This document provides an overview of Dunas Capital Group, an asset management company based in Portugal. It summarizes Dunas Capital's investment team and philosophy, which focuses on flexible allocation between asset classes. It also outlines Dunas Capital's investment process, which involves both strategic and tactical assessment. Finally, it provides an example portfolio breakdown for one of Dunas Capital's funds, Dunas Património, which had 49.76% in equities and -31.28% in fixed income as of the date shown.

1. Valencia

2. INDEX
1. Dunas
2. Investment Team
3. Investment Philosophy
4. Investment Process
5. Product Line
I. Dunas Patrimóno
II. Dunas Global Defensive
III.Dunas Global Dynamic Flexible
2

3. WHO WE ARE
Iberian Asset Management company created in 2010 and owned in
equal parts by Portuguese and Spanish professionals of the asset
management industry with an average experience in excess of 20
years in the industry.
Dunas Capital is regulated by Banco de Portugal and by CMVM,
having also been licensed by the CNVM to act in Spain.
The team (stable) has a proven track record both Iberian and
international markets.
Dunas Capital is fully and exclusively dedicated to the management
of funds and assets from both institutional and private clients.
Management of funds and portfolios has mainly global focus,
pursuing the pre established return targets taking special attention
the capital preservation (constant review of the risk return relation
in the portfolios).
The distribution of our products is done through several
established partnerships through the Iberian peninsula.
3

4. Partners
David Angulo
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
companies Board of Directors.
Previously, 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.
Jorge Morán
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.
Rafael de Andrés
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.
Joaquim Luiz Gomes
Before creating Dunas Capital, he
was Founder and Managing
Director of Midas Investimentos
and Absolut Midas Consultores
de Gestão, Manager of the
European Growth Fund,
Managing Director of BBVA
Privanza Portugal and Member of
the Executive Committee and
responsible of the Portuguese
area for Carnegie International
6

5. DUNAS CAPITAL GROUP AT GLANCE 1
4
Markets and business lines
1 Data pro forma as at the end of 2015
€1,659m in Assets under
Management
€11,972m in Assets under
intermediation
€15.4m in revenues
> 100 employees
Authorised by the Bank of
Portugal, Portugal’s CMVM
& Spain’s CNMV
Data as at Dec 2015
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
Mutual fund asset
management
services
Real Estate Investment
Fund Management
Company
Financial Services
Madrid
Lisbon
Financial and Real
Estate services
Real Estate Services
Key figures

6. VALUES
We act in global financial markets with a focus on developed markets and
liquid instruments. We believe every client deserves an adequate
proposal, thus we have tailor made solutions. Our product development is
client driven. We are multi brand and multi channel.
The asset management company is fully owned by group of
Portuguese and Spanish partners.
Our team has a long experience
in international financial
markets with more than 25
years experience on average.
Stable investment team.
We have chosen to focus our attention in a
concentrated line of funds and client
solutions which we believe can answer the
needs of our clients.
We have a license from Banco de Portugal (code 397) to provide wealth and portfolio
management, Investment funds management and Financial advisory. We are also
regulated by CMVM (Reg. 397) and also by CNVM to act in Spain providing cross the
border services.
IndependentExperience
Transparency
Focused
Flexible
5

