EDM AhorroSolvency control & minimum volatility

Short term credit since 1991

March 2012 This document is intended solely for professional investors according to the MIFID definition

Index EDM Ahorro

1- Fund’s Performance

2- Portfolio

3- About EDM Asset Mangement

4- Annex

2

Fund’s performance

3

Excellent Risk-Return Ratio

Fund’s performance EDM Ahorro

Year EDM AHORRO INFLATIONRelative

Performance2000 2,39% 2,48% -0,09%2001 4,49% 2,05% 2,45%2002 2,19% 2,28% -0,09%2003 2,22% 1,97% 0,25%2004 1,61% 2,36% -0,75%2005 1,18% 2,22% -1,05%2006 0,01% 1,92% -1,91%2007 1,58% 3,07% -1,49%2008 3,15% 1,58% 1,56%2009 6,94% 0,93% 6,01%2010 1,73% 2,21% -0,48%2011 2,00% 2,01% -0,01%

Total Return 33,60% 28,10% 5,50%

Annual Return 2,44% 2,10% 0,34%

Annualized Volatility 1,29% 1,50% -0,21%

EDM return data is expressed in euros and stated net of expenses and fees.4

Ratings & Awards EDM Ahorro

Expansión Awards 2011 Best Fixed Income Short Term Fund

Morningstar Awards 2012 Best Fixed IncomeShort Term Fund

Rating Lipper: Rating Morningstar 3Y:Rating Morningstar 5Y:Rating Interactive Data:

5

Performance & Ranking EDM Ahorro

Beating the Peer Group

5 Years Return

3 Years Return

3 Years Volatility

YTD Fund / Category2011

Return2010

Return2009

Return2008

Return16,26 10,30 1,94 3,01 EDM Ahorro 2,00 1,73 6,94 3,157,92 4,42 1,34 1,66 Europe Diversified Bond (Category) 0,49 0,66 3,71 0,708,66 9,73 2,49 2,61 Europe Corporate Bond (Category) -0,25 1,98 8,28 -3,23

Allfunds Bank’s Ranking:

5 YEARS 3 YEARS 1 YEAR VOLATILITYEDM Ahorro 18,22% 12,19% 3,95% 1,38%Euro Fixed Income 12,94% 23,52% 3,26% 3,57%Data as of: January 2012

6

Performance EDM Ahorro

EDM Ahorro vs. Inflation since fund’s inception

7CPIEDM AHORRO

+ 93 %

+ 130 %

Portfolio

8

EDM AhorroPortfolio

Portfolio’s construction

• Objective: to preserve capital, above the rate of inflation

• Rigorous analysis of solvency by issuer

• Global issuers with no currency risk (100% Euro)

• Historical default rate: 0%

• Short duration: from 1 to 3 years

• Actively managing fund duration (current: 1.6 years)

• Widely diversified portfolio (85 issues)

• Investment Grade corporate credit predominates (80%)

• Limited exposure to government debt (highly diversified)

• Current portfolio returns of over 3.5%

9

Portfolio EDM Ahorro

Limits on concentration

• Maximum weighting of Spain: 50%

• Maximum weighting of the financial sector (including bonds): 30%

• Maximum weighting of regional governments: 20%

• Maximum high yield weighting: 10%

• Maximum weighting of bank deposits: 10%

• Maximum exposure to a single security: 5%

10

11

Portfolio EDM Ahorro

EDM AHORRO,FI (31.12.2011)

CASH % FIXED INCOME INVESTMENT GRADE %Spanish Treasury Biels (1 Week) 5,52% B EDP FINANCE EM.0310 3,25% VT.0315 0,93%

