EDM Strategy SicavEuropean Equities

January 2012 This document is reserved for professional investors only as defined by the MIFID

EDM Strategy Sicav Index

1- Fund´s Performance2- Investment Philosophy3- Portfolio4- Fund Managers5- Performance over the crisis6- European Equities7- About EDM8- Summary

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Fund’s Performance

3

EDM Strategy Sicav Fund’s Performance

Higher return and lower volatility

Year EDM STRATEGY STOXX 50 Relative 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%

Total Return 6,67% -50,04% 56,71%

Annual Return 0,54% -5,62% 6,16%

Annualized Volatility 12,81% 16,45% -3,64%

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

EDM Strategy Sicav Fund’s Performance

Stoxx 50 has been selected due to its high concentration (50 weights) in European Equities, including relevant countries such as Switzerland and the UK.

Consistent Alpha generation in both bear and bull markets

-70%

-50%

-30%

-10%

10%

30%

50%

1999

2000

2001

2002

2002

2003

2004

2005

2005

2006

2007

2008

2008

2009

2010

2011

EDM Strategy

Stoxx 50

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EDM Strategy Sicav Fund’s Performance

Beating all the main european indices

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EDM Strategy SICAV

Ranking 2011: 32 / 345 EU Equity Funds

Ranking Allfunds Bank:

Rating Morningstar:

Rating Interactive:

Rating Lipper:

Ratings & Ranking

Fund’s Performance

Investment Philosophy

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EDM Strategy Sicav 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)

• 50% currency hedged (we do not predict currency fluctuations)9

EDM Strategy Sicav Investment Philosophy

Stock picking methodology

• Focus on understandable and predictable businesses at reasonable prices

• Management quality & integrity are crucial for us

• Demanding criteria: High quality of the business (ROE = 31%)

• Sustainable EPS growth (11%)

• Low debt balance-sheet (Net Debt/EBITDA = 0,9)

• Recurrent and solid cash-flows

• Companies focused on emerging markets to generate growth (1/3 Sales)

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EDM Strategy Sicav Investment Philosophy

Stock picking methodology

• Following certain long-term Macro-trends:Western live style globalizationOutsourcing is increasing“Low Cost” trendPopulation agingIncreasing emerging markets exposure

• Lack of sectors whose profits are not easily foreseen:

Banking & InsuranceCyclical sectorsRegulated tariffsCommodities

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Portfolio

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EDM Strategy SICAV Portfolio

Roche 6,99%Tesco 6,49%Danone 6,31%Capita Group 5,93%SAP 5,73%Grifols 5,19%Eutelsat 4,10%Brenntag 4,07%BME 4,03%Coloplast 3,75%

PORTFOLIO TOP HOLDINGS

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31-dic-11(1) (2) (3) (3) (4) (5)

2011-2016 DividendROE EPS Growth P/E 2011 P/E 2012 PEG Yield

ROCHE HLDG-GENUS 103% 7,5% 11,6 11,5 1,54 4,1%STRAUMANN HLDG-R 20% 15,0% 20,7 21,0 1,38 1,2%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%CHRISTIAN DIOR 18% 9,0% 13,4 11,8 1,49 2,4%EUTELSAT COMMUNI 22% 10,0% 22,0 15,9 2,20 3,0%DANONE 17% 10,0% 16,1 15,2 1,61 2,7%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%BRENNTAG AG 16% 12,0% 11,8 11,2 0,98 1,9%GRIFOLS SA 18% 15,0% 20,3 15,5 1,35 0,0%INDITEX 30% 10,0% 20,6 18,3 2,06 2,5%BOLSAS Y MERCADO 34% 8,0% 11,0 10,9 1,38 9,5%ESSILOR INTL 16% 15,0% 21,9 19,7 1,46 1,5%COLOPLAST-B 46% 15,0% 16,3 14,8 1,09 0,0%NOVO NORDISK-B 40% 11,5% 22,8 20,0 1,98 1,5%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%WINCOR NIXDORF 32% 10,0% 9,9 9,5 0,99 4,9%CAPITA GROUP PLC 49% 10,9% 12,8 11,9 1,18 3,6%INTERTEK GROUP 33% 10,0% 19,5 16,6 1,95 1,6%AGGREKO PLC 30% 11,0% 23,3 20,3 2,12 1,1%RECKITT BENCKISE 35% 10,5% 13,1 12,9 1,25 4,2%TALKTALK TEL 9% 10,0% 8,5 7,8 0,85 5,3%TESCO PLC 17% 10,0% 11,2 10,3 1,12 4,1%LINDT & SPRUE-PC 15% 10,0% 26,1 23,5 2,61 1,6%

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

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EDM Strategy SICAV

Market Cap

Currency

Portfolio

Micro10%

Giant29%

Small5%

Mid36% Large

20%

Sector

CHF15%

DKK8%

GBP 24%

EUR53%

Consumer goods 4%

Pharma 16%

Medical Devices 11%

Chemicals Distribution

8% Food 8%

IT 8%

Retail10%

Specialised industries

9%Services24%

Switzerland 15%

Germany 14%

Denmark 8%

Spain 16%

France 22%

Great Britain 24%

Country

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Sustainable Earnings Growth…