7. INVESTMENT TEAM
Pedro Fernandes
CIO and partner of Dunas
Capital. Having started as a
financial analyst in 1989, Pedro
then moved to the asset
management of BCP group, was
director of investments at ESAF
and occupied various positions in
the administration of the
management of the Finibanco
Group.
Pedro has a degree in Business
Management from the
Universidade Católica
Portuguesa.
Pedro Alves
Pedro integrates the investment
team of Dunas Capital since day
one. Graduated by Instituto
Superior de Gestão, and with a
degree in Financial Markets and
Assets ISCTE / CEMAF, Pedro is
the specialist in fixed income and
risk analysis.
Pedro began his career as an
auditor at Ernst & Young in 2002
and then joined Valor Alternativo
first as an analyst and later as a
fund manager.
Bernardo Moreira
Member of the investment team
since the launch of Dunas Capital,
has a degree in Management
from the Universidade Lusiada
and later completed a course on
Financial Audit at ISCTE and
attended Management and
Entrepreneurship at the London
School of Economics. Bernardo
began working at the asset
manager of the Banco Popular,
and then went through the
Corporate Development
Department of Caixa Geral de
Depósitos in Madrid.
Trajano Mesquita
Trajano is focused on the
American markets having
developed a short term
investment strategy based on
technical analysis indicators.
Having started his career at PWC
in São Paulo in 1977, and
becoming Unibanco analyst in
1982.
Trajano is a graduate from the
University of Porto and holds a
Masters in Business
Administration from EAESP
Getulio Vargas Foundation, São
Paulo.
6

8. PHILOSOPHY
• Flexible allocation between asset classes is the main driver of long-
term returns;
• Relative value approach;
• Preference for liquid assets;
• Gradual approach on position building;
• No Benchmark: unconstrained approach, we tolerate long periods of
lower adherence to market indexes;
• Tolerance to volatility spikes;
• Active duration strategy. Trading in government bonds (Germany,
US);
• Equity exposure mostly through indexes;
• Value oriented, large cap and developed market bias (stock picking);
• Thematic approach in stock picking; low turn-over in individual
stocks;
• Behavioral elements in trading strategies and stock picking;
• Position size, no hard stop loss.
Dunas Multi Asset strategies share the same philosophy and
investment framework
7

9. INVESTMENT PROCESS
• Behaviour/Technical
• Market Volatility
• Flows
• Fund Objectives
• Risk Management
Tactical
Assessement
Portfolio
Strategic
Assessement
• Fundamental Analysis
• Asset Prices
8

10. INVESTMENT PROCESS
9
Opportunities Risk
Liquidity/Flexibility Portfolio
Thematic
Corporate
Debt/Equity
Baskets
ETFs/Funds
Bonds/Equity
Futures
Cash
Physical
Bonds/Equity
Sector/Geographic

11. DUNAS PATRIMÓNIO
• Global in €
• Capital appreciation (Long-term)
• Flexibility in asset allocation
• Better diversification to asset classes, geographies, sectors
• Able to adapt to different economic cycles
• Harmonized UCITS IV
Investment Limits
Internal Guidelines
(soft limits)
• Global
• Maximum issuer exposure
2% (except sovereigns)
• Fixed Income ≥ 50%
• Equities ≤ 50%
• Exposure to EM ≤ 25%
• Total FX exposure < 30%
• UCITS Limits
Investment objective:
return between 4% and 8% with a volatility below 10% over
a 3 year rolling periods
Lower Risk Higher Risk
Tipicallyhigher returnsTipicallylower returns
41 2 3 5 6 7
12

12. Key Data Terms and Conditions
Fund Incometric Fund Minimum Initial Investment 5.000 EUR
Sub-Fund Dunas Património Management Fee 1.5%
Investment Manager Dunas Capital SGFIM, SA Performance Fee(*) 15% > Euribor +1%
Management Company Adepa Asset Management S.A. HWM Yes
Custodian KBL European Private Bankers NAV Frequency Daily
Auditor BDO Audit, S.A. Cut-off time 1 business day 11:00 am Lux.
Legal Form Luxembourg FCP Subscription Fee Up to 5%
Applicable Law Luxembourg UCITS IV Redemption Fee None
Inception Date 20 Setembro 2012 Subscription Settlement D + 1
Reference Currency EUR Redemption Payment D + 5
Class / ISIN A1 - EUR LU0701293705
* To be revised to Euribor + 3%
KEY DATA, TERMS AND CONDITIONS
13