B AMADEUS CAP EM.0711 4,875% VT.0716 0,93%B PETROBRAS INTL EM.1211 4.875% VT.0318 0,95%

DEPOSITS % B ADIDAS INTL EM.0709 4,75% VT.0714 0,98%Deposits 1,13% B ALSTOM EM.0210 4,125% VT. 0217 0,91%

B GAZPRU CAPITAL EM.1205 4,56% VT.1212 1,13%B BANESTO CED.EM.0910 3,625% VT.0915 1,06%

PUBLIC DEBT % B BANCO SABADELL EM.0211 4,50% VT.0213 0,91%B BTPS EM.0802 4,75% VT.0213 1,13% B B.SABADELL CED.EM.0910 3,25% VT.0912 1,08%B IRISH GOVT EM.0309 3.9% VT.0312 1,10% B BANKIA EM.0910 3,50% VT.0313 1,08%B IRISH GOVT EM.0102 5% VT.0413 1,08% B HUTCH WHAMPOA EM.1109 4,75% VT.1116 0,97%B COMUNIDAD MADRID EM.0904 4,2% VT0914 0,89% B CASINO GUICH EM.1011 4,472% VT.0416 0,93%B COMUNIDAD MURCIA EM.0511 CUPONO V.0512 0,87% B VW CREDIT EM.1009 3,375 % VT.1012 0,75%B XUNTA GALICIA EM.0611 6,22% VT.1114 0,92% B ARKEMA EM.1010 4% VT.1017 0,90%B XUNTA GALICIA EM.1111 6,72% VT.1113 0,92% B PEUGEOT EM.0110 3,875% VT. 0113 1,10%B ESTADO EM.0497 6,25% VT.0412 0,91% B ARCELOMITTAL EM.0609 8,25% VT.0613 0,98%B GENCAT EM.0407 4,125% VT.0413 1,06% B DEUTSCHE B.FIN.EM.1104 4,25% VT.1116 1,01%B GENCAT EM.0305 3,875% VT.0915 0,74% B REDES ENERGETICAS 6,375% VTO.101213 0,67%B GENCAT EM.0402 5,20% VT.0912 0,79% B VINCI EM.0309 7,375%,TV.0319 1,09%B ICO CRDT OFCL EM.2010 2,875% VT.1113 0,89% B BERTELSMANN EM.0109 7,875% VT.0114 1,05%B ICO CRDT OFCL EM.1009 FRN VT.1015 0,76% B CARREFOUR EM.1106 4,375% VT.1116 0,93%B ICO EM.0311 FRN VTO.0314 0,87% B SODEXO EM.0109 6,25% VT.0115 1,24%B JUNTA ANDALUCIA EM.0708 5,125% VT.0713 0,90% B BBVA EM.0711 3,500% VT.0713 1,09%B FUND ORD.BK RESTR.EM.1011 4,4% VT.1013 0,92% B RCI BANQUE EM.1011 5,625% VT.1015 0,92%B FADE EM.0111 4,8% VT.0314 0,94% B CALSBERG BREW. EM.1010 3,375% VT.1017 0,92%B FADE EM.0211 5% VT.0615 0,94% B AREVA EM.10/11 4,625% VT.1017 0,88%

Total Public Debt 16,63% B VIVENDI EM.0109 7,75% VT.0114 1,01%B KPN EM.0209 7,5% VT.0219 1,13%

FIXED INCOME (FLOATING) % B ELSEVIER FINANCE EM.0409 6,5% VT.0413 1,19%B BANESTO F. EM.0110 EURIBOR+50 VT.0113 1,07% B GAS NATURAL EM.0709 5,25% VT.0714 1,15%B SANTANDER EM.0110 FRN VT.0113 0,18% B GAS NATURAL EM.1109 4,375% VT.1116 0,89%B SANTANDER EM.0411 FRN VT.0413 1,42% B NOKIA CORPORAT. EM.0209 5,50% VT.0214 1,18%B ERICSSON LM EM.0607 FRN VT.0614 0,73% B REPSOL EM.0703 5% VT.0713 1,17%B VODAFONE EM.0607 FRN VT.0614 1,14% B REPSOL INTL EM.1211 4,25% VT.0216 0,93%B TELECOM IT. EM.1205 FRN VT.1212 0,79% B TELECOM ITAL EM.0111 5,125% VT.0116 0,88%B CEDULAS CAJAS G. EM.1205 FRN VT.1212 1,73% B IBERDROLA FIN EM.1010 3,500% VTO.1016 0,88%B ENEL INVEST. EM.0607 FRN VT.0614 1,00% B CEDULAS LA CAIXA EM.0211 5,0% VT.0216 0,92%B BBVA SENIOR FIN. EM.0110 FRN VT0113 1,77% B METRO AG EM.0709 5,75% VT.0714 0,79%B BANCO BPI EM.0110 EURIBOR+80 VT.0112 1,08% B ENEL FIN.INTL NV EM.1011 4,625 VT.0615 0,56%B BANKINTER EM.0110 FRN VT.0113 1,41% B EDP FINANCE EM.0606 4,25% VT.0612 1,51%

