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

1. EDM Strategy Return Date: 31/12/2011
European Equities
Monthly returns
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YEAR
2011 -0,45 1,84 -0,30 3,52 0,39 -2,57 -1,27 -7,84 0,67 4,97 -6,97 3,78 -5,00
2010 1,08 0,25 5,72 0,98 -2,85 0,45 0,22 -0,57 3,60 0,99 -1,71 3,42 11,88
2009 -0,07 -4,36 -2,37 11,95 3,28 1,97 5,04 1,95 2,42 -0,96 0,75 4,24 25,50
2008 -9,86 2,90 -2,83 0,39 0,81 -7,99 1,45 2,81 -3,88 -10,11 -6,81 1,10 -28,74
2007 4,12 -1,47 1,85 3,76 -1,30 -1,69 0,32 0,01 1,55 -0,98 -2,01 -1,40 2,55
2006 2,80 2,48 0,74 0,38 -4,07 0,99 4,16 1,49 1,22 1,35 0,98 2,62 15,98
2005 -0,16 3,58 1,56 1,11 3,44 0,37 4,53 -1,36 4,69 -3,27 3,49 4,04 23,96
2004 3,71 3,80 -2,56 1,00 0,64 1,03 -2,73 -0,97 -0,26 -0,47 2,84 0,98 6,96
2003 -5,54 -5,88 2,00 5,14 -1,67 4,66 0,98 4,02 -1,66 2,33 0,40 -1,73 2,35
2002 -1,93 -0,14 3,13 -3,14 -5,24 -10,22 -11,01 0,96 -9,09 2,28 2,08 -7,52 -34,36
2001 -4,44 0,92 -2,78 2,95 3,57 1,44 -1,98 -4,57 -9,60 2,30 1,34 2,88 -8,55
2000 -1,40 -0,32 3,15 0,72 2,19 2,95 2,57 6,48 -0,98 0,79 1,11 -2,16 15,83
1999 -0,01 1,64 -5,43 1,65 -3,75 1,02 -3,39 3,32 -2,25 -1,00 9,90 2,67 3,54
1998 3,79 5,83 8,47 -3,94 5,94 4,48 -2,72 -4,81 -4,07 3,19 8,40 2,82 29,43
1997 1,99 4,67 -2,27 2,44 4,11 7,14 6,12 -6,62 1,01 -2,40 4,21 4,43 26,75
Cumulative returns
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
EDM Strategy -5,00 -5,00 6,29 33,40 -2,52 40,15 0,70 81,18 241,68
STOXX 50 -8,39 -8,39 -8,35 13,71 -35,91 -14,62 -36,08 29,91 128,49
Annualized returns
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
EDM Strategy -5,00 -5,00 3,10 10,08 -0,51 4,94 0,07 4,04 6,34
STOXX 50 -8,39 -8,39 -4,26 4,37 -8,51 -2,23 -4,38 1,76 4,22
Annualized volatility
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
EDM Strategy 13,72 13,72 11,28 12,50 13,43 12,28 13,06 13,38 13,14
STOXX 50 16,38 16,38 14,67 17,24 17,59 15,68 16,47 17,81 16,65
Sharpe Ratio
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
EDM Strategy -0,41 -0,41 -0,11 0,35 -0,10 0,12 0,13 0,10 0,22
STOXX 50 -0,50 -0,50 -0,38 0,09 -0,39 -0,21 -0,09 0,00 0,10
Sortino Ratio
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
EDM Strategy -0,54 -0,54 -0,16 0,53 -0,13 0,16 0,17 0,13 0,30
STOXX 50 -0,68 -0,68 -0,51 0,14 -0,49 -0,26 -0,11 0,00 0,13
Benchmark correlation
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
Alpha 0,06 0,06 4,88 5,32 5,45 5,61 3,56 1,53 2,09
