1. EDM Strategy Fund
Growth & low volatility
European Equities since 1995
This document is reserved for professional investors only as defined by the MIFID
Agoust 2012

2. EDM Strategy Fund Index
1- Fund´s Performance
2- Investment Philosophy
3- Portfolio
4- Performance over the crisis
5- Fund Managers
6- European Equities
7- About EDM Asset Management
8- Summary
2

3. Fund’s Performance
3

4. EDM Strategy Fund Fund’s Performance
Higher return and lower volatility
Relative
Year EDM STRATEGY STOXX 50
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%
2012 13,45% 6,91% 6,54%
Total Return 20,66% -47,74% 68,40%
Annual Return 1,50% -5,03% 6,53%
Annualized Volatility 12,85% 16,32% -3,47%
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 Fund Fund’s Performance
Consistent Alpha generation in both bear and bull markets
EDM Strategy
Stoxx 50
EDM STRATEGY STOXX 50
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 Fund Fund’s Performance
Beating all the main european indices
EDM Strategy
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 Fund Fund’s Performance
Ratings & Ranking
Ranking 2011: 35 / 345 EU Equity Funds
Ranking Allfunds Bank:
5 YEARS 3 YEARS 1 YEAR VOLATILITY
EDM Strategy Sicav -3,3% 39,7% -0,8% 13,8%
European Equity Funds -26,0% 35,7% -8,1% 19,2%
Data as of: 30.04.2012
Rating Lipper:
Rating Morningstar 5Y:
7

8. Investment Philosophy
8

9. EDM Strategy Fund 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 Fund Investment Philosophy
Stock picking methodology
• Demanding criteria: High quality of the business (Average Portfolio ROE=31%)
• Sustainable EPS growth (5Y Average EPS growth= 11%)
• Low debt balance-sheet (Average Net Debt/EBITDA = 0,9)
• Recurrent and solid cash-flows
• Focus on understandable and predictable businesses at reasonable prices
• Management quality & integrity are crucial for us
10

11. EDM Strategy Fund Investment Philosophy
How do we manage to obtain such a low volatility?
• Following certain long-term Macro-trends:
Economic hub shifting from West to East
Transformation of world demographics
• Lack of sectors whose profits are not easily foreseen:
Banking & Insurance
Cyclical sectors
Regulated tariffs
Commodities
High leveraged sectors
11

12. EDM Strategy Fund Investment Philosophy
How do we manage to obtain such a low volatility?
∆ EPS EDM Strategy: +12,1% CAGR
40% ∆ EPS Stoxx 50: + 3,5% CAGR
30%
20%
10%
0%
-10%
-20%
-30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e
12
EDM Strategy DJ Stoxx 50

13. EDM Strategy Fund Investment Philosophy
How do we manage to obtain such a low volatility?
Over the last three years, our profit growth forecasts for EDM Strategy companies have barely
deviated from their eventual full-year results. This is particularly significant, as our investment
strategy is based on the profits of our selected companies:
2009 2010 2011
EDM forecast at year start 8.30% 8.70% 11.90%
Reported result at year end 9.10% 8.30% 12.30%
-0.80% 0.40% -0.40%
* EDM 2012 Profit growth forecast is +9%
13

