High Quality Growth at Sensible Prices

¿Donde estan las oportunidades cuando los gobiernos estan en plena fase de desapalancamiento?

Presentado por: Ricardo Comin Sales Director Iberia & Latam

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Vontobel: Tradición e independencia empresarial

As at 30.06.2014

53.9%

Principales características Base accionarial familiar estable

§  Vontobel families (11.5%) §  Vontrust family holding (12.5%) §  Vontobel-Foundation and Pellegrinus holding (15.1%) §  Vontobel Group and executive members (0.9%) §  Unlocked Shares of the main shareholders (14.0%)1

§ Free Float (33.5%) § Raiffeisen Group

Switzerland (12.5%)

§  Más de 80 años de independencia

§  Cotizado en la bolsa Suiza desde 1986

§  Tres líneas de negocio

- Gestión de Activos - Banca Privada - Banca de Inversión

§  Principales cifras (www.vontobel.com)

- Activos de clientes: CHF 173 bn - Empleados: 1‘360 - Equity: CHF 1.6 bn - BIS tier 1 capital ratio: 26.1%

54.0%

12.5%

33.50%

1Excl. options amounting to 0.1% of shares outstanding

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Vontobel Asset Management: impronta global con calidad Suiza

Assets under Management Institutional geared client base

as a % of total AuM

Swiss roots and global footprint

as a % of total AuM AuM in bn CHF

As at 30.06.2014

Ubicaciones: §  London §  Luxembou

rg §  Madrid §  Milan

§  New York §  Sidney §  Stockhol

m §  Vienna

Total de empleados: 258

Sedes principales: Zurich, Switzerland

73%

27% Institutional

Wholesale 32‘1

38'4 42'4 47'2

61‘4 69‘1 72’1

Dec 2008

Dec 2009

Dec 2010

Dec 2011

Dec 2012

Dec 2013

Jun 2014

§  Berne §  Frankfurt §  Geneva §  Hong

Kong

39%

18% 4% 7%

31%

1% Switzerland

Europe (ex CH)

Middle East

Asia Pacific

North America

Latin & Central America

Page 4 ¿Qué diferencia a Vontobel Asset Management?

Creemos en la gestión activa para explotar las tendencias e ineficiencias de los mercados en beneficio de nuestros clientes Ponemos en practica enfoques de inversión para proteger y hacer crecer los activos de nuestros clientes a través de una solida construcción de carteras y mediante una estricta gestión del riesgo Estamos convencidos de que nuestra especialización en estrategias de inversión claramente definidas genera valor añadido para nuestros clientes Apostamos por las responsabilidades claras y por equipos flexibles y pequeños y consideramos esto como un requisito previo para una cultura de solidas rentabilidades Creemos que nuestros departamentos que trabajan directamente con el cliente deben tener un profundo conocimiento de los productos para entender las necesidades de nuestros clientes

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Focus en estrategias de inversión claramente definidas

§ Focus on high-quality companies with favorable growth prospects at sensible prices

§ Six regional strategies § Focus on Global/Emerging Market

Equities

§ Emerging Market specialist with proprietary “Probability of default”-model

§ Credit specialist with very successful bottom-up selection process

§ Swiss & Global strategies focused on duration management

§ «Outcome-Driven-Investments» (ODI) products with robust portfolio construction and risk process

§ Actively managed and broadly diversified Balanced and MAC Products with global focus

§ Strategies cover energy and resources §  “Global leader” concept § Sustainable strategies integrate ESG

criteria § Swiss Dividend Yield and Small/Mid Cap

strategies

§ Actively-managed commodity strategies § Hedge Fund Advisory § Research driven multi and single risk

premium strategies

As at 30.06.2014

Global Thematic Investing

Alternatives

AuM

(CHF bn.)

AuM

(CHF bn.)

4.2

3.0

Quality Growth Equities

Fixed Income

Multi Asset Class Investing

AuM

(CHF bn.)

AuM

(CHF bn.)

AuM

(CHF bn.)

40.8

13.0

10.4

Solida cultura de rentabilidades reconocida por el mercado

1 Global Equities: UK Pension Awards 2013, European Pension Awards 2012, Pension and Investment Provider Awards (PIPA) 2012. Emerging Markets Equities: AsianInvestor 2012. Fixed Income: Feri EuroRating 2011, ESG: ESG Leaders Awards 2012

Desde 2011, nuestros fondos de inversión y nuestras competencias de inversión en varias clases de activo han recibido 80 premios.

.

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2011 2012 2013

30

19

31

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Chile

Peru

Colombia Singapo

re

Japan South Korea

Taiwan Hong Kong Oman

U.A.E. Qatar Bahrain

Kuwait

Saudi Arabia

Fly-in coverage Local presence

Australia

USA

Canada

Spain Portugal

Germany

Austria

Italy

Switzerland

Sweden UK

Entendemos las necesidades de nuestros clientes globales

Thailand

China

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Do you share our beliefs?

