Banca March - Crecemos con valores, crecemos juntosAlignment of interests

Our maximum expression of transparency and commitment is Co-Investment. At Banca March we invite our customers to invest in projects that represent interesting investment opportunities and which allow diversified portfolios. In other words, we share our experience and knowledge to add resources that allow us to continue growing together.

One of our joint investment vehicles are our institutional SICAVs with different risk profiles: Torrenova, Bellver and Lluc. Torrenova is our best known institutional SICAV in which we have successfully invested along with our customers for over 20 years. We do this by:

• Following a conservative policy.
• Selecting securities with a firm foundation which offer good dividend returns.
• Seeking as little volatility in the portfolio as possible.
• Investing mainly in fixed income securities and, secondly, in Spanish and European equity.

Data compiled from 31/12/2002 to 28/02/2017 from Torrenova de Inversiones, S. A. SICAV, net of commissions. The value of the investment is subject to market fluctuations. Past returns do not condition or generate rights in the future. Torrenova Inversiones, SICAV was registered in the C.N.M.V. (Spanish Securities Market Commission) Registry on 15/07/1993 under number 32. The brochures of these SICAVs can be found at www.bancamarch.es, and in the official registries of the CNMV. Management Company: March Gestión de Fondos S.G.I.I.C. S.A.U. - Depository Bank: Banca March S.A.

Under the term Co-Investment we also include real economy investments, not listed on the stock market, that seek to benefit from the existing illiquidity premium in companies (risk capital and private debt) and real assets (real estate, infrastructures). We share with all our customers the investment experience and invest our own capital in all these projects:

• €1,200 million committed since 2008.
• 550 customers have invested in projects.
• €500 million divested to date with an average multiplier effect of 2.06.
• 44.4% co-invested by the Banca March Group.
• 7.8 years average investment time.

Some examples of such investments are the risk capital vehicles managed by Artá Capital, risk capital management company of the Banca March Group, infrastructures such as Madrileña Red de Gas and EnCampus, private debt as our stake in Oquendo II and III, or real estate investments such as the purchase of the AB Serrano shopping centre.

This document is a communication for information and marketing purposes and does not constitute or should be considered a recommendation to invest in or purchase any financial products. Customers should be aware that the products mentioned in this document may not fit their particular investment objectives, nor their financial, wealth or risk profile. Therefore, you should make your own decisions bearing in mind these circumstances and seeking the specialised advice on tax, legal, financial, accounting or any other matter that may be required. Past performances do not guarantee future performances. The value and return of investments can go up or down. The terms included in this document are subject to possible variations as a result of market circumstances, changes in laws, jurisprudence, administrative procedures or any other issues that may affect them but are not linked to our bank. Banca March, S.A. does not assume any responsibility for any direct or indirect cost or loss which may derive from the use of the contents shown here.