… should be rewardedP/E EDM STRATEGY (12m forward)

10

12

14

16

18

20

22

24

26

28

30

1993 1995 1997 1999 2001 2003 2005 2007 2009 2011e

EPS Growth

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2002 2003 2004 2005 2006 2007 2008 2009 2010 e 2011 e

EDM Strategy DJ Stoxx 600

∆ EPS EDM Strategy: +11,4% CAGR∆ EPS DJ Stoxx 600: + 5,3% CAGR

EDM Strategy SICAV Portfolio

Performance over the crisis period

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EDM Strategy SICAV Performance over the crisis period

EDM Strategy vs. Stoxx50 since the beginning of the crisis

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

sep-07

mar-08

sep-08

mar-09

sep-09

mar-10

sep-10

mar-11

sep-11

-38%

+34%

-58%

+45%

EDM Strategy

Stoxx 50 - 43%

-10%

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EDM Strategy SICAV Performance over the crisis period

Higher return...

... and lower volatility

EDM Strategy vs. Stoxx50 since the beginning of the crisis

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EDM Strategy SICAV Performance over the crisis period

EDM Strategy vs. its Peers since the beginning of the crisis

EDM

EDM

EDM

EDM

EDM

19Source: Morningstar

EDM Strategy SICAV Performance over the crisis period

EDM Strategy vs. Competitors since the beginning of the crisis

EDM

EDM

EDM EDM EDM

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Fund/ iIndexAnnualized

Return Volatility

EDM Intl Strategy -1,99 13,97Carmignac Portf Grande Europe A -7,19 16,10LFP Europe Impact Emergent R -5,37 16,50Franklin European Growth A -0,74 16,56Invesco European Growth A -3,70 16,77Tocqueville Value Europe P -7,47 17,15Fidelity European Dynamic Grth A -5,15 19,49Allianz RCM Europe Eq Growth AT 2,50 20,13Agressor -6,20 23,54Bestinver Internacional FI -2,69 23,97STOXX EUROPE 50 -10,11 18,49EURO STOXX 50 -13,14 22,29Europe Large-Cap Growth Equity Category

Fund Managers

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EDM Strategy Sicav Fund Managers

Ricardo Vidal, 42. CO-CIO Fund Manager of EDM Strategy and Consumption Sector SpecialistHolds 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.

Adolfo Monclús, 38. CO-CIO. Retail, Business Services and TMT´s Sector Specialist for EDM StrategyGraduated 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.

Beatriz López, 34. Fund Manager of EDM Strategy and Medical, Food and Insurance SpecialistGraduated 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.

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Juan Grau, 66.

Spanish Stocks Specialist for EDM Strategy

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.

Gonzalo Cuadrado, 41.

Pharmacy, construction and infraestructureSector Specialist for EDM Strategy

Graduated in Economy by the University of Barcelona (UB). Holds a Master in Finances by the IEAF, the CEFA and CIIA. Worked as a fund manager in Caixa Penedès. Analyst and portfolio manager in EDM since 2004.

Alberto Fayos, 39.

Specialised industries and Financials Sector Specialist for EDM Strategy

Holds a Bachelor in Actuarial and Finances and a Degree in Statistics from University of Barcelona (UB) . Holds the CEFA Certified. Worked at Gaesco Gestión SCIIC from 1997 until 2005. Worked at Banc Sabadell Gestión SGIIC from 2006 until 2009. Joined EDM in March 2009 as an Analyst and Portfolio Manager.

EDM Strategy Sicav

• No distinction between analyst & portfolio manager

• Collective discussion & Individual decision

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

Fund Managers

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EDM Group

European Equities

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EDM Strategy Sicav European Equities

European Equities valuation reaching 30 years low

P/E

25Source: SocGen

EDM Strategy Sicav European Equities

Divergences between profits and prices during 2010 & 2011

26Source: Bloomberg

About EDM

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EDM Strategy Sicav About EDM

• 23 Years´s experience: founded in 1989

• Leading independent manager in Spain: AUM € 1.2 bn

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

1163 M€

0100200300400500600700800900

1.0001.1001.2001.300

1.989

1.990

1.991

1.992

1.993

1.994

1.995

1.996

1.997

1.998

1.999

2.000

2.001

2.002

2.003

2.004

2.005

2.006

2.007

2.008

2.009

2.010

2.011

AUM

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EDM Strategy Sicav About EDM

Regulated companies in three European domiciles

EDM HOLDING, S.A.

EDM SERVICIOS FINANCIEROS

S.A. AV

EDM GESTIÓN S.A. SGIIC

EDM FUND MANAGEMENT, S.A.

