Dear co-investor,

We are pleased to share our investment idea: Aercap Holdings which was presented by our CIO Javier Ruiz at the Value Spain 2019 edition.

Aercap Holdings is one of our main positions in our international strategy and one of the holdings that has contributed most to the fund’s portfolio. For this reasons, we think it is an useful exercise to present Aercap´s investment thesis 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,