Dear co-investor,

We ended an important quarter of recovery in the markets, after the strong correction at the end of 2018. In this (almost) year of life of Horos, our co-investors, despite the high volatility of the markets, have continued to trust our work, increasing their number month after month. Our thanks to the more than 2,100 co-investors who make this project possible.

After a series of quarterly newsletters that we could define as “general” in nature, this quarter we would like to talk in detail about one of our main investments: AerCap Holdings. We were pleased to present this investment idea recently at the Value Spain investor event. We thought it would be an useful exercise to put the general ideas into this letter so that you can understand our analytical work even better.

As always, we thank you for your confidence and remind you that we are available whenever you may wish to contact us. We will be happy to help.

Yours sincerely,

ı——-—ı

Javier Ruiz, CFA
CIO
Horos Asset Management

Additionally, you can access April factsheets for Horos Value Iberia, Horos Value Internacional and Horos Internacional PP, where you can see more in detail our top 10 positions for each fund.

Finally, we would like to thank you, as always, for placing your trust in this management team and in the Horos Asset Management project