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Santander

DEUDAOP M.N. Long-Term Debt

The objective of the fund is to invest mainly in governmental, banking and/or domestic corporate debt instruments denominated in domestic currency and complementarily in governmental, banking and/or domestic and/or foreign corporate debt instruments denominated in foreign currency, in investment funds and/or Exchange Traded Funds (ETF's), combining in a discretionary manner the different terms (short, medium and/or long) as well as operations with Derivative financial instruments, seeking at all times to maximize the expected value of the investments.

The investment horizon is long term (more than 3 years) and the suggested term of permanence in order for an investor to obtain the optimum results of the investment strategy is 3 years. The corporate securities in which the Fund will invest directly will be those placed through public offering.

ST&ER-4 Debt M.N. Medium Term

The objective of the Fund is to invest in government, bank and/or corporate debt securities, domestic and/or foreign, denominated mainly in local currency, seeking to obtain attractive yields in accordance with its investment horizon; therefore, the Fund will invest mainly in medium and long term securities. In addition, the Fund may invest in government, bank and/or corporate debt instruments, domestic and/or foreign, denominated in other currencies, in investment funds and/or Exchange Traded Funds (ETF's), structured securities and asset-backed securities.

The corporate securities in which the Fund will invest will be those placed through public offerings. The investment horizon of the Fund is medium term (between 1 and 3 years) and the suggested term of permanence in the Fund for the investor to obtain results from the investment strategy is 1 year.

ST&ER1P Debt M.N. Liquidity

The objective of the Fund is to invest in government, bank and/or corporate debt securities, domestic and/or foreign, predominantly denominated in local currency, in a complementary manner it may invest in other currencies, seeking to obtain returns in accordance with its investment horizon, therefore the Fund will invest mainly in short term securities.

The investment horizon of the Fund is short term (less than one year), and the suggested term of permanence in the Fund for the investor to obtain results from the investment strategy is at least 28 days. The private securities in which the Fund will invest directly will be those placed through public offerings.

EURO-EQ R.V. Specializing in Equities

The Fund's objective is to invest primarily in shares and other securities or contracts representing or referenced to them, of European issuers on a direct basis, through investment funds and collective investment schemes. In addition, the Fund will invest in domestic and/or foreign debt securities, denominated in domestic and/or foreign currency, on a direct basis, through investment funds and/or ETF's (Exchange Traded Funds).

The Fund's investment horizon is long term (more than 3 years), which is the recommended period for the investor to obtain results from the investment strategy.

SAM-SP R.V. Specialized in International Actions

The Fund's objective is to invest primarily in shares and other securities or contracts representing or referenced to them, of U.S. issuers directly, and through mutual funds and collective investment vehicles such as Exchange Traded Funds (ETFs), and on a complementary basis directly or through mutual funds and/or collective investment vehicles such as Exchange Traded Funds (ETFs), in domestic or foreign debt and equity securities, denominated in domestic and/or foreign currency. Likewise, the Fund may invest in bank deposits of money on demand in financial institutions, including foreign financial institutions, both in local and foreign currency.

STER-OP Discretionary Variable Income

The investment objective of the Fund is that the investment strategy dynamically combines the acquisition of equities, government, bank and corporate debt instruments, denominated in pesos and other currencies, structured securities and asset-backed securities.

The private securities in which the Fund will invest will be those placed through public offerings. The investment horizon of the Fund is long term (3 years) and the suggested term of permanence in the Fund for an investor to obtain the results of the investment strategy is 3 years.

STERGOB Debt Instrument

The Fund will invest exclusively in government securities denominated in local currency. The investment horizon of the Fund is short term (less than or equal to 1 year) and the suggested term of permanence in the Fund for the investor to obtain results from the investment strategy is at least 28 days.

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