Total Fixed Income (Floating) 12,32% B CAP GEMINI SOGETI.1111 5,25% VTO.1116 0,94%B EUTELSAT SA EM.1211 5% VT.0119 0,93%

FIXED INCOME INVESTMENT GRADE % B PORTUGAL TEL EM.0306 4,75% VT.0312 0,91%B TELEFONICA EUR EM.0203 5,125% VT.0213 0,78% B PORTUGAL TEL EM.0409 6,00% VT.0413 0,94%B TELEFONICA EM.0109 5,431% VT.0214 1,15% B PORTUGAL TEL EM.0211 5,625% VT.0216 0,75%B TELEFONICA EM.0211 4,750% VT.0217 0,90% B THAMES WATER EM.0209 6,125% VT.0213 0,99%B TELEFONICA EM.1111 4,967% VT.0216 0,75% B ABERTIS INF. EM.1009 4.625% VT.1016 0,87%B BBVA VIZCAYA ARG. EM.1009 3% VT1014 0,87% B CRITERIA CAIXACO EM.1109 4,125% VT1114 1,06%B BANKINTER CED.EM.0910 3,75% VT.0913 1,08% PG BANKINTER VT.040112 4,59%

Total Fixed Income Investment Grade 57,09%

PORTFOLIO RATING

1%

8%

9%

6%

5%

1%

1%

11%

16%

17%

17%

8%

WR

HY

Baa3

Baa2

Baa1

A3

A2

A1

Aa3

Aa2

Aa1

Aaa

Public Debt 17%

MMTreasury

13%

Deposits 1%Fixed Income

(Floating) 12%

Fixed Income 57%

About EDM Asset Management

12

13

About EDM Asset Management

• 23 Years´s experience: founded in 1989

• Leading independent manager in Spain: AUM € 1.2 bn

• 380 M€ AUM in Fixed Income

• Independent: - Fully owned by the Group´s Management- Focused exclusively on Asset Management

1.234 M€

0100200300400500600700800900

1.0001.1001.2001.300

19891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011

2012 (Feb)

M€

About EDM Asset Management

EDM Senior Managers

Eusebio Díaz-Morera, 66EXECUTIVE CHAIRMAN

Graduated in Economy from Barcelona University and MBA from IESE (Barcelona). Before founding EDM in 1989, he was General Director of PAS (Fund Management and Corporate Finance), Chairman of Caja de Barcelona (Savings Bank), Chairman of Banca Catalana, and Chairman of Tunel del Cadí (tollway concession)

Antonio Estabanell, 52CEO

Holds an MBA from ESADE University (Barcelona). Worked at KPMG and two international food companies in the Financial Area. Joined EDM in 1990 and since then has been involved in all investment management activity within the company. Until 2010 he was the Managing Director and CIO.

Luis Fortuny , 45 HEAD OF BACK-OFFICE & COMPLIANCE

Graduated in Economics and Finances from UAB. In 2006, he received a BA degree in PDD from IESE Business School. He was working at SONY from 1990 to 2000 as Accounting Manager and Control Manager. He was Senior Consultant at Cap Gemini Ernst & Young. He was also Finance Director at Baker & Mc Kenzie (Law firm). He joined EDM in 2008.