Beta 0,78 0,78 0,77 0,73 0,77 0,78 0,74 0,66 0,66
Return -5,00 -5,00 3,10 10,08 -0,51 4,94 0,07 4,04 6,34
Information Ratio (geo) 1,21 1,21 0,78 0,52 0,87 0,82 0,50 0,20 0,19
Tracking Error 3,05 3,05 9,83 10,46 10,08 8,97 9,25 11,30 10,92
Correlation 0,89 0,89 0,92 0,93 0,92 0,91 0,90 0,82 0,80
R2 78,87 78,87 84,58 85,58 84,31 83,29 80,69 67,43 63,55
Statistical risk
YTD 1 year 2 years 3 years 5 years 7 years 10 years 15 years 20 years
Up Capture Ratio 74,59 74,59 72,85 67,96 64,22 75,15 71,31 63,60 67,98
Down Capture Ratio 69,92 69,92 46,29 38,08 46,83 46,49 58,54 52,53 52,99
Longest Down-Streak Start Date 01/06/2011 01/06/2011 01/06/2011 01/06/2011 01/10/2007 01/10/2007 01/10/2007 01/10/2007 01/02/1994
Longest Down-Streak End Date 31/08/2011 31/08/2011 31/08/2011 31/08/2011 31/01/2008 31/01/2008 31/01/2008 31/01/2008 30/06/1994
Down Number 6,00 6,00 9,00 13,00 25,00 29,00 47,00 69,00 89,00
Up Number 6,00 6,00 15,00 23,00 35,00 55,00 73,00 111,00 151,00
Best Quarter 1,35 1,35 7,14 17,90 17,90 17,90 17,90 19,15 19,15
Worst Quarter -8,40 -8,40 -8,40 -8,40 -15,31 -15,31 -18,32 -18,32 -18,32
Gain/Loss Ratio 0,78 0,78 1,30 1,97 1,02 1,43 1,06 1,31 1,47
Max Drawdown -12,85 -12,85 -12,85 -12,85 -37,10 -37,10 -42,22 -47,79 -47,79
Overall Deviation 2,93 2,93 9,83 10,40 10,24 9,11 9,28 11,28 10,91
Overall Capture Ratio 1,07 1,07 1,57 1,78 1,37 1,62 1,22 1,21 1,28
EDM Asset Management www.edm.es/en -1- Tel. +34934160143 +34914110398 edm@edm.es

2. EDM Strategy Return Date: 31/12/2011
European Equities
Histogram Chart Drawdown Chart
Time Period: 01/01/2000 to 31/12/2011 Time Period: 01/01/2000 to 31/12/2011
28,0 0,0
-7,5
24,0
-15,0
20,0
-22,5
16,0 -30,0
-37,5
12,0
-45,0
8,0
-52,5
Number Of Period
4,0 -60,0
0,0 -67,5
-15,0 -11,0 -7,0 -3,0 1,0 5,0 9,0 13,0 2001 2003 2005 2007 2009 2011
EDM Strategy STOXX 50 EDM Strategy STOXX 50
12M Rolling Annualized Return
50,0
0,0
Return
-50,0
2007 2008 2009 2010 2011
EDM Strategy STOXX 50
12M Rolling Annualizede Volatility
30,0
20,0
10,0
Volatility
0,0
2007 2008 2009 2010 2011
EDM Strategy STOXX 50
3Y Rolling Alpha
Rolling Window: 3 Years 1 Month shift
10,0
5,0
Alpha
0,0
06/2009 12/2009 06/2010 12/2010 06/2011 12/2011
EDM Strategy STOXX 50
3Y Rolling Beta
Rolling Window: 3 Years 1 Month shift
1,0
0,9
0,8
Beta
0,7
06/2009 12/2009 06/2010 12/2010 06/2011 12/2011
EDM Intl Strategy STOXX 50
EDM Asset Management www.edm.es/en -2- Tel. +34934160143 +34914110398 edm@edm.es