PBI Gestión in seeking to offer maximum guarantees of security for its clients, operates as follows:

1 The client and PBI sign a management agreement (management contract ) in accordance with the regulations laid down by the CNMV (National Stock Market Commission)

2 2 The client opens a current account with Urquijo Bank and makes a deposit or a transfer of a securities portfolio. PBI operates with a mandate for discretional management.

3 The client and PBI design the investment strategy together, taking into account the needs and personal situation of the client.

4 PBI manages the portfolio on a daily basis according to the behaviour of the markets.

5 The client receives detailed monthly updates (monthly information) on the status of their investments, operations carried out and expenses incurred (transactions carried out and expenditure).

6 The client receives a quarterly profitability analysis (analysis of profitability).

7 Client and Financial Adviser undertake an annual review of the results of the portfolio management - profitability, risk and tax status.

8 On a yearly basis PBI provides you with a complete fiscal update. In November we send a preview of the tax status (taxation advance), and in April a complete annual fiscal report (Taxation actions, Taxation investment funds , Taxation Bancoval assets) and, on request, we prepare the tax declaration for the client’s personal income and assets.

9 At PBI we are always at your disposal for orders and consultation whether in our offices, by phone: 91 5159986, fax: 91 5159987 or by email: pbi@pbigestion.com

10 If at any point the client is not satisfied, they can cancel their agreement with PBI, leaving their money and securities deposited in their account in the bank.