We believe in active management We believe that the understanding of risks is key to investment success We have a focus on clearly defined investment strategies We rely on our conviction and talents We believe that our client and support units must have in-depth product knowledge

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Deuda Publica de Gran Bretaña 1817

10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 120% 130% 140% 160% 150% 170% 180% 190% 200% 210% 220% 230% 231% 232% 233% 234% 235% 236% 237%

Battle of Waterloo 1816 Source: © 2010 History And Other Thoughts

¿Qué ocurre cuando el proceso de desapalancamiento se ha iniciado?

La Reina Victoria combatió las guerras y la deuda

Source: Photo by Hulton Archive/Getty Images

¿Y con los beneficios sociales?

§  Charles Dickens, exhausto, trabajo en una mina de carbón para sostener a su familia cuando sus padres estuvieron presos en prisión por deudas.

Source: Back to the Best Books Source: Sunday Times

Disclaimer

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Important legal notice: This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the funds, including the merits of investing and the risks involved. Prospective investors should not treat the contents of this document as advice relating to legal, taxation or investment matters. Before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Past performance is not a guide to current or future performance. Performance data does not take account of commission or costs charged when units are issued or redeemed. An investment in a sub-fund of the Vontobel Fund carries various risks which are explained in the sales prospectus. In particular, we wish to draw your attention to the following risks: Investments in the securities of emerging-market countries may exhibit considerable price volatility and – in addition to the unpredictable social, political and economic environment – may also be subject to general operating and regulatory conditions that differ from the standards commonly found in industrialised countries. The currencies of emerging-market countries may exhibit wider fluctuations. Investments in riskier, higher-yielding bonds are generally considered to be more speculative in nature. These bonds carry a higher credit risk and their prices are more volatile than bonds with superior credit ratings. There is also a greater risk of losing the original investment and the associated income payments. Commodity investments can be very volatile and are prone to sudden swings over the long run. Governments may at times intervene directly in certain commodity markets. These interventions can cause significant swings in the prices of different commodities. Investments in derivatives are often exposed to the risks associated with the underlying markets or financial instruments, as well as issuer risks. Derivatives tend to carry more risk than direct investments. Although Vontobel believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document. Vontobel explicitly reserves the right to change, amend or delete parts of this document or the document as a whole without further notice. All herein publicized information, particularly share prices, calculation data or forecasts are based on the best knowledge and/or the market estimation as at the date indicated in the presentation. This document may not be reproduced, redistributed or republished for any purpose without the written permission of Vontobel. The Fund and its subfunds are included in the register of Netherland's Authority for the Financial Markets as mentioned in article 1:107 of the Financial Markets Supervision Act (Wet op het financiële toezicht). In Spain, funds authorised for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 280). The funds authorised for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 466623. Please refer for more information on the Vontobel Fund, a regulated collective investment scheme under Luxemburg law, to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (KIID). Interested parties may obtain these documents free of charge from the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, 60311 Frankfurt/Main, from the authorised distribution agencies, the addresses mentioned below and from the offices of the fund at 69, route d’Esch, L-1470 Luxembourg. They may also download these documents from our website at vontobel.com/am. Further information for UK: This communication is directed only at recipients who are eligible counterparties or professional clients, as defined in the Glossary to the Financial Conduct Authority’s Handbook of Rules and Guidance. Any investment or service to which this communication relates is only available to and will only be engaged in with such persons. Any other persons who receive this communication should not rely on or act upon this communication. This information was approved by Vontobel Asset Management SA, London Branch, which has its registered office at Third Floor, 22 Sackville Street, London W1S 3DN and is authorised by the Commission de Surveillance du Secteur Financier (CSSF) and subject to limited regulation by the Financial Conduct Authority (FCA). Details about the extent of regulation by the FCA are available from Vontobel Asset Management SA, London Branch, on request. Further information for Singapore and Hong Kong: The Fund and its subfunds are not available to retail investors in Singapore or Hong Kong. Selected sub-funds of the Fund are currently recognized as restricted schemes by the Monetary Authority of Singapore. These sub-funds may only be offered to certain prescribed persons on certain conditions as provided in the Securities and Futures Act, Chapter 289 of Singapore. The Fund is not authorised by the Securities and Futures Commission of Hong Kong. It may only be offered to those investors qualifying as professional investors under the Securities and Futures Ordinance. The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This information was approved by Vontobel Asset Management Asia Pacific Ltd., which has its registered office at 3601 Two International Finance Center / 8 Finance Street, Central, Hong Kong.