13. UP EVOLUTION AND VOLATILITY
14
Returns 1 Month 3 Months 6 Months 12 Month YTD 2015 SI Volatility SI
0.34% 6.39% 6.19% -2.35% -0.51% -0.17% 16.60% 10.29%
0%
5%
10%
15%
20%
set/12
out/12
nov/12
dez/12
jan/13
fev/13
mar/13
abr/13
mai/13
jun/13
jul/13
ago/13
set/13
out/13
nov/13
dez/13
jan/14
fev/14
mar/14
abr/14
mai/14
jun/14
jul/14
ago/14
set/14
out/14
nov/14
dez/14
jan/15
fev/15
mar/15
abr/15
mai/15
jun/15
jul/15
ago/15
set/15
out/15
nov/15
dez/15
jan/16
fev/16
mar/16
abr/16
mai/16
jun/16
jul/16
ago/16
set/16
Votalidade/Volatility
5.83
€ 4.9
€ 5.1
€ 5.3
€ 5.5
€ 5.7
€ 5.9
€ 6.1
€ 6.3
€ 6.5
set/12
out/12
nov/12
dez/12
jan/13
fev/13
mar/13
abr/13
mai/13
mai/13
jun/13
jul/13
ago/13
set/13
out/13
nov/13
dez/13
jan/14
fev/14
mar/14
abr/14
mai/14
mai/14
jun/14
jul/14
ago/14
set/14
out/14
nov/14
dez/14
jan/15
fev/15
mar/15
abr/15
mai/15
mai/15
jun/15
jul/15
ago/15
set/15
out/15
nov/15
dez/15
jan/16
fev/16
mar/16
abr/16
abr/16
mai/16
jun/16
jul/16
ago/16
set/16
UPValue(€uros)
As of the 11/10/16

14. DUNAS PATRIMÓNIO
14
Dunas Pat. MSCI ACWI EFFA G7
Annualized return SI 3.24% 5.52% 3.61%
Annualized Volatility 10.29% 11.96% 2.99%
Cumulative Return SI 13.80% 24.36% 15.48%
Minimum -5.86% -6.16% -1.36%
Maximum 5.18% 4.41% 1.05%
Historical VaR @99 (Weekly) -4.07% -3.77% -1.17%
Historical VaR @95 (Weekly) -1.85% -2.46% -0.68%
Maximum Drawdown -17.89% -19.28% -3.41%
Sharpe (RF 0,5%) 0.31 0.47 1.04
Positive/Negative Ratio 1.60 1.22 1.54
% Positive Weeks 61.6% 55.0% 60.7%
Average Weekly Return 0.07% 0.12% 0.07%
Weekly observations. Period of analysis between inception date and last Friday (30th of September).
All returns and other indicators are calculated after all costs and fees.
Dunas Pat.
MSCI ACWI
EFFA G7
0%
4%
8%
12%
16%
0% 4% 8% 12% 16%
RETURN
VOLATILITY

