,10% 0,34%Annualized Volatility 16,60% 20,74% -4,14% Annualized Volatility 1,29% 1,50% -0,21% 30 All EDM return data are expressed in euros and are stated net of expenses and fees.
  • 31. EDM Strategy Sicav About EDM 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 31 All EDM return data are expressed in euros and are stated net of expenses and fees.
  • 32. Summary 32
  • 33. EDM Strategy Sicav Summary 10 reasons for investing in EDM Strategy Sicav 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 leveraged or 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 33
  • 34. EDM Strategy Sicav Summary EDM STRATEGY SICAV CURRENCY Euro IDENTITY NAV 267,66 € EUTD - 15% Threshold FUND AUM 66.300.000 € German Tax Transparency EUROPEAN PORTFOLIO AUM 405.000.000 € UCITS INCEPTION DATE 01.01.1995 LEGAL STRUCTURE LU - SICAV - Part 1 MANAGEMENT FEE (Private) 2,50% INCOME DISTRIBUTION Retained MANAGEMENT FEE (Institutional) 1,5% (in process) CUSTODIAN FEE 0,20% TOTAL EXPENSE RATIO 2,79% FUND MANAGERS Ricardo Vidal & Beatriz López MANAGER EDM Fund Management EU TAX DIRECTIVE CUSTODIAN RBC Dexia Eu Tax Directive Start Date 01/05/2011 AUDITOR Deloitte, S.A. Eu Tax End Date 30/04/2012 DOMICILE Luxembourg Eu Tax Directive Status In Scope-No Tax DEALING Daily Eu Tax Directive 15% Threshold Yes CATEGORY European Equities Eu Tax Directive 40% Threshold No HOLDING BASED CLASSIFICATION Europe Multi-Cap Growth Prospectus vs Asset Allocation No MORNINGSTAR CLASSIFICATION Europe Large-cap Growth NAV Taxable Interest Income Accrued No LIPPER CLASSIFICATION Equity Europe Dividend Taxable Interest Incime Accrued No COUNTRIES REGISTERED FOR SALE DISTRIBUTION PLATFORMS Luxembourg Allfunds Bank Spain ("Traspasable") Inversis Banco (in process) CROSS REFERENCES CROSS REFERENCES ISIN LU0028445327 F&E FUND CODE 2550 ISIN CURRENCY CLASS LU0028445327.EUR F&E GROUP CODE 727 BLOOMBERG EDMISFI LX FT MEXLD LXEDIS REUTERS 002844532X.LU HOLDINGS LOADING ID LU6081 LIPPER 60013965 PERM ID 8590296188 SEDOL 4106744 RIC 002844532X.LU 34 TELEKURS 353647 RIC LP60013965 WKN- GERMAN A0Q1TQ VALOR 353647
  • 35. www.edm.es Ignacio Pedrosa Head of Investor Relations +34 636814186 +34 914110398 ipedrosa@edm.es http://es.linkedin.com/in/ipedrosaLEGAL NOTICE1) 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 reasonefforts 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 additionaldocumentation 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 relationto 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 undernumber 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, whichwill 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 circumstancesi- 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’sown 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 toreach 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 thevalue of the currency and how this affects the results for the products or instruments proposed. 35This document is reserved for professional investors only as defined by the MIFID

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