Valores Iberian EquityMarch International

Valores Iberian Equity offers the best way to invest in a selection of high quality listed Spanish and Portuguese companies.

Why Invest? Participate in the economic recovery of the Iberian markets following economic restructuring and the adoption of measures which are beginning to bear fruit. In addition, profit from the global exposure of Spanish and Portuguese companies which will also gain from global economic growth.

We buy companies whose businesses we understand, with attractive long term fundamentals, with a proven management team and which trade at a discount relative to our valuation model.

Our objective is to take advantage of short term market inefficiencies in determining market prices relative to their intrinsic or economic value as long term investors. March A.M. has a long and proven excellent track record in this asset class, achieving much higher returns with less volatility than the market.

*Risk measured as the annualised volatility of the benchmark.

Key Advantages At March A.M. we are convinced that active asset management is the most importantsource of return in an investor’s portfolio.

The objective of the portfolio managers is to identify companies with attractivevaluations whose fundamentals remain solid in the long term, regardless of whether they may be part of the main Iberian indeces.

This leads us to have a very diversified portfolio with a significant exposure to mid and small cap stocks.

Our proximity, together with our knowledge and our investment conviction and long term results guarantee our investment process.

Valores Iberian Equity

Fund DetailsUCITS IVLuxembourg Sicav

ISINLU0982776501Class A EUR*

CurrencyEUR

BenchmarkIBEX 35

LiquidityDaily

Annual Management Fee2,0%

Fund Launch Date7th November 2013

Investment ManagerMarch A.M.

AdministratorEdmond de Rothschild Asset Management (Luxembourg)

CustodianEdmond de Rothschild (Europe)

Investment Horizon

1 2 3 4 5 6 7

Risk Level

LOW MEDIUM LOW MEDIUM MEDIUM

HIGH HIGH

Investment Management Team

At March A.M. we are specialised in global stock picking and tactical asset allocation

This document is for information purposes only and does not constitute a financial promotion or other financial, professional or investment advice in any way to invest in the fund March International Valores Iberian Equity (the “Fund”). No part of this document should be considered a recommendation or a suggestion of a financial, fiscal, legal or of any other nature. The Fund is a sub-fund of March International SICAV which is registered in Luxembourg, Spain, Italy, Austria, Germany and United Kingdom. Investment in shares of the Fund must be conducted in accordance with the Prospectus and other legal documentation of the Fund. Investors must remember that investing in the Fund entails risks (please consult the Prospectus for a more information on risks). Please bear in mind that past performance is not necessarily a guide to future performance.

March A.M. - Castelló, 74, 28006 MadridHead of Sales - Lorenzo Parages Revertera - lparages@march-am.com

Institutional Sales - Francisco Rodríguez D’Achille - frodriguez@march-am.comProduct Specialist - Ainhoa Azpitarte Zemp - aazpitarte@march-am.com

www.march-am.com | +34 91 426 37 00

* Other share classes available. Please consult the March International Prospectus or your distributor.

Equity Investment Process

Antonio López SilvestreHead of Spanish and European Equity

MBA from the IESE-Universidad de Navarra and an Economics and Business Graduate from the Universidad Complutense of Madrid, he began his professional career at Beta Capital SVB – Fortis Bank España covering the infrastructure and cyclical sectors, later becoming Head of Research and in charge of the Spanish utilities sector. Before joining March A.M., he worked for Exane BNP Paribas as Director of Spanish MidCaps and Head of the Spanish.

STYLE

PASSIVE VALUE BLEND GROWTH

MA

RK

ET C

AP.

LOW

MEDIUM

HIGH

ALL

The Investment Committee, participated by all investment professionals of March A.M., will analyse the economic and financial environment and the investment strategy will be defined therein.

As active value investors, we conduct a disciplined fundamental analysis of companies, searching for those that will give us a superior return potential in the medium-long term.

We are conviction investors, holding between 30 - 50 stocks in our portfolios, with a low turnover and we do not follow benchmarks.

QuantitativeScreening

-Growth (Sales, EBITDA, EPS)-Value creation (ROCE>WACC)-Low leverage levels (NFD/EBITDA)-Reasonable price (P/BV/EBITDA, FCF yld...)

-Shareholder composition-Management quality-Corporate governance, sustainabillity, barries of entry, pricing power-Investment risk assessment

Valuation

-DCF-Intrinsic valuation-Margin of safety

Investment universe by fund

Qualitative �lter(Business´s quality)

Portfolio30 - 50 Companies