14. Portfolio
14

15. EDM Strategy Fund Portfolio
PORTFOLIO TOP HOLDINGS 31-dic-11 (1) (2) (3) (3) (4) (5)
2011-2016 Dividend
ROE EPS Growth P/E 2011 P/E 2012 PEG Yield
Roche 6,99% AGGREKO PLC 30% 11,0% 23,3 20,3 2,12 1,1%
Tesco 6,49% AIR LIQUIDE SA 17% 11,0% 17,6 16,6 1,60 2,5%
ALSTOM 11% 13,0% 5,6 6,9 0,43 6,0%
Danone 6,31% BOLSAS Y MERCADO 34% 8,0% 11,0 10,9 1,38 9,5%
Capita Group 5,93% BRENNTAG AG 16% 12,0% 11,8 11,2 0,98 1,9%
CAPITA GROUP PLC 49% 10,9% 12,8 11,9 1,18 3,6%
SAP 5,73% CHRISTIAN DIOR 18% 9,0% 13,4 11,8 1,49 2,4%
Grifols 5,19% COLOPLAST-B 46% 15,0% 16,3 14,8 1,09 0,0%
DANONE 17% 10,0% 161,0 15,2 1,61 2,7%
Eutelsat 4,10% ESSILOR INTL 16% 15,0% 21,9 19,7 1,46 1,5%
Brenntag 4,07% EUTELSAT COMMUNI 22% 10,0% 22,0 15,0 2,18 2,5%
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%
INTERTEK GROUP 33% 10,0% 19,5 16,6 1,95 1,6%
Coloplast 3,75%
LINDT & SPRUE-PC 15% 10,0% 26,1 23,5 2,61 1,6%
NOVO NORDISK-B 40% 11,5% 22,8 20,0 1,98 1,5%
RECKITT BENCKISE 35% 10,5% 13,1 12,9 1,25 4,2%
ROCHE HLDG-GENUS 103% 7,5% 11,6 11,5 1,54 4,1%
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%
STRAUMANN HLDG-R 20% 15,0% 20,7 21,0 1,38 1,2%
TALKTALK TEL 9% 10,0% 8,5 7,8 0,85 5,3%
TELEFONICA 44% 4,0% 9,2 8,5 2,31 11,4%
TEMENOS GROU-REG 16% 15,5% 12,3 11,8 0,80 0,0%
TESCO PLC 17% 10,0% 11,2 10,3 1,12 4,1%
WINCOR NIXDORF 32% 10,0% 9,9 9,5 0,99 4,9%
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)
(5) Dividend/Price
15

16. EDM Strategy Fund Portfolio
Companies Description
COMPANY DEFINITION FINANCIAL SITUATION COUNTRY
AGGREKO World leader in rental of electric power generators and temperature control systems. Also for events (Olympics, concerts…) and natural disasters. 29 countries. Net Debt/EBITDA 0.7x UK
AIR LIQUIDE World leader in production and distribution of industrial gases. 75 countries. Asia 22%, USA 23%, EU 50%. Market share of 27% in large industries and 30% in healthcare Net Debt/EBITDA 1.5x FRANCE
ALSTOM World leader in high-speed rail. Construction of power plants. Responsible for building 25% of the installed MW base in the world. Emerging markets: 60% Net Debt/EBITDA 1.6x FRANCE
BME Leader in securities markets and financial systems in Spain. Dividend of 10%. Stable business. Stock Exchanges, AIAF , MEFF, IBERCLEAR, MAB, Infobolsa… Positive net cash. No debt. SPAIN
BRENNTAG World leader in chemical product distribution (7% market share). 70 countries, 150,000 clients (TOP 10 represent just 4% of sales), 2,000 suppliers and 10,000 products. Net Debt/EBITDA 2.3x GERMANY
CAPITA Leader in UK professional services, support and outsourcing for companies (23% market share). Sales split between public sector (50%) and private sector (50%) Net Debt/EBITDA 2.5x UK
CHRISTIAN DIOR European leader in luxury sector: Moet Chandon, Dom Perignon / Louis Vuitton, Céline, Loewe, Kenzo/ Tag Heuer, Hublot, Bulgari / Sephora, Le Bon Marché. Japan (8%) and Asia (27%) Debt/EBITDA 1x
Net FRANCE
COLOPLAST Leader in Ostomy and Urology. Also wound care products. Specialised business with few players. Market share of 45% in breast prostheses. Net Debt/EBITDA 0.1x DENMARK
DANONE One of the largest food groups in the world, leader in dairy products (50%), water and children's foods. 120 countries. 50% in emerging markets Net Debt/EBITDA 0.9x FRANCE
ESSILOR World leader in ophthalmic lenses (30% market share). Strong in R&D (200 prods./year). Low penetration (2,400 million people need glasses and don't use them). 80% USA and EU Net Debt/EBITDA 0.6x FRANCE
EUTELSAT European leader and 3rd worldwide providing services through satellites (27 in total, 23 of which are owned). 3,800 TV channels. Net Debt/EBITDA 2.5x FRANCE
GRIFOLS European leader (and 3rd worldwide) in hemoderivatives and treatment of diseases via blood or blood components (80%). Also Diagnosis and hospitals (20%) Net Debt/EBITDA 3.8x SPAIN
INDITEX World leader in fashion retailing -Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe - 5,527 retail outlets. 82 markets. Positive net cash. No debt. SPAIN
INTERTEK GROUP International leader in services related to quality, certification and security for many sectors. Asia 37%, USA 34%, EMEA 29%. 100 countries Net Debt/EBITDA 1.9x UK
LINDT & SPRUE Leader in premium chocolates (35% market share). 5% world market share in chocolates. 80% of sales through its own network. Vertically integrated Positive net cash. No debt. SWITZERLAND
NOVO NORDISK World leader in treatment of diabetes, with over 80 years of experience in the field. (75% of sales). Low competition. 179 countries. Positive net cash. No debt. DENMARK
RECKITT BENCKISE European leader in personal and household hygiene products. Air Wick, Calgon, Cillit Bang, Flor, Strepsils, Durex. 35% of sales come from products launched in the last 3 years. 130 countries
Net Debt/EBITDA 0.7x UK
ROCHE World leader in oncology and virology drugs. 150 countries. 40% Americas, 30% Europe and 30% Asia. Low exposure to generic drugs. 78% pharma and 22% diagnosisNet Debt/EBITDA < 1x SWITZERLAND
SAP AG World leader in business software. 120 countries. Contracts last minimum 5 years (20% of cost of software). EMEA 32%, Germany 18%, Americas 36% and Asia 16% Slightly leveraged GERMANY
SODEXO World leader in social catering and restaurant vouchers. High customer retention rate (94%). Low capital intensiveness. 76 countries Net Debt/EBITDA 0.9x FRANCE
STRAUMANN World leader in development, production and sale of dental implants (19% market share). R&D represents 6% of Sales. 60 countries. Banking on USA for growth Positive net cash. No debt. SWITZERLAND
TALKTALK Leader among UK broadband operators (25% share in individuals segment). Developing "Last-Mile Telephony" Net Debt/EBITDA 1.5x UK
TELEFONICA Leading integrated telecoms operator at a worldwide level. 25 countries and customer base in excess of 306.6 million Net Debt/EBITDA 2.6x SPAIN
TESCO Leader in retail in UK and 3rd worldwide. Warren Buffett is the major shareholder. 13 countries. UK (65%), EU (15%) and Asia (17%) Net Debt/EBITDA 2.5x-3x UK
WINCOR NIXDORF A leading supplier in I.T. solutions for Retailers and Banks. 50% software/services and 50% hardware. EU (43%), Germany (29%), Americas (13%) and Asia (15%) Net Debt/EBITDA 0.7x GERMANY
16