Javier Prada, 62DIRECTOR

Graduated in Law, he holds a Master in Finance (University of Paris). He started his career in Banif Private Bank (Santander) where he was Regional Manager and Former Managing Director. In 1991 he joined Indosuez-Credit Agricole where he was Private Banking General Manager and Regional President. He joined EDM in 2005.

Investment teamAbout EDM Asset Management

Juan Grau. EDM Gestión, SGIIC President

Adolfo MonclúsCo-CIO

RetailBusiness ServicesTMT’s

Ricardo VidalCo-CIO

ConsumptionTMT’s

Karina Sirkia

Fixed IncomeCorporate Debt IG

Gonzalo Cuadrado

PharmacyConstructionInfrastructure

Beatriz López

Food/BeveragesMedical DevicesInsurance

Albert Fayos

Specialised IndustriesFinancials

• No distinction between analyst & portfolio manager

• Collective discussion & Individual decision

• Investment Team over the last 6 years: Non-existent staff turnover

15

Investment teamAbout EDM Asset Management

Juan Grau, 66. EDM Gestión, SGIIC President

He worked in several industrial companies as CFO during 16 years. Joined EDM in 1989 where he has always worked on Investment Management as a fund manager. Holds a degree in Economics and a PDE IESE Business School. Manager of EDM Inversion since 1989.

Ricardo Vidal, 42. CO-CIOConsumption 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.

16

Adolfo Monclús, 38. CO-CIORetail, 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.

17

Karina Sirkia, 39. Fixed Income and Corporate Debt IG Specialist

Graduated in Economics from Universitat Pompeu Fabra, Barcelona (1993-1997), followed by a Master of Science in Economics, Universitat Pompeu Fabra (1.998). She started her career at GAUDIT Consultores and FIMARGE S.A. Sociedad Gestora de Inversiones. She has been fixed income manager at EDM since 2001.

Beatriz López, 34. Medical, Food and Insurance Specialist

Graduated in Economics from Universitat Pompeu Fabra (UPF) in 1999, followed by a Master’s 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 as a Financial Analyst and Fund Manager.

Gonzalo Cuadrado, 41. Pharmacy, construction and infrastructure Sector Specialist

Graduated in Economy by UB. Holds a Master in Finances by the IEF, the CEFA, the CIIA and the CAIA. Holds the “Certificado de Experto en Valoración de 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 Sector Specialist

Holds a Bachelor’s Degree in Actuarial and Finances and a Degree in Statistics from University of Barcelona (UB). Holds the Certified European Financial Analyst (CEFA). Worked at Gaesco Gestión SCIIC from 1997 until 2005. Worked at Banc Sabadell Gestión SGIIC from 2006 until 2009. Joined the Investment Department of EDM in March 2009, where he is analyst and portfolio manager.

Acerca de EDM Investment team

Annex

18

Annex EDM Ahorro

Investment strategy and philosophy

EDM Ahorro invests in short and medium-term government and corporate euro-denominated bonds (mainly from European issuers). In the past the fund held a very significant position in government bonds, but more recently has invested mostly in stable and high-quality corporate bonds. Over the last year and a half the weighting of government bonds has grown, reaching up to 25% on occasions.

This is a highly conservative fund that seeks stable yields with no surprises, generated chiefly via coupon rates. The bond term is typically between 1 and 2 years (currently standing at 1.72 years). Interest risk is therefore confined. Bond durations are typically short, although they have stretched to 2.5 years on occasions.

The fund invests in high-quality bonds, although there have been exceptions of investments in lower quality bonds. Nearly 100% of the portfolio is “investment grade”, including BBB exposure of close to 45%. The portfolio has practically no illiquid securities, no currency risk and does not use derivatives.

Fund background

Early in the 2000s, when there was a very flat debt curve but attractive interest rates (4.5% 2Y Spanish rate), the EDM Ahorro portfolio had a short term. As there was little carry, no risk was assumed. The portfolio’s short duration meant that we did not benefit from the sharp decline in interest rates seen in 2002-2003. During these years credit had a greater weighting in the portfolio than debt.

