Dunas Capital Group is a project formed by Spanish and Portuguese ex-CEO’S with wide experience in asset management, banking and insurance sectors, with the objective of becoming the leading independent asset manager in the Iberian Peninsula in the coming years. To reach market leadership, the Group has set up a professional team with a proven track record and wide experience in different areas in the financial sector.

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INDICE
1. Overview of Dunas Capital Group
2. Dunas Group description
3. Inverseguros as a key element for the project

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1. Overview of Dunas Capital Group

4. 1.1 Dunas Group at a glance (1)
Markets and business lines Key figures
€902m in Assets under
Management
€10,827m in Assets under
intermediation
€13,1m in revenues
85 employees
Madrid
Lisbon
Authorised by the Bank of
Portugal, CMVM, Bank of
Spain, DGS & CNMV
Mutual fund asset
management services
Data at Dec 2016
With the vision to become the leading independent asset manager in the Iberian Peninsula, Dunas Capital Group is a diversified business with a wide
experience in the financial sector and ability to provide a wide range of first-class financial and real estate services
Financial Services
Real estate Services
(1) Data pro forma as at the end of 2016

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1.2 Dunas Capital Group key figures (1)
€902M in Assets under Management
€10,827M in Assets under Intermediation
Securities Firm Company
Investment Fund Management
Pension Fund Management
Depositary
Operations in Spain and Portugal
Asset and Real Estate Funds Management
(1) Data pro forma as at the end of 2016

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1.3 Dunas Capital Group evolution
Dunas Portugal
acquisition
The efforts of Dunas Capital in the last 2 years have been focused in the acquisition of complementary companies with a proven solvency that,
will bring a period focused on consolidation and organic growth
Grupo Inverseguros
acquisition
• Dunas Capital Group is a project formed by Spanish and Portuguese ex-CEO’S with wide experience in asset management, banking and insurance sectors,
with the objective of becoming the leading independent asset manager in the Iberian Peninsula in the coming years
• To reach market leadership, the Group has set up a professional team with a proven track record and wide experience in different areas in the financial
sector

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1.4 Who is Dunas Capital
A team with more than 20 years of experience in the financial sector, including Insurance, Asset Management and Banking
David Angulo Jorge Morán Rafael de Andrés Joaquim Luiz Gomes
Has held different and relevant
positions in the insurance sector,
being Aviva Group
Bancassurance Director, CEO of
Aviva Spain and member of
several Spanish insurance
companie’s Board of Directors.
Previosly, he was Director of the
Insurance and Asset Management
division for Santander UK,
General Manager of Aegon Vida,
and, Director of the Corporate
Finance Division in Bankinter.
With a deep knowledge of the
financial system, he was CEO and
President of Sovereign Bank and
Country Head of Santander US,
CEO of Santander Asset
Management and Insurance,
member of ExCo of Santander,
COO and Abbey Board member,
Partner of AB Asesores and CEO
of Morgan Stanley in Spain and
Portugal.
With over 15 years experience in
the banking sector, he has held
among other responsibilities the
directorship of Private Banking
and Wealth Management for Latin
America and Mexico, and has
been Managing Director of the
Asset Management and Fixed
Income division in Spain for
Banco Santander.
Before the creation of Dunas
Capital, he has been Founder and
Managing Director of Midas
Investimentos and Absolut Midas
Consultores de Gestao, Manager
of the European Growth Fund,
Managing Director in BBVA
Privanza Portugal and Member of
the Executive Committee and
responsible of the Portuguese
area for Carnegie International.

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1.5 Business principles
The combination of meeting client’s needs by the professional and operational capacity of Dunas Group, along with strict risk management
policy, are the key pillars in which the businesses are developed
 Products and services focused on the client’s needs and demands
 Independent and flexible management
 High quality products with competitive prices
 Management and control of financial and business risks
 Compliance of the highest standards in corporate governance
 Top professional teams and operational capabilities, aligned to business services
 Platforms with more than 30 years of proven experience
 Deep regulatory and business knowledge to “guide and support” clients
 Focus on Institutional Clients

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2. Activities description

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2.1 Our market view in Iberia
Market conditions
1 Aging population + declining trend of the
public pension plans (Social Security) Need of alternative private saving sources:
Investment Funds;
Pension Funds
Independent Mutual Fund management / Deep
knowledge of the new regulatory environment
2 Regulatory changes Mifid II / Solvency II
Strategy
Dunas focuses its activity
in 3 business segments
Intermediation fixed income
Real Estate funds management
Investment / pension funds management1
2
3
Specialization / Quality of services
Changes in the asset management
3 Changes in financial markets yield /
volatility
The demographic evolution, client needs, expectations about public pensions and regulatory changes, favour the development of the business segment
where Dunas Capital Group is strongly positioned