17. EDM Strategy Fund 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% 17
Spain
16%

18. EDM Strategy Fund Portfolio
European companies but Global exposure
Global exposure sales
Companies Europe USA Emerging
AGGREKO 13% 20% 67%
AIR LIQUIDE 55% 21% 23%
ALSTOM 45% 12% 43%
BME 100% 0% 0%
BRENNTAG 51% 32% 17%
CAPITA 100% 0% 0%
CHRISTIAN DIOR 35% 22% 43%
COLOPLAST 73% 17% 10%
DANONE 46% 9% 45%
ESSILOR 38% 40% 22%
EUTELSAT 69% 13% 18%
GRIFOLS 44% 34% 22%
INDITEX 77% 12% 12%
INTERTEK 29% 33% 38%
LINDT 67% 28% 5%
NOVO NORDISK 31% 39% 30%
RECKITT BENCKISER 45% 30% 25%
ROCHE 35% 37% 28%
SAP 50% 26% 24%
SODEXO 44% 39% 17%
STRAUMANN 60% 22% 17%
TALK TALK 100% 0% 0%
TELEFONICA 57% 0% 43%
TEMENOS 34% 7% 59%
TESCO 69% 1% 32%
WINCOR NIXDORF 80% 8% 12%
TOTAL PORTFOLIO 50% 20% 30% 18

19. EDM Strategy Fund Portfolio
Following Macrotrends
MACROTRENDS TRENDS MICROTRENDS COMPANIES
Outsourcing of services. CAPITA, SAP, SODEXO
Crisis in the Western economic Low-Cost model prevailing. INDITEX
model.
Deleveraging of governments, businesses and
individuals.
Economic hub shifting Improving economic conditions
Globalisation of the Western lifestyle. CHRISTIAN DIOR, RECKITT BENCKISER, LINDT&SPURGI
from West to East for emerging economies. Business models seek efficiency / Mechanisation of
traditional industry.
WINCOR, AIR LIQUIDE, BRENNTAG, TEMENOS
INTERTEK, BOLSAS Y MERCADOS, KUEHNE&NAGEL,
Globalisation of markets. DSV
Growing dependency on telecommunications.
Economic globalisation. TELEFONICA, EUTELSAT, TALK TALK
Increased international conflicts.
ROCHE, STAUMMAN, GRIFOLS, ESSILOR, COLOPLAST,
Ageing populations in Growing healthcare spending.
NOVO NORDISK
developed countries.
Sophistication of consumer trends. TESCO
Growing demand for nutritional diets. DANONE
Changing population pyramids
in emerging countries.
Implementation of new technologies.
Transformation of
world demographics
Transformation of the energy model. ALSTOM, AGREKKO
Global climate change.
Waste and emissions management.
Incorporation of economic
sustainability
Streamlining of raw materials consumption.
19