19

Annex EDM Ahorro

From early 2003 until late 2005, Spanish and other euro country sovereign bond yields were at record lows with flat yield curves. The particular sensitivity of long tranches with low interest rates led us to adopt a highly cautious approach to the yield curve, keeping the portfolio term very short. Meanwhile, credit spreads tightened to record lows in 2003 and then held stable until mid-2007. Due to this very low-risk premium, between 2004 and 2006 we gave a greater weighting to public debt, reaching 65% of the fund.

In 2006, amid a sharp spike in debt interest rates, the fund’s short duration led to good results. At the time numerous structured credit issuances were being made, such as CDOs (Collateralised Debt Obligations) and CDO-squared (CDOsof CDOs). Investors were driven towards profitable instruments such as CDOs thanks to very low debt interest rates and credit spreads. At EDM Asset Management, we invest only in assets that we fully understand. Therefore we opted not to invest in these instruments, which, initially appeared attractive. When the sub-prime crisis hit, most of these instruments suffered enormous losses.

In 2007 credit spreads began to rally. Several primary issues were made at attractive spreads and we saw a return to value from such assets. In 2007 we began to rotate our sovereign debt portfolio, where we identified growing risk on the credit side. In 2008 the portfolio was entirely comprised of credit with a duration of less than 1 year.

The following year, in 2009, the fund subscribed to several primary credit issuances from companies selected by EDM with highly attractive spreads. The duration of the portfolio grew as we acquired somewhat longer terms, but very attractive credit. The fund saw good results in 2009 thanks to its strong position in credit and a near complete absence of debt, as well as a longer yet still defensive term, all while corporate bond spreads were narrowing rapidly. Having no position in fixed income instruments was also very positive

20

Annex EDM Ahorro

In 2010 credit was again relatively expensive compared to debt. The debt crisis triggered significant growth in Spanish bond spreads compared to Central European bonds, making the former more attractive than credit and German bonds. We gradually began to increase the weighting of Spanish and similar debt (agencies and regions) in the portfolio, subscribing to certain primary issuances. Likewise, we began to invest modestly in financial entities via mortgage-backed securities.

In 2011 deteriorating financial forecasts, along with a sluggish political response to the European sovereign debt crisis, caused panic to sweep the markets, triggering a slump in Spanish government debt prices on at least two occasions. As we saw no insolvency problems for the country, we decided to significantly increase the fund’s exposure to Spanish sovereign debt (at highly attractive returns) when this occurred. The first occasion came in July when the possibility of recession began to loom larger, triggering a risk-off period in the markets and causing heavy declines in peripheral European debt. On 8 August, following S&P’s decision to downgrade its U.S. credit rating, the ECB began buying up Spanish and Italian bonds on the market and lowered debt rates by a further 100bp to 5%. On that very day we reduced our exposure to debt from 30% to 18%.

The second occasion came in November, when the markets were again swept by panic. On this occasion we increased our exposure to peripheral government bonds (mostly Spanish) to nearly 40%, to subsequently reduce this exposure by more than half in December when the ECB’s 3-year liquidity auction, as well as other support measures for the financial system, returned calm and confidence to the markets.

Other investments of interest made in 2011 included the purchase of high-quality senior financial entity securities (Santander and BBVA) in the form of very short-term floating bonds with yields of over 5%. These rallied significantly in price in the second half of the year thanks to the December liquidity auction, when we took the opportunity to reduce some of our positions.

21

Annex EDM Ahorro

22

Late in the year, with confidence returning to the markets, the primary corporate credit market improved and we took up several non-peripheral, non-financial credit issuances, aimed at diversifying the portfolio in terms of core / peripheral exposure.

In 2011, as prospects of a recession going forward began to look stronger, with no inflationary pressure and a sharper yield curve, we decided to extend the duration of the fund, investing in somewhat longer term corporate bonds, most of which were bought in the primary market. Thus the duration of the bond portfolio at year-end stood at slightly over 2 years.