EDM ASSET MANAGEMENT, Ltd

Discretionary Domestic Funds International Fund of Management & SICAVs SICAVs Hedge Funds

Spain Spain Luxembourg Ireland

100%

Company

Country

Service

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EDM Strategy Sicav About EDM

EDM performance with other asset types

Spanish EquitiesEDM Inversion FI

Credit Short Duration (Investment Grade)EDM Ahorro FI

YearEDM

INVERSIONIBEX 35

Relative Performance

2000 -5,87% -21,75% 15,9%2001 -0,90% -7,82% 6,9%2002 -10,81% -28,11% 17,3%2003 24,95% 28,17% -3,2%2004 23,59% 17,37% 6,2%2005 23,91% 18,20% 5,7%2006 38,46% 31,79% 6,7%2007 1,49% 7,32% -5,8%2008 -37,15% -39,43% 2,3%2009 26,84% 29,84% -3,0%2010 -9,00% -17,43% 8,4%2011 -6,10% -13,11% 7,01%

Total Return 26,42% -52,41% 78,83%

Annual Return 3,57% -2,52% 6,09%

Annualized Volatility 16,70% 20,74% -4,04%

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%

30All EDM return data are expressed in euros and are stated net of expenses and fees.

EDM Strategy Sicav About EDM

EDM performance with other asset types

NAME CATEGORY20 Years RETURN

15 Years RETURN

10 Years RETURN

7 Years RETURN

3 Years RETURN

2 Years VOLATILITY

2011 RETURN

Inception Date ISIN

EDM Intl Strategy Europe Equity Large Cap 241,68 81,18 0,70 40,15 28,54 11,28 -5,00 31/10/1990 LU0028445327EDM Ahorro FI Euro Fixed Income 115,95 48,55 25,23 17,64 9,29 1,81 2,00 01/04/1991 ES0168673038EDM Inversión FI Other Europe Equity 331,87 170,68 63,37 18,62 6,94 17,25 -6,10 01/04/1991 ES0168674036EDM Renta FI Euro Fixed Income 47,62 23,82 16,27 4,10 0,63 1,60 22/12/1994 ES0127795039EDM Emerging Markets Emerging Markets Equity -0,78 11,27 32,71 12,72 -17,80 31/12/1998 LU0051440435EDM Credit Portfolio FI High Yield Fixed Income 46,46 51,20 43,65 7,89 4,24 31/12/1998 LU0028445590EDM Intl American Growth (USD) US Equity Large Cap Growth -24,22 3,19 45,70 12,58 4,01 31/05/1999 LU0095539242EDM Cartera FI Global Equity Large Cap 10,09 11,60 -5,15 11/07/2008 ES0128331008EDM American Growth (EUR) US Equity Large Cap Growth 41,91 18,24 0,22 10/09/2008 LU0388590050

31All EDM return data are expressed in euros and are stated net of expenses and fees.

Summary

32

EDM Strategy Sicav 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 years5. Unique and tested investment process developed by an experienced management team6. Very high quality (ROE) and liquid concentrated portfolio7. Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors8. Portfolio valuation at historial minimum levels9. Poor overlapping and low correlation with other fund managers10. Complementary with other equity styles

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EDM Strategy Sicav Summary

CATEGORY European Equities IDENTITYHOLDING BASED CLASSIFICATION Europe Multi-Cap Growth EUTD - 15% ThresholdLIPPER CLASSIFICATION Equity Europe German Tax TransparencyCURRENCY Euro UCITSNAV 248,58 €AUM 72.300.000 €INCEPTION DATE 01.01.1995 EU TAX DIRECTIVEMANAGEMENT FEE (Private) 2,50% Eu Tax Directive Start Date 01/05/2011MANAGEMENT FEE (Institutional) 1,5% (in process) Eu Tax End Date 30/04/2012CUSTODIAN FEE 0,20% Eu Tax Directive Status In Scope-No TaxTOTAL EXPENSE RATIO 2,79% Eu Tax Directive 15% Threshold YesINCOME DISTRIBUTION Retained Eu Tax Directive 40% Threshold NoFUND MANAGERS Ricardo Vidal & Beatriz López Prospectus vs Asset Allocation NoMANAGER EDM Fund Management NAV Taxable Interest Income Accrued NoCUSTODIAN RBC Dexia Dividend Taxable Interest Incime Accrued NoAUDITOR Deloitte, S.A.LEGAL STRUCTURE LU - SICAV - Part 1DOMICILE LuxembourgDEALING Daily

COUNTRES REGISTERED FOR SALE DISTRIBUTION PLATFORMSLuxembourg Allfunds BankSpain ("Traspasable") Inversis Banco (in process)

CROSS REFERENCES CROSS REFERENCESISIN LU0028445327 F&E FUND CODE 2550ISIN CURRENCY CLASS LU0028445327.EUR F&E GROUP CODE 727BLOOMBERG EDMISFI LX FT MEXLD LXEDISREUTERS 002844532X.LU HOLDINGS LOADING ID LU6081LIPPER 60013965 PERM ID 8590296188SEDOL 4106744 RIC 002844532X.LUTELEKURS 353647 RIC LP60013965WKN- GERMAN A0Q1TQ VALOR 353647

EDM STRATEGY SICAV

34

www.edm.esIgnacio PedrosaHead of Investor Relations+34 636814186+34 914110398ipedrosa@edm.eshttp://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.

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