15. PORTFOLIO BREAKDOWN
15
As of the 11/10/16
Portfolio updated with live prices.
Geography
Equities Fixed Income Total
Equity Indices Sovereign Quasi-sovereign Credit Country
Developed 19,34% 22,19% -44,87% 4,16% 5,18% 6,01%
Asia Pacific 0,00% 3,58% 0,00% 0,00% 0,00% 3,58%
Japan 0,00% 3,58% 0,00% 0,00% 0,00% 3,58%
Euro Zone 9,94% 18,62% -78,29% 4,16% 5,18% -40,39%
Croatia 0,00% 0,00% 0,56% 0,00% 0,00% 0,56%
France 0,78% 0,00% -60,60% 0,00% 0,00% -59,83%
Germany 5,49% 4,34% -22,42% 0,00% 0,00% -12,59%
Greece 0,00% 0,00% 3,11% 0,00% 0,00% 3,11%
Italy 0,59% 9,02% 0,00% 0,00% 0,00% 9,61%
Portugal 2,42% 0,00% 1,06% 1,15% 5,18% 9,80%
Spain 0,67% 5,25% 0,00% 3,01% 0,00% 8,93%
North America 7,91% 0,00% 33,42% 0,00% 0,00% 41,33%
U.S. 7,91% 0,00% 33,42% 0,00% 0,00% 41,33%
Rest of Europe 1,49% 0,00% 0,00% 0,00% 0,00% 1,49%
U.K. 1,49% 0,00% 0,00% 0,00% 0,00% 1,49%
Emerging 0,34% 7,88% 1,61% 0,00% 2,64% 12,47%
Asia Pacific 0,00% 3,90% 0,00% 0,00% 0,00% 3,90%
China 0,00% 3,20% 0,00% 0,00% 0,00% 3,20%
South Korea 0,00% 0,70% 0,00% 0,00% 0,00% 0,70%
Latam 0,34% 2,78% 1,04% 0,00% 2,64% 6,80%
Brazil 0,34% 1,77% 0,00% 0,00% 2,12% 4,23%
Mexico 0,00% 1,01% 1,04% 0,00% 0,52% 2,57%
Rest of Europe 0,00% 1,21% 0,57% 0,00% 0,00% 1,77%
Macedonia 0,00% 0,00% 0,57% 0,00% 0,00% 0,57%
Turkey 0,00% 1,21% 0,00% 0,00% 0,00% 1,21%
19,68% 30,08% -43,26% 4,16% 7,82%
Total by Type 49,76% -31,28%
Currency Assets Cash FX Total
GBP 2,42% 0,18% 0,00% 2,60%
EUR 23,71% 14,43% 42,58% 80,73%
USD 53,30% 5,84% -36,21% 22,94%
CHF 0,00% 0,27% -2,08% -1,81%
JPY 0,00% 0,00% -4,29% -4,29%
Sector Direct Index TOTAL
Financial 6,71% 6,04% 12,75%
Consumer, Cyclical 3,84% 2,94% 6,78%
Consumer, Non-cyclical 3,47% 2,54% 6,02%
Technology 2,68% 1,22% 3,90%
Basic Materials 0,78% 0,85% 1,64%
Industrial 0,00% 2,64% 2,64%
Communications 0,24% 1,66% 1,90%
Utilities 1,58% 2,81% 4,39%
Energy 0,61% 1,44% 2,05%
Diversified 7,69% 7,69%
TOTAL 19,92% 29,84% 49,76%
FI YTM Duration
Average
Maturity
51,8% (*) 2,34% 2,01 2,53
-83,1% (**) 0,05% -8,51 -
(*) Cash Assets
(**) Futures

16. PORTFOLIO BREAKDOWN
16
As of the 11/10/16
Portfolio updated with live prices.
Top 10 stock with look-through
Ranking Company Weight
1 APPLE INC 1,75%
2 CTT 1,67%
3 Deutsche Bank AG 1,34%
4 Daimler AG 1,26%
5 CITIGROUP INC 1,22%
6 Eni SpA 1,18%
7 Barclays PLC 1,14%
8 Enel SpA 1,11%
9 BANK OF AMERICA CORP 1,05%
10 Bayerische Motoren Werke AG 0,99%
Total 12,70%
Top 10 individual stocks
Ranking Company Weight
1 APPLE INC 1,75%
2 CTT 1,67%
3 CITIGROUP INC 1,22%
4 Deutsche Bank AG 1,15%
5 Barclays PLC 1,14%
6 BANK OF AMERICA CORP 1,05%
7 Daimler AG 0,88%
8 Bayerische Motoren Werke AG 0,84%
9 Banco Comercial Português 0,72%
10 RWE AG 0,67%
Total 11,09%
Market Cap. in Million USD % # Avg. Size.
>$ 200000 Mega Cap 1,95% 2 0,97%
$10000 - $200000 Large Cap 11,64% 25 0,47%
$2000 - $10000 Mid Cap 3,92% 12 0,33%
$300 - $2000 Small Cap 2,47% 3 0,82%
< $300 Micro Cap 0,02% 2 0,01%
20,00% 44
Exposure % Avg. Size % #
Individual Stocks 19,68% 0,42% 43
Indices 30,08%
Dividend Yield 3,53%