In early 2012 the duration of the bond portfolio increased somewhat. At the beginning of March the portfolio duration stood at over 2.3 years, although a strong influx of money into the fund over the last week meant an exceptionally high level of cash and put the term at less than 2 years.

More attractive non-financial corporate bonds were issued in January, in which we took positions, but a sharp rally in corporate bond prices (and narrowing spreads) in January and February made it increasingly difficult to identify high-quality corporate bonds with attractive yields.

There are, however, certain sectors within investment grade bonds where we do see value. These include regional government debt. Despite the financing difficulties that some regional governments are facing, Spain’s central government has shown a clear intention of providing support. Firstly, it stated that no regional government would be allowed to fail, and secondly, it has adopted specific measures to help the most indebted regions to refinance their debt. The credit facilities made available to pay off regional debt and government suppliers are an indication of this. The regions with the worst problems may also be allowed to issue some kind of sovereign guarantee on the markets (hispabonds). Given these circumstances and the high yields offered by some regional debt, we have acquired such bonds with short maturities.

Annex EDM Ahorro

Turning to financial entities, we have not held subordinated bonds in recent years, but price slumps in late 2011 and early 2012 saw us take small positions in good-quality subordinated bonds from banks such as BBVA and Santander.

Bonds have performed spectacularly well in the first two months of 2012, largely thanks to liquidity injections from the ECB and progress towards a solution for the Greek debt crisis. Both corporate credit and peripheral sovereign debt prices have rallied significantly and yields have fallen. Despite this, we expect to see further episodes of panic sweeping the markets. We are therefore in no hurry to invest the fund’s cash at any price. Our intention is to take advantage of market corrections to further build the portfolio, both in credit and government bonds, at more attractive yields and spreads than currently available.

23

Summary EDM Ahorro

24

CURRENCY Euro IDENTITYNAV 22,86 € German Tax TransparencyFUND AUM 64.300.000 € UCITSEUROPEAN PORTFOLIO AUM 380.000.000 € LEGAL STRUCTURE ES & PT- FIINCEPTION DATE 01/04/1991 INCOME DISTRIBUTION RetainedMANAGEMENT FEE (Private) 0,75%CUSTODIAN FEE 0,08%TOTAL EXPENSE RATIO 0,83%FUND MANAGERS Karina SirkiaMANAGER EDM Gestión SGIIC EU TAX DIRECTIVECUSTODIAN Bankinter, S.A. Eu Tax Directive Start Date 01/05/2012AUDITOR KPMG Auditores, S.L. Eu Tax End Date 30/04/2013DOMICILE Spain Eu Tax Directive Status Out of ScopeDEALING Daily Eu Tax Directive 15% Threshold NoCATEGORY Euro Fixed Income Eu Tax Directive 40% Threshold NoHOLDING BASED CLASSIFICATION Euro Corporate Fixed Income Prospectus vs Asset Allocation NoMORNINGSTAR CLASSIFICATION Europe Diversified Bond-Short Term NAV Taxable Interest Income Accrued NoLIPPER CLASSIFICATION Bond Eur Dividend Taxable Interest Incime Accrued No

COUNTRIES REGISTERED FOR SALE DISTRIBUTION PLATFORMSSpain ("Traspasable") Inversis Banco

CROSS REFERENCES CROSS REFERENCESISIN ES0168673038 F&E FUND CODE 37768ISIN CURRENCY CLASS ES0168673038.EUR F&E GROUP CODE 21027CNMV CODE 71 PERM ID 18060016051BLOOMBERG EDMAHOR SM RIC 0168673038.ESREUTERS 0168673038.ES RIC LP60016051LIPPER 60016051 VALOR 467142WKN- GERMAN A0RLJ8

EDM AHORRO

www.edm.esIgnacio PedrosaHead of Investor Relations+34 636814186+34 914110398ipedrosa@edm.es

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.

Este documento está dirigido exclusivamente a inversores profesionales según su definición MIFID