20. Performance over the crisis period
20

21. EDM Strategy Fund Performance over the crisis period
EDM Strategy vs. Stoxx50 since the beginning of the crisis (performance)
+4%
-38% +66,50%
EDM Strategy
-31%
-58%
Stoxx 50
+51%
21

22. EDM Strategy Fund Performance over the crisis period
EDM Strategy vs. Stoxx50 since the beginning of the crisis (volatility)
22

23. EDM Strategy Fund Performance over the crisis period
EDM Strategy vs. Competitors since the beginning of the crisis (performance/volatility)
Annualized
Allianz Fund/ Benchmark/Category Volatility
Return
EDM Strategy 0,88 13,95
Carmignac Portf Grande Europe A -3,85 15,69
Franklin
LFP Europe Impact Emergent R -2,54 16,36
EDM Franklin European Growth A 2,33 16,14
Invesco Bestinver Invesco European Growth A -0,63 16,13
JPM
Tocqueville Value Europe P -5,29 16,46
Fidelity Fidelity European Dynamic Grth A -1,11 18,87
LFP
Category Agressor
Carmignac
Allianz RCM Europe Eq Growth AT 6,05 19,54
Agressor -2,57 22,66
JOHCM
JPM Europe Strategic Div D -4,10 18,94
Tocqueville
JOHCM European Select Val -0,40 19,21
Stoxx Bestinver Internacional -0,80 22,71
STOXX 50EDM -8,16 17,91
ED EDM ED
ED EURO STOXX 50 M -11,63 21,74
M M Euro Stoxx Europe Large-Cap Growth Equity Category -2,03 17,50
23

24. Fund Managers
24

25. EDM Strategy Fund Fund Managers
Ricardo Vidal, 42. CO-CIO
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. He is currently a Board Member of
EDM Gestión, SGIIC. EDM partner since 2005.
Adolfo Monclús, 38. CO-CIO.
Retail, Business Services and TMT´s Sector Specialist
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. EDM partner since 2010.
Beatriz López, 34. Fund Manager & analyst
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. EDM partner since 2011.
25

26. EDM Strategy Fund Fund Managers
Juan Grau,66 Gonzalo Cuadrado,41
EDM Inversión Fund Manager Fund Manager & analyst
Spanish Stocks Specialist Pharmacy, construction and
infrastructure Sector Specialist
Business education. Graduate in business
Management from IESE, Graduate in Financial Graduated in Economy by UB. Holds a
Analysis and Tax from EADA and Analysis and Master in Finances by the IEF, the CEFA, the
Budget Control form TEA-CEGOS. He worked in CIIA and the CAIA. Holds the “Certificado de
several industrial companies as CFO during 16 Experto en Valoración de Empresas”(CEVE)
years. Partner and Founder, in 1989, of EDM by IEAF. Worked as a fund manager and
Group. He is currently Chairman of EDM Gestión, analyst in Caixa Penedès. Analyst and asset
SGIIC and a Board Member of EDM Holding. manager in EDM since 2004. EDM partner
since 2010.
Alberto Fayos,39
Fund Manager & analyst
• No distinction between analyst & portfolio manager
Specialised industries and Financials
Sector Specialist
• Collective discussion & Individual decision
Holds a Bachelor in Actuarial and Finances and a
Degree in Statistics from University of Barcelona • Investment Team over the last 6 years:
(UB) . Holds the CEFA Certified. Worked at Gaesco
Gestión SCIIC from 1997 until 2005. Worked at Non-existent staff turnover
Banc Sabadell Gestión SGIIC from 2006 until
2009. Joined EDM in March 2009 as an Analyst
and Portfolio Manager.
In 1995 EDM entrusted the management of its EDM Strategy Fund to the asset management group Comgest, under the same principles that govern the fund today. One of the current fund managers, Ricardo Vidal, joined EDM in 1997 where
he spent nine years monitoring the companies that Comgest included in the fund. In 2005 the EDM Investments Team began taking an active role in managing the fund, and ultimately Comgest officially ceased to supervise the fund in 2009. 26
Since then it has been managed exclusively by EDM Asset Management.