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2.2 Dunas Capital Group activities
Dunas Capital España S.L.
Inverseguros S.A.
(Spain)
Dunas Capital S.A.
(Portugal)
100% 50%
100%100%100%100%100%
Inverseguros
Sociedad de
Valores, S.A.U
Inverseguros
Pensiones
S.G.F.P., S.A.U.
Inverseguros
Gestión S.A.U.,
S.G.I.I.C.
Inmoseguros
Gestión, S.A.U.
Inmoseguros
Tasación, S.A.U.
100%
Dunas Capital
S.G.F.I.M., S.A.
Financial services Real Estate services Mutual funds
Dunas Capital Group is a diversified platform, with great experience and the tools to provide an array of financial and real state services in Spain and Portugal.
In this scenario, Inverseguros Group is, for its history and operational capabilities, the cornerstone to project success

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2.3 Activities description
Business Line Description
Financial
services
Real estate
services division
Realestate
services
• Delegated management of pension funds.
• Fixed income and equity mutual funds management for institutional investors, some of them sold under white label.
• Advisory services to insurance companies and funds in the design and management of investment portfolios.
Asset
management
Pension funds
Consulting
Dunas Capital Group is a geographical and operational diversified platform, with the capacity to provide a great range of financial and real estate services
• Legal custody of funds managed by the group and its institutional clients.
Depositary
• Fixed income intermediation services (trading and execution of all asset classes).
• Client base of 140 institutional clients, 115 domestic y 25 international.
• Prop trading with fixed income instruments, taking advantage of favorable asset price moves in the financial markets to offer highly
competitive quotes for our clients.
Fixed Income
desk
• Administrative management of pension funds for financial institutions, insurance companies and corporate clients, allowing them to leverage
on the operative structure of the rest of the Group.
• Active management of some funds through the asset management unit, outsourcing the management of the rest.
• Consulting services for financial institutions and insurance companies:
• Appraisal, risk management, etc.;
• Consulting services for insurance companies regarding compliance and solvency requirements.
• Provide a full range of services for real estate investment vehicles, from their creation, legal design and marketing to the acquisition, management and
liquidation of their assets.
• Management of real estate investment vehicles for institutional investors.
• Advisory services in negotiations for the purchase, sale and lease of real estate assets.
• Valuation and due diligence of real estate for third parties.

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3. Inverseguros: Cornerstone of this project

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3.1 Inverseguros description
Inverseguros acquisition project
1
2
Inverseguros
Inverseguros Group, acquired by Dunas Group, was founded in 1986 aiming to offer financial products and real estate
services to its insurance companies shareholders. Inverseguros is a Spanish group ,formed by 7 companies focused on
institutional clients.
The services offered by the Group are: (i) Intermediation for clients and the own execution desk; (ii) depositary
services; (iii) mutual and pension funds management and; (iv) real estate services;
The Group was owned by 10 of the main insurance companies of the Spanish market:
After almost 30 years of its foundation, Dunas Capital has adquired the 100% of Inverseguros Group.
Inverseguros is a solid platform and a trademark thanks to its vast experience and its “track record”
There are strong synergies in terms of culture and business concept between both groups, that will allow a future
development under the business principles of Dunas Group
Trading desk and management teams will be reinforced to support the expected growth
High financial solvency. It is expected that the own funds of Inverseguros Group will be higher than 16M €, with an estimated
solvency ratio of 27.7% being much higher than the legally required (3.3x the legal minimum).
The business growth will be supported by
The current products and services portfolio
New products in the alternative management area and real estate services
Inverseguros is a member of AIAF.

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3.2 Current business lines
The range of services provides a complete coverage of the financial services needs of our clients
Inverseguros S.A.
Inverseguros Sociedad de
Valores
Inverseguros S.G.I.I.C.
Inverseguros S.G.F.P.
Inmoseguros Gestión
Inverseguros Tasación
Risk Control for Asset Managers and Insurance Companies
Valuation of financial assets
Solvency II
Real estate valuation
Fixed income and equity Trading Desk
Macroeconomic and fixed income analysis
Depositary for mutual funds
Wide range of investment funds
Active management of portfolios
Creation of white label investment funds
Administration and management of pension funds
Creation of white label pension funds
Creation and management of real estate investment vehicles
Management of real estate investments and Portfolio Administration
Analysis of investment/disinvestment – Development of “Due Diligence”
Sale of assets