17. Lower Risk Higher Risk
Tipically higher returnsTipically lower returns
41 2 3 5 6 7
DUNAS GLOBAL DEFENSIVE
• Global in €
• Capital preservation
• Low volatility
• Better diversification to asset classes, geographies, sectors
• Harmonized UCITS IV
Investment Limits
Internal Guidelines
(soft limits)
• Global
• Maximum issuer exposure
0,5% (except sovereigns)
• Equities ≤ 15%
• Exposure to EM ≤ 10%
• Exposure to HY ≤ 20%
• Total FX exposure < 10%
• UCITS Limits
Investment objective:
Euribor 3M+1% with volatility up to 3% over 1 year rolling
periods
17

18. KEY DATA, TERMS AND CONDITIONS
Key Data Terms and Conditions
Fund Dunas Capital Minimum Initial Investment 5.000 EUR
Sub-Fund Dunas Global Defensive Management Fee 0.5%
Investment Manager Dunas Capital SGFIM, SA Performance Fee 10% > 3M Euribor +1%
Management Company
Andbank Asset Management
Lux
HWM Yes
Administrator Adepa Asset Management S.A. NAV Frequency Daily
Custodian KBL European Private Bankers Cut-off time 03:00 pm Lux.
Auditor KPMG Redemption Fee None
Legal Form Luxembourg FCP Subscription Settlement D + 1
Applicable Law Luxembourg UCITS IV Redemption Payment D + 3
Inception Date TBC
Reference Currency EUR
Class / ISIN TBC
18

19. DUNAS GLOBAL DYNAMIC FLEXIBLE
• Global in €
• Capital appreciation (Long-term)
• Total flexibility in asset allocation
• Better diversification to asset classes, geographies, sectors
• Able to adapt to different economic cycles
• Long-term equity like returns with lower volatility
• Harmonized UCITS IV
Investment Limits
Internal Guidelines
(soft limits)
• Global
• Maximum issuer exposure
3% (except sovereigns)
• Equities ≤ 100%
• Exposure to EM ≤ 35%
• Total FX exposure < 30%
• UCITS Limits
Investment objective:
return between 6% and 10% and volatility below 13,5% over
a 5 year rolling periods
Lower Risk Higher Risk
Tipically higher returnsTipically lower returns
41 2 3 5 6 7
19

20. Key Data Terms and Conditions
Fund Dunas Capital
Minimum Initial
Investment
5.000 EUR
Sub-Fund Dunas Global Dynamic Flexible Management Fee 1.5%
Investment Manager Dunas Capital SGFIM, SA Performance Fee 20% >3M Euribor +5%
Management Company Andbank Asset Management Lux HWM Yes
Administrator Adepa Asset Management S.A. NAV Frequency Daily
Custodian KBL European Private Bankers Cut-off time 03:00 pm Lux.
Auditor KPMG Redemption Fee None
Legal Form Luxembourg FCP Subscription Settlement D + 1
Applicable Law Luxembourg UCITS IV Redemption Payment D + 3
Inception Date TBC
Reference Currency EUR
Class / ISIN TBC
KEY DATA, TERMS AND CONDITIONS
20

21. Dunas
Património
Investment Manager
Management Company
Administrator
Custodian and TARegulated by
Auditor
FUNDS
Investment Manager
Management Company
Administrator
Custodian and TA
Auditor
Regulated by
Dunas Global Defensive
Dunas Global
Dynamic Flexible
21

22. Edifício da Estação do Rossio
Largo do Duque do Cadaval nº 17, 1º Andar – Fração J, 1250 – 160 Lisboa
Tlf.: +351 214 200 530 | Fax: +351 214 200 559
www.dunascap.com