27. European Equities
27

28. EDM Strategy Fund European Equities
European Equities valuation reaching 30 years low
P/E
FRANCE GERMANY
Source: SocGen 28

29. EDM Strategy Fund European Equities
Divergences between profits and prices during 2010 & 2011
Source: Bloomberg 29

30. EDM Strategy Fund European Equities
P/E Ratios USA vs. Europe
USA EUROPE
S&P500
13,5x Stoxx600 11,3x
Walmart
12,6x Tesco 9,5x
Procter &
16,9x Reckitt Benckiser 14,5x
Gamble
13,0x Alstom 9,2x
General Electric
19,0x Air Liquide 17,6x
Praxair
16,4x BME 11,5x
CME
20,7x Tod’s 18,2x
Coach
13,5x Telefónica 8,5x
ATT
30

31. About EDM Asset Management
31

32. EDM Strategy Fund About EDM Asset Management
• 23 Years´s experience: founded in 1989
• Leading independent manager in Spain: AUM € 1.3 bn
• 400 M€ AUM in european equity portfolios
• Independent: - Fully owned by the Group´s Management
- Focused exclusively on Asset Management
AUM 1.299 M€
1.300
1.200
1.100
1.000
900
800
700
600
500
400
300
200
100
0
20 7
20 0
04
20 6
20 8
09
20 5
20 2
20 3
19 7
20 1
90
20 2 1 0
19 9
94
96
19 8
99
19 5
92
19 3
19 1
(J 1
)
0
9
uly
0
0
0
0
0
0
0
8
9
9
9
9
1 2 01
19
20
20
20
19
19
19
19
32

33. EDM Strategy Fund 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
33

34. EDM Strategy Fund About EDM Asset Management
Our Principles
• Independence: •Transparency:
Interests aligned with those of the investor Information that can be understood by investors
Capital held by the executive team Reports audited since 1989
• Experience: • Solvency:
Highly experienced executive team Assets deposited at banks
Very low staff turnover Equity in excess of requirements
• Differentiation: • Continuity:
Investment based on fundamentals 23 years in asset management
Traditional management style Corporate governance: independent directors
34

35. EDM Strategy Fund 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.
35

36. EDM Strategy Fund About EDM Asset Management
EDM performance with other asset types
Spanish 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%
36
All EDM return data are expressed in euros and are stated net of expenses and fees.

37. EDM Strategy Fund About EDM Asset Management
EDM performance with other asset types
20 Years 15 Years 10 Years 7 Years 3 Years 2 Years 2012
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 4,04 31/10/1995 LU0028445327
EDM Ahorro Euro Corporate Credit 115,95 48,55 25,23 17,64 9,29 1,81 1,62 01/04/1991 ES0168673038
EDM Inversión Spanish Equity 331,87 170,68 63,37 18,62 6,94 17,25 -10,87 01/04/1991 ES0168674036
EDM Renta Euro Fixed Income 47,62 23,82 16,27 4,10 0,63 1,00 22/12/1994 ES0127795039
EDM American Growth (USD) US Equity Large Cap Growth -24,22 3,19 45,70 12,58 12,92 31/05/1999 LU0095539242
EDM Cartera Global Equity Large Cap 10,09 11,60 -0,26 11/07/2008 ES0128331008
EDM American Growth (EUR) US Equity Large Cap Growth 41,91 18,24 7,76 10/09/2008 LU0388590050
EDM Credit Portfolio A (EUR) High Yield Fixed Income 43,65 7,89 4,76 08/10/2008 LU0028445590
EDM Emerging Markets Emerging Markets Equity 12,72 1,77 21/12/2009 LU0051440435
EDM High Yield Short Duration High Yield Fixed Income 2,70 06/10/2011 LU0146855530
EDM Credit Portfolio (USD) High Yield Fixed Income -2,29 15/04/2012 LU0761040426
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All EDM return data are expressed in euros and are stated net of expenses and fees.

38. Summary
38

39. EDM Strategy Fund 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
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40. EDM Strategy Fund Summary
40

41. 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.
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This document is reserved for professional investors only as defined by the MIFID