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3.3 Inverseguros S.A.: Consulting & advisory
CONSULTING AND ADVISORY SERVICES
Risk and limit controls
Market risk
Asset valuation
Independent appraisal of the counterparty
Valuation of complex and illiquid assets
Calculation of market value in “broken” markets
Calculation of the issuer spread to value any asset
Credit risk
Liquidity risk
Coefficients and limits control
Calculation agent Calculation agent service for guaranteed funds
Solvency II Overall service covering all Solvency II requirements
The risk control and the impact of Solvency II are key elements for companies and Inverseguros has the know-how, technical and technological expertise for its calculation

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3.4 Inverseguros S.V.
SECURITIES SERVICES (SOCIEDAD DE VALORES)
Fixed Income
desk
Análisis y estrategia
Inverseguros covers a wide range of more than 150 institutional clients and stands out for its operative independence since it is not member of any banking group
Depositaría
Order execution at highly competitive prices
Proprietary Fixed Income Database
Searching relative value opportunities
Monitoring of positions
Global macroeconomic analysis
Detailed macroeconomic analysis of Europe and US economies
Detailed analysis of monetary policy and its impact on markets
American and European sovereign debt
Private fixed income in Euros
Tailor-made reports
Mutual funds legal depositary

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3.5 Inverseguros S.G.I.I.C & S.G.F.P.
MANAGEMENT AND FUND ADMINISTRATION
Funds management
Institutional clients services
Advisory
Discretional portfolio management
Pension funds
Pension funds management
Pension funds administration
Inverseguros implements a conservative and risk controlled management approach with a long term horizon. At the same time, the fact that our main focus is on Institutional Clients,
eliminates any possible competition with the commercialization players of the administered funds
Wide range of own investment funds
Mandates
White label funds

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3.6 Dunas Real Estate - Inmoseguros
REAL ESTATE ASSETS
Servicing of Real Estate
portfolios
Management of real estate asset portfolios (Asset Management)
Administration of real estate asset portfolios to third parties (Property Management)
Investment analysis and Due Diligence
Sale of real estate assets
Investment & Asset Mgmt.
of Real Estate assets and
specialized vehicles
Creation of specialized investment vehicles
Asset management of portfolios and RE assets
Origination and set up structure of local opportunities in Iberia.
Valuation Real Estate assets valuation
The change in the Spanish economic cycle has made attractive the real estate sector again and Inverseguros has a proven experience and know how in an efficient
platform for the management of this kind of assets

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REAL ASSETS & TAX EQUITY
The independence of Inverseguros, the new market conditions and the need of higher yields under a controlled risk, create opportunities for new non-traditional business lines, for that
we have hired a highly specialized team to originate and manage investment opportunities in alternative assets and real projects , far from market volatility
Naval
construction
R&DFilmAirlines Energy
Efficiency
• Investment opportunities in transportation assets and energy efficiency
equipment
• Selected market assets with liquidity and/ or solid and proven
counterparts
• Long term investment
• Fixed coupon
• Attractive returns
• Direct investments and managed funds
• Investment opportunities in real projects with a return based in
reduction of the tax base
• Tailor made origination and structuring structures
• Broad knowledge in Spain with more than 15 years history
• Consolidated tax and legal framework
• Investment term: 3 to 4 years
• Attractive returns
Ships
REAL ASSETS TAX EQUITY
3.7 New business lines; Real assets y tax equity

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ABSOLUTE RETURN FUND VIA RELATIVE VALUE SPECIALIZED IN TMTs (Telecommunications, Media, Technology)
Inverseguros independence, the new market conditions and the need to find additional returns with risk/volatility under control, also creates the
opportunity for new products (relative value funds without directional exposure) in traditional business lines as asset management and for that, we have
a highly skilled team with broad experience
Processing industriesTelecommunications Technology
• Birdie Capital Inverseguros FCP
• Attractive fund for fixed income investors
• Target return of 5% with a Sharpe Ratio > 1
• Low volatility/risk via hedging positions
• Diversified vehicle domiciled in Luxemburg: UCIT5 (KBL custody, EFA
administration& accounting, KPMG auditor)
• Daily NAV and liquidity (AAML ManCo)
• Specialized in Telecoms, Media and Technology, all of them sectors
under transformation
• Spanish asset manager: Inverseguros SGIIC
• Competitive commissions
• Distributed by platforms: Allfunds International and Inversis
• Alpha generation via “stock picking” based on two main criteria:
• Free cash flow return (allows sustainable dividend- similar to a
bond coupon)
• Capital-efficiency (allows profits in the medium term to the
hedged position and preserve investment – or bond principal)
• Other factors: business growth, margins evolution, corporate
event probability, …
• Management and marketing team experience
• Nahum Sanchez de Lamadrid – TMTs head of research at
Santander Group and Mainfirst.
• Cesar Garay Saiz – Head of equity prop trading desk of
Santander Group in Europe.
Media
3.8 Alternative Investments: Absolute return – Birdie Capital

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